Tue.Jun 15, 2021

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Taking Advantage of Passive Losses

CTP

Over the last two weeks we have outlined a strategy to intentionally fail the test for material participation, for purposes of converting non-passive income to passive income. Why might we want to do that? The first and most obvious reason is to save self-employment tax. A second reason you might want to do that is […]. The post Taking Advantage of Passive Losses appeared first on certifiedtaxcoach.

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Plan Ahead for the 3.8% Net Investment Income Tax

RogerRossmeisl

High-income taxpayers face a 3.8% net investment income tax (NIIT) that’s imposed in addition to regular income tax. Fortunately, there are some steps you may be able to take to reduce its impact. The NIIT applies to you only if modified adjusted gross income (MAGI) exceeds: $250,000 for married taxpayers filing jointly and surviving spouses, $125,000 for married taxpayers filing separately, $200,000 for unmarried taxpayers and heads of household.

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Questions to Ask Your Sales Tax Provider Before You Sign the Contract

TaxConnex

They said it would be simple. They said they could automate it all, but in fact, you’re still doing a lot of the work. Why are you paying more penalties for missed notices and late payments than you were before you started working with your sales tax vendor? Guess what – we frequently hear these situations from businesses ready to make a switch. The good news is there are other providers that put the client first and ensure sales tax is managed correctly.

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Understanding How to Report Large Cash Transactions (Form 8300)

RogerRossmeisl

The Internal Revenue Service recently reminded businesses (in News Release 2021-47) of their responsibility to report large cash transactions via the filing of Form 8300, Report of Cash Payments Over $10,000, and encourages e-filing to help them file accurate, complete forms. Although many cash transactions are legitimate, information reported on Form 8300 can help stop those who evade taxes, profit from drug trading, engage in terrorist financing and conduct other criminal activities.

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Planning Your Restaurants Path to Profitability

Speaker: James Kahler, COO of Full Course

Ever wondered where to splurge and where to safely conserve when it comes to operating and growing your restaurant? 🤔 Join James Kahler, COO of Full Course and industry visionary, in this new webinar where he'll talk all about best practices to invest in your restaurant's success! Whether you're a new business or an established restaurant, a seasoned pro or a rookie, you'll learn the keys to sustainable success in this competitive industry.

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Is an Online Marketplace the Best Model for My Startup?

BurklandAssociates

The online marketplace model is surprisingly lean and scalable, making it a popular choice for investors and new consumer startups. The post Is an Online Marketplace the Best Model for My Startup? appeared first on Burkland.

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Fending Off “Friendly” Fraud

RogerRossmeisl

Fraudulent behavior isn’t necessarily perpetuated by people hiding their identities. For example, legitimate customers sometimes use the credit card chargeback process to their advantage — and to the disadvantage of merchants. Others routinely abuse chargebacks to steal merchandise. Here’s how to protect your business from these types of “friendly” and sometimes dishonest fraud.

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What’s in the Biden Wealth Tax Proposal and How to Avoid It?

Withum

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Top 5 Accounting Issues to Master to Avoid Snags in SPAC IPOs

ThomsonReuters

Use of Special purpose acquisition (SPAC) vehicles have spiked over the past year because private equity and venture capital firms have excess cash they need to put to work, accounting practitioners said mid-June. And about 400 are eagerly trying to find a target company – with hundreds of billions of dollars chasing a finite amount of deals and therefore valuations are sky-high.

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Are You A Firm Administrator? Are You Wondering What A Firm Administrator Does?

RitaKeller

“Focus on being productive instead of busy.” – Tim Ferriss. Today, I want to remind you about a one-hour session I am doing tomorrow for the newly formed Missouri Chapter of CPAFMA and the Missouri Society of CPAs. Are you new to the role of firm administrator? Are you an experienced administrative professional but have never worked in the CPA profession?

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Register for NetSuite Webinar | A goVirtualOffice and AccountingDepartment.com Collaboration

AccountingDepartment

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How Automation is Driving Efficiency Through the Last Mile of Reporting

Speaker: Jamie Eagan

As organizations strive for agility and efficiency, it's imperative for finance leaders to embrace innovative technologies and redefine traditional processes. Join us as we explore the pivotal role of digitalization and automation in reshaping what is commonly referred to as the “last mile of reporting”. We’ll deep-dive into why digitalization is no longer a choice, but a necessity for finance departments to stay competitive in a fast-paced environment touching on: 2024 trends for the Office of

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Time Is Running Out! Plan Now Before Biden’s Tax Increases Take Effect

Withum

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Real Estate Depreciation Explained | The #1 Tax Write Off for Real Estate Investors!

LyfeAccounting

So what is the #1 tax write-off for real estate investors? No, it’s not repairs, maintenance, or real estate taxes. And it’s definitely not insurance or management fees. So what is it? We’ll tell you. The number 1 tax write-off for real estate investors is…. DEPRECIATION. And today. we’re going to break down depreciation, and how real estate investors can use it to save thousands of dollars in taxes.

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Preparing for the future of tax and accounting

ThomsonReuters

What is Onvio? Thomson Reuters Onvio® is our new cloud-native platform for tax and accounting firms. We are reimagining UltraTax CS® and the CS Professional Suite® to deliver time savings, better client collaboration, and advisory opportunities in a faster, more flexible, more secure, and more accessible environment. Why are we building Onvio? We are building Onvio to help our customers thrive, not just survive.

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