According to the Financial and Accounting Women’s Alliance, women make up 50% of all full-time staff at CPA firms but just 27% of partners and principals. Even as more women enter the tax and accounting professions, women in finance remain vastly underrepresented in management and leadership roles. What will it take to buck that trend?…
The IRS estimates that around 85% of taxes are paid voluntarily and on time. But the tax gap, the difference between the taxes paid on time and those still owed, means hundreds of billions of dollars are missing every year. While politicians often look to increase or decrease taxes as a part of their platform,…
The COVID pandemic has impacted everyone in different ways. While the last year has been difficult, filing your taxes could be yet another hurdle. If you’ve been telecommuting, you may face working-from-home tax complications. Potential working from home tax problems On this episode of the Taxgirl podcast, Kelly is joined by Timothy Speiss, the co-leader…
All taxpayers deserve quality taxpayer support and representation. However, this can be a costly avenue to achieve. Many taxpayers who stumble upon a tax dispute are unaware of the assistance out there. In this week’s podcast, Kelly talks about options for taxpayer help. The LITC, also known as Low Income Taxpayer Clinics, are independent organizations…
To keep the economy afloat, Congress introduced the Paycheck Protection Program, also known as PPP. PPP consists of potentially forgivable loans to keep employees on the payroll. The long-term purpose is to help the overall economy. Several issues and questions about PPP are still up in the air for both taxpayers and business owners. What…
What is bankruptcy? Kelly helps to break down and define bankruptcy: a legal process for obtaining debt relief for those unable to repay obligations. A lot of bankruptcy reporting focuses on corporations, but most cases are actually filed by individuals and are related to medical injuries or expenses. Other reasons for bankruptcy might be losing…
Since the pandemic, there has been a lot of uncertainty about the economy, especially for taxpayers and business owners. But as governments seek to make up lost revenue, that raises concerns about tax compliance. An easy target? Sales tax. There has been and probably will continue to be a shift in the economy and tax…
Bookkeeping is an important factor of properly running a business. Many people tend to think that bookkeeping and accounting are one and the same. However, they can be very different. Bookkeeping is the recording of all financial transactions within a business. Kelly invites Nicole Davis to cover everything you need to know on how to…
Some of the biggest crime cases in history involve financial disputes and tax evasion. Kelly introduces her favorite museum, The Mob Museum, in Las Vegas, Nevada. The museum focuses on mob crime history including the St. Valentine’s Day Massacre in Chicago involving Al Capone. Capone refused to file a tax return claiming that “They can’t…
Cryptocurrency is a digital or virtual currency. Essentially, it was created to offer a system to enable peer to peer payments without the need of a third party, offering security and a measure of anonymity. For federal income tax purposes, it’s treated as a capital asset. And what you don’t know could hurt you since…