At age 26 in 2008, pop star Britney Spears was put under a court-sanctioned conservatorship. That meant that other people (including her father) that had been named as a conservator were allowed to make decisions about her career and her money. The story has attracted so much attention that it has its own New York…
In March of 2020, Congress introduced a new tax credit: the Employee Retention Credit (ERC) as part of the CARES Act. The ERC was a direct response to the pandemic and was designed to help businesses keep employees on the payroll. But the ERC got off to a rocky start and was quickly overshadowed by…
While the subject of partnerships has brought Kelly many headaches, many tax professionals are drawn to them because of their notorious detail and nuance. It may come as no surprise that new tax technology innovations often find their way into the world of partnerships before other areas of the tax practice. As the complexity of…
Michael Jackson’s death on June 25, 2009, shocked the world. And the legal drama that followed shocked many tax attorneys. At the time of his death, Jackson was clearly worth millions, but the exact value of his estate was unclear. The matter eventually ended up in court with a ruling that Michael Jackson’s image and…
In 2017, the Bureau of Labor Statistics found that over 36% of Americans are a part of “the gig economy,” a dramatic increase from 2-4% in 2005. This is the most recent data available and does not account for pandemic numbers. Those jobs aren’t just paid differently, there are different tax consequences too, from Form…
Earlier this summer, ProPublica made waves when it published what it said was verified IRS information showing that billionaires like Jeff Bezos and Warren Buffett pay little in income tax compared to their massive wealth. ProPublica described the info as “an unprecedented look inside the financial lives of America’s titans.” The article caused quite a…
What did you do in 2020 to make a change for the better? Last year, companies were asked to be accountable and actionable about their diversity and inclusion efforts. The results have been mixed. As Derrick Coleman of Creative Financial Staffing has written, “Improving diversity at an organization does not happen overnight. It will take…
The current G20 countries account for more than 80% of the world’s GDP, 75% of global trade, and 60% of the world’s population. This summer, all eyes will be on the G20 summit as they tackle issues related to the global minimum corporate tax and profit reallocation of multinational enterprises. In early June, members of…
In June, Taxgirl wrote a story referencing a bad tax take on TikTok. It was a case of tax advice going viral for all the wrong reasons, and a lack of understanding of tax basics. Shortly after publishing the story, Taxgirl received a message from Duke Moore who wrote, “TikTok generally gets a bad rep…
When it comes to tax and technology, our understanding of the implementation often ends at, “My clients upload their data to the cloud.” But there’s so much more to technology in finance than just “the cloud.” There are many ways people in the tax profession can benefit from embracing today’s revolutionary accounting technology. Sometimes tax…