From working from home to deductions to Wayfair, it’s clear that state and local taxes (SALT) have become critical in the tax world. While the focus used to sit squarely on federal taxes, the industry lens seems to be shifting more and more toward SALT. State and local taxes can seem complicated, especially in a…
In September, about 17.6 million tax returns were still awaiting processing, and the IRS expects to receive over 4 million more in October. The delay has left many taxpayers frustrated, especially those grappling with error notices and being charged penalties and interest for alleged mistakes. Those penalties add up. For the fiscal year 2020, the…
It’s been a long 18 months for tax professionals–deemed #marchternity on Twitter. But is there light at the end of the tunnel? According to the 2021 Accountants Confidence Report, tax and accounting professionals are confident their clients’ finances will improve over the next 12-18 months. However, the same report shows industry professionals are also pessimistic…
Over the past year, Kelly has talked a lot about “the profession.” Broadly, that refers to the tax world. However, tax as a career isn’t always easy to categorize, and not all tax professionals are accountants or preparers. Kelly is often asked how to get started in tax, and since the answer can be so…
In 2008, pop star Britney Spears was put under a court-sanctioned conservatorship. That meant other people (including her father), named as conservators, could make decisions about her career and money. The story has attracted so much attention that it has its own New York Times documentary, and its own hashtag on Twitter, known as the…
While partnerships have given Kelly many headaches, many tax professionals are drawn to them because of their notorious detail and nuance. It may not be surprising that new tax technology innovations often enter the world of partnerships before other areas of tax practice. As business and partnership complexity grows, so does the challenge of tax…
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…
As we come out of the pandemic, many taxpayers find they are not in the same financial situation as before. Some lost jobs or businesses, while others took on extra debt. Many of the expenses, from healthcare to mortgage payments, remained on the table, even if they were delayed or deferred. Now that we seem…
What did you do in 2020 to make a change for the better? Last year, companies were asked to be accountable and take action on 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…
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…