Business travelers who incur expenses while traveling away from home have new per-diem rates to use in substantiating certain of those expenses (Notice 2019-55). The new rates are in effect from Oct. 1, 2019, to Sept. 30, 2020. The IRS on Wednesday provided the 2019–2020 special per-diem rates, including the transportation industry meal and incidental… Read More

Commissioner Charles Rettig wants practitioners and others to become “highly engaged” in an enhanced relationship with the IRS as the Service continues to develop its thoughts on a potential reorganization required by the Taxpayer First Act, P.L. 116-25, he told the AICPA National Tax Conference in Washington on Thursday. This engagement is a shared responsibility,… Read More

It seems that it is often young entrepreneurs who make the headlines and receive most of the recognition for their accomplishments. Think of Mark Zuckerberg (Facebook), Matt Mullenweg (WordPress) and Pete Cashmore (Mashable) — all in their early 20s, and high up on the list of successful entrepreneurs. But the age of the founder is… Read More

Business owners often handle their own bookkeeping for many reasons that include fear of delegating sensitive financial information, wanting complete control and keeping staff costs lean. Those reasons, while certainly valid for startups and smaller operations, grow increasingly impractical as your business grows. Delegating Accounting Duties Some owners delegate accounting duties to trusted family members… Read More

Owning a successful business and actually running one are two quite different things. You might have huge amounts of capital and plenty of regular customers, but your business won’t thrive if you don’t have effective bookkeeping skills as well — at least if you intend to run the financial side of things yourself. Bookkeeping is an essential role that every business owner… Read More

More than 40 years after the Foreign Corrupt Practices Act (FCPA) was enacted, the SEC and the U.S. Department of Justice (DOJ) continue to crack down on schemes in which bribes are paid to foreign officials with the intent to advance business interests. In an effort to conceal illicit payments, individuals involved in illegal activity… Read More

When I review a client’s tax return, I always try to grab the low-hanging fruit first- — simple, easy deductions that can quickly have a big impact on my clients’ bottom lines. Here’s my power list of the most underused write-offs and tax deduction strategies business owners should consider: Technology, electronic equipment and supplies Electronics, tech,… Read More

Victims of Tropical Storm Imelda in parts of Texas, including the Houston area, have until Jan. 31, 2020, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today. The IRS is offering this relief to any area designated by the Federal Emergency Management Agency (FEMA) as qualifying… Read More

Hands up if you can name a cool bookkeeping fact? Bookkeeping can be quite a tough profession at times, but if you’re looking for a little light entertainment, there are many truly interesting and exciting facts about both accounting and bookkeeping that can help keep you inspired. Below is a collection of 7 cool facts… Read More

Tax season catches the general public’s eye, and the future of auditing is very much a high-profile issue these days, but the third pillar of traditional accounting practices, bookkeeping, is facing its own changes and challenges. Those changes are being driven by many of the same factors — particularly technology and changing client demands —… Read More