Homeownership comes with a lot of extra expenses, mostly thanks to the taxman. Due to increasing demand and limited inventory, the nationwide median sale price has reached $226,800, according to Zillow. Values have gone up 5.4% over the past year and are expected to rise another 2.5% in the next year. On top of that, state… Read More

The IRS is beginning to audit taxpayers with cryptocurrency assets, an agency official said. “In our exam operations, we’re starting to work those cases,” Mary Beth Murphy, commissioner of the Internal Revenue Service Small Business/Self-Employed Division, said June 20 at a tax controversy forum hosted by the New York University School of Professional Studies. She… Read More

If you actively trade securities, futures, forex or crypto, consider setting up a trading business to maximize tax benefits. With a sole proprietorship, a trader eligible for trader tax status (TTS) can deduct business and home-office expenses and make a timely Section 475 election on securities for tax loss insurance and a potential qualified business… Read More

Officials at the Internal Revenue Service are looking to hire more employees to handle tax enforcement, compliance and administration of the tax code, even as more of the IRS’s older workers retire and leave the agency, particularly after the month-long government shutdown last December and January. A series of top IRS officials made a pitch… Read More

Formula 1 team expecting $175 million budget cap Red Bull Racing consultant Helmut Marko says F1 risks becoming a “bookkeeping world championship.” While confirmation of the 2021 rules has been delayed until October, it is believed a $175 million budget cap is coming. F1 CEO Chase Carey stands by the plan. “It took us well over… Read More

Elizabeth Warren’s proposal to cancel student debt will soon be one step closer to reality — even if she doesn’t become president. The Democratic Senator of Massachusetts plans to introduce legislation in the coming weeks that mirrors her presidential campaign proposal to cancel at least a portion of the student debt held by many of… Read More

Owning or being a partner in a small firm is the best job in accounting. The opportunities are limitless and the large firms can’t touch them. The only thing holding back small firms is their hanging onto the past. Let’s look at some of their advantages: Small firms don’t have specialists dwelling on lease accounting… Read More

On Monday, May 6, accountants around the United States woke up to start their workweek only to discover that their CCH products — a suite of tax and other solutions offered by Wolters Kluwer Tax & Accounting — were down. Confusion turned to panic, which then turned to anger pretty soon after customers were informed… Read More

Accountants are the financial backbone of any good business, and the accounting world has always thrived as money evolved throughout history. As the future of finance slowly unfolds, cryptocurrencies like Bitcoin and Ethereum (two currencies my company is currently invested in) are leading the path toward mainstream acceptance of digital currency. Many businesses are looking for… Read More