December 2020 - CPA Practice Advisor

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Accounting

In-House Tax: Leverage Technology for the Upcoming Compliance Season

Tax departments today are facing unprecedented pressures, including management of changing tax obligations, new regulatory requirements, and providing real time scenario analysis – all while adjusting to a new workplace environment.

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Payroll

Potential Workplace Changes Under a Biden Administration

The most significant proposed legislation is the Protecting the Right to Organize (PRO) Act. It was passed by the House of Representatives on February 6, 2020 but has stalled in the Republican-controlled Senate. One pro-union publication described the ...

Advisory

QuickBooks Connect Innovations Roundup: We go Further Together

Intuit hosted its first virtual QuickBooks® Connect on Nov. 18, where the theme was “We go further together.” Thousands attended to take advantage of the many opportunities to grow, learn, and share. To help grow your practice and serve as a true advisory partner to your clients, here are the highlights of the product innovations […]

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Firm Management

Streaming Entertainment: What We Love to Watch

As we wind down the year of COVID-19, we thought it would be a nice gesture to share with our readers some ideas for what to stream while we’re all locked down for the holiday season and the months ahead. Here's what some of our readers are ...

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Accounting

AICPA News: December 2020

AICPA News is a roundup of recent announcements by the association.

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Firm Management

5 Pre-Busy-Season Marketing Campaign Strategies

Now’s the time to begin ramping up your marketing efforts for what looks to be a very busy 2020 tax season. Some of these items take minutes to implement, while others could take a week or two of planning, development, and execution. Search Engine Optimization (SEO) When was the last time someone reviewed the keyword […]

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Advisory

Finding Growth Opportunities in Challenging Times – Increasing Client Interest in New Services

,” which identified the services clients most valued from their accountants. The report was based on survey responses of more than 650 accountants and business professionals across the country. Growing as an accounting firm requires identifying and understanding the services your client base most wants and needs. Among small businesses, the biggest pain points consistently […]

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Advisory

Building a Trusted Advisor Toolbox

Technology is commoditizing traditional accounting firm services, decreasing billable hours and motivating firms to build their advisory and consulting service offerings. But making this leap requires a different set of tools than those used for ...

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Accounting

The Future of Accounting is Digital: F&A Predictions for 2021

2021 will see Finance & Accounting invest in technology to turbocharge their digital transformation journeys moving to a modern accounting model that unifies all of a company’s systems and data into a single source, automates manual, repetitive ...

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Benefits

Pandemic-Era Burnout: How to Protect Your Finance Team

The COVID-19 pandemic has made 2020 one of the most stressful years ever for finance workers — and has led to a rise in burnout. Many staff are classified as key workers and have been toiling around the clock to deliver essential services, often with ...

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Key Tax Law Changes for Tax Year 2020

This past year has been a busy one on the tax legislation front with the following tax bills passed by Congress: Coronavirus Aid, Relief and Economic Security (CARES) Act; Families First Coronavirus Response Act; Setting Every Community Up for ...

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How to Reap Tax Rewards by Year-End Harvesting of Capital Gains

It’s harvest time again. Traditionally, at the end of the year investors realize or “harvest” capital losses or gains from sales of securities to secure tax advantages. And, with the tumultuous times we’ve experienced in 2020, there are more ...

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Retirement Tax Tips: How to Decide on RMDs for 2020

Normally, retirees in their seventies or older arrange to receive required minimum distributions (RMDs) from retirement accounts at the end of the year. Otherwise, they could be held liable for a severe tax penalty, on top of the ...

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New Tax Twists to Year-End Charitable Gifts in 2020

It’s customary to give to charity around the holidays at the end of the year. Not only does this benefit worthy causes, it can pay off with a bigger charitable deduction on your tax return.

Deductions

Don’t Miss This Opportunity for a Medical Deduction in 2020

Forget about it being your best shot at a medical deduction this year—it could be your last shot, depending on your personal situation. It all has to do with the threshold for deducting medical expenses.

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Advisory

2021 IT Predictions and 2020 Results

Not one of us could have predicted the year 2020 would turn out to be, but almost everyone would agree that we are hoping 2021 will bring a return to some degree of normalcy in our day to day lives. The good news is that throughout the ongoing ...

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Firm Management

Gratitude and Self-Care During the Holidays

There’s no denying that the holiday season is going to look a whole lot different this year. Without widespread immunization from Covid-19, which is still months away at minimum, mass travel and large gatherings will be limited. However, just because our holiday calendars look different, doesn’t mean the holiday spirit needs to take a year […]

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Advisory

Apps We Love: November 2020 – Our Favorite Podcasts

Although podcasts are a popular commuter pastime and commuting is down somewhat during the pandemic, podcast measurement company Chartable reports that podcast downloads in September increased 150 percent over January of this year.

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Post-Election Tax Planning Considerations for Trusts & Estates

In the wake of the 2020 election, many expect that the Biden administration will seek to engage Congress to enact new tax legislation in order to raise revenue to pay the costs associated with the pandemic and other government programs.

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Firm Management

9 Tips to Minimize Risk of Cyber Attacks on Your Firm

By Pete Schile. In the world of accounting and finance, it’s not if we will reconcile accounts, it’s when we will reconcile accounts. Likewise, it’s not if we will experience a cyber attack, it’s when we will experience a cyber attack. It’s bound to happen. As accountants, one of our key responsibilities is to highlight […]

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Benefits

PPP Forgiveness and Your Clients

Although the CARES Act Payroll Protection Program’s (PPP) loan application period closed last August, you most likely have clients who received funding and now need to plan for loan forgiveness. The rules changed since the program began.

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Advisory

Does Your Firm Have a Clear Vision for the Future?

Vision for the future comes from a variety of sources. Clear vision and sources of inspiration can come from colleagues, friends, quiet time, struggling with an issue, conflict, relaxing on the beach or vacation, meditation or attending a religious ...