Tax Preparer Ethics in the Modern World, Part 1

History After the Civil War in 1884, Congress enacted a law known as the “Horse Act,” which allowed citizens to make claims against the Treasury Department for the value of horses confiscated for use by the troops. The Treasury soon discovered that people were making claims for more horses than could have existed at the … Read more

How to Identify, Connect and Get Referrals

We’ve definitely come a long way since the days when advertising for accountants was “a violation of professional ethics,” a notion that was dissolved in roughly 1978, as I recall. And, no, I was not practicing; I was still in high school. But, my father was, and therefore, I vaguely remember. Generally speaking, as a … Read more

Tax Firm Niches You May Have Overlooked

Niches are an important part of any thriving tax and accounting firm. Not only does a niche set you and your firm apart from its competition; it also is good for client recruitment and retention because you can position yourself and your staff as subject matter experts in any number of industries and specialty practice … Read more

IRS Issues Guidance on Tax Cuts and Jobs Act Changes to Business Expense Deductions for Meals and Entertainment

On Oct. 3, 2018, the Internal Revenue Service issued guidance related to business expense deduction for meals and entertainment following law changes in the Tax Cuts and Jobs Act (TCJA). The 2017 TCJA eliminated the deduction for any expenses related to activities generally considered entertainment, amusement or recreation. Taxpayers may continue to deduct 50 percent … Read more

Last Crack at Lower Medical Expense Deduction Floor

Medical expense deductions have been an up and down proposition in recent years. Under longstanding tax law rules, out-of-pocket medical expenses were deductible to the extent that they exceeded 7.5 percent of a taxpayer’s adjusted gross income (AGI). Starting in 2012, a tax law change raised the deduction floor to 10 percent of AGI for most taxpayers, although the 7.5 percent … Read more