With a new leadership team in place, the Internal Revenue Service Exempt Organizations Division has swiftly come together to introduce a shorter and easier application form (Form 1023-EZ, Streamlined Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code) for organizations seeking section 501(c)(3) tax-exempt status. The IRS estimates up to 70% of all applicants will qualify to use the new streamlined approach.
Prior to the form’s July release, Tamera Ripperda, IRS Exempt Organizations Division’s newly appointed director, shared insights with CPAs at the AICPA Not-For-Profit Industry Conference and explained the significant role the simplified form will play in the new IRS transition process her team has internally dubbed: “Moving Exempt Organizations Forward.”
Continue reading "How the IRS Revamped Tax-Exempt Applications" »
We’re halfway through the year and while there are many areas you can focus on to further develop your CPA practice, now is a great time to think about how you’re marketing your firm. It’s natural to think that effective marketing requires a commitment of extensive resources, but that isn’t necessarily true. A corporate blog is a marketing vehicle that can be managed by your existing staff.
A blog offers many opportunities: it allows you to demonstrate the expertise of you and your staff; it lets you showcase your values as a firm and convey your firm’s personality so you can attract the “right” clients; it allows you to answer frequently- asked questions and introduce potential clients to your staff. Another big advantage of blogging is that it can help your firm rank higher in search engine results.
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No matter what you might have heard about the risks and long-term value of bitcoin, chances are good that your clients and employers will want to know more about how the adoption and use of digital currencies as a means of commerce may affect the way they do business.
Although bitcoin is still very much in its infancy, its impact should not be underestimated or ignored just because it is new and somewhat mysterious. Described by bitcoin.org as “a consensus network that enables a new payment system and a completely digital money,” bitcoin is not the only digital currency in today’s market. In fact, according to Coinmarketcap.com, there are 303 digital currencies in at least 637 markets, with trendy names such as “Litecoin,” and “Darkcoin.”
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Chocolate is actually good for us? A glass of red wine per the doctor’s orders? These are just a few examples of seemingly incompatible matches that come together to deliver the most unexpected benefits. Balancing work commitments and a lifestyle that builds a healthy mind and body can be surprisingly symbiotic.
There’s no shortage of research reports and studies advising us of the need to exercise regularly. On the other hand, job responsibilities continue to broaden due to higher performance standards and greater unpredictability in the marketplace.
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Due to the American Taxpayer Relief Act of 2012 and the net investment income tax, many clients have no doubt experienced the impact of the new multi-layered tax environment. According to a panel of leading CPA financial planners, clients ranging from those with high net worth to those with middle income were shocked to be hit with the NIIT and higher tax rates this tax season, and have been receptive to proactive planning to mitigate in future years.
Consequently, 2014 is the year to sit down with your clients and provide proactive guidance, education, planning and expertise. Here are a few helpful tips from our panel of experts to help you do that.
Continue reading "Staying Ahead of the ATRA and NIIT Curve" »