9 posts categorized "April Walker" Feed

6 wise choices to start this tax season strongly

GettyImages-497325655If you are like many of the tax practitioners I’ve talked to lately, the 2020 filing season felt like a rambling run-on sentence.

Because of the pandemic, last year’s April 15 filing deadline was extended to July, which ran into fall extension season and bled into more tax legislation. Now we are staring down another April 15 deadline probably not as rested and refreshed as we usually are in late February. 

However, to put things in perspective, I’d like to share one of my favorite quotes (I routinely say some version of this to my teenager, whether she wants to hear it or not):

“Attitude is a choice. Happiness is a choice. Optimism is a choice. Kindness is a choice. Giving is a choice. Respect is a choice. Whatever choice you make makes you. Choose wisely.”

Roy T. Bennett

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Do THIS — Not THAT in preparation for the upcoming tax season

GettyImages-840575924Ready or not, tax season 2021 is rapidly approaching. And while we all hope that it will be better than tax season 2020, as John Wooden famously said, “Failing to prepare is preparing to fail.” So, why not hope for the best but prepare for the … unexpected?

In thinking about what you can do to get yourself, your clients and your firm ready for tax season, I asked my #TaxTwitter network for some advice. What kind of advice, you may be wondering?

Wrong advice.

Terrible advice.

On purpose.

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7 areas to consider when evolving your tax practice

IStock_59008810_XXLARGEThere’s no question that this was a tough tax season. And, with the tax deadlines delayed until July 15, it isn’t over. In our recent Tax Section survey, 60% said COVID-19 had an enormous effect on tax season. Practitioners noted the top three pain points related to assisting with the Paycheck Protection Program (PPP), understanding new legislation and guidance and struggling with ambiguity in the relief.

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The tax season in the Upside Down

IStock_85574993_XXXLARGEIn early May tax practitioners are typically easing back into work after a well-deserved break. For many reasons, that is not the case this year.  

For those who have seen “Stranger Things” (no spoilers for season 3, please!), you may feel like you’re in the Upside Down. If you haven’t seen the TV show, think alternate parallel universe. And not in a good way.

A global pandemic has us grappling with what it means for our personal and work lives. There was unprecedented filing relief extended to all types of income tax returns due between April 1 and July 15. Legislation led to new types of credits, as well as many other relief measures. This included the Small Business Administration’s Paycheck Protection Program, which has tax practitioners brushing up on many new rules. A lot of practitioners struggle with remotely serving clients and working from home because of all the potential distractions that come with it.

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Test your knowledge on tax extensions

Shutterstock_145713260March is here, and that means it’s time to talk to your clients about possibly extending their returns. How knowledgeable are you about extensions?

Find out with this short quiz:

#1: True or false: An extension of time to file means that the tax isn’t due until the return is filed.

False.

An extension extends the time to file, but not the time to pay. If an extension is filed but taxes are ultimately owed, there will be interest and penalties charged each month that the balance isn’t paid.

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Shake off this tax season’s pain points with these perfect pairings

May 8 blogChocolate makes a bitter coffee taste sweeter. A dry wine brings out the flavors of a well-cooked steak. Good pairings make everything better.

The same can be said for the work you do. Pairing solutions with the challenges you face can improve the final result. And this certainly applies to the most recent tax season.

We asked tax practitioners about what they experienced this spring, and in this informal AICPA Tax Section survey, we found out pretty much what we were expecting: It was a demanding one. (You can read more about the survey in this AICPA Tax Section newsletter article.)

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Busy season due diligence comes down to what you don’t know

Shutterstock_753092236I’m a self-professed rule follower. Except for maybe driving five miles over the speed limit on the highway, I sweat to even think about bending the rules. Most CPAs I know feel the same way. We stick to our professional rulebook, focusing on doing our due diligence and complying with each regulation like it’s our personal law. However, it’s not always easy to be a rule follower when you’re in the thick of busy season.

In my opinion, due diligence is all about using common sense, but there are additional due diligence rules — some old and some new — that are important for CPAs to remember during busy season.

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10 resources to help you cross the tax season finish line

Jan 25 blogWhen I was working in a small practice, tax season always felt like a race to me. After months of preparation, I sped toward filing deadlines that were akin to finish lines. Whether the goal was to take first place or simply get it done, I wanted to cross the line as strong and healthy as possible. That meant I had to pay close attention to my pace.

A big part of good race pacing is having supportive resources and people helping you along the way. Luckily, you have the AICPA and Tax Section team cheering you on. Here are ten resources I think will help ease the pressure this tax season.

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Life lessons learned while training for the IRONMAN® triathlon

158_d-2439838-DIGITAL_H...On August 19, 2018, I checked something off my bucket list: I completed the IRONMAN® Mont-Tremblant triathlon – a 2.4 mile swim, a 112 mile bike ride and a 26.2 mile run. I wasn’t particularly fast — it took 15 hours and 40 minutes to finish — but it was an amazing day in beautiful Quebec, Canada, that I will never forget.

As an adult, I developed a love of running to help stay active and reduce stress. When I turned 40, I got into triathlons to mix it up a bit. For many years, I wasn’t very athletic. So it was pretty shocking to many that I had undertaken such an intense activity.

Now, having run countless miles, I’d like to share some of the lessons I learned while training and running. I find they cross over into my everyday business life.

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