The AICPA provides tax practice tools to help members elevate their practices and maintain the highest ethical standards. The AICPA also advocates sound tax policy and effective tax administration.
During the COVID-19 pandemic, remote work has become common for many companies. What once was a relatively small percentage of remote workers has drastically increased. A recent survey found that many new remote workers are unaware of the potential state tax implications of working in a state or states different from where their company is located.
On behalf of the American Institute of CPAs® (AICPA®), The Harris Poll surveyed 2,053 U.S. adults in October. Among the 58% of Americans employed, 42% have worked remotely during the COVID-19 pandemic and 25% were currently working remotely. More than half (55%) of those working remotely during the pandemic were unaware that failing to change their state tax withholding to reflect their remote work situation could have tax consequences.
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“There is no terror in the bang, only in the anticipation of it.”– Alfred Hitchcock
In a good year, CPAs fret over due dates. I’m a glass half-full type of guy, but there aren’t too many measures that could be used to call 2020 a good year. (I digress for one moment and thank my wonderful colleagues at the AICPA and the many CPAs who volunteer to assist the profession, with whom I’ve shared the 2020 journey of achievement.)
Although we’re not finished with 2020, we’re already hearing from members about March and April 15, 2021.
Continue reading "2021 busy season due dates can’t come soon enough" »
Your to-do list likely includes items such as scheduling next year’s engagements, sending client information requests, preparing for year-end client accounting services processes, gathering and reviewing documents needed for early 2021 and contacting clients to plan for the year ahead. Taking time to market your services to prospects and clients might be missing from your list. We understand that. With so much else going on, this task often isn’t a priority. But we’d like to help you showcase your expertise and the value you provide with our new CPA Marketing Toolkit. Check out the following five marketing resources, included as part of your AICPA membership.
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Ready 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?
Continue reading "Do THIS — Not THAT in preparation for the upcoming tax season" »
The COVID-19 pandemic has had a tremendous impact on the country’s physical health and the economy, including a major impact on states and their revenue.
According to a Center on Budget and Policy Priorities (CBPP) recent report, states, localities, tribal nations and U.S. territories face revenue shortfalls of about $480 billion and $620 billion through 2022. It could reach even higher if there is a double-dip recession. Affected state revenue sources include individual and corporate income taxes, sales taxes and gasoline taxes, as well as local property taxes.
Continue reading "How COVID-19 will affect states’ revenues, taxes and you" »