Blog – Page 19

Fixing the Error — How Do We Solve Depreciation Mistakes?

By TaxSpeaker Depreciation errors are corrected by either filing an amended return or filing a change in accounting method form. Depreciation errors that are NOT subject to the accounting method change filing requirements require amended returns and include: Amended Returns: You claimed the incorrect amount because of a mathematical error made in any year. You …
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Accountable Plans

By Bob Jennings, CPA, EA, CFP® of TaxSpeaker Many employees incur job related expenses such as mileage, travel, entertainment, dues, licenses, supplies, office equipment, etc. An employee whose employer requires the employee to provide for and pay for such expenses essentially makes the employee pay income and social security tax on the expenses. Because employee …
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Innovative New Program to Help Tax Clients Access Health Insurance

By Stephanie Klapper, Deputy Director, Maryland Citizens’ Health Initiative Tax preparers play a big role in people’s lives. Soon, thanks to the Maryland Easy Enrollment Health Insurance Program, preparers will have an opportunity to help clients in another important way—by helping them gain access to quality, affordable health care. Starting this January, Marylanders will be …
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Interview Day At McDaniel College

McDaniel College’s annual Interviewing Day, which took place on October 2, 2019, provided students with the opportunity to “speed interview” with businesses in the Baltimore area, including accounting firms, banks, insurance agencies, and investment companies. At the event, students were able to interview for internships or jobs, or to gain experience in the interviewing process …
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World War II – The Greatest Health Care Change of All Time

By Jonathan Pocius of Payroll Services, LLC I recently attended a meeting with several colleagues with a healthcare guest speaker. Being a licensed insurance broker I always enjoy listening to new strategies. I learned a little known fact: World War II gave birth to the private health care market. In 1942, Congress passed the Stabilization …
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Unlimited Time Off: An Employees Dream Or a Potential Liability?

By Jonathan Pocius of Payroll Services, LLC A new trend is popping up in some companies: Unlimited Time Off. UTO policies are becoming more popular in startups, tech companies and nonprofit organizations trying to make up for salary gaps. There are pros and cons to UTO Policies, however there are serious questions that need to …
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Records Retention Guidelines to Remember

Records Retention Guidelines to Remember Warm weather and rainy days bring the urge to purge. But before you clean your file cabinets or declutter your computer files, it’s important to review these guidelines. Federal Tax Records Most tax advisors recommend that you retain copies of your finished tax returns indefinitely to prove that you …
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#TechTips: eSignatures

By Jonathan Rivlin, CPA We’re going to kick this post off with a confession: I don’t like eFiling. In fact, I hate eFiling. In the early aughts, when this new system was forced upon our profession, I thought it would be a great thing for our clients. And in some respects it is. But the …
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#TechTips: Tax Return Workpapers — A Better Way

By Jonathan Rivlin, CPA Everyone seems to love a good tech prognosticator. The web is chock full of breathless articles touting how great things will be in 2, 5, 10, 20, 50 years from now – better living through technology. Does anyone ever go back and read some of those predictions from years past? I …
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#TechTips: Payroll Can Feel Like Surgery, But Good Payroll Is A No Brainer

By Jonathan Rivlin Payroll. Just the word alone can make any accountant cringe. Except for rookies fresh out of school. So innocent. So naive. I would hope this is no longer the case, but your humble Tech Tips never had any exposure to payroll, or sales tax for that matter, in school. For something so …
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