What’s the difference between a tax preparer and a tax adviser?

Posted Posted in Accounting, Tax Planning, Taxes

A tax preparer looks at the facts and tries to determine the appropriate reporting usually at the time of rushing through the tax season preparing multiple client tax returns. A tax adviser looks at the tax theory that most benefits the client and then looks at the facts, regulation and case law history for evidence […]

Recognizing Black CPAs

Posted Posted in Accounting, Values

Yesterday the Journal of Accountancy podcast focused on the journey and accomplishments of black CPAs in the 20th century, featuring the testimony of two CPAs who witnessed black CPA history firsthand: Ruth Harris, the first black female CPA in Virginia, and Frank Ross, one of the founders of the National Association of Black Accountants (NABA). […]

Relief from post-pandemic tax stress

Posted Posted in Accounting, IRS, Taxes

One of the most important concepts in U.S. taxation today is the principle that the government cannot levy against taxpayer assets in the case of economic hardship. Never has this been more important than in this post-pandemic environment. The IRS is dramatically increasing aggressive tax collection practices that, in many cases, are causing stress to […]

Ignorance among professionals is a growing problem

Posted Posted in Accounting, Financial Planning, Leadership

Is it just me? I’m increasingly shocked with the collective level of ignorance surrounding us. In my work, naturally, I see it most often among people who call themselves tax and financial professionals. The details of behavior described as the Dunning-Kruger effect make the problem worse. Back in the 1980s and early 90s when professional […]

Rules for CPAs who handle clients’ PPP loans

Posted Posted in Accounting, crisis management, Ethics

Last year the AICPA issued ethics guidance to CPAs who handle PPP loan application and forgiveness applications for their business clients. This has become a significant issue for me lately. The guidance reminds practitioners that assisting the client in this capacity is considered a nonattest service requiring application of the independence and related rules in […]

CNBC published incorrect tax advice about reporting of cybercurrency

Posted Posted in Accounting, Cryptocurrency, Taxes

SHAME ON @CNBC editors and author @sahahtobrien! This type of inaccurate reporting of tax policy and procedure in this article should be called out for the misleading information portrayed as public advice. At best it is sloppy reporting. At worst it represents a lack of understanding of the topic covered and the spreading of incorrect […]

Pattern on PPP2 loan applications?

Posted Posted in Accounting

I noticed a pattern on PPP round 2 applications these past few days and wonder if others are experiencing the same. This morning I posted the observation on a NJCPA peer private discussion group and a Facebook public nonprofessional group seeking feedback. I know of 9 small business clients that applied for PPP round 2 […]