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IRS Expected to Audit More Small Businesses in 2021

(CPA Practice Advisor) - After years of low examination rates, the IRS announced it will increase audits of small businesses: by 50 percent. This news comes during a time when complex tax law changes and economic stimulus programs in response to COVID-19 have ...


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Years ago, Steven Brewer, CPA saw the shifts taking place in accounting and decided to make changes in his firm to survive. They've grown their accounting revenue by 75% over the past 5 years – without adding more clients. READ HIS CASE STUDY

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Tax Angle #2. Extract Tax Benefits From 529 Accounts Without Messing Up Financial Aid 
(Forbes) - Earnings on a college savings account escape income tax if withdrawals are used for the right purposes (including tuition, room and board). There is also an estate-tax angle...

Taxes and Stimulus Top Financial Planners’ List Under New Congress 
(Barrons) - Policy watchers and financial planners see taxes, stimulus and heightened SEC enforcement this year as Democrats control the White House and Congress.

All Taxpayers Can Now Get an IRS Identity Protection PIN 
(CPA Practice Advisor) - The Identity Protection PIN (IP PIN) is a six-digit code known only to the taxpayer and to the IRS. It helps prevent identity thieves from filing fraudulent tax returns using a taxpayers’ personally identifiable information.

AICPA Encourages Firms to Aggressively Advance PPP Applications 
(JofA) - The AICPA said Wednesday that it expects SBA and Treasury to open the Paycheck Protection Program’s application window to all lenders by Friday. The AICPA is also encouraging firms to advance the application process for small business clients seeking relief.

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At AccountantsWorld, we value the crucial role that YOU play in core business services - accounting and payroll - just as much as you do.

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