Books to Tax in a Snap
When clients hands over a QuickBooks (QB) file at income tax time, the expectation is you have what you need and tax preparation will be a breeze. Depending on the client, you are either elated or you want to cringe; there is not much in between. It is important for tax preparers to feel ... Geri Bowman, EA, CPA, USTCP
The Gig Economy
The gig economy is a growing income sector in the world and a growing niche for tax professionals to harvest. Before jumping into this market, it is necessary to know some things about this area of practice. Let’s start with the definition of a gig, per Merriam-Webster: “a job usually for ... Kathryn M. Morgan, EA
Tax Implications of Home Flipping: Dealer Or Investor
With today’s hot real estate market and rapidly escalating property values, many clients are engaging in real estate investing and house flipping. Indeed, there are many reality TV shows and real estate networks dedicated to glamorizing the quick profits that can be made in these activities. What these programs fail to mention are the tax consequences of these transactions. As tax professionals, that’s where we come in... Keith A. Espinoza, EA
Gambling As a Profession Tax Implication
The thrill of a slot machine jackpot is exhilarating. Waiting for a casino attendant to come and do the legendary “hand pay” (paying the taxpayer at the machine) gets taxpayers’ hearts racing. Most taxpayers get so caught up in the moment that the tax consequence of their winning is a distant thought. It is so distant, in fact, that many taxpayers forget they even received that W2-G and leave it off their tax return. However, when the... Tracy L. Bunner, EA
Ride Share
Rideshares are a new phenomenon that replaces taxi services. These services use technology as the main apparatus for their business strategy. Customers can now request a ride through a smartphone application that will subsequently ping a driver nearby. Uber Technologies, Inc. started this idea in 2009, which led to numerous other startups. Rideshare services are more efficient than typical taxi cabs and are less expensive for the customer. Fu... Christine Kuglin, EA, Angela Busila, CPA, Brandon Anderson
The Uncanny Cannabis Controversy
I used to work in a Loew’s Theatre in California during the days of Flower Power, the draft, and the advent of the eighteen-year-old vote. Back then, movie theatres sold cigarettes and other tobacco products. After all, Loews owned the Lorillard Tobacco Company. At the time, word on the street was that Lorillard had trademarked several brand names for marijuana cigarettes, though you can’t find any evidence of that today. We were all very exc... Eva Rosenberg, EA