The accounting industry is seeing some changes in recent months, which are being outlined by Accounting Today: “Four seismic shifts are going on in the accounting landscape right now, a panel of experts recently told a conference of CPA firm partners and leaders, from how firms generate their revenue and how they staff their engagements, to how they service their clients and how they will build the firms of the future…” [ Read more here ]
Are your property taxes taking a toll on your wallet? Chances are there are a few things you can do to lighten that burden…
“When your county or township does an assessment, it’s estimating the value of your property for tax purposes. What they want to know is, based on local sales and other trends, if your property’s value has gone up or down. If it’s declined, that’s good news, tax wise…” [ Read more here ]
Do you think you’re paying too much in taxes? The Wall Street Journal is giving us a colorful breakdown of how each facet of our population falls into our tax scheme, and how it aligns with their income.
The tax code in America is seen as one of the most complex and over agonizing pain than almost anywhere else in the world, and a number of overseas citizens are considering renouncing citizenship to avoid paying in. “Just over 4 in 10 respondents said that while they aren’t planning to renounce their U.S. citizenship, they wouldn’t rule it out, and 19 percent said they’re seriously considering it….” [ Read more here ]
A number of inconsistencies in numbers raised a few eyebrows – prompting an audit showing massive errors in the accounting for Utah’s liquor board.
“An audit released Tuesday shows the Utah Department of Alcoholic Beverage Control did not record about $216 million in revenue during a six month period last year…” [ Read more here ]
What’s in your future if you’re on the road to inheritance of an estate or other property? Every state’s laws differ, so what are yours?
“In addition to the federal estate tax of 40 percent, some states impose an additional estate or inheritance tax. Fourteen states and the District of Columbia impose an estate tax while six states have an inheritance tax. Maryland and New Jersey have both…” [ Read more here ]
Sterling Accounting is your answer to opening up the time you need to focus on building your business, by allowing the professionals to worry about the hassles of accounting and bookkeeping. Follow Sterling Accounting on Google+ today and keep up with the latest news and updates.
Do you have a home that you’re using to rent out long term or to vacationers out for a time away from home? There are some important tax rules that you should know to stay on the good side of the IRS…
“The tax implications of renting out your home change dramatically if you decide to do so for longer than 14 days each year. If you only rent out your home for 14 days or less, then the IRS largely treats the enterprise as a nontaxable hobby….” [ Read more here ]
Uber’s admitting to an accounting mistake – which had them paying out a reduced amount to their drivers in New York…
“The company admitted that it mistakenly was taking its fee before accounting for the 2.5 percent black car fee and taxes, which was costing drivers each trip.
For example, if a driver had a $15 fare, Uber was taking $3.75 when it really should have been taking only $3.33…” [ Read more here ]
Tax reform is on the table, but with a number of big changes being proposed, how would the tax pro’s be affected?
“While the move to overhaul the tax system under the Trump administration’s tax reform proposal and the House GOP Blueprint may aim to greatly simplify taxes, it won’t mean there will be any less work for tax preparers…” [ Read more here ]