In the dynamic world of tax preparation, a notable trend is emerging — tax professionals are increasingly specializing in areas like expat taxes, business and corporate taxes, and estate planning. This shift allows them to provide tailored services, addressing specific taxpayer needs. In this comprehensive guide, we’ll explore the advantages and considerations of choosing a […]
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How tax preparers can diversify tax services
In an ever-evolving financial landscape, tax preparers face the challenge of adapting to the changing needs of their clientele. One strategic approach that stands out is the diversification of tax services. By broadening their service offerings, tax preparers not only meet the varied demands of their clients but also position themselves as comprehensive financial partners. […]
The impact AI has on the tax industry
With the recent surge in popularity of generative AI tools like ChatGPT and DALL-E 2, artificial intelligence (AI) has become a major topic of discussion in boardrooms, online and around kitchen tables. Its implications are potentially tremendous for business and society. Firms in almost every industry are considering adding AI-based tools and platforms to their […]
Tax deductions for small business owners
11 Tax Deductions for Small Business Owners If you own a small business, you’re likely looking for ways to make every dollar stretch further. Given inflation, labor shortages, supply chain issues and the lingering effects of the COVID-19 crisis, you probably have some financial worries and want to do everything you can to set your […]
5 ways to use ChatGPT prompts for tax professionals and EAs
ChatGPT, the generative AI tool created by OpenAI, has received a great deal of buzz since its launch last year. It uses a large language model to produce original text after a user has entered a specific prompt. Thus far, it has shown to be an incredibly powerful tool that serves a nearly endless variety […]
Tax relief for natural disasters: What you need to know
Natural disasters that once seemed predictable and confined to certain regions are now striking everywhere. Property owners face questions of preparedness and recovery in communities that always seemed safe. While disaster victims turn to the Federal Emergency Management Agency (FEMA) and state agencies for assistance, they can also find a friend in the IRS. Under […]
3 tips to help clients claim R&D tax credit
Innovation is the lifeblood of any economy. Since Benjamin Franklin tied a key to a kite string, American entrepreneurs, inventors, researchers and tinkerers have probed the limits of science to discover new concepts and create new products. That’s why research and development (R&D) tax credits still matter. R&D tax credits help ease the financial barriers […]
The benefits of CMA certification for small businesses
If you run a small business, you always have a list of potential roles to fill in the back of your mind: office administrator, receptionist, salesperson, etc. But what about a certified management accountant (CMA)? Chances are, you’ve either already hired or have considered hiring a bookkeeper or an in-house accountant. However, an accounting professional […]
5 ways to develop your data analysis skills for accountants
In today’s data-driven world, accounting, auditing and finance professionals are no longer limited to crunching numbers manually. The rapid evolution of technology has allowed them to expand their skill sets and embrace data analysis. Data analysis skills are crucial for those seeking to thrive in an increasingly competitive and technology-driven environment. By honing their data […]