Open Access. Powered by Scholars. Published by Universities.®
Articles 1 - 3 of 3
Full-Text Articles in Business
2024 Brings Many New Opportunities For Your Clients’ Tax Savings, Michelle Freeman, Shelby Follis
2024 Brings Many New Opportunities For Your Clients’ Tax Savings, Michelle Freeman, Shelby Follis
ETSU Faculty Works
Excerpt:
With the April 15 tax filing season deadline behind us, there are several conversations that practitioners still need to have with their clients about new tax savings opportunities for 2024. Helping your clients take advantage of some of these new opportunities, as well as reminding them of tax savings options that are often forgotten, are value-added services you can provide that will keep them returning for your advice [...]
Beneficial Owner Reporting: Our Role As Trusted Advisor, Shelby Follis, Michelle Freeman
Beneficial Owner Reporting: Our Role As Trusted Advisor, Shelby Follis, Michelle Freeman
ETSU Faculty Works
Article Excerpt: The Anti-Money Laundering Act of 2020, enacted on Jan. 1, 2021, contained the first-ever federal requirement for certain legal entities to identify and report their beneficial owners, also known as the Corporate Transparency Act (CTA). The CTA was designed to “prevent wrongdoers from exploiting United States corporations and limited liability companies for criminal gain, to assist law enforcement in detecting, preventing, and punishing terrorism, money laundering, and other misconduct.” As trusted advisors, CPAs should consider informing clients of the new reporting requirements and advise them on the best option to pursue, even if they do not file the …
How To Help Your Clients Understand Their 1099-K And Its Everchanging Threshholds, Shelby Follis, Michelle S. Freeman
How To Help Your Clients Understand Their 1099-K And Its Everchanging Threshholds, Shelby Follis, Michelle S. Freeman
ETSU Faculty Works
Although there have not been many ta law changes this year, one tax policy change being implemented this year is sure to cause confusion for a plethora of our clients. That change is the new reporting requirements for the 1099- K. CPA firms are already beginning to get calls from clients about these information reporting forms. If you are a tax preparer, you will no doubt have to help your clients sort through the tax consequences of this form if they use third parties such as PayPal, Venmo and many others for day-to-day cash transactions [...]