Live Webinars – Week of May 25-29, 2020

Employee Retention Credit… IRS Statutes of Limitation… Cybersecurity… Content marketing — That’s what’s on tap this week. Let’s dive in!

Monday, May 25, 1pm PDT (4pm EDT)
Content Marketing Essentials For Tax Firms
Join yours truly for an exploration of this important business development topic. Whether online or offline, whether bookkeeping or tax resolution, whether truckers or doctors, content marketing is one of your most essential marketing activities. We’ll discuss the core components of your content marketing strategy, typical costs you’ll face for getting various things done, and look at some examples of content marketing being done by other tax and accounting professionals. Click here to register.

Tuesday, May 26, 11am PDT (2pm EDT)
IRS Statutes of Limitation: ASED, CSED, RSED
Dan Henn, CPA delivers an updated edition of his classic 1-hour CE/CPE class on statutes of limitation for assessment, collection, and refund. If you’re engaging in taxpayer representation, then understanding these three areas of statute are fundamental to properly representing your clients. Click here to register.

Wednesday, May 27, 10am PDT (1pm EDT)
Cybersecurity: The Current State & How To Protect Your Firm, Part II
The second in our two-part CPE series presented by cloud service provider Coaxis Hosting will focus on data security and regulatory compliance within your IT systems. Tax professionals are a frequent target of cybercriminals, due to the sensitive nature of the client data we store. We all have a legal and ethical responsibility to safeguard our client data, so this is a topic you should be learning as much about as you can right now. This class is free, and provides 1 hr of CPE for CPAs. Click here to register.

Thursday, May 28, 10am PDT (1pm EDT)
Exploring Payroll Tax Options with Chrisa Anderson, CPA
While most of the media attention has been given to the PPP loan program, the reality is that small businesses have other options to help them address their payroll costs during the current recession. On this fireside chat (no CPE), my guest Chrisa Anderson, CPA will join me to discuss these other options, including the Employee Retention Credit, that are available to your business clients. We will discuss the decision making process that goes into selecting the right option for your client, as well as how to use these payroll tax options as a marketing opportunity to help grow your practice. Click here to register.

Friday, May 29, 7am … Continue reading

When your clients do better, you do better

We are in the profession of helping others. It’s what we do.

It also just so happens that the way in which we do it pays very well.

It’s a win for you, a win for your clients, and a win for society as a whole.

But here’s something you may not think about very often, but is an eternal truth: When your clients make more money, YOU make more money.

The more money your clients have to invest, or the bigger their business grows, the more of your services they consume.

Thus, doesn’t it make sense that you do everything you can to help them grow?

Providing strategic coaching to your clients, to guide them towards greater prosperity, is a service that you can offer. You become a critical asset to the financial well-being of your clients.

How to provide this particular service is the subject of my conversation with Joey Brannon, CPA, tomorrow. If you have any interest in helping your clients grow as people and business owners, you’re going to want to tune in this webinar. Join us tomorrow at 10am PDT (1pm EDT). Go here to register:

https://attendee.gotowebinar.com/register/4060427578765193228… Continue reading

Federal Economic Impact Payments – Frequently Asked Questions

In response to the COVID-19 pandemic, Congress recently passed legislation authorizing stimulus payments to most Americans. These payments, called Economic Impact Payments, are being processed by the Internal Revenue Service (IRS) at the current time. Many people have questions about these payments, so this FAQ has been assembled to help you find answers.

Is the Economic Impact Payment considered to be taxable income?

No, this payment is not considered “income” by the IRS and you will not need to pay income tax on it. This payment will not effect your refund, or increase the amount you owe when you file your 2020 tax return in 2021. This stimulus payment will also have no impact on your eligibility for other federal assistance programs that use income to determine eligibility.

How can people who receive a Form SSA-1099 or RRB-1099 check their payment status?

Taxpayers can use the IRS Get My Payment tool to check on the status of their stimulus payment. This will require you to verify your identity by answering a set of security questions.

If my bank account information has changed since the last time I filed a tax return, how do I update my direct deposit information?

The Get My Payment tool at irs.gov does not allow you to change your direct deposit information. This is a security precaution to prevent these payments from being stolen by changing this information.

If the IRS sends your payment using the bank direct deposit information from your most recent tax return and the bank account information is now invalid, the bank will notify the IRS and reject the electronic transfer. The IRS will then mail you a check as soon as they are able, to your last known address. The Get My Payment tool will then be updated to reflect the date on which this check was mailed. Please note that the IRS says it may take up to 14 days to receive the payment after it’s been mailed.

Where can I get more information?

If you are required to file a tax return, you are encouraged to file electronically. You can find a tax professional in your area by searching our directory of tax firms.

If you are not required to file a tax return, you may use the Non-Filers: Enter Payment Info Here tool and submit your information to the IRS to receive an Economic Impact Payment. This online tool should only be … Continue reading