Andrew Lester

If you're interested in finding out more about whether it is better to receive a home as a gift or as an inheritance, check out this great new blog post from the Alamo-based Fintax CPAs. Just click below.

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On April 25, 2024, the Tennessee General Assembly passed HB 1893/SB 2103, repealing the property base component of the franchise tax. This change allows taxpayers who have paid Franchise taxes based on the property tax base for the preceding three years to file a refund claim for the difference between the property tax base assessment and the calculated net worth base. Time is limited for affected taxpayers to file claims, with the deadline ending November 30, 2024, for returns filed since January 1, 2021. #TaxReform #Tennessee #FranchiseTax

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With Texas franchise tax filings coming due in a little over a week, the Texas Legislature's changes made to the required filings have come into focus. We share some thoughts on the Texas legislation along with practical FAQs based on guidance from the Texas Comptroller in this FORsight.

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❓🤔 I get asked often about how we approach outsource accounting here at The Bonadio Group. We created a brief video that provides an overview of our services & the technology powered by Sage Intacct. Click the link to learn how outsourcing can eliminate turnover, create stability, streamline your financial operations, drive growth and so much more. #TheBonadioGroup #OutsourceAccounting https://lnkd.in/dyRtEdG7

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Tennessee implemented Senate Bill (SB) 2103 on May 10, altering the calculation method for the state franchise tax. Previously, the tax was based on either apportioned net worth or the value of property in the state. SB 2103 addresses constitutional concerns by removing the property measure, now solely relying on apportioned net worth. Amendments to the bill include provisions for refunds for periods ending on or after March 31, 2020, with claims accepted between May 14, 2024, and Nov. 30, 2024. For the past few years there is potential TN refund opportunity based on the enacted legislation. If business is operating in Tennessee please let me connect you with our state specialists CohnReznick LLP such as Faith Gorman to ensure that all state opportunities have been addressed. #Tennessee #stateopportunity #refund

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Contractors often struggle with visibility and performance measurement throughout a project’s life cycle, leading to budget overruns and schedule delays. However, integrating mobile technology into construction management is changing the game. Advanced software solutions now provide real-time data and insights directly from the field, allowing contractors to spot risks and address issues proactively, enhancing project monitoring, and enabling immediate adjustments, preventing potential problems from escalating and improving overall project efficiency. #ConstructionTech #ProjectManagement #ConstructionIndustry

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We like to say everything is bigger in Texas, and so it goes for everything in Texas… Texas is one of the top economies in the world, and with it comes a more complex tax structure, and there can be quite a bit of confusion around sales tax compliance and the associated audits that will come to both small and large companies! At Peisner Johnson we simplify sales tax so you can focus on building your business and doing what you do best. If you have questions, let’s chat… #texasbig #salestax #peaceofmind

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Firm Partner, Joel Crouch is speaking today at the 2024 Tax Alliance Conference in Plano, TX. He is presenting, "Recent Important Cases & Legislation." The Tax Alliance Conference provides intermediate to advanced continuing education to tax professionals held in the Dallas, Texas area at an affordable cost. It is a non-profit, volunteer organization offering practical tax training to enrolled agents, CPAs and attorneys from both the private sector as well as the Internal Revenue Service. Click here for more information: https://taxalliance.org #IRS #TaxLaw #Legislation #TaxTips #Speaking #Conference #ContinuingEducation Tax Alliance Conference

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Many provisions of the Tax Cuts and Jobs Act are slated to expire at the end of 2025 and stand to affect tax brackets, the standard deduction, and many itemized deductions. Unless Congress takes action to extend these provisions or make them permanent, the tax rules will revert to their pre-TCJA status beginning in 2026. Let's talk about what to expect and a few ways to prepare for the shift: https://bit.ly/3RLjaKR

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Heads up...PCAOB approves new quality control standards and also as part of the adoption of new standards among other items, shortens deadline auditors must follow to finalize and "archive audit documentation from 45 days to 14 days #auditors #publiccompanies #accountingandaccoutants #audit

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The new AICPA chair made headlines this week for the byline in her introductory interview. New AICPA chair: ‘We need to promote the cool work we do’ (https://lnkd.in/gP8jFdMj) ❌ I believe her comments were very short sighted. ❌ Yes, accountants do a ton of cool work. And yes, it wouldn't hurt to talk about it more. However, this comment stuck out to me - "McCall said. “We need to promote the cool work we do. We need to stop talking about hours, stop using the term ‘busy season,’ and stop talking about how stressed we are.” Let's be clear - stopping the discussion about "busy season" and the number of hours we put in isn't going to help the profession. Tricking staff accountants into "cool work" and then asking them to put in 70-80 hour weeks for the first few years to pay their dues, is most certainly NOT the answer. The accounting profession is hurting because of decades of racing to the bottom on pricing, relying on billable hour metrics, and taking a back seat to the increased complexity of tax law without looking for solutions. Too many firms have relied on an old business model. And staff accountants have suffered as a result and are leaving the profession. A report from the American Institute of Certified Public Accountants (AICPA) found a 33% decline in first-time candidates taking the national certified public accountant (CPA) exam from 2016 to 2021. There is a growing shortage of certified public accountants and the profession is aging, with 75% at retirement age. To be fair, there are upcoming leaders in the industry that are advocating for a better approach to running a better accounting practice. I've been inspired by both Jason Staats, CPA and Ryan Lazanis, CPA to change how we think about our firm at McCarthy Tax Preparation. We extend 100% of client returns and over 60% of our clients work with us for not only tax preparation but tax projection and planning services. We've been able to set employee hours for a target of 50 hours per week from Feb - May. This is a huge improvement from when I started the firm 8 years ago and I was working 70+ hours for weeks to get returns completed by the Apr 15 deadline. We have more work to do. If your firm is chewing through staff. Now is the time to examine your business model. Before it's too late for your business. And the profession.

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If you're interested in finding out more about tax strategies for the high-net-worth, check out this great new blog post from the Frisco-based Swimelar CPA, PC. Just click below.

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Understanding the principles behind accounting rules is key to effective application and better decision-making. Mastering this balance sets top professionals apart. #AccountingExcellence #ProfessionalJudgment

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If you're interested in finding out more about navigating R&D Tax Credit changes, check out this great new blog post from the San Jose-based MTS Professional Tax Service Inc. Just click below.

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For procedural and some substantive tax-related reasons, the Texas Comptroller of Public Accounts repealed its recently adopted local tax situsing rule, and simultaneously readopted the text of the rule with amendments that, among other changes, expand the local tax collection obligations of remote sellers by requiring out-of-state sellers that collect state use tax to also collect applicable local sales tax.

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You are invited to join me in a panel discussion with the team at Best Practice Software to help you navigate payroll tax changes and announcements across all states and territories. Tue, Jun 11, 10:00 AM - 11:00 AM AEST or Thu, Jun 13, 12:00 PM - 1:00 PM AEST #healthcare GrowthMD

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