Married taxpayers filing jointly are both individually and jointly responsible for any income tax arising from their returns—even if they divorce later. But in certain situations—for example, where one spouse filed incorrect returns and the other was or was not aware of the problem—some equitable relief for joint tax reliability exists thanks to Section...
Continue readingTax Pros: Here’s What You Need to Know for 2020
Successful representation of your clients this tax season hinges on a good understanding of new Internal Revenue Service rules and initiatives. Here’s a rundown of what you should expect for 2020. Stress to clients that while other enforcement areas are lax, criminal investigation is not. Despite massive budget cuts and layoffs, the agency not...
Continue readingKey Facts to Know About the IRS Offer in Compromise Program
If you’ve got a client who owes money to the IRS, then you are likely already considering helping them through the offer in compromise. The offer in compromise allows one to settle tax debt for less than is owed, and may be a good option for those who can’t pay their full tax liability...
Continue readingEthical Considerations in Tax Matters: What You Need to Know for 2020
Ethics need to remain top-of-mind for tax pros in 2020—after all, it’s what keeps you legal and on customers’ good sides. But while tax pros can say “ethics” underlie their business operations, being ethical is not as simple as that. From a practical standpoint, there are scores of regulations to contend with, and everyone...
Continue readingCustomers insist on DIY taxes? Here are arguments to convince them to stick with you
Things are not easy if you are a tax pro going up against the DIY culture. In 2017, more than 100 million tax returns were filed using H&R Block alone, the company reports, and features like drag and drop importing and bank-level encryption technology make going it alone look pretty darn tempting. But don’t...
Continue readingIRS collections: Know 2020 IRS Returns, Audit and Tax Refund
The budget of the Internal Revenue Service has been cut significantly over the past few years, and that has resulted in changes to services rendered by the organization and a dramatic reduction in enforcement efforts. Over the past decade, reports Fox Business, the IRS has lost nearly 30,000 full-time positions, particularly in areas such...
Continue readingTop banking regulatory issues to watch out for in 2020
A number of major themes will dominate the banking regulatory landscape for 2020, according to industry watchers. Those themes range from emerging technology to social governance issues, though what is not clear yet from a regulatory standpoint is exactly how the economy-altering impact of the coronavirus will upend the banking industry. “Resilience; environmental, social...
Continue readingSmall town banks beating national chains? Yes, it happens, and here’s how
National and even global banks dot the landscape of almost every city and town in America, but that does not mean local banks are down for the count. Local and small regional bank chains can and do beat the behemoth banks, but it does not happen by accident. Local banks that win know where...
Continue readingBanking trends for 2020: More blockchain, voice engagement, and social media money accounts
Technology and competition are two forces reshaping the banking industry. Customers are demanding tech-first innovations and improved customer experiences, while competition from unexpected quarters continues to shake up the field. Here are trends you should know about for 2020 and beyond: Expansion of 5G wireless connectivity: The first 5G systems were deployed in 2019,...
Continue readingOpportunities and challenges facing the banking industry in 2020
Like almost every other industry in North America, the banking sector is undergoing massive transformation, with shifts in technology, consumer preferences, government regulations, and competition from startups. Innovation can help solve some of these problems, but legacy institutions which are slow to respond to changes may find themselves with a difficult transition. Here are...
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