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Accounting News You Need to Know- March 2019

It can be hard to keep up with trending financial, business, and legal news that affects your industry. We know you don't have time to scour endless blogs and news sites.

To make it easy, each month, we put together a list of the most impactful content and roll it up into one digestible post. Here's what you need to know:

Federal Tax

Important notices from the IRS, details on reform, and more.

federal tax

  • Important ACA Information for 2018 Tax Filers
    The IRS recently published a notice reminding filers that, despite the repeal of the individual mandate of the Affordable Care Act (ACA) in last year’s tax reform bill, filers must still indicate whether they had health coverage throughout the year their returns.
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  • Biggest 2018 Tax Reform Itemize Deduction Changes
    The Tax Cuts and Job Act reform led to the implementation of multiple itemized deduction changes that will impact many filers. The biggest impact is felt with new medical and dental expense rules, state and local tax deduction limits, changes to home equity loan interest, and updates to miscellaneous deduction rules.
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  • The Demise of Schedule A?
    A recent poll shows less and less filers are opting to itemize deductions. What's driving this change and why is it happening? CPA Trendlines explains...
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  • IRS offers more underwithholding tax penalty relief, but taxpayer ire over smaller refunds lingers
    Playful blog, Don't Mess with Taxes, isn't messing around in this scrutinous look at what's affecting tax filers this season. Taxpayers are slower to file but are quick to scoff at smaller refunds, and it's causing a ripple effect when it comes to feelings about the 2018 tax reform.
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Sales Tax

State sales tax legislation, trending news, and more.

state sales tax

  • Remote Sales Will Soon Be Taxable in Virginia
    Senate Bill 1083, which just won approval among Senate members, will allow the state of Virginia to start collecting sales tax on remote sales. The bill is waiting for Governor Ralph Northam's signature, which will make bill and make it into law, and is expected to happen within the next few weeks.
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  • Sales Tax Enforcement Controversy in California
    California State Treasurer, Fiona Ma, has a bone to pick with the state's Department of Tax and Fee Administration (CDTFA) - and she's calling on Governor Newsom for help. In a letter sent to the Governor on March 8th, Ma asserts that small business owners are facing burdensome sales tax compliance issues because of 'unlawful, unfair, and unconstitutional' decisions made by the CDTFA.
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Business Growth

Marketing tips, personal growth advice, and more.

growth

  • 4 Strategies for Generating New Tax Clients During Tax Season
    Everyone has to file taxes, and you've got the skillset needed to make it super easy, which makes tax season an excellent time attract and onboard new clients. Use these proven techniques shared by Firm of the Future to take your marketing efforts to the next level.
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  • Grow Your Practice With the IRS Acceptance Agent Program
    Looking for easy ways to drum up more clientele? The IRS Acceptance Agent Program may be worth considering.
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  • Tax Firm Niches You May Have Overlooked
    One of the best ways to capture new business is to target underserved clients. Read this post to learn about some niche markets other CPAs are going after that you may be overlooking.
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Opinion

Posts written by CPAs and other industry experts.

opinion

  • Busy Season Due Diligence Comes Down to What You Don't Know
    Going back and forth can be tedious, especially when there's always 'one more thing.' Get some simple tips on how to expedite the process of gathering all the information you need to file on behalf of your clients.
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  • The Good, the Bad, and the Ugly: Tax Pros Discuss the 2019 Tax Season
    Chances are, you're head down, neck deep in tax prep right now. But on the off chance you came up for a brief sip of fresh air, #TaxBuzzChat's recap on how tax season is treating your fellow CPAs this year is a great read.
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  • Why accountants should embrace, not avoid, emerging technologies
    Is it only a matter of time until every aspect of our lives is taken over by technology? And is resistance, indeed, futile? Depends on who you ask. According to an Agile Finance Unleashed poll, 89% of 700 financial professionals surveyed have yet to use artificial intelligence in their work. This article, published on Accounting Today, argues that acceptance will ultimately be an asset and is nothing to fear.
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We'll be back with another issue of Accounting News You Need to Know Now next month!