7 Keys to Becoming an Effective Leader

Follow these leadership tips to turn your business into one that consistently outperforms the competition. For many businesspeople, the last thing you want to worry about (or do) is managing people. You want to get out there and meet customers and create awesome products and bring exciting new opportunities through your front door. But unless you’ve hired people to take on the task of managing your employees, then you’re still on…

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Tax Cut and Jobs Act – Guidance needed as Sec. 199A appears “poorly defined”

House Ways and Means Committee ranking member Richard Neal, D-Mass., has asked the Treasury and the IRS for guidance on the tax code’s new passthrough deduction. In a May 1 letter, Neal asked Treasury Secretary Steven Mnuchin and Acting IRS Commissioner David Kautter, for clarifying guidance on Code Sec. 199A. Passthrough Deduction The new Code Sec. 199A, enacted under the Tax Cuts and Jobs Act (P.L. 115-97), provides a 20 percent deduction…

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Beware of IRS Scammers!

The Internal Revenue Service and its partners in the tax industry and state tax authorities warned Tuesday about a new twist on the phone scam that criminals have been using for years to steal money from taxpayers, with the fraudsters now using phone numbers that mimic IRS Taxpayer Assistance Centers while demanding payment on nonexistent tax bills. The IRS and its Security Summit partners are cautioning taxpayers to remain alert…

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House approves IRS reform bills

The House voted Wednesday to pass bipartisan legislation to modernize the Internal Revenue Service’s information technology systems, a day after a computer crash temporarily suspended processing of tax returns on the date of the filing deadline. The bill would also improve cybersecurity at the IRS and taxpayer identity protection. A related bill would improve taxpayer service at the IRS, and it passed 411 to 0. They were part of a…

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Experience Breeds Success

The age you’re most likely to start a successful company isn’t what you might think. Bill Gates is an anomaly.John Lamparski/Getty Images Many people think of young examples — like Mark Zuckerberg and Bill Gates — when they think of successful startup founders. New research shows that these cases are more the anomaly than the status quo — the average age of the most successful founder is about 42 years…

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Beware of “Magic Bullets”

I heard a commercial on the radio the other day. A very confident voice saying, “I was able to grow my business by using (some accounting software), in fact, I can run my business from a dashboard on my phone!” Like some sort of “Magic Bullet… I understand the marketing aspect of this statement. The reality is, you can have the best software on the planet but if the data is…

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Tax Reform Guidance Will Take Years, Says IRS Chief

Acting IRS Commissioner David Kautter told lawmakers on April 11 that implementing tax reform is one of the IRS’s highest priorities, but issuing guidance will likely take years. “Preliminary efforts to implement this new law are already underway,” Kautter said during a House Appropriations Financial Services Subcommittee hearing. The Tax Cuts and Jobs Act (TCJA)  was enacted last December. Kautter testified before the committee on the IRS’s budget and current operations. Kautter…

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Outsourcing Your Accounting Functions

Should You Outsource Your Accounting Functions? As your organization strives to use its resources as effectively as possible, you might at some point consider outsourcing the functions that fall under your accounting and financial umbrella. Here are some factors to weigh before making this important decision. What Are the Potential Advantages of Outsourcing? Companies often outsource work in areas that require specialized knowledge or a significant number of hours, such as…

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