American Institute of Certified Tax Planners

Who Pays? is the only distributional analysis of tax systems in all 50 states and the District of Columbia. This comprehensive 7th edition of the report assesses the progressivity and regressivity of state tax systems by measuring effective state and local tax rates paid by all income groups.[1] No two state tax systems are the same; this report provides detailed analyses of the features of every state tax code. It includes state-by-state profiles that provide baseline data to help lawmakers and the public understand how current tax policies affect taxpayers at all income levels. https://lnkd.in/grcK2nRj

TODAY ONLY! Our special $50 DISCOUNT on Think Outside the Tax Box won't be around for long! For just $199 for the whole year (normally $249), you'll unlock tax strategies and insider knowledge that can help you save thousands and make smarter tax decisions. Here's a glimpse of what you'd get as a subscriber: Quarterly live webinars with tax pros (plus CE credits!): Timely client alerts so you never miss a tax-saving opportunity Insider-only tips that keep you ahead of tax law changes The clock is ticking... don't miss out on your chance to lock in this deal before it's gone! https://lnkd.in/gpa_BEH9

“A.I.” is the buzzword none of us can avoid, regardless of the industry we are in—including tax professionals. When it comes to new artificial intelligence technology, the questions of whether to use certain tools and how those tools can be used appropriately can be tricky to answer. Those of us who practice before the IRS are bound by the ethical rules laid out in Circular 230. Though these regulations do not yet speak directly to the use of A.I., a number of Circular 230 provisions inform us on what is expected of us as tax professionals. This includes rules around due diligence, competence, and best practices. https://lnkd.in/g3ewz7g5

Technological competence for tax practitioners is receiving increased attention from the IRS. Circular 230, which outlines rules governing those who practice before the IRS, has an entire section on “competence.” According to this guidance, tax practitioners must have the knowledge, skill, thoroughness, and preparation for any tax engagement they take on. In essence, we cannot accept work that we are not qualified to do and treat clients like guinea pigs to see if we can make it happen. When we think of competence, we may not instinctively think of the skillful use of technology in our business, but this too can become an ethical issue. If we or our employees do not have the knowhow to ensure that deadlines are met and client confidence is maintained as we complete work digitally, we are not fulfilling our obligations to the taxpayer. If we are transmitting returns and delivering work product digitally, we need to have an established system of securing taxpayer data and safely transferring it. In this article, we will walk through best practices and key questions to ask to ensure your tax practice is complying with Circular 230’s requirement for technological competence.

The rise of remote work has impacted the majority of industries across the U.S. The Bureau of Labor Statistics found that between 2019 and 2021 the percentage of remote workers rose from less than 17% to over 39% among professional, scientific, and technical services—including tax professionals. Adopting remote working practices comes with both advantages and disadvantages: how can you communicate well across geographies and time zones and make sure the client gets the best product? You may hire employees who work remotely—and these employees may either be U.S.-based or live outside the U.S. The latter in particular has been on the rise as U.S. employers have encountered a shortage of qualified talent in their industry. Each type of remote work brings up different considerations and challenges. This article will primarily focus on how to successfully work with remote employees.

?? CALLING ALL TAX PROS! ?? Have you ever had a client ask the most ridiculous deduction question? ???? Or maybe you’ve seen a tax loophole so wild, you thought, “Is this even legal?” ?? Now’s your chance to share it—ANONYMOUSLY! ?? ??? Introducing the Tax Confessional Hotline – where YOU spill the craziest tax stories, and we feature them on The Biggest Thing in Tax - a brand new webshow launching soon. ?? Call 888-582-9752 now and leave us a voicemail with your wildest client deduction requests, tax horror stories, or loopholes that made you do a double take. Dominique Molina, CPA, MST, CTS & Jasen Stine will listen, react, and break it all down on the show. No names. No judgment. Just tax insanity. ????? Drop your confession now. We promise—we won’t tell the IRS.

Often tax season can feel like climbing The Rockies. You spend your days in a constant state of high alert because you don't know what’s coming at you next, how fast it's coming, or how hard it's going to hit you. Here are some tips to help you survive! https://lnkd.in/g8JQnMwp

Tax professionals know that there are tax-advantaged ways to save specifically for medical expenses. These savings tools can benefit individual taxpayers and employers looking for affordable ways to increase their benefits offerings. One such strategy is to offer a 401(h) Retiree Health Account. This largely underutilized tool allows taxpayers to earmark money for their medical expenses tax-free and allows employers to take a tax deduction for their contributions. Read on to learn more about the benefits and limitations that come with a 401(h) plan. https://lnkd.in/gg_WjJdX

"Indiscriminate firings of IRS employees around the country are a recipe for economic disaster," said NTEU national president Doreen Greenwald in a statement. "In the middle of a tax filing season, when taxpayers expect prompt customer service and smooth processing of their tax returns, the administration has chosen to decimate the whole operation by sending dedicated civil servants to the unemployment lines. These layoffs are arbitrary and unlawful, and NTEU will keep fighting until every wrongful termination is reversed." https://lnkd.in/g-FNeaeS

What brings you joy and fills you up? What do you look forward to doing after tax season?