What does this mean for you? What to look for when selecting a tax firm. We have detailed in another article what the Top 6 Changes to Individuals and Businesses were.
The end result of many of these changes, that take effect for the year, will aid in the simplification of tax preparation on the individual side. The new tax law has also made major changes for business, the biggest changes are to expenses and deductions. If you own a business it would be a good idea to look into or ask your CPA what will qualify as a business expense deduction in Because of this major change, we have put together a guide for you to reference at your convenience.
It covers the major changes to meals and entertainment expenses for businesses starting for the tax year. The objective of the temporary deduction is to stimulate the restaurant industry. A GED or diploma, however, is not required. However, the bar is set low for entry-level tax preparers.
For those savvy individuals that need proactive tax advice and strategies to manage, mitigate and minimize their tax burdens, they would be in the market for an educated, licensed and certified tax preparer. The education requirements for an average CPA include:. Master's Degree in Accounting, Business, or Taxation, or at least additional credit hours. They must pass the hour Uniform CPA Exam to obtain a license from their state board of accountancy; requirements vary, but all states require passing the CPA Exam's.
The CPA license is known as one of the most difficult professional licenses to receive. Based on the education, training and testing requirements stated above, you may be losing on major tax savings and credits earned by taking that route.
You will also run into limited support in regards to proactive tax planning for the following year. Business taxation and individual taxation differ greatly and it is always recommended to find a specialist in one area or the other.
A business not only requires tax preparation services come tax season but also requires solid bookkeeping and accounting. Richard refused to accept the bleak prognosis. He participated in two years of intensive therapy and defeated the disease.
In , he dedicated his life to helping others fight cancer. In , he sold his interest in the company, resigned his position as chairman and dedicated his time to supporting cancer research and education.
That year, the company filed 22, returns electronically from two sites: Cincinnati and Phoenix. The test was a success. Electronic filing decreased the number of filing errors, and moreover, significantly reduced the amount of time required for a taxpayer to receive a refund.
In , Henry became chairman of the board, filling a position that had been vacant since his brother, Richard, left the business in He retired as chairman in , when he assumed the title of chairman emeritus.
In addition to building a successful business, Henry was widely known as a civic leader and philanthropist who had dedicated a lifetime of work to building a stronger community and improving the quality of life in his hometown of Kansas City. Bloch passed away in at the age of Henry and his late wife, Marion, were life-long residents of Kansas City and had four children, 12 grandchildren and 19 great-grandchildren together.
Henry was widely known as a businessman, civic leader and philanthropist who worked to improve the quality of life in his hometown of Kansas City. He also has received honorary degrees from:. Through the years, Henry has been honored for his exceptional service to the Kansas City business and cultural communities, as an entrepreneur and philanthropist.
Among his honors are:. Entrepreneur, philanthropist and cancer survivor Richard A. But it was his personal battle with cancer in the late s that led him to pursue another important quest as a passionate crusader in helping others fight and overcome the disease. Richard Bloch was born Feb. By age 12, he had three automatic presses and was providing printing services to several Kansas City high schools. Before entering college, he sold his business to an Iowa college to use as a print course teaching model.
The youngest member of his class, he received a Bachelor of Science degree in economics in Ever the entrepreneur, while in college he purchased and repaired used cars and sold them for a profit to help pay for college expenses.
After graduation, Richard returned to Kansas City, married his wife, Annette, and began working in the municipal bond business. Richard left the business for about a year in to become a retail jewelry efficiency expert.
Being stranded from his family while on a business trip to San Francisco over Christmas Eve helped Richard realize that returning to his family in Kansas City was a top priority.
While Henry concentrated on managing the company in Kansas City, Richard put his energy and talent toward opening offices nationwide. By , Richard was ready for a new challenge. In , Richard was diagnosed with terminal lung cancer, and was told he had three months to live. Refusing to accept this prognosis, he sought treatment at the M. Anderson Center in Houston. After two years of aggressive therapy, he was cured. Jones said half of the company's new customers are under the age of Jones, a former executive at Uber and Target TGT , knows firsthand what it's like to work for companies that are both disrupting and being disrupted.
And it looks like he's back at a company that's being hurt more by technology than it is being helped by it. That's the verdict from Wall Street at least. The company said that its tax rate fell to 6.
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