Pronto Tax School

Tax Updates

New Rules for Cryptocurrency inside The Infrastructure Bill

We are all still waiting on whether or not Congress is about to pass another huge new law, this one is around 3,000 pages, known as “The Infrastructure Bill.”   The biggest change I’m seeing in this new bill, in terms of the effect on us as tax professionals, would be the new rules for “information reporting” […]

EIDL Loan Program New, Major Changes

If you work with business clients, you probably have quite a few of them that either already took advantage of that Economic Injury Disaster Loan (EIDL) program, and/or wouldn’t mind having some additional cash on hand right now, yes? If yes, please be advised of a few MAJOR new EIDL program updates, as follows: New […]

$500 Child Tax Credit for College Kids

Wanted to give you a quick heads up about a “secret” that I discovered:  Your clients who claim college kids age 18 – 24 as dependents will (*generally speaking) qualify for a “one time” Child Tax Credit payment of $500, paid to them as an advance. So, if you have clients who get an “extra” […]

“Creative” SALT Workarounds

I wanted to give you a quick heads up on some interesting developments with regard to the “SALT” (State and Local Income Taxes) $10,000 limitation on Schedule A. As you know, this limitation on deducting State and Local Income Taxes created a rather large increase for higher income clients in higher tax states.  Many higher income clients went […]

Tips on Reducing Stress for the Tax Professionals

Do you sometimes feel you’re in a hurry to try to get through your emails or online courses?  Does social media and the fast pace life of rush, rush, rush have you rushing through things that sometimes you end up missing things, feeling like you can’t remember things anymore. Here are some suggestions to slow your pace. […]