Any change to the Earned Income Credit is big news for tax preparers who serve lower and middle income clients. Changes to the Earned Income Credit change the amounts of tax refunds received by lower and middle income clients. Which, in turn, changes the way clients feel about us as tax professionals 🙂 A recent […]
Exactly What to Do After You Pass Your IRS AFTR Course and Test
The Annual Federal Tax Refresher (AFTR) is the “testing portion” of the IRS Annual Filing Season Program (AFSP) credential. This AFSP program has been very confusing to a large number of tax professionals. So confusing has it been, in fact, that IRS reports that only 70% of people who complete the requirements to earn the […]
How Does CECL Affect Taxes?
Members of the banking industry know all about the Financial Accounting Standard’s Board’s (FASB) recent issuance of the current expected credit loss (CECL) standards. What is not as well known is how the new CECL standards impact taxes. What Is CECL? CECL standards mandate the use of historical, current and anticipated information to forecast expected […]
Are Tax Liabilities Bankruptable?
Bankruptcy has been part of our nation ever since its inception. But what is bankruptcy, really? And can debts be gotten rid of through bankruptcy? According to CrediReady, “Bankruptcy is a process where a consumer or a business entity states that they are unable to pay back their debts and obligations. With bankruptcy, you can […]
5 Strategies for Helping Lower Income Families Escape Debt
Lower income people often struggle with debt. If you are a tax professional, then you need to have the right tools and strategies to help your clients save as much money as possible on their taxes. We also need to keep in mind that we can have a positive impact on our clients’ finances beyond […]