Western CPE Blogs

Written by industry professionals on the latest trends and changes in the accounting landscape. Our CPE courses offer comprehensive instruction taught by the same instructors that author our blog posts.

eTax Alerts

Sixteen Points of Interest from the Final §199A Regulations
May 20, 2019
The final §199A regulations are 247 pages. There are many points of interest in these newly released regulations. Here is a brief summary of a few that were clarified or changed between the August proposed regulations and the final January regulations:
IRS Expands 2018 Estimated Tax Penalty Waiver
March 22, 2019
Because of changes to the withholding tables, the IRS is generally waiving the penalty for any taxpayer who paid at least 80% of their 2018 total tax liability during the year through federal income tax withholding, quarterly estimated tax payments or a combination of the two.
Final §199A Regs Help Clarify the De Minimis Rule for a Business with SSTB Income
January 28, 2019
Individuals with taxable income above $157,5001 ($315,000 MFJ) are not entitled to a QBI deduction if their business income is from a specified service trade or business (SSTB). But wonder if your client has two sources of income in her LLC - income from a specified service business and income from a non specified service business. Does the LLC have all specified service income and, thus, the pass-through owner has no QBI deduction? Or can you report two business activities and qualify the LLC owner for some deduction? The IRS has some answers in its recently released 199A regulations.
Is my rental property a qualified trade or business? IRS provides a few answers
January 21, 2019
The 20% QBI deduction is only allowed for qualified trade or business income. The bothersome question in the whole year since §199A was enacted was if and when a rental activity is a trade or business. In Notice 2019-7, the IRS proposes a revenue procedure (now designated as Rev. Proc. 2019-xx) that will provide a safe harbor for determining if a rental activity is a trade or business for purposes of the §199A deduction.
2019 Tax Season Staff Meeting Agenda
January 04, 2019
A staff meeting to begin another tax season is a good idea, whether your staff is just your beleaguered spouse, one admin, or includes partners, preparers, reviewers and bookkeepers. Changes occur and communicating them to all workers who deal with tax returns is crucial. If you have ever discovered that your most valuable person didn’t know what you thought was a simple “everyone-knows- that” change, and had errors because of that assumption, then you know the necessity to start the tax season right with staff. Here are a few ideas for your staff meeting agenda.

Accounting Tips

May 10, 2019
Earn 40 credits in a week while visiting one of our spectacular 28 destinations. Featuring the best instructors and curriculum in the industry. Learn in the morning and play in the afternoon!FOUR
Marketing for CPAs, Accountants, and Tax Professionals
November 21, 2018
Are you looking for solutions for marketing and growing your tax and accounting firm? Did you know 30% of mobile searches are related to a location? If someone searches for “cpa firms near me” on Google, and you are not there in the top results, you just lost a potential customer.
Instructor Spotlight: Jeff Sailor, CPA
February 22, 2018
Jeff’s unrelenting energy is palpable as he talks about professional development—as a speaker, a business professional, and an individual.
Cryptocurrency Generation and Taxation
January 31, 2018
New cryptocurrency investors and CPAs alike have questions about how digital currency tokens are created, traded, and taxed. Below, we’ll give an overview of how miners acquire derivatives of a cryptocurrency token, as well as a brief synopsis of what the IRS has said so far regarding the taxation of gains on the trading of digital currencies.
Blockchains, Cryptocurrencies, and Bitcoin
January 24, 2018
With the exponential rise in the value of Bitcoin over the last year, interest in cryptocurrencies is higher than ever. Investors, CPAs, and the IRS are all trying to figure out what it means and where we’re headed. The truth is, no one is entirely sure. But, what is certain is that cryptocurrencies aren’t going anywhere and will prove to be a disruptive technology in coming years.