Building construction projects are another possible application.
By Rick Richardson
Potholes are a nuisance pretty much everywhere, and the methods traditionally used to keep track of them aren't efficient. Whether it be driving around to visually inspect roads or watching videos of streets to spot and prioritize the repair of pavement damage, strategies typically used by towns and cities require a fair amount of time and labor.
But AI could make that process a bit easier and quite a bit faster. One group exploring the use of AI to support the municipal officials in charge of road maintenance has been developing a software system that aid in could not only road repairs but also bridge and building maintenance. READ MORE →
Website crawlers – or spiders or robots – index content on web pages in an automated or methodical manner. They often create a copy of all the pages they visited for later processing by a search engine.
Crawlers are handy programs used to automate maintenance tasks, such as link checking or code validation. They also can be used to gather information from web pages, such as email addresses. READ MORE →
Social media is the underdog of business development. Although I build relationships in both an offline and the online world, most my firm’s business comes directly from having both an online and an offline connection. I have multiple clients now whom I have never met IRL (in real life).
When Mike Goral joined Squar Milner in January, he was brought on to start the firm’s cannabis practice. Headquartered in Newport Beach, Calif., Squar Milner has approximately $100 million in revenue and is ranked as one of the top 50 accounting firms in the U.S. with 10 locations throughout California and the Cayman Islands.
“As an industry, we need to be more careful about that. It’s not just moving money from one account to another. The second point I would say is design. It’s a very important element of this. We see people sometimes like to have more control. READ MORE →
The new Section 199A deduction surely counts as both a “good news” and a “bad news” story—at least for tax accountants.
The Bad News First
The bad news about Section 199A? The new deduction, according to the Internal Revenue Service, annually requires 25 million (that's 25,000,000) hours of additional work for the tax returns of 10 million (10,000,000) small businesses and investors. Further, the statute and just the first wave of proposed regulations confront taxpayers with striking complexity. The statute itself takes ten pages just to describe a tax break for unincorporated taxpayers equal to 20% of their business income. And the first wave–just the first wave–of regulations runs nearly 200 pages.
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A comparison puts this all into perspective: The Section 121 “Exclusion of gain from sale of principal residence” statute runs just five pages. The Section 121 regulations run 20 pages. And this other reality: The Section 199A regulation relies on small businesses and their tax return preparers to perform good accounting: For example, accurate revenue and cost accounting by individual “trades or businesses” (a definition the statute and regulations blithely fail to supply), truly up-to-date depreciable property records, and then precise accounting for both W-2 wages and partnership guaranteed payments.
My honest guess? This first year unfolds as a slow-motion train wreck for many. Sorry.
But Good News Too
The good news about Section 199A? The flip side of the coin. Probably every small business and active real estate investor client you serve needs two to three hours of additional high-value tax work just to get the right deduction onto their tax return. Further, your high-income and high-net-worth clients will probably each need additional hours of pre-year-end planning, coaching, and maybe just general accounting services. These services should save some of these folks tens of thousands of dollars a year–and let you bill at rates commensurate with the incredibly high value delivered.
Some accountants have even begun to whisper, “Section 199A will be like Sarbanes Oxley, but for tax accountants and small businesses.”
Given the bad news and the good news, what can a CPA or CPA firm do to prepare–other than learning this complicated new law really, really well?
Tokenization, which seeks to minimize the amount of data a business needs to keep on hand, has become a popular way for small and midsized businesses to bolster the security of credit card and e-commerce transactions while minimizing the cost and complexity of compliance with industry standards and government regulations. READ MORE →