New practice management and crypto-tax tools for tax pros, along with extra tax season resources and much more.
Bloomberg Tax launches Tax Season Watch
Bloomberg Tax & Accounting released its Tax Season Watch, which includes a host of tax filing and payment resources, including news and insights, source materials, best practices, audit triggers and lists of top tax prep mistakes. It's available for a complimentary trial.
Separately, the company announced new features for its Advantage Fixed Assets solution to help with bonus depreciation calculations for a number of states, including California, New York, Illinois, Florida, North Carolina and Minnesota, with more expected to follow.
A collection of bitcoin tokens
Digital money platform Uphold has partnered with TaxBit to offer a suite of tax services for users to monitor their tax liabilities around their cryptocurrency holdings. As part of the services, the company has already issued 1099-B tax forms to all users and plans to expand the suite in the future.
RedWing expands Time Clock
Red Wing Software has released two new apps to go with its CenterPoint Time Clock solution for entering time online into CenterPoint Payroll: the Time Clock App that users can download to their Apple and Android phones, and Time Clock Kiosk, which offers a centralized clock-in/clock-out location for employees on Apple and Android tablets. Both are free for CenterPoint Online Time Clock users.
Intuit expands practice management tools
Intuit has partnered with practice management software developer Karbon to launch Intuit Practice Management powered by Karbon for tax professionals. (See our story.)
Ledgerdocs adds data extraction
Online financial document sharing and collaboration tool developer LedgerDocs has added a data extraction/optical character recognition feature.
The proposed accounting standards update aims to clarify an issuer’s accounting for certain modifications of equity-classified forwards and options (such as warrants) that remain equity classified after their modification.
Grant Thornton has prevailed in an appeal by a former tax client who had sued after the firm failed to advise him of a tax strategy that potentially could have saved him over a million dollars and then allegedly tried to cover up the error.
The leaders of Congress’s main tax-writing committee are wondering if the Internal Revenue Service will be ready to handle next tax season as it’s still processing millions of pieces of correspondence that went unopened for months during the COVID-19 pandemic.