A while ago I was approached by Sageworks about working with them on some content writing. They were looking for someone to write more technical pieces about audit, advisory services, and business valuation. Having used their ProfitCents product years ago when I worked for Muckel Anderson CPAs in Reno, I was really honored to work with them.
Our first collaboration is a look at SSARS 21, Section 70 and it was just published by Accountex. For this piece, I had a chance to interview Samantha Mansfield of CPA.com and Michael Glynn from the AICPA. It was a real honor to talk to both of them.
As anyone who’s tried to interpret new accounting standards can tell you, the language is pretty dry and sterile. So it was fun to hear from Samantha and Mike, get their thoughts on the new standard, and really just feel their excitement and passion for this subject.
Yes, people can and do get passionate about accounting standards!
Check out the article here and if you provide client accounting services, let me know in the comments if SSARS 21 Section 70 is changing the way you provide financial statements for clients.
How much did you have saved when you were 18? I’ll bet this recent high school grad has you beat. Robyn Bri, an 18-year-old from Marin, CA, has saved close to $100,000 on her own by dog walking, babysitting, and working at a local diner.
I wrote about Robyn’s phenomenal story for Forbes.
You can also check out her full interview with NewRetirement here.
Last year, I wrote a blog for Henry + Horne about how slow the IRS has been to adapt to the on-demand economy. In it, I quoted a report from the Kogod Tax Policy Center that found:
1/3 of on-demand workers did not know whether they were required to file quarterly estimated tax payments
36% were not familiar with the kinds of records they would need to maintain to substantiate income and expenses for their work
43% had no idea how much they would owe in tax for their on-demand work and had not set aside money for taxes
1/2 were unfamiliar with deductions and credits that could be used to offset their self-employment income
Last year, I worked with a young lady that drove for one of the ride-sharing companies and got into a bit of tax trouble. It seems she never received a 1099 from the company and wasn’t aware that the money she made was taxable income, so she didn’t do a good job of tracking expenses. A couple years later, she received a notice from the IRS telling her she owed thousands of dollars in back taxes, interest, and penalties.
Fortunately, we were able to help her recreate her records enough to have some documented expenses to offset that income and get her tax bill lowered. But the situation just reinforced how little information many of these workers receive about the tax implications of the gig economy.
So I was excited to write this piece for Credit Karma Tax, providing step-by-step instructions for on-demand workers to file their tax return – for free! – using Credit Karma Tax.
All you need to do is sign up for a free Credit Karma account and follow the instructions to report business income from any 1099-MISCs and 1099-Ks you receive from any ride-share companies and any income you earned from ride-sharing work that wasn’t reported on a 1099.
If you know anyone working in the gig economy, feel free to pass this along!