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Lesson From The Tax Court: No Product? No Deduction!

(TaxProf Blog) - In this case the taxpayers owned land on which they sequentially tried raising chickens, crops, and beef. None of the efforts resulted in salable product. The Tax Court agreed with the IRS that these activities did not amount to carrying on a discernible business.


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PCAOB Unveils Inspection Reports on Major Firms 
(Accounting Today) - The Public Company Accounting Oversight Board released its annual inspection reports Tuesday for the Big Four firms, along with eight other firms that are inspected each year. For PricewaterhouseCoopers, 18 of the 60 audits inspected in 2019 were included in a section of the report that spotlights significant deficiencies.

Labor Cost Index Rises 0.7% in Fourth Quarter 
(CFO) - Overall, compensation costs are likely to remain subdued going forward, reflective of a high level of unemployment that will restrain wages.

How Struggling Businesses Can Keep Their Customers 
(Accounting Web) - While the restrictions put into place to control the spread of the COVID-19 pandemic were implemented for a good reason, many businesses have unfortunately suffered from the lack of customers...Here are 10 suggestions you can make to help them keep their customers.

Ask Larry: Does Social Security Really Repay Benefits Withheld Due To The Earnings Test? 
(Forbes) - Today's column addresses questions about whether or not benefits lost to Social Security's earnings test are actually repaid at full retirement age, suspending retirement benefits and filing for spousal benefits after taking early retirement benefits.

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About AccountantsWorld

At AccountantsWorld, we value the crucial role that YOU play in core business services - accounting and payroll - just as much as you do.

That's why, since 2003, we've used the unprecedented power of the cloud to put you back in full control of your accounting and payroll services so you can best serve your clients, while raising your own firm's value and relevance. And we never sell our products or services directly to your clients.

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