The Collaboration Room (TCR) has launched, and Rebecca and I are extremely excited! We would GREATLY appreciate it if you can PLEASE repost this thread! The Collaboration Room (TCR) is a community for accounting, bookkeeping, and tax professionals to learn and grow through

#taxtwitter Interesting article from Barron’s. Love that fees in the industry are finally rising to what they should be. “Tax Prep Fees Are Through the Roof. Why You Should Just Pay Up.” barrons.com/articles/tax-p… via @BarronsOnline

Taxpayers who have someone else prepare your returns: ALWAYS download a copy of all the documents sent to you and save them in your records. Don't put yourself in a position where you need to come crawling back years later because you need something you had access to.

If you company changed payroll companies in 2024 you will need to get both W-2 forms or else your income and taxes paid will be underreported and you'll have notices and possible penalties and interest. It is the tax payers responsibility. #TaxTwitter

If you are a high earner, stop using high yield savings accounts for your savings. You pay federal, state, local, and net investment income tax on your interest. Here are smarter, more tax-efficient options:

Dear FAs, PLEASE STOP RECOMMENDING ALL MY CLIENTS MOVE ALL THEIR ASSETS INTO YOUR NEW FANCY TAX LOSS HARVESTING FUND THINGS. Sincerely, Mary