Corvee

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We're #hiring a new Senior Software Engineer in San Francisco, California. Apply today or share this post with your network.

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Anyone who attends a Corvee demo before June 24th is eligible to win a 12-month Corvee Experienced software subscription for unlimited firm users! Also—anyone who attends a Corvee demo before June 24th will automatically receive two free gifts that transform firms, no strings attached: Gift 1: Access to our tax advisory services education based sales decks.  This was built for firms to highlight the value of advisory services to clients. Gift 2: Access to our custom-made tax firm pricing calculator. This will help you understand how to price tax advisory services and how to charge based on the value you bring to clients. So, book your demo of Corvee today and claim your firm transformation gifts… You might just be the one lucky individual who will win an entire year of Corvee tax planning software!  

Event announcement! Firm owners are invited to a special workshop later this summer in San Francisco—see all the details at https://lnkd.in/ePq4vVpb

Sign up for a free Corvee demo this week and you could win a 12-month subscription! Question of the week: What if your client rents their personal residence to their business for more than 14 days? Let's break down the implications: The income they receive from renting their personal residence to their business will be considered rental income and must be reported on their tax return. They can deduct certain expenses that are directly related to the rental use of the property. These deductible expenses may include mortgage interest, property taxes, insurance, utilities, repairs, and maintenance that are attributable to the rental portion of the residence. If they personally use the property for more than 14 days or more than 10% of the total days it is rented at a fair rental value (whichever is greater), they must allocate the expenses between personal use and rental use. Only the portion attributable to the rental use is deductible. Their business can deduct the portion of the rent paid for the use of the property as a business expense. However, the business deductions cannot exceed the fair rental value for the time their business used the property. If the rental period is less than 15 days in a taxable year, the income derived from the rental use is not included in their gross income, and they cannot claim any rental-related deductions. This special rule applies only if the rental is for less than 15 days, and it can be beneficial if the fair rental value for such short-term rental is high. We wanted to remind you that your tax firm can use Corvee to tax plan with the Augusta rule along with 1,500 other tax strategies! ✅ Calculate projected savings and present professional plans that justify premium fees ✅ Deliver immense value to your clients and boost your firm's revenue ✅ Generate beautiful multi-entity, multi-year tax plans in seconds Don't wait until the next tax season sneaks up on you. Again, sign up for a free demo this week and potentially win a 12-month subscription!

Did you know that high net worth clients can benefit from various tax planning strategies, such as investing in oil and gas companies? This strategy offers benefits similar to real estate investments, including accelerated depreciation for well drilling costs. Investors can directly invest in private oil and gas drilling operations, becoming general partners and assuming direct liability for drilling, exploration, and production costs. This liability grants them a "working interest" in the oil and gas production, allowing them to use losses to offset income and potentially offset qualified business income deductions under IRS Section 199A. To be eligible for the benefits, taxpayers must invest in a direct working interest in a well located in the United States, assume unlimited liability, and ensure that drilling starts within 90 days after the close of the tax year. Documenting the investment, including purchase agreements, receipts, income or loss records, well locations, and proof of drilling commencement, is essential for substantiating the oil and gas strategy. Corvee tax planning software can help you quickly calculate savings for clients across more than 1,500 tax strategies, including oil and gas investments!

Sign up for a demo of Corvee Tax Planning software this weekend and you'll be entered to win a free ticket to AICPA next month in Vegas! #accountingfirms