It’s been an exciting week at the REM Cycle, folks. Raich Ende Malter jumped ahead 13 spots on Inside Public Accounting's IPA 100 and landed smack in the middle of the top ten fastest-growing firms. (Maybe it's because we have such an amazing blog. Just saying.)
We’ve got a great news roundup for you today—a “lesbian-centered” church was recently granted tax-exempt status (which upset all sorts of people), tax choices that might pan out better in the long run, and an interview with a cryptocurrency scammer. Also, videos on why open office plans are a bad idea (and how to fix them) and the transcript of a breakup call.
Will your tax preparer need to be licensed next year? Senator Rob Portman (R–OH) has proposed the Protecting Taxpayers Act (S. 3278), a bill intended to allow the IRS to “regulate paid tax return preparers in a balanced way.” Of course, we strongly recommend that you hire a CPA firm to do your taxes for you, even if it's not us (but we are pretty awesome—see below). [Forbes]
100% bonus depreciation? Yes—no—wait, what? The thing about the Tax Cuts and Jobs Act is that you should “NEVER complete your research after merely looking at the Code.” Here’s why. [Forbes]
A “controversial religious order” is granted tax-exempt status by the IRS. We’re not entirely sure we can print the church’s name, but you’ll see it in the linked article. Controversy or no, the IRS is not mandated to make determinations of a religious organization’s moral worth. [Going Concern]
3 tax breaks that may be better in the long run. In some cases, it’s all about planning ahead. [New York Times]
Accountants upset Ulinzi Warriors… in basketball. Okay, our headline may be misleading, but we just couldn’t help ourselves. We’re excited that an accounting school’s basketball team is on top of the Men’s Kenya Basketball Federation Premier League. Go, KCA-U! [The Daily Nation]
Ethereum giveaway scammer claims to rake in $50-$100K per day. We’re going to guess this guy does not feel obligated to report this income. [Bitcoinstacks.com]
This week's videos
The Wake-Up Call is The REM Cycle’s biweekly compilation of newsworthy articles pertaining to taxation, accounting, and life in general. Got a hot tip? Email us at REMCycle@rem-co.com.