Daily Clips

Each weekday morning, CalCPA scours major media sources and e-mails members headlines
and links to news and information that is vital to California businesses.

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Sample issue:


CalCPA Daily Clips
Wednesday, May 22, 2019


CALIFORNIA
California bill would create special banks for pot retailers
State-legal marijuana companies can't use federally-banked banks, causing cash problems.
MarketWatch


BUSINESS
The retirement community of the future may be more like a WeWork
The sharing economy shakes up a new industry—senior housing.
MarketWatch

Smart Moves to Make Now Ahead of a Recession
While predicting when a recession will hit is nearly impossible, it’s certainly not far-fetched that one could arrive relatively soon, given that the economic expansion is now into its second decade.
CFO 



PERSONAL FINANCE
The money in your 401(k) and IRA accounts doesn’t belong entirely to you
People with higher incomes might be less prepared for retirement than they think.
MarketWatch

The new math of saving for retirement may boil down to this one, absurdly simple rule
Why you should be saving at least 10% of your salary.
MarketWatch

4 Smart Ways To Minimize Taxes On 401(k) Withdrawals
Most people look forward to retirement as a golden age free of frustrating work commutes, early wake ups and other exasperating downsides of the daily grind. Yet even the most gilded retirement isn’t free of income taxes.
Forbes

A different view of health care costs in retirement
Discussion of health care costs in retirement often focuses on large, seemingly unattainable lump sums. However, one model suggests median annual spending might be more manageable, clocking in at $5,200 for a 65-year-old woman.
The Associated Press/NerdWallet 


PROFESSION
CPAs lobby Congress on tax and accounting issues
The AICPA dispatched hundreds of CPAs to lobby their state and local lawmakers on Capitol Hill.
AccountingToday

Accounting firms’ consulting revenue surpasses $25B
Consulting dollars at U.S. firms increased 9 percent in 2018, according to a new report.
AccountingToday

Which business entity your clients have matters a lot to their taxes
Small businesses across America are asking the same question: Am I operating in the correct entity to maximize tax savings?
AccountingToday


TAX
Why You Should Care About Streamlined Sales Tax
Even though it’s been around since 1999 and has 24 member states, I know many of your business clients have questions about the Streamlined Sales and Use Tax Agreement.
AccountingWeb

IRS Slaps 100% Penalty On All 'Responsible' For Company Taxes
If you are in business, it can be tempting to figure that you have to keep the rent paid and supplies ordered, and that the IRS won't miss the payroll tax money if you just divert it temporarily. But the practice is dangerous.
Forbes