Chris Wittich

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Chris Wittich

Chris Wittich

@RavenousTiger

I help people understand their business. Tax Geek, Speaker, Tiger Enthusiast. Working with salons and real estate professionals. 2022 is the year of the 🐅

Minneapolis, MN 가입일 Mart 2011
356 팔로잉1.1K 팔로워
고정된 트윗
Chris Wittich
Chris Wittich@RavenousTiger·
It's announcement time on #taxtwitter mega🧵 Starting now Jan 2022 I am no longer working "full time" as a partner in public accounting and I do not ever intend to go back. I've decided to take my talents to "part time" and I'll try to explain what I mean. Insert fav gif here 1/
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Chris Wittich
Chris Wittich@RavenousTiger·
@LindseyStarrett High Net Worth. But people’s definition of that are wildly varied in my experience. Anything from $1M net worth or higher depending on the person defining it.
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Jeff Levine, CPA/PFS, CFP®
Jeff Levine, CPA/PFS, CFP®@CPAPlanner·
27/ 🔸Remember, "no tax on tips" is just "no INCOME tax on tips." Tips should still be reported and are subject to employment taxes. 🔸The deduction for tips is effective for this year (2025).
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Jeff Levine, CPA/PFS, CFP®
Jeff Levine, CPA/PFS, CFP®@CPAPlanner·
1/ 🚨Breaking News🚨 The One Big Beautiful Bill (OBBB) Act has just been passed by the House, and is now on its way to the President's desk, where it will be signed into law. With that in mind, it's time to break it down... To read it for yourself: congress.gov/bill/119th-con…
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Chris Wittich
Chris Wittich@RavenousTiger·
Sec 70305 - business meals for certain fishing boats and fish processing facilities not subject to 50% limitation Sec 70306 - Sec 179 increased to $2.5M Back to back sections that hit juuuuust a little bit differently.
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Chris Wittich
Chris Wittich@RavenousTiger·
@SmithMatthewC MN has an individual AMT for which any gambling losses were added back. Breaking even resulted in MN tax almost every time. Congress modeled it after MN AMT? It’s nonsensical.
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Matt Smith
Matt Smith@SmithMatthewC·
This is pretty wild. Win $100k gambling, lose $100k gambling, you owe tax on $10k. What functional purpose does this serve exactly? And does the special rule rope in each and every trade or business deduction of a professional gambler?
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Chris Wittich
Chris Wittich@RavenousTiger·
Senate removed the House language that said contingent fees were cool, score one for decency. Senate cuts off some ERC, adds penalties. Score another for decency. Creating compliance nightmare on EITC + Billy Long being confirmed is ahhh a thousand points for indecency.
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Chris Wittich
Chris Wittich@RavenousTiger·
179D, did not see that coming. 👀
Chris Wittich tweet media
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Chris Wittich
Chris Wittich@RavenousTiger·
I get that the house version and the senate version are going to be different. Different provisions, different limitations, etc. But why is the structure and order of their tax bills so different? It's just mind numbing trying to read them side by side all out of order.
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Chris Wittich 리트윗함
American Institute of CPAs
American Institute of CPAs@AICPA·
Artificial intelligence has had a ton of hype, but how is it being used in accounting? This @AICPA_JofA article features 6 case studies of how accountants employ AI tools to transform their jobs. bit.ly/3TduRKm
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Chris Wittich
Chris Wittich@RavenousTiger·
Engage would not be complete without Elliot and Kush. Or is it Kush and Elliot? Either way it’s a must watch session every year. It’s not always about tax knowledge. It’s always about the dimension of possible.
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Chris Wittich
Chris Wittich@RavenousTiger·
I’m at #AICPAEngage25 and I was too slow to make it into Tony Nitti’s session. I was forced into the overflow room and let me tell you it’s not quite as satisfying. I messed up gotta be better with my scheduling and speed walking.
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Chris Wittich
Chris Wittich@RavenousTiger·
My least favorite things because they're just getting more convoluted and complicated and hard to plan around: PTE / SALT deduction EITC changes QBI thresholds Car loan interest Repealing / phasing out of energy credits
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Chris Wittich
Chris Wittich@RavenousTiger·
I've read through the whole proposed tax bill. It's going to change a bunch of times so I wouldn't be making any life choices based on the first draft, but my favorite things: Tip credit for salons Sec 174 expensing for 2025 Relaxing 1099-K and 1099-NEC rules ERC enforcement
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Chris Wittich
Chris Wittich@RavenousTiger·
@SmithMatthewC Yeah it's not going to occur super frequently, but if you're going to have 529 plans be a thing, broaden the usage for people and broaden the definition of educational expenses makes sense.
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Matt Smith
Matt Smith@SmithMatthewC·
@RavenousTiger Trying to be nice on the 529 bit, but that one kills me. What exactly is the profile of the candidate that has appreciated 529 funds left by the time they get to the exam that warrants the modification? They’re likely already getting to dump $35k into a Roth. Just unnecessary.
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Matt Smith
Matt Smith@SmithMatthewC·
So CPAs under this proposed bill will be excluded from PTETs entirely, still excluded from 199A post-phaseout, and now competing with unlicensed contingent fee providers while having our hands tied behind our backs. Nice!
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Chris Wittich
Chris Wittich@RavenousTiger·
@natesosa_CPA Yes. AICPA was specifically lobbying for this to allow 529 funds for CPA exam costs.
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Nate Sosa
Nate Sosa@natesosa_CPA·
Okay call me crazy, but the 529 expansion here allows any license like CPA or nurse practitioner exam right?
Nate Sosa@natesosa_CPA

529 Plans Expansion Now you can do tuition, and books, for private schools And this gets opened up for homeschooling as well! Wow, also intriguing here is certain approved fields and licenses are eligible for 529 Including continuing education actually (so think getting MAcc to get CPA, then needing CPE to get all the way home, those funds can be used now) I imagine would be helpful for law school and nurses Too bad they’ll all go away with AI

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