Chris Wittich

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

[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/

[Chris Wittich @RavenousTiger]

@LoganGrafTax @jasononfirms I dunno about a deal but they were having conferences at non Aria places well after Aria opened so it seems unlikely.

I haven’t been to every casino for a conference but out of the 5 I have been to Aria seems like the best setup.

[Chris Wittich @RavenousTiger]

@LoganGrafTax @jasononfirms Engage was at MGM for a few years. The tax conference part used to be at Caesars so at least those 3 different locations in the past 10 years that I can recall.

[Chris Wittich @RavenousTiger]

@LoganGrafTax @jasononfirms No.

[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.

[April Walker @Aprilshowerstax]

Thanks @Ravenoustiger for joining me on this one! https://t.co/JAeSrwbPlu

[Brenda Cannon, CPA @bsuecannon]

Join me this Thursday at the AICPA Town Hall! 🙂

[Chris Wittich @RavenousTiger]

@CPAPlanner TIP CREDIT for Salons is included too! ✂️💈💇

[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.

[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.

[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.

[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.

[Chris Wittich @RavenousTiger]

179D, did not see that coming. 👀

[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. https://t.co/iGse9IHyqZ

[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.

[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.

[Chris Wittich @RavenousTiger]

@CPATaxTeam No.

[Dan Chodan @danchodan]

NYT has the story in time for today's confirmation hearing.

https://t.co/BCkjxxTM5u

[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

[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