As with almost anything I discuss on this blog, the answer to the question posed in the title is: "it depends." Quicken works fine for small businesses with simple recordkeeping needs, but it quickly gets overwhelmed by more-complex situations.
In the last couple of weeks, I've had multiple clients call in a panic because they received a Form 5498. For some reason, these forms seem to be coming late - one client got one after Memorial Day. The good news is, Form 5498 seldom directly affects the tax return.
If you worked in more than one state, you might have a filing obligation in the state where you’re a resident, and in the state you worked in.
I’m confused as to why the lawmakers who come up with these ridiculous laws would think a CPA would know more about state taxes than an EA. True, the EA exam doesn’t cover state tax issues. But neither does the CPA exam!