Today's Features —

Celebrating the End of Tax Season 2014

Celebrating the End of Tax Season 2014

Some of our favorite comments from some of our favorite readers…

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Tax Season Success Drivers: Better Software, Easier Clients, Higher Billing Rates

Tax Season Success Drivers: Better Software, Easier Clients, Higher Billing Rates

Annual CPA Trendlines Busy Season Barometer…

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Tax Professionals Plagued by Tough Competition

Tax Professionals Plagued by Tough Competition

Trials and tribulations…

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The 24 Personalities of Individual Tax Returns (and the Clients behind Them)

Editor’s Note: One day at the offices of Frank J. Pavlica CPA in Inverness, Ill., it dawned on the folks that tax returns, like clients, have their own personalities. So far, they’ve identified at least 24.

by Elisabeth Whitlock, Jane Hamer, Susan Holberg, Marilyn Aman and Frank Pavlica, who adds, “Jane is the office manager, Elisabeth, Susan and Frank are CPAs and Marilyn is the best tax person around.”

Having prepared tax returns for a number of years, we have come to the conclusion that Individual Income Tax Returns have their own personalities as do the taxpayers that they represent.

Take for example, the tax return that has W-2 income that just won’t quit but does not have any investment income.  We call this one the (1) “Spender” because I always wonder “where the money went.”  But when you ask the question, the answer is usually “I don’t know where the money went, but if you find it, let them know.”  (I never found it.)

We have the opposite—the (2) “Savers.” They are the ones that have huge amounts of interest and/or dividend income compared to their W-2 income. They have many bank accounts and own many individual stocks.  So, they want each piece of income listed separately on the tax return instead of showing it any other way. Too bad the banks don’t give away free gifts anymore—these people would be able to fill warehouses.

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Natural Allies: How Financial Professionals Can Partner with IT

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Smith

By Sean Stein Smith, CPA, CMA, CGMA
A Fresh Pair of Eyes

Advances in computer, mobile and cloud technology are revolutionizing both the ways that individuals live their lives and how organizations operate in the competitive environment.

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5 Ways to Find Your Focus for Summer Success

By Sandi Smith Leyva

With so much to do as business owners, we can get pretty overwhelmed at times.  We can start believing that we have a “time” problem, but since all of us have 24/7, there really is no such thing as a time problem. READ MORE →

17 Things You Need to Know Before Talking Merger

The essential data needed for a sound merger evaluation process.

By Marc Rosenberg, CPA

Start with…

1. Financial statements for the last three years and the most current financial statements for current year.

Then add: READ MORE →

After Tax Season: Create Your “Not-To-Do’s” List

By Hitendra Patil
Pransform

You can call it a “Stop Doing These” list.

If you have done the “ABC Analysis” of your clients, you know the best customers who yield highest net profit per unit of effort (generally your time) are your A clients and those who yield the least are your C clients. READ MORE →

Six Tips for Communicating with Non-Accountants

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Smith

How to communicate your value.

By Sean Stein Smith, CPA, CMA, CGMA
A Fresh Pair of Eyes

Communication is, of course, the key to any successful business or organization. Without effectively communicating the value proposition that the business is offering, the business will not be in business for very long.

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Why Is It Always about Partner Compensation?

Good service needs to be rewarded as much as business development.

By August Aquila

It seems like no matter what the topic is at partner meetings, it always reverts to compensation. There isn’t a partner out there who is not interested in his or her compensation, and maybe even more interested in what the other partners make. READ MORE →

When Is It the Reviewer’s Job to Fix Preparer Errors?

QUESTION: Your book recommends having the preparer fix all errors. However, this is not always possible and our main concern is to get the returns out, so we usually have the reviewer make the changes, except if it looks like there will be extensive changes. Isn’t this the way we should do it?

RESPONSE: I receive the most comments about this issue, so I usually spend a lot of time rethinking this.

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Tax Season Success Starts and Ends with Training

QUESTION: What do you think is the key to a successful tax season?

RESPONSE: There are many things needed for a successful tax season, but training and supervision are at the top of the list.

This is being written in the heat of the tax season crunch and I don’t know many people who will change their procedures at this stage, but the truly successful practitioners will adapt and make changes as soon as a change is indicated. It’s called OJT – on-the-job training. It works.

Ed Mendlowitz is the creator of The 30:30 Training Method

Quick Tax Season Billing Tip

By Ed Mendlowitz 

When you perform additional services on a tax return that you will be charging for, list it as a separate item along with the fee for that service. This way the client will know that something extra was done and the charge.

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