NEWS

Trullion Lands $15 Million in Series A

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AI-powered fintech to deploy funds for product development and marketing.

Trullion, which promises to help automate lease accounting, says it has closed $15 million in Series A funding, co-led by Aleph and Third Point Ventures, with participation from existing investors Greycroft and Verissimo Ventures, and seasoned financial executives including Jody Padar, “The Radical CPA” at CPA Trendlines.

See: Trullion: New A.I. Startup Targets Rev Rec, Lease Accounting

“Accounting errors due to incorrect data entry, omissions, and compliance oversights can cost organizations millions of dollars and harm their brand reputations, yet it’s still all too commonplace for manual, laborious practices to pervade,” says Isaac Heller, co-founder, and CEO of Trullion.

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Two Big (and Obvious) Ways IRS Could Work with Practitioners

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Both could be simple and cheap. If only.

By CPA Trendlines

The IRS has been making some progress in improving the functionality of individual taxpayer Online Accounts. Progress has been slow but in the right direction.

MORE TAX: Imagine a Fully Online IRS | The Real Cost of Interstate Sales Tax | IRS At Death’s Door? | Beyond Tax Prep: The Big Cha-Ching! | Crisis at the IRS | The IRS’s 10 Biggest Problems | Fear and Loathing for Tax Season ’22 |  Padar Joins VC-Backed Tax Fintech for Banks |  COVID Chokes an Already Crippled IRS | Tax Regs for the Metaverse | 10 Steps to a Superior Tax Department | Accountants Critical of Competitor Price-Cutting |  Automate Busy Season with Apps You Already Use | Sales & Use Tax Costs Are Higher than Anyone Thought | Survey: Nobody Loves the Wayfair Decision | Busy Season Forecast: More Chaos  | A Woman Named Wanda Leaves an IRA Nightmare  | Are You Under-Pricing Your Client Accounting Services?  | Your Best Advice: Get Smart, Get Tech, Get Moving | Worries for Small Business Clients |

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Now it’s time for the IRS to aim for two huge new improvements: online accounts for businesses, and expansion of the functionality of Tax Pro Accounts for tax practitioners.

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What’s the IRS Hiding?

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A lot. It’s bad and getting worse.

By CPA Trendlines

Taxpayers and their tax preparers have a right to be informed about what’s happening at the Internal Revenue Service. It’s the law, duly legislated and mandated by the U.S. Congress in the Taxpayer Bill of Rights.

But that doesn’t mean it actually happens.

MORE: IRS At Death’s Door? | Beyond Tax Prep: The Big Cha-Ching! | Crisis at the IRS | The IRS’s 10 Biggest Problems | Fear and Loathing for Tax Season ’22 |  Padar Joins VC-Backed Tax Fintech for Banks |  COVID Chokes an Already Crippled IRS | Tax Regs for the Metaverse | 10 Steps to a Superior Tax Department | Accountants Critical of Competitor Price-Cutting |  Automate Busy Season with Apps You Already Use | Sales & Use Tax Costs Are Higher than Anyone Thought | Survey: Nobody Loves the Wayfair Decision | Busy Season Forecast: More Chaos  | A Woman Named Wanda Leaves an IRA Nightmare  | Are You Under-Pricing Your Client Accounting Services?  | Your Best Advice: Get Smart, Get Tech, Get Moving | Worries for Small Business Clients |

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The IRS has never been especially good at providing information. Taxpayers have a hard time finding out:

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Beyond Tax Prep: The Big Cha-Ching!

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Five reasons business clients are ready for tax advisory services.

Credit for data: Intuit

By CPA Trendlines

Question: If half your tax clients were buying planning or advisory services for five times what they’re paying for tax prep, what would that add up to?

Answer: A big Cha-Ching!

MORE on TAX SEASON: Crisis at the IRS | The IRS’s 10 Biggest Problems. Here Are Just the First Five. | Fear and Loathing for Tax Season ’22 |  Padar Joins VC-Backed Tax Fintech for Banks |  COVID Chokes an Already Crippled IRS | Tax Regs for the Metaverse | 10 Steps to a Superior Tax Department | Accountants Critical of Competitor Price-Cutting |  Automate Busy Season with Apps You Already Use | Sales & Use Tax Costs Are Higher than Anyone Thought | Survey: Nobody Loves the Wayfair Decision | Busy Season Forecast: More Chaos  | A Woman Named Wanda Leaves an IRA Nightmare  | Are You Under-Pricing Your Client Accounting Services?  | Your Best Advice: Get Smart, Get Tech, Get Moving | Worries for Small Business Clients |

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This may be the season for tax filing, but accountants failing to leverage prep into planning and advisory are missing out on a lot of potential revenue.

The average annual fee for tax planning and advisory services is $2,351—five times the average annual tax prep fee of $459, according to a new study. READ MORE →

Crisis at the IRS

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Sound-Off: How would accountants fix the IRS? Join the survey. Get the results.

By CPA Trendlines

Tax preparers and taxpayers aren’t the only ones with tax problems. The IRS has problems, too.

Ten of those problems have been laid out in an annual report to Congress from the Taxpayer Advocate Service.

How to save the IRS?
Make your voice heard:
Join the survey. Get the results.

We covered the top five here. And here are the next five explained. READ MORE →

The IRS’s 10 Biggest Problems

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Here Are Just the First Five.

By CPA Trendlines Research

America’s Taxpayer Advocate Service—an independent watchdog agency within the IRS—has identified the ten most serious problems at the IRS.

Get the Outlook for Busy Season 2022
Bonus Question: How to save the IRS?
Make your voice heard:
Join the survey. Get the results.
Full results are available for participants and PRO Members.

MORE: Fear and Loathing for Tax Season ’22 |  Padar Joins VC-Backed Tax Fintech for Banks |  COVID Chokes an Already Crippled IRS | Tax Regs for the Metaverse | 10 Steps to a Superior Tax Department | Accountants Critical of Competitor Price-Cutting |  Automate Busy Season with Apps You Already Use | Sales & Use Tax Costs Are Higher than Anyone Thought | Survey: Nobody Loves the Wayfair Decision | Busy Season Forecast: More Chaos  | A Woman Named Wanda Leaves an IRA Nightmare  | Are You Under-Pricing Your Client Accounting Services?  | Your Best Advice: Get Smart, Get Tech, Get Moving | Worries for Small Business Clients |

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By “problems,” the TAS means the difference between what taxpayers want and what the IRS delivers. Unfortunately, tax preparers trying to bridge the gap between the two often end up taking grief for failing to do the impossible.

Understanding the problems at the IRS end can help practitioners explain the situation. Here are the top five: READ MORE →