What the Corporate Transparency Act Means for Accountants
A crucial guide for you and your clients on money laundering, terrorism, tax evasion, and organized crime.
By Art Werner
Werner-Rocca Ltd.
TAX PRACTICE
Train Now Before It Costs You Down the Road
Your time investment now could reap dividends during tax season.
By Frank Stitely
The Relentless CPA
We’ve all heard it.
Ask if an assigned project has been completed and get the, “It’s done, but …” followed by a few reasons why said project is still – let’s be honest – incomplete.
MORE: Keep Clients from “Balance Due” Shock | Stop Clients from Performing “Favors” | Control Your Time: Avoid Ambush Meetings and Calls | Make Fewer Mistakes, Increase Revenue and Capacity | Six Ways to Create a Millennial-Friendly Firm
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Let’s examine how we got a “done but” society. A lot of this will sound like, “Back in my day, sonny …” old man nonsense, and a lot of it is.
However, I promise you a solution after my sociological exploration of 21st-century culture. You won’t need a degree in sociology to understand this.
Surge Pricing: What Works for Uber Could Work for CPA Firms
Limited supply puts you in the driver’s seat.
By Bill Penczak
Uncooperative Partner Might Not Be the Problem
WHY are they unwilling to help?
By Ed Mendlowitz
202 Questions and Answers: Managing an Accounting Practice
QUESTION: My tax partner gives me a hard time when I ask her for assistance. Is there anything I can do to get her to be more responsive?
MORE: Merge in Lower-Priced Work without Losing Out | 20 Things You Need for a Business Valuation
RESPONSE: This can apply to every research question asked by anyone in the firm. Besides tax, it can be for audit, internal controls, succession planning or any other client service area.
It’s Time to Fix the Problem of QTIPs and LLCs
Goldberg urges the IRS to address new state laws that pose a threat to the QTIP marital decuction.
By Seymour Goldberg, CPA, MBA (Taxation), JD
The Practitioner’s Guide to the IRA Distribution Rules under the SECURE Act
Lately, some clients and others have inquired about transferring their ownership in limited liability companies to trusts for estate planning and asset protection. I cautioned them that doing so could lead to complex tax and legal problems. To address this, I recently made a formal request to the IRS for guidance on a unique situation.
Read Goldberg’s Revenue Ruling Request Here (PDF, 5 pages.)
Keep Clients from “Balance Due” Shock
With just a little advanced marketing, you can get paid year-round AND have more satisfied clients.
By Frank Stitely
The Relentless CPA
When I talk with prospective clients in any medium, I lead with tax planning. I don’t care if I’m meeting them, calling them or emailing them. I lead with tax planning. The number one complaint clients have about CPAs and tax preparers is a lack of planning. They get tax returns and nothing else.
MORE: Stop Clients from Performing “Favors” | Who Needs Fall Tax Planning? Clients … and You | Get Clients to Bring Tax Docs Early…Yes, EARLY | Why Time Tracking Still Matters | Make Fewer Mistakes, Increase Revenue and Capacity | Six Ways to Create a Millennial-Friendly Firm
The fun part is seeing the reaction when I mention planning. I tell them that they can know the results while there’s still time to change the results. Tax season is no longer stressful because they know the answers in advance about refunds and balances due.
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Merge in Lower-Priced Work without Losing Out
You bought a tax practice! But they charge less than you do. Now what?
By Ed Mendlowitz
The CPA Trendlines Practice Doctor
QUESTION: I bought a tax return practice in December from a person who was charging $180 per hour. My rate is $300 per hour so I did not make money and I would like to know what I could do to raise fees so I don’t continue to lose on it.
MORE: Want More Tax Clients? Here’s How | Bundle Tax Services with Financial Planning | How to Begin a Business Valuation | How to Offer Conflict Resolution | Get Your Clients Talking About Retirement | When Clients Remarry | Four Reasons to Perform Tax Projections
ANSWER: After a long discussion, it appears that he bought a good practice with good fees charged for the returns. His problem is that he has no employees and did all the work himself – about 750 tax returns, and was totally overwhelmed with non-stop work.
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Stop Clients from Performing “Favors”
“Oh, you shouldn’t have.” (You really, REALLY shouldn’t have.)
By Frank Stitely
The Relentless CPA
We all have clients who bring in tax documents in laminated three-ring binders. They smile big toothy grins and tell us how they’re our most organized client. There’s no reason for us to organize the documents, as they’ve already done us this huge favor. Of course, there will be no reason for us to remove anything from the binder and everything should be left in the binder just as it is.
MORE: Who Needs Fall Tax Planning? Clients … and You | It’s OK to Say No to Clients (Even the Large Ones) | You Train Your Clients, Whether You Mean To or Not | Business Owners Face One of Three Exits | How Small Firms Can Win the Talent Wars | Do You Know Your Turnaround Time?
We call these people binder boys. They have no clue that organized for them is not organized for tax return preparation. Preparing a return from documents in a binder takes twice as long, at least, as preparing returns from a well-organized PDF file.
We also have the people who use five pounds of staples to organize 20 pages. They don’t want any loose documents falling out of the file.
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