TAX PRACTICE

Don’t Get Burned by These PPP Pitfalls

By

Three ways to get it wrong and only have one chance to get it right.


^ Click for video

By Stephen Nelson

Over the last few months, I’ve answered hundreds of questions about PPP loans. And I’ve written a short e-book, “Maximizing PPP Loan Forgiveness” for the accountants who will help small businesses with their forgiveness applications.

Stephen Nelson’s new e-book Maximizing PP Loan Forgiveness is available through CPA Trendlines directly from his website for instant download. |  More from Stephen L. Nelson

Learn more here: New e-Book: ‘Maximizing PPP Loan Forgiveness’

GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

^ Click for podcast

And, here’s an insight from all this frenzied PPP activity: Big surprises await many borrowers.

READ MORE →

Software Saves the 2020 Tax Season

By

Survey says tax practitioners have never been so satisfied with their tax prep applications.

By CPA Trendlines

What’s the best word to describe the infamous 2020 tax season?

Brutal? Infectious? Interesting? Perpetual? Weird?

One word works for everybody: unprecedented. A pandemic. A lockdown. New legislation. New rules. Federal programs. Federal disasters. Bankruptcies.

It seems the only thing that’s gone right is software.

The bottom line: Tax practitioners have never been more satisfied with their tax apps.

READ MORE →

The Coming Boom in Tax Services for the Super-Rich

By

Money tree growing in the middle of green meadowHow to get their business.

By Anthony Glomski and Russ Alan Prince
Your $5-Million High-Net-Worth Practice

Tax planning is in very high demand by the wealthy, growing exponentially in importance as you move up the wealth hierarchy.

MORE: The Seven Simple Steps to Thrive in the COVID Crisis | The Three New Business Models Delivering Significant Profits for Accounting Firms | 5 Meetings of the (True) Wealth Management Process | Collaborative Wealth Management: Defining the Framework | Protect Your Clients’ Assets | Even Entrepreneurs Must Diversify | When Clients Cash Out: Four Smart Financial Moves
GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

For a large percentage of the super-rich (net worth of $500 million or more) with various private company interests, astute tax planning is the most valuable expertise – far exceeding other services such as investment management.

READ MORE →

Busy Season Benchmarks in Free Fall

By

Major declines in all KPIs: Clients, revenues, profits, revenue per client, and profit per client.

BUSY SEASON BAROMETER:
How accountants are battling the Coronavirus recession
Join the survey. Get the answers.

By CPA Trendlines Research

Last year’s busy season was complicated, no doubt about it. The Tax Cuts and Jobs Act and the IRS shut-down made life difficult for tax practitioners. But ultimately, they had a good year. A good 56 percent enjoyed an increase in clientele, and only 16 percent saw a decrease.

Flash forward to the annus horribilis, aka 2020. According to this year’s CPA Trendlines Busy Season Barometer, only 46 percent of accountants are gaining clients — a 10-point reversal from last year. And another 25 percent are losing clients – a 15-point swing from 2019.

MORE BUSY SEASON 2020: FIinal RS eFiling Stats: The End of Tax Season? | Say Hello to the New 24-Month Busy Season | 9 Big Ways the IRS Could Help Accountants | The Mystery of 10 Million Missing Tax Returns | Tax Pro E-Filings Down 20 Percent | IRS Web Traffic Doubles over Year-Ago | COVID Drowns IRS in New Filings |   Percent | IRS Web Traffic Doubles over Year-Ago | COVID Drowns IRS in New Filings | 2020 Tax Season Comes to a Screeching Halt | The Tax Season 2020 Dumpster Fire | Tax Pros Fall Behind 6.2% in Returns Filed
GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

It’s impressive that so many tax offices have actually expanded their clientele during such hard times. And it’s not surprising that so many have lost clients.

What happened?

READ MORE →