Today's Features

The One Word that Changed the IRS

https://cpatrendlines.com/2019/05/09/what-difference-does-one-word-make/And why the IRS now needs a new mission statement.

By CPA Trendlines

Ten years ago, the Internal Revenue Service changed a word in its mission statement.

MORE: What’s the Real Impact of IRS Audits? | Tough Lessons from Tax Season | Why Shouldn’t All Tax Practitioners Need Licenses? | Data Divers Profile Taxpayer Filing Styles | Fixing the Tax System: Accountants Sound Off | 2 Ways the EITC Error Rate Is High | Who’d Like a Friend in the IRS?
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Before: “Provide America’s taxpayers top quality service by helping them understand and meet their tax responsibilities and by applying the tax law with integrity and fairness to all.”

After: “Provide America’s taxpayers top quality service by helping them understand and meet their tax responsibilities and enforce the tax law with integrity and fairness to all.”

The change was made without public discussion. It just appeared: subtle and quiet but deep and disturbing.

What’s the difference? Attitude and approach. READ MORE →

Managing People: The Heart of Effective Project Management

https://cpatrendlines.com/2019/05/09/managing-people-the-heart-of-effective-project-management/Remember, bad clients crowd out good ones.

By Frank Stitely
The Relentless CPA

Somewhere in the period between the Neanderthals and Homo sapiens, the first accountant evolved.

MORE: Workflow for Dummies | What Goes Into a Client Project? | Value Pricers Ignore Half the Pricing Puzzle | CPAs Can’t Help You | The Agile Accountant | The Cure for Commoditization
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He looked around and realized this Earth thing might become immensely profitable and set out to get capital gains treatment.

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CHARTS: Tax & Accounting Among Biggest Jobs Creators in U.S.

Also: who's hiring, who's not among client business sectors.

By CPA Trendlines Research

The tax and accounting industry is adding jobs at the rate of 37,000 per year, according to the latest data available, making the profession one of the fastest growing sectors of the U.S. economy.

At the top of the jobs ranking are individual and family services, computer systems design and related services, amusements, gambling, and recreation, home health care services, and warehousing and storage.

Meanwhile, if you have clients in apparel, printing and related support activities, commercial banking, department stores, electronics and appliance stores, telecommunications, sporting goods, hobby, book, and music stores, the outlook is not so rosy -- They're all trimming payrolls.

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Is It Time to Update Your Offsite Backups?

Composite image of hand writing with markerAnd don't forget encryption.

By Roman H. Kepczyk
Quantum of Paperless

Your firm’s safety net in the event of ANY disaster is your data backup. It better be consistently performed and securely stored offsite.

MORE: SURVEY: How Many Firms Run on Dashboards? | File Server Replacement Not for the Inexperienced | SURVEY: When Firms Track CPE Digitally | SURVEY: Only 14% Go Digital to Manage Recruiting | SURVEY: 71% Use Remote Check Scanners | SURVEY: Are You Still Writing Paper Checks? | Your IT Strategic Plan Needs a Budget
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Typically, firms have a problem when the process they relied on to make the backups didn’t work or was not complete because new servers, drives or directories were added but not updated in the backup program. This is becoming a common problem as more data and more applications add significantly more volume, making the backup application require more storage and a longer running time to complete.

Here's what you need to do:
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New TSA Tech Will Let You Keep Laptops, Liquids in Bags

Agent using scannerThe scanners are in use now at 14 U.S. airports.

By Rick Richardson

Travelers might finally be getting a break from the ever-frustrating airport security rules.

MORE TECH THIS WEEK: How to Fix Coffee-Shop Wi-Fi | Amazon+Satellites = Faster, Cheaper Web for Millions | What to Expect from the April Windows 10 Update | Amazon Takes More Control Over Smart Home Technology | 5G is Coming: Ford Leads the Way | RCS: What It Is and Why You Might Want It | Vaporize Invisible Smartphone Filth
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Thanks to the introduction of new carry-on baggage scanners called CT (computed tomography), travelers won’t have to take electronics or liquids out of their bags. The Transportation Security Administration announced the rollout of this new technology, which would ultimately cut down on long security lines and make the airport experience much smoother.
READ MORE →

The Staffer Who Was Too Smart

Businessman writing on paperWhy I fired him.

By Ed Mendlowitz
Call Me Before You Do Anything: The Art of Accounting

One time I got a client who was on the verge of going out of business and he asked if there was anything we could do to stop it from happening.

MORE: Why a Break-Even Analysis Matters | Becoming an Expert in IRS Collections | High CPA Fees Should Be a Client’s Goal | How Hidden Bias Taints Results | When to Keep Some Plans to Yourself
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After my usual tour of looking around, I sent in a staff person to get some numbers for me. I didn’t want the numbers in the financial statements, but the numbers that would show me how the business was really doing, what the trends were, how much business he did with his top five or 10 clients and vendors, the largest-selling items, his pricing methods, who his higher-paid employees were and maybe whether there was hidden value in the business. My staff guy was told what to do, that he had three days, and this was a very high priority.
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Keep Your Firm from Biting the Dust

"Sorry WE'RE CLOSED" sign hanging in windowCHECKLIST: The 12 key objectives and 23 day-to-day responsibilities of successful managing partners.

By Domenick J. Esposito
8 Steps to Great

While there are lots of reasons why small and midsized CPA firms don’t realize their full potential – and, in some situations, fail or bite the dust – we have found that the downward spiral of a firm usually starts with the managing partner.

MORE ON STRATEGIC PLANNING: 6 Ingredients for Firm Value | 4 Ways to Add $100,000 in New Business Fees Every Year | Prune Your Firm: ‘Rightsize’ Managers and Partners | Ineffective Management Is Hazardous to Your Firm’s Health | Profitability Requires Discipline | Pitching Vs. Pursuing
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The managing partner is the heart and soul of any CPA firm – the shepherd, orchestra leader, or quarterback, if you prefer, of the partner group – who didn’t fully understand the key objectives and day-to-day responsibilities of his or her role, and therefore, failed to operate on all cylinders.

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How to Sync OneDrive & SharePoint Files to Your Local PC

The sync feature works the same in both OneDrive and SharePoint. The brief video below will demonstrate step-by-step how to sync files.

By John Higgins
CPA Crossings

The sync feature is designed to enable you to keep a replicated copy on your PC of a document that is stored in OneDrive or SharePoint. This option is perfect for those times when you have a spotty internet connection since it allows you to have a local copy on your PC to access whenever you need to, even without internet availability. The best part about the sync feature? No matter what document is updated, whether it be in SharePoint, OneDrive, or on your local PC, the file will be updated everywhere.

Learn More

If you are interested in learning more about the differences between OneDrive and SharePoint, check out these webinars from our partner, CPA Crossings, that provide in-depth detail of each application.

OneDrive Cloud Storage - What It Is and How to Use It: A comprehensive review of OneDrive features and how to develop a deployment strategy that works best for your organization. If you deploy OneDrive for Business without a plan, you can quickly end up with a mess on your hands! This course will help you prevent that from happening.

Office 365 SharePoint - What It Is and How to Use It: In-depth review of what SharePoint has to offer and how to use the wealth of its functionality. Adequately understanding SharePoint will significantly improve information and file sharing both inside and outside your organization.

 

A Leader’s Guide to Ending Entitlement

Chester [click for more]
SUMMER READING LIST
Reviving Work Ethic: A Leader’s Guide to Ending Entitlement and Restoring Pride in the Emerging Workforce

By Steven Sacks

An American Psychological Association study shows that during this period of rapid change and uncertainty about business and the economy, there is a higher level of chronic stress caused by organizational change. Change increases distrust with employers, leading to the potential of employee departures within a year’s time.

Tax and accounting firms are no exception. In fact, it could be argued they are a cauldron of change-related stresses and strains these days.

In Reviving Work Ethic: A Leader’s Guide to Ending Entitlement and Restoring Pride in the Emerging Workforce, author Eric Chester explains how to grapple with these issues in firms and organizations large and small, and with some uncommon common sense. Since 1998, Eric Chester has been the leading voice in attracting, managing, motivating, and retaining the emerging workforce. As an in-the-trenches workplace researcher and thought-leader, Chester may have cracked the code on the tactics and strategies companies that are recognized as "best places to work" in their respective industries are using to win the talent wars.
READ MORE →