Today's Features

Six Never-Before Opportunities for the Accounting Profession

The number 6 made from dollar stacksPerceptions will have to change.

By Hitendra Patil
Accountaneur: The Entrepreneurial Accountant

Do you remember cell phone devices before the iPhone was launched?

MORE ON ENTREPRENEURIAL STRATEGY: Urgently Required: A New Definition of Accounting | Certified Blockchain Accountant: From CPA to CBA | The 7 Experiences Millennials Want from Your Firm | 22 Ways Blockchain Will Impact the Accounting Profession | Podcast: How to Become a True ‘Accountaneur’ | How Job Titles Can Rebrand Your Firm | Forget CPE, You Need an FPE | ‘Uberizing’ Means More Than Technology
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It was not just technological advancements that gave birth to the iPhone. It was actually more about the ability to use human imagination to figure out how new technology could be used to invent altogether new benefits.

Opportunities in Collectibles

Man assessing classic carDonations and even inheritances can be complicated.

By Randy Fox
Ez Charitable

It is estimated that 30 percent of families with a net worth exceeding $10 million collect something – be it art, antiques or classic cars. Often referred to as “passionate assets,” they represent both a challenge and an opportunity for advisors and their clients.

MORE: TRPIF Is One of the Best Kept Secrets in Planning | 1031 and Done: What CPAs Need to Know about the New 1031 Changes
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Many enthusiasts don’t think of their collectibles as they do other assets – these items are loved, cherished and coveted. They hold a meaning and identity that is incomparable to their economic value. They are often ignored in the planning process and in discussions with professional advisors.

Podcast: Drew Dearlove Talks about the Cannabis Business

Click the player above to Play, Stop, Restart, Download, Like and Share.

Liz Gold interviews the director of client relations at Complete Controller.

In this podcast from the MjBizCon Next Conference, the industry's largest gathering, Dearlove explains how Complete Controller, which provides back-office QuickBooks Premiere bookkeeping services for 180 CPA firms, got into the cannabis niche while serving a major client and the emerging opportunities for CPAs.

Get more CPA Trendlines podcasts here.
And more on the cannabis niche at CPA Trendlines


4 Best Things About Being a ‘Dope’ Accountant

Clients are easy to find.

By Andrew Hunzicker

Serving the cannabis niche in today’s world is a once-in-a-lifetime event for an accountant, as this industry as it appears is rapidly moving toward federal legalization. The industry is filled with issues and headaches around banking, software, cash management, risk management, merchant services, compliance, continuous regulatory (state, county, city) changes, and last but not the least: accounting.

MORE: 5 Biggest Mistakes Cannabis CEOS Make | Five Secrets to Launching Your Own Cannabis Accounting Firm | Five Reasons Accountants Should Serve Cannabis Clients | CPA Andrew Hunzicker Creates Course in Cannabis Accounting
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In any industry, accountants and bookkeepers are often given the extra roles around insurance, HR, compliance and anything else the CEO doesn’t enjoy. Because most of mainstream accounting is still waiting for federal legalization, this provides a great opportunity for us who want to enter the fastest growing niche in the U.S., with over 10,000 new companies being launched this year alone. So what is so great about serving this niche?

Live Webinar: The Essential Success Traits of “Accountaneurs,” with Hitendra Patil

Register early and save
Register early and save

Wednesday, May 23, 2 pm ET

In this one-hour online training, accounting firm entrepreneurship expert Hitendra Patil, the author of The Accountaneur, will show you the common traits that make accountants more successful. He will share with you the never before revealed insights from exclusive research into the country's most successful firms.

Hosted by CPA Trendlines and Jassen Bowman, EA, author of Tax Resolution Systems.

Learning Objectives:

  • What are the top success traits of successful entrepreneurial accountants?
  • How to learn and develop these success traits irrespective of practice type.
  • How to communicate with prospects and clients to leverage these success traits.

CPE: 1 hour

Why Voting Isn’t Such a Big Deal

Overhead view of five businesspeople discussing something at a table with an open laptop nearbyWhat about non-equity partners?

By Marc Rosenberg

Voting is a highly overrated privilege of being a partner.

MORE: Why and How New Partners Buy In | Ownership Percentage and Capital Accounts | 5 Key Reasons to Have a Partner Agreement
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When you don’t have a vote, it seems desirous and enviable. It appears to be a very special privilege enjoyed only by the firm’s elite. Having a vote is synonymous with ownership, power and prestige.

Accountants Can Change the World

Networks of firms will be the future.

By Rob Nixon

I am very excited about the accounting profession. It’s a noble industry that has a general perception of being a bit boring, staid and dull.

MORE ON STRATEGY: Design Your Business Model – It’s Yours! | 9 Steps to Implementing Anything | 5 Steps to Building a High-Performing Team | How to Turn Prospects Into Clients | Get Rid of All Your Rates | Your Clients on Your Terms | Why ‘Steady as She Goes’ Isn’t Enough | The Final Critical Traits: How Do Your Tires Look?
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I disagree. I think if the business is run correctly it can be a fabulous business that provides an awesome lifestyle for everyone in it.

TRPIF Is One of the Best Kept Secrets in Planning

Businessman talking with older coupleThey're like CRTs, but with more flexibility.

By Randy Fox
Ez Charitable

The best kept secret in planning has only been around since 1969.

Best kept secret? What do you mean?

ALSO: 1031 and Done: What CPAs Need to Know about the New 1031 Changes
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How about a strategy that completely eliminates capital gains tax, provides a gigantic income tax deduction, distributes all its income (maybe for three generations) and is completely legal. And, by the way, if you’re the advisor managing the family’s money, you get to keep doing that.

Checklists for Tax Resolution Sales

Includes consultation questions.

By Jassen Bowman
Tax Resolution Systems

After marketing, your next most important job is sales. Sales and marketing are intimately connected, because the leads you generate and nurture through marketing become the prospects you sell to in the sales process.

MORE ON TAX RESOLUTION: Quoting Tax Resolution Fees | Basics of Tax Season Work Flow | When to Follow Up on Prospects | Checklists for New Lead Generation |Client Management Checklists for Tax Resolution | How to Handle Client Complaints | Case Study: Building a Tax Resolution Business | Marketing Requires Ruthless Accountability
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Most tax professionals dislike the idea of seeing themselves as salespeople. However, you need to accept the fact that if you can’t close a sale, you’re going to be broke, no regardless of your statewide high score on the CPA exam, regardless of the prestigious law school you went to, regardless of any other certifications you’ve earned. If you don’t sell, you don’t eat.