Another Accounting Firm Has Had Its Data Breached
Going Concern
JANUARY 30, 2024
.” Additionally there’s this scary bit of info: File Your Tax Return. We encourage you to file your tax return as soon as possible, if you have not already done so.
Accounting firms and sales and use tax advising: Perfect together?
TaxConnex
NOVEMBER 22, 2022
In our blog last week, we looked at how sales and use tax advisory services might be a good new field for CPAs and accounting firms. Another cost-effective approach to adding sales and use tax advisory services: partnering with sales and use tax experts. Review the sales tax payable account.
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Trending Sources
Accounting Firms Are Embarrassing Themselves on the Talent Dating Market
Going Concern
DECEMBER 2, 2022
I’m sharing this r/accounting post so six months from now we can look back on it and fondly remember a time when it seemed desperate for partners to be out combing the LinkedIn meat market for talent leads. We might need to start thinking about Life After Accountants. Friends, the desperation is only beginning.
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Why accounting firms should become business advisors
ThomsonReuters
JULY 6, 2023
As accounting firms look to differentiate themselves from the competition, one trend is leading the way: business advisory. From advising on mergers and acquisitions to specializing in accounting and advisory in your clients’ specific industry, there are many ways to take advantage of this unique opportunity.
Be an Odd Duck: Work on, Not in Your Public Accounting Practice
Speaker: Tom Bowman, CPA of Bowman & Company
Owners of Public Accounting firms are always telling their clients to work on their business and not in their business, yet many times do not take their own advice. It is possible to run an Accounting Firm and never do tax returns or financial statements!
Meeting the Staffing Demands: How Automation is Transforming Accounting Firms
CPA Practice
OCTOBER 10, 2023
However, as tax regulations become more intricate and audit scrutiny intensifies, the demand for accurate tax preparation continues to grow, adding pressure to tax practitioners. The Role of Automation Automation and advanced softwares are reshaping the way work is conducted within public accounting firms.
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Top 5 ways to convert tax return clients into retainer clients
ThomsonReuters
APRIL 13, 2023
If you have satisfied tax return clients, in many ways you’ve already taken a step towards recurring income. Most likely, they’ll come back next tax season and perhaps from time to time throughout the year as they make key decisions. While there are very few “sure shots” in business, a retainer is the next best thing.
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Year-end tax planning strategies: How to set your accounting firm up for success
ThomsonReuters
NOVEMBER 9, 2023
In an era of staffing shortages and scarcity of technical tax professionals , accounting firms must increasingly look outside the box to fill gaps in talent. Many firms are shifting their hunt for talent beyond the traditional accounting background.
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Why Businesses with High Capex Should Delay Filing Their Tax Returns This Year
CPA Practice
FEBRUARY 12, 2024
With the tax code in limbo, you’ll will have to weigh that uncertainty against the amount of money your business stands to save.
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Rapidly Growing an Accounting Firm: An Interview with Glenn Hetzel
PANALITIX
AUGUST 9, 2020
Rapidly Growing an Accounting Firm: An Interview with Glenn Hetzel. Hetzel & Associates, CPAs spoke frankly and clearly on the many challenges and opportunities related to growing an accounting business. The post Rapidly Growing an Accounting Firm: An Interview with Glenn Hetzel appeared first on. LEARN MORE.
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Submitting your Plastic Packing Tax return – HMRC update
Menzies
JULY 6, 2022
Menzies LLP - A leading chartered accountancy firm. The Plastic Packing Tax is now operational. On 1 July 2022, HMRC updated their guidance on how to submit your Plastic Packaging Tax return. When to submit your return. Your tax returns must cover the below accounting periods.
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Summer Marketing Initiatives for Small to Mid-Sized Accounting Firms
CPA Practice
APRIL 22, 2024
Consider creating video walkthroughs on how to prepare for end-of-year tax returns or quick tips for managing summer business expenses. Produce Videos: Video content is highly engaging and can be shared easily on social media platforms.
7 client audit management steps for tax and accounting firms
ThomsonReuters
APRIL 13, 2023
Understanding how to manage client expectations and concerns and how to get through the process is an essential skill in the tax and accounting professions. That is true for both large accounting firms and small accounting firms , since any client could be the target of an audit.
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3 steps to market your accounting firm
Accounting Insight
FEBRUARY 27, 2023
If growth is on the agenda for your accounting firm, then marketing is going to help. Do this first, and your marketing will rise above the noise and help you to win the right type of clients for your firm. Skip this, and you risk your marketing lacking focus and results. This is why choosing the right keywords is essential.
The Present & Future of CAS for Accounting Firms
CPA Practice
JANUARY 19, 2024
“Where do you fit the tax side, and how do you interface with the tax team in your model of CAS,” Tallyfor founder Peter Wen asked. What that means is, you’re still going to have to do the payroll tax returns and the 1099s, you’re still going to have to do annual accounting work. That doesn’t go away anytime soon.
Amended Tax Return: How to File Form 1040X Step-by-Step
LyfeAccounting
JUNE 2, 2021
Want to Know How to File an Amended Tax Return? As an accounting firm, we’ve filed our fair share of amended tax returns. In today’s post, we’ll be going over when to amend your taxes and the 5 steps to actually amend your taxes. Steps to Take When Filing Amended Tax Return.
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Getting started: How a growth mindset can help design your tax and accounting firm
ThomsonReuters
APRIL 23, 2021
Whether you’re looking to branch out and start your own firm, or you’re a current small firm owner, the idea of continuing to evolve and design your tax and accounting firm is a constant in your mind. Frustrated by the historical thinking of his accountants, Paul went on a path of figuring things out on his own.
Monday Morning Accounting News Brief: Accounting Firms Ditch Zoom Interviews; Mississippi’s Best CPA Exam Candidates | 8.28.23
Going Concern
AUGUST 28, 2023
Accounting firms across the pond are ditching Zoom interviews, writes Sunday Times : Zoom calls became the norm for business meetings during the pandemic — but accountancy firms, among the biggest graduate recruiters, are going back to face-to-face interviews when hiring, saying it is easier to assess candidates’ characters.
In ongoing accounting crunch, where to go for sales tax help?
TaxConnex
FEBRUARY 27, 2024
For respondents, the staffing struggle also meant curtailing business growth (19.23%), more errors in sales tax calculation (17.58%), more frustration from existing staff (21.43%) and, perhaps scariest, a growing lack of confidence in being prepared for an audit (22.53%).
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How to start an accounting firm on the right foot
ThomsonReuters
DECEMBER 20, 2021
Now that tax season is approaching, you may find yourself contemplating the upcoming season and whether you’d be happier as the owner of your own accounting firm. From tax software geared toward small firms to curated news and insights for firm owners, the barriers to starting your own CPA firm have never been lower.
Expanding your client base for accounting firm growth: How did your firm score this tax season?
ThomsonReuters
MAY 5, 2022
Growing your accounting firm through specialization. Many accounting firms have tried to grow their practice by being all things to all clients. The potential problem with this approach is that it can hurt the firm when they get very specialized client requests. Don’t let your accounting firm fall victim.
Friday Footnotes: Client Hid ‘Damning’ Audit; Predictions for the Profession; Accounting Firm Gets Compromised | 4.15.22
Going Concern
APRIL 15, 2022
A string of disgruntled clients also told CNN that he had taken their money and never submitted their taxes or that he filed them incorrectly. Audit Board to Wrap up Supervision Rule by Year End [ Bloomberg Tax ] The U.S. ‘Serious’ concerns raised against some B.C.
Three signs your small accounting firm is in a rut and what to do about it
ThomsonReuters
DECEMBER 20, 2021
For small accounting firm owners, feeling as though your business is in a rut is a uniquely personal and challenging experience. Here, we take a look at three common challenges small accounting firms owners experience and offer tips to get your business back on track. . You’re giving away tax advice for free.
Exploring key 2024 tax bill proposals
ThomsonReuters
FEBRUARY 9, 2024
Webinar How to utilize generative AI to excel your tax and accounting services Learn how GenAI can help you create new insights, solutions, and opportunities for yourself and your clients. What does this mean for my firm? Also, the act addresses the use of optical character recognition (OCR) software.
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What is tax advisory?
ThomsonReuters
JULY 6, 2023
If you’re a tax and accounting professional, you’ve likely found yourself answering numerous questions related to your clients’ tax returns. Whether it’s advising on residential energy tax credits or restructuring a partnership, your knowledge and expertise beyond the tax return are valuable.
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Earn $20 per Book Promoting My Tax Preparer Book from Home in Your Spare Time
AdviceForTaxpreparers
SEPTEMBER 8, 2020
Earn $20 per Book Promoting My Tax Preparer Book from Home in Your Spare Time. My name is Bill Meador and I am writing a book to help tax staff succeed in a public accounting firm tax department. Bill Meador is a CPA and lawyer who has worked in the tax departments of public accounting firms for over twenty years.
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The New Tax Court Limited Partnership Ruling: What to Know
CPA Practice
MARCH 21, 2024
Tax Court determined that the exception to net earnings from self-employment in Section 1402(a)(13) of the Internal Revenue Code of 1986, as amended, does not automatically apply to all limited partners in a state law limited partnership. Since the instructions use “generally,” it inherently implies that there are exceptions.
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BDO USA is Shifting From a Partnership to a Corporation
CPA Practice
JUNE 26, 2023
on July 1, after the sixth largest accounting firm in the nation by revenue officially changes from its current partnership structure to a professional services corporation based in Delaware. Even though partnerships aren’t taxed, they must file a tax return each year unless the partnership has no income or expenses.
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What accounting advisory services should firms offer?
ThomsonReuters
JULY 6, 2023
If you’re a leader within an accounting firm, you’ve likely heard of advisory services and their lucrative impact. This trend is picking up pace as traditional accounting firms seek more strategic and meaningful work that goes beyond just tax returns. Or requesting counsel on recent tax-related legislation?
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Tax Pros Help Clients Deal with Smaller Refunds
CPA Practice
JANUARY 23, 2023
By Tim Grant, Pittsburgh Post-Gazette (TNS) The stimulus benefits that have been fattening income tax returns for the past few years are gone. But since the stock market didn’t do so well last year, investors who sold at a loss can at least expect a lower tax bill. accounting firm. accounting firm.
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Tax Partner Matters More Than Firm on Business Taxes
CPA Practice
AUGUST 23, 2023
When it comes to a corporation’s relationship with its accounting firm, the firm itself is less important than the partner who leads its engagement team in lowering its tax rate, according to a new study from Iowa’s Tippie College of Business. Wilde’s team analyzed more than 94,000 tax returns of U.S.
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FAQ tax problem resolution – get taxiety relief today
MyIRSRelief
FEBRUARY 1, 2023
An IRS audit is a review or examination of an individual’s or organization’s tax return to ensure that the information is accurate and that the tax return is being filed in compliance with the tax laws. How to resolve employment 941 payroll taxiety problems?
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The future of accounting is here: Are you ready to move forward?
ThomsonReuters
SEPTEMBER 7, 2023
Clients are turning to their professional teams, including their accounting firms, to take on more advisory roles. For the accounting industry, to say having to “pivot” is an understatement. Clients are expecting much more than traditional bookkeeping, tax returns, and payroll services.
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Three Skills Every Accountant Needs to Differentiate and Scale Their Firm
CPA Practice
FEBRUARY 2, 2024
MESSAGING SKILLS To successfully differentiate your firm from other accounting firms (as well as the “tech” companies), you must be able to articulate a message that resonates to your target audience as compared to a message that falls flat. Because most accounting firms are providing services that are simply not scalable.
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Episode 066: Look at the Film Industry Tax Credit Business with Irene Waschler
BuildYourFirm
MARCH 31, 2020
Episode 066: Look at the Film Industry Tax Credit Business with Irene Waschler. The Association for Accounting Marketing has been around since 1989 when accounting firms could start advertising for their services. When it comes to accounting, they’re clueless and they need help. Make sure you get paid up front.”.
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Mastering the art and science of exceptional client service
ThomsonReuters
APRIL 30, 2024
Jump to: The role of emotional intelligence (EQ) in client relationships The evolution of client service in accounting firms Leveraging technology for enhanced client service Forward-looking accountants are increasingly realizing the importance of harmonizing technical tax expertise with interpersonal relationship skills.
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CPAs to Clients: The IRS is Coming for Cryptocurrency
CPA Practice
AUGUST 16, 2023
Most of our clients are dabbling in it through platforms like Robinhood Crypto,” said Elizabeth “Li” Connolly, a firm partner. The federal agency launched Operation Hidden Treasure in 2021, for example, to root out taxpayers who fail to report income from cryptocurrency transactions on their federal tax returns.
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Accounting advisory: What you need to know
ThomsonReuters
JULY 6, 2023
In today’s ultra-competitive business landscape, being an accountant means far more than preparing tax returns or compiling financial statements. Instead, they can shift their focus to more value-added activities like providing financial insights and helping clients navigate the complexities of tax law.
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Wolters Kluwer’s new cloud AML module set to slash compliance time
Accounting Insight
MARCH 12, 2024
In fact, 89% of client firms involved in testing CCH iFirm AML said it was more efficient than their existing AML set up, Chryssafi said. “We We realize that compliance with AML and KYC requirements is vital for accounting firms, especially in light of continually shifting regulations.
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Automating your way to success: How automation can help relieve accounting staff shortages
ThomsonReuters
NOVEMBER 28, 2023
Baby Boomers are retiring in droves, younger accountants have less desire to become a partner, and a dwindling number of college students are entering the field. To understand how your firm stacks up in terms of the need for automation , ask yourself: What is your process for gathering client documents? How are you getting paid?
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Hey Tax People, You’ll Be Thankful For This Remote Job That Promises No More Than 40 Hours a Week EVER
Going Concern
NOVEMBER 24, 2022
Firm/Team Culture. Work for an innovative, boutique advisory, tax, and accounting firm that works exclusively with growth-focused small to medium-sized businesses. Responsibilities: You will be deeply involved with preparing tax planning & tax consulting services. Location: REMOTE within the US.
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Backed up Bookkeeping – 5 Tips on Managing Your Accounting
MyIRSRelief
SEPTEMBER 8, 2020
The IRS doesn’t care about how busy you are, they don’t care about years of backed up bookkeeping, financial worries, or anything else, they simply care about you filing your accurate business tax return annually and paying what you owe. Get a free evaluation today 1-877-788-2937. Log any expenses relevant to your business.
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Risks of Non-Compliance
TaxConnex
DECEMBER 7, 2021
In 1997, SSVE requested an advisory opinion from the New York Department of Taxation and Finance on whether sales from its coin-operated air machines were exempt from sales tax. New York responded that receipts from sales of services rendered by air inflation machines are subject to sales tax.
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Friday Footnotes: How Much Big 4 Spent on Lobbying Last Year; Super Bowl Bets; CFOs Feeling Good | 2.9.24
Going Concern
FEBRUARY 9, 2024
Three of the firms also joined industry efforts to designate accounting as a science, technology, engineering, and math—or STEM—field, according to federal lobbying disclosures. My buddy from undergrad works office security at one of the Big 4 accounting firms in Midtown.
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