article thumbnail

How to Increase Efficiency in Your Tax Planning Business

CTP

Even if your business only has one administrator and one tax preparer, that is your team. Before a system was put in place, the business owner was involved in answering the phone, redirecting calls, and closing sales, even though their primary strength was tax preparation. The solution? Amplify Your Business Controls.

article thumbnail

How to Increase Efficiency in Your Tax Planning Business

CTP

Even if your business only has one administrator and one tax preparer, that is your team. Before a system was put in place, the business owner was involved in answering the phone, redirecting calls, and closing sales, even though their primary strength was tax preparation. The solution? Amplify Your Business Controls.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Guide to accountant responsibilities

ThomsonReuters

Jump to: What are the roles and responsibilities for accountants? Accountant vs. CPA vs. tax preparer: What are the differences? GAAP and AICPA What issues should accountants be aware of in the profession? How can accountants be more efficient? So, what are the differences?

Account 59
article thumbnail

Foreign asset reporting and Form 8938 explained

ThomsonReuters

For accountants, understanding how to navigate foreign asset reporting is essential, as the IRS requires taxpayers to report certain foreign assets to ensure compliance and combat tax evasion. If you work with individuals and businesses with financial interests abroad, Form 8938 may be required. Generally, any U.S.

article thumbnail

Guide to taxes for U.S. citizens living abroad

ThomsonReuters

You can also claim the Foreign Tax Credit (FTC) if you paid taxes to a foreign government on the same income. Report foreign financial accounts. Yes, the IRS has mechanisms to track foreign income and financial accounts. Foreign banks and financial institutions are required to report accounts held by U.S.

Tax 75
article thumbnail

Friday Footnotes: Accounting’s Big Lie; BDO Poaching; EY Partners Get Whipped | 10.07.22

Going Concern

Private company CFOs grapple with new lease accounting [ CFO Dive ]. At its core, under the new standards the Financial Accounting Standards Board (FASB) wants all companies to record operating leases longer than one year on their balance sheet, both as an asset and a liability, in the same way as capital leases have always been recorded.

article thumbnail

Friday Footnotes: Retired EY Partners Hate on the Split; It’s a Raid!; ‘An Alphabet Soup of Technology’ | 11.18.22

Going Concern

The superseding indictment alleges that Garza directed clients to use hand-picked CPAs and other tax professionals, including McDonnell, Richardson and Fenton. an accounting, tax preparation, and legal services business located in Waxahachie. Fenton allegedly was employed as a tax manager at McDonnell Richardson.