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Inside Views

  • Accountants Targeted in Wave of Wire Transfer Scams

    December 18, 2014

    In the past few months there has been a significant increase in the frequency of wire transfer scam attacks against accounting firms, according to Rickard Jorgensen, president of Jorgensen & Company, with more than a dozen CPA firms successfully targeted.

  • Dealing with Faulty IRA Trusts

    December 17, 2014

    Naming a trust as an IRA beneficiary may offer many benefits. If drafted properly, a trust can protect the account from creditors and reduce the risk that money will be mishandled.

  • Art of Accounting: Pricing by the Hour

    December 16, 2014

    When I was starting out I read a number of books by master salesman Elmer Wheeler, who said, among many other things, “Sell the sizzle, not the steak.” This left me with thoughts of always telling clients, or whoever I interacted with, about the value and benefits of dealing with me while de-emphasizing the cost.

  • Golden Parachute Payments in the Tax Code

    December 15, 2014

    Companies planning for a merger or acquisition have various issues to consider as they prepare for the transaction. One of the issues is golden parachutes.

  • New Year’s Resolutions for Healthier Accounting Firm Growth

    December 12, 2014

    If you intended to start a new health regimen after the first of the year, you would start planning for the change, right? Maybe you’d research gym memberships or look into the cost of joining a programmed diet. Perhaps you’d start reading motivational articles to psych yourself up for the new commitment. At a minimum, you’d stock your pantry with healthy food choices or begin making a list for the grocery store.

  • Eggnog, Mistletoe and Taxes

    December 11, 2014

    With the advent of the holiday season, now may be just the time to market yourself and your staff to potential clients, according to Chuck McCabe, president and chief executive of Peoples Income Tax and The Income Tax School.

  • Yes, Your Realization Rate Can Be Over 85 Percent!

    December 9, 2014

    The other day I spent an hour drafting a long email detailing out the errors I picked up on in a client’s balance sheet.

  • Art of Accounting: Things Change

    December 8, 2014

    Innovation requires change, and many of us resist or are reluctant to change. But hopefully not me.

  • How Tax Accountants Can Provide Valuation Services

    December 5, 2014

    For some accountants, tax and audit services are attractive for the recurring revenue streams and steady client base they provide.

  • Things to Tell Your Small Business Clients for Year-End Tax Planning

    December 4, 2014

    While the traditional end-of-year tax tip checklist contains such tried and true suggestions as defer income and accelerate deductions, there are a number of other steps Tom Wheelwright takes in advising his small business clients.

  • Sustainability: How CPAs Can Benefit

    December 3, 2014

    Sustainability, eco-friendly business models, and the continuing integration of environmental matters into business operations is a hot topic of conversation and debate in business media.

  • Art of Accounting: How an Out-of-Work Tax Preparer Saved Our Lives

    December 1, 2014

    A number of years ago we purchased a practice in late February to get the business clients. However, we had to agree to service the individual tax clients, of whom there were about 180, with each paying a very low fee. The seller did not want to hang up his long-time clients.

  • Gift-Giving Facts Every Financial Advisor Should Know

    November 26, 2014

    With the holidays upon us and tax season almost here, now is the perfect time to check in with your clients to discuss their gift-giving plans for the rest of the year.

  • Uncertain Future for Expired Tax Provisions and Limited Time Remaining for Lame Duck Action

    November 25, 2014

    With only a few days remaining on Congress's 2014 legislative calendar, there is still no clear answer for whether and how Congress will deal with the nearly 60 "extender" tax provisions—the temporary provisions that have been routinely extended on a one- or two-year basis but were allowed to expire at the end of 2013.

  • Art of Accounting: Getting by Giving Back

    November 24, 2014

    I had lunch recently with a colleague who was surprised when I mentioned that I helped another accountant with a problem and “did not charge him.”

  • What to Expect When the DOL Selects Your Union for a Compliance Audit

    November 21, 2014

    Accountants who have union clients sometimes receive nervous phone calls from their presidents about a letter they received from the U.S. Department of Labor.

  • The Big Game Speech of the Century (for CPAs)

    November 20, 2014

    Team, tax season has come and gone. We enjoyed ourselves over the summer! We overcame the challenges brought to us by the September and October tax deadlines. Here we sit. The end of 2014 in our sights! The 4th quarter.

  • Expired Tax Provisions Most Likely to Be Extended

    November 19, 2014

    If the lame-duck session of Congress fails to address the tax extenders, it will fall to incoming House Ways and Means Committee chairman Paul Ryan, R-Wis., to see that they get passed early in the next session of Congress.

  • How Donor-Advised Funds Can Help with Year-end Planning

    November 18, 2014

    Donor-advised funds have increasingly become the charitable vehicle of choice over the last 10 years for both advisors and clients.

  • Art of Accounting: How to be the "Other Guy's Accountant"

    November 17, 2014

    Last week I wrote about wanting to always be the “other guy’s accountant.” I received a number of calls and emails asking how I do it so here is a follow-up.


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