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Inside Views

  • Routines: A CPA’s Best Friend

    August 18, 2014

    I wake up at 5:00 am Monday through Saturday. I exercise on weekdays from 5:20 am to 6:20 am. I eat breakfast, which includes a yogurt, Cheerios (with 2 percent milk) and a string cheese. I am in the office by 7:30 am.

  • Art of Accounting: Staff Person Was Too Smart for Practical Issues

    August 15, 2014

    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.

  • Tax Planning for 2015

    August 14, 2014

    This year's tax planning is going to be heavily focused on accelerating deductions and maximizing tax credits, according to Evan Stephens, a tax manager at the business consulting and accounting firm Sensiba San Filippo.

  • SEC ‘Moves the Chains’ on Financial Reporting

    August 13, 2014

    Is the time now right to use a financial reporting language that transcends national boundaries? This question continues to cause division in some countries, particularly in the United States.

  • Are They Still Your Clients? The IRS May Think So

    August 12, 2014

    For the third time in three years, the Internal Revenue Service has changed Form 2848, Power of Attorney and Declaration of Representative, which Circular 230 licensed tax professionals use to represent their clients before the IRS. Several major updates to the form anticipate Affordable Care Act compliance and reflect the retirement of e-Services online tools for tax professionals. However, one important change was not found on the form at all – but, rather, in the…

  • Let It Be Easy

    August 11, 2014

    The CPAs I know, myself included, are no strangers to powering through the difficult patches.

  • Art of Accounting: Break-even Analysis

    August 8, 2014

    One of the best tools to evaluate a business and get a quick handle on the knowledge of the owner or manager is the break-even analysis.

  • Compiling a Tax Business Operations Manual

    August 7, 2014

    One of the things separating national franchise tax systems from independent offices is the fact that they have a system, which provides a proven, reliable way to run the business.

  • Employer Shared Responsibility: The Top Three Questions Asked by Small Business Owners

    August 6, 2014

    In addition to overseeing the daily operation of their business, small business owners rely on accountants to provide guidance on how to comply with changing rules, regulations and laws on the state and federal level.

  • Key Questions to Ask to Retain Top Clients

    August 5, 2014

    In an increasingly competitive environment, CPA firms are hard pressed to focus on strategies around client retention.

  • Taxing Times “Two” for the Restaurant Industry

    August 4, 2014

    Back in May 2013, I wrote an article for Accounting Today, “Taxing Times for the Restaurant Industry.” References to it popped up in a few blogs and law firm websites shortly thereafter, so it appears someone was reading! In that article, I spoke about Form 1099-K, the IRS-mandated procedure for reports issued by credit card companies to taxpayers that accept credit cards for payment.

  • Art of Accounting: Ask Stupid Questions Early

    August 1, 2014

    One time I was working for about a month at a client that was a stock broker. Throughout the office were signs that said P&S with arrows.

  • Cash Accounting: A Simpler Method for Small Firms

    July 31, 2014

    A number of groups testified or submitted statements recently at a hearing of the House Committee on Small Business Subcommittee on Economic Growth, Tax and Capital Access titled “Cash Accounting: a Simpler Method for Small Firms?”

  • Where Do You Want to Be in Five Years?

    July 30, 2014

    Talk about one of the most overused questions related to goal setting! How clichéd is the question of where someone wants to be in five years? What do you expect them to say? I want to rule the world! I want to be making an obscene amount of money! I want to be successful in my career! I want to be retired and laying on the beach! I want! I want! I want!

  • Capturing and Reinvesting the Savings from Information Lifecycle Governance

    July 29, 2014

    Corporate America is at a tipping point. According to an IDC report, the digital universe is doubling in size every two years and will reach 44 trillion gigabytes by 2020. Simultaneously, according to the Information Economics Assessment Kit published by CGOC (Compliance, Governance and Oversight Council), while the value of aging data decreases rapidly over time, the cost to manage it remains constant, creating an ever-increasing expense.

  • Why CPA Firms Gobble Each Other to Grow

    July 28, 2014

    While it is inevitable that a firm or company will eventually age and die, it is the responsibility of the managing partner or CEO to ensure that the firm or company remains viable.

  • Art of Accounting: Becoming an Expert in IRS Collections

    July 25, 2014

    In my previous column, I described how I received a Mercedes as a fee to help a pair of businessmen resolve their tax withholding problems with the Internal Revenue Service, and I soon became an expert in IRS collection matters.

  • Mosquitoes, Like Taxes, Suck

    July 24, 2014

    For tax preparers who aren’t interested in extending their tax business beyond the end of April, but who would like to keep themselves and their staff employed in some meaningful activity, accountant Craig Comer has a suggestion: go into another seasonal business.

  • The Tax Credit That Saves Lives… or Won’t?

    July 23, 2014

    Expiration of the research tax credit imperils the orphan drug credit, and the lives that depend on it.

  • Taxes: Are They Lower or Higher than the Past or Just Plain Different?

    July 22, 2014

    What steps are taxpayers taking today to cope?

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