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  • Art of Accounting: Start with the Cash

    August 29, 2014

    One time I was asked to audit a hotel in Florida that was going to be foreclosed on by the mortgagor and for which I was paid in advance. The audit was planned and scheduled, and it looked like we had everything under control from our end as much as we could.

  • Don’t Believe the Myths about the R&D Tax Credit

    August 28, 2014

    While both houses of Congress have addressed the passage of tax extender legislation, it is unlikely that anything will come of their efforts until after the midterm elections. One of the expired provisions that haven’t yet been extended is the R&D, or research, credit. If any provisions do get extended, this is one that will be in whatever package makes it to the President’s desk for his signature.

  • What You Need to Know about the New SEC Municipal Advisor Rule

    August 27, 2014

    Nonprofit and for-profit corporations that borrow through the issuance of taxable or tax exempt municipal debt have a new rule about who can give them financial advice.

  • Being a Thought Leader Helps Your Accounting Firm Recruit and Retain Staff

    August 26, 2014

    Finding and retaining quality staff is a top issue for accounting firms of many sizes.

  • Leadership Management: Strategic Planning for the Boom and the Doom

    August 25, 2014

    A recent call on a CPA client firm in the Midwest led to this exchange with the managing partner of the firm: “Greg….we just don’t have time to plan strategically, primarily because our clients are starting to feel the start of the boom and we are running like crazy to keep up with them.”

  • Art of Accounting: E=fs4Uh

    August 22, 2014

    Einstein developed a simple formula that provided the solution to the cosmos, energy and matter. Well, by working on it long enough with determined focus I just developed my own formula E=fs4Uh for the solution to client financial success. Ed = financial security for you at a higher level.

  • Accounting Firms On The Hunt For Consultancies

    August 21, 2014

    A growing number of management consultancies are being acquired by Big four accounting firms, according to mergers and acquisitions lawyer Stuart Cable.

  • The Quest for U.S. Tax Reform: Fact or Fiction

    August 20, 2014

    The perpetual drumbeat for tax reform continues to echo around Capitol Hill.

  • Business Development: It’s All about Organization and Discipline

    August 19, 2014

    In my former life as a partner in a CPA firm, I struggled with wearing all the hats a typical partner needs to wear when trying to build a successful firm.

  • 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.

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