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Inside Views

  • What Your Firm’s Leadership Says about Your Firm’s Future

    June 11, 2014

    I recently attended a mixer for bankers, attorneys and CPAs in my area and I ran into a manager from a competing CPA firm.

  • Has Your Firm Reached the Tipping Point?

    June 10, 2014

    If your firm is like most, there is no shortage of work to go around. But if the workload seems to never end, why aren’t your engagements as profitable as you’d like?

  • Why a Partnership Loss May Not be Deductible

    June 9, 2014

    When an individual receives a Schedule K-1 from a partnership reflecting a loss, there are several things to consider before deciding if the loss can be deducted. In order to determine deductibility, a partner's basis and at risk limitations need to be evaluated.

  • Teaching Tax Pros to Hunt in the Wealth Management World

    June 6, 2014

    One of the key hurdles that advisors encounter in considering the transition to offering integrated wealth management services is the fundamental gap between the marketing model employed by traditional financial advisors and the practices that tax advisors are familiar with from the accounting world.

  • Art of Accounting: You Must Push the Pencil

    June 6, 2014

    Tax rules continuously change, but the specific tax matter here is not what’s important. What is important is the process.

  • How Tax Preparers Can Make Money Year-Round

    June 5, 2014

    Beyond opening a lemonade stand, many tax preparers who haven’t yet grown their business into a full-service accounting practice are used to seeing their income dry up during the hot summer months.

  • Leadership Management: A New Paradigm for Growing Your Team

    June 5, 2014

    Through the years there have always been subtle changes for managing partners and CEOs, and their reporting partners and managers, in the functions and activities of managing the firm or company.

  • Research Tax Credit Just Became Simpler

    June 4, 2014

    The Treasury Department and the Internal Revenue Service released two regulations Tuesday, one temporary and one proposed, that revise research tax credit election rules and make it simpler for taxpayers to take advantage of the tax benefit offered by the credit.

  • Why Should Accountants Specialize?

    June 3, 2014

    Many accounting firms believe that in order to generate as much business as possible, they must be generalists.

  • Did Your Clients Ask The Right Questions?

    June 2, 2014

    From expenses and timesheets to estimates and invoices, it can be overwhelming for clients to condense an entire year of business into one single meeting with their accountant.

  • Art of Accounting: My Boss Hated the Client

    May 30, 2014

    Early on my boss took me to a client that I was to work on. He started to explain what needed to be done and what the client did, but then he said, “I hate this client—everything is always messed up and nothing ever makes sense.”

  • Pro Tax Preparer Versus DIY Software

    May 29, 2014

    For tax preparers who were somewhat dismayed by the recent IRS statistics indicating a slight drop-off in the number of taxpayers who were using a professional to prepare their taxes as opposed to do-it-yourself tax software, take heart.

  • Play Matters — How Are You Playing?

    May 28, 2014

    If your accounting practice focuses around tax and consulting work, one of our biggest deadlines is past and we have a couple of months to gear up for the rush of September and October 15.

  • Art of Accounting: Secret Five-Year Plan

    May 23, 2014

    Planning is a trait of most accountants including me. Maybe that is one reason we become accountants. I always seemed to write out plans—for myself, partners, staff and sometimes personal activities.

  • Enhanced Section 179 Amounts for Fiscal Year Entities

    May 22, 2014

    Enhanced Section 179 expensing allowances, along with dozens of other “temporary” tax provisions, expired at the end of last year.

  • Detoxify Your Work Environment with Authentic Appreciation

    May 21, 2014

    Keeping your staff happy and feeling appreciated is one of the primary challenges facing accounting managers today.

  • GAAP Hinders Profitability

    May 19, 2014

    The formula for profitability has been established for ages. Every business owner, CEO, freelancer and entrepreneur knows it. It is even supported—scratch that, mandated—by GAAP, which is enforced by the SEC in the United States.

  • Art of Accounting: Understanding the Dynamics of a Situation

    May 16, 2014

    A client wanted to buy a business in Birmingham, Ala., and I went there with the company’s CFO to review the books, do some due diligence, kick the tires and negotiate a deal.

  • Educating Clients on the ACA

    May 15, 2014

    The summer months are typically the time that CPAs fall out of touch with their clients. Some may send out or email one or two newsletters, but most taxpayers and preparers have thoughts that are far from next year’s taxes.

  • Tax Benefits of REITs in Private Investment Funds

    May 14, 2014

    Real estate investment trusts were originally created to permit tax-efficient public investment in real estate, but REITs have also found wide use as private vehicles.

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