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Inside Views

  • 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?

  • You Don’t Learn Anything When You’re Talking

    July 21, 2014

    While reflecting on a telephone call with the Senate Democratic Campaign Chairman, George Smathers, on Saturday, Nov. 23, 1963, Lyndon B. Johnson said, “You don’t learn anything when you’re talking.”

  • Art of Accounting: How I Got a Mercedes as a Fee

    July 18, 2014

    At one point we had a client that was going out of business and they asked us to negotiate a final settlement with the IRS where the two partners could walk away broke but without being in debt to the IRS for unpaid withholding taxes.

  • Most Important Tax Benefit for Tax Executives

    July 17, 2014

    The tax reform proposal put forward by House Ways and Means Chairman Dave Camp earlier this year attempts, like other proposals before it, to broaden the base and lower the rates.

  • Business Owners Need to Keep a Close Eye on Potential U.S. Tax Changes

    July 16, 2014

    One of the most closely watched and discussed issues in Washington this year is tax reform.

  • To C or Not to C

    July 15, 2014

    One of the first, and perhaps most important, decisions a business owner initially makes is the type of business entity to select.

  • Building Your Bench for Succession

    July 14, 2014

    Thousands of firms are working through the succession and retirement of senior partners and deciding along the way whether or not they can pull it off internally and stay independent.

  • Art of Accounting: How I Owned a Printing Company and Restaurant

    July 11, 2014

    My childhood dream had two parts. One was to have my own CPA practice and the other was to own a bunch of businesses. The CPA part worked out great. The businesses part did not.

  • Rising Economy Generates Activity in Sales of Businesses

    July 10, 2014

    The trend is up in the business-for-sale marketplace, according to the latest BizBuySell survey of business brokers.

  • Cash Balance Plans Give Savings a Tax-Advantaged Boost

    July 9, 2014

    In 2014 many of the country’s high-income earners will keep less than they pay in taxes.

  • What Do You Want to Be When You Grow Up?

    July 8, 2014

    Every now and again, being an executive coach brings me into conversations with a fascinating subset within the CPA world—the CPAs who want to be something else when they grow up.

  • Business Intelligence in the Mid-market

    July 7, 2014

    Why do the top companies invest so heavily in business intelligence? Profits.

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