Practice Management

CALIFORNIA

The numbers tell the story and it all boils down to time management. If you bill for your time directly or on an hourly basis, diligent timekeeping is something you must do in order to get paid for all of the work you perform for clients. If you bill on a fixed-fee basis, accurate time records help determine how profitable specific clients and projects really are - and if they're unprofitable, time records help us realize the viability of a client for the long term.

When given the opportunity to get in front of a prospective client, the expected and unfortunate inclination of most accountants is to try to impress the client with how great their firm is, and make every effort to convince them to engage.

IRS RELEASES HEALTH CARE TAX CREDIT FORM

While some states are now passing legislation that favors lenders, at the same time there are tantalizing federal and state tax benefits being offered to distressed homeowners who are facing foreclosure or considering short-selling.

The rising emphasis on transparency, accountability and financial reporting, coupled with the globalization of commerce, means more work is on the horizon for accounting firms. That's the good news. But one look around a firm's meeting room will tell you that the profession is graying, and conversations with human resources executives will reveal that turnover rates among young accountants are on the rise.

Integration is an important term that firms often use when talking about their technology, but many are finding the challenge even more difficult as they move to a digital platform. For years there has been discussion over whether you should buy best of breed or a suite from one of the leading vendors.

Brooklyn attorney William Halby has lost his latest try at deducting his expenses for prostitutes, erotic massages, and pornography from his tax returns.

ADP has acquired MasterTax LLC and MasterTax Services, expanding the payroll giant’s array of payroll tax and compliance services.

Four members of Congress have written to IRS Commissioner Doug Shulman asking him to investigate potential tax irregularities by three tax-exempt groups that run college football bowl championships.