here’s what you’re looking for: edward mendlowitz

special

judge reviewers by how tax preparers improve

businesspeople discussing chartsalso: eight kinds of staff you don’t want.

by ed mendlowitz
how to review tax returns: the field-tested update

reviewers have to face accountability. they are judged several ways, but i feel the best way is not with a metric but by how the quality of the preparers improve during tax season and how the workload is managed.

more: tax reviewers can advance, with a push | what makes an excellent tax return reviewer | 10 errors that ‘smart’ scanners make | tax: the procedural checklists your firm needs | the best way to review a tax return | why you can’t skip checklists
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yes, the reviewers are responsible for the preparers’ quality. the reviewers are expected to find errors and show the preparer what they are, how to fix it and to not have them reoccur. and this should be done quickly by not letting prepared returns hang around unchecked for a while. the quicker the turnaround time, the easier and better the training and better all-around job by everyone.
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client service opportunities

eight ways to value a family-owned business

scales, money and gavelwhy fair market value can’t always be used.

by ed mendlowitz
77 ways to wow!

there are many ways and purposes for valuing a privately owned business. there is no one “right” way. an appropriate method should be determined depending upon the reason and use for the valuation. here are explanations of some of the most used methods.

more: solos need plans for death, disability | when an owner dies without a buy-sell agreement | due diligence is in the details | manage better with the right financial tools | do you need a forensic professional? | six benefits of an internal audit
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fair market value

many people refer to a business’ value as its “fair market value” but this is generally a misused term. its derivation is from a 1959 irs revenue ruling that specifically addresses valuations for gift and estate tax purposes and does not necessarily provide a reasonable valuation for other uses.
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special

tax reviewers can advance, with a push

two people talking and smiling in officeseven management tasks to adopt.

by ed mendlowitz
how to review tax returns: the field-tested update

reviewers are the team leaders of tax season. there are many people involved in the process, but an aware reviewer can and should be the team leader.

more: what makes an excellent tax return reviewer | ‘quick and dirty’ tax review | three ways to improve tax returns | don’t use eyes, use brain | three types of tax return reviews | tax review procedures are your quality control | how to turn tax returns into new business
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

every return passes through the review department. some reviewers, like some staff and even some partners, do what they are supposed to do, and they do it well and with pride, but they do not step over the boundary of what they perceive their job is to do. the leaders step forward and assume responsibility!
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management

solos need plans for death, disability

"sorry we're closed" sign hanging in windowchecklists for pre-planning … and for recovery in a worst-case scenario.

by ed mendlowitz
77 ways to wow!

every sudden death or disability is a tragedy. for those who own a business and do not have a contingency plan in place, their legacy is confusion, high costs, stress and anxiety for their family, employees, customers, vendors and everyone else who depends on that business in some respect.

more: when an owner dies without a buy-sell agreement | are you ready for a co-owner to drop dead? | simple controls can prevent fraud | charity directors must take theft seriously | forensic techniques can be fraud deterrence | the hazards of poor internal controls | rule #1: start with cash
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businesses are organic in that many people depend on them for many things and do become part of people’s lives. owners who do not plan, shortchange those they leave behind … saddling them with doubt and many times with unnecessary and unfavorable consequences. lack of planning is not done through ignorance, but through arrogance. making plans for your death is difficult and unpleasant … but it is a necessary part of life. it is a courtesy for those closest to you who contributed to your success.
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checklist

what makes an excellent tax return reviewer

bonuses: a 10-question test (and answer key), plus 18 other issues you might want to test.

by ed mendlowitz
how to review tax returns: the field-tested update

firms have to decide who will do the tax return review, and how qualifed they are for this. ideally, trained tax department personnel are the primary reviewers. however, the bunching and compression of work often shifts some of the review to higher level, non-tax personnel such as audit managers and partners who might not have the comprehensive training, background, knowledge and experience to handle everything that comes up during the tax preparation process.

more: ‘quick and dirty’ tax review | when returns should be submitted for review | tax follow-up worksheets can mean more revenue | stop tax return review shortcuts | routine is key to reviewing tax returns | seven types of tax return reviews
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

additionally, in many firms, almost everyone on the staff will prepare some returns to ease the almost insurmountable burden on the tax department. that lack of trained preparers, though, places an added burden on the reviewers, making it important for them to be more aware and alert when they perform the review.
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advisory & consulting

when an owner dies without a buy-sell agreement

three ways to value the business. four lousy alternatives.

by ed mendlowitz
77 ways to wow!

the right thing to do is have a buy-sell agreement, but many owners stupidly neglect to get this done. here is a suggested buyout plan where one owner drops dead, unexpectedly, and there is no agreement.

more: are you ready for a co-owner to drop dead? | you don’t need this, but your survivors do | five ways to ward off fraud in not-for-profits | client hires new manager: you need a plan | anatomy of a fraud
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a caveat is that the right way is to engage an appraiser to determine the value and go through an entire process that was explained in my previous post. however, with smaller businesses where the families want to keep costs low, not cause excessive time and stress, and remain friends … what follows is a suggested plan. this might not work in every situation and is certainly not ideal. however, it does offer a manageable method of price and terms.
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checklist

‘quick and dirty’ tax review

… in 17 steps.

by ed mendlowitz
how to review tax returns: the field-tested update

everything i suggest in my handbook is recommended and works well. each firm will use and adopt what they want and what fits into their practice.

more: when returns should be submitted for review | 10 errors that ‘smart’ scanners make | tax: the procedural checklists your firm needs | the best way to review a tax return | why you can’t skip checklists | how to turn tax returns into new business
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

many times, i am asked for a quick down and dirty suggested review method, so i put the following together. this should not be a substitute for reading the handbook and considering all my recommendations. reviewing is a process, not a thing to do.
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mergers & acquisitions

when returns should be submitted for review

three times it’s appropriate.

by ed mendlowitz
how to review tax returns: the field-tested update

the workflow of returns submitted to reviewers needs to be managed, otherwise the reviewer could become overloaded with incomplete or partially completed returns waiting on additional information. this adds nonproductive work to the reviewer that can best be delegated to the preparer, who is actually delegating it to the reviewer, i.e., upward delegation, which makes no sense, or have it assigned to an administrative person for follow-up. for efficiency i suggest that the preparer is the best person to follow up and maintain control of the incomplete return.

more: 10 errors that ‘smart’ scanners make | three ways to improve tax returns | don’t use eyes, use brain | three types of tax return reviews | tax review procedures are your quality control | seven types of tax return reviews | how to turn tax returns into new business
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

the firm mindset must be to maximize the efficiency and effectiveness of the reviewer. (i keep repeating this. this must be a top goal if you want to get the best that the reviewers can offer to you.)
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