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
checklist
‘quick and dirty’ tax review
… in 17 steps.
by ed mendlowitz
how to review tax returns: the field-tested update
five ways to increase audit efficiency
keep your financial statement audit off the naughty list.
by sarah timmons
sarah timmons is a chief auditor with auditclub.cpa, which provides on-demand audit and assurance review support for work papers, financial statements and engagement quality control reviews, as well as quality control and training services, and more to audit departments of cpa firms of all sizes.
as december flies by and busy season quickly approaches, it’s time to reflect on the successes and shortcomings of the past to plan for the first quarter of the new year.
more: six benefits of an internal audit | the ten financial controls that’ll make you a hero | five cash reports you can’t live without | when an audit is a great thing
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effective and efficient audits are the result of proper planning and, most of all, communications – with your staff, your client and, sometimes, your therapist.
here is a checklist of some simple tasks to help make the audit season a bit less stressful:
why you can’t skip checklists
do you want tax returns fast or right?
by ed mendlowitz
how to review tax returns
the three challenges on the road to partnership
and why we need them.
by martin bissett
passport to partnership
now we move on to our sixth “c” in the passport to partnership – challenges.
more: prepare the next generation now | five ways to show commitment | selling isn’t hard | do you make your firm look good? | 4 top communication habits | making partner when competence isn’t enough
again the heading has more than a single application, which we’ll explore here.
read more →
what accounting firm start-ups are doing right
and why other firms should worry
by 卡塔尔世界杯常规比赛时间 research
if your firm is 10 tears old, its probably getting stale facing intense competition for talent and grade-a clients from newer firms, less than 10 years, according to new research
more: keep these tax clients while you have the chance | some clients just aren’t worth the ‘mishegoss’ | when should you drop a client? | what’s the most ridiculous thing you’ve heard in tax season? | back to basics with client service | 4 steps to firing a client | top 10 ways to fire the client from hell | survey: zoom, teams top meeting choices | the hazards of poor internal controls | plan for your client to exit their business | what new leaders want in ownership | find your cas team at your firm | six ways to fix your firm agreement
it was the youngest firms – those in business for just one to two years – that scored highest. in hindsight, the reason is obvious: they began their firms during the pandemic. they didn’t have to change or adapt to the rigors of remote offices and limited client contact. they built their firms to fit the pandemic context.
the ten financial controls that’ll make you a hero
what clients need to know.
by ed mendlowitz
77 ways to wow!
if you want your business to grow, don’t focus on only the easy financial controls where you can see quick results – such as holding down petty cash expenditures or checking expense accounts for accuracy.
more: rule #1: start with cash | organization minutes too often overlooked | the seven-minute financial statement | the kpi an absentee manager needs
instead, go for the tough steps that affect long-term profits and facilitate growth.
captive insurance: the top eight myths
deconstructing misconceptions about forming your own insurance company to optimize cash, mitigate taxes and build enterprise value
by ken huffman, cpa
president
captive nation
with continued economic uncertainty, companies of all sizes are looking toward captives as a way to manage high-severity risks and gain enhanced flexibility and greater control over their total cost of risk. and you don’t have to be a global behemoth to form a captive.
more in tax practice: the new tax opportunities in real estate | should the irs create a free file app of its own? | your tax season success plan starts here, now | tax prep fintech startup: april raises $30 million | new ira guide updated & expanded with 42-page supplement | thinking commercial real estate? think fast | new small firm cost seg opportunities | can the r&d tax credit be used to offset the amt? | how the r&d tax credit has expanded over the years |
captive insurance can be one of the most effective ways for businesses to protect themselves, optimize cash, mitigate taxes and build enterprise value. however, captives often arouse suspicion among those who are not well-informed. that’s because there have been widely publicized cases of companies using captives as illegal tax shelters, among other abuses.
to separate fact from fiction, i will walk you through some of the most frequently heard objections to captives and explain why those objections are often short-sighted. read more →
five tests: how open are you to change?
you can’t fix what you don’t see.
by sandi leyva
the complete guide to marketing for tax & accounting firms
a long time ago, a participant in one of my classes passed a note saying, “the only people who like change are babies.” i believe everyone will agree that change is not easy until you develop a skill to embrace it.
more: 13 reasons to master consumption marketing | how to fire a client | five tips for virtual team member happiness | five skills that spell success | beyond compliance: what more you can provide | the biggest seo secret of all: google business listings | five ways to get better clients
here are five quick questions for your consideration:
fourteen rules for lateral partner hires
be clear about their client base.
by marc rosenberg
cpa firm mergers: your complete guide
it’s fairly common for law firms to hire partners from other firms, a practice termed “lateral partner hires.” cpa firms do this but much less often.
more: where mergers go wrong | twelve tips for negotiating mergers | buying a solo | why merging in smaller firms is fabulous 13 reasons to merge up | thinking merger? first ask why.
the main reason for this difference is that law firms cannot legally have nonsolicitation or noncompete covenants in their partner agreements. most cpa firms do have such provisions, which severely restrict the movement of partners from firm to firm.
despite these nonsolicitation provisions, cpa firms do sometimes make lateral partner hires (lps). there are several variations:
read more →
keep the accountants focused on accounting
checklist: the 10 questions you need to ask.
by penny breslin
it’s not just the numbers
i’ve developed a series of questions to assess someone’s aptitude for being on a team. each person in your firm who is a possible member of the back office support (bos) team needs to answer these questions. that includes you, as you are a potential team member.
more: which kind of team do you have? | you don’t have to do everything | what do you want advisory services to be? | meet the new bos | why ai is not the enemy
ask others in your firm or people you work with outside your firm to give you feedback on these questions as they see you and the other potential members of your team. their responses will give you a second filtering of your potential as well as others you would like on your team. notice these are not questions relating to the competencies in accounting functions. the assumption is that you and your people already possess those skills.
read more →
twelve tips for negotiating mergers
plus: guarding against deal fatigue.
by marc rosenberg
cpa firm mergers: your complete guide
after you’ve identified a merger partner.
after you’ve convened a get-to-know-you meeting.
after you’ve exchanged financial and production data.
after you’ve received letters of intent,
more: mergers: one stage or two? | what your merger letter of intent needs | 61 things buyers should explore with sellers | thirteen ways to woo potential firm buyers | one times fees isn’t the only way | four reasons to fear a merger
… now you’re ready to get down to business! it’s time to begin arguably the most critical of the dozen or so major steps in the merger process: negotiating the deal. read more →
what your merger letter of intent needs
bonus: a 19-point checklist for sellers.
by marc rosenberg
cpa firm mergers: your complete guide
note: this post was written in collaboration with attorney peter fontaine, the founder and managing partner of newgate law, a firm of lawyers that work with cpa firms exclusively. he served as legal counsel at arthur andersen and rsm for more than two decades. he can be reached at pfontaine@newgate.law or (617) 513-2440.
at the onset of the merger process, most sellers contact at least two to three potential buyers. this positions the seller to select one buyer to commence negotiations with, in earnest.
more: buying a solo | 23 questions for mergers of equals | 61 things buyers should explore with sellers | why merging in smaller firms is fabulous | selling your firm? what to expect | thirteen ways to woo potential firm buyers
after an exchange of financial and operating data and meetings to clarify the information, but before serious negotiations begin, it is customary for the qualified buyers to issue letters of intent (lois).
read more →