client service opportunities

medical and dental expenses: what can you deduct?

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man taking medication from caretakerinsurance premiums can be deducted … in part.

by barry j. friedman, cpa
industrynewsletters

can your clients deduct medical and dental expenses? that’s a complicated question.

more: beware the taxes of self-employment | 6 key facts about excise taxes | gifts to charity: 6 facts about written acknowledgments | yes, home equity loans may still be deductible | social security hike the largest in 7 years | basis: turning a common client question into new business
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

to start with, their deductions must exceed 7.5 percent of their adjusted gross income. and they have to fall into an irs-approved category.
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busy season: the busiest ever?

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tax professionals expect a very busy busy season.

today’s bonus question:
the tcja impact on your practice and your clients
join the survey: get the results.

busy season barometer: 63 percent expect an increase in clients this year, and 78 expect higher revenues.

by rick telberg
卡塔尔世界杯常规比赛时间 research

one thing’s certain about the 2019 tax season: nothing’s certain.

the early results from the 16th annual 卡塔尔世界杯常规比赛时间 busy season barometer show tax practitioners hopeful but nervous.

more busy season:  tax season 2019 launches with a whimper  | 16 big questions for tax season  |  survey: tax accountants alarmed by tcja & shutdown  |  shutdown: what to tell tax clients during “the lapse”   |  beware the leeches and consultants   |  charitable giving under tcja  |  why padding tax deductions is a risky proposition  |  handling the delay in 199a regs |  survey: clients rush for tcja answers |goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

for many, the season seems to be shaping up for more clients and increased revenues. at the same time, however, practitioners are showing unprecedented concerns that instead of success, they could end up with a mess.

and mess or success, they’re in for a lot of work. read more →

the art of the deal: starts with listening

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be all ears. talk less. listen more.

by ed mendlowitz
call me before you do anything: the art of accounting

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.

more: fired from my first job | employees have better memories than bosses | when writeups went extinct | kennedy’s acceptance speech | what consulting is | mendlowitz: why my firm merged with ws+b
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

the business was on the cusp of super success, but they ran out of money and my client was going to buy the company, provide working capital and retain the owner to run the business.
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2019: appetite for growth unabated

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hand watering small plant in pot shaped like upward arrowfirms revisit old initiatives with fresh eyes.

by art kuesel
the rosenberg survey: national study of cpa firm statistics

business development investment continues to increase for growth-minded firms. there’s significant demand for traditional business development training and coaching for individuals at all levels.

more from the map survey: 2019: doing more with less | 2019: the biggest tech changes yet | 2019: three new trends to watch | 2019: client service moves to fore | 2019: shifts in hiring & office space | 2019: firms grapple with change
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

a handful of firms are pursuing non-traditional business development efforts such as converting a client service professional (partner, manager or supervisor) to part-time or even full-time business development.

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beware the taxes of self-employment

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senior executive in home office with two monitors and keyboard on leather desk and looking at paperwork on deskthat 15.3% is likely to be a stunner.

by barry j. friedman, cpa
industrynewsletters

your clients are self-employed if they’re in business for themselves – including a part-time business. that means they’re also their own tax manager!

more: 6 key facts about excise taxes | how clients should gather their papers for taxes | the latest fraud problem: synthetic identities | how to challenge property taxes | real estate, iras & clients | percentage-withholding for clients | bitcoin: what clients need to know
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

your clients can be self-employed as a sole proprietor/an independent contractor, or a member of a partnership or of a limited liability company. as such, they need to file an annual income tax return and pay estimated taxes throughout the year on their income.
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fired from my first job

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what i learned the hard way. so you don’t have to.

by ed mendlowitz
call me before you do anything: the art of accounting

my first job was with a sole practitioner friend of my father’s and lasted seven weeks.

more: employees have better memories than bosses | working for a jerk | the ‘wrong’ cpe | be a sounding board to your clients | make obsessed leadership work for you | client checklist: top 10 issues for real estate investors | working hard? or hardly working?
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

i was fired because i was terrible. i couldn’t do anything right!

here’s what i’ve learned.
read more →

6 key facts about excise taxes

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unexpected reasons the government wants more money.

by barry j. friedman, cpa
industrynewsletters

everyone knows about income taxes and sales taxes, but we tend to forget about excise taxes, because they’re not obvious.

more: how clients should gather their papers for taxes | charitable giving under tcja | why padding tax deductions is a risky proposition | portability: sharing the estate tax exemption | tariffs: what clients need to know now
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

excise taxes are paid when purchases are made on specific goods or activities, such as wagering or highway usage by trucks. the producers or merchants pay the tax and typically include the additional tax in the price to the end consumer.
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shutdown: what to tell tax clients during “the lapse”

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how's busy season so far? join the survey. get the results.
join the survey. get the results.

government shutdown scrambles busy season.

next question: how’s it affecting accountants and clients?
join the survey. get the answers.

by rick telberg
卡塔尔世界杯常规比赛时间

the internal revenue service is struggling to continue operations as the nation heads into tax season during the “appropriations lapse,” a.k.a the government shutdown.

some 16,000 irs employees are exempt from the shutdown, and another 30,000 are being called in to work without pay—a total of 57.4 percent of the 80,265 employed before the shutdown.

nevertheless, with four desks out of ten empty, the irs is holding back on most services that require human involvement.

tax practitioners would do well to advise their clients of the following:

read more →

how clients should gather their papers for taxes

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woman holding paper at deskthey don’t have to eat the rhino all in one bite.

by barry j. friedman, cpa
industrynewsletters

don’t let your clients find themselves frantically searching for information they need to file their tax returns at the last minute. help them reduce filing difficulties and possibly their tax bills by knowing what documents to have at your fingertips.

more: charitable giving under tcja | gifts to charity: 6 facts about written acknowledgments | yes, home equity loans may still be deductible | how to talk to clients about ‘basis’
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

most of the papers they need to document the income, interest and withheld taxes they report arrive in your mailbox in january, with investment-related 1099s often coming in february. they can get ready for that arrival by creating print and online folders. it’s a good idea to create a paper and an email tax folder for messages relating directly to tax information.
read more →

working for a jerk

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invisible businessman saying "blah blah blah blah blah"what is more important to you, how you look or how good the work is?

by ed mendlowitz
call me before you do anything: the art of accounting

early on in my career, i was assigned to work with a manager on a half-dozen monthly clients.

more: staffers need to speak up with clients | when writeups went extinct | kennedy’s acceptance speech
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

he went with me and worked on the main company while i worked alongside him on the baby company. the baby company was much smaller and usually was for a second line the client had. i did the writeup and prepared the financial and other statements for the current month and year to date.
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charitable giving under tcja

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donor-advised funds can be a simpler option.

by barry j. friedman, cpa
industrynewsletters

the new tax law nearly doubles the standard deduction for individuals and families, simplifying the filing process for millions of americans, but complicating giving strategies for many who have made a habit of deducting their charitable contributions.

more: the latest fraud problem: synthetic identities | why padding tax deductions is a risky proposition | portability: sharing the estate tax exemption | tariffs: what clients need to know now
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

indeed, an estimate from the washington, d.c., tax policy center is that the number of itemizers will drop from 46 million to 13 million. that means most taxpayers will have little tax incentive to donate cash or stock to charity, reducing giving by $13 billion to $20 billion a year.
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staffers need to speak up with clients

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two women talking5 takeaways.

by ed mendlowitz
call me before you do anything: the art of accounting

i started my third job one year and seven months after i graduated college. i was hired as a “junior” but felt i was more experienced because i was doing “higher level” work at my previous job.

more: the vanishing writeup | the ‘wrong’ cpe | be a sounding board to your clients | make obsessed leadership work for you | client checklist: top 10 issues for real estate investors | a cpa looks back across the generations
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

the first week at my new job, i was sitting at a long table in the staff room with two other junior accountants, footing 50-page, 10-column schedules and similar work. i mean footing. this was january 1965 and we did not have calculators or adding machines. there was one monroe calculator in the office, and if you wanted percentages you literally had to wait on line to get a turn using it.
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gifts to charity: 6 facts about written acknowledgments

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and of course, make sure the deduction is qualified.

by barry j. friedman, cpa
industrynewsletters

if your clients offer gifts or money to qualified organizations eligible to receive tax-deductible charitable contributions, they must do two things:

more: the latest fraud problem: synthetic identities | why padding tax deductions is a risky proposition | portability: sharing the estate tax exemption | tariffs: what clients need to know now | basis: turning a common client question into new business | the w-4 time-bomb and what to do about it
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

  1. have a bank record or written communication from the charity for any monetary contributions.
  2. get a written acknowledgment from the charity for any single donation of $250 or more.

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