tax practice

the six types of “impossible” clients

by

not that there aren’t others.

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

as a cpa, i deal with many types of clients’ personalities. if i chose only one type, i would not have had much of a practice. and i doubt i would have found that one perfect type too many times. i have been very fortunate to have really nice and very smart people as clients.

more: 50 ways to make more money in busy season | 14 simple, easy tips for a better tax season | how to recoup staff training costs | 10 ways to stay in control | advice to new accountants | clients don’t lose sleep for overpaying taxes | when time-based pricing works
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

i believe entrepreneurs are the most stimulating people to work with. however, this doesn’t mean they don’t have peculiarities and that this sometimes makes them difficult to deal with – sometimes, but fortunately not most of the time.

here are six examples of types i had to put up with and had to learn to overlook some of the unfortunate traits.
read more →

the irs’s $3-billion problem

by

bar chart

 

92% of paper returns stuck in the backlog.

by 卡塔尔世界杯常规比赛时间 research

tax preparers would be wise to advise their clients to e-file this year. according to the government accountability office and the taxpayer advocate service, the irs is not keeping up with paper returns.

in fact, it seems to be barely trying.

more: hunker down: the irs backlog isn’t going away anytime soon | the irs studebaker bomb | imagine irs ‘concierge’ service. just imagine. | irs has recruiting problems, too
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

chickenfeed

the covid-19 pandemic is only part of the problem. yes, of course, last year, with irs offices shuttered and phones shut down for months, a backlog built up. by the end of the year, “irs had a significant backlog of returns and taxpayer correspondence,” according to the gao.
read more →

family feud isn’t just a game show

by

jason p. trenton
jason p. trenton: how to avoid family feuds.

why you need an estate administrator pro.

by anthony glomski and russ alan prince
your $5-million high-net-worth practice

being named executor of an estate places many legal and fiduciary responsibilities on that person. an executor is entrusted with settling the decedent’s affairs, arranging for the payment of any income and estate taxes, and distributing the assets of the decedent’s estate. in most cases, people choose a loved one or family member to serve as executor.

more: working with the ultra-wealthy | become a thought leader | working with the super-rich and single-family offices | the family office model | the new way to get the best clients | the four-step process for client-focused business development | life insurance as part of wealth management
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

“unfortunately, i have seen executors neglect their fiduciary duties during the estate administration period, which has exposed the decedent’s estate to unnecessary legal expenses, tax liability, and family feuds,” said jason trenton, a top trust and estate attorney in the los angeles office of venable llp’s tax and wealth planning practice.
read more →

stop drowning in client documents

by

pile of documents on desk stack up high waiting to be managed.a better way to keep track.

by ed mendlowitz
the 卡塔尔世界杯常规比赛时间 practice doctor

question: we are in an era of paperless procedures and files, but many times clients send in paper documents, cds or stick drives, besides emailing their information or using our portal.

more: employee demands a raise she doesn’t deserve | but i am managing! | how to run a practice in 90 pages | how improv can help accountants | four tips for new partners | an alternative to pro bono | 14 better uses for timesheet data | 9 must-haves for firm growth
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

how can this be handled? we seem to always be tripping on the information.
read more →

hunker down: the irs backlog isn’t going away anytime soon

by

the bottom line: for every dollar in new funding, the irs could be collecting 10 times that. 

the tax season from hell:
will the new may 17 extension help or hurt accountants?
join the survey. get the answers.

by 卡塔尔世界杯常规比赛时间 research

irs commissioner charles rettig says the backlog of millions of returns will remain unresolved for months more.

//www.g005e.com/?p=82486“we would hope to be through this backlog by the summer,” rettig told house ways and means oversight subcommittee chairman bill pascrell, who said 24 million returns are jammed in the irs pileup. rettig countered with 2.4 million, the number of individual returns.

more on a tax season from hell: what tax pros are saying about busy season 2021 | hunting the amended return | the irs studebaker bomb | make your firm faster, smarter, richer … with millennials | tax professionals report tough slogging | 50 ways to make more money in busy season | stop beating up the irs – really | imagine irs ‘concierge’ service. just imagine.

goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

his testimony came a day after the government announced it would extend the filing deadline from april 15 to may 17, with crucial details still to be determined. the new rules sent tax software companies rushing to push out updates and left accountants and their clients in limbo. and, he said the delay in the tax-filing deadline could postpone the launch of a new monthly child tax credit payment program,

read more →

comeback stalls as layoffs hit 1,500 in accounting

by

cpa firms cut average staff pay.

“the tax season from hell?”
join the survey. get the results

by beth bellor
卡塔尔世界杯常规比赛时间 research

the accounting profession sector by sector generally looks slightly brighter, with most reporting headcount growth for the month – but losses for the year.

exceptions include the profession overall, which is taking a 0.2 percent dip, tax preparation services up for the year 3.3 percent, and bookkeeping, up 1 percent.

more on jobs: tax & accounting regains 3,800 jobs | accounting jobs recovery slows | tax & accounting firms rehire two-thirds of pre-covid workforce | tax & accounting firms rehire two-thirds of pre-covid workforce | new job cuts at cpa firms | covid job toll: tax & accounting cuts 17,500 employees | firms recall half of furloughed staffers
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

in this report, 卡塔尔世界杯常规比赛时间 highlights:

  • current and long-term hiring trends in each of the bookkeeping, payroll, tax, and cpa segments of the industry (all data seasonally adjusted)
  • average hourly wages for key segments
  • typical hours worked per week
  • trends concerning women in the accounting workforce

read more →

team expectations: a checklist for busy season

by

what do you think your staff knows about tax season? check again.

by kristen rampe

busy season is here. are you ready? is your team ready?

you might feel your team “should know” your expectations, but that’s not always the case.

more rampe: pandemic lesson: innovate faster | tax season savvy: five ways to stay sane | why host a partner retreat? | survey results: effective stay interviews for cpa firms | the 16 biggest #fails in delegation | survey: work-life balance: according to whom? | new survey results: two ways your strategic plan can reduce turnover |

goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

a client of ours once assumed a five-year staff they hired from a top 10 regional firm would know tax professionals work on saturdays from february – april. she chose not to show up for any of them in february.

while the managing partner stewed over this behavior, we realized three key factors were in play:

read more →

you’re not just taxes

by

make sure tax clients know about other services.

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

during a tax return preparation interview, getting a client’s information is a tremendous opportunity to find out the concerns of the client and how you can help.

more: 20 good ways to boost tax season production | how to recoup staff training costs | 10 ways to stay in control | advice to new accountants | clients don’t lose sleep for overpaying taxes | when time-based pricing works
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

the assistance you give can sometimes provide a life-changing benefit to the client while enabling your firm to increase its service base and gain additional revenues.
read more →

how to implement the laziness equation

by

time is money : clock hands on $100 billscalculate and cut turnaround time.

by frank stitely
the relentless cpa

one of the funniest parts of launching clarity practice management has been watching my business partner, peter daniel, learn about the business acumen of cpas and accountants. peter and i founded clarity as a collaboration between a cpa firm client (peter) and a cpa firm (me.). he knew what he wanted from a client perspective, and i knew what we wanted as a cpa firm.

more: the happier, saner, richer tax firm | ‘quick questions’ and other client sins | when clients create errors | how we killed the tax season client meeting | why small firms can win the talent wars | there are no easy answers | how to thrive as a 21st-century firm
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

peter owns a software development company and believes in the rational decision-making model for businesses. the rational decision-making model is totally irrelevant to the way most cpas and accountants run their practices. for instance, consider this interchange between peter and a practitioner at our clarity booth during a trade show.
read more →

the happier, saner, richer tax firm

by

scrambled thoughts enter man's head, straightened ones come outit’s not easy, but it is possible.

by frank stitely
the relentless cpa

i’m back. since writing the “relentless cpa – the new 21st century system for driving success at tax and accounting firms,” i have spoken to dozens of cpas and accountants, been called a dozen names (some of them deserved), and received a few death threats.

more: ‘quick questions’ and other client sins | how to train clients | how to reduce tax return errors | why your firm needs to attract more millenials | the fool in the room | the 3 biggest tech failures of accounting firms | 7 steps to effective project management
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

actually, the death threats came from my wife, who said she’d kill me if i said “yes” to any new projects. she watches lots of crime shows, so the fbi regarded her threats as serious. i am writing this to buy a bulletproof vest for when she gets out of jail. thank you for your contribution to saving my life.
read more →