ten types of tax clients to avoid | listicle
today's features
steve yoss: boost security with mfa | quick tech talks
your data has probably already been exposed.
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quick tech talk
with steve yoss
cpe today
data breaches have become an unfortunate reality in the digital age, and with them, the risk to personal and financial information continues to grow. however, there is a simple yet powerful way to protect your accounts: multi-factor authentication (mfa).
more steve yoss
more tech
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mfa, sometimes referred to as one-time passwords, has become a cornerstone of modern cybersecurity. think about this hard truth: your data, unfortunately, has probably been exposed by either a website, a web service, or maybe even your favorite merchant at some point in the last 10 to 15 years. when passwords are stolen in data breaches, cybercriminals often use them to access accounts on other sites, exploiting the common habit of password reuse.
toward a 21st-century cpa: a dynamic vision
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susan bryant is a certified public accountant and certified tax strategist. she has earned widespread recognition, including honors as a woman of empowerment, enterprising woman of the year, and being named among the top 50 women in accounting. |
seven areas of focus for every firm.
by susan bryant
the holistic guide to wealth management
as the old saying goes: “everyone wants an accountant; no one wants to be an accountant.” whether that saying is true or not, the future of our profession hinges upon casting a new vision.
more: what multiples mean to accounting firms | tsunami of m&a, pe is disrupting the accounting profession | why cpas are best positioned to become financial advisors | how wealth management has evolved | introducing you to a fulfilling return on relationships | rory henry upends the traditional accounting firm | why now is the time for cpas to embrace wealth management
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accounting has been many things over the years, but “exciting” is not an adjective you hear often to describe it. reliable. dependable. necessary. sure, but rarely exciting.
however, we live in fast-moving and volatile times. everything is changing rapidly. the aftermath of the pandemic, and the seismic shifts it caused in the global and local economies, have upended nearly every aspect of business. sector after sector is scrambling to adapt to our fast-changing world. it’s a world in which the stock market is volatile; inflation is high; war, recession and weather events loom; and millions of boomers are exiting the work force and surging into retirement. with the world changing so fast, every aspect of business services needs to change with it, including accounting.
read more →
deals 2024: over 100 cpa firm mergers and acquisitions
buckle up for 2025.
by 卡塔尔世界杯常规比赛时间 research
curious about the deals that went down in 2024 and how they might inform your next move? marc howard is, too. so, he compiled a comprehensive list.
howard is a serial entrepreneur in the accounting space, host of the pitch your firm podcast, founder of firmlever, founder of taxplow, co-founder of bizpayo, and creator of tax advisor gpt.
howard found upwards of 115 deals in 2024, ranging from the first deal of the year, ata cpas’ takeover of whitehorn tankersley & davis on jan. 3, to the last, platform accounting group’s roll-ups of midwest advisors and crossroads advisors on dec. 23.
some of the most active buyers on his list include cbiz, which counted marcum among its three deals; citrin cooperman, with eight deals; cla, crowe, and doeren, each with three; and eisner, with four deals.
he predicts an even busier 2025 for the profession.
major changes to circular 230: implications for tax professionals | cornerstone report
this cornerstone report analyzes the key differences between the current and proposed rules, focusing on the implications for professional tax practitioners, especially cpas and enrolled agents.
by 卡塔尔世界杯常规比赛时间 research
the u.s. treasury department and internal revenue service have proposed significant updates to circular 230, which governs practice before the irs.
more cornerstone reports: gen ai in accounting: epic transformation, or overheated hype? | jobs outlook: strong and steady growth in hiring and earnings for u.s. accountants | explaining the talent shortage in one big chart | battling the staffing crisis: is a little-known, but controversial, visa program the answer? | salary and compensation outlook for small cpa firms 2025 | a brief history of the us income tax, the internal revenue service, and the tax, accounting and cpa profession | 卡塔尔世界杯常规比赛时间 almanac: key data points for the tax, accounting and finance profession
they couldn’t have chosen a worse time to release the proposal – the day after christmas, dec. 26, just before tax season 2025.
comments are due feb. 24, with a public hearing on march 6. only the irs, it seems, would be surprised if you’re too busy to attend.
make sure your firm understands the value of cas
your partners will apply their expertise to generate insights and advice that your clients will value more.
by hitendra patil
client accounting services: the definitive success guide
unless you become the “cas champion” or make someone accountable to be one, your client accounting services practice will not take off the starting blocks.
more: save 75% with one banking change | you, a virtual cfo? why not? | who is ready for client accounting services? | wants? needs? cas helps fill both | automation can be exciting in client accounting services | eight steps for better client accounting services | do you have the client accounting services mindset? | four ingredients to your cas ‘why’ | cas clients are ‘stickier’
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and the single biggest initial challenge for the cas champ is how to communicate the value of cas to the firm’s future fortune to every stakeholder – be it partners, staff, clients and prospects. for this post, i will assume that your cas champ absolutely “gets it.”
read more →
jason blumer: serving your team is the ultimate leadership strategy | gear up for growth
discover why intentionality and clarity are key traits for successful leaders.
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gear up for growth
with jean caragher
for 卡塔尔世界杯常规比赛时间
leadership in accounting firms requires a shift from technical expertise to guiding and empowering teams. jason blumer, founder and ceo of blumer cpas, discusses the journey of embracing leadership roles, overcoming self-doubt, and fostering a service-oriented mindset on gear up for growth,
gear up for growth spotlights the best strategies for smart and efficient growth in today’s competitive landscape. more gear up for growth every friday here | more capstone conversations with jean caragher every monday | more jean caragher here | get her best-selling handbook, the 90-day marketing plan for cpa firms, here | more 卡塔尔世界杯常规比赛时间 videos and podcasts here
blumer is no stranger to innovation and leadership. recognized as one of accounting today’s 100 most influential people in accounting and a cpa practice advisor. with over two decades of experience leading a thriving cpa firm and coaching accounting entrepreneurs, blumer’s expertise is a beacon for those navigating the challenges of leadership in today’s fast-paced industry.
“effective leadership involves creating future leaders and tackling difficult conversations head-on,” blumer says. “it’s about fostering a culture of accountability and trust while confronting the discomfort that often accompanies leadership responsibilities.”
being a partner is great! have you told your staff?
don’t assume they know how good you have it.
by marc rosenberg
cpa firm staff: managing your #1 asset
conveying to staff why it’s great to be a partner at a cpa firm is one of the weakest areas of partner performance. it’s also a best practice for managing staff.
more: what it takes to get a promotion in accounting | generational differences can’t be ignored | eight strategies for recruiting | training? cpe? they’re not the same | what leadership looks and feels at cpa firms | the importance of great bosses | why staff leave cpa firms … and how to stop them | how accounting staffing has changed
exclusively for pro members. log in here or 2022世界杯足球排名 today.
true story
we worked with a five-partner firm on the east coast on succession planning. the partners were all in their late 50s and 60s and two or three of them planned to retire in the next five years. they were wrestling with a tough decision: do we merge into a larger firm as our exit strategy or do we/can we gradually turn the firm over to our three managers, all of whom have the talent and experience to be a partner? they dreaded the former option and preferred the latter.
read more →
bissett bullet: marketing creates need
today’s bissett bullet: “utopia for a proactive accounting professional is a diary filled with appointments to meet with prospective ideal clients. effective marketing makes that a reality.”
by martin bissett
as you become more effective at marketing, regularly using the forms of marketing that are proven to work decreases your labor intensity. over time, this means less of a need to convince people to work with you and as a result, less resistance to fees. your diary will fill up because people are calling you, not as a result of you calling them.
today’s to-do:
time to check in on some of the marketing activities you have been testing. which have been the most effective so far in terms of putting appointments in your diary?
see more bissett bullets here
jeremy dubow: private equity as a catalyst for growth | arc
ceo says private equity isn’t about cost-cutting—it’s about investing in technology and talent.
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accounting arc
with donny shimamoto
center for accounting transformation
the accounting profession is evolving, and if private equity is any indicator, firms like prosperity partners are leading the charge. in the latest accounting arc episode, host donny shimamoto, cpa.citp, cgma, speaks with ceo and pe-backed prosperity partners llc co-founder jeremy dubow, cpa, about the firm’s innovative approach, private equity backing, and non-traditional practices.
more accounting arc: breaking the burnout cycle in accounting | accounting in transition: 2024 reflections & the road ahead | ron baker: visions for the accounting profession | angie grissom: next gen inspo for accountants | does accounting belong in stem? | rose wang: where numbers meet strategy and creativity | tiktok fraud exposes gaps in financial literacy | how accounting pros own the stage in public speaking | greg kyte: being a cpa is like being the marie kondo of numbers |
new: m&a, pe, or independence: chart your cpa firm’s future in 2025 – webinar jan. 28
“we’re not your traditional firm,” says dubow, who started the firm with two partners in 2003 as ndh advisors, and sold a stake to unity partners in in 2023, rebranded as prosperity and launched a series of knock-on acquisitions. “we focus on transformative technologies and people-first culture to redefine what an accounting firm can achieve.”
unlike most accounting firms, prosperity partners operates without an attest function. “our roots are in tax and client accounting services,” dubow explains. this focus has allowed the firm to streamline operations and specialize in high-demand areas such as mergers and acquisitions and litigation support.
offer three tiers of service
are there ways to add on other services? of course.
by jody padar
radical pricing – by the radical cpa
a tiered service offering should provide your clients with three options. according to experts in mindset and pricing, if you provide three options, people will usually choose the one in the middle. that’s the one you are aiming for them to buy.
more: how to create price packages | seven steps to determining your price | how to scope before you price | seventeen questions to ask when scoping | four steps to scoping for alignment … and the #1 rule to remember | here’s how profit sharing improves your firm | productize services for consistent client value | four ways automation pushes the paradigm shift | how value pricing impacts your employees | why pricing is so disruptive | accounting disruptors are heading your way … with deep pockets | advisory work must be priced by value, not hours
exclusively for pro members. log in here or 2022世界杯足球排名 today.
also, don’t forget that people buy the payment, not the car. there’s an entire mentality around monthly pricing. if you tell a client it’s a $24,000 engagement, they will balk. they would rather pay $2,000 a month than the full amount all at once. of course, some clients will offer to give you the full engagement amount up front if the price is discounted. from a cash flow perspective, you can offer a small discount if a client is willing to pay this way.
creating your service packages is not a one-size-fits-all activity. there should be different tiered service options for each client persona. it is also important for clients to know that they can upgrade or downgrade their service level when needed.
read more →
is your team ready for tax season?
three ways to prepare.
by ed mendlowitz
tax season opportunity guide
if you have staff, have happy cheerful helpful people. don’t surround yourself with downers and naysayers.
more: six methods for getting paid faster this tax season
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also have team players. part of this is your firm’s culture. it takes work to get people to work together and to focus on doing what it takes to service the client fully, properly and timely. everyone working together gets it done.
read more →
art werner: due diligence and irs enforcement | quick tax tip
the irs is increasing scrutiny, and your due diligence must meet the challenge.
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quick tax tip
with art werner
cpe today
as the irs increases its enforcement efforts fueled by new funding and additional agents, understanding and practicing due diligence is more critical than ever for tax professionals. due diligence requirements, established to ensure compliance with tax law, place a significant responsibility on tax practitioners to verify their clients’ eligibility for certain tax benefits.
tax professionals must now certify positions related to the american opportunity tax credit, the earned income tax credit, the child tax credit, and the filing status of head of household. these certifications require meticulous documentation, a thorough understanding of the client’s situation, and adherence to the law.
failing to uphold due diligence can have serious consequences.