tax

quality control: the first test of leadership

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eight data points to check your tax season quality control systems.

by ed mendlowitz
how to review tax returns

accounting firms that have high review times usually have high error rates necessitating the higher review time. doesn’t that sound crazy?

why not set up procedures to reduce the error rate? i have been told that error rates range between 5% and 95%. 95%!? that is crazy! there must come a time when you decide to fix this. you can rationalize all the expediency reasons in the world, but this is just bad, stupid and poor business!

start by considering eight key metrics. read more →

your best busy season survival tips

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by rick telberg
卡塔尔世界杯常规比赛时间

accountants joining the annual 卡塔尔世界杯常规比赛时间 busy season barometer poll are recommending regular rest and recreation among their leading survival strategies.

some know how to balance things just right, like vic butcher who says to “exercise every morning and go out for pizza and drinks every thursday night.” we can’t object to pizza and drinks, although alan gray would have us “eat and drink less.” read more →

tax return reviews: the key to a smooth tax season

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em htrtr cvr cliptop leadership must set the tone for solid review work.

by ed mendlowitz
how to review tax returns

tax season is a microcosm of everything done in an accounting practice. one of the primary concerns of a business is having the proper processes and quality control procedures. many firms, however, do not have uniform tax return review procedures, and even when they do, they are not always adhered to. choosing how to properly use the reviewers’ time and interface them with the staff can contribute immensely to a smooth tax season. read more →

going global: 3 tips for growing an inbound tax niche

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without building an entire international tax practice.

as the business tax practices of cpa firms across the united states look for ways to expand their opportunities, inbound tax services have become a lucrative niche. the complexity of u.s. corporate taxation for closely held foreign parents provides a ripe opportunity for experienced tax professionals to provide this valued service.

but firms don’t necessarily need an international tax practice to pursue global business opportunities. they simply need a focused strategy to attract companies with inbound tax compliance needs, and the relationships to support them.

here are three ways that firms can successfully build or expand a more globally aware tax practice, according to members of bkr international. read more →

exclusive survey: practitioners cite 4 big strategies for success in tax season 2014

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chartexporttax professionals fight political uncertainty, ragged clients, toughened rivals.

by rick telberg
卡塔尔世界杯常规比赛时间

after what for many was a disastrous season in 2013, many tax prep professionals are laying new plans and taking on ambitious initiatives to avoid a repeat of last year and maybe even vault ahead of the competition.

with input from more than 400 practitioners, 卡塔尔世界杯常规比赛时间 expects 2014 to be rocky from the start, with washington politics playing a big role, and also highly competitive, as practitioners battle both fee pressures from clients and each other for a smaller pool of good clients.

卡塔尔世界杯常规比赛时间 has prepared a special report, “busy season 2014 pre-season forecast and outlook,” available as an ebook here.

in the last 30 days, practitioners’ outlook has been generally positive as they start to get their plans in place and with a momentary lull in washington infighting. as of today, about 60% of the more than 400 practitioners surveyed expect a better season than last year, including 12% who are hoping for a “much better” season.

if there are themes among the new strategies from lessons learned last year, they fall into a few general categories: read more →

survey report: busy season 2014 outlook

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click to enlarge
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executive summary

by rick telberg
cpa trendlines

most tax practitioners across the nation are preparing for the 2014 busy season with the hoping it can’t possibly be as bad as last year’s “worst tax season ever,” according to exclusive 卡塔尔世界杯常规比赛时间 polling.

about 61% of accountants today expect at least a “somewhat” or even “much” better season this year, according to the 卡塔尔世界杯常规比赛时间 busy season barometer, a tracking poll now approaching its 11th year. some 26% expect no change from last year, and 13% are bracing for “somewhat worse” or “much worse.”

in the 卡塔尔世界杯常规比赛时间 special report, responses and comments from more than 400 practitioners surveyed have been tabulated and analyzed. key findings:

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pro member download
  • economic outlook for firms, clients, owners, and the nation in general.
  • practitioners’ forecasts for the upcoming season, compared with the forecasts from the same time a year ago and with 2013 actuals.
  • factors contributing to positive outlooks and factors contributing to negative outlooks.
  • top 10 challenges and concerns to prepare for and examples of how some practitioners are doing so
  • projections for key busy season metrics, including revenue, profit, client counts, extensions, revenue per client, and profit per client; compared with 2013 actuals and year-ago forecasts
  • the four key strategies shared by most practitioners with positive outlooks
  • the four important lessons learned from last year’s “worst tax season ever.”
  • verbatim comments from hundreds of practitioners.

more

read more →

the “secret” of fast and easy tax research

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ed mendlowitz cpa the practice doctor q and a

the best sources to make you look like a genius.

by ed mendlowitz
“tax season opportunity guide“

question: when i was asked three technical questions, i found the answers quickly in a one-volume tax guide i keep near my desk.  i answered them and did not disclose my “secret,” wanting the callers to think i was a “genius.”

it astounds me that many people do not try to find the answers for themselves.

the questions concerned: read more →

why now is the perfect time to plan for a most excellent busy season

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by sandi smith leyva, cpa
author of free download:
“10 keys to doubling your revenue”

it’s easy to get sidetracked by politics this year and simply wait to see what’s going to happen in the tax arena.  i hope you don’t fall into that trap, though, because there has never been more opportunity in accounting and tax than right now, and now is the time to start preparing so you can make the most of next year’s busy season. read more →

the irs and big data gone bad

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bookkeeping data is notoriously unreliable. so why is the irs relying on it?

the ten-minute bookkeeping test (pdf)
click to download

get the instant download:
the 10-minute bookkeeping test

by frank stitely
sk cpas

“please give me a copy of your 1099-misc forms.”

the irs agent was a 25-year-old woman, with only a couple of years of experience dealing with my client.

my client was the “how-dare-you-question-me?-i’m-a-taxpayin’,-god fearin’-american” type of client – one of those guys  who think the marlboro man is a wimp.

but he had a tax problem. he was being audited and he had thrown out all of his paper records when he moved his office.

missing 1099-misc

he didn’t have copies of his 1099-misc forms.  so he had his bookkeeper reprint them from quickbooks.  i gave them to the irs agent.

“mr. stitely, these 1099 forms don’t match what we have in our records.” read more →