scams getting more sophisticated

man staring at computer screen in shock

how accountants can help.

by 卡塔尔世界杯常规比赛时间 research

scams are getting more sophisticated, more subtle and more likely to lead to more loss, according to a report from the better business bureau institute for marketplace trust.

more: america’s running short of financial advisors | maybe the pipeline problem is technology | what if the staffing shortage is just a myth? | staffing, tech, prices top tax pros’ concerns | top 10 red flags to watch for in accounting offices | arc | barry melancon: private equity and the partnership | gear up for growth | cfos see ai as top risk and opportunity | does accounting belong in stem? | accounting arc | artificial intelligence may already be plateauing | how will private equity impact accounting careers? | twelve years and out: seasoned accountants join the exodus | gen ai in accounting: epic transformation, or overheated hype?
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if you don’t believe the prevalence and danger of scams, check your email inbox. count the messages from nigerian widows, pill pushers, fake companies, dietitians, contest announcements, purveyors of snake oil, and so on. imagine if that many thieves were sniffing around your house day and night.

many of these scams aren’t so easy to identify, and every accountant should be helping clients identify the dangers.
read more →

ten more topics for a tax pro blog or newsletter | listicle

//m.g005e.com/category/checklist/listicle/by 卡塔尔世界杯常规比赛时间 research

make your life and your clients’ lives easier by helping clients prepare for tax season. and encourage them to share your blog with others!

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

also, consider turning out hard-copy newsletters or tip sheets with this same information.

  1. navigating taxes for rental property income: guide landlords on tax rules, depreciation, deductions and reporting rental income.
  2. understanding estimated taxes: clarify estimated tax requirements for self-employed individuals and others. include who needs to pay, who doesn’t and how to do pay.
  3. retirement planning and taxes: discuss how different retirement accounts impact taxes and withdrawal strategies.
  4. how the newest tax law changes could impact your return: break down recent tax legislation and how it affects taxpayers. when appropriate, mention impacts on specific types of jobs and businesses.
  5. tax implications of selling your home: explain capital gains tax, exemptions and how to minimize taxes on home sales.
  6. the tax benefits of charitable giving: cover how to maximize deductions for charitable donations. warn readers about organizations that are not eligible for deductible donations.
  7. tax considerations for newlyweds: offer advice for couples on filing jointly vs. separately and other tax implications of marriage.
  8. tax considerations for the newly divorced: advice on the tax implications and changes that separated couples must make. (advice: don’t do this right after topic 7 above.)
  9. how to make the most of your hsa (health savings account): explain how hsas work, the tax benefits and strategies for maximizing those benefits.
  10. avoiding tax scams and identity theft during tax season: tips on recognizing scams and protecting personal information. offer a few illustrative examples.

 you and your clients all benefit from education and organization. be proactive!

gaps galore at the irs

stressed businessman, heads on hands

some of the fixes are simple.

by 卡塔尔世界杯常规比赛时间 research

the word “gap” occurs 28 times in the national taxpayers advocate’s 2024 annual report to congress. the report highlights a wide and crippling assortment of gaps in america’s favorite tax agency.

  • a tax gap
  • a salary gap

more: is voluntary disclosure of tax noncompliance working? | irs needs to work better with its workers | why itin applications get delayed | the ouches of the tax ‘practitioner’ scam | could the irs do better with the phones? | irs sluggish on identity theft | tax preparers share advice for your clients | check these 41 items on business tax returns | irs must speed up tax return processing | first tax filing reports are in | cut down your tax work in progress | more than 1 million erc claims still not processed
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

  • a tax pro oversight gap
  • a hiring data gap

read more →

ten things to tell high-income clients | listicle

//m.g005e.com/category/checklist/listicle/by 卡塔尔世界杯常规比赛时间 research

high-income clients have special needs. they want strategic guidance beyond basic compliance and tax preparation.

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

for obvious reasons, they deserve the best of care and the utmost attention from their accounting firm. and it’s important to maintain continual contact with these clients. here are 10 things their accountant/tax pro should be discussing with them.
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is voluntary disclosure of tax noncompliance working?

maybe a better question: is the irs trying to make it not work?

by 卡塔尔世界杯常规比赛时间 research

for more than two decades, the irs has been allowing tax dodgers to admit their delinquency and pay their back taxes, interest and penalties without fear of criminal prosecution. reaping the revenues was preferred over locking people up.

but times have changed.

more: irs needs to work better with its workers | why itin applications get delayed | the ouches of the tax ‘practitioner’ scam | could the irs do better with the phones? | irs sluggish on identity theft | tax preparers share advice for your clients | check these 41 items on business tax returns | irs must speed up tax return processing | first tax filing reports are in | cut down your tax work in progress | steve yoss: unlocking business insight with power bis | quick tax tip | more than 1 million erc claims still not processed | art werner: the godfather and tax issues | quick tax tip
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

this act of grace is called the voluntary disclosure practice (vdp). the purpose is to induce the intentionally noncompliant to come forth with what they owe and come back into the fold of patriots who support their nation. in essence, the vdp is an escape hatch out of the crime of tax evasion.
read more →

irs needs to work better with its workers

pie chart

 

training? inadequate. best recruitment method? who knows?

by 卡塔尔世界杯常规比赛时间 research

here’s an idea: ditch your cpa practice and go work for the irs.

if you can figure out the job application process, you’ve already proven yourself adept at bureaucracy.

more: why itin applications get delayed | the ouches of the tax ‘practitioner’ scam | could the irs do better with the phones? | irs sluggish on identity theft | tax preparers share advice for your clients | check these 41 items on business tax returns | irs must speed up tax return processing | first tax filing reports are in | cut down your tax work in progress | steve yoss: unlocking business insight with power bis | quick tax tip | more than 1 million erc claims still not processed | art werner: the godfather and tax issues | quick tax tip | advanced tax preparers need managing, too | the top ten problems the irs still needs to fix
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

despite that preliminary qualification, you’ll have to take a pay cut of 20-30 percent, but in as little as three years, they’ll have you trained for your job.

and with a little luck, you won’t have a boss, given that a quarter of all director positions are vacant or temporarily filled.
read more →

ten tips for minimizing the cost of tax preparation | listicle

//m.g005e.com/category/checklist/listicle/by 卡塔尔世界杯常规比赛时间 research

note: here’s a handout for tax preparers to give to clients.

tax returns don’t have to be a terrible headache or big expense. minimizing the work required by the tax preparer during the busy tax season will help minimize the cost.

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

here are 10 ways you can minimize the cost of tax preparation:
read more →

why itin applications get delayed

bar chart

… and why they don’t have to.

by 卡塔尔世界杯常规比赛时间 research

every year, more than a million taxpayers apply for an individual taxpayer identification number. these are people who, for various reasons, can’t get a social security number. these include

  • resident aliens with a “green card.”
  • foreign students who are allowed to earn a certain amount.
  • people in foreign countries who are required to pay u.s. taxes.
  • non-american spouses and other dependents of primary taxpayers who have ssns.

more: the ouches of the tax ‘practitioner’ scam | could the irs do better with the phones? | irs sluggish on identity theft | tax preparers share advice for your clients | irs must speed up tax return processing | first tax filing reports are in | cut down your tax work in progress | steve yoss: unlocking business insight with power bis | quick tax tip | more than 1 million erc claims still not processed | the top ten problems the irs still needs to fix | tax pros gear up for a better busy season | irs processing up; payouts down
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

delays and disaster

the itin application process is an invitation for fraud, so the irs is very careful in receiving and approving applications.
read more →

what cpa firms could do better

businessman looking thoughtful

survey respondents have specific suggestions.

by 卡塔尔世界杯常规比赛时间 research

people at cpa firms generally think their practice is pretty effective at meeting its objectives with consistency over time.

but only 5 percent think their firm’s doing a great job. and about that many think their firm’s doing a somewhat lousy job.

more barometer: survey: which client industries will grow this year | tax preparers share advice for your clients | staffing, tech, prices top tax pros’ concerns | tax pros gear up for a better busy season | tax season 2025 begins. ready or not.
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

the 2025 busy season barometer is finding that on a scale of 1 to 10, 45 percent of respondents would rate their firm at an 8 or better, and another 25 percent give their firm a so-so 7.
read more →

the ouches of the tax ‘practitioner’ scam

bar chart

and two steps to protect taxpayers.

by 卡塔尔世界杯常规比赛时间 research

in case you haven’t noticed, the world has no shortage of scammers. if don’t believe it, check your email inbox and spam folder. count the nigerian widows, the miracle pills, the fake invoices, the contests you’ve won and all the other attempts to rob you.

more: could the irs do better with the phones? | irs sluggish on identity theft | tax preparers share advice for your clients | check these 41 items on business tax returns | irs must speed up tax return processing | first tax filing reports are in | cut down your tax work in progress | steve yoss: unlocking business insight with power bis | quick tax tip | more than 1 million erc claims still not processed | art werner: the godfather and tax issues | quick tax tip | advanced tax preparers need managing, too | the top ten problems the irs still needs to fix | tax pros gear up for a better busy season | irs processing up; payouts down | help tax clients help you | art werner: beneficial ownership and control | quick tax tip
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

one of the most painful scams is the shyster tax practitioner. innocent, well intentioned taxpayers come looking for help only to find themselves paying a fee to be tossed into the labyrinthine hell of the irs bureaucracy.
read more →

america’s running short of financial advisors

bar chart
note: values are estimates. source: mckinsey analysis

 

guess who can fill that gap.

by 卡塔尔世界杯常规比赛时间 research

good news for accountants: america’s running short of financial advisors.

bad news for accounting: america’s running short of financial advisors.

more: maybe the pipeline problem is technologywhat if the staffing shortage is just a myth? | staffing, tech, prices top tax pros’ concerns | five ways to fill the staffing gap | top 10 red flags to watch for in accounting offices | arc | deals 2024: over 100 cpa firm mergers and acquisitions | barry melancon: private equity and the partnership | gear up for growth | does your firm suffer cultural deficiencies? | opportunity awaits incoming aicpa ceo | salary guides for accountants vary widely: whom do you believe? | are you earning what you deserve?
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

110,000 short

as if the accounting industry didn’t have enough of a talent shortage, the financial advice industry may soon be looking to scarf up money-savvy professionals from other financial areas. and cpas will be a perfect fit.
read more →

help tax clients stay organized | listicle

//m.g005e.com/category/checklist/listicle/by 卡塔尔世界杯常规比赛时间 research

helping clients prepare for tax season will pay off during the big rush. you’ll both be glad they are organized. the guidance can involve a retainer or can be free as part of a tax prep package.

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

here are 10 tips for helping clients help you. consider making some of them mandatory for anyone who wants the privilege of being your tax client.
read more →

could the irs do better with the phones?

data chart

measurements need to be refined.

by 卡塔尔世界杯常规比赛时间 research

the irs has made big improvements in answering phones, but the service still leaves a lot to be desired … more than the irs measures or admits.

before we get into the gripe, let’s look at the improvements.

more: irs sluggish on identity theft | tax preparers share advice for your clients | check these 41 items on business tax returns | irs must speed up tax return processing | first tax filing reports are in | cut down your tax work in progress | steve yoss: unlocking business insight with power bis | quick tax tip | more than 1 million erc claims still not processed | art werner: the godfather and tax issues | quick tax tip | advanced tax preparers need managing, too | the top ten problems the irs still needs to fix | irs processing up; payouts down
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

over the past two years, the irs has hired more than 20,000 new taxpayer services employees. many of them are the customer service representatives (csrs) who answer the phones. and many csrs were moved from other duties to do phone duty on what’s called accounts management (am) lines.

and it worked … sort of.
read more →