here’s what you’re looking for: edward mendlowitz

mergers & acquisitions

when returns should be submitted for review

three times it’s appropriate.

by ed mendlowitz
how to review tax returns: the field-tested update

the workflow of returns submitted to reviewers needs to be managed, otherwise the reviewer could become overloaded with incomplete or partially completed returns waiting on additional information. this adds nonproductive work to the reviewer that can best be delegated to the preparer, who is actually delegating it to the reviewer, i.e., upward delegation, which makes no sense, or have it assigned to an administrative person for follow-up. for efficiency i suggest that the preparer is the best person to follow up and maintain control of the incomplete return.

more: 10 errors that ‘smart’ scanners make | three ways to improve tax returns | don’t use eyes, use brain | three types of tax return reviews | tax review procedures are your quality control | seven types of tax return reviews | how to turn tax returns into new business
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the firm mindset must be to maximize the efficiency and effectiveness of the reviewer. (i keep repeating this. this must be a top goal if you want to get the best that the reviewers can offer to you.)
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management

are you ready for a co-owner to drop dead?

man holding white rose with lit candles in backgroundwhat you have to have in place.

by ed mendlowitz
77 ways to wow!

not having a buy-sell agreement doesn’t mean anything unless a co-owner dies, becomes disabled, becomes bankrupt, divorced, wants to quit, retire or many other things. i regularly receive calls from accountants on behalf of clients who need valuations because a co-owner had died suddenly without a buy-sell agreement.

more: you don’t need this, but your survivors do | due diligence is in the details | manage better with the right financial tools | do you need a forensic professional? | six benefits of an internal audit | the ten financial controls that’ll make you a hero
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

here is a bleak picture of what happens and what can be avoided. the scenario: a business owned by two friends who started it 20 years earlier. they’re pretty successful, they make good livings, fund their pension plans, and they have money left over each year to provide for modest growth. but they haven’t accumulated any extra savings and they still have home mortgages and kids in college. they are both 50. and then one dies suddenly. the survivor must buy the interest from the estate of his deceased partner. but he doesn’t know what to offer and can’t afford too much.
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pro member exclusive

10 errors that ‘smart’ scanners make

man staring at computer screen in shockdon’t have one? ask another firm for a demo.

by ed mendlowitz
how to review tax returns: the field-tested update

for those who haven’t tried them yet, smart scanners are a fabulous tool, which, if used correctly can save time and cost. the one thing they don’t do is check their work.

more: three ways to improve tax returns | tax follow-up worksheets can mean more revenue | stop tax return review shortcuts | routine is key to reviewing tax returns | seven types of tax return reviews
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

however, smart scanners do not need lunch or dinner brought into the office, don’t take coffee or smoke breaks and you don’t have to listen to how their weekend was. but they do organize the digital work papers on your internal filing system. nothing is perfect but many things are good enough and you just need to determine your tradeoffs.
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leadership

you don’t need this, but your survivors do

bonus checklists: 16 steps to reviewing a buy-sell agreement and 20 issues to consider.

by ed mendlowitz
77 ways to wow!

nobody needs an estate plan, exit plan or a buy-sell agreement. but their families and survivors do.

more: due diligence is in the details | simple controls can prevent fraud | charity directors must take theft seriously | forensic techniques can be fraud deterrence | the hazards of poor internal controls | rule #1: start with cash | the priorities were backward | how to read a financial statement | 77 thoughts about client needs
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

estate plans are done so that the remaining family members can have liquidity, minor children will have guardians of your choosing with a dependable cash flow, children won’t fight (too much) over the money, people of your choice will collect and distribute assets and make transfers in an orderly manner, and estate and inheritance taxes can be minimized as can the costs of settling the estate.
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pro member exclusive

three ways to improve tax returns

think “quality control,” not “review.”

by ed mendlowitz
how to review tax returns: the field-tested update

it occurs to me that there is a difference in the quality between the returns someone does for himself or herself and the returns they do for their clients.

more: tax follow-up worksheets can mean more revenue | tax: the procedural checklists your firm needs | don’t use eyes, use brain | stop tax return review shortcuts | the best way to review a tax return | three types of tax return reviews | routine is key to reviewing tax returns | why you can’t skip checklists | tax review procedures are your quality control | seven types of tax return reviews | how to turn tax returns into new business
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

an informal survey by me showed that the percentage of returns with errors of sole practitioners and partners in cpa firms is less than 2 percent, while the percentage of errors by their staff ranges from a low of 25 percent to a high of 95 percent! why the difference? note that preparer errors are measured by the completed returns they submit for review. and sole practitioner and partner errors are measured by whether a notice was sent by a tax agency or an error is discovered when the following year’s return is being prepared.
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advisory & consulting

due diligence is in the details

every team member must do their part.

by ed mendlowitz
77 ways to wow!

in 2012, hewlett-packard announced an $8.8 billion deduction claiming that they overpaid for an acquisition because of the failure of many other people who were responsible for due diligence. i don’t know many of the details, but it seems that someone screwed up big-time.

more: simple controls can prevent fraud | five ways to ward off fraud in not-for-profits | client hires new manager: you need a plan | anatomy of a fraud | how to explain internal controls to clients | organization minutes too often overlooked | the seven-minute financial statement | the kpi an absentee manager needs
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

due diligence is an essential activity in an acquisition that involves confirming the representations made by the seller, evaluating the strategic fit and terms and conditions of the deal and validating financial, legal, operational and technological aspects of the transaction. keen due diligence can even help determine the final price.
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bonus download

tax follow-up worksheets can mean more revenue

samples included here.

by ed mendlowitz
how to review tax returns: the field-tested update

there are two types of work papers that are generated by the reviewer. one is the reviewer’s notes-based errors found and corrections that need to be made. this should be kept in any manner the reviewer wants, but after the return is completed this should be discarded and not kept in the files. this is done to mitigate liability issues should the workpapers be subject to a subpoena.

more: tax: the procedural checklists your firm needs | don’t use eyes, use brain | three types of tax return reviews | tax review procedures are your quality control | how to turn tax returns into new business
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

the other is a tax season follow-up form based on issues disclosed by the preparer, reviewer or partner. the follow-up worksheet is a client service and practice development tool. it provides a uniform method of recording items that need follow-up.
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management

simple controls can prevent fraud

businessman holding up magnifying glasseven their existence can be a deterrent.

by ed mendlowitz
77 ways to wow!

i’ve talked about fraud in not-for-profits, but it is also a serious issue for business firms. here are some cash fraud scenarios and prevention techniques that can apply to all types of organizations.

more: five ways to ward off fraud in not-for-profits | manage better with the right financial tools | do you need a forensic professional? | six benefits of an internal audit | the ten financial controls that’ll make you a hero | five cash reports you can’t live without
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

scenario: one employee who is responsible for, or has access to, the handling, recording and mailing of cash disbursements creates a non-existing vendor who sends the company invoices, which are paid.
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pro member exclusive

tax: the procedural checklists your firm needs

best practices for individual and business returns.

by ed mendlowitz
how to review tax returns: the field-tested update

ask a preparer who submits returns with errors, “is this the best you can do?”

better yet, have the reviewer ask the question before accepting the return for review.

more: don’t use eyes, use brain | stop tax return review shortcuts | routine is key to reviewing tax returns | seven types of tax return reviews
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

ask yourself this question after you hear that a return was submitted for review that needed extensive corrections: “why am i letting the future of my firm depend on people who keep making errors on tax returns?”

comment: the future of your firm means your future wealth and your eventual financial security.

question for you: why do you put up with the pattern of continuous errors on tax returns?
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advisory & consulting

five ways to ward off fraud in not-for-profits

reassure donors and regulators.

by ed mendlowitz
77 ways to wow!

again and again, stories appear in newspapers about abuse and misuse of funds in not-for-profit organizations. in many cases, these frauds have been schemes that have been going on for numerous years.

more: charity directors must take theft seriously | client hires new manager: you need a plan | anatomy of a fraud | how to explain internal controls to clients | organization minutes too often overlooked | the seven-minute financial statement | the kpi an absentee manager needs
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

the frauds are usually carried out by long-serving employees who earned reputation and trust that resulted in relaxation of controls or oversight. many times, this provides temptation and ample opportunity to commit and sustain fraudulent activity over long periods paired with a reduction in the “fear” of being caught!
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pro member exclusive

don’t use eyes, use brain

what do your clients deserve?

by ed mendlowitz
how to review tax returns: the field-tested update

my partner peter weitsen frequently tells reviewers to “don’t use eyes, use brain.” i frequently repeat this. what does this expression mean?

more: stop tax return review shortcuts | the best way to review a tax return | three types of tax return reviews | routine is key to reviewing tax returns | why you can’t skip checklists | tax review procedures are your quality control | seven types of tax return reviews | how to turn tax returns into new business
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

this is a clarion call to focus on what you are working on and think about what you are supposed to be doing. the focus can be only a couple of minutes, but it has the potential to yield valuable planning ideas and maneuvers.
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client service opportunities

manage better with the right financial tools

two businessmen discussing a projectget the most out of what you’re paying for.

by ed mendlowitz
77 ways to wow!

directors and managers have many functions. a major tool is having the right financial data.

more: charity directors must take theft seriously | client hires new manager: you need a plan | anatomy of a fraud | how to explain internal controls to clients | organization minutes too often overlooked | the seven-minute financial statement
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

unless you are an accountant or have an mba, few directors or managers know what to ask for, let alone how to use what they get. here are some suggestions.
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pro member exclusive

stop tax return review shortcuts

//m.g005e.com/2021/03/23/17-basic-expectations-of-partners/three questions to ask when choosing a process.

by ed mendlowitz
how to review tax returns: the field-tested update

the big issue that i see with the tax season review process is that the workload compression and rush cause the use of shortcuts to get the return out quicker.

more: the best way to review a tax return | three types of tax return reviews | routine is key to reviewing tax returns | why you can’t skip checklists | tax review procedures are your quality control | seven types of tax return reviews | how to turn tax returns into new business
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

doing this has a cost of breaking down the system and having you have to start over each year with the same problems of untrained or poorly trained people not following procedures and making the same type of mistakes they always made. shouldn’t this stop?
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