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

checklist

‘quick and dirty’ tax review

… in 17 steps.

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

everything i suggest in my handbook is recommended and works well. each firm will use and adopt what they want and what fits into their practice.

more: when returns should be submitted for review | 10 errors that ‘smart’ scanners make | tax: the procedural checklists your firm needs | the best way to review a tax return | why you can’t skip checklists | 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.

many times, i am asked for a quick down and dirty suggested review method, so i put the following together. this should not be a substitute for reading the handbook and considering all my recommendations. reviewing is a process, not a thing to do.
read more →

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

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.)
read more →

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.
read more →

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.
read more →

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.
read more →