tax return prep: commodity or professional service?
think of where your value is added.
by ed mendlowitz
how to review tax returns: the field-tested update
tax season
survey: tax software favorite keeps crown
firm size may matter.
the accounting firm operations and technology survey
seven types of tax return reviews
it’s time for “tick and tie” to die.
by ed mendlowitz
how to review tax returns: the field-tested update
there are numerous ways to review tax returns. most reviewers have their own techniques, and some alter these based on
- the type of or size of the return, or
- who the preparer is or
- who the partner in charge of that client is.
more: how to turn tax returns into new business
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there is nothing wrong with this as long as the reviewer is experienced and really knows their stuff.
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why a virtual family office? why now?
how complex is your client’s financial security?
by anthony glomski
uberwealthy families like the vanderbilts, morgans and rockefellers realized several centuries ago that managing all of their vast wealth and resources was extremely difficult. sure, they had scores of advisors working exclusively for their families. still, when each of those advisors was toiling away in their silo, there was no coordination of their efforts and lots of waste and inefficiency.
more: maximize your client’s charitable giving | plan for your client to exit their business | enhance wealth by mitigating taxes | what clients need to know | what level of advice do entrepreneurs need?
so, they established formal office headquarters where all financial experts working on their behalf could meet in one place to make it easier to oversee and coordinate everything important to the extended family – their taxes, asset protection, wealth transfer, and their legacy planning, etc.
should the irs create a free file app of its own?
three ways to fix the program.
by 卡塔尔世界杯常规比赛时间
here’s something weird: the irs offers the vast majority of taxpayers the option to use the free file program to prepare returns.
more: irs audit rates are dropping, and big earners couldn’t be happier | six more ways to fix the irs | is remote the new normal? | accounting pros face challenges in turbulent times | your tax season success plan starts here, now | tax prep fintech startup: april raises $30 million | accountants agree: the top five ways to fix the irs
it costs taxpayers nothing. yet only three percent use it. can it be fixed? should it? congress is weighing in.
your tax season success plan starts here, now
now that everyone has (hopefully) had time to recover, there are four important steps to take to help next tax season go as smooth as possible
by christopher hayden
managing partner, hayden nelson & yoder
christopher hayden, cpa, cma, cgma is the managing partner of hayden nelson & yoder, a cpa firm based in pennsylvania, at hnycpas.com.
to avoid sugar-coating it, tax season is stressful. long work hours, back-and-forth with clients and mountains of documents can keep accounting professionals in the office for 20 or more additional hours each week. and this tax season felt extra-stressful with all the tax law changes, not to mention explaining to clients who had huge capital gains why they owed taxes.
but once the busy tax season is over, it’s time to review processes and take action to help the remainder of the year go smoothly.
more: civility goes a long way | don’t overlook office relationships | how to deliver authentic value | why deadlines get missed | five reasons you’re not swot-ready | are you productive or just busy? | accounting is a profession, not an industry
before that, allow a few weeks to:
- rest
- relax
- recover
make sure to give team members a pat on the back, especially if it’s their first time going through the madness of tax season or they went above and beyond this year.
however, once everyone has recovered enough, it’s time to go through the following steps: read more →
irs audit rates are dropping, and big earners couldn’t be happier
for the wealthy, the irs says it’s out-gunned.
by 卡塔尔世界杯常规比赛时间
the percentage of taxpayers audited by the irs has been in precipitous decline since 2010, with the steepest decline in – surprise, surprise! – the highest income bracket, according to a new study.
hoisted from comments: “it is not the auditors who are to blame. it is the irs processes that the auditors are following.”
the odds of a taxpayer being audited are astonishingly low, an average of just 0.25% in 2019, way down from 0.9% in 2010.
more on tax: six quick solutions for irs backlogs | accountants agree: the top five ways to fix the irs | irs tops list of busy season problems | thinking commercial real estate? think fast. | new small firm cost seg opportunities | what gig workers want | accountants agree: the top five ways to fix the irs | tax season ’22: working harder for every dollar | irs tops list of busy season problems
audit rates for brackets between $25,000 and $500,000 are well below average, just 0.17%.
read more →
six more ways to fix the irs
they’ll take some time, but not much money or technowizardry.
by 卡塔尔世界杯常规比赛时间
when national tax advocate erin m. collins sat down before the house subcommittee on government operations this april for hearings titled “irs: is it ready?” she spoke truth to power.
she told power that the irs is truly in big trouble.
- its backlog of unprocessed returns and unanswered mail is unprecedented in the history of the united states.
- last year its agents answered only 11% of incoming phone calls.
- its “where’s my refund?” and “where’s my amended return?” online tools often failed to answer either question.
more: six quick solutions for irs backlogs | accountants agree: the top five ways to fix the irs | irs tops list of busy season problems
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she also told power an embarrassing truth: there are solutions. they just have to be enacted.
but there’s one other truth: the solutions cost money.
read more →
six quick solutions for irs backlogs
some reassignments, perhaps?
by 卡塔尔世界杯常规比赛时间 research
editor’s note: this is part i of a series on fixing the irs. part ii will explore medium-term and longer-term solutions. part iii will look at legislative solutions.
everybody gripes about the irs, but nobody does anything about it.
more in tax practice: thinking commercial real estate? think fast. | new small firm cost seg opportunities | what gig workers want | accountants agree: the top five ways to fix the irs | tax season ’22: working harder for every dollar | irs tops list of busy season problems
well, almost nobody. on april 21, america’s national tax advocate, erin m. collins, marched into the house of representatives, sat down before the subcommittee on government operations and told them two things:
- what the problems at the irs are, and
- what to do about them.
refocus on year-round best practices
tax grinds are no reason to stop working on your business.
by ira rosenbloom
cpa firms commonly earn the bulk of their revenue from calendar year-end and personal tax work performed during busy season. during this period, the heavy focus on production for tax season takes too many practices away from strong practice management discipline for considerable blocks of time during the winter crunch and the september 15 and october 15 deadlines. practice management best practices are a 365-day-a-year discipline, and those who work it every day see the difference.
featured video: the seller’s guide to getting the best price for your firm
more: 5 keys to m&a success | 10 steps to a superior tax department | 10 ways to protect your best clients from your competitors | are you overthinking an m&a deal? | how to put the ‘success’ in succession | how covid-19 has changed succession planning | top 10 steps to maximizing profitability
keeping your business healthy will go a long way toward improving happiness for your team. maintaining these five best practices will also enhance your firm’s succession options, and give you more leverage in m&a.
accountants agree: the top five ways to fix the irs
some suggestions: burn it down and start over. abolish the income tax altogether. privatize it.
by 卡塔尔世界杯常规比赛时间 research
if the 卡塔尔世界杯常规比赛时间 busy season barometer were a thermometer, it would be popping its mercury with responses to “how would you fix the irs?”
see: irs tops list of busy season problems
we’re getting a lot of comments, many of them scorchingly hot. accountants and tax preparers are not happy with the government agency that their profession depends on more than any other.
more busy season ’22: survey: big worries for u.s. and small business | working harder for every dollar | for a few: why busy season 2022 beats 2021 | can the r&d tax credit be used to offset the amt? | 21 reasons tax clients fire accountants | unhappy about tax season? | individual tax refunds up 13% | shut down the tax charlatans | eight quick, easy ways to fix irs filing | a tax season worse than 2021? | 16 traits of the best tax clients | irs under covid: heroes or goats?
the top five most common recommendations:
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nine tax season resources that get forgotten
don’t take these for granted.
by ed mendlowitz
tax season opportunity guide
we have many resources and need to recognize that. and we need to treat each with its own importance. even if you did everything yourself, you’d still need to rely on your tax software company, fedex and the postal service, stationery supplier, computer consultant, the internet and email, cell phone provider and copier/scanner machine. and that’s just a few of the resources we rely on. managing your resources well creates an aura of security and consistency to your practice.
more: 16 traits of the best tax clients | eight ways to charm a client | plug small leaks before they become big floods | you’re only as good as your last screw-up
but there more. and they are often overlooked. or taken for granted. here are some more resources that need to be managed:
read more →
survey: big worries for u.s. and small business
by 卡塔尔世界杯常规比赛时间 research
why accountants expect tougher times ahead for the nation’s economy and for small businesses. they are considerably more confident about the outlook for their firms.
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