client service opportunities

audit reports without doing the work?

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step away.

by ed mendlowitz
managing an accounting practice: 202 questions and answers

q: i have a friend who runs a small cpa firm. he has a client who owns some motels across the u.s. who sold them to a large company.

more: why partner retreats are worth the cost | why checklists? | ask these 10 questions before adding financial services | selling your practice is not a retirement strategy | thirteen things to know before selling your practice | 10 reasons clients don’t pay
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their auditor, a big 4 firm, would like to review his prior year audit papers and he has asked me to review his work papers beforehand and make sure that they are in good shape for the big 4 firm. as he is a small practice, his work papers are likely to be not as sophisticated as the big 4 is used to seeing.
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meet the new bos

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woman using tablet in front of laptop and desktopbonus: a case study of how not to do things.

by penny breslin
it’s not just the numbers

accounting businesses have historically provided a range of “after-the-fact” compliance services including year-end accounting and tax return preparation. many firms also provide “write-up” services, which involve the recording of business transactions based on documents generated by the client, such as invoices, checks, deposit slips and documents provided by third parties, such as bank statements and payroll reports. write-up work is typically done once a month, after the fact.

more: why ai is not the enemy
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today, major innovations in technology are giving accountants the opportunity to expand their services and to provide much more comprehensive, timely and useful information to their clients.

one area of expansion is offering clients a complete back office support (bos) manager, which can include: read more →

why ai is not the enemy

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clients still need context.

by penny breslin
it’s not just the numbers

in 1994, in a small hotel meeting room in colorado springs, 50 accounting firms were up in arms when the presenter mentioned quickbooks. they shouted angry comments: “quickbooks is destroying my business.” “they want to take my clients.” “they are giving people a false sense of security with their commercials that say, ‘if you can write a check, you can do quickbooks.’”

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the presenter was nervous and asked me what he was to do. i said i use quickbooks for your company, and i have no idea what i am doing, and i could use an accountant to teach me.

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thinking commercial real estate? think fast.

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warn clients: do the deal, get the cost seg study, and claim the bonus depreciation before it sunsets.

gonzalez: clients should act now, while the percentage of the allowed bonus depreciation is tipping in their favor.

by julio gonzalez
engineered tax services

julio gonzalez, founder and ceo of engineered tax services, has been named among the accounting today top 100 most influential people. gonzalez has been a pioneer in bringing specialized engineering tax studies to local cpa firms and mainstream america, which historically had only been available to fortune 500 through national accounting firms.  engineered tax services also owns the growth partnership, able: crm for accountants, and inside public accounting.

alas, the 100 percent bonus depreciation rule—the federal tax law under the tax cuts and jobs act (tcja) of 2017 that made it possible for taxpayers to write off a property’s reallocation in the year of acquisition—will begin to sunset at the end of this year.

more in tax practice: new small firm cost seg opportunities | what gig workers want | 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?

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in its place in 2023, an 80 percent bonus depreciation will be allowed for properties acquired in 2023, scaling down to 60 percent in 2024 (for properties acquired in 2024), 40 percent in 2025 (for properties acquired in 2025), 20 percent in 2026 (for properties acquired in 2026), and then zero percent in 2027 and later years for properties acquired in 2027 and afterward.

it’s important to note for your clients in real estate that bonus depreciation is applied to a property based on the year it was purchased (although there are some exceptions to this rule). and taxpayers can only claim bonus depreciation retroactively within two tax years of the original placed-in-service date. read more →