tax practice

how tax practitioners became cybersecurity risks

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tax professionals are a hacker’s dream.  

by donny shimamoto, cpa, citp, cgma
on cybersecurity for accountants
center for accounting transformation

in 2015 the u.s. internal revenue service (irs) held its first security summit[i]. by creating a public-private partnership via the summit, the irs is seeking to protect more taxpayers and more tax dollars from tax-related identity theft.

more: how hacker-proof is your firm? | donny shimamoto: future firm growth requires a mindshift | ai, ocr, nlp & cpas: oh my!   |  accounting nerds, unlock your super powers  | early adopters gain an edge in audit | dustin wheeler: for serious cas success, hire tech teams | csr for cpas: the missing ingredient | donny shimamoto explains how ‘agile’ applies to cpa firms |  staff retention for remote workers | why the future is in risk advisory |  ready for non-cpa “cpa” firms?
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partners in the summit included the irs, state tax agencies and the private sector tax industry—for example, financial institutions, cybersecurity practitioners and tax practitioners.

the summit brought together people from the full value chain of tax compliance. taxpayers submit information to tax practitioners, who prepare the returns and submit them to the tax authorities.

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how hacker-proof is your firm?

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thieves always build a better mousetrap, so stay vigilant.

by donny shimamoto, cpa, citp, cgma
on cybersecurity for accountants

in 2018, fraudsters posed as tax authorities and state accounting and tax professional associations. these were simple phishing attacks trying to get tax practitioners’ email usernames and passwords, allowing fraudsters to obtain client contact information and perform email-based password resets for other systems.

more:  future firm growth requires a mindshift | ai, ocr, nlp & cpas: oh my!   |  accounting nerds, unlock your super powers  | early adopters gain an edge in audit | dustin wheeler: for serious cas success, hire tech teams | csr for cpas: the missing ingredient | donny shimamoto explains how ‘agile’ applies to cpa firms |  staff retention for remote workers | why the future is in risk advisory |  ready for non-cpa “cpa” firms?
goprocpa.com exclusively for pro members. log in here or 2022世界杯足球排名 today.

the irs reported seeing threats specifically targeting preparers in illinois, iowa, new jersey and north carolina. additionally, the irs received reports tied to a canadian accounting association.[i]

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get clients to bring tax docs early … yes, early

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the secret? humor, sarcasm and shame.

by frank stitely
the relentless cpa

there are easy ways to get clients to do what we need them to do. in our office, we call the process “training” clients. one of our biggest headaches is the late delivery of tax materials. so, we train our clients to bring their tax documents in early.

more: you train your clients, whether you mean to or not | train your clients before they train you | why time tracking still matters | business owners face one of three exits | don’t let clients dictate tax workflow | make fewer mistakes, increase revenue and capacity | how small firms can win the talent wars | easy ways to avoid ‘done but’ tax returns | six ways to create a millennial-friendly firm | do you know your turnaround time?
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we accomplish this through a series of e-blasts explaining our deadlines. the e-blasts start in december, and we call them “countdown to tax season.” they cover much more than our deadlines for clients to provide business and personal income tax returns documents.

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you train your clients, whether you mean to or not

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if you schedule it, they will come. so … stop that now.

by frank stitely
the relentless cpa

as we all know, there is a definite cost involved in not training clients. let’s look at the training that’s occurring, whether you know it or not. it actually all boils down to timing.

more: train your clients before they train you | why time tracking still matters | business owners face one of three exits | make fewer mistakes, increase revenue and capacity | how small firms can win the talent wars | six ways to create a millennial-friendly firm | do you know your turnaround time?
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

here is an example of my stupidity.

i met with a client who was a software company executive. he had been a client for a dozen years, and people don’t get much smarter than he is. he drove from alexandria, virginia, to chantilly, virginia, every year. the drive is 20 miles and might seem like a 30-minute trip, but in northern virginia, it’s more like an hour.
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time management rule #1 for accountants

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the “one big thing” you can do to take back control.

by seth fineberg
at large

accountants are constantly being told about “the one thing” they need to do to improve their professional lives, and in my view, the simplest and most powerful is to firmly adhere to deadlines that you determine for your clients. not the irs’s deadlines, not any governing body… you!

more seth fineberg:  plan to go ‘live’ post tax season |  why vc is a bigger threat than ai  |   what does taking control of your firm mean? | accountants need each other more than ever | marchternity: just say ‘no’ | some thoughts on in-person events | so you think you know accountants? | what bogs down accountants

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the one change tax pros need to consider making going forward is setting their own deadlines – for themselves, for their firms, and, especially, for their clients.

all signs seem to indicate this year’s tax season was, comparatively, the most “normal” over the past three years. but tons of tax pros continue to stress, struggle, and even reconsider staying with tax work at all. while it may seem like a huge step, you would be surprised that by just having clients adhere to your deadlines, and no other due date, the level of stress will be reduced exponentially. this may not be a new tactic, but firms i’ve spoken to who decided to engage in telling clients about their deadline, and not the irs’s, experienced a sense of relief not felt in years, if ever.

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questions for after tax season

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question markseleven ideas that warrant following up.

by ed mendlowitz
how to build a stronger tax practice

many times we have important preliminary discussions when we obtain a client’s tax information.

more on marketing: help heirs with tax issues | seven questions to suggest estate planning | 28 data points for a financial planning discussion | every client can use financial planning | four reasons to perform tax projections | four additional services to suggest
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skilled interviewing, or effective follow-up techniques, can make these into an additional engagement.
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transferring business interests to optimize estate taxes

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couple sitting across desk from advisorstrategic estate planning could save your clients millions.

by anthony venette, cpa/abv

we stand at the precipice of the largest wealth transfer in american history. millions of business owners are struggling to write the next chapter of their companies and their legacies. prudent gift and estate tax planning can be the difference between creating generational wealth and squandering it. gifting privately held business interests to a child or children can be an effective and tax-efficient way to maximize wealth transfer and achieve legacy planning goals.  

more: enhance wealth by mitigating taxes | your client’s instincts are wrong | preserving wealth is a different mindset | three approaches to investment consulting | cashing out: your business clients’ five big issues
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

that being said, many business owners are unaware of the benefits of gifting interests in their businesses rather than cash. here are four important reasons why gifting business interests can be advantageous: 

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help business clients lower property tax assessments

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profile of man shouting tax and other, starred-out wordssome property owners pay inaccurate property tax levels by as much as 20% to 30%.

by josh malancuk with jm tax advocates

with cash-starved states and municipalities looking under every nook and cranny for revenue, manufacturers with lots of fixed assets and personal property are generally taking it on the chin when it comes to their property tax assessments.

more: six kinds of loan covenants | 26 ways to wreck a financial projection | three ways to run a break-even analysis | price not always the top consideration in a sale | when an owner dies without a buy-sell agreement | due diligence is in the details
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

many of your business clients, especially manufacturers, sense their assessments are too high. but most don’t have the time, resources or expertise to challenge their assessment through the protest or appeal process before the deadline. and so, overpayments continue for another cycle and then again, and again and again. that’s what assessors count on. but you owe it to your clients to keep your assessors accountable through available appeals and to help them avoid overpaying taxes year after year.

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four reasons to perform tax projections

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fountain pen on word "tax"make sure the client sees the value.

by ed mendlowitz
the 卡塔尔世界杯常规比赛时间 practice doctor

many accountants do tax projections. some clients get projections who should not, but there are many who do not, who should.

more: four additional services to suggest
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here are some insights about preparing and charging for them.
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clientele and revenues rising, but …

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… is expansion cutting into profits?

by 卡塔尔世界杯常规比赛时间 research

client rosters, revenue and profits all seem to be rising, according to the 卡塔尔世界杯常规比赛时间 busy season barometer – and rising more than expected.

more: should tax preparers be certified competent? | have no fear, april is here | survey: busy season looking good | on business outlook, cpas are confident … and concerned | tax pros offer advice for small businesses | busy season barometer finds many cpas in transition | more cpas see worsening economy | has early tax season optimism peaked?
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most impressive, and curious, is the radical rise in numbers of clients. for 22 percent of respondents, clientele has expanded by more than 10 percent. another 43 percent have seen increases of 5 to 10 percent. only 13 percent have seen any significant decrease.
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have no fear, april is here

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most early fears were unfounded. but not all of them.

by 卡塔尔世界杯常规比赛时间 research

the 2023 卡塔尔世界杯常规比赛时间 busy barometer has detected a clear sign that this year’s tax season is working out better than expected … or should we say better than feared?

more: survey: busy season looking good | on business outlook, cpas are confident … and concerned | tax pros offer advice for small businesses | busy season barometer finds many cpas in transition | more cpas see worsening economy | has early tax season optimism peaked? | marchternity: just say ‘no’ | marchternity: the solution is community | how bullish are you this tax season? | accountants’ top problems for tax season 2023 | tax season 2023: better or worse?
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

comparing the barometer’s early results with those near the end of the season, we see that the fears of many practitioners were unwarranted. the fears of february are quite different from the experiences of march.
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seven benefits of tax comparison schedules

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so many people can learn from them.

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

tax comparison schedules or worksheets are a very effective tool to use to review returns. they provide an easy-to-view comparison with the prior year and most show the year-to-year differences. they are part of every tax preparation software program.

more: nine methods to reduce tax review time | the last thing a tax reviewer does | what makes an excellent tax return reviewer | 10 errors that ‘smart’ scanners make | the best way to review a tax return | why you can’t skip checklists | how to turn tax returns into new business

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most comparison schedules show the major categories of income, deductions, tax breakdowns and balances due or to be refunded. i suggest that reviewing the schedules or worksheets should be a first step to get a handle on the return, the large items, significant differences and the net bottom line effect.
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trump indicted. and, yes, there’s a tax angle

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download the indictment (pdf)
download the indictment (pdf)

“the participants also took steps that mischaracterized, for tax purposes, the true nature of the payments made in furtherance of the scheme.”

read the indictment and the statement of facts for yourself

statement by district attorney

district attorney bragg announces 34-count felony indictment of former president donald j. trump

  • the charges contained in the indictment are merely allegations, and the defendant is presumed innocent unless and until proven guilty. all factual recitations are derived from documents filed in court and statements made on the record in court.

manhattan district attorney alvin l. bragg, jr. today announced the indictment of donald j. trump, 76, for falsifying new york business records in order to conceal damaging information and unlawful activity from american voters before and after the 2016 election. during the election, trump and others employed a “catch and kill” scheme to identify, purchase, and bury negative information about him and boost his electoral prospects. trump then went to great lengths to hide this conduct, causing dozens of false entries in business records to conceal criminal activity, including attempts to violate state and federal election laws.

trump is charged in a new york state supreme court indictment with 34 counts of falsifying business records in the first degree.

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