Archive for the ‘Tax’ Category

Tuesday, August 1st, 2017

Deadlines

“A goal is a dream with a deadline.” – Napoleon Hill

CPAs and their entire workforce are driven by deadlines. Of course, most of you reading this know how many tax deadlines there are. I think that working in a CPA firm for so long has definitely made me deadline focused.

It seems inside the CPA firm, if the deadline is several weeks off, the attitude might be, “Why worry, we have plenty of time?”

The_Snowman_(Nesbø_novel)Occasionally, you might miss an important deadline. It happens. That is why I found a passage in the book “The Snowman” by Jo Nesbo, so interesting. I never knew the origin of the word “deadline.”

Here’s the passage:

Harry had read that the word deadline originated from the battlefields of the American Civil War, when, for lack of anything material to lock prisoners behind, the captors gathered together the prisoners and a line was drawn around them in the dirt. Which became know as the “dead line,” and anyone who strayed beyond it was shot. 

Maybe the word “deadline” will now have a whole new meaning for you. Don’t miss one!

  • A deadline is negative inspiration. Still, it's better than no inspiration at all.
  • Rita Mae Brown

Wednesday, July 5th, 2017

Yes, It’s July – But Be Thinking About November

“Education is the most powerful weapon which you can use to change the world.” – Nelson Mandela

An age-old challenge inside many accounting firms is the fact that the business client expects you to do their taxes from a very messy set of books.

I have observed that is usually the case when the business owner has a bookkeeper that is really not qualified (think wife, mother-in-law, sister – you know, someone you can’t fire).

Often, even a very qualified small business bookkeeper doesn’t really understand what your CPA firm needs and how/when you need it.

That’s why I suggest you hold a Bookkeeper/Controller Breakfast for your clients in late November. Invite all your client bookkeepers to the event and offer education along with breakfast and good conversation.

Make them feel special. Provide goodie bags with the firm trinkets (pens, pencils, firm logo post-it notes, candy, gum, maybe even a t-shirt). If you start at 8:00, they can be back in their office by 10:00.

The “program” can be very short and very informative. Explain to them the important role they play in making year-end an enjoyable and efficient experience for themselves (and the firm). It might even save their boss some accounting fees!

Many of them might not have a clue about the firm’s expectations. Plus, I have actually seen them learn some very helpful tips from each other.

  • Education is what remains after one has forgotten what one has learned in school.
  • Albert Einstein

Tuesday, July 28th, 2015

Keep Your Relationships Alive & Healthy

If you want to be successful in bringing business to your CPA firm, you must be a relationship-builder. It surprises me when I hear CPAs, working in public practice, say they won’t, can’t or don’t know how to bring new business to the firm. It is simply liking people and getting to know them and letting them get to know you. CPAs are smart, well-educated, and nice. You have amazing knowledge about tax, accounting, audit and business practices. People will be naturally drawn to you – – SO, put yourself out there!

If you are a partner and you are not able to bring in business, why are you a partner?

Here’s a real-life story of how maintaining relationships works:

DruckerSharon Drucker, used to work for the New Jersey Society of CPAs. We met when she was involved in coordinating an event where I was speaking. Over the next few years we stayed in touch via email and social media.

Recently, she contacted me (via LinkedIn) to let me know that she has a new job as Director of Business Development on the new Surgent team (formerly Surgent McCoy). She will be working with firms across the US to identify and meet their professional learning needs, through both live and digital CPE programs.

I’m sure you are aware of Surgent, it has been around for more than 30 years (like me!). Surgent, LLC, is the largest independent provider of continuing education in the United States, offering more webinar, self-study, and live event offerings than any competitor in the marketplace. Their clients include 250 of the top 300 firms nationwide.

The moral of the story: Sharon kept our relationship alive by contacting me. I was delighted because I want to keep my relationships alive and healthy. We will both benefit (and can help each other).

  • Make new friends but keep the old; one is silver and the other is gold.
  • Proverb

Thursday, March 26th, 2015

Sway With The Punches

This is a very busy time inside CPA firms right now.

I have talked with hundreds of people working at CPA firms during the last year – CPAs, HR professionals, firm administrators, technology gurus, and marketing professionals.

Whether you are a CPA fighting the battle first-hand or a support professional facing the continual comment from the CPAs: “I’m too busy!” (to write an article, to attend a networking event, mentor an intern, provide timely performance feedback….), you might let what happens at work “get to you”.

What do you do when you feel like you are about to “lose it”? Here’s some advice I found when I was reading The Snowman by Jo Nesbo, that might apply:

“Do what boxers do, sway with the punches. Don’t resist. If any of what happens at work gets to you, just let it. You won’t be able to shut it out in the long term anyway. Take it bit by bit, release it like a dam, don’t let it collect until the wall develops cracks.”

  • For fast-acting relief, try slowing down.
  • Lily Tomlin

Tuesday, March 17th, 2015

Tax Blogs

best-tax-blogs-700x500I hope, as a CPA working in public accounting, you are reading several blogs on a regular basis.

I also hope that your accounting firm is writing a tax-focused blog for your clients. CPA firms have so many knowledgeable tax professionals who have so much to share.

WalletHub wants to find the “best” blogs and has identified 50 finalists, from industry titans like TurboTax to one-person dynamos like the Tax Girl.

Although I do not blog about tax, I do blog about running a successful, growing, profitable tax practice. So, I have been included in the 50 finalists.

If you find value in my blog and want to vote for me, you can vote here.

If nothing else, look over the various finalists and see who you want to follow in the future!

 

  • I am proud to be paying taxes in the United States. The only thing is I could be just as proud for half of the money.
  • Arthur Godfrey

Tuesday, January 27th, 2015

CPA, Robert Raiola, Talks About The Jock Tax

RobertI really like it when CPAs get some big-time exposure and are acknowledged for the incredible vastness of their knowledge.

I also find things like the “Jock Tax” very interesting and definitely controversial.

Here’s a link to where my friend, Robert Raiola (@SportsTaxMan on Twitter) was featured on Bloomberg TV last week, discussing the tax.

Check him out on Twitter for a lot of tweets about the Super Bowl jock tax consequences.

  • Aren't we all striving to be overpaid for what we do?
  • Will Ferrell

Wednesday, October 15th, 2014

Just Another Due Date

IMG_4340I guess you could call it the last major tax return due date of the year for certified public accountants.

Most business people are well aware that March 15th is the tax due date for corporate tax returns, April 15th is the due date for individual income tax returns. The filing of corporate returns can be extended until September 15 and individual returns until October 15. This creates a very busy time inside most CPA firms leading up to 3/15 and 4/15 and another (mini busy season) leading up to 9/15 and 10/15.

Working with and talking to CPAs across the country (and the people who work for them), I hear so much frustration and observe an immense amount of finger-pointing about why these due dates cause so much stress and unhappiness.

Yet, I find bright spots! I also hear (a very few) stories about Mary or John (partner in the firm) who never has to work so many extra hours as a due date approaches nor do they put excessive demands on the people who help them deliver client services.

What has Mary or John done differently than their other partners?

Simple. They trained their clients. 

I have seen it happen first-hand. It is possible.

  • It's easier to go down a hill than up it, but the view is much better at the top.
  • Henry Ward Beecher

Monday, April 14th, 2014

April 14th – A Tale of Two Firms

The story inside some CPA firms today…..

  • It’s going to be a crazy-busy Monday.
  • Most of the partners and several team members worked both week-end days.
  • You have a lot of “loose ends” to tie-up so you can get the return or extension filed.
  • There are several clients you have to call and break the bad news that they owe more than they expected.
  • You are expecting two or three clients, the same ones every year, to drop off or email information and expect to get their return tomorrow. They will pay you for last year’s tax work when they give you this year’s info.
  • A partner says, “I only have 3 or 4 8879s to get signed.” The problem is that each partner and some managers are saying this and there are 8 partners and 6 managers in the firm.
  • The firm administrator will be asking the admin team to be prepared to stay late today and tomorrow.
  • Tomorrow, when the party begins around 4:00, the admin team will miss it because they will be swamped with last minute tasks.
  • Dinner will be served this evening and some partners and team members will be working late into the evening.

The story inside some CPA firms today….

  • It will be a relief to come in this Monday because you have worked hard and everything was finalized on Friday.
  • You communicated clearly and thoroughly with clients and they know what to expect.
  • Everything that needs to be extended is already extended because you have notified your clients, for years, that if they don’t have their complete information to you by April 7th, their return will be extended.
  • When a client is slow to pay for their individual tax work, the following year you ask for a retainer before you begin the work.
  • You actually close at noon on April 15th, or
  • For years, you have given your team members April 16th as a holiday (or the Friday after April 15th), and it’s their favorite holiday.
  • Your after-tax-season feedback survey will go out to your people on April 16.
  • Your admin team never misses your tax season party. You have outsiders plan the party so they don’t have to also handle that task.
  • Planning is bringing the future into the present so that you can do something about it now.
  • Alan Lakein

Thursday, June 27th, 2013

The Dreaded IRS Audit – Don’t Worry, Be Happy

The editors at Best Online Accounting Degree decided it was time to do some research on the topic of IRS tax audits.  They came up with many interesting facts and have shared them via an info-graphic. The odds of getting audited are actually very low.

Anatomy of an Audit
Source: Anatomy of an Audit

  • We'll try to cooperate fully with the IRS, because, as citizens, we feel a strong patriotic duty not to go to jail.
  • Dave Barry

Thursday, March 7th, 2013

Are You Aware of TaxConnections?

taxRecently, I have been talking with Kat Jennings and Tracey Glenn of TaxConnections. I am always trying to help CPAs and CPA firms become more visible and more successful. This could be a resource that will aid you in promoting your tax knowledge. Here’s some information about TaxConnections.

What is TaxConnections?TaxConnections is an interactive Worldwide Directory of Tax Professionals that connects consumers with tax professionals and tax services around the world.

What kind of tax professionals can be found on Tax Connections? – TaxConnections promotes tax professionals from corporations, law firms, public accounting firms, tax service firms, tax associations, government, independents and academia in more than 57 countries around the world. It is the very first social media site for tax professionals worldwide.

How does TaxConnections benefit consumers? – In one click, consumers can find tax professionals and tax services worldwide. Consumers can also ask tax questions and receive answers. It is all free.

How does Tax Connections benefit tax professionals? – Tax professionals who establish a media presence always have a competitive advantage. We improve tax professionals visibility nationally and internationally.

You can find lots of good tax information on their Facebook page. If you check-out the blog page, you’ll find me there, too.

The old saying, “the world is shrinking” sure applies to your tax practice these days. I like their worldwide focus.

 

  • The hardest thing to understand in the world is the income tax.
  • Albert Einstein