finding new profits in client accounting services.
by chandra bhansali
ceo, accountantsworld
we have all heard a lot of buzz about value billing. it sounds like a great concept to boost a firm’s bottom line, but have you tried it. chances are you haven’t.
why not? because although it is a great theoretical concept, it’s too complex to implement. and there are various reasons why it is hard to implement in accounting practices.
they don’t like the irs, but they might get an irs tattoo to skip out on taxes.
by 卡塔尔世界杯常规比赛时间 research
let’s put the shoe on the other foot for a moment.
more on tax season: five-point action plan for turning tax scam threats into new opportunities | liberty tax earnings down 48% | h&r block lagging behind last year | tax pros filing only 51% of e-returns | tax refunds up slightly | tax filings data looking less squirrely | tax return filings still lag, but pros hold 57% of market | tax filings down, but irs blames the calendar
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we know how accountants view tax season. but how about the average taxpayer?
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the minefields in tuition statements.
by dennis p. benvie ms, cpa
surgent professional education
errors associated with educational credits, specifically for form 1098-t, can be easily misinterpreted.
eligible educational institutions often file form 1098-t to report either the aggregate amount of payments received (box 1) for qualified tuition and related expenses or the aggregate amount billed (box 2) for such tuition and expenses. should you receive this form, here are four common errors to watch for, and how to interpret them.
1) educational credits are based on the amount of adjusted qualified education expenses paid for the student in 2016 for academic periods beginning in 2016 or beginning in the first 3 months of 2017. an issue occurs when the costs for early 2016 tuition were billed in 2015, and the educational institution utilizes box 2 of form 1098-t.example: in january 2016, alex pays $6,000 for his final semester of classes. the university alex attends actually billed the tuition payment in december 2015. in may 2016, alex pays certain qualifying expenses amounting to $200. alex receives form 1098-t for 2016. box 1 is blank, and box 2 includes $200.
let clients know you’re on their side.
tax season 2017: what’s working. what’s not
join the conversation. get the answers.
by rick telberg
卡塔尔世界杯常规比赛时间 research
internal revenue service workers may be chronically understaffed, but they’re not stupid. they’ve been in the tax collection business since the civil war, and the irs has been harvesting income tax since 1913. it has processed billions of tax returns, and it knows the tricks that taxpayers often try. it also knows the tricks that wanna-be cheats use to exploit the tax system, effectively robbing the honest people who pay what they owe.
for the last three years, the irs has given a name to the most common schemes to swindle either taxpayers or the nation’s treasury. it calls them “the dirty dozen.” this year, half the dozen are scams by third parties that attempt to rip off taxpayers. the other half are taxpayer attempts to effectively rip off their government.
more on tax season: five-point action plan for turning tax scam threats into new opportunities | taxes: beyond income to gas and more | readers sound off: what tax season decline? | overhyping ibm’s watson is dangerous | average tax refund by state | irms face staff turnover tsunami |
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sleazy tax tactics don’t do a practicing accountant any good. the slime taints the tax pro, and the pro may be put in the very uncomfortable position of having to defend the taxpayer before an irs agent. this is not the light tax preparers look for at the end of the busy season tunnel. they’re thinking “bahamas,” not “irs office.”
clients who know about the dirty half-dozen will be disinclined to try a trick the irs is expecting. sharing the list will go far to ward off problems. read more →
ranking the states by tax burden.
by 卡塔尔世界杯常规比赛时间 research
you hear the word “tax” right now and the first thought is “income” – ah, but there are so many more varieties.
more on tax season: five-point action plan for turning tax scam threats into new opportunities | liberty tax earnings down 48% | h&r block lagging behind last year | tax pros filing only 51% of e-returns | tax refunds up slightly | tax filings data looking less squirrely | tax return filings still lag, but pros hold 57% of market | tax filings down, but irs blames the calendar
while the average u.s. household pays more than $5,700 in federal income taxes, there is significant disparity when it comes to state and local taxes.
read more →
the eight moves smart firms are making today to win tomorrow’s battles.
by rick telberg
卡塔尔世界杯常规比赛时间 research
does the tax and accounting profession have a role to play in global peace, harmony, and understanding?
you may think so, based on a new 卡塔尔世界杯常规比赛时间 analysis of a global survey of small, local, and mid-size accounting firms.
the study paints a picture of a global community of local firms with shared aspirations, expectations, challenges, and opportunities – despite (or perhaps because of) rising nationalism, protectionism, and conflicting political regimes.
more on talent managment: global tax talent shortage mounting into ‘perfect storm’ | accountants without borders: tight talent pool drives salary increases nationwide | how to create a talent management strategy | survey findings: talent wars, m&a frenzy continue | why job descriptions matter | how to develop home-grown future leaders | new staffing strategies for the next-generation accounting firm
in fact, the research finds that the talent shortage plaguing unites states firms is now turning into a global problem. that is, by no means, a good thing. but it is another item all firms across the globe can share in common. and it is another chink in the armor of the so-called traditional business model of the owner-operator accounting firm because most of the issues flow from two overriding factors: rampant under-pricing or owner greed (or both) that fails to build up capital reserves for re-investment in the business, and the lack of access to other sources of funding.
it’s enough to make us wonder if solutions to global problems are beyond the ability for individual nations to solve alone. instead, multi-national worldwide strategies may be required. maybe that’s part of the reason the american institute of certified public accountants is rebranding itself as the association of international certified professional accountants (still, just the “aicpa” to most).
but today, owning, operating or working in a perfectly “average” firm is not necessarily a sign of success. instead, “average” seems doomed to obsolescence in irrelevancy – and on a global scale never before seen in the profession.
texas and d.c. get biggest refunds.
by 卡塔尔世界杯常规比赛时间 research
does that mean they need better accountants in texas and washington? hard to say. but it’s easy to see the big picture in this groovy graphic. read more →
how to beat the staffing crisis: join the survey. get the answers.
by rick telberg
卡塔尔世界杯常规比赛时间 research
the accounting industry may be on the verge of a seismic shift. the results of a new 卡塔尔世界杯常规比赛时间 survey of job satisfaction and personnel retention indicates a mounting tsunami of personnel migration in the near future, possibly on the heels of the busy season.
more on staff retention: effective stay interviews for cpa firms | the 16 biggest #fails in delegation | work-life balance: according to whom? | two ways your strategic plan can reduce turnover | top firms muscle up with specialized talent
the survey, conducted in conjunction with practice management consultant kristen rampe suggests that barely half—just 52 percent—of respondents intend to definitely stay with their firms for the next six to 12 months. they describe their jobs as perfect for them right now.
how to advise clients of the irs ‘dirty dozen’ fraud schemes.
tax season tracking poll:
join the survey. get the results
by rick telberg
卡塔尔世界杯常规比赛时间
for the third year in a row, the internal revenue service is listing the “dirty dozen” scams that can land taxpayers in the hands of crooks… or in jail.
more on tax season: liberty tax earnings down 48% | global tax talent shortage mounting into ‘perfect storm’ | h&r block lagging behind last year | tax pro e-filing down 10% | successful tax seasons require teamwork | 8 considerations with new clients | 11 ways to get more tax clients | mandatory saturdays stir controversy | 10 quick and easy tips for a better busy season | mandatory saturdays stir controversy| 10 quick and easy tips for a better busy season
tax professionals are well-aware of the risks, with almost half in some of our tracking polls reporting “security, privacy and identity theft issues” as one of their chief concerns this year. in fact, savvy tax professionals are proactively advising clients about these common scams.
liberty tax inc. reports results for the third quarter ended jan. 31
by 卡塔尔世界杯常规比赛时间 research
liberty tax, the chain of almost 4,000 tax prep offices, is suffering from a variety of problems, both internal and external, according to founder and ceo john hewitt.
“the 2017 tax season marks another period of change for the industry as filing patterns continue to shift later into the season,” says hewitt in a statement. “the whole industry has been slow, but we are clearly not satisfied with how we have performed in comparison to the market. there is still a lot of season in front of us and we are focused on delivering a strong second half and on implementing the appropriate changes to be successful in an evolving landscape.”
through feb. 28, the company said it had prepared 915,000 u.s. tax returns, as compared to 1,094,000 u.s. tax returns prepared in the comparable prior year period, representing a decline of 16.4%. the company operated 3,823 offices in the u.s. in fiscal 2017, down from 4,225 offices in 2016. the decrease represents a decline of 250 permanent office locations, as well as a reduction of 152 seasonal and processing center locations, some stemming from compliance problems.
hewitt surprised listeners on the company’s quarterly earnings conference call by saying he’s looking to turn over the reins. “it’s time i have a backup in the company,” he said.
good for talent; tough for employers: retirements, turnover, and outsourcing.
by rick telberg
卡塔尔世界杯常规比赛时间
“change is coming to the tax profession potentially as a ‘perfect storm’ in 2017,” according to some leading executive recruiters, explaining the upcoming tax reform is still unknown but will likely result in tax professionals needing to quickly change and adapt to new rules and regulations.
more careers & hiring: accountants without borders: tight talent pool drives salary increases nationwide | how to create a talent management strategy | survey findings: talent wars, m&a frenzy continue | why job descriptions matter | how to develop home-grown future leaders | new staffing strategies for the next-generation accounting firm
“additionally,” they say, “u.s. corporate tax departments will potentially explore outsourcing arrangements. citing the arrangement between pwc and ge, they ask, “is this a one-off situation or a transformational trend?” in the pwc/ge deal, ge hived off its tax department to pwc, which then assumed the ge tax department’s activities as an outsourcing engagement.
down 7% so far this tax season. market share up.
by 卡塔尔世界杯常规比赛时间
h&r block reports that its pace of filing is down from the year-ago period, but not as much as the rest of the industry.
more tax season data: pro e-filing own 10% | tax refunds up slightly | tax filings data looking less squirrely | tax return filings still lag, but pros hold 57% of market | tax filings down, but irs blames the calendar
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h&r block return volume outperformed industry results when compared to irs data reported through february 24. market share gains were realized in both the assisted and diy categories. in the assisted category, h&r block outperformed the industry with a decline of 8% compared to the irs reported decline of 13%. in the diy category, h&r block outperformed the industry with a decline of 5% compared to the irs reported decline of 8%. while overall industry and company volume is expected to improve during the second half of the tax season, company performance relative to the industry is expected to moderate given the conclusion of its free federal 1040ez and refund advance promotions on february 28.
what clients don’t know they don’t know.
by 卡塔尔世界杯常规比赛时间
no wonder small business owners need accountants. many don’t understand the deductions they’re entitled to. most don’t use bookkeeping software. and too many are still keeping paper receipts by the shoebox-load.
more on tax season: security and id theft emerge as top tax season worry | successful tax seasons require teamwork | 8 considerations with new clients | irs budget: penny-wise, pound-foolish | 11 ways to get more tax clients | irs taxpayer advocate questions preparation of tax preparers | watchdog warns of dubious irs plans | tax season productivity hacks | letting staff go after tax season | how to sell bundled tax services
after surveying more than small business owners, manta, the small-business directory, asserts small business owners “are on top of their tax games.” but we know a few accountants who would beg to differ.
manta’s survey found only 61% of small business owners understand the deductions available to them as business owners. luckily about the same number, 62%, use a cpa to file taxes. still, 21% track of expenses with paper receipts, making filing a pain.
more highlights: