client service opportunities

what to do with an inherited mortgage

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4 specific tips.

by barry j. friedman, cpa
industrynewsletters

the right of inheritance applies to all property, including properties with mortgages attached to them.

more: alternative minimum tax: what’s it like today? | the latest rules on charitable donations | the latest fraud problem: synthetic identities | how to challenge property taxes | real estate, iras & clients | percentage-withholding for clients | bitcoin: what clients need to know | supreme court wayfair ruling sows confusion – and opportunity
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if your client inherits a mortgaged property, a number of questions and concerns may pop up, including whether the mortgage can be assumed. your client may wonder how to record the deed and take title to the property.
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you must push the pencil

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woman's hand using a pencil on notepadsometimes the conventional is not wisdom.

by ed mendlowitz
call me before you do anything: the art of accounting

tax rules continuously change, but the specific tax matter here is not what’s important. what is important is the process.

more: when to keep some plans to yourself | employees have better memories than bosses | when writeups went extinct | kennedy’s acceptance speech
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

in the 1970s the tax law provided for a penalty for certain family corporations retaining “excess” earnings and not paying dividends. for the record the individual tax rate on dividends then was 70 percent, so forcing the payment of dividends would give the government that much more tax – on some level you can say that it almost was a confiscatory tax.
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alternative minimum tax: what’s it like today?

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there are only two brackets for 2018.

by barry j. friedman, cpa
industrynewsletters

the tax cuts and jobs act made many changes to the individual tax law, including the alternative minimum tax.

more: the latest rules on charitable donations | beware the taxes of self-employment | charitable giving under tcja | why padding tax deductions is a risky proposition | portability: sharing the estate tax exemption
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one of the goals of the new tax law was to reduce the impact of the amt or even to repeal it entirely. a modification was made – let’s see what it could mean to your clients.
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my boss hated the client

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drawing of unhappy face and arrow pointing from it to happy face“his remarks were like a kiss of death.”

by ed mendlowitz
call me before you do anything: the art of accounting

early on, my boss took me to a client i was to work on. he started to explain what needed to be done and what the client did, but then he said, “i hate this client – everything is always messed up and nothing ever makes sense.”

more: when to keep some plans to yourself | the art of the deal: starts with listening | working for a jerk | the ‘wrong’ cpe | be a sounding board to your clients | make obsessed leadership work for you
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he also told me my work area was in the factory. i would probably have to move a chair next to a carton that would serve as a desk, and he warned me the lighting wasn’t too good.
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clients’ top worry: going broke

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survey shows healthcare costs and market volatility drive client fears.  

of all the concerns impacting americans’ retirement today, running out of money, maintaining their lifestyle and rising healthcare expenses continue to top the list, according to a new survey of cpa financial planners.

more on client management: busy season: accountants worry for u.s. economy   |   tax season launches with a whimper  |  when to keep some plans to yourself   |  shutdown: what to tell tax clients during “the lapse”  |  how clients should gather their papers for taxes  |  staffers need to speak up with clients

goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

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the latest rules on charitable donations

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5 guidelines.

by barry j. friedman, cpa
industrynewsletters

charitable contributions are deductible, says the irs, only if you itemize deductions.

more: beware the taxes of self-employment | 6 key facts about excise taxes | gifts to charity: 6 facts about written acknowledgments | yes, home equity loans may still be deductible | social security hike the largest in 7 years | how to talk to clients about ‘basis’ | basis: turning a common client question into new business | the w-4 time-bomb and what to do about it
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

but how do your clients know that the charity they are donating to is qualified?
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when to keep some plans to yourself

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smiling woman meeting with man in officeleave room to be surprised.

by ed mendlowitz
call me before you do anything: the art of accounting

planning is a trait of most accountants, including me. maybe that is one reason we become accountants. i always seemed to write out plans – for myself, partners, staff and sometimes personal activities.

more: the art of the deal: starts with listening | fired from my first job | staffers need to speak up with clients | bored by cpe? you’re missing out! | clients buy solutions, not hours | roger is my only client | blown loan covenants and how to recover from them | beyond the numbers: be a friend | perception becomes reality
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

one time i had a plan for a new staff person who became our tax manager and eventually ran our firm’s tax department.

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medical and dental expenses: what can you deduct?

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man taking medication from caretakerinsurance premiums can be deducted … in part.

by barry j. friedman, cpa
industrynewsletters

can your clients deduct medical and dental expenses? that’s a complicated question.

more: beware the taxes of self-employment | 6 key facts about excise taxes | gifts to charity: 6 facts about written acknowledgments | yes, home equity loans may still be deductible | social security hike the largest in 7 years | basis: turning a common client question into new business
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

to start with, their deductions must exceed 7.5 percent of their adjusted gross income. and they have to fall into an irs-approved category.
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busy season: the busiest ever?

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tax professionals expect a very busy busy season.

today’s bonus question:
the tcja impact on your practice and your clients
join the survey: get the results.

busy season barometer: 63 percent expect an increase in clients this year, and 78 expect higher revenues.

by rick telberg
卡塔尔世界杯常规比赛时间 research

one thing’s certain about the 2019 tax season: nothing’s certain.

the early results from the 16th annual 卡塔尔世界杯常规比赛时间 busy season barometer show tax practitioners hopeful but nervous.

more busy season:  tax season 2019 launches with a whimper  | 16 big questions for tax season  |  survey: tax accountants alarmed by tcja & shutdown  |  shutdown: what to tell tax clients during “the lapse”   |  beware the leeches and consultants   |  charitable giving under tcja  |  why padding tax deductions is a risky proposition  |  handling the delay in 199a regs |  survey: clients rush for tcja answers |goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

for many, the season seems to be shaping up for more clients and increased revenues. at the same time, however, practitioners are showing unprecedented concerns that instead of success, they could end up with a mess.

and mess or success, they’re in for a lot of work. read more →

the art of the deal: starts with listening

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be all ears. talk less. listen more.

by ed mendlowitz
call me before you do anything: the art of accounting

a client wanted to buy a business in birmingham, ala., and i went there with the company’s cfo to review the books, do some due diligence, kick the tires and negotiate a deal.

more: fired from my first job | employees have better memories than bosses | when writeups went extinct | kennedy’s acceptance speech | what consulting is | mendlowitz: why my firm merged with ws+b
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the business was on the cusp of super success, but they ran out of money and my client was going to buy the company, provide working capital and retain the owner to run the business.
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2019: appetite for growth unabated

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hand watering small plant in pot shaped like upward arrowfirms revisit old initiatives with fresh eyes.

by art kuesel
the rosenberg survey: national study of cpa firm statistics

business development investment continues to increase for growth-minded firms. there’s significant demand for traditional business development training and coaching for individuals at all levels.

more from the map survey: 2019: doing more with less | 2019: the biggest tech changes yet | 2019: three new trends to watch | 2019: client service moves to fore | 2019: shifts in hiring & office space | 2019: firms grapple with change
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

a handful of firms are pursuing non-traditional business development efforts such as converting a client service professional (partner, manager or supervisor) to part-time or even full-time business development.

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beware the taxes of self-employment

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senior executive in home office with two monitors and keyboard on leather desk and looking at paperwork on deskthat 15.3% is likely to be a stunner.

by barry j. friedman, cpa
industrynewsletters

your clients are self-employed if they’re in business for themselves – including a part-time business. that means they’re also their own tax manager!

more: 6 key facts about excise taxes | how clients should gather their papers for taxes | the latest fraud problem: synthetic identities | how to challenge property taxes | real estate, iras & clients | percentage-withholding for clients | bitcoin: what clients need to know
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

your clients can be self-employed as a sole proprietor/an independent contractor, or a member of a partnership or of a limited liability company. as such, they need to file an annual income tax return and pay estimated taxes throughout the year on their income.
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