client service opportunities

charitable giving under tcja

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donor-advised funds can be a simpler option.

by barry j. friedman, cpa
industrynewsletters

the new tax law nearly doubles the standard deduction for individuals and families, simplifying the filing process for millions of americans, but complicating giving strategies for many who have made a habit of deducting their charitable contributions.

more: the latest fraud problem: synthetic identities | why padding tax deductions is a risky proposition | portability: sharing the estate tax exemption | tariffs: what clients need to know now
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indeed, an estimate from the washington, d.c., tax policy center is that the number of itemizers will drop from 46 million to 13 million. that means most taxpayers will have little tax incentive to donate cash or stock to charity, reducing giving by $13 billion to $20 billion a year.
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staffers need to speak up with clients

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two women talking5 takeaways.

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

i started my third job one year and seven months after i graduated college. i was hired as a “junior” but felt i was more experienced because i was doing “higher level” work at my previous job.

more: the vanishing writeup | the ‘wrong’ cpe | be a sounding board to your clients | make obsessed leadership work for you | client checklist: top 10 issues for real estate investors | a cpa looks back across the generations
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

the first week at my new job, i was sitting at a long table in the staff room with two other junior accountants, footing 50-page, 10-column schedules and similar work. i mean footing. this was january 1965 and we did not have calculators or adding machines. there was one monroe calculator in the office, and if you wanted percentages you literally had to wait on line to get a turn using it.
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gifts to charity: 6 facts about written acknowledgments

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and of course, make sure the deduction is qualified.

by barry j. friedman, cpa
industrynewsletters

if your clients offer gifts or money to qualified organizations eligible to receive tax-deductible charitable contributions, they must do two things:

more: the latest fraud problem: synthetic identities | why padding tax deductions is a risky proposition | portability: sharing the estate tax exemption | tariffs: what clients need to know now | 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.

  1. have a bank record or written communication from the charity for any monetary contributions.
  2. get a written acknowledgment from the charity for any single donation of $250 or more.

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when writeups went extinct

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older man and younger man in meetingwhy it was so valuable and how to gain that knowledge now.

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

writeups are extinct. when i started in 1963, most small cpa firms primarily did writeups. after i started my practice in 1969, it became an embarrassment to say i did writeups. it connoted something beneath my “professional” status.

more: the ‘wrong’ cpe | bored by cpe? you’re missing out! | clients buy solutions, not hours | roger is my only client | top 10 issues for real estate investors | working hard? or hardly working? | it’s not always about the money | the value in value consulting | a cpa looks back across the generations
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

i think a problem today is that writeups no longer exist for younger staff.
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the latest fraud problem: synthetic identities

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bonus: 5 steps for prevention.

by barry j. friedman, cpa
industrynewsletters

by combining some factual stolen information with completely fake information, thieves convince banks and credit monitoring companies that a fake identity is real. the “bad guy” is not pretending to be the person whose information was stolen or acquired; rather, the data is being used to create a brand-new identity. thus, the phrase “synthetic identity theft” is born.

more: why padding tax deductions is a risky proposition | yes, home equity loans may still be deductible | social security hike the largest in 7 years
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but how do these scams work?

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