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seven changes in the new taxpayer first act clients need to know

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young man under rain-covered umbrellaone congressman says it “levels the playing field.”

by barry j. friedman, cpa
industrynewsletters

the taxpayer first act of 2019 is redesigning how the irs works with taxpayers, even though it may take a while for many of the provisions to take effect.

more: how manufacturers can use the r&d tax credit | padding your tax deductions? the consequences are serious | beware the taxes of self-employment | charitable giving under tcja
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some experts have highlighted the following aspects of the bill as especially important:
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how many tax preparers do you need?

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stacks of papers on the corner of a deskalso: why error tracking is vital.

by frank stitely
the relentless cpa

we’ve discussed planning for tax season in terms of how many full- and part-time preparers you need. now, let’s discuss this in terms of capacity and turnaround time. let’s ask why we should ever hire additional tax preparers at all, because hiring additional people only costs more money.

more: farm-aid for accountants? | wip-ing clients into shape | maximize your role as visionary | the land mines in tax returns | give your people the resources they need
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we’ll start with a really ridiculous example and then get realistic.
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why we train on excel, word and adobe

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woman training man at computerare you losing time every day?

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

i’ve written about my introduction to quickbooks and how we took our entire staff to a training course for it.

more: i used to hate quickbooks | 26 value-added benefits clients need to know | how an out-of-work tax preparer ‘saved’ our lives | i always want to be ’the other guy’s accountant’ | learning from lee iacocca et al. | i lost a client to an accounting firm with cheaper fees
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today i am writing about training for the most basic software we use: excel, word and adobe. we have taken our staff to courses for these programs and have periodic in-house training, but i realize many firms do not.
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7 points of a well-crafted partner buyout agreement

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magnifying glass held over document with word "agreement" highlightedsuccession planning is a daily partner duty.

by marc rosenberg
the rosenberg practice management library

cpa firm partner retirement/buyout plans have always created angst among partners.

more: take yoda’s advice on strategic planning | buyers name 20 big merger turnoffs | why governing by partner ownership is bound to fail | the top 5 concerns of great managing partners
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prospective and young partners often question the plans because they see themselves paying into some sort of ponzi scheme, wondering if their payday will ever come. the departure of impactful retiring partners seems to jeopardize the future viability and hence, value of the firm.
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