special

the tax effects of buying or selling a business

by

fifteen points to consider.

by ed mendlowitz
the 卡塔尔世界杯常规比赛时间 practice doctor

clients who are deciding whether to buy or sell a business are just at the beginning of the process. there’s also determining the proper price, helping in the due diligence process, and structuring the price financially in terms of cash flow and tax considerations.

more on marketing: how to offer conflict resolution | second opinions: an old service under a new label | help clients with employment compensation | help clients with basic budgeting | questions for after tax season | 28 data points for a financial planning discussion | four additional services to suggest
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

this area involves a lot of tax and financial issues.
read more →

generative ai coming to microsoft 365

by

 

microsoft is putting a lot of eggs – $10 billion – in the openai basket.

by rick richardson
technology this week

microsoft has recently dominated the tech news cycle as a result of its $10 billion investment in openai, the company that created chatgpt, and a flurry of new products like bing chat. the redmond behemoth isn’t done either; it’s getting ready to introduce a brand-new ai-powered assistant to its office suite.

more tech this week: congress: tax prep companies shared private data with google, meta for years | the first police officer on the scene might be a drone | research: accounting pros cautiously optimistic about generative ai | first e-road charges electric vehicles as they drive | cyber insurance costs rise in health care as attacks soar | phishing attack hackers have a new trick
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

dubbed microsoft 365 copilot, the feature will automate tasks like writing emails, summarizing meetings and even making beautiful powerpoint presentations. even though it all seems too good to be true, microsoft’s initial demos show promise.

read more →

narrow your prospects by choosing a vertical

by

bonus: the 10 types of clients.

by penny breslin
it’s not just the numbers

taking on a client’s internal accounting work requires a level of comfort for both the business owner and the accounting firm. a client that has already provided you with access to sensitive financial data is easier to work with than a new business with no previous relationship. once you have done it well with current clients a few times, then you are ready to do this with prospects.

more: eight tasks to delegate today | ten questions for teamwork | build your team, then choose your clients | advisory services done your way | yes, you can be an outsourcer | how back office support adds value | ai is not your enemy
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

understand that to be able to effectively in-source your client’s internal accounting work to your accounting firm, you need on-demand access to your client’s information. it doesn’t work if you have to wait for someone to send you the information you need. understand that the processes you use today for write-up and compliance work will not transfer well to this level of client collaboration.
read more →

four reasons people struggle with communication

by

chart showing passport to partnership's 7 levels of communication managementplus two things you must demonstrate with existing client relationships.

by martin bissett
passport to partnership

ultimately, when we have to interact with clients, subordinates, superiors or peers, the questions are always the same: who do i need to deliver this information to and what approach would they respond most favorably to?

more: five questions for measuring partner potential | culture can’t be ignored | three questions about your competence | 10 can’t-skip steps for business development | attract clients, don’t chase them | success in business comes second | business won’t come to you | forged in fire: the pains of leadership | a lesson in customer service and reputation | prioritize your prospects | good enough is not enough
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

in arriving at “communication” we come to the most intangible of all the components to obtain a “passport to partnership.”
read more →

with fresh funding, irs shows service improvements

by

man talking on phone and smiling

welcome to the 21st century.

by 卡塔尔世界杯常规比赛时间 research

it turns out that all it took was money. funded better, the irs performs better. it’s as simple as that.

more: research: accounting pros cautiously optimistic about generative ai | how auditors can beat ai | how tax practitioners became cybersecurity risks | why the u.s. must act now to protect our online privacy | top tax vendors caught red-handed selling private taxpayer data
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

look at the accomplishments as of the end of the filing season:

  • three million more phone calls answered.
  • phone wait times cut from 28 minutes to just three.
  • 140,000 more taxpayers served in person.
  • 80 times more returns digitized than in 2022.
  • entire backlog of 2022 returns cleared without error.
  • new online filing and notification options offered.
  • tax preparers can file 1099s in bulk.
  • new direct deposit refund enabled for amended returns.
  • 35 taxpayer assistance centers opened or reopened.

the improvements are possible thanks to funding provided under the inflation reduction act, and the irs deserves credit for accomplishing so much in so little time. the ira was passed on august 16, 2022.

read more →

use organization charts to rewrite the future

by

woman's hand drawing an organization chart

how do people view themselves?

by ed mendlowitz
77 ways to wow!

an effective way to review key staff is to have them separately draw up two organization charts to see how they view their role.

more: what clients don’t know about cost variances | why and how to track payroll costs | use constraints to make improvements | the role of strategy in pricing | wow clients with trend analysis | 26 ways to wreck a financial projection | three ways to run a break-even analysis | price not always the top consideration in a sale | when an owner dies without a buy-sell agreement | due diligence is in the details | manage better with the right financial tools
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

the first chart is what they think their role is showing who they report to, who reports to them, lateral associates and support personnel. the second chart is what they would like it to be. rarely would the two be the same.
read more →

six qualities the best wealth coaching candidates share

by

they enhance not only their businesses but their lives.

by anthony glomski and russ alan prince

personal wealth creation coaching is a methodology we use with the wealthy, including the super-rich as well as select professionals. we start personal wealth creation coaching with clients by having them identify where they are today and where they want to be.

more: referrals best for gaining wealthy clients | why stress testing matters | help pros become experts through thought leadership | five questions for your high-net-worth practice | what your wealthy clients aren’t telling you | three ways the wealthy use life insurance | why tax planning matters so much to the wealthy
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

we find there is always a gap. by leveraging and increasing their networks while enhancing the depth of their business relationships, we show them how to close the gap.
read more →

cybersecurity exemptions for orgs with less than 5,000 clients

by

you may be off the hook, but not out of the woods.

by donny shimamoto

management consulting company aon described an exemption for some of the ftc requirements for firms that handle the personal identifiable information (pii) of less than 5,000 consumers.[i]

the safeguards rule provides an exception from certain requirements if the covered financial institution maintains customer information concerning fewer than 5,000 consumers. a consumer is defined in section 314.2(b)(1) of the safeguards rule as “an individual who obtains or has obtained a financial product or service from the financial institution that is used primarily for personal, family, or household purposes, or that individual’s legal representative.”

more:  how hacker-proof is your firm? | unleashing the power of technology: transforming accountants into trusted advisors | future firm growth requires a mindshift | ai, ocr, nlp & cpas: oh my!   |  accounting nerds, unlock your super powers  | early adopters gain an edge in audit | dustin wheeler: for serious cas success, hire tech teams | csr for cpas: the missing ingredient | donny shimamoto explains how ‘agile’ applies to cpa firms |  staff retention for remote workers | why the future is in risk advisory |  ready for non-cpa “cpa” firms?
goprocpa.com exclusively for pro members. log in here or 2022世界杯足球排名 today.

essentially if you handle less than 5,000 social security numbers, then it would appear that you can take advantage of this exemption. aon went on to report that if you fall under this exemption, then you do not need to address the following requirements:

read more →

why students opt for accounting (or don’t)

by

bar charts

they share their ideas for changes.

by 卡塔尔世界杯常规比赛时间 research

are accountants a threatened species?

more in staffing & recruiting: tax and accounting pay advancing at 5.9% pace | which is better: a year of education or a year of experience? | 44 critical criteria for accounting staff performance evaluations | four ways to propel new cpas into growing your firm | mike whitmire: re-think your hiring and training practices | what new leaders want in ownership |

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

extinction’s still a ways off, but the numbers of cpas are in serious decline. between 2010 and 2021, the number of people taking and passing the cpa licensing exam fell 36 percent, from more than 50,000 to about 32,000.
read more →

set your processes apart in nine steps

by

woman in white office meeting with man

your clients should notice the difference.

by hitendra patil
client accounting services: the definitive success guide

if you were to define how your firm is different in three sentences, what would those three sentences be?

write them down. read those the next day and judge for yourself if your competitors can say the same three sentences to differentiate their firms. if yes, you will see why this is a significant challenge for your firm’s growth aspirations.

more: is it time for your firm to outsource? | cas tech stack depends on cloud use | five ways to profit from cas | cas is a value pitch | accountants are perfect for virtual cfo roles | raise client expectations with cas
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

the classic equation of “people, process and technology” defining differentiation from the competition is somewhat flawed in accounting. by its very nature, accounting is about doing exceptionally well-defined work that follows clear laws and regulations. most firms have employees certified in similar lines of education and specialization. technology solutions for accountants are highly mature now.
read more →

six questions before asking for all the referrals you deserve

by

woman and man meeting in office; chart on his laptop screen

and how to approach your clients.

by august j. aquila
price it right: how to value accounting services

you would think that if you do a good job, you should get all the referrals you need. unfortunately, this is not always the case. sometimes, you must ask clients and referral sources for referrals. and many times, professionals just don’t know how to ask.

more: you only have four strategies | one question to guide your growth plans | five rules for a marketing orientation | the damage that traditional fee methods do | four ways to prepare for new business development | ten keys to marketing success
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

before you set up that next meeting to ask a client for referrals, ask yourself the following types of questions:

  1. have i provided meaningful service to the client?

read more →