over 46 percent of respondents expect a five to ten percent expansion of clientele, and another 13 percent say theirs will swell by more than ten percent.
one afternoon, the partner group of our outsourced accounting practice met for a state of the practice meeting conducted by our director of outsourced accounting. our prior director left and we were looking for someone when one of our newbies asked if he could be considered.
the 25-year-old had one year of experience, and we were chasing a controller-type person. the whole outsourced practice was in shambles. revenue was nil and any clients we had were unsatisfied. read more →
in van nuys, calif., steve glick came up with a new concern: “now the software companies—turbotax, intuit, etc.—are competing against their customers by preparing tax returns.”
gretl siler, at succentrix business advisors, in panama city, fla., has the problem everyone wishes they had, plus the one everyone wishes they didn’t. she says, “note that i am not having any problem with increasing prices or with competitors. the problem is too many new clients and staffing… plus the irs is still terrible.”
to be sure, there’s bob langworthy, the founder of southern maine’s management accounting. he couldn’t name a single concern. “none!” he says. “we served 1,000 clients last year and already have more than 200 committed new clients this season.”
for 2023, the 卡塔尔世界杯常规比赛时间 busy season barometer expanded the list of possible concerns, 24 in all, plus an “other” option. it’s our longest list ever, and accountants checked off each and every possible worry.
ask yourself this question after you hear that a return was submitted for review that needed extensive corrections: “why am i letting the future of my firm depend on people who keep making errors on tax returns?”
comment: the future of your firm means your future wealth and your eventual financial security.
question for you: why do you put up with the pattern of continuous errors on tax returns? read more →
a project hung up in process is one where there is a disagreement between people involved in a project as to the status. for example, a client thinks he has answered your tax return questions, while you believe he has not. another example is when a tax return preparer believes a return is ready for review while the reviewer does not believe it’s ready.
“i know i can’t sell the property because the irs has a lien for $80,000 it filed two years ago and there is not enough equity, and i don’t have the money to pay them.”
this is a clarion call to focus on what you are working on and think about what you are supposed to be doing. the focus can be only a couple of minutes, but it has the potential to yield valuable planning ideas and maneuvers. read more →
all of a sudden, my client – who five minutes before told me they knew nothing about taxes – is now explaining to me, a tax attorney, that the canceled debt cannot be income and that a third-party bank obviously meant it as a gift.
sadly, it is not a gift; there was never any intent for it to be a gift. when either the bank or another creditor writes off that debt you owed, they are required to file a 1099-c to report the canceled debt to the irs so the lender can take the bad debt write-off. according to congress, the courts and the irs, the recipient now has income because they received value that they do not have to repay. in tax parlance it’s called an “ascension to wealth.”
the big issue that i see with the tax season review process is that the workload compression and rush cause the use of shortcuts to get the return out quicker.
doing this has a cost of breaking down the system and having you have to start over each year with the same problems of untrained or poorly trained people not following procedures and making the same type of mistakes they always made. shouldn’t this stop? read more →
no irs program is more interesting yet misunderstood than the irs’s offer in compromise program. for taxpayers who owe money to the irs, between 15 million and 20 million of them, the thought that they can settle their back tax debt for less than the amount owed is an answer to many of their prayers.
many people have seen the late-night television ads or heard the satellite radio spots: the taxpayer, who seems just like them, owed huge sums of money to the irs and was being abused by the callous tax machine when the advertising company came to the rescue and settled that tax debt for “pennies on the dollar.”
are these ads telling us the truth? can taxpayers really settle their tax debt for little to no money? the answer is yes, they can, but it depends upon their financial situation.
a comment is that i believe i will present the best overall method to review tax returns. it is clear that no matter what i say many will not agree with me, many will have no interest in changing but will want to make some minor changes if they appear helpful, or many are reading to validate what they are doing. read more →
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