today's features

irs still falling short on service

letter blocks with middle section rotating to change word from "quantity" to "quality"

it doesn’t seem to know which problems most need solving.

by 卡塔尔世界杯常规比赛时间 research

the internal revenue service wants to do a better job. it really does. it got an infusion of funds (though it seems some might get taken back), and it’s got a strategic operating plan with objectives for improving the taxpayer experience and modernizing operations.

more: must the irs be a dark hole? | 10 tips to the irs for beefing up staff | eight ways the irs can speed up processing tax returns | irs plays whac-a-mole with the phones | ten irs problems that need solutions | treasury ig sees progress at irs | with fresh funding, irs shows service improvements
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and it’s made a lot of progress. but it’s still got wide open spaces to accommodate improvement.
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how to use the three types of artificial intelligence

your firm will need to redefine its processes.

by hitendra patil
rise of the aiccountants

artificial intelligence (ai) is a rage worldwide now, and accountants are racing ahead to test/try out publicly available ai tools. ai-powered tools can potentially automate tasks outside the purview of the software solutions created by programmers. ai also has the potential to help accountants to better understand and analyze data, which is essential for helping their clients, and accountants themselves make better informed business decisions.

more: ai means clients need you more than ever | seven changes ai brings to accounting | humans beat ai in some aspects | why accountants should embrace artificial intelligence | ai brings opportunities for accountants | seven things you must know about ai
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all of you (almost) have already tried chatgpt. but it is just one type of ai – a generative, large language model (llm). as it is “language”-based, it can, right now, quickly help accountants enhance marketing and client communications.
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must the irs be a dark hole?

documents disappearing into dark hole

taxpayer advocate calls for more transparency.

by 卡塔尔世界杯常规比赛时间 research

the internal revenue service is the one federal agency that touches nearly every american. yet too often taxpayers and tax preparers find it all but impossible to see what they need to see in that dark and distant entity.

  • many struggle to access information from the irs.
  • many have difficulty finding clear, timely, dependable guidance.
  • many can’t determine the status of pending issues.

more: 10 tips to the irs for beefing up staff | eight ways the irs can speed up processing tax returns | irs plays whac-a-mole with the phones | ten irs problems that need solutions | treasury ig sees progress at irs | vcs plunk $60 million into ai-powered ‘autonomous’ tax prep | tax pros are expanding and earning more | with fresh funding, irs shows service improvements | how tax practitioners became cybersecurity risks | 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.

  • many can’t understand irs correspondence or how to respond to it.
  • many never find an irs agent who can answer a question authoritatively.
  • many find it impossible to resolve an issue.
  • many, after experiencing any of the above, suffer the stress of confusion and frustration.
  • many end up distrusting the tax system.

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seven things good firms must do

six people meeting around office conference table

good management gets them there.

by marc rosenberg
the rosenberg practice management library

if partners of firms across the country were asked what the key was to the success of legendary fortune 500 companies such as general electric, coca-cola, ibm and countless others, i’m sure that the words “strong management” and “strong leadership” would dominate their responses. yet, ask those same partners to evaluate their own firms’ management, and if they are honest, their responses would not be very flattering.

more: five ways to separate accounting winners from losers | two factors determine firm profitability | five keys in compensating new managing partners | what partners do and don’t deserve | five steps to transition to partnership
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of all of the techniques for improving cpa firm profitability, none is more effective than strong management and leadership. yet, nothing is more elusive. why is this?
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bissett bullet: speaking their language

today’s bissett bullet: “identifying an ideal client and sharing a definition of that ideal client internally is only worthwhile if it is consistent with and supported by your marketing.”

by martin bissett

your firm’s messaging must speak to the needs of your ideal client, do so in their language and demonstrate exactly why you are best placed to help them.

without educating the general market as to what you offer and how you have helped similar businesses – communicating that through social media posting, the firm’s website or other means of advertising – you are relying purely on the market’s perception of an accounting firm to dictate whether they reach out to you or not.

today’s to-do:

ask a friend or family member to look at your website and social media. ask them based on what they see there, what it is that they think you do for your clients. if they get it right, your messaging is on the money. if they don’t, the assumptions that they made are likely to be the same ones that your prospective clients are making.

see more bissett bullets here

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ten ways to have more energy this tax season

young businessman sleeping on the keyboard in the office

pssst … feel free to keep these habits going afterward, too.

by sandi leyva
the complete guide to marketing for tax & accounting firms

is keeping a high energy level a challenge for you? here are a few tips to revitalize your personal energy. some of these are very simple, so simple you may think they won’t do anything for you.

more: are you crossing off your business bucket list? | three money leaks and how to plug them | eleven ways to serve clients even better | eight ways to build busy-season stamina | make your prospect kit stand out | six ways to beat the competition grow your revenue with three marketing strategies |what can chatgpt do for accounting professionals? | generative ai: should you avoid it or adopt it? | want better clients? here’s how | get your name in the news | four ways small firms can beat large ones
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

as you read, check to see which ones have slipped from your current daily routine. in that way, you’ll discover how to change your routine to gain more energy.

1. drink plenty of water. a large amount of the aches, pains and low energy we have these days is because we are not fully hydrated. keep a glass of water on your desk at all times and drink up.
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10 tips to the irs for beefing up staff

two businesswomen meeting in an office

guess who has the federal government’s worst retention rate for employees under 40?

by 卡塔尔世界杯常规比赛时间 research

if you think it’s hard staffing a cpa firm, imagine the challenges at the internal revenue service where

  • the pay’s not so good
  • laws limit bonuses
  • it takes three months to hire an applicant
  • federal bureaucracy gums up the process
  • the hiring process uses antiquated technology
  • only a remote office can authorize many hires

more: eight ways the irs can speed up processing tax returns | irs plays whac-a-mole with the phones | vcs plunk $60 million into ai-powered ‘autonomous’ tax prep | how tax practitioners became cybersecurity risks
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

  • the recruitment and retention budgets are austere
  • training programs, spaces and equipment are inadequate
  • more than 100 full-time positions need to be filled every day
  • over half of employees will be eligible to retire within five years

the taxpayer advocacy service says the irs needs to deal with these problems, and it’s going to take money, effort, technology and legislation to get it done.
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six types of person: which are you?

use the answer to help define your business and your future.

by ed mendlowitz
tax season opportunity guide

is your practice satisfying?

do you like it the way it is, or do you want it to develop and grow? some people like the way things are and don’t care about change.

more on tax season: answer these two questions first | help your tax clients, help yourself | what’s your value to your tax clients? | are you excited about tax season?
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if you’ve gotten this far, i would suggest that you do care about change, and change means you have to do some things differently.
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three examples: pricing your bos value add

 

woman examining document

how to take that big first step.

by penny breslin
it’s not just the numbers

the big part of pricing is the value added. how do we go from fixed to value-added pricing where the firm actually can really make a difference and move from just back-office support to client advisory services? the steps to get there mean providing the base of bos so that you have the needed knowledge to perform client advisory services.

more: how to assess needs for a client proposal | how to maximize on-site client meetings | sixteen guidelines for naming conventions | you have to manage three kinds of procedures | tech tips for back office support | decoding accounting tech (and all those acronyms) | digital marketing strategies level the playing field | eight tasks to delegate today
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the u.s. bureau of labor statistics states that about 20 percent of small businesses will fail in their first year and by the end of the fifth year 50 percent will fail.
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tack one launches new location tracker for children and seniors

lost keys, earbuds, phones … people … might be a thing of the past. 

by rick richardson
technology this week

tack one, a singapore-based startup, wants to help ensure your kids, elderly parents and pets are safe with ai-powered location technology. recently, the company unveiled its new generation of gps device, tack gps plus.

more: mit tests new ingestible vital signs sensor | telehealth advances with ai-powered clinics | fcc approves superfast wi-fi tethering | major websites blocking content from ai crawlers | printer ink: not just expensive, but a blatant scam? | generative ai coming to microsoft 365 | electronic skin that can sense touch will transform robotics | chatgpt passes cpa exam on second try | stanford scientists 3d-print heart tissue | four of today’s new technologies that will be tomorrow’s ‘norm’
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

the startup launched its gps tracker in 2021 to address the frustration of the short battery life on the market and lower the tracking service cost, making location tracking extremely affordable. tack one’s battery lasts 30 days on a single charge, and its subscription fees start from $2.95 monthly for a two-year subscription plan.

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eight ways the irs can speed up processing tax returns

businesswoman with headache at laptop

some of the fixes will require software updates, but some are simpler.

by 卡塔尔世界杯常规比赛时间 research

national taxpayer advocate erin m. collins has determined that delays in the processing of tax returns is one of the most serious problems at the internal revenue service.

millions of americans couldn’t agree more.

more: irs plays whac-a-mole with the phones | ten irs problems that need solutions | treasury ig sees progress at irs | vcs plunk $60 million into ai-powered ‘autonomous’ tax prep | tax pros are expanding and earning more | with fresh funding, irs shows service improvements | how tax practitioners became cybersecurity risks | 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.

collins’s 2023 report to congress is more than a detailed kvetch. it’s also a buffet of solutions – some that the irs could effect, some that congress needs to legislate.

she offers several solutions to the problems with processing. here are the main processing problems and their solutions:
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three ways to start an accounting practice

smiling man in shirt and tie seated at desk

plus a dozen tips for once you get there.

by ed mendlowitz
202 questions and answers: managing an accounting practice

question: i am working for a cpa firm, but would like to start my own practice. can you give me some suggestions?

more: fifteen strategies for first-time supervisors | no one listens to you? change how you talk | 47 types of business valuation to provide | thirteen things to consider before you sell your practice | uncooperative partner might not be the problem
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response: essentially, you have three options (four if you count my pet project, but i won’t belabor it).
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your wealth management team needs these five people

woman's hand pressing words "ask an expert"

details on each, plus 10 other specialists to consider for occasional circumstances.

by anthony glomski

entrepreneurs and other successful people typically have complex and varied financial needs. the most successful among them typically work with five key professionals on a regular basis (see below). these are the experts who have the capabilities to solve the majority of the investment and advanced planning issues your clients are likely to face as they pursue the next stage of their lives:

more: wealth management calls for a team of experts | how a virtual family office can serve your wealthy clients | is your client’s wealth truly protected? | control the level of risk | how to flip the switch to wealth preservation | three ways to work together on wealth | how to implement collaborative wealth management | five challenges of liquidating a business
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

  1. wealth manager
  2. private client lawyer
  3. accountant/cpa firm – ideally, a firm large enough to have multiple partners and a deep bench
  4. life insurance specialist, who is knowledgeable about current estate tax mitigation strategies
  5. property and casualty specialist

expert #1: wealth manager. wealth managers who use the collaborative wealth management process we’ve described focus mainly on helping investors grow and preserve their wealth through the investment consulting process. then, to help clients meet their advanced planning needs, these wealth managers develop strong relationships with the other professionals listed below.
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