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advisory & consulting

rethinking audits: shift to advisory

four people on lower stairs, one on upper stairs, gap between

move from quality control to quality assurance.

by alan anderson, cpa
transforming audit for the future

for decades, a&a has stood for audit and accounting. it’s been focused on compliance. but sooner than we may want to believe, business owners and stakeholders will be using technology to provide the assurance they need.

this is already happening. to remain viable, we need to move a&a from audit and accounting to assurance and advisory.

more by alan anderson
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now all auditors take the quality control standards of our profession seriously. but quality control that only happens at the end is more about satisfying the minimum requirements for compliance. it won’t let you move out of providing the commodity service that clients need to keep their stakeholders happy. quality at the end doesn’t provide an opportunity to really look under the hood and think about what the client really wants.
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featured video

divakar vijayasarathy: breaking barriers and scaling success | the concierge cpa

“every problem looks big from a distance, and every opportunity looks small.”
this is a preview. the complete 1-hour video episode, with commentary and transcript, is first available exclusively to pro members | go pro here
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the concierge cpa
with jackie meyer
for 卡塔尔世界杯常规比赛时间

for many, the road to success is paved with incremental progress. for divakar vijayasarathy, it was forged through sheer resilience, entrepreneurial grit, and an unyielding vision. in this episode of the concierge cpa podcast, the founder and ceo of dvs advisory group discusses his inspiring journey from the slums of chennai to leading a multimillion-dollar international firm operating across four countries.

more jackie meyer

vijayasarathy’s story is nothing short of remarkable. raised in challenging circumstances in india, he excelled in accounting, passing one of the most grueling exams with a pass rate of just 0.3%. after securing high-profile positions, including at citibank, he felt stifled in employment and pursued his entrepreneurial aspirations.

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advisory & consulting

ten tax deductions for senior citizens | listicle

//www.g005e.com/category/checklist/listicle/by 卡塔尔世界杯常规比赛时间 research

taxpayers aged 65 or older may qualify for special tax deductions. here are 10 that tax professionals can distribute to clients and potential clients.

more listicles here
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obviously some apply to pre-senior citizens, but older folks might appreciate a reminder.

  1. higher standard deduction for seniors: taxpayers aged 65 or older receive an additional standard deduction, which reduces taxable income without needing to itemize.
  2. medical and dental expense deduction: seniors can deduct unreimbursed medical expenses that exceed 7.5 percent of their adjusted gross income, covering premiums, prescriptions and other medical costs.
  3. credit for the elderly or disabled: tax credits are available to some low- and moderate-income taxpayers aged 65 or older. eligibility depends on income and the amount of social security benefits received.
  4. charitable contributions: donations to qualifying charitable organizations are deductible for those who itemize. qualified charitable distributions (qcds) from iras can also satisfy required minimum distributions without increasing taxable income. make sure seniors understand their required distributions and what kinds of charities qualify for deductions.
  5. qualified medical mileage deduction: seniors (and others) can deduct the cost per mile driven to and from medical appointments if itemizing. advise seniors on the best way to track and record mileage. (they need to know this at the beginning of the year, not later when the mileage starts adding up. can they keep track on a computer? maybe if you show them how.)
  6. health savings account (hsa) contributions: while seniors can’t contribute to an hsa once they are on medicare, unused hsa funds can be used for qualified medical expenses tax-free.
  7. ira contributions: if still working, individuals over 65 may be eligible to contribute to a traditional or roth ira, with possible deductions for traditional ira contributions.
  8. investment and dividend income exclusions: some income from municipal bonds is tax-free, and qualified dividends and long-term capital gains are subject to lower tax rates.
  9. retirement savings contribution credit (saver’s credit): seniors contributing to retirement accounts may qualify for a credit of up to 50 percent of contributions, depending on income and filing status.
  10. mortgage interest deduction: if a taxpayer is itemizing, interest paid on a primary home mortgage is generally deductible, reducing taxable income.

tax professionals can use this list as a reason to contact senior clients. probe to see what they qualify for, and let them know what documentation they will need to provide.

pro member exclusive

subscriptions beat aum and hourly fees for wealth management

man talking to pair of people seated across from him

make clients feel like members.

by rory henry
the holistic guide to wealth management

recently i listened to a lively debate about financial advisor compensation between ramit sethi, author of the best seller “i will teach you to be rich,” and michael kitces, host of the financial advisor success podcast. sethi was highly critical of the traditional 1 percent of assets under management (aum) model that so many wealth advisors charge. instead of 1 percent of aum, sethi argued that advisors should think of themselves as accountability partners (i.e., personal trainers for clients’ money) and instead charge them based on how they help them modify their behaviors to produce better outcomes.

more: tax advisory services: a pathway to greater financial freedom | raise your rates to change your clientele | pursue excellence to win the battle for talent | leverage ai to grow and protect revenue: six steps | how wealthtech is reshaping the future of holistic advice | seven tech keys to a holistic service model | four ways to provide wealth management in your accounting practice | profile of a modern firm: putting the vision into practice | toward a 21st-century cpa: a dynamic vision | why cpas are best positioned to become financial advisors | introducing you to a fulfilling return on relationships | rory henry upends the traditional accounting firm | why now is the time for cpas to embrace wealth management
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

for instance, a good advisor can help clients adopt good behaviors such as saving more of every paycheck and sticking to their investment plan during volatile times. good advisors, said sethi, also help clients from engaging in their old wealth-destructive behaviors such as speculating on hot stocks in the news or cashing out of the market at the first sign of trouble. by the way, helping clients modify behaviors and produce better outcomes is what an advis-ror™ does.

let’s explore how an aum/subscription model using a virtual family office is a win for both firms and the clients they serve.
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accounting influencers

john fenton: unlock leadership gold | accounting influencers

sought-after coach shares key philosophy and four daily rituals for effective leadership.

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accounting influencers
with rob brown

leadership is a journey that starts within.

in the latest episode of accounting influencers, john fenton, a former managing partner at bdo usa and a seasoned leadership consultant, discusses what it truly takes to lead in today’s complex professional environment. known as the “ceo sensei,” fenton brings a unique blend of corporate leadership, athletic experience, and martial arts mastery to his philosophy on leadership.

fenton’s insights go far beyond traditional management techniques, diving into the inner game of leadership, mindset, and self-awareness. as he puts it, “everything starts with you as a leader—the mindset you convey shapes your team.”

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