today's features

four basic understandings every auditor must master

make your audits more relevant and provide value-added insights and services to your clients.

by alan anderson, cpa
transforming audit for the future

the question professionals should always ask is, “are we leaving the profession better than we found it?” so, let’s ask: are we leaving the audit profession in better shape than it was when we inherited it?

more: put the ethics code to work for your clients and your firm | turning audit & accounting into assurance & advisory | wanted: great audit mentors | is audit in crisis because of definitions? | stop sending the wrong message to audit teams | closing the audit expectations gap
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right now, we’re not providing value, but i honestly believe it’s not too late. the future of audit is ours to create or a future that will happen to us, and not necessarily a future we would prefer.

it will take leadership to change the future of audits. we have to take ownership of the process.

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refunds up as tax pros tackle 41.5% of e-filings

* total refunds issued represent returns received and processed in 2024 – the current year only. the number of direct deposit refunds represents returns received in the current and prior year but processed in 2024.

also: the irs realizes a footnote is in order and we are shocked.

by beth bellor

average tax refunds are on the rise, so the weekly filing data has one uptick besides the amount of traffic to the irs website – an increase that perhaps isn’t a positive.

more: tax pros handle 37.7% of e-filings | tax pros file 33% of early returns
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the internal revenue service had received 34.7 million returns, down 5.7 percent from the same period one year ago, as of the week ending feb. 16, the latest data available. lower numbers are no surprise, of course, because there had been only 19 days in the 2024 filing season, which opened jan. 29, compared to the 26 days there had been in the 2023 season, which opened jan. 23.
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how to start providing family office services

couple meeting with investment advisor.

including a sample engagement letter.

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

question: some of my clients are getting older and are becoming unable to handle their own financial affairs and i have been asked if i could assist them. what is involved and how do i charge for it?

more: higher fees to start: ten ways to make your tax season better | nine tips for a healthier tax season | fifteen strategies for first-time supervisors | measure knowledge gaps (then close them) | should you offer financial services? | ready to retire? selling your practice is no strategy | 20 things you need for a business valuation
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

response: many large firms provide “family office” services. this is a complete one-stop financial service that helps clients manage their money, pay their bills, collect their dividends and interest, and make sure insurance isn’t cancelled, mortgage, car lease or condo fee payments aren’t skipped, and tax payments paid on time.

following is a sample engagement letter that i use with clients needing such services. also, this letter provides a detailed description of what the service involves.
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art werner: unlock smart giving strategies | quick tax tip

make the most of financial contributions.

originally published july 13, 2024
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quick tax tip
with art werner
cpe today

when it comes to charitable giving, many people think of writing an annual check to their favorite nonprofit. however, strategic charitable planning is much more than just making a yearly donation—it’s about aligning generosity with effective tax strategies to maximize impact while benefiting both the donor and the recipient.

get more art werner at www.g005e.com here: //www.g005e.com/author/art-werner/

whether you’re considering making gifts during your lifetime or planning your estate, understanding the best ways to direct your assets can create meaningful tax advantages while supporting causes that matter most to you.

“charitable planning goes well beyond just saying, ‘i’ll make a donation,’” werner explains. “it involves estate planning, asset allocation, and structuring gifts in ways that are both tax-efficient and personally meaningful.”

donating to charitable organizations offers more than just a feel-good moment. with proper planning, taxpayers can leverage their generosity to reduce taxable income, manage estate taxes, and optimize their financial legacy.

why would anyone become a cpa?

the competition between cpas and non-cpas is about to get more aggressive.

with steven sacks
the new fundamentals: thriving in disruption

the cpa profession, or just plain old accounting profession, is currently facing challenges of getting more people to become cpas or even having young people think about accounting as a career.

more steve sacks: 150 hours revisted: the profession needs a makeover | how do you value your most important asset? | which is better: a year of education or a year of experience? | sell service, not hours | private equity vs. the cpa firm partnership | cas or caas? getting clarity | fine-tuning the subscription fee modelwhen cyber-crime hits close to home | how to build a winning proposal | six ways to fix your firm agreement | the great resignation or a reshuffling? | listen to learn | build the framework to a solution with five answers | try for success, not a win
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

we hear about the slow drip of the professional pipeline; all sorts of remedies or suggestions have been offered. is it because the profession still suffers an identity crisis exacerbated by an additional (if questionable) fifth year?  there are those already in the profession who are bemoaning low pay, long hours, and doubts about whether gaining a partnership is achievable (or worth it).

oh, yes, there is the extra tuition load that must be taken on. so, higher debt, stagnant pay, long hours, and increased competition (think mbas, cfas) is a perfect storm.

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