today's features

the top 12 mistakes in tax return preparation

businessman horrified by what he sees on computer screen

 

there’s good news, though: they’re preventable.

by ed mendlowitz
tax season opportunity guide

here are the top 12 tax return preparation errors:

  1. number transposition and spelling errors. this includes income and deduction amounts and client social security numbers, addresses and zip codes. spelling errors should also be avoided – they indicate a lack of attention to what you are doing.

more on tax season: six types of person: which are you? | 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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  1. unreported 1099 income. clients frequently leave out 1099s, but the preparer should make sure all 1099 items from last year are accounted for. missing 1099s that were not final for last year should be accounted for.
  2. tax payments. entering incorrect and unpaid amounts can be avoided by requiring the client to provide “proof” of the payments. entering “incorrect” amounts provided by the client is a major cause of tax notices.

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how to craft a service level agreement

man and woman at table in client meeting

bonus: a sample checklist.

by penny breslin
it’s not just the numbers

anytime there is a business relationship between entities, expect to see a contract or some form of written agreement. in outsourcing, as in many other relationships, this is called a service level agreement (sla). this agreement is used to establish the scope of the engagement. it clearly states who is responsible for what, when, where and how. it provides a quid pro quo that you can verify with the business owner(s), so that both parties are fully aware of their obligations.

more: three examples: pricing your bos value add | how to assess needs for a client proposal | best practices for source doc permissions and handling | every back office support client needs a playbook | strengthen client ties with workflow tools | understand your online marketing options | narrow your prospects by choosing a vertical | build your team, then choose your clients | how back office support adds value
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the important thing is to go through each function and each area with the business owners(s), have them read it with you together and check off each item so that they are clear on what you expect from them, and so you are clear on what deliverables you are promising.
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taxpayer assistance centers: a good idea that should be better

woman addressing couple sitting at table with her

a modest proposal.

by 卡塔尔世界杯常规比赛时间 research

taxpayer assistance centers are a great service for the tens of millions of taxpayers who can’t afford the professional help of a tax preparer. they offer a chance for a taxpayer to sit down with an actual human being who is prepared to help.

more: irs still falling short on service | must the irs be a dark hole? | irs plays whac-a-mole with the phones | vcs plunk $60 million into ai-powered ‘autonomous’ tax prep | how tax practitioners became cybersecurity risks
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among the services tac staff can help with are:

  • account inquiries (help with letters, notices, levies on wages, etc.)
  • adjustments and changes to tax account information
  • basic tax law assistance
  • acceptance of cash payments

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it’s time to prepare the next generation

group of four young professionals

they’ll learn from someone. shouldn’t it be you?

by martin bissett
business development on a budget

if you are a partner in your firm, you may already have asked yourself the all-important question: how can i successfully retire and have someone else take over the firm?

more: walk the commitment walk | don’t let recurring fees kill your practice | rate your personal purpose | six keys to getting a proposal accepted | tell the world your worth | four surprising keys to communication | 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 | 10 questions for reconsidering your prices
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the partner who has a satisfactory answer to that question is the one who is committed not only to developing business and building the firm on a regular basis, but also to developing and preparing the next generation of professionals in the firm.
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did ancient romans find a solution for climate change?

a cement alternative has the potential to reduce emissions by roughly 40 percent.

by rick richardson
technology this week

all roads lead to rome, as they say. as the building sector struggles with climate issues posed by concrete, some engineers believe a roman-era invention may provide the solution.

more: tack one launches new location tracker for children and seniors | mit tests new ingestible vital signs sensor | study: solar will lead global energy by 2050 | new tech could let evs go 3,000 miles on a single charge | ai + mri = diseases that doctors might miss | your boarding pass could onboard hackers | the first police officer on the scene might be a drone | research: accounting pros cautiously optimistic about generative ai
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speaking at the climate smart engineering conference in melbourne, durability engineer miles dacre of the consulting firm aecom notes that concrete emissions are under more and more scrutiny.

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