tax

5 ways thorough beats sloppy in tax season

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businessmen miserable over errormake sure your staff feel the same way.

by ed mendlowitz
tax season opportunity guide

don’t be sloppy instead of thorough.

all work has to be reviewed. and clients and others look at it.

sloppy work is always evident and usually incomplete. thorough work is careful and usually complete.

more on tax season: here’s your new tax season marketing plan | when ‘quick and easy’ tax season research isn’t | 5 personal touches for tax season | consistency simplifies tax season | 11 clear client instructions to make your tax season easier | 3 ways to build a tax season team | how to get paid faster this tax season

thorough work takes longer when first being worked on, but review time is drastically reduced. further sloppy work takes longer to be reviewed and longer for the preparer to be acclimated with the file when picking it up to make changes.

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tax season management: multi-tasking is a myth

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woman multitasking dollarphotoclub_58357039

here’s how to apply neuroscience insights to tax season.  next question: what are the best time-management tips and strategies for busy season? join the survey. get the answers.

by hitendra patil

it’s october 14th. you are preparing a complex tax return. the cell phone rings. you look at the phone. it’s your wife calling. you answer the call. while on the call, you look at the third screen of your computer. there is an email from your largest client, with subject line “emergency; please help.” in walks your receptionist, frantically gesturing that there is an irritated client at the front desk.

more on the entrepreneurial accountant: 3 apps to automate business networking  | the 5 most common marketing blunders accountants make |  linkedin adds messaging. finally!  |   re-learning the lingo of the accounting business  |  how the “1099 economy” will transform accounting  |  what cpa firms could learn from google’s alphabet  |  summer reading list: five great books for the five lives of a busy accountant  |  four signs the uberization of accounting has already begun  |  management guru chester elton on success  |  savvy cpas focus on the constants  |  more

yes. you may recognize the multiple demands on your time and your brain. but multi-tasking is just a myth. the science is in: no one performs as well multi-tasking as they do when focused on a single task at a time.

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pioneering cannabiz cpa warns: tread softly

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portland highway sign with marijuana leaf

cpa luigi zamarra says the industry is fraught with dangers.

by 卡塔尔世界杯常规比赛时间 research

cannabizcpa.pro

there’s a whole lot of shake-up going on in the biggest new niche in the accounting business. it’s the cannabiz—the legal planting, harvesting, processing and selling of that federally illegal substance, cannabis, whether for medicinal or recreation purposes.

more on the cannabis niche: a cpa’s unexpected journey into the cannabis industry  |  the two crippling compliance issues for cannabis industry  |  wayne harding: from tech boom to cannabis boom  |  billion-dollar questions: cannabis faq for accountants  |  ready or not: cpa firms find new opportunity in booming cannabis industry  |  america’s new breed of cannabis cpas [video]  |  irs section 280e & marijuana: tax limbo or hell?  |  the rise of the nation’s top cannabiz cpa  |  cpa cannabiz boom  |  the wild world of weed: tax season never ends  |  what’s a cannabiz worth? ask a cpa.  |  more for pro members…

this month, oregon becomes the fourth state to legalize possession of marijuana for recreational purposes. recreational use is also legal in alaska, colorado and washington, and several other states allow its use for various medicinal purposes.

but that doesn’t mean it’s legal. according to the u.s. department of justice, it’s still a schedule i controlled substance. and while the irs doesn’t bust people for possession or use, it does require special accounting and tax treatment.

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irs section 280e & marijuana: tax limbo or hell?

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colorado marijuana tax forms and money
colorado tax forms

 

cannabis complications for cpas, clients and consumers.

by justin p. breidenbach
cannabizcpa.pro

providing a client with tax services can be hard work.  things get especially difficult when an accountant becomes the bearer of bad news. it’s never easy informing a client that they owe unexpected or, what the client believes to be, unreasonable taxes.  imagine a situation where you had to tell a client that their effective tax rate is 70%, 90%, or even exceeds 100%.

i expect some may be reading this and asking themselves, “what tax hell would require a taxpayer to pay an effective rate exceeding 100%?”  i am here to inform you that this does exist, and in the marijuana industry it is known as section 280e.

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