Accounting

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  • Confident CFOs plan to increase spending in 2015

    CPA Letter Daily
    30 Jan 2015 | 6:05 am
    Finance chiefs are more confident in the U.S. economy, and an increasing number of them say they plan to spend more in 2015.  -More- Free Webcast: See How Firms Profit from Outsourcing Payroll Hear from accountants who partner with Thomson Reuters myPay Solutions to provide top quality payroll and personalized service—without the processing hassle. Learn more at our one-hour webcasts on February 18 or 19: Free Up Time this Tax Season: See How myPay Solutions Can Help. Register
  • Your tech future: Big Data, mobile technology

    Financial Planning Digest
    29 Jan 2015 | 10:14 am
     -More- 
  • Journalists’ Obligations In The Shareholder Value Maximization Debate

    re: The Auditors
    Francine
    14 Jan 2015 | 2:53 pm
    I wrote at Medium.com on January 6 about two journalists, both at the New York Times, who penned sympathetic stories about shareholders and other stakeholders that were paid short shrift when dominant shareholders or corporate insiders dominate the agenda. These journalists, in service to shorter and simpler narratives, shortcut coverage of the active and contentious debate about shareholder value maximization. Nelson Schwartz’s December 6 piece, “How Wall Street Bent Steel: Timken Bows to Activist Investors, and Splits in Two” describes the crying shame in Ohio of “activist…
  • The World is Changing…I’m on the TRANSITION Team.

    Accounting News and Notes
    John Dillard
    31 Jan 2015 | 9:08 am
    The World is Changing…I’m on the TRANSITION Team. Isn’t it Time You Worked with a CPA Who Thinks Ahead? Upgrade Your CPA Firms Tax Services Today www.HisCPA.com A Virtual CFO/CPA Firm  
  • Nine Ways Successful People Defeat Stress

    CPA ZONE
    Brenda Mizgorski
    28 Jan 2015 | 2:43 pm
    If you feel like studying for and taking the CPA Exam ranks up there as one of the single most stressful times for you, you are certainly right.  Welcome to the life of a CPA candidate.  Here's a recap of nine scientifically-proven strategies for defeating stress with the hope of making the road to CPA a little more bearable.   #1    Have self-compassionLook at your mistakes or failures with kindness and understanding — without harsh criticism or defensiveness. #2    Remember the "Big Picture"Link one particular, often small action to a greater meaning or purpose.
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    CPA Letter Daily

  • Confident CFOs plan to increase spending in 2015

    30 Jan 2015 | 6:05 am
    Finance chiefs are more confident in the U.S. economy, and an increasing number of them say they plan to spend more in 2015.  -More- Free Webcast: See How Firms Profit from Outsourcing Payroll Hear from accountants who partner with Thomson Reuters myPay Solutions to provide top quality payroll and personalized service—without the processing hassle. Learn more at our one-hour webcasts on February 18 or 19: Free Up Time this Tax Season: See How myPay Solutions Can Help. Register
  • Moody's: Default rates show aid didn't solve corporate financial problems

    30 Jan 2015 | 6:05 am
    The rate among default repeaters since the financial meltdown is double the historical average, according to a report from Mo -More- 
  • U.K. regulator wants backing of auditors for capital rules

    30 Jan 2015 | 6:05 am
    The Institute of Chartered Accountants in England and Wales is considering a formal audit of capital rules being established  -More- 
  • Only 30% of households could weather a month after losing a paycheck

    30 Jan 2015 | 6:05 am
    Seventy percent of American households either have high debt burdens, insufficient savings or income that doesn't meet their  -More- Why become a QuickBooks® Certified ProAdvisor? It's a great way to stand out and grow your business. Master new QuickBooks features to better serve your clients and use our Find-a-ProAdvisor online directory to reach new ones. Plus, it's totally FREE with the NEW QuickBooks Online Accountant. Sign up at NewQBOA.com.
  • Legislation taps FTC to set data standards

    30 Jan 2015 | 6:05 am
    Proposed bipartisan House legislation would set data security standards that companies must meet when dealing with consumers' -More- 
 
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    re: The Auditors

  • Journalists’ Obligations In The Shareholder Value Maximization Debate

    Francine
    14 Jan 2015 | 2:53 pm
    I wrote at Medium.com on January 6 about two journalists, both at the New York Times, who penned sympathetic stories about shareholders and other stakeholders that were paid short shrift when dominant shareholders or corporate insiders dominate the agenda. These journalists, in service to shorter and simpler narratives, shortcut coverage of the active and contentious debate about shareholder value maximization. Nelson Schwartz’s December 6 piece, “How Wall Street Bent Steel: Timken Bows to Activist Investors, and Splits in Two” describes the crying shame in Ohio of “activist…
  • Speaking Engagements/Conferences

    Francine
    14 Jan 2015 | 4:40 am
    I’m on the road visiting universities, attending select conferences and forums and speaking to groups of all kinds. If you would like me to visit your university and your accounting/audit program, please write soon to lock in fall and winter dates. Contact me at fmckenna@mckennapartners.com to schedule a presentation at your university, conference, firm or for a private briefing. Coming Up: February 18, 2014Stanford University and the Graduate School of Business. Visiting lecturer for undergraduate and graduate classes taught by Professor Anat Admati, author of the new book…
  • Auditors Can Be Whistleblowers: A Guest Post On Recent Developments In Whistleblower Case Law

    Francine
    5 Jan 2015 | 9:38 am
    It’s rare but it does happen. Employees of the largest audit firms do occasionally step up and blow the whistle on potentially illegal and/or unethical activities at their firm or its clients. The Guardian writes about the whistleblower now formally charged in Luxemburg for leaking PwC’s copies of tax letter ruling documents: A 28-year-old former PricewaterhouseCoopers auditor charged with theft and violating trade secrets in Luxembourg in the wake of the LuxLeaks tax avoidance scandal has revealed his identity and claimed he acted out of conviction, in an interview with the…
  • The Full Service Firm: McKenna Comments For Canada’s The Bottom Line On Legal Services

    Francine
    3 Jan 2015 | 8:58 am
    Jeff Buckstein at Canada’s The Bottom Line published a feature back in October about the largest public accounting firms’ expansion into legal services. We’re not talking about due diligence, corporate investigations and e-discovery activities but the inclusion of full-fledged law firms into the networks that will compete with traditional firms in the UK, China and other places where they are now allowed. My feelings about the firms’ re-expansion of their advisory, non-audit arms has been well documented here, in other publications and in my speeches. PwC’s 100+…
  • Duped By Fake Documents? All In A Day’s Work For Some Journalists

    Francine
    3 Jan 2015 | 6:11 am
    I could not resist writing at Medium.com about the teen trader who recently duped a journalist from New York magazine into believing he had made $72 million trading gold and other alternative assets. It’s not like auditors don’t get fooled every day by fake documents. The difference is most journalists are liberal arts majors with very little experience examining bank and brokerage statements. The business beat is one to two years too smart for words New York newbie journalism graduates have to spend slumming until they can do something more fun like fashion shows and movie or…
 
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    Accounting News and Notes

  • The World is Changing…I’m on the TRANSITION Team.

    John Dillard
    31 Jan 2015 | 9:08 am
    The World is Changing…I’m on the TRANSITION Team. Isn’t it Time You Worked with a CPA Who Thinks Ahead? Upgrade Your CPA Firms Tax Services Today www.HisCPA.com A Virtual CFO/CPA Firm  
  • Be Sure Your CPA Lives and Works OUTSIDE the Box

    John Dillard
    30 Jan 2015 | 10:36 am
    Be Sure Your CPA Lives and Works OUTSIDE the Box Anyone can fill in the blanks. But NOT Everyone Understands the Questions In the USA it takes less than a second for someone to become a Tax Preparer. But in MOST States/GA Included, it Takes 7 Years to Become a CPA And Even LONGER to be an Award Winning CPA www.HisCPA.com A Virtual CFO/CPA
  • At His CPA PC we work HARD on your Taxes so You Don’t Have to” — John Dillard CPA

    John Dillard
    29 Jan 2015 | 10:09 am
    At His CPA PC we work HARD on your Taxes so You Don’t Have to”  — John Dillard CPA Put our Virtual CFO/CPA to Work to Keep Your Taxes as Low as Legally Possible Unlike some firms that focus on the Billions of Refunds…We Focus on Mitigating the Trillions of taxes. www.HisCPA.com Home of the Free Initial Consult
  • Five Reasons You Want To Evaluate Your Small Group Health Plan Today

    John Dillard
    27 Jan 2015 | 3:53 pm
    Five Reasons You Want To Evaluate Your Small Group Health Plan Today The Affordable Care Act (ACA) requires that all Health insurance offers 10 essential Health Benefits. These include ambulatory patient services; emergency services; hospitalization; maternity and newborn care; mental health and substance use disorder services, including behavioral health treatment; prescription drugs; rehabilitative and habilitative services and devices; laboratory services; preventive and wellness services and chronic disease management; and pediatric services, including oral and vision care. So Group and…
  • Every Penny Counts. I just wanted to say I’m very touched (almost teary eyed) by your generosity.

    John Dillard
    26 Jan 2015 | 11:38 am
    I just wanted to say I’m very touched (almost teary eyed) by your generosity. It may not seem like a big deal to most, but for a business just getting started every penny counts. You have shown us so much kindness and professionalism and it really means the world. I’m glad God brought me to your YouTube videos and may he continue to bless you. We are your clients for life. Best regards, ———————————————- The above is verbatim from a client just received today. The only thing changed is the…
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    CPA ZONE

  • Nine Ways Successful People Defeat Stress

    Brenda Mizgorski
    28 Jan 2015 | 2:43 pm
    If you feel like studying for and taking the CPA Exam ranks up there as one of the single most stressful times for you, you are certainly right.  Welcome to the life of a CPA candidate.  Here's a recap of nine scientifically-proven strategies for defeating stress with the hope of making the road to CPA a little more bearable.   #1    Have self-compassionLook at your mistakes or failures with kindness and understanding — without harsh criticism or defensiveness. #2    Remember the "Big Picture"Link one particular, often small action to a greater meaning or purpose.
  • Yep, people watching me and waiting for me to pass

    Brenda Mizgorski
    23 Jan 2015 | 10:59 am
    Better get to it!
  • Rational Procrastination at Work Again

    Brenda Mizgorski
    23 Jan 2015 | 10:50 am
    Rational procrastination at work again...ugh!!
  • 4 Steps to Becoming a CPA (5:32)

    Brenda Mizgorski
    11 Jan 2015 | 10:55 pm
    Becoming a CPA is difficult, but you can make it easier by breaking the process down into its four basic steps. Learn what it takes to become a licensed CPA, from qualifying to take the CPA Exam, to applying and meeting state requirements. (via Roger CPA Review)
 
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    NJSCPA Exam Cram Blog

  • Grinding Away

    Mark Eckerle
    28 Jan 2015 | 4:54 pm
    Hello All! It has been quite some time since my last post. I have been keeping busy over winter. I took Regulation last week for the second time and I am still waiting to hear my results. Hopefully February 4th...
  • Finally - License has arrived

    Edward Adiele
    28 Jan 2015 | 9:23 am
    Hello Everyone, My license has finally arrived. The feeling is "Priceless". It took 6 months from when I passed the exams. Just be patient with the process, you would get there. I am available for questions. I would be checking...
  • Post Exam Feelings and License Nightmare's

    Edward Adiele
    15 Dec 2014 | 10:18 am
    Hello Everyone, It’s been 5 months post CPA exam, the “high” is over, and now I am happier and more confident with my work without the worry of ever taking the exams again. For those in this stage of the...
  • Two Down!

    Joseph Zapf
    9 Dec 2014 | 6:09 pm
    I passed Auditing and I now have two exams out of the way! I finally passed a few weeks ago, and what a weight it is off my shoulders. All I have to do now is focus on FAR and...
  • The Waiting is Over

    Michael Palantone
    10 Nov 2014 | 1:15 pm
    Hey all, I'm very thankful to say that last week I found out that I passed my fourth and final part of the CPA exam. It was a long summer of studying, but I really believe that if you put...
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    AccountingCoach

  • What is the difference between revenues and receipts?

    AccountingCoach.com
    21 Jan 2015 | 10:33 am
    A company’s revenues are amounts it has earned as the result of business activities such as selling merchandise or performing services. Under the accrual method of accounting, revenues are reported on the income statement in the period in which they are earned even when a dependable customer is allowed to pay 60 days later. In this example, when the revenues are earned the company will credit a revenues account and will debit the asset account Accounts Receivable. A company’s receipts usually refers to the cash that it receives. The following are examples of receipts which are not…
  • What is the IRS mileage rate for use of a car in business in 2015?

    AccountingCoach.com
    7 Jan 2015 | 6:24 am
    The optional standard rate allowed by the Internal Revenue Service for the business use of a car in the year 2015 is 57.5 cents per mile. (This compares to 56 cents per mile in the year 2014.) In addition to the 57.5 cents per mile, you are also allowed to claim an expense for parking fees and tolls that are associated with the business use of your car. The optional standard rate has some restrictions such as the number of vehicles used at one time and the prior use of certain depreciation. An alternative to the optional standard rate per mile is to compute the business portion of the actual…
  • What is the maximum amount of earnings subject to the Social Security tax in 2015?

    AccountingCoach.com
    6 Jan 2015 | 6:50 am
    The maximum amount of an employee’s 2015 earnings (and a self-employed person’s net income) that is subject to the Social Security tax is $118,500. This amount is also known as the Social Security annual limit, wage base, contribution and benefit base, ceiling, tax cap, and maximum taxable earnings. The maximum amount is adjusted annually based on the national average wage index. The combination of the Social Security tax and the Medicare tax is often referred to as the FICA tax. However, there is no annual limit or cap on the earnings for the Medicare tax. In other words, every…
  • What is the employer’s Social Security tax rate for 2015?

    AccountingCoach.com
    5 Jan 2015 | 5:00 am
    The employer’s Social Security tax rate for 2015 is 6.2% of each employee’s first $118,500 of wages, salaries, etc. If an employee has wages, salaries, etc. that are greater than $118,500, the amount in excess of $118,500 is not subject to the Social Security tax. Hence, the maximum amount of the employer’s Social Security tax for each employee in 2015 is $7,347 (6.2% X $118,500). The employer’s Social Security tax is in addition to the employee’s Social Security tax. In addition to the employer’s Social Security tax, there is also an employer’s…
  • What is the self-employed person’s FICA tax rate for 2015?

    AccountingCoach.com
    3 Jan 2015 | 8:07 am
    The self-employed person’s FICA tax rate for 2015 is 15.3% on the first $118,500 of net income and then 2.9% on the net income that is in excess of $118,500. The self-employed person’s FICA tax rate for 2015 consists of the following: the employee’s portion of the Social Security tax, which is 6.2% of the first $118,500 of net income the employer’s portion of the Social Security tax, which is 6.2% of the first $118,500 of net income the employee’s portion of the Medicare tax, which is 1.45% of all net income (no cap or limit on net income) the employer’s…
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    CPA Success

  • Record crowd descends on Annapolis for CPA Day

    30 Jan 2015 | 6:29 am
      How big was the crowd at CPA Day in Annapolis? Big enough to spook the Statehouse security detail. As a record crowd of nearly 200 CPAs gathered on the Statehouse steps for a quick photo, a worried security guard — perhaps fearing a well-dressed protest of some kind — approached MACPA Executive Director Tom Hood and asked, “What’s up?” “We’re the Maryland Association of CPAs, just here to meet with our legislators,” Tom explained. The security guard nodded, keyed his radio, and issued the all-clear: “It’s just a bunch of…
  • Innovation is often small steps, not giant leaps

    29 Jan 2015 | 4:00 am
    Want to know what modern-day innovation looks like? Look no further than the University of New Hampshire. It’s not exactly known as a hotbed of American innovation, but a kinesiology professor there named Erik Swartz might have figured out how to do something that scores of big-name, high-paid researchers have thus far failed to do. He might have figured out how to save football. The NFL is dealing with a number of PR nightmares these days, and right at the top of the list is the long-term physiological and emotional damage suffered by former players who experienced repeated concussions…
  • Accounting hits Hollywood’s A list with rumored blockbusters

    28 Jan 2015 | 4:00 am
    CPAs are finally ready for their closeup, Mr. DeMille. The closest the profession ever comes to sniffing actual Hollywood stardom is when PwC — the firm that handles the balloting process for the Academy Awards — handcuffs a briefcase containing the results to a couple of partners and sends them to the Oscars each year. That’s about to change. The profession is about to get Hollywood’s A-list treatment with a couple of new films. The first and most notable is “The Accountant,” a project that has generated a lot of buzz for years now and has finally been…
  • The answers to all of your questions in two and half minutes

    22 Jan 2015 | 9:00 pm
    What are the biggest challenges that CPAs face today? What issues are all CPAs trying to figure out these days? What key question must all CPAs ask themselves going forward? Tom Hood has the answers, and he tells all in this video interview with the folks at Sage North America. Check it out:
  • Tax season questions come early, thanks to tangible property regs

    22 Jan 2015 | 4:00 am
    That didn’t take long. Tax season has only just begun, and the MACPA’s federal tax listserv is already lighting up with questions from tax pros. The issue at hand involves the IRS’s tangible property regulations. The final disposition rules for tangible property were issued in August and largely adopted the proposed regulations that were issued in 2013.  The IRS also recently issued procedural guidance, but if the listserv is any indication, a ton of questions still remain. The MACPA is working on digging up some answers, possibly in the form of CPE programs and…
 
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    TSCPA Governmental Affairs

  • CPA selected for Lt. Gov. advisory board

    Bob Owen
    16 Jan 2015 | 10:27 am
    Lt. Gov. Dan Patrick announced yesterday that he has appointed a 55 member advisory board in “an unprecedented effort to bring the private sector into the discussion of public policy.”  It's a large board and will be divided into working groups with specific leaders named for each group as follows: Energy: Boone Pickens Economic Forecast: Kent Hance Workforce Development: Gene Powell Water: Jack Wood Tax Policy: Brint Ryan Transportation: Ned Holmes Patrick said:  "Each one of these committees is going to play a vital role in helping us as we move through the…
  • CPA Rep. John Otto proposes using surplus funds to retire debt

    Bob Owen
    16 Jan 2015 | 9:51 am
    Rep. Otto (R-Dayton) filed a proposed constitutional amendment (HJR 8) that would require excess Rainy Day fund money to be transferred into an early debt retirement fund.  When the Rainy Day Fund exceeds 10% of the general revenue budget the excess is now transferred to the general fund where it can be used by legislators for anything they choose.  Otto's amendment would require these funds to be used for early debt retirement. In this state, which prides itself on always preparing a balanced budget, Texas has accumulated outstanding debt of $44 billion with over…
  • House issues early budget plan

    Bob Owen
    16 Jan 2015 | 9:25 am
    Two days after the legislative session was called to order and Joe Straus (R-San Antonio) was overwhelmingly elected to another term as Speaker of the House, the House has already issued a budget plan for the next biennium.  It's the earliest budget issuance I can recall. It's a baseline budget, barely increasing overall spending but increasing general revenue spending around 4%.  While total spending would total $202 billion, general revenue spending totals $98.8 billion which is substantially below the $113 billion revenue projection by Comptroller Glenn Hegar. …
  • Comptroller Hegar releases $113 billion revenue estimate

    Bob Owen
    12 Jan 2015 | 9:32 am
    Newly elected State Comptroller Glenn Hegar estimates that Texas will collect $113 billion in revenues over the 2015-2016 biennium.  That's an 11.4% increase over the estimate issued for the current biennium in 2013.  The constitution limits the total expenditures that can be appropriated by the legislature to the revenue estimate set out by the Comptroller. The estimate includes a projected $7.5 billion surplus for the current biennium and estimated future revenues of $110.4 billion, less the required contribution to the Rainy Day Fund and Transportation Fund of $5 billion.
  • Will the Franchise Tax be Front and Center?

    Bob Owen
    21 Nov 2014 | 10:17 am
    Candidates have now become legislators and the 2015 legislative session begins on Jan. 13, 2015.  Many of the elected legislators ran campaigns on either no new taxes or promises to reduce taxes.  Most of the campaign rhetoric was focused on reducing Texas property taxes.  Rumors around the Capitol this week are that legislators are more focused on making changes to the franchise tax than property taxes.  That might be because it's much easier to tweak the franchise tax than to make meaningful cuts in property taxes. Even a 10 % cut in school property taxes would…
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    CPA Trendlines

  • How to Get Paid Faster This Tax Season

    cpaadmin
    30 Jan 2015 | 6:06 am
    It’s good for business and considerate to clients. By Ed Mendlowitz Tax Season Opportunity Guide Tax season is a business and businesses need to be paid. It is harder to justify prices when providing services rather than products. Products are usually priced before delivery while many times services are priced after delivery, i.e. performance. Many […] The post How to Get Paid Faster This Tax Season appeared first on CPA Trendlines.
  • The Real Reasons Small Businesses Love Their Accountants [INFOGRAPHIC]

    Beth Bellor
    28 Jan 2015 | 7:43 pm
    Accountants relieve their worst headaches. CPA Trendlines sources are reporting on how much time and money small businesses spend each year on accounting and tax preparation and each month on payroll administration. The data should support practitioners’ value proposition to small business owners: Some 40% say bookkeeping and taxes are the worst part of being […] The post The Real Reasons Small Businesses Love Their Accountants [INFOGRAPHIC] appeared first on CPA Trendlines.
  • Why You’ll Get Less from Your Partners in a Buyout than You Might by Selling the Whole Firm

    Beth Bellor
    28 Jan 2015 | 7:00 pm
    How to determine partner retirement payout terms and annual limits. By Marc Rosenberg Retirements & Buyouts The vast majority of firms pay retirement benefits over a 10-year period, according to our research. MORE ON RETIREMENT: Three Ways to Calculate Goodwill Payable in Partner Buyouts, None of Them Great | Eat What You Kill? Then Maybe […] The post Why You’ll Get Less from Your Partners in a Buyout than You Might by Selling the Whole Firm appeared first on CPA Trendlines.
  • 9 Ways to Promote Your Protégée to Others

    Beth Bellor
    28 Jan 2015 | 2:00 am
    Good news: You don’t have to do it alone. By Ida O. Abbott Sponsoring Women: What Men Need to Know Promoting your protégée to others is an important part of sponsorship. MORE ON SPONSORING WOMEN FOR LEADERSHIP: 8 Ways to Help Your Protégée Focus on Career Opportunities | How to Start an Effective Sponsorship … […] The post 9 Ways to Promote Your Protégée to Others appeared first on CPA Trendlines.
  • How to ‘Go Digital’ when Partners Demand Monthly P&Ls on Paper?

    Beth Bellor
    27 Jan 2015 | 2:00 am
    Why 75% of multi-owner firms have already gone to online monthly financial reports. By Roman H. Kepczyk Quantum of Paperless Improving firm efficiency means that the owners have to get on board. One of the more obvious opportunities is the delivery of the firm’s own financial reports. Too many firms still print a hard copy of […] The post How to ‘Go Digital’ when Partners Demand Monthly P&Ls on Paper? appeared first on CPA Trendlines.
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    Big4.com Blog

  • KPMG Survey Finds Fragmented GBS Puzzle Needs To Align

    31 Jan 2015 | 6:13 am
    By Rob Starr, Big4.com Content Manager A single global business services (GBS) organization is the end goal of most global business services looking to centralize their shared services and outsourcing operations within the next three years, according to the 2nd Quarter 2014 KPMG Sourcing Advisory Global Pulse Survey. However, this new focus doesn’t always have a corresponding plan with one executive at the helm, and that template could see many organizations falling short of realizing full ...Keep on reading: KPMG Survey Finds Fragmented GBS Puzzle Needs To Align
  • Latest Deloitte CFO Insights report prompts executives to take advantage of current energy renaissance.

    31 Jan 2015 | 5:52 am
    By Rob Starr, Big4.com Content Manager Like a lot of other financial research that has come out in these uncertain times, the current Deloitte CFO Insights report, Energy & water: A market reality, strikes both an optimistic and cautionary note simultaneously. The ability to unlock ample reserves of oil and natural gas through horizontal drilling and hydraulic fracturing have created what’s being called a renaissance in the U.S. energy sector, but the possibility of measured economic re...Keep on reading: Latest Deloitte CFO Insights report prompts executives to take advantage of…
  • Accenture’s Talent Growth Initiative (TGI) Aims To Put Thousands Back To Work

    31 Jan 2015 | 5:35 am
      By Rob Starr, Big4.com Content Manager This new initative launched by Accenture and Ashoka provides skills training to unemployed and underemployed individuals and helps place them in jobs. In 2015 alone, there are plans to help 3,500 people looking for work. Through its Skills to Succeed corporate citizenship initiative, Accenture is equipping more than 700,000 people around the world with the skills to get a job or build a business. Following are some email responses to our qu...Keep on reading: Accenture’s Talent Growth Initiative (TGI) Aims To Put Thousands Back To Work
  • Your definitive guide to creating a cast-iron business case for partnership

    30 Jan 2015 | 3:18 am
    In this article Heather Townsend, co-author of How To Make Partner And Still Have A Life and The Go-To Expert, brings together all of her collective wisdom on how to create a cast0iron business case for partnership... Creating a powerful and successful business case for partnership in an accounting or consulting firm  is probably the most difficult part of making it through the Partnership Track.  It’s the question I am asked again and again by senior managers, associates and directors...Keep on reading: Your definitive guide to creating a cast-iron business case for partnership
  • Asking the right interview questions is as important as answering them.

    29 Jan 2015 | 4:14 am
    By Rob Starr, Big4.com Content Manager It stands to reason that when you want to understand how to climb the career ladder in any Big4 firm, you’ll take advice from the experts who understand what it takes to start and/or further your development. Both a rich history and ability to be forward thinking are the attributes in firms that have made names for themselves in helping employers become stronger by assisting in developing and managing their people and processes. St Louis’ AAIM Emp...Keep on reading: Asking the right interview questions is as important as answering them.
 
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    Success Starts Here

  • Pursue Your Passion: Patagonia

    Bailey Ribich
    28 Jan 2015 | 1:29 pm
    Peter BernsAudit ManagerSt. Louis, MissouriThree employees were chosen to embrace “The Power of Being Understood” through the “McGladrey – Pursue Your Passion” program across the central region. Peter Berns, audit manager, St. Louis, was one of the three selected and pursued his passion in Patagonia, Argentina.  Peter has always had a passion for the great outdoors. From an early age, he has been involved in outdoor activities, experiencing camping with his family beginning when he was in the first grade.Peter enjoyed his family camping trips and also learned to fish and shoot…
  • Training Time - Chicago

    Bailey Ribich
    21 Jan 2015 | 7:31 am
    Alex BullingtonAssurance AssociateBaltimore, MarylandDuring the week of January 5-9, I attended McGladrey’s SYACAM (Starting Your Assurance Career At McGladrey) Level 1 training in Chicago with over 650 other assurance associates and interns. The expectation was to attend classes, learn as much as I could, and meet some new people. While I did accomplish these things, I also felt more established with the McGladrey family. Having only worked with professionals out of the Baltimore office, I hadn’t the opportunity to really understand the culture of the entire firm. Based on previous…
  • Pursue Your Passion: Smile Network International

    Bailey Ribich
    13 Jan 2015 | 11:43 am
    Josh Rimpila, CPASupervisor, Assurance ServicesMinneapolis, MinnesotaIt was announced in October that three employees from McGladrey’s central region were to be awarded the opportunity to pursue their passion in 2015, with assistance from the firm. These employees were chosen to embrace “The Power of Being Understood” through the “McGladrey – Pursue Your Passion” program, and have been given the opportunity to support missions close to their hearts, while traveling around the world to do so. Josh Rimpila, audit supervisor in Minneapolis, was one of the three individuals selected…
  • McGladrey & JA believe it's never too early to learn about business

    Bailey Ribich
    12 Nov 2014 | 7:25 am
    Entrepreneurship and basic business concepts were the topic of discussion in a series of special classes taught by McGladrey volunteers at Bishop Woods School in New Haven, Conn., as part of  the local Junior Achievement Chapter's "JA in a Day" event. Everything from revenue, expenses, supply chain and other aspects of business were taught through a serious of age-appropriate activities for children in grades 3-6, according to marketing manager and volunteer Amy Fischer. "It was a fantastic experience to work with the students and see their enthusiasm around small business," said Amy.Sr.
  • Meet McGladrey's Working Father of the Year

    Courtney
    13 Oct 2014 | 1:45 pm
    If you need moving boxes or advice on building a career in assurance, Joe Lee’s your guy. The trick will be finding an open slot on the calendar of McGladrey’s first-ever Working Father of the Year.  Joe started as an assurance associate with McGladrey in 2005 shortly after graduating from Illinois State University. He and wife, Kristen, married the same year and their family grew nearly as quickly as his career. The couple’s first set of twins arrived in 2009, another pair came along three years later and they welcomed a fifth child this summer. Now an assurance senior…
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    macoassociates.com

  • 2014/2015 Tax Season Promises to be the Worst in years!

    Teri
    21 Jan 2015 | 10:56 am
    IRS Budget Cuts Cut Staffing longer periods with clomid The upcoming tax season is likely to be the worst in years — for the IRS and potentially for taxpayers. (Reprinted from CNN Money) The reason: The IRS budget keeps getting smaller, and the tax code keeps getting more complicated. Nina Olson, the national taxpayer advocate, said at a conference recently that she worries it could rank as the worst since 1985, which was regarded as a disaster due to a computer failure, lost returns and delayed refunds. The budget: Congress has shrunk the IRS budget over the past five years, while at…
  • 2013/2014 Tax Season Delayed until Jan 31

    Teri
    10 Jan 2014 | 12:20 pm
    So you thought you made it into 2014 without being touched by the Oct. 1-16 federal government shutdown? From the newsstar.com, Thank Congress for the delay! “Think again. If you are one of those people who rush to file their tax returns to collect a speedy refund, you’ll find you have to wait a little longer this year. Ten days longer to be exact. It doesn’t constitute a hardship, but certainly qualifies as an inconvenience. The Internal Revenue Service recently announced that the 2014 tax filing season for 2013 taxes will open on Jan. 31 rather than Jan. 21. The government’s…
  • IRS delays start of filing season, but not deadline!!!

    Teri
    9 Jan 2013 | 5:41 am
    Income tax returns will be accepted beginning Jan. 30 as the Internal Revenue Service works to update systems following the new American Taxpayer Relief Act that averted the fiscal cliff — but they’ll still be due April 15. Until the tax changes became law Jan. 2 following days of negotiations between the White House and Congress, the IRS didn’t know about the details. The normal filing season begins Jan. 22, so work on the changes will take an extra eight days to complete. It will spend between now and Jan. 30 updating its forms and programming the changes into its computer…
  • Taxes

    Lisa
    29 Feb 2012 | 4:25 am
    Once again the IRS did not send paper tax forms and instructions to millions of taxpayers. Instead, the IRS would like both preparers and individuals to e-file their returns online, although people who want or need to file on paper may print forms from the IRS’s website (www.irs.gov) or pick them up at a local office.  This year’s tax due date is Monday, April 17, 2012 (The traditional tax return filing deadline is April 15 of each year, but April 15, 2012 is a Sunday and April 16, 2012 falls on Emancipation Day in the District of Columbia.) Here are a few changes concerning your 2011…
  • Payroll Tax Extension

    Teri
    23 Feb 2012 | 3:02 pm
    President Obama has signed the Middle Class Tax Relief and Job Creation Act of 2012, which extends to the end of the year the payroll tax cut for employees, continuing the reduction of their social security tax withholding from 6.2 percent to 4.2 percent of wages paid. The Act also repeals the “recapture” provision, which applied to those employees who received more than $18,350 in wages during January and February (the social security wage base for 2012 is $110,100, and $18,350 represents two months of the full-year amount).
 
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    One Accounting

  • Are you thinking of incorporating your business?

    Chris Thomas
    20 Jan 2015 | 8:18 am
    When a business incorporates and transfers its trade and assets to a company controlled by the seller, the assets must be transferred at open market value for tax purposes. The assets may include “goodwill” which is defined as the business reputation or customer relationships, including the value of continuing contracts. The transfer of the assets may generate a taxable capital gain in the hands of the seller, as the assets will have appreciated in value during the time they were used or created by the first business. Capital gains tax will arise on those gains, but there are…
  • “Does goal-setting work?”

    Chris Thomas
    13 Jan 2015 | 8:29 am
    Readers of this blog will know how that I’m a fan of personal development books. A huge section of these are focused on setting personal and business goals, and then using an array of actions, strategies and habits to achieve these goals. All good stuff.  I am sure that part of the success of One Accounting and working with some great clients has come from setting goals about what we wanted to achieve as a business. However, something happened at our team Christmas party which made me realise that the unique things in life are mainly unplanned. And that memorable things happen more when…
  • The Two Greatest Words in the English language (and 2 Book Recommendations)

    Chris Thomas
    7 Jan 2015 | 8:39 am
    Here’s a quick tale of how a brief email led to an interaction with one of my business heroes this week. I think the phrase is “serendipity” or a happy accident that wasn’t planned for. The email was a one sentence request. A perfectly reasonable everyday request, in fact. However the sender hadn’t started off with a “Hi” or finished with a “Kind Regards” or even typed their name. And this wasn’t the first time. I know less is sometimes more, but business is all about relationships after all. And a little email courtesy goes a long way. I was a little bit miffed, but…
  • Autumn Statement: Pension and Tax Rate Changes

    Chris Thomas
    16 Dec 2014 | 2:56 am
    Income Tax Allowances The standard personal allowance will increase from £10,000 to £10,600 on 6 April 2015, but the personal allowances for those born before 6 April 1938 are frozen. From 6 April 2015 married couples and civil partners will be able to transfer £1,060 of their unused personal allowance to their spouse/ partner, if the recipient is taxed at no more than the basic rate for the year (20%). Tax Rates The income tax rates for 2015/16 on earnings and dividends are the same as apply in 2014/15. However, the savings rate is reduced from 10% to zero and the savings rate band is…
  • Autumn Statement’s Land and Building Transaction Tax: How the changes will affect you

    Chris Thomas
    9 Dec 2014 | 5:57 am
    Stamp Duty Land Tax Stamp Duty Land Tax (SDLT) is paid by purchasers of land and buildings. The tax is regarded as unfair, as it is imposed in a slab system on the whole value of the property according to the highest rate applicable for the property value. From 4 December 2014 the new rates and bands of SDLT apply (see below) and the tax is imposed in a progressive fashion such that each slice of the property value bears tax at the rate according to that band, like income tax. These changes only apply for residential properties, not for commercial properties. Until 3 December 2014 a house…
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    JonathanMilligan.com

  • The Secret to Getting Ahead According to Mark Twain

    Jonathan Milligan
    28 Jan 2015 | 4:00 am
    Are you frustrated by the lack of progress on your goals and projects? Are you the type of person who doesn’t like to set goals because you secretly think you’re just setting yourself up for disappointment? Mark Twain was one of the most successful authors of his day. When asked how he had been able to accomplish so much in his career he said: “The secret of getting ahead is getting started. The secret to getting started is breaking your complex overwhelming tasks into small manageable tasks and then starting on the first one.” “The secret of getting ahead is getting…
  • The Power of the Calendar To Do List

    Jonathan Milligan
    25 Jan 2015 | 9:00 pm
    If it’s true that what gets scheduled on the calendar gets done, then why don’t we treat our to do list this way? Most of us are aware of the appointments and events on our calendar, but our to do list often collects dust on a list or software we don’t review often enough. You can change that by implementing a calendar to do list. One simple way you can do this is by adding your to dos on your calendar. Crystal Paine from MoneySavingMom.com does this with her Google Calendar. If you already live by a calendar, it’s a great place to start. The Power of the Calendar To Do list For the…
  • How You Start Your Day Matters When You Work for Yourself

    Jonathan Milligan
    21 Jan 2015 | 7:09 am
    Mornings can be hectic to say the least. Most of us battle the morning rush, which includes getting the kids off to school and getting ready for the day ourselves. When you work at home, how you start your day matters more than anything else. When you work at home, how you start your day matters more than anything else.Click To Tweet In fact, how the first few hours of your morning goes is how the rest of your day goes. If you start lazy and unproductive, it will carry into the rest of your day. When you work for yourself, lazy work days are not optional. You work on “event” time and not…
  • Please Take My 2015 Reader Survey

    Jonathan Milligan
    19 Jan 2015 | 10:38 am
    I want to make my blog better and even more relevant to you and your goals in 2015. In order to do this, I need to know more about you. I’ve put together a short reader survey that will take less than five minutes to fill out. Would you please do me a big favor and fill out this survey? As you can see from my current blog tagline helping others matters a lot to me. My plan is to take your challenges, insights, goals, and desires and turn them into blog posts, videos, and podcasts that can help you get further faster. The survey is easy to fill out. The survey results are completely…
  • Read. Review. Recall. A Simple Book Review System

    Jonathan Milligan
    14 Jan 2015 | 7:00 am
    Want to become the most resourceful person you know? Create a book review system that allows you to recall information, stories, quotes, and resources at a moment’s notice. If you are tired of reading good books only to forget all of what you read, you can change that. In a previous post, I talked about the power of the spacing effect. It is a proven psychological phenomenon that works in our favor to recall what we’ve read. The spacing effect teaches us that we more easily remember items that are studied a few times spaced over a long time span. This is when the power of a book review…
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    Intuit News Central

  • When Disaster Strikes: Deadline Extensions and Tax Records

    Dorinda DeScherer
    30 Jan 2015 | 3:13 pm
    Disaster can strike anywhere at any time. In 2013, the Federal Emergency Management Agency (FEMA) has issued 62 major disaster declarations affecting virtually every area of the country. Tax obligations often fall by the wayside when an individual or business is trying to recover from a disaster. Fortunately, the tax law provides some relief. Deadline extensions. Under current rules, the IRS has authority to extend tax deadlines in the wake of a federally declared disaster. The law authorizes the extension of “any act” for a period of up to one year. Moreover, the law specifically…
  • If Only I had Known: Referral Relationships Don’t Happen Overnight

    Bill Kennedy
    29 Jan 2015 | 11:35 am
    If only I had known … that it would take so long to establish myself, that it would take so long to form relationships that resulted in referrals, that it would take so long for promotional strategies to gain traction. Yes, I had read the stories about entrepreneurs who were down to their last dollar when they landed the big sale that changed EVERYTHING. I have a friend who talks about selling his car and downsizing his house in order to establish his business. I know those famous laws of Murphy. Examples include: Anything that can go wrong will go wrong. Nothing is as easy as it looks.
  • Save Time With 3 New Features in Intuit® Tax Online 2014

    Kevin D. Simpson, CPA
    29 Jan 2015 | 11:24 am
    New things are here, and we better get used to it!  The leap from our desktop to the cloud is complete, so change has become second nature, right?  Our tax software is no longer trapped in the office, thus freeing us up to move about the world, right? You might object and say, “I still need a printer, scanner, adding machine and a secretary, so how can I really get work done outside of the office? Well, we must not forget that Intuit Tax Online (ITO) is more than just a professional tax package. It’s a floating platform that goes where we go, designed for those who get things done. The…
  • Above the Forms: Warnings of “Phishing” Scams

    CeCe Morken
    29 Jan 2015 | 5:00 am
    The IRS continues educating taxpayers on the “Dirty Dozen” most common cons during tax season. Second on their list: “phishing” scams. Typically, phishing scams lure potential victims by posing as legitimate websites and then asking for personal information. Advising your clients to watch out for fake emails or websites may save them from becoming victims of identity theft. If your client receives an unsolicited email that appears to be from the IRS, they should forward the email to phishing@irs.gov, mark the email spam and delete it. It is important to keep in mind that the IRS…
  • Customer Spotlight: Kevin Wenig

    Scott Cytron
    28 Jan 2015 | 9:12 am
    Meet Kevin Wenig, CPA, owner of his own firm in Trumbull, Connecticut. Kevin is an Intuit Tax Online user who definitely thinks outside the box. His website even says, “We are more than just a bunch of pencil-pushing geeks; we’re a fantastic group of people with a sometimes warped sense of humor, an unnatural love of Taco-Bell and families outside of the office.” I sat down with Kevin to learn more about his practice, how he’s using ITO and all about his iPhone app. Scott Cytron: What’s been your biggest “a-ha” moment in having your own practice? Kevin Wenig: I am not sure I…
 
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    AICPA Insights

  • The Open Workforce Presents New Challenges (and Opportunities) for Finance Professionals

    Guest Blogger
    29 Jan 2015 | 4:00 am
    Almost overnight, organizations have found themselves managing an entirely new paradigm: the open workforce. Driven by globalization, technological advances and a constantly fluctuating market, businesses must now look for expertise from new sources to work with their in-house teams. This new talent includes a complex mix of local and international freelancers, contractors, consultants and businesses partners. New CGMA research shows that in more than a quarter of all organizations globally, at least 50 percent of talent is external. While the open workforce trend started in the US and…
  • Disaster Planning and Recovery Advice from CPAs

    Guest Blogger
    26 Jan 2015 | 6:10 pm
    With a historic blizzard bearing down on the Northeast, many people have considered their physical well-being. They’ve stocked up on milk, bread and blankets to weather the worst. But what about their fiscal well-being? Events like this one also require financial preparedness – having cash on hand in case the power goes out and insurance information handy in case snow-laden trees come crashing down. You can help your clients get ready-- and recover—by downloading checklists, tools and resources from the AICPA’s Disaster Financial Issues webpage. There, you’ll find guides created in…
  • Top 10 Tax Resources for the 2015 Tax Season

    Ann Marie Maloney
    26 Jan 2015 | 4:00 am
    A mother tries to get her son out of bed in the morning to go to school, and says, "Come on, lazy head, get up. You're going to be late.” But he remained in bed, burrowing deeper under the covers. Finally, she pulled him out, and he said, "Mommy, I can't go to school. The kids throw sticks and stones at me, and they call me names." "But you have to go anyway," she said.  "Why?" he asked. "First of all," she said, "you're 50 years old. And, second, you're the principal." Your clients hopefully don’t throw sticks at you, but you are the CPA and like the principal, you need to show up,…
  • Where Is Your Firm on the Journey Toward Greater Diversity and Inclusion?

    Guest Blogger
    23 Jan 2015 | 11:47 am
    On the third Monday in January each year, AICPA and Americans across the country recognize the life and legacy of Martin Luther King, Jr. Between 1955 and 1968, his strong leadership helped transform race relations in America, and his powerful voice gave the nation courage to continue working toward racial equality. He led millions in this movement, which resulted in historic reforms that benefit all of us—and he continues to inspire the ongoing work of diversity and inclusion happening today. The accounting profession has been developing effective diversity and inclusion approaches for…
  • The CFO Has to Be a Jack-of-All-Trades — and Master of Them, Too

    Arleen Thomas, CPA, CGMA
    20 Jan 2015 | 1:32 pm
    How should up-and-coming CFOs regard their role in the corporate hierarchy? They might do well to think of themselves as “the voice of reason.” There were many comments about the shifting role of the CFO at the recent World Congress of Accountants 2014. But to me, none rang truer than the quote above, expressed by Carol Calandra, CFO, Global Markets, EY Global. As CFOs rise in the ranks, and become indispensable partners to their CEOs, there are still distinct differences in their responsibilities. Carol believes CFOs should be independent and work well with the CEO, but she insists the…
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    OSYB Number Crunch! Bookkeeping Tips from Outsouce Your Books.

  • Benefits of Outsourcing

    Ed Becker
    28 Jan 2015 | 8:36 am
    What is outsourcing? Outsourcing is the allocation of processes or tasks to an external person or company that does not share an interest in your company. Usually outsourced work is on a contracted basis for very specific or expert tasks. There is often a stigma associated with outsourcing which sometimes causes companies to delay outsourcing when it could actually benefit them. Outsourcing can be temporary or long-term, and in some cases, more cost efficient than hiring in-house. What tasks CAN you outsource? Many processes are easily outsourced because they are functional as cloud based…
  • Oil Stocks are Taking a Beating — But in 10-K’s, Not So Much

    OSYB Staff
    22 Jan 2015 | 9:00 pm
    One doesn’t need to know much about the oil business to be able to figure out right away that the most significant event in the existence of an E&P project comes in the very early stages: the discovery of oil.  But you couldn’t tell that from any income statement or balance sheet prepared according to GAAP.
  • No IRS help for tax pros on Saturdays or holidays in 2015

    OSYB Staff
    22 Jan 2015 | 9:00 pm
    The e-Help Desk is just for tax professionals, not individual taxpayers, even if we tax amateurs do file electronically using a tax preparer or transmit our 1040s ourselves with tax software. We individual e-filers still must call the main IRS Help Hotline toll-free at 1 (800) 829-1040. Read more. 
  • Collecting Past Dues or Writing Off Bad Debt?

    Ed Becker
    22 Jan 2015 | 6:46 am
    Trying to collect past due accounts can be very frustrating. Sometimes it is a bad idea to allow credit on some accounts. Once you have a past due account, that customer should not be allowed to carry a balance again. How can you collect on past dues and when should you choose to write them off as bad debt? Collecting on past due accounts Create an aging report on accounts receivables. This way you will know at any moment who is past due and how long overdue the account has become. Once an account goes past 30 days, it needs to be tracked closely. Statistics show that once an account becomes…
  • Business Use of a Vacation Home

    OSYB Staff
    21 Jan 2015 | 9:01 pm
    The Jacksons maintained a calendar for the fifteen business trips they took in the RV in 2007 and provided, in detail, their meetings with specific and potential clients. The court agreed that the Jacksons sold insurance policies at these rallies and spent at least two thirds of their time working. But it wasn’t enough to allow the deduction.
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    C/F/R - Cross, Fernandez & Riley, LLP

  • Attract Millennial Employees via Strong Corporate Values

    30 Jan 2015 | 12:43 pm
    What types of organizations do Millennials want to work for? Those that are focused on their people and purpose, not just what they’re selling and how much money is being made.
  • Avoiding Business Risks Can Cost You

    19 Jan 2015 | 10:41 am
    Avoiding risk means passing on opportunity and that can be costly.
  • How to Make Your Customers Love You

    12 Jan 2015 | 11:47 am
    There is great power in simplicity. Reaching out to your customers on a personal level and going right to the heart of what’s most important to them, in a straightforward way, goes a long way toward loyalty.
  • Create Structure for Your Remote Workforce

    5 Jan 2015 | 11:21 am
    One important area for business owners to evaluate in the New Year is employee productivity. A simple way to improve it is by creating structure for your workforce, especially for those who work remotely.
  • Obama Signs 2014 Tax Extenders

    22 Dec 2014 | 10:42 am
    President Barack Obama has signed H.R. 5771, The Tax Increase Prevention Act of 2014, and individual taxpayers will benefit from the list of 50-plus tax extenders.
 
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    Presti & Naegele

  • January 2015 Newsletter

    Scott
    14 Jan 2015 | 12:50 am
    Andy Presti reviews the top 10 tax developments of 2014 that will have an impact on 2015.  Also Steve Grgas discusses the eleventh-hour vote by Congress to renew a tax package of tax extenders for 2014. The post January 2015 Newsletter appeared first on Presti & Naegele.
  • How do I? Comply with the Affordable Care Act’s individual mandate?

    Wayne Naegele
    13 Jan 2015 | 8:30 am
    Beginning January 1, 2014, the Affordable Care Act (ACA) required individuals to carry minimum essential health coverage or make a shared responsibility payment, unless exempt. Individuals will report on their 2014 federal income tax return if they had minimum essential health coverage for all or part of the year. Individuals who file Form 1040, U.S. Individual Income Tax Return, will indicate on Line 61 if they were covered by minimum essential health coverage for 2014, if they are exempt from the requirement to carry minimum essential health coverage or if they are making an individual…
  • IRS enters filing season with reduced enforcement and service due to budget cuts

    Joseph Romano
    13 Jan 2015 | 8:28 am
    The IRS is expected to shortly open the 2015 filing season and both the agency and taxpayers are preparing for some turbulence. The IRS is going into the filing season with a reduced budget, which could translate into fewer audits. Legislation passed by Congress in late 2014 could delay the start of the filing season, although to date, the IRS has not announced a delay. Taxpayers and the IRS are on alert for identity theft, a pervasive problem during filing season. Additionally, new requirements under the Patient Protection and Affordable Care Act kick-in. Budget cuts impact audits and…
  • Year-end tax legislation renews extenders, cuts IRS funding

    Steve Grgas
    13 Jan 2015 | 8:26 am
    Eleventh-hour votes in Congress in December renewed a package of tax extenders for 2014, created new savings accounts for individuals with disabilities, cut the IRS’ budget, and more. At the same time, the votes helped to set the stage for the 114th Congress that convenes this month. Republicans have majorities in the House and Senate and have indicated that taxes are one of the top items on their agenda for 2015. Extenders The Tax Increase Prevention Act of 2014, signed into law by President Obama in December extends more than 50 individual, business and energy tax incentives retroactively…
  • Top 10 tax developments of 2014 with impact on 2015

    Andrew Presti
    13 Jan 2015 | 8:25 am
    2014 was a notable year for tax developments on a number of fronts. Selecting the “top ten” tax developments for 2014 necessarily requires judgment calls based upon uniqueness, taxpayers affected, and forward-looking impact on 2015 and beyond. The following “top ten” list of 2014 tax developments is such a prioritization. Nevertheless, other 2014 developments may prove more significant to any particular client, depending upon circumstances. Please feel free to contact this office for a more customized look at the impact of 2014 developments upon your unique tax…
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    It's Taxing - Bond Beebe

  • Qualified Charitable Distributions in 2015 Uncertain, but There is an Option!

    29 Jan 2015 | 10:09 am
    Capitol Hill provided an excellent holiday gift in late-December 2014 with the Tax Extenders Package, otherwise known as The Tax Increase Prevention Act. One of the most talked about provisions of the Act was the extension of tax-free distributions from an Individual Retirement Account (IRA) for charitable purposes through December 31, 2014. This is called a Qualified Charitable Distribution (QCD) in tax terms. A QCD is a very common tax savings strategy. Essentially, a taxpayer who is 70 ½ is subject to required minimum distribution rules and must take at least a specific and calculated…
  • Virginia Adopts a First Time Home Buyer's Savings Program

    27 Jan 2015 | 11:00 am
    Beginning in 2014, Virginia has adopted a program (FHSP) that allows a taxpayer to designate an account as a first time homebuyer savings account and subtract the income from that account from their VA taxable income. (Section 58.1-322) The account can only be used to pay the down payment or closing costs for a single family home (includes condos and co-ops, but not a multi-family building or land) in VA for someone who has never owned a home before. This can include a couple where one person was a prior homeowner but one was not. VA law allows you to
  • IRS Releases New Applicable Federal Rates

    23 Jan 2015 | 11:41 am
    Each month, the IRS provides various prescribed rates for federal income tax purposes. These rates, known as Applicable Federal Rates (AFRs), are regularly published as revenue rulings.  The AFRs for February 2015 are as follows: Annual Semi-Annual Quarterly Monthly Short-Term: 1-3 years 0.48% 0.48% 0.48% 0.48% Mid-Term: >3 & up to 9 years 1.70% 1.69% 1.69% 1.68% Long-Term: >9 years 2.41% 2.40% 2.39% 2.39%   Please click here to see the complete revenue ruling.
  • Qualified Excludable Transportation Benefits

    12 Jan 2015 | 12:03 pm
    Retroactive Guidance for 2014 The IRS has issued Notice 2015-2, which provides employers guidance on how to deal with the retroactive (Section 103 of the Tax Increase Prevention Act of 2014 enacted 12/19/14) increase in the maximum monthly exclusion afforded employees from $130 to $250 for 2014. The increased exclusion is applicable to employer-provided transit passes and commuter highway vehicle (vanpooling) transportation benefits and puts them on par with the exclusion for qualified parking for tax year 2014. Such benefits are excluded under Section 132(f)(2)(A) of the Internal Revenue…
  • Affordable Care Act Update: Shared Responsibility

    23 Dec 2014 | 10:44 am
    With 2014 coming to a close, you may be hearing more buzz about the new health care tax. This year was the first year that the Shared Responsibility provision of the Affordable Care Act was in effect. Under this provision, you are required to either have qualified health care coverage or pay a penalty with your annual income tax return. This applies to you and any dependents you are eligible to claim (regardless of whether you claim them or not). So what does it mean to have qualified health care coverage? The good news is that if you have health insurance,
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    Investment and Small Business Accountants

  • 10 signs and symptoms you should invest in new business information technology

    chinweike
    31 Jan 2015 | 7:52 pm
    When it comes to investing in business information technology, it is very important that decisions are made based on business reality rather than impulse as we see on many occasions. This article provides heads-up on signs that may indicate that your small business after all need to invest in new information technology. Ten Things That Tells You It Is Time To Acquire Or Upgrade Your Existing Business Technology Infrastructure When Processes Are Taking Too Much Time Business processes are the lifeblood of every enterprise. The speeds at which processes are processed determine to a great extent…
  • Critical Skills of Next Generation Accountants

    chinweike
    29 Jan 2015 | 4:40 pm
    If you have been following accounting as a profession, you would have noticed a pattern that has been developing in the skill set that is required of a next generation accountant. One of the critical success factors of the next generation accountant is your ability to be a hybrid accounting professional. To be a hybrid accountant, you have to possess at least 90%of the skills discussed in this article. The skills discussed below are both soft accounting skills and technical accounting skills. 18 Critical Soft and Technical Accounting Skills of A New Generation Accountant The rest of this…
  • Make Money or Make Accounting Career, choose a Path to your Destiny

    chinweike
    24 Jan 2015 | 2:30 am
    For many people with accounting skills and knowledge, following an accounting career path that leads to professionalism for example becoming a member of ACCA, CPA or CIMA is their life long goal but the spiralling number of accountants that are jobless and broke nowadays is worrying. I have been asked too many times that I can remember if accountants can become successful entrepreneurs and my standard answer is, if we accountants can fluently speak the language of business, then there is no reason why accountants cannot become billionaires in a honest way. We recently had a debate of whether…
  • Small Business Due Diligence | Professional Accountant Perspective

    chinweike
    17 Jan 2015 | 7:33 am
    Small business due diligence is a sort of investigation done by a professional on behalf of potential business owners before they sign a contract that will subsequently lead to change in ownership but after the buyer and seller has already agreed on terms of the dealing. When it comes to due diligence, it is by law the responsibility of the prospective buyer to know the ins and outs of the business they are buying. And this is where the problem lies as not all aspiring small business owners have the technical know-how as far as business due diligence is concerned.
  • Pitfalls | Common mistakes made by small business accountants

    chinweike
    11 Jan 2015 | 3:40 am
    Small businesses change accountants at will just as we change our clothes. The only difference is that we change our clothes because we have to but small business owners change their service providers such as small business accountants whenever they sense some of the common mistakes that are discussed in this article.   If you are an accountant working for a small business, chances are that you may fall victim of one of the common pitfalls that many small business accountants fall into. As an accountant, you need to be on the lookout for signs of problem and guard practice
 
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    ApniTally

  • How to Identify your most valuable customers using Tally ERP 9

    Shailendra Yadav
    12 Jan 2015 | 10:24 am
    This article is about features of Tally ERP 9 which help any business to identify it's most valuable customers and how they can be retained once identified.  For any business customer is the King. A business strive to give best of it's services or products to it's customers. Businesses invest crores of rupees to understand what a customer wants and how his satisfaction can be achieved. Big business houses and brands keeps analysts,... Read More
  • Three things to Avoid in New Year / New Financial Year in Tally ERP 9

    Shailendra Yadav
    27 Dec 2014 | 5:17 am
    Friends I wish all Tally users a Happy and Prosperous New Year. Although for Accountants in India New year starts from April 1 when we have to begin new books. But there are people who start their book from Jan 1st. This is the case for companies whose parent companies are out of India.I have seen many Japanese companies who start their financial year form Jan 1st as their parent companies start their financial year on same date in... Read More
  • What is your New Year Resolutions for Tally in 2015

    Shailendra Yadav
    24 Dec 2014 | 12:02 pm
    Friends New year is again round the corner. We are all determined to celebrate this new year too with great fan and fervor.  Like last year we would pass new resolutions for the coming year. No matter how early we break our new resolutions but this is for sure that we would make new one this year too.We are all too firm this year to not to break our new year resolutions. Rest all depends of God's will and our circumstances. Like we all do,... Read More
  • Bharat Goenka of Tally Solutions conferred Honorary fellowship of CSI 2014

    Shailendra Yadav
    18 Dec 2014 | 3:25 am
    Computer Society Of India (CSI) the largest and India's prominent professionally managed association of IT professionals of India recognised Mr. Bharat Goenka The Co-Founder and Managing Director of Tally Solutions with  Honorary Fellowship award for year 2014.  At CSI's 49th Annual Convention and International Conference 2014 held at Hyderabad on Dec 13th this award was presented to Mr. Goenka. Bharat Goenka of Tally Solutions... Read More
  • How to manage your business remotely with Tally ERP 9

    Shailendra Yadav
    15 Dec 2014 | 1:57 pm
    Since How long you are using Tally? Yes this is a simple question and try to decide since how long you are working on Tally? You would find that most of us are having years of Tally experience. But Have you tried to use Tally remotely? Let me explain. Have you tried to use your Tally from a remote location, or location other then your system where licence is configured? It may be your home, while you are travelling in train, or may be while you... Read More
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    Goldin Peiser & Peiser, LLP

  • Attract Millennial Employees via Strong Corporate Values

    30 Jan 2015 | 9:00 am
    What types of organizations do Millennials want to work for? Those that are focused on their people and purpose, not just what they’re selling and how much money is being made.
  • Avoiding Business Risks Can Cost You

    19 Jan 2015 | 11:52 am
    Avoiding risk means passing on opportunity and that can be costly.
  • How to Make Your Customers Love You

    12 Jan 2015 | 12:12 pm
    There is great power in simplicity. Reaching out to your customers on a personal level and going right to the heart of what’s most important to them, in a straightforward way, goes a long way toward loyalty.
  • Create Structure for Your Remote Workforce

    5 Jan 2015 | 11:44 am
    One important area for business owners to evaluate in the New Year is employee productivity. A simple way to improve it is by creating structure for your workforce, especially for those who work remotely.
  • Obama Signs 2014 Tax Extenders

    22 Dec 2014 | 12:11 pm
    President Barack Obama has signed H.R. 5771, The Tax Increase Prevention Act of 2014, and individual taxpayers will benefit from the list of 50-plus tax extenders.
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    Energized Accounting

  • Uncovering the hidden value in data entry

    Bill Kennedy
    7 Jan 2015 | 12:16 pm
    Energized Accounting is happy to include a guest post from the Intuit Team, on a subject that is close to my heart:  reducing the pain (and time!) involved in tax return preparation. Data entry can be a tough slog for any accountant. Most accountants would rather be working with clients, doing financial planning or heck, maybe some accountants would prefer dealing with the CRA. As painful as the task may be, accountants may not realize that they benefit greatly from it. We all know that data entry isn’t the most rewarding task, but it’s a crucial component to understanding a…
  • New Charities vs. Old

    Bill Kennedy
    18 Dec 2014 | 5:09 am
    In her December 18 editorial “In the charity world, cash is the new goat” Margaret Wente compares two charities, one which sends cash to Africa and another (unnamed) group that provides goats.  Here is my response: Ms. Wente’s support of the charity GiveDirectly is to be applauded.  Her demeaning of other charities is not.  All charities face the same challenges of minimizing administration costs, whether they are providing goats or deworming pills.  It may seem easier to send money than goats to Africa but in reality both types of charities are sending money.  They don’t…
  • Has the CRA Called Your Charity?

    Bill Kennedy
    28 Jul 2014 | 1:27 pm
    The Canada Revenue Agency (CRA) has received a lot of attention recently.  There are accusations of political interference.  The Federal Government has been accused of using CRA audits to stifle opposition in such areas as the environment and human rights.  But whatever your position on this issue, when the CRA calls, you have to put it aside.  A CRA audit is no place for a policy debate and the auditor who calls is just there to do a job.  You need to have your ducks in a row. What can the CRA do? If the CRA believes that your charity is not complying with the Income Tax Act, it can…
  • When There’s No Money Left in the Bank

    Bill Kennedy
    20 Jun 2014 | 12:49 pm
    This wonderful, pragmatic post by Joan Garry says it all.  What to do when you owe more than you have, when you go to the cupboard and it’s bare, when you can’t even make payroll. Accounting figures heavily in the list, of course.  Having a clear picture of the numbers.  Being honest with staff and the Board.  Doing projections and cash flow reports.  It’s all bread and butter to accountants. But there’s something that accountants often miss.  I don’t know how often I have sat in annual meetings and watched an accountant talk about the organization being…
  • 2014 Accounting Grads: A Challenge

    Bill Kennedy
    13 Jun 2014 | 5:55 am
    Yesterday was convocation at my son’s university.  Sitting watching all the Commerce grads, I remembered my own graduation, and the guy sitting next to me saying, “We’re done.  If I learn anything more in the rest of my life, it will be by accident!” Now, over 30 years later, I’m still learning.  Accounting is still an evolving profession, part art, part science.  We have not yet discovered how to capture a snapshot of a business on a piece of paper, in an understandable way, that allows different organizations to be compared by a reasonably informed…
 
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    The Accountancy Partnership

  • Government celebrates 25,000 start-up loans

    kbilby
    30 Jan 2015 | 8:24 am
    PM David Cameron recently confirmed that 25,000 loans had been issued by the Start Up Loan Scheme. Cameron welcomed this news, stating that small businesses were “the lifeblood of our economy”. The last loan had taken the total amount of funding by the scheme to almost £130 million. The scheme, set up in 2012, is government funded and administered by the British Business Bank. The Prime Minister said: “Small businesses are the lifeblood of our economy and supporting them to get off the ground and create jobs and opportunities for hard working people is a key part of our long term…
  • Small business cash flow affected by late payments

    kbilby
    26 Jan 2015 | 2:32 am
    UK businesses are still experiencing difficulties with late payments, according to a report issued by Sage, a business software provider. The annual study has revealed that although the situation has improved slightly, large numbers of small companies are still having to deal with payments coming in after their due dates. Most companies don’t receive payment within 30 days, according to the annual report, with 60 per cent of firms waiting more than 60 days. The report surveyed 457 UK small businesses and discovered that nearly half of them had to wait over 90 days for payment. However,…
  • Yield from HMRC investigations steadily increasing

    kbilby
    23 Jan 2015 | 2:24 am
    According to recent data released by Pinsent Masons, the international law firm, yield gained from increased enforcement activity by HM Revenue & Customs has increased during the last four years.   Figures for 2013-14 indicate that for every £1 spent by HMRC on the enforcement of compliance by large companies, £97 is collected by the organisation. Pinsent and Masons’ head of compliance and litigation, James Bullock, said: “These numbers suggest that, for the foreseeable future, HMRC will be increasing investment in investigations as quickly as it can hire and train staff.” In…
  • Entrepreneurs’ tax relief under threat from new government

    kbilby
    22 Jan 2015 | 2:02 am
    One of the giants of the accountancy sector has revealed how business owners have expressed concern that some of the more popular tax reliefs will be scrapped if a new government is elected into power in May 2015. According to the Midlands corporate finance team of Baker Tilly, a number of calls have been received from business owners who want to know more about how the scrapping of the tax relief would affect their company, especially Entrepreneurs’ Relief. This was introduced on 6th April 2008 and provides relief on the Capital Gains Tax, which is paid on the sale of a business.
  • UK SMEs face auto-enrolment changes

    kbilby
    20 Jan 2015 | 1:21 am
    From 1st June 2015, small businesses with fewer than 50 employees will face changes in the pension laws. The legislation states that all employers with one employee or more must enrol them into a company pension scheme. Employees who fulfil specified criteria will have to be enrolled, some of them for the very first time. The legislation was introduced to address the problem of employees reaching retirement age with very little or no savings. The enrolment for small businesses is between 1st June 2015 and 1st April 2017. Larger employers – 33,000 in total – have already complied with the…
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    The Cheap Accountants

  • Increasing Growth in Small Business Optimism

    admin
    27 Jan 2015 | 6:02 am
      According to a recent survey by Kabbage, access to capital is amongst the top growth concerns for nearly half of small businesses. However, small business optimism is at a 3 year high, with 95 percent of small business owners expecting to increase their revenue in 2015. According to Kabbage half of these businesses expect to grow by more than 20 percent. Top issues surrounding growth for more than 800 companies surveyed include access to capital and ongoing cash flow management. According to Jon Parise, director of customer marketing at Kabbage “Many small businesses need a fast…
  • How to Remain Sane While Running a Business

    admin
    20 Jan 2015 | 8:27 am
    Being an ambitious entrepreneur and running your own business can be one of the most satisfying and rewarding experiences, but it can also be extremely stressful and time consuming. We realise how mentally and physically exhausting running your own business can be and have put together a few tips to help you to remain sane and achieve your entrepreneurial goals. 1. Restore Energy Levels – In the early stages of running a business you often run off pure adrenaline. Soon enough your tank of energy is going to run out and you’ll require a quality rest every night in order to be productive.
  • 5 Entrepreneurs and their New Year’s resolutions for 2015!

    admin
    13 Jan 2015 | 3:15 am
    By the second or maybe third week of January, many people have already broken their New Year’s resolutions. Diets have been forgotten about, gym sessions skipped and last year’s clutter remains piled up. In the meantime entrepreneurs who have made promises about their businesses are just beginning to work towards their goals for 2015. As a small business owner you might be unsure about what to aim for this year. Five founders and leaders have shared their inspiring New Year’s resolutions. We have picked out the main themes from revenue targets to employee development, to help you to…
  • Top 5 Business Tips for 2015!

    admin
    5 Jan 2015 | 5:53 am
    With a new year ahead you may want to take some time to think about what you could change or introduce into your business. So what can you do to give your business a boost and get the year started on a productive and positive note?  We have put together our top 5 tips to help you to keep on top of things this year.   1. Keep your books in order. Thismight not be the most exciting part of running a business but it’s certainly one of the most important! Without well managed accounts you’ll most likely struggle to know how much money you’re making or how much you’ll need to pay…
  • In the Land of Tax – Bookkeeping is King!

    admin
    22 Dec 2014 | 6:44 am
    In business (especially small business) balance sheets, long term planning and general financial record keeping can take a back seat to customer needs and the day to day running of your business. As someone who has first-hand experience of running a small business, that feeling of feast or famine when it comes to work load – is all too familiar. It’s a problem shared by anybody who owns/runs/operates a small business, and results in many never having the time to really get a handle on their financials. This problem manifests itself in a number of potentially business destroying ways, from…
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    Jetpack Workflow » Blog

  • Lesson One Continued: Media Channels

    Jetpack Workflow
    22 Jan 2015 | 6:19 am
    Ah yes, time to for final M in our Market, Message, and Media foundation. To recap: Market is the “Who You Will Serve” Message is “What You Will Say” Media is “Where You Will Market” Notice how Media is last. This is completely intentional.  One of the biggest mistakes is to immediately jump to “Where”... Read more » The post Lesson One Continued: Media Channels appeared first on Jetpack Workflow.
  • Lesson One Continued: Your Message

    Jetpack Workflow
    20 Jan 2015 | 6:13 am
    In this lesson, we’re going to cover the next critical step of your marketing… Your Message Commonly referred to as your Unique Selling Proposition, this answers the question in your prospects mind of “Why should I do business with you, over any and all alternatives?”  Think about how busy the marketplace is. We’re used to seeing... Read more » The post Lesson One Continued: Your Message appeared first on Jetpack Workflow.
  • Lesson One: Setting Your Marketing Foundation

    Jetpack Workflow
    20 Jan 2015 | 6:12 am
    Welcome to Lesson One: Setting Your Marketing Foundation In this post, we’re going to cover: The three “M’s” of marketing How and when to set your Foundation Examples of how to niche down your three “M’s” So by now, you might be asking “What’s the three M’s”… Is it MBA jargon, corporate branding principles, or... Read more » The post Lesson One: Setting Your Marketing Foundation appeared first on Jetpack Workflow.
  • Marketing Fast Track: Marketing for Accountants Series

    Jetpack Workflow
    16 Jan 2015 | 6:13 am
    Welcome to the free course called “Marketing Fast Track: Marketing for Accountants” Over the course of the next few weeks, we’re going to cover the foundations of highly effective marketing. And instead of giving you a bunch of tactics (IE: You need social media, you need adwords, you need {insert new shiny object here}), we’re... Read more » The post Marketing Fast Track: Marketing for Accountants Series appeared first on Jetpack Workflow.
  • Buying a CPA Firm or Accounting Practice? Inside interview with Wil Stunkel

    Jetpack Workflow
    13 Jan 2015 | 5:21 am
    This week we’re excited to release our with Wil Stunkel, founder of Stunkel Tax & Accounting. In 2014, Wil acquired a practice, and in this interview, we dive his experience and lessons learned. In this interview, we cover: The first step you need to take when thinking about buying a practice How think through the... Read more » The post Buying a CPA Firm or Accounting Practice? Inside interview with Wil Stunkel appeared first on Jetpack Workflow.
 
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    Forensic Perspectives

  • Why You Should Farm Out Business Valuation to Specialty Firms

    Mark S. Gottlieb
    28 Jan 2015 | 11:17 am
    A 2014 Grant Thornton International Business Report indicates that 29% of privately-held businesses worldwide expect to transfer ownership within the next ten years. This points to the significance of accurate business valuations. Whether or not a business anticipates a change of hands or is trying to get a better understanding of the marketplace, proper business valuation is crucial. Accounting services are often branded under a sole, universal category. Nonetheless, different levels of certification allow CPAs and specialty firms the opportunity to work together in a team-oriented fashion…
  • Cross-Examining a Financial Expert – Part I

    Mark S. Gottlieb
    25 Nov 2014 | 6:58 am
    We’ve seen it in the movies. A cross-examination where an attorney seeks to identify weaknesses in an opposing side’s conclusions by questioning a witness. Often an entire case can hinge on a cross-examination. As opposed to direct examination, where the exchange between lawyer and witness is warm and fuzzy, cross-examination is often hostile. In financial litigation, expert witnesses are often certified forensic accountants. If the opposing side is using a forensic accounting expert as a witness, it is important to retain one as well. In their role as a litigation support analyst, the…
  • Understanding Risk in Business Valuation

    Mark S. Gottlieb
    31 Oct 2014 | 7:31 am
    Much has been written about valuing a closely-held business. A frequent topic discussed is the income approach and the application of the valuation multiple to a normalized income stream. The valuation multiple (also called capitalization rate) is comprised of a many factors, including the company’s specific risk. Risk is an expression of the business valuation analyst’s judgment, as no database can exist to measure the company-specific risk drivers. The valuation expert must identify these drivers and judge their magnitude in order to estimate the additional rate of return the market…
  • Transfer Pricing and Related Valuation Issues

    Mark S. Gottlieb
    30 Oct 2014 | 10:49 am
    When one person sells something to another person, it is usually assumed that the seller tried to get a fair price. Typically, that price is set by the laws of supply and demand in a market economy. However, when the people involved in the transaction are related in some way, the game changes. For this reason, often transactions between related parties aren’t really reflective of the actual worth. This is why, in home appraisals for example, only arm’s length transactions are considered. This same principle applies in the business world. Unfortunately, when a price is not reflective…
  • Top 10 Things Attorneys Need at the Start of Matrimonial Action

    Mark S. Gottlieb
    30 Oct 2014 | 8:38 am
    After children, financial matters are often the most difficult thing to address during a divorce. Gathering important financial documents at the start of a divorce proceedings can help lower the stress and confusion for counsel and their clients. To help you through the process we have compiled the list below: #1 Certified Copies of Business & Personal Income Tax Returns Most tax preparers utilize computer software to prepare income tax returns; this produces three different versions of the tax return: the government (or filing) copy, the client copy, and the preparer’s copy. The filing…
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    Kostecke CPA

  • A Tax Preparation Checklist Can Save You Time and a Lot of Grief

    Jann Kostecke
    14 Jan 2015 | 2:42 pm
    Last year at around this time I provided some tips on how to save money Read more The post A Tax Preparation Checklist Can Save You Time and a Lot of Grief appeared first on Kostecke CPA.
  • Business Planning: Take Action to Prevent Extinction

    Jann Kostecke
    10 Oct 2014 | 5:00 am
    When you read that the New York Stock Exchange (NYSE) might not be around in Read more The post Business Planning: Take Action to Prevent Extinction appeared first on Kostecke CPA.
  • Why You Need A Business Budget

    Jann Kostecke
    2 Sep 2014 | 5:30 am
    I have read posts by really smart people that are pretty negative on budgets. Why? Read more The post Why You Need A Business Budget appeared first on Kostecke CPA.
  • Are business gifts and awards tax deductible?

    Jann Kostecke
    19 Aug 2014 | 5:30 am
    Many entrepreneurs and small businesses are not aware of the tax implications of gifts given Read more The post Are business gifts and awards tax deductible? appeared first on Kostecke CPA.
  • What D-Day Teaches Us About Business Planning

    Jann Kostecke
    7 Aug 2014 | 5:30 am
    The 70thanniversary of the D-Day invasion, a huge military operation which changed the course of Read more The post What D-Day Teaches Us About Business Planning appeared first on Kostecke CPA.
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