Everything you need to file your income tax return.

Posted Leave a commentPosted in Accounting, Taxes

About half of us file our own returns and half get professional help. Of the options remote professional tax service is fast, efficient, safe and economical. No matter what method, now is the time to check to e sure you have the information necessary to file. Today is February 4 and you should have everything needed […]

Unreimbursed partnership expenses revisited

Posted Leave a commentPosted in Accounting, Employee Benefits, Law firm, Small Business, Tax Planning

The Tax Cuts and Jobs Act triggers changes to the tax treatment of unreimbursed partnership expenses for 2018. Partnerships should revisit their policies to ensure that partners and employees maximize tax savings under the new law. Under former law a partner could deduct the expenses of the partnership on his or her individual income tax […]

Tax savings with accountable plans

Posted Leave a commentPosted in Accounting, Small Business, Tax Planning

The Tax Cuts and Jobs Act snuck up on many of us. Suddenly in January 2018 tens of millions of Americans are denied a range of tax deductions that have been part of our personal and business financial culture for more than a lifetime. While most taxpayers will see a decrease in taxes, some of us […]

3 steps to perfect small business bookkeeping

Posted Leave a commentPosted in Accounting, QuckBooks, Small Business

Small business bookkeeping in a perfect world would involve three steps: STEP 1: Enter transactions as they occur by the person actually making the transaction. For example, you stop to buy gasoline. You snap a photo of the receipt on your cell phone and enter the transaction on your mobile phone accounting app. Later you […]

Law firm productivity: the missing six hours

Posted Leave a commentPosted in Accounting, Law firm, Small Business

How to boost law firm productivity Industry results are consistent with last year The nation’s law firms share the same business productivity problems as I have observed and written about in small accounting practices like mine, according to industry data compiled by Clio1. The findings are substantially the same as a similar report in 2016. […]

Make tax filing easier and less expensive this year

Posted Leave a commentPosted in Accounting, Social Media, Taxes

  We are quickly approaching the beginning of 2017 tax filing season and, as usual, I am scheduling tax return services on a first-come, first-served basis. Most tax documents will arrive in the next two weeks. Just let me know when you are ready to send them; I will make it easy with an online […]

IRS launches audits of bitcoin holders

Posted Leave a commentPosted in Accounting, Banking, cryptocurrency, IRS, Taxes

Bitcoin is the largest and oldest cryptocurrency so it makes sense that IRS would take enforcement action against these account owners first. Some owners may have heard incorrect information that their transactions were not taxable or that IRS could not get their account information. Both of these are false. IRS announced last year that it […]

A ‘systems’ approach to business improvement

Posted Leave a commentPosted in Accounting, Leadership, Small Business

Looking for ways to improve your business? It can be overwhelming when you are in the middle of day-to-day operations. Business advisers suggest looking at a business as just a combination of systems. Then looking at each system separately can lead to opportunities to learn more and make improvements. I’m a strong advocate of the […]

IRS Security Upgrade for 2018

Posted Leave a commentPosted in Accounting, IRS

Beginning last month and concluding yesterday, the IRS e-services system went through a dramatic increase in security. The online security upgrade is accompanied by a telephone service security upgrade that went into effect last week. This is the system that tax professionals like me use to address client issues involving the IRS. I wrote about […]

Encrypted Email, Secure Messaging and Secure File Transfer

Posted Leave a commentPosted in Accounting, Computers and Internet, Data Management, Taxes

“Encrypted Email”, “Secure Messaging” and “Secure File Transfer” are three terms that most people doing business online should know about today. This seems like a good time to review the options as we begin the tax filing season. While these security measures are probably not needed for most people most of the time, I include […]