Updated engagement agreement for 3rd quarter 2021

Posted Posted in Accounting

My engagement agreement is updated for the third quarter 2021. The work process section is reworded to emphasize the different types of work that may be included in the engagement. The communications section is expanded to emphasize the importance of broadcast communications in the overall success of the engagement in response to the accelerating pace […]

How to invite me as an accountant to be able to look at your QuickBooks Online records

Posted Posted in Accounting, bookkeeping, QuickBooks

As the owner of a QuickBooks company subscription, you have complete control to invite users, define their roles and information viewable, and track the activities of each user. Often one of the first tasks is to invite an accountant to help complete setup, add advanced functions and enable an informed discussion on the business finances. […]

Why I’m proud of our election security

Posted Posted in Accounting, Government, New Jersey

I am pleased to serve as a certified New Jersey election campaign treasurer and feel confident in our systems after having taken the time to understand the many election security measures used in our local communities to make our elections secure. The possibility of mass election fraud practically impossible. In our country, any attempt at […]

How to get the most from the five levels of business accounting services

Posted Posted in Accounting

A business accountant typically provides up to five distinct levels of service. While each accountant and client business may customize the service arrangement to meet their own specific situation, it helps to begin with a recognition that an accountant’s services fall into these general categories: Bookkeeping and compliance – meeting the requirements of running a […]

Small business accounting updates

Posted Posted in Accounting, bookkeeping, Payroll, Small Business

Advancing technology continues to change our small business accounting systems at an ever increasing rate of change. Here are two major recent items: PAYMENT SYSTEMS: Last year I set a goal of moving all payment systems to EFT ((Electronic Funds Transfer) and away from paper checks by postal mail. There are many advantages: improved speed, […]

The misunderstood CPA

Posted Posted in Accounting

An influential accountant asked in an online discussion how I identify within the profession, adding that the term “CPA” is misunderstood by many. Some prefer “accountant” or “tax preparer”. The American Institute of Certified Public Accountants and state CPA societies, including the New Jersey Society of Certified Public Accountants, spend much time, money and effort […]

What’s the difference between a tax preparer and a tax adviser?

Posted Posted in Accounting, Tax Planning, Taxes

A tax preparer looks at the facts and tries to determine the appropriate reporting usually at the time of rushing through the tax season preparing multiple client tax returns. A tax adviser looks at the tax theory that most benefits the client and then looks at the facts, regulation and case law history for evidence […]

Recognizing Black CPAs

Posted Posted in Accounting, Values

Yesterday the Journal of Accountancy podcast focused on the journey and accomplishments of black CPAs in the 20th century, featuring the testimony of two CPAs who witnessed black CPA history firsthand: Ruth Harris, the first black female CPA in Virginia, and Frank Ross, one of the founders of the National Association of Black Accountants (NABA). […]

Relief from post-pandemic tax stress

Posted Posted in Accounting, IRS, Taxes

One of the most important concepts in U.S. taxation today is the principle that the government cannot levy against taxpayer assets in the case of economic hardship. Never has this been more important than in this post-pandemic environment. The IRS is dramatically increasing aggressive tax collection practices that, in many cases, are causing stress to […]

Ignorance among professionals is a growing problem

Posted Posted in Accounting, Financial Planning, Leadership

Is it just me? I’m increasingly shocked with the collective level of ignorance surrounding us. In my work, naturally, I see it most often among people who call themselves tax and financial professionals. The details of behavior described as the Dunning-Kruger effect make the problem worse. Back in the 1980s and early 90s when professional […]