Category: Accounting
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My quick assessment of social media today
LinkedIn seems to be on an upward trend not just for me, but across the platform. The positives outweigh the negatives of corporate managed social media. I routinely see 50 notifications on my own and my contacts’ activity each day and my post impressions on written and video podcast content are steadily rising. I know…
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Realtors use taxproblems.cpa
Realtors at the top of the industry in sales production sometimes struggle with tax problems. Other life struggles are often a top concern. Two tools help: 1) a fnancial plan that prioritizes goals , 2) the ability to set aside fears and stress to work the plan.
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Seven foundational concepts of professional tax practice
Seven foundational concepts of professional tax practice:
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Services for individuals and small businesses
Client services are individually tailored to bring the best value at the lowest cost. Financial goals, operations, and accounting requirements vary widely. This checklist is designed to act as a prompt as to what is common and what is possible. Services fall into six categories: Obviously After the misuse of the meaning, the friends used…
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What’s included in tax services?
Lately I use the term “bundled services” to describe how my tax service differs from some other professional providers. We also use the term ” old fashioned” and “relationship-based”. Whatever we call it, my standard accounting engagement agreement includes a bundle of basic and preliminary services and a bunch of advanced services to ensure a…
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Should a CPA prepare your tax return?
Summary The AICPA says “Simply put, a CPA will save you money in the long run and look out for your best interests. Anyone can drop numbers into software to prepare a tax return. However, a CPA will analyze your specific situation for tax savings opportunities and help you plan for next year.” This blog post expands…
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Lessons learned in small business accounting this year
Over the past few years, since just before Covid, I returned to a traditional practice of serving small businesses on a one-on-one personal basis. This was a change from the background of handling a national firm with thousands of clients operating through automated internet technology. I made some mistakes and learned some things the hard…
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Small business FinCEN compliance for 2024
This post details the compliance procedure that we will use for our own businesses, affiliates and clients under our control. Others may use a different procedure. If you own, operate or control a small business corporation or a limited liability company, you may need to file a new report with the federal government this coming…
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Why we use CPAs to testify about accounting statement fraud
Disclosure: While I have served as professional accounting witness in other unrelated court cases, I did not testify in past Trump fraud cases. In past Trump fraud cases in the 1990s, I offered accounting statements taken by an attorney for the plaintiff victims that included a statement of my direct communication with Trump and his…
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Managing the accelerating pace of economic change
The most difficult thing I deal with day to day is coping with the accelerating pace of economic change. The constant ‘whatever I said last is out-of-date now’ cycle of business life is stressful. We tend to focus our attention on financial change but of course there are always other significant forces driving the financial…