Category: Accounting
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Law firm productivity: the missing six hours
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.…
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IRS launches audits of bitcoin holders
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…
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A ‘systems’ approach to business improvement
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…
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IRS Security Upgrade for 2018
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…
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Encrypted Email, Secure Messaging and Secure File Transfer
“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…
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Referral fee for 2017 tax season
This year I am offering $50 referral fee to existing clients for new small business clients including ‘gig workers’ who are required to file a Schedule C. A $50 discount is also given to the referred new client. For individual tax clients, the deal is the same except the reward if $25 for the referer and…
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An accountant’s telephone call to IRS
subtitle: Why IRS representation can be slow and expensive Today I called the IRS Professional Hotline, waited 25 minutes, then got disconnected by live person picking up the call. (This is a common response in peak call time). I call back to the IRS Professional hotline, wait 20 minutes, reach a live gent, confirm taxpayer…
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Break free from Philadelphia tax notices
If you have no tax filing obligation with the City of Philadelphia but they continue to send your business the filing requirement notices anyway then you need to file a “Change Form“. In some cases you might even need to file the form a couple of times. The trigger for a tax filing is a…
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3 Small Business Accounting Predictions for 2018
1) The best accounting talent will work remotely. 2) Automation and artificial intelligence will continue to take over bookkeeping functions. 3) Multi-factor authentication will become mainstream for financial and accounting data. (these concepts adopted from an article in CPApracticeadvisor)