Category: Accounting
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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)
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The ‘dumbing down’ of the accounting industry
I’ve become more concerned with the ‘dumbing down’ of sectors of the accounting industry. Hardly a day goes by when I’m not solicited with advertisements about how to become a millionaire running an accounting practice without any accounting skills. Likewise my online group for tax advisers and planners is swamped with requests from people who…
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The Tax Organizer Fallacy
This is the time of the year when tax preparers sent their clients “Tax Organizers” with a note saying this is necessary to properly prepare your tax return. The Tax Organizer presumably makes the tax preparation process go more smoothly and minimizes omissions. The organizer is a multi-page document that can take hours to complete.…
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Accounting firm of the future
The small business accountant of the future will not provide bookkeeping services but will help business owners set up their bookkeeping to operate mostly automatically. The small business accountant of the future will not prepare tax returns but will ensure that tax reporting is completed and submitted automatically. THE FUTURE IS NOW for small firms…
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Step by step: Lawyers’ trust accounting in QuickBooks Online
Remote accounting and compliance support is available for ongoing or occasionally as needed. Use the “Let’s Talk” button to plan time to share your concerns. The procedure for setting up a lawyer’s trust account in QuickBooks Online (QBO) is similar to other versions of QuickBooks or other brand accounting software. But since QBO is the…
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Law firm trust accounting overview
This post is meant for non-lawyers and people who want a general understanding of the topic. Lawyers should rely on more specific sources including their state bar associations. Rules vary by state and jurisdiction. These are just general principles. Client funds that are not earned legal fees must be kept in separate accounts and not commingled…