New research from client engagement platform, Ignition, quantifies the financial and mental cost of avoiding or delaying awkward client conversations in accounting, and the professional services industry in general. Specifically, the research found that by putting off awkward client conversations, 40 percent say their mental health has suffered as a
Opinions expressed by Entrepreneur contributors are their own. You might not be very organized with your financial records during the beginning stage of your business or side hustle. Less than half of small business owners monitor cash flow, and 65 percent of entrepreneurs who fail say they mismanaged their finances.
Our goal in this article is to help the tax professional’s planning by noting significant tax provision effective dates over the next few years. First, let’s discuss tax provisions with broad applicability: The Tax Cuts and Jobs Act (TCJA) enacted in December, 2017, reduced the individual tax rate schedule. For
While neither Sage nor Lockstep disclosed the terms of the purchase, which is anticipated to be completed in September, it is unlikely to have come cheap given that Lockstep conducted a $10M Series A raise in February 2021, with a further $2.5M injected by American Express Ventures in August 2021.
Many CPAs don’t realize how everyday tasks can easily expose them to malpractice litigation. The causes of litigation are well known, and so too are the mitigation techniques that prevent it. Some mistakes happen despite your best efforts to prevent them. Some of the more frequent mistakes include the following: Generating
AuditClub™, the Audit Service Center for CPAs, has launched of its new auditors-as-a-service model, designed to provide top 10, regional and local CPA firms with instant talent and fractional flexibility. Founded and led by former audit partners with a unique and valuable mix of Big 4, regional and local firm
Lack of clarity about when to screen for the Work Opportunity Tax Credit (WOTC) factors makes the tax credit less effective. Designed to provide more opportunities for workers who have historically faced challenges gaining employment, the WOTC can be a helpful tool for your small business clients. The WOTC helps
As you transition your firm from compliance focused services to client advisory services (CAS), your focus will shift from providing your clients with “deliverables” to “intangibles.” And something interesting will happen: You’ll start to wonder if you’re doing enough. You’ll wonder why a client would pay you more than they
We would usually tell our clients that contingent income, income you may well not receive, isn’t taxable. However, that is not necessarily the case under our increasingly complex tax rules, such as IRC Section 702. The “A,B,C’s” of our discussion are the subsections of the statute. Section 702(a) provides a
Market volatility is inevitable. But even though markets have always had their ups and downs, new periods of volatility often lead to uncertainty and anxiety. While it may not seem like it, volatility is a great time to focus on growing your advisory practice’s financial planning sector. But how do