In the legal realm, traditional eDiscovery solutions have become popular to aid in uncovering key relationships and activities through documents, emails and social media activity, but to date the accounting profession lacks a parallel. Not to mention even these legal eDiscovery solutions don’t truly “follow the money” — but rather
As shown in a new case decided by a court of appeals, Aspro, Inc. v. CIR, No. 21-1996, CA-8, 4/26/22, a C corporation can’t disguise dividends as compensation or some other form of deductible payment to its shareholders. Background: In some instances, C corporations prefer to designate payments as amounts for
Over the past four years, practice management software company Karbon has polled 1,000 accounting practices to compile its Practice Excellence Assessment and Scorecard, and the findings are worth noting. Looking at 12 different dimensions of practice (see below), Karbon examined the underlying patterns to construct a framework that distils all
“What comes to mind when you hear the word ‘fintech’?” Michael Ly asked the packed room during his session at the AccountingWEB Live Summit. Several people shouted out answers. “Intuit Quickbooks!” “Xero!” “Automation!” “Innovating!” Although fintech – or financial technology that delivers financial services, such as online banking – has
How well do you know your clients? You might be surprised by the answer. In almost every piece of market research we do, we uncover situations where professional service providers misjudged or misread their clients. But even we were surprised at the impact of market research on a firm’s bottom
In a session I presented at AccountingWEB Live Summit in San Diego earlier this month, I spoke about preparing your firm for acquisition or succession. One of the key points I elaborated on was automation and tech, which are everything when you’re in a service-based business. The more you automate,
“Now is the winter of our discontent” is the famous soliloquy spoken by the Duke of Gloucester as the opening line in William Shakespeare’s “Richard III.” Add to the roster of the discontented IRS Commissioner Charles P. Rettig, according to several New York Times articles published this year. That’s because he exhorted
The IRS and employers are often at loggerheads over whether workers should be treated as employees or independent contractors, private-duty nurses included. When push comes to shove, an employer may have an ace in the hole: Section 530 relief. However, as shown in a new case, Pediatric Impressions Home Health,
There are a variety of things the IRS can do if your clients fail to resolve back tax issues or choose not to respond to the myriad notices the service will send. The various ways the IRS uses to collect owed taxes if indeed there is no response or resolution
“Have you ever noticed accountants are doing a job that’s been done the same way for centuries, but the rest of the world doesn’t do that?” This was just one of the questions Penny Breslin posed to her audience listening to her talk on “Non-Tax Advisory Services to Offer to