It can be difficult for accountants to transition from this necessary work to having deeper financial conversations, so here is the framework I used to gain the confidence I needed to lean more into advisory work. In my firm, we do data entry and review at two separate times. This
In the past few weeks, I have met two corporate paralegals who have been using our product, Corporate Focus, to track minute book and capitalization information for many years. Because they’re each tracking upwards of 1,000 client companies for their firms, they keep pretty busy. We estimate that paralegals like
Build Back Better, the Biden Administration’s signature social spending bill, appears in limbo in its current form. But which tax proposals should banks and financial institution’s still have on their radar as we enter 2022? In mid-November, the Biden administration celebrated the signing of the ambitious Infrastructure Investment and Jobs Act.
Change is difficult, even when it’s desired. In fact, change in the workplace can be more challenging than major traumatic life events like bereavement and divorce, according to research from Development Dimensions International Inc. Transitioning leadership to the next generation is a huge change looming on the horizon for every successful
What’s a financial advisor’s greatest fear? The COVID-19 pandemic last forever? Another lockdown? A 20-percent decline in the stock market? No, it’s their client’s accountant asking the client, “Do you know how much you paid your financial advisor? What do they do for you?” Perhaps you have even asked these
Start-up cost deductions are normally allowed, but as a recent Tax Court case shows, clients need to prove the business is operational. Background: Normally, a business is required to amortize start-up costs over a period of 180 months. However, you can write off up to $5,000 of qualified start-up costs
January can be a stressful month for bookkeepers. In addition to our normal workload, we have additional payroll deadlines, 1099s are due, we’re trying to close out the books so our clients’ accountants can work their magic and many of our clients are asking for strategic meetings to help them
Victims of Hurricane Ida in six states now have until February 15, 2022, to file various tax returns and make tax payments. The deadline had initially been extended until January 3, 2022. The new deadline covers the entire states of Louisiana and Mississippi and parts of New York, New Jersey, Connecticut and Pennsylvania. The postponement period
While many firms understand the need for automation, they’ve yet to implement the required solutions and don’t always know where to start. This delay can wind up costing your firm for years to come in the form of high turnover, hindered growth and lost revenue. In other words, don’t just
If you’re just joining us, parts one and two of this series discussed Internal Revenue Code Section 6672. The law allows the IRS to assess penalties equal to 100 percent of the amounts due against individuals who are responsible for collecting or paying withheld taxes and who willfully fail to collect