Grantor retained annuity trusts (GRATs) can have non-tax purposes, but they are basically tools to help wealthy clients avoid the estate tax. The person setting up the trust keeps an annuity for a term. The trust’s assets then usually pass to a family member. The tax measurements turn on the
Many articles tell you what you should do, but few tell you how to do it. This one shows how to build HR services into your practice with confidence. Building a Service Offering As an accountant, it is fairly easy to add in a payroll services line. If you do not
UWorld Roger CPA Review has released major content updates to prepare CPA candidates for success not only on the CPA exam, but also in their careers. The course content updates were designed to give students a head start in preparing for the newly released AICPA Blueprints that will go into effect
In a new Tax Court case, (Pankratz, TC Memo 2021-26 3/3/21), charitable deductions were denied because an appraiser didn’t meet the requisite standards. Background: Generally, a taxpayer may deduct the fair market value (FMV) of property owned longer than a year. For example, if you bought a sculpture for $2,000
Do you know the magic word that unlocks the secret to greater growth and profitability for your accounting firm? It’s “research.” Our recent comprehensive professional services study on service buyers and sellers and confirmed that the single most important business tool shared by all high growth accounting firms is research.
Accountants have a unique and highly coveted skill set – not everyone is skilled at analyzing data and working with finances. However, it’s possible that the role you’ve been traditionally doing may no longer be challenging or exciting. If that’s the case, it’s important to keep in mind that it’s
In the first three articles in this series, we’ve looked at what causes unreasonable and demanding client behavior. We’ve also discussed ways to alleviate this behavior during client onboarding and how to transition the client from that phase of the relationship without leaving them feeling abandoned. All this effort should
If you are paying attention to the profession right now, everyone is talking about accountants can help with HR service advice.Why? For my business, we started an HR service line three years ago, before it was trendy. It has been wildly successful. In this article, we will analyze five key reasons
Avalara, Inc., a provider of automated tax compliance tools and services for businesses of all sizes, has released an array of new tax compliance products and services designed specifically for accountants. Know as Avalara for Accountants, the new offering was designed to provide accounting professionals with the technology to simplify and streamline
Question. Julian, hello from “Patrick.” That’s not really my Christian name, and I’d as soon skip my last name. How come? Because, like lots of other accomplished authors, I’m bombarded with snarky emails from people who want to spell out why they resent writers. Julian, what follows are disclosures that