As more business owners turn to cryptocurrency, accountants need to be proactive to provide these clients with up-to-date information they can use to reach their financial goals. This means asking the right questions, using software to track crypto transactions and the taxes behind them, and being a trusted expert who
Just joining us? Four previous columns spelled out basics like how to submit Form 1040-X (formerly Form 1040X), Amended U.S. Individual Income Tax Return. They also responded to a query from someone I’ll call Sadie, a freelance writer based in New York City, who needs advice on how to submit a 1040-X. Part five
Whether you look forward to two more busy tax seasons or 20, you should start planning today for a practice transition or sale that realizes the true value of your hard work. I have tremendous respect for those of you who’ve weathered the storm and emerged triumphant: We’ve been tested,
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,
At the AccountingWEB Live Summit in San Diego earlier this month, one of our main goals was to ensure the conversations professionals are having about accounting and finance in particular and “work” in general are forward thinking. It’s an overused statement at this point, but it bears repeating that the
