CPAs and accounting professionals in general should be aware of auditing best practices during the pandemic to avoid common pitfalls such as a lack of communication, the inability to audit in person and changes to the tax code. Increased Uncertainty The pandemic has increased financial uncertainty worldwide. Thus, CPAs and
It’s no surprise that clients expect their accountants to advise them how to take full advantage of often-overlooked strategies to lower their taxes this year and provide head starts for future years. Ditto for advice on how to steer clear of pitfalls. A proven way for accountants to display expertise
If “data is the new oil,” is cloud accounting software the pipeline to access this untapped resource? Should accounting professionals be concerned about the ability to tap into (and mine) data that was previously siloed on individual desktops and servers of SMBs? Are we ethically obligated to alert clients to
Bill.com is rolling out a series of new product features that expand Bill.com’s ability to be the all-in-one financial operations platform for small and midsize businesses and accountants. New features that increase visibility and control include: Custom Dimensions for Sage Intacct: Going live in early 2022, custom fields can be
Launching a new service, such as advisory, for your accounting firm can be scary, but if you’re seeking out new customers, it could be one of your best options. Reconciled’s Michael Ly explains. Phase One: Explore You’ll begin by figuring out where your firm can get involved in something new.
“Do you owe money to credit card companies?” You’ve likely seen the advertisements on TV promising to reduce what you owe to the credit card company. Some of these ads even suggest there’s a new government program to bail people out. However, there isn’t. If a client with debt asks for
The numbers are in: Among other changes, the IRS has announced that the limit on 401(k) plan deferrals for 2022 is increasing by the hefty amount of $1,000. But the limits on contributions to IRAs are remaining the same (IR-2021-216, 11/4/21). Here are the details: The contribution limit for employees who
If you’re just joining us, go back to part one for an overview of medical-expense deductions for people with disabilities and how to advise clients who pay for medically mandated home improvements or the installation of accessible equipment or facilities in their home. Part two will focus on deductibility of
This article is a guide to three significant attributes that can help CPAs improve audit quality and minimize exposure to professional liability. For a bit of background, the auditing and accounting profession has focused on reducing exposure to professional liability since the profession’s beginning. Errors and omissions insurers offer guidance
Intuit ProConnect has released The Path to Advisory, a comprehensive, free online guide available through the Intuit ProConnect Tax Pro Center to help firms lead with planning and advisory services. The guide contains collective knowledge from tax professionals who help lead and shape positive change in the profession to help
