Blog Archives
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Is Marijuana taxation a new market for accountants who handle sales taxes?
By Dave McClure, Contributing Writer/Columnist - Thursday November 8, 2012
From the Bleeding Edge Blog . As a member of the Boomer generation, you might think that I am all in favor of those states that recently approved the recreational use of Marijuana – Washington and Colorado. But in fact I have no strong feelings in the issue, except this: When 18 states have legalized the use of this herb for recreational and medicinal purposes, and when people begin to talk about the impact of it on revenues and business generation, it behooves accounting firms to start to pay attention . I grew up a Navy brat, and after college volunteered to become a pilot in Air Force during that long ago, far away war. Truth is, using recreational drugs was never a part of our culture, in spite of what you may read in the... -
Advice on Post-Election Tax Planning Ideas
By Isaac M. O'Bannon, Editor - Wednesday November 7, 2012
Toni Nitti, a CPA and tax partner at accounting firm WithumSmith+Brown , is a contributor to Forbes , and has offered several tips for tax planning now that we know the results of the Presidential election. "After nearly two years of examining the tax policies of every serious potential Presidential candidate — and enduring countless malicious attacks because I continuously failed to include Ron Paul among that group — my analysis can at long last have a singular focus, as we finally have our new President, who just so happens to be our old President." You can read the full article here , but here are the top-level summaries: Accelerate year-end bonuses into 2012. Exercise non-qualified stock options during 2012. Purge... -
Align IT Strategy with the Firm Vision
By Jim Boomer, CPA.CITP; CIO, Boomer Consulting - Wednesday November 7, 2012From the Bridging the Gap blog . Keeping up with the changing landscape of technology is challenging and more so when you don’t have the proper IT governance structure in place. What exactly is IT governance and how should a firm go about it? Let’s start with the AICPA’s definition of IT Governance: A framework that ensures that technology decisions are made in support of the business goals and objectives. In other words, it ensures that you have alignment between the firm’s strategic vision and the technology initiatives that support the desired results. This concept seems simple but it is one that CPA firms have struggled with for years. So how do you create this alignment? Don’t Develop Plans in Silos Start by... -
Be a Change Agent at Any Level
By Sandra Wiley, COO, Boomer Consulting - Tuesday November 6, 2012From the Boomer Bridging the Gap blog. The new collaborative workforce has turned the rules of leadership upside down and shaken them vigorously for good measure. Where there was once a fairly defined hierarchy—Boss A tells Worker B what to do and B does it—there’s now a flat landscape where everyone is expected to take the reins as needed. That means if B has an idea—a way to make a process more efficient or a new way to get client feedback—he or she is allowed, even expected, to make it happen. In other words, everyone is now a leader. This is great news for entrepreneurially minded staff—but it does pose a challenge for an employee who wants to create change but doesn’t “officially” run the show. It can be more... -
New River Innovation Releases Web-based IRS Research Application—Beyond415Guidance
By M. Darren Root, CPA.CITP; Executive Editor - Wednesday October 17, 2012From Darren's CPA Practice Advisor blog: My Perspective. Just this week, a new cloud-based IRS “research center” application was released to the tax and accounting profession—Beyond415 Guidance. The stand-alone app from New River Innovation offers practical and up-to-date guidance for resolving issues after tax filing. Product features include searchable guidance that covers individual, business, and payroll areas of IRS practice and procedure. The company’s cofounder, Jim Buttonow, CPA and IRS expert, explained, “Based on feedback from hundreds of firms, we know that practitioners require a practical and easy-to-navigate research tool for IRS practice and procedure. Instead of sifting through outdated books or searching... -
Are You Listening to Your Customers? Ask them these 6 questions.
By Isaac M. O'Bannon, Editor - Monday October 15, 2012You may be missing out on the best way to get real feedback from your clients. Likewise, your clients might be missing out on the same information from their customers. The secret to finding out what they think about you? Ask them. "The thing is, lots of businesses ask about personal infromation, while deglecting more important questions, " according to Daniela Baker, who writes for WorkAwesome. The key topics she suggests asking customers: How did you find out about us? What would you do if we disappeared? What helped you decide to buy from us? Do you think you'll shop more or less with us in the future? Who do you see as our major competitors? How have our products or services made your life better, easier or more fun... -
Managing and Motivating Challenging Employees
By Sandra Wiley, COO, Boomer Consulting - Tuesday October 9, 2012Anyone who has managed a team has most likely stumbled across a challenging employee. Identifying the challenging behavior is easy; finding ways to change the behavior and motivate the team member so they exhibit superstar qualities is the true challenge. Why are they so difficult? Why do they continue the unpleasant behavior, even when they are told that it needs to change? “Because it is working of them!” This is behavior that has worked for them before, and allows them to get what they want. In order to get the performance YOU want from the person, you must change the cycle that they have developed. Many of you may be thinking about names of past or current employees that you have worked with who fit the definitions above. You... -
Rethinking Social Networks
By Dave McClure, Contributing Writer/Columnist - Friday October 5, 2012
From CPA Practice Advisor's Bleeding Edge Blog . You would think, with Facebook now surpassing the 1 billion subscriber mark, that accounting firms would be happy using social networks as part of their marketing strategy. Instead, my survey indicates just the opposite. Admittedly, my survey is informal and lacking in most of the things I learned to look for in the three times I have taken statistical analysis at the post-graduate level. But when a company as prestigious as Ford Motor Company announces that Facebook ads don’t work, I tend to pay attention. Add to that the fact that Facebook is diddling with its ad formulas in ways that don’t benefit its advertisers. And the bizarre announcement this week that the social network... -
Stopping the Mail-In Rebate Scam
By Dave McClure, Contributing Writer/Columnist - Monday October 1, 2012From the Bleeding Edge Blog . Mail-In Rebates (MIRs) are a noxious scam that have infested the tech and software markets, and it is time we put an end to them by refusing to buy products based on a MIR. Forget about boycotting businesses because you disagree with their politics, or because you think their corporate logo shows they are in league with Satan. Let’s boycott the truly evil companies that use rebates to entice you to buy their product when their plan is to cheat you out of some of your money. Mail-In Rebates are a scam, and not just for the obvious reasons. You already know that the manufacturers do everything they can to reduce how much they have to pay out, a practice known in the industry as “breakage.” It’s... -
A Seat at the Management Table
By Jim Boomer, CPA.CITP; CIO, Boomer Consulting - Monday October 1, 2012From the Blog: Bridging the Gap A far too common myth in many CPA firms is that you must be a CPA to manage and understand the firm. This is simply not true and is costing firms a lot of time and money while reducing their ability to compete today and into the future. Requiring a CPA certificate to have a seat at the management table is holding back some of your best talent and limiting the firms potential for greater success. One party that should have a seat at the management table is your CIO, especially if you want to leverage technology as a strategic asset. Let’s look at five ways CIOs can provide you a strategic advantage and why they should be contributing members of your management team. CIOs bring a different...
