Latest Articles

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November 29, 2016 

#GivingTuesday Can Result in Tax Deductions

#GivingTuesday encourages charitable donations with the power of social media. But don’t just donate – deduct! By deducting your donations on your tax returns, you can make #GivingTuesday a win/win -- but it’s important to follow IRS’ guidelines.

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November 28, 2016 

3 Reasons Accounting Firms Should Adopt Electronic Workflow

While off-the-shelf cloud-based accounting software is readily available, the real challenge accountants face is managing the accounting processes that aren’t included within this software, making their jobs more difficult and the process more complex.

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November 28, 2016 

Retailers Applaud Blockage of Overtime Law

The nonpartisan Congressional Budget Office recently reported that canceling the overtime changes would benefit consumers by avoiding price increases that would come if companies had to pay their workers more. Real family income would be $2.1 billion ...

 IRS Extends Obamacare Reporting Deadline for 2016

November 28, 2016 

IRS Extends Obamacare Reporting Deadline for 2016

Form 1094-C is used to report to the IRS the summary information for the employer and for transmitting Forms 1095-C to the IRS. Form 1095-C is used to report information about each employee. The information reported on these forms is used to ...

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November 28, 2016 

For a Definition of Value, Just Ask Your Employees

The first step is specifying value from the standpoint of the customer. Accounting firms have multiple customers. The easiest to identify are, of course, the clients who pay you. But as you begin to understand the core of Lean, you need to identify ...

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November 28, 2016 

IRS Commissioner Gives Tax Season Briefing to AICPA

IRS Commissioner John Koskinen has been making the rounds. After giving a speech at the Council for Electronic Revenue Communication Advancement (CERCA) Fall Meeting on November 2 and the Security Summit Press Briefing on November 3, Koskinen ...

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November 28, 2016 

How to Grow a Profitable Business Valuation Practice

Several years ago, a business owner called Tim McDaniel seeking a business valuation to support the sale of her business to her son. She claimed to know already the value of the business – $2.5 million – and simply needed McDaniel to prove that ...

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November 25, 2016 

10 Ways Accounting Firms Can Retain Staff

A lot of the blame for staff defections must be placed on the outdated business model many CPA firms still use to run their firms and manage staff. Einstein’s definition of insanity is doing the same things over and over and expecting different results.

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November 23, 2016 

What Comes Next after New Overtime Rules Blocked?

In a stunning eleventh-hour decision, a federal judge in Texas has blocked the new “final overtime rule” set to take effect on December1, 2016. Judge Amos Mazzant held that the rule, promulgated by the Department of Labor (DOL), is in violation of federal law. The legal action was brought by 21 states and several prominent...…