Are You Overlooking Your Business Growth Assets?

We believe that your CPA firm, those professionals who review your accounting data and evaluate your processes should be tapped as your business coaching and strategic planning partners. When we work with our clients, our goal is to help create a plan that will achieve those goals while utilizing their existing staff. We start our journey with the intent of creating a business road map and write across our whiteboard:…  Read more

Tips for Creating a Winning Medical Team

We start most of our office strategy sessions with “start with the end in mind” scrawled across our whiteboard. We have heard repeatedly from our MD’s that their primary goal is the health and well-being of their patients; they want to deliver great patient care.  I submit that this can best be achieved when the entire office has that goal, understands their role and contributes to the patient experience. We…  Read more

The Promise of the 1040 Postcard: A Missed Opportunity

The form 1040 is the form most taxpayers use to file their annual tax returns.  In addition to supplying basic information about the taxpayer and his/her family, it acts as an overview or listing of various types of income, deductions, and exemptions.  It also acts as an index to other necessary schedules which support the items on each line. Of course we CPA’s, other tax professionals and the general public…  Read more

Thinking About The Life Cycle of Your Business

Best practices dictate that you work with your business accountant/advisory accountant to create a plan, operate according to that plan, and make your business the best it can be.  Once you make the commitment, work with your advisor to follow through with key deliverables.  It is hard work, but that hard work is worth it.  When you get ready to sell or merge, you will have a history of a…  Read more

Your CPA, a Great Asset as Your Business Advisor

Every business needs to transition at some point; why wait until you are ready to sell to review and update your business practices?  Work on your business now and enjoy a better quality of life, greater satisfaction and more productivity from your employees. I recently presented at a wealth management conference on a panel along with three (3) tax attorneys, our topic was “Selling Your Business.”  As the only CPA…  Read more

To Capitol Hill and Back Again!

As I walked the monument trail on the last evening during my recent trip to DC, the puddles and sudden downpours did not dampen my sprits or thoughts about the great meetings I had participated in and would continue to have.  As I passed the Washington, Jefferson, FDR and Lincoln monuments, I marveled at the foresight of these great leaders.  Our tax system is voluntary and we do have representation…  Read more

Building Service Models for Handling Uncertainty and Tax Reform

If tax professionals are still scrambling to decipher tax reform and the various code sections of the Tax Cuts & Jobs Act, how do small business clients and individual taxpayers feel with all this uncertainty? What can we, as their trusted advisors, do to help make them feel secure and know that they have a partner to develop a strategy to deal with these tax law changes? In 2016 and…  Read more

It Takes a Village

I am wearing many hats these days. As the owner of a progressive CPA firm I am responsible to my staff and clients and their financial success. As the president of a chapter of my professional group I am responsible for the vision and leadership of the group and for enabling them to operate successfully while ensuring the wellbeing of the administrative staff and the financial stability of the organization.…  Read more

Announcing the Top 50 Cloud Accountants of 2017 (North America)

  We embraced the cloud to help our clients accomplish the “6 W.R.I.T.E.S.”: Wealth Generation, Risk Reduction, Increased Profits, Time Savings, Expense Control, and Stress Reduction. Thanks to the time-saving benefits of the cloud, we were also able to volunteer as a member of various professional groups, including the National Conference of CPA Practitioners and the Intuit ProConnect Tax Council. Read more  Read more

Apps That Can Help You Get Through Tax Season

With another tax season on the horizon, we talked to several of our tax professionals and Intuit® ProConnect™ Tax Council members about what apps and software they love the most. Many of these apps save them time each day, while others help them make the most of their free time so they can truly focus while at work. We hope these favorite apps help make tax season a little easier…  Read more

Keep Your Tax Team Together with Remote Staffing Strategies

Monica and Myriam are smart, loyal, self-motivated, conscientious, independent people; both irreplaceable members of my team. Years ago, they separately told me they were moving to different states. At the time, we had a decision to make: part ways or find a path to keep my indispensable team members. Today, I have two full-time employees who live in other states. When we first experimented with working remotely, we were relegated…  Read more

Prepaying Taxes Will Not Yield a 2017 Itemized Deduction

US Congress Conference Report which has not been voted on or passed yet, refers to the final version of the bill – does not allow a deduction for prepayment of 2018 state income taxes. https://rules.house.gov/conference-report/hr-1 In addition, prior revenue rulings 71-190 and 82-208 also preclude taking a 2017 deduction for payments made in 2017 to be applied to a tax liability in 2018 — notably, a year that has not…  Read more

2017 Tax Proposals Still in Flux: Tax Cuts and Jobs Act

  There has been a buzz throughout the accounting world concerning the new proposed tax laws. I have been scouring the newspapers, speaking to others at conferences and holiday parties and watching the nightly news to see who voted on what and how. What’s a person to do if these changes are implemented? You can visit the following links to read the analysis’ that appeared in the NY Times and…  Read more

Teach a Man/Woman to Fish…

I have returned from an amazing 3 day tax and accounting symposium on Long Island sponsored by my professional group. Bad news – there were so many great sessions, it was hard to choose. Good news – most of the sessions were taped, giving me a chance to listen to those I may have missed during some down time in my office. No one believes that their education ends when…  Read more

5 Tax Highlights: Hurricane Harvey, Irma & Maria Victims

It’s been 2 months since Hurricane Harvey, Hurricane Irma and Hurricane Maria hit, changing lives forever.  The Disaster Tax Relief and Airport and Airway extension Act of 2017 signed into law on September 29th offers specific disaster victims alternative methods of reporting eligible Hurricane Harvey, Irma and Maria disaster losses on their 2017 tax returns.  Remember these are temporary and limited to specifically identified areas and victims. Please visit our…  Read more

Hurricanes Harvey, Irma and Maria: 9 Financial Options

9 Financial Opportunities for Disaster Victims of Hurricane Harvey, Hurricane Irma & Hurricane Maria: Small Business Administration (SBA) loans, grant money, employer credits, charitable contributions and relaxed restrictions on accessing your retirement funds for assistance with building back your life. I am a Hurricane Sandy victim and survivor. My home and office are located on a beach block in Rockaway Queens, New York. Our street became a river and I…  Read more

Lessons Learned from Hurricane Sandy

I too am a disaster victim and survivor.  I woke up on the morning of October 29th, 2012 to clear skies and stepped out of my house, walked down my front stairs onto the 3 feet of sand that had washed up from the beach during the storm.  As I started walking towards the beach (at the end of my block) I thought to myself “I don’t remember Kathy’s house having a…  Read more

Tips on Working Virtually whenever life takes you out of the office

I took a road trip with my daughter last month. Over the course of four days, we flew from our home in New York City to Detroit, Michigan and then drove to Norman, Oklahoma. In between snapping photos and sampling burgers along the way, I was able to review my office files, participate in a virtual business conference, and view logo proposals. If I had taken this trip even 10…  Read more

Tips for Tax Pros Working Virtually

Whether you’re on vacation, at a firm retreat or simply away from the office, all of us connect while we’re gone to our work, family and friends. Nowadays, it’s not a matter of if you’re going to connect, but rather how to do it consistently and efficiently. We asked several tax practitioners for their guidance. Read more on tips for tax pros working virtually in Scott Cytron’s article on TaxPro…  Read more

Want to grow your business? Our Free Resources will Help