Blog

“If it Ain’t Broke Don’t Fix IT” doesn’t make sense in the Business World It might not be broken, but carefully thought out processes can help make your business run more smoothly and profitably. An analogy was playing in my head as I was updating my PowerPoint about the benefits of implementing practice management for a recent accounting conference: Several times during the week one of the staff used the…  Read more

The Tax Cuts & Jobs Act has created new limits on the business meals and entertainment deduction.  This limits the employee meals deduction to 50% and eliminates entertainment deduction entirely. Understandably a hot topic, getting value out of the meals is the subject of this morning’s article published the Journal of Accountancy: 8 Tips For Making the Most of Business Meals https://www.journalofaccountancy.com/newsletters/2019/sep/business-meals.html Their tips for getting the most out of…  Read more

I love what I do, but I also know that it is important to consider my expected lifestyle and cash flow needs once I am retired (is that even an option).  My husband and I are in agreement that an investment in real estate should be considered/included in our portfolio when building your retirement portfolio, if for no other reason than there are benefits of this type of investment for: long…  Read more

Remember your software, like your workout equipment, is just a tool or piece of equipment.  My recommendation, when working towards your goal with your accountant who is a well-trained and knowledgeable accountability coach you will be more successful reaching your maximum profitability.  Compare this to working with your training coach or with a piece of exercise equipment which keeps you on track.  Watch my short video about my after tax…  Read more

“It’s summertime and the livin is easy”, but business is not always so.  Now is a great time to reflect on business challenges; in our office, we view them as opportunities to help create a more successful business. Consider what you’d like to achieve in the next year, 3 years, 5 years or narrow your focus to the next few months.  No matter what, best practices suggest including an exit…  Read more

Small business owners already have a difficult and time-consuming job running their business. If their business is open five days a week, they usually need the weekend to catch up on paperwork, pay bills and manage any tasks they didn’t get to during the week. For those with a seven-day-a-week business, there’s even less time off. They often feel the need to be onsite any time the business is open,…  Read more

Many small business owners assume that cyber attacks only happen to big companies, banks or governments. But the truth is, limited knowledge of digital security and lack of defenses make small businesses particularly vulnerable to attack as well. Research shows that 71% of all cyber attacks happen to businesses with less than 100 employees – and yet many CEOs have yet to invest in a formal defense plan. The July…  Read more

Have you ever pondered over an issue and felt the stress building up only to find that the solution pops into your head while you are in the shower, on a long walk, or sitting in traffic? I was working with a couple on a retirement and relocation plan. During our discovery session, I could practically feel their stress over some very hard decisions they would need to make over…  Read more

Funny how 6 months after this NPR interview with me and several other accountants we are still requesting clarification from the IRS on the business provisions included in the Tax Cuts & Jobs Act. So much for tax simplification…  Read more

“It’s summertime and the livin is easy”, but business is not always so. Even though your business may be doing well,  now is a good time to evaluate your business processes and reflect on your recent business challenges.  In our office we view challenges as opportunities, we evaluate the “pain points” to create a more successful business model. In this video, I compare my garden to a business and the…  Read more

Save money by hiring an expert, know when to ask for help Imagine this … A group of friends were invited to dinner hosted by a famous chef. In greeting one of the guests, a well-known photographer, the chef commented: “I love your photos. You must have a very expensive camera.” The photographer smiled to herself and walked into the dining room. After dinner, the photographer approached the chef and…  Read more

Top Issues Related to Tax Year 2018 Extensions. Although my staff and I worked hard to learn the new law and to inform our clients of the changes, we still had many returns either filed at the last minute or placed on extension.  Our software providers worked hard to incorporate the tax law changes and revenue rulings but were challenged by release dates so late in the filing season. Here…  Read more

What motivates you, your clients, your staff?  The answer may surprise you ….. Allow your clients or customers to help your define the value of your business services and build this into your business process.  Again I invite you to watch my 4th in the Intuit video series and then click on this link to access 7 Steps to an Effective Business Plan   a free resource on our website; need help…  Read more

I believe  that the workflow efficiencies gained by standardizing processes within your company can enhance profitability. Intuit video #3 is the story about how workflow efficiencies were achieved in A Parness Company CPA after we performed a “health check” on the practice and implemented better processes as consistent with our business plan. Please feel free to sign on to our 7 Steps to an Effective Business Plan  or contact us for…  Read more

When creating the firm or business that you want rather than the one that you have, best practices endorse starting with a business plan. Intuit Video #2,  I hope my story inspires you to step back & take a good hard look at your business, roll up your sleeves and get to work….   Are your ready to make a change in your business? Sign up for our online 7…  Read more

“I’m Andrea Parness, I’m a CPA, I’m the owner of my firm. I work along with five of my staff members, A. Parness Company. We’re located in Queens, New York City and I was a traditional firm up until that point.” Learn from Andrea Parness, CPA, CTC, on what are bundled services, and why should you consider implementing them in your tax and accounting firm?  Read more

Firm owners could benefit from taking the time to evaluate their firm as a business. As the owner of my firm, I did just that and realized some changes needed to be made, starting with bundling our services. Many firms follow the traditional model of accepting clients in various industries through recommendations. Others provide clients with valuable services along with business-related compliance services, but don’t highlight those. Read the full…  Read more

In our office, we say, “It’s not a problem; it’s an opportunity.” When issues arise, we take the time to evaluate the situation to determine the cause. Did we break an office rule, step around a procedure or was it a case of not being careful? At times, solving our clients’ problems definitely requires a creative approach, but the real creativity lies in truly listening to their needs and understanding…  Read more

The IRS has released its final rules on a key tax break for businesses — the so-called “pass-through deduction.” The background: The new tax law cut taxes for corporations from 35 percent to 21 percent. But that didn’t apply to certain kinds of businesses, like LLCs and S corporations. They’re called pass-throughs, and they pay taxes based on their owner’s personal income, not the corporate tax rate. So Congress came…  Read more

These days, accountants and tax preparers use software to prepare and file your taxes. It allows them to do the calculations faster and to file online with the IRS. But it’s not always like that. In the Market Place article, Marielle Segarra interviews our director Andrea Parness about double-checking the software and how accountants have to remember the software is just a tool, and they can’t let it do all…  Read more