Tracking Charitable Contributions for Your Clients

Dec 27 1:45pm Tax Pro Center | Intuit ProConnect
Over the last few years, as the economy continues to recover from one of the biggest recessions in modern history, the charitable donation industry has become quite big. However, the donation industry has become so popular that it has attracted... Full Story...
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Tallie and Nexonia Merge

Dec 27 1:00pm Accountex Report
Tallie and Nexonia have merged, with Tallie’s CEO Chris Farrell heading up the new company. Operations will continue out of both Canada (where Nexonia is based) and the United States (where Tallie is based). A merger like this doesn’t come as a surprise to me as there are lots of specialized business apps. Not only […] The post Tallie and Nexonia Merge appeared first on Accountex Report.
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New! Personalized Smart Training Portal is Now Open

Dec 26 9:00am Tax Pro Center | Intuit ProConnect
Jan. 3, 2017, marked the Intuit® ProConnect™ release of the improved Desktop Training Portal and the second major improvement for our customers’ My Account experience. The team has dedicated the last two months to connecting with our customers, identifying your... Full Story...
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Affordable, Effective Help for Clients Facing Audits or ID Theft

Dec 26 9:00am Tax Pro Center | Intuit ProConnect
Did you know the IRS conducts about 1.5 million tax return audits each year? In addition, the U.S. Department of Justice (DOJ) reports that 17.6 million Americans experienced identity theft in 2014; two-thirds of the victims reported direct financial loss,... Full Story...
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Amazon Launches a Cashier-Free Convenience Store

Dec 26 5:00am CPA Trendlines technology
It feels like shoplifting, but of course it's not. By Rick Richardson Technology This Week The post Amazon Launches a Cashier-Free Convenience Store appeared first on CPA Trendlines.
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QuickBooks 2015 R13 Security Changes

Dec 23 1:00pm Accountex Report
Intuit has released the QuickBooks 2015 R13 update for the U.S. version of QuickBooks. This is available as a manual update from the Intuit support website. It is also starting to roll out as an automatic update. The big news in this release is a change to the enhanced security feature that I talked about in […] The post QuickBooks 2015 R13 Security Changes appeared first on Accountex Report.
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To Claim or Not to Claim: When Should Your Clients Take Social Security?

Dec 23 9:00am Tax Pro Center | Intuit ProConnect
Deciding when to collect Social Security benefits has become an essential financial consideration for most American families. Yet, Social Security is often misjudged by many of its beneficiaries. Tax professionals who work with retirees know their clients are often inclined... Full Story...
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Small Changes with a Big Impact

Dec 23 9:00am Tax Pro Center | Intuit ProConnect
To sail efficiently through tax season, you will want to have powerful, time-saving tax software in place, including Intuit® ProConnect™ Tax Online, Lacerte® or ProSeries®. These tools can save you up to 52 minutes on a complicated return.* However, additional opportunities... Full Story...
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Of What Use is Deferred Tax Expense to Financial Analysts?

Dec 22 10:44pm Accounting Onion
Interperiod tax allocation has been required since the 1950s, soon after Congress permitted tax deductions based on accelerated depreciation of long-lived assets.  History indicates that the accounting standard setters who pushed for interperiod tax allocation (ARB 44 and APB 11) were fighting the good fight against issuers. Notwithstanding such good intentions, I took the position in my previous post that on conceptual grounds at least, interperiod tax allocation has been an unnecessary and costly aspect of U.S. GAAP (and IFRS).  It is common knowledge that using tax deductions at a faster rate than the economic depreciation of the asset burdens management by making opportunities to dispose of the asset less attractive.  But, a burden does not always equate to an obligation:  “According to any reasonable understanding of the word, obligations are incurred independently of how financial statements are prepared, and they would be incurred even if financial statements were not prepared.”   [Leonard Lorenson, AICPA Research Monograph No. 4, Accounting for Liabilities, 1992.  Italics in original] Consistent with that observation by Leonard Lorenson, my example in the previous post demonstrated that recognition and measurement of a deferred tax liability solely depends on how other assets and liabilities are recognized and measured.  Many different types of [Read More...]...
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IRS 990-N down until January 6 2017

Dec 22 10:53am HomeschoolCPA.com
Form 990-N online filing system will be will be down from December 26, 2016 until January 6, 2017 Related posts: How to know your status with the IRS New website for filing IRS Annual ePostcard Form 990-N IRS Form 990-N FAQ...
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Meet the Difference Makers: John Jones

Dec 22 9:00am Tax Pro Center | Intuit ProConnect
In this series, we share stories about tax professionals who make a huge difference in their clients’ lives. John Jones, CPA, of Linkenheimer LLP, takes “making a difference” to a new level by also improving the lives of underprivileged people... Full Story...
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QuickBooks 2017 R4 Released

Dec 21 1:00pm Accountex Report
Intuit has released the QuickBooks 2017 R4 update for the U.S. version of QuickBooks. This is available as a manual update from the Intuit support website. It is also starting to roll out as an automatic update. This update includes several changes, including changes for 1099 Misc e-filing, improvements in the scheduled reports feature, partial payments with […] The post QuickBooks 2017 R4 Released appeared first on Accountex Report.
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Intuit ProConnect Tax Online Customer Profile: Jackie Meyer

Dec 21 9:00am Tax Pro Center | Intuit ProConnect
Meet Jackie Meyer, CPA, owner of Meyer Tax Consulting, LLC, in Southlake, Texas (a suburb of Dallas). Here’s a snapshot of Jackie’s practice: By the Numbers: Intuit® ProConnect™ Tax Online (PTO) Customer since: 2012 Employees: 5 Returns per year: 150... Full Story...
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How to Get Your Clients Ready for Tax Season

Dec 21 9:00am Tax Pro Center | Intuit ProConnect
Your office may be geared up and ready for tax return season. However, even the most streamlined office procedures will not guarantee a successful tax return season without the cooperation of one key element: your clients. If clients are habitually... Full Story...
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SURVEY: Embracing New Technology a Must

Dec 21 1:00am CPA Trendlines technology
What value are you adding? By Rob Nixon, Panalitix The Rosenberg MAP Survey The post SURVEY: Embracing New Technology a Must appeared first on CPA Trendlines.
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Tax Strategies for Small Business Owners

Dec 20 6:31pm Goldin, Peiser & Peiser, CPAs
By Amber Gutschlag It’s almost time to ring in the new year, and small business owners always want to know…what can I do now to reduce my tax bill?  The good news is, it’s not too late to put a few strategies into place that can improve your business and lessen your tax burden.  Don’t The post Tax Strategies for Small Business Owners appeared first on Goldin, Peiser & Peiser, CPAs.
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Accepting in-kind donations of equipment or services

Dec 20 11:40am HomeschoolCPA.com
Carol, My homeschool group (a 501c3 nonprofit) was donated $500 in science equipment. How to I record a gift like this in my record keeping? We use QuickBooks.   How wonderful to receive such a generous donation. As a 501(c)(3) tax exempt organization the donation is a tax deductible contribution for your donor. Thank the […] Related posts: Got donations? Confirming contributions in a homeschool organization Giving receipts for donations to a homeschool group Are you asking for donations on your website?...
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Keep Your Tech Budget Updated

Dec 20 5:00am CPA Trendlines technology
Will you replace servers or head for the cloud? Roman H. Kepczyk Quantum of Paperless The post Keep Your Tech Budget Updated appeared first on CPA Trendlines.
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QuickBooks Online vs. QuickBooks Pro or Premier Pricing & Job-Cost Features

Dec 20 1:07am Build Your Numbers
A Humorous  & Insightful Email… A builder contacted me some months ago about which QuickBooks software program he should use – QuickBooks Online? Or one of the desktop versions – QuickBooks Pro, QuickBooks Premier, or Enterprise? […]...
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How to Risk-Adjust Your Forecast

Dec 19 1:00pm Accountex Report
We all know the forecast is never exactly right. Regardless of how sophisticated the methodology, whether we use predictive analytics tools and revise the forecast on a rolling basis, there are always factors outside our control that can impact it one way or the other. It’s what we think may happen—our best guess. The good […] The post How to Risk-Adjust Your Forecast appeared first on Accountex Report.
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21st Century Cures Act Relieves Small Business Health Care Burden

Dec 19 9:00am Tax Pro Center | Intuit ProConnect
On Dec. 13, 2016, President Obama signed into law the 21st Century Cures Act. Title 18 of the law exempts qualified small employer health reimbursement arrangements (HRAs) from group health plan requirements. This eliminates the severe penalties the IRS placed... Full Story...
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Pros and Cons of Virtual Assistants

Dec 19 9:00am Tax Pro Center | Intuit ProConnect
A virtual assistant (VA) isn’t a robot or an Amazon Alexa and Echo; it’s an actual person who can help you with “virtually” any work you might have. What are the pros and cons of having a VA, and how... Full Story...
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Why Companies Are Not Outsourcing Their Accounting Services

Dec 19 8:57am AccountingDepartment.com
We regularly explain and blog about the many benefits of outsourcing accounting services. From removing from the need to be an expert outside of your core competencies to leveraging the collective knowledge base of a group of top professionals, there are many reasons to consider outsourcing. However, we also acknowledge that outsourcing isn’t the only solution—and it isn’t just “for every company”. So if you are on the fence about whether or not to outsource your accounting, bookkeeping or controller functions, consider the following reasons you might want to keep them in house. ...
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Charge Your Phone With the Fabric in Your Sweater

Dec 19 5:00am CPA Trendlines technology
The power source: nanogenerators. By Rick Richardson Technology This Week The post Charge Your Phone With the Fabric in Your Sweater appeared first on CPA Trendlines.
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What Type of Networker Are You?

Dec 16 1:12pm Goldin, Peiser & Peiser, CPAs
It’s a common misconception that there’s only one type of networking style. In Jessica Stillman’s recent Inc. article, she explains the three types of networkers: Player: this is the one most people associate with successful networking. They thrive in social situations and enjoy meeting new people. They are outgoing, attending lots of events and cultivating The post What Type of Networker Are You? appeared first on Goldin, Peiser & Peiser, CPAs.
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Client Data Collection in Five Easy Steps

Dec 16 9:00am Tax Pro Center | Intuit ProConnect
Everyone is talking about Intuit® Link and how easy it is to use for you and your clients. This feature will make your firm more efficient, while your clients will enjoy the mobile convenience Link offers. The Link data collection... Full Story...
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What is the Difference Between Cloud and Hosted Tax Software?

Dec 15 9:00am Tax Pro Center | Intuit ProConnect
When discussing our software with customers, we often get the question, “What’s the difference between cloud and hosted tax software?” They are both accessible via a web browser from anywhere that has an internet connection – so are they essentially... Full Story...
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QuickBooks 2016 R9 Released

Dec 14 1:00pm Accountex Report
Intuit has released the QuickBooks 2016 R9 update for the U.S. version of QuickBooks. This is available as a manual update from the Intuit support website, and it also is rolling out as an automatic update. The big changes relate to 1099 e-filing and QuickBooks Payments. Here’s an overview of the changes in this release. 1099 […] The post QuickBooks 2016 R9 Released appeared first on Accountex Report.
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Year-End Tax Tips for Your Clients Who Are Retired

Dec 14 9:00am Tax Pro Center | Intuit ProConnect
Whether taking advantage of senior discounts at popular stores or enjoying happy hour specials with friends, retirees are astute at maximizing their money. As the end of the year is rapidly approaching, it’s also important for retirees to examine opportunities... Full Story...
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6 Productivity Tools for Accountants and Tax Professionals

Dec 14 9:00am Tax Pro Center | Intuit ProConnect
When Intuit® asked for some productivity tools for accountants and tax professionals, I raised my hand, jumped up and down, and said, “Pick me, pick me, please pick me.” You see, productivity tools are my jam; when I’m not busy... Full Story...
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Use Quickbooks online for free

Dec 13 9:56am HomeschoolCPA.com
TechSoup arranges free QuickBooks online for nonprofit organizations Related posts: QuickBooks for free to nonprofits Accounting software recommendations for homeschool groups Aplos Accounting for Nonprofits: Better Than Quickbooks?...
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5 Financial Moves Self-Employed Workers Can Make Now to Increase Their Tax Deductions

Dec 13 9:00am Tax Pro Center | Intuit ProConnect
Although many people dream of going into business for themselves, one of the main reasons they don’t is because of all of the economic uncertainty. You can make it easier for your clients – and help them keep as much... Full Story...
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SURVEY: How Different Sizes of Firm Approach IT Spending

Dec 13 5:00am CPA Trendlines technology
Plus 4 IT rules to live by. By Randolph P. Johnston, Leslie Garrett and Brian F. Tankersley The Accounting Firm Operations and Technology Survey The post SURVEY: How Different Sizes of Firm Approach IT Spending appeared first on CPA Trendlines.
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Deferred Taxes and Tax Reform: Is a Big (Fictional) Accounting Gain in the Future?

Dec 13 1:09am Accounting Onion
I read today that Congress is likely to consider corporate tax reforms that would reduce the statutory income tax rate from the current 35\% to as little as 15\%.  The lower income tax rate would be offset by the elimination of a tax deduction for interest, and a “destinationation-based consumption tax.”  The idea of this latter new form of taxation is that goods would be taxed based on where they were consumed rather than where they were produced.  Accordingly, imports would be subject to Federal taxes, while exports would not. Whether this novel sort of tax reform would benefit the U.S. economy seems like a very interesting and significant question that will  be forever outside of my area of expertise.  But, it does provide me with an opportunity to explain my misgivings with the reporting of tax expense in financial statements. I have four concerns: First, there is the issue of “intraperiod” tax allocation.  Given the broad variety and complexities of tax regimes throughout the world it comes as no surprise that the FASB provides virtually no guidance for distinguishing between an “income tax” and other forms of taxation. Yet, the required two-step income statement relies on such a distinction: NI = NIBT – [Read More...]...
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Make the Most Out of Charitable Donations for Small Business Taxes

Dec 12 2:11pm ATPP
For today’s small businesses facing increasing costs on nearly every front, finding a way to cut taxes is crucial. If your business has taken all of the internal deductions it can, and you still need to lower that tax bill, … Continue reading →...
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Q&A with Mariette Martinez, EA: How to Start Your Own Tax Practice

Dec 12 2:11pm Tax Pro Center | Intuit ProConnect
Whether you have attended my recent “How to Start Your Own Practice” webinars and want to see the Q&A, or are simply interested in learning more about starting your own tax practice, this Q&A may help! Throughout the webinar series,... Full Story...
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IRS National Tax Security Week Concludes With Strong Message: Protect Taxpayer Data

Dec 12 1:56pm Tax Pro Center | Intuit ProConnect
The IRS and Security Summit partners are urging tax preparers and taxpayers to take steps to protect personal data to strengthen expanded efforts by federal, state and tax industry leaders against identity theft and refund fraud. As part of “National... Full Story...
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More Document Management Comes to Zoho Books

Dec 12 1:00pm Accountex Report
If you’ve followed my blog posts, you know I’m big on finding an automated way to match up documents to their corresponding transactions. I think Zoho Books has come one step closer to this happening with its new feature called Documents. If you’ve worked with Zoho Books before, you’ll know that it already had document attachments. […] The post More Document Management Comes to Zoho Books appeared first on Accountex Report.
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Reporting Apps to Enhance Your Tax and Accounting Practice

Dec 12 9:00am Tax Pro Center | Intuit ProConnect
As a tax professional in this rapidly developing accounting technology age, we are perceived to not only be tax preparers, but more importantly, tax planning strategists. We require a process to have real-time access to our clients’ financial data, whether... Full Story...
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Tax Alert: Refund Delays in 2017

Dec 9 2:46pm Goldin, Peiser & Peiser, CPAs
The Internal Revenue Service (IRS) has issued a reminder that it will be delaying refunds for taxpayers claiming the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC). The delay is meant to give the IRS more time to detect fraudulent tax refunds, which have become a growing problem in recent years. The post Tax Alert: Refund Delays in 2017 appeared first on Goldin, Peiser & Peiser, CPAs.
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IRS Guidelines on Retention of Tax Records

Dec 9 9:00am Tax Pro Center | Intuit ProConnect
The end of the year is a good time to help your clients determine what records they need to keep from previous years, and what they need to produce for tax year 2016. As part of its tax preparedness series,... Full Story...
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Xero Revamps its Partner Program

Dec 8 1:00pm Accountex Report
Xero has just revamped its partner program to update some existing tools, benefits, and programs as well as add some new ones. With this series of releases, Xero is laying the groundwork for what it wants to offer you as an accounting professionals, whether you’re an accountant, bookkeeper, or financial advisor. I say “laying the […] The post Xero Revamps its Partner Program appeared first on Accountex Report.
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Top 5 Challenges of Travel and Expense Management

Dec 8 9:57am AccountingDepartment.com
International expansions, business mobility and globalization contribute to increased travel expenses for many companies. The Global Business Travel Association predicts a 3.8 percent increase in costs for 2017, which puts extra pressure on organizations already struggling with cost management. These challenges frequently fall under five primary categories, and you need to overcome them to regain control over the company's expense accounts.
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Do the new overtime rules affect homeschool groups?

Dec 6 10:33am HomeschoolCPA.com
Read the exceptions to the new overtime rules for nonprofits. Related posts: How you pay your homeschool teachers could affect the property tax exemption for your host church Do You Know About IRS Required Filings for Homeschool Groups? Ideas of easy fundraisers for homeschool groups...
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Why You Need an Independent Security Review

Dec 6 5:00am CPA Trendlines technology
Also vital: annual training on threats. Roman H. Kepczyk Quantum of Paperless The post Why You Need an Independent Security Review appeared first on CPA Trendlines.
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Toward a More Appropriate Objective for the FASB (and IASB)

Dec 4 8:00pm Accounting Onion
I hoped that my previous post would make a compelling argument for why a more focused objective for the FASB could lead to standards that would better serve the public interest. Some readers liked it; however, two former policy makers were not persuaded.  Both felt that my criticisms of the FASB’s (and by extension, IASB’s) statements about  “general purpose financial reporting” was not warranted. One of them opined that failure to hew to the conceptual definitions of “assets” and “liabilities” was more of a problem.  The other stated that he could barely make sense of what I had written! Accordingly, one of the objectives of this post is to restate more clearly the views expressed in my previous post.  I have one other related objective, which I’ll say more about later. The Three (Shaky) Pillars of the FASB’s Conceptual Framework The foundational features of the conceptual framework are: (1) the objectives of “general purpose financial reporting”; (2) the definition of an “asset”; and (3) the definition of a “liability.” As to the description of general purpose financial reporting, CON 8 states that the objective is to provide “existing and potential investors, lenders, and other creditors … information to help them assess the prospects for future net [Read More...]...
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What I Wish I Knew When I Started My Practice

Nov 18 5:00am CPA Trendlines marketing
They're skills you can learn. Accountants are good at that, right? By Sandi Leyva and Michelle Long The Ultimate Accounting Virtual Conference The post What I Wish I Knew When I Started My Practice appeared first on CPA Trendlines.
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A Look at President- Elect Donald Trumps Tax Proposals

Nov 16 10:52am Blog – Price CPAs
President-Elect Donald Trump’s Tax Proposals The election is over. Many people have questions about the... The post A Look at President- Elect Donald Trump’s Tax Proposals appeared first on Price CPAs.
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Where the Accounting Profession is Headed and What to Do About It

Oct 4 1:04pm
Practice Excellence Where is the Accounting Profession Headed?...
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IRS Told to Modernize Offer-in-Compromise System

Oct 4 9:14am
IRS IRS Told to Modernize Offer-in-Compromise System...
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Remote Deposit Saves in Several Ways

Oct 4 5:00am CPA Trendlines technology
Take a portion of that 130 hours back, for starters. Roman H. Kepczyk Quantum of Paperless The post Remote Deposit Saves in Several Ways appeared first on CPA Trendlines.
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Deliver Reports Digitally (Even In-House)

Oct 4 5:00am CPA Trendlines technology
Consider security ... or lack of it. Roman H. Kepczyk Quantum of Paperless The post Deliver Reports Digitally (Even In-House) appeared first on CPA Trendlines.
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3 Tactics for Helping Clients Manage Their Tax Risk

Oct 3 4:29pm
Clients Tactics for Helping Clients Manage Their Tax Risk...
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Wanted: Accountants with Mix of Soft and Hard Skills

Oct 3 1:18pm
Team Wanted: Accountants with Both Soft and Hard Skills...
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GAO Critical of IRSs Field Collection Processes

Oct 3 10:42am
IRS GAO Critical of IRS’s Field Collection Processes...
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How a Documentary Filmmaker Bested the IRS in Court

Oct 2 8:11pm
IRS How a Documentary Filmmaker Bested the IRS...
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Approval of Competency-Based Education for Indiana CPAs Could Set Bar for National Change

Sep 30 12:37pm
Practice Excellence Indiana Gov. Signs Rule Change for CPA Education...
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Top 5 Factors to Keep in Mind Before Applying for an Accounting Practice Loan

Sep 30 11:20am
Growth 5 Considerations for an Accounting Practice Loan...
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FASB Refines Guidance for Long-Duration Insurance Contracts

Sep 29 8:15pm
Standards FASB Refines Guidance for Long-Duration Contracts...
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