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12 posts from May 2018

Practitioners division can help IRS put taxpayers first

Shutterstock_1055588426“Wouldn’t you know IRS extended filing season an extra day the year I retire.”

- Nameless but real CPA

On April 17, what was supposed to be the final day for Americans to file 2017 tax returns, Internal Revenue Service (IRS) hardware issues resulted in the outage of several key online systems. The timing couldn’t have been worse. The website crash forced the IRS to delay the tax deadline by one day. It also served as a warning sign for those of us advocating for the agency’s modernization. And don’t tell that CPA that he actually got an extra three in his last busy season. Gravy, as it were.

The day after the technology collapse, the Taxpayer First Act — described as the most transformative revisions to the IRS in 20 years — won unanimous passage in the U.S. House of Representatives. The package of nine bills is intended to redesign the IRS to emphasize customer service, new taxpayer appeal rights, improved responsiveness to victims of identity theft and modernization of technology.

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5 TV shows to teach your kids about business

Shutterstock_702291805Entrepreneur Mikaila Ulmer founded Me & the Bees Lemonade when she was just four years old. At age 12, Mikaila won funding from Shark Tank investor Daymond John. Now 13, her product line is available at Whole Foods Market stores. Mikaila represents a growing movement of young entrepreneurs throughout the country.

Children are watching their entrepreneurial parents every day and they’re picking up on best practices. Kids are much further ahead in their understanding of the business world than what we, as parents, realize.

You can help your kids get involved and start thinking about business. Here are five TV shows you can watch with your young children this summer. All shows are age appropriate and have an element of excitement to get your child’s business ideas flowing:

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5 tips for the best sleep of your life

Shutterstock_450863191You know the feeling. You toss and turn and periodically look at the clock. Your mind is racing, thinking about the challenging conversation you had earlier in the day with a client as well as all of the tasks you have to get done in the morning. You are stressed. Because of this, you are having difficulty falling asleep. The next day when you arrive at the office, you are lethargic, irritable and definitely not your best self. Research indicates that sleep deprivation negatively impacts work productivity. Can this sleepless night routine be prevented? With these simple tips, you bet it can.

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AICPA cybersecurity framework highlighted in Congressional testimony

IStock_000035601216_FullEarlier today, Bob Sydow, EY Americas Advisory Cybersecurity Leader, testified in front of the US Senate Committee on Banking, Housing and Urban Affairs on cybersecurity risks to financial services.

Sydow outlined three main challenges EY’s clients face regarding cybersecurity:

  1. Emerging interconnected technologies that drive fundamental transformations and create complex third-party ecosystems
  2. The volume, velocity and precision of attacks
  3. A shortage of cybersecurity resources and skilled professionals

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4 best practices for working from home

IStock_59008810_XXLARGEI’m more relaxed than I used to be. Some days you’ll find me working after midnight. Others I’m cranking out emails at 5 a.m. This year I’ve made it to all but one of my kids’ daytime events. I exercise more, too. If any of this sounds familiar, you might work from home like I do.

From a tech perspective, most professionals can do their jobs from home. But there’s far more to working from home than technology. If you work from home, are considering working from home or manage employees who work from home, I hope the following suggestions help you set up a strong work-from-home strategy.

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5 tax tips for the newly engaged couple and their CPA

Shutterstock_645344572I’m getting married in June, and for me, wedding planning has been relatively simple and drama-free. I’ve buttoned up the budget, signed every contract, booked travel and have a final headcount for the caterer. There’s just one thing that’s still unsettling my mind.

What’s going to happen to my taxes?

It seems like such a straightforward question, but newlyweds often find themselves on the wrong side of a tax bill. Couples may think it’s silly — or even awkward — to think about taxes just after getting engaged, but a financial head start could do wonders for a marriage (money issues are often cited as a cause of divorce). 

As a tax practitioner, you are in the unique position to help guide clients like me through this financial milestone. Knowing what to look for and how to spot potential red flags can be key to keeping them on track. For a little insight, I reached out to Tax Practice & Ethics team members Susan Allen, CPA, CGMA, CITP, and Henry Grzes, CPA.

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Needed now: female financial planners

GettyImages-748335013Mind-blowing. That is the word that pops in my head whenever I see the statistics on women needing financial planning and the corresponding number of women planners available to provide those services. The numbers tell a story that needs a new ending:    

  • Women age 65 and older are three times more likely than men to be widowed, and 46% of women over 75 live alone.
  • 55% of women between 25 and 34 prefer working with female financial advisors.
  • Women represent only 15.7% of the financial planning industry
  • Only one third of women surveyed by Prudential in 2015 said they were either on track or ahead in their retirement plan.

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College grads: How to save for retirement when you can barely pay your rent

RetirementGraduated from college. ✓

Got a good job. ✓

Started saving for retirement. WHAT?!

I know what you‘re likely thinking: “I have plenty of time to save! Why would I start now?” I get it, the idea of saving for anything, let alone your distant retirement years, seems crazy. You’re not alone. You might be shocked to hear that only 46% of non-retired Americans believe they will reach their retirement goals and 20% don’t believe they ever will.

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A Mother’s Day wish list

GettyImages-671753690Mother’s Day is a time when everyone comes together to celebrate the women who gave us life. It’s an opportunity for us to show our appreciation for the love, advice and support these women offered us throughout our lives. We asked CPA moms what they are hoping to receive on their special day. Here’s what they said:    

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Post-busy season spring cleaning tips

Spring cleaningAs another busy season fades away, you have likely started seeing the email auto-responses and vacation pics on social media of colleagues who are finally getting some much-needed rest. Following the bulging work weeks, tax law changes, phone calls from clients and other demands put upon CPAs during spring, a vacation is well-deserved.

However, you should be wary of setting cruise control while coasting through the summer downtime.  Although it’s easy to do and often ideal, sailing into the active fall season without some spring cleaning at your firm is not a good idea. Taking time to address any obstacles that your firm faced during busy season will generate major benefits down the line.

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Kentucky Derby - it’s more than just the hats

Shutterstock_286553204It’s that time of year again. The Kentucky Derby is back, and people from all over the world are coming together to watch the race. It’s an exciting (and expensive) day. This year, ten racehorses were purchased for more than $300,000 each. In fact, one horse had a price tag of $3 million.

All of the owners certainly are hoping for the $2 million purse — and many of the viewers are hoping for their own payday. The Kentucky Derby, one of the biggest betting events of the year, drew a record $209.2 million in wagers in 2017. So, what if all those dreams of instant wealth come true?

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Give feedback that feeds performance

Listening
As a training and leadership development consultant for accounting firms, I’ve found that providing feedback is one of the top challenges for management. When it’s done well and promptly, giving performance feedback can yield huge benefits – more productivity, better relationships, and more loyal, engaged employees. However, providing consistent, timely and honest feedback is something many managers struggle with.

The performance review is a prime example of inconsistency in how many supervisors provide feedback. In written reviews managers often address issues that they’ve avoided in face-to-face discussions. By the time the employee reads the review, they feel blindsided. Without a dialogue, how can they share their perspective? How can they fix a problem they never knew existed? This pattern applies to many, if  not all, other industries, to the point that major companies such as General Electric are scrapping annual reviews altogether.

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