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Why I use text message update videos
The most important thing in a successful accountant/advisory relationship is communication. The first paragraph of our engagement agreement spells this out in detail. Yet the lack of communication remains the largest obstacle to improved client financial performance. Financial coaching is ineffective without effective communication. This is how we deal with the issue. My observations: 1)…
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Nonprofit checklist for IRS exam
This comes from a fantastic presentation today to the NJCPA by Parag P. Patel, Esq. Tax Attorney in New Jersey: We expect to see more audits of nonprofit organizations in the next few years. Not-for-profits preparing for a potential IRS audit are advised to keep records for open tax years—meaning those that haven’t surpassed the…
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Accounting procedures for New Jersey candidates for public office
This is the general procedure required by the New Jersey Election Enforcement Commission. There are deviations from this procedure; check with your adviser or the NJELEC web site directly. File a D-1 Form: This appointment a campaign Treasurer and depository. Do this as soon as any money is received and before any money is spent…
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How to allow TD Bank to send us accounting data
We have a number of small business clients that use TD Bank. We use various accounting tools that access bank data. To allow us to link bank data to the accounting program, follow these steps: If you have any difficulties, contact us or your bank’s customer service department.
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How to work with a remote accountant
Even though it’s been more than 25 years since I moved from a physical office to an online service business, some new clients are just considering the possibilities and advantages of remote accounting now. This 14-minute video is meant to introduce six key concepts if you have not worked with a remote accountant before.
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Six common tax accounting risks of virtual currencies:
These are common tax issues for taxpayers who have exposure to virtual currencies:1. Switching accounting methods or using different accounting methods for different wallets.2. Blockchain technology is expected to lead to eventual higher tax audit rates than would exist otherwise.3. John Doe summons being used by government, matching with disclosure question on form 1040.4. Loss…
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Confused over Section 199A business earned income deduction for multi-entity businesses?
(Note this post raises questions but provides no substantive advice or conclusions. My focus in this and most blog posts is the practical effect on my target client group rather than an academic assessment of the law). I gave myself a personal ‘refresher course’ yesterday in re-reading parts of 1.199A-5 and REG-107892-18 , two of…
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You and Your Money: The CPA as an Agent of Change in Your Relationship
These are the slides for a presentation on 2/28/2023 stepping though our adult relationship with money, the dominant external influences on out finances, and the evolution of my own practice model.
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Cash is king. But how to track it?
We know that cash is king. But the best way to track it is not always so clear. One of the relatively new features in QuickBooks is the addition of a Cash Flow tab. When managing a micro-business, I use this tab more than any other part of the accounting system. Also, if you haven’t…
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Common small business expenses
Thanks to Shivangi Agrawal, CPA, for this list of common small business expenses that might be deductible on a tax return. (Note, however, that these do not apply to those who are paid wages on a Form W2). ➖ Office expenses, including rent, utilities, and supplies. ➖ Business travel expenses, including transportation, lodging, and meals. ➖ Equipment purchases,…
