Be an accountant, they said. It will be fun, they said

After four years of memorizing tax law, formulas, thresholds and acronyms, I can finally vouch that there is no way school can prepare you for your first tax season as an accountant. Although I can appreciate the four years of all-night study sessions and Starbucks runs, these are the things school just could not teach …

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Tax season ends: from boom town to ghost town

The gold rush is over, how did you fare? Did you find yourself breaking even, did you get your gold back, or did you find yourself stuck in the mine shaft? If you’ve never been around a public accounting firm during tax season, then you probably don’t quite understand my metaphor. Around the beginning to …

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Tax myths, lies and untruths as told by your CPA

So, as frequently happens, taxes come up in conversation. Well, at least, when I am around, they come up in conversation. But, there are some strange things out there that have been said about taxes or tax preparation that leave tax preparers, both seasoned and unseasoned, scratching their heads. Here are just a few tax …

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A wish list for a tax preparer

A wish list for a tax preparer – what is that, you might wonder? Well, it is sort of like a Christmas list during tax season. Here are some of the things that are on my list, and might be on the list of any tax preparer, in case you are in a giving mood: …

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Avoid Being Scammed like Real Housewife Heather Dubrow

On a recent episode of her podcast Heather Dubrow’s World, Heather Dubrow revealed how she and her husband, plastic surgeon Terry Dubrow, were scammed out of nearly $2 million by their accountant and another woman. After selling their O.C. home for $16.45 million, the Dubrows were encouraged by their accountant of more than twenty years, …

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Accountant Beware: How to Choose a Preparer Wisely

Having trouble finding a good accountant? The IRS can help! The IRS has a directory online that has a list of over 666,000 credentialed tax professionals. Each preparer listed has a valid 2015 Preparer Tax Identification Number (PTIN). The information you can find regarding each professional includes name, addresses and contact information. The list of …

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Government Reporting of Tax Abatements

The GASB issued an exposure draft, Tax Abatement Disclosures, for public comment in October 2014. The period for public comment ended just a couple of weeks ago and now the Board will evaluate comments and may issue a new statement this August that will provide guidance on how governments should disclose tax abatements. The proposed …

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Do You Know and Trust Your Accountant?

What do you look for in a CPA? Knowledge of tax codes? Professionalism? Business advice? Personality? Wait, what? Did that last one throw you for a loop? It may seem odd to include personality on the list, but it is actually important. Think about it. People like doing business with people they like. Do you …

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Properly Classifying Property Held for Sale

Proper classification of assets on your entity’s statement of financial position (SOFP) and disclosure in the footnotes is important for both accuracy and transparency purposes. The users of your financial statements should know all significant purposes and uses of the assets listed. When you contact a broker to sell any property, you may need to …

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Requirements for Communications to Attendees at Your Special Event

You may be aware of the rule for sending an acknowledgement to a donor after receiving a contribution, but are you also aware of the IRS requirements when someone attends a fundraising event? Usually, special events provide some sort of benefit back to the attendee, so that only a portion of their ticket cost is …

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