December 2019 - CPA Practice Advisor

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In this issue

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Firm Management

2019 Review of Website Builders for Accounting Firms

Web visitors make snap judgements in under 5 seconds, and if your web design comes up wanting, it’s likely that your firm will as well. Remember, for many of your potential clients, their first impression of your firm will be via your website.

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Accounting

AICPA News – December 2019

AICPA News is a roundup of recent announcements from the American Institute of Certified Public Accountants.

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Firm Management

Predictions for 2020

We're featuring predictions in this issue as well as highlighting the winners of the 2019 40 Under 40 and 20 Under 40 awards – that's a lot to digest for people who might think the accounting profession is a stagnant place.

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Firm Management

5 Ways Inconsistency Is Costing Your Firm

Many firms are looking for new ways to leverage technology to save time, scale their services and increase profitability. However, when those firms operate daily with processes that are disorganized, lack consistency and are ineffective, even the very ..

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Artificial Intelligence

2020 Hiring and Compensation Trends for Accounting Firms

The fierce competition for top accounting talent we’ve been seeing isn’t expected to dissipate anytime soon. Now more than ever, it’s crucial for public accounting leaders to keep a finger on the pulse of the employment market to ensure they can ...

2019 Form W2

Payroll

2019 Review of W2 and 1099 Systems

Whether you’re a small, local businesses, or a global enterprise, if you have employees, you need to process W-2s. This is typically completed through your payroll service, but if you handle payroll in-house, you are responsible for processing these ...

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Firm Management

6 Ways Accounting Firms Can Attract Catering Clients

If you’re looking to add new catering clients to your existing client list or are expanding into this client vertical, chew on this marketing food for thought. You can find new clients with little to no budget, as well as expand your brand’s reach to ...

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Firm Management

Perspective + Motivation = Reward: How to Unlock Your Best Self

Have you ever had that moment at work when you realize you’re just going through the motions? Times when your doing the task in front of you with as little engagement as possible, as if on autopilot? I think we’ve all been there.

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Firm Management

Does Your Firm Need a Technology Steering Committee?

In an accounting firm, technology is embedded in everything we do. Yet too often, we see firms hand off responsibility for all technology projects to their IT teams. Firms that successfully leverage technology as a strategic asset recognize that ...

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Accounting

Do Your Best Emerging Technology

From the December 2019 Issue. I my columns last year, I explored the details of various emerging technologies. For this column, I’d like to re-visit and update changes in emerging technologies for the profession. The frenzy continues around several emerging technologies, and some of the hype is starting to be true. Startups and traditional providers […]

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Payroll

What to Know for 2019 Year-End Reporting Compliance

There are substantial changes to year-end reporting guidelines for tax and payroll that you'll need to know for 2020.

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Artificial Intelligence

Slow Down, Mustang SALY: Time for Innovation

You could not make it through 2019 in the accounting industry without hearing the buzz word of the day, innovation. Can it be true that the accounting industry stands poised for an age of innovation or will SALY (Same As Last Year) continue to prevail?

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Benefits

What Are Excepted Benefits, and Should You Offer Them to Employees?

Navigating through the waters of health insurance coverage is tricky. You might be wondering, "Do employers have to offer health insurance?" Although the Affordable Care Act (ACA) requires employers with 50 or more full-time equivalent employees to ...

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Accounting

In Firm: 2020 IT Predictions and 2019 Results

With technology evolving at an increasingly breakneck pace and impacting literally every aspect of today’s accounting practice, it has never been more difficult to separate the tech hype from the reality of workable solutions.

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Pre-Contact Minimum Income Probes the IRS Conducts Before an Audit

It is not uncommon for taxpayers, and even some tax professionals, to assume that the examination process begins when the Tax Compliance Officer or Revenue Agent sends the first notice to the taxpayer. However, this is not the case.

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Small Business

What Entity Structure Is Best for Active Income vs. Passive Income?

When it comes to passive vs. active income concerns, you should be ready to advise which structure makes the most sense for them and offers the best tax advantages.

Accounting

Finish the Year Strong with these Financial-Fighting Tactics

In January, you entered the ring for your clients to go toe-to-toe with their biggest financial challenges — and quarter after quarter, you flew like a butterfly and stung like a bee. But now, with the bout reaching the final rounds, you need to make ...

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Advisory

2019 Year-End Tax Planning Tips for Individual Clients

As the year winds to a close, tax professionals have the opportunity to look at their clients’ tax situations to identify tax savings or deferral options that may help decrease their tax liability.