Business Strategy

  • Health Care Tax Credit for Small Businesses

    The IRS recently released information pertaining to the Small Business Health Care Tax Credit, outlining the prerequisites for receiving the credit and which forms need to be filed.

  • How to Handle Cash Intensive Businesses

    The purpose of this article is to explore the methods for analyzing cash-based businesses.  We will explore techniques for uncovering unreported income.  I will take you into the new digital world for hiding cash transactions through cellphone transfers, EFTs, PayPal, and WebMoney.  We’ll discover how barter and bit-coins are finding common alliances.  Reference is made…

  • How To Start A Successful Tax Preparation Business

    The tax preparation industry consists of some 1.2 million paid professionals, according to US News and World Report, engaged in the preparation and filing of forms required by the federal, state and local governments.  The industry generates $9 billion in revenue, and last year prepared more than 82 million individual income tax returns.  The Bureau…

  • Essential Business Insurance for Tax Preparation Firms

    One of the most critical errors in managing a tax preparation firm is failure to properly insure the business against losses and lawsuits.   There are a number of reasons why tax preparers might under-insure their businesses.  They may believe that having policies for general liability and errors & omissions is all they require.  They may…

  • Deducting Business Expenses

    One of the thornier questions at tax time centers on what may and may not be deducted as a business expense. The rules change frequently, in response both to new rulings and to policies enacted by the Internal Revenue Service. But the general guidelines are contained in the Publication 535, Business Expenses. Here is a…

  • Two Styles; One Successful Practice

    The Challenge: Melding two management styles and different levels of experience into a single, client-focused tax practice. The Solution: Recognizing that clients have differing needs, firms need a careful blend of professionalism, responsiveness and quality. Plus strong partnerships both inside and outside of the firm. If there is such a thing as a romantic tax…

  • Drake Hosted

    In the effort to survive and thrive in today’s highly competitive business environment, accounting firms have looked to the integration of applications to provide the greater efficiencies their clients demand. These efficiencies include a reduction in IT costs, automatic backup, and the ability to respond rapidly to changes in laws and regulations as key indicators…

  • Part I: Representation- Questions from the IRS

    © Ben A. Tallman EA  If you think about the characteristics and skills that separate Circular 230 Practitioners from the rest of the tax industry; representation is near the top of the list.  Even if you are not credentialed, you still have the right to represent your client in the initial examination or audit of…

  • Payday Loans and Tax Preparers

     Each year, 12 million borrowers spend approximately $7.4 billion on payday loans.  But the payday lenders have come under growing scrutiny in recent years, as regulators and think tanks such as the Pew Charitable Trust consider the impact of such loans on low-income families.  Pew has released a series of research reports on payday loans, focusing…

  • The IRS Office of Appeals

    People sometimes disagree on tax matters, and the decision of a tax examiner may not always be the final word.  For this reason, the Internal Revenue Service created an independent appeal system that seeks to settle differences without going to court.  Every year, this Office of Appeals helps over 100,000 taxpayers resolve their tax disputes. …