Business Strategy

  • 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. …

  • 10 Rules for Filing an Amended Tax Return

    As of the 18th of April, the IRS had received more than 131 million returns, of which 88 percent were e-filed.  The agency projects that almost five million taxpayers, however, will need to file an amended return during 2014.  The reasons for an amended return can vary widely – an error in the original return,…

  • If the Customer Can’t Pay The Tax VI If You Receive an IRS Notice, Here’s What to Do

    Each year the IRS sends millions of letters and notices to taxpayers. Although some people may feel anxious when they receive one, many are easy to resolve. Here’s what to do if you receive a letter or notice from the IRS: Don’t panic. Follow the instructions in the letter. There are many reasons the IRS…

  • If the Customer Can’t Pay the Taxes III-The Collection Process

    If you do not pay in full when you file your tax return, you will receive written notice of the amount you owe, a bill. This bill starts the IRS collection process, which continues until your account is satisfied or until the IRS may no longer legally collect the tax; for example, when the time…