Art of Accounting: Free Power Bites Book | Accounting Today

By Edward Mendlowitz Published January 08 2018, 1:09 pm EST Back in 2010, I wrote a book called “Power Bites,” containing some concise management, leadership and lifestyle advice I give to my clients. I was recently asked to update the book, but after rereading it, I still like it the way it is. Here are some excerpts from the book in which I provided some of my favorite quotes from various writers. You can download a free copy of the book at the end of this column. If you want a print version, it’s available for less than $20 from Amazon and other online sellers. Think of all your lost…


Art of Accounting: Practice continuation agreement tool kit free download | Accounting Today

By Edward Mendlowitz Published January 01 2018, 3:38pm EST All of the accountants I know and interact with are nice caring people and I like them. However there is one area where I believe they are being shortsighted and neglectful—when they have not made arrangements for the continuation and sale of their practice should they suddenly become disabled or die prematurely. I get many calls from colleagues, most of whom I do not even know. A topic near the top of the most asked questions is from practitioners with an opportunity to acquire a practice from the widow of a deceased sole practitioner, or worse, from the surviving partner of…


The Equifax Data Breach What CPAs and Firms Need to Know Now | The CPA Journal

By  Sidney Kess, JD, LLM, CPA and Walter Primoff, CPA/PFS, CGMA December 2017 In the wake of the Equifax computer breach—in which key personal information of 145 million Americans was stolen—it may be correct to assume that anyone with a credit history is affected. In the words of noted cybersecurity expert Brian Krebs, “Assume you’re compromised, and take steps accordingly” (“Fear Not: You, Too, Are a Cybercrime Victim,” KrebsonSecurity.com, Oct. 17, 2017, http://bit.ly/2A67XLX). For professionals, there are broader cybersecurity concerns, as CPA firms of all sizes have recently been hacked, from local firms whose stolen client Social Security numbers were used to divert clients’ IRS tax refunds to firms that have been subject to ransomware…


Alternative Dispute Resolution for Accounting and Related Services Disputes | CPA Journal

By Vincent J. Love and Thomas R. Mansero December 2017 Co-authored by ACA member Vincent J. Love, Alternative Dispute Resolution for Accounting and Related Services Disputes, appeared in the December 2017 issue of the CPA Journal. It addresses the pros and cons of using ADR and gives examples of how mediation and arbitration clauses can be incorporated into engagement letters with examples of the wording that can be used to cover different conditions.


As businesses rush to exploit GOP tax cuts, government revenue may shrink more than expected

By DON LEE DEC 10, 2017 | 7:00 AM | WASHINGTON Senate Majority Leader Mitch McConnell (R-Ky.) listens to reporters’ questions about the GOP tax bill passed by the Senate. (Mark Wilson / Getty Images)  As soon as the last major tax overhaul was enacted in the fall of 1986, accountant Edward Mendlowitz remembers working around the clock to convert corporations into partnerships and other so-called pass-through businesses to take advantage of the new tax code. Now with congressional Republicans drawing closer to passing a package of $1.5 trillion in net tax cuts, mostly for corporations, Mendlowitz reckons he may soon be doing the reverse. The corporate tax rate is expected to fall from 35%…


Melancon: Accountants Must Commit To Change | Accounting Today

By Daniel Hood Published December 06 2017, 2:04pm EST The accounting profession will change beyond recognition over the next 10 years, according to American Institute of CPAs president and CEO Barry Melancon—except he really thinks it will come much more quickly than that. “I really mean five years, but people get scared when I say that,” he said during a keynote address on “The State of the Profession” at the 2017 Digital CPA Conference, held in San Francisco by AICPA technology subsidiary CPA.com. “In a world in which everything is changing, who are we to believe that we won’t have to change as well?” he asked. “The speed of change in…


Mendlowitz Elected To Hall Of Fame

The National Association of Estate Planners & Councils (NAEPC) has named Edward Mendlowitz, a partner with WithumSmith+Brown (Withum) PC, as an entrant into the Estate Planning Hall of Fame Class of 2017 and recipient of the Accredited Estate Planner (Distinguished) Designation. The business valuation and accredited personal financial specialist, based in Withum’s East Brunswick office, was recently recognized at the NAEPC’s 54th Annual Conference in New Orleans. Visit www.naepc.org. The National Association of Estate Planners & Councils (NAEPC) recently named Edward Mendlowitz (center), a partner with WithumSmith+Brown (Withum) PC, as an entrant into the Estate Planning Hall of Fame Class of 2017 and recipient of the Accredited Estate Planner (Distinguished) Designation. Also pictured are NAEPC Trust…


Essentials of Personal Financial Planning | The CPA Journal

By  Edward Mendlowitz, CPA/PFS, ABV December 2017 Many CPAs and most tax specialists perform personal financial planning (PFP) services; the AICPA estimates that more than 100,000 of its members perform some form of PFP for clients. The AICPA tried to unify and formalize PFP services with a credential—the Personal Finance Specialist (PFS)—but it doesn’t seem to have gained the wide acceptance it should have, based on the importance of these services. Essentials of Personal Financial Planning is a textbook aimed at reaching graduate students with an organized protocol of how to perform PFP services. More than that, it has excellent coverage of the entire range of these services and is an effective guide…


Art of Accounting: Easing tax season workload compression | Edward Mendlowitz, Accounting Today

By Edward Mendlowitz Published November 13 2017, 11:45am EST Last week I conducted a breakfast meeting of the Withum Partners’ Network and I was asked a question that was not answered, so I’ll answer it in this column. Before I start, this meeting used a format I had never employed before. It was a “show and tell” roundtable in which each participant would raise practice management issues they had and would also share best practices they use successfully. The two hours seemed to fly by and everyone seemed to leave with ideas they could immediately implement. I know I did. A question raised early on is why tax season is…


Accounting firms wouldn’t get low tax rate under reform bill | Accounting Today

By Michael Cohn Published November 03 2017, 3:58pm EDT The tax reform bill introduced by House Republicans doesn’t give the low 25 percent income tax rate for pass-through businesses to accounting firms and other professional service firms, and the rules for getting around it are complicated. “The anti-abuse provisions for the reduction in the pass-through rate appear to be very complicated, so professional services firms will get no break,” said Bill Smith, managing director at CBIZ MHM and leader of the firm’s National Tax Office. “If you’re not a professional services firm, it appears you have an election. You can treat 70 percent as wages, and 30 percent subject to…