New Cyberattacks Threaten Tax Professionals | Journal of Accountancy

By Alistair M. Nevius, J.D. September 2, 2016 The IRS warned tax practitioners on Friday of a new wave of cyberattacks that allow criminals to remotely access practitioners’ computers and file fraudulent tax returns. The attacks come as practitioners prepare for the Oct. 17 extended filing deadline for individual returns; the IRS reported similar attacks before the April 15 deadline. The IRS says that the attacks allow thieves to take control of practitioners’ computers, access client data, and complete and e-file tax returns, directing the resulting refunds into the criminals’ own accounts. Victims become aware of the attacks when reconciling e-filing acknowledgments. “This latest incident reinforces the need for all…


Top 10 Productivity Tools for Accountants

Leaders in the field pick their favorite efficiency-enhancers More hours in the day Work expands to fill the time allotted to it, and in a 24/7 world, that means you’ll be working all the time. To help manage the massive workloads that many modern accountants face, we asked the candidates for our Top 100 Most Influential List in Accounting – presumably some of the most successful people in the field — to name their favorite productivity tools. Not surprisingly, many of them mentioned mobile devices, from tablets and smartphones to smartwatches, while others stressed having strong teams to support them. Here are 10 more of their favorite apps, software solutions,…


The Painful Truth about the Alternative Minimum Tax

AUGUST 23, 2016 BY DIANA SPATOULAS Most people have never heard of the alternative minimum tax, and those that have probably would love to forget about it and wish that it would just go away.For 2015, the Tax Policy Center projects the AMT will impact 4.1 million taxpayers and generate $28.2 billion—so it is safe to assume that Congress will not loosen the grip AMT has on taxpayers any time soon. To help ease the painful truth of how AMT can impact your clients, presented below is a brief explanation of what it is and how it is calculated. Sadly, for most of us there is little that can be…


Boomer Consulting Maps Profession’s Future to 2020 and Beyond

KANSAS CITY, MO. (AUGUST 16, 2016) BY DANIEL HOOD The next five years will bring tremendous change to the accounting profession, according to the experts at Boomer Consulting — and the next 15 will leave it almost unrecognizable. As part of a wide-ranging panel discussion at the 2016 Boomer Technology Circles Summit, held here this week, the leaders of the technology and management consulting firm were asked how they see the profession changing by 2020 — and then by 2030. “By 2020, we’ll see the shrinking of compliance work and the shift toward the more consultative and advisory services you offer clients,” said chief innovation officer Dustin Hostetler. “We’re going…


Accounting Today: AICPA announces free, four-part web series on promoting diversity and inclusion in the workplace

BY SEAN MCCABE AUGUST 17, 2016 The AICPA announced on Wednesday that they will be offering a free, four-part webcast series on creating a more inclusive workplace in the accounting profession. Dubbed “The Workplace Inclusion” series, the webcast is a continuation of an earlier series on unconscious bias. The series is open to both AICPA members and the public. The first part will premiere on Thursday, Aug. 18, from 1-2 pm ET. “Inclusive work environments result in an engaged and high performing workforce, which in turn create high performing organizations,” stated Anthony Newkirk, senior manager of Diversity Initiatives at the AICPA. “This webcast series is will help people understand why creating inclusive environments is a business…


IRS Warns Tax Pros about New Phishing Scheme

WASHINGTON, D.C. (AUGUST 11, 2016) BY MICHAEL COHN The Internal Revenue Service is sounding the alarm about a new scheme in which scammers send emails purporting to come from tax software companies, instead fooling tax preparers into clicking on a link that will load malware on their computers. The email urges recipients to click on a link to download an important new software update and install it. The executable file has the same name as the legitimate tax software, but instead of providing an update, the link instead downloads a program that will track the tax preparer’s keystrokes, allowing criminals to steal passwords, logins and other sensitive information. The IRS…


5 Phrases Established Leaders Should Never Say Again – Journal of Accountancy

Try these alternative approaches to better communicate with your best young talent. By Jennifer Wilson August 1, 2016 Today’s up-and-coming leaders have many career options, and their phones, emails, and LinkedIn accounts are being “hit up” every day by recruiters and others who are interested in potentially employing them. That’s why established leaders committed to retain their best and brightest need to pay more attention to the things they say that frustrate, disappoint, and sometimes even gross out their future leaders. In this article, we’ll explore five phrases established leaders should never say again and suggestions for an alternative approach that their young talent might better appreciate. Never say this…


Accounting Today: Treasury Proposes to End Strategy for Estate and Gift Taxes

WASHINGTON, D.C. (AUGUST 3, 2016) BY MICHAEL COHN The Treasury Department and the Internal Revenue Service have issued proposed regulations that would eliminate a tax-planning strategy for minimizing estate and gift taxes. The proposed regulations concern the valuation of interests in corporations and partnerships for estate, gift, and generation-skipping transfer tax purposes. They involve the treatment of certain lapsing rights and restrictions on liquidation in determining the value of the transferred interests. The proposed rules would affect certain transferors of interests in corporations and partnerships and aim to prevent the undervaluation of the transferred interests. Mark Mazur, Assistant Secretary for Tax Policy at the Treasury Department, released a blog post Tuesday…


117 No-Brainer Ways to Attract New Clients

FREE: 117 No-Brainer Ways to Attract New Clients After seeing this, 9 in 10 accountants put at least one of these strategies to work in their practice. FREE INSTANT DOWNLOAD: 117 No-Brainer Ways to Attract New Clients (PDF, 28 pages) Click to download by Rick Telberg I call these “no-brainers” because, although they require some thought and effort, there’s nothing revolutionary about any of them. In fact, each of these tips is something I’ve personally seen work successfully in real-life. These are the activities that are making small practices into large ones, and low-earning accountants into high-earning money machines. Our research proves it. You can’t afford to ignore the 90%…