Accounting

Last week I wrote about the potential difficulties faced by sole practitioners and small partnerships in eventually selling their practices. It elicited many comments, some of which had to do with the difficulties in managing their practices, and I am addressing today. Some readers affirmed the difficulty in selling their practices now but after speaking
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Eide Bailly, a Top 25 accounting firm, and Conservis, a Minneapolis-based company that provides farm management software, are joining forces to combine the benefits of farm data optimization and effective economic decisions.   Scott Schmidt, vice president of business development and partnership for Conservis, and Steve Troyer, partner-in-charge of ag producers for Eide Bailly, have informally
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The Inflation Reduction Act includes an extra $80 billion in funding for the Internal Revenue Service over the next 10 years, and Republicans and Democrats have been sparring over whether those funds will be used to audit low-income and middle-class taxpayers. Treasury Secretary Janet Yellen sent a letter Wednesday to IRS Commissioner Charles Rettig calling
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Under the Inflation Reduction Act, both existing and expired energy efficiency tax incentives for commercial and multifamily building owners, investors, developers and homebuilders have been expanded significantly.   Increase and expansion of 179D tax deduction The already permanent 179D tax deduction has been significantly increased from the current maximum of $1.88 per square foot in 2022
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Former Treasury Secretary Lawrence Summers decried the stripping of a global corporate minimum tax from the Democrats’ recent tax-and-climate change bill, a move that he said threatens a historic international agreement. “It’s very sad how much special-interest lobbyists were able to stop things that are clearly in the public interest,” Summers said Wednesday on Bloomberg
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Dragging myself to work the other day, I couldn’t help but laugh when the Alan Jackson classic, “Ain’t No Cure for the Summertime Blues,” came on my car radio. With a heat wave gripping large swaths of the country, the economy tiptoeing around a recession, and CPAs grinding through a seemingly endless two-year tax season,
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I think the prospects for solos and small CPA firms are very bright. I’ve written about this frequently, but I keep getting calls with concerns about the future. Recently two sole practitioners expressed a concern that I haven’t written about before.  First off, solos are different from very small partnerships in that they have no
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As discussed in my last article, running a mastermind group can be a highly effective way to build your business and raise your stature as a thought leader and trusted advisor. Getting a mastermind started will take extra work, but don’t let it overwhelm you. Rather than starting from scratch, look at groups that specialize
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The American Institute of CPAs has sent comments to lawmakers in the House and Senate about the tax proposals in the Biden administration’s climate, tax and spending bill, which could be seeing a vote as soon as this weekend in the Senate. Last night, one key holdout senator, Kyrsten Sinema, D-Arizona, agreed to a modified
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