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The Path to Planning Success

The Path to Planning Success
Written by Chris Alleman on 2016-11-29


Whether a CPA firm chooses to provide personal financial planning services or not, you can still help pursue the success of your clients’ financial futures. It can be as simple as paying closer attention to the details and going just a little beyond telling them what happened last year.A progressive and caring CPA should always take the opportunity to make sure that their clients are well-served...(Read More)

Tax Court Finds Compensation Paid to Sons of Company Founders Was Reasonable

Tax Court Finds Compensation Paid to Sons of Company Founders Was Reasonable
Written by Chris Alleman on 2016-11-25


The Tax Court has allowed the entire amounts of $4 million and $7.3 million paid to sons of the founders of a concrete contracting business deductible as reasonable compensation. In the case of H.W. Johnson, Inc., T.C. Memo 2016-95, the court also ruled a payment of $500,000 to a company controlled by the brothers was ordinary and necessary to compensate their company for securing a concrete supply...(Read More)

Eide Bailly Merges in Daines Goodwin

Eide Bailly Merges in Daines Goodwin
Written by Chris Alleman on 2016-11-20


Eide Bailly is adding the accounting firm Daines Goodwin & Co., effective Dec. 5, 2016, expanding Eide Bailly’s presence in Utah.Dave StendeThe partners and staff of Daines Goodwin will be moving into Eide Bailly’s offices in Salt Lake City as part of the deal.Eide Bailly is the third biggest CPA firm in the state in terms of the number of staff members. Along with Salt Lake City, Eide...(Read More)

IRS Employees Used Risky Email Practices

IRS Employees Used Risky Email Practices
Written by Chris Alleman on 2016-11-17


Some Internal Revenue Service employees didn’t do enough to protect sensitive taxpayer information when they were sending emails, according to a new report.J. Russell GeorgeThe report, from the Treasury Inspector General for Tax Administration, found that nearly half the employees whose emails were examined sent unencrypted emails. TIGTA auditors reviewed a random sample of 80 employees from...(Read More)

Rick Ross Owes the IRS $5.7 Million in Unpaid Tax, Blames an Incorrect Filing

Rick Ross Owes the IRS $5.7 Million in Unpaid Tax, Blames an Incorrect Filing
Written by Chris Alleman on 2016-11-10


(Billboard) Rick Ross is in deep trouble with the taxman.The "Hustlin'" rapper owes the Internal Revenue Service some $5.7 million in back taxes, though his team is confident the matter will be settled shortly.According to TMZ, which broke the story, Ross (aka William "Rick Ross" Roberts II) paid $5.7 million less than he should have from 2012 to 2014, a sum which breaks down to $4.6 million for...(Read More)

Thomson Reuters

Thomson Reuters' Jon Baron Advises Firms to Move Beyond "Yesterday's World"
Written by Chris Alleman on 2016-11-04


Jon Baron focused on the future to kick off Thomson Reuters’s 2016 Synergy users’ conference, steering the record 1,488 attendees toward a projected vision for the year 2020 and warning them where they could fall short.Jon BaronBaron, Thomson Reuters’ managing director of the professional segment of tax & accounting, shared data trends that support a digital future of 50 billion...(Read More)

Art of Accounting: Selling Something Clients Must Have and Don’t Want to Buy

Art of Accounting: Selling Something Clients Must Have and Don’t Want to Buy
Written by Chris Alleman on 2016-11-01


I found out many years ago that I cannot spend my clients’ money.I used to feel that if they did not want to “buy” a service I felt they must have, it meant I did not clearly convey the value to them. I do not feel this way anymore since value is relative and draws on many issues the client might have and that I am not privy to.In my earlier days I used to do the work anyway, feeling...(Read More)

Sikich Acquires Stanfield

Sikich Acquires Stanfield
Written by Chris Alleman on 2016-10-29


Sikich LLP is acquiring Stanfield & Associates, a Chicago-area firm that specializes in doing outsourced accounting for family offices that provide wealth management for high net worth individuals and families.Jim SikichThe acquisition is Sikich’s third this year. This month, Sikich also acquired SCS, a technology firm based in Glendale, Calif. (see Sikich Buys Tech Firm in SoCal). In April,...(Read More)

The First Six Months

The First Six Months
Written by Chris Alleman on 2016-10-26


In the early days, a lot of CPAs casually decided to offer personal financial planning services. For many, it was a decision that they slowly regretted as the real business issues such as service, marketing and communication, compliance, time and other natural road blocks that may be seen in any startup endeavor arose.But had they started this the right way — as they would direct any of their...(Read More)





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