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Accounting News You Need to Know - May 2019

It can be hard to keep up with trending financial, business, and legal news that affects your industry. We know you don't have time to scour endless blogs and news sites.

To make it easy, each month, we put together a list of the most impactful content and roll it up into one digestible post. Here's what you need to know:

Federal Tax

Important notices from the IRS, details on reform, and more.

federal tax

  • TIGTA Audit Shows IRS Control Shortfalls
    The Treasury Inspector General for Tax Administration (TIGTA) recently audited the IRS. More specifically, they were auditing internal controls put in place to ensure withholding reported on information returns was accurately reflected on the Annual Return of Withheld Federal Income Tax (Form 945). And perhaps more pressing, the audit aimed to identify whether or not the IRS is being paid appropriately. Results indicate that an estimated $1.9 billion in income was underreported.

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  • IRS Fixes 1040 Schedule D Worksheet That Miscalculated Capital Gains Tax
    The IRS had to revise the 2018 Form 1040 Schedule D Tax Worksheet. Previous instructions provided an incorrect formula that ended up calculating higher capital gains taxes for many investors. Whoops!

    Get the Updated Form


Sales Tax

State sales tax legislation, trending news, and more.

state sales tax

  • Fun Sales Tax Facts Across the States

    Wondering what the wackiest sales tax exemptions in the country are? This is the post for you. Check out this list of amusing state rules and procedures and learn things like which state allows blind veterans to purchase sales tax exempt vehicles.

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  • Economic Nexus Puts Spotlight on Exemption Certificates
    Speaking of sales tax exemptions, economic nexus legislation has brought exempt certificate use under the microscope. If your clients rely on exemption certificates to reduce state sales tax obligations, read this, and make sure you know how to help them remain compliant.

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Business Growth

Marketing tips, personal growth advice, and more.

growth

  • Grow My Accounting Practice Podcast
    While this one isn't a traditional blog post, it's an excellent resource for accounting firm leaders looking for innovative ways to grow their business. Recent topics include leveraging AI as a growth tool, effective workflow management, and how to avoid common growing pains.

    Listen Now


  • 7 Ways Your Accounting Firm Can Bring More Value to Its Clients
    Read this post to learn how to evaluate your performance and analyze your potential for growth. Then, get advice on how to utilize what you've learned to grow, diversify, and add value to your firm.

    Read More

  • Business Development Tips to Boost Your Firm’s Reach
    Learn how marketing strategies including SEO best practices, fostering client loyalty, being a thought leader at networking events, and leveraging the power of front-of-mind marketing with existing clients can help you grow.

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Opinion

Posts written by CPAs and other industry experts.

opinion

  • Financial Planning as a Growth Engine
    Are you fully leveraging financial planning as a firm growth tool? Probably not. This post explains how you do it. You can expect tidbits like this one, which explains how to let your current clients influence your future service offerings. "The growth strategy you choose should be something that naturally fits into the demographic of your existing firm clientele. If your clients are closely held businesses with significant value, then business valuation services make sense. If those clients’ average age is in excess of age 60, maybe M&A consulting should be added to the mix."

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  • Act Before a Cyber Attack Happens to You
    This opinion piece by cybersecurity expert Daniel Hood explains why it's critical to proactively protect your firm from a cyber attack. In addition to severely damaging client trust, cyber attacks often cause a bad reputation ripple effect. Read this to learn how to avoid an attack that could cost your firm money for years to come.

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  • Understand e-filing Patterns to Build a Better Advertising Strategy
    In this post, Director of Performance Strategy for Exponential, Kyle Blackman, explains how having a firm understanding of peak and trough filing patterns can help you connect with potential clients more effectively during tax season. You'll learn how to implement this strategy and why it's so effective.

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We'll be back with another issue of Accounting News You Need to Know Now next month!