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Topic: Voluntary PaymentsServices: Tax Return Prep, Submission Claim 1: Peter Thompson of A6 Accounting Services received a letter from the state of Michigan advising him that an audit had been performed on his client’s 2021 tax return, and that penalties of $2,888 and interest of $11,679 were assessed. Thompson’s client owns a boat rental company … Read more
Outsourcing is a hot topic right now for the profession as CPA firms struggle with staffing constraints. Current challenges associated with firms attracting and retaining talent are expansive and include issues such as staffing qualified professionals for complex engagements, employee burnout, unrealistic and “heavy” workloads, as well as limitations on the ability to maintain and … Read more
Why would we ask a professional candidate with a well-crafted resume to complete an employment application? While many might think that a resume and an employment application are redundant, not all the information requested on an employment application is included on a resume. It is typically a best practice to simply let the candidate know … Read more
Ethical Dilemmas Many CPAs are considering (or have used) contingent fee billing arrangements to assist their clients with obtaining Employee Retention Credits (ERC). Unfortunately, many believe they’re permitted to accept contingent fees for amending their clients’ payroll tax and income tax returns. But CPAs are not permitted to charge contingent fees for amending these returns … Read more