Between the pandemic, aging CPA firm owners, and staffing tensions, many in the accounting profession anticipate a huge uptick in firm mergers and acquisitions over the next 24 months. If the predictions and emerging trends are right, it’s important for firm leaders to plan accordingly. M&A is a profoundly serious matter, and you need to be prepared. Do not schedule … Read More
Emphasis on Divorce Negotiations: a message from a CPA
I would encourage anyone involved in a divorce to have their CPA involved in the divorce negotiations. Our recent article about the divorce process includes 8 tax factors to be considered. These are good factors to be aware of and they are seldom included in a divorce decree. It is important to have a CPA during tax negotiations because these … Read More
8 Tax Areas to Factor into Divorce Negotiations
This article addresses eight tactics that may be used to affect your spouse’s net worth, which will directly affect your final financial settlement. You need to be aware of these so that you can gain assurance that all aspects of your spouse’s financial assets are fairly and accurately valued and disclosed on their net worth statement. This will enable your … Read More
Traps to Avoid with Mergers
If you are a business owner who is considering a merger at some point, it is vital to learn more about this process early in the game. Any business owner understands the difficulty of starting a new business and keeping the business alive. In most cases, crucial decisions must be made in order for the business to move forward, including … Read More
6 productivity hacks for remote CPAs
As the brick-and-mortar economy flirts with reopening, working from home is becoming the new normal. CPAs have no need to return to crowded offices, especially not in states where COVID-19 is having a second wind. Even if CPAs could resume their usual office rituals, their clients (or colleagues), may not be eager to meet in person. It seems that accounting … Read More
Big Jumps seen in Tax Prep Fees
The average fee nationwide to prepare a non-itemized 1040 and a state return jumped almost 26 percent in the last two years, according to a recent survey. That represents a rise of $45. Responses showed that the average cost to prepare an itemized 1040 and a state return rose almost 11 percent from 2018. The average nationwide price for doing … Read More
Many Firms Commit to Permanently Working from Home, Including Ferrone and Associates CPAs
According to a new study, two-thirds of accounting firm leaders reported a drop in staff productivity during the coronavirus pandemic, but they’re still committed to allowing employees to work from home even after they reopen their offices. Accountants at firms of all sizes across the U.S., as well as leaders from a range of financial services and professional services companies, … Read More
PPP Loans – How to Track Your Finances After Filing
Now that you’ve wrapped up your Paycheck Protection Program (PPP) loan application, it’s time to move on to the next step. As you likely noticed, there is a precise list of approved uses for your government-granted funds, so you and your business must keep detailed records of your expenses to avoid needing to pay it all back. Approved Uses for … Read More
The Coronavirus Aid, Relief, and Economic Security (CARES) Act
As of now, the stimulus coronavirus bill includes cash totaling $301 billion per the Tax Foundation (a think tank that has modeled the proposal). However, not everyone will be receiving a check due to two significant requirements: 1- a phase-out as income increases and 2- filing an income tax return. At first glance, the plan’s provisions seem simple. Adults would … Read More
5 Tax Planning Tips
Use these five tips to approach your 2019 income tax return with more confidence. Check back with us later next week, as more tips will be added soon! 1. Know if you will take the standard deduction It’s important to know whether you expect to take the standard deduction before making decisions on year-end spending that would normally generate itemized … Read More