IRS Expects Nearly 13 Million to File Extensions
As the April 18 tax filing deadline approaches, the Internal Revenue Service expects nearly 40 million taxpayers who have yet to file their tax returns either file or that there are a variety of options to help them in the final days of the 2017 tax season. The IRS has tax help, publications and information… (0 comment)

Did The SEC Blackmail BDO Into Becoming A Mole?
In a little noticed indictment, back in 2015, The Securites And Exchange Commission charged the accounting firm BDO and five of its partners for ignoring warning signs in AmWay marketings workers compensation insurance subsidiary’s accounting practices and proceedures in 2013. They also filed fraud charges against the client company’s then-chairman of the board and majority… (0 comment)

Most Local Accountants are forced to Compete on Price Rather than Quality with over 1/3 charging Return Preparation Fees Under $130
Major accounting franchises are taking a toll on small, local accountants, forcing them to wage a price war rather than focus on quality. Over 1/3 admit that return preparation fees average under $130. Tax franchises and software continue to undercut local practitioners in terms of prices. They enjoy an economy of scale that allows them… (0 comment)

Will Fee Freefall Kill The Independent Tax Preparer?
On Friday, the Wall Street Journal published a story about “The Real Reason Everyone Offered You Free Tax Prep This Year.” The reason given was that the big software firms are trying to capture taxpayer data for future marketing purposes, and hoping for customer ‘stickiness.’ Attempting to generate ‘stickiness’ by providing low cost and free…

PCAOB Sanctions Foreign Affiliates of Deloitte
The Public Company Accounting Oversight Board has recently shown a renewed interest in the activities of foreign affiliates of major global accounting networks. Last week, in settled enforcement actions, the Board suspended the former chairman of Deloitte’s Brazilian affiliate for at least five years, and permanently barred the firm’s former CEO. The Board actions against… (0 comment)

Recent Study Shows That Rainmaker Marketing Strategies Are Being Used By The 25% of Accountants Experiencing Over 20% Annual Growth Rates
Marketing accounting services requires a focused plan to ensure adequate growth rates. Practitioners using focused “rainmaker” plans are posting annual growth rates of 20% or better. The most recent study from Practice Builder Publishing, conducted through an online poll, reveals that 41% of small local accountants are experiencing annual growth rates of less than 5%.… (0 comment)

How Blockchain Will Impact Accountants And Auditors
Blockchain promises a world where all transactions can be logged, viewed and monitored in real time. There are potential implications for a wide variety of sectors and professions, not least accountants and auditors. Nick Martindale investigates what it could lead to. Back in the early 1990s, very few people had heard of the internet, let… (0 comment)