Jason Dinesen, EA

3 Reasons why NOT to hire a multi-state tax professional… 1. You already proactively manage your multi-state tax obligations and you are fully compliant. ✅ 2. You already maximize your tax savings and minimize your risks of potential penalties and audits. ✅ 3. You already have in-depth knowledge and expertise in navigating complex multi-state tax laws and regulations. ✅ If you have all 3 bases covered, you’ve truly done some excellent work (Hint though - we find many companies who THINK it’s all in order, but may not be). However, if you need assistance in bridging the gap between your business and complex multi-state tax laws, hiring a multi-state tax professional alongside your existing sales tax software will help you to achieve compliance, while you focus on the growth and profitability of the business. Do reach out if we can be of assistance at Miles Consulting Group, Inc. #SalesTax #MultiStateSalesTax #TaxCompliance

11

We just published a new blog post about the June 2024 Individual Due Dates, learn more from your friends at MTS Professional Tax Service Inc. Just click below.

📢 **Nebraska Sales Tax Exemption Principles Released!** Exciting news from Nebraska! Governor Jim Pillen has unveiled the Sales Tax Exemption Principles ahead of the special legislative session. This development promises significant implications for businesses and taxpayers across the state. Here are the key takeaways: 1. **Encouraging Economic Growth**: - Specific sectors will be exempt from sales tax to boost investment and create jobs, especially benefiting small and medium-sized enterprises. 2. **Supporting Essential Services**: - Exemptions for healthcare, educational materials, and agricultural equipment aim to lower costs and improve access to these crucial services. 3. **Simplifying Tax Code**: - The new principles focus on reducing complexities in the tax structure, making compliance easier for businesses. 4. **Ensuring Fairness and Equity**: - The goal is to create a balanced approach without disproportionately benefiting any one group and avoiding potential loopholes. 5. **Fiscal Responsibility**: - Maintaining the state's financial health is paramount. Exemptions will be carefully evaluated to ensure they don’t lead to significant revenue losses. **Impact on Taxpayers**: - **Businesses**: Startups and SMEs in sectors like manufacturing, healthcare, and agriculture could see significant cost savings. - **Consumers**: Lower operational costs for businesses may translate to lower prices and improved access to essential services. - **Fiscal Health**: Balanced state budget ensures ongoing public services and infrastructure development. The upcoming legislative session will focus on: - **Sector-Specific Policies**: Tailored exemptions for key industries. - **Feedback from Stakeholders**: Input from businesses and the public to refine exemptions. - **Long-Term Implications**: Balancing immediate economic growth with sustainable fiscal health. Navigating these tax changes can be complex, but you don’t have to do it alone. For expert guidance on maximizing your tax savings and ensuring compliance, **[set up a call](https://lnkd.in/gAa4dwUG with a Together CFO specialist today. Let's discuss how these new principles can benefit your business! #TaxSavings #Nebraska #SalesTax #BusinessGrowth #FiscalResponsibility

1

What is the max number of ideal accounting clients you can handle? I think people forget that we have limited capacity when starting your own firm. ALL firm owners have told me to focus on your ideal client and find contract work for some stable income. My max number of ideal accounting clients is 100. This means I need to be selective of the clients I accept or else I need to hire someone OR fire existing clients to make room for higher quality clients. Do you all have a max number of clients you’ll accept or do you say “yes” to all potential clients?

44

18 Comments

Does a client want some assurance regarding their financial statements (maybe their bank is asking for this), but doesn’t want to pay for an audit? A review engagement can often be done in much less time (and cost to the client) than an audit. In most cases, a review can be done is less than half the time it takes for an audit. A review provides limited assurance (audits provide a high level of assurance). So, your client (or their bank or another party) can get some assurance at a lower price—and you, the CPA, can provide this service with less effort. Here’s an article that explains what is required in a review engagement. https://lnkd.in/gz-Z4TRJ #CPAHallTalk, #reviewengagement

8

📢 Attention Illinois taxpayers! With the recent signing of HB 4951, significant changes are coming to the state's corporate income tax and sales tax laws starting December 31, 2024. Here's what you need to know: 🔹 Extended NOL Deduction Limitation: Net operating loss (NOL) deduction limitation is extended, with the limitation cap raised to $500,000 annually. 🔹 New Apportionment Methodology: Financial organizations will now have a new formula for calculating investment and trading income. 🔹 Sales and Use Tax on Leases: For leases of tangible personal property entered or renewed on or after Jan. 1, 2025, sales and use tax will apply, with certain exemptions. 🔹 Retailers’ Occupation Tax Discount Cap: The 1.75% discount on the Retailers’ Occupation Tax will now be capped at $1,000 per month. Stay informed about these important updates to ensure compliance and optimize your tax strategies. Consult with our SALT team for detailed guidance and potential benefits from these new measures. Discover more here: https://ow.ly/j7EA50SAXO7 #Illinois #SALT #CorporateTax #SalesTax

1

Your accountant may not like this post. …but I gotta say it. Too many bookkeepers, accountants and tax pros are phoning it in when it comes to customer service. They’re working insane hours but not performing high value work. They churn out tax returns and P&Ls and stop there. As a result, they need to take on hundreds of clients and everyone turns into a number on a spreadsheet. If we as accountants really are going to help small business owners, we gotta be willing to meet them where they are and get dirty as we sift through the muck and solve real problems not just regurgitate compliance rules and assume everyone needs the same support. If you’re a small business owner and your accountant just helps you stay out of trouble, then you’re driving in neutral toward your goals. Time to hit the gas and get a solid gps to help you reach your destination faster.

113

20 Comments

Accountants are writers. We write: Notes for financial statements LinkedIn posts Emails to clients and staff Intranet articles for our team members Letters to clients Letters to the IRS Presentation slide decks Engagement letters Wording for opinions or reports Work paper documents And some write: Magazine articles Books Whitepapers We are not just debits and credits. We are primarily communicators. So, learn to write well. But what if you don’t write well? Ask someone to review your writing and provide feedback. Or use software such as Grammarly (as I just did for this post). #CPAHallTalk

82

9 Comments

Dear fellow CPAs that work with individuals and business owners... Maybe this isn't the time to mention this. You're probably busy. You've got a lot going on. But did you know that we have #PFP standards? And even if you don't hold a PFS credential, we're all subject to them? Just like we're subject to audit standards, even if we're tax-flavored CPAs. Oh, sorry, what is a PFP standard? Or what even is PFP? It means "personal financial planning". So, any services we provide around personal financial planning. And before you say, "I don't give advice about investments, I know better than that!", personal financial planning covers A LOT of topics. I grabbed this from the standards compliance manual: • Cash flow planning • Risk management and insurance planning • Retirement planning • Investment planning • Estate, gift and wealth transfer planning • Elder planning • Charitable planning • Education planning • Tax planning If you're an AICPA member, you can peek it here at who it applies to. https://lnkd.in/gmW-ZMeh Now, this isn't a bad thing. Actually, it's a GOOD thing. These are all high-value services for our clients. We just have to be cognizant that we ARE providing a service that falls under the PFP Standards and follow the guidance. Which usually just means that we do the work with the client's best interest in mind. BUT the other awesome thing about this is that we're sometimes horrible at calling out when we're providing these high-value services. Folks often assume that it just comes part-and-parcel with hiring a CPA. By highlighting these services as additional benefits that we can provide, we're clarifying our relationship with our clients (this is included, this is not included) and highlight the additional value that we can bring. So, as you're working through to 10/15 and thinking about all of the planning opportunities, keep an eye on the standards but also think about how to showcase these services as something special.

14

1 Comment

My name is Luke Boyenger. I'm a former auditor/accountant/finance guy turned fractional CFO. My focus is on helping construction companies be more profitable and increase their cashflows. I grew up working in my grandpas construction business. So, I'm a rare CPA with hands on construction experience. I do what I do to help business owners like my grandpa because I want to see them thrive. I can almost guarantee you that you've never worked with an accounting or finance professional who does what I do for businesses. You're bookkeeper isn't doing what I do. Your tax accountant isn't doing what I do. Your controller isn't doing what I do. I'm proactively helping you: 💡 Grow your company 💡 Increase your profits 💡 Improve your cashflows 💡 Run your business more strategically I'm not showing up once a year and wishing you luck. I'm there with you every month. In the trenches. Working alongside you to help you achieve your goals. Did you know that talking to me and learning more about how I can help your specific business is totally free? When you're ready to... ❗ Stop leaving money on the table at every job ❗ Start being less reactionary and more strategic in your business ❗ Have better clarity into how your business is performing ❗ Increase your profitability ❗ Improve your cashflows ...let's chat: https://lnkd.in/gU7G5sbc

7

This is my thoughts on the subject matter of why your CPA is not picking up the phone. The problem here isn't that the CPA does not want to respond. It is that if they do respond, they can't work on billable work. You see, accounting boils down to two things: 1. Building relationships 2. Getting the work done. And when most solo practitioners are busy getting #2 done by a deadline, they don't have time for #1. That phone call they received in the thick of busy season on Feb 18th was the 3rd one that came in whereby the accountant had to say, I'll call you back. At some point, if they want to get work done, they have to place the Do Not Disturb (DND) on their phone. And then they abuse the DND day after day because they REALLY need to get the work done. And the work never really ends until you actually get to said client in the workpapers and decide to call-in. The solution to this madness? 1. Processes and controls need to be placed and automation needs to be used where possible. 2. Delegation - If you want to scale, you need someone to delegate to. . 3. Increase prices - It's usually those clients that want to pay you the least that are taking up so much of your time on the phone. P.S. Our firm will always pick up the phone, answer your emails on the same or next day, and will respond to your Whatsapp messages because we've employed an effective strategy of all of the above. It also doesn't hurt that we are obsessed with customer service. End the "CPA never picks up the phone complaint now".

9

4 Comments