Peggy Niles

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.

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

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If you are having challenges getting accounting clients, one of the best pieces of advice I heard recently was from Sharran Srivatsaa, which was “Proof over Promise”. This is just my opinion, but you can work for free in order to prove what you can do. For example you can offer to do accounting/bookkeeping for a month for free and if they are impressed and want to continue your services then your price will be $XXX after the first month. For taxes you can review their previous tax return and assuming there were mistakes or missed tax saving opportunities you can point them out to demonstrate what your capabilities are. Clients want some kind of “certainty” that you are capable of doing the thing you promise you can do. What better way than to prove it to them?

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Are you a CPA nearing retirement age (around 75) in Broward or Miami-Dade County? 🏖️ Or do you know someone who fits this description? I'm exploring potential opportunities for CPA solo practitioners with a solid book of business who are looking to sell within the next 3 years or less. 💼 The ideal scenario: 👥 Bring in an experienced CPA (15+ years) to manage the transition 🤝 Familiarize with clients 💻 Implement new technology and processes 🎓 Hire and train quality staff 🌎 Potentially offshore some work ⚙️ Improve inefficiencies 🚀 Attract new clients ✅ Optimize client base Fellow CPAs, I'd appreciate your thoughts on the viability of this opportunity for a younger CPA with a book size of 150k and wants to grow to a 1 million plus size firm. Concerns: 🎭 Some CPAs claim they want to sell/retire but may just be seeking skilled help ⚖️ Risk of buying a job rather than a business Ideal firm attributes I'm seeking: 1️⃣ Cloud-based and paperless operations ☁️ 2️⃣ Average fee for personal returns (Form 1040) above $800 💵 3️⃣ Business return revenue exceeding personal return revenue 📈 4️⃣ Existing staff member who communicates with clients 📞 5️⃣ Gross revenue of $500k or more 💰 If you know someone who fits this profile or have insights to share, please comment, tag, or DM me to start a conversation. 📩 This post is for engagement and exploration purposes. 🔍 #CPAfirmbuying #SOLOCPA #RetirenowmrCPA

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You’re not too late… You can still join me tomorrow, Wednesday, September 18 at 12 ET/11 CT/10 MT/9 PT. You’ll learn how your close process can influence the reputation and readiness of your accounting organization. We’ll dive into real-live examples to show how your accounting organization can use the CloseStrong framework to: ⭐find opportunities for efficiency with or without the need for technology ⭐improve their capacity for strategic activities, and ⭐thrive as a team known for its excellence. And, we’ll dispel myths such as: ⛔We don’t have the right team members to close faster ⛔We have to sacrifice quality for efficiency ⛔We can’t improve the close due to our team’s workload ⛔We have to prioritize other deadlines over the close Register here:  https://lnkd.in/enTK4t73 See you on the webinar! #closestrong #accountingbestpractices #cpe #accountingexcellence #outsourcedaccounting #corporateaccounting #clientaccounting

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Sometimes you need to hire someone to enter data because it is not in your budget to hire a bookkeeper. If this is the case, I highly recommend that you take your books and have a bookkeeper review it before you send it to your accountant. There is a difference between using a Certified Professional Bookkeeper and hiring someone to assist with data entry for your business. When it comes to your books, you want a professional who understands the different types of entries and how to handle them. Or at least have them review the books for you. The reason why this is so important is because if your books are not done correctly, they can cost a lot of time and money to fix them. How much better is it to have them done correctly the first time?

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So many "gurus" talk about how easy it is to start a business. Let me be the first tell you that it is not. There are steps that are crucial to setting up a business properly that people rarely discuss. What are your thoughts?

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Want these Tax Pro strategies? BOOK A DEMO - https://lnkd.in/d5bin8KN #roth #ira #taxes #finace #business #cpa #fyp

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What are the top habits of companies with highly effective account reconciliation processes? Join Derek Henry, CPA, CFE and me to find out and earn #freeCPE at the same time. We've combined our passion for quality & efficiency to introduce ways you and your accounting team can get the most out of your reconciliations. Use the link or QR code in the post below to sign up. See you on June 26! #CPE #accountreconciliations #reconciliationstrong #qualityreconciliation #trueaccountingstories

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Financial Breakdown: Heard of 'Capital Expenditure'? It's money spent on long-term assets like equipment. #ColeAndCompany #FinancialBreakdown #AccountingExpert https://buff.ly/3rw6Nrz

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Just because someone can enter data into software doesn’t make them a good bookkeeper. When looking to hire a bookkeeper for your business, you will want to find someone who understands your industry as well as someone who can look behind the scenes, ask the questions regarding unusual transactions and solve a variety of problems that might arise. This is where it is really important as the bookkeeper to be honest on what you do know and what you don’t know.

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Teka Miller-Alston, Robert Broome, CAE and I were privileged to spend the day with Kelli Roberts and Julie Williams with CLA (CliftonLarsonAllen) discussing the pipeline and CLA's efforts with their pilot Academy in conjunction with the Hispanic Leage of Winston-Salem and Forsyth Technical Community College. My takeaways from our incredible conversation: - There are no quick fixes. Taking something from concept to application involving so many individuals from around the country takes time, perseverance and agility if you want to create something sustainable. - Show up and plan to stay! Yes, we need to plant routes, we can't fix a people problem like we're sourcing raw materials for a widget. We need to show up, invest and plant roots in the community. Those roots will grow into the beautiful garden like CLA is growing. - Lead with love! Jen Leary shared the sentiment with me back in May when she spoke about this pilot program. Listening to the dedication and compassion of the CLA family to identify, develop and support their first cohort is inspiring on so many levels. We heard countless stories of the CLA family willingly sharing extra time to help others reach for dreams never thought possible. We talk about how the profession gets a bad rap and that we need to change the narrative. We need to focus on the heart of this profession. CPAs, and especially the CPAs at CLA, have incredible hearts for their teams, their clients and especially their communities. Sharing stories of how one firm, in a pilot phase, changed the lives of 11 individuals and is creating a model to ramp up talent development locally is a testament to what WE can do and North Carolina Association of CPAs (NCACPA) is here for it! #leadership #CPAs #NCACPA #TEAM #CEOonthego

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As accountants we know you are focused on growing your firm by winning more clients, but how often do you pause to evaluate whether that client is truly a good fit for your firm and more importantly for your team?   How often have you said yes to a client and then wished you hadn't?   How often have you then had to deselect that client because they don't align with the direction you want to take your firm? But this is hard, right?   Saying no to a client or letting a client go is as important as saying yes... ☑️ ❎   Selecting the right clients isn't just about filling your portfolio - it’s about finding partnerships that align with your expertise, values, and long-term goals.   So the next time you come to deciding whether to work with a client ask yourself these crucial questions:   - Is this client the right fit for the industries we specialise in? 🏭 - Do their needs align with our expertise? 👌 - Are they ambitious, and have goals, dreams, and aspirations for growth - ambitious accountants want to work with ambitious clients 📈 - Are they a good fit for my team? Can we foster close relationships? 🤝 - Do they match our firm in terms of purpose, values, vision, and behavioural standards? 🌱 - Are they nice 😃 - this sometimes gets overlooked but it's THE most important question to ask yourself - it is a lot harder to work with someone you and the team do not like ☑️   Have you experienced the impact of a “wrong-fit” client in your firm? Or do you have a system to ensure you work with clients who are a great match? How do you manage the client selection and deselection process? And are there other criteria on your list when it comes to selecting the right clients? #humanisethenumbers #buildabetterfirm #clientselection #clientdeselection #accountants #clients #rightfit #happyhumpday #wednesdaywisdom #accountingfirm #accountantsandfinance Remarkable Practice Ltd Douglas Aitken Paul Shrimpling Sally Wallwin

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Want to keep 100% of your gains when selling Qualified Small Business Stock? IRC § 1202 makes it possible, but navigating the rules can be tricky. LBMC can help you navigate this. #TaxPlanning #TaxBenefits #LBMC

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The 2025 Accounting Industry Report is Now Available! As you prepare for the 2025 Tax Season, you will not want to miss this valuable resource brought to you Woodard and Mango. Learn how the most successful accountants and bookkeepers train their clients and prepare for the busiest time of the year. Download Now!

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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.

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Step Transaction Doctrine Remains a Key Concern for Successful Planning Free Webinar – 12/5/24, 4:00 pm ET The Step-Transaction Doctrine is often employed by the IRS to challenge clients’ planning. There is limited time in 2024, and soon the compressed planning period of 2025. There are steps that practitioners might recommend to their clients to take now in preparation for future planning, which could potentially mitigate the possibility of the IRS successfully raising the step-transaction doctrine on audit. There is no universally accepted test to determine if the step-transaction doctrine should be applied to a particular transaction. However, Courts have relied on three concepts when evaluating whether the step-transaction doctrine should be applied: the mutual interdependence test, the end result test, and the binding commitment test. This program will explore the case law and theory of the step-transaction doctrine and recommend practical steps that practitioners might consider. Speakers: Jonathan Blattmachr, Robert Keebler, Alan Gassman, Thomas Tietz Registration URL: https://lnkd.in/erbzFu2e After registering, you will receive a confirmation email containing information about joining the webinar

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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

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Did you know that there are other ways to work with a bookkeeper when it is not in your budget to hire them to do your day-to-day data entry? When starting a business, it makes a world of difference when you have it set up correctly. This is when you go to a bookkeeper and get their advice on how you should have everything setup. You can also hire them to set everything up for you and show you how to use the system. This would be a one-time cost instead of an ongoing expense. Another reason why it is important to connect with a bookkeeper when just starting out with your business, is that as you grow you are building relationships and connections with a professional that can help you in your journey. Is your bookkeeping system set up properly?

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