Ask a CPA Member Q&A - Tax Pro Collaboration Panel - 11/12/24 скачать в хорошем качестве

Ask a CPA Member Q&A - Tax Pro Collaboration Panel - 11/12/24

“Ask a CPA” is the new community created by The Dancing Accountant — Nancy McClelland, CPA — for bookkeepers who want to level-up their accounting game and increase collaboration with their clients’ CPAs and tax preparers. https://www.thedancingaccountant.com/... We meet twice-a-month and answer questions submitted in our Circle community on accounting, preparing tax-ready books, and collaborating with tax pros -- with a searchable index of highlights so you can jump straight to the question or topic you’re interested in, as well as access to a database of all questions submitted and links to the recordings and posts for each answer. BY POPULAR DEMAND we invited four guest-panelist tax pros for a special one-and-a-half-hour Q&A about bookkeeper/tax pro collaboration. It felt like such an important topic that our guests and members agreed that it should be made public! We hope you enjoy the conversation and are moved to foster better collaboration in your own firm as well. Our guests: Katie Helle, CPA; Stephanie Steinke, AFSP; Olivia Henley, EA; Andrea MacDonald, CPA Highlights: 01:58: Introducing the topic and panelists 03:20: Olivia Henley, EA - https://www.numberqueen.com/our-team 04:58: Katie Helle, CPA - https://www.scaledaccounting.com/ 08:32: Andrea MacDonald, CPA - https://www.steadfastbookkeeping.com/... 12:39: Stephanie Steinke, AFSP - https://www.steinkeandcompany.com/our... 16:04: Why is there such a divide between tax pros and bookkeepers? 18:23: Compilation/write-up software - a key piece of understanding how tax pros have historically worked, in large part because they don't expect tax-ready books 21:37: Andrea and Katie on why the divide exists 24:39: Ideally, the client should be pushing for great collaboration between tax preparers and bookkeepers 26:05: As a bookkeeper, helping the client understand the value of this collaboration can help you differentiate yourself as a bookkeeper. This is something you can even use to market your services. 28:24: Tax preparers often distance themselves from bookkeepers and the books to create a false protection from bad choices that originate with the client. 32:08: What do tax preparers look for in a bookkeeper? 35:05: It's important for tax pros to understand the payoff that comes from educating bookkeepers and improving collaboration OUTSIDE of Tax Season; it will pay off in a big way during Tax Season 36:55: To what degree is it the tax preparer's role to educate the bookkeeper? 38:31: How can you tell ahead of time if a tax pro is not inclined to work closely with bookkeepers? (Pro tip: Ask the client.) 40:56: Watch for red flags that clients simply aren't willing to pay for quality service 41:55: What are some things tax preparers feel bookkeepers should be doing, but often lack education on? 45:46: Hot tip: ask your clients to pull an IRS account transcript so it's ready for their tax preparer! Great way to differentiate yourself. Feel free to send them these instructions from Nancy’s annual MSN article: https://www.msn.com/en-us/news/other/... 46:31: Accountable plan reimbursements 50:51: Understanding that certain areas of tax-related reporting aren't standard from one tax preparer to the next can help you collaborate more pro-actively and effectively 52:47: For client tax preparers who are not in QBO, what transaction reports should be provided? 54:58: Nuanced deductions that you would like bookkeepers to keep separate in the P&L? Discussion of capitalization policy — something a bookkeeper can definitely create and communicate to the tax preparer. 59:52: "If you send a balance sheet to a tax professional that has a bunch of assets for like $575, they are not going to like you. That is one way to really make the tax pro mad." 01:01:40: What are some of the most common forms and schedules that bookkeepers should know about? And how do these inform setup for the chart of accounts? 01:09:41: Partnerships and taxes 01:12:03: When doing a cleanup and you find significant issues from a closed tax year, how do tax pros want to see it on the books? 01:17:20: What are workpapers? How are they generated and tracked? Are there standards? 01:23:09: Are tax-adjusting journal entries something that all tax pros provide as part of the business tax filing, or is it considered an add-on with an additional cost? 01:25:11: Etiquette, how best to communicate with tax pros, and when to bring in the client Many thanks to our incredible panel members — their insight was invaluable and reassuring. They’ve all graciously said to please feel free to connect with them on social media or to contact them directly with follow-up questions. And to learn more about 'Ask a CPA' and how to get involved, check out our website! https://www.thedancingaccountant.com/...