Revenue strategies beyond tax season
IRS warns of clean energy credit scam | Major Quickbooks update
Accounting firms experience a surge in business during tax season, but wouldn't a steady stream of income year-round feel even better? Check out how accounting firms can achieve revenue stability in today's Upward Trajectory. Spoiler alert: it involves smart strategies beyond tax returns.
In Today's Newsletter:
⚫ Strategies for steady revenue throughout the year
⚫ Major QuickBooks updates to enhance efficiency
⚫ IRS warns of clean energy credit scam
⚫ The ethical dilemmas of private equity in accounting
Building revenue stability beyond tax season
Tax season is a gold rush for accounting firms, but what about the rest of the year? Wouldn't it be amazing to have a steady stream of income, no matter the season?
Innovative strategies to expand your services can help you do just that. We're talking about diversifying your income with valuable advisory services and leveraging technology to work smarter, not harder. The result? Consistent cash flow to keep your firm healthy and thriving year-round.
Sound good? Get the scoop from Reuters.
🎙 QuickBooks updates reshape accounting tech
What's brewing at QuickBooks? The Accounting Technology Lab Podcast spills the tea on the changes coming to the platform in 2024. Tune in with Randy Johnston and Brian Tankersley, CPA, to discover how these updates, including pricing adjustments and strategic moves, could impact your accounting practice. Don't miss out – listen now! (Accounting Technology Lab Podcast)
150K |
Number of private sector jobs added in June, as annual pay increased 4.9% (Accounting Today)
- PwC faces challenges with client and staff exits
- Private equity and accounting ethics clash
- AI boosts AccountsiQ's bookkeeping tools
- EY invests $1 billion in tech and pay
- BDO navigates stormy seas with damage control
IRS: Tax scam targets Clean Energy Credits
The IRS issued a warning about a new scam targeting clean energy tax credits. Unethical tax preparers are misleading clients by claiming they can benefit from these credits, even when they can't. This could land your clients in hot water with the IRS later on.
Here's the breakdown:
The scam: Preparers are convincing clients to claim clean energy credits they haven't actually purchased, leading to inflated refunds.
Who's at risk: This scam primarily targets individuals filing Form 1040 who can't actually benefit from these credits due to the passive activity rules.
The consequences: Clients claiming these credits could face IRS audits, repayment demands with interest and penalties.
Protect your clients! Advise them to be wary of any "too-good-to-be-true" tax schemes and stick with reputable professionals like yourself who understand the intricacies of clean energy tax credits. (Accounting Today)
The Net Gains is your one-stop shop for fresh, FREE accounting insights. I'm Bianca Prieto, your editor, and I'm excited to build this community with you.
We'll be diving deep into industry updates, from tax strategies to the power of technology. What are your thoughts on today's newsletter? Am I missing something? Did you learn something valuable? Let's shape this newsletter together — email me and let me know!
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