Famed Hedge Fund Manager Makes History with Billion Dollar Bet

It was one of the greatest financial bets of all time. Hedge fund manager John Paulson bet big against subprime mortgages ahead of last decade’s financial crisis, earning billions in profits for his funds. It was a gamble that, in the long run, didn’t pay off. Along with the $4 billion he earned for himself, he nailed a second record-breaking honor when he was slapped with one of the largest personal tax bills in history. According to people close to the firm, Paulson used a tax provision … [Read more...]

3 Ways to Heighten Your Visibility And Grow Your Tax Business

Would you like to generate more revenue in your tax business? Who wouldn’t? Just like many other businesses, the tax business is a numbers game. You gather leads and eventually some go from cold to HOT and new clients walk through your front door. Sounds easy, doesn’t it? Well, there’s a little more to it than that. But if you’re willing to do what it takes to heighten your visibility, you can garner a fair amount of leads—not only to sustain your business but also to thrive. Here … [Read more...]

Help Your Small Business Clients Avoid an IRS Audit

As a tax professional you are well aware that every one of your business clients has two main goals at tax time: Calculate as many deductions as possible Avoid an IRS audit They’re counting on you for help. Most of them are unable to do this on their own, so your guidance is priceless. This is especially true for small businesses—and most vulnerable to RED FLAGS are home-based businesses. Knowing how to advise your clients about what to deduct when filing taxes is … [Read more...]

The ROI of Business Networking Part Two

Did you catch part one of this series on the ROI of Networking? If not, check it out here. Business networking can be lucrative. It’s one way to meet new people and build relationships. The goal is to allow those relationships to pay off in one way or another. If you connect and they become clients, the ROI can be pretty good. Other times, they become great referral sources. The pay off can come down the line so staying top of mind has value. Conventional networking has huge benefits. … [Read more...]

3 Ways Outsourcing Saves Time and Money

Outsourcing

Most entrepreneurs are hands-on people. Because they are doers by nature, they often believe no one can perform a task as well as they can, so outsourcing doesn’t usually cross their minds. Small business owners end up doing everything themselves – even simple tasks that can be outsourced to subcontractors. Guess what happens? Plates overflow, nerves fray, and things fall through the cracks. Sometimes important things. Outsourcing can prevent all of this. What is Outsourcing? … [Read more...]

5 Ways To Connect With Your CPA Partners, “Just Because”

A lot of professionals feel like they have to keep their work life completely separate from their personal life. If you’re one of those professionals, you’re not alone! And for a long time, that was true.  But now the truth is that more and more professionals are choosing to do business with people they have a personal relationship with. People want to work with people they know, like, and trust.  This has never been more true than it is today.  And the best way to help people get to know you … [Read more...]

Becoming Your CPAs Best Quarterback

John Elway. Brett Favre. Peyton Manning. Tom Brady. Even if you've never watched a game of football in your life, you've probably heard at least one of those names (after all, who hasn’t seen one of Peyton’s commercials?) These are 4 of the best quarterbacks to play the game, ever. But what makes them great quarterbacks? And what the heck does this have to do with you, a financial advisor? I’m so glad you asked. Today we’re going to take a few pointers from the pros and help you become … [Read more...]

How To Make More Money Through Continuing Education

As a tax professional, you know you’re required to take continuing education classes. License renewal requirements vary by state and all of them call for a certain number of technical study hours. The problem is, while those technical study hours may help you keep up to date on tax-related issues, very few (if any), actually help you make more money. I’m going to take a leap here and assume you didn’t start your tax practice simply because you love numbers and you think the IRS is all that. … [Read more...]

7 Tips From The NFL For Building Strategic Alliances

Every year, before stepping foot on the field, every NFL team spends hours (yes, really) going over their playbook. Each team member studies and studies each play until they know every single one by heart. When the team huddles and the quarterback calls the play, every player immediately knows exactly where he’s supposed to be and which direction he needs to move after the ball is snapped. The quarterback knows when to pass left and when to throw long and every receiver knows exactly … [Read more...]

5 Technology Trends You Need To Be Aware Of

It’s the most wonderful time of the year... Anybody else remember that commercial? If you’re a parent, you know what Staples was talking about. It’s August. Summer is coming to an end. You’re shopping for new clothes, shoes, and supplies, and you’re counting the days until your kids get on that bus and go back to school. As important as this time of year is for your kids - meeting new teachers, reuniting with friends they haven’t seen since June, getting back into “learning” mode - it’s just … [Read more...]