The Internal Revenue Service has issued a notice providing guidance on how to confirm the closing of an examination of an estate tax return.
Notice 2017-12 also announces that an account transcript that includes a transaction code of “421” and the explanation “Closed examination of tax return” can serve as the functional equivalent of an estate tax closing letter to confirm the closing of an examination. An estate tax closing letter is a written communication from the IRS specifying the amount of the net estate tax, the state death tax credit or deduction, and any generation-skipping transfer tax for which the estate is liable. However, the closing letter doesn’t specify how much has been paid in estate tax or generation-skipping transfer tax. The estate tax closing letter also confirms the return has either been accepted by the IRS as filed, or it has been accepted after an adjustment by the IRS to which the estate has agreed. The receipt of a closing letter generally indicates that, for purposes of determining the estate tax liability, the IRS examination has been closed. Read Article: http://www.accountingtoday.com/news/irs-simplifies-closing-examinations-of-estate-tax-returns The way a company sounds is equally as important. For accountants, the telephone often represents the first point of contact with the customer, demonstrating its worth as a vital means of converting leads to sales.
Yet recent research by PHMG shows the industry may be lagging when it comes to providing a positive caller experience. The study of 2,234 Americans discovered just 24 percent of consumers are satisfied with the way accountants handle their phone calls, less than the national average of 32 percent. First impressions count and when a customer first picks up the telephone, their ears are their only tool for forming an initial judgment. What’s more, the same research found 59 percent of respondents wouldn’t buy from an organization if their first call wasn’t handled according to their expectations, indicating how a poor telephone experience can influence profitability. Read Article: http://www.accountingtoday.com/opinion/how-accountants-can-turn-telephone-hold-time-into-a-key-marketing-tool When you are looking for a good accounting firm to handle your business accounts, it is imperative that your search is thorough and not rushed, as the success of your business will depend on it. The question that you need ask is, what do you need to check for when looking for an accounting firm that meets your needs?
The following 10 aspects will help you with your research and to arrive at your decision: 1. Recognition A firm that has received recognition from various authoritative organizations or publications is a good sign. Being voted a top 100 firm by a publication, such as Accounting Today, is an example of such recognition. 2. Commitment to quality A commitment to quality from the accounting firm is definitely a requirement for your business. Any membership of the numerous accounting bodies is also a show of commitment to quality. 3. Testimonials It is important to read client testimonials as they will give you a good insight as to how the accounting firm performs. 4. Vision and values The firm’s vision and core values, as laid out in their mission/vision statement, should be in line with what you desire for your own business. 5. Social responsibility A firm’s commitment to social responsibility is a good indicator of the mindset that is evident within the firm. You will be able to gauge the firm’s support of various charities and how the employees are involved from perusing the company website. 6. Peer review A positive opinion from others in the same industry is a valuable indicator of the accounting firm’s culture and success.Receiving good reviews from organizations like the American Institute of Certified Public Accountants (AICPA) and the Public Company Accounting Oversight Board (PCAOB) also adds value to their good reputation. 7. Good Return on Investment (ROI) It goes without saying that any business wants to see a good ROI it has made in any sphere and hiring an accounting firm is no different. Have a look at the firm’s ROI as part of your investigation. 8. Hidden value and uncovering solutions A good accounting firm should be able to uncover the hidden value in a project that might not be immediately apparent to your business. This aspect, alone, will add immense value to your business offerings. A business is faced with many challenges, and it is one of the roles that your chosen accounting firm should be competent in addressing. 9. Forming relationships and accessibility As we are primarily dealing with money here and usually vast amounts of it at that, a relationship of trust, respect, and good service needs to be built up between client and accountant.Accessibility is another key point as the firm’s expertise and talent needs to be available when needed by the client. 10. Guarantee It is important to establish at the onset what the accounting firm guarantees and how it is actually guaranteed. Also in the event of dissatisfaction, how are these matters resolved to both party’s satisfaction. Final words: By using the ten aspects above to aid you when searching for an accounting firm, you will be able to choose the most suitable accounting firm for your business requirements. Read Article: http://www.huffingtonpost.com/sam-cohen/10-aspects-that-make-a-go_b_12523434.html |
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September 2017
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