Business Strategies

In recent years, the IRS Criminal Investigation (CI) division and the Department of Justice (DOJ) have aggressively pursued tax professionals involved in fraud or other tax-related crimes. Certified tax planners, preparers, accountants, and attorneys who engage in misconduct are facing serious legal consequences. This article reviews notable prosecutions from roughly the past five years, highlighting enforcement trends and the types of fraud authorities have targeted. We then distill 10 key lessons from these cases – each supported by real-world examples and case citations – demonstrating how broad enforcement has impacted tax professionals. Finally, we conclude with a comprehensive list of dos and don'ts to help tax practitioners stay on the right side of the law and avoid the pitfalls that landed others in trouble.

We’ve all been there. Breaking bad news is one of the hardest parts of being a tax professional. But avoiding these conversations only makes things worse. The good news? There are ways to make this process easier. With the right approach, you can turn these tough conversations into opportunities to build trust, strengthen your reputation, and reinforce your expertise.

Video content continues to be a strategic and powerful tool for engaging audiences and establishing a brand's authority. According to VideoScribe research, 65% of people prefer visual learning. For Certified Public Accountants (CPAs), leveraging YouTube offers a rare opportunity to educate clients and prospects and entertain and connect. CPAs, accountants, and bookkeepers can address common questions, provide valuable insights, and foster trust by creating educational and informative video content that converts. Herein, I will discuss why YouTube, as a marketing tool, benefits accountants and how you can make various compelling video content to increase your reach and visibility. Let's get to it!

Few things strike fear in our clients’ hearts more than an IRS notice, especially one that says a client's tax return is being examined or audited. While this must be dealt with on a timely basis, it is not a reason for you, the tax professional, or the client to panic. Here, I’ll discuss a range of best practices to ensure the success of your client’s case, plus what to do when things go awry.

As we continue our series of articles on various social media platforms, we will focus on Pinterest. As discussed, social media is an indispensable tool for professionals across multiple industries. Accountants, often perceived as traditional and reserved, can harness the power of these platforms to extend their reach, engage with clients, and establish a solid online presence. Pinterest is known for its easy visuals and use, offering unique opportunities for us accountants to curate boards with valuable financial resources. By strategically using Pinterest, we can attract and engage our target audience, drive website traffic, and build brand awareness.

For tax professionals trying to guide their clients on Beneficial Ownership Information (BOI) reporting, the last few months have felt like watching a never-ending game of legal ping-pong. Deadlines have been set, overturned, reinstated, delayed, and challenged in court—leaving many businesses (and their advisors) unsure of when, or if, they need to file.

Dr. Gary M. Schwarz and Marlee Schwarz overall lost in a recent Tax Court decision. It was a fascinating story. Dr. Schwarz, who had a very successful dental practice, also had a substantial amount of real estate. On some of the real estate, deer larger than usual for Texas roamed thanks to a fencing system that Dr. Schwarz had invented. This allowed for an ecotourism operation, which included hunting packages that generated a lot of revenue, but even more expenses. The silver lining of that cloud was the losses, characterized as farming, sheltered other income from dentistry and real estate.

As our digital existence expands, accountants must leverage every tool to reach potential clients and grow our practice. Facebook advertising is a robust platform that offers precise targeting options, retargeting capabilities, and various ad formats to drive conversions. In this article, I will provide a comprehensive overview of how accountants can use Facebook advertising effectively, covering ad creative, audience targeting, and budget optimization, along with practical examples to illustrate each concept.