In a highly competitive business landscape, even we accountants face the challenge of setting ourselves apart from our peers. The accounting profession has changed significantly in recent years, with technological advancements, changing regulations, and shifting client expectations. To thrive in this environment, as accountants, we must possess strong technical skills and differentiate ourselves by offering unique value to our clients. The hardest part of establishing our unique value is objectively looking at our accounting journey and pinpointing our most significant achievements.
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Intentionally Filing a Defective Tax Return
Creativity on a tax return is a natural tendency. Many strategies and behaviors we know are wrong, e.g. not reporting all income. However, is it ever okay to disregard some deductions and pay more tax? At first glance, it would seem that the IRS should like the idea of more reported income and a higher tax liability attached to the additional income. The IRS does not.