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HOMEQ&AJOBS PRODUCTSABOUT US DECEMBER 7, 2007
This Issue's News Theme: Tax Preparation
Plan now to get the most out of client contact
As 2007 comes to a close, tax preparers are getting ready for the onslaught of tax season. Figuring out ways to maximize your time with clients now may pay off in a little more sanity down the road.

State of the paperless CPA firm
"Paperless" has been the term used by many practitioners to describe the transition of today's CPA firms to more streamlined electronic work-flows that automate processes by eliminating the manual handling of physical documents. To better understand and evaluate the status of this paperless environment in 2007, the Association for Accounting Administration (CPAAdmin.org) surveyed 221 firms with an average size of 67 personnel, following up on their groundbreaking 2003 and 2005 paperless surveys.

Accounting shortage increases outsourcing
Today's shortage of skilled accounting staff may be widening the need for outsourcing, reports the Ohio Society of CPAs Corporate Focus. Cutting costs is cited as the primary reason for finance and accounting outsourcing, according to 42 percent of those surveyed earlier this year by FAO Research Inc. Lack of internal accounting and finance staff followed with 33 percent.

What to look for in small-end tax prep software for 2007
The best selling tax preparation software packages, Intuit's TurboTax, H&R Block's TaxCut and 2nd Story Software's TaxACT are now available for 2007 both online and in CDs or downloads. Most have added features to make them more user-friendly, and someone looking for a tax preparation software bundled with personal financial software can find some terrific savings.

Year-end tips to save on 2007 taxes
Here's some unconventional year-end tax advice: Do nothing. That's from financial planner Carrie Coghill Kuntz, who wrote a column for Forbes magazine on middle-class millionaires, whom she calls mMillionaires, who are so busy working that they don't focus on finances until year-end. She says there's not too much you can actually accomplish at this point. However, many taxpayers simply can't stand to do NOTHING at this point. For you, here are some ideas from both Jackson Hewitt Tax Service and Grant Thornton.



Editor's Note

Any accountant who engages in tax preparation is already well-entrenched in tax season planning - even if that planning is only a thought at the back of the mind that the holidays represent the last scrap of serenity that accountant will know for many long, cold, dark months. For some, the winter holidays symbolize chaos and stress. Accountants see it differently. We know that hanging decorations, choosing, wrapping, and delivering packages, scheduling festivities, and running here and there to meet with friends and family are total relaxation compared to the months ahead. In planning this special tax preparation year-end issue of the AccountingWEB Bullet, we chose articles geared toward getting the wheels spinning for tax season, with a goal of providing some tips and time-saving advice that might result in a bit less stress, a bit fewer hours spent working into the night, and a bit more enthusiasm toward the whole process. After all, what much of the outside world doesn't realize, is that in the corners of our minds, we tax accountants actually look forward to the chaos. Can't you feel the adrenaline rushing already?

Gail Perry
Editor
editor@accountingweb.com





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