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DECEMBER 7, 2007
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| This Issue's News Theme: Tax Preparation | |||
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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
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