Blog

Even with our “new normal”, life and taxes go on with a slight shift in our process. It’s a rainy Tuesday morning in NYC but I wanted to share yesterday’s sunrise from Rockaway Beach which is right down my block. Take a deep breath as you start your day and try to stay calm as we head into what will probably be another challenging day. Yesterday our firm met the…  Read more

Do you have a policy regarding the Coronavirus in place in your office yet? We lived through hurricane Sandy and now the reports of food shortages due to the outbreak and spreading of the coronavirus (COVID-19) are feeling a bit like deja vu.  We request that you join with us in following the preventive measures outlined below as recommended by the Centers for Disease Control and World Health Organization for…  Read more

There are special deductions and credits which help working parents defray some of the bite from child care costs. Follow the specific rules and receive tax benefits for qualified child care while you are at work and breathe easy knowing your child is in a safe secure environment.  Interested in finding out more about this and other employment related benefits and how they can reduce your taxes, contact us,…  Read more

It’s tax season and it seems that the rest of the country finally figured out that Tax Simplification is anything but… Now the big question is how do I find the best CPA or Tax Professional for me.  The question seems “simple” too. But is it? Today was the second time this article was published in the last few weeks, click through to read it. How to Find the Best…  Read more

I was asked to contribute to a feature in a short video montage at Intuit’s QuickbooksConnect conference.  Several accountants spoke about aspects of accounting. I was happy to answer “what do you love about your clients?” Any guesses as to what I replied? Here’s the gist: I love that I’m able to speak with my clients and they understand what I’m saying. At A. Parness Company CPA we believe in…  Read more

The phrase “business advisory” is used a lot in the accounting industry, more now than ever, but what is it really? More and more small business owners and medical practitioners are realizing they want and need more than just an accountant to fill in the boxes on their tax returns, and frankly, they are right, they do need more than just tax compliance! What does business advisory look like for…  Read more

For medical practices and other professional practices the risk of data breaches and fraud is high, so taking all the necessary steps to protect your patient’s or client’s sensitive data is a must. Unfortunately for many practitioners the decision to increase their company’s data protection comes too late – after they’ve been victimized by a malicious hacker. The good news is, simple and inexpensive steps can be taken to avoid…  Read more

Is email the new silent killer?  At one point in time everyone thought it would vastly improve communication while freeing up time. It still is a great way to communicate and under the right conditions can help create efficiencies for medical practice or small business owners and their staff. It seems like we wade through hundreds of emails in our inbox each day; the productivity killer arises from those who…  Read more

You and your staff can really benefit from using technology to handle repetitive administrative work; this will help free up staff time to be used for higher level tasks like speaking with customers and analyzing the data.  These days, you can use technology to take care of almost any issue facing your business. Artificial Intelligence can be used as an interface with other software so that you and your…  Read more

No one really likes talking about their death, which makes updating—or even writing—a will an unpleasant experience. Often, people put off thinking about their will for another day, assuming they have a lot of time to deal with it. Along comes the SECURE Act and we see the importance of proactive planning, not just for your retirement, but for your beneficiaries as well. NEIL D. KATZ, J.D., LL.M., CPA Last…  Read more

What comes to mind when you think about a business conversation?  I picture sitting at my computer or surface, starting off my meeting with a wave and a smile.  It’s possible that this is the first “in person” meeting we are having, so starting off with a video chat is a great way to fast track a relationship. I hosted a recent video chat meeting with a new contact while…  Read more

I offered my top tip for accountants and their clients for an article which was published last week, then I googled communicate and this is what I found: com·mu·ni·cate verb 1. share or exchange information, news, or ideas. Similar:   liaise, be in touch, be in contact, be in communication Use it in a sentence  “We as effective tax advisers communicate with our clients so we can understand what their needs are…  Read more

I was asked to contribute to this online article as posted by Intuit for other tax professionals. My tip: “We find that our business and individual clients are still confused about how the TCJA affects various issues, such as their overall tax liability, entity structure, retirement benefits and deductible expenses. We will continue to encourage strong communication and engagement with our team of professionals. Our clients are comforted when they see that we are there…  Read more

You may feel overwhelmed by this new form and the calculations involved with setting up sufficient 2020 tax withholding.  We certainly understand as it seems that to do it correctly you need to be a tax professional or have a really good grasp on how your income is earned as well as what deductions and tax credits you are entitled to. Watch this video to see our reaction to the…  Read more

Businesses in all industries deal with similar problems due to the nature of their technology solutions.  Many businesses in the financial world use Microsoft Products.  If you are one of them, the clock is ticking and you need to do something about upgrading your operating system as your data security could depend on it. Windows 7 support will end January 14, 2020. PCs with Windows 7 will still work, but…  Read more

The COVID-19 pandemic may have an economic impact far beyond last year and the next two or three. A recent report by the World Bank projects global economic growth to slow to 1.9% per year from 2020-2029. Prior to the pandemic, growth was projected to be 2.1%, down from 2.5% over the previous decade. Investments in infrastructure, diversifying economies and supporting the employment of women may help to mitigate or reverse that…  Read more

Showing your employees that you appreciate them by investing in their future will pay big dividends. Hopefully you have been using 90 Day Action Plans for you and your firm/medical practice/business.  Now that you are familiar with the process, lets expand to create Professional Development Plans for you and your employees as it relates to your business. It seems that no matter the subject of my presentation, I will usually include…  Read more

A great way to start the new year is to implement a 90 Day Action Plan for your company/medical practice/business; you may what to enhance that strategy by creating your own Professional Development Action Plan and by helping your employees create their Professional Development Action Plan as well. I love and recommend using a 90 Day Action Plan for this project! An Employee Professional Development Plan can follow all the…  Read more

It’s hard to believe but 2019 is over and it’s time to create or update your business plan. If you’re like us you’re are currently working on your 2020 business plan too (writing 2020 might take a bit of getting used to!) We are recommending that our clients  “take stock” at this time of year and think about their business & strategy for the year ahead. If you’re looking to…  Read more

I recorded this video over the summer (right, I am not standing on the beach in this gear in December!) A Plan with Small Actionable Steps Will Help Create the Goals we Have in Mind for Our Business and Ourselves and what better time to put this tip to use than now… This message is just perfect for this time of year.  We are all hoping to start 2020 with…  Read more