CPA Practice Advisor

NOV 2014

Today's Technology for Tomorrow's Firm.

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4 November 2014 • www.CPAPracticeAdvisor.com By Gail Perry, CPA, Editor-In-Chief FROM THE EDITOR Sales Tax Is About to Take Center Stage 4 N o v e m b e r 2 0 1 4 • w w w . C P A P r a c t 800-547-7377 • www.CPAPracticeAdvisor.com The opinions given by contributing authors are their own and are not the opinions of our staff. All trademarks used are the property of their respective owner. ———————————————————————————————————————————— Practice Advisor, (ISSN #2160-8725 (print), ISSN #2160-8733 (digital); USPS #017-576) is published four times a year (April, June/July, September and October) by Cygnus Business Media, Inc., incorporating two editions known as CPA Practice Advisor and NSA Practice Advisor, 1233 Janesville Avenue, Fort Atkinson, Wisconsin 53538. Periodicals postage paid at Fort Atkinson, WI 53538 and at additional mailing offces. Printed in the U.S.A. Send all subscription inquiries or change of address to: Practice Advisor, PO Box 3258, Northbrook, IL 60065-3258. Phone: (877) 382-9187 (toll free); (847) 559-7598 (local) Fax: (847) 564-9453 Email: Circ.CPA@omeda.com Subscription Rates: The basic annual rate is $3, based on qualifying associations of 10,000 or more public accountants that may also subscribe for all their public accountant members (certain restrictive covenants apply) for a basic subscription rate of $9 per member for a three-year subscription. One year subscription for all others: USA - $48; CAN $70 GST; INT'L $99 GST #131910168. POSTMASTER, please send address changes to: Practice Advisor, P.O. Box 3258, Northbrook, IL 60065-3258. Canadian address changes to: Canada Post PM40612608. Return Undeliverable Canadian Addresses to: Practice Advisor, PO Box 25542, London, ON N6C 6B2. Publisher: Jim Baker Editor-in-Chief: Gail Perry, CPA Managing Editor: Isaac M. O'Bannon Associate Editor: Taija Jenkins Contributing Writer: Brian Tankersley, CPA.CITP Columnists: David McClure Doug Sleeter Jim Boomer, CPA.CITP Kristy Short Randy Johnston Roman H. Kepczyk, CPA.CITP Art Director: Rhonda Cousin National Sales Manager: Barry Strobel Site Manager: Angie Stevenson Media Production Representative: Barb Evenson Audience Development Manager: Angela Kelty Editorial Advisory Board: Bob Cedergren, CPA.CITP, CISA, CISM, CISSP, CGEIT Chris Fraser, CPA.CITP, CISA, MCP Jason Lawhorn, CPA.CITP Gary A. Masino, CPA Ryan McCowan, CPA.CITP Linda O'Neal Troy Patton, CPA David Primes, CPA.CITP Donny Shimamoto, CPA.CITP Doug Sleeter Sandra L. Wiley CYGNUS BUSINESS MEDIA CEO: John French CFO: Paul Bonaiuto VP, Human Resources: Ed Wood VP, Audience Development: Julie Nachtigal VP, Technology: Eric Kammerzelt CYGNUS PUBLISHING Executive Vice President: Gloria Cosby Vice President of Production Operations: Curt Pordes Director of Digital Business Development: Lester Craft VOLUME 24, NUMBER 9 According to many reports, legisla- tors and lobbyists supporting the Mar- ketplace Fairness Act are aligning to try to get some action on Capitol Hill before the end of the current Congressional session. Te International Council of Shopping Centers, the group that runs the Marketplace Fairness Coalition, claims that 70 percent of A mericans support legislation requiring sales tax collection for online purchases. While it's likely that small business owners who will have to collect and pay the taxes are not in that majority, there is defnitely support for a change in the sales tax laws. It never really made sense to have online shopping be a tax-free experience. When the laws that govern out-of-state sales were passed, there was catalog shopping, but the Internet shopping concept was not in play. Some lucky few lived in states where there was no sales tax, and others could take a trip across states lines to shop in those states, but for most people, sales taxes have been a way of life. A nd while this hiatus of tax-free buying on the Internet has been fun, it's not really surprising that the experience is likely to come to an end. So we will wait and see what our lame duck Congress does between now and the end of its term, but don't be surprised if there are changes in store, and you can count on us to keep you posted on how these potential changes will afect you. Don't forget to read our Year in the Life of a SA LT Accountant each month, sponsored by Avalara, for help with your state and local tax clients. Growing Your Practice in the 21st Century Meanwhile, we have a lot to ofer in this month's magazine. Many of our regular writers have taken hold of the future, talking about things you can do in your practice today that will change the way you work in the future. Randy Johnston, for example, brings us the concept of collaborative accounting and how you can use this approach to make your accounting practice bigger and beter. Have you ever stood back and looked at your practice and tried to imagine how it will look fve to ten years from now? If you haven't, the ideas in Randy's article, "How Collaborative Accounting Can Help Grow Your Practice," will help you form a new perspective. Ofen our product reviews focus on discussions about how the product works and where you can see strengths and weak nesses. This month, John Higgins takes his reviews of tax docu- ment automation systems to a higher level, explaining what life is like in an accounting frm that uses a tax docu- mentation system. While some accountants are growing their frms, and some are winding down, others are choosing to merge. What role does technology playwhen frms com- bine? How do you choose which pro- grams to keep, how do you work out training, Do you make changes all at once or over t i me? Check out Ji m Boomer's article, "Te Role of Tech- nology in Mergers and Acquisitions of Accou nt i ng Fi r ms," for idea s a nd answers to your questions. A re you star ting or improv ing a payroll practice? You should be keeping an eye on our Year in the Life of a Payroll A c c ou nt a nt ser ie s , s pon sore d b y SurePayroll and ADP, for the latest tips and information on managing a payroll practice. This month, Taija Jenk ins worked with our sponsors to create a year-end payroll to-do list and to provide the nuts and bolts of your payroll client engagement leter. — Gail Perry, Editor-in-Chief Follow me on Twiter at @gaperry For reprints and licensing please contact Nick Iademarco at Wright's Media 877-652-5295 ext. 102 or niademarco@wrightsmedia.com. Gail is the Editor-in-Chief of CPA Practice Advisor and a CPA. She is the author of over 30 books (including "Mint.com for Dummies" and "QuickBooks 2014 on Demand") and she maintains a small tax practice. She earned a bachelor's degree in journalism fom Indiana University and studied accounting at Illinois State University before starting her professional career at Deloite. Gail is the former publisher and editor-in-chief at AccountingWEB and is a former columnist for the Indianapolis Star newspaper. N ow that elections are over, we expect C o n g r e s s w i l l f i n a l l y g e t b u s y focusing on sales tax legislation. But that's only part of the excitement here at the magazine. It's that time of year when accountants have a bit of time to spare before they jump into busy season. Are you looking at your practice, trying to imagine the future or rethinking the big picture? We can help with those crystal balls.

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