There's a lot to think about as you're preparing for retirement. Not only do you have to consider how much you should save by the time you retire, but you'll also need to plan for how you'll spend all your time, how much you'll be receiving in Social Security benefits, and more.
But there's one factor that many workers aren't accounting for as they're planning for their senior years, and it can potentially cost you tens or even hundreds of thousands of dollars.
In case you are keeping track:
How accounting firms grapple with client retention | Accounting Today
With each passing year, new challenges for tax preparers present themselves. One thing that hasn't changed is that you need to start preparing long before your busy season begins. Whether you're trying to increase your profitability, expand your clientele, or improve your retention numbers, it's important to review the previous year and explore what you could do better.
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Attracting new clients is vital for growth, but retention is even more important. The impact of acquiring a new client is null if two clients walk away. One step forward, two steps back. In the accounting world, client loyalty is never guaranteed — if they feel a better arrangement is available, then they'll probably take it.
10-K filings to reflect uncertainty of new accounting rules | CFO Dive
New standards for lease accounting and credit losses will pose challenges for public companies filing their Form 10-Ks this spring and also for investors who must gauge what the changes mean, Moody's Investors Services analysts said last week.
How companies account for working capital financing arrangements could also be an issue, because the instruments can pose debt obligations that might not be easily seen, the analysts said.
Tax pros prepare for the coronavirus | Accounting Today
So, how are tax professionals planning on dealing with coronavirus just as the season heats up? For now, business as usual, more or less.
"This would be a premature step that could cause more alarm and harm rather than any good," he said.
Waiting for federal and state guidance is the watchword at Top 100 Firm CohnReznick, according to CEO David Kessler in Bethesda, Maryland, and Michelle Fleishman, chief risk officer and general counsel in the firm's Roseland, New Jersey, office. They said the firm is cutting non-essential business travel, monitoring employees for international travel — both business and personal — and evaluating conferences and events for March and April.
Not to change the topic here:
Wells Fargo accounting chief moves on - Wells Fargo & Company (NYSE:WFC) | Seeking Alpha
Wells Fargo (NYSE: WFC ) Executive Vice President and Chief Accounting Officer Richard Levy will retire from the company on March 31 after 18 years with the bank.
Muneera Carr, who joined Wells Fargo in January 2020 as executive vice president and controller, will succeed Levy as chief accounting officer.
Carr will continue to serve as controller, managing corporate tax, accounting and reporting, as well as supporting other activities such as financial controls and oversight policies and processes.
Tribe Payments Talks Biz Payments, Accounting | PYMNTS.com
FinTech innovation has opened the floodgates for a stream of new platforms and products designed to help small businesses and corporates more efficiently manage money and make payments.
But the pace of change in the payments ecosystem continues to accelerate, leading to new demands among businesses and unfamiliar friction points that emerging FinTech solutions continue to tackle. As innovators drive forward, however, they can sometimes forget who's really at the user-end of their technologies designed to combat business payments pain: the accountant.
NC State accounting students providing free tax services for Triangle residents | CBS 17
RALEIGH, N.C. (WNCN) — North Carolina State University accounting students are helping Triangle residents this tax season.
N.C. State Poole College of Management accounting students are providing free online tax return assistance for both households and individuals.
The students, who are certified, will provide help through the Internal Revenue Service’s Volunteer Income Tax Return program.
Bloomberg - Are you a robot?
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