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Jul 25, 2013

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What are the best places to visit in Jakarta?

I agree, you must try the national museum, It is well maintained and not to be missed. The building itself was of Dutch architecture. Lots of artifacts from Hindu and Buddhist temple are showcased here. There were a lot of kids coming from all over the country to visit. Watch out for rip-off taxis there.  (Feb 27, 2014 | post #3)

How to Find the Right Tax Accountant

From the westhill consulting - Having a tax accountant can benefit taxpayers of all time. Protect yourself and your hard-earned cash by following these simple steps to find the right professional for your situation, and some questions to ask. Know exactly what you need your tax accountant to do. Here are some common situations: 1. Preparing your own taxes is time-consuming, stressful, or confusing. 2. You want to make sure your tax returns are accurate. 3. Your tax situation is pretty complex, and you need specialized advice and tips. 4. You would like to pay as little taxes as possible, and need detailed planning and advice. 5. You are facing a tax problem, such as filing back taxes, paying off a tax debt, or fighting an IRS audit. 6. You run a business, invest in the stock market, own rental property, or live outside the United States. Finding Tax Accountants Find a tax accountant that specializes in the area you require help. Tips for finding the right professional who has the specialized tax expertise you need: 1. Ask anyone who has a first hand experience because referrals are always the best. Ask your family, friends, business owners, financial advisors and attorneys. It will also best if you ask someone who has a similar tax situation to yours. 2. Be careful with an accountant that promises big refunds or is saying you can deduct everything. Remember that it is you who has the ultimately responsibility for the information on your tax return and not the accountant. 3. If you are not comfortable with your accountant, do not be afraid to shop around or to change. 4. Tax preparers have different experiences; some are more experience than the others. You can sometimes find CPAs and Enrolled Agents working in these offices and prices will vary depends on how many tax forms need to be filled out. 5. It is more often that local independent tax firms specialize in the tax needs of individuals and small businesses in their neighborhood. Remember that they have different experiences so ask if the firm has the expertise to handle your taxes. 6. Enrolled Agents (EAs) are tax professionals who have passed a rigorous test and background check administered by the IRS. Enrolled agents often specialize and are best for complex tax situations. 7. Certified Public Accountants (CPAs) are accountants who have passed the rigorous CPA Exam and are licensed by the state they work in. CPAs will specialize in a specific area, like audits, tax, or business consulting. CPAs are best at complex accounting work, but not all CPAs handle tax issues. 8. Tax attorneys are lawyers who have chosen to specialize in tax law. Often, tax attorneys will have a master of laws degree in taxation (LL.M.) in addition to the required juris doctor (J.D.) degree. Attorneys are best at complex legal matters, such as preparing estate tax returns or taking your case before the US Tax Court. Questions to Ask a Tax Accountant Questions you can ask to help ensure you find an experienced, trustworthy tax accountant: 1. How long have you been in the tax business? 2. What tax issues do you specialize in? 3. Do you have the knowledge and experience to handle my tax situation? 4. What are your fees? 5. Do you outsource any of your work? Do you perform the work personally? If not, what is the review process? Who signs the returns? 6. How long, approximately, will it take to finish my taxes? 7. What’s your privacy policy? Will you share my tax information with any third-parties? 8. Do you believe I’m paying too much, too little, or just the right amount of tax? Make a quick background check after the interview. Phone your state’s board of accountancy to check the status of a CPA’s license, or to find out if any disciplinary action taken against the CPA. While for enrolled agents, you can ask the IRS Office of Professional Responsibility if an EA has been censured, disbarred or subjected to other disciplinary action. More on: http://westhillcon  (Jul 30, 2013 | post #1)

Business News

Accountants Face Competition from Other Industries

source: http://westhillcon “Competition is mounting for accountants from similar service providers that are cannibalizing key clients.” – westhill consulting In 2013, more firms will offer accounting services in response to rebounding demand, especially from finance and insurance companies. In particular, competition is escalating from various industries, including software publishing, management consulting, payroll services, bookkeeping and the legal profession. As a result, the accounting services industry will face several challenges in the five years to 2018. However, as firms familiarize themselves with the competition, they will be able to hedge these threats to gain a competitive edge. Software Publishing Enterprise resource planning software, which includes accounting functions such as general ledger and billing, is becoming cheaper and easier to use in a variety of businesses. As a result, the business analytics and enterprise software publishing industry’s revenue is expected to rise 3.1 percent to $26.9 billion in 2013. Not only is such software increasingly user friendly and affordable for small enterprises, but large businesses are also using these products for particular in-house needs. Therefore, these products have started to become viable substitutes for traditional accounting services, especially as prices for traditional accounting services will continue to rise with demand in 2013. Although demand will continue to rise for all kinds of accounting services, prices for software will decline as development costs are shared among more users. During the next three years, IBISWorld forecasts the average license price of ERP software to decline at an annualized rate of 2.1 percent. The value proposition of ERP software is high and will only increase as its functionality converges with other enterprise software categories to create a single enterprise-wide system. In particular, rising demand for accounting services will provide additional incentives for ERP software providers to add accounting functionality to their software capabilities, which will be a selling point for potential clients. Consequently, software with built-in accounting functions is expected to increasingly compete with traditional accounting services, dragging their prices down. Management Consulting As more businesses integrate software and systems to streamline interdepartmental functions, they are increasingly demanding solutions to better manage such systems across multiple departments. This has resulted in a push to train specialist management consultants in a variety of fields so they can provide a range of services to clients, allowing the management consulting industry to compete with firms in other industries, including accounting. Competition is anticipated to escalate for the management consulting industry, leading companies to broaden their service offerings to include those of the accounting services industry. As corporate profit recovers, so will the prospects for the all-inclusive services of the management consulting industry. Driven by increasing corporate spending in 2013, revenue is expected to rise 5.4 percent during the year to total $171.9 billion. Related link: http://www.shelfar 7/about  (Jul 25, 2013 | post #1)