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How To Be a Partner


By Stacie Clifford Kitts

Many students leave college with aspirations of becoming a partner. If this is your goal, here are three attributes that signal a person’s ability to progress to partner level:

1) Partner candidates take reasonability for their professional growth. Partner candidates never sit around the office waiting for someone to teach them how to do their job. When situations arise that require new knowledge, a partner candidate takes the initiative to learn what is needed to get the job done. Partner candidates do not push off incomplete work for someone else to figure out. Partner candidates are a driven group who take a proactive approach to a clients’ needs and actively search out information about new or proposed laws, regulations or pronouncements.

2) Partner candidates put in the time. Aside from what is consistently said about work life balance, partner candidates put in the extra time. They definitely stand out from their peers. A partner candidate never leaves the office when there is work to be done. A partner candidate volunteers to help other staff and partners without being asked. A partner candidate is present, punctual, and committed to the job.

3) Partner candidates establish relationships with clients and referral sources. Although it is the nature of many accountants to dutifully sit behind a desk and “crunch” numbers, partner candidates are present in the outside world meeting with clients and nurturing relationships with referral sources. Partner candidates understand that they must market their skills in order to attract business. Partner candidates rarely eat lunch alone. They regularly invest their personal time as members of business and social groups, and are generally active in the community.

Did You Know That You Must Report Cash Payments Received of Over $10,000 To The IRS?

Is Your Business Filing the Proper Cash Transaction Forms?
Has your business ever received a large cash payment, and you were not quite sure what your reporting obligations were regarding that large payment? The general rule is that you must file Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business, if your business receives more than $10,000 in cash from one buyer as a result of a single transaction or two or more related transactions.
The information provided by Form 8300 provides valuable information to the Internal Revenue Service (IRS) and the Financial Crimes Enforcement Network (FinCEN) in their efforts to combat money laundering. This is an important effort, since money laundering is a tool that assists many individuals who participate in various criminal activities, ranging from tax evasion to terrorist financing to drug dealing, to hide the proceeds from their illegal activities.
Filing Form 8300
If you are required to file Form 8300 for a transaction, you must do so by the 15th day after the date the cash transaction occurs. Meeting the proper filing requirements is very important, since there are potential civil and criminal penalties for failure to file Form 8300.
Form 8300 Scam
Make sure your business does not fall victim to any of the false claims circulating in some areas where an individual claims that he or she can exempt your business from the Form 8300 filing requirements. The law does not provide such an exemption.
Additional information
You can obtain copies of IRS/FinCEN Form 8300 in English or Spanish by:
Calling the IRS forms line at 1-800-829-3676
Visiting the IRS.gov website or
Visiting the FinCEN website
To learn more about why, when, and where to file Form 8300, you can order Publication 1544, Reporting Cash Payments of Over $10,000 (Received in a Trade or Business). The publication also explains key issues and terms related to Form 8300. You can order this publication in English or Spanish by:
Calling the IRS forms line at 1-800-829-3676 or
Visiting the IRS.gov website
You can send questions regarding Form 8300 to 8300QUESTIONS@IRS.GOV.