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Snubbed Again! And a Sincere Apology
By Stacie Clifford Kitts CPA
I don’t get it. I didn’t make Accounting Today’s top 100 most influential people a-g-a-i-n. I mean, they don’t appear to think that my stay home tax practice or my quirky blog posts are influential enough to name. But I guess I should have been tipped off when I wasn’t contacted to supply a cute pic or provide a snappy bio.
*Heavy sigh* I guess there is always next year….
This year’s list includes many predictable faces. It also includes some fun new ones. Some of which I include in my list of Facebook friends.
Michelle Golden of Golden Practices makes this year’s list. Yeah Michelle. Michelle is the lady you want to know if you are looking for some social networking techniques that will benefit your CPA firm.
Geni Greer Whitehouse also makes the list – Geni is an expert in accounting technology and shares this with her accounting clients through her consulting services.
Other influential women listed are:
- Teresa Mackintosh, General Manager and Senior Vice President, Workflow & Service solutions, Americas – Professional, Tax & Accounting business of Thomson Reuters. (Good job, but might I suggest that you think about shortening up that title – what a mouthful!)
- Krista McMasters, CEO Clifton, Gunderson
- Gale Crosley, Present of Crosley &+Co.
- Cindy Fornelli, Executive director, Center for Audit Quality
- Rita Keller, President Keller Advisors
- Judy O’Dell, Chair FASB Private Companies Financial Reporting Committee
- Nina Olson, National Taxpayer Advocate IRS
- Rebecca Ryan, Founder Next Generation Consulting
- Mary Schapiro, Chair SEC
- Sue Swenson, President, and CEO Sage North America
- Jennifer Warawa, Senior director of partner programs Sage North America
- Sandra Wiley, Partner, senior consultant and COO, Boomer Consulting
- Jennifer Wilson Co-founder and owner, Convergence Coaching
My personal congratulations to all the professionals who made this year’s list.
On another note – Dear Geni – I screwed up.
Geni Greer Whitehouse provided me a copy of her fabulous book How to Make a Boring Subject Interesting so I could post an interview on my blog. To date I haven’t sent her any questions – this does not speak well for my follow through skills. Which really are good – I swear – or I wouldn’t have the client base that I have?
Regardless, I owe Geni an apology so let’s make it public –
Dear Geni
I want to send you my sincere apologies for failing to send you the list of questions for the interview. You may notice that I have ordered another copy of your book. This is because the initial copy that you so gracefully sent was “barrowed” by a client. It was apparently so helpful that I never saw it again. I will get those questions over to you. I found your book to be quite helpful. It played a key role in helping me to win a best speaker ribbon.
So there it is my lame excuse. If there was any good to come from my failure, it was what I learned 1) never lend out a book before I’m done with it, 2) don’t forgot – branding is important but consider the time investment and follow through necessary to pull off your strategy.
Seven Things Your Accountant Should Have Told You – a Good Post From the Past
1) Hire the right accountant. Accountants have niches just like other professionals such as attorneys and doctors – if you were getting a divorce [god forbid], you would hire a family law attorney, not a tax attorney. Well, the same rule applies with your accountant. Your accountant should have experience working with clients in your particular industry -this will make sure that he or she understands and applies the correct tax laws.
2) Do some tax planning. No matter the size of your income, it never hurts to have your accountant look at your tax picture -BEFORE- yearend, estimate your income tax liability, and then suggest ways to mitigate the taxes. Once your tax liability is known, you can plan for how you will meet your obligation.
3) Always consult with your accountant before making large cash purchases. Sometimes life brings us a fabulous financial windfall… we sign a new contract, we get an unexpected bonus, we get $12 million for starring in a movie, or we win the “Showcase Showdown” on the Price is Right. Regardless of the windfall, before you spend all the money, you should check with your accountant to make sure that your windfall doesn’t include with it some income tax consequences.
4) Live within a budget. If you haven’t already, you should sit down with your accountant and figure out how much is available to spend. It’s just that simple. Don’t spend what you don’t have. Moreover, don’t spend what you “expect” to have before you have it.
5) Always, and I mean always, have money set aside for emergencies. How much to set aside is really relative to your income and your annual expenses. Generally, you should set aside enough money to pay at least 6 to 12 months of living expenses. Now – keep in mind – setting aside doesn’t mean investing it in some crazy volatile investment where you might lose it all. That would defeat the purpose of the emergency fund. No – put it somewhere safe like in a certificate of deposit. This will make sure that you have the cash available in the unlikely event that you do receive an unexpected tax bill or need to be represented before the IRS in the case of an audit.
6) Have a plan B. Planning for the possibility of a life-changing event is never fun. Nevertheless, people need to face that these things happen. Things such as the death of a spouse, the loss of a career, or a disabling illness will affect your ability to meet your financial obligations. Therefore, you should sit down with your accountant and your attorney to discuss your “what if” plans. A plan “B” can be as simple as having a life insurance policy or indicating who will raise your children in the event of your death.
7) Be involved. Okay so a celebrity [like Nick Cage] might not have the time to be completely “in the know” about every financial dealing. But frankly, that’s too bad. Ultimately, the taxpayer is responsible for what is reported on his or her tax return. Consider this, you are signing your return under penalty of perjury. Therefore, handing off all of your financial information – for someone else to deal with without any personal oversight is a risky endeavor that just might cost you 6.2 million dollars and a tax lien on your house. Ouch!
Stacie's Tax Stuff 