ARTICLES

Client Portals

by Richard E. Bingaman, CPA
October 2015

Internet portal solutions have evolved quite rapidly over the past decade in their
functionality, appearance and security safeguards. Today these portal solutions offer tremendous ease with implementation in our public accounting practices due to subscription based licensing and instant Internet access to the platform by the firm and the client. Use of an Internet portal significantly increases the efficiency and security of interactions with clients in exchanging information and documents while providing the firm with a competitive advantage to other firms.

Productive Wellness

by Richard E. Bingaman, CPA
December 2014

Our profession is riddled with looming deadlines that must be met without fail. These deadlines can cause stress that hinders our productivity, health and endeavors to be successful in our careers. To reduce these stresses, we often seek to improve our productivity at every turn by implementing better processes, technology and staff talent. How do we attain a higher level of productivity that allows us to achieve greater success without sacrificing our health?

How Does Technology Impact Our Client Relationships?

by Richard E. Bingaman, CPA
October 2013

It’s not difficult for many of us to remember when Excel spreadsheets didn’t exist, tax returns were a result of entering data on computer cards and every document received from a client was dropped off at our front desk by the client or the mail carrier. Fast forward 25-30 years to today and look around. We are now accessing client information including tax returns, financial statements and various documents on electronic devices that are the size of our wallets. We are also communicating in multiple ways with clients on those very same portable devices.

This article is not intended to provide an update on what’s “hot” and tips on how to find the “latest and greatest.” I’m not even going to drone on about how to keep our businesses on the “bleeding” edge of technology that is driving our fast-moving and ever-evolving society and profession. This commentary is only meant to evoke thought in our community as it relates to understanding how technology impacts the most important aspect of our business as a CPA in public accounting, the client relationship.

Demystifying Self-Directed IRAs and 401K Plans?

by Richard E. Bingaman, CPA
December 2012

In 1974, Congress passed the Employee Retirement Income Security Act (ERISA) making IRA, 401(k) and other retirement plans possible. The regulations created by the Act did not specify a list of allowable assets for investments, rather it specified a very short list of exclusions: collectibles and life insurance (IRS Code Sec. 401 IRC 408(a)(3).

Therefore, stocks, bonds and mutual funds are not the only assets a retirement plan is allowed to invest in which may be contrary to what most investment and retirement advisors may be telling you. Other allowable investments include, but are not limited to, real estate, loans and notes, private company stock and precious metals.

A New Alternative for Investing
To move outside the stock market for the allowable investments, special types of retirement plans are required. That is where the Self-Directed Individual Retirement Account (IRA) and Self-Administered Solo 401(k) plan come in. There are retirement plan professionals that specialize in setting up these plans in accordance with applicable laws, rules and regulations as established by the Congress of the United States, the Department of Labor and the Internal Revenue Service.