Yearly Archives: 2014

Written By: Guy Schmitz, J.D., LL.M. Consider advising your clients that all transfers potentially have tax consequences.  Clients know that if they sell stock for a purchase price in excess of basis, there will be gain (assuming no offsetting losses).  They will recognize quickly (if you tell them) that the transfer of services for money […]

Written By: Guy Schmitz, J.D., LL.M.   Is there anything worse than the Congressional ritual of letting temporary provisions expire and then resuscitating them, nominally retroactively? While the members of Congress undoubtedly trumpet their extender legislation as an accomplishment to save these important tax benefits, the fact was that the taxes that affect decisions on […]

Written By: Guy Schmitz, J.D., LL.M. Amazon has agreed to start paying sales tax in Illinois in 2015 because it is opening distribution centers in Illinois.  This may not sound like it is worthy of a blog entry, but it is.  First we’ll cover the history and then the future, all intertwined with nexus and […]

By Jennifer Louis, CPA Generally accepted auditing standards require a direct linkage of assessed risks of material misstatement to the detailed audit plan. A thoughtful approach to this task can lead to more effective and efficient audits, and without one, over-auditing or under-auditing may result.   Imagine that you are at an all-you-can-eat buffet. As […]

Make Mornings a Little More Bearable Some people can naturally wake up with a spring in their step and be ready to tackle the day. Others, not so much. For those who have trouble bouncing out of bed with a spring in their step in the mornings, here are four things you can do to […]

Jennifer Louis is a Certified Public Accountant and Director of Audit Product Development for Surgent. She came to Surgent after many years working as an auditor in the accounting industry. Jennifer sat down with Surgent to share her experiences and her role at Surgent. Surgent Accounting (SA): How did you get started in accounting? Jennifer […]

Did you know an accountant invented bubble gum? In 1928, Walter Diemer invented the sweet and chewy stuff that keeps our mouths busy and our breath fresh. Pretty cool! Want to know more? Here are four more facts about accounting you might not already know.   Before they rocked Hollywood, they rocked accounting Stars like […]


Surgent founder and veteran CPE instructor Jack Surgent shares why he’s not afraid of filing Form 8275, and why you shouldn’t be either!

By Mike Tucker, CPA Everyone is concerned about gridlock in Washington; Nothing seems to get accomplished, including tax legislation. After the recent 2014 election, the Republicans now control the Senate as well as the House, which may mean that the gridlock continues. However, let’s look at the bright side. Newly elected members of Congress are […]

Successful CPA firms find a way to strike the right balance between performing a high quality audit and making a rate of return on the invested time. If one objective is given too much weight, over-auditing or under-auditing may result.  The following is a list of core competencies that an audit must be willing to […]