Issue #35 - Michael Eckstein Wants a Law Closing Tax Loophole Named After Him
An accountant's legacy, $1,000 in Yuri's bag + is the IRS having layoff remorse?
Welcome to "Get Work Done," where we discuss the complexities of efficiently running accounting and bookkeeping firms. Brought to you by Financial Cents and delivered to your inbox every 2 weeks.
Small Change, Big Results
Did you know that there are 11.3 million non-filers in the United States?
That’s not to mention over 15 million taxpayers with balances due. These numbers aren’t just statistics but a massive opportunity for tax professionals to step in and provide valuable services.
The first step to tapping into that opportunity is to shift from practice to business
When you’re running a practice, you’re likely doing most of the heavy lifting yourself.
You’re the one meeting clients, handling their cases, chasing payments, and putting out fires. While this might work for a while, it’s exhausting and unsustainable. Plus, it limits your growth because your income is tied directly to your time.
A business, on the other hand, operates independently of you. It’s a machine with systems, processes, and automation that do the work for you, or at least most of it.
In Eric Green’s words, “if you want to build a million dollar firm, you have to stop being the doer and start being the builder”
Imagine you’re preparing your practice to sell (even if you never intend to). What would make it more valuable to a potential buyer? The answer is almost always systems. Buyers don’t want to purchase a practice that’s completely reliant on the owner, they want a scalable, efficient operation that runs smoothly.
Community 🫶
The Bookkeeping Business Accelerator by Serena Shoup, CPA
What if you could skip over all that wasted time, confusion, and overwhelm, and instead jump straight into building a bookkeeping business you truly love?
This accelerator program is for experienced bookkeepers and accountants start & grow their own virtual bookkeeping businesses so they can create their ideal life. It's a small group coaching + mentoring program coupled with an online course that takes you through 3 simple phases to create the business of your dreams and serve your clients at your highest level.
The Modern Firm Challenge by Justine Lackey
If you are an ambitious bookkeeper or accountant who wants to make more money, work fewer hours, then come learn from an expert who built her firm from the ground up, alongside an amazing community of people just like you.
Industry powerhouse and dynamic digital educator Justine Lackey is bringing you The Modern Firm Challenge starting on September 15th, for free.
You’ll learn how to confidently charge premium rates, master workflows that keep clients thrilled, and market your services in a way that actually feels good. This isn’t theory, it’s how to hit six figures while working 20–30 hours a week.
If you’re ready to stop spinning your wheels and start burning rubber, join The Modern Firm Challenge and take the first step toward your most profitable year yet.
What's Your Firm's Flavour Stack?
We’ve partnered with top accounting tools, SmartVault, Relay, and Reach Reporting, and turned them into satisfying flavors your firm will actually enjoy using.
Meet: The Flavor Stack
From smoother workflows to clearer reports, every flavor fixes a part of your tech chaos.
What’s in the box:
🍫 Tools your firm will love
📦 A 5-minute quiz to find your perfect stack
💰 A shot at $1,000 to upgrade your tech tools
🍬 Bonus: random winners get chocolate. Real chocolate.
Ready to find your firm's flavour?
H🔥t today
IRS Backtracks on Layoff Plans
The Internal Revenue Service is reversing course on some of its wide-ranging job cuts after realizing they reduced the staff too drastically, Accounting Today reports.
The IRS sent a memo permitting employees to rescind their applications for its Deferred Resignation Program and Treasury Deferred Resignation Program, which offered incentives for voluntary buyouts to employees.
According to IRS records, 25,386 employees have separated, taken a voluntary buyout offer under one of the deferred resignation programs, or used some other incentive to leave. Another 294 employees were sent termination notices due to reduction-in-force actions. The separations hit particularly hard at employees in enforcement positions, with approximately 27% of tax examiners now separated, and 26% of revenue agents separated.
Another report released found out they also didn't follow its own internal procedures when terminating thousands of probationary employees nor consider their individual performance. The IRS now plans to bring back 400 revenue agents and 300 revenue officers who accepted the deferred resignation offer.
Meet the First Accountant to Win $1,000 on EP 06 of Who Wants to Be an Accounting Millionaire
The rules were the same. Ten questions. One accountant and a shot at $1,000.
This time, the theme was around entity structures; LLCs, S Corps, C Corps, questions that test not just your memory, but how well you actually understand what clients are (and aren’t) allowed to do.
Yuri broke down each question like a client case. What applies? What’s a trap? What’s technically true, but operationally risky? With every answer, you could see the years of practice and pattern recognition paying off.
When he hit Question 10, he didn’t hesitate. He answered, won $1,000 and made it look easy.
Want to see how he did it or test your entity structure IQ under pressure?
Watch Episode 06 now.
Swipe this workflow template
Swipe this S-Corp Onboarding Checklist Template by Veronica Ray.
Get more templates from firm owners like you in our community template library.
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Relatable?😀
Events
📍Master Your Month-End Close w/Dave Kersting - September 2, 2025 (Virtual)
The month-end close is one of the most important processes in accounting, but it doesn’t have to be overwhelming.
In this session, you'll learn how to manage varying tasks, perform reviews, and monitor quality assurance, all from one template. Whether you’re handling complex reconciliations or just looking to tighten up your month-end workflow, this session is designed to help you streamline, standardize, and close your books with confidence.
📍The 7-Step Client Experience That Keeps Firms Organized w/Nick Boscia, CPA - September 16, 2025 (Virtual)
Join Nick Boscia, CPA a firm owner and operations expert, for a practical, step-by-step walkthrough of how modern firms are redesigning their client experience from the ground up.
You’ll learn a proven 7-step framework to build a firm that runs smoother, communicates better, and keeps clients coming back.
Plus, you’ll see how SmartVault’s secure document storage and Financial Cents’ workflow and firm management tools work together to deliver a seamless experience your clients (and your team) will love.
📍 CPB Ignite 2025 – September 9 - 12, 2025 (Calgary)
CPB Ignite is where Canada's bookkeeping and accounting pros come to level up.
Hosted annually by the Certified Professional Bookkeepers of Canada, this event is all about learning, growing, and connecting with the best in the industry. From insightful sessions to hands-on workshops and networking that actually feels worth your time, it’s the go-to conference for bookkeepers who take their craft seriously.
The Financial Cents team will also be there, live and ready at Booth 101!
If you’re curious about improving your firm’s workflow, want a live demo, or just feel like geeking out over accounting systems, swing by and say hello. We’d love to meet you.
📍 Pre-Register For Workflowcon 2025 – November 11 - 12, 2025 (Virtual)
WorkflowCon 2025 is coming! 🤯
Last year, we had over 1500+ attendees who walked away with actionable strategies to scale their firm, and this time, we’re trading burnout for breathing room.
What you can expect:
✅ Proven strategies to tame workflow chaos
✅ Learn from the best in the accounting industry
✅ Tailored sessions for every firm size
✅ The return of the Workflow Awards
✅ Unveiling the 2025 FC Champions
Two days. One simple goal: clear the chaos and find your calm.
Pre-register now to get early access to the speaker lineup, agenda, and VIP perks.
Noteworthy
Michael Eckstein Isn't Scared to Say the Quiet Part Out Loud
There is a stereotype of the accountant. Grey suit. Careful smile. Careful words. Eckstein does not fit it. He credits an unconventional apprenticeship. “I left college and worked for my dad. Most people went to big firms where they’re told, this is professionalism. I never knew better,” he says. He talks to clients like a person and posts like a person. It is deliberate and effective.
“I’m very much a text-based ranter,” he says. “I don’t want to shower and dress up to rant on TikTok. By the time I’ve done that, the rant’s gone.” The frustration has evaporated. The moment has passed. But on LinkedIn? “LinkedIn doesn’t know it’s the same shirt I was wearing yesterday,”
Michael leaned into what he knew best: honesty, timing, and voice.
That combination has won him a dedicated following. The kind of loyal visibility that gets him speaking invites, new clients, podcast requests, and respect from peers who are quietly tired of pretending to love the rules.
Autopilot mode is good for planes but bad for your mindset
For most of the day, your brain is on autopilot, guiding you along your familiar drive home and throughout the daily routine you know so well, says psychotherapist and author Steven Stosny.
The “autopilot brain handles the grunt work,” he tells CNBC Make It, adding that it’s “impulsive” and driven by learned reactions and triggered by familiar situations and habits. On the other hand, your reflective brain uses reason and deep thinking to work through problems.
Though the autopilot brain uses far less energy, it does have its shortcomings.
That’s why, whether in a moment of frustration or of judgment toward another person, Stosny advises you turn to your reflective brain. That’s “the regulatory part of the brain,” he says, and “the part that calms you down when you’re upset, or revs you up if you’re feeling down.”
What Are Your Thoughts?
Share your POV in the comments.
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Until Next Time,