How Personal Financial Planning Complements CPA Practices Adding personal financial planning services can help CPA firms build stronger bonds with clients and open up opportunities for referrals, writes Stuart Kessler, CPA, PFS. He shares several techniques that can help your PFP practice, beginning with helping clients feel relaxed and comfortable during initial meetings. CPAs who are interested in adding PFP services to their firm can access this roadmap developed by the AICPA Personal Financial Planning Division. To read the full article in The CPA Journal, click: Why Financial Planning Makes Sense for CPAs.
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Practices usually associated with startups have helped these seven employers of CPAs establish welcoming cultures and retain employees. From virtual workplaces to vacation stipends to having employees set their own hours, these innovative practices are helping employers drive productivity. Lea Hart, AICPA associate editor, explains. To read the full article in the Journal of Accountancy, click: Innovation Showcase: CPA Employers on the Cutting Edge.
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Negotiating, Structuring, and Reaping the Reward The authors share their views on what business owners should consider doing in anticipation of selling their business. The authors also share structuring considerations to close the transaction and reap the reward.
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Recruiters from large firms, including the Big Four, reveal what skills and competencies they look for in new hires. Sarah Ovaska-Few discusses these tips. To read the full article in AICPA, click: What Large Firms Expect From New Accounting Grads.
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By developing expertise in a new practice area, a CPA can increase income and become a more well-rounded professional. Robert M. Caplan, CPA, shares his helpful insights on how to help you and your practice. To read the full article in The Tax Adviser, click: How to Add a New Specialty to Your Practice.
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Retired CPAs Share Retirement Advice The transition into retirement can be challenging for CPAs who have grown accustomed to the daily routine and demands associated with the accounting profession. Maria L. Murphy, freelance writer, discusses seven tips from accountants who have successfully transitioned for making the most of life after work. To read the full article in the Journal of Accountancy, click: Retirement Tips from Retired CPAs.
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One Way to Address Succession Issues With leaders from the baby-boom generation retiring, the CPA profession is looking for new leaders to step forward. This has increased the urgency around retaining and developing women in leadership positions in the profession. Ken Tysiac, JofA editorial director, reports. To read the full article in the Journal of Accountancy, click: Succession Issues Likely to Fuel Urgency Around Retention of Women CPAs.
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Forum Discusses Future State of the IRS Nina Olson, the national taxpayer advocate, heard from tax practitioners and taxpayer groups on how the Internal Revenue Service can modernize its taxpayer services. Troy Lewis, chair of the AICPA’s Tax Executive Committee, called for better training and technology and IRS cooperation with stakeholders. Ann Marie Maloney, AICPA communications manager, reports. To read the full article in the Journal of Accountancy, click: IRS Future State is Not a One Size Fits All.
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Advising Your Business-Owner Clients on Transitions As baby boomer entrepreneurs move toward retirement, their advisers should ask a series of questions about their financial and emotional states to help them plan their exit strategies. Patricia M. Annino, JD, suggests, among other things, advisers should ask about how quickly clients want to sell, how the sale will affect their families, and whether they want to keep working in the business after the deal is finalized. To read the full article in the Journal of Accountancy, click: Key Questions to Ask the Family Business Owner who Plans to Sell.
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Getting Your Groove Back After Tax Season The adrenaline rush is over, the returns are filed and vacation beckons. However, post-busy-season blues may creep in, observes Cari Weston, CPA, director of the AICPA’s Tax Practice & Ethics Team and a former tax practice owner. She offers ways you can learn from the past season to move your practice forward and celebrate being a tax practitioner. Want to expand your practice beyond preparing tax returns? Consider broadening your scope to incorporate financial planning. To read the full article in AICPA Insights, click: Tax Season Wrap Up.
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Articulate Your Value to Business Clients Seeking Startup Financing Share this brochure and accompanying checklist, “Guide to Acquiring Startup Financing” with your clients as they explore options for securing capital, and help them understand how a CPA can assist. These tools plus a PowerPoint presentation, part of the CPA Marketing Toolkit for Small Business, outline the required steps small businesses must take to obtain additional funding. To read the full article at AICPA, click: CPA Marketing Toolkit for Small Business.
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Proposal Seeks Consistency in CPE Credit Increments The AICPA and the National Association of State Boards of Accountancy issued an amended proposal to create consistency in the increments of continuing professional education credits that CPAs can earn through various methods of instruction. Interested parties are encouraged to comment on the exposure draft by April 30. Ken Tysiac, JofA editorial director, explains the proposal. To read the full article in the Journal of Accountancy, click: Proposal Aims for Uniformity in CPE Credit Increments.
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The Emergence of the Transitional Support Advisor Following a divorce, how does a financially naïve former spouse transition to become a financially independent former spouse? In this article, the author discusses what is a Transitional Support Expert and that professional’s role in a dissolution proceeding and following entry of the decree.
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Help Your Small-Business Clients Create a System for Record Keeping Good record-keeping preparation and planning can give clients a better handle on their overall financial position, make tax preparation easier, and create operational efficiencies throughout their businesses. A helpful record-keeping brochure and PowerPoint presentation can help you educate your small-business clients. To download the brochure and presentation, click: CPA Marketing Toolkit for Small Business.
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Offering your clients specialized services—personal financial planning, IT specialization, and fraud and forensic accounting, among others—can help set you apart in today’s competitive CPA marketplace. Mark Koziel, CPA, CGMA, Vice President, Firm Services & Global Alliances, American Institute of CPAs, discusses how finding your niche can help you and your clients. To read the full article in AICPA Insights, click: AICPA Insights.
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IRS will Provide Tax ID Victims Copies of Fraudulent Returns The Internal Revenue Service announced procedures for victims of tax ID theft or their authorized representative to request copies of bogus returns filed by identity thieves. This change of policy will allow identity theft victims to better assess what personal information was compromised and how it was used. Paul Bonner, JofA senior editor, discusses the IRS posting instructions for requesting the returns and explaining the circumstances under which they will be disclosed. To find out more on this Journal of Accountancy article, click: Tax ID Theft Victims may Obtain Copies…
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Get Top Value When Selling an Accounting Firm Avoiding these seven key misconceptions can help you avoid getting less than your firm is worth. Harry L. Olson, president of Accounting Broker Acquisition Group Inc., discusses the misconceptions and what pitfalls to look out for. To find out more about this Journal of Accountancy article, click: Maximize Proceeds in Accounting Firm Sales.
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Are you covered for data breaches? The skinny on cyber liability insurance Finding out that clients’ data was stolen or accessed would be a nightmare for any CPA. To make it worse, the recovery costs may not be entirely covered by standard insurance policies. Valrie Chambers, CPA, explores cyber liability insurance and offers key points to consider as filing season approaches. To find out more on this AICPA article, click: AICPA Insights.
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The Opportunity for Value Growth Services How can one differentiate oneself? Scale production or services? Whether you’re an M&A advisor, a business valuator, a CPA, a transition planner, or a turnaround consultant, you would probably be very successful if you could consistently execute this simple growth strategy. For most people, the challenges of differentiating and scaling often seem to prevent success. However, once you know the secret to differentiating, landing the highly profitable new client becomes exponentially easier. In this article, Kenneth Sanginario shares his views on how to unlock client value and unleash firm growth.
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Guidance on How to Calculate the Built-in Capital Gains Tax?! Estate of Richmond is well known among experienced valuation professionals for at least two reasons. First, the U.S. Tax Court was critical of the experts’ lack of credentials and the fact that the estate submitted an unsigned, marked-up report with the 706. Second, the U.S. Tax Court did not allow a 100 percent BICG tax reduction. Rather, the Court provided guidance regarding the extent of the BICG deduction. The author, an experienced valuation advisor, shares his views on both of these issues.