By Vincent J. Love and Thomas R. Manisero This article explores the history and current risks for CPAs who offer services relating to “plain paper” financials. The profession was “burnt” once in 1136 Tenants’ Corp. v. Max Rothenberg & Co.; will commercial interests lead to cases being brought against CPAs if they perform “preparation services only” on financial data that later is proven to be materially misstated? Plain Paper Financial Statements
By Michael Cohn Published May 09 2017 In today’s firms, older CPAs often find themselves explaining to younger staff how they used to rely on technologies like fax machines and calculators, while trying to get up to speed on newer cloud technology as they compete with the Big Four firms for new graduates. A multi-generational group of accountants talked about the changes they are seeing during a panel discussion Tuesday hosted by the Accountants Club of America. Peter Frank, a partner at the New York firm Cornick Garber Sandler, reminisced about how he was one of the first accountants to use a PC in the early 1980s, advising some of…
By Michael Cohn Published May 03 2017 10 ways to delegate at your firm after busy season The difficulties accounting firms face in recruiting staff make it all the more crucial that they use the staff they have efficiently — and that means getting partners to delegate work. One reason that partners may not delegate is the reality that it’s still a shared task, according to an article in Harvard Business Review. Partners need to accept the role of teacher in order to delegate successfully. With two official busy seasons now in the spring and fall, BKR International offers 10 ways to plan ahead and improve the delegation process. See…
By – Jeff Thomson Published – May 05 2017 On May 6, we at the Institute of Management Accountants celebrate International Management Accounting Day to show appreciation for the accountants and financial professionals who do their part to enable ethically sound, value-driven organizations benefitting the public interest. Management accountants – or accountants who primarily work in business, industry and government – are vital to the financial health of organizations. They make critical decisions to create value, safeguard a company’s assets, and plan for business sustainability. From CFOs to controllers, budget analysts to accounting managers, they help drive an organization’s strategy and value in the face of intense competition, uncertain global…
By Edward Mendlowitz Published: April 03 2017 When I started my practice I tried to extend as many clients as I could. I figured this would ease tax season and spread the work out throughout the year. I found out this is not workable—for me. Now, we do whatever we can to get a return completed so it can be filed on time. While I address many issues, there are many legitimate reasons for extending returns and these are not what I am talking about here. My experience is the returns that were extended, no matter what our intentions, were not done until they had to get done. The reality…
By Vincent J. Love Do you want a CPA, or a CPA? That is, do you need a Certified Public Accountant (a governmentally licensed professional) or a Certified Professional Accountant? It may all depend on whether he or she is a member of the AICPA or the AICPA, or actually both organizations as an AICPA member is now automatically a member of the AICPA. These two organizations, the American Institute of Certified Public Accountants and the Association of International Certified Professional Accountants, are the result of AICPA members (that is, the public accountants) approving a proposal last year to revise its bylaws (the results were announced on June 18, 2016)….
By Patti Newcomer March 22 2017 Social media has become nearly ubiquitous in our daily lives. An overwhelming majority of us have a personal social media account on at least one social network, such as Facebook, Twitter, Instagram or LinkedIn. It’s becoming more common that accountants are using social media to try and grow their practice, but there are many small missteps and time-wasting activities that can be avoided with a little education. Maybe you’ve been experimenting with using your personal social media profile as to a tool to build your brand as an expert accountant or tax professional, or to generate leads, or to maintain client relationships. Doing this…
Web Events Smart Contracts: What Lies Ahead for Blockchain Please click here to sign up for this event Speakers: Amanda Wilkie Audio Webcast Blockchain, once synonymous with Bitcoin, has drawn billions of dollars in investments the past few years. As a result, new and transformative uses of the technology are quickly emerging in our industry. If you’re not familiar with blockchain, join us for an introduction to the technology poised to change the world as much as the internet changed the 1990s. If you’re already familiar with blockchain, you’ll learn the exciting developments that await just around the corner. Learning Objectives After attending this webcast, attendees will be able to:…
By Edward Mendlowitz Published March 06 2017 Here are some ways to save you and your tax practice some headaches this season. 1. I know you are busy getting corporate returns completed, but you should give priority to 1120S and 1065 returns where K-1s will be going to people that you do not prepare 1040s for. If these are not out by the middle of March, you will start getting calls from accountants and the participants looking for the K-1s since the client will tell them to call you. Make your life easier—give priority to returns that generate K-1s. 2. Do each extension as soon as you know a client…
Nicole Isaac March 6, 2017 Gender inequality in the workplace remains prominent, but there has been progress made in hiring women into leadership roles, according to LinkedIn data. On March 8th, LinkedIn will join the world in celebrating International Women’s Day. We are committed to creating a more gender-inclusive world, and believe that data can help us think critically about the current state of the professional gender gap, and how to close it. We analyzed millions of LinkedIn profiles to see the industries, job titles and countries where women are thriving, and to help identify barriers the global workforce still needs to overcome. Women leaders are on the rise globally…
