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Inside Views

  • On Your Marks …

    December 26, 2014

    So, what are you forgetting about preparing for next season?

  • Audit, the Last Line of Defense

    December 24, 2014

    Internal audit as a line of defense against inappropriate levels of risk is a time-honored concept in the U.K., South Africa and Australia that is now becoming a popular paradigm in the U.S.

  • The Virtues of Mandatory Audit Rotation

    December 23, 2014

    In early 2014, the Public Company Accounting Oversight Board in the U.S. announced that it was officially abandoning its pursuit of mandatory audit rotation—the somewhat controversial practice that requires publicly traded companies to change their auditor after a designated number of years.

  • Small Business Tax Considerations for Year-End 2014

    December 22, 2014

    And so it begins, the time of year when you’re likely to get inundated with appointment requests and phone calls from your small business clients, looking for advice to help them save money and protect them from potential IRS penalties as they close out the books for 2014.

  • Art of Accounting: Value-Added Benefits of Our Services

    December 22, 2014

    As a follow-up to last week’s column, here are some value-added benefits to consider when performing obligatory services such as an audit or tax return, or any work for a client.

  • Accountants Targeted in Wave of Wire Transfer Scams

    December 18, 2014

    In the past few months there has been a significant increase in the frequency of wire transfer scam attacks against accounting firms, according to Rickard Jorgensen, president of Jorgensen & Company, with more than a dozen CPA firms successfully targeted.

  • Dealing with Faulty IRA Trusts

    December 17, 2014

    Naming a trust as an IRA beneficiary may offer many benefits. If drafted properly, a trust can protect the account from creditors and reduce the risk that money will be mishandled.

  • Art of Accounting: Pricing by the Hour

    December 16, 2014

    When I was starting out I read a number of books by master salesman Elmer Wheeler, who said, among many other things, “Sell the sizzle, not the steak.” This left me with thoughts of always telling clients, or whoever I interacted with, about the value and benefits of dealing with me while de-emphasizing the cost.

  • Golden Parachute Payments in the Tax Code

    December 15, 2014

    Companies planning for a merger or acquisition have various issues to consider as they prepare for the transaction. One of the issues is golden parachutes.

  • New Year’s Resolutions for Healthier Accounting Firm Growth

    December 12, 2014

    If you intended to start a new health regimen after the first of the year, you would start planning for the change, right? Maybe you’d research gym memberships or look into the cost of joining a programmed diet. Perhaps you’d start reading motivational articles to psych yourself up for the new commitment. At a minimum, you’d stock your pantry with healthy food choices or begin making a list for the grocery store.

  • Eggnog, Mistletoe and Taxes

    December 11, 2014

    With the advent of the holiday season, now may be just the time to market yourself and your staff to potential clients, according to Chuck McCabe, president and chief executive of Peoples Income Tax and The Income Tax School.

  • Yes, Your Realization Rate Can Be Over 85 Percent!

    December 9, 2014

    The other day I spent an hour drafting a long email detailing out the errors I picked up on in a client’s balance sheet.

  • Art of Accounting: Things Change

    December 8, 2014

    Innovation requires change, and many of us resist or are reluctant to change. But hopefully not me.

  • How Tax Accountants Can Provide Valuation Services

    December 5, 2014

    For some accountants, tax and audit services are attractive for the recurring revenue streams and steady client base they provide.

  • Things to Tell Your Small Business Clients for Year-End Tax Planning

    December 4, 2014

    While the traditional end-of-year tax tip checklist contains such tried and true suggestions as defer income and accelerate deductions, there are a number of other steps Tom Wheelwright takes in advising his small business clients.

  • Sustainability: How CPAs Can Benefit

    December 3, 2014

    Sustainability, eco-friendly business models, and the continuing integration of environmental matters into business operations is a hot topic of conversation and debate in business media.

  • Art of Accounting: How an Out-of-Work Tax Preparer Saved Our Lives

    December 1, 2014

    A number of years ago we purchased a practice in late February to get the business clients. However, we had to agree to service the individual tax clients, of whom there were about 180, with each paying a very low fee. The seller did not want to hang up his long-time clients.

  • Gift-Giving Facts Every Financial Advisor Should Know

    November 26, 2014

    With the holidays upon us and tax season almost here, now is the perfect time to check in with your clients to discuss their gift-giving plans for the rest of the year.

  • Uncertain Future for Expired Tax Provisions and Limited Time Remaining for Lame Duck Action

    November 25, 2014

    With only a few days remaining on Congress's 2014 legislative calendar, there is still no clear answer for whether and how Congress will deal with the nearly 60 "extender" tax provisions—the temporary provisions that have been routinely extended on a one- or two-year basis but were allowed to expire at the end of 2013.

  • Art of Accounting: Getting by Giving Back

    November 24, 2014

    I had lunch recently with a colleague who was surprised when I mentioned that I helped another accountant with a problem and “did not charge him.”

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