Special to the Journal of Accountancy
Every business model and strategy eventually go stale—and in our fast-forward economy, strategies reach their “sell-by” date faster than ever. Do you have the guts to take a hammer to your own business model—before someone else does it for you?
Consulting / Practice Management
Business coaching is a hybrid professional and personal service that combines elements of career consulting and psychotherapy. Some CPAs who are coaches think the niche could be an opportunity to break out of traditional compliance-type services.
Insurance Issues
With more CPA firms setting up insurance practices, it’s important they choose the right partner to maximize client service—and firm profits.
Fraud
As a CPA, have you ever suspected that a client was lying? Though we don’t want to think of that possibility, it sometimes happens. Know how to recognize the classic signs of deception.
Professional Issues
Consulting / Practice Management
Outsourcing is a tool for day-to-day management of intermediate business processes—accounting, human resources or even CFO functions—that has gained wide acceptance. This article offers guidance to firms planning to establish or expand outsourcing services.
Tax
Executives of charitable organizations who are overpaid by IRS standards could face heavy penalties. New regulations offer some safe harbors but also signal increased enforcement.
Government
The new financial reporting model requires government-wide statements, which will provide unprecedented insight into the finances of state and local governments. Auditors advise planning early for implementation.
Auditing / Banking
Banking regulators have a legitimate interest in examining auditors’ workpapers. Parties on both sides of the table are working to address confidentiality issues and regulatory requirements.
Tax
In times of economic trouble, taxpayers who own and operate sole proprietorships, partnerships and similar entities may experience net operating losses. Gaining the maximum tax benefit involves careful attention to the rules.
Financial Services / Management Accounting
CPAs who implement accounting policy at corporations have a complex role and deal with many constituents. A director of accounting standards at a global financial services company offers insight into working with regulators, auditors and internal customers.
Technology Workshop
Conditional formatting turns any spreadsheet into a search tool and an alarm—helping you analyze even the most complex data.
Tax