Practice Management


According to the 2004 National Management of an Accounting Practice (MAP) survey—conducted by Practice Management for CPA Success (PCPS): the AICPA Alliance for CPA Firms and the Texas Society of CPAs—local and regional firms across the nation reported revenue growth, salary increases and expansion of core services in 2004 and are optimistic about their business prospects for 2005. Revenue grew at least 10% for nearly one-third of the more than 2,000 firms responding, and 14% said it had increased by more than 20%. As in the 2003 survey, firms’ leading income sources were tax services (48.5%), compilations (12.5%) and write-ups and data processing (12%). Richard J. Caturano, PCPS Executive Committee chair, said, “This year’s survey results confirm what we’ve heard anecdotally—that local and regional CPA firms are thriving in the current business environment.” The survey also found some practitioners hadn’t adequately planned for the sale or transfer of their practices upon their retirement. (A recent JofA article offered advice on how to approach this challenge: See “Succession-Planning Dos and Don’ts,” JofA , Feb.05, page 47; www.aicpa.org/pubs/jofa/feb2005/dennis.htm )

The survey results are available for a fee (no charge to PCPS members) at www.pcps.org/member/national_results_nm1112.html , where information on PCPS membership can be obtained.

SPONSORED REPORT

How to make the most of a negotiation

Negotiators are made, not born. In this sponsored report, we cover strategies and tactics to help you head into 2017 ready to take on business deals, salary discussions and more.

VIDEO

Will the Affordable Care Act be repealed?

The results of the 2016 presidential election are likely to have a big impact on federal tax policy in the coming years. Eddie Adkins, CPA, a partner in the Washington National Tax Office at Grant Thornton, discusses what parts of the ACA might survive the repeal of most of the law.

QUIZ

News quiz: Scam email plagues tax professionals—again

Even as the IRS reported on success in reducing tax return identity theft in the 2016 season, the Service also warned tax professionals about yet another email phishing scam. See how much you know about recent news with this short quiz.