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

Year-end tax planning and what’s new for 2016

Practitioners need to consider several tax planning opportunities to review with their clients before the end of the year. This report offers strategies for individuals and businesses, as well as recent federal tax law changes affecting this year’s tax returns.

QUIZ

News quiz: IRS warning on cyberattacks and a change in pension rules

Once again, the IRS sounds the alarm about a threat from cyberthieves. See how much you know about this and other recent news with this short quiz.

CHECKLIST

Bolster your data defenses

As you weather the dog days of summer, it’s a good time to make sure your cybersecurity structure can stand up to the heat of external and internal threats. Here are six steps to help shore up your systems.