Young and midcareer CPAs are embracing fresh approaches and modern technology to build flourishing CAS practices.
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TOPICS / FIRM PRACTICE MANAGEMENT
Firm operations
IRS funding and a potential rise in malpractice claims
The Service’s beefed-up audit capabilities provided under the Inflation Reduction Act focus on large entities and high-income taxpayers, but others may also face more audit risk, also exposing CPA tax preparers to malpractice claims.
Risk management creates more soft landings
In part 2 of a two-part series exploring the basics of negligence and professional liability litigation, learn why CPAs should interpret risk management advice through the lens of how negligence is litigated.
Falling hurts; so does litigation
In the first part of a two-part series exploring the basics of negligence and professional liability litigation, find out why CPAs should interpret risk management advice through the lens of how negligence is litigated.
Time for a tax practice tune-up
Building on busy season’s lessons learned, CPAs can turn to optimizing performance going forward.
Navigating the patchwork of pay transparency laws
The patchwork of state and local laws regarding pay equity can create compliance challenges for CPA firms that employ remote workforces, recruit nationally, or expand their geographical footprint.
Do names matter? Risk and the use of ‘merger’ or ‘acquisition’
Referring to an acquisition as a merger can have a serious impact on successor liability and inadvertently cause your firm to take on liability for services rendered by the acquired firm pre-transaction.
Finance leaders have trust issues with their data
Almost 40% of CFOs in a global survey do not completely trust the accuracy of their organization’s financial data, and trust is even lower for finance leaders who are closer to the numbers.
Gen AI, business model transformation, and more with AICPA & CIMA CEO
The CEO of AICPA & CIMA explains how the move by private-equity investors into accounting is just one step in firm transformation and why a world “devoid of trust” needs accountants.
Oh BOI: The Corporate Transparency Act and CPA firms
The self-reporting requirements of the Corporate Transparency Act will affect many small and midsize businesses as well as sole practitioners — the bread-and-butter client base for most CPA firms. CPAs may face professional liability risk for a client’s noncompliance with the law, which includes new reporting requirements related to beneficial ownership information (BOI).
Tips for a better tax season
Practitioners should address tax provision changes and practice management issues.
QM is approaching faster than you think — get ready
Tips to catch up on implementing new quality management standards that firms offering audit and accounting services need to put into practice.
Generative AI and risks to CPA firms
Generative artificial intelligence platforms such as ChatGPT provide many opportunities for CPA firms, but there are also risks that should be considered before jumping in.
Navigating change
Becky Munson, CPA, Partner, Cloud Accounting Services, Eisner Advisory Group, LLC, talks about her experience spearheading the process of combining two CAS practices due to a firm merger.
MAP Survey shows firms on upward trajectory
Benchmarking study finds revenue and profit growth, also identifies areas where accounting practices could bolster their appeal for talent.
Leveraging advanced tech
Dean Sonderegger, Senior Vice President and General Manager Research & Learning, Wolters Kluwer Tax & Accounting North America, discusses how AI is transforming the accounting profession.
ESOP exploration: Can the ‘new’ ownership model age well?
As one of the nation’s largest CPA firms announces the formation of an employee stock ownership plan, the managing partner at a midsize firm entering its third decade as an ESOP shares some perspective.
Innovation for the modern accounting firm
Cathy Rowe, Vice President and Segment Leader, US Professional Market, Wolters Kluwer Tax & Accounting North America, discusses why innovation is critical to the modern accounting firm’s success.
Succession and practice continuation agreements
Entering into a practice continuation agreement with another CPA can help you plan and prepare for the unimaginable, giving you, your clients, and your next of kin some peace of mind.
Why accounting firms need a strong strategic plan
As accounting firms look to transform their business model to keep pace with marketplace and demographic changes, it is imperative that they have a written strategic plan. This article outlines the plan’s elements and explains their value.
Features
FROM THIS MONTH'S ISSUE
Drafting an AI policy that actually works
As AI use accelerates, many firms are discovering their policies haven’t kept pace. This article breaks down what CPAs and finance leaders should consider when drafting an AI policy that’s practical, flexible, and fit for real world use.
