Selecting the successor for a retiring partner in an accounting firm can take on many forms. The decision can be made by an individual CPA or by the firm leadership. It can involve the transfer of clients, ownership, and/or responsibilities internally or the sale of ownership to an outside entity.
Advertisement
TOPICS
Information management and technology assurance
When is a partner “retired”?
When a longtime partner or employee retires from a CPA firm, a sense of loyalty often compels the existing partners to allow the individual to have a symbolic role at the firm. This can include a courtesy title, office space, and invitations to company soirees. While this may seem like
Let it slide
Q: Windows 8 lets me run a slideshow from the My Pictures folder, but is it possible to run a slideshow of pictures contained in my other folders (other than the My Pictures folder) as does Windows 7? A: In an effort to de-clutter the Windows 8 screens, Microsoft tucked
2013 tax software survey
In this year’s survey by the JofA and The Tax Adviser, more than 5,000 CPAs assessed the software they used to prepare 2012 tax returns. This year, tax preparers had to contend with a compressed filing season caused by late enactment of extender legislation in the American Taxpayer Relief Act
Not-so-obvious update procedure revealed
Q: I purchased an Apple iPad 2 two years ago with iOS 4.33 installed, and I now need to update the operating system because many of my current app updates require iOS 5.xx (or higher). In addition, I am unable to install newer apps that require iOS 5.xx (or higher).
2013 tax software survey: Individual product survey responses
In this year’s survey by the JofA and The Tax Adviser, more than 5,000 CPAs assessed the software they used to prepare 2012 tax returns. The survey was conducted in May 2013. Overall, respondents rated their software an average of 4.1 out of 5. Users of three products, Lacerte, ProSystem
Small business growing pains
Q: My small business client has a successful business but awful accounting records. He blames his accounting system, stating that “it doesn’t work right, and it constantly produces errors.” I realize that the true problem is he doesn’t know accounting, but how do I convey this criticism without upsetting or
The long goodbye
The best time for an accounting firm to start work on a succession plan is the day the firm is formed. Of course, most firms don’t do that. The question in many cases has become: “How quickly can I put together a succession plan and head into retirement?” The answer
Reader challenge: Test your Excel IQ
This month I am turning the tables; it’s your turn to face the challenge. A reader sent me the following Excel question, and I am submitting it to you for a chance to solve his problem: Q: I have created an Excel template in which we enter employee information and
Everything
Q: My computer contains several decades of Word documents scattered across many folders. Is there a quick way to produce a simple list of all of these documents that I can then sort in Word or Excel? A: I can think of at least three ways to accomplish this task,
Sample this!
Q: We frequently need to select samples of populations for test of transaction work when auditing or reviewing client financial data. Currently, each staff member uses his or her own sampling method, some of which seem to produce skewed results. We would like to deploy a consistent sampling method using
A breach of client data: Risks to CPA firms
You walk into your office on a Saturday morning during tax season to find a staff member waiting for you with sweaty palms and a look of terror on her face. She takes a while to get the words out, but you soon learn that she backed up some client
Make it rain
Q: I work with several massive Excel workbooks that contain large quantities of data consisting of many millions of rows, contained in multiple workbooks. As our data continues to grow, I find my current computer system to be inadequate. I need a computer that is not only powerful, but also
Three reasons finance should focus more on business intelligence
Many organizations recognize the value in harvesting data, whether the information is about customers’ buying habits or workers’ performance measures. But some of those companies haven’t been able to tap into the full potential of business intelligence, i.e., getting the right information from the data to make better business decisions.
Ernst & Young becomes EY as new leader takes helm
Ernst & Young has a new brand name, EY, and a new leader, Mark Weinberger. Weinberger, 51, officially became EY’s global chairman and CEO on Monday, the firm said in a news release. He replaced Jim Turley, who retired after 12 years as the firm’s chair and CEO. Weinberger’s previous leadership
Is this client the right fit for your firm?
A contentious divorce. Clients who want to file delinquent tax returns. The new client who represented himself as an upstanding businessman but has been indicted—for the third time. After malpractice claims are resolved, CPAs often say, “I never should have taken this client.” But there is a way to help
A large problem
Q: Each day I export a list of outstanding accounts receivable balances consisting of several thousand customers, and it is my job to produce a report containing the customers with the 25 highest outstanding balances for follow-up. As illustrated below, the problem is that the accounting system produces a list
Mergers emerge as dominant trend
Powerful forces are transforming the accounting profession in the United States. The Baby Boomers are heading into their retirement years. Baby Boomer CPAs are in charge of most U.S. accounting firms. And most U.S. accounting firms don’t have a signed succession or practice-continuation plan in place. These realities are rewriting
How to open new doors by closing your office
Virtually no one who has leased office space has enjoyed writing that rent check every month. It might have been satisfying at first, when the firm or company was young and having an office was a sign of progress, but watching money go into a landlord’s pocket inevitably gets old. Still, the
A bit confusing
Q: When installing Office 2013 on my 64-bit computer running a 64-bit operating system, the Microsoft installation routine recommends installing the 32-bit version of Office 2013, but it also provides the 64-bit option of Office 2013, which seems to be the more obvious option. Which do you recommend and why?
Features
FROM THIS MONTH'S ISSUE
How to set up an effective internship program
Learn how firms can recruit stronger interns and build robust on-ramps for talent by following five recommendations.
From The Tax Adviser
July 31, 2026
Current developments in S corporations
July 31, 2026
