In the News: CPA Award Season

AwardEach year, the AICPA honors our members and other key stakeholders for their contributions to the accounting profession.

In this post, I’ve highlighted a number of recent awards and the impressive contributions of those who have earned them.

Michigan Governor Rick Snyder, CPA, was honored with the Outstanding CPA in Government Impact Award: State Level. The award recognizes CPAs working in state government who have contributed significantly to increased efficiency and effectiveness of government organizations and to the growth and enhancement of the CPA profession.

To lessen the financial difficulties Michigan was going through, Governor Snyder infused his administration with a sense of urgency, saying he wanted to accomplish four years of policy reforms in his first year and then maintain that pace. Under Governor Snyder's leadership, Michigan has eliminated its $1.5 billion structural deficit and produced three balanced budgets. Read more in this CPA Practice Advisor article.

Continue reading "In the News: CPA Award Season" »

Want an Accounting Internship? 4 Steps to Remember

Internship-interviewAs public accounting is a competitive industry, CPA firms have the luxury of being selective and only hiring the best and brightest. Many firms host early identification programs, which typically take place in the summer and are geared toward freshman, sophomore and junior accounting majors working toward 150 credits. Most firms call them “leadership programs.” These programs typically last one to three days and serve to build relationships early with the top students and hire as interns and then into full-time hires.

So, how can students participate? 

Continue reading "Want an Accounting Internship? 4 Steps to Remember" »

How to Be a Collaborator

Indira Gandhi is elected as the first female P...Indira Gandhi is elected as the first female Prime Minister of India (Photo credit: Wikipedia)

Indira Gandhi once said, “I suppose that leadership at one time meant muscle; but today it means getting along with people.”

Despite being the first female Prime Minister of India and an extremely influential figure in world history, those close to Gandhi say she felt uncomfortable around educated people because of her own lack of schooling. Despite her persona as a commander, she constantly had to pull from her inner strength and circle of confidants to establish herself outwardly as a leader.

What I draw from this is that leadership and role-modeling in any situation means action, not position. How friends, colleagues, and others perceive us should be centered in our ability to gather the appropriate input to make sound decisions, rather than our need to rely on where we fall in the relationship. However, because of the role modeling we’ve experienced and become conditioned to throughout our lives, many of us think we have to emulate the role of the leader—always decisive and always in control.

If I’m not perceived as a leader and enter into a collaborative situation, I may come across as weak. While that may be the general belief, is it accurate?

Continue reading "How to Be a Collaborator" »

3 Tools for Improving Efficiency and Effectiveness

Three-toolsThe nature of the finance function is evolving and combined with the business environment being highly volatile, uncertain, complex and ambiguous, the need for an agile and robust finance function is all the more critical for business success.

How finance takes on this broader role in serving the business in the future has implications for the types of skills needed and the development of those skills. Management accountants can get an in-depth look at these skills, and assess where they stand by using the CGMA Competency Framework. The framework is designed for CGMA designation holders, but is unlocked on CGMA.org and available for download and use by all finance professionals, their employers, HR professionals and educators.

Continue reading "3 Tools for Improving Efficiency and Effectiveness" »

Finding Plain English Answers on Employee Benefit Plan Audits

If you are a CPA who audits employee benefit plans, you understand how complex they can be. You know how critical it is to make certain that you and your staff have all of the knowledge and resources you need to perform quality audits in this area. Luckily, the AICPA has several resources available to assist members in performing EBP audits.

One such resource is the Center for Plain English Accounting. I am the director of the newly launched CPEA, the AICPA’s national A&A resource center for Private Companies Practice Section member firms. Members can submit written questions to the CPEA and receive written responses and gain access to reports, alerts and webinars on A&A topics including EBP, revenue recognition and Private Company Council accounting alternatives. Watch the video below for more information on CPEA.

Continue reading "Finding Plain English Answers on Employee Benefit Plan Audits" »

5 Advantages of Completing the National MAP Survey

Survey-groupI often meet CPAs who are committed to enhancing their practices but are missing crucial intelligence that would allow them to benchmark their results against those of similar firms. If you could use thorough and meaningful data on how you compare with the competition, but you’re not sure how to get it, the AICPA PCPS/TSCPA National MAP Survey is your answer. The profession’s premier benchmarking study, which remains in the field until July 31, the National MAP Survey, offers participating CPAs a comprehensive platform to perform a personalized diagnostic review of their firm every two years, deriving important takeaways. The new dynamic reporting options make it easy to download reports in a variety of modes, including Excel, PowerPoint and PDF files, based on each firm’s needs.

Here are five reasons to participate:

Continue reading "5 Advantages of Completing the National MAP Survey" »

In the News: Role of Finance Function Expands as Business Complexity Increases

CGMA Logo The role of finance teams is expanding well      beyond traditional accounting and financial  reporting to encompass areas such as IT  development, cyber security and strategic  business planning. That’s according to a recent survey of CEOs, CFOs and other senior level Chartered Global Management Accountant designation holders. In addition to growth in the role of accounting and finance, the survey - conducted by the AICPA - found that business complexity has been increasing significantly, a trend that is expected to continue in the coming years. 

Continue reading "In the News: Role of Finance Function Expands as Business Complexity Increases" »

How the IRS Revamped Tax-Exempt Applications

One-way-new-wayWith a new leadership team in place, the Internal Revenue Service Exempt Organizations Division has swiftly come together to introduce a shorter and easier application form (Form 1023-EZ, Streamlined Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code) for organizations seeking section 501(c)(3) tax-exempt status. The IRS estimates up to 70% of all applicants will qualify to use the new streamlined approach.

Prior to the form’s July release, Tamera Ripperda, IRS Exempt Organizations Division’s newly appointed director, shared insights with CPAs at the AICPA Not-For-Profit Industry Conference and explained the significant role the simplified form will play in the new IRS transition process her team has internally dubbed: “Moving Exempt Organizations Forward.” 

Continue reading "How the IRS Revamped Tax-Exempt Applications" »

7 Keys to a Successful Blog

TypingWe’re halfway through the year and while there are many areas you can focus on to further develop your CPA practice, now is a great time to think about how you’re marketing your firm. It’s natural to think that effective marketing requires a commitment of extensive resources, but that isn’t necessarily true. A corporate blog is a marketing vehicle that can be managed by your existing staff.

A blog offers many opportunities: it allows you to demonstrate the expertise of you and your staff; it lets you showcase your values as a firm and convey your firm’s personality so you can attract the “right” clients; it allows you to answer frequently- asked questions and introduce potential clients to your staff. Another big advantage of blogging is that it can help your firm rank higher in search engine results.

Continue reading "7 Keys to a Successful Blog" »

Bitcoin: Mystery Currency or Real Money?

Bitcoin Wallpaper (2560x1600)

No matter what you might have heard about the risks and long-term value of bitcoin, chances are good that your clients and employers will want to know more about how the adoption and use of digital currencies as a means of commerce may affect the way they do business.

Although bitcoin is still very much in its infancy, its impact should not be underestimated or ignored just because it is new and somewhat mysterious. Described by bitcoin.org as “a consensus network that enables a new payment system and a completely digital money,” bitcoin is not the only digital currency in today’s market. In fact, according to Coinmarketcap.com, there are 303 digital currencies in at least 637 markets, with trendy names such as “Litecoin,” and “Darkcoin.”

Continue reading "Bitcoin: Mystery Currency or Real Money?" »

Walk the Talk and Break the Desk-bound Habit

Wood-bridgeChocolate is actually good for us? A glass of red wine per the doctor’s orders? These are just a few examples of seemingly incompatible matches that come together to deliver the most unexpected benefits. Balancing work commitments and a lifestyle that builds a healthy mind and body can be surprisingly symbiotic.  

There’s no shortage of research reports and studies advising us of the need to exercise regularly.  On the other hand, job responsibilities continue to broaden due to higher performance standards and greater unpredictability in the marketplace.

Continue reading "Walk the Talk and Break the Desk-bound Habit" »

Staying Ahead of the ATRA and NIIT Curve

Financial-planning-consultationDue to the American Taxpayer Relief Act of 2012 and the net investment income tax, many clients have no doubt experienced the impact of the new multi-layered tax environment. According to a panel of leading CPA financial planners, clients ranging from those with high net worth to those with middle income were shocked to be hit with the NIIT and higher tax rates this tax season, and have been receptive to proactive planning to mitigate in future years.

Consequently, 2014 is the year to sit down with your clients and provide proactive guidance, education, planning and expertise. Here are a few helpful tips from our panel of experts to help you do that.

Continue reading "Staying Ahead of the ATRA and NIIT Curve" »

5 Scenarios Where Proper Workplace Decorum is Essential

WorkingWhile workplaces have become increasingly less formal and more business transactions are taking place outside traditional office settings, the line that separates business from personal can blur. It is important to maintain a certain level of workplace decorum, whether you are in the office or out at an office mixer. Be sure to observe the following pointers, which address a variety of scenarios:

  • In-person meetings. How you conduct yourself during an in-person meeting will leave a lasting impression on your boss and colleagues.
    • Be considerate of others’ time and communicate the purpose, duration and the items for discussion in advance. Thank attendees for their participation, and demonstrate your appreciation by promptly circulating a recap or minutes that document their contribution.
    • Don’t monopolize the conversation. Ensure that everyone has had a chance to speak their mind before ending the meeting.
    • Never assign an action item to someone not present until you have had an opportunity to negotiate it with them.
    • If you are attending another person's meeting, be respectful and resist the urge to multi-task. If you are waiting for an important phone call, turn your phone to vibrate or silent, and excuse yourself before answering. Otherwise, turn your devices off.

Continue reading "5 Scenarios Where Proper Workplace Decorum is Essential" »

Time to Clean House with Asset Retirement

TimeRegardless of the size of your business, somebody should be responsible for maintaining your company's fixed asset or depreciation schedule. Since in most cases this is not a full-time job, it may be neglected. Updating accounting records is unavoidable for most of us. However, many of us are incredibly busy. Who has time to pull out a fixed asset list - just to make an addition? If your company is large enough to employ an asset manager, you may be up to speed with fixed assets. If not, who is responsible for managing this schedule and do they have the information they need? New tax regulations that went into effect Jan. 1 allow organizations to go back and write off those assets on the books that are long gone. The regulations even allow for partial dispositions of "units of property" that previously were not permitted.

Continue reading "Time to Clean House with Asset Retirement" »

12 Revenue Recognition Concerns

BridgeMany preparers and practitioners have been anxiously awaiting the new, converged revenue recognition standard for quite some time. The standard was released by the Financial Accounting Standards Board and the International Accounting Standards Board on May 28. How can we prepare for a smooth transition to the new standard? What major changes will we encounter as we begin implementing it? The new standard is principle-based, which is a big shift from the industry-specific guidance we have today. In preparation for this change in approach, the AICPA has established 16 industry task forces which are developing a new accounting guide containing helpful tips and illustrative examples for applying the new revenue recognition standard.

As the co-chairs of the Construction Contractors Revenue Recognition Task Force, we have been thinking about our major implementation issues for a while now. Here are our top 12 concerns so far.

Continue reading "12 Revenue Recognition Concerns" »

3 Tips to Practicing Good Business Etiquette

Business-relationshipIn an ideal world, we would all be judged on merit, and managers, co-workers and clients would take the time to get to know us before formulating an opinion. Unfortunately, in the time-crunched real world, we don’t always have that luxury. People often make flash assessments based on limited interactions, or piece together opinions about our ability and professionalism from disparate impressions gleaned from superficial encounters. Alas, when it comes to others’ perceptions of us, the devil is in the details, providing us limitless opportunities to make a bad impression.

That’s where etiquette can help. Whether you are collaborating with co-workers, schmoozing potential clients or trying to impress the boss, relationships are critical to your career success. The diversity of the modern workplace and the hurried pace of business provides ample room for social missteps, but adhering to the basic tenants of business etiquette can insulate you from the most egregious offenses.

Continue reading "3 Tips to Practicing Good Business Etiquette" »

Time to Change the De Minimis Amount for Tangible Property?

FeedbackSince the release of the final tangible property regulations, practitioners and taxpayers have shared numerous concerns about their complexity and administrative burden.  One of the most common complaints is the de minimis safe harbor election. 

The de minimis safe harbor provision, if elected, allows a taxpayer to immediately deduct amounts paid to acquire, produce or improve tangible property and gives the taxpayer additional protection from future Internal Revenue Service examination adjustments.  The safe harbor provision has two separate thresholds ($500 for taxpayers without an applicable financial statement and $5,000 for taxpayers with an AFS).  A certified audited financial statement is considered an AFS but reviewed or compiled financial statements are not.    

Continue reading "Time to Change the De Minimis Amount for Tangible Property?" »

4 Tips for Young CPAs to Maximize Networking Opportunities

“What do you want to be when you grow up?”

Build-a-networkIf you’re like me, the answer to that question has changed over the years. I’ve answered everything from “shortstop for the Kansas City Royals” to “managing partner of a CPA firm,” and everything in between—and there is a lot in between. But, whatever your career aspirations are, no matter what position you hope to have, or what industry you hope to be in when you retire, you will need people to help you get there.

People who turn lofty dreams and career aspirations into reality almost always have one thing in common: a tremendous network of people. How do you develop this network when you’re a young professional? Where do you begin? It seems daunting to think of going from the seemingly insignificant network you graduated with to the “who’s who” list that some partners at your firm carry with them. While you could go to every one of the grip-and-grin networking happy hours offered every month, how effective is that? Is that really the kind of interaction you’re seeking?

Continue reading "4 Tips for Young CPAs to Maximize Networking Opportunities" »

A Tale of Two Cities: The Power of Hashtags

HashtagLast month, two big events happened in my professional world: DigitalNow, a conference for association professionals, in Nashville and AICPA governing Council’s spring 2014 meeting in Scottsdale, Ariz.  I wanted to actively participate in both events, but how could I be in two places at the same time? Introducing…the hashtag.

What is a hashtag?

A hashtag is an online search term, most widely used on Twitter, which allows users to follow activity around certain topics. 

Continue reading "A Tale of Two Cities: The Power of Hashtags" »

4 Career Resources for the Management Accountant

Career-resourcesThere’s no need for media reports to tell us that business has changed more in the last few years than we could ever have imagined. We’ve seen first-hand how our role has moved in new directions, markets have become more competitive and a commitment to learning has risen as a must-have for success. Ironically, along with these challenges are tremendous benefits that have brought us greater leadership opportunities and job satisfaction, stronger team and organizational performance, and the latest in professional development.      

As widespread as these benefits are, attaining them calls for resources designed for today’s business environment and the finance teams that drive it day after day, year after year. Yet, it can be overwhelming choosing from so many leadership and career resources on the market. To help ease the process, here are four recent CGMA releases:

Continue reading "4 Career Resources for the Management Accountant" »

Taking the Leap Toward Sustainability

Wind-farmIs the United States somewhat behind the rest of the world when it comes to embracing sustainability practices and reporting? Some seem to think so.  However, a shift has occurred over the last couple of years as companies are beginning to recognize that sustainable business practices are simply good for business. This point was made in a conversation between Susan Coffey, AICPA Senior Vice President, Public Practice and Global Alliances, and Jessica Fries, Executive Chairman and Board Director of the Prince of Wales Accounting for Sustainability Project, also known as A4S. Many companies around the world are beginning to take notice of risks within their business models, such as their reliance on non-renewable forms of energy or their excessive water consumption, and are working toward replacing these practices with sustainable solutions.

Continue reading "Taking the Leap Toward Sustainability" »

11 Easy Ways to Build Good Client Relationships

HandshakeIt is important that we, as CPAs and trusted advisers, work on creating long-term relationships with clients at every opportunity. We cannot forget that public accounting has and always will be a people business. While it has a little bit to do with number crunching, most clients want to hire and retain a professional they trust and respect.

That includes you. Whether it is your first year as a CPA or you are a seasoned senior CPA, you are making direct contact with clients on a more frequent basis than many of your managers, directors and partners. As a result, your daily interactions with clients should not just be about getting the answers you need to complete your work papers. Instead, your client interactions should include a conscious effort to build credibility and a personal relationship.

Here is a collection of easy things you can do to start building positive relationships with new and existing clients.

Continue reading "11 Easy Ways to Build Good Client Relationships" »

America Counts on CPAs - Updated Infographic

Developed by the AICPA, this updated infographic highlights the role CPAs play in business and financial decisions. From Main Street to Wall Street, CPAs are the most trusted and objective financial experts. The below infographic has been updated with recent data.

America-Counts-on-CPAs-Infographic-Updated

Continue reading "America Counts on CPAs - Updated Infographic" »

Live Coverage: AICPA Practitioners Symposium #PSTECH

The 2014 AICPA Practitioners Symposium and Tech+ Conference runs June 9 to 11 in Las Vegas and is the premier conference for CPAs. If you were unable to attend or just want to see what else is happening at the conference, you can explore the social media feeds below or follow the hashtag #PSTECH on Twitter. (Email subscribers can view the live stream on our website.)

 

CPA Exam Q3/Q4 2014 Score Release Timetables

 The Q3/Q4 2014 CPA Exam score release timetable is now available. Score release timelines are updated biannually on AICPA Insights and on the CPA Exam website. For more information about score release and the scoring process, please visit the Psychometrics and Scoring web page.

The National Association of State Boards of Accountancy releases the scores to candidates and state boards of accountancy based upon the target score release dates listed in the tables below.

Continue reading "CPA Exam Q3/Q4 2014 Score Release Timetables" »

In the News: CPAs Provide Financial Tips for a Stress-Free Summer

Dollar-chaiseSummer was always thought of as the time for sunny days at the beach, BBQs and bonfires. But these days most American adults equate summer with financial anxiety, according to a recent telephone survey conducted for the AICPA by Harris Poll.

According to the survey, about 6 in 10 U.S. adults (59 percent) said their financial tension during the summer matches or exceeds the stress they feel during the year-end holiday season. The AICPA’s National CPA Financial Literacy Commission has been reaching consumers with tips to help them alleviate the stress of summer by making smart financial decisions.

Continue reading "In the News: CPAs Provide Financial Tips for a Stress-Free Summer" »

Decoding the Gray Areas

Ethics-moral-principlesSuppose you are the owner of a convenience store. You purchase newspapers at a fair wholesale price from a man named Harry. Each morning Harry delivers a stack of newspapers to your shop by 6:30 a.m., prior to the morning rush.

At 6:00 a.m. one morning you are walking in your neighborhood and see Harry taking a stack of newspapers from a corner.  Harry places the papers in his backpack and continues on his way.

Soon after, Harry arrives at your shop to make his usual delivery. Should you continue your business with him now that you have observed him taking those newspapers?

Continue reading "Decoding the Gray Areas" »

Why the Revised Ethics Code is So Irresistible

In 2008, the AICPA Professional Ethics Executive Committee and the AICPA Professional Ethics Division undertook a project to update the AICPA Code of Professional Conduct. The new code has been launched this week. Help us spread the news by sharing this infographic!

Continue reading "Why the Revised Ethics Code is So Irresistible" »

Audit Quality Drives Continued Audit Relevance

Business-peopleAuditing is at the very core of our profession; only CPAs are authorized by law to conduct financial statement audits. In today’s business environment, entities are increasingly interdependent and information and accountability have assumed a larger role in society. As a result, the CPA’s independent audit of an entity's financial statements is a vital service to investors, lenders, sureties, businesses, regulators and other participants in the marketplace. Mergers, acquisitions, the capital markets and credit sources depend not only on the information that management provides in financial statements, but also on the CPA’s audit opinion as to whether the financial statements are free of material misstatements, whether caused by error or fraud.

Continue reading "Audit Quality Drives Continued Audit Relevance" »

5 Things You May Have Missed During Tax Season

Missing-puzzle-pieceWhether you’re new to tax season or an experienced pro, there were probably times in the months leading up to April 15that brought new meaning to the term “multi-tasking.” Helping clients sift through back-up material, preparing and filing returns and keeping abreast of tax news, is an all-consuming process. Yet, tax season is also a time when you can easily overlook opportunities to improve your practice, strengthen client relationships and foster your professional development.

With April 15 comfortably behind you, now is the perfect time to look back and identify opportunities that can help grow your practice or help manage your staff. Here are five AICPA resources you might have kept on the back burner while you were in the throes of tax season.

Continue reading "5 Things You May Have Missed During Tax Season" »

3 Tax Planning Tips for Parents-to-Be

BabyMy husband and I, both CPAs, are expecting a baby boy in August. Of course, being the fun-loving accountants that we are, as soon as we found out about the good news, we started thinking about tax planning for our new addition. Names, nursery theme, telling our family about the good news – those items could wait.  But, tax planning, that was a today item.

I’ve been fortunate to work with many clients with children in my public accounting days, so I knew the general tax items that we needed to think about, such as tax credits, flexible spending accounts, household employee/nanny rules, etc.  However, I wanted to refresh myself on these items and share some insights with anyone who has or will have a family. Here are some tips for you parents-to-be:

Continue reading "3 Tax Planning Tips for Parents-to-Be" »

Beyond the Tax Return: Transition to Trusted Adviser

Trusted-adviserIs this a scenario you could relate to during busy season? It’s one of those days. Your schedule is jam packed. You’re working in overdrive to get it all done. The next thing you know, the receptionist buzzes you with news that one of your clients is in the lobby to drop off some paperwork. They would like to see you if you have a few minutes.

“ARGGHHH…not today!” you’re thinking. “I just don’t have time.” As tempting as it would be to decline the last minute request, you’re mindful that a client is right there in your office. That means you have the opportunity to amp your trust factor while they’re visiting. Maintaining a hands-off approach can make client retention tough. In my practice, the biggest complaint we hear from prospective clients who are considering a new firm is that their current tax expert never talks to them.

Continue reading "Beyond the Tax Return: Transition to Trusted Adviser" »

10 Years in the Making: The New Revenue Recognition Standard

It’s here! The new revenue recognition standard, that is. I believe it is the most pervasive and across-the-board important topic that the Financial Accounting Standards Board and the International Accounting Standards Board could have tackled. This new standard eliminates the transaction and industry-specific guidance found in current U.S. GAAP and replaces it with a principle-based approach. Also, it applies to all public, private and not-for-profit entities. I implore you, no matter what your professional discipline, to pay attention to this new standard.  And please, don’t get comfortable because the effective dates seem far off.

Are you sure the final words in the new standard are consistent with what you have been hearing to date about this project? Are you comforted in having specific revenue recognition rules replaced by a more principle-based approach?  Are you confident that unwritten industry norms of accounting practice formed over decades are consistent with the new standard? In this video, AICPA Senior Technical Manager for Accounting Standards Kim Kushmerick provides an overview of the standard, in addition to highlighting key items to consider and helpful AICPA resources.  

Continue reading "10 Years in the Making: The New Revenue Recognition Standard" »

Crowdfunding’s Impact on the Finance Sector

Crowdfunding-intlCrowdfunding is a popular but complex term. To some, it refers to a large campaign to raise money for charity. To others, it involves pre-ordering products that will be financed by the received contributions. Another form is equity crowdfunding, also known as crowd investing.

The concept of crowdfunding is not new. For hundreds of years, similar local models included citizens of a village or town have coming together to fund a project. These days the Internet makes it possible to operate similar models on a larger scale. It is an effective, transparent and democratic model to raise financing.

Continue reading "Crowdfunding’s Impact on the Finance Sector" »

Celebrate Memorial Day by Giving Back

Memorial-dayMany service men and women encounter challenges upon returning from active duty, including finding employment. Starting a business is an attractive option, but like many entrepreneurs, veterans need support. The good news is that CPAs are in a great position to offer help.

Thanks to the Veteran Fast Launch Initiative, U.S. veterans have the opportunity to gain free help from experts. Through AICPA’s partnership with SCORE, an organization that provides mentoring and training to entrepreneurs, this program connects veterans with CPAs across the country. CPA volunteers provide up to five hours of free financial advice to veterans on starting and growing a business.

Continue reading "Celebrate Memorial Day by Giving Back" »

Your Professional Image - What 10 Minutes on LinkedIn can Do

LinkedinI review LinkedIn profiles almost every day. By now, I have seen at least 2,000, and I just cringe when I see things that could or will hinder someone’s professional image.  I am not in a position to advise people individually, so this blog is the next best thing.

Keep in mind that LinkedIn goes beyond looking good for recruiters.  Even if you are not interested in a new job, your online image still needs attention. If anyone Googles you - a potential client or employer, your company’s VP, a former supervisor, a reporter or even a prospective date - your LinkedIn profile could easily be the first thing that shows up. You want your best foot forward all the time.

Continue reading "Your Professional Image - What 10 Minutes on LinkedIn can Do" »

Understanding the ACA’s Mandates

I am at the AICPA Tax Strategies for the High Income Individual conference in Las Vegas. This popular conference features national experts who dig keep into new tax policies and offer strategies for navigating new laws so that CPAs can advise their high-income clients with confidence.  

Today I am live blogging the "Affordable Care Act: Understanding the Individual and Employer Mandates” session with speaker Eddie Adkins, a partner with Grant Thornton LLP. This session delves into challenges and responsibilities faced by employers and individuals to comply with the provisions of the complex health care reform law, and technical aspects of the responsibility provisions and traps for the unwary. 

Follow along with the live blog below (email subscribers can view the live blog on our website).

Continue reading "Understanding the ACA’s Mandates" »

5 Facts Recruiters Need to Know about Millennials

Young-professionalIs your CPA firm involved in the scramble for talent? As I give presentations and work with CPAs around the country, it seems like many CPA firms are in hiring mode. Increasingly, I’m telling these firms that to remain competitive, they must understand their younger recruiting candidates—Millennials. Millennials are the generation born roughly between 1980 and the early 2000s.  I tell CPA firms, if they want to get into the Millennial brain, they should be aware of five important facts.

Fact #1: Millennials are poised to take on more responsibility. The oldest members of this generation have now entered their thirties. With about 10 years on the job, they have built the kind of experience that CPA firms need to remain successful. However, if they don’t believe the firm offers them the opportunity to grow and contribute, these younger professionals won’t hesitate to move on to a better option.

The takeaway for CPA firms: Employee surveys or one-to-one discussions can help you better understand staff expectations.

Continue reading "5 Facts Recruiters Need to Know about Millennials" »

AICPA 2014 Spring Governing Council #AICPAGC14

The AICPA governing Council’s spring 2014 meeting is taking place this week, May 18 to 20. Focused on the profession’s future, the governing Council will discuss topics such as future learning opportunities and continued audit quality. AICPA leaders from each of the 50 states and U.S. territories are attending the meeting. You can follow along with Council action with the hashtag #AICPAGC14 or view the stream below. (Email subscribers can view the stream on our website.)

Continue reading "AICPA 2014 Spring Governing Council #AICPAGC14" »

Protecting Your Good Name Online

Online-reputationIt is probably understood, but here it is anyway: You should not post photos of yourself doing questionable activities to social media. This is just common sense when it comes to managing your online reputation, right? Yet, you would be surprised how many people forget their professional etiquette when posting. Sure, it is fun to share your weekend escapades with all your friends, but do not ignore the business aspects of your online presence as well.

Thanks to the Internet, you most likely developed an online reputation without even knowing it. Now it’s up to you to protect your good name—or do a little damage control. As Warren Buffett once said, “It takes 20 years to build a reputation and five minutes to ruin it.”

Continue reading "Protecting Your Good Name Online" »

Accounting Careers and the Boiled Frog

LillypadMost of us are familiar with the story of the frog that was dropped into a pot of boiling water and immediately jumped out to save itself. The same frog later found himself in a pot of water at room temperature. The temperature was gradually increased and the poor frog, not noticing the danger, remained in the pot to suffer an untimely demise. Although not scientifically accurate, the anecdote serves as a metaphor for one’s inability to notice gradual change.

In our careers, we can all feel like we are that frog at times. Just like temperatures, careers can change for the worse, often gradually and without notice. However, if we pay close attention to the red flags in our careers, we can know when to jump long before the water starts to boil.

I would like to share a few thoughts from my own experiences that may help you – whether on a partner or CFO track – detect the warning signs along your career path and keep yourself out of hot water. 

Continue reading "Accounting Careers and the Boiled Frog" »

Money Matters for Mothers and Daughters Alike

Triumphant-womanThis Sunday is Mother’s Day. While many mothers may be treated to flowers and breakfast in bed, it’s also a day to celebrate the strength that comes with being a mother. But sometimes, that strength can waiver when it comes to finances. 

"Be Prepared, Not Scared" is what I have been telling my clients for years. This is especially important for female clients. According to a 2012-13 Prudential Research Study on the financial experience and behaviors among women, only 22 percent of women feel “very well equipped” to make wise financial decisions. A likely reason for this is that, in male-female relationships, most often the “chore” of planning is handled by the husband. My goal is to change that. While most of my married clients are men, we push to get wives involved at the earliest point in their personal financial planning engagement.

Continue reading "Money Matters for Mothers and Daughters Alike" »

Crowdfunding Isn’t Like Shopping Retail

In our last blog post on crowdfunding, Charles Landes, CPA took a deep look at equity crowdfunding, specifically how the Securities and Exchange Commission rules are shaping up as required by the Jumpstart Our Business Startups Act of 2012. However, equity crowdfunding is not typically one’s first introduction to this new funding approach. Many are first introduced to crowdfunding through one of the various crowdfunding platforms that exist, such as Kickstarter. If you are not familiar with crowdfunding through a platform like Kickstarter, the concept is relatively simple. A person or company comes up with an idea, determines the cost to create this idea and sets a funding due date. Projects also feature rewards based on the contribution, for instance, backers may receive a T-shirt or the actual product they are supporting. If the project fails to meet its finance goal by the set date, then the project is not funded.

Backers have funded all types of projects, from virtual reality systems, like Oculus Rift (which was recently acquired by Facebook), to dream cars, like a DeLorean Hovercraft. Other projects have gone on to win an Oscar and be featured at the Cannes Film Festival. However, not every project makes it. What happens when a funded project fails to deliver on its promise?

Continue reading "Crowdfunding Isn’t Like Shopping Retail" »

A Business Model with No Managers? Yes, it Works

Lone-businessmanThere’s a lot of talk within public accounting about altering the existing business model to adapt to a changing marketplace and the evolving needs of our clients and staff. At my six-person firm, we decided to take a leap into the future by completely rethinking our business model. In July 2012, we went from a traditional firm—one with an office and a hierarchy—to a digital practice where there are no managers. Virtual means a lot of things to different people, and for us it meant closing our doors on our traditional office location. We tried it as an experiment beforehand, and it worked so well we decided to switch completely.

At the same time, we also instituted a Results Only Work Environment, in which we rate performance, not attendance. For us, that also meant doing away with the management structure. I lead the firm and set our future direction, but I don’t know what anyone is doing throughout the day. In fact, no one oversees what our team members do all day—or tracks their vacations or time off--as long as they achieve the required results for the firm.

Continue reading "A Business Model with No Managers? Yes, it Works" »

A Strong Professional Network is an Invaluable Resource

NetworkingMany people think of networking as either schmoozing or as a purely social activity. In reality, a strong professional network is an important resource for an up-and-coming CPA. A strong network is diverse and includes clients/customers, peers, senior professionals, business partners and vendors. A strong network helps to build us as professionals and provide better solutions to the organizations we serve.

Just imagine if everyone you had in your network were just like you. How would you find the variety of insights you need to deal with complex issues? We need more varied perspectives and knowledge to make better decisions.

Continue reading "A Strong Professional Network is an Invaluable Resource" »

IRS E-Services: Where are We Now? And Where are We Going?

QuestionsAs the staff liaison for the AICPA’s Internal Revenue Service Advocacy and Relations volunteer committee, I am in the unique position to listen to our members’ concerns and discuss those issues with the IRS.  When the online e-services of Power of Attorney and Electronic Account Resolution were terminated on Sept. 2, I heard concerns from numerous practitioners.  In fact, we received more calls regarding this issue than all other issues combined last year. 

The AICPA adamantly voiced members’ frustrations and concerns to the IRS.  The backlash the IRS felt from the AICPA and other members of the practitioner community was so severe that IRS officials made it clear they never wanted this situation to repeat itself.  This was a top priority to then-Acting Commissioner Danny Werfel.  The IRS also quietly looked into different possibilities to bring back these online e-services.

Continue reading "IRS E-Services: Where are We Now? And Where are We Going?" »

Want to Focus More? Stop Multi-Tasking

Multi-taskingI confess: I am a multi-tasker. At any one time, I am working on 10 different projects, planning what to have for dinner, looking up which movies are playing and pondering what really happened to Eddie Wilson of Eddie and the Cruisers. You probably have similar habits and consider yourself a multi-tasker. We wear this label as a badge of honor. And who can blame us? Technology has made it so easy to multi-task.

Nevertheless, how many times do you intend to check the weather on your smartphone, only to be distracted by another app? Then you get a text message, which leads to an app notification and pretty soon you’re looking at cat photos on Facebook, forgetting all about the reason you picked up your smartphone to begin with (it was to check the weather, in case you forgot).

Continue reading "Want to Focus More? Stop Multi-Tasking" »

5 Key Regulations to Get Right in Crowdfunding

Crowdfunding-keyFrom the newest design inventions to the Thai food truck that showed up in your town last week, the crowdfunding movement is allowing individuals to unleash their entrepreneurial spirit and turn their dreams into reality. By sharing their ideas on the web, users can raise funds to support the launch of their small businesses.

Numerous crowdfunding platforms exist, many focusing on the type of project being funded. For example, certain platforms serve non-profits and philanthropic causes, music, theatre, small business and so forth. Even with such specialization, investing comes with risk. Crowdfunding indeed opens investment opportunities to a new pool of potential stakeholders.  Many of those investors may not fully understand the risks involved. During the next few weeks on AICPA Insights, we will look at the benefits and risks of crowdfunding.

Continue reading "5 Key Regulations to Get Right in Crowdfunding" »

Social Media Fear? To Quote the Eagles: “Get Over It”

The Eagles band from California. From left to ...(Photo credit: Wikipedia)

I saw the Eagles play the PNC Arena in Raleigh a few weeks ago. You know… Hotel California. Desperado. Witchy Woman.

It was a rocking show from a band—and a brand—that has been going at it for more than 40 years. I’m a huge fan and I wanted all my friends to know I was there.

Which is why I was pretty disappointed to see signs at the security gate, banning phones, texting, photos and videos inside the arena. I thought it was a joke, but… no. The Eagles were dead serious and the arena staff was fully empowered to enforce the rules. Several times, I saw ushers scolding concertgoers, keeping them from posting selfies from this historic event.

Come on, guys! Take it easy!

Continue reading "Social Media Fear? To Quote the Eagles: “Get Over It”" »

3 Tips to Find Your Professional True North

CompassFinding your professional true north, a path you can be passionate about and one that will provide you with direction in the future, is attainable – when you have the right navigation. Whether it is honing your personal skill set, positioning your practice for growth or transforming your organization’s technology infrastructure, it is important that you be the navigator. There are endless possibilities to explore, pursue, master and achieve, and it is important you arrive exactly where you want to go.

Keep in mind that finding your way often means asking for directions and talking with others who have already arrived at your desired destination. They can tell you what is not on the map and the best roads to follow to enhance the quality of your journey. Here are three quick tips to find your professional true north:

Continue reading "3 Tips to Find Your Professional True North" »

Subscribe

Subscribe in a reader

Enter your Email:
Preview