News for Small Firm Practitioners

  • IRS to Change How It Reviews Amended Tax Returns and Refund Claims

    The Internal Revenue Service plans to change some of its procedures for reviewing amended tax returns after a government report estimated it may have inappropriately allowed approximately $32.4 million in tax refunds and abatements.
  • 3 Steps Businesses Can Take to Avoid Cyber Crime

    In February, Bangladesh’s central bank saw $81 million disappear out a virtual window. Now it’s been revealed that, although the computer hackers used custom-made malware, they probably didn’t need to work up a cyber sweat while pulling off their long-distance theft. The bank had no firewalls to defend against intruders and its computers were linked to global-financial networks through second-hand routers that cost $10.
  • How Accounting Firms Significantly Benefit From Working With Single-Family Offices

    In many ways, the accounting industry is under pressure from factors such as fee compression and seriously increasing competition. At the same time, there are certain types of clients and sets of services that are proving to be very profitable for accounting firms. One such type of client is the ultra-wealthy. Furthermore, a potentially highly profitable segment of the ultra-wealthy is the single-family office.
  • 5 Steps Small Businesses Must Take To Prepare for New Overtime Pay Rules

    Are you an employer? If so, you’ve got a major challenge to accomplish in the next few months. Most businesses aren’t ready for the new overtime and worker classification changes to the Fair Labor Standards Act (FLSA) that the Department of Labor recently published, which will impact to millions of U.S. workers and their employers. The rules go into effect December 1, unless Congress intervenes to prevent or modify them.
  • CFO For Rent: How Accounting Firms Can Capitalize on the Outsourced CFO Trend

    For small business owners, turning a dream into a profitable reality is evidence of true success. As profits roll in and finances become more complex, however, deeper strategic advice and financial expertise is often needed to ensure that success continues. For most small businesses owners though, hiring a CFO with a six-figure salary simply isn’t in the cards.
  • How Your Firm Can Prevail in the ‘War for Talent’

    Key changes are at work in accounting firms, as veteran baby boomers enter or consider retirement and millennials increasingly join the workplace. But generational and attitudinal differences require changes in recruiting, too.
  • 3 Ways Small to Mid-Sized CPA Firms Can Attract Talented Staff

    According to the 2015 Trends Report from the AICPA, the future for the accounting profession looks bright. Accounting enrollments for the 2013-14 academic year surpassed 250,000 for the first time and accounting firms hired 43,252 accounting graduates in 2014, a seven percent increase from the previous survey conducted in 2012.
  • Accounting Firms and the Art of Marketing

    You can go to college and major in marketing, you can take classes, read books, talk to experts, pursue a variety of avenues for gaining marketing expertise, and while all of that will be interesting and helpful and may even help you create a boilerplate marketing plan, at the end of the day, marketing is an art form. It's a way of recognizing how to build a conduit between two groups or organizations or beings.
  • Ways to make Tax Compliance Less of a Nightmare for Small Businesses

    As Tax Day approaches, the question of time and money spent to comply with the U.S. tax code, particularly for small businesses, is a popular topic, with an unpopular response.
  • How to Value Small to Midsized Accounting Firms

    e value of small and midsized accounting firms is currently poorly understood. Conventional business valuation techniques are, at best, awkward tools, and as a result, such firms are challenging to buy and sell, undermining the exit value to owners and making it more difficult for acquirers to expand by acquisition.

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