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Tax

Fear of Filing - Guest Article

by Julian BlockThe law empowers and encourages the Internal Revenue Service to make life decidedly disagreeable for persons who intentionally fail to file their returns at tax time. The key federal statute is the Internal Revenue Code, which authorizes the imposition of severe sanctions, both criminal and civil, on those who fail to comply with our "voluntary" system.First, consider the provisions for criminal offenses.
Practice Management

Ten Tips For Better Technology Management in Your Firm

Simply knowing the rules will not turn you into a technology guru, but it will enable you to participate in the development of a technology strategy for your firm. Below are ten tips provided by Gary Boomer of Boomer Consulting. Technology is a Strategic Asset: Many people, including accountants, often try to manage technology as though it were overhead. This approach ensures frustration because expectations are always greater than the resources committed.
Community News

Build Better Business Partnerships and Alliances

There can be disastrous results when care is not taken to build a solid foundation under which a new Business Partnership or Alliance can safely develop strength and stability.
Practice Management

Niche-Building in Professional Services Firms

Many professional service firms are creating specialty areas within their practices and in some cases whole new “offspring” companies to respond to the changing demands of clients and to create growth opportunities for associates and younger staff.Among the three types of professional service firms, CPA firms are for once being viewed as exciting because they continue to experience the most change, which for junior staff in the midsize and smaller-sized firms is being translated into new opportunities.
Practice Management

Treat Employees Fairly But Not Equally

By Bruce L. Katcher, Ph.D. President of The Discovery GroupPart 1 - THE PROBLEM:Our research shows that 6 of 10 employees believe that their company is doing a poor job of applying personnel policies and procedures fairly. When employees feel they are not administered fairly they lose respect for management, build up resentment toward their fellow co-workers, and lose motivation for their work.
Technology

Consultants For Your Clients...Common Interest Allies? Competitive Enemies?

By Leonard Leff, President of the CDS Companies, based in Lynbrook, New York. Many times an accountant’s clients from the small business sector are under a great deal of pressure. These diminutive enterprises are struggling to make sales, bring in revenue and devise ways to expand their operations, while keeping up with all of the required payments: everything from taxes, fees, monthly obligations, payroll and more. As promising as the outlook for said business may appear to look, real problems and issues often driven by a need for regular cash flow remain constant.
Practice Management

What Do Your Clients Really Want?

It's really no secret what your clients and prospects want, they want solutions and leadership. Solutions and leadership demonstrate value to a client. These come from a thorough knowledge of the client's objectives, strategies, existing circumstances, competitive position, and personnel.
Practice

Knowledge Management For CPA Firms

By Roman H. Kepczyk, CPA The influence of technology is being felt in every business today, especially in light of discussions stating that a company’s ability to adapt to new technologies and to maximize the "intellectual capital" within the organization, may be the last (and only sustainable) competitive business advantage. This is especially true within service organizations such as CPA Firms, where the higher value capabilities of tax, audit, and business consulting usually reside in the minds of personnel.
Community News

Seven Things To Do To Communicate Your Companies Vision For Your Team

By, Christopher M. Knight How well does your staff understand your firm's vision? If you stopped your top 3 employees, would they know or be able to recite your companies vision? When is the last time you sent your company what the top 3 goals of your firm is? Go do that today. Have you clearly defined the top 12 guiding principles by which your company will be run?
Tax

Seven State Sales & Use Tax Exemptions You Should Know About

by Babs VerbrickBusinesses across the United States save several billion dollars annually thanks to individual state enacted sales and use tax exemptions. The majority of states offer various sales and use tax exemptions centered around the manufacturing and agriculture industries as well as for non-profit organizations. But, there are many other little-known exemptions that could mean big savings for your business or your clients.
Education & Careers

Making Ethical Decisions - Part Two: The Six Pillars of Character...

Reprinted from Ethics in Action with permission of the Josephson Institute of Ethics. © 2002 Josephson Institute of Ethics(View Making Ethical Decisions - Part One: Making Sense of Ethics)The Six Pillars of Character...Trustworthiness. Respect. Responsibility. Fairness. Caring. Citizenship. The Six Pillars of Character are ethical values to guide our choices.
Community News

The Importance of Succession Planning

Compliments of The Change Management Group"Having succession planning and a management development process is the training of people, giving them assignments so they can build new strengths, and having very candid discussions about their performance. When you have that, you are building the most effective leaders possible." - Bruce Bunch, General ElectricLess than 15 percent of companies address the need for a top leadership succession plan.
Education & Careers

The Significance of New Employee Orientation Programs

We are all aware of the implications of poor hiring decisions. They can cost the company time and money, and they can result in low employee morale. One basic step to ensuring that new hires get off to a positive start is to conduct an effective employee orientation program. Employees who are properly trained and introduced to the company early feel better about their choice of employer and usually fit in more quickly.
Community News

Making The Most of Client Meetings

Like a good business letter or report, a client sales meeting has three basic parts: introduction, body, and closing. In addition, it provides an opportunity for questions and answers.It's important to recognize that prospective and current clients usually want to address current and future issues, not the past ones. Be cautious about expressing opinions about current problems unless you know the politics of the organization and the individuals in the meeting well.
A&A

Successful Financial Crime Prevention

Re-published with permission from White-Collar Crime Fighter, www.wccfighter.com.While the ingenuity and complexity of today's huge corporate frauds make interesting reading, there are countless other varieties of financial wrongdoing plaguing companies that don't receive mass media attention.LOW PROFILE, HIGH COSTUnfortunately, these "lesser" frauds usually have devastating results on a company's bottom line and reputation—just as the mega-frauds do on the Enrons, Worldcoms and Tycos that the mas
A&A

Employees Feel They Are Stagnating - What Can You Do?

By Bruce L. Katcher, Ph.D. President of The Discovery GroupTHE PROBLEMOur research shows that employees are not learning on their jobs. Only 1 out of 2 feel that they are given a chance to learn new skills. This is a problem for both employees and their employers.Here are three reasons why employees need to continue to learn new skills: 

A Refresher Course in Online Job Posting

By, Sarah Self of CareerBank.comBy now, most employers have dabbled in, if not devoted a significant amount of time and money, to online job boards for their recruiting program. When the Internet was first starting to see the dawn of online recruiting-more than 5 years ago - there were pretty basic guidelines to follow if you wanted your job posting to be successful. Include keywords. Check your spelling. Don't forget to include some indication of the salary range.But just as the workplace has evolved over the last decade, online recruiting has done the same.
A&A

Providing Financial Services - Avoiding The Ten Traps

A few years ago, one of my clients decided to get into the lucrative business of financial services. After all, financial services companies have been competing with CPAs in the accounting and tax business for years. Partners selected one owner to become the financial services “guru” for the firm.
A&A

Progress in The Learning Firm

by Kenneth M. McCall, MBA Boomer Consulting, Inc. has been providing technology management assistance to the accounting profession for many years. For the past five years Boomer Consulting, Inc has sponsored a gathering of training and learning professionals for a conference dedicated to their unique needs and concerns. Over the life of these meetings, one consistent theme which has been presented throughout is the need to practice a training or learning management process. The model for this process is simple, yet powerful.
Community News

Developing Your Company's Ethics Policy

According to Kenneth Blanchard and Norman Vincent Peale, authors of The Power of Ethical Management, there are three questions you should ask yourself whenever you are faced with an ethical dilemma. Is it legal? In other words, will you be violating any criminal laws, civil laws or company policies by engaging in this activity? Is it balanced? Is it fair to all parties concerned both in the short-term as well as the long-term?

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