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Wealth management

What Is Old Is New Again

In September of 2008, our industry experienced the anxiety ridden crisis in what historians generally now refer to as “Lehman weekend,”, which began one of the most difficult tests of our financial advisory careers. It was a capital market event of epic proportions that led to our current economic state.
Technology

Seven tips for your first filing of detailed footnotes in XBRL

As organizations have completed their year-one SEC requirement with block note tagging in XBRL, they are preparing for the next major milestone: filing their detailed footnotes (DFN) in XBRL.
Practice

ROI and Efficiency: The advantages of using a document management system

When document management systems (DMS) and paperless accounting firms first became trendy, some accounting firms decided to become early adopters. But other accounting firms have been more cautious, choosing to wait before rushing into DMS and paperless offices.
Education & Careers

Is it legal to only hire the already-employed? The problems with must-be-employed rules

In their quest to find qualified workers, some employers are explicitly stating that they will only hire those who are already employed and will not consider the unemployed.
Wealth management

At the Controls

As a recent flight prepared to take off, the captain spoke over the loudspeakers, “Ladies and gentlemen, we are all set to take off but I'm afraid we are being delayed by technical problems.” Immediate concerns popped to mind first about how safe the flight would be and if I'd ever see my family again, then irritation at perhaps being late for the afternoon appointment that was the reason for the flight.
Wealth management

Filling the Void

The financial services crisis of 2008-2009 resulted in the loss of more than a thousand financial advisors and dozens of traditional financial services firms, and it caused tremendous turmoil in the remaining survivors. How do you fill that void given the many constraints facing the typical ensemble (multi-partner) CPA firm today?
Practice Management

Insights for the generations on communication

Generational guru Phyllis Weiss Haserot has outlined some insights for the generations on communication as she observes and evaluates style, media, what employers look for and what comes next.
Technology

Leveraging technology tools in your firm

Leverage and accounting firms go hand in hand. While many of us grasp the staff leverage concept, we rarely understand how to properly leverage other aspects of our business effectively. That being said, the chief tool in each of our offices is technology.
Wealth management

Where Will Growth Be 2011-2015: Wealthcare vs. Accounting & Tax Preparation?

The purpose of this article is to inform, even possibly awaken, readers to the comparative growth prospects of the wealthcare industry and the combined accounting and tax preparation services industries.
Wealth management

Opportunities Created by 2011-2012 Federal Estate Tax Patch

The Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (The Tax Relief Act, or TRA) introduced a number of changes in the area of federal gift, estate, and generation-skipping transfer taxes among other items. These changes can have a significant impact on certain high-net-worth families. At the same time, they provide a great opportunity for advisors to discuss with clients their estate plans and help close the gaps where needed.
Wealth management

A Case for CPAs in Wealth Management

There are many reasons that CPAs provide wealth management solutions for their clients: clients want their CPAs to be involved, stronger client relationships, higher profitability, and construction of an enterprise-building business model. But there is another very compelling reason that has resulted from the financial crisis of 2008-2009: A vacuum has developed in the financial services marketplace that CPAs are very well-positioned to fill.
Wealth management

Tax-Advantaged Solutions to Help Keep Taxes Low in 2011 and Beyond

Although the two-year extension of Bush-era tax cuts will keep tax rates unchanged, tax-efficient investment portfolio construction and the utilization of tax-efficient strategies will have a more significant effect on the net after-tax income and wealth your clients can ultimately pass on to the next generation.
Education & Careers

Do for-profit colleges deserve taxpayer support?

The for-profit college industry has come under a firestorm of controversy from a number of sources for allegedly using misleading, possibly fraudulent, marketing, and student recruiting practices.
Wealth management

Tax Reduction Strategies Through Direct Participation Programs

As CPA wealth managers know, the foundation of a holistic financial plan requires tax-optimized planning. Although tax planning incorporates traditional tax reduction strategies, such as use of IRAs, 401(k)s and tax-free investments, the real power of tax planning comes in the utilization of tax reduction tools inherent in direct participation programs (DPPs).
Wealth management

CPA Wealthcare - From Success To Significance

If it desires, the CPA profession can rapidly become the dominant provider of comprehensive high-profit wealth management and financial planning services in the U.S. to the 15 million American households who comprise two significant market segment classifications—the emerging affluent and affluent families, or roughly 12 percent of the 120 million American households that make up more than 75 percent of America’s financial wealth.
Practice

Four things accountants must do to keep up with technology

With the changing technological landscape, what must accountants do to stay competitive in the future, and how will technology change the future role of the accountant? Here are four tools every accountant should have in the technology toolbox.
Practice Management

Action checklist for inter-generational initiatives

There are many ways people of any generation can contribute to inter-generational inclusion. The items in this checklist can apply to any generation as the action initiators.
Technology

Get off my cloud!

How does one know that confidential client information will stay confidential as it gets bounced between servers, ethernet wires and routers? Peter Budreski shares his ideas about confidentiality in the cloud.
Tax

How an embezzler stole millions from a small company

New details have emerged on the methods used and the outcomes following the case of 47-year-old convicted embezzler Sujata “Sue” Sachdeva, who was the trusted 15-year veteran vice president of finance, secretary, and principal accounting officer of Koss Corporation.
Practice Development

Nurture little clients who have big paws

How do you spot a puppy that's going to grow into a big dog? You look at the size of its paws. Do the same with "little" tax clients and you can watch your business grow as fast as puppies do.

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