Practice news

Tax

IRS Issues New Schedule to Help Resolve Employment Tax Discrepancies

The IRS is issuing a new schedule to make it easier for taxpayers to provide the IRS with information about employment tax discrepancies created by an acquisition, statutory merger or consolidation.If an acquisition, statutory merger or consolidation creates a discrepancy between what was reported to the Social Security Administration on Form W-2, Wage and Tax Statement, and what was reported the IRS on Form 941, Employer’s Quarterly Federal Tax Return, the employer can use the new Schedule D (Form 941), Report of Discrepancies Caused by Acquisitions, Statutory Mergers, or Consolidations,
Practice Management

Cross-Selling Services: Companies Should Serve Well, Then Sell

Companies that want to sell more products and services through their staff, should pay better attention to basic customer service if they want to succeed. A new survey by The Forum Corp.
Practice Management

Seven Ways to Motivate Employees

by Bruce L. Katcher, Ph.D. President, Discovery Surveys, Inc.THE PROBLEM
Practice Management

Opportunity's Knocking for New Revenue Growth

By Gail Crosley, CPA To understate the situation, the rules governing opportunity development for CPA firms have changed dramatically. What's different? Almost everything. When the Sarbanes-Oxley Act of 2002 became law, we knew we were dealing with a set of rules that would guide how and what kinds of services CPA firms delivered. But what many CPAs didn't anticipate is that the rules have created a regulatory environment that is significantly driving new marketplace dynamics.
Practice Management

Bear Essentials of Human Resource Training

Got a gorilla of a morale problem in your work place? A new human resources training program based on the successful business model of the Vermont Teddy Bear Company thinks it can help.
Practice Management

Atlanta Financial Professionals Launch CFO Services Consultancy

A new concept in local business outsourcing has been officially introduced. With the launch of AcuityCFO, small and mid-market businesses throughout Georgia now have access to broad financial services without hiring a full-time CFO or permanent accounting staff. Though introduced today as AcuityCFO, the company already is a trusted independent financial partner for numerous companies in the Atlanta area. Started by Atlanta financial executive W. Stewart Brooks in 2001 as BrookVision, the company has evolved into AcuityCFO.
Practice Management

Washington State CPA Firm Wins Practice Innovation Award

Clark Nuber, a Bellevue, Washington, CPA and consulting firm was recently awarded the Practical Accountant magazine's Practice Innovation Award for the second time. The award is for the Clark Nuber Client Portal, a secure portion of their website that allows clients and employees to collaborate on projects and share information, while reducing costs, creating more efficiency, and providing a higher level of customer service.
Community News

Information Rights Management: Does It Have a Place in Your Firm?

Imagine this scenario: You have two clients, both leaders in their business niche, who are intense local competitors with one another. Each has agreed to let you work their account, trusting in your confidentiality and comfortable that what they tell you will not find its way to their competitor. One of them sends you an email asking for a copy of a projection you have done for them. You find the document on your network, attach it to the email reply, encrypt the email for security, and send it.
Community News

Companies Struggle with New Chief Compliance Officer Position

The overwhelming range of new duties brought on by corporate reform legislation has prompted many companies to create the position of chief compliance officer.The problem is, companies are not always clear on who the chief compliance officer should report to or even what that person should do, the Wall Street Journal reported.The Sarbanes-Oxley Act does not require the new position, but 36 percent of companies now have a chief compliance officer, according to a recent study from market research firm Meta Group.
Practice

Ex-Directors of Bankrupt Companies Get Invites to Join Other Boards

Directing a company that filed for bankruptcy amid scandal is apparently not enough to keep former board members from leading other companies.Former directors of scandal-ridden companies such as Enron and WorldCom are in demand, Reuters reported.
Practice Management

Ten Strategies for Client Retention

by Bea Fields Traditional marketing strategies encourage business owners to continually grow their businesses by adding new customers. In today's competitive world of business, it is more important than ever to aim for more transactions with existing customers by using the power of customer follow-up and attention to good service. These ten tips may help you in turning your existing customers into walking billboards for your business. Spend thirty minutes each day talking with two existing clients.
Practice Management

Ex-KPMG Partner Joins Freddie Mac as Sr. VP and General Auditor

Freddie Mac announced last week that Stan Martin was appointed as senior vice president and general auditor, effective June 21. Martin had served as interim general auditor since February 9, 2004. Martin reports directly to the Audit Committee of the board of directors. "I am very pleased to have Stan on our Freddie Mac team. His significant financial, management, and banking experience will be an asset as we continue to build our internal controls," explained Freddie Mac Chairman and CEO Richard F. Syron. "Stan's role at Freddie Mac is very important to the company's future.
Practice Management

Creative Strategies for Delivering 5-Star Customer Service

by Bea Fields Customer satisfaction is valuable, but customer loyalty is priceless. In today's competitive world of business, it is becoming more and more important to deliver customer service that is unbeatable. These ten creative strategies can support you in turning your customers into walking billboards for your business.
Practice Management

2004 Accounting Practice Survey Launched

Forty-three states, in addition to the Association for Accounting Administration (AAA), are participating in this year’s PCPS/TSCPA National Management of an Accounting Practice (MAP) Survey, which launched last week. The PCPS/TSCPA National MAP Survey provides local and regional CPA firms with the most comprehensive information available for benchmarking management policies and financial results against other firms.
Practice

SEC Charges Lay, Enron's Former Chairman and CEO, with Fraud & Insider Trading

The Securities and Exchange Commission today initiated civil charges against Kenneth L. Lay, former Chairman and Chief Executive Officer of Enron Corp., for his role in a wide-ranging scheme to defraud by falsifying Enron's publicly reported financial results and making false and misleading public representations about Enron's business performance and financial condition. The Commission also alleges Lay profited from the scheme to defraud by selling large amounts of Enron stock at prices that did not reflect its true value.
Practice Management

Study Shows Non-Audit Fees Drop Below Half Of Auditor Payments

A new analysis of corporate payments to auditors suggests companies are more wary of using their auditors for non-audit services.Only 42 percent of total fees that companies paid their auditors during their most recent fiscal year went toward non-audit services, with 58 percent going to the audit fees themselves, according to data on 1,652 companies reviewed by the Investor Responsibility Research Center (IRRC).The Wall Street Journal reported that the figure is down from 55 percent a year earlier and an even bigger drop from the 72 percent paid for non-audit fees in 2001, the first year
Practice

Judge Rules in Favor of BDO Seidman in Tax-Shelter Suit

In contrast to recent court rulings ordering accounting firms to turn over confidential tax-shelter documents, a federal judge has cited attorney-client privilege in handing BDO Seidman a partial victory in its tax-shelter fight with the U.S. government.Federal Court Judge James F. Holderman on June 28 ruled that the firm had to turn over only six of the 110 documents sought by the Internal Revenue Service, which is investigating questionable tax shelters and the firms that promote them, the New York Times reported.
Practice Management

Bigger Workload Means Better Compensation for Independent Directors

Long gone are the days of attracting marquee names to corporate boards with the promise of generous compensation for one or two days of work a month. Corporate reform has meant longer hours, more board meetings, a burdensome workload and huge responsibilities.An analysis of 2004 compensation data shows companies are paying their independent directors far more for the increased duties and heightened risk. According to Pearl Meyer & Partners, the New York compensation consultant, pay rose 13.4 percent to $177,000 for "non-employee" directors at the top 200 U.S.
Community News

Regional Firm Raises the Bar for Competition With Web Site

Gilbert Associates, Inc. recently annouced the launch of their redesigned Web site at www.gilbertcpa.com With the use of streaming video, the firm's Web site now has the impact of a successful television and print campaign online. Managing Principal, Thomas Gilbert, provides a brief commercial on the homepage directing clients, guests and future employees to different areas of the site. Colleen Harrison, Gilbert Associate's Marketing Director commented, "We are extremely pleased to announce the completion of our Web site.
Practice Management

Ideas to Improve The Quality of Your Firm

By Nancy BlodgettHere are some helpful ways to improve the quality of your firm. Adjust Your Attitude Be open to new ideas! Make time for quality improvement. Don’t manage by fear. Help people feel secure in their jobs.Don’t let the statement: "we’ve always done it this way," keep the firm from trying new approaches to problem-solving. Change the "Us vs. Them" culture of management and staff by adopting quality principles and methods.

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