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A colleague mentioned that his partners never want to leave the office for lunch, preferring to eat at their desks. He is the senior partner and has always eaten out — usually with a client or referral source and sometimes with a friend or his wife. He read my 30th anniversary blog post, where I […]
The Financial Accounting Standards Board released a proposed accounting standards update Monday to amend the transition requirements and scope of the credit losses standard that it issued in 2016. One of the changes involves a timing problem for when the current expected credit losses, or CECL, standard takes effect. Private banks and credit unions would […]
The Public Company Accounting Oversight Board released a report Monday on its inspections last year of auditors of brokers and dealers, indicating a continuing high number of audit deficiencies overall, albeit with fewer independence violations than in previous years. The PCAOB inspected 75 audit firms and reviewed portions of 116 audits last year, along with […]
Some states are changing the tax laws for unincorporated businesses such as partnerships to enable pass-through entities to circumvent the $10,000 limit on state and local tax deductions in the Tax Cuts and Jobs Act. Connecticut has already adopted such legislation and New York State recently proposed it as well. The state laws promise to […]
When your client incorporates or forms an LLC for their small business, it’s a huge milestone. But, running a corporation or LLC is different than running a sole proprietorship — and your client’s legal obligations don’t end after filing the formation paperwork. You can help your small business clients navigate the world of corporate compliance […]
Unlike many law firms, the prevalent view is that midsized CPA firms strive for strong leadership and tight management, their partners look and act as a team and their clients become “institutionalized.” As such, midsized CPA firm work hard at the notion of “firm clients” and not “individual partner clients.” It’s a visible sign of […]
President Donald Trump brought a long-simmering debate on Wall Street to the surface Friday when he prodded regulators to look into scaling back how often publicly traded companies report financial results. Trump’s proposal — released via Twitter and prompted, he said, by a recent conversation he had with PepsiCo Inc. Chief Executive Officer Indra Nooyi […]
The Securities and Exchange Commission voted Friday to simplify some of its disclosure requirements that have become outdated, duplicative or overlapping because of changes in the information environment or U.S. GAAP, or because of other SEC disclosure requirements. The amendments aim to simplify and update the disclosure of information to investors, including long-term shareholders, and […]
The D.C. Circuit Court of Appeals has legitimized the Internal Revenue Service’s voluntary Annual Filing Season Program, which allows unenrolled preparers a limited right to represent taxpayers in IRS audits of tax returns. One judge on the three-judge panel concurred in part and dissented in part. In the aftermath of the decision in the case […]
The Rainmaker Companies has introduced a new growth-focused online community for accounting firm managing partners. The CEO Grow Community will offer training, networking, peer-to-peer learning, strategies, coaching, motivation and accountability tools to managing partners to help them lead their firms. The idea was sparked by feedback from managing partners with whom Rainmaker consultants work. “The […]
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