March 2014 - Journal of Accountancy

Formal mentoring relationships can help young CPAs sharpen their skills, plot their goals, and achieve their objectives, but what does it take to set up a successful mentoring program? This article looks at the types of planning, people, and processes that must be in place for mentoring relationships to flourish and for employers and employees to reap the benefits.

Want a shot at making partner earlier than your peers? It won’t be easy, but here are some ways to do it.

Fraud looms as a persistent threat to all organizations, regardless of size or location. Do you have the fraud prevention knowledge to help your company or clients protect themselves? Find out in our Fraud IQ quiz.

The number of firms using nonequity partner programs has grown dramatically over the past several years. This chart explores the benefits and drawbacks of nonequity partner programs across five important firm management attributes.

CPAs often are solicited for advice regarding potential investments. A CPA should refrain from providing specific investment advice unless he or she has been adequately trained and licensed to serve as an investment adviser.

The IRS is scrutinizing returns that claim the earned income tax credit (EITC) and paying attention to return preparers who it suspects are filing inaccurate EITC claims. New due-diligence rules require practitioners to document more information and report it to the IRS with every return filed.

Companies need to be aware of many possible changes as FASB and the International Accounting Standards Board put the finishing touches on the new revenue recognition standard.

CPA firms and their clients have been targeted by patent-holding companies demanding licensing payments for use of seemingly ordinary business processes. Handling the threat of a lawsuit can be a delicate matter, even as regulators and legislators undertake efforts to rein in patent-holding companies and patent-assertion entities.

The contract that establishes owners’ terms with a firm also can play a pivotal part in whether a succession plan will succeed. Find out the key succession-related elements to address in an owners’ agreement in the ninth installment of the series “CPA Firm Succession: Solidifying the Future.”

Shared services are being applied to an increasing number of functions. Human resources, IT, and finance were some of the first areas where shared services commonly were implemented. Now sales operations, supply chain operations, and marketing are taking advantage of shared-services platforms.