Updates: Hurricane Harvey/Disaster Information
TSCPA Launches Three-Year Strategic Plan: TSCPA 2020
Our new three-year strategic plan called TSCPA 2020 focuses on building a vibrant future by empowering you, our members, to lead and succeed. The plan outlines how TSCPA will advance our mission to support you in your professional endeavors while promoting the value and high standards of Texas CPAs. Watch this video to learn more about TSCPA 2020 and the guiding principles and areas of focus that we’ll use to chart our course for success. Visit tscpa.org/tscpa2020 for more information and resources on TSCPA 2020. We look forward to a continued partnership as we move into a vibrant future together!
Articles of Interest:
Analysis of Survey Results on CPA Firm Succession Planning
This article is part 4 of the series summarizing selected results of the Private Companies Practice Session (PCPS) and Succession Institute (SI) 2016 Succession Planning Survey.
In part 1 of the series, Bill Reeb, CPA-Austin, covered results for solo practitioners and sole proprietors, while part 2 included a discussion of demographics, succession plan status, ownership retirement projections and firm infrastructure.
In part 3, he shared tables and commentary summarizing the results and conclusions starting with mandatory retirement and continuing through the original valuation of the retirement benefit.
In this article, Part 4, he shares tables and commentary summarizing the results and conclusions reviewing how firms might adjust the original valuation benefit based on actions or inactions of the retiring partner. The survey results are revealing how the accounting profession is responding to the changes and compensation issues being brought about as members of the baby boom generation are beginning to retire and leave their firms.
Read Reeb's commentary.
CPAs Discover New Opportunities in Tax Resolution Services
As some bedrock tax preparation work is becoming increasingly commoditized and pressured by automation, savvy CPA firms will begin offering other services to replace that revenue stream. A mix of services that has been shunned by many CPAs in the past is starting to take hold: Tax resolution assistance. With the size of the opportunity in tax representation, many tax-oriented CPAs are beginning to jump on board.
Rick Telberg takes a closer look.