A stock option is an agreement between a buyer and a seller to exchange stock for a pre-set price within a specific period. Employee stock options, for example, are agreements between the corporation and the employee to purchase common stock at a price set by the corporation. The stock must
One of the core concepts of any process improvement initiative is that value is defined from the client’s perspective. But how many firms have metrics that are aligned to a client-centric perspective? Metrics in a CPA Firm Some of the metrics we see firms track include: Chargeable and non-chargeable hours
A recent statement by the AICPA, verbalizing its commitment to creating equal opportunities for the black community in the accounting profession, was both heartfelt and compassionate. Yet, while it is beautiful and worthy of framing on a wall, the question that must be asked is this: Has the AICPA (and
Given the current landscape at the PCAOB, firms must act more quickly on remedial actions in 2021 than in the past to ensure the remediation staff concludes that the remedial actions are sufficient. Echoing the SEC’s December 2017 action to replace the PCAOB’s five-member board with new members, on June 4,
Back in 1997, a bi-partisan Senate and House cut a deal with President William Jefferson Clinton. They overwhelmingly passed and he signed legislation that amended Section 121 of the Internal Revenue Code. The amendment introduced rules that allow home owners to sidestep taxes. Owners are able to “exclude” (IRS lingo
Several states recently enacted notable updates to their credit and incentive programs that may be beneficial in tax year 2021 and beyond. A common theme among these programs is an effort to boost the economic recovery process through invigorated and/or new credit and incentive programs. In this article, we summarize
Ready or not, the 2022 tax season will soon be upon us. However, most would agree that “ready” is better than “not.” Even if you don’t do taxes at your firm, you need to make sure your tech stack is top-notch to make the upcoming tax season go as smoothly as
As CPAs, when we think about our clients and small businesses facing tax and financial reporting issues, we typically have a hard time articulating value to our clients and prospects. I think we can group our contributions into three major areas: 1. Compliance (Painkillers) 2. Making Business Decisions (Moving the
Here’s a nightmare scenario: Suppose a client had wealthy older parents. They had enough cash flow to live a comfortable life and made investments along the way. However, when the client’s father died, many securities in certificate form were left in the father’s name only, not to mention the safety
“Touch it once” is a key principle in efficiency. It boils down to the idea of essentially handling things as they come across your desk. When I learned this principle, it was reinforced by a client who said, “The only way you can touch something once is to put it