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outlook & analysis

sec officially mandates xbrl [updated]

welcome to “the age of transparency.”

updated: 5:50 pm to add aicpa comments

the securities and exchange commission has officially adopted a rule mandating xbrl filings beginning in 2009.

with this rule, the sec is effectively mandating that all public companies, beginning with large cap filers, submit their sec reports in interactive data format, specifically in xbrl. xbrl software, an evolution of xml, the code the internet was built upon, makes it much easier to read more →

busy season management

new irs reg 7216 worries, confuses cpas. but help is on the way

under new irs reg 7216, cpas are obligated to get written consent when they “send out” work on tax returns.

but there’s precious little concrete guidance available yet, the deadline is approaching and many tax practitioners are confused and worried.

so what to do? i’ve been asking around. and, while there’s no cut-and-paste template available yet, a clearer picture is emerging.

read more →

growth strategies

mack lawhon’s four success strategies for 2009

they work for one of the nation’s leading cpa firms. now put them to work for you.

by rick telberg
at large

heading into the worst economic crisis in a generation, cpas and cpa firms are being tested to provide more than impeccably accurate work. they are being challenged as never before to add new value and create new opportunities for their clients and their companies.

“it could be a tough deal for cpas,” mack lawhon, chief executive of the fort worth-based weaver & tidwell, was saying in his genteel texas drawl. when i talked to him a few days ago, lawhon had just closed on the acquisition of another cpa practice, bringing his firm to 42 partners, 375 staffers and an annualized run rate of $60 million.

read more →

outlook & analysis

cpa firms gain amid dismal jobs report

your mother was right: “become an accountant and you’ll always make a living.”

take a look, for instance, at the latest jobs report from the u.s. department of labor, which showed the overall economy lost 533,000 jobs in november – but it also showed gains for cpa firms against non-cpa accountants and bookkeepers.

read more →

international

small firms can’t ignore ifrs any longer

ifrs is coming. gaap is dead. get on board or get run over.

metzler

jim metzler, aicpa vice president for small firm interests, says even local firms and sole practitioners need to know about international financial reporting standards.

for decades, changes in the global marketplace — and particularly in international accounting standards — had little direct impact on cpas in smaller firms.

“that’s no longer the case,” metzler says. today “the united states is heading toward convergence with international accounting standards.”

(more at small firms can meet clients’ ifrs needs.)

busy season management

turbotax responds to price hike outrage

will this calm the first storm of the tax season?

intuit inc. has announced that customers using its turbotax desktop software products can now prepare and print multiple returns at no additional cost.

“we’re responding to changing market conditions and customer feedback,” said dan maurer, general manager of intuit’s consumer division.

intuit expects this decision will result in a deferral of approximately $70 million of revenue from intuit’s second fiscal quarter to its third fiscal quarter.

see earlier posting with the full turbotax announcement: turbotax price hike stirs outrage

see comment from intuit vp bob meighan

outlook & analysis

reciprocity dies in california

in the end, was it because of race?

the california board of accountancy has reportedly voted to drop a controversial proposal to allow out-of-state accountants to practice without registering their qualifications with the state. did the proposal die because it contained a 150-hour rule that some considered discriminatory to low-income students, especially hispanics and african-americans?

unlike in many states, in california non-accountants are a majority on the board.

the new accountancy bill was a major priority for the nation’s cpa profession.

meanwhile, the latest state to mandate the change is pennsylvania, where on july 10 gov. rendell signed a bill amending the state cpa law to require 150 credit hours and one year experience. it goes into effect jan. 1, 2012.

outlook & analysis

big four audit firms urged: report your financials

does public accounting mean public disclosure?

barry melancon, president and chief executive officer of the american institute of certified public accountants and a member of the paulson advisory committee, thinks some public disclosure of revenues and partner pay policies “seems to be an appropriate first step.” (at cfo.com)

auditing geek mike ramos at theeyeshade.com says:

not sure where i come down on this.i think i need to look at the issue a little more. on one hand, my instinct is for greater transparency in general. but i definitely sympathize with the firms’ presumed argument that they are a partnership, and why should they have to submit audited financials.

my question for mr. melancon and others who are pushing for accounting firms to file audited financials with the pcaob: how does this serve the public interest? convince me.

outlook & analysis

cpa firm networks on trial [updated]

bdo international case kicks off next week. and cpa firm associations are watching closely.

the case, which starts on monday at the circuit court of florida, could be the first instance of a network facing punishment for a member firm’s problems.

update: sources say trial postponed. stay tuned.

bdo seidman is currently appealing against a massive damages claim after portuguese company banco espirito santo successfully argued the firm was negligent in its audits of factoring company bankest.

when the case first went to court, a judge ruled that bdo international shoud not be held liable but, after bdo seidman launched its appeal, it was decided that the matter should be put to a jury.

if the jury decides bdo international should be dragged back into the case, it could set a precedent for international networks being held liable for claims involving their member firms.

auditors from bdo seidman were accused of ‘accounting malpractice’ and being ‘grossly negligent’ in audits between 1998 and 2002.

banco es claims bdo international had ‘the right to control’ bdo seidman. ‘bdo international controls bdo seidman right down to how they type their letters,’ said the bank’s lawyer steven thomas.

bdo international’s lawyer claimed control relationships were not so strict, with only ten people working at the umbrella body, and described the control claims are ‘puffery’.

bdo international case kicks off next week – accountancy age.

busy season management

turbotax price hike stirs outrage at amazon [updated]

revisions incorporated into intuit’s turbotax 2008 have led to a bit of a tax revolt by reviewers on amazon.com.

updates:

the tax preparation program has garnered an amazon customer rating of one and a half stars out of five. as of sunday afternoon, an overwhelming 82 reviewers (out of 90) gave the program the minimum one star, compared with four reviewers who gave it the full five-star rating.

however, it’s not the features nor functionality with which the majority of reviewers are taking issue. many reviewers were upset that intuit increased the retail price of the software from $44.95 for the 2007 edition to $59.95 for the 2008 edition–a 33 percent price bump.

most frustrating for reviewers–many of whom identified themselves as longtime turbotax users–were the revised fees for the number of returns prepared. this year, intuit began charging users an additional $9.95 for each additional return they prepare, regardless of whether the return is printed or filed electronically.

read the rest at: amazon reviewers slam turbotax fee changes | business tech – cnet news.

meanwhile, a spokesperson for h&r block sent in this comment:

hi rick,

i just read your post about the reaction on amazon to the turbotax price hike and i thought you may be interested in a comparison chart that outlines the true cost of e-file<http://digits.hrblock.com/topicsofinterest/efile/truecost.php> to find out what people are really paying for with their tax software choice:

  • essentially turbotax’s software model is like a “rental” model – you buy the software but pay for each additional return that you print vs. taxcut which lets you prepare and e-file up to 5 [irs stipulation] additional federal return(s).
  • h&r block is a supporter of e-filing, setting the standard with 100% of its products and services now including federal e-file at no additional cost to the consumer.
  • additionally, h&r block eliminated all e-file fees in its taxworks preparation software starting in tax year 2007. intuit has not eliminated all e-file fees in its professional tax preparation series, forcing tens of thousands of taxpayers to continue to pay e-file charges through their professional preparers.

i also wanted to point you to a news release <http://www.hrblock.com/press/article.jsp?articleid=22236> that h&r block put out earlier this week detailing its offer of totally free federal e-file without raising prices.

regards

news release from turbotax, posted dec. 12

turbotax now includes preparation and printing of multiple

returns at no additional cost

free e-filing included with five federal returns

san diego – dec. 11, 2008 – intuit inc. (nasdaq: intu) today announced that customers using its industry-leading turbotax® desktop software products can now prepare and print multiple returns at no additional cost. as previously announced, turbotax includes free e-filing with every federal return and is the only tax software to include audit support, whether customers print or e-file.

“we’re responding to changing market conditions and customer feedback,” said dan maurer, general manager of intuit’s consumer division. “we believe this better positions turbotax in the marketplace with an even stronger value proposition for consumers. it’s one more way we help make it easier for turbotax customers to keep more money in their pockets.”

turbotax makes doing taxes easier than ever and guarantees taxpayers will get their biggest possible refund. turbotax customers also benefit from exclusive, award-winning features that are included at no additional cost, such as:

  • built-in guidance for more than 350 possible deductions and credits to help taxpayers get the biggest tax refund possible, guaranteed
  • audit support with every return – whether customers print or e-file unlike other tax software products. the turbotax audit risk meter helps customers reduce their risk of an audit before they file and a downloadable audit support center assists customers in the unlikely event they are audited.
  • instant answers from other turbotax users and tax experts online via the turbotax live community.
  • itsdeductible helps taxpayers get the biggest write-off for the items they donate to charity by automatically assigning values to those items and seamlessly transferring the information into turbotax.
  • faster filing designed to help people with simple tax returns complete their taxes in less than an hour.
  • a cost basis look-up tool unique to turbotax easily and accurately determines the cost basis of stocks and mutual funds.

during january, anyone can get a free answer to a personal federal tax question at www.freetaxquestion.com. unlike other software products, no purchase is necessary. consumers who submit a question online will receive a personal call back, at a time they request, from a tax expert from turbotax.

intuit expects this decision will result in a deferral of approximately $70 million of revenue from intuit’s second fiscal quarter to its third fiscal quarter. with this change, intuit’s expected results for the second quarter are:

  • revenue of $790 million to $810 million, down 3 percent to 5 percent from the year-ago quarter.
  • non-gaap operating income of $135 million to $149 million and gaap operating income of $75 million to $89 million.
  • non-gaap diluted earnings per share of 26 cents to 28 cents and gaap diluted earnings per share of 16 cents to 18 cents.

there is no change to previously issued full fiscal year 2009 revenue, operating income or earnings per share guidance.

turbotax desktop customers can e-file up to five federal tax returns, the limit set by the irs. early filers who have already completed a 2008 return and paid the $9.95 additional preparation fee will receive a refund. those who have already purchased the packaged software can update their version by using the easy, one-click update.

growth strategies

q&a with sally glick: these are the times cpas really earn the title “trusted adviser”

glick

sally glick, chief marketing officer and growth strategist at sobel & co. cpas in livingston, n.j., has been named the first woman principal of the firm.

so we asked her…

1. what are the key challenges and opportunities facing cpa firms going forward in this economy?

i think that now more than ever owners and leaders in the middle market business community need to remain as informed as possible – seeking sound advice on their short and long term planning, which increases the importance of the cpas’ role over all. yet, if clients go bankrupt, or their business slows to a point where they cannot pay us, the trickle down effect will ultimately impact the firms’ cash flow.

2. what should cpa firms be doing?

because most cpas cherish their relationships with their clients, their loyalty influences their decisions. i am pretty sure most will do their best to carry them (as needed) and hope to weather the storm together. i do not expect to see cpas “dropping” a and b clients for lack of payment unless the situation is severe. instead, i think everyone will try to work out plans to go forward together – helping their clients remain as profitable as possible and waiting for the economy to rebound.

3. in particular, what’s your firm doing?

our firm realizes that we need to be as proactive as possible with clients whenever there is a slowdown in the economy. under these types of situations we can encourage our clients to embrace more entrepreneurial thinking and more innovative strategies – which they might not have tried when the economy was robust. we interact more, not less, frequently – helping them keep an eye on cash flow, projections, and new opportunities. we earn the title “trusted adviser” by how we behave in tough times equally as well as we earn it when things are going very well.

glick knows what she’s talking about. she was was practically born into accounting firm marketing. over the past 20 years, she’s served at pencor, polaris and videre cpas. she’s chaired the board for the association of accounting marketing, was selected marketer of the year in 2003, and in 2007 was elected to the aam hall of fame. in addition, she was on accounting today’s list of top 100 most influential people in accounting for three years. glick maintains a blog on accountingweb.com and authors marketer’s corner for the commerce clearing house “cpa practice management forum.”