The Statement: July /August 2006

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‘The more support we have, the more we can do’: In theory, says Tami Bensky, the task that faces the MACPA and its volunteer leadership – that of serving Maryland’s CPAs – can be boiled down to three words: Listen and respond.
Succession planning: Grooming future leaders: When you retire as a firm leader, who will take over your responsibilities in running the practice?
Should CPA firms use certified bookkeepers?: Despite their extensive training and expertise in accounting, CPAs face the same problem in hiring bookkeepers: They don’t really know what they are getting until the bookkeeper has been on the job for several scary months.
Franchising earnings claims: To do or not to do: The debate continues: Should franchisors include earnings claims (also known as financial performance agreements) in Item 19 of their Uniform Franchise Offering Circular, or should they leave it up to prospective franchisees to research the...
Using software to improve analytical procedures in audits and reviews: The best auditors are the ones who combine a thorough knowledge of auditing with an ability to apply common sense and judgment to the process of an audit or review.
The two sides of peer review: Today, almost 33,000 U.S. accounting firms rely on peer review to demonstrate that their accounting and auditing practices meet the highest standards.
How to avoid audit problems: Financial statement fraud leads all other types of fraud by a wide margin in terms of cost per case.
Bad facts to avoid in FLP planning: Several of the most recent cases attacking family limited partnerships (FLPs) provide further illustrations on what not to do in FLP planning.
Rolling over from a DRAC to a Roth IRA: This year, for the first time, 401(k) and 403(b) participants have the option of sending their salary deferral contributions to either a “designated Roth account” (DRAC) or to a “regular” 401(k) account, assuming the employer has adopted the...
MACPA earns key legislative victories as '06 session ends: The MACPA was instrumental in the passage of a number of bills in 2006 that make life easier for Maryland tax practitioners and their clients.