Personal goodwill refers to the reputation, relationships, and other intangible assets directly attributable to an individual professional rather than the business entity itself. It is especially relevant for professional...more
8/6/2024
/ Business Assets ,
Buyers ,
C-Corporation ,
Cancellation Rights ,
Goodwill ,
IRS ,
Legal Entities ,
Letters of Intent ,
Professional Networking ,
Professional Services Companies ,
Restrictive Covenants ,
S-Corporation ,
Shareholders
As part of our ongoing series on tax issues for accounting firms, this article provides information on retirement or deferred compensation arrangements, the related rules of Section 409A of the Internal Revenue Code, and how...more
10/12/2023
/ Deferred Compensation ,
Executive Compensation ,
General-Business ,
Internal Revenue Code (IRC) ,
IRS ,
Partnerships ,
Private Equity ,
Retirement ,
Retirement Funds ,
S-Corporation ,
Section 409A ,
Self Employed
The accounting industry is in a state of transition. The pandemic, remote/hybrid work, and the influx of private equity have all impacted accounting firms to varying degrees.
To better understand the landscape of the...more
8/31/2023
/ Accountants ,
Accounting ,
Business Model ,
CPAs ,
Labor Shortage ,
Mentors ,
Recruitment Incentives ,
Remote Working ,
Talent Management ,
Third-Party ,
Training
The accounting industry is in a state of transition. The influx of private equity, labor shortages, and remote/hybrid work have all impacted accounting firms to varying degrees.
To better understand the landscape of the...more
When it comes to accounting firm partnership agreements, governance is a key component. In this article, we discuss various governance provisions to consider when drafting an accounting firm partnership agreement....more
As part of our ongoing partnership agreement series, in this article, we discuss how accounting firms can address retirement in firm partnership agreements.
Note: References to “partnership agreements” in this article...more
6/2/2022
/ Accounting ,
Buy-Out Agreements ,
Early Retirement ,
Governance Standards ,
Life Insurance ,
Notice Requirements ,
Partnership Agreements ,
Restrictive Covenants ,
Retirement ,
Retirement Funds ,
Retirement Plan ,
Transitional Arrangements
To better understand the current landscape of the accounting industry, I have been interviewing managing partners and industry insiders regularly for the past two years. I recently asked managing partners, consultants, and...more
2/24/2022
/ Accountants ,
Accounting ,
Acquisition Agreements ,
Bonuses ,
Corporate Sales Transactions ,
CPAs ,
Employee Incentive Plans ,
Labor Shortage ,
Managing Members ,
Merger Agreements ,
Private Equity ,
Recruitment Incentives ,
Remote Working ,
Retirement Plan ,
Talent Management
This is Part 3 of a three-part series discussing the basic components of a professional liability lawsuit brought against an accounting firm and its partners and factors a firm’s managing partner should consider before and...more
This is Part 2 of a three-part series discussing the basic components of a professional liability lawsuit brought against an accounting firm and its partners and the factors a firm’s managing partner should take into...more
This is Part 1 of a three-part series discussing the basic components of a professional liability lawsuit brought against an accounting firm and its partners, and the factors a firm’s managing partner should consider before...more
Merger activity among accounting firms has grown significantly of late. Allan D. Koltin, CEO of Koltin Consulting Group, commented that “2012 was another record year for CPA firm M&A. It represents the fifth consecutive year...more
Developing new leaders—and giving them the roles and responsibility necessary to keep them happy and help the firm move forward— is critical to every accounting firm. However, the flip side of giving opportunities to the next...more