20 Tips for Surviving Tax Season
From pizza to ice cream, and gym classes to free massages, CPA firms are looking for ways to keep their staffs happy, sane and productive. How does your firm handle it?
by Rick Telberg/At Large
CPA firms across the nation are finding new and innovative ways to relieve the stresses and pressures of tax season. Here are some my favorite tips for surviving tax season, with thanks to those listed at the bottom for volunteering them.
1. Close one Friday afternoon and have everyone go to a matinee movie. Snacks and popcorn on the firm, of course.
2. Bring in a massage therapist for free 20-minute sessions for every staffer.
3. Free buffet lunches and dinners on weekends and late nights.
4. Cap the hours. Don't let a staffer work past, say, midnight.
5. Cap the days. Five-and-a-half is about the usual human limit.
6. Give staffers time off to do the regular things in life, like catch school plays and take their spouses to dinner.
7. Keep the peace. No screaming or yelling, moaning, groaning, or whining allowed. Send unhappy people home fast, with pay, before the tension spreads.
8. Make Saturdays special. Free food. Hire a birthday clown. Bring in the kids for pony rides in the parking lot.
9. Ice cream parties in the afternoon.
10. Free gym passes for the duration.
11. Let people work their best hours. Some can come in early and leave; others may work best at night.
12. Open up a nap room and encourage people to use it when they need to.
13. Offer "concierge services." Hire a "runner," someone to take care of the personal needs of staffers while they work, like a trip to the dry cleaners, the pharmacy, picking kids up at school, dropping the car off at the mechanic, walking the dogs, etc.
14. Remember to thank everyone for their hard work.
15. Raise your fees and pay bonuses. Nothing says thank you like a nice, fat check.
16. A Friday afternoon ping-pong tournament.
17. A weekly raffle for a gift certificate to a local store.
18. Bring-your-pet-to-work day.
19. Schedule a night where the musicians among the staff can bring in their instruments and jam.
20. Keep reminding people, it's only 105 days long and it all ends on April 15.
Here are a few more for April 16th:
1. Join other local firms at a bar.
2. Hit the golf course, sun or snow.
3. Hold a barbecue for staff and families.
Thanks to: Ed Stinson at Gould Stinson & Gray in Kalamazoo, Mich.; Judith Bloom; Karen Boor; Chuck Parker; Michael Parker (presumably no relation); Carol Duck, Tom Ryan, Bill Jordan, and Bernadette Hardcastle.
Tuesday, February 24, 2004
Extension of Compliance Dates Regarding Internal Control Over Financial Reporting Requirements
The Commission has extended the compliance dates for amendments to its rules under the Securities Exchange Act of 1934 that were adopted on June 5, 2003, pursuant to Section 404 of the Sarbanes-Oxley Act. The amendments require a company to include in annual reports a report by management on the company's internal control over financial reporting and the accompanying auditor's report.
Under the new compliance schedule, a company that is an "accelerated filer" as defined in Exchange Act Rule 12b-2 (generally, a U.S. company that has equity market capitalization over $75 million and has filed at least one annual report with the Commission), must begin to comply with these amendments for its first fiscal year ending on or after Nov. 15, 2004 (originally June 15, 2004). A non-accelerated filer must begin to comply with these requirements for its first fiscal year ending on or after July 15, 2005 (originally April 15, 2005). The Commission similarly has extended the compliance date for related requirements regarding evaluation of internal control over financial reporting and management certification requirements, including certification and related requirements applicable to registered investment companies. Please refer to Release No. 33-8392 for more detailed information.
The Commission has extended the compliance dates for amendments to its rules under the Securities Exchange Act of 1934 that were adopted on June 5, 2003, pursuant to Section 404 of the Sarbanes-Oxley Act. The amendments require a company to include in annual reports a report by management on the company's internal control over financial reporting and the accompanying auditor's report.
Under the new compliance schedule, a company that is an "accelerated filer" as defined in Exchange Act Rule 12b-2 (generally, a U.S. company that has equity market capitalization over $75 million and has filed at least one annual report with the Commission), must begin to comply with these amendments for its first fiscal year ending on or after Nov. 15, 2004 (originally June 15, 2004). A non-accelerated filer must begin to comply with these requirements for its first fiscal year ending on or after July 15, 2005 (originally April 15, 2005). The Commission similarly has extended the compliance date for related requirements regarding evaluation of internal control over financial reporting and management certification requirements, including certification and related requirements applicable to registered investment companies. Please refer to Release No. 33-8392 for more detailed information.
Friday, February 20, 2004
CPAs Expect 2%-4% in Annual Raises
Sluggish gains breed challenges for management as accounting professionals weigh their options.
In the utility industry for instance, one middle manager noted, "Enron has given the industry a bad name, which has caused the industry to become ultraconservative in its business dealings -- slowing growth, incomes, raises and hiring."
In public accounting, CPAs report difficulty in generating new and high-margin clients. "It's hard getting the kind of new clients we need to replace the ones falling by the wayside," said one senior partner. More...
Exclusive Research and Analysis for the Career Insider by Rick Telberg
Sluggish gains breed challenges for management as accounting professionals weigh their options.
In the utility industry for instance, one middle manager noted, "Enron has given the industry a bad name, which has caused the industry to become ultraconservative in its business dealings -- slowing growth, incomes, raises and hiring."
In public accounting, CPAs report difficulty in generating new and high-margin clients. "It's hard getting the kind of new clients we need to replace the ones falling by the wayside," said one senior partner. More...
Exclusive Research and Analysis for the Career Insider by Rick Telberg
Corporate America Is Facing a Credibility Crisis of Historical Proportions
Can CPAs provide the moral leadership American business needs?
In a new Harris Poll on the companies with the best reputations (Johnson & Johnson)n and the worst (Enron) -- no surprises there -- Dr. Charles Fombrun, executive director of The Reputation Institute and the annual study's co-founder, points out:
"Not since the excesses of the gilded age that produced the stock market collapse of 1929 and the 'Great Depression' have we witnessed so much reputation fallout in the corporate sector. It's proving very costly to shareholders as they've watched portfolio values tumble dramatically in the last few years."
No profession is better equipped to restore public confidence in business than the CPA business, in ways both large and small.
Can CPAs provide the moral leadership American business needs?
In a new Harris Poll on the companies with the best reputations (Johnson & Johnson)n and the worst (Enron) -- no surprises there -- Dr. Charles Fombrun, executive director of The Reputation Institute and the annual study's co-founder, points out:
"Not since the excesses of the gilded age that produced the stock market collapse of 1929 and the 'Great Depression' have we witnessed so much reputation fallout in the corporate sector. It's proving very costly to shareholders as they've watched portfolio values tumble dramatically in the last few years."
No profession is better equipped to restore public confidence in business than the CPA business, in ways both large and small.
Tuesday, February 17, 2004
Audits 2004: CPAs Are in This Together
Corporate governance reform movement mobilizes auditors and auditees alike to work as never before as a united profession.
by Rick Telberg/At Large
CPAs, whether they are working in corporate financial departments or outside audit teams, are facing a host of challenges this financial-reporting season that requires new levels of professional cooperation, understanding and respect.
Perhaps most importantly, the majority agree that too many people in their organizations don't yet understand all the new rules and regulations brought on by the corporate-governance reform movement.
In an informal study of Rick Telberg/At Large readers, 83 percent said many practitioners and preparers appeared behind in their homework. Among auditors, 84 percent said it was a problem. Members in business and industry agreed significantly, with 78 percent nodding along.
One internal auditor said he was frustrated by his company's information technology department which told him the organization's plans for newly mandated internal controls systems were "fluid" and getting "more conservative" every time he asked.
Staffing, a perennial problem, is no less critical this year. Some 69 percent of CPAs said "there's not enough qualified staff."
New procedures and short-staffing naturally add up to more hours, a problem this season for 72 percent of those involved in the study.
With more hours, 75 percent of respondents agreed that costs and fees were rising "significantly" this year. One middle manger at a mid-sized CPA firm singled it out as a problem, noting "client resistance to higher fees."
On the other hand, CPAs responding to the study may just be suffering early-season jitters. Consider the fact that 40 percent said they are as well-prepared as last year and 23 percent think they're ahead of the game.
Still, only 9 percent expect no major changes and 10 percent think this year will be easier than last year.
"You want a prediction?" One auditor at a big firm summed it up: "I'll give you a prediction: Pain!"
Corporate governance reform movement mobilizes auditors and auditees alike to work as never before as a united profession.
by Rick Telberg/At Large
CPAs, whether they are working in corporate financial departments or outside audit teams, are facing a host of challenges this financial-reporting season that requires new levels of professional cooperation, understanding and respect.
Perhaps most importantly, the majority agree that too many people in their organizations don't yet understand all the new rules and regulations brought on by the corporate-governance reform movement.
In an informal study of Rick Telberg/At Large readers, 83 percent said many practitioners and preparers appeared behind in their homework. Among auditors, 84 percent said it was a problem. Members in business and industry agreed significantly, with 78 percent nodding along.
One internal auditor said he was frustrated by his company's information technology department which told him the organization's plans for newly mandated internal controls systems were "fluid" and getting "more conservative" every time he asked.
Staffing, a perennial problem, is no less critical this year. Some 69 percent of CPAs said "there's not enough qualified staff."
New procedures and short-staffing naturally add up to more hours, a problem this season for 72 percent of those involved in the study.
With more hours, 75 percent of respondents agreed that costs and fees were rising "significantly" this year. One middle manger at a mid-sized CPA firm singled it out as a problem, noting "client resistance to higher fees."
On the other hand, CPAs responding to the study may just be suffering early-season jitters. Consider the fact that 40 percent said they are as well-prepared as last year and 23 percent think they're ahead of the game.
Still, only 9 percent expect no major changes and 10 percent think this year will be easier than last year.
"You want a prediction?" One auditor at a big firm summed it up: "I'll give you a prediction: Pain!"
Wednesday, February 11, 2004
Accounting for the Data Deluge
Special for Hewlett-Packard
Accountants and financial managers are increasingly turning to digital data storage to manage the mountains of paperwork mandated by new Federal rules.
New laws and regulations require companies to store more data, longer, and in forms that are both safe from disaster and protected from rogue employees and hackers. As a result, the rewards of moving toward a more digitized, if not completely "paperless," office are also more compelling than ever.
Special for Hewlett-Packard
Accountants and financial managers are increasingly turning to digital data storage to manage the mountains of paperwork mandated by new Federal rules.
New laws and regulations require companies to store more data, longer, and in forms that are both safe from disaster and protected from rogue employees and hackers. As a result, the rewards of moving toward a more digitized, if not completely "paperless," office are also more compelling than ever.
Monday, February 09, 2004
Is Economic Surge Just Election-Year Bubble?
At Large/for the AICPA CPA Insider
Most CPAs are cautiously optimistic about the 2004 economic outlook, but at the their own firms and companies, planning is conservative and purse strings remain tight.
For those who will be spending this year, the top categories include:
Computers and accessories: 74 percent
Professional literature, books or CPE: 73 percent
Office supplies and equipment: 72 percent
Tax or accounting software: 50 percent
Business-related insurance: 44 percent
Banking/financial services: 38 percent
Phone services: 31 percent
Express mail services: 24 percent
Client/customer contact management software: 17 percent
Outsourcing services or service bureaus: 17 percent
Mergers or acquisitions: 14 percent
At Large/for the AICPA CPA Insider
Most CPAs are cautiously optimistic about the 2004 economic outlook, but at the their own firms and companies, planning is conservative and purse strings remain tight.
For those who will be spending this year, the top categories include:
Computers and accessories: 74 percent
Professional literature, books or CPE: 73 percent
Office supplies and equipment: 72 percent
Tax or accounting software: 50 percent
Business-related insurance: 44 percent
Banking/financial services: 38 percent
Phone services: 31 percent
Express mail services: 24 percent
Client/customer contact management software: 17 percent
Outsourcing services or service bureaus: 17 percent
Mergers or acquisitions: 14 percent
Monday, February 02, 2004
Tax Season Sanity: Tips from the Pros
The debate rages: Which is better Mountain Dew or Diet Coke? Knitting or whale songs? Pushups or treadmill? Dreaming of April 16? All that and more.
by Rick Telberg/At Large
What gets you through the daily calamities, constant pressures, and seemingly uncontrollable chaos of tax season?
Well, you don't have to go far to find out. Just ask other CPAs.
For some its fear; for others, treats. Some just grin and bear it. Other get out their frustrations at the gym. Or calm down with knitting.
The debate rages: Which is better Mountain Dew or Diet Coke? Knitting or whale songs? Pushups or treadmill? Dreaming of April 16? All that and more.
by Rick Telberg/At Large
What gets you through the daily calamities, constant pressures, and seemingly uncontrollable chaos of tax season?
Well, you don't have to go far to find out. Just ask other CPAs.
For some its fear; for others, treats. Some just grin and bear it. Other get out their frustrations at the gym. Or calm down with knitting.
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