The PCPS Firm Practice Center provides a venue for CPA firms to harness business opportunities and overcome challenges in their firms. PCPS – the AICPA Private Companies Practice Section – provides a rich array of valuable information and resources for firms of all sizes in the area of practice management.
PCPS is committed to making practicing CPAs and their firms successful. The PCPS Firm Practice Center contains a wealth of resources for all firms affiliated with the AICPA.
· Succession Planning
· Human Capital Center
· Financial Literacy
· Small Firm Advantage
We welcome your feedback on ways we can make the Center more useful and valuable for you.
NEWS AND OTHER CENTER COMMUNICATIONS
President Obama Announces New Efforts to Improve Access to Credit for Small Businesses
The President announced new measures to help expand access to capital for small businesses as part of an ongoing effort to help small businesses access credit and create jobs. The announcement includes his call for legislation to increase the maximum loan sizes for 7a, 504 and microloans, as well as steps to support more small business lending through local community banks. For further details on the Presidents proposals, Click Here.
Client Advisory Board
Want to improve your client service? We can help. PCPS created a Client Advisory Board (CAB) toolkit that PCPS member firms can employ to retain current clients and attract new ones. This dynamic method of collecting feedback allows firms to hear directly from clients and others in the community about how the firm is fulfilling client expectations. CABs also give firms a chance to get ideas for new services and markets and show clients that their opinions matter. Check out these resources to see how you can help increase client retention, cross sell, services and land new clients all at the same time.
PCPS Member Firms Click Here
Non PCPS Member Firms, for a preview Click Here
PCPS: Your Strategic Partner Video
In this short video, you’ll hear the testimonials of PCPS members about the various practice management resources PCPS has to offer and the value they can bring to your firm.
Learn More>>
Profitability and Pricing Strategies Section
Firm profitability is constantly a driving force in owners' everyday decision making. The resources in this section are designed to provide tips and tools on consumer behavior, effective pricing strategies, client culling and improving metrics within your organization. Learn More>>
Taxation of Professional Services: State Legislative Update
The AICPA’s State Regulatory & Legislative Affairs Team monitors legislation of potential impact on and/or interest to CPAs nationwide. An ongoing subject of legislative activity over the years has been whether to tax professional services, including CPA services. The AICPA generally opposes the imposition of sales and use tax on services, including professional services. This opposition is based on the unique situations that arise in the creation and delivery of services, which are not suited to the imposition of a traditional sales tax. Additionally, a sales tax on services has the potential to create administrative complexities and be contrary to good tax policy (e.g., placing states with service taxes at a competitive disadvantage compared to those states that do not tax services). Another potential implication is that CPA firms are forced to take cost-cutting measures, which can hinder quality.
Currently, there are five states (South Dakota, Delaware, Hawaii, Nevada and New Mexico) that impose a sales tax on accounting services. As states face declining tax revenue collections, several state legislatures are considering proposals that would tax accounting services. In Connecticut, Senate bill 932 is being closely monitored by the Connecticut Society of CPAs. In the Minnesota legislature, there are several proposals that have been under discussion. Click here to link to the Minnesota State Society’s “sales tax on professional services” overview, which links to the bills’ text.
The AICPA and PCPS will continue to monitor all state developments and keep you updated on these and other issues relevant to the accounting profession
AICPA Seeking Exemption for CPAs on FTC “Red Flag” Rule
In 2003, Congress passed legislation intended to curb identity theft, and the FTC subsequently issued a "Red Flag" rule that requires creditors or financial institutions with covered accounts to have in place programs to assist in identifying a potential identity theft. CPAs could become subject to the FTC’s Red Flag rules, since recent interpretations from the FTC to other professional organizations (lawyers, physicians) indicate that a “creditor” includes “any entity that defers payments, even in the normal course of a traditional billing process”. Thus, if a CPA bills clients monthly, this could be considered to be an extension of credit that would require the CPA to have an internal program, subject to inspection and review, designed to detect, prevent and mitigate client identity theft.
The AICPA has been seeking an exemption for CPAs, and the effective date has been extended by the FTC to June 1, 2010. This is reminiscent of another unnecessary regulation of CPAs—the privacy disclosure notification requirements of Gramm-Leach-Bliley - that the AICPA successfully fought years ago. We will keep you apprised of developments on this issue.
On Nov. 10, the AICPA filed a lawsuit Challenging Application of Federal Trade Commission's "Red Flags Rule" to CPAs. Read the AICPA complaint and news release.
In preparation of the impending June 1 deadline, the AICPA has developed a practice guide for members, which provides guidance on developing an Identity Theft Prevention Program (ITPP) as required by the FTC’s Red Flags Rule. Learn More>>