Today's Features
ADVISORY & CONSULTING

See Your Client to a Graceful Exit

man in glasses looking at document held by woman

It takes a few years, so get started.

By Anthony Glomski

Research from the Family Firm Institute shows that only three in 10 (30%) closely held family businesses survive into the second generation. Just one in eight (12%) are still viable into the third generation, and a mere 3 percent operate into the fourth generation or beyond. Those statistics are even more disturbing because the same research shows that the vast majority of business families are overly optimistic – they believe they will be in control of their companies five years hence.

MORE: Is Your Client’s Wealth Truly Protected? | Eight Questions for Estate Planning | Clients Who Don’t Listen | How to Outline Your Client’s Big Picture | Target the Family CEO
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Given this gloomy success record for family business transitions, it is no wonder that 60 to 70 percent of family wealth is lost by the second generation and that 90 percent is lost by the third generation. It does not have to be this way.
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Cornerstone

A Brief History of the US Income Tax, the Internal Revenue Service, and the Tax, Accounting and CPA Profession | Cornerstone

Cornerstone Report

By CPA Trendlines Research

The Internal Revenue Service has a long and complex history dating back to the early days of the United States. The story of the IRS intersects at critical points with the development of the tax, accounting and CPA profession.

MORE Cornerstone Reports here

The current federal income tax can be traced back to the Revenue Act 1913, passed after the states ratified the 16th Amendment to the Constitution. The act provided that taxes on individual taxpayers would be imposed beginning in 1913 on incomes of $3,000 and up.

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PRO Member Exclusive

AI Brings Opportunities for Accountants

The profession will reap some of the greatest impact.

By Hitendra Patil
Client Accounting Services: The Definitive Success Guide

OpenAI, the creator of the wildly popular artificial intelligence (AI) tool ChatGPT, conducted a research study with the University of Pennsylvania. It identified the occupations with the most significant impact potential because of large language models (LLMs, like ChatGPT). Among the occupations with the highest exposure to AI are accountants, auditors and tax preparers!

MORE: Seven Things You Must Know about AI
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What does it mean?

1. To quote some (edited somewhat for more straightforward reading) of the essential notes from the research:
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MARKETING & SALES

Six Ways to Market Your Technology Consulting Practice

hands on keyboard, network illustrated with connected dots

Plus how to decide what services to offer.

By August J. Aquila
Price It Right: How to Value Accounting Services

Computer consulting has evolved over the last 30 years and there are more choices than ever before. In fact, it is much more than just a computer and is now rebranded as technology consulting. Recent changes in technology will force us to learn a new type of technology consulting. Despite your current level of technology consulting sophistication, you will still need to market your services.

MORE: Five Reasons to Implement Change Orders | Why You Need Progress Billing | Five Tips for Cross-Selling and Upselling | Five Keys to Successful Marketing | Twelve Fundamentals of Planning | One Question to Guide Your Growth Plans | Four Ways to Prepare for New Business Development
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Get started by asking yourself (your team) the following three questions:
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