4
news
McGladrey & Pullen partners vote to re-unite with RSM
Supreme Court hears case on PCAOB’s constitutionality
Client portals: Not just for tax anymore
New York exempts all CPAs from tax preparer registration
6
opinion
Alfred King on why IFRS is dangerous for you
8
tax practice
Now’s the time to move beyond tax preparation
tax strategy
Jones & Luscombe on First-Time Homebuyer’s remorse
11
assurance
Fair value, unfair risks for accountants
the spirit of accounting
Miller & Bahnson want rules and principles
14
;nancial planning
The ins and outs of retiring abroad
17
special report: the year in tax
Our annual guide to the top issues of tax season
25
technology
software review
Mid-range accounting packages keep evolving
28
practice resources
Branding: The difference between cattle and ;rms
Is your ;rm up for the CPA Exam Challenge?
38
accounting tomorrow
Baby Boomers block the exit
otherresources
6 Letters
26 VAR News
28 M&A Watch
30 New Products
32 People
33 Firms
34 Resource Center
37 Advertiser Index
Welcome back! Following a month-long string of holiday parties, family gatherings and severely depleted supplies of antacid tablets, I’m sure many of you are refreshed and rested enough — if not
anxious — to tackle the myriad challenges that lie ahead in 2010.
As 2009 was winding to a close, I was on my evening commute home when I found myself seated
next to a partner of one of country’s largest ;rms. He predicted that 2010 would translate to a rather
lean year for the Big Four, as well as for the tier of national ;rms just below them — a result of margin
pressures as well as the usual con;uence of economy-induced factors. Conversely, I felt that the small
and midsized ;rms might su;er a bit more, as the larger players with greater resources had the luxury
of undercutting fee prices and services.
I also feel — as do several minds far brighter than mine — that ;rm
mergers will remain strong in 2010. You probably couldn’t help but
notice that 2009 closed out with a ;urry of deals, an impressive scorecard capped by the mega-combination of Baker Tilly Virchow Krause
absorbing Beers & Cutler. ;ere’s little debate that the typical accelerants driving M&A — lack of succession planning, overwhelming market
competition, et al. — will likely keep our editorial sta; hopping with
M&A stories.
Expect the profession to be embroiled in a slew of potentially game-changing issues. Tax reform, which has been kicked and passed around
like a holiday fruitcake, will likely be studied for a while longer, considering the over;ow of responses and suggestions that were received by the
tax subcommittee of the president’s Economic Recovery Advisory Board.
Apparently, the group was overwhelmed by the number of opinions and
suggestions it received on its Web site.
;e profession will also face other potential mandates, such as tax preparer registration for non-Circular 230 preparers, the possible specter of
a Federal Accounting Oversight Board, International Financial Reporting
Standards and legislation to repeal the patenting of tax strategies.
With regard to Accounting Today, we feel we may have compiled our
most compelling editorial line-up since our debut in 1987. With the July merger of Practical Accountant
and Accounting Technology into the core publication, we pledged to bolster our technology and practice
management sections to carry on the strongest niches of our former siblings. With our initial issue of
2010, we address such critical professional issues as the ongoing and red-hot market for ;rm mergers
and acquisitions, and the major tax law changes for 2010, as well as burgeoning technologies such as
client portals.
But we don’t stop there. ;roughout the year, we’ll report in-depth on topics like green initiatives,
mobile computing, how to position your clients for recovery, business intelligence and career customization. Buoyed by the tremendous reception of our Accounting Tomorrow section for younger professionals and newly minted CPAs, we can promise more of the same in 2010.
For those of you who have been with us from the beginning, we thank you for your contuinued support — and if you’re a new subscriber, welcome aboard!
As always, feel free to drop me a line. We’d love to hear from you.
Enjoy!
Bill Carlino
Editor-in-Chief
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