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A one-size-fits-all leadership guide to succession planning does not exist. But whichever path we take, it must have trust, communication and respect for the individuals we hope to lead at its core.

By investing in mentorship, leadership training, planning strategies and a commitment to retaining expertise, we collectively shape a bright and enduring future for the CPA profession.

Private equity can be a powerful tool in succession planning. Understanding the nuances of private equity will help position businesses and their CPAs for a successful transition, ensuring their legacy continues to thrive in the new business era.

As of Jan. 31, 2024, businesses are no longer able to file new ERC claims, and the ERC Voluntary Disclosure Program (VDP) ends on March 22. But have you or your clients heeded all the warnings and lifelines that the IRS has already provided?

FASB update (ASU) No. 2023-09 (Topic 740) aligns with the broader industry trend of increasing transparency in financial reporting to better serve the needs of investors and stakeholders alike. CPAs need to be aware of the new requirements.