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Beginning in tax year 2025, a new federal tax policy will allow millions of hourly workers to deduct a portion of their overtime pay and cash tips from their taxable income — potentially reducing their annual tax bills by thousands of dollars.

In part 1 of my 2-part article I addressed the key strategies for having a smooth peer review. I now discuss things you can do once the peer review has begun to have it proceed without a hitch.

When accounting firms merge or acquire other firms, or simply entertain the prospect of merging, employees can experience feelings of anticipation, anxiety and fear of the unknown. Managers and firm leadership must balance that with growing the firm.

Like a football team, an accounting firm's success depends on smaller departments within the firm being in sync with the others. When each department is aligned, the firm runs smoothly and profitably.

Although AI-generated content should never be considered the final authority particularly in a profession deeply rooted in accounting standards and regulation, it undeniably serves as a powerful tool to streamline tasks.

Assessing the value of an accounting or tax practice is a complex endeavor that depends on multiple factors. By understanding and leveraging these key factors, the value of the practice can be maximized, and the right buyers can be attracted for a successful sale.

Successfully navigating a merger requires strategic planning, industry expertise and partnerships. Small accounting firms that refine their market position, embrace technology and establish thought leadership can negotiate from a position of strength.

To help ensure positive peer review experience, firms should place an emphasis on quality firm wide, and this should be communicated consistently to all staff. Your peer review can proceed more smoothly.