I like the concept with the pencil. However, I've decided to drop the tag line since it is illegible when the logo is reduced in size. Since the tag line is used to balance out the logo, I'm not sure what the effect of dropping it may be.
I've received some good feedback on the font of the logo which does not have the pencil.
alternate versions.. you can always put the tag line on some things and not on others.
The sharp pencil concept is to differentiate you from all the other CPAs and Lawyers that have the 'sophisticated text' style logos - if you target small businesses - sometimes it is good to rise above the others with your look...
A reference to a sharp pencil may be a bit old fashioned for CPAs but it still holds meaning when analyzing the details and optimizing profits!