Strategies to accelerate small firm growth
If you missed the most recent #AICPATownHall or want to return to a particular section from the show, you can access the full episode on-demand . Don’t have time to watch? You can also listen on the go with the AICPA Town Hall podcast .
Segments to watch
DC update: Michael Cerami , EVP, CPA.com , and Rachel Dresen, Senior Director of Congressional & Political Affairs, AICPA , provided an update on the status of Congress's appropriation process, including potential cuts to the IRS budget and policy provisions related to SEC climate disclosure rules and IRS direct file. They also discussed how the upcoming elections could affect tax reform efforts and a recent state Attorney General’s opinion that provides a perspective on whether CPAs performing Beneficial Ownership Information (BOI) reporting services constitutes the unauthorized practice of law. Watch the segment .?
Technical update: Lisa Simpson , VP, Firm Services, AICPA, reviewed a recent announcement from the IRS on their analysis of Employee Retention Credit (ERC) claims for fraud and next steps in processing claims that have been on hold since September 2023. ?She also discussed a recent Supreme Court ruling (Moore vs U.S.) that upheld the Section 965 transition tax component of the Tax Cuts and Jobs Act. The narrowly focused decision allowed a repatriation tax on untaxed foreign earnings but did not address a broader question as to whether income must be realized before it can be taxed. Additionally, Lisa provided disaster relief updates and highlighted some other IRS news items. Watch the segment.
Small firm growth strategies: Michael and Lisa welcomed Brian Davis, President & CEO, One Stop CPA, who shared the story of how he started his small firm and ways practitioners can scale their firms through efficiency, technology, digital branding and client relationships. Watch the segment. ?
National Pipeline Advisory Group (NPAG) draft report overview: Lisa and Lindsay Stevenson, CPA, CGMA , Chief Transformation Officer, BPM LLP , discussed findings from NPAG’s recent draft report on proposed solutions to address talent pipeline challenges.? The conversation focused on two key themes in the report: enhancing the employee experience and addressing the time and cost of education. They encouraged all stakeholders in the profession, including the Town Hall Community, to take the CPA Pipeline Pledge and commit to participating in at least two activities annually that will positively impact the talent pool.?Watch the segment.
Join the next AICPA Town Hall
Tune in Thursday, July 18 at 3pm ET for the next live Town Hall when Erik Asgeirsson, President and CEO, CPA.com, is back with Barry Melancon, President and CEO, AICPA, ?to deliver the latest news and updates for the profession. Plus, Melanie Lauridsen, VP, Tax Policy & Advocacy, AICPA, will provide an update on BOI reporting requirements and other technical updates.
AICPA Town Hall Calendar?????
With the extended summer breaks, be on the lookout for additional Town Hall newsletters and recorded on-demand content to keep you updated on the latest news impacting the accounting profession. ?
Late-breaking news and resources???
Disaster Tax Relief
BOI updates
领英推荐
ERC updates
Supreme Court U.S. v Moore resources
Small firm growth strategies
Proposed Talent Pipeline Solutions and NPAG Draft Strategy Report
Firm management
Top attendee questions from June 27
Q:? Where can I find resources to help me talk with high school and college students about opportunities in the accounting profession?
A:? Explore pipeline resources at thiswaytocpa.com for CPA pipeline resources, including sample presentations highlighting the variety of career opportunities available to accounting and finance professionals.
Q.?You mentioned that 85% of the students NPAG surveyed said that raising starting salaries would help encourage people to choose a career in accounting. What is the average starting salary in accounting??
A. In May 2024, the National Association of Colleges and Employers (NACE) indicated that the mean starting salary in 2022 for accounting and related services was $60,698 (for bachelor's degree holders). Even though starting salaries in accounting have increased in the last few years, that was the lowest of several other majors reviewed in the NPAG research. Check out the section in the?NPAG report ?that focuses on the theme of “Enhancing the Employee Experience” beginning on page 69 for more information, including a table comparing starting salaries to other majors.
Q.?Lindsay mentioned a program called ELE as a way to address the cost of education?that’s available now. What is ELE??
A. ELE stands for?Experience Learn and Earn, ?a program AICPA and NASBA launched in 2023 for students who need or want a path to the 150 credit hours. ELE allows them to earn up to 30 educational credit hours while they are in a paid accounting position. ELE classes are available online through Tulane University at a cost of only $150 per credit hour. To learn more or to sign staff up for the Fall 2024 semester, email?[email protected] .?
Q.?Has the IRS started processing ERC claims?submitted after the September 2023 mortarium??
A. In a June 20, 2024, news release, the IRS indicated that “generally the oldest claims will be worked first, and no claims submitted during the moratorium period will be processed at this time.”