Tax Pro Roundup: February Edition
SurePrep, part of Thomson Reuters
SurePrep integrates with leading tax software to streamline the 1040 process for tax pros and taxpayers.
Yahoo Finance?
[1/23] The global accounting software market is estimated to reach $20.4 billion by 2026, according to Fortune Business Insights.?
"The rapid shift from the traditional way of managing financial records to adopting an accounting information system is the key trend in global market. The growing demand for computerized accounting across different end-use industries is surging the adoption of accounting software."?
AICPA?
[1/3] Blueprints for the redesigned CPA exam from the American Institute of Certified Public Accountants (AICPA) reflect stakeholder comments. The AICPA plans to launch the redesigned exam in January 2024.?
"The Blueprints are based on the knowledge and skills required of a newly licensed CPA to meet the demands of firms, employers and clients."
Journal of Accountancy?
[2/10] The traditional licensing model raises concerns about the effects it may have on attracting and retaining talent in an already complicated job market. NASBA stands firm with their decision to continue the 150-hour education requirement.?
"The Board of Directors of the National Association of State Boards of Accountancy (NASBA), the national body for state boards of accountancy, recently reaffirmed its support of the standard by a unanimous vote."?
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Fortune?
[1/20] Industry experts from Bain Capital Ventures and Prudential Financial share their insights on some of the latest tech software trends.?
"The use of tech software in everyday finance tasks is growing. So, how will it advance this year?"
Cloud Accounting Podcast?
[1/27] Podcast hosts discover ways Chat GPT can be used to make tax professionals’ lives easier.??
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SurePrep, part of Thomson Reuters?
[2/13] SurePrep has partnered with CoinTracker to help tax professionals and their clients report cryptocurrency activity with accuracy and ease.?
"CoinTracker connects with your clients’ crypto wallets and exchanges, automatically reconciles crypto activity, and generates gain and loss reports, providing you with Form 8949, Schedule D, and Schedule 1."??
Accounting Today?
[1/27] Amidst the recent crypto bankruptcies, many leaders are pushing for change.?
"[Senators] are asking the Public Company Accounting Oversight Board to do more to regulate the audits of cryptocurrency companies in the wake of recent high-profile bankruptcies of companies like FTX."
CoinTelegraph?
[1/24] The Arizona State Senate is considering a bill where 2024 voters would decide whether cryptocurrency should be exempt from property taxation.?
"Lawmakers in previous sessions have attempted to move forward on legislation related to crypto and taxes, such as a 2018 bill allowing residents to submit tax payments in crypto, before then-Governor Doug Ducey vetoed the bill."
Wolters Kluwer?
[1/16] Some of your clients may be looking to report their cryptocurrency gains and losses for the first time in this upcoming tax year. Your firm should know certain details before offering guidance.?
"It’s important when discussing cryptocurrency with clients that you take into account not only their activity for this year but also activity from previous years."?
Thomson Reuters?
[1/27] A working group of the AICPA—which develops a practice aid related to crypto accounting—decided not to directly address a recent position taken by the Securities and Exchange Commission’s (SEC) Office of Chief Accountant (OCA) about how firms should account for crypto lending arrangements.?
"Because there is no official accounting guidance dedicated to crypto, regulators and standard-setters have been either issuing interpretive guidance or working on narrow standard-setting projects."?
Forbes?
[2/9] While blockchain technology has many exciting applications, it also has drawbacks. Aleksandra Bal details the limitations of blockchain in the tax management space and explains why the industry has held back from further adoption.?
"Just like any software application, blockchain faces the inherent problem of the interface between the digital and physical world: someone must program the distributed ledger and make sure that proper entries are made."
SurePrep, part of Thomson Reuters?
[2/10] End-to-end digital optimization doesn't just help preparers and reviewers. Admins can benefit from modern solutions too.?
"Cloud storage is the modern gold standard. Moving files to a secure cloud environment removes the need for physical storage space, which frees up square footage. Your admins can manage files without leaving their workstations."?
Journal of Accountancy?
[1/27] Certain efforts can be made to build healthier relationships between corporate boards and managers.?The National Association of Corporate Directors (NACD)?has released resources to provide support.
"Corporate directors face an ongoing challenge when it comes to fostering constructive working relationships with managers, but relationships that strike the right balance are good for everyone and good for business."?
Rootworks Better Every Day Podcast?
[1/26] Thought leaders sit down to discuss how leading with kindness can impact firms in a positive way.??
"Darren Root, Chief Strategist for Right Networks, founder of Rootworks and an accounting firm owner for more than 30 years, and John Mitchell, Culture and Workforce Advisor for Right Networks, discuss how leading with kindness and generosity can lead to rewarding growth for your organization, your culture and your team."
The CPA Journal?
[2/1] More firms are adopting practice management tools, which can increase cybersecurity attacks if done improperly. Right Networks and Office-Tools share advice on how firms can stay secure and follow the IRS “Security Six.”?
"In addition to good governance and legal requirements to maintain data security,?tax practitioners must also follow the IRS ‘Security Six,’ summarized in IRS Tax Tip 2019-117 (August 27, 2019) as: anti-virus software, firewalls, two-factor authentication, back-up software or services, drive encryption, and virtual private network."?
Accounting Today?
[2/6] Making the shift to new accounting software can be challenging for a variety of reasons. There are certain indicators for when an entry-level accounting package may be at its limits.??
"One sign that it may be time to make the leap from an entry-level accounting package to mid-market software is difficulty getting an accurate, complete and up-to-date view of the business, said Laurie McCabe, co-founder and partner in the technology research and consulting firm SMB Group."?
IRS.gov?
[1/23] The IRS provides tips to avoid friction for the 2023 tax season.?
"The Internal Revenue Service kicked off the 2023 tax filing season with a focus on improving service and a reminder to taxpayers to file electronically with direct deposit to speed refunds and avoid delays."?
Accounting Today?
[2/9] The IRS is advising taxpayers not to file quite yet in states like California that offer special refunds or payments. Additional guidance on whether or not these payments are taxable is expected to become available in the coming weeks.?
"In California, at least, the refunds are not supposed to be taxed by the state, but it isn't clear whether they will be on a federal level."?
Bloomberg Tax?
[2/10] The IRS is nearing finalization of a proposed regulation regarding 401(k) extensions.?
"The IRS is close to finalizing all or part of a 2012 proposed regulation adding a deferred vested retirement benefits form to the list of income tax documents that can be subject to automatic extensions."?
领英推荐
Thomson Reuters?
[1/18] New accounting standards are taking effect this year for businesses. Some rules took more than a decade to create.?
"The rules come into effect at a time of economic speculation about inflation, recession, interest rates and the Ukraine situation, among other issues, accountants said."?
Bloomberg Tax?
[2/9] Various states that recently legalized sports betting are now in the process of imposing higher taxes on the practice. Legislators also seek to determine whether fantasy sports contests fall under the umbrella of gambling.?
"While some states subject sports betting and fantasy contests to the same general gaming tax, many have taken the opportunity to impose excise taxes in addition to the 0.25% federal tax on total amounts wagered."?
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ACCA Global?
[2/8] A new study by ACCA Global shows a powerful theme of stress and burnout among tax professionals. 88% of respondents desired a better work-life balance and 71% want more mental health assistance from their employer.??
"There’s a sense from our data that hybrid workers are faring slightly better than their peers in full-time office work for work-life balance and mental health issues."?
NACD Online?
[1/23] Guide for leadership utilizes surveys and studies to pinpoint trends in leadership practices.?
"Collectively, these trends will affect how boards govern in the future, both in the long and the short term."
Thomson Reuters?
[1/24] Yearly study of the CPA industry shows a 9.5% increase in average accounting revenue, but talent and technology remain a challenge. Includes interview with industry expert Allan Koltin.?
"(The latest survey, released in late-September 2022, relies mostly on data from the year previous gathered from 293 U.S. accounting firms of all sizes and regions.)"?
The CPA Journal?
[1/26] A career at the IRS matches the core job preferences for the millennial and Gen Z crowd, according to the Federal Employee Viewpoint Survey (FEVS).?
"The literature suggests that work-life balance is the most important consideration for Zoomers and Millennials (White, Davidson, and Cullen, 2020; White, Davidson, and Guboglo, 2022). FEVS Survey results for 2019 (Exhibit 1) indicate considerable strength in this area at the IRS in terms of supervisor support for work-life balance, with 84% positive responses."?
CPA Practice Advisor?
[2/9] State of U.S. Hiring Survey reports that accounting, technology, and HR are a few of the most in-demand professions.??
"Among managers at companies planning to hire for permanent roles in the first six months of 2023, 64% are looking to fill technology roles, 62% need accountants and finance professionals, and 59% are desperate for new employees in both HR and marketing."
CPA Practice Advisor?
[1/18] CPA Chris Vanover compares the ongoing changes in public accounting to Major League Baseball, citing former MLB manager Joe Maddon's recent book in the process.?
"The partner-to-staff compensation ratio is about as laughable as the pay disparity between a major league veteran and a minor league rookie. According to Bankrate.com, the average college graduate’s starting salary is $55,260, the same as first-year audit staff in most middle-market firms."?
Forbes?
[1/25] Industry expert Rohit Gupta shares insights about what 2023 could bring for the use of automation, AI, and other tech advancements in corporate finance.?
"For automation to help solve complex finance and accounting challenges, it must incorporate the latest technology. In 2023, as more applications move into the cloud, a new breed of data-centric apps will take center stage in finance."?
Hartford Business Journal?
[2/6] Retiring accountants, demanding hours, and increasing pay is putting a strain on the tax and accounting industry. Industry leaders from CohnReznick, MahoneySabol LLP, Marcum, and Whittlesey highlight concerns and solutions.?
"As of November 2022, there were more than 177,000 accounting and audit roles posted, the highest number of openings since 2008, according to workplace data provider Revelio Labs Inc."?
Journal of Accountancy?
[1/19] Some firms are now using interviews to gain staff input, implement changes, and develop a more attractive workplace.?
"Bruce Zicari, CPA, CEO and managing partner at Rochester, N.Y.-based The Bonadio Group, said his firm started doing stay interviews about a year ago to better understand how the increase in remote working, COVID-19, and other pressures might change how employees felt about working there."?
Accounting Today?
[2/9] Talented tax professionals are difficult to attract and even harder to retain. One way for your firm to stand out to top talent in the labor market: Attach financial incentives to achievements.?
"Simply throwing money at the hiring and retention challenge doesn't solve it. Before you can start an effective financial incentive program for your employees, you need to foster a culture that's attractive to the high-performing employees you're seeking to attract and keep."
Rootworks?
[2/6] New jobs are readily available and there could be several reasons for staff to leave your firm. Increase staff retention by achieving work-life balance during tax season, offering opportunities for professional development, and more.?
"From a lack of advancement prospects and job satisfaction to financial compensation, company culture and personal circumstances, there are multiple factors that can influence an employee’s decision to explore new employment opportunities."?
Financial Advisor IQ?
[1/20] Accounting firms faced with staffing constraints are finding help internationally. Tax professionals from India, South Africa, and the Philippines are taking seasonal and full-time roles remotely.?
"While large companies, including KPMG and PricewaterhouseCoopers, have long tapped accountants internationally, smaller firms are following in their footsteps. Dan Geltrude, founder of an accounting firm in Nutley, New Jersey, has in the past year brought on 10 tax professionals from India and plans to hire five more."
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Accounting Today?
[02/10] Award-winning analysis of an issues-driven business tax case, wins Southern Illinois University students first prize.??
"Through case simulation and role-playing, the teams competed for more than $50,000 in individual scholarships and institutional awards."?
Journal of Accountancy?
[1/26] Jody Grunden, CPA, the co-founder and CEO of Summit CPA Group, sits down with the Journal of Accountancy Podcast to explain why his firm moved away from hourly billing, how his firm learned to embrace remote work, and why he doesn’t fear failure.?
"Clients always bickered about the bill or they are ecstatic and you thought, well, I should have billed them more. We wanted to get out of that rat race completely, and so we took all of our clients, and we converted them to flat fee."
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Forbes?
[2/6] 28-year-old accountant Nick Hobson put his cricket skills on display for 53,886 fans, helping the Perth Scorchers win their fifth title. Hobson shared that he will be taking some extra time away from his EY (formerly Ernst & Young) office job to decompress.?
"His cricket future remains up in the air, but Hobson sure will be the toast of the office on his first day back at work."?
Fortune?
[2/10] Milwaukee Bucks forward, Giannis Antetokounmpo, discusses the ways he breaks generational patterns.??
"It’s hard to think of a more dominant force than Milwaukee Bucks forward Giannis Antetokounmpo, who has won consecutive NBA MVP awards in 2019 and 2020 and led the Bucks to a 2021 NBA title. But off the court, it turns out he has an interest in leveling the playing field."
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