Journal of Accountancy Podcast
AICPA & CIMA
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The Journal of Accountancy podcast discusses the key issues facing the accounting profession.
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Summing up Sid: The ultimate CPA and friend to all
Plenty of CPAs can say they learned something from Sid Kess, who died last week at age 97. This episode of the JofA podcast shares more memories of Kess, dating back 50 years.
What you’ll learn from this episode:
* Background information on Sid Kess, who died last week at age 97.
* What Kess taught Marty Finn about relationship-building at conferences.
* David Lifson’s surprise that Kess remembered him from a meeting that occurred at least 10 years earlier.
* Julie Welch’s memory of when Kess suffered broken bones just before an AICPA video session but carried on.
* AICPA & CIMA CEO Barry Melancon’s early dealings with Kess.
* Why Melancon said that “you hated to disappoint” Kess.
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Sep 15, 2023
ERC suspended: What happens next
On Thursday, the IRS suspended the processing of new employee retention credit (ERC) claims to combat the prevalence of fraud. These measures will help protect small businesses and aim to stop fraud by promoters of ERC mills.
In this episode, Kris Esposito, Director — Tax Policy & Advocacy, AICPA & CIMA, joins April Walker, CPA, CGMA, Lead Manager — Tax Practice & Ethics, AICPA & CIMA, to discuss this important news development and break down the details of the announcement.
What you’ll learn from this episode:
* How to find out if submitted claims have been processed (3:53).
* When recently submitted claims will be processed (4:41).
* How to talk to your clients about the IRS announcement (6:22).
* How a new resource can help (7:38).
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Sep 14, 2023
No regrets: Reflections on a family-owned CPA firm’s ‘great run’
For Kevin Martin, CPA, the many happy memories of his father — also a CPA named Kevin Martin — outweigh the grief that accompanied the elder Martin’s death in 2019.
An otherwise healthy 78-year-old, the grandfather to Kevin and Lisa Martin’s four children was diagnosed with amyotrophic lateral sclerosis (ALS), a debilitating disease that has no cure. He died about a month later.
Kevin Martin, the son, didn’t want those memories to fade away, and so, in the middle of the pandemic, he decided to write. He kept writing, and eventually his grief journal became a book, All Is Well: Life Lessons from a Preacher’s Father.
In this episode of the JofA podcast, Martin discusses the “preacher” part of the book’s title, how the family-owned CPA firm has moved forward, and advice for dealing with life-altering events.
What you’ll learn from this episode:
· The upheaval in accounting and other industries that affected Martin’s firm at the onset of the pandemic.
· Why Martin decided to write a book about his father.
· The last words of Martin’s father in the hospital.
· Why Martin says “grief has no rules.”
· Martin’s advice for how to assist grieving coworkers, including “bringing down the boundaries.”
· The book’s role in fundraising for ALS charities and research.
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Sep 7, 2023
Why the outlook of CPA decision-makers has improved
It’s not a rosy outlook by any means, but the mood of finance decision-makers has brightened in the past three months. That’s according to a third-quarter survey of CPA decision-makers in business and industry. Optimism is rising, along with projections on revenue for the coming 12 months. Also, inflation is no longer the top challenge chosen by respondents.
Ken Witt, CPA, CGMA, AICPA & CIMA's associate technical director – Reasearch and Development, discusses the results of the Business and Industry Economic Outlook Survey in this podcast episode.
What you’ll learn from this episode:
· The decline in the percentage of respondents expecting their businesses to contract.
· A breakdown of how CPA decision-makers in business and industry feel about the likelihood of a recession.
· The top challenges facing finance executives.
· What Witt calls the “keynote stat” to monitor leading up to the fourth-quarter survey results.
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Aug 31, 2023
An updated practice aid and how it can assist in audits of digital assets
The AICPA’s Digital Assets Working Group published the first iteration of its digital assets practice aid in late 2019. Since then, much has changed related to digital assets, and so the practice aid has evolved with timely updates.
The latest update, member-locked content published in late July, continues that evolution.
On this episode of the JofA podcast, Kyle Sewell, CPA, a member of the Digital Assets Working Group, explains more about why the updates are important and how they can help practitioners.
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Aug 24, 2023
3 keys to building a strong team: Partnerships, people, goal alignment
When Rand Greenblatt, PA, assumed the role as CFO of Elixir Solutions in early 2022, he set out to improve finance operations while empowering team members. He said that seeing direct reports improve through taking on stretch roles is a key part of talent development – and something that’s gratifying to him.
Greenblatt shared what it’s like to manage a team that’s fully remote, why he considers that setup “a boon to the organization,” and more in this episode of the JofA podcast.
What you’ll learn from this episode:
· Rand Greenblatt’s background writing for a newsletter tied to the JofA.
· Greenblatt’s new role and more about his job priorities.
· Three areas of focus for improving his organization’s finance function.
· The “huge selling point” – and other benefits – of being a fully remote company.
· What Greenblatt considers the most rewarding part of his job.
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Aug 17, 2023
Hybrid intelligence: Working with AI instead of against it
Future-focused consultant and entrepreneur Scott Klososky admits he doesn’t know exactly what the future holds as it relates to artificial intelligence. But he is definitely more upbeat about the productivity possibilities AI offers than down about the jobs AI might eliminate
He believes AI will cut out parts of jobs, not entire ones. Klososky will talk more on this topic in September at the AICPA & CIMA Conference on Banks and Savings Institutions.
About AI, Klososky says: “Instead of fearing it, we need to get better at embracing it and loving and appreciating what it can do.”
What you’ll learn from this episode:
· How the past 10 months have transformed the adoption of generative AI such as ChatGPT.
· What Klososky means by the phrase “consumerized AI” – and how what’s happening now compares to the launch of the iPhone.
· Why Klososky prefers “machine intelligence” over “artificial intelligence.”
· How technology could play a role in helping to close the U.S. labor gap.
· A new take on the 80-20 rule, applicable to AI.
· What Klososky is looking forward to from this year’s banking conference.
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Aug 10, 2023
‘All in this together’: Addressing the CPA pipeline issue
Lexy Kessler, CPA, CGMA, is the chair of the National Pipeline Advisory Group, a group of accounting stakeholders formed to help shape strategy to address the profession's talent shortage.
Kessler is mid-Atlantic leader for the firm Aprio and a member of the board of directors of the Association of International Certified Professional Accountants. She is a former chair of the Maryland Association of CPAs.
In this episode, Kessler discusses why leading the group appealed to her, more about the group’s responsibilities, and why she’s excited to learn from the group’s other members.
What you’ll learn from this episode:
· What the advisory group is and the approach it is taking to key responsibilities.
· Some of the ways the talent shortage in the profession has affected business.
· Why organizations, including CPA firms, must be open to looking inward for solutions to the profession’s pipeline problem.
· How the National Pipeline Advisory Group’s universally desired end result puts it in a strong position to aid the cause.
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Aug 3, 2023
How one small firm drastically cut its busy-season hours
Johanna Sweaney Salt, CPA, CGMA, used to work 100 hours a week during busy season. As the founder and managing partner of Gray, Salt & Associates LLP, she believed it was her responsibility to put in the time needed to make her small firm a success.
Today, Johanna remains a full-time partner at the firm, and her son, Dalton Sweaney, CPA, is now the managing partner. His desire a few years ago to spend more time with his young children prompted him to ask his mother if they could make changes to make busy season less crazy.
She said yes, starting a multiyear journey that has freed Dalton up for more dinners with his family and has cut her busy-season hours almost in half. What changes did they make and how have they kept the firm running profitably?
What you’ll learn from this episode:
· How the firm began a move to cut back on both total hours and hours worked in the office.
· The remote work toolkit that assisted in the business transformation.
· How a hard minimum set by the firm helped to maximize profits.
· When, how, and why the firm fires clients.
· The firm’s ideas about four-day workweeks.
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Jul 27, 2023
Fraud, football, and a viral video: A midsummer compilation
This episode is a midsummer look back at insights from selected 2023 podcast guests, from a Super Bowl CFO to the AICPA vice chair.
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Jul 20, 2023
Why the disconnect? Risks are everywhere; risk management is not
A survey report that focuses on enterprise risk management (ERM) and offers tools for risk practitioners is the focus of this episode of the JofA podcast.
The 14th edition of The State of Risk Oversight, a report produced jointly by the AICPA & CIMA, together as the Association of International Certified Professional Accountants, and the ERM Initiative at North Carolina State University, shows that the volume and complexity of risks continues to be prominent on the radar of leaders at U.S. organizations of all types and sizes. However, complete and formal ERM processes are just as common now as five years ago, after the survey showed nearly a decade of increased interest in ERM.
Mark Beasley, CPA, Ph.D., a professor at N.C. State and director of the school’s ERM Initiative, analyzes the disconnect, explains why a post-pandemic sigh of relief is not a good sign for risk managers, and shares some of the questions that organizations can ask themselves to improve their ERM practices.
What you’ll learn from this episode:
· An overview of the annual survey, and why it appears that interest in establishing complete and formal risk management appears to have leveled off.
· Beasley says there’s a “false sense of security” related to risk management.
· Why defining an organization’s crown jewels is a key first step in risk management.
· The obstacles that inhibit some organizations’ risk management efforts.
· Questions related to risk management that can be part of your next company strategy meeting.
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Jul 13, 2023
S corps. and Rev. Rul. 2008-18 F reorganizations
In this podcast episode, a collaboration between the JofA and the Tax Section Odyssey podcasts, Tony Nitti, CPA, partner—National Tax at EY, joins April Walker, CPA, CGMA, lead manager—Tax Practice & Ethics at AICPA & CIMA, from ENGAGE 2023.
The main topic of their discussion is Rev. Rul. 2008-18, delving into S corporation reorganizations.
Related resources
Rev. Rul. 2008-18 — Postulates two situations in which an S corporation becomes a qualified subchapter S subsidiary (QSub) of a newly formed corporation that will qualify as an F reorganization. The ruling also provides new guidance on the proper employer identification number (EIN) to be used by the entities in each situation.
Private equity and F reorganizations involving S corporations — The Tax Adviser, Sept. 1, 2020
6 reasons an S corporation wouldn’t need a PLR | Tax Section Odyssey — Rev. Proc. 2022-19 provides procedures to allow S corporations and their shareholders to resolve frequently encountered issue…
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Jul 7, 2023
Where do we go from here? Career advice for high performers
Donny Shimamoto, CPA/CITP, CGMA, the founder and managing director of Intraprise TechKnowlogies LLC, recently co-hosted a conference session on feedback – specifically, how high performing employees sometimes get a low amount of valuable feedback.
Such high performers can have their development halted if they fail to seek out the right feedback to advance in their careers, Shimamoto said.
Shimamoto also reflected on the recently completed AICPA & CIMA ENGAGE, highlighting the words of Carla McCall, CPA, CGMA, the AICPA vice chair, about asking for help.
What you’ll learn from this episode:
· Donny Shimamoto’s reflection on last month’s AICPA & CIMA ENGAGE.
· Why employees identified early as high performers sometimes fail to receive meaningful feedback.
· Shimamoto’s comparison of performance reviews and financial statements.
· Why an ENGAGE session about mental health resonated with him.
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Jun 29, 2023
The key role accountants will play in the shifting definition of value
As the components of a company’s value change, the role of finance must adapt to what it reports and how it manages tangible and intangible assets. That shift was underscored with the release of new global sustainability standards by the International Sustainability Standards Board, and it’s the topic of this episode of the JofA podcast.
Ash Noah, CPA, CGMA, FCMA, managing director—Management Accounting and ESG for AICPA & CIMA, together as the Association of International Certified Professional Accountants, explains briefly what the two standards are and what he sees changing for organizations going forward, in the U.S. and elsewhere.
Noah wrote a blog in May about the new imperative for accountants related to reporting on environmental, social and governance (ESG) factors.
In this episode, he goes into more detail about what the new standards mean for business and the profession.
What you’ll learn from this episode:
· Noah’s description of what is addressed in…
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Jun 22, 2023
CPAs and cannabis businesses – a 2023 update
Advising legal cannabis-related businesses is a growing opportunity for CPAs. The landscape is ever-changing, on regulatory and other fronts.
Andrew Hunzicker, CPA, the founder and CEO of Dope CFO Certified Advisors in Oregon, and Ron Seigneur, CPA/ABV, founder and partner at the firm Seigneur Gustafson LLP in Colorado, joined the JofA podcast recently to provide an update on what has changed in the industry as well as highlights of the upcoming AICPA & CIMA Cannabis Industry Conference, Aug. 14-16 in Boston.
They discuss common questions CPAs have, how laws and regulations have changed over the years, and more.
What you’ll learn from this episode:
· An overview of the cannabis industry’s regulatory landscape since one of the speakers was on a JofA podcast episode in 2020.
· What attendees can expect at the AICPA & CIMA Cannabis Industry Conference in August.
· Details about accounting-specific guidance as it relates to cannabis businesses.
· The questions that H…
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Jun 15, 2023
Advice to CFOs: Be agile and adaptable in the face of rapid change
Chris Ortega is an upbeat person, as anyone who’s seen him present at a conference knows. But he also understands that, economically, times are tough, and he has advice for finance professionals to manage through the uncertainty.
Ortega also shares how his role at conferences has changed since he first began volunteering, why he likes coming back to AICPA & CIMA ENGAGE, and what he sees for the future of financial planning and analysis (FP&A).
What you’ll learn from this episode:
· Chris Ortega’s career progression from financial planning and analysis (FP&A) analyst to consultancy CEO.
· How the realm of FP&A and CFOs has changed in the past 18 months.
· Ortega’s advice for CFOs related to building up cash reserves.
· The value Ortega found in volunteering to be on the planning committee for a conference.
· His answer to the question, “In five years, what does FP&A look like?”
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Jun 8, 2023
The power skills needed to lead effectively — from the AICPA’s vice chair
Carla McCall, CPA, CGMA, was a prominent speaker at AICPA & CIMA ENGAGE 2023 for good reason. On this episode of the Journal of Accountancy podcast, McCall, recently named AICPA vice chair, discusses her career path and interest in volunteering while also serving as managing partner of the firm AAFCPAs.
McCall shares some of the key traits of leaders, what her firm is doing to address capacity issues, and one aspect of feedback that she considers difficult.
What you’ll learn from this episode:
· An overview of McCall’s career in public accounting.
· Why gaining an outside perspective has helped McCall and her firm.
· How she has learned to delegate responsibilities over the years.
· An obstacle McCall faced regarding mentorship early in her career.
· What she looks forward to in her role as AICPA vice chair.
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Jun 1, 2023
Summing up economic sentiment: Less revenue, more pessimism
CPA decision-makers in business and industry weren’t optimistic at the end of last year, but their outlook grew a bit sunnier as 2023 began. Now, as 2023’s midpoint approaches, the outlook of finance executives is again taking on a more pessimistic tone in a quarterly survey. Contraction plans are more common, and projections for revenue and profit have declined.
Ken Witt, CPA, CGMA, AICPA & CIMA’s associate director–Management Accounting Research and Development, discusses the results of the Economic Outlook Survey in this podcast episode.
What you’ll learn from this episode:
· An overview of second-quarter survey results.
· Why Witt now says that the fourth quarter of 2022 may not represent “the bottom” in terms of sentiment.
· How the high-interest-rate environment is affecting companies.
· Examples of more stringent lending requirements that businesses are facing.
· The hiring outlook and projections for the coming 12 months for revenue and prof…
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May 25, 2023
Bots emerge as cyber threat for accounting firms
ChatGPT and other generative artificial intelligence bots have made a big splash this year, with ChatGPT even passing the CPA Exam earlier this month, but there is another kind of bot accountants need to know about.
Cybercriminals have started using bots to identify zero-day vulnerabilities in routers, servers, smartphones, Windows, web browsers, and antivirus software. Once the hackers discover a vulnerability, they send out their bots to exploit it in as many places as possible, with CPA firms and finance departments among the potential targets.
What can CPAs do to shore up their cyberdefenses? The latest episode of the Journal of Accountancy podcast, produced in partnership with the Small Firm Philosophy podcast, addresses that question with Roman Kepczyk, CPA/CITP, CGMA, director of firm technology strategy for Right Networks and author of the AICPA Private Companies Practice Section’s CPA cybersecurity checklist.
What you’ll learn from this episode:
·…
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May 18, 2023
Tech roundtable: Getting your data in order
Technology experts in the accounting space have plenty to say about the assets that organizations should protect from cybercriminals, what Web 3.0 could mean for the profession, and what skills future CPAs will need.
This is part two of a two-part conversation with:
n Amanda Wilkie of Boomer Consulting;
n Wesley Hartman of Kirsch Kohn & Bridge LLP; and
n Donny Shimamoto, CPA/CITP, CGMA, of IntrapriseTechKnowlogies.
The conversation also was turned into a JofA article. The podcast episode of the first part of the conversation was posted May 11. The speakers are scheduled to present at AICPA & CIMA ENGAGE in Las Vegas the week of June 5.
Resources
n Previous podcast conversation with Hartman about RPA.
n The 2020 podcast episode that featured tech roundtable participants Wilkie and Shimamoto.
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May 11, 2023
Tech roundtable: Tapping into automation and tools of the future
Technology experts in the accounting industry have plenty to say about ChatGPT, staffing issues and a push toward more automation, and how organizations can decide which projects are done in house or through outsourcing.
This is part one of a two-part conversation with:
n Amanda Wilkie of Boomer Consulting;
n Wesley Hartman of Kirsch Kohn & Bridge LLP; and
n Donny Shimamoto, CPA/CITP, CGMA, of IntrapriseTechKnowlogies.
The conversation also was turned into a JofA article. The second part will be published in podcast form on May 18 on the JofA’s podcast page.
Resources
n Previous podcast conversation with Hartman about RPA.
n The 2020 podcast episode that featured tech roundtable participants Wilkie and Shimamoto.
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May 4, 2023
Learning to be a leader: Grab a mirror and a book
For Dan Griffiths, CPA, CGMA, the president at Lume, a deodorant company headquartered in Utah, taking a rigorous approach to analysis – whether it be marketing spending or performance management – is critical.
The human side of running a business is also important. In a conversation more than seven years ago, Griffiths spoke about emotional intelligence, a skill that has served him well in a fully remote company.
“We have to be paying much closer attention to what cues we're getting from different members of the team,” he said.
In this Journal of Accountancy podcast episode, Griffiths offers leadership tips, reflects on what he did and didn’t know in making a move from a CPA firm to a retail company, and uses a baseball analogy to explain how performance management should work.
Griffiths is scheduled to speak at next week’s AICPA & CIMA CFO Conference on the topic of performance management.
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Apr 27, 2023
Accounting student masters second chance at life
Terrell Williams is about to graduate with a master’s degree in accounting. That’s something he never would have considered after dropping out of college nearly 10 years ago.
A chance event in his hometown of Louisville, Ky., changed everything for Williams. He nearly died outside a convenience store one March afternoon. “My time was ticking,” he said.
In this episode of the Journal of Accountancy podcast, Williams explains what happened, how he viewed it as the “start of a new life,” how he found accounting, and why he’s living life with more purpose.
What you’ll learn from this episode:
* Williams’ recount of the life-changing events of March 29, 2017, in Louisville, Ky.
* Why he said his first attempt at attending college didn’t go well.
* The volunteer work Williams does in his hometown.
* Some of Williams’ mentors, outside of the family that he says “raised me right.”
*…
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Apr 20, 2023
How one firm transformed its partner compensation model
Incentivize the behaviors you want. That was the theory behind GRF CPAs & Advisors’ decision to change its partner compensation model several years ago. Firm leaders knew that if they wanted their partners to operate as a cohesive team, they needed to stop paying partners in ways that drove individualistic behaviors.
More than five years later, GRF President and Managing Partner Jackie Cardello, CPA, says that while the process was a lot of work, the results “absolutely” have been worth it.
What did GRF change, and how have the firm’s fortunes improved? Find out from Cardello and GRF partner Elinor Litwack, CPA, in this episode, produced in partnership with the Small Firm Philosophy podcast.
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Apr 13, 2023
Prestige and value: A CPA career coach’s view on education requirements
Nikki Winston, CPA, can recall a time when, for her, it might have been easy to give up on pursuing CPA licensure. Now, she receives messages from CPA candidates and advises them on how to continue to the journey.
Winston, a career coach and CPA Exam strategist, shares in this episode the common questions she gets from students and why she believes that the 150-hour educational requirement for CPA licensure should not change.
Resources:
* "Understanding the Top Challenges to Becoming a CPA";
* A video on how mobility for CPAs would be hampered by changing educational requirements for licensure; and
* Advice for adding the hours required beyond those of a four-year college degree.
What you'll learn from this episode:
* Winston's advice to approach educational requirements as if going through a buffet line.
* Why knowledge in areas such as securitization and tax can end up being valuable.
* The types of messages Winston often receives from accounting candidates seeking c…
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Apr 6, 2023
‘Status quo is the riskiest option’: One leader’s proven approach
It’s obvious that change is happening rapidly these days, but is the accounting profession moving quickly enough to adapt to that change? It’s a question Joey Havens, CPA, has pondered often in his career at the firm Horne LLP.
Havens joined the Journal of Accountancy podcast to discuss the building of organizational culture, why the word “enduring” has been a strand running through his career, and why he likes to ask the question “Are we moving fast enough?”
Havens is a speaker at AICPA & CIMA ENGAGE in June in Las Vegas.
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Mar 30, 2023
Of high interest: What rising rates mean for everyone
As consumers, the current environment of higher interest rates affects us in several ways. One of the obvious ways is for potential homebuyers, who are keenly aware of 30-year mortgage rates that are far higher now than several years ago. But how do higher rates affect accounting practitioners and their business clients?
Bob Durak, CPA, CGMA, has a few answers in the latest episode of the Journal of Accountancy podcast. Durak, director–Audit and Accounting Technical Services at AICPA & CIMA, together as the Association of International Certified Professional Accountants, also explains the role that the Center for Plain English Accounting (CPEA) plays in assisting small to midsize firms with new or less obvious risks related to interest rates.
Hear more about why fraud could rise along with interest rates, what high rates might have to do with revenue recognition, and more about a recent CPEA report that details the current rate environment.
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Mar 23, 2023
Managing vs. leading: Why that distinction matters in the modern workplace
Hamza Khan had just spoken at a TEDx event in 2016 when he got a message from his boss: See me in my office, first thing in the morning.
Khan, an author and speaker who will deliver the May 10 keynote address at the AICPA & CIMA CFO Conference in Salt Lake City, recounts the initial reaction to his talk about management of people — it was not all positive. But the content was prescient, a pre-pandemic look at flexible work.
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Mar 16, 2023
Cultivating tech talent: A CPA firm leader’s elementary approach
Avani Desai, CPA, doesn’t trace her journey to becoming the CEO of a top firm to her youth — she goes back to before her birth, to the emphasis her grandparents put on education in the 1940s in India.
In keeping with the “starting early” theme, Desai believes that, instead of talking to students about accounting in their third year of college, the profession needs to reach out to students in the third grade. And she lived that example recently, visiting her daughter’s elementary school classroom.
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Mar 9, 2023
Inflation, talent, labor costs: 3 challenges amid slightly rising optimism
Overall, positivity about the U.S. economy remains muted, with just 23% of respondents to a recent survey saying they are optimistic about the domestic outlook for the next 12 months. That’s an improvement from the fourth quarter, when just 12% expressed optimism.
Also, 45% of respondents in the first-quarter Business and Industry Economic Outlook Survey are optimistic about their own businesses, up from 35% at the end of last year.
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Mar 2, 2023
Won’t get fooled again: The who, what, and why of fraud
Kelly Richmond Pope, CPA, CGMA, is a professor at DePaul University and the author of a book scheduled to be published later this month on fraud. Fool Me Once: Scams, Stories, and Secrets From the Trillion-Dollar Fraud Industry is designed to help people “see themselves or see their businesses in the stories” so that they can improve their defenses against fraud.
Pope details an interactive game related to the book that can help educate business owners about fraud and the motivations of fraudsters.
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Feb 23, 2023
Vroom, or doom and gloom? Thoughts on succeeding amidst uncertainty
Uncertainty isn’t going away. And because of that, entrepreneur and consultant Pascal Finette says that organizations and leaders should think differently about how they view the current business environment.
Finette, a keynote speaker at the Future of Finance Summit in Austin, Texas, challenges leaders to think of uncertainty as an opportunity, not an obstacle. He asks: “How do you actually show up as a leader in a world of uncertainty and lead into, and then lead, in the unknown?”
Also, here’s the late 2021 interview with Finette in which he talked about the accounting profession’s “interesting inflection point.”
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Feb 16, 2023
Culture you can feel: Advice for making it an accelerator, not a constraint
A well-defined, vibrant work culture certainly can help employees perform at or above expectations. And a poor culture can absolutely be a performance constraint. But how do leaders change culture, or grow it in the age of remote and dispersed workforces?
Kerry Brown has a few thoughts. Brown specializes in workforce transformation, and she spoke recently to finance executives about such issues at the Future of Finance Summit in Austin, Texas.
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Feb 9, 2023
How CPAs focused on advisory services can answer several common questions
Robin Thieme, CPA/CITP, CGMA, the founder and CEO of KBS CFO, has gotten all kinds of questions over the years from clients. As an early adopter of offering advisory and fractional CFO services, she’s someone well versed to share the insights that simply getting those questions can unearth.
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Feb 7, 2023
Super Bowl CFO: How finance supports the Chiefs’ on-field success
Making a run to the Super Bowl never gets old. That’s one of the messages that Dan Crumb, CPA, CGMA, the CFO of the Kansas City Chiefs, shares in this episode of the Journal of Accountancy podcast.
The team has qualified for the Super Bowl three of the past four seasons, and Crumb encourages the members of his finance team to “step back and soak this moment in” — in between doing extra work in advance of Super Bowl LVII on Sunday.
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Feb 3, 2023
Digital assets in danger: How to guard against hackers
Steve Ursillo, CPA/CITP, CGMA, is a partner in the Risk & Accounting Advisory Group at Cherry Bekaert and the firm’s national leader of information assurance and cybersecurity. He explains much about digital assets and the threats that digital asset owners must guard against. Cyberattacks are on the rise, including attacks focused on digital assets
In this podcast episode, Ursillo explains the threat landscape and offers advice on the safeguards that organizations should have in place to prevent the theft of digital assets.
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Jan 26, 2023
Innovative CPA firm leader: ‘We never had a fear of trying’
Jody Grunden, CPA, the co-founder and CEO of Summit CPA Group, isn’t afraid to fail — he says he’s done it many times over the years. The firm, now part of Anders CPAs + Advisors thanks to a 2022 merger, is an innovator in several aspects of client billing and payment, from getting away from paper checks to escaping the “rat race” of hourly billing.
Grunden, the author of two books, explains on this episode of the Journal of Accountancy podcast some about Summit’s journey, why his co-founder at first was against a move to remote work, and why his approach to risk is more about developing a workaround than deciding to retreat.
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Jan 20, 2023
What’s the 411? Explaining Schedules K-2 and K-3
Consternation and chaos are two of the words used to describe some of the reactions to IRS updates related to Schedules K-2 and K-3.
On this collaboration episode with the Tax Section Odyssey podcast, CPAs Tim Chan of KPMG and David Sites of Grant Thornton talk about the particulars with April Walker, CPA, CGMA, lead manager–Tax Practice & Ethics for AICPA & CIMA, together as the Association of International Certified Professional Accountants.
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Jan 19, 2023
Struggling actor to CPA firm owner: One leader’s unlikely path
Orumé Hays, CPA, CGMA, didn’t follow a traditional path to owning an accounting practice. From Africa to the Big Apple, she blazed a trail all her own.
Raised in Nigeria, Hays moved to Miami with a college degree in sociology and anthropology and a budding career in modeling and acting. Her pursuit of Hollywood stardom peaked with appearances in the 1996 movie The Birdcage.
She then discovered a new passion. Pursuing education and experience, she built her accounting career and launched her own firm in New York City.
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Jan 12, 2023
Taxpayer advocate Q&A: IRS backlogs, service calls, new leadership
On Wednesday, National Taxpayer Advocate Erin Collins delivered an annual report to Congress, saying that the IRS is in better shape than at this time a year ago. Now, to talk more about those issues and offer advice for taxpayers and tax practitioners, Collins is appearing on the Journal of Accountancy podcast.
The interview was recorded Dec. 20.
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Jan 10, 2023
‘The apprenticeship guy’: CFO embraces program to bridge talent gap
In November, Paul Young, CPA, CGMA, senior executive vice president and CFO at Liberty Bank, was part of the formal recognition by the Department of Labor of the AICPA’s Registered Apprenticeship for Finance Business Partners program. His company has been an early adopter of the program, and he’s an advocate of its value.
On this episode of the Journal of Accountancy podcast, Young speaks about the program, the questions he’s getting from other CFOs, and what he sees as the program’s future in addressing talent concerns.
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Jan 5, 2023
Hopes for 2023: Addressing change fatigue, making creative connections
Lindsay Stevenson, CPA, CGMA, chief transformation officer at the firm BPM, reflects on two recent conferences and shares thoughts on what might be next for remote work. The conversation also touches on her hopes for 2023, including the importance of addressing change fatigue and rebuilding relationships.
Here are links to Stevenson’s previous appearances on the JofA podcast:
* “You Can’t Transform Without Missteps” in May 2022.
* “How to Keep Fear From Short-Circuiting Your Career” in June 2019.
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Dec 21, 2022
Future of Finance takeaways: Hopes for the workforce in 2023
When Jeannine K. Brown was a Journal of Accountancy podcast guest in September, she talked about the need for organizations to create a sense of psychological safety for employees. A few weeks back, after she had spoken at the Future of Finance Summit in Austin, Texas, Brown said that personal well-being and professional development were two vital activities that at times were neglected by people and organizations the past few years.
Brown, the founder and CEO of Everyday Lead, hopes that neglect can be changed in the coming year, with employers taking the lead by showing they care about the lives and development of employees.
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Dec 14, 2022
Future of Finance takeaways: Talent, transformation, trust
With the pace of change accelerating on numerous fronts, finance leaders are aiming to stay ahead on trends such as hybrid work, lack of talent, and other issues. A group shared ideas and hopes for the future at the Future of Finance Summit last week in Austin, Texas, and this podcast episode summarizes the key thoughts that emerged from the event.
The speakers in this episode are, in order:
* Shifra Kolsky, CPA, CGMA, the chief accounting officer and controller at Discover Financial Services;
* Barry Melancon, CPA, CGMA, the CEO of AICPA & CIMA, together as the Association of International Certified Professional Accountants;
* Kimberly Ellison-Taylor, CPA/CITP, CGMA, the founder of KET Solutions and a former AICPA chair; and
* Tom Hood, CPA/CITP, CGMA, AICPA & CIMA’s executive vice president–Business Engagement & Growth.
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Dec 8, 2022
The CPA’s guide to technology (and tech gifts)
Few people in the accounting space know more about technology than Inspector Gadget.
Inspector Gadget? The cartoon character with the go-go arms from the 1980s?
Good guess, but no. The man wearing the trench coat in this case is David Cieslak, CPA/CITP, CGMA, executive vice president and chief cloud officer for RKL eSolutions and a popular speaker whose Inspector Gadget session has been a highlight of accounting conferences for many years.
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Dec 7, 2022
Talent in 2023: What’s on the minds of company executives
Julia Lamm is a workforce transformation partner at PwC, and in her role she hears executives’ thoughts on strategies and their concerns related to talent management.
Lamm joined the Journal of Accountancy podcast earlier this month to discuss recent PwC data related to talent — developing it, potentially reducing staff numbers, and more.
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Dec 2, 2022
Pockets of optimism — why there’s hope amidst ‘doom and gloom’
Sentiment about the economy, domestically and globally, is quite low in the quarterly Business & Industry Economic Outlook Survey. In fact, the last time there was this much pessimism among U.S. CPA decision-makers was 13 years ago, according to the data.
This podcast episode takes a closer look at that sentiment, explores specific challenges, points out some signs that finance executives are optimistic for the future, and delves into the effect of all this uncertainty on company forecasting practices.
Hear the analysis of longtime survey overseer Ken Witt, CPA, CGMA, associate director–Management Accounting Research and Development at AICPA & CIMA, together as the Association of International Certified Professional Accountants.
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Nov 29, 2022
How to make busy season fun (yes, fun)
If the words “busy season” start your stomach churning, Rabecca Eunis, CPA, knows how you feel.
Starting her accounting career with her father’s firm, Eunis soon learned to hate the three-month grind to tax day. Her disdain grew so strong that it motivated her to launch her own firm — not to escape tax season but to find ways to make the experience less stressful and more fun.
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Nov 22, 2022
Remembering an enthusiastic CPA who challenged the status quo
Steve Player, a CPA with a passion for advancing the profession, recently died. Today, we pause to remember Player and the contributions he enthusiastically made to accounting.
Player generously lent his expertise to numerous Journal of Accountancy and FM magazine projects over the years, and he was a regular speaker at conferences. He did all of that with an infectious fervor.
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Nov 17, 2022
Unearthing talent: Embracing the ‘era of professional apprentices’
About a year ago, the AICPA announced a new route to obtaining the Chartered Global Management Accountant designation. The path is an apprenticeship program that, earlier this week, welcomed the first three companies as official partners in the program. The Registered Apprenticeship for Finance Business Partners program was part of the festivities in Chicago at the kickoff of National Apprenticeship Week.
Tom Hood, CPA/CITP, CGMA, executive vice president–Business Engagement & Growth at the AICPA, is the guest on this edition of the Journal of Accountancy podcast to talk more about the program and where it’s headed.
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Nov 9, 2022
Tax conference takeaways: IRS service, corporate minimum tax, and more
CPAs April Walker, Brandon Lagarde, and Kristin Esposito all attended last week’s AICPA & CIMA National Tax Conference in Washington. Walker is a lead manager in the AICPA Tax Section, and Esposito is a director on the Tax Policy & Advocacy Team. Lagarde, a Louisiana firm leader, is chair of the Tax Practice Management Committee.
They each shared takeaways from the event and what practitioners can focus on in the future.
“You get an insight into what impacts your practice and things that you don't even know impact your practice that you learn,” Lagarde said.
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Nov 3, 2022
IRS news, Roth conversion considerations, stopping elder financial abuse
This episode of the podcast summarizes recent news coverage in the Journal of Accountancy, along with an article on what to consider before converting a traditional IRA to a Roth IRA. The episode highlights articles in the November issue of the magazine flipbook. Content mentioned in the episode includes:
* Coverage of the AICPA & CIMA National Tax Conference: The sentiment of former IRS commissioners, along with one concern of National Taxpayer Advocate Erin Collins.
* Details on the growing tax gap, according to IRS data.
* NOCLAR: What CPAs in public practice and in business should know.
* What to think about before converting a traditional IRA to a Roth IRA.
* How CPAs can protect clients from elder financial abuse.
* The Last Word feature by Andrew Hunzicker, CPA.
* Technology Q&A articles about Excel’s Advanced Filter feature and comparing versions of a Word document.
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Oct 27, 2022
Q&A: The 2 most prevalent cyberthreats for CPA firms
Sarah Ference, CPA, is a risk control director at CNA, the underwriter of the AICPA's Professional Liability Insurance Program. She also is a co-author for the Journal of Accountancy’s monthly Professional Liability Spotlight column. In her current role, Ference advises firms of all sizes on how they can manage their professional liability risk.
In this episode, a collaboration with the Small Firm Philosophy podcast, Ference talks with Jeff Drew about what to look for in email, the danger of clicking on unfamiliar links, and more.
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Oct 20, 2022
IRS annual inflation adjustments, negotiating a job offer, and a quiz
Nine articles have been posted on journalofaccountancy.com since Oct. 13, which means there’s been a lot of recent news affecting the accounting profession. This episode focuses on several of those articles, which offer advice, a chance to test knowledge, and some key numbers when it comes to thinking about the 2023 tax year. Here is a list of article topics mentioned in the episode:
* IRS annual inflation adjustments.
* An AICPA letter seeking guidance on the corporate alternative minimum tax.
* A quiz on helping clients reduce cash-handling risks.
* Understanding the tax consequences of remote work.
* Advice for negotiating once you’ve received a job offer.
* Annual wage base and COLA announcement by the Social Security Administration.
* FASB moves toward standard for fair value accounting of cryptoassets.
* FASB seeks input on proposed new chapter for its Conceptual Framework.
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Oct 18, 2022
A closer look at proposed revisions to the AICPA tax standards
An exposure draft was issued recently by the AICPA for the Statements on Standards for Tax Services (SSTSs).
April Walker, CPA, CGMA, lead manager on the AICPA's Tax Practice & Ethics team, talks with Henry Grzes, CPA, also a Tax Section lead manager, and Dave Holets, CPA, a partner in the Crowe National Tax Services Group and chairman of the SSTS Revision Task Force, about the details of the proposed changes, including what’s new in the proposals.
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Oct 13, 2022
Roth IRAs vs. 529 plans, job candidate questions, and an IRS extension
News coverage on the Journal of Accountancy site touched on numerous topics recently, from financial planning advice to questions interviewees can ask employers to updates from the IRS and SEC. This episode touches on all those topics, plus it has a clip from a recent AICPA & CIMA and CPA.com Town Hall Series discussion about the CPA pipeline.
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Oct 7, 2022
A pioneering CPA reflects on a 50-year journey
To celebrate National Hispanic Heritage Month, Gil Vasquez, CPA, the founder of the Association of Latino Professionals for America (ALPFA), joins the Journal of Accountancy podcast to discuss the history of ALPFA and how it has evolved over the years.
The founder and managing partner of Vasquez & Company LLP talks about early struggles to land a job as a CPA and some of the work he has done serving on boards in Los Angeles.
National Hispanic Heritage Month is Sept. 15 to Oct. 15.
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Oct 4, 2022
Guiding principles for today’s boards of directors
Change has been the one constant for companies since 2020, and the wave of new developments is challenging corporate boards to consider a fresh approach.
The Future of the American Board, a new report from the National Association of Corporate Directors (NACD), offers a framework for boards looking for answers. Sue Cole, chair of the NACD, joins the Journal of Accountancy podcast to discuss how the NACD’s framework can be a resource for boards tasked with navigating an ever-changing corporate landscape.
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Sep 29, 2022
‘Own your narrative’ and other advice from a Starbucks executive
For Tiffany Willis, CPA, the role as vice president and head of investor relations at Starbucks is “an overwhelming honor.” She wasn’t always certain she would end up in such a role, and in reflecting on her life, she said that her proudest moment was “just never giving up.”
Willis also explains how finance professionals can “own their narrative” and why it’s important to be open about goals and dreams.
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Sep 27, 2022
The importance of ‘boss moves’ when making your next career step
Jeannine K. Brown, CEO of a talent development consultancy, worked for 17 years as an accountant, so she rightfully refers to CPAs as “my people.” She is co-chair of the AICPA & CIMA Women’s Global Leadership Summit, an event scheduled for Nov. 8–10 in Miami, and she joined the Journal of Accountancy podcast to share a few highlights from the summit’s agenda, what “psychological safety” means, and why managers should me more focused on the question “How are you doing?”
Brown, also an author and ENGAGE speaker, shared some insights about the financial aspects of subpar people management.
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Sep 22, 2022
What small firms need to know about succession and M&A
CPA firm partners looking to retire in the next few years need to make sure they have a succession plan in place as soon as possible.
That’s one of the messages shared in the latest episode of the Journal of Accountancy podcast, produced in partnership with the AICPA Private Companies Practice Section’s Small Firm Philosophy podcast.
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Sep 15, 2022
A quick tour of student loan forgiveness, a quiz, and a letter to the IRS
This express podcast episode with transcript highlights recent Journal of Accountancy news coverage of student loan debt forgiveness, an AICPA letter requesting penalty relief from the IRS, and more. The article links mentioned in the episode are:
* Advice from a CPA financial planner related to student loan debt forgiveness.
* A quiz on SAS 145 and its new and revised terms, and the companion article about the standards.
* The specific requests in an AICPA letter to the IRS requesting penalty relief.
* The September issue of the Journal of Accountancy.
* A Tax Adviser article that mentions an NBA team.
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Sep 8, 2022
Why CFOs have confidence in the midst of difficult economic times
CFOs have “a rising confidence in their ability to manage through these challenging times,” according to Steve Gallucci, national managing partner for Deloitte’s U.S. CFO Program. He explains more about why finance chiefs are concerned and why they have a sense of hope in the face of an economic downturn in the latest episode of the Journal of Accountancy podcast.
The conversation focuses on Deloitte’s third-quarter CFO Signals report, with data from mainly large, public companies in the United States.
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Sep 1, 2022
The ‘mixed bag’ of economic sentiment; recent IRS news; a PCAOB update
More than half of companies hope to add employees in the next year, but many of the CPA decision-makers at those organizations remain pessimistic about the U.S. economy. Those are a few of the key takeaways from the quarterly Business and Industry Economic Outlook Survey, which was released Thursday.
Inflation is a top concern chosen by many of the respondents. Ken Witt, CPA, CGMA, associate technical director for Management Accounting Research and Development at the Association of International Certified Professional Accountants, explains some of the pain points and potential bright spots from the quarterly data.
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Aug 25, 2022
The payoffs of RPA for one accounting firm
Robotic process automation, or RPA, has been a buzzword in the accounting profession for several years. Despite that, many practitioners don’t have a great grasp of what RPA is and what it can do for accountants.
Wesley Hartman has spent much of the past eight years developing RPA solutions for midsize firm Kirsch Kohn & Bridge, where he is director of technology. In this episode of the JofA podcast, produced in partnership with the Small Firm Philosophy podcast, Hartman shares how he has used RPA, how RPA can help accounting firms address key pain points, and why he and his firm are so bullish on the technology that they have launched an RPA startup.
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Aug 23, 2022
The heavier lifting that technology can accomplish for CPAs
David Cieslak, CPA/CITP, CGMA, aka Inspector Gadget, has been following technology tools and trends for years. He took time recently to share thoughts on the Journal of Accountancy podcast, explaining how he got his nickname, the “evolutionary” vs. “revolutionary” approach he takes to analyzing technology breakthroughs year to year, and why automation should be embraced by finance professionals.
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Aug 18, 2022
A closer look at tax items in the Inflation Reduction Act
The Inflation Reduction Act includes several tax provisions, including a corporate minimum tax, a 1% excise tax on stock repurchase by corporations, and increased funding for IRS enforcement efforts.
Adam Schrom, CPA, director of product management at Bloomberg Tax, breaks down several aspects of the legislation and provides a history lesson in the process.
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Aug 16, 2022
Feeling stuck or overwhelmed? Advice to help ‘calm the storm’
The COVID-19 pandemic led many CPAs and their employers to think deeply about mental health in ways they may not have before. Amber Setter, a former accountant and an International Coaching Federation-accredited professional certified coach, talks about signs someone may need to consider speaking with a professional about their mental health and what you can do if you notice these signs in someone else. She also gives advice on finding a mental health professional and suggests ways employers can foster staff’s well-being.
Editor’s note: This conversation was published originally in June 2021.
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Aug 9, 2022
Advice for avoiding the data waterfall in presentations
Tom King, CPA, has worked in corporate America and now is a professor of accounting at Case Western Reserve University. He wrote the book The Numerate Leader in part to help professionals better approach how they share data.
If the right data is presented the right way, audiences won’t simply nod their heads or completely tune out. King shares advice for how to get more “wow” and fewer yawns in this episode of the Journal of Accountancy podcast.
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Aug 4, 2022
Why CPAs focused on the ‘core’ shouldn’t forget about exploring the ‘edge’
Pascal Finette, an entrepreneur, consultant, and keynote speaker, shares innovation lessons from interviews with other leaders, a story about how Pepsi set up a direct-to-consumer business, and why those fortunate enough to work remotely can develop a routine that leads to better quality of life.
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Jul 28, 2022
Why growing knowledge is more important than proving knowledge
Drew Niehaus, CPA, focuses on accounting advisory services and governance, risk, and compliance in his role as managing director of a firm in Texas. He shares knowledge on those and other topics in this episode of the Journal of Accountancy podcast, including where organizations should start with risk management practices, the most significant new accounting standards, and why he advises new accountants, “You’re not expected to know everything.”
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Jul 27, 2022
The 411 from Tom Hood on the future of finance
The role shift of the finance function was accelerated by the pandemic, and CFOs and controllers continue to adapt to provide value for their organizations. Few people have more insight on that topic than Tom Hood, CPA/CITP, CGMA, executive vice president–Business Engagement & Growth for the Association of International Certified Professional Accountants, representing AICPA & CIMA.
Hood is a featured speaker on a skills-focused webinar on Thursday about the Finance Leadership Program. He also leads a group of finance executives from large organizations, and he shared insights from that group — and what it will emphasize in the future — in this podcast conversation.
More information can be found on the following topics mentioned:
* A registration link for the webinar on Thursday.
* The Registered Apprenticeship for Finance Business Partners
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Jul 21, 2022
Breaking down the top issues facing CPA firms
IRS service issues are a top concern for firms small and large, according to results of the 2022 AICPA Private Companies Practice Section (PCPS) CPA Firm Top Issues Survey. But those service issues are not the only concern.
Lisa Simpson, CPA, CGMA, AICPA vice president–Firm Services, and Carl Peterson, CPA, CGMA, vice president–Small Firm Interests, take a closer look at the issues and what those issues will mean for firms going forward.
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Jul 19, 2022
2024 CPA Exam Blueprints: The trends driving proposed changes
Today’s CPA devotes time and energy to focus on areas not even in existence a generation ago. As a result of technology and other changes in business, there is a need for updated testing of the skills needed to become a licensed CPA. Lori Kelly, CPA, lead manager–Exam Content for the AICPA, explains how the 2024 CPA Exam, based on proposed Blueprints, will look; why the changes are being proposed; and why feedback between now and Sept. 30 is vital.
Also, here are three links to related resources:
* The CPA Evolution site.
* The 2024 CPA Exam exposure draft.
Journal of Accountancy coverage of the release of the CPA Exam Blueprints.
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Jul 14, 2022
A suitably summer story: One CPA’s travel quest
Tim Keefe, CPA, CGMA, is continuing a family tradition in the profession. His grandfather, father, and two siblings have been accountants. Keefe has worked in several industries over the course of his career, and he found value in the mentorship of several people along the way.
Keefe is curious by nature, and he likes to see new places. That’s one reason he’s in the middle of traveling to every U.S. state, where he’s trying to see a professional sporting event in each. He’s also hoping to visit all the current Major League Baseball stadiums. Keefe, the subject of the Journal of Accountancy June issue’s Last Word feature, shared highlights of recent travels, why he thinks listening is so important, and more.
Also, get a summary of recent IRS news coverage by Paul Bonner on two topics:
* A report that shows delayed screening of IRS new hires put taxpayer data at risk
* A letter from the AICPA that calls for further measures to address the IRS backlog.
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Jul 12, 2022
The state of risk oversight: Why structure but also agility matter
Risk management came to the forefront for many organizations during the Great Recession. Now, in the midst of the Great Resignation and other highly disruptive events, risk management continues to be vital.
An annual report on the state of risk oversight takes a closer look into where organizations stand and what they can learn about their own gaps. Mark Beasley, CPA, Ph.D., a professor at North Carolina State University and director of the school’s ERM Initiative, explains more in the latest episode of the Journal of Accountancy podcast.
Click here for the report’s most recent edition, and for more resources, visit this page.
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Jun 30, 2022
From the archives: How purpose can play a bigger role in business
Harvard Business School professor and author Ranjay Gulati says that sentiment is growing among business leaders that companies have a larger role to play than simply providing shareholder value.
This episode is a rebroadcast of Gulati’s appearance on the FM podcast to discuss that topic and others highlighted in his recent book, Deep Purpose: The Heart and Soul of High-Performance Companies.
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Jun 28, 2022
From the archives: Lessons learned after a multibillion-dollar fraud
Aaron Beam became a millionaire in the 1980s as a corporate CFO, but his story is a cautionary tale. In this episode of the podcast, Beam discusses his tenure at HealthSouth, the fraud that occurred, and the advice he has for students and leaders to avoid repeating his mistakes.
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Jun 24, 2022
How the Great Resignation has affected the accounting profession
In her role at the International Federation of Accountants (IFAC), Kristy Illuzzi, CPA, CGMA, works with small and midsize entities, including CPA firms. Her conversations with those organizations around the world have brought to the surface some of the ways in which the Great Resignation is affecting the accounting profession.
In this episode, Illuzzi offers advice for organizations on flexibility, technology, and more.
Also, catch up on news related to these topics:
* A PCAOB release on amended standards that apply to audits involving multiple firms.
* The Supreme Court agreeing to hear a case related to an FBAR penalty dispute.
* An IRS announcement about the use of voice bots for setting up tax payment plans.
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Jun 21, 2022
A conversation with new AICPA Chair Anoop Natwar Mehta
For Anoop Natwar Mehta, CPA, CGMA, the path to becoming chair of the AICPA board of directors might not seem traditional. First, he hasn’t worked for a public accounting firm. Second, he’s been with one company for just about all of his professional life. Mehta joined profession leaders for a discussion at AICPA & CIMA ENGAGE 2022, and this episode is a rebroadcast of that conversation from the Town Hall Series.
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Jun 16, 2022
‘What of this should I bring back to my people?’: Highlights from ENGAGE
AICPA & CIMA ENGAGE 22 emcee Jill Schlesinger, a CBS News business analyst, reviews some of the top moments from the event last week in Las Vegas. Schlesinger had conversations with keynote speakers and CPA profession leaders and has memories and knowledge to share from several of those conversations.
Journal of Accountancy content mentioned in this episode:
* A previous JofA podcast episode with ENGAGE keynote Carla Harris.
* Coverage of the keynote session with Schlesinger and former Duke University men’s basketball coach Mike Krzyzewski.
* A survey showing a rise in spending on Sarbanes-Oxley compliance.
* The IRS announcement about a midyear increase to the standard mileage rate.
* Small business owners discuss post-Wayfair burdens with the Senate Finance Committee.
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Jun 15, 2022
Tax update: S elections, PTE, and Sec. 1202
Fellow tax podcaster Damien R. Martin, CPA, (Simply Tax) perhaps put it best on Twitter: “No one can rap 1202 like Master Nitti.”
Martin was referring, of course, to IRC Sec. 1202, the exclusion for gain from certain small business stock, and one of its foremost interpreters, Tony Nitti, CPA, as Nitti spoke about Sec. 1202 and other selected business tax topics at AICPA & CIMA’s ENGAGE 22 conference in Las Vegas.
We were extremely fortunate that Nitti generously shared a bit of his mastery on Sec. 1202, S corporations, and state passthrough entity (PTE) tax elections, in this podcast recorded June 8, a day before his ENGAGE presentation.
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Jun 9, 2022
How to build your ‘performance currency’ and how to avoid the ‘Dirty Dozen’
Carla Harris is an author, speaker, and executive with Morgan Stanley, and she was one of the keynote speakers at AICPA & CIMA ENGAGE 2022. In this episode, she explains the terms “powerful presence” and “performance currency” and gives advice for those seeking a career shakeup.
Also, several news articles are referenced, including the ongoing release of the IRS’s “Dirty Dozen” tax scams: part 1 on abusive CRATs and Maltese IRAs and part 2 on tax refund theft and fake charity appeals. Coverage of those scams continues on journalofaccountancy.com/news. The episode also mentions JofA coverage of a keynote session featuring former Duke University men’s basketball coach Mike Krzyzewski and the release of the PCPS Top Issues Survey.
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Jun 7, 2022
Tips for firms implementing quality management standards
The AICPA Auditing Standards Board (ASB) voted in May to approve new quality management standards. In this episode, Sara Lord, CPA, the chair of the ASB, explains more about what those standards will mean for firms going forward and what changes they will need to consider.
To learn more, visit the AICPA’s resource page on quality management. The AICPA has also developed a four-part webinar series to guide practitioners on the changes.
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Jun 2, 2022
5 trends driving the importance of understanding ESG
On May 24 in New York, the AICPA and CPA.com hosted the inaugural ESG Symposium, bringing together a group of accounting leaders, investors, standard setters, and others to exchange ideas and perspectives on environmental, social, and governance (ESG) issues.
One presenter and a leader in the ESG field is Ami Beers, CPA, CGMA, senior director–Assurance and Advisory Innovation at the AICPA.
In the episode, Beers explains the reasons for increased focus on ESG, what she took away from the symposium, and what’s coming next. She mentions several resources that can be found online. One good place to start is the AICPA’s ESG-focused resource page.
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May 31, 2022
An interest in flight, a path to CFO: ‘All about determination’
J’Maine Chubb, CPA, CGMA, studied avionics in high school and also took an interest in a law career. He followed a familial career path, however, becoming an accountant, and he discusses some of that journey in this episode of the Journal of Accountancy podcast. Chubb, now the CFO at TravelWifi, was previously CFO of the Houston Airport System, where he worked for almost six years.
Read more about Chubb in the JofA’s Last Word feature from the May issue.
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May 26, 2022
‘You can’t transform without missteps’: A CPA leader’s career advice
About three years ago on the Journal of Accountancy podcast, Lindsay Stevenson, CPA, CGMA, spoke about how to get over fearful moments in our careers. That topic is revisited in this episode, a follow-up conversation with Stevenson, now the chair of the AICPA Women’s Initiatives Executive Committee.
Stevenson talks about CPAs and their comfort zones and discusses some of the key points in her career journey.
Also, get a summary of recent Journal of Accountancy coverage of a report on the IRS’s calculation of recovery rebate credit eligibility.
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May 24, 2022
Reevaluate metrics in pursuit of innovation
Amy Radin, the author of The Change Maker’s Playbook: How to Seek, Seed and Scale Innovation in Any Company, serves on the board of directors for the Association of International Certified Professional Accountants. She wrote for FM magazine on how CFOs can enable innovation in late 2020. And, in early 2021, Radin was a guest on the FM podcast to discuss establishing innovation metrics.
Innovation and metrics are the topic for this episode, in which Radin talks about how innovation principles can play a role in an organization’s financial planning and analysis (FP&A) functions. In two weeks at AICPA & CIMA ENGAGE 22, Radin is co-presenting with Tom Hood, CPA/CITP, CGMA, executive vice president–Business Engagement and Growth for the Association of International Certified Professional Accountants.
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May 19, 2022
Burnout’s telltale signs and how leaders can better understand them
Burnout at work was a concern even before the COVID-19 pandemic quickly left so many people isolated. The components of burnout are heightened now, according to author Britt Andreatta, Ph.D., in a December interview.
In this episode of the Journal of Accountancy podcast, you can hear more about burnout and how it can affect overall mental health. Stefan van Duyvendijk, Accounting Operations Evangelist with FloQast, shares data about burnout among accountants, explains why some of us struggle to see the signs of burnout, and offers advice for managers.
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May 17, 2022
Why a busy-season debrief has value, and why it’s not just for tax teams
How soon is too soon to have a debrief after busy season? And what should be the goal of such a debrief? Those topics are addressed in a special crossover episode with the AICPA Town Hall series. Hear three CPAs discuss the topic, how it’s applicable to more than tax season, and how firm leaders of different sizes approach the debrief. The full Town Hall episode is here, and the speakers in this segment are:
* Lisa Simpson, CPA, CGMA, vice president–Firm Services at the Association of International Certified Professional Accountants;
* Brandon Lagarde, CPA, director of the Tax Services Group at Postlethwaite & Netterville; and
* Brent Forbush, CPA, CGMA, managing partner of Forbush & Associates.
The conversation is a follow-up to an article Lagarde and Forbush co-authored in early 2020 in The Tax Adviser.
Also, learn about the IRS response to a TIGTA report that noted the IRS destroyed millions of unprocessed information returns.
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May 12, 2022
A finance transformation case study, plus a news roundup
This episode of the podcast focuses on a busy week in news and a story of finance transformation in action. Janis Parthun, CPA, and Steve McKechnie, leaders in RGP’s finance transformation practice, explain how a recent client engagement led to efficiencies for the client, a global food and beverage company, and lessons learned for RGP.
Also, here are links to Journal of Accountancy articles mentioned in the news roundup:
* S. sanctions that include a ban on providing accounting and management consulting services to Russia.
* A TIGTA report on e-filing and the IRS.
* Puerto Rico residents get guidance on claiming the child tax credit.
* TQAs provide guidance on auditor reporting.
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May 10, 2022
Helping build a better tax system
Because of their training and experience, CPAs are rightly considered the foremost providers of tax services to taxpayers. Some CPAs also serve the taxpaying public at large — with appreciation for Congress’s task to enact equitable tax laws and the IRS’s job to diligently and fairly administer them — by recommending improvements to both. They can do so in many ways, but in this episode, we’ll explore two paths: the AICPA’s volunteer tax committees and a council directly advising the IRS’s top leadership — from the experience of a longtime trailblazer, Jeff Porter, CPA.
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May 5, 2022
CPA tech talk: When it comes to transformation, where do you start?
Donny Shimamoto, CPA/CITP, CGMA, is one of two accounting firm leaders presenting at AICPA & CIMA ENGAGE on where to begin when it comes to starting a technology-focused advisory practice. Client advisory services (CAS) are a growing opportunity for firms, so the presentation by Shimamoto and Liz Mason, CPA, is timely.
In this episode, Shimamoto takes a look back — at how firms and CPAs in general worked to integrate technology — and a look ahead — to what advisory services could look like in the future.
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May 3, 2022
Mental health matters: How asking the right questions can help
May is Mental Health Awareness Month, and it’s the focus of this episode of the Journal of Accountancy podcast. Kari Hipsak, CPA, CGMA, senior manager–Firm Services at the AICPA, explains why mental health matters to her and shares advice for how managers and organizations can better promote mental health of their staff.
Several resources are mentioned in the episode:
* Hipsak’s interview about mental health on the What’s Your “And”?
* PCPS mental health resources.
* A recent Journal of Accountancy article on companies expecting to increase pay for employees.
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Apr 28, 2022
What CPAs should know, and ask, about NFTs
Sean Stein Smith, CPA, CGMA, DBA, is speaking June 7 at AICPA & CIMA ENGAGE on the blockchain ecosystem. Nonfungible tokens (NFTs) are a part of that ecosystem. In this podcast episode, Stein Smith explains what NFTs are and aren’t, how baseball cards or other physical items can be “tokenized,” and more.
Also, get an update on two recent IRS items, related to estate and gift tax proposed changes and the public input sought on prioritization of tax issues.
Resources
Here are three recent JofA articles about NFTs:
* NFTs Come With Big Valuation Challenges
* Tax Consequences of NFTs
* How NFTs Work and Where They Get Their Value
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Apr 26, 2022
Hard at times but also rewarding: A CPA’s career leap to India
Sandi Matthews, CPA, CGMA, was ready for a new adventure when she was hired in 2018 as an accounting manager for not-for-profit Khan Academy. It was not just a new job she accepted — it was a role in a faraway location.
Matthews helped to establish Khan Academy’s subsidiary in India in its early days. She’s now head of finance, and in this podcast episode, Matthews discusses the barriers she faced moving from North Carolina to New Delhi, advice for others considering an international assignment, and why she recommends visiting a new country as a resident instead of as a tourist.
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Apr 21, 2022
The invaluable sounding board: Learning from other CFOs
Denise Dettingmeijer, CFO of Randstad North America, is part of a panel discussion at AICPA & CIMA ENGAGE in June in Las Vegas. In this podcast episode, she previews the theme of that session and explains why having fellow CFOs “along the same part of the journey” is helpful.
Dettingmeijer also shares advice on how professionals can get the most out of attending a conference.
Also, here are links to other JofA coverage mentioned in the episode:
* Paul Bonner’s coverage of progress reported in Treasury’s equity action plan.
* Brannon Poe, CPA, on why converting to the cloud has advantages related to a firm’s exit strategy.
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Apr 19, 2022
ENGAGE emcee: Why inflation could cause retirement U-turns
Jill Schlesinger, a CBS News business analyst, author, and podcast host, built her brand as a purveyor of financial advice in part through radio call-in shows. She’s a seasoned speaker on all things money and the guest on this episode of the Journal of Accountancy podcast. Schlesinger is slated to be an emcee at AICPA & CIMA ENGAGE in June in Las Vegas, where she looks forward to hearing more about how accounting and finance professionals are adapting to “accelerants” related to the economy and office work.
Schlesinger also explains more about how inflation may keep some people working or send some retirees back to work.
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Apr 14, 2022
The power of belief — and how it differs from arrogance
“If anybody wants to accomplish anything, at some point, they have to believe it’s possible.” Those are the words of this episode’s guest, mental performance coach Chris Palmer. He discusses why belief is important, how it can be confused at times with arrogance, and why growing a sense of belief in ourselves can be done.
Also, get an update on several IRS-related issues, including an update to Schedule K-2 and Schedule K-3 FAQs and news of a Government Accountability Office report on the 2021 tax filing season.
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Apr 12, 2022
The value of asking the question, ‘What brings you joy?’
John Garrett is rarely at a loss for words. A former CPA turned stand-up comic, Garrett these days is a speaker, podcast host, and author, and he’s a repeat guest on the Journal of Accountancy podcast for good reason. This episode puts a 2022 spin on two previous discussion topics: advice for presenting to groups and the tie-in between outside passions and work.
And make sure to listen to Garrett’s wardrobe story before packing for that in-person work meeting or conference.
Also, hear a summary of news from the IRS commissioner’s testimony at a Senate Finance Committee hearing.
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Apr 7, 2022
CPA Q&A: Parenthood in the pandemic and finance purpose statements
Floyd Amuchie, CPA, has been the corporate controller at Virgin Galactic, the space travel company, for about a year. In this episode, Amuchie discusses his early fascination with astronomy, why the phrase “lift as you climb” is meaningful to him, what parenting a newborn was like during the pandemic, and why “invest” is part of his career advice to aspiring CPAs.
Also, hear a summary of two recent news items related to the IRS:
* The IRS has eased the application process for U.S. residency certification.
* The IRS issued proposed regulations that would revise the premium tax credit’s affordability test.
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Apr 5, 2022
Co-creating the future of finance: A leadership group’s quest
CFOs and other finance leaders “are all on the same quest” to transform finance into more of a value partner, according to Tom Hood, CPA/CITP, CGMA, executive vice president–Business Engagement and Growth for the Association of International Certified Professional Accountants.
Hood’s 2021 conversations with finance leaders led to the formation of the Future of Finance Leadership Advisory Group, which continues to grow in numbers and share knowledge about what it will take to upskill its talent and transform the finance function.
In this podcast episode, Hood shares insights coming from the group’s recent virtual meeting and explains the vision for 2025 and beyond.
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Mar 31, 2022
FP&A: A new niche — and an expanded definition
Chris Ortega is speaking on multiple topics at AICPA & CIMA ENGAGE in June. One topic is a guide for CFOs on people and process optimization. Ortega, CEO of the consulting firm Fresh FP&A and a regular speaker at financial planning and analysis events, delves into the critical role CFOs played at the start of the pandemic and why he says FP&A practices are evolving. Also, hear his advice about vulnerability and taking chances and more.
Plus, get a summary of recent JofA news coverage on these topics:
* What companies are doing to recruit and retain employees.
* A closer look at how “SECURE 2.0” would expand retirement savings options.
* The obstacles faced by the Biden administration’s proposed billionaire minimum tax.
New SEC rules proposed to help investors better understand SPACs.
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Mar 29, 2022
Audit transformation: Automation is one small step in the journey
Transformation of the audit goes beyond simply automating rote tasks, as Amy Pawlicki, vice president–Assurance and Advisory Innovation at the Association of International Certified Professional Accountants, explains in this episode.
She details some of the ways that audits can be more data driven while still complying with standards.
The interview with Pawlicki is part four of a series on audit evolution in action. Here are links to the previous three parts:
* An introduction to the topic, including the key drivers of the transformation.
* A closer look at audit data analytics with two firm leaders.
* The importance of “digital mindset” in audit transformation.
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Mar 24, 2022
New strategies to grow the profession’s pipeline
In the midst of the Great Resignation, organizations need continued vigilance when it comes to recruiting job candidates. As it relates to the hiring of CPAs, this episode touches on advice and a new program that can help businesses cast a wider net for talent.
Beth Berk, CPA, CGMA, writes in a recent Journal of Accountancy article that “hiring professionals need to go about their recruiting efforts differently than they did in years past.” The article offers reminders and strategies for identifying accounting candidates.
And, there’s a new program that can help organizations get a head start on linking up with candidates. Joanne Fiore, an AICPA & CIMA vice president, explains the benefits of the Registered Apprenticeship for Finance Business Partners program, an effort recently approved by the U.S. Department of Labor.
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Mar 22, 2022
Advice for building strong personal connections in a hybrid world
Steven Harris was not always the outgoing firm leader he is today. Harris, the subject of The Last Word in the March issue of the Journal of Accountancy, said he struggled to connect with other professionals early in his career, but once he learned to be vulnerable and to listen, he was able to form strong bonds. Harris calls that connection breakthrough “magical.”
He shares advice on emphasizing collaboration in a hybrid work environment and discusses the talent development tie-in to bringing work back into the office. Harris also explained his affinity for OneNote and the movie The Godfather.
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Mar 17, 2022
Not-for-profit audits in a remote world, plus IRS news
A rapid shift to auditing remotely was especially challenging for CPAs who audited not-for-profit entities. Those NFPs might not have had top-of-the-line technology when the COVID-19 pandemic changed so much about the world two years ago, including the ability of auditors to visit client sites.
To learn more about the state of remote auditing of NFPs, hear insight from accounting firm principals Kelly Rancourt, CPA, and Deetra Watson, CPA, CGMA. Rancourt works for Clark Nuber, a firm in the Seattle area, and Watson is employed by the North Carolina firm Blackman & Sloop.
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Mar 16, 2022
Grappling with Schedules K-2 and K-3
K-2 — isn’t that a mountain?
K2 is, but to tax professionals and with the hyphen, it’s Partners’ Distributive Share Items — International (and, for S corporations, a similar form), the new schedule filed with the returns of passthrough entities with “items of international tax relevance” and partners in foreign partnerships. Along with its “twin peak” of Schedule K-3, Partner’s [or Shareholder’s] Share of Income, Deductions, Credits, etc. — International, these formidable forms have been much discussed by CPAs and other tax practitioners lately. Here to help us better understand them is John Samtoy, CPA, who has written about Schedules K-2 and K-3 for the Tax Insider newsletter recently.
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Mar 15, 2022
Recruiting, flexible working, and tax season issues for small firms
Some issues facing small CPA firms are the same as those facing large firms or other organizations — talent retention, change management, and more. But there are some issues that are specific to small firms, and potentially more acute, as explained in this Journal of Accountancy podcast episode with Carl Peterson, CPA, CGMA, the AICPA’s vice president–Small Firm Interests.
Also, learn about recent JofA coverage of criticism of the updated Form 1099-K reporting threshold.
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Mar 10, 2022
The power of technology to change how CPAs think about value
Amy Vetter, CPA/CITP, CGMA, wrote in 2021 that advanced technology for CPA firms was no longer a nice-to-have option; it’s a requirement. Vetter shared more about the future of tech-enabled CPA work in this podcast episode.
In addition to looking forward, she also looked back — all the way to the 1930s, telling a story about her grandfather’s time as a CPA and some of what she learned about him through one simple email.
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Mar 8, 2022
How to make sure your organization is empowering women
Tuesday, March 8, is International Women’s Day. To celebrate the day, the guest on this podcast episode is Kimberly Ellison-Taylor, CPA, CGMA, the founder and CEO of KET Solutions and a former AICPA board chair. Ellison-Taylor has seen gains for women in public accounting partnerships, and in business and industry, but she stresses that more work must be done.
Ellison-Taylor also explains how women can be self-advocates, how organizations can provide opportunities for advancement, and why she disagrees with a colleague’s notion that she is a “legend.”
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Mar 3, 2022
The reasons for positive economic sentiment — and why that could change
CPA decision-makers in business and industry in the United States maintained an overall positive outlook for their organizations, but plenty of factors could sour that sentiment quickly.
Hear or read the analysis of Bob Sannerud, CPA, CGMA, a CFO in the Midwest, and Ken Witt, CPA, CGMA, an associate director from the Association of International Certified Professional Accountants, representing AICPA & CIMA. They discuss the reasons for optimism and pessimism in the Business and Industry Economic Outlook Survey and some of the challenges facing business in the year ahead.
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Mar 1, 2022
PowerPoint rules to live by
How many slides should be in a PowerPoint presentation? What are some steps to ensure your presentation has a consistent format? Byron Patrick, CPA/CITP, CGMA, has answers to these questions. He’s one of the Journal of Accountancy’s Technology Q&A authors, the general manager at Botkeeper, and someone always looking to improve presentation skills.
In this podcast episode, Patrick expands on some of his advanced PowerPoint tips from the November issue of the JofA and discusses ways to avoid common PowerPoint mistakes.
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Feb 24, 2022
The value of clear, concise written communication
Robin Thieme, CPA/CITP, CGMA, the CEO and founder of KBS CFO, was consulting remotely well before she was forced to do so by the COVID-19 pandemic, so communicating with clients who were not in the same room was familiar. Still, the changes society and business experienced in early 2020 forced her to learn new skills and alter her communication style and strategy.
In this episode, she shares advice on the value of written communication, why it’s important to continue developing virtual presentation skills, and more.
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Feb 22, 2022
Firm ownership can be intimidating; here’s how to overcome those fears
In the February edition of The Last Word, Ozlem Davis, CPA/CFF, alluded to some aspects of firm ownership as being “scary.” In this podcast episode, she explains more about why she had those fears, how she has overcome them, and how she escapes the pressure of work.
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Feb 17, 2022
Gratitude: How a helping hand can spark a great career
Calvin Harris, CPA, senior vice president of finance and CFO of the National Urban League, says he would not be in the position he is in today without the help of numerous mentors.
In Part 1 of the conversation, Harris explained why donations at the National Urban League increased in 2020 and what the organization did with that revenue. In Part 2, hear more about the role mentors have played in his career, how he mentors finance professionals, and why diversity initiatives should go beyond press releases during Black History Month.
Also, hear more about Journal of Accountancy articles on IRS updates related to K-2 and K-3 reporting requirements and instructions for reporting on cryptoassets.
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Feb 15, 2022
The value of ‘connection to the mission’ for one not-for-profit CFO
Calvin Harris, CPA, the CFO of the National Urban League, is the Journal of Accountancy podcast guest for a two-part conversation this week. In this first part, Harris explains why the National Urban League was well positioned to receive an increase in donations at the onset of the COVID-19 pandemic in 2020, what the organization did with that revenue, and how he approaches retention and development of employees.
Also, get caught up on recent JofA coverage of not-for-profits’ focus on technology investment and learn more about research showing why CFOs “should learn to let go.”
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Feb 10, 2022
IRS service issues: What a coalition of tax pros seeks to change
Tax season is well underway, and the AICPA is part of a coalition asking for the IRS to make tax filing go smoother. The coalition has made recommendations to improve IRS service issues, and in this episode those recommendations are detailed by Melanie Lauridsen, the AICPA’s senior manager for Tax Policy & Advocacy.
Also, get a summary of recent news coverage on IRS service challenges and the IRS reversing course on the use of facial recognition.
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Feb 8, 2022
What CAS practice leaders should focus on in 2022 and beyond
“We have to focus on culture,” says Jennifer Wilson, partner and co-founder of Convergence Coaching LLC. She’s talking about firm leaders and how they can better position themselves to take advantage of the growing opportunities related to client advisory service (CAS) offerings.
Also, get article overviews on the following news items:
* A new process for appealing partial PPP loan forgiveness
* An announcement on IRS staff reassignments.
* Government warnings about potential cyberattacks.
* Comments sought by the AICPA Auditing Standards Board on a proposal related to compliance audits.
* An update from the AICPA Peer Review Board on clarified standards.
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Feb 3, 2022
A blockchain glossary, the CPA firm of the future, and Excel malware
Two CPAs are featured in this episode, which also highlights news of a rapid rise in malware attacks related to Microsoft Excel add-ins. First, Di Krupica, CPA, CGMA, of the Association of International Certified Professional Accountants, discusses the creation of the Blockchain Universal Glossary. Next, Mark Koziel, CPA, CGMA, the CEO of Allinial Global, shares some of the ways CPA firms can integrate with technology, how business models and firm structure might change, and more.
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Feb 1, 2022
The 3 components of burnout, and why they are heightened now
As humans, “we are wired to see change as a warning sign of danger,” says Britt Andreatta, Ph.D. Andreatta is the author of Wired to Resist and other books, and she is a speaker and consultant to a wide variety of organizations. She was a featured speaker at the Future of Finance Summit, a meeting of finance executives, in December.
With all the change and uncertainty people have faced because of the COVID-19 pandemic, employees are, to use another Andreatta description, “crispy.” In this podcast episode, she explains why change is difficult and why now is the time for leaders to spend even more time focusing on employee well-being.
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Jan 27, 2022
Sales tax: Nearly 4 years after Wayfair, what’s on the horizon
Sales tax compliance is complicated and ever-changing. Diane Yetter, CPA, the president of Yetter Tax and the Sales Tax Institute, shares knowledge on the current landscape related to several sales tax topics. Hear or read the discussion on compliance since Wayfair, how some states are supplying resources to automate sales tax compliance, and advice for remote sellers when considering sales tax risks.
Also, hear more about the AICPA’s role in pointing out taxpayer frustration to the IRS, more on IRS procedures for employee status determinations, and audit committee members’ opinions on audit quality.
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Jan 25, 2022
What one CPA calls ‘the best job in the world’
Nancy Bagranoff, CPA, DBA, didn’t think she was going to become an accountant. But a General Electric training program opened doors for her, and she learned that she was well suited to the CPA profession. These days, Bagranoff passes on accounting lessons as a university professor.
Plus, learn some of the highlights of the January issue of the JofA: an overview of the annual tax filing season quick guide, knowing when and how to raise fees at your firm, and tech-based tips to improve expense reporting.
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Jan 20, 2022
Grow yourself, others, and the business: Q&A with a Nike leader
Favorite books, a craving for constant change, and building a finance “powerhouse” — all of those topics and more are part of this interview with Tanner Johnson, CPA, CGMA, vice president–Global Finance Operations at Nike. Johnson explains how his upbringing shaped him, what the phrase “there is no finish line” means to him, and how he manages a remote team. The episode is a continuation of a series of interviews from finance leaders who attended the Future of Finance Summit in December in Nashville, Tenn.
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Jan 18, 2022
Developing empathy and why it’s OK not to have all the answers
Ginnie Carlier, CPA, EY’s Americas vice chair for Talent, says that leadership’s focus has expanded beyond four walls and into being understanding of employees’ work and home lives. In this podcast episode, hear her thoughts on developing empathy, the importance of “office hours,” and why a focus on well-being is growing in importance.
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Jan 13, 2022
The difference between managing change and change management
One key to implementing change initiatives is understanding the why and what problem you’re trying to solve, according to Jennifer Elder, CPA/CFF, CGMA. Another component, Elder says, is having a way to measure a change initiative’s success. In this podcast episode recorded in Nashville, Tenn., Elder offers advice on the best approach to implementing change and comments on some of the ways organizations’ change initiatives can go awry.
Also, get up to date on news coverage of what’s new in federal taxes for 2022, what the IRS says about digital returns and filing dates and why tax season could be frustrating. And hear a summary of a recent GASB announcement regarding going concern standards.
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Jan 10, 2022
The CPA profession’s ‘really interesting inflection point’
Pascal Finette, an entrepreneur and consultant, recently spoke at the Digital CPA Conference and the Future of Finance Summit in Nashville, Tenn.
In this podcast conversation with the JofA’s Neil Amato, Finette shared innovation lessons from interviews with other leaders, a story about how Pepsi quickly set up a direct-to-consumer business, and why those fortunate enough to be able to work remotely can develop a routine that leads to better quality of life.
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Jan 6, 2022
Why a CFO needs to wear two hats
James Miln, ACMA, CGMA, a finance executive at Yelp, identified several key takeaways from the recent Future of Finance Summit in Nashville, Tenn., which featured a collection of executives and outside experts discussing the ongoing transformation of the finance function. One point that was clear to Miln as it relates to transformation: “We’re all eyes wide open this is a journey, and it is hard.”
His voice is one of several from the Future of Finance Summit and the Digital CPA Conference that you will hear in 2022 episodes of the podcast, which will continue to cover accounting news and trends and highlight Journal of Accountancy content, such as new FASB accounting concept statements and single audit clarity related to pandemic relief programs.
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Dec 21, 2021
A PPP loan forgiveness update and one CPA’s 2021 reflection
This is the Journal of Accountancy podcast’s last episode of 2021. The guests in this episode are Lisa Simpson, CPA, CGMA, vice president–Firm Services at the Association of International Certified Professional Accountants, and Floyd Amuchie, CPA, the corporate controller at Virgin Galactic.
Simpson provides an update on the status of several business relief programs and a look ahead to 2022 areas of focus for the AICPA Town Hall Series. Amuchie, who recently attended the Future of Finance Summit in Nashville, Tenn., shares a few lessons learned from the event (hear a previous JofA episode for more from Nashville).
Also, get a quick preview of what the 2022 mileage rate will be for taxpayers to compute their deductible automobile costs.
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Dec 16, 2021
A junior-high dream realized: One CPA leader’s career path
December’s Last Word feature subject in the Journal of Accountancy is Amish Mehta, CPA, partner and nonprofit practice leader at the accounting firm Friedman LLP. Mehta explains why The Shawshank Redemption is his favorite movie, more about his path to becoming a CPA, and why it’s never too early to start networking.
Also, hear a summary of recent analysis of the Senate Finance Committee’s Build Back Better text and more on the attributes of top-performing CPA firms.
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Dec 14, 2021
CPA leader takeaways: Listening, self-awareness, flipping the pyramid
A group of finance leaders took an inward focus at the recent Future of Finance Summit in Nashville, Tenn. They also explored their vision for the finance function out to 2030. The group focused on listening, self-awareness, and staff development, among other topics. This episode will be the first of several discussions from the summit, which brought together a range of corporate and not-for-profit executives.
The guests in this episode, in order of appearance, are:
* Tom Hood, CPA/CITP, CGMA, executive vice president of business engagement and growth for the Association of International Certified Professional Accountants;
* Kimberly Ellison-Taylor, CPA, CGMA, former AICPA board chair and the founder of KET Solutions;
* John Griffin, CPA, CGMA, senior vice president and controller for AARP;
* Calvin Harris, CPA, senior vice president of finance and CFO of the National Urban League.
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Dec 9, 2021
Inflation and talent: 2 top headwinds facing business in 2022
New challenges are emerging for businesses in the United States and old challenges are persisting, according to finance decision-makers in a recent quarterly survey. Ken Witt, CPA, CGMA, and Mellissa Reed, CPA, explain some of the headwinds and also the reasons for optimism in the future.
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Dec 2, 2021
Digital assets: Auditing, accounting, and what’s next
Accounting for and auditing of digital assets is evolving quickly. This episode passes on guidance from a CPA leader on the topic.
Amy Steele, CPA, is co-chair of the AICPA Digital Assets Working Group. She’s also an audit partner at Deloitte & Touche LLP and serves as the firm’s Global and US Audit and Assurance methodology leader for blockchain and digital assets. Steele is scheduled to present at the AICPA & CIMA Conference on Current SEC and PCAOB Developments. The conference agenda is here.
The episode also includes a news roundup, touching on topics that include the latest 12-month outlook of finance executives in business and industry and some of the key tax provisions in recently passed legislation.
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Nov 18, 2021
Career advice and RPA tips from CPA leaders
Hear from CPAs Maxene Bardwell and Jim Bourke in this week’s episode. Bardwell, the subject of The Last Word in the November issue of the Journal of Accountancy, shares more about her career path, why there’s value in volunteering and mentoring, how she brings her authentic self to work, and why there’s candy at her desk. Bourke, a speaker at the Digital CPA Conference, shares insight for firms on two of his conference topics, robotic process automation and emerging advisory opportunities.
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Nov 11, 2021
Infrastructure analysis: The ERC’s end, and what’s next
Ed Karl, CPA, CGMA, the AICPA’s vice president–Tax Policy & Advocacy, has followed infrastructure legislation closely. The Infrastructure Investment and Jobs Act was passed by the House on Nov. 5 and is now scheduled to be signed by President Joe Biden. But that version is different than the version approved by the Senate in August, and there remains a companion reconciliation bill to be negotiated.
Karl shares analysis on the end of the employee retention credit, the future of corporate tax rates, preparer regulation, SALT caps, and more.
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Nov 4, 2021
“What’s our biggest risk?” Why the answer is changing
Companies are still trying to find their way about 20 months after the onset of the COVID-19 pandemic. Their enterprise risk management (ERM) efforts were tested, as some risks were amplified and others emerged. Now, entities are trying to apply some of the lessons they learned along the way.
CPAs Mark Beasley and Paul Walker, professors who each direct ERM-focused centers at universities, discuss how risk management is changing, what organizations are worried about today, and how they can better manage risks moving forward.
Also, get updates on the formation of the International Sustainability Standards Board and these Journal of Accountancy headlines:
* How Investors Can Protect Against Inflation
* FASB Addresses Contract Assets, Liabilities Acquired in a Business Combination
* FASB Proposal Would Amend Interim Disclosure Requirements
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Oct 28, 2021
One firm’s succession planning success story
The Journal of Accountancy’s October cover story shares how one firm approaches succession planning. REDW is a top 200 firm with offices in Phoenix, Albuquerque, and Edmond, Okla. Christina Roderick, CPA, CGMA, is the head of REDW’s tax practice, a role she assumed in July 2020. She talks about her succession journey, REDW’s approach to identifying succession candidates early, and more.
Also, stay up to date on news related to FASB and the IRS, and get a primer on a CPA Insider feature on a topic certain to generate discussion: Taking a nap during the workday.
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Oct 22, 2021
Hiring for culture: How to find the best staff for your firm
Staff who aren’t a good fit for your firm’s culture aren’t likely to stay long. In this second part of a two-part podcast, Guy Gage, founder of consulting firm PartnersCoach, talks about interview questions to ask that can determine whether a job candidate will integrate well to your culture, and other key aspects of hiring for culture.
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Oct 21, 2021
The 4 pillars of starting or growing a CAS practice
Client advisory services (CAS) practices are growing rapidly, and Kalil Merhib, the vice president of Sales and Client Services for CPA.com, has details. Merhib discusses the recent CPA.com & AICPA PCPS Client Advisory Services Benchmark Survey along with the opportunities for firms interested in starting or growing CAS practices.
Also, get a preview of the upcoming AICPA & CIMA Corporate Finance and Controllers Conference and an article on a conference session about building an anti-fraud wall, and stay up to date on news related to Social Security, the IRS, and the PCAOB.
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Oct 18, 2021
What type of culture does your firm have?
Having a good grasp of your organizational culture can help you hire the right people and adopt the right approach to change. But determining what type of culture your firm has isn’t always easy. In this first part of a two-part podcast, Guy Gage, founder of consulting firm PartnersCoach, discusses the three types of culture he sees most often in CPA firms, and ways you can tell which predominates in your firm.
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Oct 14, 2021
A CPA leader’s approach to changing check-the-box training
Stephanie Palmertree, CPA, CGMA, saw a need for better continuing professional education at the Mississippi Office of the State Auditor. The speakers were the same every year, and the issues weren’t necessarily the ones faced by staff at her agency. So, CPE offerings were revamped, becoming more meaningful and targeted. Palmertree explains the why and how of those changes, along with reasons for enjoying the Harry Potter book series and how she relies on her favorite tech tool.
Also, listeners can get caught up on recent news related to a new auditing standard and new PCAOB guidance on audit evidence.
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Oct 12, 2021
Audit evolution in action: Part 3
Transforming the auditing practice to be more digital requires more than just new tools. It also means a shift in mindset for firms serious about taking a digital-first approach. On this episode, the third in a series on audit evolution, Alan Langelli, CPA, lead partner of the technology industry services group at Aronson LLC, shares three key reasons that adopting a digital mindset is important.
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Oct 7, 2021
Peer review: Advancing clarity and remote procedures
The AICPA Peer Review Board recently issued an exposure draft that includes proposed changes to AICPA standards for reporting on and performing peer reviews. Brad Coffey, CPA, an AICPA manager, explains more about the exposure draft and what the proposed changes are designed to accomplish.
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Sep 30, 2021
Year-end tax planning advice and a grammar quiz
Tax practitioners haven’t had it easy, with pandemic-related delays and legislative changes in the middle of tax season making their jobs more difficult. Year-end planning can’t eliminate all the uncertainty, but it can help. April Walker, CPA, CGMA, lead manager on the AICPA’s Tax Practice & Ethics team and host of the Tax Section Odyssey podcast, shares advice for practitioners as the calendar year winds down.
Also, get a “your”/”you’re” refresher, a preview of a recently published grammar quiz, and updates on news related to the IRS and the PCAOB.
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Sep 23, 2021
Prioritization tips, sticky-note strategy, and The Princess Bride
In the September issue of the Journal of Accountancy, Marie Brilmyer, CPA, said in The Last Word: “I think my greatest challenge has been in figuring out how to step back or when I need to step back.” In this podcast episode, Brilmyer expands on the need to prioritize and offers advice for others who may be seeking balance. Also, hear a preview of other JofA articles from the recent print issue and from our news page.
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Sep 16, 2021
Ethics exposure drafts explained; the makings of a good cover letter
Several ethics-related exposure drafts are in focus in this week’s episode. Toni Lee-Andrews, CPA, CGMA, the director of the AICPA’s Professional Ethics Division, shares details on three upcoming EDs, a timeline for comments to the drafts, and more about the division’s streamlined comment process. Lee-Andrews also previews two recent episodes of the division’s Ethically Speaking podcast. Visit aicpa.org/ethics for more ethics resources.
Plus, get a refresher on what makes a good cover letter, and keep up with top recent news in the Journal of Accountancy.
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Sep 9, 2021
Tax software: What CPAs like and dislike
For the September issues of The Tax Adviser and the Journal of Accountancy, more than 2,100 tax professionals shared opinions on tax preparation software. Editors Alistair Nevius and Paul Bonner discuss details of the annual tax software survey — what CPAs liked and disliked, and the difficulties of the most recent tax season for preparers and the software companies.
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Sep 2, 2021
Inflation worries and a tight labor market lead to a slight dip in optimism
Although finance executives continue to be bullish about their organizations’ economic prospects, inflation and a difficult labor market are causing concern in the CPA Outlook Index in the AICPA Business and Industry Economic Outlook Survey. Ken Witt, CPA, CGMA, takes a closer look at the findings and what they mean for companies. Also, Ebonie Jackson, CPA/CITP, CGMA, shares insights on how finance professionals and accountants can lead strategic change from her recent case study.
Also, you’ll hear the findings from the latest CPA Firm Top Issues survey, and we’ll update you on the latest from the Shuttered Venue Operators Grant program.
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Aug 26, 2021
Updating quality management standards: What auditors need to know
There are two committees working on developing new quality management standards for auditors. Neil Amato talks to Sara Lord, CPA, the chair of one of those committees, about the feedback they are receiving, how the new standards incorporate a risk-based approach, and the next steps in the process.
Also, Drew Adamek reviews a new study about ESG assurance opportunities and explores the potential tax implications of LIFO inventory interruptions due to COVID-19.
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Aug 19, 2021
The key tax provisions of the Senate infrastructure bill
The Senate recently passed a $1 trillion infrastructure bill, which includes several tax provisions being monitored by the AICPA. Ed Karl, CPA, CGMA, the AICPA’s vice president–Tax Policy & Advocacy, details several provisions in recently proposed legislation that would affect CPAs.
Also, the episode mentions recent coverage in the Journal of Accountancy on updated single audit guidance included in the Office of Management and Budget’s 2021 Compliance Supplement. And it tries to answer a question posed in a recent CPA Insider article: Will sweatpants come to the office when we return?
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Aug 12, 2021
Better remote job interviews and ERC updates
In the July issue of the Journal of Accountancy, Carrie Kruse, CPA, CGMA, the economic development administrator for the city of Des Moines, Iowa, wrote about how her organization improved its process for interviewing job candidates remotely. In this podcast episode, Kruse goes into detail about the types of questions asked and how the revamped process can be applied to future interviews.
Also, hear about news items related to the employee retention credit, cryptoasset reporting, and more.
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Aug 5, 2021
Fraud advice and more on the value of client advisory services
Businesses’ approach to fraud and internal controls has undergone drastic change as a result of the pandemic. Danielle Supkis Cheek, CPA/CITP, CGMA, the director of entrepreneurial advisory services at the firm PKF Texas, says that rules around things such as on-time payment of payroll taxes now have to be reconsidered. She shares more about the unintended consequences of pandemic-related relief, advice for applying technology to limit fraud, and more.
Also, hear more about recent articles and an AICPA & CIMA ENGAGE 2021 session on the topic of client advisory services.
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Jul 29, 2021
Lessons in building the accounting pipeline from ENGAGE 2021
This week’s podcast episode brings together the voices of three presenters at AICPA & CIMA ENGAGE 2021. One common theme in their interviews is the talent pipeline — how more candidates can be drawn to the profession, how existing talent can be retained and trained in a more tech-driven business environment, and more.
Hear from AICPA board Chair Bill Pirolli, CPA/CFF/PFS, CGMA; Tom Hood, CPA/CITP, CGMA, executive vice president of business engagement and growth for the Association of International Certified Professional Accountants; and former AICPA board Chair Kimberly Ellison-Taylor, CPA, CGMA.
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Jul 28, 2021
Audit evolution in action: Part 2
The auditing profession was already in the midst of transformation, thanks to technological advances and other factors. Then, the COVID-19 pandemic came along and accelerated those changes, further challenging auditors and their view of business as usual. Part 1 was an overview of the audit landscape. In part 2, speakers Carolyn Newman and Jon Cardiello, CPA, share insight into the topic of audit data analytics and how the tools can help to continue the transformation of auditing.
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Jul 22, 2021
Cybersecurity advisory opportunities for firms of all sizes
Cybersecurity is a rapidly expanding opportunity for firms to offer advisory services. In a preview of an ENGAGE 2021 panel, Journal of Accountancy senior editor Neil Amato speaks with Steven Ursillo, CPA/CITP, CGMA, partner, risk assurance and advisory national leader at Cherry Bekaert, about how firms of any size can identify, prepare for, and take advantage of cyber advisory opportunities.
Also, Drew Adamek covers the IRS’s new Tax Pro Account and recent changes to FASB lease accounting standards.
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Jul 15, 2021
At 2021’s midpoint, what’s on the minds of CFOs?
CFOs have reasons to be positive, but they also have several reasons to be concerned. Ways of working are changing, with employees seeking to continue the flexible arrangements that became the norm during the COVID-19 pandemic. Steve Gallucci, national managing partner for Deloitte’s U.S. CFO Program, shares insights into the minds of CFOs in the latest episode of the Journal of Accountancy podcast.
Also, hear more about a recent FM magazine series that focused on the top skills finance professionals need for the future, along with coverage of recent U.S. Small Business Administration news on the Restaurant Revitalization Fund and the Paycheck Protection Program, and a quality management proposal by the AICPA Auditing Standards Board.
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Jul 8, 2021
Why single-audit demand is rising; an update on tax preparer legislation
The number of organizations needing single audits has risen dramatically in the past year. Why? Deetra Watson, CPA, CGMA, an accounting firm principal, explains some of the intricacies of single audits and why demand is increasing for such specialized services. Also, Ed Karl, CPA, CGMA, the AICPA’s vice president–Tax Policy & Advocacy, shares an update on the Taxpayer Protection and Preparer Proficiency Act.
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Jul 1, 2021
Accounting as a STEM career; more on ‘Dirty Dozen’ tax scams
The AICPA supports proposed legislation that would categorize accounting as a STEM career, with STEM standing for science, technology, engineering, and mathematics. Diana Deem, CPA, CGMA, an AICPA director of congressional and political affairs, shares more about the thinking behind and the AICPA’s support for the bill. Also, hear from the JofA’s editor-in-chief, tax, about the annual IRS list of “Dirty Dozen” tax scams.
What you’ll learn from this episode:
* More about the Accounting STEM Pursuit Act, recently introduced in Congress.
* Examples of how accounting has transformed since one of Deem’s early roles.
* Insight into the annual IRS list of “Dirty Dozen” tax scams and why this year’s release of the list is different.
* The reasons that stimulus payments are one focus of scammers.
* Summaries of JofA articles on business continuity planning as a tool to fight fraud, and Supreme Court news related to taxation of remote workers.
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Jun 29, 2021
Audit evolution in action: Part 1
The auditing profession was already in the midst of transformation, thanks to technological advances and other factors. Then, the COVID-19 pandemic came along and accelerated those changes, further challenging auditors and their view of business as usual. As auditing continues to transform, Sue Coffey, CPA, CGMA, the Association’s CEO of public accounting, and Jennifer Burns, CPA, CGMA, the Association’s chief auditor, explain some of the drivers behind audit transformation — where it began and where it’s headed.
What you’ll learn from this episode:
* An overview of the auditing landscape and why a transformation discussion is happening now.
* Insight into the key drivers of that transformation.
* The specific challenges the COVID-19 pandemic created for auditors.
* Details on the AICPA Auditing Standards Board’s work to update certain standards.
* New ways or new tools to approach auditing differently.
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Jun 24, 2021
The return of business travel; an NFL draftee’s view of failure
Business travel is on the way back, according to survey and anecdotal data, as well as the line at airport security. Donny Shimamoto, CPA/CITP, CGMA, is someone accustomed to regular travel, with set routines and preferences. That all changed when the COVID-19 pandemic took hold, and so Shimamoto had to adapt. He reflects on what he learned from being at home and from being back in airports and onsite with a client.
Also, ENGAGE 2021 panelist Jeremy Bloom, a former world champion in skiing and NFL wide receiver, shares his views on sport specialization at a young age, why our view of failure should be reframed, and what kind of skiing he prefers these days.
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Jun 21, 2021
Signs you or a colleague could use mental health support
The COVID-19 pandemic led many CPAs and their employers to think deeply about mental health in ways they may not have before. Amber Setter, a former accountant and an International Coaching Federation–accredited professional certified coach, talks about signs someone may need to consider speaking with a professional about their mental health and what you can do if you notice these signs in someone else. She also gives advice on finding a mental health professional and suggests ways employers can foster staff’s well-being.
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Jun 17, 2021
Understanding the global minimum tax and the growing risk of ransomware
The G7 announced a framework for a global minimum tax last week. In this episode, Amy Wang Miller, CPA, J.D., senior manager with the AICPA’s Tax Policy & Advocacy team, explains what the framework means, what accounting and finance professionals can expect next, and what the future of a global minimum tax looks like.
Also, we explore the growing risks and cost of ransomware with Gerry Glombicki, CPA, a director with Fitch Ratings insurance group, and how organizations should be approaching ransomware.
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Jun 10, 2021
Advice for meeting efficiency and more on the new AICPA board chair
Many of our meetings in 2021 look far different from the meetings we had in 2019 or early 2020. That doesn’t mean they can’t be improved with the help of technology. In this episode, Technology Q&A co-author Byron Patrick, CPA/CITP, CGMA, shares insight into the ways that automation tools can help meetings go smoothly.
Also hear some of the advice new AICPA board Chair Bill Pirolli, CPA/CFF/PFS, CGMA, has for providing excellent client service.
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Jun 3, 2021
Reasons for rising economic optimism; how to ‘be your own agent’
Several factors are contributing to finance decision-makers’ growing optimism about the economy and their own businesses, according to a quarterly survey. Ken Witt, CPA, CGMA, shares insight into that positive sentiment, along with a look at hiring and the headwinds facing organizations.
Also, hear the words of an AICPA & CIMA ENGAGE 2021 speaker on her path to becoming a sports agent and her advice on advocating for yourself.
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May 27, 2021
A closer look at paid tax preparer regulation
In a letter to the IRS, the AICPA recently offered recommendations on six key areas of regulation of paid tax return preparers. A senior manager on the AICPA’s Tax Policy & Advocacy Team explains more about why the recommendations are needed.
Also, learn more about a recent popular article on delivering and receiving feedback.
What you’ll learn from this episode:
* Why it’s important for the IRS to address the issue of unregulated tax return preparers.
* Insight into preparer tax identification numbers (PTINs) and IRS authority over them.
* Why the current process to revoke a PTIN can be “time-consuming and costly.”
* An explanation of supervised, nonsigning return preparers.
* More on a recent JofA article about delivering and receiving feedback.
* News on the issuance of nonauthoritative guidance for auditing digital assets, and economic trends to watch.
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May 21, 2021
A professional athlete’s frugal approach to what’s next
Amobi Okugo, a pro soccer player, is scheduled to be part of a sports-themed panel discussion at AICPA & CIMA ENGAGE 2021. He has continued to pursue education and business opportunities off the field, and he hopes to be a role model as a “frugal athlete.” Hear more about Okugo’s history and his plans. Also, get a refresher on where the term “imposter syndrome” came from, how many of us it affects, and what we can do to beat it.
What you’ll learn from this episode:
* Why Okugo says that mega-millionaire athletes are anomalies.
* How he approached spending money when he was first chosen in the Major League Soccer draft.
* The agreement he made with his parents about pursuing his college degree.
* Tips from a recent JofA article on defeating imposter syndrome.
* A summary of two recent articles related to the IRS.
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May 20, 2021
Supporting AAPI talent in May and beyond
May is Asian Pacific American Heritage Month, and the conversation in this podcast episode is meant to celebrate that and to offer organizations reminders on how they can support employees of Asian descent. The group is sometimes referred to as Asian American and Pacific Islander, or AAPI.
Lisa M. Ong, CPA, is a DEI (diversity, equity, and inclusion) consultant who says that May is always her busy season because that’s when organizations most often seek an AAPI speaker. Ong shared specific advice and actions for individuals and organizations seeking to support AAPI talent.
For more resources on this topic, visit the AICPA’s Diversity and Inclusion page. You can also learn more about Ong’s organization, Wishing Out Loud.
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May 17, 2021
Be more productive while doing less work
CPA firms are often more productive and profitable when owners work less, according to Brannon Poe, CPA, owner of Poe Group Advisors in Charleston, S.C. In this podcast episode, Poe, who has more than 15 years of experience buying and selling CPA firms, explains how delegating work can free owners to focus on what matters most. He also gives advice for determining which work you should delegate and how to do so with fewer worries.
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May 13, 2021
Potential pitfalls for a return to in-person work
How an organization frames the discussion around bringing staff back together in the office matters. Jennifer Wilson, partner and co-founder of Convergence Coaching LLC, expands on her recent Journal of Accountancy article about reopening mistakes for organizations. Wilson is a speaker at AICPA & CIMA ENGAGE 2021 on the topic of managing a blended workforce (view the full ENGAGE agenda here).
Also, hear a reminder about playing to your strengths from another ENGAGE 2021 speaker, executive coach Rhonda Peterson.
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May 10, 2021
Managing your personal energy for success
Life and work in the pandemic era can be exhausting. Stress can make it difficult to focus on and execute your goals. ENGAGE 2021 speaker Rhonda Peterson believes taking the time to care for and nurture one’s energy can improve your career success, increase your businesses’ profitability, and provide a deeper sense of fulfilment. Peterson shares her tips for discovering the activities and stresses that drain your energy, making it harder to succeed, and for uncovering the endeavors that bolster your energy.
What you’ll learn from this episode:
* Why your personal energy matters and how it affects your life, business, and career.
* How to identify significant energy drains in your life.
* How to find activities that improve and boost your energy.
* Why managers should be paying attention to their team members’ energy levels and how they can help improve them.
* The best way to develop a personal energy protection habit.
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May 6, 2021
Excel depreciation advice; risk management lessons learned
A recent Journal of Accountancy article by Kelly Williams, CPA, Ph.D., detailed eight ways to calculate depreciation in Excel. Williams, one of two CPA authors of the Technology Q&A feature, shares why it’s helpful to CPAs to have so many methods and which one she prefers. She also talks about Flash Fill as a preview to her Excel session at AICPA & CIMA ENGAGE 2021 in July.
In the second interview segment, Mark Beasley, CPA, Ph.D., says one key part of enterprise risk management (ERM) is breaking down silos. Beasley, the director of North Carolina State University’s ERM Initiative, joined the JofA podcast for a discussion of lessons that can be pulled from a recent survey on risk management. An article on the survey appeared on the website of FM magazine.
Also, listen to news on a proposed standard by FASB and an update on Paycheck Protection Program funding from the U.S. Small Business Administration.
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Apr 29, 2021
Tom Hood on leadership and adapting to a role stretch
CFOs and other leaders have been forced to adapt to challenging and fast-moving circumstances as a result of the COVID-19 pandemic. Tom Hood, CPA/CITP, CGMA, the executive vice president of business growth and engagement for the Association of International Certified Professional Accountants, reflects on what finance leaders have learned in the past year and previews two of his sessions at the upcoming AICPA & CIMA CFO Conference.
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Apr 22, 2021
Employee retention credit updates and a delegation taboo
The IRS has issued updated guidance on several aspects of the employee retention credit. April Walker, CPA, CGMA, lead manager on the Tax Practice & Ethics team at the AICPA, touches on the highlights, including filing options for claiming the credit, an extension of penalty relief, and several key questions that have yet to be resolved.
What you’ll learn from this episode:
* What recent IRS notices have addressed regarding claiming the credit in 2021 and penalty relief.
* Two critical questions about the credit that have yet to be addressed by the IRS.
* One common mistake that a CPA firm leader says managers should avoid when delegating tasks.
* Updates on a bill’s passage in the House of Representatives and other news.
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Apr 15, 2021
Primers on creativity and mental toughness
Two featured speakers at the AICPA & CIMA CFO Conference, Josh Linkner and LaRae Quy, are sharing previews of their conference sessions in this episode. Linkner discusses how organizations can foster creativity, even in supposedly noncreative jobs, and how that creativity can lead to everyday innovation. Quy, an author and former FBI agent, shares details on the importance of mental toughness.
What you’ll learn from this episode:
* Keynote speaker and innovation expert Josh Linkner’s explanation for calling himself a “creative troublemaker.”
* Why Linkner believes we shouldn’t link creativity to someone’s job title.
* The harrowing story of an FBI agent’s first ride-along and how it underscored the importance of mental toughness.
* The reasons our cerebral brain and emotional brain must work together.
* Updates on new treatment of excess premium tax credits, an extended comment period for an AICPA Auditing Standards Board exposure draft on quality management,…
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Apr 14, 2021
Uncovering your 'buried life' and other mental-health tips
Ben Nemtin, the keynote speaker May 5 at the AICPA & CIMA Employee Benefit Plans Conference, thought he was going on a two-week road trip with some friends 15 years ago. That trip lasted years, changing his life and those of many others they encountered. Nemtin also shares why it’s more important these days to talk about mental health, along with some of the inspiration he got from seeing complete strangers realize a few bucket-list dreams.
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Apr 12, 2021
What we can do to increase the number of Black CPAs
African Americans are still underrepresented in the accounting profession: Only 2% of CPAs are Black. In this second part of a two-episode podcast, we look at what the profession can do to increase the number of Black CPAs.
Guests Ruth Harris, the first Black female CPA in Virginia, and Frank Ross, one of the founders of the National Association of Black Accountants (NABA), share their experiences as Black CPAs and educators, and Theresa Hammond, Ph.D., author of A White-Collar Profession: African American Certified Public Accountants Since 1921, shares her perspective as an accounting professor and scholar of CPA history.
This podcast is associated with the Black CPA Centennial Campaign, a yearlong celebration and recognition of the impact of Black CPAs upon the profession.
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Apr 8, 2021
PPP and tax advice for not-for-profits; honoring pioneering CPAs
The requirements for Paycheck Protection Program applicants who are not-for-profits are different from those for for-profit businesses. Dave Moja, CPA, a member of the AICPA Not-for-Profit Advisory Council, explains some of those differences and more about completing Form 990 and Form 941.
Also, hear a section of a two-part podcast series that documents the triumphs and struggles of some of the first Black CPAs.
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Apr 5, 2021
The struggles and triumphs of the first Black CPAs
In this first part of a two-episode podcast, we take a look at the remarkable accomplishments of Black CPAs in the 20th century, featuring the testimony of two CPAs who witnessed Black CPA history firsthand: Ruth Harris, the first Black female CPA in Virginia, and Frank Ross, one of the founders of the National Association of Black Accountants (NABA). Theresa Hammond, Ph.D., author of A White-Collar Profession: African American Certified Public Accountants Since 1921, adds historical context.
This podcast episode is associated with the Black CPA Centennial Campaign, a yearlong celebration and recognition of the impact of Black CPAs upon the profession.
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Apr 1, 2021
Details of the April 15 postponement and a primer on SVOG
Alistair Nevius, J.D., the JofA’s editor-in-chief, tax, explains the differences between IRS announcements on March 17 and March 29 regarding the postponement of 1040 tax filing and payments from April 15 to May 17. He highlights what’s changed, what hasn’t, and one question regarding how the IRS will handle estimated tax payments on a 2020 return filed after April 15.
Also, to prepare for the opening of the U.S. Small Business Administration’s Shuttered Venue Operators Grant program, hear advice from Kristy Illuzzi, CPA, CGMA, a senior technical manager and staff liaison to the AICPA Private Companies Practice Section’s Technical Issues Committee.
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Mar 25, 2021
Why the tax filing extension does not help everyone
Some individual taxpayers still have forms to complete and payments to make by April 15. That’s one reason the AICPA believes that the IRS extension from April 15 to May 17 didn’t go far enough.
Ed Karl, CPA, CGMA, the AICPA’s vice president–Tax Policy & Advocacy, explains the reasons that the AICPA believes more relief should be given and why a June 15 date is more appropriate.
The episode also mentions the schedule of upcoming AICPA conferences, tips for using LinkedIn, and other news.
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Mar 22, 2021
Ethics considerations for assisting clients with PPP documents
When it comes to applications for Paycheck Protection Program loans or PPP loan forgiveness, a one-size-fits-all approach to assisting clients won’t work. Some clients will need more help than others, and there are ethical implications for how CPAs provide that assistance. Iryna Klepcha, CPA, and Toni Lee-Andrews, CPA/PFS, CGMA, of the AICPA’s Professional Ethics Division discuss some of the ethical questions that have surfaced as CPAs are assisting clients with PPP loan and forgiveness applications. Their guest is Kelly Hunter, CPA, shareholder at FRK & Co. and a member of the AICPA’s Professional Ethics Executive Committee (PEEC).
What you’ll learn from this episode:
* Why AICPA guidance has changed since PPP applications were first available.
* How firms can maintain independence when assisting with preparation of documents for nonattest clients.
* Details on scenarios CPAs could face when clients ask them for assistance with PPP loan forgiveness applications.
* Mo…
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Mar 18, 2021
A new risk management tool, and PPP and tax deadline updates
Risk management has always been important, and it came to the forefront for many organizations in 2020. A new risk heat map tool from the Association of International Certified Professional Accountants can help measure and manage risks. Lori Sexton, CPA, CGMA, a senior technical manager for management accounting, explains some of the features of the tool and how those features can expand an organization’s risk management function.
What you’ll learn from this episode:
* Explanation of a heat map’s role in effective enterprise risk management.
* More on the risk heat map tool’s addition of a qualitative aspect for evaluating risk.
* Why simple awareness of a risk is not enough to manage it well.
* Highlights of the JofA’s coverage of the Paycheck Protection Program and a change in the filing deadline for individual income taxes.
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Mar 11, 2021
A CPA leader’s view on the rise of women in the profession
“With women in particular, small moments matter.” Those are the words of Lara Abrash, CPA, chair and CEO of Deloitte & Touche LLP, about how seemingly inconsequential decisions can have a big effect on how women advance in the workplace. Hear more of Abrash’s thoughts on promoting diversity and on why the time was right for Deloitte to publish a new report on its workforce composition.
What you’ll learn from this episode:
* The career advice Abrash received from her mother.
* Abrash’s advice for how employers can better support women.
* Why Deloitte decided to release its inaugural Diversity, Equity, and Inclusion Transparency Report.
* Why the AICPA is pushing for extensions to the Paycheck Protection Program application deadline and the individual tax filing date.
* The tax-related questions CPAs and their clients may have regarding certain 2020 unemployment benefits.
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Mar 4, 2021
Employee retention credit guidance update and rising economic confidence
On March 1, the IRS issued guidance on the employee retention credit. April Walker, CPA, CGMA, lead manager on the Tax Practice & Ethics team at the AICPA, explains the highlights of that guidance, including how the credit interacts with PPP loans. Also, Ken Witt, CPA, CGMA, senior manager for management accounting and member engagement at the AICPA, shares the important details of the latest AICPA Business & Industry Economic Outlook Survey.
What you’ll learn from this episode:
* Key points of the 102-page guidance from the IRS on the employee retention credit.
* What the IRS guidance did not yet address.
* How finance executives feel about the domestic economy and their own businesses in the coming 12 months.
* The top challenges listed by CPA decision-makers.
* The business sectors that showed rising optimism.
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Feb 25, 2021
Black CPA pioneers, PPP’s narrowed focus, and a FASB alternative
Do you know the name John Wesley Cromwell Jr.? Do you know the specific businesses targeted recently for Paycheck Protection Program loan applications? This express version of the JofA podcast gives you more on those topics, along with details on an accounting alternative related to goodwill impairment that FASB is expected to issue soon.
Cromwell became a CPA 100 years ago, and his story as the first Black CPA is part of a year-long effort to honor, celebrate, and build upon the progress Black CPAs have made in shaping the accounting profession. You’ll also hear the voice of Lester McKeever, CPA, another pioneering Black accountant.
Also, catch up on what a White House statement means in the short term for PPP loan applications. And hear from Mike Cheng, CPA, a member of the AICPA Private Companies Practice Section Technical Issues Committee, on the significance of a recent FASB accounting alternative.
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Feb 18, 2021
CPA news to know: Why mobile workforce tax legislation matters
Earlier in February, numerous amendments to the 2021 fiscal year budget resolution were voted on by the Senate. One of those nonbinding amendments, which passed unanimously by a voice vote, could lead to a lessening of an administrative burden for many employers and employees.
The amendment related to mobile workforce legislation, introduced by Sen. John Thune, R-S.D., and supported by Sen. Sherrod Brown, D-Ohio, would extend the de minimis threshold to work in a state as a nonresident before owing state income taxes or being subject to withholding.
It also would provide that during the pandemic, employers could withhold as they did prior to the pandemic or provide flexibility for employers to track where remote work is performed. It also would provide that employers would not have a nexus or apportionment impact by having a remote worker in a nonresident state during the pandemic.
The AICPA has long supported and continues to support mobile workforce legislative proposals. The AICP…
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Feb 11, 2021
Pursuing quality in relationships — and audits
A recent survey showed that a majority of couples have experienced relationship stress because of finances. So, how can couples openly communicate about money? Mike Landsberg, CPA/PFS, shares a few reminders. Also, Sara Lord, CPA, a member of the AICPA Auditing Standards Board (ASB), expands on the board’s recent exposure draft related to quality management. The comment period on the ED runs through June 11, and comments can be sent to CommentLetters@aicpa-cima.com.
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Feb 4, 2021
Identity theft tips and PPP-related employee retention credit changes
The onset of COVID-19 meant that more people became online shoppers out of necessity. Ordering groceries by phone or computer also means more of us are putting potentially sensitive information online. Robert Westley, CPA/PFS, shares advice to avoid becoming a victim of identity theft, expanding on the tips in a recent Journal of Accountancy article. Alistair Nevius, J.D., the JofA’s editor-in-chief, tax, explains more on recent legislative changes to the employee retention credit. Also, the AICPA Auditing Standards Board has issued proposed standards designed to change the way firms manage quality in their accounting and auditing practices.
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Jan 29, 2021
CPA news to know: PPP vigilance and the start of tax season
Paycheck Protection Program (PPP) loans and the start of tax season are two topics squarely on the minds of CPAs these days. This episode analyzes the Jan. 25 update by the U.S. Small Business Administration (SBA) about processing second-draw loan applications and looks at what recent IRS announcements mean for tax season. Kari Hipsak, CPA, CGMA, a senior manager at the Association of International Certified Professional Accountants, and Alistair Nevius, J.D., the JofA’s editor-in-chief, tax, are the guests for this quick look at recent news that affects the accounting profession.
What you’ll learn from this episode:
* Why PPP loan applicants should be patient and vigilant.
* The practical applications of the SBA’s recent update.
* A preview of the JofA’s February print issue.
* What the announced date that the IRS begins accepting tax returns means for practitioners and filers.
* Effects of the Consolidated Appropriations Act, 2021 (CAA), P.L. 116-260, on tax seaso…
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Jan 28, 2021
PPP loan forgiveness and taxes: Part 2
Earlier, Eileen Sherr, CPA, CGMA, MT, a director of the AICPA’s Tax Policy & Advocacy team, discussed prospects for reversing by legislation the IRS’s position regarding deductibility of business expenses paid with loan proceeds from the Paycheck Protection Program (PPP) that are ultimately forgiven. Now, that legislation has been enacted, by the Consolidated Appropriations Act, 2021 (CAA), P.L. 116-260. Sherr returns to outline that and other changes. Plus, we look ahead to possible developments during 2021 in tax legislation and pandemic relief.
What you’ll learn from this episode:
* What the CAA resolved regarding deductibility of business expenses paid by loan proceeds from the PPP, along with other AICPA advocacy priorities — and what remains unresolved.
* Possible emphases for tax legislation going forward from the Biden administration and the new Congress.
* Ongoing pandemic-related tax relief measures and advocacy at the federal and state levels.
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Jan 15, 2021
The latest advice on PPP loans
Accountants played a crucial role in helping millions of organizations, most of them small businesses, receive $525 billion in Paycheck Protection Program loans last year.
Now, the PPP is back and businesses will again be looking to CPAs for advice and assistance in accessing the program, which provides forgivable loans that borrowers can use for payroll and other essential expenses as the COVID-19 pandemic continues to roil the economy.
What do CPAs need to know about the new PPP? How is it different from the program that ran for five months before its loan application window closed in August? And what should accountants be doing to help businesses access the $284 billion available in the PPP’s second iteration?
Those topics and more are addressed by Erik Asgeirsson, president and CEO of the AICPA’s business subsidiary CPA.com, and Lisa Simpson, CPA, CGMA, the AICPA’s vice president–Firm Services.
What you’ll learn from this episode:
* When lenders can start submittin…
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Jan 13, 2021
Why investing in employees matters more than ever
In late 2020, Robert Half’s Paul McDonald delved into the hiring outlook for 2021. The second part of that conversation addresses the ways organizations can keep those already on staff during COVID-19. McDonald, Robert Half’s senior executive director, says the businesses that already had strong culture in place were better equipped to adapt to COVID-19. He offers advice for managers, details on their retention concerns, and insight into what employees are looking for beyond flexible work arrangements.
What you’ll learn from this episode:
* The reasons nearly 90% of senior managers are worried about losing talent.
* The steps companies and managers can take to show that they value employees.
* Why McDonald says company culture is more like an ocean liner than a speedboat.
* The types of nonfinancial benefits workers are seeking in the absence of raises.
* The steps employees can take to make themselves more marketable.
* McDonald’s thoughts on what office work mig…
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Dec 16, 2020
Help clients make the most of 2020 charitable giving
As the year draws to a close, many clients are pursuing charitable giving. Mike Landsberg, CPA/PFS, partner at Homrich Berg in Atlanta, discusses what he’s seeing in terms of charitable giving this year, how the Coronavirus Aid, Relief, and Economic Security (CARES) Act, P.L. 116-136, has affected giving, and how clients can use giving to save on taxes while contributing to causes that matter to them.
What you’ll learn in this episode:
* Why 2020 is a good year to give to charity. (1:43)
* How the CARES Act has affected charitable giving. (2:47)
* Giving strategies clients can use to save on their taxes (5:03), even if they’re not high-net-worth. (8:25)
* How to start talking about charitable giving with your clients. (8:59)
* One way to help clients specifically interested in COVID-19 relief. (11:11)
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Dec 11, 2020
PPP loan forgiveness and taxes
Eileen Sherr, CPA, CGMA, MT, director of the AICPA’s Tax Policy & Advocacy team in Washington, D.C., discusses recent IRS guidance regarding the tax treatment of loans under the U.S. Small Business Administration’s Paycheck Protection Program (PPP). This guidance holds that the amount of a PPP loan that is forgiven under the SBA’s procedures is not included in the loan recipient taxpayer’s gross income, but any expenses used to qualify for the forgiveness cannot be deducted on the taxpayer’s income tax return as an ordinary and necessary business expense. We also look ahead to what the change in presidential administration in 2021 might spell for a broad range of taxpayers.
What you’ll learn from this episode:
* How PPP loan forgiveness is excluded from taxpayers’ gross income for income tax purposes, but the IRS regards related business expenses as nondeductible.
* The progress of efforts by members of Congress to clarify in new legislation that the PPP forgiveness…
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Nov 30, 2020
The 2021 hiring outlook, salary negotiation advice, and more
The COVID-19 pandemic has caused unprecedented hiring freezes, job losses, or furloughs in 2020. While the outlook on hiring remains somewhat unsteady, there are reasons for optimism, according to Paul McDonald, the senior executive director at staffing firm Robert Half.
In this episode, McDonald discusses the roles and certifications that are in demand, how remote work’s rapid rise has affected organizations’ approach to recruiting and hiring, and why the broad unemployment rate is not one that McDonald pays attention to the most. McDonald is the guest on the Journal of Accountancy podcast for the first of a two-part conversation. The second part, focusing on company culture and retention concerns, will be posted in early 2021.
What you’ll learn from this episode:
* The types of jobs that continue to be in high demand in the United States.
* How organizations are rethinking geographic obstacles to hiring.
* Why McDonald says that a preliminary discussion about salary is…
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Nov 12, 2020
The value of gamifying CPE learning
Kelly Richmond Pope, CPA, CGMA, Ph.D., is an accountant and a professor. She’s also a storyteller and TEDx speaker. Keeping people engaged is a better way to educate, said Pope, an associate professor at DePaul University’s School of Accountancy and MIS in Chicago. In this episode, Pope discusses another way to keep learners engaged: gamification. Turning learning into a game helps with the recall and understanding of new concepts, whether in a college classroom or continuing professional education for accountants.
What you’ll learn from this episode:
* Examples of gamification that are already part of our daily lives.
* How learning to drive a stick-shift car applies to gamification.
* Why gamification is not just for younger generations.
* How COVID-19 has disrupted traditional CPE and how virtual meetings could be better for learning in some cases.
* How a speaker’s style can help maximize learning through PowerPoint slide presentations.
* The ways organization…
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Oct 26, 2020
How CPA parents cope during the pandemic
Several months into the pandemic, we take a look at how some CPA parents are faring. They talk about the struggles they’ve faced, how they balance parenting and working from home, what they do to recharge, and the unexpected joys they’ve experienced while spending more time with their families. Our guests for this episode are Lindsay Stevenson, CPA, CGMA, and Chris Hervochon, CPA. Stevenson is vice president of finance at 1st Financial Bank in North Sioux City, S.D., founder and CEO of Origin Evolution LLC, and mom to three sons: a 19-year-old college student, a 17-year-old high school student, and a 7-year-old second-grader. Hervochon is the owner of Chris Hervochon CPA, located in Hilton Head Island, S.C., and dad to a 7-year-old boy and 4-year-old twins.
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Oct 14, 2020
COVID-19 lessons for not-for-profits
In an economic downturn such as the one that resulted from the coronavirus pandemic, not-for-profit organizations can feel pinched in two ways. People who have lost jobs or fear losing them may be less likely to donate to the NFPs at a time the services offered by the organizations are needed most. Strategies and models must be changed to find new opportunities and deal with the challenges presented on multiple fronts. Amy West, CPA, CGMA, the CFO of AHRC in New York City, shares advice on how to adapt and find new paths during tough times. West also is a member of the AICPA Not-for-Profit Advisory Council.
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Oct 12, 2020
How 2020 has changed corporate board work
Corporate board work may have changed forever as a result of COVID-19. The lessons corporate directors take away from the pandemic will be critical to company survival and success beyond 2020. Paula Loop, CPA, the leader of PwC’s Governance Insights Center, explains in this podcast episode how boards have been changed and what they’re thinking about as they navigate the pandemic’s effect on business. What you’ll learn from this podcast episode: - Why Loop says now is the time to learn lessons and be better prepared for the next crisis. - Why there seems to be a disconnect between board members and corporate crisis management plans. - The lessons boards have learned about digital transformation, customer habits, and corporate real estate needs. - The board topics on which male and female directors differ.
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Sep 21, 2020
Cannabis and CPAs: The business opportunities and risks
Cannabis for medicinal or recreational use is a fast-growing business, and the advisory opportunities for accountants in the industry are also growing. Along with those opportunities are emerging issues on the regulatory and risk fronts. Ron Seigneur, CPA/ABV, the managing partner of Colorado firm Seigneur Gustafson LLP, shares more on the topic, including what to look for in proposed federal legislation. What you’ll learn from this episode: - An explanation of the difference between cannabis, hemp, and marijuana. - More on the cannabis-specific guidance for accountants offered by the AICPA and the National Association of State Boards of Accountancy. - The professional risks to consider before adding clients from cannabis-related industries. - The COVID-19 pandemic’s effect on cannabis businesses. - Why legalization in some states does not mean those states become cannabis epicenters. - How legislation could change the landscape for cannabis businesses.
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Sep 11, 2020
Implementing the payroll tax deferral, part 2
This podcast episode follows up one posted on Aug. 20 about President Donald Trump’s memorandum directing Treasury to defer the withholding, deposit, and payment of workers’ 6.2% Social Security or Railroad Retirement tax for the last four months of 2020. Since then, Treasury and the IRS have issued much-anticipated guidance on just how the deferral applies and how the taxes are likely to have to be repaid. Ed Karl, the AICPA’s vice president–Tax Policy & Advocacy, described the memorandum in the first podcast episode. Now he returns to describe what the guidance in Notice 2020-65 provides — and what it still leaves unclear. He has also written a post on the AICPA Insights blog titled “Employee Payroll Tax Deferral — Is It Workable?” that outlines what CPA advisers can tell their business clients with employees about the deferral. What you’ll learn from this episode: -The notice puts the responsibility for deferring — and repaying — the taxes squarely on employers…
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Sep 8, 2020
Insight on hiring, top challenges, and more from U.S. finance execs
Finance executives in the United States are more confident about their own businesses than about the overall economy. Why is that? And what is the hiring outlook for companies for the next 12 months? Ken Witt, CPA, CGMA, a senior manager for management accounting and member engagement at the AICPA, provides further detail and analysis on the quarterly Business and Industry Economic Outlook Survey, the last before the Nov. 3 presidential election. What you’ll learn from this episode: - How finance leaders view the domestic economy and their own businesses. - Why election season brought about a change to the list of top challenges this quarter. - The component in the CPA Outlook Index that ranks higher than others by a wide margin. - The business sectors showing improvement and the ones that continue to struggle. - How the pandemic may be changing the real estate needs of businesses.
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Aug 24, 2020
Teleworking and state and local taxes
This episode explores the huge implications for state and local taxes raised by workers more often untethered from the employer’s physical location, sometimes in another state. And now, during the COVID-19 pandemic, remote teleworking has become the rule for many professions. Eileen Sherr, CPA, MT, and Mo Bell-Jacobs, J.D., bring us up to speed. Sherr is a senior manager with the AICPA’s Tax Advocacy team in charge of the AICPA State and Local Tax Technical Resource Panel, or SALT TRP, and Bell-Jacobs is a senior manager at RSM National Tax in Washington and a member of the SALT TRP.
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Aug 20, 2020
Implementing the payroll tax deferral
In this podcast, we touch base with Ed Karl, the AICPA’s vice president–Tax Policy & Advocacy, to discuss questions the AICPA Tax Executive Committee has raised in official comments to Treasury and the IRS concerning President Donald Trump’s Aug. 8 memorandum ordering Treasury to defer the withholding, deposit, and payment of payroll taxes imposed by Sec. 3101(a) — better known as the employee portion of Social Security tax, currently 6.2% of covered wages and compensation — and a comparable rate of tax under Sec. 3201 — that’s the Railroad Retirement tax — for Sept. 1, 2020, through the end of the year. We’ll explore the range of issues that Treasury and the IRS face as they implement this order and what it all could mean for employers and employees.
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Aug 13, 2020
6 new business realities in the pandemic era
The changes brought about and accelerated by the COVID-19 pandemic are numerous. Our day-to-day lives have been altered, forcing rapid adaptation. A new report from the Association of International Certified Professional Accountants and EY Seren, explores the patterns of behavior emerging from this uncertain time. The report, Human Signals, also offers actions for accountants to take. This podcast, the second of two parts, takes an in-depth look at what the report’s findings mean for leaders and organizations. In part one, Association CEO and AICPA President and CEO Barry Melancon, CPA, CGMA, shared more about this transformational time. Then Joel Bailey, a director at EY Seren and a report author, delved into the research behind the report. In this second part, executive coach and consultant Gretchen Pisano offers practical applications from the report and discusses how its findings dovetail with what she’s hearing from leaders. Pisano is the CEO and co-founder of pLink Leadership…
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Aug 13, 2020
7 human behavior insights you need to know
The changes brought about and accelerated by the COVID-19 pandemic are numerous. Our day-to-day lives have been altered, forcing individuals and organizations to adapt quickly. A new report from the Association of International Certified Professional Accountants and EY Seren explores the patterns of behavior emerging. The report, Human Signals, also offers advice for accountants in an era of uncertainty. This podcast is the first of two parts that take a closer look at the report’s findings and action items. In this episode, Association CEO and AICPA President and CEO Barry Melancon, CPA, CGMA, shares more about this transformational time. Then Joel Bailey, a director at EY Seren and a report author, delves into the research behind the report. In the second part, executive coach and consultant Gretchen Pisano offers practical applications from the report and discusses how its findings dovetail with what she’s hearing from leaders.
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Aug 3, 2020
What you probably didn’t know about racism in the workplace
The culture of a workplace, be that in a company or an accounting firm, determines how employees and customers are treated, says Stephanie Creary, an identity and diversity scholar and professor of management at the Wharton School of the University of Pennsylvania. To assess how racism is a factor requires open, frank conversations and leaders willing to listen and learn what they probably didn’t know. What you’ll learn from this episode: - Starting conversations about racism with Black Lives Matter and police violence may not be the most effective thing to do. - An expert or coach can facilitate conversations about racism, help people work with their emotions, and create learning environments. - It’s necessary to customize diversity and inclusion training based on the roles and positions people hold in the organization. - Programs that succeed in recruiting and mentoring Black employees involve everybody in the organization.
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Jul 20, 2020
Pandemic-related legal risks that you can’t afford to ignore
These days, it’s tough to know the best next steps for organizations that are reopening to customers or employees — or considering doing so. Lee Terry, who practices corporate and securities law for the Denver firm Davis Graham & Stubbs, has advised organizations and CFOs for years on crisis management. Terry offers insight into the legal concerns that organizations are facing and this advice on future business planning: “You cannot rely on the same kinds of estimates and expectations that you have in the past.”
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Jul 14, 2020
How the new audit evidence standard can improve audit quality
The new principles-based standard on audit evidence, issued last week by the AICPA Auditing Standards Board, addresses issues such as emerging technology, professional skepticism, and expanding sources of information. Jay Brodish, CPA, a partner at PwC, and Bob Dohrer, CPA, CGMA, the chief auditor of the AICPA, discuss the standard in detail, explaining how it can be applied to today’s evolving business climate.
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Jul 1, 2020
A tax marathon check-in
We check back in with two AICPA leaders: Ed Karl, the AICPA’s vice president–Tax Policy & Advocacy, and Chris Hesse, a tax principal in the National Tax Office of CliftonLarsonAllen in Kennewick, Wash., who also chairs the AICPA Tax Executive Committee. They’ll update us on how the 2020 marathon of a tax return filing season is going, whether the coronavirus-related return due date delay until July 15 is long enough, and what other relief taxpayers and their CPAs need.
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Jun 29, 2020
Working from home: What does the future hold?
The work-from-anywhere revolution received a jolt in March, when office workers were sent home because of concerns about the spread of COVID-19. More companies were embracing flexible work practices before the pandemic, but now that movement has been accelerated. Tom Hood, CPA/CITP, CGMA, the CEO of the Maryland Association of CPAs and the Business Learning Institute, shares insight into the future of remote work, why a company’s approach to flexible work can define its culture, and more.
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Jun 15, 2020
Recognizing and rooting out racism: Advice for leaders
Laura Morgan Roberts, Ph.D., a professor at the University of Virginia’s Darden School of Business, is an editor of the recent book 'Race, Work, and Leadership: New Perspectives on the Black Experience'. She has studied race in the workplace extensively. With attention on racial disparities sparked by killings and then protests, the time is right for organizations to hear her message. Morgan Roberts shares insight on why some organizations and leaders resort to silence instead of speaking about racism, why it’s easier to talk about diversity and inclusion than about race, the qualities of an effective public statement, and what follow-through after the statement looks like.
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May 22, 2020
The technology — and human — lessons of COVID-19
Our ninth annual technology roundtable podcast was initially recorded in early March, just before the coronavirus pandemic started wreaking havoc on American lives and the economy. With the world at a dramatically different place than when we first recorded, the roundtable participants agreed to hold another call May 6 to discuss the impacts of COVID-19 on accounting, accounting technology, and accountants themselves. Participating in the episode are two of the top technology experts in the accounting space: Donny Shimamoto, CPA/CITP, CGMA, founder and managing director of IntrapriseTechKnowlogies LLC, and Amanda Wilkie, a consultant with Boomer Consulting. They are joined by small firm owner Nikki Winston, CPA, who leverages technology to provide accounting services and CPA Exam coaching through her firm, The Winston CPA Group.
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May 18, 2020
The hard trends that matter more than ever now
A hard trend can be defined as a predictable, future fact. While it’s tough to predict the price of oil or the direction of the stock market daily or weekly, finance professionals can focus on hard trends to have a better understanding of where business is heading. Tom Hood, CPA/CITP, CGMA, the CEO of the Maryland Association of CPAs and the Business Learning Institute, shares insight into three hard trends and why they matter for accountants now.
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May 6, 2020
State and local taxes during the pandemic
Eileen Sherr, CPA, CGMA, a senior manager in the AICPA’s Tax Policy and Advocacy team in Washington, D.C., describes her work with volunteer members of the AICPA’s Technical Resource Panel for State and Local Taxation and with state CPA societies as they advocate with state tax authorities for coronavirus-related taxpayer relief at the state and local level, and resources for keeping track of each jurisdiction’s response. What you’ll learn from this episode: - In what ways state tax filing and payment relief measures do and don’t correspond to those of the federal government. - What further provisions the AICPA has recommended for state and local tax administrative and filing and payment relief during the pandemic. - Links to AICPA resources for learning more about state and local tax relief provisions and guidance related to COVID-19.
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Apr 30, 2020
How family businesses can stay resilient during the COVID-19 crisis
Jonathan Flack, CPA, the U.S. family business services leader at PwC, discusses the struggles family businesses are facing during the current economic crisis, as well as the unique strengths that can help them weather hard times such as these. He also shares advice for clients who are family business leaders, especially around communicating with staff and stakeholders. What you’ll learn in this episode: - How family businesses are faring during the current economic crisis. - How these businesses can improve liquidity during the economic downturn. - Advice for family business leaders having hard discussions with stakeholders. - The strengths of family businesses that can help them endure in this crisis. - What role continuity planning can play in crises of this nature.
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Apr 29, 2020
How CPAs can help small businesses survive the pandemic
CPAs are playing a vital role in helping smaller businesses cope with the COVID-19 pandemic. Julie Killian, CPA, a shareholder at Clayton & McKervey in Michigan, discusses how her firm’s clients are responding to the crisis. She also shares steps smaller businesses can take to improve their financial standing and increase their chances of staying afloat. What you’ll learn in this episode: - The relatively simple tool that’s an essential first step for businesses struggling to get a handle on their situation. - What businesses should do first if they find themselves short on cash. - Why demand for the Paycheck Protection Program (PPP) is so high. - How businesses can determine whether they’re eligible for the PPP, Economic Injury Disaster Loans, or both. - What clients should know about applying for government stimulus programs.
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Apr 27, 2020
Quick relief with the CARES Act
Chris Hesse, CPA, the AICPA Tax Executive Committee chair, analyzes how the CARES Act’s provisions allowing carryback of net operating losses for 2018 through 2020 interact with other new provisions.
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Apr 21, 2020
What to know before offering client accounting services
Mary May, principal, and Stephanie Howard, client accounting services manager, at tonneson + co in Wakefield, Mass., discuss how client accounting services can benefit both firms and clients, and share their best advice for firms that are looking to add or expand their offerings in this area.
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Apr 13, 2020
Why companies must seriously consider board refreshment
Boards that fall in lockstep with management decisions are neglecting one of their critical roles: being strong monitors of a company. Refreshment policies that include term or age limits are just one strategy that organizations can employ to keep their boards strong and independent. Corporate governance expert Charles Elson shares insights on board best practices.
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Apr 9, 2020
Application advice for SBA loans
Questions about the U.S. Small Business Administration’s Paycheck Protection Program (PPP) loans aimed at helping small businesses hurt by the coronavirus pandemic are numerous. Glen Frost, CPA, J.D., and Matthew Kraeuter, J.D., partners in the firm Frost and Associates LLC, share information on eligibility, the amount of money available, interest rates, and more.
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Apr 7, 2020
Pandemic-specific guidance for auditors and preparers
The consequences of the coronavirus on financial statement preparation and auditing are complex. Preparers and practitioners have not faced a disruptive event of this magnitude, so questions abound as new obstacles and scenarios present themselves. Two CPAs share guidance for preparers and practitioners.
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Apr 6, 2020
How CPAs can fight fraud in the COVID-19 pandemic
Coronavirus is an opportunity for fraudsters to take advantage of fear and confusion. Elizabeth Woodward, CPA/CFF, and Howard Silverstone, CPA/CFF, discuss how accountants can identify and prevent coronavirus-related fraud.
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Mar 31, 2020
You’re suddenly WFH: An example of how to adapt
As a local government employee, Carrie Kruse, CPA, CGMA, had almost no work-from-home experience before a few weeks ago. But Kruse, an economic development coordinator with the city of Des Moines, Iowa, has adapted well to the sudden change brought about by coronavirus concerns. She shares insights on staying efficient, knowing when to unplug, and why she won’t wear sweatpants while working at the dining-room table.
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Mar 28, 2020
Relieving the April 15 'pressure point'
As part of the government’s response to the coronavirus’s spread and economic fallout, the IRS postponed the deadline for income tax return filings and payments that would have been due on April 15, 2020, for 90 days, to July 15. In this episode, Ed Karl, CPA, the AICPA’s vice president–Tax Policy & Advocacy, outlines how the delay came about — and what it means for CPA tax practitioners and their clients.
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Mar 13, 2020
Tech tips for firms responding to coronavirus
Busy season has taken on a new meaning because of coronavirus concerns, which have forced firms and other organizations to quickly set up alternate work environments. Les Nettleton, director of information technology at New Orleans firm Bourgeois Bennett, has firsthand experience in crisis planning, having gone through Hurricane Katrina in 2005. He shares advice for organizations assessing the feasibility of longer-term remote work in response to the coronavirus.
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Mar 9, 2020
Getting states on board: A model for partnership tax audits
The rules have changed for IRS examinations and adjustments of partnership returns at the federal level, but are the states following suit? We’ll find out how model legislation issued by the Multistate Tax Commission, developed in collaboration with the AICPA and other stakeholders, is being adopted across the United States.
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Mar 2, 2020
Help your staff make it through busy season
Busy season is often the most stressful time of the year for CPAs in public accounting. Eustis Corrigan, CPA, senior managing director at CBIZ MHM in Memphis, Tennessee, a veteran of more than 30 tax seasons, shares what his firm does to support staff during busy season.
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Feb 17, 2020
Open source information and forensic accountants
Veteran investigator Cynthia Hetherington offers practical tips and guidance on how forensic accountants can use the open source information found on the internet to make themselves smarter, better investigators while staying within privacy laws.
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Feb 3, 2020
Where accounting really stands with blockchain
Erik Asgeirsson, president and CEO of CPA.com, and Ron Quaranta, founder and chairman of the Wall Street Blockchain Alliance, examine tax and accounting issues related to cryptoassets and explore assurance opportunities blockchain is creating for accountants.
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Jan 22, 2020
Sponsored: What’s new for QBI?
Drake Software Vice President of Strategic Development John Sapp, CPA, briefly explains the Sec. 199A qualified business income (QBI) deduction safe harbor rule and Forms 8995 and 8995-A. (Sponsored by Drake Software)
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Jan 20, 2020
A farewell chat with Tech Q&A author J. Carlton Collins
After nine years writing our Technology Q&A column, J. Carlton Collins, CPA, decided the end of 2019 was the right time to retire. In this episode, Collins talks about how he came up with the hundreds of technology topics he covered, how he became a good writer, and how he feels about ending his run with our most popular column.
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Jan 6, 2020
The outlook of finance decision-makers for 2020
How long can cautious optimism last for an upward U.S. economy aptly described as “long in the tooth”? This episode delves into the thinking of CPA decision-makers.
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Dec 23, 2019
Humpty Dumpty meets the tax code
In the world of tax law, words have statutorily set definitions or are interpreted by judges using precedent and reason. Annette Nellen, Esq., CPA, CGMA, walks us through four recent decisions by the U.S. Tax Court to show how the precise application of a word or phrase can make a world of difference.
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Dec 18, 2019
You might be a tax shelter if …
The Tax Cuts and Jobs Act made tax accounting easier for many businesses with average annual gross receipts of $25 million or less (inflation-adjusted to $26 million for 2019). The benefits include the cash method of accounting, exemption from UNICAP rules, exemption from some inventory accounting requirements, and more. But an “exception to the exceptions” denies these advantages to tax shelters, including “syndicates.” Chris Hesse, chair of the AICPA’s Tax Executive Committee, reveals where the traps lie.
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Dec 16, 2019
What’s next for potential CPA licensure changes
What’s the latest on a new licensure model proposed by the National Association of State Boards of Accountancy and the AICPA? This podcast episode gets you caught up.
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Nov 25, 2019
5 steps to a successful sale
With mergers-and-acquisitions activity on the upswing and Baby Boomers retiring in large numbers, many owners are now looking to exit their businesses. Fentress Seagroves, deals partner for the U.S. with PwC, outlines the steps business owners can take to ensure a successful transition and discusses the many ways CPAs can support them during this process.
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Nov 18, 2019
How the CPA Exam is poised to change
New technologies with the power to reshape accounting, such as data analytics, are emerging all the time. Rich Gallagher, CPA, senior director of content for the AICPA Examinations team, explains how the CPA Exam is able to keep up with such changes.
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Nov 14, 2019
Taxes and Washington’s unfinished business
Tax planning and return filing readiness depend in no small part on the actions of Congress and the IRS and Treasury in the countdown to 2020. Ed Karl, AICPA vice president–Taxation, gives some inside-the-Beltway prognostications.
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Nov 6, 2019
The tech trends we’ll see in 2020 and beyond
2020 is not far away, and that means major changes related to technology are coming at us fast. The tech-focused founder of a consulting firm provides a preview.
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Oct 31, 2019
Emerging global fraud trends
Fraud and forensics expert Roger Darvall-Stevens explores emerging global fraud trends and what finance professionals and accountants can do to protect themselves and their firms.
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Oct 23, 2019
Roller derby’s role in fighting impostor syndrome
Can roller derby double as leadership development? Can we really exercise our “confidence muscles”? Jen Gardner, CPA, says yes to both.
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Oct 14, 2019
How to make clients love your firm
Clients who feel an emotional connection to your firm can be your greatest assets — especially in an age where accounting work is becoming increasingly commoditized. Julie Littlechild, founder and CEO of Absolute Engagement, discusses what her organization’s research reveals about how clients become truly engaged with an accounting practice.
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Oct 7, 2019
Serious presentation tips from a stand-up comic
John Garrett -- a stand-up comedian, widely traveled speaker, and former practicing CPA -- shares insights on how to deliver a memorable presentation at your next conference.
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Sep 23, 2019
Subject line to salutation: Email rules to live by
Should you use an emoji in email? Is there value in reaching “inbox zero” status? Byron Patrick, CPA/CITP, CGMA, has answers in this podcast episode.
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Sep 16, 2019
How to manage a difficult relationship with your boss
Karen Dillon, a former editor with Harvard Business Review and author of the HBR Guide to Office Politics, discusses assertive strategies for empowering your career when you have a rocky relationship with your boss.
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Sep 9, 2019
Why U.S. business confidence is dropping
What is the top challenge facing U.S. finance executives? This podcast episode explores that topic and two other fast-rising obstacles detailed in a quarterly survey.
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Sep 3, 2019
Tips for effective not-for-profit governance
A not-for-profit’s survival depends on high-quality oversight from its board. In this episode, learn how using the right governance strategy can help your not-for-profit thrive.
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Aug 29, 2019
How much are college football teams worth?
Have you ever wondered how much your favorite college football team is worth? Mark Zyla, CPA/ABV, and Dan Cohen, Esq., discuss the value of teams to universities — and the ways in which a CPA might try to determine their financial valuation.
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Aug 26, 2019
How good are you at receiving feedback?
Ample advice exists for managers to improve on how they deliver feedback. Less common is coaching on how to be better at receiving feedback. Rebekah Brown, CPA, director of development for the Maryland Association of CPAs and the Business Learning Institute, shares insight on receiving feedback.
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Aug 19, 2019
Tips for overcoming workplace dysfunction
Should you immediately tell a co-worker about a dysfunctional work environment? It’s one of several questions addressed by leadership expert Jennifer Wilson.
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Aug 12, 2019
How CPAs can help family businesses with succession planning
Jonathan Flack, CPA, discusses why leaders of family businesses have such a difficult time with succession planning and what CPAs can do to help them.
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Aug 5, 2019
Recognizing and managing different personality types
How does an “eager beaver” work best with a pessimist? This is one example of how different personality types might interact at work. Learn more in this episode.
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Jul 31, 2019
Insight into the state of small business
Why are small business owners optimistic? And why do they have cause for concern? A close follower of small business has answers.
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Jul 29, 2019
Why the CPA licensure process could change
This episode addresses how and why CPA licensure requirements might evolve as a result of the technological revolution that’s transforming the accounting profession.
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Jul 22, 2019
A closer look at threats to CPA licensure
Legislation in states around the country could put CPA licensure in danger. This episode examines what practitioners need to know to help ensure the profession is protected.
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Jul 15, 2019
Implementation insight from FASB’s vice chair
FASB vice chairman Jim Kroeker shares advice for successful implementation of accounting standards, as well as what’s on the horizon for FASB.
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Jul 8, 2019
The father of the 401(k) on how his invention has reshaped retirement
Ted Benna talks about how and why he came up with the 401(k), its advantages and drawbacks, how he’d change it if given the chance, and how it’s reshaped retirement.
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Jun 24, 2019
The hiring outlook for U.S. businesses
What is the top challenge U.S. finance executives say they are facing? This podcast explores that challenge, along with projections for the coming year.
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Jun 24, 2019
Memo to managers: Practice what you preach
Misty Geer, CPA, CGMA, believes that strong management goes beyond ethical behavior, efficiency, and carrying out company strategy — even though each of those is important. Managers are a key reason that employees show up to work engaged or not. Geer explains how managers can live their values, set clear expectations on schedules, engage in two-way communication, and more.
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Jun 17, 2019
Revenue recognition tips for not-for-profits
Not-for-profits have their own specific concerns related to the Financial Accounting Standards Board’s new revenue recognition standard. Find out in this episode how the new standard applies to not-for-profits.
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Jun 12, 2019
How to keep fear from short-circuiting your career
Lindsay Stevenson, CPA, CGMA, has a message for those of us who doubt ourselves or let a fear of failure take hold in this special-edition podcast recorded at AICPA ENGAGE 2019 in Las Vegas.
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Jun 10, 2019
Fraud on film: Lessons from real-life stories
What’s at the heart of fraud incidents? Opportunity is one angle, but so is rationalization, according to a university professor who has studied fraud through documentary filmmaking.
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Jun 3, 2019
Interviews that will get you the staff you want
The candidate experience is essential to hiring and retaining the right personnel, especially in today’s tight job market. Even the applicants you don’t hire walk away with an impression of you as an employer that can affect how your organization is perceived, as Troy Ashby, CPA, founder of recruiting firm Benchmark Search Group, explains.
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May 27, 2019
Better computer and mobile device hygiene
Have you ever had a stranger ask to borrow your mobile phone? Do you connect to public Wi-Fi networks? Cybersecurity expert Mike Foster has advice for handling those situations.
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May 20, 2019
How organizations can better fend off cyberattacks
Cybersecurity is a multifaceted, ever-changing concern of organizations. Cyber expert Mike Foster offers advice for keeping their networks secure.
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May 10, 2019
A new opportunity for auditors to communicate
Auditors’ reports will provide additional information, including a “Basis for Opinion” section in all reports, under a new standard issued by the AICPA Auditing Standards Board. Learn more about the new requirements, which include updates related to going concern.
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May 6, 2019
Why you can’t wait to prepare for disaster
Jennifer H. Elder, CPA/CFF, CGMA, co-author of the book "Faster Disaster Recovery: The Business Owner’s Guide to Developing a Business Continuity Plan," discusses how to prepare so that an organization’s finances and reputation will be protected if a disaster occurs.
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Apr 30, 2019
Build employee loyalty with better onboarding
Troy Ashby, CPA, founder of Dallas-Fort Worth-area recruiting firm Benchmark Search Group, outlines steps you can take to improve onboarding and increase new employees’ sense of belonging.
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Apr 22, 2019
How one vacation can change your work life
Byron Hebert, CPA, explains why he has inverted the words on a common workplace phrase, and how a 2011 invitation changed his approach to work and life.
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Apr 12, 2019
Bad relationship with your boss? How to fix it
Having a poor relationship with your manager can be detrimental to both your work and your quality of life. Maureen Hoersten, COO of staffing and recruiting group LaSalle Network, recommends ways to uncover the root cause of a bad working relationship and strategies for repairing it.
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Apr 1, 2019
The 5 traits of a great manager
As Gallup’s decades of research have shown, managers are key to an organization’s success. In this podcast, Nate Dvorak, a workplace researcher and client adviser at Gallup, reveals what Gallup’s studies say about the qualities needed for effective management and how employers can choose the right people to promote to manager.
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Mar 25, 2019
Tips to ease the stress of Form 990 preparation
IRS Form 990 is a complex, comprehensive form that can be a big challenge for a not-for-profit organization to prepare. Brian Yacker, CPA, managing director of YH Advisors, describes best practices for a stress-free and compliant preparation of Form 990.
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Mar 25, 2019
The most important skill for CPAs — and machines
To succeed in the age of artificial intelligence (AI), CPAs must be taught new ways to learn and must learn why machine learning means they should be patient with AI. Find out more in Part 2 of our annual Accounting Technology Roundtable podcast.
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Mar 19, 2019
New developments in UBIT for not-for-profits
The unrelated business income tax (UBIT) provisions of the Internal Revenue Code have long been a source of confusion for not-for-profits. Dave Moja, CPA, a tax partner at CapinCrouse LLP, discusses some of the activities not-for-profits should be aware of that produce unrelated business income.
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Mar 18, 2019
What CPAs need to know to succeed in new tech age
The Paul Reveres of accounting have been on their horses for the past couple of years, crying out that technologies such as AI and blockchain are set to invade the profession. “The robots are coming! The robots are coming!” Very well, but what should CPAs be doing about it? Find out in Part 1 of our annual Accounting Technology Roundtable podcast.
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Mar 14, 2019
4 key tax reform provisions for not-for-profits
With tax season underway for calendar-year taxpayers, Betsy Krisher, CPA, president of the Pennsylvania-based firm Maher Duessel, explains four key provisions in the new tax law that have a significant effect on not-for-profits.
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Mar 11, 2019
How to become the speaker people listen to
To live up to her full professional potential, Geni Whitehouse, CPA, CGMA, became the “Countess of Communication.” It wasn’t easy to become a speaker people listen to, but the result is rewarding on multiple levels. Find out how Geni did it.
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Mar 7, 2019
The concerns of generally upbeat finance leaders
Sentiment is positive overall among U.S. finance decision-makers. Hear more about the issues causing them concern, both at home and abroad.
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Feb 24, 2019
The link between rowing, the Super Bowl, and FP&A
What can FP&A professionals learn from a famous Super Bowl play? And what’s the role of storytelling in FP&A? Learn more in this podcast episode.
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Feb 18, 2019
How to get clients to follow your advice
Having clients fail to take your advice can be frustrating. But by changing the way you offer that advice, you can increase the chances that clients will comply.