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Brought to you by the Maryland Association of CPAs
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Leading off
Revised Maryland individual tax forms are ready
Comptroller Peter Franchot has announced that all individual Tax Year 2020 tax forms have been updated and are ready for use by taxpayers and tax preparers. (From the MACPA blog)
Podcast: The anticipation advantage
What risks should accounting and finance pros consider as they build the blueprint for the profession’s future? Futurist Amy Zalman, Ph.D., has some ideas in this week’s episode of our “Future-Proof” podcast. (From the MACPA)
Subscribe: iTunes | Spotify | Google Play | Stitcher
Legal considerations of COVID-19 vaccine incentives
COVID-19 has left employers who want their employees back in the office in a difficult position. With the pandemic still raging, many employees are fearful of returning to the office with unvaccinated peers. In order to ease their employees’ concerns and provide a safe work environment, some employers are offering incentives to get vaccinated. (From The National Law Review)
Here come the cicadas: Brood X will soon invade Maryland
Brood X, a new generation of cicadas, will begin to show up in Maryland in the next few weeks, after a 17-year-long hiatus. The red-eyed, “straw-nosed” bug will begin to show up as early as late April, will fully emerge by the millions by the beginning of May and last until June. (From Maryland Reporter)
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UPCOMING WEBCASTS
https://www.macpa.org/preferred-provider-futureready-resources/
MACPA's Preferred Providers offer resources to help you succeed in a changing professional landscape.
Find the latest future-focused content
As strategic partners of the MACPA, our Preferred Providers are on the cutting edge of the hard trends impacting the CPA profession. Whether it’s cybersecurity, automation, AI and machine learning, or any of the other issues you’re wondering about, chances are our Preferred Providers have resources for you.
https://www.macpa.org/product/growing-your-business-with-customer-retention/?utm_source=featured%20events&utm_medium=email&utm_campaign=Customer%20Insights%20and%20Metrics%20for%20SMBs&utm_content=sidebar
(04/22) A/R Collections KPIs and Uses
For small businesses who want to grow and get paid, Tally Street provides customer insights that help them retain customers by using data to anticipate problems before they happen.  Webcasts from Tally Street review metrics and KPIs used by accounting, sales and revenue operations to segment customers, boost retention rates, improve A/R collections and minimize risk.
https://www.macpa.org/product/forensic-valuation-services-conference-2021/?utm_source=featured%20events&utm_medium=email&utm_campaign=Forensic%20Valuation%20Services%20Conference%202021
Forensic Valuation Services Conference 2021
Business valuation, litigation support, and forensic accounting have all seen massive changes in the last few years thanks to new regulations, legislation, and technological developments. MACPA has designed the Forensic Valuation Conference specifically to serve the critical niche of CPAs involved or interested in these sectors.
TWO TRACKS AVAILABLE!
Choose the track that’s best for you based on your professional experience.
https://www.macpa.org/product/quarterly-financial-leaders-series-the-business-case-for-designing-an-experience-led-organization/?utm_source=featured%20events&utm_medium=email&utm_campaign=Quarterly%20Financial%20Leaders%20Series%3A%20The%20Business%20Case%20for%20Designing%20an%20Experience-Led%20Organization
(05/20) Quarterly Financial Leaders Series: Avoiding Bankruptcy – The Business Case for Designing an Experience-Led Organization
In an age when word-of-mouth has become weaponized, traditional marketing approaches to brand and reputation are no longer sufficient. This course educates business leaders on the changing market conditions of our Experience Economy, where experience-led brands have begun to dominate. It features an introduction to customer experience, employee experience, and intentional culture management, use cases, and metrics.
https://www.macpa.org/product/2021-employee-benefit-plan-audit-conference/?utm_source=featured%20events&utm_medium=email&utm_campaign=Employee%20Benefit%20Plan%20Audit%20Conference
2021 Employee Benefit Plan Audit Conference
The Employee Benefit Plan Audit Conference equips CPAs in public practice with guidance on how to perform a quality audit of an EBP.
The conference offers two tracks that will be offered over two days in May – Basic and Intermediate/Advanced – each dealing with issues that impact EBPs.
Wednesday, May 12 – The Intermediate/Advanced Track provides CPAs an update on accounting and auditing issues and offers a variety of sessions designed to address areas that add complexity to EBP engagements.
Tuesday, May 25 – The Basic Audit Track walks through the required audit procedures for CPAs who are new to auditing EBPs.
https://www.macpa.org/product/future-cpa-leadership-series/?utm_source=featured%20events&utm_medium=email&utm_campaign=https%3A%2F%2Fwww.macpa.org%2Fproduct%2F2021-future-cpa-leadership-series%2F&utm_content=sidebar
2021 Future CPA Leadership Series
The Future CPA Leadership Series is a virtual offering designed to give aspiring CPAs an inside look into the profession. Each day of the series is broken down for individual registration to allow you to take advantage of as little or as many of the sessions your schedule allows. We know life is busy and the current environment uncertain, but MACPA is here to help you navigate your future and plan for continued success.
Please note, the Future CPA Leadership Series is open to all students and upon completion of the series in its entirety, you will receive a certificate of completion.
https://www.macpa.org/product/beach-retreat-2021/
Virtual Beach Retreat 2021
The annual MACPA Beach Retreat is a CPE experience that’s unlike any other. And even though we can’t be together in person this year, we’re excited to present this year’s Beach Retreat through an innovative virtual format!
Choose from any of the courses offered each day of the retreat, including a professional issues update to kick things off and two full days of seminars with some of MACPA’s leading instructors and subject matter experts.
Back by Popular Demand: #FutureReady Learning Labs
Please join us for MACPA’s #FutureReady Learning Labs, a complimentary series of TED Talk-style presentations that will kick off Beach Retreat
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Maryland General Assembly
Maryland CPAs earn key legislative victories
The 2021 session of Maryland’s General Assembly came to a close on April 12, and unlike last year’s version, this year’s legislative session actually went the distance. As usual, though, the accounting and finance profession earned its annual share of key legislative victories. (From the MACPA blog)
A difficult and historic General Assembly session
The 2021 Maryland General Assembly session drew to a close at midnight Monday with little fanfare and no balloons or confetti falling from the galleries to the floors below. (From The Daily Record)
Session over, business community breathes a sigh of relief
With a few notable exceptions, business owners in Maryland — especially small businesses and the hospitality industry, which was decimated nationwide by the coronavirus pandemic — are breathing a sigh of relief following the General Assembly session that concluded Monday. (From The Daily Record)
Gov. Hogan signs dozens of bills into law
Hours after Maryland lawmakers adjourned their annual session, Gov. Larry Hogan signed off on dozens of new laws Tuesday, including measures that set standards for compensating the wrongly incarcerated and restructuring the leadership of the Maryland Environmental Service. (From The Baltimore Sun)
Pot legalization, tax proposals that failed to gain traction will likely return
The 2021 legislative session of the Maryland General Assembly will probably be most remembered for the enactment of landmark police reform legislation but there were many other proposals championed by progressive lawmakers that failed to gain traction, such as marijuana legalization and changes to the way the state taxes its most wealthy residents. (From Maryland Reporter)
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Tax season
IRS 'clarifies' applying overpayments to Q1 estimated payments
The Internal Revenue Service has offered information on how to elect to apply an overpayment on 2020 taxes against estimated taxes for the first quarter of 2021, which were due on April 15. (From Accounting Today)
The estimated tax dilemma: What tax pros are doing and telling clients
While the IRS extended the tax return deadline to May 17, it kept the usual April 15 date for the first quarterly estimated tax payment of 2021. This is awkward for the many people planning to base 2021 estimated taxes on 2020 income reported in their Form 1040 tax returns. How are you supposed to know your April estimated tax payment if you haven’t yet done your 2020 tax return? (From Forbes)
How the 2021 busy season is different
Across the country, some accounting firms prepared for the 2021 busy season by staffing up and offering more flexible work options for employees who are dealing with family issues during the pandemic. But navigating business needs amid employees’ personal needs during an ongoing pandemic has proved to be challenging. (From the Journal of Accountancy)
The IRS is looking to send $1.3 billion in refunds for people who didn’t file a 2017 return
The agency is also sending money back to people who ended up owing taxes because they earned too much and received an ‘excess’ health insurance premium tax credit. (From The Washington Post)
12 ways to stress less this busy season
Many adults reported not knowing what to do to change their lifestyle so they could reduce their stress, so it just makes sense to talk about this a little. (From CPA Trendlines)
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More in tax
Biden proposes $1.2 billion increase in IRS budget
President Biden’s fiscal 2022 budget unveiled Friday proposes a substantial increase in funding for the IRS, in an effort to prevent wealthy individuals and corporations from avoiding their taxes. (From The Hill)
IRS to roll out expanded Child Tax Credit on July 1
Internal Revenue Service commissioner Charles Rettig indicated the IRS is already working to implement a new program for an expanded Child Tax Credit under the American Rescue Plan by July 1, but left open the possibility there may be delays. (From Accounting Today)
Everything we know about the new Child Tax Credit so far
When President Joe Biden signed the $1.9 trillion-dollar American Rescue Plan last month, he launched a new and improved Child Tax Credit. The Child Tax Credit has been around since the Clinton Administration, yet this new version may have a positive effect on Americans who have been trying to find financial stability through the Covid-19 pandemic. (From Forbes)
IRS chief says some $1 trillion in taxes going uncollected annually
The amount of taxes going uncollected by the federal government could be as much as $1 trillion or more per year, IRS Commissioner Chuck Rettig said Tuesday. (From Politico)
Some states require amended tax returns for unemployment tax break refunds
Some states are requiring workers who received a federal tax break on unemployment benefits to file an amended tax return to get their refund. This largely applies to taxpayers who’d filed a federal and state tax return before the American Rescue Plan became law. (From CNBC)
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COVID-19 relief
Vaccine e-mail scams proliferating this tax season
Security experts are seeing a rise this tax season in phishing schemes and malware tied to hot-button subjects like tax refunds, stimulus payments and COVID-19 vaccines. (From Accounting Today)
4 reasons to apply for PPP right now
The forgivable Paycheck Protection Program could run out of money this month. But if you act now, you may get cash easier and faster than before. (From Inc.)
What to know about the Restaurant Revitalization Fund draft application
The Small Business Administration is fleshing out details of its $28.6 billion Restaurant Revitalization Fund ahead of what it said would be a late April launch — complete with what appears to be a draft of the proposed application for business owners. (From the Baltimore Business Journal)
Business and industry
Global corporate taxes face ‘revolution’ after U.S. shift
A surprise U.S. drive to overhaul international corporate taxation promises a new era for governments to capture a bigger tax take from some of the most successful global businesses — if only the rest of the world can agree. (Accounting Today)
Global economic confidence rebounds among accountants
Accountants expressed much higher confidence in the economy during the first quarter of this year compared to last year, especially in North America, according to a new survey. (From Accounting Today)
GASB proposes name change to avoid racist connotations
The Governmental Accounting Standards Board has proposed changing the term “comprehensive annual financial report” to “annual comprehensive financial report” because the abbreviation sounds like a racist term in South Africa. (From Accounting Today)
SEC issues accounting guidance for SPACs
The U.S. securities regulator on Monday issued accounting guidance for special purpose acquisition companies, or SPACs, which called into question whether warrants issued by hundreds of SPACs could be considered equity instruments. (From Reuters)
CFOs step up to face their new enemy: Poor data
Data quality has become one of the biggest issues requiring CFOs’ attention. As companies rely increasingly on data to drive performance, the risks of misreporting due to poor data have become critical. (From Financial Management)
Public practice / A&A
Maybe it’s time for your firm to pivot to Plan B
It’s time to pause and look around you. 2021, a year of fiscal and general economic uncertainties, might be an opportune time for you to do a self-assessment of your strategy. (From Accounting Today)
How to decide on your firm’s CAS pricing
When your prospects shop for client accounting services, what they find out about pricing methods and trends defines their expectations. (From CPA Trendlines)
Are you asking clients the wrong questions?
With so much change and turmoil over the past year, our clients are reeling. If you haven’t gotten an earful about the challenges they’re facing, you probably aren’t asking the right questions to get to the root of the real problems. (From AccountingWEB)
Why your firm’s core values matter
A company’s core values are the cornerstone of its culture, and people are the biggest asset a company can have. (From CPA Trendlines)
How to counter clients’ cognitive biases
Our cognitive biases serve a purpose: They develop out of a need to sort through vast amounts of information in our daily life and make sense of it quickly. However, cognitive biases can also negatively affect how clients handle money. (From the Journal of Accountancy)
Diversity and inclusion
Diversity in a virtual world
Here’s why the pandemic and the move to remote work can help the accounting profession move the needle on diversity. (From Accounting Today)
How to implement diversity and inclusion in your firm
Embracing diversity and practicing inclusion is critical to the success of your firm. Welcoming different perspectives and creating a true sense of belonging for everyone is how you build strong teams. (From the AICPA)
Women lag in accounting jobs recovery
Women’s numbers in the accounting profession declined to 638,100, down 2,600 or 0.4 percent for the month and 17,500 or 2.7 percent for the year. (From CPA Trendlines)
Maryland politics
Commerce Secretary Kelly Schulz to run for governor
Maryland Secretary of Commerce Kelly Schulz announced Wednesday she will run for the Republican nomination for governor in 2022. Schulz, 52, has served in Gov. Larry Hogan’s cabinet since he came to office in 2015. (From the Baltimore Business Journal)
2022 governor’s race: Who’s in, who’s out, who’s on the fence
With Maryland’s General Assembly session wrapped up, more potential candidates are coming out with news about their plans to run for an open seat for governor. (From The Baltimore Sun)
Former Maryland Gov. Martin O’Malley: EPA? Vatican? Trade press is buzzing
Former Maryland Gov. Martin J. O’Malley is being touted for a top job at the U.S. Environmental Protection Agency, a leading environmental publication reported Tuesday. But two other specialty news websites this week suggested O’Malley may be under consideration to become U.S. ambassador to the Vatican. (From Maryland Matters)
From our partners
ADP releases diversity analysis tool, and more
HR and payroll tech provider ADP has added several new tools to its DataCloud platform. The new ADP DEI Dashboard and Organizational Benchmarks Dashboard help analyze diversity in a workforce, and help better allocate staff resources. (From Accounting Today)
SafeSend partners with Lead Edge Capital
SafeSend, a market-leading provider of e-sign and workflow automation technology for CPAs and tax preparers, has announced a partnership with Lead Edge Capital, a growth-stage investment firm based in New York and Santa Barbara, to accelerate the growth of the SafeSend Suite. Learn more here.
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MARYLAND ASSOCIATION OF CPAs
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