Brought to you by the Maryland Association of CPAs Leading off Podcast: The power of positive leadership Looking for a little positivity? Who isn’t these days? In this week’s episode of our “Future-Proof” podcast, Plink Leadership co-founder and CEO Gretchen Pisano explains why positive psychology is changing our perceptions about leadership. (From the Business Learning Institute) • Subscribe: iTunes | Spotify | Google Play | Stitcher Stay safe in style with a #MarylandCPAProud face mask Join Maryland CPAs in staying safe and showing pride for your profession with these CPA-themed face masks. A minimum contribution of $15 is required but we welcome larger donations and multiple sales. Proceeds go directly to the MACPA’s Educational Foundation to support the pipeline of future CPAs into the profession. Diversity and inclusion: Share your thoughts The MACPA is excited to be partnering with the Institute of Management Accountants and the California Society of CPAs on a survey about the role diversity, equity, and inclusion plays in transforming the finance and accounting profession. Would you be willing to help us by completing the survey and sharing it within your professional colleagues in Maryland? The results will be customized to Maryland and compared to trends across the U.S. The survey should take about 12 dominates to complete and will remain open until Aug. 24. Take the survey here. COVID-19 relief COVID-19 relief talks look dead until September Talks on a new coronavirus relief package are going nowhere, increasing the likelihood that there won’t be a deal until at least September and the economy will be cut off from additional stimulus for weeks. (From The Hill) • Trump takes executive action on economic relief (The Hill) New PPP guidance addresses health insurance, EIDL, other issues Some questions on federal coronavirus measures have been answered in guidance issued by the U.S. Small Business Administration and the Treasury Department. (From the Journal of Accountancy) Small businesses desperately look to Congress for more relief Congress is departing Washington on a planned recess scheduled to last through Labor Day, and with no stimulus deal in sight, even small businesses that benefited from the Paycheck Protection Program are weighing in on what they need from Congress to survive: additional aid. (From the Baltimore Business Journal) SBA's PPP loan forgiveness portal set to open. Some banks aren't ready Small businesses eager to submit their forgiveness applications for Paycheck Protection Program loans may have to wait. (From the Baltimore Business Journal) PPP loan forgiveness starts this week. Why some businesses aren't rushing to apply The Small Business Administration opened the forgiveness portal for its Paycheck Protection Program loans this week, but companies may want to think twice before rushing in. (From CNBC) How phishing attacks have exploited the Small Business Administration COVID-19 has proved to be a field day for cybercriminals who have used the outbreak to create malware associated with the virus and its various repercussions. One popular tactic is to spoof organizations involved in relief efforts, whether medical or financial. (From TechRepublic) UPCOMING EVENTS COVID-19 in Maryland Essential to indispensable: 5 stages of navigating COVID-19 We often tend to think of change as gradual. And sometimes it is. But think for a moment about tectonic plates … those slow-moving plates under the earth’s surface. (From the MACPA) Maryland opens statewide hotline to report potential coronavirus violations Maryland has opened a statewide hotline to report potential violations of executive orders meant to stem the spread of COVID-19, contrasting Gov. Larry Hogan’s previous statements urging local jurisdictions to take more control over enforcing the orders. (From The Baltimore Sun) Tax Payroll processors await IRS guidance on tax deferral Payroll-processing companies are eagerly anticipating guidelines from the Internal Revenue Service and the Treasury Department on how to handle the payroll tax deferral that President Trump included in his executive orders over the weekend in an effort to spur the economy during the novel coronavirus pandemic. (From Accounting Today) IRS gives businesses a break for donations related to SALT cap Businesses donating to charitable funds in exchange for a state tax credit can deduct those costs from their federal taxes, according to recent regulations. (From Accounting Today) Georgia man indicted for bomb threat to IRS office A man from St. Simons Island, Georgia has been indicted for threatening to use a pipe bomb on an Internal Revenue Service building in New York. (From Accounting Today) How states are reshaping nexus laws for remote employees This article covers what you need to know about several key states’ plans so you can best advise your clients with remote staff of the remote work rules and nexus implications. (From AccountingWEB) Diversity and inclusion What you probably didn’t know about racism in the workplace Many businesses have issued public statements saying they won’t stand for racism. Is that enough to ensure an organization does not discriminate? (From the Journal of Accountancy) 4 conversations leaders in the #MeToo era should be ready for The #MeToo movement broke the silence on sexual harassment in the workplace, inspiring leaders in every industry to reckon with their organizations’ culture — and their own behavior — to build a work environment that’s safe and supportive for everyone. (From Harvard Business Review) A step-by-step guide to creating a diversity and inclusion strategy Creating a diversity and inclusion strategy is not only a matter of compliance or the right thing to do, but it can also increase a business’s bottom line to the tune of 19 percent. (From SHRM) Why do boards have so few Black directors? Despite the growing body of evidence of advantages and the proliferation of company-sponsored diversity initiatives, the advancement of Black professionals up the corporate ladder has been painfully slow and may even be reversing. (From Harvard Business Review) Managing cross-cultural diversity in finance The business environment has changed considerably. The multicultural reality has become more complex, not limited just to country cultural relations. Behind the illusions of globalization, CFOs have witnessed a multiplication and a fragmentation of cultural and identity problems, shaped by complexity. (From Financial Management) Public practice / A&A 4 steps to becoming a virtual firm While the concept of virtual firms and remote teams has been around for a number of years, many accounting firms have struggled to make the change in their business model for a number of reasons. (From Accounting Today) AICPA offers FAQs for helping health care clients during coronavirus The American Institute of CPAs has created a set of questions and answers to help practitioners deal with some of the issues related to preparing and auditing financial statements for health care providers amid the novel coronavirus pandemic, including the Paycheck Protection Program. (From Accounting Today) Pandemic reinforces benefits of outsourced accounting It’s no secret that the rapid outbreak of COVID-19 throughout the world has had a drastic impact on the economy and overall business environment within the U.S. (From Accounting Today) FASB opens portal for post-implementation reviews of standards The Financial Accounting Standards Board has created a web portal to offer a view of its post-implementation review process. (From Accounting Today) Clients want to pay you more ... really! As CPAs know better than anyone, these are turbulent times. Whatever the situation was, it just changed. CPAs know because they are at the center of it all — the calm, analytic eye at the center of Hurricane Upheaval. (From CPA Trendlines) Business and industry Amid remote work, CFOs expected to impart digital change Fifty-eight percent of CFOs believe the CFO is responsible for imparting digital change at his or her company, according to a recent survey. Yet half admit their organizations’ execution of change management is falling short. (From CFO Dive) Internal auditors losing ground on digital transformation Internal audit departments are slowing down the adoption of next-generation technologies, such as artificial intelligence and machine learning, according to a new survey. (From Accounting Today) From our partners Virtual conference: 'Pivoting for Profitability' Join tax and accounting experts on Aug. 19–20 for a free virtual conference centered on “Pivoting for Profitability.” In a world where change is the new constant, the ability to pivot and flex is the key to success. This two-day conference has a rich agenda packed with sessions to bolster your strategy, build and strengthen your teams, button up security, and more. (From Intuit) Top 5 delegation tips for busy CPAs Delegation is the foundation for growth, and leveraging your time is the most impactful way you can lead and scale. You can prepare yourself and your CPA firm for success by keeping the following tips in mind. (From Delegate Solutions) Coming to a screen near you: Xero on Air Get ready to connect with the Xero community in a new way with Xero On Air, an on-demand video series designed to inspire and educate you and others at your firm. This is your chance to get updated on all things Xero, while also getting the chance to learn more about trends in the accounting and bookkeeping industry. Tune in between Sept. 14-17. (From Xero) Sept. 1 webcast: 'The Single Client Relationship' How your client relationships are constructed can no longer be viewed as only impacting the back office. The way in which you construct your client relationships will either be an impediment to being in front of future trends, or an accelerator to transformation as you serve your clients. Learn more in this Sept. 1 webcast. (From Thomson Reuters) Aug. 19 webinar: 'Add A.I. Automation To Your Practice' Have you thought about adding A.I.-powered automation to your practice but weren’t quite sure how it would work? In a world where remote accounting teams have become the new normal, every firm needs to use the best tools possible to improve accuracy, save time, and lower their costs of doing business. Register for this Aug. 19 webinar to get a behind-the-scenes tour of the Vic.ai platform. (From Vic.ai) Digital CPA podcast with Tom Hood Ask the question: What if we don’t do this? What’s the RONI … or the risk of not investing? Listen as Tom Hood discusses becoming future-ready. Go from being essential to indispensable. Have a conversation with clients, reimagine your business, and transform. (From CPA.com) MARYLAND ASSOCIATION OF CPAs 901 Dulaney Valley Rd, Ste 800, Towson, MD, 21204­-2683 800­-782­-2036 | MACPA.ORG Update your email preferences here