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| Brought to you by the Maryland Association of CPAs |
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| | | | AICPA advisory group to address CPA shortage | | The American Institute of CPAs has formed an advisory group representing a broad spectrum of the accounting profession that will help shape a national strategy to address the profession’s talent shortage, including accounting students who go on to obtain a CPA license. (From CPA Practice Advisor) |
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| | | | Should accountancy account for sustainability? | | Accounting has long assessed organization sustainability from a financial perspective. It’s always been assumed that if a company can generate revenue, it’s a going concern and will keep “on going.” But true, long-term sustainability depends on much more than mere money. (From CPA Trendlines) |
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| | | Podcast: Inspiring next-gen CPAs | | New MACPA Chair Christine Aspell says changing the CPA narrative “from the ever-adapting day-to-day work to the purpose behind that work” is an opportunity we can’t afford to miss. She explains why in this week’s episode of “Future-Proof.” (From the MACPA) |
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| | | | Over $87 million spent on cannabis in Maryland’s first month | | Marijuana users dropped $87.43 million on cannabis in Maryland during a strong first month of recreational sales, according to state officials, spending an average of about $2.8 million on the substance each day in July. (From The Washington Post) |
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| | | | Strengthen the profession: Support our PAC | | Through contributions from members like you, the MACPA’s political action committee is able to work toward favorable outcomes on legislative issues that affect CPAs, educate legislators about matters that are important to the profession, and keep MACPA members informed. Your generous contribution will help ensure Maryland CPAs have a voice in Annapolis and a vibrant CPA profession in the future. Donate today! |
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| | | | Accountants' global confidence shaky in second quarter | | Economic confidence among accountants and finance professionals in North America grew in the second quarter of the year, but declined in other parts of the world, according to a survey released Tuesday. (From Accounting Today) |
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| | | | IRS expects faster refunds for people who stop using paper | | The IRS will allow taxpayers to file every major tax form online, the agency announced Wednesday, and will digitize its gargantuan paper catalogue by 2025, dramatically increasing its customer service capabilities and hastening refunds by four weeks to millions of taxpayers. (From The Washington Post) |
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| | IRS gears up to go after ‘complex partnerships’ | | The IRS is getting ready to go after what it calls “large, complex partnerships” as part of its push to pursue wealthy tax cheats with tens of billions of dollars in additional funding. The IRS plans to double audit coverage for partnerships with $10 million or more in assets by fiscal 2025 over fiscal 2021 levels. (From The Hill) |
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| | | AICPA makes recommendations on improving IRS appeals | | The American Institute of CPAs has provided recommendations to the Internal Revenue Service regarding how the IRS can improve access to the IRS Independent Office of Appeals for taxpayers who do not live near an Appeals office. (From CPA Practice Advisor) |
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| | A steep rise in changes to sales tax rates | | The number of changes in sales tax rates across the U.S. increased by more than 40% through June 30, compared to the same period last year. The newly released Vertex 2023 Mid-Year Sales Tax Rates and Rules Report shows that the number of new district rate changes soared during the first half of the year. And not all of the rate changes were increases — in fact, the majority of the changes were decreases, the report found. (From Accounting Today) |
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| | | | Audit fees triple in 20 years | | Despite a slight dip during the COVID pandemic, the average audit fees paid by Securities and Exchange Commission registrants have more than tripled over the course of the past 20 years, according to a new analysis. (From Accounting Today) |
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| | PCAOB sanctions firms over audit committee communications | | The Public Company Accounting Oversight Board has disciplined five auditing firms for violating its rules and standards when communicating with audit committees, part of an overall sweep as the audit overseer ratchets up its enforcement efforts. (From Accounting Today) |
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| | 20 offshoring and outsourcing best practices for firms | | In today’s globalized world, offshoring and outsourcing have become prevalent strategies adopted by CPAs, accounting, and tax firms to optimize their operations, minimize expenses, and tap into specialized expertise. (From CPA Practice Advisor) |
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| | What CAS looks like | | Whether you call it client accounting services or client accounting services — or something else entirely — CAS is one of the fastest-growing, most profitable niches in the profession in decades. (From Accounting Today) |
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| | Unveiling M&A: More than numbers, it’s about shared culture | | There comes a point in many businesses when expansion alone is no longer possible – the only way to achieve more is through a merger, or an acquisition. In such cases, certain themes recur, including the hope to increase market share, business growth, cost reduction and risk diversification, among others. (From Accountancy Age) |
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| | | | Chesapeake Tax Conference 2023 | | Every year, the Chesapeake Tax Conference offers tax CPAs a robust look at the new changes and issues affecting tax accounting. The event features topics related to federal and state taxation, as well as specialty topics. |
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| | | 2023 Women to Watch Awards Breakfast | | We are excited to again host the MACPA’s Women to Watch awards, highlighting the accomplishments of women in the profession and demonstrating to emerging female leaders that success is not out of reach. |
| The awards are given in two categories: Emerging Leaders and Experienced Leaders. Emerging Leaders are those women who are up-and-coming stars in their organizations, while Experienced Leaders are those who have established their roles as leaders in their organizations by advancing to the highest levels of management or ownership, and by mentoring those following in their footsteps. |
| Winners will be selected by a special MACPA task force of past winners and MACPA’s volunteer leaders. All nominees will be recognized and winners announced at the 2023 Women to Watch Awards Ceremony on September 22, 2023. |
| All nominations are due by August 7, 2023. All nominees must be a Certified Public Accountant and a member of MACPA. |
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| | | Government Contractors Fall Conference | | The Government Contractors Conference is designed to help CPAs and their team address the current issues affecting government contracts, enabling them to respond to opportunities and threats. Featured topics address the concerns and opportunities unique to government clients. |
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| | | | SEC cybersecurity rule draws mixed reactions | | The passage of new cybersecurity regulations by the Securities and Exchange Commission last week has drawn a wide range of reactions, both positive and negative. (From Accounting Today) |
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| | | | Cybersecurity, IT top CFOs’ spending hike list | | Artificial intelligence in particular has caught CFOs’ eyes as a potential game changer in a number of areas, including content creation and summarization, according to Grant Thornton. (From CFO Dive) |
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| | How finance chiefs can cut back on IT spending waste | | Businesses and their finance chiefs are also facing continued pricing pressures, making it critical for companies to ensure they are spending on tools they really need for the business — as well as eliminate redundant or outdated tools that could be beefing up costs. (From CFO Dive) |
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| | | | Your firm and your A.I. strategy | | Your artificial intelligence strategies and tactics should align with your firm strategies and tactics and your technology strategies and tactics. (From CPA Practice Advisor) |
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| | | 2023 tax software survey | | The software that CPA tax preparers use to prepare clients’ income tax returns is one of their most important professional tools. These products vary not only in such basic features as how tax return data is input and displayed but also in their adaptability to the myriad variations in tax clients’ sources of income, deductions and credits, and other pertinent details. CPAs naturally take a keen interest in how performance of the products compares. (From the Journal of Accountancy) |
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| | Diversity, equity, inclusion |
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| | | Black representation on Fortune 1000 boards shows progress | | African Americans are making progress in their representation on Fortune 1000 company boards, but there’s still work to be done, according to the latest study from the KPMG Board Leadership Center and African American Directors Forum. (From Financial Executives International) |
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| | | | Aug. 16 webinar: How to scale your FP&A practice | | Discover the power of a vertical niche strategy to grow your financial planning and analysis advisory practice. In this free CPA.com webinar, scheduled for 2 p.m. ET on Aug. 16, industry experts will share best practices and actionable tips on gaining operational efficiencies, developing deep industry expertise, achieving rapid scalability and attracting new clients. (From CPA.com) |
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| | | Connect with forward-thinking professionals at Digital CPA | | The Digital CPA conference is your chance to connect with trailblazers who lead the charge in the accounting profession. Watch firm leaders talk about what makes DCPA special, then register for the conference by Sept. 30 to save $100. (From CPA.com) |
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| | | Aug. 22 webinar: The cornerstone to a successful CAS practice | | Building a successful client advisory services (CAS) practice can create vast opportunities for your firm, but getting there doesn’t come without challenges. Join this CPA.com webinar Aug. 22 at 2 p.m. ET to hear from firm and industry leaders on why having a sound strategy is key to establishing and growing your CAS practice. (From CPA.com) |
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| | | Read: Don’t get victimized by a cybercriminal | | Cybercrimes have exploded in recent years. If the U.S. government or major U.S. companies can be infiltrated, so can a CPA firm. Fortunately, data security protocols can be created that may help reduce the risk of a cyber incident when such protocols are implemented and followed consistently. Let’s review the protocols. (From Aon) |
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| | | Try CPACharge and pay no monthly fee for 3 months | | Don’t let time-consuming tasks take up your day. Streamline your processes with CPACharge, the only payment solution made with accounting professionals in mind. Easily and securely accept credit, debit, and eCheck payments anytime, anywhere. MACPA members who sign up by Aug. 31 will pay no monthly fee for 3 months! (From CPACharge) |
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| | | AccounTrends: A podcast from Intuit Accountants | | Tune in to AccounTrends, Intuit Accountants’ dynamic podcast for tax and accounting professionals hosted by Intuit’s Jasen Stine. Updated every two weeks, we will bring you insights and advice from the accounting industry’s top experts and thought leaders. AccounTrends is available on Apple Podcasts, Spotify, and Google Podcasts. Subscribe today! (From Intuit) |
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