Brought to you by the Maryland Association of CPAs Leading off Offer free, easy retirement plans with MarylandSaves Retirement may come as a painful shock to far too many Americans. But in Maryland and a handful of other states, help is one the way. A new program called MarylandSaves was launched on Sept. 15 to make it easy for employers to provide workers with access to a retirement plan. (From the MACPA blog) Challenge to Maryland’s digital ad tax in limbo A federal challenge to Maryland’s first-in-the-nation digital advertising tax is in limbo after a state court found the tax unconstitutional last month. U.S. District Judge Lydia Kay Griggsby must decide if the lawsuit can continue despite the decision. (From The Daily Record) New movement advocates for major shift in accounting The Accounting Alchemy Network is advocating for a major shift in the accounting profession by empowering accountants to be a force for positive change in the world. (From CPA Practice Advisor) Reselling Taylor Swift tickets? You're going to have to pay taxes For those who were lucky enough to snap up Taylor Swift tickets and are planning to resell at a profit, the tax man is coming. In the aftermath of the rush for seats, resale sites are offering secondhand tickets for wild prices, in some cases tens of thousands of dollars. But those sellers might not realize that any money they make is subject to federal taxes. (From Accounting Today) Maryland General Assembly New faces, voices headed to Annapolis in 2023 Promotions, retirements and voters’ decisions will bring shake-ups to the State House in Annapolis in January beyond Maryland’s top statewide positions of governor, attorney general and comptroller. (From The Baltimore Sun) Maryland Senate Republicans elect leadership Maryland Senate Republicans elected a new minority leader on Monday. Sen. Steve Hershey, who represents Maryland’s Upper Eastern Shore, was chosen by the Senate Republican Caucus to be minority leader. (From The Washington Post) Economy Fed’s Williams says inflation fight could last into 2024 A senior Federal Reserve official said he expects inflation pressures to recede over the next year but cautioned the central bank will continue to have its work cut out because prices may decelerate to levels still above the Fed’s 2% target. (From The Wall Street Journal) U.S. economy’s growth stronger than expected in third quarter The U.S. economy grew much faster than expected in the third quarter, according to the latest gross domestic product report, which showed GDP rose by an annualized rate of 2.9%. (From CNN) Survey: Geopolitical tensions to continue shaping 2023 economy The COVID-19 pandemic, the Russia-Ukraine war and other geopolitical shocks will continue to impact the global economy into 2023, according to an S&P Global Market Intelligence Report released Tuesday. (From CFO Dive) Tax IRS prodded to make more progress on closing tax gap The Internal Revenue Service is being pushed by the Government Accountability Office to do more to close the $428 billion annual tax gap by using the extra $80 billion it’s getting over 10 years from Congress to improve compliance. (From Accounting Today) IRS sees success in preventing ransomware attacks The Treasury Inspector General for Tax Administration praised the Internal Revenue Service for its successful efforts in fending off possible ransomware attacks. (From Accounting Today) IRS raises interest rates for Q1 2023 With inflation at nearly a 40-year high, the Internal Revenue Service said Tuesday that interest rates will increase for the calendar quarter starting Jan. 1, 2023. (From the IRS) IRS warns taxpayers about $600 threshold for third-party payment reporting The IRS on Tuesday shared tips for the upcoming tax season — including a reminder about the new $600 threshold for receiving Form 1099-K for third-party payments. (From CNBC) IRS posts info on required amendments for 403(b) plans The Internal Revenue Service issued a notice containing a list of required amendments needed for Section 403(b) plans. (From Accounting Today) UPCOMING EVENTS The 1040 Fast Track – A Comprehensive Individual Tax Seminar for CPAs and Their Staff 2023C The 1040 Fast Track is essential for tax practitioners who want to update their knowledge of individual income taxation. This course will provide a comprehensive review of Form 1040 complexities. Updates for tax legislation passed in late 2021 and any additional changes that might occur in 2022 along with many important topics that impact clients in these difficult times will be discussed during the lecture. 2022 CPA Summit (Webcast Replay) The 2022 CPA Summit date has been set, the half-day Summit will allow attendees to get 4.5 CPE hours. You don’t want to miss out! Join us at this year’s event for a virtual, interactive conference featuring thought leaders from across the industry. Learn what it means to be a #FutureReady CPA from those with expert insight into the major trends affecting the profession. Learn a bit more about each section of the ecosystem. Public practice How to make busy season fun (yes, fun) What did Rabecca Eunis, CPA, do to make busy season a better experience for her team? And how did those choices help her firm flourish? (From the Journal of Accountancy) Top opportunities for firms in 2023 The next 12 months are a great time for accounting firms to rethink their growth strategies and business models to position themselves to make the most of a range of new opportunities, according to a panel of managing partners, thought leaders, consultants and other experts. (From Accounting Today) Top challenges for firms in 2023 The majority of a panel of managing partners, thought leaders, consultants and other experts have predicted that staffing will be the biggest challenge for accountants in 2023, and by a large margin. (From Accounting Today) 4 steps to building a successful CAS practice A CAS practice functions differently than the traditional compliance-based practice and can’t be built or managed the same way. (From the Journal of Accountancy) What CPAs need to know about the new SEC marketing rule If you offer financial advisory services to your clients — either directly or through an investment advisor relationship — you should review your policies, procedures and agreements soon since the rules have changed. (From Accounting Today) Business and industry Internal audit leaders flag cyberattacks as top 2023 risk Internal audit leaders at U.S. companies flagged cyberattacks as the top risk in 2023 while describing plans to focus on averting data loss and detecting malware and other intrusions, according to a new survey. (From CFO Dive) Audit committee responsibilities, disclosures, continue to expand Audit committees are increasingly including disclosures about several key areas of oversight within public company proxy statements, according to a new report from the Center for Audit Quality and Audit Analytics. (From the Center for Audit Quality) CFOs must sharpen storytelling skills for boards CFOs must take on the role of storyteller when communicating with their boards as their focus shifts from growth and towards long-term sustainability in a pre-recession environment. (From CFO Dive) Study: ESG score hurts credit rating for 20% of organizations One out of five organizations suffered a credit rating setback after an assessment of their adherence to environmental, social and governance best practices, Moody’s Investors Service said. More than half of speculative-grade entities saw their credit rating decline after a review of their ESG performance. (From CFO Dive) Overcome the top challenges facing finance in 2023 Over the past few years, we’ve seen major changes to the workforce and the way people work. For finance professionals in particular, rapid acceleration of accounting and finance technology has redefined the status quo of both workflow and operations, as well as individual output. (From Accounting Today) Recruitment / retention The importance of filling the accountancy skills gap With factors such as the ongoing repercussions of the pandemic, people changing careers and experienced professionals opting for early retirement, accountancy firms have a new priority — attracting and retaining talent amid a nationwide competition for skilled labor. (From Accountancy Age) You have a Gen Z problem ... just not the one you think The one-two punch of demographic shifts and reduced immigration add up to a looming workforce crisis for many businesses — and make it critical for employers to successfully recruit Gen Z. (From the Baltimore Business Journal) You should do more to leverage tech to win the talent wars That a “war for talent” continues to rage within the accounting and tax industry may not be “new” news, nor should it be a surprise. However, research indicates that the war for talent isn’t just a short-term challenge; it’s one that’s here to stay. (From Accounting Today) Technology Cyber insurers turn attention to catastrophic hacks While cyber insurance has evolved significantly in recent years, insurers say they might still be unprepared for the fallout from a catastrophic cyberattack. (From The Wall Street Journal) PCAOB launches Technology Innovation Alliance Working Group The Public Company Accounting Oversight Board has announced the formation of the Technology Innovation Alliance Working Group, a group of external professionals with expertise in emerging technologies, including such technologies used by financial statement preparers and auditors. (From the PCAOB) Accountants invest in technology to keep up with mounting demands The movement toward more technology investment for accountants is driven first and foremost by the need for efficiency, streamlined workflows and added value to their business, according to the latest survey from accounting technology provider LeaseQuery. (From BusinessWire) From our partners Dec. 8 webinar: Predictions for the profession For many accounting practitioners, 2022 has been a year of continuing challenges, with extended filing deadlines, growing client expectations, staffing upheaval and pressure to grow through enhanced advisory work and smart use of technology. We don’t expect the pace for change to slow down in 2023. In this forward-looking session, we dig into big trends like new business models and the arrival of private equity in Top 100 firms that foreshadow historic growth. Don’t miss this panel featuring three of the most influential thought leaders in accounting as we explore what’s ahead in 2023! (From Avalara) Save time with AuditMiner's SOC 1 Toolkits We know it is a busy time of year, and AuditMiner’s SOC 1 toolkits are designed to save you and your team a lot of time! The SOC 1 Review Toolkit provides information identified in a service organization’s Type 2, System and Organization Controls Report. It’s an Excel workbook that comes pre-loaded with information identified by the service auditor and is designed to meet audit standards for review of the Type 2, SOC 1 report. The toolkits are $250 and can be purchased directly from our website. (From AuditMiner) Get 20% off AccountantsWorld software AccountantsWorld, the first professional accounting software designed specifically to help you offer full Client Accounting Services, is now available to MACPA members at an exclusive 20% discount off their first-year cost. Learn more here. (From AccountantsWorld) 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) Webinar: 'Building a Staff for the Future' With all the advancements in technology, there’s no reason to stay local in terms of staffing. More and more firms are operating on a virtual level and employing team members well beyond the boundaries of their backyard. As staffing shortages continue to plague the accounting profession, there’s no better time to start building a staff for the future. (From BILL) Dec. 16 workshop: 'Are You Ready to Start a CAS Practice?' Client Advisory Services is the fastest growing firm service area in the profession. As you look to provide more value to clients, you may consider if CAS is the right strategy. In this new half-day “Introduction to CAS” workshop, scheduled for Dec. 16 at 11 a.m. ET, you’ll learn what it takes to build a top-performing CAS practice. (From CPA.com) CAS workshop: 'Deliver Higher-Value Advisory Services'  Set your firm apart and learn the steps to offering higher-value advisory services with this Client Advisory Services Roadmap Workshop, Dec. 13-19 at 12:30 p.m. EST. Earn 15 CPE credits and learn from practitioners who have successfully taken the CAS journey. (From CPA.com) Jan. 18-19 workshop: 'Provide High-Level Virtual CFO Services'  Do you know the critical components required to take your client advisory services practice to a higher level? Join CPA.com and facilitator Robin Thieme, KBS CFO, LLC, on Jan. 18 and 19 for a CAS FP&A workshop designed to help you feel confident expanding your CAS practices to offer financial planning and analysis services. (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