Brought to you by the Maryland Association of CPAs Leading off Podcast: Barrett Young … the strongest CPA you’ve ever seen? Your work and what you do for a living shouldn’t define you. Your life needs room for the things you’re passionate about, too. Take Barrett Young. This Marylander, and his devotion to the Strongman way of life, might just be the strongest CPA you’ve ever seen. Find out more in this week’s episode of our “Future-Proof” podcast. (From the MACPA.) Spread some holiday cheer with #MACPAgrateful The MACPA invites you to join us throughout the holiday season by sharing a quick post about things you are grateful for. It could be anything — traditions, recipes, special time with family, friends, colleagues, or clients … and if you have a picture to go along with your story, even better! We’ve created a page where we’ll share everything we receive, and we’ll use the hashtag #MACPAgrateful. Help us spread a little gratitude! (From the MACPA) IRS warns of tax-related ID theft during holidays The Internal Revenue Service and its partners in state tax authorities and the tax preparation industry are teaming up this week on a special campaign to highlight the dangers of tax scams and identity theft at this time of year. (From Accounting Today) UPCOMING WEBCASTS (12/09) Tony Nitti Tax Update Nitti is a well-known contributor of tax content to Forbes, as well as a frequent speaker and trainer at seminars and webcasts across the country. Nitti focuses primarily on corporate and partnership tax planning, with a special focus on the consolidated return regulations and the reorganization provisions, including the structuring of acquisitions, mergers, reorganizations, spin-offs and other restructuring transactions. #FutureReady Resources from MACPA Preferred Providers 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. CPA DAY 2022 (01/20) For our legislative efforts to succeed, we need the voice and participation of our members. Our biggest opportunity for member involvement in legislative advocacy is our annual CPA Day during Maryland’s legislative session. On CPA Day, we assemble a policy agenda and then meet with our delegates and senators to discuss the issues that impact our profession. CPA Day is free to attend and participants are eligible for 2 CPE credits. COVID-19 Hogan: Don't panic about omicron Gov. Larry Hogan assured Marylanders Wednesday that while the new COVID-19 Omicron variant is cause for concern, there is no reason to panic. (From Maryland Reporter) Could the omicron variant impact your workplace? The world is on high alert with the latest developments of the Covid-19 omicron variant, which the World Health Organization said Monday poses a “very high” global risk. On Wednesday, U.S. health officials confirmed the country’s first case of the variant in California. (From CNBC) Risks rise as COVID-19 compels companies to weaken due diligence Business challenges posed by COVID-19 have compelled companies to weaken due diligence, increasing their exposure to financial crime and other third-party risks, according to Refinitiv. (From CFO Dive) OSHA extends mandate comment period. Small businesses should take notice Employers will have more time to weigh in on the Occupational Safety and Health Administration’s mandate-or-testing rule for Covid-19 — and even small employers not affected by the rule would be wise to submit their feedback. (From the Baltimore Business Journal) Further guidance issued on tax treatment of PPP loan forgiveness The IRS has provided guidance on the treatment of amounts excluded from taxpayers’ gross income in connection with forgiveness of Paycheck Protection Program loans. The AICPA had requested guidance in a March 15, 2021, letter to the IRS. (From The Tax Adviser) Maryland General Assembly prepares for special session The Maryland General Assembly will hold a rare special session Monday to review and possibly adopt new congressional districts. But the session in Annapolis will also allow lawmakers to override several vetoes made by Gov. Larry Hogan after this year’s 90-day session. (From The Washington Informer) Panel recommends Dereck Davis to be new Maryland treasurer A panel of Maryland state lawmakers voted Monday to recommend Del. Dereck Davis to become the state’s next treasurer. The Special Joint Legislative Committee to Select the State Treasurer voted 10-0 for Davis, a Prince George’s County Democrat who has been the House Economic Matters chairman. (From The Baltimore Sun) Tax IRS proposes tax rules related to COVID-19 testing The IRS has released an advance copy of a set of proposed regulations that can help taxpayers, employers and insurers navigate the complex tax rules surrounding COVID-19 testing and health insurance coverage. (From Accounting Today) Accountants press IRS for faster refunds and responses The National Society of Accountants has sent a letter to Internal Revenue Service commissioner Charles Rettig and leaders of Congress’s main tax committees asking the IRS to speed up the refunds for 2019 and 2020 tax returns and communicate better. (From Accounting Today) The top tax developments of 2021 The year 2021 has been a tumultuous one for tax professionals, with continuing pandemic-related developments as well as new legislation, regulations, court decisions and IRS pronouncements. While the major developments are familiar to most, there are some that might have been missed due to the busy nature of the profession during the past year. (From Accounting Today) The future of tax talent Tax departments have reached a tipping point and are actively rethinking their tax operating models. As companies look ahead to the post-pandemic world, they are turning to the tax function to play a more strategic advisory role on issues such as emerging digital business models and sustainable transformation. (From Accounting Today) IRS extends e-signatures on tax forms through Oct. 31, 2023 The Internal Revenue Service is extending the ability to electronically sign a number of different tax forms and compliance documents through the end of October 2023. (From Accounting Today) Public practice Attracting new customers through new services Launching a new service, such as advisory, for your accounting firm can be scary, but if you’re seeking out new customers, it could be one of your best options. (From AccountingWEB) How to ensure high-value clients pursue you When you’re trying to attract new clients to your firm, it may feel like your only option is to actively go after them, rather than the other way around. (From AccountingWEB) FASB proposes new CECL disclosures on troubled debts and loans The Financial Accounting Standards Board issued a proposed accounting standards update Tuesday that would expand the disclosures under its credit losses standard to give more information to investors about certain loan refinancings, troubled debt restructurings and loan write-offs. (From Accounting Today) 3 attributes for higher quality audits and reviews Some firms pursuing increased quality and efficiency on audits and reviews are facing difficulty in achieving positive results. Many CPA firms, on the other hand, have practiced free of negative peer review findings and lawsuits for decades. (From AccountingWEB) Business and industry The must-have CFO skills for 2022 The best CFOs do not waste a crisis. Three finance leaders share the skills they will rely on in 2022. (From In The Black) Little for CFOs to like in Build Back Better tax provisions The $2 trillion Build Back Better legislation passed by the House two weeks ago is a much scaled-back version of President Biden’s original plan to pour money into fighting climate change and help families with paid leave, universal preschool and affordable health care. But it nevertheless will require CFOs, if it ends up passing the Senate in anything close to the same form, to think hard about their taxes, especially if their company operates globally. (From CFO Dive) Finance experts’ outlook softens amid supply chain, labor challenges The economic outlook of financial executives in the United States continued to soften slightly in the fourth quarter amid faltering confidence in the domestic economy, according to the Business & Industry Economic Outlook Survey released Thursday by the Association of International Certified Professional Accountants. (From the Journal of Accountancy) ESG standard-setters dissolve Corporate Reporting Dialogue The sustainability standard-setters who set up the Corporate Reporting Dialogue seven years ago as a way to reach common ground on their varying rules and frameworks have decided to dissolve the initiative now that an International Sustainability Standards Board is being established. (From Accounting Today) Revenue, SPACs, and LIBOR pose year-end accounting challenges As companies and their auditors prepare for this year end, they face some new and complex accounting and reporting issues. (From the Journal of Accountancy) Diversity and inclusion Achieving gender balance at all levels of your company It’s common for organizations to have gender parity or close to it in entry-level roles, only to see the percentage of women employees decrease as you get closer to the top. A deeper dive into the data reveals that the drop-off of women is primarily driven by gender disparities in promotion rates, not gender differences in hiring or retention. (From Harvard Business Review) Leadership barriers to diversity, equity and inclusion Why are so many organizations failing to move the needle on diversity and inclusion in-house? From researchers have seen, many just can’t seem to figure out how to be more inclusive. Why? (From Forbes) Leadership Becoming a more humane leader Most of us think we have to make a difficult, binary choice between being a good person or being a tough, effective leader. In truth, doing hard things is often the most human thing to do. There are two key ingredients — wisdom and compassion — and it takes learning and practice to lead with both. (From Harvard Business Review) When autonomy helps team performance — and when it doesn’t From GitHub to Google, companies are increasingly adopting policies that allow teams substantial autonomy over both who they work with and what they work on. This can help employees to feel greater levels of ownership over their work, thus boosting creativity and innovation — but recent research suggests it’s easy to take autonomy too far. (From Harvard Business Review) From our partners Reserve your Master Tax Guide now When you order your 2022 U.S. Master Tax Guide from ADP®, you’ll get access to even more tax research, news and communication tools from Wolters Kluwer – over an $8,900 value. It’s our way of saying thank you for recommending ADP to your clients’ for their payroll and HR needs. (From ADP) XeroCon is back! XeroCon is returning May 25-26, 2022 in New Orleans. It’s the in-person conference for cloud accounting leaders where you can connect, learn, get inspired and recharge after tax time. Starting now, tickets are 20% off ($399)! To ensure that you can focus on all the sights, sounds and fun of Xerocon, COVID-19 measures will be in place at the convention center to keep you safe. Get your ticket here. (From Xero) MARYLAND ASSOCIATION OF CPAs 901 Dulaney Valley Rd, Ste 800, Towson, MD, 21204­-2683 800­-782­-2036 | MACPA.ORG Update your email preferences here