Brought to you by the Maryland Association of CPAs This Week’s Podcast Future-ready leadership How do we start building workplaces and leaders that operate with a #FutureReady mindset? Rachel Druckenmiller (@Rachel_Druck), an expert in intentional leadership, has some ideas in this week’s episode of “Future-Proof.” (Business Learning Institute) • Subscribe: iTunes | Spotify | Google Play | Stitcher Tax Partnership capital reporting requirements postponed until 2020 The IRS responds to concerns that some partnerships required to report capital account information may be unable to comply. (The Journal of Accountancy) IRS interest rates to stay the same for Q1 2020 The Internal Revenue Service says that tax debt interest rates will remain the same for the calendar quarter beginning Jan. 1, 2020. (CPA Practice Advisor) EY will offer direct-to-consumer tax solution, TaxChat, in 2020 EY will offer its TaxChat online tax preparation service directly to consumers who are required to file U.S. tax returns starting in 2020. (Accounting Today) 8 year-end business tax strategies for 2020 Businesses might still be adapting to legislative and regulatory changes from the TCJA however there are several tax planning opportunities that are still available to help reduce a business’s tax burden. (CPA Practice Advisor) How to use an IRA for tax breaks Do qualified charitable distributions (QCDs) actually cut taxes on RMDs? And assuming they do, is it worthwhile for retirees to bother with QCDs? (AccountingWEB) Upcoming events Legislation and regulation NASBA and AICPA propose new CPA licensure model The National Association of State Boards of Accountancy and the AICPA have proposed a new CPA licensure model designed to “evolve newly licensed CPAs’ knowledge and skills, protect the public interest and position the CPA profession for the future.” (Accounting Today) Exxon prevails over New York in climate accounting case Exxon Mobil Corp. won a closely watched securities-fraud trial that delved into its internal accounting for the financial risks of climate change. (Accounting Today) PCAOB mulls changes in quality control standards and inspections The Public Company Accounting Oversight Board is planning to issue a concept release on revisions in quality control standards while making extensive changes in its inspections and audit reports. (Accounting Today) ASB proposes conforming amendments, addresses practice issues The AICPA ASB proposed amendments that would conform sections of its codification to its recently issued standards on auditor reporting and the auditor’s responsibilities relating to other information included in annual reports. (Journal of Accountancy) FASB opens search for next technical director The Financial Accounting Standards Board has opened a formal search for the next FASB technical director, who serves as the principal advisor to the FASB chairman and board. (Accounting Today) Public practice / A&A Stop leaving money on the table with captive insurance Keeping money in play is critical, so it’s important that CPAs have a working knowledge of strategies that help clients preserve heard-earned dollars, particularly spendable dollars. (CPA Practice Advisor) What's different about millennials as accounting firm clients? Let’s accept that Millennials will probably not always look like your father’s tax client. Many things are more widely accepted than they used to be. So, who exactly are we as clients? (AccountingWEB) 5 ways to cut overhead and begin saving money With a year of new data, new financial reports, and an added understanding of the market behind you there is no time like the present to plan your business’s course of action for 2020. (AccountingWEB) Fighting corruption requires accountants to act: Here’s how Corruption is taking a toll. The United Nations puts its annual cost at $3.6 trillion—about 5 percent of global GDP. That’s almost twice the GDP of Brazil. (IFAC) How you and your clients can prepare for tax return season Another tax return filing season is about to kick off. Are you and your clients ready? Here are several things you can instruct them to do and how you can put your own house in order. (AccountingWEB) Business and industry Working remotely: Take care to make it work As technology has made telecommuting more accessible in professions including accounting, companies and employees alike are seeing the benefits. (The Journal of Accountancy) How to make CFOs champions of the data revolution A CFO is no longer allowed to just look back and provide explanations for things that have already happened; now he or she is expected to help a company know what will happen. (CFO.com) Only 22 percent of CFOs are personally effective The key to better personal effectiveness is cultivating a limited set of activities and relationships outside the finance department, the study concluded. (CFO Dive) Data crunching alone won't cut it To put data in context, you have to understand sales and other operations firsthand. (CFO Dive) CFOs get more careful about how they spend corporate cash Amid growing fears of economic turmoil, pessimism appears to have crept into the perspectives of some finance executives. (CFO.com) Technology How small firms should approach new technologies Small firms wishing to adopt new technologies should examine available services to determine which ones are the best fit for current systems, advises Daniel Moore, CPA. (The Journal of Accountancy) How technology is transforming financial services Fintech is at the centre of how financial services, and also technology, media, and telecommunications companies, are changing. (Financial Management) Prevent cyberattacks with these five controls All CPA firms have something in common: we have access to a tremendous amount of sensitive client data. If we get compromised, that means some or all of our clients are compromised as well. (From AccountingWEB) AICPA and CPA.com add three A.I.-driven solutions to OnPoint product family The AICPA and CPA.com have been forward thinking on artificial intelligence, and how it will shape the accounting industry in the near future, specifically the audit function. They have added on 3 AI solutions to their products. (Accounting Today) Robotic process automation for tax Tax is in the vanguard of the Fourth Industrial Revolution. Organizations of all sizes can use RPA to streamline operations, increase efficiency, and improve quality as part of their automation strategy. (The Journal of Accountancy) The future-ready CPA MACPA whitepapers offer a blueprint for the future Your future success depends on your ability to get ahead of the changes that are disrupting our profession. Two new MACPA whitepapers will help you gauge your future-readiness and provide resources to help you get there. • If you’re a CPA in public practice, download your whitepaper here. • If you’re an accounting and finance pro in business and industry, download your whitepaper here. From our partners Dec. 17 webcast: The evolution of work The workplace is evolving faster than ever before due to technology innovations and changing expectations of employers from today’s workforce. Join MACPA CEO Tom Hood and Heather Sperduto, Vice President of sales operations for ADP’s Accountant Channel, to learn how to get ready. (From ADP) MARYLAND ASSOCIATION OF CPAs 901 Dulaney Valley Rd, Ste 800, Towson, MD, 21204­-2683 800­-782­-2036 | MACPA.ORG Update your email preferences here