Brought to you by the Maryland Association of CPAs This week's podcast Advocacy: How you can help the profession Maryland’s General Assembly is back in session in Annapolis. MACPA CEO Tom Hood takes a look at the issues CPAs are watching in this edition of “Future-Proof.” (From the Business Learning Institute) UPCOMING EVENTS Maryland's General Assembly Meet the freshman class of the General Assembly As the Maryland General Assembly starts its annual 90-day session, nearly a third of the lawmakers are newly elected. The freshman class includes the legislature’s largest group of female lawmakers to ever serve in the state house. (From the Washington Post) Comptroller: Tax refunds not delayed in Maryland this year The state of Maryland began processing business tax returns on Tuesday, Jan. 8, according to Comptroller Peter Franchot. He said that Maryland has no plans to delay processing of anyone’s income tax return, regardless of the government shutdown. (From Patch Maryland) 9 issues lawmakers will address during the 2019 General Assembly session Maryland’s 188 lawmakers got back to work Wednesday for their annual 90-day General Assembly session. From abortion to marijuana to sports betting, here’s a look at at some of the key issues they’ll be facing. (From The Baltimore Sun) Here's what to watch as lawmakers return to Annapolis Expect a number of money issues — including a statewide $15 minimum wage — to dominate the session, with debates over education funding and Maryland’s income tax structure. (From Herald-Mail Media) Tax Tax season to start Jan. 28, IRS confirms While the ongoing government shutdown had some concerned about a possible delayed start to tax season, the Internal Revenue Service has confirmed that it would begin processing tax returns on Jan. 28. (From Accounting Today) IRS will pay refunds during shutdown, easing pressure for a deal The Internal Revenue Service will issue refunds to taxpayers even if the U.S. government shutdown extends into the filing season, a decision that may reduce political pressure on Congress and President Donald Trump to reach a deal to reopen the federal government. (From Accounting Today) Congressman asks IRS to explain shutdown impact on filing season House Ways and Means Committee Chairman Richard Neal, D-Mass., is asking the Internal Revenue Service and the Treasury Department to explain what impact the partial government shutdown will have on the upcoming tax season. (From Accounting Today) Update requirement for e-filing may take tax pros by surprise A new state electronic filing requirement – currently implemented by 33 states with possibly more to come – will likely impact many tax preparers during the filing season ahead. The requirement, the “10 Business Day Rule,” is related to the application of software updates, and applies to all software vendors. (From Accounting Today) Business and industry Economy: Maybe the sky isn’t falling? There was clear agreement, over and over again, at the Maryland Bankers Association’s First Friday Economic Outlook Forum: The sky is not falling. The U.S. economy is strong and there are no major signs of a looming recession. (From the MACPA) M&A didn't add value in 2018. How about 2019? While acquiring companies have underperformed stock indexes for the past two years, the outlook for M&A may be brightening. (From CFO.com) AICPA encourages private companies to prepare for new rev rec standard The American Institute of CPAs is urging private companies to prepare for the new revenue recognition standard as the effective date approaches. (From Accounting Today) How the government shutdown may impact your small business If it continues much longer, small businesses will start experiencing the negative effects of the shutdown the moment they have to deal with the federal government. This could involve everything from Small Business Administration loans to receiving payment for federal contracts. (From Small Business Trends) Public practice / A&A A new framework for audit quality disclosures In their continuing pursuit of the highest possible quality in their work, many audit firms produce annual transparency or audit quality reports to inform the public about their efforts. (From the Journal of Accountancy) CAQ framework aims to assist accounting firms enhance disclosures about audit quality Enhanced disclosures, along with related metrics, can promote important dialogue and deepen the understanding of audit quality, according to a new resource. (From the Center for Audit Quality) How tax and accounting firms can use Twitter for marketing Twitter is a unique social media and networking site. It’s great for businesses because as you gain followers, you can grow your brand and reach more people. The more people you reach, the broader your network is and the more leads you generate. (From CPA Practice Advisor) Technology Why automation is a positive turning point for accountants In an era of lightning-fast machines processing traditional accounting tasks, companies are told they need fewer accountants on the payroll. That’s good news for businesses eager to trim labor expenses, but not much of a ringing endorsement for the future of the profession. (From Accounting Today) From our partners Jan. 14 webcast: Learn how to work smarter, not harder Many leaders believe they can dig themselves out from the avalanche of busy-ness if they just work a little harder. There are two problems with that line of thinking: We’ll never have less work to do, and instead of worrying about the ROI, we should focus on the RONI — the risk of not investing. Today, that risk is huge. In this one-hour webcast, XCM COO Mike Sabbatis and MACPA CEO Tom Hood will show you how new productivity enablement and workflow solutions can help leadership teams work smarter, not harder. Free for MACPA members. (From XCM) Jan. 14 webinar: 2019 Tax Season Prep: Prioritize Security Now or Pay Later 2018 has been a challenging and expensive year for professional services firms and large organizations who found themselves targets of data breaches, phishing scams, and ransomware attacks.  As we move into 2019, we are seeing stories in the news every day about new security risks and attacks. Firms and businesses are facing very real, 6-figure threats from the use of outdated operational processes and communications systems like email. (From Liscio) SIG roundtable: Top 10 HR resolutions for 2019 Join employment law attorney Laura Rubenstein on Jan. 31 as she facilitates a discussion about the Top 10 New Year’s resolutions to consider for your company in 2019. Laura will cover how to prioritize your HR goals in 2019, including adopting harassment training, embracing technology, implementing flexible workplace models, having a successful on-boarding and off-boarding policy, and making sure that HR has a seat at the director’s table. Get details and register here. (From SIG) Feb. 20 webinar: Boost efficiency with the right tools No doubt, technology and automation are everywhere. But if you think about it, you will always start with your own brainpower to identify the right tools for you. Join us for this free webinar as we review the best ways to assess, evaluate, and integrate applications to complement your growing technology-focused practice. (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