Brought to you by the Maryland Association of CPAs Leading off Record CPA Day crowd talks issues, advocacy When CPAs talk, Maryland’s lawmakers listen. That point was driven home time and again on Jan. 20 as more than 500 of the state’s CPAs gathered online for the 2022 edition of the MACPA’s CPA Day. The virtual setting resulted in record attendance, and legislators made sure that Maryland’s CPAs walked away with a clear idea of how much respect they command in Annapolis. (From the MACPA blog) Podcast: How finance can leverage A.I. for good Artificial intelligence is automating everything. How can accounting and finance professionals take advantage of this technology to serve the world — and their clients — for good? United Nations advisor Neil Sahota offers some ideas in this week’s episode of “Future-Proof.” (From the MACPA) • Subscribe: iTunes | Spotify | Google Play | Stitcher Maryland’s state income tax deadline extended to July 15 Maryland residents will have an additional three months this year to file state income tax returns and make payments, Comptroller Peter Franchot said Wednesday. (From The Baltimore Sun) Taxpayer Advocate warns of tax refund delays this season National Taxpayer Advocate Erin Collins expressed deep concerns Wednesday about the upcoming tax filing season in her annual report to Congress on the 2021 filing season. (From Accounting Today) Maryland General Assembly Hogan outlines plans for Maryland’s historic budget surplus Governor’s final budget ramps up construction projects and gives retirees and working families a tax break, but it leaves out money for high-poverty schools. (From The Washington Post) Senate committee endorses new Maryland legislative map Legislators in a key Senate committee endorsed on Tuesday a new map for their own districts for the next election, choosing a map touted by Democratic leaders and rejecting one backed by Republican Gov. Larry Hogan. (From the Associated Press) Maryland Delegate panel hears testimony on five tax relief bills Members of a Maryland Delegate panel heard testimony on a range of tax relief bills that could impact such residents as disabled veterans and Centenarians, as well as people embarking on energy-efficient upgrades. (From the Southern Maryland Chronicle) UPCOMING WEBCASTS [Rebroadcast] The 1040 Fast Track – A Comprehensive Individual Tax Seminar for CPAs and Their Staff (Rebroadcast) 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. MACPA Town Hall (February 2022) Join us for this MACPA all member update. We will host these monthly to bring you the latest in what impacts you and the CPA profession #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. COVID-19 White House to make 400 million N95 masks available for free The White House announced Wednesday that it is making 400 million N95 masks available for free, part of a string of actions aimed at fighting the surging omicron variant. (From The Hill) The OSHA rule is blocked. Here's how employers can proceed Large employers won’t have to comply with OSHA’s mandate-or-testing rule, but attorneys say companies can’t afford to get lax about Covid-19 safety. Here’s why. (From the Baltimore Business Journal) COVID-19 prompted a new business boom in these cities Hundreds of thousands of Americans took the entrepreneurial plunge and launched their own businesses during the Covid-19 pandemic — and no region had more new businesses than the South. (From the Baltimore Business Journal) Tax AICPA joins coalition seeking relief from IRS challenges As part of a diverse coalition of organizations representing tax professionals and other stakeholders — and in light of the continuing COVID-19 pandemic — the AICPA on Friday called on the IRS and Treasury to implement taxpayer relief from penalties and certain other compliance actions. (From the Journal of Accountancy) IRS opens Free File program for 2022 The Internal Revenue Service made its Free File program available on Friday, allowing taxpayers who earn less than $73,000 in adjusted gross income to start preparing and filing their tax returns for free. (From Accounting Today) IRS updates Recovery Rebate Credit and EIP guidance The Internal Revenue Service added more information on the Recovery Rebate Credit, providing extra details on its Frequently Answered Questions document about finding the first Economic Impact Payment amounts to calculate the credit. (From Accounting Today) IRS pilots program to fast-track private letter rulings The Internal Revenue Service is pilot-testing a program for the next year and a half to expedite requests for rulings and determination letters for corporate taxpayers. (From Accounting Today) FAQs address calculation and reconciliation of recovery rebate credit The IRS has issued a fact sheet of frequently asked questions intended to help taxpayers and their return preparers calculate the recovery rebate credit for 2021 tax returns. (From the Journal of Accountancy) Business and industry Companies ignoring employee demands will falter Companies that fail to adjust to labor shortages and satisfy the growing demands of workers will likely falter as they lose the battle for talent, BlackRock CEO Larry Fink said in a letter to CEOs. (From CFO Dive) Bad use of FP&A costs U.S. companies $7.8 billion a year Losses stem from innovation that doesn’t happen and the hours analysts spend using inefficient data processes, a research collaboration between the University of Baltimore and DataRails finds. (From CFO Dive) Climate issues top list of global risks, survey finds Business, government, and other leaders polled by the World Economic Forum name extreme weather events as the most severe short-term threat to organizations, while failure to act on climate change is the most pressing long-term concern. (From Financial Management) CFO responsibilities are evolving in 2022 The pandemic shifted responsibilities for CFOs across the globe, in every industry. Whether you’re the CFO of a manufacturing company or a leading grocery chain, chances are your job looks a little different than it did in early 2020. (From Financial Executives International) Public practice Auditors urged to keep an eye on inflation risks With inflation reaching a 40-year high, consumers are feeling its effects, and internal auditors should probably start keeping tabs on inflation risks as well. (From Accounting Today) The benefits of owning a small firm In the tax and accounting space, there are often questions asked about owning a small firm versus working at a big one. We’re here to talk about the benefits of owning a small firm and what decisions you are able to make as the owner that have lasting impacts on clients and employees alike. (From CPA Practice Advisor) 8 actionable digital strategies to grow your firm this year If you’re like many other firms, you may not know where to start with digital marketing. Here are eight strategies to help you grow your firm this year. (From CPA Practice Advisor) The future of work Why a wide-scale return to the office is a myth For two years, employees have been waiting for ‘the day’ when everyone goes back to the office. But it’s probably never coming. (From the BBC) Great Resignation repositions accountants The so-called Great Resignation is presenting an opportunity for accountants to seek out more satisfying places to work where they can realize their career goals or just be able to balance their work and personal lives better. (From Accounting Today) How to build a successful upskilling program When employees are offered and encouraged to take advantage of upskilling opportunities for their personal or professional growth, people metrics, such as employee engagement and retention, also go up. The problem is that too often, even the employees who say they want more training and development struggle to identify what they’re looking for. (From Harvard Business Review) 11 trends that will shape work in 2022 and beyond New Covid variants will continue to emerge and may cause workplaces to temporarily go remote again. Hybrid work will create more unevenness around where, when, and how much different employees are working. (From Harvard Business Review) Diversity and inclusion Diversity rises among CFOs and CEOs, survey shows The number of female CFOs and CEOs at large U.S. companies is at an all-time high, according to new survey data from executive recruiting firm Crist | Kolder Associates. (From the Journal of Accountancy) Profession intensifies diversity efforts with new CAQ initiative The Center for Audit Quality has announced a strategic initiative intended to increase the diversity of the talent coming into the accounting profession while raising awareness of the profession’s diversity, equity, and inclusion efforts. (From the Journal of Accountancy) From our partners Securely accept payments with CPACharge CPACharge makes it easy for accounting industry professionals to securely accept payments in person, online, or on the go. CPACharge offers competitive rates and has no long-term contracts, setup costs, or cancellation fees. See for yourself why MACPA chose CPACharge as a member benefit partner. Get started. (From CPACharge) AccounTrends: A new 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) 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