Brought to you by the Maryland Association of CPAs MARYLAND CPAS REPORT Is your organization moving fast enough? Beach Retreat report We have been asking our members this question over the past six months and the answer is definitely NO. Read all about it. (From MACPA Blog) The Bounce! Elevating and Accelerating Your Career in an Age of Abundance I recently had two great opportunities to be with two groups of emerging leaders and young professionals to talk about ‘The Bounce” – Elevating and Accelerating their Career Trajectories in the Age of Abundance and wanted to share some insights with you. (From MACPA Blog) UPCOMING EVENTS ACCOUNTING IN THE NEWS AICPA proposes to revise attestation standards The proposed SSAE would no longer require practitioners to ask for a written assertion from the responsible party when the practitioner is reporting directly on the subject matter or performing an agreed-upon procedures engagement. (From Accounting Today) Despite spending nearly $380 million, IRS’s FATCA compliance efforts falter The Treasury Inspector General for Tax Administration has determined that, despite spending nearly $380 million, the IRS is still not prepared to enforce compliance with the Foreign Account Tax Compliance Act. (From Thomson Reuters Tax & Accounting News) Tax law mistake hurting retailers, restaurants A mistake in the wording of the recently passed Tax Cuts and Jobs Act is causing some retailers and restaurants to miss out on a write-off that could potentially damage their businesses. (From Fox Business) TAX Deconstructing the SCOTUS sales tax ruling The majority opinion — penned by Justice Kennedy but joined by the unusual mix of Justices Thomas, Ginsburg, Alito and Gorsuch — didn’t mince words. It described the physical presence rule as “unsound and incorrect.” (From AccountingWEB) IRS obsoletes old employment tax rulings In a Revenue Ruling, IRS, continuing its program of reviewing Revenue Rulings published in the Internal Revenue Bulletin, has identified a number of employment tax rulings that are no longer considered determinative. (From Thomson Reuters Tax & Accounting News) How older taxpayers can benefit from charitable contributions without itemizing taxes There’s bad news for many charitable givers, but those who are age 70½ or older can continue to gain a tax benefit from their charitable contributions even if they don’t itemize.  (From CPA Practice Advisor) IRS issues new guidance on beginning construction requirement for ITC The IRS recently issued Notice 2018-59 which provides clarification to “beginning of construction” for taxpayers seeking to take advantage of the section 48 renewable electricity investment tax credit for solar and other renewable energy facilities. (From JD Supra) Cryptocurrency, S corporations make list of new IRS compliance campaigns The campaigns target AMT credits carryforwards, S corporation distributions, virtual currency, reorganizations, and transition tax. (From Forbes) BUSINESS AND INDUSTRY Maryland's minimum wage hike may affect your business Maryland now uses a single-sales factor apportionment system to calculate corporate income taxes. Under the new law, company profits will be taxed based on the portion of a company’s sales that take place in Maryland. (From Washington Business Journal) Maryland drops six spots on CNBC's list of best states for business Maryland ranked the highest for its workforce (No. 6, up from No. 11 last year). The state scored the lowest for infrastructure and cost of doing business, both of which ranked No. 45. Cost of living remained at No. 44. (From Baltimore Business Journal) Economy, profits have small business owners feeling optimistic This isn’t simply due to one or two strong months: Over the past year and half, for 17 consecutive months, the index has remained near record-high levels. (From Avalara) Automation won’t reduce finance staffs: study Perhaps counterintuitively, finance executives say they don’t plan to cut head-count costs in response to technology-driven efficiencies. (From CFO) A & A / PUBLIC PRACTICE PCAOB prepares new proposals on estimates, specialists Audit regulators are preparing to issue new proposed rules on auditing accounting estimates and using the work of specialists. (From Compliance Week) Why CPAs should focus on wealth management CPAs today are asked to shoulder more responsibilities than ever before. The spread of new technologies such as automation and artificial intelligence has left some speculating whether the accountant could be an extinct profession in the future. (From AccountingWEB) Avoid these common not-for-profit financial statement mistakes The new standard reduces from three to two the number of net asset classes in not-for-profit financial reports. Organizations under legacy GAAP would report gifts as temporarily restricted, permanently restricted, or unrestricted. (From Journal of Accountancy) TECHNOLOGY A.I., machine learning, cognitive computing as top tech trends Artificial intelligence, machine learning, and cognitive computing in audit and tax are the top trends that will impact the accounting and finance world over the next three years. (From CPA Practice Advisor) Hacking retirement: technology to spur saving Robo-advisers are another way technology innovations are helping retirement savers. CPA financial planners who choose to manage assets can use them to free up more time for one-on-one interactions and focus on their goals and concerns. (From Journal of Accountancy) TALENT 44% of workers say they'd quit for a bigger paycheck elsewhere Money really does talk, suggests new research from staffing firm OfficeTeam. More than two in five workers (44 percent) said they would leave their job for one with better pay. (From CPA Practice Advisor) Why corporate America is recruiting high schoolers One solution is for corporations to train high school students with the skills needed in the labor market. Sometimes, they start as young as kindergarten. (From CNN) Americans quitting their jobs at fastest rate since 2001 — and that’s a good thing The percentage of people in the private sector who left their jobs by choice rose to 2.7% from 2.5%. The so-called quits rate among all workers edged up to 2.4% from 2.3%. Both hit the highest levels since 2001. (From MarketWatch) The MACPA Talent Platform: Matching talent and opportunity with a single click As a MACPA member, share your accomplishments, skills, and expertise to build a digital profile. Hiring companies then receive matches in real-time to connect directly with best-fit talent. No more job board applications – interview requests are brought directly to talent. OpHaus reduces the friction between top CPA talent and that first interview, while saving companies from expensive recruiting fees. FROM OUR PARTNERS July 18 Webinar: Association Health Plans: Need to Know Join us for a radio show/webinar where Stacy Barrow will review what you need to know about the U.S. Department of Labor’s final regulations expanding Association Health Plans (AHPs). You will be able to text or email questions that you have during the call. (From Silberstein Insurance Group) July 24: Get to know Xero, with special guest Receipt Bank This event introduces you to the benefits of a Xero partnership, and provides an overview of the solutions and services available to you. It’s also a great chance to boost your network and chat with Xero advisors on how the practice management tools have improved their firm’s operations. (From Xero) July 24: Thriving in the Age of Change A progressive shift is taking place within organizations. Michael Shultz takes you on a journey of what the future of accounting looks like, discovering the role of the Exceptional Accountant in this free (to members) webinar. (From Blackline) MARYLAND ASSOCIATION OF CPAs 901 Dulaney Valley Rd, Ste 800, Towson, MD, 21204­-2683 800­-782­-2036 | MACPA.ORG Update your email preferences here