MACPA Weekly Logo
fbintwg+ytssrss
Brought to you by the Maryland Association of CPAs
eml-hdr-MACPA-Chesapeake-Tax-Conference-2021
Leading off
Podcast: Pitfalls and potential of working from home
What work-from-home landmines should employers watch out for, and what opportunities are there for those who figure out how to do it right? Workplace culture expert Kassi Rushing takes a closer look in this week’s episode of our “Future-Proof” podcast. (From the MACPA)
Subscribe: iTunes | Spotify | Google Play | Stitcher
Global economic growth to stay strong but virus the top risk
Global economic growth prospects are holding strong for this year and next, despite a significant majority of economists in Reuters polls warning new variants of the coronavirus pose the biggest risk to that outlook. (From Reuters)
Prepare your staff for the new age of accounting
Whether you’re hiring new talent, making your next career move, or just want to ensure your firm succeeds over the next few years, it’s crucial to ensure you and your team have the right skill set to survive the new age of accounting. (From AccountingWEB)
UPCOMING WEBCASTS
https://www.macpa.org/preferred-provider-futureready-resources/
#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.
(08/05) Free Webinar! Automate the Most Painful Points of the Tax Engagement
Automating client touchpoints makes your job more efficient and results in happier clients! From the engagement letter and client organizers to collecting e-signatures and invoicing, client touchpoints include manual, labor-intensive tasks that are frustrating and far too time consuming. Learn more about the positive impact of the SafeSend Suite across the remote tax engagement life cycle in your firm. Attend our free webinar on August 5 at 2 pm EDT and earn CPE!
(August 18-20) Leadership Academy 2021
In the fast-approaching future, successful CPAs must be leaders. Leadership Academy is the starting point for unlocking the full potential in the profession’s best and brightest young CPAs.
Specifically designed for emerging leaders with 5+ years of experience to help them navigate from an individual contributor to a leader in their organization, this three-day event is cited by past participants as an invaluable boost to their careers.
https://www.macpa.org/product/2021-government-contractors-conference/
(09/23) Government Contractors Conference
The Government Contractors Conference is designed to help CPAs understand issues related to their government contractor clients and manage their engagements with government contractor clients. The Conference will address current issues affecting government contracts so CPAs in the industry can add strategic value to their organizations. Featured topics address the concerns and opportunities unique to government clients.
https://www.macpa.org/product/2021-women-to-watch-awards-breakfast/
2021 Women to Watch Awards Breakfast
We are excited to again host the MACPA’s Women to Watch awards, highlighting the accomplishments of women in the profession and demonstrating to emerging female leaders that success is not out of reach. The award, established by the AICPA, will provide a starting point for the MACPA Board appointed Women’s and Diversity Initiative Task Force and no doubt lead to important conversations about the issues and resources we can bring to member firms and companies.
https://www.macpa.org/product/2021-cpa-summit/
(10/22) 2021 CPA Summit
Join us at this year’s event for a virtual, interactive conference featuring thought leaders from across the industry. Learn what it means to be a #FutureReady CPA from those with expert insight into the major trends affecting the profession.
This year’s event will be free for active members of MACPA.
(10/26) Personal Financial Planning Conference
Your clients trust you with their financial security – make sure you’re advising them with the best information available. The Personal Financial Planning Conference is designed to give you up-to-date insights into the issues and trends that impact local, regional, and global markets. Attendees will hear from distinguished speaker Robert S. Keebler, CPA/PFS, MST, AEP on key long-term planning to best serve your clients. CFP credits will also be made available.
Banner MD
COVID-19
New Maryland mask mandate not on the table
In the face of rising numbers of COVID-19 cases, Gov. Larry Hogan took a moment at the beginning of Wednesday’s Board of Public Works meeting to push vaccines for anyone who has not gotten one. Hogan made no mention of masks, however. (From WYPR)
Baltimore-area governments aren’t planning to adjust mask rules yet
Jurisdictions in the Baltimore area aren’t yet planning to modify masking rules in response to fresh guidance released Tuesday by the U.S. Centers for Disease Control and Prevention, which recommended that fully vaccinated people wear masks indoors under certain circumstances. (From The Baltimore Sun)
Biden calls on states to offer $100 vaccine incentives
President Biden on Thursday called on state and local governments to use funds from his $1.9 trillion American Rescue Plan to offer $100 payments to individuals in order to incentivize coronavirus vaccinations. (From The Hill)
The accounting burden for spending federal stimulus funds
Localities and states have a variety of challenges coming out of the pandemic. But one concern is widespread: how to stay on top of the financial reporting requirements of the American Rescue Plan Act. (From Route Fifty)
Artboard
COVID-19 relief
SBA to open streamlined PPP loan forgiveness portal
The U.S. Small Business Administration will be unveiling an online portal where Paycheck Protection Program borrowers can directly apply for forgiveness on loans of $150,000 or less without going through their bank. (From Accounting Today)
Applying for loan forgiveness? Here are a few tips
With the Small Business Administration Paycheck Protection Program officially ended, it’s time for business owners who secured PPP funding to apply for loan forgiveness. Here are a few tips to keep in mind as you apply. (From Forbes)
Deadline looms, but billions remain in popular EIDL program
The U.S. Small Business Administration still has more than $27 billion left in its Targeted Economic Injury Disaster Loan Advance grant program months after launching — but it only has until the end of the year to disburse the funds. (From The Baltimore Business Journal)
Shuttered Venue Operator Grant awards top $7.5 billion, SBA says
The Small Business Administration has awarded more than $7.5 billion in Shuttered Venue Operator Grants to about 10,000 live entertainment venues, small businesses, and not-for-profits, the agency announced Tuesday. (From the Journal of Accountancy)
Tax
IRS proposes new rules for e-filing information returns
The Internal Revenue Service proposed regulations lowering the threshold so more employers will need to electronically file information returns such as W-2 and 1099 forms instead of filing them on paper. (From Accounting Today)
Interest in opportunity zones peaks as higher rates loom
The real possibility of higher capital gains rates has fueled interest by investors in opportunity zone funds. (From Accounting Today)
IRS continues unemployment adjustments, prepares another 1.5 million refunds
The Internal Revenue Service reported today that another 1.5 million taxpayers will receive refunds averaging more than $1,600 as it continues to adjust unemployment compensation from previously filed income tax returns. (From the IRS)
Tax pros should encourage clients to obtain IP PINs to protect against identity theft
Internal Revenue Service Security Summit partners have called on tax professionals to increase efforts to inform clients about the Identity Protection PIN Opt-In Program that can protect against tax-related identity theft. (From the IRS)
2021 sales tax holidays: The complete list
Because no two sales tax holidays are alike, the summer sales tax holiday season is particularly burdensome for companies selling qualifying products into multiple states. Here are some key considerations for retailers. (From CPA Practice Advisor)
Public practice / A&A
Firms warn clients about ransomware attacks
CPA firms are becoming increasingly concerned about clients who have lax cybersecurity in place, making them vulnerable to ransomware attacks like the ones that have been in the news lately. (From Accounting Today)
Profession is well positioned for change, AICPA and CIMA ENGAGE attendees told
The past year has been a defining time for CPAs and management accountants in their roles as trusted advisors to businesses large and small, with the profession proving its ability to adapt and thrive amid disruption and adversity, senior leaders of the Association of International Certified Professional Accountants said during a keynote presentation at the ENGAGE conference. (From the CPA.com)
Rapid change, uncertainty to remain hallmarks of profession, say AICPA leaders
The key tactic for CPA firms moving forward, and also what successfully guided many of them through the pandemic, is strategic prioritization, according to a panel of American Institute of CPAs and CPA.com leaders who led the keynote session Wednesday at the 2021 AICPA Engage conference. (From Accounting Today)
Why firms need to know about restricted top-level web domains
Take a closer look at this growing area of internet naming and what it means for branding and cybersecurity. (From the Journal of Accountancy)
Accounting Today names 2021 Best Firms to Work For
Accounting Today and Best Companies Group have announced the members of the 2021 Best Accounting Firms to Work For list. The annual survey and awards program is designed to identify, recognize and honor the best employers in the accounting profession. (From Accounting Today)
Business and industry
SEC may require climate risk disclosures in expanded 10-Ks
Securities and Exchange Commission Chair Gary Gensler has asked agency staff to submit a proposal for mandatory climate risk disclosures for consideration by the end of 2021. (From CFO Dive)
COSO provides guidance on application of ERM to cloud computing
Enterprise risk management for cloud computing, which has emerged as an important issue for companies in an environment with numerous technological opportunities and cybersecurity threats, is addressed in new guidance issued Wednesday by the Committee of Sponsoring Organizations of the Treadway Commission. (From the Journal of Accountancy)
Tax complexity rising for global companies, survey finds
The level of complexity in taxation for multinational companies rose in 58 of 110 countries from 2018 through last year, according to a global survey of tax experts. (From CFO Dive)
Loan performance could worsen under new lease accounting standards
For executives whose pay is tied in part to company performance, debt troubles from the reporting changes could impact compensation. (From CFO Dive)
Small businesses face bookkeeping challenges, overdue invoices during pandemic
Small business owners have been coping with unpaid invoices and inadequate accounting during the pandemic and needed to cover expenses by selling family heirlooms and other valuables. (From Accounting Today)
Diversity and inclusion
Learning from Black CPA career role models
A century after John W. Cromwell Jr. became the nation’s first Black CPA, Black role models continue to open doors in the profession. (From the Journal of Accountancy)
Steps to a successful DEI policy
No matter what industry you may be in, a diversity and inclusion policy should be an integral part of any organization today. With diversity, equity and inclusion essential to organizational success, having a policy in place is crucial to ensure you’re reaping all of the benefits possible. (From JD Supra)
Talent
5 things workers want from employers now
As the economy continues to reopen, labor market turbulence is on the rise. Workers are leaving their jobs in favor of new careers or locations, and some aren’t going back to work at all, leaving critical jobs unfilled. To deal with labor shortages, employers must go beyond the basics of pay and benefits. (From CNN)
How to keep your best employees during 'The Great Resignation'
Companies that keep the best people on their team know that every employee’s healthy work-life balance is different. (From Entrepreneur)
This should be the remote workers’ ‘Bill of Rights’
The executive director of Tulsa Remote asks (and answers): “What is the remote worker owed? And, to what extent, if at all, are remote workers different from their office-bound counterparts?” (From Fast Company)
Rethink employee learning, or accounting will face 'The Great Resignation'
Post-pandemic, many employees have opted to quit and find new jobs rather than return to their old ones. This so-called “Great Resignation” will soon hit the accounting profession hard, and less experienced staff will be forced to assume responsibilities well beyond their training. In this new reality, everyone on staff is a backup quarterback. (From Accounting Today)
From our partners
Aug. 5 webinar: 'Automating the Tax Engagement Life Cycle'
Automating client touch points makes your job more efficient and results in happier clients. From the engagement letter and client organizers to collecting e-signatures and invoicing, client touch points include manual, labor-intensive tasks that are frustrating and far too time consuming. Learn more about the positive impact of the SafeSend Suite across the remote tax engagement life cycle in your firm. Attend our free webinar on Aug. 5 at 2 p.m. ET and earn CPE! (From SafeSend)
9 developments shaping the future of accounting
The role of accounting is rapidly changing as focuses shift to understanding business processes, automation and data analytics. This business guide discusses trends and technologies accounting teams should be aware of and how to embrace the transition into a more strategic role. (From Oracle Netsuite)
The CPA of the future is a strategic advisor
Future — and current — accountants, get ready: the CPA Exam is changing, reflecting a rapid evolution of the profession as a whole. With many traditional CPA tasks ripe for automation, accountants are now seeking expertise in technology, data sciences and strategy. For experienced CPAs, this shift represents an opportunity. This business guide will cover the future of your role and tips for keeping up-to-date in this fast-changing field. (From Oracle Netsuite)
Avalara for Hospitality helps businesses manage compliance
Avalara has announced the availability of “Avalara for Hospitality,” a solution for hotel chains, resorts, online travel agencies, property management groups, and short-term rental operators that automates the most onerous and time-consuming aspects of tax compliance, including calculation and filing of sales and lodging tax returns. (From Avalara)
MACPA-Sponsor-Logos-Email-Footer-February-2024
MACPA Logo
MARYLAND ASSOCIATION OF CPAs
901 Dulaney Valley Rd, Ste 800, Towson, MD, 21204­-2683
800­-782­-2036 | MACPA.ORG
Update your email preferences here