Brought to you by the Maryland Association of CPAs Leading off Podcast: This is your moment, CPAs One year ago, leadership expert and best-selling author Tom Peters issued marching orders for our profession: Ours is a helping business — and the business world needs our help now more than ever. Hear more of Peters’s insights in this archived episode of “Future-Proof.” (From the Business Learning Institute) • Subscribe: iTunes | Spotify | Google Play | Stitcher Vote for the 2020-21 MACPA Board of Directors The MACPA’s Nominations Committee in accordance with MACPA bylaws, submits the slate of candidates to serve in positions on the association’s Board of Directors for terms beginning on July 1, 2020. These nominees will be presented for election at the Annual Meeting, scheduled for June 30. To vote for the entire slate of nominees, check all boxes and click the “Submit” button. To vote against an individual nominee, uncheck the box next to the nominee’s name before submitting the form. How are we doing? Take this survey and let us know The MACPA is conducting an all-member survey to get a pulse on how the association is doing and how we can improve. Please consider completing the brief survey and encouraging others to do so as well. Reopening Maryland First phase of reopening is work in progress The first phase of Gov. Larry Hogan’s plan to reopen businesses shuttered by restrictions aimed at preventing the spread of the coronavirus has proceeded with varying degrees of success, and confusion. (From Maryland Reporter) Baltimore County to lift some restrictions today Baltimore County Executive Johnny Olszewski announced that some restrictions will be lifted on retail stores, barber shops and hair salons beginning at 9 a.m. today. (From The Baltimore Sun) MACPA offers guidance on how businesses can safely reopen The MACPA has compiled official back-to-work guidance from federal, state and local sources and curated it into a collection of best practices for organizations that want to reopen their businesses in a safe and socially responsible manner. (From the MACPA) JHU offers operational toolkit for reopening businesses John Hopkins has released guidance to help business owners who are considering reopening or expanding their operations to determine their establishments’ risk of transmission of COVID-19 and how to reduce it. (From Johns Hopkins) Here's where your county stands on reopening In the hours and days ahead, each city and county will be responsible for updating its residents on to what degree they will be reopening. Under Hogan’s directive, local governments may keep tighter restrictions in place, but may not remove any of the restrictions set by the governor. (From The Baltimore Sun) • Reopening guidance from local jurisdictions (Maryland Chamber of Commerce) UPCOMING EVENTS Paycheck Protection Program SBA, Treasury roll out loan forgiveness application The U.S. Small Business Administration, in conjunction with the Treasury Department, released a loan forgiveness application for the SBA’s troubled Paycheck Protection Program, along with detailed instructions for the application. (From Accounting Today) • Download the application. AICPA releases loan forgiveness calculator This calculator is based on interpretations of the CARES Act and guidance. Be aware: There are areas of the CARES Act where additional guidance is needed. Your judgment and interpretations of the Act may be necessary. (From the AICPA) Mnuchin: Congress must act to make key PPP change Treasury Secretary Steve Mnuchin said Thursday that Congress will have to act to make changes to the Paycheck Protection Program, such as extending the amount of time that small businesses have to use funds intended to help them survive the coronavirus pandemic. (From The Hill) SBA clarifies its PPP loans in 4 important ways With the release of its Paycheck Protection loan forgiveness application, the U.S. Small Business Administration sheds light on several long-standing questions. (From Inc.) More clarity needed on PPP forgiveness The just-released Paycheck Protection Program Forgiveness Application answers a number of important questions, but leaves many more unanswered, according to the American Institute of CPAs. (From Accounting Today) What's in the PPP loan forgiveness application form and what's not The long-awaited application form Paycheck Protection Program borrowers must use when applying for loan forgiveness was released last Friday. But while it answered some important questions, others are still up for debate. (From the Baltimore Business Journal) COVID-19 legislation A summary of HEROES Act provisions Here’s a list of provisions included in the Health and Economic Recovery Omnibus Emergency Solutions (or HEROES) Act, which was passed last week by the U.S. House of Representatives. Tax Nexus becomes tool of choice for states The unprecedented, government-enforced economic shutdown is draining the lifeblood of cities and states: sales on sales tax revenue. Sales tax shortfall estimates vary from state to state, but are upwards of $150 billion for fiscal year budgets. (From Accounting Today) MACPA tax experts offer economic guidance amid crisis An advisory group of Maryland CPAs who specialize in tax issues has crafted a series of tax-related recommendations designed to stimulate the state’s economy and provide relief to individuals and businesses struggling through the COVID-19 crisis. (From the MACPA) IRS sending out new coronavirus stimulus debit cards IRS will begin sending out four million stimulus payments on prepaid debit cards this week instead of mailing paper checks. (From CPA Practice Advisor) IRS adding 3,500 phone reps to answer stimulus payment calls The Internal Revenue Service is bringing in 3,500 telephone operators to deal with the flood of calls about economic impact payments from taxpayers waiting for their money from the IRS. (From Accounting Today) IRS allows midyear changes to health coverage, dependent care elections As part of its response to the coronavirus pandemic, the IRS announced is permitting increased flexibility for midyear elections under a Sec. 125 cafeteria plan during calendar year 2020 for employer-sponsored health coverage, health flexible spending arrangements, and dependent care assistance programs. (From the Journal of Accountancy) CPA Candidates Mock CPA Exam available – Deadline to register is May 25 To provide more transparency into exam-readiness, the MACPA, the Virginia Society of CPAs, and Surgent CPA Review have partnered to offer a free simulated CPA Exam section of your choice. The goal is to simulate the format of taking the CPA Exam, using actual multiple-choice questions and simulations which are laid out according to the Uniform CPA Examination Blueprints. To register, simply complete the form here. The deadline to register is May 25. Business and industry FASB delays revenue recognition effective date The Financial Accounting Standards Board has voted to extend by one year the effective date of its revenue recognition standard to all nonpublic entities that have not yet issued their financial statements. (From the Journal of Accountancy) What can finance pros learn from small businesses during the pandemic? Speculation may be a fundamental element in finance, providing many investors with careers and allowing big businesses with a lot of insight to leap ahead of their rivals, but it’s typically rooted in stability. Following the outbreak of COVID-19, however, business as usual has been taken off the table. (From Financial Executives International) Internal auditors prepare for the return to work post-coronavirus Most internal audit leaders have been getting involved in preparations at their organizations for returning to the workplace, especially in assessing risks and consulting activities, according to a new survey, but relatively few are actually performing reviews of critical risk areas, such as health and safety. (From Accounting Today) Public practice AICPA Council advances new CPA licensure model An effort to transform the CPA licensure model took a step forward Wednesday when the AICPA governing Council voted to support its advancement. The CPA Evolution is being undertaken to ensure that the CPA credential will continue to reflect the rapidly changing skills and competencies that accounting professionals need today and will need in the future. (From the Journal of Accountancy) Tracey Golden elected chair of AICPA Accounting professionals have a crucial role to play in fostering prosperity, opportunity and trust during the current crisis, according to Tracey Golden, the new chair of the American Institute of CPAs. (From CPA Practice Advisor) Accountants worry about losing clients amid the pandemic Client attrition is the issue that’s keeping the most accounting firm leaders up at night amid the upheavals of the coronavirus pandemic, according to a new survey — even as a third of those leaders struggle to balance their work with the new personal responsibilities brought on by the new environment. (From Accounting Today) Embrace the evolving role of the tax professional Walter Gavula, a talent development director at tax firm Druker & Scaccetti, looks at what professional tax organizations need to do from an HR perspective to address the impacts on the tax profession. (From AccountingWEB) Leading in a crisis Learning to manage opportunity in the unknown Crisis is a form of change or disruption coming from outside of your organization that greatly impacts the status quo and must be dealt with. That is a perfect description of what the coronavirus pandemic has done to us all. (From Daniel Burrus) From our partners June 3 webinar: Client Accounting Services Partner Panel In this June 3 webinar, outsourced accounting experts from firms including BDO USA, Fringe Advisory, Knight CPA Group, and Wiss & Company will share their knowledge on how Client Accounting Services are transforming. You’ll learn how to differentiate your CAS offering, identify the single-biggest problems CAS teams face, adopt the right CAS technology stack, and much more. (From Vic.ai) Is your firm cloud ready? Welcome to the world of cloud accounting. The folks at Xero are glad you’re here. This toolkit is built for accounting professionals looking to learn more about implementing cloud technology for the their clients and practice. You’ll find plenty of helpful resources like guides, webinars and articles to help you get started. As you start your cloud journey, Xero has plenty of resources to help you learn more about cloud accounting. (From Xero) Gifting new graduates with sound financial footing This pandemic has shown us that we should be prepared for anything. Studies show that nearly two-thirds of Americans can’t pass a basic financial literacy test. Most people are inclined to give cash and gift cards, but most graduates don’t know how to align their spending and savings habits with their values during change or how to navigate banking and credit systems. (From SECU) Sponsored webcasts brought to you by Botkeeper Join us as we offer a series of four webcasts, brought to you by our Preferred Provider, Botkeeper. These sessions will be presented by Jody Padar, one of the profession’s foremost visionaries and pioneers. See the schedule and register here. (From Botkeeper) MARYLAND ASSOCIATION OF CPAs 901 Dulaney Valley Rd, Ste 800, Towson, MD, 21204­-2683 800­-782­-2036 | MACPA.ORG Update your email preferences here