Brought to you by the Maryland Association of CPAs CPE at the Beach Tax Savvy accountants already planning for next year For most CPAs, this year’s busy season may have been a marked improvement from last year’s, but that doesn’t mean savvy practitioners aren’t already learning new lessons and honing operations for next year. (From CPA Trendlines) High corporate tax rate puts U.S. businesses at competitive disadvantage At 41.1 percent, the corporate tax rate in the United States is the highest worldwide, creating a competitive disadvantage with other countries, according to a new study by UHY. (From AccountingWEB) AICPA members weigh in on IRS service levels A new AICPA survey shows 43 percent of more than 3,500 members surveyed in April indicated they were either somewhat or very dissatisfied with the level of service they received from the IRS during the past tax filing season. (From The Journal of Accountancy) The CPA Event of the Year is Now in December Public practice / A&A Benchmark your firm with the 2016 National MAP Survey The CPA profession’s premier benchmarking study, the AICPA PCPS / CPA.com National MAP Survey, is now live. The survey provides an opportunity to compare your firm with other firms of similar size in key areas of firm practice management. (From CPA Success) PCAOB advisory group debates duties of lead auditors At a meeting last week, some members of the Public Company Accounting Oversight Board’s Standing Advisory Group expressed concerns over a proposal relating to duties of a lead auditor for supervising other auditors. (From Bloomberg BNA) Struggling for traction on diversity In the struggle to increase diversity in the accounting profession, decades of efforts have yielded underwhelming results, the latest AICPA study shows. (From Accounting Today) NASBA provides first-ever official count of CPAs The National Association of State Boards of Accountancy has released for the first time in history an official CPA population statistic representing the total number of individual, U.S.-licensed CPAs. As of April 22, 2016, there are 664,532 actively licensed CPAs. (From AccountingToday) AICPA collaborating on new valuation credential The American Institute of CPAs, the American Society of Appraisers and the Royal Institution of Chartered Surveyors are collaborating on a new joint credential in valuation, and seek comment on a joint exposure draft of a fair value measurement framework. (From Accounting Today)  Do you have an innovation fund at your firm? It’s clear that many firms are actively involved innovating their practices and diversifying their service offerings. But what kind of resources are they dedicating to practice innovation? (From AccountingToday) Back to the future: A look back over three decades of accounting Allan Koltin looks back over the major initiatives and milestones of the past three decades in the accounting profession. (From Accounting Today) DOL's new overtime rules What you need to know about the new DOL overtime rules The Department of Labor released its new overtime rules last week, making an estimated 4.2 million more workers eligible for overtime pay. For accountants, the rules won’t only impact how they operate internally, but as trusted advisors to business owners, you’re likely to receive questions from clients about how to best navigate these regulations. (From AccountingWEB) 5 steps small businesses must take to comply with new overtime rules Most businesses aren’t ready for the new overtime and worker classification changes to the Fair Labor Standards Act (FLSA) that the DOL published last week, impacting millions of employees and employers, which go into effect December 1, unless Congress intervenes to prevent or modify them. (From CPA Practice Advisor) Business and industry How CFOs can adapt to disruptive forces EY’s latest DNA of the CFO study, surveying 769 finance leaders around the world, identified four forces disrupting finance leadership: digital, data, risk, and stakeholder scrutiny-including regulation. (From CGMA)  Financial restatements declined steeply last year The number of financial restatements from companies fell nearly 14 percent last year to the lowest number since 2002, according to a new report from Audit Analytics. (From Accounting Today) Special report: Managing health care costs Companies race against the clock and employ new strategies in their bid to avoid an onerous excise tax that takes effect in four years. (From CFO) FASB seeks nominations to small business advisory committee The FASB is currently seeking nominations of members to fill a number of vacancies on its small business advisory committee, focused on smaller public companies. (From FASB) What analysts want from financial reports The disclosures made by public companies should contain more detailed information about the value of brands and intangible assets, according to equity analysts surveyed by Brand Finance. (From CGMA) Talent Is conflict avoidance holding your team back? One of the biggest management problems today is conflict avoidance. Many say it’s not a problem at their firms, but it’s hard to ignore the “elephant in the room.” (From Joey Havens, Horne LLP) Listening is an overlooked leadership tool Melissa Daimler, head of the Global Learning and Organization Development team at Twitter, shares vital lessons about the importance of listening. (From Harvard Business Review) The biggest challenges of being a new manager CFOs interviewed for a Robert Half Management Resources survey ranked their biggest challenges, with the top one being balancing individual responsibilities with time spent overseeing staff. (From CPA Practice Advisor) 19 annoying habits you must break to be a better leader If you don’t break your annoying habits you will never become the leader you want to be.  Here’s are some of the most common things leaders do which annoy and alienate the people around them (From Inc.) Timing of a job interview may be a big factor A recent Robert Half survey shows the time of day for a job interview may be a factor in hiring. The survey also addresses first impressions. (From CPA Practice Advisor) Technology Controllers gain key insights from tech-driven external audits According to a new survey, controllers are expected to do far more than report data and tend to compliance. They are considered the go-to person for interpreting broader marketplace and competitive issues. (From AccountingWEB) Technology helping, not thwarting, fraudsters Criminals are using technology to perpetrate nearly a third of their frauds, according to a new survey by KPMG, while organizations are lagging behind on the use of technology such as data analytics to detect those frauds. (From Accounting Today) MARYLAND ASSOCIATION OF CPAs 901 Dulaney Valley Rd, Ste 800, Towson, MD, 21204­-2683 800­-782­-2036 | MACPA.ORG Update your email preferences here