Brought to you by the Maryland Association of CPAs Leading off MACPA celebrates profession's leaders, future The pandemic has stopped a lot of things in their tracks over the past couple of years. It hasn’t stopped Maryland CPAs. They keep pushing the edge of the leadership envelope in new and innovative ways. Thanks to COVID, though, they haven’t gotten the proper recognition for it. That all changed on May 24. (From the MACPA blog) No one wants to hear it, but another COVID wave is here Cases are rising around Maryland and much of the Northeast so fast it seems that everyone knows someone who has COVID-19. Some of those infected had it before, while others have it for the first time. (From The Baltimore Sun) Accountants with Maryland ties among top CPA exam scorers Another day, another reason to celebrate Marylanders in our profession. Less than a week after Anoop Mehta was elected chair of the AICPA’s 2022-23 Board of Directors, the list of Elijah Watt Sells Award winners for 2022 was announced by the AICPA — and the list includes two young professionals with Maryland ties. (From the MACPA blog) Economy Americans keep spending despite record inflation Despite high inflation, rising gas prices, deepening concern about the economy and rising recession risks, Americans keep spending money. (From The Hill) Recession or recovery? Here's what experts predict Sky-high inflation, rapidly rising interest rates and a faltering housing market and a host of concerns has officials and experts split over the likelihood of a recession in the near future. (From the Baltimore Business Journal) Outlook has 'darkened,' business leaders warn Multiple threats to the global economy topped the worries of the world’s well-heeled at the annual Davos think-fest on Monday, with some flagging the risk of a worldwide recession. (From Reuters) Maryland General Assembly Maryland lawmakers: Cutting tax won't fix high gas prices Top Maryland lawmakers said Wednesday that eliminating a scheduled gas-tax increase of more than 6 cents this summer won’t solve the problem of high gas prices and would set back efforts to maintain infrastructure. (From The Washington Post) Motorists facing 6.6-cent gas tax hike; Hogan, Franchot joust As the hike looms, Gov. Larry Hogan and Comptroller Peter Franchot are looking to each other for a temporary way out. (From The Daily Record) MACPA Connect Here's what MACPA members are talking about this week Here are the topics that are trending in the MACPA Connect communities this week: • Health insurance • Any use contacting IRS? • Maryland 529 subtraction? • Inherited 401(k) by a minor child • Sale of property • POA authority revoked UPCOMING EVENTS (06/03) Educators Symposium 2022 The modern world doesn’t work without CPAs, and there are no CPAs without accounting educators. This conference is designed for you. The Accounting Educators Symposium is an annual event that connects you with other educators, updates you on accounting industry trends, and equips you to help your students succeed. It’s about giving you the knowledge you need to better help your students succeed. 2022 MACPA Beach Retreat + Annual Meeting The annual MACPA Beach Retreat is a CPE experience that’s unlike any other and we are very excited to have you join us IN PERSON this year! Network with fellow leaders in the profession and enjoy the beautiful Ocean City beach / boardwalk. Members are also encouraged to bring families and make Beach Retreat part of a working vacation. Multiple courses are offered every day of the retreat, and participants are invited to take as many (or few) sessions as they like. 2022 Student Leadership Academy- REGISTER BY JUNE 3RD June 29-30 – TOWSON, MD Attend the 2022 Student Leadership Academy to accelerate your success in the accounting/finance profession and learn which pathway is right for you! Be uniquely oriented to the Accounting and Finance profession and the important role you can play while learning what the designation CPA can do for your career • Meet top leaders in the profession • Encounter potential future employers through sponsor and firm involvement • Perfect and present your resume to Maryland employers • Connect with other top accounting and finance students • Take an in-depth look at your skills and strengths that will further your success Tax IRS changes guidance on child tax credits The Internal Revenue Service has revised and updated the answers it previously provided to frequently asked questions on the 2021 Child Tax Credit and Advance Child Tax Credit. (From Accounting Today) IRS sent over $800M in potentially improper recovery rebate payments The Internal Revenue Service issued potentially improper Recovery Rebate Credit payments totaling $898 million, according to a new report. (From Accounting Today) IRS revises FAQs for EITC The Internal Revenue Service HAS revised frequently asked questions for the 2021 Earned Income Tax Credit to educate eligible taxpayers on how to properly claim the credit when they prepare and file their 2021 tax return. (From the IRS) IRS may start collecting more demographic info The Internal Revenue Service is being asked to provide more information about the race, ethnicity and sex of taxpayers but is facing legal restrictions, according to a new report. (From Accounting Today) TIGTA faults IRS on security vulnerabilities The Treasury Inspector General for Tax Administration, in a recent report, said the Child Tax Credit Update portal the Internal Revenue Service set up last year was generally implemented well, but several security and process issues need to be addressed. (From Accounting Today) Public practice How firm owners can shift toward a new future The path forward for firms after more than two years of dealing with a pandemic will require strong leadership, a concerted effort to retain employees and a strategy for remote and hybrid work. (From AccountingWEB) Trend? Or just hype? Accountants weigh in Ever alert for what’s coming down the pike, the CPA Trendlines Business Barometer is looking for early omens of future trends. Our readers across the continent know what’s happening. (From CPA Trendlines) UHY continues mid-Atlantic expansion with deal to buy Stoy, Malone & Co. P.C. UHY LLP and UHY Advisors Inc. is expanding again in Maryland with a deal to buy Stoy, Malone & Co. P.C., a 105-year-old Towson accounting firm with more than 20 employees. (From the Baltimore Business Journal) Essential KPIs for your CAS practice “I am not a good salesperson.” I have lost count of how many accountants have told me this over the years. But I also learned that what they really mean is that they do not have a well-defined, structured sales process. (From CPA Trendlines) Business and industry SEC proposes enhanced ESG disclosures The SEC has proposed amendments to rules and reporting forms to promote consistent, comparable, and reliable information for investors concerning funds’ and advisers’ incorporation of environmental, social, and governance factors. (From the SEC) Compliance costs to surge, straining tight budgets Nine out of 10 compliance executives forecast that the cost of compliance will surge as much as 30% during the next two years, yet only six out of 10 expect an increase in operational funding during the period, Accenture found in a survey. (From CFO Dive) Academics at odds with IFRS Foundation trustees on sustainability reporting When the IFRS Foundation trustees put out their Consultation Paper on Sustainability Reporting, the accounting scientific community responded in unusually high numbers. This reflects the lack of alignment of the proposals with the academic research in the field resulting from the political nature of the global debate. (From Accounting Today) FAF drafts strategic plan for FASB and GASB, mulls ESG reporting The Financial Accounting Foundation’s board of trustees, who oversee the Financial Accounting Standards Board and the Governmental Accounting Standards Board, released a draft strategic plan Tuesday and is asking for input, while opening the possibility of expanding into sustainability reporting. (From Accounting Today) The future of work Winning extra productivity with a 4-day workweek The four-day workweek may be one way to boost productivity. Here’s what it could mean for your organization. (From Financial Management) The rules for hybrid work were always made up The conundrum facing executives nationwide these days is one familiar to anyone who has ever planned a birthday gathering: “It’s really hard to get anybody to come to a party if everybody R.S.V.P.s maybe,” said Zach Dunn, an expert on hybrid work and founder of the workplace management company Robin. (From The New York Times) How employers can help struggling hybrid workers Employers can’t just take one approach toward this issue but there are a number of ways to adjust old structures to new work realities. (From CFO Dive) From our partners Get started with CPACharge and waive the monthly fee! CPACharge is an online payment solution designed specifically to meet the needs of the accounting industry. Easily and securely accept credit, debit, and eCheck/ACH payments from your clients anytime, anywhere, with no long-term contracts, setup fees, or cancellation penalties. Sign up by May 31 to waive your monthly fee for three months and earn a $100 new account credit! Get started today. (From CPACharge) MindBridge customer success story SCG is a top 10 public accounting firm in Ghana and a long-time MindBridge customer and champion of our technology and organization. Take a moment to familiarize yourself with SCG’s story and how they have used MindBridge to drive goals and positioning by building technology into business and client success. Learn more here. (From MindBridge) Get 20% off AccountantsWorld software AccountantsWorld, the first professional accounting software designed specifically to help you offer full Client Accounting Services, is now available to MACPA members at an exclusive 20% discount off their first-year cost. Learn more here. (From AccountantsWorld) The positive impact of tax automation SafeSend customer Allen Huber, EA, of Ed Murphy & Company, experienced significant time savings and increased security with SafeSend Returns. SafeSend’s innovative tax automation simplified the assembly and delivery of prepared tax returns for the firm and provided a simple, secure procedure for clients. Watch the video. (From SafeSend) MARYLAND ASSOCIATION OF CPAs 901 Dulaney Valley Rd, Ste 800, Towson, MD, 21204­-2683 800­-782­-2036 | MACPA.ORG Update your email preferences here