Brought to you by the Maryland Association of CPAs This weeks' podcast From the archives: Evolving with client expectations Our “Future-Proof” podcast is celebrating its first anniversary, and we’re digging through the archives this week to revisit our most popular episodes. Today, here’s Hitendra Patil with a look at how client expectations are changing the face of our profession. (From the BLI) • Subscribe: iTunes | Spotify | Google Play | Stitcher Maryland General Assembly Maryland House elects Adrienne Jones as speaker Baltimore County’s Del. Adrienne Jones was unanimously elected the next speaker of the Maryland House of Delegates on Wednesday, making history as the first woman and African American to hold the position. (From The Baltimore Sun) UPCOMING EVENTS Tax Tax refunds down $4.4B for tax season, says IRS The Internal Revenue Service reported a $4.4 billion decline in total tax refunds as of April 19, the first tax season under the Tax Cuts and Jobs Act, with the average size of tax refunds down about 2 percent. (From Accounting Today) IRS urges data security, paying estimated taxes In support of National Small Business Week, the IRS is emphasizing the many IRS online resources available to help small business owners and self-employed individuals handle the tax aspects of their business. (From the IRS) Private agencies collecting less than 2% of tax debts A new program requiring the Internal Revenue Service to hire private debt collection agencies is falling far short of its goals and putting taxpayers at risk of falling prey to scammers, according to a new government report. (From Accounting Today) How to revive your marketing efforts after tax season If you’re like most small firms your marketing activities were placed on the back burner while you studied the TCJA and translated the new law for your clients this tax season. Take a breath – or a well-deserved vacation – and then dust off your marketing plan to update your goals and strategies. (From CPA Practice Advisor) Public practice / A&A SEC, PCAOB actions against accountants decline steeply The Securities and Exchange Commission and Public Company Accounting Oversight Board finalized 45 enforcement actions involving accountants in 2018, marking a significant decline from the 75 actions involving accountants in 2017. (From Accounting Today) The audit risk model: Your first step in risk assessment The audit risk model is the foundation of any audit. This might seem like CPA 101, but are you correctly applying it to your engagements? (From CPA Practice Advisor) Dos and don’ts of new age accounting Accounting has evolved and if you are not keeping up with the latest advances, chances are your clients won’t be satisfied or they may drop you entirely. With new and more stringent regulations being imposed, along with the advent of cloud computing and escalating competition, you have to stay ahead of the curve to flourish. (From Accounting Today) How to get started with value pricing Value pricing isn’t just a method for pricing your services; it entails a whole new business model and is the “the maximum amount a given customer is willing to pay for a particular service before the work begins,” said Ron Baker, CPA, a well-known value-pricing expert and founder of the professional services-focused VeraSage Institute. (From the Journal of Accountancy) Business and industry DOL: Gig workers are not employees The Department of Labor said this week that service providers working for an unidentified virtual marketplace company were independent contractors rather than employees and should be treated as such under the Fair Labor Standards Act. (From CFO.com) Most corporate tax pros to deploy automation tools In the past year, nearly three quarters of corporate tax professionals say they dedicated extra time and resources, including bots and artificial intelligence, to comply with federal tax reform policy changes. (From CPA Practice Advisor) How to blow the whistle to the SEC Becoming a whistleblower requires planning. For example, do you report the fraud internally first or go directly to the SEC? (From CFO.com) Technology Firms that 'know' bots will expand their usage Automation is sweeping across the corporate landscape, with many companies expecting to use RPA in most or all of their functions within two years. (From CFO.com) Four rules to guide expectations of artificial intelligence Artificial intelligence, machine learning and related technologies may be underscoring a realization Albert Einstein had many decades ago: “The more I learn, the more I realize how much I don’t know.” (From Forbes) 3 ways blockchain can revolutionize global supply chains Farm to table. Fair trade. Ethically sourced. These recent trends are evidence of consumers demanding to know more about the products they’re buying – from who made them to how they were sold. (From the World Economic Forum) Talent Your workforce is more adaptable than you think Many managers have little faith in their employees’ ability to survive the twists and turns of an evolving economy. This kind of thinking is common, but it’s wrong, as we learned after surveying thousands of employees around the world. (From Harvard Business Review) From our partners Sponsor the future of the CPA profession Scheduled for May 30 to June 1, the MACPA’s Student Leadership Academy grants undergraduate students in Maryland access to leaders in the accounting profession, insider knowledge of what it means to be a CPA, and resources to further their professional success. This year, we hope that you’ll be a part of supporting the next generation. Your sponsorship not only supports a worthy initiative. It also exposes your business to up to 50 talented accounting students across the state. Get details here. MACPA partners to present at Beach Retreat Learning Lab Join us for a complimentary series of TED-style talks that will kick off our 2019 Beach Retreat on June 25. Our #FutureReady Learning Lab is led by those leading the shift in exponential trends. Whether you want to learn more or are actively pursuing technology or business changes, this session is sure to be a great resource. (From MACPA) Lunch & Learn Complimentary CPE: Sponsored by Intuit Join our preferred provider, Intuit, as they sponsor a complimentary lunch & learn for MACPA members after our Spring Town Hall in Rockville on May 30th, 2019. Whether you are knowledgable of the products or not, there is an option for you! MARYLAND ASSOCIATION OF CPAs 901 Dulaney Valley Rd, Ste 800, Towson, MD, 21204­-2683 800­-782­-2036 | MACPA.ORG Update your email preferences here