Brought to you by the Maryland Association of CPAs Leading off Podcast: How A.I. will change everything Artificial intelligence isn’t out to eliminate our jobs — it’s out to augment them. Vic.ai co-founder and CEO Alex Hagerup explains in this week’s episode of our “Future-Proof” podcast. (From the Business Learning Institute) • Subscribe: iTunes | Spotify | Google Play | Stitcher Maryland needs election judges; CPE offered for service The State Board of Public Accountancy has ​unanimously ​approved the MACPA​’​s request ​that Maryland CPAs be given CPE credit for serving as election judges in the 2020 General Election. (From the MACPA blog) Fall edition of 'Statement' now online The Fall 2020 edition of The Statement is now available digitally. The new edition includes a powerful conversation about diversity, equality, and inclusion; a plan for safely reopening your office during a pandemic; a look at estate planning through an LGBTQ lens; and much more. Download The Statement here. • Browse the Statement archives here. MACPA partners with ‘MyHealthyWork’ app for COVID safety In an effort to help accounting and finance professionals create and maintain safe, healthy workplaces in a COVID-19 world, the Maryland Association of CPAs is partnering with 1Rivet to make the groundbreaking “MyHealthyWork” app available and affordable to its members and customers. The app offers safe and easy ways to monitor employees’ health markers. (From the MACPA blog) Upcoming Webcasts (10/19) Planning into Advisory, your Year-End Opportunity (brought to you by Thomson Reuters) As we approach year end, the contact for many customers with their accounting firm increases. This increase in connection time is a great opportunity to further develop and shift your relationships to being centered on advisory. Whether your firm is just starting the advisory-centric journey, or well on your way – this period of time must be leveraged. Join us for this session as we look at 3 ways to drive your advisory relationships forward during year-end communication. (10/20) Packaging and Presenting CAS / CAAS To Your Clients) (brought to you by AccountantsWorld) It’s never been more important to be able to offer your clients the ability to focus on running their businesses. Delivering CAS / CAAS effectively to clients can provide them with peace of mind – and your firm with sustainable growth. But how do you avoid the major pitfalls of packaging these services and presenting them as a solution to their needs? If you’re looking for a comprehensive, easy-to-follow approach to offering full-service accounting to your clients who so desperately need it, this presentation will help you define a clear path forward. (10/22) Strategies for Surviving Year End Reporting (brought to you by ADP) For many employers, the year-end reporting cycle can be quite overwhelming as they prepare for year-end compliance activities such as balancing tax accounts and preparing to distribute Forms W-2. In addition, this year employers have had to react to dynamic regulatory and legislative guidance resulting from COVID-19. Keeping pace with all of these tasks — while remaining compliant — can be daunting. COVID-19 in Maryland Most Marylanders approve of Hogan’s pandemic response A Goucher College Poll released Tuesday found that 82 percent of survey respondents approve of the way the Republican governor has taken on the pandemic, with half those saying they strongly approve of Hogan’s response. (From The Baltimore Sun) Maryland poll: 45% of residents have experienced financial woes amid COVID Forty-five percent of Maryland residents say they’ve experienced “severe” or “moderate” financial hardship since Covid-19 forced the state economy to close in mid-March, according to a new poll from Goucher College. (From the Baltimore Business Journal) Maryland is the fourth most politically engaged state: Survey It is no surprise that in a recent study Maryland is ranked near the top among states with the most political engagement, according to two state lawmakers and a former congressman. (From Maryland Reporter) UPCOMING EVENTS COVID-19 Relief McConnell shoots down $1.8 trillion coronavirus deal Senate Majority Leader Mitch McConnell on Thursday shot down the prospect of a coronavirus deal totaling between $1.8 trillion and $2.2 trillion — the goalposts of the current talks between Democrats and the White House. (From The Hill) Small-business loans will be forgiven, but don’t ask how Business owners are flummoxed by how the loan forgiveness phase of the Paycheck Protection Program will work, as lenders await clarity and guidance. (From The New York Times) SBA settles confusion over PPP forgiveness application due date The U.S. Small Business Administration released guidance Tuesday confirming that Paycheck Protection Program loan forgiveness applications are not due on Oct. 31. (From the Journal of Accountancy) SBA just made PPP forgiveness easier for smaller loans. What about everyone else? The Small Business Administration released a streamlined Paycheck Protection Program loan forgiveness application Thursday night for some loans under $50,000 — but small-business groups and experts say it still leaves many borrowers out in the cold. (From the Baltimore Business Journal) PPP forgiveness starts slow; here's what bank execs say businesses should be doing Businesses applying for forgiveness of their Paycheck Protection Programs only have one chance to get it right, so they better make sure all of their numbers add up and they have the supporting documents to prove it. (From the Baltimore Business Journal) Tax IRS closes in on final phase of challenging tax season The IRS is heading into the final stage of a uniquely challenging tax season that has included delays and backlogs as a result of the coronavirus pandemic. (From The Hill) Several states provide one-month filing relief for corporate deadline The global COVID-19 pandemic has affected many tax practitioners and taxpayers, and some fear that they will not be able to meet the Oct. 15 tax filing deadlines for federal and many state returns. Thanks to the efforts of many state CPA societies and the Council On State Taxation, many states have provided one additional month of filing relief for corporate tax returns beyond the federal Oct. 15 deadline. (From the Journal of Accountancy) Remote workers may provide tax savings for employers Many employees are finding they prefer the convenience of working from home. Some of the risks involved for employers, such as surprise nexus issues, are obvious — employees that reside in a different state than their business can subject their employer to tax in the state where they perform their work. But there are also opportunities to save on taxes imposed by local jurisdictions on the business entity. (From Accounting Today) No global tax agreement this year, OECD says More than 130 jurisdictions working to address the tax challenges of the digitalized economy are now aiming for consensus by mid-2021, the Organization for Economic Co-operation and Development announced this week. (From Financial Management) More tax code changes for individuals in 2020 The year 2020 has been filled with change, and the tax code is no exception to this. Recently, yet another occurred: Taxpayers are now temporarily allowed to deduct charitable contributions. Julian Block explains. (From AccountingWEB) Business and industry Questions about the economy? We've got answers There’s a ton of uncertainty surrounding our economy, and we’ve got a lot of questions. And we’re looking for a lot of answers. We might find a few of them during the MACPA’s Business and Industry CPE Conference Series. (From the MACPA blog) Survey: CFOs expecting lower revenues, employment in 2021 Though CFOs remain optimistic about future financial prospects, they generally expect employment and revenues to remain below pre-COVID levels until at least 2021. (From CFO Dive) Public companies increase audit committee disclosures Companies are continuing to increase the level of audit committee disclosures in their proxy statements, according to a new report from the Center for Audit Quality and Audit Analytics. (From Accounting Today) Companies are just now starting to figure out remote work As we move deeper into the pandemic, companies are realizing that the remote work habits that are de facto today will likely persist to become a major part of the way they work in the post-COVID world. Technology will play a big role in this new environment, but the way companies rebuild themselves around the technology may be even more important. (From Fast Company) COVID-19 intensifying audit committee work Almost two-thirds of audit committee members reported intensified responsibilities as they work with company management to capture the impact of the pandemic in their accounting and financial reporting, a new survey finds. (From CFO Dive) Public practice / AA Accounting education at a crossroads The results of a recent survey suggest that a drop in accounting enrollment is common across top-tier accounting programs. Students’ perceptions about the value of a traditional accounting education, and the value of the credential in the marketplace, appear to be in decline. (From The CPA Journal) As firm offices reopen, doctor gives 5 tips for COVID-19 safety Over the summer, some states started to ease their stay-at-home mandates and mandatory closure of non-essential businesses. Firms have needed to make the decision on whether to ask or permit staff to come back to the office. No matter what form reopening takes for a firm, it will be important to follow medical advice on how to prevent the spread of COVID-19. (From Accounting Today) How to develop the CAS mindset The CAS mindset emerges from your core purpose. Your staunch belief in your value nurtures it. It develops from the trust in your experience, expertise and the ability to change the lives of your clients positively. (From CPA Trendlines) 7 ways small CPA firms can maximize ROI Like every business, CPA firms invest a lot of time and money into making sure they are viable, vibrant practices poised for success and growth. And, like other businesses, CPA firms are well-served by taking a long look at return on investment, especially as it pertains to their significant monetary investment in personnel and time that comes from focusing on client service. (From AccountingWEB) Diversity and inclusion How to move DEI conversations beyond just talk A commitment to diversity, equity, and inclusion is admirable, but success requires action. A few leaders share how to move beyond good intentions. (From Associations Now) MACPA restructures Education Foundation to focus on diversity, inclusion The Maryland Association of CPAs has formalized its commitment to a more diverse, equal, and inclusive accounting and finance profession by restructuring its 28-year-old Education Foundation to focus increasingly on DEI-related issues, conversations, and potential solutions. (From CPA Practice Advisor) Accountants worried about environmental and social issues Accountants are deeply concerned about social and environmental issues, according to a new global survey by the Association of Chartered Certified Accountants. (From Accounting Today) From our partners Oct. 20 webinar: 'Helping clients navigate global e-commerce' This free Oct. 20 webinar will help accountants understand how to guide their clients through increasing e-commerce sales across international borders. (From Avalara) Oct. 20 webcast: 'The Next Normal in Digital Client Experience' We are defining the “next normal” in the digital client experience across the profession. In this Oct. 20 webcast, you will hear about innovative strategies emerging that are defining the next level of a digital experience. We will discuss what you can do to foster opportunities given the current mindset shift in staff and clients. (From CPA.com) Oct. 27 webinar: 'Future of Outsourced Accounting / Technology' Even before COVID-19, the accounting industry was already on track to change more in the next 12 months than in the previous 12 years. Automation driven by artificial intelligence and machine learning is completely disrupting how accounting firms market and deliver their services. Register for this Oct. 27 webinar to learn how your firm can future-proof itself by adopting A.I. automation. (From Vic.ai) Free guide: 'Emerging Stronger Than Ever' We have all experienced an unprecedented crisis. But what if you could help your firm actually emerge stronger in the long run? The truth is, not only can you bounce back, but you can thrive for years to come — if you take this as a wake-up call to reinvent your practice. This strategic guide for accountants can help. (From AccountantsWorld) Xero report: 'The Next Chapter for Small Business' Small businesses represent more than 90 percent of all companies globally. They are resilient and creative in how they serve customers, but they’re also vulnerable — something that COVID-19 has made even more apparent. Xero commissioned Forrester Consulting to uncover the true impact of the pandemic on small business. Take a look at the report to learn about how small businesses globally have been adapting to the ever changing environment. Read the report here. (From Xero) MARYLAND ASSOCIATION OF CPAs 901 Dulaney Valley Rd, Ste 800, Towson, MD, 21204­-2683 800­-782­-2036 | MACPA.ORG Update your email preferences here