Brought to you by the Maryland Association of CPAs Leading off Podcast: Are you master of your domain? .CPA now available A new Internet domain specifically for CPAs embeds elements of trust and verification into your web presence. CPA.com’s Erik Asgeirsson explains why you’ll want to secure your .CPA domain soon in this week’s episode of “Future-Proof.” (From the Business Learning Institute) • Subscribe: iTunes | Spotify | Google Play | Stitcher Oct. 2 webcast: Reimagine what's next MACPA President and CEO Tom Hood and world renowned futurist Daniel Burrus will join forces on Oct. 2 to help CPAs anticipate and reimagine what’s next for the profession. Register 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) Stay safe in style with a #MarylandCPAProud face mask Join Maryland CPAs in staying safe and showing pride for your profession with these CPA-themed face masks. A minimum contribution of $15 is required but we welcome larger donations and multiple sales. Proceeds go directly to the MACPA’s Educational Foundation to support the pipeline of future CPAs into the profession. COVID-19 in Maryland Maryland's COVID-19 recovery continues Gov. Larry Hogan has announced that the statewide seven-day positivity rate has dropped to a record-low 2.57 percent, the state’s case rate fell to its lowest level since July 11, and weekly unemployment claims are at their lowest level since March 14. (From Maryland.gov) Maryland, 38 other states lack the money to pay bills for COVID-19 At least 39 states did not have enough money to pay all of their bills at the end of 2019, leaving them ill-prepared to shoulder the costs of the novel coronavirus pandemic, according to a new report. (From Accounting Today) Maryland lawmakers preparing package of bills to help small businesses recover Almost immediately after the Maryland General Assembly’s legislative session ended prematurely in the spring due to Covid-19, a bipartisan group of lawmakers got to work brainstorming ideas on how to help the state’s small businesses deal with the economic fallout. (From the Baltimore Business Journal) COVID-19 RELIEF Loan fraud, data shortfalls hinder U.S. virus aid, GAO finds Loan fraud, testing shortages and incomplete health data continue to plague the U.S. coronavirus response, but the federal government has been able to correct some of its earlier missteps, like sending millions of stimulus checks to the deceased, according to the Government Accountability Office. (From Accounting Today) This tweak to the PPP could save small businesses $7 billion It’s possible for the smallest of loan recipients to spend a significant chunk of their PPP loan simply on the paperwork to navigate the forgiveness process. Both Democrats and Republicans say that’s wrong and they have a fix. The problem? As stimulus negotiations have faltered, this somewhat simple bureaucratic change has been in limbo. (From Yahoo! Finance) AICPA, CPA.com and Biz2Credit debut PPP loan forgiveness platform Accountants now have a new tool, CPALoanPortal.com, for providing Payment Protection Program advisory services to their clients. The platform is designed to help businesses assess their PPP loan forgiveness eligibility, and comes in response to the current coronavirus crisis that has forced many businesses to seek lending solutions to get through this period. (From Accounting Today) IRS says lenders don’t need to report PPP loan forgiveness The Internal Revenue Service said Tuesday that lenders who make Paycheck Protection Program loans that are later forgiven under the CARES Act should not file information returns or furnish payee statements to report the forgiveness. (From Accounting Today) PPP loan forgiveness: What CPAs should be doing now In the six months since the Paycheck Protection Program was created, the only certainty about the program has been uncertainty. (From the Journal of Accountancy) PPP traps: 1 in 5 accountants report shady dealings With fast money comes fast fraud, and the arrests and jail terms are only just beginning for individuals who applied for PPP money under false pretenses and have already been caught. (From CPA Trendlines) Tax States take in more taxes than expected States collected more tax revenue in fiscal 2020 than many budget analysts initially expected, given the global pandemic and recession that began this spring. Some analysts also are increasing their estimates for tax collections in fiscal 2021. (From Pew) IRS finalizes 100 percent bonus depreciation rules The Internal Revenue Service and the Treasury Department issued the last set of final regulations Monday to implement the 100 percent additional first-year depreciation deduction from the Tax Cuts and Jobs Act, enabling companies to write off the cost of most depreciable business assets in the year they are put in service. (From Accounting Today) IRS finalizes regulations for estates and non-grantor trusts The Internal Revenue Service released final regulations Monday to offer guidance on deductions for estates and non-grantor trusts, clarifying that certain deductions aren’t to be considered miscellaneous itemized deductions. (From Accounting Today) IRS: Drought-stricken farmers, ranchers have more time to replace livestock Farmers and ranchers who were forced to sell livestock due to drought may have an additional year to replace the livestock and defer tax on any gains from the forced sales, according to the Internal Revenue Service. (From the IRS) Business and industry Financial reporting isn’t getting any easier under COVID-19 Now that U.S. companies have experienced two fiscal quarters in the midst of the novel coronavirus pandemic, quarterly reporting for Q3 doesn’t seem to be getting any simpler, according to a new report from Deloitte. (From Accounting Today) New environmental, social reporting metrics released by World Economic Forum A set of universal environmental, social, and governance measures and disclosures released Tuesday by the World Economic Forum is designed to help companies report non-financial disclosures. (From the Journal of Accountancy) FASB proposes to simplify revenue recognition for franchisors The Financial Accounting Standards Board released a proposed accounting standards update Monday to offer a practical expedient to the current revenue recognition rules for franchise businesses to help them analyze some activities when determining their performance obligations in a franchise agreement. (From Accounting Today) How good is the SEC at detecting financial misreporting? A research study forthcoming in The Accounting Review measures how effective the Securities and Exchange Commission is at detecting financial misreporting. (From Forbes) Companies making more disclosures about audit committees this year Audit committees are disclosing more information about their auditors and audits this year, although the COVID-19 pandemic doesn’t seem to be having an impact on such disclosures, according to a new report from Big Four firm Ernst & Young. (From Accounting Today) Public practice / A&A Managing audit fee pressure during COVID-19 Fall can be a busy time of year for a public accounting firm. It’s generally a time for firms to reconnect with clients to prepare for the end of the fiscal year. However, this fall is anything but typical. (From Accounting Today) AICPA ethics proposal would limit firms' loaning of staff to attest clients The AICPA Professional Ethics Executive Committee (PEEC) is reproposing a new interpretation that would address independence requirements related to “staff augmentation” arrangements in which a CPA firm loans staff to a client. (From the Journal of Accountancy) 2020 review of tax prep document automation systems The tax document automation products reviewed in this issue vary, with some better suited to larger firms, while others work better for smaller firms processing fewer returns. (From CPA Practice Advisor) Diversity and inclusion How leaders can handle remote work’s diversity challenge Employees from underrepresented groups may not be handling the Zoom environment as well as you think. One association executive shares his thoughts on how to address remote-work disconnects. (From Associations Now) Will workplace diversity initiatives survive in a post-COVID era? The scramble to slash costs in response to COVID-19 has piqued concern that diversity and inclusion could slip down, or even off, companies’ agendas. (From Financial Times) Technology Cyberattacks, both real and otherwise, on the rise In organizations both large and small, the sudden emptying of offices as employees began working from home — a process that was expected to take a decade but instead happened in weeks — has led to a crisis of its own: an epidemic of cybersecurity alarms both real and false. (From The Daily Record) A.I. should change what you do — not just how you do it Few leaders would dispute the fact that business today is driven by data and smart algorithms. Yet, rather than real digital transformation, many instead pursue digital incrementalism, using automation to cut costs or, worse — cut jobs. Doing so might buy you some time from impatient shareholders, but it will be short-lived unless you can face the challenge: How do you reimagine what you do for a new era of AI-powered competition? (From Harvard Business Review) Just updated your iPhone to iOS 14? Try these features now Apple’s yearly iPhone update, iOS 14, is finally here. As always, the free download adds a handful of new features, tweaks, and enhancements to iPhones old and new. (From How-To Geek) Why XBRL should be on your radar As the use of XBRL expands, staying up-to-date with frameworks and guidelines issued by regulators is key to increasing accuracy. (From Financial Executives International) Are you ready for the quantum computing revolution? Thanks to the invention of the laser and the transistor — both products of quantum theory — almost every electronic device we use today is an example of quantum physics in action. We may now be on the brink of a second quantum revolution as we attempt to harness even more of the power of the quantum world. (From Harvard Business Review) From our partners Future-Ready resources from our Preferred Providers As strategic partners of the MACPA, our Preferred Providers are on the cutting edge of the hard trends impacting the CPA profession. Whether it’s cybersecurity, automation, AI and machine learning, or any of the other issues you’re wondering about, chances are our Preferred Providers have resources for you. (From the MACPA) Sept. 30 webinar: 'Post-COVID Pharmacy Benefit Management' As we make our way through the COVID-19 era, it is critical we continue to battle the ever-escalating costs of prescription drug benefits in general. In this Sept. 30 webinar, Cory Easton of Confidio joins us to discuss what the market can expect when the dust settles. (From SIG) Free webinar: 'Simple Hacks to Save You Time and Money' This recently recorded webinar from Delegate Solutions will share easy hacks to streamline the pesky details of your business through simple automations or delegations. (From Delegate Solutions) CPACharge: A proud MACPA partner CPACharge is a user-friendly, affordable way for CPAs, enrolled agents, and accountants to securely accept credit, debit, and eCheck/ACH payments from anywhere. It is trusted by more than 150,000 professionals and is an approved MACPA member benefit. With no long-term contracts, no setup fees, and no cancellation penalties, trying CPACharge is risk-free. Get started with CPACharge today. (From CPACharge) MARYLAND ASSOCIATION OF CPAs 901 Dulaney Valley Rd, Ste 800, Towson, MD, 21204­-2683 800­-782­-2036 | MACPA.ORG Update your email preferences here