Brought to you by the Maryland Association of CPAs Leading off Podcast: Pandemic PFP How are financial planners and their clients approaching personal finance as the pandemic drags on? Lyle Benson, president of L.K. Benson & Company in Baltimore, offers some ideas in this week’s episode of our “Future-Proof” podcast. (From the MACPA) • Subscribe: iTunes | Spotify | Google Play | Stitcher 80% of Marylanders 12 and older are vaccinated Gov. Larry Hogan has announced that Maryland has officially surpassed the major milestone of vaccinating 80 percent of all eligible Marylanders 12 and older. (From Maryland.gov) Audit reform urgently needed to remedy 'glacial' progress Several years of poor audit quality scores and a lack of substantial progress paint a worrying picture for the profession and reinforce the urgent need for reform, according to market participants. (From Accountancy Age) Summer 2021 issue of The Statement now online The Summer 2021 edition of The Statement is now available digitally. The new edition features a closer look at “MACPA 3.0” as association’s values-focused “member promise” serves as a blueprint for building a future-ready profession. Also, take a closer look at new MACPA Chair Lexy Kessler and her agenda for the coming year, and meet the rest of the MACPA’s 2021-22 Board of Directors. Download the issue in its entirety here. • Browse The Statement archives here. UPCOMING WEBCASTS #FutureReady Resources from MACPA 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. (09/23) Government Contractors Conference The Government Contractors Conference is designed to help CPAs understand issues related to their government contractor clients and manage their engagements with government contractor clients. The Conference will address current issues affecting government contracts so CPAs in the industry can add strategic value to their organizations. Featured topics address the concerns and opportunities unique to government clients. 2021 Women to Watch Awards Breakfast We are excited to again host the MACPA’s Women to Watch awards, highlighting the accomplishments of women in the profession and demonstrating to emerging female leaders that success is not out of reach. The award, established by the AICPA, will provide a starting point for the MACPA Board appointed Women’s and Diversity Initiative Task Force and no doubt lead to important conversations about the issues and resources we can bring to member firms and companies. (10/22) 2021 CPA Summit Join us at this year’s event for a virtual, interactive conference featuring thought leaders from across the industry. Learn what it means to be a #FutureReady CPA from those with expert insight into the major trends affecting the profession. This year’s event will be free for active members of MACPA. (10/26) Personal Financial Planning Conference Your clients trust you with their financial security – make sure you’re advising them with the best information available. The Personal Financial Planning Conference is designed to give you up-to-date insights into the issues and trends that impact local, regional, and global markets. Attendees will hear from distinguished speaker Robert S. Keebler, CPA/PFS, MST, AEP on key long-term planning to best serve your clients. CFP credits will also be made available. (10/29) Business & Industry Conference Now all virtual. The Business & Industry Conference will give not only CPAs but all financial professionals in the business and industry sectors updates on recent trends. Hear economic & legislative updates as well as a discussion on navigating PPP and employee health & wellness. This year’s speakers are nationally recognized Anirban Basu and Gabrielle Bosché! You do not want to miss out, so register now! Don Farmer Seminars Skillfully combining humor and to-the-minute tax updates on high-level tax legislation, Don Farmer’s Tax Workshops will review tax developments that affect tax return preparation and tax planning. This year, THE Don Farmer as well as William Harden will take a deep dive into practical ways you can prepare for the upcoming busy season. We’ll look at the latest developments when it comes to dealing with new & recurring issues in individual, corporate and federal income taxation. Advanced Tax Institute Tax law is constantly changing. With those changes, the tax strategy CPAs give their clients must change with it – especially in an era of uncertainty. The Advanced Tax Institute exists to help high-performing lawyers and CPAs bring the best advice to their clients and their firms. Access in-depth updates on NEW tax laws and regulations across a variety of focus areas. COVID-19 Maryland details spending of federal relief funds Maryland spent more than $610 million of its federal COVID-19 relief money thus far, with the bulk going toward rent and mortgage assistance, unemployment benefits, aid to the tourism and hospitality industries, and other initiatives to offset the negative financial impacts of the pandemic, according to a new report released by Gov. Larry Hogan’s office on Tuesday. (From WJZ) Loan forgiveness not coming easily for some PPP borrowers More than $790 billion has been given out through the Paycheck Protection Program. The promise was that if business owners used the funds correctly, the loans would be fully forgiven. But so far, 6 percent of borrowers who have applied for forgiveness have been told they must pay back some portion of their loans. (From Marketplace) SBA faces potential bottleneck with millions of EIDL loans The Bipartisan Policy Center says the “sheer volume of Economic Injury Disaster Loan assistance is creating a bottleneck in the credit market.” One potential challenge with that bottleneck is the fact that the SBA usually takes the first lien position on larger EIDLs. (From the Baltimore Business Journal) Shuttered Venue Operators Grant program enters supplemental phase The Small Business Administration is raising the curtain on the next stage of the $16.25 billion Shuttered Venue Operators Grant program. (From the Journal of Accountancy) With flu coming, ‘Now is the perfect time to get the vaccine’ Thanks to masking, social distancing and quarantining, influenza was all but non-existent last year. But now kids are returning to school and adults are going back to the office, and few doctors and public health experts think the state or country will escape the flu again this year. (From The Baltimore Sun) Tax Ida victims get tax relief Victims of Hurricane Ida have until the new year to file various federal returns and make payments. The IRS is offering this relief to any area designated by the Federal Emergency Management Agency as qualifying for individual or public assistance. (From Accounting Today) • Tax deadlines extended for Anne Arundel businesses impacted by tornado IRS regulation of tax preparers gains steam Internal Revenue Service regulation of return preparers, sidelined since its prohibition by the Loving decision, is back for another try. (From Accounting Today) IRS goes undercover as a Bitcoin trader in $180,000 sting On the hunt for tax cheats, fraudsters, money launderers and dark web drug dealers, the Internal Revenue Service has sent an undercover agent to work on a market for trading bitcoin, ether and other cryptocurrency. (From Forbes) New COVID e-mail scams target tax pros The Internal Revenue Service says that tax pros need to watch out for phishing scams that use various pandemic-related themes to steal client data. (From CPA Practice Advisor) Marylanders urged to apply for tax credit Comptroller Peter Franchot has urged eligible Marylanders to act fast and apply for the Student Loan Debt Relief Tax Credit Program for Tax Year 2021. Applications must be submitted by Sept. 15. (From the Maryland Comptroller’s Office) Public practice / A&A New risks are piling up for accountants While accountants are among the unsung heroes of the ongoing pandemic recovery, the changing landscape of practice has made them vulnerable to risk. (From Accounting Today) 7 ways accounting firms can staff for busy season No matter how ingrained seasonal work has become in the accounting profession, the task of identifying and efficiently staffing capable talent to join your firm and hit the ground running is never easy. Some approaches, however, are more effective than others. (From Accounting Today) 5 mistakes to avoid in your return-to-office plans The unexpected surge of the Delta variant has complicated and delayed many accounting and tax firms’ plans for returning to the workplace. As firms deliberate what comes next, it’s important that they recognize — and avoid — some common pitfalls. (From Accounting Today) Business and industry Most companies struggling to hire workers A growing number of companies are finding it difficult to hire and retain workers, with little relief in sight, according to Willis Towers Watson. (From CFO.com) SEC panel weighs stricter SPAC disclosures An advisory panel to the Securities and Exchange Commission released a draft recommendation that the agency step up regulation of special purpose acquisition companies by mandating tougher standards for disclosure. (From CFO Dive) COVID-19 resurgence, tight labor market lead to drop in optimism Finance professionals remain optimistic overall about their businesses’ economic prospects, but that optimism is tempered by the spread of the COVID-19 delta variant and other concerns in the third quarter. (From the Journal of Accountancy) 5 steps to successful ESG reporting ESG reporting will continue to evolve until global standards are in place, but there are benefits in getting started now. These tips can help. (From Financial Management) Business property taxes: COVID-19’s effect on valuation The COVID-19 pandemic has had a well-documented effect on both real estate and business personal property values and was a transformative event during 2020. (From The Tax Adviser) Diversity and inclusion Boards need real diversity, not tokenism The U.S. stock exchange has won approval for a new rule that requires corporate boards to become more diverse. Now companies must implement that–and go beyond the numerical requirements and box-checking to create a thoughtful, purposeful solution. (From Harvard Business Review) 'The Great Resignation' doesn’t have to threaten your DEI efforts The “Great Resignation” has major implications for companies’ diversity efforts. Many talent teams that were already facing capacity issues are now struggling to fill gaps with qualified and available candidates, much less ones from diverse communities. (From Harvard Business Review) You’ve built a racially diverse team, but have you built an inclusive culture? It’s one thing to have a racially diverse team. It’s another to unleash that team’s potential to do great things in your organization. And yet there is very little guidance on how, exactly, to do the latter. (From Harvard Business Review) The future of work Don’t force people to come back to the office full time Employees want to work from home 2.5 days a week on average, according to a monthly survey of 5,000 Americans. Desires to work from home and cut commuting have strengthened as the pandemic has lingered, and many have become increasingly comfortable with remote interactions. (From Harvard Business Review) Remote work brings tax issues for employees and employers With more people working from home due to the COVID-19 pandemic, both employees and their companies are facing tax issues, even if the employee has relocated to a low-tax state. (From Accounting Today) Create an organizational culture that helps retain staff High employee turnover can cost organizations more than $2 million each year, according to research. With poll data showing that many employees are considering leaving their current jobs, companies can employ a few simple strategies to help create a culture that retains staff. (From the ASAE) From our partners Webinar: 'How to Build a 21st-Century Indirect Tax Practice' A recent study by CPA Trendlines and Avalara found that more than half of accountants surveyed agree that for their firms to succeed, their own technology and workflows must be adapted for a new, online, and cloud-based environment. But there is no road map to guide them. Join us for a panel discussion in which industry leaders will share how their firms are adapting for success. (From Avalara) 6 steps to winning more business Achieving profitable growth at your accounting firm is possible, and it might help to review how you offer your menu of services. In this infographic, Botkeeper takes a look at what a productized service menu is and what steps accounting firms can take toward offering one. (From Botkeeper) How will automation affect accounting? The most recent Practice of Now research from Sage showed that nearly half of all accounting professionals (45 percent) would like to automate repetitive, time-consuming accounting tasks such as data entry and number-crunching. Twenty percent of respondents said they were already investing in automation, while 43 percent said they plan to in the next three years. Make no mistake: Just like desktop computing in the 1980s and 90s and the Internet in the 2000s, we’re entering a time when automation is impacting the industry, whether we like it or not. (From Sage) MARYLAND ASSOCIATION OF CPAs 901 Dulaney Valley Rd, Ste 800, Towson, MD, 21204­-2683 800­-782­-2036 | MACPA.ORG Update your email preferences here