Archive for the ‘AICPA’ Category

Thursday, April 2nd, 2020

Continuous Testing For The CPA Exam

“Testing leads to failure, and failure leads to understanding.” – Burt Rutan

We are hearing a lot about testing, COVID-19 testing. But here is some good news about testing.

If you have been working in pubic accounting for a while you are aware that the CPA Exam has evolved and changed as society and resources have changed.

Beginning July 1, your firm’s candidates will not be confined to a designated time frame.

This from the Journal of Accountancy:

A new “continuous testing” model for CPA Exam candidates is scheduled to make its debut on July 1, the National Association of State Boards of Accountancy (NASBA) announced Tuesday.

Under the continuous testing model, candidates will have the ability to take the exam year-round, without restriction, other than waiting to receive scores from previous attempts of the same section or when there is a major change to the exam.

Continuous testing will replace the existing CPA Exam testing window model, which limits candidates to testing during designated time frames in each quarter during the year.

NASBA is continuing to serve as a resource to the boards of accountancy as they advocate for the legislative changes needed to enable the transition. Of the 55 U.S. accountancy jurisdictions, just one (South Carolina) is expected to be unable to offer continuous testing before 2021.

Read the entire article here.

  • I'm forever testing myself. As a person and as an actor, I have no sense of competition.
  • Michael Caine

Friday, March 20th, 2020

AICPA ENGAGE Conference – Cancelled

“We must accept finite disappointment, but never lose infinite hope.” – Martin Luther King, Jr.

News from the AICPA about one of their largest conferences:

AICPA and CIMA to Postpone ENGAGE 2020 Due to Coronavirus Pandemic

Accounting and Finance Event to Be Rescheduled Later This Year

NEW YORK (March 19, 2020) – ENGAGE 2020, one of the largest accounting and finance conferences in North America, will be postponed until later this year due to concerns about the coronavirus pandemic. The event is sponsored by the American Institute of CPAs (AICPA) and the Chartered Institute of Management Accountants (CIMA).

The original date for ENGAGE 2020 was June 7-11 in Las Vegas. Details on the timing and format of the rescheduled event are still being set, as the situation surrounding the outbreak is fluid.

“We want our attendees, staff, and speakers to be safe, so this is the most prudent step to take at this point,” said Clar Rosso, executive vice president for engagement and learning innovation at the Association of International Certified Professional Accountants, the global organization comprised of the AICPA and CIMA.  “We also know that families, small businesses and companies of all sizes will be depending on CPAs and management accountants to help guide them through unexpected financial and economic challenges in the weeks ahead, so we are bearing that in mind, too.”

Given the restrictions on normal activities, the AICPA and CIMA continue to explore ways to support our members in their professional and personal development through expanded digital offerings and other virtual learning opportunities. More information will be available on these enhanced options soon.

ENGAGE 2020 attendees who are already registered and others interested in details about the rescheduled event can sign up for updates on aicpaengage.com. More information about the postponement, refunds, and other policies can be found in a FAQ on the site.

Several other upcoming AICPA conferences will also be postponed, including the AICPA CFO Conference, which will now be held Sept. 16-18 at the Loews Coronado Bay Resort in San Diego, Calif., the AICPA Employee Benefit Plans Conference and the AICPA Not-for-Profit Industry Conference, with the latter two reschedulings still to be determined. Please visit aicpaconferences.com for more information on events in the weeks ahead.

  • During my New York run, I injured my voice badly. I was getting increasingly hoarse, and it finally gave up. The doctor said I had two choices. Either cancel things, or try my luck and perhaps never speak again. That's not much of a choice.
  • Trevor Noah

Thursday, March 12th, 2020

Important News From The AICPA

Here’s a press release:

AICPA Calls for Tax Relief for Individuals and Businesses Amid Coronavirus Pandemic

WASHINGTON, DC, March 11, 2020 – The American Institute of CPAs (AICPA) today called for the Treasury Department and the IRS to provide relief to all taxpayers in light of the uncertainty and challenges caused by the spread of the Coronavirus (COVID-19) pandemic.

Specifically, we request that Treasury and the IRS consider the following recommendations, which will provide extensive relief to millions of individuals and businesses:

Individuals

  • Broad Relief: Extend certain deadlines falling on or after March 15, 2020 and before October 15, 2020 to give individuals additional time to file and make payments through October 15, 2020.
  • Automatic Extension: Provide an automatic extension to October 15, 2020, without the need to file any forms or request an extension.
  • Penalties & Interest:
    • Waive late payment penalties if at least 70% of an individual’s current tax due is paid by April 15, 2020.
    • Waive interest through October 15, 2020.
  • Other Relief:
    • Waive underpayment penalties for 2020 estimated tax payments if paid by September 15, 2020.
    • Extend the IRA contribution deadline.

Businesses

  • Broad Relief: Extend certain deadlines falling on or after March 15, 2020 and before October 15, 2020, to give businesses additional time to file and make payments through October 15, 2020.
  • Automatic Extension: Provide an automatic extension without the need to file any forms or request an extension.
  • Penalties & Interest: Waive late payment penalties and interest through October 15, 2020.
  • Other Relief: Provide appropriate relief for all businesses and tax-exempt organizations regarding elections and filings (including payroll, excise tax, etc.).

“We are hearing from our members that they and their clients are experiencing great uncertainty about this year’s tax filing season.  Our recommendations will help give taxpayers, large and small, much-needed relief in the midst of this fast-moving emergency situation,” said Edward Karl, AICPA Vice President of Taxation.  “We continue to closely monitor the Coronavirus pandemic and thank the Treasury Department and IRS for their commitment to the welfare of all taxpayers.”

  • Panic causes tunnel vision. Calm acceptance of danger allows us to more easily assess the situation and see the options.
  • Simon Sinek

Thursday, January 23rd, 2020

CPAs Can Move On To Other Adventures

“Sooner or later we’ve all got to let go of our past.” – Dan Brown

Many of you may know Tommye Barie, CPA, former Chair of the AICPA.

Here’s a press release from CPA.com about Ms. Barie:

Former AICPA Chair Tommye Barie to Join CPA.com Board

NEW YORK (Jan. 22, 2020) –Tommye E. Barie, CPA, former chair of the American Institute of CPAs, has been named to the board of directors of CPA.com.

Barie has a proven track record of leadership with various organizations. She’s spent her career as a CPA focusing on audit and consulting services for governmental entities and not-for-profit organizations, primarily as a partner with Mauldin & Jenkins LLC, a Top 100 accounting firm based in the Southeast, where she founded the firm’s client advisory services practice.

“Tommye knows how to build an advisory services practice from the ground up and also has over 30 years of experience as an audit and assurance partner,” said Erik Asgeirsson, president and CEO of CPA.com. “Her expertise in both these practice areas brings a great breadth of experience to our board as we advance our Dynamic Audit Solution and client accounting services initiatives.”

As chair of the AICPA from 2014-15, Barie focused on continued relevance for the profession, particularly through the ability to spot trends and new opportunities for growth, such as a deeper application of data analytics and new specializations in technology consulting.

Her thought leadership on culture, strategy and innovation led to Barie being recognized as one of Accounting Today’s 100 most influential people in the accounting profession. Additionally, the Michigan Society of CPAs recognized her with their Outstanding Visionary Award.

Barie currently is executive vice president of leadership development at the Succession Institute, a consulting firm that specializes in strategy, executive development and succession planning.  She is also past chair of the Florida Institute of CPAs, and a current board member of the International Federation of Accountants (IFAC) and Stetson University’s board of advisors.

  • The truth is, unless you let go, unless you forgive yourself, unless you forgive the situation, unless you realize that the situation is over, you cannot move forward.
  • Steve Maraboli

Wednesday, December 18th, 2019

Interesting News From the AICPA

“Honesty and integrity are absolutely essential for success in life – all areas of life. The really good news is that anyone can develop both honesty and integrity.” – Zig Ziglar

Here are some announcements & releases shared by the AICPA recently:

At the recent Digital CPA conference, CPA.com announced a partnership with Lukka to offer a crypto-asset solution, LukkaTax. As you know, there is a growing need for firms to understand the crypto-asset category, which was greatly accelerated with the recent IRS notices; this new service offering will provide firms with a virtual currency tax prep tool for growing client needs. Also on the blockchain front, they released their latest report on the 2019 Blockchain Symposium. Here is a link to a PDF for your reference.

They also announced the expansion of the OnPoint A&A Suite to include 3 standalone solutions including OnPoint Collaborate, OnPoint AnalyticsAI, and OnPoint EBP.

  • Advertisements contain the only truths to be relied on in a newspaper.
  • Thomas Jefferson

Tuesday, December 3rd, 2019

My Ramblings About Mergers

“A dream doesn’t become reality through magic; it takes sweat, determination and hard work.” – Colin Powell

You have observed it. In the last several years, many mid-size firms have merged-up into the Top 100 (the AICPA calls this group the Major Firms Group).

The firms in the Major Firm Group have also joined forces to form even larger CPA firms. It is an interesting time in the CPA profession. The big get bigger and many firms I have known and admired for years have disappeared.

An interesting statistic from the AICPA, almost 40% of the Major Firms Group from the year 2000, no longer exists.

This week’s announcement about Skoda Minotti joining Marcum brought all this to mind. Read the press release here. Marcum has had phenomenal growth and success under Jeffrey Weiner’s leadership.

So, mid-size firms are disappearing. However, mergers don’t always lead to a happy life once the honeymoon is over. A lot of the big mergers will result in spin-offs and smaller firms will form and thrive.

  • I always say, complacency is the kiss of death.
  • Shari Redstone

Tuesday, October 29th, 2019

Digital CPA

“The majority of meetings should be discussions that lead to decisions.” – Patrick Lencioni

Here’s the press release from the AICPA about the upcoming Digital CPA conference. Digital CPA is the leading conference for practitioners curious about technology and its impact on the accounting landscape. Together we’re challenging business models, transforming practice areas and driving innovation across the profession.

CPA.com Announces 2019 Digital CPA Conference Keynote Lineup

Innovation Futurists and Leadership Experts Offer Insights at Dec. 9-11 Event

NEW YORK (Oct. 23, 2019) – Innovation is reshaping the traditional areas of practice in the accounting profession, and CPAs who want to position their firms for success can gain the latest intelligence and insights about this shift at the 2019 Digital CPA Conference, sponsored by the American Institute of CPAs and its technology arm, CPA.com.

This year’s conference will be held just outside Seattle at the Hyatt Regency in Bellevue, Wash. The Dec. 9-11 event is organized around the theme “Age of Innovation,” and includes sessions on the shift to advisory services across all core areas of the CPA firm, such as audit and assurance, tax, and accounting services.

Keynote speakers at the event include:

  • Lisa Bodell, founder, and CEO of FutureThink, a global consulting firm that helps companies eliminate red tape and busy work and adopt simplicity as an operating model to unleash innovation.
  • Pascal Finette, chair of Open Innovation and Entrepreneurship at Singularity University and co-founder of radical Ventures, a firm that takes the long view on the impact of technological change. Pascal will share insights and future trend predictions from his year-long collaboration with CPA.com in a program called “Navigating the Future,” which is designed to help CPA firms prepare and prosper from exponential change.
  • Steven Robbins, founder of S. L. Robbins and Associates, a firm that studies human behavior, who will talk about how inclusion, leadership and the “power of caring” are key drivers of productivity and innovation.

Further rounding out the speaker lineup are Barry C. Melancon, CPA, CGMA, president and CEO of the American Institute of CPAs, will provide a professional issues update, and Erik Asgeirsson, president and CEO of CPA.com, will give a “state of the union” on Digital CPA trends.

The Digital CPA Conference is designed for CPA firm partners, managers and, staffers responsible for rolling out cloud solutions, and business development, firm marketing and human resources directors within firms.

Reporters interested in covering the event can apply for on-site press credentials or arrange for online access to live broadcasts. Members of the media can contact Jeff May, jeffrey.may@aicpa-cima.com, for more details.

For more information about the conference, please visit digitalcpa.com.

  • Learning is not attained by chance, it must be sought for with ardor and attended to with diligence.
  • Abigail Adams

Monday, October 7th, 2019

National Tax Conference – FYI

“It’s income tax time again, Americans: time to gather up those receipts, get out those tax forms, sharpen up that pencil, and stab yourself in the aorta.” – Dave Barry

The quote above is for those of you preparing extended 1040s!

Here’s a press release from the AICPA:

SAVE THE DATE: AICPA National Tax Conference

Washington, D.C. (October 3, 2019) – This November, the American Institute of CPA

s (AICPA) will host its annual National Tax Conference. Press registration includes access both online and in-person access. Please mark your calendars.

WHAT:            2019 AICPA National Tax Conference

WHEN:            November 13-14, 2019                                                          

WHERE:         The Marriott Marquis, Washington, D.C.

INVITED:                   

  • Charles Rettig, IRS Commissioner
  • Michael Desmond, IRS Chief Counsel
  • Rochelle Hodes, Washington National Tax Office Crowe, LLP
  • Tony Nitti, Partner, RubinBrown LLP

TOPICS INCLUDE:

  •  Using Machine Learning to Predict Outcomes in Tax Law
  •  Treasury and the TCJA
  •  Small Business Exceptions and the Tax Shelter
  •  Lessons Learned from the 1st Year of Filing After TCJA                             

CONFERENCE SCHEDULE: Current information about speakers and conference topics including full agenda may be found here

 

Note: AICPA Fall Tax Division Meeting will take place at the Marriott Marquis on November 15th. These meetings are open to the press but not accessible via the internet.

 

  • I'm proud to pay taxes in the United States; the only thing is, I could be just as proud for half the money.
  • Arthur Godfrey

Tuesday, October 1st, 2019

PCPS 2019 Top Issues

“If your only tool is a hammer then every problem looks like a nail.” – Abraham Maslow

I should have shared these sooner. 2019 is passing by too quickly.

How does your firm line-up? Hopefully, you have addressed some of these issues this summer.

2019 PCPS Top Issues

Sole Practitioners

  1. Keeping up with changes and complexity of tax laws
  2. Managing privacy / security risks
  3. Keeping up with changes in technology & managing associated costs
  4. Technical training of owners / partners and staff
  5. Seasonality / workload compression

2 – 5 Professionals

  1. Finding qualified staff
  2. Keeping up with changes and complexity of tax laws
  3. Managing privacy / security risks
  4. Seasonality / workload compression
  5. Developing & executing a succession plan

6 – 10 Professionals

  1. Finding qualified staff
  2. Keeping up with changes and complexity of tax laws
  3. Seasonality / workload compression
  4. Managing privacy / security risks
  5. Developing & executing a succession plan

11 – 20 Professionals

  1. Finding qualified staff
  2. Keeping up with changes and complexity of tax laws
  3. Seasonality / workload compression
  4. Retaining qualified staff
  5. Managing Privacy / security tisks

21+ Professionals

  1. Finding qualified staff
  2. Retaining qualified staff
  3. Managing work/life balance initiatives
  4. Owner / Partner accountability & unity
  5. Seasonality / workload compression & Managing privacy/security risks

 

  • There's no use talking about the problem unless you talk about the solution.
  • Betty Williams

Tuesday, September 3rd, 2019

Changes in Hiring and in Technology

“Every business is having to transform today, no matter the size,” Melancon explained. “It’s up to us to transform to meet those expectations.” – Barry Melancon, CEO AICPA

Unless you have been living under a rock, you have noticed that the future of the CPA profession means if you haven’t refocused your practice on consulting you won’t be successful in the future.

I don’t really believe that the move to significantly more consulting is happening (or will happen) as rapidly as the leaders of the profession predict. From my years of experience with CPAs, the majority always proceed with caution.

It is true that public accounting firms are hiring more non-CPAs and that is a current trend that will definitely continue. These non-CPAs will bring more consulting opportunities and skills into firms.

The current pyramid model in most firms will move to more of a diamond shape. The base-level tasks will be automated or outsourced. The middle level of experts an consultants will grow and the ownership group, at the top of the diamond, will still be the smaller elite.

A different kind of hiring is just one change. Another major change lies in technology. Firm leaders must be willing to invest more than ever in technology. They must also invest time in learning and relearning to keep pace with the technology available.

Read more about all this in this informative article by Danielle Lee via Accounting Today.

 

  • The ability to learn will be one of the most important skills for accountants going forward.
  • Barry Melancon