I make meatballs so delicious they’ll bring tears to your eyes, but only people who come to my house for dinner know that about me. What if I want others to know? I can post photos to social media, but that really doesn’t demonstrate the depth of my expertise.
As a CPA, you face a similar dilemma when it comes to assessing and showcasing your expertise. Of course, your need to do so is far more important and the stakes significantly higher than my need to publicize my culinary skills.
As you progress in your career, employers and clients alike expect you to continuously build your competence and stay ahead of the learning curve on regulations, standards and other changes. But how do you prove it?
AICPA digital badges can help. These graphical representations of significant achievements are linked to online descriptions that are fast becoming the standard for recognizing and publicizing your professional development.
Continue reading "Showcase Your Expertise: How Digital Badges Will Shape Your Profile" »
As you recover from yet another grueling tax season, the optimist (and realist sometimes) in me says next year will be better with fewer practitioner frustrations. After many years of AICPA tax policy and advocacy efforts, Congress enacted several AICPA-supported federal due date changes and a de minimis safe harbor of $100 of income/$25 of withholdings for corrected Form 1099s that take effect for 2016 tax returns (2017 filing season).
New Federal Due Dates
As described in detail in the AICPA summary chart, these federal due date changes should provide a more logical workflow next year. Starting with 2016 returns, business entity investors’ Schedules K-1 are due before the investors’ returns are due, and foreign account information (FBAR) is due (and can be extended) when the individual returns are due. Here’s a brief recap of the new federal tax return deadlines:
- Partnership and S corporation information returns are due March 15, providing investor Schedule K-1 information to their partners and shareholders (including corporations) before the investors’ returns are due.
- Tax returns for calendar-year corporations, individuals, trusts and estates, and FBAR are due on April 15.
- The extended due date for partnerships continues to be September 15, along with corporations (until 2026). The extended due date for trusts and estates is September 30.
- The extended due date for individuals and FBARs (and starting 2026, for extended corporations) is October 15.
Continue reading "States Moving to Conform Tax Due Dates with Federal Law" »
You consider yourself to be proactive. By age X, you have a well-thought-out estate plan. Your will states that 80% of your wealth will be distributed to your two children, while 20% will be donated to a charity close to your heart. All of this is set in stone, right?
Once estate documents are drafted, some may feel confident that their wishes and intent will always be carried out; yet, this is typically not always the case. While estate documents are static, a client’s life is dynamic and ever changing. CPA financial planners are uniquely positioned to ensure a client’s wealth transfer goals are continually being met.
Continue reading "Use a Flowchart to Illustrate Client Wealth Transfer Goals" »
May is Asian American and Pacific Islander Heritage Month, a celebration established in 1992 to recognize the culture, traditions and history of Americans of Asian or Pacific Islander ancestry as well as their achievements and contributions.
Did you know?
- The term “Asian Pacific Islands” includes more than 50 countries and ethnic groups
- According to the U.S. Census, Asian and Pacific Islanders are the fastest growing race in the nation
- About 5.4 percent of the U.S. population is of Asian or Pacific Islander descent
- As of 2007, there were 1.5 million Asian American-owned businesses in the United States—up 40 percent from 2002 (U.S. Census Bureau's Survey of Business Owners – Asian-Owned Firms: 2007, released May 2011)
Creating Environments Where Asian and Pacific Islanders Can Thrive
Within the CPA profession, there are more Asian and Pacific Islanders represented than any other minority group, including Hispanics and African Americans. Also, the numbers overall are increasing. However, the increase is small, and more can to be done to recruit and retain Asian and Pacific Islanders as well as other minority groups. In our firms, we can help promote Asian and Pacific Islanders by:
Continue reading "Asian and Pacific Islanders Have a High Degree of Cultural Diversity but Need Greater Visibility" »
As a CPA and community volunteer, I’m often asked to talk to not-for-profit boards about financial and governance topics. My presentations often generate lively discussions. Some people are surprised to learn that although it is not necessary to be a financial or business expert to serve on a board, there are some broad fiduciary responsibilities that apply to all board members. Most nonprofits are formed as corporations under their particular state’s law (I’ll leave the nuances to the lawyers), but a cornerstone of these laws is that board members owe a fiduciary duty to the corporation they serve on. A fiduciary responsibility is defined as the obligation to act in the best interest of another party, and this pertains to all matters regarding the not-for-profit, including its financial oversight. There are three basic responsibilities that apply to board members: the duty of obedience, duty of care and duty of loyalty.
Duty of Obedience
When I explain that all board members can be equally responsible and liable to safeguard the not-for-profit’s assets and interests, the response I often receive is, “The entire board? Even commissioners?” or “But I’m just a commissioner. I shouldn’t be held responsible!” The duty of obedience means board members are accountable for internal laws (that is, bylaws and policies) and all applicable external laws and regulations. For instance, the IRS can hold each board member personally liable for failure to pay certain taxes incurred by the organization. It does not matter if they are the Chair or President or “just” a member at-large; generally, all board members have responsibility.
Continue reading "How to Talk to Not-for-Profit Boards About Their Responsibilities" »