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9 posts from January 2019

3 reasons why all entrepreneurs should hire a CPA

Shutterstock_593385893I’ll go ahead and say it – every entrepreneur should hire a CPA. And no, I’m not just saying this because I work for the AICPA. As host of The Small Biz Brunch podcast, I’ve had the pleasure of chatting with many successful business owners – and the majority say how they couldn’t have done it without their CPA. And if someone didn’t use one, they definitely wish they had. 

Read on for three good reasons why entrepreneurs should consider hiring a CPA: 

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Evolving tech could mean evolving the CPA license

Shutterstock_1023191287Throughout 2018, you heard a lot about the changing accounting profession. The biggest driver behind all this change? Technology—what it can do for us (or to us), how to use it and the opportunities and challenges it presents.

We’re using emerging technologies to deliver our core services more effectively and efficiently, and we’re evolving the services we offer to better meet the public’s, our clients’ and our employers’ needs in a technology-driven marketplace.

And so, a couple of questions arise: Are the public, our clients and our employers better served if the CPA license and licensure process evolve to better reflect the changing marketplace? If yes, what does that look like? The National Association of State Boards of Accountancy (NASBA) and the AICPA have joined forces with state regulators, state societies, practitioners and other stakeholders to figure it out.

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Tax technology: Outpacing the pace of change

Jan 15 blog postThe world is changing, but you already know that. As CPAs, we understand the quickening pace of technological, legislative and demographic changes because we see them influencing each step of our professional lives.

To be our best, we must out-maneuver and outsmart the changes that lie ahead before they ever happen. That means finding new ways to use technology to enhance what we do and how we do it.

The AICPA Tax Section recently released a Tax Technology Resource Center to help you do just that. Here are some of the highlights of how you can embrace technology trends and make the most of the exciting progression of our tax profession.

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Plan your testing schedule with 2019 CPA Exam score release dates

The 2019 score release dates are posted and a valuable resource for candidates planning their testing schedule for coming months. There are four score release dates for each testing window. For complete information regarding scoring, please visit the Exam Scoring and FAQ pages.

The National Association of State Boards of Accountancy will release scores to boards of accountancy based upon the target score release dates listed in the tables below. Some boards may require at least one day beyond the published target release date in the table to process and release scores.

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Don't look away! Blockchain isn't so bad..

Shutterstock_1044058180I have a confession to make. Even though I get into just about anything techie, every time I see the word “blockchain,” my eyes and brain tend to glaze over. I suspect many others have the same reaction. 

Yet, we really can’t ignore it. According to Microsoft, blockchain will change the way people think about exchanging value and assets, enforcing contracts and sharing data. It’s expected to grow in importance and transform business operations – on the scale of email and websites. That means CPAs and their clients are going to feel its effects. Wanting to avoid being a “blockhead,” I dove in to see what blockchain is all about. Fortunately, Jim Barnes, a self-described blockchain evangelist, agreed to walk me through it.

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No more hitting the snooze button on revenue recognition

Shutterstock_549102646We realize you’re busy, but that doesn’t mean you can keep hitting the snooze button on the Financial Accounting Standards Board’s (FASB) accounting standards that will soon come into effect for everyone. The accounting standard that needs your attention right now is the new revenue recognition model, issued as FASB ASU 2014-09 with subsequent amendments.

Public entities are well underway with adoption of the new revenue recognition standard, as the new guidance is effective for interim and annual periods in 2018. Private companies still have some time as the guidance is effective in 2019 for annual reporting periods, and in 2020 for interim periods. This is a wakeup call, and not an opportunity to hit the snooze button yet again.

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The government has shut down, but tax season doesn’t stop

Government shutdown blog post

On January, 15, the IRS released an updated Contingency Plan recalling 57.4% of its employees to work during the filing season shutdown. Per the new plan, excepted employees now include those whose activities are necessary for the payment of tax refunds. These activities include:

  • Processing electronic returns through issuance of refunds
  • Processing Paper Refund Tax Returns through issuance of refunds
  • Processing 1040X Amended Refund Returns Adjustments including Carrybacks, Amended Returns, Duplicate Filed Returns (DUPF), Correspondence, Injured Spouse Claims, Disaster Claims, F843 Claim for Refund and Request for Abatement in support of issuing refunds
  • Processing Department of Defense Claims for refunds
  • Manual Refund Support - Clerical
  • Document preparation, screening and control of work in Image Control Team

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5 retirement planning tips for tax clients

Blog post Jan 4Successful retirement planning is all about strategy. Analyzing sources of income, estimating expenses, choosing investments and managing assets are vital to safeguarding long-term financial comfort later in life. However, one aspect of retirement planning is sometimes overlooked — tax planning.

As a CPA, you’re already helping your tax clients with their retirement planning needs, but are you doing enough? Take a moment to review these tax considerations to make sure you’re exploring all the options with your retiring clients. Then listen to this AICPA podcast for a deeper dive into the topic.

Looking at tax as part of retirement planning

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How some taxpayers are getting grounded

Passport blogJane has a problem. She has tickets to fly to Europe next week, but her back taxes may be standing in her way.

Jane owes more than $75,000 in taxes, fees and interest to the IRS. She was aware of this substantial debt but had no idea that she could lose her passport because of it. She doesn’t understand what’s going on or what she can do.

Jane isn’t alone. The number of people receiving a Notice CP508C is growing, and more than 362,000 Americans are facing passport revocation due to significant tax debt.

One of your tax clients could be next.

Continue reading "How some taxpayers are getting grounded" »

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