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9 posts from March 2021

CPAs are humans, too: Workplace relationships matter

Shutterstock_1494208232A human experience

I don’t love my job because of the work I do. I love my job because of who I work with and what we do for one another.

The memorable moments in my career are not the audit tasks I perform but the audit teams I am a part of and what we learn about each other. Coming out of school and into my career, traveling out of town for my first audit with strangers was a scary thought. I was nervous and didn’t want to do or say the wrong things. To my surprise, on the first night of the audit, the managing partner asked me to hang out at the hotel bar. My initial thought was, “Great, my first night and I’m going to get slammed with audit work.” But to my surprise, he took the time to get to know me.

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Do colleges prepare future CPAs? Three key insights

Shutterstock_1368244235Whether a professor has taught thousands of students throughout their career or is new to the classroom, they aim to give students a strong foundation in the relevant competencies and skills for their major and future career. As professions evolve, the curriculum to develop young minds must keep pace. The CPA profession and accounting programs are no different.

I have been in accounting academia for many years, most recently as an associate professor of accounting at Sam Houston State University. To keep my classes relevant, I have consistently modified the curriculum in response to changes in the professional environment. As an academic, it is vital to prepare students to successfully enter the marketplace.

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The IRS should move the April 15 due date

Moving target“When a man is compelled to choose one of two evils, no one will choose the greater when he might have the less.” — Plato

Well, here we are again — talking about tax busy season. It isn’t because it’s my favorite topic. But it might be one of the most important topics to tax practitioners and taxpayers. In a good year, I know tax busy season is a challenge. Both 2020 and 2021 have been, how should I say, memorable.

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5 ways to motivate your team during tax season

RitaIt’s tax season.

That means it’s showtime for CPAs, and the show must go on. You are the star of the show, and your script constantly changes, making it difficult to keep yourself up to date and focused.

So, how can you motivate the rest of your hardworking team? Many activities and steps can motivate your team. Here are five that are the most critical for success.

 

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New Year's resolution fails: Cut yourself some slack and get on track

NYFailYou made a New Year’s resolution: I will find that job that takes my career to the next level. Perhaps you want to earn that data analytics certificate since you keep hearing about the demand for data analytics skills and how data analytics is changing the profession. Or was your resolution to get through 2021 better than 2020 (fair enough)?

Now it’s March and you feel like a failure, at least on the New Year’s resolution front. Here are three steps to get back on track.

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Women strengthen the accounting profession


IWD2International Women’s Day — March 8, 2021 — is a time to celebrate the achievements of women and acknowledge the valuable insights of women in the accounting profession.

This year, we asked AICPA and CIMA members to share their perspective on the pandemic.

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Are you ready for these ESG trends?

Investors, customers and key stakeholders continue to seek reliable and transparent information on a variety of environmental, social and governance (ESG) metrics. The accounting profession Sustainability has a key role to play. Accountants within organizations play an important role in integrating critical business information; implementing and maintaining relevant processes and controls; making and enabling business decisions; and reporting to stakeholders in a holistic, integrated way. Public accountants play a critical role in providing assurance and advisory services to organizations to enhance confidence in the reported information. As influential members of almost every business, government and non-governmental organization, professional accountants are uniquely positioned to make a difference.

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COVID-19 challenges in commercial real estate audits

GettyImages-468759872Now that 2020 has concluded, many owners of commercial real estate are contending with the coronavirus pandemic’s impacts on their financial performance.

As auditors, you should recognize that the execution of financial statement audits for 2020 is going to be different from prior years, and the commercial real estate market brings with it a range of issues that you will have to be prepared for. You can expect many facets of a commercial real estate audit to feel the pandemic’s effects. The focus of this blog is on impairment considerations for commercial real estate properties.

You and your engagement team may want to make use of AICPA resources such as the COVID-19 audit toolkit and the COVID-19 accounting resources.

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7 tips to help you tackle tax season

GettyImages-506870706Around this time last year, 12 months and 135 years ago to be exact, we binge-watched “Tiger King” and pondered Prince Harry and Meghan’s royal departure. In early March 2020, we also worked through what we thought would be another conventional tax season. Remember when we were laser-focused on improving our client services and figuring out the Tax Cuts and Jobs Act (TCJA) and the term Paycheck Protection Program (PPP) wasn’t in our vocabulary? That all feels like a lifetime ago.

The COVID-19 pandemic turned our lives, communities and ways of working upside down. We grappled with remote working and technology, dealt with IRS operational issues, struggled to keep up with new tax laws and guidance and took on new advisory roles while dealing with a never-ending tax season.

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