CalCPA Daily Clips
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CalCPA Daily Clips

CalCPA Daily Clips

March 2, 2021

CalCPA IN THE NEWS
Why Diverse Talent Isn’t Advancing To Leader Roles
Here are results of a report on why diverse talent still isn’t advancing to leadership roles in accounting firms, despite the recent push for continued diversity and inclusion, and presents some possible solutions.
AccountingWeb

BUSINESS
Getting ready for the workforce of the future
Leaders must prepare for the workplace shuffle that could occur once the pandemic ends. Steps to consider include identifying the most valuable employees and creating a contingency plan to handle disruption if star performers leave.
Fast Company

PERSONAL FINANCE
RMDs are in force again
Taxpayers with retirement plans that have required minimum distributions must resume those payments this year, after a hiatus last year. Here is a look at what to expect, including a discussion of timing and who is required to take RMDs.
CNBC
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If you want your retirement savings to last, consider the 5% instead of the 4% rule
You’ve most likely run across the famous “4% rule,” which suggests that if you want to make your retirement nest egg last for at least 30 years, you should withdraw 4% of it in your first year of retirement, and then adjust future withdrawals for inflation.
USAToday
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10 Smart Ways to Use Your IRS Stimulus Check
Under the American Rescue Plan, President Biden has proposed sending a third stimulus check sometime in 2021. Here are some tips on wise ways to spend the money.
AccountingWeb

PROFESSION
Accountants’ Key Role in Securing PPP Funding
Small to medium-sized businesses have weathered quite a storm over the past year and as accountants with clients in this category, these businesses are looking to you to captain the ship.
AccountingWeb
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Encourage children to consider accounting as a career
It is important to emphasize accounting as a potential career when people are young so they get early exposure to the profession.
The Clarion-Ledger
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The risks of tax season
Every filing season carries with it the very real risk of exposure to professional liability claims against preparers
AccountingToday
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Why Your Firm Needs a Realistic Succession Plan
If 2020 taught us anything, it’s that you never know what can happen in life, and the same is true when it comes to your practice. Have you prepared your firm for the future by cultivating a realistic succession plan?
CPA Practice Advisor

REGULATORY
SASB moves forward on standard-setter consolidation
The board is finalizing a merger with the International Integrated Reporting Council, while watching efforts to establish a standard-setter overseen by the IFRS Foundation.
AccountingToday

TAX
Managing the “excess compensation” tax
The new excise tax on exempt organizations’ excess compensation arrived with no warning, no transition period and no exclusions for existing compensation contracts. And it has potential to have a pronounced impact. Here’s what tax-exempt organizations and their advisers need to know.
Journal of Accountancy
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Did you invest in 2020? Here are 4 ways to minimize taxes on your investments.
Now that tax season is upon us, it’s time to better understand the ways in which your investments can cause your tax bill to increase.
USAToday
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IRS offers guidance on employee retention credit and PPP eligibility
The Internal Revenue Service released guidance Monday for employers claiming the employee retention credit for 2020 and how it relates to eligibility for the Paycheck Protection Program.
AccountingToday
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IRS Warns of Improper Corporate Domestic Production Deductions
IRS officials have issued an alert concerning amended returns and claims for the Domestic Production Activities Deduction.
CPA Practice Advisor
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COVID Pushes Tax into Spotlight as Strategy for Resilience
When Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act in March 2020, tax became an integral part of business response and planning for relief.
CPA Practice Advisor

TECH
New Excel function redefines formula building
A new function, LAMBDA, might revolutionize how users build formulas in spreadsheets.
FM

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Each weekday morning, CalCPA reviews major media sources for top headlines and links to news and information vital to CPAs and the businesses and clients they serve.

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CalCPA is the largest state accounting society in the U.S. We are a community of CPAs leading, connecting and empowering the profession for success in CA.

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