CalCPA Daily Clips
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CalCPA Daily Clips

CalCPA Daily Clips

Jan. 19, 2022

MEMBER IN THE NEWS
(Michael Trank quoted.)
What to Know About Filing Taxes
Tax filing won’t be as complicated as it was last year, but there are still some key changes that could affect your 2021 return.
US News
https://money.usnews.com/money/personal-finance/taxes/articles/heres-what-to-know-about-filing-taxes

BUSINESS
5 ways to communicate with clarity
As the speed of communication increases, it’s more important than ever to speak and write clearly so you and your team can accomplish your objectives.
FM
https://www.fm-magazine.com/news/2022/jan/communicate-with-clarity.html
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Developing empathy and why it’s OK to not have all the answers
Leaders need to understand their employees’ work and home lives while ensuring that staff members feel connected to their organization and their role. Learn more in this podcast episode with transcript.
Journal of Accountancy
https://www.journalofaccountancy.com/podcast/cpa-news-developing-empathy.html
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How to implement a skill-development program
A systematic approach to skill development will be needed as companies look to retain talent in the long term. Here are three strategies that can help.
Harvard Business Review
https://hbr.org/2022/01/how-to-build-a-successful-upskilling-program

PERSONAL FINANCE
Inflation wreaking havoc on your retirement budget? Here’s how to cope.
If you’re retired, you may be struggling to stick to your budget given the recent rise in inflation. If that’s the case, here are a few moves you might consider making.
USAToday
https://www.usatoday.com/story/money/personalfinance/retirement/2022/01/19/how-to-cope-if-inflation-is-wrecking-your-retirement-budget/49659069/
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Should you sign up for a ‘buy now, pay later’ plan or use a credit card?
While buy now, pay later plans don’t charge automatic interest the same way credit cards do when you carry a balance, they also make it easy to qualify for installment agreements. And that’s not necessarily a good thing.
USAToday
https://www.usatoday.com/story/money/personalfinance/budget-and-spending/2022/01/19/are-buy-now-pay-later-plans-better-than-credit-cards/49666205/
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How to incorporate digital assets into an estate plan
As people make provisions for how their estates should be handled when they die, they should consider the digital assets they own, including cryptocurrency, airline rewards and credit card points. Here is advice on how to make these digital assets accessible to heirs and how to make the process of passing them on run more smoothly.
CNBC
https://www.cnbc.com/2022/01/18/you-may-be-overlooking-what-happens-to-these-assets-when-you-die.html
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Why the employer match in your 401(k) might increase
Some midsize and large companies are looking to compete for talent by offering more generous retirement benefits, creating a potential boon for workers, according to a survey by the consultancy Callan. The survey found that 16% of these businesses plan to either reinstate company matches for 401(k) funds or boost the amount they are contributing to these accounts.
Money
https://money.com/401k-benefits-improve-great-resignation/

POLITICS & POLICY
California college students can get $10,000 for community service under new program
Sacramento college students will soon be able to participate in a new community service program aimed at helping them pay for college and reducing the amount of debt they take on.
Sac Bee
https://www.sacbee.com/news/politics-government/capitol-alert/article257452092.html

PROFESSION
How App Fatigue Can Hold Back Practice Innovation
Will app fatigue drive accountants back to integrated systems?
AccountingWeb
https://www.accountingweb.com/technology/trends/how-app-fatigue-can-hold-back-practice-innovation
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8 Actionable Digital Strategies to Grow Your Accounting Firm this Year
If you’re like many other firms, you may not know where to start with digital marketing. Here are eight strategies to help you grow your firm this year.
CPA Practice Advisor
https://www.cpapracticeadvisor.com/firm-management/news/21252593/8-actionable-digital-strategies-to-grow-your-accounting-firm-this-year

REGULATORY
The SEC’s next regulatory target could be index providers
Watchdogs warn that securities index construction is rife with conflicts of interest.
MarketWatch
https://www.marketwatch.com/story/the-secs-next-regulatory-target-could-be-index-providers-11642177134?mod=economy-politics

TAX
How cryptocurrency holders can manage their tax bill
Holders of cryptocurrency looking to manage their tax burden should be aware of an accounting method known as highest in, first out, or HIFO. This article explains this approach and why the key is keeping good records or using crypto software to track transactions.
CNBC
https://www.cnbc.com/2022/01/15/bitcoin-tax-loophole-how-hifo-accounting-reduces-irs-bill.html
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The monthly child tax credit payments are done — here’s what will replace it
As of right now, the 2022 child tax credit (which you would get when you file in 2023) is set to go back to $2,000 for each dependent age 17 or younger. The benefit is set to revert because Congress didn’t pass an extension of the enhanced benefit, nor an extension of the monthly payments.
Fortune
https://fortune.com/2022/01/18/monthly-child-tax-credit-payments-end-build-back-better-manchin/

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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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