CalCPA Daily Clips

Jan. 11, 2022

BUSINESS
How finance leaders can rethink the supply chain in 2022
The slowdowns and pileups of 2021 taught a difficult lesson. By focusing on productivity, backup options and automation, companies might solve some of their supply chain problems in 2022.
FM
https://www.fm-magazine.com/news/2022/jan/how-finance-leaders-can-rethink-supply-chain-2022.html
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Will flexible work continue to carry penalties?
Before the pandemic, employees with flexible work arrangements, in many cases women, were sometimes penalized for the practice with regard to pay or promotions. The pandemic has made flexible work mainstream, but it remains to be seen whether a long-term shift occurs in how flexible work is perceived.
BBC
https://www.bbc.com/worklife/article/20220103-will-workers-continue-to-pay-a-price-for-flexibility

PERSONAL FINANCE
Can your retirement plan withstand inflation?
Certain sources of income perform better than others during inflationary periods, so it’s important to consider how specific components of a retirement plan fare when assuming a realistic rate of long-term inflation.
Kiplinger
https://www.kiplinger.com/retirement/retirement-planning/604035/factoring-inflation-into-your-retirement-plan
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Deciding between pretax and Roth accounts
When determining whether to contribute to pretax retirement plans or Roth 401(k) plans, consider the potential impact on Social Security taxes and Medicare premiums. Maintaining a mix of pretax and after-tax accounts can make sense as a way to diversify holdings.
CNBC
https://www.cnbc.com/2022/01/10/pre-tax-vs-roth-401k-theres-more-to-consider-than-you-think.html

POLITICS & POLICY
Here’s what Gov. Gavin Newsom plans to do with California’s multi-billion dollar surplus
Buoyed by another massive surplus, Gov. Gavin Newsom unveiled a wide-ranging $286 billion spending proposal for 2022–23, prioritizing more money to fight COVID-19 and tackle climate change, homelessness, the rising cost of living and other issues that plague the Golden State.
San Francisco Chronicle
https://www.sfchronicle.com/bayarea/article/Newsom-s-budget-proposal-would-add-billions-to-16765523.php

PROFESSION
2022 CES Tech Innovations for Accountants
The largest consumer electronics trade show in the world (CES) returned to Las Vegas in a hybrid format allowing for both on-site and streaming announcements designed to tout the latest technology innovations
CPA Practice Advisor
https://www.cpapracticeadvisor.com/firm-management/article/21252627/2022-ces-tech-innovations-for-accountants
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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
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Staffing trends for 2022
Learn about some obstacles and opportunities facing those looking to hire accountants in the New Year.
AccountingToday
https://www.accountingtoday.com/podcast/staffing-trends-for-2022
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Tax leaders looking for better tech skills
The vast majority of tax and finance leaders see a need for improved technology and data skills in their employees, according to a new international survey.
AccountingToday
https://www.accountingtoday.com/news/tax-leaders-looking-for-better-tech-skills
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Why You Should Stop Wasting Time on Proposals
Many CPAs and accounting professionals use proposals to entice potential clients, but they have downsides, such as discounting your services.
AccountingWeb
https://www.accountingweb.com/practice/clients/why-you-should-stop-wasting-time-on-proposals
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Choosing the Right Succession Plan for Your Client
If your client owns a business, they will need a plan for a smooth succession to avoid stress and complications down the road.
AccountingWeb
https://www.accountingweb.com/practice/practice-excellence/choosing-the-right-succession-plan-for-your-client

REGULATORY
SEC Bars SPACs From Blanket Disclaimers About Accounting Risks
SPACs can’t put disclaimers in their financial statements that their financial reporting could run afoul of U.S. accounting rules, market regulators are warning.
BloombergLaw
https://news.bloomberglaw.com/securities-law/sec-bars-spacs-from-blanket-disclaimers-about-accounting-risks?utm_source=rss&utm_medium=SLNW&utm_campaign=0000017e-2ffe-da9e-a7ff-6fffee8b0001

TAX
2022 tax filing season begins Jan. 24
The IRS announced that the nation’s tax season will start on Monday, Jan. 24, 2022, when the tax agency will begin accepting and processing 2021 tax year returns
IRS
https://www.irs.gov/newsroom/2022-tax-filing-season-begins-jan-24-irs-outlines-refund-timing-and-what-to-expect-in-advance-of-april-18-tax-deadline
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IRS Offers Compensation Tables for 2022 Plan Year
The IRS’s latest revenue ruling includes two tables for determining benefits for retirement plans that used permitted disparity.
AccountingWeb
https://www.accountingweb.com/tax/irs/irs-offers-compensation-tables-for-2022-plan-year

TECH
Ransomware: Hackers are using Log4j flaw as part of their attacks, warns Microsoft
A new China-based “double extortion” ransomware group has started exploiting the Log4Shell bug in VMware server products.
ZDNet
https://www.zdnet.com/article/ransomware-warning-hackers-are-using-log4j-flaw-as-part-of-their-attacks-warns-microsoft/
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5 free privacy tools for protecting your personal data
Here’s how to block creepy trackers, hide your email address, and more.
PC World
https://www.pcworld.com/article/553284/5-free-privacy-tools-for-protecting-your-personal-data.html