CalCPA Daily Clips
Published in

CalCPA Daily Clips

CalCPA Daily Clips

Oct. 20, 2021

BUSINESS
How to Survive a Ransomware Attack
The biggest question that arises in the wake of a ransomware attack is whether to pay the ransom, and the answer is by no means easy.
CFO
https://www.cfo.com/cyber-security-technology/2021/10/how-to-survive-a-ransomware-attack/
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Iceland found success with a shorter workweek
Iceland’s research into shorter workweeks suggests that employees are more productive, focused and motivated when they shave three to five hours off their week. The experiment, which did not cut pay, may offer lessons to other countries considering similar changes.
BNN Bloomberg
https://www.bnnbloomberg.ca/the-shorter-work-week-really-worked-in-iceland-here-s-how-1.1666155
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How to build rapport with your boss
Forge a stronger relationship with your boss by asking about preferred communication methods and what you can do to maximize your potential.
Harvard Business Review
https://hbr.org/2021/10/7-questions-to-ask-your-new-boss

PERSONAL FINANCE
37% of Americans worry their emergency funds aren’t big enough: How to build one fast
If the pandemic has taught us one thing, it’s the importance of being prepared for financial upheaval.
USAToday
https://www.usatoday.com/story/money/personalfinance/budget-and-spending/2021/10/20/how-to-build-up-your-emergency-fund-fast/119062870/

PROFESSION
Making your practice into a business
Running a business is an important role and, for a practice to be elevated into a business, it needs someone at the helm to steer that ship.
AccountingToday
https://www.accountingtoday.com/opinion/art-of-accounting-making-your-practice-into-a-business
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How CPAs Can Prepare for the 2022 Tax Season
The 2021 tax season was not only busy, it was also made more complex by the pandemic and the changing laws. Accountants and their clients can’t be sure if this upcoming busy season will be as convoluted as the last, but there are steps you can take now to make tax planning and preparation simpler.
AccountingWeb
https://www.accountingweb.com/tax/irs/how-cpas-can-prepare-for-the-2022-tax-season
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Time has come for firms to cull clients
Accounting firms see many opportunities in the marketplace, but, with an already stretched workforce, they struggle to find capacity to take on additional challenges. One approach firm leaders should implement is cutting clients who are difficult to work with or who are otherwise a bad fit for the firm.
Journal of Accountancy
https://www.journalofaccountancy.com/news/2021/oct/right-size-firm-client-base.html

REGULATORY
Democrats pare back proposed IRS bank reporting requirements
Plan would raise reporting threshold to $10,000 amid criticism from some Democrats that the plan would sweep in too many people.
Politico
https://www.politico.com/news/2021/10/19/democrats-irs-bank-reporting-516237

TAX
Congressional proposal would speed disaster tax relief
The IRS has been extending tax relief to Americans affected by natural disasters like hurricanes and wildfires, but recent legislation could make it easier to qualify for federal tax relief.
AccountingToday
https://www.accountingtoday.com/news/congressional-proposal-would-speed-disaster-tax-relief
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Is It Important to Identify a Taxpayer’s Business?
The concept of a business (or trade or business) suggests details of income and expense. The receipt that triggers income may be assets other than money. But even the receipt of services can constitute taxable income that could be part of a business.
AccountingWeb
https://www.accountingweb.com/tax/business-tax/is-it-important-to-identify-a-taxpayers-business
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Videoconferencing with IRS now an option for all LB&I taxpayers
The Internal Revenue Service has announced it is expanding the availability of videoconference meetings for large business taxpayers for examinations and appeals.
Journal of Accountancy
https://www.journalofaccountancy.com/news/2021/oct/irs-expanding-videoconferencing-large-business-international-taxpayers.html
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Tips to overcome challenges of e-filing the Form 990 series
In a world where technology is rapidly advancing, moving away from paper tax filing might seem natural. However, e-filing the Form 990 series creates limitations.
AICPA Insights
https://www.aicpa.org/professional-insights/article/tips-to-overcome-challenges-of-e-filing-the-form-990-series

TECH
Microsoft 365 will tell your boss if you’re misbehaving online
Microsoft is working on a couple of updates for its productivity suite that will help businesses keep closer tabs on the ways their employees are using the web.
TechRadar
https://www.techradar.com/news/microsoft-365-will-tell-your-boss-if-youre-misbehaving-online
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5 Common Ways You’re Putting Your Company’s Cybersecurity at Risk (and How to Do Better)
Security awareness training is absolutely necessary in navigating today’s threat environment minefield, but make sure you’re not doing more harm than good.
Inc.
https://www.inc.com/ian-mcshane/5-common-ways-youre-putting-your-companys-cybersecurity-at-risk-and-how-to-do-better.html

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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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