CalCPA Daily Clips

Jan. 20, 2022

BUSINESS
What Board Members Need to Know About ESG
Board members need to be stewards for the long term, ensuring that companies are looking at such ESG (environmental, social, and governance) factors and are on track to protect profits. Here are two great examples of such long-term thinking.
Inc.
https://www.inc.com/maureen-kline/what-board-members-need-to-know-about-esg.html
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How to combat ageism in the job search
Age-related assumptions are often made during the hiring process, with some managers weeding out candidates who might be perceived as being too old or too young for a particular position. One solution for job seekers is to remove indicators of age from their resumes, and another approach involves highlighting skills that counter age-related stereotypes.
BBC
https://www.bbc.com/worklife/article/20220118-cv-ageism-can-you-be-the-wrong-age-for-a-job
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5 ways to improve vendor communications in a supply chain crisis
Forming lasting relationships with suppliers can pay dividends, particularly during times when the bargaining power shifts away from buyers and toward suppliers.
FM
https://www.fm-magazine.com/news/2022/jan/improve-vendor-communications-supply-chain-crisis.html
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Job titles emerge for managing hybrid, flexible work
Executive-level titles are emerging that focus on managing remote and hybrid work, according to LinkedIn data, which found a 304% increase in hybrid work titles during the pandemic. Titles mentioning remote work, flexible work and wellness are also on the rise in recent years, with these positions spreading beyond HR.
Forbes
https://www.forbes.com/sites/jenamcgregor/2022/01/18/the-next-in-demand-job-title-head-of-the-future-of-work/?sh=ac860b160b88
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Employee surveillance is exploding with remote work — and could be the new norm
The expansion of worker surveillance runs the risk of shattering employees’ trust.
HR Brew
https://www.morningbrew.com/hr/stories/2022/01/19/employee-surveillance-is-exploding-with-remote-work-and-could-be-the-new-norm

PERSONAL FINANCE
Reviewing vesting schedules for 401(k) company matches
Only 41% of 401(k) plans have company matches that become fully vested right away, a Plan Sponsor Council of America survey found. Companies that don’t vest immediately use different timelines, with some going as long as six years before employer contributions fully belong to the worker.
CNBC
https://www.cnbc.com/2022/01/19/heres-why-your-401k-employer-match-may-not-be-yours-just-yet.html

PROFESSION
The Benefits of Owning a Small Firm
In the tax and accounting space, there are often questions asked about owning a small firm versus working at a big one.
CPA Practice Advisor
https://www.cpapracticeadvisor.com/firm-management/news/21253708/the-benefits-of-owning-a-small-firm
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Practitioner coalition urges IRS to step up for tax season
The groups want the service to reduce unnecessary burdens on taxpayers and tax preparers.
AccountingToday
https://www.accountingtoday.com/news/tax-practitioner-coalition-urge-irs-to-step-up-for-tax-season
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A practical guide to perfecting your tax research techniques
To optimize your accounting firm’s overall efficiency, effectiveness and productivity in researching and resolving a tax issue and determining the sustainability of a tax return filing position, the appropriate tax research processes must be meticulously designed, implemented and executed.
AccountingToday
https://www.accountingtoday.com/opinion/a-practical-guide-to-perfecting-your-tax-research-techniques
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The Importance of Soft Skills for CPAs
Have CPAs devalued relationship building with the advent of technology to efficiently communicate and connect with clients?
AccountingWeb
https://www.accountingweb.com/practice/the-importance-of-soft-skills-for-cpas

REGULATORY
Bills targeting Big Tech to go before U.S. Senate panel
The U.S. Senate Judiciary Committee is set to decide whether the full Senate should vote on two bills aimed at reining in tech giants like Alphabet’s Google (GOOGL.O) and Meta’s Facebook (FB.O).
Reuters
https://www.reuters.com/world/us/bills-targeting-big-tech-go-before-us-senate-panel-2022-01-20/

TAX
IRS issues procedures for employee status determinations
Prior guidance on Tax Court jurisdiction over Internal Revenue Service determinations of employee vs. independent contractor status is modified and superseded.
Journal of Accountancy
https://www.journalofaccountancy.com/news/2022/jan/irs-procedures-employee-status-determinations.html
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Claiming tax breaks for dependent care
People who provide care for aging relatives may qualify for special tax breaks related to medical costs and other expenses. To be eligible for certain federal tax breaks, the family member must be a “qualifying relative,” a status that involves meeting certain criteria related to their income and living situation.
CNBC
https://www.cnbc.com/2022/01/19/its-costly-to-care-for-aging-relatives-how-to-get-a-tax-break-.html

TECH
Cyberattacks on the rise as skills shortage sees law firms made easy target
Law firms, accountants, and consultancies are becoming an easy target for cyberattacks, as they lack the IT skills to protect themselves.
CityAM
https://www.cityam.com/cyberattacks-on-the-rise-as-skills-shortage-sees-law-firms-made-easy-target/
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How to use the spill range in Excel
Newer dynamic array functions in Microsoft Excel generate a range of values known as the spill range. This article explains the spill range in greater detail and describes potential errors.
TechRepublic
https://www.techrepublic.com/article/how-to-use-the-spill-range-in-excel/