CalCPA Daily Clips

Jan. 7, 2022

BUSINESS
Businesses face employee illness amid tight labor market
As COVID-19 continues to spread, employees are getting sick and calling out, causing businesses in certain industries to close or reduce hours. Such sick leave is heightening companies’ problems in hiring and retaining staffers amid a tight labor market.
CNN
https://www.cnn.com/2022/01/06/economy/business-jobs-workers-omicron/index.html
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Why a CFO needs to wear 2 hats
Finance leaders need to embrace creativity, as well as compliance, during this time of transformation.
Journal of Accountancy
https://www.journalofaccountancy.com/podcast/cpa-news-cfo-two-hats.html
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What younger employees miss during remote work
Many companies are letting employees work from home amid the latest wave of the pandemic. For younger workers, this might not be an ideal long-term solution, because they could be missing out on valuable network-building opportunities and connections with colleagues.
CNBC
https://www.cnbc.com/2022/01/06/young-employees-are-losing-out-on-a-lot-by-not-going-to-the-office-business-experts-say.html
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5 ways finance teams can elevate their businesses in 2022
It’s a valuable time for businesses to reflect on the challenges of the last couple years and prepare for how the pandemic will continue to impact their businesses in the year ahead.
AccountingToday
https://www.accountingtoday.com/news/5-ways-finance-teams-can-elevate-their-businesses-in-2022

PERSONAL FINANCE
Why HSAs are powerful retirement savings vehicles
Health savings accounts are a valuable tool that can prepare an account holder for not only current health costs but also retirement. Here is an explanation of how these triple-tax-advantaged accounts work and why they are valuable for long-term savings.
Kiplinger
https://www.kiplinger.com/personal-finance/insurance/health-insurance/health-savings-accounts/604023/the-ultimate-retirement
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How much money should you contribute to your Roth IRA in 2022?
Contributing to a Roth IRA (individual retirement account) can be a smart way to ramp up your retirement savings. It’s a nice addition to a 401(k), 403(b), and other employer-sponsored retirement plans. But the key to maximize your benefits is to contribute as much as possible before your window of opportunity expires.
USAToday
https://www.usatoday.com/story/money/personalfinance/retirement/2022/01/07/how-much-should-you-contribute-to-roth-ira-in-2022/49611527/
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What 3 Things You Should Not Be Doing With Your 401(k) Now
It’s easy to say that you should save as much as you can while you can. But when fear rules the roost, that maxim flies away.
Forbes
https://www.forbes.com/sites/johnwasik/2022/01/07/what-3-things-you-should-not-be-doing-with-your-401k-now/?sh=275825181272

PROFESSION
Cryptocurrency Considerations for CPAs
Cryptocurrency is becoming increasingly popular as a payment method and investment opportunity, which means CPAs will be dealing with this technology more frequently.
CPA Practice Advisor
https://www.cpapracticeadvisor.com/accounting-audit/news/21252302/cryptocurrency-considerations-for-cpas
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Tax pros should prepare for ‘grueling’ year: NATP
Complex taxes, IRS backlog, and more taxpayers seeking professional help will lead to a tough season.
AccountingToday
https://www.accountingtoday.com/news/tax-pros-should-prepare-for-grueling-year-natp
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‘Great Resignation’ Hitting Accounting Industry Hard
A severe talent shortage caused by the “Great Resignation” will be the most important issue affecting accounting work in 2022, according to three senior accountants.
BloombergTax
https://news.bloombergtax.com/daily-tax-report/great-resignation-hitting-accounting-industry-hard-podcast
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Checklists or questions — a key to increasing value
Breakthroughs occur when you focus on simplification, rather than complexity. In many cases, complexity and the sheer volume of knowledge (rules and regulations) have exceeded an individual’s ability to deliver the benefits of that knowledge in an understandable, reliable and profitable manner. This is the primary reason professionals and their clients are looking for tools and shortcuts to sustain success and remain relevant. Artificial intelligence and machine learning are starting to impact many processes in firms and their clients
AccountingToday
https://www.accountingtoday.com/opinion/boomers-blueprint-checklists-or-questions-a-key-to-increasing-value
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Does Your Client Need a Financial Advisor?
If you’re an accountant with clients who see a financial advisor, you may be wondering whether they’re paying for a service they don’t need or whether you need to collaborate with their other advisors.
AccountingWeb
https://www.accountingweb.com/practice/clients/does-your-client-need-a-financial-advisor

REGULATORY
GASB to consider governmental going concern standards
Severe financial stress affects state and local governments differently from other entities, research by the Governmental Accounting Standards Board has found. The board has decided to undertake a major project on accounting and financial reporting for going concern uncertainties and severe financial stress.
Journal of Accountancy
https://www.journalofaccountancy.com/news/2022/jan/gasb-to-consider-governmental-going-concern-standards.html