CalCPA Daily Clips
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CalCPA Daily Clips

CalCPA Daily Clips

April 25, 2022

BUSINESS
Providing opportunities for remote, in-person workers
Companies should review their performance evaluation processes and compensation to ensure a consistent approach for remote and in-person employees. Communicating with workers and creating a level playing field are key steps.
BNN Bloomberg
https://www.bnnbloomberg.ca/how-to-ensure-career-opportunities-for-remote-workers-1.1755587
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As finance’s role grows, communication skills are more vital
A new survey found the finance function’s importance has grown in the past two years. However, other members of the C-suite give CFOs lower marks on communication.
Journal of Accountancy
https://www.journalofaccountancy.com/news/2022/apr/as-finances-role-grows-communication-skills-more-vital.html
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Bargain Purchases: Causes, Timelines, and Accounting Treatment
CFOs engaging in bargain purchases need to be aware of the unique accounting treatment associated with them.
CFO
https://www.cfo.com/accounting-2/2022/04/bargain-purchases-accounting-treatment/
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The gulf between workers and managers is growing, amid the return to office
Many managers are considering cutting pay, reducing benefits, or even firing employees who don’t want to return to the office, says a new study.
FastCompany
https://www.fastcompany.com/90741173/the-gulf-between-workers-and-managers-is-growing-amid-the-return-to-office

PERSONAL FINANCE
Short-term financial planning can help amid inflation
Inflation is straining Americans’ finances, with an Experian report finding that 71% of respondents believe their pay isn’t keeping pace with rising prices. Creating a month-to-month budget is one way to regain financial control and identify potential areas to cut back.
CNBC
https://www.cnbc.com/2022/04/24/many-cash-strapped-americans-feel-sting-as-the-cost-of-living-spikes.html

PROFESSION
The Metaverse will turbocharge collaboration
Advances in processing power, bandwidth, storage space and search capabilities mean that collaboration and interac-tivity will come to define the accounting profession going forward.
AccountingToday
https://www.accountingtoday.com/news/l-gary-boomer-predicts-the-metaverse-will-turbocharge-collaboration-for-accountants
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Kindness in leadership: How to become an effective leader
Kindness isn’t always seen as a valuable trait in leadership; in fact, it’s often seen as a weakness. But the organiza-tions that thrive create a culture of open feedback, mentoring, and empowerment.
AccountingToday
https://www.accountingtoday.com/opinion/kindness-in-leadership-how-to-become-an-effective-leader
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The Best Ways to Market Your Valuation Services
High-growth firms implement insight and ingenuity to market their specialty practices.
AccountingWeb
https://www.accountingweb.com/practice/growth/the-best-ways-to-market-your-valuation-services

REGULATORY
EU reaches agreement on digital content rules
Companies such as Google and Meta will have to be more proactive in addressing illegal content, such as hate speech and material that incites terrorism, under new digital regulations developed by the European Union. The legislation, called the Digital Services Act, will also limit how users can be targeted with online ads.Full
CNBC
https://www.cnbc.com/2022/04/22/digital-services-act-eu-agrees-new-rules-for-tackling-illegal-content.html
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Must-Knows about Stock-Based Comp
New rules make it easier, but traps remain for awards that are not carefully structured.
CPATrendlines
https://cpatrendlines.com/2022/04/21/must-knows-about-accounting-for-sbc/
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SEC Releases Staff Accounting Bulletin on Accounting, Reporting, and Disclosure Obligations for Crypto-Assets
Staff Accounting Bulletin №121 provides SEC staff’s views regarding accounting treatment of obligations incident to a reporting company’s custody of crypto-assets for its platform users.
National Review
https://www.natlawreview.com/article/sec-releases-staff-accounting-bulletin-accounting-reporting-and-disclosure

TAX
Supreme Court holds Tax Court not bound by petition filing deadline
The 30-day limit under Sec. 6330(d) for petitioning the Tax Court to review an Internal Revenue Service determina-tion is nonjurisdictional and can be equitably tolled, the Court holds in the case of a taxpayer whose petition was one day late.
Journal of Accountancy
https://www.journalofaccountancy.com/news/2022/apr/supreme-court-holds-tax-court-not-bound-petition-filing-deadline.html
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R&D Tax Credits Can Help Your Clients Subsidize Software Development
Less than one-third of companies eligible for the credit even know it exists, so two-thirds are losing out.
CPA Practice Advisor
https://www.cpapracticeadvisor.com/tax-compliance/article/21265218/rd-tax-credits-can-help-your-clients-subsidize-software-development
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You might be getting a letter from the IRS — here’s why you shouldn’t ignore it
If you want your tax refund quickly, don’t ignore letters from the IRS.
CNBC
https://www.cnbc.com/2022/04/25/why-you-shouldnt-ignore-any-letters-from-the-irs.html
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NFTs Are Continuing To Cause Accounting Issues, Even After Tax Season
With the filing deadline for individual tax returns fading into the rearview mirror, it is tempting for accounting and financial planning professionals to put cryptoassets on the proverbial back burner.
Forbes
https://www.forbes.com/sites/seansteinsmith/2022/04/24/nfts-are-continuing-to-cause-accounting-issues-even-after-tax-season/?sh=2b6e60a7ed5c

TECH
Ways to create and use QR codes
QR codes can allow smartphone users to easily access information by scanning a code instead of entering a URL. This article describes the two types of QR codes and how to create them using a number of different tools.
TechRepublic
https://www.techrepublic.com/article/how-to-create-qr-codes-5-methods/
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Why blockchain is the future of the internet
Blockchain will create a trusted, unfilterable, uncensorable repository of data and information that is accessible worldwide.
InfoWorld
https://www.infoworld.com/article/3657635/why-blockchain-is-the-future-of-the-internet.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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