CalCPA Daily Clips
Published in

CalCPA Daily Clips

CalCPA Daily Clips

Jan. 10, 2022

CalCPA NEWS
Stand Out & Lead: State Committee Application Period Open
Whatever your interests and expertise — from personal financial planning to government relations to accounting and auditing — we have a matching state committee. The application period to serve in 2022–23 is open through Jan. 28.
CalCPA
https://www.calcpa.org/members/committees-sections

BUSINESS
5 tips for becoming a more effective leader for a virtual workforce
Leadership skills for virtual teams are becoming increasingly essential for managers everywhere.
FM
https://www.fm-magazine.com/news/2022/jan/leading-virtual-workforce.html
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Companies plan for raises to retain workers
Some companies plan to give raises and cash bonuses to retain workers, research shows. Grant Thornton has found that 51% of companies are planning merit pay increases in excess of 5%, and The Conference Board has forecast a 3.9% increase in wage costs this year, the highest figure since 2008.
CNBC
https://www.cnbc.com/2022/01/07/many-employees-could-be-in-for-pay-hikes-of-5percent-or-more-in-2022.html
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Innovative companies listen to employees
One way to retain workers and to promote innovation is to build a culture that is open to ideas from employees. Four factors can set the stage for employee-driven ideas.
Newsweek
https://www.newsweek.com/want-build-innovative-company-give-creative-power-your-employee-1661779
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How small businesses can best compete for talent
For small businesses to create a compelling environment for employees, they must be flexible and support team cohesiveness by embracing tools for digital collaboration, productivity and online engagement.
Entrepreneur
https://www.entrepreneur.com/article/402176

PERSONAL FINANCE
Will the wrong people inherit your money?
People who neglect a need to update beneficiary designations could accidentally leave money to unintended people. Retirement plans and bank accounts are among financial vehicles to check when updating beneficiary designations.
CNBC
https://www.cnbc.com/2022/01/09/ex-spouses-can-inherit-your-money-and-other-estate-planning-mistakes.html
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How to keep inflation from sapping your buying power in retirement
While this recent bout of inflation is fairly extreme, some degree of inflation is normal, especially over time. In fact, if you’re many years away from retirement, you can bet that pretty much all of your expenses will end up rising substantially between now and the time you leave the workforce for
USAToday
https://www.usatoday.com/story/money/personalfinance/retirement/2022/01/10/how-protect-your-retirement-fund-from-inflation/49628417/

PROFESSION
Next-Gen Transitions: Building a Firm That Lasts
While preparing to transition your firm to the next generation can be challenging, CPA firms must be ready for change to ensure smooth succession and exit planning.
AccountingWeb
https://www.accountingweb.com/practice/practice-excellence/next-gen-transitions-building-a-firm-that-lasts

REGULATORY
Crypto Reporting Needs Clarity — How The Metaverse Will Help
The rise of the metaverse will accelerate mainstream crypto adoption
Forbes
https://www.forbes.com/sites/seansteinsmith/2022/01/10/crypto-reporting-needs-clarity--how-the-metaverse-will-help/?sh=5cf4652fa49f
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Treasury Dept. reveals rollout of $10B in small-business aid
The Treasury Department expects disbursements from the $10 billion State Small Business Credit Initiative to start this quarter. States, territories and tribal governments can authorize venture capital investments and initiatives to encourage lending to small businesses and groups including people of color, rural communities and veterans as long as they align with Treasury guidelines.
PYMNTS
https://www.pymnts.com/smbs/2022/us-plans-10b-in-funding-for-smb-covid-aid/

TAX
New R&D credit documentation requirements clarified
Starting today, a Sec. 41 credit claimed on an amended return must include specific information.
Journal of Accountancy
https://www.journalofaccountancy.com/news/2022/jan/new-research-development-credit-documentation-requirements-clarified.html
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Making Sense of Build Back Better For Banks
Most of the tax changes being proposed would have less sweeping impact on most community banks than initially thought.
AccountingWeb
https://www.accountingweb.com/tax/business-tax/making-sense-of-build-back-better-for-banks

TECH
Hybrid cloud hurdles — and how to address them
Mixing public cloud services with on-premises clouds is fast becoming an architecture of choice for many enterprises, which all too often fall into these common traps.
CIO
https://www.cio.com/article/302899/hybrid-cloud-hurdles-and-how-to-address-them.html
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FBI: Cyber criminals are mailing out USB drives that install ransomware
Don’t insert USB drives from unknown sources, even if they’re addressed to you in the post.
ZDNet
https://www.zdnet.com/article/fbi-cybercriminals-are-mailing-out-usb-drives-that-will-install-ransomware/

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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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