CalCPA Daily Clips
Published in

CalCPA Daily Clips

CalCPA Daily Clips

April 22, 2022

MEMBER IN THE NEWS
(Charles Rettig quoted.)
IRS pledges to overcome challenges from overburdened tax season
Internal Revenue Service commissioner Charles Rettig told lawmakers the IRS has been working hard this past filing season during a congressional hearing Thursday as he heard first-hand testimony from their constituents about the problems they encountered.
AccountingToday
https://www.accountingtoday.com/news/irs-pledges-to-overcome-challenges-from-overburdened-tax-season

CalCPA IN THE NEWS
Accounting groups offer solutions to overcome diversity challenges
The Institute of Management Accountants, the California Society of CPAs and the International Federation of Accountants jointly released a new report on the problems with diversity, equity and inclusion in the accounting profession and ways to address them.
AccountingToday
https://www.accountingtoday.com/news/accounting-groups-offer-solutions-to-overcome-diversity-challenges

BUSINESS
How to interview employees with retention as the goal
Reengage and reenergize team members by using a one-on-one “retention review” to uncover what employees are concerned about, what they aspire to and what would make their work more meaningful.
SmartBrief/Leadership
https://corp.smartbrief.com/original/2022/04/lets-call-it-a-retention-review?utm_source=brief
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How companies can build trust with ESG
Recent events and regulatory moves illustrate a need to incorporate environmental, social and governance factors into organizational operations. Companies should embrace top-down and bottom-up approaches to build trust and to hone ESG credentials.
Fortune
https://fortune.com/2022/04/20/esg-sec-cyber-environment-leadership-corporate-governance-investing-jamie-gamble/

PERSONAL FINANCE
How to plan for part-time retirement
Some people nearing retirement opt to continue working part time or to pursue opportunities. Such a step requires financial and tax planning, as well as securing the right employment situation.
Kiplinger
https://www.kiplinger.com/retirement/604568/3-strategies-to-help-you-plan-a-successful-semi-retirement
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Nearly Half of Americans Are Falling Into This Social Security Trap
Social Security can be a complicated topic, but knowing at least the basics about how the program works can make it easier to maximize your monthly payments
The Motley Fool
https://www.fool.com/retirement/2022/04/22/half-of-americans-social-security-trap/

POLITICS & POLICY
California streamlines workplace pandemic rules — including masking and exclusion pay
California workplaces will see some minor changes to coronavirus prevention procedures under new rules adopted that will last until year end.
San Francisco Chronicle
https://www.sfchronicle.com/california/article/California-streamlines-workplace-pandemic-rules-17118222.php

PROFESSION
Audit quality indicators show importance of tone at the top
Setting the appropriate tone at the top and deploying personnel properly are among the most important factors in helping CPA firms perform quality audits, according to a survey on audit quality indicators performed by the AICPA.
Journal of Accountancy
https://www.journalofaccountancy.com/news/2022/apr/audit-quality-indicators-show-importance-tone-at-top.html
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Do you have the right people in the right seats?
Two-plus years into the pandemic, it’s clear our profession will never be the same. Not only have firms been forced to adjust to a mostly (or entirely) remote workforce, they’ve had to adjust to mostly remote client relationships. Add to that a tidal wave of boomers retiring, a younger workforce not willing to “pay their dues” the same way, an unprecedented war for talent and private equity disrupting the way firms expand and grow, and it can feel like our world is going off the rails.
AccountingToday
https://www.accountingtoday.com/opinion/do-you-have-the-right-people-in-the-right-seats
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AI and tax automation can spark fresh ideas for businesses
While it’s well known that artificial intelligence and automation make compliance easier and reduce manual processes, what’s less well understood is how to harness the technology to gain a richer experience that sparks innovation in business processes.
AccountingToday
https://www.accountingtoday.com/opinion/ai-and-tax-automation-can-spark-fresh-ideas-for-businesses
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Why You Should Fix Your Tax Season Workflow Now
Each year, it’s crucial to examine how things went during the busy season. Your workflows could always use a critical eye, even if you think this tax season was better than last year’s.
AccountingWeb
https://www.accountingweb.com/practice/practice-excellence/why-you-should-fix-your-tax-season-workflow-now

TAX
How to determine whether you need to adjust withholdings
If you were left with an unexpected liability after filing your tax return, it might be a sign you need to update withholdings to avoid a similar fate next year, advisers say. Getting a new job, having a child or undergoing some other major life event might mean a need to review withholdings.
CNBC
https://www.cnbc.com/2022/04/21/hit-with-an-unexpected-tax-bill-its-time-to-adjust-your-withholdings.html

TECH
Cybercriminals use fresh tactics against the cloud
Cybercriminals are launching more sophisticated assaults against vulnerable cloud environments, security firm Aqua Security says. Researchers have found cryptominers are the most prevalent type of malware, but back doors and worms also are common.
TechRepublic
https://www.techrepublic.com/article/cybercriminals-finding-new-target-cloud-environments/

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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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