Journal of Accountancy Podcast

"If anybody wants to accomplish anything, at some point, they have to believe it's possible." Those are the words of this episode's guest, mental performance coach Chris Palmer. He discusses why belief is important, how it can be confused at times with arrogance, and why growing a sense of belief in ourselves can be done. Also, get an update on several IRS-related issues, including an update to Schedule K-2 and Schedule K-3 FAQs and news of a Government Accountability Office report on the 2021 tax filing season.

John Garrett is rarely at a loss for words. A former CPA turned stand-up comic, Garrett these days is a speaker, podcast host, and author, and he's a repeat guest on the Journal of Accountancy podcast for good reason. This episode puts a 2022 spin on two previous discussion topics: advice for presenting to groups and the tie-in between outside passions and work. And make sure to listen to Garrett's wardrobe story before packing for that in-person work meeting or conference. Also, hear a summary of news from the IRS commissioner's testimony at a Senate Finance Committee hearing.

Floyd Amuchie, CPA, has been the corporate controller at Virgin Galactic, the space travel company, for about a year. In this episode, Amuchie discusses his early fascination with astronomy, why the phrase "lift as you climb" is meaningful to him, what parenting a newborn was like during the pandemic, and why "invest" is part of his career advice to aspiring CPAs. Also, hear a summary of two recent news items related to the IRS: The IRS has eased the application process for U.S. residency certification. The IRS issued proposed regulations that would revise the premium tax credit's affordability test.

CFOs and other finance leaders "are all on the same quest" to transform finance into more of a value partner, according to Tom Hood, CPA/CITP, CGMA, executive vice president–Business Engagement and Growth for the Association of International Certified Professional Accountants. Hood's 2021 conversations with finance leaders led to the formation of the Future of Finance Leadership Advisory Group, which continues to grow in numbers and share knowledge about what it will take to upskill its talent and transform the finance function. In this podcast episode, Hood shares insights coming from the group's recent virtual meeting and explains the vision for 2025 and beyond.

Chris Ortega is speaking on multiple topics at AICPA & CIMA ENGAGE in June. One topic is a guide for CFOs on people and process optimization. Ortega, CEO of the consulting firm Fresh FP&A and a regular speaker at financial planning and analysis events, delves into the critical role CFOs played at the start of the pandemic and why he says FP&A practices are evolving. Also, hear his advice about vulnerability and taking chances and more. Plus, get a summary of recent JofA news coverage on these topics: What companies are doing to recruit and retain employees. A closer look at how "SECURE 2.0" would expand retirement savings options. The obstacles faced by the Biden administration's proposed billionaire minimum tax. New SEC rules proposed to help investors better understand SPACs.

Transformation of the audit goes beyond simply automating rote tasks, as Amy Pawlicki, vice president–Assurance and Advisory Innovation at the Association of International Certified Professional Accountants, explains in this episode. She details some of the ways that audits can be more data driven while still complying with standards. The interview with Pawlicki is part four of a series on audit evolution in action. Here are links to the previous three parts: An introduction to the topic, including the key drivers of the transformation. A closer look at audit data analytics with two firm leaders. The importance of "digital mindset" in audit transformation.

In the midst of the Great Resignation, organizations need continued vigilance when it comes to recruiting job candidates. As it relates to the hiring of CPAs, this episode touches on advice and a new program that can help businesses cast a wider net for talent. Beth Berk, CPA, CGMA, writes in a recent Journal of Accountancy article that "hiring professionals need to go about their recruiting efforts differently than they did in years past." The article offers reminders and strategies for identifying accounting candidates. And, there's a new program that can help organizations get a head start on linking up with candidates. Joanne Fiore, an AICPA & CIMA vice president, explains the benefits of the Registered Apprenticeship for Finance Business Partners program, an effort recently approved by the U.S. Department of Labor.

Steven Harris was not always the outgoing firm leader he is today. Harris, the subject of The Last Word in the March issue of the Journal of Accountancy, said he struggled to connect with other professionals early in his career, but once he learned to be vulnerable and to listen, he was able to form strong bonds. Harris calls that connection breakthrough "magical." He shares advice on emphasizing collaboration in a hybrid work environment and discusses the talent development tie-in to bringing work back into the office. Harris also explained his affinity for OneNote and the movie The Godfather.

A rapid shift to auditing remotely was especially challenging for CPAs who audited not-for-profit entities. Those NFPs might not have had top-of-the-line technology when the COVID-19 pandemic changed so much about the world two years ago, including the ability of auditors to visit client sites. To learn more about the state of remote auditing of NFPs, hear insight from accounting firm principals Kelly Rancourt, CPA, and Deetra Watson, CPA, CGMA. Rancourt works for Clark Nuber, a firm in the Seattle area, and Watson is employed by the North Carolina firm Blackman & Sloop.

K-2 — isn't that a mountain? K2 is, but to tax professionals and with the hyphen, it's Partners' Distributive Share Items — International (and, for S corporations, a similar form), the new schedule filed with the returns of passthrough entities with "items of international tax relevance" and partners in foreign partnerships. Along with its "twin peak" of Schedule K-3, Partner's [or Shareholder's] Share of Income, Deductions, Credits, etc. — International, these formidable forms have been much discussed by CPAs and other tax practitioners lately. Here to help us better understand them is John Samtoy, CPA, who has written about Schedules K-2 and K-3 for the Tax Insider newsletter recently.

Some issues facing small CPA firms are the same as those facing large firms or other organizations — talent retention, change management, and more. But there are some issues that are specific to small firms, and potentially more acute, as explained in this Journal of Accountancy podcast episode with Carl Peterson, CPA, CGMA, the AICPA's vice president–Small Firm Interests. Also, learn about recent JofA coverage of criticism of the updated Form 1099-K reporting threshold.

Amy Vetter, CPA/CITP, CGMA, wrote in 2021 that advanced technology for CPA firms was no longer a nice-to-have option; it's a requirement. Vetter shared more about the future of tech-enabled CPA work in this podcast episode. In addition to looking forward, she also looked back — all the way to the 1930s, telling a story about her grandfather's time as a CPA and some of what she learned about him through one simple email.

Tuesday, March 8, is International Women's Day. To celebrate the day, the guest on this podcast episode is Kimberly Ellison-Taylor, CPA, CGMA, the founder and CEO of KET Solutions and a former AICPA board chair. Ellison-Taylor has seen gains for women in public accounting partnerships, and in business and industry, but she stresses that more work must be done. Ellison-Taylor also explains how women can be self-advocates, how organizations can provide opportunities for advancement, and why she disagrees with a colleague's notion that she is a "legend."

CPA decision-makers in business and industry in the United States maintained an overall positive outlook for their organizations, but plenty of factors could sour that sentiment quickly. Hear or read the analysis of Bob Sannerud, CPA, CGMA, a CFO in the Midwest, and Ken Witt, CPA, CGMA, an associate director from the Association of International Certified Professional Accountants, representing AICPA & CIMA. They discuss the reasons for optimism and pessimism in the Business and Industry Economic Outlook Survey and some of the challenges facing business in the year ahead.

How many slides should be in a PowerPoint presentation? What are some steps to ensure your presentation has a consistent format? Byron Patrick, CPA/CITP, CGMA, has answers to these questions. He's one of the Journal of Accountancy's Technology Q&A authors, the general manager at Botkeeper, and someone always looking to improve presentation skills. In this podcast episode, Patrick expands on some of his advanced PowerPoint tips from the November issue of the JofA and discusses ways to avoid common PowerPoint mistakes.

Robin Thieme, CPA/CITP, CGMA, the CEO and founder of KBS CFO, was consulting remotely well before she was forced to do so by the COVID-19 pandemic, so communicating with clients who were not in the same room was familiar. Still, the changes society and business experienced in early 2020 forced her to learn new skills and alter her communication style and strategy. In this episode, she shares advice on the value of written communication, why it's important to continue developing virtual presentation skills, and more.

In the February edition of The Last Word, Ozlem Davis, CPA/CFF, alluded to some aspects of firm ownership as being "scary." In this podcast episode, she explains more about why she had those fears, how she has overcome them, and how she escapes the pressure of work.

Calvin Harris, CPA, senior vice president of finance and CFO of the National Urban League, says he would not be in the position he is in today without the help of numerous mentors. In Part 1 of the conversation, Harris explained why donations at the National Urban League increased in 2020 and what the organization did with that revenue. In Part 2, hear more about the role mentors have played in his career, how he mentors finance professionals, and why diversity initiatives should go beyond press releases during Black History Month. Also, hear more about Journal of Accountancy articles on IRS updates related to K-2 and K-3 reporting requirements and instructions for reporting on cryptoassets.

Calvin Harris, CPA, the CFO of the National Urban League, is the Journal of Accountancy podcast guest for a two-part conversation this week. In this first part, Harris explains why the National Urban League was well positioned to receive an increase in donations at the onset of the COVID-19 pandemic in 2020, what the organization did with that revenue, and how he approaches retention and development of employees. Also, get caught up on recent JofA coverage of not-for-profits' focus on technology investment and learn more about research showing why CFOs "should learn to let go."

Tax season is well underway, and the AICPA is part of a coalition asking for the IRS to make tax filing go smoother. The coalition has made recommendations to improve IRS service issues, and in this episode those recommendations are detailed by Melanie Lauridsen, the AICPA's senior manager for Tax Policy & Advocacy. Also, get a summary of recent news coverage on IRS service challenges and the IRS reversing course on the use of facial recognition.

"We have to focus on culture," says Jennifer Wilson, partner and co-founder of Convergence Coaching LLC. She's talking about firm leaders and how they can better position themselves to take advantage of the growing opportunities related to client advisory service (CAS) offerings. Also, get article overviews on the following news items: A new process for appealing partial PPP loan forgiveness An announcement on IRS staff reassignments. Government warnings about potential cyberattacks. Comments sought by the AICPA Auditing Standards Board on a proposal related to compliance audits. An update from the AICPA Peer Review Board on clarified standards.

Two CPAs are featured in this episode, which also highlights news of a rapid rise in malware attacks related to Microsoft Excel add-ins. First, Di Krupica, CPA, CGMA, of the Association of International Certified Professional Accountants, discusses the creation of the Blockchain Universal Glossary. Next, Mark Koziel, CPA, CGMA, the CEO of Allinial Global, shares some of the ways CPA firms can integrate with technology, how business models and firm structure might change, and more.

As humans, "we are wired to see change as a warning sign of danger," says Britt Andreatta, Ph.D. Andreatta is the author of Wired to Resist and other books, and she is a speaker and consultant to a wide variety of organizations. She was a featured speaker at the Future of Finance Summit, a meeting of finance executives, in December. With all the change and uncertainty people have faced because of the COVID-19 pandemic, employees are, to use another Andreatta description, "crispy." In this podcast episode, she explains why change is difficult and why now is the time for leaders to spend even more time focusing on employee well-being.

Sales tax compliance is complicated and ever-changing. Diane Yetter, CPA, the president of Yetter Tax and the Sales Tax Institute, shares knowledge on the current landscape related to several sales tax topics. Hear or read the discussion on compliance since Wayfair, how some states are supplying resources to automate sales tax compliance, and advice for remote sellers when considering sales tax risks. Also, hear more about the AICPA's role in pointing out taxpayer frustration to the IRS, more on IRS procedures for employee status determinations, and audit committee members' opinions on audit quality.

Nancy Bagranoff, CPA, DBA, didn't think she was going to become an accountant. But a General Electric training program opened doors for her, and she learned that she was well suited to the CPA profession. These days, Bagranoff passes on accounting lessons as a university professor. Plus, learn some of the highlights of the January issue of the JofA: an overview of the annual tax filing season quick guide, knowing when and how to raise fees at your firm, and tech-based tips to improve expense reporting.

Favorite books, a craving for constant change, and building a finance "powerhouse" — all of those topics and more are part of this interview with Tanner Johnson, CPA, CGMA, vice president–Global Finance Operations at Nike. Johnson explains how his upbringing shaped him, what the phrase "there is no finish line" means to him, and how he manages a remote team. The episode is a continuation of a series of interviews from finance leaders who attended the Future of Finance Summit in December in Nashville, Tenn.

Ginnie Carlier, CPA, EY's Americas vice chair for Talent, says that leadership's focus has expanded beyond four walls and into being understanding of employees' work and home lives. In this podcast episode, hear her thoughts on developing empathy, the importance of "office hours," and why a focus on well-being is growing in importance.

One key to implementing change initiatives is understanding the why and what problem you're trying to solve, according to Jennifer Elder, CPA/CFF, CGMA. Another component, Elder says, is having a way to measure a change initiative's success. In this podcast episode recorded in Nashville, Tenn., Elder offers advice on the best approach to implementing change and comments on some of the ways organizations' change initiatives can go awry. Also, get up to date on news coverage of what's new in federal taxes for 2022, what the IRS says about digital returns and filing dates and why tax season could be frustrating. And hear a summary of a recent GASB announcement regarding going concern standards.

Pascal Finette, an entrepreneur and consultant, recently spoke at the Digital CPA Conference and the Future of Finance Summit in Nashville, Tenn. In this podcast conversation with the JofA's Neil Amato, Finette shared innovation lessons from interviews with other leaders, a story about how Pepsi quickly set up a direct-to-consumer business, and why those fortunate enough to be able to work remotely can develop a routine that leads to better quality of life.

James Miln, ACMA, CGMA, a finance executive at Yelp, identified several key takeaways from the recent Future of Finance Summit in Nashville, Tenn., which featured a collection of executives and outside experts discussing the ongoing transformation of the finance function. One point that was clear to Miln as it relates to transformation: "We're all eyes wide open this is a journey, and it is hard." His voice is one of several from the Future of Finance Summit and the Digital CPA Conference that you will hear in 2022 episodes of the podcast, which will continue to cover accounting news and trends and highlight Journal of Accountancy content, such as new FASB accounting concept statements and single audit clarity related to pandemic relief programs.

This is the Journal of Accountancy podcast's last episode of 2021. The guests in this episode are Lisa Simpson, CPA, CGMA, vice president–Firm Services at the Association of International Certified Professional Accountants, and Floyd Amuchie, CPA, the corporate controller at Virgin Galactic. Simpson provides an update on the status of several business relief programs and a look ahead to 2022 areas of focus for the AICPA Town Hall Series. Amuchie, who recently attended the Future of Finance Summit in Nashville, Tenn., shares a few lessons learned from the event (hear a previous JofA episode for more from Nashville). Also, get a quick preview of what the 2022 mileage rate will be for taxpayers to compute their deductible automobile costs.

December's Last Word feature subject in the Journal of Accountancy is Amish Mehta, CPA, partner and nonprofit practice leader at the accounting firm Friedman LLP. Mehta explains why The Shawshank Redemption is his favorite movie, more about his path to becoming a CPA, and why it's never too early to start networking. Also, hear a summary of recent analysis of the Senate Finance Committee's Build Back Better text and more on the attributes of top-performing CPA firms.

A group of finance leaders took an inward focus at the recent Future of Finance Summit in Nashville, Tenn. They also explored their vision for the finance function out to 2030. The group focused on listening, self-awareness, and staff development, among other topics. This episode will be the first of several discussions from the summit, which brought together a range of corporate and not-for-profit executives. The guests in this episode, in order of appearance, are: Tom Hood, CPA/CITP, CGMA, executive vice president of business engagement and growth for the Association of International Certified Professional Accountants; Kimberly Ellison-Taylor, CPA, CGMA, former AICPA board chair and the founder of KET Solutions; John Griffin, CPA, CGMA, senior vice president and controller for AARP; Calvin Harris, CPA, senior vice president of finance and CFO of the National Urban League.

New challenges are emerging for businesses in the United States and old challenges are persisting, according to finance decision-makers in a recent quarterly survey. Ken Witt, CPA, CGMA, and Mellissa Reed, CPA, explain some of the headwinds and also the reasons for optimism in the future.

Accounting for and auditing of digital assets is evolving quickly. This episode passes on guidance from a CPA leader on the topic. Amy Steele, CPA, is co-chair of the AICPA Digital Assets Working Group. She's also an audit partner at Deloitte & Touche LLP and serves as the firm's Global and US Audit and Assurance methodology leader for blockchain and digital assets. Steele is scheduled to present at the AICPA & CIMA Conference on Current SEC and PCAOB Developments. The conference agenda is here. The episode also includes a news roundup, touching on topics that include the latest 12-month outlook of finance executives in business and industry and some of the key tax provisions in recently passed legislation.

Hear from CPAs Maxene Bardwell and Jim Bourke in this week's episode. Bardwell, the subject of The Last Word in the November issue of the Journal of Accountancy, shares more about her career path, why there's value in volunteering and mentoring, how she brings her authentic self to work, and why there's candy at her desk. Bourke, a speaker at the Digital CPA Conference, shares insight for firms on two of his conference topics, robotic process automation and emerging advisory opportunities.

Ed Karl, CPA, CGMA, the AICPA's vice president–Tax Policy & Advocacy, has followed infrastructure legislation closely. The Infrastructure Investment and Jobs Act was passed by the House on Nov. 5 and is now scheduled to be signed by President Joe Biden. But that version is different than the version approved by the Senate in August, and there remains a companion reconciliation bill to be negotiated. Karl shares analysis on the end of the employee retention credit, the future of corporate tax rates, preparer regulation, SALT caps, and more.

Companies are still trying to find their way about 20 months after the onset of the COVID-19 pandemic. Their enterprise risk management (ERM) efforts were tested, as some risks were amplified and others emerged. Now, entities are trying to apply some of the lessons they learned along the way. CPAs Mark Beasley and Paul Walker, professors who each direct ERM-focused centers at universities, discuss how risk management is changing, what organizations are worried about today, and how they can better manage risks moving forward. Also, get updates on the formation of the International Sustainability Standards Board and these Journal of Accountancy headlines: How Investors Can Protect Against Inflation FASB Addresses Contract Assets, Liabilities Acquired in a Business Combination FASB Proposal Would Amend Interim Disclosure Requirements

The Journal of Accountancy's October cover story shares how one firm approaches succession planning. REDW is a top 200 firm with offices in Phoenix, Albuquerque, and Edmond, Okla. Christina Roderick, CPA, CGMA, is the head of REDW's tax practice, a role she assumed in July 2020. She talks about her succession journey, REDW's approach to identifying succession candidates early, and more. Also, stay up to date on news related to FASB and the IRS, and get a primer on a CPA Insider feature on a topic certain to generate discussion: Taking a nap during the workday.

Staff who aren't a good fit for your firm's culture aren't likely to stay long. In this second part of a two-part podcast, Guy Gage, founder of consulting firm PartnersCoach, talks about interview questions to ask that can determine whether a job candidate will integrate well to your culture, and other key aspects of hiring for culture.

Client advisory services (CAS) practices are growing rapidly, and Kalil Merhib, the vice president of Sales and Client Services for CPA.com, has details. Merhib discusses the recent CPA.com & AICPA PCPS Client Advisory Services Benchmark Survey along with the opportunities for firms interested in starting or growing CAS practices. Also, get a preview of the upcoming AICPA & CIMA Corporate Finance and Controllers Conference and an article on a conference session about building an anti-fraud wall, and stay up to date on news related to Social Security, the IRS, and the PCAOB.

Having a good grasp of your organizational culture can help you hire the right people and adopt the right approach to change. But determining what type of culture your firm has isn't always easy. In this first part of a two-part podcast, Guy Gage, founder of consulting firm PartnersCoach, discusses the three types of culture he sees most often in CPA firms, and ways you can tell which predominates in your firm.

Stephanie Palmertree, CPA, CGMA, saw a need for better continuing professional education at the Mississippi Office of the State Auditor. The speakers were the same every year, and the issues weren't necessarily the ones faced by staff at her agency. So, CPE offerings were revamped, becoming more meaningful and targeted. Palmertree explains the why and how of those changes, along with reasons for enjoying the Harry Potter book series and how she relies on her favorite tech tool. Also, listeners can get caught up on recent news related to a new auditing standard and new PCAOB guidance on audit evidence.

Transforming the auditing practice to be more digital requires more than just new tools. It also means a shift in mindset for firms serious about taking a digital-first approach. On this episode, the third in a series on audit evolution, Alan Langelli, CPA, lead partner of the technology industry services group at Aronson LLC, shares three key reasons that adopting a digital mindset is important.

The AICPA Peer Review Board recently issued an exposure draft that includes proposed changes to AICPA standards for reporting on and performing peer reviews. Brad Coffey, CPA, an AICPA manager, explains more about the exposure draft and what the proposed changes are designed to accomplish.

Tax practitioners haven't had it easy, with pandemic-related delays and legislative changes in the middle of tax season making their jobs more difficult. Year-end planning can't eliminate all the uncertainty, but it can help. April Walker, CPA, CGMA, lead manager on the AICPA's Tax Practice & Ethics team and host of the Tax Section Odyssey podcast, shares advice for practitioners as the calendar year winds down. Also, get a "your"/"you're" refresher, a preview of a recently published grammar quiz, and updates on news related to the IRS and the PCAOB.

In the September issue of the Journal of Accountancy, Marie Brilmyer, CPA, said in The Last Word: "I think my greatest challenge has been in figuring out how to step back or when I need to step back." In this podcast episode, Brilmyer expands on the need to prioritize and offers advice for others who may be seeking balance. Also, hear a preview of other JofA articles from the recent print issue and from our news page.

Several ethics-related exposure drafts are in focus in this week's episode. Toni Lee-Andrews, CPA, CGMA, the director of the AICPA's Professional Ethics Division, shares details on three upcoming EDs, a timeline for comments to the drafts, and more about the division's streamlined comment process. Lee-Andrews also previews two recent episodes of the division's Ethically Speaking podcast. Visit aicpa.org/ethics for more ethics resources. Plus, get a refresher on what makes a good cover letter, and keep up with top recent news in the Journal of Accountancy.

For the September issues of The Tax Adviser and the Journal of Accountancy, more than 2,100 tax professionals shared opinions on tax preparation software. Editors Alistair Nevius and Paul Bonner discuss details of the annual tax software survey — what CPAs liked and disliked, and the difficulties of the most recent tax season for preparers and the software companies.

Although finance executives continue to be bullish about their organizations' economic prospects, inflation and a difficult labor market are causing concern in the CPA Outlook Index in the AICPA Business and Industry Economic Outlook Survey. Ken Witt, CPA, CGMA, takes a closer look at the findings and what they mean for companies. Also, Ebonie Jackson, CPA/CITP, CGMA, shares insights on how finance professionals and accountants can lead strategic change from her recent case study. Also, you'll hear the findings from the latest CPA Firm Top Issues survey, and we'll update you on the latest from the Shuttered Venue Operators Grant program.