Journal of Accountancy Podcast

Business travel is on the way back, according to survey and anecdotal data, as well as the line at airport security. Donny Shimamoto, CPA/CITP, CGMA, is someone accustomed to regular travel, with set routines and preferences. That all changed when the COVID-19 pandemic took hold, and so Shimamoto had to adapt. He reflects on what he learned from being at home and from being back in airports and onsite with a client. Also, ENGAGE 2021 panelist Jeremy Bloom, a former world champion in skiing and NFL wide receiver, shares his views on sport specialization at a young age, why our view of failure should be reframed, and what kind of skiing he prefers these days.

The COVID-19 pandemic led many CPAs and their employers to think deeply about mental health in ways they may not have before. Amber Setter, a former accountant and an International Coaching Federation–accredited professional certified coach, talks about signs someone may need to consider speaking with a professional about their mental health and what you can do if you notice these signs in someone else. She also gives advice on finding a mental health professional and suggests ways employers can foster staff's well-being.

The G7 announced a framework for a global minimum tax last week. In this episode, Amy Wang Miller, CPA, J.D., senior manager with the AICPA's Tax Policy & Advocacy team, explains what the framework means, what accounting and finance professionals can expect next, and what the future of a global minimum tax looks like. Also, we explore the growing risks and cost of ransomware with Gerry Glombicki, CPA, a director with Fitch Ratings insurance group, and how organizations should be approaching ransomware.

Many of our meetings in 2021 look far different from the meetings we had in 2019 or early 2020. That doesn't mean they can't be improved with the help of technology. In this episode, Technology Q&A co-author Byron Patrick, CPA/CITP, CGMA, shares insight into the ways that automation tools can help meetings go smoothly. Also hear some of the advice new AICPA board Chair Bill Pirolli, CPA/CFF/PFS, CGMA, has for providing excellent client service.

Several factors are contributing to finance decision-makers' growing optimism about the economy and their own businesses, according to a quarterly survey. Ken Witt, CPA, CGMA, shares insight into that positive sentiment, along with a look at hiring and the headwinds facing organizations. Also, hear the words of an AICPA & CIMA ENGAGE 2021 speaker on her path to becoming a sports agent and her advice on advocating for yourself.

In a letter to the IRS, the AICPA recently offered recommendations on six key areas of regulation of paid tax return preparers. A senior manager on the AICPA's Tax Policy & Advocacy Team explains more about why the recommendations are needed. Also, learn more about a recent popular article on delivering and receiving feedback. What you'll learn from this episode: Why it's important for the IRS to address the issue of unregulated tax return preparers. Insight into preparer tax identification numbers (PTINs) and IRS authority over them. Why the current process to revoke a PTIN can be "time-consuming and costly." An explanation of supervised, nonsigning return preparers. More on a recent JofA article about delivering and receiving feedback. News on the issuance of nonauthoritative guidance for auditing digital assets, and economic trends to watch.

Amobi Okugo, a pro soccer player, is scheduled to be part of a sports-themed panel discussion at AICPA & CIMA ENGAGE 2021. He has continued to pursue education and business opportunities off the field, and he hopes to be a role model as a "frugal athlete." Hear more about Okugo's history and his plans. Also, get a refresher on where the term "imposter syndrome" came from, how many of us it affects, and what we can do to beat it. What you'll learn from this episode: Why Okugo says that mega-millionaire athletes are anomalies. How he approached spending money when he was first chosen in the Major League Soccer draft. The agreement he made with his parents about pursuing his college degree. Tips from a recent JofA article on defeating imposter syndrome. A summary of two recent articles related to the IRS.

May is Asian Pacific American Heritage Month, and the conversation in this podcast episode is meant to celebrate that and to offer organizations reminders on how they can support employees of Asian descent. The group is sometimes referred to as Asian American and Pacific Islander, or AAPI. Lisa M. Ong, CPA, is a DEI (diversity, equity, and inclusion) consultant who says that May is always her busy season because that's when organizations most often seek an AAPI speaker. Ong shared specific advice and actions for individuals and organizations seeking to support AAPI talent. For more resources on this topic, visit the AICPA's Diversity and Inclusion page. You can also learn more about Ong's organization, Wishing Out Loud.

CPA firms are often more productive and profitable when owners work less, according to Brannon Poe, CPA, owner of Poe Group Advisors in Charleston, S.C. In this podcast episode, Poe, who has more than 15 years of experience buying and selling CPA firms, explains how delegating work can free owners to focus on what matters most. He also gives advice for determining which work you should delegate and how to do so with fewer worries.

How an organization frames the discussion around bringing staff back together in the office matters. Jennifer Wilson, partner and co-founder of Convergence Coaching LLC, expands on her recent Journal of Accountancy article about reopening mistakes for organizations. Wilson is a speaker at AICPA & CIMA ENGAGE 2021 on the topic of managing a blended workforce (view the full ENGAGE agenda here). Also, hear a reminder about playing to your strengths from another ENGAGE 2021 speaker, executive coach Rhonda Peterson.

Life and work in the pandemic era can be exhausting. Stress can make it difficult to focus on and execute your goals. ENGAGE 2021 speaker Rhonda Peterson believes taking the time to care for and nurture one's energy can improve your career success, increase your businesses' profitability, and provide a deeper sense of fulfilment. Peterson shares her tips for discovering the activities and stresses that drain your energy, making it harder to succeed, and for uncovering the endeavors that bolster your energy. What you'll learn from this episode: Why your personal energy matters and how it affects your life, business, and career. How to identify significant energy drains in your life. How to find activities that improve and boost your energy. Why managers should be paying attention to their team members' energy levels and how they can help improve them. The best way to develop a personal energy protection habit.

A recent Journal of Accountancy article by Kelly Williams, CPA, Ph.D., detailed eight ways to calculate depreciation in Excel. Williams, one of two CPA authors of the Technology Q&A feature, shares why it's helpful to CPAs to have so many methods and which one she prefers. She also talks about Flash Fill as a preview to her Excel session at AICPA & CIMA ENGAGE 2021 in July. In the second interview segment, Mark Beasley, CPA, Ph.D., says one key part of enterprise risk management (ERM) is breaking down silos. Beasley, the director of North Carolina State University's ERM Initiative, joined the JofA podcast for a discussion of lessons that can be pulled from a recent survey on risk management. An article on the survey appeared on the website of FM magazine. Also, listen to news on a proposed standard by FASB and an update on Paycheck Protection Program funding from the U.S. Small Business Administration.

CFOs and other leaders have been forced to adapt to challenging and fast-moving circumstances as a result of the COVID-19 pandemic. Tom Hood, CPA/CITP, CGMA, the executive vice president of business growth and engagement for the Association of International Certified Professional Accountants, reflects on what finance leaders have learned in the past year and previews two of his sessions at the upcoming AICPA & CIMA CFO Conference.

The IRS has issued updated guidance on several aspects of the employee retention credit. April Walker, CPA, CGMA, lead manager on the Tax Practice & Ethics team at the AICPA, touches on the highlights, including filing options for claiming the credit, an extension of penalty relief, and several key questions that have yet to be resolved. What you'll learn from this episode: What recent IRS notices have addressed regarding claiming the credit in 2021 and penalty relief. Two critical questions about the credit that have yet to be addressed by the IRS. One common mistake that a CPA firm leader says managers should avoid when delegating tasks. Updates on a bill's passage in the House of Representatives and other news.

Two featured speakers at the AICPA & CIMA CFO Conference, Josh Linkner and LaRae Quy, are sharing previews of their conference sessions in this episode. Linkner discusses how organizations can foster creativity, even in supposedly noncreative jobs, and how that creativity can lead to everyday innovation. Quy, an author and former FBI agent, shares details on the importance of mental toughness. What you'll learn from this episode: Keynote speaker and innovation expert Josh Linkner's explanation for calling himself a "creative troublemaker." Why Linkner believes we shouldn't link creativity to someone's job title. The harrowing story of an FBI agent's first ride-along and how it underscored the importance of mental toughness. The reasons our cerebral brain and emotional brain must work together. Updates on new treatment of excess premium tax credits, an extended comment period for an AICPA Auditing Standards Board exposure draft on quality management, and the Shuttered Venue Operators Grant program's rough start.

Ben Nemtin, the keynote speaker May 5 at the AICPA & CIMA Employee Benefit Plans Conference, thought he was going on a two-week road trip with some friends 15 years ago. That trip lasted years, changing his life and those of many others they encountered. Nemtin also shares why it's more important these days to talk about mental health, along with some of the inspiration he got from seeing complete strangers realize a few bucket-list dreams.

African Americans are still underrepresented in the accounting profession: Only 2% of CPAs are Black. In this second part of a two-episode podcast, we look at what the profession can do to increase the number of Black CPAs. Guests Ruth Harris, the first Black female CPA in Virginia, and Frank Ross, one of the founders of the National Association of Black Accountants (NABA), share their experiences as Black CPAs and educators, and Theresa Hammond, Ph.D., author of A White-Collar Profession: African American Certified Public Accountants Since 1921, shares her perspective as an accounting professor and scholar of CPA history. This podcast is associated with the Black CPA Centennial Campaign, a yearlong celebration and recognition of the impact of Black CPAs upon the profession.

The requirements for Paycheck Protection Program applicants who are not-for-profits are different from those for for-profit businesses. Dave Moja, CPA, a member of the AICPA Not-for-Profit Advisory Council, explains some of those differences and more about completing Form 990 and Form 941. Also, hear a section of a two-part podcast series that documents the triumphs and struggles of some of the first Black CPAs.

In this first part of a two-episode podcast, we take a look at the remarkable accomplishments of Black CPAs in the 20th century, featuring the testimony of two CPAs who witnessed Black CPA history firsthand: Ruth Harris, the first Black female CPA in Virginia, and Frank Ross, one of the founders of the National Association of Black Accountants (NABA). Theresa Hammond, Ph.D., author of A White-Collar Profession: African American Certified Public Accountants Since 1921, adds historical context. This podcast episode is associated with the Black CPA Centennial Campaign, a yearlong celebration and recognition of the impact of Black CPAs upon the profession.

Alistair Nevius, J.D., the JofA's editor-in-chief, tax, explains the differences between IRS announcements on March 17 and March 29 regarding the postponement of 1040 tax filing and payments from April 15 to May 17. He highlights what's changed, what hasn't, and one question regarding how the IRS will handle estimated tax payments on a 2020 return filed after April 15. Also, to prepare for the opening of the U.S. Small Business Administration's Shuttered Venue Operators Grant program, hear advice from Kristy Illuzzi, CPA, CGMA, a senior technical manager and staff liaison to the AICPA Private Companies Practice Section's Technical Issues Committee.

Some individual taxpayers still have forms to complete and payments to make by April 15. That's one reason the AICPA believes that the IRS extension from April 15 to May 17 didn't go far enough. Ed Karl, CPA, CGMA, the AICPA's vice president–Tax Policy & Advocacy, explains the reasons that the AICPA believes more relief should be given and why a June 15 date is more appropriate. The episode also mentions the schedule of upcoming AICPA conferences, tips for using LinkedIn, and other news.

When it comes to applications for Paycheck Protection Program loans or PPP loan forgiveness, a one-size-fits-all approach to assisting clients won't work. Some clients will need more help than others, and there are ethical implications for how CPAs provide that assistance. Iryna Klepcha, CPA, and Toni Lee-Andrews, CPA/PFS, CGMA, of the AICPA's Professional Ethics Division discuss some of the ethical questions that have surfaced as CPAs are assisting clients with PPP loan and forgiveness applications. Their guest is Kelly Hunter, CPA, shareholder at FRK & Co. and a member of the AICPA's Professional Ethics Executive Committee (PEEC). What you'll learn from this episode: Why AICPA guidance has changed since PPP applications were first available. How firms can maintain independence when assisting with preparation of documents for nonattest clients. Details on scenarios CPAs could face when clients ask them for assistance with PPP loan forgiveness applications. More from Hunter on his advice: "Don't impair independence if you don't have to." Some of the questions coming into the AICPA's Professional Ethics Division hotline.

Risk management has always been important, and it came to the forefront for many organizations in 2020. A new risk heat map tool from the Association of International Certified Professional Accountants can help measure and manage risks. Lori Sexton, CPA, CGMA, a senior technical manager for management accounting, explains some of the features of the tool and how those features can expand an organization's risk management function. What you'll learn from this episode: Explanation of a heat map's role in effective enterprise risk management. More on the risk heat map tool's addition of a qualitative aspect for evaluating risk. Why simple awareness of a risk is not enough to manage it well. Highlights of the JofA's coverage of the Paycheck Protection Program and a change in the filing deadline for individual income taxes.

"With women in particular, small moments matter." Those are the words of Lara Abrash, CPA, chair and CEO of Deloitte & Touche LLP, about how seemingly inconsequential decisions can have a big effect on how women advance in the workplace. Hear more of Abrash's thoughts on promoting diversity and on why the time was right for Deloitte to publish a new report on its workforce composition. What you'll learn from this episode: The career advice Abrash received from her mother. Abrash's advice for how employers can better support women. Why Deloitte decided to release its inaugural Diversity, Equity, and Inclusion Transparency Report. Why the AICPA is pushing for extensions to the Paycheck Protection Program application deadline and the individual tax filing date. The tax-related questions CPAs and their clients may have regarding certain 2020 unemployment benefits.

On March 1, the IRS issued guidance on the employee retention credit. April Walker, CPA, CGMA, lead manager on the Tax Practice & Ethics team at the AICPA, explains the highlights of that guidance, including how the credit interacts with PPP loans. Also, Ken Witt, CPA, CGMA, senior manager for management accounting and member engagement at the AICPA, shares the important details of the latest AICPA Business & Industry Economic Outlook Survey. What you'll learn from this episode: Key points of the 102-page guidance from the IRS on the employee retention credit. What the IRS guidance did not yet address. How finance executives feel about the domestic economy and their own businesses in the coming 12 months. The top challenges listed by CPA decision-makers. The business sectors that showed rising optimism.

Do you know the name John Wesley Cromwell Jr.? Do you know the specific businesses targeted recently for Paycheck Protection Program loan applications? This express version of the JofA podcast gives you more on those topics, along with details on an accounting alternative related to goodwill impairment that FASB is expected to issue soon. Cromwell became a CPA 100 years ago, and his story as the first Black CPA is part of a year-long effort to honor, celebrate, and build upon the progress Black CPAs have made in shaping the accounting profession. You'll also hear the voice of Lester McKeever, CPA, another pioneering Black accountant. Also, catch up on what a White House statement means in the short term for PPP loan applications. And hear from Mike Cheng, CPA, a member of the AICPA Private Companies Practice Section Technical Issues Committee, on the significance of a recent FASB accounting alternative.

Earlier in February, numerous amendments to the 2021 fiscal year budget resolution were voted on by the Senate. One of those nonbinding amendments, which passed unanimously by a voice vote, could lead to a lessening of an administrative burden for many employers and employees. The amendment related to mobile workforce legislation, introduced by Sen. John Thune, R-S.D., and supported by Sen. Sherrod Brown, D-Ohio, would extend the de minimis threshold to work in a state as a nonresident before owing state income taxes or being subject to withholding. It also would provide that during the pandemic, employers could withhold as they did prior to the pandemic or provide flexibility for employers to track where remote work is performed. It also would provide that employers would not have a nexus or apportionment impact by having a remote worker in a nonresident state during the pandemic. The AICPA has long supported and continues to support mobile workforce legislative proposals. The AICPA submitted comments in support of the bill on numerous occasions and issued a Feb. 8 press release on the passage of the Senate budget resolution amendment on mobile workforce legislation. For more on the development of mobile workforce legislation, see Yesnowitz, Sherr, and Bell-Jacobs, "AICPA Focuses Advocacy Efforts on Mobile Workforce Legislation," in The Tax Adviser. What you'll learn from this episode: Background on the AICPA's interest in mobile workforce tax legislation from Eileen Sherr, CPA, CGMA, director of the AICPA Tax Policy & Advocacy team. Why the legislation could be significant. FASB's recent response to a pandemic-related accounting concern. Several highlights from the JofA's February print issue, including more on tax penalty relief and Excel's Ideas feature.

A recent survey showed that a majority of couples have experienced relationship stress because of finances. So, how can couples openly communicate about money? Mike Landsberg, CPA/PFS, shares a few reminders. Also, Sara Lord, CPA, a member of the AICPA Auditing Standards Board (ASB), expands on the board's recent exposure draft related to quality management. The comment period on the ED runs through June 11, and comments can be sent to [email protected].

The onset of COVID-19 meant that more people became online shoppers out of necessity. Ordering groceries by phone or computer also means more of us are putting potentially sensitive information online. Robert Westley, CPA/PFS, shares advice to avoid becoming a victim of identity theft, expanding on the tips in a recent Journal of Accountancy article. Alistair Nevius, J.D., the JofA's editor-in-chief, tax, explains more on recent legislative changes to the employee retention credit. Also, the AICPA Auditing Standards Board has issued proposed standards designed to change the way firms manage quality in their accounting and auditing practices.

Paycheck Protection Program (PPP) loans and the start of tax season are two topics squarely on the minds of CPAs these days. This episode analyzes the Jan. 25 update by the U.S. Small Business Administration (SBA) about processing second-draw loan applications and looks at what recent IRS announcements mean for tax season. Kari Hipsak, CPA, CGMA, a senior manager at the Association of International Certified Professional Accountants, and Alistair Nevius, J.D., the JofA's editor-in-chief, tax, are the guests for this quick look at recent news that affects the accounting profession. What you'll learn from this episode: Why PPP loan applicants should be patient and vigilant. The practical applications of the SBA's recent update. A preview of the JofA's February print issue. What the announced date that the IRS begins accepting tax returns means for practitioners and filers. Effects of the Consolidated Appropriations Act, 2021 (CAA), P.L. 116-260, on tax season.

Earlier, Eileen Sherr, CPA, CGMA, MT, a director of the AICPA's Tax Policy & Advocacy team, discussed prospects for reversing by legislation the IRS's position regarding deductibility of business expenses paid with loan proceeds from the Paycheck Protection Program (PPP) that are ultimately forgiven. Now, that legislation has been enacted, by the Consolidated Appropriations Act, 2021 (CAA), P.L. 116-260. Sherr returns to outline that and other changes. Plus, we look ahead to possible developments during 2021 in tax legislation and pandemic relief. What you'll learn from this episode: What the CAA resolved regarding deductibility of business expenses paid by loan proceeds from the PPP, along with other AICPA advocacy priorities — and what remains unresolved. Possible emphases for tax legislation going forward from the Biden administration and the new Congress. Ongoing pandemic-related tax relief measures and advocacy at the federal and state levels.

Accountants played a crucial role in helping millions of organizations, most of them small businesses, receive $525 billion in Paycheck Protection Program loans last year. Now, the PPP is back and businesses will again be looking to CPAs for advice and assistance in accessing the program, which provides forgivable loans that borrowers can use for payroll and other essential expenses as the COVID-19 pandemic continues to roil the economy. What do CPAs need to know about the new PPP? How is it different from the program that ran for five months before its loan application window closed in August? And what should accountants be doing to help businesses access the $284 billion available in the PPP's second iteration? Those topics and more are addressed by Erik Asgeirsson, president and CEO of the AICPA's business subsidiary CPA.com, and Lisa Simpson, CPA, CGMA, the AICPA's vice president–Firm Services. What you'll learn from this episode: When lenders can start submitting PPP loan applications to the U.S. Small Business Administration. Details about the new PPP second-draw loans. Why many banks won't be submitting PPP applications at the beginning of the application period. What the AICPA has been doing to support the accounting profession with the PPP over the past nine months. Why it is important for PPP borrowers to have two paths they can take in pursuing a second-draw PPP loan. More information about the CPA Business Funding Portal (see link in resources below). What CPAs can do to help businesses prepare for increased SBA scrutiny of PPP loans. The importance of helping businesses know their E-Tran number from their first PPP loan. Why firms will play a more important role in the second round of the PPP. The importance of keeping the intent of the PPP in mind when choosing the accounting method for calculating the decline in gross receipts to determine whether a business qualifies for a second-draw loan. Whether a business seeking second-draw PPP loans must spend all its first-draw PPP loan before the second-draw funds are disbursed. That some banks may require PPP borrowers to file for forgiveness on their first loan before processing a second-draw application.

In late 2020, Robert Half's Paul McDonald delved into the hiring outlook for 2021. The second part of that conversation addresses the ways organizations can keep those already on staff during COVID-19. McDonald, Robert Half's senior executive director, says the businesses that already had strong culture in place were better equipped to adapt to COVID-19. He offers advice for managers, details on their retention concerns, and insight into what employees are looking for beyond flexible work arrangements. What you'll learn from this episode: The reasons nearly 90% of senior managers are worried about losing talent. The steps companies and managers can take to show that they value employees. Why McDonald says company culture is more like an ocean liner than a speedboat. The types of nonfinancial benefits workers are seeking in the absence of raises. The steps employees can take to make themselves more marketable. McDonald's thoughts on what office work might look like in 2022.

As the year draws to a close, many clients are pursuing charitable giving. Mike Landsberg, CPA/PFS, partner at Homrich Berg in Atlanta, discusses what he's seeing in terms of charitable giving this year, how the Coronavirus Aid, Relief, and Economic Security (CARES) Act, P.L. 116-136, has affected giving, and how clients can use giving to save on taxes while contributing to causes that matter to them. What you'll learn in this episode: Why 2020 is a good year to give to charity. (1:43) How the CARES Act has affected charitable giving. (2:47) Giving strategies clients can use to save on their taxes (5:03), even if they're not high-net-worth. (8:25) How to start talking about charitable giving with your clients. (8:59) One way to help clients specifically interested in COVID-19 relief. (11:11)

Eileen Sherr, CPA, CGMA, MT, director of the AICPA's Tax Policy & Advocacy team in Washington, D.C., discusses recent IRS guidance regarding the tax treatment of loans under the U.S. Small Business Administration's Paycheck Protection Program (PPP). This guidance holds that the amount of a PPP loan that is forgiven under the SBA's procedures is not included in the loan recipient taxpayer's gross income, but any expenses used to qualify for the forgiveness cannot be deducted on the taxpayer's income tax return as an ordinary and necessary business expense. We also look ahead to what the change in presidential administration in 2021 might spell for a broad range of taxpayers. What you'll learn from this episode: How PPP loan forgiveness is excluded from taxpayers' gross income for income tax purposes, but the IRS regards related business expenses as nondeductible. The progress of efforts by members of Congress to clarify in new legislation that the PPP forgiveness-related expenses are intended to be deductible as ordinary and necessary expenses of loan recipients. What form advocacy on this issue by the AICPA and its members is taking. How and when tax law changes proposed by the Joe Biden–Kamala Harris presidential campaign might be reflected in a proposed budget by the Biden administration.

The COVID-19 pandemic has caused unprecedented hiring freezes, job losses, or furloughs in 2020. While the outlook on hiring remains somewhat unsteady, there are reasons for optimism, according to Paul McDonald, the senior executive director at staffing firm Robert Half. In this episode, McDonald discusses the roles and certifications that are in demand, how remote work's rapid rise has affected organizations' approach to recruiting and hiring, and why the broad unemployment rate is not one that McDonald pays attention to the most. McDonald is the guest on the Journal of Accountancy podcast for the first of a two-part conversation. The second part, focusing on company culture and retention concerns, will be posted in early 2021. What you'll learn from this episode: The types of jobs that continue to be in high demand in the United States. How organizations are rethinking geographic obstacles to hiring. Why McDonald says that a preliminary discussion about salary is not a negotiation. The specific unemployment statistic that McDonald tracks. The ways organizations are adapting their pursuit of talent.

Kelly Richmond Pope, CPA, CGMA, Ph.D., is an accountant and a professor. She's also a storyteller and TEDx speaker. Keeping people engaged is a better way to educate, said Pope, an associate professor at DePaul University's School of Accountancy and MIS in Chicago. In this episode, Pope discusses another way to keep learners engaged: gamification. Turning learning into a game helps with the recall and understanding of new concepts, whether in a college classroom or continuing professional education for accountants. What you'll learn from this episode: Examples of gamification that are already part of our daily lives. How learning to drive a stick-shift car applies to gamification. Why gamification is not just for younger generations. How COVID-19 has disrupted traditional CPE and how virtual meetings could be better for learning in some cases. How a speaker's style can help maximize learning through PowerPoint slide presentations. The ways organizations can gamify CPE-worthy content such as podcasts or TED Talks.

Several months into the pandemic, we take a look at how some CPA parents are faring. They talk about the struggles they've faced, how they balance parenting and working from home, what they do to recharge, and the unexpected joys they've experienced while spending more time with their families. Our guests for this episode are Lindsay Stevenson, CPA, CGMA, and Chris Hervochon, CPA. Stevenson is vice president of finance at 1st Financial Bank in North Sioux City, S.D., founder and CEO of Origin Evolution LLC, and mom to three sons: a 19-year-old college student, a 17-year-old high school student, and a 7-year-old second-grader. Hervochon is the owner of Chris Hervochon CPA, located in Hilton Head Island, S.C., and dad to a 7-year-old boy and 4-year-old twins.

In an economic downturn such as the one that resulted from the coronavirus pandemic, not-for-profit organizations can feel pinched in two ways. People who have lost jobs or fear losing them may be less likely to donate to the NFPs at a time the services offered by the organizations are needed most. Strategies and models must be changed to find new opportunities and deal with the challenges presented on multiple fronts. Amy West, CPA, CGMA, the CFO of AHRC in New York City, shares advice on how to adapt and find new paths during tough times. West also is a member of the AICPA Not-for-Profit Advisory Council.

Corporate board work may have changed forever as a result of COVID-19. The lessons corporate directors take away from the pandemic will be critical to company survival and success beyond 2020. Paula Loop, CPA, the leader of PwC's Governance Insights Center, explains in this podcast episode how boards have been changed and what they're thinking about as they navigate the pandemic's effect on business. What you'll learn from this podcast episode: - Why Loop says now is the time to learn lessons and be better prepared for the next crisis. - Why there seems to be a disconnect between board members and corporate crisis management plans. - The lessons boards have learned about digital transformation, customer habits, and corporate real estate needs. - The board topics on which male and female directors differ.

Cannabis for medicinal or recreational use is a fast-growing business, and the advisory opportunities for accountants in the industry are also growing. Along with those opportunities are emerging issues on the regulatory and risk fronts. Ron Seigneur, CPA/ABV, the managing partner of Colorado firm Seigneur Gustafson LLP, shares more on the topic, including what to look for in proposed federal legislation. What you'll learn from this episode: - An explanation of the difference between cannabis, hemp, and marijuana. - More on the cannabis-specific guidance for accountants offered by the AICPA and the National Association of State Boards of Accountancy. - The professional risks to consider before adding clients from cannabis-related industries. - The COVID-19 pandemic's effect on cannabis businesses. - Why legalization in some states does not mean those states become cannabis epicenters. - How legislation could change the landscape for cannabis businesses.

This podcast episode follows up one posted on Aug. 20 about President Donald Trump's memorandum directing Treasury to defer the withholding, deposit, and payment of workers' 6.2% Social Security or Railroad Retirement tax for the last four months of 2020. Since then, Treasury and the IRS have issued much-anticipated guidance on just how the deferral applies and how the taxes are likely to have to be repaid. Ed Karl, the AICPA's vice president–Tax Policy & Advocacy, described the memorandum in the first podcast episode. Now he returns to describe what the guidance in Notice 2020-65 provides — and what it still leaves unclear. He has also written a post on the AICPA Insights blog titled "Employee Payroll Tax Deferral — Is It Workable?" that outlines what CPA advisers can tell their business clients with employees about the deferral. What you'll learn from this episode: -The notice puts the responsibility for deferring — and repaying — the taxes squarely on employers. -Although the notice doesn't say so directly, it is clear that employers do not have to participate in the deferral. -The deferred taxes must be ratably repaid in the first four months of 2021 from wages and compensation of an employee whose payroll taxes were deferred. But what about an employee who leaves the job before that happens or a business that goes under? Employers "may make arrangements to otherwise collect" the taxes from the employee. The notice doesn't elaborate on how they might do that, so we hypothesize. -We assess efforts that are afoot in Congress on the one hand to forgive the deferred taxes entirely and to overturn the president's memorandum on the other.

Finance executives in the United States are more confident about their own businesses than about the overall economy. Why is that? And what is the hiring outlook for companies for the next 12 months? Ken Witt, CPA, CGMA, a senior manager for management accounting and member engagement at the AICPA, provides further detail and analysis on the quarterly Business and Industry Economic Outlook Survey, the last before the Nov. 3 presidential election. What you'll learn from this episode: - How finance leaders view the domestic economy and their own businesses. - Why election season brought about a change to the list of top challenges this quarter. - The component in the CPA Outlook Index that ranks higher than others by a wide margin. - The business sectors showing improvement and the ones that continue to struggle. - How the pandemic may be changing the real estate needs of businesses.

This episode explores the huge implications for state and local taxes raised by workers more often untethered from the employer's physical location, sometimes in another state. And now, during the COVID-19 pandemic, remote teleworking has become the rule for many professions. Eileen Sherr, CPA, MT, and Mo Bell-Jacobs, J.D., bring us up to speed. Sherr is a senior manager with the AICPA's Tax Advocacy team in charge of the AICPA State and Local Tax Technical Resource Panel, or SALT TRP, and Bell-Jacobs is a senior manager at RSM National Tax in Washington and a member of the SALT TRP.

In this podcast, we touch base with Ed Karl, the AICPA's vice president–Tax Policy & Advocacy, to discuss questions the AICPA Tax Executive Committee has raised in official comments to Treasury and the IRS concerning President Donald Trump's Aug. 8 memorandum ordering Treasury to defer the withholding, deposit, and payment of payroll taxes imposed by Sec. 3101(a) — better known as the employee portion of Social Security tax, currently 6.2% of covered wages and compensation — and a comparable rate of tax under Sec. 3201 — that's the Railroad Retirement tax — for Sept. 1, 2020, through the end of the year. We'll explore the range of issues that Treasury and the IRS face as they implement this order and what it all could mean for employers and employees.

The changes brought about and accelerated by the COVID-19 pandemic are numerous. Our day-to-day lives have been altered, forcing rapid adaptation. A new report from the Association of International Certified Professional Accountants and EY Seren, explores the patterns of behavior emerging from this uncertain time. The report, Human Signals, also offers actions for accountants to take. This podcast, the second of two parts, takes an in-depth look at what the report's findings mean for leaders and organizations. In part one, Association CEO and AICPA President and CEO Barry Melancon, CPA, CGMA, shared more about this transformational time. Then Joel Bailey, a director at EY Seren and a report author, delved into the research behind the report. In this second part, executive coach and consultant Gretchen Pisano offers practical applications from the report and discusses how its findings dovetail with what she's hearing from leaders. Pisano is the CEO and co-founder of pLink Leadership, a management consultancy that provides leadership development and executive coaching.

The changes brought about and accelerated by the COVID-19 pandemic are numerous. Our day-to-day lives have been altered, forcing individuals and organizations to adapt quickly. A new report from the Association of International Certified Professional Accountants and EY Seren explores the patterns of behavior emerging. The report, Human Signals, also offers advice for accountants in an era of uncertainty. This podcast is the first of two parts that take a closer look at the report's findings and action items. In this episode, Association CEO and AICPA President and CEO Barry Melancon, CPA, CGMA, shares more about this transformational time. Then Joel Bailey, a director at EY Seren and a report author, delves into the research behind the report. In the second part, executive coach and consultant Gretchen Pisano offers practical applications from the report and discusses how its findings dovetail with what she's hearing from leaders.

The culture of a workplace, be that in a company or an accounting firm, determines how employees and customers are treated, says Stephanie Creary, an identity and diversity scholar and professor of management at the Wharton School of the University of Pennsylvania. To assess how racism is a factor requires open, frank conversations and leaders willing to listen and learn what they probably didn't know. What you'll learn from this episode: - Starting conversations about racism with Black Lives Matter and police violence may not be the most effective thing to do. - An expert or coach can facilitate conversations about racism, help people work with their emotions, and create learning environments. - It's necessary to customize diversity and inclusion training based on the roles and positions people hold in the organization. - Programs that succeed in recruiting and mentoring Black employees involve everybody in the organization.

These days, it's tough to know the best next steps for organizations that are reopening to customers or employees — or considering doing so. Lee Terry, who practices corporate and securities law for the Denver firm Davis Graham & Stubbs, has advised organizations and CFOs for years on crisis management. Terry offers insight into the legal concerns that organizations are facing and this advice on future business planning: "You cannot rely on the same kinds of estimates and expectations that you have in the past."

The new principles-based standard on audit evidence, issued last week by the AICPA Auditing Standards Board, addresses issues such as emerging technology, professional skepticism, and expanding sources of information. Jay Brodish, CPA, a partner at PwC, and Bob Dohrer, CPA, CGMA, the chief auditor of the AICPA, discuss the standard in detail, explaining how it can be applied to today's evolving business climate.