Journal of Accountancy Podcast

We check back in with two AICPA leaders: Ed Karl, the AICPA's vice president–Tax Policy & Advocacy, and Chris Hesse, a tax principal in the National Tax Office of CliftonLarsonAllen in Kennewick, Wash., who also chairs the AICPA Tax Executive Committee. They'll update us on how the 2020 marathon of a tax return filing season is going, whether the coronavirus-related return due date delay until July 15 is long enough, and what other relief taxpayers and their CPAs need.

The work-from-anywhere revolution received a jolt in March, when office workers were sent home because of concerns about the spread of COVID-19. More companies were embracing flexible work practices before the pandemic, but now that movement has been accelerated. Tom Hood, CPA/CITP, CGMA, the CEO of the Maryland Association of CPAs and the Business Learning Institute, shares insight into the future of remote work, why a company's approach to flexible work can define its culture, and more.

Laura Morgan Roberts, Ph.D., a professor at the University of Virginia's Darden School of Business, is an editor of the recent book 'Race, Work, and Leadership: New Perspectives on the Black Experience'. She has studied race in the workplace extensively. With attention on racial disparities sparked by killings and then protests, the time is right for organizations to hear her message. Morgan Roberts shares insight on why some organizations and leaders resort to silence instead of speaking about racism, why it's easier to talk about diversity and inclusion than about race, the qualities of an effective public statement, and what follow-through after the statement looks like.

Our ninth annual technology roundtable podcast was initially recorded in early March, just before the coronavirus pandemic started wreaking havoc on American lives and the economy. With the world at a dramatically different place than when we first recorded, the roundtable participants agreed to hold another call May 6 to discuss the impacts of COVID-19 on accounting, accounting technology, and accountants themselves. Participating in the episode are two of the top technology experts in the accounting space: Donny Shimamoto, CPA/CITP, CGMA, founder and managing director of IntrapriseTechKnowlogies LLC, and Amanda Wilkie, a consultant with Boomer Consulting. They are joined by small firm owner Nikki Winston, CPA, who leverages technology to provide accounting services and CPA Exam coaching through her firm, The Winston CPA Group.

A hard trend can be defined as a predictable, future fact. While it's tough to predict the price of oil or the direction of the stock market daily or weekly, finance professionals can focus on hard trends to have a better understanding of where business is heading. Tom Hood, CPA/CITP, CGMA, the CEO of the Maryland Association of CPAs and the Business Learning Institute, shares insight into three hard trends and why they matter for accountants now.

Eileen Sherr, CPA, CGMA, a senior manager in the AICPA's Tax Policy and Advocacy team in Washington, D.C., describes her work with volunteer members of the AICPA's Technical Resource Panel for State and Local Taxation and with state CPA societies as they advocate with state tax authorities for coronavirus-related taxpayer relief at the state and local level, and resources for keeping track of each jurisdiction's response. What you'll learn from this episode: - In what ways state tax filing and payment relief measures do and don't correspond to those of the federal government. - What further provisions the AICPA has recommended for state and local tax administrative and filing and payment relief during the pandemic. - Links to AICPA resources for learning more about state and local tax relief provisions and guidance related to COVID-19.

Jonathan Flack, CPA, the U.S. family business services leader at PwC, discusses the struggles family businesses are facing during the current economic crisis, as well as the unique strengths that can help them weather hard times such as these. He also shares advice for clients who are family business leaders, especially around communicating with staff and stakeholders. What you'll learn in this episode: - How family businesses are faring during the current economic crisis. - How these businesses can improve liquidity during the economic downturn. - Advice for family business leaders having hard discussions with stakeholders. - The strengths of family businesses that can help them endure in this crisis. - What role continuity planning can play in crises of this nature.

CPAs are playing a vital role in helping smaller businesses cope with the COVID-19 pandemic. Julie Killian, CPA, a shareholder at Clayton & McKervey in Michigan, discusses how her firm's clients are responding to the crisis. She also shares steps smaller businesses can take to improve their financial standing and increase their chances of staying afloat. What you'll learn in this episode: - The relatively simple tool that's an essential first step for businesses struggling to get a handle on their situation. - What businesses should do first if they find themselves short on cash. - Why demand for the Paycheck Protection Program (PPP) is so high. - How businesses can determine whether they're eligible for the PPP, Economic Injury Disaster Loans, or both. - What clients should know about applying for government stimulus programs.

Chris Hesse, CPA, the AICPA Tax Executive Committee chair, analyzes how the CARES Act's provisions allowing carryback of net operating losses for 2018 through 2020 interact with other new provisions.

Mary May, principal, and Stephanie Howard, client accounting services manager, at tonneson + co in Wakefield, Mass., discuss how client accounting services can benefit both firms and clients, and share their best advice for firms that are looking to add or expand their offerings in this area.

Boards that fall in lockstep with management decisions are neglecting one of their critical roles: being strong monitors of a company. Refreshment policies that include term or age limits are just one strategy that organizations can employ to keep their boards strong and independent. Corporate governance expert Charles Elson shares insights on board best practices.

Questions about the U.S. Small Business Administration's Paycheck Protection Program (PPP) loans aimed at helping small businesses hurt by the coronavirus pandemic are numerous. Glen Frost, CPA, J.D., and Matthew Kraeuter, J.D., partners in the firm Frost and Associates LLC, share information on eligibility, the amount of money available, interest rates, and more.

The consequences of the coronavirus on financial statement preparation and auditing are complex. Preparers and practitioners have not faced a disruptive event of this magnitude, so questions abound as new obstacles and scenarios present themselves. Two CPAs share guidance for preparers and practitioners.

Coronavirus is an opportunity for fraudsters to take advantage of fear and confusion. Elizabeth Woodward, CPA/CFF, and Howard Silverstone, CPA/CFF, discuss how accountants can identify and prevent coronavirus-related fraud.

As a local government employee, Carrie Kruse, CPA, CGMA, had almost no work-from-home experience before a few weeks ago. But Kruse, an economic development coordinator with the city of Des Moines, Iowa, has adapted well to the sudden change brought about by coronavirus concerns. She shares insights on staying efficient, knowing when to unplug, and why she won't wear sweatpants while working at the dining-room table.

As part of the government's response to the coronavirus's spread and economic fallout, the IRS postponed the deadline for income tax return filings and payments that would have been due on April 15, 2020, for 90 days, to July 15. In this episode, Ed Karl, CPA, the AICPA's vice president–Tax Policy & Advocacy, outlines how the delay came about — and what it means for CPA tax practitioners and their clients.

Busy season has taken on a new meaning because of coronavirus concerns, which have forced firms and other organizations to quickly set up alternate work environments. Les Nettleton, director of information technology at New Orleans firm Bourgeois Bennett, has firsthand experience in crisis planning, having gone through Hurricane Katrina in 2005. He shares advice for organizations assessing the feasibility of longer-term remote work in response to the coronavirus.

The rules have changed for IRS examinations and adjustments of partnership returns at the federal level, but are the states following suit? We'll find out how model legislation issued by the Multistate Tax Commission, developed in collaboration with the AICPA and other stakeholders, is being adopted across the United States.

Busy season is often the most stressful time of the year for CPAs in public accounting. Eustis Corrigan, CPA, senior managing director at CBIZ MHM in Memphis, Tennessee, a veteran of more than 30 tax seasons, shares what his firm does to support staff during busy season.

Veteran investigator Cynthia Hetherington offers practical tips and guidance on how forensic accountants can use the open source information found on the internet to make themselves smarter, better investigators while staying within privacy laws.

Erik Asgeirsson, president and CEO of CPA.com, and Ron Quaranta, founder and chairman of the Wall Street Blockchain Alliance, examine tax and accounting issues related to cryptoassets and explore assurance opportunities blockchain is creating for accountants.

Drake Software Vice President of Strategic Development John Sapp, CPA, briefly explains the Sec. 199A qualified business income (QBI) deduction safe harbor rule and Forms 8995 and 8995-A. (Sponsored by Drake Software)

After nine years writing our Technology Q&A column, J. Carlton Collins, CPA, decided the end of 2019 was the right time to retire. In this episode, Collins talks about how he came up with the hundreds of technology topics he covered, how he became a good writer, and how he feels about ending his run with our most popular column.

How long can cautious optimism last for an upward U.S. economy aptly described as "long in the tooth"? This episode delves into the thinking of CPA decision-makers.

In the world of tax law, words have statutorily set definitions or are interpreted by judges using precedent and reason. Annette Nellen, Esq., CPA, CGMA, walks us through four recent decisions by the U.S. Tax Court to show how the precise application of a word or phrase can make a world of difference.

The Tax Cuts and Jobs Act made tax accounting easier for many businesses with average annual gross receipts of $25 million or less (inflation-adjusted to $26 million for 2019). The benefits include the cash method of accounting, exemption from UNICAP rules, exemption from some inventory accounting requirements, and more. But an "exception to the exceptions" denies these advantages to tax shelters, including "syndicates." Chris Hesse, chair of the AICPA's Tax Executive Committee, reveals where the traps lie.

What's the latest on a new licensure model proposed by the National Association of State Boards of Accountancy and the AICPA? This podcast episode gets you caught up.

With mergers-and-acquisitions activity on the upswing and Baby Boomers retiring in large numbers, many owners are now looking to exit their businesses. Fentress Seagroves, deals partner for the U.S. with PwC, outlines the steps business owners can take to ensure a successful transition and discusses the many ways CPAs can support them during this process.

New technologies with the power to reshape accounting, such as data analytics, are emerging all the time. Rich Gallagher, CPA, senior director of content for the AICPA Examinations team, explains how the CPA Exam is able to keep up with such changes.

Tax planning and return filing readiness depend in no small part on the actions of Congress and the IRS and Treasury in the countdown to 2020. Ed Karl, AICPA vice president–Taxation, gives some inside-the-Beltway prognostications.

2020 is not far away, and that means major changes related to technology are coming at us fast. The tech-focused founder of a consulting firm provides a preview.

Fraud and forensics expert Roger Darvall-Stevens explores emerging global fraud trends and what finance professionals and accountants can do to protect themselves and their firms.

Can roller derby double as leadership development? Can we really exercise our "confidence muscles"? Jen Gardner, CPA, says yes to both.

Clients who feel an emotional connection to your firm can be your greatest assets — especially in an age where accounting work is becoming increasingly commoditized. Julie Littlechild, founder and CEO of Absolute Engagement, discusses what her organization's research reveals about how clients become truly engaged with an accounting practice.

John Garrett -- a stand-up comedian, widely traveled speaker, and former practicing CPA -- shares insights on how to deliver a memorable presentation at your next conference.

Should you use an emoji in email? Is there value in reaching "inbox zero" status? Byron Patrick, CPA/CITP, CGMA, has answers in this podcast episode.

Karen Dillon, a former editor with Harvard Business Review and author of the HBR Guide to Office Politics, discusses assertive strategies for empowering your career when you have a rocky relationship with your boss.

What is the top challenge facing U.S. finance executives? This podcast episode explores that topic and two other fast-rising obstacles detailed in a quarterly survey.

A not-for-profit's survival depends on high-quality oversight from its board. In this episode, learn how using the right governance strategy can help your not-for-profit thrive.

Have you ever wondered how much your favorite college football team is worth? Mark Zyla, CPA/ABV, and Dan Cohen, Esq., discuss the value of teams to universities — and the ways in which a CPA might try to determine their financial valuation.

Ample advice exists for managers to improve on how they deliver feedback. Less common is coaching on how to be better at receiving feedback. Rebekah Brown, CPA, director of development for the Maryland Association of CPAs and the Business Learning Institute, shares insight on receiving feedback.

Should you immediately tell a co-worker about a dysfunctional work environment? It's one of several questions addressed by leadership expert Jennifer Wilson.

Jonathan Flack, CPA, discusses why leaders of family businesses have such a difficult time with succession planning and what CPAs can do to help them.

How does an "eager beaver" work best with a pessimist? This is one example of how different personality types might interact at work. Learn more in this episode.

Why are small business owners optimistic? And why do they have cause for concern? A close follower of small business has answers.

This episode addresses how and why CPA licensure requirements might evolve as a result of the technological revolution that's transforming the accounting profession.

Legislation in states around the country could put CPA licensure in danger. This episode examines what practitioners need to know to help ensure the profession is protected.

FASB vice chairman Jim Kroeker shares advice for successful implementation of accounting standards, as well as what's on the horizon for FASB.

Ted Benna talks about how and why he came up with the 401(k), its advantages and drawbacks, how he'd change it if given the chance, and how it's reshaped retirement.

What is the top challenge U.S. finance executives say they are facing? This podcast explores that challenge, along with projections for the coming year.