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CEO Corner
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Dear Hannah,
Technology is changing the way CPAs do business – and the way their clients and employers do business. As a result, there are new marketplace demands that present opportunities for the CPA profession.
As the skills needed to perform core services are changing, hiring practices are changing as well. In fact, since 2014, firm hiring of accounting graduates is down 29%, while overall hiring has remained flat. This is because firms are looking elsewhere for the systems and analytics knowledge they need in practice.
For these reasons, NASBA and the AICPA created CPA Evolution. The goal is to evolve how CPA licensure works to better reflect the skills and knowledge needed in the marketplace. After two years of discussion and feedback, the AICPA and NASBA presented this core + discipline model in October 2019 and again in March 2020.
The model starts with a robust core of accounting, audit, tax and technology that each candidate would need to master. Then, beyond the core, each candidate would need to demonstrate deeper knowledge of a discipline – one of three primary pillars of the profession:
- Business reporting and analysis;
- Information systems and controls; or
- Tax compliance and planning.
In the end, very importantly, regardless of which discipline the candidate selects, the model results in one CPA license – without qualifiers – and enhances public protection by bringing deeper knowledge and skills into the profession.
Both the AICPA Council and the NASBA Board of Directors have voted in support of this model. Having passed these important hurdles, the program is now moving toward a new Exam in 2024. For more information about this critical initiative, read this Journal of Accountancy
article or book a virtual firm visit to hear more about this and other important trends in the profession. To book your visit, contact Kara Kieran at kkieran@mscpaonline.org.
Have a great weekend!
Amy Pitter
MSCPA President/CEO
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Get Involved
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New To Industry Virtual Roundtable (9/15)
Did you recently leave public accounting for industry? Join us on September 15 for our FREE New to Industry Virtual Roundtable. Earn one CPE credit while discussing:
- Ways to maintain your CPA license and track CPE;
- Transition challenges;
- Tools to expand your network; and
- How the MSCPA can help!
REGISTER
Please note: A Zoom link will be provided to all registrants prior to the event. Video participation for this session is optional, but highly encouraged.
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Get Involved Webinar (9/17)
Join us on September 17 for a FREE 30-minute webinar to learn how you can get the most out of your MSCPA membership! We'll be covering who we are, what we have to offer and how you can get involved. You'll learn about our webinars, seminars, committee meetings, roundtables, networking opportunities, programs,
resources and more. REGISTER
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| Networking Event
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NextGen Cross Industry Virtual Networking (8/19)
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| LAST CHANCE TO REGISTER! Join the MSCPA, the
Financial Planning Association NexGen Group, the Boston Estate Planning Council and the Trusts and Estates Consortium next Wednesday for the fourth annual (but first virtual) inter-organizational networking event! This event is geared towards members under the age of 40 and is your chance to meet some of the area's best up-and-coming CPAs, attorneys, financial planners and other experts. Space is limited, so reserve your spot today! REGISTER
| Virtual CPE
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Our CPAs in Business Virtual Summit is one month away! Join us on September 14 to hear from industry thought leaders who will cover big data, the impact of COVID-19 in the workplace, communication skills for accounting leaders, applying the new revenue standard, ethics and so much more! REGISTER
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Form 1041 Workshop (8/17)
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| Recognize fiduciary accounting principles, calculate distributable net income and the income distribution deduction, prepare Form 1041 and Schedule K-1, understand how to handle capital gains and losses, examine comprehensive DNI case studies, trust and estate case studies and more. REGISTER
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Nonprofit Accounting and Auditing Update (8/18)
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| Apply the most recent requirements of the FASB directed toward nonprofits, recall key points related to the latest developments in OMB and Yellow Book requirements, identify recent activities of the AICPA and emerging issues related to nonprofit entities and more. REGISTER
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Multistate Corporate Income Tax – Filing Methods & Income Tax Apportionment (8/19)
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| Describe the key principles of multistate taxation, identify the implications of establishing nexus in various taxing jurisdictions, analyze client operations and devise strategies that will minimize your client's overall sales and/or income tax liability. REGISTER
| Legislative Update
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MSCPA Legislative Brief
This week's Legislative Brief offers updates on the over $4 billion in tax collections for July, the Massachusetts Department of Revenue (DOR)'s recent release of a technical information release (TIR) last month, the Massachusetts primary elections and more. READ THE NEWSLETTER
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| Career Center
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Job Postings
- Tax Preparer/Accountant - Michael A. Taicher, PC
- VP Finance (Boston) - Confidential
- Manager of Financial Reporting (MetroWest) - Confidential
- Accounting Manager - Confidential
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Per Diem Job Postings
- CPA - Fineman CPA Group
- CPA (Work/Life Balance) - Chiuve & Company PC
- CPA - Betro and Company, P.C.
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M.G.L. Citation
Westfield Massachusetts City Auditor
Sales Tax on Registration Fees
Section 382 Limit on C Corporation Net Operating Loss (NOL)
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Foster America, a nonprofit organization that aims to improve the lives of America's most vulnerable children (those in foster care or at risk of entering the system), is requesting a three-year audit and tax proposal from CPA firms with experience providing auditing and tax services to nonprofit organizations. To learn more, click here or contact Celine Mukasine.
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Accountant - MUSE Mentorship
Treasurer - Prison Book Program
Accountant/CPA and Web Developers/IT Engineers - Healthy Living Organization, Inc.
CPA/Advisor - Colorful Bridges
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BERRYDUNN, Waltham, was recognized as one of the “Top 50 Construction Accounting Firms™” in the U.S. by
Construction Executive
magazine.
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Help move the profession forward! The MSCPA has partnered with the Institute of Management Accountants (IMA) and other state CPA societies to launch a short survey to better understand the role of diversity, equity and inclusion (DE&I). The results will help us identify actions needed to improve DE&I in the profession across the U.S. and create effective strategies for firms and companies of all sizes.
Please take the survey by clicking here. The survey should take approximately 12 minutes to complete and will remain open until Monday, August 24. Responses to the survey will remain strictly confidential and will be analyzed only after being combined with the responses of all other participants.
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