'A big tax year': What practitioners need to know now
It’s not even five weeks into 2025, and already there’s a bevy of news affecting tax practitioners. Melanie Lauridsen, the AICPA's vice president–Tax Policy & Advocacy, joined the Journal of Accountancy podcast amid all the tumult to update listeners on several fronts. Lauridsen discussed the latest on beneficial ownership information (BOI) reporting and the Supreme Court, how IRS service might be affected by various executive orders, and what aspects of a new tax bill or bills are being followed closely by the AICPA. One bit of related news happened Thursday, one day after recording. The Senate Finance Committee released a discussion draft, the bipartisan Taxpayer Assistance and Service Act, which includes provisions the AICPA strongly supports. Resources: Melanie Lauridsen on LinkedIn The AICPA’s BOI resource center JofA coverage of the IRS rescinding some job offers What you'll learn from this episode: A recap of court cases related to beneficial ownership information reporting requirements. The potential effects of an IRS hiring freeze on tax filing season. The role that retirements could play in future IRS service. Details of the AICPA’s interest in proposed Circular 230 regulations. Why tax legislation this year could come in pieces instead of in one bill.
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16:22
The CFO who ran her own race but didn’t run (or swim or bike) alone
On LinkedIn, the congratulatory messages poured in for Janice Stucke, CPA, after she completed an Ironman triathlon in October. Those messages all had named authors — her LinkedIn contacts. One message, from a still unknown author, attached to her bike on race day, continues to resonate with Stucke, the CFO of CREW Network. In an earlier podcast episode, Stucke detailed her nontraditional path to becoming a CPA and, later, a CFO. In this conversation, Stucke recaps the obstacles she faced in the race, how problem-solving skills played a role in her crossing the finish line, and why she is thankful for a group of friends she first met at the Future of Finance Summit. What you’ll learn from this episode: · A recap of Stucke’s “exhilarating” day completing the triathlon. · The reason Stucke felt nauseous during the run segment — and strategies she tried to overcome the feeling. · The message that inspired Stucke — one that an unknown person put on her bike. · The meaningful support of a group of finance leaders Stucke first met at the Future of Finance Summit. · How completing the race helps in her role as a CFO. · What her next big goal might be and why technology implementations will be prioritized this year. · Why Stucke enjoys being around others who set audacious goals.
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13:11
Risk resolutions for 2025: Remember to put your No. 1 client first
Risk management, in the words of Sarah Ference, CPA, doesn’t have to be overly complicated or time consuming. “It’s really a mindset,” said Ference, an author of the JofA’s Professional Liability Spotlight column and the guest on this week’s episode of the JofA podcast. Ference shares several risk management maxims that have resonated with her – ones that are the focus of the January column, Risk Management Mantras to Add to Your Daily Practice. In addition, Ference details the topics in some previous Professional Liabillity Spotlights: n October: 10 Tips to Help Avoid Wire Fraud Scams. n November: Missed Due Dates: Diligence and The Lurking Danger. n December: How to Not Lose Sleep Over NOCLAR. What you’ll learn from this episode: · Some of the risk management mantras that stand out to Ference. · The difference between being friendly and objective with clients. · The answer CPAs should give to the question “Who’s your most important client?” · Why Ference says that being a natural helper can get in the way of a firm’s best interests. · Explanation of the mantras “trust your gut” and “take the high road.” · Highlights of other recent JofA Professional Liability Spotlight columns.
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15:07
Hiring best practices: How to succeed in a competitive labor market
What’s the future of fully in-office work? What’s the hiring outlook for finance and accounting roles in 2025? Steve Saah, the executive director of the finance and accounting permanent placement practice at Robert Half, tackles those and other questions in this episode of the Journal of Accountancy podcast, recorded in December in San Diego. Saah discusses how companies have to walk a fine line when it comes to requiring in-office minimum hours or days – and how that tightrope can affect the pay they offer new employees. The episode is the first of 2025 and the second from the Future of Finance Summit. In the first summit-focused episode, four CPA leaders looked back on what they learned and ahead to their expectations for 2025. What you’ll learn from this episode: · Saah’s assessment of the future of fully in-office work. · The tie-in between required time in an office and recruiting new hires. · How the amount of time agreed upon to spend in the office could affect a new hire’s pay. · Is the annual employee review a thing of the past? · The hiring outlook for finance and accounting professionals and the in-demand skills for those roles.
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16:51
Seeing the future: 4 CPA leaders look ahead to 2025
Last week in San Diego, a group of 165 finance leaders convened for the fourth Future of Finance Summit. This JofA podcast episode is a compilation of takeaways from the event and a look at key areas of focus for leaders in 2025. It is the first of several Future of Finance recordings. The speakers for this episode are: n Tom Hood, CPA/CITP, CGMA, AICPA & CIMA's executive vice president–Business Growth & Engagement n Kimberly Ellison-Taylor, CPA, CGMA, the CEO of KET Solutions and former AICPA chair n Becca Shane, CPA, CGMA, the CFO of Blue Marlin Ventures n Okorie Ramsey, CPA, CGMA, vice president–Sarbanes Oxley at Kaiser Permanente and former AICPA and Association of International Certified Professional Accountants chair What you’ll learn from this episode: · More about Tom Hood's summation that the event "leveled up." · The top priorities of finance leaders, based on polling last week at the Future of Finance Summit. · Why Kimberly Ellison-Taylor says she’s looking forward to “clarity” in 2025. · Why the phrase “feed forward” and an emphasis on positivity resonated with CFO Becca Shane. · Okorie Ramsey's focus on the talent pipeline and relevance. · His explanation of the profession’s need to “tell a better story.”
South Africa