CalCPA Daily Clips
Tags: Accounting, Technology, Business, California, Finance

Nov. 24, 2021

MEMBER IN THE NEWS

(Leonard Wright quoted.)

3 times you need money advice from a human

You can now manage most aspects of your money without ever consulting another human being. You can budget, borrow, save, invest, buy insurance, prepare your tax return and create a will — among many other tasks — by using apps, websites and software.

AP

https://apnews.com/article/technology-business-lifestyle-5ca1fe815851d1d6210398163fd6933d

BUSINESS

Not Worried About Employee Burnout. Here’s Why They Should Be.

A sure-fire way to help bring about a crisis is to ignore the problems that can create it.

Forbes

https://www.forbes.com/sites/edwardsegal/2021/11/24/report-90-of-managers-are-not-worried-about-employee-burnout-heres-why-they-should-be/?sh=2056690128c2

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Employers look to retirement and other benefits to retain workers

Spurred by state mandates and the so-called “Great Resignation,” some small and mid-size businesses are changing their benefits offerings, including adding and enhancing retirement plans.

MarketWatch

https://www.marketwatch.com/video/sectorwatch/employers-look-to-retirement-and-other-benefits-to-retain-workers/47A0F50A-1FFA-4FFA-9BC8-DAE7904ECD4C.html

PERSONAL FINANCE

Some consumers still have debt from last holiday season

Some 29% of shoppers who charged their holiday gifts to a credit card last year are still paying off the debt, according to NerdWallet. This holiday season, consumers could spend more, as prices are rising and coveted gifts are in short supply.

CNBC

https://www.cnbc.com/2021/11/23/ahead-of-black-friday-some-shoppers-still-have-holiday-debt-from-2020.html

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Retirees need to watch for this misstep with RMDs

One mistake retirees often make is pulling more money than necessary out of retirement accounts when taking required minimum distributions, thus triggering higher taxes. Many retirees have access to other accounts that could be a better source of funds if they need the money.

Kiplinger

https://www.kiplinger.com/retirement/retirement-plans/required-minimum-distributions-rmds/603823/a-simple-rmd-mistake-that

POLITICS & POLICY

About 1 million Californians could have to repay pandemic unemployment money to EDD

About 1 million Californians who got unemployment payments from the pandemic-related federal benefit program now have to prove to the state they had a prior work history — or face paying back benefits.

Sacramento Bee

https://www.sacbee.com/news/politics-government/article256063367.html

PROFESSION

6 lessons from audit experts who adopted AI early

Machine learning is within reach for many audit firms, but using AI platforms is not a plug-and-play operation. Hear from one firm applying AI to its audit engagements.

Journal of Accountancy

https://www.journalofaccountancy.com/news/2021/nov/6-lessons-audit-experts-adopted-ai-early.html

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Do You Ask the Right Questions to Deepen Client Relationships?

If you’re having the right conversations with your clients, new opportunities naturally come up where you can help them solve their issues beyond compliance.

CPA Trendlines

https://cpatrendlines.com/2021/11/24/do-you-ask-the-right-questions-to-deepen-client-relationships/

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Accountants press IRS for faster refunds and responses

The National Society of Accountants has sent a letter asking the IRS to speed up the refunds for 2019 and 2020 tax returns and communicate better.

AccountingToday

https://www.accountingtoday.com/news/accountants-press-irs-for-faster-refunds-and-responses

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The future of tax talent

Tax departments have reached a tipping point and are actively rethinking their tax operating models.

AccountingToday

https://www.accountingtoday.com/opinion/the-future-of-tax-talent

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Accounting Practitioner Trends Picture is Bleak

Several surveys and data-backed reports have demonstrated that many accounting practitioners have left the profession over the past few years, this is especially true in public accounting. In addition, fewer people are enrolling in college-level accounting programs in the first place.

AccountingWeb

https://www.accountingweb.com/practice/growth/accounting-practitioner-trends-picture-is-bleak

REGULATORY

What can be done to manage inflation?

This article compares and contrasts today’s elevated inflation levels to conditions in the 1970s and discusses potential strategies for organizations. Optimizing the balance of funds held in cash and short-term investments can help.

Treasury & Risk

https://www.treasuryandrisk.com/2021/11/18/navigating-the-inflation-headache/?slreturn=20211024101939

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US bank regulators drafting rules for cryptoassets

The three main US federal bank regulators have said they will publish new guidance next year on how banks can be involved with cryptocurrencies. The Federal Reserve, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp. have said they will provide guidance on what types of cryptoassets banks can handle, as well as how to protect consumers and comply with existing laws.

BNN Bloomberg

https://www.bnnbloomberg.ca/crypto-oversight-road-map-is-set-by-u-s-banking-regulators-1.1686146

TECH

New State Cyber Bureau to Combat Hack Attacks

Secretary of State Tony Blinken announced plans for the State Department to create a new bureau of cyberspace and digital policy earlier this month.

CPA Trendlines

https://cpatrendlines.com/2021/11/23/new-state-cyber-bureau-to-combat-hack-attacks/

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Are Financial Planners Ready to Replace Excel?

Excel has long played a major role in the accounting and finance profession, but is it time for a change?

AccountingWeb

https://www.accountingweb.com/technology/trends/are-financial-planners-ready-to-replace-excel

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All Versions of Windows Are Vulnerable to a New Zero-Day Exploit

Malware writers are already trying to take advantage of this privilege escalation vulnerability.

PC Mag

https://www.pcmag.com/news/all-versions-of-windows-are-vulnerable-to-a-new-zero-day-exploit