CalCPA Daily Clips
Tags: Accounting, Business, California, Taxes, Personal Finance

Dec. 22, 2021

EDITOR’S NOTE: CalCPA Daily Clips will resume Monday, Jan. 3. CalCPA offices will be closed Dec. 23–24 and Dec. 30–31. We wish you a happy holiday season!

BUSINESS

How companies are responding to rising pressure on wages and benefits

Leaders are employing a range of strategies to keep workers; some save costs elsewhere to invest in employee training and benefits. One-fourth of companies are offering signing bonuses, a survey shows.

Journal of Accountancy

https://www.journalofaccountancy.com/news/2021/dec/how-companies-are-responding-rising-pressure-wages-benefits.html

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Pace of IPOs expected to slow in 2022

Initial public offerings have exceeded 1,000 annually for the first time this year, raising a record $315 billion, according to Dealogic, but industry participants expect the market to slow next year. Factors cited include fewer Chinese companies aiming to list in the US and a slowdown in issuance by special-purpose acquisition companies.

MarketWatch

https://www.marketwatch.com/story/there-were-1-000-ipos-in-2021-for-the-first-time-but-there-may-be-some-problems-under-the-hood-11640115839

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Tips for leaders driving digital transformation

By necessity, CEOs should take a leading role in digital transformation, because they have the capability to drive change. Five strategies can help, including reconfiguring operating models.

Harvard Business Review

https://hbr.org/2021/12/the-ceos-playbook-for-a-successful-digital-transformation

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Investors poured a record $30 billion into crypto in 2021

The massive sum is nearly four times more than the $8 billion that investors gave to companies in the digital money space in 2018.

Fortune

https://fortune.com/2021/12/20/invstors-pour-record-money-cryptocurrency/

DIVERSITY, EQUITY & INCLUSION

Providing Financial Support to Underserved Groups

These communities often face barriers in banking and securing loans.

AccountingWeb

https://www.accountingweb.com/practice/practice-excellence/providing-financial-support-to-underserved-groups

PERSONAL FINANCE

How to help older relatives spot financial scams

Financial scams can significantly damage the financial well-being of older Americans, but research suggests retirees are less likely than members of other groups to be concerned about this type of fraud. Consider using holiday gatherings as an opportunity to address the issue with older relatives.

Kiplinger

https://www.kiplinger.com/retirement/603938/are-retirees-in-denial-about-risks-from-financial-fraud

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Social Security moves married couples should make before claiming benefits

Whether you’re single during retirement or married, there’s a good chance Social Security will end up serving as an essential income source for you. But if you’re married, you may have more options than the average senior who’s single when it comes to maximizing those benefits.

USAToday

https://www.usatoday.com/story/money/personalfinance/retirement/2021/12/22/social-security-moves-married-couples/49550945/

PROFESSION

2021: Looking back at this year in the profession

Association CEO Barry Melancon, CPA, CGMA, says finance professionals have helped to lead society through financial uncertainty with grace in 2021. Read a Q&A with Melancon that looks back on ways in which the profession has kept the world strong.

AICPA

https://www.aicpa.org/professional-insights/article/extraordinary-in-the-face-of-challenge-barry-melancon-reflects-on-2021

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5 ways the Metaverse will change accounting

With venture capital funding of metaverse-related startups doubling to over $10 billion this year, there’s no better time to talk about how virtual and augmented reality technologies will impact the accounting profession. And more specifically, how it’s going to ultimately differentiate firm value.

AccountingToday

https://www.accountingtoday.com/list/5-ways-the-metaverse-will-change-accounting

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3 tips for more powerful firm marketing

The best marketing strategies start with human behavior. After all, if you don’t understand your potential clients, no amount of content creation, ad spend or social media engagement will lead to growth.

AccountingToday

https://www.accountingtoday.com/opinion/3-tips-for-more-powerful-accounting-firm-marketing

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Firms need to invest in best-of-breed IT in 2022

New Year’s resolutions are sometimes a challenge to follow through on due to a whole host of reasons. However, a manageable resolution for IT professionals and accounting firm leaders heading into 2022 is to provide first-rate IT solutions to their employees and firms.

AccountingToday

https://www.accountingtoday.com/opinion/firms-need-to-invest-in-best-of-breed-it-in-2022

TAX

Recent executive compensation and fringe benefit changes

Here is a playbook for legislative changes and Internal Revenue Service guidance concerning deductibility for employee business meals, qualified transportation fringe benefits, executive compensation and more.

The Tax Adviser

https://www.thetaxadviser.com/issues/2021/dec/recent-executive-compensation-fringe-benefit-changes.html

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Tax moves are still possible with Build Back Better delay

Uncertainty in Washington doesn’t mean tax professionals can’t offer clients guidance.

AccountingToday

https://www.accountingtoday.com/news/tax-moves-are-still-possible-with-build-back-better-delay

TECH

What’s next for the Microsoft Cloud

The Microsoft Cloud is going to get bigger, more deeply integrated and more vertically focused in 2022.

ZD Net

https://www.zdnet.com/article/whats-next-for-the-microsoft-cloud/