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

Dec. 16, 2021

BUSINESS

Top central banks go their own ways into 2022

Top central banks will on Thursday unveil policy moves to steer their economies through rising turbulence from the pandemic and high inflation, with some set to keep money cheap into 2022 even as the U.S. Federal Reserve tightens

Reuters

https://www.reuters.com/markets/europe/fed-heads-exits-despite-omicron-who-will-follow-2021-12-16/

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Here’s how to lose a rising star

One way the Great Resignation manifests is when an up-and-coming star is given a new boss who offers little support, development or relief from too much work.

Strategy+Business

https://www.strategy-business.com/blog/Is-the-great-resignation-coming-for-you

DIVERSITY, EQUITY & INCLUSION

More women than men were appointed to California corporate boards in 2021

Women now hold nearly 30% of California’s public company board seats, nearly double the number in 2018.

Sacramento Bee

https://www.sacbee.com/news/politics-government/capitol-alert/article256595601.html

PERSONAL FINANCE

Retirement planning: Why good debt is your friend when inflation goes up

Inflation can have a massive impact on your personal finances. When your dollar doesn’t go as far this month as it did the month before, your budget can start to feel the crunch. But if you’re a borrower at a fixed rate in a high-inflation environment, you can actually come out ahead.

USAToday

https://www.usatoday.com/story/money/personalfinance/retirement/2021/12/16/why-good-debt-is-your-friend-when-inflation-goes-up/49524605/

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Year-end strategies that could bolster finances

The end of the year is nearing, but there is still time for action to boost retirement or investment portfolios or to manage the tax burden. Strategies include maxing out retirement-plan contributions and examining I bonds, which are inflation protected.

CNBC

https://www.cnbc.com/2021/12/15/your-financial-wrap-up-4-savvy-money-moves-to-make-before-year-end.html

PROFESSION

2022 IT Predictions and 2021 Results

Here are some 2022 predictions to provide your firm some insights and a little inspiration for improving your technology outlook in the new year.

CPA Practice Advisor

https://www.cpapracticeadvisor.com/accounting-audit/article/21250348/in-firm-2022-it-predictions-and-2021-results

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Why CPAs Can Perform and Outsource Payroll

With advancements in technology and accountant-specific services, having a payroll service model for your firm has become a no-brainer.

AccountingWeb

https://www.accountingweb.com/practice/practice-excellence/why-cpas-can-perform-and-outsource-payroll

REGULATORY

Is Goodwill Accounting’s Future in the Past?

Investors don’t want to go back to an amortization model, but that’s the way FASB is leaning.

CFO

https://www.cfo.com/accounting-standards/2021/12/is-goodwill-accountings-future-in-the-past/

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SEC commissioners approve PCAOB budget, add warnings and advice

Some expressed concerns about lower levels of enforcement, while one suggested the board suffered from a credibility gap.

AccountingToday

https://www.accountingtoday.com/news/sec-commissioners-approve-pcaob-budget-add-warnings-and-advice

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FASB updates research agenda

The Financial Accounting Standards Board discussed Wednesday the feedback received on its June 2021 invitation to comment on its future standard-setting agenda and the next steps to address those comments, including changes to its research agenda.

AccountingToday

https://www.accountingtoday.com/news/fasb-updates-research-agenda-based-on-stakeholder-feedback

TAX

Reporting cryptocurrency transactions to the IRS

The IRS continues to seek information about cryptocurrency transactions through a question on Form 1040. In addition, the recently passed infrastructure law involves a reporting requirement for currency brokers in 2023.

CNBC

https://www.cnbc.com/2021/12/15/the-irs-wants-to-know-about-crypto-bitcoin-ethereum-dogecoin-transactions-this-tax-season.html

TECH

Understanding risk created by the Log4j security flaw

The Log4j security vulnerability exposes much of the internet to risk, with Check Point reporting more than 100 hacking attempts per minute had occurred as of Tuesday. Here are answers to several questions about the vulnerability and a discussion of how companies are responding with fixes and customer advisories.

CNN

https://www.cnn.com/2021/12/15/tech/log4j-vulnerability/index.html

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New Google Drive policy could restrict access to your files

Google’s about to make some changes to the way you share Google Drive files. The search giant has announced a new policy that will restrict access to files violating its policies, and prevent them from being shared in the process.

Tom’s Guide

https://www.tomsguide.com/uk/news/new-google-drive-policy-could-restrict-access-to-your-files-what-you-need-to-know