Changing educational requirements to sit for the CPA Exam are throwing the future of accounting education into doubt. In the years since the 150-hour requirement has been established, it is questionable whether its original intent is still operative. This is evidenced by declining enrollment in Master of Accountancy programs, a trend that should raise concerns about the future. The future of work means that the skills demanded of entry-level accountants are changing and will continue to do so.
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Last year, the AICPA began the process of attaining the .cpa extension as a restricted internet domain for exclusive use within the profession from the Internet Corporation for Assigned Names and Numbers (ICANN). The organization’s CEO Barry Melancon, CPA, CGMA, said the move to obtain the domain for the profession would, “…help promote CPAs’ visibility and protect their professional standing online.”
While many taxpayers and preparers are still dealing with the fallout of the coronavirus pandemic, the IRS extension of Oct. 15 for numerous tax deadlines remains unchanged, days away. Aside from taxpayers affected by natural disasters, tax practitioners are expressing overwhelm in the face of ongoing Paycheck Protection Program (PPP) loan drama on behalf of their business clients and the onslaught of individual and corporate clients scrambling to make that Oct. 15 deadline.
In April, the MICPA partnered with Avenue M Group to conduct a survey to capture the challenges and concerns facing Michigan CPAs in the early months of the pandemic. Of the respondents surveyed, most (59%) work in public accounting or business & industry/corporate finance (22%). A smaller number of not-for-profit, consulting, education and other accounting professionals account for 18% of survey participants*.
It's no secret that everyone is under a great deal of stress right now. Covid-19, personal finances, the economy, distance learning, job responsibilities, child care: These are just a few of the factors that are contributing to poorer mental health and higher stress levels.
Covid-19 has caused a seismic shift in how businesses operate. Offices have shut down, and workers have gone remote. Employees returning to offices are putting additional stress on limited resources that have shifted to some extent to supporting the work-from-home option. On one hand, IT infrastructure is struggling to cope with an increase in demand while on the other, attackers are seeking to exploit vulnerabilities in this newly expanded remote work environment.
In the spring, as the COVID-19 pandemic swept the globe, the IRS took action to extend a wide variety of filing deadlines. Taxpayers and tax practitioners both needed the extra time, as offices across the country shut down, quarantining took effect, and many people became sick.
The IRS is giving individuals who do not normally file a tax return and have not received an economic impact payment an additional five weeks to enter their information on the Non-Filer: Enter Payment Info Here tool on the IRS website. The new deadline is midnight Nov. 21, which the IRS says is the latest it can push the deadline without affecting the upcoming filing season (IR-2020-229).
In the next 10 years, key technologies will converge to completely disrupt the five foundational sectors—information, energy, food, transportation, and materials—that underpin our global economy. We need to make sure the disruption benefits everyone.
The Wall Street Journal reports the U.S. Small Business Administration (SBA) will begin forgiving Paycheck Protection Program (PPP) loans sometime this week according to a statement made by the U.S. Treasury Department last Tuesday1. The declaration comes following complaints from banks and borrowers alike that the process for application has been tenuous at best since the portal launch in August which has subsequently logged some 96,000 applications.