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Is your accounting firm taking steps to protect against a cyberattack? If not, you may be putting your firm’s future at risk. On average, cyberattacks cost companies $4.24 million in 2021, up from $3.86 million in 2020. On top of that, an estimated 60 percent of small businesses go out of business within six months of a cyberattack.

It is widely understood that job stress can lower job satisfaction and performance while increasing feelings of stress and burnout. This is especially true in public accounting—a profession notorious for its high levels of job stress. For decades, employers have considered stress management an individual responsibility that employees should handle on personal time. Recent research suggests that there may be a more effective strategy. Active workplace interventions that help employees build resilience may help firms to effectively lower employees’ susceptibility to job stressors, retain valuable staff, and improve productivity. In fact, enhancing employee resilience levels can have a powerful protective effect against three common causes of job stress: role overload, role conflict, and role ambiguity.

Job interviews can be intimidating, but virtual interviews can often be even more intimidating. Many employers have transitioned to virtual recruiting and interview processes. While this has many benefits for both parties, it opens the door to some possible complications or challenges. You should enter a virtual interview with the same mentality as you would for an in-person interview

With inflation at nearly a 40-year high, the Internal Revenue Service said Tuesday that interest rates will increase for the calendar quarter starting Jan. 1, 2023.

Many initiatives have tried to solve the perennial problem of attracting more students to become CPAs. The author believes more innovative approaches are required, such as the creation of “step” certifications that one could complete on the path to full CPA licensure. The proposal is for creation of two new “pre-CPA” accounting licenses candidates could earn during their college studies. These new licenses would enable candidates to earn formal credentials and work as professionals in CPA firms and elsewhere while completing the requisite 150 college credit hours for full CPA licensure.

Imagine the myriad of financial and accounting positions and within each function a steward of funds exists supporting operations in the background. Regardless of title or job function, stewards of funds create an internal foundation by which all departments interact to form a story in numbers. They contribute to the customer experience through direct interaction or intercompany/interagency exchanges. The government sector is no different.

In recent years, declining enrollment in accounting programs has made attracting more high-achieving students into the major and then into the professional pipeline a matter of critical importance. To that end, the authors have developed a project to bring practitioners into the classroom where students can get to know them, understand their skills and experiences, and be inspired by all that an accounting career offers. The authors’ experience has indicated that these encounters with practitioners leave a lasting impression on students and can lead more young people into the accounting major and profession.

With new technologies come new forms of assets and, eventually, new rules for the regulation and taxation of such assets. Beyond the current frontier lies the land of the digital assets—cryptocurrencies, non-fungible tokens, and the like—that have become increasingly popular over the past several years. This article covers the basics of digital assets, with a focus on the valuation and taxation of digital currencies.

The accounting profession is seeing a lot more of Gen Z, the first digital native generation to enter the workforce. These young professionals, who were born after 1996, will make up 30% of the workforce in just a few short years. To successfully attract, recruit, and retain this talent pool, employers need to understand the unique attributes and preferences of these young professionals who have come of age in a rapidly changing and technological world.

Clients who are charitably inclined may have different ideas on giving. Depending on where the funds are coming from, it may impact one or more of the six main areas of a comprehensive financial plan.

We have all been there, stretched to our limit working too many hours trying to accomplish too much. After awhile you get a headache, take some aspirin, and go back to work. Last month MTCPA member Ryan Jordan was having one of those days… but it took a turn for the worse.

The Uniform CPA Examination is about to change significantly under the CPA Evolution Initiative, a joint effort by the National Association of State Boards of Accountancy (NASBA) and the AICPA. Set to launch in a little over a year (January 2024), it is important for those preparing to become CPAs to understand the new CPA Exam structure and how it might impact their journey. By getting a handle on the new process now, those taking the exam in the 2023-2024 time frame have an opportunity to be strategic in their planning.

What do nutrition, astronomy, and physical education have to do with becoming a CPA? These are the types of courses some accounting majors take to earn the requisite 150 credits needed to obtain a CPA license. When the 150-credit-hour rule was established, the expectation was that CPA candidates would pursue a master’s degree after completing the 120 hours required for most undergraduate degrees. Today, however, many are pursuing lower-cost, less-intensive options to complete the credit-hour requirement.

Investors, creditors, and other users of financial information are increasingly looking beyond audited financial statements when making investment decisions. The culture in the United States and around the globe is shifting towards environmental and social issues, and reexamining how corporations are addressing these priorities. This and other non-GAAP reporting is expanding, with virtually no generally accepted guidance and little assurance. The reports are not comparable, are prepared using multiple guiding frameworks, and are generally un-audited. The accounting profession must address the relevance of these reports and the reliability of this new information.

Financial oversight is a key responsibility of nonprofit boards, but many members lack the understanding of finance or nonprofit accounting to effectively perform this duty. As their trusted advisor, a CPA is perfectly positioned to equip board members for this critical task and ensure that their nonprofit maintains strong governance. Here are six ways to get them there:

Over the years, the question about buying a wealth management practice has been posed to me by many CPA firms. If you've got a longer time horizon, acquiring a wealth management practice could be a great idea. But the difference between finding a good acquisition versus just any acquisition can be a make-or-break decision. Here are the things to look for in your due diligence process.

Economists warn that a fiscal storm is brewing, with prolonged recession the likely result. Bankruptcy filings seem imminent, and there will be a growing need for CPAs to assist their clients in financial distress. CPAs should be aware of the following key issues and opportunities when their clients face Chapter 11.

As more baby boomers retire, more professional CPAs are needed to take over firm leadership nationwide. By 2030, all baby boomers will be over 65. It's been dubbed the Great Retirement and the Silver Tsunami, and it gives up-and-coming CPAs an opportunity for new partners to buy into existing firms. But how?

According to the U.S. Census Bureau, the 65-and-older population has grown rapidly since 2010, and, according to forecasts, by 2040 the older population in the United States will reach almost 81 million. Subsequently, elder fraud and abuse will increase with the growing demographic. It’s up to all of us to try and stem the tide of exploitation.

Practices are terminated regularly. Some are sold in their entirety, some piecemeal, some are merged, some abandoned and some "stolen." No one can stay in their practice forever, although some accountants think that is the case and make no arrangements whatsoever while others plan with as much detail as they can think of. Here are some alternatives.