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Building a Stronger Pipeline

November 28, 2022

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.

  • econnect
  • pipeline

Amazing Career Opportunities in Public Sector

November 26, 2022

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.

  • student

The Critical Role of Practitioners in Inspiring Future Accountants

November 21, 2022

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.

  • econnect
  • pipeline

The ABCs of the Taxation of Virtual Currency

November 16, 2022

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.

  • econnect

What employers should understand about today’s accounting students

November 09, 2022

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.

  • econnect
  • student

How Charitable Giving Affects the Comprehensive Financial Plan

November 01, 2022

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.

  • econnect

From A Headache to the Hospital

October 10, 2022

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.

  • blog
  • mental health

Get Ready Now for the New CPA Exam in 2024

September 28, 2022

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.

  • student

The 30 Credit Conundrum

September 28, 2022

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.

  • student

The Relevance and Reliability of ESG Reporting: What Are the Roles of the ISSB, the SEC, and the Accounting Profession?

September 27, 2022

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.

  • econnect

6 Ways CPAs Can Strengthen the Financial Outlook for Nonprofits

September 26, 2022

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:

  • econnect

Looking to buy a wealth management practice?

September 26, 2022

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.

Risks and Opportunities for the CPA in Client Bankruptcies

September 26, 2022

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.

  • econnect

Ready to retire? Consider a partner buy-in

September 20, 2022

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?

  • retirement

COVID-Era Evolution of Elder Fraud: Know the Red Flags

September 14, 2022

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.

  • econnect

How to Ask Prospective Employers About Mental Health Benefits

August 29, 2022

Mental health is top of mind for everyone. That’s why you shouldn’t shy away from asking potential employers what mental health benefits they have in place for staff.

  • the climb
  • mental health

The Advantages of Keeping Your CPA License Active

August 18, 2022

If I leave public accounting and let my CPA license lapse, will that compromise my pursuit of future opportunities in accounting?

  • general

Licensure and Red Tape Reduction

August 02, 2022

How is the state applying their Red Tape Reduction efforts to licensure? MTCPA met with leaders to find out!

  • advocacy
  • blog
  • protect-cpa

Leadership Pro Tip: Help Employees With ADHD Succeed

August 01, 2022

Diagnosed cases of attention-deficit/hyperactivity disorder rose during the pandemic, and may have an effect on your remote employees’ productivity. Taking an active interest in their success, while offering flexibility, can help.

  • the climb
  • mental health

Coping With Mental Health Disorders at Work

July 14, 2022

Work-related stress is at an all-time high, and adults with diagnosed mental health disorders may be having a particularly hard time managing their symptoms and maintaining a well-run firm. Although articles on handling stress and burnout abound, it's crucial to make sure wellness initiatives also include those who battle mental health issues and provide a safe space for them.

  • econnect
  • the climb
  • mental health