CPA Success
CPA Success
http://www.macpa.org/blog/category/13/legislative--regulatory/files/conway_sb817_testimony2.doc?i=13&watch=rss
en-US
2016
blog@macpa.org (CPA Success)
Mon, 07 Mar 2016 10:23:29 GMT
Mon, 07 Mar 2016 10:23:29 GMT
BryceWebGroup.Blast
10
The financial sky is still falling. Time for CPAs to join the fight
<div class="pageIcon"><img
src="http://www.macpa.org/blog/services/assetfeed.ashx?type=pageicon&id=3273&size=240x240&m
=crop" /></div><p>Forget Syria, and Obamacare, and the debt ceiling, and Miley Cyrus. You want to
hear something <em>really</em> scary?</p> <p>David Walker is closing one of his doomsday
shops.</p> <p>The former U.S. comptroller general has spent the past several years telling anyone
who will listen that America is headed for financial ruin. Walker has warned us <a
href="http://www.macpa.org/blog/2227/our-financial-forecast-changes-from-bad-to-worse"
target="_blank">time</a> and <a href="http://www.macpa.org/blog/2068/were-doomed-the-davidwalker-tour-rolls-on" target="_blank">again</a> that nearly $70 trillion in unfunded obligations for
programs like Medicaid, Medicare and Social Security will send the country over the fiscal brink
unless drastic steps are taken now. The fiscal chaos of the past five years will seem like a stroll in the
park by comparison.</p> <p>Now, though, comes <a
href="http://www.journalofaccountancy.com/News/20138728.htm" target="_blank">word from the
<em>Journal of Accountancy</em></a> that Walker is shuttering his <a
href="http://keepingamericagreat.org/" target="_blank">Comeback America</a> organization. The
group has released its final report on the nation's financial woes, and Walker is planning to close shop
"to keep a long-standing commitment to his wife, Mary, to spend more time with his family," the
<em>JofA</em>'s Ken Tysiac <a href="http://www.journalofaccountancy.com/News/20138728.htm"
target="_blank">reports</a>.</p> <p>Walker has vowed to continue his individual fight for greater
fiscal responsibility from our government leaders.</p> <p>Still, his decision to shutter Comeback
America means there'll be one less voice crying out for fiscal sanity. It's also a stark reminder that this
is not a one-man job. It will take a throng of concerned citizens, working together, to help right the
nation's fiscal ship.</p> <p>It will take, perhaps, an entire profession.</p> <p>Feel up to the
challenge, CPAs?</p> <p>"A critical aspect of this leadership must be a major effort to educate and
engage the American public on the true state of our nation's finances and the types of reforms that will
be necessary to ensure fiscal sustainability," <a href="http://www.macpa.org/blog/3122/our-debtsolution-isnt-a-trillion-dollar-coin-its-education" target="_blank">Walker wrote recently in <em>USA
Today</em></a>. "&hellip; This effort is so essential because it will take the public's understanding of
what's at stake to rally popular support for difficult choices. Without the public's understanding, buy-in
and pressure, our politicians will continue to kowtow to the most partisan wings of each party and the
special interests."</p> <p>Who better to provide that education than CPAs?</p> <p>"CPAs have a
tremendous opportunity &ndash;&nbsp;I would argue even an obligation &ndash;&nbsp;to be play a
role here," <a href="http://macpamedia.org/media/audio/CPASpotlight/Walker09.mp3"
target="_blank">Walker told me as part of an MACPA podcast</a>. "They are knowledgeable about
financial matters. They are respected and credible among the public. They need to keep in mind that
the 'P' in 'CPA' stands for public, protecting the public interest. They can play a role in telling the truth
to citizens in their communities, their states, and our country about where we really are, about the need
to make tough choices sooner rather than later and the consequences if we don't, and to make sure the
numbers are out there in a truthful and transparent manner. I think they have a very important role to
play and I hope my fellow CPAs will take up the challenge."</p> <p>Somebody has to pick up
Walker's mantle. Will it be you?</p> <p>While you're thinking, check out these related resources:</p>
<ul> <li><a href="http://www.macpa.org/blog/2549/new-films-incon" target="_blank">New film's
inconvenient truth: We're going broke</a></li> <li><a href="http://www.macpa.org/blog/2442/the-usis-bleed" target="_blank">The U.S. is bleeding to death. Here's the tourniquet</a></li> <li><a
href="http://www.macpa.org/blog/2227/our-financial-forecast-changes-from-bad-to-worse"
target="_blank">Our financial forecast changes &hellip; from bad to worse</a></li> <li><a
href="http://www.macpa.org/blog/2068/were-doomed-the-david-walker-tour-rolls-on"
target="_blank">'We're doomed!' The David Walker tour rolls on</a></li> <li><a
href="http://www.macpa.org/blog/3122/our-debt-solution-isnt-a-trillion-dollar-coin-its-education"
target="_blank">Our debt solution isn't a trillion-dollar coin. It's education</a></li> </ul>
http://www.macpa.org/blog/3273/the financial sky is still falling- time for cpas to join the fight
bill@macpa.org(Bill Sheridan)
Fri, 20 Sep 2013 04:27:00 GMT
http://www.macpa.org/blog/3273/the financial sky is still falling- time for cpas to join the fight
How are you spending your Friday?
<p>How are you spending your Friday?</p> <p>We're spending ours with a team from our <a
href="http://www.blionline.org/Content/Home.aspx">Business Learning Institute</a> facilitating an
Economic Summit to create a shared vision for the future of Maryland as part of the Maryland
Chamber of Commerce's <a href="http://mdchamber.org/competitiveness/" target="_blank">Maryland
Competitiveness Coalition</a>.&nbsp;</p> <p>The venue is the Hopkins Applied Physics Laboratory
(APL) in Howard County. The summit will open with a keynote from acclaimed <em>New York
Times</em> columnist and bestselling author Tom Friedman about competing in a global economy.
Yes, even states need to think about competition as indicated by this <a
href="http://www.howmoneywalks.com/web-app/" target="_blank">recent report</a> about the flow
of people and their money in and out of states. Unfortunately, Maryland lost $7 billion in adjusted
gross income to states like Florida, North Carolina, Virginia, Pennsylvania and West
Virginia.&nbsp;</p> <div>Listen in to an interview I did with Maryland Chamber of Commerce CEO
Kathy Snyder about this extraordinary effort.</div> <p><iframe
src="http://www.youtube.com/embed/cxpncuzBPBY" frameborder="0" width="560"
height="315"></iframe></p> <p>&nbsp;</p> <p>However, this summit is much more than the same
old same old conversation about Maryland taxes.</p> <p>There will be a robust discussion of eight
major themes:</p> <ul> <li>Job creation and retention</li> <li>Higher and adult education</li>
<li>Taxation and regulation</li> <li>Immigration</li> <li>STEM education</li> <li>Transportation /
infrastructure</li> <li>Economic diversity</li> <li>Other</li> </ul> <p>That will be followed by a
visioning session designed to capture the "wisdom of the crowd" with the more than 200 attendees
representing over 50 organizations, businesses and legislators. We will be using a collaboration
technology, <a href="http://www.groupsystems.com" target="_blank">ThinkTank by
GroupSystems</a>, to allow everyone to have a voice, from Q&amp;A with Tom Friedman to
individually capturing their visions. Using table discussions, we will synthesize the group wisdom to a
set of "best ideas," which will then go to the coalition for further refinement. The net effect will be to
start a positive conversation about what Maryland can become and some ideas for where we can
start.&nbsp;</p> <p>This is one of our new tools for learning, collaboration and innovation talked
about in <a href="http://www.prweb.com/releases/2013/8/prweb11034865.htm" target="_blank">our
recent press release</a>.</p> <p>So how are you spending your Friday?&nbsp;</p>
http://www.macpa.org/blog/3266/how are you spending your fridaytom@macpa.org(Tom Hood)
Fri, 06 Sep 2013 09:23:00 GMT
http://www.macpa.org/blog/3266/how are you spending your friday-
More guidance available as Obamacare open enrollment nears
<div class="pageIcon"><img
src="http://www.macpa.org/blog/services/assetfeed.ashx?type=pageicon&id=3267&size=240x240&m
=crop" /></div><p>The folks at&nbsp;<a href="http://www.rjpassociates.com/"
target="_blank">Richard J. Princinsky and Associates</a> are back &ndash;&nbsp;and just in time,
too.</p> <p>We're closing in fast on the Oct. 1 launch of open enrollment in the Patient Protection and
Affordable Care Act &ndash; popularly (or unpopularly, depending on your point of view) known as
Obamacare.</p> <p>It seems the closer we get to the deadline, the more questions arise about the
health care law.</p> <p>The RJP team has been scrambling to provide answers.</p> <ul> <li>They
held a town hall meeting in August to answer CPAs' questions about the law. The meeting was so
popular that we recorded it and are <a
href="http://www.macpa.org/Public/Catalog/CourseDetails.aspx?CourseID=1317W736"
target="_blank">offering it again as a four-hour webcast on Sept. 19</a>.<br />&nbsp;</li> <li><a
href="http://www.macpa.org/blog/3249/health%20care-%20plenty%20of%20questions%20lots%20of%20opportunities%20for%20cpas" target="_blank">They recorded a podcast with
me</a> in which they discussed the challenges CPAs face in complying with the new
law&nbsp;&ndash;&nbsp;and the opportunities they have to help guide clients through the Obamacare
maze.</li> </ul> <p>Now, <a
href="http://www.macpa.org/blog/3265/an%20ounce%20of%20prevention-%20the%20ppacas%20impact%20on%20maryland-s%20small%20businesses" target="_blank">they've written an
article</a> in which they examine some of the issues that small business are sure to encounter as they
comply with the law.</p> <p>Chief among them is a new ratings structure to determine the cost of
health insurance.</p> <p>The current structure is pretty straightforward; it's based on the average age
of all employees enrolled in a company's health insurance plan. "Once the average age has been
determined, insurance companies establish the rates for each tier level of coverage, meaning
individuals, individuals plus spouses, families, and all employees pay the same tier rate, regardless of
their ages," <a href="http://www.macpa.org/blog/3265/an%20ounce%20of%20prevention%20the%20ppaca-s%20impact%20on%20maryland-s%20small%20businesses"
target="_blank">writes RJP President Richard Princinsky</a>.</p> <p>Starting on Jan. 1, 2014, that
will change radically. The new structures, writes Princinsky, "will be based on the age of each
individual employee and dependents enrolled. That means rates will be based on each person&rsquo;s
age, not a group&rsquo;s average age and common tier level rate. All employees and their dependents
with different ages will have a unique rate."</p> <p>That's just one particularly complex piece of the
health care puzzle.</p> <p>Some provisions &ndash; the employer mandate, for instance, which
requires employers with 50 or more full-time employes to pay stiff penalties if they do not provide
coverage to their workers &ndash; have been delayed.</p> <p>Others, though, remain in place, and
Princinsky urges CPAs to be ready ahead of time for each round of implementation.</p> <p>"The
wait-and-see approach is not advised," he writes. "All employers should have a team of trusted
advisors, such as an experienced employee benefits broker, to assist with compliance and
implementation strategy."</p> <p>Read Princinsky's article <a
href="http://www.macpa.org/blog/3265/an%20ounce%20of%20prevention-%20the%20ppacas%20impact%20on%20maryland-s%20small%20businesses" target="_blank">in its entirety</a>, then
tell us: What challenges are <em>you</em> facing as you try to comply with the health care law?</p>
http://www.macpa.org/blog/3267/more guidance available as obamacare open enrollment nears
bill@macpa.org(Bill Sheridan)
Thu, 05 Sep 2013 04:00:00 GMT
http://www.macpa.org/blog/3267/more guidance available as obamacare open enrollment nears
Health care: Plenty of questions, lots of opportunities for CPAs
<div class="pageIcon"><img
src="http://www.macpa.org/blog/services/assetfeed.ashx?type=pageicon&id=3249&size=240x240&m
=crop" /></div><p>Open enrollment in new health insurance exchanges -- part of President Obama's
sweeping Patient Protection and Affordable Care Act -- is less than two months away, and there are as
many questions as answers floating around out there.</p> <p>The big news lately is <a
href="http://money.cnn.com/2013/07/03/smallbusiness/obamacare-employer-mandate/index.html"
target="_blank">the president's decision to delay Obamacare's employer mandate</a>, which requires
employers with 50 or more full-time employees to pay stiff penalties if they do not provide health
coverage to the workers. Originally scheduled to take effect in 2014, <a
href="http://www.treasury.gov/connect/blog/Pages/Continuing-to-Implement-the-ACA-in-a-CarefulThoughtful-Manner-.aspx" target="_blank">the mandate has now been delayed a year</a>, to
2015.</p> <p>The generally accepted reasons for the delay: The government needs more time to
simplify reporting requirements, and <a
href="http://www.forbes.com/sites/brucejapsen/2013/07/03/obamacare-delay-until-2015-relief-forhalf-of-employers/" target="_blank">employers just aren't ready</a> to comply.</p> <p>The
employer mandate aside, though, there's still plenty to learn before open enrollment begins on Oct. 1 -and CPAs are right in the thick of it.</p> <p>"This is a great opportunity for CPAs to partner with
their clients, to communicate with and assist their clients (with the law's provisions)," Sandra Krauer,
director of client risk management services for <a href="http://www.rjpassociates.com/"
target="_blank">Richard J. Princinsky and Associates</a>, told me in <a
href="http://macpamedia.org/media/audio/CPASpotlight/RJP_Health.mp3" target="_blank">a recent
phone interview</a>.</p> <p>RJP &amp; Associates is the MACPA's longstanding exclusive
preferred provider of employee benefits. As such, they provide all MACPA members and their clients
with an array of valuable information and resources regarding health care and human resources.</p>
<p>How complex is the new health care law? The MACPA just recently began promoting a special
health care town hall meeting featuring Krauer, RJP and Associates President Rick Princinsky, and
MACPA Executive Director Tom Hood. Scheduled for 8:30 to 11:30 a.m. on Aug. 27 at the
Doubletree Hotel in Columbia, the event sold out quickly and <a
href="http://www.macpa.org/public/catalog/coursedetails.aspx?courseID=13140021"
target="_blank">registrations are no longer being accepted</a>.</p> <p>Take heart, though: The
meeting will be recorded and offered as a webcast from 1 to 4 p.m. on Sept. 19. <a
href="http://www.macpa.org/public/catalog/coursedetails.aspx?courseID=1317w736"
target="_blank">Get details and register here.</a></p> <p>In the meantime, here are a few resources
that might provide a few answers:</p> <ul> <li><a
href="http://macpamedia.org/media/audio/CPASpotlight/RJP_Health.mp3" target="_blank">An
MACPA podcast featuring an interview with Krauer and Princinsky</a></li> <li><a
href="http://webinars.ubabenefits.com/WebinarRecordingGateway/tabid/2890/Default.aspx?rid=747b9
100-6ec5-437c-a388-8528d5ffeb43" target="_blank">A United Benefits Advisors webinar on the
health care law</a>, sponsored by RJP &amp; Associates</li> <li><a
href="http://money.cnn.com/2013/07/03/smallbusiness/obamacare-employer-mandate/index.html"
target="_blank">Delay in Obamacare: What you need to know</a> (from CNN.com)</li> </ul>
http://www.macpa.org/blog/3249/health care- plenty of questions- lots of opportunities for cpas
bill@macpa.org(Bill Sheridan)
Mon, 05 Aug 2013 02:04:00 GMT
http://www.macpa.org/blog/3249/health care- plenty of questions- lots of opportunities for cpas
AICPA, NASBA clear the air over private company reporting
<div class="pageIcon"><img
src="http://www.macpa.org/blog/services/assetfeed.ashx?type=pageicon&id=3240&size=240x240&m
=crop" /></div><p>The <a href="http://www.aicpa.org" target="_blank">AICPA</a> and the <a
href="http://nasba.org/" target="_blank">National Association of State Boards of Accountancy</a>
are friends again.</p> <p>After <a
href="http://www.macpa.org/blog/3223/new%20reporting%20framework%20for%20smes%20vs%20gaap-%20isn-t%20there%20room%20for%20both-" target="_blank">sparring over the AICPA's
release</a> of its Financial Reporting Framework for Small and Medium-Sized Entities, the groups <a
href="http://nasba.org/blog/2013/07/15/nasba-and-aicpa-pledge-cooperation-on-private-companyfinancial-reporting-frameworks/" target="_blank">have released a joint statement</a> that seems to
calm the waters. The statement makes the following points:</p> <ul> <li>The AICPA and NASBA
strongly support the work of the new Private Company Council, which is in the process of developing
a financial reporting model for private companies based on Generally Accepted Accounting
Principles.<br />&nbsp;</li> <li>New tools will be developed to help companies determine if the
AICPA's framework could be a reasonable alternative when GAAP is <em>not</em> required.<br
/>&nbsp;</li> <li>The AICPA's framework should not be confused with GAAP.</li> </ul> <p>"We
believe that preparers and users of private company financial statements should responsibly assess the
accounting approach to meet their current and future needs depending on individual company facts and
circumstances," <a href="http://nasba.org/blog/2013/07/15/nasba-and-aicpa-pledge-cooperation-onprivate-company-financial-reporting-frameworks/" target="_blank">the statement reads</a>. "... The
AICPA and NASBA are committed to engaging in an effort to ensure that the FRF for SMEs, as a nonauthoritative framework, is not confused with GAAP and that entities that utilize GAAP or a nonGAAP solution do so in a suitable and transparent manner.</p> <p>"CPAs who report on financial
statements prepared in accordance with GAAP, or a special purpose framework, such as the FRF for
SMEs, will be held to the highest standards of professional practice by U.S. Boards of Accountancy,"
they add.</p> <ul> <li><a href="http://nasba.org/blog/2013/07/15/nasba-and-aicpa-pledgecooperation-on-private-company-financial-reporting-frameworks/" target="_blank">Read the joint
statement in its entirety.</a></li> <li><a href="http://www.fasb.org/pcc" target="_blank">Read more
about the Private Company Council.</a></li> <li><a
href="http://www.aicpa.org/INTERESTAREAS/FRC/ACCOUNTINGFINANCIALREPORTING/PC
FR/Pages/Financial-Reporting-Framework.aspx" target="_blank">Visit the AICPA's FRF for SMEs
resource center.</a></li> <li><a href="http://www.youtube.com/watch?v=Lk5EyxwAuvQ"
target="_blank">Listen to Barry Melancon explain the AICPA's framework.</a></li> </ul>
http://www.macpa.org/blog/3240/aicpa- nasba clear the air over private company reporting
bill@macpa.org(Bill Sheridan)
Mon, 15 Jul 2013 13:25:00 GMT
http://www.macpa.org/blog/3240/aicpa- nasba clear the air over private company reporting