Growing number of workers believe they will need $1M to retire | Most CPA executives favor repeal of Affordable Care Act, survey shows | CFOs should play key role in data integration
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March 22, 2017
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Growing number of workers believe they will need $1M to retire
The proportion of workers who say they will need $1 million or more to retire has risen to 37%, compared with 19% a decade ago, according to the latest Retirement Confidence Survey from the Employee Benefit Research Institute. However, only one-fifth of workers say they have saved at least $250,000, and 3 in 10 workers say they are stressed about retirement preparation.
USA Today (3/21),  Bloomberg (3/21),  CNBC (3/21) 
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It's Not Too Late for a Better Tax Season
Do admin tasks drain your time and make the hours drag? What if you could automate that work and spend your valuable time advising clients and boosting your profits? Watch this webcast to hear why Chasity Hooks, owner of Hooks, CPA, switched to UltraTax CS--and why it's worth it. WATCH NOW
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Corporate Finance
Most CPA executives favor repeal of Affordable Care Act, survey shows
Finance leaders in a new survey by the AICPA prefer that the Affordable Care Act be repealed. They predict rising costs related to employee health care, and nearly two-thirds have tried to contain costs through higher deductibles.
Journal of Accountancy online (3/21) 
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Why you may not own a car in 10 years
Vehicle-sharing services such as ride-sharing and some automakers' subscription models continue expanding, and demographic trends could prompt a decline in individual car ownership. Subscription services allow drivers to frequently change vehicles based on shifting transportation needs.
The Washington Post (tiered subscription model) (3/20) 
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CFOs should play key role in data integration
CFOs need to think of themselves as "chief data officers" and focus on gathering, prioritizing and managing data. Companies increasingly expect CFOs to consider non-financial metrics, and CFOs are often responsible for taking the lead on integrating various systems.
CFO.com (3/21) 
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New revenue recognition standard requires careful attention
Learn how to make significant accounting judgments and document them; collaborate with peers for consistent application; make appropriate disclosures; and communicate information related to implementation throughout your organization. Free report>
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Tax Spotlight
SB/SE Fast Track Settlement program made permanent
The Internal Revenue Service has formally established the Small Business/Self Employed Fast Track Settlement program (SB/SE FTS), formerly a pilot program, and modified the rules for the program.
The Tax Adviser online (3/21) 
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Register by 3/24/17 and save up to $175!
This live program will help experienced EBP auditors hone their expertise in defined contribution retirement plan audits and prepare for the Advanced Defined Contribution Plans Audit Certificate Exam. Save $75 with the early bird price. EBPAQC members save an extra $100! Learn more.
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Technology
A new way to keep track of your wallet and keys
Do you have trouble locating your wallet or keys? This month's "Expanding your app-titude" column reviews a technological answer to this problem.
Journal of Accountancy print issue (3/2017) 
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Thinking about a financial planning credential?
Find out how close you are to earning your PFS credential with this 5 question quiz. Take the quiz now!
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Policy & Regulatory
Republicans call for retroactive repeal of investment tax
Some House Republicans are saying that repeal of a 3.8% investment tax should be made retroactive to Jan. 1, 2017. A previous plan had scheduled the tax cut, which is part of the push to overhaul health care, for 2018.
The Wall Street Journal (tiered subscription model) (3/21) 
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Advisory Services
Advisers' tips on forming client relationships
Making the first move to establish a relationship is a crucial part of any adviser's business. Several advisers share how they go about breaking the ice with prospective clients.
Financial-Planning.com (3/20) 
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Market Update
US stocks experience steepest fall since October
US stock markets Tuesday had their worst day of trading since Oct. 11, with all the main indexes posting losses. Financials and industrials were hit hardest, dropping 3% and 2% respectively.
MarketWatch (3/21),  United Press International (3/21) 
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OECD notes rising risk in China linked to corporate borrowing
The Chinese economy faces more risks as the debt owed by nonfinancial firms reaches 170% of GDP, the most among major economies, the Organisation for Economic Co-operation and Development said. The OECD urged the government to scale back implicit guarantees for borrowing to public entities and state-owned enterprises.
Deutsche Welle (Germany)/Deutsche Presse-Agentur/OECD (3/21),  South China Morning Post (Hong Kong) (3/21) 
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AICPA News
Learn inclusive workforce strategies and earn free CPE
Today, more inclusive strategies are imperative to retain diverse talent, especially now, when these employees are increasingly courted by the competition. Diversity expert Trudy Bourgeois will share ways you can keep your staff 100% engaged. Join us for this free CPE webcast -- "How to Effectively Coach, Mentor and Sponsor Diverse Talent" -- on April 19 at 1 p.m. ET.
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Get the knowledge to grow your business valuation services
If you're looking to expand your business valuation practice and develop skills to offer tax, business advisory and litigation services, AICPA Business Valuation School, May 8-12 in Atlanta, can help. The program agenda includes a day dedicated to real-world case study learning. Register by Friday to save $75.
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Martha Washington,
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About the AICPA
The American Institute of CPAs is the world’s largest member association representing the accounting profession, with more than 418,000 members in 143 countries, and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education and consulting. The AICPA sets ethical standards for the profession and U.S. auditing standards for private companies, nonprofit organizations and federal, state and local governments. It develops and grades the Uniform CPA Examination, and offers specialty credentials for CPAs who concentrate on personal financial planning; forensic accounting; business valuation; and information management and technology assurance. Through a joint venture with the Chartered Institute of Management Accountants, it has established the Chartered Global Management Accountant designation, which sets a new standard for global recognition of management accounting.
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