Hurricane Florence | How to make progress without a clear career path | Checking risk oversight can inform audits
September 14, 2018
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CPA Letter Daily
Editor's Note
Hurricane Florence
Due to Hurricane Florence, AICPA Member Service is operating with limited staff and might take longer to respond to inquiries. We appreciate your understanding, look forward to assisting you and hope all within the path of the storm remain safe.
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Pass-Through Entities: Big Opportunities
This white paper examines the ways practitioners and companies can make nexus determinations and more easily identify and comply with state filing obligations for pass-through entities, especially those operating in multiple states.
Top Story
How to make progress without a clear career path
Obvious paths to advancement are becoming scarce at some companies, so people need to take control of their future by working with mentors and by investigating opportunities.
Harvard Business Review online (tiered subscription model) (9/13) 
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Reap the reward of payroll services
Payroll services can provide CPA firms with an opportunity to build loyalty and stronger relationships with their clients. In this report, CPA experts detail their tactics for performing successful payroll services, how to mitigate risk, and the impact payroll can have as a value-added service.
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A&A Report
Checking risk oversight can inform audits
By examining an organization's approach to addressing enterprisewide risks, auditors might find clues to how well management focuses on financial-statement risks.
Journal of Accountancy print issue (9/2018) 
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Explore AICPA webcasts.
New Standards for NFPs (9/18), Tax Reform Update - Corporations & Pass-Through Entities (9/24), The 2018 Yellow Book: What You Need to Know (9/25), Tax Reform Update - Individuals & Sole Proprietors (9/27), Blockchain Implications for Audit & Assurance Services (10/5).
See complete calendar.
Financial Focus
Be ready for changes retirement will bring
Retirement -- and the free time it brings -- can mean profound changes for a person's life. Retirees should consider factors related to social relationships, housing and other topics.
U.S. News & World Report (9/13) 
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Tax Spotlight
S corporation shareholder may not revoke tax election
The Tax Court declines to create a precedent and will not let an individual S corporation shareholder unilaterally and retroactively revoke the corporation's election to deduct Federal Insurance Contributions Act taxes.
Journal of Accountancy print issue (9/2018) 
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Policy & Regulatory
Deal on spending aims to prevent US government shutdown
Congressional negotiators have developed a funding compromise intended to head off a US government shutdown before midterm elections. The agreement would provide fiscal 2019 funding for the Defense, Education, Health and Human Services, and Labor departments, and it would keep other parts of the government operating through Dec. 7.
USA Today (9/14),  The Hill (9/13),  The Wall Street Journal (tiered subscription model) (9/13) 
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Federal court: Education Dept. improperly delayed student-loan rule
The Education Department was wrong to postpone implementation of a rule to help students obtain debt forgiveness if a college defrauded them, a federal court has held.
CNN (9/13) 
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Market Update
How median household income has changed
Median household income rose 1.8% last year as more people found jobs and more part-timers moved to full time, according to the Census Bureau. However, incomes are barely above what they were in 2007, and they are essentially the same as incomes in 1999 when adjusted for inflation.
The Associated Press (9/12) 
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US posts larger budget deficit for August
Treasury Department data show the US budget deficit stood at $214 billion last month, compared with $107.7 billion in August 2017. The department cites a 30% increase in government expenditure.
ABC News/The Associated Press (9/13),  The Wall Street Journal (tiered subscription model) (9/13) 
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BoE's Carney: No-deal Brexit could replicate 2008 crash
Bank of England Governor Mark Carney has warned a no-deal Brexit could produce an economic downturn to rival the 2008 financial crisis. He said in a specially convened meeting of the Cabinet potential consequences include double-digit unemployment, a drop of up to 35% in house prices and disrupted air and rail links to the Continent.
The Guardian (London) (9/13) 
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Impress your boss during the age of disruption
Don't fall behind in these disruptive times. Get out of your comfort zone and remain relevant in the workplace.
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What to do when your tax clients have bitcoin assets
Your clients with bitcoin and other digital currency assets bring new challenges for your tax practice. Get a handle on distributed ledger technology's applications and regulatory issues during the AICPA's "Blockchain Implications for Tax" webcast, Sept. 24 at 9 a.m. ET.
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I long to do some good in the world before I leave it.
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About the AICPA
The American Institute of CPAs (AICPA) is the world’s largest member association representing the CPA 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, not-for-profit organizations, federal, state and local governments. It develops and grades the Uniform CPA Examination and offers credentials for a number of specialized areas. With The Chartered Institute of Management Accountants (CIMA), it offers the Chartered Global Management Accountant (CGMA) designation, which sets the global benchmark for quality and recognition in management accounting.
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