CPA licensure: One step closer to change | PPP and pandemic-related tips for not-for-profits | Strategies to increase the withdrawal rate in retirement
July 31, 2020
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CPA Letter Daily
Top Story
With the votes of AICPA Council and the National Association of State Boards of Accountancy's board of directors, it's official: The profession is pursuing a new model for CPA licensure. The goal is to launch a new CPA Exam in 2024. Learn about the new licensure model and what's next.
Full Story: AICPA Insights (7/30) 
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Bring more value to help your firm succeed
You know your clients need more than tax preparation: After COVID-19, they need solid tax strategy, business advice, complex accounting. With Thomson Reuters tools at your fingertips, you can easily provide that value.
A&A Report
Not-for-profits face challenges related to funding, operations and strategy as a result of the coronavirus pandemic. These tips can resolve issues related to the Paycheck Protection Program, accounting and other topics.
Full Story: Journal of Accountancy online (7/30) 
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LIMITED: Free High Net-Worth Client Leads
Limited time offer: Attend free 1-hour webinars about tax advantaged products and start receiving free leads consisting of local high net-worth potential clients looking for guidance on products such as conservation easements, opportunity zones and 1031 exchanges.
Financial Focus
One widely known strategy suggests that retirees withdraw 4% of savings in the first year of retirement, then modify spending based on inflation. Subsequent research shows there might be ways to increase the withdrawal rate, and this article describes factors to consider.
Full Story: Forbes (7/26) 
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CPAs: Prepare to prepare (again)
With 1 deadline down and more on the way, it’s crucial firms use this “break” to prepare… themselves. Whether you’re increasing headcount or determined to improve efficiency team-wide, learn how to hire, enable, and secure CPAs from anywhere, today.
Tax Spotlight
The Internal Revenue Service has issued regulations on the simplified accounting method rules for small-business taxpayers enacted in 2017 by the law known as the Tax Cuts and Jobs Act.
Full Story: Journal of Accountancy online (7/30) 
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The Internal Revenue Service has announced that beginning today, in response to the coronavirus pandemic, it is temporarily accepting duplicate copies of Form 3115, Application for Change in Accounting Method, sent by fax, instead of mail. This procedure does not apply to nonautomatic method changes.
Full Story: Journal of Accountancy online (7/30) 
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Visualise your financial close process
Map out the people, systems, interactions, and schedules for your financial close with this customisable deck. Free download >
Career Development
If your boss gives you lower-quality work than others or seems to lack confidence in you, your boss might not trust you. Several strategies can change your boss' perception.
Full Story: Harvard Business Review online (tiered subscription model) (7/29) 
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Annual Section memberships are now just $179
The financial landscaping has changed dramatically. We can help guide you through these times with specialized Sections full of resource libraries, timely news, thought leadership and more. Choose from Tax, Personal Financial Planning (PFP), Not-for-Profit (NFP) and Forensic and Valuation Services (FVS). Explore sections >
Microsoft has begun introducing the Tasks app to desktop users of Teams. The effort is part of a push to create a more integrated task-scheduling experience across Microsoft programs.
Full Story: ZDNet (7/29) 
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Policy & Regulatory
Many businesses and CPA firms have strengthened anti-discrimination and anti-harassment policies. But it's also important to address harassment of and discrimination against employees by third parties, such as clients or vendors.
Full Story: Journal of Accountancy print issue (7/2020) 
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The Senate has voted against two rival coronavirus relief bills, leaving the chamber deadlocked ahead of today's expiration of enhanced jobless benefits.
Full Story: The Hill (7/30),  CNBC (7/31),  The Hill (7/31) 
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Market Update
GDP for the second quarter dropped at a record annual rate of 32.9%, according to the Commerce Department. Separately, initial applications for unemployment benefits reached 1.43 million last week, marking an increase of 12,000, according to the Labor Department.
Full Story: The Wall Street Journal (tiered subscription model) (7/30),  The Associated Press (7/30),  CNBC (7/30) 
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They've forged a path so that your path can be clearer
Interested in starting a tax and financial planning business? Not sure where to start? In this podcast series, you'll get invaluable advice from successful practitioners on how to expand your offerings, from estate to investment planning services. Courtesy of the AICPA Personal Financial Planning Section. Available to all AICPA members.
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Free CPE: Crypto doesn't have to be cryptic
Cryptocurrency is gaining popularity, and the Internal Revenue Service has upped its enforcement of reporting related assets accordingly. So now's the time for you to get clear on all the guidelines, what they mean for those you serve, and how you can best help them comply. Attend the Cryptocurrency Tax Reporting: Client Implications and Compliance webcast, Aug. 20 at 2 p.m. ET.
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Debbie Allen,
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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 431,000 members in 137 countries and territories, 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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AICPA Service Center
220 Leigh Farm Road
Durham, NC 27707-8110
Phone: 888.777.7077
Fax: 800.362.5066
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