Journal of Accountancy Podcast

Several factors are contributing to finance decision-makers' growing optimism about the economy and their own businesses, according to a quarterly survey. Ken Witt, CPA, CGMA, shares insight into that positive sentiment, along with a look at hiring and the headwinds facing organizations. Also, hear the words of an AICPA & CIMA ENGAGE 2021 speaker on her path to becoming a sports agent and her advice on advocating for yourself.

In a letter to the IRS, the AICPA recently offered recommendations on six key areas of regulation of paid tax return preparers. A senior manager on the AICPA's Tax Policy & Advocacy Team explains more about why the recommendations are needed. Also, learn more about a recent popular article on delivering and receiving feedback. What you'll learn from this episode: Why it's important for the IRS to address the issue of unregulated tax return preparers. Insight into preparer tax identification numbers (PTINs) and IRS authority over them. Why the current process to revoke a PTIN can be "time-consuming and costly." An explanation of supervised, nonsigning return preparers. More on a recent JofA article about delivering and receiving feedback. News on the issuance of nonauthoritative guidance for auditing digital assets, and economic trends to watch.

Amobi Okugo, a pro soccer player, is scheduled to be part of a sports-themed panel discussion at AICPA & CIMA ENGAGE 2021. He has continued to pursue education and business opportunities off the field, and he hopes to be a role model as a "frugal athlete." Hear more about Okugo's history and his plans. Also, get a refresher on where the term "imposter syndrome" came from, how many of us it affects, and what we can do to beat it. What you'll learn from this episode: Why Okugo says that mega-millionaire athletes are anomalies. How he approached spending money when he was first chosen in the Major League Soccer draft. The agreement he made with his parents about pursuing his college degree. Tips from a recent JofA article on defeating imposter syndrome. A summary of two recent articles related to the IRS.

May is Asian Pacific American Heritage Month, and the conversation in this podcast episode is meant to celebrate that and to offer organizations reminders on how they can support employees of Asian descent. The group is sometimes referred to as Asian American and Pacific Islander, or AAPI. Lisa M. Ong, CPA, is a DEI (diversity, equity, and inclusion) consultant who says that May is always her busy season because that's when organizations most often seek an AAPI speaker. Ong shared specific advice and actions for individuals and organizations seeking to support AAPI talent. For more resources on this topic, visit the AICPA's Diversity and Inclusion page. You can also learn more about Ong's organization, Wishing Out Loud.

CPA firms are often more productive and profitable when owners work less, according to Brannon Poe, CPA, owner of Poe Group Advisors in Charleston, S.C. In this podcast episode, Poe, who has more than 15 years of experience buying and selling CPA firms, explains how delegating work can free owners to focus on what matters most. He also gives advice for determining which work you should delegate and how to do so with fewer worries.

How an organization frames the discussion around bringing staff back together in the office matters. Jennifer Wilson, partner and co-founder of Convergence Coaching LLC, expands on her recent Journal of Accountancy article about reopening mistakes for organizations. Wilson is a speaker at AICPA & CIMA ENGAGE 2021 on the topic of managing a blended workforce (view the full ENGAGE agenda here). Also, hear a reminder about playing to your strengths from another ENGAGE 2021 speaker, executive coach Rhonda Peterson.

Life and work in the pandemic era can be exhausting. Stress can make it difficult to focus on and execute your goals. ENGAGE 2021 speaker Rhonda Peterson believes taking the time to care for and nurture one's energy can improve your career success, increase your businesses' profitability, and provide a deeper sense of fulfilment. Peterson shares her tips for discovering the activities and stresses that drain your energy, making it harder to succeed, and for uncovering the endeavors that bolster your energy. What you'll learn from this episode: Why your personal energy matters and how it affects your life, business, and career. How to identify significant energy drains in your life. How to find activities that improve and boost your energy. Why managers should be paying attention to their team members' energy levels and how they can help improve them. The best way to develop a personal energy protection habit.

A recent Journal of Accountancy article by Kelly Williams, CPA, Ph.D., detailed eight ways to calculate depreciation in Excel. Williams, one of two CPA authors of the Technology Q&A feature, shares why it's helpful to CPAs to have so many methods and which one she prefers. She also talks about Flash Fill as a preview to her Excel session at AICPA & CIMA ENGAGE 2021 in July. In the second interview segment, Mark Beasley, CPA, Ph.D., says one key part of enterprise risk management (ERM) is breaking down silos. Beasley, the director of North Carolina State University's ERM Initiative, joined the JofA podcast for a discussion of lessons that can be pulled from a recent survey on risk management. An article on the survey appeared on the website of FM magazine. Also, listen to news on a proposed standard by FASB and an update on Paycheck Protection Program funding from the U.S. Small Business Administration.

CFOs and other leaders have been forced to adapt to challenging and fast-moving circumstances as a result of the COVID-19 pandemic. Tom Hood, CPA/CITP, CGMA, the executive vice president of business growth and engagement for the Association of International Certified Professional Accountants, reflects on what finance leaders have learned in the past year and previews two of his sessions at the upcoming AICPA & CIMA CFO Conference.

The IRS has issued updated guidance on several aspects of the employee retention credit. April Walker, CPA, CGMA, lead manager on the Tax Practice & Ethics team at the AICPA, touches on the highlights, including filing options for claiming the credit, an extension of penalty relief, and several key questions that have yet to be resolved. What you'll learn from this episode: What recent IRS notices have addressed regarding claiming the credit in 2021 and penalty relief. Two critical questions about the credit that have yet to be addressed by the IRS. One common mistake that a CPA firm leader says managers should avoid when delegating tasks. Updates on a bill's passage in the House of Representatives and other news.