Journal of Accountancy Podcast

The AICPA & CIMA Cannabis Industry Conference starts Aug. 12 in Aurora, Colo. Rachel Gillette will be one of the event's front-and-center speakers and moderators. Gillette joined the Journal of Accountancy podcast recently to discuss some of the trends and issues affecting the industry from a legal and regulatory perspective. Gillette, a Denver-based attorney, also explained how she ended up in this niche practice area. What you'll learn from this episode: · Background on the proposed rescheduling of cannabis and why it matters for the industry and for accountants who advise cannabis businesses. · Gillette's opinion of what might happen with cannabis-related legislation. · Why potential cannabis rescheduling could mean that certain businesses are no longer subject to Sec. 280E. · How the potential changes could affect CPAs. · What Gillette looks forward to about the AICPA & CIMA Cannabis Industry Conference. · How a decision more than 15 years ago led Gillette to her current area of legal practice.

Melanie Lauridsen, vice president–Tax Policy & Advocacy for the AICPA, joined the Journal of Accountancy podcast earlier this month to discuss the latest developments related to several items of note for tax practitioners. Lauridsen shared data from a survey of members about IRS performance during tax filing season. She also analyzed recent IRS proposed regulations related to interest recapture on excess COVID-19 credits. In her previous podcast update, Lauridsen focused on IRS data related to its performance during filing season. Lauridsen said that detailed information will be coming soon on the Tax Section Odyssey podcast related to the employee retention credit. What you'll learn from this episode: · Updates related to employee retention credit (ERC) claims. · Why ERC claims labeled "medium-risk" by the IRS are on hold. · Lauridsen's analysis of proposed regulations released by the IRS earlier this month. · The focus of a Maryland opinion on beneficial ownership information (BOI) reporting requirements. · The "awareness issue" related to BOI reporting. · Why Lauridsen said that the sentiment of tax practitioners is not in alignment with that of the IRS when it comes to IRS performance during filing season. · The "safe harbor" that could be offered by a congressional bill. · Updates on AICPA advocacy work with several entities.

Tony Nitti, CPA, discusses a recent U.S. Supreme Court decision that some observers viewed as having the potential for wide-ranging changes in tax law. In the end, the decision was a narrow one, but the details of what was addressed and what wasn't make for an interesting conversation on this collaborative podcast episode. Nitti, partner–National Tax at EY, joins April Walker, CPA, CGMA, lead manager–Tax Practice & Ethics at AICPA & CIMA, for this episode, jointly produced by the JofA and the Tax Section Odyssey podcast. On June 20, the Supreme Court upheld the constitutionality of the Sec. 965 transition tax in a narrow opinion that applies only to passthrough entities (Moore, No. 22-800 (U.S. 6/20/24)). The Court found it was not required to address whether it is a constitutional requirement that income must be realized before it can be taxed. Nitti and Walker discussed the ruling in a late June recording. Resources: n The unabridged version of the Walker and Nitti conversation on the Tax Section Odyssey page. n Journal of Accountancy news coverage of the June 20 Supreme Court ruling. n A November 2023 conversation about the Moore case. What you'll learn from this episode: · Details of the Supreme Court vote and the facts of the Moore case. · Why Nitti said that an expected "showdown" didn't happen. · What Nitti observed about the case from its oral arguments in late 2023. · How the case could open up further discussion on the taxation of unrealized gains and the constitutionality of a wealth tax. · The value, in Nitti's eyes, of reading the dissenting opinions.

Calvin Harris, CPA, knew he wanted to be an accountant well before he got to college. He had several mentors who helped him make that decision. It's one reason he believes that accountants need to reach students early and tell a better story about the profession. Harris was first on the JofA podcast in February 2022, when he was CFO of the National Urban League. Today, he's CEO of the New York State Society of CPAs and keenly aware of some of the profession's issues related to available talent. He discussed some of the ways accountants can help attract candidates to the profession and commented on the draft recommendations in the recently published report by the National Pipeline Advisory Group. What you'll learn from this episode: How technology has energized Harris and how it's empowering young CPAs. How Harris's mother, a former high school teacher, influenced his career choice. The crucial role diversity and inclusion can play in the future of the profession, according to Harris. Why telling a better story — and telling it early and often — is a must to address accounting pipeline concerns. How Harris, later in life, added the New York City Marathon to his list of accomplishments.

Byron Patrick, CPA/CITP, CGMA, took time from his schedule during AICPA & CIMA ENGAGE a few weeks back to join the JofA podcast. Patrick, recently named CEO at a startup company, has been a regular on the show over the years, talking mainly about technology topics. He continued that theme in this episode, discussing artificial intelligence, how the roles of chief technology officer and chief information officer have changed over the years, and why accounting professionals shouldn't feel overwhelmed by all the tech-focused changes taking place. Also, click here for the podcast episode from nearly five years ago in which Patrick discussed the use of emojis in email. What you'll learn from this episode: Why Patrick calls ENGAGE "the premier event of the year." Details about the AICPA and CPA.com Startup Accelerator. A summary of key messages and themes from a technology-focused ENGAGE session. Patrick's advice for fellow accountants who might feel overwhelmed by the speed of technology-based changes.

Sara Lord, CPA, is chair of the Auditing Standards Board (ASB), which recently issued a new standard that completes the suite of quality management standards ahead of an important implementation deadline in late 2025. Lord, who discussed advice for firms on implementing the standards on a JofA podcast episode in 2022, joined the show again last week to talk about the end of a journey. In this episode, Lord details the terminology changes made official by the ASB's May 14 vote. In the conversation, there is a mention of the standard being available sometime in June. Since recording, the link has gone live and is available here: Statement on Standards for Attestation Engagements No. 23. What you'll learn from this episode: · An explanation of the changes implemented by the ASB in a May vote. · Why the May vote marks "the end of a standard-setting journey." · Why Dec. 15, 2025, is an important date for implementation of the standards. · Implementation guidance, including where to find resources. · The sense of "rejuvenation" Lord feels each year at ENGAGE.

Ken Witt, CPA, CGMA, AICPA & CIMA associate director–Management Accounting Research and Development, explains in this JofA podcast episode why finance decision-makers in the second-quarter Business and Industry Economic Outlook Survey are less optimistic now compared with the first quarter. Witt summarizes the survey results, including CPA decision-makers' expectations for revenue and profit increases and the top challenges facing them and their businesses. What you'll learn from this episode: · Why Witt says the outlook this quarter is "mixed." · An overview of respondents' sentiment about the domestic and global economies. · The "signs of strength" in KPIs, including revenue and profit projections for the next 12 months. · One metric that Witt will monitor in the third-quarter survey results.

Anoop Mehta, CPA, CGMA, is the chair of the selection committee that will choose the next AICPA & CIMA CEO. Mehta, a former AICPA chair and Association of International Certified Professional Accountants chair, discussed the qualities the organization seeks in its next leader, a planned timeline for the selection committee, and the importance of knowledge transfer. The CEO chosen will replace Barry Melancon, CPA, CGMA, who on May 22 announced his retirement, effective at the end of the year. Mehta, who recorded the episode at AICPA & CIMA ENGAGE, also shared why he thinks prospective CPAs should attend the annual event in Las Vegas and why he expects to continue meeting with accounting students. Resource: AICPA & CIMA CEO job description What you'll learn from this episode: · A planned timeline for hiring the next CEO. · The qualities being sought in the next leader. · Mehta's explanation of how a strong leader can balance openness to hearing others' perspectives with making an unpopular decision. · The importance of the Association chair and co-chair in the selection process. · The state of talent development and why Mehta says he gets "energized."

Trisha Nomura, CPA, CGMA, and Abel Soares III, CPA/PFS, don't live far from each other, but they didn't know the other's story until Soares was featured in an AICPA & CIMA Member Spotlight Series video. They joined the JofA podcast recently to discuss how connecting has led to mutual admiration — and opened up new ideas for mentoring. The episode is in recognition of Asian American Native Hawaiian/Pacific Islander (AANHPI) Heritage Month and intended to celebrate the diverse voices of the profession. Resources n AICPA & CIMA home page for diversity, equity, and inclusion n Full index of the Member Spotlight Series focused on diverse voices: What you'll learn from this episode: · How Nomura and Soares learned that they were essentially neighbors. · The background of each CPA and why it matters — particularly this month. · Their advice for fellow accountants on being more entrepreneurial. · The inspirational emails Nomura has received after speaking to students about accounting. · Why Soares wanted to go "beyond the numbers" with his firm's focus. · Their ideas for helping to grow the profession.

Marty Finn, CPA/PFS, J.D., LL.M., is an ENGAGE co-chair, focusing on tax, personal financial planning, and estate planning topics for the event, which begins June 3. Finn got his start on conference committees after meeting Sid Kess, a legendary tax practitioner and mentor who died in September at age 97. The advice of Kess has stuck with Finn, and Finn believes that an emphasis on top-notch speakers and topics is what has made ENGAGE and its predecessor events valuable to CPAs for years. Resources: ENGAGE registration information and agenda A remembrance of Sid Kess, by Andrea Millar, CPA/PFS "Summing Up Sid" podcast episode from September Longtime AICPA CEO Barry Melancon announces his retirement What you'll learn from this episode: First, a word on the news of the week: AICPA CEO Barry Melancon announces plan to retire. Melancon is scheduled to be at ENGAGE, a signature AICPA event that Finn looks forward to each year. Finn's explanation of the Sid Kess Rule. The topics that are expected to be addressed in a panel discussion that Finn will moderate. The importance of, and timeline for, the sunset of several key provisions of the legislation known as the Tax Cuts and Jobs Act. Why Finn says that the opportunities for tax-focused CPAs in the area of advisory services will continue to grow. One last bit of Kess advice for getting the most out of conference attendance.