January-February 2022

Flipbook

In this issue:

Ready for New Opportunities in the Year Ahead

https://www.tx.cpa/resources/txcpa-magazine/janfeb2022/2022/01/06/ready-for-new-opportunities-in-the-year-ahead?

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CEO’s Message

By TXCPA President and CEO Jodi Ann Ray, CAE

TXCPA President and CEO Jodi Ann Ray, CAE

The last two years have been full of change and we learned quickly that we would need a new definition for “normal.” As you plan for your new normal, turn to TXCPA for the resources and connections you need to stay ahead of the changes yet to come.

Stay informed. TXCPA communicates with members in many ways, always striving to keep you in-the-know about the latest professional updates. Be sure the details in your member profile are accurate so we can understand your areas of interest and you don’t miss any critical alerts. TXCPA’s social media channels also provide quick, short and timely updates. Be sure to follow the Society on Facebook, LinkedIn, Twitter and Instagram. I hope to see you during one of our Facebook Live Friday broadcasts at 10 a.m. Central Standard Time most Fridays.

Stay ahead. TXCPA’s CPE programs are critical for staying ahead of the changes coming throughout the year. We offer four FREE two-hour professional issues update webcasts, quarterly Texas tax update webcasts and our four-hour Ethics program that meets your state requirement. All these programs are included as part of your member investment! Be sure you add the dates for these and other important CPE opportunities and you’ll be ready to answer the tough questions for your clients as you move into tax season.

Stay connected. One of the greatest benefits of membership is the connection you have to thousands of CPAs across the state. You can participate in a chat on TXCPA Exchange, join a committee, volunteer with your chapter or get engaged in TXCPA’s advocacy efforts. You can get involved at any time of the year, but we are currently seeking volunteers to join committees for the start of our fiscal year June 1.

All members are invited to attend our 2022 Midyear Meeting on January 21-22 in Irving. You’ll hear valuable updates on the profession and connect with others in the community. Members will have the opportunity to attend the event in-person or via webcast.

The TXCPA team is here to help you be more engaged and successful in 2022! Please let us know how we can best serve you in the new year ahead.

Happy New Year!

Share Your Thoughts
I’d love to hear your feedback and answer your questions. Drop me a note at jray@tx.cpa or connect with me on LinkedIn.

January-February 2025

Flipbook

In This Issue

  • Assessing AI From a Tax Perspective, Part 1

    The article evaluates the potential use and limitations of AI in addressing tax-related queries during tax season. While AI tools show promise for aiding tax professionals and easing the CPA shortage, their responses are often inaccurate or misleading. The technology can assist with basic tasks, but it is not yet reliable enough to replace the educated judgment of tax professionals.
    View Article

  • CPE: Goodwill and Unit of Accounting

    This article provides an in-depth analysis of goodwill accounting under ASC 350, which defines goodwill as the excess payment over the fair value of acquired assets in a business combination. It covers the complexity of goodwill accounting, its significant financial implications and the importance of informed management judgment in acquisitions.
    View Article

  • What’s Happening Around Texas - January-February 2025

    November's Service Month and Career Awareness Month showcased our members' dedication to making a difference, highlighting their meaningful community impact. Through charitable efforts, educational outreach and career awareness initiatives, their collective generosity was a bright light for the accounting profession.
    View Article

  • The Impact of State Sales Tax Law on Federal Income Tax Returns for Businesses

    State sales tax rules impact federal income tax reporting for businesses operating in multiple states. Proper reporting is crucial to avoid audit risks and ensure compliance with gross receipts thresholds, which can influence tax methods and deductions. Tax practitioners should align financial accounting and tax reporting practices to minimize discrepancies and simplify compliance.
    View Article

  • Communicating with Senior Clients

    Recognizing typical age-related changes and making small adjustments can enhance how CPAs communicate with senior clients. Communication differences are not all related to a person’s generation category. The recommendations in this article draw from research and years of professional practice, as well as personal experience.
    View Article

  • Critical Timing for Licensure Discussions in Texas

    The new year brings a new legislative session in Texas. TXCPA will be advocating for important developments that directly impact your profession and the future of the CPA pipeline in Texas. We encourage you to stay engaged with us as the session progresses.
    View Article

  • Proposed Two-Track Path to a CPA License is Getting Serious Consideration

    A proposed two-track path to CPA licensure aims to address the shrinking pool of potential new entrants into the accounting profession. Traditionally, CPA licensure requires passing the Uniform CPA Exam, completing 150 semester hours of education and completing supervised work experience.
    View Article

  • Spotlight on CPAs: Shristi Upreti Sharma

    TXCPA member Shristi Upreti Sharma discusses her career journey, sharing key milestones and valuable lessons for aspiring CPAs. Passionate about accounting from a young age, she has actionable advice for students pursuing the CPA path, highlighting dedication, strategic planning, mentorship and resilience as essential elements for success.
    View Article

  • Government Affairs: Hold on Tight! Big Changes in the Accounting Profession for 2025

    The 89th Texas Legislative Session begins January 14, 2025, where there will be debates on property taxes, water resources, infrastructure, school choice, and CPA licensing reforms. Key bills for the accounting profession are SB 262 and HB 1757 that include proposals for an alternative CPA licensure pathway, and SB 522 that includes mobility protections. TXCPA will actively advocate for these and other measures.
    View Article

  • FASB’s New ASU 2024-03: Another Step Toward Greater Transparency in Financial Reporting

    The Financial Accounting Standards Board (FASB) issued ASU 2024-03 on November 4, 2024, to enhance financial reporting transparency by mandating more detailed expense disclosures in financial statements. This update, shaped by investor feedback during FASB’s 2021 agenda consultation, aims to help investors better assess a company’s performance, cash flow prospects and industry standing.
    View Article

  • Driving Strategic Growth: ASC 280 Segment Reporting Disclosure Fuels Investor Insight

    Updates to ASC 280 require public companies to disclose detailed segment-level financial data to meet growing investor demands for more insights. Implementing these changes involves identifying operating segments, ensuring data readiness and maintaining compliance with reporting standards. Enhanced transparency will help build investor confidence and support sustainable growth in a competitive, evolving market.
    View Article

  • TXCPA Thanks Our 2024-2025 Professional Group Membership Program Participants!

    TXCPA thanks the firms and companies that participated in our 2024-2025 Professional Group Membership program for membership renewals and new member activations. With our streamlined group billing option, renewing memberships is a breeze, while offering your team added value and benefits!
    View Article

  • Take Note

    In this edition of Take Note: Advocacy Day and Midyear Leadership Council Meeting; TXCPA's 2025 CPE Programs; Clarification for Today's CPA Article on Mitigating Medicare Mistakes; Printable Physical Wellness Checklist; Secure Your Future with Member Insurance; TXCPA's Career Center; Management Accountants - Stand Out With the CGMA® Designation
    View Article

  • Classifieds

    The classified ad section features listings for practice owners looking to sell, professionals seeking firms to purchase and a variety of specialized services. Whether you're looking to expand, sell or explore niche opportunities, this section connects professionals with valuable business prospects and resources.
    View Article

CHAIR
Mohan Kuruvilla, Ph.D., CPA

PRESIDENT/CEO
Jodi Ann Ray, CAE, CCE, IOM

CHIEF OPERATING OFFICER
Melinda Bentley, CAE

EDITORIAL BOARD CHAIR
Jennifer Johnson, CPA

MANAGER, MARKETING AND COMMUNICATIONS
Peggy Foley
pfoley@tx.cpa

MANAGING EDITOR
DeLynn Deakins
ddeakins@tx.cpa

COLUMN EDITOR
Don Carpenter, MSAcc/CPA

DIGITAL MARKETING SPECIALIST
Wayne Hardin, CDMP, PCM®

CLASSIFIEDS
DeLynn Deakins

Texas Society of CPAs
14131 Midway Rd., Suite 850
Addison, TX 75001
972-687-8550
ddeakins@tx.cpa

 

Editorial Board
Derrick Bonyuet-Lee, CPA-Austin;
Aaron Borden, CPA-Dallas;
Don Carpenter, CPA-Central Texas;
Rhonda Fronk, CPA-Houston;
Aaron Harris, CPA-Dallas;
Baria Jaroudi, CPA-Houston;
Elle Kathryn Johnson, CPA-Houston;
Jennifer Johnson, CPA-Dallas;
Lucas LaChance, CPA-Dallas, CIA;
Nicholas Larson, CPA-Fort Worth;
Anne-Marie Lelkes, CPA-Corpus Christi;
Bryan Morgan, Jr, CPA-Austin;
Stephanie Morgan, CPA-East Texas;
Kamala Raghavan, CPA-Houston;
Amber Louise Rourke, CPA-Brazos Valley;
Shilpa Boggram Sathyamurthy, CPA-Houston, CA
Nikki Lee Shoemaker, CPA-East Texas, CGMA;
Natasha Winn, CPA-Houston.

CONTRIBUTORS
Melinda Bentley; Kenneth Besserman; Kristie Estrada; Holly McCauley; Craig Nauta; Kari Owen; John Ross; Lani Shepherd; April Twaddle; Patty Wyatt

 

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