January-February 2025

Flipbook

In this issue:

January 15, 2025

Take Note

TXCPA’s Advocacy Day and Midyear Leadership Council Meeting

January 28-29, 2025, Austin, TX

Make your plans now to attend the 2025 Advocacy Day and Midyear Leadership Council Meeting on January 28-29 in Austin! Hear legislative updates from knowledgeable and popular speakers on Tuesday morning, then head to the Capitol to engage directly with lawmakers and staff about TXCPA’s key legislative agenda items. This dynamic event is open to all TXCPA members – don’t miss your chance to make an impact!

Downright Austin, a Renaissance Hotel, Previously the Sheraton Austin Hotel at the Capitol, 701 East 11th St., Austin, TX 78701, 512-478-1111

Rate: $249 single or double + 15% occupancy tax; Parking: Self-parking discounted to $20/day; Cutoff Date: January 12, 2025

Click here for more details.

TXCPA's 2025 CPE Programs

Mark your calendar now for these conferences in spring and summer 2025!

View the upcoming schedule in the Education area of our website.

Free CPE Webcasts for Members

TXCPA Passport – CPE on Your Schedule

Newly updated courses are now available. Click here to see the current list and subscribe.

Clarification for Today's CPA Article on Mitigating Medicare Mistakes

The article, "Mitigating Medicare Mistakes: The CPA's Role in Navigating IRMAA Challenges," in the November/December 2024 Today’s CPA issue discussed strategies CPAs could recommend to help smooth out or reduce Modified Adjusted Gross Income (MAGI). It suggested tax-efficient investments, such as municipal bonds or life insurance policies, which might not count toward MAGI.

However, clarification is necessary: MAGI starts with Adjusted Gross Income (AGI) but requires adding back certain nontaxable items to arrive at MAGI. While tax exempt interest (such as interest on some municipal bonds) is excluded from AGI, it must be added back in computing MAGI for purposes of IRMAA. This add-back is required for determining Part B and Part D Medicare premiums under Title 42, Sections 1395r(i)(4) and 1395w-113(a)(7)(C) of the U.S. Code.

Boost Your Well-Being: Printable Physical Wellness Checklist

Positive physical health habits can help decrease your stress, lower your risk of disease and increase your energy. Check out this printable physical wellness checklist from the National Institutes of Health for some tips on improving your physical health.

If you're facing challenges related to addiction, substance abuse or mental health, TXCPA Peer Assistance is available to provide support. Go to tx.cpa/resources/acan.

Secure Your Future with TXCPA Member Insurance

Protect what matters most – your family, your home and your career – with the TXCPA Member Insurance Program. Designed exclusively for CPAs, our trusted, association endorsed insurance provides exceptional value and peace of mind.

Why choose TXCPA Member Insurance?

  • Tailored Protection: Coverage crafted specifically for professionals and their families.
  • Exclusive Savings: Enjoy special member rates from top-rated insurance carriers.
  • Meaningful Impact: Your participation helps advance the mission of the Texas Society of CPAs.

Learn more today! Visit txcpainsure.org or call 800-428-0272 and explore your options.

Now Hiring? Turn to the TXCPA Career Center

Post your open positions for new and experienced accounting staff on the TXCPA Career Center! Members receive exclusive discounts and internship postings are always free. Highlight your organization’s culture, benefits and growth opportunities to attract top talent. Visit careers.tx.cpa to get started and find your next superstar!

Management Accountants - Stand Out With the CGMA® Designation

The Chartered Global Management Accountant (CGMA®) designation is a globally recognized professional credential for management accountants. It was established through a joint venture between the American Institute of CPAs (AICPA) and the Chartered Institute of Management Accountants (CIMA).

The CGMA designation signifies expertise in management accounting and is highly regarded by employers for leadership, strategic thinking, and financial analysis skills. Key features include:

  • Global Recognition - It is one of the most recognized management accounting designations globally.
  • Focus on Strategy and Leadership - It emphasizes strategic financial management and leadership skills.
  • Ethics and Professionalism - CGMAs adhere to a code of ethics and demonstrate professionalism.

To learn more, visit the CGMA website.

 

Thanks to the Sponsors of Today's CPA Magazine

This content was made possible by the sponsors of this issue of Today's CPA Magazine:

Accounting Biz Brokers

Accounting Practice Sales

Capstan

CPA Charge

efile4Biz

Goodman Financial

Poe Group Advisors

 


 

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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