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

 


 

May-June 2025

Flipbook

In This Issue

  • TXCPA’s 2024-2025 Year in Review

    TXCPA addressed key challenges in the accounting profession through strategic initiatives focused on the CPA talent shortage, advocating for licensure flexibility, expanding student outreach, and enhancing member services. Key achievements included support for legislation introducing additional CPA pathways, strong participation in advocacy efforts and impressive engagement in CPE programs.
    View Article

  • CPE: The Significance of Codes of Conduct in Professional Organizations - Standards for Ethical Practice

    This article examines the ethical codes of four major professional organizations - AICPA, ACFE, CFA Institute, and IIA - highlighting their shared values of integrity, objectivity, confidentiality, and competence. While all emphasize ethical behavior and professional standards, each code is tailored to the unique responsibilities of its field.
    View Article

  • 89th Legislative Session Review: New House Leader, Rule Changes and a Productive Session for TXCPA

    The 89th session of the Texas Legislature began on January 14, 2025. TXCPA has been hard at work advocating its legislative agenda and has had a very productive session. Texas is one of the state leaders in addressing CPA pipeline issues.
    View Article

  • Special Report: The Digital Transformation of Accounting

    Digital transformation is reshaping accounting, making technology adoption essential for firms to stay competitive. Automation streamlines reporting, while document management systems improve organization and compliance. Embracing innovation allows firms to boost efficiency, deliver deeper client value and lead in a rapidly evolving profession.
    View Article

  • Key Considerations for Financial Statement Auditors Before Leveraging Artificial Intelligence in Their Audits

    There is a growing role for generative AI tools to be used in financial statement audits. The tools offer numerous advantages, including enhanced data analysis, continuous learning, predictive insights, audit automation, and cost savings. However, challenges remain, such as data privacy risks, bias in training data and the inability to verify source data. Learn more in this article.
    View Article

  • How Accountants Can Embrace an Entrepreneurial Spirit

    The use of AI-driven technologies has resulted in numerous tools that threaten the existence of many professionals. Accountants are not immune to the threat since many of their tasks can be automated. To stay relevant, accountants can upskill or start their own business. Despite low risk tolerance, their financial expertise makes them strong entrepreneurial candidates.
    View Article

  • Maximizing Audits: Key Elements for Efficient and Successful Financial Assessments

    Audits provide stakeholders with reliable financial insights, but the process can be daunting for companies. To prepare effectively, businesses should focus on strong internal controls, accurate transaction records and clear, compliant financial statements. Internal controls help prevent fraud and ensure accurate reporting, while well-organized documentation streamlines auditor reviews.
    View Article

  • Spotlight on the Accounting Profession: Jessica Rodriguez Reyes

    Jessica Rodriguez Reyes, an outstanding undergraduate in the BS/MS accounting program at the University of North Texas, shares her journey as a first-generation college student. With internship experiences in small and large firms, Jessica emphasizes the value of hands-on learning and her dedication to mentoring other students is making a noticeable impact.
    View Article

  • A Year of Progress and Impact

    As the 2024–2025 membership year ends, we reflect on a year of progress driven by the dedication of leadership, volunteers and, most importantly, our members. Together, we advanced initiatives, strengthened our community and expanded our reach. Looking forward, even greater opportunities lie ahead to build on this success.
    View Article

  • What’s Happening Around Texas - May-June 2025

    Members in Austin, Dallas and San Antonio participated in community service activities and professional networking events. Fort Worth hosted a successful masquerade ball to fund scholarships, while TXCPA South Plains introduced its new board. Southeast Texas engaged students at a career expo, Victoria hosted a student-CPA coffee meet-up, and Wichita Falls organized an educational event at Midwestern State University.
    View Article

  • Accounting Firms Continue to Innovate in Response to Rapidly Changing Market Conditions

    There is a growing trend of private equity investments in CPA firms amid declining CPA Exam participation, talent shortages and rising reliance on AI. While offering growth opportunities, the deals raise concerns about maintaining professional independence in a profit-driven model.
    View Article

  • Take Note

    In this edition of Take Note: Renew Your TXCPA Membership Today; TXCPA Passport is On-Demand CPE at Your Fingertips; Tips to Reduce Digital Overload; Get Published in Today’s CPA Magazine
    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, these classified ads can connect you to 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; Barry Kaplan; Holly McCauley; Shicoyia Morgan; Craig Nauta; Kari Owen; Dipesh Patel, CPA, CGMA; John Ross; Lani Shepherd; Patty Wyatt

 

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