CalCPA Daily Clips

July 12, 2021

MEMBER IN THE NEWS
(John P. Schultz quoted.)
This is one of the best ways to get tax-free retirement savings
Of all the tax advantaged ways to save for retirement, the Roth IRA is one of the best.
CNN

BUSINESS
Employers expand child care, family benefits
Some companies are introducing child care benefits, such as on-site day care and affordable tutoring, as they look to build an appealing environment for workers. Companies are also rolling out benefits for other family members, such as employees’ parents.
CNBC
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Here’s a guide to rethinking strategy
Legacy companies and entrepreneurs alike can underestimate the complexity and vastness of strategy. This article outlines five actions leaders must take for successful strategic implementation.
Harvard Business Review
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Will Public Company ESG Disclosures Come From Shareholders or Regulators?
“The question of what ESG information is missing in our markets is first and foremost a question for investors,” says one SEC commissioner.
CFO

PROFESSION
The accounting principle that helps keep Bitcoin from broader acceptance
Accounting firms are restricting corporations from holding the cryptocurrency as assets even as they give free rein to venture capital firms — such as SoftBank Group Corp. — to invest in equally risky and volatile unicorns
AccountingToday
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What auditors learned from two years of CAM implementations
With the majority of public companies now subject to this requirement, it’s a good time to reflect on the impact of CAMs.
AccountingToday
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Getting Clients to Respond the First Time
Helping clients is the reason you are in this profession, you want them to be more successful, but aren’t always as responsive as you’d like.
AccountingWeb
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What Tech Races Are Ahead for Accountants?
As an in-the-know accounting professional, you’re familiar with the current buzzwords and trends, like moving your items to the “cloud,” benefiting from “automation” and “AI,” and other, similar technology trends. But what about the technology that will affect your future?
AccountingWeb
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What Skills Do You Need to Transition to Advisory?
Taking your accounting firm beyond tax planning and offering advisory services will increase your profits and value to your clients. However, you need to ensure your team is ready to provide these services.
AccountingWeb

REGULATORY
Yellen plans review of climate risk to financial stability
Treasury Secretary Janet Yellen plans to head a regulatory review of risk that climate change presents to financial stability. The Financial Stability Oversight Council, which Yellen chairs, will analyze the issue, implementing an executive order from President Joe Biden, Yellen says.
The Hill
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Analysis: Dealmakers see M&A rush, then chills, in Biden’s antitrust crackdown
Dealmakers expect a new wave of transformative U.S. mergers and acquisitions (M&A), as companies rush to complete deals before President Joe Biden’s antitrust push takes shape, to be followed by a slowdown when regulators start cracking down.
Reuters

TAX
Accounting method planning to increase taxable income
In certain circumstances, taxpayers might benefit from increasing, rather than decreasing, taxable income. Accounting method planning can help taxpayers achieve that objective.
The Tax Adviser
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IRS Offers Guidance on Multiemployer Retirement Plans and the PBGC
Notice 2021–38 provides guidance under provisions of the American Rescue Plan Act of 2021 regarding special financial assistance paid by the PBGC to eligible multiemployer defined benefit pension plans that are financially at risk.
CPA Practice Advisor
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G-20 finance ministers set to endorse global tax deal
The tax deal proposes a minimum corporate levy of at least 15%, and new rules for dividing up the tax revenues from the world’s largest companies — particularly U.S. tech giants.
AccountingToday

TECH
A closer look at Windows’ PrintNightmare security flaw
The Windows security vulnerability known as PrintNightmare could have a serious impact on business users. This article explains the gravity of the situation and how to get the patch.
CNN

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