Michael Trabold

Director, Compliance Risk, Paychex

Building Strategic Partnerships: 5 Regulatory Issues to Monitor for Your Clients

There are more regulatory demands on businesses than ever before and they’re continually shifting, making it difficult for your clients to keep up. There’s no doubt you can help your clients prepare for and manage tax-related issues, but how up-to-date are you on the other regulatory challenges they’re facing? The current regulatory environment presents an opportunity for accountants looking to provide clients with more strategic guidance in every aspect of their business.

Five hot regulatory topics currently on the horizon are:

1. Payroll tax and tax reform – Business owners may still be unaware of all the implications of tax reform. For example, the new 20 percent pass-through deduction could prove advantageous for freelancers and gig workers in the form of healthcare and other benefits. Additionally, the updated W-4 anticipated for 2019 is expected to automatically assign a number of allowances based on marital status. Many states are also reacting to tax reform with their own regulations. For example, New York State will phase in an optional payroll tax in 2019 which employers must opt into by December 1, 2018 and California is opening two new charitable funds supporting health care and education donations which can be claimed as philanthropic gifts for both federal and state taxes.

2. Healthcare reform – Though tax reform brought the individual mandate tax penalty down to $0 as of 2019, Applicable Large Employers (ALEs) are still required to offer adequate and affordable coverage to full-time employees. Only non-ALEs who offer no group plan currently qualify for Qualified Small Employer Health Reimbursement Arrangements. Accuracy in filing is essential as employers may receive furnishing or filing penalties for late, incomplete, or inaccurate Forms 1094-C/1095 C and they must research and identify any errors in filing and make corrections in response to 226J letters sent by the IRS.

3. Employment law – New regulations are in discussion for paid family leave, paid sick leave, immigration, overtime, tipping, minimum wage, and other wage issues including pay equity. Especially important in the gig economy, the Wage and Hour Division has continued to work with the IRS and many states to combat employee misclassification and to ensure that workers get the wages, benefits, and protections to which they are entitled. The DOL has entered into partnerships with 37 states to work together on misclassification to more effectively and efficiently address this significant problem.

4. Retirement plan administration – HSAs and new and upcoming state and municipality retirement programs are creating different opportunities to save for retirement, but they also come with their own set of rules and regulations that business owners need to understand and comply with to make the most of these plans and to determine what retirement benefits will best attract and retain quality employees. Technology advancements are also impacting the retirement industry. As part of the important ongoing conversation, Paychex will take part in a session at AICPA ENGAGE 2018 discussing where “Robo” technology fits in the defined contribution world today, and how it will support the changing needs of sponsors, advisors, participants and CPAs, especially with the recent regulations and intensified scrutiny from the DOL and the marketplace. “The Role of ‘Robo’ in Defined Contribution Plans” will take place on Thursday, June 14th, 2018 at 11:15 a.m.

5. Cybersecurity/Privacy – All 50 states now have data breach laws and a federal standard may be upcoming. It’s in your clients’ best interest to protect themselves against cyberattacks and data breaches and it’s also important that they respect the privacy of their customers and prospects as they incorporate digital marketing tactics. Though GDPR is a European regulation, it impacts many U.S.-based businesses. California is also proposing a right to privacy law which regulates the collection and use of personal information.

Though at first glance you may wonder how these regulations directly play into your role as an accountant, each piece of regulation and your clients’ compliance with it impacts their business success and your ability to accurately assess their finances for planning and tax purposes. It can be difficult to find the time to refresh your knowledge on these topics in your hectic daily life, but I will be breaking these regulations down for you at AICPA ENGAGE. Don’t miss my presentation, “Top Regulatory Items on the Horizon. Are Your Clients Prepared?”, on Tuesday, June 12 at 7:00 a.m., where I’ll dive deeper into preparing your clients for these upcoming changes.

Mike Trabold is director of compliance risk for Paychex, Inc. Paychex is a leading provider of human capital management solutions for small- to medium-sized businesses.


South Dakota vs Wayfair: What you need to know

If you follow the news, you are aware of the upcoming oral arguments for the South Dakota v. Wayfair case taking place April 17th.  This hearing is monumental because the Supreme Court will finally address whether states can broadly require online retailers to collect sales tax even if they lack a physical presence in the state.

What constitutes “physical presence” has been largely debated and challenged as the way business is conducted has evolved since the 1992 case of Quill Corp v. North Dakota that set the precedent.

With the oral arguments quickly approaching, here are a few things that you need to know:

  • This case directly challenges the decision in Quill. The Supreme Court will need to decide if the issue of physical vs non-physical establishments extends to internet sellers.
  • South Dakota passed economic nexus legislation in 2016 which requires online merchants with no physical presence in the state to collect and remit sales taxes if the retailers’ annual sales in the state exceed $100,000, or if the retailers conducts 200 or more separate transactions in the state of South Dakota over a given year. Other states have imposed similar legislation.
  • If the Supreme Court agrees, states could receive the green light to require the collection of sales tax from internet sellers.
  • Although the oral arguments are taking place April 17th, a ruling is not expected to be made until at least June 2018.

If you are looking for a resource to learn more about this case, and the implications of the upcoming oral arguments, make sure to listen to the podcast that was recorded with special guest, Peggi Rockefeller, Chief Tax Officer, Vertex Inc. We will make sure to keep you posted of all the latest happenings as this potential game changing tax decision unfolds over the next few months.

Please remember that CPA.com provides information for educational purposes, not specific tax or legal advice. Information included is current as of April 1, 2018 and may be impacted by Supreme Court decision in Wayfair v. South Dakota. Always consult a qualified tax or legal advisor before taking any action based on this information.

Michael Trabold

Director, Compliance Risk, Paychex

Before and After Tax Reform: What the Changes Mean for You and Your Clients

For individuals and businesses alike, tax reform is a lot to unpack. Even if your clients can wrap their heads around the new rules, they may not know what these changes mean for their wallets. To truly understand the impact of tax reform, it’s helpful to keep in mind the pre-tax reform policies and compare the two sets of regulations.

The major business tax implications your clients need to know include:

  • A change in corporate tax rate from a progressive tiered rate, which generally ranged from 15-35, to a flat rate of 21 percent with no corporate Alternative Minimum Tax.
  • Newly instated deductions of up to 20 percent for qualified business income for pass-through entities (partnerships, LLCs, sole); but be sure to note that because the provision falls under the individual tax code, it will sunset in 2026 without additional legislative action.
  • A tax credit, ranging from 12.5 percent to 25 percent of wages paid in 2018 and 2019, for certain employers that provide paid family and medical leave to their workforce.
  • Modifications to the rules for exclusion of employee achievement awards to prohibit items such as cash and gift cards from tax-free status.
  • A reduction in the ACA’s individual mandate tax penalty to $0 by 2019. Self-insured employers and insurers are still required to report individuals covered by their plan or face penalties.
  • Businesses can no longer make deductions for settlements and costs of settlements related to sexual harassment or sexual abuse if settlements are subject to nondisclosure agreements.
  • Businesses no longer get a deduction for contributions to commuting expenses with the exception of cycling cost reimbursement. Employees still receive the tax-free benefit for the previous commuting cost with the exception of cycling – money toward cycling to work is no longer tax-free for the employee.

Individual tax provisions under the tax reform bill sunset in 2026 without additional legislative action. These changes to individual taxes, include:

  • An increase in the standard deduction to $12,000 for single filers, $24,000 for married joint filers, and $18,000 for heads of households. In 2017, deductions were $6,350 for single filers, $12,700 for married joint filers, and $9,350 for heads of households.
  • The discontinuation of personal exemptions. In 2017, the IRS allowed a $4,050 exemption per family member, including the filer.
  • An increase in the maximum child tax credit to $2,000, plus an additional $500 family credit for nonchild dependents. Phaseout thresholds have also been raised to $400,000 for joint filers and $200,000 for singles in 2018. Before tax reform, maximum child tax credit was $1,000, and the phaseout thresholds were $110,000 and $75,000 for joint and single filers, respectively.
  • A decrease in the mortgage interest deduction threshold to $750,000. Previously, the mortgage interest deduction threshold was $1,000,000.
  • A doubling of the estate and gift tax exemption to $10 million.
  • A change in moving expense deductions. While civilians used to be able to deduct moving expenses, now only members of the armed services can make this deduction.
  • The discontinuation of a special rule which allowed recharacterization of individual retirement account (IRA) contributions between Roth and traditional IRAs.
  • A reduction in the threshold for deducting qualified medical expenses to pre-Affordable Care Act levels (7.5 percent) for 2017 and 2018 only.

Changes made to the IRS withholding tables also play a role in how tax reform impacts your clients:

  • Before tax reform, the withholding rate on supplemental wages for $1 million or less was 25 percent. It is now 22 percent.
  • Before tax reform, the withholding rate on supplemental wages over $1 million was 39.6 percent. It is now 37 percent.
  • Before tax reform, the back-up withholding rate was 28 percent. It is now 24 percent.
  • Before tax reform, the amount to add to non-resident alien wages was $2,300 annually. It is now $7,850 annually.
  • Though they were eliminated, personal allowances were retained in the new withholding tables to work with the current Form W-4. Employers will need to factor these allowances in when applying the withholding.

The impact of tax reform is still evolving, stay up-to-date with the latest tax reform developments impacting both employers and employees at www.paychex.com/articles/compliance/tax-reform. The AICPA also has a host of tax reform resources at www.aicpa.org/taxreform.

Mike Trabold is director of compliance risk for Paychex, Inc. Paychex is a leading provider of human capital management solutions for small- to medium-sized businesses.

John Engels

Founder and President, Leadership Coaching

Firm leaders: Self-management strategies that make a difference

Most firm leaders are so focused on projects, tasks and supervising others that they forget to keep their eyes on self-management – the skills and strategies that anchor personal and professional growth.

That’s an understandable yet costly mistake.

To help reset your leadership compass so that it points to “True North” – your management of yourself – I’m suggesting four powerful yet under-appreciated strategies.

If you keep his brief list handy, review it regularly and heed its wisdom, you’ll be making high-impact strides in how you lead others, both in your firm and in your family.

Strategy #1: Stop avoiding discomfort

Consider these situations:

A wise decision certain to bring pain in the short term gets delayed and delayed.

There’s an important conversation waiting to happen, but it’s uncomfortable.

You were inappropriate and you owe an apology, but it doesn’t happen.

Good decisions, important conversations and relationship-building apologies are examples of situations when we don’t do what we know makes sense because it’s emotionally uncomfortable.

It’s a case of comfort over progress.

Most of the discomfort-avoidance that happens in firms stems from the “approval virus.”

If firm leaders could learn to regulate their allergy to discomfort, they would care less about approval and perfection and make better decisions.

This is more challenging than it sounds. I wish I had a dollar for every decision I see leaders make that is driven by their need to be liked.

The odd thing is that leaders who make acceptance a priority are rarely respected in the long run. Another way to say it: Caving in to the fear of rejection often leads to rejection.

Strategy #2: Engage “the enemy”

I coach my accounting firm clients and children to learn how to deal with people they don’t like.

One of my parenting quips is: “By the time we get rid of all the people you don’t like, there won’t be anybody left.”

I often hear firm leaders perpetrating an “eliminate the enemy” mindset when referring to business competitors, “problem” employees or “difficult” siblings.

I have two main beefs with seeing those folks as enemies. The first is that such an attitude guarantees a highly anxious relationship. Anxious relationships are much more prone to impulsive decisions and destructive consequences.

The second problem with an enemy mindset is that it feeds my own irresponsibility. As long as the other is the problem, I don’t have to look at myself.

One way to shield myself from responsibility is to make the other the bad guy.

Instead of hyper-focusing on enemies, take a good hard look at your response to the enemies.

Notice what happens when the only attitude that changes is your own

Strategy #3: Value (and appoint) a devil’s advocate

Staff members widely believe that they cannot communicate difficult messages to partners—“because I could get fired.” In 99 percent of the cases, that’s a cop out.

When I talk to firm partners they commonly say: “The most valuable people who work for me are those who will tell me the truth as they see it. That includes their feedback to me, about me.”

Not all leaders are that open. But all leaders should make such transparency their goal.

One idea is to encourage others in the firm to speak directly and candidly when they have a problem with one of the firm leaders.

Timid employees play a big part in ivory-tower leadership. Staff complain that partners are clueless, but they often won’t take the risk to communicate their observations. Protecting leaders from grass roots feedback harms the firm.

Any top leader who’s not getting honest feedback from below should consider appointing a “devil’s advocate” for one year. The job of the devil’s advocate is to report uncomfortable messages, contrary opinions and unflattering feedback to partners. This can happen one-on-one or in a group, depending on the feedback.

A good devil’s advocate sifts important information from hearsay, gossip and whining. And they frame their feedback as personal perception only (“I’ve noticed ...”)

To avoid favoritism, the “devil’s advocate” could be a rotating role with a one-year term limit.

Strategy #4: Shoot for deeper connections

The most common problem I see in accounting firm leaders is their inability to connect at a deeper level with their spouses, children, partners and staff. Much of the distance and conflict that occurs in families and businesses could be greatly eased if leaders learned how to forge deeper conversations.

Leaders I interact with want to do this, but deeper conversations are out of their comfort zones, and they haven’t developed what I call connection capacities.

Connection capacities include emotional awareness, humility (“seeing oneself as one really is”), the willingness to reveal self to others, genuine curiosity about the other, an appreciation for what the other is up against, and the ability to listen.

These capacities are learned neither easily nor perfectly. Progress in these areas requires focus. Many leaders spend too much time doing what they like and are good at - solving problems, giving advice and cutting deals.

A steady commitment to prioritize connection can shift the tenor of even the most troubled relationships. It’s tough to connect with someone if you are not on the road to knowing yourself.

The good news about the four strategies above is this: because the focus is on self-management, firm leaders can exert a high level of control over the outcomes.

So let’s get to work.

John Engels founded Leadership Coaching, Inc. in 1996, based on the integration of three cutting-edge research disciplines: neuroscience, Bowen Family Systems Theory, and the evolution of leadership in non-human species. Under John’s guidance, his consulting team continues to draw on decades of learning with family researchers and with accomplished scientists who study the leadership behavior of wolves, elephants, chimpanzees, and other animals. Currently, John spends much of his professional life as a mentor to executive coaches and family business consultants. He recently developed the “Leadership Skills That Change Firms” program for accounting professionals.

Samantha Mansfield

Director of Professional Development & Community, CPA.com

Goal Setting for the New Year: Get Innovative

Are you still on track with your new year’s resolutions, or have you written them down yet? We typically contemplate resolutions for our personal lives, and in our business lives we think of them as the new year’s goals. Whichever way you classify them, the fresh start to the year is a great time to think about what you would like to change personally and professionally, and this year I challenge you to infuse a little INNOVATION into your plans.

It is hard enough sometimes just to write out your goals, and now I am suggesting to get innovative with them! Isn’t that much more time consuming? At CPA.com’s recent Digital CPA Conference, innovation executive Amy Radin pointed out that innovation is really just business problem solving. She, and others, pointed out the importance of taking an outside view of your business, to really gain the perspectives that will help you build and grow for future success. Even if you weren’t at the conference, the Twitter feed from #DCPA15 has many gems of wisdom to help invigorate your innovation culture and effective goal setting.

Here is an aggregation of some tweets to get you started:

  • “How do you build an innovation culture? @TomHood says to start with a shared belief.”
  • “Sometimes to stay who you are, you have to change what you do,” Jim Collins and shared by Tom Hood
  • “Conflict is not a bad thing; leads to innovation,” Tim Shortsleeve
  • “Consider mentoring an entrepreneur to help them and you with innovation ideas.”
  • “Don’t get overwhelmed – prioritize top 5 things, or if you are just starting top 3.”

Sound advice from a few Tweets! Make sure you take time to plan for 2016 and work on your innovation culture! CPA.com did a survey late in 2015 of CPA’s and most identified the need to be innovative, but time and resources kept them from following through. Jim Collins would say, “Whether you prevail or fail depends more on what you do to yourself than on what the world does to you.” Make sure your plan includes:

  1. Focusing around your “Why” (Simon Sinek, “Start with Why”)
  2. Input from various sources
  3. Prioritization of a small list; don’t try to boil the ocean

Dan Hood, editor-in-chief of Accounting Today, wrote an article of 2016 to do’s calendarized by month. This might be a good place to start in place of staring at a blank page; then customize for yourself. Make sure you are looking for unique solutions, not SALY.

Happy New Year!

Fei Fan-Dollinger

Marketing Manager, CPA.com

Place Your Oxygen Mask on Before Helping Others

Young, carefree, lighthearted... these were the adjectives of your youth. But with back to school going on for many in these past weeks, you begin to wonder where all the time went and what are you going to do about the future. CPAs will advise their clients that a sound retirement plan is essential not only for their business but also themselves so why are not more CPAs taking their own advice? Clients look to CPAs to provide educated business advice beyond the numbers but how can a CPA firm recommend to clients the importance of tax credit for establishing a qualified retirement plan when they themselves fail to have one?

It is time for CPA firms to start taking their own advice! Continue to read below an excerpt from an open letter to AICPA members from Chair of the AICPA Firm-Based Retirement committee. This is a great start to learn more about investing in your own retirement while also benefiting your business and employees. The AICPA Retirement committee understands how CPA firms can lose themselves in the shuffle of helping their clients but much like putting on your own oxygen mask before helping others during airplane emergencies, it is imperative for CPA firms to take time to review their own firm’s retirement security.

Sometimes, with all the demands on time and priorities among CPA firms, the topic of retirement planning for partners and employees of the CPA firm can be overlooked. This letter serves to encourage firms to take a closer look at an extraordinary program created by the Member Retirement Committee — we believe it offers the flexibility to meet the needs of most firms and presents a significant value the firms may not be able to achieve on their own.

The Committee conducts member research annually to understand key retirement needs and ensure alignment with our program. In designing a program that encourages firms of all sizes to establish and maintain a competitive 401(k) program, the Committee, mindful of member feedback, has the following objectives in mind:

  • Encourage firms to “get in the game” by offering a retirement plan design with larger contributions than an IRA or SEP, while keeping control of employer contributions in line with the firm’s objectives for establishing a plan;
  • Enable firms to offer a wide range of investment lineups, ranging from a selection of pre-screened “core” funds to an open-architecture platform to allow firms to utilize the services of an independent investment professional in selecting among a large pool of funds;
  • Provide for ease of administration through a world-class payroll provider along with options for fully bundled administration and the use of an independent consultant;
  • Contain program pricing that can help fulfill the firm’s fiduciary obligations by keeping costs reasonable
  • Provide participant educational materials that both encourage saving through the 401(k) program and allow firms to take pride in offering a solid retirement program; and
  • Provide the flexibility to amend and adapt the plan, when desired, for sophisticated plan designs such as age-based or cross-testing profit sharing formulas.

To view the letter in its entirety please visit AICPA.org/retirement.

As the Safe Harbor deadline approaches on October 1st, take this time to discuss retirement strategies with your clients. How are they planning to save?  Have they reviewed the different retirement strategies and funds options available in the marketplace? Have you? Retirement planning is fundamental for firms and businesses of all sizes. For additional resources on retirement planning visit our website AICPA.org/retirement.


Survey Says: Managing Vendors and Service Providers is a Key Priority

The AICPA released its 25th Anniversary Top Technology Initiatives (TTI) Survey this spring, and part of the research effort looked at the issue of managing outsourced services, a subject of great interest to advocates of cloud accounting.

The TTI survey looks at the top priorities for North American CPAs in technology, and also explores how confident accounting professionals feel about meeting those goals. Data security, for example, almost always tops the list. And while it gets less attention, the category of “managing vendors and service providers” invariably makes the cut of top 10 concerns, too. In fact, in the current survey it ticked up a notch to No. 9 for U.S. respondents. (It stood at No. 9 for Canadian survey takers, too.)

In our view, given the growing acceptance the cloud in accounting and finance, this task will only grow in importance.  

So how do CPAs feel they’re doing in managing vendors and service providers? Overall, 48 percent of survey takers in the United States said they were confident about meeting the challenge. Some 52 percent said they were performing the right amount of due diligence before hiring an IT partner, although less than half said they were confident about making sure IT service providers were in compliance with service level agreements (SLAs).

The authors of the TTI survey commentary make it plain that key issues regarding risk should be fully negotiated before SLAs are signed. 

“Successful organizations should work to fully understand SLAs and insist that contracts are flexible enough to allow the organization to exit the relationship,” the report states. “Exiting a service relationship can be a huge issue, and organizations should focus on getting their data back in a usable format, and on planning a cooperative cut-over to any new provider. “

But CPA firms – and their clients – need to know that one of their core duties going forward is managing vendor relationships and ensuring the success of any IT partnerships. At CPA.com, we are focused on assisting with this by taking some of the guesswork out of choosing vendors through our Partner Solutions program, a lineup of best-in-breed providers in the client advisory services space, collecting reviews and feedback from practitioners to share with the profession, and offering classes like “How to Evaluate Software” at our 2015 Digital CPA Conference (DCPA15).  Use these resources to help you manage your vendor and service provider relationships.

Samantha Mansfield

Director of Professional Development & Community, CPA.com

Do I have to think about that anymore?

For years I spoke to firms about integration. With appropriate setup you click a button and everything happens automagically! When you did the setup right this is what it looked like to everyone else, magic. In that same vein what amazes me today is the new concept of Internet of Me.

Have you stopped to look at how many devices and function you can have set up to be interconnected and at the ready? I recently bought a new house so have made many trips to the hardware store! One trip I came across an entire display of detectors, timers, etc. that can all be interconnected via the web and I can access via apps on my phone. We are getting to a day where the thermostat will start when my alarm clock goes off eliminating one more thing for me to do in the morning. It all just seems to happen automagically.

I am a “Big Bang Theory” fan and all this automation got me thinking about the episode when Sheldon used the dice to make all the minor decisions for him so he could free himself up to contemplate deeper questions. It seems to me using this automation gives us that same opportunity! This ability to have so many tasks in our daily life automated, i.e. turn my phone on silent as soon as I arrive at the office, without even having to think about them. Without giving our attention to those tasks we really do have a chance to go deeper and get more advanced in our work.

So many surveys and studies are showing the concern over staffing in accounting firms, be it retention or recruitment. When we look at giving accounting firm staff tools to automate and eliminate the basic tasks you can accomplish more with fewer staff, and engage your staff by employing their real talents! Give each of your staff an assistant through technology and see where your services can go.

Do you agree? How do you use the available automation?

Fei Fan-Dollinger

Marketing Manager, CPA.com

Saving trees and gaining efficiencies in 2015

As we finish up 2014, and look forward into the future, one thing we still can’t seem to part with is mail.

Admittedly, it is nice to receive pretty holiday cards during this time of year, but as the clock counts down to 2015, how will CPAs continue to use mail in the future? The answer from our 2014 Digital CPA Conference and among the CPA community is that snail mail is quickly becoming a relic of the past; especially when it comes to their audit confirmations.

CPAs are moving into the future on a cloud of technology with over 90% agreeing that a digital future is rapidly approaching (according to recent CPA.com and Dr. James Canton Future Ready CPA study).

As the 2015 audit season draws near, CPAs are searching for methods to help streamline their audit confirmation  process and move them forward into the digital future free of paper mail.

Watch our video to learn how you can go paperless in 2015:

What ways are you cutting paper and streamlining your audit processes?

Erik Asgeirsson

President & CEO, CPA.com

Ringing Out a Great 2014, Looking Forward to 2015

This has been a great year for the Digital CPA and CPA.com community, which we’re proud to serve and guide as they look to advance both their capabilities and strategies. I often say that right now is the best time to start a CPA firm or expand an existing practice, thanks to emerging technologies that are reshaping client expectations and relationships and to practice management innovations that are redefining how firms do business. With the new focus and purpose we have at CPA.com, we’re in a terrific position to offer meaningful support for that transformation. To me, that’s exciting, and I think it energizes the work we do at CPA.com.

There have been many promising developments over the past year. I’d like to single out a few of them:

  • Technology really is the international language, and the cloud helps eliminate distance and borders. I saw this firsthand at the World Congress of Accountants in Italy this fall, which offered a chance to interact with leaders of the profession from around the globe.  It’s clear that globalization offers opportunity for even the smallest firms, and we’re always looking for ways to aid that effort, including our pursuit of the .CPA domain extension for the AICPA and its partners around the world.
  • Closer to home, we saw advancement in the Digital CPA community through our workshops, webcasts and our signature Digital CPA Conference, which many attendees said was the best held so far. Keynoters such as technology writer Nicholas Carr, political commentator George Will and futurist and business advisor Dr. James Canton all provided intellectual firepower, and our CPA of the Future Survey confirmed that the profession is looking for the kind of direction on innovation that CPA.com is focusing on.
  • One important shift this fall that reflects the new era of the cloud for CPA firms is the issuance of SSARS 21, regarded by many as one of the most transformative non-audit standard changes of the past 30 years. The new standard modernizes requirements for CPAs engaged in the preparation of financial statements that don’t involve audits, reviews or compilations. We’re holding a webcast in January    that will help practitioners grasp how this removes many of the questions that currently overhang ordinary engagements.
  • We also changed our name midyear from CPA2Biz to CPA.com to better reflect our mission of empowering CPA firms and businesses for the digital age. As part of that change, we improved our website and refined our positioning to give customers a stronger sense of who we are and what we offer.
  • Finally, we have some exciting products due to be launched soon, including a secure document exchange for financial information that is being piloted with firms. This clearinghouse will provide a means for CPAs to provide clients with data from an authenticated source that private companies can then share with banks, investors and other authorized parties.

As you can tell, we feel like we’re entering 2015 with terrific momentum. We’d like to thank our customers, partners and the extended Digital CPA community, and we’re looking forward to another great year.

Best Wishes for the New Year!

Erik Asgeirsson

President and CEO, CPA.com