Blog

This article focuses on the narrow outcome when CPAs settle a claim before contacting their professional liability insurance provider.

As an accounting student, you're likely aware of the significance of networking in today's competitive job market. Building connections with accounting firms not only increases your chances of securing internships and full-time positions but also provides valuable insights and mentorship opportunities. Let’s explore the best ways for accounting students to network effectively with accounting firms, allowing you to pave a path towards a successful career in the field.

Last month, CPAs from Washington joined their partners at the American Institute of CPAs (AICPA) in Washington, D.C. to meet with lawmakers on issues important to the accounting profession during the AICPA Spring Meeting of Council and Annual Members Meeting.

This week's GLS Genuine Learning Blog gives an overview of the happenings at the Spring 2023 AICPA Council meeting with a look at the agenda and key topics covered during Hill visits. We'll review the key focus areas of the 2 day meeting.

On Friday May 19, the Office of Management & Budget issued the 2023 Compliance Supplement. This blog will review the largest changes of the various parts of the Supplement. The new Supplement is effective starting with our June 30, 2023 year ends.

Recently the WSCPA celebrated International Women’s Day and Women’s History Month by recognizing the contributions women have made to the accounting profession.

Outsourcing is a hot topic right now for the profession as CPA firms struggle with staffing constraints. Current challenges associated with firms attracting and retaining talent are expansive and include issues such as staffing qualified professionals for complex engagements, employee burnout, unrealistic and “heavy” workloads, as well as limitations on the ability to maintain and foster high-touch client relationships.

The internet has been buzzing with the latest leap in technology, ChatGPT. This innovative AI tool has the potential to revolutionize the way CPAs work. Find out what this means for our profession and you.

Under the Financial Crimes Enforcement Network (FinCEN)’s Corporate Transparency Act, most businesses created in or registered to do business in the United States will need to report information on their beneficial owners to FinCEN starting January 1, 2024. There are stiff taxpayer penalties for noncompliance with this requirement.

It’s no surprise that pursuing a career in accounting can be expensive and that cost is a considerable barrier to many students. Scholarships and other financial assistance become essential to these students and make a real difference in their overall success.

Identifying barriers can be a challenge. We are well conditioned to maintain the status quo if we personally do not see things as broken or cumbersome. We also tend to insert our own experiences, opinions, and biases in everything we do. It takes conscious thought and practice to notice a potential barrier and dissect it. It can be even more difficult to bring others along with you.

You know what qualities and expertise are needed in your accounting field, but did you know there’s a plant species that can actually complement those qualities? We’ve put together a fun list of accounting types and matched them with a common houseplant (or office plant) that is sure to thrive and bloom in your particular environment.

As I sat down to write this column, I planned to write about our return to in-person events and encourage our members to look at the WSCPA’s conferences and other in-person CPE events. We also have a very exciting Membership Summit and annual meeting in June (and it’s free!), with great topics and speakers teed up. These in-person events will provide you with a great opportunity to see old friends in person, share stories with students and new professionals, and network.

As part of our mission to celebrate and include the authentic, whole person. Kimberly Scott, WSCPA President & CEO, sat down with therapist and CPA, Carrie Potter, to discuss steps leaders can take to support their employees' mental health.

Effective May 1, 2023, the Peer Review Program for Washington CPA firms will be administered by the Colorado Society of CPAs (COCPA). Visit the COCPA website for more information.

On March 15, 2023, the AICPA’s Professional Ethics Executive Committee (PEEC) issued an exposure draft relating to fees. The exposure draft includes new interpretations for determining fees for an attest engagement and new fee dependency interpretations, as well as a revised conceptual framework for independence interpretation and revised client affiliates interpretation. Comments are due by June 15, 2023.

The FASB has issued an exposure draft regarding new disclosure requirements relating to income taxes. In addition to new disclosures, the proposal also includes removal of existing disclosure requirements. Comments are due May 30. Do you agree with the new disclosure requirements?

It is WSCPA membership renewal time! Maintain your connection to a supportive community of accounting professionals across the state and keep saving on top-tier CPE and business services. Take just a few minutes to renew today.

Many CPAs are considering (or have used) contingent fee billing arrangements to assist their clients with obtaining Employee Retention Credits (ERC). Unfortunately, many believe they’re permitted to accept contingent fees for amending their clients’ payroll tax and income tax returns. But CPAs are not permitted to charge contingent fees for amending these returns to obtain these payroll tax credits. Professional standards prohibit CPAs from charging contingent fees to prepare original or amended returns. Some CPAs erroneously believe these services fit within one of Treasury Circular 230’s or the AICPA Code of Conduct’s exceptions.

On April 24th, the National Association of State Boards of Accountancy (NASBA) announced that they adopted Uniform Accountancy Act (UAA) Model Rule that allows exam candidates 30 months, from the time they receive their first section score, to pass all four sections of the CPA exam.