Accounting & Auditing
Articles
A deeper look at CPA attrition
December 3, 2024
New data suggests that long hours, demanding clients, constant deadline pressure and mediocre pay may not be whatâs driving so many of our peers toward the exits.
Using AI for an R&D study
December 3, 2024
With the rising popularity of artificial general intelligence (AGI) and its potential for business transformation, there's a significant push for CPAs to leverage AI features to save time and boost profitability.
BOI filing fees
November 25, 2024
As the Corporate Transparency Act (CTA) reshapes compliance requirements across the U.S., CPAs and law firms are presented with a unique revenue opportunity: Beneficial Ownership Information (BOI) filings.
Is your firmâs new quality management system on target for Dec. 2025?
October 31, 2024
Tips to catch up on implementing the new quality management standards that firms offering audit and accounting services need to put into practice.
Detect and respond to cyber threats
October 29, 2024
Effective detection and rapid response to cyber threats are key to advancing cybersecurity maturity and minimizing potential damage.
Recent changes to the Research and Development tax credit
October 28, 2024
The Research and Development (R&D) tax credit has been a crucial incentive for U.S. businesses to bolster their innovation and technological advancement. However, recent changes to the R&D tax credit have brought significant modifications to its application and eligibility criteria.
New tax changes in the energy transition
October 17, 2024
Proposed rules for âTechnology-Neutralâ clean electricity incentives in the Inflation Reduction Act.
Law, system changes serve Minnesota filers
Footnote
October 10, 2024
Find out about key issues the MNCPA is monitoring at the Capitol. Stay current on legislative news and events with stories, tips and grassroots involvement.
When people meet processes
October 9, 2024
When we think about the people aspect of workflow, it isnât about perfection â itâs about success. For us to have success, we must be clear on two key areas: roles and responsibilities. On top of that, we need to have skills in two other areas: delegation and training.
Takin' care of business â before Dec. 31!
Footnote
October 8, 2024
Learn about important news from the Minnesota Board of Accountancy. Monthly topics include rules, CPE requirements, CPA exam information, licensing, and more.
A frantic, fulfilling fall
Footnote
October 1, 2024
Get insight and news from MNCPA leadership about the organization and professional issues.
Selling a CPA or accounting firm â marketplace developments
Footnote
October 1, 2024
Sunbelt Business Advisors/True North Mergers & Acquisition, national experts in the sale of firms in the CPA industry offering their insights.
The case of the Velva teen auditor
Footnote
October 1, 2024
MNCPA member Chuck Selcer shares his knowledge about ethics requirements and laws with unique humorous fictitious stories.
Tara Torseth
Footnote
September 30, 2024
Tara Torseth is the recipient of the Excellence in Professional Development Award. The award recognizes members who develop unique MNCPA educational programming.
Discovering AI before tax season
September 6, 2024
The process of finding what AI technologies to use can be daunting. Here's a practical approach to figure out which tools are best for you and your firm.
IRS plan for settling Employee Retention Credit claims finally implemented
September 5, 2024
The IRS is continuing to turn up the pressure on Employee Retention Credit (ERC) claims to sort out fraudulent applications from legitimate ones. The recent updates are signs of relief for businesses that have been patiently waiting for their money.
Update on noncompete agreements in Minnesota
September 3, 2024
There's been a number of changes to laws around noncompetes â here's what you need to know.
Ch-ch-ch-ch-changes: Name changes and license renewal
Footnote
August 1, 2024
Learn about important news from the Minnesota Board of Accountancy. Monthly topics include rules, CPE requirements, CPA exam information, licensing, and more.
How early is too early?
Footnote
August 1, 2024
Get insight and news from MNCPA leadership about the organization and professional issues.
The case of the methane methodology
Footnote
August 1, 2024
MNCPA member Chuck Selcer shares his knowledge about ethics requirements and laws with unique humorous fictitious stories.
Have an employee retirement plan?
July 31, 2024
Minnesota joins California, Colorado, Oregon, Illinois and other states in creating a state-run retirement savings plan for employees working with small employers who do not offer an employer sponsored retirement plan.Â
Navigating the evolving complexity of R&D in recent judicial decisions
July 29, 2024
Navigating the complexity of the Research & Development (R&D) tax credit has never been easy, but recent judicial decisions have only made it more complicated.
How to disengage clients
July 22, 2024
Disengaging clients in a professional services firm is a sensitive process that requires careful consideration to maintain positive relationships and uphold your firm's reputation. Here's a step-by-step guide on how to do it professionally.
Update on Employee Retention Credit claims
July 9, 2024
Enforcement and scrutiny getting tougher, but IRS will finally start processing lower-risk ERC claims.
Tax advantages for health care benefits in 2024
June 17, 2024
In todayâs competitive labor market, employers need every advantage to recruit and retain good people. Consistently over time, the most important benefit to employees is health insurance.
Simplifying AI in the enterprise
June 13, 2024
The Dell AI Factory with NVIDIA is a pioneering solution that integrates Dellâs leading compute, storage, networking, workstations and laptops, with NVIDIAâs advanced AI infrastructure and NVIDIA Enterprise AI software.
A closer look at the BOAâs retired status
Footnote
June 4, 2024
Learn about important news from the Minnesota Board of Accountancy. Monthly topics include rules, CPE requirements, CPA exam information, licensing, and more.
Family tax credits are investments in our future
Footnote
June 4, 2024
Find out about key issues the MNCPA is monitoring at the Capitol. Stay current on legislative news and events with stories, tips and grassroots involvement.
The case of the Leaky investment
Footnote
June 4, 2024
MNCPA member Chuck Selcer shares his knowledge about ethics requirements and laws with unique humorous fictitious stories.
Use summer to refresh, reconnect
Footnote
June 4, 2024
Get insight and news from MNCPA leadership about the organization and professional issues.
Minnesota Gov. Walz signs HF 4757, overhauling Minnesota's adult-use cannabis market
May 31, 2024
In a landmark move for Minnesota's cannabis industry, House File 4757 passed during the 2024 legislative session and signed into law by Gov. Tim Walz on May 24, 2024, which introduced significant changes to the state's adult-use cannabis market.
AI in accounting: A comprehensive guide for your CAS practice
May 30, 2024
Artificial intelligence (AI) can be faster, more consistent and accurate than humans, so the initial fear of AI in accounting is understandable. But using AI will augment, enhance and amplify your Client Accounting Services (CAS) to help you meet client deliverables at scale.
Unveiling the advantages of cost segregation studies in real estate investment
May 29, 2024
In the world of real estate investment, achieving maximum returns and optimizing cash flow are top priorities. Yet many real estate owners, investors and their tax advisors, overlook cost segregation studies.
Helping companies address workforce supply and demand challenges
May 20, 2024
Learn how you and your clients understand how available employer hiring incentives are being offered as strategies to offset some of the rising labor costs for hiring workers.
Help your builder and developer clients earn energy efficiency tax credits
May 2, 2024
IRS Section 45L provides a generous federal tax credit for the construction of energy efficient homes. Learn the ins and outs of 45L to help your clients.
Navigating the digital landscape
May 1, 2024
Learn why having an ADA compliant website is a big deal, who needs to get on board, what the requirements involve, the consequences of ignoring the ADA and why it's essential to keep up with the standards.
Overview of the Domestic Content Bonus Credit
April 25, 2024
As part of Minnesota's ambitious clean energy initiatives, the Domestic Content Bonus Credits provided by the Inflation Reduction Act (IRA) of 2023 represent a significant opportunity to further enhance the state's renewable energy projects.
Helping companies address workforce supply and demand challenges with statewide growth initiatives
April 23, 2024
Explore state strategies for addressing remote workers and other workforce trends to help you and your clients understand the latest statewide economic initiatives.
Which business transition options are owners likely to pursue?
April 1, 2024
See what external or internal options for transferring business that business owners/leaders aware of and which of these options are they likely to pursue.
A thoughtful approach to local taxes
Footnote
April 1, 2024
Find out about key issues the MNCPA is monitoring at the Capitol. Stay current on legislative news and events with stories, tips and grassroots involvement.
The case of Pilot error
Footnote
April 1, 2024
MNCPA member Chuck Selcer shares his knowledge about ethics requirements and laws with unique humorous fictitious stories.
Wanted: Words of encouragement
Footnote
April 1, 2024
Get insight and news from MNCPA leadership about the organization and professional issues.
Securing the Section 179D tax deduction for clients with energy efficient commercial buildings
March 7, 2024
Get up to speed on the Energy Policy Act (EPAct) §179D tax deduction and learn how this provision could help your clients.
Important tips for job seekers
Footnote
February 28, 2024
Read about insider tips to help in the job search process and to land your next career.
Perfect your accounting firm playbook: 3 easy steps to improve profitability
Footnote
February 28, 2024
In these ever-changing times, adaptability is key. Here are three easy steps to enhance your accounting firm's profitability playbook and ensure consistent cash flow in an uncertain future.
Top 3 reasons your clients will love working with us
Footnote
February 28, 2024
Hear about how the Saint Paul & Minnesota Foundation can help you!
Whatâs important for business transitions in Minnesota?
February 19, 2024
Learn about key issues for owners in their succession and transition planning from the University of Minnesota Extensionâs he Minnesota Business Succession and Transition Study.
Minnesota Office of Cannabis Management may begin accepting adult-use cannabis applications sooner than expected
February 13, 2024
On Jan. 30, 2024, the Minnesota Office of Cannabis Management (OCM) provided a public update on the officeâs rulemaking and application process for the adult-use cannabis market in Minnesota.
Preparing for an ERC audit
February 7, 2024
Itâs the season for IRS ERC exams â are you or your client prepared?
Cultivating success
February 1, 2024
As Minnesotaâs cannabis market continues to grow and evolve, achieving a deep understanding of the complexities and opportunities within this sector is crucial.
IRS announces second phase
February 1, 2024
The IRS released a new program allowing businesses that incorrectly filed for an Employee Retention Credit (ERC) refund to return 80% of the funds without interest or penalties. Learn how to help your clients navigate the process.
U.S. Department of Labor issues final rule on independent contractor classifications
January 17, 2024
Employers need to be aware of a change in determining who is an employee vs. independent contractor effective March 11.
The secret to a winning 48C application
January 2, 2024
The Advanced Energy Project Credit provides qualifying manufacturers with billions of dollars in tax credits for making investments in advanced energy projects. See how to help your clients with the 48C application process.
Minnesotaâs State Housing Tax Credit Program offers a generous charitable tax break
December 4, 2023
A new tax saving opportunity for charitable dollars is directed to affordable housing in Minnesota and is administered by the Minnesota Housing Finance Agency (also known as Minnesota Housing).
Minnesota BOA adopts rules package
Footnote
December 1, 2023
Learn about important news from the Minnesota Board of Accountancy. Monthly topics include rules, CPE requirements, CPA exam information, licensing, and more.
The case of Salving Hughâs Jeego
Footnote
December 1, 2023
MNCPA member Chuck Selcer shares his knowledge about ethics requirements and laws with unique humorous fictitious stories.
Employer strategies that address current labor challenges
November 21, 2023
For many reasons, U.S. businesses are facing an unprecedented shortage of workers, and thatâs having a profound impact on where companies choose to locate, how they price their products and services, and how they recruit, train and retain workers while trying to stay competitive nationally and globally.
2023 Minnesota Clean Energy Law SF4
November 16, 2023
In the wake of recent legislative changes to Minnesotaâs clean energy bill SF 4 passed this past February, itâs important for CPAs and financial advisors to understand provisions of the Inflation Reduction Act of 2022 (IRA).
Wake-up call for the profession
October 30, 2023
We canât continue with business as usual if we want to attract and retain the best talent. Here are five suggestions for addressing these challenges.
IRS intensifies efforts to combat ERC scams â consider getting a second opinion
October 26, 2023
The IRS is still encouraging businesses to file legitimate claims, but it is asking businesses to review their claims with a trusted tax professional who actually understands the complex ERC rules. See how getting a second opinion can help.
Renewable Energy and Advanced Energy Investment Tax Credits
October 19, 2023
The 2022 Inflation Reduction Act (IRA) and Bipartisan Infrastructure Law are offering billions of dollars in energy-related tax incentives to companies that invest in clean energy and clean energy technologies that help combat climate change. See which credits your clients may qualify for.
Forget weak passwords and automate password security
October 11, 2023
In today's fast-paced digital landscape â where security breaches are a constant threat â password management is a critical concern for businesses.
Optimal cybersecurity protocols
October 11, 2023
Cybersecurity concerns are making headlines more frequently, and the threats are ever-present. Â One alarming trend is the rise of Business Email Compromise (BEC), leading to substantial financial losses as reported by authorities in the United States and Australia.
Strengthening data protection for you and your clients
October 2, 2023
Now is the perfect time to delve into the significance of data privacy and explore how we can collectively bolster our defenses against cyber threats.
Safeguarding financial professionals
October 2, 2023
As October marks Cybersecurity Awareness Month, it's essential for financial professionals â especially CPAs, CFOs and financial controllers â to sharpen their defenses against cyber threats.
Renew and report by Dec. 31
Footnote
October 1, 2023
Learn about important news from the Minnesota Board of Accountancy. Monthly topics include rules, CPE requirements, CPA exam information, licensing, and more.
4 benefits of mobile payment systems for CPAs
September 26, 2023
One of the latest payments technologies that has seen rapid growth recently is mobile payments, where customers can send off a payment directly from their bank accounts with a few taps of a mobile app. See how this technology can help your firm.
The case of the rotten core
Footnote
September 26, 2023
MNCPA member Chuck Selcer shares his knowledge about ethics requirements and laws with unique humorous fictitious stories.
Evaluating your technology
September 22, 2023
Here are four keys to help you and your firm get into the practice of consistently evaluating your technology use.
How to leverage technology in times of instability
September 19, 2023
Finance leaders are facing significant challenges resulting from instability in todayâs national and global markets. New drivers of uncertainty have emerged over the last few years, impacting the ways organizations are being led going forward and driving the need for long-term, sustainable change.
Spotlight on Dell MDR: The compelling case for managed detection and response in CPA firms
September 19, 2023
Just as CPA firms offer specialized services for clients lacking in-house financial expertise, managed detection and response (MDR) services provide much-needed cybersecurity capabilities for organizations that may not have dedicated IT departments.
The Employee Retention Credit: The latest scrutiny
August 31, 2023
With IRS backlog reduced, additional focus is now on supply chain qualifications, misleading ads and growing fraud risk
The growing market for CPAs in the cooperative business sector
August 8, 2023
A pressing issue has come to the forefront in the cooperative business community: the scarcity of CPAs specifically equipped with expertise in cooperative accounting. By bridging this knowledge gap, CPAs can seize the opportunity to enter this rapidly expanding market for their services.
Networking groups: A double-edged sword for success
August 8, 2023
One the most common questions I get asked by accounting professionals is: I was invited to join a networking group, should I join it? Will it be worth my time? Discover the advantages and disadvantages of a networking group to determine next steps.
The case of the Crappy chappie
Footnote
August 1, 2023
MNCPA member Chuck Selcer shares his knowledge about ethics requirements and laws with unique humorous fictitious stories.
R&D Tax Credit â Section 174 Updates
July 31, 2023
Learn about R&D Tax Updates and how firms should move forward with their clients.
Donât succumb to the ERC misinformation epidemic
July 5, 2023
There has been an increase in buzz around the Employee Retention Credit, including a lot of misinformation. Learn how to approach the ERC in a way that benefits your clients and ensures compliance.
Q&A: MNCPA member McKenna Hoff on Bethelâs MBA program
June 6, 2023
As part of a partnership with Bethel University, we wanted to highlight a member who has taken advantage of the MBA Pathway for Certified Professionals offered by the university.
CPA Evolution explained
Footnote
May 30, 2023
By now youâve heard the CPA Exam will be changing â some may even say evolving. In fact, the change is called CPA Evolution. Letâs examine how the exam is changing and how to plan for the changes.
Opening the nexus chamber of secrets
Footnote
May 30, 2023
This article analyzes how Wayfair impacted state income tax and sales tax nexus and concludes with a decision roadmap that tax advisers and taxpayers can apply when approaching state tax nexus issues.
Tax issues you might have missed during year-end close
Footnote
May 30, 2023
The IRS officially kicked off the tax filing season Jan. 23, 2023, and issues continued to arise in the tax world. Here are some of the key issues you might have missed.
5 myths about cannabis and the accounting industry
May 15, 2023
Cannabis is expected to be a $100 billion market in the next few years, with hundreds of thousands of new companies needing accounting and tax help.
How cloud computing helps your firm stay ahead of competitors
April 13, 2023
In this ever-evolving accounting landscape, cloud computing is no longer just a desirable tool â it's essential for any competitive accountancy firm.
The growing importance of IoT security in the accounting industry
April 13, 2023
Cybersecurity has become a crucial concern for businesses in all industries. With the growing prevalence of the Internet of Things (IoT), it's more important than ever for CPAs and accounting professionals to be aware of the security risks and best practices associated with IoT devices and networks.
How to address three common staffing challenges
Footnote
March 29, 2023
In the annual survey of MNCPA public practice members, 45% of respondents said their top concern this tax season was not having enough staff to complete the work.
Talent pipeline is the issue of our day
Footnote
March 29, 2023
Get insight and news from MNCPA leadership about the organization and professional issues.
ERP is not a four-letter word
March 16, 2023
While ERP solutions have traditionally been challenging to implement because they are complex and comprehensive, frequently with the gnashing of teeth, smaller ERP systems are easier to implement successfully.
Top 5 errors CPAs â or their providers â are making when calculating the ERC
February 7, 2023
While the ERC is a fantastic tax incentive, it can be complex and difficult to navigate.
174 R&E amortization explained and what to do
February 2, 2023
Taxpayers that have R&E expenditures or software development costs must now amortize the costs over five years. The costs can no longer be deducted in the year period or incurred.Â
CPA exam set to change in 2024
Footnote
January 31, 2023
Spread the word! For those who have already taken one or multiple parts of the exam, encourage them to complete (and pass) all four sections of the current exam to get ahead of the change.
Holding S Corporation stock in a trust
Footnote
January 31, 2023
There are strict rules for holding S Corporation stock in a trust to avoid violating the eligible shareholder rules.
IRS rulemaking continues to be called into question
Footnote
January 31, 2023
So long as the IRS and/or Treasury Department enforce rules that have not met the rulemaking requirements of the APA, taxpayers will continue to have the opportunity to seek relief in the courts.
MNCPA to explore broadening CPA licensure options
Footnote
January 31, 2023
The board approved an initiative to draft legislation to broaden options to CPA licensure requirements in Minnesota while maintaining rigorous testing requirements.
MNCPA sets 2022 legislative agenda
Footnote
January 27, 2023
Itâs imperative issues that affect the CPA profession and those you serve continue to get attention from lawmakers.
IRS releases revised R&E procedural guidance
December 15, 2022
On Dec. 12, 2022, the IRS released an advance copy of Rev. Proc. 2023-8, which provides procedural guidance for taxpayers to adopt accounting methods for specified research or experimental (R&E) expenditures under Section 174.
Crack the code: MNCPA Tax Conference
Footnote
November 29, 2022
Highlights from the 2022 MNCPA Tax Conference.
Estate tax planning for uncertain times
Footnote
November 29, 2022
One matter is clear during these uncertain times: Itâs the golden age of gifting. Advise clients to take advantage of these estate tax planning strategies before itâs too late.
Latest peer reviews show continued improvement
Footnote
November 29, 2022
The MNCPA Peer Review Committee has compiled the results of engagement reviews and system reviews from the past three years to analyze trends and highlight areas for continued improvement.
Tax implications of remote workers
Footnote
November 29, 2022
Adopting a co-employer model is one way to manage the tax compliance and HR requirements associated with remote workers.
The power of a new day
Footnote
November 29, 2022
Get insight and news from MNCPA leadership about the organization and professional issues.
Step-by-step guide to setting up an ESOP
October 26, 2022
There are many things to consider before you set up an ESOP. Here are seven steps to take to help you determine whether an ESOP is right for you.
179D and 45L technical update
October 10, 2022
The Inflation Reduction Act offers tax savings opportunities for real estate clients.
AICPA issues proposed revisions to Statements on Standards for Tax Services
October 3, 2022
The AICPA has released an exposure draft of significant proposed changes to the Statements on Standards for Tax Services. The AICPA states it will consider all comments received by Dec. 31, 2022.
ASU, ASC and SAS, oh my
Footnote
September 30, 2022
Thereâs much to be understood about ongoing standards changes, including some that are already effective. Hereâs a look at a handful of these A&A changes that may affect the work you do.
Minnesota Department of Revenue is committed to engagement amid change
Footnote
September 30, 2022
Find out about key issues the MNCPA is monitoring at the Capitol. Stay current on legislative news and events with stories, tips and grassroots involvement.
SQMS No. 1: First steps
Footnote
September 30, 2022
SQMS No. 1 deals with a firmâs responsibilities to design, implement and operate a system of quality management for its accounting and auditing practice.
What are you waiting for? Renew and report already!
Footnote
September 30, 2022
The the BOA encourages CPAs to renew and report as soon as possible. Doing so ensures that mistakes can be caught and fixed ahead of Dec. 31.
2022 legislative session review
Footnote
July 28, 2022
Find out about key issues the MNCPA is monitoring at the Capitol. Stay current on legislative news and events with stories, tips and grassroots involvement.
5 tips to help you prune toxic clients
Footnote
July 28, 2022
At the end of the day, not every client is a great client. And having great clients at your firm keeps your firm profitable and your team happy.
Automatic CPA certificate revocation is a thing of the past
Footnote
July 28, 2022
Legislation passed in 2022 eliminates the automatic revocations requirement after two years of not renewing and allows the lapsed certificate to show up as expired.
Hanging your shingle
Footnote
July 28, 2022
Have you ever thought of running your own shop? Do you have an entrepreneurial spirit? Does the thought of risk not scare you? Then making this move can be awesome.
How to fix the leaky CPA pipeline
Footnote
July 28, 2022
Additional recruitment efforts wonât resolve staffing shortages if retention issues arenât fixed first.
Please, keep being you
Footnote
July 28, 2022
Get insight and news from MNCPA leadership about the organization and professional issues.
The hand of private equity in accounting firms
Footnote
July 28, 2022
Private equity is reaching into the accounting world, but why
â and whatâs the trade-off for CPA firms?
The pros and cons of ESOPs: Weighing your options
July 21, 2022
When it comes to choosing a business transition strategy, owners have a lot to think about. For those considering an employee stock ownership plan, it is important to begin with a basic understanding of the pros and cons of an ESOP.
5 ways CPAs can help their clients with bankruptcy
July 7, 2022
Recent economic challenges have caused a rise in bankruptcy cases. Besides lawyers, CPAs are also handling an increasing number of bankruptcy cases and have an important role in advising clients.
6 ways to show clients appreciation
June 30, 2022
Showing appreciation for others is a rare but powerful opportunity to build a relationship â and a brand.
Benchmarking as a service in CAAS practice
June 30, 2022
Benchmarking services empower our clients with the knowledge necessary to make strategic business decisions, and as their trusted advisers, we can help our clients achieve growth and improve profitability.
Who runs a company owned by an Employee Stock Ownership Plan (ESOP)?
June 22, 2022
An ESOP operates as a trust, which has two separate features of ownership like any other business. The difference is who is responsible for these features.
CPA Evolution will impact todayâs interns; how can organizations prepare?
June 10, 2022
Leaders may want to engage with human resource teams to consider how CPA Evolution will impact their approach to talent acquisition moving forward.
A look at 3 timely transfer pricing topics
Footnote
May 25, 2022
Investment and focus on transfer pricing now will help companies avoid potential high costs and disruption from controversy with tax authorities later.
An overview of charitable contributions
Footnote
May 25, 2022
For tax advisers, it is important to be aware of the requirements and nuances that accompany donations.
Carrying credits back? Weâve got your back
Footnote
May 25, 2022
While fixing a CPE shortage isnât the end of the world, itâs still a compliance mishap. Donât delay; the noncompliance fees add up.
Managing your EX (employee experience)
Footnote
May 25, 2022
In a tight labor market, the employee experience becomes a major part of your recruitment and retention strategy. Employers must define and articulate what makes them stand out from other employers.
MNCPA Employee Benefit Plan Task Force findings
Footnote
May 25, 2022
Reporting investments and fair value disclosures prove to be an ongoing challenge.
Overcome the martyrdom of the profession
Footnote
May 25, 2022
Here are changes that can help curb death by a thousand paper cuts in your A&A practice.
Signs of progress on our journey to normal
Footnote
May 25, 2022
Find out about key issues the MNCPA is monitoring at the Capitol. Stay current on legislative news and events with stories, tips and grassroots involvement.
Tax treatment of ESOPs: Your guide to Internal Revenue Code Section 1042
May 19, 2022
For shareholders who meet certain conditions and requirements, Section 1042 of the Internal Revenue Code provides an opportunity to defer capital gains taxes on a business sale.
Preparing for SAS 136
March 31, 2022
With the effective date approaching, employee benefit plan sponsors will need to work to understand SAS 136 and its impact on the audit process.
MNCEO offers 'lunch and learn' events to highlight employee ownership options
March 31, 2022
There are 52,000 business owners in Minnesota who will be transitioning out of their businesses in the next few years. Help your clients develop a transition plan.
Dealing with too many âquick questions?â
Footnote
March 29, 2022
You might think interruptions are just a fact of life when you are an accountant, but for the sake of maximizing productively and maintaining your well-being, itâs important to set boundaries.
Minnesotaâs Angel Tax Credit
Footnote
March 29, 2022
The Angel Tax Credit is an important tool for assisting small startup businesses across the state get a foothold in the capital markets. Read about the latest developments.
MNCPA General Industry Task Force recap
Footnote
March 29, 2022
The task force is a group of MNCPA members who annually assist firms with improving the quality of their financial reporting.
Opportunities lie ahead for the profession
Footnote
March 29, 2022
Get insight and news from MNCPA leadership about the organization and professional issues.
Things to watch for this filing season
Footnote
March 29, 2022
Find out about key issues the MNCPA is monitoring at the Capitol. Stay current on legislative news and events with stories, tips and grassroots involvement.
Top 5 ownership transition 'inflection points' for agribusiness and agribusiness-related companies
March 28, 2022
The best case is for the agribusiness owner to be in front of the ownership transition process and avoid finding themselves in the position of reacting to one or more of these inflection points.
Single audit complexities
March 8, 2022
Keep these in mind while planning and performing single audits.
Role of the employee stock ownership plan trustee
March 8, 2022
Independent or not, a trusteeâs duties are the same. And as a fiduciary, they are required to act solely in the best interests of the participants and their beneficiaries.
How to determine if a Recovery Startup Business qualifies for the Employee Retention Credit
February 16, 2022
It is recommended that a taxpayer who began carrying on a trade or business after Feb. 15, 2020 examine their gross receipts to see if they meet the requirements to be considered an RSB. The credit available for those who qualify as an RSB can be significant.
Is there a silver lining to the Great Resignation?
February 7, 2022
Here are five recommendations to implement now to help mitigate a stressful busy season due to staff shortages.
Your client is interested in an ESOP: Why do they need a feasibility study?
February 3, 2022
An ESOP can be a great way for a business owner to transition their business and give back to their employees, but itâs not ideal for everyone. Before you move forward, itâs wise to crunch some numbers to make sure it is a viable option.
Get to know the mission behind the Minnesota Board of Accountancy
Footnote
January 27, 2022
Charles Selcer, MNCPA member and the BOAâs new chair, shares the important work being done by the BOA.
How to grow a modern, scalable accounting firm in 2022
Footnote
January 27, 2022
While change can create challenges, it can also open the door to more opportunities. Here are seven tactics to help your firm stay competitive in 2022 and beyond.
Preparation is key: Substantial procedure change can burden those looking to claim R&D tax credit
Footnote
January 27, 2022
The IRSâs new requirements for taxpayers seeking Research and Development Tax Credit refunds have left tax professionals with some unanswered questions.
Rise to the challenge of the moment
Footnote
January 27, 2022
Get insight and news from MNCPA leadership about the organization and professional issues.
Striving to make accounting cool
Footnote
January 27, 2022
MNCPA board member, Boz Bostrom, publishes his first novel, âThe New Startâ.
Tax survey respondents share telltale signs of busy season
Footnote
January 27, 2022
Once again, weâre in the midst of busy season. For some, itâs as though it never ended.
The case of the double Czech
Footnote
January 27, 2022
MNCPA member Chuck Selcer shares his knowledge about ethics requirements and laws with unique humorous fictitious stories.
Employee-owned companies can take advantage of the Employee Retention Credit
January 14, 2022
The ERC is an employment tax credit, not an income tax credit, making many ESOPs eligible so long as they meet other qualifications.
Why CPAs should pay attention to 'Patch Tuesday' from Microsoft
January 5, 2022
Microsoft unveils a list of vulnerabilities targeting its products on the second Tuesday of each month, as well as a round of patches to secure flaws being actively exploited by cybercriminals.
What you should know about financing an ESOP
December 28, 2021
Forward-thinking business owners want to create a succession plan that preserves their legacy and benefits the organization.
MNCPA Perspectives blog posts
Key deadlines approaching for CPAs, businesses and business owners
November 6, 2024
Important deadlines for the end of the calendar year and in 2025...
BOI reporting lagging ahead of deadline
October 11, 2024
The clock is ticking for certain businesses to file new reporting data with the Financial Crimes Enforcement Network (FinCEN). Noncompliance can cause...
QM standards: Itâs not too late to make sure youâre on time
June 3, 2024
A gentle reminder: Dec. 15, 2025, will be here before you know it...
Common â and outrageous! â attempted tax deductions
March 13, 2024
Here are some themes behind commonly attempted deductibles shared in the annual MNCPA Tax Survey of members; some of these might look familiar to you, too!
Choice in auditors is good for Minnesota
December 7, 2023
It is imperative residents engage with local governments and there is spending oversight. Whether we are discussing private businesses, not-for-profit or governmental entities...
AICPA Peer Review Conference takeaways No. 2
September 27, 2023
Part two of tips and resources gained from the AICPA's 2023 Peer Review Conference.
Peer review conference takeaways No. 1
August 23, 2023
So much vital information was conveyed during the recent three-day 2023 AICPA Peer Review Conference, starting with the optional sessions related to engagements performed...
Is GAAP becoming less âgenerally accepted?â
August 18, 2023
Any new standard that is finally issued by FASB becomes a part of GAAP. But something has happened in the past few years...
CPA pathways discussion: Addressing the objections
May 8, 2023
The reason driving the change — the declining number of CPAs — is well-documented, so what are the objections to broadening the pathway to CPA licensure? Let’s discuss...
CPA credential legislation is start of discussion
March 1, 2023
Declining high school graduation sizes, increasing demand for CPAs, increasing retirements and declining number of candidates sitting for the CPA exam are converging...
Response to Journal of Accountancy article, Feb. 10, 2023, âNASBA upholds 150-hour education requirementâ
February 27, 2023
We believe we are closer to the AICPA and NASBA in finding solutions for this critical issue than the article leads readers to believe...
An agile accounting profession requires adaptable licensing requirements
February 23, 2023
There are not enough CPAs now nor expected in the future to meet the needs of communities, entities and clients, setting up a perfect scenario for future financial failures. Introducing legislation was driven by several years of MNCPA member concerns and feedback...
MNCPA members: What concerns us most about upcoming tax season
January 10, 2023
We asked our members as part of the annual MNCPA Tax Survey about what concerns them most about this upcoming tax season...
Peer Review Conference takeaways part No. 4: General peer review information
October 31, 2022
The AICPA’s annual Peer Review Conference provides training and updates for peer reviewers. But there is also a ton of overall technical information...
Feedback sought for revised Statements on Standards for Tax Services
October 27, 2022
Comments must be submitted by Dec. 31, 2022...
Peer Review Conference takeaways part No. 3: Engagements under Government Auditing Standards
October 14, 2022
This post shares highlights from the half-day workshop at the AICPA’s recent peer review conference related to the performance of engagements under Government Auditing Standards...
Peer Review Conference takeaways part No 2: Audits of employee benefit plans
September 20, 2022
This year more than ever, I have an appreciation for the CPAs who perform these types of engagements...
CPA Evolution is coming â are you ready?
September 14, 2022
For those interested in taking the CPA Exam, big changes are coming...
AICPA Peer Review Conference takeaways part No. 1: New Standards
September 7, 2022
There was much to be learned from the AICPA’s annual Peer Review Conference held in August...
Auditors: Youâre in luck
August 30, 2022
A $4 billion industry! Minnesota generates more charitable gambling income than any other state, according to a recent Gambling Control Board (GCB) Gaming News issue...
SQMS: First steps to implementing the new quality management standards
August 17, 2022
The quality management (QM) standards approved in May by the AICPA Auditing Standards Board are big news for every firm that performs engagements under SASs, SSAEs, or SSARS...
A field of opportunity: New conference takes root
July 28, 2022
If you cruise any Minnesota road long enough, I bet you pass at least one cornfield, turkey barn or herd of grazing cows. Why am I writing about farms? Because farms are businesses and businesses need CPAs...
Auditing Standards Board approves significant changes in firm quality standards
May 13, 2022
One of the most talked about standards proposals in recent memory has been finalized. On May 12, 2022, the Auditing Standards Board (ASB) approved the most significant change...
MNCPA calls on Congress to address IRS service levels
January 31, 2022
As a CPA, you have, no doubt, seen a significant reduction in IRS service levels. It’s nearly impossible to connect with a representative to ask questions...
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