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Accounting & Auditing

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CPA exam set to change in 2024 [MNCPA]
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 [MNCPA]
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 [MNCPA]
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 [MNCPA]
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 [MNCPA]
It’s imperative issues that affect the CPA profession and those you serve continue to get attention from lawmakers.

IRS releases revised R&E procedural guidance
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 [MNCPA]
Highlights from the 2022 MNCPA Tax Conference.

Estate tax planning for uncertain times [MNCPA]
One matter is clear during these uncertain times: It’s the golden age of gifting. Advise clients to take advantage of these estate tax planning strategies before it’s too late.

Latest peer reviews show continued improvement [MNCPA]
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 [MNCPA]
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 [MNCPA]
Get insight and news from MNCPA leadership about the organization and professional issues.

Step-by-step guide to setting up an ESOP
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
The Inflation Reduction Act offers tax savings opportunities for real estate clients.

The Inflation Reduction Act beefed up the IRS; here’s what it means for small businesses
The Inflation Reduction Act set aside $79 billion to beef up the IRS, leading to concerns about the impact of increased audits in many corners.

AICPA issues proposed revisions to Statements on Standards for Tax Services
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 [MNCPA]
There’s much to be understood about ongoing standards changes, including some that are already effective. Here’s 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 [MNCPA]
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 [MNCPA]
SQMS No. 1 deals with a firm’s 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! [MNCPA]
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 [MNCPA]
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 [MNCPA]
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 [MNCPA]
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 [MNCPA]
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 [MNCPA]
Additional recruitment efforts won’t resolve staffing shortages if retention issues aren’t fixed first.

Please, keep being you [MNCPA]
Get insight and news from MNCPA leadership about the organization and professional issues.

The hand of private equity in accounting firms [MNCPA]
Private equity is reaching into the accounting world, but why — and what’s the trade-off for CPA firms?

The pros and cons of ESOPs: Weighing your options
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
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
Showing appreciation for others is a rare but powerful opportunity to build a relationship — and a brand.

Benchmarking as a service in CAAS practice
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)?
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 today’s interns; how can organizations prepare?
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 [MNCPA]
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 [MNCPA]
For tax advisers, it is important to be aware of the requirements and nuances that accompany donations.

Carrying credits back? We’ve got your back [MNCPA]
While fixing a CPE shortage isn’t the end of the world, it’s still a compliance mishap. Don’t delay; the noncompliance fees add up.

Managing your EX (employee experience) [MNCPA]
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 [MNCPA]
Reporting investments and fair value disclosures prove to be an ongoing challenge.

Overcome the martyrdom of the profession [MNCPA]
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 [MNCPA]
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
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
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
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 ‘quick questions?’ [MNCPA]
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, it’s important to set boundaries.

Minnesota’s Angel Tax Credit [MNCPA]
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 [MNCPA]
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 [MNCPA]
Get insight and news from MNCPA leadership about the organization and professional issues.

Things to watch for this filing season [MNCPA]
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
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
Keep these in mind while planning and performing single audits.

Role of the employee stock ownership plan trustee
Independent or not, a trustee’s 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
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?
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?
An ESOP can be a great way for a business owner to transition their business and give back to their employees, but it’s not ideal for everyone. Before you move forward, it’s wise to crunch some numbers to make sure it is a viable option.

Get to know the mission behind the Minnesota Board of Accountancy [MNCPA]
Charles Selcer, MNCPA member and the BOA’s new chair, shares the important work being done by the BOA.

How to grow a modern, scalable accounting firm in 2022 [MNCPA]
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 [MNCPA]
The IRS’s 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 [MNCPA]
Get insight and news from MNCPA leadership about the organization and professional issues.

Striving to make accounting cool [MNCPA]
MNCPA board member, Boz Bostrom, publishes his first novel, ‘The New Start’.

Tax survey respondents share telltale signs of busy season [MNCPA]
Once again, we’re in the midst of busy season. For some, it’s as though it never ended.

The case of the double Czech [MNCPA]
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
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
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
Forward-thinking business owners want to create a succession plan that preserves their legacy and benefits the organization.

5 critical technologies for 2022 [MNCPA]
With so many new and emerging technologies available, it can be challenging to identify those that can have an immediate, positive impact on your bottom line.

Building a tax system for all Minnesotans [MNCPA]
Minnesota Department of Revenue Commissioner Robert Doty writes about creating a tax system for all.

CPA firms: Expect the unexpected [MNCPA]
Don’t forget to incorporate the BOA rules into your succession-planning discussion. Doing so will help you to avoid complications, especially if non-CPA owners are involved.

Let’s all do our part! [MNCPA]
Get insight and news from MNCPA leadership about the organization and professional issues.

The case of the thorn in the plan [MNCPA]
MNCPA member Chuck Selcer shares his knowledge about ethics requirements and laws with unique humorous fictitious stories.

The status of SAS 134, 135, 136 and beyond [MNCPA]
SAS 134–140 will take effect for audits of financial statements for periods ending on or after Dec. 15, 2021. Here’s what you need to know.

Two MNCPA members recognized as CFOs of the Year [MNCPA]
In what has become an annual tradition, MNCPA members are among the recipients of the Minneapolis-St. Paul Business Journal’s CFO of the Year award.

Year-end tax planning in flux [MNCPA]
Last-minute tax legislation is making planning especially difficult this year. Here’s a look at seven tried-and-true tax planning approaches and how they may change.

Legacy and groceries:
After you retire, do you plan to eat or to buy groceries? If you answered yes, you may want to consider an ESOP.

Impact of pending reconciliation bill on Section 179D energy efficient commercial buildings
Companies should be making plans now in anticipation of these new provisions going into effect for buildings placed into service after Dec. 31, 2021.

A look at last year’s peer review [MNCPA]
Firms that perform attestation engagements are required to undergo a peer review every three years.

ASC 842, GASB 87 implementation are here [MNCPA]
With the many new processes, controls and accounts needed to ensure proper oversight of lease accounting, entities should wait no longer to begin the adoption process.

Firm permit renewal is a very big deal [MNCPA]
Without a permit, a firm cannot operate or advertise as a CPA firm, nor perform compilations, audits or other attest services.

Minnesota’s pass-through entity tax credit [MNCPA]
It’s time to determine whether eligible partnerships and S Corporations will elect to pay the state’s PTE tax for 2021.

Nuts and bolts of cryptocurrency taxation [MNCPA]
The inclusion of the virtual currency question on the front and center of Form 1040 have made cryptocurrency a subject that tax practitioners cannot afford to ignore anymore.

Ready to be a healthier human? [MNCPA]
Prioritize yourself so you can unleash your leadership potential.

The status of SAS 134, 135, 136 and beyond
SAS 134–140 will take effect for audits of financial statements for periods ending on or after Dec. 15, 2021. Here’s what you need to know.

Is an ESOP the right exit strategy for you?
Though ESOPs can be relatively complex, they are often an excellent succession tool for a seller that can provide significant tax and intangible benefits.

Ann Etter, Outstanding Contributor Award [MNCPA]
Ann Etter is the recipient of the Outstanding Contributor Award, which honors those whose volunteer contributions to MNCPA programs bolster the success of members and the profession.

Complexity and rapid rates of change — CPAs know both [MNCPA]
Who better than a CPA to serve as a subject-matter expert and influence decision-makers, while also building your sphere of influence and growing your professional network?

Dan Kidney, Volunteer Excellence Award [MNCPA]
Dan Kidney is a recipient of the Volunteer Excellence Award, which recognizes members who have served as a volunteer for at least five years and provided significant contributions to the MNCPA.

Don’t be scared! Renew and report before Dec. 31 [MNCPA]
Make no bones about it, Dec. 31 is your deadline for renewing and reporting to the BOA. Miss it and you’re out of compliance.

Marjorie Heap, Excellence in Professional Development Award [MNCPA]
Marjorie Heap is the recipient of the Excellence in Professional Development Award. The award recognizes members who develop unique MNCPA educational programming.

MNCPA honors 10 individuals with awards [MNCPA]
In a time of uncertainty, it’s nice to recognize a never-wavering certainty: MNCPA members continue to accomplish the extraordinary.

Scott Kadrlik, Volunteer Excellence Award [MNCPA]
Scott Kadrlik is the recipient of the Volunteer Excellence Award, which honors those who have volunteered with the organization for five years and provided leadership or significant contributions.

Todd Koch, Distinguished Service Award [MNCPA]
Todd Koch has earned the MNCPA’s highest honor given to a member, the Distinguished Service Award.

What tax practitioners need to know about cybersecurity [MNCPA]
While leaders and security experts continue to evolve protective measures to lessen the threat of tax identity theft, tax preparers must take precautions to shield themselves and their clients.

Creditworthiness verifications and PPP loans
CPA firms receiving requests from lenders for creditworthiness verifications for clients who had requested Paycheck Protection Program (PPP) loans were often unsure of how to respond.

Malpractice risks increase during difficult economic times
In light of the current economic challenges, CPAs will need to be prepared and vigilant to minimize the potential for additional liability exposures.

Recognizing the signs of elder abuse
It is important to know the warning signs of elder financial abuse and what you can do to act on behalf of your clients when necessary.

Exit planning strategies for business owners [MNCPA]
As baby boomers approach retirement age, the Minnesota business landscape faces the exit of a significant share of the workforce. But there is a beacon of light.

CPA status options: Can I? Should I? How do I? [MNCPA]
Whether you’re changing your CPA status from inactive to active or vice versa, the most important part is getting the answer right.

Why would I need a single audit now? [MNCPA]
New federal dollars allocated to many nonprofits might bring additional oversight not previously expected.

How to leverage Microsoft’s Power BI [MNCPA]
For accountants, this means you now have the power at your fingertips to perform advanced data analytics.

Record retention redux [MNCPA]
The trail to an ethical answer for record requests begins with determining which categories the request pertains to.

What is ESG? [MNCPA]
One acronym has quickly risen to the top of many C-suite and board agendas in the past year: ESG, or environmental, social and governance.

The three C’s of a quality cloud audit [MNCPA]
Internal auditors need to validate that the appropriate alert mechanisms are in place and working, and that appropriate personnel are being notified to take corrective action.

Providing flexibility to CPAs performing attestation examinations [MNCPA]
There’s a growing area of nonfinancial subjects that warrant a CPA’s examination and opinion, but a client may not have resources to initially measure it.

What ‘warrants more attention’ [MNCPA]
This year’s volunteer task force was composed of 15 members, representing 13 accounting firms.

How to make financial forecasting essential [MNCPA]
This article is not for you if you love forecasting. If, on the other hand, being asked to create a financial forecast fills you with discomfort to existential dread, keep on reading!

The ever-changing world of accounting standards [MNCPA]
CPAs pivoted to respond to the early days of the COVID-19 pandemic, foregoing the rituals and traditions that would normally bring staff together.

2020 Compliance Supplement Addendum – key single audit considerations
Here are some key items expected to be included in OMB's 2020 Compliance Supplement Addendum, and what auditors need to know before performing single audits.

Business Perspective: Thomson Reuters [MNCPA]
While this can sound daunting, there are three key elements you’ll want to include in your conversation with clients when talking about advisory.

Revenue recognition, going concern are on the peer review radar
Two new accounting topics – one long anticipated and one a 2020 surprise – are affecting financial statements and have the potential to be missed by both companies and their auditor or financial statement preparer.

7 common issues plaguing employee benefit plans [MNCPA]
To help you better understand the issues that often plague employee benefit plans, here are the most common errors we encountered during this past audit season.

Accounting and auditing in the age of digital assets [MNCPA]
The digital asset ecosystem is changing and expanding rapidly. So, how is the accounting profession responding to the changes being brought by digital assets?

Critical considerations for selecting and implementing an ERP platform [MNCPA]
As organizations seek to improve operations and increase efficiency, many are considering implementing or replacing an enterprise resource planning (ERP) system — and for good reasons.

Tax reform and the role of tech, two years in [MNCPA]
Following the TCJA, tax technology is evolving to help companies meet new requirements in such areas as data management and analytics, calculations and reporting.

The status of SAS 136 [MNCPA]
The AICPA Auditing Standards Board delayed the effective dates of SASs No. 134–140 to provide relief to audit firms amid the challenges created by the coronavirus pandemic.

The status of SAS 134 and 135 [MNCPA]
The COVID-19 pandemic has upended nearly every facet of every business. Forthcoming Statements on Auditing Standards (SAS) are no exception.

Using Excel to budget faster, easier
Use this Excel technique to streamline your process.

Managing the known risks [MNCPA]
Amid the current environment, CPAs would do well not to forget about managing risks that, for the most part, they can control or, at least, mitigate in large part.

Outsourcing tax services — a valuable option in the age of disruption [MNCPA]
As you decipher the disruptions of tax reform, consider outsourcing your tax function to trusted tax advisers who can add value and help you navigate the powerful storm generated by new tax law.

COVID-19 pandemic turns CPAs into emergency workers
Many people think that accountants are just rational unfeeling counting machines who operate completely on logic and reason.

Adapting your firm in a time of a pandemic
Here are 10 actions your firm can take in the face of the COVID-19 pandemic.

Transfer pricing: The cross-border battle for profits continues to heat up [MNCPA]
The global transfer pricing environment continues to heat up as countries persist in their quest to capture their “fair share” of taxable profits.

Bye, bye, bye: Appropriations law repeals several taxes, including parking tax for nonprofits
The new law includes extensions for several expiring or expired tax provisions, repeals three major taxes imposed under the Patient Protection and Affordable Care Act, among other changes.

Leading indicators and key statistics [MNCPA]
We are trying to establish the roadmap for measuring, monitoring, evaluating and changing business actions when we create leading indicators.

What Auditchain and DCARPE Alliance means for the future [MNCPA]
It appears the accounting, audit and financial reporting profession is due for a major long-term upgrade cycle.

The lease standard is delayed: Next steps for CPA firms and their clients
With the likely delayed implementation of the new lease accounting standard for privately-held companies, many organizations have shifted their focus away from the new lease standard to other priorities.

What to know about unclaimed property
Unclaimed property laws can be confusing and can create traps for the uninformed. Under Minnesota’s law, a business that fails to report in a timely manner and remit unclaimed property may be hit with severe penalties and interest. 

Revenue recognition: It’s time to take control!  
Five years later, adoption is upon us! As a refresher, review the five steps in the updated revenue recognition model.

IRS issues 179D and 45L technical update [MNCPA]
Inflation Reduction Act offers tax savings opportunities for real estate clients.

Stepping up, standing out with Prepare + Prosper [MNCPA]
After another successful tax season in 2022, let's look back at some of the volunteer contributions MNCPA members have made.

MNCPA Perspectives blog posts

MNCPA members: What concerns us most about upcoming tax season
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
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
Comments must be submitted by Dec. 31, 2022...

Peer Review Conference takeaways part No. 3: Engagements under Government Auditing Standards
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
This year more than ever, I have an appreciation for the CPAs who perform these types of engagements...

CPA Evolution is coming — are you ready?
For those interested in taking the CPA Exam, big changes are coming...

AICPA Peer Review Conference takeaways part No. 1: New Standards
There was much to be learned from the AICPA’s annual Peer Review Conference held in August...

Auditors: You’re in luck
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
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
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
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
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...

Don't let a single audit take you by surprise
When various federal funds funneled to this nonprofit as a result of COVID-related legislation, the organization, for the first time, hit the $750,000 threshold to trigger a single audit...

Major audit standard implementation: Are you ready?
SAS 134–140: If your firm performs audits, they should be top of mind right now.

Is a single audit in your future? It might be closer than you think
Given the amount of federal grants available for pandemic relief in the past year, entities may find themselves in single audit territory for the first time...

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