Finding the opportunity in the unknown
January 8, 2018 | Linda Wedul
In December, I celebrated my 27-year anniversary at the MNCPA. When I think about how long that is, I think I should know so much more than I do. But that is what keeps the job interesting. Between association management and the accounting profession, there is always something new.
There are new regulations and standards being developed frequently (we saw this recently in Washington with tax reform). CPAs are used to these types of changes and often know how to develop a plan to understand and handle them.
It’s the changes that don't have clear outcomes that are more interesting. Developments in blockchain, artificial intelligence and the internet of things fit into this category. There is profound change on the horizon, and there is no definitive checklist or guide that tells us what we should do. That creates uncertainty -- sometimes fear -- but also opportunity.
As a professional association, the MNCPA sits in the opportunity camp. It’s our mission to help members be successful, prepare for the future and stay out of trouble. With that in mind, here is your new-year “keep out of trouble” checklist:
- Renew your CPA certificate. You're past the Dec. 31 deadline; the sooner you renew, the lower the fine.
- Renew your firm permit. Make sure all the CPAs listed on the permit application have renewed their CPA certificates or you risk having the certificate revoked.
- Review changes to the CPE rules. These new rules, which were just recently published in the State Register, go into effect Jan. 9, 2018.
- Plan your CPE. Update your CPE Log and create a learning plan for the next six months that focuses on content that positions you to add more value to your company or be a better resource to clients.
- Plan on attending CPA Day at the Capitol. Tax on professional services is expected to be on the table again. Every legislator needs to hear how this impacts businesses and what is good tax policy. Contact Geno Fragnito for more information and to sign up.
- Renew your MNCPA membership. All year, we’ll keep you updated with continuing education, legislative issues, Board of Accountancy updates, and opportunities to build your professional network. Renewals will be out at the end of January.
As for those technology-related changes, we know some of you are already working on applying them to your businesses, whether it is in public accounting or industry. If you’re working on projects using blockchain, artificial intelligence or the internet of things, we'd like to talk to you. We’re looking for stories of how CPAs are helping their clients or a business transform with new technologies. Through those stories, we can peel away the fear associated with those changes and help you find the opportunities that come with them.
Post a comment or reach out to me personally; I'd love to hear from you.
Topics: Regulation, Professional Certification
Linda Wedul is president and CEO of the MNCPA. She’s usually spotted at MNCPA events, introducing herself to members with a warm smile and memorable laugh. Mixed among the Footnotes, accounting journals, leadership books and three monitors in her office, you’d be surprised to see a dog kennel. Her unpaid job is volunteering as a foster family for service dogs in training through Can-Do-Canines. She and her husband have two adult children and live in Farmington. Linda can be reached at 952-885-5516 or firstname.lastname@example.org.
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