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Footnote Magazine

Footnote cover

February/March 2023

Starting in January 2024, the CPA exam will change. The February/March Footnote outlines the changes and highlights how it’ll impact potential CPA candidates. Also in this issue:
  • Understand the rules for holding S Corporation stock in a trust.  
  • Tips to minimize tech expenses.  
  • A look at how challenges to IRS rulemaking could impact taxpayers.
  • Cast your vote for the 2023 board candidates.

Spotlights
Updates from our members, including promotions, new hires, speaking engagements and firm news.

MNCPA 2023 board ballot
Help shape the future of the MNCPA by electing candidates to the board of directors.

Continue to embrace the light
Charles Esler, CPA
Get insight and news from MNCPA leadership about the organization and professional issues.

The case of a hatchet job for D’Skushin
Charles Selcer, CPA, MBA
MNCPA member Chuck Selcer shares his knowledge about ethics requirements and laws with unique humorous fictitious stories.

MNCPA to explore broadening CPA licensure options
The board approved an initiative to draft legislation to broaden options to CPA licensure requirements in Minnesota while maintaining rigorous testing requirements.

Holding S Corporation stock in a trust
Mark Sellner, CPA, JD, LLM (taxation)
There are strict rules for holding S Corporation stock in a trust to avoid violating the eligible shareholder rules.

Maximizing your technology while minimizing your expenses
Thomas G. Stephens, Jr., CPA, CITP, CGMA
Challenging business climates demand that we keep a sharp eye on expenses without sacrificing the quality of our services or the goods we produce.

IRS issues 179D and 45L technical update
Karen Koch, CPA, MT, Source Advisors and Brian Coddington and Imran Syed, PE, LEED AP, CEM
Inflation Reduction Act offers tax savings opportunities for real estate clients.

IRS rulemaking continues to be called into question
Andrew Seifert, JD, tax consultant, Wipfli LLP
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.

CPA exam set to change in 2024
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.

Successful inaugural Accounting Opportunities Week by the numbers
Stephanie Schmidt, director of membership and marketing
In an ongoing effort to grow the CPA pipeline, the MNCPA joined forces with 35 state CPA societies and the AICPA to raise awareness of the accounting profession within schools nationwide.

MNCPA sets 2023 legislative agenda
Geno Fragnito, MNCPA director of government relations
Federal conformity and private letter rulings are once again at the top of the list

What’s in a name? Turns out, a lot
Anne Janotta Erickson, MNCPA membership marketing team leader
The BOA has spelled out rules regarding how a firm can be named in Minnesota Rules 1105.6300 and 6400. We’ll break it down for you right here.

How do you judge innovation? Experts offer their guidance
Poornima Apte
Innovation is much sought after, but hard to define. This checklist can help set your vision apart.