MNCPA Footnote: Accounting & Auditing
A look at 3 timely transfer pricing topics -
June/July 2022
Investment and focus on transfer pricing now will help companies avoid potential high costs and disruption from controversy with tax authorities later.
MNCPA Employee Benefit Plan Task Force findings -
June/July 2022
Reporting investments and fair value disclosures prove to be an ongoing challenge.
Overcome the martyrdom of the profession -
June/July 2022
Here are changes that can help curb death by a thousand paper cuts in your A&A practice.
An overview of charitable contributions -
June/July 2022
For tax advisers, it is important to be aware of the requirements and nuances that accompany donations.
Managing your EX (employee experience) -
June/July 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.
Signs of progress on our journey to normal -
June/July 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.
Carrying credits back? We’ve got your back -
June/July 2022
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.
Please, keep being you -
August/September 2022
Get insight and news from MNCPA leadership about the organization and professional issues.
How to fix the leaky CPA pipeline -
August/September 2022
Additional recruitment efforts won’t resolve staffing shortages if retention issues aren’t fixed first.
Hanging your shingle -
August/September 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.
5 tips to help you prune toxic clients -
August/September 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.
The hand of private equity in accounting firms -
August/September 2022
Private equity is reaching into the accounting world, but why
— and what’s the trade-off for CPA firms?
2022 legislative session review -
August/September 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.
Automatic CPA certificate revocation is a thing of the past -
August/September 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.
Stepping up, standing out with Prepare + Prosper -
August/September 2022
After another successful tax season in 2022, let's look back at some of the volunteer contributions MNCPA members have made.
The three C’s of a quality cloud audit -
May 2021
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.
ASU, ASC and SAS, oh my -
October/November 2022
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.
What is ESG? -
June/July 2021
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.
Record retention redux -
June/July 2021
The trail to an ethical answer for record requests begins with determining which categories the request pertains to.
Managing the known risks -
May 2020
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 -
May 2020
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.
7 common issues plaguing employee benefit plans -
November 2020
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.
How to leverage Microsoft’s Power BI -
August 2021
For accountants, this means you now have the power at your fingertips to perform advanced data analytics.
Exit planning strategies for business owners -
September 2021
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.
Why would I need a single audit now? -
September 2021
New federal dollars allocated to many nonprofits might bring additional oversight not previously expected.
Estate tax planning for uncertain times -
December 2022/January 2023
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.
Tax implications of remote workers -
December 2022/January 2023
Adopting a co-employer model is one way to manage the tax compliance and HR requirements associated with remote workers.
Crack the code: MNCPA Tax Conference -
December 2022/January 2023
Highlights from the 2022 MNCPA Tax Conference.
Latest peer reviews show continued improvement -
December 2022/January 2023
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.
MNCPA sets 2022 legislative agenda -
February/March 2022
It’s imperative issues that affect the CPA profession and those you serve continue to get attention from lawmakers.
CPA status options: Can I? Should I? How do I? -
September 2021
Whether you’re changing your CPA status from inactive to active or vice versa, the most important part is getting the answer right.
Todd Koch, Distinguished Service Award -
October 2021
Todd Koch has earned the MNCPA’s highest honor given to a member, the Distinguished Service Award.
MNCPA to explore broadening CPA licensure options -
February/March 2023
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 -
February/March 2023
There are strict rules for holding S Corporation stock in a trust to avoid violating the eligible shareholder rules.
IRS issues 179D and 45L technical update -
February/March 2023
Inflation Reduction Act offers tax savings opportunities for real estate clients.
IRS rulemaking continues to be called into question -
February/March 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.
CPA exam set to change in 2024 -
February/March 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.
Scott Kadrlik, Volunteer Excellence Award -
October 2021
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.
What tax practitioners need to know about cybersecurity -
October 2021
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.
Talent pipeline is the issue of our day -
April/May 2023
Get insight and news from MNCPA leadership about the organization and professional issues.
How to address three common staffing challenges -
April/May 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.
Opening the nexus chamber of secrets -
June/July 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.
CPA Evolution explained -
June/July 2023
By now you’ve heard the CPA Exam will be changing — some may even say evolving. In fact, the change is called CPA Evolution. Let’s examine how the exam is changing and how to plan for the changes.
Tax issues you might have missed during year-end close -
June/July 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.
The case of the Crappy chappie -
August/September 2023
MNCPA member Chuck Selcer shares his knowledge about ethics requirements and laws with unique humorous fictitious stories.
CPAs are stronger together -
August/September 2023
Get insight and news from MNCPA leadership about the organization and professional issues.
A great time to be green -
August/September 2023
Go green with 10 new federal tax incentives under the Inflation Reduction Act.
Post-pandemic changes in finance and accounting -
August/September 2023
The past few years have undeniably shifted the work landscape. So, what does that mean for attracting and retaining top talent for the long term?
2023 legislative session review -
August/September 2023
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 rotten core -
October/November 2023
MNCPA member Chuck Selcer shares his knowledge about ethics requirements and laws with unique humorous fictitious stories.
Minnesota’s pass-through entity tax credit -
November 2021
It’s time to determine whether eligible partnerships and S Corporations will elect to pay the state’s PTE tax for 2021.
Ready to be a healthier human? -
November 2021
Prioritize yourself so you can unleash your leadership potential.
ASC 842, GASB 87 implementation are here -
November 2021
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.
A look at last year’s peer review -
November 2021
Firms that perform attestation engagements are required to undergo a peer review every three years.
A season of change -
October/November 2023
Get insight and news from MNCPA leadership about the organization and professional issues.
Minnesota bans new employee covenants not to compete -
October/November 2023
Learn about the new ban on employee covenants not to compete and the impact it will have on the employer-employee relationship.
Let’s all do our part! -
December 2021/January 2022
Get insight and news from MNCPA leadership about the organization and professional issues.
The case of the thorn in the plan -
December 2021/January 2022
MNCPA member Chuck Selcer shares his knowledge about ethics requirements and laws with unique humorous fictitious stories.
Year-end tax planning in flux -
December 2021/January 2022
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.
The status of SAS 134, 135, 136 and beyond -
December 2021/January 2022
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.
5 critical technologies for 2022 -
December 2021/January 2022
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.
Two MNCPA members recognized as CFOs of the Year -
December 2021/January 2022
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.
Building a tax system for all Minnesotans -
December 2021/January 2022
Minnesota Department of Revenue Commissioner Robert Doty writes about creating a tax system for all.
CPA firms: Expect the unexpected -
December 2021/January 2022
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.
The case of the double Czech -
February/March 2022
MNCPA member Chuck Selcer shares his knowledge about ethics requirements and laws with unique humorous fictitious stories.
Rise to the challenge of the moment -
February/March 2022
Get insight and news from MNCPA leadership about the organization and professional issues.
Preparation is key: Substantial procedure change can burden those looking to claim R&D tax credit -
February/March 2022
The IRS’s new requirements for taxpayers seeking Research and Development Tax Credit refunds have left tax professionals with some unanswered questions.
The power of boundaries -
October/November 2023
Learn actionable steps to maintain work-life balance.
Decoding Section 280E -
October/November 2023
As the cannabis industry flourishes, a complex set of regulations and tax codes has emerged, shaping the financial landscape for businesses operating in this dynamic sector.
Renew and report by Dec. 31 -
October/November 2023
Learn about important news from the Minnesota Board of Accountancy. Monthly topics include rules, CPE requirements, CPA exam information, licensing, and more.
Navigating change in our lives, profession -
December 2023/January 2024
Get insight and news from MNCPA leadership about the organization and professional issues.
How to make financial forecasting essential -
February/March 2021
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 -
February/March 2021
CPAs pivoted to respond to the early days of the COVID-19 pandemic, foregoing the rituals and traditions that would normally bring staff together.
Dan Kidney, Volunteer Excellence Award -
October 2021
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.
Ann Etter, Outstanding Contributor Award -
October 2021
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.
Marjorie Heap, Excellence in Professional Development Award -
October 2021
Marjorie Heap is the recipient of the Excellence in Professional Development Award. The award recognizes members who develop unique MNCPA educational programming.
How to grow a modern, scalable accounting firm in 2022 -
February/March 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.
Striving to make accounting cool -
February/March 2022
MNCPA board member, Boz Bostrom, publishes his first novel, ‘The New Start’.
SQMS No. 1: First steps -
October/November 2022
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.
Minnesota Department of Revenue is committed to engagement amid change -
October/November 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.
What are you waiting for? Renew and report already! -
October/November 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.
The power of a new day -
December 2022/January 2023
Get insight and news from MNCPA leadership about the organization and professional issues.
Celebrating the 2023 CFO of the Year honorees -
December 2023/January 2024
Get to know the MNCPA member honorees of the Minneapolis-St. Paul Business Journal's 2023 CFO of the Year awards.
Navigating the Corporate Transparency Act -
December 2023/January 2024
Many CPAs are starting to express concern as to what their responsibilities are regarding the Corporate Transparency Act (CTA). So, what is Beneficial Ownership, anyway?
Dispatches from the MNCPA Tax Conference 2023 -
December 2023/January 2024
Highlights from the nationally-recognized event for CPAs, tax advisers, accounting firm tax teams and corporate tax experts.
The calendar flips, the work continues -
February/March 2024
Get insight and news from MNCPA leadership about the organization and professional issues.
Top technologies to consider for 2024 -
February/March 2024
Learn about key technologies and how they can help your organization achieve its objectives in 2024.
The global transfer pricing landscape in 2024 -
February/March 2024
Transfer pricing is a top international tax issue pertaining to controlled transactions between related parties. See the latest trends and regulatory developments in the transfer pricing landscape.
Taking burnout into account -
February/March 2024
Learn how to avoid burnout using a Mental Health Balance Sheet.
Changing the 150-credit rule for CPAs is key to addressing shortages -
February/March 2024
Read insights on addressing the pipeline from Julie Blaha, Minnesota State Auditor.
Nuts and bolts of cryptocurrency taxation -
November 2021
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.
Firm permit renewal is a very big deal -
November 2021
Without a permit, a firm cannot operate or advertise as a CPA firm, nor perform compilations, audits or other attest services.
Leading indicators and key statistics -
December 2019/January 2020
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 -
December 2019/January 2020
It appears the accounting, audit and financial reporting profession is due for a major long-term upgrade cycle.
Rethink the Employee Retention Tax Credit -
February/March 2024
Silicon Ledger addresses the frustrations and concerns that come with navigating the ERTC.
Transfer pricing: The cross-border battle for profits continues to heat up -
February/March 2020
The global transfer pricing environment continues to heat up as countries persist in their quest to capture their “fair share” of taxable profits.
Get to know the mission behind the Minnesota Board of Accountancy -
February/March 2022
Charles Selcer, MNCPA member and the BOA’s new chair, shares the important work being done by the BOA.
Tax survey respondents share telltale signs of busy season -
February/March 2022
Once again, we’re in the midst of busy season. For some, it’s as though it never ended.
The status of SAS 134 and 135 -
June/July 2020
The COVID-19 pandemic has upended nearly every facet of every business. Forthcoming Statements on Auditing Standards (SAS) are no exception.
The status of SAS 136 -
August 2020
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.
Tax reform and the role of tech, two years in -
September 2020
Following the TCJA, tax technology is evolving to help companies meet new requirements in such areas as data management and analytics, calculations and reporting.
Critical considerations for selecting and implementing an ERP platform -
September 2020
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.
Minnesota BOA adopts rules package -
December 2023/January 2024
Learn about important news from the Minnesota Board of Accountancy. Monthly topics include rules, CPE requirements, CPA exam information, licensing, and more.
Accounting and auditing in the age of digital assets -
October 2020
The digital asset ecosystem is changing and expanding rapidly. So, how is the accounting profession responding to the changes being brought by digital assets?
Perfect your accounting firm playbook: 3 easy steps to improve profitability -
December 2023/January 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.
Important tips for job seekers -
December 2023/January 2024
Read about insider tips to help in the job search process and to land your next career.
Business Perspective: Thomson Reuters -
December 2020/January 2021
While this can sound daunting, there are three key elements you’ll want to include in your conversation with clients when talking about advisory.
What ‘warrants more attention’ -
April 2021
This year’s volunteer task force was composed of 15 members, representing 13 accounting firms.
Providing flexibility to CPAs performing attestation examinations -
April 2021
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.
Opportunities lie ahead for the profession -
April/May 2022
Get insight and news from MNCPA leadership about the organization and professional issues.
Minnesota’s Angel Tax Credit -
April/May 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 -
April/May 2022
The task force is a group of MNCPA members who annually assist firms with improving the quality of their financial reporting.
Dealing with too many ‘quick questions?’ -
April/May 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, it’s important to set boundaries.
Things to watch for this filing season -
April/May 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.
Complexity and rapid rates of change — CPAs know both -
October 2021
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?
Don’t be scared! Renew and report before Dec. 31 -
October 2021
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.
MNCPA honors 10 individuals with awards -
October 2021
In a time of uncertainty, it’s nice to recognize a never-wavering certainty: MNCPA members continue to accomplish the extraordinary.
Quality Management standards -
December 2023/January 2024
We’re now a year and a half closer to Dec. 15, 2025, the date by which QM implementation is required. Follow these practical steps to prepare your firm for compliance.
The case of Salving Hugh’s Jeego -
December 2023/January 2024
MNCPA member Chuck Selcer shares his knowledge about ethics requirements and laws with unique humorous fictitious stories.
Wanted: Words of encouragement -
April/May 2024
Get insight and news from MNCPA leadership about the organization and professional issues.
Boz Bostrom -
April/May 2024
We sat down with the new chair, Boz Bostrom, to talk about his career, his life and what he is looking forward to in his role as board chair.
U.S. Department of Labor issues final rule on independent contractor classifications -
April/May 2024
Employers should be aware of a recent change, effective March 11, in determining who is considered an employee versus who qualifies as an independent contractor.
U.S. Department of Labor issues final rule on independent contractor classifications -
Popular Articles
Employers should be aware of a recent change, effective March 11, in determining who is considered an employee versus who qualifies as an independent contractor.
Comprehensive guide to tax implications and entity structures in the cannabis industry -
April/May 2024
With a unique legal and financial landscape, the cannabis industry demands careful consideration of entity structure and tax implications.
Comprehensive guide to tax implications and entity structures in the cannabis industry -
Popular Articles
With a unique legal and financial landscape, the cannabis industry demands careful consideration of entity structure and tax implications.
The relationship between Section 471(c) and Section 280E in the cannabis industry -
April/May 2024
The rapidly evolving cannabis industry in the United States grapples with the intricate dynamics between Section 471(c) and Section 280E of the federal tax code.
The songs of tax season -
April/May 2024
Each year, the MNCPA sends out the annual Tax Survey to members to get a sense of what topics are impacting both members and their clients. This year, we added a fun question to the mix!
A thoughtful approach to local taxes -
April/May 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.
Top 3 reasons your clients will love working with us -
October/November 2023
Hear about how the Saint Paul & Minnesota Foundation can help you!
The case of Pilot error -
April/May 2024
MNCPA member Chuck Selcer shares his knowledge about ethics requirements and laws with unique humorous fictitious stories.
