MNCPA Perspectives Archive

Entrepreneurs and CPAs are kickstarting the economy
September 17, 2018  |  By Linda Wedul
What do Cards Against Humanity, Oculus Rift, 11 nominated movies and Neil Armstrong's space suit all have in common? Kickstarter! They all were funded via Kickstarter projects. Read more
Better (12 years) late than never
September 4, 2018  |  By Faye Hayhurst, CPA
This just in: Effective Oct. 1, 2018, peer reviewers will be applying new guidance approved by the AICPA Peer Review Board in August. The new guidance affects how peer reviewers will look at a firm’s compliance with audit risk assessment standards in AU-C 315 and 330. Read more
The primary is over, but there’s still work to be done
August 27, 2018  |  By Geno Fragnito
Where has the summer gone? It seems like just yesterday I was planning my summer vacation and wondering if Mother Nature would cooperate with my plans. Read more
Year-end tax planning -- more important than ever before
November 6, 2018  |  By Carolyn LaViolette
The weather is turning colder in Minnesota, which means 2018 is coming to an end. But, before you break out the eggnog and look up the lyrics to... Read more
Sharpening the blade
October 18, 2018  |  By Faye Hayhurst, CPA
If you’ve ever had to cut up various ingredients to prepare a meal, or perhaps had to gut and clean a just-caught fish, you know the importance of... Read more
Better late than never, part 2: There's help!
November 29, 2018  |  By Faye Hayhurst, CPA
My Sept. 4 blog, "Better (12 years) late than never," discussed the new way peer reviewers are evaluating a firm's compliance with audit risk... Read more
Systemic controls or systemic cause?
November 20, 2018  |  By Faye Hayhurst, CPA
We use buzzwords as a shortcut to refer to broad concepts in business. Buzzwords can be relatively straightforward and well-accepted (“return on... Read more
Shining the spotlight on the CPA profession
November 5, 2018  |  By Carolyn LaViolette
The curtain goes up. The overture plays the songs that have become oh-so familiar to me. I stand in the wings, anticipating my entrance on stage.... Read more
Why timing matters (and how to get it right)
October 22, 2018  |  By Kinzie Jensen
You've heard about time management and performance management, but few people consider how timing affects their performance. That's what Dan Pink... Read more
Membership: A transition resource that's just right
October 5, 2018  |  By Linda Wedul
Transition is where excitement happens and risk peaks. Whether it’s in business, sports or personal milestones, a transition is a tricky thing to... Read more
Don't believe everything you see
October 1, 2018  |  By Geno Fragnito
I have some good news and some bad news about the upcoming elections. I’ll start with the good news. The Aug. 14 primary election has passed and... Read more
Tax conformity changes are a team effort
October 31, 2018  |  By Geno Fragnito
If you have been watching the news the past two weeks, you have no doubt seen stories about overcoming long odds (1 in 302,575,350, to be exact) to... Read more
Buyer beware: Not all CPE is equal
September 20, 2018  |  By Lynn Kletscher
My phone rings; I answer. The caller wants to know how to qualify his company’s programs for CPE. I recite my spiel about the NASBA Registry... Read more
The enemy is comfort
August 8, 2018  |  By Linda Wedul
Picture these scenarios: Allowing a hairy tarantula to crawl up your arm. Singing in front of a crowd. Eating insects. Posing for an art class in... Read more
New legislators, new opportunities
December 6, 2018  |  By Geno Fragnito
Holiday planning, year-end business planning, tax planning packets for clients -- so many things to do as 2018 draws to a close. Have you made your... Read more
What remote sellers should consider in the wake of Wayfair
August 6, 2018  |  By Carolyn LaViolette
The commerce landscape has seen significant changes in the last 15 years. What used to be a “quick trip to the store” has evolved to... Read more
Revenue recognition and leases: Angles you might have missed
August 1, 2018  |  By Faye Hayhurst, CPA
After years of articles, news releases, CPE classes, and yes, posts by innumerable bloggers, I’d venture to say that it’s a rare CPA who hasn’t... Read more
Small business, big return
July 25, 2018  |  By Stephanie Schmidt
I was reminded recently of the rainbow loom bracelet fad. Anyone who has children, nieces or nephews probably remembers this trend from a few years... Read more
Summer, summer, summer -- it's like a merry-go-round
July 23, 2018  |  By
Do you recognize those words from someplace? A song from the 80s? There were many great bands -- and many more great songs -- to listen to in the... Read more
The membership benefits you may not see
July 19, 2018  |  By Linda Wedul
When joining a professional association, particularly one with voluntary membership, there should be clear benefits you receive in return for... Read more
Small-business owners: Receive free advice at Small Business Advisory Day
July 16, 2018  |  By Corey Butler
Sure, a free lunch isn’t a guarantee, but we can provide some free advice -- truly. As a small-business owner, you’re used to juggling a lot of... Read more
Communication that builds a team
June 26, 2018  |  By Faye Hayhurst, CPA
Imagine a small CPA firm with one partner and six staff. The partner hosts a weekend Christmas party at his large new house. Staff and their... Read more
What Minnesota taxpayers need to know about nonconformity
June 7, 2018  |  By Carolyn LaViolette
Health care access. Affordable higher education. Funding roads and bridges. No matter how politically involved (or uninvolved) you are, there are... Read more
Is your CPE reporting compliant with new BOA rules?
May 24, 2018  |  By Stephanie Schmidt
We all have things that are precious to us that we do our best to preserve and protect. Things like family, good friends and incredible memories. And.. Read more
PRIMA year 2: Getting better
May 15, 2018  |  By Faye Hayhurst, CPA
It was August 2017 at the annual AICPA Peer Review Conference, and there seemed to be a word on everyone’s lips. It was muttered usually in... Read more
Be prepared
May 10, 2018  |  By Geno Fragnito
Be prepared. It’s the beginning of a statement that can be completed with infinite endings and apply to anything in life. It’s no coincidence these... Read more
Your write to learn
May 1, 2018  |  By Lynn Kletscher
The blank page stares back at me, demanding to know what’s on my mind. Profound words of wisdom? Deadlines? Lunch? Nope. I sit at my desk... Read more
Embracing transitions
April 30, 2018  |  By Linda Wedul
It’s transition time at the MNCPA. Not only is it spring, it’s also the beginning of our fiscal year. We are shifting from planning events and... Read more
Familiarity: Threat or benefit?
April 19, 2018  |  By Faye Hayhurst, CPA
Is familiarity a good thing or a bad thing? The correct answer is both “yes” and “no.” As with so many things, it all depends on the situation.... Read more
What you need to know about 2018 tax changes
April 5, 2018  |  By Carolyn LaViolette
Congratulations! You finished your 2017 taxes, and now you don’t have to think about taxes again until next year, right? Wrong. Since the Tax... Read more
Engage, contribute to the policy discussion and support the profession
April 3, 2018  |  By Geno Fragnito
Work, children, grandchildren, church, hobbies, volunteering -- so many things competing for the precious, limited time we have. Yet, many people... Read more
Legislators want to hear from you
March 23, 2018  |  By Linda Wedul
Government relations -- wait, don't stop reading! All kidding aside, we know that when we talk about government relations, most MNCPA members tune... Read more
Tips for retirement planning at any age
March 21, 2018  |  By Carolyn LaViolette
Planning for retirement can be intimidating and confusing, especially to those just starting. Working with a certified public accountant (CPA) and... Read more
Wrestling with college funding
March 13, 2018  |  By Faye Hayhurst, CPA
Doing what’s best for our children -- can we all agree this is a high priority for most parents? Of course, “what’s best” is up for debate, and... Read more
From permits to press: Remembering why you're a member
March 6, 2018  |  By Stephanie Schmidt
I’m coming up on my 14-year work anniversary at the MNCPA (I clearly started when I was 16). Joking aside, this past year has been one of the most... Read more
5 things you need to know about tax-related identity theft this season
February 27, 2018  |  By Carolyn LaViolette
Tax-related identity theft remains a major thorn in the side of Americans, with the IRS preventing 787,000 fraudulent returns in 2016, the most... Read more
Invest in YOU
February 26, 2018  |  By Lynn Kletscher
There is no YOU on the New York Stock Exchange. But maybe there should be. Companies invest thousands (if not millions) of dollars in product... Read more
The power of personal connections
February 19, 2018  |  By Linda Wedul
Networking is hard for me. It doesn't come naturally. I marvel at people who can converse on a wide range of subjects and easily form connections... Read more
Your once-in-a-generation opportunity to shape legislation
February 14, 2018  |  By Geno Fragnito
I'm sure everyone holding a CPA certificate has, at some point in their career, faced some uncertainty with a tax or business matter. I also know.. Read more
BOA rule change affects peer review for new firms
February 2, 2018  |  By Faye Hayhurst, CPA
Revised administrative rules were published by the Minnesota Board of Accountancy (BOA) on January 10, 2018. The most significant changes have to do... Read more
Show me the love (in the way I prefer)
January 29, 2018  |  By Stephanie Schmidt
Several months ago, I talked about the importance of recognizing people for their hard work. I was reminded this week that it’s equally as.. Read more
Taxing professional services: The more things change, the more they stay the same
January 23, 2018  |  By Geno Fragnito
2017 brought significant changes to politics: President Trump, tax reform, and uncertainty with international relations. What will happen in 2018 is... Read more
New year, new CPE rules
January 16, 2018  |  By Lynn Kletscher
It’s out with the old and in with the new. Effective Jan. 9, 2018, Minnesota’s new CPE rules expand on the types of delivery formats accepted, and... Read more
Finding the opportunity in the unknown
January 8, 2018  |  By 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.... Read more
Don't overlook these 5 new tax benefits when filing your 2017 Minnesota tax return
January 2, 2018  |  By Carolyn LaViolette
With the first day to file taxes a few weeks away, individuals and businesses are beginning to prepare for the season.... Read more
Reflecting on an icon
December 18, 2017  |  By Faye Hayhurst, CPA
On Dec. 6, the CPA profession lost an icon -- Howard Guthmann, formerly of the Wilkerson Guthmann CPA firm in Arden Hills. Howard was 95, and had... Read more
You can never be reminded enough: Renew your CPA certificate
December 13, 2018  |  By Stephanie Schmidt
A little more than a month ago, my birthday came and went -- along with my valid driver’s license. I had gotten the postcard in the mail... Read more
Understand your W-2 this tax season: The Tax Cuts and Jobs Act has changed this longtime form
January 21, 2019  |  By Corey Butler
With the Tax Cuts and Jobs Act of 2017 (TCJA), the current filing year is a challenge for taxpayers and certified public accountants... Read more
Successful CPA Day at the Capitol attributed to dedicated MNCPA members
February 13, 2019  |  By Geno Fragnito
Every year, the MNCPA hosts CPA Day at the Capitol to connect our members with their state senator and representative. This year, more than 70 members... Read more
Who doesn't want a big refund? You may be surprised
February 21, 2019  |  By Corey Butler
It's common for workers to set their withholding when they start a job and never revisit it. For many, this may have... Read more
Keeping up with the pace of change
February 22, 2019  |  By Linda Wedul
In Justin Trudeau's 2018 Davos address, he said the now-famous line, "The pace of change has never been this fast, yet it will never be this slow again." Read more
Report compliance burdens and unfair penalties to legislators this tax season
March 21, 2019  |  By Geno Fragnito
Maybe you are responsible for preparing or filing your business taxes. Maybe you work at a public accounting firm and help multiple clients navigate the tax law maze... Read more
To extend or not extend: That is the question
March 26, 2019  |  By Stephanie Schmidt
Extension: a four-letter word? To some, including CPAs, it may be. However, it may be a necessary evil in order to help make sense of the new tax laws. Read more
Audit risk assessment continues to be misunderstood for several firms
April 2, 2019  |  By Faye Hayhurst, CPA
Effective Oct. 1, 2018, peer reviewers began applying new guidance approved in August by the AICPA Peer Review Board. This new guidance took aim at an area that has been misunderstood... Read more
Tales from the CPE crypt
April 8, 2019  |  By Kinzie Jensen
I walked into the conference room on a bright February morning, excited to learn some new writing tips from my favorite marketing podcaster. Choosing a seat, I introduced myself... Read more
Share your tax season experience with lawmakers
April 29, 2019  |  By Geno Fragnito
Now that another tax filing deadline has passed, it's time to reflect on how this tax season went and start planning for next year... Read more
Meet the 2019-20 MNCPA board officers
May 2, 2019  |  By Linda Wedul
It's April 2019 and the MNCPA is celebrating. Not only has the big tax deadline passed, but it's also time for us to welcome our new board chair and officers... Read more
Why I love the MNCPA audit
May 22, 2019  |  By Faye Hayhurst, CPA
You might notice a spring in my step and a sparkle in my eye. There’s excitement and anticipation in the air (at least in my corner of the office)... Read more
Golfing is more than a game
May 30, 2019  |  By Geno Fragnito
You’re likely involved in many organizations: an alumni association, a charitable foundation, a community organization and/or a professional association, just to name a few... Read more
Property tax refunds are available to (and forgotten by) Minnesotans
June 4, 2019  |  By Corey Butler
Most everyone can agree on this: Taxes are confusing. They’re multifaceted, multilayered and can recur at different times of the year... Read more
Independence: Don't lose it!
July 1, 2019  |  By Faye Hayhurst, CPA
CPAs, too, have worked hard in the area of independence. Their reputation as professionals trustworthy of reporting on financial statements relies significantly on independence... Read more
Small-business owners: Receive free advice at Small Business Advisory Day
July 16, 2019  |  By Corey Butler
We're all familiar with this old saying: Good things come in threes. Not wanting to break from tradition, the Minnesota Society of CPAs (MNCPA) presents the third annual... Read more
529 funds can be used for K-12 tuition, but Minnesotans should approach with caution
July 22, 2019  |  By Carolyn LaViolette
Back-to-school shopping season is upon us, which means kids will be returning to school before we know it. For some, this can be a financially stressful time... Read more