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MNCPA Perspectives Archive

MNCPA urges congressmembers to extend first quarter estimated tax payments
April 7, 2021  |  By Linda Wedul, CAE
It’s not always easy to see what our government relations efforts look like on the surface. But the following shows that our advocacy work is making a difference for members... Read more
Is a single audit in your future? It might be closer than you think
May 3, 2021  |  By Faye Hayhurst, CPA
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... Read more
Promoting CPAs in a time of complexity, crisis
May 7, 2021  |  By Corey Butler
CPAs have been relied upon more than ever for their expert decision-making skills. As Donny Shimamoto put it, the pandemic turned CPAs into emergency workers helping families and business owners... Read more
Major audit standard implementation: Are you ready?
October 4, 2021  |  By Faye Hayhurst, CPA
SAS 134–140: If your firm performs audits, they should be top of mind right now. Read more
Don't let a single audit take you by surprise
December 3, 2021  |  By Corey Butler
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... Read more
MNCPA members share top concerns for upcoming tax season
January 4, 2022  |  By
In the recent MNCPA Tax Survey of members, we asked what concerns you most about this tax season... Read more
MNCPA calls on Congress to address IRS service levels
January 31, 2022  |  By Geno Fragnito
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... Read more
Your voice matters — use it
February 24, 2022  |  By Geno Fragnito
Your voice — the CPA voice — is invaluable to Minnesota lawmakers. Be heard today. Read more
3 self-leadership tips to navigate uninvited change
April 19, 2022  |  By Kinzie Jensen
Take your pick — the pandemic, supply chain issues, staffing shortages, turnover, tax law changes — there have been plenty of uninvited disruptions lately... Read more
Auditing Standards Board approves significant changes in firm quality standards
May 13, 2022  |  By Faye Hayhurst, CPA
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... Read more
Unresolved issues at the Capitol and still no deal on a special session
June 6, 2022  |  By Geno Fragnito
The 2022 legislative session ended on time, but it did not end as most people had hoped it would end... Read more
A field of opportunity: New conference takes root
July 28, 2022  |  By Lynn Kletscher
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... Read more
Lean into the Fourth Industrial Revolution
August 8, 2022  |  By Corey Butler
We no longer simply live in a world of gadgets and doodads. Welcome to Tomorrowland. Are you prepared? Read more
SQMS: First steps to implementing the new quality management standards
August 17, 2022  |  By Faye Hayhurst, CPA
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... Read more
Give back by helping students
August 23, 2022  |  By
At the MNCPA we’re lucky to have members that are not only knowledgeable and experienced accounting experts, but also philanthropic and generous with their time... Read more
Auditors: You’re in luck
August 30, 2022  |  By Kinzie Jensen
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... Read more
AICPA Peer Review Conference takeaways part No. 1: New Standards
September 7, 2022  |  By Faye Hayhurst, CPA
There was much to be learned from the AICPA’s annual Peer Review Conference held in August... Read more
Elections matter: Your participation is important
September 9, 2022  |  By Geno Fragnito
This year’s election has an election dynamic that happens only once every 20 years. After redistricting this year, there are elections in all 201 legislative districts... Read more
MNCPA Activity Report unveils bridge to the future
September 13, 2022  |  By Corey Butler
Take 10 minutes to look over the MNCPA Activity Report to better understand what your fellow members and the MNCPA staff accomplished this past fiscal year ... Read more
CPA Evolution is coming — are you ready?
September 14, 2022  |  By Stephanie Schmidt
For those interested in taking the CPA Exam, big changes are coming... Read more
Peer Review Conference takeaways part No 2: Audits of employee benefit plans
September 20, 2022  |  By Faye Hayhurst, CPA
This year more than ever, I have an appreciation for the CPAs who perform these types of engagements... Read more
Employee and employer: Shaping the future of work
September 22, 2022  |  By Corey Butler
Let me share something that you’ve either heard or, more likely, have experienced: Today’s workers are not the same ones who went home in March 2020 at the start of the COVID-19 pandemic... Read more
Be a voter and leader
October 6, 2022  |  By Linda Wedul, CAE
Every Minnesota state senator, representative, state office holder (governor, attorney general, secretary of state, auditor) are on the ballot, along with... Read more
Peer Review Conference takeaways part No. 3: Engagements under Government Auditing Standards
October 14, 2022  |  By Faye Hayhurst, CPA
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... Read more
The ins and outs of Election Day
October 19, 2022  |  By Anne Janotta Erickson
I served as an election judge in 2016. It was a fascinating opportunity to learn more about the rules of voting in Minnesota. But even for those of us who are more involved... Read more
Tips to help you facilitate your next meeting
October 24, 2022  |  By
For some, leading and facilitating meetings comes naturally. For others, it’s akin to pulling teeth. It turns out the key to effective meetings lies in the often-overlooked fundamentals... Read more
Feedback sought for revised Statements on Standards for Tax Services
October 27, 2022  |  By Linda Wedul, CAE
Comments must be submitted by Dec. 31, 2022... Read more
Peer Review Conference takeaways part No. 4: General peer review information
October 31, 2022  |  By Faye Hayhurst, CPA
The AICPA’s annual Peer Review Conference provides training and updates for peer reviewers. But there is also a ton of overall technical information... Read more
It’s a big week for accounting in Minnesota!
November 7, 2022  |  By Stephanie Schmidt
In an ongoing effort to grow the CPA pipeline, the MNCPA joined forces with more than 35 state CPA societies and the AICPA in a concentrated effort to raise awareness of the accounting profession within schools nationwide. Read more
With the election over, what’s next?
November 10, 2022  |  By Geno Fragnito
Want to stay informed on legislative happenings? Here's how... Read more
MNCPA sole practitioners share their most pressing concerns
January 6, 2023  |  By
In the recent MNCPA Tax Survey, an annual survey of members in public practice, sole practitioners were asked what their top concerns are for the next two years. The answers offered insight... Read more
MNCPA members: What concerns us most about upcoming tax season
January 10, 2023  |  By Corey Butler
We asked our members as part of the annual MNCPA Tax Survey about what concerns them most about this upcoming tax season... Read more
A front-row seat to tax conformity bill signing
January 16, 2023  |  By Geno Fragnito
Last week, Gov. Tim Walz signed a federal conformity bill after it moved through both the Minnesota House (132-0 vote) and Minnesota Senate (67-0) this week. This hit a suggested deadline by Paul Marquart... Read more
Blackout dates ahead of CPA exam changes
January 18, 2023  |  By Anne Janotta Erickson
A completely overhauled CPA exam will hit testing centers in January 2024. Newsflash: That’s officially one year away! Mark these important dates on your 2023 calendars... Read more
Broadening the path to CPA licensure
January 31, 2023  |  By Linda Wedul, CAE
Last month, MNCPA members received an email that the MNCPA board approved moving forward with drafting legislation to broaden the path to CPA licensure in Minnesota... Read more
The gift of time, knowledge ahead of CPA exam changes
February 13, 2023  |  By Stephanie Schmidt
I have good news for anyone who is currently taking the exam or will begin the process this year: The Minnesota Board of Accountancy (BOA) approved an 18-month credit extension... Read more
The questions (and questions) about Minnesota federal tax conformity
February 21, 2023  |  By Corey Butler
Following the surprising, but well-received passing of an early federal tax conformity bill last month there were, naturally, lots of questions about what this meant for tax preparers, businesses and individuals... Read more
An agile accounting profession requires adaptable licensing requirements
February 23, 2023  |  By Linda Wedul, CAE
There are not enough CPAs now nor expected in the future to meet the needs of communities, entities and clients, setting up a perfect scenario for future financial failures. Introducing legislation was driven by several years of MNCPA member concerns and feedback... Read more
Snow shuts down Capitol; CPA Day rescheduled
February 24, 2023  |  By Geno Fragnito
Sometimes, Mother Nature goes for the knockout blow... Read more
Response to Journal of Accountancy article, Feb. 10, 2023, ‘NASBA upholds 150-hour education requirement’
February 27, 2023  |  By Linda Wedul, CAE
We believe we are closer to the AICPA and NASBA in finding solutions for this critical issue than the article leads readers to believe... Read more
Meal prep I can get behind
March 1, 2023  |  By Anne Janotta Erickson
Takeaways from the MNCPA webinar, Finding a Healthy Balance: Nutrition Know-How for CPAs. Read more
CPA credential legislation is start of discussion
March 1, 2023  |  By Linda Wedul, CAE
Declining high school graduation sizes, increasing demand for CPAs, increasing retirements and declining number of candidates sitting for the CPA exam are converging... Read more
Comment on exposure draft concerning CPA exam scores
March 29, 2023  |  By Linda Wedul, CAE
The MNCPA, along with 15 other state societies, support a 36 month window for CPA exam scores to be valid, allowing busy candidates more viable time to sit for the exams. Please send your support of this change to NASBA... Read more
MNCPA submits amicus brief to the Minnesota Supreme Court
March 31, 2023  |  By Geno Fragnito
Recently, the MNCPA submitted a brief as amicus curiae to urge the Court to determine that Minnesota Tax Court decisions serve as binding precedent upon the Revenue commissioner... Read more
Learn more about proposed changes to Board of Accountancy rules
April 7, 2023  |  By Linda Wedul, CAE
The Minnesota Board of Accountancy is seeking comments as it moves through its process of adopting new rules. Please submit comments through May 3, 2023... Read more
CPAs do good deeds — lots of them
April 21, 2023  |  By Corey Butler
CPAs are much more than their credential. Check out CPA Stories to see all the good our members put out in the world... Read more
NASBA votes to extend CPA Exam window to 30 months — but it’s not that easy
April 25, 2023  |  By Corey Butler
The amendment increases the length of conditional credit from 18 months to 30 months. Individual state boards of accountancy still need to vote on the measure ... Read more
CPA pathways discussion: Addressing the objections
May 8, 2023  |  By Linda Wedul, CAE
The reason driving the change — the declining number of CPAs — is well-documented, so what are the objections to broadening the pathway to CPA licensure? Let’s discuss... Read more
Broadening the pathways to CPA licensure discussion will continue
May 22, 2023  |  By Geno Fragnito
The MNCPA board-approved bill, with bipartisan support in both the Minnesota House and Senate, did not become law this year, but this is not the end of this bill... Read more
Why should a school district care about CPA licensure?
August 4, 2023  |  By Val Mertesdorf
Working in public education, I am acutely aware of how difficult it is to hire quality staff, but I never took a step back to think about what this means in other sectors throughout Minnesota... Read more
Experiential learning: An evolution in how knowledge is obtained by prospective CPAs
August 15, 2023  |  By Joseph Petito, Esq.
As the AICPA and NASBA consider new ways to enhance the attractiveness of the profession to counter a drop in accounting student enrollments and retain them... Read more
Legislator BBQ event a success; what’s next for the YPG?
August 14, 2023  |  By Sylvia Michels
Rep. Matt Norris and Sen. Zack Duckworth joined the Young Professionals Group, sharing their takeaways from the recent legislative session... Read more
Is GAAP becoming less ‘generally accepted?’
August 18, 2023  |  By Faye Hayhurst, CPA
Any new standard that is finally issued by FASB becomes a part of GAAP. But something has happened in the past few years... Read more
Peer review conference takeaways No. 1
August 23, 2023  |  By Faye Hayhurst, CPA
So much vital information was conveyed during the recent three-day 2023 AICPA Peer Review Conference, starting with the optional sessions related to engagements performed... Read more
The CPA pipeline: Students are the future
August 29, 2023  |  By Julia Shiota
The 2023 MNCPA Annual Meeting this month provided an opportunity to reflect on challenges by discussing areas of the profession that still need addressing, such as the CPA pipeline... Read more
Understanding the new 1099-K rules in 2023
September 5, 2023  |  By Corey Butler
With changes from the American Rescue Plan Act of 2021, the threshold for a Form 1009-K has been cut drastically both in terms of the number of transactions and the amount of revenue earned... Read more
AICPA Peer Review Conference takeaways No. 2
September 27, 2023  |  By Faye Hayhurst, CPA
Part two of tips and resources gained from the AICPA's 2023 Peer Review Conference.  Read more
We must change the conversation around pathways to CPA licensure
October 5, 2023  |  By Boz Bostrom, CPA
It is no secret the field of accounting has both pipeline and diversity problems. There are many actions that should be taken to address these problems, and one of those is to follow Minnesota’s lead... Read more
HR resources for new leave laws
October 26, 2023  |  By Anne Janotta Erickson
Critical compliance changes are in store for employers thanks to new and revised leave laws at both the state and federal level... Read more
Check out live demonstrations of four automation software
October 30, 2023  |  By Corey Butler
Become an automation superhero on Oct. 31. Demo 1, 2, 3 or all 4 software showcases at this virtual event. Read more
Supporting your staff's success: How employers can help during the CPA exam
November 10, 2023  |  By Stephanie Schmidt
Recognize your staff members preparing for the CPA exam will have increased study commitments. Here are some ways employers can support their staff... Read more
Choice in auditors is good for Minnesota
December 7, 2023  |  By Linda Wedul, CAE
It is imperative residents engage with local governments and there is spending oversight. Whether we are discussing private businesses, not-for-profit or governmental entities... Read more
Recent grads dish on 150 hours, CPA licensure
December 13, 2023  |  By Corey Butler
Hear from six current and recent students from two Minnesota universities to see how they view the accounting profession, the requirements around accreditation and how these weighed into their professional choices... Read more
Reaching high school students: Ideas from CPAs
February 13, 2024  |  By Corey Butler
As part of our annual MNCPA Tax Survey, we recently asked members a score of questions, including their ideas about what they have done or suggest for encouraging more students to get involved in the accounting industry... Read more
CPA licensure bills return to Minnesota Legislature
February 14, 2024  |  By Linda Wedul, CAE
The 2024 Minnesota legislative session convened this week and bills introduced last year automatically rolled over into the second year of the biennium... Read more
How the U.S. Department of Education could further shrink the pipeline
February 19, 2024  |  By Dr. Eric Grube, CPA
As chair of the accounting program at Concordia University, Saint Paul, I’ve struggled to maintain my program’s enrollment numbers... Read more
Make your voice heard
February 20, 2024  |  By Geno Fragnito
Why attending CPA Day at the Capitol matters
CPAs hold a unique position of being a trusted adviser, expert on financial matters and a pillar of economic stability for individuals, businesses and communities across Minnesota... Read more
Connect with legislators concerning CPA pathways licensure bills
February 27, 2024  |  By Geno Fragnito
Can one voice have an influence? Yes! When you share how an issue affects you, your business or your clients, it elevates an issue for legislators... Read more
Pathways CPA licensure bill advances in Senate
March 8, 2024  |  By Geno Fragnito
The MNCPA-backed bill to broaden the pathways to CPA licensure, advanced in the Minnesota Senate today. Watch the hearing now... Read more
Township association supports proposal to increase number of Minnesota CPAs
March 7, 2024  |  By Jeff Krueger
To be frank: CPA firms are needed to audit many of the townships in Minnesota, and there simply are not enough of them! Something urgent needs to be done... Read more
Common — and outrageous! — attempted tax deductions
March 13, 2024  |  By Julia Shiota
Here are some themes behind commonly attempted deductibles shared in the annual MNCPA Tax Survey of members; some of these might look familiar to you, too! Read more
Member testimony on Senate File 1660
March 14, 2024  |  By Corey Butler
The following texts are excerpts from each individual’s prepared remarks... Read more
Participate in the NPAG talent pipeline survey
March 18, 2024  |  By Linda Wedul, CAE
A national conversation about the accounting pipeline is underway and you have an opportunity to add your insight... Read more