MACPA warns of overtime rule’s unintended consequences

UPDATE: DOL offers 'token reduction' in new overtime pay threshold (from the Washington Business Journal) With the Department of Labor hoping to publish its well-intentioned but severely overreaching new overtime rules within the next few weeks, the Maryland Association of CPAs joined the American Institute of CPAs in Washington on April 27 in an 11th-hour bid to convince officials that the rule is a bad idea. MACPA Executive Director Tom Hood (center in the photo at left) and Allen DeLeon (far...

FASB approves final credit loss standard, defers effective date

Posted By: Edith Orenstein on April 27, 2016 in Uncategorized
At this morning's Financial Accounting Standards Board meeting, the board voted to approve issuing a final standard on Financial Instruments - Impairment, better know as the standard on credit losses. To allow sufficient time for implementation, FASB decided to defer the original (proposed) effective date of the standard by one year, and anticipates publishing the final standard in June, 2016. Also known as the "CECL" (Current Expected Credit Loss) standard, the upcoming standard represents a major...

Social media and the CFO

The exponential pace of change in technology -- including the move to cloud computing, mobile devices, and social networks, is a hard trend. It’s a trend that is certain to continue, says leading futurist and Fortune 100 consultant Daniel Burrus. Business leaders, including CEOs, CFOs and chief risk officers, need to anticipate and use these changes to their advantage, rather then be disrupted.   MACPA Executive Director Tom Hood believes CFOs can learn to surf these waves of change,...

Voting on proposed AICPA / CIMA joint venture under way

A quick reminder for AICPA members: Voting begins today on a proposal to create a new association that will serve the world’s entire accounting profession. The AICPA is asking its members to approve the proposal, which is the latest step in a “joint venture” launched in 2011 between the AICPA and the Chartered Institute of Management Accountants. The first step in that venture resulted in the 2012 creation of the Chartered Global Management Accountant designation. The ballot will...

So long, tax season ... hello, bargains!

Posted By: Bill Sheridan on April 18, 2016 in Uncategorized
Congratulations, tax pros! You’ve made it through another hectic busy season, and you’ve done so (largely) unscathed. Time to enjoy a bunch of hard-earned freebies, courtesy of a grateful nation. Forbes tax columnist Kelly Phillips Erb offers this list of end-of-tax-season promotions from businesses throughout the country. Some of my favorites: * From Boston Market: On April 18 only, a half chicken individual meal with two sides, cornbread, a regular beverage and cookie for $10.40. (Get...