Honorable men­tions

Accounting Today - - Coverstories -

There were two other ma­jor ar­eas that caught the at­ten­tion of a sig­nif­i­cant sec­tion of the pro­fes­sion’s thought lead­ers, both of which re­quire more or less im­me­di­ate at­ten­tion.

“With­out ques­tion, fed­eral tax law changes present the most im­por­tant is­sue,” warned Trea­sury In­spec­tor Gen­eral for Tax Ad­min­is­tra­tion J. Rus­sell Ge­orge. “The sweep­ing changes in fed­eral tax laws that oc­curred with the en­act­ment of the Tax Cuts and Jobs Act of 2017 af­fect in­di­vid­u­als, busi­nesses, and tax­ex­empt or­ga­ni­za­tions. ... Given the scope of the changes, they will present a sig­nif­i­cant chal­lenge for ac­coun­tants in many ar­eas of tax ac­count­ing and tax plan­ning.”

But while ccoun­tants in the trenches are fully grap­pling with di­gest­ing the changes wrought by the TCJA and the Supreme Court’s Way­fair rul­ing, they may not be fully alive to the sec­ond cur­rent is­sue that con­cerned many lead­ers: cy­ber­se­cu­rity.

“It seems that a day does not pass where we don’t hear about an­other busi­ness suf­fer­ing a data breach,” said Stephen Mankowski, out­go­ing pres­i­dent of the Na­tional Con­fer­ence of CPA Prac­ti­tion­ers. “More and more CPA firms ap­pear to be get­ting breached. The scary part is that many more firms have been breached, but have yet to re­al­ize this fact. As a pro­fes­sion, we must ... take steps nec­es­sary to mit­i­gate these risks.”

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