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.”