• Becoming a CPA
• Member Benefit
• Membership
• Volunteer

November's Service Month and Career Awareness Month showcased our members' dedication to making a difference, highlighting their meaningful community impact. Through charitable efforts, educational outreach and career awareness initiatives, their collective generosity was a bright light for the accounting profession.

By TXCPA

• Business and Industry
• Federal Taxation
• Professional Issues
• Public Practice
• Tax

State sales tax rules impact federal income tax reporting for businesses operating in multiple states. Proper reporting is crucial to avoid audit risks and ensure compliance with gross receipts thresholds, which can influence tax methods and deductions. Tax practitioners should align financial accounting and tax reporting practices to minimize discrepancies and simplify compliance.

By Joel M. Busch, CPA, JD, MST

• Practice Management
• Public Practice

Recognizing typical age-related changes and making small adjustments can enhance how CPAs communicate with senior clients. Communication differences are not all related to a person’s generation category. The recommendations in this article draw from research and years of professional practice, as well as personal experience.

By Susan Sorensen, Ph.D., CPA, and Limin “Priscilla” Zhu, DBA, MBA, CPA

• Becoming a CPA
• Legislative Advocacy
• Member Benefit
• Membership
• Volunteer

The new year brings a new legislative session in Texas. TXCPA will be advocating for important developments that will impact your profession and the future of the CPA pipeline in Texas. We encourage you to stay engaged with us as the session progresses.

By Jodi Ann Ray, CAE

• Becoming a CPA
• Professional Issues

A proposed two-track path to CPA licensure aims to address the shrinking pool of potential new entrants into the accounting profession. Traditionally, CPA licensure requires passing the Uniform CPA Exam, completing 150 semester hours of education and completing supervised work experience.

By Don Carpenter, MSAcc/CPA

• Becoming a CPA
• Leadership
• Member Benefit
• Membership
• Volunteer

TXCPA member Shristi Upreti Sharma discusses her career journey, sharing key milestones and valuable lessons for aspiring CPAs. Passionate about accounting from a young age, she has actionable advice for students pursuing the CPA path, highlighting dedication, strategic planning, mentorship and resilience as essential elements for success.

• Becoming a CPA
• Leadership
• Legislative Advocacy
• Member Benefit
• Membership
• Volunteer

The 89th Texas Legislative Session begins January 14, 2025, where there will be debates on property taxes, water resources, infrastructure, school choice, and CPA licensing reforms. Key bills for the accounting profession are SB 262 and HB 1757 that include proposals for an alternative CPA licensure pathway, and SB 522 that includes mobility protections. TXCPA will actively advocate for these and other measures.

By Kenneth Besserman

• Accounting
• Business and Industry
• FASB
• Professional Issues
• Professional Standards
• Public Practice

The Financial Accounting Standards Board (FASB) issued ASU 2024-03 on November 4, 2024, to enhance financial reporting transparency by mandating more detailed expense disclosures in financial statements. This update, shaped by investor feedback during FASB’s 2021 agenda consultation, aims to help investors better assess a company’s performance, cash flow prospects and industry standing.

By Shilpa Boggram Sathyamurthy, CPA, CA

• Accounting
• Business and Industry
• FASB
• Professional Issues
• Professional Standards
• Public Practice

Updates to ASC 280 require public companies to disclose detailed segment-level financial data to meet growing investor demands for more insights. Implementing these changes involves identifying operating segments, ensuring data readiness and maintaining compliance with reporting standards. Enhanced transparency will help build investor confidence and support sustainable growth in a competitive, evolving market.

By Shilpa Boggram Sathyamurthy, CPA, CA

• Member Benefit
• Membership

TXCPA thanks the firms and companies that participated in our 2024-2025 Professional Group Membership program for membership renewals and new member activations. With our streamlined group billing option, renewing memberships is a breeze, while offering your team added value and benefits!

In this edition of Take Note: Advocacy Day and Midyear Leadership Council Meeting; TXCPA's 2025 CPE Programs; Clarification for Today's CPA Article on Mitigating Medicare Mistakes; Printable Physical Wellness Checklist; Secure Your Future with Member Insurance; TXCPA's Career Center; Management Accountants - Stand Out With the CGMA® Designation

The classified ad section features listings for practice owners looking to sell, professionals seeking firms to purchase and a variety of specialized services. Whether you're looking to expand, sell or explore niche opportunities, this section connects professionals with valuable business prospects and resources.

• AI
• Artificial Intelligence
• Professional Issues
• Tax
• Technology

The article evaluates the potential use and limitations of AI in addressing tax-related queries during tax season. While AI tools show promise for aiding tax professionals and easing the CPA shortage, their responses are often inaccurate or misleading. The technology can assist with basic tasks, but it is not yet reliable enough to replace the educated judgment of tax professionals.

By William M. VanDenburgh, Ph.D.; Kimberly Jane Tribou, Ph.D., CPA; and James M. Braswell, Ph.D.