November-December 2024

Flipbook

In this issue:

November 01, 2024

Take Note

Join TXCPA's Key Persons Program and Advocate for the Profession

Are you interested in helping TXCPA grow the CPA pipeline, protect the CPA license, and/or engage in politics and government affairs? If so, the TXCPA Key Persons Program is for you! This program connects members with legislators to promote the CPA profession and support TXCPA’s legislative priorities. Key Persons engage with lawmakers to communicate the importance of the profession and protect the CPA license.

With the 2025 legislative session fast approaching, TXCPA is looking for more members to bolster the program, build relationships with legislators and support our efforts in Austin. No experience is needed – just a willingness to get involved. Contact Kenneth Besserman at kbesserman@tx.cpa or Patty Wyatt at pwyatt@tx.cpa for more information, or submit a volunteer interest form at bit.ly/4dknbOa. We look forward to working with you in the coming year and in Austin during TXCPA’s Advocacy Day in January 2025.

Protect What Matters Most with TXCPA Member Insurance

Safeguard your family, property and career with TXCPA Member Insurance. Our association-endorsed insurance offers value and reliability you can trust.

Why choose the TXCPA Member Insurance Program?

  • Coverage designed for professionals and their families.
  • Exclusive member rates from top-rated carriers.
  • Your participation supports the mission of the Texas Society of CPAs.

Learn more at txcpainsure.org or call us at 800-428-0272.

November is Accounting Opportunities Month and TXCPA Month of Service!

This November, TXCPA is hosting Accounting Opportunities Month in conjunction with our annual Month of Service to raise awareness of accounting career opportunities. Your participation can create a meaningful difference! Consider volunteering for classroom visits or utilizing the hashtag #CPAMonth to share your unique career story, words of wisdom or message of gratitude on social media.

Help extend our reach by sharing this opportunity with educators in your network! They can visit this link to request a classroom or virtual visit during the month of November.  Together, we can inspire the next generation of CPAs!  

November is also TXCPA's annual Month of Service, where members, firms and companies come together to make a difference. From food drives and financial literacy workshops to holiday toy collections with a money-smart twist, there are countless ways to give back. If you’re looking for ways to participate in Month of Service, please contact the membership team by email at membership@tx.cpa or give us a call at 800-428-0272.

Save the Date: TXCPA’s Advocacy Day and Midyear Leadership Council Meeting is January 28-29, 2025

TXCPA’s 2025 Advocacy Day and Midyear Leadership Council Meeting will be held on Tuesday and Wednesday, January 28-29, 2025, in Austin. Attendees will hear legislative updates during the Advocacy Day program and are encouraged to visit legislators and legislative staff at the Texas Capitol to discuss critical business issues.

Go to the Leadership Meetings area of TXCPA's website at www.tx.cpa for more details about the meeting.

Accountants Confidential Assistance Network (ACAN)

If you’re struggling with addiction, substance abuse or mental health issues, TXCPA Peer Assistance is here to help. Join a weekly support group, send a confidential message and find more resources at tx.cpa/resources/acan.

Call ACAN at 866-766-ACAN or send a text to 214-566-2854. There’s no risk!

Find Career Opportunities and Top Talent with TXCPA's Career Center

Looking to hire or searching for a job in accounting and finance? Visit TXCPA’s Career Center! Employers get deep discounts on job postings and internships are always free. Job seekers can browse listings, apply online and create a free Job Seeker Profile. Start today by logging in with your TXCPA credentials at https://careers.tx.cpa.

 

Thanks to the Sponsors of Today's CPA Magazine

This content was made possible by the sponsors of this issue of Today's CPA Magazine:

Accounting Practice Sales

Capstan

Condley and Company

CPA Charge

Goodman Financial

Poe Group Advisors

Professional Accounting Sales


May-June 2026

Flipbook

In This Issue

  • TXCPA Strategic Plan

    Building What’s Next: TXCPA’s 2025-26 Year in Review

    TXCPA’s 2025–26 Year in Review highlights how the organization is responding to rapid change in the accounting profession through a clear strategic vision focused on people, innovation and advocacy. Key efforts include new programs, enhanced CPE and learning through AcctoFi, and technology and chapter integration initiatives. The year also marked major legislative wins, positioning Texas as a national leader.
    View Article

  • CPE: Option-Based Contracts and Foreign Currency Transactions

    This article covers option-based contracts in foreign currency transactions and their treatment as derivatives under ASC 815. It highlights how options differ from forwards and futures, outlines call and put options and their accounting implications, defines key derivative terminology, and illustrates how FX options can hedge one-sided currency risk while preserving upside potential.
    View Article
    Underlyings
  • volunteer leadership

    Celebrating Progress. Shaping What’s Next.

    This issue of Today’s CPA reflects on TXCPA’s achievements during the 2025–2026 membership year while looking ahead to the future. It highlights advocacy successes, profession updates, expanded education offerings, technology investments, and strong member and volunteer engagement. As the year closes, members are encouraged to stay engaged and help shape what’s next.
    View Article

  • CARB vs. No-CARB – The California Climate Accountability Package

    California’s Climate Accountability Package significantly expands corporate climate disclosure requirements, mandating detailed greenhouse gas emissions reporting and climate‑risk analysis for companies doing business in the state. Ongoing legal challenges remain, but enforcement timelines are intact, placing growing responsibility on companies and CPAs to manage data quality, Scope 3 estimates and audit‑ready disclosures.
    View Article
    Scope 1, 2 and 3 emissions
  • Pro Bono Services

    Justice for Fraud Victims Project: Bridging the Justice Gap in Financial Fraud

    The Justice for Fraud Victims Project (JFVP) is a national program that delivers free forensic accounting and fraud investigation services to vulnerable individuals, small businesses and nonprofits. With partnerships among universities, anti-fraud professionals and law enforcement, they help uncover financial crimes and educate future forensic accountants. The model is expanding, including a new program at Lubbock Christian University.
    View Article

  • A Refresher on Auditor Independence: Best Practices Every CPA Should Know

    Auditor independence is essential to maintaining trust in the accounting profession, requiring both objectivity and the appearance of impartiality. Common threats - such as self-interest, self-review and familiarity - continue to lead to violations. Strong firm policies, ongoing training and effective use of technology are key to preventing these issues.
    View Article
    Quality Control Systems
  • Xero

    After QuickBooks Desktop: What CPAs Need to Know Now

    This article outlines the key implications of QuickBooks Desktop's phased discontinuation, including service discontinuation risks, operational failures, backup and archival strategies, migration challenges, and alternative accounting platforms. It also provides guidance for CPAs to take a proactive approach to managing and executing client migrations.
    View Article

  • Are Municipal Bond Investors Sitting on a Ticking Tax Bomb?

    Tax‑exempt municipal bonds purchased at deep discounts can quietly trigger ordinary income taxation under the IRS de minimis rule, eroding after‑tax returns and creating surprise tax bills at maturity. By comparing after‑tax “true yield” and proactively swapping discounted bonds for higher‑coupon alternatives, CPAs and financial advisors can help clients defuse a hidden tax bomb and improve portfolio outcomes.
    View Article
    Tax‑Exempt Securities
  • Quantum Computing

    Risks, Realities and the Evolving Role of CPAs Auditing Emerging Technologies

    Emerging technologies are reshaping auditing by embedding automation, advanced analytics and decentralized systems into core business processes. While these tools improve efficiency and insight, they introduce new risks that challenge traditional audit approaches. CPAs must adapt methods, rely more heavily on professional judgment, and uphold independence and integrity to sustain trust in financial reporting.
    View Article

  • What’s Happening Around Texas - May-June 2026

    TXCPA chapters across Texas are making an impact through service, networking and professional development. Recent highlights include volunteer and scholarship efforts in Austin, community engagement and member meetups in Dallas, student outreach and advocacy in East Texas, and career-focused events in Houston that strengthen connections within the accounting community.
    View Article
    volunteer advocacy
  • volunteer leadership

    Advocacy Update – Elections and the 2027 Legislative Session are Right Around the Corner

    TXCPA is preparing for the 2027 Texas legislative session as the 2026 elections shape the political and policy landscape. Key focuses include monitoring election outcomes, emerging legislative issues and national deregulation efforts that could impact CPA licensure and practice, while encouraging continued member engagement and advocacy.
    View Article

  • Why Positioning Matters More Than Ever for CAS Firms

    Client advisory services deliver the most value when firms clearly define who they serve and which problems they solve. Clear positioning enables standardized workflows, repeatable service offerings and more predictable growth.
    View Article
    Service differentiation
  • Word Challenge

    Take Note

    In this edition of Take Note: Renew Your TXCPA Membership; Accountants Confidential Assistance Network (ACAN); 2026 CPE Programs; Word Game - Positioning That Powers Growth
    View Article

  • Classifieds

    The Classifieds section of Today's CPA provides a one-stop destination to find practices for sale, connect with buyers, and access services that support growth, transition and market expansion.
    View Article

CHAIR
Mohan Kuruvilla, Ph.D., CPA

PRESIDENT/CEO
Jodi Ann Ray, CAE, CCE, IOM

CHIEF OPERATING OFFICER
Melinda Bentley, CAE

EDITORIAL BOARD CHAIR
Jennifer Johnson, CPA

MANAGER, MARKETING AND COMMUNICATIONS
Peggy Foley
pfoley@tx.cpa

MANAGING EDITOR
DeLynn Deakins
ddeakins@tx.cpa

COLUMN EDITOR
Don Carpenter, MSAcc/CPA

DIGITAL MARKETING SPECIALIST
Wayne Hardin, CDMP, PCM®

CLASSIFIEDS
DeLynn Deakins

Texas Society of CPAs
14131 Midway Rd., Suite 850
Addison, TX 75001
972-687-8550
ddeakins@tx.cpa

 

Editorial Board
Derrick Bonyuet-Lee, CPA-Austin;
Aaron Borden, CPA-Dallas;
Don Carpenter, CPA-Central Texas;
Rhonda Fronk, CPA-Houston;
Aaron Harris, CPA-Dallas;
Baria Jaroudi, CPA-Houston;
Elle Kathryn Johnson, CPA-Houston;
Jennifer Johnson, CPA-Dallas;
Lucas LaChance, CPA-Dallas, CIA;
Nicholas Larson, CPA-Fort Worth;
Anne-Marie Lelkes, CPA-Corpus Christi;
Bryan Morgan, Jr, CPA-Austin;
Stephanie Morgan, CPA-East Texas;
Kamala Raghavan, CPA-Houston;
Amber Louise Rourke, CPA-Brazos Valley;
Shilpa Boggram Sathyamurthy, CPA-Houston, CA
Nikki Lee Shoemaker, CPA-East Texas, CGMA;
Natasha Winn, CPA-Houston.

CONTRIBUTORS
Melinda Bentley; Kenneth Besserman; Kristie Estrada; Holly McCauley; Craig Nauta; Kari Owen; John Ross; Lani Shepherd; April Twaddle; Patty Wyatt