TSCPA Midyear Board Meeting

The Midyear Board meeting of TSCPA took care of business; got input on critical issues to the future of CPAs and TSCPA; and shared some critical perspectives from interesting speakers. Lei Testa from Fort Worth was presented as the next Chairman-elect of TSCPA along with a worthy slate of officers and directors. TSCPA finances are solid but looking to the future we made the decision to increase dues by $5 to make sure we can continue to provide the services and support needed by our members.

TSCPA received input from Board members covering three areas:

  •  Leveraging and Leading with Technology
  • Attracting and Engaging Younger Members
  • Improving the CPE Experience

The feedback is being processed by staff, and recommendations on actions TSCPA should take will be added to our strategic plan implementation, which already identified these as areas of focus in the coming years.

Dr. Jim Lee discussed the economic impact of Hurricane Harvey. One of the big questions is about the long-term impact. Looking at other major hurricanes in the last decade, Katrina and Ike, New Orleans and Galveston suffered permanent 15% drops in population. The question is will this also happen to Houston, Corpus Christi, Port Aransas and other places. If it does, such loss can permanently alter the economic prospects for those locations.

Donny Shimamoto discussed paths CPAs need to take to innovation. He looked at three major paths for external auditors, tax practitioners and B&I professionals. In B&I we have all experienced the move from processing transactions to managing processes as work is automated. The next steps are to move further along in providing analysis and, more importantly, information about those transactions so better business decisions can be made.

Donny also discussed some interesting insights that apply to all professional accountants. The era of “good enough” is dead. Expectations are higher and the ability to be more precise is available and expected. Learning “just in case” is being replace by learning “just in time.” And the only true way to make sure you are needed in an era of hyper automation and robotics is to provide things that rely on truly human traits like creativity, imagination, emotion, intuition and ethics.

To wrap up the meeting Bret Oliver provided an overview of the impacts of tax reform on Texas and Jimmy Martens discussed the challenges of sales tax audits. In the end, 200 plus CPAs headed back to the four corners of Texas to share what they learned and listen to their fellow CPAs, so they can be prepared to discuss what is important at the annual meeting in San Antonio in June.

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