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July 2022

20 | Top firms dig deeper to 36 | Tax Matters
retain employees Late filing of petition does not bar Tax
As the Great Resignation continues Court jurisdiction
unabated, top firms are beginning Tax debt from late return is held
to raise starting salaries and add discharged
benefits to keep employees from
looking for greener pastures. 42 | Technology Q&A
This month’s column shows how
26 | Tackling the IT challenges of to extract and present information
dealing with cryptoassets about dates in Excel and how to
This new asset class challenges manage autocorrect settings.
technology used for enterprise
resource planning and financial 46 | The Last Word
reporting. Here’s what you should As director of innovation at Warren
consider if you decide to tackle Averett CPAs and Advisors, Kevin
these challenges. H. Wang, CPA/CITP, works at
the intersection of accounting and
32 | 8 tips for fending off digital technology.
distractions
This month’s TOP STORIES If the steady ding of email and text
message notifications interrupts
6 | New possibilities your concentration, use these tips
when performing to prevent digital distractions from
taking over the workday.
attestation services
COLUMNS
Practitioners can report on a variety of
subjects prepared in accordance with 4 | Professional Liability
suitable criteria under recently issued Spotlight
standards that provide flexibility. Kovel agreement basics for you and
your client
12 | Auditor independence In some situations, clients need
relating to government client to engage an attorney as well as
affiliates a CPA. Kovel agreements, where
You must apply, with one excep- an attorney, rather than the client,
tion, the “Independence Rule” engages a CPA, may provide
and related interpretations of the the client greater protection by
AICPA Code of Professional Conduct extending attorney-client and
to your state or local government attorney work product privileges to
client’s affiliates. the CPA.
ON THE COVER AND ABOVE: IMAGES BY SOLIDCOLOURS/ISTOCK; RIGHT: PHOTO BY ANDREA MABRY/AP IMAGES Member Service Center AICPA Technical Hotline AICPA Tax Section

AICPA: Where to turn

1-888-777-7077
Visit www.aicpa.org/tax to
1-877-242-7212
Or chat with us at www.aicpa.org.
9 a.m.–8 p.m. ET, Monday–Friday
stay current on the latest tax
developments and access guidance,
us.aicpa.org/research/technicalhotline.html
Chat and phone service available
tools, and learning on key topics and
9 a.m.–8 p.m. ET, Monday–Thursday
The hotline is available for questions about
trending issues.
and 9 a.m.–6 p.m. ET, Friday
accounting, auditing, and attest. A live chat
journalofaccountancy.com feature is also available. July 2022 | 3