Wednesday, May 28, 2008

New 2009 Maximum Contribution Amounts for HSAs

New guidance has been issued on the maximum contribution levels for Health Savings Accounts (HSAs) and out-of-pocket spending limits for High Deductible Health Plans (HDHPs) that must be used in conjunction with HSAs.
  • For 2009, the maximum annual HSA contribution for an eligible individual with self-only coverage is $3,000.
  • For family coverage, the maximum annual HSA contribution is $5,950.
  • For 2009, the maximum annual out-of-pocket amounts for HDHP self-coverage increase to $5,800 and the maximum annual out-of-pocket amount for HDHP family coverage is twice that, $11,600.
  • For 2009, the minimum deductible for HDHPs increases to $1,150 for self-only coverage and $2,300 for family coverage.

Thursday, May 15, 2008

It's All About Recruiting New Talent...And It's Only Going To Get Worse!

Recruiting and retaining top talent to the profession is by far the biggest concern for CPAs both in public practice and industry.

In fact, it has been the number one concern for firms for the past 10 years, according to the AICPA PCPS/MAP Top Issues Survey.

And only exacerbating the problem are the retirements of the Baby Boomers. According to the Bureau of Labor Statistics, an estimated 35 million workers will retire by the year 2010. Between 2010 and 2030, the American workforce is expected to shrink by 10 percent.

The CPA profession must recruit a disproportionate number of future CPAs in order to replace the workforce shortage expected in the coming two decades.

CFO Magazine reports that more companies are hatching plans to compensate for the impending crush of retirements by senior executives. They say the impact on corporate well-being will be most severe in the senior executive ranks, which are chock-full of people in their 50s and 60s who, unlike most others in their generation, can afford to retire.

Read more:

Wednesday, May 7, 2008

Good news for the CPA profession!

AICPA just released its 2008 Trends in the Supply of Accounting Graduates and the Demand for Public Accounting Recruits study.

Several positive and interesting trends were revealed in the study:

  • Accounting enrollments are up almost 19 percent as compared to the last survey in 2003-04. This translates to the highest accounting enrollment in almost four decades!
  • Hiring reported by CPA firms is up 83 percent from 2003.
  • Candidates sitting for the CPA exam is moving toward parity with pre-2004 levels (2004 is when the exam changed to computer-based and takers declined drastically).

To view the entire report, go to: