Reflecting on the past decade, and looking ahead to the next one
By John W. Hermus
Suffolk Chapter President
Happy New Year! As we close one decade and enter a new one, it is a great time to reflect on the last 10 years and look ahead to the future.
The profession has gone through major changes in the last decade. We have all been impacted by the sweeping changes of the Tax Cuts and Jobs Act of 2017, which introduced the complex Section 199A deduction and put a cap on state and local tax deductions, among many other major changes to our tax law. With the more recent introduction of the FASB’s “big three” accounting standards—leases, financial instruments and revenue recognition—there has been the need for accountants to interpret, understand and advise on these updated standards. Technology rapidly changed how we worked over the last 10 years, with a strong push of automation, artificial intelligence, cloud-based accounting and tax work, and use of social media.
From a personal standpoint, I am grateful for several major life events that I have gone through in the last 10 years. This was the decade when I became a CPA, got married, bought a house and had my first child—I am grateful for all these things. The friends I have made in the NYSSCPA over the last 10 years are too many to count.
So where do we go from here? What will the next 10 years bring us? Where do you see the profession in January 2030? Accountants have the future on their minds. With increased automation for both accounting and tax work, there is a need for more advisory and consulting services. We will also be looking at the way CPAs are licensed differently, as the CPA exam topics undergo major changes for the digital age. We will continue to see the retirement of the baby boomer generation and the rise of millennials and Gen Z after that. This is truly an exciting time to be in this profession.
The Suffolk Chapter has been busy closing out the decade celebrating the 25th anniversary of our annual Toys for Tots drive. The drive concluded on Dec. 13, and was once again a massive success. Thank you so much to all who make this cause meaningful each year, and congratulations to Suffolk Chapter Past President Cynthia Finn Barry, who organized the drive over 24 years ago!
We have several events scheduled for early in the new year, as you will see in this issue. I encourage you to attend the CPE events being held by our Employee Benefits and Members in Industry committees. Along with the Nassau Chapter, we will be co-hosting the annual Chapter Networking Meeting on Feb. 6—sign up now!
I wish you all a successful, safe, healthy and fun new year!
jhermus@sheehancpa.com