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CalCPA Members, get the most significant headlines and essential information to keep you ahead in the business world. On weekday mornings, Daily Clips provides a personalized newsfeed designed exclusively for California business and financial professionals like you, ensuring you stay informed and sharp.

Daily Clips enewsletter

Many tax trends continued to align with pre-pandemic frameworks in 2023, as well as several new developments for California taxpayers. In the following, you’ll find more details on income tax changes, recent judicial decision updates, disaster declarations and a development related to unclaimed property enforcement.

Tax Season Toolkit

From pass-through entity tax to ERC guidance to SECURE 2.0—and more—there’s a lot to keep track of to stay on top of this tax season. We’ve got you covered on the federal and state levels.

Taking CAS and Conversation to a Whole New Level

,”  we talked about the many situations and challenges businesses face as they grow and expand. Many of these challenges require a one-time fix and others can be more recurring—and sometimes—universal for all clients. In many cases, these additional services are unique to client’s needs and essential to their well-being. Thus, they and their needs are essential to us—and create opportunities for all.

As we grow and our clients expand, the more recurring and specialized client assistance grows in both importance and being critical to us and clients. As your consulting or client accounting services (CAS) grow, many services will become more repetitive in nature and can be more standardized, allowing you to create a niche in certain areas. 

Services like business evaluations, bookkeeping, business management and others can become more unique as a single service as opposed to a more global approach—for instance, helping more of your clients grow.

Creating niche services can make your firm more effective and more profitable. Finding the opportunities and how you can help maximize them will be critical for everyone. Many opportunities and challenges may already exist—and be immediate needs for your clients. Some may already be an existing service for some clients and not others.

From a personnel perspective, a niche is “a place, employer, status or activity for which a person or thing is best fitted.” For the marketing mindset, a niche market is “a focused, tangible portion of a market.” From a business perspective, a niche is “a particular specialty in which a firm has generated a large market share.”

What is interesting is that many of these definitions can and will apply to your niche(s). It depends on how you develop and present your niche-like services. For example, you would want to accentuate:

Among the top service niches, you’ll find in accounting include:

Common market niches are nonprofits, real estate, manufacturing, professional services, construction, retail clothing, law firms and medical providers, to name a few. Other niches common for the profession include:

To help you view the niche as a viable benefit for your firm, let’s look at some of the major reasons that firms seek to create niches:

There are several essential action items to take to set yourself up for success in the niche process. The first, and probably the most important, is creating more than one niche. For niches to work most effectively, they need other niches for synergy. For instance, human resources and compensation/incentive programs can work with synergy. Information technology and cyber security support will complement each other. Cost segregation and business valuations have potential. And real estate services and investment services might also complement each other. 

Moving from the strategic, let’s look at some essential tactical and action-oriented items:

Finally, to make all of this work, actively market and communicate to your audience, including existing clients, potential clients and referral sources. Marketing to existing clients is essential and, with multiple niches, gives the firm a greater opportunity to cross-market for client benefit.

Once the firm has a niche practice or two up and running, you’ll see how much value they bring—to the firm and clients. Each practice area gives you an opportunity to develop new business from existing and new clients; also, it can be an incentive for recruiting and retaining staff in a very dynamic labor market. Both can help create greater returns on your investment.

Niche Practice

Creating niche services can help your firm become more effective and more profitable. Finding those opportunities and how you can help maximize them is critical—but may be easy to spot.

The article “Pathway to Success” in the June 2023 issue of 

  describes a year-long program of the same name managed by the CalCPA Los Angeles Chapter that provides workshops, guest speakers and mentoring to develop professional communication and job-related and career planning skills to first-generation college students majoring in accounting, business or economics at Cerritos College, Santa Monica College and East Los Angeles College. The program will expand to four colleges in January with the addition of Mt. San Antonio College.

In this article, two students share how they went from uncertainty about their futures to aiming to become accounting professionals and CPAs. One student is 

, a student at Cerritos College preparing for transfer to a four-year university. The other student is a former member of the Pathway program, 

, a senior, majoring in accounting at Cal State Northridge.

Q: What were your immediate plans after graduating from high school and what influenced your decision?

: Since my three sisters are college graduates, I felt pressure to attend a four-year university right after high school, but I was hesitant because I had no idea about which major or career path to pursue. They said that adjustment was challenging and the time flies by, which made me nervous about taking that next step. I felt attending a community college was the best choice for me financially and for figuring out what my academic interests were.

: Because I was an elite high school basketball player, athletics was going to be my path to a college education, but an injury closed that opportunity. I was a good student and my closest friends were applying to universities, so it was a logical decision to do the same. I enrolled at Cal State Fullerton, but I was unprepared for the transition to a four-year university and financially unable to sustain myself as a full-time student. I also selected a major I knew little about, psychology, and had no idea what career path it would lead me to. I decided to leave Cal State Fullerton to work full-time and then start over at Cerritos College after a three-year break. 

Q: Who provided you with the guidance to seek out your academic and career choices?

: A high school friend of mine was attending Cerritos College and explained to me that he was going to major in accounting because of the job opportunities available after graduation. That is how I initially decided to pursue accounting and business as my major and transfer to a four-year university.

: For the most part, I relied on my friends for advice and to help me make decisions involving college, except I didn’t have a plan or any set goals, particularly post-college. My parents were encouraging but couldn’t help me with the transition. Both of my siblings attended college, but neither graduated and didn’t have the experience to help me with decisions I had to make, particularly those academically and career planning related.

Q: What hesitations, if any, did you have about pursuing a college education and why?

: Initially, I didn’t have any hesitations because of the support I had from my sisters, all of whom graduated with bachelor’s degrees. After a year at Cerritos College, I began to feel differently because I didn’t know what accountants do and questioned whether a bachelor’s degree was necessary to get a job in accounting. My first accounting professor, Peter Moloney, knew how I felt and provided insights into accounting career opportunities that I had no idea about. I spent many office hours in conversation with him, which solidified my decisions to major in accounting.

: Starting over at a community college, I wondered if the time and cost would be necessary for a good job, especially since I was paying for college myself. For me, there wasn’t a link between a college degree and the type of job I could pursue, let alone a career. And there wasn’t anyone in my life to help me connect the dots.

Q: Tell us about how you found the Pathway to Success Program and why did you decide to join it?

: Professor Moloney explained the Pathway to Success program after completing his accounting class. The prospect of interacting with a bunch of other students I didn’t know was intimidating and out of my comfort zone. I took a leap of faith and joined the program. It was the push I needed because my lack of interacting with others was going to undermine my prospects for success.

: Completing my first accounting course, I discovered that I liked it along with other business-related topics. In my next class, the professor, Debbie Johnson, talked about accounting careers and described the Pathway to Success program. The types of skills she described being taught in the program, along with the guidance missing from my past, was what I needed for long-term success.

Q: What are the most important things you have learned in the program and how have they changed your academic experience and career goals?

: Understanding “my story” and how my past experiences have developed skills that are aligned with successful job performance and are valuable to employers. I also learned to accept being uncomfortable to grow. Before joining Pathway, I had no idea how important making connections with other people was going to be, but it also took me out of my comfort zone. I understand that reaching out to engage with other people is necessary to learn and grow. Maybe the most important thing I learned from the program is that you don’t have to figure things out by yourself; instead, collaborating with others is the best way to take on challenges.

: If you don’t ask questions or inquire of others, you can’t get the things you want or need—you have to be intentional about what you want and how you go about seeking it. I also found it to be invaluable to be with like-mined people surrounding you, who have similar goals and are motivated. This creates a positive environment and reinforces the decisions I make and goals I’ve set.

Q: What influenced you to pursue a major and possible career in accounting?

: My career choice is based on what I learned in the Pathway program. The formal training is centered on communication skills; however, we discuss the variety of career opportunities in accounting, including industry types, career paths, public accounting compared to industry, how your skills evolve with experience, and even international topics. We discuss possibilities and what to look forward to, and that’s exciting for me.

: Throughout the Pathway program, we’re introduced to multiple avenues that are available in terms of careers and jobs because all types of businesses and organizations need accountants and rely on accounting information to make decisions. I found accounting to be multi-faceted way beyond the subjects we learn in the classroom.

Q: Did you have a mentor in your life before joining the Pathway program and what role has your mentor played in your academic and career planning experiences?

: I didn’t have a mentor before joining the program. One of my mentors, Vanessa Alvarez, is a risk manager at Spotify and provides me with different perspectives and examples from her life, and encouragement. Speaking with her has been a boost to my confidence and why I successfully ran for president of the Cerritos College Accounting Club. It’s been a difference maker.

: I didn’t have a mentor, but I have one now, Okorie Ramsey, CalCPA member and AICPA Chair. He encourages me to continue on my path to pursue my bachelor’s degree and career in accounting. Between our formal meetings, Okorie makes himself available to answer questions and provide advice for situations I encounter so I make the best decisions for myself, which builds my confidence. His support led to me receiving a NABA scholarship enabling me to attend the national convention in New Orleans. It was very encouraging to see people like me with similar career goals and share our experiences with each other. It matters when you know someone cares about your success as much as you do.

Q: What motivates you to succeed and why do you feel confident about reaching your goals?

: Having goals and understanding how to attain them is my source of motivation. I used to make decisions by taking someone’s word for it, but today, I’m confident seeking advice and why doing something is the best thing for me. I am more intentional about the choices I make about my future. My family, Pathway members and mentors provide a great support system.

: To be able to be financially independent since I have never been able to do that before. It’s important to be the first in my family to earn a college degree and then be an example and resource to others who are in the same situation I was. My goals are clear and in the Pathway program’s workshops and speakers, you get an idea of what is required to be successful in academics or career matters.

Q: What advice do you have for other first-generation community college students who are starting their college journey?

: Ask for help. Your professors are a great place to start, especially if your family members or friends are not able to help. Seek out a mentor because it will make a huge difference to the academic and career decisions facing you.

: Get connected with others and start this process by getting to know your professors. Let them know about your interests and intent. If they know you’re serious about your education they will help you. Surround yourself with like-minded students by getting involved in a club or other activity but take the initiative to engage with them to make a connection—just start by introducing yourself and sharing your experiences. These relationships can make the difference between dropping out or continuing on the path to graduation.

Q: When you look back at the experiences you’ve had in the Pathway program, what are your thoughts about your future?

: I’m excited about my future because of how far I’ve come and for the things I have yet to accomplish. Two years ago, I was uncertain about a lot of things, but not any longer. When I graduate from Cal State Northridge in December 2024, I will be starting my career in the audit department at EY in Los Angeles, and nothing is more exciting than that.

: The good things that have happened to me has resulted in a 180-degree turnaround—all of the work has paid off so far. A difference maker is having a support system that gives me the confidence in what I’m doing and the decisions I need to make. I know what success looks like, the major I’m going to select upon transfer to a four-year university and my career choice. The advice I’ve received has helped me align my academic and career goals, something I didn’t have before. I completed an internship with a Big Four firm this summer and have the opportunity to do it again next year. I’m really excited about my future.

Q: Why is it important for you to pursue a CPA license?

: At first, I questioned the importance of getting a CPA license. But in the Pathway program, I was presented with how much broader my long-term opportunities would be if I obtained it. Before, there wasn’t any one to explain it to me, but now it’s a goal of mine and I’m confident about earning it.

: I have no hesitations since my aim is accounting as my career choice and obtaining a CPA license will open up more opportunities for me. I only worry about studying for the CPA Exam and what it will take to pass all four parts.

Q: What value have you gained as a CalCPA student member?

: I was excited to receive a scholarship from the CalCPA Los Angeles Chapter, but another benefit is growing my connections with other student members. I have served on panels to share with community college students on preparing for transfer to a four-year university. Being able to give back and support other like-minded students makes me feel like I’m a valued part of a community.

: I was fortunate to be a recipient of a CalCPA Los Angeles Chapter scholarship. And membership in CalCPA has introduced me to a whole new group of professionals at every level. When I attended the chapter’s officer installation and scholarship event in May, professionals at every career level were introducing themselves and willing to speak with me. They also encouraged me to stay in touch. It was gratifying to have people show an interest in me and my future.

Journey to CPA

Get to know Brian Givens and Lucy Cruz, two first-generation college students who share how they went from uncertainty about their futures to aiming to become accounting professionals and CPAs. 

Here’s a fun fact for you: Did you know that thousands of pieces of legislation are introduced in the Legislature each year? And while many of those pieces don’t directly touch the CPA profession, there are plenty that do—and that’s where our advocacy and public affairs team kicks in.

From proposals dealing with audit requirements for digital financial asset businesses to reintroduction of environmental, social and governance, and from wealth tax legislation to possible regulatory oversight of artificial intelligence programs and businesses that employ them, our team does the heavy lifting of poring over legislation with an eye toward protecting you and the profession.

But it doesn’t stop at just reviewing the legislation. We continually provide comments on legislation and work with stakeholders to educate them on the issues affecting you and your clients.

And what makes our efforts even stronger is the dedication of our members to join with us and amplify the voice of the profession. Each year, hundreds of members join together at the state Capitol to meet with legislators to discuss current issues facing the CPAs—and their clients and businesses—in California.

CPA Day, as we call it, is one of the most important annual events we have. And if you have participated in the past, thank you. Your voice and support go a long way to pushing the profession forward and establishing important relationships with members of the Legislature. There is something powerful about sitting face-to-face with someone and providing them with information and stories that bring the life the impact—or potential impact—of legislation.

If you haven’t had a chance to see what CPA Day is all about, then consider this your personal invite and circle Wednesday, Jan. 17, on your calendar for our next trip to the Capitol. Never talked with a legislator before? That’s OK. We’ll provide you with all the information, talking points and direction you need to make your visits successful.

The more voices we have, the more diversity we have. The differing backgrounds, experiences and thoughts that our members bring are key to ensuring our community and profession thrive. So the more members we have participating, the more voices—the more perspectives—we’re able to bring to CPA Day.

The day also includes our Legislative Summit, which brings together CalCPA and leaders in the public policy space to discuss issues facing California and the profession; help us understand the top issues; provide information on the ins and outs of how to navigate the legislative world—and how you can make an impact.

Join us and lend your voice. You won’t be disappointed. More details will follow in the coming weeks, so keep an eye on your inbox and at 

What’s Your Story?

December 2023: On Your Behalf

Our annual, at-a-glance compilation of federal and state tax information is back. This user-friendly tool of tax rate schedules, facts, figures and assorted data is a time-saving resource you’ll want to keep handy to help you navigate the busy tax season.