$1,552 The average amount people are expected to spend this holiday season, down 5% from 2024. — PwC
Mike Ray
SF BAY AREA, CALIF.
Mike joined CAMICO as CFO in 2023, after serving in the same capacity for California Casualty Insurance Company for 22 years. Previously a CPA with PricewaterhouseCoopers, he earned a B.A. in business economics from UC Santa Barbara and now also serves as vice chair of CalCPA Board of Directors.
What does a typical day look like for you?
My mornings begin with a black coffee while I triage my inbox. After that, nothing is typical. On my 25-minute commute, I ground myself by asking three questions:
What problems do I need to solve?
How can I make a difference?
Who needs my support?
My day may include meetings with senior leaders, board members, employees, key partners, regulators, rating agencies or potential new vendors.
What keeps you coming back to your work?
At CAMICO, an insurance company designed for CPAs specifically, we’re in a unique position to serve those who make a difference in our communities. It’s a privilege to support CPAs alongside others dedicated to our mission. It’s a pleasure to work with colleagues you enjoy and trust. I feel what we do matters.
What would people not expect of accounting?
Most people think accounting means one path, sitting in a back-office crunching numbers. In reality, the profession offers countless career opportunities—becoming a partner at a firm or a sole proprietor, controller, CFO or CEO, whether in investment banking, fraud investigations, mergers and acquisitions, international tax, wealth advisory and many other exciting areas. CPAs are required to complete continuing education every year, ensuring that we remain current on evolving regulations, technology and industry developments.
What should people know about accounting?
Good accountants are problem-solvers and strategists, not just number-crunchers. Structuring deals, finding tax efficiencies and designing financial systems require genuine creativity and strategic thinking. Successful accountants need strong communication skills, emotional intelligence and the ability to translate complex information for the general public.
Grandma, the Reindeer and Estate Planning
by George Paulsen, CPA
Dec. 6, 2025
The connection between estate planning and the Christmas novelty song may be a stretch, but it does open the door about step-up in basis for estates.
As the song goes, Grandma died after being run over by Santa’s reindeer. With her passing Grandpa gets a step-up in basis on all her assets. If you inherit assets after a loved one passes away, they often arrive with a valuable—but frequently misunderstood—tax benefit called the step-up in basis. Below is an overview of how the rule works and what planning might need to be done.
Everyone loves a great comeback, and the accounting profession is having one. The profession is evolving, and its perceived decline could not be further from reality as Rapid advancements in automation, machine learning and AI are transforming traditional accounting roles, making them more dynamic and strategic.
There was no shortage of excitement in the world of accounting this year as AI continued to transform the accounting profession, private equity grew its influence in public accounting, lawmakers passed consequential tax legislation and a downsized IRS really went through it.
CalCPA, together with the AICPA and state CPA societies across the country, is urging the U.S. Department of Education to revise its proposed definition of “professional degree programs” to include accounting programs that lead to CPA licensure.
When the SEC finalized long-awaited rules requiring companies to “claw back” executive pay after corrections in their financial statements, critics warned that boards would adjust CEO pay packages to shield executives from potential losses. But new research tells a different story that could be reassuring to investors: Companies are improving their accounting practices to prevent errors in the first place.
Ever wondered how audit sounds more like a podcast than spreadsheets? Daily Accrual
The word “audit” comes from the Latin audire, meaning “to hear,” because audits were done by listening to financial reports aloud. Auditors listened to catch mistakes before Excel was born.
Numbers were spoken in public, making audits a live performance. So next time you’re buried in workpapers, remember—auditing began with someone asking, “Wait … can you repeat that?”
How do tax returns and forms processed by the IRS stack up against Mount Everest?
Daily Accrual
If you thought your desk was buried in paperwork, consider that for tax year 2024, the IRS could have stacked its paper returns higher than Mt. Everest (29,032 feet).
Of the 266 million tax returns and forms the IRS handled that year, more than 161 million came from individuals.
Stay connected!
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