OSCPA Town Hall covers possible recession, licensure and more

Written on Jan 27, 2023

By Jessica Salerno-Shumaker, OSCPA senior content manager

On the Jan. 26 OSCPA Town Hall, CPA and financial adviser Mario Giganti, of Captrust, offered insight into a possible upcoming recession and the value of reading data correctly.

“This is the most anticipated recession going back to 1968,” he said. “But sometimes, when we absolutely think something's going to happen, because all the data is pointing that way, something else does.”

Giganti joined OSCPA CEO & President Scott Wiley, CAE, to discuss the recession, inflation and investments in 2023. While Giganti noted we aren’t in a recession yet, he said the data that’s been collected so far could mean “…we may have a little bit more pain to go through.”

In a wide-ranging question and answer period during the latter part of the Town Hall, members asked Wiley questions covering the ongoing developments with the Speaker of the Ohio House, barriers to licensure and changing CPE requirements.

“We continue to see cost as a significant challenge, particularly for many first-generation students,” Wiley said, when asked about possible barriers to licensure for students. “We continue to monitor the situation and work with colleges and universities, particularly with community colleges, and employers to think about ways that we can help ease that solution.”

Wiley said they regularly hear anecdotally from students that the 18-month period to complete all the exam parts is a challenge, and that OSCPA will most likely be involved in expanding that window.

In response to the ongoing developments with Speaker of the House and the impact it could have on making Ohio a business-friendly state, Wiley said OSCPA has undertaken numerous efforts to make the state more business-friendly over the past decade.

“But one of the things we will keep an eye on and are engaged with our friends on both sides of the aisle, regardless of which caucus they're a part of, is making sure people understand what the issues of the business community are,” he said.

He touched on common sense tax policy for all Ohioans and businesses, workforce development and creating a welcoming environment for all people to come to Ohio. He also offered encouraging words for the beginning of the year and the efforts of the Ohio accounting profession to help improve the state.

“Now is the time to keep moving,” he said. “We're committed to keeping the ball moving and helping advance and celebrate the state of business here in Ohio.”