Showing News Items: 110 of 178

Legislative and Accountancy Board Update – May 2019

May 21, 2019
This month’s update includes an update on conformity, information on a political party event, a member’s political outreach, Accountancy Board appointments and information from this month’s Accountancy Board meeting, and a PAC update.

Responding to Pressure to Provide CPA-to-Lender ‘Comfort’ Letters

April 18, 2019
CPAs at times come under fire from banks and other lenders pressuring them to provide assurances regarding their clients’ financial strength. Many CPAs have shared their frustrations and concerns with CAMICO regarding veiled threats from aggressive brokers and lenders alleging that their clients will not qualify for a loan without receiving a letter from the CPA supporting the client’s loan qualifications. Some brokers have even suggested that the client should seek a “more cooperative” CPA

Legislative and Accountancy Board Update – April 2019

April 18, 2019
This month’s update includes information on the repeal of auditor rotation/restrictions, information on Arizona’s universal recognition of occupational licenses, our Operation Conformity updates, an Accountancy Board update and a PAC update.

Legislative and Accountancy Board Update – March 2019

March 21, 2019
This month’s update includes information on our conformity broadcasted call and media engagement, repealing auditor rotation/restrictions activity, four deregulation bills, a political party event and a reminder of this month’s CPA license renewal due date.

Terms and §199A

February 21, 2019
A lot of confusion related to Section 199A relates to confusion regarding the use of words that now have very specific technical meaning and either attempting to talk about issues using the word when one party doesn't mean the technical term or CPAs attempting to take a technical term out of its very limited technical context and using it in an unrelated area.

Legislative and Accountancy Board Update – February 2019

February 19, 2019
This month’s update includes a request for Congressional delegation connections; information on federal income tax conformity; legislation related to deregulation, tax and audit; information on a meeting with the Arizona Department of Revenue; and an update from this month’s State Board of Accountancy meeting.

Taxpayers Need More Penalty Relief Says AICPA in Letter to IRS

January 29, 2019
When the Tax Cuts and Jobs Act (TCJA) was passed, it affected millions of individual taxpayers and tax preparers. As part of its implementation, the IRS adjusted its withholding tables. However, the adjusted withholding tables did not account for factors such as the elimination of personal and dependency exemptions or reduced itemized deductions. The result: many taxpayers have been unable to accurately calculate their tax liability for 2018 and may have inadvertently under-withheld their taxes. Recently, the AICPA sent a letter to the Department of Treasury and the IRS urging them to provide more extensive relief to taxpayers.

AICPA Letter to Treasury and IRS Highlights Challenges of Government Shutdown on Taxpayers and Practitioners

January 25, 2019
As this year’s tax filing season approaches, the AICPA and the Arizona Society of CPAs are receiving questions from members about the impact of the government shutdown on the IRS. Continuing the profession’s long-standing role as a resource to the IRS, the AICPA recently sent a letter to the Secretary of the Treasury and the IRS Commissioner expressing concern that the ongoing shutdown is burdening taxpayers and practitioners as they attempt to file complete and accurate tax returns. The letter identifies some of the more common challenges CPAs are already facing and offers recommendations to mitigate the long-term impact of the shutdown where appropriate.