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Technology Trends to Monitor in 2014

March 20, 2014
Here are six technology trends that may help you work smarter and improve your business. While not all of the technologies may be applicable to all organizations, the pervasiveness with which these tools, services, and devices are appearing, leave no doubt that these are the technology trends you should monitor and capitalize on in 2014.

Accrual Accounting Provision included in Tax Reform Act of 2014

February 27, 2014
The Tax Reform Act of 2014 that was unveiled by House Ways and Means Committee Chairman Dave Camp (R-Mich.) yesterday includes a requirement that CPA firms and other businesses with average annual gross receipts of more than $10 million use accrual accounting for tax purposes.

IRS Criminal Investigation Issues Annual Report

February 24, 2014
The Internal Revenue Service released the IRS Criminal Investigation (CI) Annual Report for fiscal year 2013, reflecting significant increases in enforcement actions against tax criminals and a robust rise in convictions, including identity theft.

Legislative Update for February

February 20, 2014
News on Internal Revenue Conformity, Income Tax Revisions, HB 2263, the State Board Rules Package, and an update from the TPT Audit Subcommittee are included in this month’s legislative update

State Board of Accountancy Rules Package Passed! – Effective February 4, 2014

February 10, 2014
Be sure to familiarize yourself with the Accountancy Board’s revised rules. Among other changes, we will now be able to report CPE in half-hour increments after a full hour is taken. The rules packet also included a clarification on CPE records retention – registrants must maintain their CPE record for three years from the date that their registration was dated.

Great day for CPAs at the Legislature

February 5, 2014
Three bills of impact to the CPA community passed their respective committees today. It was a great day at the Legislature for the Society! We will keep you updated as these three bills move through the legislative process.

Social Media, A CPA’s Curse or Bonanza?

January 23, 2014
One of the best ways to connect with your colleagues is through LinkedIn. Using LinkedIn should be a part of your professional practice and everyday life. For the most part, it offers a space to communicate and network with other professionals about business related topics. If you want to stay connected with your clients, referral sources, potential clients and colleagues with a limited amount of time investment, read this article by Richard D. Wagner.

How to Respond to a Comfort Letter/Third-Party Verification Request

January 23, 2014
CPAs are still receiving an increasing number of requests from lenders, mortgage brokers, health and life insurance providers, regulators and various other government and nongovernment agencies to confirm client information. What these businesses and entities are requesting are third-party verification letters, sometimes referred to as comfort letters. Here are several ways a CPA can respond to these requests. Read Article

Legislative Update - January 2014

January 21, 2014
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This month’s report includes a look at the upcoming legislative session, updates related to the State Board’s rules packet and legislation related to HB2260, the CPA Bill, and more.