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Legislative Update – April 2014

April 28, 2014
This month’s legislative update includes information on HB 2263 Certified Public Accountants, SB 1300 Internal Revenue Code Conformity, HB 2664 Income Tax Revisions, a new item impacting auditors of fire districts and thanks to Senator McCain for his leadership with S. 994 Digital Accountability and Transparency Act (DATA Act).

Beware of Business Associate Agreements

April 25, 2014
In 2013, the U.S. Department of Health and Human Services (HHS) released the omnibus regulations under the Health Insurance Portability and Accountability Act (HIPAA), including implementing changes made by the Health Information Technology for Economic and Clinical Health Act (HITECH) (the final rule). Some of the sweeping changes directly affect CPAs who are considered “business associates” of health care clients that are defined by HIPAA as “covered entities.” Read this article by Suzanne M. Holl.

Get More Active with Passive Activity Rules and the New Net Investment Income Tax

April 25, 2014
Tax practitioners have been struggling with the passive activity loss rules for almost three decades primarily as they applied to the allowance or disallowance of deductions or credits in the regular income tax. With the advent of the net investment income tax, these same rules play a large part in determining the inclusion or exclusion of income and gain in this separate tax. Read this article by Eric Johnson, Surgent McCoy CPE

The Arizona Society of CPAs Commends Senator McCain for DATA Act Leadership

April 18, 2014
The Arizona Society of CPAs applauds U.S. Senator John McCain for his role in the Senate’s recent passage of the Digital Accountability and Transparency Act (DATA Act), S. 994, which calls for utilization of a non-proprietary, platform independent data standard by Federal agencies for reporting spending of Federal funds.

Legislative Update - March 2014

March 20, 2014
News on Internal Revenue Conformity, the Federal Tax Reform Act of 2014, HB 2263, HB 2664, and HB 2219 are included in this month’s legislative update.

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.