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Dear Elizabeth,
Taxpayers won a significant victory with the enactment of the America Invents Act, a major patent reform measure that includes a provision to eliminate tax strategy patents fought for by the AICPA for more than five years. Read more about the law here.
In other news, the AICPA joined forces with the Service Corps of Retired Executives (SCORE) in the Veteran Fast Launch Initiative, a five-year program connecting veterans with CPAs across the country. Through this national White House initiative, CPAs provide mentoring, tools and training support to military personnel and their families. CPAs are encouraged to volunteer for this important cause. Find out how you can become a volunteer.
Lastly, UPS has launched a new website for MSCPA members to access your member benefit of 30% off on shipping from the UPS Store. Click here for more information and remember to use promo code NER139.
Have a great weekend.
Theodore J. Flynn, CAE President & CEO |
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Member Benefit of the Week: Discounts to Fall Events at the TD Garden
MSCPA members will receive discounts on tickets to two popular events at the TD Garden in October. Watch tennis legends Andre Agassi, John McEnroe, Jim Courier and Michael Chang battle for the Staples Championship Cup on October 1. You can also catch unbelievable shows when Ringling Bros. and Barnum & Bailey's Barnum 200 roars into town October 12-16. View the Consumer Goods section of our Member Benefits page for game details and ticket information.
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Current News/Updates:
IRS Updates
- IRS Shows Continued Progress on International Tax Evasion
- IRS Announces New Voluntary Worker Classification Settlement Program; Past Payroll Tax Relief Provided to Employers Who Reclassify Their Workers
- IRS Issues Guidance to Further Implement Return Preparer Oversight
- e-News for Tax Professionals
- Additional Tax Relief for Victims of Disasters in New York, North Carolina, Pennsylvania, Puerto Rico, Texas and Vermont
- Registered Tax Return Preparer Competency Test Information
- Priority Guidance Plan
- IRS Nationwide 2011 Tax Forum
- Energy Tax Credit: Claim It
- Phone Forums: Employee Plans
- Technical Guidance
Read more.
AICPA Encourages Member Feedback on IIRC Integrated Framework Proposal
The International Integrated Reporting Committee (IIRC) proposed a new, integrated framework for business reporting which captures all material aspects of an organization's performance. The AICPA encourages members to provide input on the IIRC draft document over the next three months. The comment period will be open until Dec. 14, 2011.
Read more.
Research and Development Tax Credit Important to Massachusetts A bipartisan group of U.S. Senators unveiled a proposal to strengthen and make permanent the federal research and development tax credit before it expires at the end of the year. Associated Industries of Massachusetts supports the increase because research and technology remains a key driver of the Bay State economy. Read more.
Importance of CPAs Including the Credential After Their Names
AICPA chairman Paul V. Stahlin, CPA, discusses the importance of CPAs including CPA after one's name whenever possible. According to Stahlin, the CPA credential represents someone who has worked hard to earn and maintain a professional distinction that is highly respected by business decision makers. It's important to your business and the profession that your CPA credential is always on display.
Read more.
IRS Publishes Guidance, Fees for Registered Tax Preparer Program
The IRS issued proposed regulations concerning user fees for its competency exam for registered tax return preparers and for the fingerprinting portion of the required "suitability check." The IRS also issued a notice with details on renewals of preparer tax identification numbers, and implementation of the competency exam and continuing education requirements.
Read more.
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Networking:
- Real Estate (9/27)
- Physicians Dentists & Other Healthcare Providers (9/27)
- Community Service (9/27)
- State Taxation (9/28)
- Small Firms Advisory (9/28)
- International Taxation (9/29)
- Academic & Career Development (9/30)
View the Committee Calendar.
Physicians, Dentists and Other Healthcare Providers Committee (9/27)
All members are welcome to attend this meeting. Attorney Michael Blau will discuss various aspects of concierge medical practices and attorney Peter McLaughlin will address "meaningful use" and "accountable care organizations." The meeting will be held at Braver PC in Needham from 8:00 - 10:00 a.m. Please RSVP to Fred Katz, fkatz@thebravergroup.com, to reserve your spot.
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CPE:
Balance Your Mind, Body and Soul: Ethics for Women (9/30)
Work/life balance has been a hot topic for years, and it's time to start making it a reality. In this half-day course, you'll learn how and where to find a work/life balance and how to keep it. Rarely have these important topics covered the whole person and the impact to our ethical epicenter.
View course details and register online.
Still need to fulfill your Ethics requirement? Check out the courses offered on the following dates:
- Needham (10/18)
- Randolph (11/4)
- Framingham (12/13)
View course details and register online.
*Additional date being planned for Berkshires - check our website soon for details*
Debt Related Tax Issues: Foreclosures, Short Sales and Debt (11/29) Clients with properties lost to foreclosure, sold in short sales and who have had debts restructured have complicated tax issues that impact both tax planning and reporting. IRC Sec. 108 says that income from forgiveness of indebtedness is taxable, but it offers a number of exceptions to that rule. This course deals with handling such transactions, including working with clients who are considering debt settlement options and whose transactions are completed before the CPA becomes involved. You will learn how to reduce negative tax outcomes by applying the statutory exceptions to income recognition. Register online.
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MSCPA/AICPA News:
Fall Career Fair & Graduate School Expo (10/18) Checking out schools to complete the 150 hour requirement? Attend the Career Fair/Grad School Expo at the Sheraton Copley Place. It's a one-stop forum for future CPAs to learn about fifth year and Master degree programs (e.g., MSA, MST and MBA) that satisfy the educational requirements to become a CPA. View more information and register online.
Employers: Register to exhibit at the Career Fair & Graduate School Expo.
Speaker Request - Talk to High School Students about Accounting
Interested in speaking to high school students about the accounting profession? The following schools are looking for a CPA to visit their classrooms:
- Grafton High School;
- Lenox Memorial High School;
- North Quincy High School;
- Salem High School; and
- Weymouth High School.
If you are interested in any of the volunteer opportunities please contact Chris O'Day for more details.
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MSCPAonline.org Quick Links
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