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Dear Elizabeth,

I wanted to take a moment to remind you that this Tuesday is the MSCPA's State Tax Conference at the Sheraton Hotel in Framingham. It's a great way to start the year off on the right foot. This annual conference has been revamped, and we’re offering a brand new format that offers a customized experience so you'll only hear the presentations relevant to you.

The conference is designed for both CPAs in public accounting and industry. Topics include: a 2015 tax update from the DOR, a conversation with Mass. Legislators about tax policy and the new revenue recognition standard. Attendees will also get an EXCLUSIVE look at the DOR's new and innovative tax software, to be rolled out for businesses later this year and individuals in 2016. View the full agenda and reserve your seat now - you don’t want to miss it!

Have a great weekend.

Eileen P. McAnneny, Esq.
President and CEO

LEGISLATIVE UPDATE:

IRS Updates
• IRS Launches International Data Exchange Service
• National Taxpayer Advocate Delivers Annual Report to Congress
• Budget Cuts May Force IRS to Furlough Days Again
• New Limits on Direct Deposits in Effect

DOR Update
• Current Year Tax Update
• Share Your Feedback with the DOR: The DOR released information on the business use tax and individual use tax, and they would like your feedback. To share your comments, please contact Maryann Merigan by January 21.

Federal Tax Filers Must Show Health Insurance Status for First Time
Massachusetts filers used to dealing with the state’s mandated health-care coverage requirement on their state income taxes since the 2007 tax year now must address their insurance status on their federal income tax returns for the first time.

Active Members of an Investment Adviser LLC are Subject to Self-Employment Tax
Actively working members of an investment management company formed as a limited liability company (LLC) are not limited partners within the meaning of Sec. 1402(a)(13), and, thus, their net distributive shares of management fee income were subject to self-employment tax.

VIDEO: Tax Extender Update from Jack Surgent 
Get the latest information on the recently passed extender legislation.

AICPA Suggests Tax Reforms to Paul Ryan
The AICPA has submitted a letter recommending several tax reform priorities to the new chairman of the House Committee on Ways and Means, Rep. Paul Ryan. The AICPA’s recommendations included a simplified income tax rate structure and simplifications to several deductions and exemptions.

U.S. Senators Unveil Bill to Regulate Tax Preparers
Two Democrats on the Senate Finance Committee have introduced legislation to regulate paid tax preparers in response to the federal court decision that found the IRS had exceeded its statutory authority in regulating preparers, the so-called Loving Decision.

CPE:

Cashing in on New Regulations: New Tangible Property Regulations InfoShare (1/28)
There is a good deal of confusion about the new Tangible Property Regulations (TPRs.) Many commercial property owners and their financial advisors are unclear about the rules of compliance and the potential benefit to property owners. This discussion will focus on those conditions that justify expense elections (IRS 1.263) and disposition elections (IRS 1.168) including unit of property as a measure of materiality, the conditions that dictate capitalization and a review of Safe Harbor and De Minimus opportunities. Finally, we will discuss the immediate action steps that are necessary to be in compliance.

NETWORKING:

Upcoming Committee Meeting
• Real Estate (1/22)
• Alternative Investments (1/22)

Women in Great Places: An Evening of Networking in Law and Finance (1/21)
Join the MSCPA and the Women's Bar Association and for an evening of cross-industry networking at Bastille Kitchen in Boston. This is an excellent opportunity to meet other women professionals, build your network and develop referral sources.

Firm Administrator Breakfast (1/30)
All firm administrators are invited to join us on Friday, January 30 at Kevin P. Martin & Associates in Braintree from 8:30 – 10:00 a.m. The meeting will cover the MSCPA's 100% Membership Program, member benefits/discounts, website features for firm admins, networking events and CPE updates.

MEMBERSHIP:

Tax Season Survey
What's your kryptonite during tax season? How will you celebrate on April 16th? We want to know! Take the MSCPA's brief survey by Friday, January 23 - we'll tally the results and feature them in the March issue of SumNews.

Join our Tax Season Media List
Throughout tax season, reporters looking to interview CPAs for tax stories contact the MSCPA. Most conduct interviews over the phone or via email. Would you like to be cited as an expert on a host of tax topics? You could be featured in prominent publications such as Boston Globe, Boston Herald, Boston Business Journal and more! To join our tax season media list, contact Elizabeth Emanuelson, eemanuelson@mscpaonline.org.

MSCPA Firm Scholarship Program
It's a win-win proposition designed to benefit deserving college students, provide public recognition for your firm and advance the accounting profession in Massachusetts. Join a growing list of prestigious firms that are helping to insure that today’s students become tomorrow’s CPAs.

NEWS & EVENTS:

Outstanding Accounting Educator Award
Would you like to honor an accounting professor for his/her teaching excellence and success in motivating students?  The MSCPA's Annual Outstanding Accounting Educator Award is designed to recognize full-time accounting faculty who are actively involved in the accounting profession and the Society. The winner will receive an award of $1,000 to further his/her professional development and a matching gift will be given to the college's accounting department in their honor. Deadline: April 1, 2015.

How to Develop Effective Leaders
Looking to boost business performance? Make sure your leaders are prepared to tackle today's most pressing challenges - and create a workplace where employees deliver their best.

Investment Strategies for the Three Stages of Retirement
Help your clients anticipate the needs of a decades-long retirement with these tips.