Dear Elizabeth,

As summer winds down, the Society is busy planning for an eventful fall season. We’re kicking it off next month with the MSCPA Roadshow, a series of informal town hall meetings at various cities throughout the state. I hope you’ll join me for a professional issues update, discussion of your member benefits, and to learn what’s on the Society’s legislative agenda. Each meet-and-greet will end with a question and answer session, where your voice will be heard on the issues that matter most. For meeting dates and locations and to register, click here. I look forward to meeting you and listening to your thoughts on how we can better serve you.

I’m also proud to announce that this week the Society released the inaugural issue of The Capitol Account, our quarterly advocacy newsletter. The newsletter was emailed to you on Wednesday. In case you missed it, you can read it here.

Have a great weekend.

Eileen P. McAnneny, Esq.
President and CEO

LEGISLATIVE UPDATE:

IRS
- IRS "Taxpayer Bill of Rights" Now Available in Six Languages
- IRS Repeats Warning about Phone Scams
- IRS Updates FATCA Withholding Partnership Agreement

DOR
- DOR Issues Finding from MSCPA Focus Groups
- State Announces 13,800 Jobs Added in July

Governor Files Bill to Limit Non-Compete Agreements
Governor Patrick signed the legislature’s economic development package this week, approving a provision to expand the R&D tax credit and language to create a sales tax holiday this weekend and vetoing provisions creating an angel investor tax credit and an off-Broadway tax credit. Additionally, Governor Patrick filed legislation to limit the scope of non-compete agreements to six months. With the legislature on an informal session schedule until January, the bill is all but dead on arrival.

CPE:

ERISA Workshop (8/19)
The U.S. Department of Labor, in conjunction with the IRS, is offering a workshop that will present the entire spectrum of retirement plans for small businesses including SIMPLE IRAs, SEPs, payroll deduction IRAs and automatic enrollment 401(K) plans. The workshop will be held 10:00 a.m. - 12:00 p.m. at the John F. Kennedy Federal Building, Room 900-A in Boston.  You must bring a photo ID and contact Winn Davis at 617.565.9620 to register by August 18.

Business and Industry Virtual Conference (9/19)
One-size-fits-all simply doesn’t apply to industry CPAs. Build your own CPE program by choosing from 10 different breakout sessions, all presented by nationally recognized experts. Get up to 10 hours of CPE from the comfort of your home or office, all for one low price.

Staff Training I (10/22-10/24) and II (10/28-10/30)
Kick your company’s success into high gear – invest in your staff! In these high-energy training sessions, staff will learn problem-solving skills and discuss critical issues to help further their careers and boost job performance. Your business thrives when employees are motivated, knowledgeable and confident. Give them the tools to succeed and grow your practice – enroll today!

NETWORKING:

Upcoming Committee Meetings
- Federal Taxation (8/19)
- Management of an Accounting Practice (8/21)
- Alternative Investments (8/21)
- Nonprofit Accounting & Auditing (8/21)

South Shore Breakfast Forum (8/21)
Thinking about selling your practice? There are things you should consider before you take the leap. Join David Humphrey, CPA, CVA to find out what you need to know.

NEWS & EVENTS:

Elevate Your Impact with a Taylor Made Image (8/19)
Upgrade your image - and your life! Projecting a winning image that leaves a powerful first impression is the key to success in your professional and personal life. In this session, Kate Taylor, owner of Taylor Made Coaching, will guide you on how to elevate your image, gain a competitive edge and bring you closer to achieving your goals.

Karter Kup Tennis Tournament (8/28)
Play on the grass courts at the Newport Tennis Hall of Fame! The MSCPA will host the annual Karter Kup Tennis Tournament on August 28 in Newport, RI. Participants will be entered into a round-robin doubles tournament and play throughout the afternoon, with dinner at a nearby restaurant to follow for those who wish to stay. All levels of players (men and women) are welcome.

Last Chance to Participate in the MAP Survey - Ends 8/31!
If you want to compare your firm’s performance to other firms like yours, take some time to complete and submit the 2014 AICPA PCPS/TSCPA National MAP Survey which is closing on August 31. Use the personalized results to pinpoint what it will take for your firm to perform “above average” in the categories most important to you. The information gathered benefits the profession as well – please participate if you haven’t already, and ask your peers to do the same.

Survey Results: Who Gets Promoted in CPA Firms?
According to a survey of more than 1,600 practicing professionals spanning 2012 and 2014, 90% agree that a personal lifelong dedication to technical and professional education, and to personal and interpersonal improvement, may be the best indicators of future success.

Avoiding Tax Problems Caused by Treating Partners as Employees
Many partnerships give employees equity interests in the business and then mistakenly continue to treat these new partners as employees for federal income tax purposes, including the Federal Insurance Contributions Act and other payroll taxes.