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Dear Elizabeth,

It’s important to note that the inactivity by Congress on tax reform does not mean other regulators are standing still, and as CPAs, it’s important to stay up-to-date as these stories develop. Things are heating up on the tax inversion front, and corporate tax avoidance has become front page news as more companies consider moving their corporate headquarters overseas to take advantage of lower tax rates. As companies search for ways to shave millions (and for some, billions) off their tax bills, the government has noticed and plans to take action. I wanted to share with you the latest developments that as CPAs, you should know:

If your clients have moved their tax homes outside of the U.S., they need to watch out. The Obama administration announced this week that they are taking measures to crack down on these tax inversions. To enforce this, the Treasury Department will prevent companies from using loans between offshore units to avoid taxes. They also plan to limit the use of offshore “cash boxes” to make inverting more difficult. You can read more about their plan here.

There’s also new international tax rules designed to stop multinational corporations from shifting profits to low-tax areas. The Organization for Economic Cooperation and Development is proposing these rules as part of its initiative for a comprehensive global overhaul of all tax rules. Read more about the proposed rules here.

The MSCPA will keep you posted as things progress – visit our website for the latest information.

Have a great weekend.

Eileen P. McAnneny, Esq.
President and CEO

LEGISLATIVE UPDATE:

DOR Implements New Procedure to Combat Fraud
The DOR announced a new taxpayer identity verification process to help combat tax refund fraud. Once a return is identified, the new process will impose an “out-of-wallet” quiz prior to completion of the refund process.

AICPA Seeks Guidance on Material Participation of Trusts and Estates
The AICPA has submitted comments to the IRS asking for clear and comprehensive guidance on the material participation by a trust or estate in a trade or business for purposes of section 469 of the Internal Revenue Code.

CPE:

CPA Technology Conference (10/23)
Work smarter, faster and more efficiently! Learn about emerging technologies that are improving how CPAs and firms operate, and gain the tools you need to become more productive in your role. Nationally recognized speakers from K2 Enterprises will also explore practical solutions to real-world technology issues faced by accounting, financial and business professionals.

Fraud & Forensic Accounting Conference (12/2) - Agenda Now Available!
Protect your clients and yourself from fraud! Become the investigator of your firm or business - learn skills to detect the various forms of fraud while identifying common risks. Attend breakout sessions to get hands-on experience solving crimes, and hear panelists from the FBI, IRS and local law enforcement discuss criminal activity that happens in your backyard!

NETWORKING:

Upcoming Committee Meetings
- Small Firm Advisory (9/30)
- State Taxation (10/2)

Women's Leadership Summit (10/23)
The Summit promises to be an unforgettable afternoon of learning, sharing and empowering accounting’s female leaders, and honoring the 2014 Women to Watch. Keynote presentations include: "You. Your story. Make an impact." by Kelly Swanson and "From Chaos to Completion - How to Get More Done In Less Time!" by Jill Farmer. The afternoon concludes with a networking and cocktail reception.

MEMBERSHIP:

Wanted: CPA with Manufacturing Company
A team of Bentley University students needs to interview a representative from a manufacturing company (or other entity that allocates overhead) to investigate its method of accounting for manufacturing overhead. May not require face-to- face meeting. Potential time commitment is one hour. For more information, contact Barbara Iannoni.

Last Chance to be in SumNews
The MSCPA will feature an article on year-end tax planning in the Fall issue of SumNews. We are looking for members to weigh in with their responses to the question below:

What’s the one thing your clients MUST do before January 1, 2015?

Your comments may be featured in the article, so please include your full name, title and firm name in your response. Email your response to Elizabeth Emanuelson, by Monday, September 29.

NEW Volunteer Opportunities
- Brattle Film Foundation - Board Member
- Boston Girl Geek Dinners - Board Member

NEWS & EVENTS:

Checking Out Schools to Complete the 150-Hour Requirement?
Attend the Career Fair/Graduate School Expo on October 2nd at the Sheraton Prudential. It’s a one-stop forum for future CPAs to learn about fifth year and Master’s degree programs (e.g., MSA, MST and MBA) that satisfy the educational requirements to become a CPA.

How to Hone Your Soft Skills to Strengthen Client Relationships
Your employees — even your top performers — can become stronger contributors by enhancing their abilities and expertise through professional development opportunities.

Helping Your Clients Enjoy the Tax Benefits of Business Convention Vacations
What are the tax consequences for your client who goes to a business convention in a tropical paradise? Learn how they can protect their deductions, and be aware that there are a few extra tax wrinkles to consider along with the way.