The Colorado Society of CPAs supports its members in providing quality professional services to serve the public interest.

IRS issues regs and guidance on disclosure of taxpayer information
Just as tax season is about to begin, the Internal Revenue Service has amended the rules under section code 7216 on when return preparers may disclose taxpayers' return information and provided guidance to preparers on issues that arise in a number of common scenarios, including informing clients of tax law changes and sending them newsletters. Read about the amended rules in the Journal of Accountancy.

The CSCPA's financial statements as of April 30, 2009 and independent auditors' report is available as a pdf.

President Obama signed the American Recovery and Reinvestment Tax Act of 2009 into law on February 17, 2009. How much is spending versus tax benefits? How quickly will people see a change in their paychecks as a result of the “Making Work Pay” provision? Which 2008 Business Tax Stimulus provisions were extended by the law?

The EDCC has released an update on the Colorado General Assembly, economic development legislation, the Colorado Economic Leadership Coalition, and the federal stimulus package.

On October 15, FASB reconsidered the scope of the effective date deferral for private companies for FIN 48 (Financial Interpretation No. 48, Accounting for Uncertainty in Income Taxes). The effective date has now been deferred for all private companies until fiscal years beginning after December 15, 2008, i.e. until 2009 for calendar-year companies.

An easy-to-use list of all states can be found at http://www.taxadmin.org/fta/link/forms.html. Forms and publications are downloadable in pdf format.

Again this year, we've arranged with CCH to provide the 2010 Master Tax Guide, 2010 Guidebook to Colorado Taxes, 2010 Internal Revenue Code, 2010 Income Tax Regulations, and other CCH publications to CSCPA members at significantly reduced rates. Your guide(s) will be shipped directly from CCH.

As we near the end of 2009, please be certain you’ve met the state board’s requirement—80 hours of CPE, including an ethics course—to renew your certificate in 2010. There’s no need to miss the deadline. The CSCPA is running CPE classes in Denver and throughout Colorado until the end of the year.