On The Hill

Legislative and Regulatory Advocacy  

Every day, you make decisions according to what you believe is best for your clients or your employer, your constituencies, and your colleagues.  The same is true for members of the Colorado General Assembly; members of the U.S. Congress; and local, state, and national level regulators.  The CSCPA’s advocacy efforts are focused on assisting with this decision-making process by providing information, resources, and perspective on the wide variety of issues which affect those CPAs serve, as well as the CPA profession itself.  You can participate directly in this grassroots effort by becoming a Key Contact. For information on the CSCPA’s legislative advocacy agenda, contact CSCPA CEO Mary E. Medley.

Contribute to CPA/PAC

The CPA Political Action Committee, CPA/PAC, is a voluntary, nonprofit, unincorporated committee of CPAs and CPA firms which contributes to state legislative candidates of both parties who generally agree with and support the public interest objectives of the CPA profession.   It is not affiliated with any political party or any other national or state political action committee.

CPA/PAC raises funds through an annual request included with the annual CSCPA membership dues billing and other individual donations. The CPA/PAC Board determines the candidates and incumbents to be supported financially, with input from others involved in Colorado politics and legislative counsel.

Make an on online donation to CPA/PAC.

Recent Legislative Successes and Changes

Mobility Legislation Passed – On May 1, 2008, Governor Bill Ritter signed House Bill 08-1226, sponsored by Rep. Mike May (R-Parker and House Minority Leader) and Sen. Jennifer Veiga (D-Denver), to permit CPAs from other jurisdictions to provide services in Colorado without requiring a Colorado CPA certificate or some other notification, without paying a fee to Colorado, and with simultaneous consent on the CPA’s part to the jurisdictional authority of the Colorado State Board of Accountancy. The law became effective on August 6, 2008.  Colorado joins more than 30 states which have enacted mobility legislation under the “no notice, no fee, no escape” model outlined in the Uniform Accountancy Act. For details, contact CSCPA CEO Mary E. Medley.

Tax Preparer Penalties Passed – Governor Bill Ritter also signed House Bill 08-1138, sponsored by Rep. Alice Borodkin (D-Denver) and Sen. Jim Isgar (D-Hesperus), concerning the authority of the Colorado Department of Revenue to assess penalties against professional tax return preparers who understate tax liabilities. The law became effective on July 1, 2008. The new law specifically exempts Colorado CPAs, however it provides that the Department of Revenue’s executive director may disclose the name of a Colorado CPA who would otherwise fall under the new penalty to the Colorado State Board of Accountancy. Click here to review the legislation.

Single Sales Factor Apportionment Enacted – Effective for tax years on or after January 1, 2009, House Bill 08-1380 requires taxpayers doing business in more than one state to apportion their income for Colorado using a single sales factor.  The bill was sponsored by Rep. Cheri Jahn (D-Wheat Ridge) and Sen. Brandon Shaffer (D-Boulder). Additional key elements of the legislation include an annual election regarding business/non-business income, a modification to throwback sales, specific sourcing rules for mutual fund companies, and a provision regarding net operating loss carryforwards.  For an example illustrating the calculations of the new singles sales factor, go to http://www.feelycopc.com/. For more details, contact Pamela M. Feely, CPA, at pamfeely@aol.com or Bruce M. Nelson, CPA, at bnelson@sptaxlaw.com.

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