Your COCPA NewsQuick - March 06, 2017
News and updates for CPAs in Colorado, exclusively for COCPA members
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| Weekly News |
ALERT From The Colorado Department of Personnel Administration
The Form 5498SA's from Optum Bank to employees who utilized the State of Colorado HSA match with Optum Bank included the January contribution as a 2016 contribution. Employees who are receiving the state contributions will receive a new, corrected 5498SA. This could take several weeks as over 6000 must be processed. |
AICPA Proposes New Guidelines for Allocating Expenses for Exempt Orgs
CPAPRACTICEADVISOR.COMThe AICPA has submitted proposed guidelines to the IRS about how to address the allocation of unrelated business income (UBI) expenses of tax-exempt organizations for dual use facilities and/or personnel. |
Health Insurance Exchanges Failed to Verify Identity and Eligibility of Tax Credit Recipients
ACCOUNTINGTODAY.COMAs the Trump administration and the Republican dominated Congress prepare to repeal and replace the Affordable Care Act, a new government report may give them further ammunition... |
FASB Updates Accounting Rules for Employee Benefit Plans
ACCOUNTINGWEB.COMThe Financial Accounting Standards Board (FASB) issued an update to accounting standards that the board believes improves financial reporting about an employee benefit plan’s interest in a master trust. |
SEC to Require Hyperlinks to Exhibits in Company Filings
JOURNALOFACCOUNTANCY.COMU.S. securities issuers will be required to include a hyperlink to each exhibit in a corporate filing’s exhibit index under new rule and form amendments approved by the SEC. |
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| Opportunities & Resources |
COCPA Technology User Group Meeting
Join us on March 23rd for an hour-long discussion on IT Risk Assessment – What is it, when is it required and what does it look like?
Program begins at 1:00pm and will be held via video conferencing.
All members are invited to attend.
For meeting information, email Rebecca Campbell at rebecca@cocpa.org. |
Salvation Army Seeks Volunteer Instructor
The Harbor Light Center, 2136 Champa St., Denver, a transitional housing facility for men with substance abuse issues, is seeking an instructor to teach a weekly or bi-weekly class on money management. The classes are two hours long, 1:00 to 3:00 p.m.
For details, see the volunteer job description here.
To volunteer, contact Lorraine Banfield, MA, lorraine.banfield@usw.salvationarmy.org. |
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UPDATE: eService Accounts Now Suspended
The e-Services accounts for users who failed to verify their identities with the IRS have had their accounts suspended. The IRS mailed letters 5903 between December 1 and December 16 to those users who had been active on their accounts in the past year and who had access to the Transcript Delivery System. Users were given 30 days to verify their identities as part of our effort to better secure the e-Services program and protect taxpayer data.
We have updated the landing page and the Important Update about Your e-Services Account to provide users with guidance about how to reinstate their accounts if they failed to do so within the 30-day timeframe. |
Resources and Tools for Tax Practitioners
The AICPA Tax Practice & Ethics Team offers the following for tax preparers:
• Client Portals, Transforming How CPA Firms Operation - Whitepaper on the benefits of using portals in a tax practice.
• Securing Client Data: A Fundamental Priority - Article describing accounting firms' data asset vulnerabilities and how to secure those assets.
• Transferring Client Data Securely - Helping CPAs maintain control over the transfer of data to assure that their clients’ confidential information is not compromised.
• Tax Identity Theft Information and Tools - Guidance pertaining to identity theft & keeping client information safe. |
Become a CGMA for a Day, Risk Free!
CGMA for a Day is an immersive, interactive tool that transports you out of Colorado and places you in the management accounting “hot seat” – giving you a high-level feel for the format of the CGMA exam.
This simulation will allow you to familiarize yourself with the tasks within the exam and complete them, without any prior study, in about 30 minutes.
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