News and updates for CPAs in Colorado, exclusively for COCPA members
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| Weekly News |
United Kingdom Votes to Leave the European Union
BBC.COM
A referendum - a vote in which everyone (or nearly everyone) of voting age can take part - was held on Thursday 23 June, to decide whether the UK should leave or remain in the European Union.
Leave won by 52% to 48%.
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After the Brexit Vote Chaos Ensues
ECONOMIST.COM
The political fallout from the vote will extend far beyond the issue of Mr Cameron’s successor. The Tories are more split than ever: around 185 of their MPs backed Remain, and they will not welcome a Brexiteer as leader. But Labour, too, is in trouble. Many pro-European Labour MPs blame Mr Corbyn’s weak endorsement of Remain for the Leave victory. Labour lost Scotland at the 2015 election; it may now lose northern England, which voted heavily for Leave.
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Five Questions CPAs Should Be Asking About Brexit
ACCOUNTANCYAGE.COM
What exactly should the accountancy profession be asking now that the future involves no longer being part of a collective that’s had a large stake in both British tax and accountancy for the past 40 years?
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E-File Pin Program Shut Down in Response to Cyberattacks
JOURNALOFACCOUNTANCY.COM
The IRS announced that the electronic filing personal identification number (e-file PIN) tool, used by taxpayers to verify their signature on Form 1040, is “no longer available” after it detected additional attacks on the system.
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DORA Introduces Senior$afe Program to Fight Financial Abuse of Colorado Elders
COLORADO.GOV
A new program in Colorado called Senior$afe is a three-part program designed to educate financial representatives that are best positioned to identify red flags of abuse or exploitation early on and encourage reporting to state and federal agencies including the Division of Securities and Adult Protective Services.
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664,532 CPAs and Counting
ACCOUNTINGTODAY.COM
NASBA completed its first-ever count of CPAs which it drew from its Accountancy Licensee Database, a national database of CPAs containing official board of accountancy data aggregated from 51 of the 55 CPA licensing jurisdictions.
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PCAOB Solicits Nominations for 2017-2019 Term of its Standing Advisory Group
PCAOBUS.ORG
The Public Company Accounting Oversight Board is soliciting nominations for the 2017-2019 term of its Standing Advisory Group (SAG), which advises the PCAOB on its standard-setting activities.
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401(k) Trends and Tips for 2016
CFO.COM
Among issues of concern to plan sponsors is the possibility that the rule could spark consolidation among retirement-plan providers/recordkeepers and a concomitant increase in administrative fees.
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Linkedin Data Breach Blamed for Multiple Secondary Compromises
CSOONLINE.COM
The LinkedIn compromise has been linked to a number of confirmed incidents where data exfiltration has taken place. It's possible these incidents are only the tip of the iceberg though, as many of the organizations compromised are service providers with access to customer networks.
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| Resources |
FASB Update 2016-13
FASB.ORG
Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments
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Improvements are Necessary to Ensure That Individual Amended Returns are Properly Reviewed
TREASURY.GOV
The report, from the Treasury Inspector General for Tax Administration, examined whether the IRS’s controls over auditing amended individual tax returns ensure the claims are properly evaluated and processed to prevent inappropriate tax refunds and tax abatements.
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Internal Revenue Bulletin: 2016-22
IRS.GOV
This revenue procedure modifies Revenue Procedure 2016–8, 2016–1 I.R.B. 243 by reducing the user fee listed in Rev. Proc. 2016–8 for Form 1023–EZ, Streamlined Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code.
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| Opportunities |
Denver Auditor Seeks Audit Professionals for Contract Compliance Audits
Denver Auditor Timothy M. O’Brien, CPA, issued a Request for Qualifications and letters of interest from Denver-area auditors and accountants for a series of audits of City contracts. The deadline for submissions is 5 pm on July 15, 2016. The professional services contracts offered will last for an initial period of six months. Each contract audit would result in a report of findings and recommendations. Contracts to be audited include those for both services and for goods. Please respond with your qualifications and a letter of interest by July 15 to:
Auditor Timothy M. O’Brien, CPA
City and County of Denver
201 West Colfax Avenue, Department 705
Denver, CO 80202
auditor@denvergov.org
Questions? Call 720-913-5002 or inquire at the email address above.
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The Colorado Russia Agricultural Group Needs Your Help
Small NGO seeks audit: The Colorado Russia Agricultural Group, CRAG-Ukraine.org, a small NGO based in Colorado, needs an audit to register with USAID to receive surplus government road maintenance equipment for its efforts in the Ukraine. For details, contact Ray Fisher, Director, 303-449-6483 or rjf81055@gmail.com.
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ACCESS Housing Seeking Volunteer Accountant
ACCESS Housing - http://acchouse.org - provides services to homeless families. Seeking degreed volunteer Accountant; 3+ years accounting, CPA welcome; assists with financials and audit for short-term project or long-term involvement. Contact: Angela Bornemann, ExecDir, angela@acchouse.org.
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