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| Weekly News |
How to Transform Your Real-Time Reporting Tools
ACCOUNTINGWEB.COM
Firms are experiencing an increasing need for data to be easily transformed into knowledge that drives decisions and actions.
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Earnings-stripping Rules Make Many Changes from Proposed Regs.
JOURNALOFACCOUNTANCY.COM
Six months after issuing controversial proposed regulations under Sec. 385 that would recharacterize certain transactions between related parties that are ostensibly debt as equity—curbing the practice of “earnings stripping”—the IRS issued final and temporary regulations (T.D. 9790) that expand on and modify the proposed rules.
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Board Directors Split on Non-GAAP Reporting
ACCOUNTINGTODAY.COM
Board members at public companies largely favor the use of non-GAAP measures but differ on disclosures of how they’re being used, according to a new survey.
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Tommy Spaulding to Speak at this Year's CPAs in Industry Conference
Don't miss the opportunity to hear Tommy Spaulding speak at this year's CPAs in Industry Conference on October 26th!
Spaulding is a New York Times bestselling author, leadership expert and nationally acclaimed speaker. He is the former CEO of a renowned global leadership organization and believes heart-led leadership can change the lives of everyone you lead and serve. His heartfelt message will transform your firm, help earn lifelong customers, and drive bottom line results in today’s competitive global marketplace.
Learn more about Tommy Spaulding on his website.
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What All Tax Professionals Should Know About Client Retirement Portfolios
ACCOUNTINGTODAY.COM
The triumvirate of financial professionals (tax professional, estate counsel and investment advisor), collectively provide the expertise necessary to deliver a complete solution for high-net-worth clients.
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Self-Filing, or Self-Defeating?
ACCOUNTINGTODAY.COM
Taxpayers can’t fill their own teeth or cut their own hair, yet in recent years at least some 30 million Americans filed their tax returns from home computers, an increasing trend.
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PTIN Class Action Lawsuit Affects All Tax Return Preparers
JOURNALOFACCOUNTANCY.COM
Tax practitioners across the country have started receiving emails notifying them that if they do not opt out, they will be included in the class of plaintiffs in a lawsuit that is currently pending before the U.S. District Court for the District of Columbia.
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| Call for Contributions |
“NO” ON 69 CAMPAIGN
On Nov. 8, the Colorado ballot will include proposed Amendment 69, ColoradoCare, which would amend the Colorado Constitution and create a new health care system through a state-operated, single-payer health regime. The COCPA Board of Directors encourages you to vote NO.
See NewsAccount, July/August 2016, page 6 and September/October 2016, page 6, for more details.
The Board invites you to contribute to Coloradans for Coloradans, the NO on 69 issue committee, which can accept contributions of unlimited amounts from individuals and corporations. You may contribute online OR contribute by sending your check, payable to the COCPA, to Mary Medley, COCPA, 7887 E Belleview Avenue, Ste 200, Englewood, CO 80111.
Contributions to the COCPA will be accumulated and forwarded to Coloradans for Coloradans. Contributions to the NO on 69 Campaign are not deductible for tax purposes.
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| ADVERTISEMENT |
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| Opportunities & Resources |
2017 U.S. Master Tax Guide®
Special Offer for All Colorado Society of CPAs Members!
20% off the 2017 U.S. Master Tax Guide®
Reserve your copy of the industry’s leading tax guide early, and save! Provides helpful and practical guidance on today's federal tax law. This 100th Edition reflects all pertinent federal taxation changes that affect 2016 returns and provides fast and reliable answers to tax questions affecting individuals and business income tax. Now available in eBook format - download to your computer instantly.
To order, visit our CCH partner page!
If you have questions, please call Susan Vachereau at (303) 741-8612 or (800) 523-9082, ext. 105. You can also contact her via email at susan@cocpa.org
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Get Ready In Spite of Possible OT Rule Delay
The U.S. House of Representatives voted last week to delay implementation of the new Department of Labor overtime rules for six months, from Dec. 1, 2016 to June 1, 2017. But an expert cautions that employers should not expect that delay to stand.
The bill, H.R. 6094, Regulatory Relief for Small Businesses, Schools and Nonprofits Act, passed mostly along party lines, 246-177. Congress adjourned until Nov. 14, when it begins a lame duck session. If the Senate is going to vote, it has little time to decide before the Dec. 1 deadline.
The new rule doubles the minimum salary threshold from $23,660 to $47,476 for previously exempt employees who work more than 40 hours per week, an estimated 4.2 million workers nationwide. Many businesses have said the new rules will force them to reduce hours, cut benefits, lay off employees, or limit flexible office arrangements.
Employers shouldn’t expect to catch a break from last week’s move, said HR and legal consultant Scott Warrick, JD, MLHR, CEQC. “They need to get ready for this, because pretty much aside from a federal judge putting something out there, the Obama administration is determined to put this in place,” he said. Even if the bill passes the Senate, Warrick predicts President Obama will veto it if it lands on his desk. And, there don’t appear to be enough votes to override a veto.
The U.S. Chamber of Commerce and the American Society of Association Executives, along with other groups recently filed a lawsuit challenging the rule. In addition, the Colorado Society of CPAs has written members of the Colorado Congressional delegation, encouraging support for phasing in the new rules over three years and eliminating the automatic update provisions.
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FIRM in MOTION: Transition Continuum and Checklist
COCPA.ORG
From NewsAccount Magazine: Transitioning to a high-performing firm of the future doesn’t have to be an overwhelming ordeal. In fact, chances are good that your practice already is moving forward without realizing the progress you are making. That’s why it is important to understand where you are in the process. One of the best ways to get started is to look closely at three primary areas of your firm and where each falls on the Transition Continuum and Checklist.
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