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With the 2010 Kansas Legislature in session, please use your Member login to access weekly podcast updates, Bill Trackers and more on the Legislative Issues tab. Forgot your login?
Northeast Chapter Contributes to Scholarship Fund
At its January meeting, the Northeast Chapter presented the KSCPA Educational Foundation with its largest single contribution to date. On hand to accept the check was James T. Clark, Chair of the Foundation's Board of Trustees.
KSCPA Kicks Off the New Year with New Newsletter Format Changes
Important News from the Secretary of State
All-new forms for all business entity filings — including annual reports, formations, amendments and dissolutions — will be required for filing this year.
New annual report forms are available now at www.kssos.org. Other forms will be available in mid February. Outdated forms will not be accepted after March 1, 2010.
Other Notes:
1. Errors have recently been found in annual report forms for LCs produced by software vendors with vendor code KSPA0201 printed at the bottom. KSPA0201. Incorrect forms will be rejected. Please notify the Secretary of State's office if you have questions about your software-generated forms.
2. New annual report forms now have a place for “Country” in the address fields. You are not required to complete this field for US addresses. Many of the software-generated forms are not completing the field; forms where this field is blank are not being rejected.
To contact the Secretary of State's office: (785) 296-4564; e-mail, kssos@kssos.org; website, www.kssos.org.
The Accounting CPE Network (ACPEN), in partnership with the KSCPA and its sister societies, is sharing a 17-minute excerpt from the ACPEN Annual Tax Update, originally aired on December 16, 2009. This short video offers important changes that tax practitioners should be aware of and consider during the 2010 tax preparation season. This free program is for informational purposes only and does not qualify for continuing education credit.
Understanding Changes in Unemployment Tax Rates
With the Unemployment Insurance Trust Fund expected to run out of money by mid-February, the Kansas Department of Labor has notified nearly 70,000 businesses of changes in tax rates that took effect with the new year. The tax rate varies for individual businesses, based in part on how many claims for benefits have been filed in the past by workers they have laid off. This presentation made by Labor Secretary Jim Garner may help make sense of the new tax rates.
Moving Forward, Looking Back
Whether you are a member of many years or just joining the profession, this brief history of the Kansas Society will put the organization's progress in perspective - from its creation in 1932 to present day - and, perhaps, put a smile on your face along the way.
How to Help with Disaster in Haiti
The American Institute of CPAs issued a press release this week offering guidance on how CPAs can donate to the relief organizations working in the wake of the massive earthquake in Haiti. If you are looking for the right charity, or advising clients on how to identify reputable agencies, read the entire press release.
Haiti Relief Donations Qualify for Immediate Tax Relief People who give to charities providing earthquake relief in Haiti can claim these donations on the tax return they are completing this season, according to the Internal Revenue Service. Taxpayers who itemize deductions on their 2009 return qualify for this special tax relief provision, enacted Jan. 22. Only cash contributions made to these charities after Jan. 11, 2010, and before March 1, 2010, are eligible. This includes contributions made by text message, check, credit card or debit card. Full details are available here.
Form 5405 for First Time Homebuyers Available
The long-awaited IRS Form 5405 (First-Time Homebuyer Credit and Repayment of the Credit) is available online. Details on qualifying for and documenting the credit are available here.
IRS Issues Regulations, Guidance on Disclosure of Taxpayer Information
Just as tax season is about to begin, the Internal Revenue Service has amended the rules under IRC Section 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 on JournalofAccountancy.com and find coverage of the guidance.
IRS Releases Tax Preparer Regulation Recommendations
On January 4, the Internal Revenue Service announced it will implement mandatory registration of all paid, signing tax return preparers as well as competency testing and continuing professional education requirements for preparers who are not CPAs, attorneys or enrolled agents. In addition, Circular 230’s ethics rules will be extended to all return preparers. The AICPA generally supports the IRS’s plans. For more information, read this JournalofAccountancy.com article and the AICPA news release.
Free Client Resources Available
Grow your tax practice this busy season. The AICPA's annual Tax Saving Tips resources are now available in the CPA Marketing Toolkit. The resources include a PDF brochure (with space provided for CPA firms to imprint their name and logo), speech and companion PowerPoint slides with notes for you to market your tax services and provide tax solutions to current and potential clients. New this year is a sample media advisory and advertisements to promote your services and expertise in your community (ad placement fees may apply).
SSARS 19 Issued December 30
Statement on Standards for Accounting and Review Services (SSARS) No. 19, Compilation and Review Engagements, was officially issued by the AICPA’s Accounting and Review Services Committee on December 30, 2009. SSARS No. 19 supersedes AR sections 20, Defining Professional Requirements in Statements on Standards for Accounting and Review Services; 50, Standards for Accounting and Review Services; and 100, Compilation and Review of Financial Statements, in AICPA Professional Standards. The provisions of SSARS No. 19 are effective for compilations and reviews of financial statements for periods ending on or after December 15, 2010, with one exception. That exception, which may be implemented immediately, permits an accountant to include a description in the accountant’s compilation report regarding the reason(s) for an independence impairment. Major new provisions that will be effective on or after December 15, 2010, include introducing the term “review evidence,” incorporating a discussion of materiality in the context of a review engagement and requiring the CPA to obtain an engagement letter for all SSARS engagements. For an Executive Summary of the new standard, a white paper on the compilation reporting option and other related resources, click here.
IRS Issues Final Regs on Installment Payments The IRS has issued final regulations that take effect Nov. 25. The regs reflect current IRS practice regarding installment agreements and adopt proposed regulations that were issued in 2007. Journal of Accountancy
AICPA Auditing Standards Board Issues SAS No. 117 Read a summary of Statement on Auditing Standards No. 117, Compliance Audits, which the Auditing Standards Board has issued to supersede SAS No. 74, Compliance Auditing Considerations in Audits of Governmental Entities and Recipients of Governmental Financial Assistance, in AU section 801 of AICPA Professional Standards. The provisions of this SAS are effective for compliance audits for fiscal periods ending on or after June 15, 2010. Earlier application is permitted.
Kansas Society of Certified Public Accountants, Inc. 100 SE 9th Street, Suite 502 (66612-1213) P. O. Box 4291 Topeka, KS 66604-0291 Phone: 785.272.4366 FAX: 785.272.4468 Email: info@kscpa.org
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Moving Forward, Looking Back