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Photo of KU Campus courtesy of Mark Feiden and The Konza Press.
Applications Now Available for 2011 "20 up to 40" Program
If you are an accounting professional up to the age of 40 who wants to lead the KSCPA in the 21st century, join the "20 up to 40" Leadership Program. The program consists of five, day-and-a-half sessions on a variety of topics. These sessions begin in January and run through the annual meeting held in November. To view the exact dates and the topics of the sessions, click here.
To apply or to nominate someone, click here.
Technical Inquiries and Replies Issued on OCBOA
Three technical practice aids pertaining to reporting on financial statements prepared in accordance with a comprehensive basis of accounting other than generally accepted accounting principles have recently been issued, including TPA 1400.33, which provides guidance on combining financial statements prepared in accordance with the income tax basis of accounting; TPA 1800.06, which provides guidance on the applicability of fair value disclosure requirements in the Financial Accounting Standards Board Accounting Standards Codification 820, Fair Value Measurements and Disclosures, to OCBOA financial statements; and TPA 9110.17, which provides guidance on the application of the recognition and measurement provisions of FASB ASC 740-10 to OCBOA financial statements.
Form 990 Deadline Extended
Small non-profits at risk of losing their tax-exempt status because they failed to file required returns for 2007, 2008 and 2009 by May 17 have gotten a reprieve from the IRS.
The IRS announced that small non-profits who missed the May deadline can preserve their status by filing returns by Oct. 15. The IRS lists those non-profits in Kansas whose status is at risk. NPOs that fail to file by the new deadline will lose their tax-exempt status.
Obama Signs Financial Regulatory Reform
The Dodd-Frank Wall Street Reform and Consumer Protection Act creates new regulations for companies that extend credit to consumers, exempts small public companies from Sarbanes-Oxley section 404(b), makes auditors of broker-dealers subject to PCAOB regulations and changes registration requirements for investment advisers. CPAs were excluded from the new Consumer Financial Protection Bureau for usual and customary activities. Here are some highlights that may be of particular interest to CPAs.
IRS Releases Proposed PITN Regulations
Related to Fees
The IRS recently released proposed regulations that would establish a fee of $50, payable to the IRS, to cover technology costs, as well as compliance and outreach efforts associated with the new PITN program. The proposed regs would also provide for an additional fee (expected to be substantially lower than $50) to be charged by the third-party vendor chosen to operate the new online system.
Tax professionals and other interested parties have until August 23 to submit comments regarding the proposed regulations. Forward your comments to KSCPA executive director Mary MacBain or contact Mike Doughty, IRS Senior Stakeholder Liaison - Kansas, at (913) 722-7566 or michael.j.doughty@irs.gov.
July Skyscapes Available Now!
To view the newsletter in full screen, left click once on the cover below.
To print the newsletter, click here .
2010-2011 Professional Development Catalog
To view catalog in full screen, left click once on the cover below.
To print the catalog, click here .
Financial Reporting for Municipalities
In response to inquiries from CPAs, Kent Olson, Director of Accounts and Reports has issued a memo on municipal audit reports. Read the memo here.
Mark Your Calendars!
Upcoming KSCPA Events and Professional Development Conferences. To view the document in full screen, left click once anywhere on the document below.
To print this document, click here .
New Business Entity Law Changes
Several new laws impacting business entity filings took effect July 1, 2010. The Secretary of State has furnished this summary for your convenience. Please contact the Secretary's office at (785) 296-4564 or corp@kssos.org with your questions.
Health Reform Regulations Issued on Grandfathered Plans
The departments of Treasury, Labor, and Health and Human Services jointly issued regulations Monday providing guidance on the treatment of grandfathered health plans under the health reform acts. The regulations specify what changes will or will not cause a plan to lose its grandfathered status. Journal of Accountancy
2010 KMAG Available
The 2010 Kansas Municipal Audit Guide is available for purchase from the Kansas Society of CPAs. Available by download in PDF format, the subscription price is $75, plus applicable sales tax. Click here to purchase and download your copy today or use the new KMAG link in the column at right.
Kansas Society of Certified Public Accountants, Inc.
100 SE 9th Street, Suite 502 (66612-1213)
Topeka, KS 66612-1213
Phone: 785.272.4366
FAX: 785.272.4468
Email: info@kscpa.org
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©2009 KSCPA. All rights reserved.
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