KSCPA News

KSCPA Metro Chapter - Kansas City Royals Baseball - FREE to Chapter Members

Wed, 16 May 2012 12:00:00 EDT

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Drinon's Leadership Express - "Developing Credibility & Trust with Others"

Tue, 15 May 2012 12:00:00 EDT

Developing Credibility & Trust with Others

Rich Drinon

Ethics, Credibility & Trust

Sooner or later you'll be faced with making an ethical decision. That decision will impact your relationship with followers, customers and other organizational stakeholders. It may involve choices about your product, services and image or your competition, direction and mission. These concerns call for ethics in action and building credibility, reputation and trust in yourself and your organization.

Ethics Defined

Ethics is a branch of philosophy dealing with values relationg to human conduct, with respect to the rightness and wrongness of certain actions and to the goodness and badness of the motives and ends of such actions (Random House, 1984).

Click here to read the complete article

USDA Requiring CPAs to Attest to AGI Limitations for Clients in Certain Farming Programs

Mon, 14 May 2012 12:00:00 EDT

USDA Requiring CPAs to Attest to AGI Limitations for Clients in Certain Farming Programs
From the AICPA

The Farm Service Agency, within the U.S. Department of Agriculture (USDA), sent out letters on April 4 to those individuals and legal entities that receive payments through certain farming programs under the Food, Conservation and Energy Act of 2008. The act requires these program participants to prove they meet certain adjusted gross income (AGI) limitations to receive these benefits. CPAs who have clients participating in these farm programs have been asked to provide CPA attestation, among other things, verifying the participant's average AGI did not exceed the applicable limitations. The AICPA is engaged in understanding the broader implications of the USDA requests on members including possible legal liability and professional standards issues. We will continue to provide updates, but in the meantime, members are encouraged to follow their insurance provider's guidance. Additional information regarding the 2008 Farm Bill can be found on the USDA website.

Kansas House Passes Tax Plan

Thu, 10 May 2012 12:00:00 EDT

Kansas House of Representatives Passes Tax Plan

Wednesday, in a procedural move, the House passed HB 2117, which is the Senate version of the Governor’s Tax Plan. This move sends the bill directly to the Governor for his signature. At the same time, the Senate was considering the compromise version of the Tax Plan. It was rumored that the compromise version of the bill was going to fail in the Senate, thereby nullifying any opportunity of the House to concur with the Senate version. Because of this procedural move, the contents of HB 2117 goes directly to the Governor and will become law.

There is disagreement in the fiscal impact of HB 2117. Legislative Research anticipates a negative impact on the state general fund next fiscal year. The Secretary of Revenue’s numbers do not anticipate any negative fiscal impact, even in out years. Below is a summary of the tax plan that is headed to the Governor’s desk for his signature.

The House has 10 days to present the bill to the Governor and the Governor has 10 days to either sign, veto or allow the bill to become law without his signature. There are rumors that the passed bill may be a bargaining chip to pressure the Senate into passing the compromise version of HB 2117. There is also the opportunity for a Motion to Reconsider the vote on HB 2117 in the House within the next legislative day.

We will keep you updated on the status of the tax bill and its passage.

HB 2117

Rate Reduction and Restructuring
Takes the current three bracket structure for individual income taxes and collapse it into a two-bracket system with income tax rates of 3.0 and 4.9 percent.

Business Income Exemption
Exempts non-wage business income from individual income tax. Taxpayers availing themselves of this exemption would be excluded from receiving another credit designed to the eliminate liability of certain resident individuals pursuant to KSA 2011 Supp. 79-32,266.

Tax Credits
Repeals tax credits currently allowed to individuals (but not to corporations) for food sales tax rebates; abandoned well plugging; adoption expenses; agritourism; alternative fuel equipment expenditures; assistive technology; child and dependent care expenses; child day care expenses; disabled access expenditures; environmental compliance expenditures; individual development account contributions; law enforcement training center contributions; small employer health benefit plan contributions; swine facility improvement expenditures; port authority contributions; small employer health benefit plan contributions; swine facility improvement expenditures; telecommunications property tax payments; venture capital contributions; and certain temporary assistance to family contributors.

Standard Deduction
Increases the standard deduction amount for single head-of-household filers from $4,500 to $9,000; and for married taxpayers filing jointly from $6,000 to $9,000.

Other Income Tax Provisions
Eliminates a subtraction modification for certain long-term care insurance expenditures; and eliminate the ability of individuals to utilize the income tax deduction for expensing enacted in 2011.

Severance Tax Provisions
Repeals the two-year new pool severance tax exemption to all oil production from pools producing in excess of 50 barrels per day.

Homestead Program
Beginning in tax year 2013, renters would no longer be eligible to participate in the Homestead Property Tax Refund program.

KSCPA Members & Leaders to Meet In Lawrence May 22-23 for Professional Issues Update/Leadership Summit

Tue, 08 May 2012 12:00:00 EDT

2012 KSCPA Spring Professional Issues Update & Leadership Summit

For a Complete Schedule of Events, Click Here.

The KSCPA members and leadership will meet in Lawrence at the Oread Hotel on May 23 for the annual Spring Professional Issues Update, Leadership Summit, & Board of Directors Meeting from 8:30am - 3:00pm. These events are free to members. Registrations & continental breakfast begins at 8:00am. Register for each individual event under events.

Task forces will meet at the Leadership Summit. To register for a task force, click here.

Dr. Raj Srivastava of the KU School of Business will welcome the membership at 8:30am and provide brief remarks on "Current Developments in Accounting Research." Registration begins at 8:00am.

A Professional Issues Update will take place from 9:00-10:40am with Ernie Almonte, CPA, CFF, CITP, CGFM speaking. All members are invited to attend the leadership events and Professional Issues Update.

Young Professionals Conference to Be Held on May 22

The Young Professionals Conference will be held on May 22 from 1:00-5:00pm followed by a reception. The conference will feature Ernie Almonte, CPA, MST, CFF, CITP, CGFM, Past Chair of the AICPA. Ernie will speak about, "Advancing the Profession by Exercising Leadership." Click here to register for the conference.

IRS News for Tax Professionals - May 2012

Wed, 02 May 2012 12:00:00 EDT

IRS NEWS FOR TAX PROFESSIONALS
MAY 2012

▪ A free one-hour webinar on Identity Theft and Online Fraud is offered on Wednesday, May 9, 2012. Register CE credit is not being offered for this webinar, due to the non-technical nature of the content.

▪ A free one-hour webinar on Identity Theft and Online Fraud is offered on Wednesday, May 9, 2012. Register CE credit is not being offered for this webinar, due to the non-technical nature of the content.

▪ Current Hot Issues in the Issue Management Resolution System (IMRS) include 2012 Tax Season Refund Questions.

▪ The Office of Professional Responsibility (OPR) mailbox is no longer in operation.

*WARNING - The IRS has had reports of tax professionals receiving emails purported to be from the OPR. The subject line contains “Acquire new EIN.” Taxpayers who have received Phishing e-mails or telephone calls should report the incident to phishing@irs.gov. E-mails should be forwarded as an attachment to preserve information needed to further investigate the incident.

▪ A new comparison chart explains the filing requirements for both Form 8938, Statement of Specified Foreign Financial Assets, and Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts. Some taxpayers are required to file both.

YOUR PRACTICE
▪ Headliner 327 Tax professionals responding to Campus Correspondence Examination telephone calls and/or correspondence can access the CCE Practitioner Priority Service by calling the PPS toll-free number and selecting the Correspondence Examination option. (866) 860-4259. This number is for tax professional use only.
▪ The Internal Revenue Service has begun providing test results to tax return preparers who have taken the new return preparer competency test. Those who pass the test and a tax compliance check will be given a new designation: Registered Tax Return Preparer.
▪ Short delays for some enrolled agents awaiting renewal cards - .Enrollment will not expire due to this IRS delay.
▪ Questions regarding the status of your Form 23, Application to Practice Before the IRS; or Form 8554, Application for Renewal to Practice Before the IRS, should be directed to the Office of Enrollment at 313-234-1280 or via email. Please allow 90 days after submitting your Form 23 before contacting the Office of Enrollment.

WEB TIPS - New Publications
▪ Publication 4933 Tax Preparers Guide to Everything Earned Income Tax Credit
▪ Publication 4687 s a tri-fold on EITC Due Diligence.
▪ Publication 4935 Rules for Claiming Earned Income Tax Credit -- Individuals
▪ A new Audit Technique Guide covers tax examinations involving the continuation of employee health care coverage.

EMPLOYERS/RETIREMENT PLANS
▪The spring 2012 issue of SSA/IRS Reporter includes: Matching social security and IRS earnings totals, New ADA requirements for businesses, and reducing the risk of identity theft. (Spanish)
▪ Read the latest edition of the Employee Plans News page.

TAX-EXEMPT ORGANIZATIONS
▪ Some organizations have asked why their name has not been deleted from the auto-revocation list after they have reapplied and their tax-exempt status has been reinstated. The auto-revocation list is the official IRS record of organizations that have lost their exempt status for failing to file for three consecutive years. Organizations will not be deleted from the list – even if they subsequently reapply for exemption and are reinstated. See FAQ.
If, however, an organization provides documentation to show that it is listed erroneously, either because the organization filed or had an IRS determination of no filing requirement, its name will be deleted.
▪ The 2011 Form 990, Appendix F instruction to report interests in joint ventures and other partnerships using Form 1065, Schedule K-1 information is optional for Tax Year 2011. The parallel Form 990-EZ instruction is also optional for tax year 2011. For more information, view the Significant Changes chart and the 990 Tips page
▪ The IRS recently published final regulations on Public Inspection of Material Relating to Tax-Exempt Organizations (TD 9581) that affects organizations that were exempt but are no longer exempt from Federal income tax, and organizations that were denied tax-exempt status.

TECHNICAL GUIDANCE
▪ The IRS has released Publication 1771 (rev. Sep.2011),Charitable Contributions - Substantiation and Disclosure Requirements, which explains general rules for documenting charitable deductions and explains new guidelines that allow charities to electronically mail documentation to donors.
▪ For deductibility and other purposes specified in Revenue Procedure 11-33, contributors and grantors can rely on the exempt status and foundation status of an organization as posted on either the Exempt Organizations Select Check or the Statistics of Income Exempt Organizations File Extract (unless they have specific knowledge to the contrary).
▪ Beginning April 1, the fee for processing Form 8802, Application for United States Residency Certification, will increase from $35 per application to a flat fee of $85 per application. Presently, there is no limit to the number of certificates issued at the new rate of $85. The revised Form 8802 and instructions will be available to the public on April 1. The Office of Management and Budget mandates that federal agencies charge user fees that reflect the full cost of goods or services that convey special benefits to recipients that go beyond those accrued by the general public.
▪ Recent 2012 Tax Tips include
Tax Tip 12-56 Farm Income and Deductions - 10 Key Point
Tax Tip 12-62 Eight Tips to Determine if Your Gift is Taxable
Tax Tip 12-60 Injured or Innocent Spouse Tax Relief

VOLUNTEER OPPORTUNITIES:
▪ IR 12-39 The IRS opened the nomination season for the Information Reporting Program Advisory.
▪ The IRS seeks civic-minded volunteers to serve on the Taxpayer Advocacy Panel , a federal advisory committee that listens to taxpayers, identifies key issues and makes recommendations for improving IRS service. Apply by April 27, 2012. www.improveirs.org. To qualify as a TAP member, applicants must be a U.S. citizen and able to commit 300-500 volunteer hours per year to the panel. Applicants must also be current with tax obligations and pass an FBI criminal background check. Call 1-888-912-1227 for additional information.
▪ IR 12-44 The IRS is accepting nominations for the Electronic Tax Administration Advisory Committee the deadline for submitting applications is May 24.

IR NEWS RELEASES
▪ IR 12-36 Fiscal Year 2011 stats are available in the recently issued IRS Data Book.
▪ IR 12-37 IRS will provide relief to farmers who incur penalties because they didn't timely receive Forms 1099 from MF Global or its court appointed trustee, and were unable to file their 2011 tax return by March 1, 2012.
▪ IR 12-38 The IRS announced certain changes in connection with the creation of the Advance Pricing and Mutual Agreement program.
▪ IR 12-42 Prepared Remarks Commissioner of IRS Douglas H. Shulman before the National Press Club.
▪ Prepared Remarks of Steven T. Miller, IRS Deputy Commissioner Service and Enforcement, Before the Tax Executives Institute, Mid-Year Conference.

ANNOUNCEMENTS
▪ Announcement 12-14 provides procedures for obtaining relief from allocation and accounting errors for certain issuers of tax-exempt student loan bonds through the IRS Tax-Exempt Bonds Voluntary Closing Agreement Program.
▪ Announcement 12-16 announces the July 27, 2012 filing deadline for Telephone Excise Tax Refund requests and confirms that the IRS will continue to process requests for the refund of the wrongfully collected Telephone Excise Taxes described in Notice 2006-50 and Notice 2007-11.

NOTICES
▪ Notice 12-27 provides guidance relating to the application of the tax imposed by new § 4043 of the Code on fuel used in fractional ownership program aircraft. Section 4043 was added to the Code by section 1103 of the FAA Modernization and Reform Act of 2012 (Pub. L. 112-95) and applies to fuel used after March 31, 2012.
▪ Notice 12-30 announces the 2011 section 45K credit for fuel produced from a nonconventional source. For 2011, the section 45K credit is only available for fuel produced from coke or coke gas (other than from petroleum based products) and is not subject to phase-out.

REGULATIONS
▪ REG-135491-10 The IRS has proposed regulations that would require taxpayers with Employer Identification Numbers to periodically provide the IRS with up-to-date information.

LOCAL; OTHER AGENCIES
▪ Following the The 24/7 Preparedness Plan Template will give you more peace of mind. It is straightforward, but requires action on your part.
▪ Small Business Data Resources is a hyperlinked grid that lists online databases by federal agency or private sector source, and keys them to the small-business-related topics on which they provide information—all in two one-page summaries.
▪ Forming an LLC – Key Documents You’ll Need to File and Create. For many small business owners considering how to organize their company, becoming a Limited Liability Company (LLC) is a great choice, thanks to the liability protection and pass-through tax status they afford. Here’s a quick overview of what you need to know about completing these key documents.
▪ Grant Opportunity - The Obama Administration today announced a $15 million multi-agency Rural Jobs and Innovation Accelerator challenge to spur job creation and economic growth in distressed rural communities.
▪ Explore the Social Media and Mobile Technology for Ag Businesses webinar series.
▪ The Small Business Administration offers a variety of resources to help women business owners.

U.S. House of Representatives Passes the "Digital Accountability and Transparency Act"

Fri, 27 Apr 2012 12:00:00 EDT

U.S. House of Representatives Passes the DATA Act

On April 25, 2012 the United States House of Representatives passed H.R. 2146, the "Digital Accountability and Transparency Act," or DATA Act. The bill requires that all federal agencies and recipients of federal funds report their spending using nonproprietary standards.

AICPA President and CEO Barry Melancon, CPA, CGMA, has spoken out in praise of the passage of the DATA Act.

"The House’s passage today of H.R. 2146 is an important step toward requiring that information reported under the DATA Act utilize nonproprietary data standards, such as eXtensible Business Reporting Language (XBRL).

"...The use of XBRL creates ‘intelligent data’ because a tag can be attached to each piece of data in a financial or business report. All of the tagged data would be put on one public platform, which would make government spending more transparent."

For more of Melcancon's statement and to read the AICPA letter to Congressman Darrell Issa, Chairman of the House Oversight and Government Relations Committee and Elijah Cummings, Ranking Member, Click here.

Kansas House and Senate Reach Agreement on Tax Issues

Fri, 27 Apr 2012 12:00:00 EDT

Kansas House and Senate Reach Agreement on Tax Issues

The House and Senate have reached an agreement on tax issues. Legislative Research will have a final document ready on Monday for the committee to review and to sign. The Tax agreement will be in HB 2117. The agreement reached is a one-time rate reduction-the bill does not include a trigger mechanism that will buy down the rate in later years. The bill will run first on the Senate side and then in the House.

Below are the major provisions of the bill:

Individual income taxes would be reduced and go from three brackets to two. The brackets are 3% and 4.9%, with the higher bracket kicking in at more than $30,000 of income.
Non-wage business incomewould become exempt from Kansas income tax after a phase-out period. The first $100,000 of income is exempt in 2013 and 2014. The first $250,000 is exempt in 2015 and 2016. The entire non-wage income is exempt in 2017. These are businesses that pay their taxes through the individual mechanism (LLCs, Sub S, Sole Proprietors).
Business loss carry forward provisions are not allowed under this measure. The House stated that they will bring a bill next session to allow for these losses.
Most itemized deductions are repealed with two exceptions. The mortgage interest deduction and the charitable contribution deduction are allowed only if they add up to more than the standard deduction. The Kansas standard deduction is $3,000 for individuals and $6,000 for married couples filing jointly.
The STAR Bonds sunset would be extended.
The High Performance Incentive Program (HPIP) would change to make the threshold for qualifying lower in urban counties. Legislation raised the threshold last year.
The agreement also includes passage of the Senate single-factor (sales) income tax formula provisions for corporations relocating ten or more full-time employees. Sales outside Kansas would be exempt from corporate income tax. This is an option to the normal three-factor formula (property, payroll, and sales).
The temporary one-cent sales tax would phase out as written in current law.
The two –year severance tax exemption for new pool wells is removed from the law, except the first 100 barrels per well is exempt from the tax.
Several tax credits are repealed. The Earned Income Tax Credit remains but taxpayers would have to choose whether to take the EITC or the sales tax food rebate.
Other tax credits not repealed are the IDA (Individual Development Account), historic preservation, Learning Quest, community service, and angel investor.
The LAVTR (Local Ad Valorem Tax Relief) would be funded at $45 million per year for five years, providing property tax relief for local units of government.
House Bill 2624, which was vetoed by Governor Brownback, is part of the package. It concerns the Depletion Trust Fund to help counties that see their oil and gas production diminish.
Renters would not qualify for Homestead Property Tax Relief, only homeowners. The $13 million saved would be plowed back into Homestead Property Tax Relief.
Jail inmates would no longer qualify for food sales tax rebates.
Legislation would make it clear that helium is subject to the severance tax.
The sales tax on food remains.

Drinon's Leadership Express- "Leading Groups & Making Presentations"

Wed, 18 Apr 2012 12:00:00 EDT

Leading Groups & Making Presentations

Rich Drinon

There are many things to be gained by learning to communicate in front of groups, including confidence, recognition and respect. Many positive characteristics will be attributed to you if you can stand in front of a group, talk intelligently about a subject and field questions in an effective manner. The purpose of this article is to help you better manage group meetings, relate to participants and present to various size audiences.

Managing Command, Credibility & Control Issues in Groups

In order to lead or command, you must be able to communicate with credibility and authority. You’re most likely to be perceived as credible when you’re non-verbal, vocal and verbal communication match. When you send a mixed message you run the risk of being misunderstood, disrespected and even disliked. It’s also vital that you be able to maintain control when leading groups. Here are some techniques you can use to take command and maintain control in group settings.

Click here to read the complete article

Kansas Department of Administration Undergoes Management Reorganization

Tue, 17 Apr 2012 12:00:00 EDT

Kansas Department of Administration Undergoes Management Reorganization

From the Kansas Department of Administration

Recently the Department of Administration underwent a management reorganization re-aligning functions, creating a more efficient organization. Effective in January 2012, the Municipal Services Team became part of the Office of Research and Development.

As part of the reorganization, Municipal Services Team was evaluated to determine the best use of limited resources. As a result, core services will continue under a reduced scope. In the spring of 2012, The Municipal Services Team will provide the following Budget Workshops: Hays on May 8^th at Fort Hays State University, Topeka on May 14^th at the Topeka Shawnee County Public Library, and Wichita on May 21 at the Wichita State University Hughes Metro Complex. Please see the Municipal Services Website located at http://da.ks.gov/ar/muniserv/ for further details on the upcoming Budget workshops.

Effective April 2, 2012, The Municipal Services Team will only assist with questions or inquiries concerning budget and audit requirements. Very soon the Municipal Services website will include frequently asked questions regarding budgeting and auditing requirements. Please direct all other questions and inquires to your auditor, legal counsel, League of Kansas Municipalities (LKM), Kansas Association of Counties (KAC), or other appropriate state or federal agency. The team will also continue to serve as the State’s point of contact for Social Security Agreement issues.

The Municipal Seminars and Budget Preparation Assistance will be discontinued effective April 2, 2012. Municipalities are strongly encouraged to follow the LKM and KAC websites for information concerning legislative updates. We strongly encourage affected municipalities to obtain other service providers for budget preparation.

Thank you for your cooperation and understanding as we work through these changes. Please check the Municipal Services website (http://da.ks.gov/ar/muniserv/ ) for ongoing updates related to budget and audit requirements. For questions please contact Roger Basinger at 785-296-8083 or by email at Roger.Basinger@da.ks.gov.

KSCPA Members Selected as Honorees for Wichita Business Journal CFO Awards

Fri, 13 Apr 2012 12:00:00 EDT

KSCPA Members Selected as Honorees for Area Award

Two KSCPA members have been selected for the Wichita Business Journal's 2012 CFO Awards. The members are:

Jana Davis,CFO, Bunting Magnetics Co.

Rendy Tegethoff, CFO, Citizens State Bank

The awards serve to honor financial professionals in the greater Wichita area. Finalists will be honored with an awards luncheon and a special publication by the Wichita Business Journal. The luncheon will take place on Thursday, june 21 from 11:45 a.m. to 1:45 p.m. at the Hyatt Regency Wichita.

Texas Society of CPAs: Analysis of Legislative Proposals on Domestic Oil & Gas Exploration & Development

Mon, 09 Apr 2012 12:00:00 EDT

The Texas Society of CPAs Federal Tax Policy Committee issued their "Analysis of Legislative Proposals to Repeal Certain Tax Treatments of Domestic Oil and Gas Exploration and Development" dated February 2012.

They Concluded: "Long-standing tax policies and tax accounting treatments are appropriate and necessary to attract investors to energy exploration and development projects. Oil and gas exploration and production is important to the economies of Texas and other energy producing areas of the U.S. Without these tax treatments, capital may not be available for many oil and gas projects, resulting in loss of jobs, a slower economic recovery and more dependence on less reliable foreign energy sources.

Changes to the tax benefits that have helped build a strong energy industry affect Texas and American businesses and households. Congress should carefully consider the far-reaching effects of any proposed changes."

Click here to read the entire analysis.

Involved in oil & gas taxation, or interested in becoming involved?

Attend the upcoming KSCPA Oil & Gas Taxation Workshop with John Tripp, PhD, CPA. Register today!

Fundaments - click here
Advanced & Update - click here

AccountingToday: Many Firms Lack Formal Technology Plans

Mon, 09 Apr 2012 12:00:00 EDT

April 1, 2012 by Seth Fineberg

Despite the interest in and need for improved information technology, particularly when it comes to data security, many CPA firms continue to lack any formal IT planning and tend to make software and technology decisions as needed throughout the year. These were some of the top findings of Accounting Today's 2012 Technology Outlook survey.

Among other things, the March survey of firms of all sizes found that 81 percent of respondents indicated that they had no formal IT plan for their firms, with 67 percent of participants making IT decisions on an ad hoc basis throughout the year.

A surprisingly large number of survey takers -- almost a third -- noted that 10 percent or more of their firm's overall budget does go towards IT expenditures, with data storage and security, portals, and document management highest on their list of considerations for system and software spending in 2012.

Click here to read the full article.

From the KSCPA: Technology training is essential to enhancing productivity and security over systems within organizations. To help organizations appropriately train team members in an environment designed for experienced CPAs, the KSCPA teams up with K2 Enterprises to provide several courses and the annual Heartland Technology Conference in December. K2 Enterprises is a leading provider for technology training for CPAs. Check out the schedule on www.kscpa.org under Conferences & Courses.

March/April Skyscapes - 2012 Professional Development Catalog

Thu, 05 Apr 2012 12:00:00 EDT

March/April Skyscapes - 2012 Professional Development Catalog

The KSCPA March/April Skyscapes is a complete catalog of Conferences, Courses, and Events for the 2012 year. There may be some "pop-up events" during the year, but this is the standard calendar from which you can plan your CPE and other activities for the year. We appreciate your support and hope to see you at an upcoming event.

Skyscapes 2012 Professional Development Issue
Be patient, the .pdf for this issue takes a while to load!

You can also view the issue here:

Listen to Mary kick of the 2012 Professional Development Year:

FASB Chair Says FAF Could Announce Private Company Reporting Decision in May

Thu, 05 Apr 2012 12:00:00 EDT

FASB Chair Says FAF Could Announce Private Company Reporting Decision in May

In a webcast on March 12, Financial Accounting Standards Board Chairman Leslie Seidman said that the trustees of FASB's parent organization, the Financial Accounting Foundation (FAF), hope to vote on a final structure for private company financial reporting at their May 22-23 meeting.

KSCPA members attended roundtables in Leawood and in Wichita in December to discuss FAF's recommendations for a Private Company Standards Improvement Council. Members and others who attend the new Accounting & Assurance Services Conference on June 4 will have an opportunity to hear an update from Terri Polley on the long-awaited and desired changes to GAAP for private companies. Brian North, assistant project manager for FASB, will also present information about the joint project with IASB to improve its conceptual framework. This is a conference you don't want to miss. Click here to register and for a complete schedule of events.

KSCPA Professional Development Schedule - Plan Your 2012 Education Today!

Wed, 04 Apr 2012 12:00:00 EDT

2012 Professional Development Schedule

The 2012 Professional Development Master Calendar is now available for review. Plan your CPE for 2012 through an Association that works for you! If you need assistance registering or need further information, please contact danielle@kscpa.org.

Click here to download the Master Calendar

Nominate a "Woman to Watch" for the 2012 AICPA/KSCPA Award

Mon, 02 Apr 2012 12:00:00 EDT

Once again, the AICPA and KSCPA are teaming up to recognize four outstanding members for the 2012 "Women to Watch" awards. Two experienced women leaders and two emerging women leaders will be recognized at a luncheon at the Ritz Charles in Overland Park on September 21. Special guest, Tommye Barie, CPA, a member of the AICPA board of directors and past president of the Florida Institute of CPAs will present the awards and address the group. All nominees are recognized at this fun, free event. Nominations deadline is July 15, and it's never too early to nominate your "Woman to Watch."

Women to Watch Nomination Booklet

Click here to register for the free luncheon event.

Don't miss the conference preceding the awards luncheon:

Women as Powerful and Effective Communicators
with Jennifer Wilson of Convergence Coaching
Building on ideas from our highly-rated Women's Conference in 2011, this workshop will help you gain power and confidence in your role as a leader, mentor, and manager. Together, we'll explore the unique elements that cause you to behave, communicate, and react the way that you do when working with others. We'll focus on communications strategies to enable you to be a more cohesive and collaborative leader and make a bigger difference at work and in your various communities.

In our half-day together, we'll cover:
o Gender communications differences and ideas to avoid stereotypical traps
o Generational communications differences and ways to motivate people of all ages
o Communication methodologies - including words and phrases -- to help you navigate difficult conversations

In addition, we'll take time to practice real-life conversations to ensure that you have both the knowledge and the skill to be a more powerful and effective communicator!

Click here to register for the Women's Leadership Conference

Students Attend Missouri Valley Regional BAP Meeting in St Louis

Fri, 30 Mar 2012 12:00:00 EDT

Click here to learn more about the Beta Alpha Psi Missouri Valley Regional meeting in St. Louis on March 30-31, 2012 and to see photos from the event!

AICPA President and CEO Barry C. Melacon Offers Statement Before the House Capital Markets Subcommittee Accounting and Auditing Oversight Hearing

Wed, 28 Mar 2012 12:00:00 EDT

Statement - AICPA President and CEO Barry C. Melancon Before the House Capital Markets Subcommittee Accounting and Auditing Oversight Hearing Washington

From the AICPA

Barry C. Melancon, president and CEO of the American Institute of CPAs, told members of the House Subcommittee on Capital Markets and Government Sponsored Enterprises that the AICPA supports a strong, balanced and independent regulatory structure that protects investors but does not restrict the flow of capital.

“AICPA supports a strong and balanced regulatory structure that protects the public but does not detract from, or negatively impact, quality reporting and auditing and does not restrict the effective and efficient flow of capital.

“The AICPA was established 125 years ago by the accounting profession to serve the public interest by fostering independence, objectivity, competence, and the highest possible level of professionalism and ethical behavior.

“CPAs in all areas of the accounting profession, along with the AICPA, join you as we seek to advance a common mission of promoting the highest quality accounting and auditing services that are valuable to the public interest and to the global capital markets.”

Click here to read the AICPA testimony

Congresswoman Lynn Jenkins, CPA Chairs Hearing with IRS Commissioner March 22, 2012

Mon, 26 Mar 2012 12:00:00 EDT

LEGISLATIVE UPDATE FROM WASHINGTON, DC

Congresswoman Lynn Jenkins, CPA, member of the KSCPA, is a member of the House Ways & Means Committee of the US Congress. The Ways and Means Oversight Subcommittee held the hearing on March 22, 2012 with IRS Commissioner Schulman, and this hearing was chaired by Congresswoman Jenkins. Prior to the hearing, Congresswoman Jenkins' office contacted the KSCPA for feedback from the membership. A quick survey was done of the membership and forwarded to the Congresswoman.

Members:

Login and go to Legislative Updates to view results of KSCPA Member Survey.

Opening Remarks:

Questions About Agency's Efficiency and Priorities:

Marketing Opportunities Brochure

Tue, 20 Mar 2012 12:00:00 EDT

Advertise with the KSCPA today!

The KSCPA has a multitude of options for vendors to reach our members.

Click here to download the Marketing Opportunities brochure

AICPA "2012 Top Technology Initiatives Survey"

Fri, 16 Mar 2012 12:00:00 EDT

AICPA 2012 Top Technology Initiatives Survey Released

From the AICPA

The AICPA has released the results of the 2012 Top Technology Initiatives Survey.

The survey helps CPAs see emerging technology. Survey respondents rated their organizational goals for technology.

The top priorities for 2012 are listed below.

Securing the IT environment (62 percent)*
Managing and retaining data (61 percent)
Managing risk and compliance (65 percent)
Ensuring privacy (62 percent)
Leveraging emerging technologies (34 percent)
Managing system implementation (52 percent)
Enabling decision support and managing performance (46 percent)
Governing and managing IT investment/spending (56 percent)
Preventing and responding to fraud (60 percent)
Managing vendors and service providers (56 percent)

*The figure in parentheses is percentage of respondents who felt either confident or highly confident their client or organization is handling the task appropriately.

Apply to be an AICPA Volunteer

Fri, 16 Mar 2012 12:00:00 EDT

AICPA Accepting Applications for Volunteer Groups

The AICPA is accepting applications to its nearly 90 volunteer groups until May 15, 2012. Applications are for the next volunteer year (October 2012- October 2013).

Click here to view volunteer groups and apply

If you have any questions regarding the application process, or volunteerism in general, email volunteerservices@aicpa.org

Drinon's Leadership Express- "Facing the Challenges of Diversity & Generational Differences"

Fri, 16 Mar 2012 12:00:00 EDT

Facing the Challenges of Diversity & Generational Differences

Rich Drinon

Leading in a Diverse Organization

Diversity is an important topic for today’s leader to understand. To be an effective leader in a multi-cultural environment one must be open, honest and willing to embrace people who are “different” from self.

Divisiveness creates an environment where people are untrusting, uncooperative and less productive. Nothing gets in the way of achieving your goals like division in the ranks.

As demographics shift in terms of gender, color, ethnic, cultural or other differences among people, the leader must stand against prejudice and strive to develop communication skills that unite rather than divide followers.

Inclusiveness vs. Exclusiveness

Today, more than ever, organizations are working to become inclusive of diverse peoples rather than exclusive of any one group. Many traditionally white male dominated industries and organizations are reaching out to women, youth and people of color in order to fully staff their operation and to cultivate workers and leaders for the future.

In addition, more and more organizations are doing business globally. It is essential for these organizations to understand the customs and protocol of those lands and peoples they serve.

Click here to read the complete article

Accounting Today Releases 2012 "Top 100 Firms" and Regional "Top Firms" List

Thu, 15 Mar 2012 12:00:00 EDT

Kansas Firms Spotlighted in Accounting Today Lists

Two Kansas firms were highlighted in the March 2012 issue Accounting Today, special section, "Top 100 Firms."

Kennedy and Coe, LLC, Salina Kan, was selected as a "Firm to Watch" and a "Top Firm: Midwest."

Mize Houser & Co, CPAs, was selected as a "Top Firm: Midwest" as well.

Congratulations to both firms!

House Passes SB 177 and Senate Tax Committee Passes Several Bills Out of Committee

Wed, 14 Mar 2012 12:00:00 EDT

From Marlee Carpenter, KSCPA Governmental Affairs Consultant

March 14, 2012 Update:

The House passed SB 177—the tax bill debated on the floor of the House yesterday—on a final action vote of 68-56. The bill goes directly to conference committee where the House and Senate Tax Committee can work out the differences in the bill. It also sets up a possible motion to concur in the Senate.

The Senate Tax Committee passed several bills out of committee today including the Governor’s tax plan. The Senate Tax Committee put the Governor’s tax plan into HB 2117. They also made several amendments to the bill including:

In Section 19 of the bill, clarifying the basis determination for partnership income and S corporation stock. This amendment was requested by the KSCPA during testimony;
Language to tighten up the business income section to prevent double dipping—if a business claims the business income exemption they cannot claim PEAK credits;
Severance tax changes;
Removal of the EITC provisions and the 2% trigger. There will be no phase down based on a trigger; and,
Reinstate the Historic Tax Credit, Community Service Tax Credit, Angel Investor Tax Credit and the 529 Learning Quest Tax Credit.

The Senate Tax Committee also passed out the bill to allow for single factor apportionment for income tax purposes for new companies (previously SB 457). They put the provision into HB 2157. There was a motion to put in SB 458—the bioscience PEAK style proposal, but the motion failed on a 4-5 vote.

March 13, 2012: Today was tax day in the House. The body worked for about six hours debating numerous amendments to SB 177—the House Tax proposal. http://www.kslegislature.org/li/b2011_12/measures/sb177/ The bill moved to final action today on a vote of 68-53. There will be a final action vote on the bill tomorrow.

The first amendment offered was by Rep. Carlson. His provisions of his amendment that passed includes:

The removal of all KDOT funds from the bill;Increases the trigger in the bill set at 2% of increased revenue to 3% of increased revenue to reduce the income tax further;

Eliminates the provision that makes all refundable tax credit above the tax liability refundable; and,
For small businesses it allows income AND LOSSES to be deducted up to $100,000 and higher.

Other amendments offered and adopted include:

To remove the sales tax from food, but a subsequent amendment was offered to allow local cities and counties retain their portion of the sales tax on food;
Clarify that the EITC in 2013 remains refundable;
Rural Opportunity Zone amendments to not pay income taxes for 3 years if move to a ROZ and to include Sumner County in the list of ROZ counties;
Eliminate the severance tax provision of the bill; and,
Remove the sunset for June 30, 2012 for historic sites.

AICPA Accepting Applications for Maximo Mukelabai Award - Check out KSCPA Young Professionals Conference

Sun, 11 Mar 2012 12:00:00 EDT

AICPA Accepting Nominations for the AICPA Maximo Mukelabai Award

The 2012 Maximo Mukelabai Award recognizes a young CPA who has demonstrated outstanding service towards the advancement, stewardship and promotion of the accounting profession and selfless contributions to the community. Maximo Mukelabai was a member of the inaugural class of the AICPA Leadership Academy. Tragically, his life ended abruptly at the age of 36. He was an extraordinary individual filled with passion, intellect and inspiration; traits immediately recognized by anyone who met him. Mukelabai was the youngest and first African-American chair for the North Carolina Association of CPAs board of directors. Peers, AICPA staff, employers or state CPA society liaisons may submit nominations for the annual award until Tuesday, May 15, 2012.

For more information and to nominate a young professional, click here. (Self nominations not accepted.)

KSCPA to Hold 3rd Annual Young Professionals Conference - May 22 - Lawrence

Are you a young professional interested in becoming a leader in the profession, community, and government? You don't want to miss the KSCPA 3rd Annual Young Professionals Conference on May 22 at the Oread Hotel in Lawrence. This year, Ernie Almonte, past chair of the AICPA and founder of the AICPA's Leadership Academy, will present "Advancing the Profession by Exercising Leadership."

Watch videos of Ernie talking about leadership on the KSCPA website under Member Resources - Leadership. Register for this great conference which is followed by a networking reception by clicking here.

Meet the "20 up to 40" 2012 group at the conference and reception and find out more about the KSCPA "20 up to 40" program, and click here to learn more today!

Feeling of Information Overload? You May be an E-hoarder

Sun, 11 Mar 2012 12:00:00 EDT

Note from Mary MacBain: Do you feel overwhelmed by the number of emails you receive and send that have accumulated? Last time I checked, the number of emails stored in my Microsoft Outlook is embarrassing. When I ran across this article in "Network World," it dawned on my that I may have to confess that I am an "E-hoarder." Like most accountants, we don't want to dispose of anything that we might need at a later date. This used to be paper, and now it's emails.

Warning: You may be an e-hoarder

by Jeff Vance, Network World
March 05, 2012

Click here for link to full article and to sign up to receive "Network World" news.

Hoarding shows are popular these days. Hoarders, Hoarding: Buried Alive, Confessions: Animal Hoarding and on and on. The images are consistent: Boxes stacked to the ceilings. Piles of newspapers dating back to the Nixon era. Feral cats skittering behind furniture. Empty cans of cat food, beans and soup scattered everywhere.

10 signs you are an e-hoarder

Most people know a hoarder. Maybe it's an aunt. Maybe it's the neighbor with a sofa on the front porch and motorcycle parts strewn across the lawn. Or, maybe it's you. Have you taken a look at your email inbox lately? Last time I cleaned out mine, it had sprawled to more than 1,500 messages - and I hadn't neglected my inbox for all that long.

According to the Radicati Group, the typical knowledge worker sends and receives 105 emails each day. Cribbing from Shakespeare, some people are born e-hoarders, some are made, and others have e-hoarding thrust upon them.

Plenty of us have e-hoarding thrust upon us. In regulated industries, e-hoarding is more or less mandated. Delete the wrong email, and you could get your firm in serious trouble - although that doesn't mean you have to store the thing in your inbox indefinitely.

Cheap storage is a key enabler

With computers sold with ever bigger hard drives, e-hoarding doesn't stress storage the way it would have in the past. And why delete, when it may well be cheaper to store? The cost of storage has dropped from about $9 per GB in 2000 to about $.08 per GB today.

If you're a well-paid knowledge worker, the productivity lost while purging old files may well cost your organization more than the bloated storage costs. That is, until it comes time to find something. Powerful search engines like Google create the illusion that information is always at our fingertips.

Enterprise search, though, falls way short of what we're used to with Google. Desktop search is nearly as bad, and email search is like banging flint together to make a fire instead of using a lighter. It's downright primitive.

Elliot Soloway, a professor in the College of Engineering at the University of Michigan, is a self-confessed e-hoarder. Soloway is constantly writing articles for publications, ideas for his classes and entries for his blog. He saves everything. "You never know when you might want to reuse a paragraph or rescue a nice turn of phrase you never ended up using," he says.

Anything filed in the last week or 10 days, Soloway could find. Beyond that, finding poorly filed information would often take longer than recreating it from scratch. Soloway eventually tamed his e-hoard with X1 Technology's desktop search software. X1 quickly finds information buried in emails, documents and presentations (and its most recent version will search social media sites, webmail and even search a remote PC from a smartphone).

Now, Soloway says he doesn't need to worry about e-hoarding. Anything he saves is accessible. "In fact, I save more mini-files. I create many small documents with bits and pieces intended for larger projects. I write differently because I don't worry about information getting lost as soon as I close the document," he says.

Click here to read the entire article on Network World.

OMB Issues Document Seeking Feedback on Ideas to Change A-133 Audits

Fri, 09 Mar 2012 12:00:00 EDT

Office of Management and Budget (OMB) Issues Document Seeking Feedback on Ideas to Change Compliance Audits of Federal Funds (A-133)

The AICPA’s Governmental Audit Quality Center (GAQC) has been working on this issue, and wants to share information with KSCPA members. More information below.

NEW DATES - NEW CONFERENCE
Register today on www.kscpa.org -
Click here for June 4 Accounting & Assurances Services Conference
Click here for June 5-6 Governmental Nonprofit Accounting & Auditing Conference (our most popular conference!)

Quick background – OMB proposal would affect many members

The Office of Management and Budget (OMB) has issued a document for feedback that includes various ideas for change to compliance audits of federal funds, commonly referred to as single audits or Circular A-133 audits. There was only a 30-day comment period provided and comments are due March 29.

Among the ideas discussed are a potential increase in the threshold for audit (from $500K to $1M), and a new category of single audit that will be narrower in scope than what is in place today (between $1M and $3M). Entities expending more than $3M would continue to have a full single audit.

It’s important to note that this proposal is not intended to modify current regulation, but to serve as a mechanism for getting feedback on ideas being considered. The next step in the process, likely to occur several months from now, will be actual proposed revisions to regulations with another opportunity for the profession, practitioners, etc. to comment.

Resources and an offer to help, if you get questions

The GAQC developed the Alert attached below, which can also be accessed by the public on the GAQC Web site by clicking here.

The idea for increasing the threshold for audit has the potential to affect approximately 10,000 single audits. The GAQC Executive Committee has a task force developing an AICPA comment letter, and it will certainly be considering the potential changes to the audit with an eye toward protecting the public interest, as well as what is important to federal agencies who rely on the audits and members who perform the audits.

The AICPA will share it's final letter which will most likely be available at or around the March 29 deadline. The AICPA, however, is available to assist members with questions, and the KSCPA Accounting & Assurance Services Task Force will determine if a comment letter is to be prepared on behalf of the KSCPA membership. To reach out to the GAQC staff at the AICPA, send an e-mail to the GAQC mailbox at gaqc@aicpa.org.

KSCPA Testifies in Opposition of SB 376 Which Includes Sales Tax on Services

Wed, 07 Mar 2012 12:00:00 EDT

Topeka, March 7, 2012: Testimony was heard on SB 376 (Committee on Assessment and Taxation chaired by Senator Les Donovan), a comprehensive plan for reduction of sales tax rate and income tax rates, elimination of certain sales tax exemptions, imposition of sales tax on certain services and provision of sales tax exemption for certain purchases of food. Because of the imposition of sales tax on services, including certain services provided by members of the KSCPA, the society testified today in opposition of the bill.

Click here track the progress of this bill.

Access this document to read the testimony of the KSCPA presented by Gary C. Allerheiligen, CPA, chair of the KSCPA Legislative Executive Committee.

Click here to read KSCPA testimony in opposition of SB 376

KSCPA News

KSCPA Metro Chapter - Kansas City Royals Baseball - FREE to Chapter Members

Drinon's Leadership Express - "Developing Credibility & Trust with Others"

Developing Credibility & Trust with Others

Rich Drinon

USDA Requiring CPAs to Attest to AGI Limitations for Clients in Certain Farming Programs

USDA Requiring CPAs to Attest to AGI Limitations for Clients in Certain Farming ProgramsFrom the AICPA

Kansas House Passes Tax Plan

Kansas House of Representatives Passes Tax Plan

KSCPA Members & Leaders to Meet In Lawrence May 22-23 for Professional Issues Update/Leadership Summit

2012 KSCPA Spring Professional Issues Update & Leadership Summit

Young Professionals Conference to Be Held on May 22

IRS News for Tax Professionals - May 2012

U.S. House of Representatives Passes the "Digital Accountability and Transparency Act"

U.S. House of Representatives Passes the DATA Act

Kansas House and Senate Reach Agreement on Tax Issues

Kansas House and Senate Reach Agreement on Tax Issues

Drinon's Leadership Express- "Leading Groups & Making Presentations"

Leading Groups & Making Presentations

Rich Drinon

Kansas Department of Administration Undergoes Management Reorganization

Kansas Department of Administration Undergoes Management Reorganization

From the Kansas Department of Administration

KSCPA Members Selected as Honorees for Wichita Business Journal CFO Awards

KSCPA Members Selected as Honorees for Area Award

Texas Society of CPAs: Analysis of Legislative Proposals on Domestic Oil & Gas Exploration & Development

AccountingToday: Many Firms Lack Formal Technology Plans

March/April Skyscapes - 2012 Professional Development Catalog

March/April Skyscapes - 2012 Professional Development Catalog

Listen to Mary kick of the 2012 Professional Development Year:

FASB Chair Says FAF Could Announce Private Company Reporting Decision in May

FASB Chair Says FAF Could Announce Private Company Reporting Decision in May

KSCPA Professional Development Schedule - Plan Your 2012 Education Today!

2012 Professional Development Schedule

Nominate a "Woman to Watch" for the 2012 AICPA/KSCPA Award

Don't miss the conference preceding the awards luncheon:

Students Attend Missouri Valley Regional BAP Meeting in St Louis

AICPA President and CEO Barry C. Melacon Offers Statement Before the House Capital Markets Subcommittee Accounting and Auditing Oversight Hearing

Statement - AICPA President and CEO Barry C. Melancon Before the House Capital Markets Subcommittee Accounting and Auditing Oversight Hearing Washington

From the AICPA

Congresswoman Lynn Jenkins, CPA Chairs Hearing with IRS Commissioner March 22, 2012

LEGISLATIVE UPDATE FROM WASHINGTON, DC

Members:

Login and go to Legislative Updates to view results of KSCPA Member Survey.

Marketing Opportunities Brochure

Advertise with the KSCPA today!

AICPA "2012 Top Technology Initiatives Survey"

AICPA 2012 Top Technology Initiatives Survey Released

From the AICPA

Apply to be an AICPA Volunteer

AICPA Accepting Applications for Volunteer Groups

Drinon's Leadership Express- "Facing the Challenges of Diversity & Generational Differences"

Facing the Challenges of Diversity & Generational Differences

Rich Drinon

Accounting Today Releases 2012 "Top 100 Firms" and Regional "Top Firms" List

Kansas Firms Spotlighted in Accounting Today Lists

House Passes SB 177 and Senate Tax Committee Passes Several Bills Out of Committee

From Marlee Carpenter, KSCPA Governmental Affairs Consultant

AICPA Accepting Applications for Maximo Mukelabai Award - Check out KSCPA Young Professionals Conference

AICPA Accepting Nominations for the AICPA Maximo Mukelabai Award

KSCPA to Hold 3rd Annual Young Professionals Conference - May 22 - Lawrence

Feeling of Information Overload? You May be an E-hoarder

Warning: You may be an e-hoarder

by Jeff Vance, Network WorldMarch 05, 2012

Cheap storage is a key enabler

OMB Issues Document Seeking Feedback on Ideas to Change A-133 Audits

Office of Management and Budget (OMB) Issues Document Seeking Feedback on Ideas to Change Compliance Audits of Federal Funds (A-133)

KSCPA Testifies in Opposition of SB 376 Which Includes Sales Tax on Services

USDA Requiring CPAs to Attest to AGI Limitations for Clients in Certain Farming Programs
From the AICPA

by Jeff Vance, Network World
March 05, 2012