KSCPA News http://www.kscpa.org/about/news News from KSCPA en-us Copyright 2014, KSCPA News from the IRS - August 2014 http://www.kscpa.org/about/news/663-news_from_the_irs-august_2014 http://www.kscpa.org/about/news/663-news_from_the_irs-august_2014 <p><strong><img src="/writable/images/Logos/irslogo.jpg" alt="irs" /></strong></p> <p><strong>AUGUST 2014</strong></p> <p><strong>LOCAL<br /></strong><strong>8-26-2014 </strong><strong>– </strong>The Missouri IRS Tax Practitioner Symposium is scheduled for August 26, 2014 and will be at the Stegton Regency Banquet Center, located at 1450 Wall Street, in St. Charles, MO.  This event is co-sponsored by the Missouri Chapter of NATP and the Internal Revenue Service.  Information to register and attend is included in the<a href="http://origin-qps.onstreammedia.com/origin/irsdocs/SL%20Area%20Folders/Central%20Area/Anita%20Douglas/8-2014IRSSUMMARIES/8-26-2014-MISSOURISYMPOSIUMFLYER.PDF">Registration Form.</a><strong><span style="text-decoration: underline;"><br />8-28-2014 </span></strong><strong> </strong>– The Kansas Tax Practitioner Symposium is scheduled for August 24, 2014 and will be at the Johnson Community College, Regnier Center, located at 12345 College Blvd, in Overland Park, Kansas.  This event is co-sponsored by the Kansas Chapter of NATP and the Internal Revenue Service.  Information to register and attend is included in the<strong>  </strong><a href="http://origin-qps.onstreammedia.com/origin/irsdocs/SL%20Area%20Folders/Central%20Area/Anita%20Douglas/8-28-2014KANSASNATPSYMPOSIUM/8-28-2014%20KANSASNATPREGISTRATIONFORM.PDF">Registration Form</a><strong> .</strong></p> <p> </p> <p><strong>TOP NEWS - EVENTS</strong>   <br />The latest news and events for tax professionals can be found on irs.gov at <a href="http://www.irs.gov/Tax-Professionals/Tax-Pro-News-and-Events">http://www.irs.gov/Tax-Professionals/Tax-Pro-News-and-Events<br />Information</a> about available IRS sponsored continuing education programs can be found on irs.gov at <a href="http://www.irs.gov/Tax-Professionals/IRS-Sponsored-Continuing-Education-Programs">http://www.irs.gov/Tax-Professionals/IRS-Sponsored-Continuing-Education-Programs</a>. <br />Subscribe to IRS <a href="http://www.irs.gov/uac/Join-e-News-for-Tax-Professionals">e-News for Tax Professionals</a> for weekly information for tax professionals.<br />IRS Nationwide Tax Forums will be held in the following listed cities during 2014:<br />San Diego             Town & Country Resort& Convention Center                  July 15-17      New Orleans           Hyatt Regency New Orleans         July 22-24<br />Washington, D.C.   Gaylord National Hotel & Convention Center                August 19-21<br />Orlando, FL             Orlando World Center Marriott       August 26-28<br />Registration and seminar information can be found on the official web site of the forums <a href="https://www.irstaxforum.com">https://www.irstaxforum.com</a> .  <br />Information about IRS webinars for tax professionals can be found at <a href="http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Webinars-for-Tax-Practitioners-1">http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Webinars-for-Tax-Practitioners-1</a>.  <br /><strong>Health Care Webinar Series</strong> -Health care continues to be an important issue for small business owners. The Small Business Administration, Department of Health and Human Services, and Small Business Majority are committed to helping businesses navigate the changes and opportunities in health care through the Affordable Care Act 101 webinar series.  The Webinars are available in English and Spanish.  <a href="http://origin-qps.onstreammedia.com/origin/irsdocs/SL%20Area%20Folders/Central%20Area/Anita%20Douglas/8-2014IRSSUMMARIES/HEALTHCAREBASICSFOSMALBUSINESS.docx">Register</a><strong><br />7-24-2014 –</strong> Free Web Cast! The Affordable Care Act’s Employer Shared Responsibility Provisions – What Government Employers Need to Know. <br />Information to register and attend is included in the  <a href="http://origin-qps.onstreammedia.com/origin/irsdocs/SL%20Area%20Folders/Central%20Area/Anita%20Douglas/8-2014IRSSUMMARIES/7-24-2014TEGE%20WEBAST-SHAREDRESPONSIBILITY.msg">Flyer.</a><strong><br />7-24-2014 – </strong>How to Apply for Tax Exempt Status Webinar.  Information to register and Attend is included in the <a href="http://origin-qps.onstreammedia.com/origin/irsdocs/SL%20Area%20Folders/Central%20Area/Anita%20Douglas/8-28-2014KANSASNATPSYMPOSIUM/7-24-2014-Howtoapplyfortaxexemptstatus.pdf">Flyer</a>.</p> <p><strong> </strong></p> <p><strong>TOP NEWS - YOUR PRACTICE <br /></strong><a href="http://links.govdelivery.com:80/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTQwNzAzLjMzNjk2OTIxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE0MDcwMy4zMzY5NjkyMSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE2ODYwMjY3JmVtYWlsaWQ9bWljaGFlbC5qLm11ZHJvbmNpa0BpcnMuZ292JnVzZXJpZD1taWNoYWVsLmoubXVkcm9uY2lrQGlycy5nb3YmZmw9JmV4dHJhPU11bHRpdmFyaWF0ZUlkPSYmJg==&&&169&&&http://www.irs.gov/pub/irs-drop/rp-14-42.pdf">Revenue Procedure 2014-42</a> provides guidance regarding a new, voluntary Annual Filing Season Program designed to encourage tax return preparers who are not attorneys, certified public accountants (CPAs), or enrolled agents (EAs) to complete continuing education courses for the purpose of increasing their knowledge of the law relevant to federal tax returns.  In addition, this revenue procedure modifies and supersedes Revenue Procedure 81-38, 1981-2 C.B. 592, regarding limited practice before the IRS by individuals who are not attorneys, CPAs, or EAs.<br />Individual Taxpayer Identification Numbers, <a href="http://links.govdelivery.com:80/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTQwNzAzLjMzNjk2OTIxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE0MDcwMy4zMzY5NjkyMSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE2ODYwMjY3JmVtYWlsaWQ9bWljaGFlbC5qLm11ZHJvbmNpa0BpcnMuZ292JnVzZXJpZD1taWNoYWVsLmoubXVkcm9uY2lrQGlycy5nb3YmZmw9JmV4dHJhPU11bHRpdmFyaWF0ZUlkPSYmJg==&&&165&&&http://www.irs.gov/uac/Newsroom/Unused-ITINS-to-Expire-After-Five-Years;-New-Uniform-Policy-Eases-Burden-on-Taxpayers,-Protects-ITIN-Integrity">ITINs </a>, will be deactivated if not used on a federal income tax return for five consecutive years.<br />In an effort to combat fraud and <a href="http://links.govdelivery.com:80/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTQwNzAzLjMzNjk2OTIxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE0MDcwMy4zMzY5NjkyMSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE2ODYwMjY3JmVtYWlsaWQ9bWljaGFlbC5qLm11ZHJvbmNpa0BpcnMuZ292JnVzZXJpZD1taWNoYWVsLmoubXVkcm9uY2lrQGlycy5nb3YmZmw9JmV4dHJhPU11bHRpdmFyaWF0ZUlkPSYmJg==&&&166&&&http://www.irs.gov/Individuals/Direct-Deposit-Limits">identity theft</a>, new IRS procedures effective January 2015 will limit the number of refunds electronically deposited into a single financial account or pre-paid debit card to three.<br />The Electronic Tax Administration Advisory Committee (ETAAC) presented its <a href="http://links.govdelivery.com:80/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTQwNjI3LjMzNTA0MDExJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE0MDYyNy4zMzUwNDAxMSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE2ODU2OTk4JmVtYWlsaWQ9bWljaGFlbC5qLm11ZHJvbmNpa0BpcnMuZ292JnVzZXJpZD1taWNoYWVsLmoubXVkcm9uY2lrQGlycy5nb3YmZmw9JmV4dHJhPU11bHRpdmFyaWF0ZUlkPSYmJg==&&&165&&&http://www.irs.gov/uac/Newsroom/IRS-Electronic-Tax-Administration-Advisory-Committee-Delivers-Report-to-Congress-2014">2014 Annual Report to Congress</a> during a June 24 public meeting. The report discusses five groups of recommendations on issues in electronic tax administration.<br />The Internal Revenue Service announced major <a href="http://links.govdelivery.com:80/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTQwNjIwLjMzMjg2MzAxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE0MDYyMC4zMzI4NjMwMSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE2ODUyNzI0JmVtYWlsaWQ9bWljaGFlbC5qLm11ZHJvbmNpa0BpcnMuZ292JnVzZXJpZD1taWNoYWVsLmoubXVkcm9uY2lrQGlycy5nb3YmZmw9JmV4dHJhPU11bHRpdmFyaWF0ZUlkPSYmJg==&&&164&&&http://www.irs.gov/uac/Newsroom/IRS-Makes-Changes-to-Offshore-Programs;-Revisions-Ease-Burden-and-Help-More-Taxpayers-Come-into-Compliance">changes in its offshore voluntary compliance programs</a>, providing new options to help both taxpayers residing overseas and those residing in the United States. The changes are anticipated to provide thousands of people a new avenue to come into compliance with their U.S. tax obligations.<br />The IRS Office of Professional Responsibility has published <a href="http://links.govdelivery.com:80/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTQwNjIwLjMzMjg2MzAxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE0MDYyMC4zMzI4NjMwMSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE2ODUyNzI0JmVtYWlsaWQ9bWljaGFlbC5qLm11ZHJvbmNpa0BpcnMuZ292JnVzZXJpZD1taWNoYWVsLmoubXVkcm9uY2lrQGlycy5nb3YmZmw9JmV4dHJhPU11bHRpdmFyaWF0ZUlkPSYmJg==&&&166&&&http://www.irs.gov/pub/irs-utl/TD_9668_6-9-14_Cir%20230_6-9-14_Final_Reg.pdf">revisions to Circular 230</a>, affecting attorneys, accountants, Enrolled Agents and other tax professionals.</p> <p><strong><br /></strong><strong>TOP NEWS - WEB TIPS  <br /></strong>Learn about federal tax topics through video and audio presentationsat <a href="http://www.irsvideos.gov/">http://www.irsvideos.gov/<br />Join</a> the conversation on the IRS Return Preparer Office <a href="http://apps.irs.gov/app/scripts/exit.jsp?dest=http://www.facebook.com/IRStaxpros">Facebook page</a><br />Follow @IRSTaxPros on <a href="http://apps.irs.gov/app/scripts/exit.jsp?dest=http://twitter.com/irstaxpros">Twitter</a>.<br /><a href="http://links.govdelivery.com:80/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTQwNTA5LjMyMDUxNzcxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE0MDUwOS4zMjA1MTc3MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE2ODI4NzE4JmVtYWlsaWQ9bWljaGFlbC5qLm11ZHJvbmNpa0BpcnMuZ292JnVzZXJpZD1taWNoYWVsLmoubXVkcm9uY2lrQGlycy5nb3YmZmw9JmV4dHJhPU11bHRpdmFyaWF0ZUlkPSYmJg==&&&124&&&http://www.youtube.com/watch?v=1LrHZ4aftD4&list=PL2A3E7A9BD8A8D41D" target="_blank">Watch informational videos on the IRS YouTube Channel</a><br />The IRS Office of Professional Responsibility (OPR) wants to provide the tax professional community with current and up-to-date news and information from its office. It has begun an e-News subscription which will provide subscribers with notifications regarding:<br />-  OPR disciplinary actions,<br />-  Press releases, <br />-  New items,<br />-  Rules governing those who practice before the IRS and related updates<br />-  Educational info about OPR, its mission and priorities.<br /><a href="http://apps.irs.gov/app/scripts/exit.jsp?dest=https://public.govdelivery.com/accounts/USIRS/subscriber/new?">Subscribe/Unsubscribe</a>  (in case this link doesn’t work for you, try this below)<br /><a href="http://www.irs.gov/Tax-Professionals/Subscribe-to-News-and-Updates-from-the-Office-of-Professional-Responsibility-OPR">http://www.irs.gov/Tax-Professionals/Subscribe-to-News-and-Updates-from-the-Office-of-Professional-Responsibility-OPR<br />This</a> new <a href="http://links.govdelivery.com:80/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTQwNzExLjMzOTY3NzkxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE0MDcxMS4zMzk2Nzc5MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE2ODY0Nzg3JmVtYWlsaWQ9bWljaGFlbC5qLm11ZHJvbmNpa0BpcnMuZ292JnVzZXJpZD1taWNoYWVsLmoubXVkcm9uY2lrQGlycy5nb3YmZmw9JmV4dHJhPU11bHRpdmFyaWF0ZUlkPSYmJg==&&&165&&&https://www.youtube.com/watch?v=GBEJTcFuVm0">YouTube video</a> explains what your clients need to do if they don’t have basic health care coverage.<br />Learn more about the Dirty Dozen tax scams in this new <a href="http://links.govdelivery.com:80/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTQwNjI3LjMzNTA0MDExJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE0MDYyNy4zMzUwNDAxMSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE2ODU2OTk4JmVtYWlsaWQ9bWljaGFlbC5qLm11ZHJvbmNpa0BpcnMuZ292JnVzZXJpZD1taWNoYWVsLmoubXVkcm9uY2lrQGlycy5nb3YmZmw9JmV4dHJhPU11bHRpdmFyaWF0ZUlkPSYmJg==&&&166&&&https://www.youtube.com/watch?v=ghQp0DxzY6g">YouTube video</a>.</p> <p> </p> <p><strong>TOP NEWS – EMPLOYERS<br /></strong>The U.S. Small Business Administration announced the launch of SupplierPay. It’s a new project dedicated to giving America’s entrepreneurs access to affordable, consistent working capital. It’s about paying them on time and keeping their interest rates low, so they can invest in new equipment, new products and new people.  Find out more at <a href="http://www.sba.gov/community/blogs/official-sba-news-and-views/open-business/new-strategy-%E2%80%9Cdrive%E2%80%9D-small-business-growth-0">http://www.sba.gov/community/blogs/official-sba-news-and-views/open-business/new-strategy-%E2%80%9Cdrive%E2%80%9D-small-business-growth-0</a><br /><a href="http://links.govdelivery.com:80/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTQwNzAyLjMzNjQ5MDQxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE0MDcwMi4zMzY0OTA0MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE2ODU5MjY0JmVtYWlsaWQ9bWljaGFlbC5qLm11ZHJvbmNpa0BpcnMuZ292JnVzZXJpZD1taWNoYWVsLmoubXVkcm9uY2lrQGlycy5nb3YmZmw9JmV4dHJhPU11bHRpdmFyaWF0ZUlkPSYmJg==&&&122&&&http://www.irs.gov/pub/irs-pdf/p3780sp.pdf" target="_blank">Publication 3780 (SP)</a> , Tax Information for Small Construction Businesses, covers several issues that may cause problems for small construction business owners.</p> <p><strong><br /><br />TOP NEWS - RETIREMENT PLANS <br /></strong>Find all of the most current tax information for retirement plans on irs.gov at <a href="http://www.irs.gov/Retirement-Plans">http://www.irs.gov/Retirement-Plans</a>. <br />To have retirement plan information sent directly to your email inbox, you can subscribe to IRS retirement plan newsletters at <a href="http://www.irs.gov/Retirement-Plans/Newsletters">http://www.irs.gov/Retirement-Plans/Newsletters</a>.<br /><a href="http://links.govdelivery.com:80/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTQwNzExLjMzOTY3NzkxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE0MDcxMS4zMzk2Nzc5MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE2ODY0Nzg3JmVtYWlsaWQ9bWljaGFlbC5qLm11ZHJvbmNpa0BpcnMuZ292JnVzZXJpZD1taWNoYWVsLmoubXVkcm9uY2lrQGlycy5nb3YmZmw9JmV4dHJhPU11bHRpdmFyaWF0ZUlkPSYmJg==&&&167&&&http://www.irs.gov/Retirement-Plans/Phone-Forums-Retirement-Plans">Sign up</a> now for this July 28 Phone Forum and join experienced IRS representatives from Employee Plans Technical and Guidance for an overview of the latest developments in the 403(b) world.  The overview will primarily focus on the 403(b) Pre-Approved Plan Program. This will include a discussion of program details as well as some of the issues the IRS is encountering as it begins to implement the program.</p> <p> </p> <p><strong>TOP NEWS - TAX-EXEMPT ORGANIZATIONS<br /></strong>Find all of the most current tax information for tax-exempt organizations on irs.gov at <a href="http://www.irs.gov/Charities-&-Non-Profits">http://www.irs.gov/Charities-&-Non-Profits</a>.<br />The Internal Revenue Service introduced a new, <a href="http://links.govdelivery.com:80/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTQwNzAzLjMzNjk2OTIxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE0MDcwMy4zMzY5NjkyMSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE2ODYwMjY3JmVtYWlsaWQ9bWljaGFlbC5qLm11ZHJvbmNpa0BpcnMuZ292JnVzZXJpZD1taWNoYWVsLmoubXVkcm9uY2lrQGlycy5nb3YmZmw9JmV4dHJhPU11bHRpdmFyaWF0ZUlkPSYmJg==&&&164&&&http://www.irs.gov/uac/Newsroom/New-1023-EZ-Form-Makes-Applying-for-501c3Tax-Exempt-Status-Easier-Most-Charities-Qualify">shorter application</a> form to help small charities apply for 501(c)(3) tax-exempt status more easily.<br /><a href="http://links.govdelivery.com:80/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTQwNzAzLjMzNjk2OTIxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE0MDcwMy4zMzY5NjkyMSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE2ODYwMjY3JmVtYWlsaWQ9bWljaGFlbC5qLm11ZHJvbmNpa0BpcnMuZ292JnVzZXJpZD1taWNoYWVsLmoubXVkcm9uY2lrQGlycy5nb3YmZmw9JmV4dHJhPU11bHRpdmFyaWF0ZUlkPSYmJg==&&&171&&&http://www.irs.gov/pub/irs-drop/rp-14-40.pdf">Revenue Procedure 2014-40</a> sets forth procedures for applying for and for issuing determination letters on the exempt status under § 501(c)(3) of the Internal Revenue Code (Code) using Form 1023-EZ, Streamlined Application for Recognition of Exemption under Section 501(c)(3) of the Internal Revenue Code. This revenue procedure is generally available for certain U.S. organizations with assets of $250,000 or less and annual gross receipts of $50,000 or less</p> <p> </p> <p><strong>GUIDANCE – IRS TAX TIPS AND IRS FACT SHEETS<br /></strong><a href="http://www.irs.gov/uac/Newsroom/Top-10-Reasons-to-Visit-IRS.gov-this-Summer">Top 10 Reasons to Visit IRS.gov this Summer</a><br />Summertime Tax Tip 2014-05, July 14, 2014<br /><a href="http://www.irs.gov/uac/Newsroom/Avoid-Summertime-Tax-Scams">Avoid Summertime Tax Scams</a><br />Summertime Tax Tip 2014-04, July 11, 2014<br /><a href="http://www.irs.gov/uac/Newsroom/IRS-Tip-Sheet-on-Gambling-Income-and-Losses">IRS Tip Sheet on Gambling Income and Losses</a><br />Summertime Tax Tip 2014-03, July 9, 2014<br /><a href="http://www.irs.gov/uac/Newsroom/Summer-Weddings-Mean-Tax-Changes">Summer Weddings Mean Tax Changes</a><br />Summertime Tax Tip 2014-02, July 7, 2014<br /><a href="http://www.irs.gov/uac/Newsroom/What-to-do-if-You-Get-a-Notice-from-the-IRS">What to do if You Get a Notice from the IRS </a><br />Summertime Tax Tip 2014-01, July 2, 2014<br />You can find the current list of IRS Tax Tips on irs.gov at <a href="http://www.irs.gov/uac/IRS-Tax-Tips">http://www.irs.gov/uac/IRS-Tax-Tips</a> . <br /><a href="http://www.irs.gov/uac/Newsroom/IRS-Unveils-Filing-Season-Program-for-Tax-Return-Preparers,-Answers-Frequently-Asked-Questions">IRS Unveils Filing Season Program for Tax Return Preparers, Answers Frequently Asked Questions</a><br />FS-2014-8, June 2014 — The IRS provides additional information on the Annual Filing Season program in a question-and-answer format.<br /><a href="http://www.irs.gov/uac/Newsroom/Offshore-Income-and-Filing-Information-for-Taxpayers-with-Offshore-Accounts">Offshore Income and Filing Information for Taxpayers with Offshore Accounts </a><br />FS-2014-7, June 2014 — U.S. citizens, resident aliens and certain nonresident aliens are required to report worldwide income from all sources including foreign accounts and pay taxes on income from those accounts at their individual rates.<br /><a href="http://www.irs.gov/uac/Newsroom/IRS-Offshore-Voluntary-Disclosure-Efforts-Produce-$6.5-Billion;-45,000-Taxpayers-Participate">IRS Offshore Voluntary Disclosure Efforts Produce $6.5 Billion; 45,000 Taxpayers Participate</a><br />FS-2014-6, June 2014 — For several years, a top priority of the IRS has stopping offshore tax cheating and bringing individuals, especially high net-worth individuals, back into the tax system.<br />You can find IRS Fact Sheets on irs.gov at<br /><a href="http://www.irs.gov/uac/Newsroom/Fact-Sheets-2014">http://www.irs.gov/uac/Newsroom/Fact-Sheets-2014</a></p> <p> </p> <p><strong>GUIDANCE - IRS STAKEHOLDER PARTNERS’ HEADLINERS<br /></strong>IRS Stakeholder Headliners are intended to provide alerts or reminders to taxpayers and tax professionals about tax matters and issues.  You can find the current list of headliners on irs.gov at <a href="http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/IRS-Stakeholder-Partners-Headliners">http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/IRS-Stakeholder-Partners-Headliners</a> . <br />There were no new headliners for the month.</p> <p><strong><br /><br />GUIDANCE - ISSUE MANAGEMENT RESOLUTION SYSTEM (IMRS)</strong><br />The IRS Communications and Stakeholder Outreach function has established the Issue Management Resolution System, a streamlined and structured process that facilitates stakeholder issue identification, resolution and feedback.<br />IMRS captures, develops and responds to significant national and local stakeholder issues. When stakeholder organizations notify the IRS of concerns about IRS policies, practices and procedures, analysts research and respond to the issues.<br />Tax professionals should forward significant issues regarding IRS policies, practices and procedures to their <a href="http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Stakeholder-Liaison-Local-Contacts-1">Stakeholder Liaison (SL) Local Contacts</a>.<br />You can find IMRS information on irs.gov at <a href="http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Issue-Management-Resolution-System-IMRS">http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Issue-Management-Resolution-System-IMRS</a> .       </p> <p><strong><br /><br />GUIDANCE - IMRS HOT ISSUES REPORT</strong><br />Hot Issues contains IMRS issues and other current items of interest.  Below is the current list of hot issues.  Go to <a href="http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/IMRS-Hot-Issues">http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/IMRS-Hot-Issues</a> to get additional details.</p> <p><strong><br /><br />New Resources on IRS.gov for Handling Estates, Bankruptcies<br /></strong>IRS.gov has new resources that can help tax professionals manage estate and bankruptcy issues. For more information, including links to forms and publications, see <a href="http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Declaring-Bankruptcy">Bankruptcy</a> and <a href="http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Deceased-Taxpayers-Probate-Filing-Estate-and-Individual-Returns-Paying-Taxes-Due">Deceased Taxpayers – Probate, Filing Estate and Individual Returns, Paying Taxes Due</a>.<br /><br /><br /><strong><br />IRS Direct Pay Now Available on IRS.gov</strong><br />The Internal Revenue Service announced the successful start of its new web-based system — <a href="http://www.irs.gov/Payments/Direct-Pay">IRS Direct Pay</a> — on IRS.gov, which lets taxpayers pay their tax bills or make estimated tax payments directly from checking or savings accounts without any fees or pre-registration. Taxpayers receive instant confirmation that the payment has been submitted, and the system is available 24 hours a day, 7 days a week. Bank account information is not retained in IRS systems after payments are made.</p> <p><strong><br /><br />IMRS MONTHLY OVERVIEW</strong><br />The IMRS Monthly Overview provides synopses of some of the issues received and/or closed by the Issue Management Resolution System staff during the past month. The Monthly Overview informs the public about the work of IMRS and highlights issues that we think would be of most interest to external stakeholders.  You can find the information at <a href="http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Issue-Management-Resolution-System-IMRS">http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Issue-Management-Resolution-System-IMRS</a> . </p> <p><strong> </strong></p> <p><strong>INTERNAL REVENUE SERVICE NEWS RELEASES<br /></strong>IRS news releases for the current month can be found on irs.gov at <a href="http://www.irs.gov/uac/News-Releases-for-Current-Month">http://www.irs.gov/uac/News-Releases-for-Current-Month</a> .   <br /><a href="http://www.irs.gov/uac/Subscribe-to-IRS-Newswire-1">Subscribe</a> to IRS Newswire to get news releases via e-mail from the IRS.<br />Archived news releases and fact sheets can be found at <a href="http://www.irs.gov/uac/News-Release-and-Fact-Sheet-Archive">http://www.irs.gov/uac/News-Release-and-Fact-Sheet-Archive</a> .</p> <p> </p> <p><strong>INTERNAL REVENUE SERVICE ANNOUNCEMENTS<br /></strong>An announcement is a public pronouncement that has only immediate or short-term value. For example, announcements can be used to summarize the law or regulations without making any substantive interpretation; to state what regulations will say when they are certain to be published in the immediate future; or to notify taxpayers of the existence of an approaching deadline.<br />You can receive Internal Revenue Service Announcements by subscribing to the free IRS e-News publication “GuideWire” at <a href="http://www.irs.gov/uac/Subscribe-to-IRS-GuideWire">http://www.irs.gov/uac/Subscribe-to-IRS-GuideWire</a>.   <br />All Internal Revenue Service Announcements are ultimately published in the Internal Revenue Bulletin (IRB).  You can access the IRB through irs.gov by searching on “Internal Revenue Bulletin” or by going to <a href="http://www.irs.gov/irb/">http://www.irs.gov/irb/</a></p> <p><strong><br /><br />INTERNAL REVENUE SERVICE NOTICES <br /></strong>A notice is a public pronouncement that may contain guidance that involves substantive interpretations of the Internal Revenue Code or other provisions of the law. For example, notices can be used to relate what regulations will say in situations where the regulations may not be published in the immediate future.<br />You can receive Internal Revenue Service Notices by subscribing to the free IRS e-News publication “GuideWire” at <a href="http://www.irs.gov/uac/Subscribe-to-IRS-GuideWire">http://www.irs.gov/uac/Subscribe-to-IRS-GuideWire</a>.   <br />All Internal Revenue Service Notices are ultimately published in the Internal Revenue Bulletin (IRB).  You can access the IRB through irs.gov by searching on “Internal Revenue Bulletin” or by going to <a href="http://www.irs.gov/irb/">http://www.irs.gov/irb/</a></p> <p> </p> <p><strong>INTERNAL REVENUE SERVICE REVENUE RULINGS<br /></strong>A revenue ruling is an official interpretation by the IRS of the Internal Revenue Code, related statutes, tax treaties and regulations. It is the conclusion of the IRS on how the law is applied to a specific set of facts.<br />You can receive Internal Revenue Service Revenue Rulings by subscribing to the free IRS e-News publication “GuideWire” at <a href="http://www.irs.gov/uac/Subscribe-to-IRS-GuideWire">http://www.irs.gov/uac/Subscribe-to-IRS-GuideWire</a>.   <br />All Internal Revenue Service Rulings are ultimately published in the Internal Revenue Bulletin (IRB) for the information of and guidance to taxpayers, IRS personnel and tax professionals.  You can access the IRB through irs.gov by searching on “Internal Revenue Bulletin” or by going to <a href="http://www.irs.gov/irb/">http://www.irs.gov/irb/</a></p> <p> </p> <p><strong>INTERNAL REVENUE SERVICE REVENUE PROCEDURES<br /></strong>A revenue procedure is an official statement of a procedure that affects the rights or duties of taxpayers or other members of the public under the Internal Revenue Code, related statutes, tax treaties and regulations and that should be a matter of public knowledge.<br />While a revenue ruling generally states an IRS position, a revenue procedure provides return filing or other instructions concerning an IRS position. For example, a revenue procedure might specify how those entitled to deduct certain automobile expenses should compute them by applying a certain mileage rate in lieu of calculating actual operating expenses.<br />You can receive Internal Revenue Service Revenue Procedures by subscribing to the free IRS e-News publication “GuideWire” at <a href="http://www.irs.gov/uac/Subscribe-to-IRS-GuideWire">http://www.irs.gov/uac/Subscribe-to-IRS-GuideWire</a>.   <strong> <br /></strong>All Internal Revenue Service Procedures are ultimately published in the Internal Revenue Bulletin (IRB) for the information of and guidance to taxpayers, IRS personnel and tax professionals.  You can access the IRB through irs.gov by searching on “Internal Revenue Bulletin” or by going to <a href="http://www.irs.gov/irb/">http://www.irs.gov/irb/</a></p> <p> </p> <p><strong>FINAL OR TEMPORARY REGULATIONS (TREASURY DECISIONS) AND <br /></strong><strong>PROPOSED REGULATIONS<br /></strong>A regulation is issued by the Internal Revenue Service and Treasury Department to provide guidance for new legislation or to address issues that arise with respect to existing Internal Revenue Code sections. Regulations interpret and give directions on complying with the law. Regulations are published in the Federal Register <a href="https://www.federalregister.gov/">https://www.federalregister.gov/</a>.   <br />Generally, regulations are first published, in the Federal Register, in proposed form in a Notice of Proposed Rulemaking (NPRM). After public input is fully considered through written comments and even a public hearing, a final regulation or a temporary regulation is published as a Treasury Decision (TD), again, in the Federal Register.    <br />You can receive Internal Revenue Service Revenue Regulations by subscribing to the free IRS e-News publication “GuideWire” at <a href="http://www.irs.gov/uac/Subscribe-to-IRS-GuideWire">http://www.irs.gov/uac/Subscribe-to-IRS-GuideWire</a>.   <br />All Internal Revenue Service Regulations are also published in the Internal Revenue Bulletin (IRB).  You can access the IRB through irs.gov by searching on “Internal Revenue Bulletin” or by going to <a href="http://www.irs.gov/irb/">http://www.irs.gov/irb/<br />Online</a> links to the Internal Revenue Code, regulations and other official guidance can be found at <a href="http://www.irs.gov/Tax-Professionals/Tax-Code,-Regulations-and-Official-Guidance">http://www.irs.gov/Tax-Professionals/Tax-Code,-Regulations-and-Official-Guidance</a> . <br /><a href="http://links.govdelivery.com:80/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTQwNzAzLjMzNjk2OTIxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE0MDcwMy4zMzY5NjkyMSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE2ODYwMjY3JmVtYWlsaWQ9bWljaGFlbC5qLm11ZHJvbmNpa0BpcnMuZ292JnVzZXJpZD1taWNoYWVsLmoubXVkcm9uY2lrQGlycy5nb3YmZmw9JmV4dHJhPU11bHRpdmFyaWF0ZUlkPSYmJg==&&&170&&&https://s3.amazonaws.com/public-inspection.federalregister.gov/2014-15262.pdf">TD 9672</a> – Provides final regulations on the tax credit available to certain small employers that offer health insurance coverage to their employees</p> <p> </p> <p><strong>INTERNAL REVENUE SERVICE REPORTS AND STATISTICS<br /></strong><a href="http://www.irs.gov/uac/Tax-Stats-2">http://www.irs.gov/uac/Tax-Stats-2</a></p> Mon, 21 Jul 2014 12:00:00 EDT News from the IRS - July 2014 http://www.kscpa.org/about/news/662-news_from_the_irs-july_2014 http://www.kscpa.org/about/news/662-news_from_the_irs-july_2014 <p><strong><img src="/writable/images/Logos/irslogo.jpg" alt="irs" /></strong></p> <p><strong>JULY 2014</strong></p> <p><strong>New 1023-EZ Form Makes Applying for 501(c)(3) Tax-Exempt Status Easier</strong> <br />The Internal Revenue Service this week introduced a new, <a href="http://links.govdelivery.com:80/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTQwNzAzLjMzNjk2OTIxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE0MDcwMy4zMzY5NjkyMSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE2ODYwMjY3JmVtYWlsaWQ9YW5pdGEuZS5kb3VnbGFzQGlycy5nb3YmdXNlcmlkPWFuaXRhLmUuZG91Z2xhc0BpcnMuZ292JmZsPSZleHRyYT1NdWx0aXZhcmlhdGVJZD0mJiY=&&&164&&&http://www.irs.gov/uac/Newsroom/New-1023-EZ-Form-Makes-Applying-for-501c3Tax-Exempt-Status-Easier-Most-Charities-Qualify">shorter application</a> form to help small charities apply for 501(c)(3) tax-exempt status more easily.</p> <p> </p> <p><strong>IRS Announces ITIN Policy Change<br /></strong><a href="http://links.govdelivery.com:80/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTQwNzAzLjMzNjk2OTIxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE0MDcwMy4zMzY5NjkyMSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE2ODYwMjY3JmVtYWlsaWQ9YW5pdGEuZS5kb3VnbGFzQGlycy5nb3YmdXNlcmlkPWFuaXRhLmUuZG91Z2xhc0BpcnMuZ292JmZsPSZleHRyYT1NdWx0aXZhcmlhdGVJZD0mJiY=&&&165&&&http://www.irs.gov/uac/Newsroom/Unused-ITINS-to-Expire-After-Five-Years;-New-Uniform-Policy-Eases-Burden-on-Taxpayers,-Protects-ITIN-Integrity">ITINs </a>will be deactivated if not used on a federal income tax return for five consecutive years.</p> <p> </p> <p><strong>IRS Fights Fraud with New Direct Deposit Limits</strong></p> <p>In an effort to combat fraud and <a href="http://links.govdelivery.com:80/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTQwNzAzLjMzNjk2OTIxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE0MDcwMy4zMzY5NjkyMSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE2ODYwMjY3JmVtYWlsaWQ9YW5pdGEuZS5kb3VnbGFzQGlycy5nb3YmdXNlcmlkPWFuaXRhLmUuZG91Z2xhc0BpcnMuZ292JmZsPSZleHRyYT1NdWx0aXZhcmlhdGVJZD0mJiY=&&&166&&&http://www.irs.gov/Individuals/Direct-Deposit-Limits">identity theft</a>, new IRS procedures effective January 2015 will limit the number of refunds electronically deposited into a single financial account or pre-paid debit card to three.</p> <p><strong> </strong></p> <p><strong>Phone Forum: 403(b) Plans Update and Latest Developments<br /></strong>Sign up now for this July 28 <a href="http://links.govdelivery.com:80/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTQwNzAzLjMzNjk2OTIxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE0MDcwMy4zMzY5NjkyMSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE2ODYwMjY3JmVtYWlsaWQ9YW5pdGEuZS5kb3VnbGFzQGlycy5nb3YmdXNlcmlkPWFuaXRhLmUuZG91Z2xhc0BpcnMuZ292JmZsPSZleHRyYT1NdWx0aXZhcmlhdGVJZD0mJiY=&&&167&&&http://www.irs.gov/Retirement-Plans/Phone-Forums-Retirement-Plans">Phone Forum</a> and join experienced IRS representatives from Employee Plans Technical and Guidance for an overview of the latest developments in the 403(b) world.  The overview will primarily focus on the 403(b) Pre-Approved Plan Program. This will include a discussion of program details as well as some of the issues the IRS is encountering as it begins to implement the program.</p> <p><strong> </strong></p> <p><strong>Information for Construction Businesses Now in Spanish<br /></strong><a href="http://links.govdelivery.com:80/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTQwNzAzLjMzNjk2OTIxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE0MDcwMy4zMzY5NjkyMSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE2ODYwMjY3JmVtYWlsaWQ9YW5pdGEuZS5kb3VnbGFzQGlycy5nb3YmdXNlcmlkPWFuaXRhLmUuZG91Z2xhc0BpcnMuZ292JmZsPSZleHRyYT1NdWx0aXZhcmlhdGVJZD0mJiY=&&&168&&&http://www.irs.gov/pub/irs-pdf/p3780sp.pdf">Publication 3780 (SP)</a>, Tax Information for Small Construction Businesses, covers several issues that may cause problems for small construction business owners.</p> <p><strong> </strong></p> <p><strong>Technical Guidance</strong> <br /><a href="http://links.govdelivery.com:80/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTQwNzAzLjMzNjk2OTIxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE0MDcwMy4zMzY5NjkyMSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE2ODYwMjY3JmVtYWlsaWQ9YW5pdGEuZS5kb3VnbGFzQGlycy5nb3YmdXNlcmlkPWFuaXRhLmUuZG91Z2xhc0BpcnMuZ292JmZsPSZleHRyYT1NdWx0aXZhcmlhdGVJZD0mJiY=&&&169&&&http://www.irs.gov/pub/irs-drop/rp-14-42.pdf">Revenue Procedure 2014-42</a> provides guidance regarding a new, voluntary Annual Filing Season Program designed to encourage tax return preparers who are not attorneys, certified public accountants (CPAs), or enrolled agents (EAs) to complete continuing education courses for the purpose of increasing their knowledge of the law relevant to federal tax returns.  In addition, this revenue procedure modifies and supersedes Revenue Procedure 81-38, 1981-2 C.B. 592, regarding limited practice before the IRS by individuals who are not attorneys, CPAs, or EAs.</p> <p>Revenue Procedure 2014-42 will be published in IRB 2014-29, dated July 14, 2014.</p> <p><a href="http://links.govdelivery.com:80/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTQwNzAzLjMzNjk2OTIxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE0MDcwMy4zMzY5NjkyMSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE2ODYwMjY3JmVtYWlsaWQ9YW5pdGEuZS5kb3VnbGFzQGlycy5nb3YmdXNlcmlkPWFuaXRhLmUuZG91Z2xhc0BpcnMuZ292JmZsPSZleHRyYT1NdWx0aXZhcmlhdGVJZD0mJiY=&&&170&&&https://s3.amazonaws.com/public-inspection.federalregister.gov/2014-15262.pdf">TD 9672</a> – Provides final regulations on the tax credit available to certain small employers that offer health insurance coverage to their employees. The credit is provided under section 45R of the Internal Revenue Code (Code), enacted by the Patient Protection and Affordable Care Act. These regulations affect small employers, both taxable and tax-exempt, that are, or might be, eligible for the tax credit. The final regulations generally incorporate the provisions of Notice 2010-44 and Notice 2010-82 as modified to reflect the differences between the statutory provisions applicable to years beginning before 2014 and those applicable to years beginning after 2013. The final regulations also add definitions for the term “tobacco surcharge,” which refers to the surcharge in addition to the premium that may be charged in the SHOP Exchange that is attributable to tobacco use, and for the term “wellness program,” which refers to a program under which discounts or rebates are offered for employee participation in programs promoting health.</p> <p>TD 9672 was published in the Federal Register on June 30, 2014, and is effective as of that date.</p> <p><a href="http://links.govdelivery.com:80/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTQwNzAzLjMzNjk2OTIxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE0MDcwMy4zMzY5NjkyMSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE2ODYwMjY3JmVtYWlsaWQ9YW5pdGEuZS5kb3VnbGFzQGlycy5nb3YmdXNlcmlkPWFuaXRhLmUuZG91Z2xhc0BpcnMuZ292JmZsPSZleHRyYT1NdWx0aXZhcmlhdGVJZD0mJiY=&&&171&&&http://www.irs.gov/pub/irs-drop/rp-14-40.pdf">Revenue Procedure 2014-40</a> sets forth procedures for applying for and for issuing determination letters on the exempt status under § 501(c)(3) of the Internal Revenue Code (Code) using Form 1023-EZ, Streamlined Application for Recognition of Exemption under Section 501(c)(3) of the Internal Revenue Code. This revenue procedure is generally available for certain U.S. organizations with assets of $250,000 or less and annual gross receipts of $50,000 or less.</p> <p>Revenue Procedure 2014-40 will be published in Internal Revenue Bulletin 2014-30 on July 21, 2014.</p> <p> </p> Tue, 08 Jul 2014 12:00:00 EDT IRS National Public Liaison Office Soliciting CPA Volunteers http://www.kscpa.org/about/news/661-irs_national_public_liaison_office_soliciting_cpa http://www.kscpa.org/about/news/661-irs_national_public_liaison_office_soliciting_cpa <p class="Default"><strong>The IRS National Public Liaison Office in Washington DC is soliciting CPA’s to volunteer in testing the </strong><strong>new 2014 NTFO Courses. </strong></p> <p class="Default"><strong>Please consider giving of your time and energy to work for making education resources readily available to the public.  Attached is the flyer that has more information.</strong></p> <p class="Default"><strong>If you decide to volunteer, please submit the </strong><strong>NPL Volunteer Form no later than August 29, 2014. </strong></p> <p class="Default"><strong><a class="file pdf" href="/writable/files/2014/News/npl_volunteer_form.pdf">Click here for the NPL Volunteer Form</a></strong></p> <p class="Default"><strong>Volunteers will be prioritized in the order received. </strong></p> <p class="Default"><strong>If you have any further questions please contact Maria Jaramillo at (213) 500-3594 or </strong><strong><a href="mailto:maria.g.jaramillo@irs.gov">maria.g.jaramillo@irs.gov</a>.  </strong></p> Mon, 07 Jul 2014 12:00:00 EDT AICPA Raises Strong Legal Concerns about IRS Voluntary Program Proposal http://www.kscpa.org/about/news/660-aicpa_raises_strong_legal_concerns_about_irs http://www.kscpa.org/about/news/660-aicpa_raises_strong_legal_concerns_about_irs <p>In the wake of <em>Loving v. I.R.S.</em>, which prevents the Internal Revenue Service from implementing a mandatory preparer registration program for unenrolled tax preparers, the IRS is actively considering a “voluntary certification” program.</p> <p>After repeated requests to the IRS to either seek public comment on its proposed program or to consider alternatives, the AICPA <a href="http://www.journalofaccountancy.com/News/201410398.htm">sent a letter</a> June 24 to the agency stating that the program “would cause significant legal problems that may ultimately frustrate the IRS’s goals, confuse the public, and lead to litigation.” </p> <p>“…It is our understanding that the IRS has no intention of slowing down or considering viable alternatives,” the AICPA wrote to IRS Commissioner John Koskinen. “Therefore, we feel compelled to consider our next steps, and to raise more formally our legal and policy concerns with the IRS’s current path.” In the letter, Chairman of the AICPA Board of Directors William E. (Bill) Balhoff, CPA, CGMA, CFF, and President and CEO Barry C. Melancon, CPA, CGMA, emphasized lack of statutory authority, the program's failure to address problems caused by unethical preparers and market confusion.  </p> <p>They also noted in the letter that “we value our longstanding and constructive relationship” with the IRS. “We have sought to work with the IRS to achieve workable solutions to regulate tax-return preparers, and protect the public, and we stand ready to continue these efforts,” Balhoff and Melancon stated.  </p> <p>For more information, read this <a href="http://www.journalofaccountancy.com/News/201410398.htm"><em>Journal of Accountancy</em> article</a>.</p> <p> </p> Fri, 27 Jun 2014 12:00:00 EDT GASB Proposed Statements on Other Postemployment Benefits http://www.kscpa.org/about/news/659-gasb_proposed_statements_on_other_postemployment http://www.kscpa.org/about/news/659-gasb_proposed_statements_on_other_postemployment <h2 style="text-align: left;">THE GASB’S OPEB PROPOSALS AND RELATED RESOURCES ARE NOW AVAILABLE ONLINE</h2> <p><strong>Norwalk, CT, June 16, 2014</strong>—The Governmental Accounting Standards Board (GASB) today published two proposed Statements intended to significantly improve financial reporting by state and local governments of other postemployment benefits (OPEB), such as retiree health insurance. The GASB also published a third Exposure Draft that would establish requirements for pensions and pension plans that are outside the scope of the pension standards the GASB released in 2012.<br /> The three proposals, <a href="http://www.gasb.org/cs/ContentServer?c=GASBContent_C&pagename=GASB%2FGASBContent_C%2FGASBNewsPage&cid=1176164081558">which were approved on May 28</a>, are available to <a href="http://www.gasb.org/cs/ContentServer?c=Page&pagename=GASB%2FPage%2FGASBSectionPage&cid=1175804830991">download at no charge on the GASB website</a>.</p> <ul> <li>The first Exposure Draft related to OPEB, <em>Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions</em> (OPEB Employer Exposure Draft), proposes guidance for reporting by governments that provide OPEB to their employees and for governments that finance OPEB for employees of other employers.</li> <li>The second Exposure Draft related to OPEB, <em>Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans</em> (OPEB Plan Exposure Draft), addresses the reporting by the OPEB plans that administer those benefits.</li> <li>The third Exposure Draft, <em>Accounting and Financial Reporting for Pensions and Financial Reporting for Pension Plans That Are Not Administered through Trusts That Meet Specified Criteria, and Amendments to Certain Provisions of GASB Statements 67 and 68</em>, would complete the pension standards by establishing requirements for those pensions and pension plans that are not administered through a trust meeting specified criteria.</li> </ul> <p>To help users, preparers, and auditors of financial statements familiarize themselves with the proposals, the GASB developed <a href="http://www.gasb.org/cs/ContentServer?c=Page&pagename=GASB%2FPage%2FGASBBridgePage&cid=1176164129754">an OPEB web page</a> that features new “plain English” resources:</p> <ul> <li>An article outlining the key ways that the OPEB proposals will change how governments calculate and report the costs and obligations associated with OPEB</li> <li>An article oriented to financial statement users that addresses how the proposed changes would affect the information that users receive about a government’s OPEB</li> <li>A video featuring GASB Chairman David Vaudt discussing the key principles of the OPEB proposals</li> <li>A fact sheet answering frequently asked questions, and</li> <li>The summary and the full text of the proposals.</li> </ul> <p>Stakeholders are encouraged to review the proposals and provide comments by August 29, 2014.<br /> The GASB will host public hearings on the Exposure Drafts on September 10, 11, and 12, 2014. Locations and other details, including instructions for registering to participate, are highlighted in the Exposure Drafts.<br /> The GASB will be conducting two webinars about the proposals:</p> <ul> <li>A CPE webinar on July 30, 2014, beginning at 1:00 pm Eastern</li> <li>A webinar for financial statement users on August 8, 2014, beginning at 1:00 pm Eastern, that will be followed by a survey to collect feedback from users on the proposed standards.</li> </ul> Wed, 25 Jun 2014 12:00:00 EDT IRS - Hot Issues - June 2014 http://www.kscpa.org/about/news/658-irs-hot_issues-june_2014 http://www.kscpa.org/about/news/658-irs-hot_issues-june_2014 <p> </p> <p><img src="/writable/images/Logos/irslogo.jpg" alt="IRS News" /></p> <p><strong>FBARs Must be Filed by June 30 through the BSA E-Filing System<br /></strong>For 2014, FBARs must be electronically filed by June 30 through the <a href="http://links.govdelivery.com:80/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTQwNTE2LjMyMjY2NjIxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE0MDUxNi4zMjI2NjYyMSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE2ODMyODUyJmVtYWlsaWQ9bWljaGFlbC5lLmN2aXRrb3ZpY0BpcnMuZ292JnVzZXJpZD1taWNoYWVsLmUuY3ZpdGtvdmljQGlycy5nb3YmZmw9JmV4dHJhPU11bHRpdmFyaWF0ZUlkPSYmJg==&&&166&&&http://bsaefiling.fincen.treas.gov/main.html">BSA E-Filing System</a> using the electronic FinCEN Form 114, which supersedes the now-obsolete paper Treasury Department Form 90-22.1.</p> <p>For e-filing questions, call the BSA E-Filing Help Desk at 866-346-9478 or e-mail <a href="mailto:BSAEFilingHelp@fincen.gov">BSAEFilingHelp@fincen.gov</a> .          If you need to discuss acceptable alternatives to e-filing,  contact the Regulatory Helpline at 800-949-2732.</p> <p>There is a new <a href="http://links.govdelivery.com:80/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTQwNTE2LjMyMjY2NjIxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE0MDUxNi4zMjI2NjYyMSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE2ODMyODUyJmVtYWlsaWQ9bWljaGFlbC5lLmN2aXRrb3ZpY0BpcnMuZ292JnVzZXJpZD1taWNoYWVsLmUuY3ZpdGtvdmljQGlycy5nb3YmZmw9JmV4dHJhPU11bHRpdmFyaWF0ZUlkPSYmJg==&&&167&&&http://www.irs.gov/pub/irs-utl/IRS_FBAR_Reference_Guide.pdf">FBAR Reference Guide</a> on IRS.gov. Questions regarding the FBAR can be sent to <a href="mailto:FBARquestions@irs.gov">FBARquestions@irs.gov</a>. </p> <p><strong>Penalty relief for small retirement plans<br /></strong>The Internal Revenue Service will begin a one-year pilot program in June to help small businesses with retirement plans that owe penalties for not filing annual Form 5500 series returns. By filing current and prior year forms during this pilot program, they can avoid penalties. This program is open only to retirement plans generally maintained by certain small businesses, such as those in an owner-spouse arrangement or eligible partnership. More information on how to participate in the program can be found in <a href="http://www.irs.gov/pub/irs-drop/rp-14-32.pdf">Revenue Procedure 2014-32</a>.</p> <p><strong>IRS releases draft of easier to use Form 1023-EZ for charities seeking tax-exempt status<br /></strong>The draft Form 1023-EZ, <a href="http://links.govdelivery.com:80/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTQwNDI1LjMxNjI3OTExJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE0MDQyNS4zMTYyNzkxMSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE2ODIwMjMxJmVtYWlsaWQ9bWljaGFlbC5lLmN2aXRrb3ZpY0BpcnMuZ292JnVzZXJpZD1taWNoYWVsLmUuY3ZpdGtvdmljQGlycy5nb3YmZmw9JmV4dHJhPU11bHRpdmFyaWF0ZUlkPSYmJg==&&&117&&&http://www.irs.gov/pub/irs-dft/f1023ez--dft.pdf" target="_blank">"Streamlined Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code,"</a> announced in the Federal Register March 31, is a shorter and less burdensome version of the Form 1023. Most small exempt organizations will be eligible to use the Form 1023 EZ. The IRS expects the Form 1023-EZ to be in use by eligible organizations this summer.<strong> </strong></p> <p><strong>IRS Updates Allowable Living Expense Standards for 2014<br /></strong>Use the Allowable Living Expense Standards to reduce subjectivity in determining what a taxpayer may claim as basic living expenses necessary to avoid undue hardship when the taxpayer must delay full payment of a delinquent tax. The standard allowances provide consistency and fairness in collection determinations by incorporating average expenditures for basic necessities for citizens in similar geographic areas.</p> <p>More information on the ALE standards and the collection process is available at <a href="http://links.govdelivery.com:80/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTQwNDI1LjMxNjI4MDIxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE0MDQyNS4zMTYyODAyMSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE2ODIwMjM0JmVtYWlsaWQ9c2hlcnJ5LnNhdWNlcm1hbkBpcnMuZ292JnVzZXJpZD1zaGVycnkuc2F1Y2VybWFuQGlycy5nb3YmZmw9JmV4dHJhPU11bHRpdmFyaWF0ZUlkPSYmJg==&&&166&&&http://www.irs.gov/Individuals/Collection-Financial-Standards">Collection Financial Standards</a> and <a href="http://links.govdelivery.com:80/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTQwNDI1LjMxNjI4MDIxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE0MDQyNS4zMTYyODAyMSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE2ODIwMjM0JmVtYWlsaWQ9c2hlcnJ5LnNhdWNlcm1hbkBpcnMuZ292JnVzZXJpZD1zaGVycnkuc2F1Y2VybWFuQGlycy5nb3YmZmw9JmV4dHJhPU11bHRpdmFyaWF0ZUlkPSYmJg==&&&167&&&http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Collection-Procedures-for-Taxpayers-Filing-and-or-Paying-Late">Collection Procedures for Taxpayers Filing or Paying Late</a>. </p> <p><strong>Electronic Federal Tax Payment System (EFTPS) Inquiry Pin<br /></strong>When taxpayers are enrolled in <a href="http://links.govdelivery.com:80/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTQwNTA3LjMxOTU0OTYxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE0MDUwNy4zMTk1NDk2MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE2ODI2NzAzJmVtYWlsaWQ9c2hlcnJ5LnNhdWNlcm1hbkBpcnMuZ292JnVzZXJpZD1zaGVycnkuc2F1Y2VybWFuQGlycy5nb3YmZmw9JmV4dHJhPU11bHRpdmFyaWF0ZUlkPSYmJg==&&&124&&&https://www.eftps.gov/eftps/" target="_blank">EFTPS</a> the IRS will automatically send an <a href="http://links.govdelivery.com:80/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTQwNTA3LjMxOTU0OTYxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE0MDUwNy4zMTk1NDk2MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE2ODI2NzAzJmVtYWlsaWQ9c2hlcnJ5LnNhdWNlcm1hbkBpcnMuZ292JnVzZXJpZD1zaGVycnkuc2F1Y2VybWFuQGlycy5nb3YmZmw9JmV4dHJhPU11bHRpdmFyaWF0ZUlkPSYmJg==&&&125&&&http://www.irs.gov/uac/EFTPS-The-Electronic-Federal-Tax-Payment-System" target="_blank">Inquiry PIN</a> to their IRS address of record. Taxpayers who have had activity on their EFTPS account over the prior 12 months will also receive Inquiry PINs.</p> <p>For more information, contact EFTPS Customer Service, 800-991-2245, or IRS Business Customer Service, 800 829-4933.</p> <p><strong>Form 1041 payment posting errors (IMRS Issue #1920)<br /></strong>In response to practitioner concerns that payments for Form 1041, US Income Tax Return for Estates and Trusts, are posting incorrectly, especially short year or fiscal year returns, IRS is considering revising the Form 1041-V payment voucher to allow entry of the tax period ending date for fiscal year and short year filers. In the meantime, taxpayers who file Form 1041 using a tax period ending in a month other than December should mark out the tax year on the upper right hand corner of Form 1040-V and write in the tax period ending date (MM/DD/YYYY). Changes are also being considered to internal processing procedures for delinquent Forms 1041-V to ensure the payment is applied to the tax period indicated on the Form 1041.</p> <p><strong>Upcoming Events:</strong></p> <p><strong>Reporting of Foreign Financial Accounts on the Electronic FBAR webinar – June 4 at 2 p.m. EDT<br /></strong>Certificates of completion are being offered for this broadcast. Earn 1 CE credit – Category: Federal Tax. To register for the event, visit the Internal Revenue Service <a href="http://apps.irs.gov/app/scripts/exit.jsp?dest=http://www.visualwebcaster.com/event.asp?id=99033">Webinar Registration website</a>.</p> <p><strong>IRS Nationwide Tax Forums: Chicago Right around the Corner on July 1 <br /></strong>For more information or to register, please visit the IRS Nationwide Tax Forum website at <a href="http://links.govdelivery.com:80/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTQwNTA5LjMyMDU3MTcxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE0MDUwOS4zMjA1NzE3MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE2ODI4ODIzJmVtYWlsaWQ9bWljaGFlbC5lLmN2aXRrb3ZpY0BpcnMuZ292JnVzZXJpZD1taWNoYWVsLmUuY3ZpdGtvdmljQGlycy5nb3YmZmw9JmV4dHJhPU11bHRpdmFyaWF0ZUlkPSYmJg==&&&175&&&https://www.irstaxforum.com/index" target="_blank">https://www.irstaxforum.com/index</a>.</p> <p> </p> Wed, 25 Jun 2014 12:00:00 EDT Metro Chapter 2014-2015 Ballot http://www.kscpa.org/about/news/657-metro_chapter_2014-2015_ballot http://www.kscpa.org/about/news/657-metro_chapter_2014-2015_ballot <p><a class="file pdf" href="/writable/files/2014/News/extended_2014_metro_ballot.pdf">Click here to complete the 2014-2015 Metro Chapter ballot</a></p> Tue, 17 Jun 2014 12:00:00 EDT Kennedy and Coe and Matson and Isom Plan to Merge http://www.kscpa.org/about/news/656-kennedy_and_coe_and_matson_and_isom_plan_to_merge http://www.kscpa.org/about/news/656-kennedy_and_coe_and_matson_and_isom_plan_to_merge <h2 align="center"><strong>Kennedy and Coe and Matson and Isom Plan to Merge</strong></h2> <h4 align="center"><strong>Two powerhouse CPA firms in food and agriculture space joining forces.</strong></h4> <p style="text-align: left;" align="center">(June 11, 2014) Kennedy and Coe, LLC—a national accounting and consulting firm in the food and agriculture industry—today announced plans to combine with California CPA firm, Matson and Isom. Owners of both firms voted to merge operations on January 1, 2015, pending final approvals.</p> <p>Together, the firm becomes one of the nation’s largest agricultural consulting and CPA practices. With a combined 375 people and almost $60 million in revenue, it will be about 60<sup>th</sup> in size among U.S. CPA firms. Jeff Wald will preside as CEO and the firm will bear a new name which honors the legacies of the two firms.</p> <p>“We do great work in our key focus areas, and as a firm that started in the Heartland, Kennedy and Coe’s deepest focus has always been in food and agriculture. We are determined to be <em>part</em> of the industry rather than a firm that just <em>serves </em>it. Over the years, we’ve added extraordinary capabilities and talent to anticipate and preempt problems for clients, and to help them seize new opportunities,” explains Jeff Wald, CEO of Kennedy and Coe. “Matson and Isom is a great firm that also happens to be the largest local CPA firm in the incredibly important California food and ag market. Most importantly, we share this unique vision to positively impact the future of farming and food production in America.”</p> <p>Both firms help producers sustain and grow their businesses in wildly fluctuating conditions—weather, commodity price volatility, land values, and economic pressures—making sure their operations are strong and thriving for the next generation. Both firms work extensively with related businesses throughout the food-supply chain including input suppliers, processors, packagers, storage, and distributors to name a few.  </p> <p>“Neither of our firms are interested in growth for growth’s sake. What we’re interested in is helping the food and ag industry through some challenging yet exciting times. We can do that a lot better together than separately,” says Jim Holt, Matson and Isom’s managing director. “We’ve both worked alongside farmers for several generations. We know what their land and their lifestyle mean to them, and we know how to help them in the tough times and the good.”</p> <p>MATSON AND ISOM<br />Matson and Isom—based in Chico with offices in Redding, Colusa, and Yuba City—is the largest CPA firm north of Sacramento. It’s among the region’s largest employers, and ranks within the Top 200 CPA firms in the U.S. according to <em>AccountingToday</em> magazine. About one-third of the firm’s business relates to food and agriculture. The firm also works with manufacturers, education, construction, landowners, developers, and healthcare.</p> <p>KENNEDY AND COE<br />In 2013, Kennedy and Coe acquired Vela Environmental and AgKnowledge, businesses that expanded the firm’s offerings to include proactive policy and legislative involvement, sustainability and resource planning, and detailed profit-margin management at the crop and acre level. Sixty percent of the firm’s business relates to food and agriculture with the rest in biofuels, manufacturing, construction, landowners, developers, community banks, and healthcare providers. The firm is ranked by <em>AccountingToday</em> as one the top 100 largest CPA and consulting firms in the U.S., with offices in Kansas, Colorado, Mississippi, Wyoming, and Washington DC.</p> Thu, 12 Jun 2014 12:00:00 EDT May 21, 2014 IRS Practitioner Liaison Meeting Resources http://www.kscpa.org/about/news/655-may_21_2014_irs_practitioner_liaison_meeting http://www.kscpa.org/about/news/655-may_21_2014_irs_practitioner_liaison_meeting <p><strong>May 21, 2014 - Practitioner Liaison Meeting Resources</strong></p> <p><strong><span style="text-decoration: underline;">Identity Theft Presentation</span></strong></p> <p><a href="http://origin-qps.onstreammedia.com/origin/irsdocs/SL%20Area%20Folders/Central%20Area/Anita%20Douglas/5-21-2014%20-%20KANSAS%20CITY%20CAMPUS%20PLM/Reject%20Codes%20for%20Identity%20Theft%20Cases.docx"><strong>Common Reject Codes for Identity Theft e-Filed Returns</strong></a></p> <p><strong>Taxpayer Guide to Identity Theft</strong></p> <p><a href="http://www.irs.gov/uac/Taxpayer-Guide-to-Identity-Theft"><strong>http://www.irs.gov/uac/Taxpayer-Guide-to-Identity-Theft</strong></a></p> <p><strong>How to Report and Identify Phishing, E-Mail Scams and Bogus IRS Web Sites</strong></p> <p><a href="http://www.irs.gov/uac/Report-Phishing"><strong>http://www.irs.gov/uac/Report-Phishing</strong></a></p> <p><strong>2014 Identity Protection PIN (IP PIN) Pilot:  Questions and Answers</strong></p> <p><a href="http://www.irs.gov/uac/Newsroom/2014-Identity-Protection-PIN-(IP-PIN)-Pilot:-Questions-and-Answers"><strong>http://www.irs.gov/uac/Newsroom/2014-Identity-Protection-PIN-(IP-PIN)-Pilot:-Questions-and-Answers</strong></a></p> <p><strong>Pub 4523 - Beware of Phishing Schemes</strong></p> <p><a href="http://core.publish.no.irs.gov/pubs/pdf/15145c08.pdf"><strong>http://core.publish.no.irs.gov/pubs/pdf/15145c08.pdf</strong></a></p> <p><strong>How do you Report Suspected Fraud Activity?</strong></p> <p><a href="http://www.irs.gov/Individuals/How-Do-You-Report-Suspected-Tax-Fraud-Activity%3F"><strong>http://www.irs.gov/Individuals/How-Do-You-Report-Suspected-Tax-Fraud-Activity%3F</strong></a></p> <p><a href="http://core.publish.no.irs.gov/pubs/pdf/36166a14.pdf"><strong>Publication 4164 - </strong><strong>Modernized E-File (MeF) Guide for Software Developers and Transmitters</strong></a></p> <p><strong>Taxpayer Advocate Service Presentation</strong></p> <p><strong>Taxpayer Advocate Service Home Page</strong></p> <p><a href="http://www.taxpayeradvocate.irs.gov/"><strong>http://www.taxpayeradvocate.irs.gov/</strong></a></p> <p><strong>Publication 1546 – The TAS of the IRS – How to Get Tax Help with Unresolved Tax Issues</strong></p> <p><a href="http://core.publish.no.irs.gov/pubs/pdf/13266l13.pdf"><strong>http://core.publish.no.irs.gov/pubs/pdf/13266l13.pdf</strong></a></p> <p> </p> <p><a href="http://www.taxpayeradvocate.irs.gov/2013-Annual-Report"><strong>The 2013 Report to Congress</strong></a></p> <p><strong>TAS Resources for Tax Professionals</strong></p> <p><a href="http://www.taxpayeradvocate.irs.gov/Tax-Professionals"><strong>http://www.taxpayeradvocate.irs.gov/Tax-Professionals</strong></a></p> <p><a href="http://www.taxpayeradvocate.irs.gov/Media-Resources/Reports-To-Congress" target="_blank"><strong>IR-2012-66: National Taxpayer Advocate Identifies Challenges and Issues for Upcoming Year in Mid-Ye</strong></a></p> <p><strong>Campus Compliance Presentation</strong></p> <p><strong>IRS Video Portal:  Campus Correspondence Audit Process & Resolution</strong></p> <p><a href="http://www.irsvideos.gov/CampusCorrespondenceAuditProcessResolution"><strong>http://www.irsvideos.gov/CampusCorrespondenceAuditProcessResolution</strong></a></p> <p><strong>Publication 3498-A – The Examination Process (Audits by Mail)</strong></p> <p><a href="http://www.irs.gov/pub/irs-pdf/p3498a.pdf"><strong>http://www.irs.gov/pub/irs-pdf/p3498a.pdf</strong></a></p> <p><strong>Stakeholder Liaison Presentation</strong></p> <p><strong>2014 Nationwide Tax Forums</strong></p> <p><a href="https://www.irstaxforum.com/seminar"><strong>https://www.irstaxforum.com/seminar</strong></a></p> <p><strong>Social Security Administration</strong></p> <p><a href="http://origin-qps.onstreammedia.com/origin/irsdocs/SL%20Area%20Folders/Central%20Area/Anita%20Douglas/5-21-2014%20-%20KANSAS%20CITY%20CAMPUS%20PLM/SSA%20HANDOUT.PDF"><strong>Social Security Policy Changes</strong></a></p> <p><a href="http://origin-qps.onstreammedia.com/origin/irsdocs/SL%20Area%20Folders/Central%20Area/Anita%20Douglas/5-21-2014%20-%20KANSAS%20CITY%20CAMPUS%20PLM/SSN%20and%20Benefits%20Fac%20Sheet.pdf"><strong>Social Security Fact Sheet</strong></a></p> <p><strong>Outsourcing Payroll and Third Party Payers</strong></p> <p><a href="http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Outsourcing-Payroll-and-Third-Party-Payers"><strong>http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Outsourcing-Payroll-and-Third-Party-Payers</strong></a></p> <p><strong>New ITIN Acceptance Agent Program Changes</strong></p> <p><a href="http://www.irs.gov/Individuals/New-ITIN-Acceptance-Agent-Program-Changes"><strong>http://www.irs.gov/Individuals/New-ITIN-Acceptance-Agent-Program-Changes</strong></a></p> <p><strong>ITIN Frequently Asked Questions</strong></p> <p><a href="http://www.irs.gov/uac/2012-ITIN-Review-Frequently-Asked-Questions-1"><strong>http://www.irs.gov/uac/2012-ITIN-Review-Frequently-Asked-Questions-1</strong></a></p> <p><a href="http://origin-qps.onstreammedia.com/origin/irsdocs/SL%20Area%20Folders/Central%20Area/Anita%20Douglas/5-21-2014%20-%20KANSAS%20CITY%20CAMPUS%20PLM/p1518a.pdf"><strong>Pub 1518-A - Tax Calendar Options for Business and Self Employed</strong></a></p> <p><a href="/Get%20Connected%20to%20the%20IRS%20with%20Social%20Media"><strong>Get Connected to the IRS with Social Media</strong></a></p> <p><a href="http://origin-qps.onstreammedia.com/origin/irsdocs/SL%20Area%20Folders/Central%20Area/Anita%20Douglas/5-21-2014%20-%20KANSAS%20CITY%20CAMPUS%20PLM/IllinoisPractitionerDirectory.doc"><strong>Illinois Tax Practitioner Directory</strong></a></p> <p><a href="http://origin-qps.onstreammedia.com/origin/irsdocs/SL%20Area%20Folders/Central%20Area/Anita%20Douglas/5-21-2014%20-%20KANSAS%20CITY%20CAMPUS%20PLM/KansasPractitionerDirectory.doc"><strong>Kansas Tax Practitioner Directory</strong></a></p> <p><a href="http://origin-qps.onstreammedia.com/origin/irsdocs/SL%20Area%20Folders/Central%20Area/Anita%20Douglas/5-21-2014%20-%20KANSAS%20CITY%20CAMPUS%20PLM/MissouriPractitionerDirectory.doc"><strong>Missouri Tax Practitioner Directory</strong></a></p> <p><a href="http://origin-qps.onstreammedia.com/origin/irsdocs/SL%20Area%20Folders/Central%20Area/Anita%20Douglas/5-21-2014%20-%20KANSAS%20CITY%20CAMPUS%20PLM/NebraskaPractitionerDirectory.doc"><strong>Nebraska Tax Practitioner Directory</strong></a></p> <p><a href="http://origin-qps.onstreammedia.com/origin/irsdocs/SL%20Area%20Folders/Central%20Area/Anita%20Douglas/5-21-2014%20-%20KANSAS%20CITY%20CAMPUS%20PLM/OklahomaPractitionerDirectory.doc"><strong>Oklahoma Tax Practitioner Directory</strong></a></p> <p><a href="http://origin-qps.onstreammedia.com/origin/irsdocs/SL%20Area%20Folders/Central%20Area/Anita%20Douglas/5-21-2014%20-%20KANSAS%20CITY%20CAMPUS%20PLM/OklahomaPractitionerDirectory.doc"><strong>Central Area Stakeholder Liaison Members</strong></a></p> <p><a href="http://origin-qps.onstreammedia.com/origin/irsdocs/SL%20Area%20Folders/Central%20Area/Anita%20Douglas/5-21-2014%20-%20KANSAS%20CITY%20CAMPUS%20PLM/5-2014%20HOT%20ISSUES..doc"><strong>5-2014 IMRS Hot Issues</strong></a></p> <p><a href="http://origin-qps.onstreammedia.com/origin/irsdocs/SL%20Area%20Folders/Central%20Area/Anita%20Douglas/5-21-2014%20-%20KANSAS%20CITY%20CAMPUS%20PLM/a2014%2006%20June%20IRS%20News%20for%20Tax%20Pros.doc"><strong>6-2014- Summary of IRS News for Tax Pros</strong></a></p> <p> </p> Wed, 11 Jun 2014 12:00:00 EDT Audit Quality Drives Continued Audit Relevance http://www.kscpa.org/about/news/654-audit_quality_drives_continued_audit_relevance http://www.kscpa.org/about/news/654-audit_quality_drives_continued_audit_relevance <div class="entry-body"> <p>Auditing is at the very core of our profession; only CPAs are authorized by law to conduct financial statement audits. In today’s business environment, entities are increasingly interdependent and information and accountability have assumed a larger role in society. As a result, the CPA’s independent audit of an entity's financial statements is a vital service to investors, lenders, sureties, businesses, regulators and other participants in the marketplace. Mergers, acquisitions, the capital markets and credit sources depend not only on the information that management provides in financial statements, but also on the CPA’s audit opinion as to whether the financial statements are free of material misstatements, whether caused by error or fraud.</p> </div> <div class="entry-more">We are committed to maintaining our profession’s excellence in a fast-changing and complex business environment. Consistent with that goal, the AICPA has launched a new Enhancing Audit Quality initiative. Sue Coffey, CPA, CGMA, the AICPA’s Senior Vice President of Public Practice & Global Alliances, is leading this comprehensive, holistic effort to look at auditing from multiple touch points, from the CPA exam and ethics enforcement to auditing and quality control standards, to learning and competency development and changes to peer review, and ultimately to a transformation of practice monitoring.</div> <div class="entry-more"> <p><br />The cornerstone of our EAQ initiative involves near- and long-term changes to the <a href="http://www.aicpa.org/InterestAreas/PeerReview/Pages/PeerReviewHome.aspx">Peer Review Program</a>. For more than 35 years we have been upholding the public interest through a robust and effective Peer Review Program that monitors firms’ audit and attest services. We were the first profession to require peer review for licensure, and peer review has been a membership requirement for 25 years. Peer review also has helped reveal audit issues that firms are experiencing and identify resources the AICPA can develop to support firms in those areas. For example, the <a href="http://www.aicpa.org/InterestAreas/GovernmentalAuditQuality/Pages/GAQC.aspx">Governmental</a> and <a href="http://www.aicpa.org/InterestAreas/EmployeeBenefitPlanAuditQuality/Pages/EBPAQhomepage.aspx">Employee Benefit Plan</a> Audit Quality Centers are continually working to assist firms doing audits in these specialized industries.</p> <p>The AICPA’s <a href="http://www.aicpa.org/INTERESTAREAS/FRC/AUDITATTEST/Pages/AuditAttestServices.aspx">Auditing Standards Board</a> just completed its five-year project to rewrite generally accepted auditing standards and the quality control standard so that auditors will better understand the requirements for a high-quality audit. In addition, the many departments within the AICPA that develop competency tools and resources continue to help our members achieve the highest level of audit quality. The Center for Audit Quality, which is affiliated with the AICPA, and the Public Company Accounting Oversight Board have been very active with initiatives to enhance audit quality. Recently, the CAQ issued its <a href="http://www.thecaq.org/docs/reports-and-publications/caq-approach-to-audit-quality-indicators-april-2014.pdf?sfvrsn=2" target="_blank">Audit Quality Indicators</a> approach and is developing other tools. On the international front, the <a href="http://www.journalofaccountancy.com/News/201410229.htm" target="_blank">European Union recently passed extensive audit reforms</a> that will take effect over the next 2 to 3 years. Elsewhere in the world, the International Auditing and Assurance Standards Board has issued a <a href="http://www.ifac.org/sites/default/files/publications/files/A-Framework-for-Audit-Quality-Key-Elements-that-Create-an-Environment-for-Audit-Quality-2.pdf" target="_blank">framework on audit quality</a> (the AICPA was instrumental in its development), and other countries and accountancy organizations have been working on audit quality, including <a href="http://www.cica.ca/about-cica/media-centre/media-releases-and-backgrounders/2014/item79012.aspx" target="_blank">Canada</a> and <a href="http://www.frc.gov.au/reports/occasional_papers/APPC_Audit_Quality_Jan_14_new.pdf" target="_blank">Australia</a>.</p> <p>Without question, the audit should provide value to the user, and value goes hand-in-hand with quality and transparency. The audit process should evolve both in what auditors examine and communicate. In addition, though, the people and firms doing audit work must be trusted to deliver high-quality performance.    </p> <p>Of course, you are the most important part of this effort to raise the bar on audit quality. Each and every CPA around the country contributes to the profession as a whole. Your input to the Enhancing Audit Quality effort is essential and you can help shape what is to come. This summer, we will release a discussion paper that will highlight the AICPA’s plans and perspectives on moving forward. I’m excited to engage in a dialogue and work together to address this profession-wide audit issue. Let’s pave our own path and take the continued journey to improving audit quality and maintaining audit relevance. </p> <p><strong><em><a href="http://www.aicpa.org/About/Leadership/Pages/Melancon_Bio.aspx" target="_self">Barry Melancon, CPA, CGMA</a>, President and CEO, American Institute of CPAs.</em></strong></p> </div> Fri, 06 Jun 2014 12:00:00 EDT University of Kansas Business School Launches Part-time Master of Accounting Program http://www.kscpa.org/about/news/653-university_of_kansas_business_school_launches http://www.kscpa.org/about/news/653-university_of_kansas_business_school_launches <p>The University of Kansas School of Business will begin offering a Working Professional Master of Accounting program at the Edwards Campus in Overland Park this fall.</p> <p>The program is designed for professionals with accounting undergraduate degrees interested in enhancing their career options with a graduate degree. Earning a Master of Accounting (MAcc) not only increases earning potential, it offers opportunity for advancement to management roles. Additionally, the MAcc program coursework satisfies educational requirements to sit for the CPA exam in most states.</p> <p>The School of Business holds dual accreditation for the school as a whole and for its accounting program from the Association to Advance Collegiate Schools of Business (AACSB), the highest credential in business education. Only about 1 percent of business schools in the world hold dual accreditation.</p> <p>The Working Professional MAcc program welcomes students with diverse career backgrounds and allows them the flexibility to complete their graduate degree while continuing to work. Students attend evening classes and can start in the fall, spring or summer. Courses at Edwards Campus will be taught by the same faculty as the full-time MAcc on the Lawrence campus. </p> <p>“We are very excited to offer a MAcc degree for working professionals at the Edwards Campus in Overland Park,” MAcc Director Lisa Ottinger said. “Our challenging curriculum, acclaimed faculty, powerful alumni base and rich history of academic excellence will provide students with the tools they need to be successful in their careers.”</p> <p>KU Edwards Campus Vice Chancellor David Cook said the MAcc degree is an excellent addition to the graduate degree offerings at the Edwards Campus.</p> <p>“The corporate focus of the program’s coursework nicely complements the needs of working professionals," he said. “This program will not only prepare professionals to fill highly demanded jobs in the accounting field, but also fills CPA exam eligibility.”</p> <p>The MAcc curriculum provides education in accounting concepts, including advanced financial accounting, advanced managerial accounting, forensic accounting, project management, internal audit, accounting research, corporate taxation, risk and internal controls, and information systems.</p> <p>For more information about the new MAcc at Edwards Campus, visit <a href="http://www.edwardscampus.ku.edu/macc">EdwardsCampus.KU.edu/MAcc.</a></p> Fri, 06 Jun 2014 12:00:00 EDT Important Message - OMB Guidance Regarding Criteria for Low-Risk Auditee http://www.kscpa.org/about/news/652-important_message-omb_guidance_regarding_criteria http://www.kscpa.org/about/news/652-important_message-omb_guidance_regarding_criteria <p><strong><em>Important Message from</em></strong> <br />Shelly Hammond, CPA, CGFM & Scot Loyd, CPA, CFE, CGMA, CGFM</p> <p><strong>RE: OMB guidance regarding criteria for low-risk auditee</strong> <br /><span style="text-decoration: underline;">Please send Question to OMB to clarify if KMAAG is included.</span></p> <p><a class="file docx" href="/writable/files/2014/News/question_to_omb.docx">Click Here</a> to access a sample question you can submit to:  <a href="mailto:cofar@omb.eop.gov">cofar@omb.eop.gov</a></p> <p>On December 26, 2013, the Office of Management and Budget (OMB) published the final rule for <em>Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards</em>. </p> <p>Subpart F of the guidance pertains to Audit Requirements, and section 200.520 discusses the criteria for determining when an entity is a low-risk auditee. One of the criteria appears to restrict the preparation of the financial statements to GAAP or a “basis of accounting required by state law.” </p> <p>As you know, here in Kansas, many governmental entities follow the regulatory basis of accounting as outlined in the Kansas Municipal Audit & Accounting Guide (KMAAG). K.S.A. 75-1120a provides for a governing body to waive the requirements of GAAP, and if such waiver is granted, the entity “shall cause financial statements and financial reports of the municipality to be prepared on the basis of cash receipts and disbursements as adjusted to show compliance with the cash-basis and budget laws of this state.”</p> <p>The question is – does the Kansas statute meet the criteria of section 200.520 of the new OMB guidance? In our opinion, entities still have a choice between following GAAP and the KMAAG guidance, and if GAAP is not followed, then the KMAAG basis is required per statute. </p> <p>If all entities in Kansas that follow KMAAG are deemed to NOT meet the criteria under section 200.520, then all will be deemed <strong><span style="text-decoration: underline;">high-risk auditees</span></strong> for major program determination purposes.  And that will never change. In this case, all such entities will be required to have at least 40% of total federal expenditures tested annually (while low-risk auditees have a minimum threshold of 20%). </p> <p><strong><span style="text-decoration: underline;">We ask that you submit questions or comments to the OMB.</span></strong> We believe the OMB will focus their evaluation on those instances where they receive the most duplicate questions. They will release <em>Frequently Asked Questions</em> pertaining to the new guidance. We hope they will provide an interpretation as to whether the statute in Kansas (as described above) meets the criteria of a “basis of accounting required by state law.” </p> <p>Thank you for your assistance in this matter. </p> <p>Shelly Hammond                                                       Scot Loyd<br />Vice President, Assurance Services                         Partner<br />Allen, Gibbs & Houlik, L.C                                         Swindoll, Janzen, Hawk & Loyd, LLC<br />Member, Executive Committee, AICPA                    Chair, KMAAG Board of Editors<br />Government Audit Quality Center</p> Tue, 03 Jun 2014 12:00:00 EDT CPA Walks Across America http://www.kscpa.org/about/news/651-cpa_walks_across_america http://www.kscpa.org/about/news/651-cpa_walks_across_america <h2><strong>Cross-country for a cause</strong></h2> <h3><strong><em>100 days, 14 states, 2,826 miles. BLI thought leader Frank Ryan is walking coast to coast to raise awareness for Good Shepherd Services</em></strong></h3> <p><strong>By Bill Sheridan, CAE</strong></p> <p>How far will you go to change the world?</p> <p>Like all of us, you have your pet causes. Maybe you work at a food pantry, or volunteer as a board member for your favorite non-profit, or respond to disasters for the local Red Cross. Maybe you spend what little free time you have during tax season filing returns for those in need.</p> <p>Whatever you do, pinpointing your passion is the easy part. The hard part is figuring out how much of a burden you can carry.</p> <p>Frank Ryan has set the bar pretty high — 2,826 miles high, to be exact.</p> <p>The CPA, consultant and Business Learning Institute thought leader is spending his spring and early summer on a remarkable journey that finds him walking from coast to coast to raise awareness for Good Shepherd Services, a non-profit organization that provides treatment and care for teens and young adults with developmental disabilities.</p> <p>Ryan’s journey has its roots in the 2008 recession. Now in its 150th year, Good Shepherd’s funding dropped drastically after the downturn and Ryan, a 30-year volunteer with the organization and current president of its Board of Directors, decided to take action. Along with Good Shepherd CEO Michele Wyman, Development Director Diana Ellis, and the rest of the staff, Ryan hatched a plan designed to shine a spotlight on the group and its mission.</p> <p>“I was concerned that the need for this type of treatment was growing (as funding was falling),” said Ryan, 62. “Consistency of treatment for these children is just as important as the treatment itself. So we decided to develop an awareness of the needs of children with developmental disabilities. We wanted to be advocates for children who may not have anyone else advocating for them.”</p> <p><strong>‘A walk of atonement and gratitude’</strong></p> <p>Ryan’s journey began on March 15 near San Diego. It will end 100 days later in Ocean City, Md., where he is scheduled to teach a July 2 course at the Maryland Association of CPAs’ annual Beach Retreat.</p> <p>In between, he’ll walk 32 miles a day on a route that will take him literally from sea to shining sea, carving a path through 14 states — California, Arizona, New Mexico, Texas, Oklahoma, Kansas, Missouri, Illinois, Indiana, Ohio, West Virginia, Pennsylvania, Maryland, and Delaware.</p> <p>No support vehicles will follow him on his journey. Ryan will carry 50 pounds of supplies in a backpack and pull an additional 60 to 80 pounds of food, water, and gear behind him. His only companions will be those who see fit to join him for a mile or two on what he is calling “a walk of atonement and gratitude.”</p> <p>“The first part is atonement,” Ryan said. “I want to ask any person that I have hurt in my life to forgive me, any person that I have let down or disappointed to pray for me, and any person I have helped to consider helping another. The gratitude part is this: I’m asking anyone who is willing to follow me for a mile or two, so that they can help carry some supplies. I don’t know if I will get that support, but I will be very grateful for any help I can get.</p> <p>“It’s important to do that,” he added, “and I’ll tell you why: Our children (at Good Shepherd) don’t know who’s going to turn out to help them. I want to replicate that feeling of not knowing. I’d be lying to you if I told you I’m not getting anxious right now. Our kids can’t ask what the contingency plan is. <em>We</em> are their contingency plan. At the drop of a hat, I could say, ‘I’m done. I’m too old to do this.’ These children don’t have that choice.”</p> <p>Ryan will get plenty of support from the folks at Good Shepherd. The staff has created a “Walk Across America Challenge” to encourage staff to “walk with Frank in solidarity,” Ellis said. Teams of 10 to 20 staffers will track the miles they walk on the job or at home in the hopes of matching Ryan mile for mile. Those who would rather not walk can still participate via donations; every dollar donated will count as a mile toward the goal. All money collected will be used to fund programming for Good Shepherd students.</p> <p>“We’re so appreciative of what Frank has been doing for us all these years, and for what he is doing for us this year in celebrating our 150 anniversary,” Ellis said. “We are excited about this walk — it’s wonderful. We’re still working through a lot of the unknowns associated with this, but he has been willing to embark on it and go at it with full force, and so are we.”</p> <p><strong>‘I’m going to finish this thing’</strong></p> <p>Ryan began training for the walk about 15 months ago, logging more than 2,000 miles on foot in the process. He also put on an extra 10 pounds or so, since he expects to lose up to 25 pounds during his journey.</p> <p>Then there’s the issue of temperature.</p> <p>He left Maryland’s cool early spring behind to start the walk in Southern California’s 70- and 80-degree climate before crossing into the hot, harsh conditions of Arizona, New Mexico and Texas. “The first two weeks pose the greatest risk,” he said. “I won’t be acclimated to those temperatures. If I can’t do 32 miles a day at the beginning, I’ll wait until I get past the desert and make up for it with a few 40-mile days.”</p> <p>His biggest worry, though, is failure.</p> <p>Ryan says his work with Good Shepherd has been “a lifelong passion” and is “what I intend to do for the rest of my life,” and for one reason.</p> <p>“I fell in love with the mission,” he said. “The sisters of the Good Shepherd are my heroes. I see the kindness and the humanness in their hearts. They believe in taking care and treating one child at a time. When you see the letters from the parents and grandparents of the children who have been helped, it just melts your heart, and I told myself I have to do more of this.”</p> <p>That’s the source of his fear of failure.</p> <p>“If I fail, I’ll feel like I’m disappointing these children,” he said. “I don’t want them to ever feel like an adult is going to walk away from them. No matter what, when, how, or why, I guarantee I’m going to finish this thing. I don’t care if I have to crawl. These children and the entire (Good Shepherd) staff are going to know that somebody gives a damn about them.” </p> <p><em>Bill Sheridan, CAE, is the MACPA’s chief communications officer and editor of The Statement.</em></p> <p><strong>Walk Across America: Here’s how you can help</strong></p> <p>You can support Frank Ryan on his journey and help Good Shepherd Services at the same time by donating to the “Walk Across America” campaign. For details, visit GSSMaryland.org and click on “Walk Across America.</p> <p><strong>Follow Frank:</strong> You can follow Ryan’s progress across the country by liking his “Walk Across America” page on Facebook. Visit Facebook.com/GSSWalkAcrossAmerica.</p> <p>The MACPA will also publish periodic updates from Frank on its blog, CPA Success. Keep an eye on CPASuccess.org.</p> Mon, 02 Jun 2014 12:00:00 EDT KSCPA Leaders Attend AICPA Spring Council Meeting in Scottsdale, AZ, May 17-20, 2014 http://www.kscpa.org/about/news/650-kscpa_leaders_attend_aicpa_spring_council_meeting http://www.kscpa.org/about/news/650-kscpa_leaders_attend_aicpa_spring_council_meeting <h3>KSCPA Leaders Attend AICPA Spring Council Meeting in <br />Scottsdale, AZ, May 17-20, 2014</h3> <p>KSCPA leadership who serve on the AICPA council and board of directors attended the <strong>AICPA Spring Council</strong> meeting at the Fairmont Scottsdale Princess from May 18-20, 2014. <strong>Mary MacBain, President/CEO</strong> of the KSCPA, who serves on the CPA/SEA board of directors also attended the council meeting and a meeting of the CPA/SEA. The CPA/SEA is the association of state CPA societies.</p> <p>Those attending are as follows (pictured below from left with Bill Balhoff, Chair of the AICPA and Mary MacBain):<br />Gary Boomer, at large member of the AICPA Council<br />Gary Allerheiligen, elected member of the AICPA Council<br />Dominic Ortiz, at large member of the AICPA Council<br />DeAnn Hill, member of the AICPA Board of Directors<br />Melinda Hitz, designated member of the AICPA Council</p> <p><img class="justified_left" style="float: left;" src="/writable/images/News/2014NewsImages/aicpa_council_spring_2014_kansas_with_bill_balhoff.jpg" alt="KSCPA Members with Bill Balhoff" width="535" height="293" /><br /><br /><br />In addition to Council business, several interesting presentations were heard. These included a presentation by Richard Davis, Chairman, President, and CEO of U.S. Bancorp who spoke on "A View on American Business, Regulation and the Role of American Business in Today's Society."  Sue Coffey, Senior Vice President - Public Practice & Global Alliances, spoke about the vision for practice monitoring and the goal of real-time peer review which will be a major shift in how peer reviews are done today.<br /><br />Recommendations from the <strong>Future of Learning</strong> task force were presented and Council members and others were able to participate in "gamification" to get a taste of the effectiveness of competition in learning. Unfortunately, the Kansas group did not win.<br /><img class="justified_center" style="margin-right: auto; margin-left: auto; display: block;" src="/writable/images/News/2014NewsImages/leadership_summit_49_.jpg" alt="Dr Denies Update" width="317" height="224" /></p> <p><em>(Pictured: Dr. Denies updated the KSCPA Leadership at the Spring Leadership Summit.)</em></p> <p>One of the most scintillating presentations was by <strong>Bill Ezzel, Co-Chairman of the Pathways Commission</strong>, who provided an update on the recommendations of the Pathways Commission. The highlight of the update was the recommendation to achieve an advanced placement course from <strong>The College Board</strong> to which the AICPA has thrown its full support in collaboration with others. <strong>Dr. Dan Denies</strong> has collaborated with high-school teacher/trainers, college faculty, and state associations to update the high-school curriculum, train high-school teachers who teach high-school students, and gain the acceptance of universities and colleges. The KSCPA provided some of the initial seed money ($25,000) to help Dr. Denies get this off the ground. This foundation is essential to the success of building the model with The College Board, and the Kansas delegation was quite proud to hear from Bill that the hard work of Dr. Denies, the high-school educators, and the state associations is paying off and that they were able to present this impressive work to The College Board and that it was well received.<br /><br />Finally, we heard from <strong>Barry Melancon, CEO of the AICPA and Charles Tilley, the Chief Executive of the Chartered Institute of Management Accountants</strong> about "Supporting Individuals and Business in a Global Economy." The AICPA and CIMA entered into a joint venture and created the CGMA, a global credential that is now held by over 40,000 members of the AICPA.<br /><br />The meeting was informative and fun. The next meeting of the AICPA Council is in October in Boston, MA. At that meeting, in addition to those attending the meeting in Scottsdale, Michelle Schneider, the incoming designated member of AICPA Council, and Bob Schuster, the incoming elected member of AICPA Council will attend.</p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> Fri, 30 May 2014 12:00:00 EDT "20 up to 40" Session 2 Held May 6-7, 2014 in Manhattan http://www.kscpa.org/about/news/649-20_up_to_40_session_2_held_may_6-7_2014_in http://www.kscpa.org/about/news/649-20_up_to_40_session_2_held_may_6-7_2014_in <h3>"20 up to 40" Session 2 Held May 6-7, 2014 in Manhattan</h3> <p>The <em><strong>"20 up to 40"</strong></em> participants received exposure to what it means to be a leader in a professional association at the second session of the group held in Manhattan. Several returned "home" to Kansas State University where they began the pursuit of their accounting careers. On May 6, they met at the <strong>Kansas State University Alumni Association</strong> to work in teams on their group projects. Special guests <strong>Ken Selzer</strong>, Educational Foundation Vice Chair and mentor in the K-State Business Executive Mentor Program and <strong>Emily Brueseke</strong>, Program Director, presented on the topic and worked with the group members in their round-table discussions. A social event was held that evening where fun was had by all and included team-spirited competitive games.</p> <p><img class="justified_center" style="margin-right: auto; margin-left: auto; display: block;" src="/writable/images/News/2014NewsImages/leadership_summit_44_.jpg" alt="20 up to 40 2014" width="465" height="313" /></p> <p>The following day, the participants attended the professional issues update, participated in the round table task force discussions and presentations, and attended the meeting of the board of directors. <img class="justified_center" style="margin-right: auto; margin-left: auto; display: block;" src="/writable/images/News/2014NewsImages/leadership_summit_13_.jpg" alt="Leadership Summit 2014" width="402" height="248" /></p> <p>Session 3 will be held in the metro area in September when Jim Boomer, CPA.CITP, CGMA, graduate of the first <em><strong>"20 up to 40"</strong> </em>program, will facilitate leadership training. It will include group meetings on the projects as well as a social event.</p> Fri, 30 May 2014 12:00:00 EDT KSCPA Executive/Nominations Committee & Board Meeting Held May 7, 2014 in Manhattan http://www.kscpa.org/about/news/648-kscpa_executive_nominations_committee_board_meeting http://www.kscpa.org/about/news/648-kscpa_executive_nominations_committee_board_meeting <h3>KSCPA Executive/Nominations Committee & Board Meeting<br />Held May 7, 2014 in Manhattan</h3> <p>The leadership of the KSCPA met on May 7 in Manhattan in conjunction with the Spring Leadership Summit attended by task force members and the <em><strong>"20 up to 40"</strong></em> 2014 participants.</p> <p><img class="justified_center" style="margin-right: auto; margin-left: auto; display: block;" src="/writable/images/News/2014NewsImages/board_meeting_4_.jpg" alt="Executive Committee" width="287" height="183" /></p> <p>The<strong> nominations committee</strong> created a slate of nominees who will be presented to the general membership for election at the Annual Meeting on November 19 in Wichita.</p> <p>The following have accepted the nomination and look forward to the election in November:</p> <p><strong>For Secretary/Treasurer:</strong> James Boomer<br /><strong>For Directors (3-year term):</strong><br />Matt Bellomo<br />Brandi DiGiorgio<br />Michele Herzog<br />Christine (Chris) Johnston<br />Lori Wenrich<br /><strong>For Foundation Trustee (4-year term):</strong><br />Rebecca (Becky) Casey</p> <p>A complete report of the nominations committee with bios will be sent out prior to the annual meeting.</p> <p><strong>Robert (Bob) Schuster</strong> was selected to serve as the elected member of the AICPA for a three-year term beginning October 2014. He replaces Gary Allerheiligen who has been an outstanding representative for the KSCPA on the AICPA Council.</p> <p>The <strong>executive committee</strong> reviewed the agendas for the day and subsequently met after the board meeting by conference call to discuss and plan other strategic initiatives for the KSCPA.</p> <p>The <strong>board of directors</strong> received updates from Marlee Carpenter (Governmental Affairs Consultant), Aron Dunn (as the liaison to the KS Board of Accountancy), and approved several items. These included the acceptance of resignations and terminations, continuation of the peer review program, membership dues, and foundation assessment.</p> <p>The foundation assessment remains $20.00. <br /><br />Dues for the upcoming 2014-2015 year are:<br />Public Practice:$260<br />Business & Industry: $220<br />Out of State & Affiliate: $150<br />Retired & In Transition: $65<br />Students: $25</p> <p>The <strong>membership investment</strong> (which includes dues, mandatory foundation assessment, chapter dues, and voluntary PAC contribution) will be available for payment online beginning August 1. Statements will be mailed September 1 for those who do not pay online.</p> <p>The board of directors and executive committee agreed that the peer review program should remain at a break-even status. The fee for the system reviews, therefore, will be increased. If you are subject to peer review and have any questions, please contact <a href="mailto:rita@kscpa.org">rita@kscpa.org</a>.</p> <p>The board will meet next at the annual retreat in Colorado Springs. KSCPA Chair Melinda Hitz was delighted to report that most of the board members will attend this important event. Tom Hood, the CEO of the Maryland Association of CPAs, will once again facilitate the planning.</p> <p> </p> Fri, 30 May 2014 12:00:00 EDT KSCPA Professional Issues Update & Spring Leadership Summit Held May 7, 2014 in Manhattan http://www.kscpa.org/about/news/647-kscpa_professional_issues_update_spring_leadership http://www.kscpa.org/about/news/647-kscpa_professional_issues_update_spring_leadership <h3>KSCPA Professional Issues Update & Spring Leadership Summit <br />Held May 7, 2014 in Manhattan</h3> <p>A great group of leaders, including the <strong><em>"20 up to 40"</em> </strong>2014 leadership program participants, attended the <strong>Spring Leadership Summit and Professional Issues Update on May 7 in Manhattan.</strong> <strong>Gary Bolinger, CAE, the President/CEO of the Indiana Society of CPAs</strong> presented a valuable look into current issues and provided his insight into the future of our state associations.</p> <p><img class="justified_left" style="float: left;" src="/writable/images/News/2014NewsImages/professional_issues_update_9_.jpg" alt="Gary Bolinger" width="176" height="271" />The issues update was also video cast to those who could not attend in person and recorded so that all members, especially our leaders, could watch the program at their convenience.</p> <p><a href="/members/member_resources/193-professional_issues_update_with_gary_bolinger" target="_blank">Click here to view this presentation.</a> <em>You will need to login to the website.</em></p> <p>The leadership summit took a different tack this year. Traditionally, our task forces meet to continue developing action items for the strategic initiatives of the KSCPA. This year, to connect with Gary's forward thinking view, there was a round robbin of questions where each task force was given 4 questions. The first question was discussed and presented followed by a discussion/presentation of the second question and so on. <strong>The conclusions were gathered and will be sent to the general membership to ascertain their agreement to the conclusions of the leadership during the month of June.</strong> This information will be used to guide the board at their annual retreat to be held in Colorado Springs July 31-August 1, 2014. Please watch your email for notification of this survey.</p> <p><img class="justified_right" style="float: right;" src="/writable/images/News/2014NewsImages/leadership_summit_9_.jpg" alt="Melinda Hitz" width="352" height="220" /></p> <p><strong>The Annual Meeting and Leadership Summit will be held on November 19 in Wichita</strong>. We hope to see as many members as possible at this important meeting where we will recognize our leaders and accomplishments and look to a thriving future.</p> Fri, 30 May 2014 12:00:00 EDT 2014 Deloitte Foundation/ KU Auditing Symposium Held May 1-3, 2014 in Lawrence http://www.kscpa.org/about/news/646-2014_deloitte_foundation_ku_auditing_symposium_held http://www.kscpa.org/about/news/646-2014_deloitte_foundation_ku_auditing_symposium_held <h3>2014 Deloitte Foundation/KU Auditing Symposium <br />Held May 1-3, 2014 in Lawrence</h3> <p><img class="justified_left" style="float: left;" src="/writable/images/News/2014NewsImages/ku_auditing_symposium_1_.jpg" alt="John Sweeney KU Auditing Symposium" width="283" height="198" /></p> <p>The <strong>Deloitte Foundation/University of Kansas</strong> presented its biennial <strong>Auditing Symposium</strong> at the Oread Hotel in Lawrence. The title of the Symposium was <strong>"PCAOB Inspection Reports: Findings and Implications."</strong> Mary MacBain and Aron Dunn attended the Symposium on behalf of the KSCPA. Several well-known practitioners and leaders from the PCAOB (Jeanette Franzel) and Center for Audit Quality (Cindy Fornelli) spoke at the event. The symposium was an opportunity for those performing accounting research to present the results of their research to practitioners, doctoral students, and faculty.</p> <p><img class="justified_right" style="float: right;" src="/writable/images/News/2014NewsImages/ku_auditing_symposium_12_.jpg" alt="Jeanette Franzel KU Auditing Symposium" width="204" height="149" /> It was interesting to learn that much of the research revolves around auditor behavior and the relationship between the auditor and the client. It continues to be essential that we recognize the important role of research in the accounting profession. The University of Kansas currently has 9 doctoral lines (one which is endowed by the KSCPA) and is the only university in Kansas to offer a Ph.D. in accounting.</p> <p> </p> Fri, 30 May 2014 12:00:00 EDT Enhanced Financial Reporting Special Program Presented May 12-13, 2014 in Topeka & Wichita http://www.kscpa.org/about/news/645-enhanced_financial_reporting_special_program http://www.kscpa.org/about/news/645-enhanced_financial_reporting_special_program <h3>Enhanced Financial Reporting Special Program <br />Presented May 12-13, 2014 in Topeka & Wichita</h3> <p><img class="justified_left" style="float: left;" src="/writable/images/News/2014NewsImages/dsc_0348-001.jpg" alt="Al Anderson and Fidelity Bank Bankers" width="328" height="232" />In conjunction with well-known author and instructor in accounting and assurance services topics, <strong>Alan W. Anderson, CPA</strong>, the KSCPA created a special workshop to help CPAs add value to financial reporting for privately-held companies. The workshop covered topics related to the <strong>Private Company Council</strong> and the <strong>Financial Reporting Framework for Small- and Medium-Sized Entities.</strong> The goal of the workshop was to take the mystery out of all of the financial reporting choices and alternatives. There was a lot of discussion and interaction amoung the participants. Three bankers joined the participants for lunch to answer questions about the relevance of GAAP financial reporting versus the alternatives and what the bankers use to make their decisions about financing. The participants found this interchange extremely worthwhile, and the KSCPA plans to have more events that connect CPAs with other professionals, including bankers and attorneys.</p> <p><img class="justified_right" style="float: right;" src="/writable/images/News/2014NewsImages/dsc_0350-001.jpg" alt="Enhanced Financial Reporting Workshop 2014" width="360" height="224" /></p> <p>This program was well received by the participants. Al received a 5.00/5.00 for knowledge and 4.87/5.00 for presentation at the Wichita workshop and 4.55/5.00 for knowledge and 4.36/5.00 for presentation at the Topeka event.</p> Fri, 30 May 2014 12:00:00 EDT Oil & Gas Federal Income Taxation Update & Review Held May 19, 2014 in Hays http://www.kscpa.org/about/news/644-oil_gas_federal_income_taxation_update_review_held http://www.kscpa.org/about/news/644-oil_gas_federal_income_taxation_update_review_held <h3>Oil & Gas Federal Income Taxation Update & Review <br />Held May 19, 2014 in Hays</h3> <p>To help celebrate the launch of the new Oil & Gas program at <strong>Fort Hays State University</strong>, the KSCPA held its workshop with <strong>Dr. John Tripp</strong> at the beautiful Robbins Center on the campus. <strong>Dr. Glenn Growe, Fort Hays State University, Assistant Professor of Accounting,</strong> provided an update on the program. The workshop steering committee led by <strong>Kathy Mitchell, CPA, a partner with Brungardt Hower Ward Elliott & Pfeifer, LC in Hays </strong>worked closely with Dr. Tripp to design a program with topics that are most beneficial to the participants at the workshop. The participants benefited from Dr. Tripp's preparation and evaluated him with a 4.68/5.00 average in knowledge and 4.21/5.00 for presentation.</p> <p><img class="justified_right" style="float: right;" src="/writable/images/News/2014NewsImages/dr._growe_dr._tripp_and_chair_k_mitchell.jpg" alt="Drs Growe and Tripp with Kathy Mitchell" width="266" height="199" /></p> <p>This program updated the participants on current developments and the major tax principles applicable to oil and gas upstream operations. The workshop took another look at the oil and gas <strong>Market Segment Specialization Program (MSSP) Audit Guide issued</strong> by the<strong> IRS</strong> to identify important audit issues for IRS Agents. </p> <p>The materials for this program included a complete copy of the MSSP.  Dr. Tripp's outlines cross referenced the MSSP as well as CCH’s recently published treatise <em>Oil and Gas - Federal Income Taxation (2014 Edition)</em>. These reference materials were used to highlight the IRS’s position on various oil and gas tax questions, cases, Revenue Rulings and other IRS guidance. Recently published oil and gas industry Coordinated Issue Papers were also discussed.</p> <p>The KSCPA plans to present another workshop in 2016 in Wichita.</p> Fri, 30 May 2014 12:00:00 EDT Agricultural Taxation Workshop Held May 6, 2014 in Manhattan http://www.kscpa.org/about/news/643-agricultural_taxation_workshop_held_may_6_2014_in http://www.kscpa.org/about/news/643-agricultural_taxation_workshop_held_may_6_2014_in <h3>Agricultural Taxation Workshop Held May 6, 2014 in Manhattan</h3> <p><strong><img class="justified_right" style="float: right;" src="/writable/images/News/2014NewsImages/roger_mceowen_instructor.jpg" alt="Roger McEowen" width="235" height="215" />Roger A. McEowen, JD</strong> received a hearty welcome when he returned to Kansas to present the <strong>Agricultural Taxation Workshop</strong>. Roger worked with the steering committee to create a program that was timely and topical and the pre-planning paid off. Roger received an average of 4.98/5.00 for knowledge and 4.84/5.00 for his presentation from the participants. The event was held in a new location for the KSCPA - the beautiful Hilton Garden Inn in Manhattan.</p> <p><img class="justified_left" style="float: left;" src="/writable/images/News/2014NewsImages/kscpa_ag_conference_2014.jpg" alt="Ag Conference 2014" width="315" height="246" /></p> <p>This unique opportunity for CPAs, attorneys, and others proved to be a very worthwhile educational and networking experience for the attendees.</p> <p><strong>Andy Biebl, CPA </strong>returns next year to present the <strong>Agricultural Taxation Workshop on May 5, 2015</strong>, so mark your calendars for another exceptional program!</p> <p> </p> Fri, 30 May 2014 12:00:00 EDT KSCPA Financial Planning Workshop Held May 5, 2014 in Lenexa http://www.kscpa.org/about/news/642-kscpa_financial_planning_workshop_held_may_5_2014 http://www.kscpa.org/about/news/642-kscpa_financial_planning_workshop_held_may_5_2014 <h3>KSCPA Financial Planning Workshop Held May 5, 2014 in Lenexa</h3> <p><strong>"Road to Financial Freedom"</strong> was the theme of the 2014 KSCPA Financial Planning Workshop co-sponsored by the <strong>Financial Planning Association of Greater Kansas City</strong>. With a new location at The Thompson Barn where participants enjoyed their breaks outside, the overall program received a rating of 4.32 out of 5.00. The topics were relevant and presented by highly-qualified speakers, including <strong>Gerry Steffes, CPA/PFS, <span style="line-height: 115%; font-family: 'Corbel','sans-serif'; font-size: 10pt; mso-fareast-font-family: Calibri; mso-fareast-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">CFP®</span>, Jerry Love, CPA, PFS, <span style="line-height: 115%; font-family: 'Corbel','sans-serif'; font-size: 10pt; mso-fareast-font-family: Calibri; mso-fareast-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">CFP®</span>, Matt Krull, GBA, Dr. Eric Fidoni, PT, Ph.D., and James A. Rapp, JD.</strong> There were special lunch sessions, and the participants especially enjoyed the new topic "Health is Wealth" which was dedicated to Dennis Gershick, a frequent presenter at KSCPA seminars and conferences, who passed away last December.</p> <p><img class="justified_right" style="float: right;" src="/writable/images/News/2014NewsImages/financial_planning_workshop_2014_11_.jpg" alt="Financial Planning Workshop 2014" width="294" height="163" /></p> <p><strong>LearningQuest</strong> sponsored the program and Scott Gates, Director of LearningQuest Program and General Counsel, Kansas State Treasurer's Office updated the participants on the program.</p> <p><strong>Gerry Steffes</strong>, Chair of the Workshop, provided participants with a template binder, a valuable tool for clients to help prioritize, organize, and maintain their financial documents.</p> <p><img class="justified_left" style="float: left;" src="/writable/images/News/2014NewsImages/financial_planning_workshop_2014_14_.jpg" alt="Gerry Steffes" width="137" height="218" /></p> <p>The KSCPA is encourages young professionals to consider the financial planning area. Please contact the KSCPA office if you are interested in exploring this exciting specialization and want to be connected to a practicing CPA financial planner.</p> <p>The AICPA recently released its first Statement on Standards in Personal Financial Planning Services. <a href="http://www.aicpa.org/interestareas/personalfinancialplanning/resources/practicecenter/professionalresponsibilities/pages/pfpexposuredraft.aspx" target="_blank">Click here to learn more about the standard and obtain other valuable resources.</a></p> Fri, 30 May 2014 12:00:00 EDT Examples of Matters in Peer Reviews http://www.kscpa.org/about/news/641-examples_of_matters_in_peer_reviews http://www.kscpa.org/about/news/641-examples_of_matters_in_peer_reviews <p><strong>Updated with data as of 4/1/14<a href="http://www.aicpa.org/InterestAreas/PeerReview/Community/PeerReviewers/Pages/ExamplesofMattersinPeerReviews.aspx#_ftn1"><strong>[1]</strong></a></strong></p> <p>The AICPA is using data collected during peer reviews to learn about trouble spots and is developing resources within the AICPA that will allow firms to have a more focused remedy for their findings.  Our ultimate goal is to assist firms with the hurdles they’ve faced in the past, provide them with tools to drive up their quality and overall “up the game on quality” in the profession. </p> <p><strong>Professional Standards</strong></p> <p><em>Clarified Auditing Standards</em></p> <ul> <li>Failure to update the audit report to conform to the audit standards.</li> <li>The auditor's report was dated significantly earlier than the date of the review of the workpapers and the release date.</li> <li>Failure to appropriately document planning procedures, including risk assessment (and linkage of risks to procedures performed), planning analytics, and internal control testing</li> <li>Representation letters that were dated incorrectly, did not cover the appropriate periods or were missing required representations.</li> <li>Failure to communicate and/or document required communications with those charged with governance.</li> <li>The audit documentation did not contain sufficient competent evidence to support the firm's opinion on the financial statements.</li> </ul> <p><em>Accounting and Review Services </em></p> <p>Compilations</p> <ul> <li>Reports were not prepared in accordance with professional standards.  The following matters were noted: <ul> <li>Not updated for SSARS 19</li> <li>No headings on the report</li> <li>Inappropriate titles</li> <li>No explanation of the degree of responsibility the accountant is taking with respect to supplementary information.</li> <li>Failure to mention that substantially all disclosures are omitted</li> </ul> </li> <li>Failure to obtain an engagement letter or revise the letter for SSARS 19</li> </ul> <p>Reviews</p> <ul> <li>Representation letters that were dated incorrectly or did not cover the appropriate periods.</li> <li>Reports were not updated for SSARS 19 or had inappropriate titles</li> <li>Failure to obtain an engagement letter or revise the letter for SSARS 19</li> </ul> <p><em>Attestation Standards</em></p> <p>(Note:  Most MFCs in this area are related to AUPs or SOCs.  SOC related MFCs are included in the practice area section below.)</p> <ul> <li>Various matters were identified related to AUP reports, most frequently failure to include the word “independent” in the report title. </li> <li>Other report matters included failure to include: <ul> <li>A title</li> <li>Reference of the AICPA attestation standards</li> <li>A statement that the sufficiency of the procedures is solely the responsibility of the specified parties and a disclaimer of responsibility for the sufficiency of those procedures</li> <li>Identification of the subject matter or the engagement or written assertion or the character of the engagement.</li> </ul> </li> <li>Failure to include all elements required by attestation standards in the engagement letter.</li> </ul> <p><em>Code of Professional Conduct</em></p> <ul> <li>Failure to establish and document in writing their understanding with the client with regard to non-attest services provided.</li> </ul> <p><strong>FASB Accounting Standards Codification</strong></p> <ul> <li>No disclosure of tax years that remain subject to examination by major tax jurisdictions</li> <li>No disclosure of the date through which subsequent events were evaluated</li> <li>Incorrect classifications, net amounts instead of gross and non-cash transactions on the cash flow statement</li> <li>Long-term debt was not segregated into current and long-term portions.</li> <li>Missing or insufficient sinking funds disclosure, term, interest rate, maturity, covenants and collateral, if any, for a note payable.</li> <li>Missing or insufficient fair value disclosures related to fair value hierarchy of investments, description of the levels, descriptions of the methods used and tabular presentation of amounts.  Also included insufficient procedures and documentation regarding the procedures to obtain assurance of the fair value measurements.</li> </ul> <p><strong>Practice Areas</strong></p> <p>Issues noted above related to professional standards and FASB Accounting Standards Codification were prevalent in each of these practice areas.  Matters included in this section are those trends identified for each specific practice area.</p> <p><em>Governmental, A-133, and HUD</em></p> <p>Reporting</p> <ul> <li>Failure to include all of the required elements of professional standards in the Auditor’s Report on Internal Control and Compliance including: omitted “Independent” from report title, omitted reference to material weaknesses or significant deficiencies included in the Schedule of Findings and Questioned Costs, omitted a clause stating that the entity's responses were not audited and that the auditor expresses no opinion on those responses.</li> <li>Failure to include all of the required elements of professional standards in the Auditor’s Report including the following omissions: identification of the governmental entity’s major funds, and addressing supplemental information and required supplemental information.</li> <li>SINGLE AUDIT: Failure to properly report information on the Schedule of Expenditures of Federal Awards including the following errors: missing or improper identification of CFDA #’s or awards, failure to total programs with same CFDA #’s, failure to properly present programs as clusters.</li> </ul> <p>Documentation</p> <ul> <li>Failure to properly document the evaluation of management’s skills, knowledge, and experience to effectively oversee nonaudit services performed by the auditor.</li> <li>SINGLE AUDIT: Failure to obtain the applicable written management representations from auditee management tailored to the entity and governmental audit regarding federal awards.</li> <li>SINGLE AUDIT: Failure to document an understanding of internal control over compliance of federal awards sufficient to plan the audit to support low assessed level of control risk for major programs, including consideration of risk of material noncompliance (materiality) related to each compliance requirement and major program.</li> <li>SINGLE AUDIT: Failure to document the testing of controls and compliance for the relevant assertions related to each compliance requirement with a direct and material effect for the major program.</li> <li>SINGLE AUDIT: Improper identification of an auditee as low-risk when the previous two Data Collection Forms were not timely filed or auditor did not fulfill its responsibilities with regard to completion of auditor portion of Data Collection Form.</li> </ul> <p><em>ERISA</em></p> <ul> <li>Missing or insufficient documentation of income allocation testing at the participant level.</li> <li>Insufficient procedures and documentation for reliance upon SOC 1 reports in lieu of testing income allocations and investment options at the participant level .</li> <li>Missing or insufficient documentation of benefit payment testing.</li> <li>Failure to disclose investments that represent five percent or more of net assets</li> </ul> <p><em>Broker-Dealers</em></p> <ul> <li>Failure to comply with SEC Independence Rules, including not preparing financial statements for clients</li> <li>Audit reports inappropriately referenced use of the PCAOB standards to perform the audits (when SAS were followed)</li> <li>Audit reports on internal controls were not appropriate, including using the non-carrying format for a carrying firm, outdated definitions of internal control and restrictions of the report to management and regulations</li> <li>Failure to use a broker-dealer specific financial statement checklist thus missing required disclosures</li> </ul> <p><em>Service Organization Control (SOC) Reports</em></p> <p>SOC 1</p> <ul> <li>The service auditor lacked the experience and training required under SSAE 16 to properly complete a Service Organization Control Report.</li> <li>The client acceptance, the description of controls and the audit documentation omitted reference to the need for complimentary user controls if any exist, the risks that threaten the achievement of the control objectives and the linkage between the controls included in the control description, and the proper identification of subservice organizations and related services and ultimate use of the carve out method.</li> <li>The information included in the report did not have sufficient support in the workpapers, such as <ul> <li>No documentation to assess the nature, timing, and extent of the procedures (specifically sampling methodology)</li> <li>Control testing did not address the elements of the control, all IT general controls and change management controls</li> <li>No documentation of procedures to support the Other Information included in the report</li> </ul> </li> <li>Incorrect references included or incorrect language used in the report including user controls, carve outs, and other information.</li> </ul> <p>SOC 2</p> <ul> <li>The report issued included non-standard wording regarding complementary user entity controls</li> </ul> <p> </p> <p><em>Banking, including FDICIA</em></p> <ul> <li>Failure to include all elements required by professional standards in the accountant’s report on internal controls</li> <li>Failure to understand and comply with the independence rules applicable to these engagements, i.e. SEC independence rules do not allow the auditor to also prepare the client’s financial statements</li> <li>Failure to properly disclose: <ul> <li>valuation allowances and related segmentation information of the loan portfolio</li> <li>consolidated capital ratios and requirements</li> <li>that the entity was subject to expanded regulatory supervision and why</li> <li>OREO's and goodwill in the fair value footnote as a non-recurring measurement item</li> </ul> </li> <li>Insufficient audit testing of real estate lending including inadequate quantitative information such as aging, past due status, or historical charge-offs.  Similarly, insufficient audit testing of foreclosed property data, including inadequate testing of current year additions, analysis of fair value/carrying value.</li> <li>Insufficient audit testing of certain subjective, qualitative components of the allowance for loan loss, and retrospective review of the allowance for loan loss for bias.</li> <li>Management representation letter did not contain representations specific to financial institutions.</li> </ul> <p> </p> <p><em>Not for profit </em></p> <ul> <li>Functional expense classifications not reflected in financial statements or notes.</li> </ul> <div><hr align="left" size="1" width="33%" /> <div> <p><a href="http://www.aicpa.org/InterestAreas/PeerReview/Community/PeerReviewers/Pages/ExamplesofMattersinPeerReviews.aspx#_ftnref1">[1]</a> Due to the timing of when peer reviews are performed, there is a lag between the year-end of the engagement and when a matter is included in this report.  Peer Reviews are due 6 months after a firm’s peer review year end.  A firm’s peer review would cover engagements with year ends during the peer review year (report dates for projections and AUPs).  As an example, if a firm’s peer review year is January 1, 2013 to December 31, 2013 its peer review is not due until June 30, 2014.  Therefore a January 31, 2013 year end audit would not be included in the MFC data until approximately June 30, 2014.  However, a December 31, 2013 year end audit in the same scenario would be included in the MFC data around June 30, 2014 as well.  Refer to <a href="http://www.aicpa.org/prsummary">www.aicpa.org/prsummary</a> for more information about peer review.</p> <p>As we’re still in the beginning stages of data collection, this quarterly analysis is on all MFCs since we began collecting in December 2012.  Going forward, we will prepare our analysis on MFCs for engagements with year ends (report dates for projections and AUPs) from the previous 15 months.  By using a 15 month period, we can ensure we are providing information based on the most recent engagements, including a calendar year end.</p> </div> </div> Wed, 21 May 2014 12:00:00 EDT Brownback Shuffles Cabinet http://www.kscpa.org/about/news/640-brownback_shuffles_cabinet http://www.kscpa.org/about/news/640-brownback_shuffles_cabinet <h2 style="margin: 6pt 0in;"><strong><span style="color: black; font-family: 'Calibri','sans-serif'; font-size: 11pt; mso-bidi-font-size: 14.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Brownback Shuffles Cabinet</span></strong></h2> <p style="margin: 6pt 0in;"><span style="color: black; font-family: 'Calibri','sans-serif'; font-size: 11pt; mso-bidi-font-size: 14.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Gov. <strong><span><span style="font-family: 'Calibri','sans-serif'; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Sam Brownback</span></span></strong> today named Kansas Department of Aging and Disability Services Secretary <strong><span><span style="font-family: 'Calibri','sans-serif'; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Shawn Sullivan</span></span></strong> as State Budget Director and named <strong><span><span style="font-family: 'Calibri','sans-serif'; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Keri Bruffet</span></span></strong>, director of health care finance at the Kansas Department of Health and Environment, as new KDADs secretary.</span></p> <p style="margin: 6pt 0in;"><span style="color: black; font-family: 'Calibri','sans-serif'; font-size: 11pt; mso-bidi-font-size: 14.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><span>The shifts become effective June 9.</span></span></p> <p style="margin: 6pt 0in;"><span style="color: black; font-family: 'Calibri','sans-serif'; font-size: 11pt; mso-bidi-font-size: 14.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><span>Sullivan, who was named Secretary of Aging when Brownback took office in January 2011, moved to KDADs in July 2012 after a governor’s administrative reorganization which focused services for the elderly and disabled in one agency. With the job shift, Brownback said Sullivan will continue as director of hospitals and be budget director.</span></span></p> <p style="margin: 6pt 0in;"><span style="color: black; font-family: 'Calibri','sans-serif'; font-size: 11pt; mso-bidi-font-size: 14.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><span>Sullivan replaces <strong><span><span style="font-family: 'Calibri','sans-serif'; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Jon Hummell</span></span></strong>, who has been Brownback’s staff budget chief and took on the added interim role of State Budget Director after <strong><span><span style="font-family: 'Calibri','sans-serif'; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Steve Anderson</span></span></strong> resigned that job last August.</span></span></p> <p style="margin: 6pt 0in;"><span style="color: black; font-family: 'Calibri','sans-serif'; font-size: 11pt; mso-bidi-font-size: 14.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><span>Bruffett joined KDHE in 2011, and has led implementation and federal negotiations over KanCare, the state’s year-old successor to Medicaid.</span></span></p> <p style="margin: 6pt 0in;"><em>Reposted with Permission of Hawver News Co LLC.</em></p> Wed, 21 May 2014 12:00:00 EDT DATA Act Signed by President Obama on May 9, 2014 http://www.kscpa.org/about/news/639-data_act_signed_by_president_obama_on_may_9_2014 http://www.kscpa.org/about/news/639-data_act_signed_by_president_obama_on_may_9_2014 <p align="center"><strong>Digital Accountability and Transparency Act Signed Into Law</strong></p> <p align="center"><em>Kansas Society of CPAs’ Advocacy Aided Successful Legislative Effort</em></p> <p>With a stroke of the pen, President Obama has paved the way for easier tracking of federal spending data by residents of Kansas.</p> <p>The Digital Accountability and Transparency Act (DATA Act) was signed into law by the president on May 9, 2014, after being given final congressional approval on April 28.</p> <p>The new law calls for the disclosure of direct federal agency expenditures and will link federal contract, loan, and grant spending information to federal programs, thereby enabling taxpayers and policy makers to track federal spending more effectively. It requires the U.S. Department of the Treasury and the Office of Management and Budget to adopt a non-proprietary, platform-independent data standard, such as eXtensible Business Reporting Language (XBRL), for the reporting of federal budget and spending information. Use of a data standard like XBRL will provide consistent, reliable and searchable government-wide spending data that is displayed on USASpending.gov.</p> <p>In a statement issued following the bill signing, AICPA President and CEO Barry C. Melancon, CPA, CGMA, thanked the DATA Act’s congressional sponsors, Senators Mark Warner (D-Va.) and Rob Portman (R-Ohio) and Representatives Darrell Issa (R-Calif.) and Elijah Cummings (D-Md.), for their leadership. He also noted that Senators Tom Carper (D-Del.) and Tom Coburn (R-Ok.) were instrumental in getting the bill passed. “They recognize that the ability to follow the flow of federal dollars is a cornerstone of good government,” Melancon remarked.</p> <p>The Kansas Society of CPAs joined the AICPA in commending the lawmakers for their role in guiding passage of the DATA Act. “The new law will make it possible for residents of Kansas and throughout the nation to track federal spending through the use of a data standard like XBRL,” said Kansas Society of CPAs President/CEO Mary Rapp MacBain, CPA.CITP, CGMA. “XBRL allows for easier access to more transparent information, be it in business or government.”     </p> <p>XBRL is a royalty-free, international information format designed specifically for business information. It was the brainchild of Charlie Hoffman, a Washington state CPA.</p> Mon, 12 May 2014 12:00:00 EDT KSCPA Team Members Attend Conference in Virginia http://www.kscpa.org/about/news/638-kscpa_team_members_attend_conference_in_virginia http://www.kscpa.org/about/news/638-kscpa_team_members_attend_conference_in_virginia <h3>KSCPA Team Members Attend Conference in Virginia</h3> <p><img class="justified_right" style="float: right;" src="/writable/images/News/2014NewsImages/dsc_0111.jpg" alt="AMNET Conference Sign" width="167" height="125" />Karen Mitchell, Finance Director, and CEO Mary MacBain attended the AM.NET Users Conference at the Virginia Society of CPAs in April 2014.</p> <p>AM.NET is the membership application used by the KSCPA to manage the database of member profiles, CPE and other events, facilities, volunteer task forces and committees, professional development facilitators, and firms/organizations. AM.NET syncs to the the website that wasdeveloped and is maintained by iMarc, a website development company headquartered in Boston, MA. Prior to the conference, Mary attended a session with the president and developer at iMarc.<img class="justified_center" style="border-style: solid; border-color: #dbd2ba; cursor: default; margin-top: 0px; margin-bottom: 1.5em; outline-width: 1px; outline-style: solid; outline-color: black; font-size: 14px; vertical-align: baseline; background-image: initial; background-attachment: initial; background-origin: initial; background-clip: initial; background-color: #f9f3e4; display: block; margin-left: auto; margin-right: auto; border-width: 1px; padding: 7px;" src="/writable/images/News/2014NewsImages/dsc_0108.jpg" alt="AM.NET Users Conference" width="229" height="162" /></p> Mon, 12 May 2014 12:00:00 EDT Importance of State Associations in the CPA Profession http://www.kscpa.org/about/news/636-importance_of_state_associations_in_the_cpa http://www.kscpa.org/about/news/636-importance_of_state_associations_in_the_cpa <p>Mary MacBain, CEO of the Kansas Society of CPAs is a member of CPA/SEA and currently sits on their board of directors. CPA/SEA is an association of CPA state executives. Together, they share best practices, collaborate on professional development, and work together on advocating the CPA profession.</p> <p>Recently, Loretta Doon (CA), Erin Pate (SC), and Jim O’Hallaron (MO) met with <strong><em>Accounting Today</em></strong> to discuss CPA/SEA and the important role of the state associations in the CPA profession.</p> <p><a href="http://www.accountingtoday.com/video/" target="_blank">Click here to view the video interviews published in <strong><em>Accounting Today</em></strong></a></p> Thu, 08 May 2014 12:00:00 EDT KSCPA Member Receives Washburn University's Fleming Teaching Award http://www.kscpa.org/about/news/635-kscpa_member_receives_washburn_universitys_fleming http://www.kscpa.org/about/news/635-kscpa_member_receives_washburn_universitys_fleming <h2>Jim Martin, Henrietta and G.W. Snyder Jr. Professor in Business, Wins Ned Fleming Excellence in Teaching Award</h2> <p><img class="justified_right" style="float: right;" src="/writable/images/MemberPhotos/jim_martin.jpg" alt="Jim Martin" width="199" height="283" />Jim Martin, KSCPA Member, received Washburn University's Ned Fleming Excellence in Teaching Award.</p> <p>Criteria for the annual word are:<br />* Dedication to his/her teaching mission.<br />* Depth of understanding of subject area; how the candidates have enlarged the content or elevated the intellectual level of their courses.<br />* Ability to communicate and work with students in the learning process; "arousing intellectual curiosity of students." <br />* Consistency of excellence in teaching.</p> <p>The award recipient is selected from the entire university faculty and the selection committee is made up of faculty members.</p> <p>Martin received the Washburn School of Business Dicus Excellence in Teaching Award in 2006 and 2013, making him the first faculty member to win the award twice. The Dicus award is selected from Business faculty and is based upon student input.</p> <p>He joined the Washburn School of Business faculty on a fulltime basis in 2004.  He lectures primarily in the areas of financial accounting, corporate finance, strategic management, and taxation.  He has also taught courses in mergers and acquisitions and managerial accounting in Washburn’s MBA program and has published 16 scholarly articles since joining the faculty.  Jim’s primary areas of research are in financial markets, mergers and acquisitions, taxation, and conflicts involving corporate law and ethics.  </p> <p>Prior to joining the Washburn faculty, Jim worked for 19 years at Westar Energy (an $8 billion publicly traded diversified utility) and managed the company’s SEC Reporting, Regulatory, Finance, Strategic Planning, Investor Relations, Accounting, Treasury, and Corporate Development functions.  He has testified extensively before the Kansas legislature and in regulatory proceedings at the Federal Energy Regulatory Commission, Kansas Corporation Commission, Missouri Public Service Commission, and Oklahoma Corporation Commission.  Jim held the position of Senior Vice-president, Finance when he left the company in 2001. </p> Fri, 25 Apr 2014 12:00:00 EDT A Look Inside the Business of American Indian Gaming - AICPA Blog Post http://www.kscpa.org/about/news/634-a_look_inside_the_business_of_american_indian http://www.kscpa.org/about/news/634-a_look_inside_the_business_of_american_indian <h3><strong><em>A Blog Post by Dominic Ortiz, CPA, CGMA - KSCPA Member</em></strong></h3> <p>American Indian gaming generates an estimated $26.2 billion in annual gaming revenues within the United States. The industry has seen a vast expansion over that last two decades encompassing 237 tribes in 28 states. The economic impact of American Indian gaming has given tribal nations the opportunity to rebuild their infrastructure and strengthen their culture after decades of destructive federal policies.</p> <p><a href="http://blog.aicpa.org/2014/03/a-look-inside-the-business-of-indian-gaming.html#sthash.D4nDcAf1.cfl0FMA0.dpbs">Click here to read the complete blog post</a></p> Thu, 24 Apr 2014 12:00:00 EDT FREE Tool - State Tax Review from Paychex http://www.kscpa.org/about/news/633-free_tool-state_tax_review_from_paychex http://www.kscpa.org/about/news/633-free_tool-state_tax_review_from_paychex <h2 style="text-align: left;" align="center"><strong>New FREE Member Tool!  Accountant Knowledge Center (AKC) State Tax Review</strong></h2> <p style="text-align: left;" align="center">The Paychex Accountant Knowledge Center now provides free access to the <strong>CCH State Tax Review Newsletter.  </strong>Learn how the weekly newsletter can help keep your members up to date on all things tax related within your state.</p> <p style="text-align: left;">                        State Tax Review is the only weekly newsletter that will:</p> <ul> <li>Keep members up-to-date on tax developments in every state.</li> <li>Note changes in laws, pertinent court decisions, and administrative rulings.</li> <li>Offer expert articles from the CCH State Tax Advisory Board and contributing editors.</li> </ul> <p>The State Tax Review complements the existing tax tools on the AKC, all available for <span style="text-decoration: underline;">free</span> upon registration. Tools include:</p> <ul> <li>2014 U.S. Master Tax Guide</li> <li>CCH Tax Briefings</li> <li>Federal Tax Day News</li> <li>Federal Tax Weekly</li> <li>Tax Calculators</li> </ul> <p>The AKC allows your members to customize email newsletters, so that they get only the news they want. <strong>Paychex Mobile News Central</strong> allows users to receive payroll, HR, and tax news on-the-go from their mobile device, and easily save, send, and share valuable tax information.</p> <p><a href="http://www.paychex.com/accounting-professionals/resources/knowledge-center/?utm_source=marketo&utm_medium=email&utm_campaign=153921&utm_content=reportcentertext"><strong>Register or log in</strong></a> for free today!<strong><br clear="all" /> </strong></p> Wed, 23 Apr 2014 12:00:00 EDT