Wednesday, February 27, 2008

Missouri CPAs and the Legislative Process

On January 22 and 23, the MSCPA and many of its members continued a very effective CPA Day tradition in Jefferson City by visiting their elected representatives and hosting a Legislative Appreciation Night for the senators, representatives and the members of their legislative staffs. If you were there, your contribution of time and energy strengthened the constructive relationship we enjoy with our legislators.

If you weren’t there, please consider getting involved with the legislative advocacy activities of the MSCPA in the future months before the 2008 elections. I believe you’ll find it very interesting and rewarding.

In addition to your contributions of time and energy as members of the MSCPA, I invite you to contribute financially to process of supporting current and future candidates for election to the Missouri General Assembly who will be willing to listen to the concerns of CPAs in Missouri and of our clients. If you have contributed to the Missouri CPA Political Action Committee in the past, please continue and encourage other CPAs in your firm and your community to do the same. Your support is much appreciated.

If you haven’t contributed to our PAC in the past, please begin a tradition of contributing. Your support will make it possible for the PAC and its members to:
Strengthen the voice of Missouri CPAs at the Capitol, which ensures the opportunity to effect positive change for our profession in Missouri
Inform legislators about our views before they vote on bills that could impact our profession and/or our clients
help elect candidates who support CPAs and business issues
make our profession more visible at the Capitol.

Contributions (payable to Missouri CPA PAC) can be sent to P.O, Box 419042, St. Louis, MO 63141-9042.

If you have any questions about our PAC, please call me at 314-432-6700

Mark E. Mersmann
Mark E. Mersmann, CPA
Chair, Board of Trustees
Missouri CPA PAC

Wednesday, February 13, 2008

Economic Stimulus Act of 2008

The Economic Stimulus Act of 2008 which has passed the house and senate and is waiting for the presidents signature revives “bonus” depreciation by amending §168(k) to substitute “December 31, 2007” for “September 10, 2001” , “January 1, 2008” for “September 11, 2001,” “January 1, 2009” for “January 1, 2005” and “January 1, 2010” for “January 1, 2006.” It also increase the amount of bonus depreciation allowed from 30% to 50%.

As we are all aware when bonus depreciation was originally enacted Missouri decided not to conform to the federal change. This non-conformity caused no end of confusion and complications for 2001 returns and beyond. At that time the MSCPA was passive in the General Assembly on this issue and it passed before most practitioners were aware of what happened.

If the membership of the tax committee agrees we should draft a letter to the Governor and key legislative leaders of both parties recommending that Missouri conform to the federal act this time. We should also ask that the society make conformity a legislative priority of its lobbying efforts this year. If it looks as if Missouri will not conform we should at least make sure that there are no unresolved issues such as not adjusting basis upon disposition. Which would then have to be addressed in later years.

The text of the bill can be found at:

David A. Ruth, CPA
Professional, Tax Operations
Jefferson Wells International

Friday, February 8, 2008

Don't Be Stressed!

Feeling stressed, especially with busy season approaching? According to Bloomberg News columnist, Matthew Lynn, there are three reasons why we are all so stressed at work:

1. Hyperactivity – in the modern office, rushing around like a hamster on steroids is a badge of honor.

2. Round-the-clock business culture - consumers can get what they want whenever they want it…good for them…but not so great for the producers.

3. Politeness and consideration – we’ve forgotten how to treat coworkers, suppliers and customers.

Believing work is stressful because we make it that way, he suggests it’s might be time to relax a bit…or at least not shout at each other!

Conni Ochs
Triad Advisory Group LLC

Monday, February 4, 2008

Welcome To MSCPA's New Blog!

Your source for continuous information and profession news is MSCPA! And we're happy to bring a brand new resource to our CPA members here in Missouri.

Utilize this new blog to inform your fellow CPAs about profession-related information, tax season tips, management strategies, or any other topic that you would like.

Posters must register with Google...and we ask that you use professional decorum with all your posts.

We look forward to writing with you on this brand new resource!

Jim O'Hallaron
President & CEO
Missouri Society of CPAs