Missouri Society of CPAs

Two New Tax Benefits for Employers who Hire & Retain Unemployed Workers

2010-03-18T13:47:00.002-06:00

IR-2010-33

Two new tax benefits are now available to employers hiring workers who were previously unemployed or only working part time. These provisions are part of the Hiring Incentives to Restore Employment (HIRE) Act enacted into law today.

Employers who hire unemployed workers this year (after Feb. 3, 2010 and before Jan. 1, 2011) may qualify for a 6.2-percent payroll tax incentive, in effect exempting them from their share of Social Security taxes on wages paid to these workers after March 18, 2010. This reduced tax withholding will have no effect on the employee’s future Social Security benefits, and employers would still need to withhold the employee’s 6.2-percent share of Social Security taxes, as well as income taxes. The employer and employee’s shares of Medicare taxes would also still apply to these wages.

In addition, for each worker retained for at least a year, businesses may claim an additional general business tax credit, up to $1,000 per worker, when they file their 2011 income tax returns.

The two tax benefits are especially helpful to employers who are adding positions to their payrolls. New hires filling existing positions also qualify but only if the workers they are replacing left voluntarily or for cause. Family members and other relatives do not qualify.

In addition, the new law requires that the employer get a statement from each eligible new hire certifying that he or she was unemployed during the 60 days before beginning work or, alternatively, worked fewer than a total of 40 hours for someone else during the 60-day period. The IRS is currently developing a form employees can use to make the required statement.

Businesses, agricultural employers, tax-exempt organizations and public colleges and universities all qualify to claim the payroll tax benefit for eligible newly-hired employees. Household employers cannot claim this new tax benefit.

Employers claim the payroll tax benefit on the federal employment tax return they file, usually quarterly, with the IRS. Eligible employers will be able to claim the new tax incentive on their revised employment tax form for the second quarter of 2010. Revised forms and further details on these two new tax provisions will be posted on IRS.gov during the next few weeks.

http://www.irs.gov/newsroom/article/0,,id=220326,00.html

Do You Know Anyone Who Has Been Laid Off During The Last Three Years?

2010-03-08T11:54:00.000-06:00

Immediate action may be necessary to secure refunds of Social Security taxes for 2006.

A District Court Case recently held that severance payments made by a bankrupt retailer to employees were not subject to Social Security taxes. While there is a good likelihood that the IRS will appeal since they won an Appeals Court case in 2008, companies should consider filing protective refund claims citing this new decision. It is critical if this issue applied in 2006 to file a protective claim immediately since the statute of limitations generally expires three years after the due date of tax returns. With a protective claim for refund, the IRS holds the claim until the case is ultimately decided. If the IRS ultimately loses its appeal, it will be required to honor the protective refund claim.

Severance payments refunds may also be available for 2007 and 2008, and you will need to take this new case into consideration for 2009.

Those affected should contact the company that laid them off to see if they are filing for the potential refunds.

Julie Welch, CPA, CFP
Meara Welch Browne, P.C.
julie@meara.com
816-561-6868

What do you think of the St. Louis Globe Democrat?

2009-12-16T10:47:00.002-06:00

It's back! The St.Louis Globe Democrat died as a daily newspaper October 29, 1986 at the age of 134, leaving St. Louis as a one-paper town. It has been resurrected and has just finished its first week back as an online-only newspaper.

Publisher Dan Rositano has 16 fulltime staffers and about 20 contributors. He says he’s amazed at the consumer response in the first week.

Check it out:
http://www.globe-democrat.com/

What do you think?

Can Accountants Be Effective Leaders?

2009-12-09T09:21:00.001-06:00

The current recessionary climate has thrust CFOs into the spotlight and made one thing abundantly clear: U.S. companies are in dire need of financial leadership.

And, although for many financial professionals the idea of achieving financial leadership is a clear and realistic goal, few understand the skills necessary to become a true leader.

Business Finance Magazine explores the leadership skills accountants should focus on to become more valuable to their companies and firms.

http://businessfinancemag.com/article/leadership-skills-continuum-1130

St. Louis Business Journal Writes That Missourians Feel Better About Economy

2009-12-02T10:22:00.002-06:00

Do you agree that the economy is turning around?

This is the topic of a blog posting by Kelsy Volkmann. She writes:

"This holiday season, Missourians are feeling cheerier about the economy, their jobs and their wallets, a new survey shows.

Fears about the recession are slowly subsiding, with more than half of Missourians surveyed by accounting firm Deloitte saying they expect the economy will improve in 2010.

Nearly nine in 10 (87 percent) believe their jobs are secure compared with 81 percent nationwide, Deloitte found, unlike our own unscientific poll this month of St. Louis Business Journal readers who said they felt less secure."

What do you think?

http://stlouis.bizjournals.com/stlouis/blog/2009/11/missourians_feel_cheerier_about_economy.html

It's That Time of Year!

2009-11-25T11:18:00.002-06:00

The holidays represent a lot for all of us, but for many CPAs, it means something in addition to all the festivity--tax season is coming.

To help assist our tax practitioners ramp up their staffs for the 2009 tax season, MSCPA is offering you the opportunities to post your part-time tax assistance openings for FREE on the MSCPA Career Center.

Your postings will be promoted to MSCPA’s nearly 9,000 CPA members throughout Missouri. Interested applicants will then apply directly to your postings online.

To post your FREE part-time opportunity, scroll down to the last package:
http://careers.mocpa.org/rates.cfm

Does Social Media Make Your Smarter?

2009-11-18T08:51:00.001-06:00

A study published by global think tank, the Human Capital Institute (HCI), revealed that over half of all organizations are experimenting with communities of practice for business purposes, along with other popular applications such as social networks (49%), blogs and/or wikis (39%).

According to the third annual Deloitte LLP Ethics & Workplace survey published earlier this year, 60% of business executives believe they have a right to know how employees portray themselves and their organizations in online social networks and 74% believe social networks make it easier to damage a company's reputation.

However, 53% of employees (and 63% of 18 to 34 year olds) say their social networking pages are not an employer's concern.

More here:
http://www.accountingweb.com/topic/cfo/can-facebook-make-you-better-learner

Centennial Membership Retreat This Week Closes Out Great Year!

2009-11-10T09:58:00.002-06:00

Since January, MSCPA members have been celebrating the 100th year anniversary of the society. It's been a great year...with an enhanced convention, chapter celebrations, the centennial ASSET in Jully, and the centennial website.

This week brings the year of celebration to a close with the Centennial Membership Retreat in Key West, Florida. The group of almost 70 will gather to commemorate our history and celebrate our future as a profession!

If you haven't yet had a chance to review the official centennial website, please take a few minutes to read through it.

And happy birthday MSCPA!

www.mocpa100.org

Digital ASSET and CPE Catalog!

2009-11-04T12:37:00.002-06:00

Don't you just love technology?

MSCPA has taken advantage of some new technology and now offers its bi-monthly magazine, The ASSET, in a digital form.

We have also condensed down the 2009 CPE Catalog to the remaining classes this year and provided it in a digital format as well!

There are a number of advantages to this new format including:

• Easy navigation and readability
• Keyword search capability
• Forward to a friend or through your social media network
• Desktop shortcut

Check out the new November issue at:
http://theasset.dirxion.com/

Check out the CPE Catalog at:
http://mscpa.dirxion.com/cpe/

Let us know what you think about these new digital publications!

Young CPAs Social Networking Opportunities!

2009-10-28T14:43:00.002-06:00

Join your fellow young professionals (35 and under) for a night of speed networking over cocktails!

In a fun and relaxed atmosphere, you will meet other young CPAs across business and industry and public practice, and gain valuable business contacts. CPA candidates welcome!

Date: Wednesday, November 18, 2009
Time: 4:30-6:30 p.m.
Fee: $10 members; $15 nonmembers
Includes drink tickets and hors d’ oeuvres
Free parking at all locations

Locations:
St. Louis - Cardwell's in Clayton
Kansas City - 2000 Grand (2nd floor of The Cashew)
Springfield - Springfield Brewing Co.
Columbia - The University Club

Take this opportunity to build professional relationships that can turn into resources, referrals, clients and friends!

To register go to: http://www.mocpa.org/Content/22823.aspx

If you have any questions, please contact Holly Matthews at hmatthews@mocpa.org or 800.264.7966.

MSCPA Member Colleen Conrad Talks About IFRS & Practice Mobility

2009-10-21T08:27:00.003-05:00

In Friday's edition of The St. Louis Business Journal, MSCPA Member Colleen Conrad shares perspectives on IFRS and mobility.

Conrad is an active leader with the MSCPA and AICPA, as well as the Missouri State Board of Accountancy. Currently, she serves as national chair for AICPA's Board of Examiners.

Read more here:
http://stlouis.bizjournals.com/stlouis/stories/2009/10/19/focus5.html?b=1255924800%5e2275581&s=industry&i=accounting_consulting

Does Your Missouri Small Business Know About Potential Loans?

2009-10-14T09:06:00.001-05:00

A low-interest loan program for small business has received a make-over. The State Treasurer worries not enough Missouri small businesses know about it.

Lawmakers approved the Invest in Missouri program this past session, which contained provisions to broadened the Missouri Linked Deposit Program. More money is available. More small businesses qualify.

Now, more need to know about it, says State Treasurer Clint Zweifel.

“We do know that 75% of all job growth in the state during an economic recovery is going to be job growth that is coming from small businesses,” says Zweifel. “So, this is a great program that touches those businesses, helps them save money when they borrow money, helps them re-invest in the people in the state.”

http://www.missourinet.com/2009/10/10/27825/

CPA Exam To Undergo Evolution

2009-10-07T14:20:00.001-05:00

January 1, 2011 is officially the date that has been approved by the AICPA Board of Examiners (BOE) for the introduction of what will, in effect, be a new Uniform CPA Examination –an examination transformed in structure, content, and format, and supported by enhanced technology.

CBT-e implementation will be important for CPA candidates, all examination stakeholders, and the profession as a whole.

http://www.cpa-exam.org/download/CBT-e-Launch-Announcement-9-25-09.pdf

Sample Social Networking Policy

2009-09-30T08:17:00.001-05:00

IT Business Edge published a social media and social networking policy on its website. Your company may want to consider adding a policy to your employee handbook.

1.Personal blogs should have clear disclaimers that the views expressed by the author in the blog is the author’s alone and do not represent the views of the company. Be clear and write in first person. Make your writing clear that you are speaking for yourself and not on behalf of the company.

2.Information published on your blog(s) should comply with the company’s confidentiality and disclosure of proprietary data policies. This also applies to comments posted on other blogs, forums, and social networking sites.

3.Be respectful to the company, other employees, customers, partners, and competitors.

4.Social media activities should not interfere with work commitments. Refer to IT resource usage policies.

5.Your online presence reflects the company. Be aware that your actions captured via images, posts, or comments can reflect that of our company.

6.Do not reference or site company clients, partners, or customers without their express consent. In all cases, do not publish any information regarding a client during the engagement.

7.Respect copyright laws, and reference or cite sources appropriately. Plagiarism applies online as well.

8.Company logos and trademarks may not be used without written consent.

http://www.itbusinessedge.com/cm/docs/DOC-1257

Need Assistance During Upcoming Tax Season?

2009-09-23T14:44:00.000-05:00

If your firm needs part-time help during the upcoming tax season, place your opportunities for FREE on the MSCPA Career Center! Your postings will be promoted to MSCPA’s nearly 9,000 CPA members throughout Missouri. Interested applicants will then apply directly to your postings online.

To post your FREE part-time opportunity, scroll down to the last package:
http://careers.mocpa.org/rates.cfm

New! Digital Version of The ASSET

2009-09-15T14:23:00.002-05:00

MSCPA is proud to announce that every other month, we will publish our normal print magazine AND a new interactive, digital version!

The new digital ASSET offers a number of enhanced tools, including:
• Easy navigation and readability
• Keyword search capability
• Forward to a friend or through your social media network
• Desktop shortcut

Check it out at:
http://theasset.dirxion.com

MSCPA members will continue to receive both the printed and online versions of the ASSET.

If members are feeling a bit frugal (what CPA doesn't?) and wants to save a tree, they can choose to receive the digital version only.

To subscribe to the digital version ONLY, click below. (You will be unsubscribed from the printed version)
http://www.mocpa.org/Content/22816.aspx

Welcome Message From MSCPA Chair

2009-09-10T09:06:00.003-05:00

MSCPA Chair Ed Scavone took the leadership reigns of MSCPA on July 1. Recently, he sat down and took a few minutes to welcome the members of the society to the new year, talk about the centennial, and the importance of unifying as a profession going forward.

Check out the video:
http://www.mocpa.org/Content/files/videos/edscavone.wmv
(3 minutes)

Are You In Compliance With Missouri's Data Breach Laws!

2009-09-02T13:19:00.002-05:00

Missouri Governor Jay Nixon recently signed House Bill 62, which enacts data breach notification laws for Missouri businesses (businesses in Missouri as well as those which do business with Missouri residents).

Attorneys at Husch Blackwell Sanders have summarized the provisions of this law. Their summary can be found at:
http://www.huschblackwell.com/images/eblastgraphics/Identification_Security_Bulletin_Legal_Update.pdf

The bill became effective on August 28.

The relevant sections of the House Bill 62 can be found at:
http://www.huschblackwell.com/images/eblastgraphics/missouri_data_breach_notification_law.pdf

Hear More About The Economy From MSCPA's Economist

2009-08-27T11:19:00.003-05:00

This morning, MSCPA Economist Chris Kuehl addressed more than 50 CPAs about the state of the economy. His lively session helped CPAs in Missouri learn more about our country's economic recovery and what they can do to strategize during these trying times.

Kuehl summarized his thoughts in this special video (20 minutes)
www.mocpa.org/content/files/videos/chrisk.wmv

All MSCPA members receive daily updates from Chris Kuehl through the MSCPA Business Intelligence Brief. Learn more here: http://www.mocpa.org/Content/22593.aspx

If you would like to subscribe to the MSCPA Business Intelligence Brief, send an email to dhull@mocpa.org.

Missouri Jobless Rate Stable

2009-08-19T09:43:00.000-05:00

The Missouri economic development department says Missouri's unemployment rate held steady last month. But the department is reluctant to say much about a trend.

The 9.3 percent rate, 278-thousand jobless Missourians still eligible for benefits....and about the same as the seasonally-adjusted figures for June, still the highest in a quarter-century.

But employment gains are reported in durable goods manufacturing, and increases are reported in our two biggest cities which have been losing jobs for months.

Read more at Missourinet:
http://www.missourinet.com/gestalt/go.cfm?objectid=2FFC48D1-5056-B82A-37F446BE01CFD3AB

Check Out MSCPA's Social Technology Efforts!

2009-08-12T10:06:00.003-05:00

The society is stepping up its efforts in social media. In addition to this blog, the society has a twitter feed, which is followed by 250 people, five Facebook pages, a LinkedIn page, and weekly podcasts.

If you haven't yet taken a few minutes to join or follow the society's social media efforts, please do so. It's a great way to stay connected to others in the profession and learn more about specific issues and events related to CPAs in Missouri.

Twitter:
http://twitter.com/missouricpas

Facebook (this is the general group--search for groups for St. Louis Chapter, Kansas City Chapter, Young Professionals, and Business & Industry):
http://www.facebook.com/group.php?gid=68450650368

LinkedIn:
http://www.linkedin.com/groups?homeNewMember=&gid=1931425&trk=

Weekly Podcasts:
http://www.mocpa.org/Content/22626.aspx

CPA Mobility...Now In 45 States!

2009-08-05T09:00:00.003-05:00

While Missouri was one of the first states to enact mobility legislation, many other states have stepped up and passed their own mobility provisions over the past couple of years.

The AICPA sent a press release last week reporting that 45 states have successfully passed interstate practice mobility making it easier for CPAs to practice across state lines.

How does this affect your firm?

http://www.aicpa.org/download/news/2009/WITH-45-STATES-ENACTING-CPA-PRACTICE-MOBILITY-LAWS.pdf

Accounting Remains Hot Career Choice!

2009-07-29T09:04:00.001-05:00

The number of students who graduated with accounting degrees in the 2007-08 school year surpassed the previous year’s record level, according to a new report by the AICPA.

More than 66,000 achieved bachelor’s and master’s degrees in accounting, 3.5 percent higher than in 2006-07.

This represents the largest number of graduates since 1972, the year the AICPA began tracking the data, according to the report, 2009 Trends in the Supply of Accounting Graduates and the Demand for Public Accounting Recruits.

http://www.aicpa.org/download/news/2009/ACCOUNTING-DEGREES-CONTINUE-HISTORIC-UPWARD-TREND.pdf

Tax Options In Health Care Reform Debate

2009-07-22T10:02:00.001-05:00

Funding health care reform, which the Congressional Budget Office (CBO) has estimated will carry a $1 trillion price tag, will involve both cost saving measures and tax increases according to Prescription for Change: Tax Issues in Health Care Reform, prepared by the Tax Policy Group of Deloitte Tax LLP in Washington, D.C. and reported by AccountingWeb.

The report does not define the debate or predict the outcome, but identifies areas where tax issues will arise.

Tax options directly related to health care have been prominent in the debate so far, but President Obama suggested tax reforms unrelated to health care as sources for funding reform in his FY2010 budget, and the funding debate may extend beyond taxing for health care.

“If Congress abandons any nexus to health care in its search for funding options,” the Deloitte report predicts, “then business and individual tax issues could be drawn into the discussion.”

Daunting as the prospect of reform may be, the case for health care reform is strong, the authors say.

The CBO estimates that health care costs will reach 20 percent of the gross domestic product by 2017.

The costs of Medicare and Medicaid alone, which consumed more than 20 percent of the federal budget in 2007, will “represent a serious threat to the fiscal health of the country.”

Forty seven million American are uninsured and 25 million are underinsured.

More here:
http://www.accountingweb.com/topic/tax/tax-options-health-care-reform-debate

Is Client Retention Your Biggest Concern?

2009-07-15T08:36:00.001-05:00

According to the AICPA's 2009 CPA Firm Top Issues Survey, the most significant challenge facing CPA firms of all sizes across the nation today is client retention.

This certainly indicates how the economy is affecting business practices for accountants and other professional service providers.

The CPA Firm Top Issues Survey gathers information from a wide range of practitioners in five different size segments from sole practitioner to firms with over 21 professionals in an effort to get a snapshot of the most critical challenges facing AICPA members.

Marketing and practice growth reappeared in the AICPA's Top 5 issues list for the first time since 2005 across all five of the firm sizes that were surveyed.

Technical training standards and succession issues also topped the 2009 list. The top issues varied by firm size.

After client retention, tax law complexity and changes were top concerns for sole practitioners while partner accountability and succession planning are top issues for firms with more than 20 professionals.

http://www.aicpa.org/download/news/2009/Client-Retention-CPA-Top-Issues-Survey.pdf

Missouri Severe Storms and Flooding Victims May Qualify for IRS Disaster Relief

2009-07-01T09:55:00.000-05:00

Victims of recent severe storms, tornadoes, and flooding in Missouri may qualify for tax relief from the Internal Revenue Service.

Following severe storms, tornadoes, and flooding on May 8, 2009, the President declared Adair, Barry, Barton, Bollinger, Cape Girardeau, Christian, Dade, Dallas, Dent, Douglas, Greene, Howell, Iron, Jasper, Jefferson, Laclede, Lawrence, Madison, Newton, Ozark, Polk, Reynolds, Ripley, St. Francois, Shannon, Texas, Washington and Webster counties a federal disaster area qualifying for individual assistance.

As a result, the IRS is postponing until July 7, 2009, certain deadlines for taxpayers who reside or have a business in the disaster area. The postponement applies to return filing, tax payment and certain other time-sensitive acts otherwise due between May 8, 2009, and July 7, 2009.

http://www.irs.gov/newsroom/article/0,,id=210060,00.html

Tons of Time Spent On Social Networking Sites

2009-06-24T09:08:00.001-05:00

The St. Louis Post Dispatch reports that the most recent numbers from Nielson show that we are spending more time social networking than ever. As of May, Facebook was still number one. And Twitter continues to grow - though it is showing some signs of slowing down.

Facebook had 144.3 million unique visitors in May, making it the world’s top social network for the seventh month in a row.
Former top site Myspace.com was the top social network when ranked by total video streams, with 116.1 million.
Upstart Twitter was the fastest growing site in May, increasing a mind-boggling 1,448 percent year-over-year.

http://www.stltoday.com/blogzone/life-tech/social-networking/2009/06/were-still-spending-tons-of-time-on-social-network-sites/

ATTENTION: Missouri CPA Firms and Employers

2009-06-17T13:27:00.000-05:00

Now that the economy is slowly recovering, remember that as your firm/company has CPA positions that become available, post them on the MSCPA Career Center!

Here are just a couple of reasons why it’s more cost effective and targeted to post your jobs on Missouri’s own accounting-specific job board:

· Almost 400 professional CPAs who want to work in Missouri are registered on our site
· 84 percent of registered job seekers hold Missouri CPA licenses
· 170 is the average number of page views a job posted on our site receives

In addition, the MSCPA Career Center offers exclusive employer access to more than 230 active resumes that have been posted to the career center.

Nearly 200 Missouri employers have posted at least one job on the career center over the past year and report excellent success in reaching qualified candidates!

Check it out at: http://www.mocpa.org/Content/22595.aspx

IRS Launches Tax Return Preparer Review

2009-06-10T10:52:00.001-05:00

The IRS announced that by the end of 2009, he will propose a comprehensive set of recommendations to help the Internal Revenue Service better leverage the tax return preparer community with the twin goals of increasing taxpayer compliance and ensuring uniform and high ethical standards of conduct for tax preparers.

Some of the potential recommendations could focus on a new model for the regulation of tax return preparers; service and outreach for return preparers; education and training of return preparers; and enforcement related to return preparer misconduct.

http://www.irs.gov/newsroom/article/0,,id=209375,00.html

Accountants Rank Soft Skills As More Important Than Technical Skills

2009-06-02T10:24:00.001-05:00

Accountants have strong opinions about what constitutes leadership in this economy, according to a new survey by Ajilon Finance.

The survey, which polled over 700 accountants, found that leadership priorities change depending on whether the economy is good or bad but that certain workforce activities and initiatives remain non-discretionary investments at companies, such as training and development and workforce flexibility.

What do you think?

AICPA Reports On IFRS Preparedness

2009-05-27T08:31:00.003-05:00

An AICPA survey indicated that CPAs possess basic knowledge about IFRS, but need much more education in the years to come.

http://www.aicpa.org/download/news/2009/IFRS_Poll_Results.pdf

Unemployment Rate in Missouri Finally Goes Down!

2009-05-20T09:14:00.001-05:00

The state of Missouri’s unemployment rate receded in April, following nine consecutive months of increases, but the state’s nonfarm payrolls continued to lose jobs, according to data released today by the Missouri Department of Economic Development (DED).

The state’s seasonally-adjusted unemployment rate fell by six-tenths of a point from 8.7 in March to 8.1 percent, which was the same rate during the month of January. Approximately 242,900 Missourians were estimated to have been jobless during the month of April.

Does this mean economic recovery is on its way?

http://www.ded.mo.gov/cgi-bin/dispress.pl?txtpressid=80

Deadline Approaching To Be In Centennial ASSET!

2009-05-12T08:15:00.000-05:00

DEADLINE—THIS FRIDAY
to be a part of the July 2009 Centennial ASSET!

Individual Members: Submit Your Congratulatory Notes
Simply pen a short congratulatory note to be designed and published by MSCPA to appear in the ASSET in the July 2009 commemorative issue. Notes should be 75 words or less.

To submit your note, go to:
http://www.mocpa.org/Content/22719.aspx

CPA Firms/Companies: Submit Your Centennial Ads
Special advertising opportunities are offered to CPA firms and companies in the July 2009 commemorative issue. CPA firms/companies may wish to provide an ad that is either congratulatory in nature or about the advertiser’s own company history.

To reserve your space, go to:
http://www.mocpa.org/Content/22721.aspx

Ad artwork deadline is June 1. Mechanical specifications can be found at: http://www.mocpa.org/content/files/pdfs/mech_specs.pdf
If you need assistance with design of your ad, please let MSCPA know…we can help!

If you have any questions or need further information, please contact Dawn Martin at the society at 800-264-7966 or by email at dmartin@mocpa.org.

CPAs Absorb Falling Rates As A New Cost Of Business

2009-05-06T13:39:00.002-05:00

The Boston Business Journal ran a story last week that stated that CPA firms in that area have had to lower fees to remain competitive.

Is this happening here in Missouri?

http://www.bizjournals.com/stlouis/othercities/boston/stories/2009/05/04/focus8.html?b=1241409600^1821598

Make Sure Your CPE Is Documented!

2009-04-29T08:25:00.001-05:00

MSCPA reminds all Missouri CPAs to take a few minutes to make sure you plan to take and document all required CPE not only for this year (minimum of 20 hours), but for the past three years (minimum of 120 hours).

Missouri accountancy law also requires that each Missouri CPA take two hours of ethics CPE per year to maintain licensure. It is critical that all your CPE is properly accounted for and documented. The Missouri State Board of Accountancy (MOSBA) does CPE audits on a random, but continuous basis.

Remember—all courses you take through the MSCPA are properly documented and members have complete access to their CPE transcript 24 hours a day. MOSBA will accept MSCPA transcripts for use during a CPE audit.

The Missouri Society of CPAs is here to help you through this process!
http://www.mocpa.org/Content/Login.aspx?ReturnUrl=%2fmembernet%2fmembers%2fCourseHistory.aspx&emi=1

CFOs On IFRS: Forget About It!

2009-04-22T09:02:00.000-05:00

Many companies are taking a wait-and-see approach to the IFRS momentum, which seemed to be moving fast under Cox precrisis, but has now hit a standstill.

More than two-thirds of financial professionals have not budgeted for converting to IFRS, according to a Deloitte & Touche survey in March of 150 CFOs and finance managers.

Read more at CFO Magazine:
http://www.cfo.com/article.cfm/13517383?f=most_read

Should Businesses Twitter?

2009-04-15T08:28:00.002-05:00

Twitter?

Our teenagers get it...but do we get it?

Many of us don't. Does Twitter belong in your business? It's definitely the latest trend. See how Forbes Magazine compiled a number of articles that explain that Twitter may have a place in your business:

http://www.forbes.com/2009/04/14/twitter-business-fun-technology-personal-tech-twitter_land.html

Ten Things To Buy Before The Economy Improves

2009-04-08T08:41:00.001-05:00

CPAs are good with money, right? Well, do you agree that people (who can afford to) buy these items while the prices may be low?

http://www.forbes.com/2009/03/31/consumer-behavior-recession-business-commerce-buying.html

Special Tax Break Available for New Car Purchases This Year

2009-04-01T07:18:00.000-06:00

The IRS announced yesterday that taxpayers who buy a vehicle this year may be entitled to deduct state and local sales and excise taxes paid on the purchase on their 2009 tax returns next year.

The deduction is limited to the state and local sales and excise taxes paid on up to $49,500 of the purchase price of a qualified new car, light truck, motor home or motorcycle.

The amount of the deduction is phased out for taxpayers whose modified adjusted gross income is between $125,000 and $135,000 for individual filers and between $250,000 and $260,000 for joint filers.

IRS also alerted taxpayers that the vehicle must be purchased after Feb. 16, 2009, and before Jan. 1, 2010, to qualify for the deduction.

The special deduction is available regardless of whether a taxpayer itemizes deductions on their return. The IRS reminded taxpayers the deduction may not be taken on 2008 tax returns.

Are You On Facebook?

2009-03-25T08:00:00.002-06:00

If not, you might want to be...

Forbes Magazine recently wrote about companies using Facebook groups for their company intranet.

http://www.forbes.com/2009/03/20/facebook-intranet-serena-entrepreneurs-technology-facebook.html

Now, there are now three groups on Facebook that you and your fellow CPAs should join—the Missouri Society of CPAs group, the St. Louis Chapter of the Missouri Society of CPAs group, and the Young Professionals Network of the Missouri Society of CPAs group.

To find these groups, type the name “Missouri Society of CPAs” in the search bar on the top, right hand side.

Join all three and post information!
http://www.facebook.com

St. Louisans Forced To Save Less For Retirement

2009-03-18T08:30:00.002-06:00

Thanks to St. Louisians inability to save as much for retirement as well as cuts in 401K matches, many have made the decision to put off retirement.

Read more in the St. Louis Business Journal
http://stlouis.bizjournals.com/stlouis/stories/2009/03/16/daily20.html?surround=lfn

Early Adoption of IFRS Appears Unlikely

2009-03-11T13:22:00.000-06:00

Many financial executives in the U.S. have begun the initial stages of convergence with International Financial Reporting Standards at their companies, but early adoption in 2009 for qualifying companies will be difficult, if not impossible, due to the significant time requirements, according to a new report.

http://www.webcpa.com/article.cfm?articleid=30934

Business Journal Summarizes Stimulus Bill

2009-03-11T07:55:00.001-06:00

The St. Louis Business Journal has prepared a summary of the American Recovery and Reinvestment Act and its impact on our region:

http://stlouis.bizjournals.com/stlouis/stories/2009/03/09/story15.html?b=1236571200^1791715

Federal Stimulus Relief for Individuals, Families and Small Businesses

2009-03-04T08:42:00.001-06:00

The American Recovery and Reinvestment Act enacted new federal tax relief measures that will benefit many Missouri individuals, families, and small businesses.

Benefits for individuals and families include:

Increase in pay due to reduced federal income tax withholding
One time payment of $250 to seniors, disabled veterans, retired teachers and others
Increase in the earned income tax credit for families with three or more children
Federal income exemption of the first $2,400 of unemployment benefits
Federal income deduction for state and local sales taxes paid on the purchase of new vehicles
Increase in the child tax credit
Increase in federal tax credit from $7,500 to up to $8,000 for first time homebuyers
Increase in federal tax credit from $1,800 to up to $2,500 for tuition and related expenses
Increase in thresholds for Alternative Minimum Tax

Benefits for small businesses include:

Reduced estimated tax payment requirements for 2009
Extension of net operating loss carrybacks from two years to up to five years
Deferral of cancellation-of-debt income
Expansion of Work Opportunity eligible target groups to include unemployed veterans and disconnected youth; employers are eligible for a federal tax credit of up to $2,400 of wages paid to employees in these groups
Accelerated depreciation for qualifying property
Increased expensing for qualifying property
Extension of acceleration of recognition of historic alternative minimum tax and research and development credits
Exclusion of gains from the sale of qualified small business stock held for required periods

To learn more about Missouri's initiative to create jobs and transform Missouri's economy visit: http://transform.mo.gov/

Are 529 Plans Obsolete?

2009-02-25T08:28:00.000-06:00

Fox News reports that while Section 529 plans have been getting a lot of heat lately, they're still the best way for most families to save.

Do you agree?

http://www.foxbusiness.com/story/personal-finance/financial-planning/tax/plans-obsolete/

Who Gets What In The Stimulus Bill?

2009-02-18T08:48:00.001-06:00

AccountingWeb details the now signed Recovery and Reinvestment Act of 2009 on its website. Check out the implications for both individuals and businesses.

http://www.accountingweb.com/cgi-bin/item.cgi?id=107033

MSCPA Economic Resource Center

2009-02-11T08:47:00.000-06:00

To help members access current and accurate information about the crisis, the MSCPA has compiled a list of resources for members to utilize in advising their colleagues, clients, family and friends during these uncertain times.

http://www.mocpa.org/Content/22712.aspx

120 days? A-B suppliers will have to wait four times longer to get paid

2009-02-04T10:01:00.001-06:00

Starting Feb. 1, Anheuser-Busch gave itself 120 days to pay suppliers. Previously, standard terms were 30 days.

What do you think about this? Is this fair to suppliers? Won't it have a ripple effect throughout the St. Louis economy? What if all businesses adopted this practice?

Top 10 Ways You Know It's Tax Season!

2009-01-29T08:19:00.001-06:00

You can't finish a thought without: the phone ringing, another file being placed on your desk, a client walking in, or another tax return being added to your to do list.
You re-heat your first cup of coffee ten times in 2 hours, and still haven't finished it yet!
The office puppy leaves a present on the carpet by your desk because you ignored the bell she rang (often, over 3 hours) to go outside.
You come in at 7 a.m., blink, and it's 5 p.m.
Your stomach growls around 3 p.m. to remind you that your lunch is waaaay overdue.
You have lots of copies to make and your copier is sabotaging the process.
You can't find your desk.
You wear "senior underwear" because you don't have time to run to the bathroom.
You have 3 or more band aids on your fingers from paper cuts.
You have clients calling in January to set up an appointment for April 14th.

Source: WebCPA

Webster University Professor Suggests Obama Move Quickly, But Cautiously

2009-01-23T08:19:00.001-06:00

The first 100 days of a new presidency are seen as an opportunity for the new man in the White House to move forward his agenda.

And, Gwyneth Williams - a Webster University professor of history, politics, and international relations - says President Barack Obama must use those 100 days wisely and must not take Congress for granted, even though there are solid Democratic majorities in both the House and Senate.

Read more...
http://www.missourinet.com/gestalt/go.cfm?objectid=0053654E-5056-B82A-371878CB0FF6EBEA

MSCPA Centennial Celebration!

2009-01-16T13:53:00.002-06:00

The entire calendar year of 2009 serves as the Missouri Society of CPAs celebration of its 100th anniversary!

In addition to special advertising opportunities and giveaways, the centennial celebration will culminate with a number of special events, including a one-time-only MSCPA Membership Retreat in Key West, Florida this November.

The July issue of the ASSET will be completely dedicated to the centennial and include reflections on our profession's past, pictures, timelines, and much more.

MSCPA has an new website dedicated to the centennial, check it out at:
www.mocpa100.org.

St. Louis Serves As Site of Big-Studio Film

2009-01-07T09:34:00.001-06:00

The St. Louis Business Journal reports that shooting the new $30 million movie, “Up in the Air,” will bring more than George Clooney to St. Louis. It will generate 500 jobs, book 6,000 hotel room nights and create an economic impact of at least $50 million for the region.

http://stlouis.bizjournals.com/stlouis/stories/2009/01/05/story4.html

2009's Top Challenges for Financial Executives

2008-12-17T14:39:00.000-06:00

As difficult as 2008 has been, 2009 already has the earmarks of being even more challenging as finance chiefs bear the brunt of the global economic crisis.

FEI lists the top challenges for CPAs running businesses:
http://www.financialexecutives.org/eweb/upload/FEI/FE0209_FinRep_14_16.pdf

Tips for a Tougher Tax Season

2008-12-10T11:18:00.000-06:00

Unique economic times, late tax legislation, and uncertainty make preparation more difficult, reports WebCPA.

Year-end tax planning with clients these troubled days, however, is also rife with such issues as the AMT, stock options, expiring tax provisions, gift-giving, income and deduction shifting, and investment impacts. About the only certainty is change.

http://www.webcpa.com/article.cfm?articleid=29904

Accountants Rank Below Funeral Directors in Ethics

2008-12-03T14:19:00.001-06:00

WebCPA reported recently on the public perceptions of the honesty and ethics of various professions and found that accountants rank below funeral directors, but above journalists.

The top-rated professions, in order, were nurses, followed by pharmacists, high school teachers and medical doctors, with close to two-thirds of respondents rating all those professions highly. Just over half of the survey respondents consider the honesty and ethics of clergy members and police to be either high or very high.

http://www.webcpa.com/article.cfm?articleid=29996

Despite Down Economy, St. Louis CPA Firms See Business Growth

2008-11-25T13:02:00.003-06:00

The St. Louis Business Journal reports that although the economy is suffering, several accounting firms in St. Louis have experienced growth--including MPPW, RubinBrown, Brown Smith Wallace, RSM McGladrey, and BKD.

Read more here:
http://www.bizjournals.com/stlouis/stories/2008/11/24/story8.html?b=1227502800^1736692&brthrs=1

Video on SEC Proposed IFRS Roadmap Available

2008-11-19T08:39:00.001-06:00

On November 14, the SEC released for comment its proposed roadmap with milestones and a timeline for IFRS adoption for U.S. public companies in 2014.

Eligible early adopters could use IFRS for filings of financial statements for periods ending on or after December 15, 2009.

The 90-day comment period begins with the roadmap's publication in the Federal Register.

Arleen Thomas, AICPA Senior Vice President, Member Competency & Development, addresses the announcement in a 2-minute downloadable video.

Obama Presidency Could Worry Tax Clients

2008-11-12T13:13:00.000-06:00

President-Elect Barack Obama is expected to take a more regulated, Clinton-esque view on family limited partnerships and close any perceived "loopholes" that currently allow clients to transfer assets to minimize their tax burden, reports WebCPA.

Check out the article at:
http://www.webcpa.com/article.cfm?articleid=29794

New generation of workers want technology their way

2008-11-06T14:18:00.000-06:00

Millennial generation students and employees (those aged 14 to 27) expect to use their own technology and mobile devices for work and are increasingly choosing their place of employment based on how accommodating companies are to their personal technology preferences, according to a survey released today by Accenture.

Read more at:
http://www.accountingweb.com/cgi-bin/item.cgi?id=106380&d=883&h=884&f=882&dateformat=%o%20%B%20%Y

Presidential Tax Plans

2008-10-29T13:42:00.000-06:00

With the election less than a week away, SmartPros has gathered some resources to help you get up to speed on the candidates' tax plans.

http://accounting.smartpros.com/x63583.xml

Are Schools Ready To Teach IFRS?

2008-10-24T08:21:00.001-05:00

The St. Louis Business Journal reports that local universities’ accounting departments have begun preparing their curriculum in anticipation of the change in financial reporting procedures from U.S. generally accepted accounting principles (U.S. GAAP) to International Financial Reporting Standards (IFRS).

Check it out:
http://www.bizjournals.com/stlouis/stories/2008/10/20/focus2.html?b=1224475200^1717715&brthrs=1

Learn More About Microsoft Office 2007

2008-10-16T09:37:00.001-05:00

Wondering about the new features and capabilities of Microsoft Office 2007. Look no further!

The Missouri Society of CPAs has published an article written by frequent discussion leader Randy Johnston of K2 Enterprises.

The article walks users through the different features of this new application and helps you learn how to use it to maximum benefit!

www.mocpa.org/techarticle

Profession Applauds Financial Stability Bill

2008-10-08T08:17:00.002-05:00

AICPA President and CEO Barry Melancon released an official statement about the recently passed bailout legislation.

He said "CPAs will roll up our sleeves to do our part to help individuals and businesses move forward...the AICPA is pleased Congress avoided calls by some for an immediate suspension of fiar value accounting rules."

He further stated: "Our longstanding position is that accounting standards ultimately should be set by the private sector."

See the full statement here:
http://www.aicpa.org/download/news/2008/AICPA_APPLAUDS_HOUSE_PASSAGE_OF_FINANCIAL_STABILITY_BILL.pdf

Fair Value Accounting & Its Role In Today's Economy

2008-10-01T08:13:00.002-05:00

Many questions have been swirling around fair value accounting and how it affects firms and companies during this economic crisis.

The AICPA has put together a "frequently asked questions" about fair value accounting and some of the questions surrounding it.

http://www.aicpa.org/MediaCenter/fva_faq.htm

The Economy: What Do We Say When Asked?

2008-09-24T13:06:00.003-05:00

Over the last few weeks, the subprime issue has escalated into a wide-reaching credit crisis that will change the economic landscape. Both the MSCPA and AICPA have received some inquiries from the media.

The AICPA and MSCPA suggest that when asked we focus on the following message points:

The subprime crisis was caused by complex market economics: a housing bubble, unscrupulous lending, borrowers with bad credit, and excessive leverage and risk-taking by major Wall Street banks that led to a cascading domino effect when subprime defaults created losses. The situation we now see unfolding largely points to a systemic problem on Wall Street. As in the past, we caution against a rush to judgment or the comfort of easy answers.
The CPA profession has worked with regulators and issuers to improve the quality of financial reporting in the U.S. broadly under Sarbanes-Oxley.
Fair value accounting is an appropriate model for measuring asset values. There is a debate over its application and the SEC and FASB are weighing whether additional guidelines are necessary. The American Bankers Association has proposed changes and the accounting profession is participating appropriately and constructively in that dialogue. We will continue to work to protect investors and provide the markets with timely, important and transparent information on these difficult financial instruments. We will also welcome any additional guidance from regulators on assessing inactive markets.
In October 2007, the Center for Audit Quality issued a series of white papers to “articulate certain existing accounting practices and requirements of GAAP literature related to the specific issues addressed, with the intention of helping auditors understand the application of existing GAAP in the context of illiquid market conditions.”

Latest Analysis On Financial & Investment Markets

2008-09-18T12:51:00.002-05:00

Everyone is watching the economic affect of all the latest changes in the financial & investments markets. The latest bailout of AIG is one of a number of situations of which the effects are unknown.

MSCPA's Business Intelligence Briefs give you day-to-day updates on the economy and the latest news--as well as indepth analysis from the authors--Dr. Chris Kuehl and Keith Prather, both managing directors for the Armada Corporate Intelligence.

You may have seen – or heard – Dr. Kuehl on Kansas City radio or television. He’s a frequent commentator and analyst for both KMBZ radio and Channel 41. He was a professor of international finance and economics for 15 years, teaching in Estonia, Russia, Singapore, Taiwan, Hungary, and the United States.

Keith Prather has served as an active part of senior level strategic planning teams for Fortune 250 clients and has been actively involved in mergers and acquisitions, including pre- and post-merger strategic planning processes. He has extensive global experience and has coordinated an executive level education program in Taiwan.

Armada Corporate Intelligence conducts detailed analysis and assessment of the business environment and competitive landscape in order to provide strategic and tactical guidance. The aim is to provide actionable intelligence that can drive overall corporate profit maximization, return on investment, market expansion and penetration, niche defenses, and so on.

Click here to see today's issue of the MSCPA Business Intelligence Brief:
http://www.mocpa.org/content/files/pdfs/bib091808.pdf

To read more about the Business Intelligence Brief, go to:
http://www.mocpa.org/Content/22593.aspx

Missouri Foreclosure Rates

2008-09-09T13:59:00.000-05:00

The company that reports on real estate trends, RealtyTrac, reports Missouri is 18th on the list of states with the most foreclosed properties, but one expert said residents shouldn't really be concerned.

Kansas City and St. Louis are 45 and 46 respectively on RealtyTrac's top 100 cities with foreclosed properties.

http://www.missourinet.com/gestalt/go.cfm?objectid=6BBA8C07-FB35-0469-D6EC9C411F30A76C

MSCPA is almost 100 years old!

2008-09-03T08:30:00.002-05:00

The Missouri Society of CPAs celebrates its centennial during the 2009 calendar year.

To commemorate this significant occasion, CPAs throughout Missouri will gather together for celebratory events and reflect on our profession and association’s history.

An enhanced Annual Members Convention in June 2009, along with a once-only Membership Retreat in Key West, Florida in November 2009 serve as the major events!

The July 2009 issue of the ASSET will be completely dedicated to the MSCPA Centennial celebration. Content will include reflections on the past, lessons learned from leaders, and ways the profession has evolved over the years.

Members will have the opportunity to pen a short congratulatory note to be designed and published by MSCPA to appear in the ASSET in the commemorative issue or provide an ad that is either congratulatory in nature or about the advertiser’s own company history.

Firms/companies will also be given the opportunity to sponsor events and have their company stand out from the crowd among their fellow CPAs during the highest profile, most important MSCPA events of the century!

Already, MSCPA has received $10,000 in centennial sponsorships thanks to Rick Mills and Mayer Hoffman McCann/CBIZ.

The official MSCPA centennial website has already been launched--check it out at www.mocpa100.org.

Tech Knowledge Gains in Importance for Top Finance Executives

2008-08-27T12:44:00.000-05:00

Finance and technology go hand-in-hand in companies today, a new survey confirms.

Half (50 percent) of chief financial officers (CFOs) interviewed recently said other than knowledge of accounting and finance, information technology experience is most useful in their careers.

This is nearly double the response when this question was asked five years ago. Operations experience also ranked high, with 45 percent of the response.

http://www.mocpa.org/Content/files/newsletters/2008/RobertHalfmr082608.htm

AICPA Study Reveals Pessimism About The Economy

2008-08-20T08:02:00.002-05:00

AICPA reports that CFOs and senior-level CPAs surveyed remain negative about the economy.

For a third consecutive quarter, CPAs continue to foresee slowing economic growth ahead. They also report increased pressure on profits from rising costs without the ability to raise prices.

In addition, 62 percent of CPA respondents said they were pessimistic or very pessimistic about the economic outlook over the next 12 months.

http://www.aicpa.org/download/news/2008/AICPA_UNC_3rd_Q_RELEASE_Final.pdf

So...What Is Web 2.0 Anyway?

2008-08-13T15:28:00.003-05:00

Wondering about all the talk about blogging, social technologies, and more?

Our counterparts in Maryland have developed a blog to help CPAs learn more about Web 2.0 concepts and strategies.

You may not think you'll ever want to twitter, blog, or facebook someone...but the younger generations and future employees you'll be working with will.

It might not be a bad idea to take a look and begin learning about it. The explosive growth of Web 2.0 and social technologies have proven that it is not only here to stay, but continue to grow!

http://www.cpalearning2.com/

Who Will Teach Our Future CPAs?

2008-08-05T13:11:00.002-05:00

The Accounting Doctoral Scholars program has been created to help reverse a shortage of Ph.D. accounting faculty in U.S. colleges and universities.

The program seeks to encourage persons with significant public accounting experience to become PhDs in the audit and tax disciplines.

To date, more than 70 of the country’s largest firms, along with several state CPA societies, have committed a total of $15 million to the program.

The MSCPA Board of Directors voted at it's last meeting to contribute $25,000 to the Accounting Doctoral Scholars program. We are really happy to do our part to help this crisis in accounting education.

The program will be administered by the AICPA Foundation. Read the press release. For further information contact ADSprogram@aicpa.org, 919-402-4524 or visit www.adsphd.org.

Do You Feel Burned Out?

2008-07-22T14:37:00.000-05:00

Some 78 percent of American workers say they feel burned out, according to a survey published this week by CareerBuilder.com and reported by the St. Louis Business Journal.

Check it out...
http://stlouis.bizjournals.com/stlouis/stories/2008/07/14/daily78.html?jst=b_ln_hl

Declared Disaster Areas In Missouri

2008-07-11T13:38:00.000-05:00

New information is available regarding the declared disaster areas here in Missouri. The IRS has posted several links that will be helpful to CPAs.

Here is the direct link to the Missouri Disaster information:
http://www.irs.gov/newsroom/article/0,,id=184421,00.html

This is the link to the disaster self study. The test is on the honor system.
http://www.irs.gov/businesses/small/article/0,,id=147154,00.html

We also have a Disaster Relief resource page for Tax Professionals:
http://www.irs.gov/taxpros/article/0,,id=150578,00.html

IFRS: Will Be In U.S. In Three To Five Years!

2008-06-19T08:49:00.000-05:00

AICPA President and CEO Barry Melancon predicts that international accounting standards will be adopted in the U.S. in the next three to five years. Surveyed CPAs say they need that long to prepare. Are you ready?

http://www.aicpa.org/download/news/2008/AICPA_CALLS_FOR_THREE_TO_FIVE_YEAR_TIMELINE_FOR_REASONABLE_TRANSITION_TO_IFRS_6-17-08.pdf

Is Missouri Losing A-B?

2008-06-12T16:09:00.001-05:00

It’s definitely the talk in St. Louis....and throughout the country as well.

Will InBev takeover St. Louis based Anheuser-Busch?

Despite A-B's 148-year family heritage and CEO August Busch IV's recent statements that it's not for sale, the family holds just 4% of voting stock and can't block a takeover.

A takeover of A-B, which has 48.5% of the $90 billion U.S. beer market, would extend a global consolidation trend as the industry faces slower growth and higher costs.

Read the St. Louis Business Journal article about it:
http://stlouis.bizjournals.com/stlouis/stories/2008/06/09/daily59.html?jst=b_ln_hl

Read about St. Louisians’ feelings on the topic:
http://preview.stltoday.com/stltoday/business/stories.nsf/story/42BFDA39A7319A7B86257466004FD539?OpenDocument

New IFRS Website Will Help CPAs Learn More About The Impending Standards

2008-06-06T08:41:00.000-05:00

You can run, but you can’t hide. It’s nearly impossible to deny that the United States will be moving toward the International Financial Reporting Standards (IFRS) which will become the global standard for the preparation of public company financial statements.

AICPA has created a new website to help practitioners better understand these standards and prepare for their introduction here in the U.S.

http://www.ifrs.com/

New 2009 Maximum Contribution Amounts for HSAs

2008-05-28T08:24:00.000-05:00

New guidance has been issued on the maximum contribution levels for Health Savings Accounts (HSAs) and out-of-pocket spending limits for High Deductible Health Plans (HDHPs) that must be used in conjunction with HSAs.

For 2009, the maximum annual HSA contribution for an eligible individual with self-only coverage is $3,000.
For family coverage, the maximum annual HSA contribution is $5,950.
For 2009, the maximum annual out-of-pocket amounts for HDHP self-coverage increase to $5,800 and the maximum annual out-of-pocket amount for HDHP family coverage is twice that, $11,600.
For 2009, the minimum deductible for HDHPs increases to $1,150 for self-only coverage and $2,300 for family coverage.

http://www.treasury.gov/press/releases/hp975.htm

It's All About Recruiting New Talent...And It's Only Going To Get Worse!

2008-05-15T14:27:00.000-05:00

Recruiting and retaining top talent to the profession is by far the biggest concern for CPAs both in public practice and industry.

In fact, it has been the number one concern for firms for the past 10 years, according to the AICPA PCPS/MAP Top Issues Survey.

And only exacerbating the problem are the retirements of the Baby Boomers. According to the Bureau of Labor Statistics, an estimated 35 million workers will retire by the year 2010. Between 2010 and 2030, the American workforce is expected to shrink by 10 percent.

The CPA profession must recruit a disproportionate number of future CPAs in order to replace the workforce shortage expected in the coming two decades.

CFO Magazine reports that more companies are hatching plans to compensate for the impending crush of retirements by senior executives. They say the impact on corporate well-being will be most severe in the senior executive ranks, which are chock-full of people in their 50s and 60s who, unlike most others in their generation, can afford to retire.

Read more: http://www.cfo.com/article.cfm/11324070?f=home_featured

Good news for the CPA profession!

2008-05-07T12:44:00.002-05:00

AICPA just released its 2008 Trends in the Supply of Accounting Graduates and the Demand for Public Accounting Recruits study.

Several positive and interesting trends were revealed in the study:

Accounting enrollments are up almost 19 percent as compared to the last survey in 2003-04. This translates to the highest accounting enrollment in almost four decades!
Hiring reported by CPA firms is up 83 percent from 2003.
Candidates sitting for the CPA exam is moving toward parity with pre-2004 levels (2004 is when the exam changed to computer-based and takers declined drastically).

To view the entire report, go to:

http://ceae.aicpa.org/Resources/Publications+Reports/2008+Trends+in+the+Supply+of+Accounting+Graduates+and+the+Demand+for+Public+Accounting+Recruits.htm

Economic Stimulus? Americans Divided On What To Do With Rebate

2008-04-30T13:58:00.000-05:00

AICPA conducted a survey with regard to what Americans plan to do with their rebates. Here’s a summary of the responses:

28% plan to save it
27% plan to spend it
25% plan to pay down debt with it

Interestingly, the study showed those most likely to save their rebate were single, while retirees and married individuals are more likely to spend it. Those most likely to use the rebate to pay down debt are working mothers.

http://www.aicpa.org/download/news/2008/Americans_Divided_on_their_plans_for_economic_stimulus_tax_rebate,_according_to_aicpa_survey.pdf

Have you switched over to Vista yet?

2008-04-23T13:15:00.000-05:00

Windows Vista is the first major upgrade of the Windows operating system in four years. Randy Johnston, a frequent CPE instructor for MSCPA, wrote an article about Vista and the benefits the new system has for CPAs.

Check it out!
http://www.mocpa.org/content/files/pdfs/vista.pdf

Have you ever listened to a podcast?

2008-04-16T11:08:00.001-05:00

Now you have the chance to listen to special podcasts just for CPAs!

A January 2008 Arbitron-Edison Media Research study found that podcasting use is rising and now reaches 18 percent of the US population, up from 13 percent a year ago. An estimated 23 million, or 9 percent of Americans had listened to a podcast in the past month.

You don’t need an iPod to listen to a podcast. A podcast is nothing more than a digital audio file, just like any other song or MP3 file on your computer.

MSCPA will now post weekly podcasts on federal tax issues. This week, take a moment and listen to the podcast on “Tax Litigation: Learn From These Case Studies.” It’s only 20 minutes long…and you can work on other items while you listen.

http://www.mocpa.org/content/files/Podcasts/FTU_04-14-08.mp3

Keep checking back to MSCPA’s home page for each week’s new podcast!

TAX FILING DEADLINE EXTENDED FOR STORM VICTIMS!

2008-04-09T14:54:00.001-05:00

It’s the talk of every CPA in Missouri. And it’s no rumor...it's true! The IRS and the Missouri DOR have extended the tax return filing deadline to May 19 for victims of the recent flooding.

MSCPA has only received the official notices below:

IRS: http://www.irs.gov/newsroom/article/0,,id=180958,00.html

DOR: http://dor.mo.gov/news/2008/EkpZyZZE.htm

Calls have been made to both our local IRS stakeholder liaison office and the Missouri Department of Revenue for further clarification. We will post information to this blog and to the MSCPA website at www.mocpa.org as soon as we get it!

IFRS: Coming to America!

2008-04-03T10:08:00.001-06:00

Are you ready for it? It’s coming…

The AICPA’s Journal of Accountancy recently published an article detailing the new International Financial Reporting Standards (IFRS), which are expected to be adopted here in the United States in 2009.

Check it out!
http://www.aicpa.org/pubs/jofa/jun2007/gill.htm

Help Your Missouri Clients & Businesses Affected by Flooding

2008-03-27T08:49:00.000-06:00

The AICPA has prepared two documents to help individuals and businesses affected by the recent storms and flooding here in Missouri.

Financial Planning: A Guide To Disaster Preparedness
http://www.redcross.org/services/disaster/beprepared/FinRecovery/FinPlan/

Disaster Recovery: A Guide To Financial Issues
http://www.redcross.org/services/disaster/beprepared/FinRecovery/

In addition, special tax law provisions may help taxpayers and businesses recover financially from the impact of a disaster, especially when the president declares their location to be a major disaster area. Depending on the circumstances, the IRS may grant additional time to file returns and pay taxes.

Click here for more IRS information regarding disaster assistance:
http://www.irs.gov/businesses/small/article/0,,id=156138,00.html

Local announcements for Missouri can be found:
http://www.irs.gov/newsroom/article/0,,id=99344,00.html

Economic Stimulus Payment Schedules and On-line Calculator

2008-03-19T12:08:00.000-06:00

On Monday, March 17, 2008, the IRS released IR 2008-44 identifying the schedule in which Economic Stimulus payments will be distributed for returns filed by April 15, 2008. In addition, the IRS announced the availability of and on-line calculator to help taxpayers determine whether they are eligible to receive an economic stimulus payment as well as the amount.

http://www.irs.gov/newsroom/article/0,,id=180247,00.html

New Hiring Resource For Missouri CPAs!

2008-03-12T08:42:00.002-06:00

MSCPA promises not to make this blog a continuous vehicle for promotion of its own programs; HOWEVER, the new MSCPA Career Center has taken off and is proving to be a huge resource for Missouri CPAs!

Firms and companies have clearly revealed that recruiting talent is the number one priority! MSCPA is thrilled to become the clearinghouse for Missouri CPA jobs and candidates through its MSCPA Career Center.

The site launched just over a week ago...and 16 jobs have already been posted.

Check it out, bookmark it, and come back often:
http://www.mocpa.org/Content/22595.aspx

2008 Economic Stimulus Act: Incentives For New Construction

2008-03-06T08:56:00.000-06:00

Great news for taxpayers who are embarking on a new construction project or are adding leasehold improvements in 2008 - the Economic Stimulus Act of 2008 was officially signed into law on February 13, 2008, and with it, 50% bonus depreciation is back for a limited time.

For more information go to:
http://www.mocpa.org/content/files/pdfs/econstimulus.pdf

Missouri CPAs and the Legislative Process

2008-02-27T10:00:00.001-06:00

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

Economic Stimulus Act of 2008

2008-02-13T09:41:00.001-06:00

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:
http://www.mocpa.org/content/files/pdfs/stimulusact.pdf

David A. Ruth, CPA
Professional, Tax Operations
Jefferson Wells International
david.ruth@jeffersonwells.com

Don't Be Stressed!

2008-02-08T15:08:00.000-06:00

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
cochs@triadllc.net
www.triadllc.net

Welcome To MSCPA's New Blog!

2008-02-04T08:00:00.000-06:00

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