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

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?

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

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!

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?

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!

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!

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!

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

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?

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

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

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?

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

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

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!

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

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

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!

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!

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!

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

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?

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

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

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

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

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

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

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!

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!

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

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!

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!

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?

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

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

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?

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

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

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

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

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?

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?

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

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

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!

1. 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.
2. You re-heat your first cup of coffee ten times in 2 hours, and still haven't finished it yet!
3. 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.
4. You come in at 7 a.m., blink, and it's 5 p.m.
5. Your stomach growls around 3 p.m. to remind you that your lunch is waaaay overdue.
6. You have lots of copies to make and your copier is sabotaging the process.
7. You can't find your desk.
8. You wear "senior underwear" because you don't have time to run to the bathroom.
9. You have 3 or more band aids on your fingers from paper cuts.
10. 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

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!

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

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