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/