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CEO Corner
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Dear Hannah,
Big news this week: final regulations were issued on January 18, implementing the new Qualified Business Income (QBI) deduction of Section 199A. The new QBI deduction was enacted as part of the 2017 Tax Cuts and Jobs Act (TCJA) and allows a deduction of up to 20% of QBI from a U.S. trade or business operate as a sole proprietorship or through a partnership, S corporation, trust or estate.
In response to arguably the most requested clarification from tax professionals, Notice 2019-07 separately issued a proposed revenue procedure containing a safe harbor under which a rental real estate enterprise will be treated as a trade or business solely for purposes of Section199A if certain requirements are met. Read this article for more information.
The QBI deduction is available in tax years beginning after Dec. 31, 2017, meaning eligible taxpayers will be able to claim it for the first time on their 2018 Form 1040. To prepare you to help your clients navigate these changes, the MSCPA will host a half-day seminar, "Understanding Section 199A: The 20% Deduction for Pass-Through Entity Owners and Investors in Real Estate" on February 5 in Norwood and February 6 in Wakefield. For details and to register, click here.
We understand the TCJA has brought many changes and questions for both taxpayers and CPAs. Please let us know if there are other course topics or programs we can offer to help you navigate the road ahead. You can email your ideas to Julia Ekelund, vice president of Learning & Development, at jekelund@mscpaonline.org or contact me at apitter@mscpaonline.org.
Have a great weekend!
Amy Pitter
MSCPA President/CEO
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Get Involved
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Join the MSCPA Find a CPA Directory
Get new clients before tax season! Join the MSCPA's Find a CPA Directory, the place where people go to find a CPA in their area based on their unique needs. The MSCPA promotes the Directory to taxpayers throughout busy season via paid advertisements. Already a member of the Directory? Click here to renew your listing. JOIN
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Litigation Support & Business Valuation Committee (1/29)
The next Litigation Support & Business Valuation Committee meeting will take place next Tuesday, January 29 at the MSCPA's office. We are excited to be joined by Jeff Zaino and Karen Jalkut of the American Arbitration Association. They will lead us in a discussion around alternative dispute resolution and engagement letter arbitration clauses.
Committee meetings are open to all MSCPA members! To learn more about the committee, click here. Please contact Jill Foley with any questions.
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Tax Season Advertising
Spread the word about the value CPAs provide to clients! MSCPA members can access all resources of the MSCPA's tax season ad campaign, and use them for your firm's marketing efforts. VIEW RESOURCES
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Upcoming Nonprofit Roundtables
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MSCPA in the News
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NECN Tax Tuesday
The MSCPA has once again partnered with NECN for their "Tax Tuesday" segments, which will run throughout busy season! Each segment features an MSCPA member who will discuss a different tax topic or tax-related issue. Make sure to watch the first interview with
Kate Seekell, CPA, MST,
next Tuesday, January 29 at 9:40 a.m. as she discusses changes to Form 1040. In addition to Kate, NECN will also interview MSCPA members
John Geraci, CPA
and
Mark Nichols, CPA, MBA, MST
later this tax season.
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Throughout busy season, the MSCPA receives requests for CPAs to speak to reporters on various tax issues. These opportunities are then shared with the MSCPA's Speakers and Writers Bureau. If you'd like to join the Bureau and be notified when opportunities arise, please contact Hannah Naranjo at hnaranjo@mscpaonline.org.
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MSCPA Fitness Challenge
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Sign up for our third annual MSCPA Fitness Challenge, sponsored by Harbor Strategies Group, to help you stay active this tax season and winter! The challenge will run Monday, February 4 – Monday, April 15.
Gather your coworkers and sign up a team by 11:59 p.m. on Sunday, February 3. Team totals are calculated by average, so teams of any size are welcome. Award categories are based on team size and we'll also have an overall winner:
- Sole Practitioner/Individual;
- 2-10 Participants;
- 10 – 50 Participants; and
- Over 50 Participants.
For more information on the fitness challenge, click here.
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| Networking Event
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MSCPA Membership Thunderbirds Event (2/6)
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| Join us for a night of networking and hockey in Springfield on February 6! Members will meet up for pre-game drinks and light bites at Red Rose Pizzeria in Springfield before heading over to watch the Thunderbirds play the Hershey Bears at the MassMutual Center! Attendees will get the chance to take a shot on goal and will be invited on the ice for a photo after the game! REGISTER
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CPE
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South Shore Breakfast Forum: Annual State Tax Update (1/31)
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| Jason Goloboy, CPA, principal at Kevin P. Martin & Associates PC will share an annual state tax update at next week's South Shore Breakfast Forum that will take place at the Chateau Restaurant in Braintree from 7:20 - 9:00 a.m. Attendees will earn 2 CPE credits. REGISTER
| Featured Member Benefits
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The Boston Bruins (Now - 3/27)
Discounted tickets are available for the following upcoming Bruins games:
- Tuesday, January 29 vs. Winnipeg Jets at 7:00 p.m.;
- Thursday, January 31 vs. Philadelphia Flyers at 7:00 p.m.;
- Tuesday, February 5 vs. New York Islanders at 7:00 p.m.;
- Tuesday, February 12 vs. Chicago Blackhawks at 7:00 p.m.; and
- More!
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Disney on Ice Presents Mickey's Search Party (2/15 - 2/24)
Watch as Mickey and his pals embark on a search for clues on the ice, in the air and in the seats! See your friends from Peter Pan, Frozen, The Little Mermaid, Coco, Beauty and the Beast, Moana and more as they help Mickey in his quest.
To purchase discounted tickets, click here and enter promo code
19DOI240.
To order over the phone, please contact Tina Anderson with the TD Garden at 617.624.1810 or tanderson@bostonbruins.com.
GET TICKETS
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| Member News
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AAFCPAs, Westborough, announced that BONNIE BASTOW, CISA, CISM
joined as manager of Business & IT Advisory. The firm also announced that:
- JOHN BUCKLEY, CPA will present an educational session on "Thinking Like a Fraudster" at the March National Business Officers Association (NBOA) Conference for Independent Schools;
- TYLER CHAMPAGNE
joined as a tax supervisor;
- NICK FORESTI
was promoted to controller in AAFCPAs' Managed Accounting Solutions Practice;
- HEATHER HALLISEY, CPA, MBA
joined as senior tax manager;
- ANDREW HAMMOND, CFP® will moderate FEI-Boston's March Executive Event - What Did We Learn Since the Recession in 2008 & Where Do We Go from Here?;
- EMILY LEVINE
joined AAFCPAs Wealth Management as an investment operations specialist;
- CARLA MCCALL, CPA, CGMA was selected for the
Worcester Business Journal's 10th Annual Outstanding Women in Business award;
- DAVID MCMANUS, CPA, CGMA
was featured in
AccountingWEB
with contributed content titled, "What Does Rising Talent Look for in a CPA Firm?"; and
- The firm has partnered with Nichols College Graduate & Professional Studies to provide a Fast Track to CPA Program, including tailored programs for CPA licensing and MBA degrees.
JOHNSON O'CONNOR, Wakefield announced that ABBIGAIL COCCIARDI rejoined the firm as a supervisor in the Client Accounting Service department and SARAH MOURNING, CPA rejoined the firm as the manager of Finance and Human Resources.
KLR, Waltham/Boston, announced that PARUL BANSAL, ANDREW HAYES
and PAUL NADEAU were promoted to partners of the firm.
O'CONNOR & DREW, P.C.,
Braintree, announced that
STEVE COHEN, CPA, STEPHANIE CORREIA, MIKE COSGROVE, CPA, MSM, MELANIE DEAN, CPA, DAVID DIIULIS, CPA, MARK DOW, CPA, VICTORIA IMBRIANI and
DANIEL RILEY attended AICUM's 14th
annual dinner in December. The firm also announced that:
- KEVIN CARNES, CPA, MARK DOW, CPA, KIETH GOLDIE, CPA, RAYMOND LOFSTROM, CPA, TODD MERRIAM, CPA, FRANK O'BRIEN, CPA, KIM REED, CPA, DANIEL RILEY, PATRICK SCHROLL, CPA
and
RYAN SHEEHAN
attended the MSADA's 2019 Dealer Summit. The firm was also the bar sponsor of the MSADA's Charity Gala;
- STEVE COHEN, CPA
attended the joint meeting of the Massachusetts state universities and community colleges this month;
- MICHAEL COSGROVE, CPA, MSM and
DAVID DIIULIS, CPA attended NEASC's 133rd
Annual Meeting and Conference in December;
- MIKE HAMMOND
presented on phishing at the joint meeting of the Massachusetts state universities and community colleges this month; and
- RYAN MCDONNELL presented on 1098T at the Monthly Meeting of the Massachusetts Community College Bursars' Group in December.
SAMET & COMPANY PC (SAMET),
Chestnut Hill, announced that MATT PAUL, CVA, MBA
successfully completed the certification process with the national Association of Certified Valuators and Analysts® (NACVA®) to earn the Certified Valuation Analyst® (CVA®) designation.
SHARE YOUR NEWS
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Section 179 for Massachusetts
Inventory Management System
Section 199A and Self-Rental
Qualified Improvement Property
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NOMINATE A 2019 MARKETER OF THE YEAR
For the sixth year,
INSIDE Public Accounting
has partnered with the Association for Accounting Marketing to sponsor the 2019 Marketer of the Year Award.
Nominations are due on February 25. To be eligible, nominees must have held a senior-level marketing position in an accounting firm for at least three years, although not necessarily at the same firm.
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The scholarship application deadline is one week away! Last year, we surpassed our $1,000,000 mark in scholarships given to worthy accounting students since the program's inception.
Awards will be presented at the "Believers & Achievers" recognition reception on May 22 at the Granite Links Golf Club in Quincy.
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Board Member - Bridges Together, Inc.
CPA - Lunenburg Skate Park
Accountant/Tax Advisor - Building for Good Inc.
Treasurer - Documentary Educational Resources
Finance Committee Member - Massachusetts Assocation of Teachers of Speakers of Other Languages (MATSOL)
Help with Tax Filings - Metro North Children's Learning Center
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Senior Auditor, Investment - John Hancock
Assurance - Audit Staff - EY
Tax – Diversified Staff Group - EY
Staff Accountant II - American Outdoor Brands Corporation/Smith & Wesson
Operations Manager - Kevin P. Martin & Associates
Controller - Lowry Rhoads Associates (Executive Search Firm)
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Tax Accountant - Medaglia & Co., Inc.
CPAs - NorthGate Advisors Ltd
Tax Accountant - Michael J. Raymond CPA
Deputy Director - Mass Cultural Council
Tax Preparer - CPA Firm
Tax Season Administrative Associate - Michael T. Famiglietti, CPA, P.C.
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