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Dear Elizabeth,

Last week, we cautioned that Congressional inactivity does not mean that you can stop paying attention to what is happening in Washington. This week, I am sounding the alarm bell again. The failure of Congress to take definitive action on dozens of deductions and exemptions that have expired over the last year (commonly referred to as “tax extenders”) is causing a lot of uncertainty for taxpayers, tax professionals and the software vendors that serve them.

This week IRS Commissioner John Koskinen, sent a letter to Congressional leaders outlining the significant impact that the delay could have on the upcoming tax filing season. Koskinen urged quick and definitive action on the tax extenders by the end of November in order to avoid delay and disruptions to the 2015 tax filing season. Because preparations for the upcoming tax filing season are underway, last minute Congressional action on the extenders could necessitate additional customer service training, revision of forms and publications and reprogramming of technology systems to reflect tax law changes. The result could be service disruptions, the need for millions of taxpayers to fill amended returns and significantly delayed refunds. In short, this delay will further strain the capacity of the already underfunded and understaffed IRS.

The decision by Congressional leaders to delay action until after the mid-term elections, despite bi-partisan support in both branches, is questionable indeed because of the undue cost and uncertainty such inaction imposes; but also because there is less likelihood that Congress will take action on the bill during the "lame-duck" session given the number of legislative items on the calendar competing for Congress’s attention.

In September, the AICPA outlined the impacts of further delay to tax planning and reporting, to the health of small businesses and to the economic climate as a whole. We ask that you too join the call to action! Let your Congressman know that resolution of the tax extenders should be a top priority by clicking here. As always, we will share any new information as it becomes available.


Have a great weekend.

Eileen P. McAnneny, Esq.
President and CEO

LEGISLATIVE UPDATE:

IRS Updates
- Business E-File Jumps 10 Percent This Year; Doubles in 4 Years; 7 in 10 Corporate and Partnership Tax Returns Now Filed Electronically
- IRS Simplifies Procedures for Favorable Tax Treatment on Canadian Retirement Plans and Annual Reporting Requirements

DOR Updates
Legal Public Hearing, October 30th, 2014 - The Commissioner will hold a public hearing on the following proposed regulation and proposed regulation amendments:

Latest Polls Show Race for Governor Neck and Neck
With less than four weeks to go until the election, latest polls show the race between Democrat Martha Coakley and Republican Charlie Baker is virtually tied. Surveys conducted by the Boston Globe, WBUR/MassInc, Suffolk University/Boston Herald and Western New England University are tightening. The show results anywhere from Coakley with a 5-point lead to Baker holding a 1-point lead.

CPE:

Advanced Controller and CFO Skills (10/17)
This course examines best practices of leading-edge controllers and CFOs. Demonstrate your advanced skills that add value and contribute to the success of the organization. You will learn 10 specific skills every CFO or controller needs to be successful, and you will find that you suddenly have more power and influence than you ever thought possible. Show the company’s leadership how vital you are to their profitability!

International Taxation (10/24)
Get a solid understanding of international tax terminology and regulations that apply to a U.S. entity involved in global operations, or for a foreign entity doing business in the U.S. Whether your organization is contemplating a global move or is already involved in international business, you need to know about the activities that create multi- jurisdictional tax exposure and the required tax reporting for each relevant jurisdiction.

NETWORKING:

Committees Meeting this Week

Women in Accounting Networking Breakfast: Public vs. Private Accounting (11/5)
MSCPA members Amanda Bergstein, CPA and Katie Durant, CPA, CGMA will facilitate the discussion and share their experiences regarding working in public vs. private accounting. This free seminar is geared towards women that are considering transitioning from public accounting to industry, and for those that are in private accounting and are thinking of transitioning to public accounting.

MSCPA Young Professional Networking Event with the Boston Bar Association (11/20)
Join the MSCPA and the Boston Bar Association for an evening of cross-industry networking. This is an excellent opportunity to meet other young professionals, build your network and develop referral sources.

MEMBERSHIP:

The CFO of the Future (10/22)
CFOs are in the company pressure cooker: They are challenged to make decisions that give their companies an edge over their competitors, while managing risk, volatility and uncertainty. Join the MSCPA and Barry Payne on October 22nd as he shares what the AICPA and their joint venture partners, the Chartered Institute of Management Accountants (CIMA), are hearing from finance leaders around the world. Payne will talk about how the finance organization is evolving, and how CFOs of the future are preparing themselves and their teams not just to navigate, but to steer their organizations to create sustainable value. Payne will also give an update on the benefits and value of the Chartered Global Management Accountant (CGMA) designation.

Speaking Opportunities at High Schools and Bentley University
The MSCPA received the following requests for CPAs to speak to accounting students at local schools. We can provide speaking materials and giveaways. Please email Chris O'Day for more information. Below are the schools and possible dates for the presentations:

NEWS & EVENTS:

10 Issues That Are Keeping Accountants Up at Night
In an era of disruption, it's hardly surprising that accountants should find themselves overwhelmed by the many changes sweeping over their profession. With so much going on in so many different areas, it can be hard to figure out where to focus, and which changes to address first.

The 25 Best Colleges To Attend If You Want To Be An Accountant
LinkedIn recently identified the most desirable companies for accounting professionals — those that both attract and retain employees — and then found which colleges and universities had the largest percentage of recent grads working as accountants at these firms. Four Massachusetts schools made the list.