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Dear Elizabeth,

“If you fail to plan, then you plan to fail.”

This quote, coined by Benjamin Franklin, holds significant weight for CPA firms. In just a few months it will be 2015, and a new year will be upon us. Firm leaders often worry whether or not their firm is on the right track, but without taking the time to reflect and strategize, you're rolling the dice and leaving your future success to chance.

As firm leaders, it can be difficult finding the time to prepare, given all the other demands on your time. That’s why I hope you will join us for the New England Practice Management Conference, a special retreat for firm partners and leaders at Mohegan Sun on November 19-21, 2014. This is your opportunity to spend two productive days learning, sharing and networking with partners at CPA firms of all sizes. We’re covering everything from high-level strategy development, wealth management and revenue growth, to staffing, technology and firm culture. By attending this conference, you will ensure that the only gambling you are engaging in is at the casino for pleasure.

The odds are that the time you spend investing in your firm will be well worth it – you’ll return with fresh ideas and a renewed energy that will carry your firm into 2015.

Secure your spot soon – our room block ends next Wednesday, October 22nd. To learn more about the conference, click here.

Have a great weekend.

Eileen P. McAnneny, Esq.
President and CEO

LEGISLATIVE UPDATE:

IRS Updates
- PTIN Renewal Period Opens
- FATCA Deadlines Postponed

DOR Update 
- Tax Changes Contained in an Act Promoting Economic Growth Across Commonwealth

New Revenue Recognition Standard: Build Your Implementation Plan Now 
The new rules for the IRS tangible property regulations (known as the "repair regs") became effective on January 1, 2014, affecting all businesses and CPAs, no matter where they practice. It's crucial for CPAs to begin implementing the new standard early, as there are many components. Use this article as a road map to help your clients and employers build a plan to implement the new standard.

Cancellation of Debt Rules Would No Longer Include 36-Month Testing Period
The IRS issued proposed rules removing the 36-month nonpayment testing period from the list of triggering factors for issuing debtors Form 1099-C, Cancellation of Debt.

The New SSARS
The AICPA Accounting and Review Services Committee (ARSC) voted to approve clarified and revised standards for reviews, compilations and engagements to prepare financial statements.

CPE:

JUST ADDED: New Fall/Winter Courses!

Regulated Investment Companies Fall InfoShare (11/7)
Featuring a keynote address by Paul Levenson, SEC Boston Regional Office Director and a panel discussion with auditors, service providers and regulators, hear an update on SEC activities, accounting, tax and other topics.

Take Excel Spreadsheets to the Next Level - Advanced Features (11/21)
Chances are you use Excel on a daily basis. If so, this course is designed to teach you a plethora of powerful features that Excel has to offer to take your data analysis and presentation to the next level.

Excel Macros: Every Day Useful Tools (12/4)
Save time – Avoid Excel’s time consuming menu change, search and click routines. Every day Excel tasks may take only a few clicks, but the power of macros takes even less effort. Small time savings many times a day will increase your efficiency. No previous macro experience is required.

The Five Second Rule: Achieve Breakthrough Performance in Life and Work (1/7)
You’ll walk out of this presentation with an entirely new outlook on what you are capable of achieving and be armed with the motivation and tools to get it done in 2015. Uncover the four secrets to making an instant connection with anyone, a fool-proof method to fight overwhelm and fatigue, how to win over difficult people and more.

NETWORKING:

Committees Meeting this Week

Women in Accounting Networking Breakfast: Public vs. Private Accounting (11/5)
Ever wonder what it's like to work in private industry? MSCPA members Amanda Bergstein, CPA and Katie Durant, CPA, CGMA will facilitate the discussion and share their experiences working in public and 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.

MEMBERSHIP:

The CFO of the Future (10/22)
Join Barry Payne 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.

Behind the Scenes at Leonard Florence Center for Living (10/27)
Join CEO and Founder Barry Berman, COO Adam Berman, and Architect Steve Saling, as they discuss teaming up for the Leonard Florence Center for Living, the nation's only ALS and MS neurological specialty residences. Plus, get a private tour of the award-winning facility.

First Time Home Buyer Seminar (11/5)
The popular First Time Home Buyer Seminar is back! The entire home buying process will be covered - from the pre-approval through closing. Topics include the home buying team, what to expect from your mortgage provider, realtor and attorney.

Temporary Workforce
Looking for temporary work? Employers post temporary and seasonal job opportunities on our website. If you're one of the many accounting professionals who is looking for temporary work, browse our website and find the right position.

New Volunteer Opportunities
- Lyme Disease Resource Center - CPA for Assistance with Initial Filing / Board Member
- Dream Day on Cape Cod - Tax Accountant / Board Member

NEWS & EVENTS:

5 Tips for Accounting Firms to Build Client Loyalty
Personal attention plays a key role in client retention and satisfaction. Here are five ways to make the client experience more personal — and therefore, more loyal on both sides of the relationship.

Tax Practitioners Need Soft Skills Too
Technical knowledge and proficiency are critical for all CPAs. Tax practitioners, in particular, must have strong knowledge of the tax laws and how to apply them in order to best advise their clients. However, "soft skills" also are getting more attention as critical skills for practitioners in the current business environment.

9 Must-Have Apps for Today's Accounting Professionals
There are few apps that CPAs just can't live without. Thirty of accounting's top thought leaders created this list of the nine apps that make their work and personal lives a bit easier.

Is Your Boss a Good Leader?
Plenty of workers like to complain about their supervisors. But are they confident in the leadership their boss provides? You might be surprised.