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Dear Elizabeth,

This week the legislature came close to mandating audit rotation for local housing authorities. Concerned about the troubling precedent this would set, the MSCPA vocally voiced its opposition and together we were able to make a difference.

The House added the mandatory audit provision to its final version of a housing reform bill (H.4316). The House voted on the legislation with little opportunity for review or public debate about the merits. The MSCPA discovered the provision and worked in earnest to get it dropped from the Senate version. We wrote letters to Senate leadership outlining our concerns and collaborated with other business organizations to explain why mandatory audit rotation is problematic to the accounting profession. Despite our request, mandatory audit rotation was included in the bill on which the entire Senate would vote.

We sounded the alarm and you responded! The MSCPA was able to generate over 550 emails to the Senate in less than 24 hours requesting that the provision be omitted from the bill during the floor debate. Special thanks to Senator James Timilty (D-Walpole) and Senator Michael Rodriques (D-Westport) for sponsoring the floor amendment to strike the rotation requirement. While we did not get the provision stricken in its entirety, (due to the insistence of Senator Eldridge, the Chairman of the Housing Committee, that it remain in the bill) we were able to get audit rotation requirement extended from three to five years. More importantly, this change means that the bill will now go to a Conference Committee to reconcile the differences and that provides us with another opportunity to advocate for elimination of this requirement. We will keep you updated on our progress in defeating mandatory audit rotation. 

Thank you to all of our members who responded to our request. Your collective efforts really made a difference and prove that we are much stronger working together. We may need to call on you again in the days ahead and appreciate your willingness to respond.

Best,

Eileen P. McAnneny, Esq.
President and CEO

CURRENT NEWS UPDATE:

MSCPA Letter to AICPA President and CEO
The MSCPA sent a letter to Barry Melancon, AICPA president and CEO, commending the AICPA for challenging their IRS's new rule regulating tax return preparers.

How the IRS Revamped Tax-Exempt Applications 
The IRS Exempt Organizations Division has introduced a shorter and easier application form (Form 1023-EZ, Streamlined Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code) for organizations seeking section 501(c)(3) tax-exempt status. The IRS estimates up to 70% of all applicants will qualify to use the new streamlined approach.

New MA Tax Amnesty Program
CPAs who represent taxpayers with outstanding tax liabilities should learn the ins and outs of this new program, which was signed into law by Governor Patrick on July 11. The program is anticipated to raise $35 million in revenue for the Commonwealth.

CFOs Cool on Hiring, Have Advice for Staff Development
New survey from Deloitte reports a decrease in domestic hiring as CFOs turn to offshore personnel or outsourcing to cut costs. Respondents also identified three ways to build a strong finance staff, which are vital to a company's success.

CPE:

There's Still Time to Register! UFR Training with Terry Creeden - Federal State and Compliance Training (7/31 & 8/7)
Join Terry Creeden, CPA, one of our highly-rated instructors, as she examines unique areas such as the state electronic systems to assist in the confirmation and reporting process; the "ins and outs" of the state surplus revenue retention regulations and processes; utilizing the state template to perform billing compliance testing; and more.

Networking:

South Shore Breakfast Forum (7/31)
Are you marketing your accounting or tax practice effectively? Join Jay Campbell, chief social media strategist and national public speaker, to learn tips that will take your practice to the next level. 

Karter Kup Tennis Tournament (8/28)
Mark your calendar for the MSCPA Karter Kup Tennis Tournament on Thursday, August 28, at the Tennis Hall of Fame in Newport, RI. Participants will be entered into a round-robin doubles tournament and play tennis on the grass courts throughout the afternoon, with dinner at a nearby restaurant to follow for those who wish to stay. All levels of players (men and women) are welcome.

MSCPA/AICPA NEWS:

High School Accounting Students Visit the MSCPA and Fenway
The Careers in Accounting and Management Professions (CAMP) program visited the MSCPA offices and Fenway Park on Wednesday. The program, put on by UMass Amherst and sponsored by the MSCPA, introduces minority high schools students to careers in accounting. Thank you to the following members who volunteered on our Real World Accounting Panel:
 
Shanikwa Davis – G.T. Reilly & Company
Alvic Plan, CPA – Grant Thornton
Anne Romain – PwC
Alan Tay, CPA – CohnReznick
 
Also, thank you to Marisa Roncevich, senior accountant for the Red Sox, for talking to the students and sharing with them a World Series Ring!

MSCPA Fall Career Fair (10/2)
The annual MSCPA Fall Career Fair is an opportunity to connect with approximately 200 accounting students seeking internships and entry-level positions. Each year, we receive positive feedback from participating exhibitors:

"The MSCPA Fall Career Fair is a must-attend event for any CPA firm seeking the best of the best young hires in the industry. We are impressed with the caliber of qualified candidates available to us from several universities as well as those we have taken on board as interns - often resulting in an offer of employment. We've scored every time." - Monica Whelan, Abrams Little-Gill Loberfeld PC.

Don't miss this opportunity to get in front of top talent!

New Volunteer Opportunities
Volunteering for a nonprofit is a great way to gain leadership experience and give back to the community. It can also serve as a stepping stone to corporate board positions. Below are recent volunteer opportunities posted to mscpaonline.org:

Horace Mann Educational Associates - CPA for a High level Board of Directors
Symphony Nova - Board Member & Treasurer
Ingredients for Education, Inc. – CPA to Assist with Accounting Advice

One Week Left to Participate in the 2014 National MAP Survey
The MAP Survey is the profession's premier benchmarking study, which allows firms to see where they stand in relation to their peers. Participants will receive detailed results the survey closes July 31.

Temporary Job Opportunities
Looking for temporary or seasonal work? New job opportunities are posted in the Career Center daily. Find jobs in public accounting and industry and search by salary range, experience and region.