Dear Elizabeth,

Tax return preparers, be warned: The IRS announced that it is mailing warning letters to approximately 5,000 preparers of tax returns without a valid preparer tax identification number (PTIN). The letters provide instructions on how to register for a new PTIN, information needed to do so and how to pay the annual user fee. Anyone who receives a letter and has questions should contact the PTIN helpline number: 1.877.613.PTIN (7846). To view samples of the letters, click here.

In other news, the AICPA released a discussion paper yesterday on the Enhancing Audit Quality initiative (EAQ). The EAQ is dedicated to reinforcing the CPA profession’s commitment to audit quality. The initiative explores approved and potential changes in the following areas: professional standards and related implementation guidance; tools, advice, learning and resources; the peer review program; and ethics enforcement process. The focus of the paper is on remedying quality issues that have emerged regarding financial statement audits of private companies, employee benefit plans, nonprofits and governmental entities. The AICPA is seeking comments on the paper to help them determine next steps. Input is due November 7. For more information, click here. 

Lastly, stay tuned for the first edition of The Capitol Account, the MSCPA's legislative newsletter, which will be coming to your inbox early next week.

Have a great weekend.

Eileen P. McAnneny, Esq.
President and CEO

CURRENT NEWS UPDATE:

ACA Reporting for Employers and the New IRS Draft Forms
Under the Affordable Care Act (ACA), there are two unique reporting requirements. The first is the individual mandate reporting requirement under Section 6055 of the Code. The second is the “pay or play” reporting requirement under Section 6056. Many employers have been wondering about how onerous these reporting requirements may be.

Study Ranks Accounting as Most Profitable Profession
A recent study ranked accounting, tax preparation, bookkeeping and payroll services as the most profitable industries. Accounting was touted as a repeat winner - an industry that routinely has high net profit margins, potentially because firms are able to operate with lower than average overhead, inventory and equipment. 

Final Rules Issued for IRS Whistleblower Awards
The IRS issued final regulations that govern the payment of awards to whistleblowers. The new rules broaden the definition of "collected proceeds" and allow the IRS to take into account not only actual revenues collected, but also the effect of the reduction of tax attributes, such as net operating losses, as a result of the whistle-blower's information. 

CPE:

MSCPA Technology Conference (10/23)
Work smarter, faster and more efficiently! At the MSCPA Technology Conference, you’ll learn about emerging technologies that are improving how CPAs and firms operate, and gain the tools you need to become more productive in your job. Nationally recognized speakers from K2 Enterprises will also explore practical solutions to real-world technology issues faced by accounting, financial and business professionals.

Networking:

Elevate Your Impact with a Taylor Made Image (8/19)
Upgrade your image - and your life! Projecting a winning image that leaves a powerful first impression is the key to success in your professional and personal life. In this session, Kate Taylor, owner of Taylor Made Coaching, will guide you on how to elevate your image, gain a competitive edge and bring you closer to achieving your goals.

MSCPA/AICPA NEWS:

Get Involved and Grow with the MSCPA
Take charge of your career by connecting with the MSCPA! Participating in MSCPA committees and programs is a great way to network with other CPAs, give back to and learn about the profession and have your voice heard.

Prepare Students for the Fall Career Fair (9/11)
Volunteers are needed to prepare student members for a successful experience at the MSCPA’s Fall Career Fair. Job seekers will rotate through different stations for a brief mock interview and critique. The Career Fair Prep session will take place on the 9th floor of 105 Chauncy Street, from 4:00 – 6:00 p.m., followed by networking. Please contact Barbara Iannoni at biannoni@mscpaonline.org for more information.

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.

- Service Dog Project – CPA to Audit Financial Report
- Framingham Public Library Foundation – CPA to Assist with Form 990