Wisconsin Taxation Committee

Meeting Notes of June 1, 2006 

The meeting was called to order at 12:02 PM. 

Motion to approve the January 25,2006 minutes was made by Paul Senger, seconded by Ruth Kallio-Mielke.

Leroy Schmidt provided an update on the following issues:

• WICPA fiscal year end results were very positive.
• The search for the new Executive Director was proceeded and it is likely that a new Executive Director will be hired shortly.
• Dues collections for current year are ahead of schedule with approximately 65% collected thus far.
• Substantial Equivilency has passed; allowing for non Wisconsin CPAs to enter the state and practice on a temporary basis.  This will likely become the model for other States.
• Reminded all to consider donations to CPAC.  $68K collected thus far.
• LeRoy discussed two National initiatives and urged proactive involvement by members.  These are:
  • Big GAAP vs. Little GAAP.
  • Shortage of Accounting Professors.

 

Pat Pennyfeather noted that the AICPA lost members social security numbers and inquired if there were any similar security concerns at the WICPA.  LeRoy noted that there had not been any similar issues at WICPA.

Court Case Update 

The following cases were briefly discussed:  Manpower, Menasha, Lake Country Racquet and Athletic Club, River City Refuse (accepted by Wisconsin Supreme Court), Visu-Sewer Clean and Seal, Inc,, and Associated Training Services Corp.

 

Sales & Use Tax Update 

There was a brief discussion of the following issues: 

• WDOR clarification of the definition of operator for taxation of receipts of gambling machines.
• The expansion of the exemption for items used in farming.
• The admission and membership fee exemption for non-profit gun clubs.
• Brian Kelly reported that the “10%” de minimis effort for real property construction contractors failed to pass. 
• Daryl Ohland noted that Joint Finance Committee was reviewing a request from various municipalities to overturn the Newark case regarding the waste treatment exemption. 

 

Income Tax Update 

There was a brief discussion of the following issues: 

• Status of WI Pass-through Entity Withholding Tax.
  • Proposed legislation for creating an Opt-Out provision.
• WI treatment of Ohio Commercial Activities Tax (deductible but not creditable to shareholder’s of pass-through entities).
• Enterprise Zone Jobs Program Credit
• Future Bonus Depreciation and Sec. 179 Expense for farmers.
• WMC’s Tax Collection Bill which failed to pass at the Senate.

 

The next meeting was tentatively scheduled for September 6, 2006. 

Motion to adjourn was made by John Austin, seconded by Henry Jasper. 

Meeting adjourned at 1:05 PM.

Next meeting scheduled for January 18, 2007.

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