WICPA Hot News

Krista M. McMasters, CPA, partner at Clifton Gunderson LLP, has been promoted to chief executive officer, making her the first woman to lead a top 25 accounting firm, according to the American Institute of CPAs.

Currently Clifton Gunderson's chief practice officer, McMasters becomes CEO of the firm, effective June 1, 2009. She will be the firm's fourth CEO since its founding in 1960. She is succeeding Carl George, who plans to retire in 2012.

McMasters has been a member of the WICPA since 1994.

The change also involves Clifton Gunderson moving its headquarters from Peoria, Ill., to its Milwaukee office at 10001 Innovative Drive.

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Gov. Jim Doyle signs tax return privacy bill (posted 3/28/08)

On March 26, Gov. Jim Doyle signed a new law that prohibits disclosure of tax return information by preparers. As originally drafted, the new rule would have required CPAs to obtain advance written consent from a taxpayer before disclosing any tax return information to a taxpayer’s other advisors or to an offsite tax return processing service.

Members of the WICPA Public Policy Committee identified these issues and met with legislators to explain CPAs’ concerns with the proposed legislation. The meetings resulted in an amendment to the legislation to exempt CPAs, CPA firms, and their employees from the requirement of obtaining advance written consent for disclosure. The legislators understood that CPAs are already subject to strict confidentiality requirements and the new rule would impose undue burdens on CPAs and their clients.

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2007 Wisconsin Elected Official Tax Guide (posted 3/18/08)
As in the past, we are again pleased to make available the WICPA Wisconsin Elected Official Tax Guide for the calendar year ending December 31, 2007. By following this link you will be able to download and print the guide.

We encourage you to share with us your relationship with your State legislators. Please contact Tammy Hofstede at 262-785-0445 ext. 3013 or by e-mailing tammy@wicpa.org with this information and if you have any questions.

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Recognition dinner for new CPAs (posted 2/08)

The WICPA is having a recognition dinner for new CPAs on June 6, 2008 at Monona Terrace in Madison. The dinner is open to members and non-members who have passed all four parts of the CPA Exam, met the one year experience requirement, passed the ethics exam, and received their CPA certificate and license between Jan.1-Dec. 31, 2007. Please send your name or names of people you work with to Leah Grunewald at leah@wicpa.org. Please type CPA Recognition in the subject line.

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February IRS news for the tax professional (posted 2/08)
February IRS news items for tax professionals including recent publications, IRS Web site articles, tax forms and registration information for free CPE can be found here. IRS Information Release 2008-11 explaining new rebate scams can be viewed here.

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Accounting Examining Board meeting (posted 2/08)

The Department of Regulation and Licensing will host an Accounting Examining Board meeting at 9:30 a.m., March 19 at the University of Wisconsin–Whitewater, Carlson Hall, Room 4041, 800 West Main St., Whitewater. The meeting is open to the public. Click here for information.

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Economic Stimulus Act of 2008 (posted 2/08)

View the Act’s technical explanation prepared by the Joint Committee on Taxation here. Additional information regarding the Act can be viewed in the main fact sheet, exceptions, information release and examples.

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GAAP Codification resources available (posted 1/08)

The Financial Accounting Standards Board recently released its FASB Accounting Standards Codification™. The Codification organizes thousands of pronouncements comprising U.S. generally accepted accounting principles (GAAP) into a single, easily accessible source. These include the pronouncements of the FASB, the American Institute of CPA’s Accounting Standards Executive Committee and the Emerging Issues Task Force. The FASB will make the Codification available for verification for one year. During that time, the online Codification Research System can be accessed free of charge to research accounting issues and provide feedback at http://asc.fasb.org. More information about the Codification is available at:
Codification Issues Briefing
Codification Q & A
Codification State Society Article

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January IRS news for the tax professional (posted 1/08)
January IRS news items for tax professionals including recent publications, IRS Web site articles, tax forms and registration information for free CPE can be found here.

IRS News for the Tax Professional January 2008

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IRS new tax season resources (posted 1/08)

New IRS resources for the 2008 tax filing season can be found here.

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IRS announces 2008 standard mileage rates

The IRS recently announced the 2008 standard mileage rates, which can be found here:

2008 IRS Mileage Rates

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December IRS news for the tax professional

December IRS news items for tax professionals including recent publications, IRS Web site articles, tax forms and registration information for free CPE can be found here:

IRS News for the Tax Professional December 2007

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November Important IRS info for the tax professional
November IRS news items for tax professionals including recent publications, IRS Web site articles, tax forms and registration information for free CPE can be found here:
November 2007 IRS news for the tax professional

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October Important IRS info for the tax professional
The IRS is offering resources for tax practitioners including information about recent publications, IRS Web site articles, tax forms and registration information for free CPE. More information can be found here:

October 2007 IRS News for the tax professional

http://www.dor.state.wi.us/training/ero.html

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IRS offers new resources for tax practioners

The IRS is offering resources for tax practitioners including information about year-end tax planning, tax treaties and how to become an IRS authorized electronic filing professional. More information can be found here:

IRS News for Tax Preparers August 2007 Update

EFTPS Phone Forums

Annual Fall Tax Preparers Meetings in Wisconsin

IRS E-File: How To Get Started

Tax Panel Discussion Volunteer Form and Wisconsin Panel Locations

Tax Panel Discussion Suggested Questions

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AICPA addresses FIN 48 ethical considerations

The AICPA Professional Ethics Executive Committee (PEEC) addressed during its July 17-20 meeting whether a member could assist an attest client with its application of FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes without impairing independence.

http://www.fasb.org/pdf/fin%2048.pdf

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IRS report addresses tax gap developments

On Aug. 2, the Treasury Department and the Internal Revenue Service

released an IRS report, “Reducing the Federal Tax Gap: A Report on Improving Voluntary Compliance,” addressing the agency’s efforts to improve voluntary compliance with federal tax laws.

http://www.irs.gov/pub/irs-news/tax_gap_report.pdf

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IRS offers resources for tax preparers

The IRS recently announced several opportunities for tax practitioners to learn about IRS e-Services. Practitioners using IRS e-Services are able to interact electronically with the IRS and obtain information from the IRS for their clients in real-time.

IRS e-Services: What is it? (pdf)
IRS e-Services Phone Forums Invite (pdf)
IRS e-Services Seminars Invite (pdf)

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IRS provides transition relief delaying effective date of
change in return preparer penalty

The Internal Revenue Service recently issued notice 2007-54 delaying the effective date of changes made by the Small Business and Work Opportunity Tax Act of 2007 to section 6694 of the Internal Revenue Code. The Act’s revisions significantly change the return preparer penalty under section 6694, which previously allowed a paid return preparer to sign a return without penalty so long as the preparer believed that the position on the return had at least a “reasonable possibility of success.” A copy of the notice can be viewed at www.irs.gov/pub/irs-drop/n-07-54.pdf.

To hear an overview of this new law, Surgent McCoy CPE, LLC has prepared an mp3 audio summary which runs seven minutes.

Overview of Small Business and Work Opportunity Tax Act of 2007 (6 MB)
Surgent McCoy CPE, LLC

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CCH Partnership | 30% discount on book orders

The Wisconsin Institute of Certified Public Accountants is partnering with CCH for more Member Benefits for you!

Member Order Direct from CCH gives you an easy, quick and economical way to order books from the CCH Online Bookstore.

You can order ANY of 175 CCH Tax & Accounting titles on the Wisconsin Institute/CCH Partner Page at a 30% Discount!

Accounting & Audit
Planning
Practice Management
Tax Preparation
Tax Research

Follow this address to the CCH Online Bookstore and select any quantity of books. Just use your DISCOUNT CODE at check-out. Wisconsin Institute of CPAs CCH Member Direct Partner Page Address: http://tax.cchgroup.com/members/wicpa

Member discount code: Y5605

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CCH Learning Center

150 Web-based, interactive, Tax & Accounting CPE courses
Great for “just in time” instruction to meet a client need, a new staff member’s training, or a deadline to complete CPE requirements
Start a course, and return to it, anywhere, anytime
Print it out for reference or to supplement in-house training
WICPA Member discounted rate of $245/seat/year (a 30% discount)
Try out one of two free courses at cch.learningcenter.com

Follow this link to the CCH/ Wisconsin Institute of Certified Public Accountants Partner Page for sign-up information.

Wisconsin Institute of CPAs CCH Learning Center Partner Page Address: http://tax.cchgroup.com/cchlearningcenter/wicpa

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