CPA Success
CPA Success
http://www.macpa.org/blog/category/13/legislative--regulatory/files/summary_of_corp_reporting_requirements_present_form.doc?i=24&watch=rss
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2016
blog@macpa.org (CPA Success)
Sun, 06 Mar 2016 10:28:27 GMT
Sun, 06 Mar 2016 10:28:27 GMT
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2012 Maryland General Assembly ends in controversy, CPAs unharmed
<p>It was a very different <a href="http://en.wikipedia.org/wiki/Adjournment_sine_die"
target="_blank">sine die</a> than I have ever seen. The Governor&#39;s budget bill held up until the
very end with delegations from PG County, Baltimore City vying for precious slots dollars. The
Speaker of the House and President of the Senate playing chicken with the end of session and the
Governor pleading for a budget bill that meets his priorities.</p> <p>The result was the passage of the
spending part of the Governor&#39;s budget bill but not the revenue package (and all of the tax
increases). That leaves what they call the &quot;Doomsday budget&quot; which means across the
board cuts in the state budget of more than $500 million. &#0160;Many have said that would be a
good thing in light of an increases in spending by almost $1 billion in the budget.</p> <p>Our CPA
Agenda on the other hand went extremely well. See the short video recap below:&#0160;</p>
<p><iframe frameborder="0" height="255" src="http://www.youtube.com/embed/NGqlqyS7VJE"
width="460"></iframe></p> <p>The good news: CPAs went four for four this year. The <a
href="http://www.macpa.org" target="_blank">MACPA</a> and our members played a direct role in
stopping sales taxes on accounting and tax services, stopping e-filing taxes from the &quot;digital
download&quot; tax, stopping combined reporting, and passing an electronic filing bill for Maryland
tax credits.</p> <p>The bad news: Because the revenue package for the governor’s budget bill did not
pass, there is a high likelihood that a special session will be called to address revenues (tax increases) - which means our issues could be put back in play before June 30.</p> <p>We will be holding our
special MACPA PIU/townhall - legislative/regulatory update (live &amp; webcast) on May 4, 2012 information <a
href="http://www.macpa.org/Public/Catalog/CourseDetails.aspx?courseID=1217W402"
target="_blank">here</a></p> <p>And don&#39;t forget to mark your calendars for CPA DAy in
Annapolis 2013 - register <a
href="http://www.macpa.org/Public/Catalog/CourseDetails.aspx?courseID=13181000"
target="_blank">free here</a></p> <p><strong>More on the close of the Maryland General
Assembly:</strong></p> <p>Maryland Chamber of Commerce - <a
href="http://www.chamberactionnetwork.com/blog/view/2012-general-assembly-session-recap/"
target="_blank">General Assembly Recap</a></p> <p>Washington Post blog - <a
href="http://www.washingtonpost.com/blogs/maryland-politics/post/what-did-pass-the-marylandgeneral-assembly/2012/04/10/gIQAUs1s8S_blog.html" target="_blank">What did pass the Maryland
General Assembly</a></p> <p>Baltimore Sun - <a href="http://articles.baltimoresun.com/2012-0410/news/bs-md-assembly-next-20120410_1_budget-cuts-budget-that-slashes-spending-doomsdaybudget" target="_blank">What now? Legislative leaders decry budget cuts, say special session is
needed</a></p> <p>WBAL - <a href="http://www.wbal.com/article/88580/2/template-story/FingerPointing-Arrests-On-Last-Day-Of-Session" target="_blank">Finger pointing as Lawmakers Leave
Annapolis Without a Tax Vote</a></p> <p><strong>Related posts from MACPA Blogs: <a
href="http://www.cpasuccess.com" target="_blank">CPA Success</a> &amp; <a
href="http://www.cpalegislativeinsider.com" target="_blank">CPA Legislative
Insider</a></strong>&#0160;</p> <p><a href="http://www.cpasuccess.com/2012/04/sausage-being-
made-in-annapolis-want-some.html" target="_blank">Sausage being made in Annapolis -- want
some?</a></p> <p><a href="http://www.cpalegislativeinsider.com/2012/03/march-madness-howsour-bracket.html" target="_blank">March Madness: How&#39;s our bracket?</a></p> <p><a
href="http://www.CPALegislativeInsider.com/2012/01/cpa-day-sets-all-time-record-attendance.html"
target="_blank">CPA Day sets all time record attendance!</a></p> <p><a
href="http://goingconcern.com/post/what-happens-when-200-maryland-cpas-occupy-annapolis"
target="_blank">What happens when 200 Maryland CPAs Occupy Annapolis?</a></p>
http://www.macpa.org/blog/1403/2012-maryland-general-assembly-ends-in-controversy-cpasunharmed
tom@macpa.org(Tom Hood)
Thu, 12 Apr 2012 11:18:26 GMT
http://www.macpa.org/blog/1403/2012-maryland-general-assembly-ends-in-controversy-cpasunharmed
Sausage being made in Annapolis -- want some?
<p>They say there are two things you probably never want to see:</p> <ol> <li>Sausage being
made.</li> <li>Legislation in progress.</li> </ol> <p>Last night was a perfect example of No. 2.</p>
<p>The Maryland General Assembly concluded its 90-day session last night at midnight ... kinda.</p>
<p>Kinda?</p> <p>It ended with the House trying to pass a resolution to extend the session for five
days ... or 30 days. The Senate ended <em>sine die</em>, in direct conflict with the House. The
governor threatened another special session in the near future to deal with the budget bill that he
wanted.</p> <p>There were parliamentary debates, lots of attempts at filibusters, and just an overall
very weird feeling. It was a sight you do not want to see.</p> <p>CPAs, on the other hand, went 4 for
4, with our primary legislative agenda accomplished -- for now. There is risk that a special session to
address state revenue needs could bring us right back to fighting for our issues. However, last night we
celebrated stopping sales taxes on accounting and tax services, stopping e-filing taxes from the
&quot;digital download&quot; tax, stopping combined reporting, and passing an electronic filing bill
for Maryland tax credits. See more over at <a href="http://www.cpalegislativeinsider.com"
target="_blank">www.CPALegislativeInsider.com</a>.</p> <p><iframe frameborder="0"
height="255" src="http://www.youtube.com/embed/NGqlqyS7VJE"
width="460">&amp;amp;amp;amp;amp;lt;/iframe</iframe></p> <p>One of the primary reasons for
our success was our record attendance by MACPA members at our CPA Day in Annapolis. With
almost 200 CPAs personally visiting their elected officials, our voice was heard, and that made all the
difference.&#0160;</p>
http://www.macpa.org/blog/1609/sausage-being-made-in-annapolis-want-some
tom@macpa.org(Tom Hood)
Wed, 11 Apr 2012 10:47:00 GMT
http://www.macpa.org/blog/1609/sausage-being-made-in-annapolis-want-some
Survey: Stealing, littering more taboo than tax evasion
<p><a class="asset-img-link"
href="http://cpasuccess.typepad.com/.a/6a00d834520c5769e2016303948094970d-pi" style="float:
right;"><img alt="75547191" border="0" class="asset asset-image at-xid6a00d834520c5769e2016303948094970d" src="http://www.macpa.org/blog/resources/assets/1113986088.jpg" style="margin: 0px 0px 5px 5px;" title="75547191" /></a></p> <p>&quot;I like to
pay taxes,&quot; Oliver Wendell Holmes once said. &quot;With them I buy civilization.&quot;</p>
<p>Speak for yourself, Justice Holmes.</p> <p>The <a href="http://sheltongrp.com"
target="_blank">Shelton Group</a>, an outfit devoted to &quot;bringing sustainability to the
masses,&quot; has released a <a
href="http://www.businesswire.com/news/home/20120329005123/en/Survey-Caught-ThrowingTrash-Window-Embarrassing-Cheating" target="_blank">study</a>&#0160;that shows more
Americans would be embarrassed to be caught shoplifting, getting a DUI or throwing trash out of their
car window than cheating on their taxes.</p> <p>Is this good news or bad news? A bit of both, I think.
On one hand, cheating on your taxes is still taboo -- for most people anyway. Fifty-seven percent of
those surveyed said they would be &quot;very embarrassed&quot; if they were caught cheating on
their taxes by someone they admire.</p> <p>On the other hand, 43 percent apparently wouldn&#39;t
be embarrassed at all.</p> <p>We&#39;ve got a ways to go before tax evasion is universally reviled.
The <a href="http://www.cpasuccess.com/2012/01/bridging-the-tax-gap-is-reporting-the-key.html"
target="_blank">tax gap</a>&#0160;is evidence of that, and Janet Novack reported as much in <a
href="http://www.forbes.com/sites/janetnovack/2012/03/29/americans-more-embarrassed-to-becaught-shoplifting-or-littering-than-cheating-on-their-taxes/" target="_blank">a recent Forbes
article</a>. Writes Novack:</p> <p style="padding-left: 30px;"><em>&quot;In the IRS Oversight
Board’s 2011 Taxpayer Attitude Survey, 84 percent of the public said it is &#39;not at all acceptable
to cheat on one’s income taxes.’ Still, in that survey, only 66 percent of&#0160; the participants said
they &#39;completely agree&#39; that &#39;everyone who cheats on their taxes should be held
accountable&#39; and only 72 percent completely agreed that &#39;it’s every American’s civic duty
to pay their fair share of taxes.&#39;&quot;</em></p> <p>Shame, apparently, isn&#39;t cutting it as
a motivational tool.</p> <p><strong>Looking for tax training?</strong><br />Visit our <a
href="http://www.macpa.org/public/catalog/coursesearch.aspx" target="_blank">online CPE
catalog</a> and choose &quot;Taxes&quot; in the &quot;Field of Study&quot; drop-down
box.</p><!-- Imported Assets -->
http://www.macpa.org/blog/1615/survey-shoplifting-littering-more-taboo-than-tax-evasion
bill@macpa.org(Bill Sheridan)
Mon, 02 Apr 2012 12:00:00 GMT
http://www.macpa.org/blog/1615/survey-shoplifting-littering-more-taboo-than-tax-evasion
March Madness - How's our bracket?
<p><a class="asset-img-link"
href="http://cpasuccess.typepad.com/.a/6a00d834520c5769e201676460a73f970b-pi" style="float:
right;"><img alt="March-madness4" class="asset asset-image at-xid6a00d834520c5769e201676460a73f970b"
src="http://www.macpa.org/blog/resources/assets/1375109427.jpg" style="margin: 0px 0px 5px 5px;"
title="March-madness4" /></a>How is basketball like legislative advocacy?</p> <p>In March
everything comes down to the wire until midnight on the last day of the Session - midnight on April
9th.</p> <p>The House and Senate and their respective committees are like the regionals and divisions
in the famous NCAA Basketball tournament. As CPAs, we have our &quot;picks&quot; being the
&quot;bad&quot; bills that we want to stop and the &quot;good&quot; ones we want to pass.</p>
<p>With less than two weeks left, we are coming down to the wire and still advancing in our
brackets!</p> <p>Here is where we stand:</p> <p><strong>Opposing <a
href="http://mlis.state.md.us/2012rs/billfile/hb1051.htm" target="_blank">HB 1051</a>,
</strong>&#39;Sales and Use Tax – Services’<strong> - No action in House Ways &amp; Means
Committee</strong></p> <blockquote> <p><strong></strong>The measure would impose a sales tax
on professional services, including many of those provided by CPAs.</p> </blockquote>
<p><strong>Opposing (with Amendments) <a
href="http://mlis.state.md.us/2012rs/billfile/SB0152.htm" target="_blank">SB 152</a> / <a
href="http://mlis.state.md.us/2012rs/billfile/HB0087.htm" target="_blank">HB 87</a>, </strong>the
&#39;Budget Reconciliation and Financing Act of 2012&#39; - <strong>Amendments to bills took
out broad language and restricted to just internet purchases</strong></p> <blockquote> <p><br />
These bills originally included a provision that would have extended the state&#39;s sales tax to
include any product that is electronically downloaded. The so-called &quot;digital download
tax&quot; was so vague that it could have encompassed online payroll services, accounting software
with service, payment processing and research services, all of which could directly impact Maryland
CPAs.</p> </blockquote> <p><strong>Suporting <a
href="http://mlis.state.md.us/2012rs/billfile/SB1086.htm" target="_blank">SB 1086</a>
</strong>Income Tax &#0160;- Credits - Electronic Filing Requirements<strong> - Passed Committee
and Second Reading in Senate</strong></p> <blockquote> <p>In order to improve the transparency
and efficiency of DBED’s tax incentive programs, it is necessary to have accurate and detailed
information. The current paper tax return system does not possess the analytical advantages of an
electronic tax return, and poses difficulties when measuring the progress of DBED’s tax incentive
programs. By mandating that businesses utilize an electronic system to claim a few tax credits, DBED
and the Comptroller’s Office will be able to assess the practicality of a fully electronic filing system,
and improve DBED’s ability to offer the most effective tax incentives to businesses.</p>
</blockquote> <p><strong>Opposing <a href="http://mlis.state.md.us/2012rs/billfile/SB0269.htm"
target="_blank">SB 269</a> / <a href="http://mlis.state.md.us/2012rs/billfile/HB0941.htm"
target="_blank">HB 941</a> </strong>Maryland Business Tax Fairness Act (Combined
Reporting)<strong> - Defeat in Senate Budget &amp; Tax (7-6) &amp; No action in
House</strong></p> <blockquote> <p><strong></strong>Our opposition was based on compliance
complexity and we asked for a an extended implementation time for tax preparers and corporations to
be able to understand the reporting issues before actually filing of the taxes.</p> </blockquote>
<p>Two bills that would reduce the compliance burden on small businesses and simplify our Maryland
tax structure:</p> <p><strong>Supporting <a
href="http://mlis.state.md.us/2012rs/billfile/HB0203.htm" target="_blank">HB 203</a> </strong>Maryland Death Taxes - &quot;Family Property Protection Act&quot; - <strong>No action
in Committee</strong></p> <p><strong>Supporting <a
href="http://mlis.state.md.us/2012rs/billfile/HB0581.htm" target="_blank">HB 581</a> -</strong>
Income Tax - Expensing of Business Property and Bonus Depreciation - <strong>No Action in
Committee</strong></p> <p>That is four for four and two in &quot;limbo&quot; for the session so
far.&#0160;Overall our major issues are headed for victory and we will keep you posted until the final
buzeer strikes at midnight on April 9th!</p> <p><strong>Press coverage:</strong></p> <p>MACPA <a href="http://www.macpa.org/Content/26523.aspx" target="_blank">Maryland CPAs raise their
voices to fight onerous tax legislation&#0160;</a></p> <p>AccoutingWeb - <a
href="http://www.accountingweb.com/topic/tax/maryland-cpas-are-fighting-proposed-taxprofessional-services" target="_blank">Maryland CPAs Are Fighting Proposed Tax on Professional
Services</a></p> <p>CPA Practice Adviser - <a
href="http://www.cpapracticeadvisor.com/article/10656160/maryland-cpas-campaign-to-fight-newtax-legislation" target="_blank">Maryland CPAs Campaign to Fight New Tax Legislation</a></p>
<p>CityBizList - <a href="http://baltimore.citybizlist.com/1/2012/3/18/Maryland-CPAs-LaunchGrassroots-Campaign-to-Fight-Tax-Legislation.aspx" target="_blank">Maryland CPAs Launch
Grassroots Campaign to Fight Tax Legislation</a></p> <p>BBJ - <a
href="http://www.bizjournals.com/baltimore/print-edition/2012/03/09/maryland-businesses-caught-ingeneral.html" target="_blank">Maryland Businesses Caught in General Assembly Tax
Debate</a></p> <p>Maryland Chamber - <a
href="http://www.chamberactionnetwork.com/blog/view/tax-credit-evaluation-bill-amended-toaddress-business-concerns/" target="_blank">Tax Credit Evaluation Bill</a>&#0160;&amp; <a
href="http://www.chamberactionnetwork.com/blog/view/senate-committee-rejects-digital-downloadstax/" target="_blank">Senate Committee Rejects Digital Downloads Tax</a></p><!-- Imported Assets
-->
http://www.macpa.org/blog/1404/march-madness-hows-our-bracket
tom@macpa.org(Tom Hood)
Thu, 29 Mar 2012 11:47:22 GMT
http://www.macpa.org/blog/1404/march-madness-hows-our-bracket
Comments on audit firm rotation don't end at hearings
<p><a class="asset-img-link"
href="http://cpasuccess.typepad.com/.a/6a00d834520c5769e2016764472d43970b-pi" style="float:
right;"><img alt="Skd283556sdc" border="0" class="asset asset-image at-xid6a00d834520c5769e2016764472d43970b" src="http://www.macpa.org/blog/resources/assets/2116635183.jpg" style="margin: 0px 0px 5px 5px;" title="Skd283556sdc" /></a></p> <p>After <a
href="http://pcaobus.org/Rules/Rulemaking/Pages/Docket037Statements.aspx" target="_blank">two
days of testimony</a> in Washington, here&#39;s what we know about <a
href="http://www.cpasuccess.com/2012/03/audit-firm-rotation-the-debate-rages-on.html"
target="_blank">mandatory audit firm rotation</a>:</p> <ul> <li><a
href="http://blogs.wsj.com/cfo/2012/03/21/volcker-backs-auditor-rotation/" target="_blank">Lots of
people love it.</a></li> <li><a href="http://www3.cfo.com/article/2012/3/auditing_auditor-rotation-
pcaob-cfos-concept-release" target="_blank">Lots of people hate it.</a></li> <li>It&#39;ll be a while
before the PCAOB decides which way it&#39;s going to go.</li> </ul> <p><a
href="http://pcaobus.org/Rules/Rulemaking/Pages/Docket037Comments.aspx"
target="_blank">Comment letters</a> will be accepted through April 22.</p> <p>For the record,
MACPA Executive Director <a href="http://www.cpasuccess.com/2012/03/audit-firm-rotation-thedebate-rages-on.html#comments" target="_blank">Tom Hood says</a> an Enron-era MACPA task
force concluded that peer review, increased PCAOB oversight, a renewed focus on ethics, and audit
partner rotation have joined forces to eliminate the need for manditory audit firm rotation.</p>
<p>And if you&#39;re thinking that Congress is missing a golden opportunity to chime in on the
issue, think again.</p> <p>Republican Rep. Mike Fitzpatrick of Pennsylvania has proposed an
amendment to the Sarbanes-Oxley Act that &quot;would say the PCAOB should have no authority
under the law to require that audits be conducted by a specific auditor or that audits be conducted by
different auditors on a rotating basis,&quot; <a href="http://www.complianceweek.com/congressmoves-to-block-pcaob-on-auditor-rotation/article/233485/" target="_blank">Compliance Week
reports</a>.</p> <p><em>Everything</em> is better when Congress gets involved, isn&#39;t
it?</p><!-- Imported Assets -->
http://www.macpa.org/blog/1618/comments-on-audit-firm-rotation-dont-end-at-hearings
bill@macpa.org(Bill Sheridan)
Tue, 27 Mar 2012 12:00:00 GMT
http://www.macpa.org/blog/1618/comments-on-audit-firm-rotation-dont-end-at-hearings