In this area you will find an archive of the most recent top stories featured on the home page of the FICPA Web site that we felt were informative enough to store for your future reference.
August 29, 2014That Taxing Phone Call You Tot? Think Scammers, Not IRS.
- The oldest Chesley child wasn't buying the phone pitch from "Jim Clark," who claimed to be an employee with the Internal Revenue Service. Roger Jr. said the guy supposedly worked for the agency's "Tax Audit Department" and was looking for me. My...
August 28, 2014Tax Court Sides With IRS In Tax Treatment Of Frequent Flyer Miles Issued By Citibank
- It used to be that when you opened a new account at a bank or other financial institution, you got a free pen. Or, if the bank was feeling really flush, a toaster.
These days, however, banks are wooing customers with more valuable incentives...
August 22, 2014Inherit? Invest
- When a loved one dies and leaves you an inheritance, it often comes with a cache of guilt.
“Most people are not prepared for the emotions that come with an inheritance,” said Stephen Wright, a financial planner with The Enrichment...
August 06, 2014Governor Reappoints Harris to Eastern Florida State College District Board
- Gov. Rick Scott announced the re-appointment of FICPA member Dewey Harris to the Eastern Florida State College District Board of Trustees. Harris, of Merritt Island, is a CPA with Harris Miller & Berhardt PA. He is re-appointed for a term...
July 24, 20145 Ways Florida Firms Can Take Advantage Of R&D Tax Credits
- For small and medium Florida-based businesses looking to stay ahead, a certain overlooked tax incentive can offer a way to grow and reinvest.
July 22, 2014FASB Mulling a Revamped Income Statement
- The Financial Accounting Standards Board is in the early stages of researching whether to a launch a project aimed at improving and updating the presentation of items on the income statement.
July 14, 2014Governor Rick Scott Appoints Tracy Keegan to Board of Accountancy
- Today, Governor Rick Scott announced the appointment of Tracy Keegan to the Board of Accountancy.
Keegan, 49, of Naples, is the executive vice president and chief financial officer of First Southern Bank. She succeeds Teresa Borcheck and is...
July 10, 2014Dan Henn: Protect Your Business In An Emergency
Hey, Dan "the tax savings man," Hurricane season started on June 1, are there any special deductions or issues that I need to be aware of if a hurricane were to strike our area?
Very timely question and thanks for asking it....
July 09, 2014Why Staying Fully Invested Works
- Today's volatility and unpredictable market realities make it seem like the buy-and-hold concept of the late 19th century is dead. Let's consider the fundamental concept for this strategy and then expand that idea into real-world...
July 02, 2014Florida First To Adopt National Financial Education Standards
- In June 2014, the State Board of Education adopted a "financial literacy strand" into its social studies standards, reports Jefferey S. Solochek of The Tampa Bay Times.
Florida was the first in the nation to put in place the national Council for...
July 02, 2014159 New Laws Officially In Effect For Florida
- Florida had 159 new laws take effect Tuesday that address issues as diverse as spiny lobsters and poetry to abortion and the budget.
Among the most noteworthy are laws that seek to protect children and others from the most dangerous sex...
January 08, 2013IRS Plans Jan. 30 Tax Season Opening For 1040 Filers
- Following the January tax law changes made by Congress under the
American Taxpayer Relief Act (ATRA), the Internal Revenue Service
announced today it plans to open the 2013 filing season and begin
processing individual income tax returns on...
January 03, 2013Obama Signs Bill Warding Off Fiscal Cliff
- President Barack Obama has signed into law a bill to avert the fiscal
cliff, a day after the House and Senate approved the much-debated
Obama, who returned to his family vacation in Hawaii after Tuesday's House vote, signed the...
January 02, 2013American Taxpayer Relief Act of 2012
- In the Senate of the United States, January 1 (legislative day, December 30, 2012), 2013. Resolved, That the bill from the House of Representatives (H.R. 8) entitled ‘‘An Act to extend certain tax relief provisions enacted in 2001 and...
January 02, 2013Why Your Paycheck Is Getting Smaller, No Matter What
- Congress was able to pass legislation to keep broader middle class income taxes from rising. But workers will still have to pay at least 2% more in payroll taxes .
January 01, 2013IRS Changes Income Tax Withholding Tables For 2013 To Reflect Expired Tax Cuts
- The Internal Revenue Service released new income tax withholding tables
for 2013 late Monday to reflect the expiration of the 2001 and 2003 Bush
tax cuts and the more recent payroll tax cuts of 2011 and 2012, but
noted that the guidance would...
January 01, 2013Congress Passes Fiscal Cliff Act
back from the “fiscal cliff” at the 13th hour, Congress on Tuesday
preserved most of the George W. Bush-era tax cuts and extended many
other lapsed tax provisions. Shortly before 2 a.m. Tuesday, the Senate passed a
December 21, 2012Speaker Boehner Plan To Avert 'Fiscal Cliff' Fail
- House Speaker John Boehner was handed a stunning defeat late Thursday
by members of his own party who refused to support his "Plan B" to
avoid the year-end "fiscal cliff" that threatens to send the economy in
to a recession.
December 20, 2012Tax Preparers Must Renew Their PTINs And Those Required To Take The RTRP Test Should Schedule It As Soon As Possible
- The Internal Revenue Service today reminded professional tax return
preparers to renew their Preparer Tax Identification Numbers (PTINs) if
they plan to prepare returns in 2013. Current PTINs expire Dec. 31,
Anyone who prepares or...
December 12, 2012Net Investment Income Tax FAQs
- 1. What is the Net Investment Income Tax (NIIT)? The Net Investment Income Tax is imposed by section 1411 of the
Internal Revenue Code (IRC). The NIIT applies at a rate of 3.8 percent
to certain net investment income of individuals, estates and...
December 07, 2012IRS Proposes Regulations On Net Investment Income Tax
- The Internal Revenue Service and the Treasury Department have issued a set of proposed regulations
on the 3.8 percent Net Investment Income Tax that takes effect next
year as a result of the health care reform law, along with a FAQ page with...
December 06, 2012Fiscal Talks Spur Charitable Giving
- Tax uncertainty in Washington is setting off a mad scramble among
wealthy taxpayers and charities to maximize donations before the end of
the year. Their worry: The tax deduction for charitable giving, a fixture of
the tax code for nearly a...
December 06, 2012Obamacare Investment Income: A Downloadable Cheat Sheet
- Judging by the reaction on the ol’ internet machine, the new regulations
governing the Obamacare investment income tax have caused quite a bit
of consternation within the tax community. Part of the problem is the
length: when you include...
December 01, 2012A Quest For Relevance
recent efforts by the accounting profession to improve private company
financial reporting revealed a clear and strong demand by small and
medium-size entities, the CPAs who serve them, and those who use their
financial statements for a...
November 28, 2012How Much Tax Would You Owe On A $550 Million Powerball Jackpot?
- With talk of the fiscal cliff and tax hikes for the rich dominating the news, you might be worrying about how much you’ll really get to keep after you win tonight’s record-setting Powerball jackpot. (Update: With frenzied ticket...
November 21, 2012Public Encouraged To Vote On Student CPA Videos
- TALLAHASSEE, Fla. – The Department of Business and Professional
Regulation (DBPR) and the Florida Institute of Certified Public
Accountants (FICPA) today encouraged the public to vote for their
favorite video in a public service contest...
June 29, 2012Supreme Court Upholds Health Care Law
- The U.S. Supreme Court on Thursday declared the mandate in Sec. 5000A, requiring U.S. citizens and legal residents to maintain minimum essential health coverage, to be a permissible exercise of Congress's taxing powers under the Constitution...