NewsFlash Feb. 9, 2017

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IRS Names FICPA Member to IRPAC
Image: Randall Cathell, CPA
Randall Cathell, CPA

The IRS recently announced the selection of seven new members for the Information Reporting Program Advisory Committee (IRPAC). Among them is FICPA member Randall Cathell. Cathell is a tax managing director for Crowe Horwath, LLP in Fort Lauderdale and heads the firm’s international information reporting practice. He also serves as the firm’s lead international tax professional in Florida.

Cathell has more than 20 years of experience in federal, international and state tax matters. He focuses on subchapter C corporations and partnerships in the private and public sectors, in addition to foreign nationals with U.S. investments. He specializes in companies with international operations, from planning and compliance perspectives. Cathell is an AICPA member and a Tax Executives Institute chapter liaison.

The IRPAC, established in 1991, provides an organized public forum for discussion of tax-information reporting issues between IRS officials and representatives of the public. Committee members represent the taxpaying public, tax professionals, small and large businesses, the financial industry and payroll providers.

Cathell will serve on the committee for a three-year term beginning this year.


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FEMA Extends Hurricane Matthew Flood Insurance Claim Deadline

People affected by Hurricane Matthew now have more time to finalize their Proof of Loss flood insurance claims. The Federal Emergency Management Agency (FEMA) issued an additional extension for National Flood Insurance Program (NFIP) policyholders in Florida, Georgia, North Carolina, South Carolina and Virginia.

The waiver, issued Feb. 2, 2017, is the second extension by FEMA since the storm hit in October 2016. Policyholders in these states now have a total of 180 days to finalize a completed, signed and sworn-to Proof of Loss to their insurer.

To view FEMA’s announcement, click here. 

To visit the FICPA webpage with current information regarding disaster-recovery efforts, click here.


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AICPA Issues New Revenue Recognition Working Drafts for Insurance, Software

By Ken Tysiac
journalofaccountancy.com

The AICPA recently published working drafts on revenue recognition issues for the insurance and software industries and is seeking comments from interested parties.

The working drafts are part of the AICPA Financial Reporting Executive Committee’s work in publishing an industry-specific guide to aid with implementation of FASB’s new revenue recognition standard. Numerous other drafts have been published, and more will follow. The guide has been published online and will be updated as more issues are completed by industry-specific working groups.

The issues exposed were:

  • Insurance: Issue No. 9-1, Considerations for Applying the Scope Exception in FASB ASC 606-10-15-2 and 606-10-15-4 to Contracts Within the Scope of ASC 944.
  • Software: Issue No. 14-7, Significant Financing Components in Software Arrangements.

Comments are sought by April 3 and can be sent to Kim Kushmerick at kimberly.kushmerick@aicpa-cima.com.

Ken Tysiac (Kenneth.Tysiac@aicpa-cima.com) is a JofA editorial director.


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Top Lawmakers Expect Action on ACA in Coming Months

By Peter Sullivan
thehill.com

Top Republican lawmakers say they’re proceeding with plans to repeal and replace the Affordable Care Act. Kevin Brady, chairman of the House Ways and Means Committee, says he is focused on a March timeline identified by Speaker Paul Ryan. Sen. John Cornyn, R-Texas, said a repeal bill could arise in the Senate “in the next 30 days or so.”

To read the full article in The Hill, click here.


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Lack of Detail on Estate Tax Hampers Planning, Advisers Say

By Greg Iacurci
investmentnews.com

President Donald Trump has said he hopes to repeal the federal estate tax and possibly implement a capital-gains tax on inheritances instead. However, the details still are unclear, making estate planning a challenge.

To read the full article in InvestmentNews, click here.


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Federal Reserve Keeps Rates Unchanged

The Federal Reserve chose to keep interest rates at their current level while noting upticks in business and consumer sentiment. Last year, policymakers projected three rate hikes for 2017.

To read the full article in Bloomberg, click here.


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How CFOs Can Direct Cybersecurity Strategy

By Jeff Thomson, contributor
forbes.com

CFOs can lead cybersecurity strategy by viewing the threat of data breaches as part of their enterprise risk-management activities. A number of information sources can help CFOs educate themselves about the topic, including printed materials and service providers.

To read the full Forbes article, click here.


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8 Ways to Read (a Lot) More Books This Year

By Neil Pasricha
hbr.org

Adopting a few habits can help you dramatically increase the number of books you read in a year. Among other things, consider moving your T.V. into a little-used part of your house, making a public commitment to your goal and putting books in a central part of your home.

To read the full article in Harvard Business Review, click here.


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Register to Run in the 28th Annual 1040K Today!

 

 

Register today for the 28th Annual 1040K Run and Accounting Career Fair in beautiful Coconut Grove – not only as a runner, but as an advocate for deserving accounting students statewide.

Runners who wish to accept sponsors will be listed on the fundraising page, complete with your goal amount, a list of your donors and words of encouragement from those supporting you on your run! Participation is open to all ages: college students and children can run or walk in the 5K, 10K or Kids Run for $5 and will receive a free T-shirt for their support!

The 1040K Run and Accounting Career Fair begins Saturday, April 22 at 7:30 a.m. Network with Florida’s top accounting professionals in a relaxed and fun atmosphere – register today!


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Membership Roundup

Update Your Profile

Is your FICPA profile current? Is your preferred FICPA chapter correct? Have you changed firms? Is your email address correct (required for FICPA website login)?

Please update your personal and company information here,  or contact our Member Service Center at membership@ficpa.orgor (800) 342-3197, Ext 1.

Congratulations to Newly Certified Members

We congratulate each of our newly certified members and look forward to being part of your success! Check out our newly certified members here.

Find a CPA: Is Your Firm Listed?

Is your firm listed in Find A CPA? Can the public find you? Please make sure each branch office is listed as well. This is the first place we refer members of the public who are looking for CPAs in their area. Don’t be left out!

Use Your Member Savings Program

The FICPA Member Savings Programs offers special savings on products and services during tax season, including these:

UPS – Save up to 36 percent on shipping services.

CCH/Wolters Kluwer – Save up to 20 percent on all CCH publications.

Office Depot – Take advantage of great savings on office consumables and products.

      


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Seminars Are Going Paperless

Three years ago, seminar materials went electronic to provide EZ and convenient information at your fingertips, but hardcopy materials still were available. Now we’re going one step further. As of April 1, 2017, the FICPA will go completely green and all course material will be electronic.

Who needs paper? EZMaterials are easily searchable and provide you with everything you need on your laptop, tablet or phone.

EZMaterials FAQ
Ask Us: Member Service Center (800) 342-3197 | (850) 224-2727 | msc@ficpa.org


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Health Care Industry Conference
April 20-21, 2017 Orlando • Simulcast

 

 

The political climate is changing. Want to find out what the experts believe will happen with health care reform legislation during the Trump administration? Attend the Health Care Industry Conference in April and find out. A a panel of subject-matter experts will discuss the strategic focus during the Trump administration, and other health care trends. Join us to earn up to 17 hours of CPE credit and learn information that’s critical to your business.

The FICPA also will offer an A&A track and a track for Young CPAs and CPAs new to the field. With more than 20 breakout sessions, there’s something for everyone. Choose the topics that are important to you.

Don’t miss this opportunity – register by March 20, 2017 and receive early-bird pricing. Not in the Orlando area, or want to attend from your home or office? Register for the Simulcast.

Need Ethics Credits?
Join us on Wednesday for Ethics: Protecting the Integrity of Florida CPAs (4 ETH). This course addresses the ethical and professional obligations CPAs have to their clients, employers, colleagues, regulators and the public. We’ll discuss recent trends in business and professional ethics along with the specific rules and requirements applicable to CPAs outlined in Florida Statutes, the Rules of the Florida Board of Accountancy and the AICPA Code of Professional Conduct.

The course fulfills the biennial ethics requirement for Florida CPAs and is designed for professionals in public practice and those working in industry or government.

Separate registration is required for this course.

Register for the Conference or Simulcast | Register for the Pre-Conference Ethics | Learn More 
Ask Us: Member Service Center (800) 342-3197 | (850) 224-2727 | msc@ficpa.org


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Hosting Your Training On Site? Customize Your MBAexpress

 

 

MBAexpress provides essential business savvy in 30 one-hour online learning modules covering these areas: Adding Value, Business Strategy, Leadership Strategy, Performance Management and Powerful Communication.

Each course is designed for professionals who want to learn efficient ways to keep up with today’s complex business environment.

Individual modules are available for $45; focus-area bundles of six modules are available for $180; and the entire package (all 30 modules) is available for $595.

Shop Now | Learn More
Ask Us: Member Service Center (800) 342-3197 | (850) 224-2727 | msc@ficpa.org


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The Anticipatory Organization™ Model

The FICPA has partnered with the Business Learning Institute to bring you The Anticipatory Organization model, a powerful online learning system for leaders, emerging leaders, managers, planners and sales teams.

The simplicity of the Anticipatory Organization model enables your organization to get out from under the weight of uncertainty and disruption; understand and apply complex ideas; and engage the future head on.

Daniel Burrus will present the skills and methods that can reorient your thinking about the future with The Anticipatory Organization model.

This course is designed for anyone interested in learning how to predict future trends that can impact their personal and professional lives. The Anticipatory Organization is an accelerated learning platform. Each video is fast, short and reinforced. Click below and see how it can help you advance.

Shop Now | Learn More
Ask Us: Member Service Center (800) 342-3197 | (850) 224-2727 | msc@ficpa.org


Look for the next issue of FICPA NewsFlash Feb. 23, 2017.

Comments or Suggestions?

We are interested in your comments or suggestions. Please email communications@ficpa.org.