NewsFlash June 29, 2017

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Mobile Workforce Legislation Passes U.S. House
With Backing of Seven from Florida’s Congressional Delegation

The U.S. House of Representatives has passed the Mobile Workforce State Income Tax Simplification Act of 2017, H.R. 1393, which is intended to simplify state income tax reporting and withholding rules for employees who sometimes work outside their home states.

The bipartisan legislation had the active backing of these U.S. Representatives from Florida:

  • Rep. Gus Bilirakis [R-FL-12]
  • Rep. Charlie Crist [D-FL-13]
  • Rep. Carlos Curbelo [R-FL-26]
  • Rep. Theodore Deutch [D-FL-22]
  • Rep. Alcee Hastings [D-FL-20]
  • Rep. Thomas Rooney, [R-FL-17]
  • Rep. Daniel Webster [R-FL-11]

“We are grateful for the support of our members of congress who sponsored the measure,” said FICPA President/CEO Deborah Curry, CPA, CGMA. “Their involvement was instrumental in the bill’s success and final passage. This will assist many of Florida’s CPAs and our clients who work across state lines.”

“The House’s passage of the Mobile Workforce State Income Tax Simplification Act of 2017 is a victory for taxpayers and their employers,” said AICPA President and CEO Barry Melancon, CPA, CGMA. “Enactment of H.R. 1393 would eliminate the need for much of the complex recordkeeping employers face when their employees cross state lines to work. It also would relieve many workers of the burden of filing state income tax returns for states in which they worked only a few days during the year.”

The legislation calls for the creation of a uniform national standard that would eliminate the compliance maze many employers and employees currently confront. Employee earnings would not be subject to state income tax and withholding outside their home state unless the employee worked in a state for more than 30 days during the calendar year.

Identical legislation, S. 540, is awaiting Senate consideration.

“We join the AICPA in urging the Senate to pass the companion bill soon and bring common sense relief to the burden caused by inconsistent state tax laws,” Curry said.


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FICPA Congratulates Elijah Watt Sells Award Winners

The FICPA congratulates Bradley Jergensen, Anthony Joffre, Patrick Kmieciak and Olga Timirgalieva, who recently received the AICPA’s 2016 Elijah Watt Sells Award.

The award is based on candidates’ top performance on the Uniform CPA Examination. Of the 102,323 candidates tested last year, only 58 met the criteria to receive the award. Winners must receive a cumulative average score of 95.5 or higher on all four sections of the exam and pass all sections on their first attempt.

Jergensen, a graduate of Brigham Young University with bachelor’s and master’s degrees of accounting, is employed with Deloitte Tax in Tampa. Joffree, a graduate of the University of Miami with a bachelor’s of accounting, is employed with KPMG, LLP in Miami. Kmieciak, an FICPA member, is a graduate of the University of North Florida with bachelor’s and master’s degrees in accounting. He is employed with PwC, LLP in Jacksonville. And Timirgalieva, a graduate of Florida Southern College with a bachelor’s in economics and financial management, is employed with McNichols Company in Tampa.


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The Technology That Will Change Accounting

By Levi Morehouse
Forbes
forbes.com

Lots of people speculate about the next big innovation that will take their industries by storm. In the realm of accounting and finance, there is a major technology often misunderstood by professionals that could dramatically change the game for the financial services industry.

That technology is blockchain.

To read the full article, click here.


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Finance Chiefs Struggle to Narrow Down Impact of Post-Brexit Tax Changes

By Nina Trentmann
The Wall Street Journal
wsj.com

One consequence of Britain’s exit from the European Union will be a more fragmented tax landscape for multinationals, which could result in higher tax contributions and compliance costs.

To read the full article, click here.


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Employment Taxes: Beware Civil and Criminal Penalties

By Craig W. Smalley
The Tax Adviser
thetaxadviser.com

An employer is responsible for withholding federal income tax and the employee's share of Federal Insurance Contributions Act taxes (FICA, which consists of Social Security and Medicare taxes) from the wages it pays to that employee. The employer also is responsible for its share of FICA taxes and Federal Unemployment Tax Act (FUTA) taxes. All of these employment taxes must be paid to the federal government, usually at least quarterly.

To read the full article, click here.


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New Liquidity Disclosures For Not-For-Profits: Are You Ready?

AICPA Insights
aicpa.org

Under current financial reporting standards, not-for-profits are not required to illuminate clearly restrictions that affect the availability of liquid resources in their financial statements. But this is all about to change with the Financial Accounting Standards Board’s (FASB) new financial reporting standard (Accounting Standards Update (ASU) 2016-14), effective for fiscal years beginning after Dec. 15, 2017.

To read the full blog post, click here.


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CPA Firms: Create a Niche Practice Serving the Emerging Gig Economy

By Teri Saylor
Journal of Accountancy
journalofaccountancy.com

In today’s workplace, people are forging careers as drivers, photographers, writers, graphic designers, marketers and other types of service providers. These and other types of independent contractors are finding themselves among approximately 55 million freelancers in the U.S., and that number is growing.

Entrepreneurial workers are moving away from full-time jobs in favor of more freedom and control over their livelihoods. They are buying into a business model where they structure their work on individual assignments, or gigs.

To read the full article, click here.


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Employer Screening of Social Media at All-time High

By Katie Kuehner-Hebert
BenefitsPRO
benefitspro.com

Post responsibly, as employer screening of candidates’ social media posts is at an all-time high, according to a CareerBuilder survey of 2,300 hiring managers and human-resource professionals.

To read the full article, click here.


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Just a Friendly Reminder: July 1 is Around the Corner
  • FICPA membership renewals are due July 1
  • The $199 CPExpress special ends June 30

We appreciate your membership and support.

For more information, please call the FICPA Member Service Center at (800) 342-3197, Ext. 1. 

Renew Now | Get CPExpress for $199
Ask Us: Member Service Center (800) 342-3197x1 | (850) 224-2727 | membership@ficpa.org

 


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State & Local Government Accounting Conference
Aug. 24-25, 2017
Orlando or Online

 

 

“Straight from the Source” is our theme for this year’s conference, because there’s no better way to get the updates you need on GASB, the Auditor General’s office, the 2017 Legislative Session, fraud and many more.

Earn up to 16 CPE credit hours with us in Orlando or online for the Simulcast from sessions such as the GASB Update from Lisa Parker, senior project manager at GASB, and the Legislative Update from Amber Hughes, senior legislative advocate for the Florida League of Cities.

Complete your ethics credit requirement the right way with our four-hour, pre-conference seminar tailored to your needs: Protecting the Integrity of Florida CPAs in Government.

Now’s the time to register with our special early-bird price savings ending in July!

Learn More | Register for Ethics
Ask Us: Member Service Center (800) 342-3197 | (850) 224-2727 | CPEevents@ficpa.org


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Accounting & Business Show
Sept. 27-29, 2017
Ft. Lauderdale

 

 

You don’t want to miss the 2017 Accounting and Business Show at the Broward County Convention Center. This show hits the mark with up to 21 hours of CPE offered through more than 70 breakout sessions and six hands-on interactive technology workshops. Topics range from international tax and finance to unique needs of CPAs working in industry, as well as other specialized sessions on taxation, financial planning and multiple A&A sessions.

Register now and save! Member: $499 – Non-Member: $554.

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


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Tech Tip
10 Command Lines Every Windows 10 User Should Know

www.groovypost.com

The command line is an interface that provides many of the same facilities as those found in the graphical user interface (GUI). Once you become comfortable with the command line, you may prefer it to the GUI for some tasks, such as scripts and automation. We’ll cover a few basic commands to get you started. Make sure you’re running Command Prompt as administrator.

To ready the full article with images, click here.


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In Memoriam

Thomas Vincent Behan – June 10, 2017
Alban Stewart Jr. – April 3, 2017


Look for the next issue of FICPA NewsFlash July 13, 2017.

Comments or Suggestions?

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