Newsflash - Oct. 19, 2017

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The Practice Management Conference is Back

By FICPA
ficpa.org

After 7 years the Practice Management Conference is back, November 9-10! For many of us, our time is spent developing our teams, but for this weekend we will put the resources into developing you. The Practice Management conference is designed for leaders like yourself, to come together, collaborate, share and grow. We have special events for you take time, relax, and be social.

Register Now


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Featured FICPA Webinars:
A Focus on Disaster Relief

By FICPA
irma.ficpa.org

Following the recent natural disasters in various parts of the U.S., FICPA has offered complimentary webcasts focused on the unique challenges we face in the wake of natural disaters. Topics included:

  • Getting started with the recovery process
  • Statutory tax relief for casualty victims (both individual & business)
  • Special rules for federally declared disaster areas
  • IRS disaster assistance administrative relief
  • Involuntary conversions resulting from disaster losses

Review past featured FICPA webinars on our Irma resources page to get up to date. Please note that these are great resources for the latest information, they will not count for CPE credit in this format:
Hurricane Irma: Getting Started With Recovery
Hurricane Irma: Disaster Related Accounting And Auditing Issues

Watch Now


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IRS Plans Further Steps to Curb Identity Theft

By Michael Cohn
accountingtoday.com

The Internal Revenue Service, working in partnership with state tax authorities and the tax preparation industry as part of their Security Summit initiative, reported significant progress Tuesday in the battle against tax-related identity theft, with new steps planned for next tax season.

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SEC Proposes Simplifying Disclosure Requirements

By Ken Tysiac
journalofaccountancy.com

Amendments proposed by the SEC are designed to modernize and simplify disclosure requirements for public companies, investment advisers, and investment companies.

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CAQ Foresees Risks During Upcoming Audits

By Michael Cohn
accountingtoday.com

The Center for Audit Quality has released two new member alerts spotlighting some of the potential risks facing audit firms during the upcoming 2017 audit cycle.

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Treasury to Pull Regulations After Review of Burdensome Tax Rules

By Sally P. Schreiber, J.D.
journalofaccountancy.com

The Treasury Department has announced that it will pull several tax regulations identified as burdensome under President Donald Trump’s Executive Order 13789, including the proposed Sec. 2704 regulations that would limit valuation discounts for estate, gift, and generation-skipping transfer tax purposes (Second Report to the President on Identifying and Reducing Tax Regulatory Burdens (Oct. 4, 2017)). A Treasury press release said the regulations (REG-163113-02) “would have hurt family-owned and operated businesses by limiting valuation discounts” and “made it difficult and costly for a family to transfer their businesses to the next generation.”

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FASB Proposes Update on Whether Land Easements Are Stipulated as Leases

By Terry Sheridan
accountingweb.com

The Financial Accounting Standards Board (FASB) is proposing an update to land easements that includes determining whether easements are leases.

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ACA Information Center for Tax Professionals

By Internal Revenue Service
irs.gov

In an update Friday the IRS clarified that they will not accept an electronic tax return until the taxpayer indicates whether they had coverage, had an exemption or will make a shared responsibility payment. Additionally, the IRS said tax returns filed on paper that don’t address health coverage requirements may be suspended pending the receipt of additional information and any refunds may be delayed.

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GFOA Approves New Best Practices

By Government Finance Officers Association
gfoa.org

This past week, the Government Finance Officers Association’s Executive Board recently approved seven best practices and advisories in the areas of treasury and investment management, retirement and benefits, municipal debt disclosure and economic development. GFOA best practices identify specific policies and procedures that contribute to improved government management. They aim to promote and facilitate positive change rather than merely to codify current accepted practice.

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Citrus Emergency Loan Program

By Florida Small Business Emergency Bridge Loan Program
floridadisasterloan.org

On Oct. 6, 2017, Gov. Rick Scott activated a $25 million Florida Citrus Emergency Loan Program to support citrus businesses impacted by Hurricane Irma. The Citrus Emergency Loan Program, which is a subset of the Florida Small Business Emergency Bridge Loan Program, provides short-term, interest-free working capital loans to qualified citrus businesses that experienced physical and/or economic damage during the storm.

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Tech Tip: KRACK Attack WiFi Vulnerability: What You Need to Know

By FICPA
ficpa.org

Key Reinstallation Attacks (KRACK) lets attackers intercept data between your device and a WiFi router including emails, passwords, personal information and anything else you’d transmit over the supposedly secure WPA2 connection.

Read the article


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Read the Latest Issue of Florida CPA Today Magazine

By FICPA
ficpa.org

Stay up-to-date about the latest issues and events occurring within the accounting profession, read the September/October issue of FICPA's Florida CPA Today magazine. This month's issue provides a broad variety of information including technical articles written by member CPAs, legislative updates, DOR and IRS updates, monthly chapter meeting dates, upcoming FICPA events, and much more.

View the Magazine


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Your FICPA Benefits at Work: Office Depot October Specials

By Office Depot
odams.officedepot.com

Paper prices are going up, so it's time to stock up! View the deals here. Remember that - exclusively as a member of FICPA - you get $25 off your qualifying delivery of $150 or more! Access them through your Office Depot account, under the FICPA's umbrella.

Set up your account and save today


Look for the next issue of FICPA NewsFlash Nov. 2, 2017.

Comments or Suggestions?

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