NewsFlash Sept. 21, 2017

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Irma’s lasting effects for CPAs, our organizations, and our clients

By FICPA
irma.ficpa.org

It’s been over a week since Irma dissipated, but its effects continue. We are maintaining news, annoucements, and resources related to recovery assistance and more at IRMA.FICPA.ORG.

View the resource page


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IRS Tax Relief For Victims of Hurricane Irma Extended to All Counties in Florida

By IRS
irs.gov

Following the recent disaster declaration for individual assistance issued by the Federal Emergency Management Agency, the IRS has announced that victims of Hurricane Irma in all 67 counties Florida qualify for tax relief from the Internal Revenue Service.

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Reconstructing Records After a Natural Disaster or Casualty Loss; IRS Provides Tips to Help Taxpayers

By IRS
irs.gov

Reconstructing records after a disaster may be essential for tax purposes, getting federal assistance or insurance reimbursement. After a disaster, taxpayers might need certain records to prove their loss. The more accurately the loss is estimated, the more loan and grant money there may be available.

For taxpayers who have lost some or all of their records during a disaster, there are some simple steps to take that can help. The following information includes steps to take after a disaster so taxpayers can reconstruct their records and prove loss of personal-use and business property.

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Florida Corporate Income Tax Deadline Updated

By Leon M. Biegalski
floridarevenue.com

The Florida Department of Revenue has announced deadline extensions on Corporate Income Tax extended until February 15, 2018.

Read the memorandum


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Florida Sales and Use Tax/Motor Fuels Deadline Updated

By Leon M. Biegalski
floridarevenue.com

The Florida Department of Revenue has announced deadline extensions on Sales and Use Tax/ Motor Fuels until September 29, 2017.

Read the waiver


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5 Accounting Steps when Disaster Strikes

By CPA Practice Advisor
cpapracticeadvisor.com

Having a good understanding of the accounting rules related to natural disasters can help you fully account for your losses, reduce the economic harm to your business, and obtain financial relief through insurance, tax deductions and other sources.

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How to Reconstruct Tax Records in Hurricane’s Aftermath

By Ken Berry, Esq., Accounting Web
accountingweb.com

When a natural disaster strikes — such as Hurricane Irma — your first instincts are to worry about loved ones and then your personal property, such as a home. It’s likely that your tax records aren’t high on the list. However, if records have been destroyed or are illegible, it could cost you thousands of tax dollars when you can’t prove your losses.

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FASB Takes Step to Further Simplify Hedge Accounting Rules

By FASB
fasb.org

The Financial Accounting Standards Board (FASB) has issued a final standards update intended to improve and simplify hedge accounting rules. The new standard expands hedge accounting for financial and commodity risks, according to the FASB. It allows more transparency for the presentation of economic results in the body of financial statements and in footnotes.

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Senate Panel Mulls Business Tax Reform

By Michael Cohn
accountingtoday.com

The Senate Finance Committee held a hearing Tuesday to discuss reforming the business tax code and heard from a group of panelists, including a representative of the American Institute of CPAs.

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FASB Launches a New Resource to Help Implement New Standards

By FASB
fasb.org

The Financial Accounting Standards Board launched a new webpage, Implementing New Standards that addresses why and when the FASB positions organizations for a successful and smooth transition to new financial accounting and reporting standards.

View the website


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AICPA Calls for More Clarity and Revisions to Partnership Audit Regs

By CPA Practice Advisor
cpapracticeadvisor.com

A member of the AICPA's Partnership Tax Technical Resource Panel recently testified at an Internal Revenue Service hearing about regulations that were proposed earlier this year to implement the Centralized Partnership Audit Regime. The testimony focused on the AICPA’s recommendations and concerns about the “push-out” process for tiered partnership structures, the impact on partner capital accounts and basis, the process for designating the partnership representative and allowing an audited partnership access to the IRS Office of Appeals.

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Fiscal Year 2017 Statutory Review of Compliance with Notice of Federal Tax Lien Filing Due Process Procedures

By U.S. Treasury
treasury.gov

The Treasury Inspector General For Tax Administration has just published the fiscal year 2017 statutory review of compliance with notice of federal tax lien filing due process procedures. In response to the report, IRS management agreed with and plans to take corrective actions for two of the recommendations. IRS Management disagreed with three recommendations, primarily due to limited resources. The Treasury Inspector General for Tax Administration contends that the implementation of these recommendations would be in the best interest of the taxpayer and IRS customer service.

Read the report


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Tech Tip: How to Create Drop-Down Lists Using Data Validation in Microsoft Excel

By FICPA
ficpa.org

Data Validation allows you to do things that involve complicated custom settings like prompting users to choose an option from a list or restricting cells to certain data types. It’s extremely useful when you need to keep your Microsoft Excel data consistent and standardized.

These steps are the same in Excel 2016, as well as older versions, such as Excel 2013.

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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 September Specials

By Office Depot
odams.officedepot.com

September specials at Office Depot are here, exclusively to our members. $25 off your qualifying delivery of $150 or more! Access them through your Office Depot account, under the FICPA's umbrella. View coupon details here.

Set up your account and save today.


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In Memoriam

Frederick Lugar – 9/4/17
Brian Buwalda – 9/11/17


Look for the next issue of FICPA NewsFlash Oct. 5, 2017.

Comments or Suggestions?

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