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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.

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That 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...
Tax 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...
Inherit? 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...
Governor 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...
5 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.
FASB 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.
Governor 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...
Dan Henn: Protect Your Business In An Emergency
QUESTION: 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? ANSWER: Very timely question and thanks for asking it....
Why 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...
Florida 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...
159 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...
Investor Column: A Different Way To Help Pay For College
Let's face it, the cost of sending your child to college these days is expensive -- and climbing. With scholarship dollars in high demand and student loans harder to get, saving for college is a good practice to start early and often. And if...
4 Ways An Internal Audit Can Minimize Risk To Your Company
Do you know why an internal audit is important for your business? Many entrepreneurs don’t understand what an internal audit is or why it’s a good investment for them. My colleague, Justin Gwin, CPA, CISA , specializes in internal...
IRS Reveals Details Of Voluntary Preparer Certification Program
On Thursday, the IRS announced that it will soon introduce a voluntary program for tax return preparers called the Annual Filing Season Program ( IR-2014-75 ). This program will permit return preparers to obtain a record of completion when...
One Year Later: Same-sex Marriage Ruling's Impact
The three most important benefits couples say they have received within the last year: the ability to make medical decisions for a spouse who is incapacitated, spousal health care and insurance coverage and inheritance rights, according to a...
Money-saving Budget Tips For The Summer
Summertime is full of barbeques, outdoor concerts and weekend trips, but all these unexpected expenses can be budget busters.
GA BOA Extends CPA Firm License Renewal
This email is being sent on behalf of the Georgia State Board of Accountancy (GSBA) which is currently housed in the Secretary of State’s Professional Licensing Boards (PLB) Division. The PLB Division experienced a major server...
IRS 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...
Obama 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 legislation. Obama, who returned to his family vacation in Hawaii after Tuesday's House vote, signed the...
American 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...
Why 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 .
IRS 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...
Congress Passes Fiscal Cliff Act
Pulling 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 bill...
Speaker 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. GOP leaders...
Tax 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, 2012. Anyone who prepares or...
Net 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...
IRS 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...
Fiscal 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...
Obamacare 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...
A Quest For Relevance
The 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...
How 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...
Public 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...
Supreme 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...