SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
SCACPA 2010 Professional Issues Update
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SCACPA 2010 Professional Issues Update

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Nine Locations | Four CPE hours FREE for SCACPA Members
Get current on the most significant issues affecting the CPA profession in these interactive, multimedia programs held exclusively for members of the South Carolina Association of CPAs. Providing four hours of FREE CPE, these events will give you up-to-date information, insight and analysis.

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  • executives both inside and outside the oil industry can only watch and wonder: Could something like this happen to my company? How can I make sure it never does?The disaster offers risk management lessons even for companies operating far from the high-stakes world of offshore oil drilling, say experts. "There are a handful of characteristics of this situation that are pretty common across the major disasters I've studied over the years," says Mark Abkowitz, a professor of civil and environmental engineering at Vanderbilt University and author of the book Operational Risk Management: A Case Study Approach to Effective Planning and Response (John Wiley, 2008). "The recipe for disaster seems to be pretty clear."
  • http://wiki.ifrs.comwww.ifrs.com
  • www.pwc.com/en_US/us/issues/ifrs-reporting/assets/ifrs_usgaapsep09.pdfwww.deloitte.com/view/en_US/us/3391e6545eea2210VgnVCM200000bb42f00aRCRD.htmwww.ey.com/Publication/vwLUAssets/IFRS_v_GAAP_basics_Jan09/$file/IFRS_v_GAAP_basics_Jan09.pdfwww.kpmgglobalenergyinstitute.com/ifrs-institute/index.aspxwww.pwc.com/en_US/us/issues/ifrs-reporting/assets/ifrs_usgaapsep09.pdfwww.deloitte.com/view/en_US/us/3391e6545eea2210VgnVCM200000bb42f00aRCRD.htmwww.ey.com/Publication/vwLUAssets/IFRS_v_GAAP_basics_Jan09/$file/IFRS_v_GAAP_basics_Jan09.pdfwww.kpmgglobalenergyinstitute.com/ifrs-institute/index.aspx
  • Just a quick update for you:  The U.S. Supreme Court has ruled today that only a very small, specific part of SOX  - the provisions about how a PCAOB appointee can be removed from the Board  - is unconstitutional because the process violates the Constitution’s appointments clause.   This is a huge win for the profession, because we support SOX, and having an effective regulator to enhance investor protections. It’s important to note that the Court separated the board member removal issue from the rest of SOX, and specifically said that the PCAOB should continue to operate and that SOX “remains fully operative.”  That makes it a specific ruling on just a small part of SOX.  Day-to-day life for our members (both public company auditors and those in business & industry who comply with SOX) remains the same.The Bilski case was about patenting “business methods” – a close tie to the profession’s work on tax strategy patents.  Unfortunately, yesterday’s ruling does NOT prohibit the patenting of business methods, which means that tax strategies will still be patented, which in turn means that we still need to work on legislation that prohibit those patents, because we believe that’s just not good public policy to allow patents on tax strategies.   The Bilski case may raise the bar slightly on which patents can be issued, but it absolutely does NOT ban tax strategy patents, which is our legislative and public policy goal.  
  • As many of you have read (and heard from your members), the American Jobs and Closing Tax Loopholes Act of 2010 (also known as “the extenders bill”) includes a new provision (Section 413) that affects the self-employment tax treatment of certain small businesses and CPA practices that are S corporations.  Currently, when a small CPA firms’ owner(s) receive compensation, they can receive it as a distribution of profits, which are not subject to Social Security and Medicare taxes.  However, the new provision that was included in the House bill requires that certain S corporation owners’ compensation be treated as wages subject to self-employment taxes (both the employer and the employee portions).  PAY FOR Senators Olympia Snowe (R-ME) and Michael Enzi  (R-WY) have introduced Senate Amendment 4342 that would strike Section 413 of H.R. 4213, and we want each Senator to hear from their respective state CPA societies to ask them to vote FOR the amendment, too.   The AICPA sent a letter to all U.S. Senators last night, and I’ve attached a copy of that letter as well.
  • July 21
  • Source: Center for Budget and Policy Priorities
  • Add comments on the Senate concerns; Donny’s testimony; our stance which is issue neutralIntroI’ve just come from the Board of Economic Advisors meeting where the state budget office briefed them on conformity.  They reported that the Cancellation of Debt Income” (CODI) provision in the federal act, and the high yield debt rules (waives rule to restructure debt) combined will eliminate $12.5 million in current fiscal year collections and $23.5 million in FY 10-11 ($36 million).  Those two, then combined with the $2400. deduction in unemployment benefits will cost the state approx. $50 million. Board Chairman John Rainey noted that decoupling was a policy decision for the General Assembly and they would take this information under advisement for now.  Thursday, Feb. 18 at about 10 am the Senate subcommittee on Sales and Income Tax (chaired by Sen. Bill O’Dell) ~ Donny you might be the best candidate for this considering your relationship with Sen. O’Dell.  Friday, Feb. 19 at about 10 am the TRAC is expected to consider the importance of early conformity as part of their deliberations. Chairman Burnie Maybank has initiated this agenda item and it would be particularly important for us to stress the crucial nature of conformity. This discussion is completely independent of the legislation. (Chris, John or Jason are you available?) Tuesday, Feb. 23 at about 2: 00  pm the full Senate  Sales and Income Tax subcommittee may meet instead of Thursday of this week.  The Full Finance Committee is expected to take up the conformity legislation at 3 on Tuesday. We should be on hand to give testimony in subcommittee at 2 and again at 3 although they likely will not take testimony at the full committee meeting but sometimes they do in which case being there would be important.  (Donny you may be the best candidate here) 
  • Census/redistricting…affects balance of power. Every 10 years.
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