WYOCPA News

The Wyoming Society of CPAs Celebrates 100 Years!

Wed, 17 Mar 2021 12:00:00 EDT

IRS Warns Tax Pros of New Scam Posing as Professional Associations

Tue, 29 May 2018 12:00:00 EDT

WASHINGTON – The IRS and its state and industry Security Summit partners today warned tax practitioners to beware of phishing emails posing as state accounting and professional associations.

This week, the IRS received reports from tax professionals who received fake emails that were trying to trick them into disclosing their email usernames and passwords.

Cybercriminals specifically targeted tax professionals in Iowa, Illinois, New Jersey and North Carolina. The IRS also received reports about a Canadian accounting association.

The awkwardly worded phishing email states: “We kindly request that you follow this link HERE and sign in with your email to view this information from (name of accounting association) to all active members. This announcement has been updated for your kind information through our secure information sharing portal which is linked to your email server.”

Tax practitioners nationwide should be on guard because cybercriminals can easily change their tactics, using other association names or making other adjustments in their scam attempts.

Tax practitioners who are members of professional associations should go directly to those associations’ websites rather than open any links or attachments. Tax practitioners who receive suspicious emails related to taxes or the IRS, or phishing attempts to gain access to practitioner databases, should forward those emails to phishing@irs.gov.

This scam serves as a reminder to all tax professionals that cybercriminals are targeting their offices in an attempt to steal client data.

To assist tax professionals with safeguards, the Security Summit partners urge practitioners to follow these minimal security steps:

Learn to recognize phishing emails, especially those pretending to be from the IRS, e-Services, a tax software provider or cloud storage provider. Never open a link or any attachment from a suspicious email. Remember: The IRS never initiates initial contact with a tax pro via email.
Create a data security plan using IRS Publication 4557, Safeguarding Taxpayer Data, and Small Business Information Security – The Fundamentals, by the National Institute of Standards and Technology.
Review internal controls:
- Install anti-malware/anti-virus security software on all devices (laptops, desktops, routers, tablets and phones) and keep software set to automatically update.
- Create passwords of at least eight characters; longer is better. Use different passwords for each account, use special and alphanumeric characters and phrases. Password protect wireless devices and consider a password manager program.
- Encrypt all sensitive files/emails and use strong password protections.
- Back up sensitive data to a safe and secure external source not connected fulltime to a network.
- Wipe clean or destroy old computer hard drives and printers that contain sensitive data.
- Limit access to taxpayer data to individuals who need to know.
- Check IRS e-Services account weekly for number of returns filed with EFIN.
Report any data theft or data loss to the appropriate IRS Stakeholder Liaison.
Stay connected to the IRS through subscriptions to e-News for Tax Professionals, Quick Alerts and Social Media.

Additional resources:

AICPA, CIMA Members Overwhelmingly Approve Proposal to Advance Profession

Wed, 22 Jun 2016 12:00:00 EDT

Members of the American Institute of CPAs (AICPA) and The Chartered Institute of Management Accountants (CIMA) have overwhelmingly approved a proposal to create a new, international accounting association that will integrate operations of both organizations, while preserving the existing membership bodies.

Voting concluded in separate AICPA and CIMA membership ballots on June 16 and a supermajority of members who voted from both organizations endorsed the proposal. The AICPA ballot passed 86.5 percent to 13.5 percent, according to independent tabulator Survey and Ballot Systems. CIMA members endorsed the proposal 89.7 percent to 10.3 percent, according to their independent tabulator Electoral Reform Services.

“In developing this proposal, we were careful to structure commitments to CPA and CGMA, CIMA and AICPA and public practice and management accounting,” said Barry Melancon, CPA, CGMA, AICPA President and CEO. “We are excited about crafting a path forward that reflects how the world is changing. At the same time, we will be extraordinarily mindful of protecting our collective history and the strong reputation both organizations have built over the past century. This is about building on what is great – and addressing an exciting evolving world.”

The new association will represent more than 600,000 current and future accounting professionals and will raise the profile of public and management accounting in the U.S. and abroad. It will enhance resources, provide more market insights and have a stronger advocacy voice. AICPA members will get these benefits and automatic dual membership in the AICPA and new association as part of their regular AICPA dues, which will continue to be set and adjusted in line with historic norms. The AICPA will continue its strong partnership with state societies to promote, protect and grow the CPA.

Fifty-two state CPA societies passed resolutions in support of the member ballot proposal which welcomed the vote outcome.

The new association is expected to launch in 2017. Additional details will be provided as they become available in the coming months.

American Institute of CPAs Proposes Expanding Joint Venture with CIMA

Wed, 27 Jan 2016 12:00:00 EDT

Legendary investor Warren Buffett has a saying: “Someone’s sitting in the shade today because someone planted a tree a long time ago.” This quote underscores the importance of anticipating and preparing today for the opportunities and challenges of tomorrow.

The CPA profession has a long history of doing just that. The American Institute of CPAs (AICPA) currently are working on a wide variety of initiatives to enhance the relevance and vibrancy of the profession far into the future. These initiatives include programs to promote the value of CPAs as trusted business advisors, enhance audit quality, broaden the definition of attest, help firms identify and remedy issues during A&A engagements, evolve the Uniform CPA Exam, attract the next generation of talent, and meet the information and educational needs of members in public accounting, business, government and specialized services.

In response to the needs of members working in corporations of all ownership structures and sizes, the AICPA formed a joint venture with the Chartered Institute of Management Accountants (CIMA) in 2011. CIMA is the world’s leading and largest professional body of management accountants. Founded in 1919, CIMA represents more than 227,000 members and students operating in 179 countries, working in industry, commerce and not-for-profit organizations. In January 2012, the two organizations launched the Chartered Global Management Accountant (CGMA) designation. The number of CGMA designation holders is now more than 150,000 worldwide, with over 50,000 in the U.S.

Now, the AICPA and CIMA are beginning a conversation with their respective members about a proposal to integrate their operations, strategy and management through a newly formed association. The AICPA would continue to serve members and protect, promote and grow the CPA profession. The new association aims to maximize efficiencies and provide a broader platform for further enhancing advocacy, promoting public and management accounting on campuses and with employers and clients, and developing new research and educational offerings. According to Arleen Thomas, CPA, CGMA, AICPA Senior Vice President-Management Accounting and Global Markets, “A presence in Europe will dramatically increase our ability to advocate for members on international matters that are increasingly impacting the U.S. securities system. In addition, the proposal would enable the profession to achieve even greater influence domestically and internationally and broaden the appeal of accounting to the next generation of professionals.”

Unwavering Commitment to the CPA

“Our strategy is built on the power of ‘And,’” said Barry C. Melancon, CPA, CGMA, AICPA President and CEO. “The AICPA would continue to maintain an unwavering commitment to the CPA, promote high standards for ethics and quality, and protect the public interest and the core values of the CPA profession. What we would gain through this new association with CIMA is the further professionalization of management accounting. Financial reporting is stronger when we drive quality in both public and management accounting.”

Trends Driving Need for Evolution

The CPA profession has a history of anticipating – and adjusting to – changes in market demands. The profession has grappled with and developed solutions to address increasing complex technology, specialization, and evolving business structures; these drove such evolutionary steps as the computerization of the CPA Exam, non-CPA firm ownership and the adoption of cloud computing solutions.

Current trends and challenges on the horizon have been carefully assessed by the AICPA as part of its ongoing strategic planning process. With record membership numbers and the CPA reputation at the highest level, the AICPA believes that the time is right to pursue a proposal that will better enable the profession to tackle such factors as:

 The growing worldwide talent shortage and associated demand for ever higher levels of specialized knowledge and services

 Significant demographic and generational shifts

 The increasing number of accounting graduates bypassing professional affiliation and the associated commitment to a professional code of conduct

 The shift of economic growth toward Asian and emerging markets

 The greater international mindset of today’s graduates and the overall trend toward more international connectedness and interdependencies

 Regulatory impact coming from Europe and other parts of the world that are affecting businesses in the U.S.

 The need for finance professionals, facing an increasingly competitive job market, to differentiate themselves from their peers and demonstrate greater strategic management and business partnering skills

Building on Existing Joint Venture’s Success

Approximately 50 percent of most state CPA society and AICPA members work in businesses of all sizes and ownership structures. Creating the CGMA offered these professionals a complementary designation and enhanced resources. Since the designation’s launch, the American Institute of CPAs and CIMA have delivered nearly 120 reports and tools plus online events and career development resources to members seeking to increase their knowledge and hone critical skills for the future. The organizations also developed the CGMA Competency Framework and the Global Management Accounting Principles. In addition, so that members and employers could better assess and address accountants’ skills and competency gaps, the organizations launched the AICPA | CIMA Competency and Learning platform. The tool also analyzes public accounting skills, such as those related to assurance as well as employee benefit plan and governmental audits.

CGMA designation holders also have access to the CGMA Magazine, the CGMA Finance Impact Tool, numerous reports and case studies on best practices, and the Harvard ManageMentor online learning and performance support resource program. The website cgma.org is the hub for all of these resources and more.

Benefits of the Proposal

To preserve our relevance and stature, the profession needs to embrace change and consider innovative ways to better anticipate, reflect and lead. The work between the AICPA and CIMA has contributed greatly to the professionalization of management accounting, and that is much needed today. The proposal would bring together the entire accounting profession and extend the influence of a CPA-led accounting profession in the U.S.”

Strengthening the bond between the two organizations would streamline resources and create efficiencies to help both organizations move faster to market and produce content with broader perspective, especially on international business issues, which are increasingly impacting CPA firm clients. In particular, the AICPA cites the gains in advocacy that could be realized when speaking on behalf of more than 600,000 current and next generation accounting professionals. The association of the AICPA and CIMA would form the most influential body for the accounting profession, within the U.S. and globally, advocating on tax, audit, financial reporting and other issues important to members.

What’s Next?

Gaining member insights into the AICPA and CIMA evolution is critical to helping the Institute’s governing Council determine its next course of action. Council will assess member feedback and consider authorizing a member ballot in the spring. Moving forward would require a vote by members, with a majority of those voting supporting the proposal. CIMA has a similar requirement and timeline.

Members are encouraged to visit aicpa.org/horizons to find out more about what they could gain from a deeper relationship with CIMA and provide feedback on the proposal.

Quick Tools from K2 Enterprises

Wed, 21 May 2014 12:00:00 EDT

K2 Enterprises offers a number a quick videos on how to do various task on YouTube. For example here is a video titled "How To Build PivotTables Using Excel's Data Model Feature"

Easing Tax Season Stress

Tue, 25 Feb 2014 12:00:00 EDT

Feburary 13, 2012
Sponsored by Accountemps

Tax season is definitely not for wimps, but it doesn’t have to drain the life out of your employees either. How can you help staff stay upbeat and productive while keeping pace with mounting workloads and relentless client demands?

Full Article

HAPPY 100TH BIRTHDAY, INCOME TAX

Tue, 05 Feb 2013 12:00:00 EDT

The federal income tax turns 100 this week. No matter how you feel about paying it, the revenue the tax produces is critical to the U.S. economy. We take a look back at how the tax has shaped the American way of life and created new professions–and associations.

To read more, please click here

Meet the New "Wave" - It's Not Just Accounting Anymore

Fri, 04 Jan 2013 12:00:00 EDT

Meet the New "Wave" - It's Not Just Accounting Anymore
Complete Online Financial Management Solution for Businesses with Nine Employees or Less

TORONTO, Dec. 17, 2012 /PRNewswire/ -- Wave, the cloud-based provider of business finance tools to nearly half a million small business customers worldwide, has launched a comprehensive set of the most affordable online tools available in today's marketplace. Wave's complete portfolio of applications and features are now unified in a seamlessly integrated solution that is available today at waveapps.com.

Click here for more details and the full press release.

What's At Stake

Tue, 02 Oct 2012 12:00:00 EDT

Overview

The non-partisan video, What’s at Stake? A CPA’s Insights into the Federal Government’s Finances, created by the American Institute of CPAs, offers guidance on how the data in the U.S. government’s financial statements can be used for greater understanding of the fiscal health of the country.
The CPA profession encourages all policy makers to use the important information that the financial statements contain to work towards setting sustainable fiscal policy for the US.
Policymakers and the public should engage in a national dialogue to improve the country’s fiscal health.
More information and related resources can be found at aicpa.org/WhatsAtStake.

Why US government’s financial statements are important

The US government's financial statements provide a different perspective into the fiscal health of our country compared to the budget.
The budget shows what is bought and paid for in a given year, while the financial statements show what the government is committed to purchasing, whether it is covered by the budget or whether it will require borrowed funds.
Typically obligations or liabilities are shown on the face of financial statements. This isn’t true with Social Security and Medicare. These are footnote disclosures and are not reflected as liabilities on the face of the balance sheet.

Providing insight into the country’s deficits

In fiscal year 2011, the US government had a net accumulated deficit of $14.8 trillion.
This $14.8 trillion cumulative deficit plus social insurance obligations of $46.3 trillion equals a $61 trillion total deficit for the US government.
The household net worth of all US citizens combined was $58.5 trillion at the end of 2011.
The total obligations of the US government—$61 trillion—exceed the net worth of all of its citizens.

To view this video please click: What's At Stake

Lessons From a Professional Organizer

Mon, 10 Sep 2012 12:00:00 EDT

Life is messy, but Ellen Faye has a system. Her action lists ensure that deadlines get met. Office furniture flows logically. Files have easy-to-remember names so someone can extract a carefully preserved memo in seconds.

Looking at the Health Care act!

Mon, 09 Jul 2012 12:00:00 EDT

In an effort to help our members stay on top of the latest issues, WYOCPA is offering 2 webinar courses on the planning and compliance for the Afforable Care Act. Please check out the course registration on our CPE page.

We have also found this article we thought you might be interested in. "IRS gearing up for new responsibilities in Health care." Please read!

FAQ

Fri, 20 Jan 2012 12:00:00 EDT

Why can’t I have CPE classes in my community?

In order for the WYOCPA to break even on courses we need 12-15 CPAs in the class. Instructors are expensive and many charge us a honorarium and per participant. Books and travel costs continue to increase. Instructors are aging and many don’t want to travel as often as they have in the past. Many vendors require a minimum number of participants in which the WYOCPA has to buy “seats” in order to make the class happen. Renting out hotel space and providing meals also adds to the cost of the course. With all this being said, many of Wyoming’s small communities are unable to bring enough CPAs to the course to cover our costs. And if they can, then we can’t get an instructor to these communities.

Explain more about the health insurance benefit.

If you are working for a public accounting firm, your insurance may be coming from the WYOCPA insurance program. The Wyoming Professionals Benefit Plan and Trust was established December of 2007. They operate under a separate board of trustees to provide health insurance coverage to its members. The firm’s owner(s) must be member(s) of the Wyoming Society of CPAs and decide if the firm will participant. The insurance would cover the CPA/staff and their dependents . It is one of very few plans that has an early retiree plan that bridges the gap to Medicare. In order to be eligible, you must be in public accounting with a firm size of at least two. CNIC is the insurance provider and currently there are 108 people covered under the plan.

If someone in my firm want to join the WYOCPA in the middle of the year, do I get a break on their dues?

Yes, we do pro-rate dues. The fiscal year for the Wyoming Society of CPAs is May1—April 30.

How can we increase the number of CPAs in the state?

Recruiting students into the CPA profession is a priority for the Wyoming Society of CPAs. Each fall we help sponsor the annual Practitioner’s Day at the University of Wyoming College of Business. We work with Beta Alpha Psi to help schedule Meet the Firms, Beat the Firms and make presentations at their meetings. We also meet with faculty from the University and community colleges at their Articulation Conference. This past year we helped sponsor presentations at the community college level and we continue to assist in scheduling and providing materials to CPAs for high school visits. Scholarships are also funded, thanks to our generous members. The more students in the pipeline will ensure more quality staff in your firms and businesses.

What is the WYOCPA doing for Young Professionals?

This is a new initiative that we are taking on this year. Networking, social media, CPE and a few other ideas are being discussed to meet this specific groups wants and needs. If you are interested in helping us get started, we would love to hear from you!

How do I log into the new website?

Your user name is the email address the WYOCPA office has on file for you. Your password is your last name and first initial. For example, Cowboy Joe’s password will be joec. Be sure to change your password upon your first log in. This will help maintain the security on you Membership profile.

If you have any more questions please feel free to contact the WYOCPA office and we will be more than happy to help you. You can email us at admin@wyocpa.org or call 307-634-7039

Private Company Financial Reporting

Thu, 17 Nov 2011 12:00:00 EDT

The AICPA is continuing their push for the Financial Accounting Foundation to create a separate standard-setting board for private company financial reporting. Council overwhelmingly approved a resolution at the fall meeting urging FAF to take action. The resolution also states that the AICPA is prepared to consider other options if FAF fails to accept the resolution's recommendation. Members are urged to take part in a letter-writing campaign to FAF.

An online letter writing tool to assist members has been created.

Congress Sends Repeal of 3% Government Contractor Withholding to President by Journal of Accountancy

Thu, 17 Nov 2011 12:00:00 EDT

Late on Wednesday, the House of Representatives passed a bill (H.R. 674) that will repeal a 3% government contractor withholding requirement. The vote was 422-0. The Senate approved the bill on Nov. 10, and it now goes to President Barack Obama for his signature.

The bill repeals Sec. 3402(t), which requires withholding of 3% of payments by the federal or state governments or their instrumentalities or subdivisions (including multistate agencies) to any person for services or property.

The AICPA had urged Congress to repeal the measure, which was enacted as part of the Tax Increase Prevention and Reconciliation Act of 2005, P.L. 109-222. Ed Karl, the AICPA’s vice president–Taxation, commended Congress for passing the legislation, and he urged the president to sign it quickly.

The bill contains a handful of other tax provisions. It creates tax credits—called returning heroes and wounded warriors work opportunity tax credits—for employers who hire military veterans. The credits will be available for eligible individuals who begin work for the employer after the date of enactment.

The bill also amends the definition of modified adjusted gross income under Sec. 36B(d)(2), which determines eligibility for certain health care benefits and insurance coverage provisions under the Patient Protection and Affordable Care Act of 2010, P.L. 111-148. This change will be effective on the date of enactment.

Finally, the bill allows the IRS to impose a 100% levy against payment due to a vendor of property sold or leased to the federal government if the vendor has an unpaid federal tax liability. Under current law only vendors of goods or services are subject to the 100% levy. It also directs the Treasury Department to conduct a study on tax compliance by vendors to the federal government.

Personable City Treauser Dorr to retire after 21years

Mon, 14 Nov 2011 12:00:00 EDT

Older Americans are 47 Times Richer than Young

Tue, 08 Nov 2011 12:00:00 EDT

Read the rest

Test your Fraud IQ

Mon, 07 Nov 2011 12:00:00 EDT

With fraud being such a hot topic, Journal of Accountancy has posted this article to help you test your Fraud IQ.

What's Your Fraud IQ?