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Welcome to this week's issue of NewsQuick!
We've Moved!
The COCPA moved a short distance to more efficient office space at Belleview Tower, 7887 E. Belleview Ave., Suite 200, Englewood, CO 80111 (I-25 and Belleview). We consolidated our footprint to reduce costs and maximize service. Our new home features a large, fully-equipped classroom, two meeting rooms, and that warm, welcoming environment you expect.
We're All Ears - Tell Us What You're Experiencing with the Colorado Department of Revenue
In recent weeks, we've heard from CPAs across Colorado whose clients are receiving notices from the Colorado Department of Revenue. We would appreciate it if you could take a few minutes to tell us what you're experiencing with CDOR by completing the survey included here. Your input will be helpful in our work with the Department through the joint COCPA/CDOR Task Force. We would like to help you and your clients work through any notices that you may have received. We encourage you to use the model language available here to communicate with clients so they know what to do when they receive a notice. If you have particularly difficult issues with which you need immediate assistance, email the details, along with the taxpayer name, last four digits of the taxpayer's social security number or tax ID number, and whether you have a power of attorney on file, to Mary Medley at mmedley@cocpa.org. She will direct your correspondence to the appropriate Colorado Department of Revenue representative for resolution.
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 News About the Profession
2012 Tax Planning: Is Now a Good Time to Convert a Corporation to Pass-Through Status?
Current low tax rates and low asset values may make this a good year to convert a C corporation to an S corporation or LLC. This article discusses how tax advisers should be talking to their C corporation clients about the opportunities that now exist to avoid substantial future taxes. The Tax Adviser
Lack of Emergency Plans, Off-Site Backup Put Small Businesses at Risk
Most U.S. small businesses face a potentially catastrophic loss of essential financial data if a natural or other disaster destroys their primary computer system and offices, according to a survey. Six in 10 small companies back up their financial data on-site, and 62% don't have a formal plan for preparing for and responding to disasters. CGMA Magazine
Wall Street Set for Biggest Week of IPOs Since Facebook's Launch
There are more initial public offerings set to come to market this week than at any time since Facebook's IPO in May. Capital-market adviser and data provider Ipreo said six companies, including the operator of Outback Steakhouse and English soccer team Manchester United, will try to raise a total of $1.1 billion. The Wall Street Journal
U.S. Olympic Medal Winners Will Owe up to $9,000 in Taxes According to research done by the Americans for Tax Reform Foundation, U.S. Olympic athletes are liable to pay income tax on medals earned and prizes received at the London games.American medalists face a top income tax rate of 35 percent. The Washington Times
Colorado Moves EFT Registration to Revenue Online
The Colorado Department of Revenue has announced that corporate and personal income taxpayers can use their login ID to apply to pay their taxes by electronic funds transfer through Revenue Online. Colorado Department of Revenue
Your Name in Print
Do you have a point you'd like to get across? NewsAccount is looking for authors for the next Point-Counter-Point feature in the September/October issue. The topic: "Will the Patient Protection and Affordable Care Act be effective?" Is your point in favor or against? Article length should be approximately 500 - 600 words. Deadline is this Friday, August 10. If interested, contact Liz Julin.
6 Roadblocks to an Exceptional Workplace
You may have set your sights on becoming an exceptional workplace. But it won't happen on its own. Like running a marathon, you can't just decide one day you want to run and go out the next day and do it. You need to prepare and train.
The first step to preparing to become an exceptional workplace is to understand the current state of your organization, and the potential hurdles that could obstruct the way. Inc. Magazine
Are You at Risk for an "Electronic Overtime" Lawsuit?
Smartphones, tablets, laptops and universal connectivity let employees work anywhere, anytime. They also allow employers to violate wage-and-hour laws, often without realizing it, sometimes leading to lawsuits seeking pay for "electronic overtime." OPENForum
What Leaders Do When They're At Their Best
For 30 years, Jim Kouzes has asked leaders about their peak performances for "Leadership Challenge"--the book he and Barry Posner coauthored that has been called the best ever written on the subject. Fast Company talks to Kouzes about the essentials of leadership. Fast Company
Tax Pros: Get Rid of Your Fear of Twitter Once and For All
Don't know where to start with Twitter? One of the biggest advantages Twitter offers tax professionals is access to all kinds of news, articles and events in short, easy to read 140-character updates. Read on for tips and tricks geared towards tax pros on twitter. Intaxication
E-mails Spread Concern About a New "Real Estate Transaction Tax"
The impending 3.8% Medicare surtax has fueled a spate of chain e-mails regarding a federal "real estate transaction tax" on home sales, and practitioners are hearing from worried clients. This article separates fact from fiction to help practitioners educate clients about how the Medicare surtax works and how it won't apply to most home sales. Journal of Accountancy
Seniors Wait to Get Bigger Social Security Benefits
The "take-up rate" -- the percentage of people eligible to sign up for Social Security who choose to start collecting benefits -- dropped to 26.9% last year, the lowest it's been in 35 years.
That's down from 30.8% in 2009, when the jobless rate for people age 62 or older doubled from pre-recession levels, and many of those workers ended up claiming Social Security before their full retirement age as a supplement or substitute for unemployment benefits. Money Magazine
Colorado Renewable Energy Society Seeks Treasurer
The Colorado Renewable Energy Society, a non-profit advancing the greater use of renewable energy, is seeking an accounting professional to join our volunteer board of directors in the Treasurer role. If interested, or for more information, please visit web site www.cres-energy.org and contact Larry Christensen, Board President, at 303-941-9137 or l.christensen@cres-energy.org.
Audit Opportunity
The Denver Metropolitan Major League Baseball Stadium District is requesting proposals for audit and related services for the year ended December 31, 2012. The deadline for submission is September 1, 2012. For a copy of the RFP, contact Debby Gallo at debby.gallo@hotmail.com.
CPA Exam Study Buddies
Attention to those sitting for the CPA Exam! Need help finding a study-buddy for your upcoming exam? The COCPA wants to help. Please email Caitlyn Major with the date you take your exam(s), which exam(s), your contact info, and your location. Individuals will be matched within one month of exam date. Send your info today- and get on the road to passing with a buddy!
Job Search Tool
Check out the COCPA Resume Service! This resource can be a gold mine for employers and recruiters looking for qualified professional CPAs, and a unique way to job search for COCPA members.
The COCPA Member Services Department maintains a database of resumes from members seeking a job opportunity. Recruiters and employers can tap into this database when they are seeking full time, part time or seasonal employees, by sending a position description to Jana Cote at jcote@cocpa.org.
Members may send their resumes to Jana at the same email address, with Resume Service in the subject line. The Resume Service is free to members and those looking to hire. Let this be another tool in your job search.
Electronic Edition of NewsAccount - How to Make Your Company a Talent Magnet
NewsAccount is now available online! Click here for the full issue.
Technology & Productivity Weekly - Web Tools to Deal With To-do Lists and Slow-loading Websites
Technology & Productivity Weekly gives you the newest tech tips for your small business. Read it here.
Business and Industry E-ssentials - Private-Company CFOs Have Cash But Won't Use it
Business & Industry E-ssentials is a monthly roundup of articles, reports, and podcasts about the accounting profession. Read it here.
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 Member Events
10th Annual Evening of Networking and Baseball - August 16
Come join your fellow COCPA members and friends at Coors Field as the Rockies take on Miami Marlins. This event is always one of the best of the year. Enjoy the networking reception as you are treated like VIPs, meeting early in the park. Afterward, we walk upstairs to watch the sunset and the game. Click here for more information and to register.
Young Professionals 7th Annual Kickball Showdown - August 25Come join the Colorado Society of Certified Public Accountants Young Professionals on Saturday, August 25 for a great chance to network with other professionals, while acting like a "kid" for a few hours! It's the 7th Annual COCPA Summer Kickball Showdown at Clement Park in Littleton! Click here for more information and to register.
CPA Exam Flashcard Challenge - September 26
Do you need to liven up your CPA exam study hours? Join us Wednesday, September 26th at 5:00 p.m. for a flashcard challenge. There will be four rounds (one for each section) with lots of fun and great prizes!
Don't miss this opportunity to break away from your desk to learn and network with your peers. Please RSVP to Caitlyn Major.It's that time again... COCPA Chair Tours
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 CPE Update
August CPE
2-hour ethics course! Colorado Board of Accountancy Statutes, Rules, and Regulations - August 8 (COCPA or webcast)
*The Colorado State Board of Accountancy requires all newly certified
CPAs to take this course within the first six months of certification.
Learn how to apply these bodies of law to practical, every day experiences for CPAs in public practice, private, and government practices. Also, get updated on the State Board's rule changes that went into effect October 2010.
2-hour ethics course! Ethics and the AICPA's Principles, Rules, and Responsibilities - August 8 (COCPA or webcast)
Using the AICPA's code of conduct, you'll gain additional tools to help you make ethical decisions.
Accounting and Reporting Practices of Not-for-Profit Organizations- August 9 (COCPA)
If you have some, little, or no experience with nonprofit accounting and auditing, please join Lori Anne Reinwald for a day of learning, communicating, and problem solving. This enthusiastic discussion leader wants to help you develop both a working knowledge of presentation requirements and choices allowed under GAAP and an improved understanding of note disclosures unique to nonprofits. Register today!
FASB Review: Common GAAP Issues Impacting All CPAs- August 13 (COCPA or webcast)
This course is lead by a 2011 AICPA Discussion Leader Award recipient: Chuck Borek. Are you looking for an intermediate level review and update of common GAAP issues important to all CPAs? This broad-ranging course covers FASB Statements and Interpretations and other authoritative guidance that apply to all companies.
What's a webcast? A webcast is an Internet-based group-study course, produced by the Colorado Society of CPAs.
Investment Fundamentals for the Individual- August 15 (COCPA)
Assess your own risk aversion, recognize several obstacles you must avoid or overcome to invest successfully, and improve your ability to research potential investments.
NEW! Business Turnarounds and Restructurings- August 16 (COCPA)
Learn how to identify a business that is in trouble as early as possible and how to turnaround and restructure that troubled business.
Webinars
IFRS Introduction - What You Need To Know - August 10 (webinar)
Get an update on the planning and compliance tax provisions of the Affordable Care Act.
NEW! Risk Analysis and Management- August 13 (webinar)
Get an overview of IFRS, highlight key differences from U.S. GAAP, and help you develop an informed opinion on this pivotal issue in the profession.
What's a webinar? A webinar is an Internet-based, group-study course, hosted by one of our partner vendors.
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Get involved with your COCPA
The Colorado Society of CPAs needs members for the 2012 CPE Audit Committee. This is a great way to participate in your society. For more information or to volunteer, please contact Rebecca Campbell at
or 303-741-8618.
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Classified Ads
New opportunities available this week!
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