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January 7, 2010    
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Top News
IRS rulings provide Section 7216 guidance for tax return preparers
Tax Preparers Last week the IRS issued two Section 7216 rulings (Rev. Rul. 2010-4 and Rev. Rul. 2010-5) providing guidance to tax return preparers. Each of these rulings covered three issues relating to situations in which preparers will not be liable for criminal or civil penalties under IRC sections 7216 and 6713.
Section 7216 Regulations on disclosure and use of tax information
If your firm shares a client’s return with any party other than the IRS (including certain filing services) you need to disclose those practices and obtain the client’s consent.
IRS to regulate tax preparers
The Internal Revenue Service kicked off the 2010 tax filing season today by issuing the results of a landmark six-month study that proposes new registration, testing, and continuing education of tax return preparers.
IRS outlines ambitious plan to regulate paid tax preparers
The Internal Revenue Service (IRS) in a report published on Monday announced that it will require all paid tax return preparers to register with the Service using a Preparer Tax Identification Number (PTIN). Preparers will be subject to ethical standards and disciplinary action and monetary penalties of Treasury Department Circular 230. They must also demonstrate competency by passing a test and must meet minimum continuing professional education requirements.
Federal Tax Update Twice Weekly Audio Seminars Plus CPE Credit from CCH

CCH Audio Seminars will cover Federal Tax Updates on a variety of topics through January. One low price for your entire staff, support materials and CPE credit available. All from the experts at CCH. Learn More.
Passthrough Entities  - January 12       Corporations  - January 14
Estates and Trusts  - January 19           Nonprofits  - January 21
Individuals  - January 25

Featured Articles
Keeping illegal immigration issues on ICE: U.S. immigration and customs enforcement shifts focus to employers
Migrant Workewrs The images tend to be memorable and camera-friendly – federal agents stage a well-publicized bust on a manufacturing or meat-packing plant and cart off hundreds of undocumented workers. But that was then, under a different presidential administration. Nowadays, ICE, which is part of the U.S. Department of Homeland Security, has shifted its focus away from undocumented workers and is targeting the employers who hire them.
The “Just One” approach to strategic planning
Lay’s potato chips had it right when they said, “Nobody can eat just one.” Unfortunately, accounting firms often confuse their planning efforts with eating potato chips when they take on too many strategic initiatives at one time.
Roth IRA conversions post-2009
According to a recent study by USAA, 9% of Baby Boomers with AGIs of $100,000 or more are planning to do a Roth IRA conversion in 2010, and more than half (57%) are not aware that the income limits on conversions are eliminated in 2010.
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Firm/State/People News
CCR LLP Acquires Orlando CPA and Consulting Firm
Puzzle Merger CCR LLP announced that it has combined operations with Geller, Ragans, James, Oppenheimer & Creel, a full-service CPA and consulting firm based in Orlando, FL. The firm will operate in Central Florida.
CPA Firm Roth Murphy Sanford Merges with Carr, Riggs & Ingram
New Orleans CPA firm Roth Murphy Sanford L.L.P. (RMS) has merged with Carr, Riggs & Ingram, LLC (CRI), the fourth largest accounting firm in the Southeast – a move that expands CRI’s footprint to six states while enhancing public accounting and management consulting services throughout Southeast Louisiana.
Sacramento-based MGO announces merger with Bernstein Fox
Sacramento, California-based Macias Gini & O’Connell LLP (MGO) has announced a merger with Bernstein, Fox, Whitman, Goldman & Baumblatt LLP (Bernstein Fox), a Century City-based public accounting and business management services firm.
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IRS Issues Proposed Regulations Adjusting Use of Some Taxpayer Information
IRS has been busy this week, with announcements about testing tax preparers and tax tips, and proposed regulations. Note the word ‘proposed’. That means you have the opportunity to speak up and let IRS know if you have objections to their proposed regs – or suggestions for improvements.
What are your marketing priorities for 2010?
A quick search on Google indicates that surveys about business-to-business (B2B) marketing priorities tend to concentrate on tactics--rather than strategy. They also tend to focus on investments in various types of promotional activities...
Subsequent Events Proposal Issued by FASB; Final ASUs Incorp. FAS 166, 167 Into Codification
A few days prior to year-end, FASB released a Proposed Accounting Standards Update—Subsequent Events (Topic 855): Amendments to Certain Recognition and Disclosure Requirements.
Are You Addressing Your Clients' Most Crucial Needs?
At the close of 2009 our firm conducted a survey through our web site for business owners, asking them to share predictions for their company's growth in 2010. We also asked them to rank their greatest concerns for the coming year. From this exercise we learned that most of the respondents are cautiously optimistic about the coming year and we also earned that one of their key issues is in regards to having an exit strategy in place.
Kaplan Weekly Quiz
Kaplan Are you prepared for the CPA exam? Test your knowledge and keep your skills sharp by taking the weekly CPA Exam Quiz, brought to you by Kaplan Schweser CPA Review and AccountingWEB Education & Careers Zone. New questions will be posted for each section weekly. Take this week's quiz.
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