State and Local

Tax

Senate fights back on recent Supreme Court nexus issue

A bill has been introduced in the U.S. Senate that would require businesses to have a physical presence in a state in order to be subject to income and "other business activity taxes." This proposed legislation is offered in direct response to the recent U.S. Supreme Court refusal to consider two cases wherein states assessed income and franchise taxes on companies with no physical presence in the state.The Supreme Court's inaction in the matters of Lanco, Inc. v. Director U.S. and FIA Card Services N.A. f/k/a MBNA America Bank, N.A. v.

California CPA society ushers in new era with 'Generation X' chair

Following on the heels of its recent takeover of the top spot as the nation's largest statewide accountancy association, the California Society of CPAs has installed its youngest chair ever, Teresa Mason, 42.As part of "Generation X" and managing partner of Oakland-based Collins, Mason & Cote, LLP, Mason is driven by the climate of change to advocate for all California CPAs, particularly those who have historically been underserved."CalCPA has been searching for ways to better serve CPAs who work in business and industry," said Mason.
Community News

Dallas professional elected to top post of Texas Society of CPAs

Dallas certified public accountant James A. "Jim" Smith was recently elected chairman of the 27,000-member Texas Society of Certified Public Accountants (TSCPA).Smith will serve a one-year term as the society's volunteer leader and will chair the organization's board of directors, which sets policy, manages programs and oversees activities designed to serve Texas CPAs.Joining Smith as TSCPA officers are Steven R. Goodman, chairman-elect, Houston; Barbara Bass, secretary, Tyler; Jeff Gregg, treasurer-elect, Seymour; and Rance G.
Tax

Washington State joins Streamlined Sales Tax Project

The State of Washington is the latest to join the Streamlined Sales Tax Project (SSTP), a coalition of now 22 states that have agreed to work together to modify sales tax rules in their respective states for purposes of allowing retailers to collect sales tax on Internet sales made to out-of-state purchasers.Washington's membership in the SSTP will go into effect on July 1, 2008, but retailers in the state can begin collecting sales tax under the program immediately.
Tax

Maine governor breaks new ground with student tax credits

The state of Maine has raised the bar when it comes to college tax credits.

Texas Governor signs CPA mobility bill

CPAs across the country will find it easier to practice accounting in Texas, thanks to the CPA mobility bill signed into law earlier this month by Gov. Rick Perry.House Bill 2144, endorsed by the Texas Society of CPAs and passed by the 80th Texas Legislature in May, eliminates unnecessary red tape for out-of-state CPAs who practice in Texas.
Tax

Computer glitch stalls Ohio tax refunds

Ohio residents continue to wait for tax refunds as the state scrambles to get checks in the mail. The Ohio Department of Taxation bought new optical scanners this year with the intention of speeding up tax refund processing, but instead the state is running behind last year in sending out refund checks.There are still approximately 160,000 tax returns waiting to be processed, according to a tax department spokesman, John Kohlstrand.
Tax

Supreme Court inaction could change nexus rules

The U.S. Supreme Court announced on Monday it would not hear two cases that could have long-ranging effects on the nexus rules followed by state taxing authorities. The cases both involved situations where states assessed income and franchise taxes to companies with no physical presence in the state.In West Virginia, Bank of America's FIA Card Services, formerly MBNA, was attempting to seek a refund of $460,000 in income and franchise taxes assessed by the state.

Report: California accounting & business conference

By Rob Nance, PublisherThe first morning of the California Accounting & Business Show & Conference included a look at today's technology and the future of the industry.Rick Richardson, CPA, CITP presented a comprehensive primer on software, hardware, communications and technology. I've often wondered: "How in the world can the busy accounting professional stay current on technology, as it relates to their own practices and to their clients?" Richardson's presentation included a plethora of updates and predictions that apply to making critical business decisions.
Community News

Virginia society names Valentine chair

The Virginia Society of Certified Public Accountants (VSCPA) has selected Monique T. Valentine, CPA of Manassas as chair of its Board of Directors for the 2007–2008 fiscal year. Valentine, chief financial officer of the Associated General Contractors of America in Arlington, has a long history of leadership in the VSCPA and the community.“I’m honored to be chosen as the next chair of the Virginia Society of CPAs, and am excited to begin my year,” said Valentine.
Community News

Palmeri becomes CSCPA president

The Connecticut Society of Certified Public Accountants (CSCPA) has installed John J. Palmeri, CPA, LL.M of Cheshire to serve as President for the organization’s 2007-2008 activity year. His installation took place at the CSCPA Annual Meeting held recently at the Aqua Turf Club in Plantsville.Palmeri is member/manager of John J. Palmeri, Attorney at Law, LLC in Cheshire, and is Special Tax Counsel to the law offices of Secor, Cassidy & McPartland, P.C. with offices in Waterbury, Southbury, and Watertown.Mr.
Community News

Lifson installed as NYSCPA president

The New York State Society of Certified Public Accountants (NYSSCPA) installed David A. Lifson, CPA of New York City as President at its 110th Annual Election Meeting and Dinner held today at the New York Hilton Hotel. Lifson is a co-managing partner with Hays & Company LLP, a New York City based firm of Certified Public Accountants that is part of the Moore Stephens International network.A nationally recognized tax expert, Lifson recently testified before the Select Revenue Measures of the House Ways and Means Committee on the Alternative Minimum Tax (AMT).
Community News

Somerset CPAs Among Indiana's Best Places to Work

Somerset CPAs recently received the honor of being No. 7 on the list of “Best Places to Work in Indiana” of small to medium-sized companies as announced by the Indiana Chamber of Commerce. Somerset ranked No. 15 on the same list in 2006. During his announcement to the firm’s employees, Pat Early, president of Somerset CPAs, stated “Just being on the list with so many other great Indiana companies is a testament to the work environment we have created here at Somerset.
Tax

Texas to Offer Taxpayer Amnesty

Taxpayers in Texas will have the opportunity to take advantage of a tax amnesty program this summer.Between June 15 and August 15 the Comptroller will waive penalties and interest on all delinquent tax payments except unclaimed property and the Public Utilities Commission gross receipts assessment.Not surprisingly, amnesty will not be granted for taxpayers currently under audit or review, or those who have already been contacted by the Comptroller about a possible deficiency.
Community News

Washington Accountants Rock for Scholarships

Five bands composed of accountants will rock out May 19 in a battle of the bands to raise money for accounting scholarships at two Washington state colleges. Seattle-area bands including Disregarded Entity, Accounting Crows, Industry Audit Guys, Facial Depreciation, and Terminal Liability will participate in the second annual Battle of the Bands.The players are all members of the Washington Society of Certified Public Accountants. The money raised will go toward accounting scholarships at Highline Community College and Central Washington University.
Practice Management

Crowe Chizek Named Best Place to Work in 5 States

Crowe Chizek and Company LLC, one of the nation’s largest public accounting and consulting firms, has been named one of the Best Places to Work in Indiana, Kentucky, New Jersey, South Florida and Tennessee. The work/life programs Crowe provides its 2,400 personnel include an overnight travel rewards program, a Women Into Leadership program and the CareerLink career development and performance management program. In addition, Crowe provides flexible work arrangements, wellness programs and personnel assistance programs.“This is a wonderful honor,” says Crowe CEO Charles Allen.
Community News

Bonadio Group Ranked Among Nation’s Top 100 CPA Firms

The Bonadio Group, upstate New York’s largest independent provider of accounting and business consulting services, was among the nation’s top tax and accounting firms ranked in Accounting Today’s 2007 Top 100 Firms survey, a program that salutes the nation’s top revenue- producing CPA practices.The firm was the only New York State practice outside of New York City ranked in this year’s list.

NYC Comptroller Seeks Wal-Mart Spy Investigation

The comptroller of New York City has asked the Securities and Exchange Commission and the Justice Department to investigate allegations that Wal-Mart illegally spied on some of its shareholders. TNew York City Comptroller William C. Thompson's request follows a series of allegations by a fired Wal-Mart security operative that the giant retailer performed surveillance operations against employees, critics, suppliers, consultants and shareholders expected to challenge some of the company's policies at an annual meeting.
Community News

Illinois CPA Society Named to Honor Roll

The Illinois CPA Society (ICPAS) has been named to the 2007 Associations Advance America Honor Roll, a national awards competition sponsored by the American Society of Association Executives (ASAE) & The Center for Association Leadership, Washington DC. ICPAS received the award for its financial literacy outreach to college students via its “Swimming in Debt? 10 Strokes to Stay Afloat” program, designed to help students navigate the dangerous waters of credit card debt.
Tax

Michigan Bill to Replace Single Business Tax

The Michigan Legislature is considering a bill designed to replace the "single business tax." The bill, MI HB 4546, would enact a "commercial activity tax" in lieu of the single business tax that expires at the end of 2007.As the bill is currently worded, the 3.05 percent tax would apply to all types of businesses – although many industries will ask to be exempted if it is passed.The bill was referred to the House Tax Policy Committee.

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