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Get an Answer to Your Federal Tax Question
Ask a question. Get an answer. It’s that easy when you have a federal tax
issue. Members of the Federal Tax Task Force are available to answer your
general tax practice and procedural questions of a non-technical nature.
Visit a new page on the MACPA web site,
Ask The Federal Tax Experts, and
submit your question today. When your question has been answered, you will
be notified and the information will be posted directly to the web site –
creating an invaluable reference resource for all.
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IRS Releases Redesigned Employment Tax Return
The IRS unveiled its
redesigned employment tax return Form 941, Employer’s
Quarterly Federal Tax Return. The simplified form should help businesses,
tax practitioners and payroll companies avoid common errors as well as
reduce the burden associated with completing and filing Form 941. The
redesigned form features an improved layout, plain language instructions,
simplified deposit reporting and paid preparer identification. The Form 941
is used to report wages, tips and other compensation paid, as well as Social
Security, Medicare and income taxes collected. The
form and
instructions are
available on the IRS web site.
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Federal Tax Panel Announces Meetings
The President's Advisory Panel on Federal Tax Reform announced its
next
three meetings. The Panel will meet in Washington, DC, on March 3 to hear
additional perspectives on tax reform, as well as a description of the
problems presented by complexity in the tax system. On March 8, the Panel
will meet in Tampa, Fla., to discuss how the tax system affects businesses
and entrepreneurs. On March 16, the panel will travel to Chicago where the meeting will focus on how the tax code influences
important taxpayer decisions.
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FASB Launches Standards Codification Project
Searching multiple authoritative sources complicates the research process
that may involve FASB, EITF, AICPA and SEC literature to resolve a
relatively simple issue. By codifying all existing U.S. GAAP literature into
one authoritative source, segregated for private and public companies, FASB
hopes to eliminate the need to research multiple sources. In addition,
creating one source will allow the FASB to more easily isolate differences
in its ongoing effort to converge with international accounting standards.
FASB estimates the project will take three to five years to complete.
Throughout that period FASB will request feedback from constituents on
various matters. Visit the
FASB web site to learn more about the process and
how you can participate in codifying, authoring and editing.
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AICPA Launches Enhanced Employee Benefit Plan Audit Quality Center Web Site
The AICPA launched an enhanced
web site for its members who audit or are
interested in auditing employee benefit plans. The Web site serves as a
single access point to the latest developments in employee benefit plan
audits. AICPA’s Employee Benefit Plan Audit Quality Center is a firm-based,
voluntary membership center designed to promote the importance of quality
audits of employee benefit plans. Those audits include audits of pension,
health and welfare, and 401(k) plans covered by the Employee Retirement
Income Security Act. The Center was launched in March 2004 and currently has
more than 800 members.
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New Member Benefit Saves You $250 on Exam Review Course
The MACPA has partnered with Becker CPA Review to offer you a $250 voucher
to save on the price of a CPA exam review course, which will assist you in your quest to pass the CPA Exam! Members can apply the savings to an on-line,
CD-ROM or in-class review course offered by Becker. Fill out this
form to
receive your voucher via mail.
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Selection Growing,
Prices Dropping for Small-Business Tech Ware
The cost of technology designed especially for small businesses is dropping,
but the increasing variety of products and options means that selecting the
tools that best meet business needs can be time-consuming. To read this
article in its entirety and much more about developments in technology,
access
Technology and Productivity Weekly, the MACPA's electronic
technology newsletter for industry professionals, sponsored by Accountemps.
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