Debe Gillespie, CPA, owner of Debe Gillespie, CPA in Thousand Oaks, shares her firsthand experience of our recent CPA Day at the Capitol, explains the topics that were discussed with legislators and what she learned about CalCPA’s “eyes and ears” in California government.

CalCPA Service Award Nomination Period Open
Recognize an outstanding member or firm by submitting a nomination for a CalCPA Service Award, which are being accepted for:

  • Public Service (Individual): Given to a CPA who has been especially active in service to the profession and community.
  • Public Service Award (Firms): Recognizes firms for their public service contributions on the local, state or national level.
  • Distinguished Service: Granted either on the basis of long and distinguished service or for some singular act resulting in extraordinary contribution to the profession, CalCPA and/or the community.

The AICPA also recognizes our winners who automatically become eligible for consideration for the AICPA Public Service Award.

2018 Withholding Tables: Paycheck Changes by February
The IRS released Notice 1036, which updates the income tax withholding tables for 2018 reflecting changes made by the tax reform legislation enacted last month. The updated withholding information shows the new rates for employers to use during 2018. Employers should begin using the 2018 withholding tables as soon as possible, but not later than Feb. 15. They should continue to use the 2017 withholding tables until implementing the 2018 withholding tables.

Many employees will begin to see increases in their paychecks to reflect the new law in February. The new withholding tables are designed to work with the Forms W-4 that workers have already filed with their employers to claim withholding allowances.

FTB News: A Delayed 1099G
There may be situations where a timely filed tax return requires additional review and validation. The additional return analysis could delay processing of the return, which could result in the refund being issued to the taxpayer in the next tax year.

When a refund is issued in the next tax year, the 1099G will be issued for the tax year the taxpayer received the refund. Taxpayers must report the refund in the year the refund was received, not the year the tax return was filed. This could require an update to how you or your client report the income.

When tax preparation software is used, the 1099G amount may be automatically populated for the year the tax return was filed. The taxpayer will need to update the 1099G information to show the year the refund was received. If using a tax preparer, the taxpayer should notify their preparer of the year the refund was received and ensure the 1099G information is updated.

Woman to Watch Nominations Due Feb. 16
CalCPA, in partnership with the AICPA and its Women’s Initiatives Executive Committee, is looking to honor women CPAs who have made significant contributions to the accounting profession or who demonstrate characteristics that enable them to become leaders in the profession.

Nominees will be invited to CalCPA Education Foundation Women’s Leadership Forum on April 27 where the award recipients are announced. Nominations are due by Feb. 16.

FASB Information on the Tax Cuts and Jobs Act
The Financial Accounting Standards Board staff issued four staff Q&A documents that address various financial accounting and reporting implementation issues related to the Tax Cuts and Jobs Act: