The results of the 2016 AICPA PCPS/TSCPA National MAP Survey are in and results indicate that firms are showing solid gains in revenue and profitability; diversifying services; incorporating a greater mix of billing protocols; and exploring diverse strategies for growth. At the same time, firms are making investments to overcome obstacles—whether economic, cultural, regulatory, demographic, technological or entrepreneurial.

See how your firm compares in various areas, including billing rates, compensation and other key performance indicators.

Renew Your Membership by May 1, Win a Prize

Renew your membership by enrolling in auto renew by May 1 and be entered in a prize drawing. Members have a chance to win either a VPE 40 or an Amazon Echo. The prize drawing is subject to terms and conditions.

How it works: During the start of each membership term in May, we’ll automatically charge your credit card. After your annual membership dues payment has been processed, we’ll email you a confirmation receipt—it’s that easy.

New CBA Office Location

Starting Monday, April 10, the California Board of Accountancy will begin operations in a new location:

2450 Venture Oaks Way, Suite 300; Sacramento, CA 95833-3291

Important Reminder: New April Due Dates for Biz Entities

For taxable years beginning on or after Jan. 1, 2016, the original and extended tax return due dates for California returns have changed for business entities. C corps and limited liability companies taxable as corporations:

  • The original tax return due date is now April 15 which used to be March 15 for calendar year filers. For fiscal year filers, the new due date is the 15th day of the 4th month following the close of the taxable year.
  • The extended due date has not changed and remains to be October 15 for calendar year filers and the 15th day of the 10th month following the close of the taxable year.

Refer to this chart for the more details about due date for business entities.

Proposed Simplifications to Accounting for Nonemployee Share-based Payments

The Financial Accounting Standards Board issued a proposed Accounting Standards Update intended to reduce cost and complexity and to improve financial reporting for nonemployee share-based payments. Stakeholders are encouraged to review and provide comments on the proposal by June 5. The accounting for nonemployee share-based payment transactions was identified as an area for simplification through:

Identity Theft Information for Tax Professionals

Tax professionals may be unaware a client is a victim of identity theft until they attempt to file the tax return and it is rejected as a duplicate return. Other indicators include receiving a notice regarding:

  • More than one tax return filed using the client’s SSN;
  • A balance due, refund offset or collection action taken for a year in which no return was filed;
  • IRS or state records indicate the client received wages from an unknown employer; and
  • An amended tax return, fictitious employees or about a defunct, closed or dormant business (for business clients).

What can preparers do if a client is a victim of identity theft?
The Federal Trade Commission, the lead federal agency on general identity theft issues, has recommended steps identity theft victims should take to protect their credit. Other steps include:

For identity theft victims who previously contacted IRS and have not achieved a resolution, contact IRS for specialized assistance at (800) 908-4490. Contact state revenue agencies per the website’s instructions.

Clients should continue to file returns and pay taxes, even if it must be done by paper.

Learn more about identity theft as it relates to your clients, and what you can do to help.