AICPA News Update - August 31, 2012 

    Certain Services on IRS Website are Unavailable Through Labor Day 
    Published August 31, 2012

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    AICPA News Update
    A Weekly Email Newsletter on Issues & Events Surrounding the CPA Profession
     
     
      In This Update: August 31, 2012 - Volume 15 No. 35  
     
    Certain Services on IRS Website are Unavailable Through Labor Day
    AICPA Responds to Member Concerns About Providing Client Income Certification to Farm Service Agency
    Comment Deadline on PEEC and SSARS Exposure Drafts Extended to Nov. 30
    New Tax Content for Your Website and Client Newsletter
    Target-Setting Tool Helps CPAs Address Issues, Understand and Implement Targets
    Catch up on AICPA Insights®
            
     
    Certain Services on IRS Website are Unavailable Through Labor Day
     

    Certain Internal Revenue Services will be unavailable until Tuesday as the IRS replaces an electrical plant. The IRS toll-free line and online EIN applications are among the services affected. The IRS also unveiled a redesigned website yesterday, with new navigation designed to make it easier for taxpayers to find the information they most often look for. Read this JournalofAccountancy.com article for more information.

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    AICPA Responds to Member Concerns About Providing Client Income Certification to Farm Service Agency
     

    The Farm Service Agency is requiring certain farm program participants to certify their income, either by furnishing copies of their tax returns or by submitting a certification letter from a CPA or attorney. The FSA sent letters to 15,000 participants in April. Responding to member concerns, the AICPA has worked with the FSA to create a sample letter for CPAs to use when they cannot avoid providing certification. The AICPA has also provided sample engagement and disclosure letters for its members to use. Find answers to your questions regarding FSA certification letters on AICPA.org. Read this JournalofAccountancy.com article for more information.

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    Comment Deadline on PEEC and SSARS Exposure Drafts Extended to Nov. 30
     

    To provide members additional time to consider and comment on proposed significant changes to professional standards, the AICPA’s Professional Ethics Executive Committee has agreed to extend the comment deadline to Nov. 30 regarding its proposed revisions to Interpretation 101-3 -- Nonattest Services, that would make clear that the preparation of financial statements is a nonattest service subject to the Interpretation’s requirements. The AICPA’s Accounting and Review Services Committee has likewise agreed to extend the comment deadline to Nov. 30 on proposed revisions to Statements on Standards for Accounting and Review Services that would revise the objective of the compilation engagement and provide requirements and guidance when an accountant is associated with financial statements that were not subjected to a compilation, review or audit engagement. 

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    New Tax Content for Your Website and Client Newsletter
     

    Visit the Tax Practitioner's Toolkit for the latest website and client newsletter content to stay top of mind with clients and prospective clients year round. New topics cover like-kind exchanges, wills, a reminder that there is still time to lower your 2012 taxes and a tax credit opportunity when hiring a qualified veteran. Use these free resources to remind your clients about your value, expertise and services, and give them a reason to call you. You'll also find many more resources in the Tax Practitioner's Toolkit to help you in your client acquisition and retention efforts. To help you communicate the importance of 2012 tax planning, the AICPA’s PFP Section is providing a free customizable client letter to send to individual clients. PFP Section members and CPA/PFS credential holders have additional access to all the Proactive Planning in Preparation for 2013 Toolkit resources.

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    Target-Setting Tool Helps CPAs Address Issues, Understand and Implement Targets
     

    Targets are frequently used as a motivational technique. Founded on well-established theories of achievement motivation, targets that are specific and perceived as achievable can help to focus managerial action, encourage people to succeed and drive superior performance. That said, setting the right targets is tricky and has become a real issue for many organizations. How to Set the Right Performance Targets: A 10-Step Target Setting Tool addresses common target setting issues and helps CPAs better understand and implement sales targets. It is divided into 10 steps and presented in the form of a wheel to illustrate its cyclical nature. This tool is available for download on CGMA.org.

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    Catch up on AICPA Insights®
     

    The AICPA’s official blog, AICPA Insights®, offers timely posts on the CPA profession and trends that are impacting it. Catch up on these posts you might have missed. Be sure to see every post by signing up for AICPA Insights’ RSS feed or email
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    “CPAs passionately promote transparency and accountability in our society. We expose corruption and deception. AICPA maintains the integrity of this high calling.”

    Emily Cummins, CPA

       
     
         



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