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MACPA supports legislation to align Maryland with new federal C-corp tax due date

Posted By: Edith Orenstein on February 12, 2016 in Legislative / Regulatory&Taxation
Earlier this week, Jerry Beard, CPA, chairman of the MACPA’s State Tax Committee, testified before the Maryland Senate’s Budget and Tax Committee in support of Senate Bill 288, which would align Maryland’s due date for C corporation returns with the new federal due date for those returns. (Pictured from left are Beard, MACPA CEO Tom Hood, and Nick Manis of Mannis, Canning and Associates.)   Beard, a supervisor at Ellin & Tucker, explained that the Internal Revenue Service...
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Taxpayer Protection Act aims to foil fraudulent preparers, identity theft

Posted By: Edith Orenstein on February 12, 2016 in Legislative / Regulatory&Taxation
The number of fraudulent tax returns has skyrocketed from just over 300 in 2007 to more than 20,000 in 2015, Maryland Comptroller Peter Franchot told the House Judiciary Committee on Wednesday, citing identity theft as a cause of this increase. Franchot strongly urged passage of House Bill 162, the “Taxpayer Protection Act” (TPA), to confer additional investigative and enforcement powers upon the Comptroller’s office to combat this rising crime.  Franchot told the committee his...
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New NABA CEO Jina Etienne's goal? Nothing short of transformation

Change is impacting — and in many cases, transforming — every organization on the planet. Maybe none as much as the National Association of Black Accountants. Here’s how the association’s new president and CEO, Jina Etienne, describes the NABA of tomorrow: “I think it has a membership that is not all black. I think we have a leadership that is not all black. I think we have chapters in all major universities, in community colleges, in every city. And I think we have a...
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A CPA’s product? It’s value, not time

CPAs talk a good game about adding value to their clients’ lives. Then we send them the bill, which all too often has nothing to do with value. Too many CPAs continue to cling to the increasingly outdated billable hour. It’s a practice with deep roots in the CPA profession — in many professional services, in fact. And it makes less sense as time goes on. Think about it: We’re asking clients to pay us for our time, not for the service we provide or the value we...
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MACPA testifies on appeal bond cap

The MACPA brought a strong panel of witnesses to a Maryland General Assembly Judiciary Committee hearing earlier this week, testifying in support of HB 171, "Judgments - Appeals - Supersedeas Bonds." HB 171 would amend the $100 million supersedeas bond (appeal bond) cap instituted by the Maryland General Assembly last year, to specify a lower appeal bond cap of $5 million for small businesses. The bill defines 'small businesses' as entities having fewer than 250 employees.  Introducing the MACPA...

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