Impact Report 7: Updates on Tax Packages, Deregulation, & More

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Impact Report 7: Updates on Tax Packages, Deregulation, & More

 

The FICPA Governmental Affairs team is tracking hundreds of bills this legislative session, and this week, Justin Thames has an update on the progress of some of the most important for CPAs to be aware of – including the House and Senate tax packages, deregulation, sunset review, and more.

Also in this week’s IMPACT Report:

  • Bill Tracking Updates
  • Journal of Accountancy Podcast: What’s next for potential CPA licensure changes
  • AICPA Issues Report for CIRAs – ASC 606

Sincerely

Justin Thames
Director of Governmental Affairs

Bill Tracking

SB474 – Deregulation of Professions and Occupations

Status: Now in Appropriations

 

SB126 – Sales and Use tax

Status: On Committee agenda– Finance and Tax, 02/13/20, 12:30 pm, 401 Senate Building

 

SB616 – Background Screening

Status: Introduced – SJ 47

 

HB6021 – Corporate Income taxes

Status: Introduced – HJ 258

 

SB740 – Real Estate

Status: Introduced- SJ 56

 

SB450 – Whistleblower’s Act

Status: Introduced -SJ 34

 

HB707 – Legislative Review of Occupational Regulations

Status: Original reference(s)- removed: Appropriations Committee. Referred to- Calendar

 

HB1141 – Taxation of Real Property

Status: Introduced -HJ 100

 

SB1140 – Public Accountancy

Status: Favorable by Commerce and Tourism; YEAS 5 NAYS 0. Now in Rules

 

SB1526 – Food Donation Programs

Status: Introduced -SJ 112

 

SB1238 – Regulatory Reform

Status: Introduced -SJ 90

 

HB963 – Consumer Data Privacy

Status: Introduced -HJ 83

Other Weekly News and Highlights:

Journal of Accountancy Podcast: What’s next for potential CPA licensure changes  

A new model proposed by the National Association of State Boards of Accountancy (NASBA) and the AICPA is designed with an eye on the future for newly-licensed CPAs. Carl Mayes, CPA, AICPA associate director–CPA Quality & Evolution, provides background on the project and a look ahead to 2020.

https://www.journalofaccountancy.com/podcast/new-cpa-licensure-model.html  

 

AICPA Issues Report for CIRAs – ASC 606 

The AICPA Center for Plain English Accounting has issued a report on key aspects of the application of FASB ASC 606 to CIRAs. You can read the report here.


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Latest Update

Impact Report 6: House Tax Package Released

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Impact Report 6: House Tax Package Released

 

Week five of the 2020 legislative session is in the books, and the House has released its new tax package proposal. FICPA Director of Governmental Affairs Justin Thames has an update on what the package includes, how it might change as the Senate considers its own legislation, and some key differences between the House and Senate budgets.

Also in this week’s IMPACT Report:

  • Bill Tracking Updates
  • Florida House Tax Package includes $100 million in cuts
  • Journal of Accountancy Podcast: What’s next for potential CPA licensure changes

Sincerely

Justin Thames
Director of Governmental Affairs

Bill Tracking

SB474 – Deregulation of Professions and Occupations

Status: Now in Appropriations

 

SB126 – Sales and Use tax

Status: On Committee agenda– Finance and Tax, 02/13/20, 12:30 pm, 401 Senate Building

 

SB616 – Background Screening

Status: Introduced – SJ 47

 

HB6021 – Corporate Income taxes

Status: Introduced – HJ 258

 

SB740 – Real Estate

Status: Introduced- SJ 56

 

SB450 – Whistleblower’s Act

Status: Introduced -SJ 34

 

HB707 – Legislative Review of Occupational Regulations

Status: Original reference(s)- removed: Appropriations Committee. Referred to- Calendar

 

HB1141 – Taxation of Real Property

Status: Introduced -HJ 100

 

SB1140 – Public Accountancy

Status: Favorable by Commerce and Tourism; YEAS 5 NAYS 0. Now in Rules

 

SB1526 – Food Donation Programs

Status: Introduced -SJ 112

 

SB1238 – Regulatory Reform

Status: Introduced -SJ 90

 

HB963 – Consumer Data Privacy

Status: Introduced -HJ 83

Other Weekly News and Highlights:

Florida House Tax Package includes $100 million in cuts

On Tuesday, the House Ways and Means Committee released its annual tax cut proposal. The proposal includes a reduction of the Business Rent Tax from 5.5 percent to 5.4 percent and a reduction of the Communication Services Tax from 4.93 percent to 4.42 percent. Read a summary of the tax package prepared by government watchdog Florida TaxWatch here.

Download the full tax package proposal here.

 

Journal of Accountancy Podcast: What’s next for potential CPA licensure changes

A new model proposed by the National Association of State Boards of Accountancy (NASBA) and the AICPA is designed with an eye on the future for newly licensed CPAs. Carl Mayes, CPA, AICPA associate director–CPA Quality & Evolution, provides background on the project and a look ahead to 2020.

https://www.journalofaccountancy.com/podcast/new-cpa-licensure-model.html

Florida CPA/PAC Needs You DONATE ONLINE

The Florida CPA/PAC stands up for the interests of CPAs by educating legislators on key issues, supporting pro-CPA candidates in elections, and forging connections with lawmakers in Tallahassee. But we’re only successful with your support. Make a voluntary donation to the Florida CPA/PAC and help us strengthen the position of CPAs across the state. Learn more at FICPA.org/PAC

Please note: contributions are strictly voluntary and are not deductible for federal tax purposes. The Florida CPA/PAC is an entity completely separate from the FICPA. The Florida CPA/PAC is supported solely by the voluntary contributions of members of the FICPA and others

Impact Report 5: Finalized Budget Proposals and Bill Updates

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Impact Report 5: Finalized Budget Proposals and Bill Updates

 

As week four of the 2020 legislative session comes to a close, the House and Senate have finalized their budget proposals and have begun to review bill proposals. FICPA’s Director of Governmental Affairs, Justin Thames, has an update on the status of many of the most notable bills.

Also in this week’s IMPACT Report:

  • Bill Tracking Updates
  • Annual Conformity Bill Update
  • Deregulation Bill Update
  • Public Accountancy Bill Update

Sincerely

Justin Thames
Director of Governmental Affairs

Bill Tracking

SB474 – Deregulation of Professions and Occupations 

Summary: Deletes the requirement that a yacht broker maintain a separate license for each branch office; specifies that the failure to repay certain student loans is not considered a failure to perform a statutory or legal obligation for which certain disciplinary action can be taken; revises licensure requirements for engineers who hold specified licenses in another state; provides that certain cosmetology services may be performed in a location other than a licensed salon under certain circumstances.

Status: Pending reference review under Rule 4.7(2) – (Committee Substitute)

 

SB126 – Sales and Use tax 

Summary: Revises the definition of the term “retail sale”; renames the term “mail order sale” to “remote sale” and revises the definition; revises conditions under which certain dealers are subject to sales tax levies and collection; provides that certain marketplace providers are subject to registration, collection, and remittance requirements for sales taxes.

Status: Introduced – SJ 13

 

SB616 – Background Screening 

Summary: Prohibits employers from excluding applicants from an initial interview for employment under certain conditions; provides a civil penalty; provides applicability; provides exceptions; requires the Department of Economic Opportunity to enforce the act.

Status: Introduced – SJ 47

 

HB6021 – Corporate Income taxes 

Summary: Repeals provisions relating to corporate income taxes imposed, automatic refunds, & downward adjustments to tax rates.

Status: Introduced – HJ 258

 

SB740 – Real Estate

Summary: Creates the “Florida Real Estate Management Corporation Act”; requires a written contract with the Department of Business and Professional Regulation; prohibits the management corporation from exercising certain authority assigned to the board of directors; provides that the board, rather than the department, receive complaints and investigate and deter the unlicensed practice of real estate.

Status: Introduced- SJ 56

 

SB450 – Whistleblower’s Act 

Summary: Revises the actions that an agency or independent contractor is prohibited from taking against an employee who participates in protected activity or discloses certain information; specifies that whistleblower remedies and protections do not apply to certain persons; revises applicability of provisions relating to investigative procedures upon receipt of whistleblower information; revises investigative procedures in response to retaliatory actions.

Status: Introduced -SJ 34

 

HB707 – Legislative Review of Occupational Regulations

Summary: Authorizes schedule for the systematic review of occupational regulatory programs; authorizes Legislature to take certain actions before scheduled repeal of occupational regulatory program; provides regulation of occupation to state if such occupation’s regulatory program has been repealed through this act; provides schedule of repeal for occupational regulatory programs.

Status: On Committee agenda– Health and Human Services Committee, 02/06/20, 12:00 pm, Morris Hal

 

HB1141 – Taxation of Real Property

Summary: Exempts from sales & use tax certain property that is rented, leased, subleased, or licensed to specified small business; provides application procedures; requires DOR to approve or deny such application within specified time period; provides requirements for DOR & small business; provides for expiration of approval letter; provides renewal procedures.

Status: Introduced -HJ 100

 

SB1140 – Public Accountancy 

Summary: Requires certain applicants to not be licensed in any state or territory in order to be licensed by endorsement; provides license renewal requirements for nonresident licensees; requires that a majority of the hours required for continuing education include specific content; authorizes certain Florida certified public accountants to apply to the Department of Business and Professional Regulation to have their license placed in a retired status; provides that retired licensees are not required to maintain continuing education requirements, etc.

Status: Favorable by Commerce and Tourism; YEAS 5 NAYS 0. Now in Rules

 

SB1526 – Food Donation Programs 

Summary: Creates an agricultural commodity donation tax credit; authorizes the Department of Agriculture and Consumer Services to adopt rules; revises the department’s powers and duties relating to school food and other nutrition programs; deletes a provision authorizing district school boards to opt out of implementing universal school breakfast programs; requires the department to annually allocate to participating sponsors a reimbursement in addition to the sum appropriated for the Florida Farm to School Program if certain conditions are met; requires the department to develop the Florida Gleaning Support Grant Program, etc. APPROPRIATION: $1,650,000

Status: Introduced -SJ 112

 

SB1238 – Regulatory Reform 

Summary: Establishes the Red Tape Reduction Advisory Council within the Executive Office of the Governor; requires an agency adopting a rule to submit a rule replacement request to the Administrative Procedures Committee; requires the committee to examine rule replacement requests and existing rules; requires the Administrative Procedures Committee to establish a regulatory baseline of agency rules; provides that a proposed rule may not cause the total number of rules to exceed the regulatory baseline, etc.

Status: Introduced -SJ 90

 

HB963 – Consumer Data Privacy 

Summary: Prohibits use of personal data contained in public records for certain marketing, soliciting, & contact without person’s consent; requires operator of certain website or online service to establish designated request address & provide specified notice regarding collection & sale of consumer information; prohibits sale of consumer information upon request of consumer; requires DLA to adopt rules; provides for injunctions & civil penalties.

Status: Introduced -HJ 83

Other Weekly News and Highlights:

Deregulation Bills on our Radar

We’ve been closely monitoring two bills regarding the “sunset” and “sunrise” review of occupations and professions, including the CPA profession. The sunset review bill, HB 707, was last heard on January 16, where it was favorable by a 22 to 1 vote. It was heard in the House Health and Human Services Committee yesterday where the bill sponsor, Representative Paul Renner, discussed his desire to have a structured review for all occupational licenses. The last time he presented the bill, he clarified that he believes it’s not a deregulation bill, but simply uses a sunset to force structured review. Meanwhile, the “sunrise” review bill, HB 1155, was favorable with a 10 to 2 vote. This bill, sponsored by Representative Hage, expands the current laws that created a process to review any regulation of a previously unregulated profession or occupations to now include a review of any expansion of regulation for an existing regulated profession or occupation. For more updates on these bills, be sure to follow our weekly bill tracker.

 

Advocacy At Work

State Representative Cyndi Stevenson, CPA and FICPA President-CEO Deborah Curry, CPA, CGMA

FICPA President-CEO Deborah Curry, CPA, CGMA, State Representative Mike Caruso, CPA, FICPA Director of Governmental Affairs Justin Thames

 


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Florida CPA/PAC Needs You DONATE ONLINE

What’s the most effective way to ensure the CPA profession is represented in the legislative session and upcoming 2020 elections? Donating to the Florida CPA/PAC! Your voluntary contributions help us educate lawmakers on the issues affecting CPAs, and also supports our work in identifying and electing pro-CPA and pro-business candidates to office. Learn more and donate at FICPA.org/PAC!

Please note: contributions are strictly voluntary and are not deductible for federal tax purposes. The Florida CPA/PAC is an entity completely separate from the FICPA. The Florida CPA/PAC is supported solely by the voluntary contributions of members of the FICPA and others

Impact Report 4: New Bills and Board of Accountancy Updates

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Impact Report 4: New Bills and Board of Accountancy Updates

 

As week three of the 2020 legislative session comes to a close, subcommittee meetings and hearings are winding down as bills begin to work their way into House and Senate review. FICPA’s Director of Governmental Affairs, Justin Thames, has an update on the status of many of the most notable bills (including the 2020 tax package) along with news from the Board of Accountancy.

Also in this week’s IMPACT Report:

  • Bill Tracking Updates
  • Deregulation Bill heard in Committee – HB 1193
  • IRS Announces New Form 1040-SR as an Alternative Filing Option for Seniors
  • FICPA Member and Former State Representative Recognized

Sincerely

Justin Thames
Director of Governmental Affairs

Bill Tracking

SB474 – Deregulation of Professions and Occupations

CS by Innovation, Industry, and Technology read 1st time

 

SB126 – Sales and Use tax

Introduced – SJ 13

 

SB616 – Background Screening

Introduced – SJ 47

 

HB6021 – Corporate Income taxes

Introduced – HJ 258

 

SB740 – Real Estate

Introduced- SJ 56

 

SB450 – Whistleblower’s Act

Introduced -SJ 34

 

HB707 – Legislative Review of Occupational Regulations

Favorable by Commerce Committee; YEAS 22 NAYS 1. Now in Health and Human Services Committee

 

HB1141 – Taxation of Real Property

Introduced -HJ 100

 

SB1140 – Public Accountancy

On Committee agenda– Commerce and Tourism, 01/28/20, 1:30 pm, 110 Senate Building

 

SB1526 – Food Donation Programs

Introduced -SJ 112

 

SB1238 – Regulatory Reform

Introduced -SJ 90

 

HB963 – Consumer Data Privacy

Introduced -HJ 83

Other Weekly News and Highlights:

Deregulation Bill heard in Committee – HB 1193

On January 28, House Bill 1193 was heard in committee. According to the bill sponsor, Representative Ingoglia, this is almost the exact same bill as last year, with a few exceptions. He says the goal of this bill is to “address excessive regulation, while reducing barriers to entry.” The bill was reported favorably and is now in the Commerce Committee. At this time, the CPA profession is not affected by this bill, but we will continue to monitor it and keep you updated through our bill tracker.

 

IRS Announces New Form 1040-SR as an Alternative Filing Option for Seniors

The IRS has released Form 1040-SR, a new tax filing form featuring larger print and a standard deduction chart in order to make it easier for older Americans to read and use. All lines and checkboxes on Form 1040-SR mirror the Form 1040, and both forms use all the same attached schedules and forms. Taxpayers born before Jan. 2, 1955, have the option to file Form 1040-SR whether they are working, not working, or retired. In addition, married people filing a joint return can use the Form 1040-SR regardless of whether one or both spouses are age 65 or older or retired. Seniors can use Form 1040-SR to file their 2019 federal income tax return, which is due April 15, 2020. Read the full article about the new form on the IRS website here.

 

FICPA Member and Former State Representative Recognized

This week, FICPA member and former state Representative, Michael Bileca, received the 4th Annual J. Stanley Marshall Award for being a “Education Innovator” by the J. Stanley Marshall Center for Educational Options at The James Madison Institute in Tallahassee. The free market think tank had this to say about Bileca, “Over his time in office, Rep. Bileca showed great leadership on a number of major legislative initiatives, including civics education, the Reading Scholarship for early elementary students, the Gardiner Scholarship for special needs students, and a number of other school choice measures.”

Photo: Lt. Governor Janette Nunez and Former Representative Mike Bileca, CPA

Florida CPA/PAC Needs You DONATE ONLINE

What’s the most effective way to ensure the CPA profession is represented in the legislative session and upcoming 2020 elections? Donating to the Florida CPA/PAC! Your voluntary contributions help us educate lawmakers on the issues affecting CPAs, and also supports our work in identifying and electing pro-CPA and pro-business candidates to office. Learn more and donate at FICPA.org/PAC!

Please note: contributions are strictly voluntary and are not deductible for federal tax purposes. The Florida CPA/PAC is an entity completely separate from the FICPA. The Florida CPA/PAC is supported solely by the voluntary contributions of members of the FICPA and others

Impact Report 3: Movement on Wayfair, Sunset Review, & Deregulation Bills

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Impact Report 3: Movement on Wayfair, Sunset Review, & Deregulation Bills

 

Even though the legislative session is just getting started, there’s no shortage of bills making their way through both chambers. FICPA’s Governmental Affairs team has an update on where key bills – including sunset review & deregulation matters – stand right now.

Also in this week’s IMPACT Report:

  • Bill Tracking Updates
  • Sunset Review Bill Heard in Committee – HB 707
  • IRS Commissioner Speaks to Florida CPAs
  • IRS Opening 2019 Tax Filing Season for Individual Filers

Sincerely

Justin Thames
Director of Governmental Affairs

Bill Tracking

SB474 – Deregulation of Professions and Occupations

Pending reference review under Rule 4.7(2) – (Committee Substitute)

 

SB126 – Sales and Use tax

Introduced – SJ 13

 

SB616 – Background Screening

Introduced – SJ 47

 

HB6021 – Corporate Income taxes

Introduced – HJ 258

 

SB740 – Real Estate

Introduced- SJ 56

 

SB450 – Whistleblower’s Act

Introduced -SJ 34

 

HB707 – Legislative Review of Occupational Regulations

Favorable by Commerce Committee; YEAS 22 NAYS 1. Now in Health and Human Services Committee

 

HB1141 – Taxation of Real Property

Introduced -HJ 100

 

SB1140 – Public Accountancy

Favorable by Innovation, Industry, and Technology; YEAS 9 NAYS 0. Now in Commerce and Tourism

 

SB1526 – Food Donation Programs

Introduced -SJ 112

 

SB1238 – Regulatory Reform

Introduced -SJ 90

 

HB963 – Consumer Data Privacy

Introduced -HJ 83

Other Weekly News and Highlights:

Sunset Review Bill Heard in Committee – HB 707

On January 16, House Bill 707 was heard in the House Commerce Committee. As Chairman Renner explained, this bill will take occupational licenses and establish a structured review over a 4-year period, with a sunset at the back end. Health and safety are said to be the number one priorities with this bill. “The bill is agnostic; it is not a deregulation bill. It simply uses a sunset as a forcing mechanism to have a structured review.” The bill was reported favorably and will be moving to the Health and Human Services Committee. For more updates on this bill, be sure to follow our weekly bill tracker.

IRS Commissioner Speaks to Florida CPAs

During this month’s FICPA and Florida Bar International Tax Conference in Miami, IRS Commissioner Chuck Rettig addressed 500 CPAs and attorneys and discussed how the passion among his collective “we” at the IRS can make a difference, and that he is a huge advocate for taxpayer service. Rettig shared with the audience that before becoming Commissioner, he practiced as a tax litigation lawyer for 36 years, so he understands what it is like to be on the practicing side of the profession. Rettig said he is honored to be at the IRS to serve our country, and it was clear from his passion that he is leading his dream life at the IRS.

The Commissioner also talked policy, sharing that in 2018, 83.6% of taxpayers were in compliance. He is a supporter of VITA and tax counseling for the elderly and military. He asked that CPAs consider volunteering with VITA or other volunteer programs, as these organizations make a meaningful difference by helping taxpayers remain in compliance. The tax form Schedule 1 now has a new checkbox question: “At any time did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?” This is important for practitioners to ask their clients as all transactions must be reported.

Looking forward, Rettig envisions a more automated future at the IRS, including the use of “chat bots” coming soon to those that have internet access and want to ask questions. The IRS currently accommodates 6 languages, but Retting’s plan is to add services in additional foreign languages so that the IRS is more accessible and compliance rates increase.

 

IRS Opening 2019 Tax Filing Season for Individual Filers

The Internal Revenue Service confirmed that the tax season will start for individual filers on Monday, Jan. 27, 2020, with the deadline to file 2019 tax returns and pay any tax owed being Wednesday, April 15, 2020. The Jan. 27 opening date was set to ensure the security and readiness of key tax processing systems. “The IRS encourages everyone to consider filing electronically and choosing direct deposit. It’s fast, accurate and the best way to get your refund as quickly as possible,” the agency announced. IRS tax help is available 24 hours a day on IRS.gov, the official IRS website, where you can find answers to tax questions and resolve tax issues online. Read the full announcement here.


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Please note: contributions are strictly voluntary and are not deductible for federal tax purposes. The Florida CPA/PAC is an entity completely separate from the FICPA. The Florida CPA/PAC is supported solely by the voluntary contributions of members of the FICPA and others

Impact Report 2: 2020 Session Kicks Off with New Legislative Priorities

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Impact Report 2: 2020 Session Kicks Off with New Legislative Priorities

 

Earlier this week, the Florida Legislature kicked off the 2020 legislative session with the Governor’s State of the State address. Lawmakers have laid out many of their legislative priorities for the coming weeks and months, and FICPA Director of Governmental Affairs Justin Thames has a roundup of the most important issues Florida CPAs and businesses need to track.

Also in this week’s IMPACT Report:

  • Bill Tracking Updates
  • State of the Taxpayer Dinner
  • Governor Ron DeSantis’ State of the State Address
  • IRS Opening 2019 Tax Filing Season for Individual Filers

Sincerely

Justin Thames
Director of Governmental Affairs

Bill Tracking

SB474 – Deregulation of Professions and Occupations

Introduced -SJ 36

 

SB126 – Sales and Use tax

Introduced -SJ 13

 

SB616 – Background Screening

Introduced -SJ 47

 

HB6021 – Corporate Income taxes

Introduced

 

SB740 – Real Estate

Introduced -SJ 56

 

SB450 – Whistleblower’s Act

Introduced -SJ 34

 

HB707 – Legislative Review of Occupational Regulations

On Committee agenda– Commerce Committee, 01/16/20, 2:30 pm, Webster Hall

Other Weekly News and Highlights:

State of the Taxpayer Dinner

On Wednesday, January 15, Florida TaxWatch held their 5th annual State of the Taxpayer dinner. The FICPA sponsored the event again this year and heard from many of the state’s leaders, including former Florida Governor Bob Martinez. Each year, the State of the Taxpayer event serves as a forum for Florida’s elected leaders to discuss the issues that directly interest and impact taxpayers. This year’s agenda included Attorney General Ashley Moody, CFO Jimmy Patronis, House Judiciary Committee Chair Paul Renner, and others.

Governor Ron DeSantis’ State of the State Address

Session commenced on Tuesday, January 14th, with Governor Ron DeSantis delivering his State of the State Address. He began by touching on Florida’s successes, including the low unemployment and crime rates, top-ranked public university system, and no state income tax. “We have strong momentum and need to keep it going,” he said. During his speech, the Governor emphasized the importance of water quality projects and related legislation, hurricane recovery, and education. Over the coming months, our Division of Emergency Management and Department of Economic Opportunity will be distributing more than a billion dollars in mitigation funds to areas impacted by the hurricanes over the last several years. “In January of 2019, I asked Director Jared Moskowitz to expedite reimbursements to affected areas. I ask that you re-up this grant program for another year,” he said to legislators. Gov. DeSantis also aims to continue and improve his education efforts through apprenticeship programs and a replacement of the Best and Brightest bonus program with a more generous proposed initiative. As Governor DeSantis said, “the bottom line is we have a chance to take bold action to make a lasting positive impact upon Florida. Let’s seize this opportunity.” For more details, you can read the State of the State Address in its entirety here.

 

IRS Opening 2019 Tax Filing Season for Individual Filers

The Internal Revenue Service confirmed that the nation’s tax season will start for individual tax return filers on Monday, Jan. 27, 2020, with the deadline to file 2019 tax returns and pay any tax owed being Wednesday, April 15, 2020. The Jan. 27 opening date was set to ensure the security and readiness of key tax processing systems. “The IRS encourages everyone to consider filing electronically and choosing direct deposit. It’s fast, accurate and the best way to get your refund as quickly as possible,” the agency said. IRS tax help is available 24 hours a day on IRS.gov, the official IRS website, where you can find answers to tax questions and resolve tax issues online. Read the full announcement here.


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Please note: contributions are strictly voluntary and are not deductible for federal tax purposes. The Florida CPA/PAC is an entity completely separate from the FICPA. The Florida CPA/PAC is supported solely by the voluntary contributions of members of the FICPA and others

Impact Report January: What you need to know before the 2020 Session

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Impact Report January: What you need to know before the 2020 Session

 

Welcome to 2020! We’re just a few days away from the start of the 2020 legislative session on January 14. As the bill-filing deadline approaches, FICPA Director of Governmental Affairs Justin Thames offers an update on the legislation that we’re likely to see this year and how it might impact CPAs and businesses in Florida.

Also in this week’s IMPACT Report:

  • Bill Tracking Updates
  • FICPA Council Approves 2020 State Legislative Policies
  • Florida Taxpayer Rights Advocate Issues Annual Report
  • Motor Vehicle Sales Tax Rates
  • IRS Opening 2019 Tax Filing Season for Individual Filers
  • National Taxpayer Advocate Delivers Annual Report to Congress
  • Emerging Leaders Summit Recap
  • DOR Publishes Final Rule Changes

Sincerely

Justin Thames
Director of Governmental Affairs

Bill Tracking

SB474 – Deregulation of Professions and Occupations

Referred to Innovation, Industry, and Technology; Commerce and Tourism; Appropriations

 

SB126 – Sales and Use tax

Favorable by Commerce and Tourism. Now in Finance and Tax

 

SB616 – Background Screening

Referred to Commerce and Tourism; Governmental Oversight and Accountability; Appropriations

 

HB6021 – Corporate Income taxes

Referred to Ways and Means Committee; Commerce Committee; Appropriations Committee

 

SB740 – Real Estate

Referred to Innovation, Industry, and Technology; Judiciary; Rules

 

SB450 – Whistleblower’s Act

Referred to Governmental Oversight and Accountability; Judiciary; Rules

 

HB707 – Legislative Review of Occupational Regulations

Referred to Commerce Committee; Health and Human Services Committee; Appropriations Committee

Other Weekly News and Highlights:

FICPA Council Approves 2020 State Legislative Policies

Each year, the FICPA Committee on State Legislative Policy sets the Institutes legislative agenda for the upcoming year and crafts the organizations “Legislative and Regulatory Policies.” The FICPA Council approved the 2020 Legislative Policies on October 31, 2019. There were significant amendments made to this year’s policies, and they are listed below. To read the 2020 Legislative Policies in their entirety, visit www.ficpa.org/SLP.

  1. Support CPE reciprocity for nonresident Florida CPAs
  2. Support the creation of “Retired CPA” status for “inactive” Florida licensees at least 55 years of age as described in the 8th Version of the Uniform Accountancy Act and pursuant to the safeguards in 473.301 F.S.
  3. Support additional specificity for required ethics courses to include a majority of Florida Laws and Rules content

 

 

Florida Taxpayer Rights Advocate Issues Annual Report

The Taxpayer Rights Advocate issues a report each year as required by law. This year’s annual report for the 2018-2019 fiscal year consists of five sections, including taxpayer rights, tax-related operations, legislative and administrative matters, analysis of GTA post-audit survey results, and statutes pertaining directly to the TRA. You can find the full article on our website here.

To learn more about the Taxpayers’ Rights Advocate and the Taxpayer’s Bill of Rights, click here.

 

Motor Vehicle Sales Tax Rates

Sales tax on motor vehicles varies based on whether the vehicle was sold in Florida to residents of another state or purchased in another state and brought into Florida. Under certain circumstances, Florida law allows a partial exemption of sales and use tax to be collected on a motor vehicle purchased by a resident of another state. In addition, Florida’s use tax rate of 6% generally applies to motor vehicles purchased in another state, the District of Columbia, or a U.S. territory and subsequently titled, registered, or licensed in Florida. Florida law allows a credit to be given to reduce the tax due when a like tax has been lawfully imposed and paid in another state, the District of Columbia, or a U.S. territory. Click here to read the full details on this topic and see a chart of tax rates by state.

 

IRS Opening 2019 Tax Filing Season for Individual Filers

The Internal Revenue Service confirmed that the nation’s tax season will start for individual tax return filers on Monday, Jan. 27, 2020, with the deadline to file 2019 tax returns and pay any tax owed being Wednesday, April 15, 2020. The Jan. 27 opening date was set to ensure the security and readiness of key tax processing systems. “The IRS encourages everyone to consider filing electronically and choosing direct deposit. It’s fast, accurate and the best way to get your refund as quickly as possible.” IRS tax help is available 24 hours a day on IRS.gov, the official IRS website, where you can find answers to tax questions and resolve tax issues online. Read the full announcement here.

 

National Taxpayer Advocate Delivers Annual Report to Congress: Focuses on Taxpayer First Act Implementation, Taxpayer Service, and IRS funding

WASHINGTON — On January 8, 2020, acting National Taxpayer Advocate Bridget Roberts released her 2019 Annual Report to Congress. Key challenges highlighted in the report include implementation of the Taxpayer First Act, inadequate taxpayer service and limited funding of the agency.

Roberts also released the third edition of the National Taxpayer Advocate’s “Purple Book,” which presents 58 legislative recommendations designed to strengthen taxpayer rights and improve tax administration.

The report highlights that the Taxpayer First Act, enacted into law on July 1, 2019, has made the most comprehensive revisions to IRS procedures since the IRS Restructuring and Reform Act of 1998, including some 23 provisions previously recommended by the National Taxpayer Advocate. The Taxpayer First Act also requires the IRS to develop four strategic plans: (i) a comprehensive taxpayer service strategy (due to Congress by July 1, 2020); (ii) a comprehensive plan to redesign the IRS’s organizational structure (due to Congress by Sept. 30, 2020); (iii) a comprehensive employee training strategy that includes taxpayer rights training (due to Congress by July 1, 2020); and (iv) a multi-year plan to meet IRS information technology (IT) needs.

“By passing the Taxpayer First Act, Congress has sent the IRS a clear message that it needs to rethink the way it operates – the services it provides, its organizational structure, the way it trains employees, and the technology it uses,” Roberts wrote in the preface to the report.

Roberts also noted that long-time National Taxpayer Advocate Nina E. Olson retired five months ago, and a permanent replacement has not yet been appointed. “While I am honored to serve as the Acting National Taxpayer Advocate,” Roberts wrote, “the Office of the Taxpayer Advocate – and taxpayers – deserve a permanent appointee. . . . Given the current crossroads at which the IRS finds itself, it is critical that a permanent National Taxpayer Advocate be appointed as quickly as possible to help ensure the IRS protects taxpayer rights and meets its obligations to taxpayers.”

Highlights of the report are summarized here.

 

Emerging Leaders Summit

The 2019 Emerging Leaders class gathered in Tallahassee from December 9th through 11th, bringing together a group of approximately 30 young CPAs from across the state. The three-day seminar consisted of a welcome reception, tour of the FICPA Government Affairs Office, day at the Florida Capitol, meetings with legislators, leadership workshops, and a graduation luncheon.

Applications for the 2020 Emerging Leaders Class are already available – click here to apply.

DOR Publishes Final Rule Changes

The Florida Department of Revenue recently published a final version of recent agency rule changes. You can find a comprehensive list of the new rules with links here.


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Florida CPA/PAC Needs You DONATE ONLINE

This year, resolve to make a difference on behalf of the CPA profession by making a voluntary donation to the CPA/PAC. Donating to the PAC is one of the most effective ways to ensure CPAs’ interests are considered in Tallahassee – and as we enter an election year, your support matters more than ever. Help us identify & support pro-CPA candidates by making a contribution today!

Please note: contributions are strictly voluntary and are not deductible for federal tax purposes. The Florida CPA/PAC is an entity completely separate from the FICPA. The Florida CPA/PAC is supported solely by the voluntary contributions of members of the FICPA and others

Impact Report December: Emerging Leaders Summit & Committee Weeks

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Impact Report December: Emerging Leaders Summit & Committee Weeks

 

Legislators are entering another week of committee meetings, and FICPA Director of Governmental Affairs Justin Thames offers an update on some of the key bills and issues we’re tracking ahead of the 2020 legislative session. Justin also has updates from recent meetings with firms and the FL Lieutenant Governor in Miami, as well as the upcoming FICPA Emerging Leaders Summit in Tallahassee.

Also in this week’s IMPACT Report:

  • Bill Tracking Updates
  • Treasury, IRS Issue Final Regulations on the Foreign Tax Credit
  • Department of Revenue Liaison Meeting
  • Governor Ron DeSantis Announces His 2020-2021 Budget
  • Department of Revenue Updates

Sincerely

Justin Thames
Director of Governmental Affairs

Bill Tracking

SB474 – Deregulation of Professions and Occupations 

Referred to Innovation, Industry, and Technology; Commerce and Tourism; Appropriations 

 

SB126 – Sales and Use tax 

Favorable by Commerce and Tourism. Now in Finance and Tax 

 

SB616 – Background Screening 

Referred to Commerce and Tourism; Governmental Oversight and Accountability; Appropriations

 

HB6021 – Corporate Income taxes 

Referred to Ways and Means Committee; Commerce Committee; Appropriations Committee

SB740 – Real Estate 

Referred to Innovation, Industry, and Technology; Judiciary; Rules

SB450 – Whistleblower’s Act 

Referred to Governmental Oversight and Accountability; Judiciary; Rules

HB707 – Legislative Review of Occupational Regulations 

Referred to Commerce Committee; Health and Human Services Committee; Appropriations Committee

Other Weekly News and Highlights:

Treasury, IRS Issue Final Regulations on the Foreign Tax Credit

In early December, the Internal Revenue Service issued final regulations on the Foreign Tax Credit and Proposed Regulations relating to the allocation and apportionment of deductions and creditable foreign taxes.  

In addition, the Tax Cuts and Jobs Act (TCJA) made some major changes including revamping the U.S. international tax system, repealing section 902, adding two separate limitation categories for foreign branch income and amounts, and changing how taxable income is calculated for purposes of the Foreign Tax Credit limitation. Finally, the TCJA made systemic changes to U.S. taxation of international income that impact the Foreign Tax Credit calculation. 

If you’d like to read more about any of these changes, you can do so here. Other updates on the implementation of the TCJA can be found on the Tax Reform page of IRS.gov. 

 

Department of Revenue Liaison Meeting

 

On November 19, we attended the annual Florida State Tax and Department of Revenue liaison meeting. Throughout the day, we spoke about the upcoming legislative session and many pressing topics including rule making, the tax cuts and jobs act (TCJA), a Florida economic update, and a litigation update. 

 

 

Governor Ron DeSantis Announces His 2020-2021 Budget

Governor Ron DeSantis unveiled his policy & budget recommendations of $91.4 billion for the 2020-21 fiscal year. “My budget proposal for Fiscal Year 2020-2021 builds on our successes of the past year, placing emphasis where it is needed while remaining fiscally responsible to Florida taxpayers,” said Governor DeSantis. His key investments include the environment, well-being of residents, K-12 education system, and tax relief. For more details, you may visit the website here! 

 

Department of Revenue Updates

Don’t miss out on regular updates from the DOR! To receive important news including tax information publications, due date reminders and proposed rules, subscribe here.


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Florida CPA/PAC Needs You DONATE ONLINE

Want to make sure that legislators understand the needs of the CPA community and appreciate the value they contribute to society? Donate to the Florida CPA/PAC! Making a voluntary contribution is the most effective way to ensure pro-CPA, pro-business politicians are elected to represent you in Tallahassee. We work year-round to educate members of the legislature on the issues that matter to CPAs and their licenses. Donate today!

Please note: contributions are strictly voluntary and are not deductible for federal tax purposes. The Florida CPA/PAC is an entity completely separate from the FICPA. The Florida CPA/PAC is supported solely by the voluntary contributions of members of the FICPA and others

Impact Report November: 2020 Priorities Take Shape

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Impact Report November: 2020 Priorities Take Shape

 

As interim committee meetings enter their fourth week, Florida’s state legislators have already filed over 1,000 bills ahead of the 2020 legislative session. FICPA Director of Governmental Affairs Justin Thames has updates on two of those bills that CPAs should be following, plus the FICPA Legislative Policy Committee’s 2020 priorities and some of our FICPA members’ recent achievements.

Also in this week’s IMPACT Report:

  • Bill Tracking Updates
  • FICPA Emerging Leaders Summit – Registration Closes Nov. 17
  • Department of Revenue Updates
  • UCF Accounting Student Competing for National Contest
  • President Galvano Appoints Byron Shinn to the Florida Cybersecurity Task Force
  • Charter School Practice Aid
  • FICPA NASBA Annual Meeting

Sincerely

Justin Thames
Director of Governmental Affairs

NEW: Read the 2020 FICPA Legislative and Regulatory Policies

The Florida Institute of CPAs is committed to the advancement of Florida’s CPA profession. As such, the Institute believes a vital part of its service role to the membership is to both propose and comment on policies and procedures that affect the profession.

With this in mind, the Committee on State Legislative Policy developed the 2020 FICPA Legislative and Regulatory Policies. Through the promulgation and support of these policies, the FICPA’s intent is for the profession to maintain the highest possible standards of professionalism while protecting the needs and exceeding the expectations of the general public.

Bill Tracking

SB474 – Deregulation of Professions and Occupations

Referred to Innovation, Industry, and Technology; Commerce and Tourism; Appropriations

 

SB126 – Sales and Use tax

Referred to Commerce and Tourism; Finance and Tax; Appropriations

 

SB616 – Background Screening

Referred to Commerce and Tourism; Governmental Oversight and Accountability; Appropriations

 

HB6021 – Corporate Income taxes

Referred to Ways and Means Committee; Commerce Committee; Appropriations Committee

 

SB740 – Real Estate

Awaiting committee reference

 

SB450 – Whistleblower’s Act

Referred to Governmental Oversight and Accountability; Judiciary; Rules

Other Weekly News and Highlights:

FICPA Emerging Leaders Summit – Registration Closes Nov. 17

The FICPA Emerging Leaders Summit brings together young CPAs (36 and under) from all across the state for a three-day experience that focuses on the future of the CPA profession in Florida and enhancing their leadership skills. Learn more and register here.

 

Department of Revenue Updates

Don’t miss out on regular updates from the DOR! To receive important news including tax information publications, due date reminders and proposed rules, subscribe here.

 

UCF Accounting Student Competing for National Contest

A local college student, Sayyada Khaki, has been selected as a finalist in a student video competition sponsored by the AICPA! This competition required students to submit a video about why they want to be a CPA. Check out the video and consider supporting this student by voting for their video by 2:59pm ET on November 15, 2019.

President Galvano Appoints Byron Shinn to the Florida Cybersecurity Task Force

On October 11, President Bill Galvano announced the appointment of Byron Shinn to the Florida Cybersecurity Task Force. The Florida Cybersecurity Task Force is tasked with reviewing and providing recommendations for the improvement of the state’s cybersecurity infrastructure, governance, and operations. Byron is a CPA with years of experience in cybersecurity issues, specifically federal tax fraud. We know Byron will do an amazing job throughout his term, which lasts through January 1, 2021. See the full press release here.

 

Charter School Practice Aid

Each year, we create a Practice Aid designed to assist those CPAs involved, or contemplating involvement, in charter school audits. This Practice Aid is one result of the FICPA’s dedication to improvement in professional practices. Internal auditors and other accountants involved with charter schools, including sponsor’s staff, will find this aid useful as a practical resource manual. Its overview of the audit requirements for reporting and compliance determination will assist in supporting audits from the client’s perspective. It should assist in the understanding of what information is needed by the auditors and is also recommended as a staff-training tool. The entire document can be found on the FICPA website here.

 

FICPA NASBA Annual Meeting

FICPA Director of Governmental Affairs Justin Thames met with Ken Bishop, President and CEO of the National Association of State Boards of Accountancy, at NASBA’s Annual Meeting in Boston, MA. Justin and Ken discussed new regulatory updates that are impacting the profession at a state and national level.

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Florida CPA/PAC Needs You DONATE ONLINE

One of the most important ways you can support our legislative advocacy efforts is by donating to the Florida CPA/PAC. Your voluntary donation goes directly towards strengthening our profession and protecting your license. We rely on your help to vet, educate, and support lawmakers who stand for pro-CPA policies and ideals. Make a donation today at FICPA.org/PAC!

Please note: contributions are strictly voluntary and are not deductible for federal tax purposes. The Florida CPA/PAC is an entity completely separate from the FICPA. The Florida CPA/PAC is supported solely by the voluntary contributions of members of the FICPA and others

Impact Report August: Countdown to 2020 Session Begins

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Impact Report August: Countdown to 2020 Session Begins

 

As summer winds down, the legislative cycle is heating up as lawmakers prepare for September meetings ahead of the 2020 session. Your FICPA Governmental Affairs team has been active throughout the summer meeting with members across the state, setting legislative priorities for the coming year, and keeping members informed when it comes to implications of new legislation that took effect. Watch our video update for new developments on all of these fronts.

The 2020 session and elections will be here before you know it – stay informed and up to date by continuing to follow the IMPACT Report!

Also in this edition of the IMPACT Report:

  • Emerging Leaders 2019-2020 Class Announced
  • State & Local Government Accounting Conference
  • FICPA Hosts Networking Reception with Florida Bar

Sincerely

Justin Thames
Director of Governmental Affairs

Other Weekly News and Highlights:

Emerging Leaders 2019-2020 Class Announced

The FICPA recently announced the 2019-2020 class of its Emerging Leaders Program. The program is a selective leadership development opportunity for young CPAs looking to grow in their careers and impact their communities. Each year, the program allows these CPAs to establish strong professional relationships and take the next step forward as leaders. This year’s kick-off event took place earlier this month in Orlando, where participants got to meet their classmates, hear from alumni, strengthen their communication skills, and learn how they can build the CPA profession in Florida. FULL Press Release Here


 

This Week: State & Local Government Accounting Conference

Our annual conference for CPAs in government is taking place this week, August 22 & 23 in Orlando (and via live stream)! Attendees will have the opportunity to hear from experts in the field and learn how to navigate the ethical and practical demands of public services. Check out the full agenda here!



FICPA Hosts Networking Reception with Florida Bar


Join the FICPA & the Florida Bar’s Business Law Section at our Joint Networking Reception!

Thursday, September 26
5:30 – 6:30 PM
Renaissance Fort Lauderdale Cruise Port Hotel|

RESERVE YOUR SEAT

This unique opportunity offers a chance to interact with key players in finance, accounting, and business law, and is held in conjunction with the 2019 FICPA Accounting Show Next Era.

  • Live music & open bar
  • Shuttle transportation from the convention center to the event
  • Exclusive networking with the FICPA & Florida Bar members

Space is limited – register for FREE today at www.ficpa.org/as-reception!

 



Florida TaxWatch Publishes FY 2019-2020 Budget Guide


Florida TaxWatch just released a guide to the FY 2019-20 state budget, which went into effect July 1, 2019. This is the first budget in the new administration of Governor Ron DeSantis, and he put a special emphasis on protecting the Everglades, affordable housing, and hurricane recovery which seem to be his spending priorities. Go to Florida TaxWatch to see the Budget Guide in its entirety. 


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Florida CPA/PAC Needs You DONATE ONLINE

Your voluntary contribution to the Florida CPA/PAC helps us educate candidates and elected officials about why the CPA profession matters, and how the legislation they support will affect your work. Ahead of next year’s elections, your support is even more critical. Donate today and help us stand up for the CPA profession!

Please note: contributions are strictly voluntary and are not deductible for federal tax purposes. The Florida CPA/PAC is an entity completely separate from the FICPA. The Florida CPA/PAC is supported solely by the voluntary contributions of members of the FICPA and others.


Florida CPA/PAC Director Kristin Bivona meeting with State Senate Candidate Jason Brodeur during an event in Orlando, FL.

Please note: contributions are strictly voluntary and are not deductible for federal tax purposes. The Florida CPA/PAC is an entity completely separate from the FICPA. The Florida CPA/PAC is supported solely by the voluntary contributions of members of the FICPA and others
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