Does Your CPA License Renew
in June, July or August?
Increased CPE Monitoring Will Affect You First
The Continuing Professional Education Committee of the TSBPA recommended that CPE monitoring should be more frequent and those rules begin to take effect in June. The following is a verbatim excerpt from the May issue of the TSBPA Board Report.
Get Ready for CPE Compliance Monitoring
The Board’s Continuing Professional Education (CPE) Committee met earlier this year and discussed possible options in regards to CPE compliance monitoring related to Board Rule 523.111(c), Required CPE Reporting. Compliance with this section of the Rules is normally tested as part of the internal audit process of the Board’s operational activities. Due to the importance of our CPE program, the committee determined that a more frequent monitoring process should be established.
Starting with licensees that are renewing this June, July, and August, staff in the CPE department will begin selecting a number of licensees on a random basis for compliance with the CPE rules. A new sample will be selected in each subsequent quarter.
The licensees selected for review will be asked to provide evidence of completion that supports the CPE submissions used for licensure renewal for the most recent three-year licensing period. Licensees may be subject to disciplinary action by the Board for violation of the Rules of Professional Conduct if they fail to adequately verify their compliance to the CPE reporting rules.
For those selected for CPE compliance monitoring, you will receive further instructions with additional information and deadlines for submitting your required documents.
1095-B Client Questions?
Have your clients been receiving their 1095-B forms and been confused? The IRS has provided a list which may help during the busy tax season. Just refer them to this page for some high-quality answers and save yourself some time.
This time, the agency is targeting the oil patch...
...big implications for Texas, the nation’s petroleum king.
With thanks to the Texas Tribune for this article...
Is this the time to get with your small oil & gas producer clients and do some preemptive planning? New rules are coming down from EPA which will slash the amount of methane allowed. "The standards would slash emissions of methane, a gas that often leaks from well pads, compressor stations, processing plants and other equipment used in petroleum production."
...The rules could hit smaller producers particularly hard.Read the full article
Evolution Of The Texas Gas Tax
1917 was the year Texas began to require annual registration of automobiles and trucks, according to the Texas Comptroller's Office. Two years later, only four states had imposed gas taxes to help build and maintain more and better roads. Texas enacted it's first gas tax in 1923 at one cent per gallon! Ten years later, all states had joined in.
Today, rate-wise, Texas is just about in the middle at 20 cents per gallon, (2015). However the effect of inflation on transportation and maintenance costs has had a huge impact on the State's ability to keep up with demand for first-rate roads and transportation facilities. Here's a fascinating description from FISCAL NOTES at the Comptroller's Office.
"Oil Driller's Lawsuit Could Cost Texas Billions in Tax Refunds"
A recent article in the Texas Tribune describes how a 2009 case, involving Midland-based Southwest Royalties and their lawsuit against the state, could wind up costing the state of Texas up to $4.4 billion dollars and wipe out all of the projected budget surplus. This is no small chunk of change!
The Texas Supreme Court has agreed to hear the case. In this article, Glenn Hegar, Texas Comptroller, had a lot to say about the potential impacts - immediately and longer term. This will be an important decision. Read the full article.
Find a CPA
Use our CPA Referral Service to locate a Texas CPA in your area.
Just tell us what you are looking for and we will provide names of CPAs you can contact.
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