Colorado Society of Certified Public Accountants

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Exhibit Issued for AICPA Audit Guide Compilation and Review Engagements
In December 2009, the Accounting and Review Services Committee issued Statement on Standards for Accounting and Review Services No. 19, Compilation and Review Engagements, representing the most significant changes to the compilation and review literature since the issuance of SSARS No. 1, Compilation and Review of Financial Statements, in December 1978. SSARS No. 19 is effective for compilations and reviews of financial statements for periods ending on or after Dec. 15, 2010, with early implementation of a new compilation reporting option permitted. AR section 80, Compilation of Financial Statements, and AR section 90, Review of Financial Statements (AICPA, Professional Standards, vol. 2), are applicable to compilations and reviews of personal financial statements in the same manner as to compilations and reviews of financial statements of commercial entities. The purpose of the exhibit is to provide specific guidance regarding how those AR sections are applied in compilations and reviews of personal financial statements.

Amendments 60 and 61, and Proposition 101 Demand Your Attention
Cutting unnecessary taxes or bankrupting Colorado? The proponents of Amendments 60 and 61 and Proposition 101 guarantee the first outcome; the opponents forecast the latter. Both sides have begun intense advertising campaigns, gearing up for a showdown on Election Day 2010. Where does the hyperbole end and the truth lie? The Colorado Society of CPAs Board of Directors encourages you to familiarize yourself with Amendments 60 and 61, and Proposition 101. They are not simple reforms, and their impact extends well beyond simple tax cuts. You’re encouraged especially to review the Colorado Legislative Council staff’s fiscal evaluation of each issue; to share what you learn with your clients, employer, friends, and colleagues; and to vote on November 2, 2010.

Announcing the 2010 Everyday Heroes and Heroines Make a Difference

Congratulations to the following recipients of the 2010 Everyday Heroes and Heroines Awards. They will be honored at the CPAs Make A Difference celebration, November 4, at the Sheraton Denver Downtown Hotel.

J. Frost (Frosty) Merriott, CPA, J. Frost Merriott Inc. CPA, Carbondale

President Signs Small Business Jobs and Tax Relief Bill
On Monday, Sept. 28, President Barack Obama signed into law the Small Business Jobs Act of 2010 (HR 5297). The bill, which Congress passed last week, expands loan programs through the U.S. Small Business Administration (SBA), strengthens small business preference programs for federal government projects, provides incentives for exporters, offers a variety of small business tax breaks and includes some revenue raisers.

Colorado Department of Revenue Update Webinar
On Sept. 8, the CSCPA offered a free Webinar with Richard Giardini, Taxpayer Service Division Director for the Colorado Department of Revenue. Giardini addressed the issues and delays that both tax preparers and tax payers have experienced as a result of the DOR computer conversion last fall, how the issues are being resolved, and what to expect in the upcoming year. An archived version of this Webinar can be viewed for free here.
*Please note that the video of the Webcast may take up to 30 minutes to buffer before it begins to play.

Let Us Know What We Can Do to Help!
For you and those you know who’ve been affected by the Four Mile and Reservoir Road fires, we’re thinking about you, and the CSCPA is here to help.
If you have general questions or concerns, contact Susan Vachereau at svachreau@cocpa.org or at (800) 523-9082, ext. 112.
If you have questions regarding CPE, contact Rebecca Campbell at rcampbell@cocpa.org or at (800) 523-9082, ext. 118.
If you have concerns about practice continuation or other business issues, contact Susan or Dan Cronin at dcronin@cocpa.org or at (800) 523-9082, ext. 104.
We’re here to help; just let us know how.

Colorado Department of Revenue Update on Computer Conversion and More
On June 14, CSCPA CEO Mary Medley met with Richard Giardini, Taxpayer Service Division Director with the Colorado Department of Revenue, to discuss the following, ongoing issues Colorado CPAs and their clients are experiencing in the processing of individual tax returns. Many of these issues are related to the Department’s conversion in fall, 2009, to a new computer system and the delayed processing of returns filed in September and October, 2009. For more information or to request assistance with a particular issue, contact Medley at mmedley@cocpa.org or call her at (303) 741-8601 or (800) 523-9082, ext. 101.

60% off Selected Titles in October!
25% discount on the 2011 U.S. Master Tax Guide® extended through December 31st! You will also enjoy exclusive savings on these select titles through October 31, 2010:

Asset Protection Strategies, 2010 — regularly $399, now only $159.60
Attestation Guide, 2009 — regularly $205, now only $82
Audit Committees: A Guide for Directors, Management and Consultants, 6th Edition — regularly $180, now only $72.00
CPA’s Guide to Independence and Ethics — regularly $229, now only $91.60
Financial Planning Answer Book, 2010 — regularly $245, now only $98
Multistate Guide to Sales & Use Tax: Manufacturing, 2011 — regularly $239, now $143.40
Multistate Tax Guide to Financial Institutions, 2010 — regularly $325, now $195

We are pleased to announce that the 25% discount on the 2011 US Master Tax Guide has been extended through the end of the year! Through December 31, 2010, you will receive 25% off the 2011 U.S. Master Tax Guide. Remember, you will not be billed until the book ships and can cancel your order at any time prior to shipment. Please order before December 31, 2010 to lock in your discount!!
You may download the order forms at www.tax.cchgroup.com/members/cocpa
For all books other than the 2010 Master Tax Guides, please place your order by September 30, 2010.
If you have questions, please call Susan Vachereau at (303) 741-8605 or (800) 523-9082, ext. 105.

The CSCPA rooms for rent offer excellent space for groups of 2-50.

Our Business Hours
The CSCPA office is open Monday through Thursday, 7:30 a.m. to 5:30 p.m. and 7:30 a.m. to noon on Fridays.

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