4 posts categorized "Daniel Bond" Feed

Back-to-School: How to Pay for College

529 plansSleepless nights are an unfortunate reality when you become a parent. And nothing can get parents tossing and turning like thinking about how they will pay for their son or daughter’s college. For the very financially minded, this worry may arise as soon as you find out you’re expecting. Others may not start to worry until much later. No matter your child’s age, the staggering cost of college is likely to become a concern at some point. Consider this: a four-year education at a private college is on track to cost $323,900 by 2033. Might as well give up now, right? Wrong. You can build your child’s college fund slowly and steadily as you go from changing diapers to handing over the keys to the family car. The solution? A tax-deferred savings plan.

Continue reading "Back-to-School: How to Pay for College" »

Are You Cheating on Your Spouse Financially?

Couple financesDo you have a secret bank account or credit card that your spouse doesn't know about? Do you lie to your partner about how much you really spend? The topic of financial infidelity, whereby spouses lie to one another about money, emerged as one of the surprising topics of discussion at a recent meeting of the AICPA National CPA Financial Literacy Commission in Washington, DC. 

Commission members discussed a recent creditcards.com financial infidelity report that showed that about 20 percent of people admit to spending $500 or more without telling their significant other. According to the study, men are more likely to both spend more than $500 and have a secret account.

One way to prevent this is by setting aside some time with your partner (away from busy or stressful times) and having an open discussion about your spending and financial goals. Another solution offered was to have a joint account, but open separate accounts to make individual purchases. The key is having a trusting partner with whom you can have an honest and open dialogue about your finances.

Continue reading "Are You Cheating on Your Spouse Financially?" »

Fall Review of State Legislative and Regulatory Issues: Part 2 of 2

Across the county, state legislatures considered numerous issues that impact the CPA profession.  In part two of this two-part post, we review issues dealing with: CPAs providing services for marijuana-related businesses, state board of accountancy reorganizations, sales tax on professional services and peer review.

Marijuana Businesses and CPAs

Colorado-capitolAn issue with implications for the CPA profession centers on the legalization of marijuana for both recreational and medicinal use.  While the sale and use of marijuana is illegal at the federal level, state governments and voters are increasingly showing a willingness, in certain jurisdictions, to decriminalize the drug. In November 2012, voters in Colorado and Washington approved ballot measures legalizing the recreational use of marijuana.  A total of 19 states and the District of Columbia have laws permitting the use of marijuana for medical purposes. The AICPA, with input from the Colorado and Washington state CPA societies, has developed an issue brief that gives an overview of U.S. recreational and medicinal marijuana laws, the current legislative/regulatory environment and information for CPAs considering providing services to businesses that operate in these industries (including a list of questions for CPAs to ask themselves before considering this line of work).

Continue reading "Fall Review of State Legislative and Regulatory Issues: Part 2 of 2" »

Fall Review of State Legislative and Regulatory Issues: Part 1 of 2

CPA-Mobility-MapAcross the county, state legislatures considered numerous issues that impact the CPA profession.  In Part one of this two-part post, we review legislation that affected CPA mobility, including streamlining military family licensure processes, promoting film tax credits and creating state tax tribunals.  Part two will cover state board reorganizations, sales tax on professional services, new peer review laws and CPAs providing services for marijuana-related businesses.

Currently, 49 states and the District of Columbia have passed individual CPA mobility laws and the remaining U.S. jurisdictions are working toward this goal.  These laws allow CPAs to operate across state lines without obtaining reciprocal licenses in each state in which they practice.  New state legislation is sometimes proposed in a way that can have unintended consequences on the profession’s mobility regime.  This year, there were three particularly noteworthy areas where CPA cross-border practice could have been put in jeopardy.  These included:

  1. the easing of occupational licensing requirements for members of the military and their spouses;
  2. the creation of film tax incentives requiring audits by in-state CPAs; and
  3. the establishment of state tax tribunals wherein CPAs would seek to represent taxpayers.

Continue reading "Fall Review of State Legislative and Regulatory Issues: Part 1 of 2" »

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