Western CPE Blog
Breaking tax and accounting news and analysis from the experts at Western CPE.
Employment Tax Fraud Case Highlights Critical Compliance Lessons for Business Leaders
By: A recent employment tax fraud case serves as a stark reminder of the serious consequences business leaders face when failing to properly handle employee trust fund taxes. The case involves John Comeau, CEO of Vivid, Inc., a Campbell, California metal coating services company, who faces up to five years in prison for failing to remit approximately $1.15 million in withheld employment taxes to the IRS over nearly a decade. Sentencing is scheduled for April 30, 2025. Case Overview From 2010 through 2019, Vivid, Inc. properly withheld Social Security, Medicare, and income taxes from employee wages. However, Comeau, who held responsibility …
The Irony of Overturning Chevron: New Challenges for Federal Regulations and Tax Professionals
In a striking turn, the Supreme Court’s June 28, 2024 decision in Loper Bright Enterprises v. Raimondo dismantled Chevron deference, the 40-year precedent that gave federal agencies wide latitude to interpret ambiguous laws. Originally established by a conservative court to support deregulation under President Reagan, overturning Chevron now imposes new limits on agency authority, ironically complicating conservative regulatory goals under the incoming Trump administration. Key Impacts on Federal Regulation State Challenges Amplified:Blue states, such as California and New York, gain a potent tool to challenge federal rules on immigration, healthcare, and environmental deregulation under a Republican-led administration.Conversely, red states have …
IRS Expands Business Tax Account: What Tax Professionals Need to Know
Hurriedly spending its IRA22 money, the IRS is improving how businesses manage their tax information with significant enhancements to the Business Tax Account (BTA). This digital evolution represents a critical step forward in providing more accessible and user-friendly tax management tools for corporations and business owners.Key Expansion HighlightsThe most recent update (FS-2024-31) introduces several important changes:Expanded access for C corporationsIntroduction of Designated Officials (DOs) with full tax account accessNew Income Verification Express Service (IVES)Enhanced digital transcript and payment capabilitiesUnderstanding Corporate Designated OfficialsA Designated Official is not just any corporate employee, but a key executive with specific qualifications. These individuals must:Be …
Navigating Virginia CPE Requirements for Accountants and Financial Professionals
Introduction Staying compliant with Virginia’s Continuing Professional Education (CPE) requirements is crucial for maintaining your CPA license and ensuring professional credibility. With a CPE reporting period running from January 1 to December 31, it’s time to review your progress and plan ahead to meet the state’s expectations. This guide breaks down the key requirements, addresses common challenges, and highlights actionable steps to stay compliant. Overview of Virginia Accounting CPE Requirements Virginia’s CPE requirements are designed to ensure CPAs maintain the skills and knowledge needed for professional excellence. Below is a summary of the key components: Total CPE Credit Hours 120 …
Washington CPE Requirements for Accountants
Introduction Staying compliant with Washington’s Continuing Professional Education (CPE) requirements is essential for maintaining your license and advancing your career as a financial professional. With the triennial reporting deadline of April 30, it’s critical to plan ahead to ensure you meet the requirements on time.This post outlines Washington State’s CPE requirements, highlights common challenges accountants face in meeting them, and provides actionable solutions to make compliance easier. Whether you’re preparing for the upcoming deadline or looking to stay ahead, we’ve got you covered. Overview of Washington Accounting CPE Requirements To maintain your CPA license in Washington, you need to meet the …
Corporate Transparency Act Enforcement Blocked — For Now
A federal district court has issued a nationwide injunction against the Corporate Transparency Act (CTA), finding the law “likely unconstitutional.” The ruling in Texas Top Cop Shop, Inc. vs. Garland, filed on December 3, 2024, effectively suspends the beneficial ownership information (BOI) reporting requirements that were set to take effect on January 1, 2025. The court’s order provides immediate relief to reporting companies, halting the enforcement of the CTA and its accompanying regulations pending further judicial review. This preliminary injunction represents a critical moment in the ongoing legal scrutiny of federal regulatory mechanisms, potentially signaling broader implications for corporate disclosure …
California Corner: FTB Secure Email Process Change
By: Effective November 23, 2024, FTB Secure Email users are no longer required to register with the California Franchise Tax Board or log in with a password to open an encrypted email. Instead, the user will have two options to view an encrypted message received from FTB: Sign in to the email account (e.g. Gmail or Yahoo account) to view the message, or: Open the message with a one-time passcode. Please note that any existing email messages received from, and replied to, FTB through FTB Secure Email before the November 23, 2024, update will only be retrievable through December 8, 2024. …
Kentucky CPE Requirements for CPAs: Stay Compliant and Meet Deadlines
Introduction Staying compliant with Kentucky’s Continuing Professional Education (CPE) requirements is essential for CPAs to maintain their licenses and uphold their professional reputation. Annual deadlines vary by license numbers, but regardless of year, CPE reporting runs the course of the year, ending on December 31, while the deadline for CPA license renewal is on August 1. Keeping track of these requirements can be tricky, and it’s important to understand the specific rules that apply to you.In this post, we’ll provide a detailed overview of Kentucky’s Board of Accountancy CPE requirements, common challenges professionals face, and solutions to help you meet …
Montana CPE Requirements: What Accountants Need to Know
Introduction Staying compliant with Montana’s Continuing Professional Education (CPE) requirements is essential for licensed accountants and financial professionals. With the license renewal deadline of December 31 approaching, now is the time to ensure your CPE credits are in order. In this post, we’ll break down Montana’s CPE requirements, highlight common challenges, and provide solutions to help you meet your reporting obligations with confidence. Overview of Montana’s Accounting CPE Requirements To maintain an active CPA license in Montana, professionals must adhere to the following CPE requirements: Key Details CPA License Renewal Deadline: December 31 (annually)CPE Reporting Period: January 1 to December 31 over a three-year …
Utah CPE Requirements: Everything Accountants Need to Know
Introduction Staying compliant with Utah’s Continuing Professional Education (CPE) requirements is essential for accountants and financial professionals. With the license renewal deadline approaching on December 31 of even-numbered years, now is the time to ensure you meet all reporting standards. This guide breaks down Utah’s CPE requirements, identifies common challenges, and offers solutions to streamline compliance. Overview of Utah Accounting CPE Requirements Understanding Utah’s CPE requirements is the first step toward compliance. Below is a clear summary of the key points: License Renewal Deadline December 31 of even-numbered years. CPE Reporting Period January 1 to December 31 biennially, ending on even-numbered …
Tennessee CPE Requirements for CPAs: Your Guide to Compliance
Introduction Maintaining compliance with Tennessee’s Continuing Professional Education (CPE) requirements is vital for Certified Public Accountants (CPAs) to keep their licenses active and uphold professional standards. With deadlines fast approaching—December 31 for even-numbered licenses in even years and odd-numbered licenses in odd years—there’s no better time to ensure you’re on track.In this post, we’ll break down Tennessee’s CPE requirements, highlight common challenges CPAs face, and provide resources to make compliance easier. Whether you’re finalizing credits or planning ahead, we’ve got you covered. Overview of Tennessee Accounting CPE Requirements Tennessee CPAs must fulfill specific CPE requirements within a biennial reporting period …
South Carolina CPE Requirements: Everything You Need to Know to Stay Compliant
Introduction Staying compliant with South Carolina’s Continuing Professional Education (CPE) requirements is critical for accountants and financial professionals. With the license renewal deadline quickly approaching on January 31, now is the perfect time to ensure you meet the state’s annual CPE requirements.This guide outlines South Carolina’s specific CPE requirements, reporting deadlines, and common challenges professionals encounter. By the end, you’ll have a clear path to compliance and a plan for choosing the right courses to meet your needs. Overview of South Carolina Accounting CPE Requirements To maintain your license in South Carolina, you must fulfill the following CPE requirements:Total CPE Hours …
Oklahoma CPE Requirements: A Guide for Accountants and Financial Professionals
Introduction Staying compliant with Oklahoma’s Continuing Professional Education (CPE) requirements is a crucial part of maintaining your CPA license. With strict guidelines and a rolling triennial reporting period, ensuring you meet all necessary credit hours can feel overwhelming.As Oklahoma CPAs approach the end of their annual reporting period, it’s essential to act now to fulfill these obligations and avoid penalties. In this guide, we’ll break down Oklahoma’s CPE requirements, highlight common challenges, and provide actionable solutions to help you stay on track. Overview of Oklahoma’s Accounting CPE Requirements Understanding Oklahoma’s CPE requirements is key to maintaining your license. Below is …
IRS Provides Transition Relief for Third-Party Settlement Organizations
On November 26th, the IRS issued Notice 2024-85, which provides transition relief for third-party settlement organizations (TPSOs) like PayPal, Venmo, and CashApp. The reporting threshold for 2024 will now be $5,000, dropping to $2,500 in 2025 and $600 in 2026 and beyond.Notice 2024-85 also specifies that for calendar year 2024, the IRS will not assert penalties under section 6651 or 6656 for TPSOs that fail to withhold and pay backup withholding tax during that year. The Background of 1099-K Reporting Threshold Changes These new reporting rules were first introduced as a part of the American Rescue Plan Act in 2021 …
Ohio CPE Requirements: What You Need to Know
Introduction Staying compliant with Ohio’s Continuing Professional Education (CPE) requirements is essential for CPAs and financial professionals to maintain their licensure. With the triennial license renewal deadline fast approaching on December 31, now is the time to ensure your credits are up-to-date and meet the state’s specific requirements.In this post, we’ll cover everything you need to know about Ohio CPE requirements rules, common challenges professionals face, and how you can easily meet the requirements with the right courses. Overview of Ohio’s Accounting CPE Requirements Ohio CPAs must adhere to a detailed set of rules to maintain their active licenses. Below is …
North Carolina CPE Requirements: A Guide to Staying Compliant
Introduction Maintaining compliance with North Carolina’s CPE requirements is essential for accountants and financial professionals to keep their licenses in good standing. With the June 30th renewal deadline and the end of the CPE reporting period approaching, now is the time to ensure your CPE credits are in order. This guide will help you navigate North Carolina’s CPE requirements, avoid common pitfalls, and stay on track with your professional development. Overview of North Carolina Accounting CPE Requirements NC CPE requirements ensure that CPAs stay current in their knowledge and skills. Here’s what you need to know: Total CPE Requirements Minimum …
New York CPE Requirements: A Guide for CPAs
Introduction Staying compliant with New York’s Continuing Professional Education (CPE) requirements is essential for maintaining your CPA license and staying ahead in the field of accounting. With specific rules around credit hours, subject areas, and reporting deadlines, understanding these requirements is crucial to avoid last-minute stress.In this guide, we’ll break down New York State CPE requirements, address common challenges CPAs face, and provide actionable solutions to help you meet your obligations. Whether you’re renewing your license or planning for the year ahead, this post will guide you through the process with ease. Overview of New York Accounting CPE Requirements NYS …
Nevada CPE Requirements for Accountants: Stay Compliant Before CPE Deadline
Introduction As an accounting or financial professional in Nevada, staying compliant with the state’s Continuing Professional Education (CPE) requirements is essential to maintaining your license and professional reputation. With the annual license renewal deadline on December 31, it’s important to act now to ensure you meet the state’s standards.This guide will break down Nevada’s CPE requirements, address common challenges accountants face, and help you navigate your reporting obligations confidently. Overview of Nevada Accounting CPE Requirements Here’s a clear overview of the key CPE requirements for Nevada: Important Dates CPA License Renewal Deadline: December 31 (annually).CPE Reporting Period: January 1 to December …
Nebraska CPE Requirements: What You Need to Know
Introduction Staying compliant with Nebraska’s Continuing Professional Education (CPE) requirements is crucial for accountants and financial professionals. With the biennial license renewal deadline on June 30 and a CPE reporting period ending December 31, it’s essential to stay on top of your continuing education credits to avoid penalties or disruptions to your practice.In this guide, we’ll break down Nebraska’s CPE requirements, discuss common challenges professionals face, and provide actionable steps to simplify compliance. Overview of Nebraska’s Accounting CPE Requirements Nebraska CPE requirements are structured to ensure financial professionals maintain and enhance their skills. Here’s a breakdown of the key points: Total Credit Hours …
Missouri CPE Requirements: Stay Compliant and Avoid Last-Minute Stress
Introduction As a certified public accountant or financial professional in Missouri, staying compliant with the state’s Continuing Professional Education (CPE) requirements is essential to maintaining your license. With the annual reporting deadline on March 1st for the prior calendar year’s credits and the biennial license renewal deadline on September 30th, it’s crucial to ensure your CPE is up to date.This guide will walk you through Missouri’s CPE requirements, highlight common challenges professionals face, and provide actionable steps to make compliance easy. Overview of Missouri Accounting CPE Requirements To maintain an active CPA license in Missouri, professionals must adhere to the following CPE requirements: …