Western CPE Blog
Breaking tax and accounting news and analysis from the experts at Western CPE.
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: …
Louisiana CPE Requirements: Stay Compliant and Prepared
Introduction Remaining compliant with Louisiana’s Continuing Professional Education (CPE) requirements is crucial for maintaining your CPA license and ensuring your professional growth. With the license renewal and CPE reporting deadline fast approaching on December 31, now is the perfect time to review the state’s guidelines and take action. This post outlines Louisiana’s CPE requirements for CPAs, highlights common challenges, and provides guidance on how to stay compliant. Overview of Louisiana Accounting CPE Requirements Louisiana’s CPAs must adhere to specific CPE reporting requirements to renew their licenses. Below is a summary of the key guidelines: Key Louisiana CPE Deadlines License Renewal …
Iowa CPE Requirements for Accountants and Financial Professionals
Introduction Staying compliant with Iowa’s Continuing Professional Education (CPE) requirements is crucial for maintaining your CPA license and upholding professional standards. With a potential CPE reporting period that ends on December 31 for the annual renewal deadline of June 30, it’s important to ensure you’ve met the required credit hours well before the reporting period ends. This post will provide a comprehensive overview of Iowa’s CPE reporting requirements, highlight common challenges, and offer practical solutions to simplify compliance. Overview of Iowa’s Accounting CPE Requirements Iowa CPAs must meet specific requirements to renew their licenses. Here’s a breakdown of the key details: …
Indiana CPE Requirements: Your Guide to Staying Compliant
Introduction Meeting Indiana’s Continuing Professional Education (CPE) requirements is essential for accountants and financial professionals to maintain their licenses and stay ahead in their careers. With the upcoming reporting deadline for the 2021–2024 cycle just around the corner, now is the time to ensure you’re on track. This post will guide you through Indiana’s CPE requirements for CPAs and other designations, address common challenges, and highlight solutions to make compliance easier. Overview of Accounting CPE Requirements in Indiana Understanding Indiana’s CPE requirements is crucial to staying compliant and avoiding unnecessary stress. Here’s what you need to know: Indiana CPA License …
Idaho CPE Requirements for Accountants and Financial Professionals
Introduction Staying compliant with Idaho’s State Board of Accountancy CPE requirements is essential for accountants and financial professionals to maintain their licenses and build trust with clients. With the annual license renewal deadline on June 30 and a rolling biennial CPE reporting period, understanding these requirements is key to avoiding penalties and staying on track.In this guide, we’ll cover Idaho’s accounting CPE requirements, highlight common challenges, and provide actionable steps to simplify compliance. Whether you’re a seasoned professional or newly licensed in Idaho, this post will help you navigate the essentials with ease. Overview of Idaho’s Accounting CPE Requirements Idaho’s CPE …
Arkansas CPE Requirements for Accountants and Financial Professionals
Introduction As a licensed accountant or financial professional in Arkansas, staying compliant with the state’s Continuing Professional Education (CPE) requirements is critical to maintaining your license. With the annual license renewal deadline approaching on January 1, now is the time to ensure you meet all necessary criteria. In this post, we’ll cover everything you need to know about the Arkansas State Board of Accountancy’s CPE requirements, including credit hour mandates, subject area specifics, and common challenges. We’ll also outline practical steps to help you navigate these requirements with confidence. Overview of Arkansas Accounting CPE Requirements Arkansas accountants and financial professionals …
Accounting CPE Requirements in the District of Columbia
Introduction Staying compliant with the District of Columbia’s CPE requirements is essential for maintaining your CPA license and professional credibility. With the license renewal deadline quickly approaching on December 31 of even years, now is the time to ensure your CPE credits are in order. In this guide, we’ll outline D.C. CPE requirements, address common challenges, and share solutions to help you meet your obligations before the year-end deadline. Overview of Washington D.C. CPE Requirements To renew your CPA license in the District of Columbia, here are the key requirements you must meet: Total CPE Credit Hours 80 CPE hours are required …
California Corner: California’s 15-Day Rule for New Businesses
By: As we approach the end of the year, it’s a good time to discuss the 15-day rule with your clients. Understanding the 15-day rule and realizing the rule only applies to short taxable years that are 15 days or fewer, is very important for your client’s decision about when to register their business entity with the California Secretary of State.The 15-day rule states that business entities (limited partnerships, limited liability partnerships, limited liability companies, and corporations) with a taxable year of 15 days or fewer are not required to file a tax return or pay the $800 annual/minimum tax, if …
Court Invalidates DOL Overtime Rule Nationwide
On November 15, 2024, the US District Court for the Eastern District of Texas retroactively invalidated a Final Rule from the Department of Labor (DOL) that had increased the minimum salary threshold for certain employees to be considered exempt from overtime pay under the Fair Labor Standards Act (FLSA). The rule was originally effective on July 1, 2024. An earlier ruling applied only to the State of Texas, but this decision affects all employers nationwide. The final rule provided staged increases to the standard salary level necessary for exemption from overtime pay for executive, administrative, and professional (EAP) employees. The …
Ideas & Price Tags: A Closer Look at President-Elect Trump’s Tax Reform Promises
By: As the nation heads into a period of political transition, many clients have questions about what potential tax reforms may mean for them and their finances. For this reason, Sharon Kreider, CPA, Western CPE’s Resident Tax Authority, has written a client letter that you can pass on to your clients as a trusted advisor to cut through the misinformation and keep them informed and assured. The letter is meant to be politically neutral and fact-based. Please read the letter carefully to make sure that you agree with the summary, the language, and tone, then modify it as required for your client …
DEA Considers Reclassification of Marijuana: A Potential Shift in Federal Tax Policy
By: In a move that could significantly alter the landscape of cannabis regulation in the United States, the Drug Enforcement Administration is set to hold a public hearing on the potential rescheduling of medical marijuana from a Schedule I to a Schedule III controlled substance. This development marks a pivotal moment in the ongoing debate surrounding medical marijuana’s legal status and its implications for the medical marijuana industry, law enforcement, and taxes.The proposed rescheduling of marijuana does not apply to recreational marijuana, only to medical marijuana. The Hearing: Date, Time, and Place The DEA has scheduled the public hearing for December …
The Tax Professional’s 5-Step Guide to Succession Planning
Beginning Client succession planning Succession planning for your client is more complicated than simply choosing a successor. Institutional knowledge, client relationships, and technical expertise are all important characteristics of their unique business expertise — expertise that needs to be passed down and implemented for a smooth transition at any organizational level. Whether you’re planning your own transition or advising clients, understanding the full scope of succession planning is critical for maintaining a business’s success and ensuring that the business’s legacy endures. Here are 5 steps to follow when creating a successful succession plan. Step 1: Build a Solid Foundation with …
Edgardo Villanueva v. Comm., TCM 2022-27
“Concise Statement” Required for NOL Deduction (Edgardo Villanueva v. Comm., TCM 2022-27) Edgardo Villanueva reported a loss of $112,375 on Form 4797, Sales of Business Property, attached to his 2013 return, from the disposition of a condominium. He reported the date of loss as Aug. 5, 2013, although the condominium went through foreclosure in May 2009 and Villanueva lost possession of the condominium at that time. The Court determined that because Villanueva sustained the loss in 2009 when the foreclosure occurred, the deduction, if allowable, would have been for 2009. Villanueva was not permitted to carry forward any portion of that …
No Taxes on Tips: What Tax Pros and Accountants Need to Know
Recent campaign proposals from both sides of the aisle have suggested eliminating taxes on tips. While this idea may sound appealing to constituents, the reality is more complex — especially for tax professionals advising service industry clients. Here’s what you need to know. (We’ll be discussing this topic even more in-depth in our two-part livestream special, Tax at the Ballot Box, taking place October 22nd and December 10th.) The Current Landscape for TIP TAXATION The service industry comprises approximately 4 million tipped workers, representing 2.5% of the U.S. workforce, according to Yale University’s Budget Lab. These workers tend to be younger …
IRS Issues Relief for Victims of Hurricane Helene
The Internal Revenue Service has announced comprehensive tax relief for individuals and businesses affected by Hurricane Helene. The IRS has extended tax deadlines for the entire states of Alabama, Georgia, North Carolina, and South Carolina, as well as designated counties in Florida, Tennessee, and Virginia. All taxpayers in these areas now have until May 1, 2025, to file various federal individual and business tax returns and make tax payments.This extension applies to:2024 individual and business returns normally due in March and April 20252023 individual and corporate returns with valid extensionsQuarterly estimated tax payments due on Jan. 15, 2025, and April …