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June 2012

AICPA WORKING ON A RESOLUTION FOR FSA LETTER REQUESTING CPA CERTIFICATION

Recently, the Farm Service Agency (FSA) of the U.S. Department of Agriculture (USDA) sent letters requesting certification of income to individuals who receive payments through certain farming programs. In order to qualify for these programs, participants need to meet certain adjusted gross income (AGI) requirements, and many of you have been asked to certify the taxpayers average AGI within 30 days of receipt of the letter.

TSCPA understands this is an area of concern for many of its members and wants to share that AICPA is working with the FSA to come to a speedy resolution that will meet the needs of the FSA requirements and those of our members. AICPA is reporting that until a resolution has been met, the FSA is encouraging local offices to grant extensions of time to those that request the extension. TSCPA will continue to monitor the issue and update its members as news is made available.

Learn More

http://www.fsa.usda.gov/Internet/FSA_File/agi_0118_fact_sheet.pdf 


WAYS AND MEANS COMMITTEE SCHEDULES FRANCHISE TAX HEARING

The Texas House Ways and Means Committee has scheduled a hearing on Tuesday, June 5 to begin deliberations on the franchise tax, although a published agenda appears to address certain specific issues relative to the tax rather than confront whether or not the tax should be replaced.

The agenda does call for deliberations on “pass through, definition of retailer, cost of goods sold, and compensation deduction.” 

House of Representatives Notice of Public Hearing

http://www.capitol.state.tx.us/tlodocs/82R/schedules/pdf/C4902012060510001.PDF

Learn More

https://www.tscpa.org/eweb/DynamicPage.aspx?webcode=GOVmarginFix.