Alabama Society of CPAs View in Browser March 2017

Senate Committee Set to Consider Controversial Corporate Income Tax Proposal

The Alabama Legislature adjourned for atwo-week break after a busy week and will return April 4. They have now completed 13 of the 30 meetings days. When the legislators return, the Senate will resume consideration of the Education Trust Fund Budget, and begin consideration of the General Fund Budget that was approved by the House this week. The House will take up the prison construction legislation. The possible impeachment investigation of Governor Bentley continues to hang over the session.

Corporate income taxes will be on the agenda of the Senate Committee on Fiscal Responsibility and Economic Development after the break. SB67, by Sen Linda Coleman-Madison (D—Birmingham), to require mandatory unitary combined reporting (MUCR)will be the subject of a public hearing and a vote on April 5. MUCR is a method of determining taxable income for a group of affiliated corporations. It taxes a group of affiliated entities engaged in a unitary business as one taxpayer, ignoring that they are separate entities, assigns income to entities with losses, and taxes income on an apportionment factor. It subjects income earned out of state to taxation and potentially subjects entities to double taxation and is an administrative burden to taxpayers and tax collectors. Continue reading >>

Week-by-week the ASCPA tracks bills that are important to Alabama CPAs. Visit to see all legislative summaries and bill tracking. Find this week's bill tracking here >>

UPDATE: ASCPA Firms Enrolled in the Peer Review Program

Effective April 17, 2017 the AICPA will launch a new web-based application to administer peer reviews. If your firm is in the process of scheduling your review, there are two sets of instructions to follow.  If your firm has already scheduled your review, please follow the instructions titled “For all firms to follow after April 17, 2017.”

If you are a member of the AICPA, please refer to the AIPCA Special Instruction White Paper for detailed information. If you are not a member of the AICPA, please refer to the Peer Review Guidance on PRIMA to Firms.

The new system has drastically different procedures with requirement formerly done by the ASCPA Administering Entity now being the responsibility of the firm.  Because of the system changes and new requirements, this is an excellent time to update your email information or any other business information.

If you have questions or would like to confirm we have the correct contact emails for your firm, please contact Ashley Sellers, Peer Review Administrator, at 334-386-5751 or email Once the new peer review system launches, all future correspondence will come to you by email only, so it is imperative that all contact information is current.

Accounting Connections' Agenda is Jam-Packed with Answers to Your 2017 Questions

Why should you join the Alabama Society of CPAs in Montgomery, Alabama at the Renaissance Montgomery for the Accounting Connections Conference? Check out the 2017 agenda below for a few answers why:

Thursday, June 8, 2017
Morning Concurrent Sessions | 8:00 am to 12:00 pm

(A) Public Accounting Track (A&A): Firm Evolution, Change Management, and Auditing in the Future 
(B) Business & Industry Track (Other): Reimagining Your Accounting, Budgeting, and Reporting Tools
Networking Luncheon and Annual Meeting | 12:00 pm to 1:00 pm
Afternoon Concurrent Sessions | 1:15 pm to 4:30 pm
(C) A&A Update with Jim Martin, CPA,CGMA (A&A)
(D) 2017 Hot Topics: Professional Issues Update, Big Data, and Cybersecurity & CPAs (Other)
Friday, June 9, 2017
Concurrent Sessions | 8:00 am to 12:00 pm
(E) Student Session with Mr. Alfonzo Alexander, NASBA 
(F) Young CPA Session (Other): The Accidental Chair and Taking Ownership of Your Future
(G) Tax Session (Tax): Recent Developments in State Taxation

We want you to dream big in 2017.
 Find out more about what Accounting Connections has for you online here ‚Äč>>

NEW Business and Industry Workshop Topics

As a CPA in business and industry, you are consistently faced with changes and developments that make your professional needs unique. On Friday, June 30, The ASCPA will host the Business and Industry Workshop, an event that focuses on the strategic management and leadership skills critical to corporate CPAs. 

Register online today, to gain insight into business intelligence, leadership, the top Human Resources issues, and to participate in a hot-topics round table discussion. Find out more >>

32 Hours from 3 Different Career Tracks... by the Shore

How can you earn up to 32 hours of education (from three different tracks) at the beach? Come to Gulf Shores CPE clusters.

At The Beach Club in Gulf Shores, June 20, 2017 through June 23, 2017, you get to choose from a variety of timely tax, A&A, and other topics -- find all of the courses listed here.  With plenty of education and downtime, we can help you keep work/life balance in check! Reserve your room and choose your classes today, and check "Summer getaway" off your to-do list! All the details can be found at >>

New Tax-Related Content for Social Media

Need tax-related content for your social media platforms this tax season? AICPA’s Amy Wang, CPA, recently sat down with millennial news outlet Refinery29 to answer questions on filing taxes and to promote the CPA profession by representing 360 Degrees of Financial Literacy. The video can be found here and sample social media posts here. Contact Samantha Delgado for more information.

Practices for Sale
  • Huntsville CPA practice grossing $315K
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For more information on these listings or to sell your practice, contact Lori Newcomer at (888) 277-6040 or or visit

March 21, 2017
In this issue    

  • Senate committee set to consider controversial corporate income tax proposal.

  • UPDATE: ASCPA firms enrolled in the Peer Review program can expect new web-based application on April 17, 2017.
  • Accounting Connections' agenda is jam-packed with answers to your 2017 questions.

  • NEW Business and Industry Workshop topics.

  • 32 ours from 3 different career tracks... by the shore.
  • New tax-related content for social media.
  • Practices for Sale
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Alabama Society of CPAs