Accounting Resources and Accounting Education

Women have composed more than half of accounting graduates entering
the accounting profession for the past two decades, yet they make up only 23 percent of the partners in accounting firms. While women have come a long way, it is clear there still is work to do.

Melissa K. Hooley, CPA, CGMA, partner at Anton Collins Mitchell LLP, Denver, is chair of the AICPA Women's Initiatives Executive Committee (WIEC). Hooley found her way to accounting thanks to her father’s encouragement. He’d majored in accounting. “I really wanted a career that would offer a lot of different avenues and flexibility,” she says, and she found both through accounting.

Now, after 25 years in the profession, Hooley says she chose to stay in public accounting not only because she enjoyed working with different clients and staff but also because she found it a very flexible and rewarding career. “Some years I worked a lot, and other years I worked less,” she says. “It depended on my daughter’s age. I was really lucky. I had really good coaches and mentors who helped me navigate. I never felt held back.”

With that said, Hooley also notes that while women are moving up the ladder, too many still are not making it to the highest levels of leadership. Read full article here.

Originally published in the COCPA News Account

Reviving Colorado, one historic building at a time
If you’re in the business of redeveloping older buildings and aren’t aware of federal and state incentive programs surrounding the rehabilitation of historic structures, you could be missing out on key financing opportunities for your project. By combining both the Federal Historic Tax Credit and the newly authorized State Rehabilitation Credit, a developer has the potential to help fund as much as 45 percent of his project’s cost through income tax credit incentives.

While the 10 percent and 20 percent Federal Historic Tax Credits have been available for a number of years, Colorado House Bill 14-1311, otherwise known as the Colorado Job Creation and Main Street Revitalization Act, has recently authorized an increased state income tax credit for expenditures related to the rehabilitation and preservation of historic buildings. Supporters of the new bill, including Reps. Leroy Garcia and Tim Dore, as well as state and private preservation offices, saw a unique opportunity to create more jobs here in Colorado, while also promoting local development of projects that might otherwise be invested in other states with larger incentive programs. Authored by Kerry Roets, Tax Manager. Read full article here.

Carried interest has always been a point of contention with the IRS. On July 23, the IRS issued proposed regulations in an attempt to close one aspect that it has always viewed as abusive.

A carried interest is a common vehicle used to compensate a service partner (an individual/entity) for setting up and managing an investment. This usually includes raising capital from investors, identifying and securing the investment, and often the operation of the property. The service partner may or may not invest its own cash for a capital interest, but regardless of a capital investment the service partner still has the upside of the carried interest it receives in the partnership for setting up the deal. Like other partners in the partnership, the carried interest would be taxed on the appreciation of the investment at capital gain rates as low as 20 percent for federal income tax purposes (the current federal rate for long-term capital gains). Authored by Bryan Adam, Senior Tax Manager. Read full article here.

Software Companies and the R&D Credit
Both start-up and mature companies investing in software development should assess their research and development activities, and evaluate whether they are eligible to claim the federal tax credit (“R&D credit”) for increasing research activities provided under Internal Revenue Code (“IRC”) Section 41. The company may be eligible for the R&D credit if it is developing and/or improving software and technology. Authored by Brandon Powers, Senior Tax Manager. Read full article here.
Accounting Articles
©2009-2018 Anton Collins Mitchell, LLP: Denver, Boulder, Northern Colorado Accountants, Denver, Boulder, Northern Colorado Accounting Firms,
Certified Public Accountants, Colorado CPAs.Laramie Accounting Firms, Wyoming CPA, Firm License 0012568 Denver Website Design by Insyntrix