TSCPA Governmental Affairs

The simplest way to fix the margin tax

What if, instead of continuing to study and nip and tuck the Texas franchise (margin) tax statute passed in 2006, we scrapped it all together and went back to the old franchise tax, expanding its base to include more entities (and consequently increase revenue)?

TSCPA member Jimmy Martens has studied that very idea. Read more about it.

Texas State Board of Public Accountancy Approves Fee Increases

On May 17, 2012 the Texas State Board of Public Accountancy (TSBPA) approved a planned increase to both CPA license fees and CPA examination fees. Individual CPA license fees will increase $11 and examination frees will increase $5 per examination section.

This will bring the license fee to a total of $51, including the $10 fee in support of the Fifth Year Accounting Student scholarship fund. The new examination fee will be $20 per section.

The fee increases were approved in conjunction with the start of budget preparations for the 2012-2013 fiscal year. While the exact date for the increase has not been set, the change will probably occur in the fall of this year.

Read more here.

Reversal on oil & gas sales tax ruling

We reported last week that Judge John Dietz was reconsidering his ruling to exempt oil and gas extraction equipment from sales tax.

Sure enough, he's reversed his decision.

Check out the Austin American-Statesman's coverage here.