January 26, 2007 Volume 7, Number 2 www.gscpa.org |
E-Sources, broadcast the second and fourth Friday of each month, provides timely information about issues affecting the accounting profession, educational opportunities, and special events.
In this Issue:
1. Tax Savings Tips for 2006 Brochure Available
2. Tax Info: Treasury Issue Guidance on New Distribution Provisions of the Pension Protection Act; Improved, Expanded Free File Program Opens for 95 Million Taxpayers
3. IRS Practitioner Contact List Available
4. 2007 Meritorious Service Award Nominations
5. FASB Establishes Investors Technical Advisory Committee
6. GSCPA Web Site Feature of the Week
7. Agencies Issue Final Statement Concerning Elevated Risk Complex Structured Finance Activities
8. CPE News
TAX SAVINGS TIPS FOR 2006 BROCHURE AVAILABLE: The new Tax Savings Tips for 2006 brochure is available for distribution to your clients and customers. The information covers tax breaks for investors, homeowners, parents; new provisions; and filing basics This is a great marketing tool for your business. Space is provided on the back for you to affix a label with your firm's name, logo and contact information. There is no charge for the first 10 brochures. Each additional brochure is $.50. To place an order, contact Elizabeth Kistler at 404-504-2941. To view a PDF of the brochure, click here.
OTHER TAX SEASON RESOURCES: The AICPA has created a brochure, speech and PowerPoint presentation regarding tax saving tips and strategies for CPAs to use with their clients. These resources are highly effective tools for presenting this year’s tax season considerations, including New Provisions and Tax Changes; Filing Basics; Tax Breaks for Homeowners and Investors; Retirement Savings Tax Breaks; Child and Education-Related Tax Breaks; Other Tax and Timing Strategies. The resources can be accessed on the online CPA Marketing Kit.
TAX INFO: Taxpayers Have Until April 17 to File and Pay - Taxpayers across the nation will have until Tuesday, April 17, 2007, to file their 2006 returns and pay any taxes due, the IRS announced. Taxpayers will have extra time to file and pay because April 15 falls on a Sunday in 2007, and the following day, Monday, April 16, is Emancipation Day, a legal holiday
in the District of Columbia.
IRS, Treasury Issue Guidance on New Distribution Provisions of the Pension Protection Act - The Treasury Department and the IRS issued a notice last week providing extensive guidance on several Pension Protection Act rules relating to distributions from tax-qualified retirement plans.
Improved, Expanded Free File Program Opens for 95 Million Taxpayers – The IRS and its private-sector partners announced the opening of this year's Free File program with a series of improvements and changes to help taxpayers. The free tax preparation and free electronic filing initiative begins its fifth year with more consumer-friendly features and expanded services for Spanish-speaking taxpayers.
PRACTITIONER CONTACT LIST AVAILABLE: An IRS Stakeholder Liaison can help you save valuable time by providing the right number for the right resource and contact. A list of frequently used IRS contacts is available to you. Most of your questions can be answered by calling these numbers, but when you need additional assistance, let them connect you with the right information or expert. The Georgia Practitioners Directoryis also available.
2007 MERITORIOUS SERVICE AWARD NOMINATIONS: The GSCPA is now accepting nominations for the 2007 Meritorious Service Award to be presented at the 2007 Annual Convention in the Bahamas. The award is the highest honor bestowed on a member in the Society. The deadline for nominations is January 30. For a list of criteria and more information, please visit the web site.
FASB ESTABLISHES INVESTORS TECHNICAL ADVISORY COMMITTEE:
Earlier this month, FASB announced the establishment of the Investors Technical Advisory Committee (ITAC). Comprised of users of financial reports with strong technical accounting knowledge, ITAC members will serve as a standing resource for the FASB in obtaining further user perspectives and insights on board projects.GSCPA WEB SITE FEATURE OF THE WEEK
: View your upcoming GSCPA events at MY MEMBERSHIP – My Calendar. This calendar pulls up all the events you have registered for including sessions if applicable through the end of the year.AGENCIES ISSUE FINAL STATEMENT CONCERNING ELEVATED RISK COMPLEX STRUCTURED FINANCE ACTIVITIES: Five federal agencies issued a final statement on the complex structured finance activities of financial institutions. The statement describes the types of internal controls and risk management procedures that should help financial institutions identify, manage, and address the heightened legal and reputational risks that may arise from certain complex structured finance transactions (CSFTs).
CPE NEWS
Upcoming CPE
FASB Review for Industry**
Course No. 02001
Date: February 9
Time: 8:30 a.m. - 4 p.m.
Instructor: Dick Townsend
**This course qualifies for the $30 AICPA member discount.
Upcoming Conference
2007 Healthcare Conference
The Right Path for Healthcare Information
Friday, February 9
Cobb Galleria Centre - Atlanta, Ga.
Comments/suggestions? Please email jetzbach@gscpa.org.
The next issue of E-Sources will be released Friday February 9, 2007.