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. GSCPA Seeks Nominees for Prestigious Awards
2. Tax Info: IRS to Waive Estimated Tax Penalty for U.S. Citizens or Residents Living and Working Abroad; IRS Extends Deadline for Settlement Offered To Certain Foreign Embassy Staff; IRS Moves to Stop Abusive Telephone Tax Refund Requests; Search Warrants Target Tax Preparers in Seven Cities Nationwide  
3. AICPA Offers Guidance On Mandatory Corporate E-Filing
4. PCAOB Issues Report on Auditors' Implementation of PCAOB Standards
Relating to Auditors' Responsibilities With Respect to Fraud
5. AICPA and Firms Form New Group to Improve Audit Quality
6. GSCPA Web Site Feature of the Week
7. New Financial Literacy Resources Available
8. CPE News
9. Tax Savings Tips for 2006 Brochure Available

GSCPA SEEKS NOMINEES FOR PRESTIGIOUS AWARDS: Each year the Society recognizes individuals who have given their time to the Society, the profession, and their communities. The awards presented are: Meritorious Service, Public Service, Outstanding Member in Industry, and Outstanding Educator. For details on the awards and how you can nominate someone, please go to our web site.

TAX INFO: IRS to Waive Estimated Tax Penalty for U.S. Citizens or Residents Living and Working Abroad - The IRS and U.S. Treasury announced that they have released guidance on the estimated tax penalty for citizens or residents of the United States living and working abroad.

IRS Extends Deadline for Settlement Offered To Certain Foreign Embassy Staff - The IRS will extend until March 30 the deadline for current and former U.S.-based employees of foreign embassies, consular offices and missions and international organizations to participate in a one-time settlement initiative to resolve outstanding tax matters related to their employment.

IRS Moves to Stop Abusive Telephone Tax Refund Requests; Search Warrants Target Tax Preparers in Seven Cities Nationwide - Search warrants were carried out in seven cities this week by special agents from the IRS. According to affidavits filed in federal court, the IRS is seeking evidence from tax-preparation businesses suspected of preparing returns on behalf of clients requesting egregious amounts involving this year's special telephone excise tax refund.

AICPA OFFERS GUIDANCE ON MANDATORY CORPORATE E-FILING: With more corporations subject to the IRS's mandatory e-filing requirement this year, the AICPA is releasing guidance to help CPAs comply with the rule.

PCAOB ISSUES REPORT ON AUDITORS' IMPLEMENTATION OF PCAOB STANDARDS RELATING TO AUDITORS' RESPONSIBILITIES WITH RESPECT TO FRAUD: The PCAOB issued a report that discusses auditors' implementation of PCAOB interim standards regarding the auditor's responsibility with respect to fraud.

AICPA AND FIRMS FORM NEW GROUP TO IMPROVE AUDIT QUALITY: U.S. accounting firms have formed a new private-sector group to improve audit quality and restore confidence in a profession tarnished by massive corporate accounting scandals. The nonprofit organization, unveiled Tuesday, is affiliated with the AICPA and backed by the Big Four accounting firms-Deloitte & Touche LLP, Ernst & Young LLP, KPMG LLP and PricewaterhouseCoopers LLP-plus the five next largest audit firms.

GSCPA WEB SITE FEATURE OF THE WEEK: Did you know that the most recent issue of GSCPA publications are posted to the web site? Under PROFESSIONAL RESOURCES, the most recent issue, as well as past issues of Current Accounts, Credits, E-Sources, and Money Management are available for you to read.

NEW FINANCIAL LITERACY RESOURCES AVAILABLE - Through the AICPA, there are two new Financial Literacy brochures available to you and your clients. One brochure details the resources available to CPAs, and the other is specific towards your clients and what resources are available to them as consumers. These are different from the ones offered previously. The first 10 brochures are free. Each additional one is $.50. To order, please contact Elizabeth Kistler at ekistler@gscpa.org or 404-504-2941. Please indicate if you would like the CPA brochure or the consumer brochure.

CPE NEWS
Taking You to New Heights at the Spring Decision Makers Conference; April 24-25 at the Cobb Galleria Centre. For the complete program schedule click here.

Just What You Have Been Wishing For - The 2007 Spring Government Workshop; Topic: GASB Update by G. Robert Smith, Jr. of Middle Tennessee State University, Murfreesboro, Tenn; May 11 at the Macon Conference Center.

Save the Date for GSCPA's Largest Event of the Year - The 2007 Southeastern Accounting Show is August 29-30 at the Cobb Galleria Centre. This regional, two day conference attracts over 1,500 attendees and features 16 hours of CPE including 16 hours of accounting & auditing sessions.

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 ekistler@gscpa.org or 404-504-2941.

Comments/suggestions? Please email jetzbach@gscpa.org. 
 
The next issue of E-Sources will be released Friday, March 9, 2007.