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.Upcoming Section Events and CPE
2. Tax Info: IRS Has $2.2 Billion for People Who Have Not Filed a 2003 Tax Return; IRS Revises Offer in Compromise Application Form; Home Computer E-File Usage Grows in 2007  
3. Report Finds Restatement Trends Show Sarbanes-Oxley Works
4. Flexibility Sparks Increase In Number Of Female CPAs
5. 2007 Revision of Government Auditing Standards Issued
6.GSCPA Web Site Feature of the Week
7. GSCPA Seeks Nominees for Prestigious Awards - Deadlines next week
8. CPE News
9. Annual Convention – Save the Date

UPCOMING SECTION EVENTS AND CPE: CPAs in Industry Section Lunch and Learn - March 15; Topic - Business Valuation Fundamentals and the Cost of Capital by Marvin T. Brown, CPA/ABV, CVA; 11:30 a.m. - 1 p.m. at Tarpley and Underwood; 1 hour of CPE; Cost - $15.

Real Estate Section Roundtable Discussion - March 27; Topic - Current Market Conditions of the Property and Casualty Insurance Industry by Scott E. Russell, CPCU; 11:30 a.m. - 1 p.m. at the GSCPA Training Center; 1 hour of CPE; Cost - $25.

TAX INFO: IRS Has $2.2 Billion for People Who Have Not Filed a 2003 Tax Return - Unclaimed refunds totaling more than $2.2 billion are awaiting about 1.8 million people who failed to file a federal income tax return for 2003, the Internal Revenue Service announced today. However, in order to collect the money, a return for 2003 must be filed with an IRS office no later than Tuesday, April 17, 2007.

IRS Revises Offer in Compromise Application Form - The IRS has announced that the newly revised taxpayer application for an offer in compromise, the Form 656 package, is now available. An offer in compromise is an agreement between a taxpayer and the IRS that resolves the taxpayer's tax liability. Under certain circumstances, the IRS has the authority to settle federal tax liabilities by accepting less than full payment.

Home Computer E-File Usage Grows in 2007 - The IRS has announced that taxpayers are continuing to file their tax returns electronically from home computers at a record pace, up almost 7 percent from the same period last year. Overall, e-file has increased by nearly 4 percent since last year.  In addition to a 7 percent increase in self-prepared electronically filed returns, e-filed returns from tax professionals climbed by more than 2 percent.

REPORT FINDS RESTATEMENT TRENDS SHOW SARBANES-OXLEY WORKS: Earnings restatements rose 13 percent last year but declined at larger companies that have to comply with a Sarbanes-Oxley requirement to inspect their internal controls, a report released said.

FLEXIBILITY SPARKS INCREASE IN NUMBER OF FEMALE CPAS: As reported in the St. Louis Business Journal, in 2006, more than 60 percent of accountants and auditors were women, up from 57 percent in 2000, according to a report from the Bureau of Labor Statistics.  And the AICPA said in a recent report that half its new members are women.

2007 REVISION OF GOVERNMENT AUDITING STANDARDS ISSUED: The U.S. Government Accountability Office has issued the Jan. 2007 revision of Government Auditing Standards. The standards emphasize the critical role of government audits in achieving credibility and accountability in government, with an increased focus on the ethical principles underlying the work of those who audit government programs and activities.

GSCPA WEB SITE FEATURE OF THE WEEK: If you would like to use the GSCPA logo on your web site, you can download a color or black and white version directly from the GSCPA web site. Visit the ABOUT US section of the site, and choose Logos from the left-hand navigation. 

GSCPA SEEKS NOMINEES FOR PRESTIGIOUS AWARDS – DEADLINES NEXT WEEK: 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.

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.

The Solution to Your Real Estate Needs – The 2007 Real Estate Conference; May 17 at the Cobb Galleria Centre.

ANNUAL CONVENTION – SAVE THE DATE: Break Away to the Bahamas at the 2007 Annual Convention. June 24-27, 2007 at the Westin Our Lucaya, Grand Bahamas Island.

Comments/suggestions? Please email jetzbach@gscpa.org. 
 
The next issue of E-Sources will be released Friday, March 23, 2007.