10May28 (10may28)

10May28
Volume 4, Number 10May 28 , 2004www.gscpa.org
 
in this issue:
 

CPE News
Tax Info - Settlement for Son of Boss Tax Shelter; IRS Offers Penalty Refund for EFTPS Enrollment
Health Savings Accounts Clarified
PCAOB Auditing Standard No. 1 Effective May 24
Technology Update
Items to Note: Nominations Sought for GSCPA Leadership Academy; Dues Statements are in the Mail

 
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CPE News:

Patrick Kelley presents Transfer Taxes; Gift, Estate and Generation Skipping Tax Compliance, Planning & Update (course no. 06022), June 8 at the GSCPA Training Center; 8 hours CPE. This course will provide a comprehensive review of the pre-2010 transfer taxes: compliance and planning gift, estate and generation-skipping tax computations, code section 7520 computations and much more.

Are you interested in the latest standards in accounting and auditing? Be sure to sign up for the AICPA's Annual Accounting and Auditing Workshop** (course no. 06026), June 14-15 at the GSCPA Training Center; 16 hours A&A. This comprehensive, two-day course, taught by Ron Clark, updates you on all the new standards in accounting and auditing, compilation and review and other professional standards. The course covers topics including practical applications of the pronouncements covered, a compilation and review update, the latest insights on problems of financial statement fraud and professional ethics activities.

Process-based Accounting: Revolutionizing Management Decision Making** (course no. 06029), June 17 at the GSCPA Training Center; 8 hours A&A will be taught by James Brimson. Process-based accounting provides an early warning of impeding performance problems by considering events that have already occurred and statistically projecting the upcoming workload. With this course you'll find out how to implement a forward-looking accounting system. During this thought provoking seminar, study in depth each of the techniques that underlie process-based accounting.

**AICPA members qualify for a $30 discount off course fee.

For details or to register for any of the above events, go to the CPE Catalog and enter the course number.

The early registration deadline for the Real Estate Conference is May 28. Take advantage of the savings and register today for this outstanding program that takes place June 18. This conference is packed with informative sessions and is the one program that allows CPAs who also hold a real estate license to double-dip for education credits. If you arrive on time and stay for the entire program, you will earn 6 hours of real estate credit as well as 8 hours of CPE (possible 2 hours of A&A).

Vacation at Callaway and Earn CPE Credit, Too: The 2004 Estate Planning Conference (course no. 13000) is July 29-31 at the Southern Pine at Callaway Gardens. CPE, CLU, CFP, and CLE Credit will be available. Steve Leimberg will present his session, "Dr. Rusty Scalpel: A Minicase with a Sharp Point." Take advantage of the GSCPA room rates before the cut-off date of June 28.


Tax Info :

IRS Offers Settlement for Son of Boss Tax Shelter - The IRS announced that taxpayers who invested in an abusive tax shelter commonly known as "Son of Boss" will have until June 21 to accept an IRS settlement offer to resolve their tax issues. Under the terms of the agreement, eligible taxpayers must concede 100 percent of the claimed tax losses, must pay all applicable interest and must accept the imposition of a penalty unless they had previously disclosed their participation in the transaction.

IRS Offers Penalty Refund for EFTPS Enrollment - The IRS announced an incentive to encourage enrollment in and use of the EFTPS. Approximately 1 million employers could qualify for a refund of a previously paid federal tax deposit (FTD) penalty. The EFTPS-FTD penalty refund offer allows business taxpayers an opportunity to receive an automatic one-time penalty refund if they have been assessed a deposit penalty on a Form 941, Employer's Quarterly Federal Tax Return. The offer is available to employers who are not mandated to use EFTPS.

Keep current on tax issues by joining the GSCPA Taxation Section.

Health Savings Accounts Clarified :

The Treasury Department and the IRS issued a ruling that clarified how health Flexible Spending Arrangements (FSAs) and Health Reimbursement Arrangements (HRAs) interact with Health Savings Accounts (HSAs). The ruling provides a number of ways that individuals may have access to benefits from FSAs and HRAs and remain eligible to contribute to an HSA. Click here for the complete article.
 
PCAOB Auditing Standard No. 1 Effective May 24 :

The PCAOB's Auditing Standard No. 1, References in Auditors' Reports to the Standards of the PCAOB, has been approved by the U.S. SEC. The standard requires that auditors' reports on audits and other engagements relating to public companies and other issuers include a reference that the engagement was performed in accordance with the standards of the PCAOB. This replaces the previous reference to generally accepted auditing standards and is effective May 24, 2004. The SEC's order approving the auditing standard is available on the SEC's Web site, under Regulatory Actions.
 

Technology Update:

"VoIP - It Works"
Small Business Computing (05/10/04); Gerry Blackwell - Billing software company EPSN LLC recently had to select a phone system for its new office from three choices: a traditional small-office system serviced by Verizon, an integrated voice-and-data solution using VoIP, and IP telephony technology through an independent broadband service provider. As a sales organization, one of EPSN's biggest concerns is reliable phone communications. The company chose VoIP from DSL.net, whose network switches route all calls to the proper extensions and whose price is better than traditional telecom. This update is sponsored by Information, Inc.

Keep current on IT issues and developments by joining the GSCPA Information Technology Section.

 
 


Nominations are being accepted for the 2004-05 class of the GSCPA Leadership Academy. This highly successful program, modeled after "Leadership Georgia", teaches participants leadership skills and expertise that they will use in their firms and communities. Skills taught are unique to the leadership training program. Your future partners should have these skills. You can nominate one or more people.

2004-05 Dues Statements Have Been Mailed - Please respond quickly so we can continue to provide outstanding services to all of our members. Your membership provides you with outstanding CPE, new affinity programs, insurance options, networking opportunities, and legislative representation. Click here to renew online.


Georgia Society of CPAs, Atlanta Financial Center, North Tower, Suite 400, 3353 Peachtree Road NE, Atlanta, GA 30326

 


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