11Jun11 (11jun11)

11Jun11
Volume 4, Number 11Jun 11, 2004www.gscpa.org
 
in this issue:
 

CPE News
Tax Info - IRS Warns of Scheme to Steal Identity and Financial Data; Interest Rates Drop for Third Quarter; New Procedure for U.S. Tax Certification
Medicare Alert: Beware of Rx Card Fraud
SEC Proposes Provisions Implementing Gramm-Leach-Bliley Bank Broker Rules
Technology Update
Items to Note: Dues Statements have been Mailed

 
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E-Sources, a resource for GSCPA members, provides timely information about issues affecting the accounting profession, educational opportunities, and special events. E-Sources is sent on the second and fourth Friday of each month.

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This issue of E-Sources is sponsored by:
 


Flag Bank provides customized financial solutions to CPA firms and your clients. To find out how we can help, call Donyale Thatch at
404-760-7761.

CPE News:

Take advantage of outstanding courses this summer. Each issue of
E-Sources will highlight selected courses that are only a few of the numerous choices available.

Advanced Practice Issues and Solutions In Audits of Employee Benefit Plans (course no. 06043), June 25, 8 hours A&A, Instructor: Greg Clark. This course is designed for practitioners in public accounting firms that audit employee benefit plans and plan administrators who have a knowledge of what the audit requirements are for such plans and want to discuss in-depth practice and engagement issues.

Fraud and the Financial Statement Audit: Auditor Responsibilities Under SAS99** (course no. 06046), June 29, 8 hours A&A, Instructor: Thomas Newell. Learn the conceptual framework necessary to understand the characteristics of fraud. Renew your understanding of the auditor's responsibilities for detecting fraud in a financial statement audit. Learn what communications must be made with audit team members and client personnel and what documentation is required to evidence your consideration of fraud.

 

The Practical Guide to Corporate Governance (course no. 06048), June 30; 8 hours A&A, Instructor: Greg Clark. In this timely session you will cover the fundamentals of corporate governance and apply them to the core business operations.

**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.

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.

The 2004 Southeastern Accounting Show, the largest CPE event of the year, has something for everyone. This year's conference is August 25-26 at the Cobb Galleria. You may choose to attend both days of the conference (#13085), Wednesday only (#13086), Thursday only (#13087), or the Exhibits only (#13088); 16 hours of CPE 15 A&A hours possible. For conference details visit the new Accounting Show web site. It is interactive, informative, and user-friendly. Attendees can register, download session materials, and view current exhibitors online.

Tax Info :

IRS Warns of Scheme to Steal Identity and Financial Data - The IRS warned today of a fraudulent scheme targeting non-resident aliens who have income from a U.S. The scheme uses fictitious IRS correspondence and an altered IRS form in an attempt to trick the foreign persons into disclosing their personal and financial data. The information fraudulently obtained is then used to steal the taxpayer's identity and financial assets.

Interest Rates Drop for Third Quarter of 2004 - The IRS announced that interest rates for the calendar quarter beginning July 1, 2004, will drop by one percentage point, returning to the levels held from last October through March of this year. The new rates will be:
4 percent for overpayments (3 percent in the case of a corporation); 4 percent for underpayments; 6 percent for large corporate underpayments; and 1.5 percent for the portion of a corporate overpayment exceeding $10,000.

IRS Announces New Procedure for U.S. Tax Certification - A new IRS tax form, Form 8802, Application for United States Residency Certification, will make it easier for U.S. individuals and businesses to establish that they are entitled to lower foreign tax rates provided by U.S. income tax treaties. Beginning July 5, taxpayers who need proof of U.S. residence to qualify for lower treaty rates while working or investing overseas must use Form 8802.

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

Medicare Alert: Beware of Rx Card Fraud :

As the new Medicare drug discount card program begins today, Medicare consumers should be aware of three common frauds including identity theft and "bait and switch" tactics, according to the Foundation for Taxpayer and Consumer Rights. For more details click here.

 
SEC Proposes Provisions Implementing Gramm-Leach-Bliley Bank Broker Rules :

The SEC will publish for comment proposed Regulation B, designed to implement provisions of the Gramm-Leach-Bliley Act of 1999 that delineate the securities activities banks may engage in without registering as brokers under the Securities Exchange Act of 1934. The proposals would extend many of these provisions to savings associations and savings banks.

 

Technology Update:

"Business Solutions: Mobile Working - A Hotspot In Your Hotspot"
Guardian Unlimited (UK); 5/27/04; p. 10; Sue Norris - Constant contact with consumers is essential for most small businesses, which is why advances in communications and information technology devices have allowed workers to take their duties with them on vacation. Public wireless-Internet hotspots at places like coffee shops and gas stations are making it easier to get online while on the road, and even tap into IP-based company networks, and mobile phone services as well as BlackBerry email devices are helping make workers more mobile as well. This update is sponsored by Best Software.

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

 
 


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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