13Jul9 (13jul9)

13Jul9
Volume 4, Number 13July 9, 2004www.gscpa.org
 
in this issue:
 

CPE News
Tax Info - New Publications Focus on Car Donations; Notice Issued Regarding Improper Deductions for Conservation Easement Donations; Sales Tax Holiday July 29-Aug 1
Application of New Nonattest Services Rules
FairPay Rules Issued by DOL in effect 8/23/04
Technology Update
Items to Note: Amazon – Buy a book and benefit the Educational Foundation; Annual Golf Tournament October 18

 
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www.gscpa.org
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.

To view the online version of this newsletter, please click here.

This issue of E-Sources is sponsored by:
 

CPE News:


The 2004 Southeastern Accounting Show – The GSCPA’s Largest Event of the Year - Wednesday & Thursday, August 25 & 26. Select from a wide range of sessions that offer something for every interest area. High quality, highly rated speakers guide you through sessions that will increase your skills and benefit you professionally and personally. Kick back at the
Checkered Flag Reception – Wednesday, August 25, 5-7 p.m. Follow the checkered flags and have fun trying the racecar simulator. Immortalize your SEAS experience with an image from the caricature artist. Enjoy food, refreshments, and special prize drawings. For more information and to register, click here.

"Basics of Manufacturing and Supply Chain Management - Understanding the Supply Chain and its Management Issues" (course no. 07040); July 27; 8 hours CPE; Instructor - Lynn Northrup. The course is designed for CPAs who serve manufacturing and wholesale distribution clients. Likewise, professionals working in the private sector gain enhanced understanding of issues and programs encountered in working within the supply chain network.

"Advanced Cost of Capital Computations in a Complex World**" (course no. 07037); July 26; 8 hours CPE; Instructor - Michael Grozdanoff. In this advanced seminar, learn alternative methods for

the calculation of cost of capital. Prepare computations that will withstand an attorney's scrutiny and increase your ability to critically review others' reports on the cost of capital. Develop the skills to effectively use and understand Ibbotson Data in your valuation calculations. Avoid the common errors often made in estimation and use of cost of capital.

"Discounts and Premiums in a Business Valuation Environment**" (course no. 07038); July 27;
8 hours CPE; Instructor - Michael Grozdanoff. Program includes analysis of discount for lack of marketability studies, analysis of minority interest, control premium studies, and key legal cases. Learn to master discount and premium determination, understand proper application of discounts and premiums, and develop calculations you can defend in court.

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

Credits is now available online. To view the most recent issue, please click here.

Tax Info :

Publications Focus on Car Donations – The IRS has released two new publications dealing with car donations to help taxpayers avoid potential pitfalls when they donate automobiles to charities. Publication 4302, “A Charity’s Guide to Car Donations,” addresses issues that charities need to know to operate car donation programs. Publication 4303, “A Donor’s Guide to Car Donations,” focusses on individuals who make such donations.

Notice Issued Regarding Improper Deductions for Conservation Easement Donations – The Treasury Department and the IRS issued a notice to advise taxpayers that the IRS intends to disallow improper charitable contribution deductions for transfers of easements on real property to charitable organizations and for transfers of easements in connection with purchases of real property from charitable organizations. Taxpayers claiming improper charitable contribution deductions for such transfers may be subject to accuracy-related penalties.

Sales Tax Holiday Set for July 29-August 1 – Georgia shoppers will have the opportunity to purchase certain clothing items, school supplies, computers, and computer accessories tax-free during a sales tax holiday that begins at 12:01 a.m. July 29 and continues until midnight August 1.

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

Application of New Nonattest Services Rules:


The AICPA has issued an article to help members understand the application and intent of the new rules under AICPA Interpretation 101-3: Performance of Nonattest Services. Also included are links for additional information. To access the article and links, click here.
 
FairPay Rules Issues By DOL In Effect 8/23/04:


The Department of Labor’s new FairPay rules strengthen overtime protections. Under the new rules, workers earning less than $23,660 per year — or $455 per week — are guaranteed overtime protection. This will strengthen overtime rights for 6.7 million American workers, including 1.3 million low-wage workers who were denied overtime under the old rules.
 

Technology Update:


"Technology Helps Businesses Improve Productivity" - Business Journal (Phoenix); 06/28/04; Linda Obele - Top performing companies say computer technology elevates productivity and saves time. Both Hensley & Co. and Pearce Beverage Co. credit hand-held computer technology for improving their productivity. This update sponsored by Best Software.

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

 
 


Amazon is your resource for a good summer read, the latest in CDs and DVDs, and just about anything else you can think of. When you purchase something at Amazon.com via the GSCPA Bookstore, 5-15 percent of the proceeds from the sale go to the Educational Foundation. Buy something today - for your benefit and the Foundation's. To access Amazon click here.

Mark Your Calendars For The GSCPA Golf Tournament: Get ready to tee off Monday, October 18 at the annual GSCPA Golf Tournament at Hamilton Mill Golf Club. Form your own foursome or we will place you in one. Shotgun start at noon. Lunch and awards dinner included.


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

 


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