15Aug13 (15aug13)

15Aug13
Volume 4, Number 15August 13, 2004www.gscpa.org
 
in this issue:
 

CPE News
Tax Info -IRS to Appeal Accounting Decision Which Could Hinder Enforcement; IRS Issues Guidance on Truck and Tractor Excise Tax; New Issues Selected for IRS Industry Issue Resolution Program
Fair Pay Rules Issued by DOL in Effect 8/23/04
Flexible Schedules Most Valued Employee Benefit
Volunteer Opportunities
Technology Update
Items to Note

 
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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:
 


Liberty Mutual’s exclusive Group Savings Plus® program offers
group discounts off auto and home insurance to GSCPA members.

CPE News:


2004 Southeastern Accounting Show , August 25-26, Cobb Galleria Centre. Select from a wide range of sessions covering A&A, Technology/Accounting Software, Personal Enrichment/Management Issues, Business & Industry, and CPA Firm Issues. High quality, highly rated speakers guide you through sessions that will increase your skills and benefit you professionally and personally.
Be sure to join us Wednesday, August 25 for the Checkered Flag Reception. Relax and join your friends at the starting line for the vendor cocktail and networking reception. Enjoy food, refreshments, and special prize drawings. Visit the Southeastern Accounting Show web site for current information regarding
registration, vendors, speakers, and to download session materials.

2004 Financial Institutions Conference (course no. 13095), September 17, Cobb Galleria Centre. Discuss issues of importance to CPAs in financial institutions as well as public accountants who have financial institutions as clients. Some of this year’s topics include: The Future of Banking; Current Accounting and Auditing Changes; Developments in Bank Taxation; Economic Update; and Balance Sheet Management. Early registration discount ends August 27.

Practice Leaders Workshop: Focus on Leadership (course no. 08802); August 27; GSCPA Training Center; 8 hours CPE. Jennifer Wilson’s workshop focuses on leadership, strategic planning, and organizational development. The goal is to provide you, as a current or up-and-coming leader, an opportunity to step outside of your day-to-day and examine who you are in your current capacity as a leader.

Tax Research: Sources, Methods and Documentations (course no. 08032); August 23, GSCPA Training Center; 8 hours CPE; Instructor: Lynn Nichols - Is that 1996 decision still good authority? Didn't you read somewhere about proposed regulations? Will a 1999 private ruling and a 1992 technical advice memo help? Answers to these and 50 more questions about tax research procedures and authority will be covered.

Determining the Value of a Business or Firm for Purchase or Sale (course no. 08042);
August 30, GSCPA Training Center; 8 hours CPE; Instructor: Rod Burkert - The challenges of placing a value on a business or firm are more complicated than ever as a large percentage of value consists of intangible assets. Learn how to determine the value of an enterprise for purposes of a purchase or sale transaction; the different methods of valuation and how/when they are typically applied; the basics of normalizing earnings and quantifying strategic and synergistic elements of value; and more.

The Accounting Institute – Your Roadmap for Providing Assurance Services (course no. 13035); October 1; 8 hrs A&A available. Early Registration Deadline Extended to September 17. New location - this year the Institute will be held at the Classic Center in Athens (just a short distance from its former site - the Georgia Center for Continuing Education). Dennis Dycus, from the Department of Municipal Audit, State of Tennessee, will present Accounting Profession Update: How the CPA Must Modify Work Approaches and Procedures to Win in the Current Environment. Breakout sessions include Ethics, Excel, and Sarbanes Oxley

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

IRS to Appeal Accounting Decision Which Could Hinder Enforcement - The IRS it plans to appeal a decision by a federal arbitrator that the agency cannot raise the accounting qualifications for newly hired revenue agents. On July 9, an arbitrator ruled that the IRS cannot raise the number of required accounting credit hours from 24 to 30. The IRS raised concerns that if the decision is upheld, will hurt the agency’s increased enforcement efforts against abusive tax shelters and other problem areas.

IRS Issues Guidance on Truck and Tractor Excise Tax – The IRS released Rev. Rul. 2004-80. This ruling applies the primarily designed test in section 145.4051-1(e)(1) and (2) of the Temporary Excise Tax Regulations Under the Highway Revenue Act of 1982 (Pub. L. 97-424) for purposes of determining whether a vehicle is a truck or a highway tractor.

New Issues Selected for IRS Industry Issue Resolution Program - The IRS and the Treasury Department announced that tax issues confronting the banking and heavy equipment distributor industries have been selected for the Industry Issue Resolution (IIR) Program, which reviews complex business tax issues to provide consistency and clarity for affected taxpayers.

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

Fairpay Rules Issued By DOL In Effect 8/23/04:


The Department of Labor’s new FairPay rules, WHICH GO INTO EFFECT August 23, 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.
 

Flexible Schedules Most Valued Employee Benefit:


According to 30 percent of CFOs polled recently, flexible schedules top the list. Retirement savings plans ranked second, cited by 17 percent of those surveyed, followed closely by extra time off with 16 percent of the response. The national poll was conducted by an independent research firm and developed by Accountemps. The survey includes responses from 1,400 CFOs from a stratified random sample of U.S. companies with 20 or more employees. For survey results, click here.
 
Volunteer Opportunities :

Are you looking for ways to help others or give back to your community? Do you want to donate your expertise to an organization that needs assistance? There are many opportunities for members to participate in community service projects. For a list of upcoming opportunities, click here.
 
Technology Update:


Digital Pen Reduces Form-Processing Costs - Small Business Computing (07/26/04); Drew Robb - CAP Ventures estimates that Americans continue to fill out around 100 billion forms each year, with each form costs about five cents to print and nearly a dollar to process. The latest innovation in trying to bring such costs down is the HP Digital Pen, which is part of the HP Forms Automation System designed to streamline the document workflow for processing paper forms. This update is sponsored by Robert Half Management Resources.

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

 


The final dues notices will be mailed shortly. Members who do not renew by September 30 will be charged a $50 reinstatement fee. You can pay via mail by check or credit card, or online.

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. Sponsorship opportunities are available.

National Map Survey Launched: The PCPS/TSCPA National MAP Survey provides local and regional CPA firms with the most comprehensive information available for benchmarking management policies and financial results against other firms. It includes detailed information about size- and practice-specific areas, and questions tailored to sole practitioners. Deadline: September 3.


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

 


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