14Jul23 (14jul23)

14Jul23
Volume 4, Number 14July 23, 2004www.gscpa.org
 
in this issue:
 

CPE News
Tax Info - Insurers Need Not File Health Coverage Tax Credit Form; Treasury, IRS Issue Revised Tax Form for Corporate Tax Returns; New e-services Tools Expected to Increase E-filing
National MAP Survey Launched
GASB Issues Proposal on Net Assets Restricted by Enabling Legislation
Risks of Outbound Email
Technology Update
Items to Note: Application of New Nonattest Services Rules; 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:
 

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:


Vacation at Callaway and Earn CPE Credit at the 2004 Estate Planning Conference (course no. 13000); July 29-31; 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.”

2004 Southeastern Accounting Show , August 25-26, Cobb Galleria Centre. Select from a wide range of sessions that offer something for every interest area - 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. 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.

"The Practical Guide to Corporate Governance" (course no. 08050); August 12; Convention Center at Gwinnett; 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. Designed for CPAs in industry and public accounting firms that will be involved in corporate governance programs and initiatives and accountants who are interested in acquiring specific knowledge of what the governance requirements are and how they are being applied into business operations.

"Staff Training in Taxation- C Corporation Taxation" (course no. 08007); August 2-4; GSCPA Training Center; 24 hours CPE. Instructor: Dennis Benvie. This course is designed for the accountant with one to three years of experience or the rusty accountant needing an income tax brush-up. This is a comprehensive 3-day tax training course pertaining to tax reporting and compliance issues of closely-held C Corporations from incorporation through operations to liquidation. All recent tax legislation will be emphasized throughout this course including relevant provisions on the 2003 Jobs & Growth Act and any new legislation enacted prior to the presentation date.

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

Treasury, IRS Issue Revised Tax Form for Corporate Tax Returns - To increase the transparency of corporate tax return filings, the Treasury Department and IRS released a draft of the final version of the Schedule M-3.

Insurers Need Not File Health Coverage Tax Credit Form - The IRS issued guidance that relieves health insurance providers from preparing IRS Form 1099-H, “Health Coverage Tax Credit (HCTC) Advance Payments.” Unless the health insurance providers choose to prepare the form, the IRS HCTC Program Office will prepare the form, file it with the IRS and provide copies to the appropriate taxpayers.

New e-services Tools Expected to Increase e-filing, Improve Customer Service - The IRS released two new electronic tools for tax professionals. Disclosure Authorization and Electronic Account Resolution are the latest additions to the IRS suite of e-services that give tax professionals online options for working with the IRS.

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

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. The Survey includes detailed information about size-specific and practice-specific areas, and also includes questions tailored to sole practitioners. Firms received an e-mail invitation to participate in the online survey. Firms that did not receive an invitation can request one online. All firms have until Friday, September 3 to complete the survey.

 

GASB Issues Proposal On Net Assets Restricted
 by Enabling Legislation:


GASB issued an Exposure Draft of proposed standards intended to clarify for the preparers of state and local government financial statements the requirements for reporting net assets contained in GASB Statement No. 34, Basic Financial Statements—and Management’s Discussion and Analysis—for State and Local Governments. For details, click here.
 
Risks of Outbound Email:
How concerned are companies about the content of email leaving their organizations? How do companies manage the legal and financial risks associated with outbound email? In June 2004, Proofpoint and Forrester Consulting (a division of leading analyst firm Forrester) conducted an online survey of 140 technology decision makers to find the answers to these questions.
 
Technology Update:

More Firms Go "Paperless", Partner's Report; 07/07; p. 1 - CPA firms of all sizes are increasingly looking into paperless document-storage systems as a means of boosting efficiency and productivity. Digital storage allows users to quickly locate and retrieve information from any location and save money on paper and storage space. This Update sponsored by Accountemps.

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

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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