Headlines 45 Tennessee Counties Declared Disaster Areas Following Flooding Professional Privilege Tax Due June 1 Second Meeting of Blue Ribbon Panel Held Confusion Abounds over Tax Deadline for Nonprofits Participate in 2010 TSCPA/PCPS MAP Survey Don't Miss the Boat: Renew Your TSCPA Membership Members on Vacation: Special May Discounts TSCPA Annual Convention & Leadership Conference Sponsor the 2010 Accounting Academy TSCPA Scholarship Deadline Approaching Refresh at the Governmental A&A Conference Don't Miss the Tennessee Accounting & Business Expo SSARS 19: Redefining Compilation & Review Elder Financial Abuse and the CPA CPE Exam for Hotwire Articles Available
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Special Note: This issue of Hotwire offers a self-study CPE exam. Click here to see the technical articles that the exam is based on. Professional Issues 45 Tennessee Counties Declared Disaster Areas Following Flooding The President has declared 45 Tennessee counties as federal disaster areas qualifying for individual and business assistance following the flooding, tornadoes and straight-line wind damage caused by storms earlier this month. For a listing of counties affected and what this means for individuals and businesses, please visit http://www.tscpa.com/hotwire/IRS_tn_disaster.html.
Professional Privilege Tax Due June 1; Online Payment Available The Tennessee Department of Revenue was delayed sending out the professional privilege tax notices, due to flooding issues. However, the tax is still due on June 1 and can be paid on the DOR's website at https://news.tennesseeanytime.org/node/5009. Second Meeting of Blue Ribbon Panel Held On May 14, the second meeting of the Blue Ribbon Panel was held to discuss restructuring the private company financial reporting standards. Please see the Journal of Accountancy article at http://www.journalofaccountancy.com/Web/20102927.htm for an overview of the meeting. Confusion Abounds Over Tax Deadline for Small Nonprofits Although the May 17 filing deadline has passed, it appears many small tax-exempt organizations did not file the required information return in time. The IRS is encouraging these organizations to go ahead and file, despite being past the deadline. For more information, see http://www.accountingweb.com/topic/tax/statement-irs-commissioner-regarding-small-charity-filing-deadline. Participate in 2010 TSCPA/PCPS MAP Survey Ever wondered how your firm stacks up against other firms? Find out where your firm stands by taking part in the CPA profession's premier benchmarking study - the PCPS/TSCPA National MAP Survey. The deadline for the survey is July 23. Results will be compiled once the survey closes and will be available for purchase or for free to PCPS members. The survey is available at http://www7.intellisurvey.com/run/map10home. Society News Don't Miss the Boat: Renew Your TSCPA Membership! Don't miss out on everything your TSCPA membership has to offer! Renew for the 2010-11 year online at https://www.tscpa.com/MemberNet/Secure/Choose.aspx and login with your last name and TSCPA member number. Dues must be paid by June 15 to avoid automatic suspension. For more information about the online dues renewal process, please check out our Q&A at http://www.tscpa.com/hotwire/duesqa.html or contact the society office. Thanks for being a TSCPA member - we look forward to continuing to serve you in 2010-11! Members on Vacation: Special May Discounts
TSCPA Annual Convention & Leadership Conference TSCPA's 80th Annual Convention & Leadership Conference will be held at the Chattanoogan Hotel & Convention Center on June 13-16. More information, including room block details and an agenda can be viewed at http://www.tscpa.com/convention/default.aspx. Sponsor the 2010 Accounting Academy TSCPA will be hosting the ninth annual Accounting Academy in July, and we need your help making it a success! The camp is offered at no cost to attendees, so sponsorships are essential to making the camp available to as many qualified students as possible. We already have several firms committed to supporting this year’s Accounting Academy, and we’d love to add yours to the list! For information, visit http://www.tscpa.com/hotwire/acctg_acad_2010.html. TSCPA Scholarship Deadline Approaching The deadline to apply for a 2010 TSCPA scholarship is June 1. Access the application at http://www.tscpa.com/student/college/scholarships.aspx. In 2009, TSCPA awarded scholarships totaling $100,000. To be eligible, students should be U.S. citizens, legal residents of Tennessee and attending a Tennessee school. Applicants should have completed introductory courses in accounting and/or be majoring in accounting. For more information on scholarships, please contact Connie Rhea at crhea@tscpa.com or 1-800/762-0272. Professional Development Refresh at the Governmental Accounting & Auditing Conference
Audits of 401(k)s Course Coming in June Every aspect of how to audit a 401(k) plan and prepare financial statements that satisfy ERISA and SEC requirements is covered in this course. Tap into ways to plan and conduct 401(k) audits more efficiently and effectively and understand the differences between 401(k) audits and other employee benefit plans audits. Course #: 110 Don't Miss the Tennessee Accounting & Business Expo! The Tennessee Accounting & Business Expo features the hottest trends in accounting and auditing issues, technology, taxation, management, ethics, fraud and internal controls. You can select from 40 educational sessions and earn up to 16 hours of CPE with a possible 16 hours of accounting & auditing credit. Select a track, or mix it up to match your needs and desires. The expo will be Aug. 30-31 at the Cool Springs Marriott in Franklin. For more information and to register, visit http://www.tscpa.com/conferences/tn_accounting_expo_2010.aspx. SSARS 19: Redesigning Compilations and Reviews CPE Credit Available This article explores the key new elements of this new standard, which is effective for financial statement periods ending after Dec. 15, 2010. Read the full article at http://www.tscpa.com/hotwire/ssars_article.html. Elder Financial Abuse and the CPA CPE Credit Available The financial exploitation of older Americans has mushroomed in recent years to the point where an “explosion” of cases has been reported by adult protective services agencies and practitioners in the civil justice system. As trusted financial advisors, many CPAs have an intimate knowledge of client finances, business matters and family dynamics, and they may be in a position to detect and prevent problems and to render assistance. Read the full article at http://www.tscpa.com/hotwire/elder_financials.html. CPE Exam for Hotwire Articles Available This issue of Hotwire offers a self-study exam that corresponds with the two technical articles. You may earn 1 hour of "Other" CPE for taking this exam and getting five of the seven questions correct. Access the exam at http://www.tscpa.com/_forms/exam/0510hotwire/requestForm.aspx. For more information about the Journal and Hotwire self-study exams, please visit http://www.tscpa.com/cpe/SelfStudyExam.aspx. |
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To assist members who may have been affected by the recent flooding, TSCPA has compiled a Disaster Relief Toolkit, available on the TSCPA website at 
