For CPE opportunities in the Nashville area, visit http://www.tscpa.com/chapter/nashville/cpe.aspx.

     
Next Chapter Meeting
Tuesday, May 20, 2008
The Factory in Franklin
Jamison Hall

"Accounting and Auditing Update"
Kurt G. Oestriecher, CPA

During the lunch session Oestriecher will touch on the audit, review and compilation standards along with any updates that have recently developed. The afternoon CPE session will focus on recent GAAP updates with a concentration on the codification of GAAP standards, FIN 48, fair value accounting, business combinations and FASB updates.
 
Registration: 11:15 a.m.
Lunch: 11:45 a.m. - 12:45 p.m.
Afternoon CPE: 1 - 4:30 p.m.

You may earn 4 hours of CPE credit for attending the lunch and afternoon CPE, or 3 hours of credit for attending afternoon CPE only.

No Charge for Members to Attend; $50 for Nonmembers.

RSVP by noon on Friday, May 16.



 Or call the TSCPA office at 1-800/762-0272.

Officer's Message
Summer Projects
Beth Snider, Nashville Chapter At-Large Board Member

Whew!!! Isn’t that what most of us were saying April 16? Whether April 15 was a professional or only a personal deadline for you, aren’t you glad it has passed?

In previous Nashville Chapter newsletters, several board members have talked about financial stability, responsibility and literacy. With May being the Nashville Chapter’s last CPE session until the fall, now is a good time to re-evaluate the first four months of the year and determine what areas you can still make a difference in for yourself and your clients.

It seems that some of us, including our clients, realize after our tax returns are filed that we should have saved more, given more to charity or learned more about financial opportunities. It is as if a CPA’s true New Year starts in May.

So, as you wrap up the first part of the year and start packing for summer vacation, make a list of ways you can become more involved in the accounting profession – by speaking at a local university, participating in the TSCPA’s financial literacy program or serving on an accounting committee .

Visit www.tscpa.com and www.aicpa.org for great resources for learning about volunteer, community and education opportunities as well as new initiatives in the accounting world.

Have a great summer and don’t forget your Tennessee CPA Journal!
 

TSCPA Online Dues Payment Now Available

If you have not paid your 2008-09 dues, access our online dues renewal system by clicking on the yellow button.

If you have any questions about membership renewal, please contact the society office at 1-800/762-0272 or e-mail us at tscpa@tscpa.com.

Thank you for your commitment to TSCPA and the CPA profession! We look forward to serving you in 2007-08.
 
Welcome New Members! Upcoming Chapter Meetings
Fellow Student

Stuart R. Battersby
Bradley J. Bonde
Jennifer M. Davis
Amy M. Fairrel
Monica S. Hayes
Ryan S. McCutcheon
Robert S. Miller

 

 Lina H. Bell

Associate
Joshua Heavener
Jennifer D. Thayer

 
Tuesday, Sept. 16:  Location TBA; Program TBA
Tuesday, Oct. 21:
 		  Times TBA;
 "Ethical Standards for Tennessee CPAs"
 Nashville Airport Marriott
 
Please note that registrations for upcoming meetings do not open until the newsletter for that month has been released.
 

Nashville Chapter Members, Moves & Mergers
Essent Healthcare has named Michael W. Browder as chief executive officer.

Jon D. Jacques is running for the 48th District House of Representatives seat.

Mark Myers has joined Resources Global Professionals as client service director.

Susan C. Galbreath, Jami McLeod, Lizza T. Perez and Barbara J. Zipperian were recognized in the Nashville Business Journal’s second annual issue of Women of Influence.

 Vaden Group PC has merged with Joseph Decosimo & Company, PLLC to form Decosimo/Vaden.
 

TSCPA Scholarship Application Deadline Approaching!
The Tennessee Society of Certified Public Accountants is pleased to announce the availability of scholarships to students who have completed introductory courses in accounting and/or students majoring in accounting. Last year, the society awarded 139 scholarships totaling $135,000. To be eligible, students must be U.S. citizens, legal residents of Tennessee and attending a Tennessee school full time.

The 2008 scholarship application is now available on the TSCPA Web site
 http://www.tscpa.com/student/college/scholarships.aspx or through your accounting department. The application deadline is June 1.

For more information on the TSCPA scholarship program, please contact Wendy Garvin at wgarvin@tscpa.com or
1-800/762-0272.
 
“1031 Exchange - IRS Rules Changes Affecting Vacation and Second Homes”

By Stephen Wayner, Esq., CES, First Vice President, Bayview 1031 and Michael Minunno, Tennessee Business Development Consultant, Bayview 1031

Those who have vacation or second homes who wish to sell to buy another like property certainly don’t want to pay capital gains and state taxes. Unfortunately, vacation and second homes do not benefit from the IRS’ exclusion of gain in Section 121 because these properties don’t meet the principal residence requirements. Only one option remained to defer taxes: Section 1031 Tax Deferred Exchange. The question is whether a vacation-second home qualifies for Section 1031 tax-deferral treatment.

Until recently, that question was difficult to answer. IRS rules were unclear on how to ensure that a vacation or second home qualified for tax deferral status under Section 1031. In March 2008, the IRS implemented Rev. Proc. 2008-16, which set clear guidelines on how these properties can qualify as “like kind” under Section 1031. These guidelines ensure the IRS will not challenge if a vacation-second home qualifies as property held for productive use in a trade or business or for investment in order to be eligible for safe harbor protection under Section 1031.

For those of you unfamiliar with 1031 Exchanges, Under I.R.S. Code Section 1031, a taxpayer can defer payment of capital gains, depreciation recapture and other state taxes on the sale of investment or business property, provided the proceeds are used to purchase replacement property within certain timeframes. To qualify for a Safe Harbor Protection tax deferral, proceeds must be held by a Qualified Intermediary (QI) between the sale of the relinquished property and the purchase of the replacement property.

To read a full version of this article please visit www.tscpa.com/chapter/newsletters/Nashville/1031.pdf
 
Date Title Course No. Location CPE Credit
5/21 ACPEN - 2008 Business Fraud Update: Practical Skills for Controllers and Auditors * 101 Lipscomb University
Nashville		 8 hours A
5/22 Let's Do Brunch
 		 106
 		 LBMC
Brentwood		 2 hours A
or
2 hours T
5/22 Let's Do Lunch 105 LBMC
Brentwood		 2 hours A
or
2 hours T
6/18 ACPEN - 2008 Not-For-Profit Update * 112 Lipscomb University
Nashville		 8 hours A
6/24 CPA Firm Technology Symposium - Solutions to Keep You Current and Competitive 117 QHR Conference Center
Brentwood		 8 hours M
6/26 Let's Do Brunch 119 LBMC
Brentwood		 2 hours A
or
2 hours T
6/26 Let's Do Lunch 118 LBMC
Brentwood		 2 hours A
or
2 hours T
7/11 Audits of 401(k) Plans 120 QHR Conference Center
Brentwood		 8 hours A
7/23 ACPEN - 2008 Governmental Accounting & Auditing Update * 121 Lipscomb University
Nashville		 8 hours A
7/24 Let's Do Brunch 126 LBMC
Brentwood		 2 hours A
or
2 hours T
7/24 Let's Do Lunch 125 LBMC
Brentwood		 2 hours A
or
2 hours T
8/14 Payroll Tax and Contract Labor Update 128 QHR Conference Center
Brentwood		  8 hours T
 6.67 hours CLE
8/15 Real Estate Tax Update 130 QHR Conference Center
Brentwood		 8 hours T
6.67 hours CLE
8/21 Information Security - Protecting Your Documents, Networks and Identity 136 QHR Conference Center
Brentwood		 8 hours M
8/25 Annual Business Law Update 2008 137 QHR Conference Center
Brentwood		 8 hours M
8/26 Creating & Enhancing the Value of a Business 138 QHR Conference Center
Brentwood		 8 hours M

To register, click any of the links above, fax your registration to 615-377-3904 or call TSCPA at 1-800/762-0272.

* Courses also available as a webcast to view from your home or office computer. Visit http://www.cpalearn.com/tcpa/catalog.asp for a full listing of webcasts and to register.

TSCPA Conferences

Rise Above
 Spring Industry Conference
 May 19
Cool Springs Marriott, Franklin

Conference highlights: Work/Life Balance, Economic Outlook, Making Healthcare Consumerism Work, Technology Update, International Trade Panel


 Click here for schedule and registration information.

Assess Your Risk
 Governmental Accounting & Auditing Conference
June 5 - 6
Willis Conference Center, Nashville

Conference highlights: Audit Risk Standards, GASB Update, Introduction to Governmental Accounting and Reporting, Single Audit - Trying to Get it Right, Pollution Remediation, Detecting Fraud in Schools, Issues in Not-for-Profit Accounting

Click here for schedule and registration information.

Stand Out
 Young CPA Conference
 June 19 - 20
 Hilton Downtown Nashville

Conference highlights: Ethics, Dealing with Difficult People, Deadly Enterprise, Management Strategies that Get Results, "Auditing" Your Personal Financial Plan, A&A Update, Tax Update, Business Development for Accountants

Click here for schedule and registration information.

TSCPA Member Benefit

The Nashville Chapter Supports TSCPA Life Associates Program

Whether you’ve got an important interview coming up or you’re just looking to update your wardrobe, JoS. A. Bank Clothiers offers TSCPA members a 20 percent discount on all regularly-priced merchandise (sale items excluded). This discount is valid for in-store, catalog and Internet orders. JoS. A. Bank Clothiers specializes in professional, corporate casual and casual men's clothing.

To receive your free corporate card, simply visit the JoS. A. Bank store near you, show proof of association with TSCPA and request the corporate card, or call their toll-free catalog number at 1-800/285-2265 or e-mail a request to corporatecard@jos-a-bank.com. Remember to mention the TSCPA corporate company number, 140768, when applying for the card.
 

 The Educational & Memorial Foundation of TSCPA is a 501(c)(3) non-profit corporation, established in 1978 to receive tax deductible contributions to support its scholarship program for promising young accounting students. Scholarships totaling as much as $135,000 have been awarded annually to deserving accounting majors throughout Tennessee, and the number grows steadily each year.

Associates of the Foundation pledge support for the scholarship program. The program has seven levels of support for which members are recognized.

The Nashville Chapter will contribute the first $100 toward a new five-year (minimum $500) commitment pledged by any chapter member.

For more information on the TSCPA Life Associate program, or to view the levels of support, please visit http://www.tscpa.com/about/EMF.pdf.

2007- 08 Nashville Chapter Officers

H. Rowan Leathers III, CPA, President, 615/244-9270, rleathers@millermartin.com
Grant T. Smothers, CPA, President-Elect, 615/202-2122, g.smothers@comcast.net
Crystal D. Shields, CPA, Vice President, 615/259-9038, cshields@phhw.com
Joseph D. Proctor, CPA, Secretary, 615/321-3303, joseph.proctor@youngmgt.com
Susanne Reseland, CPA, Treasurer, 615/309-8335, Susanne@drwealthmgmt.com


This message is provided courtesy of the Nashville Chapter of the Tennessee Society of CPAs. You (or someone using your e-mail address) are a member of the TSCPA and have asked to receive chapter newsletters by e-mail. If you prefer to receive your newsletter via mail, click here - and the next issue will be mailed to you. Please contact TSCPA at chapters@tscpa.com if you wish this to go to another address.
 



This Web page is provided courtesy of the Nashville Chapter of the Tennessee Society of CPAs.