Tuesday Bulletin

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http://w3.ascpa.org/e-news/june/06_16/bulletin.html

June 16, 2009

Summer's finally here!

Sandestin 2009

Sandestin Conference

We want you here for the 33rd Annual Sandestin Conference!

16 hours of exciting CPE with new instructors; A&A, tax, and tech sessions
Networking with friends
Opening reception
Golf Tournament with cash prizes
Fishing Tournament with cash prizes
Family Cookout with LIVE music
Beach Umbrellas provided by ASCPA
Hilton’s Serenity-by-the-Sea Spa Discount
Giveaways courtesy of Beaches of South Walton
Grand prize for one lucky registrant

Book your hotel today!

Hilton Sandestin
4000 Sandestin Blvd.
(800) 367-1271
Rate: $249 and up
Group Code: ASC

Cutoff date: June 29

ASCPA & K2 Partner for Tech Conference

Technology Conference for Accountants

Pelham Civic Complex

August 27-28

ASCPA's Discussion Leader of the Year Tommy Stephens, William Fleenor and Bob Spencer will guide you through 16 hours of fast-paced presentations designed to maximize your time and enhance your learning. Nationally recognized speakers have extensive expertise in numerous software applications. They will share their knowledge with you in order to help you do your job with efficiency and ease.

Participants will receive helpful tips and advanced techniques, along with the tools and skills necessary to keep up with the ever-increasing pace of changes in computer technology. All sessions feature high quality, full-color computer projection systems for clear viewing.

Register here!

Time to Hit the Beach!

Gulf Shores Clusters Are Coming Up!

Plan your vacation and knock-out some CPE while you're at it!

Check out the 2009 Gulf Shores Clusters:

Monday, June 22—Thursday, June 25

The Beach Club

Gulf Shores, Alabama

Visit our website for more information!

ASCPA Clusters

We've hand-picked these classes for you and

we're bringing them to your doorstep.

Birmingham

Montgomery

Mobile

Gulf Shores

Check out these local classes on our website:

http://www.ascpa.org/Content/ContinuingEducation/Clusters4hours.aspx

Film Incentives Bill

New Composite Return Filing Requirements for Alabama

Subchapter K Entities with Nonresident Owners

Although Acts of Alabama 2009-144 (the "Act"), signed into law recently by Governor Riley, is more commonly known as the "Film Incentives Bill"—for the more publicized and politically-popular aspects of the legislation—the Act contains both good news and bad news for nonresident partners.*

Following the national trend, most partnerships, LLCs, and other entities taxed under Subchapter K of the Internal Revenue Code and doing business in Alabama will now be required to file annual composite returns and remit Alabama income tax on behalf of their nonresident partners for all tax years beginning on or after January 1, 2009. ASCPA members should quickly review, and encourage their clients or their clients' attorneys to quickly review, their partnership agreements and LLC operating agreements for possible amendments to incorporate these changes. Withholding provisions may now be appropriate.

Read more (PDF)

CPA Ambassador Training

Want to sharpen your speaking skills, learn some tried-and-true techniques for creating successful presentations? Then CPA Ambassador is for YOU!

Join us on July 17, 2009 for a full day of interactive learning.

You can’t beat the value: 8 hours of “Other” CPE at no charge, plus lunch on us.

The class will be held in our brand-new training room at our new office in Montgomery from 8:30am - 4:30pm.

Click here for more details about the program (PDF).

Making 7216 Easily Manageable

Technology Required: Making 7216 Easily Manageable

Future-thinking firms are taking advantage of the latest and greatest technologies to elevate efficiency at all levels of operation. From automating tax document preparation to delivery of financial statements via portals, technology is at the heart of a well-run and profitable practice. But what about beyond core tax and accounting workflow? Technology certainly has a place in relation to compliance—for example with Internal Revenue Code Section 7216. Disclosure and Use mandates set forth in 7216 are complex and demand significant time investment. Tech-savvy firms realize that technology is the answer to streamlining the compliance process and are starting to transition from traditional, manual processes to a technology-driven approach.

Effective since January 1, 2009, 7216 has largely gone ignored. And though some firms have put forward notable effort to comply with Consent to Disclose regulations, many have yet to implement a system to manage 7216 to the full letter of the law. Disclosure regarding third-party entities is just one small slice of the 7216 pie. It’s the far bigger and more complex Consent to Use piece that demands the most attention.

Read more on our website

About the ASCPA

The Alabama Society of Certified Public Accountants [ASCPA] is the statewide, professional membership organization representing over 6,500 Alabama CPAs in public practice, industry, government and education. Eleven chapters, various committees and task force groups made up of CPA volunteers develop programs and address issues to help all members be successful professionals. Visit www.ascpa.org