90th Annual Meeting

ASCPA Chair Marlene McCain Invites You to Attend the

ASCPA's 90th Annual Meeting!

You can find it all here!

The festivities begin at 7:00am with the Chairman's breakfast.

Space is filling up—Register Now!

Sandestin Conference

Looking to get CPE hours and a great tan? Earn 16 hours in an oil-free, easy-to-apply, four-hour format. Topics include Tax, Tech, and A&A with some of the nation's best instructors. Register today before your spot is booked!

Additionally, ASCPA has arranged for discounts on hotel reservations so you can stay and play. Stay at the Sandestin Hilton for $249 and up. Call 800-367-1271 or book online before June 29 to reserve your spot! Be sure to mention group code "ASC."

For more information on other ASCPA Conferences, visit our website:

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

American Recovery & Reinvestment Act

American Recovery and Reinvestment Act

AICPA and CCH have joined forces with top tax experts Sidney Kess, J.D., CPA, and Barbara Weltman, J.D., who take a straightforward yet comprehensive look at 2009 tax legislation and related developments. Led by Bill Murphy—recently appearing as an expert on the Indianapolis news—this course offers tax professionals clear-cut guidance on the new law, including planning opportunities, pitfalls to avoid and ways practitioners can capitalize on the law with their clients. Helpful Planning Pointers and Observations - plus alerts to changes affecting 2009 income tax returns - are integrated throughout the course to assist you in both grasping and applying the new law. Sample client letters will help practitioners inform their clients of the new law.

Register for a class in your area today:

The AICPA has also set up the Economic Crisis Resource Center with guidance and reliable information to help CPAs in navigating current and future financial challenges.

Legislative e-Zine

Legislative e-Zine

by Bruce P. Ely, James E. Long, Jr., William T. Thistle, II

May 5, 2009—The budgets continued to occupy center stage in the Legislature last week. The $6.2 billion Education Trust Fund budget has passed both houses and now awaits the Governor’s signature; the $2.5 billion General Fund budget, which has already been approved by the House, received a favorable vote from the Senate Finance and Taxation-General Fund Committee last week and now moves to the full Senate for consideration.  Because there are only five days left in this legislative session, we can expect to see a flurry of activity once the budgets are finalized.

The debate over expanding unemployment benefits in order to receive additional federal stimulus funds continues, as SB 460 narrowly failed a procedural vote (along party lines) last week that would have allowed the Senate to debate the proposal before the budgets have been passed. The Senate Democrats who support SB 460 claim the change would expand benefits to 20,000 Alabama employees, while Republicans counter that the bill will increase taxes on businesses after the federal funds expire and there is no guarantee that the unemployment compensation law will be amended (again) to revert back to current coverage.  The proponents will try again to move the proposal forward on Tuesday, and with the budgets almost out of the way, the higher Budget Isolated Resolution (“BIR”) voting threshold drops to a simple majority.

<Read More>

CPA Exam—Easier or Harder Now?

The CPA Exam—Is It Easier or Harder Now?

Many CPAs who took the exam before it became computer-based believe that it is easier to pass now because all four parts do not have to be taken together at one time, but rather are taken separately over a period of up to 18 months. While this is true, there are several other factors that make the whole process of scheduling, preparing for and passing the CPA exam more difficult today than when it was a paper-and-pencil exam.

Significant differences between the CPA exam today and what it was like in the past are discussed below. While some support the view that the current exam format is easier, others do not. All of these differences provide an historical perspective on how the CPA exam has evolved over the past several decades. This issue should be of interest to all practitioners, no matter when they took the CPA exam, as well as to current and prospective CPA exam candidates. READ MORE ON OUR WEBSITE

Young CPA Award Nomination

Outstanding Young CPA Award

The Outstanding Young CPA Award is given to the Alabama Young CPA who has demonstrated outstanding service to the profession on a local and statewide level.

Nominate a Young CPA by faxing or e-mailing your nomination to Diane Christy by May 20, 2009.

Click here for the nomination form (PDF)

Tax Amnesty Program Ends May 15

Alabama DOR Amnesty Program Deadline Fast Approching

by Matthew S. Houser and Bruce P. Ely

The Alabama Department of Revenue's limited amnesty program, dubbed Operation Clean Slate, which allows taxpayers to avoid penalties and criminal prosecution if they voluntarily pay some delinquent taxes due in the previous three years, with accrued interest, is ending May 15.

The DOR issued a press release in late April with a reminder of that deadline. Also, the authors sought comments on the progress of the program from Revenue Commissioner Tim Russell and recently appointed Tax Policy Director Curtis Stewart.

The DOR says that when the program ends, it plans to activate the Discovery Module of its new integrated tax system. The module will assist the DOR in identifying unfiled returns and unpaid taxes as well as underreported taxes. Reportedly, it is also designed to pick up Alabama filers who were audited by the Internal Revenue Service and paid additional federal income tax, but who failed to notify the DOR of the audit changes. READ MORE (PDF)

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 ASCPA.org >>

© 2009 Alabama Society of CPAs | PO Box 242987 | Montgomery, AL 36124