90th Annual Meeting—Only 17 Days Away!

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!

URGENT: Mobility Legislation

Please Call Your Legislator!

With only two legislative days remaining, our Mobility legislation is stalled in both the House and the Senate!

Both versions of the bill (HB347 & SB84) are awaiting the third and final reading in the respective body.

We are among ten states who have not yet adopted this non-controversial legislation.

Please call your Senator or Representative and ask them to help us get HB347 up for a vote in the Senate, or SB84 up for a vote in the House.

The bill’s sponsors Rep. Ken Guin and Sen. Roger Bedford will be instrumental in getting this bill up for a vote. Speaker of the House Seth Hammett and Senate Rules Committee Chair Lowell Barron also play a very important role in getting these bills passed. Please contact these elected officials know that this bill is very important to the CPA community!

May Conferences

7th Annual Industry Conference

Thursday, May 14

Pelham Civic Complex

We all expect to be profitable, but we've heard it all before: "times are tough." Hear a fresh take on the economy and learn the positive skills that have set some companies apart in tough times.

Women's Summit

Thursday, May 21

Wynfrey Hotel

Leave the boys at the office and attend our 2009 Women's Summit to meet other ladies who have climbed to the top successfully. Join professional women from all over the state to learn the secrets of their success.

• Denise Ryan—Leadership Lessons from the Kings of Chocolate

• Luncheon & Fashion Show with Keynote by Phyllis Hoffman, CPA of Hoffman Media

• Misean Reed from the AICPA—Trends in Human Capital: Women in the Profession

•Leah Dubberly, CFP, Merrill Lynch—Financial Planning for Women

To register for these and other conferences, visit our website:

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

Retirement Planning

As the baby boomer generation approaches retirement, financial and tax planners can expect increased demand for strategies that dovetail Social Security with other retirement objectives. Join us for CPE that dives into these issues and help your clients and yourself protect the nest egg.

Legislative e-Zine

Legislative e-Zine

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

May 12, 2009—The budgets continued to occupy much of the Legislature’s attention last week.  Although the House and the Senate passed different versions of the General Fund budget, the conference committee version now sits on Governor Riley’s desk awaiting his signature. He has not indicated whether he will sign it, veto it or issue an executive amendment. The $2.5 billion General Fund budget provides funds for the state’s operating expenses.  Now that both the General Fund budget and the $6.2 billion Education Trust Fund budget have been approved by the Legislature, a simple majority is all that will be needed to pass legislation other than constitutional amendments, which could lead to an action-packed final two days of the session.  The Legislature meets this Thursday and Friday.

On Thursday, the House is scheduled to debate SB 201 (The Alabama Taxpayer Protection & Assistance Act), which would provide for the registration and regulation of individual tax return preparers, with specific guidelines for registrants to facilitate refund anticipation loans or checks.  Certified public accountants and other licensed professionals are exempted from the Act.

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)

Help for Homebuyers

Help for Homebuyers—First-time-homebuyer Credit Upped for 2009

The first-time homebuyer credit, introduced by the Housing and Economic Recovery Act of 2008, PL 110-289 (the 2008 act), has been substantially modified and clarified by two developments this year: the passage of the American Recovery and Reinvestment Act of 2009, PL 111-5 (the 2009 act), and the issuance of IRS Notice 2009-12 (IRB 2009-6). This refundable credit, as part of the federal government’s overall economic stimulus effort, is intended to enhance buying incentives in the current economy and encourage and aid first-time homebuyers. A first-time homebuyer is defined as an individual (and if married, the individual’s spouse) who has not had an ownership interest in a principal residence in the three-year period ending on the date of purchase (IRC § 36(c)(1)).

Read more from the AICPA's Journal of Accountancy

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 www.ascpa.org

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