January 08, 2008

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> LAST CHANCE for Small Firm Practitioners—THIS FRIDAY! Come see why so many small firm practitioners keep coming back to the MSCPA Small Firm Networking Roundtables!  Meet other practitioners from across the state, gear up for tax season, and expand your knowledge network.  Date: Friday, January 11, 2008 Location: MSCPA Learning Center in St. Louis, MO Time: 8:00 a.m. to 1:30 p.m. Cost: $75 (breakfast and lunch included) CPE: 3 hours Register now! Sign up today to join this very energetic group and to take away best practices you can immediately apply to your business!  http://www.mocpa.org/Content/21056.aspx ______________________________________________________________ > CPA Day 2008—January 22! Every year, hundreds of CPAs gather in Jefferson City for the annual CPA Day. This is the profession’s most visible opportunity to provide a collective voice to Missouri’s legislators. http://www.mocpa.org/Content/GovernmentAdvocacy/CPADay.aspx ______________________________________________________________ > 2008 Annual MSCPA Awards Do you know someone who has made a unique contribution to the accounting profession?  Is one of your clients a leader and innovator?  Nominate that person for the 2008 Annual MSCPA Awards! Each year, the MSCPA recognizes CPAs who have served their profession and/or community above and beyond their responsibility. Nominations are accepted in five categories: Outstanding Educator Award Outstanding CPA in Government Innovative User of Technology Public Service Award Outstanding CPA in Business & Industry Nominations are due March 14, 2008.  http://www.mocpa.org/Content/awards.aspx ______________________________________________________________ > IRS Issues Interim Relief on More-Likely-Than-Not Penalties On December 31, 2007, the IRS indicated that, if a position satisfies the substantial authority standard, practitioners will not be required to disclose the position nor be subject to a section 6694 preparer penalty if they meet the requirements outlined in Notices 2008-11, -12, and -13. http://tax.aicpa.org/Resources/Tax+Advocacy+for+Members/IRS+ Issues+Interim+Relief+on+More-Likely-Than-Not+Penalties.htm ______________________________________________________________ > Treasury and IRS Give Taxpayers Greater Control over Information Held by Tax Preparers; Propose Marketing Restrictions on RALs The Treasury Department and the Internal Revenue Service released final regulations and a related revenue procedure giving taxpayers greater protection and control over their tax return information held by tax return preparers. Treasury and the IRS also issued a separate request for public comment on a proposal to restrict the marketing of refund anticipation loans and similar products. http://www.irs.gov/newsroom/article/0,,id=177075,00.html ______________________________________________________________ > AMT NEWS! Alternative Minimum Tax Changes Impact Missouri Filers The Internal Revenue Services' (IRS) decision to delay the beginning of filing season for those impacted by the recent Alternative Minimum Tax (AMT) changes directly impacts you as tax preparers preparing Missouri income tax forms. The Missouri Department of Revenue offers the following suggestions for this filing season: · Continue to file electronically. Before filing for those clients impacted by the AMT changes, make sure your software provider has updated its software with the federal changes. Your clients, including those impacted by the delay related to the AMT changes, will continue to receive the best service by filing electronically including faster refunds, more accurate returns, direct deposit, secure return filing and proof of filing. · If you do not use an electronic software provider, make sure your software provider offers 2D barcode on printed returns. 2D returns are processed faster and more accurately than traditional paper returns. · DO NOT file a Missouri return until a federal return has been completed. It is important to use the 2007 federal forms that have been updated with the AMT changes to avoid your clients paying too much federal tax and underpaying Missouri tax. Filing Season Opens on Time Except for Certain Taxpayers Potentially Affected by AMT Patch The Internal Revenue Service announced that the upcoming tax season is expected to start on time for everyone except certain taxpayers potentially affected by late enactment of the Alternative Minimum Tax “patch.” http://www.irs.gov/newsroom/article/0,,id=176948,00.html Alternative Minimum Tax (AMT) – How It Affects Filing Season 2008: http://www.irs.gov/newsroom/article/0,,id=176605,00.html Want to learn more about AMT? MSCPA Member Mike Stachkowski writes about the perils related to the Alternative Minimum Tax. http://www.mocpa.org/Content/files/pdfs/amt.pdf ______________________________________________________________ > Critical Missouri IRS Information IRS Stakeholder Liaison can help you save valuable time by providing the right number for the right resource and contact. For your convenience, MSCPA is providing an IRS Contact List for Practitioners that includes the most frequently used numbers and your local contact person. Most of your questions can be answered by accessing information from IRS.gov, but when you need additional assistance, you can connect with the right information or expert. http://www.mocpa.org/Content/files/pdfs/irsinfo.pdf _____________________________________________________________ Sponsored By: Information, Inc. Information Inc.'s handcrafted business intelligence services provide up-to-the-minute information on critical issues. Decision-makers in more than 2,000 major corporations, associations and government agencies worldwide have relied on our comprehensive news services for the past 22 years. To learn how our timely, targeted, custom services can help you compete in the 21st century, go to: http://www.infoinc.com/s tatecpa/contact.html Technology & Productivity Weekly is a membership benefit and is intended for your personal use only. This Week's Headlines Scale It Down Build a Usable Security Plan Getting Smart is Getting Cheaper Fingertips Key to PC Security Online Services Reduce Payroll Plan Software as a Service: Collaboration and Productivity Apps Rising in 2008 Preparing for the Worst Businesses Must Prepare Now for Pandemic Outbreak How Small-Office IT Can Make a Big Impact Top 10 Software Selection Mistakes

CPE 2008 For CPAs in Public Practice Be on the lookout in April for the 2008-2009 CPE Catalog!. ________________________________ Technology Tip of the Week Provided by the MSCPA Information Technology Committee Keep Embedded Charts Off Your Worksheet Printouts In Excel You can print an embedded chart in Excel without its worksheet by simply selecting the chart and choosing File | Print or clicking the Print button, but did you know that you can print a worksheet separate from its embedded chart in Excel? Even if it's a large worksheet. More To view recently archived issues of “Technology Tip of the Week,” go to: http://www.mocpa.org/techtips.html ________________________________ Contact Us For comments or questions, contact: Dawn Martin - dmartin@mocpa.org To view online: http://www.mocpa.org/Content/files/ newsletters/2007/news091807.html For technical assistance, contact: Christy Aven -caven@mocpa.org To update your e-mail address: Please include your old e-mail address, new e-mail address and MSCPA member ID (if known) and send it to member@mocpa.org. Please note: This newsletter may contain commercial material. Missouri Society of CPAs 540 Maryville Centre Drive, Suite 200 St. Louis, MO 63141 © 2008 Missouri Society of Certified Public Accountants - All Rights Reserved