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Another CPA Wins $100 CPE
Credit; One More Chance to Enter!
Timothy Lotito of Hotel Investment Services of
Troy is this week’s lucky winner of a $100 CPE credit. Lotito utilized
MACPA’s online registration last week, and was automatically entered in
today’s drawing from all of last week’s online registrants. Each week
through the end of June, one lucky CPE registrant will win a $100 credit
toward a future MACPA CPE program. Register online for a CPE program before
June 30, and your name will be automatically entered into the weekly drawing
each time you register. Drawings will be held on Monday from the previous
week’s registrants. Winners will be announced in E-News.
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SEC Distributions to
WorldCom Fraud Victims Top Half-Billion Dollar Mark
The SEC announced last week that distributions from its Fair Fund to
investor victims of the WorldCom, Inc. accounting fraud have surpassed
$500 million. "In the last four years, through this and other SEC
distributions, the Commission has returned nearly $2 billion to investor
victims. I anticipate substantial additional distributions to investors in
the near future," said SEC Chairman Christopher Cox. The remaining $250
million from the original $750 million penalty obtained in a settlement with
the company is expected to be distributed later this year upon final
resolution by the Court of any contested claims.
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Transitional Penalty
Relief Provided to Tax Return Preparers
The IRS and Treasury Department released
Notice 2007-54, providing guidance and transitional relief for the
return preparer penalty provisions amended by the Small Business and Work
Opportunity Act of 2007. The new law amended several provisions of the
Internal Revenue Code to extend the return preparer penalties under section
6694 to preparers of all tax returns, including estate and gift tax returns,
employment tax returns, and excise tax returns. Prior to the new law, these
penalties applied only to the preparers of income tax returns. The new law
also increased the amount of the penalties and changed the standards of
conduct that must be met by return preparers in order to avoid penalties
under section 6694.
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IRS Releases Discussion
Draft of Redesigned Form 990 for Tax-Exempt Organizations
The IRS released for comment and discussion a
draft Form 990, the annual return required to be filed by tax-exempt
organizations to report information about their operations. The IRS hopes to
have the form ready for use for the 2008 filing year (returns filed in
2009). The proposal reflects IRS goals to enhance transparency, promote
compliance and minimize filing burdens. In releasing this redesigned form,
the IRS said it is soliciting comments, especially in connection with the
goals of increased transparency of information and use as a compliance tool.
The comment period lasts until Sept. 14, 2007.
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Deadline Extended
until July 2 for Reporting on Foreign Bank and Financial Accounts
Taxpayers have an additional two days this year, until July 2, 2007, to file
the
Report of Foreign Bank and Financial Accounts, Form TD F 90-22.1,
according to the IRS.
The deadline for FBAR forms is June 30, 2007. But because June 30 falls on a
Saturday, the IRS is allowing taxpayers to file by July 2.
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Federal Reserve Seeks
Consumer Advisory Council Members
The The Federal Reserve Board is seeking nominations for appointments to its
Consumer Advisory Council. The Council advises the Board on the exercise
of its responsibilities under various consumer financial services laws and
on other matters. The group meets in Washington, D.C., three times a year.
Ten new members will be appointed to serve three-year terms begining in
January 2008.
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State’s Health
Department Expands Prescription Drug Web Site
The Michigan Department of Community Health (MDCH) added extensive upgrades
to the state's existing
prescription drug web site, including the addition of 120 new
prescription drugs that Michigan consumers can now evaluate to view lowest
prices in their area. Through the site, introduced last year, Michigan
consumers have the ability to evaluate the lowest available prices for 150
of the most commonly prescribed drugs in their area - from Amoxicillin to
Zyrtec. The expanded site also includes a new feature that allows users to
file complaints with MDCH when they believe drug-pricing information is
incorrect or price gouging may be occurring.
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Fuel Prices and Housing
Market Erode CPA Executives’ View of the U.S. Economy
Escalating fuel prices and the weakened housing market are coloring the
opinion that C-suite CPAs have of the U.S. economy, according to the Spring
2007 Business and Industry Economic Outlook Survey conducted by the AICPA.
Many of these executives also believe that energy availability and the
significant number of sub-prime mortgage foreclosures could affect their own
businesses. Other factors contributing to their loss of optimism include the
war in Iraq, the change in Congress, debt, inflation, interest rates and
declining domestic investment. Nonetheless, they remain positive about the
outlook for their own organization. Read the
press release or the complete survey results, which are available on the
AICPA Financial
Management Center web site.
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Excitement Awaits You at the 2007 Summer Management Information Shows
The 2007 Summer Management Information Shows are NOT your ordinary
conferences. You’ll hear great speakers touch on current topics and connect
with key resources at the exhibitor booths. Plus, you’ll have the opportunity to win excellent
prizes throughout both days! And, you can earn up to 16 hours
of CPE to meet your June 30 reporting requirements. Register today for Wednesday,
June 27 and/or Thursday,
June 28.
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How to Get Started With
Web 2.0
Experts say small businesses can use Web 2.0 to enhance their web sites,
boost their online presence, and improve customer service. With Web 2.0,
companies have the ability to take on small projects, modify existing code
to meet their needs, and learn as they go. Newcomers to Web 2.0 could create
a blog using corporate versions of WordPress or TypePad's blogging software
or build a wiki as an intranet or extranet, making it possible for a number
of users to add and edit content. To read this article in
its entirety and much more about developments in technology, access
Technology and
Productivity Weekly, the MACPA's electronic technology newsletter for
industry professionals, sponsored by Information, Inc.
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