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| Missouri Society of Accountants Newsletter |
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FROM THE PRESIDENT
As the newly installed President of the Missouri Society of Accountants, I welcome all of you to the Society and ask that you become involved in the activities that it provides for your benefit. From the Chapter level all the way through to the National level, MSA provides many opportunities for you to participate and grow as an accountant. I hope you realize that the vitality of an organization is measured by the participation of its members. MSA is a vibrant organization, and one that provides quality programs for those members; you make that happen through your input. Please help us sustain this level of achievement by participating in programs, volunteering to work at an event or help in the development of new projects that serve your fellow members. At the recently completed National Society of Accountants Convention, our organization continued to be recognized as one of the premier State organizations affiliated with NSA. Once again, MSA had a strong contingent in attendance and the Barbecue reception, hosted by our Society, was enjoyed by all of our guests. Three NSA Past-Presidents and a District Governor, all from Missouri, made their presence known, as did your Line-Officers and several others. Be sure to attend your next local Chapter meeting, where I believe you will benefit from the experiences of those who attended the 2008 NSA Convention. I would, at this time, like to make you aware of some upcoming projects and events. The MSA Board of Directors is reviewing and updating the organization's Policies and Procedures Manual. This will be conducted through-out this fiscal year, and your input is appreciated. CONTINUED ON THIRD COLUMN |
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Your Newsletter
This is your newsletter and it needs your help!!!
Send us information , stories, laughs about you, your staff, your family,
Chapter News,
Coming s and Goings and what
you think your society members
need to know.
Our publish date is the 5th of
the month, so we need your
items on the 20th of the prior
month (Oct by Sept 20th).
So PLEASE SEND US
SOMETHING PLEASE.
If you are any officer or a
member of the BOD of the
State or Chapter you should
HELP us.
AROUND THE SOCIETY
Linda and Gary Messmer celebrated their 40th while Gary is celebrating his 25th year with NSA. Way to go Gary
Lois and Richard Weston celebrated their 54th.
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------------------------------------------------- CONTINUED FROM FIRST COLUMN
We will also be developing and implementing a recruitment program to be utilized in the college campus environment. Help will be needed developing campus contacts as well as at recruiting events, after the program is established. Please get involved in this worthy project. Let me invite you to this year's Accounting Proficiency Seminar at the Lake of the Ozarks (09/22 & 09/23/08), as well as the Annual Leadership Conference that is held (09/21/08) the day before the opening of the seminar. These events are just another way your organization provides benefits for its members. And don't forget the Gear -Up 1040 seminars coming up at year's end.
While I know I am repeating myself, I cannot emphasize enough that we need you and your continued participation. If you are bashful and would rather be asked to help than to volunteer, consider this a formal request. Join a committee, suggest a project or fund-raiser and get involved. We are all busy with our practices, it is understood that some will be able to participate more than others. There is no problem with that, feel free to commit to a level with which you are comfortable. Any help will be greatly appreciated, and you just might find that you enjoy yourself, as well.
Thank you for your time.
P.S. There might be news coming down regarding ATA, ATP ACAT designations later.
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THERE IS STILL TIME!
 There still time to register for the MSA Accounting Seminar on Sept 21 - 23rd by calling the MSA office @ 1-800-959-4276 or going to the Society web site
www.missouri-accountant.com
This the best and easiest way to get your CPE for your Accredited Business Advisor (ABA).
QUESTION: If a company includes inventory that arrived on January 1, 2008 in the 2007 inventory count:
A. Ending Inventory is too high and net income is too high
B. Ending Inventory is too high and accounts payable is too high
C. Ending inventory is too high and net income is too low
D. Ending inventory is too high and accounts payable is too low
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TAXPAYER WARNING LETTERS
CP2057 is a new IRS Warning Letters that will be mailed out to taxpayers asking them to double-check parts of their return and file an amended return if they have made a mistake. The IRS hopes that this will succeed in collecting extra revenue!!
IRS ANALYSIS SHOWS ONLY HALF OF SCHEDULE C INCOME IS REPORTED?? A report by IRS National Research Program study of 2001shows that only one-half of schedule C income and only 88 percent of capital gains are reported.
New Rules for Companies with Heavy Vehicles
More than 25 vehicles used on highways must file form 2290 electronically. You will need to select an approved transmitter/software provider to file this form.
Lone accountant takes on IRS and wins!!!
Seven years and Accountant Charles Ulrich beat the IRS in tax dispute.
When Mutual companies became public companies the IRS said that there was no basis in the policyholders shares. Ulrich believed there was. Court of Federal Claims in Washington agreed with Ulrich. While the IRS could appeal it is estimated there could be tens of thousands who could be in line for a refund Yahoo News 8/24/08.
1040X anyone? If your client has file for an Oct 15, 2008 extension then maybe you should file a 1040X with "Protective Refund Claim-Do Not Process" on the top of the form for 2004 otherwise for 2004 you are out of luck.
Regulations for Claiming a Dependent - Final regulation TD 9408 for parents who are divorced, etc., or living apart. Effective 7-2-2008
Updated Disclosure Rules - TD 9409 and Rev. Proc. 2008-35 Release TP social security #'s to foreign tax return preparer.
uncover potentially abusive IRS audits, tactics, etc.
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AROUND THE PROFESSIONAL
Missouri AG Sues Tax Resolution Firm
Jefferson City, Mo. (Aug 18, 2008 WebCPA)
The Missouri attorney general has filed suit against tax representation chain JK Harris & Co., saying the firm did not provide the services promised to resolve its clients' state and federal tax problems.
The Missouri lawsuit follows on the heels of a $1.5 million settlement by the chain with 18 other state attorneys general in June, and a $6 million settlement of a class-action lawsuit last year (see Tax Debt Firm to Pay $1.5M in Restitution). The AG's suit is seeking full restitution from JK Harris for Missouri customers who paid up to $4,500 for the services they did not receive.
"JK Harris promises it can help consumers who are having tax problems, but the Missourians who complained to my office told a different story - one of unreturned phone calls, lost paperwork and a worse financial situation than when they started," said Missouri AG Jay Nixon in a statement.
A spokesman for the firm defended its practices. "JK Harris has become the nation's largest tax resolution firm in the United States, having served over 225,000 customers since 1997 because of proven results and satisfied customers," said a statement from Josh Baker, executive vice president of client advocacy at JKH. "Customer complaints are taken seriously at JK Harris. At this time, we have not been served with a lawsuit, nor have we read details in the complaint, so we cannot comment on any specific filings. What we can say is our customers and their satisfaction are our top priority."
In a recent interview, CEO John K. Harris discussed the settlement with the 18 attorneys general, "No question we had some faults," he said. "I agree that we did and we corrected all that and we are trying to lead the industry in the direction of full disclosure, honesty and integrity in the business."
In the Missouri case, consumers complained to Nixon's office that after they paid for debt relief services, JKH failed to follow the process it advertised in handling customer cases. Consumers also reported that they often had to resend their financial disclosure information and supporting documentation because JKH kept losing their paperwork, and they would learn that their assigned case specialists were no longer working on their files only by calling JKH for updates. Consumers who requested full refunds were denied.
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LAUGH
 Some people think the
gover nment owes them a living. The rest of us would gladly settle for a small tax refund.
On your way to the Accounting Seminar Drive carefully. Uncle Sam needs every taxpayer he can get. | |
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| CHAPTER MEETING
Kansas City - 3rd Thursday of the month
Call 816-356-4500
Springfield - 3rd Thursday of the month
Call 417-863-8800
St Louis - 4th Monday of the month
Call 314-638-6232 |
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Missouri Society of Accountants | PO BOX 18308 | KANSAS CITY | MO | 84133
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