ASCPA Volunteers on 3 TV

One of the high points in my early career was helping the general public answer their tax questions. In the 1980s, with the help of the ASCPA, I participated on TV and radio call-in shows, in addition to helping low-income tax payers prepare their returns.

 This public service continues, although I’m no longer qualified to help. The ASCPA was well-represented last week when Pallav Acharya, Michael Calisi, Brian Desiderio, Mark Geretti , David Meese, Victoria Smith, Sally Taylor, and Jason Washo participated in a special two-hour segment on 3 TV. Staffing a bank of phones in the Channel 3 newsroom, the CPAs received non-stop calls from the public on many different tax issues. Callers asked a variety of questions, especially about health care, mortgage, unemployment benefits and debt relief.

 The public was directed to the ASCPA’s Find a CPA page at www.ascpa.com and ASCPA member Jason Washo, who did several interview segments, reminded viewers to seek out the expert services of CPAs.

 To view a video summary story that aired on channel 3 later on that night, click here.

 Many thanks to these CPAs and to 3 TV for providing this outstanding public service.

ASCPA Life Member and Past Chair Doug Haywood Passed Away

Many CPAs and others are grieving the unexpected loss of Doug Haywood, age 59, on March 1. Doug is survived by Kathy, his wife of 30 years, and their 20-year-old daughter, Mary, a sophomore at the University of Arizona.

Cards can be sent to Kathy and Mary at 11827 S. Blackfoot Drive, Phoenix, AZ 85044. In lieu of flowers, Doug’s favorite non-profit organizations are the Arizona CPA Foundation for Education and Innovation, Arizona Scholarship Fund and Crisis Nursery.

I am alternating between tears and laughter, both grieving and celebrating Doug’s life. We spent many hours on the road together going to chapter meetings during his year as chair. It was a joy to get to know this man of high integrity, to see his eyes light up when he talked about his family and to be inspired by the diversity of his interests.

Doug continued his involvement with the ASCPA even after he recently finished a three-year term as an AICPA Council member and ex-officio member of the ASCPA board of directors. He actively participated in planning our February 2010 Governmental Accounting Conference that had close to a record attendance and included a key note address by Governor Brewer. He also guided us on matters related to CPAs working in government, governmental procedures, etc.

The ASCPA plans to put a memory book together for Kathy and Mary. Please send your special memories of Doug to Cynthia at cfigueroa@ascpa.com or mail them to us at 4801 E. Washington, # 225-B, Phoenix, AZ 85034 by April 30, 2010.

In 2008, the ASCPA named Doug a life member and honored him at our annual meeting. You can read more about Doug in this AZ CPA article: http://www.ascpa.com/Content/39623.aspx

Verizon to allow Skype calls over wireless network

AP – Verizon Wireless will let customers use the Internet phone service Skype to make free calls on some phones.

http://us.rd.yahoo.com/dailynews/rss/tech/*http://news.yahoo.com/s/ap/20100216/ap_on_hi_te/us_tec_techbit_verizon_wireless_skype

Posted by J. Michael Stolp from my Verizon BlackBerry Storm 2.

Amendment to Welfare Plan Held to Be Constructive Amendment to Pension Plan That Reduced Accrued Benefit

The Court of Appeals for the Third Circuit in Battoni v. IBEW Local Union 102 Employee Pension Plan held that a change in a welfare plan amounted to, in effect, an unlawful cutback of participants’ benefits in a pension plan in violation of the anti-cutback provisions of ERISA and IRC §411(d)(6).  The matter in question involved the merger of two locals of the International Brotherhood of Electrical Workers (IBEW) and their plans.  Prior to the merger, IBEW Local 675’s pension plan permitted beneficiaries to choose between a lump sum retirement benefit or periodic payments, while Local 102’s plan (which was to be the surviving plan) did not provide for such a benefit.  The combined pension plan provided that members of Local 675 retained the right to take a lump sum payment, but only for benefits accrued prior to the merger.

President’s Tax Proposals for FY2011 Outlined in Treasury Green Book

Details of the tax proposal in the President’s 2011 budget proposal are described in the Treasury Department’s “Green Book,” more formally known as the General Explanations of the Administration’s Fiscal Year 2011 Revenue Proposals.  The 153 page document is available from the Treasury Department’s website as a PDF file.

IRS Announces Plan to Require Disclosure of FIN48 Information by Corporations With Assets Greater than $10 Million

As some had surmised was likely to happen, the IRS is getting ready to make use of the data regarding uncertain tax positions being assembled by entities to comply with FIN48 (now in FASB ASC 740-10). The IRS announced that it is considering requiring business taxpayers with total assets in excess of $10 million that have financial statements prepared to which FIN48 is applicable to give more detailed disclosures of uncertain tax positions.  Announcement 2010-9 the IRS has asked for comments to be submitted by March 29, 2010.  The IRS expects to issue a schedule on which the disclosures will be made, and the disclosures will be required on returns filed after the schedule is released.

IRS Wants Firms to Flag Tax Strategies

Large corporations will be required to file a summary of their questionable tax positions to the Internal Revenue Service under a plan announced Tuesday designed to give the agency a road map for preventing tax avoidance.

US: Business News:
http://online.wsj.com/article/SB10001424052748703906204575027320135790934.html?mod=rss_whats_news_us_business

Reading this on your Blackberry? Try The Wall Street Journal Mobile Reader now by clicking http://www.wsjmobilereader.com.”

Posted by J. Michael Stolp from my Verizon BlackBerry Storm 2.

There are few totally original ideas.

Most good ideas are borrowed from other ideas, or simply reformat existing ideas in new, interesting ways.

I developed this precise 5 X 11 approach for my personal time management a decade ago. I am certain that these ideas which I developed for my personal habits & discipline drew heavily from various coaches & time management experts.

It is a great stress reliever in our work-a-day world.

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One Great Productivity Idea for 2010 – Morningstar Advisor

http://advisor.morningstar.com/articles/article.asp?docId=18419&email=pb0120A2

Posted by J. Michael Stolp from my Verizon BlackBerry Storm 2.

Taxpayer Both Properly Discloses a Position and Fails on Another When Dealing with §6662 Penalty

The Tax Court took a look at what represents adequate disclosure and a reasonable basis for a position in the case of Campbell v. Commissioner, 134 TC No. 3.

Congress Passes Bill Allowing Cash Contributions for Haitian Earthquake Relief Made in January and February Deductible on 2009 Returns

In response to the earthquake in Haiti, Congress has unanimously enacted the Haitian Assistance Income Tax Relief Act.  That bill contains three provisions that apply to contributions for Haitian earthquake relief.  Taxpayers may elect to treat any contribution made after January 11, 2010 and before March 1, 2010 as if it were made on December 31, 2009.  To qualify the contributions must be made in cash, has to be made for the relief of victims in the areas affected by the earthquake in Haiti on January 12, 2010 and for which a charitable contribution is allowed under IRC §170.