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| October 2004 | The
Monthly Newspaper of the NYSSCPA |
Vol.
7, No.13 |
Message From the President
By Thomas Boyd, Queens Chapter President
The Queens Chapter was quite active in September. Our Young CPAs Committee held its first event at a Mets game at Shea Stadium. We also held a technical session on QuickBooks at St. John’s University, where attendees earned three CPE credits. The board also met in September to map out the direction of the chapter for the rest of the year.
The Chapter Tax Committee has met to set the agenda for the chapter’s annual Tax Conference. This conference will be on Thursday, Oct. 21, at St. John’s University (SJU). The Internal Revenue Service and the Department of Accounting and Taxation at SJU cosponsor this event. Attendees will earn eight CPE credits.
Based on the Tax Committee’s input, the program topics have been modified a little from what we reported last month. The conference program will now include:
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Alternative Minimum Tax (by an IRS representative and practitioner): Stealth Tax; hear a balanced presentation on how the Alternative Minimum Tax will negate tax cuts for an increasing number of taxpayers.
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Tax Planning for Related Party Transactions (by a Queens Chapter Committee Member): Learn techniques to utilize losses that may otherwise be disallowed.
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Pension Plan Update (by an IRS representative): Recent changes and new regulations for employee plans will be presented.
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State Tax Update (by a New York State Department of Taxation and Finance representative): Review N.Y. state tax changes.
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Federal Tax Update (panel discussion): The panel will cover federal tax changes, including depreciation rules, entity selection and other topics.
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ESPP, Incentive Stock Options and Nonstatutory Stock Options (by an IRS employment tax specialist): A discussion on the proper reporting requirements for employers and employees covering the three classes of stock options: incentive stock options, employee stock purchase plan options, and nonstatutory stock options.
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The TEFRA Program at Brookhaven Campus: Specifically SS-8s, Classification and Informant Claims (panel with speakers from the IRS TEFRA program at Brookhaven): Discussion of the SS-8, Classification, and Informant Claims functions.
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Ethical Behavior of Tax Practitioners (by an IRS representative from the Office of Professional Responsibility and Practitioner): An IRS National Office Attorney speaks on the Standards of Ethical Conduct that give guidance on return preparation and representation work.
In October, we will also hold our annual officers visitation meeting. This is on Thursday, Oct. 28 (see page TK for details). This will include the free two-credit ethics CPE program.
Our annual Career Day for high school students is on Nov. 1. Six high schools will send 165 students and 10 teachers to St. John’s University’s Queens Campus to learn about careers in accounting. In addition to attending sessions on careers in accounting, college requirements, admissions and financial aid, they will spend the day with about 25 SJU accounting students who will introduce them to college life and their aspirations to become CPAs.
On Tuesday, Nov. 9, the chapter will have a technical meeting at One Met Life Plaza in Long Island City, where attendees will earn three CPE credits. This meeting is cosponsored by Met Life’s financial services and includes the following topics:
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Elder Care: Long-term Care and Estate Planning
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Estates and Trusts: Trustee Liability
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Pension Plans: Funding Plans with Insurance.
Hope to see you at these events.
Thomas Boyd can be reached at 718-428-0956 or tmboyd38@hotmail.com.
