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| November, 2003 | The
Monthly Newspaper of the NYSSCPA |
Vol.
6, No. 11 |
Committee CLose-Up
By Nereida R. Gomez and Ernest J. Markezin, Committee Services
Editor’s Note: The following is a glimpse of the latest events and developments from some of the Society’s more than 60 committees:
Entertainment and Sports
The Entertainment and Sports Committee, chaired by John LaRossa, hosted guest speaker Michelle Arpin-Begina of Merrill Lynch at its September meeting. Arpin-Begina gave a presentation on The Inner City 100 program, a national listing of 100 of the fastest-growing companies in America’s inner cities, an annual list that celebrates inner-city entrepreneurship and business success. Arpin-Begina talked about the role Merrill Lynch plays in promoting growth and financial strength in companies with a minimum of 10 employees.
The committee is currently working on its evening technical session, which is scheduled for Dec. 16. The committee also has a conference scheduled that will cover mergers, acquisitions and divestitures in the industry.
Accounting and Review Services
The Accounting and Review Services Committee, chaired by Ira Talbi, held a session at its October meeting on certain requirements and provisions under the Sarbanes-Oxley Act. Joseph Maffia gave a report on the proposed Section 9100 interpretations discussed at the American Institute of CPAs’ Accounting and Review Services Committee meeting.
Taxation of Financial Institutions and Products
The Taxation of Financial Institutions and Products Committee, chaired by Leon Metzger, held a captivating session titled “The Potential Benefits of Investing in a PFIC” on Oct. 2. Attendees stayed after the provocative session to further debate issues discussed by guest speaker Philip S. Gross, an attorney with Kleinberg, Kaplan, Wolff & Cohen.
Most attendees were surprised to discover that clients could avoid certain state tax issues by employing a PFIC. Attendees discussed how important it was, because of certain drawbacks, for tax professionals to weigh the benefits against the cost of using such a strategy. Gross will publish an article on the topic in a forthcoming issue of the Journal of Investment and Taxation. He asked committee members for feedback on his piece.
E-Filing
The Tax Division Oversight Committee’s E-Filing Task Force offers an educational program on e-filing to all chapters. The task force has made presentations to five chapters as of this writing, and another six have scheduled sessions for the coming weeks.
Members can earn three CPE credits in the three-hour-long presentation. The program features a representative from the Internal Revenue Service, a representative from the New York State Department of Taxation and Finance, and Society members, all of whom discuss the filing services available. The program has included a discussion led by John Raspante, of Camico Insurance, on the liability aspect of electronic filing. Other speakers have included a practitioner who has actively used e-filing who discusses how electronic filing can be beneficial to your practice. Many probing questions have been directed to the practitioner in recent presentations.
All presentations are moderated by a member of the E-Filing Task Force.
