Member Advantage #105 - January 19, 2006

The fax is provided exclusively to NCACPA members as a member service. For more information, please contact Jim Ahler at (919) 469-1040.

AICPA Relocation: Members interested in the AICPA’s planned move of it’s New Jersey operations to Durham, NC, are invited to a special town hall meeting on January 30, 2006. A light reception will begin at 4:00 pm followed by a 90-minute discussion of the operational move to Durham. Barry Melancon, AICPA President and CEO, will provide a brief professional issues overview for members. A brief question and answer period will follow. If you are planning to attend, please contact the Member Service Center at (800) 469-1352 or by fax at (919) 469-3959 so the association can provide adequate seating. There is no charge for the meeting. Please do not miss this opportunity!

Schedule D Clarification: The IRS has reversed its earlier position on the listing of all stock and brokerage account activity in lieu of attaching statements from the taxpayer’s broker. The IRS, responding to substantial communications on the topic, stated that taxpayers may continue to attach the broker’s summary to the IRS Form Schedule D. This statement can be found on our homepage, www.ncacpa.org.

CPE Transcripts: Your association annually provides members with a transcript of CPE programs taken through the association. The transcripts are being revised to include all programming taken through December 31, 2005. Complete transcripts for 2005 will be available online after January 31, 2006. Transcripts are a member service of the association and are acceptable to the NC State Board of CPA Examiners if your CPE compliance is audited. 

AICPA Survey: The Accounting and Review Services Committee (ARSC) is seeking input as to the need for independence when performing compilation engagements. The ARSC has issued a survey entitled “The Need for Independence in Compilation Engagements.” Comments may be submitted directly through the electronic survey until May 19, 2006. The survey is available at http://www.aicpa.org/members/div/auditstd/index.htm.

Peer Reviewers Needed: NCACPA is seeking additional peer reviewers. Members interested in performing peer reviews are encouraged to contact Mary Kelly, NCACPA Peer Review Coordinator, at (800) 722-2836. Specialized training is required prior to being assigned to perform peer reviews.

NC Department Of Revenue: The department requested we remind members of the two check-off boxes on the NC individual income tax return for the NC Public Campaign Fund and the NC Political Parties Financing Fund. Designations to these funds neither increase an individual's tax nor decrease a refund. The department requests preparers present the information about the funds to their clients and provide them the opportunity to make designations if they wish.