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Volume 2 2010 March Tax Tech eNews
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Tax Tech eNews
Volume 2
March 2010 |
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Welcome to the March 2010 Edition
of ACT's Tax Tech eNews!
We are gearing up for the 2010 ACT Annual Conference being held at the Clearwater Beach Resort in Clearwater, Florida May 24-26, 2010. Registration for the conference is now open. Be sure to complete your registration before April 23, 2010 in order to receive a $75 early bird discount.
Whether you are a tax professional who wants to learn about recent changes within tax or how to better utilize technology or an IT professional seeking to learn more about best practices in the tax technology field, this conference is for you! It is full of sessions that will help you stay current on trends and changes in tax and tax technology, as well as provide you with information you need to reach operational effectiveness within your own tax department. To see a complete list of sessions at the conference, click here. To make your hotel reservations at the Hilton Clearwater Beach Resort, click here.
Attending the ACT conference is a great way to learn how other companies are utilizing technology in the tax function. It's an opportunity to see the latest offerings from tax software vendors and to network with other companies to find out how well their technology solutions work. In addition, the IRS will be presenting on the proposed uncertain tax positions schedule, as well as available throughout the conference. Click here to register now!
We have a WINNER! Last eNews we announced a random drawing from all ACT Regular Member's Forum contributors during the months of January and February. Thank you to all of the regular members that submitted a question or comment. The winner of the ACT Prize Pack is ROBERT BRUNSON from Vulcan Materials Company. Congratulations Robert! Here is what Robert had to say about the ACT Forum:
"I very much appreciated the feedback I got on the forum about document management systems. It's obviously going to be a great source to get people's thoughts going-forward."
For those of you who have not had a chance to check out the Forum, make sure you do so. There are lots of great topics out there being disucssed such as SAP, document management, state NOL's, research software, and more! Regular Members may access forums by clicking here. Please note, you will be asked to login before you can view the Forum.
This issue of eNews contains a lot of great articles. Please take time to let us know what you think, as well as suggest any topics you would like us to cover in the future. You can email us by clicking here.
We look forward to seeing you in Clearwater Beach, Florida!
Sincerely,
The ACT Board, Committees, and Staff
Thank you to our 2010 Sponsors
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 Wondering How to Treat Your State NOL's?Several of our members have asked about resources that their teams can use to help understand how state NOL's should be treated. CCH, a Wolters Kluwer business, has given ACT permission to published one of their State Tax Smart Charts™ to our members for this purpose. These charts provide tax practitioners with reliable, comprehensive state tax research across multiple tax topics. Click here to access a copy of the State NOL State Tax Smart Chart™ information.
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IFRS Already Creating Havoc for U.S. Multinationals
Written by: Bob Norton, Chief Income Tax Officer, Vertex, Inc.
What's all the fuss about IFRS? It's years away – if ever coming to the U.S. Our company is waiting for an SEC mandate before even asking for budgets to adopt IFRS. I can't even begin to worry about it until that happens. These are the common thoughts permeating the industry as U.S. tax technology professionals react to the buzz surrounding a, "single set of high-quality global accounting standards.” The G20 is pushing for it, the SEC has recently reiterated its support, and the FASB and IASB are meeting monthly to accelerate the convergence process. The push for IFRS adoption is back in vogue, and early indications are that a shift to IFRS from US GAAP will have a profound impact on global tax management. It stands to influence the entire spectrum of tax processes -- from accounting for income taxes to compliance, planning, and defense for every jurisdiction worldwide.
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Adding Members to Regular Member Accounts
Did you know that Regular Members can add as many additional members to their profile as they would like? Many companies add not only their income tax and sales and use tax team members, but also IT professionals that support tax, as well as team members from other tax disciplines and other departments. Adding additional members to your profile is quick, easy, and FREE! Just follow these steps:
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Under "My Profile" click on "Manage Profile".
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Click "Sub-accounts".
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Type in the email addresses of the team members you would like to add, putting just one email per line. Note: The email address entered must be their corporate email address in order for the member to be approved.
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Click "Send Invite".
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Each team member will receive an email with a link to click on to complete their complimentary registration.
Note: Only the Primary Member for each company may add the additional members. If you are not sure who the Primary Member is for your company, please email us.
Career Center
Did you know that www.taxACT.org has a career center? As a Regular or Associate Member of ACT, you can post positions, as well as apply for positions directly on the ACT website. If you apply for a position and have a resume as part of your ACT profile, it is automatically sent to the job poster. If you don't have a resume setup as part of your profile, you can still submit a letter directly to the job poster. Happy hunting!
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IFRS As Viewed From the Tax Department
Written by: Paul R. Pavich, Manager of Tax and Accounting, Red Moon Solutions LLC
While I've worked on the tax side of the business my entire career, I was always interested when my counterparts in the accounting department would talk about their ‘trials and tribulations' in applying the rules and regulations for reporting their fixed assets. After all, they had assets that they were depreciating on a straight line basis over a ten year period, calculating the same amounts year after year. There I was, deciding which depreciation method would provide me with the most favorable tax result—whether to expense the asset in full or partial, calculate bonus depreciation or forgo taking bonus depreciation. Could I force the mid-quarter convention to my benefit and (heaven forbid) be stuck with a luxury auto located on an Indian reservation property? To me, it seems an arduous task!
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What Social Networking Means to Tax
ACT recently conducted a Social Networking Survey. It's amazing how just over the past year, corporate tax, as well as businesses have increased their usage of Social Networking tools. Here is look at what tools are commonly being used within tax.
At the conference in May, Bob Irving from Thomson Reuters and Brenda Jameson from ACT will be presenting the results of this survey, identifying trends we seen over the past year since our last survey, and sharing with attendees some of the ways corporate tax departments can benefit from using Social Networking tools. In the meantime, don't forget to update your profile on www.taxACT.org and begin networking right within the ACT Membership. Did you know you can even send messages and instant messages directly to other members via the ACT website?
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Next Bi-Monthly Webinar
We hope that you have been able to attend and have been enjoying our bi-monthly CPE accredited webinars. As a reminder, if you have missed any of the previous webinars, please click here to visit our website for a link to the archived presentations.
Below is the information for our next webinar:
Five Reasons to Integrate Global Tax Reporting Into Your Consolidated Financial Reporting Process
| Host and Sponsor: |
Longview Solutions |
| Date: |
April 20, 2010 |
| Time: |
2:00 PM EST |
| Duration: |
1 Hour |
| CPE Credit: |
1 |
Webinar Description:
Technology adoption in the corporate finance function has come a long way over the last 20 years. Throughout this period, we have seen significant gains in the way organizations collect and report data, and ultimately how they make critical business decisions. Until recently, the tax function has been left out of this technological revolution. The same tools finance has been leveraging are now making their way into the corporate income tax reporting function and companies are experiencing the benefit of having a single version of financial truth. This session will discuss the top five reasons companies should integrate global tax reporting and consolidated financial reporting to drive strategic value. In addition, the presentation will include real-life examples of customers who have achieved numerous benefits by leveraging technology to integrate these key functions.
Registration Link:
** Upon registration you will receive login instructions via email.
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Upcoming Webinars
The Tax Department of the Future
| Host and Sponsor: |
Thomson Reuters |
| Date: |
June 15, 2010 |
| Time: |
2:00 PM EST |
| Duration: |
1 Hour |
| CPE Credit: |
1 |
Best Practices Utilizing Tax Technology
| Host and Sponsor: |
RSM McGladrey, Inc. |
| Date: |
August 17, 2010 |
| Time: |
2:00 PM EST |
| Duration: |
1 Hour |
| CPE Credit: |
1 |
Speaker Opportunity
ACT is looking for speakers that are experts in their area to speak at our webinars. If you have a presentation you would like to contribute or if you have a topic you would like us to cover, please let us know by filling out the Speaker and Author Opportunity Form. |
Windows 7 Implementation Considerations Part II
Written by: Sam H. Fawaz CFP® CPA, Y.D. Financial Services & Solutions
In my previous article, I reviewed a few of several implementation considerations for Windows 7 deployment (Click here to read Windows 7 Implementation Considerations Part I). In Part II of this article, I'll go over a few more of those implementation and installation considerations for your home or business computers.
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Registration is Now Open for the 2010 Annual ACT Conference
Be sure you arrive early Sunday, May 23, 2010 to join us at the Welcome Reception beginning at 4:30PM.
To view a description of all of the conference sessions, click here.
Conference Registration Fees:
Before April 23, 2010 (includes a $75 early bird discount)
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Member: $825.00
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Non-Member: $1025.00
After April 23, 2010 (no discount)
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Member: $900.00
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Non-Member: $1100.00
To cover administrative costs, a service fee will be charged for all canceled registrations. Cancellations received in writing by April 23, 2010 will incur a service fee of 20% of the original registration fee paid. Cancellations received after April 23, 2010 and no-shows will be charged the full conference fee.
Your conference registration includes:
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Attendance at all General Sessions on Monday and Wednesday
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Attendance at your choice of 4 Track Sessions on Tuesday*
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Breakfast and Lunch Monday, Tuesday, and Wednesday
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Participation at the Welcome Reception on Sunday evening**
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Participation in the Vendor Expo and Reception on Monday evening**
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Participation in the Networking Event on Tuesday evening**
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You will also receive an attendee bag that contains information related to the conference, vendors, and a USB drive with all conference presentations included
* For the sessions on Tuesday, you may select to attend one track session for each time slot.
Additional Helpful Information:
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You should make your hotel reservations as soon as possible. We expect the hotel block to sell out.
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Through ACT's partnership with our conference management team, Conference Direct, we were able to negotiate an outstanding room rate of $129/night. If you do not make your reservations before the hotel deadline, the rate will increase to over $200/night.
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The special room rate will be available until April 23rd or until the group block is sold-out, whichever comes first.
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The Group Rate is available three days before and 3 days after, based on availability.
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Member Spotlight
Calling all members! If you have a process you've automated or streamlined in your tax department, other members want to know. If you are interested in being featured in our eNews Member Spotlight, please contact us.
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The Tax Tech eNews is published by the Association for Computers & Taxation (ACT), a nonprofit organization. Permission is required to reproduce in any form. Opinions expressed are solely the author's, and not the opinion of ACT. Send all editorial correspondence, manuscripts, etc. to: ACT, P.O. Box 1093, Warwick, NY 10990.
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