The SEC and Tax ERP - How Proposed Initiatives are Driving Tax Technology 

Written by:  Gary Colbert, Senior Director - Professional Services and National Leader - Tax Accounting Service Line, CORPTAX 

We hope that you have been able to attend and have been enjoying our bi-monthly webinars.  As a reminder, if you have missed any of the previous webinars, please visit our website for a link to the archived presentations. 

Below is the information for our next  webcast:

 

Automation of Use Tax

 

Exemption Compliance

  

Host and Sponsor:    ISSI

Date:                      12/15/2009

Time:                      2:00 PM EST

Duration:                1 Hour

CPE Credit:             1

 

 

Webinar Description:

Examine real world lessons learned handling use tax exemption certificates with this billion dollar industrial distributor. See how and why they moved from a paper-based manual process to a software-based approach that supports their workflow electronically. Providing proof of use tax exemption at the time of purchase will minimize your risk of a state use tax audit and maximize control of the overall pay-side process when dealing with your vendors. Depending upon the vendor representative can be tricky when you know you are exempt. An automated approach offers better management oversight of the process while providing the means to present and store use tax certificates for every vendor and/or transaction. Electronically requesting, generating and tracking use tax certificates gives you full control over every use tax exemption certificate and helps you proactively mitigate the risk and impact of a state use tax audit. It also saves on paper, printing and mailing expense-a greener approach for documenting use tax-exempt statuses.
 
Registration Link:

Automation of Use Tax Exemption Compliance 

** Prior to the event you will receive login instructions via email.

Written by: Sam H. Fawaz CFP® CPA, Y.D. Financial Services & Solutions

In a previous article, I reviewed the new features of the pre-release version of Windows 7.  Now that the official release date of October 22 has now passed with underwhelming fanfare, it's time to turn our attention to practical considerations for implementation.  In this Part I of this article, I'll go over a few of those implementation and installation considerations for your home or business computers.  Come back to the next issue for more Q & A.

Click here to read more.

Written by:  Mike Carabott, PTS Services LLC

Contributors:  Bill Hujsak, CMS Energy, Paul Sotiropoulos and Lisa Espinoza, PTS Services LLC

 

Taking into consideration the pace at which technology and organizational structures change, every tax department should perform an analysis of their tax software on a regular basis.  The optimal time frame would be to initiate the process nine to twelve months prior to the expiration of the current licensing agreement.  Time and care should be taken to evaluate all of the latest vendor offerings rather than just moving to the next version of what is currently in use. There are a number of organizational and legislative changes that may have evolved in the years since you last purchased software. These are important and worthwhile factors supporting an investment of time for product research.  
 

Click here to read more.

Each issue of eNews we plan to highlight an area of our newly designed website so everyone becomes a power-user. The newly designed ACT website has more features than ever! 

 

Some of the features include:

• Forums
• Career Center
• Personalization of your profile and notifications
• Ability to instant message other members
• Ability to build your own professional network by "connecting" with other members
• And much more!

It's that time of year!  So, for this edition of eNews, we would like to focus on the Annual Membership Dues Renewal Process.

 

To renew your membership dues online follow these instructions (Note: The designated Primary Contact for Regular Member Companies is responsible for renewing the entire Organization's dues.  However, for Associate Members, each person is individually responsible for renewing the dues):

1. Login to www.taxACT.org.
2. On the right side of the page, under "My Profile"select "Membership Info".
3. Select "Securely renew your membership now".
4. Confirm your contact information and either enter your credit card information or select "Bill Me".
5. Click on "Submit Securely".
6. You will receive a confirmation email that your membership dues have been paid if you entered a credit card or you will receive an invoice if you select "Bill Me".
7. Your dues are  now paid through 12/31/2010.  Thank you!

If you are a Regular Member Company, now is also a great time to add or remove individuals on your Company Profile (Note:  Only the Primaries can perform this task).  To make these changes:

1. Login to www.taxACT.org.
2. On the right side of the page, under "My Profile" select  "Manage Profile".
3. In the center of the page, click "Sub-accounts".
4. To add new members, enter their email address and click "Send Invite".  The new member will receive an invitation, and once approved by ACT, will have full access to the website.
5. To remove a member, click the red "X" next to the member's name and their account will be suspended.  If they are no longer with your company, you may also select the "Detach" icon (blue person) and that person will no longer be associated with your company.

If you have a specific area of the website that you would like to have covered in the next eNews, please let us know.

Written by: Claire Crossman, Senior Manager at the Tax & Accounting Business of Thomson Reuters

A single global standard of accounting may become a reality sooner rather than later.  The SEC has become vocal about their renewed commitment to investigate how the convergence process from GAAP to IFRS could be achieved within a five year time frame.  The thought of changing accounting standards is a daunting concept especially for companies where resources are already overburdened. 
 
Identifying and understand the challenges now will assist companies in developing a strategy that could minimize the disruption in the future.
 
In this article we are going to discuss how technology will solve 10 of the most common IFRS challenges - if you start now!

Click here to read more.

Based on feedback from our membership, ACT periodically conducts surveys in order to facilitate communication between members and to show trends in the industry. 

 

ACT recently conducted the Fall 2009 Tax Department Survey.  Members were asked to respond to questions about their company's industry, organizational structure, systems, qualities they look for when interviewing for open positions,  number of compliance filings, IRFS, and early filing.  To see the results of the survey, click here.

 

As a membership benefit to Regular Members, you have the ability to request query information from our survey database.  These inquiries may be directed to the ACT Office.

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.

Mark Your Calendars - May 24-26, 2010

The 2010 Annual ACT Conference will be held May 24-26, 2010 at the Hilton Clearwater Beach Resort in Clearwater Beach, FL. 

 

 

The Program Committee is developing an excellent program covering various areas of tax and tax technology. This conference will feature a number of presentations by individuals known for their vast experience in these areas.  In addition, we are offering several new options at this conference, including specific "track" sessions so you can maximize your learning experience, as well as a "Lunch and Learn" session on Monday of the conference.
 

Registration for this conference will open in early December.  However, you may go ahead and make your hotel reservations now.  We expect the facility to sell out, so you should make your hotel reservations as soon as possible.  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. 

 

In addition, 2010 Sponsorship Applications are currently being accepted.  Booth space at the conference is limited to ACT Sponsors only.  Get your application in soon, as some of the sponsor levels are limited.  If you would like more information about the Vendor Expo or Sponsorship Opportunities, please contact Brenda Jameson.

 

Additional helpful information:

• The guest rate is $129/night double occupancy.
• Registration cut off is April 23, 2010.
• Click here to access the hotel registration.  Note: Subject to availability, the negotiated rate is available beyond the conference dates, if you request it.  As a reminder, the welcome reception will be held on Sunday, May 23, 2010 and the conference will conclude on Wednesday, May 26, 2010.  If you request additional days and the hotel is sold out, you may need to specifically request the conference dates in order to make your reservation.