Docstoc

THE CPA PRACTITIONER

Document Sample
THE CPA PRACTITIONER Powered By Docstoc
					                                    APCPA



  T HE CPA P RACTITIONER
      V OLUME 44, ISSUE 23                            NOVEMBER 2010
                                                                        L EARNING OBJECTIVE :
                    TAX
                     DAY                                                T AX UPDATE

           A LL DAY SEMINAR !                                           P ROGRAM L EVEL :

                                                                        I NTERMEDIATE
Thursday November                  DAVE DEJONG
       18th                        Federal Tax Update
                                                                        A DVANCED

 At Manor Country Club                                                  P REPARATION :
   (address on right)                                                   N ONE
     8:00 Breakfast                MARIE WRIGHT
                                                                        M ETHOD OF D ELIVERY :
8:30 to 5:00 p.m. Meeting             From the IRS
                                                                        L ECTURE AND GROUP
                                    New PTIN rules
                                                                        DISCUSSION
                                       E-file rules
                                                                        8 CPE HOURS
                                  How IRS processes
                                                                            Manor Country Club
                                returns—E-File vs. Paper
                                                                             14901 Carrolton Rd
                                                                            Rockville, MD 20853
                                                                           8:00 a.m. Hot Breakfast
                                    JIM DAWSON                           8:30 a.m.—5:00 p.m. Seminar
                                     MD Tax Update
                                                                                    APCPA
                                                                          932 Hungerford Dr. #17A
                                                                             Rockville MD 20850
N AME :                                 #                        $
                                                                                Ph-301-294-5800
                                            CPA Member $150                  paul-cpa@erols.com
CERTIFICATE #          STATE:
                                                                              Fax-301-340-3343
                                            Non-CPA Staff $150
                                                                           It has been known to be

H ALF D AY A.M. $75                          CPA Non Member
                                                                           COLD       in the room.
                                                  $160                    Bring a sweater or jacket!!
                                                                            Www.apcpaonline.org
Half Day P.M. $75                            Savings Plan        Paid




     Please sign up by Friday November 12th, or pay an extra $20 LATE FEE.
P AGE 2                                               T HE CPA P RACTITIONER

THE PRESIDENT SPEAKS ………                     CHUCK WIGHT, CPA
Hope you all enjoyed Estate and Trust Day. Cornel Mhley and Bob Abel
really put together a great line up. For me the discussion by Ann Jaka-
ban on the inherited property basis for 2010 was important, because I
am currently working on a 2010 Estate. Interesting that official IRS
guidance and forms are not available yet, since I could close this estate
now.


Mr. O’Rourke did a nice job reviewing with us the common types of trusts
being used today, and David Holmes volunteered his time again, this time
to discuss 529 plans, in much detail. Gary Altman concluded the day with
a spirited discussion on IRA’s and Roth IRA’s. I ran back home and con-
verted all my IRA’s to Roth’s for 2010. NOT. Actually I am sure we all
have tax clients that are on the fence with this issue. Mr. Altman in-
stilled confidence in us that the numbers are right. If clients have long
term goals with their IRA investments, including passing to the next gen-
eration, they should be looking at this opportunity and we need to help
them mentally thru that process.


I did renew my PTIN number online the other day at www.irs.gov/
taxpros. Paid the fee with the credit card. As a firm, we have decided
all staff CPA’s that perform substantial work on tax returns, will get
PTIN’s. Also, we have two non-CPA’s that do heavy 1040 work, and they
are studying to pass the IRS preparers test and also acquire PTIN’s. Let
me know if you all are doing things differently.


See you on upcoming Tax Day!! Get a coworker or CPA friend to join the
APCPA, and get a future discount.
V OLUME 44,        ISSUE    23                                                                               P AGE 3


TECHIE CORNER…..
What is the best way to manage older versions of tax software and preserve data files?

Many CPA clients used to struggle to intelligently manage the different versions of their software and data. Often this meant keeping instal-
lation media and old computers around just in case one or the other or both were needed. The old computers took up space and were diffi-
cult and expensive to maintain.

By using the following successful strategies, you can dramatically improve productivity, lower costs, eliminate clutter and recoup space.

Organize and consolidate your installation media

You can’t use a floppy, Zip disk, or even a 3.5 inch disk in most modern PC’s. So how do you install that old program that you still may need
on a new PC if there is no disk drive?

At each of our clients, we copy each and every software program they use to a folder on a server or network share. If there is a serial number
or installation key, we create a text file in the same folder named serial.txt and record that information therein. We keep prior versions
there as well, just in case. Why not, hard drive space is incredibly cheap.

This method provides us, our clients, and now you, with numerous benefits;

          1. All our installation media is accessible from any PC.

          2. We can easily access the installation media remotely.

          3. We can back up all our installation software and serial numbers by making a copy of this one directory tree to a USB drive or
          portable hard drive.

          4. We never have to worry about lost or borrowed installation media

          5. We never have to tie someone up to look for an installation CD-ROM or software key.

          6. As long as we digitally copy the entire software folder to a newer server or PC each time we upgrade equipment, we will never
          be restricted by the type of floppy or disc drive available to us.

Virtualize your legacy (old) PC’s whenever necessary or beneficial

You can use Microsoft Virtual PC 2007 to run an older computer, in a separate window, inside your new PC. You can even switch between
the virtual machines with the click of a button. Virtual machines were designed as a means to archive and even run legacy applications, such
as older CPA software within another PC. Once you make a copy of the old PC (i.e. virtualize it), you can donate or trash the old hardware
that it used to run on!

Virtualization software has many other uses and capabilities. Archiving copies of old computers is just one of the many ways virtual PC’s and
servers can transform your practice. We virtualize terminal (remote access servers), test servers, test desktops, Blackberry Enterprise Serv-
ers, Voicemail Servers and even QuickBooks servers for our clients to access remotely.

To download the free Microsoft Virtual PC Software and get more information, go to: http://tinyurl.com/apcpa4 .

Next Month: What are some of the best methods to backup and protect my data?

Submitted by Brook Powers… who is a Microsoft Certified Professional with over 25 years of experience. Contact him at bpowers@tech-
serve.com
Association of Practicing
                                            TAX RAP NEWS BITES….. Mark Gollub, CPA
Certified Public Accountants
                                           If you missed the October Tax Rap, you missed the
                                           discussion about the 1099 reporting requirement
                                           contained in the recently enacted Small Business
                                           Jobs Act.
The Practitioners’ Network
                                           Starting for payments made in 2011, persons renting
932 Hungerford Drive #17A                  real property will have to give all vendors of goods
Rockville, MD 20850                        and services totaling $600, Forms 1099. Exceptions
Paul-cpa@erols.com                         are for individuals renting personal residences, tax-
Our new Technie Corner would love to
                                           payers whose rental income doesn't exceed an
have something that interests YOU in it.   IRS-determined amount, and those whom the re-
Please email your tech questions to        porting requirement would create a hardship.
Nanci:
Paul-cpa@erols.com
To be featured in future newsletters.      Next Tax Rap is on
                                           Tuesday, November 16th, 8:00 a.m.
                                           At ADP’s offices
                                           401 N Washington St, Rockville MD 20850.


          NOVEMBER                            NO NEED TO CLIP THOSE COUPONS ANYMORE….
                                              Know a APCPA Non Member—Of COURSE you do!
            2010                              If you have a friend/co-worker/acquaintance/or someone you just met
                                              that joins the APCPA—that NON MEMBER gets a $30coupon off a
 16TH—TAX RAP AT ADP IN ROCKVILLE             future seminar AND so do YOU for their referral!!!
8:00 A.M. TO 10:00 A.M                        It’s time to phone a friend and let them know how much you enjoy the
                                                                                    APCPA seminars and Tax Raps—
FOLLOWED BY BOARD MEETING TILL                                                      spread the joy!
NOON.
                                                                                Invite someone to the Tax Seminar
18TH—TAX DAY SEMINAR                                                            next week that you think might
                                                                                enjoy it. Great speakers and tons
8:00 A.M. TO 5:00 P.M. at Manor Country
                                                                                of worthwhile information.
Club
                                                                                IT’S COUPON TIME!

  DECEMBER 2010
16TH—.K-1’s Seminar at Manor Country Club                                 Officers
Note new time—1:00 to 4:00 p.m.                                         Chuck WIght—President

21st—TAX RAP AT ADP in ROCKVILLE                                   Marilyn Scheiner—Vice President

8:00 A.M. TO 10:00 A.M. FOLLOWED BY BOARD                             Bette Demarest—Treasurer
MEETING TILL NOON.                                                     Connie Mitchell-Secretary

				
DOCUMENT INFO