| August
2007
CLIENT NEWS
South Carolina Manufacturers
Alliance
On July 31, 2007, Lewis Gosset, Executive Director, announced
that the South Carolina Manufacturers Alliance and the Lowcountry
Manufacturers Council (LMC) officially joined forces, creating
a stronger, more dynamic voice for manufacturing in Charleston,
Dorchester, and Berkeley Counties. The respective Boards of
these two manufacturing associations each voted unanimously
to approve the merger, which became effective July 24. This
new relationship strengthens both organizations and offers the
manufacturing community in the Lowcountry even greater access
to the statewide strengths of the SCMA while enhancing the well-recognized
quality of the LMC's slate of local programs.
For those of you not familiar with the Lowcountry Manufacturers
Council, it is a well-regarded, strong organization that shares
the SCMA’s goals of advocating policies and issues that will
positively impact the manufacturing sector. Consisting of over
80 companies, the LMC boasts not only a sizeable percentage
of the manufacturing companies in these three counties but also
an impressive array of regional activities and programs.
NEWS FROM
BP&S
New Hires
We are excited to welcome the following new employees:
Joy Pierson
A Greenville, S.C. native, Joy Pierson has joined the Firm’s
audit staff. Joy earned a Bachelor of Science in Accounting
from The University of South Carolina in May 2007. While in
school, she minored in French and was an active member of The
South Carolina Student Legislature. Joy also worked for
the S.C. Senate Corrections and Penology Committee as well as
interned for the Judiciary Committee. She is now
responsible for providing audit and attestation services to
Firm clients and is working toward her CPA designation.
In her own time, Joy enjoys reading, politics, traveling, and
playing her piano.
Patrick Holland
Patrick is an intern working in our audit practice. A Richmond,
Virginia. native, Patrick is currently a senior at the University
of South Carolina majoring in Accounting. After graduation
he plans on completing the Masters of Accountancy program at
The Moore School of Business. In 2004, as a freshman,
he played for USC’s Men’s soccer team. He is a member of Sigma
Nu Fraternity.
BPS Seminars
The first seminar is scheduled for Friday September 28 and the
second will be on Friday, October 26.
As in the past, we are planning for four hours each day, starting
around 8:30am and ending with lunch. The schedule for
September 28 is as follows:
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Time |
Topic |
Presented by |
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8:45am - 9:15am |
FIN 45--Accounting for Guarantees |
Mike McGovern |
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9:15am - 9:45am |
Fraud detection using Benford's Law |
Aaron Blackmor |
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9:45am - 10:00am |
Break |
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10:00am - 10:30am |
CRATS and CRUTS |
Cherie Kallio |
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10:30am - 11:15am |
Meals & Entertainment update and taxation of company
vehicles |
Shellie Arnold |
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11:15am - 11:30am |
Break |
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11:30am - 12:30pm |
Current accounting developments |
Tom Pietras |
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12:30pm |
Lunch |
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If you are interested in attending the September seminar, please
contact Tom Pietras (so we can get a head count).
TECHNICAL ISSUES
e-Postcard (Form 990-N) - Help Small Tax-Exempt Organizations
Stay Compliant
From the IRS:
We are asking for help in informing small tax-exempt organizations
(EOs), such as youth athletic leagues, organizations that support
the elderly, and other small charities, about a new electronic
filing requirement that, if not complied with, will result in
the loss of the organization’s tax-exempt status. IRS will send
letters to approximately 650,000 small tax-exempt organizations
explaining the new rules. Because most small organizations have
little or no contact with the IRS after they receive their tax-exempt
status, we need to get the word out about this new electronic
filing requirement.
With the enactment of the Pension Protection Act (PPA) of 2006,
small EOs that previously were not required to file returns
because their gross receipts were normally $25,000 or less may
be required to file an annual electronic notice. Small EOs will
file the first annual electronic notices, Form 990-N, Electronic
Notice (e-Postcard) for Tax-Exempt Organizations Not Required
to File Form 990 or 990-EZ, also known as the e-Postcard, beginning
in 2008.
The e-Postcard will require the organization to provide basic
information, such as their legal name and mailing address, any
other names the organization uses, a Web address if they have
one, the name and address of a principal officer of the organization,
and a statement that the organization’s annual gross receipts
are still normally $25,000 or less.
The PPA requires the IRS to revoke the tax-exempt status of
any organization that fails to meet its annual filing requirement
for three consecutive years. Therefore, organizations that do
not file the e-Postcard or an information return (Form 990,
Form 990-EZ or Form 990-PF) will have their tax-exempt status
revoked as of the filing due date of the third year.
Exceptions to the e-Postcard filing requirement include organizations
that are included in a group return; private foundations required
to file Form 990-PF, Return of Private Foundation or Section
4947(a)(1) Trust Treated as a Private Foundation; and section
509(a)(3) supporting organizations required to file Form 990
or Form 990-EZ. In addition, this filing requirement does not
apply to churches, their integrated auxiliaries, and conventions
or associations of churches.
The PPA added this filing requirement to improve transparency
within the non-profit sector. The information will ensure that
donors and the IRS have current information about these organizations.
Information about how to file the e-Postcard is available at
the IRS web site:
http://www.irs.gov/charities/article/0,,id=169250,00.html.
Small organizations can go to the IRS Web site at
www.irs.gov/eo to sign up
for EO Update, Exempt Organization’s email newsletter, because
subscribers will automatically receive the latest information
about e-Postcard.
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"Bauknight Pietras & Stormer, P.A. boasts a total staff of approximately 40 professionals and staff, a client base which includes a 20% market share of Columbia's largest privately-owned businesses."
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