I.        Lunch Was Served

- Thanks again to Tammy Hofstede for  arranging a tasty meal.

II.       Introductions

          - 12 committee members were in attendance, in person or via teleconference.

III.      Guest: John Louzecky, Becker Professional Review

-          John addressed the committee about the new style C.P.A. exam, exam and licensure requirement changes, industry trends, and the exam preparation course market. 

IV.      Review of Last Meeting

          - The agenda from the August 2^nd meeting was distributed. 

V.       Various Updates/Committee Reports 

1.                  Dennis Tomorsky

          - Dennis has been installed as Executive Director. 

2.                  The IRS/WDR Practitioner Liaison Meeting

          - The last meeting was on November 14^th.  The next one is on May 16^th.

          - 80% of Schedules C and F have errors of varying degrees.

          - Nationally, there will be a push for further increases in the number of audits performed.

          - Tricia Knight distributed the summary of other items that were discussed. 

3.                  WICPA Annual Tax Conference

          - Attendance was better this year.

          - Please contact Gary Hollman with speaker and topic suggestions for the 2007 conference. 

4.       AICPA/IRS Meeting in Washington

          - Most of the outlines are available on-line through the AICPA’s website at conferences.aicpa.org/fedtax06.

          - Tax patents are of a concern; that is, the first firm thinking of a novel tax strategy obtaining a patent on it to prevent others from doing the same thing without paying a royalty.  The AICPA is lobbying Congress to prevent such patents from being issued.

5.       Elective Officials Tax Guide

          - Is almost ready for distribution 

VI.               General Discussion

-          Brief discussion on the taxability of Social Security benefits and the interrelationship with Social Security reform

-          Brief discussion on the self-employment taxability of self-employed health insurance premiums. 

VII.     Brian Anderson will Chair this committee for the 2007-2008 fiscal year.  Anyone interest in being his Vice-Chair and subsequently his successor as Chair should contact Brian.

 

VIII.    The next meeting will be schedule for mid to late summer, after Congressional guest availability has been determined.