Estate Tax Return Claims

Memorial Gift To the Education Foundation In Memory of George R. Rea, Sr. MISSISSIPPI SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS Meridian VOLUME XLVIII JANUARY/FEBRUARY 2011 By James W. Davis Melanie Morrow participates in Oxford AICPA Leadership Academy Memorial Gifts Melanie Morrow of Grantham, Poole, Randall, To The Education Foundation Reitano, Arrington & In Memory of Cunningham PLLC in Bill Rush Mosby, Jr., Jackson has been recognized Natchez among the accounting By profession’s rising stars, The Gillon Group, PLLC selected as just one of 30 Natchez CPAs under age 36 for the Paul & Connie Brewer AICPA’s annual Leadership Ridgeland Academy in Durham, N.C. Melanie joined colleagues from across the country for three days in October 2010 to learn cutting edge leadership theory, develop tools for handling complex In This Issue management challenges, network with other up-and-comers and discuss a host of strategic issues facing CPAs and the accounting industry. They were joined by some Welcome New Members ...........2 of the profession’s most experienced leaders, including AICPA Chairman Bob Harris (left) and Barry Melancon, the Institute’s President and CEO. The AICPA selected Tips for Avoiding Estate Tax the 30 attendees of the Leadership Academy from candidates recommended by Return Claims...........................3 their employers, state CPA societies or both. All candidates had to submit resumes that included work history, licensure information, professional volunteer activities, Our Members in the News ........4 community service, and awards and honors. In addition, the candidates each had to supply a statement explaining why participating in the Leadership Academy Honor a Member for Public would be important personally. The AICPA reviewed and evaluated each Service.......................................6 submission. Melanie holds BBA and MBA degrees in accounting from Mississippi College and is currently President of the Mississippi Young CPA Network. Tentative CPE Schedule ........7-8 Sandestin Reservation Form.....12 Report of the Nominations Committee The MSCPA Nominations Committee reports the candidates for Major Events on officers/director for the 2011-2012 year. The election is scheduled for MSCPA Calendar .....................13 Saturday, June 25, 2011 during the Annual Business Meeting at the Sandestin Golf & Beach Resort, Destin, Florida. Absentee ballots for members who will be unable to attend the Business Meeting will be available later this Spring. President: Secretary: Stacy Thomas, Jackson Donna Bruce, Jackson Vera Reed, Gulf Coast Region Vice-President/President-Elect: 2011 MSCPA Lee Adams, Jackson At-Large Board Member: Mark Wilder, Oxford Chuc k Caldwell, Natchez Annual Linda Keng, Jackson Treasurer: Convention Ric ky Bullock, Tupelo June 23-26, 2011 Billy Morehead, Cleveland Members of the Nominations Committee include: Bob Cunningham, Sandestin Golf Jackson, Chairman; Billy Gillon, Natchez; Jan Lewis, Jackson; and Stacy and Beach Resort Thomas, Jackson. 2 Welcome New Members New members include: Jonathan S. Ryan William Farlow was born in Adcock, Kari M. Blackledge, Kimberly M. Madison and received his BAAC from Bourn, Rob S. Burnham (Associate Member), Mississippi State University. He is an James Eustis Corrigan, Jr., Neil A. Godfrey, Assurance Associate with Horne LLP in Published James B. Horne, K. E. Hughes, II, Tammy Y. Ridgeland. by the Hulz, Milton Curtis Neyman, Jr., David Paul Edward Foster was born in Little Mississippi Society of Scott Nieman, Mary Frances Overstreet, Rock and received his Bachelor of Dustin William Taylor, Sharon Carlisle Accountancy and Master of Taxation from Certified Public Accountants Weber, and Nick Walters (Associate the University of Mississippi. He is an Member). Associate with Horne LLP in Ridgeland. 306 Southampton Row Now completing the membership process Megan Leigh Hughes was born in The Commons are: Gulfport and received her Bachelor of Highland Colony Parkway Maggie E. Abernathy was born in Accountancy and Master of Taxation from Ridgeland, MS 39157 Oxford and received her Bachelor of the University of Mississippi. She is a Staff PHONE: (601) 856-4244 Accountancy degree from the University of Accountant with BKD LLP in Jackson. FAX: (601) 856-8255 Mississippi. She is CFO/Treasurer of the Phyllis Clark Massey was born in Hinds E-MAIL ADDRESS: University of Mississippi Foundation. County and received her BPA from [email protected] Gretchen Ann Artus was born in New Mississippi State University. She is Firm Orleans and received her BS in Accounting Administrator for Massey, Higginbotham, from the University of New Orleans. She is Vise & Phillips in Flowood. CFO of Coface Collections North America Erin K. Miller was born at Ft. Campbell, OFFICERS Inc. in Metairie. Tennessee, and received her BSBA with an Daniel J. Barfield was born in emphasis in Accounting from the University President Cleveland, Miss., and received his BBA from of Southern Mississippi. She is an Internal Sim M. Mosby, Natchez Delta State University. He is the President of Audit Associate with Saks, Inc. in Jackson. Barfield & Associates, P.C. in Oxford. Todd Louis Rhodus was born in Vice President/President-Elect Christopher S. Barron was born in McComb and received an Associate of Arts- Stacy E. Thomas, Jackson Jackson and received his BSBA from the Business from Southwest Mississippi University of Southern Mississippi He is Community College and BSBA in Audit Officer with FNBB Services Corp. in Accounting and Master of Professional Secretary Ridgeland. Accountancy degrees from the University of William T. Kelly, Hattiesburg Joseph Henry Baugh, Jr., was born in Southern Mississippi. Franklinton, Louisiana and and received his Blair Johnson Waggoner was born in Treasurer Bachelor of Accounting from the University Meridian and received Bachelor of Lee D. Murphy, Grenada of Southern Mississippi. He is Deputy Accountancy and Master of Taxation degrees Director of Resource Management with the from Mississippi State University. He is as Immediate Past-President U.S. Army based at Camp Shelby. Tax Associate with Horne LLP in Ridgeland. Robert A. Cunningham, Jackson Tech Bit: Social Email Executive Director Jack O. Coppenbarger I live in my email client. Probably mackay66.cfm). In sales parlance it's 85% of my written communications called building rapport. with the outside world are done with There are tools to help you integrate email. I'd bet it's the same for you. your email usage with your clients' The CPA Newsletter is the official I also do a little bit on social media, social media activity. They are very publication of the Mississippi Society of mostly LinkedIn with a little Facebook useful to help you expand the range of Certified Public Accountants. The and Twitter thrown in. But I have inputs you have about what's going on many business contacts who are much in your clients' lives. Newsletter invites articles of interest to the more active on social media. The first one I tried, but gave up on profession and gives credit to the author; If you are in sales, you know that a about a year ago because it lacked however, it reserves the right to edit big part of your selling job is Outlook integration at the time, is Gist. articles for correct spelling, wording and establishing a relationship with your They've since added Outlook punctuation. customers, especially if you are in the integration as well as integration with Opinions expressed are not necessarily kind of sales that has the same Salesforce.com CRM. the official policy of the MSCPA. customers over a long period of time. If Gist (http://www.gist.com) takes you've read any of Harvey Mackay's your email contacts, your streams of Advertising is accepted in good faith that books, you know about the Mackay 66, emails sent and received, and your the product/services are of value stated. a set of questions designed to help you social media contacts and combines get to know your customers better (http://www.harveymackay.com/tools/ continued on page 14 Mississippi Society of Certified Public Accountants January/February 2010 3 Tips for Avoiding Estate Tax Return Claims The estate tax return’s irregular filing By Anthony Cooper, J.D. prescribed for payment.” due date, nine months after the What if an extension is obtained, decedent’s date of death, is the primary 10, 2008, and it is filed Oct. 12, 2008, it but no return is filed by the extended reason for missed estate tax return is two months late – one month from due date? Assume the taxpayer obtains filings. Because of the steeply Sept. 10, 2008 to Oct. 10, 2008, and a an extension from Sept. 10, 2008, to progressive tax rates for estate tax and second month from Oct. 10, 2008 to Mar. 15, 2009 (the maximum extension rapidly accruing penalties (up to five Oct. 12, 2008. allowed), pays the entire tax in October percent per month), the late filing On what amount is the penalty before the extended due date of Mar. penalties often exceed $300,000. To calculated? Consider this example: 1) If 10, 2009, but files the return after the avoid such penalties, consider the the taxpayer owes $150,000 with a extended due date of Mar. 15, 2009. following: Form 706 estate tax return; 2) no The extension is treated as if it had 1) Implement a due date tracking extension is obtained; and 3) no part of never occurred, and so the original due system. The system can be as simple as the tax is paid on or before the original date of Sept. 10, 2008, is the date from a calendar devoted solely to estate tax due date of Sept. 10, 2008; the late which penalties are calculated. return due dates. filing penalty runs on the $150,000 How do you stop late filing 2) Have at least one person be due. If a later audit increases the tax, it penalties? Payment after the due date primarily responsible for tracking is deemed to have been due on the will not stop the penalty.

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