1,000 join telephone seminar on Sarbanes-Oxley Act, TEI builds toward 57th Annual Conference. (Continuing Education).

More than 1,000 TEI members and their staff listened to a late September telephone seminar on the Sarbanes-Oxley, or Corporate Accountability, Act of 2002. The speakers at the September 27th program were Michael Rogan and Joseph Barloon of Skadden Arps Slate Meagher & Flom, Allen Weltmann of PricewaterhouseCoopers, and two members of TEI's committee leadership: Lynn Jordan, chair of the Corporate Tax Management Committee, and Nanci Palmintere, vice chair of the IRS Administrative Affairs Committee. The 90-minute program provided valuable background on Sarbanes-Oxley, focusing especially on its auditor independence rules, and its effect on tax departments.

TEI has sponsored more than a dozen telephone seminars on various topics over the past four years, but participation in the seminar on the Sarbanes-Oxley Act set a new record, far eclipsing the old registration mark of on a perennially favorite topic: the research tax credit.

Commenting on the record number, TEI President Drew Glennie said that the participation reflects two core TEI values: professionalism and the delivery of low-cost value-added education. On professionalism, Mr. Glennie observed "TEI members adhere to strict Standards of Conduct in order to advance the Institute's mission, principle, and purposes. Sarbanes-Oxley changes longstanding rules affecting the delivery of tax services in order to ensure auditor independence. Members must understand the rules and advise their managements accordingly."

In addition, while telephone seminars will and should never supplant the networking value of in-person conferences, distance learning is a vital tool for companies looking to stretch their travel and training dollars. Mr. Glennie noted that, "During the coming year, one of the Institute's goals is to explore other distance learning formats, including webcasts. The success of the Sarbanes-Oxley telephone seminar underscores that TEI has to go where the market is for delivery of continuing education." (Note: The economical nature of TEI's telephone seminars is enhanced because members pay one registration fee per telephone line and colleagues can listen in by speakerphone. Hence, TEI received more than 300 registrations for the Sarbanes-Oxley program and, based on information in the evaluations, an average of more than three people listened per line.)

Toronto Conference Loons

In other continuing education news, tax executives will soon be packing their bags to attend TEI's 57th Annual Conference at the Sheraton Centre Toronto from October 20 through October 23. The program features three tracks of concurrent technical sessions over two days and half days, plus a number of important governance and committee meetings and networking sessions. Charles O. Rossotti will be making his valedictory appearance as IRS Commissioner, presenting his 10th keynote address to TEI during his five-year term as Commissioner. Canadian Deputy Minister of Finance Kevin Lynch will deliver the opening address of the conference on Monday morning right after Drew Glennie is formally installed at the Institute's 2002-2003 International President. Also, a familiar face and friend to many TEI members, Pamela Olson, will be making her first keynote address to TEI since assuming the position of Assistant Treasury Secretary for Tax Policy. Highlights and photos from the conference will be included in the next issue.

Other Programs

TEI's International Tax Committee has assembled a stellar faculty for the Institute's International Tax Course Level I. Register yourself or your staff early, this program sells out nearly every year. Course brochures were mailed in early September. Please check TEI's website at www.tei.org for more details or to register.

Finally, TEI's Federal Tax Committee is developing an intensive three-day seminar on practical issues in consolidated tax returns for February 19-21, 2003, at the Hyatt Regency Orlando International Airport Hotel. The first day will focus on Back to Basics, including administrative issues of filing returns, accounting issues, intercompany transactions, and basic loss issues. The second day will concentrate on the Nuts and Bolts of consolidated returns with emphasis on the investment adjustment and basis rules, the new loss disallowance rules, and intercompany obligations. The second day will also feature sessions on state and local and international issues arising in the consolidated return context. The third day--Meat on the Bones--will build on the two previous days with a focus on the issues that arise as members enter or leave affiliated groups via acquisitions or dispositions. There will also be a session on joint venture planning within affiliated groups. All in all, this is a must attend seminar for those who need to gain or enhance their proficiency in consolidated return matters. Check TEI's website at www.tei.org in mid-November for more details.