AZ CPA Nov. 2013

AZ

CPA NOVEMber 2013

The Arizona Society of Certified Public Accountants

The Fab Four!

The Women Leaders of the Arizona Accounting Profession

Common Regulatory Pitfalls Repaying Student Loans Social Media Strategies www.ascpa.com

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NOVEMBER 2013 y AZ CPA

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AZ

CPA NOVEMBER 2013

Volume 29 Number 9

Common Regulatory Pitfalls

15

Some simple things can keep you out of trouble with the State Board of Accountancy.

by Ryan P. Edmonson, MBA

Struggling with the High Cost of Higher Ed

21

Find out the best options for repaying federal student loans.

by David Richardson, CPA

Social Media: Exploring Digital Strategies for Business and Career Growth

Features The Fab Four— The Women Leaders of the Arizona Accounting Profession

10

This year, the top four positions leading the accounting profession in Arizona are held by women. They share advice on what it means to be a leader.

by Patty Gannon

The ABCs of Advocacy for the ASCPA

14

The advocacy efforts of the ASCPA and the Arizona State Board of Accountancy are closely linked.

by Jimmy Lovelace, CPA

24

Structuring your efforts can pay off when connecting through social media.

by Eric Majchrzak

Columns & Departments 6

Chair’s Message by Karen Abraham, CPA

7

Focus on Members

8

A Dash of SALT by James Busby, CPA

26 Classifieds 27 Arizona Society of Certified Public Accountants 4801 E. Washington St., Suite 225-B Phoenix, Arizona 85034-2021 www.ascpa.com

4 AZ CPA y NOVEMBER 2013

In the Black ... Adventures in Accounting

www.ascpa.com

AZ

CPA

AXIOM

The Arizona Society of Certified Public Accountants

President & CEO

Cindie Hubiak

Editor

Patricia Gannon

Copy & Advertising Deadline The first of the month one month prior to publication date.

Board of Directors Chair Chair-Elect Secretary/Treasurer Directors

Karen Abraham Anita Baker Rob Dubberly Diane Groover Sandra Hieb Debra Johnson Jimmy Lovelace Adam Miller Molly Montgomery CW Payne George Raysik Andy Spillum Leslie Stackpole Jared W. Van Arsdale Craig Van Slyke

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Immediate Past Chair Armando Roman AICPA Council Members Jim Buhr Rick Goldenson Chapter Presidents Southern Chapter Northern Chapter Southwest Chapter North-Central Chapter

Flo Zenblu Jennifer Nordstrom Jayne Wright Richard Joliet

ESTATE PLANNING • TAX CONTROVERSIES • QDRO’S

YOUR TRUSTED ADVOCATE IN ALL IRS DISPUTES

AZ CPA is published by the Arizona Society of Certified Public

Accountants (ASCPA) to provide information, news and trends in the profession of accounting. It is distributed 10 times a year as a regular service to members of the Society. The ASCPA, its members, board of directors and administrative staff assume no responsibility for advertisements herein. The ASCPA and the above people also assume no liability for business decisions made by readers in reference to statements and/or claims in advertisements within this publication.

Opinions expressed by correspondents and contributors are not necessarily those of the ASCPA.

Arizona Society of CPAs 4801 E. Washington St., Suite 225-B Phoenix, AZ 85034-2021 Telephone (602) 252-4144 AZ Toll-Free (888) 237-0700 Fax (602) 252-1511

www.ascpa.com

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Chair’s Message

by Karen Abraham, CPA

What I Wish I Had Known In November, the ASCPA will be hosting an Emerging Leaders Conference, and then in December, a townhall event called “Young CPAs Idea Infusion.”

The theme of the young professionals event inspired me and got me thinking about this month’s column topic: What are 10 things I wish I had known starting out?

I often share with my children the life lessons I wish I would have known when I was their age. And as the years go by, that list evolves based on new learnings and experiences. Then there are those times not worth looking back on, like missing out on the opportunity to buy Microsoft at the introduction of Excel. So instead, here is a list of those real-life, truly valuable lessons I wish I would have known.

1. Acknowledge and respect the people you work with. It takes people of all levels and backgrounds to make a successful company work. One piece of advice I’ve shared with my children over the years is to get to know as many people as possible within the company, in all types of departments and functions. I always make it a point to recognize everyone I interact with, showing them respect and acknowledging their contributions to the organization.

2. Keep your sense of humor. There will be dark times in any career, when you think you just won’t be able to get through the challenges before you. A sense of humor and a good outlook go a long way to making any situation better. When we are facing especially difficult times, I tell my team, “This too shall pass.” (Handing out chocolate also helps!)

3. Networking is extremely important.

Some people are extremely good at networking and it’s something I’d like to improve upon. I envy people who have the ability to keep in contact with, and remember names of, past colleagues.

They seem to hold a key to the “golden rolodex.” There’s something invaluable

6 AZ CPA y NOVEMBER 2013

about being able to pick up the phone or send an email to a contact just to ask a question or two, especially when difficult scenarios present themselves.

4. Be open to other points of view.

Oftentimes, I find myself amazed by how people think and how they approach situations differently based on their point of view. That does not mean that I am correct and the other person is wrong, but knowing how someone else thinks, helps you approach a problem in a different way. I always learn something new in working on a project because I am open to hearing a different point of view.

5. Culture Fit. A friend of mine once told me to make sure I understand the culture of an organization before going to work there. Her direct quote was, “If you aren’t a cowboy, don’t go work on a ranch.” This advice can also be applied to big businesses, small partnerships or vendor relationships. You need to be simpatico to make a long-term success of any endeavor.

6. Speed Reading. Thanks to technology and rapid access to information, there is so much material to be read on a daily basis. While I have not had a formal course in speed-reading, I think it’s a lesson that may have been helpful over the years.

7. Continue learning. A formal education is great, but we are never finished learning.

8. Understand the government and legislative process. The government seems to have an ever-increasing role in all aspects of business. Arming yourself with a concrete understanding

of state and government affairs makes you a valuable asset to any organization. In my role on the ASCPA board, I have seen firsthand the function our organization plays in advocating for the profession. The ASCPA and AICPA work diligently to review bills as they go through the legislature, protecting the interests of our profession. Contributing to the ASCPA PAC helps to ensure that our voice is heard.

9. Take on new projects and look at everything as a learning experience.

Sometimes you may be taking on more work than you care to, but in the long run, it will make you a better contributor to your organization and provide potential for increased pay and promotion. One of the most valuable experiences I’ve had as a CFO was the chance to do a rotation with our operations team. While this was a serious investment of my time, the learning experience resulted in new synergies and processes that benefited the entire organization.

10. Give back to the community.

I think often about family, friends, teachers and mentors who have helped me with my career. Paying it forward is the biggest reward you can give yourself and others.

AZ CPA

Focus on Members Mark Weber, CPA, was appointed the new partner in charge of the Phoenix office of Moss Adams LLP. R & A CPAs added four senior level accountants to its staff: Laura J. Liewen, CPA, has joined the firm as a tax manager, Bethany Goldberg, CPA, has joined the firm as client services manager, Kaleigh Hotchkiss, CPA, has joined the firm as a senior audit associate and Alice Vivaldo, CPA, has joined the firm as a tax associate.

Lela C. Lawless, CPA/ABV/CFF, CVA, senior manager of Forensic & Valuation Services at Eide Bailly LLP, was appointed to the Business Valuation Committee for the AICPA. Sadie Thompson, CPA, joined Gallacher, Bosen & Goodman PLLC. Armando Roman, CPA, of AXIOM Financial Advisory Group, was elected as a board member of the Valley of the Sun United Way. Matt Hatfield, CPA, was honored as past president and Marc Isaacs, CPA, was honored as a past board member of Arizona Business Leadership.

REDW promoted Justin LaMar, CPA, and Albert Cheung to senior accountant and hired Alexandra Fuentes, CPA, as staff accountant.

Ken Garrett, CPA, and Maureen Rzeppa, CPA, were named partners at Miller/Russell & Associates.

Include the Arizona CPA Foundation for Education and Innovation in your estate planning.

Contact Heidi Frei at hfrei@ascpa.com or (602) 324-4743.

Make an Impact—Planned Giving to the Arizona CPA Foundation for Education and Innovation

by George M. Cohen, CPA

My career as a CPA has been very rewarding in so many ways. High on my list would be my active involvement in our profession and the lifelong learning it has provided me. I learned much about our profession and how it has made a positive impact on so many individuals. I learned this is not by chance.

It is a result of hard work in every facet of our professional world. It is a result of multi-generational development of people. The Arizona CPA Foundation for Education and Innovation supports efforts to attract and retain the highest quality individuals to our profession. This effort must be sustained and enhanced in order for our profession to continue to provide for its professionals and those they help. Our Foundation’s success is wholly dependent on the generosity of others.

It is with much gratitude and kindness that I want to help others, as I have been helped over my professional life. As a result of my life experience with the ASCPA and our profession, I have decided to make a planned gift through my will, to leave a legacy to the Arizona CPA Foundation for Education and Innovation. I cannot think of a better way to thank the people, profession and organization that have had an impact on my life. Whether it is to help a student needing financial support, or to help a teacher better prepare a student to succeed, I know it is the right thing to do.

NOVEMBER 2013 y AZ CPA

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A Dash of SALT

This Year More than Ever Before, Successful Real Property Tax Appeals May Yield Savings for Years to Come This month’s state and local tax (SALT) column explains how real property owners can save money for years to come if they successfully appeal the value of their property this year.

Although property owners always should keep an eye on the value assigned to their property for tax purposes, they should pay special attention to the value this year because the property values set in 2013 for tax year 2014 for locally assessed real properties establish the baseline for future value increases, which generally will be capped at five percent (5%) going forward.

The five percent (5%) annual cap will go into effect because Arizona voters approved Proposition 117 in the November, 2012 election. As a result, beginning with tax year 2015, the value of locally assessed real property and improvements will be the lesser of the full cash value of the property or an amount five percent (5%) greater than the value of the property determined in the prior year.

Given the five percent (5%) annual cap that goes into effect beginning with tax year 2015, real property owners can save money for many years to come if they successfully appeal the value of their property for tax year 2014. In fact, because the tax savings attributable to reductions in value achieved this year generally will be perpetuated into the foreseeable future, property owners who would not ordinarily take the time and/or spend the money necessary to appeal the value of their property should seriously consider appealing the value of their property this year because their tax savings should continue to compound over time.

8 AZ CPA y NOVEMBER 2013

However, property owners who wait until they receive their tax bill to consider filing an appeal generally miss out because most property tax appeals for tax year 2014 must be filed this year, in 2013.

Here’s how Arizona’s property tax calendar works: every year, on or before March 1, county assessors are required to notify property owners of the value that they assigned to their property for the following tax year. Thus, in the first quarter of this year, property owners received valuation notices for tax year 2014. Then, the first half payment for 2014 taxes is not due until October 1, 2014, which gives property owners time to appeal the value assigned to their property before they have to pay taxes based on that value. (But, if the appeal is not complete before the taxes are due, the owner still needs to pay the taxes as assessed before they become delinquent or their appeal must be dismissed.)

Property owners who believe that the value assigned to their property was excessive, or that their property was not classified properly, may file an appeal with the assessor’s office within sixty (60) days from the time that the assessor mailed the notice of valuation.

Then, property owners who are not satisfied with the result of their appeal to the assessor’s office may appeal to the State Board of Equalization (for properties located in Maricopa or Pima County) or to their local County Board

of Equalization (for properties located in all other counties in Arizona) within twenty-five (25) days from the time that the assessor’s decision was mailed.

Property owners who either did not file an appeal with the assessor’s office, or who were not satisfied with the results of their appeal to the assessor’s office and/or to the State or County Board of Equalization, may appeal to the Arizona Tax Court. Those who did appeal to the assessor’s office must appeal to the Arizona Tax Court within sixty (60) days from the time that the assessor’s office or the State Board of Equalization mailed their decision. Property owners who did not appeal to the assessor’s office, and those who are not satisfied with the value determined by the County Board of Equalization, have until December 15, 2013 to appeal the value of their property for tax year 2014 directly to the Arizona Tax Court. (In addition, sometimes new property owners also have additional rights and extended deadlines to appeal the value and/or classification assigned to their property.)

While it is necessary to hire an attorney to represent owners of most properties valued at more than $2 million, special small claims procedures permit owners to represent themselves or to hire somebody besides an attorney, like a CPA or a property tax consultant, to represent

them in the Arizona Tax Court for all owner-occupied residential properties and for any other property valued at less than $2 million. Instructions and forms to use for small claims appeals are available on the Arizona Tax Court’s website at: https://www.superiorcourt. maricopa.gov/SuperiorCourt/SelfServiceCenter/forms/PropertyTaxCases/ AZ CPA tax_txsc1.asp.

James G. Busby, Jr., is a tax attorney and CPA at Gallagher & Kennedy.

Busby previously worked in the SALT departments at Arthur Andersen and Deloitte & Touche. Before entering private practice, Busby was in charge of all transaction privilege (sales) tax audits at the Arizona Department of Revenue. A Dash of SALT ™ is provided for educational purposes and does not constitute legal counseling. If you have any questions, please contact the author at (602) 530-8277 or jgb@gknet.com.

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NOVEMBER 2013 y AZ CPA

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The Fab Four

The Women Leaders of the Arizona Accounting Profession

by Patty Gannon

Karen McCloskey

Karen Abraham Monica Petersen

Photography by Mike Eller

10 AZ CPA y NOVEMBER 2013

Cindie Hubiak

Cindie Hubiak, CPA, CGMA, has been president & CEO of the Arizona Society of CPAs for more than 13 years, where she represents a membership of 5,500 CPAs and leads a staff of 10. She has worked in public accounting and in business, including two international assignments: one in Europe and one in Asia. Cindie has been recognized as one of the top women in business and the community in Arizona. She received her B.S. in Accountancy and her MBA from Arizona State University. She has written four books, meditates each morning and enjoys being outdoors.

This year, the top four positions leading the accounting profession in Arizona are all held by women. Dubbed our own super heroes, “The Fab Four,” these leaders include Karen McCloskey, president of the Arizona State Board of Accountancy and the Board’s executive director, Monica Petersen, and Karen Abraham, chair of the Arizona Society of CPAs, along with Cindie Hubiak, president and CEO of the Society. These women offered some insight and advice on what it takes to be a “super” leader in today’s accounting profession.

What leadership qualities do you admire most?

“Oversight and mentoring without too much interference,” says Karen Abraham.

“Sometimes there is a fine line between being too involved and letting your employees (and Board members) explore and come up with solutions on their own. They need to grow, develop and make mistakes, sometimes as part of their leadership journey.”

Karen McCloskey admires vision and integrity –“Great things can happen when a leader possesses those qualities.”

“A good leader is the lifeblood of any organization,” says Monica Petersen. “ To be a successful leader in today’s organizations, employees have to do more than just ‘lead.’ Leaders have to have vision, be creative, innovative and competent in order to inspire teams to pull together, solve problems creatively and achieve increases in productivity. Also, people want to follow someone who is competent. While a leader does not need to be an expert on every area of the entire organization, they need to be able to demonstrate competency through their actions. Finally, leaders must be humble, honest and compassionate.”

Cindie Hubiak believes a good leader possesses the traits of what she refers to as “STILL” - Self-Awareness, Tranquility, Integrity, Listening and Learning.

What advice would you give to anyone going into a leadership position for the first time?

“If I had to give advice about stepping into a leadership position,” says McCloskey, “it would be to have a clear vision, act with integrity, and look for the strengths of each team member. The rest will take care of itself.”

Karen Abraham, CPA, is senior vice president and chief financial officer at Blue Cross Blue Shield of Arizona (BCBSAZ) and she is the current chair of the Arizona Society of CPAs. She is responsible for the BCBSAZ’s financial reporting, cost accounting and budgeting, tax, treasury, financial operations, financial systems, facilities, enrollment and support operations. She has served in various capacities at BCBSAZ since 1983. She is a graduate of Arizona State University with a B.S. in Accountancy. This year, she made Az Business Magazine’s list of the 50 Most Influential Women in Arizona Business and was honored as an Outstanding CFO by the Phoenix Business Journal.

“We can accomplish amazing things when we collaborate to accomplish a common goal.”

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Karen K. McCloskey, CPA, MST, is a shareholder and the director of the Not-For-Profit Tax Services Group of BeachFleischman in Tucson, Arizona. She is also the current president of the Arizona State Board of Accountancy. Her accounting career started as a tax auditor with the Internal Revenue Service. She then moved to public accounting, where her work experience includes client management and service, practice and staff development, mentoring, tax planning and research, and compliance for individuals, fiduciary, estates, all business entities types and not-forprofit organizations. She is active in the community and the profession.

Today, many CPA firms, and other companies, offer programs designed to support and develop women leaders.

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Monica L. Petersen has 20 years of progressive public sector budget, finance, legislative, strategic planning and operations experience. She has been executive director of the Arizona State Board of Accountancy for the last five years and oversees the regulation of more than 10,000 CPAs and 3,000 CPA firms. She worked for the Governor’s Office of Strategic Planning and Budgeting for nine years (four as Deputy Director), where she managed the development of the executive budget under Governors Hull and Napolitano. She has several years of full-time lobbying experience with both the Arizona Department of Education and the Arizona Department of Agriculture and as part of her various leadership positions.

“I think it is important to find a mentor or hire a coach,” says Hubiak and incorporate stress reduction techniques like meditation and exercise into your life. “Early in my career, a partner at Coopers & Lybrand noticed that I wasn’t handling stress very well,” remembers Hubiak. “He suggested that I start meditating to better accept additional responsibility and remain healthy.

I have meditated most days since that defining moment almost 30 years ago.”

Petersen recommends having a a clear set of values and principals and share those with your team so they understand the culture you’d like to create. “Be available and responsive and provide feedback and coach and mentor as necessary,” she says. “Help your employees or committee members become your greatest resource and asset. Encourage them to take responsibility, insist on accountability and recognize their efforts.”

How do you ensure your professional growth?

For Petersen, it is setting goals. She likes to think about what she wants to achieve and comes up with a reasonable solution for reaching her goals.

Abraham reads a great deal, both technical information and books for enjoyment and believes continuous learning is important.

“Like many professionals, I thrive in an environment that promotes a learning culture,” comments McCloskey.

“I am curious by nature so I feel I am always in pursuit of knowledge. For me, professional growth comes from my professional involvement, meaningful conversations with clients and colleagues and pushing myself outside of my comfort zone to try new things.”

And, of course, Hubiak takes classes at the ASCPA, and learns from other CEOs in all different types of businesses.

How do you balance your work/personal life?

“I prefer to use the term integrate, as my work and personal life overlap in many ways,” says Hubiak. “I turn off technology for at least 24 hours during most weekends. That means no email, phone, TV, movies or internet, as odd as that may sound. This time ‘off the grid’ provides me with a stillness to hear my inner voice and gain strength to better focus on priorities.”

“I have had the fortune to work for a fabulous company for the past 30 years,” says Abraham. “I have also been fortunate to have a supportive husband for 31 years (yes, the same man!). Both employer and husband have been supportive with my very busy schedule.

And you know, sometimes it is OK to

put things off until tomorrow.”

McCloskey puts time aside to do things she enjoy, like spending meaningful time with my family and friends, or going on long walks. “In some ways,” she says, “I think having a career that you are passionate about helps immensely with striking a balance.

When you’re having fun, it doesn’t quite feel like work!”

With Petersen, prioritizing and scheduling are key factors. “In terms of prioritizing, it is important to get the right things done and have the ability to concentrate on what’s important sometimes over what’s urgent.”

Where do you find your inspiration?

“I find that when I tie my work to a broader purpose,” comments McCloskey “my inspiration remains clear.

My inspiration comes from my drive to help others. We can accomplish amazing things when we collaborate to accomplish a common goal. The people I surround myself with are always a source for inspiration, including family, friends, clients and colleagues.”

“For me, inspiration comes about because of change or seeing the possibility of change,” says Petersen. “I find that when I align my actions with what inspires me, it helps me find yet more inspiration.”

Hubiak gets her inspiration from tuning into nature, where she can listen to her “sixth sense” and talk through matters with her hiking partner.

What Are Our Biggest Challenges?

All of the Fab Four suggest that the biggest challenges facing the profession are staying on top of the issues, complexity of the laws, and ever changing governance requirements impacting the profession.

“This can be seen as both a challenge and an opportunity,” says McCloskey.

“We live in uncertain political and economic times and the lack of certainty impacts the ability of many firms to offer sage advice. Professionals that have the ability to stay on top of the

Women in Business More than 61 percent of all accountants and auditors in the U.S. are females and 40 percent of all CPAs are women.

Last year, more than 57 percent of new accounting graduates were women.

Only 21 percent of all partners at firms are women. At the Big Four accounting firms, women are 18.1 percent of all equity partners.

In 2012, women were only 11.3 percent of all CFOs in the Fortune 500.

A Credit Suisse Research Institute study shows that companies with female board members out-performed companies with male-only boards by 26 percent. And having at least one female director can reduce a company’s chance of bankruptcy by 20 percent.

issues can benefit greatly.”

“Whatever the challenges facing the ASCPA and the profession” adds Hubiak. “I know the dedicated volunteers and staff members will figure out a way to turn them into opportunities that will support the success of our members.”

Are there particular challenges for women?

“The CPA profession offers an outstanding career path for women,” comments Hubiak. “As a senior in high school working a part-time job and preparing to major in general business, I met ASCPA member Dennis Niven, the Town of Clarkdale’s auditor. He encouraged me to major in accounting instead, due to the multiple options available for female CPAs. Today, many CPA firms, and other companies, offer programs designed to support and develop women leaders. In Arizona, we are fortunate to have two of the Big Four led by women: Lisa Daniels

at KPMG and Diane Costantino at PricewaterhouseCoopers.”

And finally, keeping with the “Fab Four” super hero theme … If you could have one super hero quality, what would it be?

“Mind reading would be a lot of fun, enable me to do my job better, and become more aware of my own thoughts,” says Hubiak.

“My super hero quality would be an invulnerability to extremely high temperatures,” said McCloskey. How fitting for Arizona!

Petersen would like to have the power of invisibility, and Abraham says: “Of course, I’d like to fly! Who AZ CPA wouldn’t?”

Patty Gannon is senior manager of communications for the Arizona Society of CPAs.

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The ABCs of Advocacy for the ASCPA

How this Impacts Members

by Jimmy Lovelace, CPA

There are two major organizations in Arizona dedicated to the CPA profession. Although they have different missions, the Arizona Society of CPAs (Society) and the Arizona State Board of Accountancy (Board) act as advocates for their constituents. Advocacy is what drives support for members’ ideas, causes or policies and it’s important to understand how each organization, through their unique missions, plays a role in moving our profession forward.

The Arizona Society of CPAs’ Mission

For more than 75 years, the Arizona Society of CPAs has served as the largest professional organization in Arizona dedicated to CPAs. The Society has more than 5,500 members, both in public and industry, and has a mission to enhance members’ success through education, advocacy and image.

The Arizona State Board of Accountancy’s Mission

The Arizona State Board of Accountancy, among other purposes, provides assurance to the public that the CPA profession in Arizona operates at the highest level of professional competence through verification of education and experience credentials, monitoring the requirements for continuing education, and investigation of consumer complaints. The Board also serves CPA professionals through certification and registration of CPAs. Thus, CPAs can instantly see that the two missions are equally important, yet have distinct and separate influence on the profession.

Why the Society Advocacy Program is Important to Members

The Society acts as an advocate to build relationships and promote the interests of CPAs with regulatory agencies, governments, educators and other organizations. For example, the Society represents the profession to our state legislators. This is accomplished with regular communications about important issues to constituents and is based on mutual trust and respect.

The Society stays current with pending federal and state legislation that has an effect on the profession. Other means of advocacy include attending political Jimmy Lovelace, CPA, is a shareholder at BeachFleischman PC. He is a member of the ASCPA Board of Directors.

14 AZ CPA y NOVEMBER 2013

fundraising events for the Society, contributing to PAC upon request, building community understanding and support for the profession, and providing regular feedback that is useful in developing legislative strategy and objectives.

The Society serves as our liaison with various governmental agencies on the local, state and federal level.

The Society’s staff and contract lobbyist constantly monitor state and federal legislation to determine the impact on the accounting profession and positively influence the outcomes.

The Society and Board’s Working Relationship

In addition, the Society has a professional relationship with the Board and is in regular attendance at all public meetings. The Board President and Executive Director will typically meet with the Society Board annually and discuss objectives and initiatives in the spirit of goodwill and association.

The 51st Legislature

Actual Society advocacy results from the most recent legislative cycle include, but are not limited to: • Led the effort to ensure passage of HB 2260 (certified public accountants), which reorganizes and amends laws relating to CPAs. • Monitored and served as a voice for the Society in stakeholder meetings and discussions for HB 2111 (TPT changes) • Requested and aided in the appointment of members of the Society to various State Boards and Commissions.

• Ensured that amendments suggested by members of the Society were included in SB 1168 (internal revenue code conformity).

As members, we are all appreciative for the Society and its many programs.

Progress in our profession is not possible without involvement and advocacy.

Having been a member for more than 15 years now, it is clearer than ever before, nothing is more important than advocating on behalf of the profession. AZ CPA

Common Regulatory Pitfalls

by Ryan P. Edmonson, MBA

I was 16 years old, new to Arizona and wanted to make an impression. So, I bought a car and not just any car; I bought a Chevrolet Camaro. Like most 16-year olds in a faster than normal vehicle, I didn’t always drive the speed limit. One evening I found myself racing a car, which turned out to be a black and white, which is street jargon for a police car. As you might imagine, I found out pretty quickly that my impressive car and its speed was not faster than a speeding ticket. As a new driver, I was quickly introduced to the regulation and responsibility of having an Arizona driver’s license.

Regulations shape how we behave and help us distinguish right from wrong. Regulations protect us from individuals, businesses and other entities that do not have our best interests at heart. And like it or not, regulation is essential in every part of our lives: from the mundane of how fast we can drive in our Camaros to the regulation of certified public accountants. The certified public accounting profession provides the public with the assurance that they are hiring a professional who is competent and who upholds standards of professional conduct.

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In order for the certified public accounting profession to continue to be a respected profession, the Arizona State Board of Accountancy (Board) is charged with protecting the public. In fact, pursuant to Arizona Revised Statute § 32-703(A), the primary duty of the Board is to protect the public from unlawful, incompetent, unqualified or unprofessional certified public accountants or public accountants through certification, regulation and rehabilitation.

Additionally, CPAs should not want individuals in their profession who tarnish their image, but rather individuals who live by a professional standard that the CPA designation denotes. That is why it is important for the Board to enforce its laws and rules and why it is important for CPAs to do the same – to protect the public and the reputation of this celebrated profession.

I have been the compliance manager for the Board for almost 10 years and have opened hundreds of files on individuals and firms ranging from failure to return records to fraud. I believe my tenure with the Board has exposed me to many, if not all, areas where CPAs are prone to error. With that in mind, my hope is to use this article to help CPAs. Return of Client Records

Complaints regarding the return of client records are, by far, the most common complaints received in the Board’s office. While this request seems like a fairly simple request, made by your current or former clients, CPAs often find themselves struggling on how to respond to these requests. Based on the large number of complaints and phone calls I receive, it seems as though some CPAs may not be sure what constitutes client records and which portion of their file should be provided to the requesting party. This seems to be even more pivotal when there is a fee owed by the current or former client. The requesting party is more often than not the client. However, the requesting party may also be an entity, an attorney, a successor CPA or someone else on behalf of the client with signed consent.

Complaints regarding the return of client records are, by far, the most common complaints received in the Board’s office.

A.R.S. § 32-744; Ownership and custody of working papers and records and Arizona Administrative Code (A.A.C.) R4-1-455.02(B); Professional Conduct: Confidentiality; Records Disposition are the references Arizona CPAs should refer to when addressing current or former client requests for their records.

Essentially, both references state that CPAs should furnish, within a reasonable timeframe, records that ordinarily would constitute part of the client’s records and are not otherwise available to the client. The same is true when the records are joint records, such as a husband and wife, and must be returned to either party upon request. To fulfill such requests, CPAs may provide the copies in hard copy format and/or electronic format.

Although neither the statute, nor the rule requires a CPA to return copies that you believe are already in the client’s possession, if the client asserts that the records are not in his or her possession, then the CPA should provide copies of the requested records. The CPA should always return records regardless of the terms of the relationship with the client, which is far easier than risking a complaint being filed by your current or former clients.

There is also no provision in either the statute or the rule prohibiting the CPA to charge a reasonable fee for copying and delivering the requested copies.

Further, there is no such law allowing a CPA to retain a client’s records as a ransom for payment; you must always return client records.

Update Your Current Address

The Board works diligently to provide the CPA community, which consists of approximately 10,600 individuals and 3,300 firms with the most current information regarding their certificates and important information regarding

the maintenance of their certificates.

However, we still receive hundreds of phone calls per year from certificate holders claiming they never received the communication that was delivered from the Board’s office. In most, if not all, of those circumstances, we have discovered that the recipient did not receive the communication because they failed to notify the Board of an address change. A.A.C. R4-1-346 requires all certificate holders to notify the Board of any business, mailing or residential change of address, in writing and within 30 days of the change. Don’t fall prey to this common and very avoidable pitfall.

Simply download the Board’s change of address form, which can be found at http://www.azaccountancy.gov/Renewals/ChangeOfAddress.aspx to request your change of address.

Timely Renew Your CPA Certificate

You say it’s your birthday; well it’s my birthday too. Whether or not you are a 16 Candles fan or not, there is no easier way to remember to renew your CPA certificate than to know that your renewal occurs every two years during the month of your birthday. For those born in even years, your renewal occurs every even year. And, for those born in odd years, your renewal is every odd year.

Pursuant to A.R.S. § 32-730(A), all CPAs shall biennially renew their certificates. Further, A.R.S. 32-741.01 states that failure to renew your certificate timely and pay the biennial renewal fee will result in an automatic suspension of your CPA certificate without prior notice or a hearing. If you fail to reinstate your CPA certificate within 12 months of the date of the suspension, the certificate expires. Under the terms of the suspension and expiration, the individual can no longer use the CPA

NOVEMBER 2013 y AZ CPA

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designation. Currently, it is mandatory that CPAs renew their certificates online through the Board’s website, which is www.azaccountancy.gov.

Failure to Maintain Proper CPE Documentation

Pursuant to A.R.S. § 32-730(C), as a prerequisite of your renewal, each CPA must submit to the Board satisfactory proof, in a manner prescribed by the Board that the CPA has completed the CPE requirements established by the Board. The Board has tried to help CPAs with the proper maintenance of CPE by making it as easy as possible with the creation of a CPE list on your personal account. You must log into your personal account on the Board’s website and click the CPE list menu option. Once there you may log your CPE at any time between renewals and your coursework will be saved to your account — making it easy for you when it comes time to submit your biennial renewal. The more challenging part is maintaining the records.

Reporting CPE is essentially based on an honor system. And because of the honor system, the Board conducts CPE audits on a random number of CPA renewal files on a monthly basis. If you become the subject of an audit, you must show proof of ALL the CPE you reported on your last registration renewal. The biggest mistake CPAs make regarding CPE is believing that the only proof of completion they need to maintain are certificates of completion.

However, A.A.C. R4-1-453 requires that CPAs maintain, for three years, and be able to provide the Board, upon request, copies of course outlines and proof of completion. Failure to do so will result in the suspension of your CPA certificate for up to one year or until you cure the CPE deficiency by taking new CPE. Failure to Respond or Timely Respond to the Board

Yes, you read that subtitle correct.

CPAs are often disciplined by the Board for simply failing to respond or failing to timely respond to the Board’s inquiries.

Failure to timely respond carries a very stiff administrative civil penalty of up to $2,000. The worst, however, happens for failure to respond, which more often than one may think, leads to an administrative hearing for the revocation of the CPA certificate.

How do you avoid discipline in this area? This may seem like a simple answer to many who are reading this, and it is just that simple – timely respond to the Board by providing the requested information. Your response must be in the Board’s office no later than 30 days from the date of the request and not 30 days from the date you received the mailing. Simple – right? Wrong.

Your professional world is very busy and sometimes crazy, but forgetting or putting aside the Board’s request can be prove to be a costly mistake.

Public Accounting in a Registered Firm

Most CPAs are practicing public accounting in a registered firm. Every year; however, the Board receives several

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inquiries of CPAs who practice public accounting, but are doing so either in an unregistered firm or no firm at all.

Pursuant to A.R.S. § 32-747.01 and A.A.C. R4-1-455.03(D)(1), CPAs may practice public accounting, even as an owner or employee, only in a registered firm with the Board. In many cases, the CPA has formed an entity with the Arizona Corporation Commission, but never with the Board. This is a violation. In other cases, a CPA works, as an employee, for a company like H & R Block, Hewitt Jackson, etc., but those entities and entities like them are not owned and operated by a CPA, and therefore, are not required to be registered with the Board. Thus, a CPA in this situation must, at no additional expense, form a sole practitioner firm with the Board as part of their individual online renewal application.

CPA or Not a CPA That is the Question

Earning a CPA certificate is a great accomplishment, and you should feel

proud of your accomplishment. Believe it or not though, there are some in your community who are also proud, but there is only one problem – they have not earned the right to call themselves a CPA, in Arizona, but are doing so anyway. This is one of the most common areas the Board disciplines and rightly so. This is a violation for the unlawful use of the CPA designation.

Any title likely to be confused with the CPA designation is also a violation. If you suspect that someone may be using the designation unlawfully, please provide a written description of the violation, usually a business card, letterhead, résumé, etc. showing the offender’s unlawful use of the designation. Often times, the offender is certified in another jurisdiction and believes that certification is applicable in all jurisdictions, but A.R.S. § 32-747 states otherwise.

Now that I have shared with you the most common regulatory pitfalls, allow me to suggest that regulation is one of many rewards in the CPA profession.

Why? Because even in the most serious investigative matter, those in your profession whose practice has been reviewed by the Board soon realize there is value-added through the educational process of being regulated. In addition, those CPAs who have been educated understand the reward of regulation and, in many cases, express gratitude for the redirection.

Being regulated provides your prospective clients assurance and confidence that they are hiring a valuable individual from a respected profession.

Any client retention or promotion of your practice should include this assurance and confidence, by impressing upon your current or prospective clients that you are knowledgeable of the Board’s laws and rules and that you are at the top of your profession. AZ CPA Ryan P. Edmonson, MBA, is compliance manager at the Arizona State Board of Accountancy. He can be reached at redmonson@azaccountancy.gov.

Problem with the Board?

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D. Jay Ryan Attorney at Law City North 5415 E. High St., #200 Phoenix, AZ 85054 (623) 937-3737 or (602)840-8075 (fax) Free Telephone Consult Mr. Ryan is a former Assistant Attorney General who represented the Board.

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Income-Based Repayment (IBR) is designed for consumers who

have high student loan debt relative to their incomes. It caps monthly student loan payments at an affordable amount based on income and family size. It will be lower than payments under a Standard Repayment Plan, which offers fixed payments for up to 10 years.

Additionally, IBR provides loan forgiveness on any remaining balances after 25 years of payment. The borrower must demonstrate a partial financial hardship to participate.

Pay As You Earn Repayment Plans were established in late

Struggling with the High Cost of Higher Ed Options for Repaying Federal Student Loans

by David Richardson, CPA

The high cost of a higher education is catching up with many Americans, and it’s greatly impacting their long-term financial outlooks. According to the Consumer Financial Protection Bureau, student loan debts have surpassed $1 trillion nationally, making it the second largest form of consumer debt outside of mortgages.

Scholarships, grants and part-time jobs no longer cut it for many students. They are forced to make a very difficult decision between taking out student loans and getting a degree, or delaying (and possibly forgoing) a higher education. Today, many of the people who chose to borrow face a bleak financial picture upon graduation, unable to save money or meet other monthly financial obligations.

Most students who borrow money for college opt for federal student loans.

This is a popular option because these loans have better terms than most private loans, and they don’t require parents to co-sign. Consumers struggling with federal student loans have numerous repayment options to help ease the burden:

2012 for “new borrowers” (former students who didn’t owe money on federal loans as of Oct. 1, 2007 and received a disbursement of a Direct Loan on or after Oct. 1, 2011). It typically offers the lowest monthly payment amount of all loan repayment options. Just like IBR, monthly payments with this plan will be lower than the Standard Repayment Plan. They may increase or decrease each year based on, annual income, family size, tax filing status and state of residence. The borrower must demonstrate a partial financial hardship to participate.

Graduated Repayment Plans provide short-term relief

through low, interest-only monthly payments that increase gradually every two years. Payments are made for up to 10 years. By the end of the repayment term, payments will be significantly higher than the initial monthly payment.

Extended Repayment Plans

offer lower monthly payments over an extended period of time and have a predictable payment schedule. However, the interest paid on the loan will increase due to the length of the loan term, which is up to 25 years.

Consolidation may provide relief to those with multiple loans. Consolidating into a single loan can simplify the repayment process and reduce monthly payments. Consolidation is often a first step to qualify for other repayment options. The loan repayment period lasts up to 30 years. Borrowers who take advantage of the extended repayment

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period will end up paying more interest and making more payments.

Deferment can be requested to temporarily postpone loan payments.

It’s granted for special circumstances, such as returning to school, job loss, disability or military service. If a consumer has subsidized loans, the loan balance will not increase during deferment because the government will be making interest payments on the consumer’s behalf. Individuals who have exhausted their eligibility for deferment may be able to reinstate eligibility by consolidating the loan(s).

Forbearance can be requested to temporarily postpone or reduce monthly payments for an agreed-upon timeframe while the borrower works through a financial difficulty. If the loan is in forbearance, the balance will increase by the amount of unpaid accrued interest. If a consumer has exhausted his or her eligibility for forbearance, he or she may be able to consolidate the loan(s) to reinstate eligibility.

Loan Rehabilitation Programs may be an option if a loan is

in default status. The borrower and the lender (or the Department of Education if the borrower has defaulted on a Direct Loan) agree on a reasonable and affordable repayment plan for nine consecutive payments over a 10-month period.

The loan is considered “rehabilitated” and the default status is cleared once all payments have been made on time and a lender has purchased the loan. With a rehabilitated loan, consumers may be eligible for deferment, forbearance or other repayment options.

If a consumer has a Federal Family Education loan, a participating lender must agree to purchase the defaulted loan and assume loan servicing after the rehabilitation payments are complete.

The loan balance will likely increase with loan rehabilitation programs due to outstanding interest on the principal.

Consumers may have to pay collection costs, as well. National credit bureaus will be notified when the loan is rehabilitated, but delinquencies reported before the loan defaulted will still be reflected on a credit report.

Perkins Loan Rehabilitation is another rehabilitation option

in which borrowers work directly with their schools (as many schools contract with companies to service Perkins Loans themselves). In this case, they must make 9 consecutive loan payments to rehabilitate the loan.

Public Service Loan Forgiveness is available to individuals

who work full-time public service jobs, including positions with the government, military, public schools or 501(c)3 non-profit organizations.

Borrowers may qualify for forgiveness of their remaining Direct Loan balances after making 120 qualifying payments.

Payments must have been made after October 1, 2007.

With so many choices, borrowers are often confused about which options are best for them. People who are struggling with student loan debt can seek professional help to determine which repayment option is best for them. The sooner a repayment plan is identified, the better. The consequences of missing student loan payments may be steep.

The lender can increase the cost of the loan, notify credit reporting agencies, declare ineligibility for additional student aid, withhold tax refunds, garnish wages and even take delinquent borrowers to court.

AZ CPA David Richardson, CPA, is CEO, of Take Charge America, Inc. Founded in 1987, Take Charge America, Inc. is an Arizona non-profit agency that provides financial education services, including credit counseling, housing counseling, student loan counseling and debt management. It has helped more than 1.6 million consumers nationwide manage their personal finances and debts. To learn more, visit www.takechargeamerica.org or call (888) 822-9193. Take Charge America introduced student loan counseling in 2013 to help consumers better navigate the federal student loan landscape and identify the appropriate repayment options for their unique situations.

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important in the digital space. In many ways, the stakes are higher because the social web acts as a megaphone.

Social Media: Exploring Digital Strategies for Business and Career Growth

by Eric Majchrzak

From business development to building your personal professional reputation, using social media successfully depends upon how you structure your efforts and how much you give. Your commitment to social media should be considered an investment, much like the time and effort you spend developing trusted relationships. You have to give in order to get. Always think about the ways you can offer value to your network.

What Social Media are About Social media are inherently about relationships. Social media platforms provide two-way communication. Like the telephone, these channels are a vehicle to hold conversations. Relationships can be nurtured in person and online; in both cases it’s important to maintain and build those connections.

Social media are about trust. To create trust, you need to build social capital, which is the currency of social media. Social capital can be defined as the level, trust and credibility that you have built up among people, the depth and meaning of those relationships, and the level of action a community will take on your behalf.

This is an important concept because social media are considered “Trust” mediums.

When someone creates a post on Facebook that attracts comments and the original poster doesn’t respond, that’s the equivalent of turning your back on someone in a conversation. That’s breaking trust. If you are looking to embrace social media, there should be no gap between the way people experience you in person and the way they experience you online. If you are engaging and considerate in person, shouldn’t you also be online? Be consistent. Your reputation online is just as

24 AZ CPA y NOVEMBER 2013

Be Careful It can take months and even years to build reputation and trust, but it only takes a minute to ruin it. It’s critical that you use good judgment and common sense when online. Assume everybody sees what you post all the time. Be aware of its pitfalls, be sensitive to others and make sure your posts aren’t just about you or your company. If you have one misstep, it can be magnified – and it can lurk around forever.

Successful Outcomes of Social Media The business case for social media is powerful. Here are some of the more popular outcomes you can accomplish.

While this is not an all-inclusive list, it’s a good representation of the major business objectives of social media: Business intelligence/research — Information on your clients, prospects, recruits and employees is now at your fingertips. Much can be gained when you get the back-story on people. If you have a meeting with someone for the first time, you can visit their LinkedIn and Facebook profile and get a better picture of who they are — both as an individual and as a company.

Lead generation/sales — There are many ways companies can grow their practice using social media. From the content you post, to promoting certain products, to showing thought leadership, staying active on your channels and trying different things will often trigger a sale. One underutilized tactic is monitoring and searching for sales opportunities through people’s pain points. For example, if you search certain terms like “recommend accounting firms” or “recommend consultant” in LinkedIn groups or Twitter, many queries will come up from people in need.

This is a proactive approach to finding new business.

Enhancing relationships/ networking — Social media is just like having a conversation in person.

You have the ability to comment on what others post, you can reach out to people directly and connect. Deep relationships can be developed. Many of the folks I’ve met online are close friends, and in many cases I’ve never met them in person. When you are consistent and have built trust online, good things can happen, including: introductions, business opportunities, invites, referrals and leads.

Recruiting — Social media comes in handy when trying to recruit or look for a job because it gives a candidate a peek under the hood of your company.

Visiting a organization’s Facebook page will offer a glimpse of company culture.

It’s good for candidates and it’s good for companies who are hiring. LinkedIn allows you to sort through passive candidates and those who are more active in the market. Often candidates will have robust profiles that include their skills, passion and community involvement.

This transparency streamlines the interview process and gives people more information on how to prepare walking into an in-person meeting.

Awareness (expanding your influence/reach) — Social media is a megaphone for your expertise. While publishing an article used to be the main way thought leaders would get their message out to the world, digital channels now allow you to expand your reach and reputation exponentially into different markets at virtually no cost.

Building reputation, trust and credibility — Again, consistency in social media and online communication will pay dividends. Posting content your audience finds valuable will demonstrate you are an expert. Consider making introductions, building connections, reposting other people’s updates and sharing other people’s writing. Be a resource and share your knowledge freely.

hang out. Do your research and find their communities. They may not be on all the social media channels, but you may find they spend a majority of their time on one or two. Go there and make yourself and your business known.

Objectives — Next, figure out your goals and objectives. There are qualitative goals that we all like – number of fans, followers, likes you get on any given post or page. But quantitative goals are more important because they are about the relationships. How much value are you providing? How many doors have you opened? Think about what you’re trying to accomplish online and in your practice.

Actions — There are several tactics you can employ to get started on implementing your social media strategy:

Develop a Strategy We know social media plays into our success as firms, but how do you develop a strategy?

Research -—First, find your constituents online. If you are selling products to engineers, go where the engineers

Devices — To stay relevant, you will have to experiment with social media platforms – choose what works for you. Consider how your information is going to flow. Is your blog going to be the “hub” of your activities or your website? Create a game plan for your

Publish — Think about the message you want to put out to your audience and start creating content that speaks to this message. Post frequently.

Share and Promote –—Start sharing the content of others, promote their news and comment to build trust.

Monitor — Observe what conversations people are having. Conduct searches and stay on top of prospects and opportunities.

Network — Expand, expand, expand. Ask for friend requests, start following people, ask someone to connect with you, and answer emails in a timely manner. All these activities will broaden your reach.

Advertise —There are paid options to get the word out about your business. Depending on what your goals are, you may decide to do some or none. Know what’s available.

content marketing. What devices and platforms will you use?

Engage and Measure — Constantly assess if these tactics are helping you reach your goals. LinkedIn and Facebook both have enhanced analytics to allow you to see in real time how many people read or share your post.

While it’s difficult to put a metric on a relationship, it’s important to look at the connections you have built and your investment in them.

The personal brand?

A quick thought about brands: Social media obviously helps build company brands. When it comes to the individual, however, the idea of a personal brand is an oxymoron. Brands are inheritantly impersonal. Individuals are building their reputation; companies are building their brands. When individuals create a brand, they start acting like a corporation – and are usually not as transparent or genuine.

Social Media = Powerful Tool Whether you’re a firm, business or an individual, social media are a powerful tool that can help you communicate, network and find opportunities to enhance your business growth and career. Stay aware, experiment, but most importantly have fun and be genuine.

AZ CPA Eric Majchrzak is a shareholder and chief marketing officer at BeachFleischman.

He can be reached atemajchrzak@ beachfleischman.com.

Eric Majchrzak will share more tips at the ASCPA Emerging Leaders Conference on Nov. 15.

NOVEMBER 2013 y AZ CPA

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CPA for Chandler CPA firm — Chandler AZ CPA firm looking for a highly motivated CPA or CPA candidate with excellent communication skills to join our team. Great location on Ray Rd close to the 101 and 202 freeways. 3+ years of experience with an emphasis in compiled and reviewed financial statement engagements. Experience with business, trust, and individual taxes a plus. Applicant must be able to demonstrate effective communication skills and ability to work with clients and fellow employees. Please email cover letter, resume and salary requirements to info@cjpr-cpa.com or fax to (480) 917-0992.

Senior Auditor — PKF —Looking for a change from the big firms?

San Diego CPA firm is seeking a Senior Auditor. Engagements include audits of private companies, public companies, non-profits and benefit plans.

Must demonstrate an understanding of GAAP and audit procedures.Candidates should have strong communication, computer and accounting (GAAP knowledge) and auditing skills. A Bachelor’s or advanced degree in accounting or finance is required. Should possess or be working toward a CPA license and have at least 3 years of experience in public accounting working on audit engagements. Please E-mail resume to pclark@pkfsandiego.com.

SENIOR TAX MANAGER — CPA required. Prepare and review complex business tax returns. Part time position.

Dynamic firm. Paperless enviromnent and state-of-the-art software. Qbooks, Lacerte, RIA and Practice CS are utilized. Flexible hours are available. Attach resume in pdf to lams12@aol.com.

Tax and Audit Professionals — CBIZ & MHM are together ranked as a top national provider of accounting services. With more than 35 offices and more than 2,000 professionals, we serve the growing mid-market public and private businesses. MHM provides high quality audit and attest services while closely associated CBIZ provides all other accounting, tax and consulting services. CBIZ & MHM is currently seeking a highly motivated tax and audit professionals In our Phoenix office. These are important roles in our growing practice, they include client relationships, technical work, and developing staff. Visit www.cbiz.jobs and apply today or contact our recruiter Liz Renteria at lrenteria@cbiz.com.

Office Space TEMPE OFFICE SPACE — Office space to share with CPA firm near Broadway and Loop 101. Includes reception area, kitchen, covered parking.

Possible tax season work. 170 sf office in 950 sf suite. $350/mo. Call Mike at (480) 818-3307.

SEEKING DYNAMIC TAX CPA TO SUBLET OFFICE — CFP/CPA seeking a dynamic tax CPA to sublet office within large suite located at SR51 and Shea Blvd. Client referral opportunities exist between myself and a bookkeeping CPA. If interested, contact John at 602283-2793 or john@chichesterfinancial. com.

Arizona’s best resource since 2000 for

Cost Segregation Studies costseg@costsegstudy.com www.costsegstudy.com

(480) 963-2872

In the Black ... Adventures in Accounting

Concept: Heidi Frei Illust.: Jack Gannon

So what are you thankful for this year?

I’m thankful that Twinkies are back!

And also that the ASCPA attends all Accountancy Board meetings to keep me updated on changes.

To place a classified ad, go to www.ascpa.com and go to marketplace.

Thank you for your continued support of the ASCPA.

NOVEMBER 2013 y AZ CPA

27

Arizona Society of Certified Public Accountants 4801 E. Washington St., Suite 225-B Phoenix, AZ 85034

PRSRT STD U.S. Postage PAID Phoenix, Arizona Permit No. 952 ADDRESS SERVICE REQUESTED

Health Care Reform—You have questions, we have answers!

Along with guaranteed acceptance for health insurance under the Affordable Care Act, there are multiple ways to purchase coverage.

For those who qualify for a tax subsidy because they earn less than 400% of the Federal Poverty Line, the “Marketplace” is the mandatory enrollment vehicle. But how does someone know which plan to buy?

How can they know if they qualify for a subsidy? How much will it be? Are there any other benefits to qualifying for the subsidy? Which insurance company is the right choice? How do they access the Marketplace (previously known as the Exchange)?

The Argus Group is committed to the insurance business, and we have answers to all of these questions and more. If you and/or your clients are looking for guidance in this new world of health insurance, we would love to be the company that helps you navigate the storm.

Please feel free to give us a call at (602) 863-0080. We are here to help.

28 AZ CPA y NOVEMBER 2013