4 minute read
Line Items
Kris McMackin, CPA, and her staff volunteered at the Project GROWS farm in Augusta County in July. Send your volunteer pictures to the VSCPA and we’ll publicize them.
Advertisement
The VSCPA is making changes to its annual CPA Day of Service event, traditionally held the third Friday in September as the culmination of Virginia CPA Week.
Essentially, we’re eliminating the standalone CPA Day of Service event. However, we prefer to think of it as an expansion and a relaxing of requirements. Our members and firms are very active in communities with service projects, and we want to acknowledge and celebrate that service throughout the year without limiting it to one day.
With that in mind, we’re asking members and firms to share photos, videos and recaps of activities with us on an ongoing basis. Submissions will be included in our #CPAsGiveBack campaign where we share members’ service projects on social media and in Disclosures (image quality and space permitting).
Here are the ways you can make sure we publicize your event:
• Email pictures and videos to VSCPA
Communications Manager Chip
Knighton (cknighton@vscpa.com) and Student & Member Engagement
Specialist Lauren Simonetti (lsimonetti@vscpa.com).
• Post pictures, videos and information on the VSCPA Facebook page (facebook.com/VSCPA) using the #CPAsGiveBack hashtag.
• Tag the VSCPA in photos and videos on Twitter (@VSCPANews) and Instagram (@VSCPA) using the #CPAsGiveBack hashtag.
We’re still committed to publicizing our members’ efforts in the community! We’ll share any submissions we receive to help showcase the ways VSCPA members give back to the communities where they live and work. Thanks to our members for being such great representatives of the profession!
GO INSIDE 2017–2018 WITH THE VSCPA
The VSCPA’s State of the VSCPA annual report is now available online! The report goes in-depth on the VSCPA’s activities during fiscal 2018, highlighting innovation, learning, advocacy and the activities of the VSCPA Educational Foundation and the VSCPA Political Action Committee. Visit vscpa.com/StateoftheVSCPA to view the report and the VSCPA’s audited financial statements for 2017–2018.
TICKER
7
Virginia’s ranking by Kiplinger as one of the best states to retire.
11.3
The percentage that Virginia-residing seniors’ household incomes are higher than the national average.
30
The median age in America, an increase of 0.8 years since 2000.
2035
The year in which Americans over age 65 will outnumber children.
$25 billion Virginia tourism revenue in 2017, an increase of 4.4 percent over 2016.
$68 million
The amount spent per day in the Commonwealth by domestic travelers.
$600 million Record profits reported by the Virginia Lottery in fiscal year 2017.
48 The number of Virginia lottery tickets that won prizes of at least $1 million in 2017.
10 The number of VSCPA chapters.
EXCELLENT EXCEL
Documenting and displaying Formulas
As they say, the devil is in the details. Well, for Excel, the devil can lurk within formulas — which is why CPAs give much time and attention to reviewing and documenting what each formula does. Besides hitting “Ctrl” + “~” to make all formulas temporarily visible, users can use two functions, N and FORMULATEXT, to add documentation to any formula and permanently display a formula, respectively.
Add the N function to the end of any formula to include documentation directly to the cell with a formula without affecting the results of the original formula. For example, in cell A3 you could write =(A1+A2)+N("Adds the two numbers
above"). A3 will still display the sum of the amounts in A1 and A2 and yet retain the documentation within the cell about what the formula is attempting to achieve.
Additionally, CPAs can use the FORMULATEXT function to show the formula in another cell. For example if you write =FORMULATEXT(A3) in any cell, other than A3, it will return and display the formula in A3.
Combining the two examples above, a CPA can use the N function in A3 to document the goal of that formula and use the FORMULATEXT function in B3 to display the formula in A3 along with added documentation. If practiced correctly, these functions can help head off any unwanted devils.
George D. Strudgeon, CPA, CGFM, is an audit director at the Virginia Auditor of Public Accounts in Richmond. Email him if you have Excel topics you want him to cover.
george.strudgeon@gmail.com connect.vscpa.com/GeorgeStrudgeon
TAX takes aim at fraud year-round
The Virginia Department of Taxation (TAX) works all year long to research and develop tools and processes to keep taxpayer information safe and minimize fraudulent returns. Its Refund Fraud Team aims to stay one step ahead of sophisticated hackers and thieves. In 2018, the team has implemented:
1. Online refund verification: Just by having taxpayers answer a few questions, eligible returns can now be verified online. This year the tool helped reduce processing turnaround time by 28 percent.
2. Online document submission: Taxpayers who had returns stopped for review can upload documentation, which speeds up the review process. This filing season, more than 17,000 taxpayers used the service.
3. Automated return release: TAX can now release some returns after checking them against a state, federal and commercial database. The enhancement led to 9,000 returns being automatically released this past season.
Check out detailed info on how TAX works to protect taxpayers at tax.virginia.gov/refund-fraud-prevention.
from the IRS...
The U.S. Internal Revenue Service (IRS) is also taking aim at cybercriminals. A new publication, Data Security Resource Guide for Tax Professionals (Publication 5293), provides basic information so tax pros can protect their clients. In addition, the IRS updated Safeguarding Client Data (Publication 4557) to reflect current threats. Find them both at irs.gov.
