July • August 2012
Ralph Albert Thomas, CGMA Executive Director rthomas@njscpa.org
Ellen C. McSherry, CGMA Associate Executive Director emcsherry@njscpa.org
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Having a Devil of a Time with a Pair of CPAs Hear from two CPAs who are leading the financial team for one of the NHL’s most successful franchises.
Don Meyer Director, Communications & Marketing dmeyer@njscpa.org
David Plaskow Managing Editor dplaskow@njscpa.org
Jeanette L. Miller Editorial Assistant jmiller@njscpa.org
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CPA Opportunities in the Leisure and Entertainment Sector Sure there’s glitz and glamour, but there’s also a lot of hard work needed for CPAs to make it on this stage.
Editorial Advisory Board Neil B. Becourtney, CPA David M. Capodanno, CPA Rosemary F. Ervin, CPA Rebecca B. Fitzhugh, CPA Christopher W. Frey, CPA Catherine Z. Horn, CPA Bernard M. Kiely, CPA Marcella LoCastro, CPA Anthony F. Marone, CPA William C. McNamara, CPA Marc D. Mintz, CPA John F. Raspante, CPA Joseph F. Scutellaro, CPA Margaret Van Brunt, CPA
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The New Jersey Society of Certified Public Accountants 425 Eagle Rock Avenue Suite 100 Roseland, NJ 07068-1723 973-226-4494 Fax: 973-226-7425 njscpa.org
The Celebrity Client Learn about a few personality types of celebrity clients and the unique challenges they pose to their CPAs. What NJ Is Doing to Bolster the L&E Sector Despite some well-publicized challenges, NJ has a lot to offer travelers. See how the state is successfully getting the word out.
4 Close Up New Society President Keeps Showing Up 6 News Briefs 18 A&A Buzz The Need for Royalty/ Licensee Audits 19 Best Practices The Value-Added Giveaway 20 Financial Planning The Life and Times of Life Settlements 21 Forensic File Measuring Revenue in a Cash-Intensive Business 22 Industry Insights Would Thou Work for a Religious Group? 2 3 Small/Sole Practitioner Using a Third-Party Credit Card Processor
2 4 Tax Talk Bonus Depreciation for Retail and Restaurant Property 25 Tech Center The World of Virtualization and Licensing 26 NJSCPA Women of Note 48 Student Outlook Three Cheers for “Me Time” 49
Legislative Views NJSCPA Advocates to Eliminate the “Five-Year Death Penalty”
50 Member Profile Taking Aim at Safety Society Pages CPE Offerings and Events, 38 Get Involved, 40 Member Benefits, 44 NJ State Board of Accountancy Report, 46 Classifieds, 47
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New Jersey CPA (ISSN 1534-6692) is published six times per year by the New Jersey Society of Certified Public Accountants, 425 Eagle Rock Avenue-Suite 100, Roseland, NJ 07068. Issue No. 34 Copyright © 2012 New Jersey Society of Certified Public Accountants. Annual membership dues includes $9 for a one-year subscription to New Jersey CPA magazine. Members may not deduct subscription price from dues. Periodicals postage paid at Roseland, NJ, and at additional mailing office. POSTMASTER: Send address changes to New Jersey CPA, 425 Eagle Rock Avenue, Suite 100, Roseland, NJ 07068-1723. The materials and information contained within New Jersey CPA are offered as information only and not as practice, financial, accounting, legal or other professional advice. The opinions expressed herein are those of the authors and not necessarily those of the New Jersey Society of CPAs. Publication of an advertisement in New Jersey CPA does not constitute an endorsement of the product or service by the New Jersey Society of CPAs.