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NEWSLETTER Arkansas Society of Certified Public Accountants

Executive Director Bruce C. Alt

Published Monthly By THE ARKANSAS SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS 11300 Executive Center Little Rock, Arkansas 72211-4352 Telephone 1-800-482-8739 (In Arkansas) (501) 664-8739 Fax (501) 664-8320 www.arcpa.org

In This Issue • Arkansas Business . .2 • CPE . . . . . . . . . .3-6 • Emerging CPAs . . . . . . . . . .8-9 • Financial Literacy . . . . . . . . .10 • Leadership . . .11-12 • Member Benefits . . . . .14-16 • Member Services/ Classifieds . . . . . .17 • Membership . .18-22 • Peer Review . . . .23 • Practice Management . .24-25

Only a few CPE credits short? Don’t want to sit in class for 8 hours straight? Sign up for our 4 hour sessions! The Arkansas Society of CPAs will be offering courses on December 30-31, 2013. Eight four hour courses will be held – a virtual smorgasbord of CPE – don’t miss it! Get your CPE before the deadline!

F R

CPE

N Z Y

Y

C H RI

MAS ST

President Douglas W. Coy

CPE HOLIDAY FRENZY MERR

December 2013

DECEMBER 30 An Overview of Annual Updates (8:30 am - 12:00 pm) - Little Rock Audit Workpapers: Documenting Fieldwork (1:00 pm - 4:30 pm) - Little Rock Improving Listening and Writing Skills (8:30 am - 12:00 pm) - Little Rock Critical Budgeting Skills (1:00 pm - 4:30 pm) - Little Rock

DECEMBER 31 Not-for-Profit Frauds (8:30 am - 12:00 pm) - Little Rock Nonprofits in Treacherous Waters (1:00 pm - 4:30 pm) - Little Rock Taxation for Foreign Nationals (8:30 am - 12:00 pm) - Little Rock Taxation for Expatriates (1:00 pm - 4:30 pm) - Little Rock

Each 4 hour course is $135 for members (early discount fee) and $185 for nonmembers (early discount fee). To receive the early discount, registration must be received 14 days prior to the course. To register, use the registration form located on page 5 or call the CPE department at 501-664-8739. Registrations are also accepted via fax at 501-664-8320 or on-line at www.arcpa.org. Full payment is required at time of registration. A maximum of 16 CPE credit hours available. Lunch is not included in four-hour courses.

• Tax . . . . . . . . . . . . .26 Space is limited! Register Today!


ARKANSAS BUSINESS Additional communications in FRF for SMEs will provide for plain-spoken disclosures and a far less complicated reconciliation from company books and records to company tax records. Other characteristics include:

Main Street Financial Reporting

• Historical cost for asset acquisitions and depreciation, rather than fair-value measurement as required in many GAAP applications.

By: Douglas W. Coy, ASCPA President

• Results of operations will not require a comprehensive income analysis.

Two years ago, my friend and ASCPA Past President Stan Kozij wrote in Arkansas Business of private company accounting regulations to come. I am happy to share with you that a new Financial Reporting Framework for Small and Medium Size Entities was introduced on June 10 by the American Institute of Certified Public Accountants. Main Street America has been a focal point of economic discussion for at least six years and perhaps more. While the economic downturn has been devastating to many Wall Street firms and publicly traded companies, the breadth of the lasting impact has been on Main Street. Jobs data is at the core of forecasts and forward-looking economic discussion. Access to capital, whether debt, equity or human capital, has been dramatically limited for many small and medium-sized businesses. One obstacle in Main Street capital access has been the cumbersome, complicated and sometimes less-than-relevant procedures required for audited statements. Small and medium-sized firms have had to comply with the same standards that much larger private companies are held to. Another obstacle is the often prohibitively high cost of an audit under generally accepted accounting principles. Prior to FRF for SMEs, small and medium-sized entities were limited to GAAP, tax basis or modified cash basis reporting. If business was conducted globally, international financial reporting standards were sometimes required. Unfortunately, the alternatives to GAAP were generally not good solutions for Main Street. FRF for SMEs is responsive to that solution request. The reporting framework is designed to provide a tailored reporting framework, with recognized and rather traditional accounting methods. Another objective is to provide reports to owners, lenders, insurance providers and other stakeholders needing financial information that might not fit within the GAAP audited framework. It is important to note that FRF for SMEs is not a substitute for GAAP financial statements, but can be much more informative than the alternative methods mentioned above. FRF for SMEs is intended to be a very relevant and comprehensive framework that can be tailored to fit specific reporting needs and provide that information to the financial statement users. Likely users of the financial framework are small and medium-sized entities of various industries, ownermanaged businesses and incorporated, limited liability or other unincorporated businesses. FRF for SMEs will be helpful and informative to those seeking performance-based reporting, wishing to confirm debt and ownership of assets and for interpreting cash flows. It is also anticipated that the statements will provide relevant data to those with direct access to management. ASCPA Newsletter: December, 2013

• Disclosures are tailored for the user and application. • Consolidation with variable interest entities will not be required, and parent-only financial statement reporting is optional. • Leases will continue to be reported as required under traditional accounting and U.S. Tax Code. • Income tax accounting will include an option of taxes payable or deferred-tax methodologies. FRF for SMEs is designed to deliver reliable, usable and plain-spoken financial information that will drive business decisions in a much more informed manner and at a significant cost reduction to traditional GAAP presentation. Should you feel that this reporting framework is suited for your business or desire to discuss it in a more detailed fashion, please contact your CPA firm to discuss or to obtain additional information. Douglas W. Coy is a CPA with Coy & Co. PLLC of Paragould, an attorney with Douglas W. Coy, PA of Little Rock and is the 2013 president of the Arkansas Society of Certified Public Accountants. E-mail him at DCoy@DWCPA.com. Reprinted from Arkansas Business, September, 2013.

WANTED: Your ASCPA Member Survey ASCPA is dedicated to improving the Profession and meeting the needs of our valued members. To assist your Strategic Planning Committee and Board of Directors, we need your input! Please complete a short member survey online BEFORE THURSDAY, December 5 to be eligible for the grand prize; it will take less than 10 minutes. A FREE 8 HOUR CPE COURSE will be awarded to one winner - to be randomly selected from all completed surveys. Just link to the survey: http://www.arcpa.org/content/ Strategic-Survey.aspx or visit www.arcpa.org and look for ASCPA Strategic Survey on the home page. Many thanks!

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CPE instructors. Participants were able to ask questions and get real feedback from the comfort of their own home or office. The webcast included live video and audio of the speakers, slides and handout materials. The two-day program was packed full of dynamic speakers on a variety of topics. Sessions included presentations on Healthcare Reform Compliance, Einstein was Right: Our Tax Code is Too Complex, Entergy Arkansas Inc.’s Perspective on the Changing Electric Utility Business, Leading the Next Generation, Arkansas Sales and Use Tax, The Art of Interrogation, Accounting and Auditing Update for CPAs in Industry, Workers with Disabilities, 2013 Tax Update, What Duck Dynasty Teaches Us About Social Media Marketing, The Outlook of Banking in Arkansas, and Ethics in Today’s Business World. Special Thanks to the Industry, Commerce, and Banking Conference Chairman T.J. Boyle for putting together a very successful event! Save this date! Next year’s Conference will be held on October 16-17, 2014, at the ASCPA Conference Center in Little Rock, Arkansas. See more pictures on page 28

Lights! Camera! Action!

Live and Webcasted Thirty-Third Annual Industry, Commerce and Banking Conference Over 95 people attended the Thirty-Third Annual Industry, Commerce, and Banking Conference, which was held on October 17-18, 2013, at the ASCPA Conference Center in Little Rock and broadcasted live via webcast. For the CPA who couldn’t get away from the office or didn’t want to travel, the webcasted event was a great alternative to the traditional in-person conference. Just like live programming, the Conference webcast was led by live

Industry Conference Participants

“This Was The Best Fraud Conference I Have Ever Attended!” The. Best. Fraud. Conference. Yet! Participant’s raved about the conference format for 2013. This year’s conference was packed full of experts in fraud and proved to be very interactive and entertaining. John H. Straub did a fabulous job presenting the topic “Avoiding Investigation Pitfalls” and convicted felon Tom Hughes gave a real life account of his fall from grace and journey that took him from quiet professional offices, to the bright lights of the music industry, to professional ruin, divorce and stays in Federal and State prisons. His presentation titled “The Thinking Behind the Behavior: An Embezzler Talks about Embezzlement” was startling and sparked many tough questions from audience members. Kim Williams and Jon Moore of Arkansas Legislative Audit spoke on “Fraud in Government Entities” and talked about actual government fraud cases as a result of audit procedures, as well as red flags to look for. Due to the government shutdown representatives from the US Attorney office were unauthorized to attend. Jerry Spratt and Jeffrey Moore stepped in and presented the very pertinent topics “The Art of Interrogation” and ever popular “Ethics.” Special Thanks to Fraud Conference Chairman Jerry E. Spratt for putting together a fantastic conference! Mark your calendar now for next year’s conference November 21, 2014, at the ASCPA Conference Center in Little Rock! See pictures on page 28 3

ASCPA Newsletter: December, 2013


CPE December CPE Schedule of Courses & Conferences Date

Field Of Study

CPE Credit

Acronym

Course Title

4

Early Discounted Course Fee

Member Discounted Fee

Early Discounted Member Fee

Location

Speaker

Course Fee

Little Rock ASCPA Conference Center Little Rock ASCPA Conference Center Little Rock Embassy Suites Little Rock ASCPA Conference Center Little Rock ASCPA Conference Center

Mark A. Conine

$190

$175

$140

$125

Provided by Regions Insurance Provided by Tax Institute Committee Gregory M. Clark

$200

$185

$145

$135

$425

$395

$225

$195

$345

$315

$245

$215

Jack L. Park

$345

$315

$245

$215

Jack L. Park

$345

$315

$245

$215

Gregory M. Clark

$345

$315

$245

$215

Provided by Surgent McCoy Provided by Surgent McCoy Gregory M. Clark

$375

$345

$275

$245

$375

$345

$275

$245

$345

$315

$245

$215

Mark A. Conine

$375

$345

$275

$245

Gregory M. Clark

$345

$315

$245

$215

John L. Daly

$375

$345

$275

$245

Anthony A. Hilliard

$365

$335

$265

$235

John L. Daly

$200

$185

$145

$135

John L. Daly

$200

$185

$145

$135

Joseph A. Sanford

$325 **

$295 **

$225 **

$195 **

Provided by Surgent McCoy Provided by Surgent McCoy Provided by AICPA Surgent McCoy Provided by AICPA Surgent McCoy Provided by AICPA

$375

$345

$275

$245

$375

$345

$275

$245

$345

$315

$245

$215

$345

$315

$245

$215

$345 **

$315 **

$245 **

$215 **

Provided by AICPA

$345 **

$315 **

$245 **

$215 **

Gaurav Kumar

$325 **

$295 **

$225 **

$195 **

Provided by AICPA

$345 **

$315 **

$245 **

$215 **

Brian J. Polansky

$200

$185

$145

$135

Brian J. Polansky

$200

$185

$145

$135

DECEMBER 2

ET

PEO

2

ET

RM

Professional Ethics Overview (WEBCAST) (8:30am - 12:00pm) Risk Management (1:00pm - 4:30pm)

5-6

TX

AFTI

Fifty-Second Annual Arkansas Federal Tax Institute

16

9

AA

ARU

Loscalzo’s 2013 FASB and AICPA Update

8

9

MS

EPFI

8

10

MS

FL

10

AA

DKFS

10

AA

AAYR

How to Identify, Explain, and Present Pertinent Financial Information to Non-Accountants (WEBCAST) Financial Leadership: How to Create and Deliver Value Loscalzo’s Disclosure - The Key To Financial Statements A&A Year in Review: Exploring the Latest Issues and Challenges Facing CPAs Performing Financial Audits Under the Yellow Book

11

AA/GOV YBYB

11

AA

CRE

12

ET

12

4

8 8 8 8 8

RWBE

Loscalzo’s Compilation and Review Essentials Rules for Local Practitioners (WEBCAST) Real World Business Ethics: How Will You React

AA

RAS

Loscalzo’s RAS Roadmap for Clients

8

12

MS

CFO

8

13

TX

PTU

Chief Financial Officer: Executive Level Skills for Financial Managers AICPA’s Federal Tax Update

13

ET

CCE

4

13

MS

FAM

16

AA

CTB

Cases in Corporate Ethics: Discuss Real Life Conflicts (8:30am - 12:00pm) Financial Analysis in Metrics Driven World: “Run the Numbers (1:00pm - 4:30pm) OCBOA Financial Statements Fraud and Abuse in Not-for-Profit Entities and Governments: Stealing from Everyone Latest Developments in Government and Nonprofit Accounting and Auditing 2013 Advanced Technical Tax Form Training-LLCs, S-Corporations and Partnerships Advanced Technical Tax Form Training-Form 1040 Issues Clarified Auditing Standards

8

16

AA/GOV FANG

17

AA/GOV GNAA

17

TX

ATFB

18

TX

ATFI

18

AA

CLARITY

19

AA

SBABR

19

TX

20

8

8

4 8

8 8 8 8 8

AA

Small Business Audits: Best Practices Including Risk Assessment and Internal Control IUSA International vs. US Accounting: What in the World is the Difference CONTROLS Internal Control: The Backbone of Finances

20

TX

CEAP

4

20

TX

PSAP

Communication Excellence for Accounting Professionals (8:30am - 12:00pm) Persuasive Skills for Accounting Professionals (1:00pm - 4:30pm)

8 8

4

Little Rock ASCPA Conference Center Little Rock ASCPA Conference Center Springdale Holiday Inn Springdale Holiday Inn Little Rock ASCPA Conference Center Springdale Holiday Inn Little Rock ASCPA Conference Center Little Rock ASCPA Conference Center Springdale Holiday Inn Little Rock ASCPA Conference Center Little Rock ASCPA Conference Center Little Rock ASCPA Conference Center Little Rock ASCPA Conference Center Little Rock ASCPA Conference Center Little Rock ASCPA Conference Center Little Rock ASCPA Conference Center Little Rock ASCPA Conference Center Little Rock ASCPA Conference Center Little Rock ASCPA Conference Center Little Rock ASCPA Conference Center Little Rock ASCPA Conference Center Little Rock ASCPA Conference Center

Continued on page 5

ASCPA Newsletter: December, 2013

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CPE Date

Field Of Study

Acronym

CPE Credit

Course Title

Early Discounted Course Fee

Member Discounted Fee

Early Discounted Member Fee

Location

Speaker

Course Fee

Little Rock ASCPA Conference Center Little Rock ASCPA Conference Center Little Rock ASCPA Conference Center Little Rock ASCPA Conference Center Little Rock ASCPA Conference Center Little Rock ASCPA Conference Center Little Rock ASCPA Conference Center Little Rock ASCPA Conference Center

Provided by AICPA

$200

$185

$145

$135

Provided by AICPA

$200

$185

$145

$135

Provided by AICPA

$200

$185

$145

$135

Provided by AICPA

$200

$185

$145

$135

Mark A. Conine

$200

$185

$145

$135

Mark A. Conine

$200

$185

$145

$135

Provided by AICPA

$200

$185

$145

$135

Provided by AICPA

$200

$185

$145

$135

CPE FRENZY DECEMBER 30-31 30

AA

CL4AUAA

30

AA

CL4FWD

30

MS

CL4TLWP

30

MS

CL4CSUB

31

AA/GOV CL4FNFP

31

AA/GOV CL4NAI

31

TX

CL4TFN

31

TX

CL4TFE

An Overview of Annual Updates (8:30am - 12:00pm) Audit Workpapers: Documenting Fieldwork (1:00pm - 4:30pm) Improving Listening and Writing Skills (8:30am - 12:00pm) Critical Budgeting Skills (1:00pm - 4:30pm) Not-for-Profit Frauds (8:30am - 12:00pm) Nonprofits in Treacherous Waters (1:00pm - 4:30pm) Taxation for Foreign Nationals (8:30am - 12:00pm) Taxation for Expatriates (1:00pm - 4:30pm)

4 4 4 4 4 4 4 4

All courses begin at 8:30 a.m. and end at 4:30 p.m. unless otherwise noted. For conference times refer to conference brochures. ** Denotes American Institute of Certified Public Accountants’ Course, AICPA Members May Deduct $30 from the Course Registration Fee.

Denotes Webcast

(8 hours AICPA courses only) Special Needs? Please contact the Society office at (501) 664-8739. See Registration Form for Courses and Conferences below.

COURSE & CONFERENCE REGISTRATION FORM (Please Copy Registration Form as Needed)

Name________________________________________________________ Certificate Number____________________________ Firm Name_______________________________________________________________________________________________ Phone Number ______________________ Fax Number ______________________ E-Mail _____________________________ Address/City/State/Zip _____________________________________________________________________________________ Are you a member of your state society? ______ Yes ______ No

If Yes, What State?______________________________

Are you a member of AICPA? ______ Yes ______ No (AICPA Members will receive a $30 per course discount on courses denoted with an **)

If you have a specific need contact the CPE Department at least one week prior to the course or for questions at any time call 501-664-8739 or 800-482-8739 Date

Course Title or Acronym

Fee

•_______________________________________________________________________________________________________ •_______________________________________________________________________________________________________ •_______________________________________________________________________________________________________ Less AICPA Discount $ __________________ (AICPA Discount is $30 off of the course fee listed and is ONLY for AICPA members and ONLY on those courses denoted with an **)

Total Amount Enclosed $ __________________ ( ) Personal Check ( ) AMEX ( ) Visa ( ) MasterCard Payment Method: ( ) Company Check CARD NUMBER: ___________________________________________________ EXPIRATION DATE ___________________ MAIL REGISTRATION WITH PAYMENT TO: ASCPA, 11300 Executive Center Drive, Little Rock, AR 72211-4352 WITH CREDIT CARD INFORMATION, REGISTRATION IS ALSO ACCEPTED BY: FAX: (501) 664-8320 WEB SITE: www.arcpa.org PHONE: (501) 664-8739 or (800) 482-8739 IN ARKANSAS Cancellation Policy: Full refund, less a $10.00 service charge will be made if notice of cancellation is received at least 60 days prior to the course or conference date. Full refund, less a $25.00 service charge will be made if notice of cancellation is received between 10 and 60 days prior to the course or conference date. NO REFUND WILL BE MADE IF NOTICE OF CANCELLATION IS RECEIVE LESS THAN 10 DAYS PRIOR TO THE COURSE OR CONFERENCE DATE. Registrants may not transfer from one course to another. Full Payment Must Accompany the Registration Form

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ASCPA Newsletter: December, 2013


CPE DO YOU HAVE KNOWLEDGE AND CHARISMA?

Don’t miss the 2013 upcoming Arkansas Federal Tax Institute. It’s packed full of dynamic speakers, more variety, and at a great value. Register Today!

FIFTY-SECOND ANNUAL ARKANSAS FEDERAL TAX INSTITUTE

ASCPA SPEAKERS NEEDED

December 5-6, 2013 Embassy Suites, Little Rock

Are you interested in becoming a Discussion Leader for the ASCPA? The ASCPA offers over 100 courses and conferences each year throughout the state of Arkansas. The courses cover a wide range of topics such as tax, accounting & auditing, government issues, technology, leadership, and more. If you are interested in moderating an ASCPA course in 2014, we encourage you to return the form below to the Society office. Courses are normally held beginning in May and continuing through December. The ASCPA will provide you with a comprehensive discussion leader guide prior to the course. ASCPA speakers are paid a $900 honorarium per day plus travel expenses. In addition, the State Board allows an instructor to receive double CPE credit for teaching a course the first time during a given year. Once the 2014 CPE schedule is finalized the ASCPA will send you a complete list of courses available to make your course selection(s).

Sessions Include: • Technical Federal Tax Update • Economic Outlook • Tax Policy • Tax Controversy: Audits and Appeals • Ethics • ATM Machines & Other Misuses of the English Language • 3.8% Medicare Surtax-Individuals • Correcting Plan Qualification Defects Under EPCRS • Updates in Taxation of LLCs and Partnerships • Sales and Use Taxes Today • Exit with Success-Planning for the Successful Transfer of Your Firm • Form 990 Update & Current IRS Compliance Issues Involving Tax Exempt Organizations • 3.8 Medicare Surtax-Estates and Trusts • Healthcare Act • Independent Contractor vs. Employee • 2013 Tax Policy Update • Valuing Interest in S-Corps • Arkansas State Tax Update • Estate Planning Lessons from the Rich & Famous • Practical Accounting • Implementation and Application of the Affordable Care Act from a CPAs Perspective • Repair Regs • Farm Tax Issues • Eschew Multistate Tax Obfuscation

Please add my name to the ASCPA Speaker Bank: Name_______________________________________ Business____________________________________ Address _____________________________________ City_________________________________________ State/Zip ____________________________________ Phone ______________ E-Mail __________________ Area(s) of Expertise ____________________________ Please send to the ASCPA office prior to December 13, 2013 ASCPA Speaker Bank 11300 Executive Center Drive Little Rock, Arkansas 72211-4352

Special Thanks to the 2013-2014 Arkansas Federal Tax Institute Committee Matthew D. Summitt and J. Nicholas Livers, Co-Chairmen

You may also conveniently add your name to the speaker bank by calling Christal Miller at the Society office at (800) 482-8739 or by e-mail at cmiller@ arcpa.org.

ASCPA Newsletter: December, 2013

For More Information and to Register visit www.arcpa.org

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ASCPA Newsletter: December, 2013


EMERGING CPAS Joe Rugger Joins the Ranks of Prestigious AICPA Leadership Academy Alumni Joseph M. Rugger, Director of Finance & Administration, Jonesboro Prosthetic & Orthotic Lab (JP&O Labs), was one of a select group of thirty-seven CPAs under age 36 to recently complete the American Institutes of CPAs prestigious Leadership Academy training program. Rugger joined rising stars in the accounting profession from across the country to learn leadership theory and strategic planning techniques while developing tools for handling complex management challenges. The AICPA Leadership Academy was established in 2009 to inspire and empower the next generation of CPA leaders by providing them with advanced training, access to wellconnected professional networks and opportunities to exercise leadership within the profession. “Leadership Academy graduates emerge from the program poised to take the next step in their career,” said AICPA Chairman (2012-2013) Richard Caturano, CPA, CGMA. “I am extremely impressed by this talented group of young CPAs and I am confident they will use the lessons and skills they learned at the Leadership Academy to make a positive impact on the profession.” Rugger discussed the important issues facing the accounting profession with some of the accounting profession’s most influential leaders, including Barry Melancon, CPA, CGMA, the Institute’s president and CEO, Janice Maiman, AICPA senior vice president, communications, media, news and professional pathways and Jeannie Patton, AICPA vice president, academics, professional pathways and inclusion. The AICPA selected the thirty-seven members of the 2013 Leadership Academy class from more than 120 candidates recommended by their employers and state CPA societies. Before selecting the 2013 class, the AICPA reviewed each submission, including a statement provided by the candidate explaining why participating in the Leadership Academy would be important to them personally. Joe Rugger is a native of Little Rock. He is a 2003 graduate of Lyon College in Batesville and received a Master’s of Professional Accounting from Indiana University Indianapolis in 2005. Joe returned to Arkansas in 2006 to become the Controller at Jonesboro Prosthetic & Orthotic Lab and was promoted as the company’s Director of Finance and Administration in 2007. He holds a current CPA license with the State of Arkansas that he received in 2006. Joe is active with the Arkansas Society of CPAs as a member of the Emerging CPAs Committee and was named the 2011 Outstanding Emerging CPA in Arkansas. Joe serves on several committees for Lyon College including the President’s Council and the Strategic Planning Institutional Advancement Committee. Joe was recently honored by Lyon College with the 2013 Patterson Decade Award. Contact Bruce Alt, Emerging CPAs Committee Liaison, balt@arcpa.org if you are interested in applying for this prestigious event in 2014.

Joe Rugger (center) receiving his certificate of completion after a week long intensive training program with Richard Caturano, AICPA Chair, and Barry Melancon, AICPA President and CEO.

2013 AICPA Leadership Academy a Valuable Experience By: Joseph M. Rugger I was truly honored to represent the State of Arkansas and the ASCPA at the 2013 AICPA Leadership Academy in Durham, North Carolina. I am proud to be the third Arkansan in the last three years to have been selected to participate. The program did an incredible job of getting to a 10,000 foot view of the profession and asking the questions: Where have we been?, Where are we now?, and Where are we going? As CPAs, we are the nation's most trusted financial leaders. How can we use our collective size and strength to broaden our impact in our country, in our states, and in our communities? It was refreshing to be in a room with thirty-six other emerging CPAs and feed off their energy, enthusiasm, and passion for our profession. I got a chance to interact with the top minds across the country and made contacts that I will have for the remainder of my career. The facilities were top notch, the facilitators were fantastic, and I was honored to visit with Rich Caturano and Barry Melancon from the AICPA. I hope to bring a sense of purpose, passion, and involvement in state and local government back to the State of Arkansas. Who would we rather have writing the Arkansas tax code - politicians and attorneys - or CPAs? Who is more qualified? Who understands the implications? It is time to make the CPA practice attractive again. Thank you to the ASCPA for supporting the Emerging CPAs and for sponsoring Marie Gieringer, Chris Flynt and me over the past three Academies. It was a very valuable learning and growing experience.

ASCPA Newsletter: December, 2013

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EMERGING CPAS ECPA Conference Awesome!

ECPA Networking Reception A New Success!

Eighty ECPAs were in the ASCPA Conference Center earning 8 hours of CPE and enjoying a variety of presentations at their annual conference.

Hosted by Emerging CPAs Committee and Frost, PLLC ASCPA’s Emerging CPA Committee and Frost, PLLC hosted a special Networking Reception for ALL Society members here at the Conference Center on the Thursday night before the Emerging CPAs Conference. Many thanks to the Society members who attended, especially President Doug Coy and President-Elect Charlott Jones.

UALR Accounting Students Assist with ECPA Conference

Our ECPAs and their Committee leaders were very pleased with the large turnout.

Many thanks to Dr. David Dearman, UALR Accounting Department, and four of his accounting students who contributed to the success of last weeks’ ECPA Conference. They assisted the ASCPA staff with conference logistics and networked with our members.

Vanessa Davis, Christine Belcher, Dianna Curry, and David Harrison (not pictured)

Joe Rugger Continued from page 8

Joe Rugger at 2013 AICPA Leadership Academy

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ASCPA Newsletter: December, 2013


FINANCIAL LITERACY AICPA Announces Newly Redesigned Feed the Pig Website The American Institute of CPAs recently announced the next milestone in the Feed the Pig campaign with the release of three new television public service announcements and the launch of a newly re-designed Feed the Pig website www.feedthepig.org. Since its launch in 2006, Feed the Pig has underscored the importance of smart financial decisions to 25-34 year olds and is changing the money habits of this target audience. To view the new TV spots, please visit the re-designed Feed the Pig website. These new PSAs advance their intended message by highlighting to young adults that some of their peers are succeeding at saving by making good money management decisions. The new tagline, which was tested extensively through focus groups and surveys, emphasizes this point: “When it comes to financial stability, don’t get left behind. There are people just like you who are making good financial decisions every day. To learn how you can join them, and take control of your financial future, visit feedthepig.org.” The PSAs direct audiences to the new FeedthePig.org, which provides tools and information to help this audience adopt positive saving habits. Highlights of the re-designed site include: • All-new content written specifically

for this target audience, which has been reviewed and approved by CPAs • A new tool. What do YOU want to do?, helps users identify short, medium, and long- term goals and necessary steps to achieve these goals for making financial dreams realities • Enhanced social media integration to enrich the Feed the Pig online

community This is the fourth round of new PSAs for the Feed the Pig campaign since its launch in 2006. Over the last seven years, the campaign has received more than $277 million in donated media and, in 2012, was the top Ad Council campaign.

CPE

FRENZY

DECEMBER 30-31, 2013 Catch up on all your CPE before the year ends! ASCPA CONFERENCE CENTER LITTLE ROCK

ASCPA Newsletter: December, 2013

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LEADERSHIP ASCPA Salutes Members Who Are Making Our PAC Strong Providing Arkansas CPAs with a Strong Voice! ASPCA’s Political Action Committee (PAC) is a legitimate vehicle for common-minded CPAs to band together to show their support for candidates who have a tendency to support the group’s interests. Without a doubt, CPAs have a vested interest in the outcome of many elections. The Society formed a PAC in 2012 to make contributions to state candidates to advance the interests of our membership, raise the Society’s profile with the General Assembly, and help us engage legislators when issues affecting the profession arise. ASCPA’s independent, voluntary, nonprofit political action arm supports candidates regardless of political affiliation. We wish to gratefully acknowledge and thank all those that have contributed to the ASCPA PAC. Collectively, you are making a strategic difference for the CPA profession in Arkansas! If you haven’t yet contributed to your Society’s effort on your behalf, please make plans to attend the annual PAC Breakfast on December 6 in Little Rock by registering at arcpa.org/Content/60404.aspx. Can’t attend the PAC Breakfast? You may contribute to your PAC at http://fs17.formsite.com/arcpa/form15/secure_index. html?1327353919069. Hart Chandler & Associates PLLC, Arthur P. Hart Clyde F. Harthcock Hudson Cisne & Company LLP, Johnny K. Hudson William E. Magee Johnny W. McCaleb Cleve J. McDonald George D. Panter William D. Pearson Pickering Burchfield Griffin & Haney, Jerry W. Burchfield Shirley J. Miles, CPA John W. Stottman, Jr. CPA PA Randall W. Turner Steven D. Warren Jeffery S. White Dana Wills, CPA Esther Witcher, CPA Ltd.

Ted Carmical

$2,400 BKD LLP $1,000 Beall Barclay & Company PLC Frost PLLC Hudson Cisne & Company LLP $500 Deininger Wingfield & Corry, Stanley J. Kozij Erwin & Company PA, Harry C. Erwin, III Roller Funeral Homes, George W. Booker, II $300 Bell & Company PA, Richard L. Bell Mann Hasson & Company PA, Leonard S. Hasson McQueen & Company Ltd.,

$200 William P. Cook & Assoc. PLLC, William L. Cook, II Johnson Smith & Assoc. PLLC, Beth and Stanley Johnson Layne Accounting & Tax Services, Amy G. Layne J. D. Sears CPA PC, James D. Sears $100 Arkansas Baptist Foundation, Jason M. Tolbert Ballard & Company Ltd., Patrick C. Ballard Bill Beam CPA, Bill O. Beam Cindy Boyle Deininger Wingfield & Corry, Neil Deininger Donald C. DeSoto

$50 Larry H. Bilbrey Truman L. Jefferson Amy R. Wilson Brenda L. Knapp John L. Maguire Harry D. Simmons Philip D. Koonce Connie S. Elder Joe L. DuVall Charles K. Conine Kevin G. Horn Andrew M. Richards Preston G. Young, II J. M. Lundy $25 Michael G. Higgins Kevin D. White

$60 Douglas J. Spencer

2013 PAC Breakfast

Contribution Level: ❏ $1,000 (Firm Sponsor: 5 tickets, signage & recognition) ❏ $500 (Individuals, signage & recognition) ❏ $300 ❏ $100

Friday, December 6, 2013 7:30 a.m. - 9:00 a.m. Embassy Suites Hotel • Little Rock, AR

Payment Type: ❏ Check ❏ AMEX ❏ VISA ❏ MasterCard Credit Card Number:__________________________ Security Code:_______________________________ Expiration Date:______________________________

Featuring Roby Brock, Rep. Warwick Sabin, and Sen. David Sanders Firm or Individual Name: ___________________________________________ Billing Address: ___________________________________________

Payment Method: ❏ Mail: ASCPA PAC, 11300 Executive Center Dr. Little Rock, AR 72211

City:_______________________________________ State:__________________ Zip ________________ Phone Number: _____________________________

❏ Fax: (501) 664-8320

Email Address: ______________________________

❏ To register or make a contribution online, go to: arcpa.org/Content/60404.aspx 11

ASCPA Newsletter: December, 2013


LEADERSHIP Your assistance is needed... Send in your nominations for the

2014 ASCPA AWARDS

ASCPA 2014

Your input is needed to assist us in identifying other ASCPA members for their accomplishments and contributions. Please help us identify your fellow colleagues that are in various areas of the accounting profession for their outstanding contributions to their field, firm, organization, and community. Send in your nominations today for the following awards.

DISTINGUISHED ACHIEVEMENT IN ACCOUNTING EDUCATION AWARD

PUBLIC SERVICE AWARD This award recognizes CPAs who have distinguished themselves in public service activities at the local, regional, state or national level, and through this service have reflected credit upon the CPA profession. Deadline for nominations is May 30, 2014.

This award recognizes full-time college accounting educators distinguished for excellence in teaching and for prominence in the accounting profession. The nominee should be a recently retired, or current accounting educator at a postsecondary educational institution. Deadline for nominations is May 30, 2014.

PUBLIC SERVICE AWARD FOR FIRMS This award recognizes firms for their public service contributions on the local, state, or national level, to encourage more CPA firms to initiate or increase their community service activities, and reinforce the profession’s reputation for commitment to public good. Deadline for nominations is May 30, 2014.

OUTSTANDING CPA IN BUSINESS & INDUSTRY AWARD This award recognizes the achievements of CPAs who work in business and industry who have worked to blend information technology, financial decision making and progressive management techniques, helping his or her business move forward. Deadline for nominations is May 30, 2014.

2014 AWARD NOMINATION FORM Name of Award: ____________________________________________

OUTSTANDING CPA IN GOVERNMENT AWARD

Nominee: ___________________________________ Firm or Company of Nominee: ____________________________________________ Your Name: ____________________________________________ Your Address: ____________________________________________

This award recognizes the achievements of individual CPAs employed in federal, state, or local government. Through this award, the ASCPA recognizes an outstanding CPA who strives to promote the CPA designation as the premier professional credential for accounting, auditing and finance professionals in government. Deadline for nominations is May 30, 2014.

Your Phone Number: __________________________ Arkansas Society of CPAs 11300 Executive Center Drive Little Rock, AR 72211-4352 Fax: (501) 664-8320 or complete online at www.arcpa.org/Content/60078.aspx

OUTSTANDING EMERGING CPA AWARD This award recognizes a young CPA that is 40 years of age or younger, and/or that has passed the CPA Exam within the last ten years, who has made significant contributions to the accounting profession, as well as the community at large. Exemplary leadership qualities and skills must be demonstrated, as well as volunteer service within the ASCPA, local chapter, or community. Deadline for nominations is May 30, 2014.

ASCPA Newsletter: December, 2013

Once we receive the nomination, we will send you a complete Nomination Packet to list the various accomplishments of your nominee.

12


13

ASCPA Newsletter: December, 2013


MEMBER BENEFITS ASCPA Members Can Now Save with

ORDER YOUR 2014 U.S. Master Tax Guide through CCH and SAVE 25%

UPS®

ASCPA members can now purchase the 2014 U.S. Master Tax Guide, published by CCH, a limited time offer for $70.15 (which includes a 25% discount off the single copy list price) when ordered online.

ASCPA is excited to announce the UPS® Savings Program for our members! Make the most out of your membership and take advantage of some of the most competitive rates available on shipping services with UPS. Whether you need your documents or packages to arrive the next day or are looking for the most affordable shipping option, UPS understands the importance of reliability, speed and cost. See how UPS discounts can help your bottom line:

All orders for the 2014 U.S. Master Tax Guide must be placed online, and your order will be shipped directly from CCH, our publications partner. No billing will occur until your book order ships (shipping was expected in late November). ASCPA will not be taking orders directly.

• Up to 36% on UPS Air letters including UPS Next Day Air®* • Up to 32% on UPS Air packages (1 lb.+)* • Up to 34% on UPS International imports and exports • Up to 24% on UPS Ground shipments • Savings begin at 70% on UPS Freight® shipments over 150 Ibs.

To purchase your copy, go online to: CCHGroup.com/ members/arcpa At top of web page click on blue bar to purchase the 2014 U.S. Master Tax Guide, or else type in the search field to locate other product titles. Enter Priority Code — Y5645 to receive special ASCPA pricing, then click Apply. Orders are shipped and billed to customers as soon as the book is published and becomes available for public distribution.

You can receive these discounts even if you already have a UPS account. Plus, the more you ship, the more you can save with UPS. To enroll and start saving, visit savewithups.com/arcpa or call 1-800-MEMBERS (1800-636-2377), M-F, 8 a.m. - 6 p.m.

If you have any questions, please contact Robin Harris at the Society office at 501-664-8739 or 800-482-8739 in Arkansas.

*Discounts exclude UPS Express Critical® and UPS Next Day Air® Early A.M.®

ASCPA Mac Angel Memorial Golf Tournament

AICPA’s 2013 TRENDS AICPA’s 2013 TRENDS in the Supply of Accounting Graduates and the Demand for Public Accounting Recruits includes data on enrollment, graduation and hiring activity for the 2011 -12 academic year. It has been prepared to provide direction information to various stakeholders and interested parties.  ASCPA members may access and download the report at aicpa.org/2013Trends.

ASCPA Newsletter: December, 2013

Mark your calendar for next year’s ASCPA Mac Angel Memorial Golf Tournament which will be held at Pleasant Valley Country Club in Little Rock on September 22, 2014. All tournament proceeds benefit the ASCPA Student Education Fund for accounting scholarships to college and university students. This year’s tournament was our most successful yet, with record gross revenues of approximately $30,000. (Please note this is a correction to the amount shown on page 3 of the ASCPA November Newsletter). We hope that you can join us in 2014 for an even bigger and better tournament!

14


MEMBER BENEFITS

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15

ASCPA Newsletter: December, 2013


MEMBER BENEFITS RIA 2014 FEDERAL TAX HANDBOOK SPECIAL DISCOUNT AVAILABLE FOR ASCPA MEMBERS ONLY!

The RIA Federal Tax Handbook, 2014 Edition will help in preparing 2013 federal income tax returns and provide specific guidance to tax consequences and transactions. The RIA Federal Tax Handbook, 2014 Edition will reflect all tax laws enacted up to the time of its publication late this year. Designed to provide quick and easy access to critical tax questions. The RIA Federal Tax Handbook offers comprehensive, insightful guidance on federal tax law, including the latest regulations, rulings, and revenue procedures as well as precise explanations about changes that could impact your business or your clients. You’ll get specific guidance on key tax topics, including individual, trust, partnership and corporate taxation, deductions, credits, capital gains, IRAs, SIMPLE and pension plans, education incentives, passive activity losses, employee benefits, estate and gift taxes, and more. And, you’ll be able to quickly navigate any tax questions that arise with: • • • • • •

Detailed coverage of the latest tax legislation A tax calendar and comprehensive list of IRS publications Current and future income tax rates, current estate, gift and excise tax rates, and Social Security tax thresholds Advice on which forms to use to report transactions 40 pages of depreciation and inclusion amount tables Extensive professional guidance from our expert editorial team

This extensive print resource offers premier guidance on federal tax law and comprehensive research aids to ensure you always have immediate access to the answers you need. For late or yet-to-be-enacted legislation that may affect current and future tax years after you receive your Handbook, go to ria.thomsonreuters.com\federaltaxhandbook. Order your RIA Federal Tax Handbook through the ASCPA for $45, including shipping costs!

2014 RIA FEDERAL TAX HANDBOOK ORDER FORM Name________________________________________________________________________________________ Firm/Company ________________________________________________________________________________ Street Address (No PO Boxes Please) ______________________________________________________________ City/State/Zip __________________________________________________________________________________ Phone _______________________________________________________________________________________ Please place my order for the following: __________ RlA 2014 Federal Tax Handbook @ $45 per copy = $__________ Payment Method: (

) Company Check

(

) Personal Check

(

) AMEX

(

) Visa

(

) MasterCard

Credit Card Number:_____________________________ Expiration Date: _______________________________ Please mail order form along with payment to: ASCPA, 11300 Executive Center Drive, Little Rock, AR 72211-4352 Or fax order form and credit card payment to: (501) 664-8320

ASCPA Newsletter: December, 2013

16


MEMBER SERVICES/CLASSIFIEDS SMALL CENTRAL ARKANSAS CPA FIRM is seeking a full-time CPA with a minimum of 3-5 years tax experience preparing individual, corporation, partnership and fiduciary tax returns along with payroll and financial statement preparation experience. Potential exists for structured buyout of the practice. Proficiency with QuickBooks and Excel software required. Tech savvy is a bonus. E-mail resume and cover letter with salary requirements to cpaoffice523@gmail.com.

Available for Part-Time Work, or Need Assistance?

LITTLE ROCK CPA FIRM has an opening for a seasonal tax preparer with a minimum of 2 years tax experience. We are looking for an individual who is self-motivated and has experience with Creative Solutions software. Please e-mail resumes to heather.berryandassociates@ gmail.com.

ASCPA Part-Time Assistance Program Available to Members & Firms

IMMEDIATE OPENING - TAX SENIOR Large Northeast Arkansas CPA Firm located in Jonesboro, AR has an immediate opening for a Tax Senior. This person will be responsible for organizing and coordinating clients’ tax data for the accurate, timely completion of individual tax returns and moderate to complex corporate, partnership, S-Corp, and trust tax returns. Candidate will have at least a bachelor’s degree in accounting and at least 3 years recent public accounting experience preparing all types of tax returns, tax planning and research. Candidate must be a CPA or CPA candidate actively pursuing certification. Benefits include competitive salary, flexible work schedules, vacation, retirement plan, insurance, and continuing education. The right candidate has rapid promotion opportunities. Bonus paid upon successful completion of CPA exam. If you are looking for a great career opportunity and have the necessary qualifications, please e-mail your resume to rreed@jonescpa.com or mail to Tax Senior, P.O. Box 1970, Jonesboro, AR 72403.

The ASCPA Part-Time Assistance Program is designed to help CPA Firms announce their availability for seasonal employment opportunities during tax season, and also to put CPAs looking for part-time work in touch with these firms. From the responses, ASCPA will compile a list of the names, addresses and telephone numbers of potential part-time employees and send it to the firms that have requested assistance. A list of firms requesting assistance will be sent to the CPAs interested in part-time work. ASCPA will not attempt to match experience with need, and will not become involved in any negotiations concerning hourly rates, compensation or benefits.

LOCALLY OWNED BUSINESS seeks part time bookkeeper to manage G/L, A/P, A/R. Flexible schedule, hourly pay, and negotiable DOE. Submit resume with salary requirements to 4119 Richards Road, Suite 111, North Little Rock, AR 72117 Attn: Dale. No phone calls please. LITTLE ROCK CPA FIRM is seeking to fill Staff Accountant Position. Candidate must be a CPA or CPA-qualified. The ideal candidate will have 2 years of recent public accounting experience in tax return preparation. No travel required. The firm offers an excellent benefits package including retirement plan, health insurance and cafeteria plan. Compensation based upon experience. Please submit resume in strict confidence to emcghee@arcpa.org, subject line: ASCPA 2013-5.

Completed forms should be returned by November 29 to: Arkansas Society of CPAs Part Time Assistance Program 11300 Executive Center Drive Little Rock, AR 72211-4352 Fax (501) 664-8320

ASSISTANT CONTROLLER Growing private company located in West Little Rock is seeking a qualified applicant for an Assistant Controller position. This position is located at the parent company and will be involved in various aspects of consolidations, financial analysis, tax reporting, cash management, fixed assets, salaried payroll, benefit plans as well as internal controls company wide. Requirements are a Bachelor’s degree; six years or more of related experience; team player; career oriented; CPA required. Excellent benefits and growth opportunities with this well established company. Oracle e-financial experience would be a plus. Interested applicants should send a cover letter and resume to emcghee@arcpa.org, subject line: ASCPA 2013-6.

Access the form at: www.arcpa.org and click on Member Main and Part Time Assistance Program, or Sign Up Online at: https://fs17.formsite.com/arcpa/form13/index.html

WE HAVE BUYERS! WE NEED LISTINGS! For Sale: New: SW AR Gross $191k; Central AR Gross $189k; Little Rock Gross $480k. Call or check our website for complete listing information. Ready to sell? We do all the work to make it quick and easy by bringing you serious and qualified buyers! Completely risk-free and confidential. Kathy Brents, CPA, CBI Cell 501.514.4928 • Office 866.260.2793 E-mail: Kathy@AccountingBizBrokers.com Also visit us at www.AccountingBizBrokers.com

PART-TIME ASSISTANCE PROGRAM Name______________________________________ Employer / Firm______________________________

REGIONS INSURANCE STATE ADMINISTRATOR FOR THE ASCPA SPONSORED INSURANCE PLANS CALL VERNON DUTTON FOR AN APPOINTMENT TODAY! Telephone 501-664-8791; Toll Free 888-272-6656. E-mail: vernon.dutton@regionsinsurance.com.

Address____________________________________ City / State / Zip______________________________

Classified ads are accepted in the ASCPA Newsletter at 75 cents per word, minimum of $15.00. Upon request, they may be keyed to file number and replies forwarded unopened to advertiser. ASCPA Members may place job opening classified ads in the newsletter at no charge.

Phone: Office________________________________ Cell or Home________________________________ ______ I am interested in part-time work with an accounting firm during the busy tax season.

All information concerning the products or services advertised in this newsletter is provided by the dealer, owner, or agent of the business. The Arkansas Society of Certified Public Accountants (ASCPA) makes no representation as to the validity of the information provided by the business, as ASCPA does not check or verify the information provided by the business. ASCPA, or its affiliates is not liable for misinformation, typographical errors or misprints in the advertisements.

_______ Our Firm is interested in receiving the names of CPAs who are interested in part-time tax season work.

17

ASCPA Newsletter: December, 2013


MEMBERSHIP NEW MEMBERS

DENETRA A. EILAND Philander Smith College Little Rock

RONALD IRVIN LEWIS, JR. Southern Arkansas University Magnolia

RU FAN University of Arkansas Fayetteville

BRADLEY A. LORENZ University of Arkansas Fayetteville

ASHLEY N. BOLSER Southern Arkansas University Magnolia

MICHALIE A. FIELDER Henderson State University Arkadelphia

KAYLA A. MEISSNER University of Arkansas Fayetteville

KRISTIN BOYER University of Arkansas Fayetteville

JESSICA L. FIFE Henderson State University Arkadelphia

PHOUA LEE MISS Arkansas Tech University Russell ville

JACOB BRAY University of Arkansas Fayetteville

SCOTT FISCHER, JR. University of Phoenix Rogers

DOMINIQUE MITCHELL Southern Arkansas University Magnolia

RACHEL M. BREWER-KENNEDY University of Phoenix Little Rock

JACKIE FRENTZ University of Arkansas Fayetteville

KATRINA MOORE Southern Arkansas University Magnolia

LONG T. BUI University of Arkansas Fayetteville

RAYANN E. FULLER Southern Arkansas University Magnolia

ISHMAEL A. NGU Henderson State University Arkadelphia

SARA BUSSELL Henderson State University Arkadelphia

KYLIE GATES University of Arkansas Fayetteville

BAC THI NGUYEN University of Arkansas Fayetteville

JAMES W. CARNEY University of Central Arkansas Conway

TYLER HARRINGTON University of Arkansas Fayetteville

JEFFREY NOLTE University of Arkansas Fayetteville

BREANNE W. CHAMBERS Southern Arkansas University Magnolia

KYLIE HARRIS Arkansas State University Jonesboro

DONNIE OVALLE University of Arkansas Fayetteville

KYLE G. COLEMAN University of Arkansas Fayetteville

JOHN ROBERT HART University of Arkansas Fayetteville

P. PEREZ University of Arkansas Fayetteville

AUTTUMN BRIELLE COLLINS Southern Arkansas University Magnolia

MARK ALLEN HENRY John Brown University Siloam Springs

KIMBERLY A. PIERSON University of Arkansas Fayetteville

STUDENT MEMBERS

LISA R. COLLVER University of Arkansas Little Rock

KRISTEN HOWELL University of Arkansas Fayetteville

LAURA E. PYLE Southern Arkansas University Magnolia

XI AI University of Arkansas Fayetteville

HUNTER D. COLSON Southern Arkansas University Magnolia

CALLIE ANN HOYT University of Arkansas Fayetteville

SHA QIAO University of Arkansas Fayetteville

JACOB TODD CONNELLY University of Arkansas Fayetteville

JEREMIAH KEEN Liberty University Lynchburg, VA

ESMERALDA RUBIO Arkansas Tech University Russellville

GEORGE A. CRESS University of Arkansas Fayetteville

CATHERINE GAIL KENNEDY Henderson State University Arkadelphia

JOSHUA COLE RUSSELL University of Arkansas Fayetteville

DIANNA J. CURRY University of Arkansas Little Rock

KAYLA KIMMONS University of Arkansas Fayetteville

KIMBERLY SACHAGRIN Southern Arkansas University Magnolia

HAYLEY LOUISE DARLEY University of Arkansas Fayetteville

CHRISTOPHER KNICKERBOCKER University of Arkansas Fayetteville

TRANG STANDEFER University of Arkansas Fayetteville

JACLYN LEIGH DENNIS Arkansas Tech University Russellville

P. TYLER KROENING Henderson State University Arkadelphia

BROOKS TAYLOR University of Arkansas Fayetteville

ANDREW J. DOUCET University of Arkansas Fayetteville

WILL G. LEIDECKER University of Arkansas Fayetteville

PORSHA TEASLEY Southern Arkansas University Magnolia

We welcome the following professionals who have been approved for membership in the Society and look forward to their participation in ASCPA activities. CERTIFIED MEMBERS SARA B. BRADLEY Mercy Hospital Hot Springs DEBORAH ANN LOWTHARP Civil Air Patrol Maxwell AFB, AL RAYMOND BART SIMMONS First Community Bank Batesville REINSTATING MEMBER MELANIE A. RADCLIFF Radcliff Associates Fort Smith ASSOCIATE MEMBERS BROOKE R. BAXLEY Hudson, Cisne & Company, LLP Little Rock COREY LYNN CARVER Reliance Health Care Conway MATT CLAMPIT EGP, PLLC North Little Rock JACQUELYN C. MORRIS Patient Point Hospital Solutions Mabelvale MONIQUE LEAH SANDERS Bill and Hillary Clinton National Airport Little Rock

LAUREN D. ARDWIN Southern Arkansas University Magnolia JOSHUA T. BARTLETT John Brown University Siloam Springs LAUREN D. BERRY University of Arkansas Fayetteville BRIAN R. BILLINGS Southern Arkansas University Magnolia BRENT BINNS University of Arkansas Fayetteville LINDSEY BOLEN University of Arkansas Fayetteville

ASCPA Newsletter: December, 2013

Continued....

Continued on page 20

18


MEMBERSHIP PENDING MEMBERS

PENDING STUDENT MEMBERS CONTINUED

The following persons have made application for membership in the ASCPA since the publication of the November Newsletter. Should there be an objection to the admission of these applicants, notice must be submitted to the Society office within thirty days thereof.

GENE W. KING Arkansas State University Mountain Home

CERTIFIED MEMBERS

ASSOCIATE MEMBERS

LISA DENAE ANTINORI Arkansas Department of Parks & Tourism Little Rock

VINCENT A. ESCOBAR Deininger, Wingfield & Corry Little Rock

COREY V. BROOKS EGP, PLLC North Little Rock ALLISON B. CHAUMONT Lindsey and Company, Inc. Searcy ZACHARIAH L. FEIGHERT City of Harrison Harrison ASHLEY MORRISON USAble Life Little Rock JILL MICHELLE PIERCE HoganTaylor, LLP Fayetteville PAUL CAMPBELL SPIKES One Network Enterprises, Inc. Dallas, TX NATHAN S. WADE Hudson, Cisne & Company, LLP Little Rock JONATHAN LEE WALLACE BKD, LLP Little Rock ALICE D. WRIGHT Southwest Power Pool, Inc. Little Rock REINSTATING MEMBERS CURTIS L. BOWMAN Bowman Law Firm Mountain Home CAROLYN R. KORTE Office of Health Information Technology Little Rock WILLIAM F. LEONARD William F. Leonard, CPA Fort Smith

HEATHER RENEE ROBERSON Southern Arkansas University Magnolia

BRIAN ROBERTS Arkansas State University Jonesboro TIFFANY SMITH University of Arkansas Little Rock GARY WAYNE STILL Arkansas State University Jonesboro

Become Involved Make Your 2014 Committee or Task Force Selections By December 6

JAMES DAVID EWING Russellville Police Department Russellville KRISTEN E. FLYNN Hamilton, Cherry, Spradlin & Company Searcy MARY M. GOMES Independent Living Services Conway

Become actively involved as an ASCPA committee member. What better way to have an influence on the issues affecting your profession, than to become involved? Volunteer to serve on an ASCPA Committee or Task Force and make a real difference! Committee membership can offer you many professional benefits such as interaction with your peers, development of leadership skills, enhanced teamwork skills, new business techniques, and a better understanding of activities and the value of programs to your profession. The ASCPA 2014 Committee and Task Force selection form is now located online. To learn more about committee missions, and make your selections online, go to arcpa.org/Content/60029.aspx Complete and submit the selection form by December 6. If you have previously served on a committee and wish to be reappointed, you should also complete the card. All ASCPA members are invited and encouraged to join and now is the time, so send in your selection today!

RICHARD ANTHONY MOBLEY, II JPMS Cox, PLLC Little Rock HALEY MORGAN JPMS Cox, PLLC Little Rock JOHNNY R. PITTMAN HoganTaylor, LLP Fayetteville SARAH PORTER JPMS Cox, PLLC Little Rock JANICE K. ROBERTSON EGP, PLLC North Little Rock ERICK RUSCH BKD, LLP Little Rock STUDENT MEMBERS TAYLOR RENEE ALLISON Arkansas State University Jonesboro JESSICA ANN BLACKSHER Arkansas State University Mountain Home SHERRI LYNN DOAN Arkansas State University Jonesboro LEONARD K. GLOVER University of Central Arkansas Conway

RACHEL MARIE PENNYWITT (Associate Member) Hughes, Welch & Milligan, Ltd. Batesville

JOSHUA LEE HAMILTON Southern Arkansas University Magnolia

J. STEVEN RICE Frost, PLLC Little Rock

NEALEY N. HENDRICKS Southern Arkansas University Magnolia Continued....

19

ASCPA Newsletter: December, 2013


MEMBERSHIP

Robert R. Redfern

Governor Appoints Robert Redfern to Serve On State Board of Accountancy

CO-CHAIRMAN FEDERAL TAX INSTITUTE COMMITTEE

PR FILE

Robert R. Redfern, CPA and individual practitioner in Danville, Arkansas, has been appointed by Governor Mike Beebe to serve a five-year term on the Arkansas State Board of Public Accountancy. Redfern will replace outgoing board member Gene Cogbill, of Texarkana whose term recently expired. Redfern is a graduate of University of Central Arkansas where he received a Bachelor of Business Administration degree in 1984. He completed a graduate degree at Colorado Graduate School of Banking in 1990. He received his CPA certificate in 1986. Redfern began his career in public accounting in 1984 while working as a staff accountant for Arthur Andersen & Company. In 1985 he accepted a position as senior accountant with Deloitte, Haskins & Sells, where he worked for three years. He later worked as Chief Financial Officer of Chambers Bancshares from 1988 to 1990 before opening his own firm in 1990. Redfern is a member of the AICPA and the ASCPA. He is active in his community and currently serves on the Chamber Bank Board of Directors and as president of the Danville School Board. He is a also a member of Danville Lions Club. Robert and his wife Lauren reside in Danville and have four children. Jenny, Clay, Spencer, and Nicholas. Congratulations!

NEW STUDENT MEMBERS Continued from page 18

WILLIAM GARETT WILHITE University of Arkansas Fayetteville

TARRAH L. WAKE Southern Arkansas University Magnolia

RODNEY KYLE WILSON University of Arkansas Fayetteville

EAVEN WARD University of Arkansas Fort Smith

WILLIAM WOLFE Henderson State University Arkadelphia

ZACK J. WATERS University of Arkansas Fayetteville

CHRISTI YATES Arkansas State University Jonesboro

JAMES M. WEATHERFORD, II University of Arkansas Little Rock

ALYSSA ZACHRY Southern Arkansas University Magnolia

BRITTANY G. WEBB Arkansas Tech University Russellville

CHENG ZENG University of Arkansas Fayetteville

SAMUEL WHITE University of Arkansas Fayetteville

YUANYUAN ZHENG Arkansas State University Jonesboro

JOE WHITTINGTON University of Arkansas Fayetteville

LILI ZHOU University of Arkansas Fayetteville

ASCPA Newsletter: December, 2013

Matt Summitt Firm/Company: JPMS Cox Position: Tax Manager Time In Current Position: 3 Years ASCPA Leader: Co-Chairman Federal Tax Institute Committee Birthplace: Paragould, Arkansas First Job Ever: Bagging Ice and Stocking Sodas at My Dad’s Convenience Store First Job As a CPA: Staff Accountant at JPMS Cox Alma Mater: Harding University - 2006 Year I Passed the CPA Exam: 2007 Marital Status/Children/Pets: Married - Lana, Daughter - Shelby, 2 Dogs - Bear and Midas My Best Asset Is: My Wife and Daughter Favorite Food: My Dad’s BBQ My Teen-Age Idol Was: Michael Jordan Favorite Television Show: Breaking Bad and Justified Dream Vacation: Free Traveling Across Europe If There’s One Thing I Won’t Do, It’s: Ice Skate with My Wife. (Mainly because she is so much better than me and its embarrassing) You’ll Never Catch Me Wearing: Loudmouth Brand Name Golf Apparel My Pet Peeve Is: Joggers Running on the Road When They are Right Beside a Sidewalk Though I Was Proven Wrong, I Once Said I’d Never: Buy a New Car What Would Surprise People About Me: I Was a Terror to Society as a Child If I Weren’t a CPA, I Would Be: An Analyst What I Like Best About My Job: Helping Clients Find Solutions to Problems (Some of which they never knew they had) Future Goal: Retire Early

20


MEMBERSHIP MEMBERS ON THE MOVE Beall Barclay & Company, PLC, CPAs, are pleased to announce that Andrew L. Todd has joined the staff of the Rogers, Arkansas office. Mr. Todd is a 2013 graduate of Arkansas State University in Jonesboro. Prior to graduating Summa Cum Laude with a Bachelor of Science in Accounting and a Bachelor of Science in Finance, he served as an intern in the office of U.S. Senator John Boozman. He is a student member of the ASCPA and the AICPA. Andrew belongs to Beta Gamma Sigma and Phi Kappa Phi Honor Societies. He also served as president of the Arkansas State University Accounting Club and state president of Phi Beta Lambda business professional fraternity. He is a native of Fort Smith where he graduated from Union Christian Academy. He is a volunteer with Compassionate Utilization of Resources (C.U.R.E.), a medical supply and disaster relief ministry, and The Hope Chest in Fort Smith. He is also a teacher, worship leader and church youth camp mentor with West-Ark Church of Christ. Todd is an Eagle Scout with the Boy Scouts of America. Hudson Cisne & Company, LLP, is proud to announce the following 2013 firm promotions: Brent Sharpmack, Principal, Bryce Good, Principal, Zack Clark, Manager, Rachel Arnold, Senior, and Aaron Beard, Senior. Brent Sharpmack, CPA, Principal Sharpmack’s areas of service concentration include audit and tax. Industry expertise: construction, financial institutions, small business and individual and corporate tax. Sharpmack has nine years of experience in public accounting. He is a 2002 Cum Laude graduate of Henderson State University, B.B.A. in Accounting; 2003 honor graduate of Henderson State University, M.B.A. in Accounting. He is a member of the ASCPA, AICPA, and Arkansas Bankers Association. He is also a member of First Baptist Church of Cabot. Bryce Good, CPA, Principal Good’s area of service concentration is tax. Industry expertise includes: real estate development and rental real estate, construction, funeral and cemetery, professional service, and retail. Good has seven years of experience in public accounting. He is a 2004 graduate of Drury University, B.A. in Accounting. He is a member of the ASCPA and AICPA,. Rachel Hope Arnold, Senior Accountant Arnold graduated from the University of Arkansas in 2010 and earned her master’s degree in accounting the next year. She then joined Hudson Cisne & Co. as a staff accountant. After only two years, she was promoted to senior accountant. Arnold herself is proud of her promotion, calling it “a big accomplishment.” And, as an active member of the ASCPA, she is serving on the Society’s Emerging CPAs Committee. She also devotes her energy to community efforts. Her work with the ASCPA led her to volunteer to speak at career development day at Joe T. Robinson Middle School, helping potential accountants learn a little more about the profession. Have you recently changed jobs, earned a new certificate, been promoted, received special recognition, made a presentation to a civic group, etc? Let the ASCPA know about it! Send us a note, fax a press release or simply pick up your phone and give us a call. 21

Congratulations to the following ASCPA members who were recently recognized by Arkansas Business CFO Lifetime Achievement Award Winner Gene H. Whisenhunt, Hickingbotham Investments, Inc., Little Rock Lifetime Achievement Award in Accounting Winner Phillip W. Cox, JPMS Cox, PLLC, Little Rock Several other ASCPA members were finalists in the various following categories: Large Private Company Mark Langston, Life and Specialty Ventures, Little Rock Phyllis L. Rogers, Delta Dental of Arkansas, Sherwood Steven P. Rose, Conway Regional Medical Center, Conway Small Bank Judy R. Lawton, Heartland Bank, Little Rock Public Sector Michael W. Henderson, Arkansas Electric Cooperatives, Inc., Little Rock Nonprofit Susan G. Rogers, ACCESS Group Inc., Little Rock

FIFTY-SECOND ANNUAL ARKANSAS FEDERAL TAX INSTITUTE DECEMBER 5-6, 2013 EMBASSY SUITES LITTLE ROCK ASCPA Newsletter: December, 2013


MEMBERSHIP MEMBERSHIP RENEWAL FAQs Your 2014-2015 ASCPA membership renewal statements will be mailed / e-mailed the last week of December. Be sure to set your e-mail security feature to accept any e-mails from the arcpa.org domain so you do not miss receiving your dues statement or other important information from the ASCPA. If you do not receive a dues statement by e-mail or regular mail, please call the ASCPA office as soon as possible. NOTE: Annual dues payments can now be processed through the Society’s website at http://bit.ly/11S5paE. If you have never accessed your member record through our website, your username will be your Member ID number (printed on your Newsletter envelope), and the password is your last name (first letter capitalized). Then, when prompted, please change your username and password for future use. Please be sure to review your personal and business profiles to ensure that our records are correct and, where applicable, please complete all sections. Consider having someone in your firm sign up as a Firm Administrator. This person would have the ability to pay dues for all of the firm’s members, as well as manage each employee’s CPE. Prompt payments save the Society the cost of additional mailings and reaffirm that the Society leadership is continuing on a correct course of action that members strongly support. Following are some commonly asked questions and answers regarding payment procedures and membership classifications. If you have any other questions, please call Marsha Moffitt at (501) 664-8739 or toll free (800) 482-8739 in Arkansas. the Society are approved by a unanimous vote of the members of the Board of Directors. OR Any member with consecutive 40+ years membership may be a Life member. Life members will not be required to pay annual dues or assessments levied by the Society.

What period does my renewal payment cover? The Society’s fiscal year is April 1 through March 31. When should I pay my annual dues? Dues are payable by April 1, 2014. Any member whose annual dues remain unpaid 90 days after that date will be subject to suspension.

What if I am retired from my profession, but do not meet all the above-mentioned requirements for retired status? The ASCPA has an “inactive-unemployed indefinitely” status for members who have left the workforce by choice for an indefinite period of time, i.e. early retirement, stay-home mothers, etc., who may not meet all the qualifications for “retired” status in the ASCPA.

Are my ASCPA annual dues tax deductible? Payment for the annual dues is not deductible as a charitable contribution for income tax purposes. It may, however, be deducted as ordinary and necessary business expenses. What is the Student Education Fund, and am I obligated to pay the $100.00 contribution? The Student Education Fund (SEF) is principally committed to awarding scholarships to Arkansas students attending Arkansas Colleges and Universities. The SEF is a non-profit organization, supported entirely by contributions, and gifts are tax deductible. Funds donated to the SEF are added to a perpetual corpus, and scholarships are granted based on the interest earned; however, you may designate your contribution directly to scholarships. The $100.00 contribution is only a suggested amount and contributions are voluntary.

I am temporarily unemployed. Is there a special membership category for me? Yes. The “unemployed temporarily” status is designed for members who are in between jobs and are currently looking for employment. Members may qualify for unemployed status for a period of up to one (1) year. Members who are unemployed for longer than the one-year period should take the “unemployed indefinitely” status. I am a college/university Educator. Is there a special membership category for me? Yes. Arkansas Educators who agree to participate in a minimum of three ASCPA activities per year may have a free membership. In order for current Educator members to qualify for free membership, an application must be completed and submitted to the ASCPA office. To apply for the Complimentary Educator Application, please go to http://bit.ly/1cnNLBG. Please do not fill out the online membership application for this free membership. Please contact Marsha Moffitt at mmoffitt@arcpa.org with any questions.

Does a percentage of my annual dues support a Political Action Committee (PAC), and am I obligated to pay the $100.00 contribution? .25% of your annual dues payment is applied to ASCPA’s lobbying expenses, not our PAC. The $100.00 contribution is only a suggested amount, and contributions are voluntary and are not tax-deductible. Funds raised by the ASCPA PAC are used to provide appropriate political contributions to AR elected officials of the AR General Assembly. Contributions may be made by personal or company check, but no one individual or company may contribute more than $5,000 in any given year.

How can someone in my firm become a Firm Administrator on the ASCPA website? • Sign in as a member or non-member. If you are not a member of the Society, you will need to create a non-member account. Then, log in using your newly created username and password. • Click the “Firm Admin” tab on the menu to the left of your screen. If you are not an authorized Firm Administrator, you will need to submit a request for approval. Upon approval of your request, you will be able to access your Firm’s Roster to pay dues for your employees, register employees for CPE, maintain CPE records, etc. (NOTE: This is a “member-only” service. Firm Administrators will only be able to access ASCPA member records. To access the CPE records of your employees who are not currently a member of the ASCPA, you will need to obtain those employees’ usernames/passwords. You might also consider encouraging those employees to apply for ASCPA membership so that they will appear on your Firm Roster. Continued on page 26

I am retired. Is there a special membership category for me? Yes. Members may apply for “retired” status in the ASCPA who meet ALL of the following requirements: • Have been a full member for at least three (3) years preceding retirement application; and • Are permanently retired from primary profession; and • Are 60 years of age or older; OR • Are totally disabled and meet the regulations for drawing social security benefits. • Are in good standing with the ASCPA at the time of retirement. In order to qualify for “life” status, the member must be nominated by a Society chapter, be fully retired from any accounting function, and have served the Society as an officer and/or director. Life members of ASCPA Newsletter: December, 2013

22


PEER REVIEW PEER REVIEW ANNUAL ASSESSMENTS ARE DUE! Third notices were mailed on November 1 for the 2013 Peer Review Annual Assessment, which were due September 30, 2013. Please get your payment in as soon as possible to avoid suspension of your ASCPA membership and termination for the AICPA Peer Review Program. Payment should be made as follows: SOCIETY MEMBERS Sole practitioner with no professional staff: $300.00 + $30.00 per professional (applies to sole practitioners) Example: $330.00 minimum due

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Firms with two or more professionals: $300.00 + $30.00 per professional Example: $420.00 (firm with four professionals)

If there were a way for you to

NON-SOCIETY MEMBERS Sole practitioner with no professional staff: $350.00 + $30.00 per professional (applies to sole practitioners) Example: $380.00 minimum due

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Firms with two or more professionals: $350.00 + $30.00 per professional Example: $470.00 (firm with four professionals)

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The “per professional� fee should be paid for any employee of the firm that has received a CPA certificate and is working in an accounting capacity within the firm, whether on a full- or part-time basis, as well as any professional employees who are seeking to obtain “certified� status. The “per professional� fee also applies to sole practitioners with no staff. Many firms overlook this fee when remitting payment. Please help the Society eliminate extra billing time and expense by including this amount with your original payment. Contact Marsha Moffitt at the Society office with any questions concerning your firm’s assessment.

July 23, 2014 Phone Conference

March 19, 2014 Phone Conference

September 19, 2014 ASCPA Conference Center Little Rock

May 21, 2014 Phone Conference

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ASCPA Newsletter: December, 2013


PRACTICE MANAGEMENT 20 Trends to Watch in Accounting 1. LOOK, MA — NO WALLS! Who it matters to: Very small and start-up firms. The details: With the cloud enabling “virtual firms,” start-ups will find it easier and cheaper than ever to get up and running. Small firms should find it easy to make the switch, with midsize and large firms finding it more challenging due to significant legacy investments in leases and equipment.

The details: Even the smallest CPA firm can have clients with international ties. You can find pockets of international activity almost anywhere, and tap into wide-ranging expertise through networks of professional firms that span the globe. 9. THE COOPERATIVE INTERNSHIP Who it matters to: Growing small firms in areas with lots of similar firms. The details: Internships are a great way to find and lock in talent early. They’re also complex to run and not all that cheap. Some small firms realized that there’s strength in numbers, and started banding together to offer group internships and broader opportunities to the interns than any individual firm could offer on its own.

2. THE IMPERIAL MP Who it matters to: Midsize and larger firms. The details: With the growing realization that firms must be tightly integrated and focused on a small set of well-defined goals, firms are slowly giving their managing partners (MPs) more authority and power to move partners to act together for the good of the firm.

10. TABLET MADNESS Who it matters to: All firms. The details: Tablets can be used as a valuable presentation device, and can even run various aspects of firm and client business. And with mobile business applications being designed all the time for this very platform, the tablet will likely have some staying power for use in the boardroom, or wherever work is being conducted.

3. SPYING ON YOUR CLIENTS Who it matters to: Firms of all sizes. The details: One of the most important uses accounting firms are finding in social media is in “social listening” — following your clients’ tweets, blogs, and Facebook posts to learn about what they’re thinking and doing, and what your competition is doing. 4. THE OUTSOURCED CFO Who it matters to: Firms of all sizes interested in accounting work. The details: New tools, particularly of the cloud variety, are making the idea of being the virtual back office or even CFO for a growing company quite attractive for firms looking to open the doors and expand their advisory service offerings.

11. THE NEW FLAVORS OF M&A Who it matters to: Everyone — in their own way. The details: There’s been an almost-uninterrupted bull run in accounting firm mergers and acquisitions (M&A) over the past 15 years. As the main driver of this boom — the ongoing retirement of the Baby Boomers — picks up steam, look for the M&A markets to get even more fractured and more complicated.

5. OPPORTUNITY IN OBAMACARE Who it matters to: Anyone with a business client, but particularly those serving small businesses. The details: Your small-business clients will be looking for someone they trust to help them wade through the Affordable Care Act – someone who is used to digesting and explaining complicated regulations and helping with compliance issues.

12. THE NEW CAREER PATH(S) Who it matters to: Anyone whose career isn’t over. The details: Time was, there were only one or two career paths — working for industry or for a public firm until you made partner. Staff, partners and even whole practice groups are jumping from firm to firm, between public practice and industry, as they pursue whatever other professional goal suits them.

6. BEYOND EXPERT Who it matters to: Firms with differentiated practices or client groups. The details: You need to be more than an expert — get in front of your clients and be a demonstrated “thought leader.” Show that your expertise extends well beyond “mere” tax and accounting rules into the future of whatever client areas you focus on.

13. CLOUD CLOSETS Who it matters to: All firms. The details: As firms look at the challenges and costs of maintaining their own file storage, they are increasingly turning to the cloud not only to permanently house client information, but have redundant support of all of their programs that they can access at any time.

7. SENDING SECURELY Who it matters to: All firms. The details: Communication between colleagues and clients is often more compromised than many are aware. Keeping whatever is exchanged — text or e-mail — secure has become a top priority and spurred the rise of tools to handle such security measures.

14. RISE OF THE EMERITI Who it matters to: Midsize and larger firms. The details: Smart firms will find transitional roles for accountants who are coming to see retirement as optional — keeping them as mentors, business development experts or consultants within the firm, thus keeping their expertise on tap but clearing space on the career ladder for younger up-andcomers. Continued on page 25

8. BEYOND BORDERS Who it matters to: Everyone, everywhere. ASCPA Newsletter: December, 2013

24


PRACTICE MANAGEMENT 20 Trends to Watch in Accounting Continued from page 24 15. YOU OWE YOUR CLIENTS A SUCCESSION PLAN Who it matters to: Everyone, but particularly smaller firms and sole practitioners, and extra small and solo firms with financial planning clients. The details: When it comes to successful planning, accountants owe it to your clients as a kind of fiduciary duty — particularly the CPA financial planner. If they have no clear plan for what will happen to their practice after they retire or die, they are seriously shirking their responsibilities to their clients.

IS

16. THE AUTOMATED IRS Who it matters to: Anyone with tax clients. The details: The IRS is automating more of its investigation and notice procedures. That means more notices and more audits initiated and conducted by mail. The IRS likes it because it will bring in more revenue efficiently; you might like it because it terrifies clients, who’ll need your help dealing with the flood of notices.

QUICKBOOKS

SLOWING

YOUR

17. MANDATES ROLL DOWNHILL Who it matters to: Anyone the government can identify. The details: Congress comes up with a law, but doesn’t want to create a whole new bureaucracy to enforce the provisions, so it drops them on, say, the IRS. They pass the paperwork on to those under their authority — and suddenly tax preparers are required to police clients.

CLIENTS

DOWN

18. BRING YOUR OWN DEVICE Who it matters to: Primarily growing or more mobile firms. The details: As firms grow and have their staff work more in the field, concern is growing over every device they work on that leaves the office. This has caused IT departments and directors some consternation, and they are increasingly considering policies and practices around controlling sensitive data.

MOVE

AHEAD

WITH

19. OUTSIDE COLLABORATION Who it matters to: All but the paranoid. The details: Firms and individual accountants working together beyond just sharing best practices and brainstorming with fellow professionals in other firms. They are setting up joint ventures, offering services to one another and banding together in networks and leadership groups.

MICROSOFT

DYNAMICS

ERP

20. EYE ON AUDITORS Who it matters to: Auditors, naturally. The details: Don’t worry, talk about mandatory auditor rotation is not going to happen in any serious way. What seems more likely is something less than rotation, but more than what we have now — mandatory tendering, for instance, or some sort of codification of some of the ideas proposed by opponents of rotation in those public meetings. And to go with it, tougher enforcement and inspections.

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Access the full article at goo.gl/0YCk9w. Originally published in Accounting Today for the Web CPA, these are the top 20 trends that accountants need to have on their radar screen.

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25

ASCPA Newsletter: December, 2013


TAX be from the IRS. The IRS encourages taxpayers to be vigilant against phone and email scams that use the IRS as a lure. The IRS does not initiate contact with taxpayers by email to request personal or financial information. This includes any type of electronic communication, such as text messages and social media channels. The IRS also does not ask for PINs, passwords or similar confidential access information for credit card, bank or other financial accounts. Recipients should not open any attachments or click on any links contained in the message. Instead, forward the e-mail to phishing@irs.gov. More information on how to report phishing scams involving the IRS is available on the genuine IRS website, IRS.gov.

IRS Warns of Pervasive Telephone Scam The Internal Revenue Service is warning consumers about a sophisticated phone scam targeting taxpayers, including recent immigrants, throughout the country. Victims are told they owe money to the IRS and it must be paid promptly through a pre-loaded debit card or wire transfer. If the victim refuses to cooperate, they are then threatened with arrest, deportation or suspension of a business or driver’s license. In many cases, the caller becomes hostile and insulting. “This scam has hit taxpayers in nearly every state in the country. We want to educate taxpayers so they can help protect themselves. Rest assured, we do not and will not ask for credit card numbers over the phone, nor request a pre-paid debit card or wire transfer,” says IRS Acting Commissioner Danny Werfel. “If someone unexpectedly calls claiming to be from the IRS and threatens police arrest, deportation or license revocation if you don’t pay immediately, that is a sign that it really isn’t the IRS calling.” Werfel noted that the first IRS contact with taxpayers on a tax issue is likely to occur via mail. Other characteristics of this scam include: • Scammers use fake names and IRS badge numbers. They generally use common names and surnames to identify themselves. • Scammers may be able to recite the last four digits of a victim’s Social Security Number. • Scammers spoof the IRS toll-free number on caller ID to make it appear that it’s the IRS calling. • Scammers sometimes send bogus IRS e-mails to some victims to support their bogus calls. • Victims hear background noise of other calls being conducted to mimic a call site. • After threatening victims with jail time or driver’s license revocation, scammers hang up and others soon call back pretending to be from the local police or DMV, and the caller ID supports their claim. If you get a phone call from someone claiming to be from the IRS, here’s what you should do: • If you know you owe taxes or you think you might owe taxes, call the IRS at 1-800-829-1040. The IRS employees at that line can help you with a payment issue – if there really is such an issue. • If you know you don’t owe taxes or have no reason to think that you owe any taxes (for example, you’ve never received a bill or the caller made some bogus threats as described above), then call and report the incident to the Treasury Inspector General for Tax Administration at 1800-366-4484. • If you’ve been targeted by this scam, you should also contact the Federal Trade Commission and use their “FTC Complaint Assistant” at FTC.gov. Please add "IRS Telephone Scam" to the comments of your complaint. Taxpayers should be aware that there are other unrelated scams (such as a lottery sweepstakes) and solicitations (such as debt relief) that fraudulently claim to ASCPA Newsletter: December, 2013

HELPFUL TIPS Pay promptly to help keep down costs of mailing additional notices. Notify us of any changes in employment, employment address, telephone, and e-mail, as well as home address and telephone. For special circumstances, call us to arrange a payment plan. Thanks for your loyal support!

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27

ASCPA Newsletter: December, 2013


Thirty-Third Annual Industry, Commerce and Banking Conference Continued from article on page 3

Industry, Commerce & Banking Chairman T.J. Boyle welcomes attendees to the conference.

First Security Bank President Bill Scholl talks about the Outlook for Banking in Arkansas.

Kevin Clay, Owner of Kevin Clay Creative explains what Duck Dynasty teaches us about social media.

Scott Dutile from Dale Carnegie gives an excellent presentation on Leading the Next Generation.

Fraud Conference Continued from article on page 3

Tom Hughes

Fraud Conference Participants

Jerry Spratt and Jon Moore

Kim Williams

ASCPA Newsletter: December, 2013

Fraud Conference Chairman Jerry Spratt welcomes attendees.

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John Straub

December 2013 ASCPA NL  

December 2013 ASCPA NL

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