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CPA Summer 2013

Volume 56, Number 1

New Financial Reporting Framework to Help Main Street Businesses

2012-2013 Annual Awards The Changes, The Challenges, The Collaboration ... Washington CPA Foundation Awards Scholarships

www.wscpa.org


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CONTENTS

wa s h i n g t o n

CPA www.wscpa.org • memberservices@wscpa.org Tel (425) 644-4800 • Toll free in WA (800) 272-8273 Fax (425) 562-8853 902 140th Ave NE Bellevue, WA 98005-3480

BOARD OF DIRECTORS Glenn G. Wisegarver Chair Heather L. Fitzpatrick Vice Chair David J. Miniken Treasurer William A. Simer Secretary Mary D. Marino Immediate Past Chair Richard E. Jones President & CEO

Laurie J. Anderson Marinilka B. Kimbro Thomas G. Donaghy Lucy L. Liu Kirsten S. Duke Karissa A. Marker Dean A. Granholm Peter R. E. Miller Robert L. Grannum Sharon K. Philpott Waylon P. Jones Andrew L. Read CHAPTER BOARD CHAIRS Richard C. Meyer, Jr. Bellevue Area Joseph W. Crowther Central Joseph M. Reid Central — North Seattle Jack W. Curnow Northwest Kathryn A. Dixon Olympia — Peninsula — Pierce County Amanda J. Goodman Sammamish Valley Dora K. Leung Sammamish Valley Jeffrey A. May Seattle Rachel T. Sites Snohomish County Dani L. Espinda South King County John Vogel South Sound Industry Matthew E. Lee Southwest Lucas M. Zarecor Spokane — Wenatchee Kyle S. Meissner Yakima

Jeanette Kebede

Editor

The WashingtonCPA is published by the Washington Society of Certified Public Accountants for its members. Views and opinions appearing in this publication are not necessarily endorsed by the WSCPA. The products and services advertised in The Washington CPA have not been reviewed or endorsed by the Washington Society of Certified Public Accountants, its board of directors or staff. The WashingtonCPA (USPS 009754) is published four times annually by the Washington Society of Certified Public Accountants, 902 140th Avenue NE, Bellevue, WA 98005-3480. $12 of members’ annual dues goes toward a subscription to The WashingtonCPA. Periodicals postage paid at Bellevue, Washington and additional mailing offices.

FRF for SMEs 6

AICPA’s New Financial Reporting Framework to Help Main Street Businesses

12 2012-2013 Annual Awards 15 The Changes, The Challenges, The Collaboration 17 Soap Operas ... and Advocacy 18 Using Defined Value Clauses for Stock Transfers: Wandry Expands Opportunities for Gift Planning 22 Professional Conduct: Taking on Sticky Engagements 24 Washington CPA Foundation Announces 2013-2014 Scholarships Departments

Cover photo: ©Hisham Ibrahim/Photographer’s Choice/ Getty Images

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Leadership Lens

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Photo Album

POSTMASTER: Send address changes to The WashingtonCPA, c/o WSCPA, 902 140th Avenue NE, Bellevue, WA 98005-3480.

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News Briefs

33

CPE Digest

15 Chapters

34 Conferences

17 Advocacy

43

Registration Form

24 Foundation

45

Classified Ads

29 Events

47

Member Profile

www.wscpa.org

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Leadership lens

Staff Changes at WSCPA By Rich Jones, CPA, CGMA, President & CEO

W

e have several staff changes at WSCPA that I want to share

with you. The first change to announce is a bittersweet one. Judy Love, Director of Advocacy, has decided to retire at the end of this calendar year.We are all happy for Judy, but we know we are going to miss her in so many ways. Judy has been with the Society for over 13 years and is responsible for communications and marketing in addition to all our advocacy efforts. Under her leadership, we have developed clear and specific communications initiatives and have continued to update these initiatives as technology and marketplace expectations evolve. Judy and I have worked very closely on a daily basis during my eight years at the Society to advocate for our members and the CPA profession. This includes working closely with Washington State Board of Accountancy, AICPA, National Association of State Boards of Accountancy, our lobbyist, and of course, the legislature and the executive branch of State Government. Thanks in large part to Judy’s efforts, the Society has enjoyed an exceptionally successful run of advocacy successes during this period. I will continue to direct our advocacy efforts and Judy will be training Kimberly Scott to take on her responsibilities over the next five months. We know Judy will be very active in her retirement and will continue to pursue her many interests outside of work. We wish her a long and active retirement, much happiness and health. She will be missed greatly. We have created a Vice President level of senior management to recognize the importance of senior executives having the time to focus on strategy development and execution. With competent managers and directors who are capable of running the day-to-day business of the Society, our most senior executives are able to focus on strategy. Hayden Williams,Vice President of Education, and

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Kimberly Scott,Vice President of Member Services are promoted to this level. Hayden continues overall responsibility for the Society’s educational offerings (which account for approximately 60% of gross revenues). No part of our business has changed as much in the past 5-6 years as the changes in CPE. Competition has become intense as the Internet has reduced the traditional barriers to entry. Today, most large accounting firms and other financial service companies provide high quality online webcasts or webinars as a part of their thought leadership strategy. I recently participated in one of these online programs with more than 10,000 people. And these programs are generally free! Plus associations of accounting firms often provide CPE to their members as one of the key benefits of membership. Hayden has done a remarkable job of understanding and responding to these changes, making him a nationally recognized leader among CPE executives of state CPA societies. I am confident he will continue to lead us well in his new capacity. Kimberly will have responsibility for most of the balance of our operations, including membership, advocacy, communications, marketing, chapters, students and faculty, and the Washington CPA Foundation. She has been responsible for, or actively involved with, most of these areas for the past several years; however, advocacy and communications are new areas of responsibility for her. As described in Kimberly’s article on page 15, the Society is undertaking an initiative to revitalize chapters to create opportunities for you to participate in the Society’s outreach to students and faculty and to legislators utilizing the chapter network. All of these efforts will work together in a symbiotic manner to enable us to achieve the Society’s goals and will be under Kimberly’s direction. Stepping into Kimberly’s role as

Director of Member Services is Amy O’Donnell. Amy has been with the Society since 2007 and is responsible for the successful development and execution of the Financial Literacy program. She also has been in charge of the New Professionals program and relationships with accounting faculty and students for the past several years. In addition to these responsibilities, she will take on the responsibility for overall member services, reporting to Kimberly. Amy recently recruited Kelly Neilson as Academic Relations Coordinator; the two of them have met with students and faculty leaders around the state over the past several months and have attended accounting awards banquets at most of these schools. Amy and Kelly are clearly making a difference in our relationships on campus. Because of her consistent excellent performance, Jeanette Kebede has been promoted from Manager of Communications to Director of Communications. In addition to her current responsibilities, she will have additional authority and responsibility to make sure we are communicating effectively with our members and also with prospective members. Jeanette has been with us since 2000 and has made innumerable contributions to the enhancement of our communication materials and strategies. She will also report to Kimberly. Reporting to Jeanette will be Kai Fuller, Online Communications Coordinator, who joined us last year and has brought many new talents and perspectives to our team. Please join me in welcoming Kelly and Kai to the WSCPA and in congratulating Hayden, Kimberly, Amy, and Jeanette on their new responsibilities. I am excited to work with our entire team as we implement our strategic plan to achieve the Society’s vision of being essential to your success. I am very optimistic about our future. You can contact Rich at rjones@wscpa.org. www.wscpa.org


Leadership lens

Should You Care? By Glenn Wisegarver, CPA, CGMA, WSCPA Chair for 2013-14

S

hould you care? After all, you have your license. Isn’t that enough? Should you care whether you are a member of the WSCPA? Should you care whether your CPA colleagues are also members of the WSCPA? You may ask, “What’s in it for me?” Early in my career, my general view of professional organizations was somewhat jaundiced. I simply could not fathom what value I received in return for an annual fee that allowed me to claim membership. It was only once I finally looked beyond the act of writing a check did I realize the real power and benefit of a membership organization that was highly relevant to me professionally and personally. For me, the WSCPA is emblematic of the

legislative, and that cares about you and your professional development. The visible side of the WSCPA you likely see the most of is the plentiful CPE programs designed for both professional development and CPE requirements. The WSCPA arranges and produces over 600 live and web-based seminars and conferences each year. And it provides this service to you at a remarkably low cost. The less visible side of the WSCPA for most members is the role it plays as professional advocate in the legislative and regulatory arenas. A few examples: The WSCPA was central to passage of CPA mobility in the state legislature. You now can practice in another state without undergoing the full licensure process

The visible side of the WSCPA you likely see the most of is the plentiful CPE programs designed for both professional development and CPE requirements.

The less visible side of the WSCPA for most members is the role it plays as professional advocate in the legislative and regulatory arenas.

power and benefit of a quality and wellrun organization focused intently on serving its members. In the State of Washington, there are two organizations that CPAs should care about. The State Board of Accountancy is one. Clearly, as the licensing and regulatory body for all CPAs in the State of Washington, it plays a paramount role in your professional career. The WSCPA is the other organization critical to CPAs. The WSCPA is unique as it is the only organization in Washington State that represents you, that speaks for you in all matters professional and

in that state; your Washington license is sufficient. The WSCPA filed amicus briefs on behalf of the profession in court cases that would have effectively stripped CPAs of our fiduciary and ethical obligation of client confidentiality. The case was adjudicated favorably and client confidentiality upheld. In late May, several of your WSCPA Board and staff were in Washington, D.C. lobbying legislators on your behalf for relief of multiple state tax obligations and filing except in cases where over 30 days of service were provided in a given state. If this effort is successful, many Washington State CPAs will avoid

www.wscpa.org

the burden of multi-state income tax and associated annual filings. Clearly all CPAs in Washington State benefit from the WSCPA’s advocacy efforts. The additional value of your WSCPA membership depends on you. Frankly, the value you receive is directly related to the effort, time and energy you invest. Leadership and professional development opportunities are plentiful on WSCPA committees, board service, chapter leadership, and groups such as the New Professionals. Through your involvement, you will find enduring relationships – and perhaps friendships – that carry forward with you throughout your career. Should you care? I think the answer is an emphatic “yes.” I hope you agree.

The additional value of your WSCPA membership depends on you. Frankly, the value you receive is directly related to the effort, time and energy you invest.

Encourage your CPA colleagues to join the WSCPA if they are not already members. If they are already members, encourage them to find a way to get involved, and to anticipate an enormous professional and personal return. You can contact Glenn at gwisegarver@ gmail.com.

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Cover story

AICPA’s New Financial Reporting Framework to Help Main Street Businesses By Robert Durak

A

s director of private company financial reporting at the American Institute of CPAs (AICPA), I have been greatly involved with other professionals in efforts to improve accounting and financial reporting for the millions of private companies in the United States. A game-changing result of that work is the release in early June of the AICPA’s Financial Reporting Framework for Small- and Medium-Sized Entities (FRF for SMEsTM). I can say with confidence that it is the new framework for preparing streamlined, relevant financial statements for privately held small enterprises that are not required to use US Generally Accepted Accounting Principles (GAAP). The FRF for SMEs accounting framework offers small business owners an alternative to the non-GAAP options that are currently available. This new framework provides efficient, meaningful results without needless complexity or cost. To be clear, the FRF for SMEs framework is not GAAP, but is complementary to efforts by the Financial Accounting Foundation (FAF)’s Private Company Council (PCC) to modify GAAP for private companies

Opportunities and Implications for CPAs

The FRF for SMEs accounting framework delivers on every CPA’s need to serve as a credible, knowledgeable professional who applies the most upto-date accounting tools and practices.

Built by the profession to present relevant, useful information, the FRF for SMEs framework helps fulfill the CPA’s role as a trusted advisor who understands the challenges facing America’s ownermanaged businesses. The framework is not a further burden on CPAs. It is easy to learn inasmuch as it is comprised of familiar accounting principles. The FRF for SMEs framework helps you deliver tailored financial reporting for your clients and employers in America’s small business community.

a business owns, what it owes and its cash flow. Lenders and others can clearly and quickly understand key measures of a business and its credit-worthiness. Use of the framework is voluntary. CPAs should talk to their clients or employers to explore whether the FRF for SMEs framework is their best financial reporting option. Moreover, CPAs should discuss the framework with bankers and other financial statement users too, so they can learn about its benefits and features.

A Financial Reporting Framework that Fits Main Street

Reporting on Financial Statements Prepared under The FRF for SMEs accounting frame- the FRF for SMEs Accounting work is the result of the AICPA and the Framework

CPA profession in action, anticipating and meeting client and employer needs in a changing and complex world. The framework’s common-sense requirements are based on traditional accounting principles to ensure consistent application without needless complexity. You can deliver efficient, meaningful reports to business owners, lenders, insurers and other interested parties that do not need GAAPcompliant reports. The framework is principles-based, avoiding tightly prescriptive rules to allow CPAs to fully exercise their judgment, knowledge, skill and expertise in preparing financial statements. With the FRF for SMEs accounting framework a CPA can generate financial statements that clearly and concisely report what

Financial statements based on the framework can be compiled, reviewed, or audited. CPAs would follow the same compilation, review, or auditing standards they use today when reporting on other non-GAAP (e.g., tax basis, cash basis) financial statements. With the release of the FRF for SMEs framework, the AICPA has released a toolkit to help CPAs implement the framework. Among other items, the toolkit contains: • • • •

• Editor’s Note: Within days of AICPA’s release of FRF for SMEs, the National Association of State Boards of Accountancy (NASBA) released a statement expressing its support for the efforts of the Private Company Council to modify US GAAP to meet the financial reporting needs of private companies. NASBA also recommended to private companies that they should not use this new FRF for SMEs framework. To read NASBA’s statement go to: www.wscpa.org/nasba_frf

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WashingtonCPA Summer 2013

Illustrative CPA reports Illustrative financial statements Comparisons of the framework to other bases of accounting Flyer for clients, sample cover letter, and other marketing materials PowerPoint deck and short video Frequently asked questions and overview of the framework

The toolkit is available on the framework’s website (www.aicpa.org/ FRF-SMEs) along with plenty of other resources for CPAs and other stakeholders to utilize. www.wscpa.org


The FRF for SMEs accounting framework offers small business owners an alternative to the non-GAAP options that are currently available.

Specifics – Key Principles and Features of the FRF for SMEs Accounting Framework

The FRF for SMEs accounting framework is a special purpose framework. Special purpose frameworks, with the exception of the contractual basis of accounting, are commonly referred to as other comprehensive bases of accounting or OCBOA. Special purpose frameworks include cash basis, modified cash basis, tax basis, regulatory basis, contractual basis, and other non-GAAP bases of accounting that utilize a definite set of logical, reasonable criteria that is applied to all material items appearing in the financial statements. The FRF for SMEs accounting framework draws upon a blend of traditional accounting principles and accrual income tax methods of accounting. Some of its key features are: •

Historical Cost – The framework steers away from complicated and costly fair value measurements and uses historical cost as its primary measurement basis. No concept of impairment testing exists in the framework.

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Optionality – The framework provides management with a suitable degree of optionality when choosing accounting policies to better meet the needs of the end users of the financial statements.

Straight-forward Principles – The framework eschews prescriptive, detailed rules. Being a more intuitive and understandable framework for small business owners and the users of their financial statements, the framework lays out principles that encourage the use of professional judgment in the particular circumstances of a transaction or event.

Targeted Disclosures – Understanding the needs of Main Street businesses, those of their financial statement users, and the fact that those users have direct access to management, the framework requires a level of disclosure that is adequately informative and yet not excessive. This results in clarity and allows financial

FRF for SMEs

statement users to obtain only the relevant information they need.

Snapshot of Certain Accounting Topics within the FRF for SMEs Accounting Framework

The framework is concise (approximately 200 pages) and self-contained. At the same time, it is also robust and comprehensive. Accounting and financial reporting topics typically encountered by small- and medium-sized private companies are encompassed in the FRF for SMEs accounting framework. Presented below are some accounting and financial reporting areas and a brief overview of how those areas are treated under the framework. •

Leases – The framework follows familiar accounting principles blended with accrual income tax methods. It requires a lease that transfers substantially all the benefits and risks of ownership related to the leased property from the lessor to the lessee to be accounted for as a capital lease by the lessee and as a sales-type or direct financing lease by the

WashingtonCPA Summer 2013

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cover story

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lessor. Otherwise the lease is treated as an operating lease. The criteria for capitalizing a lease for tax purposes generally match the criteria in the FRF for SMEs framework. Income Taxes – The framework allows management to make an accounting policy choice to account for income taxes using either the taxes payable method or the deferred income taxes method. The taxes payable method generally mirrors a company’s tax return and will be a useful, simplified, and cost-effective option for many small businesses. Consolidation – The framework allows management to make an accounting policy choice to either consolidate its subsidiaries or account for its subsidiaries using the equity method. No concept of variable interest entities (VIEs) exists in the framework and parentonly financial statements are permitted. Investments – The framework requires an investor that is able to exercise significant influence over an investee that is not a subsidiary to account for the investment using the equity method. An investor that is not able to exercise significant influence over an investee should account for the investment using the cost method, except for investments in securities held-for-sale which are accounted for at market value. Goodwill & Intangible Assets – The framework requires goodwill to be amortized generally over the same period as that used for federal

WashingtonCPA Summer 2013

income tax purposes or, if not amortized for federal income tax purposes, then a period of 15 years. No impairment testing is required. The framework requires a recognized intangible asset to be amortized over its useful life. All intangible assets are considered to have a finite useful life under the framework.

Why Choose FRF for SMEs Framework? Benefits to Stakeholders

The FRF for SMEs framework is designed specifically to suit the needs of small- and medium-sized entities and their stakeholders.

Appreciating the limited accounting resources that typical entities utilizing the FRF for SMEs accounting framework have, as well as the nature of their financial reporting, the framework is intended to be a stable platform that does not undergo frequent amending or updating.

Owner-Managers of small businesses need reliable financial information to inform their business decisions and outside stakeholders. They need ways to work smarter, controlling costs and gaining strategic insights. The FRF for SMEs framework delivers on those needs. The framework assists small business ownermanagers and other stakeholders in focusing on the performance of the company and its assets, liabilities, and cash flows. Given its simplified, cost-effective and tailored approach, management of smaller to medium-sized private companies will find the FRF for SMEs framework an appealing financial reporting option. Bankers and other small business financial statement users will receive the information they need to understand the company and its finances, and it will enable bankers to help their customers because use of the framework by small- and medium-sized businesses is cost-effective. More specifically, bankers and other users need financial statements that are prepared in a reliable and consistent manner in accordance with a framework that has undergone public comment and professional scrutiny. The FRF for SMEs is that kind of framework. The accounting principles composing the FRF for SMEs framework are intended to be the most appropriate for the preparation of a smaller business’ financial statements based on the needs of bankers and other users. In developing the framework, the task force and staff responded to what they have heard over the years from lenders and others who use small business financial statements in their decision making. In fact, a banker is a member of the task force that developed the framework with AICPA staff. The FRF for SMEs framework delivers to bankers and other users the financial information they need without irrelevant “noise” in the financial statements. www.wscpa.org


FRF for SMEs

Non-GAAP Solution that Gives Bankers and Other Users What They Need

The kind of financial statements that bankers look for from their customers differs based on the credit exposure level. When the credit exposure is at a lower level, bankers are usually very flexible in accommodating non-GAAP financial frameworks for smaller entities. That is the sweet spot where the FRF for SMEs framework comes in and can be very beneficial to businesses and their bankers and other financial statement users. With this new framework’s substantial relevance and cost-benefit factors, the task force and AICPA staff believes that the lending community will welcome financial statements prepared under the FRF for SMEs framework.The framework consists of traditional accounting principles and accrual income tax accounting methods that are very familiar to lenders and have served the lending community well for many years.

Looking Ahead

Along with the release of the FRF for SMEs accounting framework, the AICPA will provide CPAs and other stakeholders with plenty of communications and support to generate awareness and an understanding of the framework, and help with its implementation. Webcasts, CPE, conference sessions, and implementation resources will be available. As the framework is used and gains traction, AICPA staff will gain feedback from CPAs, financial statement preparers, lenders and other stakeholders. Any identified improvements will be considered and incorporated into the framework as appropriate. Appreciating the limited accounting resources that typical entities utilizing the FRF for SMEs accounting framework have, as well as the nature of their financial reporting, the framework is intended www.wscpa.org

The framework consists of traditional accounting principles and accrual income tax accounting methods that are very familiar to lenders and have served the lending community well for many years.

to be a stable platform that does not undergo frequent amending or updating. Accordingly, AICPA staff with assistance from the task force intends to review and propose amendments to the framework approximately every three or four years after any initial modifications may be made.

FRF for SMEs accounting framework, gain an understating of it and consider the appropriateness of its use by your clients and employers.

Improving Financial Reporting

Twitter hashtag #MainStFinancials

The FRF for SMEs accounting framework is issued by the AICPA, the nation’s pre-eminent professional accounting body, and has been scrutinized by the profession. Its development is a major step forward in the CPA profession’s dedication and service to Main Street businesses. The Financial Accounting Foundation, which oversees the Financial Accounting Standards Board (FASB), has called the project to develop a nonGAAP reporting framework “important and complementary” to its own efforts to modify GAAP for private companies. FAF and FASB did not review or comment on the technical aspects of the FRF for SMEs framework. The AICPA welcomed the creation of FAF’s Private Company Council and strongly supports their initiative to improve GAAP for privately- held companies. The AICPA’s nonGAAP framework and the work of the PCC are different, but are complementary to each other. I believe these initiatives will greatly improve financial reporting for both non-GAAP and GAAP users. I encourage you to find out more about them and I encourage you to download the

Website www.aicpa.org/FRF-SMEs

E-mail FRFforSMEs@aicpa.org Robert Durak, a member of the Accounting Standards Department of the AICPA, is Director of Private Company Financial Reporting and has worked with the AICPA since 1995. Bob is responsible for overseeing the development of the AICPA’s financial reporting framework for smaller businesses. You can contact Bob at rdurak@aicpa.org.

Learn more WEBINAR New AICPA Private Company Financial Reporting Standards August 13 (WNR142) 11 am -1 pm Learn more / register at www.wscpa.org/cpe/catalog WashingtonCPA Summer 2013

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news briefs

Special Member Discount from CCH Save 25% on U. S. Master Tax Guide 2014 Order the U.S. Master Tax Guide through the WSCPA and save 25% off the $93.50 list price. Place your order online and the WSCPA member price is just $70.13 plus tax and shipping. You will not be billed until after the book ships in November. (Cancel before shipment without charge.) An e-Book option is now available; download to your computer instantly once the guide becomes available in the fall. The 2014 edition will contain timely

and precise explanations of federal taxes for individuals, corporations, partnerships, estates and trusts. To order, visit http://tax.cchgroup.com/ members/wscpa (search for “US Master Tax Guide 2014”). When you check out, enter priority code Y5596. Interested in other CCH tax and accounting titles, check out a list of current book specials and save up to 40%. Use the link above and click on the “Current Book Specials” tab.

http://tax.cchgroup.com/members/wscpa

Are the financial reports you are issuing in accordance with GAAP, OCBOA, GAAS, and GAGAS?

Free Resource: Feedback on Your Financial Reports The WSCPA offers complimentary, confidential comments relating to financial statement format, presentation, and other professional issues based on reviews of post-issued financial statements. Submit up to two redacted statements by December 15 to Sharon Olene-Marander at smarander@wscpa. org or call (425) 586-1138 for details.

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WashingtonCPA Summer 2013

In Memoriam The WSCPA holds in memory with families and the larger community, these members who have recently passed on: Steven M. Camden, CPA Donna Rae Colburn, CPA Don N. Jonas, CPA Nancy Baker Lucas, CPA Raymond E. McGrath, CPA David A. Pollock Stephen O. Tull, CPA

CPA Referral Service

Easy Marketing for Your Firm Sign up now at wscpa.org (click “Find a CPA”) Would you like to attract new clients? Would you like inexpensive, effective marketing for your firm? Expand your firm’s marketing outreach, and your client base by enrolling (or renewing) in the Find a CPA Referral Service for a low yearly fee. Firms enrolled in the program are able to highlight their services and areas of expertise, making it easier for clients to find exactly what they need. The service is visited every month by businesses and individuals looking for CPAs. For just $175, your firm will be listed in the service through June 30, 2014. Joining now gives your firm extra visibility at the end of the year and during tax season. The Find a CPA referral service is aggressively marketed in on-line directories, printed directories, and various social media platforms. That is a lot of visibility for just $175. A recent user of the CPA referral service said: “Very helpful. It was a quick and easy-to-use resource, which produced half-a-dozen suggested CPAs (in my area that met my desired service needs).” Ready to enroll? Have questions? Call (425) 586-1142 or tollfree in Washington at (800) 272-8273, Ext. 1142, or e-mail memerservices@ wscpa.org. www.wscpa.org


news briefs

And the Winners Are... Three WSCPA members were selected as winners from 14,221 entries in the WSCPA annual dues drawing. Each of these members won a $300 Amazon gift card. Congratulations to the following members: •

Stephanie Stewart, CPA, is a tax associate with Clark Nuber in Bellevue, and has been a member since 2011. She was selected as the winner for renewing her membership by April 30. Kristin Ficker, CPA, is a tax manager working for the Crowe Horwath LLP Sacramento, California office and has been a member since 2011. She was selected as the winner

Join theion! conversat

for renewing her membership by May 15. •

Steven Coleman, CPA, is a director with Anastasi Moore & Martin, PLLC in Spokane, and has been a member since 2003. He was selected as the winner for renewing his membership by June 1.

Members who updated their member profile and paid their dues by June 1 were eligible for an additional drawing for a $100 Amazon gift card. Congratulations to the winner, who was selected from among 1,398 eligible entries: •

John Snyder, CPA, is a partner with Greenline Partners, in Seattle, and has been a member since 2005.

Thank you to all members who renewed their membership by June 1. If you have not yet renewed your membership, visit www.wscpa.org or call (800) 272-8273 (toll-free in Washington) or (425) 644-4800. If you are currently unemployed or on leave for family or medical reasons, please call (425) 586-1142 to determine if you qualify for reduced rates. Renew your membership by July 31 to avoid a lapse in your membership and a $50 reinstatement fee.

LinkedIn:

Are you in the WSCPA Group?

All WSCPA members are eligible to join the WSCPA LinkedIn group. More than 2,700 members already belong to this group, and are participating in discussions and connecting with their peers. Recent discussions in the LinkedIn group include: • • • •

Final Notices from the Washington State Board of Accountancy Understanding the Utility XBRL Provides to CPAs Advice Needed for Landing a Public Accounting Job in Seattle Would You Recommend Go File Room?

To join the group, you first must have a LinkedIn (www.linkedin.com) account. Once you sign up for LinkedIn, then go to www.wscpa.org

To join, scan this code or visit www.wscpa.org/linkedin

Ù www.wscpa.org/linkedin. Click the “Join Group” button. Once your WSCPA membership is verified, you will be notified that you are a member of the group. WashingtonCPA Summer 2013

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2012-2013 Awards

2012-2013

WSCPA Awards

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Every year the WSCPA recognizes CPAs for making a difference in their communities, providing outstanding service, dedication or leadership to advance the accounting profession and the Society. The Society congratulates this year’s honorees.

John L. O’Brien Lifetime Achievement Award Robert G. Nuber, CPA-Retired, CMC For an exemplary career of leading by example, and creating a culture that encourages many strong leaders who serve, support, and enhance the profession. “Over his 40+ year career, Bob Nuber has been a tremendous inspirational figure to the accounting profession as well as a community advocate,” said Pete Miller, CPA, a shareholder with Clark Nuber P.S. “Bob has always taken time to share his experience and mentor his team from staff to partner. He uses the same kind of care with his clients. His ability to create leaders will ensure that Bob’s influence on the profession will endure for years to come.” Nearly all of Bob’s 40+ years in public practice have been at Clark Nuber. During this time he has worked with a variety of industries including manufacturing, real estate, investment, insurance underwriting and agencies, commercial and home construction, food retail, and retirement living. As the chairman emeritus of Clark Nuber, Bob works part-time consulting primarily to family-owned businesses. A patient advocate for the community, he helps companies develop advisory boards and family businesses to create and execute effective succession plans. Bob is a graduate of the University of Washington, receiving both his B.A. as well as his M.B.A. He served on the boards of Stronger Families, Seattle Pacific University, Bellevue Rotary Club (where he is a past president), Bellevue Art Museum, Seattle Chamber of Commerce and the University of Washington Accounting Development Fund. Currently, he is on the board of C3 Leaders, a California based insurance company, and a member of the advisory boards of three local manufacturing businesses. A WSCPA member since 1971, Bob is only the eighth member of the Society to receive the John L. O’Brien Lifetime Achievement Award.

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2012-2013 awards

Business of the Year

For exceptional support of the WSCPA, supporting the strategic vision through membership, sponsorship, and volunteer and program commitment. “The WSCPA can count on Moss Adams to step up to support new and key initiatives,” said Kimberly Scott, WSCPA Vice President of Member Services. “This much-needed support enables the success of essential Society programs.”

Volunteer of the Year

Rising Star Award

John Vogel, CMA, CCD

Adam C. Jones

For extraordinary commitment to and leadership of the South Sound Industry Chapter. John Vogel has served on the South Sound Industry Chapter Board since 2003, holding the positions of treasurer, secretary, and chair. Under John’s leadership as chair during the last five years, attendance at the Chapter’s meetings has increased significantly. “John has been instrumental in transforming the chapter’s meetings into valuable learning experiences and exceptional networking opportunities,” said Hayden Williams, WSCPA Vice President of Education and South Sound Industry Chapter staff liaison. “John makes sure every attendee feels welcomed and valued. I am always impressed by the number of attendees who stay after the meeting to network.” John is CFO and controller of Midway Muffler & Radiator Inc (dba Buckys) in Tacoma. Previously John was CFO/controller for Belco Forest Products, Inc., controller for Comfort Design Inc., and in 2003 he started Sequoia Partners LLC. He also worked for Weyerhaeuser for more than 23 years. www.wscpa.org

With a staff of more than 2,000 nationwide, Moss Adams LLP is a leader in providing assurance, tax, consulting, risk management, transaction, and wealth services. From its 22 locations in Washington, Oregon, California, Arizona, New Mexico and Kansas, Moss Adams focuses on serving public, private, and not-for-profit enterprises across the nation. Moss Adams is celebrating its 100th anniversary this year, and has a long history of supporting the activities and programs of the WSCPA. Nearly 300 Moss Adams employees, more than any other single organization, are WSCPA members. Moss Adams supports and sponsors key WSCPA events, including the Women’s Leadership Summit and New Professional networking events, and encourages staff participation in the Society. In addition, Moss Adams supports the Washington CPA Foundation, and as a named scholarship contributor, provides a $3,000 scholarship annually. Last year Moss Adams partners supported the WSCPA’s advocacy efforts by contributing $15,000 to the CPAPAC.

For enthusiastic leadership of the New Professionals Committee, which increased the involvement of the local professional community. “The Spokane New Professionals Committee has been quite successful during the past year,” said Amy O’Donnell, WSCPA Director of Member Services. “This is largely due to Adam Jones’ enthusiasm, leadership of the committee, and commitment to the committee’s success.” Adam joined the Spokane New Professionals Committee in December 2011. Under his leadership as chair since June 2012, committee membership has expanded. Event attendance has grown, and the committee hosted a large networking event last fall. The committee also strengthened relationships between Spokane area students, colleges, and local CPAs in various industries. Adam is a staff accountant with Dingus, Zarecor, and Associates PLLC in Spokane Valley, where he works with healthcare and not-for-profit organizations. He graduated from Eastern Washington University with cum laude honors in December 2010 with bachelor’s degrees in professional accounting and finance, and a minor in economics.

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2012-2013 Awards

Special Award

President’s Award

Robert Hutchins

Peter Miller, CPA, CFE

For exceptional dedication to the CPA profession in Washington State through tireless work and service on the Washington State Board of Accountancy. An attorney in Tacoma, Robert Hutchins, has been a public member of the Washington State Board of Accountancy (WBOA) since June 2008. Bob’s experience as an attorney and a member of the business community bring a valuable perspective to any Board discussion. Bob’s tremendous respect for the CPA profession is evident in the amount of time and talent he has been willing to devote to the WBOA’s mission to protect the public interest. “We have all benefitted from his service,” said Rich Jones, WSCPA President & CEO. A graduate of the University of Washington School of Law and a member of the Washington State Bar Association, Bob is a self-employed attorney whose practice is devoted to the transactional representation of private companies. He advises clients on matters related to exempt securities offerings, mergers, acquisitions, financial restructurings and franchising.

Chair’s Award Judy A. Love For outstanding commitment to Advocacy on behalf of the membership

For exemplary service as a member of the WSCPA Board of Directors and for his tireless efforts in representing the Board to our members. A member of the WSCPA Board of Directors since 2011, Peter Miller has made a significant contribution to the success of the WSCPA by enthusiastically taking advantage of the many opportunities to serve the Society. In addition to playing a vital role on the board, Pete has spoken at numerous chapter events, and attend networking events. To raise awareness among college students of the varied careers in accounting, he shared his personal CPA journey in several college classrooms. Before joining the board, he even played in the CPA Battle of the Bands. “Pete Miller epitomizes what it means to be engaged as an ambassador of the WSCPA,” said Rich Jones, WSCPA President & CEO. A shareholder in the audit and assurance practice at Clark Nuber PS in Bellevue, Pete provides executive leadership to a number of concurrent teams conducting audits, reviews and compilations, and directs the firm’s Forensic Accounting and Fraud Investigation practice.

working most closely with the Washington State Board of Accountancy. She engages CPAs around the state in conversations with elected and appointed leaders whose decisions can significantly affect the way CPAs do business, both in public and private practice. “Thanks to Judy’s leadership, the Society has experienced an impressive number of advocacy wins during the last 13 years,” said Mary Marino,WSCPA Chair for 2012-2013. “She has been a dedicated advocate for CPAs in Washington.”

Judy will be retiring from the WSCPA at the end of the Judy Love has been the Director of Advocacy for the December. Prior to coming to the WSCPA, Judy worked as WSCPA since 2000. Judy is responsible for the Society’s a contract lobbyist in Olympia and served as the Executive relationships with state and federal legislators and regulators, Director of the Ellensburg Chamber of Commerce.

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chapters

The Changes, the Challenges, the Collaboration… By Kimberly Scott, CAE,WSCPA Vice President of Member Services

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t the time the WSCPA was established in 1904, there were 15 CPAs in the state, and the members believed that the CPA market was saturated. The Society was created to bring CPAs together and advocate for the profession. Except for their assumption about the size of the market for Washington CPAs, they were a brilliant group of CPAs. When an association is formed, volunteers typically do most of the organization’s work. As the organization grows and evolves, staff are hired to take on the work load. In the process, association operations become more streamlined and efficient. At the same time, this can eliminate opportunities for passionate members to get involved in the association. How can an association continue to involve those with passion to move the cause forward, and evolve to keep on top of trends, to keep costs down and programs rich? The key is creating more enriching volunteer opportunities with various commitment levels, and leveraging and developing the volunteers’ skills. A significant focus of the Society’s recently approved strategic plan is related to chapters, overall member engagement, and connectivity. Did you know that as a WSCPA member you are automatically assigned to a chapter, and currently 12 chapters are active around the state? Chapters were developed to bring members together in their geographical areas. In every chapter dedicated leaders want to expand their activities and engage more members. The question is how? During the last year many current and past chapter leaders explored this question and discussed chapter strategy, struggles, and sustainability. On May 1, chapter leaders gathered in Seattle to learn about a new chapter structure. The new structure will take some time to implement, but you should notice some exciting new opportunities in the coming year. www.wscpa.org

Along with nearly 40 additional chapter leaders, Sarah Ozanne, Olympia Chapter Vice Chair Diane Bingaman, and Olympia Chapter Chair Kate Dixon participated in the Chapter Leaders Summit on May 1.

As a chapter member, you will start to see more activity in your geographical area that is tied to the chapter. There will be new volunteer opportunities as well, thanks to the addition of chapter committees. Committees of the chapter board will plan and carry out activities under their area of assignment: • The Advocacy Committee will focus on creating relationships with local legislators, and work to keep members informed on issues that may affect the profession. • The Event Committee will plan short CPE programs, and look at how to introduce new opportunities for local CPAs to network. Some chapters host happy hours or events tied to baseball, horseracing, wine tasting, or hockey. Not surprisingly, these events are growing in appeal thanks to their entertainment value and flexibility around work hours. • The Outreach Committee will include the student outreach program, and work to create new opportunities for CPAs to connect with future

CPAs in college classrooms and with educators in each chapter area. As a member of the chapter you may serve on a committee (Advocacy, Event, or Outreach committee) without being a member of the board. This allows for members to serve without the commitment of attending all chapter board meetings. In addition to the traditional board positions (chair, secretary, treasurer, director), chapter boards will be adding new positions: Advocacy, Event, and Outreach Committee chairs. I encourage you to reach out to your local chapter board, and ask how you can get involved. Let them know if you want to help with planning an event, or if you want to join the board itself, or perhaps you have some great relationships or ideas you want to make certain they leverage. Chapter leaders need you to step forward. After all, if this association was built by volunteers with a passion for the profession, it only makes sense that it will be more robust and essential when more members participate. Not certain how to start? Please feel free to contact me at (425) 586-1108 or kscott@wscpa.org.

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Risk Assessment

REMEMBER WHEN YOU FIRST WANTED TO BE A CPA? Maybe it was when you realized how good you are with numbers. Or when you developed a passion for order and accuracy. Or when you recognized that you excel at solving problems. You’re now an accounting professional. Ethical. Objective. Committed. Competent. Joining the AICPA will put you in ®

the company of nearly 386,000 like-minded professionals — sharing knowledge, connecting to critical information and using exclusive discounts on everything from CPE to personal and professional insurance. For details, or to join, visit aicpa.org/iamcpa or call 888.777.7077.

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advocacy

Soap Operas . . . and Advocacy By Judy Love,WSCPA Director of Advocacy

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xgrew up listening to radio soap operas –The Romance of Helen Trent, in particular – in my grandmother’s kitchen on visits to her home several times a year. Of course, I would stay there just long enough to be “hooked” on the drama, only to be left hanging with many burning questions at the end of each episode. But the opening was perhaps even more compelling: “And now, The Romance of Helen Trent, the real-life drama of Helen Trent, who, when life mocks her, breaks her hopes, dashes her against the rocks of despair, fights back bravely, successfully, to prove what so many women long to prove, that because a woman is 35 or more, romance in life need not be over, that romance can begin at 35.” I began writing this column a week before the June 11 end of legislature’s special session. With the likelihood of double overtime looming, the similarities between plucky Helen Trent and the 2013 legislative session provided examples almost too cliché-ridden to merit mentioning. Almost, but not quite. Setting aside the romance part, the rest of the images were not too far off the mark in describing The Endless Session. Even after all the twists and turns, accompanied by fast and furious actions, the burning questions in June remained the same as they were in January: •

Will the budget for the next biennium include a sweep of $1,000,000 to $3,000,000 from the Washington State Board of Accountancy (WBOA)’s reserves? o Over 30 WSCPA grassroots volunteers communicated with members of the Senate to remind them those reserves come from individual and firm license fees; it is not General Fund money. A sweep would amount to a double tax on CPAs. Additional grassroots volunteers commended the House for not including the sweep in its budget. We also shared our concerns with a member of the Governor’s staff who conveyed them to that office’s budget director.

Will the Governor re-appoint the five current members of the WBOA whose terms expired on June 1? Will he also re-appoint Rick Sweeney as Executive Director?

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Many thanks to over 120 WSCPA members who took the time to participate in the drama. Because of you, we can add this subtitle to The Endless Session: Advocacy Works. o A team of WSCPA leaders and staff met with both candidates for Governor before the primary elections this past summer to express support for their reappointment. o For the past five months, WSCPA staff and lobbyist Lisa Thatcher have continued to communicate that message to Governor Inslee’s appointments staff, both in writing and in person. One question was put to rest fairly early in the session, but it certainly had the potential for drama. A bill was introduced that appeared to require CPA firms to begin, and perhaps even complete, the firm licensing and renewal process through the Department of Revenue. Lisa Thatcher and a number of WSCPA grassroots volunteers leaped into action, working with key legislators involved in the legislation to ensure that CPAs were not included in this “streamlining government” initiative. Without the advocacy teamwork, particularly the involvement of WSCPA members who unfailingly respond at a moment’s notice, this could have had a very different ending. As we now know, these episodes of The Endless Session sputtered to a close just before the July 1 deadline (“Will 26,000 State workers be laid off?” “Will State parks be closed on July 4?”). In no small measure due to communication nearly all legislators received from WSCPA members, the budget did not sweep anything from WBOA’s reserves. Governor Inslee did reappoint all five members of WBOA and Rick Sweeney as Executive Director. All in all, a very satisfying conclusion to these story lines. Many thanks to over 120 WSCPA members who took the time to participate in the drama. Because of you, we can add this subtitle to The Endless Session: Advocacy Works. You can contact Judy Love at jlove@wscpa.org.

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valuation

Using Defined Value Clauses for Stock Transfers: Wandry Expands Opportunities for Gift Planning By Dan Guderjohn, CFA, ASA, CPA/ABV he financial planner is often faced with the following situation: a client wishes to transfer shares in his or her business, or some other hardto-value asset, but an appraisal must be completed before dollar amount of the transfer is known. Often the client wishes to transfer a specific dollar amount, perhaps to use their remaining available lifetime exemption. But because the asset’s value is unknown at the date of transfer, the size of the interest transferred is also unknown. The formula clause, sometimes referred to as a “defined value clause,” provides a mechanism for fixing the monetary value of the transfer by specifying the rights transferred in terms of a formula. For example, “common shares with fair market value, as finally determined for federal tax purposes, equal to $100,000.” Later an appraisal can determine the value of the asset as of the date of transfer and thereby determine the number of shares or percentage ownership interest that was transferred. Of course, valuation is subject to challenge by the IRS, and subsequent revaluation of the asset would require adjustment to the transfer.

Recent Developments

Formula clauses have long been scrutinized by the IRS. In the 1944 landmark case Commissioner v. Proctor, 142 F.2d 824 (4th Cir. 1944), the IRS successfully argued that formula clauses were counter to public policy, particularly with regard to “savings clauses,” which result in a transfer back to the donor if it is determined that gift tax is owed. For example, if assets valued at $500,000 were gifted by using $500,000 of lifetime exemption, and their value is subsequently determined to be $600,000 (leading to gift tax liability on the $100,000 increase), then the savings clause would act to transfer $100,000 of the property back to the donor. The IRS’ contention was that the

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The formula clause, sometimes referred to as a “defined value clause,” provides a mechanism for fixing the monetary value of the transfer by specifying the rights transferred in terms of a formula.

use of savings clauses would (1) discourage the collection of tax because any attempt to collect tax would reverse the gift, (2) require the court to rule on moot case, and (3) render the court’s judgment declaratory, thereby undermining the court’s authority. Formula clauses evolved as a result of the Proctor decision. The next version of formula clauses were referred to as “formula allocation clauses” or “spillover clauses.” These clauses acted to allocate any transfer found to be in excess of a defined amount (the spillover) to a secondary donee, generally a charitable organization or some other entity that would not trigger gift tax. Donors could transfer a fixed amount of property and be assured that no gift tax liability would be incurred. Further, it would avoid the second transfer inherent in a savings clause. Although the IRS continued to challenge this new breed of formula clause on public policy grounds,

the courts have accepted them in several cases since the mid-2000s, including Estate of Petter v. Commissioner (T.C. Memo. 2009-280) and Hendrix v. Commissioner (T.C. Memo. 2011-133). These decisions turned the tide in favor of formula clauses, though only in cases where the transferred property is not returned to the transferor. A significant breakthrough for taxpayers came recently in March 2012. In Wandry v. Commissioner (T.C. Memo. 2012-88), the Tax Court upheld the use of a formula clause that did not include a spillover provision. It stated that the transferred property was a “fixed set of rights with uncertain value” and further explained that the subsequent revaluation of the transferred property (interests in a family LLC) merely corrected the allocation of ownership interests. In contrast to a savings clause, it did not cause the transferor to “take property back.”

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valuation

The court’s decision in Wandry has puzzled some observers, who don’t see much of a distinction between a defined value clause and a savings clause, and they still view formula clauses with a skeptical eye. But others have embraced the opportunities presented by formula clauses, citing Wandry as evidence of the courts’ acceptance. While the IRS initially filed a notice of appeal in Wandry, the appeal has since been dropped. Nonetheless, the IRS indicated that it will continue to challenge the use of formula clauses, and in November 2012 it announced its nonacquiescence.

Getting the Most out of Formula Clauses

Formula clauses are utilized to neutralize valuation uncertainty as of a specific date. The uncertainty typically arises from the practical reality that, for certain assets, their values as of a transfer date cannot be determined until some later date. The uncertainty is partly resolved upon completion of an appraisal, and then fully resolved once the valuation is no longer subject to challenge (either by IRS acceptance or when the statute of limitations expires). Formula clauses are particularly helpful when (1) there is significant volatility with the asset value, and (2) the client cannot wait until an appraisal is completed before making a gift. For example, consider a scenario where the subject company could potentially be sold. Sale values tend to be much higher than the fair market value of an illiquid minority interest because, in the case of the latter, valuation discounts for lack of control and lack of marketability generally apply. Therefore, as the company progresses through the sale process, its valuation usually rises, even for a fractional ownership interest. If the company has not yet engaged an investment banker, then the value effect might be negligible. On the other hand, if the company is well into the sale process (e.g., interested parties have been identified, bidders have been vetted, or due diligence is underway), then the business appraiser must consider the potential for the sale value to be realized. www.wscpa.org

If an offer has been received, then a fair market value appraisal cannot avoid considering the terms of the offer and the potential for the deal to be successful. Finally, if a definitive agreement has been executed, then the only discount a business appraiser might be able to support is a small discount for “deal risk,” i.e., the risk of the transaction falling apart prior to closing. The above scenario is just one example where the passage of time would likely result in a rapid climb in value. A sale process may last several months or even up to a year or longer. There are numerous other scenarios where value could rise significantly in an even more compressed time period. A few examples include: A. The company is on the verge of winning a large customer contract or obtaining product placement with a large distributor. The company might also be bringing negotiations to an end on a supply agreement or some other significant business contract that will benefit the business operation. B. The company anticipates a major technological breakthrough. This might be especially important for an early stage company that is still in the product development stage or in the process of establishing commercial feasibility. C. Litigation has ceased on a major dispute, and the company is awaiting the ruling. A judgment for or against the company could have a material impact on the company’s financial condition or its business operation. As can be seen from these examples, value volatility is often the result of some outstanding contingency being brought to resolution. In some cases, contingencies are decided in a matter of a few days, by which point little can be done to extract the full benefit from a planned transfer. This makes completing the transfer in a

timely manner vitally important. Formula clauses allow transfers to be executed immediately, thereby fixing the facts and circumstances upon which an appraisal can later be developed.

A Potential Pitfall

One danger of using formula clauses is overestimating the value of the asset. If the transfer involves a fractional ownership interest in a private company, overestimating value often equates to underestimating one or more valuation discounts. Bear in mind that the most prevalent discounts (lack of control and lack of marketability) are generally applicable only to a noncontrolling ownership interest. If the formula clause contemplates too large a dollar amount to be transferred, then the corresponding ownership interest may constitute a controlling interest, or at least something more than a true minority interest. Though unlikely, a particularly severe case of estimation error could even result in the unintended transfer of control of the company to the donee. The dynamic can be illustrated with a simple example. Suppose a client owns 100 percent of the common shares in a small business known as XYZ Corp. The client would like to use his remaining lifetime exemption by transferring shares in XYZ Corp. to his daughter who is involved in the business. The client estimates that the current aggregate value of XYZ Corp. on the minority basis $2.0 million. Suppose further that he is in the process of negotiating a major contract that, if consummated, will increase the value of XYZ Corp. significantly. The client would like to act quickly, before having an appraisal completed and before the expected run-up in value. Indeed, the expectation of rising value is often the catalyst for major transfers. Suppose the client would ideally transfer his entire remaining lifetime exemption of $800,000. This situation can be accommodated by a formula clause. If the appraisal ultimately determines an aggregate value of $2.0 million, in-line with initial expectations, then the client will have succeeded in transferring a WashingtonCPA Summer 2013

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valuation

large minority interest of 40 percent. If, on the other hand, the appraisal arrives at an aggregate value of $1.5 million, then there will be some additional complications. The $800,000 gift would equate to a 53 percent interest, indicating that the minority discount may not fully apply. Additional valuation work would then be needed because the original valuation, presumably prepared on the minority basis, would not be relevant for a 53 percent interest. The latter situation is unlikely to occur in practice because the business appraiser would anticipate that problem before issuing the final valuation opinion. Nonetheless, it would require a greater scope of work by the appraiser in order to determine a value where the interest transferred (as implied by the dollar value) corresponds to the correct valuation basis (e.g., true minority, minority with elements of control, etc.). Of greater concern is that valuation discounts might not be used to their full advantage, thus limiting the effectiveness of the formula clause. Limiting the transfer to a nonvoting interest, if possible, could mitigate this issue.

Bolstering the Valuation

If a client decides to use a formula clause to make a transfer during a period

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of volatility, and if the subsequent value turns out to be significantly higher, then one must expect the valuation as of the transfer date to draw an extra measure of scrutiny from the IRS. The IRS is not

If a client decides to use a formula clause to make a transfer during a period of volatility, and if the subsequent value turns out to be significantly higher, then one must expect the valuation as of the transfer date to draw an extra measure of scrutiny from the IRS.

inclined to immediately accept a $10 per share valuation if, say, two months later the company is sold and all the shareholders receive $25 per share in sale proceeds. Therefore, it is critical that the facts and circumstances around the time of the transfer be well documented. In order to reap the benefit of the formula

clause, the business appraiser will need to point to supportable uncertainties or hurdles that cast doubt on any potentially favorable subsequent event. Situational clarity around the date of transfer is critical. Otherwise, it could later be argued that the run-up in value was foreseeable, and thus the transfer date valuation must be adjusted upward.

Conclusion

The recent taxpayer win in Wandry may lead to greater prevalence of formula clauses in estate planning strategies. The formula clause allows a gift to be made at an advantageous point in time when value is volatile and when the gift cannot be delayed by the appraisal process. To maximize its effectiveness, care should be taken to avoid defining the transfer in such a way that it inadvertently minimizes valuation discounts. Also, the circumstances around the transfer date should be well documented in order to thwart any future challenge to the valuation. Dan Guderjohn, CFA, ASA, CPA/ABV, is a business appraiser with Seattle-based Corporate Advisory Associates. He can be contacted at dlg@caaval.com.

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Professional conduct

Taking on Sticky Engagements ... By Jeanne Nguyen, CPA

ind sight is 20/20. As practitioners in a field where we must adhere to an ethical code of conduct in the course of providing a service to our clients, we sometimes take on engagements which might unknowingly put us at risk. How do we identify such engagements prior to accepting them? What actions do you take when someone who has been a client for several years requests a possible transaction that could impair your independence or impairs your ability to look out for the best interest of that client? Below are examples of sticky situations you might not want to get yourself into. Members of the WSCPA Professional Conduct Committee field these types of questions often. Please consider the committee a resource should you have any questions or concerns. Taking on divorce cases can cause headaches at times. Make sure that prior to engaging in services with someone going through a life-changing event, you understand where they are coming from emotionally. When emotions are heightened and decision-making is not as clear, clients may make requests of you which could put your professional license at risk. For instance, during the dissolution of assets and liabilities in a divorce proceeding, a couple may have certain assets and liabilities that require an appraisal to determine their fair market value. If that is the case, it is recommended both parties mutually agree on an independent valuation specialist and determine the scope of the engagement. If both parties come to a mutual agreement on the assets and liabilities to be valued, the role of the independent valuation specialist will be more clear, resulting in an appraisal that contains no significant surprises. What if you are the CPA for a married couple (Client A and B) for several years and tax returns have been filed under the married filing jointly status, and subsequently your Client A and B are divorced? Client A remains with your CPA firm and Client B is no longer a client. If Client B calls the CPA firm requesting a copy of prior tax returns and Client A has directed the CPA not to comply with the request, would you be breaking the rules of AICPA Code of Professional Conduct– ET Section 301 – Confidential Client Information by fulfilling Client B’s request? If the prior tax return includes Client B’s information during the time they were your client, the release of the information to Client B would not be prohibited by rule 301 [ET section 301.01] (see box at right). If you prepare tax returns for a married couple, filing jointly, and they subsequently divorce, it is in your clients’ best interests to engage separate CPAs. However, the clients need to determine which CPA attaches to which spouse, keeping the CPAs from getting caught in the middle of making certain decisions for clients when tensions are heightened.

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AICPA Code of Professional Conduct Section 300 - Responsibilities to Clients ET Section 301 - Confidential Client Information .01 Rule 301—Confidential client information. A member in public practice shall not disclose any confidential client information without the specific consent of the client. This rule shall not be construed (1) to relieve a member of his or her professional obligations under rules 202 [ET section 202.01] and 203 [ET section 203.01], (2) to affect in any way the member’s obligation to comply with a validly issued and enforceable subpoena or summons, or to prohibit a member’s compliance with applicable laws and government regulations, (3) to prohibit review of a member’s professional practice under AICPA or state CPA society or Board of Accountancy authorization, or (4) to preclude a member from initiating a complaint with, or responding to any inquiry made by, the professional ethics division or trial board of the Institute or a duly constituted investigative or disciplinary body of a state CPA society or Board of Accountancy. Members of any of the bodies identified in (4) above and members involved with professional practice reviews identified in (3) above shall not use to their own advantage or disclose any member’s confidential client information that comes to their attention in carrying out those activities. This prohibition shall not restrict members’ exchange of information in connection with the investigative or disciplinary proceedings described in (4) above or the professional practice reviews described in (3) above. [As amended January 14, 1992.] www.wscpa.org


professional conduct Facing an ethical dilemma?

WSCPA Professional Conduct Committee Can Help If you call the WSCPA with a question about ethics, you’ll be referred to the Professional Conduct Committee. The core principles of the committee are as follows: • AICPA Code of Professional Conduct Section 100 - Independence, Integrity and Objectivity .02 101-1—Interpretation of Rule 101 Independence shall be considered to be impaired if: A. During the period of the professional engagement fn * a covered member 1. Had or was committed to acquire any direct or material indirect financial interest in the client. 2. Was a trustee of any trust or executor or administrator of any estate if such trust or estate had or was committed to acquire any direct or material indirect financial interest in the client and i. The covered member (individually or with others) had the authority to make investment decisions for the trust or estate; or ii. The trust or estate owned or was committed to acquire more than 10 percent of the client’s outstanding equity securities or other ownership interests; or iii. The value of the trust’s or estate’s holdings in the client exceeded 10 percent of the total assets of the trust or estate. 3. Had a joint closely held investment that was material to the covered member. 4. Except as specifically permitted in interpretation 101-5 [ET section 101.07], had any loan to or from the client, any officer or director of the client, or any individual owning 10 percent or more of the client’s outstanding equity securities or other ownership interests. B. During the period of the professional engagement, a partner or professional employee of the firm, his or her immediate family, or any group of such persons acting together owned more than 5 percent of a client’s outstanding equity securities or other ownership interests. C. During the period covered by the financial statements or during the period of the professional engagement, a firm, or partner or professional employee of the firm was simultaneously associated with the client as a(n) 1. Director, officer, or employee, or in any capacity equivalent to that of a member of management; 2. Promoter, underwriter, or voting trustee; or 3. Trustee for any pension or profit-sharing trust of the client. www.wscpa.org

• •

To collaborate with the AICPA in reviewing and resolving complaints made against WSCPA members for alleged violations under the Code of Professional Conduct of the WSCPA; To educate and provide advice to WSCPA members on matters relating to ethics; To review proposed changes in the AICPA Code of Professional Conduct and advise, as necessary.

If you should run into an ethical dilemma, or have questions regarding any other ethical issues, please feel free to contact us through Julie Phipps, WSCPA Manager of Practice Quality, jphipps@wscpa.org or (425) 586-1132. - The WSCPA Professional Conduct Committee

Another sticky situation that CPAs may find themselves in is a decision to merge with another CPA to start a professional service firm. Without due diligence before embarking on such a venture, potential independence issues can be easily missed. The WSCPA Professional Conduct Committee received a call from two CPAs (CPA X and CPA Y) wanting to join forces. However, prior to the commencement of the newly-created professional service firm, CPA X learned that CPA Y has 10% ownership in a real estate company for which CPA X performs the audit. Since CPA X does not want to lose the client, will the creation of a new professional service firm pose an independence issue? Based on the professional code of conduct guidance at left, CPA X would be impaired if CPA Y owned more than 5% of the client’s outstanding equity securities or other ownership interests. As such, based on the professional guidance provided here and the facts and circumstances presented, if CPA X wants to remain independent, the two cannot join forces. If you have any questions, you can contact the Professional Conduct Committee through Julie Phipps,WSCPA Manager of Practice Quality, at jphipps@wscpa.org or (425) 586-1132. Jeanne Nguyen, CPA, is an Assurance Senior Manager with PwC in Seattle. She has been a member of the Professional Conduct Committee since 2010.

fn * Terms shown in boldface type upon first usage in this interpretation are defined in ET section 92, Definitions. [Footnote added, July 2002, to reflect conforming changes necessary due to the revision of interpretation 101-1.]

WashingtonCPA Summer 2013

23


washington cpa Foundation

2013-2014 Scholarships

Accounting Students Receive $52,000 in Scholarships By Kimberly Scott, CAE, Executive Director,Washington CPA Foundation The Washington CPA Foundation is extremely grateful that so many WSCPA members choose to contribute to the Foundation. By doing so, you support the Foundation’s mission: • • •

To support future CPAs through scholarships, To support financial literacy programs in our state by awarding small grants, and To support future accounting Ph.Ds., which in turn ensure college programs are successful.

For the 2013-14 school year, the Foundation awarded 17 scholarships for a total of $52,000.These scholarships are possible thanks to contributions from individuals, and from organizations via the named scholarship program. Congratulations to this year’s scholarship recipients!

Bill Wells Scholarship

Casey Hutchinson University of Washington, Class of 2014 Casey intends to pursue a master’s degree in accounting and her CPA license. Casey was an intern with KPMG, and hopes to work for one of the Big 4 public accounting firms in auditing. She is president of the (BAP) club, and has been involved in many on and off campus activities. She is making plans to travel to India or Turkey to study accounting practices in other countries.

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WashingtonCPA Summer 2013

Clark Nuber Scholarship

Wendy Kwan University of Washington-Bothell, Class of 2014 After obtaining her CPA license,Wendy wants to work at a public accounting firm as a tax accountant. She hopes to pursue a career making tax laws. Wendy is busy as an intern for Milliman Inc. and Transas USA. She is also active on her school’s BAP club, serving as the co-president. Wendy speaks Mandarin and Cantonese.

Ernst & Young LLP Accounting Scholarship

Samantha (Jing) Xue University of Washington, Class of 2014 Samantha plans to take the CPA exam after graduation and hopes to work for a Seattle public accounting firm. She hopes to help expand her future employer’s footprint in China. Samantha is a an internal auditor for the Husky Traders Investment Club. A WSCPA member, Samantha has received several honors and awards. A first generation immigrant, she is the first member of her family to attend an American college.

KPMG LLP Accounting Scholarship

Dylan Woods University of Washington, Class of 2015 After earning a CPA license, Dylan hopes to work for a global company’s accounting department. She is a procurement service assistant at UW, a volunteer for Families of Autistic Children Education and Support, serves on the UW finance and budget committee, as well a member of BAP and the WSCPA. Dylan is a full-time intern in Amazon’s tax department.

www.wscpa.org


washington cpa foundation

Named Scholarship Recipients

Moss Adams LLP Accounting Scholarship

Roy J. Polley Memorial Scholarship

True Blue Enterprises Accounting Scholarship

Leslie Dolence Washington State University-Vancouver, Class of 2014 After graduation, Leslie plans to work in public accounting. She is an officer on the BAP/IMA club, a student member of IMA Portland Chapter, WSCPA member, and volunteer for several organizations. Leslie instructs her three homeschooled children (ages 12, 14 and 15), and is a golf coach. Prior to pursuing an accounting degree, Leslie worked for several years in the business world assisting CEOs.

Christopher Orndorff Gonzaga University, Class of 2014 An internal audit intern at Pacific Northwest National Laboratories, Christopher intends to obtain a master’s degree in accounting at Gonzaga. After becoming a CPA, he hopes to become a manager for a private or public accounting firm. On the Gonzaga campus, Christopher participates in the Hogan Entrepreneurial Leadership Program, BAP, Bulldog Investment Group, and New Venture Lab.

Karrine Williams Pacific Lutheran University, Class of 2014 After graduation, Karrine hopes to do tax work for a public accounting firm in the Seattle/Bellevue. She intends to pursue a CPA license and a master’s degree. An assistant accountant for the business office at PLU, Karrine is an intern at Go Local. She is involved in BAP, Progress Club at PLU and the VITA program. She loves to blues and contra dance.

PwC Accounting Scholarship

Sambataro Family Foundation Accounting Scholarship

Wells Fargo Accounting Scholarship

Natasha Tieu University of Washington, Class of 2014 Natasha intends to pursue a master’s degree in accountancy. She hopes to work in public accounting and establish a career in management consulting. On campus, Natasha is a peer coach, a BAP member, a student ambassador, and is the VP of Events for the Undergraduate Business Council. She also volunteers for VITA. At the XACT National Case Competition this year, Natasha’s team placed 1st out of 495 teams.

www.wscpa.org

Michelle Spruch Seattle University, Class of 2014 Michelle is a summer intern at Clark Nuber, and after graduation hopes to continue her career at Clark Nuber. She is very interested in working with nonprofits. She was an internal audit intern at Expedia. On campus Michelle is the VP of Professional Events for BAP, and the co-founder of Albers Leadership Club (affiliate of Net Impact). Michelle taught fundamental business courses to local entrepreneurs in Africa.

Iveth Canales Gonzaga University, Master of Accountancy, Class of 2014 (August) Iveth earned a bachelor’s degree in international business at Whitworth University. After becoming a CPA, she wants to work in auditing and accounting at a global firm. Her passion is to work internationally and to design programs to strengthen developing economies. Born and raised in Honduras, Iveth has held several internships, including one in Honduras, and is currently involved in BAP and VITA United Way. WashingtonCPA Summer 2013

25


washington cpa Foundation

George Waterman Memorial Scholarship

Melissa Ang Washington State University, Class of 2013 (December) In addition to attending classes, Melissa has two jobs and is an active member of BAP. She serves on the school business fraternity, and works on a school project for Boeing. Melissa dreams of eventually becoming a CFO for an international development-focusedxorganization. A fitness enthusiast, Melissa recently competed in the Rock ‘n’ Roll Marathon in Seattle.

2013-2014 Scholarships

Washington CPA Foundation Scholarship

Washington CPA Foundation Scholarship

Natasha Black Whitworth University, Class of 2015 Natasha hopes to work with mission organizations, helping them with their accounting and finances, and is also interested in auditing. She recently was an accounting intern for Blodgett Plumb, and manages Go Froyo in Spokane. She is involved in Whitmore’s Business Club and the university orchestra. Natasha and her five siblings perform at benefit concerts playing music in the Spokane area.

Emily Thomson Central Washington University, Class of 2014 After graduation, she plans on earning a CPA license and working at an accounting firm in tax or audit, and eventually becoming a partner. She is controller at Saddle Mountain Ranch, Inc. On campus, she is an officer in the BAP Club, and a member of the Accounting/Finance Club and the WSCPA. She also volunteers at her church and went on a mission trip to Mexico, where she helped build a church.

Washington CPA Foundation Scholarship

Washington CPA Foundation Scholarship

“Your contribution to my tuition next year will make a great impact, and it is heartwarming to be recognized by professionals in a field that I am excited to join.” Michelle Spruch

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WashingtonCPA Summer 2013

William Chandler University of Washington, Class of 2013 William intends to pursue a Masters in Professional Accountancy in Taxation at UW and wants to earn a CPA license. William is a tax intern at Ernst and Young, and hopes to continue his career there after completing school. William was a wide receiver for the Husky football team. He mentors children through Blitz the Sound and Children’s Hospital, and enjoys repairing cars.

Piper Tuohy University of Washington, Class of 2013 Piper is a tax intern at Deloitte and hopes to continue working there fulltime. Piper always wanted to work for a Big 4 firm and would like to become a partner someday. She was an intern at UW’s Internal Audit Department and the Alumni Relations Officer for BAP. Piper held several offices in her sorority including: treasurer, VP of Public Relations, and VP of Finance. As VP of Finance, she controlled a $900,000 chapter budget. www.wscpa.org


Washington CPA Foundation Scholarship Recipients

Thank you for your continued support of the future of the accounting profession. If you would like more information about the

Washington CPA Foundation Scholarship

Jeff Gullikson Seattle Pacific University, Class of 2014 After graduation Jeff anticipates earning a CPA license, and wants to work as an auditor for a large public accounting firm. Jeff has completed three internships including industry, taxation, and auditing. This summer, he will be an intern at Moss Adams in Spokane and is a payroll intern at Taproot Theater. Jeff is an officer on BAP, serves on the Commuter Council, is a Student Union Building Manager, and an Information Desk Assistant and a WSCPA member. Jeff is on SPU’s intramural sports league.

Washington CPA Foundation Scholarship

Kiersa Sanders University of Washington, Class of 2014 Kiersa hopes to work as an advisory leader at a public accounting firm. Last year, Kiersa interned at Deloitte working in audit, tax, and advisory. This summer, she will be an advisory intern at Deloitte. On campus, Kiersa serves as an officer for BAP, a Young Executive of Color Mentor, and a student ambassador for the Foster School of Business. She also participated in Harvard Summer Venture, AICPA Leadership Workshop and Deloitte’s National Case Competition. Kiersa changed her career path from nursing to accounting after working part-time as a cashier, which sparked her interest in the accounting world.

Income Tax Liability Disputes

IRS Audits, Appeals, and Tax Court

Installment Agreements, Offers-inCompromise and Currently-notCollectible Status

Voluntary Offshore Account Disclosures

(206) 623-0063

please contact Kimberly Scott at kscott@wscpa.org.

Scholarship applications are available in September for the next school year. Download an application form online at www.discovercpa.org. Applications are due February 1, 2014.

Robert V. Boeshaar Attorney at Law, LL.M., PLLC

IRS Tax Controversies 

Foundation or how to contribute,

Master of Laws (LL.M.) in Taxation from the University of Washington School of Law Over 10 years of experience with the Internal Revenue Service Office of Chief Counsel Represented the IRS in over 40 litigated cases in the United States Tax Court

boeshaar@boeshaarlaw.com

1111 Third Avenue, Suite 2890

Seattle, WA 98101

www.boeshaarlaw.com www.wscpa.org

WashingtonCPA Summer 2013

27


member discounts

Take Stock in the Value of Your Membership

T

Timely Information

he WSCPA is dedicated to continuously adding value to your membership and providing the resources you need to fulfill your professional responsibilities. Are you aware of the member benefits your membership offers you?

Receive timely information and keep up to date on changes in the profession with information at www.wscpa.org, in The Washington CPA magazine and The Short Form e-Newsletter.

Networking with Peers

CPA Referral Service

Attend fun networking events, join a committee, or participate in a chapter meeting and gain the opportunity to meet and talk with other CPAs in your area who have similar interests. See page 29 or visit www.wscpa.org/networking.

Enroll in the online referral service and use this cost effective tool to market your firm’s services and increase your client base. Visit www.wscpa.org (click “Find a CPA”) for more information.

Cutting Edge and Convenient CPE

Engage in avenues to give back to your community and share your expertise. For Financial Literacy visit www.wscpa.org/ finlit and for Advocacy visit www.wscpa. org/advocacy.

Choose from thousands of hours of live professional education annually, as well as a wide array of self-study and webcast options, in-house training and Season Ticket discount options. To search for CPE to meet your needs visit www.wscpa.org/cpe/catalog.

Career Center

Whether you are a CPA looking for a new position or an employer with a position to fill, turn to the WSCPA Career Center at www.wscpa.org/careers.

Community Outreach

Insurance Services

From group health insurance to professional liability and from long term care to disability insurance, the WSCPA has partnered with insurance providers and brokers to help you get the coverage you need. For details visit www.wscpa.org/benefits (click “Insurance services”).

Are you aware of the member benefits your membership offers you? Discounts

Receive access to discounts on various services and products needed for everyday business like Paychex, CCH, UPS shipping, and more. For a list of affinity partners and discounts visit www.wscpa.org/benefits.

CPA Exam Review Discounts

Student members receive big discounts on both live and self study exam review courses. Choose from Becker, ExamMatrix, Kaplan, Lambers, Rigos, Roger, and Yaeger. For details visit www.wscpa.org/ benefits (click “Student benefits”). These are just a few of the benefits available to you. If you have questions about your WSCPA member benefits, please contact Jennifer Ayoub, Member Services Coordinator, at (425) 586-1142, or (800) 272-8273, Ext. 1142 or e-mail jayoub@wscpa.org.

IRS or Washington State Tax Problems? Experience Can Make A Difference. IRS, Revenue and Labor & Industries Audits: Administrative and Judicial Appeals & Refund Actions; Lien & Collection Problems; Tax Planning; Commercial Litigation. Martin Silver  ü L.L.M. (Tax) New York University  ü Author of Washington Taxes: Representing Taxpayers Before The Department of Revenue, (Butterworths 1992)  ü Adjunct Professor, Golden Gate Representing Businesses and Professionals Nationwide, Confidentiality Guaranteed.

OFFICES OF

Martin Silver, P.S. Attorneys & Counselors

1420 Fifth Avenue, Suite 3000 | Seattle, Washington 98101-2393 | Telephone (206) 224-3461 | Fax (206) 224-3459

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WashingtonCPA Summer 2013

www.wscpa.org


Events

2013

Networking Events

You’re invited... New Professionals Networking Events Date Aug 22

Location Developing Your Business Network at Puget Sound Daniel’s Broiler, Bellevue Your AugOct 2224 Developing Mingling at the Members’ Reception, Business Network at Pike’s Brewery, Seattle Daniel’s Bellevue (NP05) Nov SpokaneBroiler, Chief’s Game, Spokane

Learn more & REgister: www.wscpa.org/CPE/catalog (enter “NP” in search box)

Chapter Networking Events Mingling at the Members’ Reception Oct 24 Date

FEES: $20-$30 per event

- Location atChapter Pike’s Brewery, Seattle - Complimentary (NP06)

(unless noted otherwise)

SPOKANE Learn more at www.wscpa.org/cpe/catalog.

Register today!

Nov TBD Spokane Chiefs Game at the Spokane Arena, Spokane (NP07)

Thank you!

sponsorS

Premier Partners

happy hours

www.wscpa.org

Key Partners

Supporters

Friends

Spokane Chapter

SPOKANE: August 18 and October 8 - All members welcome! Casual networking. Free light appetizers. Registration not required. WashingtonCPA Summer 2013

29


Events

Photo Album Member Mixer at World Trade Center May 1 - World Trade Center, Seattle

Spring Tax Conference

May 17 - Bell Harbor Conference Center, Seattle

Annual Meeting

June 11 - Washington State Convention Center, Seattle

View more photos at:

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WashingtonCPA Summer 2013

www.facebook.com/washingtonCPAs www.wscpa.org


Photo album

2013 Golf Tournament

June 10 - Bear Creek Golf & Country Club, Woodinville

Creating Community Connections June 19 - FareStart, Seattle

Women’s Leadership Summit

June 21 - Bell Harbor Conference Center, Seattle

www.wscpa.org

© Fire Eyes Photography WashingtonCPA Summer 2013 31


E-9002-0312 WA_Layout 1 3/15/12 2:50 PM Page 1

When your firm is ready, there’s a path to follow. The Premier Plan. As your firm grows, so do your risks. So when it’s time to decide how to protect your firm, it’s important to choose professional liability insurance that can address the evolving needs of your business. When you choose advanced coverage offered through the AICPA Premier Plan, you have options. Available liability limits range from $100,000 to $10 million, with 28 deductible options for qualified firms. When you choose the AICPA Premier Plan, you’re on the right path to your firm’s future. Contact Robert Albertini at Aon Insurance Services today at (800) 221-3023 or visit www.cpai.com/premierad Endorsed by:

Underwritten by:

Nationally administered by:

Aon Insurance Services, is the brand name for the brokerage and program administration operations of Affinity Insurance Services, Inc.; (AR 244489); in CA, MN & OK, AIS Affinity Insurance Agency, Inc. (CA 0795465); in CA, Aon Affinity Insurance Services, Inc., (0G94493), Aon Direct Insurance Administrator and Berkely Insurance Agency and in NY and NH, AIS Affinity Insurance Agency. One or more of the CNA companies provide the products and/or services described. The information is intended to present a general overview for illustrative purposes only. It is not intended to constitute a binding contract. Please remember that only the relevant insurance policy can provide the actual terms, coverages, amounts, conditions and exclusions for an insured. All products and services may not be available in all states and may be subject to change without notice. The statements, analyses and opinions expressed in this publication are those of the respective authors and may not necessarily reflect those of any third parties including the CNA companies. CNA is a service mark registered with the United States Patent and Trademark Office. Copyright © 2012 CNA. All rights reserved. E-9002-0312 WA

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WashingtonCPA Summer 2013

www.wscpa.org


CPE Digest

CFO SERIES

Chief Financial Officer Designed for CFOs and aspiring CFOs

WSCPA, Bellevue

Back by popular demand!

Bank Financing and Financial Statement Analysis (CFOSB)

Financial Statement and Cash Flow Forecasting and Modeling (CFOSF)

September 20 | 8 am - 4 pm

October 18 | 8 am - 4 pm

Valuation, Acquisitions, Capital Projects and Leveraged Buyouts (CFOSV)

Chief Financial Officer: Executive Level Skills for Financial Managers (CFO) December 13 | 8 am - 4 pm

December 11 | 8 am - 4 pm

Weekdays. Nights. Saturdays. Discover the convenience of WSCPA webcasts. Choose from hundreds of CPE webcasts, offered throughout the year, even on nights and Saturdays. Accounting and auditing, Washington State ethics, management, tax, technology, and more. Plus, members save up to $50 on each webcast. Try one today!

Webcasts

www.wscpa.org/webcasts

www.wscpa.org

WashingtonCPA Summer 2013

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Register at www.wscpa.org or page 43

CPE DIgest

2013 Fall Conferences

Top notch speakers

Register now! www.wscpa.org/conferences

August 15

Farm Tax Conference Kennewick

Pacific Tax Institute Seattle

November 11-12

Seattle

Seattle

Northwest Accounting Educators Conference

Featuring Andy Biebl

November 14-15

September 4-5

November 14

Accounting & Auditing Conference Seattle

Pacific NW Construction Industry Conference

More networking

Larger conferences

november 21-22

Not-For-Profit Conference

December 6 3 tracks Fraud Conference Finance & Accounting Technology | Leadership

December 12-13

Seattle

Bellevue

Bellevue

Information Technology Conference

Northwest Accounting Educators

Andy Beibl is back!

Conference September 4-5, 2013 Seattle University

Sessions • • • • • • • • • •

CPA Exam Update Gift & Estate Tax Planning Cyber Security Student Engagement Cooking the Books with QuickBooks Combined with Other Case Studies Using Forensic Accounting Accounting & Auditing Update Excel for Accounting & Finance Healthcare Reform CGMA Designation Lessons Learned – Issues of Fraud and Ethics

Includes breakfast, luncheon, networking reception, parking

16 CPE credits | Code NAEC

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WashingtonCPA Summer 2013

Make sure you are aware of the unique opportunities and pitfalls affecting taxpayers in the agriculture industry. The Farm Tax Conference will give you a forum to discuss current issues affecting your farm and ranch clients. Learn from one of the premier agribusiness specialists active in public accounting, Andy Biebl. This acclaimed instructor, who has more than 30 years of experience specializing in farm taxation, will explain what you need to know related to the hot topics affecting this industry.

Andy Biebl

Three Rivers Convention Center, Kennewick

8 CPE credits | Code FARMC www.wscpa.org


Register at www.wscpa.org or page 43

CPE DIgest

NEW CPE

events by location WSCPA education and events scheduled for July-September, 2013 are listed below, chronologically by location. If you are looking for a program in another location, it may be scheduled for later in the year. Using the online CPE/Event Catalog at www.wscpa.org/ CPE/catalog, you can search by location. 2013 EVENT SCHEDULE To view and search the schedule of events through May 2014, visit the CPE/Event Catalog at www.wscpa.org. LEARN MORE To view complete course details, please visit the CPE/ Event Catalog at www.wscpa.org/CPE/catalog.

events added daily to: www.wscpa.org/CPE/catalog

A&A CS EB PFP

SUBJECTS The main subject area is listed for each program.

Ethics GNP MG PD SK

Need help finding a seminar or webcast? Call (800) 272-8273 or (425) 644-4800.

TAX TEC

Accounting and Auditing Consulting Services Employee Benefits Estate/Financial Planning Ethics Government / NFP Management Personal Development Specialized Knowledge Taxation Technology

Fees

Date

CPE Credits

#

Course

WSCPA NonAICPA Code Member Member Member For more details, Discount Fee Fee search by code at www.wscpa.org/cpe

Facility

Type

Ø

Subject

Bellevue

ç

Jul 17

8

GAAP and OCBOAs for Small and Medium-Sized Entities Update and Review by Walter Haig, 8am-4pm

GOSME01

310

385

WSCPA

A&A

Jul 18

8

Introduction to QuickBooks for the Accounting Professional, 8am-4pm

COMQB101

255

330

WSCPA

TEC

Jul 19

8

Excel Pivot Tables, 8am-4pm

COMEXP01

255

330

WSCPA

TEC

Jul 22

8

Corporate Finance Check-up - Renovate Your Analytical Toolbox, 8am-4pm

CFC01

290

365

WSCPA

MG

Jul 23

8

Driving Corporate Performance- The CFO’s Role in Developing Competitive Advantage, 8am-4pm

DCP

290

365

WSCPA

MG

Jul 24

8

Tax Aspects of Bankruptcy: All Need Not Be Lost, 8am-4pm

TAOB01

290

365

WSCPA

TAX

Jul 25

8

New “Repair Regs” - Sec 263, 8am-4pm

NRR01

290

365

WSCPA

TAX

Aug 5

8

Debt Related Tax Issues: Foreclosures, Short Sales and Cancellation of Debt, 8am-4pm

DRTI

290

365

WSCPA

TAX

Aug 6

8

Tax Research: Sources, Methods and Documentation, 8am-4pm

TRSM

290

365

WSCPA

TAX

Aug 12

8

Nonprofit Accounting and Auditing Update, 8am-4pm

NAU01

290

365

-30

WSCPA

GNP

Aug 13

8

Update for Accountants and Auditors: Latest Developments, 8am-4pm

AUAA01

290

365

-30

WSCPA

A&A

Aug 14

8

Lean Management Techniques: Improve Profitability by Streamlining Operations, 8am-4pm

LAMA01

290

365

-30

WSCPA

MG

Aug 14-15

16

Partnership Taxation, 8am-4pm

PTS

495

610

WSCPA

TAX

Aug 15

8

Advanced CFO and Controller Leadership Skills, 8am-4pm

ACCS01

290

365

-30

WSCPA

MG

Aug 16

8

Financial Statement Analysis: Improve the Financial Decision Making Process, 8am-4pm

FSABM

290

365

-30

WSCPA

MG

Aug 19

8

More QuickBooks for the Accounting Professional, 8am-4pm

COMQB201

255

330

WSCPA

TEC

Aug 20

8

Excel Tips, Tricks & Functions, 8am-4pm

COMEXF01

255

330

WSCPA

TEC

Aug 22

8

FASB Review: Common GAAP Issues Impacting All CPAs, 8am-4pm

FRU01

290

365

WSCPA

A&A

Developing Your Business Network, 6-8:30pm

NP05

30

30

Daniel’s Broiler

PD

OCBOA Financial Statements Preparation and Reporting, 8am-4pm

CTB

290

365

WSCPA

A&A

The Role of Internal Control in the Risk Based Audit, 8am-4pm

RICRBA

290

365

WSCPA

A&A

Aug 22 ç

Y

S

-30

Aug 23

8

Aug 26

8

Aug 27

8

Audit Efficiency Workshop - A Realistic Approach, 8am-4pm

AEW

290

365

WSCPA

A&A

Aug 28

8

Passive Activity Losses A-Z, 8am-4pm

PAL01

290

365

WSCPA

TAX

Aug 29

8

Like Kind Exchanges and Involuntary Conversions, 8am-4pm

EXCH01

290

365

WSCPA

TAX

Sep 4

8

Compilation and Review Standards Update and Review by Walter Haig, 8am-4pm

CRUR02

310

385

WSCPA

A&A

Sep 5

8

GAAP and OCBOAs for Small and Medium-Sized Entities Update and Review by Walter Haig, 8am-4pm

GOSME02

310

385

WSCPA

A&A

Sep 10

8

Cloud Computing, 8am-4pm

CLC

290

365

WSCPA

TEC

Sep 11

8

Excel for Accountants: Tips Tricks and Advanced Techniques, 8am-4pm

EXL

290

365

WSCPA

TEC

Sep 12

8

Paperless Office, 8am-4pm

PPO

290

365

WSCPA

TEC

Y

ç New |  non-tech credits | E Ethics credits |  Conference | Y Yellow Book | C CFP | l Chapter event |

www.wscpa.org

-30

Networking Event | S Season Ticket and Coupons N/A

WashingtonCPA Summer 2013

35


Register at www.wscpa.org/CPE/catalog or page 43

Education and events

Fees

Date

CPE Credits

#

Course

Code

WSCPA NonAICPA Member Member Member Discount Fee Fee

Facility

Subject

Washington Tax and New Developments by Mark Hugh, 8am-4pm

WSTX01

290

365

WSCPA

TAX

Accounting and Reporting for Not-for-Profits: Issues and Answers, 8am-4pm

ARNP

300

375

WSCPA

GNP

Statement of Cash Flows: Preparation, Presentation and Use, 8am-4pm

FCFS

290

365

-30

WSCPA

A&A

-30

WSCPA

GNP

Type

For more details, search by code at www.wscpa.org/cpe

Sep 16

8

Sep 17

8

Sep 18

8

Sep 19

8

Accounting and Reporting Practices of Not-for-Profit Organizations, 8am-4pm

FSNPO01

290

365

Sep 20

8

CFO Series - Bank Financing and Financial Statement Analysis, 8am-4pm

CFOSB

290

365

WSCPA

MG

Sep 23

8

Larry Stein’s 2013 Update on Tax, Estate, Healthcare and Asset Protection Strategies for Your Wealthy, High Income Clients, 8am-4pm

UTEL

295

370

WSCPA

TAX

Sep 24

8

Larry Stein’s 1040 Single Member LLC (Schedule C and E) Strategies 2013 Update and Form 1065 LLC-LLP Compliance Review, 8am-4pm

LLCP

295

370

WSCPA

TAX

ç

Sep 24

8

Right the First Time: Case Study in Not-for-Profit Accounting and Auditing, 8am-4pm

CNFP

290

365

WSCPA

GNFP

ç

Sep 25

4

College Financial Aid - The Best Kept Secret in America, 8-11:30am

CFA401

209

239

WSCPA

SK

Sep 26

8

Health Care Reform Act: Critical Tax and Insurance Ramifications, 8am-4pm

HCRA

290

365

WSCPA

TAX

Sep 26

8

Determining How Much Money You Need to Retire, and Tax Ideas and Money Management in Retirement, 8am-4pm

DRMM

300

375

WSCPA

TAX

Sep 27

8

From Hiring to Firing and Everything in Between: Legal, Tax and Health Care Issues, 8am-4pm

HTOF

300

375

WSCPA

MG

Sep 27

8

Taxation Fundamentals of LLCs and Partnerships: Internal Revenue Code Subchapter K, 8am-4pm

TLLLO01

290

365

WSCPA

TAX

Sep 30

4

Washington CPA Regulatory Ethics by James Rigos (A WA Requirement), 8-11:30am

CENRW402

185

220

WSCPA

Ethics

ç

Oct 1

8

Private Foundations Tax Primer, 8am-4pm

PRIVT

290

365

WSCPA

TAX

ç

Oct 2

8

Private Foundations: Advanced Tax, 8am-4pm

PRIVTI

290

365

WSCPA

TAX

Oct 3

8

AICPA’s Guide to Business Combinations, Goodwill and Other Consolidation Issues, 8am-4pm

AGC

290

365

-30

WSCPA

A&A

Oct 4

8

Risk Assessment and Internal Control: Best Practices for Small Business Audits, 8am-4pm

SBABR

290

365

-30

WSCPA

A&A

Oct 7

8

Introduction to QuickBooks for the Accounting Professional, 8am-4pm

COMQB102

255

330

WSCPA

TEC

Oct 8

8

ç

ç

ç

Y Y

Y

C

E

-30

-30

-30

Excel Pivot Tables, 8am-4pm

COMEXP02

255

330

WSCPA

TEC

Oct 9-10 16

Accounting and Auditing Workshop, 8am-4pm

AAUW

485

600

-30

WSCPA

A&A

Oct 15

8

Revenue Recognition: Getting the New Standard Right, 8am-4pm

RRNS01

290

365

-30

WSCPA

A&A

16

Accounting and Reporting Standards Annual Update and Review by Walter Haig, 8am-4pm

ARSUR01

535

650

Campbell’s Resort on Lake Chelan

A&A

16

Accounting and Reporting Standards Annual Update and Review by Walter Haig, 8am-4pm

ARSUR02

535

650

The Coeur d’Alene

A&A

Farm Tax Conference, 8am-4pm

FARMC

270

345

Three Rivers Conv Ctr

SK

Northwest Accounting Educators Conference, 8:00am-4:20pm

NAEC

235

235

Seattle University

A&A

S

Happy Hour Networking Event, 5-7pm

NP01

Clinkerdagger

PD

Y

Form 990: A Comprehensive Approach, 8am-4pm

EOF99002

Hampton Inn Spokane

GNP

S

Happy Hour Networking Event, 5-7pm

NP02

Twigs

PD

Larry Stein’s Tips and Strategies for Self-Employed Clients (S Corporations, LLCs and Schedule C), 8am-4pm

TSSP

295

370

Pacific Grill Events Center

TAX

Chelan Jul 18-19 Coeur d’Alene Aug 22-23 Kennewick Aug 15

8

Seattle Sep 4-5

16  6 S

Spokane Aug 13 Sep 23

8

Oct 8

290

365

-30

Tacoma Sep 25

8

Your Desk - Webcasts and Webinars Jul 17

2

WEBCAST Accounting Scams and Scandals: 2013 “Nondisclosure Exposure” Update, 7:30-9:30am

WEBA031

79

109

Webcast

A&A

Jul 17

4

WEBCAST The Successful Family Business, 7-11am

WEBA197

129

159

Webcast

SK

ç New |  non-tech credits | E Ethics credits |  Conference | Y Yellow Book | C CFP | l Chapter event |

36

WashingtonCPA Summer 2013

Networking Event | S Season Ticket and Coupons N/A

www.wscpa.org


Register at www.wscpa.org/CPE/catalog or page 43

Education and events Fees

Date

CPE Credits

#

Course

Type

Code

WSCPA NonAICPA Member Member Member Discount Fee Fee

Facility

Subject

For more details, search by code at www.wscpa.org/cpe

Jul 17

8

WEBCAST Federal Tax Appeals and Alternative Dispute Resolution, 8:30am4:30pm

WEBC034

255

295

Webcast

TAX

Jul 17

2

WEBINAR Cloud Computing: Taking Your IT Strategy to the Next Level, 10am12pm

WNR058

79

94

Webinar

TEC

Jul 17

2

WEBINAR 10 Steps to a Digital Office in the Cloud, 7-9am

WNR059

79

94

Webinar

TEC

Jul 17

2

Y

WEBINAR Fraud and Abuse in Government Entities, 8am-10am

WNR060

79

94

Webinar

A&A

Jul 17

2

Y

WEBINAR Fraud and Abuse in Nonprofits, 11am-1pm

WNR061

79

94

Webinar

A&A

Jul 18

4

6

WEBCAST Triple Your Memory and Confidence, and Halve Your Stress, 11am-3pm

WEBA032

129

159

Webcast

PD

Jul 18

4

Y

WEBCAST A133 Audits - 2013 What I Need To Know, 8am-12pm

WEBA116

129

159

Webcast

GNP

Jul 18

4

Y

WEBCAST A133 Audits - 2013 How I Can Do It Better, 12-4pm

WEBA122

129

159

Webcast

GNP

Jul 18

4

6

WEBCAST Coaching Skills with NLP for CPAs, Controllers and Financial Managers, 7-11am

WEBA198

129

159

Webcast

MG

Jul 18

2

WEBINAR MS PowerPoint - Creating Professional Presentations to Engage Your Audience, 7-9am

WNR436

79

94

Webinar

TEC

Jul 18

2

WEBINAR S Corporations: Financial Accounting - Part I, 8am-10am

WNR128

79

94

Webinar

A&A

Jul 18

2

WEBINAR S Corporations: Financial Accounting - Part II, 11am-1pm

WNR129

79

94

Webinar

A&A

Jul 19

4

Y

WEBCAST Yellow Book Audits in 2013, 8am-12pm

WEBA128

129

159

Webcast

GNP

Jul 19

4

Y

WEBCAST HUD Audits in 2013, 12-4pm

WEBA134

129

159

Webcast

GNP

Jul 19

8

6

WEBCAST Shortcuts to Success: The 14 Best Tools for Personal and Professional Growth, 6am-2pm

WEBA153

195

245

Webcast

PD

Jul 19

4

WEBCAST Rebuilding a Successful Retirement, 11am-3pm

WEBA199

129

159

Webcast

PFP

Jul 19

2

WEBINAR Microsoft Office 2013 and Office 365 - What’s New? 11am-1pm

WNR063

79

94

Webinar

TEC

Jul 19

2

WEBINAR Windows 8 - Should I Go or Should I Wait? 8am-10am

WNR064

79

94

Webinar

TEC

Jul 20

2

WEBCAST SATURDAY Strategic Sourcing - Supply Chain Excellence, 8am-10am

SWEBA027

79

109

Webcast

MG

Jul 20

4

WEBCAST SATURDAY Marketing For CPAs, 11am-3pm

SWEBA028

129

159

Webcast

PD

Jul 23

2

WEBCAST Grant Administration & Compliance, 10:30am-12:30pm

WEBA033

79

109

Webcast

GNP

Jul 23

3

WEBCAST Budget Basics Myths of Budgeting and How to Overcome Them - 1of 6 of the Budgeting Series, 8-11am

WEBA073

99

129

Webcast

MG

Jul 23

3

WEBCAST Budget Priorities: How Reality-Based Budgeting Really Works - 2 of 6 of the Budgeting Series, 11am-2pm

WEBA079

99

129

Webcast

MG

Jul 23

3

WEBCAST Budget Accountability - How to Ensure Accountability Gets Embedded in Your Budget Process! - 3 of 6 of the Budgeting Series, 2-5pm

WEBA085

99

129

Webcast

MG

Jul 23

2

WEBCAST Grant Administration & Compliance, 10:30am-12:30pm

WEBA200

79

109

Webcast

GNP

Jul 23

2

WEBINAR The NEW Choice of Entity Decision, 8am-10am

WNR130

79

94

Webinar

TAX

Jul 23

2

WEBINAR Real Estate Tax - Recent Tax Changes Owners and Investors Need to Know, 11am-1pm

WNR131

79

94

Webinar

TAX

Jul 24

8

WEBCAST 2013 Governmental Accounting and Auditing Update, 7am-3pm

WEBA034

195

225

Webcast

GNP

Jul 24

3

WEBCAST Revenue Budgeting How to Get Your Revenue Forecast RIGHT the First Time! - 4 of 6 of the Budgeting Series, 8-11am

WEBA091

99

129

Webcast

MG

Jul 24

2

WEBCAST Expense Budgeting How to Replace Fat with Reality in Your Expense Budget! - 5 of 6 of the Budgeting Series, 11am-1pm

WEBA097

79

109

Webcast

MG

Jul 24

2

WEBCAST Capital Budgeting How to Make Every Capital Dollar Provide Value! 6 of 6 of the Budgeting Series, 1-3pm

WEBA103

79

109

Webcast

MG

Jul 24

2

WEBCAST Taking the Financial Executive’s Leadership to the Next Level, 11am1pm

WEBA154

79

109

Webcast

PD

Jul 24

2

WEBCAST Nonprofit Grant Writing: A Financial Manager’s Primer, 8am-10am

WEBA203

79

109

Webcast

GNP

Jul 24

8

WEBCAST Business & Wealth Succession Planning (25% California Content), 8:30am-4:30pm

WEBC035

255

295

Webcast

TAX

Jul 24

2

WEBINAR Strategies to Avoid the Top 10 Legal Mistakes Companies Make, 11am1pm

WNR065

79

94

Webinar

MG

Jul 25

2

WEBCAST Accounting Scams and Scandals: 2013 “Red Flags” Update, 10:30am12:30pm

WEBA035

79

109

Webcast

A&A

Jul 25

2

WEBCAST Payment Card Industry “PCI” Compliance and FTC Red Flag Rules, 7:30-9:30am

WEBA201

79

109

Webcast

SK

Jul 25

8

WEBCAST Health Savings Account Workshop (25% California Content), 8:30am4:30pm

WEBC037

255

295

Webcast

SK

6

Y

6

ç New |  non-tech credits | E Ethics credits |  Conference | Y Yellow Book | C CFP | l Chapter event |

www.wscpa.org

Networking Event | S Season Ticket and Coupons N/A

WashingtonCPA Summer 2013

37


38

WashingtonCPA Summer 2013

www.wscpa.org


Register at www.wscpa.org or page 43

CPE DIgest THE

BORN ULTIMATUM LLOYD BORN, CPA

The tax code may seem full of mystery, but one man knows all the secrets. Lloyd Born is ready to share—in his most in depth series to date. Designed for seasoned practitioners who want a deeper understanding of the code. Partnership Taxation (PTS)

Passive Activity Losses A-Z (PAL01)

Crack partnership tax rules by reviewing the code, the regulations, and key relevant cases.

Investigate passive activity limitations with a thorough review of the code, all the regulations, and all relevant cases.

Sections covered: Subchapter K with a focus on 754, 751, 704(b), 704(c), 707.

Sections covered: 469(h), 469(c)(7), Reg. Sec. 1.469-1T(e), 469(e), 469(f), 469(g), Reg. Sec. 1.469-7, Reg. Sec. 1.469-2T(f), 469(k).

August 14-15 | Bellevue | 8 a.m. - 4 p.m.

August 28 | Bellevue | 8 a.m. - 4 p.m.

Lloyd Born Lloyd is an experienced instructor who both writes and teaches tax courses for the WSCPA. He also teaches masters of taxation courses at Golden Gate University.

Like-Kind Exchanges and Involuntary Conversions (EXCH01) August 29 | Bellevue | 8 a.m. - 4 p.m.

Dig up the details on like-kind exchanges and involuntary conversions through a deep dive into the code, the regulations, and important cases. Sections covered: 1030 and 1033.

Lloyd in one word: Analytical

Interests/hobbies:

Lloyd received a Bachelor of Science degree in Electrical Engineering and a Masters of Business Administration degree from the University of Washington. While obtaining his MBA degree, he was employed by the Boeing Company. After obtaining his MBA degree, he joined KPMG Peat Marwick where be ultimately became a tax partner. He left Peat Marwick to become a real estate entrepreneur, but continued to practice federal income tax.

Stamp collecting and sports

After a successful career as a real estate entrepreneur, Lloyd expanded his tax practice consulting with other CPAs relating to their more challenging tax questions primarily relating to real estate, partnership and advanced personal tax planning.

Anything worth doing is worth doing well

Favorite musical artists: Ann Murray, Glen Campbell, Johnny Cash

Favorite quote: Little known fact:

Received the Elijah Watt Sells silver medal award for the second highest grades in the United States on the CPA exam.

www.wscpa.org

WashingtonCPA Summer 2013

39


Register at www.wscpa.org/CPE/catalog or page 43

Education and events

Fees

Date

CPE Credits

#

ç

Course

Type

Code

WSCPA NonAICPA Member Member Member Discount Fee Fee

Facility

Subject

For more details, search by code at www.wscpa.org/cpe

Jul 25

8

WEBCAST Advanced Issues: The Art of the Estate Tax Return (25% California Content), 8:30am-4:30pm

WEBC036

255

295

Webcast

TAX

Jul 25

2

WEBINAR Excel - Building Spreadsheets to Analyze Your Data, 8am-10am

WNR066

79

94

Webinar

TEC

Jul 25

2

WEBINAR Taking Excel to the Next Level for Experienced Users, 11am-1pm

WNR067

79

94

Webinar

TEC

Jul 26

2

WEBINAR Excel Everything You Wanted To Know About Using Excel Pivot Tables, 7-9am

WNR068

79

94

Webinar

TEC

Jul 26

2

WEBINAR Ex-Con Shares Techniques on How to Detect and Prevent Fraud - Part 1, 8am-10am

WNR132

79

94

Webinar

A&A

Jul 26

2

WEBINAR Ex-Con Shares Techniques on How to Detect and Prevent Fraud - Part 2, 11am-1pm

WNR133

79

94

Webinar

A&A

Jul 29

2

WEBCAST Marketing Management for CFOs and Other Financial Managers, 11am-1pm

WEBA140

79

109

Webcast

MG

Jul 29

2

WEBINAR 2013 NEW Tax Rules on Partnerships and S Corporations, 8am-10am

WNR134

79

94

Webinar

TAX

Jul 29

2

WEBINAR Repairs to Tangible Property - Capitalize or Expense? 11am-1pm

WNR135

79

94

Webinar

TAX

Jul 30

1

WEBCAST Give Your Elevator Speech a Lift, 11am-12pm

WEBA109

39

69

Webcast

PD

Jul 30

4

WEBCAST Balanced Scorecard Module IV: Targets, Reports, Budgeting, Summary, 2-6pm

WEBA155

129

159

Webcast

MG

Jul 30

3

WEBCAST EVENING Balanced Scorecard Module III: Define and Provide Examples of Balanced Scorecard, 6-9pm

SWEBA018

99

129

Webcast

MG

Jul 30

8

WEBCAST Best Practices for Industry - Business Continuity and Disaster Recovery Planning, 8am-4pm

WEBA202

195

245

Webcast

MG

Jul 30

2

WEBCAST Creating the Best Projections You Can, 10am-12pm

WEBA204

79

109

Webcast

MG

Jul 30

2

WEBCAST EVENING The CFO’s Role in Operational Control, 6-8pm

SWEBA029

79

109

Webcast

MG

Jul 31

1

WEBCAST Punctuation That Counts: Catch Your Mistakes Before Your Readers Do! 11am-12pm

WEBA182

39

69

Webcast

PD

Jul 31

2

WEBCAST Doing Business with the IRS Part 3: IRS Penalties and How to Get Them Abated, 9-11am

WEBA025

79

109

Webcast

TAX

Jul 31

2

WEBINAR Using the iPad and the Cloud to Manage Your Documents on the Go, 7-9am

WNR070

79

94

Webinar

TEC

Jul 31

2

WEBINAR Managing Your E-Mail Calendar & Contacts on Your Mobile Device, 10am-12pm

WNR071

79

94

Webinar

TEC

Jul 31

2

WEBINAR Electronic Evidence: How to Conduct Audits and Investigations, 8am10am

WNR136

79

94

Webinar

A&A

Jul 31

2

WEBINAR The Role of E-mail and E-Messages in Modern Contracts: Get the Terms You Want, 11am-1pm

WNR137

79

94

Webinar

MG

Aug 1

8

WEBCAST Schedule C: From A to Z, 8:30am-4:30pm

WEBC039

255

295

Webcast

TAX

Aug 1

2

WEBINAR The Digital Office - Infrastructure and the Cloud, 8am-10am

WNR072

79

94

Webinar

TEC

Aug 1

2

WEBINAR Travel & Entertainment Expenses: Review & Update, 10am-12pm

WNR138

79

94

Webinar

TAX

Aug 2

8

WEBCAST Accounting Fraud, 8:30am-4:30pm

WEBC040

255

295

Webcast

A&A

Aug 6

4

WEBCAST Managing Electronically Stored Information Securely, 12-4pm

WEBA205

129

159

Webcast

TEC

Aug 6

8

WEBCAST Federal Tax Implications of Health Care Reform, 8:30am-4:30pm

WEBC041

255

295

Webcast

TAX

Aug 6

2

WEBINAR How Is Mobile Computing Changing Business Practices Today? 11am1pm

WNR073

79

94

Webinar

TEC

Aug 7

4

WEBCAST Washington CPA Ethics and New Developments (A WA Requirement), 8-11:30am

WEBA036

164

194

Webcast

Ethics

Aug 7

4

WEBCAST Washington State Sales Tax and New Developments, 12-3:30pm

WEBA037

129

159

Webcast

TAX

Aug 7

2

WEBINAR Tax Depreciation: Review & Update, 11am-1pm

WNR139

79

94

Webinar

TAX

Aug 8

2

WEBCAST The CFO’s Role in Banking and Financing, 12-2pm

WEBA206

79

109

Webcast

MG

Aug 8

4

WEBCAST Automating Small Business Disaster Recovery, 3-7pm

WEBA207

129

159

Webcast

TEC

Aug 8

8

WEBCAST College Financial Planning, 8:30am-4:30pm

WEBC042

255

295

Webcast

SK

Aug 8

2

WEBINAR The Digital Office - Securing Your Information, 8am-10am

WNR074

79

94

Webinar

TEC

Aug 8

2

WEBINAR Word - Advanced Tips Tricks & Techniques, 11am-1pm

WNR140

79

94

Webinar

TEC

Aug 9

2

WEBCAST How Good Companies Become Great, 10am-12pm

WEBA208

79

109

Webcast

MG

Aug 9

8

WEBCAST Reformatted Financial Statements 2013: Countdown to Conclusion, 8:30am-4:30pm

WEBC044

255

295

Webcast

A&A

6

6

E

ç New |  non-tech credits | E Ethics credits |  Conference | Y Yellow Book | C CFP | l Chapter event |

40

WashingtonCPA Summer 2013

Networking Event | S Season Ticket and Coupons N/A

www.wscpa.org


Register at www.wscpa.org/CPE/catalog or page 43

Education and events Fees

Date

CPE Credits

#

ç

ç

ç

Course

Type

Code

For more details, search by code at www.wscpa.org/cpe

WSCPA NonAICPA Member Member Member Discount Fee Fee

Facility

Subject

Aug 9

8

WEBCAST Passive Activities and Rental Real Estate Income Tax Issues, 8:30am4:30pm

WEBC043

255

295

Webcast

TAX

Aug 9

2

WEBINAR Fraud: The 10 Biggest Risks for 2013 Engagements, 11am-1pm

WNR075

79

94

Webinar

A&A

Aug 9

2

WEBINAR Fraud Detection and Prevention in Small and Mid-Sized Businesses, 8am-10am

WNR124

79

94

Webinar

A&A

Aug 10

4

WEBCAST SATURDAY Personal Leadership Skills, 7-11am

SWEBA030

129

159

Webcast

PD

Aug 10

2

WEBCAST SATURDAY Risk Analysis and Management, 8am-10am

SWEBA031

79

109

Webcast

A&A

Aug 12

8

WEBCAST Top 10 Tools for CFOs to be More Effective Business Partners, 8:30am-4:30pm

WEBC045

255

295

Webcast

MG

Aug 13

4

Y

WEBCAST A133 Audits - 2013 What I Need To Know, 8am-12pm

WEBA117

129

159

Webcast

GNP

Aug 13

4

Y

WEBCAST A133 Audits - 2013 How I Can Do It Better, 12-4pm

WEBA123

129

159

Webcast

GNP

Aug 13

2

WEBCAST Understanding the Array of Retirement Plans for Closely-Held Businesses, 10:30am-12:30pm

WEBA209

79

109

Webcast

PFP

Aug 13

2

WEBINAR The Medicare Tax on Net Investment Income, 8am-10am

WNR141

79

94

Webinar

TAX

Aug 13

2

WEBINAR New AICPA Private Company Financial Reporting Standards, 11am1pm

WNR142

79

94

Webinar

A&A

Aug 14

3

WEBCAST Budget Basics Myths of Budgeting and How to Overcome Them - 1of 6 of the Budgeting Series, 8-11am

WEBA074

99

129

Webcast

MG

Aug 14

3

WEBCAST Budget Priorities: How Reality-Based Budgeting Really Works - 2 of 6 of the Budgeting Series, 11am-2pm

WEBA080

99

129

Webcast

MG

Aug 14

3

WEBCAST Budget Accountability - How to Ensure Accountability Gets Embedded in Your Budget Process! - 3 of 6 of the Budgeting Series, 2-5pm

WEBA086

99

129

Webcast

MG

Aug 14

4

Y

WEBCAST Yellow Book Audits in 2013, 8am-12pm

WEBA129

129

159

Webcast

GNP

Aug 14

4

Y

WEBCAST HUD Audits in 2013, 12-4pm

WEBA135

129

159

Webcast

GNP

Aug 14

3

WEBCAST Balanced Scorecard Module II: Show How Balanced Scorecard Support Strategy, 7-10am

WEBA160

99

129

Webcast

MG

Aug 14

4

WEBCAST Balanced Scorecard Module I: Overview, 11am-3pm

WEBA170

129

159

Webcast

MG

Aug 14

4

WEBCAST Rolling Forecasts Replace Budget, 8am-12pm

WEBA210

129

159

Webcast

MG

Aug 14

8

WEBCAST U.S. GAAP and IFRS Update, 8:30am-4:30pm

WEBC046

255

295

Webcast

A&A

Aug 14

2

WEBINAR Closing Best Practices - Shortening Month-End, 8am-10am

WNR076

79

94

Webinar

A&A

Aug 14

2

WEBINAR Fraud Alert - How Fraud Can Impact You! 11am-1pm

WNR077

79

94

Webinar

A&A

Aug 15

3

WEBCAST Revenue Budgeting How to Get Your Revenue Forecast RIGHT the First Time! - 4 of 6 of the Budgeting Series, 8-11am

WEBA092

99

129

Webcast

MG

Aug 15

2

WEBCAST Expense Budgeting How to Replace Fat with Reality in Your Expense Budget! - 5 of 6 of the Budgeting Series, 11am-1pm

WEBA098

79

109

Webcast

MG

Aug 15

2

WEBCAST Capital Budgeting How to Make Every Capital Dollar Provide Value! 6 of 6 of the Budgeting Series, 1-3pm

WEBA104

79

109

Webcast

MG

Aug 15

4

WEBCAST Balanced Scorecard Module IV: Targets, Reports, Budgeting, Summary, 7-11am

WEBA171

129

159

Webcast

MG

Aug 15

3

WEBCAST Balanced Scorecard Module III: Define and Provide Examples of Balanced Scorecard, 11am-2pm

WEBA172

99

129

Webcast

MG

Aug 15

2

6

WEBCAST Time is Money! 9-11am

WEBA211

79

109

Webcast

PD

Aug 15

2

6

WEBCAST Enhance Your Career Through Personal Branding and Effective Networking, 11am-1pm

WEBA212

79

109

Webcast

PD

Aug 15

8

WEBCAST QuickBooks Accounting Software Overview and Update, 8:30am4:30pm

WEBC048

255

295

Webcast

TEC

Aug 15

8

WEBCAST Wine Industry Fundamentals: Tax, Accounting and Auditing (50% California Content), 8:30am-4:30pm

WEBC047

255

295

Webcast

SK

Aug 15

2

WEBINAR Excel - Maximize the Accuracy of Your Trial Balance and Financial Statements Part 1, 8am-10am

WNR078

79

94

Webinar

TEC

Aug 15

2

WEBINAR Excel - Maximize the Accuracy of Your Trial Balance and Financial Statements Part 2, 11am-1pm

WNR079

79

94

Webinar

TEC

Aug 15

2

WEBINAR 2013 Year End Tax Planning, 10am-12pm

WNR143

79

94

Webinar

TAX

Aug 16

2

WEBINAR Excel - Building Spreadsheets to Analyze Your Data, 8am-10am

WNR080

79

94

Webinar

TEC

Aug 16

2

WEBINAR Taking Excel to the Next Level for Experienced Users, 11am-1pm

WNR081

79

94

Webinar

TEC

Aug 19

8

WEBCAST GAAP Update, 8:30am-4:30pm

WEBC049

255

295

Webcast

A&A

6

ç New |  non-tech credits | E Ethics credits |  Conference | Y Yellow Book | C CFP | l Chapter event |

www.wscpa.org

Networking Event | S Season Ticket and Coupons N/A

WashingtonCPA Summer 2013

41


Register at www.wscpa.org/CPE/catalog or page 43

Education and events

Fees

Date

CPE Credits

#

Course

Type

Code

WSCPA NonAICPA Member Member Member Discount Fee Fee

Facility

Subject

For more details, search by code at www.wscpa.org/cpe

Aug 19

2

WEBINAR Guide to Email, Record Retention, Destruction for 2013, 8am-10am

WNR144

79

94

Webinar

MG

Aug 19

2

WEBINAR Workplace Legal Issues: Data Security and Bring Your Own Stuff, 11am-1pm

WNR145

79

94

Webinar

MG

Aug 20

2

WEBCAST Strategic Sourcing - Supply Chain Excellence, 8am-10am

WEBA213

79

109

Webcast

MG

Aug 20

1

WEBCAST Your Clients and Their Medicare Benefits, 8-9am

WEBA214

59

79

Webcast

PFP

Aug 20

2

WEBCAST Payment Card Industry “PCI” Compliance and FTC Red Flag Rules, 10:30am-12:30pm

WEBA215

79

109

Webcast

SK

Aug 20

2

WEBINAR Affordable Care Act - Key Issues For Employers, 10am-12pm

WNR146

79

94

Webinar

TAX

Aug 20

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WEBINAR Affordable Care Act - Key Issues For Individuals, 7-9am

WNR147

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94

Webinar

TAX

Aug 21

2

WEBCAST Data Breach Costs, and Insurance Options/Impacts, 7-9am

WEBA216

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109

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SK

Aug 21

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WEBCAST Doing Business with the IRS Part 4: How to Handle the IRS Audit, 9-11am

WEBA217

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TAX

Aug 21

8

WEBCAST Basis Calculations & Distributions for Pass-Through Entity Owners: Schedule K-1 Analysis, 8:30am-4:30pm

WEBC050

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TAX

Aug 21

2

WEBINAR Tips & Tricks for Managing Your Outlook Calendar, Contacts and Tasks, 11am-1pm

WNR084

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TEC

Aug 21

2

WEBINAR Outlook Tips, Tricks & Techniques for Managing Your E-mail, 8am-10am

WNR083

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Webinar

TEC

Aug 21

2

WEBINAR Become the Best: Lessons from Great Companies, 10am-12pm

WNR082

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Webinar

MG

Aug 22

2

WEBCAST The CFO’s Role in Operational Control, 12-2pm

WEBA218

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MG

Aug 22

8

WEBCAST Corporate Accounting: Hone Your Skills, 8:30am-4:30pm

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A&A

Aug 23

8

WEBCAST Compilation and Review Essentials: Rules for Local Practitioners, 8:30am-4:30pm

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Aug 23

8

WEBCAST The Basics of Filing an Offer in Compromise, 8:30am-4:30pm

WEBC053

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TAX

Aug 23

2

WEBINAR Excel - Improving the Presentation of Your Spreadsheets, 11am-1pm

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Aug 24

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WEBCAST SATURDAY Understanding When To Take Social Security, 7:00am8:00am

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PFP

Aug 26

2

WEBCAST Marketing Management for CFOs and Other Financial Managers, 11am-1pm

WEBA141

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Aug 26

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WEBCAST Risk Analysis and Management, 12-2pm

WEBA219

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Aug 26

2

WEBINAR Client Portals - Gateway to the Future, 11am-1pm

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Webinar

TEC

Aug 26

2

WEBINAR Using the iPad and the Cloud to Manage Your Documents on the Go, 8am-10am

WNR088

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Aug 27

1

6

WEBCAST Give Your Elevator Speech a Lift, 11am-12pm

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Aug 27

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WEBCAST Taking the Financial Executive’s Leadership to the Next Level, 4-6pm

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Aug 27

2

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WEBCAST Communication: Why Can’t Everyone Be NORMAL Like Me? 2-4pm

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Aug 27

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WEBCAST Controls, Risks and Financial Reporting (25% California Content), 8:30am-4:30pm

WEBC054

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A&A

Aug 27

2

WEBINAR iPad - Advanced Configuration Settings and Content Management, 10am-12pm

WNR089

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Webinar

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Aug 27

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WEBINAR Fraud and Abuse in Government Entities, 8am-10am

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Aug 27

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WEBINAR Fraud and Abuse in Nonprofits, 11am-1pm

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Aug 28

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WEBCAST 2013 Compilation & Review Update, 7am-3pm

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WEBCAST Punctuation That Counts: Catch Your Mistakes Before Your Readers Do! 11am-12pm

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Aug 28

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WEBCAST Living Trust Administration Workshop (25% California Content), 8:30am-4:30pm

WEBC055

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Aug 28

2

WEBINAR iPad - Review of Top Apps for Business Professionals, 7-9am

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Aug 28

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WEBINAR Know Your Costs: Double Your Profits, 8am-10am

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Aug 28

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WEBINAR Map Your Path to CFO Role, 11am-12pm

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Aug 29

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WEBCAST The Successful Family Business, 11am-3pm

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Aug 29

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WEBCAST Cash and Credit Management, 8:30am-4:30pm

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Aug 29

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WEBCAST Preparing Form 5500 (25% California Content), 8:30am-4:30pm

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Aug 29

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WEBINAR 10 Steps to a Digital Office in the Cloud, 10am-12pm

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Aug 29

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WEBINAR Creating Better Budgets: Plan for the Unknown, 11am-1pm

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ç New |  non-tech credits | E Ethics credits |  Conference | Y Yellow Book | C CFP | l Chapter event |

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WashingtonCPA Summer 2013

Networking Event | S Season Ticket and Coupons N/A

www.wscpa.org


Register at www.wscpa.org/CPE/catalog

Registration

Register online with credit card at www.wscpa.org/CPE/catalog or: • Mail form with check to WSCPA, 902 140th Ave NE, Bellevue, WA 98005-3480 • Call (425) 644-4800 or (800) 272-8273 (toll-free in Washington) Questions? E-mail cpe@wscpa.org or call the WSCPA.

Code

Title

Date

City

Fee1

2

3

To pay by credit card, please visit www.wscpa.org/cpe/catalog or call (425) 644-4800.

2

WSCPA CPE policies apply to all programs in the CPE Digest. Review the CPE policies at www.wscpa.org. www.wscpa.org

WashingtonCPA Summer 2013

43


Invest in your staff with confidence ...

Staff Training After attending these tax and audit staff training programs, your staff will be ready to step up to the next level and make significant contributions to your firm’s tax and auditing practices.

Taxation Auditing

October 17-18 Tax Staff Training - Level I Individual (TSTI) December 3-4 Tax Staff Training - Level 2 Business (TSTB) December 18 Introduction to Partnership Taxation (IPT) (One day only. 8 CPE credits)

SPECIAL OFFER

Etiquette Essentials for the CPA Professional Staff training registrants can attend this 4-hour etiquette seminar (January 10, 2014, code: ETI401) for only $59. Save $60 off the member rate! Please call to request this special discount. These staff training seminars will be held in Bellevue. Each course is two-days and qualifies for 16 CPE credits (except for IPT).

44

WashingtonCPA Summer 2013

Auditing November 18-19 Surgent McCoy’s Basic Audit Staff Training ­ Level I (AST1) November 20-21 Surgent McCoy’s Experienced Audit Staff Training Level II (AST2) December 9-10 Surgent McCoy’s Beginning In-Charge Training Level III (AST3) December 11-12 Surgent McCoy’s Experienced In-Charge Training Level IV (AST4)

Register now: www.wscpa.org/cpe/catalog (425) 644-4800 www.wscpa.org


classified ads

Detailed advertising information is available online at www.wscpa.org. Ads are $1 per word with a minimum fee of $50. Active e-mail and web site addresses are included. Classified Ads are placed on the website for 60 days when received and in the next magazine when received by the deadline, September 1 for the Fall 2013 issue. Positions available ads are for magazine placement only. To post a job listing,visit the Career Center at www. wscpa.org. Want to list a rental or vacation property? Use the Miscellaneous category. Contact Sharon OleneMarander at (425) 586-1138, (800) 272-8273, Ext. 1138, or classifieds@wscpa.org for more information. All ads must be pre-paid. Find classified ads at www.wscpa.org under Newsroom.

POSITIONS AVAILABLE SeniorAccountant for Seattle benefits company. Complete internal audits of corp and client benefit accts. Prepare and analyze accting records and fin statements for accuracy,completeness,and conformance to reporting and procedural standards. Compute state and fed taxes owed, ensuring compliance with pymt, reporting or other tax req for corp and ERISA benefit plans. Maintain records for govt agencies.Qualification:US bach or equiv in accounting + 5 yrs exp and EnrolledAgent status.BAC, ATTN:EnrolledAgent,1200 FifthAve,Suite 1100,Seattle, WA 98101. No calls please. Established Bellingham CPA firm is seeking a tax manager to join our team of professionals. 5+ years of tax experience required.Collaborative working environment, excellent advancement opportunities and salary and benefits package. Submit resume and cover letter to VSH, CPA’s, 2200 Rimland Drive, Suite 205, Bellingham, WA 98226,Attn: H/R Nicholas Knapton, P.S. is seeking a qualified, experienced CPA to join our team. Located in Spokane, we are a growing firm with opportunities for advancement and client interaction. Nicholas Knapton, P.S. offers a variety of accounting services, including attest services, tax return preparation, business valuation services, litigation support and expert witness testifying.We are currently seeking a CPA with at least 3 years of experience in public accounting. Competitive salary offered and full benefits package available for this full time position, including paid continuing professional education,medical and retirement plan along with paid vacation and holidays. Staff is paid for all overtime worked. Qualified and interested CPAs: please send resume and list of references to EmilyWright at Nicholas Knapton, P.S. by email to emily@knapton. com, fax to (509) 838-3331, or mail to 505 W. Riverside Ave., Suite 605, Spokane,WA 99201.

OFFICE SPACE Available for Lease in East Bellevue:Corner Office in Professional Suite. Second floor 130 square foot office in congenial suite in 520 corridor. Conference room, reception area, free parking, ample natural lighting, operable windows, A/C, coffee service, copier, fax, shower, Comcast high-speed Internet. Close to bike trail.$1275/ month.Contact (425) 462-7070 ext.1 or theo@vjbk.com Bellevue Offices. AV Bus/EP law firm has office available for a small firm. Occupants are all attorneys. Relaxed park-like setting near DT Bellevue.Receptionist, mail/fax/copier/scanner/shredding, conf/seminar rooms, tax library, kitchen, shower + FREE PARKING for tenants/clients, and with easy in & out + freeway access ( I-405, I-90 & 520). Street signage. Details & photos at www.bellevueprofessionaloffices.com. Call Hans at (425) 453-4455.

MERGERS & SALES Renton-based CPA interested in purchasing all or part of an existing tax & accounting practice, preferably in the South King or Bellevue area. Buyer is

www.wscpa.org

open-minded as to possible transition plans as well as pricing options. I’ll pay fair value for solid clients, allowing you to keep more in your pocket. Ideal opportunity for a veteran CPA looking to retire completely or simply scale back their practice. Don’t just send your clients elsewhere,call me first and let’s talk.Please contact Randy at (253) 234-5732 or email randy@clarkaccounting.net Seattle CPA is looking to purchase a Tax and Accounting Practice. Looking for a small Tax and Accounting Practice. Can be flexible and will work with seller to ensure smooth transition.ContactYuriyAkopyan at yuriy@ygacpa.com or (206) 838-3800. Everett/Bellevue CPA and Wealth Management firm seeking owners wishing to transition into retirement. We have successfully merged with other local owners allowing them to take care of their long-term client base, work part-time during the transition, offer a wider array of services to help their clients and provide retirement income to the owner. Our client base is as broad as the services we offer but we specialize in individuals and small business. Please contact the owner, Brian Evans at (425) 252-6909 or email to brian@bauerevans.com. Please visit www.bauerevans.com and www.bondstreetwealth.com Considering SellingYour Practice? Consider all your options.We do the work. Confidential.We have buyers actively seeking practices. Call Mark Hause at (877) 3457722 or visit our website at www.accountingpracticesales. comAccounting Practice Sales.We make dreams happen! PRACTICES FOR SALE Contact Mark Hause at Accounting Practice Sales by e-mail at MARKHAUSE@CONTACTAPS.COM or call (877) 345-7722 for more information on the following practices: Renton CPA Practice for Sale: This practice is a sole practitioner firm that at inception was a partnership formed in 1978. The firm is almost exclusively a tax practice with 94% of revenue coming from these professional services.The balance is a small amount of write-up and review(s) that make up the total revenue dollar. As with most firms, the bulk of the business is individual returns with the investment and business activities generating filings for other tax entities. The firm has an excellent staff that has provided the stability and experience to meet the clients’ tax and accounting needs both during tax season and through the balance of the year. This practice is a significant opportunity with much to like in a solid base of clients. SeattleTax andWrite-Up Practice for Sale:This accounting firm for sale is a tax and write-up practice that was formed 37 years ago. The mix of professional services is approx. 68% income tax and 32% write-up with excellent per return fees. The firm has always stressed excellent service to its clients. The result is a practice filled with long term clients who refer excellent new clients. The firm’s clients interact with the practice generally by phone, mail and electronic media making this practice one with very little walk in business. In recent years, the practice has been pruned to allow the owner to transition to retirement. What remains are clients who are the envy of many firms. This practice is an ideal purchase opportunity for any professional looking for financial reward and professional challenge. South East Washington (Whitman/Asotin County) CPA Practice for Sale: This wellestablished CPA practice with an emphasis on tax preparation is for sale. The firm provides hands on personalized customer service that has created a client base that is extremely loyal and includes multiple generations of clients. In addition, the firm possesses

many opportunities for growth coupled with a bottom line that is well above average. The result is a practice that many look for but seldom find when pursuing opportunities to own a firm or to expand a firm’s service footprint. This firm is at a price point that any serious buyer should move on this opportunity. Grays Harbor County Area Enrolled Agent Practice for Sale: This enrolled agent practice is primed for growth with a good mix of income tax and write-up professional services. The firm has excellent visibility due to being located on a high traffic count street and has been in the area for a number of years. In addition, the Seller offers the ability to retain the existing location which will make the transition of clients easy. This firm is a great opportunity for any number of buyers from a business minded accountant, to a firm looking to grow a book of business or offer an up an coming young associate ownership. North Olympic Peninsula-Clallam County CPA Practice for Sale: This firm is a tax practice that many seek but few find with a significant amount of business returns coupled with the personal income tax returns that follow. The firm has an excellent location with a high traffic count which fosters walk-in business. The perfect buyer for this practice is a financially successful CPA looking for a practice that has a solid year round income from a variety of fiscal year ends that provides a relaxed pace and good work life balance. South Puget Sound Area-CPA Practice for Sale: This CPA practice has a broad range of clients with no concentration in one area and a broad range of services that are rendered in the areas of income tax, auditing, and financial services. The firm has a history of stability that has fostered excellent client relationships that provide consistent referrals. This firm is further enhanced by an outstanding staff that has outstanding credentials making this firm unique in its ability to provide quality professional services at all service levels to all clients. The financial advisory segment of this practice makes it an obvious advantage for any firm looking to add to their suite of professional services. Any firm with designs on expanding services, looking for expertise, along with an outstanding client list has found an opportunity that is hard to beat with this firm.

VOLUNTEER POSITIONS The following organizations need a CPA to serve on the board of directors and/or provide other guidance on financial matters. Learn more at www.wscpa.org (search “volunteer positions”). Crisis Clinic of Thurston/ Puget Sound Bike Share* Mason Counties Seattle Audubon Society* Easter Seals Washington* Step it up Camp Education Across Borders The Camelot Society* Ginger’s Pet Rescue The Mockingbird Society Helping Link* The Seattle Piano Interlake Childcare & Institute Learning Center* Transitional Resources* Macha Monkey ProducVision Loss Connections tions* National Council of Disability Determination Directors*

Washington Butterfly Association* WithinReach

Open Arms Perinatal Services Pet Savers

* New listing

WashingtonCPA Summer 2013

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WashingtonCPA Summer 2013

www.wscpa.org


Member profile

Keeping It in the Fairway Wendy Jones, CPA

I

n addition to being the Chief Risk, Compliance & Ethics Officer and Managing Director of Alaska Airlines’ Audit Programs group, Wendy Jones loves to play golf. She keeps a photo in her office of a putting green in the early morning —covered with dew and already showing the shoe prints of industrious golfers. The quote that accompanies it is: Some people dream of success, while others wake up and work hard at it. She purchased the print about 20 years ago when entering the management ranks for the first time. It reminds her that talent is a great thing—but that desire, tenacity, and goal clarity are the crucial elements that can transform raw talent into meaningful contribution. Wendy’s volunteer efforts reflect this belief as well. She is a Trustee of the Washington CPA Foundation, which provides scholarships to accounting students as they work hard to achieve their dreams. In addition, she serves on the board of the First Tee of Greater Seattle—an organization devoted to giving kids the opportunity to learn essential life skills (like responsibility, integrity, and sportsmanship) through the game of golf. After rejecting a few early career possibilities, Wendy took some evening classes at Spokane Community College and fell in love with accounting—“both the logic of the system itself, as well as the myriad opportunities available to accountants.” She sought advice about four-year accounting programs from a local accounting firm the old-fashioned way, letting her fingers do the walking through the yellow pages.What she found was managing partner Pat McFarland, who was willing to take the time to talk. “He gave me the impression that CPAs care about both their business AND their community, and that was all I needed to be convinced that wherever my career went, I was going to start by getting my CPA,” said Wendy. www.wscpa.org

“I love what I do, especially the variety that each day brings. I’m involved in a lot of Alaska Airline’s key initiatives in either a direct or supporting role. The opportunity to be a part of risk analysis and problem-solving at a senior level is both energizing and deeply humbling.”

Jones’ career has confirmed her impression while still in school that “accounting was a solid foundation that would give [her] lots of choices.” She spent a few years in public accounting but was ready to make the jump to internal auditing fairly early in her career to pursue a passion for “learning how business processes work and trying to figure out why good people sometimes do things the wrong way.” She feels internal auditing provides the opportunity for that deeper dive. When asked about career highlights, she talks about traveling around Europe for six months on a SOX consulting engagement and she paints one very vivid and comical picture: an under 5’ tall Jones shaking hands with Seattle Sonics team members while senioring the Ernst & Young audit for that organization. But it’s when she speaks of the past eight years with Alaska Airlines that she really lights up. “The best thing so far, however, has been the opportunities that Alaska has given me to build a strong audit function, foster the careers of some incredibly

talented people, and expand my responsibilities beyond audit into compliance, ethics, and Enterprise Risk Management (ERM). I love what I do, especially the variety that each day brings. I’m involved in a lot of Alaska’s key initiatives in either a direct or supporting role.The opportunity to be a part of risk analysis and problemsolving at a senior level is both energizing and deeply humbling,” said Wendy. “The most rewarding part of my job is working for a company with an incredibly strong ‘tone at the top’ and a highly-talented audit and compliance team. The professionals who work in this group (many of whom are fellow CPAs) have, in their quiet way, contributed significantly to the company’s financial and operational successes and our board and management team greatly appreciate their efforts,” said Wendy. Whether making a contribution to Alaska Airlines’ successful business strategies, playing golf with her husband Bill in some sunny locale or providing opportunities for young people to pursue their dreams, Wendy Jones lives her passions. WashingtonCPA Summer 2013

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Washington CPA Summer 2013