WashingtonCPA 2018 Winter

washington

CPA Winter 2018

Volume 61, Number 3

Cognitive Technologies and the Impact on Audits

The One Question You Need to Ask Yourself Catching Up on Revenue Recognition Complex Partnerships Under New Review

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WashingtonCPA Winter 2018

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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 Thomas G. Donaghy Chair Kirsten S. Duke Vice Chair Amanda V. O’Rourke Treasurer David E. Trujillo Secretary David J. Miniken Immediate Past Chair Kimberly D. Scott President & CEO

Erika C. Amezquita Kristine L. Lambright

Dawn E. Beck Moses S. Man

Justin A. Bourn Rhonda S. Powell

Christina J. Gehrke Michael W. Reeves

Brett J. Jordan Jared M. Theis

Mary E. Joyce Ronald L. Tilden

Lowel J. Krueger

CHAPTER BOARD CHAIRS

Andrew Whitman Bellevue Area

Lydia Ahn Bellingham Area

Sarah Ozanne Everett Area

Carrie Munson Olympia Area

Allison McClure Seattle Area

Jillian Robison Spokane Area

Angela Chase Tacoma Area

Sara Bailey Tri-Cities Area

Ursula Perkins Vancouver Area

Jessica Walkenhauer Yakima Area

Jeanette Kebede Cory Wilmarth

Editor Assistant 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.

CONTENTS 4

Adapting to a Changing Technological Landscape

6

The Question You Need to Ask Yourself

7

Catching Up on Revenue Recognition

9

Cognitive Technologies and the Impact on Audits

11 Complex Partnerships Under New Review 19 Accounting for Callable Debt Securities

DEPARTMENTS

Cover photo: © Getty Images/inti St Clair

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Leadership Lens

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CPE Digest

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

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News Briefs

30

Conferences

16 Foundation

36

Classified Ads

17

Advocacy

37 Crossword

22

Chapters

38

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Member Profile

WashingtonCPA Winter 2018

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LEADERSHIP LENS

Adapting to a Changing Technological Landscape

By Kimberly Scott, CAE, WSCPA President & CEO

• From 2014 to 2017, the number of smart devices has doubled, and that rate of growth will continue.

• More data was created in 2014-2015 than in the entire previous history of the human race.

• By the year 2020, about 1.7 megabytes of new information will be created every second for every human being on the planet.

• According to McKinsey Global Institute, 49% of time spent on work activities could be automated with current technology. That translates into 1.1 billion workers worldwide and almost $16 trillion in wages.

• Robotics are predicted to automate or eliminate up to 40% of transactional accounting work by 2020.

Thanks to technology, we live in a connected world with limitless information, greater efficiency, and new opportunity. To me, the speed of change is not a doomsday sign, or a sign to bury our heads in the sand and hope it passes (though there may be times we want to do so).

It is a clear sign that we need to look at things differently. It also prompts us to ask questions, such as, “Where do we focus? How do we remain relevant both personally and for our businesses? How do we adapt? How do we keep up?”

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WashingtonCPA Winter 2018

I believe CPAs have an enviable position in the business world.xThe CPA profession is trusted and consistently described as ethical and knowledgeable.

The focus of your education may have been on the technical side of accounting or tax. However, belonging to a profession that values lifelong learning, you have honed many other skills that will be the sought-after skills of the future. Of course, new technical skills will also be required in order to remain competitive.

The Future of Jobs Report from the World Economic Forum highlights what global business leaders believe the top 10 skills will be in the new economy.

Number one on the list clearly fits in the bailiwick of the CPA profession.

In the KPMG and Forbes Audit 2025: The Future Is Now report released in early 2017, financial executives identified technology, communication, and critical thinking/judgment skills as the top skills they expect in their auditors.

Source: Astro Teller, CEO of Google X, featured in Thomas Friedman's "Thank You for Being Late"

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f there is one word that I seem to hear constantly, it is CHANGE. One could argue that the world around us has been in a constant state of change from the very beginning and, therefore, change is normal. However, the rate of change in technology now exceeds the rate at which we are able to adapt to change.

If you have been feeling overwhelmed trying to keep up with technology in your personal and professional life, this graph

by Astro Teller, CEO of Google X, and the following points provided by the AICPA will help you understand why.

One could argue that the world around us has been in a constant state of change from the very beginning and, therefore, change is normal. However, the rate of change in technology now exceeds the rate at which we are able to adapt to change.

New technologies no doubt will drive changes in regulation and reporting standards. Plus, consider this: although companies can access data at unprecedented rates, organizations are still struggling to evaluate and use that information.

Making sense of data and turning it into a strategic advantage is not new to CPAs. Expanding this skill and sharing it even more broadly with your clients will elevate your standing as a highly soughtafter advisor.

KPMG stated in the report,x“What became clear is that the auditing profession has continued to see unprecedented change. The accelerating pace of change in advancing technologies relating to data, advanced analytics, robotic process automation, and cognitive and emerging innovations will play a pivotal role. New technologies are important and need to be matched with people who know how to effectively use these tools. Clients also increasingly expect the auditor to provide www.wscpa.org

Source: World Economic Forum

LEADERSHIP LENS

New technologies are important and need to be matched with people who know how to effectively use these tools. Clients also increasingly expect the auditor to provide a more forward-looking view of the world and insights that can add value as management and boards seek to effectively move their organizations forward.

a more forward-looking view of the world and insights that can add value as management and boards seek to effectively move their organizations forward.�

Have you heard about how drones are being used for onsite data collection in inventory audits? With this new technology, the audit staff no longer needs to be out in the cold collecting VIN numbers on cars, or counting cattle in the field, or physically touching every pallet in a warehouse. Now firms can utilize their talent in more complex problem-solving areas or focused on issues requiring judgment and decision making. This use of technology is not eliminating accounting jobs, but leveraging the profession for the value it has always been able to provide.

I am sure you are seeing changes in your area of expertise whether you work in public accounting, industry, government, education, or not-for-profit. I would conjecture that technology, regulations, or both are driving that change. It is easy to be overwhelmed by change, and change can also be exciting and full of opportunity. I believe that technology will be a strategic partner to the CPA profession, making it more robust and highlighting how necessary CPAs are in today’s business world.

Change may be a constant, but these truly are extraordinary times!

Kimberly Scott, CAE, is President & CEO of the WashingtonxSociety of CPAs, and Executive Director of the Washington CPA Foundation.

You can contact her at kscott@wscpa.org.

Source: KPMG and Forbes Insights, Audit 2025: The Future Is Now, 2017

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LEADERSHIP LENS

The Question You Need to Ask Yourself

By Tom G. Donaghy, CPA, WSCPA Chair for 2017-18

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WashingtonCPA Winter 2018

“What more can I do?” © iStock by Getty Images /Jirsak

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recently watched a video of a life-size robot jumping on and off different levels of platforms. The robot does a full flip afterwards to celebrate. Elon Musk made a comment about this video, “This is nothing. In a few years, that bot will move so fast you'll need a strobe light to see it. Sweet dreams…”

Robotics was just one of the topics discussed at the AICPA Fall Council meeting in San Antonio, Texas last October. I attended this meeting, along with representatives from every state CPA society in the country and their respective board officers, and walked away with fascinating and incredibly interesting details of the hot topics of the day—cybersecurity, big data, blockchain, process robotics, and artificial intelligence.xThose who embrace and get very familiar with these topics now will prevail.

In stark contrast to all of these technology-related topics, one speaker that really caught my attention at the meeting was John O’Leary and his personal story about a life-threatening accident that happened to him when he was just 9 years old.

John grew up in St. Louis, Missouri.

One day, he was playing in his garage with a gas can and it exploded. The resultant fire burned 100% of his body, 80% with third degree burns. He was given only a 1% chance of survival. Miraculously he lived, thanks to his persistent medical providers, the love, prayers, and support of friends and family, and inspirational visits from a play-by-play announcer for the St. Louis Cardinals baseball team, Jack Buck.

Mr. Buck didn't know John, so why would he take time out of his busy schedule to visit him in the hospital many times? For the full story, you will have to read the book On Fire: The 7 Choices to Ignite a Radically Inspired Life. Mr. O’Leary credits Mr. Buck for having a tremendous impact on his recovery process.

Mr. O’Leary, now 40 years of age, is a motivational speaker who travels the world sharing his story. At the end of his inspirational presentation, he challenged us to ask one question of ourselves, “What more can I do?”

For some of us, just thinking of that question is exhausting. We are already out there supporting our communities through active involvement in local charities and business-related clubs. Our calendars are already full. Just as Mr. Buck went the extra mile for a cause that meant something to him, we need to ask ourselves, “What more can I do for a cause that is important to me?” No matter what stage in life we are, from college student to retiree, there are plenty of opportunities to give back to the community where we live and work.

As far as giving back to your professional community, I know the WSCPA would welcome your involvement and support with open arms regardless of where you are in your career. For those of you in the early stages or even in college, joining and getting involved in the WSCPA provides so many benefits to help you jump start your career, and at the same time, you are helping one of the best run professional organizations

support the profession through education, advocacy, and career development.

For those with more professional experience, I can’t think of a better way for you to get involved than to mentor those in the early stages of their careers. With all of your experience, you have so much to offer.

As I visit chapter meetings and talk with students on campuses, I keep hearing how students and young professionals are starving for guidance on how to succeed in the business world. A great way to give back to your profession is to help new professionals be successful.

Attend a WSCPA event, talk with the rising stars, and see how fulfilling it is to know that you are helping others be just as successful as you are.

So ask yourselves, “What more can I do?”

Tom Donaghy, CPA, is an inve stme nt office r and financial advisor in Be llingham, Washington. You can contact him at tg.donaghy1@ gmail.com.

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REVENUE RECOGNITION

Catching Up on Revenue Recognition

By Laura Hay, CPA, CPE

• • • • •

Identify contracts with customers Identify performance obligations in the contracts Determine transaction prices Allocate transaction prices to performance obligations Recognize revenue when the entity satisfies a performance obligation

The new standard seeks to eliminate variations in the former transactionand industry-specific revenue guidance in favor of a more principles-based approach to revenue recognition.

Entities that have not yet addressed the standard need to begin immediately.

What steps should be taken now? www.wscpa.org

© iStock by Getty Images /kitzcorner

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he implementation date for new revenue recognition requirements is rapidly approaching. What should organizations do if they find themselves underprepared?

Since the May 2014 issuance of ASU 2014-09, Revenue from Contracts with Customers (Topic 606), businesses have been assessing its requirements and applicability to their revenue models.

“The standard doesn’t discriminate based upon size or scope of an organization,” noted Nick Lombardo, CPA, audit senior manager at Schneider Downs.

“With a year or more before the effective date, some private companies are assuming that the ASU may not apply to their operations, implementation won’t be a ‘big deal,’ or that they can rely upon the auditors for implementation. Ultimately, it’s going to require some work for most, so starting sooner rather than later is strongly encouraged.”

The revenue recognition standard applies to most companies that receive revenue from contracts with customers, including public, private, and not-forprofit entities, with limited exceptions. In implementing the standard, entities need to take the following actions:

1. Allocate Resources “Understanding the rules can be timeconsuming, and waiting for the audit is too late,” said Lombardo. Companies should determine whether they have sufficient expertise and resources in-house, or if they need to engage a partner to assist them with implementing the new rules. If a company decides to undertake the implementation internally, they need to ensure they understand the standard thoroughly.

2. Assess Applicability Organizations need to quantify their revenue streams and types of contracts to which the standard applies.

3. Develop an Implementation Plan A project plan should be in place upfront, including milestones and timelines for implementation. For the organization that’s unsure where to start, identifying a good partner might be most critical in the planning, rather than implementation phase.

4. Identify Requirements for Data & Technology With more robust disclosure requirements, companies need to ensure that

required data elements are being gathered and systems are in place to provide the necessary reporting.

5. Establish Documentation & Controls With more requirements for estimates and management judgments in the standard, organizations need to determine how they will assess, document, and establish go-forward controls so that the rationale for judgments is captured, consistent, and auditable.

Determine whether accounting policy changes are necessary and develop contract management processes to reduce risks.

6. Evaluate Impact on Other Areas of the Business Evaluate whether changes in revenue recognition impact existing contracts, metrics, commissions, or compensation plans. Ensure that corporate governance and external stakeholders are informed as appropriate.

CHALLENGES Lombardo noted that some of the more frequent implementation challenges entities are experiencing include: WashingtonCPA Winter 2018

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REVENUE RECOGNITION

• •

• • •

Collecting the necessary data needed for the new disclosures.

Assuming incorrectly that the standard doesn’t apply to certain environments, like not-for-profit, or a certain revenue stream of the organization that is presumed to be too insignificant. While that may be true, the auditors will need to see documentation of that assessment.

Involving all relevant departments in the organization, including contract administration and tax.

Finding the right resources, whether internal or external.

Recognizing that internal resources need to obtain sufficient training to accept management responsibility for the changes.

“Obtaining the training up-front to learn what everything in phase 1 means, dedicating the right resources, and having a well-thought-out project plan will prevent problems down the road that could have costly impact,” Lombardo said.

EFFECTIVE DATE The Standard is effective for public organization annual and interim reporting periods beginning after Dec. 15, 2017.

For non-public organizations, the effective date is for annual reporting periods beginning after Dec. 15, 2018 and interim periods beginning after Dec. 15, 2019.

Early application is permitted, but not prior to the original public organization

effective date (Dec. 15, 2016). Entities may elect full retrospective adoption, with the requirements applied to all prior reporting periods presented, or modified retrospective (cumulative effect at date of adoption) with additional disclosures of the impact in the year of adoption.

Laura Hay, CPA, CAE, is Executive Vice President of the Ohio Society of CPAs. She can be contacted at lhay@ ohiocpa.com.

Reprinted with permission from the Ohio Society of CPAs

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WashingtonCPA Winter 2018

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AUDITING

Cognitive Technologies and the Impact on Audits

By Alissa Wuerfel, CPA, and Anthony Sikora, CPA, KPMG LLP

D

ata produced in the world is growing at a rapid pace. This raises a number of challenges for many businesses, including how to protect and manage that data. But it also creates a potential advantage for auditors who are able to harness technology in order to collect, transform, and analyze data while enhancing audit quality.

Auditors are encountering the big data phenomena as their clients and the general public generate an increasing amount of electronic and digital data.

As the standard independent auditor’s report states, an audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. This typically is accomplished by examining select items in order to express an opinion on the accuracy of the financial statements. But new technology now allows auditors to interpret large populations of data.

For example, cognitive technology allows auditors to mine companies’ internal data and external structured and unstructured data. This technology uses algorithms to enable software to read multiple forms of data to summarize information and reach conclusions much in the same way that a human thinks and makes decisions. The use of advanced analytics and cognitive technologies make it possible to rapidly and precisely analyze larger, more-complete populations of financial and non-financial information, while generating richer, more-detailed audit evidence for evaluation and providing executives with actionable insights about their organizations, their core processes and their controls.

A Shift in the Auditor’s Role While the use of cognitive technology adds to the evidence to support the audit opinion, interpreting the results and identifying the most appropriate data to support the audit conclusion remains www.wscpa.org

with the auditor, not the technology.

In fact, identifying which data set is relevant to the overall conclusion requires significant judgment by the auditor, particularly in addressing disconfirming evidence. As the potential sources of structured and unstructured data increase, the presence of disconfirm­ing evidence will become more prevalent, requiring an experienced auditor with relevant industry experience to interpret the results and form an audit conclusion.

Investing in the Tools and Skills In deploying these new cognitive technol­ ogies, audit firms will need to make significant investments in infrastructure and programs. Firms also will find that it will take time to learn how to best use the data and tools to enhance audit quality and provide the business

insights their clients expect. Summarizing and organizing the data so an auditor can interpret the results should be of the highest priority, and to achieve this, both partners and employees will need new skills.

Firms will also find it important to attract individuals with information technology backgrounds, or those with degrees in data science or data analytics, to supplement the basic audit skillset.

While it will take time for firms to develop the right skills, the use of technologies, including cognitive, process automation, and data and analytics, means changes ahead for both firms and their clients.

The tools used in a cognitive audit will continue to evolve rapidly as new data sources, both structured and unstructured, are created and included in the auditors’ assessment.

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AUDITING

Audit firms will continue to identify ways cognitive technologies can transform audit procedures that support audit conclusions and the audit opinion. Audit evidence will increase through the use of these technologies.

However, firms will need to continue to rely on auditors with the right knowledge and industry expe­rience to interpret the results, document the audit considerations based upon the outcome of these procedures, and form the appropriate audit conclusions.

Alissa Wuerfel, CPA, is a senior manager in KPMG’s audit practice where she has worked primarilyxwithxlife sciences,xchemical and industrial productxcompanies.

She is currently in the National Audit Solutions group developing custom data solutions for use in audits. Alissa can be reached at awuerfel@kpmg.com.

Anthony Sikora, CPA, is a senior manager with KPMG primarily serving consumer market and industrial manufacturing clients. He can be reached at anthonysikora@kpmg.com.

Reprinted from the November/December 2017 issue of New Jersey CPA magazine (njcpa.org/newjerseycpa) with permission.

Related Reading To learn more about artificial intelligence, check out Surviving AI: The Promise and Peril of Artificial Intelligence by Calum Chase.

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11/13/15 10:50 AM

TAXATION

Complex Partnerships Under New Review

By Edward R. Jenkins Jr., CPA, CGMA

T

The Rationale A September 2014 U.S. Government Accountability Office (GAO) Report to Congressional Requestersx(GAO-14-732) provided Congress with some raw data and trends regarding partnerships. That report indicated that the number of large partnerships—those with 100 or more direct or indirect partners and more than $100 million in assets—grew by 257 percent in the 10 years from 2002 to 2011. Part of that rapid growth was due to the Sarbanes-Oxley Act significantly increasing the cost of being a C corporation. Another driver of the proliferation has been the settling of limited liability company (LLC) law throughout the states: with the use of the LLC for limiting owners’ liability and the ability to be taxed as a partnership/pass-through entity, the LLC has become the business entity of choice.

During this time, a disintermediation of sorts was occurring. Institutional investors’ influence in the stock market grew, initial public offerings slowed to a drip, the Federal Reserve Board’s managed interest rate environment (a discount rate at nearly 0 percent in December 2008 and the purchase of over $4.5 trillion worth of collateralized mortgage obligation and U.S. government debt known as quantitative easing) created essentially no yield on debt instruments, and piles www.wscpa.org

© iStock by Getty Images /ijeab

he Bipartisan Budget Act of 2015 (BBA) was passed Nov. 2, 2015.

It was then modified by the Protecting Americans from Tax Hikes Act on Dec. 18, 2015. Those new laws substantially changed how partnerships will be audited by the IRS. The statutes took effect on Jan. 1, 2018. This article explains why Congress made the changes and what the changes to the audit regime are, identifies some traps in the new rules, and provides you with tips for compliance.

of available cash that pushed stocks to overvalued highs all influenced a fleeing of capital to private equity and hedge funds. So, there was a substantial growth in the number of partnerships that have a lot of assets, and those partnerships often had tiers of ownership.

That level of complexity made audits of partnerships exceedingly difficult. Under the 1982 Tax Equity and Fiscal Responsibility Act (TEFRA) rules, elements of partnership income were determined at the partnership level, but adjustments and assessments occur at the individual partner level. The tracking of capital accounts, partner allocations, and partnership basis has become incredibly complex. The IRS did not have the capacity to locate, chase down, and collect from all of the direct and indirect partners.

This was the general rationale for why a change was perceived as necessary. Essentially, the new laws are intended to streamline the audits of complex partnerships.

Changes and Considerations Here are eight considerations that arise from the mind-numbing complexity of the new audit rules: Let Me Level With You – The BBA throws out the TEFRA partnership audit

rules. Now, the IRS will conduct an audit of a partnership and assess tax at the partnership level (not the individual partners anymore), pursuant to IRC Section 6221, at the highest partner tax rate. So, if the partner is an individual, that tax rate is 39.6 percent at the moment. The rate could be 35 percent for a corporate partner. Under the new rules, the partnership has to pay that tax instead of the partners. Even worse, the partners lose the ability to contest the adjustment as IRC Section 6222 requires partners to follow the partnership tax treatment of an item of income or expense.

Partner Disconnect – A second big issue is the fact that the partners who now bear the burden of the audit adjustment in the year the audit is finalized (adjustment year) may be different from the partners who owned the partnership and paid tax on the income in the year under audit (reviewed year).

The Opt-Out – The composition of the partners may be important because small partnerships, those who issue fewer than 100 Form 1065 Schedules K-1, have the opportunity to elect out of the new IRS audit treatment. Care must be exercised in counting K-1s. For instance, WashingtonCPA Winter 2018

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TAXATION

if a Subchapter S corporation is a partner, you must count the S corporation plus all of its shareholders in that K-1 count. The caveat is all of the partners must be “eligible” partners for every day of the tax year in which the partnership wants to opt out. Other partnerships and most trusts are ineligible partners for the opt-out provision.

The Push-Out – There is a provision to avoid the highest tax rate assessment under IRC Section 6226. The new statutes create an election to “push out” the audit adjustments to the review year partners instead of the adjustment year partners. That irrevocable election is due within 45 days of the final partnership adjustment report from the IRS. That push-out will avoid the highest-rate tax treatment, but will incur a higher interest rate calculation in determining the amount of interest on adjustments. Again, the partnership agreements should reflect selected governance for that election, and appropriate internal controls must be in place for tracking partners’ whereabouts, capital accounts, basis, and so on.

The Partnership Representative – There is a new partnership responsibility created under BBA called the partnership representative (PR). The PR has the authority to bind all of the partners with respect to the elections and conduct of the audit. The PR replaces what used to be a “Tax Matters Partner.” The PR must have substantial presence in the United States, and the PR has sole authority to act on behalf of the partners pursuant to IRC Section 6223.

Regulation – The regulations needed to implement BBA were on hold for some time. The Trump administration froze issuance of new government regulations in January 2017, so the partnership regulations were in limbo until they were published in the Federal Register www.wscpa.org

this summer. The proposed regulations were issued in June, with comments due in August. The AICPA is advocating a delay in implementation of the new regulations, but Congress would have to change the statute to delay the effective date. Treasury is currently revising the regulations.

Accounting Standards Codification (ASC) 740 for Partnerships – ASC 740 may require partnerships to accrue taxes for financial reporting purposes. Doing tax provisions on partnerships hasn’t been an issue because taxes were always paid by the individual partners in the past.

Under the new audit rules, partnerships have to pay the tax. Absent the ability to use opt-out or push-out elections, tax will be imposed at the partnership level.

Check out examples 35 and 36 from ASC 740-55-226 and ASC 740-55-227 for how ASC 740 works in this circumstance.

Tips Big changes are coming very soon for partnerships and LLCs taxed as partnerships. Here are a few tips to consider now if you haven’t already done so.

• Some partnerships may wish to restructure their ownership to be eligible to elect the opt-out each year.

• Partnership agreements will need to address how the partners’ capital accounts, basis in the partnership interest, and potential basis in debt will be calculated.

• Partnership agreements will need to address how former partners will indemnify future partners with respect to both positive and negative tax adjustments. Restorations of basis in the partnership interest can also be affected. Those calculations will likely be affected by new proposed regulations that address the allocation of partnership liabilities that were issued on Oct. 4, 2016.

• Partnership agreements will need to

be updated to reflect the new role of the PR and to establish governance/ internal controls over the conduct of the PR. • Conflicts of interest may arise from the choice of the PR, and the partnership agreement should reflect how those conflicts are expected to be resolved.

• Individuals considering fulfilling the responsibility of the PR may want some type of indemnification from the partnership for all acts completed in good faith in fulfilling the PR responsibilities on behalf of the partners and partnership. Some PRs and partnerships may want insurance coverage to fund those indemnifications.

You will definitely need to update your partnership agreements, so now is the time to get to work! You don’t want to get caught without your partnership or LLC Member Operating agreement (partnership agreements) and legal/tax structure up to date.

Edward R. Jenkins Jr., CPA, CGMA, is an instructor of accounting at Pennsylvania State University in University Park, and a tax consultant for Boyer & Ritter LLC in State College. He can be reached at erj2@ psu.edu.

Reprinted with permission from the Winter 2018 Pennsylvania CPA Journal, a publication of the Pennsylvania Institute of Certified Public Accountants.

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WashingtonCPA Winter 2018

2017-2018 Awards CALL FOR NOMINATIONS Submit your nomination for 20172018 awards by March 1, 2018 at www.wscpa.org/community/awards LIFETIME ACHIEVEMENT AWARD Recognizes a current or former WSCPA member for a career of leadership and service to the accounting profession.

COMMUNITY LEADERSHIP AWARD Recognizes a WSCPA member whose leadership in community organizations has boosted the public image of CPAs. COMPANY OR FIRM OF THE YEAR AWARD Recognizes a company or firm that provides noteworthy support to the WSCPA and its members.

SPECIAL AWARD Recognizes an individual who is not a CPA but has supported or promoted the activities of CPAs and the WSCPA. OUTSTANDING VOLUNTEER LEADER AWARD Recognizes a WSCPA member for outstanding service and dedication or innovative, inspirational leadership.

NEW PROFESSIONALS AWARD Recognizes a WSCPA member who has been a CPA for fewer than 10 years for outstanding WSCPA leadership.

RISING STAR AWARD Recognizes a WSCPA member in the process of obtaining a CPA License for active leadership and service.

www.wscpa.org

NEWS BRIEFS

POLICY CHANGE ANNOUNCEMENT

JOB BOARD

WSCPA Course Materials Are Going Digital!

Beginning on January 1, 2018, the WSCPA will no longer be providing printed materials for any CPE courses.

Printed materials will be, however, available for preorder for an additional charge. The materials will be sent to all attendees in a PDF format prior to the event.

Trying to catch the best CPA talent you can?

Looking to reel in a new job opportunity?

Try dropping your line at the WSCPA Job Board. www.wscpa.org/job-board

Do you have experience teaching CPE? The WSCPA is seeking qualified CPE instructors. If you have previous experience teaching CPE and enjoy teaching, contact us!

For more information, contact Lois Swenson-Grudt, WSCPA Director of Education, (425) 586-1136 lswenson-grudt@wscpa.org

www.wscpa.org

WashingtonCPA Winter 2018

15

WASHINGTON CPA FOUNDATION

Foundation Offers Grants to Improve Diversity of CPA Pipeline

By Kimberly Scott, CAE, WSCPA President & CEO

Why is there a focus on kindergarten through community college?

Studies show that children who meet a CPA or learn about the CPA profession at a young age are more likely to become a CPA later in life.

Why is there a focus on diversity?

According to the AICPA’s 2017 Trends Report, only 12% of the CPAs working in US CPA firms are ethnically diverse.

As stated by the AICPA Diversity and Inclusion Commission, “We live in one of the world’s most diverse countries and yet, when one looks at the population of CPAs—the business world’s most trusted advisers—diversity in the profession is simply not keeping pace. In order to continue to serve the public interest, the CPA profession must become more representative of our nation’s diversity.

“Increasing diversity in the accounting profession is a multifaceted goal. It starts with raising awareness of people of all backgrounds about accounting careers through information and imaging. In addition, we need to generate interest by

16

WashingtonCPA Winter 2018

© iStock by Getty Images /monkeybusinessimages

A

lthough providing scholarships to future CPAs is a key program for the Washington CPA Foundation, the Foundation Trustees are also excited to promote the profession to students that may not be aware of the opportunities a career in accounting can bring. One of the ways the Foundation does this is through providing grants to organizations with programs or events designed to improve the diversity of the CPA pipeline in Washington.

The grants are available to organizations with programs focused on students from kindergarten through community college. This is a new program and many people and organizations are unaware of the potential opportunity it provides.

It is well-proven that diverse, heterogeneous teams promote creativity and innovation. Only by fully embracing diversity and maximizing the wellbeing and contributions of everyone can we fully maximize the strength and relevance of the accounting profession. providing guidance and resources that facilitate active minority participation in the profession.”

Diversity is good for business. According to a recent McKinsey study, “Companies in the top quartile for gender diversity are 15% more likely to outperform their counterparts. …companies in the top quartile for racial and ethnic diversity are 35% more likely to have financial returns above their respective national industry medians.”

Additionally, a 2015 study from Bersin

by Deloitte showed that diverse companies had 2.3 times higher cash flow per employee over a three-year period than non-diverse companies.

It is well-proven that diverse, heterogeneous teams promote creativity and innovation. Only by fully embracing diversity and maximizing the well-being and contributions of everyone can we fully maximize the strength and relevance of the accounting profession. We must encourage everyone in the profession to reach their full potential, without anyone

being advantaged or disadvantaged by their difference.

Applications Now Being Accepted If you know of a school or non-profit implementing a program to promote the accounting profession, especially the CPA designation, to diverse students (kindergarten to community college), please encourage them to apply for a grant.

Application forms are available at www. wscpa.org/foundation/grants-program.

Applications are due by March 30, 2018, and grants will be awarded by June 2018.

Kimberly Scott, CAE, is Executive Director of the Washington CPA Foundation and President & CEO of the Washington Society of CPAs. You can contact her at kscott@ wscpa.org.

www.wscpa.org

ADVOCACY

2018 Advocacy Outlook

By Ashley Kittrell

L

ast year was certainly a year of change and a bit of a rollercoaster ride as far as politics is concerned.

The political makeup of Washington State in particular has shifted and, on the national front, Congress is trying to implement reform at a whirlwind pace that has heads spinning.

Our goal is to provide relevant, valuable resources for you as well as opportunities to get involved in advocacy. Over the past few months, we have been meeting with members to discuss how we can best serve you in this area and what about the CPA profession is keeping you up at night. Based on your comments and suggestions, we have implemented some exciting new initiatives in the Advocacy department and have more coming up this year.

NEWS & RESOURCES All Things Advocacy One of our most exciting initiatives is our blog/vlog, All Things Advocacy, which is dedicated to keeping members informed of important issues on both a local and national level.

We have sat down with experts to discuss important issues such as the state elections, the 2017 legislative session, and national legislation affecting CPAs. Members are also featured sharing their experience and participation in advocacy. If there’s a topic you are passionate about, we would love to have you as a guest writer.

(Top) AICPA Senior Manager, Lindsay Patterson gives an update on the Mobile Workforce legislation.

(Left) CPAPAC Chairman, Bill Simer, CPA talks about the importance and role of the PAC. (Bottom) WSCPA lobbyist, Lisa Thatcher discusses the 2017 legislation session and elections.

The Advocate Mark your calendars! The first edition of The Advocate quarterly newsletter will be out in March 2018. If you haven’t done so already, be sure to update your preferences in your member profile and select “advocacy” as an interest to get on the mailing list.

www.wscpa.org

WashingtonCPA Winter 2018

17

ADVOCACY

Annual Legislative Recap And that’s not all! The first Annual Legislative Recap will be published at the end of the legislative session. This resource will include updates on important issues and legislation relevant to the profession.

Key Contact Program Whether you already know your legislator or want to become more involved, the Key Contact Program is a great way to build relationships with elected officials and communicate the potential impact of state and federal legislation.

GET INVOLVED

CPAPAC The CPA Political Action Committee is an important aspect of advocacy strategy that allows the WSCPA to have a strong presence and voice in Olympia.

Members also have the opportunity to deliver checks in person to candidates, increasing the profession’s visibility.

So whether you contribute to the CPAPAC, write for All Things Advocacy, or become a Key Contact, your participa-

Hill Day In January, WSCPA members will meet with their legislators in Olympia to discuss important issues regarding the profession. This will be the first Hill Day that WSCPA has ever held, and we are excited to have more of our members participate in this important event in the future.

tion is needed and valued. Relationships need to be cultivated and your voice for the profession needs to be heard at both the state and federal level.

Ashley Kittrell is the WSCPAxGovernment Relations Coordinator.

You can contact her at akittrell@wscpa.org or (425) 586-1150.

DONATE TO CPAPAC

Learn more at www.wscpa.org/cpapac 18

WashingtonCPA Winter 2018

www.wscpa.org

GOVERNMENT

Accounting for Callable Debt Securities for State and Local Governments

By Khaled Abdel Ghany, PhD, CPA

www.wscpa.org

© iStock by Getty Images /tridland

I

n March 2017, the Financial Accounting Standards Board (FASB) issued the Accounting Standards Update No. 2017-08 “Premium Amortization on Purchased Callable Debt Securities.” The requirement of this update is to shorten the amortization period for certain callable debt securities held at a premium.

Specifically, the Update required the premium to be amortized to the earliest call date. FASB did not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity.

The Governmental Accounting Standards Board (GASB) requires the state and local governments to amortize premium or discount on long-term debt over the life of the debt to the maturity date.

GASB also requires the recognition of deferred outflow of resources or deferred inflows of resources in both cases of current and advance refundings, and the recognition of gain or loss when a government uses its own existing resources to extinguish a debt. These deferred inflows and outflows of resources, gains, and losses amounts represent the difference between the reacquisition price and the net carrying amount of the old debt.

This article presents analysis and discussion of the FASB new accounting update and how it could be applicable to state and local governments’ debt refunding or debt extinguishment transactions. I concluded that shortening the amortization period for callable longterm debt issued at a premium should provide better and more valid measure of the deferred inflows of resources and deferred outflows of resources, gains, and losses. Consequently, the quality of financial reporting for state and local governments would be significantly improved by reflecting the real economic results of debt refunding or debt extinguishment transactions.

FASB New Accounting Standards Update

IFRS No. 9

Under the current Generally Accepted Accounting Principles (GAAP), premiums and discounts on callable debt securities are generally amortized to the maturity date. An entity that holds a long-term callable debt security at a premium may not amortize that premium to the earliest call date. If that callable debt security is subsequently called, the entity records a loss equal to the unamortized premium balance.

FASB stated that the amendments in the Update 2017-08 more closely align the amortization period of premiums and discounts to expectations incorporated in market pricing on the underlying securities. In most cases, market participants price securities to the call date that produces the worst yield when the coupon is above current market rates (that is, the security is trading at a premium) and price securities to maturity when the coupon is below market rates (that is, the security is trading at a discount) in anticipation that the borrower will act in their economic best interest. As a result, the amendments more closely align interest income recorded on bonds held at a premium or a discount with the economics of the underlying instrument.

The International Financial Reporting Standard (IFRS) No. 9 “Financial Instruments” allows, in special circumstances, the use of a shorter period of time when applying the effective interest method to amortize premium or discount. This will be the case when the variable to which the premiums or discounts relate is repriced to market rates before the expected maturity of the financial instrument.

In such a case, the appropriate amortization period is the period to the next such repricing date. For example, if a premium or discount on a floating-rate financial instrument reflects the interest that has accrued on that financial instrument since the interest was last paid, or changes in the market rates since the floating interest rate was reset to the market rates, it will be amortized to the next date when the floating interest is reset to market rates. This is due to the fact that the premium or discount relates to the period to the next interest reset date because, at that date, the variable to which the premium or discount relates (i.e., interest rates) is reset to the market rates.

However, IFRS No. 9 stated that if the premium or discount results from a WashingtonCPA Winter 2018

19

GOVERNMENT

change in the credit spread over the floating rate specified in the financial instrument, or other variables that are not reset to the market rates, it is amortized over the expected life of the financial instrument.

Government Debt Refundings Refundings involve the issuance of new debt whose proceeds are used to repay previously issued (“old”) debt.

The new debt proceeds may be used to repay the old debt immediately (a current refunding); or the new debt proceeds may be placed with an escrow agent and invested until they are used to pay principal and interest on the old debt at a future time (an advance refunding).

GASB Statement No. 7 “Advance Refundings Resulting in Defeasance of Debt” stated that a debt is considered defeased in substance for accounting and financial reporting purposes if the debtor irrevocably places cash or other assets with an escrow agent in a trust to be used solely for satisfying scheduled payments of both interest and principal of the defeased debt, and the possibility that the debtor will be required to make future payments on that debt is remote. The trust is restricted to owning only monetary assets that are essentially risk-free as to the amount, timing, and collection of interest and principal. The monetary assets should be denominated in the currency in which the debt is payable. For debt denominated in U.S. dollars, essentially risk-free monetary assets are limited to: a) Direct obligations of the United States government b) Obligations guaranteed by the U.S. government c) Securities backed by U.S. government obligations as collateral and for which interest and principal payments on the collateral generally flow immediately through to the security holder GASB Statement No. 65 “Items Previously Reported as Assets and Liabilities” stated that for current refundings and

20

WashingtonCPA Winter 2018

advance refundings resulting in defeasance of debt reported by governmental activities, business-type activities, and proprietary funds, the difference between the reacquisition price and the net carrying amount of the old debt should be reported as a deferred outflow of resources or a deferred inflow of resources, and recognized as a component of interest expense in a systematic and rational manner over the remaining life of the old debt or the life of the new debt, whichever is shorter.

The reacquisition price is the amount required to repay previously issued debt in a refunding transaction. In a current refunding, this amount includes principal of the old debt and any call premium. In an advance refunding, it is the amount placed in escrow that, together with interest earnings, is necessary to pay interest and principal on the old debt and any call premium. A premium or discount pertaining to the new debt is not considered part of the reacquisition price but, instead, is a separate item related to and amortized over the life of the new debt.

On the other hand, the net carrying amount is the amount due at maturity, adjusted for any unamortized premium or discount related to the old debt, as well as any deferred outflows of resources or deferred inflows of resources associated with a derivative instrument that is an effective hedge of the old debt.

In May 2017, GASB issued the Statement No. 86 “Certain Debt Extinguishment Issues”. This standard required a government that places cash and other monetary assets acquired with only existing resources in an irrevocable trust to extinguish the debt, to recognize gain or loss, in the period of the in-substance defeasance. The gain or loss is the difference between the requisition price and the net carrying amount of the debt.

Amortization Accounting

Period:

Governmental

GASB Statement No. 62 “Codification of Accounting and Financial Reporting Guidance Contained in Pre-November 30, 1989 FASB and AICPA Pronouncements”

requires the difference between the present value of a note and its face amount to be treated as discount or premium and amortized as interest expense or revenue over the life of the note in such a way as to result in a constant rate of interest when applied to the amount outstanding at the beginning of any given period.

The premium or discount amortization is calculated by the interest method.

Under this method, the periodic interest cost (including amortization) is representing the effective interest expense calculated at the effective interest rate on the sum of the face amount of the debt and (plus or minus) the unamortized premium or discount at the beginning of each period. The difference between the periodic interest cost and the nominal interest on the outstanding amount of the debt is the amount of periodic amortization.

GASB Statement No. 62 also stated that the discount or premium resulting from the determination of present value in cash or noncash transactions is not an asset or liability separable from the note that gives rise to it. Therefore, the discount or premium should be reported in the Statement of Net Position as a direct deduction from or addition to the face amount of the note. It should not be classified as a deferred charge or deferred credit. The description of the note should include the effective interest rate; the face amount also should be disclosed in the notes to the financial statements.

Discussion and Conclusion The FASB new accounting rule acknowledged that in the case of longterm callable debt issued at a premium, the issuer most likely will call and repay that debt on the first call date. Therefore, instead of recognizing losses equal to the amount of unamortized premium on the first call date, the FASB new Accounting Standard Update requires the amortization of the premium over a shorter period of time up to the first call date. On the other hand, in the case of long-term callable debt issued at discount, the issuer normally pays less interest than the averwww.wscpa.org

GOVERNMENT

age market interest rate. Therefore, there are small probabilities that the issuer will repay that debt on the first call date. Consequently, FASB did not change the amortization period for the discount which is the period to the debt maturity date.

For state and local governments, GASB requires the recognition of deferred inflows of resources and deferred outflows of resources for both current and advance refundings. The recent governmental accounting standard requires the recognition of gain or loss when a government uses its own existing resources to extinguish a debt before maturity. GASB requires the amortization of premium or discount on a period equals to the debt life to maturity.

I suggest that GASB should consider the new shorter amortization period for premium on long-term callable debt

www.wscpa.org

introduced by FASB, which is also supported, to some extent, by the IFRS No. 9. The amounts recognized as deferred inflows of resources or deferred outflows of resources (in case of current and advance refunding), and the amounts recognized as gain or loss (in case of debt extinguishment using a government’s existing resources) will be more valid and representative of the transaction substance if the premium amortization period is shortened to the first call date.

Generally, a government that pays higher interest rate on a long-term callable debt will probably repay that debt at the first call date. Therefore, it is more reasonable to amortize the premium to the first call date and not to the maturity date. Consequently, at the first call date, the premium is completely amortized, and the amount of deferred inflows

of resources or deferred outflows of resources, and the amounts of gains or losses will reflect the real economic results of debt refunding or debt extinguishment transactions.

Khaled Abdel Ghany, PhD, CPA is Executive Accounting Advisor, Office of the Chief Financial Officer, D.C. Government. You can contact him at drabdelghany@yahoo.com.

WashingtonCPA Winter 2018

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EVENTS

WSCPA Chapter Events Date

www.wscpa.org/chapters

CPE Event

Code

Bellingham Area Chapter Jan. 16 2 Annual Tax Update Everett Area Chapter Jan. 9 2 Washington State Tax Update with Mark Hugh, 8-10am Olympia Area Chapter Feb. 7 2 Washington Tax Developments with Mark Hugh, 12-2pm Mar. 7 2 Costing for Profitability Studies, 12-2pm Apr. 4 2 Succession Planning: The Price Is in the Planning, 12-2pm May 2 2 A&A Update, 12-2pm Jun. 6 2 Best Apps for CPAs, 12-2pm Spokane Area Chapter Jan. 17 3 Spokane Area Chapter: Economic & Tax Update, 7:30-11am

18CHBLJA16 18CHEVJA09 18CHOLFE07 18CHOLMR07 18CHOLAP04 18CHOLMY02 19CHOLJN06

Location Bellingham Bellingham Golf & Country Club Lynnwood Lynnwood Convention Center Olympia Indian Summer Golf & Country Club Indian Summer Golf & Country Club Indian Summer Golf & Country Club Indian Summer Golf & Country Club Indian Summer Golf & Country Club

Spokane 18CHSPJA17 DoubleTree Hotel Spokane City Center Tacoma Area Chapter Tacoma Jan. 11 Steek Creek Social, 5:30-7:30pm 18CHTAJA11 Steel Creek Jan. 17 2 Federal Tax Update, 7-9:30pm 18CHTAJA17 Hotel Murano Tri-Cities Area Chapter Richland May 15 1 GASB Statement 83: Certain Asset Retirement Obligations, 18CHTCMY15 Tagaris Winery (Richland) 12-1pm

Spokane Golf Tournament Thursday, May 31, 2018 Circling Raven Golf Club Worley, Idaho

SAVE THE DATE!

To become a sponsor, email memberservices@wscpa.org 22

WashingtonCPA Winter 2018

www.wscpa.org

CPE Digest Don’t let tax season get the best of you.

START TRAINING NOW!

The Tax Cuts and Jobs Act: How YOUR Clients Will Be Affected and What You Should Be Doing Now with Gregory White & George Koutelieris January 18, 2018 Webcast | Bellevue

Tax Reform: Updates to International Tax Legislation with Moses Man January 24, 2018 Webcast | Bellevue

www.wscpa.org

s

s

NEW! TAX REFORM CPE

FEDERAL TAX UPDATES

2017 Federal Tax Update with Gregory White & George Koutelieris

January 15, 2018 Webcast January 29, 2018 Webcast

2017 Tax Advisors Update

with Chris Hesse

January 22, 2018 Webcast | Bellevue January 23, 2018 Spokane

Learn more at www.wscpa.org/taxcpe

WashingtonCPA Winter 2018

23

EDUCATION AND EVENTS EVENTSCPE BYCredits SUBJECT Date Course WSCPA education and events scheduled for October 2017 Type - January #2018 are listed below, chronologically by subject.

Register at www.wscpa.org/store

LEARN MORE To view complete course details, please visit the CPE & Event Catalog at www.wscpa.org/store.

Date

CPE Credits

#

Course

NEW CPE events NonAICPA Location added throughout year to: Member Member Fee Discount www.wscpa.org/store

Code

WSCPA Member Fee

NEED HELP finding a seminar or webcast?

Call (800) 272-8273 or (425) 644-4800.

Code

Type

WSCPA Member Fee

NonMember Fee

AICPA Member Discount

Location

Accounting and Auditing 1/9

8

Guiding Clients in the Private Equity Capital Market WEBCAST, 8:30am-4pm

18WBCJA09C

245

375

Webcast

1/10

8

2017 Financial Statement Preparation, Compilation, and Review WEBCAST, 7am-3pm

18WBAJA10A

195

245

Webcast

1/10

8

Audit Standards Update: Clarifying Risk Assessment WEBCAST, 8:30am-4pm

18WBCJA10A

245

375

Webcast

1/11

8

Classification and Measurements WEBCAST, 8:30am-4pm

18WBCJA11A

245

375

Webcast

1/12

8

Private Company Accounting: New Challenges, New Directions WEBCAST, 8:30am-4pm

18WBCJA12A

245

375

Webcast

1/15

8

COSO: ERM for Small and Medium-Sized Enterprises WEBCAST, 8:30am-4pm

18WBCJA15B

245

375

Webcast

1/16

8

Accounting and Auditing Update WEBCAST, 8:30am-4pm

18WBCJA16A

245

375

Webcast

1/17

8

Other Comprehensive Basis of Accounting Fundamentals WEBCAST, 8:30am-4pm

18WBCJA17B

245

375

Webcast

1/18

8

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

18WBCJA18A

245

375

Webcast

1/22

8

GAAP Update WEBCAST, 8:30am-4pm

18WBCJA22C

245

375

Webcast

1/23

8

2017 Accounting and Auditing Update WEBCAST, 7am-3pm

18WBAJA23A

195

245

Webcast

1/23

8

U.S. GAAP Disclosures for Non-Public Entities WEBCAST, 8:30am-4pm

18WBCJA23B

245

375

Webcast

1/23

8

The Business Financial Health Checkup: A Process to Identify Misstatements and Profitability Roadblocks Using Analytical Procedures as the Primary Tool by Walter J. Haig, 8am-4pm

18BFHCJA

325

425

Bellevue

1/24

8

Tax Practitioner's Guide to Accounting and Reporting Issues WEBCAST, 8:30am-4pm

18WBCJA24B

245

375

Webcast

1/24

8

Deception, Embezzlement, and Fraud WEBCAST, 8:30am-4pm

18WBCJA24A

245

375

Webcast

1/24

8

Preparing Financial Statements for Small and Medium-Sized Businesses: The Best Annual Update and Review of U.S. GAAP, Tax, and Cash Financial Reporting Frameworks by Walter J. Haig, 8am-4pm

18PFSSMEDJ

325

425

Bellevue

1/25

8

Financial Statement Risks: Fraud, Misstatements, and Earnings Management WEBCAST, 8:30am-4pm

18WBCJA25A

245

375

Webcast

1/25

8

Preparation, Compilation, and Review Standards: The Best Annual Update and Review of the SSARS by Walter J. Haig WEBCAST, 8am-4pm

18WWCRURJ

315

415

Webcast

1/25

8

L

Preparation, Compilation, and Review Standards: The Best Annual Update and Review of the SSARS by Walter J. Haig, 8am-4pm

18PCRURJA

325

425

Bellevue

1/26

8

L

The Personal Financial Health Checkup: The Best Personal Financial Planning Course by Walter J. Haig, 8am-4pm

18PFHCJA

325

425

Bellevue

L

L

1/29

2

Revenue Recognition—10 Risks NOT in the New Standard WEBINAR, 12pm-2pm

18WNCJA29A

79

99

Webinar

1/31

8

SSARS 21: The Newest Thing in Compilation and Review WEBCAST, 8:30am-4pm

18WBCJA31B

245

375

Webcast

2/2

8

Accounting Analysis Basics WEBCAST, 8:30am-4pm

18WBCFE02A

245

375

Webcast

2/5

8

Create Reports That Matter: Turn Information Into Action WEBCAST, 8:30am-4pm

18WBCFE05A

245

375

Webcast

2/5

2

10 Commonly Missed Analytical Procedures WEBINAR, 12pm-2pm

18WNCFE05A

79

99

Webinar

2/8

4

Statement of Cash Flows: Preparation, Presentation, and Use WEBCAST, 10am-2pm

18WBBFE08A

159

199

Webcast

2/9

4

Interpreting the New Revenue Recognition Standard: What All CPAs Need to Know WEBCAST, 10am-2pm

18WBBFE09A

159

199

Webcast

2/12

4

Improving Audit Quality WEBCAST, 8:30am-12pm

18WBCFE12A

120

188

Webcast

2/12

2

Revenue Recognition—10 Risks NOT in the New Standard WEBINAR, 11am-1pm

18WNCFE12A

79

99

Webinar

2/13

8

Cost Modeling & Analysis Using Excel WEBCAST, 8:30am-4pm

18WBCFE13A

245

375

Webcast

2/14

4

U.S. GAAP: Review for Business & Industry WEBCAST, 10am-2pm

18WBBFE14A

159

199

Webcast

2/15

4

Small-Business Financial Statements WEBCAST, 8:30am-12pm

18WBCFE15A

120

188

Webcast

L Live event |  Non-tech credits | E Ethics credits |  Conference | Y Yellow Book | l Chapter event | S Season Ticket/Coupons N/A |

24

WashingtonCPA Winter 2018

Networking event

www.wscpa.org

L Live event |  Non-tech credits | E Ethics credits |  Conference | Y Yellow Book | l Chapter event | S Season Ticket/Coupons N/A |

Networking event

Register at www.wscpa.org/store Date

CPE Credits

#

Course

EDUCATION AND EVENTS Code

Type

WSCPA Member Fee

NonMember Fee

AICPA Member Discount

Location

Accounting and Auditing 2/27

2

Detecting and Preventing Accounts Payable Fraud WEBINAR, 10am-12pm

18WNCFE27A

79

99

Webinar

3/1

2

10 Commonly Missed Analytical Procedures WEBINAR, 11am-1pm

18WNCMR01A

79

99

Webinar

3/1

8

Common Frauds and Internal Controls for Revenue, Purchasing, and Cash Receipts WEBCAST, 8am-4pm

18WWCFICM

295

395

-30

Webcast

3/1

8

Common Frauds and Internal Controls for Revenue, Purchasing, and Cash Receipts, 8am-4pm

18CFICMR

305

405

-30

Bellevue

3/2

8

GAAP Update WEBCAST, 8:30am-4pm

18WBCMR02B

245

375

3/2

8

Internal Control and COSO Essentials for Financial Managers, Accountants, and Auditors WEBCAST, 8am-4pm

18WWICDAD1

295

395

-30

Webcast

3/2

8

Internal Control and COSO Essentials for Financial Managers, Accountants, and Auditors, 8am-4pm

18ICDADMR

305

405

-30

Bellevue

3/5

8

Compilations and Reviews: Risks, Procedures, and Fraud WEBCAST, 8:30am-4pm

18WBCMR05A

245

375

3/6

8

Revenue Recognition: Mastering the New FASB Requirements WEBCAST, 8am-4pm

18WWINRRM

295

395

-30

Webcast

3/6

8

L

Revenue Recognition: Mastering the New FASB Requirements, 8am-4pm

18INRRMR

305

405

-30

Bellevue

3/7

2

L l S

Costing for Profitability Studies, 12pm-2pm

18CHOLMR07

40

45

Leases: Mastering the New FASB Requirements WEBCAST, 8am-4pm

18WWLEASM

295

395

-30

Leases: Mastering the New FASB Requirements, 8am-4pm

18LEASMR

305

405

-30

Statement of Cash Flows: Preparation, Presentation, and Use WEBCAST, 10am-2pm

18WBBMR08A

159

199

3/7

8

3/7

8

3/8

4

L

L

L

Webcast

Webcast

Olympia Webcast Bellevue Webcast

3/9

1

Lunchtime Learning: IFRS Update WEBINAR, 12pm-1pm

18LLMR9

0

40

Webinar

3/12

8

Internal Control and COSO Essentials for Financial Managers, Accountants, and Auditors WEBCAST, 7:30am-3:30pm

18WBBMR12A

249

319

Webcast

3/12

8

SSARS 21: The Newest Thing in Compilation and Review WEBCAST, 8:30am-4pm

18WBCMR12A

245

375

Webcast

3/14

8

Accounting and Auditing Update WEBCAST, 8:30am-4pm

18WBCMR14A

245

375

Webcast

3/15

4

Analyzing a Company’s Financial Statement WEBCAST, 10am-2pm

18WBBMR15A

159

199

Webcast

3/19

4

Preparation, Compilation, and Review Engagements: Update and Review WEBCAST, 7:30am-11:30am

18WBBMR19A

159

199

Webcast

3/19

8

Global World Accounting: Key Issues for Revenue Recognition, Leases, and Impairment WEBCAST, 8:30am-4pm

18WBCMR19A

245

375

Webcast

3/20

4

Interpreting the New Revenue Recognition Standard: What All CPAs Need to Know WEBCAST, 10am-2pm

18WBBMR21A

159

199

Webcast

3/20

8

Implementing and Maintaining an Internal Control System WEBCAST, 8:30am-4pm

18WBCMR20A

245

375

Webcast

3/20

4

VIRTUAL CLASSROOM Financial Statement Disclosures: A Guide for Small and Medium-Sized Businesses, 12:30pm-4pm

18VCGSM4MR

110

160

Webcast

3/21

4

VIRTUAL CLASSROOM Fraud Basics: Protecting the Company Till…, 8am-11:30am

18VCDRF4MR

110

160

Webcast

3/21

4

VIRTUAL CLASSROOM Proven Controls to Steer You Clear of Fraud, 12:30pm-4pm

18VCFFC4MR

110

160

Webcast

3/22

4

VIRTUAL CLASSROOM More Than Meets the Eye: Examining the New Lease Accounting Standard, 12:30pm-4pm

18VCNLS4MR

110

160

Webcast

3/22

4

VIRTUAL CLASSROOM Understanding the High Stakes Mega Issues in A&A Today, 8am-11:30am

18VCIAA4MR

110

160

Webcast

3/23

8

Financial Modeling and Driver-Based Planning WEBCAST, 8:30am-4pm

18WBCMR23A

245

375

Webcast

3/26

4

Accounting and Auditing Update WEBCAST, 7:30am-11:30am

18WBBMR26A

159

199

Webcast

3/27

2

Fiduciary Accounting for Estates and Trusts WEBINAR, 11am-1pm

18WNCMR27A

79

99

Webinar

3/28

4

U.S. GAAP: Review for Business & Industry WEBCAST, 10am-2pm

18WBBMR28A

159

199

Webcast

3/30

2

Detecting and Preventing Accounts Payable Fraud WEBINAR, 12pm-2pm

18WNCMR30A

79

99

Webinar

4/5

4

Fraud: Recent Findings, Red Flags, and Corruption Schemes WEBCAST, 10am-2pm

18WBBAP05A

159

199

Webcast

4/12

4

Statement of Cash Flows: Preparation, Presentation, and Use WEBCAST, 10am-2pm

18WBBAP12A

159

199

Webcast

4/18

4

Analyzing a Company’s Financial Statement WEBCAST, 10am-2pm

18WBBAP18A

159

199

Webcast

L Live event |  Non-tech credits | E Ethics credits |  Conference | Y Yellow Book | l Chapter event | S Season Ticket/Coupons N/A |

www.wscpa.org

Networking event

WashingtonCPA Winter 2018

25

Register at www.wscpa.org/store

EDUCATION AND EVENTS Date

CPE Credits

#

Course

Code

Type

WSCPA Member Fee

NonMember Fee

AICPA Member Discount

Location

Accounting and Auditing 4/19

4

Accounting Fraud: What We Can Do Better WEBCAST, 1pm-4:30pm

18WBCAP19A

120

188

Webcast

4/19

4

Small-Business Financial Statements WEBCAST, 8:30am-12pm

18WBCAP19B

120

188

Webcast

4/19

8

Financial Instruments: Mastering the New FASB Requirements WEBCAST, 8am-4pm

18WWFIINA

295

395

-30

4/19

8

-30

4/20

8

4/20

8

4/20

8

4/26

8

L

L

Webcast

Financial Instruments: Mastering the New FASB Requirements, 8am-4pm

18FIINAP

305

405

Cost Reduction Strategies: Best Practices WEBCAST, 8:30am-4pm

18WBCAP20B

245

375

Common U.S. GAAP Issues Facing CPAs WEBCAST, 8am-4pm

18WWFRUA1

295

395

-30

Common U.S. GAAP Issues Facing CPAs, 8am-4pm

18FRUAP

305

405

-30

SSARS 21: The Newly Effective Preparation, Compilation, and Review Standards WEBCAST, 8:30am-4pm

18WBCAP26A

245

375

Bellevue Webcast Webcast Bellevue Webcast

4/27

4

Fraud-Practical Approaches to Prevention & Detection WEBCAST, 12:30pm-4pm

18WBCAP27A

120

188

Webcast

4/27

4

Monitoring an Organization's Policies and Procedures WEBCAST, 8:30am-12pm

18WBCAP27B

120

188

Webcast

4/27

2

Fake Confirmations, Reports, and Opinions: Detection and Solutions WEBINAR, 8am-10am

18WNCAP27A

79

99

Webinar

5/2

2

A&A Update, 12pm-2pm

18CHOLMY02

40

45

Olympia

5/9

8

Race Toward Implementation: Tackling the Tough Issues in Adopting the New Revenue Recognition Standard WEBCAST, 8am-4pm

18WWNRRS

310

410

Webcast

5/9

8

Race Toward Implementation: Tackling the Tough Issues in Adopting the New Revenue Recognition Standard, 8am-4pm

18NRRSMY

320

420

Bellevue

Identity Theft: Preventing, Detecting, and Investigating WEBCAST, 8am-4pm

18WWIDENT

295

395

-30

Webcast

Identity Theft: Preventing, Detecting, and Investigating, 8am-4pm

18IDENTMY

305

405

-30

Bellevue

Real World Fraud in Today’s Small to Medium-Sized Entities WEBCAST, 8am-4pm

18WWFSME

295

395

-30

Webcast

Real World Fraud in Today’s Small to Medium-Sized Entities, 8am-4pm

18FSMEMY

305

405

-30

Hot Topics in the Financial and Reporting Standards: Topics That all CPAs Should Have a Basic Understanding Of! by Walter J. Haig WEBCAST, 8am-4pm

18WWHOTTMY

315

415

Webcast

Hot Topics in the Financial and Reporting Standards: Topics That all CPAs Should Have a Basic Understanding Of! by Walter J. Haig, 8am-4pm

18HOTTMY29

325

425

Bellevue

Preparation, Compilation, and Review Standards: The Best Annual Update and Review of the SSARS by Walter J. Haig WEBCAST, 8am-4pm

18WWCRURMY

315

415

Webcast

Preparation, Compilation, and Review Standards: The Best Annual Update and Review of the SSARS by Walter J. Haig, 8am-4pm

18CRURMY30

325

425

Bellevue

Preparing Financial Statements for Small and Medium-Sized Businesses: The Best Annual Update and Review of U.S. GAAP, Tax, and Cash Financial Reporting Frameworks by Walter J. Haig WEBCAST, 8am-4pm

18WWPFSSMY

315

415

Webcast

Preparing Financial Statements for Small and Medium-Sized Businesses: The Best Annual Update and Review of U.S. GAAP, Tax and Cash Financial Reporting Frameworks by Walter J. Haig, 8am-4pm

18PFSSMEMY

325

425

Bellevue

5/17

8

5/17

8

5/18

8

5/18

8

5/29

8

5/29

8

5/30

8

5/30

8

5/31

8

5/31

8

L l S

L

L

L

L

L

L

Bellevue

Business and Industry 1/9

2



Results Rule! How High Is Your Credibility Quotient? WEBINAR, 8am-10am

18WNCJA09B

79

99

Webinar

1/10

2



Relationships Rock! How High Is Your Trust Quotient? WEBINAR, 12pm-2pm

18WNCJA10A

79

99

Webinar

1/19

2

Develop Your Company's Scorecard: Keep Success on Track WEBINAR, 9am-11am

18WNCJA19A

79

99

Webinar

1/24

2

Cash Conversion Cycle: Tools and Techniques WEBINAR, 9am-11am

18WNCJA24B

79

99

Webinar

1/29

8

Business Valuation: A Review of the Essentials WEBCAST, 8:30am-4pm

18WBCJA29A

245

375

Webcast

1/30

2

1/31

2



Resources Reign! How High Is Your Respect Quotient? WEBINAR, 10am-12pm

18WNCJA30A

79

99

Webinar

HIPAA Data Security: Legal Requirements & Handling Breaches WEBINAR, 10am-12pm

18WNCJA31A

79

99

Webinar

2/14

2

Develop Your Company's Scorecard: Keep Success on Track WEBINAR, 9am-11am

18WNCFE14A

79

99

Webinar

2/16

2

Cash Conversion Cycle: Tools and Techniques WEBINAR, 9am-11am

18WNCFE16A

79

99

Webinar

2/21

2

3 Market Analysis Priorities to Drive Profitability WEBINAR, 7am-9am

18WNCFE21B

79

99

Webinar

2/21

2

4 Critical Factors to Create Sustainable Growth WEBINAR, 10am-12pm

18WNCFE21A

79

99

Webinar

2/23

2

HIPAA Data Security: Legal Requirements & Handling Breaches WEBINAR, 9am-11am

18WNCFE23A

79

99

Webinar

L Live event |  Non-tech credits | E Ethics credits |  Conference | Y Yellow Book | l Chapter event | S Season Ticket/Coupons N/A |

26

WashingtonCPA Winter 2018

Networking event

www.wscpa.org

Need Some Free CPE? Try our new

LUNCHTIME LEARNING

Webinar Series

Date Event Jan. 12 You've Been Hacked... Now What?

Jan. 26 What’s Old, What’s New, and What’s Still to Come in the Changing World of Federal Income Tax Feb. 2 Conquering Office Chaos!

Feb. 16 Managing Human Resource Issues Mar. 9 IFRS Update Apr. 27 Key International Tax Issues May 4 Professional Issues Update May 18 Advanced Leadership for Purposeful Change

www.wscpa.org

Grab your lunch, your laptop, and get some bite-size morsels of CPE with your newest member benefit: the Lunchtime Learning CPE Series!

Webinars are scheduled for select days, 12:00-1:00 p.m. Earn one hour CPE credit per webinar. Times and topics subject to change according to speaker availability.

REGISTER NOW! www.wscpa.org/freecpe

WashingtonCPA Winter 2018

27

Register at www.wscpa.org/store

EDUCATION AND EVENTS Date

CPE Credits

#

Course

Code

Type

WSCPA Member Fee

NonMember Fee

AICPA Member Discount

Location

Business and Industry 2/26

2

Debt or Equity: Which Will Your Organization Need Next? WEBINAR, 9am-11am

18WNCFE26B

79

99

Webinar

3/7

2

Develop Your Company's Scorecard: Keep Success on Track WEBINAR, 9am-11am

18WNCMR07A

79

99

Webinar

3/9

2

Cash Conversion Cycle: Tools and Techniques WEBINAR, 9am-11am

18WNCMR09A

79

99

Webinar

3/14

2

4 Critical Factors to Create Sustainable Growth WEBINAR, 9am-11am

18WNCMR14A

79

99

Webinar

3/21

2

Debt or Equity: Which Will Your Organization Need Next? WEBINAR, 9am-11am

18WNCMR21B

79

99

Webinar

4/4

2

The CFO: 5 Critical Skills to Become a Leader WEBINAR, 10am-12pm

18WNCAP04A

79

99

Webinar

4/6

2

4 Critical Factors to Create Sustainable Growth WEBINAR, 9am-11am

18WNCAP06B

79

99

Webinar

4/11

4

Employment Law Update: Examining Critical Issues with FMLA, HIPPA, COBRA, ADA, and More WEBCAST, 10am-2pm

18WBBAP11A

159

199

Webcast

4/13

2

Debt or Equity: Which Will Your Organization Need Next? WEBINAR, 9am-11am

18WNCAP13A

79

99

Webinar

4/16

2

Millennials: Myths and Truths Behind the Next Gen of Leaders WEBINAR, 7am-9am

18WNCAP16A

79

99

Webinar

4/17

2



Resources Reign! How High Is Your Respect Quotient? WEBINAR, 9:30am-11:30am

18WNCAP17A

79

99

Webinar

4/20

2



4/30

2

Results Rule! How High Is Your Credibility Quotient? WEBINAR, 11am-1pm

18WNCAP20A

79

99

Webinar

Develop Your Company's Scorecard: Keep Success on Track WEBINAR, 8am-10am

18WNCAP30A

79

99

Webinar

Professional Conduct & Ethics – AICPA and Washington Board CPA Regulatory Update 2018, 8am-11:30am

18ETJRMR

189

239

Bellevue

Ethics 3/16

4

E L

Financial Planning Services 1/9

8

Social Security Basics and Strategies For Maximizing Benefits WEBCAST, 8:30am-4pm

18WBCJA09A

245

375

Webcast

1/9

1

Medicare and Its Gaps: What You and Your Clients Simply MUST Know WEBCAST, 18WBAJA09C 11am-12pm

9.75

60

Webcast

1/9

1

Social Security 201: Mastering the Client Mysteries WEBCAST, 9am-10am

18WBAJA09A

9.75

60

Webcast

1/9

1

Social Security 202: Advanced Client Strategies Update WEBCAST, 10am-11am

18WBAJA09B

9.75

60

Webcast

1/19

8

Advanced Personal Financial Planning Update WEBCAST, 8:30am-4pm

18WBCJA19A

245

375

Webcast

1/25

3

Financial Fitness Forever: Five Steps to More Money, Less Risk, and More Peace of Mind WEBCAST, 9am-12pm

18WBAJA25A

24.75

75

Webcast

1/26

1

50 Facts Every Investor Should Know WEBCAST, 11am-12pm

18WBAJA26B

39

59

Webcast

1/26

1

Beyond Buffet: Everything You Need to Know About Value Investing WEBCAST, 9am-10am

18WBAJA26A

39

59

Webcast

2/13

1

Social Security 201: Mastering the Client Mysteries WEBCAST, 9am-10am

18WBAFE13A

9.75

60

Webcast

2/13

1

Social Security 202: Advanced Client Strategies Update WEBCAST, 10am-11am

18WBAFE13B

9.75

60

Webcast

2/13

1

Medicare and Its Gaps: What You and Your Clients Simply MUST Know WEBCAST, 18WBAFE13C 11am-12pm

9.75

60

Webcast

3/22

3

Financial Fitness Forever: Five Steps to More Money, Less Risk, and More Peace of Mind WEBCAST, 9am-12pm

18WBAMR22A

24.75

75

Webcast

3/23

1

Beyond Buffet: Everything You Need to Know About Value Investing WEBCAST, 9am-10am

18WBAMR23A

39

59

Webcast

50 Facts Every Investor Should Know WEBCAST, 11am-12pm

18WBAMR23B

39

59

Webcast

Succession Planning: The Price Is in the Planning, 12pm-2pm

18CHOLAP04

40

45

Olympia

18WBBFE13A

159

199

Webcast

3/23

1

4/4

2

L l S

Firm Practice Management 2/13

4

Risk, Cost, and Cash Management for Controllers and Financial Managers WEBCAST, 10am-2pm

2/16

1

Lunchtime Learning: Managing Human Resource Issues WEBINAR, 12pm-1pm

18LLFE16

0

40

Webinar

4/19

4

Risk, Cost, and Cash Management for Controllers and Financial Managers WEBCAST, 10am-2pm

18WBBAP19A

159

199

Webcast

Government / NFP 1/9

2

Y

Performance Auditing Essentials WEBINAR, 7am-9am

18WNCJA09A

79

99

Webinar

1/10

4

Y

New Financial Reporting Requirements for Nonprofits WEBCAST, 8am-12pm

18WBAJA10B

129

159

Webcast

L Live event |  Non-tech credits | E Ethics credits |  Conference | Y Yellow Book | l Chapter event | S Season Ticket/Coupons N/A |

28

WashingtonCPA Winter 2018

Networking event

www.wscpa.org

Register at www.wscpa.org/store Date

CPE Credits

#

EDUCATION AND EVENTS

Course

Code

WSCPA Member Fee

NonMember Fee

Type

AICPA Member Discount

Location

Government / NFP 2/6

8

Y

Cost Principles for State and Local Governments and Nonprofit Organizations WEBCAST, 8:30am-4pm

18WBCFE06A

245

375

Webcast

2/6

2

Y

Audit Methodologies and Documentation WEBINAR, 9am-11am

18WNCFE06A

79

99

Webinar

2/9

8

Y

Basic Concepts of Governmental Accounting, Financial Reporting, and Auditing WEBCAST, 8:30am-4pm

18WBCFE09A

245

375

Webcast

2/12

8

Applying the Uniform Guidance in Your Single Audits WEBCAST, 7:30am-3:30pm

18WBBFE12A

249

319

Webcast

2/15

2

Y

Non-Profit Update: 10 A&A Risks for Controllers and Auditors WEBINAR, 12pm-2pm

18WNCFE15A

79

99

Webinar

3/2

8

Y

Avoiding Problems in Conducting Single Audits WEBCAST, 8:30am-4pm

18WBCMR02A

245

375

Webcast

3/5

4

Y

Financial Reporting for Not-for-Profit Entities WEBCAST, 7:30am-11:30am

18WBBMR05B

159

199

Webcast

3/5

2

Y

Non-Profit Update: 10 A&A Risks for Controllers and Auditors WEBINAR, 10am-12pm

18WNCMR05A

79

99

Webinar

3/6

2

Y

Performance Auditing Essentials WEBINAR, 8am-10am

18WNCMR06A

79

99

Webinar

3/7

4

Y

Not-for-Profit Accounting and Auditing Update WEBCAST, 10am-2pm

18WBBMR07A

159

199

Webcast

3/8

2

Y

Single Audit Primer and Update WEBINAR, 9am-11am

18WNCMR08B

79

99

Webinar

3/8

2

Y

Yellow Book Standards for Performance Auditors WEBINAR, 12pm-2pm

18WNCMR08A

79

99

Webinar

3/13

2

Y

Audit Methodologies and Documentation WEBINAR, 9:30am-11:30am

18WNCMR13B

79

99

Webinar

3/13

2

Y

5 Elements of a Finding WEBINAR, 12pm-2pm

18WNCMR13A

79

99

Webinar

3/15

8

Y

Administrative Rules for Federal Grants WEBCAST, 8:30am-4pm

18WBCMR15A

245

375

Webcast

3/20

2

Y

Yellow Book Standards for CPAs in Public Practice WEBINAR, 7am-9am

18WNCMR20A

79

99

Webinar

4/2

2

Y

Performance Auditing Essentials WEBINAR, 12pm-2pm

18WNCAP02A

79

99

Webinar

4/13

4

Y

Not-for-Profit Accounting and Auditing Update WEBCAST, 10am-2pm

18WBBAP13A

159

199

Webcast

4/18

2

Y

Audit Methodologies and Documentation WEBINAR, 8am-10am

18WNCAP18A

79

99

Webinar

4/20

8

Y

Cost Principles for State and Local Governments and Non-Profit Organizations WEBCAST, 8:30am-4pm

18WBCAP20A

245

375

Webcast

4/23

2

Y

Single Audit Primer and Update WEBINAR, 12pm-2pm

18WNCAP23A

79

99

Webinar

4/23

2

Y

What You Need to Know to Audit Government Programs WEBINAR, 9am-11am

18WNCAP23B

79

99

Webinar

4/25

8

Y

Basic Concepts of Governmental Accounting, Financial Reporting, and Auditing WEBCAST, 8:30am-4pm

18WBCAP25A

245

375

Webcast

5/15

1

L l S

GASB Statement 83: Certain Asset Retirement Obligations, 12PM-1PM

18CHTCMY15

25

30

Richland

Management 1/15

8

Corporate Finance Checkup: Renovate Your Analytical Toolbox WEBCAST, 8:30am-4pm

18WBCJA15A

245

375

Webcast

1/15

2

Preparing Your Practice for Sale—And Selling It! WEBCAST, 10am-12pm

18WBAJA15C

79

109

Webcast

2/20

4

The Changing Role of the Controller: Advancing from Tactical to Strategic WEBCAST, 10am-2pm

18WBBFE20A

159

199

Webcast

2/23

4

Controller’s Update: Today’s Latest Trends WEBCAST, 10am-2pm

18WBBFE23A

159

199

Webcast

3/19

4

VIRTUAL CLASSROOM Gaining a Competitive Advantage: Critical Skills for CFOs and Controllers, 8am-11:30am

18VCGCAMR

110

160

Webcast

3/19

4

VIRTUAL CLASSROOM Innovative Forecasting and Budgeting: Moving Beyond the Traditional Techniques, 12:30pm-4pm

18VCIFB4MR

110

160

Webcast

3/20

4

VIRTUAL CLASSROOM Meet Your Next Migraine: Five Critical Issues That Will Confront CPAs in Industry in 2017, 8am-11:30am

18VCCII4MR

110

160

Webcast

4/23

4

The Changing Role of the Controller: Advancing from Tactical to Strategic WEBCAST, 10am-2pm

18WBBAP23A

159

199

Webcast

Advanced Business Law for CPAs WEBCAST, 8am-4pm

18WWABLTA

295

395

-30

Webcast

Advanced Business Law for CPAs, 8am-4pm

18ABLTAP

305

405

-30

Bellevue

Analytics and Big Data for Accountants WEBCAST, 8am-4pm

18WWDAAN

295

395

-30

Webcast

Analytics and Big Data for Accountants, 8am-4pm

18DAANAP

305

405

-30

Bellevue

Controller’s Update: Today’s Latest Trends WEBCAST, 10am-2pm

18WBBAP27A

159

199

4/25

8

4/25

8

4/26

8

4/26

8

4/27

4

L

L

L Live event |  Non-tech credits | E Ethics credits |  Conference | Y Yellow Book | l Chapter event | S Season Ticket/Coupons N/A |

www.wscpa.org

Webcast

Networking event

WashingtonCPA Winter 2018

29

CONFERENCES

Register at www.wscpa.org/cpe/catalog or page 44

2018 Spring Conferences Great topics. Phenomenal speakers.

Opportunities too amazing for you to miss!

April 30 - May 1

Governmental A&A Conference

May 14

Washington State Tax Conference

May 15

International Tax Conference

May 17

Women’s Leadership Summit

webcast available

30

REGISTER NOW www.wscpa.org/conferences | (425) 644-4800 WashingtonCPA Winter 2018

www.wscpa.org

Register at www.wscpa.org/cpe/catalog or page 44

CONFERENCES

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Acumatica

Pacific Continental Bank

Bader Martin PS

Parker Smith & Feek

Berntson Porter & Company PLLC

The Resource Group

BKD

Thomson Reuters

Brayn Consulting LLC

Viewpoint Construction Software

Grant Thornton LLP (Seattle)

Watson & McDonell PLLC

Hub International Northwest LLC

Wolters Kluwer

Jacobson Jarvis & Co PLLC www.wscpa.org

WashingtonCPA Winter 2018

31

Register at www.wscpa.org/store

EDUCATION AND EVENTS Date

CPE Credits

#

Course

Code

WSCPA Member Fee

NonMember Fee

Current Developments and Best Practices for Today’s CFOs and Controllers WEBCAST, 8am-4pm

18WWTCFO

310

410

Webcast Bellevue

Type

AICPA Member Discount

Location

Personal Development 5/7

8

5/7

8

L

Current Developments and Best Practices for Today’s CFOs and Controllers, 8am-4pm

18TCFOMY

320

420

5/16

8

L

Annual Update for Controllers, 8am-4pm

18TKBP1MY

305

405

Have the Difficult Conversation You’ve Been Dreading WEBINAR, 8:30am-10:30am

18WNCMR26A

79

99

Webinar

Lunchtime Learning: Advanced Leadership for Purposeful Change WEBINAR, 12pm-1pm

18LLMY18

0

40

Webinar

Tax Practice Ethical and Legal Standards WEBCAST, 10am-12pm

18WBAJA15B

79

109

Webcast

Lunchtime Learning: Conquering Office Chaos! WEBINAR, 12pm-1pm

18LLFE2

0

40

Webinar

3/26

2

5/18

1



-30

Bellevue

Specialized Knowledge 1/15

2

2/2

1

3/5

8

Construction Contractors: Accounting, Auditing, and Tax WEBCAST, 7:30am-3:30pm

18WBBMR05A

249

319

Webcast

4/9

8

Construction Contractors: Accounting, Auditing, and Tax WEBCAST, 7:30am-3:30pm

18WBBAP09A

249

319

Webcast

4/25

2

Negotiating with Your Banker: Getting the Best Deal WEBINAR, 9am-11am

18WNCAP25A

79

99

Webinar

5/4

1

Lunchtime Learning: Professional Issues Update WEBINAR, 12pm-1pm

18LLMY4

0

40

Webinar

Tri-Cities Area Chapter: Federal Tax Update, 12PM-1PM

18CHTCJA08

25

30

Richland



Taxation 1/8

1

L l S

1/8

8

Entity Choice:Tax Considerations WEBCAST, 8:30am-4pm

18WBCJA08A

245

375

Webcast

1/8

8

2017 Federal Tax Update WEBCAST, 8am-4pm

18WWGGFTU

300

400

Webcast

1/8

8

L

2017 Federal Tax Update, 8am-4pm

18GGFTUDE

310

410

Bellevue

1/9

2

L l S

Washington State Tax Update with Mark Hugh, 8am-10am

18CHEVJA09

40

50

Lynnwood

1/9

8

Tax Collection Defense WEBCAST, 8:30am-4pm

18WBCJA09B

245

375

Webcast

1/10

8

Fundamentals of 1031 Exchanges WEBCAST, 8:30am-4pm

18WBCJA10B

245

375

Webcast

1/11

8

Preparing Individual Tax Returns for New Staff and Para-Professionals WEBCAST, 8am-4pm

18WWPITR

310

410

Webcast

1/11

2

Travel and Entertainment Expenses: Review and Update WEBINAR, 8am-10am

18WNCJA11A

79

99

Webinar

1/11

8

Preparing Individual Tax Returns for New Staff and Para-Professionals, 8am-4pm

18PITRJA

320

420

Bellevue

1/12

8

2017 Annual Tax Update WEBCAST, 7am-3pm

18WBAJA12A

195

245

Webcast

1/12

8

Tax Forms Boot Camp: LLCs, Partnerships, and S Corporations WEBCAST, 8am-4pm

18WWTFBC

310

410

Webcast

Tax Considerations for Buying and Selling a Business WEBCAST, 8:30am-4pm

18WBCJA12B

245

375

Webcast

Tax Forms Boot Camp: LLCs, Partnerships, and S Corporations, 8am-4pm

18TFBCJA

320

420

Bellevue

1/12

8

1/12

8

L

L

1/15

1

Understanding Your Unclaimed Property Requirements WEBCAST, 9am-10am

18WBAJA15A

39

59

Webcast

1/15

8

2017 Federal Tax Update WEBCAST, 8am-4pm

18WBAJA15D

300

400

Webcast

1/15

2

Business Tax Update and Recent Developments WEBINAR, 10am-12pm

18WNCJA15A

79

99

Webinar

Individual Tax Update and Recent Developments WEBINAR, 7am-9am

18WNCJA15B

79

99

Webinar

Bellingham Chapter: Annual Tax Update, 7:30am-9:30am

18CHBLJA16

40

45

Bellingham

Preparing Form 1041: Understanding the Basics WEBCAST, 8am-4pm

18WWPF41

300

400

Webcast

1/15

2

1/16

2

1/16

8

1/16

8

1/17

4

1/17

3

L l S

L

l S

Preparing Form 1041: Understanding the Basics, 8am-4pm

18PF41JA

310

410

Bellevue

IRS Audits WEBCAST, 10am-2pm

18WBBJA17A

159

199

Webcast

Spokane Area Chapter: Economic and Tax Update, 7:30am-11am

18CHSPJA17

50

60

Spokane

1/17

8

Form 1041: Down to the Basics WEBCAST, 8:30am-4pm

18WBCJA17A

245

375

Webcast

1/17

8

Preparing Form 1065: Understanding the Basics WEBCAST, 8am-4pm

18WWPF65

300

400

Webcast

1/17

8

Preparing Form 1065: Understanding the Basics, 8am-4pm

18PF65JA

310

410

Bellevue

L Live event |  Non-tech credits | E Ethics credits |  Conference | Y Yellow Book | l Chapter event | S Season Ticket/Coupons N/A |

32

WashingtonCPA Winter 2018

Networking event

www.wscpa.org

Register at www.wscpa.org/store Date

CPE Credits

#

EDUCATION AND EVENTS

Course

Code

WSCPA Member Fee

NonMember Fee

Cutting Edge Tax Strategies: Representing Clients in IRS Audits and Appeals (including the New Partnership Audit Rules) WEBCAST, 12:30pm-4pm

18WWGGCJA

140

188

Webcast

2017 A CPA’s Guide to the Purchase and Sale of a Business WEBCAST, 7am-3pm

18WBAJA18A

195

245

Webcast

Cutting Edge Tax Strategies: Representing Clients in IRS Audits and Appeals (including the New Partnership Audit Rules), 12:30pm-4pm

18GGRCIRJA

155

205

Bellevue

The Tax Cuts and Jobs Act: How YOUR Clients Will Be Affected and What You Should Be Doing Now WEBCAST, 8-10am

18WWTRJA24

139

189

Webcast

The Tax Cuts and Jobs Act: How YOUR Clients Will Be Affected and What You Should Be Doing Now, 8-10am

18GGTCJA18

139

189

Bellevue

Form 990: Exploring the Form’s Complex Schedules WEBCAST, 7:30am-3:30pm

18WBBJA22B

249

319

Webcast

2017 Tax Advisors Update, 8am-4pm

18BTAUJA22

355

455

Bellevue

2017 Tax Advisors Update WEBCAST, 8am-4pm

18WWBTAU

345

445

Webcast

Type

AICPA Member Discount

Location

Taxation 1/18

4

1/18

8

1/18

4

1/18

4

1/18

4

L

L

1/22

8

1/22

8

1/22

8

1/23

8

2017 Tax Advisors Update, 8am-4pm

18BTAUJA23

355

455

Spokane

1/23

8

Federal Tax Update: C & S Corporations, Partnerships & LLCs (Forms 1120, 1120S & 1065) WEBCAST, 8:30am-4pm

18WBCJA23A

245

375

Webcast

1/23

2

Partnership Investments: How to Calculate the Owner's Basis WEBINAR, 8am-10am

18WNCJA23A

79

99

Webinar

1/23

8

Real Estate Taxation: Cutting-Edge Tax Strategies in the Taxation of Real Estate, 8am-4pm

18GGRETJA

310

410

Bellevue

1/24

4

Tax Research I WEBCAST, 10am-2pm

18WBBJA24A

159

199

Webcast

L

L

L

1/24

8

2017 A CPA’s Guide to the Purchase and Sale of a Business WEBCAST, 7am-3pm

18WBAJA24A

195

245

Webcast

1/24

2

Tax Depreciation: Current Developments and Update WEBINAR, 10:30am-12:30pm

18WNCJA24A

79

99

Webinar

1/24

2

The Impact of Tax Reform on International Business WEBCAST, 8-10am

18WWTRJA24

69

99

Webcast

1/24

2

The Impact of Tax Reform on International Business, 8-10am

18TRIJA24

69

99

Bellevue

1/25

8

2017 Annual Tax Update WEBCAST, 7am-3pm

18WBAJA25B

195

245

Webcast

1/25

8

Partnership Preparation, Basis Calculations, and Distributions: Form 1065 Schedule K & K1 Analysis WEBCAST, 8:30am-4pm

18WBCJA25B

245

375

Webcast

1/25

8

The Complete Guide to the Preparation of Form 1041, 8am-4pm

18WR1041JA

305

405

Bellevue

1/26

8

The Complete Guide to Preparing Forms 706 and 709 WEBCAST, 8am-4pm

18WW706XJ

295

395

Webcast

1/26

8

S Corporation Preparation, Basis Calculations, and Distributions: Schedule K and K1 (Form 1120S) Analysis WEBCAST, 8:30am-4pm

18WBCJA26A

245

375

Webcast

1/26

1

Lunchtime Learning: What's Old, What's New, and What's Still to Come in the Changing World of Federal Income Tax WEBINAR, 12pm-1pm

18LLJA26

0

40

Webinar

1/26

2

Self-Rental Passive Activity: When Does It Exist and How Do You Report It WEBINAR, 8am-10am

18WNCJA26A

79

99

Webinar

1/26

8

The Complete Guide to Preparing Forms 706 and 709, 8am-4pm

18706XJA

305

405

Bellevue

1/29

8

2017 Federal Tax Update WEBCAST, 8am-4pm

18WBAJA29A

300

400

Webcast

1/29

8

Choice of Entity: Cutting-Edge Tax Strategies in Choice of Entity Decisions WEBCAST, 8:30am-4pm

18WBCJA29B

245

375

Webcast

L

L

1/30

8

Dealing with IRS Appeals WEBCAST, 8:30am-4pm

18WBCJA30A

245

375

Webcast

1/30

8

Special Topics in Partnership and LLC Taxation WEBCAST, 8:30am-4pm

18WBCJA30B

245

375

Webcast

1/31

8

Preparing Complex 1040s WEBCAST, 8:30am-4pm

18WBCJA31A

245

375

Webcast

2/1

2

S Corporations: How to Calculate the Owner's Basis in S Corporation Stock WEBINAR, 7am-9am

18WNCFE01A

79

99

Webinar

2/7

2

Washington Tax Developments, 12pm-2pm

18CHOLFE07

40

45

Olympia

2/8

2

Foreign Account Reporting Requirements: FINCEN 114(FBAR) and Form 8938 WEBINAR, 7am-9am

18WNCFE08A

79

99

Webinar

2/13

2

Real Estate Professionals and Passive Activity: When Do They Exist and How to Report Them WEBINAR, 9am-11am

18WNCFE13A

79

99

Webinar

2/22

2

Tax Depreciation: Current Developments and Update WEBINAR, 9am-11am

18WNCFE22A

79

99

Webinar

L l S

2/26

2

Business Tax Update and Recent Developments WEBINAR, 11am-1pm

18WNCFE26A

79

99

Webinar

3/1

2

Tax Depreciation: Current Developments and Update WEBINAR, 8am-10am

18WNCMR01B

79

99

Webinar

L Live event |  Non-tech credits | E Ethics credits |  Conference | Y Yellow Book | l Chapter event | S Season Ticket/Coupons N/A |

www.wscpa.org

Networking event

WashingtonCPA Winter 2018

33

Register at www.wscpa.org/store

EDUCATION AND EVENTS Date

CPE Credits

#

Course

Code

Type

WSCPA Member Fee

NonMember Fee

AICPA Member Discount

Location

Taxation 3/19

2

Key Tax Strategies for Partnerships and LLCs WEBINAR, 10am-12pm

18WNCMR19A

79

99

Webinar

3/23

4

VIRTUAL CLASSROOM From Hiring to Firing and Everything In Between: Legal and Payroll Tax Issues, 12:30pm-4pm

18VCHFE4MR

110

160

Webcast

3/23

4

VIRTUAL CLASSROOM From Hiring to Firing and Everything In Between: Health Care, Retirement, and Fringe Benefit Tax Issues, 8am-11:30am

18VCHCR4MR

110

160

Webcast

3/28

2

Real Estate Tax Update: Key Changes for Investors and Owners WEBINAR, 8am-10am

18WNCMR28A

79

99

Webinar

4/9

2

Self-Rental Passive Activity: When Does It Exist and How Do You Report It WEBINAR, 12pm-2pm

18WNCAP09A

79

99

Webinar

4/27

1

Lunchtime Learning: Key International Tax Issues WEBINAR, 12pm-1pm

18LLAP27

0

40

Webinar

5/8

8

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

18WWHTOF

310

410

Webcast

5/8

8

From Hiring to Firing and Everything In Between: Legal, Tax, and Health Care Issues, 18HTOFMY 8am-4pm

320

420

Bellevue

The Complete Guide to Washington Death Taxation WEBCAST, 8am-4pm

18WWEBXYMY

295

395

Webcast

The Complete Guide to Washington Death Taxation, 8am-4pm

18EBXYMY23

305

405

Bellevue

Traps and Pitfalls in Estate Planning WEBCAST, 8am-4pm

18WWTRAPMY

295

395

Webcast

5/23

8

5/23

8

5/24

8

5/24

8

5/25

8

5/25

8

L

L

L

L

Traps and Pitfalls in Estate Planning, 8am-4pm

18TRAPMY24

305

405

Bellevue

Tax, Financial, and Estate Planning Strategies Under the Trump Administration WEBCAST, 8am-4pm

18WWPSNAMY

295

395

Webcast

Tax, Financial, and Estate Planning Strategies Under the Trump Administration, 8am-4pm

18PSNAMY25

305

405

Bellevue

Cybersecurity Advisory Engagements Essentials WEBCAST, 7:30am-3:30pm

18WBBJA08B

249

319

Webcast

Technology 1/8

8

1/8

2

Microsoft PowerBI: Get Started with the Right Data WEBINAR, 9am-11am

18WNCJA08B

79

99

Webinar

1/8

2

Microsoft PowerBI: Introduction to Data Analysis in Excel WEBINAR, 12pm-2pm

18WNCJA08A

79

99

Webinar

1/12

1

Lunchtime Learning:You’ve Been Hacked… Now What? WEBINAR, 12pm-1pm

18LLJA12

0

40

Webinar

1/17

2

Microsoft PowerBI: Improve Data Analysis with DAX Measures WEBINAR, 7am-9am

18WNCJA17A

79

99

Webinar

1/25

2

Blockchain Technology: What Every CPA Should Know WEBINAR, 12pm-2pm

18WNCJA25A

79

99

Webinar

2/2

2

Big Data and Data Analytics: What They're All About WEBINAR, 7am-9am

18WNCFE02A

79

99

Webinar

2/7

2

Introduction to Data Analytics and Microsoft PowerBI Tools WEBINAR, 7am-9am

18WNCFE07A

79

99

Webinar

2/13

4

Creating Dashboard Components in Microsoft Excel WEBCAST, 8:30am-12pm

18WBCFE13B

120

188

Webcast

2/20

2

Blockchain Technology: What Every CPA Should Know WEBINAR, 8am-10am

18WNCFE20A

79

99

Webinar

2/23

8

Excel PivotTables: Powerful and Not Hard to Use…Really! WEBCAST, 8:30am-4pm

18WBCFE23A

245

375

Webcast

2/28

4

Data Breaches & Other Cyber Frauds: A 21st Century Risk to Your Organization WEBCAST, 10am-2pm

18WBBFE28A

159

199

Webcast

3/16

2

Big Data and Data Analytics: What They're All About WEBINAR, 7am-9am

18WNCMR16A

79

99

Webinar

3/21

2

Excel-Advanced Spreadsheet Troubleshooting Techniques WEBINAR, 10am-12pm

18WNCMR21A

79

99

Webinar

3/29

2

Blockchain Technology: What Every CPA Should Know WEBINAR, 8am-10am

18WNCMR29A

79

99

Webinar

4/6

2

Excel: Using Charts for a Non-Financial Audience WEBINAR, 11am-1pm

18WNCAP06A

79

99

Webinar

4/10

2

IRS Internet Resources for Accountants WEBINAR, 10am-12pm

18WNCAP10A

79

99

Webinar

4/11

2

Microsoft PowerBI: Improve Data Analysis with DAX Measures WEBINAR,

18WNCAP11A

79

99

4/12

2

QuickBooks – Best Practices for Accountants WEBINAR, 8am-10am

18WNCAP12A

79

99

Webinar

4/23

8

K2’S Business Intelligence, Featuring Microsoft's Power BI Tools WEBCAST, 8am-4pm

18WWBINA

295

395

Webcast

4/23

8

4/24

2

Webcast from WSCPA | E Ethics credits |  Conference | Y Yellow Book | C CFP | l Chapter event | S Season Ticket/Coupons N/A |  Non-tech credits | 10am-12pm

L

K2’S Business Intelligence, Featuring Microsoft's Power BI Tools, 8am-4pm

18BINAP

305

405

Bellevue

Google Big Data and Forecasting Tools for Accountants WEBINAR, 12pm-2pm

18WNCAP24A

79

99

Webinar

L Live event |  Non-tech credits | E Ethics credits |  Conference | Y Yellow Book | l Chapter event | S Season Ticket/Coupons N/A |

34

Webinar

Networking event

WashingtonCPA Winter 2018

Networking event

www.wscpa.org

Help give away over $350,000 in accounting scholarships.

Become a scholarship reviewer!

Do you want to help give away $350,000 in scholarships? Are you interested in helping students achieve their dream of becoming a CPA? If so, please consider volunteering your time and talent to be part of the review team for the 2018 Accounting Scholarships offered by the Washington CPA Foundation and the Washington Society of CPAs. Scholarship Review Timeline and Process Feb. Feb. Feb. Mar.

8 Reviewer sign-up deadline 13 Reviewer training (remote) 20 Review process begins 30 In-person review session at WSCPA, Bellevue

• Review applications in your home or office using a secure, online portal • Score applications using a scoring matrix and following guidelines provided • Each reviewer will consider 25-30 applications and submit review online during a two-week period • All reviewers will review top applications before attending in-person review session in late March

Sign up by Feb. 8, 2018!

To join the Scholarship Review Team, contact Monette Anderson: (425) 586-1118 manderson@wscpa.org

Important Scholarship Dates Feb. 14

Apr. 3 May 18

Scholarship application deadline Learn more at www.wscpa.org/scholarships Scholarship winners notified Reception honoring scholarship recipients (Reviewers are invited to attend!)

www.wscpa.org

WashingtonCPA Winter 2018

35

CLASSIFIED ADS Detailed advertising information is available online at www.wscpa.org under More. Ads are placed in the next magazine when received by the deadline, March 1 for the Spring 2018 issue.

Contact Janet White at (425) 586-1126, or memberservices@wscpa.org for more information.

MERGERS & SALES Two Tax / Accounting Businesses on the Olympic Peninsula $922,000 Gross 1,318 income tax returns (68%) No Attest 1st Business: Available now $40,000 down $360,000 10 years @ 7% Current owner works tax seasons 2018 and 2019 2nd Business: Available May 2019 $50,000 down $425,000 10 years @ 7% Current owner works tax seasons 2020 and 2021 Contact George Braly, CPA (360)683-9033 Seattle Tax Practice I am looking for a buyer for my tax practice that produces approximately $45,000 in fees from a well-established client base. I will be available to assist in the transfer of the clients over a few years. Please contact Michael, MBM110088@ gmail.com

Contact Mark Hause atAccounting Practice Sales by e-mail at MARKHAUSE@CONTACTAPS.COM or call (877) 345-7722 for more information on the following practices: (WA 1122) Everett: This CPA firm for sale can be described as a traditional practice with tax revenues equaling approx. 70% of all revenues received. The balance of the revenue mix is a write up practice that provides the needed balance for out of season revenues and value added consulting opportunities. The firm has focused on providing professional services with a personalized touch.

The strength of this concept results in the annual return of clients on a year over year basis that is the core of this practice. This proven entity is the perfect size for any number of buyers and is primed for continued success and challenge to any buyer.

36

Belltown / Downtown Practice For Sale Individual and business tax clients make up the bulk of this thriving practice, with some bookkeeping, payroll, and mid-year tax planning and consulting in the mix for solid year-round revenue. Client base is strong and loyal with interesting issues that keep coming back for ongoing tax and accounting support.

With only a few older clients on the roster, most are tech-savvy individuals and business who value a combination of personal attention and streamlined communications.Transition to new owner is desired before year-end. Contact Vee Mose BelltownCPAForSale@yahoo.com Considering SellingYour Practice? Consider all your options.We do the work.Confidential.We have buyers actively seeking practices. Call Mark Hause at (877) 345-7722 or visit our website at www. accountingpracticesales.com Accounting Practice Sales.We make dreams happen!

IBA Sells Privately Held Companies. Do you represent a client who is ready to retire,or has taken a company as far as they want to or can? IBA is the Pacific Northwest’s oldest business brokerage (M&A) firm. We are professional negotiators with PRACTICES FOR SALE

firm has it all including an excellent professional staff that assists the owner in rendering these high level professional services with per return averages that are excellent. The presence of a solid staff and this suite of professional services provides opportunity that is very uncommon.

(WA 1121) Snoqualmie: This EA practice with a concentration on rendering tax preparation services is for sale. The firm revenues are concentrated in the preparation of income tax returns (93%) with enough write up work (7%) to provide variety and the opportunity to provide value enhanced services. Tax time brings the normal busy season along with extended returns totaling 300+ returns on an annual basis. The firm is proactive with its clients encouraging frequent communication to avoid year end surprises. This practice provides opportunity for many different buyers from those seeking to finish a practice with an acquisition, those seeking to own their first practice, or a nearby firm looking for the perfect acquisition all found in a great location.

(WA 1116) North Snohomish County: This CPA firm renders the normal suite of professional services that includes income tax, write up, & audit/ reviews. The one additional element in this firm's mix of services is financial services. The presence of these revenues provides for a balanced revenue cycle year after year. In addition, the firm has an excellent staff that allows the owner to be out of the office approx.2 weeks per month except during the busy time of tax season. To offer flexibility for interested buyers, the firm will include the financial services as part of the sale or not.The asking price of the financial services practice is not included in the information provided to buyers and will be separately negotiated.To further assist buyers, the Seller will provide financing alternatives for qualified buyers. This practice is an excellent choice for an individual or a firm looking for a quality addition to their practice.

(WA 1120) Skagit Valley: This full service CPA firm is for sale. The term full service, in this instance, means a variety of professional services including tax preparation & consulting, multiple levels of attestation including auditing and compiled financial statements,and write up services all under one roof. The firm has a long term presence in the market served which means many long term clients who refer new clients every year. This

(WA 1117A) Bothell, Kenmore, Woodinville Area: This CPA practice is well established and shares an office space with a long term CPA friend and colleague. The practice revenue is entirely from the preparation of income tax returns. The firm has many long time clients who form the backbone of a solid practice. The practice by sharing office expenses has an overhead cost structure that provides an excellent cash flow to the owner. The two firms that

WashingtonCPA Winter 2018

SOLD

over 4,000 completed transactions. Please contact us if we can be of assistance at (800) 218-4422 or www.ibainc.com VOLUNTEER OPPORTUNITIES The following organizations need a CPA to serve on the board of directors and/or provide other guidance on financial matters. Learn more about these, and other organizations that need your help, under Volunteer Opportunities for CPAs at www.wscpa.org/more/marketing-to-cpas.

Environmental Works Community Design Center – New Seattle Works – New Helping Link – New Ten Thousand Villages – New Woza Soccer - New IACVA – New Birthday Dreams Purrfect Pals Northwest Girlchoir

share expenses and office space are both seeking to sell and move to retirement.These practice(s) whether one or both are an excellent opportunity to acquire two quality turnkey firm(s) and quickly move forward with expansion plans or establish a solo practice with two strokes of the pen.

(WA 1117B) Bothell,Kenmore,Woodinville Area: This CPA practice is well established and shares office space with a long time CPA friend and colleague. The practice revenues are 90% from the preparation of income tax returns. The balance of the fees are write up work that is focused on payroll services on a quarterly and annual basis.The firm has many long term relationships with clients who consistently return annually. The practice by sharing expenses has an overhead cost structure that provides an excellent cash flow to the owner.

The two firm(s) that share expenses and office space are both seeking to sell and move to retirement. These practice(s) whether one or both are an excellent opportunity to acquire two quality turnkey practice(s) and quickly move forward with expansion plans or establishing your own firm with two strokes of the pen.

SOLD

(WA 1118) Central Puget Sound Near Seattle: This CPA practice with a well-balanced revenue stream is for sale. The firm revenue dollars can be accounted for as follows: 50% tax, 42% write up, 8% audits, reviews & compilations. The per return averages are excellent and rival big city firms in average fees. The staff of the firm is a real strength with a host of professionals that assist the owner in rendering high level professional services.

This practice is as turnkey as you will find with long term clients who always return each year.

The Seller will consider any number of different alternatives from qualified buyers to assist in the purchase of this practice.

(WA 1119) Vancouver: This tax centered CPA practice is for sale. The firm is an unusual combination of big firm fee averages and small firm profit margins equaling 80% all combined

www.wscpa.org

CLASSIFIED ADS

into one excellent practice. The practice revenue mix is 93% tax, 5% reviews, and 2% consulting.The firm's real specialty is customer service with an extremely loyal client base who return year after year. This practice with billing rates that equal on average $210 per hour also has well above average realization rates.The final element of this practice is the presence of the opportunity to add additional value added services. All of these qualities mean this practice works for any number of buyers whether big or small.

(WA 1115) South Hills/Puyallup Area: This well-established EA firm with a solid client base is for sale. The firm is composed of a broad range of clients that includes individuals and small business who seek tax preparation, write up, and consulting services. The firm stresses ongoing communication throughout the year to promote client loyalty along with avoiding year-end tax issues that can be difficult to manage after the conclusion of the tax year. The firm has an excellent fee structure with excellent per client fee amounts. This professional opportunity provides the type of challenge many relish with a solid client base providing continued prosperity for any business minded accountant.

SOLD

(WA 1112) Renton: This well-established Enrolled Agent practice is for sale. The firm is a tax practice with only a minimal amount ($2,000)

Across 1. Created mentally 9. Ready 13. Tool for shaping fingernails 14.Yemen's Gulf of ___ 15. One of Columbus' ships 16.Varnish ingredient 17. Auctioneer's last word 18. Partially melted snow 20. A short novel 22. Baglike structure 24. Topper 25. Before noon 26. Frequent moviegoer 30. Computer Generated Imagery abbreviation 31. National Velvet author Bagnold 32. Absorbed, as a cost 33. Affectation 34. "To the __ degree" 35. Capital of the Netherlands 37. Introduces an alternative 38. Narrator in Dickens' Great Expectations 39. Dig in!

40. Nominal 43. Used to hold pieces of metal together 47. Jelly-like substance obtained from algae 48. Electrically charged particle

www.wscpa.org

PRACTICES FOR SALE

(WA 1108) Centralia/ChehalisArea:This well balance CPA firm that has been providing professional services for a number of years is for sale.The practice has excellent balance with the workload split between income and write-up services and revenues occurring throughout the year and not just tax season.The firm enjoys an excellent reputation in the community and receives referrals from other professional service groups in the community.

The practice's qualities combined with an excellent staff that offers support and continuity for the new owner in transitioning the clients.To assist buyers, the Seller will consider financing the sale of the practice with Buyers who have excellent credit, collateral and a substantial down payment.

of write up services. The client base is centered on individual returns, but does include many business returns as well.The fee structure is excellent reflecting a client base with income levels who require qualified professional services to solve their tax problems.This profitable practice,(77% Net Cash Flow) and available for immediate possession, is an ideal opportunity for an experienced tax professional who seeks a challenge and the commensurate financial reward.

(WA 1105) North Olympic Peninsula CPA Practice for Sale: This CPA practice consists of clients that return year after year. The firm is centered around the revenue streams of income tax 62% and write-up 37% with a small amount of reviewed financial statements. The owner(s) have a long term staff that assists in the rendering of these professional services. The practice has an excellent cash flow, easily above the norm, reflecting an excellent realization rate on the fees earned.

All of these factors demonstrate the opportunity this firm provides to any accountant seeking to be on their own and rewarded for their efforts in a varied client base.

(WA 1109)Vancouver: This long-term CPA practice is for sale.The firm provides quality tax services to a loyal client base of individuals and business entities.

The firm's service mix is write-up and income tax.The foundation of the firm has always been a proactive approach to client service.The ongoing communication whether a phone call or email prevents the end of year surprises.This practice is a solid addition to an existing form or the startup of a new practice.

50. Ireland, in Irish 51. A soft swishing sound 52. Transparent paper used for packaging 54. Chickens 55. Favoritism shown to relatives Down 1. Holiday ____ 2. Post 3. Ethnic group indigenous to Hokkaido 4. Enclosed 5. "No __s, ands, or buts about it!"

6. Nada 7. Distinctive flair 8. Low neckline 9. Demolish 10. False god 11. Caused by lack of vitamin B3 12. Habitat defined to a specific location 19. Accident 21. Compete (for) 23. City in Illinois 26. Monument to the fallen 27. Fascinating quality 28. US medical research agency 29. The "I" of T.G.I.F. 30. El ___ (Spanish hero) 33. Most artistic

CROSSWORD PUZZLE

Check out our blog for the answers!

35. Be sick 36. Musical ability 38. Runs smoothly 41. Mountain pool 42. Function 1

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WashingtonCPA Winter 2018

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MEMBER PROFILE

Member Profile: Gilbert Plascencia, CPA

By Luke Thompson

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WashingtonCPA Winter 2018

© Gilbert Plascencia

M

any outdoors enthusiasts look to nature to connect with others or to learn more about themselves.

While hiking the Pacific Crest Trail this summer, Gilbert Plascencia, CPA, found solitude and formed strong bonds with fellow hikers. Spending time in a different environment offered a new perspective he won’t soon forget.

“You remove all the extra stuff,” Plascencia said. “Politics, religion, whatever it is out there. When you’re on the trail, that’s all gone and you just have the same common goal and that unites you and it creates a bigger community.”

Gilbert Plascencia enjoys his life in Yakima, where he found success, friendship, and fulfillment in his chosen career as a CPA. This past summer brought opportunities to venture out to explore new trails, when Plascencia decided to hike the 2,650-mile Pacific Crest Trail.

Plascencia was inspired to hike the PCT in 2009, mesmerized by stories from a hiker he met. From then on, the audit manager and CPA at Alegria & Company always listed the PCT as one of his longterm goals. His colleagues encouraged him to pursue his adventure. He saved up vacation time and decided 2017 would be the perfect year.

Months of study and planning with help from family and friends left the avid runner feeling optimistic when he began his journey on May 12, despite the fact he’d never gone backpacking for longer than two days in his life. But it wouldn’t be long before he faced serious obstacles — both mentally and physically.

Ambitious plans to cover significant ground each day in the California desert unraveled amid relentless heat—temperatures reaching 110 degrees—and painful blisters on the bottom of Plascencia’s feet. Those struggles tested his willpower until his feet hardened about 400 miles into the trail.

Basic necessities like food, sleep, and

Gilbert Plascencia at the border between the United States and Canada. He reached the northern terminus on September 15, towards the end of his adventure. water are scarce in the wilderness in the southern California desert, the high Sierra Mountains, and the Cascades in the Pacific Northwest. Those obstacles became even more challenging in the “Year of Fire and Ice”, named for excessive wildfires and snow.

Meanwhile, other concerns kept Plascencia’s thoughts back home, where he’d taken his mother, Maria Lopez, to the doctor to check out a lump prior to leaving for California. Tests confirmed the presence of stage III breast cancer, but she encouraged Plascencia to continue his long-awaited journey.

“All throughout the trail, I knew that could be a possibility, that I would have to leave the trail to come back home,” Plascencia said. “Luckily it never happened. I was really thankful and grateful for that.”

Along with the extra worry, the illness gave him motivation to fight through adversity, just as his mother was doing back home. When Plascencia hit deep snow and impassable creek crossings in

the high Sierras, he trudged onward with his new hiking friends, going off trail to find a way forward.

“It was a lot of work,” Plascencia said.

“It was exhausting, but it was by far the most rewarding experience of the whole trail, just because of the beauty of the snow-covered mountains and seeing that immense power of Mother Nature.”

Plascencia picked up his pace in northern California, hiking more than 30 miles per day before reaching the wildfires that forced him to skip 200 miles of closed trail and obscured the scenery of Washington and Oregon. Friends helped him navigate closures to reach his family at Trout Lake on Sept. 3.

Plascencia then began feeling homesick with only two weeks remaining. On September 15, Plascencia reached the monument at the northern terminus in Canada, ending the day with 47 miles before he went to sleep. His relief transformed into pure elation as he hiked back to the bus stop in Mazama. www.wscpa.org

MEMBER PROFILE

“All this emotion started rushing through my head,” Plascencia said. “I was either full-on crying or laughing, smiling so hard, or yelling that I was done.”

Returning home to a more familiar life can be difficult in the wake of a long, rewarding journey. Plascencia lost 68 pounds during his hike and self-reflection gave him confidence in the direction of his life, but he still faced some challenges.

“It’s been an adjustment to find meaning in my old lifestyle and what I used to do before,” Plascencia said. “It’s coming back. I’ll get there.”

Glad to be back around family, he takes his mother to chemotherapy every week, where she’s doing well as she prepares for surgery. Plascencia’s experience left him anxious to teach his family what he learned exploring the outdoors. Along the PCT, he noticed a lack of diversity with hikers skewing overwhelmingly white. He wonders how he could help break down racial and socioeconomic barriers.

www.wscpa.org

“I would like to either find a program that’s already established or create a program where I would be able to lead hiking excursions, whether it be one day or extended backpacking trips for people with limited resources,” Plascencia said.

“It doesn’t have to be specifically people of color.”

Those trips would not only allow kids to enjoy nature; Plascencia also wants to teach them their responsibilities in taking care of public lands. Next year, he plans to invite his 12 nieces and nephews on hiking and backpacking trips to see how they react to a more structured, informative program.

Luke Thompson is the Outdoors and Sports reporter for the Yakima Herald. You can reach him at lthompson@yakimaherald.com.

Call for Nominations Would you like to nominate a noteworthy WSCPA member to be featured in our next member profile?

Contact Cory Wilmarth at cwilmarth@wscpa.org for more information or to submit a nomination.

Reprinted from the November 2017 Yakima Herald with permission.

WashingtonCPA Winter 2018

39

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