Arkansas Society of Certified Public Accountants

Transcription

NEWSLETTER
May 2012
President
W.L. Cook, II
Executive Director
Barbara S. Angel
Published Monthly By
THE ARKANSAS
SOCIETY OF
CERTIFIED
PUBLIC
ACCOUNTANTS
11300 Executive Center
Little Rock,
Arkansas 72211-4352
Telephone
1-800-482-8739
(In Arkansas)
(501) 664-8739
Fax (501) 664-8320
www.arcpa.org
In This Issue
• Accounting
Students . . . . . . .2-4
• CGMA
Designation . . . . . .6
• Chapters . . . . . . . . .7
• Classifieds . . . . . .32
• CPE . . . . . . . . .8-11
• Emerging
CPAs . . . . . . . . . .12
• Financial
Literacy . . . . . . . .13
• Leadership . . .15-17
• Member
Services . . . . .19-21
• Membership . . . .22
• Peer Review . . . .23
• Public Relations . .24
• Risk
Management .26-27
• Tax . . . . . . . . . . . .28
• Technology . .29-31
Cook Assumes
Presidency
On April 1, 2012, William
L. Cook, II, assumed the
presidency of the Arkansas
Society of CPAs. W.L. is a
second generation president,
following in the footsteps of
his late father, William P.
Cook, who was president of
the ASCPA in 1979-80.
W.L. has also continued in
William L. Cook, II
his father’s footsteps by
ensuring the continuation of his father’s firm,
William P. Cook & Associates, PLLC.
W.L. is a graduate of Castle Heights Military
Academy in Lebanon, Tennessee, and obtained
a Bachelor of Science in Business Administration
degree from the University of Arkansas in
Fayetteville in 1980. W.L. began his career in
public accounting, while working at Russell Brown
& Company as a staff accountant from May, 1980
through July, 1981 in their Pine Bluff, Arkansas
office. Russell Brown & Company was the largest
CPA firm in the state of Arkansas at that time, and
then merged with Arthur Young & Company.
W.L. began working at William P. Cook, CPA,
for his father - first as a staff accountant, and then
as a Certified Public Accountant in August, 1981.
He is now Managing Member of his late father’s
firm, William P. Cook & Associates, PLLC, which
has two locations in in El Dorado and
Fayetteville, Arkansas.
W.L. resides in El Dorado and is a member of
First Presbyterian Church of El Dorado. He has
served as deacon and elder of the church, and
also as chairman of the youth ministry committee
and as a member of the choir.
W.L. Cook is active in the CPA profession,
and is a member of the American Institute of
Certified Public Accountants (AICPA), as well as
the Arkansas Society of Certified Public
Accountants (ASCPA). He has served on the
Arkansas Society of CPAs Board as secretary
and has served on several ASCPA committees
including: Federal Tax Institute, Policy, Taxation,
and Public Relations Committees. He is also a
member of the Student Education Fund. W.L. is
a member of the South Arkansas Chapter of
CPAs, having served as Vice President of the
Chapter in 1987.
Continued on page 16
Message From ASCPA
Member Bill Booker
Two Important Questions...
1. Do you have a will?
2. Is the future of our Profession in it?
Many of us are routinely involved with estate
planning for our clients and hopefully find the
time to do the same for ourselves, as well. It is
quite common for people to designate various
charities and organizations in their wills whom
they want to receive a portion of their estate after
their death. Usually these are organizations or
institutions that have special meaning to the
person executing their will.
You can leave a special legacy for the future
of our Profession by naming the ASCPA Student
Education Fund in your will. This will help to
ensure the future of the profession that has
meant so much to all of us. The need has never
been as great as it now is.
Here’s another question - Suppose you had
a client who had $800,000 in total assets and
needed as much as $50,000 per year to live on?
This would require an annual return of slightly
more than 6%. A few years ago, such a return
was relatively easy to attain with very little risk of
principal. But in todays’ investment world, such a
return has become almost impossible to achieve.
The above scenario pretty well describes the
dilemma our Student Loan Fund is facing. We
have worked diligently to build the fund to
$800,000. However, the overall decline in interest
rates has significantly impacted the annual
income that is available to fund scholarships.
Unfortunately the funding decline has come at a
time when a record number of qualified
applicants are in need of a scholarship. (Currently
some 50 students meet our requirements for a
scholarship as they have completed four full
years of study and achieved a G.P.A. of at least
3.5. They now need assistance to complete the
required 5th year of education.)
Over the years, we have had various
campaigns to emphasize the need to build our
scholarship fund and many of you have been
faithful supporters. But we haven’t pointed out
the opportunity of “Estate Planning” that might
include this very worthy endeavor. I encourage
all of us to give this some careful consideration
as we formalize or modify our own estate plans.
ACCOUNTING STUDENTS
Arkansas Society of CPAs Student Education Fund
Makes Annual Scholarship Awards
The Arkansas Society of CPAs Student Education Fund recently awarded scholarships for the eighth time during its meeting
in February. This year, the ASCPA Student Education Fund awarded the largest sum ever to the most recipients in its history.
A total of $58,500 in scholarships were recently awarded to thirty-nine accounting students at Arkansas universities and
colleges, who intend to sit for the CPA Exam. Selections were made by the ASCPA Student Education Fund Board. The
students’ college or university accounting department chairs submitted the students’ applications for consideration for the
scholarships. The ASCPA Student Education Fund scholarship program rewards academic excellence and encourages
promising accounting students to pursue careers as CPAs.
The following students have been selected to receive scholarships in the amount of $1,500 each for the 2012-2013
academic year:
Rozeline La’Faye Jenkins
Arkansas Baptist
College
Little Rock
$1,500
*
Barbara S. Angel Scholarship
** ASCPA NW Chapter Scholarship
*** ASCPA Central Chapter Scholarship
Tammela T. Walker
Arkansas Baptist
College
Little Rock
$1,500
Susan R. Standley
Arkansas State
University
Jonesboro
$1,500 *
Katie J. Edington
Arkansas State
University
Jonesboro
$1,500
Wallace G. Fortner
Arkansas State
University
Jonesboro
$1,500
Ashley M. Sims
Arkansas State
University
Jonesboro
$1,500
Xue Xie
Arkansas State
University
Jonesboro
$1,500
Amanda Rae Lyon
Arkansas State
University
Jonesboro
$1,500
Christy N. Carter
Arkansas Tech
University
Russellville
$1,500 *
Chase A. Mobley
Arkansas Tech
University
Russellville
$1,500
Brittany D. Anderson
Arkansas Tech
University
Russellville
$1,500
Brooke R. Baxley
Henderson State
University
Arkadelphia
$1,500 *
Tiffany Perry
Henderson State
University
Arkadelphia
$1,500
Dana A. Amick
Hendrix University
Conway
$1,500
Rachel L. Froberg
Hendrix University
Conway
$1,500
ASCPA Newsletter: May, 2012
2
ACCOUNTING STUDENTS
Christian Outlaw
John Brown
University
Siloam Springs
$1,500
Kristen P. Sams
Southern Arkansas
University
Magnolia
$1,500 *
Lindsay E. Givens
Southern Arkansas
University
Magnolia
$1,500
Danielle Cain
University of
Arkansas
Fayetteville
$1,500 **
Philip Jones
University of
Arkansas
Fayetteville
$1,500 **
Michelle R. Cox
University of
Arkansas
Fort Smith
$1,500
Lary R. Walker
University of
Arkansas
Fort Smith
$1,500 *
David S. McWilliams
University of
Arkansas
Fort Smith
$1,500
Rebecca McEachern
University of
Arkansas
Little Rock
$1,500 ***
Mark Dixon
University of
Arkansas
Little Rock
$1,500 *
Grace Tilley
University of
Arkansas
Little Rock
$1,500
Thomas J. Thompson
University of
Arkansas
Little Rock
$1,500
James M. Weatherford
University of
Arkansas
Little Rock
$1,500
Meagan Corkins
University of
Arkansas
Little Rock
$1,500
Kelly Isaacson
University of
Arkansas
Little Rock
$1,500
Kristi L. Ferguson
University of
Arkansas
Monticello
$1,500 *
Hannah D. Cypert
University of
Arkansas
Monticello
$1,500
Justin Downs
University of
Arkansas
Monticello
$1,500
Kaci Burrow
University of
Central Arkansas
Conway
$1,500
Kristen L. Boyd
University of
Central Arkansas
Conway
$1,500
Erick Rusch
University of
Central Arkansas
Conway
$1,500
Elaina M. Wallian
University of
Central Arkansas
Conway
$1,500
Kelli Deen
University of
Central Arkansas
Conway
$1,500
Tiffany Hoff
University of
Central Arkansas
Conway
$1,500
3
ACCOUNTING STUDENTS
FIND the Best and Brightest
Website: ______________________________________
at the
Number of Electrical Outlets Required: _______________
ASCPA Student Career Fair
Representatives Names Who are Attending:
Monday, September 24, 2012
4:00 p.m. - 6:00 p.m.
Hilton Little Rock Metro Center
925 S. University Ave.
Little Rock, AR
1. ____________________________________________
2. ____________________________________________
3. ____________________________________________
4. ____________________________________________
Please provide your firm or companies’ profile in
500 words or less;
(To be posted on the ASCPA Website for students to
review prior to the event)
Are you looking for the best and brightest to fill your
accounting and finance openings? Public accounting firms of all
sizes, corporate entities, and state and federal governmental
agencies who are seeking staff now or in the future for their
various accounting departments are invited to attend the
ASCPA Student Career Fair on Monday, September 24,
2012, from 4:00 p.m. to 6:00 p.m. at the Hilton Metro Center
Hotel in Little Rock. This event will allow you to reach students,
focus your recruiting efforts, and meet face-to-face with
motivated accounting students from around the state.
Come and scout out the best and brightest accounting
students at this event, and show students why they should
consider coming to work for you! Each participating firm and
company will be allowed a maximum of four representatives,
and will be supplied a table to share their materials and
information about how students can have an exciting career in
accounting at their firm or company.
Post baccalaureate students, as well as junior and senior
level accounting majors at Arkansas’ four-year public and
private colleges and universities, will be invited to attend and
bring their resumes.
Registration for each participating firm or company is FREE.
Registration includes: Student attendee list, your firm or
company profile listing on the ASCPA website as a Career Fair
participant, a draped display table, beverages and light snacks
during the event, for up to four representatives from your firm
or company.
Please return the form below to the Arkansas Society of
CPAs no later than September 17, 2012 so that we can finalize
arrangements.
______________________________________________
______________________________________________
______________________________________________
______________________________________________
______________________________________________
______________________________________________
______________________________________________
______________________________________________
______________________________________________
______________________________________________
______________________________________________
______________________________________________
Please note the cancellation policy:
If a firm or company is unable to attend, they should
notify the ASCPA office as soon as possible. The firm or
company may then supply the ASCPA with the display
materials, handouts, giveaways, etc. that they wish to be
made available at the event.
Please return the form no later than September 17, 2012, to:
Arkansas Society of CPAs
Attn: Robin Harris
11300 Executive Center Drive
Little Rock, AR 72211-4352
Fax (501) 664-8320
ASCPA STUDENT CAREER FAIR
MONDAY, SEPTEMBER 24, 2012
______ Yes, Our Firm or Company is interested in
participating in the Student Career Fair.
Firm/Organization: _______________________________
For more information, contact:
Robin Harris, e-mail [email protected] or
call (501) 664-8739 or 1-800-482-8739 in AR
Contact Person: _________________________________
(may be different than representatives attending)
Address: ______________________________________
City: __________________________________________
Contact Phone: _________________________________
Contact E-mail: _________________________________
“A student finishing her master’s degree at a well-respected
university, with a desire to obtain her CPA
license is working for our firm in a professional internship
position. The opportunity she has with our firm
came from her commitment to participate in several recruiting
functions, university sponsored as well as
the ASCPA Student Career Fair.” - Brent Sharpmack, CPA
4
5
CGMA DESIGNATION
and I’m quite convinced that one plus one will equal more than
two. What we’re doing is we’re bringing together two large
communities of people—CIMA’S 183,000 members and
students and the AlCPA’s collective 370,000 membership—
together, we are over half a million professionals focused upon
driving successful organizations.
CGMA Chartered Global
Management
Accountant
AICPA members are particularly interested in the
AlCPA’s advocacy efforts. Can you talk about how
advocacy plays into the AICPA-CIMA joint venture?
[Melancon]: The AICPA and the state CPA societies have
been extraordinarily effective in influencing legislation on both
the state and federal levels. We want to extend our impact even
further. Increasingly, international rule-makers and regulators
have an indirect impact on the U.S. This was most recently
evidenced by the PCAOB’s concept release which, if adopted,
would mandate auditor rotation. That issue was also raised last
year by the European Commission. In such areas and so much
more, the U.S. CPA will benefit by the joint venture leveraging
AlCPA’s and CIMA’s combined global footprint to advocate for
and on behalf of the U.S. CPA anywhere in the world as well
as key public interest issues. Through the combined voice of
the world’s two leading accountancy organizations, we will
have a very important voice on the global stage to proactively
address the critical issues for our profession and the public.
Creating a New Worldwide Designation to Meet
the Challenges of Global Business
A Q&A with Barry C. Melancon, CPA, CGMA and
Charles Tilley, FCMA, CGMA
A new designation, the Chartered Global Management
Accountant (CGMA), was launched around the world on
January 31, 2012, through a joint venture of the American
Institute of CPAs (AICPA) and the Chartered Institute of
Management Accountants (CIMA). The CGMA is a new global
designation that recognizes CPAs working in a range of
management accounting roles in businesses, industries and
governments worldwide. Those with the new designation play
a critical role in helping organizations of all sizes achieve
sustainable business success. Management accountants, in
today’s ever-more complex business environment, have
greatly expanded their roles as business partners and must
have the ability to synthesize and interpret a wide range of nonfinancial and financial information. The CGMA signals to
employers that the designee has built upon core financial
expertise and business acumen and is committed to continually
developing his or her management accounting competencies.
CGMA designation-holders have access to a new resourcerich website, www.cgma.org, featuring a global online
community of peers, thought leadership papers, practical
business tools, CGMA Magazine and Newsletter and other
resources to help them stay up-to-date on important
professional issues, drive critical business decisions at their
organizations and chart the best course to meet their
professional objectives.
AICPA President and CEO Barry Melancon, CPA, CGMA
and CIMA chief executive Charles Tilley, FCMA, CGMA—a
former London partner of KPMG and Group Finance Director
of investment banks Hambros PLC and Granville Baird—
discuss the new designation, its development and the role of
management accountants in the following interview.
What would you say to both CIMA members and CPAs
in management accounting about why they should pursue
the CGMA designation?
[Tilley]: When you have the CGMA designation, you are
telling your employer and others that you understand the
language of business from multiple perspectives and know how
to connect the dots like no other financial professional. For those
of us elsewhere in the accounting world, we know that as a U.S.
CPA you will have committed to developing and maintaining
your skills, your ethical standards and your integrity. The CGMA
will expand these to include the additional and specialized skills
and standards you need in business, industry and government
and will show that you are an experienced business partner who
can help drive organizational success.
[Melancon]: We envision the CGMA as a new type of
designation that remains focused on a constantly changing
world. Demographers tell us that young professionals,
particularly in developed economies, will have multiple careers
and different opportunities in their lives. For some it will be
physical relocation and for others changes in job classification.
For our young professionals now in business, industry or
government, or who start their career in public practice, this is a
designation that will evolve with them throughout their
professional lives, creating value for members and their
employers and, ultimately, creating value for the people who use
the services CGMAs provide. For CPAs in business and
industry who for years have asked for additional support in
underscoring their value and contribution in the business world,
this designation and its associated resources is a long-sought
solution.
Why have the AICPA and CIMA created the CGMA
designation?
[Barry C. Melancon]: Combining the AlCPA’s expertise with
CIMA’s more than 90 years of management accounting
leadership is an effective way to create value for our members.
For our 140,000-plus members who work in business, industry
and government, the CGMA will complement their U.S. CPA
and will elevate their value to their employers. The CGMA is
poised to be the global designation for management
accounting, and this joint venture with CIMA further enhances
the position of the U.S. CPA as a worldwide leader.
[Charles Tilley]: We are here to help people and
organizations be successful by creating a global standard for
management accountants. At the same time we’re bringing our
resources together—our intellectual property and our people—
How will businesses benefit from the CGMA?
[Tilley]: These days, it doesn’t matter if yours is the smallest
organization in the world, you can still be selling anywhere else
Continued on page 7
6
CHAPTERS
CENTRAL CHAPTER
Don’t Miss the Last Chance
to Enjoy a
The February Meeting of the Central Chapter featured
Craig Brown, a vice president with Investment Property
Exchange Services, Inc. in Dallas. He gave a detailed
presentation on Section 1031 like-kind exchanges,
including Parking Title Exchanges and Multiple Asset
Exchanges, and how they can be used to help clients. Mark
Johnson of Riverside Financial Services in Heber Springs
was extremely helpful in making the arrangements for Craig
Brown to speak to the group.
Night at the
Ballpark
Sponsored by the ASCPA Central Chapter
This is the last chance for all Central Chapter
Members and their families to sign up to attend a Night
at the Ballpark for a free picnic and admission to watch
the Arkansas Travelers baseball team play the San
Antonio Missions at Dickey-Stephens Park in North
Little Rock, on Monday, June 4, 2012. A hamburger
and hotdog buffet will be held at the Tracks Inn picnic
area at 6:10 p.m. and the game will begin at 7:10 p.m.
Bring your family and come socialize with other CPAs
and watch the game!
Be sure to specify the number attending. Do not
include children age 3 & under. Don’t miss this event. It
will be a big hit!
Mark Johnson, Craig Brown, Will Cottrell
UPCOMING MEETING
Register no later than May 16, 2012 via the
ASCPA website: www.arcpa.org.
May 14, 2012
Greg Metcalf, from the IRS will present an Update.
CGMA - Chartered Global Management Accountant
Continued from page 6
[Melancon]: We say the CPA is the trusted business advisor
and 50 percent of the CPA population works in business,
industry and government. Some of them are in the C-suite, but
even if they’re not, a very important aspect of their skill set is
being at the decision-making table. We see a group of people
who bring trusted information and thinking into that process.
The future is you—the trusted business strategist—being
recognized for your ability to critically look at opportunities, to
think differently and broadly, and bringing the discipline, ethics,
commitment and competencies to that decision-making table.
[Tilley]: Success means widespread recognition of the value
of management accounting. So many organizations have
made poor decisions, mainly through a lack of information,
analysis or proper thought. Management accounting ensures
that external and internal data are complete and properly
analyzed; ensuring that management and the boards can make
decisions based upon a complete set of information. We
envision more organizations, both in the private and in the
public sector, recognizing the value of management
accounting, what it brings to the quality of their decision-making
and of their governance and oversight. As a benefit of the
CGMA, the world will have better-run organizations in both the
private and the public sector.
The CGMA is available to qualifying AICPA members.
Members of the Arkansas Society of CPAs who are also
members of the AICPA can save $50 off the annual CGMA
registration fee. For more information about the CGMA, visit
www.cgma.org.
in the world through the Internet. As a result, global standards
and principles are really important. Through CGMA, we’re
offering global recognition of a standard of management
accounting, a standard of our members’ skills and expertise. A
number of CIMA case studies make it clear that this is what
employers want. For example, Shell wants a global standard so
that when they move their management accountants around
the world, they know those people have the same skills and
standards. The CGMA proposition includes a virtual network
where people can share problems and issues. The best people
to answer your problems are people who have done the same
thing and have managed to crack that particular problem.
[Melancon]: The role of the management accountant is
frequently underestimated; it is much more than a simple
accounting commodity. Management accountants can be
found at every level of an organization and are at the center of
a forward-looking discipline combining both accounting and
business expertise. The CGMA is a single designation that
benefits large and small, public and private employers across
the globe. Business owners and decision makers will
confidently recognize the CPA-CGMA designation-holder as a
highly skilled business strategist, who can be trusted to guide
critical business decisions and drive strong and sustainable
performance anywhere in the world.
What is your vision of the future and what does
success look like?
7
CPE
CPE Schedule of Courses & Conferences May through August, 2012
Date
Field
Of
Study
Acronym
Course Title
MAY _
16 - 17 AA
HCRPM
18
ADPRT
How to Conduct a Review Under the AICPA
Practice Monitoring Program HCRPM
Advanced Course: Overview of the AICPA
Peer Review Standards
Thirty-Second Annual Accounting and Auditing
Conference
AA
30 - 31 AA
AA-32
JUNE
4
AA/GOV AOMB
CPE
Credit
16
8
16
NEW! Now I Oversee: Advanced OMB A-133 Issues
8
8
8
5
MS
FMCS
NEW! Closely Held Business Taxation: Smart
Strategies to Slash Taxes
The 2011 Revised Yellow Book: Government
Auditing Standards
NEW! Financial Managers Career Workshop
6
AA
AFKP
Audit's of 401(k) Plans
8
6
TX
PRFO
8
7
AA
EBPE
NEW! Private Foundations-Planning for Family
Philanthropy
Employee Benefit Plans: Auditing and Accounting
Essentials
7
MS
ERI
8
AA
AUAA
4
5
TX
CHTX
AA/GOV EO-YB
8
8
NEW! Expanding the Role and Influence of CPAs
in Organizations
Annual Update for Accountants
8
Form 990: AICPA's Answer to Unlocking the
Tax Complexities
Advanced Estate Planning
8
Early
Discounted
Course Fee
Member
Discounted
Fee
Early
Discounted
Member Fee
Location
Speaker
Course
Fee
Little Rock ASCPA
Conference Center
Little Rock ASCPA
Conference Center
Big Cedar Lodge,
Branson, Missouri
J. Mason Andres
$635 **
$605 **
$435 **
$405 **
J. Mason Andres
$325 **
$295 **
$225 **
$195 **
Provided by Accounting
Principles & Auditing
Committee
$520
$490
$320
$290
Rachel K. Hall
$325 **
$295 **
$225 **
$195 **
Robert T. Smith
$325 **
$295 **
$225 **
$195 **
Rachel K. Hall
$325 **
$295 **
$225 **
$195 **
Joseph M. Rugger
$325 **
$295 **
$225 **
$195 **
Joshua M. Osbourne,
Brian C. Smith, &
Jeremiah D. Wood
Charles C. Owen
$325 **
$295 **
$225 **
$195 **
$325 **
$295 **
$225 **
$195 **
Joshua M. Osbourne,
Brian C. Smith, &
Jeremiah D. Wood
Mark A. Conine
$325 **
$295 **
$225 **
$195 **
$325 **
$295 **
$225 **
$195 **
Kurt Oestricher
$345 **
$315 **
$245 **
$215 **
M. Leon Mourton
$325 **
$295 **
$225 **
$195 **
Little Rock ASCPA
Conference Center
Little Rock ASCPA
Conference Center
Little Rock ASCPA
Conference Center
Little Rock ASCPA
Conference Center
Little Rock ASCPA
Conference Center
Little Rock ASCPA
Conference Center
Little Rock ASCPA
Conference Center
18
TX
AEP
19
ET
CL4RWBE Real World Business Ethics: A Case Study Approach
4
Little Rock ASCPA
Conference Center
Little Rock ASCPA
Conference Center
Little Rock ASCPA
Conference Center
Little Rock ASCPA
Conference Center
CPE & Alaskan Cruise
22 - 23 AA
URRF
Update and Review of Risk Factors, Red Flags
& Characteristics of Occupational Fraud
12
CPE & Alaskan Cruise
Jerry M. Spratt
$150
$150 Free with Cruise Registration
25
CP
EXT-4
4
$140
$125
IPA-4
$190
$175
$140
$125
26
CP
EBT
$345
$315
$245
$215
Analytical Procedures for Nonprofit Organizations
8
Provided by K2
Enterprises
Provided by K2
Enterprises
Provided by K2
Enterprises
Lynda Blust-Ramirez
$175
CP
Little Rock ASCPA
Conference Center
Little Rock ASCPA
Conference Center
Little Rock ASCPA
Conference Center
Springdale - Jones
Center for Families
Springdale - Jones
Center for Families
Little Rock ASCPA
Conference Center
$190
25
Excel Tables-Revolutionize How You Work with Excel
(8:30am - 12:00pm)
iPad-An Effective Business Tool
(1:00pm - 4:30pm)
Excel Budgeting and Forecasting Techniques
$375 **
$345 **
$275 **
$245 **
Anthony A. Hilliard
$375 **
$345 **
$275 **
$245 **
Joseph A. Sanford
$325 **
$295 **
$225 **
$195 **
C. Shane Warrick
$365 **
$335 **
$265 **
$235 **
Melissa Critcher
$345 **
$315 **
$245 **
$215 **
Melissa Critcher
$345 **
$315 **
$245 **
$215 **
8
27
TX/GOV EO-F990
AA/GOV EO-APF
8
8
4
8
28
TX
CT-GST
Sales and Use Tax: Guide to Doing it Right
8
29
AA
ICRE
Compilation and Review Engagements
8
JULY
10
AA
FFMD
Financial Forecasting and Management Decisions
8
30
AA
AEMP
8
31
AA
FOTB
NEW! Accounting Services Compilations and
Reviews: Effective Risk Management
Audits of 403 b Plans: A Challenging New Audit Area
8
El Dorado SouthArk
Community College
Conference Center
Little Rock ASCPA
Conference Center
Little Rock ASCPA
Conference Center
8
Charles C. Owen
$100
$100
Free with Cruise Registration
Charles C. Owen
$50
$50
Free with Cruise Registration
CPE
Date
Field
Of
Study
CPE
Credit
Acronym
Course Title
AUGUST
1
AA
RPCR
2
AA/TX
CAAT
Advanced Issues in Compilation, Review and
Accounting Services
Construction Contractors: Accounting, Auditing & Tax
8
3
AA
CCAI
Construction Contractors Advanced Issues
8
27
TX
BDPTE
8
28
AA
AUAA
Basis/Distribution for Pass Through Entities:
An IRS Hot Spot
Annual Update for Accountants and Auditors
29
TX
MIT
Multistate Income Tax: Simplifying the Complexities
8
30
AA/CP
EXAA
8
31
TX
ITTF
Accounting and Auditing with Excel: Practical
Applications for Maximum Performance
International Taxation: To and From the United States
8
8
8
Location
Course
Fee
Early
Discounted
Course Fee
Member
Discounted
Fee
Thomas Sheets
$345 **
$315 **
$245 **
$215 **
Thomas Sheets
$345 **
$315 **
$245 **
$215 **
Provided by the AICPA
$345 **
$315 **
$245 **
$215 **
Joseph A. Sanford
$325 **
$295 **
$225 **
$195 **
Kurt Oestriecher
$375 **
$345 **
$275 **
$245 **
Charles C. Owen
$365 **
$335 **
$265 **
$235 **
Joseph A. Sanford
$365 **
$335 **
$265 **
$235 **
Michael Tilton
$375 **
$345 **
$275 **
$245 **
Speaker
Little Rock ASCPA
Conference Center
Little Rock ASCPA
Conference Center
Little Rock ASCPA
Conference Center
Little Rock ASCPA
Conference Center
Texarkana Courtyard
by Marriott
Texarkana Courtyard
by Marriott
Springdale Jones
Center for Families
Springdale Jones
Center for Families
Early
Discounted
Member Fee
All courses begin at 8:30 a.m. and end at 4:30 p.m. unless otherwise noted. For conference times refer to conference brochures.
** Denotes American Institute of Certified Public Accountants’ Course, AICPA Members May Deduct $30 from
the Course Registration Fee. (8 hours AICPA courses only)
Special Needs? Please contact the Society office at (501) 664-8739.
See Registration Form for Courses and Conferences below.
COURSE & CONFERENCE REGISTRATION FORM
(Please Copy Registration Form as Needed)
Name________________________________________________________ Certificate Number____________________________
Firm Name_______________________________________________________________________________________________
Phone Number ______________________ Fax Number ______________________ E-Mail _____________________________
Address/City/State/Zip _____________________________________________________________________________________
Are you a member of your state society? ______ Yes ______ No
If Yes, What State?______________________________
Are you a member of AICPA? ______ Yes ______ No
(AICPA Members will receive a $30 per course discount on courses denoted with an **)
If you have a specific need contact the CPE Department at least one week prior to the course or
for questions at any time call 501-664-8739 or 800-482-8739
Date
Course Title or Acronym
Fee
•_______________________________________________________________________________________________________
•_______________________________________________________________________________________________________
•_______________________________________________________________________________________________________
Less AICPA Discount $ __________________
(AICPA Discount is $30 off of the course fee listed and is ONLY for AICPA members and ONLY on those courses denoted with an **)
Total Amount Enclosed $ __________________
Payment Method: ( ) Company Check
( ) Personal Check
( ) AMEX
( ) Visa
( ) MasterCard
CARD NUMBER: ___________________________________________________ EXPIRATION DATE ___________________
MAIL REGISTRATION WITH PAYMENT TO: ASCPA, 11300 Executive Center Drive, Little Rock, AR 72211-4352
WITH CREDIT CARD INFORMATION, REGISTRATION IS ALSO ACCEPTED BY:
FAX: (501) 664-8320 WEB SITE: www.arcpa.org PHONE: (501) 664-8739 or (800) 482-8739 IN ARKANSAS
Cancellation Policy: Full refund, less a $10.00 service charge will be made if notice of cancellation is received at least 60 days prior to the course
or conference date. Full refund, less a $25.00 service charge will be made if notice of cancellation is received between 10 and 60 days prior to the
course or conference date. NO REFUND WILL BE MADE IF NOTICE OF CANCELLATION IS RECEIVE LESS THAN 10 DAYS PRIOR TO THE
COURSE OR CONFERENCE DATE. Registrants may not transfer from one course to another.
Full Payment Must Accompany the Registration Form
9
CPE
Last Chance to Register!
Last Chance to Register For the
32ND ANNUAL ACCOUNTING AND
AUDITING CONFERENCE
MAY 30 - 31, 2012
BIG CEDAR LODGE • BRANSON, MISSOURI
ASCPA Ninth
Educators’
Conference
Monday, May 21, 2012
ASCPA Conference Center
Little Rock
$50 Member/Non-Member Fee
Featuring Sessions on the Following:
•
•
•
•
•
•
•
•
•
•
•
The ASCPA is hosting the Ninth
Educators’ Conference this spring, on
Monday, May 21, 2012, at the ASCPA
Conference Center in Little Rock. The
Educators’ Conference is a forum for
accounting educators at Arkansas’ two
and four-year colleges and universities,
and allows them to meet with their peers
to hear discussion on current topics,
future trends, and teaching strategies,
and to share ideas and concerns.
Accounting and Auditing Update
Compilation and Review Essentials
Disaster Recovery
Contractors’ Licensing Board
Fraud Update
Fraud Panel
Government and Nonprofit Update
IFRS
Professional Issues Update
Lessons from Leading Legends
.... and much more!
Registration Form
Name_________________________________ Certificate No.___________
Firm/Company_________________________________________________
Address______________________________ Telephone_______________
City___________________________________State________Zip________
Registration Fees:
Total
Conference Member Fee
$290
___________
Conference Non-Member Fee
$490
_________
**Fee increases by $30 if registering less than 14 days prior to
conference.
Method of Payment:
Company Check ____ Check ____ Visa ____ MasterCard____ AMEX____
Card Number ____________________________Expiration Date________
For Hotel Accommodations, contact the Big Cedar Lodge at 417-335-2777.
Standard Rooms starting at $125. Discount reservations are available for
conference attendees. Be sure to ask for the AR Society of CPAs
discounted rate. Deadline for Discount Reservations is April 30, 2012.
Mail or fax registration to:
ASCPA, 11300 Executive Center Drive, Little Rock, Arkansas 72211-4352.
Fax to 501-664-8320 or Call the Society office to register by phone at 501-6648739 or toll free in Arkansas at 1-800-482-8739. Log on to www.arcpa.org to
register on-line (Payment must be received before registration(s) can be
processed and place reserved.)
10
Presentation topics include:
Clickers for Teaching and Research, by Dr. Stephanie F. Watson,
University of Central Arkansas; Accounting Needs of Firms & Government - A
Panel Presentation, by Rob Gunther,
Partner, Frost, PLLC; Paula Kinnard,
Arkansas Division of Legislative Audit and
Jacob Wells, JPMS Cox, PLLC; Facilitating Discussion of Ethics Cases, by Dr.
David T. Dearman, University of Arkansas
Little Rock, Dr. Philip A. Brown, Harding
University, and Dr. John F. Robertson,
Arkansas State University; Cheating and
Academic Dishonesty: University of
Arkansas’ New Campus-Wide Academic Integrity Process, by Dr. Charles J.
Leflar, University of Arkansas; Student to
Professional: What About Everything in
Between?, Dr. Stephanie F. Watson,
University of Central Arkansas, and
Professor Julie Wright, University of
Arkansas Fort Smith. A Moderated group
discussion and idea exchange are also
planned.
Cost is just $50 for ASCPA Members
and Non-Members who are accounting
educators. A complimentary lunch is
provided. The event will be qualified for
6.5 hours CPE credit.
Watch the ASCPA website for an
agenda and online registration form, or
contact the ASCPA at (501) 664-8739 or
(800) 482-8739 in Arkansas for
registration or for more information.
CPE
&
12/03/2012
Professional Ethics Update (4 credits)
(8:30 am - 12:00 noon)
12/10/2012
Individual Tax Update (8 credits)
Presents
12/11/2012
Business Tax Update (8 credits)
2012 WEBCASTS
12/12/2012
Family Wealth Management (8 credits)
12/12/2012
Communication Excellence for
Accounting Professionals (4 credits)
(8:30 am - 12:00 noon)
12/12/2012
Persuasive Skills for Accounting
Professionals (4 credits)
(1:00 pm - 4:30 pm)
12/28/2012
Excel Pivot Tables for Accountants
(4 credits) (8:30 am - 12:00 noon)
12/28/2012
Excel Reporting (4 credits)
(1:00 pm - 4:30 pm)
• Improve your competency without leaving your office!
• All of the courses are online - you interact with peers
without traveling to a course site.
• Qualifies for Live Group Study CPE Credits!
Register Today for Upcoming Broadcasts:
10/18-19/2012
Industry, Commerce & Banking
Conference (16 credits)
11/26-27/2012
Fraud Conference (16 credits)
For a Listing of Available Webcasts and to Register go to:
http://arcpa.acpen.com//
11
EMERGING CPAS
4TH ANNUAL
EMERGING CPAS CONFERENCE
OCTOBER 25, 2012
ASCPA Conference Center
$50
ASCPA Emerging CPAS (40 or younger)
Passed the CPA EXAM within the last ten years
ASCPA Chairmen
ASCPA Mentors
Schedule of Events
8:00 - 9:40
9:40 - 10:00
10:00 - 10:50
10:50 - 11:40
11:40 - 12:45
12:45 - 2:30
2:30 - 2:45
2:45 - 4:20
Ethics — Terrye Stinson, Southern Arkansas University
Break
Professional Development — Jacob Wells, JPMS Cox
CGMA Designation — Paul Parks, AICPA
Lunch
Fraud — Jerry Spratt, Retired
Break — Happy Hour Begins
Emerging CPAs Committee Panel
Register online at www.arcpa.org
The
Emerging CPAs Committee
will meet April 24, 2012, at the
ASCPA Conference Center,
at 5:30 p.m. for pizza and drinks.
If you are not available,
you can join the meeting
via conference call.
We encourage each memeber
to join in, get acquainted,
meet your new Chairman, and
help plan events for the
upcoming year.
Please RSVP to Lisa Hunt
at [email protected].
W! CLOUD
E
N
COMPUTING
OCTOBER 2, 2012
ASCPA CONFERENCE
CENTER
LITTLE ROCK
Don’t Forget the ASCPAs Toy Drive and Coat Donations This Year!
AICPA LEADERSHIP ACADEMY
APPLICATION DEADLINE MAY 15, 2012
2012 AICPA LEADERSHIP TRAINING ACADEMY
SEPTEMBER 30 — OCTOBER 4, 2012
Washington Duke Inn, Durham, NC
All expenses PAID — if you are one of the 30 applicants
selected by the AICPA
Visit www.arcpa.org for more details and
eligibility requirments or e-mail [email protected]
Don’t miss this once in a lifetime
Leadership Training experience!
12
LOOKING FOR A
MENTOR?
Let the ASCPA
help!
If you want to succeed in this
profession at a much faster pace, if
you want knowledge and know-how
at your fingertips, then you need a
Mentor to help guide you through.
Soak up their advice, based upon
years of experience. Heed their
warnings. Follow their directives.
Steward the relationship as if it were
your most valuable asset. It just
might be! Visit www.arcpa.org for a
mentee or mentor form. Fill it out
and fax to 501-664-8320, or e-mail
to [email protected]. For more
information, contact Lisa Hunt at
501-664-8739.
FINANCIAL LITERACY
Members Make KIDS COUNT Presentations
Dr. Patricia Mounce, an accounting professor at UCA in Conway visited Martin Luther King Elementary in
Little Rock on February 9, 2012. Trish made Kids Count presentations to a total of 91 students in each of the
school’s four 2nd grade classes. The teachers were Ms. Byrd, Ms. Collins, Ms. Williamson, and Ms.
McCullough.
During the presentations, each student received the Kids Count materials,
which included an easy to recite poem about savings, a drawing activity, and a pink
plastic piggy bank, courtesy of the ASCPA. Each teacher received a recommended reading list of books
on the topic of money, and also a classroom activity. Each child also received information to take home
to their parent or guardian to help reinforce the savings lesson.
Students at Martin Luther King Elementary in Little Rock were glad to each receive a piggy bank from Kids Count presenter Trish Mounce.
TIPS TO SAVING FOR A GETAWAY
In order to develop your budget, keep all of your receipts. That way you can get
a realistic sense of where you are in your current spending.
An Easy Start
• Save money by “re-discovering” fun places close to home.
• Plan ahead! Airfare and hotels are cheaper when booked in advance.
Diving In
• If possible, plan vacations during off-seasons.
• Once you get to your destination, make your own breakfast and lunches so you
only have to eat dinner out.
• Get deeper discounts on car rentals by “naming your price” on sites that allow you
to bid for lower rates.
Super Saver
• Stay in accommodations with kitchens. Cook dinner most nights, saving dining out
for a few special evenings.
• Explore house swapping with friends who live in different states.
• If you can be flexible with your travel dates, there are some deep airfare discounts
out there.
• Talk to friends or the folks about that timeshare they never use.
For more saving tips, or information on breaking certain spending habits, go to:
www.feedthepig.org
13
WOULD YOU
LIKE TO
MAKE A VISIT
TO A GROUP
OR A
SCHOOL?
Please contact Robin at
the ASCPA office at (800)
482-8739 in Arkansas, or
(501) 664-8739 or e-mail:
[email protected] if you
would like to make a visit to a
group of school students
utilizing these materials. Also
be sure to complete and
return the Sign Up Form
located on the ASCPA
website at: www.arcpa.org.
14
LEADERSHIP
CENTRAL CHAPTER
PRESIDENT
L A ST C H A NC E !
NOMINATE A FIRM FOR
THE ASCPA PUBLIC
SERVICE FOR
FIRMS AWARD
PR FILE
The ASCPA Public Service Award for Firms aims to
recognize firms for their public service contributions on the
local, state, or national level. The award intends to
encourage more CPA firms to initiate or increase their
community service activities, and reinforce the
profession’s reputation for commitment to the public good.
In evaluating the impact of a firm’s public service
activities, consideration will be given to the size of the firm
in relation to its contribution to the community it serves.
After the nomination is received, you will be sent a
Nomination Packet to list the various accomplishments of
your nominee.
Will Cottrell
Firm/Company: Arkansas Department of Human Services
Position: Agency Controller - Payroll Unit
Time In Current Position: Four Years
Birthplace: Little Rock, Arkansas
First Job Ever: A Summer Job Stocking License Plates
at the Arkansas Revenue Department in the Basement
of the State Capitol
First Job As a CPA: A Staff Accountant at
Russell Brown & Co., CPAs
Alma Mater: University of Arkansas at Fayetteville
Year I Passed the CPA Exam: May, 1976
Professional/Community Activities: ASCPA - CPE
Committee Chairman; Association of Government Accountants
Marital Status/Children/Pets: Married to Ann,
Grand-nephew Brayden and Grand-niece Avery, and Cats.
My Best Asset Is: Patience
Favorite Food: Chocolate Cake (Is That Really a Food?)
My Favorite Author’s Are: W.E.B. Griffin and Robert Heinlein
The Last Book I Read Was:
The Age of Wonder by Richard Holmes
If I Could, I Would Write a Book About:
How to Improve Your Memory
My Teen-Age Idol Was: Bob Friend, Pitcher for
Pittsburgh Pirates 1951-1965
Favorite Movie of All Time: Made in Heaven (1987)
Favorite Television Show: The Doctor Who Series
Dream Vacation: A Cruise Down the Arkansas and
Mississippi Rivers to New Orleans
Guests At My Fantasy Dinner Party Would Be:
Michael Crichton, Ben Franklin, Mark Twain,
Frantisek Kupka and Hedy Lamarr
If There’s One Thing I Won’t Do, It’s: Bungee Jump
My Pet Peeve Is: Being Late
If I Weren’t a CPA, I Would Be: An Engineer
What I Like Best About My Job: The Realization
That My Work is Important and Feels Rewarding
Future Goal: Finish a Couple of Remaining Courses
For a Second Master’s Degree
Goals For The Society:
To Put the Next Generation on Good Footing
One Word To Sum Me Up:
Always Active - One More Thing To Be Done
My Heroes Are: Those Who Sacrifice To Serve Us All
Words of Wisdom:
“Good Night and May God Bless” ~ Red Skelton
ASCPA PUBLIC SERVICE AWARD FOR FIRMS
CPA Firm Being Nominated______________________
___________________________________________
Your Name __________________________________
Address____________________________________
City/State/Zip ________________________________
Phone _____________________________________
Return Completed Form by As Soon As Possible to:
ASCPA Public Service Award For Firms
Fax: (501) 664-8320
THIRTY-SECOND ANNUAL INDUSTRY,
COMMERCE AND BANKING CONFERENCE
OCTOBER 18-20, 2012
ASCPA CONFERENCE CENTER
LITTLE ROCK
15
LEADERSHIP
L A S T CH A N CE !
Thank You
NOMINATE A MEMBER FOR
THE OUTSTANDING
EMERGING CPA AWARD
The ASCPA Student Education Fund would like to
express appreciation to the following for
contributions since publication of the last Newsletter:
Charlotte A. Arnold
Deborah K. Bays
M.J. Borchert, Jr.
Kerry Brooks
Richard M. Bushkuhl
Paula L. Carollo
Michael G. Higgins
Lisa G. Love
John L. Maquire
Mary K. McKenzie
Donald V. Moore, Jr.
Charles C. Owen
George D. Panter
Merri M. Russell
Patricia M. Salman
Elizabeth A. Smith
Stanley Smith
R.B. Thompson
Dona R. Tyler
Gary A. Walker
Marcella Winzerling
W.R. Young
Please help us to recognize an ASCPA member who
is 40 years of age or younger, and/or that has passed the
CPA Exam within the last ten years, and has made
significant contributions to the accounting profession, as
well as the community at large. Exemplary leadership
qualities and skills must be demonstrated, as well as
volunteer service within the ASCPA, local chapter, or
community.
your nominee.
OUTSTANDING EMERGING CPA AWARD
Nominee ___________________________________
Your Name _________________________________
Address____________________________________
City/State/Zip ________________________________
Phone _____________________________________
ASCPA Emerging CPA Award
Fax: (501) 664-8320
Cook Assumes Presidency
(public radio for South Arkansas), as well as the Union County
Community Foundation, where he served on the founding
Board of Directors as Treasurer.
One of W.L.’s many interests includes historic
preservation. He is very involved with the National Trust for
Historic Preservation. He has twice served as an Arkansas
representative on the Board of Preservation Action,
Washington, D.C. W.L. is a Charter Member of the Historic
Preservation Alliance of Arkansas, and has served on its
Board for many years, as a member, Secretary, Vice
President, and Treasurer. He is a Life Member of the
Washington County Historical Society, in Fayetteville,
Arkansas. W.L. Cook has also served on the Board of the
South Arkansas Historical Foundation, in El Dorado,
Arkansas, having served on its Board and as President.
W.L. will spend the upcoming year reflecting on the
Society’s past and looking toward the future. His Chapter
presentations will be extremely interesting; so plan to attend
your Chapter Meeting when he visits your Chapter.
He is very involved in numerous civic organizations,
including the El Dorado Kiwanis Club, having served on its
Board for three years, as Vice President in 1986-87, PresidentElect in 1987-88, and President for 1988-89. He is currently
serving as Treasurer, a position he has held since 2002.
W.L. has been involved with the Arkansas Sesquicentennial Committee for Union County, having served as Chairman
and was appointed to the steering committee of the Arkansas
Sesquicentennial Commission. He was also a member of the
Union County Committee for the Bicentennial of the
Constitution. He is a supporter of the South Arkansas Art
Center, and South Arkansas Symphony.
W.L. is a Life Member of the Arkansas Alumni Association,
Inc. He has served on its National Board for the past three
years. He is a member of the Union County Arkansas Alumni
Association, having served as both Vice President and
President. W.L. has served on the KBSA Advisory Board
16
LEADERSHIP
LA ST CH ANCE !
NEW!
NOMINATE A MEMBER
FOR ASCPA PUBLIC
SERVICE AWARD
PRIVATE FOUNDATIONS PLANNING FOR FAMILY
PHILANTHROPY
JUNE 6, 2012
LITTLE ROCK
Do you know a fellow CPA who has been serving in a
volunteer capacity for years and deserves a little
recognition? Nominate them for this ASCPA award!
The Public Service Award recognizes those ASCPA
members who have distinguished themselves through
public service activities at the local, regional, state or
national level, and through their service have reflected a
positive image upon the CPA profession. Criteria to be
considered include: leadership and initiative, level of
involvement, outstanding innovation and the overall
impact on the community.
your nominee.
L A S T CH A N CE !
NOMINATE A MEMBER FOR
THE OUTSTANDING
CPA IN BUSINESS &
INDUSTRY AWARD
ASCPA PUBLIC SERVICE AWARD
Nominee ___________________________________
Now is your opportunity to recognize an ASCPA
member who is a leader in business and industry. Help
us to recognize an exemplary CPA by nominating them
for the Outstanding CPA in Business and Industry
Award. Nominees should be ASCPA members who have
worked to blend information technology, financial
decision making and progressive management
techniques, helping his or her business move forward.
your nominee.
Your Name _________________________________
Address____________________________________
City/State/Zip ________________________________
Phone _____________________________________
ASCPA Individual Public Service Award
Fax: (501) 664-8320
OUTSTANDING CPA IN
BUSINESS & INDUSTRY AWARD
Nominee ___________________________________
Your Name _________________________________
Address____________________________________
City/State/Zip ________________________________
Phone _____________________________________
ASCPA Business and Industry Award
Fax: (501) 664-8320
17
18
MEMBER SERVICES
Include Your Firm In
ARKANSAS SOCIETY OF CPAS 2012
GUIDE TO PUBLIC ACCOUNTING FIRMS
Attention Public Accounting Firms:
We want to help you in your efforts to recruit and hire future staff accountants!
The Arkansas Society of CPAs is preparing a printed Guide to Public Accounting Firms for distribution to accounting
students at Arkansas’ colleges and universities.
The guide will assist students in providing them with a free directory of public accounting firms throughout Arkansas and
surrounding cities, from which they can select firms to apply for employment. This guide will also help public accounting firms
gain exposure to students as they prepare to begin careers in accounting.
The guide will be distributed to the accounting department heads of Arkansas’ colleges and universities. Further, each
ASCPA student member will receive a personal copy of the guide directly. The guide will also be available to students for
viewing and/or downloading as a PDF document on the ASCPA website.
To have your firm’s information included in the Guide free of charge, please designate one person from your firm to
complete and return the attached form no later than July 30, 2012. Be sure to include the appropriate contact person’s name,
position, and e-mail address for inclusion in the directory, to help students seek further information.
Thank you.
Guide to Public Accounting Firms in Arkansas
Firm Description: (Please limit to one short paragraph)
Please include the information exactly as it appears below for
my firm:
______________________________________________
______________________________________________
Firm:__________________________________________
______________________________________________
Address:_______________________________________
______________________________________________
City/ Zip: ______________________________________
______________________________________________
Phone:_________________ Fax: __________________
______________________________________________
Website:_______________________________________
______________________________________________
Firm Contact:___________________________________
______________________________________________
Position: _______________________________________
______________________________________________
E-mail:_________________________________________
Firm Size:
Partners ______
______________________________________________
______________________________________________
Total Staff ______
______________________________________________
Will you accept interns?:
Yes __
Will you accept entry level applications?: Yes __
______________________________________________
No __
No __
Please return the completed form by
no later than July 30, 2012, to:
Does your firm have additional offices in other cities, if so,
where?
Arkansas Society of CPAs
Attn: Robin Harris
Fax: (501) 664-8320
______________________________________________
19
MEMBER SERVICES
Last Chance to Register to Attend
All ASCPA Members Age 65 and Over
and Their Guests are
Cordially Invited to
The ASCPA
REQUEST YOUR COPY
OF THE 2012-2013
ASCPA YEARBOOK
ANNUAL SENIOR CPA
LUNCHEON
The 2012-2013 ASCPA Yearbooks are now in! The
ASCPA Yearbook contains a listing of the Leadership,
Committee Members, ASCPA Bylaws, the profession’s
Code of Ethics and more! The Yearbook has
automatically been mailed to the Society leadership,
including Board Members, Committee Members, Chapter
Officers, Directors and Representatives. Members may
receive one free copy of the Yearbook by completing the
attached form and returning to the Society Office.
The Annual Senior CPA Luncheon will be held
Friday, May 4, 2012
11:30 a.m. to 1:30 p.m.
Little Rock Club
(Regions Financial Center)
400 West Capitol Avenue
Little Rock, AR
Offered free of charge for senior members
courtesy of the ASCPA
REQUEST YOUR FREE COPY NOW!
Or download it, go to www.arcpa.org
ASCPA Publications
Complimentary lunch buffet, dessert,
gratuity and parking
2012-2013 YEARBOOK REQUEST
Please send me a free copy fo the Yearbook:
Special Guest Speaker:
W.L. Cook, II, ASCPA President
Name ______________________________________
Contact the ASCPA office to register
(800) 482-8739 or (501) 664-8739.
Firm / Company ______________________________
Address ____________________________________
City _______________________________________
State / Zip __________________________________
Certificate Number ___________________________
ASCPA Has Partnered
With InterCall
Please return to:
ASCPA YEARBOOK
Attn: Lisa Hunt
Fax (501) 664-8320
Providing members with special rates for audio and
web conferencing. Your member pricing represents a
60% discount off of their standard rate for toll-free audio
conferencing. Members can also get competitive pricing
for web conferencing and other services provided by
InterCall. To enroll call 1-800-636-2377 from 8 AM - 6 PM
ET Monday - Friday or visit http://intercall.com/affinity/
ascpa.htm to enroll online.
HOW TO BUY OR SELL A BUSINESS
SEPTEMBER 20, 2012
LITTLE ROCK
20
MEMBER SERVICES
17th Annual
Mac Angel
Golf Tournament
2012 ANNUAL CONVENTION
Awards Banquet and Business Meeting
June 15, 2012
Embassy Suites Hotel • Little Rock, Arkansas
Monday, September 10, 2012
Pleasant Valley Country Club
Little Rock
Want a way to entertain your clients and
potential clients? Want a way to reward yourself,
your partners, and your employees? Plan to sponsor
and play in this year’s Mac Angel Memorial Golf
Tournament, with proceeds benefiting the ASCPA
Student Education Fund for accounting scholarships.
Although we understand you are capable of
evaluating the “cost/benefits” of various business
expenditures, we did want to take this opportunity to
outline some of the “values” of participating in the
17th Annual Mac Angel Memorial Golf Tournament:
• Guest green fees at Pleasant Valley for four
players usually cost $400-$500 (depending on date
and time).
• Lunch and liquid refreshments will be
provided.
• Discount offered on CPE courses held in
conjunction with the tournament.
• Prizes will be awarded for teams, longest
drive, and closest to pin contests.
Join us at the 2012 Arkansas Society of CPAs Annual
Convention Awards Banquet and show your support as we honor
distinguished ASCPA members for their contributions to the
accounting profession and their organizations. The ASCPA will
present the following awards:
• Distinguished Achievement in Accounting Education
• Outstanding CPA in Business and Industry
• Outstanding CPA in Government
• Public Service Individual
• Public Service for Firms
• Outstanding Emerging CPA
REGISTRATION FORM
Member Name ___________________________________
Spouse/Guest Name ______________________________
Firm/Company ___________________________________
Address ________________________________________
City/State/Zip ____________________________________
Phone Number ___________________________________
E-mail __________________________________________
FRIDAY, JUNE 15, 2012
5:00 p.m.
Annual Business Meeting
Embassy Suites Hotel, Little Rock
• $15 gift certificate for Pleasant Valley Pro
Shop will be given to each player.
6:30 p.m.
Beverage Reception
• Various promotions and other values will be
offered to sponsors.
7:30 p.m.
Annual Award Banquet
• Camaraderie and networking with your fellow
CPAs and other professionals — priceless.
REGISTRATION FEES
Annual Business Meeting, Beverage
Reception & Annual Awards Banquet
( ) $50.00 Per Person
Total Amount Enclosed:
• Support of the ASCPA Student Education Fund
for scholarships.
In compliance with Circular 230, we are not
giving tax advice regarding the above, but...
We are guessing a large portion of your outlays
may be tax deductible!
Method of Payment: Company Check ____
Visa ____ MasterCard____
Amount
$ ________
$ ________
Check ____
AMEX ____
Card Number __________________ Expiration Date________
We look forward to seeing you at this event!
Please Return with Registration Payment to:
ASCPA, 11300 Executive Center Drive, Little Rock, AR 72211-4352.
Don R. Smith
John B. Peace
Tournament Chairmen
Fax to 501-664-8320 or Call the Society office at 501-664-8739 or
toll free in Arkansas at 1-800-482-8739. Log on to www.arcpa.org
to register on-line (Payment must be received before registration(s)
can be processed and place reserved.)
21
MEMBERSHIP
NEW MEMBERS
PENDING MEMBERS
We welcome the following who have been approved for
membership in the Society and look forward to their
participation in ASCPA activities.
The following have made application for membership in the
Arkansas Society of Certified Public Accountants since the
publication of the April Newsletter. Should there be an objection
to the admission of these applicants, notice must be submitted
to the Society office within thirty days thereof.
CERTIFIED MEMBERS
CHAD ALLEN GRAHAM
BKD, LLP
Little Rock
TIMOTHY C. JONES
Harding University
Searcy
ZACHARY B. KING
Deloitte & Touche, LLP
Tulsa, OK
STEPHEN T. RAGLAND
Acxiom Corporation
Little Rock
JOHNNA ELIZABETH
STAUDINGER
AR Division of Legislative Audit
Little Rock
NATHAN L. TINDALL
BKD, LLP
Little Rock
ASSOCIATE MEMBER
TANISHA MARIE DIGBY
Vantine & Barrett, CPAs
Rogers
STUDENT MEMBERS
AMANDA L. ADCOCK
Arkansas State University
Jonesboro
ELIZABETH DAVIS BRADLEY
University of Arkansas
Little Rock
LACEY D. CHAVEZ
Little Rock
BOBBIE J. COX
University of Central Arkansas
Conway
HELEN DAVIS
Little Rock
NATALIE A. DOYEL
Little Rock
KATIE S. GRAYHAM
Little Rock
CERTIFIED MEMBERS
YUQUN GU
Conway
PATRICIA A. W. BECKER
Patricia Becker, Consultant
Little Rock
CHE-WEI HSU
Jonesboro
MEAGAN E. GANDY
BKD, LLP
Little Rock
CHENXI HUANG
Conway
JUDY REED
Jonesboro
KELLY L. ISAACSON
Little Rock
ASSOCIATE MEMBERS
ANGELA HARRINGTON
Johnson, Smith & Associates, PLLC
Little Rock
MIYUKI IZUMI
Conway
REBECCA S. REYNOLDS-HAMILTON
Douglas J. Spencer, CPA, PA
Warren
TEMI LAYENI
Southern Arkansas University
Magnolia
TIEN T. HUYNH
Conway
SHANTAY T. JACKSON
Conway
KATRINA M. JOHNSON
Conway
JOHN W. JOYNER
Conway
BYUNGHO KANG
Conway
GEOFFREY A. KRIEGHOFF
Texas A&M University
Texarkana, TX
KELLI R. MCREYNOLDS-ADAMS
Northeastern State University
Tahlequah, OK
REINSTATEMENT MEMBER
LARRY LYNN HAZESLIP, JR.
Arkansas Electric Cooperative Corporation
Little Rock
DEIRDRE ELIZABETH
METRAILER
Little Rock
STUDENT MEMBERS
CAMERON GERD PATE
Conway
SAMANTHA L. PETTIS
Conway
SUSIE M. RANEY
Conway
AMBER L. ROWLETT
Conway
JONATHAN STALNAKER
Conway
CHENGZHI XIE
Conway
SIXTEENTH ANNUAL
TECHNOLOGY CONFERENCE
NOVEMBER 8-9, 2012
LITTLE ROCK
BRYAN HARPER
Texas A&M University
Commerce, TX
22
REBECCA LEAK
Conway
VICKI S. LIMBAUGH
Harding University
Searcy
RAVEN L. ADAMS
Little Rock
JESSICA MAXEY
Conway
LISA BAKER
Conway
ANGELLICA MORRIS
Little Rock
STEPHEN JAMES BENDER
Conway
SCOTT A. PAUL
Conway
HANNAH BINYON
Conway
ERIC PINTER
Little Rock
JANE BROWN
Little Rock
TIM PRESLAR
Conway
CASSIE DANIEL
Conway
CHAD ALLEN PUES
Conway
ALEXANDER COOK DUNN
Conway
MELISSA ROTH
John Brown University
Siloam Springs
RACHEL DIANE EDWARDS
Conway
MICKY DANIEL STUART
Little Rock
STEVEN A. HADLEY
Conway
JOSHUA W. SYKES
Fort Smith
PEER REVIEW
How to Conduct a
Review Under the AICPA
Practice-Monitoring Program
2012-2013
Peer Review Committee
Schedule
May 16-17, 2012
Little Rock, ASCPA Conference Center
Speaker: J. Mason Andres
Credits: 16 hours Auditing
September 20, 2012
ASCPA Meeting Facility
Little Rock
(includes AICPA oversight)
May 16, 2012
Phone Conference
Make the transition from auditor to peer reviewer, and
successfully conduct a peer review with the help of this
mandatory training course for team and review captains.
This course features realistic case studies of system peer
review circumstances and several examples of engagement selections in an engagement peer review. Learn to
effectively plan a peer review, develop an understanding
of a firm’s system of quality control, document procedures
used in testing a firm’s system (including reviewing
selected engagements), prepare the peer review report,
provide recommendations and assist a firm in its response
to a peer review. For engagement peer reviews, select the
necessary accounting engagements, review of the
engagements and report the results of the peer review.
The administrative and committee roles in the peer review
program are introduced.
Member early fee:
Nonmember early fee:
Member fee:
Nonmember fee:
July 25, 2012
Phone Conference
November 13, 2012
Phone Conference
January 23, 2013
Phone Conference
March 20, 2013
Phone Conference
AICPA Advanced Course:
Overview of the AICPA
Peer Review Program
Standards
$405** (register by 5/2/12)
$605** (register by 5/2/12)
$435**
$635**
Friday, May 18, 2012
Little Rock, ASCPA Conference Center
Speaker: J. Mason Andres
Credits: 8 hours Auditing
**AICPA members receive an additional $60 discount
This one-day, advanced course is designed for
experienced reviewers who want to heighten their peer
review skills. It is an excellent follow-up to the AlCPA’s
training course, How to Conduct a Review Under the
AICPA Practice-Monitoring Programs, and includes an
up-to-the-minute analysis of the AICPA Peer Review
Program Standards effective January 1, 2012.
Enhance your ability to conclude and report peer review
findings for system, engagement and report reviews
while learning about changes to the peer review
standards and the risk-based approach to planning a
peer review.
BE A FIRM ADMINISTRATOR
ON THE ASCPA WEBSITE
Did you know that Office Managers can request to be
a Firm Administrator on the ASCPA Website and access
dues/CPE information on their firm’s employees? Follow
these simple instructions to request to be a Firm
Administrator for your firm:
1. Sign in (members and non-members). If you are not
a member of the Society, create a non-member account.
Then, log in using your newly created username and
password.
2. Click the “Firm Admin” tab on the left. If you are not
an authorized Firm Administrator, submit a request for
approval.
Upon approval of your request, you will be able to
access your Firm’s Roster to pay dues for your employees,
register employees for CPE, maintain CPE records, etc.
Member early fee:
Nonmember early fee:
Member fee:
Nonmember fee:
$195** (register by 5/4/12)
$295** (register by 5/4/12)
$225**
$325**
**AICPA members receive an additional $30 discount
23
PUBLIC RELATIONS
ASCPA Speakers/Writers/Members Information
Exchange Bureau
Do you enjoy speaking and writing about the profession? Are you willing to share your knowledge with your peers? Are you
interested in promoting the image of the CPA? Help us to inform the public and shape the CPA image by becoming involved with
the Speakers, Writers, Members Information Exchange Bureau! By joining, you will be added to the PR Opportunities alert
list where we send opportunities from requests. Opportunities range from offering information to reporters, writing articles,
speaking to groups, providing interviews for print, radio or television media, and sharing your knowledge with other CPAs. Please
use the form below; or use the Speakers Bureau link located on the Members page of the ASCPA Web site to sign up, at
www.arcpa.org.
Don’t Be Left Out - Sign Up Today!
GENERAL INFORMATION
Name ___________________________________________________________________________________________
Company _______________________________________
Street Address __________________________________
City ____________________________________________
State _____________________ Zip Code ____________
Telephone ______________________________________
Fax ___________________________________________
E-mail ___________________________________________________________________________________________
Please check the appropriate item:
Presentation to School?
Presentation to Organization?
Participate in Members Information Exchange?
AREAS OF INTEREST
Accounting
Accounting Consultation
Accounting/Auditing
Audit/Compilation/Review
Bankruptcy
Benefits
Business Valuation
Capital Gains Tax
Cash Management
Corporate/Partnership Income Tax
Education
Estate/Gift Tax
Financial Institutions
General Conferences
Government (General)
Health Care
Individual Income Tax
Interviews with Media?
Write Articles for Publication?
Industry
Information Systems
International Tax
Litigation Support
Not-for-Profit
Pension/Profit Sharing
Personal Development
Practice Management
Public Accounting (General)
Real Estate Tax
Real Estate/Construction
Retirement Planning
Small Business
Specialized Industry
Staff Training
Taxation (General)
Other (Please Specify)
______________________________________________
HERE’S WHAT TO DO
1) Copy and fax this form to 501-664-8320.
2) Or, you may mail this form to Arkansas Society of CPAs, 11300 Executive Center Drive, Little Rock, AR 72211-4352.
3) Or, you may call us at 501-664-8739 or 800-482-8739 (in Arkansas).
24
25
RISK MANAGEMENT
Accountants Risk Control Top Frequently Asked Questions
By: Accountants Professional Liability Risk Control, CNA,
333 South Wabash Avenue, 39S, Chicago, IL 60604
providing copies of records to third parties, including a successor
CPA or accountant. A written consent is required under I.R.C.
§7216 if the requested information pertains to tax returns.
The CNA practice guide Retaining Engagement Records
and Responding to Requests for Records provides guidance on
responding to such requests. The guide is currently available on
the Risk Control (RC) webpage, accessible from the
Policyholder Resource Center (PHRC) webpage. Click here to
log into the Policyholder Resource Center.
With respect to audit working papers, CPAs should obtain an
acknowledgment letter from the successor auditor prior to
allowing access to the working papers or providing copies.
AICPA Professional Standards include a sample letter in section
AU §315.15 of the standards. CPAs should also restrict and
monitor access to prevent any unauthorized copying or
tampering of working papers.
1) Where can I find sample engagement letters?
Sample engagement letters (Supplement to Preparing and
Using Engagement Letters) are available on the Risk Control
(RC) webpage, which can be accessed from the Policyholder
Resource Center (PHRC) webpage. Sample letters should be
modified for each engagement. Consult with your attorney for
assistance with engagement letters before sending them to
clients. Preparing and Using Engagement Letters, a CNA
practice guide available on the RC webpage, is a useful
reference tool for drafting engagement letters. Click here to log
into the Policyholder Resource Center.
2) I plan to terminate my firm’s professional relationship with a client. Is there a sample letter available for my
reference?
The article Client Termination Letters provides sample
language that you may consider including in a letter to terminate
your professional relationship with a client; guidance on
organizing such a letter; and a discussion of other
considerations. The article is currently available under News
Center on the home page of cpai.com, or directly at
http://www.cpai.com/show-article?id=78.
5) My tax clients are divorcing. One of them is a majority
owner of a partnership. The attorney for the other spouse
has requested copies of the partnership’s tax returns.
Should I provide them to the attorney?
The spouse is not entitled to copies of the returns, which
were prepared for another client (the partnership). Do not
provide copies of another client’s tax returns to a third party
without the written consent of that client or his/her legal
representative. Interpretive guidance is available in Treas. Reg.
301.7216-2, Permissible Disclosures or Uses without Consent
of the Taxpayer, and AICPA Ethics Ruling No. 189. Requests
for Records Pursuant to Interpretation 501-1.
3) My tax client has asked me to write a “comfort letter”
to his loan broker or lender that includes confirmation of
self-employment, verification of his income, profitability of
his business, and the impact on his business if cash is
withdrawn from the company for a loan down payment.
Should I prepare such a letter?
Generally, providing comfort letters to third parties is not
recommended. Tax returns are prepared based on a client’s
information and representations. Providing written assurance to
third parties is a violation of the AICPA Statements on Standards
for Attestation Engagements, unless the CPA performs services
and provides reports in accordance with these standards. CPAs
should avoid confirming client information to third parties. Lenders
and brokers should conduct their own due diligence using other
supporting documents or performing alternative procedures to
meet loan requirements.
The article CPA Comfort Letters to Loan Brokers and
Lenders provides guidance on responding to such requests. It
also includes a sample letter for CPAs who are worried about
alienating their clients by not providing a letter. The article is
currently available under News Center on the home page of
cpai.com, or directly at http://www.cpai.com/showarticle?id=141.
6) My firm has never discarded any client records. We
do not have a record-retention policy. How long should we
keep client records?
Every firm should have a record-retention policy and inform
clients about it in its engagement letters. The article Record
Retention: Considerations in Selecting Retention Periods and the
CNA practice guide Retaining Engagement Records and
Responding to Requests for Records provide guidance on recordretention period considerations. The article is available at
http://www.cpai.com/show-article?id=154 and the guide is
currently available on the Risk Control (RC) webpage, which can
be accessed from the Policyholder Resource Center (PHRC)
webpage. Click there to log into the Policyholder Resource Center.
7) How do I determine if I have a conflict of interest, and
what are the considerations?
The determination is based on specific facts and
circumstances. The AICPA Code of Professional Conduct
addresses this and provides examples in ethics interpretation
102-2. The article Avoiding Conflicts of Interest also provides
related guidance. The article is available at http://www.cpai.
com/show-article?id=114.
4) The CPA of my former client is requesting copies of
my working papers. Should I provide them?
Under AICPA Professional Standards and state board of
accountancy (SBOA) rules/regulations, working papers are the
property of the CPA firm unless agreed otherwise. Subject to
specific AICPA ethics rulings and SBOA rules/regulations,
CPAs are required to provide copies of client records contained
in their working papers at the client’s request. CPAs should
always obtain the specific consent of the former client prior to
8) My client owes significant unpaid fees. I tried to
collect but was stonewalled. Should I sue in small claims
court to collect?
Fee suits against clients can result in counter claims of
malpractice against CPAs. The article Professional Liability
26
RISK MANAGEMENT
Accountants Risk Control Top Frequently Asked Questions
who believes he/she was treated unfairly either in the divorce
settlement or in the positions taken in the tax return. Obtaining
signed waivers of conflicts of interest from all parties involved
helps protect CPAs from allegations that they violated
professional ethics rules regarding conflicts of interest, but not
from malpractice claims. The protections afforded by conflict
waivers under applicable law vary substantially by jurisdiction,
and should be drafted only with the assistance of competent
legal counsel.
Please refer to the responses to FAQ #5 and #7 for
additional information relating to divorcing clients’ requests for
records and conflicts of interest.
Claims and Fee Suits discusses the questions that CPAs should
consider before bringing a fee suit. The article is available under
Risk Control Tools on the Risk Control (RC) webpage, which
can be accessed from the Policyholder Resource Center
(PHRC) webpage. Click here to log into the Policyholder
Resource Center.
9) I received a subpoena to produce copies of my
working papers. Should I provide them?
CNA offers subpoena assistance to CPA Value Plan and
Premier Plan policyholders in the AICPA Professional Liability
Insurance Program. If, during the policy period, you receive a
subpoena for documents or testimony arising from an act or
omission in the rendering of professional services which occurred
after the prior acts date, and you would like assistance in
responding to the subpoena, you may provide CNA’s claim
department with a copy of the subpoena in accordance with the
Supplementary Benefits provisions contained in the policy.
Subject to all of the terms and conditions contained in the policy,
CNA will retain an attorney to provide advice regarding the
production of documents; to prepare you for sworn testimony;
and to represent you at your deposition.
Please send the subpoena and your contact information,
including your policy number, by e-mail to APL Claim
[email protected] or fax the information to (866)
419-6276.
The CNA practice guide Retaining Engagement Records and
Responding to Requests for Records provides guidance on
responding to such requests. The guide is currently available on
the Risk Control (RC) webpage, which can be accessed from the
Policyholder Resource Center (PHRC) webpage.
13) I have sold my tax practice. The buyer wants me to
give him my original working papers. Is there any problem
with this?
CPAs should maintain original working papers as evidence
to support work performed for all clients, in the event of future
malpractice claims. The article Firm Ownership Change:
Releasing Original Engagement Working Papers provides
practical guidance on how to manage access to working papers
when a practice (or a portion thereof) is sold.
Please refer to the response to FAQ #4 for additional
information relating to requests for workpapers.
14) My firm’s laptop computer was lost or stolen. It
contained confidential client information. What should I
do?
This should be treated as a potential claim. Unauthorized
individuals could gain access to this information. It may interfere
with your ability to timely complete ongoing engagements. You
also have disclosure and related obligations under federal and
state privacy and data security laws.
Subject to all of the policy’s terms and conditions, CNA offers
pre-claim assistance to policyholders in the AICPA Professional
Liability Insurance Program. You should report the incident
immediately, as some states have prescribed and short
notification periods. Report the matter as a potential claim to
APL Claim by sending a summary of the incident and your
contact information, including your policy number, by e-mail to
APL Claim at [email protected] or fax the
information to (866) 419-6276.
10) If I discover evidence of fraud while performing an
audit of financial statements, what are my responsi-bilities?
Auditors must comply with their professional responsibilities
if they discover evidence of fraud during an audit. These are
addressed in the AICPA Professional Standards and other
professional literature. The risk control article Auditor Liability
Risks: Discovery of Fraud provides some basic guidance on
auditors’ responsibilities and mitigating both audit and
malpractice risks by properly responding to incidents of alleged
fraud. The article is available at http://www.cpai.com/showarticle?id=197. CPAs who discover evidence of fraud in other
types of engagements also have responsibilities. Questions
should be directed to the CNA Risk Control Hotline.
15) Our firm performed an audit of a private company.
The company has been purchased by a public company.
The parent company wants to include our audit report in
Form S-8, Registration Statement under the Securities Act
of 1933. Should we give our consent?
The risk control article An Auditor’s Dilemma: To Consent or
Not? addresses the risk management con-siderations
associated with requests for consent to include audit reports in
SEC filings. The article is available at http://www.cpai.com/
show-article? id=195.
11) I have questions about coverage in my policy. Who
should I call for assistance?
Please contact your local agent or Aon Insurance Services at
(800) 221-3023 regarding questions about coverage in your policy.
12) My clients are divorcing. They want to file a joint
individual tax return. Are there any risks to providing such
service?
There are potential risks associated with preparing individual
tax returns (married filing jointly or separately) for divorcing
clients. The foremost concern is the existence of a conflict of
interest. If you continue to represent both parties, you later could
face disciplinary complaints or malpractice claims from the client
16) Our firm performed an audit of a private company.
The company wants to include the audit report in a private
offering. Should we give consent?
The article mentioned in FAQ #15, An Auditor’s Dilemma: To
Consent or Not?, also addresses the risk manage-ment
considerations associated with requests for consent to include
audit reports in private offerings.
27
TAX
TAX INFORMATION FROM THE IRS
IRS OFFERS NEW PENALTY RELIEF AND EXPANDED INSTALLMENT
AGREEMENTS TO TAXPAYERS UNDER EXPANDED FRESH START INITIATIVE
The Internal Revenue Service
announced a major expansion of its
“Fresh Start” initiative to help struggling
taxpayers by taking steps to provide new
penalty relief to the unemployed and
making Installment Agreements available
to more people.
Under the new Fresh Start provisions, part of a broader effort started at
the IRS in 2008, certain taxpayers who
have been unemployed for 30 days or
longer will be able to avoid failure-to-pay
penalties. In addition, the IRS is doubling
the dollar threshold for taxpayers eligible
for Installment Agreements to help more
people qualify for the program.
“We have an obligation to work with
taxpayers who are struggling to make
ends meet,” said IRS Commissioner
Doug Shulman. “This new approach
makes sense for taxpayers and for the
nation’s tax system, and it’s part of a
wider effort we have underway to help
struggling taxpayers.”
Penalty Relief
The IRS announced plans for new
penalty relief for the unemployed on
failure-to-pay penalties, which are one of
the biggest factors a financially
distressed taxpayer faces on a tax bill.
To assist those most in need, a sixmonth grace period on failure-to-pay
penalties will be made available to
certain wage earners and self-employed
individuals. The request for an extension
of time to pay will result in relief from the
failure to pay penalty for tax year 2011
only if the tax, interest and any other
penalties are fully paid by October 15,
2012.
The penalty relief will be available to
two categories of taxpayers:
• Wage earners who have been
unemployed at least 30 consecutive
days during 2011 or in 2012 up to the
April 17 deadline for filing a federal tax
return this year.
•
Self-employed individuals who
experienced a 25 percent or greater
reduction in business income in 2011
due to the economy.
This penalty relief is subject to
income limits. A taxpayer’s income must
not exceed $200,000 if he or she files as
married filing jointly or not exceed
$100,000 if he or she files as single or
head of household. This penalty relief is
also restricted to taxpayers whose
calendar year 2011 balance due does
not exceed $50,000.
Taxpayers meeting the eligibility
criteria will need to complete a new Form
1127A to seek the 2011 penalty relief.
The new form is available on IRS.gov.
The failure-to-pay penalty is generally
half of 1 percent per month with an upper
limit of 25 percent. Under this new relief,
taxpayers can avoid that penalty until
October 15, 2012, which is six months
beyond this year’s filing deadline.
However, the IRS is still legally required
to charge interest on unpaid back taxes
and does not have the authority to waive
this charge, which is currently 3 percent
on an annual basis.
Even with the new penalty relief
becoming available, the IRS strongly
encourages taxpayers to file their returns
on time by April 17 or file for an
extension. Failure-to-file penalties
applied to unpaid taxes remain in effect
and are generally 5 percent per month,
also with a 25 percent cap.
Installment Agreements
The Fresh Start provisions also
mean that more taxpayers will have the
ability to use streamlined installment
agreements to catch up on back taxes.
The IRS announced today that,
effective immediately, the threshold for
using an installment agreement without
having to supply the IRS with a financial
statement has been raised from $25,000
to $50,000. This is a significant reduction
in taxpayer burden.
Taxpayers who owe up to $50,000 in
back taxes will now be able to enter into
a streamlined agreement with the IRS
that stretches the payment out over a
series of months or years. The
maximum term for streamlined installment agreements has also been raised
to 72 months from the current 60-month
maximum. Taxpayers seeking install28
ment agreements exceeding $50,000
will still need to supply the IRS with a
Collection Information Statement (Form
433-A or Form 433-F). Taxpayers may
also pay down their balance due to
$50,000 or less to take advantage of this
payment option.
An installment agreement is an
option for those who cannot pay their
entire tax bills by the due date. Penalties
are reduced, although interest continues
to accrue on the outstanding balance. In
order to qualify for the new expanded
streamlined installment agreement, a
taxpayer must agree to monthly direct
debit payments.
Taxpayers can set up an installment
agreement with the IRS by going to the
On-line Payment Agreement (OPA)
page on IRS.gov and following the
instructions.
These changes supplement a
number of efforts to help struggling
taxpayers, including the “Fresh Start”
program announced last year. The
initiative includes a variety of changes to
help individuals and businesses pay
back taxes more easily and with less
burden, including the issuance of fewer
tax liens.
“Our goal is to help people meet their
obligations and get back on their feet
financially,” Shulman said. Input from the
Internal Revenue Service Advisory
Council and the IRS National Taxpayer
Advocate’s office contributed to the
formulation of Fresh Start.
FIFTY-FIRST ANNUAL
ARKANSAS FEDERAL
TAX INSTITUTE
DECEMBER 6-7, 2012
EMBASSY SUITES
LITTLE ROCK
TECHNOLOGY
Tools and Apps to Help Manage
Your Travels
Whether you
are heading to
Greece for a
holiday with
the family or
off to visit a
client, traveling
can be challenging, and even just planning your travels can be timeconsuming and frustrating. Nothing is more unnerving than to
arrive two hours late for a connecting flight and have no idea
whether you are going to make it to your final destination in
time for an important event or meeting. And this can happen
no matter how many hours you spent working to find the best
flight connections at the best prices. Whether you are traveling
for business or pleasure, the last thing you want to do is be
given an inadequate food voucher or be sent to one of those
nearby airport hotels with sticky carpet!
But today there are many tools, including websites and
internet-enabled devices using travel-related apps that can
rescue you from unpleasant outcomes. Tools such as Google
Maps are useful for finding directions and checking out public
transportation and, if you have a smartphone with GPS,
products such as NAVIGON Mobile Navigator provide highquality maps for your phone and allow voice communication
for hands-free directions. Products like Evernote and Microsoft
OneNote can help organize all the small details travelers have
to keep up with. In practical terms, these tools can help you
know where you are and keep track of all your up-to-date travel
details. In this article, I give you a view “from 30,000 feet” of
the types of tools available for empowering travelers. I also
provide insights into some of the powerful new features that we
could not even imagine only a couple of years ago.
Discount and Bargain Sites
The recession has made the travel marketplace very
competitive, and there are a number of sites that can help you
benefit from this competitive environ-ment. If you are a
frequent traveler you know these sites well, because they
probably have saved you thousands of dollars over the years.
Leading Travel Price Search Engines
•
Travelocity.com
•
Orbitz.com
•
Expedia.com
•
RentalCars.com (Just got an intermediate-class car in
Seattle for $13.32 per day from a “top 5” vendor!)
•
Hotels.com (Prepayment in full can save a lot for those
who are sure of where they want to stay.)
•
OpenTable.com
•
Priceline.com
•
Kayak.com (Search using several search engines at one
time.)
•
IWantaCruise.com
•
Travelzoo.com
•
Cheapoair.com
(You have to love the names of the last two!)
Types of Travel Tools
Unlike traditional software solutions wherein you usually
get all your modules from the same vendor, cloud solutions
(i.e., those for which there is no on-premise software to load)
are services, not products, and fragmentation is the rule. For
instance, you might choose one product to keep track of airline
travel details and another to keep your appointments and
calendar. Fortunately, the new cloud apps integrate well with
other cloud apps in addition to traditional applications. For
example, if you are currently an MS Exchange user, almost all
these new cloud-based apps work well with Outlook and
Exchange for email, calendaring and contact management.
This article will cover three travel tool categories:
•
Discount and bargain sites
•
Tracking and reporting for business travel
•
Credit card and club memberships
If you are a seasoned traveler, you also know that it pays
to shop around and not always rely on the same price search
engine. Sometimes, the actual seller’s site (as opposed to
travel agencies and travel search engines) have packages that
may even be cheaper than the rack rates, which makes the
extra features a real bonus. This is often true with hotel chains
and airlines — particularly if a package deal suits you and your
travel dates are flexible. These promotions can some-times be
hard to believe, prompting you to wonder how air, hotel, car,
and meals can possibly be offered at such a low price.
Of course, there are things to watch out for when you find
a deal that seems just too good to be true. Here is a short list:
29
TECHNOLOGY
Tools and Apps to Help Manage Your Travels
•
Allows you to automatically share all your travel plans with
others
•
Package deals may use charter airlines or non-chain hotels.
•
Provides complimentary one-year memberships to Hertz
#1 Club Gold and Regus Gold
•
Rental cars may not be actually AT the airport. One night,
I rode in an old van for 20 minutes in the rain to get to the
rental car facility, which was down a dirt road that was
under construction.
•
Affords complimentary access to 1,100 business lounges
worldwide
•
•
Hotels may be undergoing renovation — and you get what
you pay for.
Works with the iPhone and iPad as well as Android,
BlackBerry, and Windows smartphones
•
Star ratings and neighborhood rankings for hotels may be
generous to the hotel operator. Check things out on
Google Earth.
•
Refunds may be limited.
•
Rebooking options may be limited.
•
The fine print may stipulate some unpleasant possible
consequences. For example, if your flight is cancelled, you
may be the last one on the list to be rebooked.
FlightView Elite
FlightView Elite www.FlightView.com provides real-time
information about flight schedules, flight statuses, weather
conditions, and more. For flights that are en route, users see
an in-air flight tracker map with the flight path, the aircraft’s
position, and radar weather. You can also choose to receive
alerts for flight status changes, including delays and
cancellations, and gate assignment changes, even when the
app on your phone is closed. The following are some of the
features of FlightView Elite:
Tracking and Reporting for Business Travel
With more than 500,000 apps for the iPhone alone, it is not
surprising that there are many choices for travelers. The few
products covered in this section are good examples of the
wealth of services currently available in the cloud.
TripIt Pro
When your first flight arrived late and you were concerned
about making your connecting flight, if you were like most
travelers in the past you raced to the counter to be near the
front of the line, which was not an effective plan on so many
levels. Now, if you are a TripIt Pro user www.Tripit.com, you
simply whip out your handheld device. Within a matter of
seconds, TripIt Pro informs you of the status and gate location
of your connecting flight as well as other available connections.
This can mean the difference between making it to your
destination and spending the night in an airport hotel in the
connecting city.
TripIt Pro is the leading mobile trip organizer. It is an
amazing tool that you can access through the Web or through
apps on your smartphone or other handheld devices. If you are
a business traveler and have not tried this product, you owe it
to yourself to do so. Here are just some of the features of this
cloud-based service:
•
Sends instant alerts about flight delays, cancellations, and
gate changes, right to your phone
•
Provides alternatives when your flight is delayed, including
flight status and open seats
•
Tracks all your points from airlines, hotels, and other travel
related vendors
•
Stores all your frequent travel account information,
balances, and expiration dates in one place (at last!)
•
Monitors airfares after booking, and notifies you of any
potential refunds or credits
•
Tracks flights by number or route
•
Allows multiday searches for flights yesterday, today,
tomorrow, and — in some cases — the next 90 days
•
Shows in-air flight details, such as flight time remaining,
duration, and planned gate and baggage claim
information
•
Has a calendar integration function that allows for the
quick insertion of a flight into the device calendar
•
Sends flight status alerts with immediate notification of
flight status changes, delays, cancellations, and gate
changes
•
Includes visually compelling maps (e.g., flight tracker map
for in-air flights and an airport delay map, both with current
radar weather)
Concur Breeze Expense Reporting
Concur Breeze www.Concur.com is an exceptional
cloud-based tool for tracking and reporting travel expenses. It
is designed for small businesses and provides a simple, costefficient expense management solution that integrates directly
with QuickBooks and other small-business accounting
solutions. Users of this app no longer need to use a
spreadsheet for their expense reports (as long as their
employers agree).
Users can input and access expense report information
with a Web browser, iPhone, or iPad or with a BlackBerry or
Android smartphone. Receipts can be entered using a scanner
or the photo capabilities of devices such as iPads and
smartphones. This significantly reduces the drudgery most
employees associate with expense reporting, improves the
accuracy and timeliness of expense reports and management
reports, and saves users time that is usually spent accounting
and reporting.
30
TECHNOLOGY
Tools and Apps to Help Manage Your Travels
With credit cards, you will need to choose the kind of
rewards program that suits you best. Some people prefer
cards that offer straight cash rebates. Others prefer cards that
offer point systems that let you buy airline tickets based on the
dollar cost of the tickets. With these two types of rewards, you
don’t have to worry about traveling on dates when seats are
available using airline miles. Instead, you simply use your cash
rebate or points to purchase tickets at current prices — there
are no blackout dates to worry about.
Airline club memberships also offer a quiet, comfortable
place to relax and/or work between flights. These
memberships also provide elite access to airline ticket agents;
if there are flight problems and you absolutely need to talk to
a live agent, airline clubrooms usually provide immediate
access with no lines.
We adopted Concur Breeze as our expense reporting tool
earlier this year, and it has significantly improved the expense
reporting and tracking process, both for our employees and for
the office staff that takes care of accounting and reporting. The
following are some of the functions we find most helpful:
•
Record expenses with a smartphone (including capturing
the receipt image with the built-in camera) and then simply
toss the actual receipt.
•
Securely import credit card charges that auto-populate an
expense report.
•
Tag expenses by client, project, or business unit to track
where the company money is being spent.
Conclusion
With each passing day, more good tools for travelers are
being developed and released. Many of them — like the
plethora of apps that exist for smartphones — are already at
your command. You just need to take the time to learn how to
use them. With so many choices, the question is, “where to
start?” The answer is: Start anywhere, but just start! These
tools can save you time, reduce stress, and help you make
your travel experiences less costly and more pleasant.
With Concur Breeze, our accounting staff processes
expense reports and eliminates data entry (and errors) by
seamlessly transferring expense reporting data into our
accounting software.
Credit Card and Club Memberships
The airlines and hotel chains all work hard to get you to use
their credit cards. They send paper mail and email daily, and
they even have people standing in airports trying to flag down
potential customers. The credit card industry is a big money
business, particularly with the large purchases travelers make
such as airline tickets, hotel bills, business lunches, and rental
cars. Getting you to use their card saves them merchant fees
on all these transactions. Since you are likely to use the card
for other purchases, they also make money on the cards.
Furthermore, the free travel you “earn” may be restricted to offpeak times, when seats would have gone unsold and therefore
cost them little or nothing to offer as rewards. Because these
cards are so profitable for the airlines, their offers to travelers
are typically very attractive.
This article, written by Will Fleenor, appeared in the March
digital ediction of The PCA Practice Advisor and is reprinted by
permission. Will Fleenor is a Shareholder of K2E, LLC. He has
conducted seminars for 48 State CPA Societies, and has
spoken at numerous accounting technology conferences.
Tax Information From the IRS
Offers in Compromise
Under the first round of Fresh Start, the IRS expanded a
new streamlined Offer in Compromise (OIC) program to cover
a larger group of struggling taxpayers. An offer-in-compromise
is an agreement between a taxpayer and the IRS that settles
the taxpayer’s tax liabilities for less than the full amount owed.
The IRS recognizes that many taxpayers are still struggling
to pay their bills so the agency has been working to put in place
more common-sense changes to the OIC program to more
closely reflect real-world situations.
For example, the IRS has more flexibility with financial
analysis for determining reasonable collection potential for
distressed taxpayers.
Generally, an offer will not be accepted if the IRS believes
that the liability can be paid in full as a lump sum or through a
payment agreement. The IRS looks at the taxpayer’s income
and assets to make a determination regarding the taxpayer’s
ability to pay.
• Some Platinum American Express and other cards offer
things like:
° Access to airport lounges
° Free checked bags
° Purchase protection
° Airline miles
° Double points when travel is booked through them
• In addition to some or all of the above benefits, airline credit
cards may also offer some or all of the following benefits:
° Early boarding
° A high level of frequent flyer status with that airline
° Preferred seating
° Access to priority lanes for security screening
° Discounts on in-flight food and entertainment
° Complimentary travel certificates for a spouse
° Bonus miles for signing up
Details on IRS Collection and Other Information
A series of eight short videos are available to familiarize
taxpayers and practitioners with the IRS collection process.
The series “Owe Taxes? Understanding IRS Collection
Efforts,” is available on the IRS website, www.irs.gov.
31
CLASSIFIEDS
Classified ads are accepted in the ASCPA
Newsletter at the following rates: 75 cents per word,
minimum of $15.00. Upon request, may be keyed
to file number and replies forwarded unopened to
advertiser
ASCPA Members may place job opening
classified ads in the newsletter at no charge.
JOB HUNTING?
Let the ASCPA help you place your resume in the
Society resume bank. Upon request, it will be
forwarded to firms & companies looking to hire a
CPA or accounting professional. Mail your resume
to the ASCPA, 11300 Executive Center Drive,
Little Rock, Arkansas 72211-4352.
COME HOME TO SOUTH ARKANSAS
Prominent south Arkansas accounting firm is
interested in pursuing opportunities with CPAs
that have a desire to return to small town living
with a great quality of life, and plenty of growth
potential. If this fits you, and you have 3-5 years
public accounting experience, including at the
senior staff level, we would be very interested in
talking to you. All inquiries will be held in strict
confidence. Please respond to: ASCPA File
#2011-11 at [email protected].
CPA: DUE TO GROWTH
in our practice, Thomas & Thomas LLP is seeking
CPAs with 1-4 yrs. experience in public
accounting to join our audit team. We offer
competitive salaries & benefits. Very limited travel.
Send resume to: Attention: Ludell Abbott, 201 E.
Markham St., Suite 500, Little Rock, AR 72201 or
Fax 501-375-8704 or E-mail - Ludelllabbott@
thomasthomasllp.com.
LOOKING TO PURCHASE
An Existing Tax Practice in the Rogers or
Bentonville, Arkansas area. Contact: kevin@
allard-cpa.com.
ACCOUNTANT FAMILY-OWNED BUSINESS
headquartered in central Arkansas has an
immediate opening for a full-time Accountant.
Bachelor’s degree in Accounting required.
Candidate must be proficient with MS Excel, and
be a quick-learner who has the ability to multi-task
as well as adhere to strict deadlines. This is a
great opportunity for Accountants who prefer to
get their feet on the ground and grow with a
successful business. Excellent compensation
and benefits. Respond to: ASCPA File #2012-12
at [email protected].
REGIONS INSURANCE
STATE ADMINISTRATOR FOR THE ASCPA
SPONSORED INSURANCE PLANS CALL
VERNON DUTTON FOR AN APPOINTMENT
TODAY! Telephone 501-664-8791; Toll Free 888272-6656. E-mail: vernon.dutton@regions
insurance.com.
PAYCHEX®
NEED $30K? Looking for an Exit Strategy
from payroll processing? PAYCHEX has a
solution for accounting firms interested in
discussing the sale of the payroll processing
portion of their business. Premium prices are
being paid - the Average PAYCHEX Acquisition
pays out approximately $30,000! For information,
contact: Laura Ward - DSM, lward@PAYCHEX.
com, Phone: (501) 223-5730, Ext. 44901.
Tweet with
#hashtags
If you browse Twitter or Google+
looking for tweets/ posts in a specific
topic, fthashtags could come handy for
you. Hashtags are “words or phrases
prefixed with the symbol # used to
identify groups and topics, as well as
short messages on microblogging social
networking services such as Twitter and
Google+ and may be tagged by
including one or more with multiple
words” (Wikipedia). Examples include
#cpa, #nowplaying, #AICPA.
Arkansas Society of CPAs is now
using its personalized hashtags for social
sites. The hashtag is #arcpa. In addition,
we will use unique tags during our
conferences to track the tags throughout
the year. If you use twitter/ Google+ or
other microblogging social site, please
use #arcpa to connect and communicate
with others that have similar interest.
If you have any questions of the tags
and their use, please contact Pradeep at
[email protected].
READY TO SELL THIS YEAR! LET’S TALK!
For Sale: E Central AR Gross $285k; Call or check
our website for complete listing information. Ready
to sell? We do all the work to make it quick and easy
by bringing you serious and qualified buyers!
Completely risk-free and confidential.
KATHY BRENTS, CPA
Cell (501) 514-4928 - Office (501) 669-2505
E-mail: [email protected]
Also visit us at
www.accountingpracticesales.com
ASCPA on Facebook, Twitter & LinkedIn
ASCPA has personalized pages on Facebook, Twitter, and LinkedIn. You can access Facebook fan page at
www.facebook.com/ arcpafans. You can follow ASCPA at http:// twitter.com/ascpalittlerock. You can also find
us in LinkedIn at http:// www.linkedin.com/in/arcpa. Sign up for these sites to view or complete profiles. They are
free and everyone can join!
ASCPA Website’s
“Sharp” Search
Members can search for anything on the
ASCPA website using this search function.
Replica-tion process: open the website, look
for “Website Search” on the far right column,
type the key words, and click “Search.”
The engine will look for all the search
terms in the website. Users can also sort the
search results by relevance, published date,
or alphabetical order. The search engine
categorizes and lets users search on the
basis of protection. It identifies the content
based on protection and categories as
“public access” or “members only.” Users will
have to log into the website to access the
“members only” section. If you have any
questions or need help with we Search
function, please contact Pradeep Sapkota at
[email protected].
All information concerning the products or
services advertised in this newsletter is provided by
the dealer, owner, or agent of the business. The
(ASCPA) makes no representation as to the validity
of the information provided by the business, as
ASCPA does not check or verify the information
provided by the business. ASCPA, or its affiliates is
not liable for misinformation, typographical errors or
misprints in the advertisements.
32

Arkansas Society of Certified Public Accountants

Transcription

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