May 2013 ASCPA Magazine

ALABAMA CPA MAGAZINE I MAY 2013

George T. Rosson

Mayer W. Aldridge

Membership Issue

Alabama Society of Certified Public Accountants P.O. Box 242987 Montgomery, Alabama 36124-2987 1-800-227-1711 334-834-7650 www.ascpa.org Officers Steven A. Shelton, Chair Renee B. Hubbard, Chair-Elect Don McCleod, Vice-Chair Dr. Lowell S. Broom, Secretary-Treasurer John P. Shank, Past Chair Board of Directors Tuan P. Blank Roger F. Bryant James R. L. Carroll James Adam Causey Allison D. Edge Allison H. Guice Mark E. Hieronymus R. Rush Letson III Bradford A. Lynch Amanda N. Paul Gerald G. Pentecost, Jr. Lewis T. Shreve Ronald W. Stokes Chasity L. Sweatmon Douglas C. Moseley, Young CPA Nicole Cunningham, Young CPA AICPA Council Members William H. Carr E. Lamar Reeves Steven A. Shelton Jimmy L. Williamson

Message from the Chair...

It is really hard to believe that this is my last article as your chairman. What is even harder to comprehend is that some of you actually read these articles over the past year. I sincerely appreciate the comments you have shared with me as I’ve traveled the state as your chair. This edition is focused on membership in the ASCPA. Writing an article on membership to your members feels a lot like preaching to the choir about coming to church. Obviously you are already a member or you would not be getting this newsletter.

However what we would like to emphasize are the benefits of membership. I am pretty confident that the vast majority of you do not know everything your society does for you. I have served on the board for several years, have chaired a committee or two, am your current chairman and I regularly discover things the society does for us that I did not know about. Probably the most visible benefit is excellent high quality education, but that is just the beginning. There is representation in Montgomery and Washington D.C that is critical these days, affinity programs, opportunities for public service, leadership training, high school and college recruitment, business and career referrals, networking and professional feedback at chapter meetings, technical updates and much more. I want to encourage you to get involved. Find the program, event, activity or service project that interest you and let someone at the ASCPA office know you are ready to participate. You will find it rewarding to you and beneficial to those you serve.

When I started last June, writing 10 articles seemed like a lot, and I have to admit I was dreading it a little. The months have flown by and the words have appeared. I cannot tell you what a privilege it has been to serve as your chairman this year. I have thoroughly enjoyed visiting the chapters and getting to meet so many of you for the first time. Yes, Mobile, you are still on my list and I will see you in May. I want to publicly thank Jeannine and the ASCPA staff for the excellent work they do. You need to know that your Society is in good hands. It is a fact that they do more for us with less staff and fewer dollars than most, if not every, Society in the country. You should be proud of them and the work they do.

I also want to say thanks to my wife, Sue. You encouraged me to serve and have been so supportive while I traveled the state this year and for that I am most thankful. I guess you will be expecting me to catch up on some chores after June. No promises, but we shall see.

Well, farewell my friends. As always, if I or anyone at the ASCPA office can help you in any way, do not hesitate to call on us.

Steve

GR WTH

Past Chair, AICPA The Alabama CPA Magazine is published by Alabama Society of Certified Public Accountants as a membership service to Society members.

Views and opinions appearing in this publication are not necessarily endorsed by the ASCPA. The deadline for submitting materials for publication is the first of the month preceding issue date.

A new designation representing accomplished professionals that drive and deliver business success, worldwide.

Jeannine P. Birmingham, CPA, CAE, CGMA

Find out more at cgma.org

It’s what CGMA stands for.

President and CEO Diane L. Christy, Editor Photo of George Rosson courtesy of Smith Dukes Buckalew; Mr. Aldridge courtesy of Aldridge Borden.

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The Alabama CPA MAGAZINE

Copyright © 2012 American Institute of CPAs. All rights reserved.

The Alabama CPA MAGAZINE

Annual Meeting

It’s time to sharpen your pencils and your skills!

N

etworking, the latest professional updates, 8 hours of education credits, more networking, exhibitor and sponsor booths and door prizes, too. Meet the accomplished speakers who will be there.

Robert Durak, CPA is the director of Private Company Financial Reporting at the American Institute of CPAs and an 18 year veteran of the AICPA. He has a background in auditing and was with Deloitte and Touche for 8 years. James D. Martin, CPA is a partner at Atlanta firm Martin & Orr, LLC. He currently manages a client base of 250 corporate, individual, partnership and fiduciary clients providing services in tax, audit, mergers and acquisitions and fraud. He prepares and presents to major corporate clients and CPAs on a variety of accounting, auditing and taxation topics and is a regular contributor to the ASCPA education schedule.

Tommy Stephens, CPA, CITP is a partner in K2 Enterprises and has lectured nationally in 1350 sessions to more than 40,000 participants.

He has worked in public accounting (including his own firm since 1994), as well as in the corporate sector. He continues to provide consulting services to small businesses and CPA firms. Rich Caturano, CPA is the managing partner of McGladrey’s New England market circle (Boston) and was elected chair of the AICPA in October 2012. Throughout his career, Caturano has specialized in serving middle market companies, and he cites the thousands of jobs created by clients as a point of professional pride. He was a founding member of Vitale, Caturano and Company, which built deep expertise in the high-tech, biotech, manufacturing and professional services sectors. By the time it merged with McGladrey in 2010, it had grown into New England’s largest full-service, regional accounting firm and was widely recognized for enlightened employment practices.

Bruce Ely is the chair of Bradley Arant, Boult & Cummings’ state and local tax practice group. He has been a frequent contributor to the ASCPA education programs for the past 31 years and co-authors the legislative e-zine which appears weekly during the legislative session. Ralph Summerford, CPA, ABV, CFE, CIRA CFF is the president of Forensic Strategic Solutions, Inc. Mr. Summerford testifies as an expert witness in federal and state courts on matters involving complicated financial transactions.

He serves on the faculty of the Association of Certified Fraud Examiners where he teaches courses around the world. He served a three-year term for the Association of Certified Fraud Examiners’ Board of Regents as Vice Chairman. He is a guest lecturer at seminars, colleges and universities where he strives to enhance the understanding of fraud and forensic accounting. He has published articles that have appeared in Accounting Today as well as a number of other publications. Mike Frost, CPA is an associate and shareholder of MDA Professional Group, P.C. and has been with the Albertville office since 1989. He has served as technical advisor for tax articles for the Sand Mountain Reporter newspaper, and has been a regular on the public speaking circuit. Frost is a member of the faculty of the AICPA.

The Alabama CPA MAGAZINE

94th Annual Meeting Agenda 7:00 – 8:00 Chair’s Breakfast Concurrent Sessions – A&A Session A 8:00-9:00 Financial Reporting Framework for Small to Medium-sized Businesses Robert Durak, CPA, CGMA – Private Company Financial Reporting, AICPA 9:20-12:00 Accounting and Auditing Update – Accounting Life in the Real World James D. Martin, CPA – Martin & Orr, LLC Session B 8:00-12:00 Office 2013 and Windows 8: Ready or not, they are here!

Tommy Stephens, CPA, CITP – K2 Enterprises 12:00-1:30 Luncheon Professional Issues Update Chair of the AICPA, Rich Caturano, CPA – McGladrey LLP, Boston Awards and Election of Officers Concurrent Sessions 1:45-4:30 Recent Developments and Planning Ideas in Tax Bruce Ely and staff from Bradley Arant Boult & Cummings, LLP 1:45-4:30 The Underbelly of Accounting Malpractice (A&A) Ralph Q. Summerford, CPA, CFE, CIRA, ABV, CFF Forensic Strategic Solutions, Inc. 1:45-4:30 Young CPA Session The Young CPA and Marketing: From Fear to Confidence Mike Frost, CPA – MDA Professional Group 3:15 Afternoon break and door prize awards

June 6, 2013 Cahaba Grand Conference Center - Birmingham

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MEMBERSHIP MATTERS

W

Looking Back to Look Forward

hen Alabama passed its first certified public accountancy (CPA) law in 1919, Mobile accountant George T. Rosson was awarded certificate number one and Walter K. Smith was awarded number three. Out of their firm, Rosson & Smith, came the partnership Smith, Dukes & Buckalew. Over the years, Smith Dukes has been significant in the development George Rosson of public accountancy in the city of Mobile and the state of Alabama. Eight of its members have served as president of the Alabama Society of CPAs and have seen the field of accounting progress from the “green eye-shade” years to the high-tech systems of today’s business world. Today, the firm celebrates over 75 years of continuous operation and excellence in the field of accounting.

In Montgomery, Mayer W. Aldridge began offering his services as an accountant and tax advisor to the general public in 1918, and quickly became known throughout central and south Alabama as a Mayer W. Aldridge leading authority on the Internal Revenue code. In 1919, he and several other practitioners formed the Alabama Society of the American Institute of Certified Public Accountants. This group of founders administered the first Uniform CPA Examination in Alabama to each other, and received certificates from the American Institute. Mr. Aldridge was the first chairman of the Alabama State Board of Public

Accountancy, and signed his own certificate as chairman! Mr. Aldridge was issued the second certificate by the Alabama Society, dated July 19, 1919. After World War II, Mr. Aldridge admitted John R. Borden and Charles Jones as partners, eventually naming it Aldridge Borden & Company. The firm has been located in in the center of the city’s financial district in downtown Montgomery throughout its existence.

As the centennial of the Alabama Society approaches, an effort is being made to recognize 100 years of Alabama CPAs. To mark two milestones in Alabama accounting history, the education spaces in the ASCPA office were recently named the Rosson Room and the Chambers Room in honor of the first CPA and the first woman CPA, Clara Chambers Lefievre.

What is your Society doing for you today?

Networking Whether it’s at the 94th Annual Meeting of the ASCPA, at one of the hundreds of seminars, workshops or conferences, at a local chapter meeting members meet members and build relationships. A sense of community is one of the most valuable gifts that ASCPA membership offers.

Top quality continuing education You speak, via the Professional Education Committee and member surveys, and the Education Department heard. New this year are several workshops and the Small Practitioner Conference.

The Alabama Society’s CPA PAC Seeks Your Support A L A B A M A

CPA PAC 4

The ASCPA’s partnership with the California Society of CPAs (CalCPA) continues to flourish and will result in more than 175 interactive webinars, ranging from 2-8 hours, and which qualify as “live” CPE. Communication The ASCPA uses multiple channels to keep you informed: The Alabama CPA magazine, weekly e-newsletter (Tuesday Bulletin), targeted emails, and announcements at local chapter meetings. This information may involve technical news, education, legislation, member milestones, and professional issues.

Governmental Affairs The Society’s role at the Alabama statehouse and in Washington, D.C ensures that members are heard. You can read more about the Alabama CPA PAC in the box below.

Affinity Programs and Business Partners The ASCPA builds relationships with vendors who offer valuable services or products for members. Want to get great liability insurance?

It’s covered. Disability insurance? Also covered.

What about shipping services at a discount, UPS offers an excellent program for you. There are discounts for associate members who are sitting for the exam. Business partners are even more fully integrated into the life of the ASCPA by participating in multiple programs. They advertise in the magazine, provide content for education sessions, are exhibitors and sponsors at conferences, and take the ASCPA member message to their clients on the Society’s behalf.

Y

ou might have noticed that something was missing from your dues notice. It was the check-off box for your annual political action committee (PAC) donation.

In order to do a better job of keeping you informed about your Alabama CPA PAC, you will receive a flyer in the mail in early May. The flyer will describe the purpose of your CPA PAC and ask that you help with this important work.

The CPA PAC doesn’t just contribute to political campaigns for every Tom, Dick, and Harriet. The PAC board of trustees carefully weighs which candidates are most likely to understand the role that CPAs play in the business world and choose to support the candidates who are “business-friendly”.

Questions? Contact Marty Abroms, CPA PAC trustee chair, abromsm@abroms.com or CEO Jeannine Birmingham, jbirmingham@ascpa.org.

The Alabama CPA MAGAZINE

Membership Categories

Leadership and Service If you want to develop as a leader, both personally and professionally, the ASCPA has multiple avenues you can pursue. You can become a member of an ASCPA task force, a standing committee, work your way up in leadership through local chapters and the Board of Directors. In addition, Class III of the Society’s Leadership Academy will launch in May and is a perfect place for young and emerging CPAs to learn critical skills. Each chapter initiates charity and community projects, providing amazing opportunities to bond with fellow CPAs while wielding a hammer on a Habitat for Humanity house, or unloading bags of dog food at a humane shelter.

Be involved in something larger than yourself Maintaining membership in the ASCPA enables you to be part of the good work which the Society performs in the name of the profession. Your dues, your generous support of the Educational Foundation, and your contributions to the Alabama CPA PAC also smooth the path for those entering the profession.

WHO IS THE ASCPA? Every once in a while, when ASCPA staff is on the road at a college or university, it becomes clear that not everyone knows what the Alabama Society of CPAs is. Shocking! And of course the answer always involves explaining that it is a membership organization, composed of 6780 of the state’s certified public accountants. (The explanation lengthens as the age of the students declines.) But maybe even YOU don’t completely know the make-up of ASCPA membership.

Membership Categories

Public 39% Industry 29% Gov/Edu 6%

Out of State 8% Associate 3% Retired/Unemployed 6% Life Members 1% Students 9% members – it is free, after all – are next in line, with 590 members. To round out the numbers, 5.9% are in government/education, 8.3% are out of state, 2.6% are associate members (eligible to sit for the CPA exam), 6.1% are retired and unemployed and .7% are life members; non-dues-paying members who have been recognized for extraordinary service to the Alabama Society.

Keeping track of who members are and what they want/need from their Alabama Society is a primary concern of ASCPA leaders

The Power of Technology comes to the Alabama CPA Magazine!

• Read it in hard copy, “old school” style; • Download a pdf from the ASCPA website; • Or use the e-reader to leaf through the amazing content.

Go to www.ascpa.org/resources. Click on ASCPA magazine and choose the digital version option to flip through the pages on your laptop, tablet or mobile device.

n By Gender 55.9% 44.1%

Male

2013 ALABAMA CPA MAGAZINE I APRIL

Female

Parity between men and women is drawing closer, with numbers changing from 57% men, 43% women in 2011, 58% men and 42% women in 2012 to 55.9% men and 44.1% women today.

Folks are always surprised to learn that not all of ASCPA members are in public accounting. And you can see from the chart that only 38.9% are working in firms. Business and industry is catching up with 28.9%. Student The Alabama CPA MAGAZINE

and staff. The board of directors and invited guests convened on May 2 and 3 for the annual Leadership Retreat to chart the course of the Society for the next year. There will be a full report in the June issue of the magazine.

Your feedback is always welcome, on any topic, at any time. Contact your local chapter leadership, officers or members of the board of directors (listed on the website under the About Us tab), current ASCPA Chair Steve Shelton (sas@wrscpa.com) or Jeannine Birmingham, jbirmingham@ascpa.org.

Busin ess and Indus try Issue 3/25/13 3:36 PM 61695-1 ASCPA.indd 1

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We Welcome NEW Members

T o t h e A S C PA !

Jacob G. Williams, CPA Lori Newcomer, CPA Kevin E. Foshee, CPA Laura M. Williams, CPA Lott H. Brigham, CPA Sarah S. Centeno, CPA Steven D. Duck, CPA Kristen W. Lawrence, CPA Pauline P. Howland, CPA Justin P. Detwiler, CPA Eun Jeong Kim, CPA Laura A. Williams, CPA Mallory A. Jordan, CPA

Jessica R. Hall, CPA Courtney R. Tibbets, CPA Lauren M. Billings, CPA James M. Chafin, CPA Cruse N. Bevill, CPA Cameron G. Pappas, CPA Amy N. Sharp, CPA T R. Lightsey, CPA James R. Dulaney, CPA David C. Kent, CPA Judson R. Spooner, CPA Lana C. Darby, CPA Timothy A. Marquardt, CPA

Hannah M. Holland, CPA Stephen J. Bailey, CPA Steven D. Payne, CPA Matthew L. Lazenby, CPA Abbay E. King, CPA Denise L. Locklar, CPA Levi A. Knapp III, CPA Clyde E. Rivers III, CPA Caryn C. Hughes, CPA Tracy J. Suggs, CPA Virginia Burton, CPA George D. Trummell IV, CPA Lindsey M. Mann, CPA

Jessica S. Tackett, CPA Phillip M. Mann, CPA Andrea C. Easterwood, CPA Anna S. Whitfield, CPA Adam S. Himel, CPA Dr. J A. Connell, CPA Meagan L. Wilson, CPA D W. Black, CPA Mandeep S. Bhutani, CPA Michelle T. Herman, CPA Brooke H. Dobbins, CPA

EDUCATION Express Workshops Employee Benefits Workshop – The Employee Benefits Workshop will be held at the Wynfrey Hotel in Birmingham July 29-31. The discussion will include advanced employee benefit plan topics, audit and accounting essentials and audits of 401(k) plans. Earn up to 24 hours of CPE credit. The more you take, the more you save! Receive an additional $50 off for the second and third days of this workshop.

Yellow Book Workshop – Leita Hart will be back to champion the Yellow Book Workshop on August 13 and 14. With her outstanding credentials and knowledge base, paired with her enthusiasm, you will not want to miss out. She’ll be leading discussions on audit findings and governmental financial statement analysis. This workshop will be held at the Wynfrey Hotel in Birmingham. Earn up to 16 hours of A&A Yellow Book CPE credit. Receive an additional $50 off if you register for both days.

At 60% off the going rate for this workshop, ASCPA offers The Franklin Covey 7 Habits of Highly Effective People Workshop. Receive two days world-class training with the program curriculum. Participants will learn first-hand how to apply the principles taught in Franklin Covey’s leadership, productivity, and communication workshops, including the world-renowned workshop, The 7 Habits of Highly Effective People®.

Franklin Covey’s workshops provide solutions to challenges facing the accounting profession today. This workshop is offered on August 22 – 23 at the Alabama Society of CPAs office in Montgomery.

Staff Training for Auditors Give your auditing staff some guidance with specialized staff training to meet their job duties. ASCPA began working with AHI to lead our staff training workshops in 2012. With kudos from the attendees, this results-based training garnered many comments from managers and partners who sent staff to these programs. These classes combine theory, hands-on assignments, group work, and critical thinking skills development to make your staff a stronger player for your firm. For more information about these programs, please visit our website at www.ascpa.org.

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Basic Staff Training for Auditors

August 5 – 7 / Montgomery $550 for members and $600 for non-members Receive a $25 early bird discount when registered by July 26 Improve inexperienced staff members′ knowledge, skills and attitude to enable them to be more productive and profitable on audits, reviews and compilations.

Semi-Senior Staff Training for Auditors

Augusts 8 – 9 / Montgomery $400 for members and $450 for non-members Receive a $25 early bird discount when registered by July 29 Enable more experienced staff to complete smaller audits, reviews and compilations with minimum supervision and maximum profitability.

Beginning In-Charge Staff Training for Auditors

Augusts 12 - 13 / Montgomery $400 for members and $450 for non-members Receive a $25 early bird discount when registered by August 2 Enable experienced staff to advance more quickly to higher levels of responsibility and to become more profitable to their firms by helping them better plan and efficiently complete audits, supervise staff, review working papers and interact with partners and clients.

The Alabama CPA MAGAZINE

MEMBERS IN MOTION Promotions and New Positions Brooke Covington has been named executive vice president and COO at the Alabama State Employees’ Credit Union. Covington is a Troy University graduate. She began at ASE Credit Union in 2002 and served as the credit union’s chief financial officer prior to being promoted.

Misti Rasmussen has joined Pearce Bevill Leesburg Moore. She worked at another Birmingham firm for 13 years, the last eight as a manager.

Her experience includes assurance, financial reporting, tax planning and compliance as well as retirement administration for small clients in a wide variety of industries.

Southern State Bank of Anniston announced that Lynn Joyce is now executive vicepresident and CFO. She will manage the bank’s accounting, compliance and information security departments.

Joyce is a graduate of the UniLynn Joyce versity of Alabama in Huntsville as well as the America’s Community Bankers National School of Banking.

Anglin Reichmann Snellgrove & Armstrong recently added Carol E. Smith and Leah DellaCalce to their staff.

Smith is a senior accountant in the firm’s audit and assurance group. She has over 20 years of public accounting exCarol Smith perience and is a graduate of Murray State University. DellaCalce has eight years of previous audit experience. She is a graduate of Auburn University and has a MAcc from the University of Alabama in Huntsville.

Aldridge Borden has promotLeah DellaCalce ed Scott Grier and Jason Westbrook to principal; Wes Blake and Corey Savoie to manager. Grier practices in the firm’s attestation division. His specialty is in the construction industry where he manages engagements of closely held contractors. He also assists them with licensing and pre-qualifications in multiple states. Grier has been with the firm since 1998 and is a graduate of Auburn Montgomery. Westbrook’s primary focus

is in the firm’s consulting division, although he provides attestation and tax services to clients in various industries as well. He is also a graduate of Auburn Montgomery, has been with the firm since 1996 and is active with several Montgomery civic organizations. Both Blake and Savoie are Auburn University graduates. Blake provides both attestation and tax services across a wide range of industries while Savoie practices in the firm’s attestation division.

Smith, Dukes and Buckalew, LLP announced that James W. Wishon, III has been promoted to tax senior in the Mobile office. Wishon joined the firm’s tax department in September 2011. He has served clients in a variety of areas of taxation including partnership, corporate, not-forJames Wishon, III profit, individual and trusts and estates. Wishon received his bachelor’s degree and a master of tax accounting from the University of Alabama. He currently serves as Mobile Chapter representative on the Young CPA Board of Directors.

Awards and New Designations

Heather Scott

Heather Scott of Warren Averett and Jeremy Blackburn of CDPA recently became Certified Valuation Analysts® (CVA) through the National Association of Certified Valuation Ana-

lysts. To become accredited

by NACVA, the candidate is required to successfully complete an intensive training and testing process. Certified Valuation Analysts provide business valuation and litigation Jeremy Blackburn consulting services.

Community News Regional accounting firm Warren Averett announced that Steven M. Barranco has been appointed to the Alabama State Board of Public Accountancy by Governor Robert Bentley and confirmed by the Alabama Senate. He will serve a four-year term.

Barranco joined the firm in 1989 in its Montgomery Steven Barranco office. He has more than 23 years of public accounting experience and focuses his practice in the areas of hospitals, physician group practices and other health-related companies. He served as president of the ASCPA (2006/07) and as a member of the American Institute of CPAs’ governing council during that same year.

In other Warren Averett news, Accounting Today recently recognized the firm as the largest accounting, tax and business consulting firm in the four-state Gulf Coast region (Florida, Alabama, Mississippi and Louisiana). In addition, they were ranked 27 in the top 100 national firms.

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We’re here to help you find that ideal person to play on the team, and to make sure they can help the team PERFORM FOR SUCCESS.

Shanna Jackson is now Senior Manager of Membership and Website Administration and your contact for all member questions.

sjackson@ascpa.org, 334.386.5754.

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Birmingham | Mobile | Huntsville | Nashville The Alabama CPA MAGAZINE

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MEET THE CANDIDATES CHAIR – Renee Hubbard is a tax consultant. She has provided tax planning and compliance services to both individuals and closely-held small businesses at Jackson Thornton’s Montgomery office since 1985.

Renee Hubbard She now serves as chairperson of the Alabama Society of Certified Public Accountants Federal Taxation Committee after chairing the State Taxation Committee for several years. Hubbard is a graduate of Auburn University.

member of the National Association of Black Accountants, as well as the National Black MBA Association. Mr. McCleod serves as a board member of the Southeast Regional Planning and Development Commission, as a member of the AICPA Minority Initiative Committee and is an AICPA at-large Council Member. Mr. McCleod is the immediate past chair of the Dothan Community Development Advisory Board. He was a member of the Young CPA Board and served as its president.

McCleod was awarded the Public Service Award of the ASCPA following his participation in the Gulf Coast Service Project.

CHAIR-ELECT – Don McCleod is a native

VICE-CHAIR – Dr. Lowell Broom cur-

of Durham, North Carolina.

He received his undergraduate accounting degree from North Carolina Central University and his MBA from the University of Illinois at Urbana-Champaign. Mr. Don McCleod McCleod brings more than a decade of experience in corporate, entrepreneurship, small business, non-profit, auditing, accounting and consulting to his firm, Don McCleod, CPA, in Dothan. Don is an active

rently serves as chair of the Department of Accounting and Management Information Systems at Samford University. Prior to joining Samford in 2008, Broom was on the faculty at UAB Dr. Lowell Broom and served terms as chair of the accounting program and as associate dean of the school of business. Prior to a career in higher education, he was with a large international accounting firm. Broom

2013 Nominations Committee Bryan R. Chandler joined JamisonMoneyFarmer in 1978, was admitted as a shareholder in 1985, and assumed the role of managing shareholder in 2005. In this role he overBryan Chandler sees various administrative and technical divisions of the firm as well as leads and shapes the strategic direction and growth of JMF. He has extensive experience in business sales, acquisitions, succession planning, strategic planning and valuation issues.

Matthew L. Griffith is a senior tax manager at Sellers Richardson Holman & West in Birmingham.

He has been with the firm since 2008.

Matthew Griffith S. Jon Heath has over 18 years of experience in serving large, multinational companies and smaller SEC registrants. Prior to joining Carr Riggs & Ingram, he spent 11 years with PricewaterhouseCoo8

Jon Heath

pers where he specialized in utilities and telecommunications. As the firm’s Director of Professional Services, Heath is responsible for the firm’s quality control, marketing and information technology initiatives.

Mark E. Hieronymus has been engaged in the practice of public accounting for over 25 years. His areas of special concentration include tax planning and advising corporations, Mark Hieronymus partnerships, individuals, estates and trusts. He is a founding partner of Wilkins Miller Hieronymus LLC. He has previously served as president for the Alabama Federal Tax Clinic, the Mobile Chapter of ASCPA, the University of South Alabama Accounting Advisory Board and the Estate Planning Council of Mobile.

Lisa C. Patterson is the founding and managing partner of Patterson Prince & Associ-

has held every office in the Birmingham Chapter of the ASCPA, served on the ASCPA council 1995 - 2002, including terms as an officer. He has received both the Society’s Outstanding Discussion Leader Award (for CPE instruction) and also the Outstanding Accounting Educator of the Year Award.

Currently, he serves as a member of the board of trustees for the ASCPA Educational Foundation.

SECRETARY-TREASURER – Jamey Carroll is a partner at MDA Professional Group in Huntsville. Jamey has been with the firm since 2001. His areas of specialization include construction, emergency serJamey Carroll vices, manufacturing, and employee benefit plan auditing. He has a long history of service with the Alabama Society. He was president of the Young CPA Board of Directors and recognized as the Outstanding Young CPA that year. Carroll has been a member of the ASCPA Board of Directors for three years and has also served as president of the Huntsville Chapter.

– Vote for Three ates, a full service firm in the Shoals. She is a past chair of the Shoals Chamber of Commerce and was named Small Business of the Year. Patterson serves on the University of North Lisa Patterson Alabama College of Business advisory board, the board of the Fellowship of Christian Athletes, and is treasurer of the Shoals Scholar Dollars.

Gerald G. Pentecost is a Gadsden sole proprietor.

He is a past member of the Alabama Society of CPAs board of directors and a past president of the ASCPA North Alabama ChapGerald Pentecost ter. Prior to forming his own firm, he served as vice president of finance for International Broadband Electric Communications, Inc. and was partner in charge at the Ft. Payne, Alabama office of public accounting firm MDA Professional Group.

The Alabama CPA MAGAZINE

Leadership Academy Update

N

ineeen CPAs graduated from Leadership Academy Class II on May 2. Their final class culminated in a brief ceremony attended by the ASCPA Board of Directors and invited guests at the annual Leadership Retreat. Staff from The Rainmaker Companies Scott Bradbary, Robin Brothers, and Joe Fehrman – identified several class members for special recognition.

Kristi Daughtery and Ryan Damrich Firm Project Award Crow Shields and Bailey Amanda Freeman Individual Project Award ASCPA Jennifer Taylor Spirit Award Erica Lane Enterprises Rachel Taylor Spirit Award JamisonMoneyFarmer Keina Houser Foresight Award Jackson Thornton New Look for the Young CPAs

There’s still time to support the PANGEATWO Charity Golf Tournament brought to you by the Alabama Young CPAs.

Graduation at Wynlakes Country Club was followed by dinner so that ce the Young CPAs had their first meet logo designed. wasASCPA based on the Also class members could and spendSince time itwith leaders. st due for them to refresh their brand.

Copperwing Design came to the on May 3) present were participants from Class III (their sessions begin who had significant time to Montgomery.

Class III includes ered several different options. travel The Young CPA Board of Directors voted on two Tennessee, Mississippi, one from Connecticut, d revisions CPAs and Tafrom Da!…..here it is inthree all itsfrom variations. one from Northbrook, Illinois, and one from Toronto, Ontario. That’s right, having Richard Mendelsohn from Toronto firm Stern Cohen gives Class III an international flavor!

Contact Lacey Williams, lwilliams@ascpa. org to register your team or become a sponsor. Or go to the ASCPA website, www.ascpa.org/AboutUs. Benefitting The Exceptional Foundation of Homewood and the ASCPA Educational Foundation

New Look for the Young CPAs It’s been a couple of years since the Young CPAs had their first logo designed.

Since it was based on the old ASCPA logo, it seemed past due for them to refresh their brand. Copperwing Design came to the rescue one more time and offered several different options. The Young CPA Board of Directors voted on their favorite, Copperwing did revisions and Ta Da!…..

The Alabama CPA MAGAZINE

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9

State BOARD News JANUARY-FEBRUARY 2013 CPA EXAMINATION

Grades from the January-February 2013 CPA Examination were mailed to candidates on March 8, 2013 and April 5, 2013. There were 164 total candidates who sat for a total of 209 sections of the examination and passed 91 sections for a section-passing rate of 43.54%. The 164 total candidates were comprised of 22 first-time and 142 re-examination candidates. A total of 27 candidates passed. There were 16 candidates who passed section(s) to receive credit status, 34 candidates who passed a section to improve their credit status, and 87 candidates who passed no sections to remain status quo. There were 122 candidates who sat for one section of the examination, 39 candidates who sat for two sections of the examination, three candidates who sat for three sections of the examination, and no candidates who sat for four sections of the examination.

ALABAMA NATIONAL SECTION PERCENT PASS PERCENT PASS AUDIT 39.29% 45.70% BEC 55.56% 54.60% FAR 34.55% 47.56% REG 48.39% 47.88% APRIL-MAY 2013 CPA EXAMINATION

Testing for the April-May 2013 CPA Examination will close on May 31, 2013. During the month of June 2013, testing will be closed for systems and databank maintenance. We anticipate receiving and distributing the grades from the April-May 2013 CPA Examination between June 12, 2013 and July 12, 2013.

JULY-AUGUST 2013 CPA EXAMINATION Testing for the July-August 2013 CPA Examination will begin on July 1, 2013 and close on August 30, 2013. During the month of September 2013, testing will be closed for systems and databank maintenance. We anticipate receiving and distributing the grades from the July-August 2013 CPA Examination between September 12, 2013 and October 11, 2013.

CPA Examination scores are available on-line through the Board’s website at www.asbpa.alabama. gov/exam.htm. Examination candidates will need their “Section ID Number” and “Date of Birth” to access their scores. The Board also mails official scores to candidates as soon as they are received and processed.

The Board accepts submission of CPA Examination Applications during any month of the year. If you have questions, please contact Anna Baker at the Board office at 334-242-5700 or in-state 1-800-435-9743.

CPA Examination Application Forms, Application Instructions, and CPA Examination Qualifications may be downloaded from our website at www.asbpa. alabama.gov/exam.htm. We encourage each CPA Examination Candidate to review the “Test Tips For CPA Candidates” and “CPA Candidate Bulletin and Test Tutorial and Simulations” on the Exam Applications page of the Board’s website.

STATE BOARD REVOKES CPA CERTIFICATES The Alabama State Board of Public Accountancy (“the Board”) held disciplinary hearings on January 28, 2013 for 37 CPAs and two firms who failed to apply for an annual permit and/or register their certificate within one year of their expiration date of September 30, 2011.

The Board ordered that the license, registration, certificate and/or permit to practice be revoked, a fine of $2,000.00 be paid, and also required that the revoked CPA Certificates and permits to practice be returned to the Board office within 30 days by each of the following:

10

By J. Lamar Harris, CPA

LICENSEE CERTIFICATE NO. Certified Public Accountants: Lawrence Scott Banks, CPA – 4995 Hampton Cove, AL Dolores G. Prater Barnes, CPA – Trussville, AL

7506

Katherine Irene Blackmon, CPA Birmingham, AL

8168

Robert David Bonamy, Jr., CPA* Birmingham, AL

6949

Frank Vincent Brocato, III, CPA Birmingham, AL

9573

R. Dawn Burks, CPA – Mount Olive, AL

4667

John Edwin Burns, CPA – St. Charles, MO

8429-R

James Michael Ching, CPA – Robertsdale, AL

8726

William E. Cox, CPA – Birmingham, AL

3088

Edward Craig Crawford, CPA – Alexandria, LA

9326

Dane W. Cutler, CPA – Tampa, FL

2036

Marcus A. Davis, CPA – Moultrie, GA

3369-R

Kellon Knight Ellison, CPA – Trussville, AL

6217

William Perry Hall, CPA – Mobile, AL

4726

David A. Harris, CPA – Birmingham, AL

3742

Pamela Franklin Henderson, CPA – Hoover, AL 4953 Michael V. Hinson, CPA* – Birmingham, AL

2969

Cynthia M. King, CPA – Alexandria, VA

5068

Andrea Alman McKenzie, CPA* Dawsonville, GA

8709

Jeff Merrill, CPA – Honolulu, HI

11266

Natalie Lynn Mickler, CPA – Jacksonville, FL

6010

Lori Ann Muse, CPA – Yorba Linda, CA

6144

Chukwuma A. Okeke-Ekpe, CPA Columbus, GA

3130-R

Kristin Eileen Parsons, CPA – Cornelius, NC

8583

Thomas Stewart Parsons, CPA* – Searcy, AR

2195

Radhika Arvind Patel, CPA – Opelika, AL

11443

Kristy Del Signore Peralta, CPA – Newport, TN Adam John Ryan, CPA – Memphis, TN Dewey N. Sanders, CPA – Jacksonville, FL

8499 10168 3781

Stacey Michele Shinas, CPA – Greenville, SC 7103-R Janette Dianne Smiley, CPA – Jacksonville, FL Nicholas Stinson, CPA – Montgomery, AL Baruch Tal, CPA – Roslyn, NY Pamela Davis Tilley, CPA – Tuscaloosa, AL Jeremy Thomas Triefenbach, CPA Anaheim, CA

10836-R 3102 10697 4342 9959-R

Kerry McKennley Williams, CPA – Huntsville, AL 7279 Wenyan Zhou, CPA – Pudong, Shanghai, China 8822 Firms: Kellon Knight Ellison, CPA – Trussville, AL d/b/a Ellison & Co. CPA, P.C., Firm No. 972 Michael V. Hinson, CPA* – Birmingham, AL d/b/a Michael V. Hinson, CPA, Firm No. 2120

6217 2969

The Board also held a disciplinary hearing on January 28, 2013 for one CPA firm who failed to complete the requirements of the Board’s Peer Review Program.

The Board ordered that the license, registration, certificate and/or permit to practice be revoked, a fine of $10,000.00 be paid and required that the revoked CPA Certificate and permit to practice be returned to the Board office within 30 days by the licensee listed below: LICENSEE

CERTIFICATE NO.

Peer Review: Harvey F. Cutter, CPA – Huntsville, AL d/b/a Cutter Co., LLC, Firm No. 1394

1975

Additionally, the Board held disciplinary hearings on January 28, 2013 for two CPA firms who failed to complete the requirements of the Board’s Peer Review Program. The Board ordered that the license, registration, certificate and/or permit to practice be revoked, a fine of $4,000.00 be paid, and that the revoked CPA Certificate and permit to practice be returned to the Board office within 30 days by the licensees listed below: LICENSEE

CERTIFICATE NO.

Peer Reviews: Donnie Holder, CPA – Montgomery, AL d/b/a Holder & Company, Firm No. 1139

1486

Christopher L. Miller, CPA – Birmingham, AL 3279 d/b/a Christopher L. Miller, CPA, Firm No. 1744 2012-2013 REGISTRATIONS On-line registration is available for 2012-2013 for CPAs, PAs, and Firms. The link to the on-line registration form can be found on the Board’s website at www.asbpa.alabama.gov/registration.htm.

Individual and firm registration packets for 20122013 were mailed to all licensees on September 24, 2012. The completed on-line registrations or registration forms for 2012-2013, along with the appropriate fee(s), were due in the Board office on October 1, 2012. Licensees who have not already filed are delinquent and encouraged to file as soon as possible. A late renewal penalty of $500.00 is due for registrations postmarked April 1, 2013 through September 30, 2013. After September 30, 2013 disciplinary actions ensue for unpaid fees, late renewal penalties, and CPE deficits. You may also visit our website and download individual and firm registration forms. If you have questions concerning your 2012-2013 registration(s), please contact the Board office.

ADDRESS CHANGES Board rules require that all licensees keep us advised of any change of address and/or change in business affiliation. Such changes must be in writing and may be submitted electronically by visiting the Board’s website and completing the On-Line Change of Information Form found on the “Change of Information” page. You may also submit such changes by mailing or faxing (334-242-2711) to the Board office.

*CPA Certificate was reinstated by the Board on March 22, 2013.

The Alabama CPA MAGAZINE

FINANCIAL LITERACY Alabama State Department of Education Mandates Financial Literacy

A

t the end of February, the Alabama State Department of Education (ALSDE) created a new course for high school students, Career Preparedness. It focuses on three integrated areas of instruction—academic planning and career development, financial literacy, and technology. From the ALSDE: “Course content ranges from college and career preparation to computer literacy skills to ways to manage personal finances and reduce personal risk. Designed to be interwoven throughout course instruction, is the area of technology. Mastery of the content standards provides a strong foundation for student acquisition of the skills, attitudes, and knowledge that enables them to achieve success in school, at work, and across the life span.”

Career Preparedness is a one-credit course required for graduation that can be taught in Grades 9-12; however, it is recommended that students take the course in Grade 9. ASCPA staff attended a resources fair on April 9, to share with the curriculum task force the resources available through the Society. Having a mandatory financial literacy requirement for graduation has been a goal of the ASCPA and other state societies.

Drake Middle School Holds Second Financial Literacy Fair Dr. Sarah Stanwick’s Auburn University graduate accounting students were on hand in force on March 7 at Drake Middle School. Their job was to create and man stations for the 600 6th graders to rotate through, learning different lessons about money management.

Controlled chaos – maybe. But the students were surprisingly engaged and involved in each of the activities. There was a piggy bank design contest, too, and some of those creations showed real talent. Local accounting firms supplied prizes; the ASCPA helped to promote it to members. Aubie showed up to cheer the kids on as did Benjamin Bankes, from the AICPA’s Feed the Pig campaign.

The Alabama CPA MAGAZINE

11

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1

4:02 PM The Alabama CPA 3/5/13 MAGAZINE

Doing it Better What Every CPA Should Know about Calculation Engagements vs. Valuation Engagements By: Kevin Andrews, CPA/ABV, CFE, CFF PAs who perform business valuation services are subject to Statements on Standards for Valuation Services No. 1, or SSVS for short. SSVS is applicable whenever a CPA exercises professional judgment in determining a value. Mechanical calculations, such as multiplying the number of shares of a publicly traded stock held times a stated market price, are not subject to SSVS. However, multiplying revenues or some form of earnings to arrive at a value likely requires professional judgment in the selection of the multiple and is therefore subject to SSVS. As all CPAs are subject to SSVS it is important to know what SSVS entails even if you do not personally prepare business valuations. Your clients may need to have a business valuation performed and therefore you need to know what the client is receiving when a valuation is performed.

SSVS gives the CPA an option when performing valuation services. The first is a “valuation engagement.” This type of engagement allows the valuation analyst to estimate the value of a subject interest with no restrictions as to the valuation approaches and methods used. The result of a “valuation engagement” is a “conclusion of value” which may be a single amount or a range.

The other option SSVS allows for is a “calculation engagement.” In this type of engagement the valuation analyst is limited to the valuation approaches and methods to which the client has agreed. These procedures are more limited than those used in a valuation engagement and therefore do not result in a “conclusion of value.” Instead, a calculation engagement results in a “calculated value” that does not purport to include all of the procedures required to express a “conclusion of value.”

Simply put, the difference between the two types of engagements is that “valuation engagement” allows the appraiser to use all methods and approaches deemed relevant while a “calculation engagement” does not. As a result “valuation engagements” will meet all of the professional standards required by SSVS. A “calculation engagement” will not. In fact, SSVS requires that all calculation engagements acknowledge that the results may have been different if a “valuation engagement” was performed.

Which procedures can be left out of a “calculation engagement?” That answer depends on the agreement between the subject business owner and the valuation analyst. The valuation analyst may be limited to using only one of the three primary approaches, or to use a specific rate of return, or to use a specific discount. The agreement may be based on eliminating valuation approaches that the analyst does not think will be appropriate. Alternatively, the agreement may be

C

The Alabama CPA MAGAZINE

designed to save costs. Here are some examples of the ways costs can be saved: • Agree in advance to a multiple or rate of return that will be used.

• Agree in advance to a discount for lack of marketability or lack of control.

• Agree to forego industry research.

• Agree to forego all, or a portion of, analysis of national, state, and local economies.

• gree to forego application of the market approach or certain segments of this approach, such as the guideline public company method.

• Agree to forego peer analysis and financial benchmarking.

• Agree to forego a detailed analysis of the risks of the subject company, such as concentrations related to customers, suppliers, or salesmen.

It is important to note that you are not likely to see a “calculation engagement” agreement that specifically states these items will not be performed.

Instead these procedures will simply not be listed among the procedures that will be performed. As such these items are not performed and costs are saved. While this may be appropriate in some circumstances it may not be in all circumstances.

So when might a “calculation engagement” be appropriate? A business owner that plans to market his business, or simply wants to know what it is worth, could benefit from a calculation engagement. This could give him an idea of what his actual return is and allow him to determine an asking price. Another situation could be one in which owners have amicably agreed to a change in ownership and can agree on the criteria used to value the business. This could even work if the owners are a couple going through an amicable divorce.

Calculation engagements can be meaningful if the procedures performed are not overly restricted.

But when might a “calculation engagement” not be appropriate? The answer to this lies in the purpose for the valuation. For example if a “calculation engagement” is prepared for a divorce then the appraiser could not deny that the procedures used were limited to those agreed to with the party who requested the valuation and that a different result may have occurred had a “valuation engagement” been performed. This may not appear to be objective when the ultimate end user, the judge, decides whether or not to rely upon this value.

Another example might be an appraisal required to be filed with the Internal Revenue Service. In Revenue Ruling 59-60, the IRS lists factors it expects to be considered when determining fair market value. Several requirements of SSVS are rooted in this revenue ruling. Some of the factors listed in Revenue Ruling 59-60 are the ones excluded from many “calculation engagements”. As such the “cal-

culated value” attached to the gift tax or estate return being filed may not be sufficient to meet the basic criteria set forth by the IRS. In addition to the basic criteria stated in Rev. Rul. 59-60, a “calculation engagement” may be absent procedures that cause problems in other areas. For example, the IRS issued a job aid for its field agents to use when considering discounts for lack of marketability. An overriding theme in this document, which the IRS released internally in 2009 but did not become public knowledge until 2011, is that discounts should be driven by a detailed analysis of the subject interest and not a simple average. If company benchmarking has been omitted from valuation procedures, or the discount used was agreed to in advance, it may be hard to defend the applicability of the discount applied.

When considering a report stating a “calculated value,” you should consider the procedures performed, as well as the ones inherently omitted, and the effect these may have on the appropriateness of the report in the eyes of its end user. “Calculation engagements” do not contain everything required to reach a “conclusion of value.” If they did they would not be “calculation engagements,” which are limited due to the agreement between the client and the valuation analyst. The procedures omitted may or may not be appropriate for the end user. Omitted steps could be costly if the end user determines a “calculated value” is of no value at all. ____ Kevin A. Andrews, CPA/ABV, CFE, CFF is a shareholder in Financial Forensics & Valuation Group, PC located in Birmingham, Alabama and specializing in assisting business owners in litigation. Kevin also owns Alabama Business Valuations, LLC which focuses exclusively on valuations for regulatory purposes, such as for ESOP filings and gift and estate returns. Additionally, Kevin is an instructor for the Alabama Society of Certified Public accounts for fraud and business valuation topics and won the Thomas A. Ratcliffe Outstanding Discussion Leader Award presented to the highest rated instructor in 2011-2012. Kevin can be contacted at ka@ffvgroup.com.

Attend ASCPA’s Introduction to Business Valuation class on September 24th in Mobile 13

DOING IT BETTER Potential Liability of the Outside CPA for a Client’s Payroll Taxes

C

By Bruce P. Ely, Justin B. Cureton*, Bradley, Arant, Boult & Cummings

PAs should be aware of the potential The accounting firm warned GCAD of the liability they can assume if they handle unpaid taxes on multiple occasions. Members a client’s “trust fund” taxes. These taxes of the firm even met with the management of include payroll taxes on the federal level, as well GCAD to develop a plan for repayment. When as income tax withholdings and sales and seller’s a plan was created, the accounting firm would use tax on the state/local level. If the client fails send the proposed plan to the IRS for approval. to pay these taxes, the IRS and the Alabama GCAD, however, would direct the firm to pay Department of Revenue each have the power other creditors, and even members of GCAD to assess the so-called 100% penalty against management. The Service asserted that the each of the “responsible persons”. The penalty accounting firm followed its client’s orders, while is known officially as the Trust Fund Recovery knowing that the funds remaining would not be Penalty (“TFRP”). I.R.C. § 6672; Ala. Code §§ enough to cover the unpaid taxes. But there was 40-29-72, -73. no evidence that GCAD ever purposefully directed A recent federal district court case shows the accounting firm to evade withholding taxes. the IRS’ continued efforts to hold third parties The IRS assessed over $325,000 in TFRP responsible when their client or customer fails to against each of accounting firm’s owners—not timely remit its trust fund taxes. Erwin v. United just the firm itself. Despite concessions that the States, 111 AFTR2d ¶2013-426 (D. N.C., Feb. firm had simply followed the directives of its client, 2013). In that case, Buddy Light Accounting and the IRS determined that the firm and its owners Tax Services (the “accounting firm”) managed met the requirements of I.R.C. § 6672 by being most of the accounting functions for its client, willfully acting, responsible persons, and deemed GC Affordable Dining, Inc. (“GCAD”). Among each of them personally liable for the client’s other duties, the accounting firm was in charge unpaid taxes. of calculating employee withholding taxes and The court agreed, concluding that although the making tax deposits for the client. GCAD began owners of the accounting firm were not members experiencing financial difficulties.

The accounting of 1GCAD management or even employees, they E-9002-0313 AL_Layout 1 3/19/13 2:08 PM Page firm was fully aware of those financial difficulties. were clearly in control of the accounting and

payroll operations. Members of the firm were the first persons to know the amount of the employee withholdings and the amount of accrued but unpaid taxes, and were assigned the duty of paying those taxes. In determining “willfulness” -- a necessary element-- the court focused on the firm’s issuance of “thousands” of checks on behalf of GCAD, while its members must have known that the money for these checks could instead have been used to pay the unpaid taxes.

CPAs in private practice shouldn’t think they or their firms will never be held liable for a client’s or former client’s unpaid payroll or sales/seller’s use taxes. The TFRP is not reserved for business owners and in-house finance or payroll officers.

Outside CPAs can become liable, jointly and severally, due to their accounting responsibilities for a client. Obviously, CPAs should avoid becoming too close to a client in financial difficulties. For example, CPAs who are involved in the payroll/bookkeeping functions for a client should not follow the directives of the client regarding payment of non-tax creditors when they know, or even suspect, that trust fund taxes are going unpaid. They should quickly consult their own tax counsel and probably resign from the engagement—in writing.

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One or more of the CNA companies provide the products and/or services described. The information is intended to present a general overview for illustrative purposes only. It is not intended to constitute a binding contract. Please remember that only the relevant insurance policy can provide the actual terms, coverages, amounts, conditions and exclusions for an insured. All products and services may not be available in all states and may be subject to change without notice. The statements, analyses and opinions expressed in this publication are those of the respective authors and may not necessarily reflect those of any third parties including the CNA companies. CNA is a registered trademark of CNA Financial Corporation. Copyright © 2013 CNA. All rights reserved.

E-9002-0313 AL

14

The Alabama CPA MAGAZINE

Annual Sandestin Conference...Arrrrrgh!

It’s a Beach Party Kind of Education Event It’s the signature beach event for ASCPA members! Education and fun merge together. Add in family time and networking, and you’ve got the Sandestin Conference. Speakers include Jim Martin, Jeff Patterson, Carlton Collins and Bruce Nunnally.

New this year is an afternoon beach party, complete with a blow up pirate ship water slide on the beach.

Join us for the fun!

Sandestin Conference Registration Sandestin Conference Registration Form Mail form to : ASCPA P.O. Box 242987 Montgomery, AL 36124-2987

Form – JulyJuly 21-25 21 - 25

Fax form to : Sherry Russ 334.834.7310 Scan/email to: sruss@ascpa.org

Last Name

Register online at:

www.ascpa.org

M.I.

First Name

ASCPA Member Number

Firm / Employer

Business Phone

Address

Email Address (for confirmation)

City

State

Sunday, July 21

st

Monday, July 22

nd

Tuesday, July 23

rd

Zip

3:00pm-5:00pm

Registration

6:00pm-8:00pm

Opening Reception

8:00am-noon

Practical Guidance for Impairment Accounting Standards James D. Martin, CPA

1:00pm

Golf Tournament

8:00am-noon

Top State and Federal Tax Case Law Topics Jeff Patterson, Esq.

5:45am

Fishing Tournament, Harborwalk Fishing Docks

1:00pm – 4:00pm Wednesday, July 24

th

th

Thursday, July 25

Beach Party with water slide

8:00am-noon

The Tech Savvy CPA Carlton Collins

8:00am-noon

Accounting & Auditing Update Bruce Nunnally, CPA

*Electronic course materials are included in the registration fee and will be emailed at least two weeks before the course date.

CPE Registration Registration Fees CPE EarlyBird BirdRegistration Registrationbyby July Early July 1111

n Member Member

$475

Non-Member

$475 $525

n Non-Member $525 Standard Registration after July 11

Standard Registration after July 11  Member $525 n Member $525



Non-Member

n Non-Member

$575

$575

BeachParty Party Beach n Number  NumberAttending Attending

OpeningReception Reception Opening n Attending Attending Tickets Ticketsfor for all all guests guests includedin in fee fee included __ Number of Adults ____ Number of Adults

GolfTournament Tournament Golf n Member Golf Member Golf$125 $125 Additional T-shirts for for salesale for $10 each – Additional T-shirts for $10 ____Handicap ____Handicap One included registrant fee. Please each –One for included forinregistrant in list fee. Please list number andcost sizes number and sizes and include in total and Youth include cost in Youth fees.

Medium to total Adult fees.

XXL available.

__ Number of Children

____ Number of Children



Not Attending

n Not Attending

Medium to Adult XXL available. ________________________________ _____________________________ ________________________________ _____________________________ _____________________________ ________________________________ ____________________________

Guest Golf $125 $125 n Guest Golf ____Handicap ____Handicap

Guest Golf

$125

n Guest Golf $125 ____Handicap ____Handicap

Fishing Tournament Fishing Tournament n Member Fish $135 Member Fish $135 Guest Fish$135 $135 n Guest Fish Guest Fish $135 n Guest Fish $135

Guest Fish$135 $135

n Guest Fish

Total Fees:

Check: enclosed a check payable to to ASCPA in the amount of $________________ Check: I Ihave have enclosed a check payable ASCPA in the amount of $ ___________ authorize the ASCPA to charge $ __________ my credit card. Card: Credit II authorize the ASCPA to charge $ __________ to mytocredit card. Credit n Card: MC n MC Visa Card Number

 Visa  Discover  AMEX n Discover n AMEX Month

Year

________________________________________ Print Cardholder’s Name

________________________________________________ Cardholder’s Signature

Address of cardholder

City, State, Zip of cardholder

The Alabama CPA MAGAZINE

15

EDUCATION Express

No. Date(s)

Field of Study Title Location

001* 5/10/13

AA

002* 6/18/13

Other

Early Bird *Registration Non-Member Member Fee Fee Add-On

AICPA Advanced Course: Overview of the Peer Review Program Standards

Montgomery

$250

$275

$50

Trusted Business Advisor Workshop 2

Montgomery

$250

$275

$50

003

6/24/13

AA

Annual FASB Update and Review

Gulf Shores (AM)

$150

$175

$50

004

6/24/13

TX

Select Estate and Life Planning Issues for the Middle-Income Client

Gulf Shores (AM)

$150

$175

$50

005

6/24/13

Other

Controller/CFO Update: Hot Topics Facing Today’s Financial Professional

Gulf Shores (AM)

$150

$175

$50

006

6/24/13

AA

Accounting and Reporting for Not-for-Profits: Avoiding the Headaches and Heartaches

Gulf Shores (PM)

$150

$175

$50

007

6/24/13

TX

Individual Income Tax Return Mistakes and How to Fix Them

Gulf Shores (PM)

$150

$175

$50

008

6/24/13

Other

Gaining a Competitive Advantage: Critical Skills for CFOs and Controllers

Gulf Shores (PM)

$150

$175

$50

009

6/25/13

AA Financial Reporting Fraud: The Top 25 Tips on How to Prevent and Detect Executives and Managers from

010

6/25/13

TX

011

6/25/13

Other

012

6/25/13

013

Manipulating Financial Statements

Gulf Shores (AM)

$150

$175

$50

Federal Tax Update

Gulf Shores (AM)

$150

$175

$50

Innovative Forecasting and Budgeting: Moving Beyond the Traditional Techniques

Gulf Shores (AM)

$150

$175

$50

AA

Preparing OCBOA Financial Statements: Cash, Modified Cash and Tax Basis Financial Statements

Gulf Shores (PM)

$150

$175

$50

6/25/13

TX

Mastering Basis Issues for S Corporations, Partnerships, and LLCs

Gulf Shores (PM)

$150

$175

$50

014

6/25/13

Other

Thriving in a Chaotic Economic Environment: Planning and Strategy Formulation for Your Organization

Gulf Shores (PM)

$150

$175

$50

015

6/26/13

AA

Fraud in Purchasing and Cash Disbursement Cycles

Gulf Shores (AM)

$150

$175

$50

016

6/26/13

TX

Maximizing Your Social Security Benefits

Gulf Shores (AM)

$150

$175

$50

017

6/26/13

Tech

Technology Update

Gulf Shores (AM)

$150

$175

$50

018

6/26/13

AA

COSO Internal Control: One Size Does Fit All

Gulf Shores (PM)

$150

$175

$50

019

6/26/13

TX

Estate Planning: What to Do in 2013

Gulf Shores (PM)

$150

$175

$50

020

6/26/13

Tech

Excel Macros - Part 1

Gulf Shores (PM)

$150

$175

$50

021

6/27/13

AA

Compilation Engagements

Gulf Shores (AM)

$150

$175

$50

022

6/27/13

TX

Key Partnership and S Corporation Tax Planning Strategies

Gulf Shores (AM)

$150

$175

$50

023

6/27/13

Tech

iPad - An Effective Business Tool

Gulf Shores (AM)

$150

$175

$50

024

6/27/13

AA

Efficient Small Business Audits

Gulf Shores (PM)

$150

$175

$50

025

6/27/13

TX

Critical Tax Issues in Buying and Selling a Business

Gulf Shores (PM)

$150

$175

$50

026

6/27/13

Tech & AA

Excel Reporting - Best Practices, Tools and Techniques

Gulf Shores (PM)

$150

$175

$50

027* 7/8/13

AA

Governmental and Nonprofit Update

Montgomery

$250

$275

$50

028* 7/8/13

Other

AICPA’s Annual Update for Controllers

Montgomery

$250

$275

$50

029* 7/9/13

AA

Governmental Accounting and Reporting Huntsville

$250

$275

$50

030* 7/9/13

AA

Detecting Misstatements:Integrating SAS 99 and the Risk Assessment Standards Huntsville

$250

$275

$50

031* 7/10/13

AA

Understanding the Clarified Auditing Standards: The Changes You Need to Know

Montgomery

$250

$275

$50

032* 7/10/13 6AA/1Tax/1Other Construction Accounting, Auditing, Tax

Montgomery

$250

$275

$50

033

7/16/13

Automobile Dealerships: An In-Depth Perspective

Montgomery

$250

$275

$50

034

7/16/13

Tech

Top 50 Security Measures for CPAs

Montgomery

$250

$275

$50

035* 7/17/13

AA

Now I Oversee: Advanced OMB A-133 Issues

Birmingham

$250

$275

$50

036

7/17/13

Tech

QuickBooks 2013 for CPAs

Birmingham

$250

$275

$50

037* 7/17/13

AA

New GASB Reporting Requirements: GASB Statements 67 & 68

Mobile

$250

$275

$50

038* 7/17/13

Tax Handling IRS Disputes

Mobile

$250

$275

$50

039

7/18/13

AA

Forensic Accounting: A Comprehensive Guide to Conducting Financial Fraud Investigations

Auburn

$250

$275

$50

040

7/18/13

Tech

Tech Savvy CPA

Auburn

$250

$275

$50

041* 7/18/13

AA

Studies on Audit Deficiencies

Mobile

$250

$275

$50

042* 7/18/13

Tax

Fundamentals of a Trust

Mobile

$250

$275

$50

044

7/26/13

Tax

Shortcuts to Tax Cuts: Individual Tax, Social Security, and Retirement Planning Tools and Strategies

Auburn

$250

$275

$50

045

7/29- 7/31/13 AA

Employee Benefits Workshop – Fee Determined by Sessions

Birmingham

046

8/5 - 8/7/13

AA

Basic Staff Training for Auditors

Montgomery

$525

$550

$50

047

8/5/13

AA

Forensic Accounting: Critical Phases of an Effective Fraud Investigation

Birmingham (AM)

$155

$180

$50

048

8/5/13

Tax

Tax Challenges for Older Americans

Birmingham (AM)

$155

$180

$50

049

8/5/13

Other

Benchmarking and Effective Partner Compensation Systems

Birmingham (PM)

$155

$180

$50

050

8/5/13

AA Financial Reporting: The Top 25 Tips on How to Prevent and Detect Executives and Managers from Manipulating Financial Statements

Birmingham (PM)

$155

$180

$50

051

8/5/13

Tax

Social Security and Medicare: Advanced Analysis of the Tactics, Taxes, and the Truth

Birmingham (PM)

$155

$180

$50

052

8/5/13

Other

Disciplined Marketing in Building a Niche Practice

Birmingham (AM)

$155

$180

$50

054

8/6/13

Tax

Taxation for Foreign Nationals

Birmingham (AM)

$155

$180

$50

055

8/6/13

Other

Loyalty Effect and Building a Sales Culture in a CPA Firm

Birmingham (PM)

$155

$180

$50

16

See online

$50

The Alabama CPA MAGAZINE

No. Date(s)

Field of Study Title Location

056

8/6/13

Tax

057

8/6/13

Other

058

8/6/13

Other

059

8/7/13

AA

Early Bird *Registration Non-Member Member Fee Fee Add-On

Taxation for Expatriates

Birmingham (PM)

$155

$180

$50

Succession Planning and the Future of the Accounting Profession

Birmingham (PM)

$155

$180

$50

The GO System

Birmingham (PM)

$155

$180

$50

Financial Statement Disclosures: Guide to Current Requirements and Developing Issues

Mobile (AM)

$155

$180

$50

060

8/7/13

Tax

Federal Tax Update

Mobile (AM)

$155

$180

$50

061

8/7/13

AA

Current Issues in Accounting and Auditing: An Annual Update

Mobile (PM)

$155

$180

$50

062

8/7/13

Tax

Critical Tax Issues in Buying and Selling a Business

Mobile (PM)

$155

$180

$50

063

8/8/13

AA

Fraud and Financial Reporting: Don’t Be the Next Victim!

Mobile (AM)

$155

$180

$50

064

8/8/13

Tax

Maximizing Your Social Security Benefits

Mobile (AM)

$155

$180

$50

065

8/8/13

AA

Preparing OCBOA Financial Statements: Cash, Modified Cash and Tax Basis Financial Statements

Mobile (PM)

$155

$180

$50

066

8/8/13

Tax

Individual Income Tax Return Mistakes and How to Fix Them

Mobile (PM)

$155

$180

$50

067

8/8 - 8/9/13

AA

Semi-Senior Staff Training for Auditors

Montgomery

$375

$400

$50

068

8/9/13

TX

Alabama Sales and Use Tax Guide for CPAs by Ely, Long, and Thistle Huntsville

$155

$180

$50

069

8/9/13

TX

The Best Income Tax, Estate Tax, and Financial Planning Ideas of 2013 Huntsville

$250

$275

$50

070

8/12 - 8/13/13 AA

Beginning In-Charge Staff Training for Auditors

Montgomery

$375

$400

$50

071

8/13-8/14/13 AA

Yellow Book Workshop – Fee Determined by Sessions

Birmingham

072

8/14/13

Disregarded Entities

Montgomery

$250

$275

$50

073

8/14/13

Other

Microsoft Office 2013 including Windows 8 and Skydrive

Montgomery

$250

$275

$50

074

8/15/13

Tax

Religious Organizations: Accounting, Auditing & Tax Issues

Montgomery

$250

$275

$50

075

8/15/13

Tech

QuickBooks for Beginners

Montgomery

$250

$275

$50

076

8/15/13

Mobile

$250

$275

$50

077

8/15/13

Tech

Top Accounting Solutions

Mobile

$250

$275

$50

078* 8/16/13

Other

Advanced Business Law for CPAs

Birmingham

$250

$275

$50

See online

$50

TX Advanced Tax Structures: Using Tiered Partnerships, Multiple Corporations, Series LLCs and

TX Hot IRS Tax Examination Issues for Individuals and Businesses

079

8/16/13

Tech

081

8/16/13

AA/Other

082

Excel 2013 for CPAs

Birmingham

$250

$275

$50

Excel Budgeting and Forecasting Techniques

Mobile

$250

$275

$50

8/16/13

AA

Condos & HOAs: Advanced Accounting, Auditing and Other Issues

Orange Beach

$250

$275

$50

083* 8/19/13

AA

FASB Industry Review

Birmingham

$250

$275

$50

084

AA

2013 Accounting & Auditing Update for the Real World

Birmingham

$199

$224

$50

Expanding the CPA Role

Birmingham

$250

$275

$50

8/19/13

085* 8/19/13

Other

086* 8/20/13

AA

Practical Guidebook to Impairment Accounting Standards

Tuscaloosa-AM

$155

$180

$50

087

8/20/13

AA

Revenue Recognition and Lease Accounting: The New Perspectives

Tuscaloosa-PM

$155

$180

$50

089* 8/20/13

AA

Revenue Recognition: Getting the New Standards Right

Montgomery

$250

$275

$50

091* 8/20/13

AA

Public Company Update

Birmingham

$250

$275

$50

092

8/20/13

TX

Advanced Partnership/LLC Workshop: How to Do Optional Step-up In Basis Under 754 and Related Provisions Birmingham

$250

$275

$50

093

8/21/13

AA

2013 Accounting & Auditing Update for the Real World Huntsville

$250

$275

$50

094* 8/21/13

AA

Real Estate Accounting and Auditing

Montgomery

$250

$275

$50

095

8/21/13

TX

Advanced Critical Issues for LLCs and Partnerships

Montgomery

$250

$275

$50

096

8/22 - 8/23/13 Other

The Franklin Covey 7 Habits of Highly Effective People Workshop

Montgomery

$800

$850

$50

098

8/22/13

TX Hot IRS Tax Examination Issues for Individuals and Businesses

Decatur

$250

$275

$50

100

8/23/13

TX

The Complete Guide to Payroll Taxes and 1099 Issues

Dothan

$250

$275

$50

101

8/26-8/28/13 TX

Estate and Tax Planning for the Baby Boomer Workshop – Fee Determined by Sessions

Birmingham

Closely Held Business Taxation: Smart Strategies to Slash Taxes

Tuscaloosa

$250

$275

$50

Tech

Excel Best Practices

Tuscaloosa

$250

$275

$50

102* 8/28/13

TX

See online

$50

103

8/28/13

105

8/29/13

Tech

Sage 50/Peachtree Accounting Software - Managing Businesses More Effectively

Birmingham

$250

$275

$50

106

8/29/13

Other

Leadership Development from the Expert Colonel

Montgomery

$250

$275

$50

107* 8/29/13

Other

Thirty-Plus Practical Tools and Techniques for Making Your Key Financial Decisions

Montgomery

$250

$275

$50

108* 8/30/13

Other

Expanding the Role and Influence of CPAs in Organizations

Auburn

$250

$275

$50

109

8/30/13

Tech

Excel PivotTables for Accountants

Auburn

$250

$275

$50

111

8/30/13

Tax

Delving into the Top Twelve Issues for Partnerships, LLCs and S Corps Huntsville

$250

$275

$50

(*) Asterisk indicates 8 hr AICPA seminar; take advantage of a $30 discount applied to the ASCPA fee if you are an AICPA member ASCPA 4hr Clusters or CPE Value Seminars do not receive $30 discount.

NEW REGISTRATION FORMS AND ENTIRE CPE SCHEDULE AVAILABLE SOON ON THE WEBSITE - WWW.ASCPA.ORG The Alabama CPA MAGAZINE

17

Bigger is Better

Accounting Practice Sales is North America’s leader in sales because we understand practice value, have thousands of motivated buyers and know how to navigate today’s tricky financial market. When you decide to sell your practice, remember APS got to be the biggest because we earned it. We are the best at what we do.

Call today for a risk-free and confidential evaluation of your practice and let us show you how simple selling your practice can be. Bigger is better!

Lori Newcomer, CPA (888) 277-6040 LNewcomer@apsleader.com AccountingPracticeSales.com

18

The Alabama CPA MAGAZINE

ASCPA Education Form ASCPA Continuing ProfessionalRegistration Education Registration Form Mail form to : ASCPA P.O. Box 242987 Montgomery, AL 36124-2987

Fax form to : Sherry Russ 334.834.7310 Scan/email to: sruss@ascpa.org

Register online at:

www.ascpa.org

REGISTRANT INFORMATION Last Name

M.I.

First Name

ASCPA Member Number

Firm / Employer State Certificate Number Address City

State

Zip

Business Phone

Business Fax

Please visit www.ascpa.org to view all registration policies, including information about cancellations and refunds.

Please attach a description of special requests or contact us at (334) 386-5764.

Email Address (for registration confirmation)

Vegetarian ADA Request

Check if information has recently changed and needs to be updated in your member record Are you a member of the AICPA? Yes How did you hear about this class?

Course Date

No

Email

Course Title

Member Number: ____________________ (Required for discount; subject to verification) Newsletter

Website

Course Number

Postcard/Special Mailing Course Fee ASCPA Member

NonMember

Other

AICPA Discount *see note (where applicable)

Book Fee ($20 per course)

Subtotal

Total: *CPAs who are members of the ASCPA may register at the member rate. CPAs who are not a member of the ASCPA or other State Society may register at the Non-Member rate. Please include the appropriate discount(s) when registering for events. ÃCPAs who are members of the AICPA may deduct $30 from AICPA seminars ONLY (8 hrs classes). (These are identified in the CPE Schedule online or in the ASCPA newsletter). *Electronic course materials are included in the registration fee and will be emailed at least two weeks before the course date. You can choose to purchase a paper copy of the course materials for an additional fee of $20 per course.

I acknowledge that I will receive course materials electronically (included in course fee).

I would like to purchase my manual for $20 per class Check: I have enclosed a check payable to ASCPA in the amount of $ ___________ I authorize the ASCPA to charge $ __________ to my credit card.

Credit Card:  MC Card Number

Company Credit Card

 Visa

 Discover  AMEX Month Year Expiration Date

Personal Credit Card

________________________________________ Print Cardholder’s Name

________________________________________________ Cardholder’s Signature

Address of cardholder

City, State, Zip of cardholder

The Alabama CPA MAGAZINE

3/11/13

19

Presorted Std US Postage PAID Permit No. 131 Montgomery, AL MAY 2013

The Alabama Society of Certified Public Accountants 1041 Longfield Court P.O. Box 242987 Montgomery, AL 36124

Honor the fallen on Memorial Day. The Alabama Society office will be closed on Monday, May 27.

Classified The Hartselle Board of Education is seeking qualified candidates for its Chief School Financial Officer position. Individuals interested in applying can go to www.hartselletigers.org for more details or call 334-277-9700 and ask for Ken Roberts. The deadline for applying is May 13th.

Montgomery area technology-oriented sole practitioner with fast-growing accounting and tax firm is seeking alliance or merger with CPA of similar situation. Also seeking CPA or CPA candidate with tax and accounting experience for full or parttime employment. Contact Sajjan Rajendra, CPA, sajjancpa@knology.net or 334.294.6967 for more information.

Expanding Montgomery CPA firm looking for a senior accountant with 4-6 years of experience for bookkeeping, business consulting, audits, and tax work. CPA or public accounting experience required. Competitive pay and benefits within a flexible environment. Submit letter of interest and resume to Hillary Rosser, hrosser@wmpcpa.com.

Wealth Management Partners of Montgomery is seeking a SME/auditor for governmental projects.

The position requires: • 4+ years of audit, accounting or financial management advisory services experence, preferably in support of Department of Defense or federal agencies.

• Bachelor’s degree in accounting or other technical field from an accredited college, with a minimum of 24 hours of accounting.

• Knowledge of Federal Information Systems Controls Audit Manual (FISCAM) and expertise with DFAS 7900.4-M, Financial Systems Requirement Manual (Blue Book) requirements.

•T he ability to pass and maintain a security clearance.

CPA or CISA certification or CPA/CISA candidate is desired. Qualified applicants should forward a letter of interest and resume to Hillary Rosser, Human Resources, at hrosser@wmpcpa.com.