ASCPA August 2015 Magazine by Alabama Society of CPAs

ALABAMA CPA MAGAZINE AUGUST 2015

E D U C AT I O N I S S U E

THE ALABAMA CPA MAGAZINE Alabama Society of

Message from the Chair... There is little doubt that all of us live in a very fluid, changing

Certified Public Accountants

landscape. It seems that all aspects of society are changing. In

P.O. Box 242987

this edition I am certainly not going to engage you in a debate as

Montgomery, Alabama 36124-2987

to the good or bad of changes we have seen lately. I will admit

1-800-227-1711

that I am not happy with many of the ones taking place. I will also

334-834-7650

admit that I have mixed feeling about the concept of change, in

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general. I recognize that I am a bit older than most of the members of the ASCPA and

OFFICERS

I sometimes find myself wishing that the pace of change would slow down just a bit. I

Dr. Lowell S. Broom, Chair

often like, and am comfortable with, the way things are. On the other hand, I also often

James R. L. Carroll, Chair-Elect

get a bit bored with the status quo. New experiences, new places, new people and

Don McCleod, Past Chair

even new processes bring a bit of freshness to my life. What I propose to our readers

BOARD OF DIRECTORS

is that change is absolutely inevitable; it is foolish to ignore that reality and not make

Lynne N. Bozeman

plans to deal with them. Thoughtful strategic planning gives any individual, group, or

Michael L. Brand

organization the best chance possible of surviving, and even prospering, in the face

Caitlin F. Glass

of constant change. Sitting still, or simply being reactive to change that have already

Paul Marcus Hamilton

occurred, is an all-but-sure path to go the way of the dinosaur.

M. Buddy Johnsey

Previously, I have lauded our profession, specifically the AICPA, for its forward

Lisa M. McKinney

thinking in anticipating issues that affect the accounting profession and to manage

Gregory E. Sellers

those issues in ways that benefit both the profession and the public that we serve.

Dennis E. Sherrin

Well, the AICPA is not the only accounting organization that is doing serious strategic

Rachel M. Taylor

thinking. The members of your ASCPA leadership group, under the direction of

Macaroy Underwood

Jeannine Birmingham and her staff, are deeply invested in the strategic planning

AICPA COUNCIL MEMBERS

process as well. During a 2-day retreat this past April your ASCPA Board of Directors

Dr. Lowell S. Broom

met to discuss how best to address the changing landscape that the ASCPA is facing.

E. Lamar Reeves

That meeting was facilitated by members of a strategic marketing organization that

John P. Shank

had been in discussions with the ASCPA staff for several months regarding what the

Jimmy L. Williamson,

ASCPA should be, the obstacles the organization faces in becoming what it wants to

Past Chair, AICPA

be, and how to deal with those obstacles. As a result of those discussions, the ASCPA

The Alabama CPA Magazine is published by

Board divided itself into four separate task forces. Each of those groups is charged

Alabama Society of Certified Public Accountants

with developing recommendations for action related to specific issues or concerns

as a membership service to Society members.

faced by the ASCPA.

Views and opinions appearing in this publication are not necessarily endorsed by the ASCPA. The

I would encourage each of you to let the members of your board know about issues

deadline for submitting materials for publication is

of concern related to the accounting profession and, specifically, the ASCPA. None of

the first of the month preceding issue date.

us is na誰ve enough to think that we can control the direction of change that will impact

Jeannine P. Birmingham, CPA, CAE, CGMA President and CEO Diane L. Christy, Editor ON THE COVER Sandestin Beach Babies

our lives, or even accurately predict the changes that will occur. However, there is no doubt that our best chance to deal effectively with the changes that will come is to plan for them as best we can and think strategically about ways to address them. Rest assured, your ASCPA leadership is committed to doing exactly that.

Lowell THE ALABAMA CPA MAGAZINE

THE ALABAMA CPA MAGAZINE

BABC SALT CORNER ASCPA Weighs in on Proposed Composite Return Regulations Bruce P. Ely and William T. Thistle, II, Bradley Arant Boult Cummings LLP, www.babc.com ur column this month will focus on a recently-issued Alabama Department of Revenue (ADOR) proposed regulation that offers composite return payment relief to Subchapter K entities and their members in three situations:1 if the non-resident member owns an interest in a partnership or LLC that has qualified for the Alabama capital credit;2 if the non-resident member is a tax-exempt entity that has no unrelated business taxable income (UBTI); or3 if the non-resident member is a “C” corporation that has been in a “loss position” for the three most recent tax years and expects a net loss for the current tax year. Proposed Ala. Admin. Code r. 810-3-24.2-.04. The ADOR drafters imposed conditions on each of these exceptions, and several of those conditions concerned a number of Alabama CPAs. As a result of those concerns, the ASCPA’s State Tax Committee filed an extensive comment letter with the ADOR as part of the administrative hearing process. Thanks to Chairman Tom Zoebelein of Birmingham and to several other members of the committee for their input. Tom and Lyvonnia Poppell of Montgomery attended the hearing on July 15 and discussed the comment letter at length with the ADOR hearing officer and staff. According to Tom and Lyvonnia, the Committee’s comments were well received and they believe that several of the recommendations will be accepted. The comment letter focused on three major issues and also included some lesser, but practical concerns of the Committee. First and foremost, the Committee objected to the proposed regulation’s statement that, notwithstanding any of the three exceptions provided in it, a composite payment would be due on any separately stated income items even if the partnership had an operating loss and, therefore, the non-resident partner wouldn’t owe any Alabama income tax for the year. The proposed regulation also requires that the partnership ignore all separately stated deduction items and focus exclusively on the separately stated income items in calculating the composite payment. “As a result, the Proposed Rule imposes a tax obligation bearing little relationship to the non-resident partner’s Alabama income tax liability.” The letter also mentioned the unnecessary administrative burden on both the nonresident partners and the ADOR caused by many non-resident partners having to file refund petitions to claim the excess composite payment. The comment letter also commended the ADOR for exempting partnerships from a composite filing obligation if they qualify for the capital (investment tax) credit, which passes through to the partners based on their distributive shares. The Committee expressed concern, however, that the exemption would only apply if the partnership “has income that is solely derived from the capital credit project.” The Committee pointed out how uncommon that scenario is, particularly for partnerships that qualified for the capital credit under the broader definition of “headquarters facility” in effect before mid-2009. Although the proposed regulation would relieve some partnerships having a corporate partner from a composite payment obligation for that partner, it requires the corporate partner to have “been in a loss position for the three most recent tax periods…” and that the corporate partner “expects to be in a loss position for the current tax period.” The Committee requested clarification as to what “loss position” means and why a three-year look-back requirement is imposed. It also questioned why only corporate partners would be exempted in these circumstances. 4

William Thistle

The comment letter also pointed out a few technical and practical filing issues so we commend it to our readers for a thorough understanding of the issues and suggested compromises. The letter closed with thanks to the Department for its efforts to address some of the more common problems associated with composite return filing obligations. The ASCPA will update its members as the ADOR responds. If you have any questions regarding the proposed regulation, feel free to contact Tom, Lyvonnia or the authors of this column. ________ The composite return statute defines “member” to include both partners of partnerships and members of LLCs that have not elected corporate status under the IRS’ check-the-box regulations.

Copies of the proposed regulation and the July 13, 2015 comment letter are available on the ASCPA website: www.ascpa.org. © July 2015. Bruce P. Ely/William T Thistle, II/Bradley Arant Boult Cummings LLP. All rights reserved.

6-Point Plan to Improve Audits

Enhancing Audit Quality

Pre-licensure Next version of CPA Exam is designed to increase assessment of higher-order skills, such as critical thinking and professional skepticism; high school AP accounting course; changes to college-level accounting education; additional doctoral-level audit professors with practical experience

Standards and Ethics

CPA Learning and Support programs to demonstrate competence; nano, blended and informal learning programs training; Center for Plain English Accounting; audit guides, risk alerts and practice aids

Peer Review remediation including pre-issuance reviews and aggressive follow-up; root cause analysis (for poor and good quality); termination from peer review after repeat quality issues

Practice Monitoring of the Future robust technological platform

Enforcement boards of accountancy having ability to restrict license to practice; reinforced Code of Professional Conduct rules on due care

FREE 4 hour CPE course – 9/25/15 – Montgomery Drive Your Competitive Edge with Audit Quality (192) Visit www.ascpa.org to register or call 334.834.7650.

17568-312

Bruce Ely

aicpa.org/auditquality

THE ALABAMA CPA MAGAZINE

STUDENT SUCCESS 29th Accounting Interview Day: Passport to the Future

ime flies when you’re having fun and Accounting Interview Day (AID) is one of the most fun days on the ASCPA calendar. More than 60 students, dressed to impress, spend the day meeting with 15 interviewers from CPA firms, private industry and government. This year’s event is September 18, at the AUM School of Accountancy, 8:00-5:00. The program is unique in that the students are the ones who choose which recruiters they see, rather than the reverse. And there is only one slot per recruiter per school, resulting in some adjusting the day of the event. ASCPA Finance Manager Rebecca Vosghanian was asked to step in as an administrator last year. She made sure that all recruiters got to see every student they wanted to meet and that students had that same opportunity. “I was really impressed with how pro-active the students were in seeing as many interviewers as possible. As soon as a recruiter’s chair was empty, someone would hop over to introduce themselves and leave a copy of their resume. It’s exactly what we tell students at campus events – you’re in charge of your own future.” The candidates are all hand-picked by their professors and have to meet specific criteria: US citizen, GPA of at least 3.0, no job commitment in the accounting field, and a graduation date of December 2015 or May 2016. ASCPA fall intern Walter Dulaney is the chief organizer for this year’s AID, and will be responsible for all the details of recruiter registration and student schedules. There are a lot of moving parts to this event, and working closely with schools, students and recruiters is a tremendous experience. For a copy of the Accounting Interview Day recruiter registration form, go to the ASCPA website, www.ascpa.org.

THE ALABAMA CPA MAGAZINE

IN MEMORIAM WILLIAM B. KILLOUGH August 7, 1957 – June 10, 2015 Montgomery, Alabama Certificate #3716 JAMES E. BEDGOOD September 15, 1942 – June 7, 2015 Selma, Alabama Certificate #876

THE ALABAMA CPA MAGAZINE

Sandestin Summer CPE Conference Celebrates 39 Years Thank you to this year’s sponsors for making the 39th Sandestin Summer CPE Conference a success:

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THE ALABAMA CPA MAGAZINE

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THE ALABAMA CPA MAGAZINE

STUDENT SUCCESS

ACCOUNTING PILOT AND BRIDGE PROJECT

More teachers, more universities, more enthusiasm

id you hear the cheers? It was centered in the ASCPA offices on July 7-9 as 16 high school teachers, 15 from Alabama and one from Tulsa, Oklahoma, attended the second Accounting Pilot and Bridge Project (APBP). Leading the training were Dr. Dan Deines, Kansas State University, Joe Navickas, Deerfield High School, Deerfield, Illinois and Allison Nord of Comstock High School, Kalamazoo, Michigan. Kim Charland, accounting instructor at Kansas State will become involved with the program and attended to learn more about the training. With the enormous support of the Career Tech section of the Alabama State Department of Education, the training led high school teachers through a rigorous three days of college accounting. Their motivation? A desire to step up their accounting classes to a college level, challenging their students and exposing them to a career in accounting. Seven Alabama colleges and universities, including the University of Alabama, Auburn University, Troy University, University of South Alabama, University of North Alabama, University of Alabama in Huntsville and Samford University will offer credit starting in fall 2016. The schools will execute formal articulation agreements through the ALSDE. Also attending the training were accounting instructors from Huntingdon College, University of West Alabama and University of Alabama at Birmingham. They hope to encourage their own schools to accept the course for credit. “As approval of accounting as an advanced placement course

THE ALABAMA CPA MAGAZINE

continues to work its way through the College Board’s lengthy vetting process, this course will serve us well”, stated Dawn Morrison of the ALSDE. “We see it elevating the standard of high school accounting, giving students a solid foundation in the language of finance and money management as well as offering them a glimpse into a career which is rewarding on all levels.” Dan Deines, KPMG Professor of Accounting at Kansas State University and leader of the APBP effort said “I can’t tell you how pleased I am to see the collaboration between the Alabama State Department of Education, Alabama universities and the Alabama State Society. It is a model that should be emulated nationally.”

Zoebelein on Tax

TIME TO CONSIDER THE REVERSE AUDIT FOR YOUR CLIENTS: PART II- PROPERTY TAX TUNE-UP Now that you have your clients’ sales/use tax exposure evaluated, using the reverse audit techniques discussed in Part I, it is now time to focus on your clients’ property tax burden. My experience has shown me that property taxes are often given little consideration in tax planning for our clients. A property tax review for our business client should be limited to personal property, as most of our small business client’s real property requires just a simple review of prior assessments for reasonableness. I will focus on conducting the reverse audit on your clients’ personal property. I will share things to consider in the area of real property tax assessments. [In the box at the bottom of this article you will find a map to the relevant information on the ADOR website.]

Alabama Department of Revenue determines fair market value of your clients’ personal property by a formula that computes net book value by year for each economic life which is then indexed for inflation using the consumer price index. The ADOR publishes a yearly economic value matrix for the county assessors entitled “Personal Property Composite Factors” effective October 1 of the reporting year. The composite factors depreciation of the asset until the net book value reaches a floor then all depreciation stops. The floor ranges from 10% for 3 year property to 35% for 25 year property. Thus, your client’s personal property never fully depreciates and, worse, it continues to increase in assessable value by the inflation factor. They reason that if your client is using the asset, it still has value.

turing is usually given much longer economic lives. I ran into this very situation when I started at Gulf States Paper, where all the company’s personal property was being reported and assessed on business ID #2600, paper manufacturing, which was assigned a 15 year economic life. ID code #2600 fit the Demopolis pulp plant but did not fit the activity at the packaging plants. The packaging plant business more closely fit ID #2750 (commercial printing with a ten year life), as the packaging plants, for the most part, printed the customer’s package designs on packaging stock made at the Demopolis plant. Changing the packaging plant’s business ID code to #2750 reduced the economic life by five years from 15 years to ten years, saving the company over $40,000 annually in property taxes.

Property Tax Assessments

Business Identification Codes

Property Records

Property tax assessments are to be based on fair market value, which our accounting textbooks told us was “that price a willing buyer and willing seller would agree upon for the purchase/sale of the property.” Determining fair market value without a formal appraisal is especially elusive in valuing personal property. The accuracy of your client’s property records is the goal of the reverse audit, keeping in mind that your business clients are assessed at a rate double that of the individual homeowner; in the case of public utility property, the assessment rate is triple.

ADOR has established business identification codes by business type and industry which also contains the economic life to be used for the business. The business ID codes are published on their website and cover all personal property for that business with the exception of computers, furniture and fixtures. Computers, software and computer-based equipment (copiers, printers etc.), regardless of ID code, have a three year life while furniture and fixtures will always have an economic life of ten years. Reading the business ID codes, you will find that the majority of a business’s ID codes indicate a ten year economic life. That said, I still recommend that you confirm your client’s business fits the business ID code presently assigned to him. The business code assigned to your client is contained in the first four digits of their tax account. If your client has multiple business locations look to see that the ID code assigned to each location fits the business operated at that location. Often a single business ID code is assigned to a company with multiple business locations, but this may not reflect the business transacted at all locations. Ask the client what is done at each of the locations to establish whether, indeed, the single ID code is correct for all locations. If not, your client may be overpaying their property tax for those locations. This is especially important to check for your manufacturing clients as not all locations are manufacturing locations (warehouse or retail store location); manufac-

After establishing the proper business ID code(s) for your client, the next part of your reverse audit is to clean up your client’s property records. Remember, all personal property still on your client’s books is assumed to be in use and, therefore, growing in value by inflation. Start by reviewing your client’s depreciation computer runs, looking for fully-depreciated assets as well as computer equipment and software that are verifiably still in use. The computer industry’s fast pace of technological advancements in computers and computer-based equipment has shortened the life cycle with computers becoming obsolete in three years or less. Make your client aware of that fact and recommend that he consider disposing equipment no longer in use. Ask your client to consider donating unused computers to a charity or a school.

Reverse Audit Questions to Ask Your Clients and Some for You to Consider 1. Do you have personal property listed there that is no longer being used in the business or property that is just being kept on the books because it might be used someday? a. Any asset reported, regardless of its age, will never depreciate lower than its prescribed depreciation floor. b. Computers are the most common threeTHE ALABAMA CPA MAGAZINE

year property. Despite an economic life of three years, it takes ten years to reach the 10 percent floor assigned to three year property. 2. Make sure your client is using the correct business identification code. If there are two separate lines of business, make sure both codes are checked (the codes are set by the state). The business ID code establishes the economic (depreciable) life for the bulk of the business assets that the assessor will use to determine the gross value for property tax assessment purposes. a. Most small businesses will fall in the 10year economic life category, but there are several important exceptions such as construction (eight years), arcades (three), aviation (eight), taxi and bus lines (five), mining (five), and day care centers (five). 3. Make sure your assets are classified properly on your tax return to take advantage of any lower economic lives allowed in certain classes of assets. Computers have the shortest economic life (3 years) and include not only computers but software, copiers, printers, digital cameras, and equipment that are driven by a computer. 4. If a business is in an industry that is highly competitive and hit hard by foreign competition, it may be entitled to economic relief through a functional obsolescence adjustment. Keep in mind that the assessor is using mathematical formulas to try to ascertain the fair market value of a business’s assets. If a business is outside the norm, it may be entitled to some relief.

8. Mergers and acquisitions often result in stepping up the basis in the assets by the buyer, especially in an asset purchase. Personal property acquired in the purchase should retain the seller’s original cost and purchase dates for property tax reporting purposes. Do not use either the stepped up basis or the acquisition date. 9. There is only a 30-day window to protest the property assessments usually sent to your clients in late summer. 10. Refunds of property taxes paid in error must be filed within two years from date of payment. ADOR will be launching an online system for reporting your client’s property tax returns beginning October 1, 2016. This new system, Optional Personal Property Assessment Link (OPPAL), is optional for the taxpayer but requires all Alabama taxing jurisdictions to accept business personal property tax returns filed using OPPAL. The OPPAL system prefills the following year’s tax forms and the taxpayer will only need to report the current year’s changes to last year when filing the property return.

Real Property Quick Thoughts for Your Reverse Audit Review n Normal real property treated as personal property for federal depreciation purposes • Reclass items out of building that are now being treated as equipment (cost segregation) • HVAC – Computer departments – Temperature & humidity control (textile manufacturers) – Manufacturing process

5. Has your client capitalized any repairs to personal property? Did they adjust the basis of the original equipment for the discounted value of the repair? If not, they are over-reporting the value of the repaired equipment.

• Make sure your client contacts the tax assessor to make them aware of the change of the items removed from building that are now being reported as personal property. This avoids your client being taxed twice, first as real estate and again as equipment.

6. Watch for escaped property as it can be assessed five years prior to the year of discovery.

• Alabama Department of Revenue publishes a list of Realty Assets that it considers either real or personal property.

7. Many heavy industrial trucks come to the dealer stripped with just the cab and the frame requiring equipment to be added by the dealer, such as, assembly for a dump truck. Only the cab and frame is state database assessed by the tag. The added equipment referred to as “add-ons” must be reported on the annual property tax return.

nD on’t be afraid to challenge a real estate assessment of highest and best use.

THE ALABAMA CPA MAGAZINE

Golf clubs built to sell lots in a planned community development are often built on land not suitable for sale as building lots; if that is the case, that is a factor to defend a reassessment. n Consider applying for “Current Use Classi-

fication” for your client’s undeveloped land. • Current use values the real property at how it is being used and its highest and best use. Current use property is Class III which has only an assessment ratio of 10%. The following are current use applications: – Farming – Timber – Natural – Hunting Not to be developed in the next five to ten years • Note at the time the property fails to qualify for current use treatment there is a roll back provision reassessing the prior three years at the value at conversion (FMV or sale price). The additional tax recomputed over the tax previously paid is added to the first assessment period after the failure to qualify. The good news is the assessment is still at the Class III rate of 10% and is added to the first assessment of the property after conversion. The property is converted from current use by sale, the buyers will not qualify as current use, or the owner changes its use by developing the property. • Check your tax exempt clients to see if their real property should be taken off the property tax rolls. I had an historic house owned by a §501(c) entity that functioned as an art museum open to the public that I had removed from the property tax rolls. I hope this has started to get you thinking about reviewing your client’s property tax situation taking advantage of the slower summer months to get your clients ready for the October 1, 2015 assessment date. This could be a valuable service to your client while filling up some extra capacity. The client saved by proactively applying the reverse audit principles I have shared in Part I and Part II may be your own. Tom _____ Tom Zoebelein, CPA, Tax Manager 110 Office Park Drive, Suite 100, Birmingham, AL 35223, 205-323-5440 |www.pearcebevill.com tzoebelein@pearcebevill.com To access the relevant information on the ADOR website, go to www.ador.state.al.us. Click on the following: Divisions/Property Tax tab/Taxes Administered by this Section/Personal Property tab 11

Lunch and Learn with the Alabama Opportunity Scholarship Fund

The Alabama Accountability Act Course is available at no cost for two hours of CPE credits.

Let the Alabama Opportunity Scholarship Fund show you how the Alabama Accountability Act can be a win-win for your clients and underpriviledged students across the state. And, we bring lunch!

During the Alabama Accountability Act (AAA) Course, you will learn about the AAA legislation passed in 2013; the amendments made to the legislation in 2015; what are the taxpayers’ benefits; what is a scholarship granting organization and how they function; and you will be given a tutorial on how to follow the steps and guidelines set by the Alabama Department of Revenue. For more information or to schedule your Lunch and Learn, contact Bri Jackson at 205-206-7803 or bjackson@alosf.org.

“Tax credit donations give me an opportunity!” How it Works

Tax credit donations provide scholarships to lowlincome, K-12 children, empowering families to choose the school that best fits their child’s unique educational needs. The Alabama Opportunity Scholarship Fund is currently serving over 2,800 low-income children in 45 Alabama counties.

“

12,000 students applied. 83% of scholarships awarded to minority students.

Approximately $10.8 million in retroactive, unclaimed credits are still available for the 2014 tax year.

$16,899,434 in scholarship funds distributed.

Approximately $18 million in credits are still available for the 2015 tax year.

100% of scholarships were awarded to lowincome, Alabama children. www.alabamascholarshipfund.org 12

Act now! Visit alabamascholarshipfund.org to begin.

P.O. Box 59188

Birmingham, AL 35259

205-206-7803

THE ALABAMA CPA MAGAZINE

DOING IT BETTER

ALABAMA ACCOUNTABILITY ACT IS MAKING A DIFFERENCE

t has been two years since the Alabama legislature passed the Alabama Accountability Act (AAA) that enables Alabama taxpayers to support parents who, for a variety of reasons, desire to send their children to non-public K-12 schools. Scholarships for Kids, Inc., a qualifying Scholarship Granting Organization (SGO), has been witness to the differences the “educational choice” program is having in transforming the delivery of K-12 education for students that did not have the choice or opportunity before. Alabama is one of a growing number of states that is embracing school choice due to a belief that all schools will benefit from a competitive landscape where students are not forced to attend a poorly performing school and should encourage poorly performing schools to improve the quality of the education. We, as a country, are moving from a “one-size-fits-all” approach to education to one that respects the desire of parents to choose between traditional public school and private school. Per the 2014 Scholarship Granting Organization Public Report, released by the Alabama Department of Revenue (ADOR), five SGOs awarded 5,776 scholarships last year, 98.3% of which are to students from households that qualify for the Federal Free or Reduced Lunch Program. There are thousands of stories to be told of how students’ lives are being positively impacted by giving them the opportunity to attend a school of their choice with a learning environment that is most conducive for the individual child. The ADOR has been charged with monitoring and regulating the SGO’s, along with the annual reporting and the related tax credits. The tax credit program allows taxpayers to donate to a donor selected SGO, limited to the lesser of $50,000 or half of the taxpayer’s Alabama state tax liability (2013 & 2014 were limited to the lesser of $7,500 or half of the tax payer’s Alabama state tax liability). The legislature revised the AAA in June of 2015 allowing for a “lookback provision” whereby taxpayers who have properly filed extensions or taxpayers that wish to amend their 2014 tax returns may register for and claim a 2014 tax credit for a donation made to a qualifying SGO. There is approximately $10.9 million in tax credits that remain unclaimed for 2014 and the donor must specify the year of donation when registering the tax credit. Additional revisions to the AAA now allow Subchapter S corporations and limited liability companies THE ALABAMA CPA MAGAZINE

2014 SCHOLARSHIP GRANTING ORGANIZATION PUBLIC REPORT • Contributions Received $13,311,357 • Scholarships Funds Paid $23,525,501 • Number of Scholarships Paid 5,776 • PercentageofRecipientsEligiblefor Free or Reduced Lunches 98.27% • Non•Scholarship Expenditures by SGO’s $1,412,654 • PercentageofRecipientswhowould attend failing public school 29.45% to make contributions to SGOs as well as increasing the annual tax credits available for 2015 to $30,000,000 from $25,000,000 in 2013 and 2014. While donors may not direct their contribution to a particular school, Scholarships for Kids, Inc. still wants to know if a particular school motivated the donor to give, if applicable. Sharing with us which school’s efforts encouraged a donor to give is no guarantee nor does it earmark those funds to a particular school; however, involving our partner schools

in promoting tax credit donations results in a broad base of financial support from those who understand the positive impact that the AAA is having on each community. Visit our website (www.alabamakids.net) to see which Alabama non-public schools have partnered with us. For additional information, contact: ______ Warren Callaway, Executive Director Scholarships for Kids, Inc. (205) 480-9997, warren.callaway@gmail.com

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MEMBERS IN MOTION PROMOTIONS AND NEW POSITIONS Kirsten Sokom has been promoted to senior accountant at Crow Shields Bailey PC (CSB), an accounting and consulting firm with offices in Mobile, Daphne and Gulf Shores. Sokom graduated from the University of South Alabama in Kirsten Sokom 2012 with a bachelor’s degree in accounting and received a master’s of accounting from USA in 2013. She joined CSB in November 2013 and is a member of the firm’s audit team. She has experience in financial statement preparation and related tax engagements for condominium associations, professional employer organizations, construction contractors, multi-state distributors, local municipalities and employee benefit plans. In addition, she prepares multi-state corporate, partnership and individual tax returns. Aldridge, Borden & Company announced that Dane Floyd is its new managing partner. He succeeds James Blake, who held that position for over 35 years. Floyd serves as a partner in Aldridge Borden’s conDane Floyd sulting group, which provides business valuations, forensic accounting and business consulting services. He was graduated from Auburn University in 1989 and began his career in public accounting with Ernst & Whinney. Justin Berry and James R. (Rob) Shirley have been promoted to partner at Pearce Beville. Berry is a 2001 graduate of the University of Alabama at Birmingham. He joined the firm in 2000 and is a member of the healthcare practice within the firm. Justin also works in individual and business tax matJustin Berry ters, including manufacturing and construction. Rob Shirley is a 1992 graduate of Auburn University. He has 22 years of experience in both public and industry accounting. He joined PBLM’s audit practice in 2008 and provides auditing and various attestation services for James Shirley construction companies, manufacturers, retailers, not-for-profit organizations, attorney, title companies, internet companies, broker/dealers and mortgage bankers/brokers. In addition, he has assisted clients with various due diligence projects, ALTA best practices certifications, internal audit procedures, mergers & acquisitions, and cost segregations analysis. 14

LOSS OF TWO ASPIRING CPAS TOUCHES ASPCA FAMILY

RJ at the fall Interview Skills Workshop in Huntsville

RJ LOGAN was a non-traditional student member, returning to his home in Hartselle to attend Athens State University with the goal of becoming a CPA. He was always impeccably turned out, with French cuffs on his starched shirts, looking more sophisticated than a normal college senior! His enthusiasm for a second career as a CPA was infectious. Although he’d had a successful career in publishing for more than 25 years, RJ was humble in his desire to enter the accounting profession. Randy Douglas Logan was graduated from Auburn University with multiple degrees, including an MBA. He moved to New York where he worked primarily as a senior financial planning manager for American Express Publishing, Primedia, Time Warner, US News and World Report and the Bonnier Corporation. He followed Auburn and NYC sports teams, with particular loyalty to AU football and the Yankees. He was a former president of the New York Auburn Club. Stacie Hughes, one of his accounting professors at Athens State said, “We were all shocked. It was so unexpected and heartbreaking. He was excited about the CPA and talked about his new study materials just the week before. He worked really hard and was looking forward to his future.” RJ Logan died on May 16 at age 50, after a brief illness. KRISTOPHER JORDAN McBRIDE, 24, was a summa cum laude graduate of Troy University with both undergraduate and master’s degrees. He had already passed the CPA exam, was an associate member of the ASCPA (exam candidate) and was working for Carr Riggs & Ingram in Enterprise when he suffered a heart attack and died on July 9. McBride was the recipient of a Chairman’s Award scholarship from the ASCPA Educational Foundation for 2014/15 as well as an Accounting Achievement Award as the top accounting student at Troy in 2013. In 2012 he was named outstanding junior by the Honor Society of Phi Kappa Phi, an interdisciplinary academic society. He had a joyous spirit and quickly became a member of the ASCPA family through his friendship with CEO Jeannine Birmingham and as a campus ambassador during his scholarship year.

THE ALABAMA CPA MAGAZINE

CPA SPOTLIGHT

ADDICTED TO THE LIGHTBULB

Dr. Keren Deal, CPA, Auburn Montgomery

s a new academic year begins in college classrooms across Alabama, there is always excitement in the air. Can you remember back to attending the first day of class, getting the syllabus, reading through it, marking down test dates in a calendar (typically with a big “X”), and heading to the bookstore to stand in line? Getting your accounting textbooks that Keren Deal weighed a ton to the checkout – textbooks that were a lifeline in surviving the first, second, third and sometimes fourth grueling exam during the course of the term? Those exam results made us either breathe a sigh of relief or question our sanity for choosing a major that demanded so much time, attention to detail and attending class on a regular basis! As a proud graduate of Auburn University Montgomery’s (AUM) accounting program, as well as a 15-year faculty member of AUM’s newly-minted School of Accountancy, I have the privilege of seeing this same scenario play out each semester in our accounting classrooms. My transition to academia began in 1999 when I answered a newspaper ad posted by Huntingdon College. They were looking for experienced practitioners to adjunct in their evening program. At the time, I thought I would take on this “part-time” role to save for a down payment on a house. I certainly didn’t expect it to take more than 2-3 hours of my time after work as an Accountant III with the State of Alabama – I was wrong. My first night in the classroom was a nightmare when I realized that I had to engage and motivate 25 students looking to ME to make accounting interesting. I had to maintain their attention for approximately 144,000 seconds over the next 16 weeks. (Yes, that was my first calculation after leaving class that night – 16 weeks of class x 2 times per week x 75 minutes for each class x 60 seconds……..not the gleeful tallying up of the “excess funds” I was going to be paid for taking on this insane assignment.)e Needless to say, I had to step up to the challenge of explaining debits and credits, how to create financial statements, and how to communicate finances to those within this career field. I also had to go back to my own college experience and consider how some of my previous classroom educators - AUM retired educators Judy Kamnikar and Mary Golden in particular – inspired and motivated me as a student THE ALABAMA CPA MAGAZINE

and as an accountant. I had to take my own career examples and experiences and share those with the students so they could adapt the textbook material to the real world of accounting. Thankfully, both the students and I survived the first semester, and I was asked to take on additional adjunct opportunities before joining the AUM faculty as an instructor in August 2000. In short, I became “addicted to the lightbulb” (a phrase my husband coined for me on those days when I questioned whether to change professions). Those lightbulb moments when an educator witnesses a student mastering a concept, explaining the material to another student, or raising their hand to answer or ask a question boldly when they barely made eye contact with you on the first day of class. Those moments were immediately addictive, I’ve got to confess. And, away from the classroom I could still contribute to the accounting profession by consulting, researching and providing CPE/training across the region and state. For those considering taking a next step or challenge in their career, or who just want to see whether they can emulate their favorite college accounting professor, the academic market is flush with opportunities. You can choose from an adjunct position, teaching online, or taking a position as an instructor or executive in residence in an accounting program. Over 250 openings existed in the United States alone as of July 2015.1 The accounting classroom needs practitioners who understand the needs of the accounting profession, can provide instruction on the needed skills and techniques, and mentor students in their career path. Accounting is a time-honored profession that is only predicted to grow - the Bureau of Labor Statistics (BLS) states most new business jobs from 2012 to 2022 are occurring in the fields of accounting and auditing2. Further, many studies have documented a gap between classroom learning and “real world” accounting and business schools are addressing this concern by adding to their faculties practitioners who have both ample experience and graduate hours in accounting. There are programs which are encouraging (and sometimes financing) good educators to seek their terminal degree

in accounting. Faculty are also challenging themselves and their students by adding experiential learning opportunities as a means of bridging the documented gap so that students can simultaneously receive textbook training and gain knowledge of accounting in the real world.3 The students of today are our future and faculty across Alabama want their students to be part of the accounting profession. Maybe it’s time to take that next step in your own career. Do you want a new challenge and see if you can “turn on the lightbulb” as well? I can tell you that my journey has far exceeded my expectations and the 144,000 seconds I spend in the classroom with each class fuels my energy addiction well. _______ https://www.higheredjobs.com/faculty/search. cfm?JobCat=45 1

U.S. Bureau of Labor Statistics (2013). Monthly Labor Review, Occupational Employment Projections to 2022. Retrieved, June 5, 2015 from http:// www.bls.gov/opub/mlr/2013/article/pdf/occupational-employment-projections-to-2022.pdf 2

Johnson, Ryan. (2014). American Journal of Business Education. Accounting Practitioners Reflect on Faculty Impact: Bridging the Gap Between Theory and Practice. Retrieved July 21, 2015 from http://www.cluteinstitute.com. 3

DOING IT BETTER Changes to Continuing Education Standards Open for Comment

he National Association of State Boards of Accountancy (NASBA) and the American Institute of CPAs (AICPA) today issue proposed revisions to the Statement on Standards for Continuing Professional Education (CPE) Programs (Standards) for public comment. Published jointly by NASBA and the AICPA, the Standards provide a framework for the development, presentation, measurement and reporting of CPE programs. Last revised in 2012, among the most significant of the proposed revisions is the addition of nano-learning and blended learning, two new delivery methods for continuing professional education programs. The proposed Standards also require CPE providers to maintain the license information and status of CPA, tax attorney and/ or enrolled agent used in the development of accounting, auditing and tax programs. Additionally, the program descriptive materials must now be maintained for all programs, regardless of the field of study classification. “We are very pleased with the outcome

of the hard work of the CPE Committee and CPE Working Group on this endeavor and the additive approach taken to these revisions,” said Maria Caldwell, Esq., NASBA’s chief legal officer and director of compliance services. “The currently available delivery methods have remained, but the new nano-learning and blended learning delivery methods reflect the need for learning that is more personalized and on demand. More and more students and professionals are learning this way and expect continuing professional education to keep pace. We believe the changes included in these revised Standards will help keep CPE relevant and meaningful to CPAs,” Caldwell continued. “The proposed revisions to the CPE Standards will continue to expand and enhance the opportunities available to CPAs and underscore the profession’s commitment to lifelong learning,” said Clar Rosso, AICPA vice president of member learning and competency. “The new learning options are in line with the

findings of the AICPA’s Future of Learning Task Force and reflect the realities of the shifting workplace dynamics. We encourage all stakeholders to review the updated Standards and provide their feedback.” Review of the 2012 Standards began in April 2014. The proposed revisions are the outcome of extensive reviews and evaluations of the Standards by the CPE Standards Working Group and the Joint AICPA/NASBA CPE Standards Committee. The Board of Directors of both NASBA and the AICPA approved the proposed revisions for exposure draft during their April 2015 meetings. Comment Period The exposure draft is available for download on nasba.org or on aicpa.org. Interested parties are encouraged to review and provide comment on the exposure draft by October 1, 2015. ______ Joint press release issued by the AICPA and NASBA.

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THE ALABAMA CPA MAGAZINE

2015 No.

Date

City

Credit

Birmingham Birmingham Birmingham Birmingham Mobile Mobile Birmingham Birmingham Montgomery Huntsville Huntsville Huntsville Huntsville Huntsville Huntsville Montgomery Huntsville Huntsville Huntsville Huntsville Huntsville Huntsville Huntsville Huntsville Mobile Mobile Mobile Montgomery Mobile Mobile Mobile Mobile Mobile Mobile Mobile Mobile Dothan Dothan Dothan Dothan Birmingham Birmingham Birmingham Birmingham Birmingham Birmingham Dothan Dothan Dothan Dothan Birmingham Birmingham Birmingham Birmingham Birmingham Birmingham Birmingham Huntsville Huntsville Montgomery Montgomery Montgomery

AA AA AA AA Other Tax AA AA Tax AA Tax Gov/NP AA Tax Gov/NP AA AA Tax Tech AA Tax Tech AA 4AA/4Tech AA Gov/NP AA AA AA Gov/NP AA Tax Gov/NP AA Tax 6AA/2TX AA Tax AA Tax AA Tax Gov/NP AA Tax Gov/NP AA Tax AA Tax AA Tax AA Tax AA AA Tax AA Tax AA Tax AA

CPE Calendar

Hours Title

Standard Fee

Non-Member Fee

285 285 190 190 190 190 500 285 285 190 190 190 190 190 190 285 190 190 190 190 190 190 285 285 190 190 190 285 190 190 285 285 190 285 285 285 190 190 190 190 190 190 190 190 190 190 190 190 190 190 190 190 190 190 285 285 285 285 285 190 190 190

+50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50

Seminars

August 040 8/3/15 041 8/4/15 042 8/13/15 043 8/13/15 178 8/13/15 180 8/13/15 044 8/13 - 8/14/2015 045 8/14/15 047 8/17/15 050 8/17/15 051 8/17/15 052 8/17/15 053 8/17/15 054 8/17/15 055 8/17/15 048 8/18/15 056 8/18/15 057 8/18/15 058 8/18/15 059 8/18/15 060 8/18/15 061 8/18/15 062 8/19/15 065 8/19/15 066 8/19/15 068 8/19/15 069 8/19/15 185 8/19/15 190 8/19/15 071 8/20/15 072 8/20/15 073 8/20/15 074 8/20/15 075 8/21/15 076 8/21/15 077 8/21/15 078 8/24/15 079 8/24/15 080 8/24/15 081 8/24/15 086 8/24/15 087 8/24/15 088 8/24/15 089 8/24/15 090 8/24/15 091 8/24/15 082 8/25/15 083 8/25/15 084 8/25/15 085 8/25/15 092 8/25/15 093 8/25/15 094 8/25/15 095 8/25/15 096 8/25/15 097 8/26/15 098 8/26/15 099 8/26/15 100 8/26/15 101 8/26/15 102 8/26/15 103 8/26/15

Ready to register?

Go to www.ascpa.org THE ALABAMA CPA MAGAZINE

8 8 4 4 4 4 16 8 8 4 4 4 4 4 4 8 4 4 4 4 4 4 8 8 4 4 4 8 4 4 8 8 4 8 8 8 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 8 8 8 8 8 4 4 4

2015 Accounting and Auditing Update 2015 Compilation and Review Update Fraud: Recent Findings, Red Flags, and Corruption Schemes Data Security Buisness Law-Accountant’s Liability Health Care Reform Act: Critical Tax and Insurance Ramifications Yellow Book Workshop: Super Circular and Advanced Topics in a Single Audit Identity Theft: Preventing, Detecting, and Investigating The Complete Guide to Payroll Taxes and 1099 Issues Revenue Cash and Receipts: Common Frauds and Internal Controls Hot Tax Planning Developments Under the Current Tax Law GASB Statement No. 68 Audit and Accounting Workshop Fraud: Recent Findings, Red Flags, and Corruption Schemes Reviewing Individual Tax Returns: What Are You Missing? Not-for-Profit Organizations: Key Accounting and Reporting Considerations Audits of 401(k) Plans: New Developments and Critical Issues for an Effective and Efficient Audit Compilation, Preparation, and Review Engagements Update Key S Corporations Tax Strategies and Compliance Issues Technology Update Engagement Essentials: Preparation of Financial Statements Tax Planning Strategies for Small Businesses: Corporations, Partnerships and LLCs Securing Your Data - Practical Tools for Protecting Information Internal Controls and Risk Assessment: Key Factors in a Successful Audit Advanced Excel Current Issues in Accounting and Auditing: An Annual Update Compilation and Review Guide and Update The Most Common Financial Statement and Asset Fraud Schemes: How to Detect and Prevent Them Annual Update for Preparation, Compilation, and Review Engagements Purhasing, Inventory, and Cash Disbursements: Common Frauds and Internal Controls The Auditor’s Responsibilities Related to Fraud and Abuse Under GAAS and the Yellow Book FASB Review: Common GAAP Issues Impacting ALL CPAs Federal Tax Update - Individual & Business Current Developments Tailoring the Audit to Suit a Not-for-Profit Entity Forensic Accounting Investigative Practices Basis Calculations and Distributions for Pass-Thru Entity Owners - Schedule K-1 Analysis Construction Contractors: Critical Accounting, Auditing, and Tax Issues in Today’s Environment Revenue Cash and Receipts: Common Frauds and Internal Controls Hot Tax Planning Developments Under the Current Tax Law Fraud: Recent Findings, Red Flags, and Corruption Schemes Reviewing Individual Tax Returns: What Are You Missing? Revenue Cash and Receipts: Common Frauds and Internal Controls Hot Tax Planning Developments Under the Current Tax Law GASB Statement No. 68 Audit and Accounting Workshop Fraud: Recent Findings, Red Flags, and Corruption Schemes Reviewing Individual Tax Returns: What Are You Missing? Not-for-Profit Organizations: Key Accounting and Reporting Considerations Interpreting the New Revenue Recognition Standard: What All CPAs Need to Know Key S Corporations Tax Strategies and Compliance Issues Engagement Essentials: Preparation of Financial Statements Healthcare Reform Act: Critical Tax and Insurance Ramifications Interpreting the New Revenue Recognition Standard: What All CPAs Need to Know Key S Corporations Tax Strategies and Compliance Issues Engagement Essentials: Preparation of Financial Statements Tax Planning Strategies for Small Businesses: Corporations, Partnerships and LLCs Upcoming Peer Review: Is Your Firm Ready? Accounting Standards Review for Controllers and Finance Professionals Sales and Use Tax Workshop A&A Update for Tax People Who Hate A&A Payroll Taxes and 1099 Issues: Everything You Need to Know GASB Statement No. 68 Audit and Accounting Workshop Individual Income Tax Update Annual Update for Governments and Not-for-Profits

Save $25 when you register at least 10 days before class date.

F U L L C P E S C H E D U L E AVA I L A B L E O N L I N E No.

Date

City

104 105 106 107 108 111 112 115 116 117 109 110 113 114 179 181 182 184

8/26/15 8/27/15 8/27/15 8/27/15 8/27/15 8/27/15 8/27/15 8/27/15 8/27/15 8/27/15 8/28/15 8/28/15 8/28/15 8/28/15 8/31/15 8/31/15 8/31/15 8/31/15

Montgomery Montgomery Montgomery Montgomery Montgomery Tuscaloosa Tuscaloosa Birmingham Birmingham Birmingham Montgomery Montgomery Tuscaloosa Tuscaloosa Huntsville Huntsville Huntsville Huntsville

Credit

Tax AA Tax AA Tax AA Tax IND AA AA Other Tax AA Tax Other Tax Tax AA

Hours Title

4 4 4 4 4 8 8 4 4 4 8 8 8 8 4 4 4 4

Corporate Taxation: Advanced Issues Sprecial Purpose Frameworks- Alternatives to GAAP Maximizing Your Social Security Benefits Cost Segregation and the Tangible Property Regulations Individual Tax Planning Ideas for 2015 Revenue Recognition: Mastering the New FASB Requirement Multigenerational Financial and Tax Planning for Clients CFO Update Small Business Fraud: The Lessons Behind the Stories Revenue Recognition: The New Perspectives The Eight Hour MBA Hot IRS Tax Examination Issues for Individuals and Businesses Recognizing and Responding to Fraud Risk in Governmental and Not-for-Profit Organizations Surgent’s Handbook for Mastering Basis, Distributions, and Loss Limitation Issues for S Corporations, LLCs, and Partnerships Buisness Law-Accountant’s Liability Tax Considerations in Property Dispositions Loss Limitation Rules for Tax Purposes Audit Workpapers: Documenting and Reviewing Field Work

190 190 190 190 190 285 285 190 190 190 285 285 285 285 190 190 190 190

+50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50

September 192 9/2/15 118 9/10/15 119 9/11/15 120 9/11/15 121 9/11/15 122 9/11/15 183 9/11/15 123 9/14/15 124 9/14/15 125 9/14/15 126 9/14/15 191 9/14/15 127 9/15/15 128 9/15/15 129 9/15/15 130 9/16/15 131 9/17/15 132 9/17/15 160 9/17/15 161 9/17/15 133 9/18/15 134 9/18/15 135 9/18/15 136 9/18/15 137 9/18/15 138 9/22/15 139 9/22/15 144 9/22/15 145 9/22/15 146 9/22/15 147 9/22/15 149 9/22/15 176 9/22/15 186 9/22/15 140 9/23/15 141 9/23/15 148 9/23/15 152 9/23/15 154 9/23/15 142 9/24/15 143 9/24/15 150 9/24/15 151 9/24/15 153 9/24/15 155 9/24/15 169 9/28/15 174 9/28/15 038 9/28/15 156 9/29/15 157 9/29/15 170 9/29/15 188 9/29/15 158 9/30/15 159 9/30/15

Montgomery Montgomery Auburn Auburn Auburn Auburn Montgomery Birmingham Birmingham Mobile Mobile Birmingham Mobile Birmingham Birmingham Montgomery Huntsville Montgomery Huntsville Huntsville Tuscaloosa Tuscaloosa Tuscaloosa Tuscaloosa Birmingham Mobile Mobile Birmingham Birmingham Birmingham Birmingham Birmingham Montgomery Montgomery Montgomery Montgomery Birmingham Birmingham Birmingham Montgomery Montgomery Birmingham Birmingham Birmingham Birmingham Mobile Mobile Birmingham Birmingham Birmingham Mobile Mobile Montgomery Montgomery

AA AA AA Tax AA Tax AA AA Other AA Tax Other AA Other AA Tax AA Tax Tax Tax AA Tax AA Tax Tax Tax Tech Tax Tax Other Tax Other Tax Tax Tax Tech Mgm Other AA Tax 4AA/4Other AA AA AA Tax Tax AA AA AA Tax Tax Tax AA Other

4 8 4 4 4 4 8 8 8 8 8 4 8 8 8 8 8 8 4 4 4 4 4 4 8 8 8 8 4 4 4 4 4 4 8 8 8 8 8 8 8 4 4 8 8 8 8 8 8 8 8 4 8 8

Drive Your Competitive Edge with Audit Quality 2015 Accounting & Auditing Update for the Real World 2015 Accounting & Auditing Update for the Real World Tax Planning Strategies for Small Businesses: Corporations, Partnerships and LLCs 2015 Compilation and Review Update: Change is Here Reviewing Individual Tax Returns: What Are You Missing? Fraud Update Calculating Damages when Cash is Hard to Trace Getting Things Done - Engaging People to Execute Effectively Small Business Fraud: The Lessons Behind the Stories Oil and Gas Taxation: Landowner & Investors Common Issues in Family Law 2015 Accounting & Auditing Update for the Real World Leadership and Retaining Talent: How the Generational Shifts Changing Leadership Small Business Internal Controls, Security, and Fraud Prevention and Detection Basis Calculations and Distributions for Pass-Thru Entity Owners - Schedule K-1 Analysis 2015 Accounting & Auditing Update for the Real World Federal Tax Update - Individual & Business Current Developments IRS Disputes: Identifying Options for Your Client Health Care Reform Act: Critical Tax and Insurance Ramifications 2015 Accounting & Auditing Update for the Real World Sirote’s Hottest Tax Topics for CPAs 2015 Compilation and Review Update: Change is Here Top Ten Rules for Partnerships Federal Tax Update - Individual & Business Current Developments Income Taxation of Trusts and Estates: Planning and Preparation of Form 1041 Excel Best Practices Getting More Active with the Passive Acitivity Rules and the Net Investment Income Tax Sirote’s Hottest Tax Topics for CPAs Shorten Month-End: Closing Best Practices Cost Segregation and the Tangible Property Regulations Cash Management Techniques, Systems & Solutions Alabama Tax Update Timber Taxation in Alabama Red Flag Issues: Areas the IRS Attacks in Examinations Technology for CPAs - Don’t Get Left Behind A Practical Guide to Small Business Health Insurance and Fringe Benefits: 2015 and Beyond Annual Financial Management Spotlight: 4 Current Topics FASB’s “Big 3” - Revenue Recognition, Leases, and Financial Insturments Repair Regs and Disposition of Property Advanced Excel Recent Frauds Occurring in the Not for Profit Entities and Governments The Statement of Cash Flows: Preparation Guidance and Presentation Illustrations Audit Workpapers: Documenting and Reviewing Fieldwork Surgent’s Ferderal Tax Camp A Practitioner’s Guide to IRAs and Qualified Retirement Plans Advanced Controller and CFO Skills Community Banking Update (rescheduled from July 31) Governmental and Not-for-Profit Annual Update Surgent’s Individual and Financial Planning Tax Camp Financial Planning Concepts and Techniques-Beyond the Basics Sirote’s Hottest Tax Topics for CPAs Applying the Uniform Guidance for Federal Awards in Your Single Audits Transforming Your Role as Controller to Business Partner

Free 285 190 190 190 190 285 285 285 285 285 190 285 285 285 285 285 285 190 190 190 190 190 190 285 285 285 285 190 190 190 190 190 190 285 285 285 285 285 285 285 190 190 285 285 285 285 285 285 285 285 190 285 285

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ASCPA Continuing Professional Education Registration Form

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

2015

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

CLASSIFIED CLASSIFIED CLASSIFIED CLASSIFIED

LABOR DAY 2015 YOUR PRACTICE WANTED: We are North America’s leader in practice sales. Let us navigate the complexities, locate the best match from a deep pool of qualified and serious buyers, and optimize your return on the years invested in building your practice. If you are considering a change, contact Alabama broker Lori Newcomer, CPA, at (888) 277-6040 or LNewcomer@ apsleader.com for a confidential discussion. Financial Reporting Manager – Cadence Bank: This person will play a vital role in the completeness and accuracy of external financial reporting, ensuring external reports are prepared in accordance with GAAP, applicable regulation and industry best practice, as well as participate in accounting policy research and implementation. Please visit www.cadencebank.com Established east Montgomery accounting and tax firm looking for a contract tax preparer for filing season. Experience required, percentage of billing, flexible hours. Contact Nan Lloyd, 334.834.1040, ext. 103 or clientservice@abs1040.com. Selling in 2015? Ready to Buy a Firm? Considering selling your CPA firm this year? Knowing what your firm is worth is the first step. Contact us TODAY to receive a free no-obligation market analysis of your firm. Accounting Biz Brokers has been offering personalized business brokerage services to CPAs for over 10 years and we know your market. Our process is strictly confidential. Visit our website at www. AccountingBizBrokers.com to request additional information about the sales process. Current Listings: Montgomery Area Gross $40k, Virgin Islands Gross $480k. Kathy Brents, CPA, CBI, Cell 501.514.4928 Office 866.260.2793; Kathy@AccountingBizBrokers.com

Celebrating America’s Workforce The ASCPA office will be closed on Monday, September 7.