ASCPA July 2015 Magazine by Alabama Society of CPAs

ALABAMA CPA MAGAZINE JULY 2015

ANNUAL MEETING 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 Dr. Lowell S. Broom, Chair James R. L. Carroll, Chair-Elect Don McCleod, Past Chair BOARD OF DIRECTORS Lynne N. Bozeman Michael L. Brand Caitlin F. Glass Paul Marcus Hamilton M. Buddy Johnsey Lisa M. McKinney Gregory E. Sellers Dennis E. Sherrin Rachel M. Taylor Macaroy Underwood AICPA COUNCIL MEMBERS Dr. Lowell S. Broom E. Lamar Reeves John P. Shank Jimmy L. Williamson, 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.

Jeannine P. Birmingham, CPA, CAE, CGMA President and CEO Diane L. Christy, Editor

Message from the Chair... Well, the 96th Annual Meeting has come and gone and we are off and running toward 2016. What a great meeting we had on Thursday, June 4th! I’m always impressed at the quality and quantity of the people and topics that we are exposed to our annual get together. Jeannine and her staff do such a wonderful job of putting our meetings together. I can tell you that we are somewhat famous, among other state societies, for our annual meetings. Our reputation in that regard is something that we can be very proud of. You can probably count on one hand the number of state societies who have either the AICPA Chair or Chair-Elect in attendance each year. This year, AICPA Chair-Elect Tim Christen came to share the AICPA prospective of key issues that we face as a profession. Personally, I was very impressed with how forwardthinking we are as a profession. Tim’s presentation, as well as several others’, made me both proud and comfortable. The “proud” part came from knowing that I was a member of a profession that was a leader on key professional and social issues and so invested in the public good. For example, former Alabama Governor Bob Riley stated in his presentation that little in the way of economic innovation in Alabama could occur without the support of the state’s accounting professionals. The “comfortable” part came from hearing and understanding just how valuable our profession’s services are and learning about the awesome future service opportunities that we have as a profession. There is little doubt that the nature of our profession is changing. We all know that change can be a bit uncomfortable. However, it is clear that the changes we are facing have the potential to be extremely fulfilling for us as a profession, and for each of us individually. By fulfilling, I mean both professionally and financially rewarding. I am very pleased that our leadership is embracing the challenges we are facing, and attempting to manage them in both the profession’s and the public’s best interest. I am often amazed that many view our discipline as one that never changes and is, consequently, very dull. I wish the people who think that way were in attendance at the ASCPA 2015 Annual Meeting. They would have been shocked at the discussions of the changes occurring and how our profession is proposing to deal with those changes. If you are wondering what changes

Lowell

GR WTH It’s what CGMA stands for.

A new designation representing accomplished professionals that drive and deliver business success, worldwide. Find out more at cgma.org

ON THE COVER Ralph Thomas, CPA and Tim Christen, CPA

THE ALABAMA CPA MAGAZINE

MEMBERS IN MOTION PROMOTIONS AND NEW POSITIONS Shane Elmore has been named chief operations officer of Randall-Reilly, a data, digital and media services company in Tuscaloosa. Elmore joined the company in 2000 as treasurer, with promotions to CFO in 2004, and chief process officer in 2009. He is a graduate of the University of Alabama.

AWARDS AND NEW DESIGNATIONS Greg Guin was named to a one-year term on the AICPA Ethics Committee, and remains on the ASCPA Ethics Committee, where he’s served for 20 years. He applied for one of four openings on the 20 person panel, was interviewed at the AICPA’s Durham office, and informed of his selection a few months later. What makes his appointment unusual is that he comes from a small firm in a small town. Guin is a graduate of the University of Alabama and began his career with JamisonMoneyFarmer. Matt Sharp was recently honored by his peers for 15 years of service as administrator in DeKalb County. The award was presented at the annual conference of the Association of County Administrators of Alabama, an affiliate group of the Association of County Commissions of Alabama. The association is a statewide organization representing county governments.

IN MEMORIAM WILLIAM HARVEY BORDERS, JR. January 7, 1933 – April 28, 2015 Fort Payne, Alabama / Certificate 1177R JIMMIE CHARLES BROWN December 10, 1943 – April 30, 2015 Mobile, Alabama / Certificate #1795R JAMES J. BETHUNE, JR. June 25, 1930 – May 18, 2015 Marietta, Georgia / Certificate #594

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For Wilkins Miller, Mentoring Young People is a Two-Way Street Adrienne Golden, Marketing Coordinator, Wilkins Miller

ig Brothers Big Sisters of South Alabama (BBBS) is the largest one-toone mentoring organization in the Mobile area. Their mission is to change the lives of children facing adversity for the better, forever, by providing strong and enduring, one-to-one mentoring relationships. As volunteers, “Bigs” provide support and consistent contact so that “Littles” can realize their full potential and see their futures as bright. “Littles” come from a variety of backgrounds, including living in poverty, single parent homes, grandparents raising grandchildren, foster care, and those who have a loved one incarcerated. For the third year in a row, Wilkins Miller CPAs have been creating meaningful mentoring relationships with children at Prichard Preparatory School. For the 2014-2015 school year, four of them have dedicated one hour each week to their Littles. We caught up with these Bigs and asked them to share their experiences of working with BBBS of South Alabama. What is the Time Commitment of a Big? “Most people are initially reluctant to participate in our program because of the weekly time commitment” communicated Aimee Risser, CEO of Big Brothers Big Sisters of Alabama. Micah Wheeler, manager, gave some insight about the time spent with his Little. “Participating in BBBS has given me the opportunity to get to know a wonderful young man. I look forward to the hour each week that I get to spend with my Little, learning about his joys, challenges and experiences. In my opinion, there is no better way to use THE ALABAMA CPA MAGAZINE

that small an amount of time to make a real impact in our community. Beyond that, this hour has made me a better person. I look forward to continuing my relationship with my Little and with BBBS for many years to come.” Judy Chen, supervisor, had this to add, “Each of us spends an average of 1.5 hours each week during our normal work schedule and we simply could not do it without the support we get from our colleagues. They continually encourage us, and fill in for us while we are away from the office, even during tax season! Within the office, we often share what we learn and discuss concerns or issues of our Littles. The time we spend with them is way beyond just our school visits; it is a commitment, an investment in our Littles’ future success!” Have you noticed growth in your Little since joining the program? “My visits with her are a highlight of my week. We’ve been working on confidence, because she’s as smart as she can be and just needs to be sure of herself. She’s been teaching me Spanish, and it’s been wonderful to watch her go from slightly shy, to being assertive and confident in her knowledge. Our time together allows us to do different activities that she enjoys, and also lets us discuss any areas she needs to focus on with a plan for improvement. The program is so successful because the one-on-one focus on the child allows them to feel special, and know that they’re important. The way she lights up when I see her is proof of that! If you look back, you probably remember someone along the way who encouraged you or helped make you the person you are now – it’s beyond rewarding to think that you could be that

person for someone else,” said Stacy Cummings, manager. How would you describe your overall experience? Michael Kintz, partner, hinted that his Little is not the only one who has experienced growth through the program. “Professionally, one thing I realized is the importance of patience. My Little is not particularly fond of math. Trying to find the most effective way to relate concepts reminded me how ‘non-financial’ people sometimes struggle with tax, accounting, or financial reporting issues that we take for granted. He forces me to slow down, stop using acronyms or other financial jargon and really explain. I definitely plan to continue with BBBS because spending time with my Little has been valuable, with unexpected payoffs.” Big Brother Big Sisters is a non-profit organization, and, while there will always be a need for corporations to financially support the efforts of local social service organizations, the partnership with Wilkins Miller goes deeper. The CPAs involved serve as mentors, assist BBBS with daily operations by donating accounting services and firm partner Page Stalcup serves as one of their board members. Wilkins Miller and BBBS of South Alabama are a great example of how businesses and non-profits can partner to achieve amazing, life-changing outcomes. If you are interested in becoming a Big, or pursuing a partnership with a local BBBS in the next school year, please contact our local CEO, Aimee Risser, at 251.344.0536 ext. 106 or at aimee@bbbssa.org. For ASCPA members outside Mobile, contact your local program. 5

FROM THE AICPA Department of Labor Study of Employee Benefit Plan Audit Quality

Questions and Answers Q1: What are the audit requirements for ERISA plans, such as employee benefit plans? A: The Employee Retirement Income Security Act (ERISA) contains a requirement for annual audits of plan financial statements by an independent qualified public accountant. Generally, plans with 100 or more participants are subject to the audit requirement. The Department of Labor’s (DOL) regulation establishes conditions for small employee benefit plans to be exempt from the general requirement that plans be audited each year. Generally, the plan’s audited financial statements accompany the Form 5500 filed by the plan administrator. The DOL may reject a filing that has a deficient financial statement audit or that does not properly reconcile information contained in the financial statements with information contained in the Form 5500. Q2: How does a financial statement audit help protect plan participants and beneficiaries? A: A financial statement audit helps protect the financial integrity of the employee benefit plan, which helps users determine whether the necessary funds will be available to pay retirement, health and other promised benefits to participants. The audit may also help plan management improve and streamline plan operations by evaluating the strength of the plan’s internal control over financial reporting and identifying control weaknesses or plan operational errors. And the audit helps the plan sponsor carry out its legal responsibility to file a complete and accurate Form 5500 for the plan with the DOL. Q3: What is a limited-scope audit – and why is it allowed? A: Typically, financial statement auditors are engaged to audit and report on a reporting entity’s financial statements, including all assets, liabilities and obligations, as well as financial activities. These audits are performed without any client-imposed scope limitation or other restriction. ERISA is unique in that, when certain criteria are met, it permits plan management to instruct the auditor to limit the scope of testing of investment information included in the financial statements. This limited-scope election must be supported by a certification from a qualified entity as to both the accuracy and completeness of the plan’s investment information. Such audits are referred to as “limited scope” audits. Plan management is responsible for determining that the conditions of the limited-scope audit exemption have been met. In a limited-scope audit, the auditor does not audit the certified investment information (investments typically are the most significant plan assets). He or she still tests participant data, including the allocation of investment income to individual participant accounts, and tests contributions, benefit payments and other information that was not certified. Even though the auditor performs procedures on everything except the investment information in a limited-scope audit, he or she will disclaim an opinion – which means the auditor cannot express an opinion – on the financial statements because of the significance of the information that was not audited. Q4: What difference would a full-scope audit requirement make? A: In a full-scope audit the auditor tests the plan’s investments – the biggest asset of the plan – for proper valuation and, in most cases, the auditor would be able to express an opinion on the plan’s financial statements and thus provide assurance to plan participants that the financial statements are fairly presented. The AICPA is on record, since 1978, as stating that the scope of the audit should not be restricted in any way. Its longstanding view is that plan participants cannot be provided the full assurance contemplated by ERISA if the independent accountant’s audit is restricted. In 2012, the Labor Department’s Office of the Inspector General (OIG) found that the 6

Employee Benefits Security Administration’s (EBSA) significant efforts to improve oversight and audit quality “have been offset by plan administrators’ increased use of limited scope audits and a significant growth in asset value of plans subjected to limited scope audits.” According to the report, “The lack of protections provided by limited scope audits have extended to more participants and more plan assets in recent years. The percentage of plans using limited scope audits has grown from about 46 percent in 1987 to over 83 percent in 2013. Q5: What authority does the Department of Labor have in overseeing or regulating employee benefit plan auditors? A: The DOL, through the Employee Benefits Security Administration, has primary responsibility for promulgating rules for plan reporting and disclosure and determining the duties imposed on fiduciaries. The DOL has existing authority to reject a plan audit (as part of a Form 5500 filing), and can fine a plan sponsor for failing to file in a timely manner or for failing to take corrective action after a filing is rejected. Additionally, the DOL has the authority to hire a new auditor on behalf of the plan and charge the plan sponsor. The Department also may make ethics referrals to state CPA licensing agencies and the AICPA Professional Ethics Division. Q6: The DOL’s study identified a high percentage of audit deficiencies among the firms that were included in the study population. What’s your reaction to the findings? A: Poor audit quality is never acceptable. We recognize that there is work to be done to improve the quality of employee benefit plan audits, and we are committed to addressing issues identified in the study. The accounting profession’s overarching goal has been – and continues to be – helping individuals and firms perform the highest quality employee benefit plan audits possible. We will work with the AICPA, auditors, plan sponsors, state CPA licensing boards and the Department of Labor to accomplish that. Q7: What specifically is the accounting profession doing to address audit quality issues? A: The accounting profession has already begun addressing quality issues identified by the DOL. Actions to date include: • The AICPA is reviewing all audits with quality issues that have been referred to it by the DOL (with outcomes resulting in disciplinary action then shared with the appropriate state board of accountancy); • The AICPA’s introduction and implementation of the Enhancing Audit Quality (EAQ) initiative, covering near and longer term reforms to auditing and quality control standards/ guidance, the Code of Conduct, peer review, and potential transformation of peer review into a near real-time practice monitoring program; • The AICPA’s recently issued Six-Point Plan to Improve Audits, which provides a roadmap for the profession’s continued journey to audit excellence. The plan concentrates on financial statement audits for private companies, employee benefit plans and governmental entities in the United States; and • Guidance, tools and learning opportunities available through the AICPA and its Employee Benefit Plan Audit Quality Center. In addition, the profession is making the following recommendations: • Urging the DOL to seek congressional repeal of the exemption allowing limited-scope audits, which have been identified by the Department as a factor in audit quality; and • Encouraging the DOL to initiate a comprehensive education program for plan sponsors to help them understand the importance of hiring a quality auditor. THE ALABAMA CPA MAGAZINE

Q8: The report suggests that ERISA audit quality has gotten worse over time, despite the accounting profession’s best efforts. Should regulation of employee benefit plan auditors continue to reside within the profession? A: Yes. A combination of accounting profession actions and recommendations coupled with DOL oversight is more than up to the task. It is important to recognize that the AICPA has a long-standing relationship with the Department of Labor on audit quality initiatives. This involves DOL’s ongoing audit inspections and referrals to AICPA for investigation and remediation or discipline. It also involves DOL’s involvement in guidance and training to help practitioners understand employee benefit plans and their audits. In recent years, the AICPA has noticed trends that it has addressed with members at various conferences, through the profession’s peer review program and through guidance. We have also stepped up our oversight of individuals and firms that perform employee benefit plan audits via the profession’s peer review program. Further, the most significant quality issues referred to the AICPA’s Professional Ethics Division by DOL are in the process of being reviewed and resolved. Members found to be deficient in their performance or in noncompliance with standards or regulatory requirements are subject to corrective or disciplinary action and could be suspended or expelled. State CPA licensing bodies are notified of all disciplinary actions and have the ability to suspend or revoke CPA licenses. In addition, the profession is on a path to transform the traditional system of peer review through the Enhancing Audit Quality initiative. A part of this initiative, Practice Monitoring of the Future, offers a provocative concept of what practice monitoring could become. This vision marks the beginning of a process that will allow practitioners to implement improvements to their performance in real-time, potentially even before engagements are completed. Taken together, the steps will make a significant difference in the future audits of employee benefit plans. Q9: What is it about employee benefit plan audits that makes them so challenging? A: The employee benefit plan financial reporting and audit environment is unique in many

THE ALABAMA CPA MAGAZINE

respects, including the nature of plan operations; the various laws and DOL and Internal Revenue Service regulations with which plans must comply; and special reporting and audit requirements. These matters, which affect every plan, add to the complexity of an employee benefit plan audit. Other matters that may complicate the plan reporting and audit process may include changes to the plan document; plan mergers; freezes or terminations; and changes in service organizations. In addition, plan sponsors often hire their company auditor to audit the company’s employee benefit plan, even though the auditor may not have the necessary experience and skills to perform a benefit plan audit. Q10: Why doesn’t the profession take more meaningful action against those auditors whose work has been called into question by the Department of Labor? A: It does – and it will continue to do so. The AICPA’s Professional Ethics Division investigates all problem audits referred to it by the DOL. Members found to be deficient in their performance or in noncompliance with standards or regulatory requirements are subject to corrective action and could face disciplinary action, including suspension or expulsion from the Institute. All disciplinary action is then transmitted to a state board of accountancy, which is responsible for CPA licensing. In addition, the results of ethics investigations are shared with the profession’s peer review program and the firm’s peer reviewer to ensure that they are aware of the problems encountered by the firm on those audits so procedures can be modified accordingly. It’s worth noting that the AICPA is collaborating with the National Association of State Boards of Accountancy on a project to expedite ethics enforcement by allowing the AICPA’s Professional Ethics Division and the DOL to share their respective investigative files with state boards of accountancy. Q11: Is there a role for plan sponsors in the effort to improve audit quality? A: Absolutely. A plan’s hiring of an auditor is considered a fiduciary function. As such, plan Continued on page 19

THE ALABAMA CPA MAGAZINE

DOING IT BETTER AVOIDING THE ARROW

Addressing Unhappy Clients Stephen Platau, J.D., CPA

ending a client away unhappy is an engraved invitation for a malpractice claim, perhaps a claim that would be denied by the CPA’s insurance carrier. Clients often have high expectations of their CPAs. CPAs certainly want to meet or exceed those expectations. When a client becomes disgruntled, CPAs may act in ways that don’t serve their long-term best interests. Although Alabama is miles away from traditional hotbeds of professional liability claims like Miami and New York, there is no shortage of professional malpractice claims in the Heart of Dixie. Tax claims are by far the most frequent source of claims by practice area accounting for nearly 70% of claims by volume. The remaining claims come roughly ten percent each from assurance/financial statements and advisory services, with seven percent from bookkeeping and three percent from services as a trustee/ personal representative. No matter the service area from which a claim arises, there are some key moves in the playbook for plaintiff lawyers. The first issue in a professional liability action against a CPA is an unhappy client. Dissatisfaction drives the client to the lawyer’s door. When a client expresses dissatisfaction it is key to address the issue promptly. Initially it is valuable to learn what has irritated the client. Missed tax issues and undetected fraud/theft are two of the most frequent sources of irritation. The initial reaction from the CPA can lead to disastrous consequences. Failing to understand how professional liability policies are written and administered is often a contributing factor to poor handling of the client’s unhappiness from the start. Unlike typical property/casualty insurance which is written on an “occurrence form” basis, professional liability insurance is written on a “claims made form”. An “occurrence form” means that the policy in place on the date of an incident assumes responsibility for the claim. For example, a policy holder’s customer slips and falls in the insured’s place of business on May 15, 2015. The policy holder changes insurance carriers for a better rate on September 1, 2015. On November 15, 2015 a lawsuit is filed against the insured. The policy in effect on the date of the slip and fall would assume responsibility for the defense of the suit based on the day of occurrence of the slip and fall. Under a “claims made” policy the policy responds only to claims made and reported during a time period when both the services rendered AND the claim was asserted. Liability carriers encourage loyalty by writing policies so as to discourage changes in carriers and raise rates as time advances and more years of service are covered under the existing policy. Changes to a new carrier often require “prior acts” endorsements, so as to comply with the two-prong test of both the coverage being in place and the claim being lodged within the policy period. The other big issue is reporting both claims and potential claims promptly during the policy period. Since each new year is a new policy period, the insurer re-evaluates the policy holder each year. CPAs are reluctant to report claims or potential claims thinking that the carrier will drop the CPA or dramatically raise rates. This thinking is likely inaccurate in two major ways. First, carriers typically surcharge insureds only when a loss is reserved. Second, failure to report a claim or potential claim during a policy period may jeopardize coverage (the insurer may deny the claims). Prompt reporting of both claims and potential claims preserves coverage under the policy in effect at the time the matter is reported to the carrier. While carriers certainly consider the nature of items reported, THE ALABAMA CPA MAGAZINE

typically rates only increase when the carrier determines that a reserve for loss should be booked. Given the reluctance to report claims, CPAs often unwittingly fall into a trap. The CPA attempts to “fix” the situation in an effort to both placate the aggrieved client and keep in the insurance carrier in the dark about the issue. For example, a CPA’s client has steadfastly ignored out-of-state filing obligations for services rendered or employees in other states. The CPA may not have fully understood the client’s business or identified the out-ofstate requirements. The client may not have been forthcoming in sharing the extent of out-of state work. In any event, the client receives a penalty in connection with a tax issue. Although the amount of the penalty is small, the client is disproportionally upset about the penalty. The CPA agrees to either pay the penalty or offset a billing to assume responsibility for the penalty. At that point the CPA has likely voided all coverage for any issue that could arise between the CPA and the client for which the CPA paid the penalty. The “claims made” policies have two principal duties for the insured: pay the premium and report both claims and potential claims promptly. Since the CPA, in the example above, failed to report the claim they breached the terms of the policy giving the carrier the opportunity/ duty to deny ANY subsequent claim involving services rendered to that client. In the example above, the CPA paid a small penalty and satisfied the client. Sadly, the client later was assessed a series of penalties and resultant double taxation on activity in multiple states when multiple jurisdictions discovered client failure to comply with tax obligations in other jurisdictions. The penalties and additional tax sought by the client could be significant in such a case. Should the client lodge a claim against the CPA the lawyer for the client will assert that the CPA already confessed responsibility by assuming responsibility for the prior penalty. The insurer will deny the claim for the large amount citing the CPA’s failure to report the claim or potential claim promptly as the policy required. In such a situation the CPA could likely find both that there is no insurance coverage and that the client has an easy road to proving a case against the CPA. What should a CPA do? Communicate with the insurance carrier about all incidents. The carrier will often note the small penalty in their files and let the CPA handle the situation as the CPA sees fit. The key is to preserve coverage should an issue with the client blossom into a more substantial claim. ______ Steve Platau, J.D., CPA is professor of accounting at the John H. Sykes College of Business at the University of Tampa. For more than two decades he has shared his experience with professional liability issues for CPAs in continuing education programs. He will be at the ASCPA office in Montgomery on July 31 teaching two four-hour courses, #171 and #175. Register on the website, www.ascpa.org. 9

Thank you to Sponsors and Exhibitors Gold Sponsor Lyons HR Silver Sponsors Aon – AICPA Insurance Programs Cypress Resources Southeastern Financial Group

The 96th Annual Meeting of the Alabama Society of CPAs was all about members: member education, member networking, member resources, member awards and recognition, members being elected to the board of directors, and members voting for a by-law amendment affecting the Young CPAs.

AT A GLANCE: 412 members registered 23 s ponsors and exhibitors 20 h onored guests 6 a wards presented 5 new officers and board members elected 2 A SCPA interns assisted 1 s pecial presentation for Lamar Harris made 10

Bronze Sponsors DavisDirect Paychex Inc. PNC Bank Exhibitors Accounting Practice Sales Advantage Payroll Services Alabama’s College Counts 529 Fund Alabama Opportunity Scholarship Fund Aliant Group Bedford Cost Segregation Bloomberg BNA CAMICO CPA Partnerships Gilsbar Pro ITAC Solutions L. Kianoff Associates, Inc. PangeaTwo Southeast Financial Group Thomson Reuters Wolters Kluwer/CCH THE ALABAMA CPA MAGAZINE

THE ALABAMA CPA MAGAZINE

CHARITY GOLF TOURNA Young CPAs break their own record with tournament June 3

t’s become a familiar scene: a cool morning at the clubhouse at Oxmoor Valley on the Robert Trent Jones Golf Trail in Birmingham. Golfers arrived in groups of two and three, signed in, greeted volunteers from the Young CPAs and PangeaTwo and headed out to the driving range or putting green. The Exceptional Foundation was on hand with some of their participants to enjoy lunch with volunteers and golfers, ready to answer questions about the artworks for sale. After lunch, golfing pairs received last instructions and waited in their carts for the Pledge of Allegiance from Exceptional Foundation Boy Scouts. Then it was off to the Valley and Ridge courses for an exciting round of 18 holes. There were new sponsors, new teams, new options (a Yeti cooler to win), new companions, new competition! Ralph Thomas, executive director of the New Jersey Association of CPAs was ready to roll out before his speaking

THANK YOU SPONSORS Title Sponsor PangeaTwo 19th Hole Sponsor ITAC Solutions Gold Sponsor Advantage Payroll Services Silver Sponsors Bradley Arant Boult & Cummings Servis1st Bank Nutech Balch and Bingham Beverage Cart Sponsors AICPA Member Insurance Programs CCH Wolters Kluwer Jackson Thornton Cart Sponsors Lloyd, Gray, Whitehead & Monroe, PC Merrill Lynch Hole Sponsors Fi-Plan Partners CRC Insurance Services BMSS Watkins Johnsey Professional Group Kassouf & Co. Nelson Brothers Mobile Chapter Huntsville Chapter Cadence Bank Aldridge Borden 12

engagement the following day at the Annual Meeting. Pangeatwo’s band of volunteers, led by CEO Jody Jones and president Joan Davis, is on hand in force. After many years as presenting sponsor of the tournament, they are on to their next big challenge. “It’s been a great run – one we could not have anticipated would be this successful

nor last so long. We’re moving on to other events in the community. What we’ve learned in partnership with the Young CPAs has been tremendous, and we certainly wish them well”, emphasized Davis. Brian Pitts and the ITAC Solutions team hosted the second 19th Hole after party with food, music and awards. It was a wonderful way to relax after a warm day on the course.

WINNING TEAMS Ridge Course First Place – Mobile Chapter team James Wishon Jim Wishon Peter Susman Joe Wishon Second Place – Warren Averett Scott Forster Michael Rebarchak Michael Nix Hal Senn Closest to the pin Mike Walls Longest Drive Matt Kilpatrick

Valley Course First Place – Huntsville Chapter Chris Taylor Scott Hand Ryan Campbell Jamey Carroll Second Place – Regions Robert Birmingham David Reese Ralph Thomas Closest to pin Carl Stein Longest Drive Jon Hester

CHANGE IS INEVITABLE . DIRECTION IS INTENTIONAL. PANGEATWO successfully matches clients with talented professionals. Our seasoned understanding of human potential, including individual strengths, lets us design far-reaching and personalized workforce solutions for employers. Our experience gives candidates an advantage and creates common ground between companies and professionals. PANGEATWO is a leader in recruitment and stafﬁng solutions in accounting and ﬁnancial services. Call today, and we’ll help you connect talent and potential.

Birmingham, AL 205.444.0080 | Mobile, AL 251.732.3000 www.pangeatwo.com

THE ALABAMA CPA MAGAZINE

MENT HITS NEW HEIGHTS

THE ALABAMA CPA MAGAZINE

Tax Year 2014 Dollar-for-Dollar State Tax Credits Available For a limited time, unclaimed credits from 2014 may be claimed and used in tax year 2014. We expect these credits to go fast. Contact AOSF about this great opportunity! Each calendar year, a maximum of $30,000,000 of tax credits are available. Donors must reserve tax credits on the Alabama Department of Revenue’s “My Alabama Taxes” website when donations are made to the Alabama Opportunity Scholarship Fund.

State Income Tax Credit

“Your

tax credit

donation will give me an opportunity!” About Alabama Opportunity Scholarship Fund At Alabama Opportunity Scholarship Fund (AOSF), our mission is to empower families to choose the school that best fits their child’s unique educational needs.

“C” corporations can receive a state income tax credit to offset up to 50% of the corporation’s Alabama income tax liability. An individual’s tax-creditable donation is capped at the lesser of 50% of their state income tax liability or $50,000. “S” corporations, partnerships, and LLCs may now make donations to AOSF. A credit claimed by one of these types of entities is passed through to its owners and the applicable credit limitations apply at the ownership level. Unused tax credits may be carried over for up to three years.

Federal Income Tax Deduction Donations can qualify for the federal Section 170 charitable contribution deduction. In addition an individual donor subject to the federal Alternative Minimum Tax may receive an added benefit. For help reserving your tax credit today, contact Bri Jackson, AOSF Director of Development, at bjackson@alosf.org or at 205-206-7803.

2014-2015 school year statistics: 12,000 students applied.

“

Our law firm is proud to serve as counsel to AOSF and I’m a big fan, personally. This is a win-win situation for our clients and that now includes passthrough entities and their owners.

Over 2,800 students from 45 counties received scholarships and attended one of 127 partner schools. $14,935,960 in scholarships was distributed.

”

83% of enrolled students were minorities.

-Bruce Ely Bradley Arant Boult Cummings LLP

$20,687 was the average household income.

www.alabamascholarshipfund.org 14

P.O. Box 59188

Birmingham, AL 35259

205-206-7803

THE ALABAMA CPA MAGAZINE

2015 No.

Date

CPE Calendar

City

Credit

Hours Title

Standard Fee Non-Member Fee

Birmingham Birmingham Birmingham Birmingham Birmingham Montgomery Dothan Montgomery Birmingham Birmingham Birmingham Montgomery Dothan Montgomery Birmingham Birmingham Birmingham Birmingham Montgomery Montgomery Birmingham Birmingham Birmingham Birmingham Birmingham Montgomery Montgomery

Tax Tax Tech Tax Tech AA AA Tax AA Other Tech Tax AA Other Tax AA Tax Tax AA Tax AA Tax AA AA Other AA/Other AA/Other

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

New “Repair Regs” - Sec. 263(a) IRS Disputes: Identifying Options for Your Client Do It Yourself Business Intelligence Social Security and Medicare: Maximizing Retirement Benefits QuickBooks Online - Changing the Paradigm of Small Business Accounting Core Issues Related to Properly Assessing and Responding to Financial Statement Audit Risk A&A Year in Review: Exploring the Latest Issues and Challenges Facing CPAs The Best Income Tax, Estate Tax and Financial Planning Ideas of 2015 Internal Controls and Risk Assessment: Key Factors in a Successful Audit Digging Deeper with Data Analytics Excel-Based Dashboards Construction Contractors: Special Tax and Accounting Considerations Special Purpose Frameworks: Preparing and Reporting on Cash, Modified Cash and Tax Basis Financial Statements Determing How Much Money You Need to Retire, and Tax Ideas and Money Management in Retirement Surgent Individual Tax Update Alternatives to GAAP - Using Special Purpose Frameworks Basis/Distributions for Pass-Through Entities: Simplifying the Complexities Medical Finances: Enhancing Your Value to a Medical Practice Internal Control Best Practices for Small and Medium Sized Intities Health Care Reform Act: Critical Tax and Insurance Ramifications Annual Accounting and Auditing Update Healthcare Workshop Auditing Employee Benefits Plans Community Banking Update Advanced Business Law for CPAs Avoiding the Arrow - Alabama Professional Liability Risk Management New Standards are Everywhere (and More are Coming) - Alabama Practice Update

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

+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

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

AA AA Other Tax Tax Tax AA AA Other Tax AA AA AA Tax AA Tax Gov/NP AA Tax Gov/NP AA Tax AA Tax Tech AA

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

2015 Accounting and Auditing Update 2015 Compilation and Review Update Buisness Law-Accountant’s Liability Sirote’s Hottest Tax Topics for CPAs Tax Considerations in Property Dispositions Loss Limitation Rules for Tax Purposes 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 Employee Benefit and Retirement Planning: Pension and Deferred Compensation Tools 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 Making the Best of Bad Situations Compilation, Preparation, and Review Engagements Update Key S Corporations Tax Strategies and Compliance Issues Technology Update Engagement Essentials: Preparation of Financial Statements

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

+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

Seminars July 020 021 022 024 025 032 163 165 026 027 028 033 164 166 167 029 030 031 034 035 168 036 037 038 039 171 175

7/27/15 7/27/15 7/27/15 7/27/15 7/27/15 7/27/15 7/27/15 7/27/15 7/28/15 7/28/15 7/28/15 7/28/15 7/28/15 7/28/15 7/28/15 7/29/15 7/29/15 7/29/15 7/29/15 7/29/15 7/29/15 7/30/15 7/30/15 7/31/15 7/31/15 7/31/15 7/31/15

August 040 041 177 187 172 173 042 043 178 180 044 045 046 047 050 051 052 053 054 055 048 049 056 057 058 059

8/3/15 8/4/15 8/11/15 8/11/15 8/12/15 8/12/15 8/13/15 8/13/15 8/13/15 8/13/15 8/13 - 8/14/2015 8/14/15 8/17/15 8/17/15 8/17/15 8/17/15 8/17/15 8/17/15 8/17/15 8/17/15 8/18/15 8/18/15 8/18/15 8/18/15 8/18/15 8/18/15

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THE ALABAMA CPA MAGAZINE

FULL CPE SCHEDULE AVAILABLE ONLINE No.

Date

City

Credit

060 061 062 063 064 065 066 067 068 069 070 185 190 071 072 073 074 075 076 077 078 079 080 081 086 087 088 089 090 091 082 083 084 085 092 093 094 095 096 097 098 099 100 101 102 103 104 105 106 107 108 111 112 115 116 117 109 110 113 114

8/18/15 8/18/15 8/19/15 8/19/15 8/19/15 8/19/15 8/19/15 8/19/15 8/19/15 8/19/15 8/19/15 8/19/15 8/19/15 8/20/15 8/20/15 8/20/15 8/20/15 8/21/15 8/21/15 8/21/15 8/24/15 8/24/15 8/24/15 8/24/15 8/24/15 8/24/15 8/24/15 8/24/15 8/24/15 8/24/15 8/25/15 8/25/15 8/25/15 8/25/15 8/25/15 8/25/15 8/25/15 8/25/15 8/25/15 8/26/15 8/26/15 8/26/15 8/26/15 8/26/15 8/26/15 8/26/15 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

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

179 181 182 184

8/31/15 8/31/15 8/31/15 8/31/15

Huntsville Huntsville Huntsville Huntsville

Tax 4 Tax Planning Strategies for Small Businesses: Corporations, Partnerships and LLCs Tech 4 Securing Your Data - Practical Tools for Protecting Information AA 8 Internal Controls and Risk Assessment: Key Factors in a Successful Audit Tax 4 Sirote’s Hottest Tax Topics for CPAs Tax 4 Cancellation of Debt for Individuals and Businesses 4AA/4Tech 8 Advanced Excel AA 4 Current Issues in Accounting and Auditing: An Annual Update Tax 4 Cancellation of Debt for Individuals and Businesses Gov/NP 4 Compilation and Review Guide and Update AA 4 The Most Common Financial Statement and Asset Fraud Schemes: How to Detect and Prevent Them Tax 4 Income Taxation of Estates and Trusts AA 8 Annual Update for Preparation, Compilation, and Review Engagements AA 4 Purhasing, Inventory, and Cash Disbursements: Common Frauds and Internal Controls Gov/NP 4 The Auditor’s Responsibilities Related to Fraud and Abuse Under GAAS and the Yellow Book AA 8 FASB Review: Common GAAP Issues Impacting ALL CPAs Tax 8 Federal Tax Update - Individual & Business Current Developments Gov/NP 4 Tailoring the Audit to Suit a Not-for-Profit Entity AA 8 Forensic Accounting Investigative Practices Tax 8 Basis Calculations and Distributions for Pass-Thru Entity Owners - Schedule K-1 Analysis 6AA/2TX 8 Construction Contractors: Critical Accounting, Auditing, and Tax Issues in Today’s Environment AA 4 Revenue Cash and Receipts: Common Frauds and Internal Controls Tax 4 Hot Tax Planning Developments Under the Current Tax Law AA 4 Fraud: Recent Findings, Red Flags, and Corruption Schemes Tax 4 Reviewing Individual Tax Returns: What Are You Missing? AA 4 Revenue Cash and Receipts: Common Frauds and Internal Controls Tax 4 Hot Tax Planning Developments Under the Current Tax Law Gov/NP 4 GASB Statement No. 68 Audit and Accounting Workshop AA 4 Fraud: Recent Findings, Red Flags, and Corruption Schemes Tax 4 Reviewing Individual Tax Returns: What Are You Missing? Gov/NP 4 Not-for-Profit Organizations: Key Accounting and Reporting Considerations AA 4 Interpreting the New Revenue Recognition Standard: What All CPAs Need to Know Tax 4 Key S Corporations Tax Strategies and Compliance Issues AA 4 Engagement Essentials: Preparation of Financial Statements Tax 4 Healthcare Reform Act: Critical Tax and Insurance Ramifications AA 4 Interpreting the New Revenue Recognition Standard: What All CPAs Need to Know Tax 4 Key S Corporations Tax Strategies and Compliance Issues AA 4 Engagement Essentials: Preparation of Financial Statements Tax 4 Tax Planning Strategies for Small Businesses: Corporations, Partnerships and LLCs AA 8 Upcoming Peer Review: Is Your Firm Ready? AA 8 Accounting Standards Review for Controllers and Finance Professionals Tax 8 Sales and Use Tax Workshop AA 8 Revenue Recognition: The New Perspectives Tax 8 Payroll Taxes and 1099 Issues: Everything You Need to Know AA 4 GASB Statement No. 68 Audit and Accounting Workshop Tax 4 Individual Income Tax Update AA 4 Annual Update for Governments and Not-for-Profits Tax 4 Corporate Taxation: Advanced Issues AA 4 Sprecial Purpose Frameworks- Alternatives to GAAP Tax 4 Maximizing Your Social Security Benefits AA 4 Cost Segregation and the Tangible Property Regulations Tax 4 Individual Tax Planning Ideas for 2015 AA 8 Revenue Recognition: Mastering the New FASB Requirement Tax 8 Multigenerational Financial and Tax Planning for Clients IND 4 CFO Update AA 4 Small Business Fraud: The Lessons Behind the Stories AA 4 Revenue Recognition: The New Perspectives Other 8 The Eight Hour MBA Tax 8 Hot IRS Tax Examination Issues for Individuals and Businesses AA 8 Recognizing and Responding to Fraud Risk in Governmental and Not-for-Profit Organizations Tax 8 Surgent’s Handbook for Mastering Basis, Distributions, and Loss Limitation Issues for S Corporations, LLCs, and Partnerships Other 4 Buisness Law-Accountant’s Liability Tax 4 Tax Considerations in Property Dispositions Tax 4 Loss Limitation Rules for Tax Purposes AA 4 Audit Workpapers: Documenting and Reviewing Field Work

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

+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

285 190 190 190 190

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THE ALABAMA CPA MAGAZINE

FROM THE AICPA Department of Labor Study of Employee Benefit Plan Audit Quality

Questions and Answers Continued from page 7 administrators should make the selection of an auditor a top priority and exercise due care during every phase of the auditor selection process. Because an incomplete, inadequate or untimely audit report may result in the rejection of a filing and penalties, a plan’s selection of an experienced and reliable auditor is very important. The AICPA’s Employee Benefit Plan Audit Quality Center recently issued a plan advisory for plan administrators to use in hiring a quality auditor. The plan advisory notes that, “Hiring a firm that lacks knowledge of the specialized nature of the industry and skills necessary to perform plan audits conflicts with the stated goal of ERISA to protect plan participants.” For its part, the DOL has developed an online resource for plan sponsors to use in selecting an auditor. The AICPA is urging the DOL to go further by embarking on an education campaign for all plan sponsors that would underscore their responsibility to make the hiring of an experienced and reliable auditor a high priority. Q12: What role does a state board of accountancy play? A: The investigation of potential disciplinary matters involving practitioners who are members of the AICPA is an important responsibility. But it is only part of the profession’s enforcement mechanism. Only a state board of accountancy can make a determination as to whether a CPA should be licensed, or restrict a CPA’s ability to practice in certain areas, such as audits of employee benefit plans. AICPA Professional Ethics Division investigations may result in the issuance of a “required corrective action” letter directing the auditor to address the quality issue or – depending on the severity of the matter – admonishment, suspension or expulsion from AICPA membership. When investigations result in admonishment, suspension or expulsion,

the results are published and cases are referred to one or several state boards of accountancy. A state board may then investigate the matter to ensure that the practitioner is remediated or, if necessary, disciplined. The profession stands ready to work with state boards of accountancy in the timely consideration of all ethics matters brought to their attention. Q13: Has the AICPA taken action against firms whose employee benefit plan auditing has been called into question by the Department of Labor? I recall hearing that the Peer Review Board has already disciplined some firms. A: The AICPA’s Professional Ethics Division is reviewing the 132 audits that have been referred to us by the DOL (as of May 26). However, the Peer Review Board is not expected to take any study-related action until after the Ethics Division completes its work. The peer review activity to which you are referring was a separate AICPA initiative to ascertain peer review compliance. Two years ago, the DOL provided a list of approximately 4,900 firms that performed employee benefit plan audits in 2011. The Institute found that 21 percent of those firms had failed to comply with peer review requirements. As a result, the Peer Review Board took action against those firms which resulted in a number of recalls of peer review reports and notifications to the state boards. But the action predates, and is unrelated to, the DOL study. In fact, the discovery that so many firms were not complying with peer review requirements was a factor in the Institute’s decision to launch the Enhancing Audit Quality (EAQ) initiative.

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*CPA NetProtect® is offered for an additional fee as part of the AICPA Professional Liability Insurance Program. Aon Insurance Services is the brand name for the brokerage and program administration operations of Affinity Insurance Services, Inc. (TX 13695), (AR 100106022); in CA & MN, AIS Affinity Insurance Agency, Inc. (CA 0795465); in OK, AIS Affinity Insurance Services, Inc.; in CA, Aon Affinity Insurance Services, Inc. (CA 0G94493), Aon Direct Insurance Administrators and Berkely Insurance Agency; and in NY, AIS Affinity Insurance Agency. One or more of the CNA companies provide the products and/or services described. The information is intended to present a general overview for illustrative purposes only. It is not intended to constitute a binding contract. Please remember that only the relevant insurance policy can provide the actual terms, coverages, amounts, conditions and exclusions for an insured. All products and services may not be available in all states and may be subject to change without notice. The statements, analyses and opinions expressed in this publication are those of the respective authors and may not necessarily reflect those of any third parties including the CNA companies. CNA is a registered trademark of CNA Financial Corporation. Copyright © 2015 CNA. All rights reserved. E-11347-715 AL

E-11347-715 AL.indd 1 THE ALABAMA CPA MAGAZINE

5/8/15 3:57 PM

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

2015

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

CLASSIFIED CLASSIFIED CLASSIFIED CLASSIFIED

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. Hindsman, P.C., a local CPA firm in Gadsden, Alabama, is seeking experienced CPAs to join our audit and tax practices respectively. Successful candidates will have 3 to 5 years’ experience in their respective fields. Our audit team is seeking experience in a diverse array of audit engagements, including governmental and not-for-profit engagements, benefit plans, and nonpublic business entities. Our tax team is seeking a seasoned tax professional with a diverse background in business, personal, and estate/ trust tax preparation and planning. Highly competitive benefits package with negotiable salary based upon experience. Resumes should be sent to HR@hindsmancpa.com. CFO WANTED: CPA or MBA wanted for chief financial officer position at Montgomery nonprofit. Minimum of five years’ experience in accounting, general office procedure and HR management. Salary commensurate with experience. Competitive benefits, including pension, 401(k), health insurance. Submit cover letter and resume to Steven Martinez, PO Box 4177, Montgomery, AL 36103-4177, steven.martinez@alaedu.org, 334.834.9790.

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

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