ASCPA CONNECTIONS July August 2016

CONNECTIONS j u l y

P R O F E S S I O N A L E D U CA T I O N

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A U G U S T

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technology conference

AUGUST 18 - 19 | PELHAM, AL

16 Hours of Technology & Business Education from K2 Enterprises & Sponsored by

Attendees are Automatically Entered Into Two Drawings: $200 Amazon Gift Card + $100 Amazon Gift Card

Register Today at www.ascpa.org/TECH2016

AUDIT AND TAX STAFF TRAINING OPPORTUNITIES

Is it a challenge to provide training for your first through third year staff? If so, the ASCPA would like to provide your firm with the opportunity to send your associates to our staff training workshops. We are offering skills training in both audit and tax, and each training level will include lectures and interactive group case studies and activities to prepare your associates for their work in the field. Please check our website, or contact Jessica Roberts at (334) 386-5766 or jroberts@ascpa.org for more details.

Audit Level 1 – September 1 & 2 Audit Level 2 – September 26 & 27 Audit Level 3 – September 28 & 29

Tax Level 1 - October 24-25 Tax Level 2 - November 15-16 Tax Level 3 - December 5-6

PROFESSIONAL EDUCATION 6 | Tech 2020: A Look Ahead 12 | Managing Engagement Risk Steven M. Platau, J.D., CPA 16 | DOL Announces Final Over-Time & Exemption Rule Kelly Cochran 18 | Zoebelein on Tax: A Short Review of Real Estate Taxation

DEPARTMENTS

INSIDE THE ASCPA

4 | Message from the Chair

5 | The Changing Face of Continuing Professional Education

15 | ASCPA 2016

8 | Accounting Connections Conference

22 | Member Profile: Mark Hieronymus

10 | Meet the Chair

24 | Member News

20 | A Student’s View: AICPA Accounting Scholars Leadership Workshop

28 | Remembering

27 | Results of Important Member Votes at ASCPA and AICPA

34 | Classifieds

30 | Continuing Education Schedule

FRONT COVER Jamey Carroll

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MESSAGE FROM THE

CHAIRMAN A

nnual Meeting 2016, I mean Accounting Connections Conference 2016, is in the books.

I don’t know how long it will be before I get used to the name change, but I do know that regardless of what we call it, it will always be one of my favorite annual events. The YCPA Golf Tournament the day before continues to be fun and successful, too, with the proceeds donated to two very worthy organizations: the ASCPA Education Foundation and The Exceptional Foundation of Homewood. The conference itself always has some of the highest quality speakers, vendors and accommodations. Alabama’s Accounting Connections Conference is so cool; AICPA President Barry Melancon flew in on a red eye from Utah just to be there. To me it’s like homecoming at the church I grew up in….once a year I get to see friends, former classmates and colleagues that I haven’t seen since last year.

The fact that this letter is coming from me means two things; Dr. Lowell Broom’s year as chair of the ASCPA has come to an end and we have not been successful in convincing anyone to replace the Message from the Chair with old Calvin and Hobbes cartoons. In all seriousness though, I would like to thank Dr. B for his service to the accounting profession. If you’ve had the pleasure of meeting him, it doesn’t take long to see that he has a passion for accounting, teaching, his grandkids and eating lunch early. The ASCPA, its members and the accounting students in the state of Alabama appreciate your service.

I would also like to thank the board members (and their respective companies) who volunteer their time to the ASCPA for the betterment of Alabama CPAs. You guys spend many hours in board meetings, conference calls and travel during the year for our profession. Finally, I would be remiss if I didn’t say a special thank you to the staff of the ASCPA….you ladies are rock stars.

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As your new chair, I am humbled at the opportunity to serve you. There are many things on the horizon for the next year. For instance, the issue of local chapters has been discussed by the board for many years. To be quite honest, attendance and participation have been poor. However, any discussions related to dissolving the chapters have usually been met with passion and encouragement. It’s time to make a renewed commitment to chapters and we need you to attend your local chapter meeting to learn about the changes that are currently being implemented.

We need our chapters to be the local voice for ASCPA members across the state.

There will also be changes coming to the peer review process nationwide in the near future and we want Alabama CPAs to have a significant voice in those changes.

We’ll find out the results of the AICPA-CIMA merger after completion of the vote this summer. We’ll see what the effects of an expanded global footprint for the AICPA could mean for us.

We’ll see the increased risks of cybersecurity on our companies and our clients and bring you the latest information through professional education and updates in the magazine and weekly newsletter. Our profession is constantly evolving and changing and luckily our ASCPA is continually working for us to keep our members informed.

I hope you all have a wonderful summer.

Jamey

The Changing Face of Continuing Professional Education Jessica Roberts, CPA, Director of Education

One of my first tasks as the new CPE director at the Society was to explore the AICPA’s Future of Learning website (futureoflearning.aicpa.org).

The information I found there was completely eye-opening. Technology is evolving at a rapid pace and attention spans are becoming shorter. The world of professional development is experiencing disruptive change. The CPA profession will need to embrace this disruption and evaluate how we can meet the needs of today’s professional learners. The lifelong learner will be affected by ever-changing technology, innovations in education methods, and the gap between compliance and competency.

Exponential improvements in technology have shifted the paradigm of learning. Today’s CPA needs CPE that can be earned anytime, anyplace, and on any device. Smart phones, mobile internet, and cloud computing provide unprecedented access to knowledge and data. CPAs no longer need to memorize facts relating to the latest tax law changes or FASB standards because that information is only a Google search away. The current onesize-fits-all approach to CPE is obsolete, and must be replaced by technology-driven, customized approaches.

Innovations in education give learners more control over their pursuit of professional development. One such innovation is nano-learning, where a single concept is taught in a short, ten-minute burst, on-demand, and usually on a mobile device. Another concept gaining traction in the education profession is the flipped classroom, or blended learning. Under this method of learning, the instructor serves as a facilitator, rather than a lecturer. Learners do a portion of their work ahead of time, such as reading class materials, or watching videos, then have interactive discussions or workshops during their in-person class time. Gamification, or using game design elements in nongame contexts, is another area of potential in the professional development world. Concepts are presented as a game or simulation and the

participants master concepts through the experience. Opportunities to earn badges or progress through levels in the simulation invest the user in the experience, and increase the retention of the given concepts. All of these methods increase the learner’s engagement, and positively impact the competency and retention of learning objectives.

Even with increasing access to technology, and innovations in educational methods, a gap exists between the current model of measuring compliance with continuing education requirements, and the experience of building professional competency. Research has shown that 70% of what we learn is through first-hand experience, 20% is through mentoring or coaching, and the remaining 10% is through formal structured instruction. Even though we know only 10% of what we learn is through classroom-type instruction, CPAs are still required to earn forty hours of continuing education each year. Every regulated profession is challenged by this detachment between competency and compliance. NASBA and the AICPA have approached this dilemma head-on, and issued an exposure draft to address the disruptions in the professional education space.

Returning back to the AICPA’s Future of Learning Initiative, “the CPA profession’s continued vitality requires evolving the way we develop, deliver and measure learning and competency for CPAs.” Incorporating technology-driven education to CPAs will allow them to access educational opportunities on any topic at any time, and on any device.

Implementing innovative educational methods will invest users in their objective, and increase competency in the desired topic. Finally, bridging the gap between compliance and competency through exposure drafts and changes in state boards’ continuing education requirements will return control to professional learners, and bring about much-needed change in the continuing education world. The world of continuing education is experiencing disruptive change, and there has never been a more exciting time to be a part of the lifelong learning profession.

UPCOMING LIVE STREAM VIDEOS July 25 July 26 July 26 August 22 September 13 September 13 September 14

September 26 September 27 September 29

September 30

December 2

The Casual Tax Preparer: 1040 Forms Update Taking your Medicine: Health Care in 2016

Maximizing Social Security Benefits

Construction Contractors Advanced Issues

2016 FASB Update for the Real World

Future of A&A for the Local Firm

What New in Compiliation, Review and the Cash and Tax Basis of Accounting Individual Income Tax Update

Top 10 Tax Topics of 2016

Focus on the Mission: Not-for-profit Accounting And Reporting Today and Tomorrow Latest Developments in Government

and Nonprofit A&A 2016 Best Federal Tax Update Course by Surgent

Tax, 8 hours Tax, 4 hours Tax, 4 hours A&A, 6 hours Tax, 2 hours A&A, 4 hours A&A, 4 hours A&A, 8 hours Tax, 4 hours Tax, 8 hours A&A 8 hours A&A, 8 hours Tax, 8 hour

www.ascpa.org/content/continuingeducation/webinars

Tech 2020: A Look Ahead Thomas G. Stephens, Jr., CPA, CITP, CGMA

The year 2020 seems so far away, yet in reality, it is just around the corner. Accordingly, strategic professionals are already making plans for how they can operate most effectively in the upcoming new decade. As you begin making your plans, one of the key drivers and influencers will be the technologies available to you and your team members to improve individual and team efficiency. In this article, let us examine the technologies that will impact business professionals in the year 2020 and beyond.

Connectivity Will Escalate in Importance To say that the Internet has been the most important technology to go mainstream over the past twenty years is likely the understatement of the century. Likewise, to say that the Internet will continue to increase in importance in 2020 and beyond is likely an understatement of similar magnitude, as connectivity will become even more important in the years ahead. However, the connectivity will take a different form moving forward compared to the past. In the coming decade, connectivity between people will be almost a given and taken for granted. After all, that level of connectivity is relatively saturated now. Rather, connectivity in 2020 and beyond will increase as the Internet of Things (IoT) becomes mainstream. In the most simplistic terms, IoT refers to devices connected to each other through the Internet. These devices can be simple home automation devices, such as thermostats and irrigation controllers connected to and controlled from homeowners’ computers, smartphones, and other devices.

In business settings, IoT could be sensors to continually monitor factory machinery and alert maintenance crews when a breakdown appears

imminent, instruments to let farmers know when livestock may be falling ill, or mobile devices as alternatives to traditional point-of-sale terminals to facilitate purchases in retail stores. Regardless the types of devices that will represent IoT, know that there will be an extremely large number of them; as confirmation, Gartner indicates that the number of IoT devices connected to the Internet will grow from 6.4 billion in 2016 to 20.8 billion in 2020. Clearly, the importance of connectivity – with the Internet as its backbone – will escalate in the coming years.

Business Intelligence Efforts Will Dominate Reporting Though Business Intelligence (BI) has been discussed for a number of years, only in the past few years have tools supporting BI activities emerged that facilitate true BI efforts without overwhelming end users and breaking their budgets. Microsoft, Qlik, and Tableau are among the companies leading the way with BI tools that end users with average technical skills can use to create powerful interactive dashboards that provide real-time insights into organizational and team performance. For example, using the free Microsoft Power BI Desktop tool, you can

create and distribute BI dashboards that allow team members to focus on the areas for which they are responsible and measure performance against established norms.

In the near future, expect to see BI tools continue to get easier to use while simultaneously providing even more robust reporting capabilities. For example, it is quite plausible that a publisher of BI software could begin accumulating industry-specific benchmarking data and provide that data through the BI application. Of course, end users of dashboards would then be able to measure performance not only against their own prior results and internally-established targets, but also they could judge performance relative to others in the industry in which they operate. Further, BI tools could also help with predictions, forecasts, and even routine budgets by incorporating artificial intelligence to analyze even very large historical data sets to uncover hidden relationships in the data.

Though traditional financial and operational reports will still be generated in the upcoming decade, look for their relevance to decrease while BI dashboards begin to dominate business reporting routines

Thomas G. Stephens, Jr., CPA.CITP, CGMA

• Bachelor of Science in Business Administration, Major in Accounting, Auburn University • Master of Science, Major in Finance (emphasis in Corporate Finance), Georgia State University • Thirty Years of Public Accounting Experience, Five Years of Corporate Internal Auditing Experience, Four Years of Corporate and Cost Accounting Experience • Twenty-One Years of Experience as a Continuing Professional Education Discussion Leader • Member of the American Institute of Certified Public Accountants and the Georgia Society of Certified Public Accountants; Past Member of the Institute of Internal Auditors • To Date, Has Presented Over 1,900 Continuing Education Sessions to Over 58,000 Participants

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You Likely Will Use a Single Device to Conduct Business The days of using multiple devices to conduct business – desktop computer, laptop computer, tablet, and smartphone – are coming to a close. In the upcoming decade, many business professionals will ditch all but one device and conduct all business activities from that single device, simplifying the work environment while simultaneously saving money on capital expenditures, software, and maintenance. In fact, this is possible for many professionals today, although few are yet willing to venture in to this brave new world.

Virtually all smartphones today allow connections to external keyboards and monitors. Many (with the iPhone being the most visible exception) also allow you to connect to a mouse. With a keyboard, monitor, and mouse connected, simply download any necessary apps you’re ready for business!

Where the above scenario becomes potentially troublesome is when you might need to run a line of business application such as your accounting/ERP software, a tax application, or CRM tool. Because these fullfeatured, robust applications do not readily lend themselves to being re-written as apps, it is not likely that you will be able to run them from a smartphone or other device that might replace a traditional computer.

However, if you ran these applications from the Cloud as software as a service – as in the case of QuickBooks Online or CCH Axcess – or as a hosted application such as Sage 300, or if you accessed them from a virtual desktop such as those provided by Cetrom, you would be able to use the browser on a smartphone to access them on that device.

Security Needs at the Mobile Level Intensify Of course, if we carry all of our data and applications with us on a single mobile device, then the importance of end-point security intensifies. Accordingly, we will need to secure these devices better than ever before and treat them with the same level of “security respect” as we currently treat our traditional desktop and laptop computers.

Fortunately, new technologies now arriving should make that easier for end users. For example, the new Windows Hello feature can be used to log-in to mobile devices using facial recognition, instead of entering a password. A feature such as this should not only improve security, but simultaneously make it easier for end users to comply with organizational security policies.

To help ensure compliance with all policies, organizations will place even greater reliance on Mobile Device Management (MDM) software. Using MDM software, managers remotely monitor and enforce compliance with policies relating to passwords, encryptions, backups, downloaded apps, etc.

Just because the need for mobile security will increase, do not be lulled into thinking that the need for more traditional security measures will decrease. Far from it! Hackers will continue to innovate in their attempts to gain access to sensitive and critical data and we will likely need to re-think our entire security plan in an effort to ward-off attacks.

Look for technologies such as “whitelisting” software titles and device and network monitoring tools to grow as means of not only attempting to prevent attacks, but also to alert us in real-time that something appears to be amiss in our computers and networks.

Software Deployments and Upgrades Will Be Incremental in Nature The days of major software upgrades may be over or soon drawing to a close. To illustrate, Microsoft has already announced Windows 10 will be the last version of Windows – there are no plans for Windows 11. Expect more software publishers to follow suit.

Does this mean that no new features are on the way or that development will cease?

Of course not! Rather it confirms that the very nature of software, including operating systems, is changing as more publishers are moving to or encouraging subscription licensing instead of traditional, perpetual use licenses.

In these subscription models, you pay a monthly or annual fee for the right to use the software for a specified period of time.

During that period of time, as your software publisher releases new features to the software, you will receive them through periodic updates, presumably downloaded from the Internet. Of course, if you stop paying for the license, you should expect the software publisher to cease sending the updates to you. In this business model, software evolves into a service instead of a technology. Compare that to the traditional licensing model where the publishers create and innovate new features, but store them until they decide to make a major release of the application, such as when upgrading from one version of Windows to the next or one version of Office to the next.

Revamping and Monitoring Workflows Will Produce Extraordinary Dividends Over the past thirty years, businesses of all sizes have invested heavily in technology.

But in large number of cases, they have not modified internal workflows at the same pace they have deployed new technology.

Accordingly, their business practices are stale and inefficient. Further, because they have not modified their workflows to take advantage of much of the technology in which they have invested, they are not receiving the return on investment that they expected when they acquired the new technology.

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Consider accounts payable practices, for example. In many organizations, accounts payable continues to consume significant amounts of labor as team members manually process vouchers for payment.

Tools provided by companies such as Bill. com utilize technology to automate and streamline accounts payable processes, up to the point of cutting processing time by as much as 50%. Similarly, tools such as SurePrep allow CPA firms to automate much of their tax processing workflows by automatically organizing and bookmarking working papers for individual tax returns and, if desired, populating returns with data scanned from W-2’s, 1099’s, K-1’s, and other forms. Similarly, businesses of all types could use a workflow solution such as XCM to revamp workflows and ensure that all team members process transactions and complete projects in a prescribed fashion. Workflow tools will only increase in importance and provide bigger paybacks as organizations seek to enhance their ROI on technology.

Training Will Prove to be a Never-Ending Strategic Mission The pace of change shows no signs of declining; in fact, it will likely continue to accelerate. Smart managers will recognize this and look at training team members as a strategic decision, not a tactical one. Failing to train team members on new technologies or new features added to existing technology virtually guarantees that the organization will not receive the promised ROI on technology. Yet, many managers will adopt a short-sighted approach and attempt to cut expenses by reducing their investment in training and then wonder why team members struggle with technology. Those who see training as a key corporate strategy will double-down on their investment and their organizations will reap the rewards.

Summary The year 2020 will be here before we know it. And with the arrival of a new decade we will all face technology challenges and technology issues. Failing to plan for the continuing revolution in technology almost guarantees that an organization will be ill-equipped to take advantage of the tools and trends that will materialize, forcing the organization into what sometimes seems to be a never-ending cycle of playing “catchup.” Carefully consider the trends and technologies discussed above and how you can capitalize on them in your business to increase efficiency, security, and profitability.

Best of luck in the coming decade!

Mr. Stephens is a shareholder in K2 Enterprises, where he develops and presents continuing professional education programs to accounting, financial, and other business professionals across North America. You may contact him at tommy@k2e.com.

ACCOUNTING CONNECTIONS CONFERENCE Part business meeting, part professional development conference and part family reunion.

YCPA CHARITY GOLF TOURNAMENT June 8, Robert Trent Jones Golf Trail at Oxmoor Valley

ACCOUNTING CONNECTIONS CONFERENCE

AICPA CEO Barry Melancon delivered a professional issues update.

PNC Bank is the ASCPA’s Premiere Partner for 2016

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Education session

Scott Bradbary of Warren Averett led the Young CPA session. Haley Daniels brought ten of her Auburn Montgomery students to the Facing the Future program.

Outgoing ASCPA Chair Dr. Lowell Broom and his family

CELEBRATION OF SUCCESS AWARDS

Newly-elected chair Jamey Carroll, Jeannine Birmingham and Lowell Broom

Dr. Jan Heier, Professor Emeritus at Auburn Montgomery, became a Life Member.

Myra Roberts, recipient of the AICPA’s Women to Watch Award

James Moody (right) with Dent Moses Managing Partner Mike Baker.

Moody received the Outstanding Chapter Service Award.

Trenton Shepherd received both the Young CPA Golf Chair award and Outstanding Young CPA award.

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Michael Brand is the Thomas A. Ratcliffe Outstanding Discussion Leader award winner.

Gregory L. Prescott of University of South Alabama (left) is the Outstanding Accounting Educator

MEET THE CHAIR, JAMEY CARROLL

Next was sitting for the CPA exam and Jamey ordered floppy disks (!!) and did the practice tests. He completed his master’s degree, and went to work in audit at MDA in June 2001.

“You were encouraged to pick a path at Auburn and I did not enjoy my tax classes in undergrad. So I concentrated on audit in graduate school. It made sense to me. I had seen audit at Circle C from the client side and I understood automatically what was required on the CPA side.”

Call him the accidental chair. Jamey Carroll is often bemused at taking on this role, wondering exactly how DID he get here? There was no grand plan, no checking off boxes. He simply put one foot in front of the other until James Randolph Law Carroll became the 98th volunteer chair of the Alabama Society of CPAs.

Jamey also liked meeting clients, building those relationships, being out of the office learning about different businesses. He remained in audit for 10 years and then made a turnaround to do tax exclusively for five years. Now he’s doing both.

Members know that it was his commitment to hard work, his academic abilities, his gift for accounting, his loyalty and a certain amount of serendipity that got him to this point. And add in the secret sauce, Circle C.

“That’s been a real gift from my staying at MDA for all this time.

I’ve gotten to do it all. I think it’s given me a more global view with clients; allowed me to see more parts of their businesses and how those parts can work together for success. And let’s face it, I just don’t like to jump around a lot. I was at Circle C, my high school job, for five years. My college roommates are still my closest friends, to the point where we played golf every week, we vacationed together and we went to Auburn for football weekends.”

His childhood was one of constant movement until he was in fourth grade. Mr. Carroll was a district manager for Winn-Dixie stores and the family was in Montgomery twice, Prattville twice, Sylacauga once and Birmingham once until Mrs. Carroll called a halt. Her people were in Hazel Green, Madison County, and that’s where she wanted to be.

He was having so much fun, in fact, that he waited a while to get married. Once he and Kasi started their life together in 2008, things became complicated. First her sister developed cancer and died in August 2009. Then Kasi herself was diagnosed in December 2009.

Beginning in January 2010 was a yearlong process of surgeries, chemo and doctors’ appointments. Her mother died in December 2015, also from cancer.

Jamey went to high school there, played a little basketball and worked as summer help at Circle C, a convenience store. His senior year he worked more at the store as part of the co-op program at school.

There was more and more responsibility at Circle C as he graduated and started a business degree at Athens State. He didn’t have a clear path for what he wanted to do, so moving into a larger role at Circle C while going to school made sense. During his sophomore year he took over as accounting manager. He didn’t really know much about accounting as a career path until Athens State accounting professor Dr. Eddy Burks took him in hand.

Once Kasi and Jamey received the “all clear” to begin having children, they had Mason in November 2012, and Tucker (a bit of a surprise) in November 2013. Kasi’s cancer come back while she carried Tucker.

She was determined to give birth before starting another round of treatment, which eventually required two surgeries and radiation. In spite of all the challenges, Jamey knows that there has been a silver lining.

“Dr. Burks opened my eyes. I had no idea what a career in accounting would look like, what being a CPA meant. I didn’t know a single CPA. He is the person that recommended that I get a graduate degree and go on to sit for the exam.”

“As Kasi started treatments, she lost her job and simply was not able to restart her career. It forced us to prioritize and eventually flowed into her staying at home once the boys were born. Would we have made that choice if she had not had cancer? I’m not sure. But it’s been such a wonderful thing for all four of us. Our lives are now 100% about these babies, especially since we have a keen appreciation for the fragility of life.”

The folks at Circle C didn’t want to lose Jamey and offered to help pay for additional school. But Jamey was ready to spread his wings and leave Hazel Green. He enrolled at Auburn for his master’s degree.

“There were three close friends from high school and we shared an apartment in Auburn. It was a little scary at first. School had always come easily to me, so that wasn’t the issue. It was just the unknown, moving to an unfamiliar place and a big school. But it wasn’t as hard as I thought it would be. I always advise young people who are not sure about whether they can cut it at college: Go. To. Class. Just show up and listen to what happens during class sessions. You’ll make it through.”

Jamey’s been part of the ASCPA family for a while. He served on the second Young CPA Board of Directors beginning in 2004, filling an open term, and stayed on to be a two-term president. He rolled on to the ASCPA Board, was elected as secretary/treasurer and completely skipped becoming vice-chair when the board was reorganized.

“It didn’t take me a long time to discover what a good thing volunteering was. I’ve gotten so much more back than I ever gave.

It’s been exciting to see the board transition into a proactive group, willing to dive deeply into issues. Being a board member is not just having something on your resume or for your LinkedIn page. And now that I’m having a chance to get involved on the national level, I’m completely blown away. It just doesn’t seem possible that not so many years ago I didn’t even know what a CPA was. Now I’m meeting the best minds in the profession, hearing their vision for the future.

If a guy from Hazel Green can do this, believe me, anyone can do it.”

Since Jamey jumped into Auburn as a graduate student in June, he wasn’t really in the recruiting pipeline. He knew he wanted to move back to north Alabama, though, and at the first recruiting event there was only one firm from Huntsville, MDA Professional Group.

“I met with Larry Gilley and told him that I was coming back to Huntsville whether he hired me or not. He made me an offer, and that was that.”

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MANAGING ENGAGEMENT RISK

Steven M. Platau, J.D., CPA Professor of Accounting, John H. Sykes College of Business University of Tampa

To manage the risks inherent in the practice it is necessary to identify the source of those risks.

Tax practice accounts for about 70% of professional liability claims by volume with the average tax claim costing about $100,000. Financial statement services claims and advisory claims, in roughly equal shares, effectively round out the

total. Financial statement services claims have a much larger financial impact, running five to six times the tax claim’s average impact. So, while tax claims are substantially more frequent than financial statement or advisory claims, they are much less severe.

Aggrieved clients make up about two-thirds of those attempting a recovery of purported losses against CPAs while third parties such as banks, factors, investors and other information users make up the remaining third of plaintiffs.

The riskiest clients tend to telegraph their risk profile which can make managing the risk of a professional liability claim easier. This article focuses on two of the most common risks presented over the past couple of years in the tax and financial statement service areas. Tax

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practitioners face risk with those clients showing limited interest in state and local tax compliance.

Financial statement client risk arises out of those clients with limited controls.

For tax clients with cavalier attitudes about compliance, there is an increased need to manage engagement risk. The client that displays a “let them catch me” attitude about compliance with state and local tax filing obligations is the same client that will blame the CPA for failure to comply.

The tax client that “neglects” to return the engagement letter describing the scope of services will press a claim for failing to comply with state and local tax filings. A very typical claim comes from the client who restricts the engagement to the home state and federal tax return and refuses to discuss potential obligations in other jurisdictions. The client conveniently fails to

return a signed engagement letter defining the scope of the engagement and limiting the practitioner’s work to specific returns identified by the client.

Financial statement services claims over undetected fraud or theft are occurring at regularly increasing rates. Poor controls likely presage fraud or theft.

Fraud and theft claims arise at all levels of service and are presented by all levels of client employee from clerk to top management. There are common risk factors evident to help the practitioner manage those client risks.

Poor controls present opportunity. There are two types of clients with poor controls, the first type is where fraud and theft is already present and the second type is where fraud and theft will occur. A great portion of these claims come in not-for-profit, small government and closely-held small businesses. With few controls in place someone with opportunity, need and the ability to rationalize will take advantage of the situation. The challenge for the CPA is that many of the clients will sound a frequent refrain in pressing a claim: “We hired a CPA, paid the CPA thousands of dollars in fees and expected, at a minimum, they would look for people stealing”. The professional standards can sometimes haunt a CPA, especially in SSARS engagements. SSARS 70 Section .18 requires that a CPA, when presented with information that is incomplete, inaccurate or otherwise unsatisfactory undertake to “follow-up” with management. The specific follow-up actions are not spelled out, however, so the CPA needs to be careful when presented with inaccurate information.

The two flavors of engagement risk identified above arise from clients with a lax attitude toward tax compliance and/or poor controls. In order to manage these risks, and to prevent prevalent kinds of claims, CPAs may take specific actions to mitigate the risks.

One method of addressing risk would be to withdraw from clients with poor controls or lax compliance attitudes. This method might be both the simplest and most effective way to mitigate those risks – just eliminate the client.

If the decision is made to continue to provide services to the riskier clients then strategies to mitigate the risks should be considered.

The first line of defense is a proper engagement letter identifying the particular services rendered to the client. In cases of tax compliance and control weakness documenting the client’s position can be tricky.

It would be inappropriate for a CPA to write to a client and indicate that the client is failing to comply with lawful tax filing requirements. It would, however, be appropriate to offer an analysis of client filing

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requirements and have the client frame the specific tax compliance returns required. Remember, the lax client will say “I hired a CPA, my expectation was that the CPA would help me with ALL my taxes, not just some of the filings”. By offering the service to undertake an analysis and the client rejecting the service, then directing the CPA to perform only certain returns, it may be possible for the CPA to mitigate some of the risk associated with subsequent claims of inadequate services.

For financial statement service engagements rendered to clients with limited controls, the CPA may want to consider a similar strategy to that outlined for tax services: offer to undertake fraud/theft risk and detection services. By offering additional services to a non-audit client and the client’s declining those services it becomes more difficult for a client to subsequently claim that the CPA was at fault for failure to detect fraud or theft.

Many of the clients that press professional liability claims do not provide a signed engagement letter.

Two-third of tax claims do not feature a signed engagement letter and half of all professional liability claims no engagement letter can be located. By documenting the engagement scope, and offering to provide additional services, CPAs can help to mitigate high risk clients.

On August 25, 2016 the Alabama Society is offering a comprehensive course on Managing Engagement Risk which will assist CPAs in identifying risks in their practice and developing strategies to mitigate those risks.

Register at www.ascpa.org

Steve Platau is one of best and most engaging educators we have ever had at our firm. His is one of the few 8 hour education sessions that I truly look forward to spending the entire day! He keeps his audience engaged by using highly relevant, real life situations he has been involved in or has researched. Steve doesn’t speak in too much “code” and is able to keep his subject matter at the perfect level for his

audience. I promise you will enjoy spending a day in CPE with Steve.

John Shank, Barfield Murphy Shank & Smith

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ASCPA 2016 While we think every day is special at the Alabama Society, summer is a particularly wonderful and challenging time. During July, August and September we’re going in many different directions with events all over the state. Our education staff looks forward to spending time with you in the months ahead, such as at the Summer Education Conference in Sandestin. This year we’re partnering with the Louisiana CPA Society to bring their unique spirit to an anchor of Alabama’s CPE season.

a local speaker, to volunteer at a local fund-raiser or to attend an education session, there are a lot of good things happening. The administrative changes that are being implemented will make registering even simpler and allow for better tracking of chapter participation. Diane Christy is now staff liaison to the chapters and working closely with them.

With the 97th annual members’ meeting behind us, it’s only a short time to the year-long celebration of the Alabama Society’s 100th anniversary. We’ll begin planning specific events soon and want you to be part of this milestone. Please get in touch if you have any ASCPA memorabilia that you’re willing to loan or donate as we build an archive of Alabama’s accounting profession. We treasure the CPA certificates that family members have passed along to us and welcome other items to share with members. Dr. Jan Heier is working on the second installment in his series about the Society’s history and we can’t wait to read it.

Let me thank those members who step up and act as administrators at ASCPA CPE programs. Our staff simply can’t be everywhere at once and member volunteers do a terrific job of keeping the wheels turning. That’s just one example of how members are involved in the Society, sometimes at very lofty levels, but more often right down on the ground.

Thank you for joining us at Accounting Connections Conference, the annual members’ meeting, to really kick off CPE season. We hope you enjoyed moving to a new venue and that you offered feedback in the post-conference survey. Feel free to get in touch with me, or any member of the CPE staff, with your suggestions and comments.

ACC is where we see so many of you and we appreciate your loyalty to this event, vital to the life of the ASCPA.

Through the generosity of the ASCPA’s Educational Foundation we have a series of interns who work with us throughout the year.

We’d like to thank our summer interns, both students at Auburn Montgomery’s new masters of accounting program, Charmie Chester and Lakeshia King. We are relying on their assistance in the finance department as staff members take maternity leave and to assist with day-to-day activities in all departments. You can read about them in an upcoming edition of the digital newsletter.

The Society’s Board of Directors will meet on August 26 and welcome members of the newly-formed chapter Advisory Council to their meeting. The council is comprised of (former) chapter officers who have already proven to be flexible during this year of chapter transformation and transition. We’ve completed meetings with council members in all chapter areas and have created individual budgets and calendars for the year with their help. Advisory Council members will fill a critical role both within the chapters and in providing guidance as voting members of the ASCPA Board at their summer and fall meetings. Society leadership is fully behind the effort to increase chapter involvement and participation. If you haven’t been to a chapter event for a while, please attend a meeting. Whether it’s for a professional networking event, to hear

The work of the ASCPA could not be accomplished without your vision, volunteerism and support. See you on the beach in Sandestin!

Jeannine

Jeannine P. Birmingham, CPA, CAE, CGMA President and CEO

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DOL ANNOUNCES FINAL

OVER-TIME & EXEMPTION RULE Kelly Cochran Director of Human Resources Warren Averett CPAs and Advisors

SUMMARY OF CHANGES

costs through thoughtful planning and analysis.

In 2014, President Obama directed the Secretary of Labor to update the overtime regulations to reflect the original intent of the Fair Labor Standards Act. On May 18, 2016, the Department of Labor (DOL) issued the “Overtime Rule” or “Final Rule” extending overtime protection to several million additional Americans who are not currently eligible under federal law.

There are numerous implications for employers to consider as a result of this change in addition to analyzing the various pay options. Companies will have to determine how to handle the increased exempt salary threshold, as well as consider the effects on other employees in the same or similar position who are not impacted by the new threshold requirement. Changes in some employees’ pay could likely result in pay compression issues.

The new overtime rule goes into effect December 1, 2016 and modifies minimum wage and overtime pay regulations for executive, administrative and professional employees. The rule increases the exempt employee salary threshold to $47,476 annually ($913 per week), which more than doubles the current threshold of $23,660 ($455 per week). The new rule allows for the inclusion of up to 10 percent of non-discretionary bonuses, incentive and commission payments to satisfy the salary requirement if paid on a quarterly or more frequent basis. In addition to more than doubling the salary threshold, the new overtime rule includes automatic updates every three years beginning January 1, 2020.

As if that isn’t enough, there are also administrative issues to consider. If an employer changes employees from exempt to nonexempt (salary to hourly), how will all hours worked be tracked?

Do these employees travel? Do they work from home or via mobile devices after hours? Will you limit after hours work? Will benefits, such as vacation, be impacted as a result of changing employees from exempt to non-exempt status?

And, while the exemption duties test did not change, this is a perfect opportunity to review all exemption classifications to ensure compliance, review and update job descriptions, and reassess compensation structures and strategies.

The new rule also increases the Highly Compensated Exemption from $100,000 to $134,004 annually, if such employees are paid at least the minimum salary requirement of $913 per week and meet other applicable requirements. Under the Highly Compensated Exemption, bonuses and incentive payments can be included in the annual salary threshold, but not the weekly salary requirement.

DON’T DELAY! TAKE ACTION NOW While we have until December 1, 2016 to comply with the new overtime rule, employers should start planning and taking steps now. With proper analysis, planning and communication, the impact can be minimized and have a positive result for your workplace.

POTENTIAL IMPACT TO EMPLOYERS

To start, employers should immediately audit their workforce and payroll to identify exempt salaried employees whose compensation falls below the new exempt threshold. For those that fall below the new $47,476 compensation requirement, there are several pay conversion methods endorsed by the Department of Labor that can be used to convert or change a salaried employee’s pay to comply with the new overtime rule.

Although this new rule could result in a considerable increase in compensation costs for many employers, options are available to minimize the impact. Employers not paying fair wages will be impacted the most while employers that are paying employees fairly for all hours worked will have options to manage and control

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One size does not fit all; therefore CPA firms should be prepared to help clients calculate and analyze the available options and be prepared to partner with an attorney or law firm to assist clients with any potential legal implications.

them track all hours worked for a period of time taking busy or seasonal periods into account that may fall outside of the tracking period.

Once a pay strategy is determined, employers may need assistance reviewing policies and benefits to determine any impact on employees as a result of the change. Communication will be key. To minimize concerns of all involved, companies should develop communications for employees and managers explaining how the new overtime rule affects them, including any changes to policies and benefits.

To calculate and analyze the various pay methods, employers will need to know the number of hours worked by impacted exempt employees.

If unknown, employers will need to obtain or estimate such hours. This may be accomplished by soliciting input from employees and/or having

CLIENTS WILL NEED HELP. ARE YOU PREPARED? IS YOUR FIRM PREPARED? RESOURCES

Fact Sheet #17A: Exemption for Executive, Administrative, Professional, Computer & Outside Sales Employees Under the FLSA https://www.dol.gov/whd/overtime/fs17a_overview.htm Wage and Hour Division - Final Rule: Overtime https://www.dol.gov/whd/overtime/final2016/ Wage and Hour Fact Sheet: Final Rule to Update the Regulations Defining and Delimiting the Exemption for Executive, Administrative, and Professional Employees https://www.dol.gov/whd/overtime/ final2016/overtime-factsheet.htm Wage and Hour Division – General Guidance for Private Employers https://www.dol.gov/whd/overtime/final2016/general-guidance.pdf

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E-11346-716 AL E-11346-716 AL.indd 1

6/1/16 2:36 PM

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ZOEBELEIN ON TAX A Short Review of Real Estate Taxation

Tom Zoebelein, CPA, Director of Tax Research, Pearce Bevill Leesburg Moore Despite its relatively high cost profile among the assets on the balance sheet, little is written on this topic. This issue will focus on those aspects of real estate taxation that I feel you are most likely to encounter in your practice.

REAL ESTATE DEPRECIATION ISSUES • The new repair regulations changed how we look at buildings for tax purposes. No longer viewed as a single asset, a building is now divided into its various major components. The typical building components identified in the Regulations are as follows: o Building shell, plumbing, electrical, HVAC, security, fire protection, and elevators. o Land improvements and its major components.

• The repair regulations also bring opportunities to offer your services in identifying the components of real property. o Consider meeting with your clients to discuss the changes and its impact on their business. § Discuss providing your services to break out the components of existing buildings and land improvements from land. § Discuss the benefits and costs of a professional cost segregation study which could also break out any §1245 personal property. o New construction offers an opportunity to be proactive by offering a cost segregation study to comply with the new repair regulations by breaking the building into its components and systems, as well as any possible §1245 property. Also, offering to work with the builder and architect to discuss what additional breakdown of the costs are needed to comply with the new Regulations, as well as any §1245 property you have identified. § Make sure to separate land improvements from land cost in the project. Any land improvements identified will be depreciated over 15 years. Look carefully at the site

preparation cost as many site costs qualify as land improvements. o Land improvements include water abatement (culverts, berms, and contouring & silt ponds), as well as roads, parking, sidewalks, and landscaping. Land sculpting for these items are land improvements and not land. Initial clearing of the lot will be land, in addition to any structures raised to build your clients’ real property.

• PATH Act permanently reduced the class life to 15 years for qualifying restaurant & retail property (still requires the building be 3 years or older). o New 1st year bonus depreciation category for nonresidential buildings starts in 2016 § Qualifying Improvement property is a category added by the PATH Act for nonresidential property improvements made after 12/31/2015. This new category adopts much of same rules as qualifying leasehold improvements, but with two major differences. Like qualifying leasehold improvements, the improvements must only be made to the interior of the building to qualify. The changes to qualifying buildings are significant. o The building has to have been placed in service before the improvement: gone is the 3 years or older rule o Owners’ Improvements to their own space can now qualify o Leasehold Improvements made in buildings built less than 3 years from the date of the improvement. § Leasehold improvements to buildings three years or older will still be considered qualifying leasehold improvements as in the past. § Remember 1st year bonus depreciation will be completely phased out in 2020.

RENTAL REAL ESTATE TAX ISSUES Rental real estate is often problematic for both the practitioner and the client if the rental activity creates a net operating loss. Rental real estate activities were deemed to be per se passive by Congress. That means for most of your clients their time spent in active participation in the rental activity will not defeat the passive activity classification of their real estate rental activities.

Rental real estate activities owned by your real estate professional clients are not deemed passive per se, however, they must meet the material participation rules to remain nonpassive. o To meet real estate professional status your client must: § Devote a minimum of 750 hours in the rental activity o On a joint return only one spouse needs to meet the real estate professional status for the couple’s rental real estate activities to qualify as active. o W-2 wage earner’s time does not count unless they are at least a 5% owner § Same minimum 5% ownership for active partners in a real estate partnership o One spouse alone must reach the 750 hours threshold as the taxpayer and spouse’s time devoted to the activity are not combined. o I can’t stress enough how important it is for the client to keep contemporaneous records on the time devoted to the activity. § The time records must be believable but there is no rule that the taxpayer complete a repair on the rental property at the same speed as a repair specialist. o Watch the dates on the activity support your client provides to avoid loss of creditability for more hours than in a day or being at two places at the same time. § Travel time can count but be reasonable. § Try and log more than the 750 hour as the IRS only has to knock off an hour or less to disqualify your client. o If your client uses a rental agent make sure you get a copy of the

contract and spell out his duties.

Require that he log the time devoted to your rental property. § The taxpayer or qualifying spouse must devote at least 50% of his/her personal services in the real estate business. o Real estate business is not just rental.

It also includes: § Real estate development § Real estate construction & reconstruction § Acquisition & conversion of real property § Property management & leasing agent § Real estate broker and salesman o The 50% of personal service prong of the two prong real estate professional test is what defeats most business owners. That is why the spouse rule can be a good planning tool if the other spouse is not working full time in a non-real estate business. o Your client meets the real estate professional status but there are multiple rental activities. § Consider electing to combine the properties so that there is only the one active participation test for the group. o The Downside to grouping election is that until all the grouped properties have been sold or are disposed losses on the disposition are suspended. § Active participation is measured using the seven levels (see inset). The highest level of the seven standards is participating more than 500 hours in the tax year. o A married couple filing a joint return can combine both their participation times to reach material participation status. § Avoid investor time such as writing checks (if the property is third party managed) and studying reports in the participation time. § Try and exceed the more than 500 with a good margin (600 hours will be hard to defeat but 1 hour in 501 hours will be much easier for the IRS) § If you don’t have more than 500 hours then go down the list of seven until you meet that level’s test.

o Your client fails the real estate professional test. Now what? § If you client’s AGI is $100,000 or less there is the yearly $25,000 allowable loss (the $25,000 allowable loss is reduced by ½ over the $100,000, such that at $150,000 there is no loss. § Your client’s AGI is over $150,000: but wait, all may not be lost. Ask your client for the rental records and compute the average rental period using the days rented. If the average rental period is one week or less your client does not have a Schedule E real estate rental activity, but is now on schedule C trade or business. Your client’s rental property at the beach is now treated the same as the Hampton Inn down the street (no passive activity taint). o Your client must only pass the material participation test above.

Participation of more than 500 hours (or one of the six remaining participation tests). Keep in mind participation hours are combined for married couples filing joint returns. § Please note testing for the average rental days for each rental property should be done every year to determine where on the Form 1040 to report the rental real estate activity.

MISCELLANEOUS ISSUES o §1031 exchanges: like-kind real property is very broad. § Depreciable real property can be exchanged for undeveloped land. o Watch for 1250 depreciation recapture when depreciable realty is not exchanged for non-depreciable realty. § Land lease with 30 years or more on the lease is like-kind to other real property. o Buying timberland? Don’t forget to get a timber cruise to break the timber from the land. § This will be your base for depletion when timber is cut or there is a §1033 event These are but a few things to consider when dealing with real estate. My hope is that you found them helpful.

Material Participation Test Under the Temporary Regulations Temp. Regs. Sec. 1.469-5T(a) provides that a taxpayer can establish material participation in an activity by satisfying one of seven tests:a 1. The individual participates in the activity for more than 500 hours during such year; 2. The individual’s participation in the activity for the taxable year constitutes substantially all of the participation in such activity of all individuals (including individuals who are not owners of interests in the activity) for such year.

3. The individual participates in the activity for more than 100 hours during the taxable year, and such individual’s participation in the activity for the taxable year is not less than the participation in the activity of any other individual (including individuals who are not owners of interests in the activity) for such year.

4. The activity is a significant participation activity (within the meaning of [Temp. Regs. Sec. 1.469-5T(c)]) for the taxable year, and the individual’s aggregate participation in all significant participation activities during such year exceeds 500 hours.

5. The individual materially participated in the activity (determined without regard to this paragraph (a)(5)) for any five taxable years (whether or not consecutive) during the ten taxable years that immediately precede the taxable year.

6. The activity is a personal service activity (within the meaning of [Temp.

Regs. Sec. 1.469-5T(d)]), and the individual materially participated in the activity for any three taxable years (whether or not consecutive) preceding the taxable year; or 7. Based on all of the facts and circumstances (taking into account the rules in [Temp. Regs. Sec. 1.4695T(b)]), the individual participates in the activity on a regular, continuous, and substantial basis during such year.

A STUDENT’S VIEW –

AICPA ACCOUNTING SCHOLARS LEADERSHIP WORKSHOP The AICPA Accounting Scholars Leadership Workshop (ASLW) is an annual invitational program for minority accounting students who plan to pursue the CPA designation.

This event aims to strengthen students’ professional skills and understanding of the limitless possibilities and benefits of earning the CPA credential.

Through speakers, panel discussions and interactive programs, participants gain confidence and an enhanced understanding of the various career paths within the accounting profession to prepare them for the steps that follow graduation.

An all-expenses paid event, the AICPA Foundation covers the cost of student attendees’ transportation to/from the workshop location, hotel accommodations, training, and meals. Nichelle Norris is a student at Troy University – Montgomery, the past president and current director of corporate and community relations of the TUM Accounting Club. This is her report on ASLW 2016.

This year, I was granted the amazing experience of attending the AICPA’s Accounting Scholar Leadership Workshop. The workshop’s theme was “The CPA Profession: A Field of Dreams.” This workshop scheduled several speakers to discuss how we, as minorities and young professionals, can be effective and potentially lead the way in our workplace.

We kicked off with a presentation and welcome from Kim Drumgo (AICPA staff) and Rich Caturano (past AICPA chair). They discussed the importance of our being at the workshop and present in the workplace. Mr.

Caturano shared his commitment to including and embracing minorities in the workplace; he made that one of the main issues he addressed while chair of the AICPA. After our lovely welcome we broke off into groups for presentations from Nicole Schupp and Anthony Newkirk, Ph.D.

on appearances based on personal past experiences, stereotypes, and society’s influences. He brought to my attention how I handled certain things due to unconscious bias effect.

During dinner Jonna Martin gave a presentation on business etiquette and soft skills. I learned that I have been doing several things wrong for a while now!

Mrs. Schupp discussed our leadership strengths. She explained to us about

NICHELLE NORRIS (RIGHT) IS A SENIOR AT TROY MONTGOMERY. SHE IS THE PAST PRESIDENT AND CURRENT DIRECTOR OF CORPORATE AND COMMUNITY RELATIONS FOR THE TUM ACCOUNTING CLUB.

Strengths Based Leadership: Great Leaders, Teams, and Why People

by Tom Rath and Barry Conchie.

She taught us about the family of leadership strengths. I found out that most of my leadership strengths are in the execution family. Dr. Newkirk taught us about unconscious bias in the business world. He discussed how some people make a quick judgement

After dinner Kelly Richmond Pope, Ph.D., introduced the group activity.

Ours was an embezzlement case study. The case was titled 99 Problems: One CPA’s Story.

99 Problems was about Nathan Mueller who stole over $8 million dollars from ING Group. Our group activity was to answer a certain set of questions about this story. Our questions asked

20

us to identify the internal control weaknesses, recommendation for a new policy to counter the weaknesses, briefly discuss the Internal Control Over Financial Reporting (ICOFR), and common types of internal control weaknesses companies face. We only addressed the company’s internal control weaknesses and recommendations for the new policy. Unfortunately, we did not win our informal competition, but I definitely enjoyed the topic and the activity.

Day 2, we had three speaker presentations, our group activity presentations, and a baseball game.

Our speakers were Jonna Martin, Anthony Fletcher, and Patrick Connally. Jonna Martine spoke to us about networking, how important it is, and how easy it can be. She gave us tips on how to network, easy ways to start a conversation, and ways to end a conversation. She suggested that we always go to an event with a list of quick questions to ask, so a conversation does not end on a bad note. Anthony Fletcher talked to us about presenting our skills/abilities.

He suggested we be noticeable (but not in a bad way) with business wardrobe tips, and ways to present and introduce ourselves.

Patrick Connally talked us about how to work as a team in the workplace.

He gave us team work tips, ways to compromise professionally, and assured us that sometimes it is okay to speak up. After our presentations, we had Frank Thomas as our keynote speaker during lunch. His life story and journey to be a CPA was truly touching. I found myself crying at some parts of his story! He has

definitely motivated me to continue on. After lunch, we went into a discussion panels. On the one I attended were James Robinson, Amelia Crawford, Casey Wentz, and Teresa Walker. Each panelist was at a different stage of their CPA journey and on different paths. Robinson works mainly as an auditor at a big 4 firm. Crawford mainly does taxes at a local accounting firm.

Wentz is a tax lawyer at a well-known local law office. Walker is an accounting professor at two universities. They all discuss how they ended up on their accounting career paths, and what they enjoyed about their careers. Then, we went to Tobacco Road sports bar, and watched the Durham Bulls game.

Day 3, we had three speakers: Matthew Mantel, Dr. Brian Henderson, and Kemberley Washington. Matthew Mantel and Dr. Brian Henderson talked to us about social media networking. They basically gave us a crash course in how to effectively use LinkedIn. They suggested using LinkedIn as a way to present our skill sets, achievements, and major events that we have participated in. Kemberley Washington discussed budgeting and maintaining a good credit score. She mentioned several budgeting techniques, ways to increase your savings for retirement, and ways to repair and maintain a good credit store. AICPA provided us with a copy of her budgeting book, Are You Wearing the B.A.D.G.E? We had another discussion panel about how to study and pass the CPA exam. The panelists were Phil Anthony, Belicia Cespedes, Luis Glen II, Ashley Hartsell, and James Robinson.

Two panelists discussed how they studied for the CPA exam. One panelist discussed how he is studying for the CPA exam and what mistakes he made while studying for it. The other panelists discussed how the companies they represent can help with studying for the CPA.

High school teachers, college educators and Dan Deines and his team during Day Two of the Accounting Pilot and Bridge Project Training.

The rigorous college accounting curriculum for high school students is in the process of being accepted for college credit by Alabama universities.

The workshop was an awesome experience, through and through. We had a social media scavenger hunt, where you had to take a selfie with someone who met the item description of that day. They also gave out raffle tickets for participation during the workshop. Raffle tickets was a chance to win a door prize at every meal and briefing of that day. I did not win a drawing, but I did get a free shirt on the last day because I arrived to the meeting room early. At the end of the workshop, they gave us certificates of participation. If I could do that workshop all over again, I would not change a thing. I am truly thankful to have been selected to participate in the 2016 Accounting Scholars Leadership Workshop.

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meet Mark Where did you grow up? I grew up in Mobile and attended St. Ignatius School until eighth grade. I then transferred to UMS Wright Preparatory School where I graduated. As a child growing up on the Gulf Coast, I enjoyed outdoor activities. I played baseball, football, and basketball and added tennis in high school. My family spent summers on Fowl River, so I had a boat that I used to fish, shrimp, and water ski. My father passed down his love and enjoyment of the outdoors, which I, in turn, passed down to my kids.

what they needed from a CPA. I also learned how to think and solve a tax issue instead of saying it can’t be done.

As we grew, we added new people and expanded the services we had to offer.

When my father retired from a dayto-day workload, I had five wonderful partners to carry on the traditions my father had built. This business has been such a blessing to my entire family.

In 2014 I decided to invite a third generation into public accounting by starting my own practice with my sons.

Today I have two of them, Brooks and Forrest, who work with me. They also received their masters in tax at UA and had Dr. Schnee as their professor!

We are fortunate to have my father still participate in our practice, and his wisdom has been a valuable resource for my sons.

When did you decide on accounting as a career? I remember packing to go to college and my father’s partner at the time, Gilbert F. Dukes, Jr., brought me a Journal of Accountancy magazine with a ten-key adding machine imposed over a person’s face. I wasn’t so sure I wanted to look like that person, but after talking with Mr. Dukes and my father, they encouraged me to pursue accounting.

My father told me that whether or not I went into public practice, accounting was one area I should know and understand. I am so thankful for his encouragement.

What have been the biggest changes in the profession during your career? If it ever snowed in Mobile, this is where I’d talk about walking uphill to school while battling a blizzard. When I started in the early eighties we were still preparing some returns by hand. And then Dynatax came out. We would record the client’s information on input sheets, and then send the information off to Atlanta to be processed. When the returns were flown back, we would check in the information and deliver this nice product produced by something called a computer. When we would go out on a job we would carry a 75 pound Remington adding machine with us! Then came personal computers and we could actually prepare returns in our office. But the processing took so much time that we used to laugh about it. We would hit CALC on a large return and run out into the parking lot to throw the baseball for fifteen minutes. We would return just as the computer completed calculating the return. Today everything is in the cloud.

I am still trying to understand that concept! We used to spend time in the BNA portfolios or the CCH Standard Tax Reporter researching tax law and cases. Now I ask one of my sons about a tax issue and they pull out their phone and within minutes give me an answer.

Mark Hieronymus & Family

3. Tell us about your undergraduate experience. Where did you attend college? I attended the University of South Alabama right here in Mobile.

After my junior year I went to work part time at Smith Dukes & Buckalew and gained a lot of practical experience. After graduation, I became a staff accountant at the firm and worked in many different service areas.

4. What did you do following graduation? After obtaining my CPA certificate and having finished an audit engagement, I enrolled in the University of Alabama’s masters in tax program. I packed up a wife, son, dog, and cat and moved to Tuscaloosa for a wonderful year in school. I had a brilliant instructor, Dr. Edward Schnee, who challenged us every day. We were entertained by weekly visits from the large international firms (what used to be called the Big Eight) and I always enjoyed learning about tax cases or tax issues they were involved in. It was great exposure and I was amazed at all of the opportunities that attending the university afforded me.

I mentioned earlier about Mr. Dukes giving me the Journal of Accountancy’s cover of this guy with a ten key face, leading me to think that accountants had to be nerds and stay in a room running numbers all day. Boy was I wrong!

I have had the opportunity to meet and work with numerous interesting people. I enjoy working through a problem with a client or helping someone with a tax issue. This profession really does allow you to become someone’s trusted advisor.

After graduation I packed up a pregnant wife, son, dog, and cat and headed back to Mobile. Even though there were plenty of options to go to other cities, I knew Mobile was the place I wanted to raise my family. By this time, my father had decided to start his own practice and I was eager to join him.

Our practice grew to cover all areas of a traditional accounting firm. What I learned in graduate school couldn’t compare to what I learned with my father; from income tax to estate and gift tax. He was a wealth of information.

I learned how to talk with a client and find out what their goals were and

What prompted you to become a member of the ASCPA? I respected the ASCPA’s leadership and its vision for our profession. The Society provides us with educational opportunities that keep us updated on state and federal tax

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MEMBER PROFILE

issues. They are an advocate for small firms as well as large firms. I wanted to be part of an organization that has our best professional interests in mind.

I enjoyed doing new things in our community. A client called during February one year and asked if I would help him set up The Exceptional Foundation of the Gulf Coast. We needed to file for tax exempt status with the IRS. He told me it needed to be received by April, because Sarah Palin would be speaking at the Inaugural Celebration. I chuckled and said I would do my best, but I doubted we would have received anything back from the IRS until mid-summer. Well, evidently we weren’t on the Louis Lerner’s watch list and received the acceptance letter by April. Sarah Palin was able to come and speak at our celebratory event. This great organization continues today in Daphne offering daily activities to wonderful special needs adults in our community.

How did membership benefit you as a CPA in public accounting? One of the biggest benefits is meeting other CPAs from around the state and sharing ideas with them. You are able to meet professionals who specialize in many different areas of tax. I have learned that Alabama CPAs are willing to consult with you when you call them.

You’re part of three generations of CPAs. What has been most important about living with that legacy? As I mentioned earlier, my father taught us to listen to clients and be proactive. He taught us to think through an issue and how to research to help solve the issue for the client. Never assume that an issue cannot be resolved. I had a client tell me the other day that one of the greatest things she inherited from her father was my father! He has had an impact beyond just the accounting services he provided. He showed us how important it is to give back to the community. He served on several boards and was instrumental in starting many new organizations. He passed that down to me and that is what I want to pass down to my sons. Helping people, and being involved in the community, is of utmost importance.

Tell us about your family. Is there anything else you’d like to share? I have a very supportive wife, Catherine, who has lived through 34 tax seasons with me. We have three grown sons who have all graduated from college.

Two of my children, Brooks and Forrest, are part of our firm, Hieronymus CPAs. My oldest son, Ward, graduated with a finance degree and works for Century Bank in Mobile. Brooks is married to Camille Maddox from Memphis. Ward recently married Worth Morrisette from Mobile. Brooks and Camille gave us a beautiful little girl 10 months ago. After raising three boys, I am learning how quickly little girls capture your heart. Catherine and I love to take care of her every chance we get. I also continue to enjoy running, riding my bike on Dauphin Island, and fishing with my boys.

Involvement in the Community. This profession has given me the opportunity to meet many people and learn many new things. I have always believed that everyone needs to be involved in their community. A CPA can present new ideas that others may not have ever heard or thought about. Additionally, you may never know how your participation can impact someone else. I also wanted to be an example to my children and demonstrate the importance of giving back to the community.

When my children were younger, I was involved in Young Life and taught a Bible study on Friday mornings at their school. When you bring a box of doughnuts or chicken biscuits, it is amazing how many students want to come.

However, the most gratifying part of these Bible studies was to see these young people grow up and tell me how the Bible studies impacted their lives.

Mobile is a very exciting place to live. We are seeing new businesses locate to our area. We have an exceptional Mayor, Sandy Stimpson, who has been instrumental in bringing new business, protecting our environment, and establishing programs to help our youth and young entrepreneurs succeed.

The Mobile Area Chamber of Commerce has been the catalyst for a majority of these changes. I became involved in the Chamber because I wanted to be a part of a movement that is making a difference in our area; one building a better Mobile for our children and grandchildren.

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MEMBER NEWS MOVING ON AND UP DAVID BAILEY is the new general manager of the South Alabama Electric Cooperative.

He is a graduate of Troy University and a former audit manager at Jackson Thornton. In his role as SAEC staff assistant, Bailey was responsible for the overall financial operation of the cooperative, including budget, rates, long-term construction work plans, loan applications and debt portfolio. He assisted with the establishment of the cooperative’s revolving loan fund for industrial development and the origination of its energy conservation loan program to enable local military installations to meet conservation guidelines of the Department of the Army.

CONGRATULATIONS The Board of Trustees of Birmingham-Southern

College announced that THOMAS E. SISSON, class of 1984, has joined the board. Sisson is chief growth officer at Warren Averett and managing member of the Birmingham office. He’s been with the firm since 1981.

He has extensive experience with issues facing closely-held corporations and passthrough entities, and his practice focuses on consulting related to the formation, acquisition and ongoing operations of these entities. These services range from year-end tax planning strategies to planning and advice relative to specific business transactions. He works with service businesses, professional practices and other closely-held businesses in all areas of management consulting.

Tommy serves on the Firm’s Executive Committee. ____________________

100,000 Miles and Counting CHARLES COGGINS, retired VP of administration and finance at AAA Cooper Transportation in Dothan, completed his goal of 100,000 bicycled miles on April 23, 2016 at Cullman’s Sportsman Lake Park. He began his quest back in February 1986. He’s worn out 6-7 bikes, ridden coast-to-coast and in several European countries, usually in the company of other biking enthusiasts. Since he’s a CPA, his travels and mileage have been meticulously documented.

In 2006, he was part of a guided group of 25 cyclists who dipped the rear wheel of their bikes in the Pacific Ocean at Newport Beach,

California and, after 25 days of biking, dipped the front wheel in the Atlantic at Tybee Island, Georgia. The ride took Coggins through nine states, riding 97-148 miles each day. He was 65 then, and the oldest of the group.

Coggins was in the Army for three years and attended the University of Alabama on the GI Bill. He worked with Deloitte for ten years before spending 25 years at AAA Cooper. He was a member of the Alabama Society for 43 years. He retired and moved to Cullman in 2015 but continues to ride his bike and work on special projects.

24

commitment to his clients, and an innate understanding of financial management. ____________________

KEARY FOSTER, Wealth Management Partners, completed a Goldman Sachs program for entrepreneurs and small business owners earlier this year. He was one of 146 participants from the U.S. and Puerto Rico.

Goldman Sachs 10,000 Small Businesses helps entrepreneurs create jobs and economic opportunity by providing greater access to education, capital and business support services.

To date, the program has served over 6,100 small business owners from all 50 states, and has resulted in immediate and sustained business growth for the alumni of the program. Along with access to resources, the program provides an invaluable alumni network; 85% of participants report doing business with each other.

Data shows business and personal relationships are enduring and contribute to business growth. Through mentoring from business advisors and program partners, 10,000 Small Businesses graduates receive ongoing support to help them to continue to grow their businesses and create jobs.

WARREN AVERETT, LLC, announced that CPA firm Hutto & Carver, P.A. will join their Pensacola office. The merger, effective June 1, offers clients expanded reach and resources, services solutions and a strengthened depth of expertise, with the same level of personal client services. Hutto & Carver provides audit and related services to the financial institution industry, with a primary credit union focus, currently serving more than 35 institutions across the southeast.

In addition, they also serve the commercial construction and homebuilding industries. ____________________

COMMUNITY NEWS Gibson & Carden LLC announced the retirement of JERRY W. CARDEN on May 31, after more than 41 years of service to the Troy community and beyond. Over the years he helped the firm grow through strong values, trusted relationships, a deep sense of partnership, 25

MACHEN MCCHESNEY, LLP has been honored again with a When Work Works Award for its use of effective workplace strategies to increase business and employee success.

This prestigious award, part of the national When Work Works project administered by the Families and Work Institute (FWI) and the Society for Human Resource Management (SHRM), recognizes employers of all sizes and types in Alabama and across the country.

Machen McChesney, LLP is among 351 organizations that have created effective workplaces based on six evidencebased components that are linked with positive employee and employer outcomes: autonomy; work/life fit; supervisor support for work success;

satisfaction with earnings, benefits and opportunities for advancement; opportunities for learning; and a culture of trust. ____________________ The National CPA Healthcare Advisors Association (HCAA) has recognized PEARCE, BEVILL, LEESBURG, MOORE P.C. as Member Firm of the Year at their 2016 Super Conference.

PBLM Partner, Hal “Buzz” Coons, is completing his term as president of the HCAA and was present to receive the award on PBLM’s behalf. The HCAA is a nationwide network of over 60 CPA firms devoted to serving the healthcare industry. Membership is based on experience and ability to provide proactive solutions to be the accounting and consulting needs of physicians, physician groups, and dentists.

2016 Conferences

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August 18-19, 2016 Pelham Civic Complex

24TH ANNUAL FINANCIAL ACCOUNTING AND AUDITING CONFERENCE

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RESULTS OF IMPORTANT MEMBER VOTES AT ASCPA AND AICPA _________________________ ASSOCIATE MEMBER CATEGORY EXPANDED At the 97th annual business meeting on June 9, members ratified a revision of the ASCPA’s bylaws. The bylaws will now allow non-CPAs to join the Alabama Society as associate members. The intention is to provide better communication among those who work closely with CPAs, whether it is in firms or at organizations which support the profession.

Member candidates can go to the ASCPA website, www.ascpa.org, to join. For questions contact Shanna Jackson, VP Membership and Website Administration, sjackson@ ascpa.org, 334.386.5754.

AICPA, CIMA VOTE IS OVERWHELMINGLY POSITIVE Members of the American Institute of CPAs (AICPA) and The Chartered Institute of Management Accountants (CIMA) have overwhelmingly approved a proposal to create a new, international accounting association that will integrate operations of both organizations, while preserving the existing membership bodies.

Voting concluded in separate AICPA and CIMA membership ballots on June 16 and a supermajority of members who voted from both organizations endorsed the proposal.

The AICPA ballot passed 86.5 percent to 13.5 percent, according to independent tabulator

These new associate members will receive all communications from the ASCPA and be eligible for the member rate when registering for continuing professional education.

Member fees are $75 for the fiscal year beginning May 1. Associate members will not be eligible to serve as officers of the organization or to vote in ASCPA member elections.

The new association will represent more than 600,000 current and future accounting professionals and will raise the profile of public and management accounting in the U.S. and abroad. It will enhance resources, provide more market insights and have a stronger advocacy voice. AICPA members will get these benefits and automatic dual membership in the AICPA and new association as part of their regular AICPA dues, which will continue to be set and adjusted in line with historic norms. The AICPA will continue its strong partnership with state societies to promote, protect and grow the CPA. The new association is expected to launch in 2017. Additional details will be provided as they become available in the coming months.

We are a recognized leader in assisting clients with business and nonprofit tax issues in Alabama for more than 40 years.

“This expansion of our membership is one which will improve connectedness in the accounting community. We applaud the ASCPA Board’s vision for accounting professionals which has made this possible”, stated Jeannine Birmingham, ASCPA President and CEO. The ASCPA Board invites all Society members to carefully consider who, among your valued non-CPA staff, would be good candidates for this membership: para-professionals, marketing staff, firm administrators, among others. Industry professionals, and those in corporate accounting, are also encouraged to join.

Survey and Ballot Systems. CIMA members endorsed the proposal 89.7 percent to 10.3 percent, according to their independent tabulator Electoral Reform Services.

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REMEMBERING DR. J. MARION POSEY

JAMES ROBERT LAWRENCE

Dr. Posey was a native of Little Rock, Arkansas and attended the University of Arkansas. He earned all three of his degrees there, completing his Ph. D. in 1968. He was a member of the faculty at the University of Alabama’s Culverhouse School of Accountancy for eleven years and launched numerous successful accounting and business ventures, in both public and private sectors, while there.

Mr. Lawrence passed away peacefully at home, surrounded by family and friends. He was born in Pickens County and was graduated first in his class at the University of Alabama in 1955. He passed the CPE exam on his first try in 1957. In 1966 he and his brother Joe formed Lawrence & Lawrence CPAs. He served a term on the board of the Alabama State Board of Public Accountancy and continued working until he was 84 and officially retired in 2014.

May 6, 1937 - March 22, 2016 Birmingham, Alabama │ Certificate 1048R

September 13, 1928 – May 9, 2016 Mobile, Alabama │ Certificate 379

Posey spent five years with Touche Ross (Deloitte) as their national tax director before joining the faculty at Pace University in New York City. He served as faculty advisor to their Beta Alpha Psi chapter from its inception in 1995 and was elected to the BAP National Board as regional director/ Atlantic Coast. He was named National Advisory Forum of Beta Alpha Psi’s Accountant of the Year in Education in 1998 and had previously been named BAP Outstanding Faculty Advisor while serving in that capacity at the University of Alabama. In 2001, The American Accounting Association’s Gender Issues Section presented him with an honorable mention award for his lifetime record of mentoring women accountants.

RUFUS LONNIE FLIPPO

March 18, 1934 – March 17, 2016 Palm City, Florida │ Certificate 2105 (Tennessee) Mr. Flippo was a native of Florence who had resided in the Clearwater, Florida area since 2004. He was a graduate of the University of North Alabama and for many years the high test scorer on the CPA exam in Tennessee. He was a veteran of the U. S. Navy during the Korean War. He worked for Chem-Haulers in Florence for more than 20 years as vicepresident and treasurer, later becoming the president of Cardinal Transport in Coal City, Illinois. During the 1990s he worked as a realtor with Century 21 Clement Realty in Florence.

Among other things, he is remembered by his students for his ability to take extremely complex accounting and tax topics and make them simple to understand. He interjected sly bits of humor into his lectures to keep students awake!

Flippo served on the UNA Board of Trustees 1979-1986, was president of the Shoals Chamber of Commerce, campaign advisor for Congressman Ronnie G. Flippo, Lauderdale County chairman of the Jimmy Carter election campaign and member of Governor Fob James’s Commission on Crime.

He was a member of the ASCPA for more than 25 years.

In 2002, he was recognized as Outstanding Alumnus – Education by the Sam M. Walton College of Business at the University of Arkansas.

In addition to other honors and awards related to his work with students, Posey received the Pace University award for teaching excellence, and he was the first recipient of the university’s distinguished service award. He taught at Pace for 18 years.

Flippo came from a large family of eight siblings and was a beloved husband and father. He was an ardent Auburn fan, as well as a Little League coach and father who never missed a game.

He traveled to Pace University via commuter train each day, arriving and departing on a lower level of the World Trade Center. He was not present during either terrorist attacks, since he was home sick on both occasions; the only two days he missed during his professional career at Pace.

LARRY EUGENE WORKMAN

May 25, 1943 - May 13, 2016 Alexander City, Alabama │ Certificate 827

After retirement, Posey and his wife Ann bought a motorhome and proceeded to explore with the same vigor he demonstrated in his career.

They would be on the road for months at a time and ended up visiting all but three of the continental U. S. states.

Mr. Workman was born in Lanett, Alabama but spent most of his life in Alexander City. He was with Russell Corporation for 40 years, ending his career as corporate controller. He served as a member of the Lake Martin United Way, Alexander City Main Street, St. John’s Men’s Club and Volunteer Connections of Central Alabama. He was an avid hunter and fisherman as well as a devoted fan of Alabama football and Duke University basketball. Workman loved to tinker and watch old western movies. He was a graduate of the University of Alabama. Memorials may be made to St. John the Apostle Catholic Church in Alexander City or to the Lake Martin Humane Shelter.

Posey was active at Alabaster’s First United Methodist Church and celebrated family birthdays and other occasions with joy. He was a dedicated fan of Crimson Tide football.

He relished fishing off his private dock with children and grandchildren and fed the fish they caught to a pet heron he named Big Bird. Memorial contributions may be made in his name to the Multiple Myeloma Research Foundation at www.themmrf.org.

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REMEMBERING FLORINE T. WILLIAMS

August 30, 1925 – May 10, 2016 Montgomery, Alabama │ Certificate 4141R

______________________________________ Ms. Williams attended schools in Selma until her senior year in high school when she moved to Albany, Georgia.

She attended Georgia State College for Women, Troy University and Valdosta State University, where she was graduated with a business degree in 1975, at the age of 50. She became a CPA two years later. Williams started her own CPA firm in Georgia, moving it to Alabama in later years. She was survived by her husband of 68 years and their three children.

MARK RAYMOND ERVIN

December 10, 1951 – March, 2016 Ridgeland, Mississippi │ Certificate 6409

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2016 CPE SESSIONS 026 Audits of 401(k) Plans 7/25/2016 | 8:30 AM 8 AA | Birmingham 027 K2’s Excel Tables and Data Models - Efficiently Managing, Analyzing & Reporting Your Data 7/25/2016 | 8:30 AM 8 – 6 AA, 2 Other | Birmingham 028 The Casual Tax Preparer: 1040 Forms Update for 2016 7/25/2016 | 8:30 AM 8 TX | Montgomery LS028 The Casual Tax Preparer: 1040 Forms Update for 2016 7/25/2016 | 8:30 AM 8 TX | Montgomery 029 K2’s Budgeting and Forecasting Tools and Techniques 7/26/2016 | 8:30 AM 8 Other | Birmingham 032 Maximizing Your Social Security Benefits 7/26/2016 | 1:00 PM 4 TX | Montgomery LS032 Maximizing Your Social Security Benefits 7/26/2016 | 1:00 PM 4 TX | Montgomery 031 Taking Your Medicine: Health Care in 2016 7/26/2016 | 8:30 AM 4 TX | Montgomery LS031 Taking Your Medicine: Health Care in 2016 7/26/2016 | 8:30 AM 4 TX | Montgomery 030 Understanding, Creating, Implementing, and Maintaining an Internal Control Structure 7/26/2016 | 8:30 AM 8 AA | Birmingham 033 From Hiring to Firing and Everything in Between: Legal, Tax, and Healthcare Issues 7/27/2016 | 8:30 AM 8 Other | Montgomery 034 Taking the Self Taught Excel User to the Next Level 7/27/2016 | 8:30 AM 8 Other | Montgomery 035 2016 FASB Update for the Real World 7/28/2016 | 8:30 AM

4 AA | Mobile 036 From Hiring to Firing and Everything In-Between: Legal and Payroll Tax Issues 7/28/2016 | 8:30 AM 4 Other | Mobile 040 Surgent’s Essential Depreciation Update for Practitioners 7/28/2016 | 8:30 AM 4 TX | Montgomery 038 Taking Your Medicine: Health Care in 2016 7/28/2016 | 1:00 PM 4 TX | Mobile 037 The New Leasing Standard: It’s Here and It’s Huge 7/28/2016 | 1:00 PM 4 AA | Mobile 039 Working With, Storing, and Securing Digital Information 7/28/2016 | 8:30 AM 8 Other | Montgomery 041 2016 Compilation & Review Update for the Local Firm 7/29/2016 | 8:30 AM 8 AA | Mobile 042 The Casual Tax Preparer: 1040 Forms Update for 2016 7/29/2016 | 8:30 AM 8 TX | Mobile 043 2016 FASB Update for the Real World 8/11/2016 | 8:30 AM 8 AA | Birmingham 044 Surgent’s Federal Tax Camp 8/11/2016 | 8:30 AM 8 TX | Birmingham 046 Shortcuts to Tax Cuts: Business Tax Planning Strategies for S Corporations and LLCs 8/12/2016 | 8:30 AM 8 TX | Birmingham 045 The New Leasing Standard: It’s Here and It’s Huge 8/12/2016 | 8:30 AM 8 AA | Birmingham 047 Advanced Business Law for CPAs 8/15/2016 | 8:30 AM 8 Other | Huntsville

t Yellow Book credit |

For full schedule, see the CPE catalog or visit www.ascpa.org.

048 Audits of 401(k) Plans 8/15/2016 | 8:30 AM 8 AA | Huntsville 049 Private Company Accounting: New Directions, New Challenges 8/15/2016 | 8:30 AM 8 AA | Montgomery 053 4 Most Overlooked Business Risks: Preparing for the Future 8/16/2016 | 8:30 AM 8 AA | Montgomery 050 Auditing Employee Benefit Plans 8/16/2016 | 8:30 AM 8 AA | Birmingham 052 Employment Law Update: Key Risks and Recent Trends 8/16/2016 | 8:30 AM 8 Other | Birmingham 051 Form 990: Exploring the Form’s Complex Schedules 8/16/2016 | 8:30 AM 8 TX | Birmingham 054 Analytics and Big Data for Accountants 8/17/2016 | 8:30 AM 8 Other | Birmingham 056 Form 990: Mastering Its Unique Characteristics 8/17/2016 | 8:30 AM 8 TX | Montgomery 055 The Top 10 Tax Topics of 2016 8/17/2016 | 8:30 AM 8 TX | Birmingham 057 Audits of 401(k) Plans 8/22/2016 | 8:30 AM 8 AA | Mobile 059 Construction Contractors Advanced Issues 8/22/2016 | 8:30 AM 8 – 6 AA, 2 Tax | Montgomery LS059 Construction Contractors Advanced Issues 8/22/2016 | 8:30 AM 8 – 6 AA, 2 Tax | Montgomery 058 The Top 10 Tax Topics of 2016 8/22/2016 | 8:30 AM 8 TX | Mobile 060 2016 FASB Update for the Real World 8/26/2016 | 8:30 AM 4 AA | Auburn

063 Conducting Business the Right Way - How to Add and Keep More Customers and Clients 8/23/2016 | 8:30 AM 8 Other | Mobile 062 Governmental and Notfor-Profit Annual Update 8/23/2016 | 8:30 AM 8 AA | Mobile 065 Hot Tax Planning Developments Under the Current Tax Law 8/23/2016 | 1:00 PM 4 TX | Montgomery 066 Making Sense of the Updated COSO Framework: What you need to know to create an effective system of Internal Control 8/23/2016 | 8:30 AM 8 AA | Montgomery 064 Practical Tax Tips and Techniques for Closely- Held Businesses 8/23/2016 | 8:30 AM 4 TX | Montgomery 076 2016 Compilation & Review Update for the Local Firm 8/24/2016 | 1:00 PM 4 AA | Tuscaloosa 075 2016 FASB Update for the Real World 8/24/2016 | 8:30 AM 4 AA | Tuscaloosa 068 Advanced Concepts in SSARS 21 and Nonattest Services: Are You Certain You Are in Compliance?

8/24/2016 | 8:30 AM 8 AA | Birmingham 074 Excel PivotTables Powerful and Not Hard to Use...Really!

8/24/2016 | 8:30 AM 8 Other | Montgomery 072 Practical Tax Tips and Techniques for Closely- Held Businesses 8/24/2016 | 1:00 PM 4 TX | Huntsville 070 Smart Tax Planning Strategies for Individuals 8/24/2016 | 8:30 AM 4 TX | Huntsville

067 The Complete Guide to Payroll Taxes and 1099 Issues 8/24/2016 | 8:30 AM 8 TX | Birmingham 069 The Eight Hour MBA 8/24/2016 | 8:30 AM 8 Other | Birmingham 071 The Most Common Financial Statement and Asset Fraud Schemes: How to Detect and Prevent Them 8/24/2016 | 8:30 AM 4 AA | Huntsville 073 Updated COSO Framework: What You Need to Know 8/24/2016 | 1:00 PM 4 AA | Huntsville 192 Advanced Auditing for Defined Contribution Retirement Plans 8/25/2016 | 8:30 AM 16 AA | Montgomery 081 Affordable Care Act: Critical Tax and Insurance Ramifications 8/25/2016 | 8:30 AM 4 TX | Huntsville 077 Determining How Much Money You Need to Retire, and Tax Ideas and Money Management in Retirement 8/25/2016 | 8:30 AM 8 Other | Birmingham 082 Frequent Frauds Found in Governments 8/25/2016 | 1:00 PM 4 AA | Huntsville 080 Frequent Frauds Found in Not-for-Profits 8/25/2016 | 8:30 AM 4 AA | Huntsville 078 Managing Engagement Risk - Exposures Lurk in Every Practice Area 8/25/2016 | 8:30 AM 8 AA | Birmingham 083 Social Security and Medicare: Maximizing Retirement Benefits 8/25/2016 | 1:00 PM 4 TX | Huntsville 079 Yellow Book Workshop 8/25/2016 | 8:30 AM 16 AA | Birmingham

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061 2016 Compilation & Review Update for the Local Firm 8/26/2016 | 1:00 PM 4 AA | Auburn 088 Capitalized Costs and Depreciation: Key Issues and Answers 8/26/2016 | 8:30 AM 4 TX | Huntsville

092 Critical Tax Issues and Planning for Accounting Periods, Methods, Related Party Transactions, and Form 3115 8/29/2016 | 8:30 AM 8 TX | Birmingham 098 K2’s Advanced Excel 8/29/2016 | 8:30 AM 8 Other | Mobile

090 Hot Tax Planning Developments Under the Current Tax Law 8/26/2016 | 1:00 PM 4 TX | Huntsville

096 Preparation, Compilation, and Review Engagements Update 8/29/2016 | 1:00 PM 4 AA | Dothan

091 Interpreting the New Revenue Recognition Standard: What All CPAs Need to Know 8/26/2016 | 1:00 PM 4 AA | Huntsville

097 Smart Tax Planning Strategies for Individuals 8/29/2016 | 1:00 PM 4 TX | Dothan

085 Sales and Use Tax Workshop 8/26/2016 | 8:30 AM 8 TX | Birmingham 086 The New Controllership: Keys to Boosting Financial Performance 8/26/2016 | 8:30 AM 4 Other | Birmingham 087 The New Controllership: Keys to Boosting Management Skills 8/26/2016 | 1:00 PM 4 Other | Birmingham 089 U.S. GAAP: Latest Developments for Business & Industry 8/26/2016 | 8:30 AM 4 AA | Huntsville 093 A&A for Tax People Who Hate A&A 8/29/2016 | 8:30 AM 8 AA | Birmingham 094 Accounting and Auditing Update 8/29/2016 | 8:30 AM 4 AA | Dothan 099 Advanced Concepts in SSARS 21 and Nonattest Services: Are You Certain You Are in Compliance?

8/29/2016 | 8:30 AM 8 AA | Mobile 095 Capitalized Costs and Depreciation: Key Issues and Answers 8/29/2016 | 8:30 AM 4 TX | Dothan

107 2016 FASB Update for the Real World 8/30/2016 | 8:30 AM 8 AA | Huntsville 103 Affordable Care Act: Critical Tax and Insurance Ramifications 8/30/2016 | 8:30 AM 4 TX | Dothan 100 Individual Income Tax Update 8/30/2016 | 8:30 AM 4 TX | Birmingham 101 Introduction to Business Valuation 8/30/2016 | 8:30 AM 8 Other | Birmingham 108 K2’s Introduction to Excel Macros 8/30/2016 | 8:30 AM 4 Other | Montgomery 109 K2’s Technology Update 8/30/2016 | 1:00 PM 4 Other | Montgomery 102 Partnerships and LLCs: Avoiding Common Pitfalls Facing Practitioners 8/30/2016 | 1:00 PM 4 TX | Birmingham 105 Social Security and Medicare: Maximizing Retirement Benefits 8/30/2016 | 1:00 PM 4 TX | Dothan

104 Updated COSO Framework: What You Need to Know 8/30/2016 | 8:30 AM 4 AA | Dothan

117 Annual Update for Governments and Not-forProfits 9/14/2016 | 8:30 AM 4 AA | Birmingham

111 Critical Tax Issues and Planning for Accounting Periods, Methods, Related Party Transactions, and Form 3115 8/31/2016 | 8:30 AM 8 TX | Huntsville

120 Applying “Lean” Thinking to Making Employees Your Competitive Advantage 9/14/2016 | 1:00 PM 4 Other | Birmingham

110 K2’s Excel Financial Reporting and Analysis 8/31/2016 | 8:30 AM 8 AA | Montgomery

118 Blue Oceans and Clean Paper - Using the ACA and Wellness as a Catalyst to Move Organizations 9/14/2016 | 8:30 AM 4 Other | Birmingham

112 The New Leasing Standard: It’s Here and It’s Huge 8/31/2016 | 8:30 AM 8 AA | Huntsville

119 Not-for-Profit Accounting and Auditing: Practical Cases for CPAs 9/14/2016 | 1:00 PM 4 AA | Birmingham

113 Surgent’s Audit Skills Training: Level 1 - New Auditors 9/1/2016 | 8:30 AM 16 AA | Birmingham

121 What’s New In Compilation, Review & the Cash and Tax Basis of Accounting 9/14/2016 | 8:30 AM 8 AA | Montgomery

084 Becoming an AICPA Peer Review Team or Review Captain: Case Study Application 9/8/2016 | 8:30 AM 8 AA | Montgomery 116 2016 FASB Update for the Real World 9/13/2016 | 8:30 AM 4 AA | Montgomery LS116 2016 FASB Update for the Real World 9/13/2016 | 8:30 AM 4 AA 114 Advanced Auditing of HUD-Assisted Projects 9/13/2016 | 8:30 AM 8 AA | Birmingham 115 Beyond CPA “Best Practices” - Taking Next Steps in the Future of the Client/Customer Service 9/13/2016 | 8:30 AM 8 Other | Birmingham 161 The Future of A&A for the Local Firm 9/13/2016 | 1:00 PM 4 AA | Montgomery

106 The Most Common Financial Statement and Asset LS161 The Future of A&A for Fraud Schemes: How to Detect the Local Firm 9/13/2016 | 1:00 PM and Prevent Them 4 AA 8/30/2016 | 1:00 PM 4 AA | Dothan

t Yellow Book credit |

LS121 What’s New In Compilation, Review & the Cash and Tax Basis of Accounting (Latest Edition) 9/14/2016 | 8:30 AM 8 AA 124 Applying the Uniform Guidance for Federal Awards in Your Single Audits 9/15/2016 | 8:30 AM 8 AA | Montgomery 122 FASB’s Triple Threat: Practical Responses to the New Standards for Revenue Recognition, Leases, and Financial Instruments 9/15/2016 | 8:30 AM 8 AA | Birmingham 126 How Good Companies Become Great: Secrets to Success 9/15/2016 | 1:00 PM 4 Other | Montgomery 123 Integrated Estate, Financial and Asset Protection Planning - A Breakthrough Approach 9/15/2016 | 8:30 AM 8 TX | Birmingham 125 Lean Accounting: Apply Lean Thinking to Financial Management 9/15/2016 | 8:30 AM 4 Other | Montgomery

127 Accounting Six Pack: You Get to Choose 9/16/2016 | 8:30 AM 8 AA | Birmingham 128 Estate Planning - Local Issues 9/16/2016 | 8:30 AM 8 TX | Birmingham 129 Executive Education’s Annual CFO Spotlight: 4 Select Issues 9/16/2016 | 8:30 AM 8 Other | Montgomery 132 Applying the Risk Assessment Standards to Enhance Audit Quality 9/19/2016 | 1:00 PM 4 AA | Birmingham 133 Critical New COSO Internal Control Framework Concepts 9/19/2016 | 8:30 AM 4 AA | Mobile 136 Federal Tax Update - Business Current Developments 9/19/2016 | 1:00 PM 4 TX | Mobile 134 Federal Tax Update - Individual Current Developments 9/19/2016 | 8:30 AM 4 TX | Mobile 131 Forensic Accounting: Uncovering Schemes and Scams 9/19/2016 | 8:30 AM 4 AA | Birmingham 130 How to Settle and Estate for a Client from A to Z 9/19/2016 | 8:30 AM 8 TX | Birmingham 135 Simplify Your Reporting

by Converting to FRF for SMEs 9/19/2016 | 1:00 PM 4 AA | Mobile 140 A Guide to the New Revenue Recognition Model for All CPAs 9/20/2016 | 8:30 AM 4 AA | Mobile 144 Audits of 401(k) Plans 9/20/2016 | 8:30 AM 8 AA | Montgomery 138 Common Frauds and Internal Controls for Revenue, Purchasing, and Cash Receipts 9/20/2016 | 8:30 AM 8 AA | Birmingham

Webcast | $30 discount | $175/4hr course | $275/8hr course | Save $25 by registering 10 days in advance 31

139 Federal Tax Update Individual & Business Current Developments 9/20/2016 | 8:30 AM 8 TX | Montgomery 137 Fiduciary Income Tax Returns - Form 1041 Workshop with Filled-in Forms 9/20/2016 | 8:30 AM 8 TX | Birmingham 143 Mastering Basis Issues for S Corporations, Partnerships, and LLCs 9/20/2016 | 1:00 PM 4 TX | Mobile 141 Maximizing Your Social Security Benefits 9/20/2016 | 8:30 AM 4 TX | Mobile 142 Proven Controls to Steer You Clear of Fraud 9/20/2016 | 1:00 PM 4 AA | Mobile 145 Basis Calculations & Distributions for Pass-Thru Entity Owners Schedule K-1 Analysis 9/21/2016 | 8:30 AM 8 TX | Birmingham 148 Controller/CFO Update: Hot Topics Facing Today’s Financial Professional 9/21/2016 | 8:30 AM 4 Other | Mobile 149 Estates and Trusts: Mastering Complex Income Tax Issues 9/21/2016 | 1:00 PM 4 TX | Mobile 146 Fraud Workshop 9/21/2016 | 8:30 AM 8 AA | Birmingham 150 Gaining a Competitive Advantage: Critical Skills for CFOs and Controllers 9/21/2016 | 1:00 PM 4 Other | Mobile 151 Identity Theft: Preventing, Detecting, and Investigating Identity Theft 9/21/2016 | 8:30 AM 8 AA | Montgomery 147 Reviewing Individual Tax Returns: What Are You Missing?

9/21/2016 | 8:30 AM 4 TX | Mobile

154 Fraud Workshop 9/22/2016 | 8:30 AM 8 AA | Montgomery 153 IRAs - Contributions & Distributions for Traditional, Roth, SEP & SIMPLE IRAs 9/22/2016 | 8:30 AM 8 TX | Birmingham 152 Upcoming Peer Review: Is Your Firm Ready?

9/22/2016 | 8:30 AM 8 AA | Birmingham 157 Advanced Concepts in SSARS 21 and Nonattest Services: Are You Certain You Are in Compliance?

9/26/2016 | 8:30 AM 8 AA | Huntsville 158 Individual Income Tax Update 9/26/2016 | 8:30 AM 4 TX | Montgomery LS158 Individual Income Tax Update 9/26/2016 | 8:30 AM 4 TX 156 K2’s Excel Tips, Tricks, and Techniques for Accountants 9/26/2016 | 8:30 AM 8 Other | Huntsville 159 S Corporation, Partnership, and LLC Tax Update 9/26/2016 | 1:00 PM 4 TX | Montgomery 155 Surgent’s Audit Skills Training: Level 2 - Staff Accountant 9/26/2016 | 8:30 AM 16 AA | Birmingham 162 Identity Theft: Preventing, Detecting, and Investigating Identity Theft 9/27/2016 | 8:30 AM 8 AA | Huntsville 163 K2’s Technology for CPAs - Don’t Get Left Behind 9/27/2016 | 8:30 AM 8 Other | Huntsville 164 The Top 10 Tax Topics of 2016 9/27/2016 | 8:30 AM 8 TX | Montgomery LS164 The Top 10 Tax Topics of 2016 9/27/2016 | 8:30 AM 8 TX

t Yellow Book credit |

170 A Practical Guide to Small Business Health Insurance and Fringe Benefits: 2016 and Beyond 9/28/2016 | 8:30 AM 8 TX | Huntsville

179 Focus on the Mission: Not-for-Profit Accounting and Reporting Today and Tomorrow 9/29/2016 | 8:30 AM 8 AA | Montgomery

171 Annual FASB Update and Review 9/28/2016 | 8:30 AM 4 AA | Huntsville

LS179 Focus on the Mission: Not-for-Profit Accounting and Reporting Today and Tomorrow 9/29/2016 | 8:30 AM 8 AA

169 Fraud and Cash Receipts: Common Frauds and Internal Controls 9/28/2016 | 1:00 PM 4 AA | Birmingham 168 K2’s Tech Tools and Gadgets for a More Efficient You! 9/28/2016 | 1:00 PM 4 Other | Birmingham 166 K2’s Top PDF Features You Should Know 9/28/2016 | 8:30 AM 4 Other | Birmingham 172 Position Your Organization for Success: Strategies for Today’s Competitive Environment 9/28/2016 | 1:00 PM 4 Other | Huntsville 167 Practice Issues in Preparation, Compilation and Review Engagements 9/28/2016 | 8:30 AM 4 AA | Birmingham 165 Surgent’s Audit Skills Training: Level 3 - Experienced Staff 9/28/2016 | 8:30 AM 16 AA | Birmingham 178 Analyzing Costs, Productivity, and Efficiency: Three Ways to Boost Your Bottom Line 9/29/2016 | 1:00 PM 4 Other | Huntsville 173 Community Banking Update 9/29/2016 | 8:30 AM 8 AA | Birmingham 176 Determining How Much Money You Need to Retire, and Tax Ideas and Money Management in Retirement 9/29/2016 | 8:30 AM 8 Other | Huntsville

174 Fraud Basics: Protecting the Company Till 9/29/2016 | 8:30 AM 4 AA | Birmingham 160 K2’s Excel Best Practices 9/29/2016 | 8:30 AM 8 Other | Birmingham 177 Preparing Special Purpose Framework Financial Statements: Cash, Modified Cash and Tax Basis 9/29/2016 | 8:30 AM 4 AA | Huntsville 175 Proven Controls to Steer You Clear of Fraud 9/29/2016 | 1:00 PM 4 AA | Birmingham 182 Financial Statement Disclosures: A Guide for Small and Medium-Sized Businesses 9/30/2016 | 1:00 PM 4 AA | Birmingham

180 The Statement of Cash Flows: Preparation Guidance & Presentation Illustrations 9/30/2016 | 8:30 AM 4 AA | Birmingham 189 Staff Tax Training: Level 1 10/24/2016 | 8:30 AM 16 TX | Birmingham 190 Staff Tax Training: Level 2 11/15/2016 | 8:30 AM 16 TX | Birmingham 185 The Best Federal Tax Update Course by Surgent 12/1/2016 | 8:30 AM 8 TX | Mobile 186 The Best Federal Tax Update Course by Surgent 12/2/2016 | 8:30 AM 8 TX | Montgomery LS186 The Best Federal Tax Update Course by Surgent 12/2/2016 | 8:30 AM 8 TX 191 Staff Tax Training: Level 3 12/5/2016 | 8:30 AM 16 TX | Birmingham 187 The Best Federal Tax Update Course by Surgent 12/19/2016 | 8:30 AM 8 TX | Birmingham 188 The Best Federal Tax Update Course by Surgent 12/20/2016 | 8:30 AM 8 TX | Huntsville

183 Introduction to Excel PivotTables 9/30/2016 | 1:00 PM 4 Other | Birmingham 184 Latest Developments in Government and Nonprofit Accounting and Auditing 2016 9/30/2016 | 8:30 AM 8 AA | Montgomery LS184 Latest Developments in Government and Nonprofit Accounting and Auditing 2016 9/30/2016 | 8:30 AM 8 AA 181 Sirote’s Hottest Tax Developments for 2016 9/30/2016 | 8:30 AM 4 TX | Birmingham

Webcast | $30 discount | $175/4hr course | $275/8hr course | Save $25 by registering 10 days in advance 32

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

Fax form to :

Register online at:

334.834.7310

www.ascpa.org

REGISTRANT INFORMATION Last Name

M.I.

First Name

ASCPA Member Number

Firm / Employer State Certificate Number Address City

State

Zip

Business Phone

Business Fax

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

Please attach a description of special requests or contact us at (334) 386-5763.

Email Address (for registration confirmation)

o Vegetarian o ADA Request

o Check if information has recently changed and needs to be updated in your member record Are you a member of the AICPA? o Yes verification)

How did you hear about this class?

o No

o Email

Course Date

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

o Website

Course Number

Course Title

o Postcard/Special Mailing Course Fee

o Other

AICPA Discount *see note (where applicable)

ASCPA Non- Member Member

Book Fee ($40 per course)

Subtotal

Total: *CPAs who are members of the ASCPA may register at the member rate. CPAs who are not a member of the ASCPA or other State Society may register at the Non-Member rate. Please include the appropriate discount(s) when registering for events. áCPAs who are members of the AICPA may deduct $30 from AICPA seminars ONLY (8 hrs classes). (These are identified in the CPE Schedule online or in the ASCPA newsletter).

*Electronic course materials are included in the registration fee and will be available for download 3 days before the course date.

You can choose to purchase a paper copy of the course materials for an additional fee of $40 per course. o I acknowledge that I will receive course materials electronically (included in course fee). o I would like to purchase my manual for $40 per class Check: I have enclosed a check payable to ASCPA in the amount of $ ___________ I authorize the ASCPA to charge $ __________ to my credit card.

Credit Card:

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MC

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Discover Month

o Company Credit Card ________________________________________ Print Cardholder’s Name

AMEX

Year

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o Personal Credit Card

________________________________________________ Cardholder’s Signature

2/23/15

CLASSIFIEDS

YOUR PRACTICE WANTED:

SELLING IN 2016?

We are North America’s leader in practice sales. If you are thinking about selling, contact us today for a confidential discussion.

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 12 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.

• Northeast AL CPA practice grossing $525K *New* • Baldwin County, AL practice grossing $205K *New* • Mobile CPA grossing $175K *Sale Pending* • Mississippi Gulf Coast CPA grossing $95K *New* • Chattanooga CPA grossing $475K *New* • Southern Middle TN CPA *Sold* • Hoover CPA *Sold*

Kathy Brents, CPA, CBI

Cell 501.514.4928 Office 866.260.2793 Kathy@AccountingBizBrokers.com

For more info on any of these listings or to sell your practice, contact Lori Newcomer, CPA at 888-277-6040 or LNewcomer@APSLeader.com.

34

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Quessons to Ask Yourself

?

?

Was the INVENTORY Year-End Count a difficult process this year?

?

Are you MANUALLY entering a lot of data every day?

?

Would you like to monitor and control LABOR costs?

?

?

Has Management asked for Operational and Financial DASHBOARDS in real time?

Do you have approvals in place that you can monitor through WORKFLOWS?

?

?

?

Let the team of DLD Business Soluuons and Microsoo Dynamics GP assist you in meeeng your business objeccves this year.

HOSPITALITY AND RESTAURANTS PROFESSIONAL SERVICES HEALTHCARE DISTRIBUTION PAYROLL

205-533-9458 | www.dldbsi.com | 300 Cahaba Park Circle, Suite 110, Birmingham, AL 35242

Presort Std US Postage PAID Permit No 131 Montgomery, AL

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