Az CPA Dec. 2014

AZ

CPA DECEMBER 2014

The Arizona Society of Certified Public Accountants

Productive Wellness Become More Successful by Paying Attention to Your Health

Business Valuation Standards • Disclaimers • Global Management www.ascpa.com

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DECEMBER 2014 y AZ CPA

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AZ

CPA DECEMBER 2014

Volume 30 Number 10

Productive Wellness

14

Become more successful by paying attention to your health.

by Rich Bingaman, CPA

Guidance and Sample Language for Disclaimers

17

How new regulations issued by the Dept. of Treasury affect the use of disclaimer language.

by Suzanne M. Holl

Features Trekking from the North Sea to the Irish Sea

8

ASCPA member Pam Wheeler walks coast-to-coast across Northern England.

The Global Management Accounting Principles: Helping Businesses Make Better Decisions 19 The CIMA and the AICPA have created four Global Management Accounting Principles to help CPAs.

by Pamela Wheeler, EA

Valuation Standards Still Apply ...

11

A reminder of the key aspects of the SSVS and how they apply to members.

by Mike Metzler, CPA/ABV, CMA, CGMA, ASA

Arizona Society of Certified Public Accountants 4801 E. Washington St., Suite 225-B Phoenix, Arizona 85034-2021 www.ascpa.com

4 AZ CPA y DECEMBER 2014

Columns & Departments 6

Chair’s Message by Anita Baker, CPA

7

Focus on Members

9

A Dash of SALT by James Busby, Jr., CPA

20

ASCPA Board Highlights

22 Classifieds 23

In the Black ... Adventures in Accounting

AZ

CPA

The Arizona Society of Certified Public Accountants

President & CEO

Cindie Hubiak

Editor

Patricia Gannon

Copy & Advertising Deadline The first of the month one month prior to publication date.

Board of Directors Chair Chair-Elect Secretary/Treasurer Directors

Anita Baker Rob Dubberly Greg Nelson Gary Fleming Randy Fletchall Diane Groover Sandra Hieb Mike Holt Bill Judge Adam Miller Molly Montgomery Jennifer Nordstrom Vanesa Romero Jared W. Van Arsdale Craig Van Slyke

Immediate Past Chair Karen Abraham AICPA Council Members Karen Abraham Armando Roman Chapter Presidents Southern Chapter Northern Chapter Southwest Chapter North-Central Chapter

Flo Zenblu Kay McConagha Jayne Wright Richard Joliet

AZ CPA is published by the Arizona Society of Certified Public

Accountants (ASCPA) to provide information, news and trends in the profession of accounting. It is distributed 10 times a year as a regular service to members of the Society. The ASCPA, its members, board of directors and administrative staff assume no responsibility for advertisements herein. The ASCPA and the above people also assume no liability for business decisions made by readers in reference to statements and/or claims in advertisements within this publication. Opinions expressed by correspondents and contributors are not necessarily those of the ASCPA.

Arizona Society of CPAs 4801 E. Washington St., Suite 225-B Phoenix, AZ 85034-2021 Telephone (602) 252-4144 AZ Toll-Free (888) 237-0700 Fax (602) 252-1511

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www.ascpa.com DECEMBER 2014 y AZ CPA

5

Chair’s Message

by Anita Baker, CPA

Lead and Inspire Future Leaders I recently attended the AICPA Fall Council meeting in Boston along with ASCPA board members Rob Dubberly, Karen Abraham, Armando Roman, Rick Goldenson and Jim Buhr (see photo below). I want to congratulate Rob, Karen and Armando on their appointments as new members of the Council and thank Rick and Jim for their service as Council members for the last three years. It is such a privilege to be part of the ASCPA and to participate in the governance of our profession with great leaders in our state and country.

At the Council meeting, Tommye Barie became the AICPA’s chair of the board of directors for 2014-2015. In her inaugural speech, she focused on how the AICPAs’ Foundation contributes to the sustainability, strength and agility of the profession. Tommye compared guiding the profession’s future to one of her favorite activities: kiteboarding.

“Out on that kiteboard, maneuvering to catch the wind, I watch the waves ...

I know that if I am not vigilant, I will travel a great distance in a direction I don’t want to go. I want to control my direction. That’s where our profession is today – charting a course to our destination and making sure we leverage the winds to position us for success.”

We also heard from AICPA President Barry Melancon regarding the trends in the profession that require us to be vigilant if we want to control the direction of our firms, businesses and careers.

He noted that lower value services will

become automated while the trusted advisor role will be heightened. The marketplace will need proactive consulting services and real time collaboration with the ability to leverage automation and repeatable services to reduce time and cost. With fewer accounting graduates sitting for the CPA exam, we will need to increase efforts to retain young CPAs including supporting flexibility in the workplace, diversity and enabling them to develop the critical skills and take on leadership opportunities necessary to advance their careers. We learned a new term: Nimbleocity (Nimble + Velocity).

Nimbleocity empowers the workforce to be anywhere, anytime and enables management to look at performance measures based on results rather than timesheets.

The following week, I attended a conference where business owners shared what inspired them to be successful.

The common theme was that they saw

Pictured left to right: Karen Abraham, Rick Goldenson, Anita Baker, Tommye Barie, Cindie Hubiak, Jim Buhr and Armando Roman.

6 AZ CPA y DECEMBER 2014

an opportunity to be part of something special. They engaged in developing a talented workforce and enabled their employees to become leaders. They provided an opportunity for everyone on the team to participate and share in the success of growing the business. They also utilized advisors to help them solve problems and issues, and guide them in their journey. They were looking for partners who would inspire them to succeed in their professional and personal lives.

At the same meeting, Denny Schleper, the CEO-elect of CliftonLarsonAllen, discussed the critical ingredients of a successful firm. Of these ingredients, trust and teamwork are the most important.

A successful team has a goal that is clear and works together to accomplish it using the strengths of the individual team members. The most important point is that 100% of the team members believe in the goal and are inspired by the coach, team captain and teammates.

Leaders instill confidence in their team and leverage their qualities and strengths in the organization. Leaders provide opportunities for growth and position others for success, too. Leaders hold a position of power or authority, but also inspire us. Whether they’re individuals or organizations, we follow those who lead, not because we have to, but because we want to. Please join me in leading our profession and celebrating the success of those who follow us and become future AZ CPA leaders of the profession.

Focus on Members The Board of Directors of the Jewish Community Foundation of Greater Phoenix elected Bradley Dimond, CPA, with Henry & Horne LLP, to a three-year term.

Bill Judge, CPA, is vice president of finance at The Hunt Corporation.

Vanesa Romero, CPA, joined Inteladerm as corporate controller.

also honored members Kathy Gerhart, State Bar of Arizona, and Richard Skufza, CPA, LaneTerralever, as Outstanding CFOs. The ASCPA was an event partner.

Hope Levin, CPA, is now Arizona regional president of Johnson Bank.

The Phoenix Business Journal h o n o r e d A S C PA m e m b e r To m Duensing, CPA, City of Glendale, with the “Turn Around of the Year Award” at their Outstanding CFOs event. They

John Sizer, CPA, was appointed to NASBA’s Enforcement Resources Committee and Al Augenstein, CPA, has been appointed to NASBA’s Audit Committee

National Bank of Arizona hired Jason Mayer, CPA, as a commercial banker.

Lisa Daniels, CPA, of KPMG LLP was appointed to the Musical Instrument Museum (MIM) Advisory Board.

Jon Blazak, CPA, was hired as manager in the business valuation practice of Rivers & Moorehead.

Steven C. Wagner, JD, CPA, joined the law firm of Fletcher Struse Fickbohm & Marvel PLC as an attorney at law.

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DECEMBER 2014 y AZ CPA

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Trekking from the North Sea to the Irish Sea

by Pamela Wheeler, EA

Have you been on any interesting adventures lately?

Let us know about them at pgannon@ascpa.com.

8 AZ CPA y DECEMBER 2014

In early August, I had the opportunity to follow Alfred Wainwright’s famous 190-mile coast-to-coast walk across Northern England. This was an 11-day adventure where I trekked from the Irish Sea to the North Sea, through the mystical landscapes of the Lake District, where we walked along lakes and up and over high mountains. Our route took us into the Yorkshire Dales through storybook villages and along the River Swale. Nearing the end of the trek we climbed into the beautiful heather-covered and sometimes bleak highlands of the North York Moors.

The trip began with dipping our toe in the Irish Sea and walking along the sandstone cliffs of St. Bee’s Head. Along our journey east, we visited the home of poet William Wordsworth; walked along an old Roman road past stone circles; visited the 12th-century Shap Abbey; the 14th-century Carthusian Mount Grace Priory; the 11th-century Richmond Castle; and enjoyed a night’s stay in the 400-year-old Lion Inn. We walked through field after field of sheep and cows, through stiles that took us through ancient rock walls that divided the pastures.

Throughout the journey, I was able to eat amazing food! I enjoyed milk tea and scones with clotted cream, fish, chips and mushy peas, Mead wine, and pints of beer with colorful names.

On the 11th day, our walk ended on the beach of the North Sea in the picturesque fishing village of Robin Hood’s Bay. I spent the following few days in flip-flops when I returned to reality, but the blisters were worth the amazing opportunity to explore the charm of northern England.

Pamela Wheeler, EA, is a principal at Henry & Horne, LLP and an ASCPA member.

She can be reached at PamelaW@hhcpa.com.

A Dash of SALT

Some Arizona Sales Tax Reforms Postponed Until Jan. 1, 2016 Because some of the effective dates recently changed, this month’s state and local tax (SALT) column outlines when particular Arizona transaction privilege (“sales”) tax reforms will go into effect. Most importantly, the Arizona Department of Revenue (“ADOR”) recently announced that “nonprogram” cities and towns that currently collect their own sales and use taxes will continue to do so until January 1, 2016.

Changes Postponed Until Jan. 1, 2016 • ADOR will begin collecting sales and use taxes for the non-program cities and towns that currently collect their own taxes, and will require taxpayers with multiple locations to report their gross receipts, deductions, and taxes by location.

• ADOR will issue and renew all municipal sales tax licenses in effect for January, 2016 using a new electronic license renewal program.

Changes Effective Jan. 1, 2015 • Bullhead City, Somerton, and Willcox will become program cities, so ADOR will begin collecting and administering sales taxes for them.

• By January 1, 2015, taxpayers must renew municipal sales and use tax licenses that were issued by ADOR, and taxpayers also licensed with nonprogram cities may have to separately renew their sales and use tax licenses with those cities for 2015.

• Taxpayers conducting business in two or more locations, or under two or more business names, must begin filing their sales and use tax returns electronically.

• When filing sales and use tax returns, taxpayers must use standardized codes to report the nature of their busi-

ness and to claim deductions. There will no longer be codes for “miscellaneous” deductions.

• Taxpayers whose estimated annual sales and use tax liability is less than $2,000 may receive permission to report and pay sales taxes on an annual basis. Those whose estimated liability is between $2,000 and $8,000 may receive permission to report and pay on a quarterly basis.

• Sales and use tax returns must be received by ADOR on or before the business day preceding the last business day of the month or, if filing electronically, on the last business day of the month. But, it will no longer be sufficient for a return to be postmarked by the twenty-fifth day of the month.

• Arizona municipalities may only conduct sales and use tax audits for companies that are only engaged in business in that municipality, or when ADOR authorizes the municipality to conduct the audit.

• All sales and use tax audits must be conducted in accordance with procedures outlined in ADOR’s online audit manual by auditors trained in such procedures, and all assessments for all jurisdictions must be issued in a single notice to the taxpayer from ADOR. • All appeals of municipal sales tax audits initiated after the first of the year

must be directed to ADOR, and will be administered by ADOR. • Refund claims for all municipal sales and use taxes related to tax periods from and after January, 2015 will be administered by ADOR. • Construction contractors who only enter into contracts with owners of real property to maintain, repair, replace, or alter their property will be subject to retail sales or use tax when purchasing the building materials used in such contracts, but will not be subject to Arizona’s separate prime contracting tax.

Contractors who only perform such services will no longer be required to have a sales tax license. When a prime contractor hires such a contractor who is not licensed to collect and remit prime contracting tax to work on a project that is subject to Arizona’s prime contracting tax, the prime contractor must obtain a project-specific exemption certificate, Arizona Form 5009L, to enable the unlicensed contractor to purchase building materials tax free for that particular project.

• Construction contractors who have building materials in inventory on January 1, 2015 that were purchased tax free but will be used on jobs that will not be subject to prime contracting tax are expected to take an inventory of such materials at the beginning of the

DECEMBER 2014 y AZ CPA

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year and pay tax on 1/12 of them each month during 2015 at the retail sales tax rate in effect at their principal place of business in Arizona.

• Construction contractors who enter into contracts with owners of real property to maintain, repair, replace, or alter their property and engage in other construction activities will have to separately account for: (1) taxable construction materials used on nontaxable jobs, and (2) nontaxable materials used on taxable jobs.

(See “How Arizona Sales Tax Reform Will Affect Contractors” in the July/ August 2014 issue of AZ CPA for more details regarding the impact of Arizona sales tax reform on construction contractors.)

Practice Tip! —To help educate the public, ADOR created a special page on their website dedicated to sales tax reform: https://www.azdor.gov/TPTSimplification.aspx. Taxpayers and tax professionals with additional questions may call ADOR’s “TPT Simplification AZ CPA Hotline” at (602) 542-5027.

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James G. Busby, Jr. is a state and local tax attorney and CPA at The Cavanagh Law Firm. Busby previously worked in the SALT departments at Arthur Andersen and Deloitte & Touche. Before entering private practice, Busby was in charge of all transaction privilege (sales) tax audits at the Arizona Department of Revenue.

A Dash of SALT ™ is provided for educational and informational purposes only and does not constitute legal counseling or other professional services. Busby is a member of the ASCPA. He can be reached at (602) 322-4146 or JBusby@CavanaghLaw.com.

Want more information on this topic? Attend the ASCPA seminar: How Arizona TPT (Sales) Tax Reform Will Affect Contractors on Dec. 11. Go to www.ascpa.com for more information.

Valuation Standards Still Apply…

by Mike Metzler, CPA/ABV, CMA, CGMA, ASA

It has been seven years since the American Institute of Certified Public Accountants (AICPA) released the Statement on Standards for Valuation Services Number 1 (SSVS) and it is important to remind Society members of key aspects of SSVS and how they apply to practitioners.

First, let us begin with a few key definitions1: • Engagement to Estimate Value – refers to an engagement or any part of an engagement that involves estimating the value of a business, business ownership interest, security, or intangible assets.

• Valuation Analyst – An AICPA member who performs an engagement to estimate value that culminates in the expression of a conclusion of value or a calculated value.

• Conclusion of Value – An estimate of the value of a business, business ownership interest, security, or intangible asset, arrived at by applying the valuation procedures appropriate for a valuation engagement and using professional judgment as to the value or range of values based on those procedures.

• Calculated Value – An estimate as to the value of a business, business ownership interest, security, or intangible asset, arrived at by applying valuation procedures agreed upon with the client and using professional judgment as to the value or range or values based on those procedures.

• Valuation Approaches – a general way of determining a value indication of a business, business ownership interest, security, or intangible asset using one or more valuation methods.

When I read the definitions above, one thing stands out to me. It is under the “valuation analyst” definition when SSVS states, “An AICPA member who

performs…,” one’s initial thought may be,”‘if I am not an AICPA member then I do not have to follow SSVS when I perform an appraisal assignment.” This is not true, under Arizona Administrative Code (the Arizona Administrative Code together with the Arizona Revised Statutes governs the Arizona State Board of Accountancy), R4-1-455.01(H) titled Standards states, “the application of standards such as ‘generally accepted accounting principles.’ ‘generally accepted auditing standards,’ and ‘applicable standards for accounting and review services’ by certified public accountants, public accountants, or firms is to be made to the specific engagement or problem at hand by the exercise of professional judgment in the context of the literature of the accounting profession. The Arizona State Board of Accountancy (the Board) considers official statements of the Financial Accounting Standards Board, the AICPA and other specialized bodies dealing with accounting and auditing matters to be persuasive sources for interpretation of the standards. Persons who take positions that depart from the official statements shall be prepared to justify them.”

Under the code above, SSVS is not currently2 binding to the Board, but it will influence its analysis of the work product of a licensed Arizona CPA who performed an engagement to estimate value.

At this point, we should agree that SSVS applies to all Arizona CPAs performing engagements to estimate value.

But, if there is any more confusion on the subject, let me provide three yes or no questions to assist you in your determination if SSVS applies to you.

1. Did your assignment culminate in a conclusion of value or calculated value?

2. Did you use your professional judgment to arrive at a conclusion of value or a calculated value?

3. Did you use any valuation approaches or valuation methods to arrive at a conclusion of value or a calculated value?

If the answers are “yes” to the above questions, then you fall under SSVS. With that being said, paragraphs five

DECEMBER 2014 y AZ CPA

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through 10 of SSVS does provide exceptions for the practitioner along with paragraph 50, which is the reporting exemption for controversy proceedings such as matters before a court, an arbitrator, or a mediator for example.

Remember, paragraph 50 only applies to the reporting of the conclusion of value and not the development of the conclusion of value. In plain English, you still have to follow the SSVS for the development of your estimate of value, but paragraph 50 allows you to report your estimate in a manner not consistent with SSVS. Paragraph 11 of SSVS moves to professional competence and points to Rule 201A, Professional Competence, of the AICPA Code of Professional Conduct (AICPA, Professional Standards, vol.

2, ET. Sec. 201.01)3 which states that an AICPA member shall “undertake only those professional services that the member or the member’s firm can reasonably expect to complete with professional competence.” It is true, valuation is more art than science, but

this is because no two valuations are identical since each will have different underlying facts and circumstances.

In today’s financial world, no single CPA can be an expert in every field, and it is important that we protect the public confidence and maintain our reputation as CPAs by not over extending our professional abilities.

For example, even within the valuation community, there are valuation analyst that specialize in fair value, tax matters or litigation matters valuations.

Lastly, paragraph 22 speaks about hypothetical conditions affecting the subject interest. SSVS defines a hypothetical condition as, “that which is or may be contrary to what exists, but is supposed for the purpose of analysis.”

Think of hypothetical conditions as conditions known to be false, but applied as if true for the purpose to estimate the value of the subject interest. Paragraph 22 directs the analyst to disclose all hypothetical conditions in the valuation or calculation report.

To touch on the important issues,

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SSVS was developed to ensure the public receives the highest level of professional services when CPAs perform an appraisal of a business interest.

And Arizona CPAs that do not follow SSVS, could risk their livelihood and they affect the reputation of all CPAs. Remember, there are three questions to help you assess if you should follow SSVS while performing an appraisal assignment and that changing the name of the results of your work to something other than “conclusion of value” or “calculation of value” does not absolve a CPA from following SSVS. Courts usually look towards substance over form and the added risk to your practice for not following SSVS outweighs the rewards.

Arizona CPAs can go to the AICPA’s website for more information. AZ CPA Endnotes: 1. All definitions originate from SSVS. 2. The Board’s Law Review Advisory Committee recommended to the Board and the Board agreed that the Arizona Administrative Code rules governing any certified public accountant, public accountant or firm that is registered with the Arizona Board of Accountancy be consistent with the rules governing the accounting profession generally. As such, the Board plans to amend its professional conduct rules during 2015 to incorporate by reference the most recent edition of the AICPA Code of Conduct in print at the time the Board pursues its proposed rulemaking.

3. Effective December 15, 2014, the AICPA will have a new Code of Professional Conduct. Copies can be found at www. aicpa.org/newcode.

Mike Metzler, CPA/ABV, CMA, CGMA, ASA, is a member of the ASCPA and the chair of the ASCPA Business Valuation Committee. He is president of JKM Accounting & Consulting Services, LCC, a boutique valuation and forensic accounting firm started in 2014 and located in North Scottsdale. For the past six years, Metzler was a manager with CliftonLarsonAllen, LLP (fka Clifton Gunderson) where he also provided valuation and forensic accounting services.

He can be reached at mike.metzler@ jkmaccounting.com.

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Productive Wellness Become more successful by paying attention to your health

by Rich Bingaman, CPA

Our profession is riddled with looming deadlines that must be met without fail. These deadlines can cause stress that hinders our productivity, health and endeavors to be successful in our careers. To reduce these stresses, we often seek to improve our productivity at every turn by implementing better processes, technology and staff talent. How do we attain a higher level of productivity that allows us to achieve greater success without sacrificing our health?

Early in my career I was out to prove I could be a great accountant. I worked very long hours, said “yes” to all work assignments and volunteered for every special work project I could. At the age of 24, my primary focus was succeeding in my career. Not much thought was given to maintaining a healthy lifestyle amidst the strenuous work schedule and constant stress from deadlines. I lacked awareness of maintaining my wellness and didn’t have a mentor guiding me in that endeavor.

Today, as the principal of my own firm, I am just as driven as I was when I was that young, energetic 24 year old, but now I am keenly aware of how these stresses and challenges impact my overall health. My desire is not just to live a long life, but to have quality of life in my remaining years. By making wellness a priority, I’ve dramatically improved my professional and personal relationships and know that it is responsible for the tremendous growth in the health and wealth of my public accounting practice and career.

14 AZ CPA y DECEMBER 2014

The following routines will help you pursue a higher level of productive wellness in your life.

Get Your Sleep – According to the Mayo Clinic, the optimal amount of sleep for adults each night is seven to eight hours. Their studies show that being deprived of this amount of sleep on a regular basis depresses our immune system making it more difficult for our bodies to fight off physical ailments and disease. Our bodies were designed to function optimally when we receive sufficient rest. I’ve lived through the days of not functioning properly when tackling my day without enough sleep.

The detriment to my productivity during the day was evident. Balancing and prioritizing daily responsibilities is the key so that we don’t make up for not doing so by knocking a couple hours off our sleep schedule.

4The time of day that is most productive for me is early in the morning instead of late at night, so my sleep schedule is 10 p.m. to 6 a.m., and I stick with that schedule through the busy time. I also reduce the desire to dip into my sleep schedule by having confidence in my workload tracking system.

Eat Well – Numerous documentaries such as Food Inc. and books on wellness such as Breakthrough by Suzanne Somers show that eating the wrong foods is very detrimental to our physical health. When we eat and drink the food and beverages our bodies were designed to live on, we feel good. Being more productive demands that our bodies function at optimal levels. We can all admit that we are more productive and successful throughout the day when we feel good. To achieve this, we must endeavor to create and maintain a routine that ensures a proper level of nutritional intake during the day.

Minimize carbohydrates and sugar and maximize protein and vegetable intake.

Avoid processed foods and drinks at all costs by sticking with organic options that are not loaded with preservatives, artificial ingredients and sugar. The key to keeping these good foods in our diet during a busy schedule is advance preparation.

4 I love to eat lots of protein during busy days to increase my energy level, so I prepare grilled chicken and beef on Sunday to last me the week and then throw in cold vegetables and nuts with the cooked meat when I pack meals during the week.

Manage The Stress – The National Institute of Mental Health, American Heart Association and the Mayo Clinic found that 43% of adults suffer adverse health effects from stress, 75-90% of doctor visits are for stress-related ailments and the lifetime prevalence of emotional disorder is more than 50% when stress reactions are untreated. Since we have many stresses interwoven throughout our busy schedules, avoiding the ill effects of it become very important in our goal of overall productive wellness. A more organized and prioritized workload and project completion system is tremendously helpful in minimizing the stresses that naturally occur in a busy and hectic environment every day.

4 My secret here is the organization I’ve built into my practice. It allows me to have confidence that clients are taken care of each day, therefore minimizing my stress. I also make time to socialize with friends even during a busy schedule. While it is not a lot of social time, it creates an opportunity for me to “balance” and think about something other than work.

Stay Active – If you go to the gym twice a week, great! If you walk around your neighborhood for half an hour every morning, fantastic! If you play tennis once a week with friends, keep it up! This is the type of routine that must continue during the busy times in our schedule. The Mayo Clinic advises that regular physical activity has the following benefits: controls weight, combats health ailments, improves mood, boosts energy and promotes better sleep. Even if you feel you need to cut back due to the deadlines, don’t eliminate it altogether. We must continue to have a good balance between our active time and the office to counter balance the effects of the sedentary aspects of our profession. ]

Ideas for Stress Relief ASCPA members on the Connect Tax group discussed what they do for stress relief during busy season. Here are some of their creative solutions!

We have a massage therapist come to the office on Fridays and provide massages to any team member who works over 60 hours a week during tax season. We also stock our kitchen during tax season with whatever the team members want for breakfast, lunch and dinner. Those of us who don’t have family at home may not even grocery shop for our households during all of busy season because all of our meals are in the office! Occasionally, we will have a “runner” take the CPAs’ cars for washes and fill-ups. — Lori Preder, Mccauley, Nicholson & Preder CPAs PC I take a boxing class once a week. Helps me tackle anything mentally that comes my way and is a GREAT stress reliever! I try to eat healthy, take my vitamins, and get at least 6 hours of sleep. When I have less sleep, I am not as efficient at work and I feel stressed. I stopped drinking coffee. For some reason, that has really helped me manage stress. — Heidi Hintze CPA, Heidi Hintze CPA PLLC I display a relaxing picture on my third computer screen or maybe a webcam of Minneapolis buried under 40 inches of snow and ice with minus 30 degrees temperature. Maybe tax season in Phoenix isn’t so bad after all. — Allen Nahrwold, CPA, Allen L. Nahrwold CPA PC Setting aside an hour or so in a gym three days a week does a tremendous job in my stress relief. Last tax season went much smoother and more “real” work was accomplished. I had more focus, better communication with staff and clients, and additionally, I LOST 20 pounds during a part of the year I always gained weight. On the home front, the spouse noticed my positive attitude, which made her tax season better also. PUMP IT UP!!! —William Bandi CPA, William Bandi, CPA I have a couple of days with no client appointments and I include what days appointments are available in my tax letter. KBAQ has online streaming, which I like listening to.— Tess Ridgway, CPA, Tess L. Ridgway, CPA Recognize that “multitasking” has a cognitive cost. You lose efficiency, and you actually create a condition that can cause mental blocks that slow progress. Try to avoid interruptions when working on a difficult project. After such interruptions, it can take up to 20 minutes to get back into the groove you were in prior to the interruption.

Find some funny YouTube videos … If you have never seen the “Screaming goats” video, find it. Just Google it. Watch a screaming goats video with your staff. (Those who don’t laugh, fire them. Seriously. You do not need that type of personality in your office.)

Read the Connect section of the ASCPA website. It’s nice to read about others’ goofy clients and odd-ball situations. — Gregg Goodsell, Gregg G. Goodsell, EA Inc.

Check out the ASCPA Connect site to see more stress relieving solutions and join in the discussion. Knowing you are not alone this time of year is also very therapeutic.

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Accounting & Reporting Standards Conference Jan. 16, 2015 Black Canyon Conference Center, Phoenix Get updates on accounting, ASB and Arizona State Board of Accountancy; examine the security of documents in the cloud; discuss the perspective of financial statement users from controller to banker; and take a look at the latest trends in fraud at this year’s conference.

Learn more and register by going to www.ascpa.com and clicking on conferences.

Connect with ADP for new revenue opportunities. ®

4 While I cut back on some of my activities when I’m busy, I still take the opportunity to ride a bicycle on the weekend, go to a cross-fit class, play some soccer or walk the dog. These activities are meditative for me and provide a chance to briefly escape the stresses of the busy schedule.

What’s at stake? If we seek to optimize the value of our businesses when we retire, procure more client referrals from our existing clients and business colleagues, and have more energy each day we work, then we must always endeavor to attain the level of wellness that allows us to achieve greater professional success.

Getting proper rest, managing stress, eating well and staying active are the cornerstones to health. Greater productive wellness inevitably leads to a better quality of life both professionally and AZ CPA personally.

Rich Bingaman, CPA, is principal of Richard E. Bingaman, CPA, and a member of the ASCPA. He can be reached at rich@ rebingamancpa.com.

Simple. Safe. Compliant.

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At ADP, we’re all about connections — connecting your firm to the right resources and opportunities to help build a more profitable business.

When you work with ADP’s proprietary cloud-based back office solution, we help make it easy for you to build your payroll business.

Imagine the benefits of increasing your billable hours, setting your own pricing and expanding your service offerings.

With ADP’s world-class support, you’ll free up valuable time to drive additional revenue and expand your client offerings to include: • End-to-end payroll tax filing services • HR solutions & support • Integrated time & attendance

For more information, visit ADP.com/accountant or call 1-855-408-3751.

ADP is a recommended provider for the ASCPA. The ADP logo, ADP and RUN Powered by ADP are registered trademarks of ADP, LLC. Copyright © 2014 ADP, LLC.

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HR. Payroll. Benefits.

provide some value to the CPA in the event of a claim or lawsuit.

Consider the Following

Guidance and Sample Language for Disclaimers

by Suzanne M. Holl

CPA firms are generally well aware of the regulations issued by the Department of the Treasury, effective June 12, 2014, governing practice before the Internal Revenue Service (IRS). Many firms are still uncertain, though, about the use of disclaimer language affected by the regulations.

The regulations impact individuals who practice before the IRS, modifying the standards governing written advice and other related provisions of the regulations.

One of the changes to Circular 230 has resulted in the IRS Office of Professional Responsibility (OPR) instructing tax practitioners to discontinue references to “Circular 230” in disclaimers.

The “Circular 230 Disclaimer” should not be confused, however, with the “Privileged and Confidential” disclaimer, which should remain on all CPA communications, as this language helps protect the firm in the event of an inadvertent breach of confidential communications to a wrong recipient. The following is an example: Privileged and Confidential

This communication and any accompanying documents are confidential and privileged. They are intended for the sole use of the addressee. If you receive this transmission in error, you are advised that any disclosure, copying, distribution, or the taking of any action in reliance upon this communication is strictly prohibited. Moreover, any such disclosure shall not compromise or waive the attorney-client, accountant-client, or other privileges as to this communication or otherwise. If you have received this communication in error, please contact me at the above email address. Thank you.

Overuse of Disclaimers

Although the OPR has issued a statement making it clear that tax practitioners who continue to use disclaimers referencing “Circular 230” will receive a “cease and desist” letter from the OPR, there are those who are fearful to give up the perceived protective value of this type of disclaimer. However, from a risk management perspective, a frequent concern relates to the unrestrained use of disclaimers on nearly every CPA communication regardless of whether such communication contains tax advice. The widespread overuse of disclaimers can cause clients to ignore the disclaimer altogether.

In CAMICO’s opinion, the best practice is to include in the body of the communication any specific limitations and caveats regarding the information presented.

This practice requires professional judgment with every communication containing advice, but would significantly increase the likelihood that these statements would

If a CPA still feels that the protective language of a more general disclaimer is desired in certain situations, the following points should be considered in developing and using such a disclaimer: • State that recipients should not rely on advice based on limited information.

• Never reference “Circular 230” specifically, and expand the disclaimer language to include accounting, business and other advice offered by the firm.

• Offer additional services if applicable to address the client’s particular factual situation.

•Only use the disclaimer on emails or faxes when advice is contained in the message.

The following is sample disclaimer language that may be desirable to those perceiving a benefit from a protective footer.

Disclaimer

Any accounting, business or tax advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties. If desired, <Firm> would be pleased to perform the requisite research and provide you with a detailed written analysis. Such an engagement may be the subject of a separate engagement letter that would define the scope and limits of the desired AZ CPA consultation services.

Suzanne M. Holl is a CPA in California and is senior vice president of loss prevention services at CAMICO (www. camico.com). With more than 18 years of experience, she draws on her Big Four public accounting and private industry background to provide CAMICO policyholders with information on a wide variety of loss prevention and accounting issues.

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Today the CPA Exam. Tomorrow the world.

You’re taking the CPA Exam because you know what passing will mean not just to your career but your life.

Becker Professional Education knows too. Everything we do is done to prepare you, to equip you, and to empower you – which is why Becker students pass at double the rate of non-Becker candidates.* So go with the leader. Go with Becker. Then go conquer that world out there – like you know you can.

Special pricing may be available for society members.** To learn more, visit becker.com or call 877.CPA.EXAM.

18 AZ CPA y DECEMBER 2014

®

bring the most reliable and relevant information to the forefront for further examination; drive analysis that reveals organizational values; and make integrity and trust integral parts of a company’s long-term sustainability.

The result is better business from the top down, while also instilling confidence in stakeholders, investors and the public that the right decisions are being made with the right information.

The Global Management Accounting Principles: Helping Businesses Make Better Decisions The business world is changing rapidly; the sheer volume and velocity of information coming at us is seemingly impossible to wrangle. As a result, quality decision making in business has never been more difficult to achieve.

Unfortunately, the new reality is that impulse often substitutes for insight.

In response to these issues, CIMA and the AICPA, two of the world’s largest accountancy bodies, have produced four Global Management Accounting Principles.

The Principles were created to guide best practice, make sense of information overload, and bring consistency to decision making.

Information overload and decision making

Google’s Eric Schmidt says that every two days, the world creates as much information as it did from the dawn of civilization up until 2003. And everyone is feeling the pressure. For example, almost half of Asia’s CFOs say their decision making is hindered by information overload. Meanwhile, according to CGMA research, more than 90 percent of global senior executives are seeking better ways to gain insight from financial and non-financial data.

This information deluge, coupled with the fierce competition today’s organizations face, have created a “perfect storm” of chaos for businesses. The four Principles are a much needed—and exceedingly appropriate—response to these stresses.

The four Principles provide the right solution at the right time — now

Developed in consultation with CEOs, CFOs, academics, government bodies, regulators and professionals from 20 countries on five continents, the four Principles ascertain that: • Communication provides insight that is influential • Information is relevant • Impact on value is analyzed • Stewardship builds trust Used together, they break down silos through influential communication;

The Global Management Accounting Principles help bring structure to complexity

More than 90 percent of senior executives believe a stronger partnership with finance in the decision-making process will help them better manage their organization. They perceive such a partnership as a necessary, ongoing opportunity, leading not only to improved decision making, but also helping mitigate risk.

Management accounting is like GPS for the C-suite, guiding strategy through the provision of future focused insight and analysis. While it sits alongside financial accounting, it has lacked the same level of guidance to ensure consistent practice worldwide. The Principles help fill the gap by establishing the values, qualities and norms that represent management accounting’s best practices.

Barry C. Melancon, CPA, CGMA, president and CEO of the AICPA, said: “The Global Management Accounting Principles empower evidence-based decision-making that prioritizes longterm success over short-term gains.

With the Principles in place, management, stakeholders, investors and the public can have more confidence in the actions that organizations take.”

The AICPA and CIMA encourage executives, chief financial officers and boards of directors worldwide to use the Principles as the basis for benchmarking and improving their finance functions.

Download the full Global Management Accounting Principles, and get more information at cgma.org/ principles.

AZ CPA

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Highlights of Board of Directorsâ&#x20AC;&#x2122; November Meeting Among other actions at its November 5, 2014 meeting, the ASCPA Board of Directors reviewed the following: Consent Agenda The consent agenda, which included the board minutes and financial statements, was approved.

Happy Holidays from the Arizona Society of CPAs

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Life and Honorary Member Selection Committee Karen Abraham, chair of the committee, thanked Ken Husband, Dr. William H u i z i n g h , M a r k L a n d y, B r u c e Nordstrom, Peggy Ullmann and Cindie Hubiak for serving. The board approved Carolyn Sechler as a Life Member of the Society.

Strategic Update Cindie Hubiak provided an update on PAC donations, the Don Farmer tax seminar (our largest event with more than 400 members attending), members who were recognized as outstanding CFOs by the Phoenix Business Journal and updates/implications from the election results.

ASCPA Accounting Education Summit Anita Baker, Randy Fletchall, Diane Groover and Jared Van Arsdale shared their insights from attending the Summit where a panel discussed how educators can better prepare accounting students for employment. Adela Jimenez facilitated the Summit and the boardâ&#x20AC;&#x2122;s dialogue. Thanks to our members and guests who participated on the panel.

A Day in the Life Mike Holt, Molly Montgomery and Vanesa Romero shared the challenges and joys they experience in their life and job. Rob Dubberly, shared his experiences from attending his first AICPA Council meeting.

Ignite Format for Staff Training Patty Gannon shared the Ignite presentation she created to train ASCPA staff to dress for success, illustrating how to use visuals and technology to engage team members.

Other Business No other business was conducted.

If you have questions or would like additional information, please contact Cindie Hubiak at (602) 324-2888; AZ toll free at (888) 237-0700, Ext. 203; or chubiak@ascpa.com

2015 Arizona Tax Guide Order the only comprehensive guide on Arizona taxes Authors: Ira Feldman, Pat Derdenger, Steve Rodis and Ed Zollars New in the 2015 Arizona Tax Guide:

• Arizona sales tax simplification changes coming January 1, 2015 • Discussion of the revision of ADOR’s position on calculation of net operating loss carryforwards for taxpayers that move into Arizona

The Arizona Tax Guide includes the following guides: • The Arizona Income Tax Guide is a comprehensive and easy reference guide that highlights the differences between Arizona and Federal income tax law and provides references to the Arizona Revised Statutes for a more in-depth analysis. It contains individual, corporate, partnership and trust tax differences, including tax tables, and is arranged in a manner that facilitates research on any topic.

• The Arizona Sales and Use Tax Guide is a resource for anyone preparing or filing Arizona and city sales and use tax returns. The guide details the various sales and use tax rates that apply to each type of sale or product as well as the many exceptions, administrative provisions and Model Cities Tax Code provisions.

• The Arizona Personal Property Tax Guide outlines the nature of the tax, reporting requirements, analysis of forms, audit and appeal procedures and small business exemptions.

• The Arizona Unclaimed Property Guide covers Arizona rules that apply to unclaimed property, how to report and pay, and how to file your claim.

Pre-order by Dec. 18, 2014 and save Guides will be available for delivery mid-January 2015.

Spiral-Bound Book: Pre-Order by Dec. 18, 2014 ❒ Members of ASCPA, Phoenix Tax Workshop, State Bar of Arizona or Enrolled Agents: $79

❒ Nonmembers: $99 After Dec. 18, 2014

❒ Members of ASCPA, Phoenix Tax Workshop, State Bar of Arizona or Enrolled Agents: $89

❒ Nonmembers: $109 Electronic PDF:

❒ Members of ASCPA, Phoenix Tax Workshop, State Bar of Arizona or Enrolled Agents: $79

❒ Nonmembers: $99 *Call (602) 252-4144, ext. 200 for special pricing on orders of five or more.

Order and learn more about the guides at www.ascpa.com

Name ___________________________________________ Company ________________________________________ Address ________________________________________ City ___________________State _____ Zip ___________ Phone __________________ Fax ____________________ Email ____________________________________________

Method of Payment: ❒ Check ❒ VISA ❒ MasterCard ❒ American Express Name on Card ___________________________________ Card Number ____________________________________ Exp. Date ____________ Amount $ ________________ ❒ CPA ❒ Attorney ❒ EA ❒ Other: ___________________ Signature of Cardholder__________________________ Please return this form and payment to:

Arizona Society of CPAs 4801 E. Washington St., Ste. 225-B Phoenix, AZ 85034 Fax credit card orders to: (602) 252-1511

Sales tax, standard shipping and handling prices are included.

*The ASCPA will be processing checks submitted in payment as an Electronic Funds Transfer (EFT) transaction. Funds may be withdrawn from your account as soon as the same day we receive your payment.

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Classifieds Business Opportunities/ Practices for Sale CPA FIRM SEEKING TO BUY CLIENTS —Established over 30 years, we are experienced in smooth transitions and maintaining high client retention. We specialize in servicing small to medium businesses. If you are planning on retiring, we can customize a transition for you. If you want to downsize or change careers, we will buy part of, or your entire client base. We service the entire metropolitan Phoenix area and offer complete accounting and tax services. Call Joy today at (480) 990-2727 or email joy@awcpas.com.

Employment 3-5 YEAR CPA WITH PUBLIC EXPERIENCE-NORTH CENTRAL PHX – Mediumsize CPA firm seeks above. Must be proficient in Excel, Word, Quick Books write up and income tax preparation (1040, 1120, 1120S, 1065) with at least 3 years current skills.

Ultra tax, is a plus. 32-40 hours/week. OT during tax season. Benefits available and an opportunity for a partnership track. Please send resume with job history and expected salary requirements to emo@getacpa.com.

CPA-TAX AND ACCOUNTING PROFESSIONAL — Our established Scottsdale firm has an immediate full-time opening for a CPA to join our team. Responsibilities will consist of individual and small business tax preparation, monthly/quarterly accounting, sales tax, payroll, and consulting work.

Candidate’s preferred requirements: CPA, 5+ years of tax preparation, knowledge of Creative Solutions accounting software, self-motivated, dependable, excellent interpersonal and communication skills, and have a commitment to meeting deadlines. Please send resumes to scottsdalecpas7@gmail.com.

Part Time Staff Accountant — Established sole practitioner near 7th Street and Bethany home seeks CPA for part time position. 35 hours per week tax season, 10 to 20 hours per week until October 15th.

Position could lead to full time in the future.

Ideal candidate will have 5+ years local frim experience including QB clean up, some research, individual and small business tax returns. QB, Lacerte and Creative Solutions experience a plus. We provide exceptional

22 AZ CPA y DECEMBER 2014

client service and are looking for the right person to enhance our team. Hourly rate open, hours flexible. Email resume to Harvey@amwakecpa.com.

PLANT CONTROLLER—American Woodmark Corporation (AWC) (NASDAQ:AMWD) is a leading manufacturer and distributor of kitchen and bath cabinets for the remodeling and new home construction markets. Overall responsibility and control of all financial/accounting, technical operations, and internal control information to support meeting and/ or exceeding established plant goals. This position will supervise salaried employees in the assigned department and/or departments.

Qualifications are listed on our website: http:// www.americanwoodmark.com.

SENIOR ACCOUNTANT/TAX—Koivisto and Koivisto, PC — North Scottsdale CPA firm is seeking a CPA or an individual actively pursuing this designation. Ideal candidates will have 4-8 years experience in public accounting. The person in this position will assist in preparing and reviewing individual, business and trust tax returns. Knowledge of Ultra Tax and Creative Solutions products a plus but not required. This is a permanent part-time position. This is an excellent opportunity to work in a friendly environment with flexible hours. Please email resumes to info@koivistocpa.com.

SENIOR TAX MANAGER — CPA required.

Prepare and review complex business tax returns. Part time position. Dynamic firm.

Paperless environment. Highly technical.

Qbooks, Lacerte, RIA and Practice CS are utilized. Flexible hours are available. Attach resume in pdf to lams12@aol.com.

SENIOR/TAX MANAGER — PescatoreCooper, PLC — Growing Scottsdale firm has an exciting, growth opportunity with an excellent “quality of life” work schedule and culture, on a flexible part- to full- time basis.

Responsibilities include interacting with clients to provide innovative tax planning and compliance expertise; providing reviews of tax returns; and working closely with partners and staff on client management, practice development, and business development activities. Please email resume to: rachel@ pescatorecooper.com. Please visit our website at: www.pescatorecooper.com.

Senior and Staff—Audit & Accounting (CPA firm, Las Vegas, NV) — FAIR, ANDERSON & LANGERMAN a mid-size CPA firm in Las Vegas is seeking a Senior with a minimum of 4 years of recent audit and accounting experience with a public accounting firm and a Staff Accountant with a minimum of 2 years of recent audit & accounting experience with a public accounting firm; Bachelor’s Degree; CPA or CPA candidate; experience with federal and state taxes a plus. We offer a regular schedule in a rewarding, challenging environment with plenty of opportunity for advancement. Experience in ProSystems fx is a plus! Resume to Carol@falcpa.com, visit our website at www. falcpa.com.

Senior Audit Manager — CPA firm (Las Vegas, NV) — FAIR, ANDERSON & LANGERMAN (FAL) a mid-size CPA firm in Las Vegas seeking a Senior Audit Manager. Education: BS with concentration in Accounting. Minimum 15 yrs. in public accounting —10 most recent in audit. Plan, supervise, review and control accounting service engagements of all sizes and complexities for compliance with professional & firm standards. Demonstrate thorough knowledge of GAAP, auditing standards, review and compilations standards and their application to client situations. Send resumes to carol@falcpa.com; visit our website at www. falcpa.com.

Senior Tax Manager—CPA firm (Las Vegas, NV)—FAIR, ANDERSON & LANGERMAN (FAL) a mid-size CPA firm in Las Vegas seeking a SENIOR TAX MANAGER with 12–15 years of recent public accounting experience. Our firm is a very unique, diverse organization with a non-traditional approach to serving clients and staff. Role requires heavy tax experience, tax planning abilities are crucial, must be a strategic, tactical thinker who can work in a collaborative, proactive manner as PART of a team. Our firm culture is rewarding, our clients are diverse and challenging. Experience in ProSystems fx Tax, and Engagement a plus! Send resume to Carol@falcpa.com, visit our website at www.falcpa.com.

Tax Preparers — CPA firm (Las Vegas, NV) — FAIR, ANDERSON & LANGERMAN is a mid-size CPA firm in Las Vegas seeking SENIOR LEVEL TAX PREPARER with a mini-

mum of 4-5 years’ experience AND a STAFF LEVEL TAX PREPARER with a minimum of 2-3 years’ experience. These are full-time, year round positions with benefits and a balanced work life. Looking for individuals who are seeking a non-traditional environment where they are treated like independent professionals. Our firm culture is rewarding, challenging with plenty of opportunity for upward mobility. Experience in ProSystem fx Tax, and Engagement a plus! Visit our website at www.falcpa.comfor more information.

Forward resume to carol@falcpa.com.

TAX AND AUDIT PROFESSIONALS— REDW—As one of the largest, full-service CPA and business consulting firms in the Phoenix metropolitan area, REDW provides a broad range of services to a diverse client base. Our rapid growth and increasing demands for our services has created a need for highly motivated tax and audit professionals to join our Phoenix team. Successful candidates will have the opportunity to enhance their technical and professional skills, build and expand client relationships, and learn

from industry leaders. If you are looking for a career instead of job and have what it takes, apply at: redw.com/careers or contact Jessica Taylor at jtaylor@redw.com.

knowledge and experience required. This is an excellent “ground floor” opportunity. Send resume to gerry@hendersonwillis.com.

Office Space TAX PROFESSIONAL— Full-time employment available for a highly motivated CPA who has untapped potential and wants to quickly grow into a leadership/management role. Our team wants an energetic, peopleperson to join our sociable environment. You will focus on accounting, tax preparation, client relations, and enjoy flexible off-season hours. You will be working with other CPAs and be actively involved in day-to-day business development. CPA with an existing practice may also inquire. Two positions are available in our Arcadia & Sun Lakes offices. Salary D.O.E. If you want to love your job and be the boss, contact: ruger@ fontestax.com.

TAX STAFF—Henderson Willis Jorgensen, PLC- Rapidly expanding East Valley CPA firm is seeking experienced Tax Staff to prepare business and individual returns. QuickBooks

In the Black ... Adventures in Accounting

OFFICE SPACE AVAILABLE — Executive Suite type office space available for solo practitioner. We are located in Central Phoenix around 7th Street and Bethany Home area.

Parking, receptionist, telephone service, copiers, scanners, break room, conference room, computers, software, etc. available for short term or long term use. Contact robert@ azmoneyguy.com for more details.

PROFESSIONAL SUITE - 16TH STREET CORRIDOR —2,700 SF of recently renovated suite space. Two large offices, bullpen, conference room, large utility room, server room, storage, reception, and use of bathrooms and break room. Access to Cox or T1.

Possibility of shared resources/services with other CPAs in building. May have furniture available, including cubicles. Jason (602) 850-5110 or Jason@azcre.biz.

Concept: Heidi Frei; Illust.: Jack Gannon

I’m thankful that Game of Thrones starts in 150 days...

Don’t wait – give your gift to the ASCPA Foundation for Education & Innovation to help accounting students today!

DECEMBER 2014 y AZ CPA

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PRSRT STD U.S. Postage PAID Phoenix, Arizona Permit No. 952

Arizona Society of Certified Public Accountants 4801 E. Washington St., Suite 225-B Phoenix, AZ 85034

ADDRESS SERVICE REQUESTED

Committed to a

strong and healthy ArizonA

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104555-14

For 75 years, we have been helping take care of Arizonans. We focus on the health of our members and the well-being of the communities in which they live. That’s why we’re proud to support Arizona Society of CPAs and the work they do to foster a strong and thriving business climate now and far into the future.