South Carolina CPA Report First Edition 2010 by South Carolina Association of CPAs

CPA Report First Edition 2 0 1 0

South Carolina Association of Certified Public Accountants

TAX

Season 2010 

Tax Season Q&A, page 11

 IRS-DOR Meeting Summary, page 12  Tax Time Twitter, page 14  Making It Through the Busy Season, page 16  The Perfect Workday, page 18

CPA Report South Carolina Association of CPAs

South Carolina Association of Certified Public Accountants Magazine Volume 40, Issue 1, First Edition 2010 OFFICERS Charles E. “Eddie” Brown, CPA President Timothy L. Baker, CPA President Elect Michael R. Putich, CPA Vice President Sharon E. Mann, CPA Secretary-Treasurer Charles M. Redfern III, CPA Immediate Past President BOARD OF DIRECTORS Clarence Coleman Jr., CPA, Ph.D. Alys Anne Dennis, CPA J. Bratton Fennell, CPA Malynda M. Grimsley, CPA Penny A. Lewis, CPA A. D. “Dave” Masters, CPA J. Patrick McDermott, CPA James W. McIlrath, CPA William C. Robinson, CPA L. Kent Satterfield, CPA Philip R. Snipes, CPA Michael J. Targia, CPA, CFA Robert M. Tilton, CPA Jada C. Wood, CPA Beth T. Zamorski, CPA CHAPTER PRESIDENTS Suzanne M. Merritt, CPA, Catawba Amy L. Cain, CPA, Central Richard H. Ett, CPA, CFM, CFP, Coastal Kara S. Shealy, CPA, Foothills Amanda T. Hallman, CPA, Grand Strand Bryan L. Rabon, CPA, Pee Dee Melanie C. Hill, CPA, CMI, MPAcc, FLMI, Piedmont Patrick P. Carey Jr., CPA, Sea Island SCACPA EXECUTIVE DIRECTOR Erin P. Hardwick, CAE EDITOR Katherine M. Swartz, CAE ASSISTANT EDITOR Allison K. Caldwell

On the Inside TA X SEASON SPECIAL SEC TION 11 Tax Season Q&A 12 IRS-DOR Annual Meeting Summary 14 Tax Time Twitter 16 Making It Through the Busy Season 18 The Perfect Workday

FEATURE ARTICLES 20

Introducing Project GED

22 AICPA Council Fall 2009 Meeting Report 24 Professional Issues Update Wrap-Up 25 Young CPAs Leadership Cabinet Updates

IN E VERY ISSUE 21 Board of Acountancy Report 26 Member News 30 Welcome New Members 34 Member Profile 36 Chapter Connections 38 Continuing Professional Education Courses Preview 42 Classifieds and Advertisers Index

GRAPHIC DESIGNER Lisa S. McGee CONTRIBUTING WRITERS Darin J. Aldinger, CPA, MTax James B. Blumer, CPA, CFE Donna L. Bordeaux, CPA/PFS Allison K. Caldwell Mark T. Hobbs, CPA Kenneth L. Newhouse, Jr., CPA J. Pat McDermott, CPA Steven E. Miller, CPA Statements of fact and opinion are made by the authors alone and do not imply an opinion on the part of the officers or members of the SCACPA. Advertising rates will be furnished on request to SCACPA, 570 Chris Drive, West Columbia, SC 29169, (803) 791-4181. Publication of an advertisement in The CPA Report does not constitute an endorsement of the product or service by The CPA Report or the SCACPA. (888) 557-4814 | www.scacpa.org

SCACPA ADMINISTRATION Erin P. Hardwick, CAE, Executive Director Reva E. Brennan, MPA, CAE, IOM, Associate Director Karen M. Hancock, CPA, Finance Director Glenna P. Minor, Peer Review and Member Services Manager Katherine M. Swartz, CAE, Member Services Director April M. Cox, Education Manager Emily M. Allen, Communications Coordinator Alana Jordan, Office and Member Services Coordinator Sandra Oxner, CMP, Chapter and Member Events Coordinator

Ext. 104 Ext. 103 Ext. 108 Ext. 107 Ext. 105 Ext. 110 Ext. 106 Ext. 100 Ext. 112

ehardwick@scacpa.org rbrennan@scacpa.org khancock@scacpa.org gminor@scacpa.org kswartz@scacpa.org acox@scacpa.org eallen@scacpa.org ajordan@scacpa.org soxner@scacpa.org

Contact SCACPA staff members by phone at (803) 791-4181 or (888) 557-4814. South Carolina CPA Report

Introducing The Insurance Place of The Carolinas! T

Th Insurance Place The of The Carolinas

Created C t d by b a CPA C exclusively for CPA’s….

No need to look elsewhere…. Supported by the nation's largest independent distributor of insurance, and provider of insurance planning support services, with access to over 100 top rated insurance carriers offering over 6,000 products, The Insurance Place of The Carolinas is your source for all types of individual life insurance, individual long-term care insurance, individual disability insurance and annuities.

The relationship between a client and their CPA has, historically, been one of the most important and trusted relationships anyone will ever have. We think you will agree that no one better understands the needs of a CPA than another practicing Let's make the world a safer place... CPA. Nothing beats experience....

EVERY 10 SECONDS A CHILD IS ABUSED IN THIS COUNTRY AND 3 DIE EACH DAY Purchasing insurance is one of the most important FROM ABUSE AND NEGLECT!!! The decisions a person will ever make. It is critical to creators of this service support an organization make sure that your clients are being guided by known as Prevent Child Abuse America (www.preventchildabuse.org). When you professionals who have the experience to help them make the absolute best choice. With literally choose to use The Insurance Place of The Carolinas, in addition to your clients receiving decades of experience, the professionals at The the absolute best service of its kind in the Insurance Place of The Carolinas are committed country, you are also helping us make the to helping you help your clients make the right world a safer place for abused children.

choice.

With regard to the specific types of insurance planning support services we provide, here is a list of some, but not all, of our capabilities: Life Insurance Planning • Long-Term Care Insurance Planning • Disability Insurance Planning • Annuity Planning • Personal Estate Planning • Key Person Life Planning • Wealth Transfer Planning • Wealth Preservation Planning • Buy-Sell Planning • Wealth Accumulation Planning • Business Succession Planning • Comprehensive Insurance Policy Review • Business Estate Planning • Tax Advantaged Planning Strategies • Captives

www.TIPofTheCarolinas.com

If you have questions, contact Dianne Odom or Raymond Scruggs at 803-407-1040 or by email Dianne@TIPoftheCarolinas or Raymond@TIPoftheCarolinas

ell •

From the President

Reflections on the CPA profession, life, love and just about anything else that captures the interest -- the serious (and not so serious) side of SCACPA’s 2010 President Eddie Brown

ailure to plan is planning to fail. Each year SCACPA schedules a meaningful planning retreat. With the help of Carol Kerwan, CPA, our consultant care of the Maryland Association of CPAs, we evaluated the 2009 progress and prioritized Five Bold Steps for 2010. Please allow me to refresh our memories and challenge us all to move these steps off the paper and into action.

C.E. “Eddie” Brown, CPA SCACPA member since 1976 As shareholder of Swaim Brown, PA, Eddie practices in the areas of corporate and individual tax planning and strategy, international tax, business consulting, estate planning, business planning, M&A, succession planning; manufacturing, real estate and construction. Eddie is actively in involved with AICPA; SCACPA; Estate Planning Council of Spartanburg and serves as trustee of the South Carolina Baptist Foundation.

BOLD STEP 1: CPE INNOVATION. We are fully aware of the importance of CPE to our profession. The SCACPA membership looks to this organization to keep CPE efficient, effective, budget worthy and on the cutting edge of the profession. BOLD STEP 2: STAYING RELEVANT TO MEMBERS. Our world is ever-changing, and the pace of change has accelerated. We fully accept the challenge to keep our finger on the issues relative to the day and not only maintain, but also increase the value to all of our members. BOLD STEP 3: CREATING A VOICE IN POLICY-LEGISLATIVE, REGULATORY AND STANDARD SETTING. We are committing to be proactive relative to forming standards, regulation and law creation on every level. BOLD STEP 4: FINANCIAL LITERACY. CPAs were far ahead of the issues, leading out long before the financial crisis of our recent past. We challenge each of our members to be a part of this essential application of financial responsibility. BOLD STEP 5: HUMAN CAPITAL. Our executive director has gathered a staff of super stars. They stand second to no other state society in this or any other profession. We will encourage and empower them to take our association to new levels. BOLD STEP 6: SC SUSTAINABILITY INITIATIVE. This is a bold step added by the 2010 President. During our Fall Council, the Chair of the AICPA challenged each of us to engage ourselves and be available to our clients in this area of strategic existence. A task force is in place and already working on this challenge. We will start with our SCACPA office, followed by CPA firms and businesses around this state to create “A Thousand Points of Green.” More to come! n

Follow SCACPA's 2010 President Eddie Brown as he blogs weekly! http://scacpa.wordpress.com/

(888) 557-4814 | www.scacpa.org

South Carolina CPA Report

FEATURE

Getting to Know You An Interview with SCACPA’s 2010 President Compiled by Allison Caldwell Photos by Wendy Hancock , CPA, C VA SC ACPA memb er since 2002

This January, Eddie Brown began his one-year tenure as president of SCACPA. He is currently Director of Tax at SwaimBrown, PA in Spartanburg, a firm he joined in 1974 as the second partner. We recently interviewed him on his background, goals and aspirations for the coming year.

South Carolina CPA Report

SCACPA: Briefly describe your experience as a CPA: how you chose the profession, education background, current area of practice and how and why you first became involved with SCACPA. Brown: Shortly after beginning college on the G.I. bill, I discovered that the concepts of business challenged me. I chose accounting as my major and never looked back with any regrets. Upon graduation, I was fortunate to be hired by a local firm where all three founding partners were past presidents of SCACPA. The respect they showed for SCACPA and the admiration I had for those partners greatly influenced my decision to be a participating member. Through the years I have worked in multiple areas of public accounting, but I have settled on the tax side. Additionally, I accepted the self challenge a few years back and

have established a niche in the international tax arena. It continues to be a challenging and rewarding niche that has become very appropriate in today’s global economy.

SCACPA: Tell us about your goals as SCACPA president in 2010. Brown: I have a wonderful vision of seeing South Carolina accountants becoming the model for the entire country. I have titled this as the “WOW” year. It is my hope to tap the potential of each CPA and member of the SCACPA staff to put us on the map. Simply put, I want to wrap up the 2010 year with CPAs around the nation saying, “Wow! Look at what they’re doing in South Carolina!” We have a set of super stars on staff, and CPAs are smart people. As president, I simply want to raise the bar so that we can be leaders in this great nation. The public is depending on us. CPAs in South Carolina have led

(888) 557-4814 | www.scacpa.org

“To practice accounting without the benefits of SCACPA membership is like buying a luxury automobile and placing bald retread tires on it, while expecting a smooth ride. The cost of not being a member far outweighs the cost of being one.”

their employers, their clients and their schools through a difficult recession. It is now time for us to lead our state out of these economic challenging times. SCACPA: To date, what about your service to SCACPA has been the most meaningful or impactful—to you personally, and perhaps to the membership at large? Brown: My most meaningful and impactful service is yet to come. It was my privilege to travel across South Carolina this year and address our members during the Professsional Issues Updates. This was an opportunity for me to get into the trenches. We are blessed to have such intelligent and well-intended members. I believe that our most meaningful and impactful service is immediately in front of us.

SCACPA: In your opinion, what is the greatest benefit(s) of SCACPA membership? What would you say to encourage potential or inactive members to become more involved? Brown: SCACPA membership is a special fringe benefit of this profession. It allows each CPA to be a member of a dynamic team of professionals. Together we multiply our accomplishments and divide our difficulties. To practice accounting without the benefits of SCACPA membership is like buying a luxury automobile and placing bald retread tires on it, while expecting a smooth ride. The cost of not being a member far outweighs the cost of being one.

SCACPA: If you could choose just one thing to accomplish, create or improve during your tenure, what would it be? Brown: Just one? At the fall council meeting of the AICPA, I met with the publisher of AICPA’s Journal of Accountancy.* I told her about my “WOW” vision for South Carolina, and she told me that if we accomplished this vision, she would place an article in the magazine. The one choice accomplishment for 2010? To read the “WOW” article in the Journal of Accountancy. n *Editor’s Note: Published continuously since 1905, the Journal of Accountancy is the flagship publication of the American Institute of Certified Public Accountants, with 386,000 paid subscribers.

SHORT FACTS COMMITTEE SERVICE: Investment Committee, Awards Task Force, Financial Literacy Task Force, Long Range Planning Task Force, Business Valuation and Forensic and Litigation Services Task Force, Finance Committee, Prime Plus/ Eldercare Services Committee, International Business Task Force, Governance and Structure Task Force, Emergency Professional Assistance Task Force, Continuance of Practice Committee, Peer Review Committee OTHER SERVICE: CPA Ambassador, Educational Fund Trustee, Key Person Contact BOARD HISTORY: Eddie was nominated to the Board of Directors in 2004 as an At Large Director, and joined the Executive Committee in 2007. HOMETOWN: Chesnee, SC EDUCATION: B.S., Business Administration, University of South Carolina, 1978 PRACTICE AREAS: Corporate and individual tax planning and strategy, International Tax, Business Consulting, Estate Planning, Business Planning, M&A, Succession Planning; Manufacturing, Real Estate, Construction PAST WORK EXPERIENCE: Derrick, Stubbs & Stith, LLP; United States Air Force PROFESSIONAL & CIVIC GROUPS: AICPA, SCACPA, Estate Planning Council of Spartanburg, South Carolina Baptist Foundation (Trustee) PERSONAL INTERESTS: Family, friends, world travel FAVORITE BOOK: Bible FAVORITE MOVIE: “A movie watched with my wife.” ADMIRE MOST: “My father. He has always been my hero.” FOR FUN: “I love to ride my tractor and tackle projects around our home.”

(888) 557-4814 | www.scacpa.org

South Carolina CPA Report

Association News

MARK YOUR CALENDAR!

2010 Conference Dates

All conferences are in Columbia unless otherwise noted. April 28: CPA Day at the State House April 29: Nonprofit Conference May 20: Audits of Benefit Plans Conference May 21: Trusted Advisor Workshop May 27: Government Conference July 20: Technology Conference September 16: Litigation Conference September 23-24: Emerging Leaders Conference, Charleston

View Your Transcript Online

Attention: Licensees in South Carolina

Renew Your Membership Today!

To view an up-to-date transcript of your CPE hours, visit www.scacpa. org, look under My Membership, Manage My CPE, then CPE transcript.

Remember, the South Carolina Board of Accountancy moved to a biennial renewal cycle. Both your individual license and firm registration are current until January 31, 2011. You will not report your 2009 CPE until you renew on or before January 31, 2011, when you will also be reporting your 2010 CPE. You are still responsible for completing 40 CPE hours each calendar year (January 1 through December 31) as outlined in Regulation 1-08.

Todayâ&#x20AC;&#x2122;s economic climate presents daily challenges to CPAs and accounting professionals in our state. By partnering with the South Carolina Association of CPAs, you have access to trusted resources and proven solutions which allow you to focus on the business of doing business and serving the public. With your support, we effectively unite the voice of the CPA profession, find solutions to future challenges and lobby your position at the State House and with other officials.

Contact: SC Board of Accountancy at (803) 896-4770 or accthelp@llr.sc.gov

Renew your membership online now with these easy steps: 1) Log in to your account at www. scacpa.org; 2) Under My Membership, click on Renew My Membership; and, 3) Pay dues for yourself or for your entire firm or company.

Staff Contact: April Cox

Welcome New Peer Reviewer! The SCACPA Peer Review Committee is pleased to announce new peer reviewer Paul E. Lewis, of Lewis & Hanna CPAs LLC, Murrells Inlet. Staff Contact: Glenna Minor

October 14-15: Industry Conference October 19: Personal Financial Planning Conference October 28 : Women in Leadership Conference November 11-12: CPA Summit and Tax Conference December 1: Hot Topics Conference December 9-10: Accounting & Auditing Conference, Charleston December 17: Accounting Educatorsâ&#x20AC;&#x2122; Forum

South Carolina CPA Report

Staff Contacts: Katherine Swartz, CAE and Karen Hancock, CPA (888) 557-4814 | www.scacpa.org

CPA

tio n Firs t Edi

201 0

untants

Report South Caro

lina Asso

ciation of

Certified

Public Acco

TAX

010

Season 2 A, page

n Q& Tax Seaso



Meeting

IRS-DOR



Update,

r, page

e Twitte

Tax Tim

  

page 12

the Busy

gh it Throu Making page 16 Season, 18 ay, page Workd Perfect

Advertise In The CPA Report! SCACPA is the only organization providing CPAs South Carolinaspecific professional issues news, information and other items essential to their success. Your message will reach a diverse audience through all SCACPA publications. The CPA Report is SCACPA’s quarterly professional journal, distributed to more than 3,900 CPAs and accounting professionals statewide. Our Editorial Board continues to enhance this publication in an effort to incite more readership, and the magazine is consistently reported by members as one of their top benefits of SCACPA membership. Use this outlet to promote staff achievements, new services and other special announcements. Ad rates start at $125. Custom packages are available, including reciprocal SCACPA Web site ads. Staff Contact: Emily Allen

Save the Date! Wednesday, April 28 CPA Day at the State House Why should you attend? Here’s a few reasons from last year’s attendees: • Hear from SCACPA’s lobbyists • Receive South Carolina-specific information • Interact with other CPAs • See old friends • Meet and keep contact with legislators • Watch the legislative session • Obtain valuable information • Get insight on the legislative session and how it affects you • Have a hands-on experience • Earn four hours of CPE • Witness the New CPA Oath Ceremony (for CPAs licensed between October 2009 and March 2010) Register online today for this exclusive event! $60 registration per person includes CPE and lunch. The fee is waived for SCACPA members who have contributed a minimum of $100 to the CPA-PAC in 2010.

SOUTH CAROLINA ASSOCIATION OF CERTIFIED PUBLIC ACCOUNTANTS 570 Chris Drive West Columbia, South Carolina 29169 (803) 791-4181 or Toll-free (888) 557-4814 Fax (803) 791-4196 www.SCACPA.org

South Carolina

CPA OUR MISSION

To support all CPAs – whether in public practice, industry, government or education – with lifelong learning opportunities necessary for their success and to promote high ethical standards and legislative advocacy for both the public good and the profession. We accomplish this mission through the following activities: n n n n n

Advocacy Certification & Licensing Communications Recruiting & Education Standards & Performance

Staff Contacts: Sandra Oxner, CMP and April Cox

(888) 557-4814 | www.scacpa.org

South Carolina CPA Report

At Southeastern Insurance Consultants, we understand

of Corporate Wellness Programs

the value of corporate wellness programs as an integral component of the

REAL PEOPLE. INNOVATIVE SOLUTIONS. REAL RESULTS.

total insurance solution. v Lower medial premiums v Greater workplace

productivity

v Lower health risks v Less absenteeism v Positive work

environment

v Longer employment

tenure

v Smarter lifestyle choices

Southeastern Insurance Consultants South Carolina

CPA

SCACPAâ&#x20AC;&#x2122;s full-service employee benefits brokerage and consulting firm since 1999

We are committed to working with small and large businesses to provide innovative, competitive health benefit packages. Making Good Health Easy.

Southeastern Insurance Consultants, LLC 1061 Bickley Road, Suite 100 | PO Box 1396 | Irmo, SC 29063 803.732.7284

Are You Ready? Between now and April, many of our members will be busy with the annual tax season rush. In this special section, several SCACPA members offer practice tips, updates and advise to help you make it through not just through April 15, but throughout the year. In addition, we asked members of The CPA Report Editorial Board and Taxation Committee to share their “burning issues” entering tax season; their responses are featured on this page. For additional resources, please visit www.scacpa.org.

TAX Season 2010  Tax Season Q&A, page 11  IRS-DOR Meeting Update, page 12  Tax Time Twitter, page 14  Making it Through the Busy Season, page 16  Perfect Workday, page 18

(888) 557-4814 | www.scacpa.org

My top issue entering the 2010 tax season is to hopefully see definitive signs of a positive recovery for the US economy which has severely impacted good clients. Many clients across the board have been forced into a survival mode and desperately want to see clear signs of recovery this year. They need to return to full capacity to prosper and continue to grow which has a direct correlation to the demand for our services. A. D. “Dave” Masters, CPA Derrick, Stubbs and Stith, LLP, Columbia

As a partner in a local CPA firm, the top three issues that concern me going into 2010 are hiring, training and retaining talented and motivated employees, having adequate parking and office space to serve our growing clientele, and choosing the best tax and accounting research tools from the many available options.

What keeps me awake? Jobs, jobs and jobs! SC has one of the highest unemployment rates and this has had an effect on most of my clients in one way or another. Because of the economy, some of my clients who desperately need additional tax help are about to lose their homes but have no money to get the professional help they need. I am working on a plan to assist these clients and allow them to pay me at a later date or provide financing for them. Penny A. Lewis, CPA Penny A. Lewis, CPA, PA, Isle of Palms

Regulations and legislative changes are my top concerns this year. James M. Stewart Jr., CPA, MBA, MST Waring & Associates, CPAs, PA, Florence

Amanda S. Colgate, CPA Godshall & Colgate, LLC , Columbia

South Carolina CPA Report

Go online 24x7and file your returns instantly.

SC D e pa r t m e n t of Revenue SC Business O n e St o p

IRS-DOR Annual Meeting Summary

by Steven E. M iller, CPA SC ACPA memb er since 2005

Steve has more than 25 years of tax and accounting experience. As a Tax Partner in the South Carolina Lowcountry Practice, Steve provides tax planning and compliance services to corporations, individuals and not-for-profit organizations. Steve received his Bachelor of Science in Business Administration with a concentration in Accounting from Appalachian State. Actively involved in the local community, Steve is a member of the Rotary Club of Bluffton and the Hilton Head Council of Estate and Financial Advisors. He currently serves as chair of the SCACPA Taxation Task Force.

South Carolina CPA Report

n October 2009, members of SCACPA’s Taxation and State & Local Taxation Task Forces met with representatives of the Internal Revenue Service (IRS) and the South Carolina Department of Revenue (DOR) for their annual meeting to discuss practitioners’ concerns and updates on the two agencies. As usual, these meetings proved to be very informative and helpful.

INTERNAL REVENUE SERVICE

The Taxpayer Advocate’s office in South Carolina currently has a staff shortage, which translates into a case overload. To expedite the request for assistance, cases may be transferred to other sites outside of South Carolina. Congressional and hardship cases stay in South Carolina. The Taxpayer Advocate office does not have the authority to make adjustments. Their role is to work with the taxpayers and their advisors to resolve issues with the IRS that have not been resolved through the normal course of action. They stated that taxpayers should have patience with the net operating loss carryback requests, since these generally take about 16 weeks to process. The Examination Section has an aggressive plan to perform more audits on complex issues such as offshore accounts and tax shelters. They are also taking a closer look at S corporations, specifically reasonable compensation issues and employee classification. Practitioners who responded to the SCACPA survey noted that they continued to have issues with the service centers when they called in. It was suggested that when you call to discuss a specific technical issue related to a client’s tax return that you use Publication 17 as your starting resource. The Service Center

representatives that answer the phones are trained using Publication 17, so communicating with them on those terms may relieve some of the frustration. It was also suggested that practitioners should be prepared to reference page numbers in Publication 17 to expedite the resolution of their issue. The Appeals office is experiencing increased inventories as well. The area is fully staffed, so when a case is sent to appeals and an appeals conference is requested, they will act quickly on the request. The appeals office did suggest that practitioners try a face to face meeting with the local office to see if any issues can be resolved before going to appeals. Any such request must be made in writing. They also recommended that whenever you have contact on the telephone with an IRS representative, make certain that you get their name (first and last), ID number and their location. In the Criminal Investigation Section, they are currently dealing with refund crimes resulting from the first-time homebuyer’s credit. It is estimated that there have been roughly $6 billion in fictitious claims filed in the first six months that the credit was available. They are also dealing with some complex issues related to offshore accounts and tax evasion cases. The IRS is currently working to strengthen the Volunteer Income Tax Assistance (VITA) and the Tax Counseling for the Elderly (TCE) in South Carolina. They are in need of volunteers to train the volunteer preparers. This is a very basic level and training materials are provided. Interested in volunteering? Contact Joyce Robbins at joyce.robbins@irs.gov or (803) 765-5416. Practitioner Liaison Leslie Hoover discussed their role in maintaining

(888) 557-4814 | www.scacpa.org

SOUTH CAROLINA DEPARTMENT OF REVENUE

partnerships with organizations and associations to get information disseminated to taxpayers and small business owners through seminars and other methods. They also are responsible for getting feedback from practitioners that can be used to improve communication with the IRS. Tax notices have been redesigned in an effort to make them easier to understand. The redesigned notices were to start going out in January. Stakeholder Liaison Thomas Sheaffer discussed the Issue Management Resolution System (IMRS). IMRS is part of Communications, Liaison & Disclosure in the agency’s Small Business/Self-Employed division and is designed to help tax customers communicate their issues directly with the IRS. IMRS provides a gateway for tax professionals to bring forward information about tax policies, practices and procedures that may negatively affect compliance and quality customer service for the American public. Lastly, Leslie Hoover is retiring this year. The practitioner community would like to express our sincere thanks for all the assistance she has provided over the years. We wish her a happy and well-earned retirement. Thomas Sheaffer will be assuming the role of Practitioner Liaison. Contact him at Thomas.a.sheaffer@irs.gov or (803) 253-3031.

(888) 557-4814 | www.scacpa.org

The DOR is in the process of implementing a new tax system. Not surprisingly, the number of electronically filed returns continues to increase. Partnership returns still cannot be filed electronically in South Carolina. It is anticipated that after April 2010, the DOR will have a modernized e-file system that will allow for attachments. The DOR noted that they are now processing taxpayer’s payments quicker. The DOR is in the process of making sure that their Web site is kept current. The Web site will be redesigned as resources are available. They noted that this will be a slow process because of budget constraints. Tax notices that are being issued have been redesigned to provide more information. Corporate File numbers can be obtained by practitioners via email from the DOR. A letter rather than a postcard will be sent out this year to all registered businesses that will include the file number. There have been a few form changes this year. First, individual tax booklets will not be mailed this year. The booklets will be available on the Web site, or can be requested from the DOR. Form SC1040-ES will not be mailed this year. Taxpayers can request these forms or pay online via bank draft or credit card. There is no credit card fee. Partnership and Fiduciary Tax Returns have been reorganized this year. On the Corporate Return, an area has been entered at the top of

page one related to requirements for filing a final return. Also new this year, corporate overpayments of less than $100 will be applied to the next year unless a refund is specifically requested. There is a section above the signature line that needs to be initialed on paper filed returns. Software vendors should have a similar selection for e-filed returns. There are several Tax Manuals published online by the DOR. These can be found on the DOR Web site in the Department Advisory Opinion Section. The DOR does not have a separate Appeals Department—Collections and Audit handle these issues. Once a taxpayer receives a notice of adjustment, they have 90 days to appeal. Wage Garnishments are sent out on paper notices. In the case of bank levies, two in-person contacts are attempted before the levy is issued. Revenue agents can work out installment agreements that include 10 percent down and one year. More than a year requires a manager to approve.

SUMMARY

The task forces appreciate the cooperation we received from the IRS and the DOR. These annual meetings are valuable and allow these agencies and the practitioner community an opportunity to share concerns and information that facilitate a better working relationship. We will be asking for input from our membership again next summer in anticipation of these meetings next fall. n

South Carolina CPA Report

Social Media: Tax Time Twitter by Jason Blumer, CPA SC ACPA memb er since 1999

Jason M. Blumer, CPA is the managing shareholder of Blumer & Associates, CPAs in South Carolina, and author of the THRIVEal blog. He and his firm are notoriously addicted to preaching, installing and improving the processes in their firm, their client’s businesses and their industry as a whole. He has served on SCACPA’s Accounting Careers and Academic Relations Task Force.

he uses and advantages of social media are still somewhat foreign and distrusted by our industry. Most CPAs approach social media platforms with a deep sense of trepidation, and the standard reason cited is “I just don’t get it.” But the deeper reason likely lies in our misunderstanding of using social media as a legitimate way to build a network, offer better service to our clients, build our own personal brand, engage in real-time customer service or obtain new clients. Twitter, one of the more popular social media sites, falls into the category of a social media relationship tool that is often misunderstood. Our firm has built contacts all over the world, has been interviewed for books related to social media, written articles, met people from Atlanta, Boston and New York City, added new clients from California to Minnesota, taught online CPE webcasts, guest written for other blogs, and on and on—all because of social media. Social media tools—especially Twitter—are well-founded, deliver on their promise of increasing your reach to the world, and can most definitely build your client base. But it takes time, patience and a willingness to try what you don’t understand. Let’s focus on one specific use of Twitter for your tax practice—listening. Twitter is a great tool to listen to your target market, acquire up-tothe-minute tax news and return that news to your “followers.” What are you listening to? You are listening to other followers tweet about the subject of taxes. Sounds exciting, I know. Sometimes the tweets provide a quick tax savings note, or they let you know how they just saved their client a lot of

South Carolina CPA Report

money through specific tax strategies. Maybe they are linking out to a blog or magazine article on an in-depth new tax law passed yesterday. Even if you don’t tweet back, the process of listening to these tweets will allow you to gain deeper information about the world of taxes and be able to pass that information on to your clients. And you won’t have to wait on your tax software vendor or the big firm’s research department to put together an in-depth response to the new tax law. There are technical bloggers posting tax law responses literally a minute or two after the new tax law is passed. Following the right people will give you access to that information without looking for it. In today’s world of social media, we can let information find us, rather than having to look for it. I follow a lot of CPAs and technical tax writers so I can turn around and feed that information to my clients on a real-time basis. We write a blog post on our firm’s THRIVEal.com blog every Tuesday called Tuesday Tax Time. Listening to my followers allows me to have a constant feed of up-to-date tax information that I can parse through and put on our blog for our clients. But the trick is found in parsing through the data efficiently and effectively.

PARSING OUT YOUR USEFUL TWEETS

When you follow someone, or someone decides to follow you, you see their tweets and your tweets all mashed together on one internet screen that scrolls down as you and your followers tweet together. Many people may choose to follow you based on their interest in your bio listed on your Twitter profile, or because they want to send you to their

(888) 557-4814 | www.scacpa.org

Web site to sell you something. However they come to you, when everyone begins tweeting together, the confusion and use of your Twitter feed becomes overwhelming and often times not very useful. There may be a lot of information you don’t need or don’t want. Here are two ways to parse out the data you need: using Twitter Lists, and using a third party application to manage your Twitter feeds.

TWITTER LISTS

Lists on Twitter are a fairly new concept. Instead of simply looking at your Twitter feeds where all followers’ tweets are posting simultaneously, you can parse out followers on different lists and follow the tweets on specific lists instead. You have the option to create any list you want, put any follower on the list you want and label the list anything you want. Your followers can also put you on any list they want, and everyone has a more user-defined management tool to listen to their tweets more effectively. Once you sign in to your Twitter profile, look to the right just under your name for a link called “listed.” This is where you can see who has listed you on a list, and other lists that you’ve decided to follow. You can block, subscribe or unsubscribe to different lists from this link.

THIRD PARTY APPLICATIONS

Perhaps the most popular way to manage your Twitter feeds is to actually use a third party application. These third party applications actually pull your Twitter feeds into their own software so you can analyze your followers and what they are saying, parse your followers out in more complicated ways, allow other staff to help you with your Twitter feeds, and much more. Twitter has reported that more people access their feeds through these third party applications than directly through the Twitter internet site. Third party applications allow you to begin managing and delegating your listening more effectively. With these tools, you can assign staff smaller parts of your overall social media strategy to different people in your firm, some to listen and some to respond timely to followers. These tools can be web-based, like the popular Hootsuite.com (which I use) and CoTweet.com, or they can be resident on your computer as a downloaded application like TweetDeck (which I use on my Mac). Now that you have the tools, it’s time to start listening! Not only will you learn new things sooner, you’ll also be able to feed that information to your clients. Don’t let misunderstanding allow you to overlook social media (and Twitter!) as a viable to way to grow your firm into the future and establish your expertise for the world to see. n

(888) 557-4814 | www.scacpa.org

Get Social With Your Clients by D onna L. B ordeaux SC ACPA memb er since 2006

o you know the number one reason that clients leave their accountant? They feel their accountants don’t care about them and don’t provide them with proactive advice. Let’s start the year off right but giving clients what they want. Get social with your clients. Talk to them. You may say, “I just don’t have time to call all of my clients.” Talking with your clients can come in many forms, and an easy way to start is through blogging. Blogging is an online conversation with clients and anyone who wants to listen on the web. It is easy to get started and just requires a bit of effort on your part to start communicating more with your clients. Pick a topic and write a few paragraphs, and you are officially blogging. The two most popular blogging sites are www.blogspot. com or www.typepad.com. Start off by writing answers to common questions you receive. Then you can provide a quick link to the full detail when your clients have questions. Add other topics as you get the hang of it—use your imagination and get creative. Remember that blogging is more informal than technical writing, so find your voice and keep it casual. Subscribe and read other blogs of interest through www. reader.google.com. Reading other blogs will give you ideas and may even help you keep up with current trends and technical ideas. Try a few of the popular ones like: SCACPA, http://scacpa.wordpress.com/ CPA Trendlines, http://www.cpatrendlines.com Golden Practices, http://goldenmarketing.typepad.com Beancounter Ramblings, http://yourcpapartners.com/blog THRIVEal, http://thriveal.com CPA Success, http://www.cpasuccess.com Show your clients that you care and are there to help, and they will be happy to stick around for years to come. n Donna Bordeaux, CPA is a Personal Financial Specialist with Bordeaux & Bordeaux, CPAs, PA in Lake Wylie, SC. For more info about Donna or her firm, visit www.yourcpapartners.com or call (704) 752-9845.

South Carolina CPA Report

C Making It Through the Busy Season by Dar in J. Al dinger, CPA, MTax SC ACPA memb er since 1998

Darin has been working in the accounting world for 20 years, with degrees from the University of Virginia and the University of South Carolina. He is a huge basketball fan and lives in Lexington with his wife and two wonderful sons.

CH’s latest marketing campaign says it all: a poster shows a battle about to begin, with armed accountants on one side and menacing numbers on the other, and the date 4-15-10. It looks like the latest movie promo, and for all of us who have been through a few busy seasons, the image is appropriate. It is a battle. So how can we survive the onslaught? Try a few of these common sense strategies to make it through.

IN THE OFFICE

This time of year, extra work and urgent deadlines means that everyone feels the heat. The first step to keep things running smoothly is prioritizing. Which client’s or partner’s work comes first? Start with a daily To Do list with items listed in order of completion. Each day, finish things that are almost done first. Don’t start something new if another project can be completed. Busy season is about getting things done, and each day needs to finish well. Leaving a little bit undone on any job makes the next day that much more difficult. Of course, the list you start the day with always grows, and you never get through it exactly as planned. Lists blow up all the time, with clients and partners superseding your plans. Be flexible and understanding as those priorities shift. Sharing your list with coworkers can help. When dealing with clients, be organized to ensure that you receive everything you need when meeting with them. Clearly explain when you need any items that may have been forgotten, and that prompt receipt

South Carolina CPA Report

Strong teams—not individuals—make it through busy seasons, and taking small breaks together helps team members bond. will help keep their bill reasonable. Every time a job is picked up and put down, the chance that you’ll be able to collect the entire amount becomes less probable. Communicating that to the client is a good approach and lets them know that time is valuable and that you want to complete their work as efficiently as possible. Each firm may do unique things to break the tension and foster a feeling of togetherness. Strong teams—not individuals—make it through busy seasons, and taking small breaks together helps team members bond. I’ve seen things like bowling in the hallways with fruit, everybody going out for ice cream, and a Master’s golf tournament pool—all used to offer some relief. While everyone wants to finish their work and go home, it can't always happen. These respites can help everyone stay sharp a little bit longer.

OUTSIDE THE OFFICE

While time spent outside of the office is minimal during busy season, how that time is spent can be critical. The first priority mentioned by those who have made it through many seasons is spending quality time with family. Family events like birthdays, sporting events or a family game night can help (888) 557-4814 | www.scacpa.org

Top Tips for Tax Season Wellness you forget that last tax return and focus on why you're working in the first place. The ability to separate work from home is very important. It may be easier said than done, but leaving work at work allows you to focus on your spouse, children, pets and whatever else is there. And while that last audit adjustment may slip into your mind when taking out the trash, it will still be there when you return to the office. So leave it there. Just like stress-relieving breaks with coworkers, plan some creative rewards outside of the office as well. A quick trip to the beach, a movie or the gym can work wonders. Exercise is a great stress reliever, and imagining a face on that punching bag can sometimes help! The support of friends and family is also critical. After a grueling week, they can help shift the focus at home from work to other things. Busy season is a necessary evil, but it’s also a time for great professional accomplishments. Satisfaction from a job well done provides a certain euphoria, and you must enjoy that when it happens. Busy season is also finite, so always remember to keep the end in sight. On to battle! n

Identify stressors. What events or situations trigger stressful feelings? Are they related to meeting deadlines, business decisions, financial responsibilities at work or home, or something else? Knowing what triggers stress can help you practice healthy ways to deal with it. Deal with it—responsibly. Some people deal with stress with unhealthy behaviors such as smoking, drinking or overeating. Others choose unhealthy financial behaviors like overspending, misuse of credit cards, neglecting bills or borrowing money. Instead, try taking a short walk, exercise or talking things out with a trusted advisor, friend or family member. Drink lots of water. Hydration has a lot to do with your energy level. If you are dehydrated, you can get extra fatigued—so if you're tired to begin with, you'll feel it even more. Keep a water bottle on your desk and refill it several times throughout the day. Eat for brainpower. When you eat a heavy meal, too much blood flow goes to your digestive system, and not enough to your brain. If you order a pizza, don’t load it down with meat and extra cheese. Try veggie, light cheese and extra sauce for more vitamins and brainpower. Or try ethnic foods like Thai or Indian, which tend to be rich in vegetables. Munch on healthy snack foods. When people are stressed, they crave crunchy things. Baby carrots, whole-

(888) 557-4814 | www.scacpa.org

grain cereal you can eat with your hands, whole grain pretzels and grapes are much better than chips or high-fat snack foods for a boost of energy. Don't let more than five hours go by without eating something. If your blood sugar goes too low, you'll have trouble concentrating. Eat some dried fruit, a banana or an energy bar for needed carbohydrates and protein. Get some exercise. Get up periodically to stretch and move around. Take five minutes to walk around the block, take in some oxygen and get the circulation going. You'll come back with renewed energy and motivation to finish what needs to be done. Don’t skip meals. Working through stressful deadlines, many people tend to miss meals and drink too much coffee or soft drinks for the caffeine—which disrupts sleep and makes you feel even more sluggish the next day. Regular, healthy meals and limited caffeine are a better choice. Avoid “presenteeism.” Sick days are there for a reason. If you’re truly sick, don’t feel obligated to come into the office—even during busy season. What little you’re able to work won’t be productive, and you may risk infecting coworkers as well. n Compiled with permission from articles by the American Psychological Association, WebMD and WebCPA.

South Carolina CPA Report

PEO PLE

E TIM

STUFF

The Perfect Workday by M ike Collins Mike Collins is president of The Perfect Workday Company, an information company based in North Carolina. He presents over 100 programs a year for organizations such as IBM, American Express, Pepsi-Cola and the Duke University Medical Center. His articles have appeared in Newsweek, American Banker and many local and regional magazines. He is the author of three books and recently completed his first novel.

Here’s a frightening fact: the average American worker wastes 15 percent of his or her time due to miscommunication. Think of it in another way: 15 percent of a work year is seven weeks.

hat would your idea of a Perfect Workday be? Many times people see the name of my firm— The Perfect Workday Company—and say, “A perfect workday? That would be me not being here!” To which I usually reply, “No, that would be a vacation day.” First, let me tell you what a perfect workday is not. It is not a day without problems, interruptions, too many meetings, too little time, and adults who sometimes act like children. And it may not be a day in which you get everything on your To-Do List done and leave the office on time. Here are my four Perfect Workday goals: 1) I’ve made significant headway on some of my most important tasks. 2) I’m able to work effectively with the people around me. 3) I leave work without an endless stream of e-mails and a mountain of paper on my desk. 4) I’ve had some fun. What would your goals for a Perfect Workday be? Choose three or four goals of your own, grab a pen, and take a moment right now to design your Perfect Workday.

South Carolina CPA Report

Here’s how: draw a triangle in an open area of this magazine or a separate sheet of paper. There are three areas of focus for the Perfect Workday Triangle: Time, People and Stuff. TIME. We all have 10,080 minutes a week. The biggest time problem is lack of focus. Most of us have so many distractions, interruptions, e-mail alarms, cell phone vibrations, and walk-in questions that it’s difficult to stay focused on the tasks at hand. The best way to attack lack of focus is with a To-Do List, then use the “Four D’s… with a bonus” as a priority tool. Look at each item on the list and Delay it, Delegate it, Don’t do it, or Do it. The bonus is Diminish it, because some tasks are so large they can’t be done in a single effort. To help determine what might be ignored or not done, ask “What’s the worst that will happen if I don’t do this?” If the repercussion is not serious, don’t do it. Time management champions are ruthless when it comes to what they cut out. PEOPLE. The biggest People problem we encounter is miscommunication. Here’s a frightening fact: the average American worker wastes 15 percent of

(888) 557-4814 | www.scacpa.org

his or her time due to miscommunication. Think of it in another way: 15 percent of a work year is seven weeks. Seven weeks of salary down the drain due to miscommunication. Asking more and better questions is the best solution. Don’t ever go into a meeting again without something to write with and write on. Before the meeting starts, write these questions down the left-hand column of your paper: What? Why? Who? Where? When? How? How Much? A part of your brain, the Reticular Activation System, will start looking for answers to those questions in the meeting, resulting in less miscommunication and fewer assumptions. STUFF. All the “stuff” that comes into our lives and workdays has an impact on our time and relationships. The biggest problem with stuff is disorganization. Want to take a vacation? Here’s how: get more organized. The average American worker loses two weeks in time every year looking for stuff. More than 15 hours a year is lost looking for car keys.

Earn four hours of CPE credit (Personal Development). This workshop will be followed by a Young CPAs Networking Meet Up at the Sheraton Columbia Downtown Hotel from 5:30 - 7:30 pm.

The SCACPA Young CPAs Leadership Cabinet is offering The Perfect Workday workshop with Mike Collins on Monday, April 26 from 1 - 5 pm in downtown Columbia. Registration fees are $35 per person or $100 for firms.

Staff contact: Katherine Swartz sponsored by

You can cut disorganization dramatically with a simple strategy called The 30-Second Secret. Here it is: don’t walk out of your house in the morning, away from your desk at lunch or at the end of the day without taking 30 seconds to put away a few things (or delete a few e-mails). The cumulative effect of 30 seconds three times a day will get you organized and keep you organized. Now, take a look at your Perfect Workday triangle again. Think back to that high school calculus you just knew you’d never use. What does the triangle symbol mean in mathematics? Change. If you want a Perfect Workday, you must change a few small habits to get a big return. Ignoring an unnecessary task on your To-Do List can reward you with a large chunk of time. Asking the right question could result in a revelation. Being organized enough to find what you need at just the right time could save a project. Finally, in the Greek alphabet the triangle shape is the delta—the letter D. I believe that stands for Decide. Decide right now that you are going to create a Perfect Workday. n

At MG&C, our experienced professionals are committed to excellent service and innovative solutions for diverse legal and business challenges.

Experience. Service. Results.

mgclaw.com Columbia

(888) 557-4814 | www.scacpa.org

Charlotte

Charleston

Greenville

Raleigh

Myrtle Beach

South Carolina CPA Report

FEATURE

Introducing Project GED An Initiative of SCACPA’s 5 BOLD STEPS by Ken Newhouse, CPA, Chairman of the SCACPA Financial Literacy Task Force SCACPA member since 2001 Katherine Swartz, CAE, Member Services Director Serving SCACPA since 2006

s CPAs, you know what shape our economy is in, but do you realize the state of financial literacy in South Carolina? Financial literacy is the ability to effectively evaluate and manage one’s finances in order to make prudent decisions toward reaching life goals and achieve financial well-being.

So How is South Carolina Doing?

The South Carolina Council on Economic Education and the South Carolina Jump$tart Coalition partnered to have 16 South Carolina high schools participate in the 2008 Survey of Personal Financial Literacy, a multiple-choice test aimed at determining the financial literacy of high school seniors in South Carolina. Overall, 79 percent of the students failed the test. Only 2.3 percent scored a C or better (or got at least 75 percent of the questions correct). Here’s a breakdown of the data: • 52.3 percent did not know their credit history could be checked once a year for free to determine the accuracy of the report. • 83.2 percent did not know that stocks tend to have the highest growth over periods of time as long as 18 years. • 52.8 percent believed they would owe nothing if their credit card was reported stolen. • 63.2 percent did not know what type of insurance would cover the damage to their car if they caused an accident.

South Carolina CPA Report

Now more than ever, the general public needs to learn how to meet their everyday financial needs and successfully plan for their future. Achieving financial literacy begins in K-12, but it doesn’t stop there. It is a lifelong process that evolves as your life evolves. We may not have the power to change the economy directly, but we do have the power to help improve the financial habits of the people in our community. This is where SCACPA’s Financial Literacy Task Force comes into play.

Introducing: Project GED

This year, the Financial Literacy Task Force is launching Project GED in partnership with the SCACPA Board, the Young CPAs Leadership Cabinet and CPA Ambassadors in our state. SCACPA is committed to seeing that all South Carolinians are financially literate and understand the importance of managing their finances responsibly. Our financial literacy visits are a great way to introduce these important concepts to GED candidates, and contribute to the efforts to improve financial literacy statewide. In addition, the profession is depending on you to inspire bright, talented students to discover the integrity, trust and career diversity that is the CPA profession.

Our Goal

The Financial Literacy Task Force is committed to bringing a presentation to each of the 51 GED programs in South Carolina in 2010. To do that,

SCACPA Financial Literacy Outreach Initiatives we need more than 100 volunteers. Member volunteers will teach a personal finance lesson on money management, budgeting, savings and managing credit. Most presentations last about an hour, and all volunteers receive a presentation toolkit with curriculum guides and visual aids. Each student receives a financial literacy student workbook and other giveaways.

Boundless Need and Opportunities: Are You Ready?

There are numerous ways for you to do your part. You can make presentations at local schools, churches or afterschool programs. Organize Lunch and Learns at your organization or a client’s place of business. If public speaking is not your thing, you can help by circulating literature. One CPA went to a local hospital and gave new moms information about saving for their newborn’s education. Another handed out literature and giveaways at their booth at a community fair. Together we can make positive difference in the lives of others and impact the state of financial literacy in South Carolina. We’re counting on you to help make Project GED a huge success! Contact SCACPA today to volunteer. n

(888) 557-4814 | www.scacpa.org

Board of Accountancy

Legislative Session Update by Mark T. Hobbs, CPA, Vice Chairman, SC Board of Accountancy SCACPA member since 1981

he Board of Accountancy has been working on revising several issues related to changing the Accountancy Law and related regulations. These changes, which are being proposed for the upcoming legislative session, are summarized as follows: 1. Section 40-2-20 of the Accountancy Law will be revised to specifically reference those engagements to be performed in accordance with standards issued by the International Accounting Standards Board. 2. Due to confusion with the renewal process; Section 40-2-250 is to be revised to provide for a stipulation that licenses not renewed before February 1 are considered revoked. Continued practice after January 15 must be sanctioned as unlicensed practice of accounting. Renewal applications between February 15 and March 15 must be accompanied by a reinstatement application and a $500 reinstatement fee. Reinstatement applications received after March 15 will be examined more closely for unlicensed practice during period of revocation. 3. Section 40-2-255 is being changed to provide for a biennial license period to improve the efficiency of the renewal process. The annual CPE report is still required annually, in addition to current information on practice status and peer review. 4. Forty hours of appropriate CPE is required annually, with not more than 20 percent in personal development subjects. A licensee is not required to report CPE in the initial year of licensure.

(888) 557-4814 | www.scacpa.org

5. Regulation 1-05 Firm registration is being changed to read as follows: “A licensee who offers to engage in the practice of accounting on behalf of any person other than an organization in which the licensee is an officer, employee, partner member or principal must apply for registration as a firm or be employed or associated with a registered firm.” 6. Regulation 1-08 is being modified that personal development courses in excess of the 20 percent limit are ineligible for carryover. In addition, self-study programs are being limited to 50 percent (or 20 hours per year), and excess hours are also ineligible for carryover. Also, Lunch and Learn programs must meet the 50-minute instruction time in order to qualify for one hour of credit. Educators can receive up to 10 hours of credit for each three hours of advanced courses taught. Such CPE is limited to 25 percent (or 10 hours per year). 7. Regulation 1-10 is being added, which states that a licensee or permit holder shall not employ or associate, directly or indirectly, a person whose license is revoked or suspended by the South Carolina Board of Accountancy or by any Board of Accountancy from any jurisdiction. Violation of this regulation subjects the licensee or permit holder to discipline by the Board. An additional change to Section 402-565, which is really to correct an oversight in the current accountancy law, is a provision to allow an Accounting Practitioner whose license has lapsed or has been inactive for fewer than three years to be reinstated by applying to the board, submitting proof of completing 40 hours of CPE

South Carolina Department of Labor, Licensing and Regulation BOARD OF ACCOUNTANCY (803) 896-4770 www.llr.state.sc.us/pol/accountancy

for each year the license has lapsed or has been inactive, and paying the reinstatement fee. In addition to these proposed changes, you should also be aware that during the 2009 Legislative Session, the General Assembly took accumulated fund balance (or net assets) from the Department of Labor Licensing and Regulation, which is the umbrella organization which the Board of Accountancy operates. As you are aware, the Board is funded by license fees from you. These fees are intended to be used to assist in the regulation of the Accountancy profession in South Carolina. The exact amount of these funds removed from our Board is not available as of this time. This assessment or withdrawal was opposed by the administration at LLR. Our Board members did not take an official vote, but most if not all supported the LLR position. This type of activity makes a strong case that our Board needs to be independent from the perils of politics in order to best serve the citizens of South Carolina. n Mark Hobbs, CPA is the managing partner of The Hobbs Group, PA in Columbia. A past president of SCACPA, Mark currently serves on SCACPA’s Nominating and Investment Committees as well as the Long Range Planning Task Force. He may be reached at mark@hobbscpa.com. South Carolina CPA Report

FEATURE

AICPA Council Fall 2009 Meeting Report by J. Patr ick “Pat ” M cD er mott, CPA SC ACPA memb e r since 1982

irst let me express my gratitude to the SCACPA Board of Directors, and ultimately the membership of SCACPA, for the confidence you have placed in me to serve as your elected member to the AICPA Governing Council for the next three years. I will do everything within my power to perform to the level that you have come to expect from Carroll Webster’s service over the last six years. The fall 2009 meeting of the AICPA Council was held in Las Vegas in October. It began with a new member orientation session, attended by SCACPA (then) president-elect Eddie Brown and me. Over the next two days, we heard from many informative speakers on various topics affecting the accounting profession. Major issues discussed were the continuing effects of the recession on the economy and profession, and the adoption of International Financial Reporting Standards by the U.S. With increased importance, sustainability is beginning to have a greater effect on all aspects of our lives. If you have not yet been impacted by your workplace “going green,” expect to see it in the near future. Many things continue to happen in Washington in the midst of the health care debate. Also, the AICPA continues to reap many benefits from the “Feed The Pig” financial literacy initiative. We were praised as being four years ahead of the curve in the economic uncertainty and financial literacy crisis.

South Carolina CPA Report

Major issues discussed were the continuing effects of the recession on the economy and profession, and the adoption of International Financial Reporting Standards by the U.S. Tom Sadler, Chairman of the National Association of State Boards of Accountancy (NASBA), reported on their general support of IFRS, but feels the effort is moving too fast and should be slowed down. He feels the United States should not relinquish our sovereignty in standard setting. In addition, NASBA continues the process of getting the Accountant Licensee Database (ALD) up and running in 21 states (including South Carolina), and 17 more are under development. ALD is the informational database of licensed CPAs enrolled under Peer Review, and allows states to cross-check any peer review issues from another state’s data. AICPA President Barry Melancon gave his always informative Professional Issues Update. He

shared a number of regulatory issues, namely the following: Hopeful passage of the House Financial Services Committee’s version of the Consumer Financial Protection Act (CFPA), where Chairman Barney Frank has inserted language to allow an exemption to CPAs for “traditional accounting services” (if financial products are sold, then no exemption would be granted—i.e., Refund Anticipation Loans or securities, etc). I am happy to report that this legislation was voted out of the House Committee on Thursday, October 22. FTC Red Flag Rules, which apply to any business that grants credit and would require a written identity theft protection plan. This issue is separate and apart from CFPA. International Financial Reporting Standards transition, which needs a certain date for planning and work plans, funding for International Accounting Standards Board and a solution for small company financial reporting (Canada and UK recognize this need). Tax Preparer Registration. The IRS is considering requiring “unlicensed” preparers to register, due to abuse in Earned Income Credit and Refund Anticipation Loans areas. On the table is a potential requirement for all preparers to register with the IRS,

(888) 557-4814 | www.scacpa.org

take CPE, take an exam and receive a certificate. We are concerned that this “certification” may elevate some unlicensed accountants to a higher stature than they would be entitled. Mobility has passed in 43 states. One is pending the governor’s signature (MA); six were in process to pass by the end of 2009, and two are set for 2010 legislation (HI and AK). With regard to the economy, Melancon reported that past recessions have rebounded from small businesses, and said that this recession is likely to end due to small businesses as well. Revisions to Compilations and Reviews standards were exposed in April 2009. Over 180 responses have been received to date. The committee is currently evaluating the responses and comments, but is in no hurry to rush a solution. All CPE publications are being revised for the FASB codification citations. In the area of technology, a new Web site is scheduled to debut in April 2010. It is a complete re-write of 20,000 pages of information. Look for the new AICPA.org in April. Also, new CPE delivery options are being explored. With regard to the “pipeline,” 2009 saw 66,000 degrees in Accounting (a 3.5 percent increase over 20062007). This is an all-time high for the profession. Now the issue is no jobs for candidates. AICPA’s Accounting Doctoral Program (ADP) has commitments for $17,000,000 in funding over next several years. The first class has 29 candidates (including one at USC). This initiative is the solution to get more Ph.D. candidates back on campuses to teach the record enrollments.

(888) 557-4814 | www.scacpa.org

The CPA Exam. In July 2009, the one millionth exam was administered. AICPA is now working on a long-term contract with NASBA and Prometrics to replace the current one expiring in 2012. We had Round Table Discussions on the need for Private Company Financial Reporting. When asked to rate our level of support for private company and not-for-profit having different recognition, measurement and disclosure than public companies, over 80 percent in attendance gave the issue a rating of Strongly Agree (5) on a one to five scale. Also, more than 95 percent gave a rating of four or more. When asked if it was worthy of major exploration and AICPA leadership, the response was an overwhelming “Yes, definitely.” We were asked to list the pros and cons of a PCFR solution, and felt that AICPA was the one most in position to decide this issue. We also felt the cost of not acting could be immeasurable. Cons included the cost to setup a second set of standards as well as the issues of training. The staff and Board will decide what avenue to take based on this feedback.

We received reports from the Taxation Committee, Private Companies Practice Section and Benevolent Funds. Reports on AICPA Operating results for 2009 were presented and approved, and we received and accepted the 2009 Audit Report and approved the auditors for 2010. We also elected new Chairman Bob Harris from Florida and Vice Chair Paul Stahlin, a banker from New Jersey. n Pat McDermott, CPA, is CFO of The Beach Company in Charleston and has been an active SCACPA and AICPA volunteer leader for nearly 20 years. Prior to his election as AICPA Council Representative last year, Pat served as President of SCACPA in 2008 and is a past president of the Coastal Chapter. He has served on numerous SCACPA committees including the Political Action Committee, Web site Task Force, Nominating Committee, Legislative and Advocacy Committee, Finance Committee and Awards Task Force. He is also a CPA Ambassador and Key Person Contact.

Auditor Malpractice Issues Litigation Consulting/ Representation

Peer Reviews & Inspections Over 425 System Reviews Conducted Nationwide

John F. Hamilton, CMA, CPA Direct (803) 608-8066 or Johnfh@a o l . c o m

South Carolina CPA Report

FEATURE

Profesional Issues Update Wrap-Up

CACPA’s popular Professional Issues Update series. Here is just a sample of statistics and feedback gained from our survey responders. If you’ve yet to attend one of these informative and entertaining sessions, put it on your To Do list in 2010. This year’s dates and locations will be announced soon—stay tuned for details!

BY THE NUMBERS 9 Cities • 18.65% Of Members Reached Over the Series • 707 Registrants • 2,828 Hours of CPE Provided • 165 Survey Responders

What Did You Learn In Today's Program?

What Should Be SCACPA’s Biggest Priority?

• An overview of what is going on in the accounting profession, an update on International tax and lots of information about social media. • Exposed to XBRL, IFRS, AICPA Reliability Project, international issues, Facebook, Linkedin and Twitter. • Facebook is not a fad. • That I probably need to learn XBRL! And more about IASB and social networking. • I found the foreign investments information very useful. • How some headlines tie to CPAs in ways I hadn’t considered. • This is the first seminar that showed how Facebook can work for a business and be an integral part of an organization. • It was just the right mix of legislative updates, international tax spotlights and a very informative session of how to attract new business with social networking. • SCACPA membership is a good investment.

• Providing support to our members and acting as liaisons. • Advocate with legislature for bills which adversely affect the profession. • Be the public eyes, ears, and voice of the CPA profession in SC. • Board of Accountancy issues, Federal/state legislative issues, CPE, public relations. • Continue our voice and influence in establishing new regulations. • Developing leadership by young CPAs. • Educating CPAs in the state and keeping the integrity of the CPA designation. • Financial literacy and continuing education. • Keeping members informed of pending tax and accounting matters legislation and changes. • SCACPA’s biggest priority should be to aid in increasing the knowledge and ethics of its members. If each individual CPA lives up to our code of ethics and has the knowledge to assist clients with business decisions, deliver accurate tax returns, or accurate financials and audits, then we all benefit as a profession.

South Carolina CPA Report

How Does SCACPA Make A Difference For You? • Provides local and regional CPE; a forum to voice opinions and concerns; opportunities to contribute by volunteering; and keeps me abreast of South Carolina accounting and reporting issues. • Acts as a very strong liaison between the SCDOR and legislature and our profession. • Affordable CPE. • Connection with others in the profession. • Creates a strong public voice for all CPAs. • Keeps me informed on new items happening within the financial community. • Keeps me abreast of what is happening nationally and globally, and what is on those horizons. • Keep me informed about current issues that affect the profession. They are a “go-to” resource for me for questions or issues I may have.

(888) 557-4814 | www.scacpa.org

FEATURE

SCACPA Young CPAs Leadership Cabinet Completes Inaugural Year Welcome to Seven New Members

he SCACPA Young CPAs Leadership Cabinet completed its first year with a long list of achievements and longer list of projects planned for 2010. Under the leadership of Chair Amanda S. Colgate, CPA, the Cabinet worked toward its mission: to increase membership and participation in the Association by providing young CPAs with networking and leadership development opportunities; to enhance the value of Association membership for young members; to inform the Association leadership about issues important to its young members; and to develop future leaders of the Association, the profession and the community. The 2009 Executive Committee provided tireless leadership of the Cabinet: Board Liaison and Vice Chair, CPE: Robert M. Tilton, CPA, WebsterRogers LLP, Florence; Vice Chair: Professional Relations: Arthur "Art" R. Tompkins, CPA, MBA, Upstate Financial Accounting Services, Easley; Vice Chair, Promotions: Stacy F. Smith, CPA, South Carolina Manufacturing Exchange Partnership, Columbia and Vice Chair, Community Involvement: Georgette R. Timmons, CPA, Burroughs & Chapin Company, Inc., Myrtle Beach.

Ready To Get Involved? Save These Dates! April 26, 1-5 p.m. (YCC0426): The Perfect Workday Workshop with Mike Collins (see page 18 for full preview) April 26, 5:30-7:30 p.m. (YCC0426): Young CPAs and Young Professionals Meet Up at the Sheraton Downtown Hotel Columbia (1400 Main Street) April 28, 12-1:30 p.m. (LD042810): CPA Day at the State House Luncheon and New CPA Oath Ceremony. Join SCACPA, the South Carolina Board of Accountancy and the Cabinet in welcoming the profession’s newest members for a special event on the State House lawn. (888) 557-4814 | www.scacpa.org

September 23-24: Emerging Leaders Conference in Charleston (YCCELC). Join the Cabinet for this firsttime conference, planned by young CPAs for young CPAs. Unique networking and service opportunities will be part of the conference schedule.

Today’s Young CPA = Tomorrow’s Leader CABINET 2010 EXECUTIVE CABINET CLASS OF 2009-2010 COMMITTEE Benjamin Cartwright, CPA Katherine L. "Leigh" Schaefers, CPA Peter “Pete” L. Chrobak, CPA Chair Rodney “Rod” Dooley Jr. Georgette R. Timmons, CPA Bryan C. Dubis, CPA Vice Chair – Community Outreach Jennifer S. Floyd, CPA Bryan C. Dubis, CPA Ryan D. Foster, CPA Vice Chair – CPE Howard “Howie” Houston, CPA Jennifer S. Floyd, CPA Vice Chair – Professional Relations Kayce A. Hughes, CPA & Social Activities Dewayne E. Kaufholz Jr., CPA Amanda B. Koehler, CPA Vice Chair – Promotions & Publicity

Amanda B. Koehler, CPA

Robert M. Tilton, CPA SCACPA Board Liaison

James “Jamie” M. Lopez, CPA

Richard T. Livingston, CPA Katherine L. “Leigh” Schaefers, CPA Gretchen L. Taylor, CPA

CABINET CLASS OF 2010-2011

Georgette R. Timmons, CPA

Roxanne R. Caldwell, CPA, MPA

Marcus D. Tomlinson, CPA

Kirby L. Coker, CPA

Arthur “Art” R. Tompkins, CPA, MBA

Cory Ouellette, CPA Joy H. Rollins, CPA David R. Rosenberg, CPA William A. “Ashley” Thiem, CPA

December 31: Cabinet Class of 2011-2012 Application Deadline

Maria E. Walls, CPA

Staff contact: Katherine Swartz, CAE

CABINET FOUNDING MEMBERS Amanda S. Colgate, CPA Stacy F. Smith, CPA Robert M. Tilton, CPA

South Carolina CPA Report

Member News Baldwin M. Grimsley Colgate Luttrell Mack A. Grimsley

South Carolina CPA Report

Focus On Membership

Six South Carolina CPAs Receive Statewide Recognition for Their Service SCACPA recently recognized six CPAs for their achievements in the profession and their communities. “We are pleased to honor these CPAs for their outstanding achievements,” said SCACPA Executive Director Erin P. Hardwick, CAE. “The SCACPA awards program is longstanding, since 1957, and these recipients join a long list of professionals who exemplify the spirit of volunteerism and service for the greater good.” The Association’s highest honor and most prestigious award, the Service to the Profession Award, pays tribute to a member whose public service, professional conduct, time and effort have contributed significantly to the advancement of the profession of accounting. Robert M. Baldwin, CPA, PES, AEP of Charleston, with Baldwin & Associates, LLC, is the recipient of the 2009 Service to the Profession Award. Bob has been actively involved with SCACPA for 28 years and has served as president of the Board of Directors, chairman of the Taxation Task Force, and many other important committees serving the profession. Bob was recently appointed by the governor to serve on the state Board of Accountancy. In his community, he serves in leadership roles for the Charleston Library Society, Boy Scouts of America and the Disabilities Foundation of Charleston County. The 2009 President’s Award recipient is Malynda M. Grimsley, CPA of Columbia, with The Hobbs Group, PA. This honor is given by the board president in recognition of significant contributions to SCACPA. A graduate of Clemson University, Malynda began her career serving as an internal auditor for Blue Cross Blue Shield and First Citizens Bank before joining The Hobbs Group, where she is currently a shareholder. She is an active member of the Columbia Clemson Club, the SC Homebuilders Association and serves as treasurer of Women of the Church for Sentinel AR Presbyterian Church. Previously serving as president of SCACPA’s Central Chapter and a member of the SCACPA

board, Malynda is an invaluable asset to the Association. She has served on a number of statewide committees and has chaired the SCACPA Membership & Benefits Committee. A new award established this year, the Young CPA Award, honors a young professional who displays exceptional leadership qualities throughout the community, their profession and SCACPA. Amanda S. Colgate, CPA of Columbia, with Godshall & Colgate, LLC, is the 2009 recipient of the Young CPA Award. Amanda’s accomplishments are plentiful and particularly impressive for a CPA less than 30 years of age. She graduated Agnes Scott College with a Bachelor of Arts Degree and USC Honors College with Bachelor of Science Degree. Amanda began her career as an intern at Merrill Lynch in 2001, moving to the USC Visitor Center as an Ambassador in 2002, a staff accountant at Ernst & Young, LLP in 2005 and is currently a partner of Godshall & Colgate. She is actively involved with the SCACPA Young CPAs Leadership Cabinet and various community organizations. Roger F. Luttrell, CPA, MBA with Converse College in Spartanburg, is the 2009 recipient of the Outstanding Educator of the Year Award. This award recognizes a full-time accounting professor distinguished for excellence in the classroom, motivating students and educational innovation. Roger began teaching at Converse College in 1985, where he served on numerous committees and positions including the Faculty Administrative Advisory Committee, the Undergraduate Admissions Committee and the Director of Business Education Department. He currently serves as Chair of the Economics, Accounting and Business Department and acts as freshman and major advisor at Converse. Roger has contributed to professional society for CPAs in numerous capacities, including serving on the Continuing Professional Education, the Membership Require Task Force and the Technical Standards Committee. An active member of the Foothills chapter, he actively promotes the annual chapter student night.

(888) 557-4814 | www.scacpa.org

Member News The Outstanding CPA in Business and Industry award is based on the nominee’s business achievements, contributions to the growth and enhancement of the profession and public service involvement. Larry B. Mack, CPA of Columbia, with Haynsworth, Sinkler Boyd, PA, is the 2009 recipient. Larry began his career at Ernst & Ernst and moved to Colonial Life, where he progressed from accounting to assistant vice-president of treasury. Currently Chief Operating Officer with Haynsworth, Sinkler Boyd, PA, Larry is actively involved with the St. Andrews Kiwanis Club, the American Bar Association’s Law Practice Management Core Finance Group, Association of Legal Administrators SC Chapter Board and the Association of Legal Administrators. Alan F. Grimsley, CPA of Columbia, with Derrick Stubbs and Stith, LLP, is the recipient of the 2009 Public Service Award. The mark of a true professional is devotion to the public good. An outward indication is the many hours South Carolina CPAs give to their communities, over and above their working hours. Each year, SCACPA recognizes a member who has reached high achievement in public service and made significant contributions to their local community. As an active partner with Derrick Stubbs and Stith, LLP, Alan finds time to devote at least six hours a week of community service. He is involved with many community organizations including, but not limited to the Richland Sertoma Club, the USC Alumni Association of Richland & Lexington Counties and Lake Murray Presbyterian Church.

Focus On Membership

New Lifetime Members for 2010

Lifetime membership is awarded upon 30 years of continuous membership to members ages 68 and older. John S. Adkins, CPA Pierce W. Cantey, CPA William S. Elder, CPA Mitchell R. Fischbein, CPA Hoke S. Greiner, CPA Kenneth S. Higgenbotham, CPA Morgan L. Lariscy, CPA Herbert B. McGuire Jr., CPA Jerald E. Power, CPA Ernest G. Shealy Jr., CPA David R. Smith, CPA Charles H. Taylor, CPA

In the Community

Amanda Colgate, CPA and Amanda Koehler, CPA recently spoke to a Richland Northeast High School class about careers in accounting and financial literacy. Ben Cunningham, CPA participated in career day and spoke to a class at Pelion High School about careers in accounting. Larry G. Tuttle, CPA spoke to a high school class in Myrtle Beach about careers in accounting. The Piedmont Chapter of SCACPA collected donations for Meals on Wheels of Greenville County at its Fourth Annual Holiday Luncheon.

Member Achievements

Joseph T. Argo, CPA is now partner with Greene and Company, LLP in Anderson. Boyd O. Baker, CPA, Delma L. Bradshaw, CPA, ABV, CFF and Andrew F. Foth, CPA are now partners with Bradshaw Gordon & Clinkscales, LLC in Greenville.

(888) 557-4814 | www.scacpa.org

Brian D. Gilreath, CPA is now director of new business development with TIAA-CREF Trust Company, FSB. Harry A. Huntley, CPA has been named executive director of the S.C. Jobs—Economic Development Authority. Having served as the elected auditor of Richland County from 1989 to 2007, Huntley is currently the executive director of Invest SC Inc., the designated investor group for the S.C. Venture Capital Authority. He is a University of South Carolina graduate and a married father of four children.

Retirements

Milton E. Futch Sr., CPA of Statesboro, GA Loyd L. Hansen, CPA of Greenville J. C. Hincher, CPA, MA of Beaufort Sharon E. Hinnant, CPA of Charleston Paul D. Lister, CPA, Lister, Jeter & Lloyd CPAs, LLC of Greer Fred R. Seale, CPA of Florence

Member Moves

Cathy A. Archer, CPA has joined King & Godbold in Myrtle Beach. Jennifer J. Austin, CPA has joined Cline Brandt Kochenower & Co., PA in Gaffney. Nancy S. Billard has joined Robert Bosch Corporation in Charleston. Lauren Burgess has joined Elliott Davis, LLC in Columbia. Ann F. Clemente, CPA is now with Wilson & Quirk, LLC in Charleston. continued next page South Carolina CPA Report

Member News Member Moves, con’t

Focus On Membership

Jean H. Covington, CPA is now with Loughrea Management in Aiken.

Melissa A. Kiddy, CPA has joined McCay, Kiddy & Associates, LLC in Mount Pleasant.

Benjamin G. Newton, CPA has joined Legare Bailey and Hinske, LLC in Mount Pleasant.

Hope M. Davis, CPA, MAcc, CMA is now with Omnisource Southeast, LLC in Lyman.

Jami H. Kiger, CPA has joined HG&A Associates, P.C. in Knoxville, Tennessee.

Kristin L. Proffitt has joined Elliott Davis, LLC in Columbia.

Mical E. Embler, CPA has joined Stokes & Bales, CPAs in Greenville.

Jade L. Knapp, CPA has joined The Dictionary Project in Charleston.

Susan D. Hanna, CPA is now with the University of South Carolina in the Board of Trustees’ Office.

Maura M. Langley, CPA has joined Centerplate in Spartanburg.

Ronnie E. Head Jr., CPA is now with BCI Lending in Columbia. Christopher M. Hemmings, CPA is now with GreenWood, Inc. in Greenville.

Derek M. Lewis, CPA of Mount Pleasant is now with Cummings Wealth Management Group, formerly Lighthouse Financial of Charleston. Amanda K. Molbert, CPA has joined 3D Systems Corporation in Rock Hill.

Jeffrey T. Highsmith, CPA is now with McKinley Cooper & Co., LLP in Greenville.

Jolinda B. More, CPA Greenville Hospital Systems in Greenville.

Jamin M. Hujik, CPA has joined Carolina Financial Corporation in Charleston.

Lester L. Moulder, CPA, MBA has joined Dorchester County in St. George.

Anne P. Johnston, CPA has joined Laurens Properties, Inc. dba Helen Adams Realty in Charlotte.

J. D. Myers, CPA has joined Hill & Jordan, LLC, CPAs in Darlington.

Caron D. Jones has joined SwaimBrown, PA in Spartanburg.

Erica L. Nanke, CPA, MAcc has joined Dixon Hughes, PLLC in Charleston.

Angela B. Kelly, CPA has joined TireCenters, LLC in Duncan.

Mathew A. Nesbett, CPA has joined IH Services in Greenville.

R. S. “Steve” Robins, CPA has joined Mt. Airy Baptist Church in Easley. John W. Robinson Jr., CPA and Teresa A. Infante, CPA have joined Gosnell Menard Robinson & Infante CPA in Spartanburg. Mary Kate M. Rollings, CPA has joined Elliott Davis, LLC in Greenville. Elizabeth S. Roof, CPA has joined Derrick, Stubbs and Stith, LLP in Columbia. Stacy F. Smith, CPA has joined the South Carolina Manufacturing Extension Partnership in Columbia. Robin T. Snellgrove,CPA is now with Force Protection Industries, Inc. in Ladson. Richard A. Strauss, CPA has joined Venture Resorts, Inc. in Columbia. David F. Vick, CPA is now with TAD Accounting in Mount Pleasant. Cheryl L. Waddell, CPA is now with Charleston Day School. Sharon Walden is the new healthcare consulting manager with Derrick, Stubbs & Stith, LLP. Her specialty areas include cardiology, OBGYN, orthopaedics, podiatry, general surgery, internal medicine, ENT, family practice and assisted living facilities. Sharon is an alumna of Louisiana State University with more than 26 years of experience in the healthcare field, primarily in hospitals and medical practices.

South Carolina CPA Report

(888) 557-4814 | www.scacpa.org

Member News

Focus On Membership

A member of AAPC (American Academy of Professional Coders), MGMA, HFMA, SCMGMA (past president), she also serves as treasurer for the Dickerson Center for Children and Claude A. Taylor Elementary PTA.

Melanie C. Hill, CPA, CMI, MPAcc, FLMI has opened Outsource SALT, LLC in Greenville.

Maggie M. Weber, CPA has joined Ouzts Ouzts and Varn, PC in Columbia.

Nichole V. Hinske, CPA and Kathleen W. Clarey, CPA, MS have opened Hinske & Clarey, LLC in Charleston.

Joseph A. Hinske, CPA has joined the firm of Legare Bailey and Hinske, LLC in Mount Pleasant.

Jerry F. Wells Jr., CPA, MBA is now with Inmed Diagnostic Services, LLC in Columbia.

Jackson Pace Gravesen, CPAs, PA of Charleston recently restructured.

Carol F. Williams, CPA is now with Executive Accounting Solutions in Rock Hill.

Jarrard, Nowell & Russell, LLC, opened a second office in Summerville.

Sylvia C. Wood Amaya, CPA has joined Roper St. Francis Healthcare in Charleston.

Anna T. Locke, CPA has opened A.T. LOCKE, PC in Greenville.

Elizabeth L. Woody, CPA has joined Moody CPAs & Advisors, LLC in Mount Pleasant.

Firm News

James M. Lopez, CPA has opened James M. Lopez CPA, LLC in Summerville. McDade and Adams, CPAs, PA of Forth Mill changed partners.

Brandy H. Amidon, CPA opened Brandy Amidon, CPA, LLC in Travelerâ&#x20AC;&#x2122;s Rest.

Frank McGuire,CPA has opened Frank McGuire, CPA in Bluffton.

Kenneth G. Copans, CPA has opened KGC & Associates, CPAs, PC in Newburgh, NY.

William A. Thiem, CPA and John B. McCutcheon III, CPA have opened Thiem & McCutcheon, CPAs, PA in Charleston, with David E. Thiem, CPA.

Derrick, Stubbs & Stith, LLP has formed a strategic alliance with Core Advisors, Ltd. to provide longterm financial planning and wealth management services. Gosnell Menard Robinson & Infante CPAs, PA of Spartanburg recently changed partners. Roger W. Harrelson, CPA MBA, CCM has opened Roger W. Harrelson, CPA, LLC in Columbia.

(888) 557-4814 | www.scacpa.org

Church and served on several boards and foundations in Greenville, S.C. She was also involved in many other activities. Surviving are her husband, Samuel P. Lewis; her sister and brother-in-law, Mary Jane and Frank Rockas of Ft. Myers, Fla.; and two brothers and sisters-in-law, Charles and Norma Frederick and William and Jackie Frederick, all of Fort Wayne. In lieu of flowers, memorials may be made to United Ministries, 503 Vardry Street, Greenville, SC 29601, or a charity of donorâ&#x20AC;&#x2122;s choice. Arrangements by The Mackey Mortuary, Greenville, S.C. Frank William Ruddy, 57, of Mount Pleasant, an accountant and founding partner of Hyland, Ruddy, and Garbett Accounting Firm, passed away September 2, 2009. Teresa L. Stephenson passed away in 2009. (At time of printing SCACPA could not locate an obituary announcement.)

Submit your news, moves, community activities and achievements for the next CPA Report! Staff contact: Katherine Swartz, CAE

Condolences

Martha Ann Frederick Lewis, died Wednesday, August 5, 2009. Born in Reading, Pa., the daughter of the late George and Lucille (Curie) Frederick, she graduated from the University of Utah in 1982 and was a CPA for Bradshaw, Gordon, Clinkscales, LLC. She became licensed and joined SCACPA in 1987. She was a member of Buncombe Street United Methodist

South Carolina CPA Report

WELCOME NEW MEMBERS Focus On Membership APPLICATIONS FOR REINSTATEMENT

FELLOW MEMBER

AFFILIATE MEMBER / NON-CPA

Rita H. Adams, CPA Greene Finney & Horton, LLP Mauldin, SC

Darla Iseman Solomon & Hardwick, LLC Charleston, SC ASSOCIATE Leslie W. Knight, CPA Ernst & Young, LLP Dallas, TX Daniel R. Robertson, CPA Comporium Communications Rock Hill, SC John V. Stelmack, CPA Communications Plus Toccoa, GA Robert B. Such, CPA Greer, SC

CPA CANDIDATE

Benjamin P. Kight McGregor & Company, LLP* Columbia, SC Michael B. McLeod Henderson & Associates Columbia, SC Magen Starnes Scott McElveen, LLP* Columbia, SC Alan J. Taylor, MAcc Greenville, SC Carla A. Walker William Levan Byrd, CPA, PC Sumter, SC

FELLOW - GOVERNMENT

Joy H. Gunter, CPA SC Budget & Control Board Columbia, SC Bonnie C. Martin, CPA SC Department of Juvenile Justice Columbia, SC Sherri D. Mathews-Hazel, CPA Richland County School District One Columbia, SC Melody B. Taylor, CPA CIA Trident Technical College Charleston, SC

South Carolina CPA Report

JoAnn P. Adams, CPA Seneca, SC

Barry L. Altman, CPA Barry Altman, CPA, PC Fort Mill, SC Elia C. Andino, CPA Elia Andino, CPA, LLC Taylors, SC Cathy A. Archer, CPA King & Godbold Myrtle Beach, SC Mary F. Arnette, CPA Cannon Memorial Hospital Pickens, SC Dennis P. Baars, CPA Dennis P. Baars, CPA Charleston, SC Tara J. Bachkosky, CPA, CIA, MBA SCANA Cayce, SC Elizabeth A. Bagwell, CPA Ernst & Young, LLP Greenville, SC Steven B. Barnette, CPA Ernst & Young, LLP Greenville, SC James C. Barras, CPA Ernst & Young, LLP Greenville, SC Nancy S. Billard, CPA Robert Bosch Corporation Charleston, SC Roselle L. Bonnoitt, CPA Cherry Bekaert & Holland, LLP* Greenville, SC

Jeroldine L. Clark, CPA Greenville, SC Sarah E. Courtney, CPA Ernst & Young, LLP Greenville, SC Harry A. Davis, CPA Columbia, SC Andrea D. Demetrio, CPA Ernst & Young, LLP Greenville, SC Fred A. Drulard, CPA First Federal of Charleston Charleston, SC Susan D. Eidson, CPA Fred J. Adams, CPA Greenville, SC Gale A. Fennell, CPA Dixon Hughes, PLLC* Charleston, SC Matthew T. Foreman, CPA, MBA Ernst & Young, LLP Greenville, SC Graham A. Gage, CPA Ernst & Young, LLP Greenville, SC George L. Garmendia, CPA George L. Garmendia, CPA Mount Pleasant, SC John E. Gibson Jr., CPA Elliott Davis, LLC* Augusta, GA Michael J. Gilreath, CPA Grant Thornton, LLP Charlotte, NC David D. Greene, CPA Ernst & Young, LLP Greenville, SC Joan G. Guthrie, CPA Greer, SC

Gwynn B. Brabham, CPA Greer, SC

Larry D. Hall, CPA Sourcelink Greenville, SC

George H. Brock, CPA Milnor and Brock Greenville, SC

Michelle E. Hart, CPA Ernst & Young, LLP Greenville, SC

Keith D. Burton, CPA AbitibiBowater ncorporated Greenville, SC

Gayla M. Heinrich, CPA Giant Cement Summerville, SC

A. Wayne Christy, CPA Christy & Associates Benefit Solutions, LLC Greenville, SC

James A. Hilbert, CPA Optima Health Virginia Beach, VA

Kelly E. Holder, CPA Hampshire Group, Limited Anderson, SC Kimberly D. Huffman, CPA University of South Carolina USC Foundations Columbia, SC Terry R. Huggins, CPA MAcc Ernst & Young, LLP Greenville, SC

Jamin D. McCallum, CPA Ridgeway, SC Patricia M. McDonald Stanley S. Sessler III, CPA, LLC Columbia, SC Eric A. McDonald, CPA Spartanburg Methodist College Spartanburg, SC

Tracey M. Jacob, CPA Irmo, SC

Lisa D. McKiernan, CPA Jerry T. Saad, CPA, PA Greenville, SC

Christine S. Jarman, CPA WebsterRogers LLP* Charleston, SC

Clark B. Parker, CPA Clark B. Parker, CPA, PA Myrtle Beach, SC

Thomas R. Kassekert, CPA Bauknight Pietras & Stormer, PA* Columbia, SC

Shannon E. Perry, CPA SCANA Cayce, SC

Barbara Kelley, CPA Barbara Kelley, CPA Irmo, SC Edward N. Khoury Jr., CPA Edward N. Khoury Jr., CPA North Myrtle Beach, SC Lauri L. Klugh, CPA Suggs Johnson, LLC Anderson, SC Eugenia H. Kornegay, CPA Greene Finney & Horton, LLP North Charleston, SC Stephanie J. Kuchle, CPA Blumer & Associates, CPAs, PC Greenville, SC Jeffrey S. Ledford, CPA Ernst & Young, LLP Charlotte, NC Linda M. Lee-Honer, CPA North Charleston, SC Shawn E. Levesque, CPA BDO Seidman, LLP Atlanta, GA Sandra L. Lipe, CPA Taylors, SC Jefferson A. Livingston III, CPA J. Andrew Livingston, III, CPA Johnston, SC Shannon W. Makosiej, CPA Ernst & Young, LLP Greenville, SC

Dennis E. Poole, CPA Dennis E. Poole, CPA Columbia, SC Sarah D. Pope, CPA Hill & Jordan, LLC, CPAs Darlington, SC Brandon T. Powell, CPA Ernst & Young, LLP Greenville, SC Kenneth R. Ringenberg, CPA Ernst & Young, LLP Greenville, SC Foster A. Rodwell, CPA Ernst & Young, LLP Greenville, SC Teresa M. Self, CPA Shannon Forest Christian School Greenville, SC Heather H. Taylor, CPA Ernst & Young, LLP Greenville, SC Diana A. Threatt, CPA Diana A. Threatt, CPA Kershaw, SC Kim G. Tindal, CPA East Richland County Public Service District Columbia, SC Sandra M. Tolly, CPA Suggs Johnson, LLC Anderson, SC Kenneth A. Tracy, CPA, CMI Fluor Corporation Greenville, SC

(888) 557-4814 | www.scacpa.org

Focus On Membership Dawn P. Tullock, CPA The Earthworks Group, Inc. Murrells Inlet, SC

APPLICATIONS FOR MEMBERSHIP

Mark E. Vinson, CPA Mark E. Vinson, CPA, LLC Florence, SC

ACADEMIC AFFILIATE

Cheryl L. Waddell, CPA Charleston Day School Charleston, SC Johnny C. Walker, CPA Johnny C. Walker, CPA St. Matthews, SC Jonathan T. Walker, CPA Ernst & Young, LLP Greenville, SC Tina L. Welton, CPA Irmo, SC Dawn A. Wetherley, CPA Brittingham, Brown, Prince & Hancock, LLC, CPAs West Columbia, SC Betty J. Whitfield, CPA Progressive Healthcare Charleston, SC James L. Wilson Jr., CPA Ernst & Young, LLP Greenville, SC

FELLOW - RETIRED

Anthony A. Callander, CPA Greenville, SC Virginia F. Milam, CPA Greenville, SC

STUDENT

Marilyn E. Dorley Clark Brady and Associates, PA Columbia, SC Erica L. Nanke MACC Dixon Hughes, PLLC* Charleston, SC Kristin L. Proffitt Elliott Davis, LLC Columbia, SC

Ann M. Pletcher MBA, CMA Converse College Spartanburg, SC Kay Shaw Clemson University Clemson, SC Kimberly A. Silver Greenville Technical College Greenville, SC

AFFILIATE

Darlene Addy Moore Beauston & Woodham, LLP, CPAs & Consultants* West Columbia, SC

Jennifer N. Hostetler Moore Beauston & Woodham, LLP, CPAs & Consultants* Hartsville, SC Melissa D. Keown Greene and Company, LLP* Belton, SC Margaret Maiers Christine E. Cassidy, PA Hilton Head Island, SC Rachel D. McClaran Wheeler & Associates, CPA, PC Greenville, SC Timothy F. Mulligan, MBA Cleary & Gill, LLC Greer, SC

Letrender D. Wilson The Hobbs Group, PA Columbia, SC Brenda Witt Burkett, Burkett & Burkett, CPA, PA* West Columbia, SC Irene P. Zimmerman SwaimBrown, PA* Spartanburg, SC

ASSOCIATE

Paul L. Baker, CPA, MBA Greenville, SC Amy H. Bullard, CPA, CIA Ascend Performance Materials Greenwood, SC Debora C. Fikes, CPA Tega Cay, SC

Nicole L. Aherron Bartlett Buie, CPA, PA Myrtle Beach, SC

Rhonda M. Onisto Greene Finney & Horton, LLP Mauldin, SC

Katie Allen McAbee Talbert Halliday & Company* Spartanburg, SC

Gwin C. Poston Legare Bailey and Hinske, LLC Mount Pleasant, SC

Shanna Bass Kirkland, Thomas, Watson & Dyches, LLC* Columbia, SC

Joan M. Roberts Smith, Sapp, Bookhout, Crumpler & Calliham, PA* Myrtle Beach, SC

Sharon Childers SwaimBrown, PA* Spartanburg, SC

Elaine Schultz SwaimBrown, PA* Spartanburg, SC

Pamela M. Cody Coveright Surfaces Blythewood, SC

Allison N. Stacey Clark Brady and Associates, PA Columbia, SC

Candace Gates Derrick, Stubbs and Stith, LLP* Columbia, SC

Elaine Stokes Greene and Company, LLP* Anderson, SC

Joseph A. Johnston, CPA, MBA Mount Pleasant, SC

Cathy Gibson-Fry Baldwin & Associates, LLC* Charleston, SC

Gloria Stone Greene and Company, LLP* Anderson, SC

Dawn M. Graham Clark Brady and Associates, PA Columbia, SC

Ashley Sweeney Jones Pounder & Associates Charleston, SC

Michael R. Jordan,CPA, CMA, CFM, MB AgFirst Farm Credit Bank Columbia, SC

Julia J. Hemphill, PHR Moore Beauston & Woodham, LLP, CPAs & Consultants* Hartsville, SC Karen Hopkins The Hobbs Group, PA Columbia, SC

(888) 557-4814 | www.scacpa.org

Ana Maria Tney Summerville, SC Meg Trentacosta Duncan, Farmer, Munden, McIlrath, & Cobb, PA Myrtle Beach, SC Leslie Westmoreland Bernard N. Ackerman, CPA, PA Rock Hill, SC

Philip Fleishman, CPA PAS Bookkeeping & Tax Prep Inc. Charleston, SC Kevin D. Glover, CPA Myrtle Beach, SC James W. Greyard, CPA Springs Global, Inc. Fort Mill, SC Richard H. Heckard, CPA Rock Hill, SC Therese M. Holmes,CPA MBA Lake Wylie, SC James P. Jacobs, CPA, MBA Daniel Island, SC

Lauren Kendrick, CPA ATS Logistics, Inc. Charleston, SC Rodney Knauf, CPA, MBA, CMA Sonepar Charleston, SC Frances Lambe, CPA WebsterRogers, LLP* Myrtle Beach, SC William R. Lewis CPA William R. Lewis, CPA, PC Lincoln, NE

Robert P. Massa, MBA, CPA Blythewood, SC Christine A. McCarty, CPA Greyrock Management Solutions Love Golf Management Greer, SC Christopher A. Paris, CPA Hilton Head Island, SC Lisa S. Pendergrass, CPA, CMA, MBA Brown & Brown Insurance Spartanburg, SC Gerald D. Puchir, CPA G.D. Purchir, CPA Johns Island, SC Nancy E. Rodney, CPA Techtronic Industries North America Anderson, SC Robert J. Vodzack, CPA, MBA RW Beck Inc. Orlando, FL

CPA CANDIDATE

Nicholas Annan J.W. Hunt & Company, LLP Columbia, SC Robert Avery Camp Moring & Cannon, LLC Columbia, SC Pamela Baker Greene and Company, LLP Anderson, SC Michelle L. Bassett Baldwin & Associates, LLC* Charleston, SC Rod Broady Dixon Hughes PLLC* Greenville, SC Krystal Bunton Elliott Davis, LLC* Columbia, SC Tiffany Catafygiotu Lister, Jeter & Lloyd CPAs, LLC Greer, SC Margaret R. Creech J.W. Hunt & Company, LLP Columbia, SC Wanda J. Diggs, MBA, MAFM, MA Beaufort, SC

continued next page South Carolina CPA Report

WELCOME NEW MEMBERS Focus On Membership Johnathan N. Dowbak Dixon Hughes, PLLC* Spartanburg, SC

Renee Lewis Grant Thornton, LLP Columbia, SC

William Stevens The Hobbs Group, PA Columbia, SC

Kristy L. Fahrenbruck Bartlett Buie, CPA, PA Myrtle Beach, SC

Tiffany M. Mayers CC Dickson Co. Rock Hill, SC

Keon Stevenson Dixon Hughes PLLC* Greenville, SC

Alison L. Fortnum WebsterRogers, LLP* Sumter, SC

Jeffrey M. Sullivan Jefferson C. Morris McGregor & Company, LLP* Baldwin & Associates, LLC* Charleston, SC Orangeburg, SC

Jessica E. Gaskins Sheheen Hancock & Godwin, LLP* Camden, SC

Jessica Moser Bradshaw Gordon & Clinkscales, LLC* Greenville, SC

Brandon S. Thomas PricewaterhouseCoopers, LLP Spartanburg, SC

Brandon W. Grigg McAbee Talbert Halliday & Company* Spartanburg, SC

Adam Neely J.W. Hunt & Company, LLP Columbia, SC

Krista A. Tressler Cherry Bekaert & Holland, LLP* Bluffton, SC

Emily A. Haller Dixon Hughes, PLLC* Charleston, SC Kevin P. Harmon Elliott Davis, LLC* Greenville, SC Michael A. Harrison Cherry Bekaert & Holland, LLP* Bluffton, SC Trevor L. Hartley McGregor & Company, LLP* Columbia, SC Kristina D. Hatfield Elliott Davis, LLC* Myrtle Beach, SC Robert Holloman, MA Sumter, SC Leslie R. Howard Cherry Bekaert & Holland, LLP* Bluffton, SC Carla L. Howell Martha Louise Ramage Lewis, LLC Greenville, SC Markita L. Jones Cherry Bekaert & Holland, LLP* Bluffton, SC Christopher Joy The Hobbs Group, PA Columbia, SC

Elizabeth W. Nichols Dixon Hughes, PLLC* Charleston, SC John M. Nixon Greene and Company, LLP* Anderson, SC Dustin L. Pease WebsterRogers LLP* Summerville, SC Matthew Perdue WebsterRogers LLP* Florence, SC

Fred Varney Luciano Roberts & Kent, LLC Mount Pleasant, SC Brian P. Vaxmonsky Dixon Hughes, PLLC* Charleston, SC Sharon L. Walden Derrick, Stubbs and Stith, LLP* Columbia, SC

South Carolina CPA Report

Catherine B. Boortz, CPA Greer, SC Chadwick N. Bordeaux, CPA, CFE Bordeaux & Bordeaux, CPAs, PA Lake Wylie, SC

Joseph G. Garrison, CPA Dixon Hughes, PLLC* Charleston, SC John F. Georger Jr, CPA, CIA John F. Georger, Jr., CPA Bluffton, SC Charles A. Goessel Jr., CPA Johnstone, Graydon & Thompson, CPAs, PA Greenville, SC Lisa M. Goodlett Regional Medical Center Orangeburg, SC

Jennifer N. Boyer, CPA, MACC Palmetto GBA, LLC Columbia, SC Dara Carrico, CPA CMC Steel South Carolina Cayce, SC Daniel B. Clark, CPA Cherry Bekaert & Holland, LLP* Greenville, SC William S. Clark, CPA Elliott Davis, LLC* Columbia, SC Michael J. Clemmens, CPA Dixon Hughes, PLLC* Charleston, SC

Richard L. Gray, CPA R.L. Gray, CPA Columbia, SC Christian Habeger, CPA Cherry Bekaert & Holland, LLP* Greenville, SC Ruth A. Hall, CPA York, SC Lindsay M. Harrelson, CPA McGregor & Company, LLP* Columbia, SC Megan C. Heindl, CPA Elliott Davis, LLC* Greenville, SC

FELLOW - GOVERNMENT Peggy Maxwell City of Anderson Anderson, SC

Carl R. Conrad, CPA Hawkins Conrad & Co., PLLC Charlotte, NC

Suzanne Quattlebaum J.W. Hunt & Company, LLP Columbia, SC

Lauranne S. Mays, CPA SC Department of Revenue Columbia, SC

Annmarie Corrow, CPA McDonald & Hudson, CPAs Greenville, SC

David M. Herpel, CPA David M. Herpel, CPA Mt. Pleasant, SC

Lacey D. Ridings McAbee Talbert Halliday & Company* Spartanburg, SC

FELLOW MEMBER

Robert A. Curtis, CPA, PFS, MST R A CURTIS CPA, LLC Seneca, SC

William K. Hughey, CPA Kiawah Development Partners, Inc. Charleston, SC

Stephan P. Riley Schmoyer and Company, LLC* Columbia, SC

Jennifer J. Austin, CPA Cline Brandt Kochenower & Co., PA Gaffney, SC

Paul F. Danaher, CPA Paul F. Danaher, CPA Mount Pleasant, SC

Caroline K. Inman, CPA Dixon Hughes PLLC* Greenville, SC

Ryan E. Rowland Dixon Hughes, PLLC* Charleston, SC

Rhonda Bailey, CPA Palmetto Rural Telephone Cooperative, Inc. Walterboro, SC

Jacquelyn D. Davidson, CPA Beaufort, SC

Lori R. Jacobs, CPA Jacobs CPA, LLC Simpsonville, SC

Russell Quattlebaum J.W. Hunt & Company, LLP Columbia, SC

Christopher E. Shoemaker Cherry Bekaert & Holland, LLP* Bluffton, SC

Thomas Anderson Jr., CPA First Palmetto Savings Bank Camden, SC

Jason Bassham, CPA, MPA Florence, SC

Sarah T. Bell, CPA Kerri B. Snipes Elliott Davis, LLC McGregor & Company, LLP* Greenville, SC Erin M. Kelley Columbia, SC Elliott Davis, LLC* Myrtle Beach, SC Nat B. Benson III, CPA, Teri L. Starkey MBA MSA Pelion, SC Amy M. Krainas Insulfab Plastics, Inc. Jeanne F. Morrisette, CPA, PC Spartanburg, SC Surfside Beach, SC

Charles O. Blackmon, CPA, CITP Pegasus Consulting Simpsonville, SC

David B. Dechant, CPA Easley, SC Helen B. Dowbak, CPA Dixon Hughes PLLC* Greenville, SC JoAnn W. Eaddy, CPA Grant Thornton, LLP Columbia, SC Kelley Elders, CPA Dixon Hughes PLLC* Greenville, SC

Amanda D. Herd, CPA Mary Black Foundation, Inc. Spartanburg, SC

Ryan A. Johnson, CPA Wofford College Spartanburg, SC Scott M. Karr, CPA Greenville, SC Tyler M. Keisler, CPA Elliott Davis, LLC Greenville, SC Brandi C. Knight, CPA, MBA Rock Hill, SC

(888) 557-4814 | www.scacpa.org

Focus On Membership David E. Knobeloch, CPA McGregor & Company, LLP* Columbia, SC

Lisa H. Murray, CPA Charleston County North Charleston, SC

C. A. Ward, CPA Mark A. Crosby McKinley Cooper & Co., LLP Chris McCraw, CPA PA Greenville, SC Greenville, SC

Janet Kouten, CPA Elliott Davis, LLC* Greenville, SC

Matthew F. Muse, CPA Dixon Hughes, PLLC* Charleston, SC

Tabatha L. Ward, CPA The Cohen Company Greenville, SC

Brett G. Lanzl, CPA Elliott Davis, LLC* Greenville, SC

James L. Page, CPA Crescent Rescources, LLC Okatie, SC

Kelly E. Wascher, CPA Kelly E. Wascher, CPA Charlotte, NC

Joshua W. Livingston, CPA Companion Property & Casualty Group Columbia, SC

Alex N. Park, CPA Ernst & Young, LLP Greenville, SC

Justin S. Yandle, CPA Dixon Hughes PLLC* Greenville, SC

David L. Parks Jr., CPA David Parks Jr., CPA Murrells Inlet, SC

Karin L. Young, CPA Greer, SC

Holland H. Long, CPA Myrtle Beach, SC Kevin R. Madden, CPA, MBA Greene Finney & Horton, LLP Mauldin, SC Jeffrey L. Mahon, CPA Bradshaw Gordon & Clinkscales, LLC* Greenville, SC Robert W. Majernik, CPA Ford and Crowley, CPA, LLC Mount Pleasant, SC

Ellen L. Patterson, CPA Dixon Hughes, PLLC* Charleston, SC Sabrina E. Preston, CPA Dixon Hughes, PLLC* Greenville, SC Teresa M. Raines, CPA Dixon Hughes, PLLC* Spartanburg, SC Rebekah A. Robertson, CPA Continental American Insurance Compan Columbia, SC

Adam J. Zafiroff, CPA Schmoyer and Company, LLC* Columbia, SC

RETIRED

John R. Grab, CPA John Grab Consulting Fort Mill, SC

STUDENT

Christopher Archer Columbia, SC Philip J. Armstrong Antioch, CA

Ellen V. Makhenzon, CPA Jarrard, Nowell & Russell, LLC Charleston, SC

Martha A. Roblee, CPA, MBA Columbia, SC

Anthony Marable, CPA Marable Financial, LLC Mauldin, SC

Mark L. Schmitt, CPA Mark L. Schmitt, CPA Rock Hill, SC

Dawn J. Mayers, CPA Taylor, Miles & Associates, PA Summerville, SC

Richard W. Sigmon, CPA Bi-Lo, LLC Mauldin, SC

Cheryl L. Bennett, MBA Greg Bennett, CPA, PA Hilton Head Island, SC

Frank McGuire, CPA Frank McGuire, CPA Bluffton, SC

John N. Simon, CPA, MBA Force Protection Industries, Inc Ladson, SC

Lamar Benton Moncks Corner, SC

Kenneth B. Meadows, CPA Greene Finney & Horton, LLP Mauldin, SC

Amanda J. Simpson, CPA Smith Kesler & Company, PA, CPA Spartanburg, SC

Daniel J. Metzel, CPA Charleston, SC

Mark S. Stoudenmire, CPA Pendleton, SC

Patrick R. Moore, CPA Cherry Bekaert & Holland, LLP* Bluffton, SC

John Szczesniak, CPA Pope Smith Brown & King, PA Greenville, SC

Rachel K. Moore, CPA Grant Thornton, LLP Columbia, SC

Maria E. Walls, CPA Cherry Bekaert & Holland, LLP* Bluffton, SC

(888) 557-4814 | www.scacpa.org

Patricia Ballenger Mauldin, SC Joshua B. Baughman Abbeville, SC Danielle N. Bauman Goose Creek, SC

Andrea Boor Columbia, SC Charles R. Boster Newberry, SC Cason Brewer Columbia, SC Lauren Burgess Elliott Davis, LLC* Columbia, SC Jeannette K. Campbell Fort Mill, SC Thomas W. Carr Charleston, SC Amy C. Carraway Kingstree, SC

Zachary W. Little Abbeville, SC Kelly M. Meyers Columbia, SC

Robert L. Crowe Jr. Liberty, SC Allison Currence Bernard N. Ackerman, CPA, PA Rock Hill, SC

Tonia T. Peppers Columbia, SC Dena E. Piper Ladson, SC

Kseniya Davis Summerville, SC

Jacob T. Powell Greenville, SC

David A. Donald Columbia, SC

Maya E. Procinsky Columbia, SC

Lance Duncan Fairfax, SC

Emily M. Rogers Pawleys Island, SC

Annie D. Ellis Columbia, SC

Eric R. Rogers Cayce, SC

Kyle G. Fife Myrtle Beach, SC

Eric W. Rychwa Folly Beach, SC

Brian E. Ford Columbia, SC

Richard A. Sines WebsterRogers LLP* Charleston, SC

Robert J. Fraser Charleston, SC

Jordan D. Smith Clemson, SC

Brittney Fugatt Myrtle Beach, SC

Karl A. Stadelmann Landrum, SC

Cindy Galloway Greenville, SC

James Stryker Philadelphia, PA

Sean M. Garrett Charleston, SC

Bryan A. Thompson Aiken, SC

Samantha K. Geddings Manning, SC

Tammy Thompson Belton, SC

Robert J. Gerth Lexington, SC

Sarah Tollison Edgefield, SC

Tyler K. Gibbons Riser McLaurin & Gibbons, LLP North Charleston, SC

Erin R. Walker Aiken, SC

Brooke Glover-Skinner McCay, Kiddy & Associates, LLC Mount Pleasant, SC Parker D. Harroff Fort Mill, SC James H. Hatcher Atlanta, GA Ashleigh Hogue North Charleston, SC Kurt L. Kuchenbrod Columbia, SC Joseph E. Langley Greenville, SC

Stuart A. Wallace Charleston, SC Deanna Williams Summerville, SC Zach Yereb Charleston, SC Jonathan Zeigler Columbia, SC Xue Zhang Clemson, SC Yidan Zhang Columbia, SC

* An asterisk indicates the firm is part of the SCACPA 100% Membership Program. Staff contact: Katherine Swartz, CAE

South Carolina CPA Report

Member Profile

Focus On Membership

Fellow CPAs Share Love of Running Meet Kent Satterfield and Bratton Fennell by Allison Caldwell

L. Kent Satterfield, CPA, PFS, CFP, CEO, Dixon Hughes PLLC, Greenville SCACPA member since 1980 SCACPA involvement: Board of Directors Hometown: Greer, SC Favorite Book: The Killer Angels by Michael Shaara Favorite Movie: The Godfather

SCACPA serves more than 3,900 members statewide, and we always enjoy hearing about interesting hobbies, notable events and achievements of our members. Two members recently shared news of such an accomplishment—they ran together in the New York City marathon! Read on to learn more, and remember to share your special stories with us. You might find yourself featured in the next issue! WHAT MADE YOU CHOOSE TO BECOME A CPA? KS: I was always interested in business (from my days delivering newspapers growing up) and majored in finance as an undergraduate. I began noticing that advertisements for CFOs and other financial positions in the Wall Street Journal often said “CPA required.” Two of my professors encouraged me to get a Masters in Accountancy versus a MBA, which is what I did. More than 30 years later, I still love the challenge and variety of public accounting. BF: One of my father’s business associates started at Arthur Andersen and suggested that if I really wanted to succeed in business, a CPA background was the way to go. I took his advice.

J. Bratton Fennell, CPA, CFO Burroughs & Chapin Company, Inc., Myrtle Beach SCACPA member since 1989 SCACPA involvement: Board member, Technical Standards Committee, Board Liaison to Members in Industry and the SCACPA BEGIN Campaign. Hometown: Columbia, SC Favorite Book: Lonesome Dove by Larry McMurtry Favorite Movie: Duck Soup

South Carolina CPA Report

WHAT DO YOU BELIEVE ARE THE KEYS TO A SUCCESSFUL CAREER? KS: You must have passion for what you’re doing, be able to communicate and establish strong relationships with people, be a continuous learner, care about your clients and the people you work with, and always tell the truth. BF: • Be a constant learner. Things are always changing, and you must always be working to improve your skills throughout your career. • Help develop those who work for you. Good employees with good judgment are a big key to success. • Stay involved with professional and civic activities outside your workplace. These relationships can be helpful to you in a number of ways.

(888) 557-4814 | www.scacpa.org

Member Profile WHAT DO YOU BELIEVE ARE THE MAJOR CONCERNS OF CPAS TODAY, AND HOW CAN THEY BE ADDRESSED? KS: The “information explosion” makes it more difficult to stay up-todate and ahead of the curve. The 24/7 communication expectations create additional challenges with balancing work and family, which has always been a challenge in our profession. The expanding role of government and the regulatory environment bears watching, although this may turn out to be good for our profession. BF: I believe the CPA model is going to change a lot in the next 20 years. We need to be out in front of the change and be ready to make some compromises that may change much of how we do things. Whatever changes are made to the model, we need to make sure that we maintain our status as a profession with high integrity and professional competence. If we maintain those two core values, I believe we will be successful.

WHAT HAVE YOU ACCOMPLISHED THAT MAKES YOU PROUD TO BE A CPA? KS: I’ve had the opportunity to work with great clients and play a part in helping them achieve their goals, while also working with talented CPAs and helping coach and advise them. I’ve played a part in the career growth, development and success of several of our firm’s partners, which is very gratifying. BF: I am proudest when I have passed some knowledge to an employee, coworker or client. My goal has always been to be a trusted advisor and/or mentor to others.

(888) 557-4814 | www.scacpa.org

Focus On Membership WHOM DO YOU ADMIRE MOST, AND WHY? KS: My late father, who believed that his family was his greatest asset. We knew he meant it by how he lived his life. BF: My father is the person I admired most. While he was a very successful business person, he had compassion for others. He taught me to share my good fortune with others, and that I have a responsibility to act ethically even when it means making a few less dollars.

What advice do you have for young CPAs? KS: Work hard. Finish what you start. Do what you say you’ll do. Say “please” and “thank you.” Have fun.

HOW HAS FOCUSING ON HEALTH AND WELLNESS MADE A DIFFERENCE IN YOUR PERSONAL AND PROFESSIONAL LIFE? KS: Staying fit has been a contributor to my business success. In addition to getting clients and making friends through running, having a higher fitness level increases my energy and I can work at a higher level for a longer period. Since Linda and I met through running, I’d have to say it’s been extremely important to my personal life and happiness! BF: I believe my focus on my health has allowed me to better handle stress, participate in outdoor activities with my children and improve my energy level at work. Overall, I believe my focus on my health helps keep me in a younger frame of mind. n

BF: Have some patience and understand that you will always have a lot to learn.

WHAT MADE YOU DECIDE TO RUN THE NYC MARATHON? KS: My wife Linda and I are avid runners and marathoners. We ran the Boston Marathon last spring, and entered the lottery for New York not expecting to get it. When we both were selected, we knew we had to do it. It was a great experience, and we both were pleased with how we did. BF: I took up running about seven years ago and found that I had some talent for it. I decided to run my first marathon about four years ago. In that race I qualified for the Boston Marathon, which I have now run three times. I run my marathons partly for a focused training schedule and as a social activity. It is amazing what you can learn about someone while talking during a two-hour training run. South Carolina CPA Report

rolina Assoc Ca ia t th

n io

Chapter Connections

South Carolina

CPA

r Ce

tifi

an ts

QUALITY CHAPTER AWARD ed nt Public Accou

2009 Quality Chapter Award Winners

olina

CENTRAL COASTAL FOOTHILLS GRAND STRAND SEA ISLAND

Focus On Membership

2009 Quality Chapter Award Winners

SCACPA’s benefits are extended locally through a network of eight chapters, which are administered by member volunteers. The Association recognizes outstanding achievements of chapters through its Quality Chapter Awards program. Last year, five chapters met the criteria for recognition: • Central (Columbia, Aiken, Orangeburg, Newberry and surrounding areas) • Coastal (Charleston, St. George and surrounding areas) • Foothills (Spartanburg and surrounding areas) • Grand Strand (Myrtle Beach and surrounding areas) • Sea Island (Hilton Head Island, Bluffton, Beaufort and surrounding areas)

Participate in Your Chapter

As a member of SCACPA, you are eligible to join one of SCACPA’s eight regional chapters based on the county in which you live or work. Chapters are an integral part of SCACPA and facilitate networking and educational opportunities throughout the state, tailored to meet your needs. Chapters are: • affiliates of the Association; • a source for nominees for SCACPA membership awards; • a vehicle to develop relationships with area legislators, regulators and other professionals; • important in the recruitment of members; • responsible to the Association’s Board of Directors; and • included in the Association’s annual financial audit. Staff Contact: Sandra Oxner, CMP

Pictured: Members of the Foothills Chapter of SCACPA gathered for the Annual Holiday Bowling Party in December, proceeds benefiting St. Luke’s Free Medical Clinic in Spartanburg.

South Carolina CPA Report

(888) 557-4814 | www.scacpa.org

Chapter Connections 2010 Chapter Officers CATAWBA

President: Suzanne M. Merritt, CPA Bernard N. Ackerman, CPA, PA Treasurer: Glenn E. Savage, CPA Winthrop University Immediate Past President & Board Representative: Beth T. Zamorski, CPA Todd, Bremer & Lawson, Inc.

CENTRAL

President: Amy L. Cain, CPA Vice President: Thomas J. Bryson,CPA Columbia Heart Secretary/Treasurer: Matthew P. Hodges, CPA Burkett, Burkett & Burkett, CPA, PA CPE Coordinator: Russell Quattlebaum J.W. Hunt & Company, LLP

Focus On Membership

Immediate Past President: Sheryl G. McAlister, CPA, CFP WebsterRogers LLP Board Representative: Penny A. Lewis, CPA

FOOTHILLS

PEE DEE

President: Kara S. Shealy, CPA Milliken & Company

President: Bryan L. Rabon, CPA Rabon & Rabon, CPAs, LLC

Immediate Past President: Cara T. Hamilton, CPA Guardian Building Products

Vice President: Cheryl O. Lang, CPA Tindall Corporation

Vice President: Nancy R. Waring, CPA Waring & Associates, CPAs, PA

Board Representative: Philip R. Snipes, CPA Ernst & Young, LLP

Secretary/Treasurer: Joseph Griffin, CPA WebsterRogers LLP

SEA ISLAND

Secretary: Elizabeth F. Rook, CPA PricewaterhouseCoopers, LLP Treasurer: Sheila S. Morgan, CPA McAbee Talbert Halliday & Company CPE Coordinator: Christopher T. Holtzclaw, CPA PricewaterhouseCoopers, LLP

Immediate Past President: Philip A. Betette Jr., CPA McGregor & Company, LLP Board Representative: Michael J. Targia, CPA, CFA Kirkland, Thomas, Watson & Dyches, LLP

Board Representative: Jada C. Wood, CPA McAbee Talbert Halliday & Company

COASTAL

GRAND STRAND

Vice President: Zoe M. Davis, CPA, CFE Secretary/Treasurer: Lyndall W. Dantzler, CPA, MBA Southeastern Management Group, Inc.

(888) 557-4814 | www.scacpa.org

John Szczesniak, CPA Pope Smith Brown & King, PA

Board Representative: John B. Fennell, CPA Burroughs & Chapin Company, Inc.

Immediate Past President: Wendy L. Hancock, CPA, CVA SwaimBrown, PA

President: Richard H. Ett, CPA, CFM, CFP Ett Financial Services, LLC

Immediate Past President: Callie C. Coyne, CPA

President: Amanda T. Hallman, CPA CMAC, Inc. Vice President: Melissa J. Durso, CPA Accurate Accounting, LLC Secretary: Sherri L. Freudiger, CPA Treasurer: Leigh A. Marks, CPA Smith, Sapp, Bookhout, Crumpler & Calliham, PA

Immediate Past President: Charles A. Gatchell, CPA, CVA Gatchell & Page, LLC, CPA's Board Representative: Robert M. Tilton, CPA WebsterRogers LLP

PIEDMONT

President: Melanie C. Hill, CPA, CMI, MPAcc, FLMI Outsource SALT, LLC Vice President: Arthur R. Tompkins, CPA, MBA Upstate Financial Accounting Services Secretary: Benjamin L. Brown PricewaterhouseCoopers, LLP

Teresa J. Williams, CPA Jerry T. Saad, CPA, PA Timothy R. Yoder, CPA RBC Insurance

President: Patrick P. Carey Jr., CPA Carey & Company, PA Vice President: Anne A. Reed, CPA Carey & Company, PA Secretary: Keith M. Dance, CPA, ABV Robinson Grant & Company, PA Treasurer: Raymond H. Williams, CPA Cherry Bekaert & Holland, LLP Immediate Past President: Michael R. Putich, CPA Robinson Grant & Company, PA Board Representative: William Robinson, CPA Robinson Grant & Company, PA

Treasurer: Brad Ledford, CPA CMA Staffing Partners, LLC Board Members: Mark S. Crocker, CPA, MBA Dixon Hughes PLLC Rebecca Goessel, CPA Patricia M. Skenteris, CPA South Carolina CPA Report

SCACPA

2010 Continuing Education Courses Preview

lan ahead with SCACPA’s annual preview of upcoming educational opportunities. Find complete details and register for any course online, and be sure to check frequently for new courses and current updates. Staff Contacts: Reva Brennan, MPA, CAE, IOM and April Cox

April

Financial Management Workshop April 19, 2010 Area: Management Credits: 8 Location: West Columbia Performance Management April 20, 2010 Area: A&A/ Management Credits: 8 Location: West Columbia Nonprofit Conference April 29, 2010 Area: A&A Credits: 8 Location: Columbia

May

Security for Accountants: New Legal Requirements & Practical Solutions May 5, 2010 Area: Other Credits: 8 Location: Columbia Document Management Forum May 6, 2010 Area: Other Credits: 8 Location: Columbia Increasing, Preserving & Transferring Wealth May 11, 2010 Area: Consulting Credits: 8 Location: West Columbia Buying & Selling a Private Company May 12, 2010 Area: Consulting Credits: 8 Location: West Columbia

South Carolina CPA Report

NC Ethics (AM) May 13, 2010 Area: Ethics Credits: 2 Location: Greenville NC Ethics (PM) May 13, 2010 Area: Ethics Credits: 2 Location: Greenville Navigating the FASB Accounting Standards Codification & Accounting Issues for Troubling Times May 17, 2010 Area: A&A Credits: 2/2 Location: Greenville

International Accounting Standards: Differences with U.S. GAAP May 18, 2010 Area: A&A Credits: 4 Location: Greenville Tax Planning & Budgeting to a Higher Level May 18, 2010 Area: Management Credits: 4 Location: Greenville Financial Forecasting: Planning for Success May 18, 2010 Area: Management Credits: 4 Location: Greenville Accounting & Auditing Update May 19, 2010 Area: A&A Credits: 4 Location: Greenville Loscalzo’s FAQs on Audit Issues May 19, 2010 Area: Auditing Credits: 4 Location: Greenville

The Dangers of Improper Revenue Recognition & Consolidation of Variable Interest Entities Revisited May 17, 2010 Area: A&A Credits: 2/2 Location: Greenville

Transforming Your Accounting Function for Maximum Performance May 19, 2010 Area: Management Credits: 4 Location: Greenville

Controller's Update: Trends for Today's Financial Manager May 17, 2010 Area: Management Credits: 4 Location: Greenville

Analyzing Your Company's Financial Statement May 19, 2010 Area: Management Credits: 4 Location: Greenville

Essential Skills for the Survival and Growth of Your Organization May 17, 2010 Area: Management Credits: 4 Location: Greenville

Farm & Ranch Accounting & Tax Update May 19, 2010 Area: Accounting/Tax Credits: 4/4 Location: Satellite/ Webcast

Pitfalls & Problems in Financial Statement Disclosure May 18, 2010 Area: A&A Credits: 4 Location: Greenville

Audits of Benefit Plans Conference May 20, 2010 Area: A&A Credits: 8 Location: Columbia

As of January 28, 2010 Trusted Advisor Workshop May 21, 2010 Area: Consulting Credits: 8 Location: West Columbia Applying A-133 to Nonprofit and Governmental Organizations May 24, 2010 Area: Governmental Auditing Credits: 8 Location: West Columbia Governmental & Nonprofit Annual Update May 25, 2010 Area: Accounting/Auditing Credits: 8 Location: West Columbia Government Conference May 27, 2010 Area: A&A Credits: 8 Location: Columbia

June

Audits of 403(b) Plans: A

Challenging New Audit Area June 1, 2010 Area: Auditing Credits: 8 Location: West Columbia Advanced Update for Compilation, Review and Accounting Services June 2, 2010 Area: Auditing Credits: 8 Location: West Columbia Loscalzo’s FAQs in GAAP Financial Statements June 14, 2010 Area: A&A Credits: 4 Location: Myrtle Beach Fair Value Accounting in the 21st Century June 14, 2010 Area: Accounting Credits: 4 Location: Myrtle Beach

(888) 557-4814 | www.scacpa.org

Innovative Tax Tips for Small Businesses June 14, 2010 Area: Tax Credits: 4 Location: Myrtle Beach The CPA’s Role in Buying or Selling a Business June 14, 2010 Area: Tax Credits: 4 Location: Myrtle Beach Using Tax Basis & Other OCBOA Presentations Effectively June 15, 2010 Area: A&A Credits: 4 Location: Myrtle Beach Substantive Analytical Procedures Workshop June 15, 2010 Area: A&A Credits: 4 Location: Myrtle Beach Estates & Trusts: Mastering Complex Tax Issues June 15, 2010 Area: Tax Credits: 4 Location: Myrtle Beach Estate Planning Strategies: Minimizing Taxes & Maximizing Wealth June 15, 2010 Area: Tax Credits: 4 Location: Myrtle Beach Practical Tax Tips & Techniques for Closely-Held Businesses June 16, 2010 Area: Tax Credits: 4 Location: Myrtle Beach Identifying and Addressing the Risk of Fraud in Not-For-Profits June 16, 2010 Area: A&A Credits: 4 Location: Myrtle Beach

Loscalzo’s Case Studies in Complex Not-For-Profit Accounting, Disclosure and Auditing Issues June 16, 2010 Area: A&A Credits: 4 Location: Myrtle Beach Solving the Choice of Entity Riddle: Key Tax & Business Implications June 16, 2010 Area: Tax Credits: 4 Location: Myrtle Beach Surviving and Growing in Difficult Times June 21, 2010 Area: Finance Credits: 8 Location: West Columbia Lean Accounting for Service and Nonmanufacturing Businesses June 22, 2010 Area: Finance Credits: 8 Location: West Columbia Not-For-Profit Accounting, Auditing & Tax Update June 23, 2010 Area: A&A/Tax Credits: 4/4 Location: Satellite/ Webcast Loscalzo’s Step by Step Guide to Compliance Auditing June 24, 2010 Area: Auditing Credits: 8 Location: West Columbia Identifying & Addressing the Risk of Fraud in NFP June 25, 2010 Area: Auditing Credits: 4 Location: West Columbia Case Studies: Complex NFP Accounting, Disclosure & Auditing Issues June 25, 2010 Area: Auditing Credits: 4 Location: West Columbia

July

Accounting & Auditing Update July 12, 2010 Area: A&A Credits: 4 Location: Asheville, NC

Internal Controls for Revenue & Cash Receipts July 14, 2010 Area: Accounting Credits: 4 Location: Asheville, NC

SAS 112 & 115 July 12, 2010 Area: A&A Credits: 4 Location: Asheville, NC

Overview: Life Insurance & Other Trusts July 14, 2010 Area: Tax Credits: 4 Location: Asheville, NC

LLCs: Losses Liquidations, Terminations, Continuations & Sales July 12, 2010 Area: Tax Credits: 4 Location: Asheville, NC

Estate Planning: Mistakes Practitioners Make & How to Fix Them July 14, 2010 Area: Tax Credits: 4 Location: Asheville, NC

S Corps: Compensations Redemptions & Estate Planning July 12, 2010 Area: Tax Credits: 4 Location: Asheville, NC

Technology Conference July 20, 2010 Area: Other Credits: 8 Location: Columbia

Compilation & Review Update July 13, 2010 Area: A&A Credits: 4 Location: Asheville, NC

Governmental Accounting & Auditing Update July 21, 2010 Area: A&A Credits: 8 Location: Satellite/ Webcast

Introduction to IFRS: Grasping the Big Picture July 13, 2010 Area: Accounting Credits: 4 Location: Asheville, NC

Form 706 & 709 Estate & Gift Tax Preparation Workshop July 27, 2010 Area: Tax Credits: 8 Location: West Columbia

S Corp & C Corp Tax: Mistakes Practitioners Make & How to Fix Them July 13, 2010 Area: Tax Credits: 4 Location: Asheville, NC

Form 990: AICPA's Answer to Unlocking the Tax Complexities July 28, 2010 Area: Tax Credits: 8 Location: West Columbia

Individual Income Tax Returns & How to Fix Them July 13, 2010 Area: Tax Credits: 4 Location: Asheville, NC Forensic Accounting July 14, 2010 Area: Accounting Credits: 4 Location: Asheville, NC

Effectively & Efficiently Reviewing Audit Workpapers July 29, 2010 Area: Auditing Credits: 8 Location: West Columbia IFRS for Smaller Entities vs. U.S. GAAP July 30, 2010 Area: Accounting Credits: 8 Location: West Columbia

continued next page (888) 557-4814 | www.scacpa.org

South Carolina CPA Report

Upcoming CPE Education Courses Preview 2010 Continuing

August

Warren Buffett's Two Suggested Courses August 3, 2010 Area: Consulting Credits: 4 Location: West Columbia 3 Key Elements of a Successful Business August 3, 2010 Area: Consulting Credits: 4 Location: West Columbia Start-Ups & Early Stage Companies August 4, 2010 Area: Consulting Credits: 8 Location: West Columbia Accounting & Auditing Update August 9, 2010 Area: A&A Credits: 4 Location: Charleston Compilation & Review Update August 9, 2010 Area: A&A Credits: 4 Location: Charleston S Corp, Partnership and LLC Tax Update August 9, 2010 Area: Tax Credits: 4 Location: Charleston Individual Tax Update August 9, 2010 Area: Tax Credits: 4 Location: Charleston Accounting for Income Taxes/ FIN 48 August 10, 2010 Area: Accounting Credits: 4 Location: Charleston Revenue Recognition August 10, 2010 Area: Accounting Credits: 4 Location: Charleston

South Carolina CPA Report

Partnerships & LLC Tax: Mistakes Practitioners Make and How to Fix Them August 10, 2010 Area: Tax Credits: 4 Location: Charleston Choosing the Right Business Tax Entity August 10, 2010 Area: Tax Credits: 4 Location: Charleston Government & Not-For-Profit Update August 11, 2010 Area: A&A Credits: 4 Location: Charleston Preventing Common OMB A-133 & Yellow Book Deficiencies: A Case Study Approach August 11, 2010 Area: Auditing Credits: 4 Location: Charleston Tax Ideas & Money Management in Retirement August 11, 2010 Area: Tax Credits: 4 Location: Charleston Converting Your Pension & IRAs to Roth IRAs August 11, 2010 Area: Tax Credits: 4 Location: Charleston How to Conduct a Review Under the AICPA PracticeMonitoring Program August 17-18, 2010 Area: Auditing Credits: 16 Location: West Columbia AICPA Advanced Course: Overview of the AICPA Peer Review Program Standards August 19, 2010 Area: Auditing Credits: 8 Location: West Columbia

Compilation & Review Update August 25, 2010 Area: A&A Credits: 8 Location: Satellite/ Webcast Preparing the Non-profit Series of Tax Returns for New Staff & Para-Professionals August 26, 2010 Area: Tax Credits: 8 Location: Greenville Top 50 Mistakes Practitioners Make and How to Fix Them August 27, 2010 Area: Tax Credits: 8 Location: Greenville Upcoming Peer Review: Is Your Firm Ready? August 31, 2010 Area: Auditing Credits: 8 Location: West Columbia

September

Litigation Conference September 16, 2010 Area: Consulting Credits: 8 Location: Columbia Driving Corporate Performance September 16, 2010 Area: Management Credits: 8 Location: West Columbia Profit Improvement September 17, 2010 Area: A&A/ Management Credits: 8 Location: West Columbia Tax, Cash and Modified Cash Basis Financial Statements and Other Alternatives to GAAP September 20, 2010 Area: Accounting Credits: 8 Location: West Columbia Advanced Excel September 21, 2010 Area: A&A/Other Credits: 8 Location: Columbia

As of December 16, 2009 Technology's Greatest Hits 2010 September 22, 2010 Area: Other Credits: 8 Location: Columbia Representing Clients in the Marriage Dissolution Process: Accounting, Tax, Estate and Financial Planning Issues September 22, 2010 Area: A&A Credits: 8 Location: Satellite/ Webcast NC Ethics (AM) September 23, 2010 Area: Ethics Credits: 2 Location: West Columbia NC Ethics (PM) September 23, 2010 Area: Ethics Credits: 2 Location: West Columbia Advanced Controller & CFO Skills September 23, 2010 Area: Finance Credits: 8 Location: Greenville Emerging Leaders Conference September 23-24, 2010 Area: Personal Development Credits: 12 Location: Charleston AICPA's Annual Update for Controllers September 24, 2010 Area: Finance Credits: 8 Location: Greenville Intro to Business Valuation: Critical Skill Sets in Fair Value Accounting September 27, 2010 Area: Accounting Credits: 8 Location: West Columbia Buying and Selling Business: The CPAs Role September 28, 2010 Area: Tax Credits: 8 Location: West Columbia

(888) 557-4814 | www.scacpa.org

Controller to CFO: Skills Needed to Make the Leap September 29, 2010 Area: Personal Development Credits: 8 Location: West Columbia Succession Planning: Developing Tomorrow's Leaders September 30, 2010 Area: Administrative Practice Credits: 8 Location: West Columbia

October

November

AICPA's Technical Hotline Annual Update: Audit Speed Bumps November 4, 2010 Area: Auditing Credits: 8 Location: West Columbia AICPA's Technical Hotline Annual Update: GAAP Speed Bumps November 5, 2010 Area: A&A Credits: 8 Location: West Columbia

Industry Conference October 14-15, 2010 Area: Management Credits: 16 Location: Columbia

QuickBooks 2010 November 9, 2010 Area: A&A/Other Credits: 8 Location: Greenville

Personal Financial Planning Conference October 19, 2010 Area: Consulting Credits: 8 Location: West Columbia

Communication with Computers November 10, 2010 Area: Other Credits: 8 Location: Greenville

Accounting & Auditing Update October 20, 2010 Area: A&A Credits: 8 Location: Satellite/ Webcast

Business Fraud, Internal Controls, and Forensic Analysis for the Accountability Professional November 10, 2010 Area: A&A Credits: 8 Location: Satellite/ Webcast

Learn to Do a Nexus Study to Build Your Tax Practice October 26, 2010 Area: Tax Credits: 8 Location: Greenville Case Studies: Improving Writing & Research Skills for Tax Professionals October 27, 2010 Area: Tax Credits: 8 Location: Greenville Women in Leadership Conference October 28, 2010 Area: Other Credits: 8 Location: Columbia

Tax Conference & CPA Summit November 11-12 or 18-10, 2010 Area: A&A/ Management/Tax Credits: 16 Location: Columbia Form 1041: Income Taxation of Estates and Trusts November 15, 2010 Area: Tax Credits: 8 Location: West Columbia IRAs, Roth IRAs, SIMPLEs and SEPs: Contributions, Rollovers, Distributions, and More November 16, 2010 Area: Tax Credits: 8 Location: West Columbia

Advanced Concepts in Estate Planning November 22, 2010 Area: Tax Credits: 8 Location: West Columbia

The Complete Guide to Payroll Taxes & 1099 Issues December 3, 2010 Area: Tax Credits: 8 Location: West Columbia

Estate Planning Under the New Tax Law November 23, 2010 Area: Tax Credits: 8 Location: West Columbia

AICPA's Annual Business Tax Update December 3, 2010 Area: Tax Credits: 8 Location: Greenville

Paperless Office November 29, 2010 Area: Other Credits: 8 Location: Columbia

Top 12 Issues for Partnerships, LLCs & S Corps December 6, 2010 Area: Tax Credits: 8 Location: West Columbia

Business Continuity & Disaster Recovery November 30, 2010 Area: Other Credits: 8 Location: Columbia

December

Loscalzo’s Compilation and Review Essentials – The New Rules for Local Practitioners December 1, 2010 Area: A&A Credits: 8 Location: West Columbia

Hot Topics Conference December 1, 2010 Area: Consulting/Tax Credits: 8 Location: Columbia

Effectively & Efficiently Reviewing Tax Returns December 2, 2010 Area: Tax Credits: 8 Location: West Columbia Basis/Distributions for PassThrough Entities: An IRS Hot Spot December 2, 2010 Area: Tax Credits: 8 Location: Greenville

AICPA’s 2010 Individual Tax Review Series: Beyond the Basics December 7, 2010 Area: Tax Credits: 8 Location: West Columbia Annual Tax Update December 8, 2010 Area: Tax Credits: 8 Location: Satellite/ Webcast Accounting & Auditing Conference December 9-10, 2010 Area: A&A Credits: 16 Location: Charleston Internal Controls, Corporate Governance & Risk Management December 13, 2010 Area: A&A Credits: 8 Location: West Columbia Federal Tax Update with Walter Nunnallee December 13, 2010 Area: Tax Credits: 8 Location: Florence Business & Financial Statement Analysis December 14, 2010 Area: A&A Credits: 4 Location: West Columbia

continued next page (888) 557-4814 | www.scacpa.org

South Carolina CPA Report

Classifieds OFFICE SPACE AVAILABLE

ADVERTISER INDEX

ACCOUNTING PRACTICE SALES Selling? We can help you: • Maximize the value of your practice. • Experience a smooth, pleasant process • Achieve confidence that you will find the right buyer. CURRENT LISTINGS South of Charlotte - $375,000 Columbia - $200,000 West of Charlotte, NC - $345,000

Accounting Practice Sales Inside back cover www.accountingpracticesales.com

Spartanburg - $175,000 Hilton Head Area - $145,000 Greenville - $550,000 Charleston - $200,000

Buyers: Registration is free and simple. See our complete, up-to-date list of available practices at: www.accountingpracticesales.com. Contact: Brannon Poe, CPA at (888) 246-0974.

Reach more than 3,900 CPAs and accounting professionals in the South Carolina CPA Report! Rates are $1 per word for members; $2 per word for non-members. Staff contact: Emily Allen

Investing Fundamentals for the Individual December 14, 2010 Area: Consulting Credits: 4 Location: West Columbia

Federal Tax Update with Walter Nunnallee December 16, 2010 Area: Tax Credits: 8 Location: Greenville

Federal Tax Update with Walter Nunnallee December 14, 2010 Area: Tax Credits: 8 Location: Hilton Head

Advanced Technical Tax Forms Training: LLCs, S Corps & Partnerships December 16, 2010 Area: Tax Credits: 8 Location: West Columbia

Federal Tax Update with Walter Nunnallee December 15, 2010 Area: Tax Credits: 8 Location: Columbia Advanced Technical Tax Forms Training: Form 1040 Issues December 15, 2010 Area: Tax Credits: 8 Location: West Columbia

South Carolina CPA Report

Accounting Educators' Forum December 17, 2010 Area: Other Credits: 8 Location: West Columbia Preparing Individual Tax Returns for New Staff & Para-Professionals December 20, 2010 Area: Tax Credits: 8 Location: West Columbia

Blytheco, LLC Back cover www.blytheco.com John F. Hamilton, CPA, CMA Page 23 johnfh@aol.com

SEEKING ADS FOR FUTURE EDITIONS

December, con’t

American Pensions Inside front cover www.americanpensionsinc.com

Preparing Corporate Tax Returns for New Staff & Para-Professionals December 21, 2010 Area: Tax Credits: 8 Location: West Columbia The Complete Guide to LLC, Parnership & S Corp Federal Tax Returns December 22, 2010 Area: Tax Credits: 8 Location: West Columbia Last Chance CPE Frenzy December 29-30, 2010 Area: A&A Credits: 16 Location: West Columbia

Insurance Place of the Carolinas Page 4 www.thelifeinsuranceplace.com McAngus Goudelock & Courie, LLC Page 19 www.mgclaw.com Southeastern Insurance Consultants, LLC Page 10 www.siconsultants.com

CORRECTION In the last issue of The CPA Report there was a reference to the Nexsen Pruett Law Firm. The firm name was misspelled, for which we apologize sincerely to the firm and its namesakes.

(888) 557-4814 | www.scacpa.org

Picture this... next tax season, a chair ...no desk Go with the leader. We provide excellent service and get the best results. We have qualified buyers waiting. See detailed articles about the process on our website!

available PracticeS South of Charlotte, NC CPA Firm – $375,000  Augusta Area CPA Firm – $405,000 Hilton Head, SC CPA Firm – $128,000  Clemson Tax/Bookkeeping Firm – $200,000 Raleigh, NC CPA Firm – $1,000,000

buyers – registration is free and simple Brannon Poe, CPA 1.888.246.0974 poe@knology.net

W W W. A C C o u N T i N g P R A C T i C e S A l e S . C o m

PRSRT STD US POSTAGE PAID PERMIT NO. 1146 Columbia, SC

South Carolina Association of CPAs

570 Chris Drive, West Columbia, SC 29169 ADDRESS SERVICE REQUESTED

Est. 1980