ALABAMA CPA MAGAZINE I MAY 2013
George T. Rosson
Mayer W. Aldridge
Membership Issue
Alabama Society of
Certified Public Accountants
P.O. Box 242987
Montgomery, Alabama 36124-2987
1-800-227-1711
334-834-7650
www.ascpa.org
Officers
Steven A. Shelton, Chair
Renee B. Hubbard, Chair-Elect
Don McCleod, Vice-Chair
Dr. Lowell S. Broom,
Secretary-Treasurer
John P. Shank, Past Chair
Board of Directors
Tuan P. Blank
Roger F. Bryant
James R. L. Carroll
James Adam Causey
Allison D. Edge
Allison H. Guice
Mark E. Hieronymus
R. Rush Letson III
Bradford A. Lynch
Amanda N. Paul
Gerald G. Pentecost, Jr.
Lewis T. Shreve
Ronald W. Stokes
Chasity L. Sweatmon
Douglas C. Moseley, Young CPA
Nicole Cunningham, Young CPA
AICPA Council Members
William H. Carr
E. Lamar Reeves
Steven A. Shelton
Jimmy L. Williamson
Message from the Chair...
It is really hard to believe that this is my last article as your chairman. What is
even harder to comprehend is that some of you actually read these articles over
the past year. I sincerely appreciate the comments you have shared with me as
I’ve traveled the state as your chair. This edition is focused on membership in the
ASCPA. Writing an article on membership to your members feels a lot like preaching to the choir about coming to church. Obviously you are already a member or
you would not be getting this newsletter.
However what we would like to emphasize are the benefits of membership. I am pretty confident
that the vast majority of you do not know everything your society does for you. I have served on the
board for several years, have chaired a committee or two, am your current chairman and I regularly
discover things the society does for us that I did not know about. Probably the most visible benefit is
excellent high quality education, but that is just the beginning. There is representation in Montgomery
and Washington D.C that is critical these days, affinity programs, opportunities for public service, leadership training, high school and college recruitment, business and career referrals, networking and professional feedback at chapter meetings, technical updates and much more. I want to encourage you
to get involved. Find the program, event, activity or service project that interest you and let someone
at the ASCPA office know you are ready to participate. You will find it rewarding to you and beneficial
to those you serve.
When I started last June, writing 10 articles seemed like a lot, and I have to admit I was dreading it a
little. The months have flown by and the words have appeared. I cannot tell you what a privilege it has
been to serve as your chairman this year. I have thoroughly enjoyed visiting the chapters and getting
to meet so many of you for the first time. Yes, Mobile, you are still on my list and I will see you in May.
I want to publicly thank Jeannine and the ASCPA staff for the excellent work they do. You need to
know that your Society is in good hands. It is a fact that they do more for us with less staff and fewer
dollars than most, if not every, Society in the country. You should be proud of them and the work they do.
I also want to say thanks to my wife, Sue. You encouraged me to serve and have been so supportive while I traveled the state this year and for that I am most thankful. I guess you will be expecting
me to catch up on some chores after June. No promises, but we shall see.
Well, farewell my friends. As always, if I or anyone at the ASCPA office can help you in any way, do
not hesitate to call on us.
Steve
GR WTH
Past Chair, AICPA
The Alabama CPA Magazine is published by
Alabama Society of Certified Public Accountants
as a membership service to Society members.
Views and opinions appearing in this publication
are not necessarily endorsed by the ASCPA. The
deadline for submitting materials for publication
is the first of the month preceding issue date.
A new designation representing accomplished professionals that
drive and deliver business success, worldwide.
Jeannine P. Birmingham, CPA, CAE, CGMA
Find out more at cgma.org
It’s what CGMA stands for.
President and CEO
Diane L. Christy, Editor
Photo of George Rosson
courtesy of Smith Dukes Buckalew;
Mr. Aldridge courtesy of Aldridge Borden.
2
The Alabama CPA MAGAZINE
Copyright © 2012 American Institute of CPAs. All rights reserved.
The Alabama CPA
MAGAZINE
Annual Meeting
It’s time to sharpen your pencils and your skills!
N
etworking, the latest professional updates, 8 hours of education
credits, more networking, exhibitor and sponsor booths and door
prizes, too. Meet the accomplished speakers who will be there.
Robert Durak, CPA is the director of Private Company Financial
Reporting at the American Institute of CPAs and an 18 year veteran of
the AICPA. He has a background in auditing and was with Deloitte and
Touche for 8 years. James D. Martin, CPA is a partner at Atlanta firm
Martin & Orr, LLC. He currently manages a client base of 250 corporate,
individual, partnership and fiduciary clients providing services in tax, audit,
mergers and acquisitions and fraud. He prepares and presents to major
corporate clients and CPAs on a variety of accounting, auditing and taxation topics and is a regular contributor to the ASCPA education schedule.
Tommy Stephens, CPA, CITP is a partner in K2 Enterprises and has
lectured nationally in 1350 sessions to more than 40,000 participants.
He has worked in public accounting (including his own firm since 1994),
as well as in the corporate sector. He continues to provide consulting
services to small businesses and CPA firms. Rich Caturano, CPA is the
managing partner of McGladrey’s New England market circle (Boston) and
was elected chair of the AICPA in October 2012. Throughout his career,
Caturano has specialized in serving middle market companies, and he
cites the thousands of jobs created by clients as a point of professional
pride. He was a founding member of Vitale, Caturano and Company, which
built deep expertise in the high-tech, biotech, manufacturing and professional services sectors. By the time it merged with McGladrey in 2010,
it had grown into New England’s largest full-service, regional accounting
firm and was widely recognized for enlightened employment practices.
Bruce Ely is the chair of Bradley Arant, Boult & Cummings’ state and local tax practice group. He has been a frequent contributor to the ASCPA
education programs for the past 31 years and co-authors the legislative
e-zine which appears weekly during the legislative session. Ralph Summerford, CPA, ABV, CFE, CIRA CFF is the president of Forensic Strategic Solutions, Inc. Mr. Summerford testifies as an expert witness in federal
and state courts on matters involving complicated financial transactions.
He serves on the faculty of the Association of Certified Fraud Examiners
where he teaches courses around the world. He served a three-year term
for the Association of Certified Fraud Examiners’ Board of Regents as
Vice Chairman. He is a guest lecturer at seminars, colleges and universities where he strives to enhance the understanding of fraud and forensic
accounting. He has published articles that have appeared in Accounting
Today as well as a number of other publications. Mike Frost, CPA is an
associate and shareholder of MDA Professional Group, P.C. and has been
with the Albertville office since 1989. He has served as technical advisor
for tax articles for the Sand Mountain Reporter newspaper, and has been
a regular on the public speaking circuit. Frost is a member of the faculty
of the AICPA.
The Alabama CPA MAGAZINE
94th Annual Meeting Agenda
7:00 – 8:00 Chair’s Breakfast
Concurrent Sessions – A&A
Session A
8:00-9:00
Financial Reporting Framework for
Small to Medium-sized Businesses
Robert Durak, CPA, CGMA – Private Company Financial
Reporting, AICPA
9:20-12:00
Accounting and Auditing Update – Accounting Life
in the Real World
James D. Martin, CPA – Martin & Orr, LLC
Session B
8:00-12:00
Office 2013 and Windows 8: Ready or not, they are here!
Tommy Stephens, CPA, CITP – K2 Enterprises
12:00-1:30
Luncheon
Professional Issues Update
Chair of the AICPA, Rich Caturano, CPA – McGladrey LLP, Boston
Awards and Election of Officers
Concurrent Sessions
1:45-4:30
Recent Developments and Planning Ideas in Tax
Bruce Ely and staff from Bradley Arant Boult & Cummings, LLP
1:45-4:30
The Underbelly of Accounting Malpractice (A&A)
Ralph Q. Summerford, CPA, CFE, CIRA, ABV, CFF
Forensic Strategic Solutions, Inc.
1:45-4:30
Young CPA Session
The Young CPA and Marketing: From Fear to Confidence
Mike Frost, CPA – MDA Professional Group
3:15
Afternoon break and door prize awards
June 6, 2013
Cahaba Grand Conference
Center - Birmingham
3
MEMBERSHIP MATTERS
W
Looking Back to Look Forward
hen Alabama passed its first certified public accountancy (CPA) law
in 1919, Mobile accountant George
T. Rosson was awarded certificate number
one and Walter K. Smith was awarded number three. Out of their firm,
Rosson & Smith, came the
partnership Smith, Dukes &
Buckalew. Over the years,
Smith Dukes has been significant in the development
George Rosson of public accountancy in the
city of Mobile and the state of Alabama. Eight
of its members have served as president of the
Alabama Society of CPAs and have seen the
field of accounting progress from the “green
eye-shade” years to the high-tech systems of
today’s business world. Today, the firm celebrates over 75 years of continuous operation
and excellence in the field of accounting.
In Montgomery, Mayer W. Aldridge began
offering his services as an
accountant and tax advisor to the general public in
1918, and quickly became
known throughout central
and south Alabama as a
Mayer W. Aldridge leading authority on the Internal Revenue code. In 1919, he and several
other practitioners formed the Alabama Society
of the American Institute of Certified Public Accountants. This group of founders administered
the first Uniform CPA Examination in Alabama
to each other, and received certificates from the
American Institute. Mr. Aldridge was the first
chairman of the Alabama State Board of Public
Accountancy, and signed his own certificate as
chairman! Mr. Aldridge was issued the second
certificate by the Alabama Society, dated July
19, 1919. After World War II, Mr. Aldridge admitted John R. Borden and Charles Jones as
partners, eventually naming it Aldridge Borden
& Company. The firm has been located in in the
center of the city’s financial district in downtown
Montgomery throughout its existence.
As the centennial of the Alabama Society
approaches, an effort is being made to recognize 100 years of Alabama CPAs. To mark
two milestones in Alabama accounting history, the education spaces in the ASCPA office were recently named the Rosson Room
and the Chambers Room in honor of the first
CPA and the first woman CPA, Clara Chambers Lefievre.
What is your Society
doing for you today?
Networking
Whether it’s at the 94th Annual Meeting of
the ASCPA, at one of the hundreds of seminars,
workshops or conferences, at a local chapter
meeting members meet members and build
relationships. A sense of community is one of
the most valuable gifts that ASCPA membership offers.
Top quality continuing education
You speak, via the Professional Education
Committee and member surveys, and the Education Department heard. New this year are
several workshops and the Small Practitioner
Conference.
The Alabama
Society’s CPA PAC
Seeks Your
Support
A L A B A M A
CPA
PAC
4
The ASCPA’s partnership with the California
Society of CPAs (CalCPA) continues to flourish and will result in more than 175 interactive
webinars, ranging from 2-8 hours, and which
qualify as “live” CPE.
Communication
The ASCPA uses multiple channels to keep
you informed: The Alabama CPA magazine,
weekly e-newsletter (Tuesday Bulletin), targeted emails, and announcements at local chapter
meetings. This information may involve technical news, education, legislation, member milestones, and professional issues.
Governmental Affairs
The Society’s role at the Alabama statehouse and in Washington, D.C ensures that
members are heard. You can read more about
the Alabama CPA PAC in the box below.
Affinity Programs and
Business Partners
The ASCPA builds relationships with vendors who offer valuable services or products for
members. Want to get great liability insurance?
It’s covered. Disability insurance? Also covered.
What about shipping services at a discount,
UPS offers an excellent program for you. There
are discounts for associate members who are
sitting for the exam. Business partners are even
more fully integrated into the life of the ASCPA
by participating in multiple programs. They advertise in the magazine, provide content for education sessions, are exhibitors and sponsors
at conferences, and take the ASCPA member
message to their clients on the Society’s behalf.
Y
ou might have noticed that something was missing from
your dues notice. It was the check-off box for your annual
political action committee (PAC) donation.
In order to do a better job of keeping you informed about
your Alabama CPA PAC, you will receive a flyer in the mail in
early May. The flyer will describe the purpose of your CPA PAC
and ask that you help with this important work.
The CPA PAC doesn’t just contribute to political campaigns
for every Tom, Dick, and Harriet. The PAC board of trustees
carefully weighs which candidates are most likely to understand
the role that CPAs play in the business world and choose to
support the candidates who are “business-friendly”.
Questions? Contact Marty Abroms, CPA PAC trustee
chair, abromsm@abroms.com or CEO Jeannine Birmingham,
jbirmingham@ascpa.org.
The Alabama CPA MAGAZINE
Membership Categories
Leadership and Service
If you want to develop as a leader, both
personally and professionally, the ASCPA has
multiple avenues you can pursue. You can
become a member of an ASCPA task force,
a standing committee, work your way up in
leadership through local chapters and the
Board of Directors. In addition, Class III of
the Society’s Leadership Academy will launch
in May and is a perfect place for young and
emerging CPAs to learn critical skills. Each
chapter initiates charity and community
projects, providing amazing opportunities
to bond with fellow CPAs while wielding a
hammer on a Habitat for Humanity house,
or unloading bags of dog food at a humane
shelter.
Be involved in something
larger than yourself
Maintaining membership in the ASCPA enables you to be part of the good work which
the Society performs in the name of the profession. Your dues, your generous support of the
Educational Foundation, and your contributions
to the Alabama CPA PAC also smooth the path
for those entering the profession.
WHO IS THE ASCPA?
Every once in a while, when ASCPA staff
is on the road at a college or university, it becomes clear that not everyone knows what the
Alabama Society of CPAs is. Shocking! And
of course the answer always involves explaining that it is a membership organization, composed of 6780 of the state’s certified public
accountants. (The explanation lengthens as the
age of the students declines.) But maybe even
YOU don’t completely know the make-up of
ASCPA membership.
Membership Categories
Public 39%
Industry 29%
Gov/Edu 6%
Out of State 8%
Associate 3%
Retired/Unemployed
6%
Life Members 1%
Students 9%
members – it is free, after all – are next in line,
with 590 members. To round out the numbers,
5.9% are in government/education, 8.3% are
out of state, 2.6% are associate members (eligible to sit for the CPA exam), 6.1% are retired
and unemployed and .7% are life members;
non-dues-paying members who have been
recognized for extraordinary service to the Alabama Society.
Keeping track of who members are and
what they want/need from their Alabama
Society is a primary concern of ASCPA leaders
The Power of Technology comes
to the Alabama CPA Magazine!
• Read it in hard copy, “old school”
style;
• Download a pdf from the ASCPA
website;
• Or use the e-reader to leaf through
the amazing content.
Go to www.ascpa.org/resources. Click
on ASCPA magazine and choose the
digital version option to flip through the
pages on your laptop, tablet or mobile
device.
n By Gender
55.9%
44.1%
Male
2013
ALABAMA CPA MAGAZINE I APRIL
Female
Parity between men and women is drawing closer, with numbers changing from 57%
men, 43% women in 2011, 58% men and 42%
women in 2012 to 55.9% men and 44.1%
women today.
Folks are always surprised to learn that not
all of ASCPA members are in public accounting. And you can see from the chart that only
38.9% are working in firms. Business and industry is catching up with 28.9%. Student
The Alabama CPA MAGAZINE
and staff. The board of directors and invited
guests convened on May 2 and 3 for the
annual Leadership Retreat to chart the course
of the Society for the next year. There will be
a full report in the June issue of the magazine.
Your feedback is always welcome, on any
topic, at any time. Contact your local chapter
leadership, officers or members of the board of
directors (listed on the website under the About
Us tab), current ASCPA Chair Steve Shelton
(sas@wrscpa.com) or Jeannine Birmingham,
jbirmingham@ascpa.org.
Busin ess and Indus try Issue
3/25/13 3:36 PM
61695-1 ASCPA.indd 1
5
We Welcome NEW Members
T o t h e A S C PA !
Jacob G. Williams, CPA
Lori Newcomer, CPA
Kevin E. Foshee, CPA
Laura M. Williams, CPA
Lott H. Brigham, CPA
Sarah S. Centeno, CPA
Steven D. Duck, CPA
Kristen W. Lawrence, CPA
Pauline P. Howland, CPA
Justin P. Detwiler, CPA
Eun Jeong Kim, CPA
Laura A. Williams, CPA
Mallory A. Jordan, CPA
Jessica R. Hall, CPA
Courtney R. Tibbets, CPA
Lauren M. Billings, CPA
James M. Chafin, CPA
Cruse N. Bevill, CPA
Cameron G. Pappas, CPA
Amy N. Sharp, CPA
T R. Lightsey, CPA
James R. Dulaney, CPA
David C. Kent, CPA
Judson R. Spooner, CPA
Lana C. Darby, CPA
Timothy A. Marquardt, CPA
Hannah M. Holland, CPA
Stephen J. Bailey, CPA
Steven D. Payne, CPA
Matthew L. Lazenby, CPA
Abbay E. King, CPA
Denise L. Locklar, CPA
Levi A. Knapp III, CPA
Clyde E. Rivers III, CPA
Caryn C. Hughes, CPA
Tracy J. Suggs, CPA
Virginia Burton, CPA
George D. Trummell IV, CPA
Lindsey M. Mann, CPA
Jessica S. Tackett, CPA
Phillip M. Mann, CPA
Andrea C. Easterwood, CPA
Anna S. Whitfield, CPA
Adam S. Himel, CPA
Dr. J A. Connell, CPA
Meagan L. Wilson, CPA
D W. Black, CPA
Mandeep S. Bhutani, CPA
Michelle T. Herman, CPA
Brooke H. Dobbins, CPA
EDUCATION Express
Workshops
Employee Benefits Workshop – The Employee Benefits Workshop
will be held at the Wynfrey Hotel in Birmingham July 29-31. The
discussion will include advanced employee benefit plan topics, audit
and accounting essentials and audits of 401(k) plans. Earn up to 24
hours of CPE credit. The more you take, the more you save! Receive
an additional $50 off for the second and third days of this workshop.
Yellow Book Workshop – Leita Hart will be back to champion the
Yellow Book Workshop on August 13 and 14. With her outstanding
credentials and knowledge base, paired with her enthusiasm, you will
not want to miss out. She’ll be leading discussions on audit findings
and governmental financial statement analysis. This workshop will be
held at the Wynfrey Hotel in Birmingham. Earn up to 16 hours of A&A
Yellow Book CPE credit. Receive an additional $50 off if you register
for both days.
At 60% off the going rate for this workshop, ASCPA offers The Franklin
Covey 7 Habits of Highly Effective People Workshop. Receive
two days world-class training with the program curriculum. Participants
will learn first-hand how to apply the principles taught in Franklin Covey’s
leadership, productivity, and communication workshops, including the
world-renowned workshop, The 7 Habits of Highly Effective People®.
Franklin Covey’s workshops provide solutions to challenges facing the
accounting profession today. This workshop is offered on August 22 –
23 at the Alabama Society of CPAs office in Montgomery.
Staff Training for Auditors
Give your auditing staff some guidance with specialized staff training
to meet their job duties. ASCPA began working with AHI to lead our
staff training workshops in 2012. With kudos from the attendees, this
results-based training garnered many comments from managers and
partners who sent staff to these programs. These classes combine
theory, hands-on assignments, group work, and critical thinking skills
development to make your staff a stronger player for your firm. For
more information about these programs, please visit our website at
www.ascpa.org.
6
Basic Staff Training for Auditors
August 5 – 7 / Montgomery
$550 for members and $600 for non-members
Receive a $25 early bird discount when registered by July 26
Improve inexperienced staff members′ knowledge, skills and attitude to
enable them to be more productive and profitable on audits, reviews and
compilations.
Semi-Senior Staff Training for Auditors
Augusts 8 – 9 / Montgomery
$400 for members and $450 for non-members
Receive a $25 early bird discount when registered by July 29
Enable more experienced staff to complete smaller audits, reviews and
compilations with minimum supervision and maximum profitability.
Beginning In-Charge Staff Training for Auditors
Augusts 12 - 13 / Montgomery
$400 for members and $450 for non-members
Receive a $25 early bird discount when registered by August 2
Enable experienced staff to advance more quickly to higher levels of
responsibility and to become more profitable to their firms by helping them
better plan and efficiently complete audits, supervise staff, review working
papers and interact with partners and clients.
The Alabama CPA MAGAZINE
MEMBERS IN MOTION
Promotions and New Positions
Brooke Covington has been named executive vice president and COO at the Alabama State
Employees’ Credit Union. Covington is a Troy University graduate. She began at ASE Credit Union
in 2002 and served as the credit union’s chief financial officer prior to being promoted.
Misti Rasmussen has joined Pearce Bevill
Leesburg Moore. She worked at another Birmingham firm for 13 years, the last eight as a manager.
Her experience includes assurance, financial reporting, tax planning and compliance as well as
retirement administration for small clients in a wide
variety of industries.
Southern State Bank of Anniston announced that Lynn
Joyce is now executive vicepresident and CFO. She will
manage the bank’s accounting, compliance and information security departments.
Joyce is a graduate of the UniLynn Joyce
versity of Alabama in Huntsville as well as the America’s Community Bankers
National School of Banking.
Anglin Reichmann Snellgrove
& Armstrong recently added
Carol E. Smith and Leah
DellaCalce to their staff.
Smith is a senior accountant
in the firm’s audit and assurance group. She has over 20
years of public accounting exCarol Smith
perience and is a graduate of
Murray State University. DellaCalce has eight years of previous audit experience. She
is a graduate of Auburn University and has a MAcc from
the University of Alabama in
Huntsville.
Aldridge Borden has promotLeah DellaCalce ed Scott Grier and Jason
Westbrook to principal; Wes Blake and
Corey Savoie to manager. Grier practices in
the firm’s attestation division. His specialty is in
the construction industry where he manages
engagements of closely held contractors. He
also assists them with licensing and pre-qualifications in multiple states. Grier has been with
the firm since 1998 and is a graduate of Auburn Montgomery. Westbrook’s primary focus
is in the firm’s consulting division, although he
provides attestation and tax services to clients in
various industries as well. He is also a graduate
of Auburn Montgomery, has been with the firm
since 1996 and is active with several Montgomery civic organizations. Both Blake and Savoie
are Auburn University graduates. Blake provides
both attestation and tax services across a wide
range of industries while Savoie practices in the
firm’s attestation division.
Smith, Dukes and Buckalew, LLP announced that
James W. Wishon, III has
been promoted to tax senior
in the Mobile office. Wishon
joined the firm’s tax department in September 2011. He
has served clients in a variety
of areas of taxation including
partnership, corporate, not-forJames Wishon, III profit, individual and trusts and
estates. Wishon received his bachelor’s degree
and a master of tax accounting from the University of Alabama. He currently serves as Mobile
Chapter representative on the Young CPA Board
of Directors.
Awards and New
Designations
Heather Scott
Heather Scott of Warren Averett and Jeremy Blackburn
of CDPA recently became Certified Valuation Analysts® (CVA)
through the National Association of Certified Valuation Ana-
lysts. To become accredited
by NACVA, the candidate is
required to successfully complete an intensive training and
testing process. Certified Valuation Analysts provide business valuation and litigation
Jeremy Blackburn consulting services.
Community News
Regional accounting firm Warren Averett announced that Steven M. Barranco has been
appointed to the Alabama
State Board of Public Accountancy by Governor Robert Bentley and confirmed by
the Alabama Senate. He will
serve a four-year term.
Barranco joined the firm
in 1989 in its Montgomery
Steven Barranco office. He has more than 23
years of public accounting experience and focuses his practice in the areas of hospitals, physician group practices and other health-related
companies. He served as president of the ASCPA (2006/07) and as a member of the American
Institute of CPAs’ governing council during that
same year.
In other Warren Averett news, Accounting Today recently recognized the firm as the largest accounting, tax and business consulting firm in the
four-state Gulf Coast region (Florida, Alabama,
Mississippi and Louisiana). In addition, they were
ranked 27 in the top 100 national firms.
LOOKING FOR A TEAM PLAYER ?
Every position has its own set of expertise, challenges and goals.
Whether it’s shortstop or baseman, you have to play to your strengths,
but this isn’t a one-man sport and we understand the essence of teamwork.
We believe that when you connect the right person to the right job
and the right individual to the right company, it’s like a hand in glove.
We’re here to help you find that ideal person to play on the team,
and to make sure they can help the team PERFORM FOR SUCCESS.
Shanna Jackson
is now Senior Manager of Membership
and Website Administration and your
contact for all member questions.
sjackson@ascpa.org,
334.386.5754.
www.itacsolutions.com
TECHNOLOGY | CORPORATE PROFESSIONAL/CLERICAL
GOVERNMENT/ENGINEERING | ACCOUNTING/FINANCE
Providing temporary/contract, contract-to-hire,
and direct hire staffing solutions.
SOLUTIONS
Birmingham | Mobile | Huntsville | Nashville
The Alabama CPA MAGAZINE
7
MEET THE CANDIDATES
CHAIR – Renee Hubbard is a tax consultant. She has provided tax
planning and compliance
services to both individuals
and closely-held small businesses at Jackson Thornton’s Montgomery office
since 1985.
Renee Hubbard
She now serves as chairperson of the Alabama Society of Certified
Public Accountants Federal Taxation Committee after chairing the State Taxation Committee for several years. Hubbard is a graduate
of Auburn University.
member of the National Association of Black
Accountants, as well as the National Black
MBA Association. Mr. McCleod serves as a
board member of the Southeast Regional
Planning and Development Commission,
as a member of the AICPA Minority Initiative
Committee and is an AICPA at-large Council
Member. Mr. McCleod is the immediate past
chair of the Dothan Community Development
Advisory Board. He was a member of the
Young CPA Board and served as its president.
McCleod was awarded the Public Service
Award of the ASCPA following his participation
in the Gulf Coast Service Project.
CHAIR-ELECT – Don McCleod is a native
VICE-CHAIR – Dr. Lowell Broom cur-
of Durham, North Carolina.
He received his undergraduate accounting degree from
North Carolina Central University and his MBA from
the University of Illinois at
Urbana-Champaign. Mr.
Don McCleod McCleod brings more than
a decade of experience in corporate, entrepreneurship, small business, non-profit, auditing,
accounting and consulting to his firm, Don
McCleod, CPA, in Dothan. Don is an active
rently serves as chair of the
Department of Accounting
and Management Information Systems at Samford
University. Prior to joining
Samford in 2008, Broom
was on the faculty at UAB
Dr. Lowell Broom and served terms as chair
of the accounting program and as associate dean of the school of business. Prior to
a career in higher education, he was with a
large international accounting firm. Broom
2013 Nominations Committee
Bryan R. Chandler joined
JamisonMoneyFarmer
in 1978, was admitted
as a shareholder in 1985,
and assumed the role of
managing shareholder in
2005. In this role he overBryan Chandler sees various administrative
and technical divisions of the firm as well as
leads and shapes the strategic direction and
growth of JMF. He has extensive experience
in business sales, acquisitions, succession
planning, strategic planning and valuation issues.
Matthew L. Griffith is
a senior tax manager at
Sellers Richardson Holman
& West in Birmingham.
He has been with the firm
since 2008.
Matthew Griffith S. Jon Heath has over 18
years of experience in serving large, multinational companies and smaller SEC registrants. Prior to joining Carr Riggs & Ingram,
he spent 11 years with PricewaterhouseCoo8
Jon Heath
pers where he specialized
in utilities and telecommunications. As the firm’s Director of Professional Services, Heath is responsible
for the firm’s quality control,
marketing and information
technology initiatives.
Mark E. Hieronymus has
been engaged in the practice of public accounting
for over 25 years. His areas of special concentration include tax planning
and advising corporations,
Mark Hieronymus partnerships, individuals,
estates and trusts. He is a founding partner of Wilkins Miller Hieronymus LLC. He has
previously served as president for the Alabama Federal Tax Clinic, the Mobile Chapter
of ASCPA, the University of South Alabama
Accounting Advisory Board and the Estate
Planning Council of Mobile.
Lisa C. Patterson is the founding and managing partner of Patterson Prince & Associ-
has held every office in the Birmingham
Chapter of the ASCPA, served on the ASCPA council 1995 - 2002, including terms
as an officer. He has received both the Society’s Outstanding Discussion Leader Award
(for CPE instruction) and also the Outstanding Accounting Educator of the Year Award.
Currently, he serves as a member of the
board of trustees for the ASCPA Educational Foundation.
SECRETARY-TREASURER – Jamey
Carroll is a partner at
MDA Professional Group
in Huntsville. Jamey has
been with the firm since
2001. His areas of specialization include construction, emergency serJamey Carroll vices, manufacturing, and
employee benefit plan auditing. He has a
long history of service with the Alabama Society. He was president of the Young CPA
Board of Directors and recognized as the
Outstanding Young CPA that year. Carroll has
been a member of the ASCPA Board of Directors for three years and has also served as
president of the Huntsville Chapter.
– Vote for Three
ates, a full service firm in
the Shoals. She is a past
chair of the Shoals Chamber of Commerce and was
named Small Business of
the Year. Patterson serves
on the University of North
Lisa Patterson Alabama College of Business advisory board, the board of the Fellowship of Christian Athletes, and is treasurer
of the Shoals Scholar Dollars.
Gerald G. Pentecost is a
Gadsden sole proprietor.
He is a past member of the
Alabama Society of CPAs
board of directors and a
past president of the ASCPA North Alabama ChapGerald Pentecost ter. Prior to forming his own
firm, he served as vice president of finance
for International Broadband Electric Communications, Inc. and was partner in charge
at the Ft. Payne, Alabama office of public accounting firm MDA Professional Group.
The Alabama CPA MAGAZINE
Leadership Academy Update
N
ineeen CPAs graduated from Leadership Academy Class II on
May 2. Their final class culminated in a brief ceremony attended
by the ASCPA Board of Directors and invited guests at the
annual Leadership Retreat. Staff from The Rainmaker Companies Scott Bradbary, Robin Brothers, and Joe Fehrman – identified several
class members for special recognition.
Kristi Daughtery
and Ryan Damrich
Firm Project Award
Crow Shields and Bailey
Amanda Freeman
Individual Project Award
ASCPA
Jennifer Taylor
Spirit Award
Erica Lane Enterprises
Rachel Taylor
Spirit Award
JamisonMoneyFarmer
Keina Houser
Foresight Award
Jackson
Thornton
New Look for the Young CPAs
There’s still time to
support the PANGEATWO
Charity Golf Tournament
brought to you by the
Alabama Young CPAs.
Graduation at Wynlakes Country Club was followed by dinner so that
ce the Young
CPAs
had their
first meet
logo designed.
wasASCPA
based on
the Also
class
members
could
and spendSince
time itwith
leaders.
st due for them
to refresh
their brand.
Copperwing
Design
came to
the on May 3)
present
were participants
from
Class III (their
sessions
begin
who
had significant
time to
Montgomery.
Class III
includes
ered several
different
options. travel
The Young
CPA
Board of Directors
voted
on two
Tennessee,
Mississippi, one from Connecticut,
d revisions CPAs
and Tafrom
Da!…..here
it is inthree
all itsfrom
variations.
one from Northbrook, Illinois, and one from Toronto, Ontario. That’s right,
having Richard Mendelsohn from Toronto firm Stern Cohen gives Class
III an international flavor!
Contact Lacey Williams, lwilliams@ascpa.
org to register your team or become a
sponsor. Or go to the ASCPA website,
www.ascpa.org/AboutUs.
Benefitting The Exceptional Foundation
of Homewood and the
ASCPA Educational Foundation
New Look for
the Young CPAs
It’s been a couple of years
since the Young CPAs had
their first logo designed.
Since it was based on the old
ASCPA logo, it seemed past
due for them to refresh their
brand. Copperwing Design
came to the rescue one more
time and offered several
different options. The Young
CPA Board of Directors voted
on their favorite, Copperwing
did revisions and Ta Da!…..
The Alabama CPA MAGAZINE
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9
State BOARD News
JANUARY-FEBRUARY 2013 CPA EXAMINATION
Grades from the January-February 2013 CPA Examination were mailed to candidates on March 8, 2013
and April 5, 2013. There were 164 total candidates
who sat for a total of 209 sections of the examination
and passed 91 sections for a section-passing rate of
43.54%. The 164 total candidates were comprised of
22 first-time and 142 re-examination candidates. A total
of 27 candidates passed. There were 16 candidates
who passed section(s) to receive credit status, 34 candidates who passed a section to improve their credit status, and 87 candidates who passed no sections to remain status quo. There were 122 candidates who sat for
one section of the examination, 39 candidates who sat
for two sections of the examination, three candidates
who sat for three sections of the examination, and no
candidates who sat for four sections of the examination.
ALABAMANATIONAL
SECTION PERCENT PASS PERCENT PASS
AUDIT39.29% 45.70%
BEC
55.56%
54.60%
FAR
34.55%
47.56%
REG
48.39%
47.88%
APRIL-MAY 2013 CPA EXAMINATION
Testing for the April-May 2013 CPA Examination
will close on May 31, 2013. During the month of June
2013, testing will be closed for systems and databank
maintenance. We anticipate receiving and distributing
the grades from the April-May 2013 CPA Examination
between June 12, 2013 and July 12, 2013.
JULY-AUGUST 2013 CPA EXAMINATION
Testing for the July-August 2013 CPA Examination will begin on July 1, 2013 and close on August 30,
2013. During the month of September 2013, testing will
be closed for systems and databank maintenance. We
anticipate receiving and distributing the grades from the
July-August 2013 CPA Examination between September 12, 2013 and October 11, 2013.
CPA Examination scores are available on-line
through the Board’s website at www.asbpa.alabama.
gov/exam.htm. Examination candidates will need their
“Section ID Number” and “Date of Birth” to access their
scores. The Board also mails official scores to candidates as soon as they are received and processed.
The Board accepts submission of CPA Examination
Applications during any month of the year. If you have
questions, please contact Anna Baker at the Board
office at 334-242-5700 or in-state 1-800-435-9743.
CPA Examination Application Forms, Application
Instructions, and CPA Examination Qualifications may
be downloaded from our website at www.asbpa.
alabama.gov/exam.htm. We encourage each CPA
Examination Candidate to review the “Test Tips For
CPA Candidates” and “CPA Candidate Bulletin and
Test Tutorial and Simulations” on the Exam Applications
page of the Board’s website.
STATE BOARD REVOKES CPA CERTIFICATES
The Alabama State Board of Public Accountancy
(“the Board”) held disciplinary hearings on January 28,
2013 for 37 CPAs and two firms who failed to apply for
an annual permit and/or register their certificate within
one year of their expiration date of September 30, 2011.
The Board ordered that the license, registration, certificate and/or permit to practice be revoked, a fine of
$2,000.00 be paid, and also required that the revoked
CPA Certificates and permits to practice be returned to
the Board office within 30 days by each of the following:
10 By J. Lamar Harris, CPA
LICENSEE
CERTIFICATE NO.
Certified Public Accountants:
Lawrence Scott Banks, CPA – 4995
Hampton Cove, AL
Dolores G. Prater Barnes, CPA – Trussville, AL
7506
Katherine Irene Blackmon, CPA Birmingham, AL
8168
Robert David Bonamy, Jr., CPA* Birmingham, AL
6949
Frank Vincent Brocato, III, CPA Birmingham, AL
9573
R. Dawn Burks, CPA – Mount Olive, AL
4667
John Edwin Burns, CPA – St. Charles, MO
8429-R
James Michael Ching, CPA – Robertsdale, AL
8726
William E. Cox, CPA – Birmingham, AL 3088
Edward Craig Crawford, CPA – Alexandria, LA
9326
Dane W. Cutler, CPA – Tampa, FL
2036
Marcus A. Davis, CPA – Moultrie, GA
3369-R
Kellon Knight Ellison, CPA – Trussville, AL
6217
William Perry Hall, CPA – Mobile, AL
4726
David A. Harris, CPA – Birmingham, AL
3742
Pamela Franklin Henderson, CPA – Hoover, AL 4953
Michael V. Hinson, CPA* – Birmingham, AL
2969
Cynthia M. King, CPA – Alexandria, VA
5068
Andrea Alman McKenzie, CPA*
Dawsonville, GA
8709
Jeff Merrill, CPA – Honolulu, HI
11266
Natalie Lynn Mickler, CPA – Jacksonville, FL
6010
Lori Ann Muse, CPA – Yorba Linda, CA
6144
Chukwuma A. Okeke-Ekpe, CPA
Columbus, GA
3130-R
Kristin Eileen Parsons, CPA – Cornelius, NC
8583
Thomas Stewart Parsons, CPA* – Searcy, AR
2195
Radhika Arvind Patel, CPA – Opelika, AL
11443
Kristy Del Signore Peralta, CPA – Newport, TN
Adam John Ryan, CPA – Memphis, TN
Dewey N. Sanders, CPA – Jacksonville, FL
8499
10168
3781
Stacey Michele Shinas, CPA – Greenville, SC 7103-R
Janette Dianne Smiley, CPA –
Jacksonville, FL
Nicholas Stinson, CPA – Montgomery, AL
Baruch Tal, CPA – Roslyn, NY
Pamela Davis Tilley, CPA – Tuscaloosa, AL
Jeremy Thomas Triefenbach, CPA
Anaheim, CA
10836-R
3102
10697
4342
9959-R
Kerry McKennley Williams, CPA – Huntsville, AL 7279
Wenyan Zhou, CPA – Pudong, Shanghai, China8822
Firms:
Kellon Knight Ellison, CPA – Trussville, AL
d/b/a Ellison & Co. CPA, P.C., Firm No. 972
Michael V. Hinson, CPA* – Birmingham, AL
d/b/a Michael V. Hinson, CPA, Firm No. 2120
6217
2969
The Board also held a disciplinary
hearing on January 28, 2013
for one CPA firm who failed to
complete the requirements of the
Board’s Peer Review Program.
The Board ordered that the license, registration,
certificate and/or permit to practice be revoked, a fine
of $10,000.00 be paid and required that the revoked
CPA Certificate and permit to practice be returned to
the Board office within 30 days by the licensee listed
below:
LICENSEE
CERTIFICATE NO.
Peer Review:
Harvey F. Cutter, CPA – Huntsville, AL
d/b/a Cutter Co., LLC, Firm No. 1394
1975
Additionally, the Board held disciplinary hearings
on January 28, 2013 for two CPA firms who failed
to complete the requirements of the Board’s Peer
Review Program. The Board ordered that the license,
registration, certificate and/or permit to practice be
revoked, a fine of $4,000.00 be paid, and that the
revoked CPA Certificate and permit to practice be
returned to the Board office within 30 days by the
licensees listed below:
LICENSEE
CERTIFICATE NO.
Peer Reviews:
Donnie Holder, CPA – Montgomery, AL
d/b/a Holder & Company, Firm No. 1139
1486
Christopher L. Miller, CPA – Birmingham, AL
3279
d/b/a Christopher L. Miller, CPA, Firm No. 1744
2012-2013 REGISTRATIONS
On-line registration is available for 2012-2013
for CPAs, PAs, and Firms. The link to the on-line
registration form can be found on the Board’s website at www.asbpa.alabama.gov/registration.htm.
Individual and firm registration packets for 20122013 were mailed to all licensees on September
24, 2012. The completed on-line registrations or
registration forms for 2012-2013, along with the
appropriate fee(s), were due in the Board office on
October 1, 2012. Licensees who have not already
filed are delinquent and encouraged to file as soon
as possible. A late renewal penalty of $500.00
is due for registrations postmarked April 1, 2013
through September 30, 2013. After September 30,
2013 disciplinary actions ensue for unpaid fees, late
renewal penalties, and CPE deficits. You may also
visit our website and download individual and firm
registration forms. If you have questions concerning
your 2012-2013 registration(s), please contact the
Board office.
ADDRESS CHANGES
Board rules require that all licensees keep us
advised of any change of address and/or change in
business affiliation. Such changes must be in writing
and may be submitted electronically by visiting
the Board’s website and completing the On-Line
Change of Information Form found on the “Change
of Information” page. You may also submit such
changes by mailing or faxing (334-242-2711) to the
Board office.
*CPA Certificate was reinstated by the Board on March
22, 2013.
The Alabama CPA MAGAZINE
FINANCIAL LITERACY
Alabama State Department of Education Mandates Financial Literacy
A
t the end of February, the Alabama State Department of Education (ALSDE) created
a new course for high school students, Career Preparedness. It focuses on three integrated areas of instruction—academic planning and career development, financial
literacy, and technology. From the ALSDE:
“Course content ranges from college and career preparation to computer literacy skills
to ways to manage personal finances and reduce personal risk. Designed to be interwoven
throughout course instruction, is the area of technology. Mastery of the content standards
provides a strong foundation for student acquisition of the skills, attitudes, and knowledge
that enables them to achieve success in school, at work, and across the life span.”
Career Preparedness is a one-credit course required for graduation that can be
taught in Grades 9-12; however, it is recommended that students take the course in Grade
9. ASCPA staff attended a resources fair on April 9, to share with the curriculum task force
the resources available through the Society. Having a mandatory financial literacy requirement for graduation has been a goal of the ASCPA and other state societies.
Drake Middle School Holds Second Financial Literacy Fair
Dr. Sarah Stanwick’s Auburn University graduate accounting students were on hand in
force on March 7 at Drake Middle School. Their job was to create and man stations for the
600 6th graders to rotate through, learning different lessons about money management.
Controlled chaos – maybe. But the students were surprisingly engaged and involved in
each of the activities. There was a piggy bank design contest, too, and some of those
creations showed real talent. Local accounting firms supplied prizes; the ASCPA helped to
promote it to members. Aubie showed up to cheer the kids on as did Benjamin Bankes,
from the AICPA’s Feed the Pig campaign.
The Alabama CPA MAGAZINE
11
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The Alabama CPA 3/5/13
MAGAZINE
Doing it Better
What Every CPA Should Know about
Calculation Engagements vs. Valuation Engagements
By: Kevin Andrews, CPA/ABV, CFE, CFF
PAs who perform business valuation services are subject to Statements on Standards for Valuation Services No. 1, or
SSVS for short. SSVS is applicable whenever a
CPA exercises professional judgment in determining a value. Mechanical calculations, such as multiplying the number of shares of a publicly traded
stock held times a stated market price, are not
subject to SSVS. However, multiplying revenues
or some form of earnings to arrive at a value likely
requires professional judgment in the selection of
the multiple and is therefore subject to SSVS.
As all CPAs are subject to SSVS it is important to know what SSVS entails even if you do
not personally prepare business valuations. Your
clients may need to have a business valuation performed and therefore you need to know what the
client is receiving when a valuation is performed.
SSVS gives the CPA an option when performing
valuation services. The first is a “valuation engagement.” This type of engagement allows the
valuation analyst to estimate the value of a subject interest with no restrictions as to the valuation
approaches and methods used. The result of a
“valuation engagement” is a “conclusion of value”
which may be a single amount or a range.
The other option SSVS allows for is a
“calculation engagement.” In this type of
engagement the valuation analyst is limited to the
valuation approaches and methods to which the
client has agreed. These procedures are more
limited than those used in a valuation engagement
and therefore do not result in a “conclusion of
value.” Instead, a calculation engagement results
in a “calculated value” that does not purport to
include all of the procedures required to express
a “conclusion of value.”
Simply put, the difference between the two
types of engagements is that “valuation engagement” allows the appraiser to use all methods and
approaches deemed relevant while a “calculation
engagement” does not. As a result “valuation
engagements” will meet all of the professional
standards required by SSVS. A “calculation engagement” will not. In fact, SSVS requires that all
calculation engagements acknowledge that the
results may have been different if a “valuation engagement” was performed.
Which procedures can be left out of a
“calculation engagement?” That answer depends
on the agreement between the subject business
owner and the valuation analyst. The valuation
analyst may be limited to using only one of the
three primary approaches, or to use a specific
rate of return, or to use a specific discount. The
agreement may be based on eliminating valuation
approaches that the analyst does not think will be
appropriate. Alternatively, the agreement may be
C
The Alabama CPA MAGAZINE
designed to save costs. Here are some examples
of the ways costs can be saved:
• Agree in advance to a multiple or rate of return
that will be used.
• Agree in advance to a discount for lack of marketability or lack of control.
• Agree to forego industry research.
• Agree to forego all, or a portion of, analysis of national, state, and local economies.
• gree to forego application of the market approach
or certain segments of this approach, such as the
guideline public company method.
• Agree to forego peer analysis and financial benchmarking.
• Agree to forego a detailed analysis of the risks
of the subject company, such as concentrations
related to customers, suppliers, or salesmen.
It is important to note that you are not likely to
see a “calculation engagement” agreement that
specifically states these items will not be performed.
Instead these procedures will simply not be listed
among the procedures that will be performed. As
such these items are not performed and costs are
saved. While this may be appropriate in some circumstances it may not be in all circumstances.
So when might a “calculation engagement” be
appropriate? A business owner that plans to market his business, or simply wants to know what it
is worth, could benefit from a calculation engagement. This could give him an idea of what his actual return is and allow him to determine an asking price. Another situation could be one in which
owners have amicably agreed to a change in ownership and can agree on the criteria used to value
the business. This could even work if the owners
are a couple going through an amicable divorce.
Calculation engagements can be meaningful if the
procedures performed are not overly restricted.
But when might a “calculation engagement”
not be appropriate? The answer to this lies in the
purpose for the valuation. For example if a “calculation engagement” is prepared for a divorce then the
appraiser could not deny that the procedures used
were limited to those agreed to with the party who
requested the valuation and that a different result
may have occurred had a “valuation engagement”
been performed. This may not appear to be objective when the ultimate end user, the judge, decides
whether or not to rely upon this value.
Another example might be an appraisal required
to be filed with the Internal Revenue Service. In
Revenue Ruling 59-60, the IRS lists factors it expects to be considered when determining fair market value. Several requirements of SSVS are rooted
in this revenue ruling. Some of the factors listed in
Revenue Ruling 59-60 are the ones excluded from
many “calculation engagements”. As such the “cal-
culated value” attached to the gift tax or estate
return being filed may not be sufficient to meet the
basic criteria set forth by the IRS.
In addition to the basic criteria stated in Rev.
Rul. 59-60, a “calculation engagement” may be
absent procedures that cause problems in other
areas. For example, the IRS issued a job aid for
its field agents to use when considering discounts
for lack of marketability. An overriding theme in
this document, which the IRS released internally
in 2009 but did not become public knowledge
until 2011, is that discounts should be driven by
a detailed analysis of the subject interest and not
a simple average. If company benchmarking has
been omitted from valuation procedures, or the
discount used was agreed to in advance, it may
be hard to defend the applicability of the discount
applied.
When considering a report stating a “calculated value,” you should consider the procedures
performed, as well as the ones inherently omitted,
and the effect these may have on the appropriateness of the report in the eyes of its end user. “Calculation engagements” do not contain everything
required to reach a “conclusion of value.” If they
did they would not be “calculation engagements,”
which are limited due to the agreement between
the client and the valuation analyst. The procedures omitted may or may not be appropriate for
the end user. Omitted steps could be costly if the
end user determines a “calculated value” is of no
value at all.
____
Kevin A. Andrews, CPA/ABV, CFE, CFF is a
shareholder in Financial Forensics & Valuation
Group, PC located in Birmingham, Alabama
and specializing in assisting business owners
in litigation. Kevin also owns Alabama Business
Valuations, LLC which focuses exclusively on
valuations for regulatory purposes, such as for
ESOP filings and gift and estate returns. Additionally,
Kevin is an instructor for the Alabama Society of
Certified Public accounts for fraud and business
valuation topics and won the Thomas A. Ratcliffe
Outstanding Discussion Leader Award presented
to the highest rated instructor in 2011-2012. Kevin
can be contacted at ka@ffvgroup.com.
Attend ASCPA’s
Introduction to
Business Valuation
class on
September 24th
in Mobile
13
DOING IT BETTER
Potential Liability of the Outside CPA for a Client’s Payroll Taxes
C
By Bruce P. Ely, Justin B. Cureton*, Bradley, Arant, Boult & Cummings
PAs should be aware of the potential
The accounting firm warned GCAD of the
liability they can assume if they handle
unpaid taxes on multiple occasions. Members
a client’s “trust fund” taxes. These taxes
of the firm even met with the management of
include payroll taxes on the federal level, as well
GCAD to develop a plan for repayment. When
as income tax withholdings and sales and seller’s
a plan was created, the accounting firm would
use tax on the state/local level. If the client fails
send the proposed plan to the IRS for approval.
to pay these taxes, the IRS and the Alabama
GCAD, however, would direct the firm to pay
Department of Revenue each have the power
other creditors, and even members of GCAD
to assess the so-called 100% penalty against
management. The Service asserted that the
each of the “responsible persons”. The penalty
accounting firm followed its client’s orders, while
is known officially as the Trust Fund Recovery
knowing that the funds remaining would not be
Penalty (“TFRP”). I.R.C. § 6672; Ala. Code §§
enough to cover the unpaid taxes. But there was
40-29-72, -73.
no evidence that GCAD ever purposefully directed
A recent federal district court case shows
the accounting firm to evade withholding taxes.
the IRS’ continued efforts to hold third parties
The IRS assessed over $325,000 in TFRP
responsible when their client or customer fails to
against each of accounting firm’s owners—not
timely remit its trust fund taxes. Erwin v. United
just the firm itself. Despite concessions that the
States, 111 AFTR2d ¶2013-426 (D. N.C., Feb.
firm had simply followed the directives of its client,
2013). In that case, Buddy Light Accounting and
the IRS determined that the firm and its owners
Tax Services (the “accounting firm”) managed
met the requirements of I.R.C. § 6672 by being
most of the accounting functions for its client,
willfully acting, responsible persons, and deemed
GC Affordable Dining, Inc. (“GCAD”). Among
each of them personally liable for the client’s
other duties, the accounting firm was in charge
unpaid taxes.
of calculating employee withholding taxes and
The court agreed, concluding that although the
making tax deposits for the client. GCAD began
owners of the accounting firm were not members
experiencing
financial
difficulties.
The accounting
of 1GCAD management or even employees, they
E-9002-0313
AL_Layout
1 3/19/13
2:08 PM Page
firm was fully aware of those financial difficulties.
were clearly in control of the accounting and
payroll operations. Members of the firm were the
first persons to know the amount of the employee
withholdings and the amount of accrued but
unpaid taxes, and were assigned the duty of
paying those taxes. In determining “willfulness”
-- a necessary element-- the court focused on
the firm’s issuance of “thousands” of checks on
behalf of GCAD, while its members must have
known that the money for these checks could
instead have been used to pay the unpaid taxes.
CPAs in private practice shouldn’t think they
or their firms will never be held liable for a client’s
or former client’s unpaid payroll or sales/seller’s
use taxes. The TFRP is not reserved for business
owners and in-house finance or payroll officers.
Outside CPAs can become liable, jointly and
severally, due to their accounting responsibilities
for a client. Obviously, CPAs should avoid
becoming too close to a client in financial
difficulties. For example, CPAs who are involved
in the payroll/bookkeeping functions for a client
should not follow the directives of the client
regarding payment of non-tax creditors when
they know, or even suspect, that trust fund taxes
are going unpaid. They should quickly consult
their own tax counsel and probably resign from
the engagement—in writing.
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Aon Insurance Services is the brand name for the brokerage and program administration operations of Affinity Insurance Services, Inc. (AR 244489); in CA, MN & OK, AIS Affinity Insurance Agency, Inc. (CA 0795465);
in CA, Aon Affinity Insurance Services, Inc. (0G94493), Aon Direct Insurance Administrator and Berkely Insurance Agency; and in NY and NH, AIS Affinity Insurance Agency.
One or more of the CNA companies provide the products and/or services described. The information is intended to present a general overview for illustrative purposes only. It is not intended to constitute a binding
contract. Please remember that only the relevant insurance policy can provide the actual terms, coverages, amounts, conditions and exclusions for an insured. All products and services may not be available in all
states and may be subject to change without notice. The statements, analyses and opinions expressed in this publication are those of the respective authors and may not necessarily reflect those of any third parties
including the CNA companies. CNA is a registered trademark of CNA Financial Corporation. Copyright © 2013 CNA. All rights reserved.
E-9002-0313 AL
14 The Alabama CPA MAGAZINE
Annual Sandestin Conference...Arrrrrgh!
It’s a Beach Party Kind of Education Event
It’s the signature beach event for ASCPA members! Education and
fun merge together. Add in family time and networking, and you’ve got
the Sandestin Conference. Speakers include Jim Martin,
Jeff Patterson, Carlton Collins and Bruce Nunnally. New this year is an afternoon beach party, complete with
a blow up pirate ship water slide on the beach. Join us for the fun!
Sandestin
Conference
Registration
Sandestin
Conference
Registration Form
Mail form to :
ASCPA
P.O. Box 242987
Montgomery, AL 36124-2987
Form – JulyJuly
21-25
21 - 25
Fax form to :
Sherry Russ
334.834.7310
Scan/email to: sruss@ascpa.org
Last Name
Register online at:
www.ascpa.org
M.I.
First Name
ASCPA Member Number
Firm / Employer
Business Phone
Address
Email Address (for confirmation)
City
State
Sunday, July 21
st
Monday, July 22
nd
Tuesday, July 23
rd
Zip
3:00pm-5:00pm
Registration
6:00pm-8:00pm
Opening Reception
8:00am-noon
Practical Guidance for Impairment Accounting Standards
James D. Martin, CPA
1:00pm
Golf Tournament
8:00am-noon
Top State and Federal Tax Case Law Topics
Jeff Patterson, Esq.
5:45am
Fishing Tournament, Harborwalk Fishing Docks
1:00pm – 4:00pm
Wednesday, July 24
th
th
Thursday, July 25
Beach Party with water slide
8:00am-noon
The Tech Savvy CPA
Carlton Collins
8:00am-noon
Accounting & Auditing Update
Bruce Nunnally, CPA
*Electronic course materials are included in the registration fee and will be emailed at least two weeks before the course date.
CPE Registration
Registration Fees
CPE
EarlyBird
BirdRegistration
Registrationbyby
July
Early
July
1111
n
Member
Member
$475
Non-Member
$475
$525
n
Non-Member
$525
Standard Registration after July 11
Standard
Registration after July
11
 Member
$525
n Member
$525

Non-Member
n Non-Member
$575
$575
BeachParty
Party
Beach
n
Number
 NumberAttending
Attending
OpeningReception
Reception
Opening
n
Attending
Attending
Tickets
Ticketsfor
for all
all guests
guests
includedin
in fee
fee
included
__ Number of Adults
____
Number of Adults
GolfTournament
Tournament
Golf
n
Member
Golf
Member
Golf$125
$125
Additional
T-shirts
for for
salesale
for $10
each –
Additional
T-shirts
for $10
____Handicap
____Handicap
One
included
registrant
fee. Please
each
–One for
included
forinregistrant
in list
fee. Please
list number
andcost
sizes
number
and sizes
and include
in total
and Youth
include
cost in
Youth
fees.
Medium
to total
Adult fees.
XXL available.
__ Number of Children
____ Number of Children

Not Attending
n Not Attending
Medium to Adult XXL available.
________________________________
_____________________________
________________________________
_____________________________
_____________________________
________________________________
____________________________
Guest
Golf $125
$125
n
Guest
Golf
____Handicap
____Handicap
Guest Golf
$125
n Guest
Golf
$125
____Handicap
____Handicap
Fishing
Tournament
Fishing
Tournament
n
Member
Fish
$135
Member
Fish
$135
Guest
Fish$135
$135
n
Guest
Fish
Guest Fish $135
n
Guest
Fish $135
Guest Fish$135
$135
n Guest Fish
Total Fees:
Check:
enclosed
a check
payable
to to
ASCPA
in the
amount
of $________________
Check: I Ihave
have
enclosed
a check
payable
ASCPA
in the
amount
of $ ___________
authorize
the
ASCPA
to charge
$ __________
my credit
card. Card:
Credit
II authorize
the
ASCPA
to charge
$ __________
to mytocredit
card. Credit
n Card:
MC n MC
Visa
Card Number
 Visa
 Discover
 AMEX
n Discover
n AMEX
Month
Year
________________________________________
Print Cardholder’s Name
________________________________________________
Cardholder’s Signature
Address of cardholder
City, State, Zip of cardholder
The Alabama CPA MAGAZINE
15
EDUCATION Express
No.
Date(s)
Field of
Study
Title
Location
001* 5/10/13
AA
002* 6/18/13
Other
Early Bird *Registration Non-Member
Member Fee
Fee
Add-On
AICPA Advanced Course: Overview of the Peer Review Program Standards Montgomery
$250 $275 $50
Trusted Business Advisor Workshop 2 Montgomery
$250 $275 $50 003
6/24/13
AA
Annual FASB Update and Review
Gulf Shores (AM)
$150 $175 $50 004
6/24/13
TX
Select Estate and Life Planning Issues for the Middle-Income Client Gulf Shores (AM)
$150 $175 $50 005
6/24/13
Other
Controller/CFO Update: Hot Topics Facing Today’s Financial Professional Gulf Shores (AM)
$150 $175 $50 006
6/24/13
AA
Accounting and Reporting for Not-for-Profits: Avoiding the Headaches and Heartaches
Gulf Shores (PM)
$150 $175 $50 007
6/24/13
TX
Individual Income Tax Return Mistakes and How to Fix Them
Gulf Shores (PM)
$150 $175 $50 008
6/24/13
Other
Gaining a Competitive Advantage: Critical Skills for CFOs and Controllers
Gulf Shores (PM)
$150 $175 $50 009
6/25/13
AAFinancial Reporting Fraud: The Top 25 Tips on How to Prevent and Detect Executives and Managers from
010
6/25/13
TX
011
6/25/13
Other
012
6/25/13
013
Manipulating Financial Statements
Gulf Shores (AM)
$150 $175 $50 Federal Tax Update
Gulf Shores (AM)
$150 $175 $50 Innovative Forecasting and Budgeting: Moving Beyond the Traditional Techniques Gulf Shores (AM)
$150 $175 $50 AA
Preparing OCBOA Financial Statements: Cash, Modified Cash and Tax Basis Financial Statements Gulf Shores (PM)
$150 $175 $50 6/25/13
TX
Mastering Basis Issues for S Corporations, Partnerships, and LLCs
Gulf Shores (PM)
$150 $175 $50 014
6/25/13
Other
Thriving in a Chaotic Economic Environment: Planning and Strategy Formulation for Your Organization
Gulf Shores (PM)
$150 $175 $50 015
6/26/13
AA
Fraud in Purchasing and Cash Disbursement Cycles Gulf Shores (AM)
$150 $175 $50 016
6/26/13
TX
Maximizing Your Social Security Benefits
Gulf Shores (AM)
$150 $175 $50 017
6/26/13
Tech
Technology Update
Gulf Shores (AM)
$150 $175 $50 018
6/26/13
AA
COSO Internal Control: One Size Does Fit All Gulf Shores (PM)
$150 $175 $50 019
6/26/13
TX
Estate Planning: What to Do in 2013
Gulf Shores (PM)
$150 $175 $50 020
6/26/13
Tech
Excel Macros - Part 1 Gulf Shores (PM)
$150 $175 $50 021
6/27/13
AA
Compilation Engagements Gulf Shores (AM)
$150 $175 $50 022
6/27/13
TX
Key Partnership and S Corporation Tax Planning Strategies
Gulf Shores (AM)
$150 $175 $50 023
6/27/13
Tech
iPad - An Effective Business Tool
Gulf Shores (AM)
$150 $175 $50 024
6/27/13
AA
Efficient Small Business Audits Gulf Shores (PM)
$150 $175 $50 025
6/27/13
TX
Critical Tax Issues in Buying and Selling a Business Gulf Shores (PM)
$150 $175 $50 026
6/27/13
Tech & AA
Excel Reporting - Best Practices, Tools and Techniques
Gulf Shores (PM)
$150 $175 $50 027* 7/8/13
AA
Governmental and Nonprofit Update
Montgomery
$250 $275 $50 028* 7/8/13
Other
AICPA’s Annual Update for Controllers
Montgomery
$250 $275 $50 029* 7/9/13
AA
Governmental Accounting and ReportingHuntsville
$250 $275 $50 030* 7/9/13
AA
Detecting Misstatements:Integrating SAS 99 and the Risk Assessment StandardsHuntsville
$250 $275 $50 031* 7/10/13
AA
Understanding the Clarified Auditing Standards: The Changes You Need to Know
Montgomery
$250 $275 $50 032* 7/10/13 6AA/1Tax/1Other Construction Accounting, Auditing, Tax
Montgomery
$250 $275 $50 033
7/16/13
Automobile Dealerships: An In-Depth Perspective
Montgomery
$250 $275 $50 034
7/16/13
Tech
Top 50 Security Measures for CPAs
Montgomery
$250 $275
$50 035* 7/17/13
AA
Now I Oversee: Advanced OMB A-133 Issues
Birmingham $250 $275
$50 036
7/17/13
Tech
QuickBooks 2013 for CPAs
Birmingham $250 $275
$50 037* 7/17/13
AA
New GASB Reporting Requirements: GASB Statements 67 & 68
Mobile
$250 $275
$50 038* 7/17/13
TaxHandling IRS Disputes
Mobile
$250 $275
$50 039
7/18/13
AA
Forensic Accounting: A Comprehensive Guide to Conducting Financial Fraud Investigations
Auburn
$250 $275
$50 040
7/18/13
Tech
Tech Savvy CPA
Auburn
$250 $275
$50 041* 7/18/13
AA
Studies on Audit Deficiencies
Mobile
$250 $275
$50 042* 7/18/13
Tax
Fundamentals of a Trust
Mobile
$250 $275
$50 044
7/26/13
Tax
Shortcuts to Tax Cuts: Individual Tax, Social Security, and Retirement Planning Tools and Strategies
Auburn
$250 $275 $50 045
7/29- 7/31/13 AA
Employee Benefits Workshop – Fee Determined by Sessions
Birmingham 046
8/5 - 8/7/13
AA
Basic Staff Training for Auditors
Montgomery
$525 $550 $50 047
8/5/13
AA
Forensic Accounting: Critical Phases of an Effective Fraud Investigation
Birmingham (AM)
$155 $180 $50 048
8/5/13
Tax
Tax Challenges for Older Americans
Birmingham (AM) $155 $180 $50 049
8/5/13
Other
Benchmarking and Effective Partner Compensation Systems
Birmingham (PM)
$155 $180 $50 050
8/5/13
AAFinancial Reporting: The Top 25 Tips on How to Prevent and Detect Executives and Managers from
Manipulating Financial Statements
Birmingham (PM) $155 $180 $50 051
8/5/13
Tax
Social Security and Medicare: Advanced Analysis of the Tactics, Taxes, and the Truth
Birmingham (PM) $155 $180 $50
052
8/5/13
Other
Disciplined Marketing in Building a Niche Practice
Birmingham (AM) $155 $180 $50
054
8/6/13
Tax
Taxation for Foreign Nationals
Birmingham (AM)
$155 $180 $50
055
8/6/13
Other
Loyalty Effect and Building a Sales Culture in a CPA Firm
Birmingham (PM) $155 $180 $50
16 See online
$50 The Alabama CPA MAGAZINE
No.
Date(s)
Field of
Study
Title
Location
056
8/6/13
Tax
057
8/6/13
Other
058
8/6/13
Other
059
8/7/13
AA
Early Bird *Registration Non-Member
Member Fee
Fee
Add-On
Taxation for Expatriates
Birmingham (PM) $155 $180 $50 Succession Planning and the Future of the Accounting Profession
Birmingham (PM) $155 $180 $50 The GO System
Birmingham (PM) $155 $180 $50 Financial Statement Disclosures: Guide to Current Requirements and Developing Issues
Mobile (AM)
$155 $180 $50 060
8/7/13
Tax
Federal Tax Update
Mobile (AM)
$155 $180 $50 061
8/7/13
AA
Current Issues in Accounting and Auditing: An Annual Update
Mobile (PM)
$155 $180 $50
062
8/7/13
Tax
Critical Tax Issues in Buying and Selling a Business
Mobile (PM)
$155 $180 $50
063
8/8/13
AA
Fraud and Financial Reporting: Don’t Be the Next Victim!
Mobile (AM)
$155 $180 $50
064
8/8/13
Tax
Maximizing Your Social Security Benefits
Mobile (AM)
$155 $180 $50
065
8/8/13
AA
Preparing OCBOA Financial Statements: Cash, Modified Cash and Tax Basis Financial Statements
Mobile (PM)
$155 $180 $50
066
8/8/13
Tax
Individual Income Tax Return Mistakes and How to Fix Them
Mobile (PM)
$155 $180 $50
067
8/8 - 8/9/13
AA
Semi-Senior Staff Training for Auditors
Montgomery
$375 $400 $50
068
8/9/13
TX
Alabama Sales and Use Tax Guide for CPAs by Ely, Long, and ThistleHuntsville
$155 $180 $50
069
8/9/13
TX
The Best Income Tax, Estate Tax, and Financial Planning Ideas of 2013Huntsville
$250 $275 $50
070
8/12 - 8/13/13 AA
Beginning In-Charge Staff Training for Auditors
Montgomery
$375 $400 $50
071
8/13-8/14/13 AA
Yellow Book Workshop – Fee Determined by Sessions
Birmingham 072
8/14/13
Disregarded Entities
Montgomery
$250 $275 $50
073
8/14/13
Other
Microsoft Office 2013 including Windows 8 and Skydrive
Montgomery
$250 $275 $50
074
8/15/13
Tax
Religious Organizations: Accounting, Auditing & Tax Issues
Montgomery
$250 $275 $50
075
8/15/13
Tech
QuickBooks for Beginners
Montgomery
$250 $275 $50
076
8/15/13
Mobile
$250 $275 $50
077
8/15/13
Tech
Top Accounting Solutions
Mobile
$250 $275 $50
078* 8/16/13
Other
Advanced Business Law for CPAs
Birmingham
$250 $275 $50
See online
$50
TXAdvanced Tax Structures: Using Tiered Partnerships, Multiple Corporations, Series LLCs and
TXHot IRS Tax Examination Issues for Individuals and Businesses
079
8/16/13
Tech
081
8/16/13
AA/Other
082
Excel 2013 for CPAs
Birmingham
$250 $275 $50
Excel Budgeting and Forecasting Techniques
Mobile
$250 $275 $50
8/16/13
AA
Condos & HOAs: Advanced Accounting, Auditing and Other Issues
Orange Beach
$250 $275 $50
083* 8/19/13
AA
FASB Industry Review
Birmingham $250 $275 $50
084
AA
2013 Accounting & Auditing Update for the Real World
Birmingham
$199 $224 $50
Expanding the CPA Role
Birmingham $250 $275 $50
8/19/13
085* 8/19/13
Other
086* 8/20/13
AA
Practical Guidebook to Impairment Accounting Standards
Tuscaloosa-AM
$155 $180 $50
087
8/20/13
AA
Revenue Recognition and Lease Accounting: The New Perspectives
Tuscaloosa-PM
$155 $180 $50
089* 8/20/13
AA
Revenue Recognition: Getting the New Standards Right
Montgomery
$250 $275 $50
091* 8/20/13
AA
Public Company Update
Birmingham $250 $275 $50
092
8/20/13
TX
Advanced Partnership/LLC Workshop: How to Do Optional Step-up In Basis Under 754 and Related Provisions Birmingham $250 $275 $50
093
8/21/13
AA
2013 Accounting & Auditing Update for the Real WorldHuntsville
$250 $275 $50
094* 8/21/13
AA
Real Estate Accounting and Auditing
Montgomery
$250 $275 $50
095
8/21/13
TX
Advanced Critical Issues for LLCs and Partnerships
Montgomery
$250 $275 $50
096
8/22 - 8/23/13 Other
The Franklin Covey 7 Habits of Highly Effective People Workshop
Montgomery
$800 $850 $50
098
8/22/13
TXHot IRS Tax Examination Issues for Individuals and Businesses
Decatur
$250 $275 $50
100
8/23/13
TX
The Complete Guide to Payroll Taxes and 1099 Issues
Dothan
$250 $275 $50
101
8/26-8/28/13 TX
Estate and Tax Planning for the Baby Boomer Workshop – Fee Determined by Sessions
Birmingham Closely Held Business Taxation: Smart Strategies to Slash Taxes
Tuscaloosa
$250 $275 $50
Tech
Excel Best Practices
Tuscaloosa
$250 $275 $50
102* 8/28/13
TX
See online
$50
103
8/28/13
105
8/29/13
Tech
Sage 50/Peachtree Accounting Software - Managing Businesses More Effectively
Birmingham $250 $275 $50
106
8/29/13
Other
Leadership Development from the Expert Colonel
Montgomery
$250 $275 $50
107* 8/29/13
Other
Thirty-Plus Practical Tools and Techniques for Making Your Key Financial Decisions
Montgomery
$250 $275 $50
108* 8/30/13
Other
Expanding the Role and Influence of CPAs in Organizations
Auburn
$250 $275 $50
109
8/30/13
Tech
Excel PivotTables for Accountants
Auburn
$250 $275 $50
111
8/30/13
Tax
Delving into the Top Twelve Issues for Partnerships, LLCs and S CorpsHuntsville
$250 $275 $50
(*) Asterisk indicates 8 hr AICPA seminar; take advantage of a $30 discount applied to the ASCPA fee if you are an AICPA member
ASCPA 4hr Clusters or CPE Value Seminars do not receive $30 discount.
NEW REGISTRATION FORMS AND ENTIRE CPE SCHEDULE AVAILABLE SOON ON THE WEBSITE - WWW.ASCPA.ORG
The Alabama CPA MAGAZINE
17
Bigger is Better
Accounting Practice Sales is North America’s leader in sales because we understand
practice value, have thousands of motivated buyers and know how to navigate today’s
tricky financial market. When you decide to sell your practice, remember APS got to be
the biggest because we earned it. We are the best at what we do.
Call today for a risk-free and confidential evaluation of your practice and let us show
you how simple selling your practice can be. Bigger is better!
Lori Newcomer, CPA
(888) 277-6040
LNewcomer@apsleader.com
AccountingPracticeSales.com
18 The Alabama CPA MAGAZINE
ASCPA
Education
Form
ASCPA
Continuing
ProfessionalRegistration
Education Registration
Form
Mail form to :
ASCPA
P.O. Box 242987
Montgomery, AL 36124-2987
Fax form to :
Sherry Russ
334.834.7310
Scan/email to: sruss@ascpa.org
Register online at:
www.ascpa.org
REGISTRANT INFORMATION
Last Name
M.I.
First Name
ASCPA Member Number
Firm / Employer
State Certificate Number
Address
City
State
Zip
Business Phone
Business Fax
Please visit www.ascpa.org to
view all registration policies,
including information about
cancellations and refunds.
Please attach a description of
special requests or contact us at
(334) 386-5764.
Email Address (for registration confirmation)
† Vegetarian
† ADA Request
† Check if information has recently changed and needs to be updated in your member record
Are you a member of the AICPA? † Yes
How did you hear about this class?
Course
Date
† No
† Email
Course Title
Member Number: ____________________ (Required for discount; subject to verification)
† Newsletter
† Website
Course
Number
† Postcard/Special Mailing
Course Fee
ASCPA
Member
NonMember
† Other
AICPA Discount
*see note (where
applicable)
Book Fee
($20 per
course)
Subtotal
Total:
*CPAs who are members of the ASCPA may register at the member rate. CPAs who are not a member of the ASCPA or other State
Society may register at the Non-Member rate. Please include the appropriate discount(s) when registering for events.
ÃCPAs who are members of the AICPA may deduct $30 from AICPA seminars ONLY (8 hrs classes). (These are identified in the CPE
Schedule online or in the ASCPA newsletter).
*Electronic course materials are included in the registration fee and will be emailed at least two weeks before the course date. You
can choose to purchase a paper copy of the course materials for an additional fee of $20 per course.
† I acknowledge that I will receive course materials electronically (included in course fee).
† I would like to purchase my manual for $20 per class
Check: I have enclosed a check payable to ASCPA in the amount of $ ___________
I authorize the ASCPA to charge $ __________ to my credit card.
Credit Card:  MC
Card Number
† Company Credit Card
 Visa
 Discover  AMEX
Month
Year Expiration Date
† Personal Credit Card
________________________________________
Print Cardholder’s Name
________________________________________________
Cardholder’s Signature
Address of cardholder
City, State, Zip of cardholder
The Alabama CPA MAGAZINE
3/11/13
19
Presorted Std
US Postage
PAID
Permit No. 131
Montgomery, AL
MAY 2013
The Alabama Society of
Certified Public Accountants
1041 Longfield Court
P.O. Box 242987
Montgomery, AL 36124
Honor the fallen
on Memorial Day.
The Alabama Society office
will be closed on Monday, May 27.
Classified
The Hartselle Board of Education is seeking
qualified candidates for its Chief School Financial
Officer position. Individuals interested in applying
can go to www.hartselletigers.org for more details
or call 334-277-9700 and ask for Ken Roberts. The
deadline for applying is May 13th.
Montgomery area technology-oriented sole
practitioner with fast-growing accounting and tax
firm is seeking alliance or merger with CPA of similar situation. Also seeking CPA or CPA candidate
with tax and accounting experience for full or parttime employment. Contact Sajjan Rajendra, CPA,
sajjancpa@knology.net or 334.294.6967 for more
information.
Expanding Montgomery CPA firm looking for a
senior accountant with 4-6 years of experience for
bookkeeping, business consulting, audits, and tax
work. CPA or public accounting experience required. Competitive pay and benefits within a flexible
environment. Submit letter of interest and resume to
Hillary Rosser, hrosser@wmpcpa.com.
Wealth Management Partners of Montgomery
is seeking a SME/auditor for governmental projects.
The position requires:
• 4+ years of audit, accounting or financial management advisory services experence, preferably
in support of Department of Defense or federal
agencies.
• Bachelor’s degree in accounting or other technical
field from an accredited college, with a minimum of
24 hours of accounting.
• Knowledge of Federal Information Systems Controls Audit Manual (FISCAM) and expertise with
DFAS 7900.4-M, Financial Systems Requirement
Manual (Blue Book) requirements.
•T
he ability to pass and maintain a security
clearance.
CPA or CISA certification or CPA/CISA candidate is
desired. Qualified applicants should forward a letter of interest and resume to Hillary Rosser, Human
Resources, at hrosser@wmpcpa.com.