ascpa magazine april 2015

ALABAMA CPA MAGAZINE APRIL 2015

BUSINESS AND INDUSTRY ISSUE

2 THE ALABAMA CPA MAGAZINE

THE ALABAMA CPA MAGAZINE

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

Don McCleod, Chair

Dr. Lowell Broom, Chair-Elect

Renee Hubbard, Past Chair

BOARD OF DIRECTORS

James R. L. Carroll

Caitlin F. Glass

Kate J. Ham

Paul Marcus Hamilton

M. Buddy Johnsey

Jason L. Miller

Michael C. Reibling

Gregory E. Sellers

Dennis E. Sherrin

Rachel M. Taylor

AICPA COUNCIL MEMBERS

Don McCleod

E. Lamar Reeves

John P. Shank

Jimmy L. Williamson,

Past Chair, AICPA

The Alabama CPA Magazine is published by

Alabama Society of Certified Public Accountants

as a membership service to Society members.

Views and opinions appearing in this publication

are not necessarily endorsed by the ASCPA. The

deadline for submitting materials for publication is

the first of the month preceding issue date.

Jeannine P. Birmingham, CPA, CAE, CGMA

President and CEO

Diane L. Christy, Editor

Frank Jenkins, III, CPA is the Entrepreneur-in-Residence at the Montgomery Small Business

Resource Center. Photo courtesy of the Montgomery Business Journal

Message from the Chair...I can still remember, as a newly-minted graduate of the University

of Illinois, the feeling of excitement that I had when I was offered my first job. It was with a company in the industrial supply distribution industry. As a financial analyst, I was assigned to a talented team of highly motivated rising stars who all seemed, like me, to have had their minds shaped by a graduate business program’s constant drum beat of “you must maximize shareholders’ value”. I remember how, as the youngest member on the team, I was assigned the task of developing a break-even analysis for each of our branch store locations. To me, it was the coolest work ever. I remember many of the conversations that I had with my teammates. They shared with me their stories about becoming a CPA and how it prepared them to enter the world of business and industry. I remember how they made me realize how valuable a CPA was as a financial professional who lived within the complex world of business strategy and operations. It was indeed a wonderful time of enlightenment.

While my time in industry led to the discovery that becoming a CPA would provide me with the transferable skills needed to perform well, the Alabama Society of CPAs has always known that our most important credential says a lot about our other equally important designations. This is why I’m so excited about how the Alabama Society of CPAs is working hard to support members in business and industry. For example, in May the ASCPA will hold the Woman’s Summit, which focuses on helping our members to understand how to properly feed their time, energy and brainpower for business success. This event will feature, along with other speakers and guests, Ms. Tommye Barie, chair of the American Institute of CPAs. Through events like this and others, the ASCPA is doing so much to support our members; fostering an environment which continues to inspire greatness in financial leaders within business and industry.

Lastly, we know that by being an organization that steadfastly stands true to our mission of promoting the interests of our members in business and industry, the ASCPA will continue to be inextricably tied to a greater legacy of outstanding service to the business community. In closing, today as a not-so-newly-minted chairman of the Alabama Society of CPAs, I believe that within all businesses, both large and small, can be found the strength of our members. Our members are working diligently every day to make our business and industry communities even better. They are indeed the “backbone of our business communities”, and for this I humbly say, thank you for all that you do!

It’s what CGMA stands for.

A new designation representing accomplished professionals that drive and deliver business success, worldwide.

Find out more at cgma.org

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THE ALABAMA CPA MAGAZINE 3

BUSINESS AND INDUSTRY

KNOW WHERE YOU STAND (FOR FREE)Entrepreneur in Residence counsels Small Business Resource Center clients

by David Zaslawsky

Clients at the Montgomery Area Chamber of Commerce Small Business Resource

Center (SBRC) received an email about assessing their company’s financial position at the midway point of 2014.

That email reminded the incubation clients and the co-working space clients to:

• Explain signification differences from budget plans for sales and expenses.

• Determine if the cash position is at a comfortable level, and if not, find out why.

• Determine the accounts receivable and if the number is within industry standards.

The email went on to say: “These are only some of the assessments that will help you understand where your business has been and where it appears to be headed. If you are unable to perform one or more of the assessments listed above because your accounting system is not producing the required information or you are unclear as to how to accomplish please contact your accountant or me.”

The “me” is Frank A. Jenkins III, CPA, who has 35-plus years of experience in the financial industry; was an accounting professor; and has a master’s degree in business administration from the Wharton School of

Finance at the University of Pennsylvania.He is the Entrepreneur in Residence at the

Small Business Resource Center. He is the go-to expert in financial matters and his advice is free to SBRC clients. He has been serving in this role for nearly four years and in return for his services receives free office space.

“Since my forte is accounting, I provide an accounting platform [to explore a business’s] accounts structure; and explain the kinds of things you need to start a business,” Jenkins said.

He said many clients have accountants and he is careful not to impact that relation-ship. He said sometimes clients will ask him questions because his advice is free, but he does remind the business owners to talk to their accountants as he did in the above email.

He works with clients on record keeping, understanding financial statements, choosing

an entity type, starting a business, forming a business plan, raising capital, and funding a business.

Jenkins, managing director of Jenkins & Associates, said, “As entrepreneurs, you have to be aggressive and think that you have the background and knowledge to run your business.”

But not all small business owners un-derstand the financial aspects, which can be complicated, or know how or where to seek funding or understand the difference between an employee and an independent contractor.

A favorite story of his is of a banker asking a business owner, “How did you do last year? What were your revenues and expenses?” Jenkins, who served on the Aliant Bank Board of Directors for 15 years, said, “The banker doesn’t want to hear you use this terminology: ‘Um, about.’ I help them realize that you have to understand where your business is and where’s it’s going. The ‘um

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about’ method is not a good approach to get funding for your business.”

He talks to clients about the importance of accounting software so a business owner can track operating results. “It’s important to know your working capital position at all times,” Jenkins said.

Other issues include how to set up the company, business licensing, and tax forms. One of the issues he deals with is business owners who co-mingle funds. “People will start a business and, before they are legally organized, they will run their operations out of their personal accounts.” He said some en-trepreneurs cannot answer how much money they invested in their business because they did not track purchases.

Jenkins is a member of Service Corps of Resource Executives (SCORE), which has an office at the Small Business Resource Center. SCORE offers free consulting services. He has been a member of the Alabama Society of CPAs since 1978.

Frank Jenkins


DOING IT BETTER

Don’t “Cliff Out” on Your Career ClimbWe often look at our careers as an upward climb; even with their inevitable

twists and turns there is a tacit belief that “up” is inherently better than “down.” Reversing direction has a tremendous stigma attached.

One of the biggest mental obstacles for people undergoing a mid-career change is an aversion to “losing ground”. No one wants to go back to the starting line even though this “going back” is almost always just a temporary re-route, enabling you to get on the path to doing better work with more career satisfaction.

So what happens to people when they realize they are not where they want to be professionally - not moving forward, but afraid to go back?

Several years ago I moved from the east coast to a town high in the Colorado Rockies. One day, hiking in a remote area, I was on a trail that led right into the rocks; but it appeared I could climb up and over a rocky area and keep hiking.

The trail offered good steps, and was not pitched too steeply, so up I went. I became focused on finding sturdy foot and hand holds, looking only at the rock as I climbed, and then, unexpectedly, I was stuck. I just stood there, immobile, almost perfectly vertical with hands and face on rock, remembering a term I’d heard in a survival training course: “Cliff Out.”

I remembered very clearly the survival class instructor explaining people have to be rescued each year because they try to climb mountains or complete hikes that were beyond their experience and skill level. How easily a simple hike could turn in to a “cliff out” - where someone is stuck - unable to move up or down.

The emotions that accompany being alone in nature and realizing that you are in trouble, are almost always the same - shame and embarrassment. These two emotions are most detrimental to a person’s chances of survival. It’s shame and embarrassment (for letting it happen, for not knowing better, for doing something “stupid”) that leads people to make bad choices when they might otherwise have made level-headed ones… survivable ones.

I knew that the smartest thing I could do was stop the self-defeating talk in my head and get calm. I got my bearings, slowed my heart rate, moved very slowly and found a way to ease back down.

Admittedly, it wasn’t a bad cliff out, but the thing about these situations is they rarely are catastrophic, they are often survivable.

Here are three tips to prevent YOU from cliffing out.

1. Be crystal clear on where you’re going.Failure to connect purpose to work is a major disengagement and results

in burnout. The Bureau of Labor Statistics reports that about half of employees aren’t engaged. From my anecdotal experience, it’s higher. How many people do you know have a crystal clear vision for their future that energizes and excites them?

Countless times in my career (spent mostly in the Big 4) I saw people disillusioned with their careers but not willing to take a step back to find something that had meaning for them. They lingered in middle management, or even higher positions, not meeting their expectations or anyone else’s. So what do you do when this happens?

Take stock and honestly acknowledge where you are:• Rate your level of job and satisfaction with it on a scale of 1-10. • Ask yourself if you are in the same place in one year - how happy will you be

with that? • If you aren’t happy, what have you done to change it? • What worked? What didn’t?• What can you do next?

2. Choose between being a master or a commodity.Find something you like, are good at doing and become a master. Everyone

seems to be clamoring to get certifications, with little attention to real mastery and depth of knowledge. The potential to be an artist and a master exists in every profession – from accounting to plumbing to dry cleaning.

Most modern professional training is designed to make us good commodities. The more of a commodity you are the better for your employer; it’s safe for you and dependable for them. It’s why performance reviews almost always point out what you’re not doing well and devise ways of getting you to strengthen areas in which you are “weak”.

You’re better off focusing on what you already do well and finding ways to be even more brilliant at it. This is a choice that has to be made with discretion, but this inherent assumption that we must have high levels of skills in all areas limits our ability to become a master of one we really enjoy and have the potential to master.

3. Collaboration leads to masteryIn the first few minutes of class, the survival course instructor said, “most

people die in the wilderness for one reason…” I was thinking avalanche, inability to read a map or a compass, etc., but he shared something unexpected, “don’t go alone and if you do, tell someone where you’re going and when to expect you back.” The biggest mistake I see people make in their career is going it alone and not asking for help.

One effective way to do this is to get into a one or more Master Mind groups – a group of people who are committed to helping each other achieve personal and professional goals by sharing knowledge, brainstorming ideas, helping problem solve or just acting as a sounding board. The best people to mastermind with are usually not in your work peer group or even in your inner circle. Information on how to create and a run a mastermind is freely available.

W. Clement Stone grew up in complete poverty. At the age of six he was selling newspapers to help support him and his mother. He went on to build the Aon Insurance Company and sold it for $2.56 billion. He attributed working in masterminds as the single greatest factor to his incredible success. _______Courtney Kirschbaum is a human development and high performance expert who specializes in equipping Millennials to transition seamlessly from college to career as high performers and helping professionals make successful mid-career transitions. She can be contacted at http://www.courtneykirschbaum.


Annual Meeting 2015OPENING7:00 – 8:00 a.m. Registration and Chair’s Breakfast

MORNING SESSIONSSession I 8:00 – 9:45 a.m. “CPA Professional Issues Update” Timothy Christen, CPA, AICPA Vice-Chair, CEO Baker Tilly Virchow Krause, LLP10:00 – 10:40 a.m. “Southeast Region Economic Forecast” Governor Bob Riley10:40 – 11:45 am “Generations & Diversity: Shaping the Future of the Accounting Profession” Ken Bouyer, CPA, EY, and Ralph Thomas, CPA, New Jersey Society CPAs

Session II 8:00 – 11:45 am “Internal Controls and Fraud Prevention and Detection” Tommy Stephens, CPA, K2 Enterprises12:00 – 1:15 pm Luncheon, Awards, and Business Meeting

AFTERNOON SESSIONSSession III 1:15 – 4:40 pm “Accounting and Auditing Update” James D. Martin, CPA, Martin & Company, CPA, P.C.Session IV 1:15 – 4:40 pm Trends in Worker Reclassification Audits and

Mobile Workforce Tax Compliance Bruce P. Ely, Esq., John Hargrove, Esq.,

James E. Long, Esq., Sims Rhyne, Esq., Will Thistle, Esq., Bradley Arant Boult Cummings, LLP

Register online at www.ascpa.org or contact Corena Unpingco at 334-386-5764

YOUNG CPA CHARITY GOLF TOURNAMENTFor information on teams and sponsorships contact Amanda Freeman, 334.386.5755 or Rebecca Vosghanian, 334.386.5753.


“Your tax credit donation willgive me an opportunity!”

“C” corporations and individuals can receive a dollar-for-dollar tax credit.

Lesley SearcyExecutive [email protected]

Your tax dollars are hard at work funding scholarships and helping children like mine achieve academic success.

“”Dalphne Wilson

AOSF Parent

Bri JacksonDevelopment [email protected]

Alabama Opportunity Scholarship FundP.O. Box 59188Birmingham, AL 35209www.alabamascholarshipfund.org

12,000 children applied

2,851 scholarships were awarded by the Alabama Opportunity Scholarship Fund for the 2014-2015 school year with students enrolled in 131 partner schools across Alabama.

2,200 children waitlisted

83% of scholarship awards were to minorities.

Donate a portion of your Alabama income tax liability andreceive a dollar-for-dollar income tax credit today!

Currently, “C” Corporations and individuals can receive a state income tax credit to o�set up to 50% of the corporation’s Alabama income tax liability. However, an individual’s tax-creditable donation is capped at $7,500 per calendar year. In addition, donations can qualify for the federal Section 170 charitable contribution deduction.

Legislation was introduced this year that would allow partnerships, LLCs, and “S” Corporations to make tax-creditable donations. The legislation would also remove the $7,500 cap on individual contributions.

“”

We make a commitment that if we’re going to take these dollars that we are going to do the very, very best by these children. I anticipate that this will bring a whole group of children who will come up and support their state. They will be taxpayers and they will help the economy because they are well educated and well employed.

Sharon LewisAssociate Superintendent of Schools for the Southeast Adventist Schools in Alabama


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L O O K I N G F O R A T E A M P L A Y E R ?

For Montgomery CPA Tim Hall “hardware” is not just about his computer. It’s also about

the tools of his hobby, competitive shooting. And not shooting at tin cans stuck on a fence post! His shooting is big time trap shooting.

Hall’s career as a CPA preceded his inter-est in shooting, from the time he was in college and learned more about accounting from John Livings of Montgomery firm Livings, Lankford & Lambert. He went first to Auburn, completed his degree at Auburn Montgomery, and returned to Auburn for his master of accountancy degree with tax concentration. In graduate school Dr. Steve Crowell served as a mentor.

He worked in industry after earning his four-year degree, then with Wilson, Price, Barranco, Blankenship & Billingsley (now Warren Averett) before going to graduate school.

“After leaving Auburn I joined Art Leading-ham’s firm, Leadingham Rodgers, and started building toward my own practice with his help. I went out on my own in 1993 and mostly do taxation for small businesses and individuals. That’s been the most rewarding part of my work, helping clients realize their goals. The flip side is that I have trouble letting go of my desk at the end of the day. I am blessed to have a very supportive wife! She did an amazing job raising our children while I was working. Hon-estly, I’ve been surprised by how much I’ve en-joyed having my own firm. Maybe that’s why it’s hard to turn off.”

His practice and shooting overlapped when Hall began spending a lot of time at a trap range outside Montgomery, owned by a client.

“I became enthralled with how shooters

Giving new meaning to the term “straight shooter”could consistently hit the targets. It became a personal challenge. In 2006 I started shooting competitively and was able to take that chal-lenge on. I’m in my fourth term as president of the association and third term as secretary/treasurer of the Southern Zone Trapshooting Association.”

He was featured in the September/October edition of Trap Shooting USA magazine in an article about the Alabama State Trap Shoot held in last May in Mathews, Alabama. He came in fourth in one event and was named champion of another.

“Generally, I start the year shooting in Tampa in January at the Dixie Satellite Grand, then at-tend 3-4 state shoots in the southeast after tax season ends. I’ll shoot the Southeastern Tour-nament in July and then the Grand American (the national tournament) in August in Illinois.”

Hall’s gotten the family involved, too, with all his children enjoying shooting and acting as volunteers at the Alabama State Shoot. When not shooting for himself, Tim mentors young shooters. He has a NRA Level 1 coaching cer-tificate and works with both adults and young people on shooting trap and skeet.

CPA STANDOUT: TIM HALL, CPA

Shooting can be an expensive hobby!

“The initial invest-ment is just a shotgun costing about $500. A client of mine, a top-ranked trap shooter, has a customized shotgun which cost $50,000. So there’s one of the places where numbers and shooting overlap. But I actually do see a connection be-tween the two. For both, you must be able to maintain a high level of concentration until you finish your task.”

Hall and his wife take time off from both work and shooting by taking their RV to Auburn football games and he goes with her as she travels with a horse rig for trail rides.

“Sometimes she’ll let me come along to ride, but I feel safer on my Harley than on a horse. Having my CPA license has allowed me to make a nice living, enjoy my hobbies, travel and provide for my family. Having my own practice has given me many lifelong friends and I am blessed to have a wonderful staff which cares about our clients as much as I do.”

IN MEMORIAMJAMES WAYNE “ROCKY”

WASHAM September 30, 1946 - December 11, 2014

Talladega, Alabama Certificate #2891

FRED OSBORNE KELLEYJuly 9, 1928 – January 14, 2015

Birmingham, AlabamaCertificate #466

BOBBY JOE GLENNNovember 28, 1949 - January 26, 2015

Montgomery, Alabama Certificate #1488

JOSEPH STEVEN LEEFebruary 15, 1951 – March 17, 2015

Mobile, AlabamaCertificate #4620


DOING IT BETTER

By Edward K. Zollars, CPA, Nichols Patrick CPE, Incorporated, October 2014

The revised repair and capitalization regulations are now out in force. CPAs

must be prepared to comply with these rules when completing returns for years beginning on and after Jan. 1, 2014.

This article looks at certain key features that CPAs should focus on as you approach the coming filing season when these rules are applied.

Depreciation of repairsOne key feature of the new regulations is

what the IRS sees as a “clarification” of the application of the deduction for repairs under IRC §162. Specifically, the IRS modified Reg. §1.162-4 to provide that an expenditure can be treated as a repair only if the taxpayer determines it is not required to be capitalized under any other provision of the tax law.

Previously, this regulation had a description of what a repair was and did not require taxpayers to determine if another capitalization for the expenditure was applicable.

The IRS appears to believe that courts, in interpreting the old regulation, were first testing expenditures against that regulation’s terms.

The practical impact of this rule is that taxpayers should expect the IRS to insist on the capitalization of more items than was true in the past.

Accounting method changesThe IRS specifically prohibited limiting

the regulations’ use only to assets acquired after the effective date of the new regulations. Instead, the IRS views these regulations as imposing a rather staggering number of new accounting methods that taxpayers need to adopt on 2014 returns, requiring the filing of Forms 3115.

Each of these method changes require taxpayers to compute the cumulative difference in taxable income that would have been recognized in the past had these methods been used instead of the prior regulations. That number, referred to as the §481(a) adjustment, will generally need to be included in income over four years if it is a positive adjustment, or in the year of change for a negative adjustment.

The IRS published a pair of Revenue Procedures (Revenue Procedures 2014-16 and 2014-17) providing for the granting of automatic consent to change accounting methods. CPAs need to study this pair of

On February 13, 2015 the IRS released Revenue Procedure 2015-20 to permit a small business taxpayer to apply the repair and disposition regulations prospectively on a cut-off basis in taxable years beginning on or after January 1, 2014 without filing a Form 3115 Application for Change in Accounting Method. A small business taxpayer is defined as a business with total assets of less than $10 million or average annual gross receipts of $10 million or less for the prior three taxable years,

CPAs with middle market clients struggled over the last couple of years with the repair regulations more than with any other issue in recent memory.

Many finally decided that most of their clients were substantially in compliance, but would file Forms 3115 anyway with a zero Section 481(a) adjustment to acknowledge their consideration, analysis, and adoption of the new rules, and continue to do so.

The new repair regulations: What CPAs need to knowprocedures and understand the number of changes in method that will need to be handled, as well as the information to be assembled.

As these are automatic method changes, the Form 3115 does not need to be prepared until the taxpayer prepares his or her 2014 tax return. At that time, the form will be prepared in duplicate, with one copy sent to the IRS Service Center in Ogden, Utah, at the address found in the Revenue Procedures, and one copy sent with the taxpayer’s original return when it is filed.

Buildings and the new rules [Reg. §1.263(a)-3(e)(2)]

Major changes have been made in determining what must be capitalized related to real property. Specifically, the rules provide that a taxpayer must not just determine if the expenditure resulted in an improvement of the building as a whole, but also whether it improved any building system (with a number of those specifically defined in the regulations) or any structural component of the building (including the roof, windows, etc.). (Editor’s note: See Mark Sellner’s accompanying article on page 10 for further explanation of how the new repair regulations apply to roofs.)

An improvement of either the building as a whole or smaller part will require capitalization of that item. This represents a significant change from prior case law where the courts had recently tested the building as a whole as the item for improvement.

Given the long lives of buildings (39 years MACRS lives for commercial buildings), the real property rules are likely to result in significant adjustments. Any item treated as a repair on a commercial building within that 39-year period would still have an unrecovered cost component had that repair been capitalized.

De Minimis rule [Reg. §1.263(a)-1(f)]The regulations contain a special

provision where taxpayers may make use of capitalization policies used for financial reporting purposes to justify writing off items that otherwise would need to be capitalized under these rules.

The starting point for making use of these rules is determining if the taxpayer has an “applicable financial statement” as defined in the regulations. An applicable financial statement only includes:

A statement filed with the SEC.

A financial statement audited by an independent CPA that is used for nontax purposes.

A statement (other than a tax return) required to be filed with the federal or state government or any federal or state agency (other than the IRS or SEC). [Reg. §1.263(a)-1(f)(4)]

A taxpayer with such a statement must have had written accounting procedures in place at the beginning of the year that were followed in preparing the applicable financial statement. In such a case, any amount paid for property with an invoice cost of less than $5,000 that is expensed under that policy can be written off on the tax return. [Reg. §1.263(a)-1(f)(1)(i)]

If a taxpayer does not have an applicable financial statement, the rules are different. First, the entity must have accounting procedures in place as of the beginning of the year (though the regulation does not state they must be in writing in this case), and those procedures must be used in preparing the taxpayer’s

(Continued on page 15)


FINANCE FORTE: THE FUTURE OF FINANCIAL LEADERSHIPSurvey and results from EY

No one expects the top finance job to be easy. When problems get to the CFO’s

desk, they are inherently difficult ones — otherwise they would have been addressed earlier.

Nevertheless, as organizations look ahead to an uncertain future, the responsibilities of the role will only increase.

Finance forte provides insight on the fu-ture of the CFO role and what current CFOs, aspiring CFOs and boards need to do to keep up.

The study is based on a survey of over 530 Group CFOs and their reports across Europe, the Middle East, India and Africa, as well as a series of in-depth interviews with leading CFOs and future finance leaders from across these regions.

At a time when the importance of the CFO role has never been greater, the focus on cultivating the pipeline of future finance leaders needs to catch up with the role’s evolution.

“CFOs who do not have [communication] skills

but excel in the traditional aspects of finance are now

regarded as rather quaint and antiquated. They may be very

good at what they do, but they wouldn’t be their own

replacement.”

The future of the top jobFew jobs today can rival the CFO’s role

in terms of breadth, influence and profile. Indeed, the CFO is now arguably the most influential role in the organization, particularly at a time when economic uncertainty continues to cause unpredictable demand, capital availability and cash flows.

In light of this role stretch, two-thirds of survey respondents agree that the title “CFO” is inadequate. And while only one-third of respondent organizations currently have a deputy CFO, the majority believe that the increasing complexity of the role will mean that more organizations will appoint one.

Seventy-two percent of respondents

agree the breadth and profile of the CFO role makes it a more attractive career aspiration. Yet there are also concerns that the pool of individuals with the appropriate skills and experience to succeed in the position is not sufficient.

Seventy-three percent of respondents agree that very few people in their current finance organization have the broad skills required to succeed as Group CFO.

Those leading CFOs we spoke to do not believe that there is a lack of talented finance professionals. Instead, a number point out that structural changes within the finance function may limit the opportunities for talented candidates to develop the right experience for the top job.

In view of this, they argue that formal identification and development of talent is critical to ensure that there is a strong pipeline of candidates with the right credentials for the role.

Our study suggests that there are nine key steps that aspiring Group CFOs can take to ensure that they are well prepared to meet the future challenges of the role:

1. Gain a breadth of finance experience According to survey respondents, it is more important for prospective candidates to gain experience in a wide range of roles within the finance function. However, it’s not about slavishly rotating through each of the central functions. It is far more important to build on skills acquired at the head office and gain broader commercial and strategic experience, often in divisional or operational roles.

How important is it for future Group CFOs to have experience in the following areas? Select up to three (percentage)

The best stepping stones to the top job

Reflecting the need for candidates to build a breadth of experience, respondents consider the best stepping

stones for the job to be deputy CFO, Group CFO of another organization and financial

controller.

2. Develop commercial insight Sixty-seven percent of respondents

believe that prospective CFOs who have spent their entire career in the finance function are at a disadvantage compared to those with direct commercial experi-ence.

Yet, only a slim majority of companies create opportunities for junior finance pro-fessionals to gain broad commercial skills, although higher-performing companies are more likely to do so.

Many managers may be reluctant to lose high performers, even temporarily, at a time when finance functions have been downsized and resources are tight.

3. Seek out M&A experience Most leading CFOs interviewed for

this report see M&A experience as a prerequisite to the role. Although deals have been few and far between during the financial crisis, the economic recovery should herald a return of M&A activity, giving future finance leaders a good opportunity to demonstrate their strategic and leadership skills.

When they are involved with M&A proj-ects, most finance professionals, how-ever, are likely to participate in the pre-deal stage of valuation, due diligence and assessment of potential synergies. Far fewer will be involved in the post-merger integration phase. This is a missed op-portunity.


FINANCE FORTE: THE FUTURE OF FINANCIAL LEADERSHIP4. Obtain a balance of traditional and non-traditional skills

Much of the traditional CFO role will remain central. Successful candidates for the position will still need a firm grasp of finance fundamentals and most will continue to originate from a finance background.

However, it will be those who can demonstrate experience in key areas over and above core finance who will shine.

The ability to lead diverse teams, give commercial insight, lead major projects and build trusted relationships with internal and external stakeholders are skills that will set the top contenders apart.

5. Develop leadership skills Individual performance criteria are

no longer the basis for selection of a Group CFO. Increasingly, boards are looking for evidence of leadership skills and the ability to build effective teams. Three-quarters of respondents agree that Group CFOs need the experience of managing diverse teams, while almost 80% think that the CFO role is primarily about being a leader of the entire organization rather than just being head of the finance function.

It is almost impossible for a CFO to be an expert in the complete range of activities under his or her control, especially when IT, sourcing, and other functions are added to the CFO’s remit. Finance leaders must therefore be highly adept at building and leading effective teams around them.

6. Get international exposure As global companies become increas-

ingly polarized between fast-growing, im-mature markets and slow-growing, ma-ture ones, CFOs who have experience of managing both will be in high demand.

Companies should anticipate this requirement by putting in place career paths for future finance leaders that in-clude periods in both developed and emerging markets.

“It’s becoming best practice to take

younger finance people, put them into emerging markets with a lot of training from a general practitioner standpoint and then move that person to a mar-ket at the next level of maturity so that they’re gaining experience and knowl-edge along the way,” says Bill Leisy, Principal, EY

7. Gain experience of finance transformation initiatives

Despite the sizeable benefits of finance transformation initiatives, they could have an unforeseen impact on the long-term talent pipeline. By migrating transactional processes to centralized or outsourced providers, organizations may no longer be giving finance professionals adequate experience of the fundamental skills of finance.

Also, the big project experience of implementing and managing a shared service center is increasingly becoming a core competence for senior finance pro-fessionals. Talent management programs that enable finance professionals to man-age this type of project and include tem-porary rotation into shared service centers can help to fill these gaps.

8. Gain exposure to the markets and its stakeholders

The CFO is increasingly becoming the public face of the organization. As such, aspiring CFOs should seek to build relationships with a wide range of stake-holders including banks, equity and bond investors, regulators, rating agencies, analysts and the media.

Organizations need to take a struc-tured approach to providing the necessary exposure and building these opportunities into the talent management process.

Developing skills and experienceQuestion asked of Group CFOs/

finance directors: In which of the following areas do your direct reports most need to develop their skills and experience in order to progress to a Group CFO role?

Group CFOs/finance directorsQuestion asked of non-Group CFOs: In

which of the following areas do you feel

that you most need to develop your skills and experience in order to progress to a Group CFO role?

Non-Group CFOs (incl. financial con-trollers and treasurers)

9. Build effective relationships with the board

Perhaps the most crucial set of stake-holders for aspiring CFOs is the board. When Group CFOs first take on the role, they must become attuned to boardroom dynamics, and build effective relation-ships with key board members, including the CEO, the Chairman, and the Chair of the Audit Committee.

By kick-starting these relationships as part of the succession planning process, companies will ensure a much smoother transition for the incoming CFO. _______This article was reprinted from EY online resources with their permission.

Nine Steps for CFOs to prepare for the future


PROMOTIONS AND NEW POSITIONSWarren Averett announced that Will Aderholt, Ryan Chaffin and Phillip Rivers have all been named mem-bers of the firm. Aderholt serves in the tax division of the Birmingham office. With more than nine years of experience, he specializes in tax planning and con-sulting for closely-held and private-equity owned businesses. He has extensive experience serving cli-ents in construction, manufacturing and distribution, healthcare and retail industries. Ryan Chaffin serves in the audit division and as the service area leader of the Huntsville office. With more than 12 years of public ac-counting experience, Chaffin has extensive experience serving clients in the automotive, healthcare facilities/hospital, manufacturing and distribution industries, as well as serving nonprofit organizations. Phillip Rivers leads Warren Averett’s new Mobile office with more than 13 years of accounting experience in a wide range of industries including real estate, healthcare, financial services, manufacturing and transportation. He spe-cializes in internal control reviews, due diligence, debt issuances as well as assistance with mergers, acquisi-tions and spinoffs.

Todd Turner, Katy Beth Jackson, and Lauren Roberts were promoted to manager at JamisonMoneyFarmer while Andrea Armstrong and PJ Talley became senior accounts. Turner worked at JMF as a runner in 2004 through 2007 and then as a tax intern in 2008 before becoming a full time staff accountant in August 2008. Mr. Turner was a graduate assistant at the University of Alabama and graduated summa cum laude with a Bachelor of Science degree and Masters of Accoun-tancy. He is a member of Young CPAs of Tuscaloosa and Alpha Kappa Psi. Mr. Turner was the Vice – Presi-dent of the Tuscaloosa ASCPA Chapter for 2014 – 2015 and will serve as President in 2015 – 2016.

Jackson joined JMF as a staff accountant in 2007 in tax and accounting. She graduated summa cum laude with an undergraduate degree and master of taxation at the University of Alabama. She worked as a tax intern at JMF prior to joining the firm full time. Roberts worked as a tax intern and a client services intern for JMF in 2007. She graduated with honors from the Cul-verhouse School of Accountancy at the University of Alabama and started working full time at JMF in 2008. She also has a Bachelor of Arts in Dance. Armstrong began full time at JMF in October 2012 as a staff ac-countant in tax and accounting. She worked as an in-tern for JMF during the 2011 and 2012 tax seasons. She graduated with undergraduate and masters of accountancy degrees from the University of Alabama. PJ Talley began full time at JMF in October 2012 as a staff accountant in tax and accounting. He worked as an intern for JMF during the 2011 tax season. He graduated from the University of Alabama with a minor in computing technology.

The Calera Chamber of Commerce recently named Alabaster resident and small business owner Jennifer

Hand as its new executive director. Hand worked in industry for 22 years and recently opened her own full-time business, Family Memories Travel.

Barfield, Murphy, Shank & Smith (BMSS) is proud to an-nounce that Karen Poist and Bill Lorimer became mem-bers of the firm on January 1, 2015. Karen Poist joined the firm in 1998. She heads the firm’s state and local tax services group (SALT). Her experience and areas of specialty include state and local income taxation, indi-vidual and corporate taxation, compliance, planning, audit representation and mergers and acquisitions. She works with, and represents clients on, tax audits with the IRS and state and local governments. Karen has presented SALT seminars for clients including topics on state and local taxes, sales tax, nexus and apportion-ment and allocation. Bill Lorimer joined BMSS in 2006. He previously worked 12 years for a local accounting firm. His special areas of practice include individual, corporate federal and state income, along with not-for-profit taxation and compliance. Lorimer has experience working with all forms of entities in real estate, construc-tion, manufacturing, retail, not-for-profit, entertainment and service industries. He regularly presents to not-for-profits and businesses on tax compliance.

Smith Dukes & Buckalew was pleased to welcome back Melissa D. Archibald, CPA, as a senior assurance Accountant. She first joined the firm in 2010, and re-cently relocated back to Mobile and Smith Dukes. Since joining us in 2010, she has specialized in gov-ernmental and non-profit audit and tax engagements. Melissa graduated from the University of Alabama, and received her Master’s in Accounting from the University of South Alabama. Kathy Killion, CPA joined the firm full-time as a tax manager. She has over thirty years of public accounting experience, and specializes in the field of taxation. Killion has extensive experience work-ing with real estate investments, small businesses, non-profit organizations, and employee benefit plans, as well as individual, partnership and corporate taxa-tion. Peter F. Susman has been promoted to assurance manager. He joined Smith Dukes in 2014 with seven years of experience with a Big Four firm in Illinois. He has extensive experience in accounting and auditing for complex multi-national and middle market firms, as well as small businesses, non-profit entities and em-ployee benefit plans. Susman has industry knowledge and experience in the aerospace, defense and indus-trial manufacturing sectors. He is a graduate of South-ern Methodist University, and is licensed in Alabama, Texas, and Illinois. Zack Wolf has been promoted to as-surance supervisor. He joined SDB in 2013 in the as-surance department, and provides audit, accounting, and tax services to non-profit and governmental clients, as well as individuals and corporations. He received his bachelor’s degree from the University of Alabama and his masters of accountancy from Vanderbilt University. Zack teaches principles of accounting in the fall, as an adjunct faculty member for the University of Mobile’s

MEMBERS IN MOTION

Phillip Rivers

Todd Turner

Will Aderholt

Ryan Chaffin

Melissa Archibald

Zack Wolf

Karen Poist

Bill Lorimer

James Wishon

Kathy Killion

Peter SussmanKaty Beth Jackson

Lauren Roberts

PJ Talley


Scott Browning was promoted to partner at Wilkins Miller. He has over seventeen years of experience pro-viding tax planning and compliance services to busi-nesses and individuals with extensive experience in real estate, construction, manufacturing, and professional services. Before joining predecessor firm, Hieronymus Gaillard & Jones in 2001, Browning worked for Price-waterhouseCoopers, LLP in Birmingham.

In 1995, Browning was graduated from The University of Alabama with a degree in accounting and in 1996 he received his master of taxation at UA. He currently serves on the board of directors for the Alabama Fed-eral Tax Clinic and as the treasurer for the Dauphin Is-land Sea Lab Foundation..

AWARDS AND NEW DESIGNATIONSWilkins Miller, an accounting and advisory firm with of-

fices in Fairhope and Mobile, is pleased to announce that Blake Ethredge has been awarded the Certified in Financial Forensics credential (CFF) by the AICPA, joining three other professionals with the designation at the firm.

MEMBERS IN THE MEDIAPatrick Bowman, member at Barfield Murphy Shank & Smith LLC, and Maddox Casey, member at Warren Averett LLC, were named to the Birmingham Business Journal’s 40 under 40 list for 2015. Bowman, 39, is one of the youngest members at BMSS and has been instrumental in developing the firm’s nonprofit and governmental practice, as well as landing new clients. Casey, 32, has fast become a respected leader as Warren Averett has continued to grow. He leads the firm’s health care client practice group, focusing on medical practice profitability, physician ownership and health care reform – three key areas in a rapidly changing industry.

COMMUNITY NEWS

Russell Thompson Butler & Houston, LLP (RTBH) has recently been ac-cepted into CPAmerica International, an exclusive accounting association of independent CPA firms that provides shared best practices, network-ing opportunities and access to expert resources for its members. Only firms with the highest standards across all practice areas are approved for membership. RTBH is a full-service CPA firm providing accounting, taxation, and business consultation services to more than 3,000 clients. The practice is diversified an

Carr, Riggs & Ingram, LLC (CRI), deepened its Texas roots by merging CPA firm Oman Berry & Associates and BOI Consulting. Both entities will now operate under the CRI name while retaining their current staff and office in The Woodlands, a master-planned community near Houston. Created in 2009, BOI Consulting assisted business clients by provid-ing specialized support during mergers and acquisitions providing both buy-side and sell-side services with a heavy emphasis on due diligence, offer negotiation, evaluation, and integration support. Oman Berry & As-sociates, formed in 2012, delivered individual and business tax prepara-tion and planning services, as well as business bookkeeping services, in the North Houston area for the last three years. CRI is ranked as a Top 25 accounting firm nationally by Accounting Today and delivers ser-vices from offices located in 22 markets throughout nine states across the South. CRI Transaction Advisors, one of three divisions of CRI, is a licensed broker/dealer offering transaction services that encompasses a broad range of sell-side and buy-side offerings.

Adult & Professional Studies program. James Wishon, III has been pro-moted to tax supervisor. Since joining the firm in 2011, he has specialized in closely held businesses, as well as timber and fiduciary taxation. He received his B.S. in accounting and his master’s in tax accounting from the University of Alabama. Wishon is heavily involved in several CPA orga-nizations in the community, including serving as president of the ASCPA Young CPA Board.

Bevill State Community College has appointed executive vice president Mark Ellard as interim president. Ellard has more than 16 years of busi-ness and educational experience. He has been at Bevill State since 1998 has worked in the roles of CFO and dean. He previously worked with the Alabama Department of Examiners of Public Accounts, auditing colleges and universities for 7 years. He holds an undergraduate degree from the University of Alabama and an MBA from UAB.

Anglin Reichman Snellgrove & Armstrong announced the following new partners effective January 1, 2015: Ryan Campbell, N. Scott Hand, Jeremy Mostellar and Brandon Smith. Campbell has been working in public accounting with the firm for 12 years. He works in ARSA Solutions group providing consulting services, includ-ing CFO and outsourced accounting services, systems consulting, and planning services to clients in the con-struction, manufacturing, professional services, real estate, and other industries. He is a summa cum laude graduate of Troy University with a BSBA in Account-ing and holds a Master of Accountancy from the Uni-versity of Alabama in Huntsville. Hand has 12 years of experience in public accounting and is a partner of the Tax Advisory Services group. He provides preparation, planning and advisory services for clients in manufac-turing, residential and commercial construction, real estate, professional, and international industries. He also has experience with planning for estate, trust and gift tax planning and is a member of the Financial and Estate Planning Council of Huntsville. He has a BBA in Accounting and Finance from the University of North Alabama and a Master of Business Administration from the University of Alabama in Huntsville. Mosteller has worked in public accounting for 15 years and is a part-

ner in the Tax Advisory Services group. He provides comprehensive tax planning and technical advisory services to closely held businesses and high net worth individuals. He also works with clients in the govern-ment contracting, biotechnology, information technol-ogy, not for profit, and professional services industries. He has extensive experience in multi-state tax services including state & local tax advisement and is a member

of the ASCPA State Tax Committee. He is a graduate of Auburn University with a BSBA in Accounting. Smith has been with the firm for 9 years and has a background of industry and public accounting experience. In the ARSA Solutions group, he provides extensive consulting services for gov-ernment contractors including CFO Services, systems consulting, DCAA compliance, rate analysis and structuring. He also works with clients in biotechnology, information technology, professional services, health care and other industries. He is a graduate of the University of Alabama with a BS in MIS/Computer Science and the University of Alabama in Huntsville with a Certificate in Accounting and a Master of Accountancy. Mr. Smith also serves on several Boards of Directors for non-profits.

Blake Ethredge

Scott Hand

Brandon Smith

Ryan Campbell

Jeremy Mostellar

Scott Browning


BOARD OF DIRECTORS

According to Article VII of the ASCPA By-Laws, revised February 21, 2014, the nominations committee met on January 14, 2015

to select candidates for open positions on the ASCPA Board of Directors.

“The ASCPA Nomination Committee shall consist of the two immediate past-chairs of the board of directors, the current chair of the board of directors and three members voted upon by the board of directors. The chair of the board shall appoint one of the elected members as chair of the nomination committee.”

Therefore, the 2015 Nomination Committee is comprised of current chair Don McCleod, past chairs Renee Hubbard and Steve Shelton, and three elected members: Jeremy Blackburn, CDPA,

Annual Meeting NoticeUnder the provisions of Article VI of the Alabama Society of CPAs’ bylaws, notice is hereby given of the annual

business meeting. The meeting will be held Thursday, June 4, 2015 at the Cahaba Grand Conference Center,

Birmingham, Alabama, beginning at noon.

Slate of officers proposed for ASCPA Board of DirectorsAllison Guice, Jackson Thornton, and Mike Baker, Dent Baker. Open ASCPA Board positions are for three-year terms that will commence with the Society’s election of officers at the 96th Annual Meeting on June 4, 2015.

The following members were nominated and have agreed to serve:

• Lynne Bozeman, Richard Harris Ingram Bozeman

• Michael Brand, Johnson, Feigley, Newton & Brand

• Lisa McKinney, University of Alabama College of Commerce

• Mac Underwood, Birmingham Water Works.

Nominated officers are Dr. Lowell Broom, Samford University, chair and Jamey Carroll, MDA Professional Group, chair-elect.


books and records. In this case, items written off under the accounting procedures may also be written off on the return, but the protected invoice cost decreases to $500.

In either case, the taxpayer must make an explicit election each year using language found in Reg. §1.263(a)-1(f)(5). Partnerships and S corporations make this election at the entity level.

Small taxpayer, small building safe harbor [Reg. §1.263(a)-3(h)]

Another special rule applies to taxpayers with average annual gross receipts in the prior three years of less than $10 million that relates to real estate. The taxpayers may elect to use this method on a building-by-building basis for each qualifying property.

A property qualifies if the building has an unadjusted basis of $1 million or less. In this case, the taxpayer adds up all expenses paid for repairs, improvements, maintenance and similar activities on the property for the year, while not making use of any other special rule that allows for expensing of such items.

If that total is less than 2 percent of the building’s unadjusted basis (though no more than $10,000), and the taxpayer elects to use this method, all costs are immediately expensed. If the total exceeds that amount, the taxpayer is not eligible for this election and each expenditure is tested under the standard rules.

To use this method, the taxpayer must attach an election to the return as described in Reg. §1.263(a)-3(h)(6). In the election, the taxpayer will identify the specific property or properties for which the taxpayer makes the election each year.

Routine maintenance safe harbor [Reg. §1.263(a)-3(i)] One more special rule is a safe harbor for determining routine

maintenance. Currently, a taxpayer may expense activities reasonably expected to be performed more than once during the asset’s class life as routine maintenance.

The asset’s class life can be found most easily by consulting

The new repair regulations: What CPAs need to know(Continued from page 8)

HistoryThe Young CPA Board began in 2002, with each member

selected by their local chapter as set in the bylaws of the ASCPA. This group plans and executes the Classroom Blitz and the Young CPA Charity Golf Tournament, as well as other leadership endeavors, like attracting the Best and Brightest to our profession. They have been vital in providing insight to the Board of Directors regarding generational changes of the profession. Over the years, some chapters have not had many willing participants while others have had more eager young leaders than could serve. The Young CPA Board feels it is necessary to amend the bylaws giving them more flexibility in selecting the members to continue the vitality and wellbeing of this group.

Young CPA Board Proposed Bylaw AmendmentProposed Amendment

The proposed bylaw amendment would allow us to change the way CPAs are elected to the Young CPA Board. Currently, our bylaws state that each chapter selects one young CPA as a representative. This amendment would propose the following:

Mention of the Young CPA Board as a separate board would be stricken from the bylaws. The Young CPA Board would become a permanent committee as outlined in the bylaws, and be titled “Young CPA Cabinet”. The Young CPA Cabinet would then follow the rules pertaining to permanent committees as stated in the bylaws.

The Young CPA Board is developing an application process it will use in selecting new members that would be open to all members of the ASCPA 35 and under. If the bylaw amend-ment passes, you will find this application on our website, www.ascpa.org.

the tables found in Appendix B of Publication 946 (taken from Revenue Procedure 87-56). Note that this is not the MACRS life for depreciation, nor does it refer to the economic useful life of the property to the taxpayer.

Moving forward These are just some of the key provisions found in the revised

repair and capitalization regulations -- many more details can be found within the regulations, along with a large number of helpful examples of applying the regulations to specific cases.

Taxpayers need to understand these rules and take action to assure proper compliance on returns filed for the 2014 tax year. These taxpayers will look to CPAs to assist them with handling the issues involved, and CPAs should be proactive in informing taxpayers of the issues they will face to comply with these new rules. _______Edward K. Zollars, CPA, is a partner with the Phoenix CPA firm of Thomas, Zollars & Lynch, Ltd., and an author and lecturer for Nichols Patrick CPE, Incorporated.


EDUCATION EXPRESS Save $25 when you register at least 10 days before class date.

No. Date City Credit Hours Title Standard Fee Non-Member Fee001 5/22/15 Montgomery AA 8 AICPA Peer Review Program Advanced Course 275 +50002 6/22/15 Gulf Shores AA 4 Interpreting the New Revenue Recognition Standard: What All CPAs Need to Know 180 +50003 6/22/15 Gulf Shores Tax 4 Healthcare Reform Act: Critical Tax and Insurance Ramifications 180 +50004 6/22/15 Gulf Shores Other 4 Controller’s Update: Today’s Latest Trends 180 +50005 6/22/15 Gulf Shores AA 4 Engagement Essentials: Preparation of Financial Statements 180 +50006 6/22/15 Gulf Shores Tax 4 Social Security and Medicare: Maximizing Retirement Benefits 180 +50007 6/22/15 Gulf Shores Other 4 Position Your Organization for Success: Strategies for Today’s Competitive Environment 180 +50008 6/23/15 Gulf Shores AA 4 Revenue and Cash Receipts: Common Frauds and Internal Controls 180 +50009 6/23/15 Gulf Shores Tax 4 Tax Consequences and Reporting Issues of LLCs, LLPs and LPs and Other Partnerships 180 +50010 6/23/15 Gulf Shores AA 4 Accounting Standards Review for Controllers and Finance Professionals 180 +50011 6/23/15 Gulf Shores AA 4 Fraud: Recent Findings, Red Flags, and Corruption Schemes 180 +50012 6/23/15 Gulf Shores Tax 4 Tax Planning Strategies for Small Businesses: Corporations, Partnerships and LLCs 180 +50013 6/23/15 Gulf Shores AA 4 Lease Accounting - Where Are We Headed? 180 +50014 6/24/15 Gulf Shores AA 4 Accounting and Auditing Update 180 +50015 6/24/15 Gulf Shores Tax 4 Capitalized Costs and Depreciation: Key Issues and Answers 180 +50016 6/24/15 Gulf Shores AA 4 A Practical Guide to Business Combination Standards: FASB Statements 141, 142 & 146 180 +50017 6/24/15 Gulf Shores AA 4 Statement of Cash Flows: Preparation, Presentation, and Use 180 +50018 6/24/15 Gulf Shores Tax 4 Reviewing Individual Tax Returns: What Are You Missing? 180 +50019 6/24/15 Gulf Shores AA 4 What’s New in Compilations, Review, and the Cash and Tax Basis of Accounting 180 +50020 7/27/2015 Birmingham Tax 8 New “Repair Regs” - Sec. 263(a) 285 +50021 7/27/2015 Birmingham Tax 4 Healtcare Reform Act from employer side 190 +50022 7/27/2015 Birmingham Tech 4 Do It Yourself Business Intelligence 190 +50023 7/27/2015 Birmingham AA 4 TBD 190 +50024 7/27/2015 Birmingham Tax 4 Physician Practice Management 190 +50025 7/27/2015 Birmingham Tech 4 QuickBooks Online - Changing the Paradigm of Small Business Accounting 190 +50026 7/28/2015 Birmingham AA 8 Internal Controls and Risk Assessment: Key Factors in a Successful Audit 285 +50027 7/28/2015 Birmingham Tax 8 Core Issues Related to Properly Assessing and Responding to Financial Statement Audit Risk 285 +50028 7/28/2015 Birmingham Tech 8 Excel-Based Dashboards 285 +50029 7/29/2015 Birmingham AA 8 TBA 285 +50030 7/29/2015 Birmingham Tax 8 Basis/Distributions for Pass-Throuh Entities: Simplifying the Complexities 285 +50031 7/29/2015 Birmingham Tax 8 Medical Finances: Enhancing Your Value to a Medical Practice 285 +50032 7/27/2015 Montgomery AA 8 Core Issues Related to Properly Assessing and Responding to Financial Statement Audit Risk 275 +50033 7/28/2015 Montgomery Tax 8 Construction Contractors: Special Tax and Accounting Considerations 275 +50034 7/29/2015 Montgomery AA 8 Internal Control Best Practices for Small and Medium Sized Intities 275 +50035 7/29/2015 Montgomery Tax 8 TBA 275 +50036 7/30/2015 Birmingham Tax 8 Healthcare WS 285 +50037 7/30/2015 Birmingham AA 8 Auditing Employee Benefits Plans 285 +50038 7/31/2015 Birmingham AA 8 Community Banking Update 285 +50039 7/31/2015 Birmingham Other 8 Advanced Business Law for CPAs 285 +50040 8/3/2015 Birmingham AA 8 2015 Accounting and Auditing Update 285 +50041 8/4/2015 Birmingham AA 8 2015 Compilation and Review Update 285 +50160 9/17/2015 Huntsville Tax 4 Tax Planning for Small Businesses 180 +50161 9/17/2015 Huntsville Tax 4 Health Care Reform Act: Critical Tax and Insurance Ramifications 180 +50042 8/13/2015 Birmingham AA 4 Fraud: Recent Findings, Red Flags, and Corruption Schemes 190 +50043 8/13/2015 Birmingham AA 4 Data Security - led by the IRS 190 +50044 8/13 - 8/14/2015 Birmingham AA 16 Yellow Book Workshop: Super Circular and Advanced Topics in a Single Audit +50045 8/14/2015 Birmingham AA 8 Identity Theft: Preventing, Detecting, and Investigating 285 +50046 8/17/2015 Montgomery AA 8 Employee Benefits 275 +50047 8/17/2015 Montgomery Tax 8 The Complete Guide to Payroll Taxes and 1099 Issues 275 +50048 8/18/2015 Montgomery AA 8 Audits of 401(k) Plans: New Developments and Critical Issues for an Effective and Efficient Audit 275 +50049 8/18/2015 Montgomery Tax 8 TBA 275 +50050 8/17/2015 Huntsville AA 4 Revenue Cash and Receipts: Common Frauds and Internal Controls 180 +50051 8/17/2015 Huntsville Tax 4 Hot Tax Planning Developments Under the Current Tax Law 180 +50052 8/17/2015 Huntsville Gov/NP 4 GASB Statement No. 68 Audit and Accounting Workshop 180 +50053 8/17/2015 Huntsville AA 4 Fraud: Recent Findings, Red Flags, and Corruption Schemes 180 +50054 8/17/2015 Huntsville Tax 4 Reviewing Individual Tax Returns: What Are You Missing? 180 +50055 8/17/2015 Huntsville Gov/NP 4 Not-for-Profit Organizations: Key Accounting and Reporting Considerations 180 +50056 8/18/2015 Huntsville AA 4 Compilation, Preparation, and Review Engagements Update 180 +50057 8/18/2015 Huntsville Tax 4 Key S Corporations Tax Strategies and Compliance Issues 180 +50058 8/18/2015 Huntsville Tech 4 Technology Update 180 +50059 8/18/2015 Huntsville AA 4 Engagement Essentials: Preparation of Financial Statements 180 +50060 8/18/2015 Huntsville Tax 4 Tax Planning Strategies for Small Businesses: Corporations, Partnerships and LLCs 180 +50061 8/18/2015 Huntsville Tech 4 Securing Your Data - Practical Tools for Protecting Information 180 +50062 8/19/2015 Huntsville AA 8 Internal Controls and Risk Assessment: Key Factors in a Successful Audit 275 +50063 8/19/2015 Huntsville Tax 4 Sirote’s Hottest Tax Topics for CPAs 180 +50064 8/19/2015 Huntsville Tax 4 Cancellation of Debt for Individuals and Businesses 180 +50065 8/19/2015 Huntsville 4AA/4Other 8 Advanced Excel 275 +50066 8/19/2015 Mobile AA 4 Current Issues in Accounting and Auditing: An Annual Update 180 +50067 8/19/2015 Mobile Tax 4 Cancellation of Debt for Individuals and Businesses 180 +50068 8/19/2015 Mobile Gov/NP 4 Compilation and Review Guide and Update 180 +50069 8/19/2015 Mobile AA 4 The Most Common Financial Statement and Asset Fraud Schemes: How to Detect and Prevent Them 180 +50070 8/19/2015 Mobile Tax 4 Income Taxation of Estates and Trusts 180 +50071 8/20/2015 Mobile Gov/NP 4 The Auditor’s Responsibilities Related to Fraud and Abuse Under GAAS and the Yellow Book 180 +50072 8/20/2015 Mobile AA 8 FASB Review: Common GAAP Issues Impacting ALL CPAs 180 +50073 8/20/2015 Mobile Tax 8 Federal Tax Update - Individual & Business Current Developments 190 +50074 8/20/2015 Mobile Gov/NP 4 Tailoring the Audit to Suit a Not-for-Profit Entity 180 +50075 8/21/2015 Mobile AA 8 Forensic Accounting Investigative Practices 275 +50076 8/21/2015 Mobile Tax 8 Basis Calculations and Distributions for Pass-Thru Entity Owners - Schedule K-1 Analysis 295 +50077 8/21/2015 Mobile 6AA/2TX 8 Construction Contractors: Critical Accounting, Auditing, and Tax Issues in Today’s Environment 275 +50078 8/24/2015 Dothan AA 4 Revenue Cash and Receipts: Common Frauds and Internal Controls 180 +50079 8/24/2015 Dothan Tax 4 Hot Tax Planning Developments Under the Current Tax Law 180 +50



080 8/24/2015 Dothan AA 4 Fraud: Recent Findings, Red Flags, and Corruption Schemes 180 +50081 8/24/2015 Dothan Tax 4 Reviewing Individual Tax Returns: What Are You Missing? 180 +50082 8/25/2015 Dothan AA 4 Interpreting the New Revenue Recognition Standard: What All CPAs Need to Know 180 +50083 8/25/2015 Dothan Tax 4 Key S Corporations Tax Strategies and Compliance Issues 180 +50084 8/25/2015 Dothan AA 4 Engagement Essentials: Preparation of Financial Statements 180 +50085 8/25/2015 Dothan Tax 4 Tax Planning Strategies for Small Businesses: Corporations, Partnerships and LLCs 180 +50086 8/24/2015 Birmingham AA 4 Revenue Cash and Receipts: Common Frauds and Internal Controls 190 +50087 8/24/2015 Birmingham Tax 4 Hot Tax Planning Developments Under the Current Tax Law 190 +50088 8/24/2015 Birmingham Gov/NP 4 GASB Statement No. 68 Audit and Accounting Workshop 190 +50089 8/24/2015 Birmingham AA 4 Fraud: Recent Findings, Red Flags, and Corruption Schemes 190 +50090 8/24/2015 Birmingham Tax 4 Reviewing Individual Tax Returns: What Are You Missing? 190 +50091 8/24/2015 Birmingham Gov/NP 4 Not-for-Profit Organizations: Key Accounting and Reporting Considerations 190 +50092 8/25/2015 Birmingham AA 4 Interpreting the New Revenue Recognition Standard: What All CPAs Need to Know 190 +50093 8/25/2015 Birmingham Tax 4 Key S Corporations Tax Strategies and Compliance Issues 190 +50094 8/25/2015 Birmingham AA 4 Engagement Essentials: Preparation of Financial Statements 190 +50095 8/25/2015 Birmingham Tax 4 Tax Planning Strategies for Small Businesses: Corporations, Partnerships and LLCs 190 +50096 8/25/2015 Birmingham AA 8 Upcoming Peer Review: Is Your Firm Ready? 285 +50097 8/26/2015 Birmingham AA for IND 8 Accounting Standards Review for Controllers and Finance Professionals 285 +50098 8/26/2015 Birmingham Tax 8 Sales and Use Tax Workshop: 6 hours of BABC content, 1 hour of ADOR content, 2 30-minute moderated sessions 285 +50099 8/26/2015 Huntsville AA 8 Revenue Recognition: The New Perspectives 275 +50100 8/26/2015 Huntsville Tax 8 Payroll Taxes and 1099 Isseus: Everything You Need to Know 275 +50101 8/26/2015 Montgomery AA 4 Accounting and Auditing Update for Nonprofit Organizations 180 +50102 8/26/2015 Montgomery Tax 4 Individual Income Tax Update 180 +50103 8/26/2015 Montgomery AA 4 Applying the Lessons of Zappos to Nonprofits 180 +50104 8/26/2015 Montgomery Tax 4 Corporate Taxation: Advanced Issues 180 +50105 8/27/2015 Montgomery AA 4 TBA 180 +50106 8/27/2015 Montgomery Tax 4 Maximizing Your Social Security Benefits 180 +50107 8/27/2015 Montgomery AA 4 Cost Segregation and the Tangible Property Regulations 180 +50108 8/27/2015 Montgomery Tax 4 Individual Tax Planning Ideas for 2015 180 +50109 8/28/2015 Montgomery Other 8 The Eight Hour MBA 275 +50110 8/28/2015 Montgomery Tax 8 Hot IRS Tax Examination Issues for Individuals and Businesses 275 +50111 8/27/2015 Tuscaloosa AA 8 Revenue Recognition: Mastering the New FASB Requirement 275 +50112 8/27/2015 Tuscaloosa Tax 8 Multigenerational Financial and Tax Planning for Clients 275 +50113 8/28/2015 Tuscaloosa AA 8 Recognizing and Responding to Fraud Risk in Governmental and Not-for-Profit Organizations 275 +50114 8/28/2015 Tuscaloosa Tax 8 Surgent’s Handbook for Mastering Basis, Distributions, and Loss Limitation Issues

for S Corporations, LLCs, and Partnerships 275 +50115 8/27/2015 Birmingham IND 4 CFO Update 190 +50116 8/27/2015 Birmingham AA 4 Small Business Fraud: The Lessons Behind the Stories 190 +50117 8/27/2015 Birmingham AA 4 Revenue Recognition: The New Perspectives 190 +50118 9/10/2015 Montgomery AA 8 2015 Accounting & Auditing Update for the Real World 275 +50119 9/11/2015 Auburn AA 4 2015 Accounting & Auditing Update for the Real World 180 +50120 9/11/2015 Auburn Tax 4 Tax Planning Strategies for Small Businesses: Corporations, Partnerships and LLCs 180 +50121 9/11/2015 Auburn AA 4 2015 Compilation and Review Update: Change is Here 180 +50122 9/11/2015 Auburn Tax 4 Reviewing Individual Tax Returns: What Are You Missing? 180 +50123 9/14/2015 Birmingham AA 8 TBA 285 +50124 9/14/2015 Birmingham Other 8 Getting Things Done - Engaging People to Execute Effectively 285 +50125 9/14/2015 Mobile AA 8 Revenue Recognition: The New Perspectives 275 +50126 9/14/2015 Mobile Tax 8 Oil and Gas Taxation: Landowner & Investors 275 +50127 9/15/2015 Mobile AA 8 2015 Accounting & Auditing Update for the Real World 275 +50128 9/15/2015 Birmingham Other 8 Leadership and Retaining Talent: How the Generational Shifts Changing Leadership 285 +50129 9/15/2015 Birmingham AA 8 Small Business Internal Controls, Security, and Fraud Prevention and Detection 285 +50130 9/16/2015 Montgomery Tax 8 Basis Calculations and Distributions for Pass-Thru Entity Owners - Schedule K-1 Analysis 295 +50131 9/17/2015 Huntsville AA 8 2015 Accounting & Auditing Update for the Real World 275 +50132 9/17/2015 Montgomery Tax 8 Federal Tax Update - Individual & Business Current Developments 295 +50133 9/18/2015 Tuscaloosa AA 4 2015 Accounting & Auditing Update for the Real World 180 +50134 9/18/2015 Tuscaloosa Tax 4 Sirote’s Hottest Tax Topics for CPAs 180 +50135 9/18/2015 Tuscaloosa AA 4 2015 Compilation and Review Update: Change is Here 180 +50136 9/18/2015 Tuscaloosa Tax 4 Waiting for topic selection 180 +50137 9/18/2015 Birmingham Tax 8 Federal Tax Update - Individual & Business Current Developments 295 +50138 9/22/2015 Mobile Tax 8 Income Taxation of Trusts and Estates: Planning and Preparation of Form 1041 275 +50139 9/22/2015 Mobile Tech 8 Excel Best Practices 275 +50140 9/23/2015 Montgomery Tax 8 Red Flag Issues: Areas the IRS Attacks in Examinations 275 +50141 9/23/2015 Montgomery Tech 8 Technology for CPAs - Don’t Get Left Behind 275 +50142 9/24/2015 Montgomery Tax 8 TBA 275 +50143 9/24/2015 Montgomery 4AA/4Other 8 Advanced Excel 275 +50144 9/22/2015 Birmingham AA 8 FASB’s “Big 3” - Revenue Recognition, Leases and Financial Instruments 190 +50145 9/22/2015 Birmingham Tax 4 Sirote’s Hottest Tax Topics for CPAs 190 +50146 9/22/2015 Birmingham Other 4 Shorten Month-End: Closing Best Practices 190 +50147 9/22/2015 Birmingham AA 4 Cost Segregation and the Tangible Property Regulations 190 +50148 9/23/2015 Birmingham Tax A Practical Guide to Small Business Health Insurance and Fringe Benefits: 2015 and Beyond 190 +50149 9/22/2015 Birmingham Other 4 Cash Management Techniques, Systems & Solutions 190 +50150 9/23/2015 Birmingham AA 8 Recent Frauds Occurring in the Not for Profit Entities and Governments 285 +50151 9/23/2015 Birmingham Tax 8 Complilation and Review Guide and Update 285 +50152 9/23/2015 Birmingham Other 8 Annual Financial Management Spotlight: 4 Current Topics 285 +50153 9/24/2015 Birmingham AA 8 Audit Workpapers: Documenting and Reviewing Fieldwork 285 +50154 9/24/2015 Birmingham Tax 8 Getting More Active with the Passive Acitivity Rules and the Net Investment Income Tax 285 +50155 9/24/2015 Birmingham Tax 8 Surgent’s Ferderal Tax Camp 285 +50156 9/29/2015 Birmingham AA 8 Governmental and Not-for-Profit Annual Update 285 +50157 9/29/2015 Birmingham Tax 8 Surgent’s Individual and Financial Planning Tax Camp 285 +50158 9/30/2015 Montgomery AA 8 Applying the Uniform Guidance for Federal Awards in Your Single Audits 275 +50159 9/30/2015 Montgomery Other 8 Transforming Your Role as Controller to Business Partner 275 +50

No. Date City Credit Hours Title Standard Fee Non-Member Fee


Enjoy high quality learning from the comfort of your own office at the tap of a computer key. ASCPA webinars cover a wide range of topics while offering convenience and great value.

Register on-line, www.ascpa.org.

No. Hours Title Date Member Fee Non-Member Fee

WEB330 4 Professional Conduct and Ethics Webcast: Anticipating and Preventing 4/2/2015 138 188

WEB331 8 Frequent Frauds Found in Governments and Not-for-Profits 4/13/2015 275 375

WEB332 8 Top10 Tools for CFOs to be More Effective Business Partners 4/17/2015 275 375

WEB333 8 Accounting Fraud 4/17/2015 275 375

WEB334 8 Controls, Risks and Financial Reporting 4/22/2015 275 375

WEB335 4 Practical Guide to Accounting Fraud 4/23/2015 138 188

WEB336 4 Professional Conduct and Ethics Webcast: Anticipating and Preventing 4/23/2015 138 188

WEB337 8 Create Reports that Matter: Turn Information into Action 4/24/2015 275 375

WEB338 4 Financial Reporting Framework for SMEs 4/24/2015 138 188

WEB339 8 Cost Principles for State and Local Governments and Nonprofit Organizatio 4/27/2015 275 375

WEB340 8 GAAP Update 4/27/2015 275 375

WEB341 8 Health Care Conference 4/28/2015 325 425

WEB342 8 Marketing the CPA in Public Practice 4/30/2015 275 375



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APRIL 2015

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PAIDPermit No. 131Montgomery, AL

The Alabama Society of Certified Public Accountants

1041 Longfield CourtP.O. Box 242987

Montgomery, AL 36124

C L A S S I F I E D

YOUR PRACTICE WANTED: We are North Ameri-ca’s leader in practice sales. Let us navigate the com-plexities, locate the best match from a deep pool of qualified and serious buyers, and optimize your return on the years invested in building your practice. If you are considering a change, contact Alabama bro-ker Lori Newcomer, CPA, at (888) 277-6040 or [email protected] for a confidential discussion.

FINANCIAL ANALYST WANTED: Civil Air Patrol (CAP), a 501c(3), is seeking a financial analyst to work at national headquarters in Montgomery. CAP is a volunteer organization of 58,000 members which conducts aerospace education and cadet programs, as well as Air Force flying missions. Applicants should have a degree in accounting; at least 5 years of broad-based accounting experience dealing with GL, AP and budgeting. Skills must include all Microsoft Office products. CAP offers a competitive salary and ben-efits including a 401(k) with company match, BCBS health insurance, flex spending account, company-paid life insurance, CPE allowance, plus vacation and sick leave. Submit your resume to [email protected] or fax to 334.953.9906. Go to www.gocivilairpatrol.com for additional information about Civil Air Patrol.

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Ms. Young was the first woman partner at Jackson Thornton and blazed a trail for two subsequent generations of women in the profession. She retired in 1989 and enrolled at Huntingdon College, earning an undergraduate degree in English and a master’s of liberal arts degree from Auburn Montgomery. She served as volunteer treasurer for the Montgomery Museum of Fine Arts for many years.

Contribute to the ASCPA archive as we celebrate 100 years. Send photos,

early CPA certificates and other memorabilia. Contact

Jeannine Birmingham [email protected]

CAROLYN T. YOUNGMARCH 1, 1927- NOVEMBER 29, 2014

MONTGOMERY, ALABAMA, CERTIFICATE #801

ascpa magazine april 2015

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