CPA News February/March 2011
In this Issue:
·
Chapter News
·
Chapter Calendar
·
CPE
·
Fred’s Funnies
·
Job Openings
·
TSCPA News
CHAPTER NEWS
In Memory of a Member
In our series of member
profiles, read about one of our Chapter’s founding members,
Nelson Durst. Nelson passed away on December 6, 2010, but
he will be remembered fondly for his dedication to our
profession, the Brazos Valley Chapter, and TSCPA. He had
been in declining health for the past few years, but he
lived a long and happy life, over 94 years. He had been a
resident of the Bryan-College Station area since coming to
graduate school at Texas A&M in 1937.
Nelson became a Certified
Public Accountant in 1940 and served as Secretary/Treasurer
of the Texas Society of CPAs and editor of its monthly
publication, The Texas Accountant, in the mid 1940s. He left
teaching in 1955 to start an accounting practice full time
in Bryan, Texas. He was in partnership for many years with
his friend and colleague Bob Wood. Nelson was devoted to
serving his clients, who in most cases were or became his
friends. In 2004, at age 88, Nelson finally retired from the
CPA firm he founded and which still bears his name, Durst,
Milberger, Nesbitt, and Ask, CPA.
His favorite universities
were Southwestern University in Georgetown, Texas, where he
and his wife Annie endowed scholarships in memory of their
parents and one in memory of Nelson's mentor professor M. L.
Williams, and Texas A&M, where they endowed a scholarship in
the School of Business. Some years ago, a former student
arranged for a foundation to endow a Chair in Nelson's name
in the Accounting Department at Texas A&M.
Nelson Durst will be sorely
missed but we appreciate his long and fruitful life of
service. Brazos Valley Chapter made a contribution to the
TSCPA Education Foundation in Mr. Durst’s memory.
The Eagle Financial Literacy Insert
Brazos Valley Chapter is co-sponsoring a
Financial Literacy Insert in The Eagle on February
27. Watch for it! Chapter members contributed some of the
articles. It will also be part of the online edition, as
are some of the Chapter’s advertising banners.
Focus on Successful Small Businesses
For the eighteenth year, The
Bryan Rotary Club/Newman 10 Business Performance
Awards will recognize the ten fastest-growing small
businesses in Brazos County. It would be impossible to
overestimate the significant contributions and economic
impact they have on the Brazos Valley.
Businesses are nominated for
the Newman 10 Awards by customers, vendors, friends,
employees, business associates, as well as
self-nominations. Nomination forms are available online at
www.newman10.com,
www.bryanrotary.org,
www.bcschamber.org, and at the B/CS Chamber of Commerce
office.
Nominated businesses will be
mailed an application that includes the criteria to qualify
for an award: the business must be an independent,
privately-held corporation, proprietorship or partnership
with a five-year sales history, an increase in sales growth
from the preceding fiscal year, annual sales between $50,000
and $25 million. Information must be verified by a CPA.
Applications are then mailed to an economist at the Mays
Business School who calculates the information and ranks the
top ten businesses based on the percentage increase in
sales. All information is confidential, and only the
percentage of sales growth is published.
This prestigious community
economic development program is presented by The Bryan
Rotary Club in cooperation The B/CS Chamber of Commerce and
receives significant financial support from Newman Printing
Company. The deadline for nominations is March 23.
Note: Ed Slovacek, CPA, was
a Top 10 award-winning business in 2010.
Report on TSPCA Mid Year Board Meeting
Rodney Horrell, Chapter
Vice-President, reports on the recent TSCPA Mid Year Board
meeting
The TSCPA 2011 mid-year
board meeting was held January 25-26, 2011 in Austin,
Texas. The Brazos Valley was represented by TSCPA Executive
Board member Sandy Brown, TSCPA Director at-large Toni McBee,
TSCPA Directors Kay Dobbins and Joe Dunn, TSCPA
Treasurer-elect Tracy Stewart, TSCPA-PAC Committee Chairman
Jim Ingram IV, Executive Director Linda Johnson, Chapter
President Lyn Kuciemba, and Chapter Vice-President Rodney
Horrell.
The TSCPA Treasurer’s
Report showed that the state society remains in strong
fiscal position. Certain structural fiscal issues, however,
relate to the future fiscal profile of the Society. Over
the last 10 years, expenses have increased less than 1% per
year while revenue has actually declined slightly. The
State Society has kept expenses relatively flat in the face
of significant health care costs increases by eliminating 10
state-level positions. In addition, the Society is in need
of a costly software upgrade to meet the existing and future
needs of its members. Dues have increased only $25, or a
little over 1% per year, over that same 10-year timeframe.
As mentioned at the Annual Meeting, no dues increase is
forthcoming, but there will be continued discussion on this
and other fronts over the coming year as the Society looks
to confront current fiscal realities. Brazos Valley Chapter
member Jim Ingram IV also briefed the membership on the
current status of the TSCPA-PAC, including the importance of
the state society’s engagement of lawmakers, who ultimately
make decisions on laws which directly impact Texas CPA’s.
Members were apprised of
a recent success: more favorable preparer tax identification
number (PTIN) regulations for employees of CPA firms.
TSCPA, AICPA, and other state societies actively engaged
the IRS in hopes of achieving more favorable regulations.
The IRS issued Notice 2011-6 earlier this month confirming
that certain non-signing interns and other staff of CPA
firms must still obtain a PTIN, but are exempt from IRS exam
and CPE requirements which apply to non-CPA firm PTIN
regulation. The Brazos Valley chapter encouraged members to
write your congressmen on this issue following our summer
annual board meeting. Thank you to those individuals and
firms who did so and helped achieve these more favorable
regulations.
The AICPA and TSCPA have
confirmed that they understand the IRS’s need for a useful
way to identify and track tax preparers who have high error
rates or who are engaging in fraud. But concern remains
that taxpayers must not be confused by the name used to
describe tax preparers who have a PTIN, but are not CPAs,
attorneys or enrolled agents. Taxpayers need to be able to
distinguish between the professional capabilities and
education of the different groups of tax preparers. A
scenario was provided where non-CPA/attorney/enrolled agent
preparers could, in the future, advertise as “licensed tax
preparers.” In fact, Karen Hawkins, former Director of the
IRS Office of Professional Responsibility, in one speech
while still Director, indicated “We are about, essentially,
to create a new profession out there” when discussing the
impact the IRS was having in licensing non-CPA tax
preparers. The TSCPA and AICPA continue to work closely on
this issue to ensure transparency exists as it pertains to
the competency of tax preparers.
AICPA President & CEO
Barry Melancon provided an overview of current trends in
accounting, both in the U.S. and worldwide, which have the
potential to significantly impact accounting in the U.S.
For a fifth-straight year, a record number of students are
majoring in accounting at our nation’s institutions of
higher education. This is important, given the reality that
many CPA’s will be retiring in the coming years as our
nation continues to age. Two strengthening global trends,
Sustainability and International Financial Reporting
Standards (IFRS), were also discussed. In South Africa,
auditors must attest to the financial statements, the
sustainability/going concern of the company, and the
company’s impact on sustainability of the environment. The
third attestation (environmental sustainability) is gaining
steam worldwide as businesses are increasingly being asked
to evidence their stewardship of natural resources and the
environment. It is also gaining steam in our country
(albeit through the supply chain, not through regulation).
Wal-Mart has indicated that it will require all 100,000
global suppliers to report on their sustainability footprint
(more at
http://walmartstores.com/Sustainability/9292.aspx). IFRS,
which appears to have temporarily lost some steam in the
U.S. due to the recession and changes in administration,
none-the-less continues to gain traction worldwide. There
are now over 120 countries worldwide which have adopted IFRS.
Brazil, one of the world’s growing economies, adopted
standards in 2010. In 2011, standards are being adopted by
Canada, India, and Korea. Mexico and Malaysia will follow
suite in 2012. China and the United States remain the two
significant economies
thus far not committed to IRFS adoption. Questions relative
to IFRS are now appearing on the CPA exam. The earliest
IFRS could be implemented in the United States is 2015, as
any implementation would be tied to a minimum four year
compliance window, following adoption. Other factors
contributing to the changing landscape in accounting are the
global economic crisis, regulatory reform, changing
demographics (including an aging population), and public vs.
private standards.
Reports were provided by
the TSCPA Chairman, Federal Tax Policy Committee, and
Professional Standards Committee. Attendees also spent
valuable time with counterparts in other to discuss best
practices in given peer groups.
On Tuesday evening,
attendees made the short trip to the Capitol, where the
Brazos Valley attendees stopped by the offices for their
elected officials. This included discussions with District
14 Representative Fred Brown and with staff for District 5
Senator Steve Ogden, among others. Elected officials and
staff were briefed on current legislative issues important
to CPA’s.
To learn more about the
2011 Midyear Board Meeting, follow the link
http://tscpa.org/Content/51093.aspx, or contact one of
the Chapter representatives listed earlier.
Please note that the next
mid-year board meeting will be held January 20-21, 2012, in
COLLEGE STATION. I would strongly encourage Brazos Valley
Members to attend the meeting and see first-hand what the
state society is doing to safeguard your livelihood as a
CPA. Attendees will also better understand the resources
and support provided by the TSCPA for all CPAs. The most
common piece of feedback I have heard from CPAs who have
attended a state board meeting for the first time is that
the attendee had no idea how much their state society and
local chapter do for them and their certificate.
Chapter Calendar
-- Save
the date: Chapter Annual Meeting May 10, 2011
CPE
Personal and Professional Ethics for Texas CPAs
– May 11, 2011
College Station Hilton --
8:30 a.m. - noon
Sponsored by TSCPA
Details & registration:
http://www.tscpa.org/public/Catalog/CourseDetails.aspx?CourseID=11PPET438
Partnership/LLC Tax Update June 7-8
Speaker
Steve Tillinger
College
Station Conference Center
Details
will be available soon.
Contact
Linda Johnson to register or for additional information.
Linda@bvcpa.org
Job Openings
Financial Advisor
Briaud
Financial Advisors
is looking for a financial advisor who is dedicated to
taking care of our clients' needs. The candidate should be
highly motivated, thorough and very detail oriented. Any
applicant should be able to prioritize multiple projects and
enjoy working in a team oriented environment.
Any
candidate must have the following to be considered:
·
At least 5
years work experience in a client service business
preferably in some area of financial planning
·
CFP®, CFA,
CPA, or JD (with work experience in estate planning)
required
·
If not a CFP®
holder, in the process of earning the Certified Financial
Planner designation (not necessary if hold a Personal
Financial Specialist)
·
Demonstrated
excellence in an area (i.e. academics, sports, previous job,
hobby, etc.)
·
Excellent
conceptual and problem solving skills
·
Good
communication skills
·
An ability
to navigate Microsoft Office including Excel, Word,
PowerPoint, etc.
Financial
Advisor responsibilities include:
·
Completing a
thorough analysis of a client's estate, tax, retirement,
education, investment, and risk management situation
·
Proactive
assessment of planning issues for clients
·
Regular
reviews of client financial plans and investment allocations
·
Communicating financial planning and investment
recommendations to clients in person, over the phone, and by
email
·
Keeping
current on all issues related to financial planning (tax
code, estate laws, etc.)
·
Salary is
commensurate with experience and qualifications. Benefits
provided include health insurance and 401 K plan among
others
For consideration, please
forward a cover letter and your resume via mail, e-mail or
fax to:
