Home
MayJune11 News
FebMar11 News
NovDec10 News
Calendar
Leadership
Visitors
Photos
News Desk
ACAN
JobOpportunities
CPA Referral
BabyMakes3
CPE Query
CPA Links

CPA news May/June 2011

 

NEWSLETTER INDEX 

 

Chapter News

Chapter Calendar

Job Openings

CPE

Fred’s Funnies

TSCPA News

 

CHAPTER NEWS

Chapter Scholarships

The chapter instituted a new scholarship award this spring, for children of our Brazos Valley Chapter members.   We received nine scholarship applications from dependents of Chapter members.  The applications were reviewed by committee members Kay Dobbins, Joe Dunn, and Jodi Jones; and the winner’s name was drawn out of a “hat” at our recent Board meeting.  $500 will be awarded next school year to the winner, Matthew Smock, son of Chapter members Mark and Cathy Smock.  Matthew is a sophomore at Texas A&M.  We hope to continue this scholarship award in the future.

The Chapter also contributes $2,000 to Texas A&M Accounting Department each year to be awarded to two accounting students.  The recipients for next academic year are Jonathan Fann, a junior accounting major from College Station, and Taylor Spencer, a junior accounting major from College Station.  Our Chapter was represented by Lyn Kuciemba at the annual Accounting Department Awards Banquet and had the opportunity to meet these fine young people.  We appreciate the assistance of Jeannie Barrett and Jim Benjamin.

FINANCIAL LITERACY EFFORTS

The Eagle Financial Literacy Column.  One of our board members, Tracy B. Stewart, is the new Financial Literacy columnist for The Eagle monthly publication, 50 Plus. Her first column was “Beneficiary Basics” www.theeagle.com/50PlusApril2011 . Her May column will be “Retirement: Boom(er) or Bust”. If you have any financial literacy concepts that you would like featured, just drop her a line at stewart@texasdivorcecpa.com

The Eagle Financial Literacy insert of February 28 is available online.  Chapter President Lyn Kuciemba provided a message from the Chapter, and articles were written by members Jodi Jones and Tracy Stewart.  Thanks to them as well as to those members who advertised in the publication.

KAMU Pledge Drive

Four of our members volunteered their time answering phones for KAMU’s Pledge Drive on March 10.  James Larkin, Rodney Horrell, Carolyn Record, and Kay Dobbins represented the chapter well!

Brazos Valley Youth Sports Foundation

The Brazos Valley Chapter of CPA’s will be participating in the Brazos Valley Youth Sports Foundation (BVYSF) Youth Leadership Institute Program by presenting two Math of Money/Financial Literacy sessions geared toward middle and high schoolers on Sunday, October 9 mid afternoon.  BVYSF provides character growth for all teens as well as financial assistance and facility maintenance for youth sports in this area.  If you are interested in assisting with this program, please contact Rosalie Nickles at Rosalie@tamu.edu.  Let’s help our future leaders learn about money management.   http://www.brazosvalleyyouthsports.org/index.htm

Food Bank Volunteers

Several of our Chapter members and their family members volunteered at the Brazos Valley Food Bank on January 20.  Members Kay Dobbins, Arty Brieden, Jodi Jones, Neal Lee, and Mohammed Hussain sorted and packaged food.  They did a quick job of the task and had fun doing it.  Thanks for representing the Chapter.

Meet a Member

SANDRA (“SANDY”) KAY F. BROWN

Sandy is a summa cum laude graduate of Texas A&I University (now Texas A&M University-Kingsville).  She retired in October 2010 after serving 12 years as Comptroller with the Texas A&M University System.  Prior to that, she spent nine years at Texas A&M University-Kingsville.  Sandy served two years as president of the Brazos Valley Chapter/TSCPA after serving as treasurer, public relations chair, membership chair, and president-elect.  She has participated in the GASB section of the Professional Standards Committee of the TSCPA for several years and is currently serving as chair of the GASB section.  She has also served on the TSCPA Nominating Committee.  Sandy is also active in higher education professional organizations.  She served as chair of the Accounting Principles Council of the National Association of College and University Business Officers (NACUBO) for 2009, and served as a member of the council for 5 years.  She also served on the TASSCUBO Accounting Principles Committee for 17 years and chaired the committee from 2002 to 2006.  She has been a presenter at NACUBO Higher Education Accounting Forum and SACUBO workshops. 

Post retirement has brought some requests for higher education consulting. Sandy is currently working with a couple of Texas institutions to assist in financial accounting and reporting.

Sandy previously served on the Peace Lutheran Church council for 3 years.  Her hobbies include gardening, reading and cooking. She really likes to get out and dig in the dirt and is an avid reader of almost anything.  Cooking is her therapy – she likes to make bread because it gets rid of any frustrations.  “I really enjoy having our family here for family gatherings.  It involves a lot of laughter and teasing.  We also have 6 dogs and a 35 year old African Grey parrot.  Dogs range from a miniature dachshund to a great Pyrenees.  Family is growing - we have 4 adult children - we lost a son 10+ years ago.  We have 9 grandchildren and 3 great grandchildren with a 4th due in May.  Most of our children live close by except for Bryan who is working in Muscat, Oman.  Our daughter Tracey has a boarding kennel in Lorena, Texas. “

Sandy and Tom also have a farm at Millican.  The livestock includes chickens, goats, pigs, geese, guineas and one donkey.  The chickens produce close to a hundred eggs per day and they are looking for a market for the eggs.  These are free range chickens, fed only organic feed.

 

Look for us on Facebook!  Brazos Valley Chapter TSCPA is now a “Group” on Facebook!  Look for it, “Like” it, and ask to join.  Neal Lee is our Facebook editor and will keep us updated on Chapter news and events.  Thanks, Neal.

Chapter Calendar

May 10 – Annual Meeting Luncheon

Brazos Valley Annual Meeting Luncheon will be held on May 10, 11:45 to 1:30, at the Pebble Creek Country Club in College Station. Cost is $25 per person if reservations made by Tuesday May 3; $30 per person if reservations made subsequent to May 3. Cancellations after May 3 will be invoiced. Our special guest and speaker will be Donna Wesling, TSPCA Chairman 2011-2012. Make your reservation by contacting Linda Johnson at Linda@bvcpa.org or phone 936-435-9989.

Bombers Baseball Night!  June 17th will be our second annual Brazos Bomber Night. Come out to enjoy a picnic and watch the Bombers play ball at the Brazos Valley Bank Ballpark in Bryan! Kids 3 and under are free, and a fireworks show after the game is an added perk!  (Free hats are also a possibility!)  Part of the ticket proceeds go toward our local accounting students’ scholarship fund. More details here.

Job Openings

BUSINESS MANAGER

Department: Administration     Location:  Bryan, TX

Responsibilities:

Manage Accounting Department and Human Resource functions.

Supervise or prepare general ledger transactions, including fixed asset management, bank and balance sheet reconciliations and monthly journal entries. 

Prepare monthly financial reports for internal use.

Oversee oil & gas operator administration, including processing of royalty and working interest payments and Texas Railroad Commission reporting. 

Special projects

Requirements:

CPA

Minimum of 5 years experience

Background in Corporate and Partnership taxes preferred

Excellent written, verbal and interpersonal communication skills

Education Requirements:

BS in Accounting

CPA

Please email resume to careers@bre.comfor further consideration

 

Briaud Financial Advisors is looking for a Financial Advisor and Paraplanner, individuals 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.  See details at bvcpa.org/jobOpportunities.

For additional information, contact

Natalie Pine

npine@briaud.com

Briaud Financial Advisors

               1611 Crescent Pointe Parkway

              College Station, Texas 77845

Phone: 979-260-9771

Fax:     979-846-5472


 

LOCAL Ethics 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

 

Chapter CPE

Partnership/LLC Tax Update June 7-8

Speaker Steve Tillinger

College Station Conference Center

Contact Linda Johnson to register or for additional information. Linda@bvcpa.org

Subject: Partnership/LLC Tax Issues & Update

Speaker: Steven J. Tillinger, CPA

Location: College Station Conference Center

Date: June 7-8, 2011; 8:30-4:00 each day; registration 8:00 a.m. June 7

Fees:  $450 member/member staff; $515 non-member

Number of CPE Hours: Sixteen (16) hours

This course will bring you up-to-date on the important tax issues affecting your clients operating as partnerships and limited liability companies.  Partnership and LLC taxation can be complicated.  Congress, by enacting stiffer tax return preparer penalty rules has said, in essence, that you must be a knowledgeable tax preparer of these returns.  Your instructor will address the important tax issues of contributed property and maintaining capital accounts; special allocations and substantial economic effect; the importance of the qualified income offset to members of LLCs; the tax definition of recourse and non-recourse debt, and how it is allocated and reported on the K-1; what you must know about how the at-risk rules apply to LLCs; whether your LLC is a tax shelter; the importance of the Texas LLC statute; and much more!  While there are no prerequisites, parts of the course will seem basic, intermediate, or advanced, depending on your familiarity in the area.  As a participant, you will receive an excellent resource, Practical Guide to Partnerships and LLCs, a 517-page fourth edition textbook published by CCH, Inc.  The textbook is comprehensive, clearly written and provides practical guidance on this complex subject.  Your instructor says this is his "go to" book on partnership/LLC tax issues and, by itself, is worth the price of admission.  Your instructor, Steven J. Tillinger, CPA, receives excellent evaluations in this course.  He is known for making tax interesting and making highly technical material understandable.  Sign up now for this highly-rated, popular course.

Purpose/Objective

To review the rules on the federal income taxation of partnerships and limited liability companies, and to provide an update of recent developments.

Proposed Audience/Designed For

Tax practitioners, whether working in public accounting or in private industry, who need to understand the federal income taxation of partnerships and limited liability companies.

Course Overview

The course is designed for practitioners who need to understand partnership/LLC taxation.  Topics to be covered will be selected from the following:

  • Classification of Entity as a Partnership or LLC

  • Texas LLC Statute and the Company Agreement

  • Formation & Operation of the Partnership/LLC

  • Receipt of a Partnership/LLC Interest for Services

  • Allocation of Partnership/LLC Tax Items

  • Owner's Share of Partnership/LLC Debt

  • Loss Limitation Rules

  • Transactions between an Owner and Partnership/LLC

  • Disposition of a Partnership/LLC Interest

  • Distributions from Partnership/LLC to Owners

Stated Learning Objectives

  • To review the tax rules affecting the formation and operation of a partnership and limited liability company.

  • To update the tax practitioner on recent developments in federal income taxation of these entities.

  • To recognize planning opportunities due to changes in federal income tax law.

  • To prepare the tax practitioner for discussions with clients on important issues in this area of tax law.

  • To help the tax practitioner understand their reporting responsibilities.


Prerequisites

No advanced preparation is necessary.  Some basic knowledge of partnership taxation and some tax preparation experience would be helpful.

 

Fred’s Funnies

A New Wine for Seniors

A single glass at night could mean a peaceful, uninterrupted night's sleep. I kid you not...

California vintners in the Napa Valley area, who primarily produce Pinot Blanc, Pinot Noir, and Pinot Grigio wines, have developed a new hybrid grape that acts as an anti-diuretic.  It is expected to reduce the number of trips older people have to make to the bathroom during the night.

The new wine will be marketed as...

"Pinot More"

I heard it through the grapevine.  I just could not help it.  Sorry!

FROM TSCPA

Membership Renewal is Even Easier

Continuing to receive exclusive members-only benefits is so easy! After April 15, TSCPA will send you an e-mail message with a link to a secure online dues renewal system. You can renew your membership, update your records, print a receipt, or if you prefer, print a statement to be mailed or faxed in with your payment. Watch your e-mail for more details.

Paper invoices will be mailed in April to members who have not provided an e-mail address or have asked to receive their dues statement by mail. To see whether we have your e-mail address on file, go to the My Membership area of the TSCPA website (tscpa.org), select Update My Records from the drop-down menu and log in.

All those who have not yet paid by June will be sent a paper invoice.

TSCPA Awards

Do you know of a TSCPA member who has exhibited a strong commitment to the accounting profession? Does someone in your chapter make substantial service contributions to your community? Is the next Young CPA of the Year in your hometown?

Consider nominating a member for one of TSCPA’s service awards. Categories include Meritorious Service to the Accounting Profession in Texas, Distinguished Public Service, Honorary Fellow, Outstanding TSCPA Committee Chairman, Young CPA of the Year, and Honorary Member. Get details through the TSCPA website (under About TSCPA, then Leadership) at tscpa.org, or contact Melinda Bentley at TSCPA. (E-mail mbentley@tscpa.net; phone 800-428-0272 x 279 or 972-687-8579.)

The deadline for nominations is April 27.

Protecting Your Investment

Achieving the CPA credential involved tremendous investments of time, sweat and money, but it’s at risk all day, every day during legislative session when legislators make decisions about your license, your clients and the companies you work for. Like any investment, it needs the protection of an investment manager – and that’s what the CPA-PAC does. Your PAC donation invests in CPA-friendly candidates, and the PAC manages that donation so the profession invests as one. It’s a business decision like any other investment. Protect the investment you made in yourself by donating to the PAC today.

2010 Tax Talk

Need help spreading the word about how to tackle tax season? TSCPA has resources available to help answer client questions. Simply go to http://www.valueyourmoney.org/taxtalk/index.asp to learn more.

Congressmen Create CPA Caucus

TSCPA member Michael Conaway (R-TX) and Brad Sherman (D-CA) announced the creation of a bipartisan Congressional CPA Caucus. The main goal of this collaboration is provide input on issues in Congress in which CPAs have specific expertise, such as budgeting and fiscal matters.

Learn more at http://tscpafederal.typepad.com/blog/2011/02/congressmen-create-cpa-caucus.html.

Public Practice Center at Your Fingertips

Log in and take advantage of all that’s available exclusively to TSCPA members through the online Public Practice Center at http://tscpa.org/Content/resource/publicpractice.aspx.

You can link to the Practice Management Institute (where TSCPA members get access to a free course on succession planning, as well as a substantial discount on a variety of other practice management CPE courses), visit neighborhoods organized by practice focus areas, and access resources such as the Public Practice e-newsletter and the Management of an Accounting Practice Survey. You can also hop over to other TSCPA communities, such as Tax Issues. Take an online tour today.

Pulling Back from the Brink

Tom was doing fine but then the bottom fell out. He looked for the answer by hiding in the bottle or taking addictive drugs. Now he wants to stop and finds that he can’t. Tom is at the brink.

Give him the number for the Accountants Confidential Assistance Network: 866-766-ACAN (2226). We’re here to help.

New CPA Introductory Membership

Do you have a new CPA on your team? Be sure to take advantage of TSCPA's offer of free membership for newly-licensed Texas CPAs. What a wonderful way to introduce your new CPA colleagues to the profession and their professional association! Share this online application link https://secure.tscpa.org/secure_apply2.asp with your new CPAs, or contact Member Services for an application. Phone 800-428-0272, ext. 271, or e-mail ganwuzia@tscpa.net. An offer table indicates the term for the free membership offering: https://secure.tscpa.org/FreeOfferTimetable0210.pdf

Which TSCPA Member Benefits Are Best for You?

TSCPA has more than 28,000 members in various career stages. Whether you’re just starting out in the profession or you’re planning to retire in the next few years, TSCPA members run the gamut in regard to longevity in the profession, chosen employment sector, interests, aspirations, family obligations, and more. To illustrate how TSCPA’s benefits apply to different types of members, the Society has created a Member Benefits Matrix. Take a look at how these fictional members can utilize TSCPA benefits that are just right for them. You might see yourself in one of these scenarios and discover a new TSCPA resource that’s perfect for you.
View the Member Benefits Matrix at http://www.tscpa.org/Content/50789.aspx

TSCPA Member Resource: Ask a Member

This member resource plugs you into the vast wealth of experience and knowledge owned by your fellow Texas CPAs. Members can call or e-mail when they have a question, concern or situation outside their area of expertise. Ask a Member volunteers provide quick, informal assistance on an as-needed basis.

Ask a Member: http://www.tscpa.org/Content/50726.aspx

TSCPA’s Mentor Network: http://www.tscpa.org/content/legacy/mentornetwork/body.aspx

TSCPA Annual Meeting

Any TSCPA member may attend the Annual Meeting of Members, to be held June 24-25 at the Omni Hotel in Fort Worth. Hotel reservations can be made now; preliminary meeting and hotel information is available at http://tscpa.org/Content/50457.aspx. More detailed meeting agendas and registration forms will be available on the site later. Or, you may contact Judy Neathery. (E-mail jneathery@tscpa.net; phone 800-428-0272, ext. 235 or 972-687-8535.)

Young CPAs Conference

Young CPAs Conference will be held on Friday, June 3, at the CityPlace Conference Center in Dallas. This daylong event designed for young CPAs, CPA candidates and accounting students will feature sessions on personal branding, cyber crime, diversity in the workplace, negotiation and conflict resolution, a professional issues update, technology, and more. Mark your calendars and plan to attend this day-long CPE event. More details will be available soon, including registration information.