current accounts

a c c o u n t sC u r r e n t

Georgia Society of CPAs • September/October 2009

The Social CPA: Insight Into Today’s Social Web Scene

� Current Accounts • September/October �009

Just My Thoughts...Strategic Planning

president's message

One thing that does not change is that change happens. That sounds like a riddle, but it is generally accepted as a truth. On July 23 and 24 the GSCPA Board of Directors began the process of setting the Society’s path to the future with an assessment of current trends. Harrison Coerver, nationally known association consultant, provided an overview of the radical changes that are occurring in the association world.. He said associations that excel will have small, competency-based boards of directors, empowered CEOs and staffs with industry/profession specific expertise. Successful associations will be focused on their core members and have narrow product and service lines with extensive Internet delivery systems. These changes are driven by busy people evaluating the return they get for the money and time they invest in associations. Diversity and generational differences are big drivers of these changes. When I focus on the mission of the Society I think of ACE: Advocacy, Community and Education. That is how we serve our members; that is the core of our value proposition. We advocate for our members’ interests from a position of strength in numbers. We provide community in many forms where our

members enjoy the benefits of exchanging information and ideas with fellow professionals. We provide high-quality education to keep our members competitive in the marketplace. We must evaluate all of our programs and initiatives by the yardstick of ACE; how well they accomplish one or more of our basic objectives. With Harrison’s information as a prologue, Board members discussed the mission of the GSCPA and the impact of recent trends and developments affecting CPAs in Georgia. Ten possible objectives were identified; and using a ranking system, four objectives were selected to be our primary focus for the next three years. Continuing Professional Education has long been and will continue to be the cornerstone of our value proposition. There is significant competition for the CPE dollar and alternative delivery methods continue to emerge, yet there is significant opportunity for growth. We will improve our understanding of the CPE market and pursue opportunities that are dictated through research in order to increase our market share and maintain high levels of participant satisfaction. Associations are very good at starting programs but not very good at ending them when they no longer effectively support the mission. Left unchecked this can produce an organization that is a “mile wide and an inch deep” as the saying goes…a loss of focus. We will establish a structure for critically evaluating all of our programs and activities to maintain the focus on efforts that maximize value to members. Use of Internet technologies is accelerating, and there are opportunities to communicate, inform, network and educate. We will capitalize on Internet technologies to deliver value to the members. An effective Board of Directors and an empowered CEO are keys to successfully providing responsive, focused member services. We will define the roles of the Board and the CEO and establish a plan and method for effective evaluation of performance. Chapters are a vital part of the fabric of the GSCPA. This is not the case in all states. Some states have many fewer chapters than we do. In fact, a few states do not have chapters at all. About 60 percent of our members elect to belong to chapters and pay chapter dues. That seems to be a strong statement about the role chapters play in the GSCPA’s value proposition. Chapters are where members plug in at the local level; the place where they network with fellow members; often the place where members begin the road to active involvement at the state level. We have 21 chapters, and most are well organized and active. As part of its work two years ago, the Governance Task Force, which grew out of the 2007 strategic plan, recommended that the Society’s Board of Directors establish minimum criteria for chapter operations. The Board adopted criteria that relate to basic organizational matters. Failure to meet these criteria may indicate that a chapter is not effectively contributing to the mission of the GSCPA. Sections are coming of age. Sections were rolled out in 2001 as Internet-based interest groups. Chapters are our vehicle for geographical community and it seemed logical that CPAs with similar interests would benefit by a community with no geographical boundaries. We have spent the last several years tuning the section model and it seems that advances in Internet technology have caught up with our original concept of virtual communities centered on specific interests. Sections all have electronic newsletters, and are now able to deliver webcasts efficiently. They are beginning to use list serve technology and are exploring the use of video conferencing. Technology is the key to linking members around the state. We envision the day when a practitioner in Bainbridge can participate in a roundtable discussion with practitioners in Atlanta, Rome and Elberton. The GSCPA Board of Directors welcomes comments and questions regarding the new strategic plan. This is an exciting time for the Society as we implement these changes.

Robert L. PratorPresident 2009-2010

Chairman Chairman-ElectRobert L. Prator Royce B. Duncan

Secretary/COO TreasurerGary L. Julian Scotty C. Jones

Immediate Past President Stewart H. Carlin

State-wide Directors (First of Two-Year Term)Larry M. Cohen Denise W. GroveDavid E. (Bo) JacksonMarlan L. Nichols Darrell J. Thaw

State-wide Directors (Second of Two-Year Term)Colin E. BlalockMichael P. LevineKay S. ProctorJoseph R. Spradlin

GSCPA Officers 2009-2010 GSCPA Directors 2009-2010

� Current Accounts • September/October �009

�One Profess ion. One Voice.

Current Accounts

Current Accounts is a publication of the GSCPA, published six times per year. Member subscriptions are complimentary. Members may submit address changes and corrections to the Member Services Department at 404-231-8676, Opt. 4.

Materials submitted as advertising or publicity are subject to acceptance for publication at the sole discretion of Current Accounts. Advertising deadlines are the first day of the month prior to the publication date (October 1 - Nov/Dec issue) and sold on a space availability basis. For advertising rates and availability, contact [email protected].

The editorial staff welcomes submissions of manuscripts on topics relevant to CPAs. Email the submission in the body of the email or as a Word document attachment to [email protected]. Desired length is 1000-1200 words. Please include contact information.

The Georgia Society of CPAs

featuresPresident's Message

Member and Chapter News

Sections Update

Upcoming Courses

Conference Update

Classified Advertising

The Social CPA: Insight Into Today's Social Web SceneRoy Keely

Catch the Wave to Success - Annual Convention Wrap-Up

Nominate a Deserving Colleague for the GSCPA Meritorious Service Award

Real World Accounting for Students

Social Networking Can Translate Into Real Benefits for Your CompanyKatherine Swartz

Legacy Planning: The Evolution of Traditional Estate PlanningEd Bowen, CIMA®, CLU, ChFE

Are Clean Opinions Materially Misstated?Gary Zeune, CPA

Presidents and Judges Were Exempt From Income TaxJay Starkman, CPA

The Georgia Society of CPAsAtlanta Financial Center, North Tower3353 Peachtree Road NE, Suite 400Atlanta, GA 30326-1414

404-231-8676 800-330-8889Fax 404-237-1291 www.gscpa.org

StaffCEO Gary L. JulianAssoc. Executive Director Donna L. HeavenerEditor/Designer Jamie P. EtzbachAssistant Editor Elizabeth D. Kistler

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4 Current Accounts • September/October �009

the social cpa: insight into today’s social web scene

Do not be fooled; the social web is not only for those under the age of 25. While the average CPA has very different needs than a 14 or 21 year-old, this does not mean that you do not have some things in common. You are familiar with the adage "it is not what you know but who you know." Well, with the development of the social web, perhaps 10 years from now the saying will be "it is not who you know but who knows you." The web is giving both individuals and companies a chance to be known like never before. Known for what you may ask? Any number of things - being a good service company, throwing good parties, not being shy around a camera or being a reader and philosophy buff - pretty much whatever you want to be known for. Sure, some of these ‘social sites’ are irrelevant to you as a CPA; however, the social web’s relevance to the business world is growing exponentially and worth getting plugged in to for things like building brand awareness, staying up-to-date on what others in your field are doing, creating referral networks, developing online discussion boards and more. This is a quick overview of what's happening on the social web that is important for you to know about as a CPA. Unfortunately, this list may change in the next few months; welcome to the 'now.' Not to mention, there is plenty going on out there that you do not need to know about.

TwitterTwitter is by far the fastest growing site on the Internet, growing 1,382 percent (new.cnet.com) between February 2008 and February 2009 and another 76.8 percent between February and March of 2009. What is Twitter? Twitter is a form of micro-blogging, which is a blog where shorter, media, or link-based posts are encouraged versus typical wordier blog formats. Twitter’s largest demographic segment is between the ages of 35-49, which is vastly different from other social sites on the web. Businesses are adopting this more than any other medium to create a 'following' of sorts. On Twitter people subscribe to follow other people/businesses to see updates as they are rolled out, answering the site’s fundamental question: "What are you doing?". It is the ultimate permission marketing mechanism that people are getting onboard with. Microsoft has even taken an interest in Twitter mania by rolling out a Twitter site called ExecTweets that allows you to follow popular CEOs and other executives.

*TIP - if you are a CPA firm you should go ahead and sign up for Twitter, regardless of whether or not you are going to use it...why? So you can get the name you want! If your firm’s name

Roy Keely

is Brown, Cone, and Spalding you will want to claim either or both of these: www.twitter.com/bcs and/or www.twitter.com/brownconespalding..

FacebookFacebook (FB) is now a household name in the United States and in much of the world, ranking fifth in global Internet traffic rankings (www.alexa.com). CPAs are beginning to use FB as a recruitment tool rather than a 'revenue generator.' This is definitely the right perspective...for now at least. Give it five years (and whatever the 'hot' site is then), when the first major adopters of FB turn 35 and are looking for a CPA to add some intelligence to how they manage their, by then, $80,000 income. Then you will have a marketing channel on your hands. So the major point here is to start a Facebook page for your firm and let someone who is going to be onboard a few more years run with it. Day one it should be used for recruitment and general 'social web' awareness; however you should proceed knowing that one day it might very well be one of your top lead generation tools. You can not afford not to know about FB . The AICPA is jumping on board. At press time, they had 858 members in the 'group', not counting the niche groups.

BlogsYes, you have heard of these. They are not going away and are becoming increasingly popular as a means to disseminate

5One Profess ion. One Voice.

information to both large and small audiences. Whether it is sharing information with friends and family, Curt Shilling announcing his retirement from baseball or updating interested home buyers on North Atlanta's Housing Market, it is an efficient means of communication for any person or business looking to be known for…well…what they want to be known for. There are many well-known blog platforms to choose from. If you are interested in starting one, I suggest using one of these:• Blogger - www.blogger.com (free)• Wordpress - www.wordpress.com (free to inexpensive)• Typepad - www.typepad.com (free to inexpensive)

MySpace MySpace has a strong following and ranks eighth in worldwide traffic (www.alexa.com); however there is not much obvious use for CPAs right now. They were the first to market on a significant scale and have become the social networking site known for music more than anything else. Unless you moonlight as a Motley Crew cover band this is not your best use of time. However, if you are a CPA and are in a Motley Crew cover band, that would make a great story.

Honorable (and Interesting) Mentions • www.meetup.com - a social networking site that does not end there. According to their web site, Meetup's mission is to “revitalize local community and help people around the world self-organize" (in other words, connect in real life). What a novel idea.• www.affluence.org - a social networking site for the affluent where you can be involved in exclusive parties and other 'red-carpet' events if you make the cut. To qualify as ‘affluent’ from their point of view you have to meet all of the following criteria: be worth in excess of $3,000,000; have an annual household income of $300,000 or more and have five friends to invite that also meet the stated criteria. • www.yelp.com - Have you heard the term 'foodie'? Basically an aficionado of food and drink...well this site is for them. It allows peer reviews of web sites and other business establishments. It also acts as a guide to businesses in local markets – if you are a CPA firm you need to be listed on this site.

Now, before you jump online and get started, it is a good idea to familiarize yourself with the sites you want to sign up for so you can be an informed user and make sure you are being known for what you want to portray.

Roy Keely is the marketing director at Xcentric, LLC, a technology consulting group that specializes in network technology consulting, hosting, and implementation for accounting firms. Xcentric helps CPAs leverage and use technology for strategic and operational advantage. Roy can be reached at 678-297-0066 x525 or [email protected].

The GSCPA is Now On FacebookSocial media is sweeping the nation and becoming a

popular and convenient way to conduct business. The Georgia Society of CPAs is joining the trend. The GSCPA is now on Facebook! The GSCPA business profile page will keep members up-to-date on the latests news and events. Become a fan of the GSCPA on Facebook today!

Look Who is BloggingIn an effort to achieve two-way communication with the GSCPA membership, Chairman, Bob Prator, and CEO, Gary Julian are blogging.

Follow them throughout the upcoming year, leave comments, respond to their posts and answer their polling questions. Save the links in your favorites, go to the GSCPA web site or click on the link on the GSCPA Facebook page - the blogs are easily accessible. Just my Thoughts and Focus promise to be informative, entertaining and thought provoking blogs.

Just My Thoughts by Bob Pratorhttp://gscpachair.blogspot.com/

Focus by Gary Julianhttp://gscpaceo.blogspot.com/

Connect With the GSCPA on LinkedInThe Georgia Society of CPAs has a group on LinkedIn. To join

this group, log on to LinkedIn and search Georgia Society of CPAs or paste the direct link into your web browser: www.linkedin.com/groups?gid=1739357

The GSCPA Embraces the Social Web



catch the wave to successThe 80th Annual Convention brought 200 members and guests to Amelia Island, Florida for four days of educational programs and entertainment. The Annual Convention Task Force, chaired by Sean Lager, planned a full schedule beginning with the Opening Cocktail Reception and Dinner Dance. Additional highlights included a cruise around Cumberland and Amelia Island and a golf outing. The keynote speaker was Barry Melancon, president of the AICPA. He spoke on professional issues affecting CPAs today. Other speakers included Chris Rouse, Windham Brannon, PC; Bob Dow, Arnall Golden & Gregory; Dusty Stallings and Stacy Bauer, PricewaterhouseCoopers, LLP; Andrew Neumann, Georgia Department of Economic Development; Brad Dickson, Tarpley & Underwood, PC and Billy Daniel, Frazier & Deeter, LLC. The highlights of the week included the President’s Banquet where Harvey Tarpley was honored with the Meritorious Service Award in recognition of his many years of service and dedication to the GSCPA and the profession. President Stewart Carlin passed the gavel to Robert Prator as he became chairman of the GSCPA. During the Annual Meeting, Stewart recognized several members for outstanding achievement: Jack Smith received the Public Service Award; Ron Thomas as Distinguished Committee Chair for his work with the Bylaws Committee; John Masters as Distinguished Section Chair for his work with the Taxation Section and Wendy Gates as Distinguished

Task Force Chair for her work with the Minority Issues Task Force. Scotty Jones was bestowed with the Distinguished Member Award and Immediate Past President, Paula Mooney was recognized with the President’s Award.

A special President’s Award was presented to Paula Y. Mooney, immediate past president of the Georgia Society of CPAs during the annual business meeting at the 2009 Annual Convention in Amelia Island, Florida. Paula was recognized by Stewart Carlin, 2008-09 President for her many contributions to the accounting profession and her leadership to the Society. Paula was instrumental in the passage of the mobility legislation during her presidency in 2008, spending many hours on the road between Statesboro and Atlanta at all times of the day and night. Paula gave testimony to the legislature on numerous occasions to improve their understanding of the need for this important legislation. She then handled numerous phone conversations with members providing insight and understanding of this new bill. Paula truly took the Society to the next level with her leadership skills and expertise on this difficult subject. Paula also began the effort to consolidate the handling of ethics cases in the state of Georgia. For the past several years, ethics cases have been investigated by a volunteer committee who dedicated hundreds of hours to this in-depth process. Working cooperatively with the AICPA, Paula began looking at the intensity and work this process required and after researching the intricacies with the AICPA, recommended that the AICPA take over the investigation of Georgia cases. This will help limit legal liability to the Society and allow volunteer members to focus on other opportunities. Paula was able to do all this while continuing to be an outstanding mother, wife and sole proprietor of her own firm. She will truly be remembered as a president who achieved much during her year and made a long-lasting contribution to the accounting profession.

Gold Sponsor Silver Sponsor

ADPCCH, a Wolters Kluwer businessChoice PayrollDrake Software

Golf Outing Co-Sponsors Opening Reception and Dinner - Bar Sponsor

Breakfast Sponsor

We would like to thank the 2009 Annual Convention Sponsors and Exhibitors

ExhibitorsMcGuire SponselPritchard and Jerden, Inc.Stateside Entertainment Partners, LLC



Opening Reception and Dinner - Bar Sponsor

Colin and Jessica Blalock L to R: Pam Smith, John Nix, Larry Smith, Linda Nix, Kasey Willis,

Reese Willis, Morgan Nix

Wendy Gates with her son Gabriel Gates and mother Luevenia Jackson

Jim and Carolyn Riticher Annual Convention Task Force Chair Sean Lager and Cathryn Thomas

Ruth Bartlett, Allen Poole and Terri Vann

John and Beverly Cook Walt and Louise Bryde Harvey and Sylvia Tarpley

Denise Mummert, Paula Mooney and Emily Sanders Chris and Brenda Rouse with granddaughter Anna Rouse


nominate a deserving colleague for the gscpa meritorious service award

2009 Harvey E. Tarpley2008 Robert L. McCorkle, Jr.2007 J. Sam Johnson2006 Howard Herman2005 S. Scott Voynich2004 Edward H. Rudert2003 William J. Bomar2002 James P. Martin Jr2001 Nelson C. Westbrooks Jr.2000 Julian Deala1999 Herbert E. Miller1998 Robert E. Minnear1997 J. Allen Poole1996 John W. Cook1995 Lamar W. Davis Sr.1994 Richard Q. Conrad1993 Julius M. Johnson1992 John R. Jones1991 Ben W. Brannon1990 Herbert G. Allshouse1989 Philip H. Dohn Jr.1988 Wilbert H. Schwotzer1987 P. Martin Ellard1986 J. Bradley Haynes1985 Harvey D. Ogletree1984 James Bates1983 Charles W. Jenkins1982 Elizabeth & Martin Sterling1981 Claude Hamrick1980 Mack Barnes Sr.1979 Waldo Sowell1978 Harold Heckman

The Meritorious Service Award is the highest award presented by the Georgia Society of CPAs in recognition of outstanding service to the profession. The individual shall have given superior service to the profession, or could be recognized for a single accomplishment that came to fruition during the course of one year. The accomplishment must have resulted in significant and profound impact on the profession. The individual may be recognized for longevity and dedication of service. Such service must be distinctive and exceedingly above the services provided by his/her contemporaries. If you would like to submit a name for consideration for this prestigious award, please submit the name, contact information, and a brief description of their accomplishments to Donna Heavener at [email protected] or in writing to Georgia Society of CPAs, 3353 Peachtree Road NE, Suite 400, Atlanta, GA 30326. The Meritorious Service Award Committee will follow-up with nominees if additional information is needed. Questions can be directed to the Member Services Department at 404-504-2986. The deadline for nominations is November 1, 2009.

Past Award Recipients



The Georgia Society of CPAs (GSCPA) recently hosted 49 high school students at the 11th Annual High School Residency Program (HSRP) at the University of Georgia in Athens. The HSRP is a three and one-half day residential learning experience that provides Georgia high school students with the opportunity to learn about accounting as a major in college and a career after graduation. This year's program was organized by the GSCPA's High School Residency Program Task Force, co-chaired by Kay Proctor of Thigpen, Lanier, Westerfield & Deal, CPAs in Statesboro and Ralph Navarro of GE Capital in Alpharetta. GSCPA members served as chaperones and speakers. The sessions guided students through the many different aspects of accounting and provided an outstanding overview of the profession. New sessions this year included an examination of forensic accounting and an IRS presentation of “Adrian Jr.,” a smaller version of Project Adrian, which is an interactive workshop that teaches students how the IRS investigates white collar crimes. In the workshop, students take on the roles of IRS agents and have to solve a crime. The students, as well as the chaperones, got a taste of college living by staying in the dorms and eating meals on campus. Outside of the educational sessions, students and chaperones took part in an etiquette dinner and a pizza and game night. The GSCPA thanks the sponsors, speakers and volunteers who gave their time and expertise to make this year's High School Residency Program a success.

Thank You to the 2009 HSRP Sponsors

The GSCPA extends a big thank you to the HSRP volunteers for their time and dedication

Mark Dawkins - University of GeorgiaJohn Graham - Collins/ Moody + Company, PCJames Marosek - Verner, Bromberg & CohenRalph Navarro - GE CapitalKay Proctor - Thigpen, Lanier, Westerfield & Deal, CPAsBrandon Verner - Verner, Bromberg & Cohen

GOLD SPONSORSDeloitte

Ernst & Young, LLPIDI

KPMG, LLPPricewaterhouseCoopers, LLP

Tarpley & Underwood, PC

SILVER SPONSORSPorter Keadle Moore, LLP

GSCPA North Perimeter Chapter

EVENT SPONSORSDixon Hughes, PLLC

Windham Brannon, PC

STUDENT SPONSORSReznick Group, PC

Frazier & Deeter LLCGrant Thornton LLPMauldin & JenkinsPeppers CPA, LLC

Smith & Howard, PC

real world accounting for students



social networking can translate into real

benefits for your companyKatherine Swartz

Social networking is about relationships, not technology. Just like civic involvement, speaking engagements and published articles are important tools to develop relationships and build networks, social networking adds a powerful additional way to increase visibility, build

personal and professional brands, while generating leads and future business. The following top five tips will help get you started on your social networking journey.

Listen First, Speak LaterRelationship and business etiquette rules definitely apply in social media settings. “Social media allows (you and) your company to reach out and present information,” says Ohio Society of CPAs chief technology strategist Chris Jenkins, CAE, CISSP, CCNA, MCSE. “More importantly, it gives you an opportunity to listen. To be successful, two-way communication must involve mutually interested – and interesting – parties.” Similar to traditional networkers, social networkers are looking for relationships. Find unexpected collaborators, and maybe even colleaguesOnline searches for information may very well lead you to the fellow GSCPA member down the street. Are you looking for new partners for a proposal? You may be able to find them online through a quick search of your social network. If you are seeking a reference for a person or company you cannot find it any easier than through a quick social network search. Maintaining a diverse network allows you to gather information form unexpected sources.

Build a Global Business from ScratchThink of social networking as a virtual rolodex, with the ability to obliterate geographic boundaries and connect from every point on the globe. Find existing connections to be able to make new ones. “You already understand the importance of relationships and word-of-mouth referrals. The same rules apply when using social media,” says Jenkins. “Social media empowers us to build our networking around the clock, get feedback instantly, and be aware of the customer’s state of mind. Do not think of social media as a technology, but instead as a new way to do what we have all done: network.”

Find Talent in the TrenchesIf you are looking to set foot into social networking for your business, there is no better way than to hire those individuals who are already savvy. Consider looking for individuals who are commenting on issues important to your firm or company. At minimum, be sure to check out the top social media sites before making an offer to your next new employee.

Viral Marketing on the Cheap (and on the fly!)If the word “free” does not inspire you, maybe “free and easy” will. Simple efforts to create Facebook, LinkedIn and Twitter profiles will get you and your firm on the map (not to mention reserve you preferred user name). These accounts can be easily maintained from your PDA or laptop while you are on the road. Using these tools promotes your name and the name of your company, while increasing your visibility.

The degree of virility is measured on how quickly your network forms and spreads, however, proceed with caution. While you should monitor who is in your immediate and expanded network, you should not automatically accept every friend, follower, connection and fan request. Your social networking marketing effort needs to tie in with your company’s entire marketing and sales strategy. “Cross-linking your social tools with other electronic assets creates a web of information that continually feeds itself and increases the chances of potential customers of clients following you,” says Jenkins. He compares web site to e-libraries and social networks to “public transit systems, delivering to the messes your electronic information.”

BONUS TIP - Last but Not Least: Fight the Addition to Constant ConnectivityOnce you have developed profiles and accounts, you will probably find the networking extensions entertaining, if not fun, and the access to real-time information valuable, if not amazing. Time spent on social networking must be integrated and balanced. Maintaining a presence can take up a significant amount of time, however, mobile and automated applications should help you maximize your time investment. Furthermore, profiles and accounts provide you efficient access to contacts, resources, referrals and job opportunities. “Social networks are like grease - in some cases, gasoline - for our personal business networking machines,” says Travis Kalanick, founder and CEO of Red Swoosh. “If you are not plugged in, you will be out-done by better-connected, hyper-networked colleagues and competitors.” “Think of (social media) as the world’s largest 24/7 networking event,” says Jenkins. “Admission is free, and the event is guaranteed to be packed wall-to wall. You will have the opportunity to meet new contacts and catch-up with old ones, all while sitting comfortably in your own home or office. You have the benefits of networking without awkwardly balancing cocktail napkins and messy appetizers.” While social networking will never replace traditional relationship-building or face-to-face communication, it is a powerful and increasingly necessary tool to complement your efforts.

Katherine Swartz, CAE is SCACPA’s member services director and part of the Associations’ social networking team. He can be reached at 803-791-4181, x105 or [email protected] with permission of the South Carolina Association of Certified Public Accountants.

Reference: Why Should I Care About Social Media?Chris Jenkins, May/June 2009 Catalyst Magazine, Ohio Society of CPAs



legacy planning: the evolution of traditional estate planningEd Bowen, CIMA®, CLU, ChFC

To take a phrase commonly used in general aviation, “flying blind” is not a good thing. With storm clouds all around and visibility severely limited, qualified pilots have to rely on a combination of instrument flight rules and the air traffic control system to safely arrive at their destination. In many respects, estate planning is similar to flying as the goal of estate planning is to transport your client from one point to another safely and securely without experiencing any major financial problems. Successfully accomplishing this goal requires a formal plan and proper decision making by the client. Due to the fact that significant tax reform is almost a certainty under the Obama administration, you should assist your clients in developing a formal plan of action to address what could be a broad array of legislative changes affecting income, capital gains, gift, estate and generation-skipping taxes. From an estate planning standpoint, these potential changes in legislation could include a substantial increase in the federal estate tax exemption threshold, portability of the estate tax exemption, and reunification of the gift and estate tax exemption. There is also a strong likelihood that traditional estate planning will morph into a more holistic view of what is needed to help clients transfer their wealth in the most tax-efficient manner possible. Affluent clients recognize that wealth management extends far beyond just property and monetary issues, so their estate plans should also incorporate provisions to transfer family values, emotional stability and ethical principles to future generations. Perhaps the most suitable description of this new paradigm would be “legacy planning.” The traditional view of estate planning has generally been focused on reducing estate taxes and planning for estate liquidity needs. For extremely high net worth clients, estate planning techniques will remain largely unchanged and should include grantor trusts, generation-skipping trusts, insurance products and a variety of charitable gifting options, including charitable remainder trusts and private foundations. However, for clients with smaller estates (i.e., $10 million or less), estate planning will likely be redefined and take on the broader characteristics of legacy planning. Advisors should anticipate that those characteristics will include an increased emphasis on the following strategies:

• Business succession planning• Non-qualified executive compensation • Estate equalization• Asset repositioning strategies• Retiring debt• Life insurance in a qualified retirement plan• Insurance-based, non-qualified retirement plans• Asset protection strategies

As a result of new legislation, if estate tax exposure is eliminated for the majority of individuals, advisors may also find a corresponding decrease in the utilization of gifting strategies, especially those involving significant charitable gifting. An added benefit to the anticipated shift from traditional estate planning to legacy planning is that the recent market turmoil has created

a window of opportunity. The downturn in the markets coupled with the current low interest rate environment allows individuals to transfer wealth at exceptionally low values. We may look back on this period as a historic opportunity for the transfer of wealth, which is unlikely to be seen again in our lifetime. In today’s low interest rate environment, there are a number of planning techniques that function well, but the viability of these opportunities is enhanced when asset values become depressed. As an example, a grantor retained annuity trust (GRAT) is an irrevocable trust into which an individual places property while retaining the right to an annuity that is generated by that property. At the end of the trust term, the value of the trust in excess of the required annuity payments passes to beneficiaries, either outright or in trust. An advantage of a GRAT is that gift tax is paid based on the value of the assets when the trust is initially funded, not the value when the trust terminates. Therefore, a GRAT can now be funded with depressed assets and have the tax calculated on those currently depressed values. In addition, the IRS only calculates tax on the value expected to be left in the trust once the annuity payments have been completed. At the beginning of 2009, the Section 7520 rate used to calculate the annuity payment will be at the lowest level since the inception of this rate on May 1, 1989. When the market recovers and asset values increase, the trust beneficiaries will receive the excess appreciation free of estate taxes. In the coming months, we could see major changes in tax policy that will likely accelerate the transition from traditional estate planning to legacy planning. With the current low interest rate environment and depressed asset values, clients will have access to unprecedented wealth transfer opportunities. Advisors should welcome these changes, as change generally creates opportunity. Those who adapt will be well positioned to take advantage of that opportunity. Will you be ready?

As manager of 1st Global’s Advanced Case Design group, Ed Bowen coordinates the overall planning and implementation of complex financial strategies involving high net worth individuals and closely held business owners.



are clean opinions materially misstated?

Have you ever asked yourself, “Why do we even do audits?” Most CPAs will say, “Because they are required.” Why are audits required? Audited financial statements are valuable because they reduce the client’s cost of capital. How? Audited statements reduce the user’s assessed risk. Assume a bank has a loan request from two companies, identical in every respect, except that one has audited statements and the other does not. All things being equal, the bank will charge a lower rate of interest, and maybe impose fewer or less onerous covenants, to the company with audited statements. Where does audited financial statement value come from? There are two sources. The first source is that the numbers are fairly presented, i.e. not materially misstated, meaning the numbers are “correct” or “accurate.” The second source of value is that users believe the numbers are correct. Even if the financial statements have a “clean” opinion, if the user, bank loan officer, donor, vendor, customer or taxpayer does not believe it, the statements have no value. How do you create “believability” value? The second general standard in SAS No. 1 requires auditors to be independent. To be qualified to issue an opinion you must be independent. If you are not independent you have disqualified yourself from issuing an opinion, even if the numbers are “correct.” Below are

Gary Zeune, CPA

four requirements in SAS No. 1 that you must comply with to be qualified to issue an opinion:

1. For dependability of his findings, auditors must be without bias - not a prosecutor but should have judicial impartiality and an obligation for fairness on those who rely on it.2. To be independent, an auditor must be intellectually honest.3. Auditors should avoid situations that may lead outsiders to doubt their independence. 4. Our code of conduct has precepts to guard against presumption of loss of independence.

Unfortunately, there are a host of structural defects and behaviors that make it nearly impossible to comply with the independence requirement.

Auditors Must Be Without Bias The first problem is that our profession's model is fundamentally flawed. Who pays for the work? The client. What is the flaw? No one can be truly independent of someone who pays for the work. Think about this: would it be a good idea for restaurant inspectors, building inspectors, power plant inspectors, OHSA inspectors, FDIC inspectors or meat packing plant inspectors to be paid by the companies they inspect? No, because doing so would impair their judgment and independence. We do not have the restaurants pay for the inspections because we know such a system would not work. However, we have a code of professional conduct requiring the inspectors to be independent. So how are auditors independent when they are paid by the client? That is the system we are stuck with. Until the profession develops another payment mechanism, our independence will always be suspect. No amount of rules or punishment is as powerful a motivator as getting paid. If people followed the rules, no one would cook the books, and Arthur Andersen would still be around.

An Auditor Must Be Intellectually HonestAre you an ethical CPA? “Of course,” you say to yourself. Have you ever had a client who treats the company (could be a private or public company, government or non-profit entity) as his or her own personal piggy bank? Yep. If you knowingly let your client take a clearly personal expense through the entity, it is a violation of SAS No. 1 because you have knowingly allowed your client to violate his or her own internal controls. Please explain how it is intellectually honest to knowingly let a client violate internal controls to take an illegal tax deduction. Furthermore, paragraph 10 of SAS 107, “Audit Risk and Materiality in Conducting an Audit” in part states: “When the auditor encounters evidence of potential fraud, regardless of its materiality, the auditor should consider the implications for the integrity of management or employees and the possible effect on other aspects of the audit.” Just because the deduction is immaterial for financial reporting does not mean it is legally acceptable. In other words, legality and materiality are two different things. How can auditors render a clean opinion knowing the financial statements are misstated by an illegal amount? It is willful because you see the deduction and do nothing about it. For example, you put the illegal deductions on your “passed adjustments” list. If an



auditor is truly independent, he or she would stand up to the client and force proper accounting, issue a 1099, repay the money and set up a receivable.

Avoid Situations That May Lead Outsiders to Doubt Their IndependenceSAS 107 defines materiality as “the magnitude of an omission or misstatement of accounting information that, in the light of surrounding circumstances, makes it probable that the judgment of a reasonable person relying on the information would have been changed or influenced by the omission or misstatement.” Note that there is no percentage or amount in the definition. Thus, if users would make a different decision, then the amount/transaction/event is material. The definition says “reasonable person.” It does not say “reasonable accountant or reasonable auditor.” Who are these “reasonable persons?” Think bank loan officer, nonprofit donor, taxpayer, regulator or newspaper reporter. If you were required to disclose every personal expense taken as a corporate deduction in the opinion, would you allow them? If not, on what basis is it to look the other way now? Furthermore, paragraph 14 of SAS 107 and Policy 2 of Statement on Quality Control Standards No. 7, Establishing and Maintaining a System of Quality Control for a Firm’s Accounting and Auditing Practice, both require the firm to have the expertise necessary to properly perform the engagement. If you do not have the expertise, you are not independent. For example, Bernard Madoff has admitted to a $50 billion Ponzi scheme. The auditor was a three-person firm. Thus, the situation rendered the firm unqualified to issue an opinion.

Guard Against Presumption of Loss of Independence I can't tell you how many times I've had people in class say, “If we did not let clients run small personal expenses through the company, we would not have any clients.” My reply is, “In other words, if you do not let your clients cheat on their income tax returns, you would not have an accounting firm?” If you are not willing to walk away, lose the client and refuse to let a client cheat on the tax return, even if it is completely insignificant, how can you sign the opinion saying you are independent? Using this standard, are you or your partners, or is your firm independent? It is a scary

thought for the reliability of financial statements.

So What Might Be a Solution? The only real solution is to structure a system where the client does not pay for the audit. The system will change only after there is another round of audit failures, and we find, again, that the current system does not work, and Congress mandates change in how audits are paid for. For example, due to recent scandals about the reliability of drug testing, medical journal publishers have instituted strict disclosure of financial interests or other conflicts between scientists testing the drugs and the pharmaceutical manufacturers. Do you think full and fair disclosure of drug testing conflicts is a good idea so that users, doctors, hospitals and the public have independent test results? If so, why do the AICPA and SEC not require firms to disclose in the opinion that the client paid for the audit? If we are so confident of our independence, why do we hide our relationship?

Will You Do The Right Thing?Much of this conflicts with what has for some firms become acceptable practice. It is no different than breaking the speed limit when driving. You rationalize your behavior. “I’m just keeping up with traffic. There are not many cops around. I am a really good driver. If I drive the speed limit I will get run over.” All those may be true, but it does not make speeding legal. Just because many clients do it, does not make it legal. It is simple: if you have clients that will leave if you do not allow past behaviors, which puts the firm at risk, whose fault is that? What is the solution? Simply comply with our profession’s requirement to be independent. If you do not, you have disqualified yourself from rendering an opinion, even if the numbers are right.

©Gary D. Zeune, CPA, 2009. Mr. Zeune is a nationally recognized speaker and writer on fraud and auditing, and founder of The Pros & The Cons, the nation’s only speakers' bureau for white-collar criminals. He has taught fraud classes for the FBI and numerous professional associations, and is the author of The CEO’s Complete Guide to Committing Fraud and Outside the Box Performance. Contact Gary at [email protected], www.TheProsAndTheCons.com or 614-761-8911.

Fraud Courses Presented by Gary Zeune

Accountants Guide to Fraud and Abuse in Government and NonprofitsNovember 16, 2009 Course No. 11039 Coastal Georgia Center, Savannah

December 9, 2009Course No. 12025GSCPA Training Center, Atlanta

Auditing: The 50 Biggest Risks NOT in Your 2009 Checklist November 17, 2009 Course No. 11046CPE Credit: 8 hours A&ACoastal Georgia Center, Savannah

December 08, 2009 Course No. 12018CPE Credit: 8 hours A&AGSCPA Training Center, Atlanta

December 21, 2009 Course No. 12076CPE Credit: 8 hours A&AGwinnett Center, Duluth

Accountants Guide to Detecting and Preventing Internal Fraud, Theft and Abuse

December 07, 2009 Course No. 12015CPE Credit: 8 hours A&AThe Forum, Rome

December 22, 2009 Course No. 12080CPE Credit: 8 hours A&AGSCPA Training Center, Atlanta

Learn more about fraud and how you can protect your company. Gary Zeune will present the following seminars in November and December.

To register for these courses, please visit the GSCPA web site, www.gscpa.org, and enter the course number in the online catalog.

New Course for 2009



presidents and judges were exempt from income tax

Jay Starkman, CPA

Prior to the 1939, presidents, judges and state employees were constitutionally exempt from the federal income tax. Repeal of this exemption did not require a constitutional amendment. In February 1863, Chief Justice Roger Taney wrote to Treasury Secretary Salmon Chase protesting application of the Civil War income tax to federal judges because the Constitution prohibits diminishing a judge’s salary. Though he thought the levy was unconstitutional, Taney conceded that “all of the judges of the courts of the United States have an interest in the question, and could not therefore with propriety undertake to hear and decide it.” It was pleaded that Chase reverse his position, but Chase was not the ruling party in this matter. Revenue Commissioner George S. Boutwell wrote the treasury decision that judges were to be taxed, and he required withholding from the judges’ salaries. Taney died in October 1864 and Lincoln appointed Chase to succeed him as chief justice. George Boutwell was appointed treasury secretary in 1869 and asked Attorney General Ebenezer Rockwood Hoar for a ruling on Taney’s protest. Hoar ruled that the tax on judges’ and presidents’ compensation was invalid. The Civil War income tax on the compensation of the president and the judges was immediately discontinued, and the amounts previously collected were all refunded, partly through administrative channels and partly through lawsuits. Hoar had been an associate justice on the Massachusetts Supreme Court. When he issued his ruling on October 23, 1869, he was expecting that President Grant would nominate him to the U.S. Supreme Court, thereby ruling on his own future compensation. Hoar was nominated on December 15, but the Senate would not confirm him. He resigned on June 15, 1870, having served just 15 months as attorney general. Abraham Lincoln really was “Honest Abe.” He knew it was important to lead by example, or perhaps it was due to Boutwell’s withholding tax. He paid $1,279.15, representing a five percent income tax on his 1863 income. The Revenue Act of 1862 imposed an income tax on “salaries of officers...of the United States, including senators, representatives, and delegates in Congress.” It said nothing specific about the president’s or judges’ salary. Congress raised the tax in mid-1864 to five percent retroactive to the prior year. With just three percent withholding, Lincoln had to pay a cash balance for 1863. Lincoln probably knew from Taney’s protest that he, too, could claim exemption, he may have felt duty-bound to participate in the income tax he helped enact. In 1872, three years after Hoar’s ruling, Lincoln’s administrator filed a refund claim for $1,250 tax paid on his $25,000 presidential salary, which was granted. After passage of the Sixteenth Amendment and the 1913 Tax Act, judges again argued that the Constitution forbade taxation of their salaries. During World War I, Congress specifically challenged this view by defining income in the 1918 Tax Act as “including in the case of the President of the United States, the judges of the Supreme and inferior courts of the United States and all other officers and employees, whether elected or appointed.” Federal judges sued and their judicial colleagues granted continued exemption with approval from the Supreme Court. By the same logic, the president’s salary was also exempt.

The technicality allowing judges to hold others liable for taxes while exempting themselves could not have inspired respect from ordinary citizens. Their contempt for tax on themselves was for petty amounts. District court judges earned $6,000, plus a $1,000 allowance for a stenographer. They had to pay for their own law clerks out of the $6,000, giving rise to a tax deduction. On a $6,000 salary, a married judge was liable for only about $240 income tax in 1918 at high World War I rates, and $28 in the mid-1920s. At President Hoover’s request, Congress passed legislation making presidents and federal judges taking office after June 6, 1932 subject to income tax. Judges in office prior to June 1932 remained exempt. Bowing to extensive criticism of their position by both American legal scholars and English-speaking courts abroad, the Supreme Court in 1939 upheld this tax on judges and presidents. Governors and state employees also claimed exemption from income tax. Even employees of the Port of New York Authority claimed exemption. The Supreme Court ruled in 1938 that PortAuthority employees were not exempt, and it was feared that this ruling might extend to all state workers. At President Franklin Roosevelt’s request, Congress enacted legislation in April 1939 prospectively taxing officers and employees of states and localities, as well as federal judges who took office prior to June 6, 1932. This ended the exemption for certain judges and state employees. The reciprocal exemption of federal officers and employees from state income taxation also ended. Whether presidents actually claimed exemption of their government salary from income taxation is debatable. A 1932 New York Times letter writer claimed, “the taxes paid by Presidents Wilson, Harding and Coolidge were remitted either to them or to their estates.” Calvin Coolidge appears not to have claimed exemption. Herbert Hoover requested a ruling from the IRS general counsel to support his exemption. No biographies or autobiographies mention that the presidential salaries of Woodrow Wilson, Warren Harding, Calvin Coolidge and Herbert Hoover, as well as salaries of all federal judges, were exempt from income tax. IRS still possesses those early presidential returns. The nation might one day learn to what extent they participated in the income tax on their presidential salaries, provided the refund claims can also be traced. Taxation of judges’ salaries is still litigated. In 1983, Congress subjected judges to social security tax. The Supreme Court declared that unconstitutional in a 2001 case. Justices Clarence Thomas and Antonin Scalia concurred, adding that income tax on judges should also be unconstitutional.

Copyright © 2008 by Jay Starkman. Reprinted by permission. Excerpted from Jay Starkman's new book, The Sex of a Hippopotamus: A Unique History of Taxes and Accounting. More stories from his book, Taney’s letter, Hoar’s opinion, humorous accounting videos and tax songs are available at www.starkman.com/hippo. Jay practices in Atlanta. He can be reached at [email protected].



Carr, Riggs & Ingram, LLC announces that Lauren Aschmann has earned her CPA designation.

Braver Schimler Pierce Jenkins, LLP is pleased to announce the promotion of eight managers: Gerlonda Brown, Keith Campbell, Chad Harris, Joey Holland, Tammy Jacobs, Melody Mollyhorn, Vivan Phung and Michael Varnadore.

Rough Notes magazine has named Pritchard & Jerden, Inc. Marketing Agency of the Month. Pritchard & Jerden is recognized for its commitment to providing resources to employees and clients for them to be successful and their consultative approach to risk management.

R. Peter Fishman has been re-elected as chair of the IRS/Practitioner Liaison Committee for his seventh term.

Gifford, Hillegass & Ingwersen LLP (GH&I) announces that Cindy Ethridge, a partner and head of the firm’s audit department, has joined the board of directors at Community Health Charities of Georgia.

In Memoriam

We sincerely regret the loss of the following members and extend deepest sympathy to their family and friends.

member and chapter newsJosh Nix, a student at North Georgia College and State University, recently completed a three month internship program at Rushton & Company in Gainesville.

Chris Etterlee of Fuller, Frost & Associates, CPAs was selected as one of the Augusta region's Top 10 in 10 Young Professionals to Watch by the Augusta Metro Chamber of Commerce. He will be

nominated to Georgia Trend's 40 under 40 competition this year.

Michael Val Hietter of RGL Forensics, recently earned the Certified Fraud Examiner (CFE) credential.

Steven Voynich, a supervisor with Robinson, Grimes & Company, PC in Columbus, has been selected by the AICPA for its first Leadership Academy. He joins 27 other young CPAs from across the country.

Bennett Thrasher is proud to announce the addition of Michael Dukes as managing shareholder.

Peterson, Coleman and Marett, LLC is pleased to announce the promotion of Erin Whitehurst, CPA to senior accountant with the firm.

Trinity Accounting Group is pleased to announce the promotion of Brooke Abraham to manager.

Gifford, Hillegass & Ingwersen LLP (GH&I) announces that chief operating officer, Sue Groszkiewicz, is the recipient of the Association for Accounting Administration (AAA)’s 2009 ACE Award.

Shawn Hardister, CPA, CFP, of Brooks, McGinnis & Company, LLC, has been elected to the board of

directors of the National Down Syndrome Congress in Atlanta.

Lost Sheep

The GSCPA needs help in finding the following members. If you have any information, please contact

Jan Roberds at [email protected].

Tomoko O. AlipazSteven D. Bova

Jason M. BoyingtonAlejandro M. Carreon Elyd

Wenjie ChenCasey B. Colclough

Barbara K. CreightonFrancisco E. CruzKern I. DaCostaStacey L. Enloe

Benjamin R. HudsonBrett A. LarsenCorey C. Laws

Yoshiyuki MakinoMichael Scott Miller

Melynda K. NeillMarc A. Nicholas

Aaron ScaleRuth Snell

John ThrasherBrooke WaddleBryan Warren

R. D. Wilson, Jr.Shang-Fang Yiu

L.G. Baines, Jr.Acworth, Ga.

Hugh HilliardDecatur, Ga.

William JohnsonAtlanta, Ga.

Ralph NewberryCrystal River, Fla.

Ronald WatsonSavannah, Ga.

Ethridge

Aschmann

Groszkiewicz

Dukes

Hietter

Nix



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natalie choate to speak at the sixth annual atlanta estate planning forum

Natalie Choate is an attorney with the Boston law firm of Nutter, McClennen & Fish. Her practice specializes in estate planning for retirement benefits. Her two books, Life and Death Planning for Retirement Benefits and The QPRT Manual, are leading resources for estate planning professionals. Ms. Choate has taught professional-level courses in estate planning in 45 states, and has spoken at the Heckerling, Notre Dame, Heart of America, New England, Southern California, Mississippi, Tennessee, Washington State and Southern Federal Tax Institutes. A Boston native, Ms. Choate is a graduate of Radcliffe College and Harvard Law School.

Ms. Choate will concentrate her presentation on the following:• Qualified Personal Residential Trusts• Making Retirement Benefits Payable to Trusts

• Case Studies in Estate Planning for Retirement Benefits• Death and Taxes: The Inherited Retirement Plan

Tuesday, November 3, 200912:30 - 5 p.m. • The Cobb Energy Centre, Atlanta, Ga.CPE Credit: 4 hours generalRegistration Fee: $169 by October 7, 2009Complimentary cocktail reception immediately following

ListservesEach section has an active Listserve where Section members can post questions to the group and get answers back from fellow CPAs to help tackle the biggest challenges. To join a Listserve, simply visit the respective section page, click on the link and follow the instructions. It is just one more way to remain actively engaged in the Society.EventsEach section holds various types of events and networking opportunities throughout the year to help members stay attuned to what is going on in the greater CPA community, while meeting CPE needs as well. Member DirectoryEach section offers a full listing of section members, which makes networking in the greater CPA community much easier for section members. WebcastsGain CPE from the comfort of your own desk. Most sections offer multiple webcasts throughout the year to help ensure section members’ ability to remain informed and meet CPE needs without having to fight traffic. Topics are wide-ranging and cater to a larger audience. Webcasts are convenient for all members, even those who reside outside of Atlanta.ResourcesEach section makes available to its members a variety of external resources in one, easy to navigate area. Existing section members can access this page, which outlines and provides links to industry-specific organizations that, similar to the Society, offer the latest information and guidance to meet specific needs.

Not a member of a GSCPA Section? Please join any of the 10 sections free of charge by visiting http://www.sections.gscpa.org.

The Atlanta Bar Association Estate Planning and Probate SectionThe Georgia Society of CPAs Estate and Financial Planning Section

Diversified TrustComprehensive Wealth Management



Sponsored By:

Presented By:

Visit the GSCPA web site at www.gscpa.org or contact Jeff Wells, sections manager at [email protected] or 404-504-2942.To Register:

The Georgia Society of CPAs Sections Offer a Variety of Ways for Members to Connect and Enhance Their Membership


If you’re a top public accountant, you’re a top dog in the profession. You can go almost anywhere and hire almost anyone.

Which can mean some very tough choices.

Morgan Ross is a new career management and executive search firm serving only A-List public accounting stars—and the A-List firms that hire them.

Unique in the Southeast, we actively manage our candidates’ careers from start to partner. Planning the best moves. Connecting with the firms that need them most.

Call David Flax, CPA at 678-324-5353 for more information.

Subscribe to our A-List Opportunitiesand A-List Candidates newsletter at www.morganrossgroup.com.

Career Management and Executive Searchfor Public Accounting Professionals

Atlanta

In public accounting,

if you’re a big dogyou’re why we’re here.

7.5" × 10"Revised: 2-16-09


new courses for september and october

**Eligible for $30 per day discount to AICPA members.

New Course for 2009

z Indicates the course qualifies for CFP® credit

For a complete listing of courses and to register, please visit the web site at www.gscpa.org and click on the Continuing Education tab.

ACCOUNTING AND AUDITING

The New Fair Value Standard: Where and How it May Apply to Small BusinessesMartin & Orr, LLCNew SFAS 157 contains potentially significant changes to current practice in the area of fair value. This class examines all the differences between the current method of accounting for fair values and the new standard set to take effect for years beginning after December 15, 2008 (already in play for financial assets). This class is a technical guru’s dream as there will be numerous worked through examples of how to apply the new standard. Also discussed will be practical application of the standard utilizing an outside valuation firm.Level: Basic CPE: 8 A&ASep 29 09047 Tifton Rural Dev. Ctr. James MartinOct 9 10012 Columbus Cunningham Center James MartinOct 15 10017 Atlanta GSCPA Training Ctr. James Martin

Advanced Income Tax Accounting - Including Practical Application Exercises**AICPAAccountants both in business and industry, and public practice should be fully up to speed about all issues revolving accounting for income taxes. The growing complexity and the difficulty in applying the concepts of this area require an in-depth grasp of the advanced issues and how to address them. This course not only provides the basis to apply FAS 109 and FIN 48 to most real-life situations, but it also includes practical exercises illustrating the theory. Participants will also learn the IFRS impact on accounting for income taxes as well as the impact when dealing with other accounting standards in conjunction with FAS 109 and FIN 48.Level: Advanced CPE: 8 A&AOct 26 10040 Atlanta GSCPA Training Ctr. Bobby Carmichael

Restaurant Accounting and Controls 2009Restaurant Seminar InstituteWe will teach you everything you want to know about financial statements and how to apply this information to increase profits and survive tough times. You will learn how to calculate and apply financial ratios. Plus, the newest food cost menu pricing and labor saving techniques. Learn the newest industry benchmarks and techniques to help your clients, especially the latest IRS tip reporting tactics. Level: Intermediate CPE: 8 A&AOct 28 10047 Atlanta GSCPA Training Ctr. Edward Hynes

INFORMATION TECHNOLOGY

Technology SymposiumAccounting Software Advisor, LLCThis is your chance to attend eight courses at once. This fast paced eight-hour course provides coverage of eight strategic areas and includes dozens of useful insights, tips, and concepts to help you take full advantage of today’s technology. You will learn about many facets of technology as one of the nation’s top CPE instructors presents the very best material from eight proven and top rated CPE courses.Level: Update CPE: 8 GenOct 5 10006 Duluth Gwinnett Center Carlton CollinsNov 19 11052 Rome The Forum Carlton CollinsNov 20 11059 Macon Central Georgia Tech Carlton CollinsDec 15 12043 Atlanta Cobb Galleria Carlton Collins

Lean Accounting for Service and Non-Manufacturing Businesses**AICPALean principles originated on the factory floor at Toyota. They were then successfully applied in offices of manufacturing companies, and then in companies and organizations in virtually all other industries, including retailers, banks, airlines, hospitals, charities, and universities, and all levels of government, even county jails and the Navy. So what are these Lean principles, and how can they be applied to non-manufacturing environments in small as well as large companies? What are the benefits for doing so?Level: Intermediate CPE: 8 GenSep 15 09016 Atlanta GSCPA Training Ctr. Vincent Flynn

Profit Improvement - 10 Tips for a Better Bottom LineExecutive Education, Inc.When a company is having poor financial performance, the financial person is often the first to go. Proactive efforts by financial managers can prevent the need for a company to “catch up.” This seminar provides financial managers with a “toolbox” of ten performance improvement tools. Bring a calculatorLevel: Intermediate CPE: 6 Gen / 2 A&AOct 29 10052 Atlanta GSCPA Training Ctr. Dan Chenoweth

Top 50 Mistakes Practitioners Make in Nonprofit Taxation and Governance Issues and How to Fix Them Surgent McCoyNew applications for tax-exempt status are being analyzed more thoroughly, and Form 990 is being revised to provide more in-depth information that will enable both the IRS and donors to evaluate organizations. This unique course will enable CPAs to serve their existing clients in an improved manner as well as open markets to this growing client base. The class will include recent legislative changes and court cases affecting the nonprofit sector and revisions to Form 990. Level: Intermediate CPE: 8 GenSep 17 09021 Atlanta GSCPA Training Ctr. Ian Redpath

Tax Aspects of Bankruptcy: All Need Not Be LostMares Nichols CPE, Inc.When a business enterprise falls on hard times, the CPA’s knowledge of BOTH tax law and bankruptcy law will be important. Learn how Title 11, U.S. Code (Bankruptcy) interacts with Title 26 (Income Tax). This program includes recent changes to both bankruptcy law and tax law that affect the insolvent taxpayer. Learn how to determine which bankruptcy provisions apply to common situations, the CPA’s role in bankruptcy accounting and tax planning, common tax issues arising before and during bankruptcy, cancellation of indebtedness issues, and options available for reorganizing the troubled enterprise.Level: Advanced CPE: 8 GenSep 28 09042 Atlanta GSCPA Training Ctr. Michael Mares

zCutting Taxes and Conserving Cash in a Troubled Economy: Winning Tax Strategies for Your Clients**AICPADuring recessionary times, conserving cash is key. One sure way to conserve cash is to reduce and/or defer taxes. This course identifies and explains a wide variety of specific tax-smart moves that become available and make sense in a lousy economy. Help your clients successfully weather the storm by helping them cut their taxes and conserve cash. Just for good measure, we will cover some appropriate “non-tax” strategies too.Level: Intermediate CPE: 8 GenOct 19 10057 Atlanta GSCPA Training Ctr. Jim Buckley

MANAGEMENT

TAXATION


�0 Current Accounts • September/October �009

Aon Insurance Services is a division of Affinity Insurance Services, Inc.; in CA, MN & OK, (CA License #0795465) Aon Insurance Services is a division of AIS Affinity InsuranceAgency, Inc.; and in NY, AIS Affinity Insurance Agency.

One or more of the CNA companies provide the products and/or services described. The information is intended to present a general overview for illustrative purposes only.It is not intended to constitute a binding contract. Please remember that only the relevant insurance policy can provide the actual terms, coverages, amounts, conditions andexclusions for an insured. All products and services may not be available in all states and may be subject to change without notice. CNA is a registered trademark of CNAFinancial Corporation. Copyright © 2009 CNA. All rights reserved.

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Register for these conferences at www.gscpa.org.

upcoming gscpa conferences

FINANCIAL INSTITUTIONS CONFERENCESuccess SecuredSeptember 17, 2009

Course No. 13095CPE Credit: 8.5 hours general (including a possible 3 hours A&A)

Cobb Galleria Centre, Atlanta

Topics will include:• On the Economic, Political and Business Climate • Liquidity - Planning, Management, and Contingency (A&A) • Technology Update (A&A)• A&A Update (A&A)• The Future of Community Banking in a Post Chernobyl World

FRAUD AND FORENSIC ACCOUNTING CONFERENCEFocus on DetailsSeptember 18, 2009

Course No. 13020CPE Credit: 8.5 hours general (including a possible 7 hours A&A)

Cobb Galleria Centre, Atlanta

Topics will include:• The New Hard Times: Business Crimes, Ponzi Schemes and Affinity Frauds (A&A)• Implementing Professional Standards in Forensic Accounting Engagements (A&A)• Building/Expanding Your FVS Practice• Raising the Bar: The 7 Habits of the Highly Effective Rainmaker • Fraud Investigation: A Composite Case Study (A&A)• Evidence Management & E-Discovery

ACCOUNTING AND AUDITING CONFERENCEA New PerspectiveOctober 2, 2009

Course No. 13035CPE Credit: 8 A&A

Gwinnett Center, Duluth

Topics will include:• Codification • Fraud• Accounting and Auditing Update• Panel: Accounting and Auditing Issues in Today’s Small and Mid-Size Firm• Quality Control Standards: Practical Guidance for Implementing the New Requirements

FALL DECISION MAKERS CONFERENCEA Harvest of IdeasOctober 23, 2009

Course No. 13045CPE Credit: 8 hours general

Gwinnett Center, Duluth

Topics will include:• Economic Update• FASB Codification (A&A)• The Hero's Journey: Legendary Leadership and Decision Making• Excel Functions, Macros & Data Commands• The Devil is in the Details – Can Processes, Procedures and Internal Controls add to the Bottom Line? (A&A)


�� Current Accounts • September/October �009

��One Profess ion. One Voice.

business services mergers/office spaceFirm-on-firm reviews: Fowler, Holley, Rambo and Stalvey, PC is interested in performing your firm’s peer review. Personnel have 28 years review experience. Contact Richard Stalvey for qualifications, references, and a proposal. PO Box 1887 Valdosta, Ga. 31603; 229-244-1559.

Income Tax Savings By The Square Foot! We specialize in Cost Segregation Studies– that’s all we do. Over three thousand studies completed. Nationwide service. Complimentary Cash flow forecasts or FREE access to our BIQ+ On-Demand Forecasting system. www.cost-segregation-studies.com or 770-476-9694.Cost Segregation Studies, LLC.

Business Valuations: Formal valuations, consulting services for CPAs/clients. Areas: Estate & Gift Taxes, Family Limited Partnerships, S Corp conversions: built-in tax gains, Shareholder Disputes, Purchase/Sale of Business. Contact Marvin T. Brown, CPA/ABV, CVA, Brown Valuation Group, for qualifications, references, and a proposal. 706-613-5313 or 770-447-1300.

Peer reviews for sole practitioners and small firms. I have the client base, technical skills, plus the understanding, to help your firm. Fifteen years of peer review experience with 150 firms ensures efficient work on report, engagement, and system reviews. Contact Joe W. Kilpatrick, Crescent Center, Tucker. 770-455-8706 or [email protected]. www.kilpatrickcpa.com.

IRS and State Representation. Attorney & CPA available to consult with your firm or your clients on IRS and state matters. Audit, appeal, collection or criminal matters including offers in compromise, bankruptcy discharge of tax and non-filers. Practicing in Atlanta since 1982. Call Jeffrey S. Gartzman, The Gartzman Law Firm, PC; 770-939-7710; [email protected].

Business Valuations - Estate and gift matters, SFAS141/142, ESPOs, FLPs, divorces, stockholder disputes. Substantial IRS and court testimony experience. Valuations affirmed by NC Court of Appeals. Mitchell Kaye, CFA, ASA – 770-998-4642. Past president, American Society of Appraisers– Atlanta chapter. Charters Financial Analyst. Serving appraisal clients since 1981.

Office space available for CPA(s) in our investment advisory firm. We are a boutique investment advisory group located at 2 Ravinia Drive, Dunwoody. Great opportunity for Legal, Accounting or Financial Professional. Perfect environment for high end clients. Contact: [email protected] or 678-680-5300. www.awc2.com.

Local Atlanta CPA firm wishes to expand through merger or acquisition of accounting/tax practices. We have successfully completed several prior acquisitions. We also have office space available/expense sharing for practitioners either downsizing or starting new practices. Respond to GSCPA File Box No. 456.

Upscale clients are willing to pay higher fees, but demand higher quality. Our unique Tri-Disciplinary approach delights clients so much that they actually refer - especially these days. Estate Attorneys and Fee-Only CFP Team seek in-house CPA to take over the third discipline. There is room for exceptional growth as we are willing partners in acquisitions. Experience with 706s and 1041s a plus, but not necessary. Check our web site at www.magellanplanning.com then call Kevin Meaders at 404-257-8811 to discuss.

Ideal location in South Forsyth County, located between Alpharetta, Milton and Cumming. We have available a 1500 sq ft suite for $1450/month and a newly furnished office that is ideal for a sole practitioner for $425/month. Please call 770-667-1177.

Sandy Springs CPA with 23 years of experience seeks to acquire a CPA practice in the North Metro Atlanta area. If you are interested in selling your practice now or in the next three to five years, please call Stanley Dean at 678-904-2001 x 31 or email me at [email protected].

Atlanta firm desires to open office in Stockbridge location. CPA partner with client base needed to manage office. Contact William T. Fricke at 770-216-2226 or email [email protected].

Large Buckhead CPA firm seeks to acquire practices from practitioners in the metro Atlanta area. Please respond to GSCPA File Box 470.

East Cobb firm with unique practice model has available a practice opportunity for a small or start-up sole practitioner who desires to grow their practice while minimizing costs. Opportunity includes shared costs,

office space, and association with larger firm for marketing and growth potential. Additionally, there is a longer term buyout potential of other retiring partners and practices. Please respond to GSCPA File Box 505.

classified advertising

positions availableCPA with existing practice and over 20 years experience in North Metro Atlanta is seeking a position to assist in the transition of business from a retiring CPA over the next several years. An ideal position would be working part-time or a contract position that ultimately leads to the purchase of the practice. Please email [email protected].

North Atlanta/DeKalb County CPA firm seeks a highly motivated individual experienced in tax and audit to begin a track which will lead to purchase of the practice within three to five years. Individual should have a practice to merge with the existing firm, and have at least five years experience as a public practitioner. Please respond to GSCPA File Box 485.

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Mail File Box responses to:GSCPA File Box _____3353 Peachtree Road, Suite 400 Atlanta, GA 30326

To place a classified ad and for rates, please contact Jamie Etzbach at [email protected].

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