P.O. BOX 479 I SEARCY, AR 72145 I PHONE (501)305-9110 I FAX (501)268-5877

ASA NEWSNews & Information for Accounting Professionals

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REMAINING 2012 ASA SEMINARS

Gear Up 1040 Seminar (16 hrs)November 15 & 16Holiday Inn Convention Center, Springdale

Gear Up 1040 Seminar (16 hrs)November 29 & 30Embassy Suites, Little Rock

Ethics Seminar (2 hrs)November 15Springdale (immediately following 1040 Seminar)

November 29Little Rock (immediately following 1040 Seminar)

Make plans now to attend these great seminars!!

Finding the Keys to Success

At the Foshee household, we do not have a desig-nated area to place keys. I usually keep my keys in my car or on the counter in the kitchen. My husband may have his keys in his work pants or they may end up on the dresser. My 17 years old son’s keys, well let’s just say, that is another story. Then there are the keys to the wood box, the shop, and all of those deer stands. Our miscellaneous keys are normally in the kitchen cabinet inside a white bowl. Needless to say, some days we might be looking for a set of keys. Upon being elected as President of ASA, I have asked myself “Where can the keys to success be found for our members?” One key to success may be in found in a continuing education classes. Another key may be found in the relationships with other tax and accounting practitioners. Finally, the key to success may be the leadership skills developed through reading and train-ing.

The Arkansas Society of Accountants mission statement is “The Arkansas Society of Accountants is organized for the purpose of elevating and maintaining among its members a high standard of proficiency and integrity, to promote and to protect the interests of public accountants in Arkansas, to cultivate a spirit of professional cooperation among its members, to establish a good will and understanding between the general public and the public accounting profession throughout Arkansas.” Approximately six years ago, I attended my first board meeting with ASA. I knew within the first board meeting that this organization was led by lead-ers who take this mission statement seriously. I do believe that being a member of ASA is one of the keys to success.

A few years ago I attended the practice development CPE class that ASA spon-sored. Some of the ideas that were discussed during this class were so creative. One item I incorporated into my practice, a really nice looking baby bib. I give this bib to all my clients and potential clients that are expecting a new baby. The bib has my name on it for advertising and “Mommy and Daddy’s Lil tax deduction” embroidered on the bib. Parents appreciate the thought and it is a great way to advertise. The class offered some other great ideas as well. Every CPE class that I attend through ASA seems to offer a nugget of information that is beneficial to me in providing quality service to my clients. Providing quality service to clients is a key to success. I obtained a new client just a few months back. While discussing with another ASA member, I discovered they too had clients in the same industry. We were able to discuss issues this industry is faced with. By networking at the seminars, I have a better understanding of the industry my client is in and the issues that they may face. At the tax seminar last year, an attendee asked me a specific farm question.

Marshelle Foshee, ASA President

ASA REVIEWThe Arkansas Society of Accountants is looking for someone to do our annual review and tax return preparation.

If you are interested in this, please contact us at 501-305-9110.

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I had not encountered this issue before but knew one of our members had a lot of farm clients. He was able to help this attendee with her question. This spirit of cooperation is again part of the mission statement for ASA and another key to success.

Upon being elected to the Board of Governors, I have had the opportunity to study and learn about leadership. I do not claim to have a master degree in leadership, but through training feel that I am ready to serve this year as your President of ASA. This training and learning is an ongoing process. I look forward to learning and developing together with all of the ASA members. May we continue to find the keys to success together.

Thank you for your membership and finding the keys to your success in your tax and accounting practice.

Marchelle Foshee, CPAASA President

ASA Annual Silent Auction Benefiting the Laverne Long Memorial Scholarship Fund - November 29th and 30th at Embassy Suites

Please plan to participate in the silent auction to be held at the Gear Up 1040 seminar in Little Rock November 29th and 30th. The auction will end immedi-ately following lunch on November 30th. Last year, the Arkansas Society of Accountants funded a scholarship in the amount of $1000 to benefit an accounting student in Arkansas. The 2012 recipient for the Laverne Long Scholarship Award was Kayla N. Henderson, University of Arkansas at Fayetteville. Ms. Henderson received a scholarship in the amount of $1,000.

If you have items you would like to include in the auction please bring them to the seminar or contact me at 501-354-4861 or Marchelle.foshee@gmail.com. Some of our members in the past have made monetary gifts to the scholarship fund. If you would like to contribute in this manner, please see one of the committee members at the seminar or Donna Gowan. You may also mail your contribution to ASA, P.O. Box 479, Searcy, AR 72145. Please note “the scholarship fund” on your check. Thank you for your continued support for our accounting students.

Marchelle Foshee, Co- Chair Silent AuctionDebbie Turner, Co-Chair Silent Auction

I had not encountered this issue before but knew one of our members had a lot of farm clients. He was able to help this attendee with her question. This spirit of cooperation is again part of the mission statement for ASA and another key to success.

Upon being elected to the Board of Governors, I have had the opportunity to study and learn about leadership. I do not claim to have a master degree in lead-ership, but through training feel that I am ready to serve this year as your Presi-dent of ASA. This training and learning is an ongoing process. I look forward to learning and developing together with all of the ASA members. May we continue to find the keys to success together.

Thank you for your membership and finding the keys to your success in your tax and accounting practice.

Marchelle Foshee, CPAASA President

ASA ANNUAL SILENT AUCTION BENEFITING THE LAVERNE LONG MEMORIAL SCHOLARSHIP FUND - November 29th and 30th at Embassy Suites

Please plan to participate in the silent auction to be held at the Gear Up 1040 seminar in Little Rock November 29th and 30th. The auction will end immediately following lunch on November 30th. Last year the Arkansas Society of Accountants funded a scholarship in the amount of $1000 to benefit an accounting student in Arkansas. The 2012 recipient for the Laverne Long Scholarship Award was Kayla N. Henderson, University of Arkansas at Fayetteville. Ms. Henderson received a scholarship in the amount of $1,000.

If you have items you would like to include in the auction please bring them to the seminar or contact me at 501-354-4861 or Marchelle.foshee@gmail.com. Some of our members in the past have made monetary gifts to the scholarship fund. If you would like to contribute in this manner, please see one of the committee members at the seminar or Donna Gowan. You may also mail your contribution to ASA, P.O. Box 479, Searcy, AR 72145. Please note the scholarship fund on your check. Thank you for your continued support for our accounting students.

Marchelle Foshee, Co- Chair Silent AuctionDebbie Turner, Co-Chair Silent Auction

ASA ELECTS NEW OFFICERSThe Arkansas Society of Accountants elected new officers for the 2012-13 fiscal year at the annual meeting on September 27, 2012.

The following officers were elected:President - Marchelle Foshee President Elect - Gerry Waddell1st Vice President - Tom Ed Simmons 2nd Vice President - Donny Woods

District Governors:Bryan Johnston Robin Clatworthy Debbie TurnerAllison McCoy Jeanice Neel Trey Tucker

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ASA Elects New OfficersThe Arkansas Society of Accountants elected new officers for the 2012-13 fiscal year at the annual meeting on September 27, 2012.

The following officers were elected:President - Marchelle FosheePresident Elect - Gerry Waddell1st Vice President - Tom Ed Simmons 2nd Vice President - Donny Woods

District Governors:Bryan Johnston Robin Clatworthy Debbie Turner Allison McCoy Jeanice Neel Trey Tucker

Outgoing President Dan Rieke gives his farewell speech.

The newly elected District Governors.

The newly elected line officers.

NSA Officer Brian Thompson installs Michelle Foshee as president of ASA.

Newly elected President Marchelle Foshee addresses the membership.

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PTIN Renewal Now Available on IRS WebsiteThe IRS has announced that Preparer Tax Identification Number renewal is available on its website. According to the IRS, some 730,000 federal tax return preparers must renew their PTINs for 2013. Also, the IRS announcement requested that preparers who have a competency test requirement should take the time now to schedule an appointment for the exam.

“We ask that you renew your PTIN as soon as possible to avoid a last-minute rush. It’s easy to let this slip as the holiday season approaches,” said Carol A. Campbell, Director of the IRS Return Preparer Office. “And, if you have a testing requirement and haven’t yet scheduled an appointment, please do so at the same time.”

According to the IRS, the online PTIN renewal process should take about 15 minutes. Renewed PTINs will be valid for calendar year 2013. The IRS also has significantly upgraded the PTIN system to make it easier to use and more intuitive.

Preparers who have forgotten their log-in information, password, or email address can use online tools to resolve these issues. Get started at www.irs.gov/ptin. All PTIN inquiries should be directed to the PTIN helpline at 877-613-PTIN.

Notes from NSA District Governor Brad CrainMy name is Brad Crain, I’m from Prescott, Arkansas, and I’m the new Governor of District 8 of the National Society of Accountants. A little about myself: I love my family, movies, golf, Disney World, and Taco Salad (see picture of family – aren’t they cute?).

I have a passion for the work done for the accounting profession by the National Society of Accountants and our Affiliated State Organi-zations, such as those states in District 8. I have replaced Peggy Johnson of Oklahoma, and I’d like to take a moment to thank her for her work as District Governor. I’m honored to carry forward the good work of Peggy and those who came before me. One of my primary goals as District Governor is to be accountable to all the members of the National Society of Accountants. I plan to be accountable by working with our NSA State Directors to make sure they have the proper tools and training to reach current mem-bers and potential members in their states. I believe there are many benefits to being a member of the National Society of Accountants

(see www.nsacct.org for a complete list), and I will work with my State Directors to make sure they are able to pass this information on at the state level. I plan to be accountable by actively seeking to increase and improve our pool of volunteers across our district. There are many strong accountants in District 8, and I understand the importance of identifying those individuals and providing them with opportunities to serve NSA. NSA is actively searching for those with a desire to serve our society. NSA has an excellent Leadership Development Program, and we need to continue to develop our current and future leaders. I plan to be accountable by working with my fellow governors and society officers to try to find efficient ways to govern our society so that even more benefits can be offered. NSA members have entrusted me to be a wise steward of their dues dollars, and I am very serious about that responsi-bility.

I look forward to serving this District as Governor. Thanks for the opportunity. I’d love to hear from those in our district. I can be reached any time via e-mail at bcrain@dalcrain.com. Don’t hesitate to contact me.

Brad CrainGovernor, District 8 of the National Society of Accountants.

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ASA Members Attend NSA ConventionASA was well represented at the annual NSA Convention held in August in Maui.

The attendees participated in the business sessions and election of NSA Officers. Harlan Rose of Wisconsin was elected as president of NSA; Steve Hanson of Minnesota was elected 1st Vice President and Marilyn Niwao of Hawaii was elected 2nd Vice President. Arkansas’ own Brian Thompson serves as Secretary-Treasurer. Another of our own, Brad Crain, was elected Governor of District VIII. The newly elected president of ASA, Marchelle Foshee, served as chair of the NSA PAC Committee.

The following pictures show some scenes from the convention.

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Accounting Scholarships Available from the NSA Scholarship Foundation ALEXANDRIA, VA, October 18, 2012 Al Rickard - arickard@associationvision.com

Paying for college is never easy. But the National Society of Accountants (NSA) Scholarship Foundation has made it easier by offering scholarships to promising accounting students across the country. The Foundation awards scholarships to under-graduates who are U.S. or Canadian citizens enrolled part-time or full-time in a degree program at an accredited two- or four-year college or university in the United States.

Applicants for awards are judged on the basis of academic record, demonstrated leadership, and participation in school and community activities, honors, work experi-ence, statement of goals and aspirations, and an outside appraisal. They must have a “B” (3.0 on a 4.0 scale) or better grade point average. Scholarship award amounts range from $500-$2,000, depending on available funding at the time of the awards. Last year the NSA Scholarship Foundation awarded 32 scholarships totaling $30,000 to worthy recipients from across the country.

The Foundation is now accepting applica-tions for its 2013-14 scholarship program. Scholarship applications must be postmarked by March 10, 2013 and sent to Scholarship Management Services, a division of Scholarship America, which man-ages the application process. The scholar-ship application guidelines and additional information can be found online at http://sms.scholarshipamerica.org/nsacct.

The National Society of Accountants (NSA) Scholar-ship Foundation is a 501(c)3 tax-exempt organization formed in response to NSA member commitment to education and the accounting profession. Through its national scholarship program, the Foundation encour-ages the next generation of accountants by providing financial assistance to college students majoring in accounting. The Foundation also administers an Educational Grant Program which provides grant funding for the development or enhancement of educa-tional programs, surveys, research and other educa-tion activities for those currently in the profession. The NSA Scholarship Foundation, a tax-exempt organiza-tion, relies on voluntary, tax-deductible contributions received from individuals, businesses and organiza-tions to fund the activities necessary to sustain its programs.

NSA Leadership Development Program

My name is Gerry Waddell, ASA officer and NSA member from Cabot. I am presently a part of the National Society of Accoun-tants (NSA) Leadership Development Program. I recently attended the LNC/LTC/LSC conference in St. Louis. ASA has been fortunate to have had Donny Woods serve as President of NSA 2 years ago, and currently Brian Thompson is the NSA Secretary/Treasurer. Brad Crain is District VIII Governor for NSA, overseeing a 5 state region, and Marchelle Foshee, is ASA Presi-dent and NSA State Director and NSA PAC committee chair. NSA was formed in 1946 to serve as a voice for and protect the rights of non-licensed accountants. Today, NSA is a voice for the licensed, as well as non-licensed practitioners. ASA seems to be one of the stronger Affiliated State Organizations (ASO) of NSA, and is often tapped for leaders on the national level.

I am a CPA and while attending the conference in St. Louis, I continually heard “Right to Practice” was a major concern. Because I wanted to better understand the issue, and the benefits to CPAs concerning the Right to Practice, I attended 2 sessions related to legislative issues. Several recent issues NSA has gone to bat for members include:

■ An attempt to pass legislation in Alabama that would have made it illegal for anyone other than attorneys to prepare tax returns. Even CPAs would have been prevented from preparing tax returns because they would have to interpret and give advice on tax law, which the legislation would define as practicing law, which only attorneys could legally do if passed. Through NSA’s help, this was defeated.

■ An attempt by California to require a statement by non-licensed practitioners on their compilation reports that basically stated their reports were not in compliance with accounting standards, and that if the user wanted statements that were in compliance, they must have those reports prepared by a CPA. Through NSA’s help, this was defeated.

■ Also, there are proposed changes, backed by the AICPA, which would basically do away with compilation report engagements. It would seem to be a foregone conclusion that if this comes to pass, banks would then require reviewed financial statements as a minimum requirement for loans. This would seem to be a “back- door” route to cutting out financial statement preparation by non-licensed practitioners. NSA is currently preparing their response to this issue, and several related proposals.

NSA has also had input into the new RTRP requirement, the “mobility” issue, given testimony before the IRS, state legislatures, and state boards of accountancy on Right to Practice issues, which affect both licensed and non-license members. NSA has committee members that in some cases spend several hours every week monitoring the governing bodies which regulate all members’ Right to Practice. If you are not a member of NSA, seek out myself, Marchelle, Brian, Brad, Donny, or other NSA members and we can relate more of the benefits of membership in both ASA and NSA.