Brazos Valley CPA News October/November 2011
In this Issue:
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Chapter News
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Chapter Calendar
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CPE
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Fred’s Funnies
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TSCPA News
CHAPTER NEWS
Volunteers Needed
Youth to Career Fair Tuesday, October 18
9:00-11:45 a.m. and 12:15-2:00 p.m. (volunteers needed for 1-2 hour time slots)
Brazos County Expo Complex, 5827 Leonard Rd, Bryan
ALSO I Tunes gift cards are needed for our “Make Change” game drawing. Please let me know if you’d like to contribute to that effort. Any amount will help.
Contact Linda Johnson to pick your time. Linda@bvcpa.org or 979-690-5776
SCHOLARSHIP FUNDRAISING LUNCHEON
Brazos Valley CPA Chapter will sponsor its inaugural Scholarship Fundraising Luncheon on October 18 at Outback Steakhouse. Tickets are $20 each and can be purchased from any Chapter board member or from Linda Johnson, Executive Director: Linda@bvcpa.org or phone 979-690-5776.
Bring your boss — Boss’s Day is October 17! Hours are 11:30-1:30 (arrival by 12:30). Your choice of steak or chicken plus the trimmings and dessert. Proceeds will benefit scholarships for area students. Not limited to CPAs!
THANK YOU, SPONSORS
The following firms and businesses are helping sponsor the Scholarship Fundraising Luncheon. Please help us thank them for their support.
Anco Insurance
Brewer, Eyeington, Patout & Co. LLP
Citibank, N.A.
City Bank Texas
Constructive Solutions / Remodel · Build
Ed Slovacek, CPA, PLLC
Ingram Wallis & Co, Inc.
Kay Perrone & Associates, P.C.
Northwestern Mutual Insurance
Prosperity Bank
Seidel Schroeder & Company
Thompson, Derrig & Craig, P.C.
Tracy B. Stewart, CPA, CFP
TSCPA Nominations
We are honored to have Brazos Valley Chapter members nominated to positions:
Lyn Kuciemba Nominations Committee
Sandy Brown Director-at-large
Toni McBee Joyner Director-at-large
Tracy Stewart AICPA Council
Fred Timmons, 2012-13 TSCPA Chair, has also selected Lyn Kuciemba to serve on his Executive Board. Congratulations to everyone and thanks for representing the Brazos Valley!
Share Your Experiences
There are a number of you in our Chapter who are career changers. Please share your experiences with the rest of the Society members. Tracy Stewart is currently included in this section of the TSCPA website.
The average age of TSCPA’s student and candidate members is 31. That means many of the members in this group are nontraditional students – those returning to school to pick up the hours necessary for the CPA Exam or even some who are changing career paths. TSCPA is looking to profile CPA members who took the nontraditional path in our Career Changers section of the website. If you’d like to share your story and advice for those looking to make a change, please e-mail Donna Fritz at dfritz@tscpa.net. Click this link http://www.tscpa.org/Content/50836.aspx to view the section.
Chapter Calendar
Holiday Luncheon Tuesday, December 6th, 11:45 – 1:00
This year’s holiday luncheon will be at the Kyle House. The cost will be $25 per member ($30 for member guests).
Chapter CPE
All courses held at College Station Conference Center
To register or for additional information, contact Linda Johnson at Linda@bvcpa.org or 979-690-5776
Federal Income Tax Update January 10, 2012 Instructor, Steve Tillinger, CPA
8:30 – 4:00 Lunch provided
Course Description:
Whether you are a generalist or a tax specialist, you will take away valuable information and insights from this eight-hour program. The course will bring you up-to-date on current issues in federal income taxation affecting individuals and small business owners with emphasis on comprehensive coverage and analysis of 2011 tax law; analysis, updates and new developments of 2010 and earlier tax law; important court cases; Treasury income tax regulations; and IRS revenue rulings and procedures.
Addresses the Hot Topics of 2011
*MAJOR DEVELOPMENT – The Debt Ceiling Debate. Get up-to-date on how your taxes will be affected. Steve will discuss the tax implications of this legislation and what you need to know. Understand Tax Expenditures and Baseline Budgeting. Be prepared for a rocky road. Fasten your seat belts!!!
*MAJOR DEVELOPMENT – Limited liability interests subject to self-employment taxes!!! This will affect some of your clients. Also. New information on E-Filing. New information on regulating Tax Return Preparers. What does it all mean? Get the details here.
*2011 TAX LAW – AMERICA INVENTS ACT – the most sweeping change to patent law in a generation, and it addresses one of Steve’s Developing Hot issues – Tax Strategy Patents.
*2011 TAX LAW – BUDGET CONTROL ACT – learn how the supercommittee can affect your taxes.
*2011 TAX LAW – COMPREHENSIVE 1099 TAXPAYER PROTECTION ACT – the repeal of certain 2010 tax law provisions.
*2010 TAX LAW UPDATE – TAX RELIEF ACT – extension of temporary provisions, cost recovery provisions, estate tax relief and more!
*2010 TAX LAW UPDATE – THE SMALL BUSINESS JOBS ACT – expanded Roth accounts for individuals and major tax relief for all businesses.
*2010 TAX LAW UPDATE– HIRING INCENTIVES TO RESTORE EMPLOYMENT ACT – updated information on the significant changes on how individuals report foreign financial assets.
*PLANNING — Uncertainty Rules!!! How Statutory PayGo and the Tax Gap affect temporary provisions, the so-called Tax Extenders. Are higher taxes ahead? Is there a VAT in our future? Tax planning is more important than ever! Are you ready?
*IMPORTANT UPDATES AND NEW DEVELOPMENTS — covering 2010 and earlier tax law.
*IMPORTANT — court cases; Treasury income tax regulations; and IRS revenue rulings and procedures.
*NEW DEVELOPMENTS — affecting partnerships and LLCs, C and S corporations.
*OF CONTINUING INTEREST — AMT, Estate Tax issues and more. . .
ETHICS May 10, 2012 8am – 12pm Instructor, Charles Stanley
We will have a four hour ethics course with Baylor University professor.
Accounting and Auditing July 10– 11, 2012 Instructor, Dr. David Holt
We will have a two-day seminar with Dr. Holt.
July 10 will be a general audit & accounting update.
July 11 will be split between non-profit and governmental.
Fred’s Funnies
From the archives of an Aggie bagpiper
As an Aggie bagpiper, I play many gigs.
Recently I was asked by a College Station funeral director to play a graveside service for a homeless man. The decedent had no family or friends, and the service was to be at a pauper’s cemetery in the Texas back woods.
As I was not familiar with the College Station, I got lost and I didn’t have any where to stop for directions.
When I finally arrived, I was an hour late. Looking around I saw that the funeral guy had evidently gone, and the hearse was nowhere in sight. There were only the diggers and crew left and they were eating lunch.
I really felt bad and apologized to the men for being late. I went to the graveside and looked down, the vault lid was already in place. I didn’t know what else to do, so I pulled out my pipes and began to play. The workers put down their lunches and began to gather around, peering into the grave. I played my heart and soul out for this homeless man.
As I played ‘Amazing Grace,’ the workers began to weep. I welled up and wept, we all wept. When I finished, I packed up my bagpipes and started for my car. Though my head hung low, my heart was full.
Just as I opened the door to my car and gave a quick thumb up to the workers, I heard one of them say, “I never seen nothin’ like that before and I’ve been putting in septic tanks for twenty years.”
It’s an Aggie.
FROM TSCPA
Nominate Rising Stars for Recognition
TSCPA is searching for its CPA members age 40 and under who have shown innovative leadership qualities within the profession and in their communities. If you know of a rising star, please fill out the online nomination form at the link below. Nominations must be completed by October 25 to be considered. (Each nominee will be contacted and must submit a profile form soon after.)
You are welcome to contact TSCPA’s Member Service Department to verify that your intended nominee meets the age and membership criteria. Phone 800-428-0272 ext. 271.
Ever Want to Be Called Doctor?
If you’ve ever considered earning a Ph.D. in accounting, AICPA’s Accounting Doctoral Scholars Program (ADS) may be a great fit for you. The ADS program was developed to help address a shortage of accounting faculty in the future. To be eligible for the program and its funding, a candidate must have three years of recent public accounting experience in auditing and tax, a commitment to a career in teaching and research at a U.S. AACSB accredited university upon completion of a doctoral program focusing on tax or auditing, the potential to gain admission to a doctoral program at one or more of the participating universities, and U.S. citizenship or permanent resident status. The current application period is open until October 1. Learn more about the program at http://www.tscpa.org/Content/51153.aspx.
Accounting Career Education (ACE)
Plans are underway for another successful year of accounting career education. TSCPA has sent information to its chapters regarding opportunities to get involved in this year’s program. Individual members are encouraged to speak to classes or participate in career fairs.
Please be sure to let your chapter know about your activities so that efforts are coordinated for maximum effectiveness.
For information about TSCPA’s Accounting Career Education program, contact Donna Fritz. (E-mail dfritz@tscpa.net; phone 800-428-0272 x 201 or 972-687-8501.)
Talk with Someone Who Understands
Mary came home to find her teenager had raided the liquor cabinet. She discovered that it was not the first time and the teenager’s addiction wasn’t limited to alcohol. Without a network of friends or acquaintances familiar with this problem, where can she turn?
The Accountants Confidential Assistance Network offers assistance. Call us at 866-766-ACAN (2226). We’re here to help.
Business & Industry Research Resources on TSCPA’s Website
Log in as a member and visit TSCPA’s Business & Industry Center http://tscpa.org/Content/resource/businessindustry.aspx to see the newest offerings.
The Center is your one-stop shop with valuable resources to meet your research needs and keep you current on the latest professional updates. TSCPA asked its members in industry, government and education where they turn to look for answers to the toughest accounting questions, and compiled their go-to sites all in one spot. Don’t spend your valuable time sifting through tons of information, when you have access to this time-saving member benefit!
Additionally, B&I CPE is available through the Industry Institute, a catalog of high-quality CPE webcasts. These courses are designed to meet the specific needs of CPAs who work in business and corporate environments.
You can also take advantage of the Ask a Member program to connect with others for informal consultation and peer-to-peer guidance.
Check Out Student Blog
Learn what’s on the minds of future CPAs by visiting TSCPA’s student blog, at www.txcpa2b.com.
In addition to recent postings, there are links to tweets, articles and online resources for students studying accounting as well as those considering this in-demand profession. For your convenience, you can subscribe to get notifications of new posts.
