q1 cpa report

South Carolina Association of Certified Public Accountants

First Edition 2014

Plus...A Look Back: 2013 Summit

ACA: One Year Later

CPAs Giving Back:Month of Service

TAXSurviving the Busy Season

South Carolina CPA Report 2 (888) 557-4814 | www.scacpa.org

South Carolina CPA Report 3(888) 557-4814 | www.scacpa.org South Carolina CPA Report 3

OFFICERSSharon E. Mann, CPA, Chair

John B. Fennell, CPA, Chair Elect

Robert M. Tilton, CPA, Vice Chair

Penny Lewis, CPA, Secretary – Treasurer

Michael R. Putich, CPA, Immediate Past Chair

BOARD OF DIRECTORSWilliam R. Barefoot, CPA Patrick P. Carey Jr., CPA

Zoe M. Davis, CPA Amanda (Mandy) T. Hallman, CPA

Suzanne M. Harnois, CPA Lesley H. Kelly, CPA Cheryl O. Lang, CPA

A.D. (Dave) Masters, CPA J. Patrick (Pat) McDermott, CPA

James W. McIlrath, CPA Kenneth L. Newhouse Jr., CPA

Philip R. Snipes, CPA Jason C. Sweatt, CPA

William A. Thiem, CPA Beth T. Zamorski, CPA

CHIEF EXECUTIVE OFFICER Erin Hardwick Pate, CAE

MANAGING EDITORMaureen Taylor

GRAPHIC DESIGNER Lisa S. McGee

CONTRIBUTING WRITERSKeith J. Benson, MHA, Ph.D.

Reva Brennan, MPA, CAE, IOMDonald H. Burkett, CPARobert C. Charles, CPA

Jonathan I. Godwin, CPABrian L. Johnson, CPA

Sharon E. Mann, CPA, CGMAMichael Matthews, Ph.D., MHA

R. Douglas Neal Jr., CPAErin H. Pate, CAE

Tony F. Perricelli, CPADerrick B. Stark, CPA

Maureen Taylor

2013-14 EDITORIAL BOARDCharles E. Alvis, CPA, MPA, MBA, Chair

Tim Baker, CPAJohn B. Brantley, CPA

Robert C. Charles, CPAAmanda S. Colgate, CPA

Lisa S. Cooke, CPALesley H. Kelly, CPA

Margaret L. Lattimore, CPAA. D. “Dave” Masters, CPA

Erin H. Pate, CAEDerrick B. Stark, CPA

Maureen Taylor

South Carolina Association of Certified Public Accountants Magazine

Volume 44, First Edition 2014

Statements of fact and opinion are made by the authors alone and do not imply an opinion on the part of the officers or members of SCACPA. Advertising rates will be furnished on request to SCACPA, 570 Chris Drive, West Columbia, SC 29169, (803) 791-4181. Publication of an advertisement in The CPA Report does not constitute an endorsement of the product or service by The CPA Report or SCACPA.

CPA ReportSouth Carolina Association of CPAs

2013 Annual Summit

In Every Issue

Statements of fact and opinion are made by the authors alone and do not imply an opinion on the part of the officers or members of SCACPA. Advertising rates will be furnished on request to SCACPA, 570 Chris Drive, West Columbia, SC 29169, (803) 791-4181. Publication of an advertisement in The CPA Report does not constitute an endorsement of the product or service by The CPA Report or SCACPA.

5 From the Chair

6 Association News

8 On Your Behalf

29 Chapter Connections

In This Issue9 Board of Accountancy Update 10 A Look Back at the 2013 Summit26 CPAs Making a Difference – Month of Service

Special Section: Tax

30 Member News

31 Welcome New Members

32 CPE

34 Advertiser Index

12 How Do You Survive Busy Season?

13 My First Tax Season

14 Monsters in Strange Places

16 AICPA National Tax Conference

18 Summary of Changes to Tax and Regulatory Law

20 Inside the Internal Revenue Service Tax Symposium

21 ACA One Year Later: An Update

The AICPA Professional Liability Insurance Program

looks at insurance from a fresh perspective…

YOURS

When you sit down with a client, you strive to see their business from their perspective and make recommendations based on their unique situation. We operate similarly.

Whether your CPA firm is a one person operation or national in scope, the AICPA Professional Liability Insurance Program offers insurance products and solutions designed to fit your needs.

Get the benefits of a national provider with the personal service you deserve:

• Insurance created to cover the unique exposures of CPA firms

• All size firms and areas of practice are eligible

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Aon Insurance Services is the brand name for the brokerage and program administration operations of Affinity Insurance Services, Inc. (AR 244489); in CA, MN & OK, AIS Affinity Insurance Agency, Inc. (CA 0795465); in CA, Aon Affinity Insurance Services, Inc. (0G94493), Aon Direct Insurance Administrator and Berkely Insurance Agency; 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 and exclusions for an insured. All products and services may not be available in all states and may be subject to change without notice. The statements, analyses and opinions expressed in this publication are those of the respective authors and may not necessarily reflect those of any third parties including the CNA companies. CNA is a registered trademark of CNA Financial Corporation. Copyright © 2014 CNA. All rights reserved.

E-10486-114 SC

Administered by:Underwritten by:Endorsed by: Endorsed by:

E-10486-114 SC.indd 1 12/11/13 9:24 AM

South Carolina CPA Report 5(888) 557-4814 | www.scacpa.org

From the Chair

Sharon Mann, CPA, CGMASCACPA Chair

SCACPA member since 1992

“As you navigate your way through tax season, I encourage you to take

advantage of SCACPA’s resources.”

The AICPA Professional Liability Insurance Program

looks at insurance from a fresh perspective…

YOURS

When you sit down with a client, you strive to see their business from their perspective and make recommendations based on their unique situation. We operate similarly.

Whether your CPA firm is a one person operation or national in scope, the AICPA Professional Liability Insurance Program offers insurance products and solutions designed to fit your needs.

Get the benefits of a national provider with the personal service you deserve:

• Insurance created to cover the unique exposures of CPA firms

• All size firms and areas of practice are eligible

• Premium credits designed to reflect the way CPAs do business

For professional liability insurance designed from YOUR perspective, please contact Charles Cauthen at BB&T Insurance Services, Inc. at 888.868.3721 today!

Aon Insurance Services is the brand name for the brokerage and program administration operations of Affinity Insurance Services, Inc. (AR 244489); in CA, MN & OK, AIS Affinity Insurance Agency, Inc. (CA 0795465); in CA, Aon Affinity Insurance Services, Inc. (0G94493), Aon Direct Insurance Administrator and Berkely Insurance Agency; 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 and exclusions for an insured. All products and services may not be available in all states and may be subject to change without notice. The statements, analyses and opinions expressed in this publication are those of the respective authors and may not necessarily reflect those of any third parties including the CNA companies. CNA is a registered trademark of CNA Financial Corporation. Copyright © 2014 CNA. All rights reserved.

E-10486-114 SC

Administered by:Underwritten by:Endorsed by: Endorsed by:

E-10486-114 SC.indd 1 12/11/13 9:24 AM

Sharon Mann, CPA, CGMA, is the chief financial officer for General Information Services, Inc. in Chapin. She has served on the SCACPA board since 2007 and currently serves as chair. She previously served on the Legislative, Advocacy & Regulatory Committee, the Finance Committee and the Audit Committee.

H appy New Year! I hope your holiday was enjoyable and that 2014 has started off well for you.

As many of you are gearing up for the 2013 tax filing season, this issue of the CPA Report is geared towards tax and tax practice. I would like to take this opportunity to point out some of the resources SCACPA provides that support our members in tax. The first of course is education. In 2013, SCACPA offered 45 tax-related CPE courses and a host of webinars and webcasts. At the chapter level, an additional 11 programs were offered, the most popular of which is the Federal Tax Update with Walter Nunnallee, which draws 700-800 attendees a year.

Your membership also includes several professional resources available through the SCACPA website at www.scacpa.org/taxseason. The Taxation Knowledge Network gathers information pertaining to federal and state tax issues and keep members informed of any new developments. The part-time tax assistance program offers members a place to advertise for part-time help during tax season. Members looking for part-time employment can also advertise. SCACPA also includes links to the AICPA 2013 Tax Practitioner’s Toolkit. The toolkit has everything a tax practitioner needs to communicate their value and keep their clients informed including letters, brochures and advertisements. Two SCACPA committees are very focused on tax issues. The Taxation Committee serves as a technical resource for members, legislators and regulators and also updates the Legislative Tax Guide annually. They also co-host the joint meeting with the State Department of Revenue and the Internal Revenue Service and plan the tax track for the SCACPA CPA Summit. The Legislative, Advocacy and Regulatory Committee make it an annual priority to see that tax conformity legislation is passed early in the calendar year to give tax professionals certainty about the rules. This committee also meets quarterly with the S.C. Department of Revenue director and his staff to discuss what works and what does not work for CPAs in practice.

As you navigate your way through tax season, I encourage you to take advantage of SCACPA’s resources. And, as always, if you have suggestions for additional items, please let us know by emailing [email protected]. I hope your tax season goes well! n


C L I C K

For more information visit www.aicpa.org/Volunteer.

AICPA 2013-14 VolunteersThe following SCACPA members have been appointed to serve on AICPA committees. As an AICPA volunteer you have an opportunity to influence and guide the profession's direction as well as network with peers.

• Ellen K. Adkins, CPA, Technical Standards Subcommittee • Joseph Stanton Beck, CPA, Accounting and Review Services Committee • Bobby Ryon Creech, CPA, State Board Committee (SBC) • George Warren DuRant, CPA, Joint Trial Board • Lewis Eddie Dutton, CPA, Uniform Accountancy Act Committee • John Frederick Hamilton, CPA, Technical Reviewers Advisory Task Force • Mark T. Hobbs, CPA, National Peer Review Committee • Sharon E. Mann, CPA, Designated Council Representative for One Year • James Patrick McDermott, CPA, Council - Elected Members• Robert M. Moise, CPA, Tax Practice Responsibilities Committee • Dianne P. Odom, CPA, Elder Planning Task Force and PFP Elder Planning Task Force• Sandra G. Roberson, CPA, Financial Accounting & Reporting (FAR) Subcommittee

This list is for committee year 2013-2014. It is based on the primary mailing address self-selected by each AICPA member.

Board of Directors NominationsThe SCACPA Leadership Selection and Succession Committee seeks recommendations for members to serve on the S.C. Association of CPAs Board of Directors. The individuals will be considered for a three-year term beginning July 1, 2014. You may nominate yourself or someone else. Nominations must be received no later than March 1, 2014. For additional information, contact Leadership Selection and Succession Committee Chair Michael Putich, CPA [email protected], 843-815-6161or SCACPA Chief Executive Officer Erin Pate, CAE at [email protected] or 803-791-4181, ext. 104.

Membership Dues Renewal Membership renewal notices for 2014-15 will be sent late May. The new member-ship year begins July 1, 2014.

SAVE THE DATE2014 Conferences Please note dates are subject to change.

Annual ConventionMay 12, Columbia

CPAs in Business & Industry Conference May 15-16, Columbia

Government Conference May 21, Columbia

Nonprofit Conference May 22, Columbia

Fraud Conference Sept. 25, Columbia

Women in Leadership Conference Oct. 21, Columbia

Small Firms Conference Oct. 23, Columbia

Financial Planning Conference Oct. 28, Columbia

Governmental Workshop Oct. 30, Columbia

CPA Summit Nov. 12-13, Columbia

Accounting & Auditing Conference Dec. 8-9, Charleston

2014 Clusters Lowcountry Cluster July 14-16, Marriott - Hilton Head

Coastal Cluster Aug. 11-13, Marriott - Charleston

Upstate Cluster Sept. 15-17, Embassy Suites - Greenville

Congratulations CPE Drawing WinnerCongratulations to Cheryl D. Flynn, CPA, with Harry B. Gregory & Associates, CPAs in Columbia, winner of a $50 gift card in the Q4 2013 quarterly CPE evaluation drawing.


570 Chris Drive, West Columbia, South Carolina 29169(803) 791-4181 or Toll-free (888) 557-4814

Fax (803) 791-4196 | www.SCACPA.org

SCACPA

Erin Hardwick Pate, CAEChief Executive Officer

Ext. 104, [email protected]

Reva E. Brennan, MPA, CAE, IOMChief Operating Officer


Karen M. Hancock, CPAFinance Director


Maureen TaylorMarketing and Member Services Director


Glenna P. OsierPeer Review Manager


April C. CoxEducation Manager


Sandra P. Oxner, CMP, CMMMChapter & Special Events Manager


Lisa S. McGeeMember Services & Graphic Design Coordinator


To empower our members to grow professionally.We believe that by providing education,

advocacy, communication, and leadership we will ensure our success.

South Carolina CPA Report 7

CPA PAC - Guardians of the ProfessionMost supporters of the CPA PAC contribute individually. However, through a special fundraising effort, SCACPA recently asked the top 40 firms in South Carolina to make a contribution on their firm’s behalf. We are grateful for the support and generosity of the seven firms that contributed to the South Carolina CPA/PAC so far. These firms and managing partners are a part of an elite group of members who recognize the power of political activity. To make a contribution on your firm’s or company’s behalf, please contact SCACPA CEO Erin Pate, [email protected].

GOLD CLUB ($2000 and up)• PricewaterhouseCoopers LLP

CHAMPION ($500 - $999)• Derrick Stubbs & Stith, LLP• Moore Beauston Woodham, LLP, CPAs• Smith Sapp Bookhout Crumpler & Calliham, PA• Schmoyer and Company, LLC

PARTNER ($250 - $499)• Bernie Ackerman, CPA, PA• Pope Smith Brown & King, PA

2014 Annual Convention – May 12SCACPA’s 2014 Annual Convention will be held May 12 at Embassy Suites Hotel and Conference Center in Columbia. AICPA Chair Tommye Barie will present a professional issues update. Larry Kryske will present The Art of Innovation, a course designed for leaders (and potential leaders) to help de-velop professional and personal skill sets as well as take businesses to the next level of excellence, performance and achievement. To assist CPAs in meeting the ethics requirement, there will be a case study ethics presentation provided will real life scenarios that CPAs battle in their careers. The event will also include the Annual Member Business Meeting, New CPA Oath Ceremony and the Old Guard and Member Reception.

From lef to right: Ken Newhouse, CITP, CPA, John Beauston, CPA, and Erin Hardwick, CAE, during a Firm Professional Issues Update with Moore, Beauston, Woodham, LLP, CPAs and Consultants.

AICPA Announces Scholarships The AICPA announced that accounting students may apply online for scholarships for the 2014-2015 academic year. The AICPA will award more than 100 scholarships for the 2014-2015 academic year, totaling more than $300,000, as part of the AICPA Legacy Scholars program. Students can apply at ThisWayToCPA.com until Monday, April 1, 2014.


On Your Behalf

For the profession, by the profession – that’s what the South Carolina Association of CPAs is all about. SCACPA’s board of directors, committees and task forces, and Young CPAs Leadership Cabinet are hard at work making decisions, providing guidance and embarking on projects and programs that strengthen the profession and enable members to improve their knowledge, network and technical skills.

Erin Hardwick Pate, CAE, has served as SCACPA’s CEO

since 2005. She currently serves as immediate past-president of the CPA Society Executives Association and as a member of

AICPA’s Future of Learning Task Force that is studying the evolution of professional education.

The New Year will see a lot of activity in SCACPA’s advoca-cy and government relations

program. SCACPA will be follow-ing two bills that deal directly with issues CPAs care about. They are described below.

House Bill 3459If you’re attuned to SCACPA’s legislative work, then you’ve heard us refer over the last year to H.3459. It’s a bill SCACPA helped initiate last year primarily to enhance the operational effectiveness of the state Board of Accountancy and addi-tionally, to take care of exempting CPAs from a requirement to become licensed as a private investigator if the firm offers forensic services to the public. While the bill had signifi-cant momentum in the 2013 legisla-tive session, it did not complete the legislative process. We hope to see the bill to fruition in 2014.

Provisions within H.3459 are as follows:

• Gives the members of the state BOA (five of whom are CPAs) the unprecedented ability to provide advice and consent when their administrator is hired/assigned by its umbrella agency -- the state Department of Labor Licensing and Regulation.

• Makes the primary role of the BOA’s administrator to manage the work of the BOA. Currently, the administrator manages three distinct regu-lating boards – accountancy, cemetery owners and funeral directors. Under this new pro-vision, the LLR director may assign additional duties as long

as these duties don’t unreason-ably occupy the administrator’s time.

• Requires investigations per-formed on behalf of the BOA to be performed by an investigator who is a licensed CPA.

• Allows the BOA to conduct periodic inspections of licensees or firms with at least three days notice.

• Exempts CPAs from having to be licensed as a private investigator if providing forensic services to the public

• Gives Accounting Practitioners the ability to reinstate their licen-sure. (technical correction)

Tax ConformityTax conformity legislation occurs every year and requires state legis-lators to determine which federal provisions to adopt or not. SCACPA members who are tax professionals say they want this legislation passed early in the calendar year to give them certainty about the rules, no matter what the rules are. That’s why SCACPA has made this an annual pri-ority. While the legislative discourse is unpredictable, we anticipate little or no controversy this year regarding tax conformity. Stay tuned!

Weekly Legislative Newsletter Keeps SC CPAs in the KnowThe South Carolina Legislature typi-cally meets from January until early June. During the session, SCACPA provides a weekly electronic news-letter, called From the Dome, which features a variety of issues being considered. This is a free subscription for all members. If you’re interested in receiving this newsletter, please send a request to [email protected].

SCACPA Receives Favorable Review of Peer Review AdministrationSCACPA administers the peer review program on behalf of the AICPA, the owner of the program. Every two years the AICPA conducts an onsite oversight or audit of the pro-gram’s administration. A member of AICPA’s Peer Review Board spends two days at the SCACPA office pull-ing files, observing meetings and conducting interviews all in an effort to ensure compliance and improve the administration of the program through feedback. Jay Lynch, CPA from Massachusetts conducted SCACPA’s oversight review on Nov. 21-22, 2013. SCACPA has since received a favorable report from the AICPA regarding our administration of the program, which includes the Peer Review Committee and Review Acceptance Body meetings, services provided by SCACPA’s three techni-cal reviewers and SCACPA staff.

Many thanks to the following indi-viduals who have ensured the state’s peer review program is well-operat-ed: Christine Kelly, CPA, chair of the SCACPA Peer Review Committee; Glenna Osier, SCACPA peer review manager and technical reviewers John Hamilton, Tony McKinley and Tom DeWitt. n


Board of Accountancy

continued on page 38

South Carolina Board of Accountancy Updateby Donny Burkett, CPASCACPA member since 1976

106th Annual Meeting of the National Association of State Boards of Accountancy

In October, I attended the 106th Annual Meeting of the National Association of State Boards of

Accountancy (NASBA). This year’s meeting, themed “Driven,” was incredibly informative and covered topics that are both interesting and important to South Carolina’s CPAs.

Presentations relevant to local CPAs included:

• Bridging the GAAP: The Future of U.S. Financial Reporting

During this presentation, Russell G. Golden, CPA, discussed the Financial Accounting Standards Board (FASB) and some of their projects, such as revenue recogni-tion, leases, insurance contacts, accounting for financial instru-ments, and upcoming research projects.

• Audit for Quality and Investor Protection: The Need for Ongoing Vigilance

Presented by Jeanette M. Franzel, CPA, and member of the Public Company Accounting Oversight Board (PCAOB), this presenta-tion focused on the PCAOB’s development of an Auditor’s Reporting Model, which will re-quire auditors to provide discus-sion of critical audit matters and evaluate other relevant informa-tion. For further information on this, please see http://pcaobus.org/Rules/Rulemaking/Pages/Docket034.aspx.

• Pathways’ Progress and Other Education Initiatives

Led by Karen V. Pincus, Ph.D.,

this presentation provided recommendations for education initiatives, including building a learned profession, future fac-ulty, and curriculum models, as well as attracting high-potential, diverse students. Changes to education revolve around good decision making and the con-sequences of those decisions. Critical thinking is vital. Some of the concerns Dr. Pincus raised were the soaring cost of educa-tion, student loan debt, which currently exceeds $1 trillion, and how technological advances affect education.

• State Boards and Standards – A Panel Discussion This informative panel included

Billy Atkinson, CPA, Charles E. Landers, CPA, and James M. Sylph, FCPA, FCA. Their discus-sion focused on the varying stan-dards of the American Institute of CPAs (AICPA), FASB, and the Private Company Council (PCC). The panelists had different opin-ions on the future of standard setting, and their presentations highlighted the future roadblocks that must be overcome.

• Changing Landscapes Led by Kevin J. Dancey, FCA,

this presentation focused on Canadian CPAs and upcoming changes. Canadian Chartered Accountants (CAs) will become Canadian CPAs. With the addition of a maple leaf, the Canadian CPAs logo will match the American logo. Cross-border issues are an ongoing concern.

In addition to the informative pre-sentations, NASBA formed three new committees:

• The Standard Setting Group• The State Society Relationship

Group• The Legislative Support Projects

Group.

Local appointees include president and CEO of SCACPA, Erin Hardwick Pate, CAE, who was appointed to the State Society Relationship Group and me, as chair of the Legislative Support Projects Group. Additionally, I was recently appointed to the Board of the Center for Public Trust.

There was also consideration of changes to the Uniform Accountancy Act (UAA). Discussion topics in-cluded the definition of attest, firm mobility, and other issues such as inactive CPAs, client record returns, and whistleblowers.

Discussions also included the future of the CPA Exam. The purpose behind a uniform CPA Exam is to assess the important knowledge and skills required of an entry-level CPA and to protect public interests. Exam candidates need communication skills, strong analytical and interpretive skills, and the ability to


The Future Begins Now was the theme of the 2013 Annual CPA Summit. Over 200 attendees gathered Nov. 12-13 at the DoubleTree in Columbia to discover what challenges and opportunities are facing the profession and how CPAs can adapt quickly and knowledgeably.

The two-day conference included a variety of CPE and opportunities to connect with colleagues, speakers and vendors during the networking breaks, Old Guard Reception and the Opening Member Reception.

With 35 sessions to choose from, the summit offered 17 hours of CPE in four tracks. Topics included: The Future Begins Now: How Current Trends are Shaping the 10 Growth Areas of Tomorrow, Federal and South Carolina State Tax Credits for Small Businesses, Excel's PowerPivot and Power View, Healthcare Reform Update, Litigation Against Accountants, Financial Reporting Framework for SMEs, Estate and Gift Tax and Probate Issues, Importance of Quality Control to Avoid Legal Issues, Effective Change Management, Private Company Financial Reporting, Crowd Funding Judicial Highlights; and much more.

Other highlights included the Student Recognition luncheon and the New CPA Oath Ceremony. Bill Balhoff, CPA, CFF, CGMA, chairman of the American Institute of CPAs, administered the oath to 20 of South Carolina’s newest CPAs. n

A Look Back at the 2013 CPA Summit

1. Student scholarship winners Michelle Chapman, William Stalvey, Michael Darlin, Jacob Behall and Lindsey Cox. 2. Scholarship winner Michael Darlin with Bob Jones University School of Business Dean Mike Butler and AICPA Chairman Bill Balhoff. 3. The opening reception offered an opportunity to network with fellow members - Amy Rubin, Laura Smith and Denise Giannetti. 4. SCACPA member Mitch Watson with Summit speaker Glen Ward. 5. SCACPA Members catch up at the Old Guard Reception - Chuck McLafferty, Dick Ryerson, Mike Lowrance and Bob Holliday.

1

2

3

5 4


Jonathan Allen Harold Baker Jessica Bastedo*James BenjamsonBrett Berghel Sally Border* Hazel Brazell* Alicia Burdick Jason Carlson William Carter Catherine ChandlerMichelle Chapman*Linghui Chen Curtis Clark Kathryn ClevelandStephanie Coln*Emily Cooper* Matthew Costa Steven Davitte Jr.Thomas DettmerAllison Dobbs David Donald Brandon Esco Stephen Flaherty* Traci Francis David Frederick William FreemanChaz Friendly Beau Ganas* Diane Giardina- Mcgehean Franklin Gillam Jr.

Christopher GibbonsBrandi Gist Jessica Glenney Jennifer Gray Amy Green James Gresham William Hardaway III*Jane Hartsell Susan Hawk Noel Hebert Kenneth HeverlyJoseph Heyd*William Hipp Tyler Howanyk*Adam Howell Molly Inclan Christopher JenkinsLynn Johnson Susan Jordan Jianhua Li Matthew Low Mary Marshall Travis Miller James Mitchell Jr.Neely Myers Kathryn Nell Arnold Owino Scott Patterson Diane Phillips Madison RankinElisabeth Rees

Matthew ReichelJack Richardson*Krystin Roberts Donna-Jean RoyalsCortney Scott* Kristen Searcy* Beverly Seier Susanna Sharpe*Rebecca Shirer*Benjamin Shirley* Kyle Sikkila* James Simmons Nathan Skipper Wilfred Smith Jr.*Lauren Smith* Mackenzie SmithMatthew Stalnaker*Joel Stevens Joel Stewart Cyndra SwinsonCaroline Sydow*Dan Temple Brandon Thomas*Greg Thompson Patricia Walker*Jennifer Walton*Valerie Waskey Robert Welch William Williamson*David Wilson

Welcome New CPAs

Picture above: New CPA Brandi Gist (second from left) and her family; SCACPA Member Bruce Schwartz with new CPA and SCACPA Member Stephanie Coln (second from left) and her family. Pictured below: South Carolina’s newest CPAs after the oath ceremony.

* Indicates SCACPA Members at time of the event


Tax Season

To keep my sanity and to “keep my pencil sharp” during tax season, I enjoy sitting at my drum set playing rhythm/blues and Doo-Wop music. This music break gets my mind totally off taxes, provides me with a great physical workout, and as you know, music soothes the soul.

I have a band I play with called Heart ‘n Soul. We are an 11 piece group that plays R&B and Doo Wop music from the late 1950s and 60s. Our band is a 501(c)(3) charitable

How Do You Survive the Busy Season? organization which donates the proceeds from our per-formances to charity. Over the past five years, we have donated over $100,000 directly and helped charities raise over $2,000,000. You can visit us at www.heartnsoulband.org to see when we are playing and I would love to see some fellow CPAs out on the dance floor having a great time!

I believe all of us during tax season need to sometimes step away from the grind to refresh ourselves in an activity we thoroughly enjoy. Whether it is golf, running, biking, music or whatever you enjoy doing, take time to relax and to refresh. You will be doing both yourself and your clients a big favor. – R. Douglas Neal Jr., CPA

My current role has fewer peaks and is busy all year. However, I have usually been known to be the office prankster to inject a little fun. One of my favorites was the year on April Fools Day that I put a sign on the copier that announced that the copier was now voice activated. To register your voice, you need to hold down the "clear" button and loudly say "My name is ___________." Everyone that fell for that loudly announced who they were to the entire floor that day. – Derrick Stark, CPA

Tax season has arrived and with it the challenges of navigating your way through tax law changes and an abbreviated filing season, as a result of the federal government shutdown.

In an effort to lighten things up a bit, we asked your colleagues to share some of the less publicized aspects of the season including how they deal with stress, stories of their first tax season and changes they have seen as well as tales of tax season horrors.

Of course, this special section also features the information you have come to expect including an overview of Tax and Regulatory Law Changes of Special Interest and an update from the AICPA National Tax Conference. The Affordable Care Act continues to be a major topic for individuals and businesses alike. ACA One Year Later: An Update offers an overview on the insurance exchanges, delays in implementation and taxes you, and your clients, need to know about.

Tax Season has arrived...

Tax Season


My First Tax Season ….. Party like it’s 1999!

The year 1999 was the year of the “Y2K” bug and the cusp of a new millennium. The

Gamecocks did not win a single football game that year in Lou Holtz’s first season as head coach. The Friends were flying on high TV and the Star Wars franchise returned to the big screen with episode 1 - The Phantom Menace. The Internet was beginning to grow up and become useful but only on personal comput-ers since our mobile phones were (gasp!) simply telephones.

I began my public accounting career with Scott and Company (then called Scott, Holloway & McElveen) in January 1999 as a staff accountant. That first busy season was a challenging time that afforded tremendous growth professionally and personally. Besides learning the ins and outs of preparing tax returns I studied for and took the CPA exam (twice), bought my first house and got married all in that one year.

Just as my personal life is vastly different almost 15 years and three kids later, the processes and pro-cedures for busy season were very different than today. We prepared all of our returns on computers, but e-filing was a novelty. That year our firm e-filed only a handful of returns—most of those for clients deemed to be on the cutting edge of technology and, thus, open to trying a new, untested method of filing. Document scanning wouldn’t go mainstream for a few more years so we copied workpapers and made

by Tony Perricelli, CPA


Then & Now:A Look BackThings have changed dramatically since 1988. I worked for a large firm in Atlanta. That was not that long ago, but it was before the Internet, before e-filing, before electronic storage, and email was new. I sat in a "u-shaped" cube with a senior. The two of us shared one desktop computer and a dot-matrix printer. There were two laser printers shared by 250 of us that were only to be used for "final" copies of returns. We had one computer for the office with the corporate consolidation software and only two people that could run consolidations electronically. A partner in the Chattanooga office thought I was a technical wizard because I knew how to attach a Lotus spreadsheet to an email and send it to him "instantly." – Derrick Stark, CPA

Because I am very young in my career, my tax season hasn’t changed that much since the first one. However, my work load has. I use to be slammed during busy season and rewarded with a lot of downtime during the off season. But now it appears that I am slammed constantly. Just more slammed during busy season. I tell younger associates to treasure being new. Soon you will learn that busy is not a season – it’s a life. – Robert Charles, CPA

“Most of my work was done with pencil and paper as I calculated, ticked and tied.... “

paper files. Our clients all sent us their tax information in paper form and rarely relied on email to get documents to us. The fax machine was the catchall method to get those last minute statements from the bank or brokerage firm. Most of my work was done with pencil and paper as I calculated, ticked and tied before en-tering data into the computer only as the last step to complete the process.

Even our lives outside of work were different. When I left the office for the day, I could only be reached by telephone. Email stayed at the office rather than traveling home on a handheld device. Remote network access was probably available to those who could afford it, but my computer stayed at the office and needed me to be there to use it.

The daily life of a tax accountant has changed tremendously since my first busy season in 1999. In an amazing coincidence, though, the BCS national college football champions for the 1999 season…the Florida State Seminoles! n

Tony Pericelli, CPA, is a partner with Scott & Company, LLC and is a member of the Central Chapter.


When you ask a CPA about tax season horror stories, you would expect to hear

the standard stories about working late hours to meet deadlines, sifting through boxes of crumpled receipts, and making crazy last-minute runs to the post office. In my experience, the monsters moved on to occupy other areas, such as in hiring deci-sions and plumbing.

My first tax season in 2003 as a sole practitioner was fraught with all sorts of issues, not the least of which was cash flow. I do recall, however, a non-greenbacks related horror story. I came back to my office late one evening to catch up on some tax returns, and as soon as I opened the office door I heard this steady “drip, drip, drip” of water. I had requested that our administrative assistant leave the faucet dripping in the kitchen since the pipes had been known to freeze, but this was more than any slow drip I had ever heard. Upon entering the kitchen, I was greeted to a freezing puddle of water in the middle of my floor which was creeping ever closer to my Buick-sized copier and fax machine. The pipes had burst, which required a late night’s work from my landlord to drain the “pool.”

My second tax season in 2004 required that we hire a part-time employee to help with tax return assembly and the copying of client backup. I thought things were going really well, until she asked me to purchase a stool with casters on it so that she could sit at the copier and simply “roll” herself over to the assembly area to put the returns together. Imagine her surprise when I denied her request….how could I be so heartless? After two more weeks of dwindling attendance, I relieved her of her post only to be met with a threat of bodily harm by her husband. He actually called and demanded that I meet him in my parking lot to “talk about what happened.” Apparently, he wasn’t aware of her absenteeism. Thankfully, he never showed up at my office and no one was injured.

A later tax season required that we again hire a new team member, but this time a full-time administra-tive assistant who claimed to know accounting as well. After three months of lackluster performance and complaints that she wasn’t being paid enough, she quit working for us. Upon cleaning out her work space, we found 13 bottles of soda tucked away in a drawer, with varying levels of liquid missing from each one. I never did figure out why she left them there.

It wasn’t as though she was working late and needed a caffeine infusion. Maybe she was conducting a science experiment, which could explain her distraction from her work.

My last tax season horror story involved another hiring decision, this time in the form of an intern from a local university. This young man never did master the alphabet, as we found out later, because everything he filed was in the wrong place. He also had this bad habit of giving tax returns to the wrong people. He would hand Joe’s tax return to Don, and of course Don didn’t realize this until he got home and was prepar-ing to sign his return. I think I had to apologize to three people who received the incorrect paperwork. Talk about embarrassing. His only response to my questions regarding his performance was “Ooops, sorry.” He had aspirations to be a congress-man. No further comment. n

Jonathan Godwin, CPA, is president of Godwin and Associates, CPA in Greenville.

Tax Season

by Jonathan I. Godwin, CPA


“He actually called and demanded that I meet him in my parking lot... “

The Monsters Lurk in Strange Places

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Although I had gained quite a bit of audit experience before switching to tax, my first tax season with a larger firm included working on the first year return for a major conglomerate and fashion retailer. This return was massive and included 30 state filings for income and franchise tax returns in addition to the federal. My team and I worked so diligently on this return that we were in the office until 2 a.m. some nights. One week, I worked so long that I fell asleep at my desk. When I did I began to snore very loudly. So, just before midnight the rest of the staff gathered around my cube. I was knocked out!! And they thought it was hilarious! One of the associates decided that it might be a good idea to call my desk phone and see if I would wake up. Another associate videotaped. When they called my desk – believe it or not – I woke up immediately and answered the phone as if I were up all along. It was the funniest video in the office the entire busy season. Our last night working on the return we were in the office until 4 a.m. and returned the next day to file. The partner forced us to leave the building for the next day so that we could regain our strength. All is fair in the game of tax and busy season. I don’t think I’ll ever forget that story. – Robert Charles, CPA

Other Lurking Monsters Busy season can always be a bit rough. One that sticks out was a year that our tax software became unstable on April 10. Out of 30 employees, only three could log on to the tax return preparation software at a time or the system would crash, requiring a 40-minute reboot. The partners thought I was crazy, but I created three “system cards” that the staff had to have in their possession to log on. That way we could be sure that the each person had logged off before the next logged on. It worked great, and we went all the way to April 15 without another crash. – Derrick Stark, CPA


In November, I attended the IRS Track of the AICPA National Tax Conference as the South

Carolina representative. The speak-ers for this track included leaders from several divisions of the IRS as well as Acting Commissioner Danny Werfel, National Taxpayer Advocate Nina Olsen and head of the Office of Professional Responsibility (OPR), Karen Hawkins.

Werfel began by addressing the issue with tax exempt entities that has been in the news over the past year. He stated that the IRS has improved screening for tax exempt status based on activities of the organization. They have also strengthened checks and balances for processing tax exempt applica-tions, improved training for IRS personnel in this area, and sig-nificantly reduced the inventory of 501(c) applications.

Other areas that were highlighted included: improved technology with the implementation of modernized e-file and “K-2” technology that allows daily

processing of taxpayer information; improved international tax compliance; resolution of 794,000 cases of identity theft and continued support and training towards combating identity theft. Werfel also stated that Affordable Care Act tools are working as planned. The IRS is working towards expanding web services and offering access on mobile devices via an app called “IRS to Go.” He blamed budget cuts for the stoppage of two web services – Electronic Disclosure Authorization and Electronic Account Resolution. Werfel said that budget cuts are his number one concern, stating that the budget has been cut by $1 billion since 2010. This represents an 8 percent cut, but the number of tax filers has increased by 4 percent. In response to the budget cuts, the IRS is attempting to run leaner. They have cut the full-time workforce by 9 percent and training and travel costs by over 80 percent. The commissioner would like to have a discussion with Congress regarding the cuts, because he says for every dollar spent by the IRS there is a return on investment of four to one.

During the question and answer session he did confirm that the filing season would be delayed due to the government shutdown in October.

Faris Fink with the Small Business/Self Employed Division (SB/SE) said that his group’s top priority is the exam function, and they are now focusing on partnerships. They are working on identification of issues and have implemented virtual partnership training for agents, which according to Fink is the first partnership training

Tax Season

by Brian L. Johnson, CPASCACPA member since 2003

AICPA National Tax Conference

62%calls to the general

1040 line did not reach a live person

49%mail in inventory the last week of October was over 45 days old

83%returns e-filed and processed on the modernized E-File

System


“National Taxpayer Advocate Nina Olsen was the most passionate speaker of the day, and she is clearly not happy with the level of service the IRS is currently providing to taxpayers.”

offered to agents in years. The SB/SE is also continuing National Research Program (NRP) Audits in the areas of individuals, small corporations, fuel tax and employment tax. The goal of these programs is to improve selection criteria for audits. Another focus of the SB/SE is abusive transactions and targeting the preparers and promoters of these transactions. The IRS has partnered with the department of justice on these cases and there have been 75 injunctions during 2013. The SB/SE division is also emphasizing audits of high income/high wealth individuals, which is defined as individuals with over $1 million of income. He stated that approximately 12.1 percent of these type returns are audited.

Sunita Lough represented the Large Business and International Division (LB&I). This group is also focused on the exam process. They are moving away from comprehensive exams and towards issue-based exams. One specific directive that I found inter-esting is a more efficient information document request (IDR) process. The agent would meet with the taxpayer and CPA up front and discuss the case. The agent would disclose the issue being examined and present a draft IDR that should only request in-formation relevant to the issue being audited. There will be no more static

30-day response times for IDRs, rather the agent and taxpayer will agree on a response time. The time could be very short if there are only a few issues. There are specific phases of enforce-ment if the taxpayer doesn’t respond within the agreed-upon time.

The Wage and Income Division (W&I) is the largest division of the IRS and is responsible for processing tax re-turns and issuing refunds. The W&I Division was represented by Deputy Commissioner David Alito who gave highlights of the 2013 filing season. Eighty- three percent of returns were e-filed and all were processed on the Modernized E-File system. Two mil-lion fraudulent returns were stopped by the IRS representing $15 billion of refunds. The IRS deployed “where’s my amended refund” in March 2013. The W&I division is considering a different approach to the following six services in 2014:

• Practitioner Priority Service – back to being only for practitioners

• EFIN – online only (not by phone anymore)

• Transcripts – new “Get Transcript” application for tax-payers to be launched January 2014

• Tax Prep – IRS may discontinue tax prep service and refer walk-ins to other free filing services

• Tax Law Assist – IRS.gov Tax Law Assistance System

• Tax Refund Inquiries – no longer answered by phone; direct all calls to “where’s my refund” unless greater than 21 days (e-filed returns) or greater than six weeks (paper file)

National Taxpayer Advocate Nina Olsen was the most passionate speaker of the day, and she is clearly not happy with the level of service the IRS is currently providing to

taxpayers. She gave statistics to support her claim that IRS service is declining. Examples are 62 percent of calls to the general 1040 line in the last fiscal year did not reach a live person and 49 percent of mail in inventory the last week of October was over 45 days old. She agrees with Acting Commissioner Werfel that funding is the biggest issue, and stated that having adequate person-nel is the only way to improve the services issues. Olsen included a special report in her annual report to Congress called Crisis in Tax Administration to call attention to this issue and the IRS’s lack of investment in technology and resources. A bit of good news from her was that the IRS is working on e-authentication for corresponding via email and plans to test this program in late 2014.

Karen Hawkins, with Office of Professional Responsibility (OPR) gave a brief explanation of the responsibilities of the office. OPR regulates the practice of representa-tives acting before the Department of Treasury and authorizes the deter-mination of “fitness” to practice. Fitness to practice includes character, reputation, necessary qualifica-tions and competence. The ultimate discipline from OPR is disbarment and there have been eight so far in 2013. Hawkins also shared examples where practitioners were disbarred for professional actions such as filing false returns for clients, and also for personal actions such as falsifying financials for a personal mortgage. OPR also has an interest in practitio-ner testing. They are awaiting the outcome of the Loving case before determining a course of action. n

Brian L. Johnson, CPA, is a partner with SuggsJohnson, LLC in Anderson. He currently serves as a member of SCACPA’s Taxation Committee and the Taxation Network.


On Sept. 24, the S.C. Department of Revenue released a brief summary of

some of the most significant changes in tax and regulatory laws enacted during the past legislative session. Following are excerpts from the Tax Legislative Update for 2013 that may be of special interest. Visit www.sctax.org to access the document in its entirety.

Internal Revenue Code ConformityCode Section 12-6-40(A)(1)(a) has been amended, except as otherwise provided, to update South Carolina’s

income tax laws to conform to the Internal Revenue Code of 1986, as amended through Jan. 2, 2013, and includes the effective date provisions contained therein.

Educational Credit for Exceptional Needs Children – New CreditThis temporary proviso provides that grants may be awarded by a nonprof-it scholarship funding organization of up to $10,000 or the total cost of tu-ition, whichever is less, for students with exceptional needs to attend an independent school. A person is allowed a tax credit for the amount of money contributed to a nonprofit scholarship funding organization if (1) the contribution is used to provide grants for tuition, transportation, or textbooks to exceptional needs chil-dren enrolled in eligible schools who qualify for these grants under this proviso and (2) the person does not designate a specific child or school as the beneficiary of the contribution. The credit is available for a contribu-tion made on or after Jan. 1, 2014, and on or before June 30, 2014, unless the legislature re-enacts this temporary credit proviso in the next legislative

session. The credit is limited

to 60 percent of a taxpayer’s total tax liability for the tax year the contribu-tion is made.

Consumer Protection Services - New Individual Income Tax DeductionThis temporary proviso allows an in-dividual an income tax deduction for the cost incurred to purchase identity theft protection and identity theft resolution services by monthly or annual contract or subscription. The deduction is equal to actual costs for the contract or subscription incurred in the tax year, up to $300 for an individual taxpayer or up to $1,000 for a joint return or a return claiming dependents.

Teacher Supplies and Materials – New Refundable Income Tax CreditThis temporary proviso continues to allow for a $275 reimbursement designed to offset expenses for teach-ing supplies and materials incurred by all certified public school teachers, certified special school classroom teachers, certified media specialists, and certified guidance counselors who are employed by a school

Tax Season

Summary of Changes to Tax and Regulatory Law

“This temporary proviso provides that grants may be awarded by a nonprofit scholarship funding organization of up to $10,000 or the total cost of tuition, whichever is less, for students with exceptional needs to attend an independent school.”


Tax Season Resources

Knowledge NetworksThe Taxation Knowledge Network works to gather information pertaining to federal

and state tax issues to keep membership informed of new developments. The network provides numerous opportunities for networking, learning, and interaction. Learn more at www.scacpa.org/taxseason.

Member SavingsSCACPA members save on select titles for a limited time through CCH, including the

U.S. Master Tax Guide, 2014. To access savings visit www.scacpa.org/taxseason.

AICPA Releases New Tools to Help Members Retain and Acquire Clients Firms of all sizes continue to face

competitive pressures when it comes to their tax practices. In the marketplace of tax services, CPAs must make it clear to consumers the benefits and value of hiring them over other service providers. The AICPA Tax Practitioner’s Toolkit is an ideal—and free—set of resources to bolster your current client base and actively reach out to prospective clients. The toolkit’s messaging will help you establish yourself as a leading provider of tax services, 12 months of the year. Visit www.aicpa.org/Career/Marketing

district or a charter school as of Nov. 30 of the current fiscal year. The reimbursement is not considered taxable income by South Carolina.

Active Trade or Business Income of Pass through Entity – New Tax RateCode Section 12-6-545 provides for a reduced income tax rate on active trade or business income of a pass through business (i.e., sole proprietorship, partnership, S cor-poration, or limited liability company taxed as a sole proprietorship, partnership, or S corporation) in lieu of the income tax rate imposed under Code Section 12-6-510 (individual income tax.) Code Section 12-6-545(B)(2) has been amended to lower the current tax rate from 5 percent to 3 percent over several years.

The new rates are phased in as follows:Tax Year Beginning In Tax Rate2012 4.33 %2013 3.67 %2014 and thereafter 3.00 %

Private Schools - Use Tax ExemptionThis temporary proviso exempts purchases of tangible personal property for use in private primary and second-ary schools, including kindergarten and early childhood education programs, from the use tax if the school is exempt from income taxes under Internal Revenue Code Section 501(c)(3). This exemption does not apply to pur-chases subject to sales tax. See SC Regulation 117-334 for information as to which tax, the sales tax or the use tax, applies when goods are shipped into South Carolina. This use tax exemption is also applicable to purchases occur-ring after 1995; however, no refund is due any taxpayer on purchases exempted by this provision.

Voluntary Website Posting of Tax Return Information for Candidates and Gubernatorial AppointeesThis temporary proviso provides that the department must develop a program to process inquiries from a candidate for an office in South Carolina or its political subdivisions or any gubernatorial appointee concerning that candidate’s or appointee’s state income tax filings. Upon request by the candidate or appointee in connection with his own income tax return, the department must de-termine if the candidate or appointee has filed his annual state income tax returns for the past ten years, paid all income taxes due during that time period, and, if appli-cable, satisfied all judgments, liens, or other penalties for failure to pay income taxes when due. n


The 2013 IRS Tax Symposium, which was rescheduled due to the government shutdown, was held on Jan. 7 at the SC Bar Conference

Center and streamed live via webcast.

The symposium kicked off with Henrietta Duncan, revenue agent in the Small Business and Self-Employed (SB/SE) division who discussed the basic examination process, videos and other resources to prepare for an IRS audit and fast track settlement. Publication 556 is a great reference for examination process and procedures. Communication is vital during the process. Please make every effort to communicate clearly with the agent. If there are issues, request to speak with a group manager, before frustration levels are high and 30 days has expired.

According to John Gray, group manager of collections in the Upstate, everyone deserves a Fresh Start. The purpose of the Fresh Start program is to assist taxpayers in meeting their tax obligations and to aid in back payment of taxes. The highlights of this program are: greater access to streamlined installment agreements, more opportunities for lien relief, and streamlined offers and compromise.

Ron Nestor, appeals officer with the IRS discussed the Fast Track settlement program. This program is an alternative dispute resolution program and provides an opportunity for SB/SE to expedite case resolution at the earliest possible level.

Matthew Weir, deputy, National Taxpayer Advocate Service, reminded everyone this service is a separate organization within the IRS. TAS has the authority to assist taxpayers in resolving problems, recommend process changes, and recommend legislative changes. They research and identify systemic problems with IRS policies and procedures and make recommendations to Congress to correct those problems.

Automated Underreporter (AUR) and correspondence exam emerging issues were discussed by Steve Klingel, director of Reporting Compliance and Florence Adamson, chief of Headquarters Discretionary Examination and Innocent Spouse of Reporting Compliance. They are working on being able to accept email. However, at this time eFax is in place. The following helpful hints were shared:

• Do not net amounts• Include a breakdown of grouped amounts• Include any corrected payer documents• Report income on the correct line• Include all back-up schedules

Closing out the day was Craig Young, associate area counsel, Greensboro, N.C., who discussed collection due process and innocent spouse. n

Inside the Internal Revenue Service Tax Symposium

Tax Season

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One thing certain about the Affordable Care Act (ACA) is that uncertainty is a

certainty. Since the publication of our article last year (Q4 2012) there have been delays, changes, and modifica-tions to the ACA. One of the first observations is that the ACA is really more of an accessibility act than an affordability act. Because of this CPAs may be advising clients on the health care exchanges, and possible tax con-sequences. Following is an overview of the ACA implementation over the past year and possible impact to South Carolina CPAs.

During the initial sign-up phase via the health insurance exchanges one thing that is evident is that some indi-vidual’s premiums are decreasing in cost and some individual’s premiums are increasing in cost. One item that garnered much press was the state-ment “if you like your plan, you can keep your plan.”

A plan is any policy in existence before March 23, 2010, when the ACA became law. The ACA has a provision for health insurance plans or policies offered before March 23, 2010 to be grandfathered provided lifetime benefit caps are eliminated

and dependent children to age 26 are covered. Plans must also eliminate preexisting exclusions in 2014.

To maintain grandfathered status these plans must not raise copay-ments or deductibles (out-of-pocket costs), significantly reduce benefits, or stop coverage for previously covered disease or condition. If a plan had a change in any one of these areas it lost its grandfathered status and had to be replaced with a health insurance plan that met essential health benefits. All grandfathered plans were expected to meet the ACA’s minimal coverage require-ments by 2014. Most grandfathered health insurance plans did not meet these requirements and that lead to health insurance cancellation no-tices for an estimated 7-12 million Americans www.washingtonpost.com/blogs/wonkblog/wp/2013/10/29/this-is-why-obamacare-is-cancelling-some-peoples-insurance-plans/.

On Nov. 12, 2013, President Obama announced a one-year extension allowing grandfathered plans to con-tinue even if the plan did not meet the minimum coverage requirements. Essentially, the president’s announce-ment allowed the state insurance

commissioners to sell non-ACA compliant health insurance policies for coverage in 2014. States had the option on not allowing non-ACA compliant health plans from being sold in their state. Also, health insur-ance companies could stop offering these previously grandfathered health insurance plans.

When the ACA was signed the law required that any child under the age of 19 could not be denied health insurance because of a preexisting condition. In 2014, this provision of the ACA applies to everyone. This means as of Jan. 1, 2014, any U.S. citi-zen can now receive health insurance regardless of preexisting condition. Private health insurance was usually expensive for those individuals with certain preexisting conditions, if it could be purchased at all.

Tax Season

ACA ONE YEAR LATER: An Updateby Keith J. Benson, MHA, Ph.D. and Michael Matthews, Ph.D., MHAWinthrop University

“One of the first observations is that the ACA is really more of an accessibility act than an

affordability act.”



Exchanges & Understanding Health InsuranceThere is some confusion about the Health Insurance Exchanges at www.healthcare.gov. This website is a portal for access to the private insurance plans offered by each state insurance exchange. In South Carolina the health insurance exchange is currently run by the Department of Health and Human Services. Although they are called public exchanges, their health plans are offered by private health insurance carriers, including many of the big name carriers that you’ve known about for years. Some think by signing up for a health insurance plan on this website they are signing up for a government health plan. This is incorrect. All the health insurance plans offered, except for the Medicaid plan, are private health insurance plans that meet all the required essential health benefits. An individual buying health insurance via the public exchange may qualify for tax credits or subsidies. Private exchanges are what brokers, insurance companies and benefits consultants have been operating for years and are not part of the ACA. Health insurance bought on private exchanges is not eligible for tax credits or subsidies. However, this may be a cheaper option for some consumers.

Any health insurance plan in the United States must now offer a comprehensive list of services including ambula-tory patient services; emergency services; hospitalization; maternity and newborn care; mental health and substance use disorder services, including behavioral health treat-ment; prescription drugs; rehabilitative and habilitative services and devices; laboratory services; preventive and wellness services and chronic disease management; and pediatric services, including oral and vision care. Each health insurance plan must also cover a list of preventive services with no out-of-pocket expense (when provided by a network provider). The list can be accessed at www.healthcare.gov/hat-are-my-preventive-care-benefits/

People have the option of purchasing health insurance on the state or public exchange or via a private exchange. Some key concepts to understand when purchasing health insurance:

• In general, the more you are willing and able to pay each time for health care service or a prescription, the lower your premium.

• The higher the premium, the less out-of-pocket costs you should incur.

• The more choices you want, the higher the premium.

On a state marketplace site, health plans are grouped by levels of coverage -- how much the plan will pay for your health care and what services are covered. The plans,

which are named after a type of metal, vary by the per-centage of costs you have to pay on average toward the health care you receive. Following are the percentages of health care costs you pay for each type of plan:

• Bronze plan: 40 percent• Silver plan: 30 percent• Gold plan: 20 percent• Platinum plan: 10 percent of your health care costs.

When shopping on the exchange the plans are divided first by metal level; secondly, by brand of health insurance (Blue Cross, Cigna, Humana, Kaiser, United, and others); and thirdly, by type of health plan, such as HMO, PPO, POS, or high-deductible plans with a health savings ac-count. The type of health plans are:

• Health Maintenance Organizations (HMOs) and Exclusive Provider Organizations (EPOs). HMOs and EPOs may limit coverage to providers inside their networks. A network is a list of doctors, hos-pitals and other health care providers that provide medical care to members of a specific health plan. If you use a doctor or facility that isn't in the HMO’s network, you may have to pay the full cost of the services provided. HMO members usually have a primary care doctor and must get referrals to see specialists. This is generally not true for EPOs.

• Preferred Provider Organizations (PPOs) and Point-of-Service plans (POS). These insurance plans give you a choice of getting care within or outside of a provider network. With PPO or POS plans, you may use out-of-network providers and facilities, but you’ll have to pay more than if you use in-network ones. If you have a PPO plan, you can visit any doctor without a referral. If you have a POS plan, you can visit any in-network provider without a referral, but you’ll need one to visit a provider out-of-network.

• High Deductible Health Plan (HDHP). High Deductible Health Plans typically feature lower premiums and higher deductibles than traditional insurance plans. As of 2013, HDHPs are plans with a minimum deductible of $1250 per year for indi-vidual coverage and $2500 for family coverage. If

“Health insurance bought on private exchanges is not eligible for tax credits or

subsidies. However, this may be a cheaper option for some consumers.”


Delayed until 2015 is a consumer protection provision that limits how much money people may have to spend on health care. The proposed limit was $6,350 for an individual and $12,700 for a family. Some insurers may set higher limits in 2014. This means health insurance enrollees may have greater out-of-pocket expenses than expected in 2014.

On Dec. 5, 2013, Department of Health and Human Services gave customers permission to pay their premi-ums as late as Dec. 31 for coverage that starts Jan. 1, and gave customers until Dec. 23, 2013 to sign up for January 2014 coverage.

TaxesThe ACA contains 20 new or higher taxes on American families and small businesses. Listed below are the taxes and their effective date.

Surtax on Investment Income (effective Jan. 2013) - A new 3.8 percent surtax on investment income earned in households making at least $250,000 ($200,000 single). This would result in the following top tax rates on invest-ment income:

Capitol Gains Dividends Other*

2012 15% 15% 35%

2013+ 23.8% 43.4% 43.4%

*Other unearned income includes (for surtax purposes) gross income from interest, annuities, royalties, net rents, and passive income in partnerships and Subchapter-S corporations. It does not include municipal bond interest or life insurance proceeds, since those do not add to gross income. It does not include active trade or business income, fair market value sales of own-ership in pass-through entities, or distributions from retirement plans. The 3.8 percent surtax does not apply to non-resident aliens.

Hike in Medicare Payroll Tax (effective Jan. 2013) - Current law and changes:

First $200,000($250,000 Married)Employer/Employee

All Remaining Wages Employer/Employee

Current Law

1.45%/1.45%2.9% self-employed


ACA Tax Hike



you have an HDHP, you can use a health savings account or a health reimbursement arrangement to pay for qualified out-of-pocket medical costs. This can lower the amount of federal tax you owe.

• Catastrophic Health Insurance Plan. A cata-strophic health insurance plan covers essential health benefits but has a very high deductible. This means it provides a kind of "safety net" coverage in case you have an accident or serious illness. Catastrophic plans usually do not provide cover-age for services like prescription drugs or shots. Premiums for catastrophic plans may be lower than traditional health insurance plans, but deductibles are usually much higher. This means you must pay thousands of dollars out-of-pocket before full cov-erage kicks in. In the health exchange, catastrophic plans are available only to people under 30 and to some low-income people who are exempt from paying the fee because other insurance is consid-ered unaffordable or because they have received "hardship exemptions." Marketplace catastrophic plans cover three annual primary care visits and preventive services at no cost. After the deductible is met, they cover the same set of essential health benefits that other marketplace plans offer. People with catastrophic plans are not eligible for lower costs on their monthly premiums or out-of-pocket costs.

Next year when the employer mandate kicks in for busi-ness, CPAs may be asked to consult with clients to help them understand the health exchanges.

DelaysThe major component of ACA delayed until Jan. 1, 2015 is the employer mandate. This mandate requires employers to provide health insurance as a benefit of work. Businesses with more than 50 full-time equivalent (FTE) employees are subject to the Employer Shared Responsibility (ESRP) provision. Employers must offer health insurance that meets the required essential health benefits. Businesses that do not provide will have to make a tax payment called the ESRP. Businesses having less than 50 FTE employees are exempt from the ESRP. Small businesses (less than 50 FTEs) can encour-age employees to purchase health insurance via the Small Business Health Options (SHOP) Marketplace (exchange). However, on Nov. 27, 2013 the SHOP Marketplace was delayed until Nov. 2014. Self-employed businesses (no W-2s) can get insurance through the Health Insurance Marketplace at www.healthcare.gov/marketplace/individual/#state=south-carolina continued on page 24


Individual Mandate Excise Tax and Employer Mandate Tax (effective Jan. 2014/ Jan 2015) - Individual: Anyone not buying “qualifying” health insurance as defined by Department of Health and Human Services must pay an income surtax according to the higher of the following:

1 Adult 2 Adults 3+ Adults

2014 1% AGI/$95 1% AGI/$190 1% AGI/$285

2015 2% AGI/$325 2% AGI/$650 2% AGI/$975

2016+ 2.5% AGI/$695 2.5% AGI/$1390 2.5% AGI/$2085

There are exemptions for religious objectors, undocumented immigrants, prisoners, those earning less than the poverty line, members of Indian tribes, and hardship cases (determined by HHS). (Bill: PPACA; pages: 317-337) Employer: If an employer does not offer health coverage, and at least one employee qualifies for a health tax credit, the employer must pay an additional non-deductible tax of $2000 for all full-time employees. Applies to all employers with 50 or more employees. If any employee actually receives coverage through the exchange, the penalty on the employer for that employee rises to $3000. If the employer requires a waiting period to enroll in coverage of 30-60 days, there is a $400 tax per employee ($600 if the period is 60 days or longer).

Tax on Health Insurers (effective Jan. 2014) - Annual tax on the industry imposed relative to health insurance premiums collected that year. Phases in gradually until 2018. Fully-imposed on firms with $50 million in profits.

An annual $63 fee levied on all plans (decreased each year until 2017 when pre-existing conditions are eliminated) to help pay for insurance companies covering the costs of high-risk pools.

Excise Tax on Comprehensive Health Insurance Plans (effective Jan. 2018) - Starting in 2018, new 40 percent excise tax on “Cadillac” health insurance plans ($10,200 single/$27,500 family). Higher threshold ($11,500 single/$29,450 family) for early retirees and high-risk professions. CPI +1 percentage point indexed.

“Black liquor” tax hike (effective 2010) - This is a tax increase on a specific type of bio-fuel.

Tax on Innovator Drug Companies (effective 2010) - $2.3 billion annual tax on the industry imposed relative to share of sales made that year.

Tax on Medical Device Manufacturers (effective Jan. 2013) - Medical device manufacturers employ 360,000 people in 6000 plants across the country. This law imposes a new 2.3 percent excise tax. Exempts items retailing for less than $100.

High Medical Bills Tax (effective 2013) - Deduction of medical expenses rose from 7.5 percent to 10 percent of adjusted gross income (AGI). Waived for 65+ taxpayers in 2013-2016 only.

Flexible Spending Account (FSA) Cap (effective 2013) - Imposes cap on FSAs of $2500. Indexed to inflation after 2013.

Medicine Cabinet Tax (effective 2011) - Americans no longer able to use health savings account (HSA), flexible spending account (FSA), or health reimbursement (HRA) pre-tax dollars to purchase non-prescription, over-the-counter medicines (except insulin).

Elimination of tax deduction for employer provided retirement Rx drug coverage in coordination with Medicare Part D (effective 2013).

Codification of the “economic substance doctrine” (effective 2010) - This provision allows the IRS to disallow completely legal tax deductions and other legal tax-minimizing plans just because the IRS deems that the action lacks “substance” and is merely intended to reduce taxes owed.

Tax on Indoor Tanning Services (effective July 1, 2010) - New 10 percent excise tax on Americans using indoor tanning salons.

HSA Withdrawal Tax Hike (effective 2011) - Increases additional tax on non-medical early withdrawals from an HSA from 10 to 20 percent, disadvantaging them relative to IRAs and other tax-advantaged accounts, which remain at 10 percent.

$500,000 Annual Executive Compensation Limit for Health Insurance Executives (effective 2013).

Blue Cross/Blue Shield Tax Hike (effective 2013) - The special tax deduction in current law for Blue Cross/Blue Shield companies would only be allowed if 85 percent or more of premium revenues are spent on clinical services.

Excise Tax on Charitable Hospitals (effective 2010) - $50,000 per hospital if they fail to meet new "community


health assessment needs," "financial assistance," and "billing and collection" rules set by HHS.

Employer Reporting of Insurance on W-2 (effective 2012) - Preamble to taxing health benefits on individual tax returns. Source: http://atr.org/full-list-obamacare-tax-hikes-listed-a7010#ixzz2nspGbEeAand http://obamacarefacts.com/obamacare-taxes.php.

What to Watch/Possible ImpactsMany of the delays can be attributed to implementation problems of www.healthcare.gov. We need to watch if these issues are resolved and signing up for health insurance becomes easier. Another critical issue is the security problems associated with healthcare.gov website (http://www.cnbc.com/id/101248966). The potential for identity theft is higher and individuals using the exchange should monitor for misuses of personal information.

As this article goes to press one key item to watch is if younger, healthier, individuals are using the exchange to sign up for health insurance to enter the marketplace or opting to just pay the penalty (tax) for not having health insurance. Because of the extensive list of essential health benefits the risks/costs need to be shared. This is why the mandate was a necessary part of the ACA. This healthier population is needed to offset the risk of the older and heavier users of health care services. The larger the number of enrollees purchasing health insurance through the exchanges, the better to distribute the financial risk of health care expenditures. The more people having health insurance reduces the risk to health insurance companies and could lower premiums to enrollees. Another potential issue is how providers will react to ACA. If the number of people having health insurance increases the demand for provider visits should also increase. This could lead to long wait times to see a health care provider. Because of this the number of non-physician providers (physician assistants and nurse practitioners) is expected to grow.

Another item to look for is to see the buying power of insurance companies. Early anecdotal evidence suggests states with large insurance companies (California and New York) that have significant buying power can leverage health care providers to lower costs. However, in other states such as Florida, where either the insurance companies have less leverage or there is less competition between providers, the premiums are higher than expected. This could lead to a change of state-based health insurance plans to nationwide plans.

Final ThoughtsThe ACA will impact a CPA-client relationship in different ways. The first and most obvious is the tax implications associated with the ACA. CPAs will continue to provide accounting, financial, and tax advice. What might be new is that clients may turn to their CPAs to provide advice and information on how the exchange works and information about the different health insurance plan options. CPAs must keep an eye on ACA implementation and the impacts on clients. n

Keith J. Benson, MHA, Ph.D., is an associate professor in health care management at Winthrop University, which he joined in 1999. He received his Ph.D. in health policy and administration from Penn State.

Michael Matthews, Ph.D., MHA, is an associate professor in health care management at Winthrop University, where he has served for seven years. He received his Ph.D. in health care management from the University of Alabama-Birmingham. His previous experience includes long term care and hospital administration.

“The ACA will impact a CPA-client relationship in different ways. The first and most obvious is the tax implications associated with the ACA.”


Burkett, Burkett & Burkett Hosts Ladies Night OutBurkett, Burkett & Burkett hosted a Ladies Night Out to raise money for the Crystal Smith Breast Cancer Fund. Volunteers donated 15 hours and the event raised $1,026 in donations. Congressman Joe Wilson, a major supporter of cancer awareness, also stopped in to say hello and peruse the vendors. The Crystal Smith Fund provides wigs, lymphedema garments, mastectomy kits, and prostheses for women undergoing cancer treatment who cannot afford them. The firm hopes to make Ladies Night Out an annual event. The next one is tentatively scheduled for Oct. 23, 2014!

CPAs Making a DifferenceBrown Takes Volunteering to New DepthNeil Brown has been volunteering at the Riverbanks Zoo for as long as he’s been working at Burkett, Burkett & Burkett as a CFP and CPA. During the CPA Month of Service Neil donated five hours to the organization. A skilled diver, he greatly enjoys having the opportunity to visit the zoo twice a month and spend a couple of hours in the aquarium. “I clean the rocks, vacuum the tank, and feed the fish,” he says. “It’s a great way to interact with different types of fish.”

When the zoo first sent out a request for volunteers for Dream Night six or seven years ago, Brown was happy

to participate. A worldwide event that began in the Netherlands, Dream Night aims to provide one annual, cost-free evening at the zoo for disabled or chronically ill children and their families. It gives the children an op-portunity to be kids, and enjoy the same experiences that others do. “It can be hard to see inside a display window if you’re in a wheelchair,” says Brown. When in the aquarium, he communicates with another volunteer on the outside of the tank by writing on markerboards, and is able to answer any questions or respond to any comments they have. In addition to having the zoo exhibits to them-selves, the children and their families also get to enjoy a parade, face painting, and crafts.

Rockwell Joins with Lights of Hope for Safe HarborMonica Rockwell, CPA, with Cox, Cauley & Rockwell, LLC in Anderson headed up a team of volunteers who worked on behalf of Safe Harbor, a participating charity with the Lights of Hope in Anderson. Approximately 75 hours were volunteered. Proceeds from the annual event are donated to local charities and benefit hundreds of children and adults in the area. Safe Harbor is a nonprofit that provides safe shel-ter, counseling and advocacy for victims of domestic violence.

Compiled by Maureen Taylor


Photo courtesy of Carl Kerridge Photography.

Gamble Dances with the Stars Gamble & Livingston CPAs, LLC, participated in Dancing with the Horry County Stars. The firm came in 5th place in overall fundraising out of 16 contestants. Firm Partner Terry Livingston was selected by the Horry County K-12 Foundation to represent CPAs in the event. Terry committed to dance lessons and practice sessions along with the fundraising. During the month of October, Terry raised approximately $5,000. This fundraising activity starts late August and goes through November, ending in the actual com-petition/show. The event benefits the Early College High School, a program which inspires middle quartile, first generation college students to strive for academic excellence and complete a degree in higher education. To find out more visit www.gamblelivingston.com/CustomI.htm

Piedmont Chapter Golf Tournament Over 70 golfers and 19 sponsors participated in the Piedmont Chapter’s Golf Tournament. The event raised over $6,000 to benefit the Children’s Hospital of Greenville Health System.


EYDonates to Pendleton PlaceEY employees in Greenville donated more than 150 volunteer hours to Pendleton Place in just one day. Pendleton Place provides support, structure and guidance to children hurt by abuse and neglect. Through the global Ernst & Young organization’s annual EY Connect Day, employees from member firms across the Americas take time to volunteer and make a positive impact in their local communities. Community engagement is one of the ways EY fosters high performance teaming.


Feeding the HungryThe Foothills Chapter held its first annual canned food drive to benefit the Hope Center for Children in Spartanburg. In addition to individual donations the following firms and companies also participated: Dixon Hughes Goodman, LLP; Cherry Bekaert, LLP; McAbee Swartz, Halliday & Co.; Tindall Corporation; Barnet; PriceWaterhouseCoopers, LLP; SwaimBrown, PA; and Gosnell, Menard, Robinson, & Infante CPAs.

The Grand Strand Chapter organized a food drive to benefit Hope House of Myrtle Beach and South Strand Helping Hand in Surfside. Collection points

Foothills

Chapter

Other Individual ContributionsDeanna Cochran, CPA, supported the mission of the Carolina Cancer Foundation in Myrtle Beach with a monetary donation.

Jessica Hatchell, CPA, Spartanburg, volunteered 10 hours in the Nearly New Shot and five hours with Home Run for Healthy Kids.

YCPA Leadership Cabinet Works with Habitat for CommunityThe YCPA Leadership Cabinet spent the day framing a house for Habitat for Community in the Joppa Way neighborhood in North Charleston.

Mical Embler, CPA, Greenville, donated his time to clergy appreciation month at his church.

Al Munn, CPA, Florence, volunteered his time with Mercy Medicine Free Medical Clinic, a free medical and dental mission for the indigent and working poor.

Susan Cribbs, CPA, Greenwood, volunteered with a local soup kitchen and children’s home.

included Smith Sapp Bookhout Crumpler & Calliham, PA; CMAC, Inc.; and Fun Warehouse Inc.

Elliott & Painter, LLP in Spartanburg collected over 20 bags of groceries to benefit Hope Center for Children.

The SCACPA staff would like to thank the following CPAs and CPE attendees for their contribution to Harvest Hope Food Bank: Katherine Churchwell, JoAnn Hebda, Beverly Winstead, Del Wooten, Cheryl Hamilton, Cynthia Taulbee, Christie Guest, John Hickman, April Lott, Brenda Carroll, Tiffany Davis, Liz Sharpe and Mark Stoudenmire.


South Carolina

CPA

The 2014 Professional Issues Update will be held in nine locations around the state beginning in August and will offer four hours of free CPE in personal development. Additional CPE may be offered by the chapter in conjunction with the PIU.

CATAWBA2013-2014 Dues: $90 (pays through June 30, 2014), includes discounted registration to CPE seminars and free family/networking event.

• CPE tentative plans for 2014 include Accounting & Auditing Update, Federal Tax Update and several other CPE topics.

• Spring Social: Announcement to come.

CENTRAL2013-2014 Dues: $75 (pays through June 30, 2014), includes discounted registration to CPE and free member events.

COASTAL2013-2014 Dues: $195 (pays through June 30, 2014), includes free registration to CPE seminars (additional registration fee for Tax Update) and free registration to family/networking event.

• Jan. 31: Financial Planning with Neil Brown (8 hours), Embassy Suites, N. Charleston• May: Accounting & Auditing Update/Fraud (8 hours)• Sept. 24: Technology with Randy Johnston (6 hours)

and CPE (2 hours)• Oct. 28: Best Federal Tax Update with Jack Surgent (8 hours)

FOOTHILLS2013-2014 Dues: $60 (pays through June 30, 2014), includes discounted registration to CPE seminars and free social/networking events.

GRAND STRAND2013-2014 Dues: $187 (pays through June 30, 2014),includes free registration to CPE seminars; Holiday Party and Student Recruitment Fair.

• Jan. 28: Annual Tax Update with Art Werner (8 hours), Springmaid Beach

www.RichardsonPlowden.com

Columbia1900 Barnwell St.

Charleston40 Calhoun St., Suite 220

experiencematters

Myrtle Beach2103 Farlow St.

Tony Rebollo• Civil and Criminal Tax Controversy• Defense of Tax Professionals and their Clients• Financial Litigation

[email protected] 803.576.3722

Fred Crawford• Business Transactions• Corporate Law• Mergers and Acquisitions• Representation before the Board of Accountancy• Subpoena Compliance

[email protected] 803.576.3711

We look out for your best interests.

PEE DEE2013-2014 Dues: $75 (pays through June 30, 2014), includes discounted registration to CPE and free social events.

• March 15: Mid-Season Tax Breather

PIEDMONT2013-2014 Dues: $50 (pays through June 30, 2014), includes registration for CPE at a nominal fee.

SEA ISLAND2013-2014 Dues: $202 (pays through June 30, 2014), includes free registration to CPE seminars and special events.

2013-2014 Chapter Events

Please check your chapter’s web page regularly for information on upcoming CPE events and additional events as they are planned.


Focus on Membership

Member News Megan Balentine has joined Love Bailey & Associates, LLC in Laurens as a staff accountant.

Douglas L. Bleam, CPA, has joined the firm of Carey & Company, Hilton Head Island.

Roxanne Caldwell, CPA, has been named a tax partner in Dixon Hughes Goodman’s Greenville office.

Johnny Dowbak, CPA, has been named a manager with Dixon Hughes Goodman’s Greenville office.

Dean Cochenour, CPA, has joined the firm of Carey & Company, Hilton Head Island.

Kelly Damiano has been promoted to in-charge accountants with Scott & Company, LLC’s assurance and advi-sory services team in Greenville.

Andrew J. Duggan has joined Moore Beauston & Woodham L.L.P.’s Charleston office as a staff accountant.

Charles “Chuck” Goessel, CPA, has been named a senior accountant with the Greenville office of Scott and Company, LLC.

Neil Jones, CPA, has joined Colliers International South Carolina in Columbia as chief accounting officer.

Ryan LaBrooy has been promoted to in-charge accountant with Scott & Company, LLC’s tax and advisory services team in Greenville.

Marcy Loucks, CPA, and Sheryl Medders, CPA, have been named shareholders with McKinley Cooper & Company, LLC in Greenville.

Sabrina Preston, CPA, has been named a manager with Dixon Hughes Goodman’s Greenville office.

Cheryl Bennett Pruehs, CPA, has joined the firm of Carey & Company, Hilton Head Island.

Adam Quattlebaum, CPA, has been named a manager with Dixon Hughes Goodman’s Greenville office.

Chelsea Shoolbred, CPA, has been promoted to in-charge accountant with Scott & Company, LLC’s assur-ance and advisory services team in Greenville.

Michael J. Twomey, CPA, has been named senior tax manager with Scott and Company, LLC, Greenville.

Philip Williams, CPA, has joined Burkett Burkett & Burkett Certified Public Accountants, P.A., West Columbia.

Firm NewsSuggsJohnson, LLC, a CPA and business consulting firm based in Anderson, has been named to the University of Georgia Alumni Association’s Bulldog 100 Rankings for 2014, the prestigious annual rank-ing of organizations that combine the highest compounded annual growth rate in revenues for the last three full years and which are also owned or operated by UGA Alumni.

Harry D. DeLoach, CPA, and Ray L. Williamson, CPA, of DeLoach & Williamson, LLP and J. Truitt Brittingham, CPA, and William H. Hancock, CPA, of Brittingham, Brown, Prince & Hancock, LLC are pleased to announce the open-ing of their newest accounting firm The Brittingham Group in West Columbia.

Elliott Davis, LLC is pleased to be recognized for providing one of the Best Overall Internships in the

country by Vault.com, an influen-tial source of ratings and insights for students and professionals. The Elliott Davis internship program ranks fourth, higher than any other accounting firms.

Scott and Company LLC, one of South Carolina’s leading account-ing, tax and consulting firms, has been ranked #4 overall in South Carolina’s Best Places to Work 2013 competition and is the only CPA firm among companies with fewer than 250 employees, according to infor-mation compiled by SC BIZ maga-zine and Best Companies Group of Harrisburg, Pennsylvania.

CondolencesJames Edward Brogdon, 90, of Bennettsville, SC, died Nov. 11. He was the owner of Lundin-Brogdon Accounting, and an accountant for 61 years. He was a graduate of the University of South Carolina and an Army veteran of World War II. Brogdon joined SCACPA in 1953.

Douglas David Kugley Sr., 69, of Tampa, Florida, formerly of Charleston, died Sept. 13. A SCACPA member since 1970, he was a 1966 graduate of The Citadel. Douglas was a member of the AICPA, the Coastal Chapter of SCACPA and a managing partner at McKnight, Frampton CPA.

Henry Neal Webster, II, CPA, 51, of West Columbia died Dec. 2. A SCACPA member since 2000, he was a 1983 graduate of Bob Jones University and served with the S.C. Office of Regulatory Staff. n


Focus on Membership

Welcome New Members (through 12-31-13)*100 Percent Membership Firm

AFFILIATE MEMBERTawnya M. ComerLois R. Blanco, CPA, PAFlorence, SC

Jared M. YoungGreenville, SC ASSOCIATEChristina H. Allen, CPAMt. Pleasant, SC John J. Collins, CPALexington, SC Thomas M. McCormick, CPASurfside Beach, SC

Alfreda C. Whitlock, CPAFlorence, SC

CPA CANDIDATEHeather S. CorderMcGregor & Company, LLP *Columbia, SC

Andrew J. DugganCharleston, SC

James M. FreemanDerrick Stubbs and Stith, LLP *Columbia, SC

William JohnsonJ.W. Hunt & Company, LLPColumbia, SC Demetris C. Kyriacou Schmoyer and Company, LLCColumbia, SC Catherine A. Opalka Greenville, SC Joseph A. VanoColumbia, SC

Wendy S. WrayGaffney, SC

FELLOWRita H. Adams, CPAGreenville, SC

Elissa B. Barnett, CPAGilbert, SC

Joseph A. Boyle, CPAWest Columbia, SC

John E. Broyles, CPAChapin, SC

Charl L. Butler, CPAColumbia, SC

Ivan W. Bolds, CPAEasley, SC

Richard A. Chandler, CPAAllen Chandler, CPA/CVAMyrtle Beach, SC

Lori G. Church, CPAMyrtle Beach, SC

Matthew T. Clark, CPAN. Charleston Sewer DistrictNorth Charleston, SC Kathryn M. Cleveland, CPACharleston, SC Harry A. Davis, CPAColumbia, SC

Allison M. Dobbs, CPAColumbia, SC Brandon L. Esco, CPABurch Oxner Seale Company, CPAs, PAFlorence, SC

Stephen M. Flaherty, CPAOkaties, SC

Shannon V. Forbes, CPANorth Charleston, SC Denise N. Giannetti, CPAHodges, SC

Kathleen L. Gorton, CPAJohns Island, SC

Joseph Heyd, CPAMyrtle Beach, SC Tamera S. Holmes, CPASwainsboro, GA

Christopher P. Jenkins, CPATaylors, SC

David S. Kelley, CPAOlanta, SC

Eric M. Lynch, CPASimpsonville, SC Mary E. Marshall, CPALexington, SC Virgil R. McConnell, CPAColumbia, SC

Charles W. McDaniel Jr., CPANorth Charleston, SC

Robert A. Muller, CPAIrmo, SC

David B. Mulholland, CPAWells Fargo AdvisorsColumbia, SC Alyson R. Phillips, CPACharleston, SC Owen W. Pirkle, CPALexington, SC

Erin N. Reece, CPAAiken, SC

Cortney G. Scott, CPA Burch Oxner Seale Company, CPAs, PAFlorence, SC

John E. Sircy, CPA, CMA, CFM Columbia, SC

Glen A. Thompson, CPA, MBAFort Mill, SC

Tina D. White, CPALexington, SC Marla A. Womack, CPAWest Columbia, SC FELLOW – OTHERRobert W. Emory, CPACharleston, SC

Jennifer F. Gray, CPAColumbia, SC

Arnold K. Owino, CPALexington, SC

LEAVE OF ABSENCEMary F. Arnette, CPASeneca, SC

Leonard K. Fitzgerald Jr., CPA, CCIFPElgin, SC

Vicky D. Seward, CPAColumbia, SC

RETIREDDavid C. Frederick, CPABluffton, SC

John R. Ritter, CPAMcCormick, SC

STUDENTLulu ChenSpartanburg, SC

Michelle ConroyBlythewood, SC

Brian T. CumminsConway, SC

Mary K. GarlandGreenville, SC

Cynthia L. HarrelsonHopkins, SC

Caroline HinsonDerrick Stubbs and Stith, LLP *Columbia, SC Caycee R. JacksonSpartanburg, SC Daisy Liddell Spartanburg, SC Rebecca S. NeSmithSummerville, SC Julie SarrattGaffney, SC Zan A. Zettler Lexington, SC

• Security Policies

• Risk and Vulnerability Assessments

• Penetration Tests

Don West(803) 315-1299 • [email protected], CITP, eCPPT, CISA, CISSPMember SCACPA, AICPA, ISACA, InfraGard, (ISC)²

Is YOUR Data Secure?

ADP adp129490a Proof 2 - SCACPA

With ADP®, new revenue opportunitiesare right under your nose.Refer Your Clients ■ Run Your Own Payroll ■ Sell Your Payroll BaseLooking for ways to grow your business? ADP can help with end-to-end payroll and integratedHR resources. Refer your clients to our payroll services, offer our payroll solutions directly toyour clients or sell us your payroll base. Count on our 60+ years as the payroll leader to helpyou drive growth and profitability.

Learn more with the free strategy brief, “Growing Your Business with HR.”Go to accountant.adp.com/grow

HR. Payroll. Benefits.

ADP®, and the ADP logo are registered trademarks of ADP, Inc. Copyright © 2014 ADP, Inc.

ADP is a SCACPA Endorsed Payroll Provider. For more information about our benefit member program, contact your ADP Associate or call 855-408-3751.

South Carolina

CPA


Fraud Conference co-sponsored by the Palmetto Chapter of ACFE Sept. 26 | ColumbiaThis third annual event, co-sponsored by the Palmetto Chapter of the ACFE, was held at the South Carolina Bar Conference Center. By the time fraud hits the financial statements, it's too late. It has already occurred. Therefore, the tools and techniques you need to detect and deter fraud were discussed at the 2013 Fraud Conference.

In your words…Good conference as always.

The overall event was excellent. Eye opening!

As a ACFE member, it was awesome training for the low price of $150 to members!

Very good informative presentations by everyone.

I liked the presentations that addressed current local fraudulent activity presented by the US Treasury agents.

Small Firms Conference Oct. 17 | ColumbiaThe first event of its kind in South Carolina focused on the small firm and sole practitioner. Regulatory changes, legislative complexity, succession planning - these are all issues this group deals with on a daily basis. Topics covered at the conference included practice management, financial reporting, health care reform, peer review and CPA Firm 3.0.

Financial Planning ConferenceOct. 22 | ColumbiaNavigating the complex world of financial planning is a challenge, especially in these changing economic times. The 2013 Financial Planning Conference presented industry experts on hot topics such as economy, DOMA, probate law, investing for income, and health care reform.

In your words…On point to what we need... well worth it.

Speakers did a great job of answering questions/giving advice.

I liked the panel format for one of the sessions - very informative.

On target with current income and economic environment.

Governmental WorkshopNov. 5 | ColumbiaThis one-day, in-depth workshop designed for CPAs who have government clients or who work in the government sector featured national speaker David Cotton, presenting timely and practical information such as accounting for government contracts and grants, Benford’s law audit tool, ethical dilemmas and brainstorming, interviewing, and fraud detection techniques.

In your words…The topics were very job relevant for me, and the speaker does a great job with his presentation.

Good presentation skills. Kept the attention of the audience and was able to use real life examples.

Focus on CPE

2013 Fall Conferences in ReviewComplied by Reva Brennan, MPA, CAE, IOMSCACPA Chief Operating Officer | Serving SCACPA since 2001

ADP adp129490a Proof 2 - SCACPA

With ADP®, new revenue opportunitiesare right under your nose.Refer Your Clients ■ Run Your Own Payroll ■ Sell Your Payroll BaseLooking for ways to grow your business? ADP can help with end-to-end payroll and integratedHR resources. Refer your clients to our payroll services, offer our payroll solutions directly toyour clients or sell us your payroll base. Count on our 60+ years as the payroll leader to helpyou drive growth and profitability.

Learn more with the free strategy brief, “Growing Your Business with HR.”Go to accountant.adp.com/grow

HR. Payroll. Benefits.

ADP®, and the ADP logo are registered trademarks of ADP, Inc. Copyright © 2014 ADP, Inc.

ADP is a SCACPA Endorsed Payroll Provider. For more information about our benefit member program, contact your ADP Associate or call 855-408-3751.

He was very knowledgeable and presented everything in a manner which kept us involved. I enjoyed his sense of humor!

I always love to see what topics will be in this conference. It's one of my two favorites. I love, love, love the fraud stuff. Very good exercise to close the conference.

A& A ConferenceDec. 5-6 | CharlestonWhether you are an auditor in the public arena or a CPA in industry, the 2013 Accounting & Auditing Conference was the end of the year event to keep you in the know on the crucial details needed for this area of accounting. The conference offered a combination of general and concurrent sessions with some old favorites such as Brad Newkirk and Mark Hobbs. New presenters covered a variety of topics. Judy Borsher discussed Excel and Privacy and Security Issues; George Beckwith presented private company financial reporting; and Joel Black, GASB Update. The highlight of this event was a Private Company Financial Reporting panel moderated by Chuck Talbert with panelists: George Beckwith, Mark Hobbs, Boyd Jones, and Karen Kerber.

In your words…Great job. That is why I come to this every year.

It was a very informational and enjoyable conference. All topics were very relevant. I would attend again.

This event was extremely well organized and the speakers were excellent. n

South Carolina

CPA


Focus on CPE

April4/28: Annual Financial Management Spotlight: Four Current TopicsCredits: 8Location: West ColumbiaVendor: Executive Education

4/29: Corporate Finance Check-up: Renovate Your AnalyticalCredits: 8Location: West ColumbiaVendor: Executive Education

4/30: Excel Budgeting, Projections and Cash Flow ForecastingCredits: 8Location: West ColumbiaVendor: ASA Research

May5/01: QuickBooks for CPAsCredits: 8Location: West ColumbiaVendor: ASA Research

5/01: Loscalzo’s Compilation and Review Practice GuideCredits: 8Location: West ColumbiaVendor: Loscalzo

5/02: Frequently Asked Questions of Employee Benefit AuditsCredits: 8Location: West ColumbiaVendor: Loscalzo

5/06: Forensic Accounting: A Comprehensive Guide to Conducting Financial Fraud InvestigationsCredits: 8Location: West ColumbiaVendor: Surgent

2014 - 2015 CPE Schedule The South Carolina Association of CPAs is your full-service, one-stop shop for quality CPE. With SCACPA you will find CPE options that are designed to fit your knowledge, budget, schedule and preferred method of learning. And be sure to stay up-to-date on our latest course listing at www.scacpa.org/CPE, more new programs appear all the time. This schedule is subject to change. Note: Conferences and workshops are highlighted in green.

5/07: Occupational Fraud: The Top 50 Tips on How to Prevent Executives, Managers, and Employees from Stealing and Not Getting CaughtCredits: 8Location: West ColumbiaVendor: Surgent

5/12: Annual MeetingCredits: 6Location: ColumbiaVendor: SCACPA

5/15-16: CPAs in Business & Industry ConferenceCredits: 16Location: ColumbiaVendor: SCACPA

5/21: Business FraudCredits: 8Location: SatelliteVendor: ACPEN

5/21: Government ConferenceCredits: 8Location: ColumbiaVendor: SCACPA

5/22: Nonprofit ConferenceCredits: 8Location: ColumbiaVendor: SCACPA

June6/04: Get Ready for Peer ReviewCredits: 8Location: West ColumbiaVendor: AICPA

6/05: Audits of 401(k) PlansCredits: 8Location: West ColumbiaVendor: AICPA

6/09: Professional Ethics for South Carolina CPAsCredits: 6Location: West ColumbiaVendor: Loscalzo

6/23: Excel Bootcamp - Everything You Need to Know to Build Great SpreadsheetsCredits: 8Location: West ColumbiaVendor: CPA Crossings

6/24: Productivity Tools Symposium - Outlook, Adobe, Word & OneNoteCredits: 8Location: West ColumbiaVendor: CPA Crossings

6/25: Not-for-Profit Accounting, Auditing & Tax UpdateCredits: 8Location: SatelliteVendor: ACPEN

6/26: Loscalzo’s 2014 FASB and AICPA UpdateCredits: 8Location: West ColumbiaVendor: Loscalzo

6/27: Loscalzo’s Disclosure – The Key to Financial StatementsCredits: 8Location: West ColumbiaVendor: Loscalzo

6/30: Loscalzo’s Special Purpose FrameworksCredits: 8Location: West ColumbiaVendor: Loscalzo

July7/14: 2010 Health Care Reform Act: Critical Tax and Insurance Ramifications For You, Your Business, and Your ClientsCredits: 4Location: Hilton HeadVendor: AICPA

7/14: Capitalized Costs and DepreciationCredits: 4Location: Hilton HeadVendor: AICPA

7/14: Revenue in TransitionCredits: 4Location: West ColumbiaVendor: Loscalzo

7/14: DAT - Emphasizing RevenueCredits: 4Location: West ColumbiaVendor: Loscalzo

7/15: Hottest Tax Planning Developments for 2014Credits: 4Location: Hilton HeadVendor: AICPA

7/15: Practical Tips and Techniques for Dealing with the IRSCredits: 4Location: Hilton HeadVendor: AICPA

7/15: Loscalzo’s Compilation and Review Practice GuideCredits: 8Location: West ColumbiaVendor: Loscalzo

7/16: Taxation of Partnerships, LLCs , LLPs, LPsCredits: 4Location: Hilton HeadVendor: AICPA


Focus on CPE

7/16: Tax Challenges for Older AmericansCredits: 4Location: Hilton HeadVendor: AICPA

7/16: Loscalzo’s GAAP RefresherCredits: 8Location: West ColumbiaVendor: Loscalzo

7/23: Governmental Accounting & Auditing UpdateCredits: 8Location: SatelliteVendor: ACPEN

August8/11: Controller's UpdateCredits: 8Location: CharlestonVendor: AICPA

8/11: Make Money for You and Your Clients: Surgent McCoy's Top Business Tax Planning StrategiesCredits: 8Location: CharlestonVendor: Surgent

8/12: Gaining and Sustaining a Competitive AdvantageCredits: 8Location: CharlestonVendor: AICPA

8/12: Getting More Active with the Passive Activity Rules and the New Net Investment Income TaxCredits: 8Location: CharlestonVendor: Surgent

8/13: Advanced Controller and CFO SkillsCredits: 8Location: CharlestonVendor: AICPA

8/13: The Best Federal Tax Update Course by Surgent McCoyCredits: 8Location: CharlestonVendor: Surgent

8/20: Excel Best PracticesCredits: 8Location: West ColumbiaVendor: K2 Enterprises

8/21: PDF Documents - Beyond the BasicsCredits: 8Location: West ColumbiaVendor: K2 Enterprises

8/25: Get Ready for Peer ReviewCredits: 8Location: West ColumbiaVendor: AICPA

8/26: Performing an Engagement ReviewCredits: 8Location: West ColumbiaVendor: AICPA

8/27: Compilation and Review UpdateCredits: 8Location: SatelliteVendor: ACPEN

8/27: AICPA Peer Review Program Advanced CourseCredits: 8Location: West ColumbiaVendor: AICPA

September9/10: Accounting & Auditing UpdateCredits: 8Location: SatelliteVendor: ACPEN

9/15: Internal Control Essentials for Accountants, Auditors and Financial ManagersCredits: 8Location: GreenvilleVendor: AICPA

9/15: Financial Analysis in a Metrics Driven WorldCredits: 4Location: GreenvilleVendor: Executive Education

9/15: Financial Leadership: Create and Deliver ValueCredits: 4Location: GreenvilleVendor: Executive Education

9/16: Identifying Fraudulent Financial TransactionsCredits: 8Location: GreenvilleVendor: AICPA

9/16: Finance and Innovation: Reinvent Your Department and CompanyCredits: 8Location: GreenvilleVendor: Executive Education

9/17: Forensic Accounting: Fraudulent Reporting and Concealed AssetsCredits: 8Location: GreenvilleVendor: AICPA

9/17: Topic TBD - Executive EducationCredits: 8Location: GreenvilleVendor: Executive Education

9/25: Fraud ConferenceCredits: 8Location: ColumbiaVendor: SCACPA

9/29: Professional Ethics for South Carolina CPAsCredits: 6Location: West ColumbiaVendor: Loscalzo

October10/16: Loscalzo’s Documentation Techniques for Entry Level StaffCredits: 8Location: West ColumbiaVendor: Loscalzo

10/20: NEW! Critical Decisions in Selecting the Best Retirement Plan for Small Businesses in 2014Credits: 8Location: West ColumbiaVendor: Surgent

10/21: Women in Leadership ConferenceCredits: 8Location: ColumbiaVendor: SCACPA

10/21: The Best Income Tax, Estate Tax, and Financial Planning Ideas of 2014Credits: 8Location: West ColumbiaVendor: Surgent

10/23: Small Firms ConferenceCredits: 8Location: ColumbiaVendor: SCACPA

10/28: Excel Pivot Tables and Data CommandsCredits: 8Location: GreenvilleVendor: ASA Research

10/28: Financial Planning ConferenceCredits: 8Location: ColumbiaVendor: SCACPA

10/29: A CPA's Guide to Choice of Entity UpdateCredits: 8Location: SatelliteVendor: ACPEN

10/29: QuickBooks for CPAsCredits: 8Location: GreenvilleVendor: ASA Research

10/30: Governmental WorkshopCredits: 8Location: ColumbiaVendor: SCACPA

November11/12-13: CPA SummitCredits: 16Location: ColumbiaVendor: SCACPA

11/17: Estate and Life Planning Issues for Middle Income ClientCredits: 8Location: West ColumbiaVendor: Surgent

11/18: Fiduciary Income Tax Returns - Form1041 WorkshopCredits: 8Location: West ColumbiaVendor: Surgent


Focus on CPE

11/19: Understanding the Purchase and Sale of BusinessesCredits: 8Location: SatelliteVendor: ACPEN

11/19: Loscalzo’s Accounts Payable Fraud: Overlooked Schemes and How to Detect and Prevent ThemCredits: 8Location: West ColumbiaVendor: Loscalzo

11/20: Social Security, Medicare, and Prescription Drug Retirement Benefits: What Every Baby Boomer Needs to KnowCredits: 8Location: GreenvilleVendor: Surgent

11/21: Loscalzo’s Revenue Accounting in TransitionCredits: 8Location: West ColumbiaVendor: Loscalzo

11/21: Shortcuts to Tax Cuts: Individual, Social Security & Retirement Planning Tools and StrategiesCredits: 8Location: GreenvilleVendor: Surgent

11/25: Obama Care and Fringe Benefits: 2014 and BeyondCredits: 8Location: West ColumbiaVendor: Surgent

December12/01: Ethics and Our Profession: Our Role as StewardsCredits: 4Location: West ColumbiaVendor: Executive Education

12/01: Critical Thinking Skills for Financial ProfessionalsCredits: 4Location: West ColumbiaVendor: Executive Education

12/02: Only Financial Officer: Skills for Smaller Company Financial ManagersCredits: 8Location: West ColumbiaVendor: Executive Education

12/03: Know Your Costs: Double Your ProfitCredits: 8Location: West ColumbiaVendor: Executive Education

12/03: Advanced Technical Tax forms Training - LLCs, S Corporations and PartnershipsCredits: 8Location: West ColumbiaVendor: Surgent

12/04: Advanced Technical Tax forms Training: Form 1040 IssuesCredits: 8Location: West ColumbiaVendor: Surgent

12/05: Loscalzo’s Governmental Update and Major Accounting and Disclosure IssuesCredits: 8Location: West ColumbiaVendor: Loscalzo

12/8-9: Accounting & Auditing ConferenceCredits: 16Location: CharlestonVendor: SCACPA

12/10: Annual Tax UpdateCredits: 8Location: SatelliteVendor: ACPEN

12/10: Accounting and Auditing UpdateCredits: 8Location: GreenvilleVendor: AICPA

12/11: Financial Reporting Framework for SMEsCredits: 8Location: GreenvilleVendor: AICPA

12/12: Federal Tax Update with Walter NunnalleeCredits: 8Location: GreenvilleVendor: Don Farmer

12/12: The Complete Guide to Payroll Taxes and 1099 IssuesCredits: 8Location: West ColumbiaVendor: Surgent

12/15: FASB Update for IndustryCredits: 8Location: West ColumbiaVendor: AICPA

12/15: Federal Tax Update with Walter NunnalleeCredits: 8Location: ColumbiaVendor: Don Farmer

12/16: Accounting & Reporting for Not-for-ProfitsCredits: 8Location: West ColumbiaVendor: AICPA

12/17: Not-for-Profit Accounting & Reporting: From Start to FinishCredits: 8Location: West ColumbiaVendor: AICPA

12/18: Applying OMB Circular A-133 to Not-for-Profit and Governmental OrganizationsCredits: 8Location: West ColumbiaVendor: AICPA

12/19: Comp and ReviewCredits: 8Location: West ColumbiaVendor: Loscalzo

12/22: Federal Tax Update with Walter NunnalleeCredits: 8Location: Myrtle BeachVendor: Don Farmer

January 20151/06: Getting Ready for Busy Season: A Guide to New Forms, Filing Issues and Other Critical DevelopmentsCredits: 8Location: West ColumbiaVendor: Surgent

1/07: Basis/Distributions for Pass-Through Entities: Simplifying the ComplexitiesCredits: 8Location: West ColumbiaVendor: AICPA

1/08: Form 990: Comprehensive ApproachCredits: 8Location: West ColumbiaVendor: AICPA

1/12: Transforming Your Busy Season with Technology Tools You Already UseCredits: 8Location: West ColumbiaVendor: CPA Crossings

1/13: Slashing Taxes for Your Small Business Clients: Corporations, Partnerships & LLCsCredits: 8Location: West ColumbiaVendor: AICPA

1/14: AICPA's Annual Federal Tax UpdateCredits: 8Location: West ColumbiaVendor: AICPA


Ask how you can get your On-Site Training Program started today!Contact Reva Brennan, MPA, CAE at (803)791-4181 x103 or [email protected], or visit www.scacpa.org/onsitetraining.

S.C. Association of CPAs

Your staff deserves the best training available but providing it can be a challenge. Now you can bring top-quality programs directly to your office with the South Carolina Association of CPAs’ On-site Customized Training program. From technical topics to professional ethics to leadership and management courses, we can find a great fit for any organization and any budget.


Are you ready for Retirement? Do you have a Succession Plan? If not, let MBW be your plan.

Are you a one or two partner firm in the state of South Carolina? Are you concerned about the succession of your firm and are interested in capturing the value of your Firm as your retirement stream? Moore Beauston & Woodham (MBW) could be your solution. We have successfully been the succession and retirement plan for many firms in South Carolina and would love to talk with you.

John Beauston, Managing Partner, can help you accomplish your goals of maintaining an income stream after retirement, while giving you peace of mind that your clients are receiving the kind of attention and care you worked hard to provide them. Please give him a call for a confidential consultation at 843-766-5010.

Buying or Selling an Accounting Practice? Want a “clean exit?” Experience The Seamless Succession™-to facilitate the absolute best transfer of your accounting practice. Learn more about our unique, 5-step process…..and view our most up-to-date opportunities for purchase. We are affiliated with Accounting Practice Sales, North America’s Leader in Practice Sales. Please visit www.PoeGroupAdvisors.com or email us at [email protected] 888-246-0974

York County, SC $140,000 SC1054Florence SC $295,000 SC1052Greenville, SC $325,000 SC1055Foothills, NC $1.1M NC1079Charlotte, NC $149,000 NC1081Cornelius, NC $240,000 NC1087Winston-Salem, NC $725,000 NC1085

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Classified Advertiser IndexAccounting Practice Sales

www.accountingpracticesales.com Inside Back Cover

ADP accountant.ADP.com

Page 32

American Pensions www.ampen.com Inside Front Cover

Aon/BB&T Insurance Services/AICPA Professional Liability

Insurance Program www.cpai.com

Page 4

CGMAwww.cgma.org

Page 15

Don [email protected]

Page 31

NIQNIQ-taxlaw.com

Page 20

PNCpnc.com/cashflowinsight

Back Cover

Richardson PlowdenAttorneys at Law

www.richardsonplowden.comPage 29

Visit www.scacpa.org/socialmedia

Get Social with SCACPA on Facebook,

Twitter and LinkedIn!

Donald H. Burkett, CPA, serves as executive vice president of Burkett Burkett Burkett CPAs, P.A. in West Columbia. He is chair of the S.C. Board of Accountancy, having served on the board since 2003. He is a past president of SCACPA.

BOA Update, continued from page 9

differentiate between relevant and irrelevant information. The exam is periodically reviewed by the American Institute of CPAs (AICPA), which is currently conducting a practice analysis to understand what entry-level CPAs currently require to be prepared. The new CPA Exam, called the CBT3, will reflect the outcomes of the practice analysis and will enter into effect in 2017.

In closing, I would like to say a special thank you to the NASBA for host-

ing a successful, invigorating annual meeting and to the SCACPA Board members and staff for their ongoing support and counsel on issues which impact our wonderful profession.n


SCCPAJune12.indd 1 6/14/12 9:57:37 PM

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South Carolina Association of CPAs570 Chris Drive, West Columbia, SC 29169

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