April 2015 - NESCPA.org
Transcription
April 2015 - NESCPA.org
April 2015 Official Publication of the Nebraska Society of CPAs By Dan Vodvarka Society President LB159, legislation that enables the Nebraska Board of Public Accountancy (State Board) to make adjustments to its Quality Enhancement Program (QEP), has passed the 2015 Nebraska Legislature and was signed into law on February 26, 2015. Endorsed by the Society’s Board of Directors, LB159, was one of the first 2015 bills to be considered by the Banking Committee. LB159 enables the State Board to phase-out its Quality Enhancement Program but still mandates that licensed CPA firms in Nebraska that perform, either or both, attest engagements and issue compilations, must complete a State Board ap- proved peer review every three years. LB159 had a public hearing before the Banking, Commerce and Insurance Committee of the Legislature in the State Capitol on January 26, 2015. The bill was introduced by Speaker and Kearney Senator Galen Hadley. Society member and former State Board member Anne Fuhrman of Omaha testified on behalf of the State Board in support of LB159. Also speaking in support of the bill was Society President Dan Vodvarka and Dan Sweetwood, Executive Director of the State Board. Later that day, the Banking Committee met in Executive Session and forwarded the bill, 8-0, to General File. Continued on Page 2 First Nebraska CPA . . . Long-time Society member Bob Berger of Omaha and Society Executive Vice President Trudy Meyer display Bob’s greatgrandfather’s CPA certificate – the first in Nebraska! Berger’s greatgrandfather J. M. Gilchrist was the first person to hold a CPA certificate in Nebraska and it is dated 1909 from the Nebraska Board of Examiners. One of Berger’s grandfather’s Elton C. Loucks also held a Nebraska CPA certificate as did his uncle John S. Loucks. (See page 2 of the enclosed CPE Catalog and Resource Guide for a history of the Society) Berger was in the Society’s office on January 26, 2015, after he testified before the Nebraska Legislature’s Banking, Commerce and Insurance Committee in support of LB279 (see Legislature story above). Your edition of the 2015 Nebraska Society’s CPE Catalog and Resource Guide is enclosed with this newsletter. This is the Tenth Edition of the Society’s popular annual publication that is distributed every April prior to the beginning of the Society’s annual schedule of continuing professional education (CPE) courses that will be held statewide. “We are again proud to publish the new Catalog/Guide and make it available to the membership and others interested in the Society’s many programs and services. Most of the credit for the 2015 Catalog/Guide goes to Society Executive Vice President Trudy Meyer whose planning, scheduling and organizational skills, along with help from Society staff members Lori Vodicka and Malia Saale, has resulted in a high quality membership publication. We welcome any and all of your comments about this popular Society publication,” Dan Vodvarka, Society President, said. Continued on Page 11 QEP LEGISLATION . . . From Page 1 LB 159 has considered on General File and advanced, 33-0, to Select File on February 2, 2015. The bill moved by voice vote from Select File to Final Reading on February 17. It passed the Legislature on Final Reading, 490, on February 20 and was soon signed into law by Nebraska Governor Pete Ricketts. Also having a public hearing before the Banking Committee on January 26 was LB279, legislation enabling the reinstatement of certain business entities in Nebraska that have been administratively dissolved. The Society’s Board of Directors supported the concepts in LB279. Testifying on behalf of the Society and in support of the bill was Society member and Omaha CPA Bob Berger. The bill was also supported by the Nebraska Bar Association and advanced out of Committee, 8-0, to General File. The bill was introduced by Columbus Senator Paul Schumacher. LB279 moved from General File to Select File also on February 2, 36-0, and moved to Final Reading on March 3, 2 2015, on a voice vote. On March 12, the Legislature passed the bill, 43-0, on Final Reading. Because LB279 contained an Emergency Clause and received 33 or more affirmatives votes on Final Reading, it became law 24 hours after being signed by Governor Ricketts. The bill was signed by the Governor on March 19?, 2015. LB621 Opposed The Society’s Executive Committee also voted to oppose LB621 as introduced by O’Neill Senator Tyson Larson. The bill would change the qualification of the Deputy Director of the Auditor of Public Accounts (State Auditor) to not having to be a Certified Public Accountant. The Society sent a letter to the Government, Military and Veterans Affairs Committee expressing opposition to LB621. The bill advanced from Committee, 5-3, to General File on February 24. The Society staff is also monitoring the progress of a number of tax, economic development and labor relations bills of interest to Nebraska CPAs including LB357, introduced by Papillion Senator Jim Smith, which would gradually reduce the state’s personal income tax rates over the next eight years. However, that bill has not been advanced from the Revenue Committee as of Mid-March. Full-day floor debate began on March 23 as Committee hearings were completed for the year. By rule, budget bills must be on General File by April 28. Hadley Elected Speaker The 2015 Session convened on January 7 with the election of officers and committee chairmen. Society member Senator Galen Hadley of Kearney was elected Speaker of the Legislature on a 30-19 vote. Senator Hadley is the only Society member ever elected to the Legislature and is now the only Society member also elected as Speaker. He will serve a two-year term. The 2015 session of the 104th Nebraska Legislature is a 90-working day session with the Sine Die adjournment scheduled for the first week of June. During the opening 10 days of the session, 653 legislative bills were introduced along with dozens of resolutions and constitutional amendments. That is a usual number of new bills introduced during a 90-day session. By: Will Fleenor, CPA, Ph.D., Member, K2 Enterprises 76% of reported breaches are from weak credentials according to a Verizon 2013 Data Breach Investigations Report that analyzed more than 47,000 security incidents. Weak passwords account for 48% of the breaches. It is clear from this report and other similar reports that mismanagement of authentication credentials is the primary culprit when it comes to data breaches. Substantial evidence exists proving that weak passwords and poor password management practices are the rule rather than the exception. A well-known hacker group called Anonymous made public passwords and usernames for 44,000 subscribers of a company known as Strafor (Strategic Forecasting, Inc.). Subscribers are mostly international business travelers and government officials (ex. Henry Kissinger, Dan Quayle, the Defense Department, Lockheed Martin, and Bank of America). One might think that these business and government officials would use better passwords than most users – not true. 74% percent of the revealed passwords were weak and 10% were less than 5 characters long. The use of weak passwords and poor password management practices is not from lack of good guidance. Microsoft, SANS (largest source for information security training and security certification in the world), the Privacy Rights Clearinghouse, and many others provide guidance on what good passwords should look like. According to these authoritative sources, passwords used to access sensitive information should: Contain both upper and lower case characters Have digits, letters, and punctuation characters Be at least fifteen alphanumeric characters long Not be a word in any language, slang, jargon, etc. Not be based on personal information, names, etc. Never be written down Changed regularly Never be recycled or used for multiple assets For most users, the first question that comes to mind is “Who could possibly follow these rules?” The answer is, probably nobody without the help of password management software. People just cannot remember strong passwords. Password Management Software Most password managers are easy to use, inexpensive, and require very little user training. Typically, they accumulate your passwords as you type them in during your regular login processes. Then when you go to log in again, they fill in the password and username automatically without you having to type anything. Most password managers integrate with your Web browser. You log into a Web site or software application by select- ing the site from a drop down menu located on your Web browser toolbar. To prevent others who might have access to your computer (with or without your permission) from accessing your passwords, the password database files are heavily encrypted. A “master password” is required to unlock this database. If your computer is left unattended (or it is lost or stolen), the database locks automatically after a set period of time or when the computer is powered off. Password managers allow users to Continued on Page 4 Martin Enters Hall of Fame . . . Society member JoAnn Martin of Lincoln was one of four Nebraska business leaders that were inducted into the Nebraska Business Hall of Fame on February, 5, 2015. The four were inducted during the Nebraska Chamber of Commerce and Industry’s 2015 Annual Meeting held in Lincoln at The Cornhusker. Martin is the Chairman, President and CEO of Ameritas Life Insurance Corp and President and CEO of Ameritas Mutual Holding Co. of Lincoln and is the first Society member inducted into the Hall of Fame. A Society member since 1978, Martin joined the Lincoln-based insurance company as an audit department manager in 1984. She has also received the Society’s Public Service and Outstanding CPA in Business and Industry awards. Above, Martin (center), on February 5, is welcomed into the Hall of Fame by Nebraska Governor Pete Ricketts and State Chamber Chairman of the Board Kimberly Russel of Lincoln. Photo By State Chamber 3 MANAGING PASSWORDS . . . From Page 3 generate passwords that follow best practices such as using long randomly generated passwords for highly sensitive assets. Password generators are part of all the better products. Since password managers enter usernames and passwords automatically, it is just as easy to use a 16 character long random password for your bank login as it is to use a weak password. With most password managers, you have the option of backing up your passwords in the Cloud as a heavily encrypted file. With some products, you have the option of choosing where to back up the password database. You and you alone have the key to unencrypt this file. If someone hacks the backup site, your passwords are still safe because only you have the key to unencrypt the file. If your local machine hard drive fails and this is where the password database file is stored, your passwords are not lost. Even better, the software automatically synchronizes your password database between multiple devices such as desktops, laptops, tablets, and even phones. Having all your passwords available at all times is a real asset to most business users. These features both improve security and save time. If you log in to five or more Web sites or software packages a day, you can save over 20 hours per year using a password manager. Password Solutions The password management software market has become competitive with lots of good choices. The products mentioned below have proven track records and are always highly rated in product reviews. There are other good choices and many of the top products have similar features. RoboForm Everywhere, LastPass Premium, Dashlane, Keepass, Password Depot, and 1Password are well established products with proven track records. Further, they always rank at, or near, the top of product reviews. RoboForm Everywhere is my personal favorite. Following are some of the features that make it a product to consider: Automatically remembers your passwords and enters them securely without using the keyboard (avoiding key loggers) or the clipboard Encrypts your data with military-grade AES 256 bit encryption Fills in forms as well as passwords Supports multiple browsers (IE, Fire- fox, Chrome on Windows and Macs, and Safari) Available for Windows, Mac, Linux, iPhone/iPod, Android, Blackberry, Windows Phone, Palm, and Symbian Synchronizes passwords securely across all your devices so you always have them with you and up-to-date Automatically backs up your password database securely in the Cloud and only you have the key to this encrypted backup file Comes in a desktop only version if you are not comfortable with the Cloud Generates strong passwords 24/7/365 live chat or phone support Has “Secure SafeNotes” for storing confidential information like social security numbers, credit card information, and software activation codes Has a series of short online training videos that make the product easy to learn and use Roboform2Go can be installed on a USB drive and used securely with any computer. 1Password is a particularly good product for Mac users. It was designed for the Mac rather than being a Windows product that was ported to the Mac. Nebraska CPA is published ten times annually for members of the Nebraska Society of CPAs. Publication is monthly, with the exception of two combined issues: February/March and December/January. Copy deadline is the tenth of the month prior to publication. A Clear Winner in Credit Card Processing Services PowerPay can help all businesses with fast, efficient and cost-effective processing of credit cards. Program Benefits: • Discounted, Visa/Mastercard processing rates • No application, enrollment or conversion fees • No long term contracts or cancellation fees • No daily or hidden fees • Free Supplies and Repairs program By accepting credit cards, your clients and customers have the convenience and flexibility to pay at the time of service or to extend payments. And you can benefit from receiving your payments on time, increasing your cash flow. For additional information and a no obligation free analysis, call member Rick Shaneyfelt at (877) 334-2040 x 1105. 299 North 115th Street ~ Omaha, Nebraska 68154 ~ www.powerpay.biz 4 Nebraska Society of CPAs 635 South 14th Street, Suite 330 Lincoln, Nebraska 68508 (402) 476-8482 or (800) 642-6178 Fax (402) 476-8731 Email society@nescpa.org www.nescpa.org OFFICERS Anthony J. Pruss, III, Chairman Patrick G. Kirlin, Chairman-Elect Shari A. Munro, Secretary Michelle R. Thornburg, Treasurer Daniel L. Wells, Immediate Past Chairman DIRECTORS Vaughn L. Benson Sheila A. Brugger Douglas J. Lacey Ryan L. Parker John W. Sehi John B. Fruhwirth Elected Member of AICPA Council Richard D. Gifford West Nebraska Chapter President STAFF Dan Vodvarka, President Trudy J. Meyer, Executive Vice President NEBRASKA SOCIETY MEMBERS... THANK YOU!!! The Society’s Board of Directors has approved a $15 CPE discount coupon for each Society member to use towards Society-sponsored CPE courses or conferences during the 2015 CPE year. Only one coupon per member per year can be used. It’s EASY to use! Please just attach the coupon to your CPE/Conference registration and deduct $15 from your payment. $15 Coupon $15 Coupon Nebraska Society of CPAs 2015 CPE/Conference Discount Coupon Expires December 31, 2015 Offer valid only for Nebraska Society of CPAs’ members towards Society-sponsored CPE courses or conferences. Member’s Name __________________________________________________Course & Date ___________________ Only ONE coupon per SOCIETY MEMBER per CPE year. $15 Coupon Send Coupon with CPE or Conference Registration Form. By: Jon Hubbard Boomer Consulting, Inc. Every firm understands the importance of client service. However, most firms struggle with establishing a consistent level of client service among all levels of the firm. Why is this? I have asked many Managing Partners this question and the most common answer I hear is that the firm lacks a culture of providing great client service. I then follow up with another question, “how would you describe a firm that has a culture of client service?” Most answers are similar to: Everyone in the firm understands what great client service is Everyone in the firm talks about client service Everyone in the firm understands the client’s needs and puts the client first. These answers are correct and I would suggest that there are many additional correct answers. I then ask, “okay, so how do you become that type of firm?” The most common answer I receive in response to this question is, “that’s been our problem, I don’t know.” I would submit that most firms struggle with consistently providing a high-level of client service because they are focusing on external clients first and not internal clients. Internal clients are those within your firm. Those you work with every day and have thousands of conversations with each year. If your internal team is not providing a high-level of client service to one another, how could you expect them to consistently provide a high-level of client service to the firm’s external clients? Only when you first focus on internal client service will your culture begin to change. Your entire firm needs to understand the concept of internal client service. There needs to be a common language and understanding of what it means to $15 Coupon provide a high-level of client service to one another. As part of the Five Star Client Service program, we walk firms through the 7 keys to creating a Five Star Client Service culture. The principles listed below are based on the same principles Five Star hotels and restaurants use to achieve highquality service. If your firm focuses on the 7 areas below, you will begin to see a cultural shift happen and your firm’s level of client service will rise. #1 – Connecting (Relationships) “Meaningful relationships are developed through ongoing communication, which fosters trust, care and confidence. Proactive connecting builds relationships.” Building a strong internal team within your firm requires you to build strong working relationships through open and honest communiContinued on Page 8 5 By Barry Melancon, CPA, CGMA – AICPA President & CEO Whenever I think about all that is going on within our profession, I’m amazed at the breadth and scope of accomplishments and inspired by the people who make it all happen. From envisioning the future of learning to reinforcing a foundation of quality, we’ve never had a better opportunity to shape our future. The accounting profession achieved great success in 2014, thanks to several factors: hard work and quality services from CPAs, extensive advocacy efforts, forward-thinking initiatives and the joint efforts of the AICPA and the state CPA societies. Looking to 2015, I’m excited about the AICPA’s agenda and the steps our profession will take to continue our growth as future-focused and client service-driven advisers for modern business. Quality For 128 years our profession has staked its reputation on quality services delivered by competent and knowledgeable professionals. Quality is our foundation and is essential to supporting future growth and success. One of the most significant developments in 2014 was the launch of the AICPA’s Enhancing Audit Quality (EAQ) initiative, a comprehensive and multifaceted effort designed to reinvigorate the profession’s commitment to quality. The basic EAQ framework was intro- duced in August in a discussion paper that solicited stakeholder comments on proposed short- and long-term quality initiatives. CPAs and other stakeholders provided suggestions now being considered by AICPA teams, committees and/or boards. In a second paper, “Evolving the CPA Profession’s Peer Review Program for the Future,” the AICPA offered a thought-provoking concept for what practice monitoring could become. The initial concept is meant to start a professionwide dialogue about meaningful change; changes we hope will help ensure longterm relevance and quality. Several factors – from the pace of change to the complexity of business and standards, from audit relevance to regulators’ scrutiny – made it clear that our profession needed bold action to shape the audit function of the future. Advocacy Each year I’m privileged to see firsthand the partnership between the AICPA and state CPA societies as we address various issues from a legislative or regulatory perspective. I cannot overstate the importance of these efforts. When we lead proactive campaigns to shape legislation, we’re really shaping our profession’s future. The alternative is to wait for legislation to shape our future for us. I’ll share a few examples of what we achieved in 2014 and set up some of the issues that could see movement in 2015: Society Committees to Meet May 28 At Noon At Mahoney State Park The Society’s annual Mid-Year Committee Meeting Day has been set for Thursday, May 28, 2015, at Mahoney State Park, off of Interstate 80 - Exit #426. All committees except the CPE Committee will meet. This is a “ working lunch” meeting, which will begin with a lunch buffet at Noon and conclude at 2 p.m. All Society members who have previously volunteered for committee service will also receive an email with the meeting details and a RSVP request. Members interested in still joining a committee should contact Lori at the Society office by phone, mail or email (lori@nescpa.org). The Society’s Board of Directors will also hold a quarterly meeting on the same day at Mahoney State Park. Cash Basis: The profession successfully fought back an attempt to force some businesses to switch from the cash basis to accrual accounting for tax purposes. CPAs’ letters – more than 1,000 – brought significant attention to this issue and helped convince 46 Senators and 233 members of the House to sign bipartisan letters opposing the proposal. DATA Act: Signed into law in May, the successful implementation of the DATA Act concludes a five-year effort in close partnership with the state societies to improve the accessibility and transparency of business information. It was a meaningful – and hard-fought – win that reinforced the importance of stakeholder collaboration within the profession. Mobile Workforce: The AICPA continues to support legislation that would establish a uniform national standard for any employee who works less than 30 days outside his or her state of residence. Patent Reform: The profession continues to fight against patent trolls who bring lawsuits against companies or firms for patent infringement for mundane daily uses of technology, such as scanning a document to email. The House passed a bill last year, but the Senate failed to act. We expect this issue will be a priority in 2015. You can read more about these and other issues in my recent blog post: How the New Congress Might Affect the CPA Profession. CGMA This year also will be significant for members in business and industry because of new developments with the highly successful Chartered Global Management Accountant (CGMA) designation. Before its third birthday, the CGMA designation became the largest management accounting designation in the world, with more than 145,000 CGMAs globally. Through our joint venture and the release of new CGMA components, including the first universal set of global management accounting principles and a CGMA case study exam, the AICPA and the Chartered Institute of Management Accountants (CIMA) have built the foundation of the management accounting profession. Human Capital Of course, the most important part of Continued on Page 7 6 GREAT PROMISE . . . From Page 6 our profession’s success is its people, and attracting and retaining the best and brightest has never been more important. A major demographic shift is underway in the United States, putting a rapidly increasing percentage of entrepreneurial capital into the hands of minorityowned businesses. This shift means clients and employers of CPAs will expect more diverse workforces. We have to build a business environment that reflects life. The AICPA and state CPA societies see diversity and inclusion as a critical issue for long-term viability and we’re committed to helping our members meet the changing expectations of those we serve. Here’s something else to consider – at a time when competition for top talent is both global and fierce, the advantage will go to the firms and companies that have a plan to recruit, develop and retain a diverse workforce. The AICPA continues to produce resources that can help CPAs gain that advantage, including two that were launched last year: an Accounting Inclusion Maturity Model that helps organizations evaluate their own D&I practices, and a recruiting and retention toolkit with resources to help accounting leaders and human resources professionals attract, recruit and retain a diverse workforce. State societies have been essential partners in national diversity initiatives: several state volunteers have served on the National Commission for Diversity and Inclusion and many societies have launched local efforts to improve diversity and inclusion in their states. Succession is another critical aspect of the pipeline. Each of us wants our profession to enjoy long-lasting success, but that is only possible if we prepare younger generations to fill the shoes of leadership in firms and organizations in the future. Virtually all states are investing in our profession’s future and today they develop future leaders through local leadership academies. Many of these state academies are modeled after the AICPA’s Leadership Academy, which today boasts nearly 200 graduates, many of whom are currently serving on professional committees, boards or AICPA Council. History of Excellence State society support will be critical Manage Exchange and Professional Risk with the Midwest’s Premier Exchange Resource this year as the AICPA tackles complex challenges and positions the profession for long-term success. In past years, AICPA and state CPA society collaboration has yielded many meaningful initiatives that have changed the accounting landscape: Center for Plain English Accounting: The AICPA’s national A&A resource center for Private Companies Practice Section member firms. The Center’s resources provide local and regional firms the knowledge needed to succeed in today’s complex economic and business climate. Financial Reporting Framework for Small- and Medium-Sized Entities: A special purpose framework that delivers robust and relevant financial statements in a simplified, cost-beneficial way when U.S. GAAP financials are not needed. Great successes are within our grasp when we unite in the pursuit of common goals. Ongoing support from state CPA societies is both critical and sincerely appreciated. We are brought together as a profession and bonded as CPAs. Membership Applications Nebraska Society membership applications have been received from the following individuals. Objections should be filed with the Secretary of the Nebraska Society of CPAs: Shari A. Munro, Frankel Zacharia, LLC, 11404 W Dodge St., Ste. 700, Omaha, NE 68154-2576. Katie M. Brabec, IPE 1031 • 1922 INGERSOLL AVENUE • DES MOINES, IOWA 50309 515.279.1111 • 888.226.0400 • FAX 515.279.8788 • INFO@IPE1031.COM WWW.IPE1031.COM Bland & Associates, PC; Omaha Cortney Davis, Contr yman Associates, PC; Hastings Lindsey A. Kluver, Dana F. Cole & Co., LLP; Grand Island Joseph J. Pritchard, Ber ger & O’Toole CPAs, LLC; Omaha BrenDee R. Reinke, Kr use, Schumacher, Smejkal & Brockhaus, PC; Columbus Alison R. Riha, Flor ell & Barnhard, PC; Lincoln George T. Siedlecki, Hexagon Lincoln, Inc.; Lincoln 7 FIVE STAR SERVICE . . . From Page 5 cation. The best way to start building strong, professional relationships is to practice the principles 2-7 listed below. #2 - Taking the Order “Expected results are created in the mind before they are produced.” Every successful job or project begins with proper preparation and communication. Your firm should work to anticipate each other’s perspectives and needs while asking the right questions to ensure “the order” is being taken correctly. #3 - Delivering the Order “Perceptions of value for intangible services are created through emotions.” Delivering the order focuses on making sure all parties understand the service that’s been performed and the benefits that have resulted. Consistently delivering the order well begins to make your firm a great place to work. #4 - Ascertaining Satisfaction “Long-term relationships are sustained from meeting, and then exceeding, stated and unstated needs.” Ascertaining satisfaction is making sure your team understands how their efforts are perceived by those they are serving and if expectations were met. #5 - Offering Dessert “The law of the harvest – you reap what you sow.” Offering Dessert is one of the most fun parts of belonging to a high -performing, strongly branded firm. It bonds relationships and enhances your firm’s culture. The best firms seek opportunities to offer dessert. #6 - Collecting the Check “The perception of value is highest at the moment of delivery.” Internal and external clients value services the most at the time of delivery. Collecting the Check is the appropriate time to set the stage for the relationship’s future and build ongoing satisfaction. #7 - Recovery “Long-term trust and respect is built on taking responsibility for your actions.” Recovery is the systematic steps we take to reestablish a relationship after we make a mistake or create a problem. Creating a Five Star Client Service culture isn’t always easy, but it can be fun. I’ve had the privilege of taking firms through the Five Star Client Service process and it’s always a joy to see all levels of the firm engaged in becoming “Five Star.” High-performing team members want to work in a Five Star Client Service culture. If your firm could improve in the area of client service, have your internal team start practicing the 7 keys list above. When it is time to transition out of your practice you want to do it right. Accounting Practice Sales is the largest facilitator in North America for selling accounting and tax practices. We provide a free estimate of your firm’s value, market extensively, assist in negotiations and find you the right situation. We understand your concerns and respect your confidentiality. Contact us today so your last decision will be your best. 8 The Holmes Group 4225 Fleur Dr. Ste. 128 Des Moines, IA 50321-2325 Toll-Free 1.800.397.0249 trent@accountingpracticesales.com The Nebraska Society of CPAs’ CPE Calendar Date Course Conference / Course Title Type May Discussion Leader www.nescpa.org Facility & Location 14 Audits of 401(k) Plans: New Developments and Critical AFPL Issues for an Effective and Efficient Audit 15 CRAU 18 HSA 19 CPAS CPA Succession Planning - NEW! TX 21 HCRR Health Care Reform Reality (4-Hour Morning Course) TX Bradley P. Burnett, J.D., LL.M. Sandhills Conv. Ctr., North Platte, NE 21 PTCLU Payroll Tax & Contract Labor Update (4-Hour Afternoon Course) TX Bradley P. Burnett, J.D., LL.M. Sandhills Conv. Ctr., North Platte, NE 22 TPCP 2015 Tax Planning Update for C and S Corporations, Partnerships and LLCs TX Bradley P. Burnett, J.D., LL.M. Sandhills Conv. Ctr., North Platte, NE 29 NAFR Nonprofit Accounting & Financial Reporting AA Paul Koehler, CPA Holthus Convention Center, York, NE Compilations and Reviews: Engagement Performance and Annual Update AA Melissa G. Critcher, Surgent McCoy Mahoney State Park, Ashland, NE AA Melissa G. Critcher, Surgent McCoy Mahoney State Park, Ashland, NE HSAs, HRAs, and FSAs: Health Care Options After AffordaEdward K. Zollars, Nichols TX ble Care Patrick Mahoney State Park, Ashland, NE Edward K. Zollars, Nichols Patrick Mahoney State Park, Ashland, NE June 4 Complete Strategies for Maximizing Contributions, RolloCIRA vers, Distributions, and Estate Planning of IRAs, SIMPLEs, SEPs, and ROTHs 5 TARE The 25 Most Important Tax Aspects of Real Estate Transactions and Investments 9-10 GAAC 34th Annual Governmental Nebraska Accounting & Auditing Conference TX Susan Smith, Surgent McCoy Mahoney State Park, Ashland, NE TX Susan Smith, Surgent McCoy Mahoney State Park, Ashland, NE Various The Cornhusker, Lincoln, NE Various The Cornhusker, Lincoln, NE 11 NFPC 19th Annual Not-For-Profit Conference 16 FASBI FASB Review for Business & Industry AA Michael Morgan, AICPA Mahoney State Park, Ashland, NE 17 Guide to Business Combinations, Goodwill, and Other ConAGC AA Michael Morgan, AICPA solidation Issues Mahoney State Park, Ashland, NE 18 QBO4 QuickBooks Online - Changing the Paradigm of Small BusiAA Karl Egnatoff, K2 Enterprises ness Accounting-NEW! (4-Hour Morning Course) Mahoney State Park, Ashland, NE 18 TTG4 Tech Tools and Gadgets for a More Efficient You! NEW! (4-Hour Afternoon Course) MA Karl Egnatoff, K2 Enterprises Mahoney State Park, Ashland, NE 19 CLC Cloud Computing MA Karl Egnatoff, K2 Enterprises Mahoney State Park, Ashland, NE 22 ANR Accounting for New Revenue Standard Workshop - NEW! AA Rebecca M. Lee, Loscalzo Quarry Oaks, Ashland, NE 23 CAS Compliance Auditing from Start to Finish - NEW! AA Rebecca M. Lee, Loscalzo Quarry Oaks, Ashland, NE 25 Advanced Selected Issues for Trusts, Estates & Their BenITEB eficiaries Doug J. Stanley, Surgent TX McCoy Mahoney State Park, Ashland, NE 26 TCTW The Complete Trust Workshop! TX Doug J. Stanley, Surgent McCoy Mahoney State Park, Ashland, NE AA Julie Bauman, CPA & Marcy Luth, CPA 30 ASD Audits of Nebraska School Districts Holiday Inn & Conf. Ctr., Kearney, NE 2015 #CPAPOWERED Promotes CPAs To help entrepreneurs understand the full range of services a CPA brings to small businesses, the AICPA has launched the 2015 #CPAPOWERED campaign: CPA Secrets to a Be�er Business. Many business owners and entrepreneurs don’t realize how much the advice of a CPA can help them start, grow and thrive. This na�onal media program promotes CPAs to the small business community via social media and posi�ons them as trusted advisers who understand the unique needs of this segment. A series of CPA Secrets to a Be�er Business videos on topics ranging from understanding health insurance and acquiring nancing to succession planning address small business concerns and offer viewers insights into the value and exper�se of CPAs. Visit the campaign microsite, cpapowered.org, to see the videos and other resources that communicate your value and exper�se. If you have a CPA secret to a be�er business, email it to cpapowered@aicpa.org to be considered for inclusion on the microsite. 9 FRF FOR SMES™ GAINING RECOGNITION From the AICPA In your role as trusted business adviser, you’re always looking for helpful ways to address your clients’ pain points. Imagine being able to provide your small business clients with common sense solutions on certain financial reporting requirements with a new financial reporting framework. That’s exactly what Wisconsin-based accounting firm KerberRose has done in approaching its existing GAAP-based and income-tax-basis clients and encouraging them to consider the Financial Reporting Framework for Small- and Medium-Sized Entities, a non -GAAP reporting option for owner managed, privately held companies. The firm has moved about a quarter of its privately held small business client base to the FRF for SMEsTM accounting framework and the response from both clients and their financial statement users has been very positive. Since its release in 2013, the FRF for SMEs has been gaining traction among CPAs, financial statement users and small businesses across the country. A March 2014 Op-Ed piece by the editor of the A merican Bankers A ssociation A BA Banking Journal highlighted the framework and encouraged banks to consider accepting financial statements based on the framework to stay competitive in the small business marketplace. Ongoing AICPA educational campaigns have helped to keep the framework top of mind with financial statement users and owners of small businesses. CPAs Engaging Clients The AICPA has received positive feedback from practitioners using the FRF for SMEs Toolkit for CPAs and Firms. Armed with the kit’s informative tools and resources, practitioners are seeing strong outcomes from their client and lender outreach. A new case study—one of two developed for the refreshed toolkit—demonstrates how CPA firms like KerberRose are encouraging clients to adopt the framework. Additionally, the AICPA’s Private Companies Practice Section’s framework-related networking groups have identified lessons-learned and helpful tips that CPAs have employed in their efforts with clients and lenders to gain acceptance of the framework. Practitioners can request to join 10 the FRF for SMEs networking groups by emailing pcps@aicpa.org. Be sure to indicate the size of your firm in your message so the AICPA places you in a networking group with your peers. Marketplace Acceptance A targeted educational campaign to bankers and small businesses, which ran over the summer, homed in on the FRF for SMEs’ value for each stakeholder. For bankers, the advertisements focused on the competitive advantage for lenders who accept statements based on the framework. Similarly, web banners targeted to small business owners highlighted the cost benefits for the company: ease of using the framework as well as the relevance of the information provided by FRF for SMEs financial statements. Stakeholders from all over the U.S. have seen banner ads in a variety of online financial and mainstream publications. New and Updated Resources Help You Promote Your Expertise and Educate Stakeholders The AICPA has developed new, free resources to help stakeholders understand the FRF for SMEs option. Three toolkits are available: one for CPAs (segmented by firm size), another for users of financial statements and a third for small businesses. In addition, the AICPA has updated and refreshed other resources to help CPAs support the framework and promote their services among clients and banks. As you prepare 2014 financial statements, consider whether FRF for SMEs is your client’s best financial reporting option. If it is, these resources will help you convey how the framework delivers financial statements that provide useful, relevant information in a simplified, consistent, cost-effective way. CPAs can download the FRF for SMEs framework and related educational resources for free. Use the toolkit, tailored by firm size, to discuss the framework with clients, employers and users of financial statements. For more information, please visit www.aicpa.org/FRF-SMEs. OPPORTUNITIES AVAILABLE PAGES 11 & 12 Senior Accountant Financial Reporting Overview: Primary responsibilities will include supervising and coordinating the Company’s (i) GAAP research, application, and compliance; (ii) preparation of Securities and Exchange Commission filings; (iii) compliance over internal controls over financial reporting. Responsibilities: GAAP research and compliance 1. Perform GAAP research and analysis and apply results to the Company’s operations and/or specific transactions 2. Monitor and implement new accounting guidance as determined applicable to the Company 3. Be a resource and/or assist other business segments in application of GAAP related to unusual and/or significant transactions (Continued in next two columns) 2015 CATALOG . . . From Page 1 The annual publication contains descriptions of over 90 CPE courses being offered from May through December, 2015; early information about the Society’s three annual conferences; CPE pricing, locations and procedural information and a CPE registration form. After some discussion in recent years, the Society’s Board of Directors and the Society staff decided not to include the Society’s membership roster in the Catalog/Resource Guide. Members wanting a copy of the 2015 roster can contact Executive Vice President Meyer at tmeyer@nescpa. org for further information about the roster’s availability and the process to obtain a copy. The Society’s website, www.nescpa.org contains the most current information on all CPE courses and conferences. Online registration is available for CPE courses and all courses are approved by the Nebraska Board of Public Accountancy. Also, check Page 5 of this newsletter for a 2015 coupon that can be used for a CPE course held this year. Preparation of Securities and Exchange Commission Filings 1. Assist with monitoring required SEC disclosure information and coordinate receipt and review of such information 2. Compile and prepare financial and related information for presentation in the Company's SEC filings 3. Work with external auditors during their review of SEC filings The Company's internal controls over financial reporting: 1. Assist with coordinating the Company's compliance related to internal controls over financial reporting (and the provisions of Sarbanes-Oxley Section 404) 2. Participate in the development of a sustainable solution to identify, analyze, and monitor financial statement risks and the related internal controls over financial reporting in order to meet the Company's financial reporting objectives and for SarbanesOxley Section 404 compliance 3. Identify, develop, and implement improvements and best practices in regards to internal controls over financial reporting 4. Assist with the development of programs to educate and train others on the performance of internal controls over financial reporting 5. Plan and review tests of internal controls to ensure they are carried out effectively and timely Other 1. Document, report and follow through on recommendations from projects 2. Work with external organizations, including auditors, and internal departments on project initiatives and various accounting issues Qualifications: EDUCATION: 4-year degree in accounting, CPA preferred EXPERIENCE: 1. 2+ years accounting and/or financial statement audit experience or related experience 2. Experience with identifying, analyzing, documenting, and monitoring internal controls over financial reporting and GAAP research COMPETENCIES – SKILLS/ KNOWLEDGE/ABILITIES: 1. Knowledge of internal controls as they relate to financial reporting. 2. Knowledge/understanding of the COSO framework. 3. Knowledge of accounting practices and procedures, including generally accepted accounting principles. Ability to independently research the proper accounting treatment for significant and/or unusual transactions. 4. High degree of proficiency in Microsoft Office – including Excel and Word and other computer applications. Experience with Access helpful. 5. Excellent oral and written communication skills. 6. Effectively interact with various divisions and levels of management throughout the Company. 7. High standards for productivity with the ability to work in a fast-paced environment and juggle multiple competing tasks and demands. Utilization of effective organization and prioritization skills to complete assignments within established time frames. 8. Exceptional organization skills. 9. Initiative to troubleshoot problems independently, examine existing processes, identify and analyze situations, and generate alternative solutions or suggestions on how to do things better. 10.Demonstrate sound judgment by taking appropriate actions regarding questionable findings or concerns. EEO Statement: Nelnet is an Equal Opportunity Employer, complies with Executive Order 11246, and takes affirmative action to ensure that qualified applicants are employed, and that employees are treated during employment, without regard to race, color, religion/creed, national origin, gender, or sex, marital status, age, disability, use of a guide dog or service animal, sexual orientation, military/veteran status, or any other status protected by Federal or State law or local ordinance. Qualified individuals with disabilities who require reasonable accommodations in order to apply or compete for positions at Nelnet may request such accommodations by contacting Nelnet Talent Acquisition & Recruiting. Nelnet is a Drug Free and Tobacco Free Workplace. Please apply online at http:// www.nelnet.com/careers/ 11 2015 Society Conferences Cathy Brockhaus of Lincoln has been elected Second VicePresident—Planning for Ameritas Life and Ameritas Life of New York. . . . Eryn Stevens of Omaha has been pr omoted to Shar eholder in the Governmental Accounting Omaha firm of DeBoer & Associates, PC. . . .Jennifer L. Dvorak has & Auditing Conference merged her Aurora tax practice with the firm of Dohman, Akerlund & EdJune 9-10, 2015 dy, LLC in Aurora. . . .Kevin Slattery of Lincoln has joined the Omaha firm of Frankel Zacharia as an Audit Senior Accountant. . . .Jim Sousley The Cornhusker and Tom Hosier of Omaha have earned the designation of Chartered AdviLincoln, NE sor in Philanthropy through the Omaha Community Foundation. . . Tricia —————————— Montague of Elkhor n is ser ving as the Tr easur er on the Boar d of DiNot-For-Profit Conference rectors of the Special Olympics Nebraska and Mark Walz of Lincoln is a June 11, 2015 member of the Board. . . . Richard Vierk of Lincoln has been elected The Cornhusker Chairman of the Board of the Lincoln Community Foundation and Mark Walz of Lincoln has been elected Tr easur er .. . . Amanda Patrick of Lincoln, NE Omaha has been promoted to Audit Manager in the Omaha firm of Seim —————————— Johnson. . . Randy Wiese of Omaha has been elected Chairman of the Annual Meeting & Board of Directors for Habitat for Humanity of Omaha and Dan Koraleski Fall CPE Conference of Omaha has been elected Treasurer. . . .Ryan McLouth of Omaha has October 26-27, 2015 been promoted to Manager in the Medicare Division of Bland & AssociEmbassy Suites ates in Omaha. . . . Ray Stoupa of Omaha has been named to the Board of Directors of the Visiting Nurse Association. . . .Randy Throener of Lincoln LaVista, NE is a graduate of the Leadership Nebraska Class VII which is sponsored by the Nebraska Chamber of Commerce and Industry. . . John Fruhwirth of Do Your Clients Need Omaha has been named President of Low-Cost Incorporation Services? Archon Woodworks Inc. in Omaha. OPPORTUNITIES AVAILABLE PAGES 11 & 12 THINKING OF SELLING YOUR PRACTICE? Accounting Practice Sales is the leading marketer of accounting and tax practices in North America. We have a large pool of buyers, both individuals and firms, looking for practices now. We also have the experience to help you find the right fit for your firm and negotiate the best price and terms. To learn more about our risk-free and confidential services, call Trent Holmes at 1-800-397-0249 or email Trent@accountingpracticesales. com. 12 Attorney Prepared—Prompt and Affordable Filing Fees and Costs Included NE or IA, standard organizations: Incorporation $449.00 Nonprofit Corporation $449.00 Limited Liability Company Professional Corporation $499.00 $549.00 (Nebraska Only) Additional States Available—Call for Pricing 7602 Pacific Street, Suite 200 Omaha, NE 68114 Phone 402-391-2400 www.whitmorelaw.com Fax:402-391-0343 email:tom@whitmorelaw.com