Notification of proposed Bylaw amendments

10 

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Official Newsletter of Arizona Society of Practicing Accountants  Affiliated with the National Society of Accountants

ASPA

Board of Directors Meeting June 24, 2010 For times see page 6

Rio Rico Rio Rico, AZ

May—June 2010

President

Jo Ann Sabbagh P O Box 12007 Tucson, AZ 85732-2007 520-867-8833 josabbagh@msn.com

Editor

Mary Molano, EA, ABA, ATP P O Box 54774 Phoenix, AZ 85078-4774 602-568-3779 unicorntax

1

@cox.net

Executive Secretary

David Freeland

813 W Elliott Road Suite #1 Chandler, AZ 85225 480-782-8872 800-393-0647 Fax 480-899-1803

david@christinezfreelandcpa.com

Inside this issue:

By-Law Changes

1

June Seminar Info

2

Continued By-Law

Changes

3

Board Officer Roster

4

Chapter Meetings

4

For the Good of ASPA

4

NSA Happenings

6-7

Up coming Seminars

9

Volume XV Issue 1

Notification of proposed Bylaw amendments

ARTICLE VI

COMMITTEES

Section 1 – Standing Committees. The President shall appoint,

sub-ject to Board approval, the Chairman of each of the standing

Commit-tees, who shall serve for a period of one (1) year coinciding with the

terms of the officers of the Society. The standing committee shall

consist of the following:

a. Membership Committee;

b. Professional Ethics Committee;

c. Education

and Compliance

Committee;

d. Legislation Committee;

e. Finance Committee;

f. Liaison Committee;

g. GATAP

Strategic Planning

Committee;

In addition, the Board may establish such additional committees as it

deems appropriate. Each standing committee shall consist of no less

than two (2) active members appointed by the Chairman of each

com-mittee. All committees shall maintain a majority of active members.

Each committee shall be required to report periodically to the Board.

Please be aware on the proposed By-Law changes a

strike through

is

a deletion to the text and

red bold

is an addition or a change in the

text.

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The

ASPA Accounting Seminar

will be

June 25-26

in lovely Rio Rico at the

Esplendor

Resort.

Room rates are $94 per night plus a $5 resort fee and reservations can be

made at 520-281-1901. Rates are guaranteed until June 1. Make your reservations now!

Friday, June 25, 2010

8 hours

Accounting

Some of the covered topics:

"

SSARS 19 will change the landscape for compilations and reviews. Effective for periods

ending on or after December 15, 2010, SSARS 19 will be the only SSARS in effect for

compilations and reviews. Will you be ready for the changes?"

"With all of the talk about International Financial Reporting Standards (IFRS) replacing

US GAAP...just what are IFRSs? What are the differences and similarities? What does it

mean to me as a practitioner?"

"Will there be a Small GAAP? This has been discussed for years and still is in discussion

stages. But could they be here already? IFRS for SMEs (Small and Medium Sized

Enterprises - non public entities) is here. What are they all about?"

Saturday, June 26, 2009

8 hours

A Little Bit of Everything

Ethics 2 Hours

Quick Books 4 hours

Social Media 2 Hours

ASPA Annual General Meeting

For the ASPA Board and those arriving early:

Thursday, June 24

11:30am

ASPA Leadership Development Training

Lunch Provided

3:00pm

ASPA 09/10 State Board Meeting

4:30pm

ASPA 10/11 State Board Meeting

6:00pm

Margarita Reception

AND EVERYONE IS INVITED TO…

Friday, June 25

6:00pm

Cocktails

6:30pm

Banquet and Installation of Officers

By NSA President Robert Cross

Followed by Monte Carlo night

For more information call please 480-782-8872

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Page 3 The Ariz ona Roundup

a. Membership Committee. The Membership Committee shall be responsible for

coordinating with the chapters and establishing programs to secure additional

membership for the Society. The Committee shall review all new applications

and the credentials of the applicants and shall make determinations as to an

ap-plicant’s eligibility. Any such determination is subject to the review of the

Board upon request of any applicant. The Committee shall direct the Treasurer

to bill the applicant for appropriate dues and shall notify the member of his or

her admission. The Committee shall also direct the Secretary in the

mainte-nance of the roster of membership.

b. Professional Ethics Committee. The Committee shall be initially charged to

draw up a code of ethics, define procedures for administration of the code, and

further fulfill charges directed by the Board. The code of ethics and

proce-dures for administration and termination of membership for violation of the

code, when prepared, shall be presented to the Board for approval and

modifi-cation, and the Board shall present the code and procedures for administration

to the membership for approval.

c. Education

and Compliance

Committee. The Education Committee shall be

responsible for education programs

and monitoring of continuing education

compliance

. The Committee shall submit, to the Board, recommendations for

the establishment of continuing education requirements; additionally, the

Com-mittee shall be responsible for the coordination of programs between the

Chap-ters and shall be responsible for aiding the ChapChap-ters in connection with local

education programs.

The Committee shall be responsible for obtaining and

maintaining any continuing education provider registrations as deemed

appropriate by the Board

.

d. Legislation Committee. The Committee shall review legislation and

regula-tions pertaining to the practices of the membership, and make

recommen-dations of action

recommend to the Board programs of action in relation to

legislation relevant to Accountancy.

e. Finance Committee. The Treasurer shall serve as Chairman of the Finance

Committee. This Committee shall aid the President or Executive Director,

when applicable, in the preparation and presentation to the Board of an annual

budget proposal and annual financial statement and in supervision of banking

and investment plans approved by the Board.

f. Liaison Committee. The Committee shall work with all individuals and

agen-cies at all levels with which Liaison may prove to be a benefit to the Society

and coordinate with all Chapters.

g. Strategic Planning Committee. The Committee shall formulate both short

-term and long-term goals for the society and make recommendations to

the Board.

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ASPA BOARD OFFICERS

President

Jo Ann Sabbagh

520-867-8833

josabbagh@msn.com

Tucson Chapter

Vice President

Christine Freeland

480-899-6672

chris@christinezfreelandcpa.com

East Valley Chap/Seminar Chair,

Ethics Chair, NSA State Director

Treasurer

Nina Tross

480-545-0800

ntross@trossacctg.com

East Valley Chapter President,

Budget & Finance Chair

Secretary

Molano, Mary

602-568-3779

unicorntax1@cox.net

Phoenix Chapter, Newsletter Chair

Strategic Planning Chair

If I have missed or any thing is wrong with the above please e-mail the editor at unicorntax1@cox.net

ASPA Chapter Meetings

Cochise Chapter Inactive

East Valley Chapter 2nd Tuesday of the month For reservations or information call Nina Tross at 480-545-0800

Mohave Chapter Inactive

Northern Arizona Chapter For date and location of meetings call For reservations or information call Sherrill Clark at 928-445-4893

Phoenix Chapter 3rd Wednesday of the month For reservations or information call Leanna Griffin at 602-277-4008

Tucson Chapter For date and location of meetings call For reservations or information call Jo Ann Sabbagh at 520-867-8833

Verde Valley Chapter For date and location of meetings call For reservations and information contact Donna Gillespie at eee@npgcable.com or Fax 928-634-4106

Chapters meetings are a great place to meet practitioners in your area. Monthly meetings feature presentations on a wide range of topics from accounting to taxation issues and updates to planning and management within your firm. Take an Associate, Friend or Student with you to your Local Chapter Meetings.

It is with deepest regrets to inform you of the

pass-ing of Donald Schulz, a long time member from

Cochise County.

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Page 5

The mission of the Accreditation

Council for Accountancy and

Taxation (ACAT) is to accredit

professionals who have

demon-strated knowledge of the

princi-ples, practices, and ethical standards of

account-ing, taxation, information technology and related

financial services in order to maintain the highest

level of service to the public; to promote the value,

recognition and use of the ACAT credentials; to

protect the ability to use the earned credential.

ACAT’s objectives are:

To raise professional standards and improve

the practices of accountancy and taxation.

To accredit persons with demonstrated

knowl-edge of the principles and practices of

accoun-tancy and taxation.

To encourage practitioners in a continuing

program of professional development.

To assure that accredited individuals provide

the highest degree of technical proficiency in

small and mid-size business and individual

accounting and taxation services.

To foster increased recognition for the

accred-ited individual in the public, private and

edu-cational sectors of our nation.

The Council is dedicated to the highest

profes-sional standards. Business, public, and

govern-ment rely upon the public accounting profession

more than ever for the complete and accurate

presentation of financial information, schedules

and reports, as well as judgment in business

mat-ters. Each individual accredited by the Council

accepts this responsibility, and pledges to abide by

the ACAT Code of Ethics.

The Arizona Society of Practicing Accountants would like to congratulate East

Valley Chapter member and State Board of Director Carolyn Brown for being

selected as the Regional and National SBA Women in Business Champion of

the Year. Carolyn’s awards were presented at the SBA Small Business Awards

on May 20, 2010 at the Enterprise Awards Luncheon, hosted by the Arizona

Small Business Association (

ASBA

) and the SBA, at the Arizona Biltmore in

Phoenix, Arizona. Congratulations once again Carolyn!

Have you moved? Need to update

your membership information?

C ont a ct AS P A ’s Ex e cut i ve

Secretary David Freeland at

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NSA 65th Annual Meeting

NSA’s annual meeting will be held in Arlington, VA, August 18—21, 2010. Information about this year’s Annual Meeting is now online including a sched-ule-at-a-glance, CPE session informa-tion, hotel rates, registration packages, pre-conference EA, ATA and ATP courses, and social and special events. The early bird $100 registration discount ends July 1st. Earn up to 11 hours CPE at 12 different courses.

Membership

NSA and its affiliates represent more

than 30,000 independent practitioners who provide accounting, tax, auditing, financial and estate planning, and man-agement services to 19 million individu-als and businesses.

Education

Webinars

Webinars begin at 2:30pm EDT. Webi-nars run for one hour and participants earn one hour of CPE credit. Each webi-nar is interactive, allowing participants to ask questions by phone or e-mail. The cost for each webinar is

$35 for NSA members and $75 for non-members. Members who register for two webinars will also receive the third one free. For information and to register, call 1-800-966 -6679, e-mail mem-ber@nsacct.org or visit the NSA website for more information on subjects and dates.

Christine Z Freeland, Arizona State Director

480-899-6672

chris@christinezfreelandcpa.com NSA toll free 800-966-6679

www.nsacct.org

NSA H

APPENINGS

By

A

RIZONA

S

TATE

D

IRECTOR

C

HRISTINE

Z F

REELAND

President Signing HIRE Act Will

Have Immediate Impact

On March 18, 2010, President Obama signed into law the Hiring Incentives to Restore Employment (HIRE) Act of 2010 to help businesses hire and re-tain new employees. The so-called HIRE Act features a tax credit to en-courage businesses to hire workers who have been unemployed for at least 60 days, and an extension of the increased expensing limits for small businesses.

NSA members who have payroll or small business clients should pay par-ticular attention to the provisions of the Act because of its immediate impact. Why? Consider the following:

Payroll Tax Forgiveness for Hiring Unemployed Workers

Employers who hire unemployed work-ers this year (after Feb. 3, 2010 and before Jan. 1, 2011) may qualify for a 6.2-percent payroll tax incentive, in effect exempting them from their share of Social Security taxes on wages paid to these workers after the date of en-actment. This provision is in effect

NOW. The IRS wants to remind every-one that this reduced tax withholding

will have no effect on the employee’s

future Social Security benefits, and

employers would still need to withhold

the employee’s 6.2-percent share of Social Security taxes, as well as in-come taxes. The employer and

em-ployee’s shares of Medicare taxes

would also still apply to these wages. Eligible employers will be able to claim the new tax incentive on their revised employment tax form for the second quarter of 2010. Revised forms and further details will be available from the IRS in the next few weeks.

The HIRE Act requires that the em-ployer get a statement from each new hire certifying that he or she was un-employed during the 60 days before beginning work or, alternatively, worked fewer than a total of 40 hours for someone else during the 60-day period. The IRS is currently developing a form employees can use to make the required statement. This form will be available in the near future.

Readers should note that this provision applies to businesses, agricultural em-ployers, tax-exempt organizations and public colleges and universities, but no household employers can claim this new tax benefit. In addition, because the Act is intended to increase employ-ment, this provision will not apply to a worker hired to replace another

em-ployee of the employer unless such employee separated from employment voluntarily or for cause. To prevent abuse, the provision also does not ap-ply to a new employee who is a related party of the employer (as defined un-der rules similar to sec. 51(i) of the Code.

Business Credit for Retention of Certain Newly Hired Individuals in 2010

The Act provides that an employer's general business credit is increased by $1,000 for each retained worker that satisfies a minimum employment pe-riod. Generally, a retained worker is an individual whose hiring is subject to the payroll tax forgiveness provision, above. However, the technical expla-nation of the credit states that it is available only with respect to such an individual, if the individual:

is employed by the employer on any date during the taxable year;

continues to be employed by the em-ployer for a period of not less than 52 consecutive weeks; and receives wages for such employment during the last 26 weeks of such period that are at least 80-percent of such wages dur-ing the first 26 weeks of such period.

Continued at More NSA Happening

next page.

(7)

Page 7

President Signing HIRE Act Will

Have Immediate Impact (cont.)

For readers who may already be won-dering, the portion of the general busi-ness credit attributable to the retention credit may not be carried back to a taxable year that begins prior to the date of enactment of this provision. Increase in Expensing of Certain Depreciable Business Assets

The Act extends the higher limits for Section 179 small business expensing through 2010, allowing small busi-nesses to deduct up to $250,000 from taxable income, but the value is de-creased by the amount by which the cost of qualifying property placed in s e r v i c e e x c e e d s $ 8 0 0 , 0 0 0 . The technical explanation of these pro-visions may be found at: http:// w w w . j c t . g o v / p u b l i c a t i o n s . h t m l ? func=startdown&id=3648

Reprinted: NSAlert March 19, 2010

CPE for Tax Return Preparers:

The Rules They Are A’Changing

N S A

h a s

learned that the

IRS intends to

issue new rules

under Circular

230 to modify

the CPE rules

for tax preparers. The new rules,

which are expected to be issued this

summer, will eliminate the IRS

spon-sor designation and provide new rules

under which an organization or

speaker may have specific courses

recognized by IRS for CPE purposes.

IRS officials have told NSA that the

current rules are not adequate to

en-sure that courses marketed as

provid-ing quality tax education actually do

so. With the registration of an entirely

new group of preparers, all of whom

will claim they are registered/

authorized by the IRS to preparer

re-turns, the IRS believed

it important to ensure

these newly registered

folks receive education

that will actually help

make them better

pre-parers. Preparers will be

required to complete 15

hours of continuing

edu-cation annually under

the new requirements

for registered preparers.

Each year, two of those hours will

need to be ethics training, and four

hours will be tax law updates.

NSA members should know that all of

the webinars and live education

of-fered by NSA is recognized as quality

education by the National Association

of State Boards of Accountancy and

by the IRS and we are committed to

maintaining that high standard in the

future.

The Rules They Are NOT

A’Changing Quite That Much

NSA has seen a number of claims

about the new tax preparer regulation

rules that, uh, do not have the

advan-tage of being true. Among these is

that preparers must earn an EA to

avoid possible restrictions on their

preparation privileges.

A large number of NSA

members are EAs and we

appreciate their

commit-ment in earning this

cre-dential. However, earning

this credential will not

somehow avoid restrictions

on preparation privileges

as compared with registering with the

IRS as an unenrolled preparer. EAs

and registered preparers will all have

to pay fees to the IRS and

obtain CPE but EAs have

to have more CPE in line

with their wider expertise

and representation abilities.

Both groups will be subject

to ethics requirements—as

they should be. Both

groups have to take and

pass a test but the EA

ex-amination is much more

difficult—as it should be.

For NSA’s part, there have been far

too many incompetent and

unscrupu-lous preparers until now, and it is time

to ensure that all preparers are

regis-tered and meet minimum standards.

Many current preparers are concerned

about the competency test and this has

surprised officials at the IRS. ―We

know we are not going to be testing

Rhodes Scholars,‖ said Karen

Haw-kins at a recent American Bar

Asso-ciation meeting, so the test will ―at a

very minimal level, be easy for any

competent preparer to pass.‖

Reprinted from :

NSAlert May 14,

2010

M

ORE

NSA H

APPENINGS

EAs and registered

preparers will all

have to pay fees to the

IRS and obtain CPE

but EAs have to have

more CPE in line

with their wider

ex-pertise and

represen-tation abilities.

Deadline

for submitting articles for

next issue

(8)

BASIC INCOME TAX CLASS

September - November 2010

Location to be determined

CCH FEDERAL TAX COURSE

(Big Book)

Starting in August

Prescott

Phoenix

Tucson

Board meeting schedule June 24, 2010

Rio Rico, Arizona

Leadership Training Luncheon

Time 11:30 am

Old Board

Time 3:00 pm

New Board

Time 4:30 pm

(9)

2010 Gear Up Tax Seminar Schedule

Gear Up Midyear Tax Update for Individuals

August 5, 2010—Tucson

Holiday Inn & Suites Tucson Airport North

4550 S Palo Verde Road Tucson, AZ 85714

Gear Up Assisting Small Business from A to Z ( New this year)

August 11, 2010—Phoenix

Embassy Suites Phoenix North

2577 West Greenway Road Phoenix, AZ 85023

Gear Up Business Entities

October 20-21, 2010 — Phoenix

Chandler Hilton

2929 W Frye Road Chandler, AZ 85224

Hotel Reservations 480-899-7400

Room Rate $109/night/Single or Double—Rate available until Sept 28

Gear Up 1040 Seminar and Ethics—first day only

November 17-18, 2010 — Tucson

Radisson Suites Tucson

6555 E Speedway Blvd Tucson, AZ 85710

Hotel Reservations 520-721-7100

Room Rate $99/night/Single or Double—Rate available until Oct 18

Gear Up 1040 Seminar and Ethics—first day only

December 1-2, 2010 — Phoenix

Mesa Hilton

1011 West Holmes Avenue Mesa, AZ 85210

Hotel Reservations 480-833-5555

Room Rate $109/night/Single or Double—Rate available until Oct 30

For more information on ASPA Seminars call 480-782-8872

JUNE ACCOUNTING SEMINAR

June 25—26, 2010 — Rio Rico

Seminar and Hotel information:

Esplendor Resort as Rio Rico, AZ

Rio Rico, AZ

Hotel Reservations Phone: 520-281-1901

Room Rate $94(plus $5 resort fee)

Web site www.esplendor-resort.com

For more information call 480-782-8872

(10)

Make sure you visit

http://aztaxandaccounting.org

Bookmark it today under

your Favorites List

Seminar Information

Seminar Registration Forms

ASPA Membership

Application

Hot Topics

Publications

Chapter Meeting Information

ASPA Contact Information

Links to Federal and State

Agencies

Link to NSA

ASPA Calendar

Look What You

Can Find On

ASPA’s website!

The opinions given by contributing au-thors are their own and are not necessarily the opinions of the ASPA State Board. This newsletter is supported in part by paid advertising from various local businesses. They believe our newsletter is a good value for their advertising dollars. Please show your sup-port of the advertisers in this newsletter by calling them first to fill your needs.

A

RIZONA

R

OUNDUP

A

DVERTISING

R

ATES

S

IZE

P

ER

I

SSUE

A

NNUAL

Business Card

$ 25.00

$ 125.00

(3½ x 2)

Quarter Page

55.00

250.00

(3½ x 4½)

Half Page

75.00

375.00

(7½ x 4½) or (3½ x 9½)

Full Page

150.00

750.00

For additional information contact Mary Molano at

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