1. finance
2. accounting and auditing

accounts
C
u
r
r
e
n
t
Georgia Society of CPAs • January/February 2008
J u gg l i n g Work/Life Balance H o w To Make It Work
President's Message
Give, Give. Receive, Receive.
I hope you had a wonderful holiday season and were able to get some rest, especially if you
now need to gear up for busy season. During the “season of giving” I was often reminded
(and often reminded my children) of the Biblical teaching “…It is more blessed to give than to
receive.” (Acts 20:35) This message is the focus of this letter.
A few years ago I was asked to give a testimony during one of our church’s stewardship
campaigns on the “Joy in Giving.” As I reflected on my remarks, I was reminded that giving
involves more than just our financial tithes and offerings; it means giving our time and talents
as well. I am guilty of often wanting to just write a check instead of giving what is needed more
- my time and talents. Often, monetary donations appear to be the easier solution. As CPAs
we stay so focused on time: billable hours, end-of period closings, filing dates, effective dates,
maturity dates, dead-lines and due dates, etc. As it turns out, when I simply write a check, I
miss the joy of seeing a life touched. Seeing my signature on a check will never compare to
seeing my mark on a life.
Take a moment to reflect and consider how your own life has been shaped by individuals who willingly gave of their time and
talents to make a difference in your life. The teacher who encouraged you to aim higher, the coach who motivated you to run
the extra mile, the parent who saw your potential when you only saw failure, the mentor who groomed you for success and the
volunteer who touched you in some way all contributed to defining who you are today. Now it is time to give back and return the
good deed. Whose life do you want to touch?
The GSCPA offers many opportunities to give back. Numerous dedicated volunteers help carry out programs that benefit the
CPA profession. For example, many members are actively involved in student outreach programs, financial literacy projects,
public service activities, committee and section service, and leadership positions. But we still need you!
The Financial Literacy Committee has several projects that could be expanded, if they had more volunteers. For example,
the Society is in its second year of supporting Junior Achievement of Georgia’s financial literacy programs through classroom
volunteerism, but they need more volunteers to reach more classrooms. Think of the impact you can have on students by
teaching them about personal finances.
Soon the Society’s nominating committee will begin seeking volunteers to serve in positions of leadership for next year. In
addition, Stewart Carlin, the president-elect, will be calling on members to serve on committees, sections and task forces.
Likewise, those participating in committees, sections and task forces will be looking for individuals to volunteer. Please consider
serving if you are called. However, if you are not called, just call the Society office to volunteer, or complete the volunteer form
on page 13 in this issue of Current Accounts..
Webster defines time as “a nonspatial continuum that is measured in terms of events which succeed one another from past
through present to future.” As we progress through this continuum, we need to remember the value of our time. The true value
is not measured by how many billable hours we amassed, how many clients we served, or how much money we made, but
by how many lives we touched and the difference we made. I hope that you will consider volunteering your time to one of the
Society’s many worthwhile activities. I’m confident your investment will generate great dividends.
Paula Y. Mooney
President, 2007-2008
GSCPA Officers 2007-2008
President
Paula Y. Mooney
Secretary/COO
Gary L. Julian
President-Elect Stewart H. Carlin
Treasurer
K. Scott Collins
Immediate Past President
William D. Schneider
GSCPA Directors 2007-2008
State-wide Directors
(1st of two-year term)
Barbara J. Evans
Scotty C. Jones
Marlan L. Nichols
Terry I. Parker
Donald R. Roland
C u r r e n t A c counts w January/February 2008
State-wide Directors
(2nd of two-year term)
Colin E. Blalock
Royce B. Duncan
Denise W. Grove
Robert L. Prator
Current Accounts
contents
features
in every issue
4 Juggling Work/Life Balance - How to Make it Work
2 President's Message
6 Accurate Records Are Central to New Standards
17
Member and Chapter News
Tom Klaff
7
18
Continuing Professional Education News
GSCPA Members Prove Accountants Are Funny Too
8
19 Conference Update
Distinguished Speakers Dinner an Enjoyable Event
20
Five Winning Tips for Business Development
26 Classified Advertising
10
11 Annual Convention 2008 - Mark Your Calendars Now
Sections Update
12 Providing Leadership for the Profession
14 Wealth Management - Do You Have What it Takes?
Bill Stevens
15 Reducing the Tax Hit in This Life
23 Georgia's 529 College Savings Plan Undergoes Changes
Current Accounts is a publication of the GSCPA, published six times per year.
Member subscriptions are complimentary. Members may submit address changes
and corrections to the Member Services Department at 404-231-8676, Opt. 4.
Materials submitted as advertising or publicity are subject to acceptance for
publication at the sole discretion of Current Accounts. Advertising deadlines are the
first day of the month prior to the publication date (February 1 - March/April issue)
and sold on a space availability basis. For advertising rates and availability, contact
[email protected].
The editorial staff welcomes submissions of manuscripts on topics relevant to CPAs.
Email the submission in the body of the email or as a Word document attachment
to [email protected]. Desired length is 800-1000 words. Include contact
information. O n e Profession. One Voice.
Staff
Executive Director/COO Assoc. Executive Director
Editor/Designer
Assistant Editor
Gary L. Julian
Donna L. Heavener
Jamie P. Etzbach
Elizabeth D. Kistler
The Georgia Society of CPAs
Atlanta Financial Center, North Tower
3353 Peachtree Road NE, Suite 400
Atlanta, GA 30326-1414
404-231-8676
Fax 404-237-1291
800-330-8889
www.gscpa.org
Juggling Work/Life Balance - How to Make it Work
As many of you prepare to enter a busy tax season, the term
work/life balance may sound like an oxymoron. During this
time of year, time at the office can far outweigh your time at
home, let alone time doing enjoyable activities. Balance is
not a perfect state, as there are always small fluctuations
going on to maintain the balance. However, finding the right
combination of dividing your time, as well as having the ability
to react to any situation and make allowances for it can allow
you to fulfill your work responsibilities and make a little more
time at home. Juggling work/life balance is a challenge;
by implementing strategies and tactics within your firm or
company, you can over come that challenge and offer a culture
of balance for employees.
In a global survey of knowledge workers, the Career
Innovation Company in Oxford, England found that 55 percent
of workers are unsatisfied with their sense of achievement on
the job, a number that goes directly to the bottom line of job
satisfaction. The survey also found that 56 percent are also
dissatisfied with their ability to find work-life balance, and a
majority feels they are so booked up by the office that they are
not able to participate in new experiences.1
In addition to American workers spending more and more
time at work, vacations are becoming more infrequent. Not
only are we not taking vacations as often, many companies
offer just under two weeks of time, and many employees do
not feel comfortable taking the time off. The United States
does not have a minimum-paid leave law like many other
countries, meaning that companies are not required to provide
paid time off for vacations. On average, Americans work nine
weeks more a year than European counterparts.
Work/Life Balance and flexible work schedules mean
different things to employers and employees. For employees
it is a way for them to schedule personal needs with their
work schedule. Employers look at it as a way to accomplish
the daily activities of the office and ensure staff availability.
However, with the implementation of flexible schedules comes
some disconnect as to staff and personal needs.
From the business side of the work/life balance concept are
significant bottom-line savings. Creating a flexible schedule
policy can save on recruitment costs, reduce absenteeism,
motivate staff, and improve customer service. Mobile
technology, while helpful in the work/life balance scheme,
can also be a barrier to achieving significant balance. Today’s
marketplace is moving towards immediate response to emails
and phone calls. Smart phones give employees that access
while they are out of the office, whether at a client meeting or
working offsite. The key is knowing when to turn the phone off.
Retaining top employees is the key to the success of any
company. The process of retaining these workers is more
complicated. Firm and company managers can create work
alternatives that will enhance the benefits of employment.
Identifying options, realizing the importance of vacation time,
and being realistic of the use of mobile technology can go
a long way in creating an enjoyable and productive work
environment.
C u r r e n t A c counts w January/February 2008
Five Key Steps to Work/Life Balance
According to Tracey Hawkins, business
development manager for GMT2, there
are five key steps for businesses to take
to develop a successful work/life balance
program.
Step 1 - Identify the Options
There are many flexible working options
that employees can be given.
• Term-time working. When someone
on a permanent contract can take
unpaid leave during school holidays.
• Part-time working. Employees work a
reduced number of hours, usually
with working times agreed in
advance.
• Flex-time. Gives employees a choice
about when they work.
• Job-share schemes. Two people
share the duties of a post that would
normally be done by one person.
Both work part time and share
the salary, holidays and any other
benefits.
• Compressed working hours. Allows
staff to work their contracted hours
over a shorter number of days, for
example, a four-day week.
• Shift swapping. Employees
rearrange shifts among themselves
to suit their needs, as long as the
business needs are met.
• Telecommuting. Employees do their
jobs from home, often using a
telephone and computer to stay in
touch.
• Staggered hours. Employees have
different start, finish and break times
that cover longer working days.
Step 2 - Understand Demand
Workforce management (WFM) is
developing flexible working options
while ensuring that the company/
organization meets its goals.
When putting together the plan, an
understanding of the demands across
the organization. Different departments
and job responsibilities have different
requirements that can impact the flexible
working schedule. Another element to
take into consideration is availability
exceptions such as illness, meetings,
etc., as they will affect scheduling.
Step 3 – Manage Flexibility
Preferences
Introducing flexible working options
should not add to the complexity of
the resource planning function or
managing staff; it should make it easier.
Additionally, the plan should have the
flexibility to incorporate all the necessary
business rules.
Step 4 – Making the Case for Change
According to research, the majority of
employers report that the introduction
of work/life balance measures has a
positive impact on employee relations;
employee commitment and motivation;
staff turnover; and improved productivity,
absenteeism, and recruitment.
Step 5 – Delivering Work/Life Balance
The key to delivering a new way
of working is a good change in
management strategy. Certain elements
need to be in place:
• Establish the time and appropriate
resources required to effect the
change in working practices.
• Spend time ensuring that key
players, such as departmental
managers, understand the benefits
to the organization and the
employees.
• Involve employees from an early
stage, highlighting the flexible work
options available to them.
• Start small; better results are
obtained if the project is taken in
small steps.
• Make effective use of supporting
technologies.
The Importance of Vacation Time
Most companies and firms offer paid
vacation time for employees. The
average time given per employee is
two weeks. However, recent studies
show that many employees do not take
advantage of the allotted time, either
using only some of the time or none at
all. Thus raising the level of burnout and
dissatisfaction within the employee.
According to the Hudson time off
survey, 78 percent of the work force
rates their employer favorably when it
comes to allowing them to take extra
time for personal matters. In addition, 80
percent of the same workforce says their
bosses are very or somewhat accepting
if they had to stay home when they are
under the weather.
While the survey results indicate
employers are flexible with time off,
the reality is that many employees are
hesitant to take advantage of the time.
Of the workers who get vacation time, 56
percent do not use it at all, 30 percent
say they take less than half of their days
Balance, continued on page 16
O n e Profession. One Voice.
10 Tips for Getting
Your Work/Life in Balance
1. Negotiate a Change with Your
Current Employer. The changes
can include flextime, job-sharing,
telecommuting, or part-time
employment.
2. Find a New Career. Some
careers are simply more stressful
and time-consuming than others.
Now may be the time to explore
careers that are less stressful and
more flexible.
3. Find a New Job. Rather than a
career change, perhaps you simply
need to take a less stressful job
within your chosen career.
4. Slow Down. Life is simply too
short, so don’t let things pass you in
a blur. Take steps to stop and enjoy
the things and people around you.
5. Learn to Better Manage Your
Time. Avoid Procrastination. For
many people, most of the stress
they feel comes from simply being
disorganized and procrastinating.
6. Share the Load. Even though we
may sometimes feel we’re the only
ones capable of doing something,
it’s usually not the case. Get your
partner or other family members
to help you with all your personal/
family responsibilities.
7. Let Things Go. (Don’t Sweat the
Small Stuff.) It’s simpler said than
done, but learn to let things go once
in a while. Learn to recognize the
things that don’t really have much
impact in your life and allow yourself
to let them go.
8. Explore Your Options. Get Help.
If you are feeling overwhelmed with
your family responsibilities, get help
if you can afford it. In many cases,
you have options, but you need to
take the time to find them.
9. Take Charge. Set Priorities.
Sometimes it’s easier for us to allow
ourselves to feel overwhelmed
rather than taking charge and
developing a prioritized list of things
that need to get done.
10. Simplify. Find a way to simplify
your life. Change your lifestyle.
Learn to say no to requests for help.
Get rid of the clutter and baggage in
your house and your life.
© Dr. Randall Hansen, founder of
Quintessential Careers. He is also a
tenured, professor of marketing in the
School of Business Administration
at Stetson University in DeLand,
Florida. He can be reached at
[email protected].
Accurate Records Are Central to New Standards
Tom Klaff
CPAs must make changes to prove the authenticity of their audit documentation
All auditors and accountants are
familiar with the American Institute of
Certified Public Accountants’ (AICPA)
recently enacted Statement on Auditing
Standards (SAS) 103. However, many
of these professionals have yet to take
the proper precautions, necessitated by
SAS 103, to ensure the integrity of their
findings, extensive documentation and
supporting evidence for peer review.
SAS 103, which went into effect on
December 15, 2006 and superseded
SAS 96, establishes standards
and provides guidance for proper
audit documentation. Among other
things, SAS 103 requires that audit
documentation be detailed enough so
that an “experienced auditor” having no
connection to the audit can understand
the work performed, evidence obtained
and conclusions reached. This added
level of detail to the audit report requires
that auditors document all significant
discussions with management, including
when the discussion took place.
Additionally, SAS 103 states that oral
explanations of evidence and findings
cannot be used to support the auditor’s
work, making electronic records
supporting the conclusion of paramount
importance.
Because accurate and secure
records are central to the new standards
set forth in SAS 103, it is clear that
auditors need a way to prove that
their documentation has not been
altered since its creation. Without the
aid of verbal explanations or specific
knowledge of a particular audit, an
experienced peer auditor will need to
rely on the accuracy and integrity of
electronic records to support a fellow
auditor’s conclusions. The alarming
ease with which electronic records can
be tampered, coupled with the troubling
frequency of such tampering, can
justifiably concern an auditor and a peer
reviewer.
The Cyber Security Industry
Alliance issued a white paper on data
manipulation in November 2006. In it,
they offered perspective on prevention
of security breaches and electronic data
tampering referenced above.
In addition to strong corporate
policies governing the access and usage
of stored digital information, there are a
number of data-level integrity solutions
available to organizations today.
The most effective of these solutions
provide objective, non-collusive proof
of business record integrity that is
independent of an organization’s people,
processes and technology, as well as
a method to validate record integrity
over the long-term, regardless of
changes in an organization’s technology
infrastructure. Trusted time stamping is
a good example of a solution that meets
these criteria.
In order to meet SAS 103
requirements, CPAs are increasingly
considering trusted time stamping
solutions. Trusted time stamping
is a data-level security control that
enables CPAs to independently and
cost-effectively prove that electronic
audit records are authentic and enable
auditors to meet SAS 103 requirements.
By using integrating data-level integrity
controls, CPAs can unquestionably
prove – independent of their people,
processes and systems – that their
electronic records existed at a point in
time and have not been altered since.
A third-party time-stamp proves that
people within the organization and
outside the corporate perimeter neither
altered nor backdated any electronic
data.
Leading time-stamping
methodologies should include the
following features:
Long-lasting Protection. The timestamping method must provide
unimpeachable proof of record
authenticity far into the future, despite
hardware, software and service
provider dependencies.
Independently Verifiable. The
time-stamping method must provide
objective proof of business record
integrity, independent of a company’s
people, processes and systems.
Standards-based. The time-stamping
method must be accredited by either an
international standards body such as
International Standards Organization
(ISO), or a domestic standards
body such as the American National
Standards Institute (ANSI), to ensure
future reliability and performance.
How do trusted time-stamping
solutions work? They seal digital
audit records by generating a unique
“hash,” or digital fingerprint, from each
electronic audit record. This hash then
gets transmitted via a secure Internet
connection to one of a geographically
distributed data centers. The hash is
then combined with a secure timestamp
and other traceable information to create
a timestamp token that is sent back
to the customer where it is securely
linked with the archived audit record. To
preserve confidentiality and evidential
integrity, the timestamp provider only
handles the secure hashes of audit
records and not the records themselves.
Every file’s hash and time value are
linked together forming a “hash chain.”
With this process, auditors and peer
reviewers can prove that any given audit
record, sealed with a trusted timestamp,
existed at a point in time and was never
C u r r e n t A c counts w January/February 2008
Records, continued on page 27
GSCPA Members Prove Accountants Are Funny To o
Many people still think the most hilarious oxymoron is
a funny accountant, but after three years of searching
for humorous financial professionals, the Dunwoody
accounting and recruiting firm Accountants One knows
differently. Committed to dispelling accountants’
undeserved reputation as ‘humorless number
crunchers,’ the firm dedicates its annual amateur
comedy night to exposing the unsung humor of
financial professionals.
After two years of outstanding success, the search
was expanded to include the entire Southeast. This
year brought the largest number of applicants yet,
along with some of the funniest, as the Search for the
South’s Funniest Accountant has become one of the
biggest nights for comedy in Atlanta.
Two of this year’s participants are GSCPA members
and long time friends, Mike Verner and Tom Downs.
Mike served as the GSCPA president in 2002-2003
and is a managing partner at Verner, Bromberg &
Cohen, CPAs, while Tom is holding down the fort as
president of Downs & Colquitt CPAs. The two have
been friends for over 30 years and not only enjoy the
humor of established comedians, but particularly like
poking fun at each other.
After having one of the best times of his life
competing in last year’s search, Mike came back for
another shot – this time to try and claim the title of
the Funniest Accountant in the South. When asked
about his inspiration, Verner says he gets his comedy
material simply from observing people in everyday
life. His favorite comedian is Seinfeld and has been for years.
When he isn’t watching baseball or college football, he likes to
spend time outdoors.
Verner’s buddy and challenger, Downs says he knows
funny when he sees it, whether it’s an unusual twist to a story
or the jokes told by Johnny Carson, his favorite comedian.
After watching last year’s competition, Tom decided to put
his comedic skills to the test in this year’s show, claiming he
wanted to give it a shot and cross off one of the many items
on his list of things to do before he dies. When this Marietta
resident is not working or practicing his routine, Downs likes to
play golf and hang out in the North Georgia Mountains.
As real-life proof of the typical reaction to the idea of
accountants performing comedy routines, Downs says most
people are surprised to find out he has a sense of humor
because his job is so serious.
With encouragement from family, friends, co-workers and
each other, both GSCPA members represented the accounting
community as they brought down the house at this year’s
Search for the South’s Funniest Accountant with Tom taking
home second place!
However, before Tom’s victory, the pair faced a long road
to make it to the stage where they performed in front of an
audience of over 550. Auditions came first and this year’s
competition was fierce. Once chosen, Tom and Mike attended
Comedy Boot Camp where they honed their acts and had a
Pictured (l-r): Mike Verner; Rufus Payne,
2007 winner; and Tom Downs.
chance to perform in front of their first live audience – their
competitors. Then, after lots of practice under their belts and
their wives having heard their routines one too many times,
Tom was ready for his comedic debut while Mike was in gear
for a second year to give Tom a run for his money.
While the event may seem like fun and games, both
contestants had serious answers when asked about the best
advice they received in preparing for their shining moments.
Tom offered the valuable equation, “The set up for the
punchline has to be worth the laughter,” while Mike added, “If
you forget your material, just keep going and never talk over
laughter because that is the crowd’s way of showing their
appreciation.”
Besides providing a platform for budding comedians with
a flair for numbers, the annual comedy event capitalizes
on its popularity to benefit the community. As the show has
grown, the tremendous amount of local support for this
event has skyrocketed. Proceeds from the October 25 event
benefited a worthy cause, Junior Achievement of Georgia,
which brings the real world to students by opening their minds
to their potential and bridging the business and education
communities.
The night’s winner was Tucker resident and Georgia
State accounting student, Rufus Payne. Third place went
to Gilbert Lawand of Atlanta. Both Mike and Tom said they
enjoyed their experience at this year’s Search for the South’s
O n e Profession. One Voice.
Funny, continued on page 25
Distinguished Speakers Dinner An Enjoyable Event
The Georgia Society's Distinguished Speakers Dinner was an enjoyable
evening as colleagues and friends gathered for a delicious dinner and an
energetic and outgoing speaker. Barry Asmus, Ph.D., was the featured speaker.
Over 150 people attended the event, which took place November 15, at the
Westin Buckhead in Atlanta. Attendees and their guests represented 25 public
accounting firms, 14 companies, and six colleges and universities.
Dr. Asmus focused on the "Six Unstoppable Trends Shaping the U.S. Economy."
These six trends include demographics, population growth, inflation/stable price
level, taxes, productivity, and globalization. "Taxes matter. Incentives matter,"
said Asmus. "When you reward an economic activity you get more. When you
penalize it you get less."
He then moved on to discuss the economic impact world-wide, and who the
powerhouse of the 21st Century is in regard to growth. China and India account
for 40 percent of the world’s population, are in a high growth mode, and are
pulling much of Asia with them. Just 40 years ago two-thirds of the world was
excluded from the world economy. Now, China, India, the former Soviet Union,
Eastern Europe and Africa have rejoined the global economy.
Dr. Asmus rounded out his presentation by noting that an entrepreneurial fire
has been lit that threatens to take the world to record prosperity in record time,
and America will be one of the prime beneficiaries of that growth.
A short question and answer session with Dr. Asmus followed the presentation.
8
C u r r e n t A c counts w January/February 2008
O n e Profession. One Voice.
9
Five Winning Tips for Business Development
Robin Hensley
Marketing is likely the last thing on your mind as you
gear up for tax season — and that’s a major missed
opportunity if you want to develop your business.
“Busy Season” is actually a prime time to nurture
your best clients, cut loose of problem clients and
plant the seeds for new opportunities. Ask any top
rainmaker in the accounting profession, and they’ll
tell you that this is the time to hunker down and be
with your clients — while they’re sitting, captive,
across the desk from you.
This business development effort requires a
strategy, however, and for some CPAs, a willingness
to step outside their comfort zone.
Here are a few tips to get you headed in the right
direction:
1. Seize the moment.
Sharp accountants rev up their business
development during “Busy Season” because it is the
one time a year when they see all of their clients.
When your A-list client comes in for his
appointment at 11 a.m., take him to lunch
afterwards, then pop that all-important question:
Does he have a friend or business associate who could utilize
your services?
Speaking of services, don’t forget to ask if there’s anything
you can do to improve — it shows how much you appreciate
the business.
And while you’re in the asking mode, see if there’s an
opportunity to introduce other services. If your firm only
handles the tax returns, for example, ask the client how his
audit and consulting services are doing.
The best advice on this topic comes from master marketer
Steve Gross, founding partner of HLB Gross Collins PC.
“In our business, we don’t sell,” Gross says. “We get our
clients to talk about their problems, then we listen, and then
we help solve those problems. Every service is, in some form,
a solution to a client problem. So the key to marketing is to get
the client talking.”
2. Make a hit list.
Busy season is also a chance to evaluate the masses
marching in for their annual visit.
Do you really want to hang on to the client who won’t pay
more than $500 for a return yet who calls you five times a
week for free advice?
Think about your ten best clients and what you need to do
to keep them on the roster. Remember, if you’re not taking
your service up a notch, someone else will.
You may be current with the latest changes in the tax
code, but are you current with your clients’ businesses? What
challenges are keeping them up at night? How can you help
boost their bottom line?
Do you know the clients’ attorneys and bankers? Think in
terms of building a team for your client, which can open the
opportunity referral sources for one another.
3. Draw up a weekly plan of attack.
Accountants are naturally programmed for big, seasonal
deadlines. Perhaps that’s why so many don’t seem to plan for
all those weeks in between.
Marketing has to become part of your everyday, every
week mindset — not just something you think about once in a
while. It’s simply a matter of remembering to ask a question or
two.
For example, if Mrs. Jones, a widower, is coming in for
her tax return on Tuesday, remember to ask her if she knows
any other widowers or friends who might benefit from your
services.
And if you see that one of your better clients, Dr. Smith, a
dentist, is coming in that Thursday, freshen up on a few trends
in his profession to get the conversation rolling.
The most productive marketing is one-on-one, but you’ve
got to be ready for it.
4. Connect the "Six Degrees of Separation.”
Referrals are a great way to get new business, but it’s simply
not enough to tell your clients how much you appreciate
referrals, and then sit back and wait for the phone to ring.
The best referral gurus in this business do the leg work
themselves, drawing up a list of target clients and then asking
their existing clients and contacts for help connecting the dots.
It’s a small world, after all, and often times, even smaller
in the business community. Once you begin “mining” your
existing clients connections leading to your target clients, you’ll
never go the passive route again.
Let’s say you’ve got three clients in the general contracting
business. Who are the lawyers for each of them? Those
attorneys, in turn, may have contractor clients.
So, show your client wish list to your existing clients and
ask if they know anyone connected to those firms. They may
Development, continued on page 24
10
C u r r e n t A c counts w January/February 2008
2008
Annual Convention
J u n e 2 2 -2 5, 2 0 0 8
Sandestin Golf and
Beach R esort
Destin, Florida
Plan to join the GSCPA in Florida this June for outstanding CPE and exciting
networking events. For more information on the 2008 Annual Convention,
please visit the GSCPA web site and click on "Annual Convention" under
Society News on the homepage.
O n e Profession. One Voice.
11
Providing Leadership for the Profession
Much of the work done by the Georgia
Society of CPAs is accomplished by
volunteers on committees, sections,
and task forces. These “work teams”
provide a great opportunity to network
with other members, expand your
knowledge base, and be of service to
the profession.
Committees
Accounting Career Awareness
Expand awareness among students
about career opportunities in
accounting. Encourage communication
between colleges and universities in
Georgia and the CPA profession.
(Members to be appointed by the
GSCPA President)
Bylaws
Receives suggestions for and initiates
amendments of the bylaws, and
submits drafts of recommended
changes to the Board. Reviews and
submits recommendations on proposed
amendments to chapter bylaws.
Financial Literacy
Identifies and develops programs to
educate target groups about financial
topics. The programs are to increase
the awareness of issues that are of
importance to specific audiences
Peer Review
Educates members on the value of the
peer review process and administers
peer reviews to Georgia firms in
accordance with the AICPA.
High School Residency Programs
Plans and implements summer
programs at UGA and Georgia
Southern University that introduce
high school students to careers in
accounting.
High School Student Outreach
Plans and implements programs
designed to educate high school
students on the accounting profession
and financial strategies for their age
demographic.
Leadership Academy
Plans and implements the Leadership
Academy, a program developed to
provide participants with leadership
skills and expertise they will use in their
careers.
Professional Ethics
Investigates complaints made against
members for alleged violations under
the Code of Professional Ethics of
the Society. Committee members are
required to complete a CPE ethics
course prior to or during the first year
of service. Required attendance policy
enforced.
OUTREACH Task Forces
Task forces are open to all members
of the Society and also provide a great
opportunity to become involved with the
Society.
12
College Outreach
Develops and implements programs to
promote the CPA credential to college
and university students.
Leadership Academy Alumni Responsible for developing advanced
leadership programs and networking
opportunities for GSCPA Leadership
Academy alumni.
Minority Issues
Promotes and supports minority
accounting students in their pursuit of
a career in the accounting profession
with an initial goal of getting their CPA
certification.
CONFERENCE Task Forces
Conference task forces are open to all
members of the Society and provide a
great opportunity to become involved
with the Society through the planning of
the yearly educational conferences.
Accounting Institute
Coordinates and presents annual
conference that covers topics such as
professional regulations, fraud, peer
review, and professional standards.
Annual Convention
Plans and implements the program and
CPE for the current annual meeting of
the Society.
Estate Planning
Plans annual conference designed
for estate planning professionals, and
covering a range of topics, current
events, and financial planning.
Financial Institutions
Plans annual conference that discusses
issues affecting the financial institution
industry.
C u r r e n t A c counts w January/February 2008
Fraud
Coordinates and implements this
conferences designed to show
attendees their role in detecting
and preventing fraud, and teach the
procedures needed to follow if fraud is
suspected.
Government A&A
Plans the annual conference for CPAs
in the government sector that covers
issues such as paperless audits, GASB
updates, and e-commerce.
Healthcare
Oversees the implementation of the
annual conference aimed at CPAs and
attorneys in the healthcare field.
Real Estate
Presents annual conference that
communicates and discusses issues
affecting the real estate industry.
Spring Decision Makers
Coordinates and presents annual
conference aimed at consultants,
CFOs, CEOs, and CPAs in Industry
and the business community.
Spring Government Workshop
Implements this one day, in-depth
workshop on a topic specific to the
government arena.
Southeastern Accounting Show
Plans, implements, and coordinates
GSCPA's largest conference of the
year, held in August.
Tax Forum
Plans this conference for tax
professionals in all areas. Held in
Atlanta and Savannah each fall.
Technology
Plans and develops the conference on
technology.
Work/Life Balance
Plans and develops the program for the
work/life balance conference. Assists in
identifying speakers and program.
To volunteer for a committee or task
force, sign up on the form to the right, or
visit the GSCPA web site:
http://www.gscpa.org/Content/
MemberConnections/VolunteerOpp.aspx
2008-09 Committee and Task Force Registration Form
Name
Member #
Email
Indicate 2008-09 committee and task force preferences below. You may select
as many committees and task forces as desired; however, all requests may
not be filled. If you have served on a committee, or task force in the past, you
will NOT automatically receive the same assignment. Committee assignments
are for the next fiscal year, beginning June 1, 2008.




COMMITTEES
Bylaws
Financial Literacy
Peer Review
Professional Ethics 





OUTREACH TASK FORCES
College Outreach
High School Student Outreach
High School Residency Program
Leadership Academy*
Leadership Academy Alumni*
Minority Issues
*Must be a graduate of
the Leadership Academy






q
q
q
q
q
q
q
q
CONFERENCE TASK FORCES
Accounting Institute
Annual Convention
Estate Planning
Financial Institutions
Fraud
Government A&A
Healthcare
Real Estate
Spring Decision Makers
Spring Government Workshop
Southeastern Accounting Show
Tax Forum
Technology
Work/Life Balance
Return completed form to Jennifer Poff
by March 3, 2008
Register online at
http://www.gscpa.org/Content/MemberConnections/VolunteerOpp.aspx
Georgia Society of CPAs
3353 Peachtree Road NE • Suite 400
Atlanta, GA 30326-1414
404-231-8676 • Fax 404-237-1291
www.gscpa.org
Take an active role in serving your
profession and professional organization join a committe or task force.
O n e Profession. One Voice.
13
Wealth Management - Do You Have What it Takes?
Bill Stevens
If you're like many CPAs and tax professionals, you want to
offer more comprehensive financial services to your clients,
but are unsure how. You may wonder if you've got what it
takes to lead a true wealth management firm. Perhaps you're
unsure what exactly wealth management means. After all, the
term has become watered-down and ambiguous with overuse.
Wealth management means providing holistic, tax-optimized
financial services to your clients, plain and simple. If you
want to serve more clients, serve them better, and take your
practice to the next level, you've already taken the first step.
The next step is to ask yourself a series of questions. Your
answers to these questions will determine whether or not you
possess the qualities of a wealth management professional.
What do you value? You
are what you believe, and
your beliefs drive your
actions. To succeed as
a wealth management
professional, you must
be committed first and
foremost to improving
and safeguarding your
clients' lives. Wealth
management represents
the financial services
profession in its most
ethical incarnation.
You should build
your business upon a
fundamental desire to
serve your clients and
render them life-enriching services. Make sure that your
number one value is serving your clients. Your firm’s success
begins by making your clients’ financial lives a success.
Do you thirst for professional knowledge? Because you
are committed to serving your clients, you must be fluent in
every area of wealth management that can impact your clients'
lives. Formal education is crucial, but you shouldn't stop there.
If you truly aspire to wealth management, you will seek out
the support and advice of your peers. You will not hesitate to
bring in the help of outside wealth management professionals
as resource partners to complement your own technical
expertise. Make education a priority as you build your wealth
management practice.
Do you spend time on relationships? You can only offer
trusted advice when it is based on a penetrating understanding
of your clients' financial makeup: their goals, their needs, and
their resources. This understanding comes through deep and
long-term relationships. You start with an advantage, though:
your clients already trust you with their taxes. It is reasonable
then, to expect that with proper attention to the relationships
you have with your clients, they will come to trust you with all
of their wealth management needs. If you focus on nurturing
and strengthening these relationships, your firm and your
clients will reap the rewards.
14
Do you power your firm with systems? Systems streamline
your wealth management processes and add consistency
and predictability to your client engagements. First, you need
a client meeting system organized around a three-meeting
cycle of discovery meetings, implementation meetings, and
review meetings. Second, you need a marketing system
to drive appointments by communicating your ability to
address wealth management issues and design and deliver
customized solutions. Third, you must have a staffing system
that defines and assigns specific roles and responsibilities for
your financial services staff, enabling them to deliver focused
client services and solutions. Systems are an integral part
of successful wealth management practices, and the design
and implementation
of efficient systems
should be a major
focus as you build your
own practice.
What is your vision?
You must have a vision
for your firm—and act
on it every day. A vision
acts as a powerful
tool, catalyst, and
guide for the future
of your business, for
your clients, and for
yourself. As a leader,
you define the specific
vision for your wealth
management firm, and
you make the decisions that make that vision a reality. Growth,
either in the breadth of the services you offer or in the depth
of client services, is your starting point. You can't shrink your
way to greatness, and growing your firm requires setting goals,
developing action plans, defining measures of accountability,
and building capacity. You must think and act like a leader, and
your long-term vision is your blueprint for action.
So, how did you do? Are you prepared to lead your firm
to the heights of wealth management? If you are, what are
you waiting for? Make the leap forward. Use the questions
above as a yardstick with which to measure your progress.
Remember, though, that wealth management is a journey that
never ends. You must constantly review yourself, strengthen
your values, further your education, build relationships,
adopt systems, and implement your vision. The result will
be growth—both personal and professional—as well as
client satisfaction, which is the ultimate goal of a true wealth
management professional.
Bill Stevens is vice president of marketing for 1st Global, the
wealth management and business development partner to
leading CPA, tax and accounting firms. For more information,
visit the company's web site at www.1stGlobal.com.
C u r r e n t A c counts w January/February 2008
Reducing the Tax Hit In This Life
Looking for a novel way to help your
clients save on taxes in this life and the
next one, too? You may suggest they
consider new incentives from the State
of Georgia that offer large landowners
an opportunity to reduce their property
and income tax hit, while minimizing the
impact of large land-related assets on
their estates. In addition, by working with
their local governments, they may also
be eligible for certain state grants and
low-interest loans.
Proposed by Governor Perdue
and passed by the Georgia General
Assembly, the Georgia Land
Conservation Program (GLCP)
encourages landowners whose property
meets certain criteria to put their land
into permanent conservation through
a conservation easement or fee title
conveyance. Targeted parcels include
prime agricultural land, land with high
wildlife conservation values, property
with wetlands, creeks or along rivers,
historic or culturally significant sites,
scenic or recreational areas or similar
locations.
Conservation easements are
obviously not a new strategy. They have
existed for some time. What is new is
a more prominent role for the state in
using conservation easements as a tool
to protect critical parcels.
In return for surrendering their
development rights, the landowner
may qualify for federal, state and local
tax advantages, while also capitalizing
on a tax strategy to help them pass
their property to their children and
grandchildren. All the while, they
continue to own, control and use the
land for a variety of purposes.
Here is a summary of benefits now
available for clients willing to consider
placing land into a conservation
easement.
Tax Advantages
There are many incentives for land
owners who want to consider donating a
conservation easement on their property
or a portion of it. These include an
attractive blend of potential tax savings.
For example, the State of Georgia
Tax Credit Act of 2006, administered by
the Department of Natural Resources
(DNR), offers tax credits up to $250,000
for individuals and $500,000 for
corporations with up to six years to use
them. Details for this program are also
available on the web site at http://www.
glcp.org.
If the donation or bargain sale
of an easement in 2007 meets IRS
requirements, landowners can deduct
the donation on federal taxes for
up to 50 percent of their adjusted
gross income for up to sixteen years.
Conservation easements may carry local
property tax benefits, too.
For tax purposes, land is often valued
at its “highest and best use,” which in
many cases means its development
value. If those developmental rights are
conservation easement. The following
services are available through the
GLCP:
• Low interest loans to cities or
counties for fee title or easement
purchases from the Georgia Land
Conservation Revolving Loan fund.
The state has a $55 million revolving
low interest loan pool to help finance
land conservation transactions.
• Competitive grants are available
for cities, counties or DNR in making
fee title or easement purchases.
Currently, the state has $48.6 million
in land conservation grant funds
($42.3 million for projects of
surrendered through a conservation
easement, the property’s assessed
value may be less — thus reducing the
parcel’s property taxes.
Also, putting the land in a
conservation easement may help
landowners pass the land to their
heirs. Upon the death of the primary
owner, large farms sometimes must
be subdivided or sold by the heirs to
pay high estate taxes. By eliminating
the land's development potential, the
easement also lowers its market value
for estate purposes, thus reducing or
even eliminating estate taxes.
Loans and Grants
Under the GLCP, land owners may also
be able to partner with their local city,
county or the DNR who can then apply
for low interest loans or competitive
grants to help purchase land or a
statewide significance and $6.3
million for grants to cities and
counties), however a significant
match is required.
• Local governments and land owners
can obtain technical assistance to
identify other organizations,
agencies, foundations and land trusts
that participate in enacting, holding,
and potentially funding conservation
easements.
To obtain a grant or loan, GLCP
applications are due no later than March
1, June 1, September 1, and December
1 of each year. Each project area is
visited by GLCP staff and scored,
generally within five weeks of the
application’s receipt.
The Governor’s Land Conservation
Council considers applications at each of
Land, continued on page 25
O n e Profession. One Voice.
15
Balance, continued from page 5
off, 20 percent only plan on taking long
weekends instead of a full vacation, and
30 percent have felt they had to call in
sick when they were actually not ill.
In addition to making sure employee
needs are met daily, managers need
to make sure employees take vacation
time during the year and taking a break
from the office. Technology today makes
it very easy to stay in constant contact
with the office and hard for employees to
disconnect.
Mobile Technology Blurs the Line
Between Home and Office
Technology makes the virtual office a
reality and allows for more flexibility
of work hours. However, this ease of
connectivity also makes it increasingly
difficult for employees to let go of the
office, focus on personal matters, and
even take vacations.
In early 2007 Yahoo! Hot Jobs
conducted a survey to determine the
use of wireless devices for work and
home. The survey found that workers
used devices such as laptops and
Blackberries equally for work and
personal reasons. Among the most
commonly used pieces of equipment are
cell phones, laptops, and smart phones.
Most of the individuals in the survey
responded favorably to the use of
wireless devices, but more than a
quarter of them also feel they are kept
on a permanent corporate leash with the
devices.
Georgia Society of CPAs Initiative
The GSCPA recognizes the importance
and the need for work/life balance
strategies. On May 9, 2008 the
Society will offer a Work/Life Balance
conference in Atlanta. Designed for all
demographics of the membership, the
conference will offer strategies, tactics,
and alternatives for developing and
maintaining work/life balance.
www.worktolive.info
GMT is an enterprise-wide solution
provider headquartered in Atlanta
(www.gmt.com)
1
Work/Life Balance Conference
May 9, 2008
Cobb Galleria Centre, Atlanta
Daily Strategies for Everyone
The Work/Life Balance Conference is designed for all demographics
of the GSCPA membership. Regardless of experience level,
everyone can benefit from strategies to help balance work and
home. Build in more time for vacations, take a moment to unwind,
and learn to simplify the world you live in.
Join the GSCPA this spring at the Cobb Galleria to hear from top
experts on how to accomplish balance. Topics include:
• Work/Life Balance – Why does it Matter?
• Living and Loving Our Balance
• Success Stories - Work Life Balance in Action
• Effective Time Management
• Health and Fitness - Striking a Balance between Mind and Body
• Making the Most of Family Time
• What Do Successful Alternative Work Arrangements Look Like?
• Burn In/Burn Out (Your Self and Your Team)
• Stress Management
• Managing Your Environment
• Living With Technology
2
To register for the conference, please visit the GSCPA web site at
www.gscpa.org, click on the Continuing Educaton tab, then select
Conferences from the left-hand side, and choose Work/Life Balance
Conference from the list.
Make a resolution to open your world
to more balance and a healthier you in 2008.
16
C u r r e n t A c counts w January/February 2008
Member and Chapter News
Elliott Davis, LLC, has recently named
Bill Woodward as office managing
shareholder of the firm’s Aiken and
Augusta offices.
Yelena Epova, partner in Habif, Arogeti
& Wynne's Tax Group, was recently
recognized by Atlanta Magazine as one
of their up-and-comers.
Patrick M. Terry recently joined
Professional Screening & Information,
Inc. as chief financial officer.
Willam A. Taylor of Taylor CPA, LLC,
was recently recognized by Georgia
Trend magazine as a member of the 40
Under 40 class of 2007.
Aarons Grant & Habif, LLC, is pleased
to announce the addition of Carmen
Burroughs, Theresia Sulaiman, and
Wei Chen as staff accountants.
The 2007 AICPA CPA/SEA Leadership Conference was held in October in
Tampa, Fla. The conference is held annually as leadership training for all state
society presidents-elect. Pictured (l-r): Barry Melancon, AICPA president; Gary
Julian, GSCPA excutive director/COO; Stewart Carlin, GSCPA president-elect;
and Ernie Almonte, AICPA vice chair.
Homrich & Berg, Inc., is pleased
to announce that Anthony Guinta,
a principal of H&B, was recognized
by Barron’s as one of the top 100
independent investment advisors.
The GSCPA is pleased to announce that
Donna Heavener, associate executive
director and Nealy Wheat, member
services manager, were selected as two
of the Georgia Society of Association
Executives 90 Movers and Shakers.
Forrer & Associates, an executive
search firm headquartered in Atlanta,
is pleased to announce the promotion
of Tiffany Hoffine to the position of
partner.
Kate Rogers has recently joined the
firm of Tom C. Hudson, CPA, PC, in
Newnan.
Elliott Davis, LLC, recently named
Elizabeth Woodward Finch as
assurance and advisory services group
manager in the firm’s Augusta, Ga.
office.
Reznick Group, PC, announces the
appointment of A. Mitchell (Mitch)
Poole, Jr., as its Chief Operating Officer
(COO).
Smith & Howard, PC, recently added
the following: TraLiza King, tax senior;
Kerry Clark, accounting, advisory and
assurance senior.
Timothy Richie has joined Dixon
Hughes PLLC as an audit member in
the firm’s Atlanta office.
Carr, Riggs & Ingram, LLC, announces
the addition of staff accountant Bill
Dukes to the firm.
Tarpley & Underwood is pleased to
announce Greg Banister, CPA, has
joined the firm as an audit manager.
In Memoriam
We sincerely regret the loss of the
following members and extend deepest
sympathy to their families and friends.
James Gullion
Lawrenceville, Ga.
Michael Kantor
Atlanta, Ga.
Bruce Kaufman
Norcross, GA
J. Michael McGehee
Atlanta, Ga.
LaForest Meyer
Augusta, Ga.
Sonya S. Rippey
Savannah, Ga.
O n e Profession. One Voice.
Barry Melancon Appointed
to Treasury Panel
Barry Melancon, AICPA President
and CEO, has been appointed as
a member of a panel on the future
of the auditing profession recently
established by Secretary of the
Treasury Henry Paulson. Melancon
has extensive knowledge of the
auditing profession and will bring
a vital perspective to the panel’s
public discussions.
“I am looking forward to
working with Treasury to develop
recommendations on all aspects
of our profession, capital market
competitiveness and especially
on attracting young people to
accounting,” Melancon said.
The panel will be co-chaired by
former Securities and Exchange
Commission Chairman Arthur Levitt
and former SEC Chief Accountant
Donald Nicolaisen.
“There are legitimate questions
about the sustainability of the
auditing profession’s business
model and concern about the high
degree of auditor concentration
among the largest public
companies,’’ Paulson said.
The AICPA has issued a
statement that is available on its
web site: http://www.aicpa.org/
download/news/2007/US_Treasury_
Names__Barry_Melancon_to_
Advisory_Panel.pdf.
17
Continuing Professional Education News
Upcoming Courses for February and March
A Practical Guide to Mergers and Acquisitions
Course No. 03001
Thursday, March 06, 2008
Credit: 8 General
Instructor: Dennis Gerschick
8:30 a.m. - 4 p.m.; GSCPA Training Center, Atlanta
The primary emphasis of this course will be on the business
and financial considerations in structuring a merger or
acquisition. Key questions to be addressed include: Should
a deal be done? At what price? What roles do the lawyers,
accountants, proxy solicitors, and investment bankers play?
Negotiating and Structuring Business Deals
Business Law Issues Every Accountant Should Know
Course No. 02001
Thursday, February 7, 2008
Credit: 4 A&A; 4 General
Instructor: Dennis Gerschick
8:30 a.m. - 4 p.m.; GSCPA Training Center, Atlanta
This course will provide an overview of a number of
important and common legal issues that frequently confront
business owners and managers. Accountants can provide a
valuable service to their client by identifying potential legal
issues early on, as well as general information.
Creating & Enhancing the Value of a Business
Course No. 02002
Friday, February 8, 2008
Credit: 8 General
Instructor: Dennis Gerschick
8:30 a.m. - 4 p.m.; GSCPA Training Center, Atlanta
A private business is often the owner's largest asset. Learn
to advise them more effectively regarding how to create
and enhance the value in their business. This course will
integrate business, valuation, and legal issues.
FASB Review for Industry**
Course No. 02003
Friday, February 22, 2008
Credit: 8 A&A
Instructor: Richard Townsend
8:30 a.m. - 4 p.m.; GSCPA Training Center, Atlanta
Gain expertise from a high-level approach to financial
reporting issues backed by detailed descriptions and
examples of the implementation of new standards. The
course will guide you in assessing recent FASB and AICPA
standards and provide an understanding of the latest
pronouncements and exposure drafts.
Course No. 03002
Friday, March 07, 2008
Credit: 8 General
Instructor: Dennis Gerschick
8:30 a.m. - 4 p.m.; GSCPA Training Center, Atlanta
This course will explore the advantages, and disadvantages,
of outsourcing and doing business with third parties. It will
also provide practical tips as to how to better structure such
arrangements. This course will also explain the reasons for
such arrangements.
Techniques of Effective Change Management
Course No. 03003
Wednesday, March 12, 2008
Credit: 8 A&A
Instructor: Lynn Northrup
8:30 a.m. - 4 p.m.; GSCPA Training Center, Atlanta
Learn how business processes provide the foundation for
effective and reliable financial reporting, compliance and
creation of value. Concepts of benchmarking and baselines
are explained together with the techniques for process
documentation and mapping along with the questions of how,
who, what, and when.
Conducting Strategic and Competitive Analysis
Course No. 03004
Thursday, March 13, 2008
Credit: 8 General
Instructor: Lynn Northrup
8:30 a.m. - 4 p.m.; GSCPA Training Center, Atlanta
Learn a six-step approach for effectively assessing your
company's operations and strategic components - strengths,
weaknesses, opportunities and threats (SWOT). Discover
how the "five competitive forces" shape industry profitability,
and how strategic performance indicators are necessary for
performing situation analyses and developing competitive
strength assessments.
New Course for 2008
**Qualifies for $30 AICPA discount
To register for these courses, visit the web site at www.gscpa.org, click on
Course Catalog, and enter the course number, or call the CPE Department at 404-504-2985.
18
C u r r e n t A c counts w January/February 2008
GSCPA Conference Update
Be on the Lookout for Top Healthcare Tactics
Healthcare Conference
February 8, 2008
8 hours CPE (possible 3 hours A&A)
Cobb Galleria Centre, Atlanta
Mark Your Calendar
2008 Conferences
Healthcare
February 8
Cobb Galleria Centre, Atlanta
Spring Decision Makers
April 23-24
Cobb Galleria Centre, Atlanta
Work/Life Balance
May 9 (rescheduled from 11/8/07)
Cobb Galleria Centre, Atlanta
Spring Government Workshop
May 16
Macon Conference Center
Kick off the year with the leading authorities in healthcare as
you learn the newest tactics for healthcare accounting. Join the
GSCPA in Atlanta to discuss to following topics:
• Surviving a Tornado: The Sumter Regional Story
• Legal Issues Update (A&A)
• Hear from the Experts: What Keeps You Up at Night?
• Accounting Update: Are You Prepared? (A&A)
• Malpractice: A Topic That is Not Going Away
• Recent Developments in Physician Joint Ventures
• Risk Assessment: Living in the Brave New (Audit) World (A&A)
• Medicare/Medicaid: Current Reimbursement Issues Impacting
Physician Practices • Protecting Patients and Clients as Society Protects
Them Less
• CIA Protection for PHI (A&A)
• Payor Contracts and Reimbursement
• Hot Tax Topics
To register for the Healthcare Conference, visit the GSCPA
web site at www.gscpa.org, or call the CPE department at
404-504-2985.
Georgia Federal Tax Conference
June 12-13
Cobb Galleria Centre, Atlanta
Real Estate
June 19
Cobb Galleria Centre, Atlanta
Technology
NEW!
June 20
Gwinnett Center, Duluth
Estate Planning
July 24-26
The Lodge & Spa at Callaway
Pine Mountain, Ga.
Southeastern Accounting Show
August 27-28
Cobb Galleria Centre, Atlanta
Financial Institutions
September 18
Cobb Galleria Centre, Atlanta
Accounting Institute
October 3
Classic Center, Athens
Fraud
NEW!
October 23
Cobb Galleria Centre, Atlanta
Georgia Tax Forum Atlanta
November 4-5
Cobb Galleria Centre, Atlanta
MAP
November 2008
Location TBA
Georgia Tax Forum Savannah
December 4-5
Coastal Georgia Center, Savannah
Government A&A
December 12
Cobb Galleria Centre, Atlanta
O n e Profession. One Voice.
19
GSCPA Sections Update
Tap Into the Section of Your Brain That Will
Enhance Your Professional Skills
Real Estate Section
2008 Real Estate Roundtable Season
Pass – Course No. 01700 – All Nine
Sessions
The GSCPA Real Estate Section
conducts nine roundtables per calendar
year, and they are intended to give
members a unique insight into different
aspects of Real Estate. The Season
Pass allows you to sign up for all nine
sessions being held throughout 2008.
Each roundtable is held on the fourth
Tuesday of each month beginning in
January with the exception of June,
November, and December. The special
reduced rate is $180, and you must
register by February 26, 2008 to be
eligible. Each roundtable session
qualifies for 1 hour CPE credit.
2008 Real Estate Section Summer
Internship Program
The internship program is part of the
GSCPA's on-going efforts to promote
the CPA profession and to encourage
entry into the profession. The program
is designed to provide students with
training, hands on accounting and
real estate experience as well as an
introduction to potential job opportunities
upon completion of their education. This
program is open to rising college seniors
or graduate accounting students with an
interest in real estate. We invite Georgia
students to participate in the program
by submitting an application by January
15, 2008.
Taxation Section
Annual Meetings with the IRS and
the Georgia Department of Revenue
in January 2008 strive to answer
the many questions and issues that
Tax Practitioners have. In order to
accomplish this task, the Taxation
Section has put together two surveys
which are open to all GSCPA members
to fill out and include specific questions
or concerns they may have. These
questions and issues will then be
addressed at a live Q & A session with
the IRS and Georgia Department of
Revenue separately. These sessions are
open to GSCPA members and notices
will be sent out to all members of the
Taxation Section. To locate the surveys
or the meeting dates, please visit the
Taxation Section web site.
CPAs in Industry Section
Come join your peers at an Industry
Lunch & Learn session of your choosing.
This new opportunity to earn CPE and
network with your fellow members
will be offered 10 times annually.
Each lunch and learn is held on the
third Thursday of the month at the
offices of Tarpley & Underwood. The
registration fee is twenty dollars, with all
sessions beginning at Noon and lunch
being served at 11:30 a.m. For more
information/directions, or to register,
please login to the CPAs in Industry
web site and look in the “Events” area of
their web page. The 2008 sessions will
include topics such as:
• Do’s and Don’ts of Hiring and Firing
• Complete Due Diligence
• The Waxing and Waning of Mortgage
Fraud
• Taxation of Mergers and Acquisitions
averages between 20 and 25 attendees.
To register, please visit the Valuation
& Litigation Services Section web site.
The 2008 series will include topics such
as:
• The Georgia Trade Secrets Act Tells
More Than You Might Think
• Transactional Values
• ESOP Valuations
• Private Equity Groups
Assurance Services Section
This group kicked off their first webcast
in November 2007 – Risk Assessment
Standards: Maximizing the Opportunities
for Efficiency. The event was very well
received and drew over 60 attendees.
The archived webcast is available on the
Assurance Services Section web site for
free viewing.
Valuation & Litigation Services Section
The Valuation & Litigation Services
Section has offered their Roundtable
Series (monthly roundtables – second
Thursdays) for a couple years. The
series usually offers between 6 and 8
monthly, one-hour sessions that cover a
wide variety of topics. The program has
been building in success and usually
http://sections.gscpa.org
20
C u r r e n t A c counts w January/February 2008
GSCPA Member Interest Sections
The GSCPA member interest
sections are member communities
that exist online and in a peer to
peer environment. Each section has
their own web site, which is tailored
to fit the specific area of expertise.
Members have access to content
specific to their practice area and
have the ability to communicate,
network, and educate through
listservs as well as face-to-face
settings. Each section has a
Leadership Team who guides the
direction and activities of the group.
How can I join a section?
Sign up for one or more sections
online at http://sections.gscpa.
org. Once you select a section that
interests you, you will have to enter
your member number and password
to join.
For more information, or with
questions, contact Shannon Cannon,
sections coordinator, at 404-5042937 or [email protected].
O n e Profession. One Voice.
21
P&J AD
22
C u r r e n t A c counts w January/February 2008
Georgia's 529 College Savings Plan Undergoes Changes
Over the past five years, the Georgia
Higher Education Savings Plan (GHESP),
Georgia’s 529 College Savings Plan, has
opened over 83,000 accounts with over
$560 million in savings. With the plan’s
state income tax deduction and low costs,
Money Magazine recently recommended
the GHESP as the best 529 plan for
Georgia residents. Over the years, TIAACREF Tuition Financing, Inc. has been
working to make the plan even better—
they lowered costs even further, added two
new investment options, and improved the
Georgia income tax deduction.
With all of the improvements, the plan
has taken on an exciting new name:
The Path2College 529 Plan. TIAACREF wanted the name to resonate with
all families including those outside of
Georgia, and they wanted to eliminate
any confusion that the plan was only
for Georgia residents attending Georgia
schools. More importantly, they wanted a
logo that focuses on the consumer and a
name that clearly demonstrates the plan is
directly related to saving for college.
The Path2College 529 Plan has added
a 100 percent Fixed-Income Option, and
on March 10, 2008, they will also add a
Money Market Option.1
The previous total annual asset-based
fee for each investment option was 0.78
percent. That fee has been lowered to:
• 0.65 percent for the Managed Allocation
and Aggressive Managed Allocation
Options, commonly referred to as the
“age-based” options; and
• A range of 0.50 percent to 0.76 percent
for the other options.2
Income Tax Deduction Improvements
and CPA Resources
Beginning with the 2007 tax year,
Path2College 529 contributions are
deductible up to $2,000 on behalf of
any beneficiary for Georgia income tax
purposes regardless of the taxpayer’s
annual income (the income limits have
been eliminated). A Georgia taxpayer
is no longer required to itemize his or
her deductions to make this adjustment
to income. In addition, grandparents
and others can take advantage of the
deduction because the beneficiary no
longer has to be a dependent of the
contributor to claim this deduction.
The Financial Advisor link on the
new and improved web site, www.
path2college529.com/checkout529,
provides helpful resources for you when
assisting clients. Also available are the
new Path2College 529 Plan materials
for your office through our college
savings specialists at 866-348-6350. All
old GHESP materials you may have on
file are no longer valid and advisors are
asked to destroy them.
(Please refer to the “Investment Option –
Choosing Your Investment Options and How
the Investment Options are Invested” section
of the Path2College Disclosure Booklet for
more information).
2
(Please refer to the “Fess and Expenses”
section of the Path2College Disclosure
Booklet for more information)
1
Are you fully employed
but unfulfilled?
Contact our Admissions staff to learn how a
legal education will enable you to attain your
goals and secure your future.
Please join us for an Open House
Saturday, February 23, 2008
9:30 a.m. to 12:00 noon
RSVP Online
Office of Admissions
404-872-3593
[email protected]
O n e Profession. One Voice.
1422 W. Peachtree St. NW
Atlanta, GA 30309
www.johnmarshall.edu
23
Development, continued from page 10
also suggest other prospects to add.
5. Enlist a secret weapon.
Rainmaking can be overwhelming,
particularly for new partners who have
the new responsibility of bringing
in business. That’s why a growing
number of accountants are quietly
seeking advice and guidance from
other professionals, such as business
development coaches.
Unlike motivational speakers or
marketing gurus, business coaches can
help accountants develop customized,
targeted plans with measurable results.
By showing you how to organize your
marketing efforts during regularly
scheduled appointments, a coach can
help you use your time wisely.
“I hired a coach initially to increase
the number of new clients, but ultimately
it was a complete revamp of how I was
spending my time,” says Bill Johnson,
CPA, partner at Babush Neiman
Kornman & Johnson LLP. “I was not
well-organized as I would have liked. I
was spending a lot of time marketing but
some of the activities just didn’t make
sense.”
Instead of looking for blind referrals at
networking and group events, Johnson
looked inward and assessed his existing
contacts. With the help of his coach,
Johnson made a list of the best referral
sources and then drew up a plan to build
relationships with each one.
“I realized I was only talking to some
of the best referral sources once a year.
The coach gave me a to-do list that
helped me contact them on a regular
basis,” Johnson says. “It made a huge
difference in the number and quality of
referrals.”
Gross, of HLB Gross Collins, says
he hired a coach to “supercharge” his
rainmaking skills — and like any good
CPA, add some accountability to the
mix.
“I was already pretty active, but I
wanted to instill a reporting system and
impose some discipline on myself,”
Gross says. “When you have a coach,
you have someone who’s not only
pushing you to improve but checking
in on you, too. It’s like a good athlete
turning into better athlete.”
The key to any sound business
development plan, whether you’re
tackling it yourself or enlisting outside
help, is to think in terms of relationships,
not marketing activities.
Think of ”Busy Season” as an
excellent chance to build those
relationships.
Robin Hensley is president and
founder of Raising the Bar, a business
development coaching firm focused on
accounting, law and other professional
services. An alumnus of Ernst & Young,
she is chairman of the audit committee
for a public company and has served
on the board of directors of Northside
Hospital for ten years.
Knowledgeable. Experienced. Responsive.
Real Estate Exchange Services, Inc. is built on a foundation
of excellence. Our goal is to provide you with the best service
for all of your 1031 exchange needs.
3535 Roswell Road Suite 63 Marietta, GA 30062 | TF. 866.602.1031 F. 770.579.0301 | www.rees1031.com
24
C u r r e n t A c counts w January/February 2008
Land, continued from page 15
its quarterly meetings, pending available
funds. However, the council typically
does not take action on an application
until at least one MAI appraisal has
been completed and a land acquisition
agreement is in place with the
landowner. In the past 18 months, the
Council has endorsed 11 conservation
easement projects totaling over 11,000
acres. Full details, including application
forms, are online at http://www.glcp.org.
Preservation Advantages
Concerned over what may happen to
their land after they are gone, some
landowners may have other motivations
to control the use of their land into the
future. Since conservation easements
allow specified farming, ranching,
timber harvesting and similar activities
to continue under the terms of a
conservation easement, the landowner
can use an easement to preserve that
use for future generations.
Landowners may also have altruistic
reasons for using conservation
easements to preserve their land as a
Funny, continued from page 7
lasting contribution to the quality of life
for future generations.
A fundamental reason the state is
encouraging conservation easements
is the real public benefit they provide.
As development consumes more land,
open space, wildlife habitat, stream
buffers and other conservation features
are rapidly disappearing.
Conservation easements allow the
state to partner with landowners to
reduce the overall loss of these critical
land usages.
At the same time, conservation
easements offer greater flexibility and
benefits to both the landowner and the
public. Obviously, before a landowner
decides to implement a conservation
easement, various tax and legal
scenarios should be taken into account.
Yet, if it works for any client’s
circumstances, conservation
easements are a great way for them to
reduce their tax obligations today
and sometimes, even after they
are gone.
O n e Profession. One Voice.
Funniest Accountant and encourage all
of their fellow financial types to come
out to support the cause and prove that
accountants are funny people too.
Accountants One has served accounting
professionals for over 34 years. In taking
the time to get to know their clients and
candidates, Accountants One came
to note their compelling - and often
unrecognized - knack for humor. Now
convinced that financial professionals’
unglamorous reputation is underserved,
the firm took it upon themselves to show
others accountants are funny, too. For
more information on the Search and
too see clips from this year’s contest,
visit http://accountantsarefunnytoo.com.
For more information on Accountants
One, please visit their web site www.
accountantsone.com or call the
office at 770-395-6969.
25
Classified Advertising
business services
Peer reviews for sole practitioners and small
firms. I have the client base, technical skills, plus
the understanding, to help your firm. Fifteen years
of peer review experience with 150 firms ensures
efficient work on report, engagement, and system
reviews. Contact Joe W. Kilpatrick, Perimeter Park,
Atlanta. 770-455-8706; [email protected].
Business Valuations - Estate and gift matters,
SFAS141/142, ESPOs, FLPs, divorces, stockholder
disputes. Substantial IRS and court testimony
experience. Valuations affirmed by NC Court of
Appeals. Mitchell Kaye, CFA, ASA – 770-998-4642.
Past president, American Society of Appraisers–
Atlanta chapter. Charters Financial Analyst. Serving
appraisal clients since 1981.
Business Valuations: Formal valuations, consulting
services for CPAs/clients. Areas: Estate & Gift
Taxes, Family Limited Partnerships, S Corp
conversions: built-in tax gains, Shareholder
Disputes, Purchase/Sale of Business. Contact
Marvin T. Brown, CPA/ABV, CVA, Brown Valuation
Group, for qualifications, references, and a proposal.
706-613-5313 or 770-447-1300.
IRS Assistance – As a retired IRS Revenue Officer
and Offer in Compromise Examiner, I can assist you
in dealing with IRS collection issues and resolving
your client’s federal tax liability, and I am enrolled to
represent taxpayers before the IRS. Michael Davis,
Enrolled Agent, [email protected] or
770-942-1870.
Firm-on-firm reviews: Fowler, Holley, Rambo
and Stalvey, PC is interested in performing your
firm’s peer review. Personnel have 26 years
review experience. Contact Richard Stalvey for
qualifications, references, and a proposal. PO Box
1887 Valdosta, Ga. 31603; 229-244-1559
26
IRS and State Representation. Attorney & CPA
available to consult with your firm or your clients on
IRS and state matters. Audit, Appeal, Collection or
Criminal matters including Offers In Compromise,
Bankruptcy discharge of tax and non-filers.
Practicing in Atlanta since 1982. Call Jeffrey S.
Gartzman, The Gartzman Law Firm, PC; 770-9397710; [email protected].
Most commercial property owners instinctively
believe their CPAs are performing cost segregation
for them, but research suggests that this tax
reduction tool is only used 5 - 10 percent of the time
by CPAs. Visit www.cost-segregation-studies.com
or call 770-476-9694 and request a free copy of
“Income Tax Savings By The Square Foot.”
mergers/office space
Large Buckhead CPA firm seeks to acquire practices
from practitioners in the metro Atlanta area. Please
respond to GSCPA File Box 470.
We have seven beautiful one story Williamsburg
style office condominiums for lease or sale in the
heart of Tucker called Heritage Place Office Park.
Sizes range from 584 to 7,885 square feet. All
units are gound floor and ready for occupancy.
Brand new roofs have just been installed. This is
the nicest property in Tucker. Priced at $15.95 per
square foot, which includes utilities. Building 500 is
for sale at $145 per square foot. The owner will sell
a unit as small as 1,200 square feet or the whole
building, which is 7,885 square feet. This property
is located at the intersection of Hugh Howell Road
and Lawrenceville Highway. Please call Dan at
Advance Realty Service Inc. at 770-220-2626 to
get a complete marketing package for sale or lease
package. The property is located at 4500 Hugh
Howell Road, Tucker, Ga., 30084.
positions available
North Atlanta/DeKalb County CPA firm seeks a
highly motivated individual experienced in tax and
audit to begin a track which will lead to purchase
of the practice within three to five years. Individual
should have a practice to merge with the existing
firm, and have at least five years experience as a
public practitioner. Please respond to GSCPA File
Box 485.
CPA firm near Perimeter Mall seeks senior staff
accountant with 2-5 years public accounting
experience. CPA or CPA candidate. Competitive
salary and benefits in a pleasant work environment,
near 285/GA 400. Fax resume to 770-390-0251.
CPA firm in Alpharetta seeks fulltime Staff
Accountant with an Accounting degree for Writeup, Audit & Tax work; 0-2 years experience. CPA
preferred. Must be available to travel. Smoke free
environment. Send resume to:
[email protected].
Director/Manager of taxation for NW Metro full
service CPA firm utilizing comprehensive CPA and
financial services business model. Large, high
quality client base with regional characteristics
and national reach. Demands polished CPA with
very strong tax, client relations, organizational
and leadership skills. Firm roots to the 1970s.
Outstanding succession and equity opportunity for
the future. Initial compensation in the $90-120k
range for a superior professional ready for such an
opportunity in a class A environment. Please reply
confidentially by email to
akridge_d@ citadelwealthcare.com.
C u r r e n t A c counts w January/February 2008
Records, continued from page 6
Galleria CPA firm has openings for tax
professionals. The idea candidates will likely have
an undergraduate degree in accounting, Masters in
Tax, very strong technical and analytical ability, good
writing skills, good interpersonal skills, be attentive
to detail, and have 0 - 5 years of experience.
Competitive salary and benefits package. Longterm, partnership opportunity available. Send
resume and salary requirements to: Bridges &
Dunn-Rankin, LLP, 200 Galleria Pkwy, Suite 1950,
Atlanta, GA 30339, Attn: Personnel, or to kent.
[email protected].
situations wanted
CPA with 15 years experience in public and
corporate accounting, tax and auditing available for
per diem work in the Atlanta metro area. Experience
with PCs and business software packages. Call Bob
at 770-498-8889.
Mail File Box responses to:
GSCPA File Box _____
3353 Peachtree Road, Suite 400
Atlanta, GA 30326
Questions? Contact Jamie Etzbach at
[email protected] or 404-504-2933.
altered since. If the sealed document
is ever legally challenged, any thirdparty, like a lawyer or regulator, can
easily prove, with a click of a mouse,
the authenticity of the given record. An
auditor using trusted time-stamping has
a distinct advantage over others.
“Under SAS 103, I am responsible
for obtaining the best possible evidence
to support my conclusions and that
includes making sure the electronic
records I used are protected,” said
Pennsylvania-based CPA Jim Milinovich.
“Before using a time-stamping solution, I
used a combination of software products
to protect my data but now I get a higher
level of protection and assurance with
just one click of my mouse.”
Under SAS 103, CPAs bear the
responsibility to ensure that the right
tools and controls are in place for
compliance with these and other data
retention regulations. In today’s digital
economy, the volume of electronic
documents and records within any
O n e Profession. One Voice.
organization will only continue to grow.
By integrating data-level integrity
controls such as trusted time-stamping,
CPAs and auditors can proactively
detect and deter data manipulation
from threats inside and outside the
organization and prove the authenticity
of their electronic records in order to
ensure compliance with SAS 103.
Tom Klaff is the CEO of Surety,
bringing over fifteen years of hightech management experience to the
company, most recently as Founder
and CEO of Reliacast, Inc., a leading
digital media software company. Mr.
Klaff received a Bachelor of Arts degree
in English from Brown University and
a Masters of Science in Industrial
Administration from the Graduate
School of Industrial Administration,
Carnegie Mellon University.
27
You know that sinking feeling when. . .
You find out today what you should have known yesterday.
If you don’t have the right information at the right time, what have you got? Sage Software’s
MAS 90 and MAS 200 family of accounting and business management products give your
company the tools and insights to make better, more timely decisions. Software Link, as a Sage
Select Partner and Master Developer, is dedicated to providing the most advanced software
solutions so you can maintain your competitive edge. Just in time.
The solution starts with you . . .
Contact us at 1.800.521.7322
PRE-SORTED
STANDARD
U.S. POSTAGE PAID
ATLANTA, GA.
PERMIT No. 6495
Atlanta Financial Center
North Tower, Suite 400
3353 Peachtree Road NE
Atlanta, GA 30326-1414