Memorial Gift To the Education Foundation In Memory of George R. Rea, Sr. MISSISSIPPISOCIETYOFCERTIFIEDPUBLICACCOUNTANTS Meridian VOLUME XLVIII JANUARY/FEBRUARY 2011 By James W. Davis Melanie Morrow participates in Oxford AICPA Leadership Academy  Memorial Gifts Melanie Morrow of Grantham, Poole, Randall, To The Education Foundation Reitano, Arrington & In Memory of Cunningham PLLC in Bill Rush Mosby, Jr., Jackson has been recognized Natchez among the accounting By profession’s rising stars, The Gillon Group, PLLC selected as just one of 30 Natchez CPAs under age 36 for the Paul & Connie Brewer AICPA’s annual Leadership Ridgeland Academy in Durham, N.C. Melanie joined colleagues from across the country for three days in October 2010 to learn cutting edge leadership theory, develop tools for handling complex In This Issue management challenges, network with other up-and-comers and discuss a host of strategic issues facing CPAs and the accounting industry. They were joined by some Welcome New Members ...... 2 of the profession’s most experienced leaders, including AICPA Chairman Bob Harris (left) and Barry Melancon, the Institute’s President and CEO. The AICPA selected Tips for Avoiding Estate Tax the 30 attendees of the Leadership Academy from candidates recommended by Return Claims...... 3 their employers, state CPA societies or both. All candidates had to submit resumes that included work history, licensure information, professional volunteer activities, Our Members in the News ...... 4 community service, and awards and honors. In addition, the candidates each had to supply a statement explaining why participating in the Leadership Academy Honor a Member for Public would be important personally. The AICPA reviewed and evaluated each Service...... 6 submission. Melanie holds BBA and MBA degrees in accounting from Mississippi College and is currently President of the Mississippi Young CPA Network. Tentative CPE Schedule ...... 7-8

Sandestin Reservation Form.....12 Report of the Nominations Committee The MSCPA Nominations Committee reports the candidates for Major Events on officers/director for the 2011-2012 year. The election is scheduled for MSCPA Calendar ...... 13 Saturday, June 25, 2011 during the Annual Business Meeting at the Sandestin Golf & Beach Resort, Destin, Florida. Absentee ballots for members who will be unable to attend the Business Meeting will be available later this Spring. President: Secretary: Stacy Thomas, Jackson Donna Bruce, Jackson Vera Reed, Gulf Coast Region Vice-President/President-Elect: 2011 MSCPA Lee Adams, Jackson At-Large Board Member: Mark Wilder, Oxford Chuc k Caldwell, Natchez Annual Linda Keng, Jackson Treasurer: Convention Ric ky Bullock, Tupelo June 23-26, 2011 Billy Morehead, Cleveland Members of the Nominations Committee include: Bob Cunningham, Sandestin Golf Jackson, Chairman; Billy Gillon, Natchez; Jan Lewis, Jackson; and Stacy and Beach Resort Thomas, Jackson. 2 Welcome New Members New members include: Jonathan S. Ryan William Farlow was born in Adcock, Kari M. Blackledge, Kimberly M. Madison and received his BAAC from Bourn, Rob S. Burnham (Associate Member), Mississippi State University. He is an James Eustis Corrigan, Jr., Neil A. Godfrey, Assurance Associate with Horne LLP in Published James B. Horne, K. E. Hughes, II, Tammy Y. Ridgeland. by the Hulz, Milton Curtis Neyman, Jr., David Paul Edward Foster was born in Little Mississippi Society of Scott Nieman, Mary Frances Overstreet, Rock and received his Bachelor of Dustin William Taylor, Sharon Carlisle Accountancy and Master of Taxation from Certified Public Accountants Weber, and Nick Walters (Associate the University of Mississippi. He is an Member). Associate with Horne LLP in Ridgeland. 306 Southampton Row Now completing the membership process Megan Leigh Hughes was born in The Commons are: Gulfport and received her Bachelor of Highland Colony Parkway Maggie E. Abernathy was born in Accountancy and Master of Taxation from Ridgeland, MS 39157 Oxford and received her Bachelor of the University of Mississippi. She is a Staff PHONE: (601) 856-4244 Accountancy degree from the University of Accountant with BKD LLP in Jackson. FAX: (601) 856-8255 Mississippi. She is CFO/Treasurer of the Phyllis Clark Massey was born in Hinds E-MAIL ADDRESS: University of Mississippi Foundation. County and received her BPA from [email protected] Gretchen Ann Artus was born in New Mississippi State University. She is Firm Orleans and received her BS in Accounting Administrator for Massey, Higginbotham, from the University of New Orleans. She is Vise & Phillips in Flowood. CFO of Coface Collections North America Erin K. Miller was born at Ft. Campbell, OFFICERS Inc. in Metairie. Tennessee, and received her BSBA with an Daniel J. Barfield was born in emphasis in Accounting from the University President Cleveland, Miss., and received his BBA from of Southern Mississippi. She is an Internal Sim M. Mosby, Natchez Delta State University. He is the President of Audit Associate with Saks, Inc. in Jackson. Barfield & Associates, P.C. in Oxford. Todd Louis Rhodus was born in Vice President/President-Elect Christopher S. Barron was born in McComb and received an Associate of Arts- Stacy E. Thomas, Jackson Jackson and received his BSBA from the Business from Southwest Mississippi University of Southern Mississippi He is Community College and BSBA in Audit Officer with FNBB Services Corp. in Accounting and Master of Professional Secretary Ridgeland. Accountancy degrees from the University of William T. Kelly, Hattiesburg Joseph Henry Baugh, Jr., was born in Southern Mississippi. Franklinton, Louisiana and and received his Blair Johnson Waggoner was born in Treasurer Bachelor of Accounting from the University Meridian and received Bachelor of Lee D. Murphy, Grenada of Southern Mississippi. He is Deputy Accountancy and Master of Taxation degrees Director of Resource Management with the from Mississippi State University. He is as Immediate Past-President U.S. Army based at Camp Shelby. Tax Associate with Horne LLP in Ridgeland. Robert A. Cunningham, Jackson Tech Bit: Social Executive Director Jack O. Coppenbarger I live in my email client. Probably mackay66.cfm). In sales parlance it's 85% of my written communications called building rapport. with the outside world are done with There are tools to help you integrate email. I'd bet it's the same for you. your email usage with your clients' The CPA Newsletter is the official I also do a little bit on social media, social media activity. They are very publication of the Mississippi Society of mostly LinkedIn with a little useful to help you expand the range of Certified Public Accountants. The and thrown in. But I have inputs you have about what's going on many business contacts who are much in your clients' lives. Newsletter invites articles of interest to the more active on social media. The first one I tried, but gave up on profession and gives credit to the author; If you are in sales, you know that a about a year ago because it lacked however, it reserves the right to edit big part of your selling job is Outlook integration at the time, is Gist. articles for correct spelling, wording and establishing a relationship with your They've since added Outlook punctuation. customers, especially if you are in the integration as well as integration with Opinions expressed are not necessarily kind of sales that has the same Salesforce.com CRM. the official policy of the MSCPA. customers over a long period of time. If Gist (http://www.gist.com) takes you've read any of Harvey Mackay's your email contacts, your streams of Advertising is accepted in good faith that books, you know about the Mackay 66, sent and received, and your the product/services are of value stated. a set of questions designed to help you social media contacts and combines get to know your customers better (http://www.harveymackay.com/tools/ continued on page 14

Mississippi Society of Certified Public Accountants January/February 2010 3 Tips for Avoiding Estate Tax Return Claims

The estate tax return’s irregular filing By Anthony Cooper, J.D. prescribed for payment.” due date, nine months after the What if an extension is obtained, decedent’s date of death, is the primary 10, 2008, and it is filed Oct. 12, 2008, it but no return is filed by the extended reason for missed estate tax return is two months late – one month from due date? Assume the taxpayer obtains filings. Because of the steeply Sept. 10, 2008 to Oct. 10, 2008, and a an extension from Sept. 10, 2008, to progressive tax rates for estate tax and second month from Oct. 10, 2008 to Mar. 15, 2009 (the maximum extension rapidly accruing penalties (up to five Oct. 12, 2008. allowed), pays the entire tax in October percent per month), the late filing On what amount is the penalty before the extended due date of Mar. penalties often exceed $300,000. To calculated? Consider this example: 1) If 10, 2009, but files the return after the avoid such penalties, consider the the taxpayer owes $150,000 with a extended due date of Mar. 15, 2009. following: Form 706 estate tax return; 2) no The extension is treated as if it had 1) Implement a due date tracking extension is obtained; and 3) no part of never occurred, and so the original due system. The system can be as simple as the tax is paid on or before the original date of Sept. 10, 2008, is the date from a calendar devoted solely to estate tax due date of Sept. 10, 2008; the late which penalties are calculated. return due dates. filing penalty runs on the $150,000 How do you stop late filing 2) Have at least one person be due. If a later audit increases the tax, it penalties? Payment after the due date primarily responsible for tracking is deemed to have been due on the will not stop the penalty. If there is still estate tax return filing deadlines. original due date. time (i.e., less than five months have 3) Continually review the due date What if the tax is paid within a gone by) the only way to stop the tracking system to ensure that your few months? If the facts are the same as penalty is by filing the return. Even an firm meets any impending due dates. in the preceding example, but: 1) the estimated return will work if: it is the 4) Understand how the late filing return is originally due Sept. 10, 2008; proper form and purports to be a and late payment penalties rule and 2) the taxpayer pays $150,000 on return, it is signed by the taxpayer apply. The late payments penalties are Oct. 10, 2008 (the return still hasn’t under penalty of perjury, an honest and assessed under 6651(a)(1) and run five been filed); the late filing penalty still reasonable attempt was made to satisfy percent per month or any portion runs on the $150,000 owed, because it the tax law, and the return contains thereof. Thus, if a return is due Sept. wasn’t paid “on or before the date continued on page 9

January/February 2010 Mississippi Society of Certified Public Accountants 4

u u u philosophy statements. This becomes Our Members in Patrick B. Davidson of Columbus the Leader's Compass which forms the has been named to Intuit Inc.’s (Nasdaq: foundation for leadership development the News INTU) Accountant and Advisor and keeps the leader on a course that is Customer Council. Intuit develops true to his beliefs. J. Frank Betts, Managing Member of software products and services to help Cummins joined May & Company in the Jackson based firm of Eubank, Betts, accounting professionals and their 2004. Hirn, Wood, PLLC, attended the clients work more efficiently. Davidson u u u combined Asia Pacific (AP) and Europe, is one of 17 council members who will The American Institute of Certified Middle East and Africa (EMEA) Annual share their insights, experience and Public Accountants has named Jim Conference in Dubai, United Arab expertise to help Intuit develop new Koerber, CPA/ABV, CVA, CFE, CFF as an Emirates. In total 79 CPAAI delegates products and services for accounting Accredited in Business Valuation and 39 spouses attended the conference professionals and small business owners. Champion. Koerber is a shareholder in across both regions representing 29 He has more than 24 years’ experience The Koerber Company, PA, of countries. Held Nov. 4-6, 2010, this in the tax and accounting field and is Hattiesburg which provides valuation joint annual conference brought the owner of Davidson & Company, and litigation services for attorneys, together for the first time members from PLLC. CPAs, and their clients. Europe, Middle East, Africa and Asia u u u u u u Pacific. This gave delegates the Nathan Cummins, a partner with Collins & Barr, Ltd. announces the opportunity to further expand their May & Company in Vicksburg, has promotion of Rob Hembree to partner contacts and build new business completed an intensive Leadership Boot effective Jan. 1, 2011. Rob joined the relationships. Frank Betts, CPAAI Camp. The Academy Leadership Boot firm in May 2000 after graduating from International Chairman, along with Jim Camp uses leadership principles Mississippi College with a Bachelor's Flynn, CPA President, gave an update of developed at West Point and the Naval degree in accounting and obtained his the association activities and expansion Academy. Graduation is based on CPA certification in 2004. An active of the membership. They told of the successful completion of a member of the community, Rob is addition of 13 new members in the past comprehensive three-day course that currently an ambassador for the City of year bringing the total membership to helps executives develop and articulate Madison Chamber of Commerce, a 150 firms worldwide. their own personal leadership member of the Madison County Chamber young professionals group, Zip 39, and serves as the treasurer for the Madison Lions Club. Rob and his wife, Bethany, reside in Madison and are active members of Pear Orchard Presbyterian Church. u u u HORNE LLP announces the hiring of David Stevens, CPA, as director of state and local tax services. Stevens will work from the firm’s Ridgeland location. Stevens joined HORNE with more than 20 years of tax experience including his work as a former director of the Mississippi State Tax Commission's Sales Tax Division. He specializes in income and franchise tax, sales and use tax, business incentives and state credits, unclaimed property, and advocacy/controversy matters. Stevens is a graduate of Mississippi College and is a Certified Public Accountant. He serves as the tax committee chairman for the Mississippi Manufacturers Association and is a member of the Mississippi Society of Certified Public Accountants and Crossgates Exchange Club. Stevens is a frequent speaker at seminars and education events on the topics of state and local taxation issues and planning.

Mississippi Society of Certified Public Accountants January/February 2010 5

January/February 2010 Mississippi Society of Certified Public Accountants 6 Acquire the Skills to Make Your Organization a Success John L. Daly, MBA, CPA, CMA, CPIM My first corporate world experience Executive Education, Inc. knowledge that it needs for the future, lasted nearly 10 years as I rose from there is a good chance that a smarter Controller to Vice President – Finance. competitor will leave you in its dust. company president sitting behind his During that time, my employer grew by Considerable research tells us that desk reading the Wall Street Journal some six-fold in size. However, despite people are generally not aware of skills with a cup of coffee. growth that was sometimes 50% in a that they do not have. In fact, people The president’s job at that company year, everything was always calmly in who have a very low level of skill in was not always so relaxed. Two years control and never frantic. For example, something tend to have a significantly before my arrival, a line of people at 9 AM, I could usually find the inflated opinion of their skills, a would wait outside his door with phenomenon known as the Dunning- problems for him to solve when he Kruger effect, named after two Honor an arrived in the morning. What was the professors who studied it. Thus, the difference? The company invested in only way for a person, or an entire Outstanding four 1-day team-building sessions that helped the company president continued on page 11 MSCPA Member empower people to make their own decisions. For Public Service The team-training class became a The membership is invited to standard part of every new manager’s New nominate a member for consideration as first year on the job. That investment MSCPA the 2011 Public Service Award winner. in training would pay for itself many The winner will be recognized times over through an organization during the Annual Business Meeting where managers held each other Saturday, June 25, 2011 at the Sandestin accountable and avoided the political maneuvering in which so many Golf & Beach Resort. President Sim organizations engage. CAREER Mosby has named members of the 2011 What kind of training does your Public Service Award Committee company need? In his book, Small including: Ricky Bullock, Tupelo; Bill Giants: Companies that Choose to be Kelly, Hattiesburg; and Gary Walker, Great Instead of Big, Bo Burlingham CENTERFor Ridgeland. observes that the greatest compliment Qualifying activities for the award that you can pay a company is to call it Job Seekers include service clubs, church work, a “learning organization”. Today’s children’s programs, economic strategy maps, derived from Robert And development and public service. Kaplan’s Balanced Scorecard, recognize Employers Submit a nominee’s name to one of the that financial performance begins with organizational learning. Thus, if your Sign up at committee members or to the MSCPA organization has not analyzed the www.ms-cpa.org office for forwarding to the committee.

Mississippi Society of Certified Public Accountants January/February 2010 7 TENTATIVE CPE SCHEDULE FOR 2011 BEGIN CITY COURSE TITLE May ?? Ridgeland Peer Review - TBA 9-10-May Jackson MISSISSIPPI TECHNOLOGY CONFERENCE 11-May Ridgeland Audits of 401(k) Plans 13-May Jackson ACCOUNTING & AUDITING CONFERENCE 16-May Ridgeland Planning for Profits - How to Develop and Execute an Effective Business Plan 17-May Ridgeland Leadership and Coaching Essentials for the CPA, Adapted from the Leadership Strategies of Football’s Leading Coaches 16-May Hattiesburg Advanced Update for Compilation, Review and Accounting Services 16-May Hattiesburg TBA 17-May Hattiesburg Strategies and Tactics in the New War Against Higher Individual Taxes 17-May Hattiesburg TBA 18-May Hattiesburg TBA 18-May Hattiesburg TBA 18-19-May Ridgeland PROGRAM FOR MANAGEMENT DEVELOPMENT (include a half day with Jack Park) 20-May Ridgeland Construction Contractors Advanced Issues 23-May Ridgeland Fraud Alert! Prevention & Follow-up 23-May Tupelo The 2011 Revised Yellow Book: Government Auditing Standards 23-May Tupelo MBA in a Day 24-May Tupelo Accounting and Auditing Update 24-May Tupelo Ethics, Rules & Regulations 24-May Tupelo The Complete Guide to Employment Issues - Reducing the Employer's Risk 25-May Tupelo Fraud: Catching the Crooks Who Cook the Books 25-May Tupelo TBA 24-May Ridgeland Performance Analysis: Identify Profit Improvement Opportunities 25-May Ridgeland Common Frauds and Internal Controls for Revenue, Purchasing, and Cash Receipts 26-May Ridgeland Uncovering Misappropriation Schemes 27-May Ridgeland PM: Cash and Tax Basis Financial Statements: Alternatives to GAAP & Reporting Requirements 27-May Ridgeland AM: Financial Fraud, Forensics, and the CPA 31-May Ridgeland PM: Practical Tips and Techniques for Dealing with the IRS 31-May Ridgeland AM: Advanced Issues in Mergers, Acquisitions and Sales of Closely Held Businesses 1-Jun Ridgeland PM: Estate Planning Strategies: minimizing Taxes and Maximizing Wealth 1-Jun Ridgeland AM: Innovative Tax Planning for Individuals and Sole Proprietors 2-Jun Ridgeland TBA 2-Jun Ridgeland TBA 3-Jun Ridgeland TBA 3-Jun Ridgeland TBA 6-Jun Ridgeland Excel Tips, Tricks and Techniques for Accountants 6-Jun Ridgeland PM: MAP CONFERENCE 7-Jun Ridgeland QuickBooks Advanced Features, Tools, and Techniques 7-Jun Ridgeland Accounting and Auditing Update 7-Jun Ridgeland Ethics, Rules and Regulations 8-9-Jun Ridgeland AICPA's Accounting and Auditing Workshop 8-Jun Ridgeland Internal Controls for Small Business Accounting Systems 10-Jun Ridgeland Top Ten Fraud Schemes: How to Detect and Prevent Them 13-Jun Ridgeland Chief Financial Officer: Executive Level Skills for Financial Managers 14-Jun Ridgeland AM: Creating the Best Projections You Can: Insights and Techniques 14-Jun Ridgeland PM: Financial Leadership: How to Create and Deliver Value 15-Jun Ridgeland AM: Cases in Corporate Ethics for Mississippi CPAs: Discussion of Real Life Conflicts 15-Jun Ridgeland PM: Lean Accounting: Apply Lean Thinking to Financial Management 16-Jun Ridgeland Federal Taxation of Timber Growers 17-Jun Ridgeland Advanced Selected Issues for Trusts, Estates, and Their Beneficiaries 20-Jun Ridgeland TBA

continued on page 8

January/February 2010 Mississippi Society of Certified Public Accountants 8

TENTATIVE CPE SCHEDULE FOR 2011 continued from page 7 BEGIN CITY COURSE TITLE 20-Jun Gulfport Advanced Excel 20-Jun Gulfport Audits of 401(k) Plans 21-Jun Gulfport Accounting and Auditing Update 21-Jun Gulfport Ethics, Rules & Regulations 21-Jun Gulfport AM: PDF Forms - What Accountants Need to Know 21-Jun Gulfport PM: Security Tools - Up Close and Personal 22-Jun Gulfport Construction Contractors: Accounting, Auditing and Tax 22-Jun Gulfport Outlook Essentials 21-Jun Ridgeland Basis / Distribution for Pass-Through Entities: An IRS Hot Spot 21-Jun Ridgeland Small Business Accounting and Auditing Update 22-Jun Ridgeland 49 Tax-Cutting Moves for Individuals 22-Jun Ridgeland Applying the Risk Assessment Standards Using a Case Study Approach 23-Jun Ridgeland Controllership: Leading Edge of Corporate Performance 24-Jun Ridgeland Mastering the Applications of Budgeting While Side Stepping the Pitfalls 27-Jun Ridgeland 2011 Revised Yellow Book: Government Auditing Standards 27-Jun Ridgeland TBA 28-Jun Ridgeland Governmental and Nonprofit Annual Update 28-Jun Ridgeland TBA 29-Jun Ridgeland Frequent Frauds in Governments and Non-Profits 29-Jun Ridgeland Advanced Update for Compilation, Review and Accounting Services 30-Jun Ridgeland Running a Non-Profit Like a For-Profit Business 30-Jun Ridgeland S Corporation: Key Issues, Compliance and Strategies: An IRS Target 8-Aug Tupelo PDF Forms - What Accountants Need to Know 8-Aug Tupelo Security Tools - Up Close and Personal 9-Aug Tupelo Excel Tips, Tricks and Techniques for Accountants 18-19-Aug Jackson GOVERNMENTAL ACCOUNTING AND AUDITING CONFERENCE 15-Sep Ridgeland HEALTHCARE SERVICES CONFERENCE 20-Sep Ridgeland Revenue Recognition: Getting the new Standard Right 21-Sep Ridgeland Introduction to Bank Accounting and Auditing 22-Sep Ridgeland Community Banking Update 18-Oct Ridgeland INDUSTRY CONFERENCE 20-Oct Gulfport Common Frauds and Internal Controls for Revenue, Purchasing, and Cash Receipts 20-Oct Gulfport TBA 25-Oct Ridgeland OIL & GAS SEMINAR 21-Oct Gulfport AICPA'S Annual Federal Tax Update 21-Oct Gulfport TBA 28-Oct Ridgeland EDUCATORS SYMPOSIUM 31-Oct-1-Nov Ridgeland Corporate Income Tax Workshop 4-Nov Jackson NOT FOR PROFIT CONFERENCE 10-11 Nov Jackson MISSISSIPPI TAX INSTITUTE 14-Nov Ridgeland BUSINESS VALUATION CONFERENCE 16-Nov Tupelo AICPA's Annual Federal Tax Update 16-Nov Tupelo Top Ten Fraud Schemes: How to Detect and Prevent Them 17-Nov Tupelo Ethics, Rules & Regulations 17-Nov Tupelo Revenue Recognition: Getting the new Standard Right 1-2-Dec Ridgeland Individual Income Tax Workshop 8-Dec Hattiesburg Revenue Recognition: Getting the new Standard Right 9-Dec Hattiesburg Accounting and Auditing Update 9-Dec Hattiesburg Ethics, Rules and Regulations 9-Dec Hattiesburg AICPA's Annual Federal Tax Update 13-Dec Ridgeland AICPA's Annual Federal Tax Update

Mississippi Society of Certified Public Accountants January/February 2010 9 exercise its discretion with respect If you know that the return is not ESTATE TAX RETURNS to granting the payment extension going to be filed on time, it is critical CONTINUED FROM PAGE 3 based on the “reasonable cause” to: 1) estimate the amount of estate tax sufficient data to calculate the tax requirement and may deny the that will be owed, based on the best liability. estate tax payment extension information you have; 2) make sure When does the penalty run (Mail request. that this tax is paid to the IRS before Box Rule)? The penalty runs from the If you do discover that there is a the due date of the return (nine date the return is due, to the date the payment due that is late, make sure months after the date of death) along IRS receives it. The “mail box rule, that the estate pays as much of the tax with the extension of time to file; and which states the return is deemed filed as it can, as soon as it can, as that will 3) document your file with when deposited in the U.S. mail per reduce the amount of the late payment correspondence to the client, outlining Internal Revenue Code 7502, penalty and interest. This is important the nature of the estimate and why it Regulation 301.7502-1(c), does not because the IRS does not accept estate was necessary. apply to delinquent returns per tax payment extension requests If cooperation from the estate or its Revenue Ruling 73-133. received after the estate tax return filing agents is lacking, consider disengaging Payment Penalties due date. well in advance of the return filing due date, payment due dates, or extended CPAs also periodically incur late Dilatory Executors, Trustees and due dates. If disengagement is not payment penalties, because they do not Attorneys possible, consider filing the estate tax realize that: A common cause of late filed estate return timely, based on estimates where • a separate section of federal form tax returns or late paid estate tax and the information needed to create a 4768 must be completed in order the resulting penalties is the failure of complete return is missing or not to request an estate tax payment the estate to provide adequate and available. This will stop the late filing extension; timely information about the estate penalties, which are the largest of the • the payment extension is not assets in order to prepare a return or to §6651 penalties. automatic and requires evidence marshal assets to pay the tax. The CPA demonstrating “reasonable cause;” who has been retained to prepare the Anthony Cooper is a tax specialist with CAMICO and return is left holding the bag when (www.camico.com), responsible for providing large penalties are assessed, due to the policyholders with information regarding corporate • the payment extension should be income, gift, and estate tax issues. done well in advance of the estate negligence of the estate’s executor, tax due date, because the IRS can trustee or attorneys. Copyright © 2010 CAMICO. All rights reserved.

January/February 2010 Mississippi Society of Certified Public Accountants 10

Mississippi Society of Certified Public Accountants January/February 2010 11 company aspires to be a “learning Volunteer for ACQUIRE SKILLS organization” will it rise among its CONTINUED FROM PAGE 6 peers. Committee Service management team, to know how How can your company accomplish MSCPA members are encouraged to skilled they really are is to benchmark this? Consider using the society’s staff volunteer for committee service and the their skills against the outside world. as a resource. They can help you find process is very easy. The inevitable result of such an seminars on many topics that are far Current committee rosters a re examination is likely to be that you will from the traditional CPA society carried on the Society’s website at discover much more that would be offerings. The society has access to www.ms-cpa.org. Click on The useful for you, and the other people in seminars on effective business writing, Association tab at the top left and then your company, to know. profitable pricing, and skillful follow the link to Committee Rosters. In his book, Outliers, Malcolm negotiations, just to name a few. Even Review the committee titles and send Gladwell cites several research studies if you have as few as ten people to an email to [email protected] listing up that reveal that it takes about 10,000 train, it may be cost effective to bring to three committee preferences. hours to be an expert in anything. the seminar onsite to your own President-Elect Stacy Thomas will Since a work year is about 2,000 hours, company. Call the onsite training make appointments in early Spring and you might feel confident right now people at your society today to find out a confirmation will be sent to the about your skills if you are more than 5 what they can do for you! committee member with details on years out of business school. However, your committee meeting during May. John L. Daly, MBA, CPA, CMA, CPIM is the President Continuing committee members will the responsibilities of a financial of Executive Education, Inc. in Chelsea, Michigan and manager, particularly in a small is a frequent writer on financial management topics. receive a notice of details on their company, may cover 20-30 major job He is a former Chief Financial Officer and author of committee meeting schedule. functions. If you do the math, you will Pricing for Profitability, published by Wiley & Sons. Executive Education’s seminars are part of the never have enough hours to become an society’s regular seminar schedule. Look for seminars 2011 MSCPA expert in all of them before retirement. by John and his Executive Education colleagues in the Annual Convention Becoming reasonably well informed society’s seminar catalog. You may contact him at about that many areas will put you far [email protected]. June 23-26, 2011 ahead of your peers. One knowledgeable person will not Sandestin Golf make a company strong. Only if your and Beach Resort

January/February 2010 Mississippi Society of Certified Public Accountants 12

Mississippi Society of Certified Public Accountants January/February 2010 13

iPad + Business By Trey James, Xcentric The iPad is a great platform for work 1024-by-768, viewing normal Windows (and play). Everywhere I go people ask Note taking. I take notes using Apple desktop apps, like Outlook, UltraTax, or how effective my Apple iPad is for use Pages ($10 app), which is the ProSystem fx Tax will be a bit tedious. in business. Given that I’m usually Word equivalent for the iPad. There’s To use them effectively, I find myself attending an Accounting conference of also a notepad app, but it doesn’t constantly resizing the screen which some kind, the question is generally export as cleanly to Word, nor does it then requires that I pan all over asked through the lens of an have the textual formatting flexibility I kingdom-come. Tedious for input accountant, so here are a few want and need for organizing thoughts unless I‘m desperate, but great for experiential insights for your or discussion notes. review or simple lookups. consideration. Yes, typing onscreen works and is actually good. The touchscreen The Apple iPad is a game changer, Email and calendar. Ease of replying keyboard is similar in size to my laptop but the game must be changed to to email on the iPad is much better so the transition between is easy once play. How will (can) the iPad change than from my iPhone, but not nearly as you’ve acclimated to the key the profession? I believe that the fast as with my laptop. The calendar is differences. There’s no mouse, so it device could be used well by tax good and provides most of the requires a short mental cartwheel each preparers during client meetings. functions I need to keep my world on time I go for the arrow keys to move Reviewing a tax return and related schedule. the cursor. (There are no arrow keys, attachments on the iPad would work The iPad uses ActiveSync to just touch the screen.) great. Think of auditors performing synchronize mail, calendar, and physical inventories onscreen. Partners contacts with Microsoft Exchange. To Access to the Cloud. It’s completely reviewing billing, WIP, and signing off use this feature, all that’s required is the possible to connect to Cloud-based on expense reports. Imagine the billing mail server address, the network user applications using the Citrix Receiver and workflow dashboards that could be name, and network password. Once (free app) or by purchasing one of the developed. Of course, all of these ideas this is configured on the iPad, it will several Terminal Services based apps for require that the software vendors create sync all of your Exchange data (except remote desktop. Because the 9.7-inch iPad-specific apps that take full for Tasks) directly over the Internet. screen has a maximum resolution of advantage of the iPad/iOS features that make the device so appealing. Thomson Reuters and CCH both MAJOR EVENTS ON THE have apps released and/or under development for the iPhone, though 2011 MSCPA CALENDAR I’ve not seen any mention of apps (Dates are tentative for some Fall Conferences) developed specifically for the iPad. I believe that it’ll be just a matter of time Mississippi Technology Conference May 9 & 10 before they release fully functional iPad Accounting & Auditing Conference May 13 apps to market. Hattiesburg Cluster May 16 – 18 Program for Management Development May 18 & 19 What about security? If you’re syncing with Exchange, or if you store Tupelo Cluster May 23 – 25 any client data on the iPad, you’ll want Ridgeland Cluster May 25 – June 6 to make sure that it’s well protected in Gulfport Cluster June 20 – 22 the event that it’s ever lost or stolen. Including Technology CPE from K2 Enterprises To enable security, have your IT staff Annual Convention June 23 – 26 set the Default Exchange ActiveSync Technology Seminars in Tupelo August 3 & 4 Policy to do two things: 1) require a PIN or Password, and 2) Auto-Lock after Governmental A&A Conference August 18 & 19 60-seconds (or longer, your preference) Health Care Services Seminar September 15 so that if it’s left unattended it’ll Industry Conference October 18 eventually lock itself automatically. Educators Symposium October 28 In fact, these policies should be set Business Valuation & Litigation November 4 up for all smart phones, laptops, Mississippi Tax Institute November 10 & 11 desktops, etc. — or any device that has access to synchronize data with your Not-for-Profit Conference November 18 continued on page 14

January/February 2010 Mississippi Society of Certified Public Accountants 14

from Stormy Blair, Executive Vice President, BENEFITS BYLINE Robert Ellis & Associates iPAD + BUSINESS CONTINUED FROM PAGE 13 If you have a health savings account for families. (HSA) in conjunction with an IRS-qualified It’s important to remember that HSA corporate messaging and data storage high deductible health insurance plan, you guidelines do not restrict the source of systems. Until your IT folks get forced need to be aware of “what’s changing” and contributions to the account holder alone. policies in place, you can set both of “what’s not changing,” effective January 1, Both your family members and your these options up manually by updating 2011. employer may make contributions to your the Settings app within the iPad or account. The cut-off for 2010 tax year What’s changing: contributions is the earlier of April 14, 2011, iPhone. Go to the Settings app, 1. Over-the-counter medicines and or the date you (as the account holder) file General, and turn on Passcode Lock. supplies will no longer be considered your taxes. Then enable Auto-lock and set it to an eligible expense unless they are While the definitive source for additional your desired time-out preference. specifically prescribed by a doctor. information on your HSA account and 2. The penalty for utilizing your H S A changes for 2011 is the IRS website What about printing? Yes, with the funds for non-qualified expenses will (www.irs.gov.), HSA Bank is another latest iOS 4.2, AirPrint allows the iPad increase from 10% to 20%. This excellent reference site for account holders (and iPhone/iPod Touch) to print either penalty is in addition to the taxation (www.hsabank.com). to an ePrint enabled HP printer, or liability you will incur if you use your If you have any questions regarding your account for purposes other than current coverage or would like additional through a Mac on the same WiFi qualified medical expenses. . information on the expanded selection of network. Works pretty slick actually. HSA qualified plans endorsed by the MSCPA, Unfortunately, the accounting What’s not changing: please do not hesitate to contact us. As your profession has been slow to adopt the 1. Maximum contribution levels are not insurance consultant for the Association’s Mac platform - sadly this feature will increasing. These will remain the endorsed portfolio, we welcome the have limited use for most firms. same as 2010. opportunity to be of service. – $3050 for individuals and $6150 The iPad solo. I normally play the laptop/iPad duet when traveling. Nice TECH BIT such an unpronounceable name, it is to have the iPad while waiting at the CONTINUED FROM PAGE 2 inbox spelled backwards. I switched to airport or even on the plane, but it’s Xobni because it integrated with better to have the laptop once I arrive. them into a single, consolidated Outlook before Gist had that option. So, when do I leave home without a database of the people you know and I have stayed with Xobni because it laptop and use only my iPad? I communicate with. Then, from the is really useful. One feature I wouldn't recently bought the VGA adapter cable various social media, including blogs have expected to use much, because it for the iPad, so now I can even do and some sites I normally don't overlaps a feature built into Outlook, is presentations without a laptop. This frequent, they create a dashboard of its ability to index and search my cable connects the iPad directly to any activity, even emailing you a summary Outlook PST files. That's a big deal for VGA projector. I believe this little if you want. Gist makes it possible to me because I have pretty much every proactively keep up with your contacts, addition will finally free me to travel email I have sent or received since 2004 without the laptop, especially for short perhaps responding, or reaching out when I switched over to Outlook. when appropriate. trips. Before you panic, at the end of each I have to say I tried Gist, found it One question that is never asked but year I do an archive to push the emails interesting but since it wasn't integrated worth your careful consideration is from that year into its own PST file. I with Outlook not hugely useful since it “What % of time do the kids get the also travel a lot. So when I leave town, was another step I needed to take to use iPad?” For a while, I thought I may it. I recently tried Gist again, and I use Microsoft's free SyncToy never see mine again. would find it useful in integrating (http://www.microsoft.com/downloads/ various social media channels but en/details.aspx?FamilyID=c26efa36- Trey James is the co-founder and CEO of Xcentric, which specializes in Cloud Computing and IT found it hard to "tune" to present what 98e0-4ee9-a7c5-98d0592d8c52) to copy my PST files onto my notebook. When consulting for CPA firms. Trey brings 20 years of is important to me. It's default settings experience – a blend of executive, strategic, technical highlighted people and companies I'm I return, it's the reverse back onto my and operational roles including successful roles with not sure were really relevant. But I'm desktop. That really messes with the the regional firms, local firms and leading IT sure that if I were to spend more time indexing of both Outlook, driven by consultancies to the profession. Trey was selected as desktop search, and Xobni. But with one of the “Top 100 Most Influential People” in the with it, letting it know what is accounting industry for 2009 and 2010 by important, its daily summary email Xobni, I can easily tell it to reindex, Accounting Today and as a “Top 40 under 40” would be much more useful. "finding" all those emails sent/received honoree by The CPA Technology Advisor in 2006, The other tool I have been using for while I was traveling. 2007, and 2008. Trey can be reached at about a year, is Xobni Xobni works as an add-in to 678.297.0066 ext. 517 or at [email protected]. For more about Xcentric, go to www.xcentric.com or (http://www.xobni.com). If you are Outlook, adding a display pane to your follow them at xcentric.com/blog and wondering how they came up with continued on page 15 www.twitter.com/xcentric.

Mississippi Society of Certified Public Accountants January/February 2010 15 CLASSIFIED ADS TECH BIT In my business to business use of CONTINUED FROM PAGE 16 CONTINUED FROM PAGE 14 Xobni, one "social network profile" that is interesting is the Hoovers profile of centered professionalism. Send resume in main Outlook screen. I use a dual the company, derived from the person's confidence to P. O. Box 80, Jackson, MS 39205- monitor arrangement on my desktop, email domain. Obviously if you are 0080. FAX 601-355-9003. leaving a whole wide-screen monitor communicating with someone using u u u dedicated to Outlook. There is enough AOL or Gmail, that isn't useful (or even CALCULATORS PLUS is now handling the real estate that I can have my folders on populated), but otherwise you have Monroe Calculators and supplies. Call Chester the left, my inbox along the top, a basic information about the company as Wasser at 601-709-0371 or 888-264-3939 for more information and special CPA pricing. preview pane below that (99% of my well as the person. u u u emails I read in the preview pane), a I like the way Xobni puts almost ACCOUNTING PRACTICE SALES – JIM Xobni panel to the right of the everything about a contact in one place BURFORD, BROKER - WHERE PRACTICE SELLERS inbox/preview and finally my to-do whenever I am looking at an email AND BUYERS MEET. Some of the practices we panel on the very right. to/from that person. I do miss Gist's now have available are listed below: When I have an email hightlighted, proactive notification, especially if it – Natchez, MS. Tax practice. Annual gross the Xobni panel shows a picture of the were turned better. I guess that's one $73,572. person (from one of the supported feature of Plaxo I find so useful. It – Jackson, MS area. Annual gross $183,000. social media profiles), contact alerts me about birthdays in my – Jackson, MS area. Annual gross $266,000. information, recent email network letting me easily send eCards – Slidell, LA. Tax and bookkeeping practice. conversations, files or links we might and giving me reasons to stay in touch Annual gross $102,000+. have exchanged, that person's network with an extended network. – Monroe, LA. CPA tax and bookkeeping (combined from all supported social There are great tools out there to practice. Annual gross $745,000. media profiles) and a tabbed option to bring social networking into every day To list your practice with us or to check out our view that person's various social media business communications, what tool, or current listings, call me, Jim Burford, CPA toll free profiles (or twitter stream). In other group of tools, is working best for you? (800) 340-7002 or visit our website at www.accountingpracticesales.com or e-mail me at words, a lot of information that I can If you answered none, it's time to try [email protected]. use when communicating with them. out one of these tools.

January/February 2010 Mississippi Society of Certified Public Accountants PRSRT STD U.S. POSTAGE PAID Mississippi Society of JACKSON, MS Certified Public Accountants PERMIT #814 and its Education Foundation 306 Southampton Row Ridgeland, MS 39157

Send your resume to [email protected] or staff members are all valued at GranthamPoole. fax to 228-762-4498. Competitive salary, partner track, great benefits, CLASSIFIEDS u u u and excellent opportunity for advancement all Accountant: Cal-Maine Foods, Inc. has an Reservoir area CPA firm of Fortenberry & make GranthamPoole an outstanding place to opening for a degreed Accountant with 2 - 5 years Ballard, PC, is seeking candidates to fill positions work! Send resumes to 1062 Highland Colony General Ledger, Financial Reporting, and Month- in audit, tax , and financial services. We offer a Parkway, Suite 201, Ridgeland, MS 39157, fax to End Close experience. Strong computer and competitive salary and benefits package, including 601-499-2401 or email organizational skills a must. Send Confidential bonus opportunities, as well as opportunity for [email protected]. Resume: HUMAN RESOURCES, P.O. Box 2960, advancement. Please send your resume in u u u Jackson, MS 39207 confidence to 1929 Spillway Road, Brandon, MS u u u Alexander, Van Loon, Sloan, Levens & 39047 or e-mail to [email protected]. Favre, PLLC, a Gulf Coast based CPA firm, CFO/Controller position for large Mississippi u u u Finalist for the 2006 Best Places To Work in based construction company. CPA & Wm. F. Horne & Co., PLLC seeks experienced Mississippi award, is accepting resumes’ for Senior construction experience preferred. Respond with tax and assurance professionals for the In-Charge Level Auditors. Competitive salary, resume in confidence to File #111, c/o MSCPA, Hattiesburg and Laurel, Mississippi area. Excellent great benefits, limited travel and overtime – 306 Southampton Row, Ridgeland, MS 39157. benefits and competitive salary with opportunity outstanding place to work! Send resume’ to the u u u for advancement. To apply, email resume to following address (No Calls): Mail to: Attn: BKD, LLP, the tenth largest accounting and [email protected] or fax to 601-649-5233. Cindy Moore, 9490 Three Rivers Road, Gulfport, advisory firm in the U.S., is seeking experienced u u u MS 39503; E-mail: [email protected]; Fax: audit professionals with 2 or more years INTERESTED IN SELLING YOUR (228) 863-1165 experience for its Mississippi practice. Experience PRACTICE? Matthews, Cutrer & Lindsay, P.A., a u u u in healthcare, financial services, and/or Ridgeland based firm, is interested in acquiring HADDOX REID BURKES & CALHOUN PLLC manufacturing & distribution/commercial is additional accounting practices. If you are seeks experienced audit and tax professionals favored though not necessarily required. CPA or looking to retire now or in the near future, we interested in a rewarding career with one of the CPA eligibility is required. Resumes may be sent would like to talk with you. Please contact most established and respected CPA firms in the to 190 East Capitol Street, Suite 500, Jackson, MS Charles Lindsay at 601-898-8875 or email Jackson area. Excellent benefit package, 39201, or emailed to: [email protected]. [email protected]. competitive salary, and opportunity for Please visit www.bkd.com for more information. u u u advancement. Flexible work schedule is an u u u Local Jackson CPA wants to purchase small option. Contact Debbie Holbrook Are you looking for a successor to your accounting/tax practice. Contact me at ([email protected]) or mail resume in tax/accounting practice? Solo CPA in [email protected]. confidence to P.O. Drawer 22507, Jackson, MS Jackson metro area is interested in expanding u u u 39225-2507. For more information, visit our practice. If you are looking to retire now or in Fred T. Neely & Co, CPAs is seeking a senior website at www.hrbccpa.com. the near future, please contact me at level audit and tax professional. Competitive u u u [email protected]. salary, excellent opportunity for advancement, KPMG LLP seeks experienced audit professionals u u u great benefits package and no travel. Please send interested in a rewarding career with one of the HORNE LLP, one of the top 50 accounting and resume to P O Box 894, Greenwood, Ms 38935- largest and most dynamic CPA firms in the world. business advisory firms in the country, is seeking 0894 Competitive compensation, excellent benefits and experienced accounting professionals for various u u u ample opportunity for advancement are offered. opportunities. Life/Work Flexibility; Fast Track CPA FIRM seeking experienced or entry level Mail resumes in confidence to 188 E. Capitol Promotions; Excellent Benefits Package. Please auditors that live in the Central to South Delta Street, Suite 1100, Jackson, MS 39201, e-mail visit our website www.horne-llp.com for more region of Mississippi. Competitive salary and [email protected] , or visit our website at information. EOE M/F/D/V benefits with limited travel. No overnight trips or www.kpmg.com. u u u weekend work. Reply in confidence to File #401, u u u IMMEDIATE OPENING FOR EXPERIENCED c/o MSCPA, 306 Southampton Row, Ridgeland, JACKSON CPA FIRM of Breazeale, Saunders & AUDITOR Wolfe, McDuff, & Oppie - the firm of MS 39157. O’Neil, Ltd. is seeking experienced audit and tax choice on the Mississippi Gulf Coast has an u u u professionals, both full time and part time. Our immediate opening for an experienced auditor. The firm of GranthamPoole CPAs, past staff enjoys state-of-the-art technology, We are looking for ambitious, energetic recipient of the Mississippi Business Journal’s intellectually challenging assignments and individuals who seek a career in public prestigious Best Places to Work in Mississippi meaningful opportunities to enhance professional accounting. You must be comfortable in a laid- award, is looking for great staff additions. If you and personal skills. In addition to an excellent back, flexible environment. We offer a love tax preparation and planning and enjoy compensation package, we offer a family competitive salaries, bonus opportunities, great taking excellent care of clients, we may have a atmosphere with a strong emphasis on client- benefits and excellent growth opportunities. home for you. Full time, seasonal, and part-time continued on page 15