The WashingtonCPA Magazine - September/October 2010

September/October 2010 Volume 53, Number 2

3917 Health Care Reform: Potential Penalties for Employers under “Pay or Play” Rules

Meet the Longest Serving CPA in Washington State

www.wscpa.org

16 Not All Money is Good Money: Evaluating Funding Sources

washington

CPA

Recognizing the Signs of Elder Abuse The Medicare Maze Medicaid Long-Term Care Coverage Long Term Care Insurance Financial Fraud Targeting Older Americans

Elder Care Issue

3www.wscpa.org WashingtonCPA September/October 2010

www.wscpa.org • [email protected] Tel (425) 644-4800 • Toll free in WA (800) 272-8273

Fax (425) 562-8853 902 140th Ave NE

Bellevue, WA 98005-3480

BOARD OF DIRECTORS James R. Ladd Chair Mark A. Hugh Vice Chair David E. Katri Secretary Mary D. Marino Treasurer Carmen J. Aguiar Immediate Past Chair Richard E. Jones President & CEO

Robert M. Cole, Jr. Russell D. Price Jolene G. Cox Thomas A. Pucci Peter E. Doubleday Lisa J. Sunderman Joyce G. Etheridge David E. Trujillo Michelle H. Gretsch Randy L. Wells Susan E. Legel William L. Wells Lucy L. Liu Glenn G. Wisegarver Nerelys M. Ortiz

CHAPTER BOARD CHAIRS Bryce Hansen Bellevue Area

Joseph Crowther Central Joseph M. Reid Central — North Seattle Richard E. Helke, II Northwest Vicki Dixon Olympia — Peninsula — Pierce County Amanda J. Goodman Sammamish Valley Connie L. Griffith Seattle Court Carter Snohomish County Michael K. Briggs South King County John Vogel South Sound Industry Trayson J. Harmon Southwest Shaun W. Johnson Spokane

— Wenatchee Katrina L. Cantu Yakima

Jeanette Kebede Editor

The WashingtonCPA is published by the Washington Soci-ety of Certified Public Accountants for its members. Views and opinions appearing in this publication are not necessarily endorsed by the WSCPA.

The products and services advertised in The Washington CPA have not been reviewed or endorsed by the Wash-ington Society of Certified Public Accountants, its board of directors or staff.

The WashingtonCPA (USPS 009754) is published six times annually by the Washington Society of Certified Public Accountants, 902 140th Avenue NE, Bellevue, WA 98005-3480. $12 of members’ annual dues goes toward a subscription to The WashingtonCPA.

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Send address changes to The WashingtonCPA,

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DEpartmEnts

CPAwa s h i n g t o n

4 Leadership Lens12 News Briefs13 Advocacy19 Industry Voice22 Financial Literacy24 Member Discounts

26 Events27 CPE Digest37 Registration Form38 ClassifiedAds39 MemberProfile

CONTENTS

Elder Care Issue6 Recognizing the Signs of Elder Abuse

8 The Medicare Maze: How CPAs Can Help

New Medicare Enrollees Plan for a Healthy

Financial Future

9 Medicaid Long-Term Care Coverage in

Washington State: An Update and a Caution

20 Understanding Long Term Care Insurance

22 Financial Fraud Targeting Older Americans

4 CPE Alternatives—How Do You Want Yours?

13 Rocky Mountain High ... and Advocacy?

14 Free Resource: Financial Statement Reviews

16 Not All Money is Good Money: Evaluating Funding Sources

17 Health Care Reform: Potential Penalties for Employers under the “Pay or Play” Rules

39 Meet the Longest Serving CPA in Washington State

4 WashingtonCPA September/October 2010 www.wscpa.org

LEADERSHIP LENS

Communications experts say that people need to hear or see some-

thing as many as 15 times before a mes-sage registers. So consider this one of those times as it relates to changes in the CPE offerings at the WSCPA. In a survey of members conducted by the WSCPA last year, 91.7% of respondents reported that they complete a portion of their CPE with the WSCPA and these members reported that they obtain an average of 41.7% of their CPE from the WSCPA. CPE revenues account for 60-65% of revenues at the WSCPA, so it is clear that CPE pro-grams at the WSCPA are important to members and to the long-term success of the organization. That is why I want to make sure you know about the changes we have made to our curriculum.

As is true in most other businesses, the internet has changed the world of CPE. Nowhere is this more true than in the world of state CPA societies, since these organizations are geographically based, whereas the internet does not recognize geography. For example, if you are considering enrolling in an eight hour webcast on a particular subject, the iden-tity of the program sponsor is probably of very little concern or interest to you, other than perhaps as a gauge for the quality of programs typically presented by that organization. In our member survey, the following were the top criteria that members reported as a factor in their CPE purchasing decision (using a scale of 1-5 with 5 being the highest):

Relevance of topic 4.72Location 4.41Expected value of materials 3.98Cost 3.84Reputation of speaker 3.82

Our CPE team designed the current

CpE alternatives—How Do You Want Yours?By Rich Jones, CPA, President & CEO

presented, so we were able to provide high quality relevant subject matter to our members without concern about the economic viability of the program. This creates real value for our members.

LocationWe continue to offer more than

90 group live CPE programs outside of the Puget Sound every year. In addition to these live seminars and conferences, members are now able to participate in the Society’s online offerings without having to leave their home or office.

Expected Value of MaterialsWe know that CPE participants place

great value on the printed course mate-rials they receive and use these materi-als for future reference. We continue to provide these materials regardless of the medium being used to deliver the course and are making more of these materials available in an electronic format for those who prefer to have the materials acces-sible electronically.

CostIn these tough economic times, it is

clear that we are all looking for ways to maximize the value of our CPE expendi-tures. WSCPA course fees continue to be the lowest of any state CPA society in our region. Our standard fee for a member for an eight hour course is $265, which compares favorably to the fees of $280 to $315 for other states, and our fees include lunch, which is often not the case in other states. In addition, this year we have added some new low cost options for CPE, including the following:

• WA Pros—unlimited access to two hour webcasts for an annual fee of $175 to $289 (plus tax), depending on your area of interest (e.g. industry, nonprofit, public practice).

offering of courses with these criteria in mind. Let’s look at how this played out in our current curriculum.

Relevance of TopicWe have added more than 150 web-

casts and webinars to our course catalog for this year. These courses are delivered via the internet, most in a “live” session, i.e. there is an opportunity to ask ques-tions of the speaker (electronically) in order to confirm concepts or apply the information presented in the seminar.

These courses have allowed us to pro-vide a much broader spectrum of subject matter, since we do not need to have a critical mass of registrants at a particu-lar location in order for the seminar to make economic sense. For example, we recently broadcast an outstanding con-ference from California that focused on key issues and best practices for working with high net worth and celebrity clients. The conference had over 200 people in attendance; five WSCPA members participated in the program online. Whether the WSCPA had five partici-pants or 50, the program would still be

As is true in most other businesses, the internet has changed the world of CPE. Nowhere is this more true than in the world of state CPA societies, since these organiza-tions are geographically based, whereas the internet does not recognize geography.


LEADERSHIP LENS

Let’s take Webcasts for a test Drive“I, along with every member of the WSCPA Board of

Directors, have committed to take at least eight hours of the WSCPA’s new online CPE this year. I invite and encourage you to join me in exploring this exciting new education format.”

Jim Ladd, CPAWSCPA Chair

• Webinars (PowerPoint presentation with audio of speaker)—typically $20 for one hour

• Webcasts (live webcast of program)o Two hour--$79o Three hours--$99o Four hours—$129o Eight hours--$255

Reputation of SpeakerWith our enhanced curriculum, you

are able to learn from an additional lineup of talented speakers. Many of the new courses are also designed for a more experienced practitioner, which has been a member request for many years.

SummaryYou can now pick the CPE courses

and delivery mechanisms that best suit your needs and preferences. We are committed to responding to your feedback, so please register today for one or more courses and let us know what you think.

Our Board of Directors has com-mitted that each of them will take at least eight hours of new online

(webcast or webinar) CPE this year in order to better understand our offer-ings. I hope you will do the same and let us know what you like and what you would like to see changed. I promise we will listen.

You can contact Rich Jones at [email protected].

Accounting and AuditingEmployee BenefitsEstate/Financial PlanningEthicsGovernment/NFPManagementSpecialized Knowledge

TaxationTechnology

Select webcasts or webinars to attend

(see list at right)

1 2 3Learn more

and register at www.wscpa.org

(or call the Society)

View webcasts and

webinars online

Select webcasts or webinars to attend (see page 35)

Online CPE... easy as 1, 2, 3

More than 150 webcastsEarn from 2 to 16 CPE

credits per webcast


COVER STORY ELDER CARE

recognizing the signs of Elder abuseBy Randy R. Werner, J.D., LL.M., CPA, CAMICO

As the elderly population (those 65 and older) continues to grow, the

incidence of financial abuse perpetrated against them has grown along with their numbers. When one considers that the elderly population is projected to grow to 80 million by 2050, the potential for widespread abuse becomes alarming.

As trusted financial advisors, many CPAs have an intimate knowledge of client finances, business matters, and family dynamics, and they may be in a position to detect and prevent problems and to render assistance. It is therefore important to be aware of the main warn-ing signs of elder financial abuse.

Signs of ExploitationOne of the more common and

prominent warning signs is isolation. The abuser controls the elder’s social life, tell-ing callers or visitors that the elder does not want to talk with them, or providing an excuse that prevents the elder from speaking with callers or visitors. The abuser then tells the elder that no one has called or visited and that the abuser is the only one who cares about the elder.

Another common tactic is to tell the elder that if anyone asks questions, it is only for the purpose of placing the elder in a nursing facility. This intimidates the elder into refraining from speaking with anyone, including those who are trying to help. Signs of intimidation or threats would include unusual submissiveness or fear toward the caregiver, withdrawn behavior, or anxiety about personal finances and other issues.

While some elder abuse is perpetrated by family members, much is carried on by strangers who insinuate themselves into the senior’s life, whether as a new care-giver, friend, romantic interest or even as a financial “advisor.” All too often, seniors who feel isolated in retirement are vulnerable to this kind of approach.

Elders who have few contacts with the outside world may also be vulner-able to telemarketers and sales people. Such sales “professionals” are often able to persuade elders to purchase inappro-priate and risky investments by promis-ing unrealistic investment returns. Or they may convince an elder to purchase a variable annuity with high commissions to the seller and high surrender charges, causing the elder’s funds to be illiquid and unavailable.

Other signs and symptoms of exploi-tation include but are not limited to:

Lifestyle/care• the sudden appearance of previ-

ously uninvolved relatives claim-ing their rights to an elder’s affairs and possessions

• missed appointments, substan-dard care being provided, or bills unpaid despite the avail-ability of adequate financial resources

• the provision of unnecessary services or goods (e.g., large appliances, expensive jewelry)

• pharmacy or grocery receipts

While some elder abuse is perpetrated by family members, much is carried on by strangers who insinuate themselves into the senior’s life, whether as a new caregiver, friend, romantic interest or even as a financial “advisor.”


ELDER CARE

for purchases inconsistent with the client’s prescriptions or lifestyle (e.g., alcohol for a nondrinker)

• significant changes in spending patterns

Banking/credit• unexplained disappearance of

funds or valuable possessions• sudden changes in a bank

account or banking practices, including an unexplained with-drawal of large sums of money by a person accompanying the elder

• the inclusion of additional authorized signers on bank and other financial accounts

• unauthorized withdrawal of the elder’s funds using the elder’s ATM card, especially when the elder is physically unable to leave home

• credit card statements reflecting increased and unusual activity

• an increase in the number and amount of credit card accounts

• check numbers out of sequence• addresses for bank or credit

card statements changed to an address other than the elder’s home

Legal/property• changes in a power of attor-

ney from a long-time friend or family member to a person new to the situation

• abrupt and/or unexpected changes in beneficiaries or provisions in a will, trust or other legal or financial docu-ments

• unexplained sudden transfer of assets to a family member or someone outside the family

• deeds reflecting changes in title to property

• a refinanced mortgage and an unexpected cash-out

• discovery of an elder’s signature being forged for financial transac-tions or for the titles of his/her possessions

How Can CPAs Help?CPAs should encourage

their clients to explain their dispositive and gift-planning desires, particularly if there is a second marriage. Empha-size that planning now will help avoid ambiguity about their future desires. Clients should consider arrang-ing for a living will or other type of medi-cal directive, such as an Advanced Health Care Directive, to make their own health care desires known in the event some-one has to intercede on their behalf.

CPAs can also advise their older cli-ents to consider consulting with family members and legal counsel regarding the options for assigning financial guardians or power of attorney. If the client has

assigned power of attorney to someone, ask the client for the person’s name and contact information in the event an ill-ness or disability necessitates contacting

that person. CPAs may also suggest that the client provide the contact informa-tion and written consent to contact a responsible adult son or daughter in the event the CPA suspects any type of elder abuse.

There are many resources for reporting and dealing with elder abuse. For example, the National Center on Elder Abuse, a division of the U.S. Admin-istration on Aging, provides a database of contact information for county Adult Protective Services agencies and hotlines (www.ncea.aoa.gov, “Help Hotline”).

As laws on reporting potential elder abuse vary from state to state, CPAs who suspect their senior clients are being abused should contact the firm’s lawyer or insurance provider for advice and guidance on the best way to proceed.

Randy Werner is a loss prevention specialist with CAMICO (www.camico.com).

Copyright © 2010 CAMICO Mutual Insurance Company. All rights reserved. Printed with permission.

If the client has assigned power of attorney to someone, ask the client for the person’s name and contact information in the event an illness or disability necessitates contact-ing that person.

Reporting and Dealing with Elder AbuseThe National Center on Elder Abuse, a division of the U.S. Administration on Aging, provides a database of contact information for county Adult Protective Ser-vices agencies and hotlines. Find the database at www.ncea.aoa.gov. Click on “Help Hotline.”


ELDER CARE

the medicare mazeHowCPAscanhelpnewMedicareenrolleesplanforahealthyfinancialfuture.By Mary Re Knack, Williams Kastner

Everyone’s nerves are a little on edge these days. Older Americans

face particular challenges when it comes to planning their financial future. Health care costs are one of their biggest con-cerns. As your clients inch closer toward age 65, you can play a critical role in help-ing them decide when and whether to enroll in Medicare. To the untrained eye, Medicare’s breadth and complexity can be overwhelming. With a little knowl-edge, you can help your client navigate the Medicare maze.

Medicare is the nation’s largest health insurance program, covering over 45 mil-

lion people. Beneficiaries include those age 65 or older, and those under age 65 who have certain disabilities or end-stage renal disease. For those about to turn 65, there is a seven-month enrollment period that begins three months before a person turns 65. A person can choose to enroll in some or all of Medicare’s four parts, commonly referred to as Parts A, B, C, and D. Each has different enrollment criteria.

Medicare Part APart A governs hospital insurance and

helps pay for inpatient hospital, home health, skilled nursing, and other types

of care. It is available to most eligible people without a premium if the person or her spouse paid Medicare taxes while employed.

The Part A benefit period has different costs depending on the number of days a beneficiary has spent in a hospital. For example, in 2010, a patient is required to pay $1,100 for the first 60 days in a hos-pital.1 For the next thirty days, the patient must pay $275 per day.2 If the hospital stay is longer than 90 days, a patient can remain in the hospital for up to 60 more days at $550 per day.3 With the onset of a debilitating illness that requires hospi-

tal care, Medicare beneficiaries may face steep costs. A CPA can advise families and individuals to determine how best to plan for potential health costs.

Medicare Part BPart B covers payments for medi-

cally necessary services and requires a monthly premium. A person who gets Social Security benefits is usually eligible for Part B beginning the first day of the month she turns 65. If a person does not sign up for Part B when she is first eligible, there may be a late enrollment penalty and, worse, a lapse in coverage. A person is eligible to sign up for Part

B when she turns 65, but she can forego Part B and continue coverage through her employer’s health insurance. There is no issue while a person is employed.4 How-ever, once a person retires or terminates her employment, the eight-month Part B enrollment period begins, even if she is still covered by other insurance (e.g., through COBRA).5 When her employer’s coverage ends, she may have to wait to enroll in Part B until the next enrollment period (January 1 through March 31), cre-ating a lapse in coverage.

High-income beneficiaries may also face higher premiums. Generally, Part B

provides coverage for a premium ($110.50 per month in 2010).6 But wealthier seniors may face higher premiums if their income reaches a certain level. For exam-ple, to determine a person’s premium for 2010, information is used from her 2008 tax return.7 Starting in 2011, recent health care reforms froze the threshold for income related premiums at the 2010 premium level until 2019.8 To plan for a higher premium, a CPA can help those nearing age 65 manage their income.

Medicare Part CPart C, the Medicare Advantage pro-

gram, allows Medicare beneficiaries to

To the untrained eye, Medicare’s breadth and complexity can be overwhelming. With a little knowledge, you can help your clients navigate the Medicare maze.

Part A Hospital insurance, inpatient hospital, home health, skilled nursing and other types of care

Part B Medically necessary services, with a monthly premiumPart C Medicare Advantage program, allows Medicare beneficiaries to enroll

in private health plans already approved by MedicarePart D Subsidized prescription drug insurance

MED

ICA

RE

What is covered?


ELDER CARE

enroll in private health plans already approved by Medicare. Each plan is required to cover all of the services Medicare covers, including emergency care, and some offer extra coverage, like dental or vision. Most plans also include prescription drug coverage. While each plan works differently, a monthly pre-mium is usually required.

Recent health care reforms cut $132 billion in payments to private companies that offer Medicare Advantage plans.9 As a result, some private insurers may choose to drop certain benefits or may not offer Advantage plans altogether. A CPA can help Medicare enrollees decide whether an Advantage plan fits within their health needs and financial limitations.

Medicare Part DUnder Part D, Medicare beneficiaries

who enroll in Part D receive subsidized prescription drug insurance coverage. To receive drug coverage, a person must join a Medicare drug plan, have Part A and/or B, and pay a premium. Whether a medica-tion is covered and at what cost depends on the plan.

A CPA can help Medicare beneficia-ries deduct certain qualified medical expenses, including prescription drug costs, from their tax return. However, recent health care reforms increased the income threshold from 7.5 percent to 10 percent of a person’s adjusted gross income.10 This change begins in 2013, but the increase is waived until 2016 if the taxpayer or her spouse is 65.11

As more Americans approach age 65 and look to CPAs for guidance about how to plan ahead, a CPA can play a vital

medicaid Long-term Care Coverage in Washington state:an Update and a Caution By Jacob H. Menashe, Hickman Menashe, P.S.

Medicaid is a huge federal government welfare program and is administered and partly funded at the state level. It is the biggest payer of long-term

care for the approximately 10 million Americans who, because of a chronic illness or disabling condition, require assistance and services with their activities of daily living. In 2005, Medicaid accounted for 49% of all long-term care spending. National Spending for Long-Term Care (Georgetown University Long-Term Care Project, Updated February 2007, fact sheet).

In Washington State, our long-term care Medicaid program consists of a nursing home component and a community-based component called COPES, which can pay for in-home care or for care in an assisted living facility or adult family home. All Medicaid programs have strict income and asset tests.

For instance, a single person is only allowed to have $2,000 of “countable” assets and a married couple, together, is only allowed between $50,639 and $111,560 (depending on the particular program applied for and the couple’s circumstances). Some assets, such as a residence (in most cases), a vehicle, and personal posses-sions are considered exempt.

This short update on Medicaid long-term care coverage in Washington State will address recent changes to the program, discuss planning opportunities that still exist, and will end with a caution about risks that come with Medicaid planning.

Major Recent ChangesWe have recently seen a tightening of Medicaid’s eligibility rules. One major

change, for gifts made on or after May 1, 2006, is that the “look back period” (i.e., the period during which transfers, unless qualifying under an exception, cause a period in eligibility) increased from three years to five years.

This by itself was a major change, but even more significant is how a period of ineligibility is calculated during the look back period. For starters, gifts that total over $227 in any month (not per person, but total) are added up and divided by

role in reducing the confusion new beneficiaries face. By creating a map of important enrollment deadlines, poten-tial loopholes, and possible financial con-sequences, a CPA can offer customized advice to reduce the uncertainty that comes with entering the maze.

continued on page 10

1 United States Social Security Administration, Update 2010, January 2010, http://www.ssa.gov/pubs/10003.pdf (last visited Aug. 2, 2010).

2 Id. 3 Id. 4 United States Department of Health and Human Services,

Centers for Medicare and Medicaid Services, Medicare & You, 22, January 2010, available at http://www.medicare.gov/Publi-cations/Pubs/pdf/10050.pdf (last visited Aug. 2, 2010).

5 Id. 6 United States Social Security Administration, Medicare

Part B Premiums: Rules For Beneficiaries With Higher Incomes, July 2010, http://ssa.gov/pubs/10161.pdf (last visited Aug. 2, 2010).

7 Press Release, Centers for Medicare and Medicaid Ser-vices, CMS Announces Medicare Premiums, Deductibles for 2010 (October 16, 2009), http://www.cms.gov/apps/media/press/factsheet.asp?Counter=3534 (last visited Aug. 2, 2010).

8 Health Reform Implementation Timeline, Henry J. Kaiser

Family Foundation, 4, June 15, 2010, http://www.kff.org/healthreform/upload/8060.pdf (last visited Aug. 2, 2010).

9 Press Release, United States Senate Committee on Finance, Health Care Reform: Saving Taxpayer Dollars by Cut-ting Fraud, Waste, Abuse (April 1, 2010), http://finance.senate.gov/newsroom/chairman/release/?id=1e7794a0-4bb4-4cb5-9807-d33f56345524 (last visited Aug. 2, 2010).

10 Health Reform Implementation Timeline, supra note 9, at 2. 11 Id.

Mary Re Knack is an attorney with Williams Kastner. You can reach her at [email protected].

The author wishes to thank Sarah Joye, University of Washington School of Law, for her assistance.


COVER STORY ELDER CARE

the number 227 – a figure which changes each October.

Then, the corresponding penalty does not begin to run until the person requires nursing home level care, is down to $2,000 in countable assets, and an application is submitted to Medicaid and approved in all respects but for the gift. This, as was intended, has made gifting to qualify for Medicaid much more difficult because, in many cases, all of the funds gifted, and then some, will be needed to pay for care during the period of ineligi-bility.

The other major change has to do with the use of annuities which, for couples, have been used to qualify one spouse for Medicaid coverage. This planning involves using excess countable resources (above the Medicaid standard of $50,639 to $111,560) to purchase an immediate,

commercial annuity for the spouse of the prospective Medicaid applicant.

Before April 1, 2009, these annuities had to have no cash surrender value and be irrevocable, non-assignable, and pay out monthly (or be budgeted that way) and within the annuitant’s life expectancy. But now, since that date, the term of a qualifying annuity must also be for five years or the annuitant’s life expectancy, whichever is less, and the annuity must, in most cases, name the state as the remain-der beneficiary, in first position, for the total amount of medical assistance paid for the Medicaid recipient.

These changes, and more, are dis-cussed in state-of-the-art pamphlets on the Northwest Justice Project’s’ excellent website, www.washingtonlawhelp.org.

Highlights of Medicaid Planning Options

With Medicaid’s now much stricter gifting rules, the most often considered gifting now involves a large gift, and wait-ing out the five year look back period. Another option still possible, but only when a person is already receiving ben-efits, is what used to be termed a “half a loaf” gift where some assets, often con-sisting of the proceeds from the sale of a home, are gifted and the other part is retained to pay for care during the period of ineligibility caused by the gift.

For couples, albeit with the now-required payback to the State, using an annuity, as discussed above, is the most common way to more quickly qualify one

spouse for Medicaid. This planning can be used to convert even rather substan-tial assets to a non-disqualifying income stream for the non-applicant spouse.

In addition, there are several ways plan-ning can be done using a special needs trust of one sort or another. The idea behind a special needs trust is that assets in such a trust can provide supplemental benefits, beyond those provided by the government, to a disabled or elderly ben-eficiary without counting as “available” for the beneficiary’s Medicaid eligibility.

This can come up when a disabled person has assets or is due to receive a lump sum such as an inheritance or settlement. In these cases, there is no transfer penalty and the assets do not count for eligibility purposes if: the ben-eficiary is under age 65; and the assets are transferred to a special needs trust that is either established by a parent, grandparent, guardian, or the court, or that is operated by a non-profit. These sorts of trust require “payback” of ben-efits received to Medicaid or retention of trust assets by the non-profit.

A special needs trust can also be used to enable the giver to qualify for Med-icaid because the transfer to a special needs trust for the sole benefit of a dis-abled child or any other disabled person under age 65 are specific exceptions to Medicaid’s transfer penalty.

The most common way special needs trusts are used is in testamentary plan-ning. With this planning, one can provide for a loved one, including a spouse, with a

Learn More and Earn CPE

ELDER CARE

Related Resources

Washington LawHelpwww.washingtonlawhelp.org

Washington State Department of Social & Health Services - Washington State Medicaid http://hrsa.dshs.wa.gov

Centers for Medicare & Medicare Serviceswww.cms.gov

September 22 | Bellevue How to Guide Your 60+ Clients on Tax, Long-Term Care, Planning, Estate, Social Security, Medicare, and Eldercare Strategies (GYEC)

November 4 | Webcast -- OnlineWEBCAST: Advanced Personal Financial Planning Update (WEB49)

November 5 | Tacoma Social Security, Medicare, and Prescription Drug Retirement Benefits: What Every Baby Boomer Needs to Know (SSRB)

January 14 | Seattle Health Savings Accounts (HSAs), Medicare, Tax Favored Health Care Plans & Medical Expenses (TFHCP)

For details and to register, visit www.wscpa.org/CPE/catalog.


ELDER CARE

special needs trust that should be off the table for Medicaid eligibility and estate recovery purposes.

Cautions and a Final Word about Medicaid Planning

Some clients wish to consider the probity of planning to qualify for a gov-ernment welfare program. For a critical discussion of Medicaid planning, please see articles and reports at the Center for Long-Term Care Reform, www.centerltc.com. The central arguments made by the Center are that the availability of Medic-aid has anesthetized the public to the risk of long-term care and that government funding limitations impact quality of care and threaten Medicaid’s role as a safety net for the poor.

Beyond these more global issues are practical considerations and pitfalls that clients should be aware of before

embarking on Medicaid planning. Medicaid planning should not be seen as without risk, as it is not. For one thing, divest-ing assets, whether to a family member or trust, inherently means a loss of con-trol, which can also mean a loss of inde-pendence.

A second area of risk is the potential for changes in the recipient’s situation. For instance, what if the gift recipient has creditor issues or faces a divorce or dies? These are important questions clients should consider.

A third area to consider is that Med-icaid gifting may have negative tax conse-quences, such as a loss of home exclusion exemption, the loss of a step-up in basis, or the shifting of income to a higher tax bracket.

A fourth pitfall, often overlooked, is that planning can create disagreements and tension between family members,

especially between siblings, about how best to use gifted funds for the parent’s benefit and who is going to pay for what.

In conclusion, I hope even this short article has shown that Medicaid is a complicated topic, planning options are decreasing, and risks associated with plan-ning are significant. Considering these fac-tors, and the demands the baby boomers will bring on the long-term care system, I think all of us, and our clients, should not expect to depend on the Medicaid program for our future long-term care needs and instead we should be consid-ering how long-term care insurance can help insure we receive quality care when we need it.

Jacob Menashe, JD, is an attor-ney with Hickman Menashe, P.S., in Lynnwood. He can be reached at [email protected].


NEWS BRIEFS

Easy Marketing for Your Firm: Enroll Now in Find a CPA Referral Service

Would you like to expand your client base? Is your firm currently enrolled in the WSCPA Find a CPA Referral Service?

The WSCPA’s online Find a CPA Referral Service is a cost effective way to market your firm’s services to the public. For just $175, you can list your firm with this ser-vice. Plus, you can add satellite offices for $50 each.

Enroll or renew now and your firm will be in the service from July 1, 2010-June 30, 2011. This service is marketed in directories statewide and online. Hundreds of individuals and businesses statewide looking for CPAs visit this service at www.wscpa.org or call the Society.

To enroll, visit www.wscpa.org, and click Find a CPA. Questions? Call Jennifer Ayoub, (425) 586-1142 or (800) 272-8273, Ext. 1142 (toll-free in WA), or e-mail [email protected].

News from AICPAAICPA Members to Vote on Proposed Bylaw Amendment

In May 2010, the AICPA governing Council unanimously voted to ballot AICPA members on a proposed bylaw amendment to update the requirements for admission to the Institute. The bylaw amendment would add a provision to the current CPA certificate requirement for voting membership. The amendment would permit people to qualify for admis-sion in the AICPA as voting members if:

• they at any time possessed a valid CPA certificate and the certificate was not revoked as a result of a disciplinary action, or

• if they meet the education, examination and experience requirements set out in the Uniform Accountancy Act and are of good moral character and have never been granted a right to practice.

To learn more, visit www.wscpa.org and enter “Proposed Bylaw Amendment” in the search box.

New CPA LogoThe AICPA has released a new CPA logo, which may be used on mar-keting and advertising materials, business cards, stationery, or websites to promote your CPA designation. Find the logo at www.aicpa.org (search for “CPA logo”).

Call for nominationsThe WSCPA Board is accepting nominations for the 2011-2012 Board of

Directors. To submit a nomination, e-mail Ann Young at [email protected] before November 1, 2010.

The WashingtonCPA magazine is online.

Read it in the Newsroom at

www.wscpa.org

[ Save 20% on CCH U. S. Master Tax Guide

Reserve your copy of the industry’s leading tax guide and save 20% off the list price of $86.60. You pay only $69.28 plus tax and shipping. You will not be billed until after the book ships. (Cancel before shipment without charge.) The 2011 edition will contain timely and precise explanations of federal taxes for individuals, corporations, part-nerships, estates and trusts.

To order, visit http://tax.cchgroup.com/members/wscpa and enter your member discount number: Y5596.

[S pecial Member Discount

Follow the WSCPA on...

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Go to www.wscpa.org and click the social networking icons. Or watch for links in your next Short Form.


ADVOCACY

rocky mountain High ... and advocacy?By Judy Love, WSCPA Director of Advocacy

Maybe it was the altitude and lack of oxygen. Or perhaps the sheer

beauty of the Colorado mountains and the jagged red rocks. But on a recent breathtaking hike in Aspen I found myself thinking about WSCPA members and . . . the looming deadline for this column. As I reflected on some of your vacation plans – biking across Montana, sweet ocean sailing in the San Juans, climbing Mt. Rainier, doing exhaustive research on the London theatre and restaurant scene, camping and exploring Native American cave dwellings, traveling to Iceland or Turks and Caicos – I was reminded that CPAs’ political and policy views are often as diverse as their recreational pursuits.

There, see how easy that was? That’s the link between hiking in Aspen and WSCPA advocacy. Some members enjoy the political fray, seeing it as a part of their professional responsibility as well as an opportunity to help shape outcomes. Others would rather let someone else worry about the overwhelming number of issues and changes. And a very small number hope that by keeping their heads down they can avoid change entirely.

If you are in the first group, thank you! WSCPA grassroots volunteers, PAC, Government Accounting and Auditing,

and Accounting Auditing Review Stan-dards committee members and legisla-tive task forces are the profession’s eyes, ears and voice with state and federal law-makers and regulators. Your participation is priceless.

If you are in the second group, thank you! Some of you even call to ask, “What

is the Society doing about__________?” Thank you to WSCPA members Frank Starace and Guy Easter who made such a phone call with their concerns about the federal Tax Extenders bill that would significantly change the way compensa-tion is taxed for S-corps.* Not only does this please me, it tells me you are aware of the considerable resources your mem-

bership organization dedicates to advocating for the profession. And the WSCPA partnership with the AICPA on federal issues increases the strength of that advocacy.

If you are in the third group, please make a commitment to your professional growth. Put your head up and scan the environment on a

regular basis. Look to your Society as a resource. The profession – and by exten-sion the way you will do business – is undergoing major changes. You will thank yourself.

*The Snow-Enzi amendment to strike that provision is still in play in the Senate. Thank you to all who called Senators

and Murray asking for their vote in sup-port of that amendment. But thank you also to several members who called to let me know that they would not be making a phone call because they support the proposed Tax Extenders change to the S-corps compensation. I appreciated their honest feedback and sense of accountability to a call to action from the Society.

Which brings us back to the diversity of the profession. In any organization of 10,000 members it would be highly unlikely to identify an issue that every member would agree on, as the S-corps compensation tax so clearly illustrates. WSCPA’s advocacy efforts on behalf of the profession will always be a balancing act, but one that is enhanced by member participation. Contact me if you have concerns about an issue or if you would like to learn more about communicating with legislators.

You can reach Judy Love at [email protected]; (425) 586-1130, (800) 272-8273, Ext. 1130.

Some members enjoy the political fray, seeing it as a part of their professional responsibility as well as an opportunity to help shape outcomes. Others would rather let someone else worry about the overwhelming number of issues and changes. And a very small number hope that by keeping their heads down they can avoid change entirely.

WSCPA’s advocacy efforts on behalf of the profession will always be a bal-ancing act, but one that is enhanced by member participation.

fill in the blank


Free resource: Financial statement reviews

Top 10 Reasons to be on the Financial Statement Review Committee

(as told in the words of current committee members)

1. “(Being on the committee) is a huge professional growth opportunity for me.”

2. “I don’t think anyone can effectively review their own work. Everyone can use a second set of eyes.”

3. “I always pick up some technical information or an idea about a better way to do something.”

4. “As a sole practitioner I don’t have anyone to bounce ideas off. Being on this committee lets me see what other people do and how they do it.”

5. “This is such a great service for WSCPA members. I’m surprised more people don’t take advantage of it.”

6. “Everyone’s risk factors have increased.”7. “Have you seen some of those footnote disclosures? You need to be

an expert!”8. “As a sole practitioner I miss the face-to-face interaction with co-work-

ers. Working with this committee on a review gives me a network.”9. “We can carpool from Tacoma.”10. “So, do you guys want to go out to lunch after the meeting?”

There’s room for you at the table!

Join the WSCPA

Financial Statement

Review Committee.

Sign up at

www.wscpa.org

or contact Sharon

Olene-Marander at

[email protected],

(425) 586-1138.

Are the financial statements you are issuing in accordance with GAAP

or OCBOA? Did you know the WSCPA offers FREE, confidential comments on your financial statement format, presenta-tion, and other professional issues based on reviews of post-issuance financial statements? Submit up to two redacted statements by December 15 to Sharon Olene-Marander at [email protected] or call (425) 586-1138 for details.

Top 10 Reasons to Submit a Post-issued Financial Statement

1. The service is free.2. Everyone can use a second set

of eyes.3. The service is confidential.4. Particularly useful for small

town sole practitioner. (see #3 above)

5. The service is free.6. Practitioner risks have

increased with all the required new changes.

7. Sharpens your skills for future engagements.

8. Highlights potential trouble spots.

9. Prepares you for Peer Review or State Board QAR.

10. Keeps you on top of the latest standards.

Connect with other members who work in your area of interest.

Join a WSCPA committeeSign up today at www.wscpa.org. Log in and go to WSCPA Community > Committees > Sign up today!

AARS • BV & Litigation services • Taxation Construction • Gov’t A&A • International Not-for-profit • Personal financial planning

Firm administrators • IT directors

COMMITTEES


During tough economic times, an increasing number of not-for-

profit organizations may feel pressured to accept various types of funding sources in order to meet their fundraising objec-tives. This may lead to accounting com-plexities, donor management issues and other unforeseen costs. Knowing what to expect before your organization pursues more complex funding sources can limit your exposure to unnecessary financial and operational difficulties.

Below is an overview of the most common types of complex funding sources to be aware of:

Restricted Contributions. Individ-uals, corporations or private foundations may often restrict the use of their gift on a temporary or permanent basis. Such gifts are typically not intended for general operations or administrative and fund-raising costs. As there may be significant cost associated with tracking this income, the gift should be large enough to merit the additional monitoring expense.

Donor-Advised Funds. Some fund-ing organizations allow individual donors to provide advice as to how grants of their funds will be made. However, this practice can lead to issues with tax deductibility and appropriate accounting. To avoid these issues, make sure that pro-spective donors understand the limits of their influence after the contribution to the donor-advised fund is made. Organi-zations that are recipients of grants from foundations and other funding sources using donor-advised funds should make sure that the understanding with donors is clear prior to accepting funding, and should alert the organization to any behavior on behalf of the donor that might impact its tax classification.

Government Funding. While gov-ernment funds typically come with exten-

not all money is Good money: Evaluating Funding sourcesBy Carolyn Hojaboom, CPA, MNPL and Erin Welch, CPA, Jacobson Jarvis

sive tracking and reporting requirements, the recipient may also be barred from using grant money to manage or admin-ister the program(s) that the funding was intended to support. In addition, if the organization spends more than $500,000 in federal funds each year, it is required to have a compliance audit in addition to the financial statement audit. This leads to increased audit fees, which are not always covered by the funding source.

Pass-Through Relationships. Many not-for-profits receive donations on behalf of another organization that has not yet received its tax-exempt status. There are generally administrative costs associated with these funds, for which the host organization may not receive reim-bursement. In addition, there are fiscal responsibilities to ensure that the funds are used for charitable purposes.

Annual Auctions and Other Fund-raisers. It is common for not-for-profits, or someone on their behalf, to host fund-raising events. However, in addition to requiring a significant time commitment from staff and volunteers (and placing the organization at risk for fraud if they are not properly supervised), there are numerous other accounting and donor perception issues that can diminish the returns these events deliver.

In addition to the above, there are

other enticing revenue streams such as land grants and stock gifts, which may produce unanticipated tax consequences. Your organization should also be aware of the tax and accounting implications before accepting revenue from sources such as advertising, parking fees, rent and retail sales.

Fortunately, there are ways to protect your organization, including the following:

• Read the fine print on grants and federal funding programs;

• Implement a comprehensive gift acceptance policy that estab-lishes gift evaluation, acceptance and acknowledgement pro-cesses;

• Weigh cost and benefits of each opportunity against required resources; and

• Always consider how funding sources may or may not align with your mission.

Not all money is good money, but with the right set of tools and procedures to determine appropriate funding sources, your organization will be better prepared to proactively assess risk and to simplify decision-making in the future.

Carolyn Hojaboom, CPA, MNPL is Princi-pal at Jacobson Jarvis. She can be reached at [email protected].

Erin Welch, CPA, is Partner at Jacobson Jarvis. She can be reached at [email protected].

Learn More and Earn CPE For updates on topics of interest to not-for-profit organizations, attend the Not-For-ProfitConference (NFPC),November 18-19, in Seattle. For details and to register, visit www.wscpa.org/CPE/conferences.

NOT-FOR-PROFIT


HEALTH CARE REFORM

The Patient Protection and Affordable Care Act (PPACA) will force many

changes upon employers and health plans. The biggest such change for employ-ers with more than 50 employees may be the requirement to offer health care coverage to employees or face a monthly penalty. These employers will either pay the penalty to the federal government, or play by offering an “affordable” health plan that provides coverage for “essen-tial services” determined to be above a “minimum value.” While everything in quotes has yet to be clearly defined, it‘s important for all employers to under-stand these pay or play rules now.

PPACA does not explicitly mandate an employer to offer employees health insurance. However, beginning in 2014, certain employers with at least 50 full-time equivalent employees will face pen-alties if one or more of their full-time employees obtain a premium credit through an exchange – a federally con-trolled and state administered insur-ance marketplace that also doesn’t start until 2014. An individual may be eligible for a premium credit either because the employer does not offer coverage or the employer offers coverage that is either not “affordable” or does not provide “minimum value.”

This article summarizes the potential penalties applicable to employers under the PPACA along with examples to help you advise your employer and/or clients.

While all employers have something to worry about from the PPACA, only a large employer may be subject to these penalties. A “large employer” is one with more than 50 full-time equiva-lent employees during the preceding calendar year. To determine whether an employer is large enough to be penalized, both full-time and part-time employees are included in the calculation. Full-time employees are those working 30 or more hours per week. The number

Health Care reform: potential penalties for Employers under the “pay or play” rulesBy Dan Fisher, EmSpring Corporation

of full-time employees excludes full-time seasonal employees who work for less than 120 days during the year. The hours worked by part-time employees (i.e., those working less than 30 hours per week) are included in the calculation of a large employer, on a monthly basis, by taking their total number of monthly hours worked divided by 120.

Example. A company has 35 full-time employees (30+ hours) and 20 part-time employees who all work 24 hours per week (96 hours per month). These part-time employees’ hours would be treated as equivalent to 16 full-time employees:

This company would be considered a large employer, based on a total full-time equivalent count of 51. That is, 35 full-time employees plus 16 full-time equiva-lents based on part-time hours.

Potential Tax Penalties in 2014 on Large Employers

Regardless of whether or not a large employer offers coverage, it may be liable for penalties beginning in 2014 if at least one of its full-time employees obtains cov-erage through an exchange and receives a premium credit. A full-time employee includes only those individuals working 30 hours per week or more. Part-time workers are not included in penalty cal-culations even though they are included in the determination of whether an employer is large. An employer will not pay a penalty for any part-time worker, even if that part-time worker receives a premium credit. This highlights one of the “unintended consequences” of the PPACA by encouraging more employers to limit hours to 30 and thereby take them off the hook for the penalties. Conversely,

seasonal workers are not included in the calculation of a large employer. However, if an employer is determined to be large (over 50), without counting its seasonal workers, it could still potentially face a penalty for each month that a full-time seasonal worker received a premium credit for exchange coverage. If the goal is to eliminate the penalty, then employ-ers will be incentivized to keep sea-sonal workers under 120 working days per year.

The Insurance ExchangesBeginning in 2014, individuals who are

not offered employer-sponsored cover-age and who are not eligible for Medic-aid or other programs may be eligible for premium credits for coverage through an exchange. These individuals will generally have income between 138 percent and 400 percent of the federal poverty level (FPL). It’s a safe bet that the vast majority of seasonal workers (legal ones, anyway) and many part time workers will qualify for a premium credit.

20part-time employees

x 96 hours 120

= 1920 120

=16

full-time employees


HEALTH CARE REFORM

Individuals who are offered employer-sponsored coverage can only obtain pre-mium credits for exchange coverage if, in addition to the income limits above, they are not enrolled in their employer’s coverage, and their employer’s coverage meets either of the following criteria: the individual’s required contribution toward the plan premium for self-only coverage exceeds 9.5 percent of their household income OR the plan pays for less than 60 percent, on average, of covered health care expenses. Basically, this means many of those full time employees who have already waived off their employer plan will qualify for a premium credit.

Penalty for Large Employers Not Offering Health Insurance Coverage

Beginning in 2014, a large employer will be subject to a penalty if any of its full-time employees receives a premium credit toward an exchange plan. In 2014, the monthly penalty assessed on employ-ers that do not offer coverage will be equal to the number of full-time employees (minus 30) multiplied by 1/12 of $2,000

for any applicable month. After 2014, the penalty amount will be indexed.

Penalty for Large Employers Offering Health Insurance Coverage

Employers that do offer coverage may still be subject to penalties if at least one full-time employee obtains a premium credit in an exchange plan because the employer’s coverage is unaffordable or insufficient. According to the Congres-sional Budget Office (CBO), about 1 million individuals per year will enroll in an exchange plan because their employ-er’s plan was unaffordable. I expect the number of people running for the exchange coverage will be much, much larger and, unless better regulations are forthcoming, enrollment will come only in months when care is needed. There are no limits currently on when one can enroll.

In 2014, the monthly penalty assessed on an employer for each full-time employee who receives a premium credit will be 1/12 of $3,000 for any applicable month. However, the total penalty for

an employer would be limited to the total number of the company’s full-time employees (minus 30), multiplied by 1/12 of $2,000 for any applicable month. After 2014, the penalty amounts would be indexed. So, let’s see: 1/12 of $2,000 is $167, but let’s gross that up to $200 per month since the penalty is a non-deductible business expense. Compare that $200 to your current health plan’s employee only premium. Which would you, your employer, and your clients rather pay?

As 2014 approaches and more employers learn how these pay or play rules affect them, are they more or less likely to continue an employer-sponsored health plan? If employers drop their plan and use the money to attract and retain talent in other ways, then the employees will end up with coverage through the exchanges. Do you think the drafters of the PPACA legislation might have planned it this way?

Dan Fisher is CEO of EmSpring Corporation. He can be reached at [email protected].

NOT A LARGE

EMPLOYER

less than 50 full-time equivalent employees

LARGE EMPLOYER50 or more full-time equivalent employees

Does not offer coverage Offers coverageA

No full-time employees get

credits for exchange coverage

B1 or more full-time

employees get credits for

exchange coverage

CNo full-time


exchange coverage

D1 or more full-time


exchange coverage

No penalty No penalty

Number of full-time employees

minus 30 multiplied by $2,000

(Penalty is $0 if employer has 30 or fewer full-time

employees)

No penalty

Lesser of: Number of

full-time employees minus 30,

multiplied by $2,000.

Number of full-time employees who get

credits for exchange

coverage, multiplied by $3,000.

(Penalty is $0 if employer has 30 or fewer full-time

employees)

Potential Annual Penalties Beginning in 2014 for Large Employers Applies to For-profit

and Nonprofit

Organizations


INDUSTRY VOICE

On Fire CpEFor Industry CPAs

Put Some New Tools in Your Toolbelt! Thirty-Plus Practical Tools and Techniques for Making Your Key Financial Decisions (TTMD) August 18 | WSCPA Learning Center, Bellevue

CPAs and all financial professionals are required to take an active, if not leadership, role in numerous activities for their organizations. This course introduces and explores analytical tools and techniques to assist in routine and non-routine situations. These include: identifying and addressing structural blockages to decision-making; data management; providing information and analysis; improving operations; model building; designing tests; valuing and financing acquisi-tions and divestitures; as well as, evaluating capital programs and other long-term investments.

Born to Negotiate? Negotiating Skills for Finance Professionals: Get What You Want When You Want It (NSFP) August 19 | WSCPA Learning Center, Bellevue

The ability to negotiate is not something people are born with—it is a skill that grows with practice. Negotiating is not compromising, nor is it creating a win/lose outcome. In this interactive workshop, discover that you are better able to negotiate for what you want when you want it by knowing the four critical skills of negotiation (participat-ing, anticipating, relating and communicating). This seminar will help you learn to negotiate your way through any situation—buying a building, hiring someone, dealing with a difficult employee or managing resource allotments at budget time.

Looking for additional CPE? Learn about more seminars for CPAs working in business and industry at www.wscpa.org/CPE/catalog. Plus, learn about management webcasts, such as:

WEBCAST: Financial Statement Presentation and Disclosure (WEB136 and WEB137) WEBCAST: Intellectual Property Institute (WEB11) WEBCAST: Employment Practices Conference (WEB58) WEBCAST: Pricing on Purpose: How Better Pricing Leads to Better Profits (WEB84) WEBCAST: Myths of Budgeting and How to Overcome Them (WEB158)

Looking to Merge, Sell or Acquire? NEW! Acquisitions to Grow the Business:

Structure, Due Diligence and Financing (AGB) September 13 | WSCPA Learning Center, Bellevue

Should your company look for acquisitions, seek a merger or consider selling all or part of your business? How do you know what to look for in an acquisition or merger candidate? How do you arrive at a fair price and create incentives for future growth? How do you perform effec-tive and efficient due diligence? What should you look for in the legal documents? What do the new accounting rules mean for mergers and acquisitions? How can you plan a post-merger business to take advantage of syner-gies and reduce culture shock? This seminar will answer all your questions regarding mergers and acquisitions.

How to Avoid Tricky and Potential Tax Traps Form 990: AICPA’s Answer to Unlocking the Tax Complexities (EOF9901) September 20 | Hampton Inn Spokane

Updated for the completely redesigned Form 990! Not only is the IRS crackdown on nonprofits continuing but the Form 990 has been completely redesigned - are you ready? New legal traps for the organization and its officers and directors created by the excess benefit rules make this course a must! Find out how to deal with the very tricky 990 problems that will confront your clients. With the more complex Form 990, not only are CPAs required to perform numerical computations, but they must also now answer probing IRS questions. This course addresses tricky and potential tax-trap issues you will face. Get practice in completing the revised 990 tax form and solving unique filing problems.

Let Excel Do the Work for You Excel Budgeting and Forecasting Techniques (EBT) September 27 | WSCPA Learning Center, Bellevue

Recent research reveals that nearly 75% of North Ameri-can companies use Excel as their primary budgeting and forecasting tool. This course is designed to provide par-ticipants with the Excel knowledge and skills necessary to prepare budgets and forecasts more efficiently and with greater accuracy.

Learn more and register today at www.wscpa.org/CPE/catalog


Long term Care Insurance: What to Consider Before You BuyBy Jeffry J. Peterson, CLU, Pacific Advisors

Planning is the key to affording long-term care, whether it is through an insur-ance policy, self-funding, or a combination of both.

The cost of care can be staggering and can deplete assets quickly. Take the cost of a semi-private room in a nursing home in Washington as an example. The average cost is $248 per day or $7,440 per month! While it is a good idea to check costs in specific facilities where you might want to receive care, the Mature Market Institue (online at www.maturemarketinstitute.com) provides research on the cost of care in most metropolitian areas across the country and is a good place to start the evaluation process.

Long-term care insurance has the most benefit for people who want to protect assets, such as savings, invest-ment and retirement plans from being depleted by care costs. It is especially important to pro-tect a spouse from having to spend assets designed to pro-vide a comfortable retirement on the need for care.

The decision on whether to buy a long-term care insur-ance policy may depend on age, family history, health status, overall retirement goals, income and assets. If you have adequate assets to fund your retirement or a large number of assets to protect, purchasing a long-term care insurance policy can help preserve all or a portion of those assets. While the policy may not cover all the costs of long-term care, it will help you avoid depleting life savings if you need care, leaving assets for a spouse to maintain their standard of living and/or allow assets to be passed on to children and grandchildren. It is important to keep in mind that while studies show 45% of individuals will need some form of long-term care assistance during their lifetime,

you assume the need for protection very much like your purchases of automobile or homeowners insurance--knowing that it may never be utilized and hoping you never need it.

So when should you buy it? The aver-age age of the person that buys a long-term care policy is 57 years old. That said, the younger you are, the less expensive premiums will be, so it’s important not to wait too long. It’s also important to consider that aging itself often brings additional medical conditions, so buying a policy while you are in good health is also important.

You must ask yourself if you can afford to pay premiums for the balance of your life. With most policies, you will pay pre-miums for the life of the policy (premi-

ums are waived if you go on claim) so it is important to consider whether you can afford to pay premiums well into retirement. Additionally, companies can increase rates (with state approval) during the life of the policy, so it’s impor-tant to consider the affordability of the premium if it were to increase by 15-20%. Some companies offer premium pay-ments that are limited to 10 years, where premiums are about 3 times the annual

cost of paying over the life of the policy, but after 10 years, the policyholder stops paying premiums and the policy is paid in full. This can be a great option if you can afford the additional up-front cost.

If you decide to purchase a long-term care policy, only consider policies that cover all types and levels of long-term care including skilled, intermiate and cus-todial care in nursing homes, assisted living facilities or at home. Once you decide on a policy, make sure you understand how the policy works and when it will start to pay benefits.

Benefits usually begin after an elected elimination period and the insured needs assistance with at least two of six Activi-ties of Daily Living (ADLs) or has a cog-nitive impairment. The ADLs are: eating,

toileting, transferring, bathing, dress-ing or continence. Determination of either is made by the policyholder’s physician, and the elimination period stated in the policy must be satisfied before any claims will be paid.

There are many options to con-sider when designing a policy to fit your needs:

• Benefitamount – usually chosen on a daily or monthly basis. For example, $200 per day, or $6,000 per month;

• Benefitperiod – Options range from two years to unlimited lifetime. Five years is the most common

• Inflationoption – choos-ing how fast your benefits will grow each year, e.g., 5%, 3%. Age influences this choice; and it is important to hedge against the rising costs of care. Most poli-cies offer some form of inflation protection such as annual ben-efit increases (5% compound or 5% simple are common) or future purchase options which

INSURANCE


allow the insured to purchase additional coverage during the life of the policy. Some compa-nies may not offer each type, but will generally have more than one option.

• Elimination period/waiting period – similar to a deductible period. This is how long you will pay your own expenses. Ninety days is the most common, but not always the best choice. Most plans only require you sat-isfy this period once in your life.

• Other options to consider include shared care, restora-tion of benefits, nonforfeiture and waiver of the home care elimination period.

Qualified long-term care insurance policies also receive special tax treatment. To be “qualified,” policies must offer the consumer the options of “inflation” and “nonforfeiture” protection, although the consumer can choose not to purchase these features. The policies must also offer both activities of daily living (ADL)

and cognitive impairment triggers. Premiums for qualified long-term

care policies will be treated as a medi-cal expense and will be deductible to the extent that they, along with other unre-imbursed medical expenses (including “Medigap” insurance premiums), exceed 7.5 percent of the insured’s adjusted gross income. If you are self-employed, the rules are a little different. You can take the amount of the premium as a deduc-tion as long as you made a net profit—your medical expenses do not have to exceed 7.5 percent of your income.

The deductibility of premiums is lim-ited by the age of the taxpayer at the end of the year, as illusrated in the chart at right (the limits are adjusted annually with inflation).

Finally, consider the emotional side of long-term care. Long-term care insurance not only protects your assets and pro-vides the care you may need if you have a long-term care event. It also allows your family members to support you as family members instead of primary caregivers. A family member who is also a caregiver for a relative who needs long term care

is more likely to suffer health problems of their own, may need to leave or reduce hours at their regular job to provide care or may not be emotionally or physically capable of providing the care needed.

Long-term care insurance can be a valuable addition to your lifelong finan-cial plan and with careful consideration and research, you can protect your assets and be prepared if you should ever need care.

Jeffry Peterson, CLU, is with Pacific Advi-sors, a brokerage organization specializing in disability and long-term care insurance options. Jeffry can be reached at jeff@ pacificadvisors.net.

INSURANCE

Age attained before the end

of 2010

Amount allowed as a medical

expense40 or under $33041 - 50 $62051 - 60 $1,23061 - 70 $3,29071 or older $4,110


FINANCIAL LITERACY

Financial Fraud targeting Older americansBy Amy O’Donnell, WSCPA Financial Literacy Program Manager

In 2009 Meltife issued a report showing nearly $2.6 billion is stolen

annually from older Americans through fraud or financial abuse. AARP found that as many as one in five older Americans have been taken advantage of through unreasonably high fees for financial ser-vices, inappropriate investments or out-right fraud. Many of their adult children are unaware of the situation and financial loss can be devastating. Financial abuse can even lead to a life threatening situ-ation. It affects the victim’s ability to pur-chase the basic necessities for daily living and even access to medical care.

Common Frauds Targeting the Elderly

Scam artists have fine tuned their strategies for this age group. Many target victims repeatedly and use embarrass-ment to prevent exposure. The Washing-ton Department of Financial Institutions issued a list of common frauds targeting the elderly:

• Prizes and Sweepstakes Frauds: The person is told by phone or a letter that they have won a prize or money in a lottery or sweepstakes. To receive the “winnings” they need to pay fees upfront. The fees are “paid” by wiring the money to an account. In some cases, a check is sent to cover these “expenses.” The wired money is lost and the prize never comes.

• Fraudulent investments: A firm or individual “guarantees” high returns on investments, busi-ness opportunities or other “no-risk” deals. The return rate will be higher than current bank offerings. Eventually, the seller will take the money and run. To protect yourself, ask questions

and always check out whether the individual or company is registered with the Financial Industry Regulatory Author-ity (FINRA), the Security and Exchange Commission (SEC) or the state securities regulator.

• Charitable Donation Scams: Donations are collected in the name of a charity or raffle, never to be seen again. Before donating to a cause, check with the local Better Business Bureau or check out charities at www.bbb.org/us/charity.

• Home or Repair Scams: Who knew your roof was in such poor shape? Good thing this person is here to tell you and provide a solution. The timing is too good to be true. With these scams, once the money is handed over either the work is not done or is of very poor quality. Always get a second opinion if you think you need repairs done.

• Loan or Mortgage Fraud: Mislead-ing sales tactics are used by “predatory” lenders (typically from the non-bank or home improvement industries) to pressure homeowners into high cost loans that they can’t afford. Individuals then enter a cycle of “loan flipping”—repeatedly refinancing and paying additional fees. Borrowers may lose the house they were trying to save in the first place and a lot more money on the way.

• Help Avoiding Foreclosure: Scammers search the local records for houses going into

foreclosure and contact the owners to offer “assistance.” The victim signs paperwork without reading the fine print which turns ownership of the house over to the fraudster.

• “I Need Your Help” Scams: The con artist asks the victim for assistance in order to obtain personal information or access to funds. For example, a scammer will pose as a bank examiner claiming to need your assistance in investigating a possibly fraudulent withdrawal from your account. They ask for the victim’s information to assist with the “investigation.”

• Counterfeit Checks: One example is a check is sent for a transac-tion, such as a sale on eBay. The check is for more than the sale and the issuer asks for the excess amount to be wired back.

Other common forms of fraud and financial abuse include:

• Abuse of Power of Attorney authorization (one of the fastest growing crimes in the U.S.);

• Forcing a person to sell their belongings;

• Denying services including medical care; and

• Identity theft.

Who are the Abusers?These scams may be perpetrated by a

stranger, but in many cases elder financial abuse is committed by family members or caregivers who misuse their position of trust. Family members may have finan-cial problems, stand to inherit money, have a poor relationship with the victim


FINANCIAL LITERACY

or the family members who will inherit the money, or a history of violence.

Who are the Victims? You might be surprised by who is the

typical victim of elder fraud. Many victims are accomplished, college educated, have above average financial knowledge, and are self reliant when it comes to making decisions. Since many scammers know their victims they are able take advantage of any physical or mental vulnerabilities a person may have, such as dementia, health conditions or medication cycles. They also can use any fears a person has to persuade the victim. Some examples are fear of not having adequate income to remain independent, not being able to pass on assets to their family, being alone, or an imminent danger like a collapsing roof. As part of their strategy, scammers also use fear to “block the exits.” For example, for house repair scams, victims will be warned not to call the police because they may send out an inspec-tor which could result in fines and extra expenses. Or, the victim is advised that telling family about a transaction might cause them to take away access to their bank accounts.

Common Warning Signs Look for these warning signs that

someone is a victim of financial abuse:

• Recent changes to legal docu-ments and accounts that give

someone else the rights to make decisions on a person’s behalf.

• Bank accounts were recently switched or unusual activity on the accounts. Inappropriate financial or investment products were obtained.

• Access to the person is blocked. For example, when you call you must leave messages rather than gain direct access to the person.

• Life circumstances don’t match the size of the person’s estate.

• The person becomes with-drawn from family, friends or other community members. They may become secretive.

Ways to Protect YourselfTaking steps to protect yourself or

loved ones are the key to avoid losing a lifetime of savings. Here are recommen-dations to protect yourself and others:

• Check the credentials and/or licenses of anyone you hire. Ask for the details of any offer in writing. Consult a financial advisor or attorney before sign-ing any documentation. Never feel the need to rush into any financial decision and say “no” if something seems off.

• Maintain security over your personal information.

Follow the steps taken to pre-vent identity theft and always guard your personal informa-tion. Before giving out personal information, ask, “Why do you need this?”

• Remember that you do not need to pay a fee to collect money from a lottery or sweep-stakes winning—and you will never win a foreign lottery.

• Consider letting your bank send a duplicate copy of your monthly statement to a trusted family member, financial advisor or attorney.

If you suspect an older person is being financially abused or is a victim of fraud, don’t be afraid to speak up. In some cases you could be saving someone’s life. Contact the local adult protective services to report it. The Eldercare Loca-tor (www.eldercare.gov) will assist you with finding the local contact.

For more information on this topic visit:

• The Washington Department of Financial Insitutions, www.dfi.wa.gov

• Washington Attorney General Office, www.atg.giv

• AARP, www.aarp.org• Saveandinvest.org• National Council on Aging,

www.ncoa.org• Elder Financial Protection Net-

work, www.bewiseonline.org

Amy O’Donnell is the author of the Financial Literacy blog at www.wscpa.org.

Sources: Elder Financial Protection Net-work, AARP, SaveandInvest.org, WA DFI, FDIC; “Fraud Vulnerability and Aging” by Virginia H. Templeton, MD, and David N. Kirkman, JD


MEMBER DISCOUNTS

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Representing Businesses and Professionals Nationwide, Confidentiality Guaranteed.

OFFICES OF Martin Silver, P.S.Attorneys & Counselors

800 - 5th Avenue, Suite 4000 • Seattle, WA 98104 • Telephone: (206) 224-3461 • Fax (206) 224-3459

WSCPA members can now save up to:*• 16% off UPS Commercial Ground• 30% off UPS Express air and

international shipments• 30% off UPS Next Day Air

When you ship with UPS, you get the peace of mind that comes from using the carrier that delivers outstanding reliability, greater speed, more service, and innova-tive technology. UPS guarantees delivery of more packages around the world than anyone, and delivers more packages overnight on time in the US than any other carrier. Simple shipping! Special savings! It’s that easy!

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charges incurred.

Members currently enrolled in the UPS Savings Program must re-enroll to take advantage of

this new exclusive offer.

New &

Improved

Member

Discount


EVENTS

new professionals networking Events

$20/PERSON (unless noted otherwise)

REGISTER and learn more at www.wscpa.org (search for NP in the Education & Events Catalog) or call (425) 644-4800. Locations subject to change. Check online at www.wscpa.org for latest event details.

SPONSORS Event fees are low thanks to these sponsors:

SPOKANE EVENTSOCT 21 New! Billiards Tournament (NP07),

Far West Billiards

PUGET SOUND EVENTSSEPT 16* Members’ Reception (NP06), Rock

Bottom Brewery, Bellevue, complimentaryOCT 28 New! Whirly Ball (NP08), SeattleNOV 17* Casino Night (NP09), Redhook Ale Brewery,

Woodinville

* One lucky eligible attendee will win a CPA exam review prize.

2010 new! Happy Hour networking Events

The Bellevue, Sammamish Valley, and Seattle chapters invite you to new monthly happy hour networking events. These events are held from 5-7:30 p.m. the second Tuesday of every month at a new location. Use HH as a keyword in the WSCPA CPE and Event Catalog to view the other dates and locations. Meet members from all three chapters and enjoy free light appetizers.

DATES HAPPY HOUR LOCATION

Sept 14 Red Lion Hotel on 5th Avenue, Seattle (HHO1)

Oct 12 Hector’s Restaurant, Kirkland (HH02)

Nov 9 Rock Bottom Brewery, Seattle (HH03)

Dec14 Tap House Grill, Bellevue (HH04)

Learn more at www.wscpa.org/CPE/catalog or call (800) 272-8273 (Toll-free in WA) or (425) 644-4800. *

Conference scheduleDATES CONFERENCE

Oct 13 Business Valuation & Litigation Services Conference (BVLSC) Bellevue

Oct 25-27 Northwest Tax Institute™ (NWTI) Seattle

Nov 11-12 Pacific NW Construction Industry Conference (CIC) Seattle

Nov 18-19 Not-for-Profit Conference (NFPC) Seattle

Dec 3 Fraud Conference (FDC) Bellevue

Dec 13-14 Information Technology Conference (ITC) Bellevue

Register and learn more at www.wscpa.org/CPE/conferences or call (800) 272-8273 (Toll-free in WA) or (425) 644-4800.

photo album

Spokane Chapter Golf Tournament | June 28

BBQ Picnic | July 16

All

members

welcome!


CPE Digest Conferences ................................ page 28Education and Events ................ page 30Registration ................................. page 37

On a quest for credits?

Accounting and AuditingConsulting ServicesEmployee BenefitsEstate/Financial PlanningEthicsGovernment / NFPManagementPersonal DevelopmentSpecialized KnowledgeTaxationTechnology

A&A

CS

EB

PFP

Ethics

GNP

MG

PD

SK

TAX

TEC

WHAT?

WHERE?Bellevue p. 30 Seattle p. 33

Bellingham p. 32 Spokane p. 33

Everett p. 32 Tacoma p. 34

Kennewick p. 32 Vancouver p. 34

Kent p. 33 Wenatchee p. 34

Lynnwood p. 33 Yakima p. 35

Olympia p. 33 PLUS...

WHEN?

Look inside for CPE to match your needs

ONLINE

Webcasts & Webinars, p. 35

Sem

inar

s

Con

fere

nces

Web

cast

s

Web

inar

s

Cha

pter

mee

tings

WA

Pro

s se

lf st

udy

An hour (or two) at a time x x x x

Four hours at a time x x x

A day (or two) at a time x x x x

When I have time x

WSCPA CPE

LOCATIONSLOCATIONS

WSCPA CPE

SUBJECTSSUBJECTS


CPE DIGEST Register at www.wscpa.org or page 35

October 13, 2010 | 8:00 a.m. - 4:10 p.m. WSCPA Learning Center, Bellevue, WA

CPAs who engage in business valuation and litigation support engagements encounter specialized issues unique to this niche area. The 2010 Business Valuation and Litigation Services Conference will cover a broad range of today’s hottest topics and new developments in the business valuation and litigation services world.

• Characterization of Property and Standard of Value in Washington Marital Dissolution Cases

• Divorce, Business Valuation and Litigation Case Studies Using an Investigative Forensic Accountant in Addition to Other Experts

• Panel Discussion: The Battle of Impairment• Total Beta: Using a Market Approach to Develop a Cost

of Equity• Valuations for Share-Based Compensation:

Updated Guidance and Best Practices

8 Technical CPE creditsWSCPA Members $215Non Members $290

Register today for BVLSC at www.wscpa.org/CPE/conferences

Bus ines s Va luat ion and L i t igat ion Ser v ices ConferenceInvest one day. Uncover what’s new. Propel your practice. One of America’s Premier Tax Institutes Identifying opportunities in the NW construction industry Because it’s a worthwhile quest

2010 Nor thwest Tax Ins t i tu te™

Cosponsored by the Washington and Oregon Societies of Certified Public Accountants

October 25-27, 2010 | 8:00 a.m. - 4:30 p.m. Bell Harbor International Conference Center, Seattle, WA

Learn the latest on federal tax issues that affect you and your clients from recognized tax experts. The 2010 Northwest Tax Institute™ returns to the grandeur of the Pacific Northwest. This year’s location is in the heart of Seattle’s popular waterfront district. With outstanding amenities and breathtaking view of Elliott Bay, you will find this a meeting location to remember!

20Technical CPE creditsWSCPA or OSCPA Members $775Non Members $850

First time attendee? Save $50 off the member rate. To receive this discount call the WSCPA, (800) 272-8273 or (425) 644-4800.

Register today for NWTI at www.wscpa.org/CPE/conferences

CONFERENCES

The Washington Society of CPAs has partnered with CPA Crossings, LLC to provide you with access to an extensive catalog of CPA Technology Best Practices webinars that qualify for “live” CPE credits. Take advantage of these conveniently scheduled two hour live presentations focused on topics that will help you become more pro-ductive and you can save time and money by participat-ing from the convenience of your office or home.

Featured topics include:• Adobe Acrobat Series• Excel Series• Outlook Series• Client Portals• And much more!

Visit www.wscpa.org for more information.


Register at www.wscpa.org or page 35 CPE DIGEST

Northwest Tax InstituteOctober 25-28, 2009

Planet Hollywood Resort & Casino, Las Vegas, Nevada

One of America’s Premiere Tax Institutes

Co-sponsored by the Washington and Oregon Societies of CPAs

November 18-19, 2010 | 8:00 a.m. - 4:30 p.m.Bell Harbor International Conference Center Seattle, WA

Not-for-profit organizations regularly face unique fiscal challenges but 2010 brings more than its fair share of change. This conference will provide an update on hot topics and make sure you are prepared for what lies ahead.

General Sessions: • Nonprofit Turnaround• GAAP Update from the FASB• Organizations and Their Ethical Environments• Behind the Headlines• Federal Tax & IRS Update• E-mail Management 101*

Plus, select from numerous Concurrent Sessions! GAAP Focus Session on Hot TopicsRecent Changes in Washington Taxes and State Registration Requirements

Techniques for Managing Your Information Technology in Today’s EnvironmentLegal and Accounting Aspects of Fiscal Sponsorship Arrange-ments: Best Practices and Traps for the Unwary

A-133 Audit UpdatePanel discussion on Not-for-Profit Sustainability

What the Watchdogs are Looking for on Form 990: Things That Could Make You Look Foolish or Get You in TroubleAuditing Standards Update

Preparing for Your AuditorTrends in NFP Capital Financing

The Power of Public AdvocacyDollars & Sense: Maximizing Returns on Marketing and Development Investments

16 CPE credits (up to 1 non-technical credit)WSCPA Members $335Non Members $410New! This conference is available as a webcast, WEBNFPC.

November 11-12, 2010 | 8:00 a.m. - 5:00 p.m.Bell Harbor International Conference Center, Seattle, WA

The 2010 Pacific NW Construction Industry Conference tackles current issues, recent changes and future trends facing construction financial management. Join national and local experts for an exchange of cutting edge information on the operational and financial issues facing this unique industry.

General Sessions: • Mastering the Art of Influence*• Leadership During Challenging Times*• How to Survive a Recession in the Construction Industry• Fraud - Why Construction Companies are Easy to Steal From• Critical Trends Driving the Future of this Industry

Plus, select from numerous Concurrent Sessions!2010 Federal Tax UpdateGAAP and GAAS UpdateProfessional Liability ...for CPAs Serving Construction

Recent Changes in Washington State and Local TaxesFinancial Reporting: Pressing Issues...IT Developments and Trends

Create a Dream Team: The Magic is in the Mix*Challenges Facing Accounting Professions...Constructing a Smart Social Media Program

Building the World’s Largest ... EcosystemPreventive Strategies in Dealing with a RecessionProtecting the Profit in Trying Times

Developing Future Talent: Hiring...“High Potentials”Strategic Planning in a Down MarketPanel Discussion: Federal Contracting

16 CPE credits (up to 4 non-technical credits)WSCPA and CFMA Members $525Non Members $600

New! This conference is available as a webcast, WEBCIC.

Pac i f i c NW Constr uct ion Indus try Conference

Not-For-Prof i t Conference

Invest one day. Uncover what’s new. Propel your practice. One of America’s Premier Tax Institutes Identifying opportunities in the NW construction industry Because it’s a worthwhile quest

CONFERENCES

Register today for CIC or WEBCIC at www.wscpa.org/CPE/conferences

Register today for NFPC or WEBNFPC at www.wscpa.org/CPE/conferences

* non-tech credits

* non-tech credits


EDUCATION AND EVENTS Register at www.wscpa.org/CPE/catalog or page 37

Full day courses are from 8:00 a.m.-4:00 p.m. and qualify for eight credit hours unless otherwise noted. ç New | non-tech credits | E Ethics credits | 4 credits | Conference | Y Yellow Book | C CFP | l Chapter event | Networking Event | S Season Ticket and Coupons N/A

Fees Date Course Code WSCPA

MemberFee

Non- Member Fee

AICPA Member Discount

Facility SubjectFor more information, enter code in catalog at www.wscpa.org


MemberFee

Non- Member Fee



Bellevue

Sep 1 Excel Pivot Tables COMEX4 230 305 0 WSCPA TEC

Sep 2 Introduction to Microsoft PowerPoint COMPP2 230 305 0 WSCPA TEC

Sep 3 Crystal Reports Intermediate COMCR2 230 305 0 WSCPA TEC

Sep 8 S Career Workshop: Interviewing Tips Part One, 12-1:30 pm CW03 0 0 0 WSCPA PD

Sep 8-9 S Northwest Accounting Educators Conference, 7:30 am-4:10 pm NAEC 225 225 0 WSCPA A&A

Sep 10 Compilation and Review Standards Update and Review by Walter Haig CRUR4 295 370 0 WSCPA A&A

ç Sep 13 Acquisitions to Grow the Business: Structure, Due Diligence and Financing AGB 265 340 0 WSCPA MG

ç Sep 14 Driving Corporate Performance: The CFO’s Role in Developing Competi-tive Advantage

DCP 265 340 0 WSCPA MG

Sep 15 S Career Workshop: Interviewing Tips Part Two, 12-1:30 pm CW04 0 0 0 WSCPA PD

Sep 16 S Members’ Reception - Networking Event Must be 21 or older to attend, 6-8:30 pm

NP06 0 0 0 Rock Bottom Res-taurant

PD

Sep 21 Form 990: AICPA’s Answer to Unlocking the Tax Complexities EOF9902 265 340 -30 WSCPA TAX

Sep 22 Real Estate Accounting and Auditing REAA 265 340 -30 WSCPA A&A

Sep 22 How to Guide Your 60+ Clients on Tax, Long-Term Care, Planning, Estate, Social Security, Medicare, and Eldercare Strategies

GYEC 265 340 0 WSCPA TAX

Sep 23 C Tips and Traps for Dealing with the IRS: From Start to Finish DIRS 265 340 -30 WSCPA TAX

Sep 23 Construction Contractors: Accounting, Auditing and Tax CAAT 265 340 -30 WSCPA A&A

Sep 24 C Closely Held Business Taxation: 49 Practical Ways to Cut Taxes CHBT1 265 340 -30 WSCPA TAX

Sep 27 Cash and Tax Basis Financial Statements - Preparation and Reporting CTB1 265 340 -30 WSCPA A&A

Sep 27 Excel Budgeting and Forecasting Techniques EBT 265 340 0 WSCPA TEC

Sep 28 Public Company Update: SEC, PCAOB, and Other Developments PCOU 265 340 -30 WSCPA A&A

Sep 28 Microsoft Word: Essential Tools and Techniques for Accountants WOR 265 340 0 WSCPA TEC

Sep 29-30 SEC Reporting SECR 425 540 -60 WSCPA A&A

ç Sep 29 Google Apps for Accountants - An Alternative to Microsoft Office, 12:30-4 pm

GAP41 140 170 0 WSCPA TEC

EVENTS BY LOCATION WSCPA education and events scheduled for September - November 2010 are listed below, chronologically by location. If you are looking for a program in another location, it may be scheduled for later in the year. Using the online CPE/Event Catalog at www.wscpa.org/CPE/catalog, you can search by location.

Locations in this CPE Digest issue

Bellevue p. 30 Seattle p. 33

Bellingham p. 32 Spokane p. 33

Everett p. 32 Tacoma p. 34

Kennewick p. 32 Vancouver p. 34

Kent p. 33 Wenatchee p. 34

Lynnwood p. 33 Yakima p. 35

Olympia p. 33 ONLINE Webcasts and Webinars

p. 35

LEARN MORE To view complete course details, please visit the CPE/ Event Catalog at www.wscpa.org/CPE/catalog.

2010-2011 EVENT SCHEDULE To view the complete schedule of events through May 2011, refer to the CPE/Event Catalog at www.wscpa.org/cpe/catalog or the 2010-2011 Washington Professional Education Catalog. To request a copy of the catalog, call (800) 272-8273 (toll-free in WA) or e-mail [email protected].

SUBJECTS The main subject area is listed for each program.

NEED HELP finding a seminar or webcast? Call (800) 272-8273 or (425) 644-4800.

Ø

Accounting and AuditingConsulting ServicesEmployee BenefitsEstate/Financial PlanningEthicsGovernment / NFPManagementPersonal DevelopmentSpecialized KnowledgeTaxationTechnology

A&A

CS

EB

PFP

Ethics

GNP

MG

PD

SK

TAX

TEC


Register at www.wscpa.org/CPE/catalog or page 37 EDUCATION AND EVENTS


MemberFee

Non- Member Fee




Sep 29 Excel PivotTables for Accountants - Part I, 8-11:30 am PT141 140 170 0 WSCPA TEC

Sep 30 Surviving and Growing Your Company in Difficult Times: Essential Skills for the Finance Team

SGYC2 265 340 -30 WSCPA MG

Sep 30 Security for Accountants: New Legal Requirements and Practical Solutions SEC 265 340 0 Meydenbauer Center SK

ç Oct 4 Auditing: What’s New for 2010 Engagements AWN10 265 340 0 WSCPA A&A

ç Oct 5 Fraud: 15 NEW Hot Topics F2010 265 340 0 WSCPA A&A

ç Oct 6 Financial Statement Presentation and Disclosure - A Realistic Approach FSPD 265 340 0 WSCPA A&A

ç Oct 6 Controllers Profit Building Toolkit CPBT 265 340 0 WSCPA MG

ç Oct 7 The Role of Internal Control in the Risk Based Audit RIC 265 340 0 WSCPA A&A

ç Oct 8 Yellow Book Essentials for New Staff - A Realistic Approach Workshop YBE 265 340 0 WSCPA GNP

Oct 12 E CPE in Ethics: A Requirement in Washington State, 8-11:30 am CENRW404 175 210 0 WSCPA Ethics

Oct 13 Business Valuation and Litigation Services Conference, 8 am-4:10 pm BVLSC 215 290 0 WSCPA CS

Oct 13 S Career Workshop: Job Search Strategies, 12-1:30 pm CW05 0 0 0 WSCPA PD

Oct 14 Word Tips Tricks & Techniques COMWO2 230 305 0 WSCPA TEC

Oct 15 Excel Functions Tips Tricks Techniques COMEX5 230 305 0 WSCPA TEC

Oct 18 Applying A-133 to Nonprofit and Governmental Organizations EOOMB 265 340 -30 WSCPA GNP

Oct 18 Advanced Excel ADE 265 340 0 WSCPA TEC

Oct 19 C Advanced Estate Planning: Practical Strategies for Your Clients AEP 265 340 -30 WSCPA TAX

Oct 19 QuickBooks Advanced Features, Tools, and Techniques ADQ 265 340 0 WSCPA TEC

Oct 20 Excel Data Analysis COMEX6 230 305 0 WSCPA TEC

Oct 20 C S Corporation Key Issues, Compliance, and Strategies: An IRS Target Area SCORP1 265 340 -30 WSCPA TAX

Oct 20 S Career Workshop: Resumes Top to Bottom, 12-1:30 pm CW06 0 0 0 WSCPA PD

Oct 21 Business Sustainability: Keeping Lean but with More Green for the Com-pany’s Long Haul

SKLG 265 340 -30 WSCPA MG

Oct 21 Using Outlook as a Personal Information Manager COMOU1 230 305 0 WSCPA TEC

Oct 22 Lean Accounting for Service and Nonmanufacturing Businesses LASN 265 340 -30 WSCPA MG

Oct 22 Internal Control Essentials for Financial Managers, Accountants, and Audi-tors

ICDAD2 265 340 -30 WSCPA A&A

Oct 25-27 Staff Training - Basic STP1A 655 770 0 WSCPA A&A

ç Oct 25 Getting On Top of It All: The New Science of Increasing Productivity in Yourself and Others

GOT 265 340 0 WSCPA PD

Oct 26 Triple Your Memory and Confidence, and Halve Your Stress TYMC 265 340 0 WSCPA PD

Oct 27 C AICPA’s 2010 Tax Review Series: S Corps, LLCs, and Other Pass-Through Entities

TRPT 265 340 -30 WSCPA TAX

ç Oct 27 C Understanding Accounting Issues for Estates and Trusts: Meeting Your Accounting and Auditing CPE Requirements

UAET 275 350 0 WSCPA A&A

Oct 28 C Choice of Entity - Key Issues: S Corp, C Corp, Partnership, LLC and Sole Proprietorship

CEKI 265 340 -30 WSCPA TAX

Oct 28 C Fiduciary Income Tax Returns - Form 1041 Workshop 1041 275 350 0 WSCPA TAX

Oct 29 Advanced Income Tax Accounting - Including Practical Application Exercises ADTX 265 340 -30 WSCPA A&A

ç Oct 29 Advanced Concepts in Estate Planning ACEP 275 350 0 WSCPA TAX

Nov 1 Introduction to QuickBooks for the Accounting Professional COMQB1 230 305 0 WSCPA TEC

Nov 1 Audit Work Papers: Documenting and Reviewing Field Work ATDR 265 340 -30 WSCPA A&A

Nov 2 Analytical Review Procedures Using Excel COMEX7 230 305 0 WSCPA TEC

Nov 3 C The Best Income Tax, Estate Tax and Financial Planning Ideas of 2010 IEFP 275 350 0 WSCPA TAX

Nov 3-5 Staff Training - Semi Senior STP2A 655 770 0 WSCPA A&A

Nov 4 E CPE in Ethics: A Requirement in Washington State, 8-11:30 am CENRW414 175 210 0 WSCPA Ethics

Nov 5 Governmental & Nonprofit Annual Update GNAU2 265 340 -30 WSCPA GNP

Nov 5 Washington State Community Property and Estate Tax Law Update WKCP 265 340 0 WSCPA TAX

ç Nov 9 Creating a Positive Work Culture with Performance Feedback CPW2 265 340 0 WSCPA MG





MemberFee

Non- Member Fee



Nov 9 Annual Update for Accountants and Auditors AUAA2 265 340 -30 WSCPA A&A

Nov 10 The Top 50 Mistakes Practitioners Make in Nonprofit Taxation and Governance Issues and How to Fix Them

GIBB 275 350 0 WSCPA GNP

Nov 10 Advanced Update for Compilation, Review and Accounting Services RPCR1 265 340 -30 WSCPA A&A

Nov 11-12 IFRS Essentials with GAAP Comparison: Building a Solid Foundation IFRS 425 540 -60 WSCPA A&A

ç Nov 11 Preparing the Nonprofit Series of Tax Returns for New Staff and Para-Professionals

PNPR 275 350 0 WSCPA TAX

ç Nov 12 Money Laundering - A Guide for CPAs MLCPA 265 340 0 WSCPA SK

ç Nov 15 Team Building Within the Finance Function: A Challenge for Today’s CPA TBFF 265 340 -30 WSCPA MG

Nov 15-17 Staff Training - Beginning In Charge STP3A 655 770 0 WSCPA A&A

ç Nov 16 Inside the IRS - A Tour for CPAs, EAs and Accountants ITI2 265 340 0 WSCPA TAX

Nov 17 Getting Ready for Tax Season - Individuals and Self-Employeds GTSI 265 340 0 WSCPA TAX

Nov 17 E CPE in Ethics: A Requirement in Washington State, 8-11:30 am CENRW411 175 210 0 Meydenbauer Center Ethics

Nov 18 C Innovative Tax Planning for Small Businesses: Corporations, Partnerships & LLCs

TPOC2 265 340 -30 WSCPA TAX

Nov 18 Cash and Tax Basis Financial Statements - Preparation and Reporting CTB2 265 340 -30 WSCPA A&A

Nov 19 Studies on Single Audit and Yellow Book Deficiencies SAYB 265 340 -30 Meydenbauer Center GNP

ç Nov 19 Advanced Real Estate Accounting, Auditing & Taxation ARE 265 340 -30 WSCPA A&A

Nov 22 Compilation and Review Standards Update and Review by Walter Haig CRUR6 295 370 0 WSCPA A&A

ç Nov 23 GAAP Update and Review for Small and Medium-Sized Entities (SMEs) by Walter Haig

GURSME5 295 370 0 WSCPA A&A

ç Nov 23 Traps and Pitfalls in Estate Planning TRAP 265 340 0 WSCPA PFP

Nov 30 International Taxation: To and From the United States ITTF 265 340 -30 WSCPA TAX

Bellingham

Sep 8 Compilation and Review Standards Update and Review by Walter Haig CRUR3 295 370 0 Hampton Inn Bell-ingham

A&A

ç Sep 9 GAAP Update and Review for Small and Medium-Sized Entities (SMEs) by Walter Haig

GURSME3 295 370 0 Hampton Inn Bell-ingham

A&A

Nov 3 C Basis/Distributions for Pass-Through Entities: An IRS Hot Spot BDPTE1 265 340 -30 Lakeway Inn & Conf Ctr

TAX


TPOC1 265 340 -30 Lakeway Inn & Conf Ctr

TAX

Nov 8 Annual Update for Accountants and Auditors AUAA1 265 340 -30 Lakeway Inn & Conf Ctr

A&A

Nov 18 Nonprofit Auditing and Accounting Update NAU1 265 340 -30 Lakeway Inn & Conf Ctr

GNP

Edmonds

Oct 28 S N Whirly Ball - New Professionals Networking Event, 6-8:30 pm NP08 20 20 0 Whirly Ball PD

Everett

Oct 20 Common Frauds and Internal Controls for Revenue, Purchasing and Cash Receipts

CFIC2 265 340 -30 Edward D. Hansen Conf Center

A&A

Oct 22 E CPE in Ethics: A Requirement in Washington State, 8-11:30 am CENRW403 175 210 0 Edward D. Hansen Conf Center

Ethics

ç Nov 8 Bankruptcy Today: What Every CPA Must Know! BNKT 265 340 -30 Edward D. Hansen Conf Center

SK

Nov 10 C Taxation Essentials of LLCs, LLPs, LPs and Other Partnerships TLLLO 265 340 -30 Edward D. Hansen Conf Center

TAX

Nov 22 FASB Review for Industry FASBI2 265 340 -30 Edward D. Hansen Conf Center

A&A

Kennewick


ICDAD1 265 340 -30 Hilton Garden Inn Tri-Cities/Kennewick

A&A

Nov 2 E CPE in Ethics: A Requirement in Washington State, 8-11:30 am CENRW406 175 210 0 Hilton Garden Inn Tri-Cities/Kennewick

Ethics




MemberFee

Non- Member Fee




Nov 9 Annual Update for Accountants and Auditors AUAA2 265 340 -30 WSCPA A&A

Nov 10 The Top 50 Mistakes Practitioners Make in Nonprofit Taxation and Governance Issues and How to Fix Them

GIBB 275 350 0 WSCPA GNP

Nov 10 Advanced Update for Compilation, Review and Accounting Services RPCR1 265 340 -30 WSCPA A&A

Nov 11-12 IFRS Essentials with GAAP Comparison: Building a Solid Foundation IFRS 425 540 -60 WSCPA A&A

ç Nov 11 Preparing the Nonprofit Series of Tax Returns for New Staff and Para-Professionals

PNPR 275 350 0 WSCPA TAX

ç Nov 12 Money Laundering - A Guide for CPAs MLCPA 265 340 0 WSCPA SK

ç Nov 15 Team Building Within the Finance Function: A Challenge for Today’s CPA TBFF 265 340 -30 WSCPA MG

Nov 15-17 Staff Training - Beginning In Charge STP3A 655 770 0 WSCPA A&A

ç Nov 16 Inside the IRS - A Tour for CPAs, EAs and Accountants ITI2 265 340 0 WSCPA TAX

Nov 17 Getting Ready for Tax Season - Individuals and Self-Employeds GTSI 265 340 0 WSCPA TAX

Nov 17 E CPE in Ethics: A Requirement in Washington State, 8-11:30 am CENRW411 175 210 0 Meydenbauer Center Ethics


TPOC2 265 340 -30 WSCPA TAX

Nov 18 Cash and Tax Basis Financial Statements - Preparation and Reporting CTB2 265 340 -30 WSCPA A&A

Nov 19 Studies on Single Audit and Yellow Book Deficiencies SAYB 265 340 -30 Meydenbauer Center GNP

ç Nov 19 Advanced Real Estate Accounting, Auditing & Taxation ARE 265 340 -30 WSCPA A&A

Nov 22 Compilation and Review Standards Update and Review by Walter Haig CRUR6 295 370 0 WSCPA A&A


GURSME5 295 370 0 WSCPA A&A

ç Nov 23 Traps and Pitfalls in Estate Planning TRAP 265 340 0 WSCPA PFP

Nov 30 International Taxation: To and From the United States ITTF 265 340 -30 WSCPA TAX

Bellingham

Sep 8 Compilation and Review Standards Update and Review by Walter Haig CRUR3 295 370 0 Hampton Inn Bell-ingham

A&A

ç Sep 9 GAAP Update and Review for Small and Medium-Sized Entities (SMEs) by Walter Haig

GURSME3 295 370 0 Hampton Inn Bell-ingham

A&A

Nov 3 C Basis/Distributions for Pass-Through Entities: An IRS Hot Spot BDPTE1 265 340 -30 Lakeway Inn & Conf Ctr

TAX


TPOC1 265 340 -30 Lakeway Inn & Conf Ctr

TAX

Nov 8 Annual Update for Accountants and Auditors AUAA1 265 340 -30 Lakeway Inn & Conf Ctr

A&A

Nov 18 Nonprofit Auditing and Accounting Update NAU1 265 340 -30 Lakeway Inn & Conf Ctr

GNP

Edmonds

Oct 28 S N Whirly Ball - New Professionals Networking Event, 6-8:30 pm NP08 20 20 0 Whirly Ball PD

Everett


CFIC2 265 340 -30 Edward D. Hansen Conf Center

A&A

Oct 22 E CPE in Ethics: A Requirement in Washington State, 8-11:30 am CENRW403 175 210 0 Edward D. Hansen Conf Center

Ethics

ç Nov 8 Bankruptcy Today: What Every CPA Must Know! BNKT 265 340 -30 Edward D. Hansen Conf Center

SK

Nov 10 C Taxation Essentials of LLCs, LLPs, LPs and Other Partnerships TLLLO 265 340 -30 Edward D. Hansen Conf Center

TAX

Nov 22 FASB Review for Industry FASBI2 265 340 -30 Edward D. Hansen Conf Center

A&A

Kennewick


ICDAD1 265 340 -30 Hilton Garden Inn Tri-Cities/Kennewick

A&A

Nov 2 E CPE in Ethics: A Requirement in Washington State, 8-11:30 am CENRW406 175 210 0 Hilton Garden Inn Tri-Cities/Kennewick

Ethics

Nov 9 Annual Update for Accountants and Auditors AUAA3 265 340 -30 Hilton Garden Inn Tri-Cities/Kennewick

A&A

Nov 11 Advanced Update for Compilation, Review and Accounting Services RPCR2 265 340 -30 Hilton Garden Inn Tri-Cities/Kennewick

A&A

Nov 18 Federal Tax Update - Individuals (Form 1040) FTUI1 265 340 0 Three Rivers Conv Ctr TAX

Nov 19 Federal Tax Update - C & S Corporations, Partnerships & LLCs (Forms 1120, 1120S & 1065)

FTUB1 265 340 0 Three Rivers Conv Ctr TAX

Kent

Sep 16 S l Pay Now or Pay Later? The Pros & Cons of a Roth IRA Conversion, 8 am-9 am

CHSK03 20 20 0 Golden Steer Res-taurant

TAX

Oct 27 Forensic Accounting: Fraudulent Reporting and Concealed Assets FAFR2 265 340 -30 Holiday Inn Hotel/Suites

A&A

Lynnwood

Oct 26 Washington B & O and Sales Tax WSTX2 265 340 0 Lynnwood Conv Center

TAX

Nov 5 C Basis/Distributions for Pass-Through Entities: An IRS Hot Spot BDPTE2 265 340 -30 Lynnwood Conv Center

TAX

Nov 16 Advanced Controller and CFO Skills ACCS2 265 340 -30 Lynnwood Conv Center

MG

Nov 18 Your 2010 Guide of Taxsmart Ways to Cut Taxes for Closely-Held Business and Professionals

TWCB 265 340 0 Lynnwood Conv Center

TAX

Olympia

ç Oct 18 IFRS Small and Medium-Sized Entities (IFRS for SMEs) IFRSS 265 340 0 Red Lion Hotel Olympia

A&A

Nov 2 Auditor/Accountant Communications: SASs 112 & 115 and Other Critical Requirements

ACCNR 265 340 -30 Red Lion Hotel Olympia

A&A

Nov 3 Compilation and Review Engagement Essentials ICRE 265 340 -30 Red Lion Hotel Olympia

A&A

Nov 9 C Closely Held Business Taxation: 49 Practical Ways to Cut Taxes CHBT3 265 340 -30 Red Lion Hotel Olympia

TAX

Nov 11 Annual Update for Accountants and Auditors AUAA4 265 340 -30 Red Lion Hotel Olympia

A&A

Nov 16 E CPE in Ethics: A Requirement in Washington State, 8-11:30 am CENRW410 175 210 0 Red Lion Hotel Olympia

Ethics

Nov 19 C AICPA’s Hottest Tax Topics for 2010 HOT1 265 340 -30 Red Lion Hotel Olympia

TAX

Seattle

ç Sep 23 The LLC and LLP Supercourse - How to Guide Families, Professionals and Closely-Held Clients on Limited Liability Companies and Limited Liability

LLSC 265 340 0 Hilton Seattle Airport TAX

ç Sep 24 Today’s Complex Real Estate Tax Planning Strategies for Distressed Real Estate, LLCs, Contractors/Builders, Investors, Homeowners, and Like-Kind Exchanges

DREP 265 340 0 Hilton Seattle Airport TAX

Sep 28 Accounting for Income Taxes: Applying SFAS No. 109/FIN 48: A Whole New Ballgame!

AIT 265 340 -30 DoubleTree Guest Suites Southcenter

A&A

Oct 19 Solving Complex Single Audit Issues for Government and Nonprofit Organizations

EOSAI 265 340 -30 WA State Conv Center GNP

Oct 21 Forensics and Financial Fraud: Real-World Issues & Answers FFF2 265 340 -30 WA State Conv Center A&A

Oct 25-27 S Northwest Tax Institute, 8 am-4:30 pm NWTI 775 850 0 Bell Harbor Intl Cnf Ctr

TAX

Oct 28 FASB Review for Industry FASBI1 265 340 -30 WA State Conv Center A&A

Nov 9 Business Law Essentials for Accountants BLT 265 340 -30 DoubleTree Guest Suites Southcenter

MG

Nov 11 C Advanced Tax Strategies for S Corporations ADVSC 265 340 -30 DoubleTree Guest Suites Southcenter

TAX

Nov 11-12 Pacific NW Construction Industry Conference, 8 am-5 pm CIC 525 600 0 Bell Harbor Intl Cnf Ctr

SK

Nov 18-19 Not-for-Profit Conference, 8 am-4:30 pm NFPC 335 410 0 Bell Harbor Intl Cnf Ctr

A&A





MemberFee

Non- Member Fee



ç Nov 22 Estate Planning for 2010 and Beyond 2010 265 340 0 Cedarbrook Lodge PFP

Nov 23 Fair Value Accounting: A Critical New Skill for All CPAs FVA 265 340 -30 WA State Conv Center A&A

Spokane

Sep 8 S l An Introduction to Negotiations, 12-1 pm CHSP08 30 30 0 The Spokane Club MG

Sep 8 S l Spokane Chapter Meeting Registering for All 8 Meetings, 12-2 pm CHSP13 200 200 0 The Spokane Club

Sep 20 Form 990: AICPA’s Answer to Unlocking the Tax Complexities EOF9901 265 340 -30 Hampton Inn Spokane TAX

ç Sep 29 Surviving and Growing Your Company in Difficult Times: Essential Skills for the Finance Team

SGYC1 265 340 -30 Hampton Inn Spokane MG

Oct 13 S l Computer Security: Keeping Your Company’s Finances Safe in a Digital World, 12-2 pm

CHSP09 40 40 0 The Spokane Club TEC

Oct 14 S l Introduction to Providing Litigation Services, 12-2 pm CHSP01 50 50 0 Red Lion River Inn SK

Oct 14 S l Spokane Chapter Fall Series Registering for All 6 Programs CHSP01 - CHSP06, 12-2 pm

CHSP07 240 240 0 Red Lion River Inn

Oct 18 Forensics and Financial Fraud: Real-World Issues & Answers FFF1 265 340 -30 Hampton Inn Spokane A&A


CFIC1 265 340 -30 Hampton Inn Spokane A&A

Oct 21 S l Employment Update for Spokane and Kootenai County, 12-2 pm CHSP02 50 50 0 Red Lion River Inn SK

Oct 21 S Billiards Tournament - Networking Event, 6-8:30 pm NP07 20 20 0 Far West Billiards PD

Oct 28 Advanced Controller and CFO Skills ACCS1 265 340 -30 Hampton Inn Spokane MG

Oct 28 S l Economic Update and Portfolio Investment Strategy, 12-2 pm CHSP03 50 50 0 Red Lion River Inn SK

Nov 4 Governmental & Nonprofit Annual Update GNAU1 265 340 -30 Hampton Inn Spokane GNP

Nov 4 S l Federal Tax Update, 12-2 pm CHSP04 50 50 0 Red Lion River Inn TAX


GURSME4 295 370 0 Hampton Inn Spokane A&A

Nov 8 C S Corporation Key Issues, Compliance, and Strategies: An IRS Target Area SCORP2 265 340 -30 Hampton Inn Spokane TAX

Nov 9 C Advanced Tax Strategies for LLC & Partnership Transactions APLPT1 265 340 -30 Hampton Inn Spokane TAX

Nov 10 S l E Clair Daniels Event CHSP12 40 40 0 The Spokane Club SK

Nov 11 S l Improving Lives Through Market Solutions - Recommendations on Educa-tion Environment, Government Reform, Health Care, Transportation and Small Business, 12-2 pm

CHSP05 50 50 0 Red Lion River Inn SK

ç Nov 12 The Top 50 Mistakes Practitioners Make and How to Fix Them: Dealing with the IRS

IRSM 275 350 0 Hampton Inn Spokane TAX

Nov 15 C Surgent McCoy’s Advanced Critical Tax Issues for S Corporations ACTS 275 350 0 Hampton Inn Spokane TAX

Nov 16 Advanced Technical Tax Forms Training - LLCs, S Corporations, and Partner-ships

ACTL 275 350 0 Hampton Inn Spokane TAX

Nov 18 S l Identification and Mitigation of Fraud Risk “Red Flags”, 12-2 pm CHSP06 50 50 0 Red Lion River Inn A&A

Nov 19 Compilation and Review Standards Update and Review by Walter Haig CRUR5 295 370 0 Hampton Inn Spokane A&A

Nov 22 The Coming IFRS Conversion: Preparing for the Ultimate GAAP Makeover IFRSC1 265 340 0 Hampton Inn Spokane A&A

Nov 23 Only Financial Officer 2.0: More Skills for Smaller Company Financial Managers

OFO 265 340 0 Hampton Inn Spokane MG

Tacoma

Oct 20 Controllership: Leading Edge of Corporate Performance CLECP1 265 340 -30 Pacific Grill Events Ctr MG

Nov 4 C Federal Estate and Gift Tax Returns - Forms 706 and 709 Workshop GIFT 275 350 0 Pacific Grill Events Ctr TAX

Nov 5 C Social Security, Medicare, and Prescription Drug Retirement Benefits: What Every Baby Boomer Needs to Know

SSRB 275 350 0 Pacific Grill Events Ctr TAX

Nov 16 Getting Ready for Tax Season - Business Clients: A Year-End Update for Small Business Clients LLCs, “S” Corporations, “C” Corporations and S

GTSB 265 340 0 Pacific Grill Events Ctr TAX

Vancouver

Nov 4 Small Business Accounting and Auditing Update SBAA 265 340 -30 Red Lion at the Quay A&A

Nov 8 C Closely Held Business Taxation: 49 Practical Ways to Cut Taxes CHBT2 265 340 -30 Red Lion at the Quay TAX

Wenatchee

Nov 17 E CPE in Ethics: A Requirement in Washington State, 8-11:30 am CENRW407 175 210 0 Red Lion Wenatchee Ethics




MemberFee

Non- Member Fee




ç Nov 22 Estate Planning for 2010 and Beyond 2010 265 340 0 Cedarbrook Lodge PFP

Nov 23 Fair Value Accounting: A Critical New Skill for All CPAs FVA 265 340 -30 WA State Conv Center A&A

Spokane

Sep 8 S l An Introduction to Negotiations, 12-1 pm CHSP08 30 30 0 The Spokane Club MG

Sep 8 S l Spokane Chapter Meeting Registering for All 8 Meetings, 12-2 pm CHSP13 200 200 0 The Spokane Club

Sep 20 Form 990: AICPA’s Answer to Unlocking the Tax Complexities EOF9901 265 340 -30 Hampton Inn Spokane TAX

ç Sep 29 Surviving and Growing Your Company in Difficult Times: Essential Skills for the Finance Team

SGYC1 265 340 -30 Hampton Inn Spokane MG

Oct 13 S l Computer Security: Keeping Your Company’s Finances Safe in a Digital World, 12-2 pm

CHSP09 40 40 0 The Spokane Club TEC

Oct 14 S l Introduction to Providing Litigation Services, 12-2 pm CHSP01 50 50 0 Red Lion River Inn SK

Oct 14 S l Spokane Chapter Fall Series Registering for All 6 Programs CHSP01 - CHSP06, 12-2 pm

CHSP07 240 240 0 Red Lion River Inn

Oct 18 Forensics and Financial Fraud: Real-World Issues & Answers FFF1 265 340 -30 Hampton Inn Spokane A&A


CFIC1 265 340 -30 Hampton Inn Spokane A&A

Oct 21 S l Employment Update for Spokane and Kootenai County, 12-2 pm CHSP02 50 50 0 Red Lion River Inn SK

Oct 21 S Billiards Tournament - Networking Event, 6-8:30 pm NP07 20 20 0 Far West Billiards PD

Oct 28 Advanced Controller and CFO Skills ACCS1 265 340 -30 Hampton Inn Spokane MG

Oct 28 S l Economic Update and Portfolio Investment Strategy, 12-2 pm CHSP03 50 50 0 Red Lion River Inn SK

Nov 4 Governmental & Nonprofit Annual Update GNAU1 265 340 -30 Hampton Inn Spokane GNP

Nov 4 S l Federal Tax Update, 12-2 pm CHSP04 50 50 0 Red Lion River Inn TAX


GURSME4 295 370 0 Hampton Inn Spokane A&A

Nov 8 C S Corporation Key Issues, Compliance, and Strategies: An IRS Target Area SCORP2 265 340 -30 Hampton Inn Spokane TAX

Nov 9 C Advanced Tax Strategies for LLC & Partnership Transactions APLPT1 265 340 -30 Hampton Inn Spokane TAX

Nov 10 S l E Clair Daniels Event CHSP12 40 40 0 The Spokane Club SK

Nov 11 S l Improving Lives Through Market Solutions - Recommendations on Educa-tion Environment, Government Reform, Health Care, Transportation and Small Business, 12-2 pm

CHSP05 50 50 0 Red Lion River Inn SK

ç Nov 12 The Top 50 Mistakes Practitioners Make and How to Fix Them: Dealing with the IRS

IRSM 275 350 0 Hampton Inn Spokane TAX

Nov 15 C Surgent McCoy’s Advanced Critical Tax Issues for S Corporations ACTS 275 350 0 Hampton Inn Spokane TAX

Nov 16 Advanced Technical Tax Forms Training - LLCs, S Corporations, and Partner-ships

ACTL 275 350 0 Hampton Inn Spokane TAX

Nov 18 S l Identification and Mitigation of Fraud Risk “Red Flags”, 12-2 pm CHSP06 50 50 0 Red Lion River Inn A&A

Nov 19 Compilation and Review Standards Update and Review by Walter Haig CRUR5 295 370 0 Hampton Inn Spokane A&A

Nov 22 The Coming IFRS Conversion: Preparing for the Ultimate GAAP Makeover IFRSC1 265 340 0 Hampton Inn Spokane A&A

Nov 23 Only Financial Officer 2.0: More Skills for Smaller Company Financial Managers

OFO 265 340 0 Hampton Inn Spokane MG

Tacoma

Oct 20 Controllership: Leading Edge of Corporate Performance CLECP1 265 340 -30 Pacific Grill Events Ctr MG

Nov 4 C Federal Estate and Gift Tax Returns - Forms 706 and 709 Workshop GIFT 275 350 0 Pacific Grill Events Ctr TAX

Nov 5 C Social Security, Medicare, and Prescription Drug Retirement Benefits: What Every Baby Boomer Needs to Know

SSRB 275 350 0 Pacific Grill Events Ctr TAX

Nov 16 Getting Ready for Tax Season - Business Clients: A Year-End Update for Small Business Clients LLCs, “S” Corporations, “C” Corporations and S

GTSB 265 340 0 Pacific Grill Events Ctr TAX

Vancouver

Nov 4 Small Business Accounting and Auditing Update SBAA 265 340 -30 Red Lion at the Quay A&A

Nov 8 C Closely Held Business Taxation: 49 Practical Ways to Cut Taxes CHBT2 265 340 -30 Red Lion at the Quay TAX

Wenatchee

Nov 17 E CPE in Ethics: A Requirement in Washington State, 8-11:30 am CENRW407 175 210 0 Red Lion Wenatchee Ethics

Woodinville

Nov 17 S Casino Night - New Professionals Networking Event, 6-8:30 pm NP09 20 20 0 Redhook Ale Brewery PD

Yakima

Oct 26 Forensic Accounting: Fraudulent Reporting and Concealed Assets FAFR1 265 340 -30 Clarion Hotel & Cnf Ctr

A&A

Webcasts & Webinars

ç Sep 1 WEBCAST: S Corporations Workshop, 8:30 am-4:30 pm WEB37 255 295 0 Online TAX

ç Sep 2 WEBCAST: Accounting and Finance For Non-Financial Managers, 12-4 pm WEB124 129 159 0 Online MG

ç Sep 15 S WEBINAR: Cash Reporting: Hazards for the Accountant and Business, 9-10 am

WNR09 20 35 0 Online A&A

ç Sep 15 S WEBCAST: Budgeting Wars Prevention! How to Ensure Accountability In Your Budget Process, 2-4 pm

WEB125 79 109 0 Online MG

ç Sep 15 S WEBCAST: Governance - Enhancing Risk Management: Setting The Right Balance Innovation and Controls, 11 am-1 pm


ç Sep 16 S WEBCAST: High Road Corporate Governance from the Inside - Out: The CFO Controller’s Tool Kit, 11 am-2 pm

WEB127 99 129 0 Online SK

ç Sep 16 S WEBCAST: High Road Leadership Strategies for Eliminating Silos, Bureau-cracy, or Turf Wars from Your Culture, 2-4 pm


ç Sep 16 S WEBCAST: High Road Approach to Difficult Conversations: How to Face and Grow from Them, 8-10 am


ç Sep 20 E WEBCAST: CPE in Ethics: A Requirement in Washington State, 8-11:30 am WEB111 149 179 0 Online Ethics

ç Sep 20 WEBCAST: Myths of Budgeting and How to Overcome Them, 8 am-12 pm WEB130 129 159 0 Online MG

ç Sep 22 WEBCAST: Farmers Tax and Accounting Conference, 8:30 am-4:30 pm WEB38 255 295 0 Online TAX

ç Sep 23 WEBCAST: Federal Taxation of Partnerships and LLCs Part I: Formation, Operation and Allocations, 8:30 am-4:30 pm

WEB39 255 295 0 Online TAX

ç Sep 24 S WEBCAST:Accounting Basics for Finance Professionals, 8-11 am WEB131 99 129 0 Online MG

ç Sep 24 WEBCAST: Common Interest Realty Associations Conference, 8:30 am-4:30 pm


ç Sep 27 WEBCAST: IFRS Adoption and Financial Statement Convergence: Two Topics; One Business Issue, 7-11 am


ç Sep 29 WEBCAST: Banking Financial and Compliance Update Series - Third Quar-ter 2010, 8 am-12 pm


ç Sep 29 WEBCAST: Audits of HUD-Assisted Projects, 8:30 am-4:30 pm WEB41 305 355 -30 Online GNP

ç Sep 30 WEBCAST: Fraud in the Governmental and Not-For-Profit Environments: What a Steal!, 8:30 am-4:30 pm

WEB42 305 355 -30 Online A&A

ç Oct 1 WEBCAST: Best Practices for Industry - Understanding Your Liability And How to Secure and Protect Corporate Information, 7 am-3 pm


ç Oct 1 WEBCAST: Federal Taxation of Partnerships and LLCs Part II: Sales, Bequests, Redemptions and Liquidations, 8:30 am-4:30 pm


ç Oct 4 S WEBCAST: Financial Statement Analysis From an Operational Perspective, 7-9 am


ç Oct 5 WEBCAST: Financial Statement Presentation and Disclosure - Part 1, 7-11 am


ç Oct 5 WEBCAST: Financial Statement Presentation and Disclosure - Part 2, 12-4 pm


ç Oct 6 WEBCAST: Representing Clients in the Marriage Dissolution Process: Accounting, Tax, Estate and Financial Planning Issues, 7 am-3 pm

WEB105 195 225 0 Online A&A

ç Oct 7 S WEBCAST: High Road Corporate Governance from the Inside - Out: The CFO Controller’s Tool Kit, 1-4 pm


ç Oct 7 S WEBCAST: High Road Leadership Strategies for Eliminating Silos, Bureau-cracy, or Turf Wars from Your Culture, 8-10 am


ç Oct 7 S WEBCAST: High Road Approach to Difficult Conversations: How to Face and Grow from Them, 11 am-1 pm


ç Oct 8 S WEBCAST: Budgeting Wars Prevention! How to Ensure Accountability In Your Budget Process, 8-10 am


ç Oct 8 S WEBCAST: Governance - Enhancing Risk Management: Setting The Right Balance Innovation and Controls, 2-4 pm






MemberFee

Non- Member Fee



Need help finding a seminar, conference or webcast? Call the WSCPA at (800) 272-8273 or (425) 644-4800.

ç Oct 12 WEBCAST: Banking Financial and Compliance Update Series - Third Quar-ter 2010, 8 am-12 pm


ç Oct 19 WEBCAST: Fraud: Exposures and Solutions in the Non-Audit Environment, 8:30 am-4:30 pm


ç Oct 20 WEBCAST: 2010 Accounting & Auditing Update, 7 am-3 pm WEB106 195 225 0 Online A&A

ç Oct 21 S WEBCAST: The CFO’s Role in Banking and Financing, 9-11 am WEB143 79 109 0 Online MG

ç Oct 22 WEBCAST: Myths of Budgeting and How to Overcome Them, 11 am-3 pm WEB145 129 159 0 Online MG

ç Oct 22 WEBCAST: Deal Structure for Mergers Acquisitions Transactions, 8:30 am-4:30 pm


ç Oct 27 WEBCAST: Accounting and Finance For Non-Financial Managers, 7-11 am WEB146 129 159 0 Online MG

ç Oct 27 WEBCAST: Accounting and Auditing Conference, 8:30 am-4:30 pm WEB46 255 295 0 Online A&A

ç Oct 29 E WEBCAST: CPE in Ethics: A Requirement in Washington State, 8-11:30 am WEB112 149 179 0 Online Ethics

ç Oct 29 C WEBCAST: Asset Protection Planning, 8:30 am-4:30 pm WEB47 255 295 0 Online TAX

ç Nov 2 WEBCAST: Small Firm Best Practices Conference, 8:30 am-4:30 pm WEB48 255 295 0 Online MG

ç Nov 4 WEBCAST: IFRS Adoption and Financial Statement Convergence: Two Topics; One Business Issue, 12-4 pm


ç Nov 4 C WEBCAST: Advanced Personal Financial Planning Update, 8:30 am-4:30 pm WEB49 255 295 0 Online PFP

ç Nov 5 WEBCAST: Family Law Conference, 8:30 am-4:30 pm WEB50 255 295 0 Online SK

ç Nov 8 WEBCAST: Green Accounting and Sustainability Issues, 8:30 am-4:30 pm WEB51 255 295 0 Online A&A

ç Nov 8 Date Change - WEBCAST: Intellectual Property Institute, 8:30 am-4:30 pm WEB11 255 295 0 Online MG

ç Nov 9 S WEBCAST: Professional Issues Update - Complimentary to WSCPA Members!, 9-10:30 am


ç Nov 9 WEBCAST: Enterprise Risk Management for SMEs - Small to Medium Enterprises: Risk Plays No Favorites, 7-11 am


ç Nov 10 WEBCAST: Bankruptcy Conference, 8:30 am-4:30 pm WEB52 255 295 0 Online SK

ç Nov 11-12 WEBCAST: Pacific NW Construction Industry Conference, 8 am-5 pm WEBCIC 425 500 0 Online SK

ç Nov 11 C WEBCAST: Pension and Profit-Sharing Plan Strategies, 8:30 am-4:30 pm WEB53 255 295 0 Online TAX

ç Nov 15 WEBCAST: Practical Financial Accounting and Auditing Update, 8:30 am-4:30 pm


ç Nov 16 WEBCAST: Accounting & Auditing for the Tax Practitioner, 8:30 am-4:30 pm WEB55 255 295 0 Online A&A

ç Nov 17 WEBCAST: Knowing Your Client’s Numbers: Beyond Activity -Based Cost-ing, 8:30 am-4:30 pm


ç Nov 18-19 WEBCAST: Not-for-Profit Conference, 8 am-4:30 pm WEBNFPC 310 310 0 Online A&A

ç Nov 18 WEBCAST: Real Estate Conference, 8:30 am-4:30 pm WEB57 255 295 0 Online TAX

ç Nov 19 S WEBCAST: Budgeting - Basic Elements of Effective Operational Budgeting, 7-9 am


ç Nov 19 WEBCAST: Employment Practices Conference, 8:30 am-4:30 pm WEB58 255 295 0 Online MG

ç Nov 22 S WEBCAST: Creating Competitive Advantage: Developing A Roadmap for Sustainable Performance, 6-8 am


ç Nov 29 WEBCAST: Federal Tax Update-Individuals (Form 1040), 8:30 am-4:30 pm WEB59 255 295 0 Online TAX

ç Nov 30 WEBCAST: Federal Tax Update-C & S Corporations, Partnerships & LLCs (Forms 1120, 1120S & 1065), 8:30 am-4:30 pm



Register at www.wscpa.org/CPE/catalog REGISTRATION

Code Title Date City Fee1

3

WSCPA CPE policies apply to all programs in the CPE Digest. Review the CPE policies at www.wscpa.org.

Register online at www.wscpa.org/CPE/catalog or:

Questions? E-mail [email protected] or call (425) 644-4800 or (800) 272-8273 (toll-free in Washington).

2

2


CLASSIFIED ADS

Detailed advertising information is available online at www.wscpa.org. Classified Ads are $40 for 40 words or less and $1 for each additional word. Active E-mail and web site addresses count as two words and are $10 additional each. Positions available ads are for magazine placement only. Contact Sharon Olene-Marander at (425) 586-1138, (800) 272-8273, Ext. 1138, or [email protected] for more information. All ads must be pre-paid.

POSITIONS AVAILABLEEstablishedBellinghamCPAfirm is seeking experienced auditor to join our team of professionals. 5+ years of audit experience required. Collaborative working environment, excellent advancement opportunities and salary and benefits package. Submit resume and cover letter to Varner Sytsma & Herndon, CPA’s, 2200 Rimland Drive, Suite 205, Bellingham, WA 98226, Attn: H/R

Established BellinghamCPA firm is seeking experi-enced CPA to join our team of professionals. 3+ years of tax experience required. Collaborative working environment, excellent advancement opportunities and salary and benefits package. Submit resume and cover letter to Varner Sytsma & Herndon, CPA’s, 2200 Rimland Drive, Suite 205, Bellingham, WA 98226, Attn: H/R

OFFICE SPACEMercer Island based personal financial management firm looking to sublease up to 1,000 sq ft (4 window offices and reception space, plus interior bathroom) for $2,500/month. 1 year lease, then available month to month. Please respond by e-mail: [email protected] or phone: (425) 646-9292.

Bellevue CPA Firm has office space for rent. 500 sq ft complete with services. East access to 520 & 405 freeways and great parking. Email [email protected] or call 425-818-9400.

MERGERS & SALESLooking for sole proprietor practice for possible affili-ation. We have office and support team infrastructure and also can help increase your revenues by providing to your clients fee only wealth management. Contact Curtis Erickson at 206-734-3705 or [email protected].

CPA looking for $150,000-$250,000 size practice to purchase in the Bellingham area. Cash purchase. Please respond to Tom by phone, (707) 545-0701 or email, [email protected].

Local Firm Looking for Practice. Are you thinking of retiring or selling your practice soon? We are a Redmond based CPA firm looking to purchase another firm. We are looking for a firm with revenues between $200,000-$1,000,000. Most of our work is with business clients and high net worth individuals. We have purchased practices before and are very familiar with how to transition a client base. Please call Bruce Sult at 425 883-3111 or email [email protected] if you are interested in discussing a sale. You can review our website at www.falcosult.com.

Considering Selling Your Practice? Consider all your options. We do the work. Confidential. We have buyers actively seeking practices. Call Mark Hause at 877-345-7722 or visit our website at www.accountingpracticesales.com. Accounting Practice Sales. We make dreams happen!

IBA Sells Privately Held Companies. Do you represent a client who is ready to retire or has taken a company as far as they want to or can? IBA is the Pacific Northwest’s oldest business brokerage (M&A) firm. We are professional negotiators with over 4000 completed transactions. Please contact us if we can be of assistance at (800) 218-4422 or www.ibainc.com.

We Sell Practices! --- ProHorizons has been helping CPAs sell their practices since 1995. Confidential, prompt, professional and stress free. Call for a FREE sales package and confidential

consultation with our regional representative, Ken Berry at 888-729-9476 or visit www.prohorizons.com.

PRACTICES FOR SALE

Contact Mark Hause at Accounting Practice Sales by e-mail at [email protected] or call 877-345-7722 for more information on the following practices:Anacortes CPA Firm for Sale: This CPA firm is a traditional CPA firm with income tax, write-up, along with financial services to round out the practice. The firm revenue mix breaks out 76% tax, 18% write-up, and 6% financial services. The buyer will have the opportunity to retain the current office location indefinitely as the Seller owns the building. With a loyal client base and good fees, this firm offers opportunity to a firm looking to expand or a CPA wanting to be on their own. Bellevue CPA Firm for Sale: This CPA located in Bellevue wants to sell a highly profitable practice. The firm revenue mix is heavily concentrated in the area of tax preparation with over 92% of all fees coming from the rendering of tax services. The future of this firm is further enhanced by a significant number of clients having a high net worth with the need for additional services in a variety of areas. The ideal buyer will be one who has the experience of working with high net worth individuals who can take advantage of the solid fees and loyal practice base.Blaine CPA Tax Firm for Sale: This CPA firm located close to the Canadian border is primed for a new owner and has wonderful potential. The firm is the only CPA firm in town and receives referrals from all types of professionals including banks and real estate agents. The practice revenues are predominantly from tax services with that segment of the business generating approx. 86% of total revenues for the firm. The balance is split almost equally between write-up and consulting. With opportunities for cross border tax and consulting services along with traditional income tax services, this firm is a solid opportunity for any accountant who wants to own their own firm or a firm looking to expand or open a branch office.Bremerton, Port Orchard, Silverdale Area CPA Firm for Sale: This outstanding CPA firm (single loca-tion) with an excellent fee structure and solid cash flow is for sale. The firm is a tax practice with no auditing and enough write-up work to balance out cash flow over the course of the year. The firm client base composed of long term loyal clients is the product of the owner’s long term commitment to the community coupled with top of the mind name recognition when seeking professional accounting services. This firm is further enhanced with knowledgeable staff, no concentration of clients either by fees or segment of the local economy. All of the forego-ing creates an opportunity for any firm or practitioner to acquire a firm that is a proven entity.Everett Franchise Tax Practice For Sale: The Seller(s) are offering the unique opportunity to own a tax preparation franchise with 3 territories and 3 locations. The locations are turn key, firmly established, with existing clients, and are located in areas that provide for excellent growth prospects. The buyer will benefit from a national brand name, national name recognition, brand awareness, and excellent support. The buyer has everything in place to own this tax preparation franchise or for a current practitioner to acquire a second business.Everett Tax Practice for Sale: The seller of this prac-tice has several locations and wishes to sell two locations whether together or singly and focus on the remainder of the practice. The locations have established clients and have lease’s in place insuring the availability of the current location for several years. Each of the locations were previously national franchise tax preparation locations who are no longer affiliated with the organization. What remains are high visibility locations with staffing in place that would be a profitable addition to an existing firm seeking to expand or a great starter practice(s) for an individual that are located within 15 minutes of each other.

North Seattle CPA Firm for Sale: This CPA firm located in North Seattle has been in the business of pro-viding top drawer professional services for over 30 years. The firm is a full service practice offering all traditional accounting services including attestation. The revenue mix breaks out 73% income tax, 10% write-up, 14% auditing, 3% reviews and compilations with excellent per return and/or engagement fees. The practice has a significant number of business returns that will require a good business minded accountant that is comfortable with rendering advice and counsel on a variety of business related matters. The firm has great staff, established methods and procedures which make this a turn key practice. All of these qualities combine to make this firm a must see for any accountant or firm looking for an acquisition.Puget Sound Accounting, Bookkeeping, & Consult-ing Practice for Sale: This practice’s revenue comes from accounting, bookkeeping, and consulting with indi-viduals and companies who need professional help with their accounting function of their business. The marketing strategy has been based on referrals, networking, and some advertising. A lot of the work is performed in the offices of the client with some completed at the home office of the Seller. Currently, the missing component of this practice is tax work which could come the Buyer’s way with the proper background and credentials. The ideal buyer will understand QuickBooks and possibly be a QuickBooks ProAdvisor along with a solid background in accounting with good customer service skills.Spokane CPA Firm for Sale: The owner of this account-ing practice with an emphasis on tax preparation is ready to retire. The firm revenue mix is 87% tax preparation with the balance being write-up and representation before taxing authorities. The clients of the firm are loyal due to receiving hands on personalized service from the owner. The firm is further enhanced by having a high visibility office location on a heavily traveled thorough fare. All of these qualities add up to create a firm that is an excellent prospect for acquisition whether for an individual who has aspirations of owning a practice or a firm wanting to expand their customer base.

Volunteer OpportunitiesThe following organizations need a CPA to serve on the board of directors or provide other guidance on financial matters. Learn more at www.wscpa.org (enter volunteer positions in the search box).

The Pacific Harp Institute

New Moon Farm

The Arc of King County

Washington Pilots Association

Retired Football Veterans

Pacific Northwest Diabetes Research Institute (PNDRI)

The Groundbreakers’ Program

One Day’s Wages

The Arc of Tri-Cities Foundation

206 Universal

The Washington State Department of Social and Health

Serivces (DSHS) Aging & Disability Services Administra-

tion (ADSA) Aging & Disability Resource Center (ADRC)

The Institute of Inspection, Cleaning & Restoration

Certification (IICRC)

TisBest Philanthropy

Best Little Rabbit, Rodent & Ferret House

International District Housing Alliance (IDHA)

Theater Puget Sound

SOLD


MEMBER PROFILE

Longest serving Cpa in Washington stateDelmar Pearson, CPA

The WSCPA recently recognized Delmar Pearson, who was born in 1919, as the longest serving CPA in the State

of Washington. The WashingtonCPA and several Yakima CPAs talked with

Delmar about his extremely successful career and how the profession has changed since he became a CPA in 1946.

How did you, the son of a Yakima farmer, become a CPA? I graduated from high school in 1937. Originally I had an

Annapolis appointment, but when I took the required physi-cal they found a heart murmur. Then the summer of ‘37 something happened to our farm that shouldn’t happen to any-body. A hail storm left about six inches of hail on the ground. It tore the limbs out of the trees in our orchard. The crop on our 60 acres was lost and the buds for the next year’s crop were damaged. The only reason the orchard survived was that we packed our own fruit--apples, peaches, cherries, Bartlett pears.

Because I was needed on the farm, instead of attending the University of Washington or University of Southern California, I went to junior college for two years. I transferred to the Univer-sity of Washington and minored in accounting. Once I graduated, I started law school in 1941. Then Pearl Harbor happened and I went in the Army. After the war, I went back to the U and had to choose between law or accounting. I had a conflict between teaching the accounting lab or taking a law class. The dean of the law school told me, “You’re either going to be a lawyer or a CPA.” I already had a child at the time, so I abandoned my plan to return to law school and began working instead.

I received my CPA in May of 1946. I took the CPA exam in Seattle, at a city building. It was a two day affair, accounting on the first day, then law and auditing the next day. In those days you couldn’t even have a slide rule.

What would a CPA today recognize if they worked for a public accounting firm back then?

Very little. Before I started law school, I started working for Boyd Olson in the summer of ’41. When I passed the CPA exam, there were only a handful of us that had certificates. We did balance sheet auditing primarily. The bulk of our practice here in Yakima was agricultural clients. Some of our clients were log-gers, retail, and we audited the S&Ls.

I was a tax specialist and I really enjoyed the practice of tax accounting. Compared to today, the worst part of tax returns was you didn’t have any equipment. And returns were typed or handwritten. When the 10 key was invented--that was a blessing!

What advice would you give to new CPAs? Go back to school. Take all the English and writing you can.

No matter what you do, auditing, tax or anything else, you need to be able to clearly communicate.

There have been significant changes in auditing. To keep up you have to become a specialist. It is hard to start a practice and keep up with the accounting practice (tax or auditing), without being a specialist.

The part of Yakima that used to be your family’s orchard has streets like Triple Crown Way and Slew Way. What is your family’s connec-tion to horse racing?

I inherited the family farm in 1956. My daughter always wanted a horse. I recalled the hard work of taking care of my family’s horses, and told her no. When her husband made a little extra money, my daughter convinced him to buy a horse. The horse won 2-3 races at Longacres. Later my daughter bought Seattle Slew. As everyone knows, he was the big winner—the only undefeated Triple Crown winner. We were going to name the streets something else. Then we decided to switch to horse names. After I “retired” in 1985, I was busy with horses part of the year, and handled some accounts through the end of the 1990s, just before the firm was sold to Moss Adams.

You donated land for the Children’s Village in Yakima. Why is philanthropy important to you?

My father taught me as a child that “it’s nice to have a bank account, but it’s better to leave this world a little better than we found it.”

The Yakima community is better thanks to the many contri-butions of Delmar Pearson. You can meet Del at Yakima Chap-ter meetings, which he attends faithfully. If you are lucky enough to sit by him, he might share one of his many stories (like how during his senior year at the U, he outran two cops as he drove from Yakima to Seattle in record time).

Del Pearson (seated), with Dan Fisher, Jeff Buege, Sara Edson, Susan Schoolcraft, and Carol Wagar.

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Student BenefitsBig discounts on CPA Exam reviews and more. Students are also eligible for all other member benefits.

Save 20% on the US Master Tax Guide! (details on page 12)

Receive substantial discounts on Paychex services. Plus, you can pass these discounts on to your clients!

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Learn more about WSCPA Member Benefitsatwww.wscpa.org.

The WashingtonCPA Magazine - September/October 2010

Documents

Transcript of The WashingtonCPA Magazine - September/October 2010