NewsFlash April 2, 2015

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We Need You for CPA Day of Service
May 2, 2015

The YCPA Committee is looking for CPAs, just like you, to lend a helping hand for the statewide CPA Day of Service on Saturday, May 2. It's a movement across Florida for CPAs to gather in their respective communities to give back, get involved and meet like-minded professionals with a passion for making the world a better place.

How can you help? There are two ways to get involved:

  1. Sign up to help with an event that’s already being planned in your region.
  2. Plan your own community service project. You can do something individually or volunteer with an organization. Getting involved can be as simple as assisting the elderly with odd jobs, planning a beach cleanup or handing out information about financial literacy. Get creative and make it something meaningful for you and your community. Once you have an idea in place, register your event at ficpa.org so others can volunteer, too!

Start Planning Today! The CPA Day of Service on May 2 will be here before you know it.

Sign Up
Ask Us: Member Service Center (800) 342-3197 | (850) 224-2727 | msc@ficpa.org


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FASB Agrees to Propose Revenue Recognition Standard Delay
Journal of Accountancy

Financial statement preparers may get the option to take more time implementing the new revenue recognition standard. FASB agreed Wednesday to propose delaying the effective date by one year for public and private companies.

The board voted to propose having the standard take effect for reporting periods beginning after Dec. 15, 2017, for public companies that use U.S. GAAP for their financial statements.

Under the proposal, private companies would have an additional year past the public company effective date to implement the standard. Early adoption would be allowed as of the original effective date for public companies (reporting periods beginning after Dec. 15, 2016). Public companies that adopt early would be required to do so on an annual and interim basis. Private companies that adopt early could do so on an annual basis, and subsequently for annual and interim periods.

FASB directed its staff to prepare a formal written ballot for a proposal seeking feedback in a 30-day comment period. The International Accounting Standards Board also is expected to consider later this month a possible delay in its effective date.

Read the complete Journal of Accountancy article.


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Captive Insurance on the IRS Dirty Dozen List
What Every CPA Needs to Know

Accounting Today

The use of captive insurance by U.S. companies to manage costs and risks and realize tax benefits has been a legitimate activity for years. However, the IRS recently has focused significant audit resources on small and mid-market companies that are forming small or “micro” captive insurance companies.

These companies seek to benefit from Section 831(b) of the tax code, which allows insurance companies with less than $1.2 million in premiums to be taxed on their investment earnings, rather than on their gross income. We are seeing first-hand, while representing a number of small and medium companies with captive insurance companies in audit, that the IRS is emptying the bench when it comes to this issue.

Read the complete Accounting Today article here (registration required).

Please note that the CPA Insurance Marketplace, FICPA’s private health insurance exchange, is not a captive insurance company. The CPA Insurance Marketplace is an online marketplace where members and their employees can compare and purchase products and services from insurance providers that compete for business within the exchange. Unique decision-support technology within the exchange is backed by licensed benefits counselors trained specifically to work with FICPA members.

Questions: Naomi Griffin, Member Benefits, Inc. Marketing Director | (800) 282-8626, Ext. 3251 | (904) 861-3251 | ngriffin@memberbenefits.com


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FICPA Members Appointed to Advisory Councils

TaxWatch has appointed the FICPA’s Board Chair Elect Mia Thomas and State Tax Committee Chairman Kevin Herzberg to the Florida TaxWatch Tax Advisory Council. The Council – comprised of top-level business tax professionals, tax policy experts and lawmakers – will meet throughout the year to discuss local, state and federal tax policy issues affecting Florida taxpayers. The Council will focus on state and local taxes, compliance and legislative or regulatory activities to serve as a resource as Florida TaxWatch plans future research agendas.

Gov. Scott has appointed FICPA member “Trey” Marshall D. Gunn, III to Florida's Continuing Care Advisory Council. The Council acts in an advisory capacity to the Office of Insurance Regulation, recommending any changes in statutes and rules pertaining to Continuing Care Retirement Communities. Also, at the Office’s request, the Council assists with any corrective action, rehabilitation or cessation of business plan for a provider. Gunn will fulfill the statutorily required CPA position on the 10-member council.

The FICPA congratulates these members for representing the profession in their new roles.

If you’re interested in serving on a Board or Commission, please let us know.

More information about legislative issues: Rivers Buford, FICPA Director of Governmental Affairs | (800) 342-3197, Ext. 203 | (850) 224-2727, Ext. 203 | govaffairs@ficpa.org

FICPA Board Chair Elect Mia Thomas, CPA Trey Gunn, CPA Kevin Herzberg, CPA

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Four Floridians Receive Elijah Watt Sells Award
AICPA

The AICPA is pleased to announce the winners of the 2014 Elijah Watt Sells Award, including four Floridians.

The award is bestowed on candidates who have obtained a cumulative average score above 95.50 across all four sections of the Uniform CPA Examination; passed all four sections of the exam on their first attempt; and completed testing in 2014. A total of 91,384 individuals sat for the exam in 2014, with 60 candidates meeting the criteria to receive the Elijah Watt Sells Award.

“Passing all four parts of the rigorous Uniform CPA Exam is a notable accomplishment. Being recognized as recipients of the Elijah Watt Sells Award is truly remarkable,” said FICPA President/CEO Deborah Curry, CPA, CGMA. “Congratulations to Christopher, Alec, Robert and Kenneth. I am honored to welcome all four of these bright professionals as FICPA members.”

Here are the 2014 Sells Award winners from Florida: 

  • Christopher Thomas Pumo, a graduate of the University of Nevada, Las Vegas with a master’s in accounting, is employed with EY in Boca Raton.
  • Alec Roberts, a graduate of Florida International University with a bachelor’s of accounting and the University of Central Florida with a master’s of accounting, is employed with Deloitte in Miami.
  • Robert F. Waldbillig, a graduate of the University of Florida with a bachelor’s in accounting and Florida Atlantic University with a master’s of taxation, is employed with Crowe Horwath in Fort Lauderdale.
  • Kenneth Wilbur, a graduate of the University of Florida with a bachelor’s in accounting and a master’s of accounting, is employed with EY in Boca Raton.

See a complete list of recipients and read the entire article here.


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Florida Companies Named in 2015 Top 100 Firms
Accounting Today

Accounting Today recently announced its Top 100 Firms, including some from the Gulf Coast region (Alabama, Florida, Louisiana and Mississippi). The top firms in the Gulf Coast region – with a total revenue of $816.56 million and an average firm growth of 5.8 percent – were: Averett Warmus Durkee; Barfield, Murphy, Shank & Smith; Berkowitz Pollack Brant; Carr, Riggs, Ingram; Cross, Fernandez & Riley; Daszkal Bolton; Gerson Preston Robinson & Co.; Goldstein Schechter Koch; Heard, McElroy & Vestal; Horne; Jackson Thornton & Co.; Kaufman Rossin Group; LaPorte; The LBA Group; MBAF CPAs; Moore Stephens Lovelace; Postlethwaite & Netterville; SRHW; and Warren Averett.

Review the complete 2015 Top 100 Firms Supplement here.


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Responding to Third-Party Verification (Comfort Letter) Requests
AICPA

Increasingly, CPAs are receiving requests from clients, lenders, loan brokers, health insurance providers, adoption agencies, regulators and various other agencies to confirm client information. In turn, the AICPA has received several inquiries from CPAs on what they often refer to as “comfort letters." The AICPA’s website contains articles and tools to help CPAs make informed decisions about requests, and to determine related or alternative services they may perform on a client's behalf.

Click here to access the AICPA’s third-party verification request resources.


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FICPA Exhibits at Florida Capitol Senior Day

More than 1,000 Floridians are expected to join the FICPA and other organizations April 15 for Senior Day at the Florida Capitol. Co-sponsored by United Way of Florida and Florida Department of Elder Care, the event is a day of celebration, recognizing the contributions older Floridians make to their communities across the state.

Facilitated by its Elder Planning Committee, the FICPA will exhibit financial resources for seniors. As many as 50 vendors and service organizations will have booths to share resources for seniors. According to the Department of Elder Care, with 4.8 million residents older than 60, Florida has the highest senior population in the nation.

FICPA members are invited to attend and/or volunteer at Florida Senior Day. A reception, luncheon and entertainment are included.

Watch a YouTube Video Announcing the 2015 Florida Senior Day

Watch the Ageless In America YouTube Video

Check out Florida Senior Day on Facebook

Schedule of Events & Event Registration | Volunteer at the FICPA’s Booth – contact Brenda Hubbard.
More information: Brenda Hubbard, FICPA Director of Online Learning | (800) 342-3197, Ext. 419 | (850) 224-2727, Ext. 419 | hubbardb@ficpa.org


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Health Care Industry Conference (17 CPE)
April 23-24, 2015
Orlando

CPAs in health care must be ready to face the challenges ahead. The FICPA Health Care Industry Conference is the perfect way to prepare – read this letter from committee chair Stephanie Boyle, CPA:

Economists at the Centers for Medicare and Medicaid Services (CMS) anticipate that U.S. health spending should increase an average of 5.7 percent per year from 2013 to 2023, outpacing expected growth in the gross domestic product by slightly more than 1 percentage point.

By 2023, health care spending is expected to account for nearly a fifth of annual GDP, at 19.3 percent, up from 17.2 percent in 2012.

As a CPA in this very critical U.S. market segment, t
he Health Care Industry Conference will provide you with up-to-date information that is or will be very pertinent to your future in health care and the future of your company. Read the entire letter.

Join us at the 2015 Health Care Industry Conference! Can’t make it to Orlando? Select sessions will be available via webcast – click below to register.

Register for this Conference | Register for the Webcast | View Brochure | Read Full Letter
Ask Us: Member Service Center (800) 342-3197 | (850) 224-2727 | msc@ficpa.org


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Not-for-Profit Organizations Conference (16 CPE)
May 28-29, 2015
Tampa and Ft. Lauderdale

Nothing is more challenging than the not-for-profit environment. Join us in Tampa or Fort Lauderdale for our biggest event devoted to your complex requirements and today’s evolving issues!

In-Demand Sessions: Form 990 Changes and Hot Issues

Amy Chapman, MBA, CPA, CFE will guide you through changes to Forms 990 and 990-T; the different positions and compensation to report in PART VII of the 990; and the types of UBI to report on 990-T. Get answers to your questions about fundraising and Schedule G.

In the next session, she’ll cover hot issues in compensation, private inurement and intermediate sanctions. Chapman will address the new 1023-EZ application; losing your exempt status; and international activities reporting.

Register now and save $55 on up to 16 CPE credits with the early-bird price!

Register for Tampa | Register for Ft. Lauderdale | View Brochure
Ask Us: Member Service Center (800) 342-3197 | (850) 224-2727 | msc@ficpa.org


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Tech Tip
Access Your Music Collection from OneDrive via Xbox Music

groovypost.com

OneDrive finally has a feature many users have been waiting for – accessing your music collection via OneDrive. It’s now possible to stream your music from OneDrive via the Xbox Music app.

Listen To Your Music from OneDrive

All you need to do is add your music to the new “Music” folder in the updated OneDrive. Also, since Microsoft loves to give away OneDrive space, the company is giving you another 100 GB of storage space so you can load it up with your favorite songs.

Once everything is loaded up, open the Xbox Music app on a supported device and enjoy your tunes. Supported file types include MP3, M4A (AAC) and WMA, and you can play back your music from OneDrive via a Windows 8.1 computer or tablet; Windows Phone 8.1; Xbox One or Xbox 360; or through a web browser via the Xbox Music site.

There isn’t any mention of the ability to use the Xbox Music app on Android or iOS, but this feature probably will apply to them soon.

According to a post on the OneDrive Blog:

“We’re excited to announce that the Xbox Music app now lets you listen to music you’ve saved in OneDrive! Just upload your music files to the new “Music” folder in OneDrive, and you’ll be able to access them across your Windows devices. As part of this feature, we’re also giving Xbox Music Pass users 100 GB of extra OneDrive storage for their music. For more information, check out https://music.xbox.com/onedrive or the full blog post here!”

An Xbox Music Pass subscription isn’t required, but without it, you’ll miss out on the 100 GB of extra storage.

For more information and to view an archive of previous Tech Tips, please visit us here.

Are there specific topics you’d like us to cover in Tech Tips? Email suggestions to communications@ficpa.org.


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In Memoriam

Joseph B. "Joe" Tedder – March 20, 2015
Andrew John Csanady – March 14, 2015


Look for the next issue of FICPA NewsFlash April 16, 2015.

Comments or Suggestions?

We are interested in your comments or suggestions. Please email communications@ficpa.org.