NewsFlash April 6, 2017

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That Time I Told Mark Cuban He Was Wrong About the CPA Profession

By Lindsey N. Patterson, CAE
AICPA Insights
aicpa.org

Last Wednesday afternoon, I read that Mark Cuban said he would not want to be a CPA right now because advances in technology mean it isn’t a profession for the future.

Wednesday night, I sacrificed sleep so I could write a lengthy blog post explaining how Mr. Cuban clearly didn’t consider the many ways the accounting profession is getting ahead of change and anticipating the future needs of the marketplace.

And by Thursday afternoon, I was explaining my argument to him in person.

How?

I was editing the first draft of my blog post on Thursday when a colleague walked into my office to announce that, according to rumor, Mr. Cuban was in the lobby of our office building at that very moment. Could life be so serendipitous that I could get a photo with the subject of my blog post? Naturally, I had to investigate.

The lobby of our office building was quite empty that day, so I immediately saw that the rumors were true. Sitting right there in front of me was the individual that had caused my writing fury. He was engaged in a conversation, but made eye contact with me and smiled kindly. I took that as my opportunity to introduce myself.

Initially I simply asked for a photo, to which he obliged. I couldn’t resist the urge to share with him why I wanted the photo, though.

“I have not slept in two days because I have been trying to very quickly write a blog post explaining all the reasons you are wrong.”

It probably wasn’t the smoothest opening line ever, but thankfully he laughed and asked to which comments I was referring. When I reminded him, he – shockingly! – asked me to sit down and explain to him why I disagreed.

To read the full article, click here.


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Trump SEC Pick Says He Has No ‘Specific’ Plans to Gut Dodd-Frank
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By Benjamin Bain
Bloomberg
bloomberg.com

President Donald Trump’s pick to lead the Securities and Exchange Commission said he has no specific plans to dismantle regulations implemented under the Dodd-Frank Act, but that the new administration wants to examine whether the 2010 law is stifling economic growth.

“Dodd-Frank should be looked at, in particular rules that have been in place as to whether they are achieving their objectives effectively,” Wall Street lawyer Jay Clayton said during his Senate confirmation hearing Thursday. “But, I have no specific plans to” attack the legislation, he said.

To read the full article, click here.


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Revenue Recognition Working Drafts Issued for Four Industries
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By Ken Tysiac
Journal of Accountancy
Journalofaccountancy.com

The airlines, gaming, hospitality, and time-share industries are represented in the latest group of revenue recognition working drafts exposed by the AICPA Financial Reporting Executive Committee (FinREC).

FinREC is seeking comment on issues that will be included in its industry-specific guide to implementing FASB’s new revenue recognition standard. The guide, which has been published online, will be updated as industry working groups complete their work on issues.

The issues exposed were:

  • Airlines: Issue No. 2-3, Passenger Ticket Breakage and Accounting for Travel Vouchers
  • Airlines: Issue No. 2-4, Ancillary Fees and Services
  • Airlines: Issue No. 2-5, Interline Transactions—Identifying Performance Obligations for Air Travel (including at the Segment versus the Ticket Level) and Principal vs. Agent Considerations
  • Airlines: Issue No. 2-6(a, d), Brand Name and Customer List—Timing of Revenue Recognition
  • Airlines: Issue No. 2-6(i), Interline Transactions—Loyalty Payments
  • Airlines: Issue No. 2-11, Change Fees
  • Gaming: Issue No. 6-8(a), Loyalty Credits and Other Discretionary Initiatives (Excluding Status Benefits)
  • Hospitality: Issue No. 7-1, Franchise Fees
  • Hospitality: Issue No. 7-2, Accounting for Revenues in a Hotel Management Service Arrangement
  • Hospitality: Issue No. 7-3, Accounting for Owned and Leased Property Revenues
  • Time-share: Issue No. 16-2, Collectability of Sales of Time-Sharing Interests

FinREC is seeking comments on the implementation issues by June 1. Comments on the airlines drafts can be emailed to Yelena.Mishkevich@aicpa-cima.com, and comments on the gaming, hospitality and time-share drafts can be emailed to Kim.Kushmerick@aicpa-cima.com.

Ken Tysiac (Kenneth.Tysiac@aicpa-cima.com) is a JofA editorial director.


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Procedure for Obtaining Rescission of 90-day Letters
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By Janet C. Hagy, CPA
The Tax Adviser
thetaxadviser.com

Many practitioners are reporting that they are receiving 90-day letters in CP2000 (underreported income) cases and correspondence exams after timely submitting substantiation documents but before the IRS has considered the response. Since it usually takes more than 90 days to resolve notices and correspondence exams on the IRS side, receipt of a 90-day letter creates additional paperwork and expense for the client in concluding the case.

If the taxpayer properly files a Tax Court petition in response to the 90-day letter, the case normally will be referred to an Appeals case manager for resolution prior to a Tax Court hearing. However, a taxpayer may employ another procedure to resolve a case without a Tax Court hearing. Internal Revenue Manual Section 8.2.2.4 provides a procedure for rescinding a 90-day letter. This procedure basically causes the 90-day letter to become null and void, as if it never occurred, except that, if the IRS grants the rescission, the running of the statute of limitation is suspended for the period the notice is outstanding prior to rescission. For example, if 60 days transpire between the date the 90-day letter is issued and the date the IRS official signs the formal agreement (generally, Form 8626, Agreement to Rescind Notice of Deficiency), then 60 days will be added to the statute-of-limitation period that applies to that tax return.

To read the full article, click here.


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Crossing the Border?
Here’s How to Safeguard Your Data From Searches
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By Brian X. Chen  
The New York Times
nytimes.com

Travelers, beware: When you take your gadgets abroad, maintaining the security of the data on your devices is just as important as protecting yourself from muggers.

For whatever reason, foreign and domestic governments may have an interest in your personal data, including your social media accounts.

This is not just theoretical. Several travelers, including American citizens like Haisam Elsharkawi, were recently pressured into giving officers from the United States Customs and Border Protection access to their cellphones at the airport.

To read the full article, click here.


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Three Ways to Develop Executive Presence Regardless of Your Title
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By Chrissy Scivicque, contributor
U.S. News & World Report
usnews.com

Regardless of title or status in the corporate hierarchy, everyone has the ability to develop “executive presence.” When you do, you'll enhance your professional reputation and improve your chances for advancement. This is a powerful but often overlooked strategy that can truly shape the future of your career.

What exactly is executive presence?

To read the full article, click here.


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Inspire a Future CPA:
Mentor or Adopt a Student at Mega

 

 

Spending personal time with a practicing CPA is one of the most valuable accounting-student experiences.

“He was interested in my career path and available to answer all of my questions about becoming a CPA and owning a business,” said a student who was positively impacted when a member took the time to mentor him during a single lunch.

Would you like to influence an aspiring CPA?

This year, the accounting students selected to attend the Accounting Scholars Leadership Symposium at the Mega CPE Conference will have the opportunity to learn more about the accounting profession from FICPA members who will volunteer their time in various ways.

Anne Marie Hicks, Ryan Myers, Michael Reed and Karen Vergara will form a CPA panel to share insights and answer questions about career and exam topics. One of the FICPA’s young CPA, Natasha Novikov, will present a session on accounting fraud. And Mia Thomas will review social skills for success during the popular Etiquette Dinner session. Other topics will include how to land your next job; the CPA exam; and an examinations and licensing Q&A session, which will be presented by the supervisor of CPA Examinations & Licensing with the Florida Board of Accountancy.

You can have an impact on these earnest students as well! Last year, the Accounting Careers Committee started Adopt-A-Student because students wanted more networking time with members who were attending the Mega CPE Conference, and because the costs of getting students throughout Florida to attend an overnight program are substantial. This avenue gives members the opportunity to donate financially or to donate their time.

If you like the idea of mentoring a student during lunch on Thursday, June 15 at the Mega Conference, contact Vicky Wade at wadev@ficpa.org. If you’d like to make a monetary donation, select Adopt-A-Student when registering for the Mega CPE Conference and select the amount you’d like to give.

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Wear Jeans, Send a Student to School
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May 19 is Jeans for Scholarships Day!

Calling all CPA Wranglers! Time to round up your jeans-loving staff members and enjoy a casual day – in the middle of the week, of course.

Join the FICPA Educational Foundation’s statewide Jeans for Scholarships movement. We’re raising funds to help deserving fourth- and fifth-year Florida accounting students finish their education with scholarships. Here’s how it works:

  • Choose May 19, or another Jeans for Scholarship Day of your choice
  • Register your jeans date with us at www.ficpa.org/jeans
  • Ask everyone in the company (or department) donate $5 or $10 and wear jeans to work
  • Boost contributions by adding a simple raffle and the option to wear sneakers for a few extra dollars
  • Your Jeans Day can be whatever you make it. Build comradery with a themed potluck lunch or mid-week office party
  • Double your donations by asking your organization for matching contributions

Send us your jeans pictures and we’ll add them to our photo gallery of Florida CPAs in jeans. To view a list of firms that are Scholarship Wranglers and to register now, visit www.ficpa.org/Jeans .

For more information email edfoundation@ficpa.org or call Jan Dobson at (800)342-3197, ext. 380.


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Don’t Miss Your Opportunity to Serve on FICPA Committees

Want to strengthen your leadership skills, play an influential role in shaping the future of accountancy and grow your network with other professionals throughout the state?

With more than 30 committees for which you can volunteer your service, it’s easy to find a way to use your expertise, skills and passion to shape our programs while gaining experience.

Committee membership is open to all FICPA regular members, non-resident members, accounting educator members, associate members, retired members and lifetime members in good standing. 

We’ve developed the 2017 Committee Volunteer Guide to make it easy for you to review our list of committees and learn more about how you can get involved. Apply today – the deadline is Friday, April 21, 2017!

Submit Your Application Today | View the Committee Volunteer Guide
Ask Us: Member Service Center (800) 342-3197 | (850) 224-2727 | msc@ficpa.org


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It’s the Perfect Time to Add Staff as FICPA Members
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The FICPA empowers its members with resources, savings and opportunities that help them thrive in the accounting profession. If you have staff who are not yet members of the FICPA, now is the best time of year for them to join.
Your staff can take advantage of up to three free months of membership (April, May and June) by joining now – and not have to renew until July 1, 2018. The sooner they join, the bigger the savings!

We provide the highest quality benefits and services to Florida CPAs, maximizing our members’ ROI. It's easy to recoup the annual membership investment by participating in our valuable benefit programs. Learn more about all of our benefits at the link below.

Now's the time to make sure your team is part of Florida's CPA network!

Become a Member | Learn More About Our Member Benefits
Ask Us: Member Service Center (800) 342-3197 | (850) 224-2727 | msc@ficpa.org


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Mega CPE Conference (Up to 40 CPE)
June 14 - 17, 2017
Orlando or Online

 

 

The 2017 Mega CPE Conference is bigger than anything we’ve done.  We’re coming back to the award-winning Gaylord Palms Resort & Convention Center in Orlando this June, putting you and your guests less than 10 minutes from the gates of Walt Disney World® Resort. If you can’t make it, you can join us online for three full days of education in the Simulcast.

Experience BIG learning, BIG networking and BIG fun at the Mega CPE Conference.

  • Up to 32 live hours of CPE plus 8 bonus online hours
  • More than 60 sessions covering accounting and auditing, tax, business management, management services, ethics, human resources, leadership and  more
  • Keynote Tim Christen, former AICPA chairman
  • Four conferences in one location: Mega CPE Conference also includes the State Tax Conference, the Employee Benefits Conference and Women's Leadership Summit
  • Experience the five-star Gaylord Palms Resort & Convention Center
  • Enjoy everything Orlando has to offer: Walt Disney World® Resort, SeaWorld® Orlando, Universal Orlando Resort™©, fine dining, shopping and so much more

Right now, you can score special savings…but don't wait too long. Register soon to attend in person and save $55 with the early-bird price. Save even more by booking early at the Gaylord Palms with our special conference rate. If you've never been to Mega, you can save an additional $55 by using promo code NEWMEGA17 when you register to attend 16 CPE hours of more!*

Register to Attend in Person | Simulcast – Day 1 | Simulcast – Day 2 | Simulcast – Day 3 | Learn More
Ask Us: Member Service Center (800) 342-3197 | (850) 224-2727 | msc@ficpa.org


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We’ve Updated Our CPE Policy to Better Suit Your Busy Schedule

To ensure we can continue to provide quality CPE programs that are convenient and affordable, we’ve updated our CPE Policy. We reduced our in-person course cancellation deadline from 10 days to five days prior to an event.

Review our full updated CPE Policy by clicking below.

View Updated CPE Policy
Ask Us: Member Service Center (800) 342-3197 | (850) 224-2727 | msc@ficpa.org


Look for the next issue of FICPA NewsFlash April 20, 2017.

Comments or Suggestions?

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