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VOLUME 67, NO. 7
JANUARY – JUNE 2017
JANUARY – JUNE 2017
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I know we are all glad to have another tax season over and done with. Hopefully, we can now return to actually having a life. Our annual convention is coming up soon. What a great way to celebrate having made it through. We are hosting convention this year and it will be in Biloxi, MS. The dates are June 21st-24th.
I do LOVE the annual conventions and seeing friends from MS, TN, AL, and other states. For a bunch of stuffy old accountants, we have a good time fellowshipping, laughing, and learning with each other!!!
The registration forms are available on the MAPA website regarding room rates and reservation information for your stay at The Hard Rock Hotel as well as convention registration. If you need additional information or help contact the executive office by email at [email protected] or call them at 601-835-3396. Please remember, if you have any changes in your contact information, including email, notify Pam at the office so they can update your information.
As always, convention offers a chance for our members to receive 12 hours of CPE training. It is a great
opportunity to get any additional hours in that you might need by June 30th while getting some much
needed R & R after being chained to our desks for the first four months of the year.
Some of the agenda highlights for convention this year are: a sailboat excursion on Thursday and a "box adventure" at the Biloxi Shuckers baseball game (meal included)!!! Of course the silent auction will be lined with great finds so be sure to get your bid in and keep watch on your favorite items!!! In a location like Biloxi, free times are always good so make sure you bring the family!!!
It goes without saying that the CPE speaker is TOP NOTCH and we are so fortunate to call him one of our own - Sanford Warren is without a doubt one of the most (if not THE most) knowledgeable and interesting speakers anywhere!!!
You should also have received an email with an invoice for your annual dues to MAPA. Please get these
in to the office as soon as possible. Everyone should be renewed no later than June 30th. Membership
renewal forms are available on the website also if you have not received an invoice.
One last reference to our website and scheduled events for 2017 that I want to mention so you can mark your calendars is the Gear Up Seminar opportunities. September 25th is the Business Entities and November 6th-7th is the 1040. As in the past, contact Embassy Suites for room reservations during our seminars.
Registration forms with information on costs and deadlines for registration with MAPA along with rates and deadlines for receiving a room at the group rate ARE available on the website. Again, the website is
www.msapa.net - both registration forms are on the same link.
I want to take this opportunity to say THANK YOU to the convention committee for the time spent in determining location and events. And as usual, Pam Stamps and her crew at the main office have done a wonderful job of filling in and taking care of the details for this and every function of the Association.
I do LOVE the annual conventions and seeing friends from MS, TN, AL, and other states. For a bunch of stuffy old accountants, we have a good time fellowshipping, laughing, and learning with each other!!!
The registration forms are available on the MAPA website regarding room rates and reservation information for your stay at The Hard Rock Hotel as well as convention registration. If you need additional information or help contact the executive office by email at [email protected] or call them at 601-835-3396. Please remember, if you have any changes in your contact information, including email, notify Pam at the office so they can update your information.
As always, convention offers a chance for our members to receive 12 hours of CPE training. It is a great
opportunity to get any additional hours in that you might need by June 30th while getting some much
needed R & R after being chained to our desks for the first four months of the year.
Some of the agenda highlights for convention this year are: a sailboat excursion on Thursday and a "box adventure" at the Biloxi Shuckers baseball game (meal included)!!! Of course the silent auction will be lined with great finds so be sure to get your bid in and keep watch on your favorite items!!! In a location like Biloxi, free times are always good so make sure you bring the family!!!
It goes without saying that the CPE speaker is TOP NOTCH and we are so fortunate to call him one of our own - Sanford Warren is without a doubt one of the most (if not THE most) knowledgeable and interesting speakers anywhere!!!
You should also have received an email with an invoice for your annual dues to MAPA. Please get these
in to the office as soon as possible. Everyone should be renewed no later than June 30th. Membership
renewal forms are available on the website also if you have not received an invoice.
One last reference to our website and scheduled events for 2017 that I want to mention so you can mark your calendars is the Gear Up Seminar opportunities. September 25th is the Business Entities and November 6th-7th is the 1040. As in the past, contact Embassy Suites for room reservations during our seminars.
Registration forms with information on costs and deadlines for registration with MAPA along with rates and deadlines for receiving a room at the group rate ARE available on the website. Again, the website is
www.msapa.net - both registration forms are on the same link.
I want to take this opportunity to say THANK YOU to the convention committee for the time spent in determining location and events. And as usual, Pam Stamps and her crew at the main office have done a wonderful job of filling in and taking care of the details for this and every function of the Association.
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Another year has come and gone. It is time yet again for the annual MAPA/TAA convention. The convention is always a fun time and provides something to look forward to as it is sure to display the camaraderie and friendships that have been forged over time. The annual convention also allows us accountants to network and bounce ideas off each other. For me personally, it is interesting to hear how other accounting firms operate and how they conduct business. I find this information very useful and many times I will go back and try to apply the things I learned to my own practice. This year is sure to be a grand time as the convention will be located in Biloxi, MS. Biloxi and the surrounding areas are filled with many things to do for entertainment. The Gulf Coast of MS has really flourished since hurricane Katrina. There are many shops, restaurants, kid friendly entertainment and of course casinos. Biloxi is also home to the Biloxi Shuckers which is a minor league baseball team that is new to the area. There are many events planned for the convention in Biloxi this year and the convention shall not disappoint. Come Join us for FUN, FELLOWSHIP, and for those that need it CPE. CPE will be provided by one of our own “Warren Sanford”. Mr. Sanford is an excellent speaker and he always shares real life experiences in the field and applies those to his teachings.
Please make plans to come join us at the 2017 Annual MAPA/TAA convention in Biloxi, MS June 21-24!!
Please make plans to come join us at the 2017 Annual MAPA/TAA convention in Biloxi, MS June 21-24!!
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The Law of Addition
“The handshake of the host affects the taste of the roast.” Ben Franklin
Leadership is best achieved by adding value to others, not subtracting. When you add value it allows you to experience:
Fulfillment in leading others
Leadership with right motives
Ability to perform acts as leaders
Development of a team
Attitude of service on a team
I will give you some quotes that help to establish the importance of adding value to others. The 1952 Nobel Prize winner, Albert Schweitzer, advised, “Seek always to do some good, somewhere. Every man has to seek in his own way to realize his true worth. You must give some time to your fellow man. For remember, you don’t live in a world all your own. Your brothers are here too.” And from the words of Albert Einstein, the Nobel Prize for physics in 1921, “Only a life lived in the service of others is worth living.”
You have to be a great servant in order to be a great leader. Adding value to others lifts them up, helps them advance, and makes them a part of something bigger than themselves and helps them be who they are supposed to be. To accomplish these goals, one must have a leader.
The 4 guidelines to help in adding value to others are:
Truly Valuing Others
Make Ourselves More Valuable to Others
Know and Relate to What Others Value
Do Things That God Values
I started the article with a quote from Ben Franklin. Another way to word it is your attitude affects the atmosphere of the entire office. Once you understand the adding value part of leadership, you will be a stronger leader, get more accomplished, develop loyalty, and enjoy getting things done even more, thus, accomplishing The Law of Addition.
Fulfillment in leading others
Leadership with right motives
Ability to perform acts as leaders
Development of a team
Attitude of service on a team
I will give you some quotes that help to establish the importance of adding value to others. The 1952 Nobel Prize winner, Albert Schweitzer, advised, “Seek always to do some good, somewhere. Every man has to seek in his own way to realize his true worth. You must give some time to your fellow man. For remember, you don’t live in a world all your own. Your brothers are here too.” And from the words of Albert Einstein, the Nobel Prize for physics in 1921, “Only a life lived in the service of others is worth living.”
You have to be a great servant in order to be a great leader. Adding value to others lifts them up, helps them advance, and makes them a part of something bigger than themselves and helps them be who they are supposed to be. To accomplish these goals, one must have a leader.
The 4 guidelines to help in adding value to others are:
Truly Valuing Others
Make Ourselves More Valuable to Others
Know and Relate to What Others Value
Do Things That God Values
I started the article with a quote from Ben Franklin. Another way to word it is your attitude affects the atmosphere of the entire office. Once you understand the adding value part of leadership, you will be a stronger leader, get more accomplished, develop loyalty, and enjoy getting things done even more, thus, accomplishing The Law of Addition.
Submitted by Pamela C Stamps, CPA, Mississippi State Director, Member of NSA Leadership Development Committee
Based on John C Maxwell’s “The 21 Irrefutable Laws of Leadership
Based on John C Maxwell’s “The 21 Irrefutable Laws of Leadership
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Statement on Standards
For Accounting and Review Services
By
Sanford Warren, Executive Director
For Accounting and Review Services
By
Sanford Warren, Executive Director
The general principles for engagements performed in accordance with statements on standards for accounting and review services. This is SAARS 21 and 23 which replaces SAARS 19. It is true that EAs are not accountable to the MS Society of CPAs for compilations. However the format as required of a CPA should be followed in preparing financial statements and compilations in order to provide the service needed by clients.
The requirements of the applicable financial reporting framework determine what constitutes a complete set of financial statements. In the case of many frameworks financial statements are intended to provide information about the financial position, financial performance and cash flows of an entity. A complete set of financial statements would include the following: -
Balance Sheet; Statement of Income or statement of Operations; Statement of Retained Earnings, Statement of Cash Flows; Statement of Assets and Liabilities; Statement of changes to owners’ equity; Statement of Revenue and expense and a statement of operations by product lines. You may be asked to a compilation on a complete set of financial statements or an individual statement.
There are ethical requirements which include the following: Responsibilities; The public interest; Integrity; Objectivity and independence, due care and an understanding of the scope and nature of services. Due care requires the accountant to discharge professional responsibilities with competence and have the appropriate capabilities to perform the engagement.
The exercise of professional judgement in individual engagements if based on the facts and circumstances that are known by the accountant. i. e. engagements performed in the past; the accountant’s understanding of the entity and its environment, including the accounting system, and the application of the applicable financial reporting framework in the entity’s industry.
The engagement to prepare financial statements is a nonattest service and does not require a determination about whether the accountant is independent of the entity. A financial reporting framework other than GAAP is one of the following bases of accounting – Cash basis; tax basis; regulatory basis (requirement for specific type of entity); contractual basis (one that may be required by a third party) and other basis.( basis of accounting that uses a definite set of logical, reasonable criteria that is applied to all material items appearing in financial statements. The cash basis, tax-basis, regulatory basis and other basis of accounting are commonly referred to as other comprehensive bases of accounting (OCBOA)
The objective of the accountant in a compilation engagement is to apply accounting and financial reporting expertise to assist management in the presentation of financial statements and report without undertaking to obtain or provide any assurance that there are no material modifications that should be made to the financial statements in order for them to be in according with the applicable financial reporting framework.
The requirements of the applicable financial reporting framework determine what constitutes a complete set of financial statements. In the case of many frameworks financial statements are intended to provide information about the financial position, financial performance and cash flows of an entity. A complete set of financial statements would include the following: -
Balance Sheet; Statement of Income or statement of Operations; Statement of Retained Earnings, Statement of Cash Flows; Statement of Assets and Liabilities; Statement of changes to owners’ equity; Statement of Revenue and expense and a statement of operations by product lines. You may be asked to a compilation on a complete set of financial statements or an individual statement.
There are ethical requirements which include the following: Responsibilities; The public interest; Integrity; Objectivity and independence, due care and an understanding of the scope and nature of services. Due care requires the accountant to discharge professional responsibilities with competence and have the appropriate capabilities to perform the engagement.
The exercise of professional judgement in individual engagements if based on the facts and circumstances that are known by the accountant. i. e. engagements performed in the past; the accountant’s understanding of the entity and its environment, including the accounting system, and the application of the applicable financial reporting framework in the entity’s industry.
The engagement to prepare financial statements is a nonattest service and does not require a determination about whether the accountant is independent of the entity. A financial reporting framework other than GAAP is one of the following bases of accounting – Cash basis; tax basis; regulatory basis (requirement for specific type of entity); contractual basis (one that may be required by a third party) and other basis.( basis of accounting that uses a definite set of logical, reasonable criteria that is applied to all material items appearing in financial statements. The cash basis, tax-basis, regulatory basis and other basis of accounting are commonly referred to as other comprehensive bases of accounting (OCBOA)
The objective of the accountant in a compilation engagement is to apply accounting and financial reporting expertise to assist management in the presentation of financial statements and report without undertaking to obtain or provide any assurance that there are no material modifications that should be made to the financial statements in order for them to be in according with the applicable financial reporting framework.
CALL TO ANNUAL MEETING
In accordance with article IX, Section 3, By-Laws of the Mississippi Association of Public Accountants, you are hereby called to attend the 70th Annual Meeting of the association to be held on Friday, June 23, 2017, at the Hard Rock Hotel and Casino, in Biloxi, Mississippi.
Each of you is urged to attend this important business meeting and actively participate in planning the future of MAPA.
Pamela Stamps
MAPA Executive Secretary
In accordance with article IX, Section 3, By-Laws of the Mississippi Association of Public Accountants, you are hereby called to attend the 70th Annual Meeting of the association to be held on Friday, June 23, 2017, at the Hard Rock Hotel and Casino, in Biloxi, Mississippi.
Each of you is urged to attend this important business meeting and actively participate in planning the future of MAPA.
Pamela Stamps
MAPA Executive Secretary
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I think we can all agree it was a tough year as far as taxes were concerned. I can’t believe 2017 is almost half over.
A few of the things we have been able to accomplish this year are sponsoring our Gear Seminars, both Business Entities as well as 1040, Ethics and our May Forum held at the Ag Museum taught by Sanford Warren. We also were able to offer Enrolled Agent Review this year and had great pass rate from the participants. Sanford and I both taught the review course. It was a 3 day course held in Pearl MS.
We are hosting the MAPA/TAA Convention to be held on June 21-24, 2017 at the Hard Rock Casino in Biloxi MS. Registration forms can be found on our website MSAPA.NET. Please make plans to attend. We have a group excursion planned along with special group rates for a baseball game. And as always, Jane and Sherry have a special treat planned for the spouses/guests.
I hope to see you there.
Pam
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As Roy and I were listening to one of our required webinars, we heard the GOOD NEWS – in the last three years, people filing for Social Security at age 62 has been reduced from 45% to 28%!! People are finally listening to our message.
Okay, we understand that some people need to file at age 62, and that is fine. But, what we try to emphasize over and over is that you have other options that should be reviewed. Pillars LLC looks at your Social Security statement not with a STOP sign on it, but a GO sign for ways you can file, still have an income flow, and capitalize on a higher income stream and a greatly improved Survivor Benefit. Also, we review your situation collectively (married couples, not individually)– makes a huge difference through your life expectancy.
If you are reading this and think this is a joke, shame on you. Especially those individuals that turned age 62 by January 1, 2016 and older, you have a golden opportunity to Improve your position that will not be available after 2020. Don’t delay and don’t become a 45% statistic.
Education and Timing are KEY – and be careful because much of the information on the internet is FAKE NEWS about Social Security. We read probably 15-20 articles per day on Social Security that are national headline news. We just shake our heads, because so many of these articles lead individuals in the wrong direction for advice.
So, how do you get this information and feel comfortable that you are getting the best advice considering your individual circumstances? Well, you could attend a Pillars LLC seminar – we have several seminars being scheduled for the fall. Or you can call us for an individual consultation now. Whatever works best for you.
Social Security has 2,728 rules and regulations. It is not possible, even in a seminar, to cover all the laws that pertain to the law change that took place on November 2, 2015. The Bi-Partisan Budget Act made Social Security more difficult and further complicated what was already confusing. Claiming strategies that allowed people to file many ways, as stated earlier, will be a thing of the past in 2020.
Client Testimonial:
Thank you, Pillars LLC, for wading through all the "stuff" about Social Security and retirement and making our options easy to see and understand. We had gotten so confused that we started to just take whatever. Now, we feel much more in control of our choices and excited about OUR decisions. I heartily recommend Pillars LLC to all who are nearing the age of decision about SS. They are knowledgeable, caring and on-the-ball about a confusing area.
Rev. Donnie and Cynthia Stuart, Pelahatchie, MS
Call Pillars LLC at 601-954-0699 and Roy and Diane will help you with these decisions and show you how to maximize your benefit and accomplish your personal goals. They are both National Social Security Advisors and Roy is a former CPA of 40+ years. We are in Corinth but service clients in all 50 states.
Okay, we understand that some people need to file at age 62, and that is fine. But, what we try to emphasize over and over is that you have other options that should be reviewed. Pillars LLC looks at your Social Security statement not with a STOP sign on it, but a GO sign for ways you can file, still have an income flow, and capitalize on a higher income stream and a greatly improved Survivor Benefit. Also, we review your situation collectively (married couples, not individually)– makes a huge difference through your life expectancy.
If you are reading this and think this is a joke, shame on you. Especially those individuals that turned age 62 by January 1, 2016 and older, you have a golden opportunity to Improve your position that will not be available after 2020. Don’t delay and don’t become a 45% statistic.
Education and Timing are KEY – and be careful because much of the information on the internet is FAKE NEWS about Social Security. We read probably 15-20 articles per day on Social Security that are national headline news. We just shake our heads, because so many of these articles lead individuals in the wrong direction for advice.
So, how do you get this information and feel comfortable that you are getting the best advice considering your individual circumstances? Well, you could attend a Pillars LLC seminar – we have several seminars being scheduled for the fall. Or you can call us for an individual consultation now. Whatever works best for you.
Social Security has 2,728 rules and regulations. It is not possible, even in a seminar, to cover all the laws that pertain to the law change that took place on November 2, 2015. The Bi-Partisan Budget Act made Social Security more difficult and further complicated what was already confusing. Claiming strategies that allowed people to file many ways, as stated earlier, will be a thing of the past in 2020.
Client Testimonial:
Thank you, Pillars LLC, for wading through all the "stuff" about Social Security and retirement and making our options easy to see and understand. We had gotten so confused that we started to just take whatever. Now, we feel much more in control of our choices and excited about OUR decisions. I heartily recommend Pillars LLC to all who are nearing the age of decision about SS. They are knowledgeable, caring and on-the-ball about a confusing area.
Rev. Donnie and Cynthia Stuart, Pelahatchie, MS
Call Pillars LLC at 601-954-0699 and Roy and Diane will help you with these decisions and show you how to maximize your benefit and accomplish your personal goals. They are both National Social Security Advisors and Roy is a former CPA of 40+ years. We are in Corinth but service clients in all 50 states.
2016-2017 MAPA New Members
Sherrie Morace – Brookhaven, MS
Jane Smith – Brookhaven, MS
Lisa J. Brown – Jackson, MS
Taylor Lee – Brandon, MS
Emerson Brundick – Brandon, MS
Glenn Ainsworth – Brandon, MS
Tom Windham – Pearl, MS
Yvonne Thigpen – Pearl, MS
Sheldon Webb – Pearl, MS
Ben Windham – Pearl, MS
Emily Lacey – Pearl, MS
Kit Prestridge – Brandon, MS
Walker Martin – Laurel, MS
Cedenia Reed – Brandon, MS
John Robertson “Robb” Harvey – Columbia, MS
Julia Simmons – Grenada, MS
Katherine A. Bowers, E.A. – Winona, MS
Daniel Reynolds – Grenada, MS
Sherrie Morace – Brookhaven, MS
Jane Smith – Brookhaven, MS
Lisa J. Brown – Jackson, MS
Taylor Lee – Brandon, MS
Emerson Brundick – Brandon, MS
Glenn Ainsworth – Brandon, MS
Tom Windham – Pearl, MS
Yvonne Thigpen – Pearl, MS
Sheldon Webb – Pearl, MS
Ben Windham – Pearl, MS
Emily Lacey – Pearl, MS
Kit Prestridge – Brandon, MS
Walker Martin – Laurel, MS
Cedenia Reed – Brandon, MS
John Robertson “Robb” Harvey – Columbia, MS
Julia Simmons – Grenada, MS
Katherine A. Bowers, E.A. – Winona, MS
Daniel Reynolds – Grenada, MS