FLORIDA CPA TODAY July/August

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1 FLORIDA CPA TODAY July/August

2 2 FLORIDA CPA TODAY July/August

EXECUTIVE EDITOR AND CEO-EXECUTIVE DIRECTOR: Kathryn B. Anderson, CAE DEPUTY EXECUTIVE DIRECTOR: Brent C. Johnson SR.

Bolden PUBLICATIONS COORDINATOR: Dianne Dearduff EDITORIAL COMMITTEE: Troy Y. Manning, CPA, Chair Lynda M. Dennis, CPA, Vice Chair Bettie M. Adams, CPA J. Michael Custer, CPA Walter C.

Steve Stevens III, CPA, President Jose E. Valiente, CPA, President-Elect Michael R. Pender Jr., CPA, Vice President Scott G. Price, CPA, Vice President Stam W. Stathis, CPA, Vice President Kenneth J.

Anderson, CAE, Secretary-Treasurer All articles submitted to Florida CPA Today are subject to technical review, Editorial Committee review, space availability and editing requirements and

For information about the guidelines, visit http://www.ficpa.org//ficpa/members/fct/forum.

, nor should statements be considered endorsements of products, procedures or otherwise.

3 EXECUTIVE EDITOR AND CEO-EXECUTIVE DIRECTOR: Kathryn B. Anderson, CAE DEPUTY EXECUTIVE DIRECTOR: Brent C. Johnson SR. DIRECTOR OF MARKETING & COMMUNICATIONS Jan Dobson, CAE PUBLICATIONS MANAGER: Timothy L. Scott EDITOR: Erika D. Peterman GRAPHIC DESIGNER: Loleta K. Bolden PUBLICATIONS COORDINATOR: Dianne Dearduff EDITORIAL COMMITTEE: Troy Y. Manning, CPA, Chair Lynda M. Dennis, CPA, Vice Chair Bettie M. Adams, CPA J. Michael Custer, CPA Walter C. Copeland, CPA Douglas Day, CPA Cynthia Fernald, CPA William J. Odendahl Jr., CPA John C. Reed, CPA William C. Quilliam, CPA, Ph.D. EXECUTIVE COMMITTEE: Officers Ben A. Steve Stevens III, CPA, President Jose E. Valiente, CPA, President-Elect Michael R. Pender Jr., CPA, Vice President Scott G. Price, CPA, Vice President Stam W. Stathis, CPA, Vice President Kenneth J. Strauss, CPA, Vice President Maria A. Mia Thomas, CPA, Vice President Kathryn B. Anderson, CAE, Secretary-Treasurer All articles submitted to Florida CPA Today are subject to technical review, Editorial Committee review, space availability and editing requirements and restrictions. Please contact the editor before submitting unsolicited manuscripts. Florida CPA Today publishes letters to the editor in its Members Forum. For information about the guidelines, visit Statements expressed herein are those of the identified authors and not necessarily those of the Florida Institute of Certified Public Accountants, Inc., nor should statements be considered endorsements of products, procedures or otherwise. The FICPA reserves the right to reject any editorial material or paid advertising that does not meet Florida CPA Today s qualifications or detracts from its ethical and professional standards. Florida CPA Today is published bimonthly by the Florida Institute of Certified Public Accountants, Inc., P.O. Box 5437, Tallahassee, FL Telephone: (850) or (800) (Street address: 325 West College Ave., Tallahassee, FL ) Visit our Web site at This magazine is provided to members of the FICPA. No specific amount of your dues, either expressed or implied, is for this publication. This magazine is not available for purchase by either FICPA members or nonmembers. For display advertising information, contact the FICPA Marketing Department at (850) by the Florida Institute of Certified Public Accountants, Inc. All rights reserved. Reproduction in whole or part is prohibited without the express written consent of the FICPA. Volume 24, Number 4 July/August 2008 CEO - EXECUTIVE DIRECTOR S MESSAGE It s OK to be Uncomfortable COVER STORY Leading By Example FEATURES FIN 48: Tax Uncertainties 2007 S Corp Update Florida s Property Tax Reform FABexpo 2008: Endless Choices Differences Between IFRS and U.S. GAAP DEPARTMENTS GOVERNMENTAL AFFAIRS FINANCIAL LITERACY DOR UPDATE ON THE MOVE NEW MEMBERS MARKETPLACE Florida CPA Today is an award-winning, professional publication for the 19,000-plus members of the Florida Institute of CPAs. Our magazine: FLORIDA CPA TODAY July/August

4 By Kathryn B. Anderson, CAE, CEO/Executive Director It s OK to be UNCOMFORTABLE 4 FLORIDA CPA TODAY July/August

ADVERTISERS INDEX: 1st Global... 18 Accounting Practice Sales... 40 AICPA... 29 Anchin Block... 37 AON Insurance...25 & 44 Audimation Services... 37 Bank Atlantic... 2 Bisk Education.

5 ADVERTISERS INDEX: 1st Global Accounting Practice Sales AICPA Anchin Block AON Insurance...25 & 44 Audimation Services Bank Atlantic... 2 Bisk Education Blue Cross Blue Shield Camico CPAlliance Keats Connelly & Associates, Inc National City... 9 PAS of Atlanta Penservco Perryman & Associates RMI... 5 Southern Federal Tax Institute Sovereign Wealth Management Thomson Tax & Accounting Trugman Valuation Associates, Inc FICPA OFFICIAL NOTICE In compliance with Article IV, Section 6 of the FICPA Bylaws, be it known that a regular meeting of the Board of Governors of the Florida Institute of Certified Public Accountants will be held July 16, 2008, 1:00 p.m. at the Tampa Airport Marriott, Tampa, FL. FLORIDA CPA TODAY July/August

6 Photo by Glenn Austin LEADING BY EXAMPLE By Erika D. Peterman, Editor 6 FLORIDA CPA TODAY July/August

STEVE STEVENS III IS THE FICPA S 81ST PRESIDENT such Stevens and his wife Ginny

7 Career ascent Photo by Glenn Austin Stevens, shown with members of the Escambia County Sheriff s Office, is the law enforcement agency s CFO. BEN A. STEVE STEVENS III IS THE FICPA S 81ST PRESIDENT such Stevens and his wife Ginny attend the 2008 Board of Governors Retreat in Lake Tahoe. FLORIDA CPA TODAY July/August

8 Photo courtesy of Ben A. Steve Stevens III Serving the profession Coaching youth baseball is one of many activities Stevens (back row, far left) enjoys outside of work. Family life 8 FLORIDA CPA TODAY July/August

9 FLORIDA CPA TODAY July/August

10 FIN 48: TAX UNCERTAINTIES Interpreting FIN 48 Recognition and Measurement By Kathryn M. Means, CPA 10 FLORIDA CPA TODAY July/August

11 Subsequent Recognition, Derecognition and Measurement Interest and Penalties Disclosures FLORIDA CPA TODAY July/August

12 12 FLORIDA CPA TODAY July/August

13 FLORIDA CPA TODAY July/August

14 Mortgage Forgiveness Debt Relief Act of 2007 By Sydney S. Traum, JD, LLM, CPA Technical Corrections Act of 2007 Small Business and Work Opportunity Act of 2007 Passive Investment Income Treatment of Bank Director Shares 14 FLORIDA CPA TODAY July/August

Subsidiary (QSub) To read a longer version of this article,

15 Treatment of Banks Changing From Reserve Method of Accounting Treatment of Sale of an Interest in a Qualified Subchapter S Subsidiary (QSub) To read a longer version of this article, visit FLORIDA CPA TODAY July/August

16 Florida s Property Tax Reform By Raymond L. Placid, JD, CPA, Gary Jackson, Ph.D. and Shelton Weeks, Ph.D. Rolled-Back Rate System Rolled-Back Rate Adjustments to Rolled- Back Rate 16 FLORIDA CPA TODAY July/August

17 Overrides Constitutional Amendment (continued on page 19) See also but see Id. Id.., Id. Id. FLORIDA CPA TODAY July/August

18 18 FLORIDA CPA TODAY July/August

19 Conclusion FLORIDA CPA TODAY July/August

20 By Lisa Esmond, CMP, FICPA CPE Conference Manager FICPA Goes Paperless Exhibit Hall and Reception Member Awards and Recognition 20 FLORIDA CPA TODAY July/August

Passing of the Gavel Join Us Next Year! Sponsors Accounting Shows Committee 1.

. 2. CPS Investment Advisors/CPAlliance won the FICPA Educational Foundation

From left to right are: Parke Teal, Robin Lennon, Golf Classic Chair John

Members took advantage of a variety of CPE tracks, including tax (above). 4.

21 Passing of the Gavel Join Us Next Year! Sponsors Accounting Shows Committee 1. Keynote Speaker Lou Holtz addresses FABexpo attendees on May CPS Investment Advisors/CPAlliance won the FICPA Educational Foundation Annual Golf Classic Tournament for the fourth year in a row. From left to right are: Parke Teal, Robin Lennon, Golf Classic Chair John Wilkinson, Jim Luffman and Chuck Parkingson. 3. Members took advantage of a variety of CPE tracks, including tax (above). 4. Incoming President Ben A. Steve Stevens III pays tribute to Immediate Past President Dave Dennis at the Leadership Dinner. FLORIDA CPA TODAY July/August

Foundation Development Manager Chapters Make a Difference

22 Keynote Speaker Lou Holtz addresses FABexpo attendees on May 29. Immediate Past President Dave Dennis draws the winning name in the Blue Hat raffle. nnual Golf Classic By Jason Zaborske, FICPA Educational Foundation Development Manager Chapters Make a Difference Educational Foundation Raffle, Jail & Bail and Silent Auction 22 FLORIDA CPA TODAY July/August

23 EAGLE EGP Inc. KPMG LLP Risk Avoidance Managers/Camico Mutual Insurance BIRDIE Benservco Bibby Financial Services MW, Inc. CPS Investment Advisors/CPAlliance Dean, Mead, Egerton, Bloodworth, Capouano & Bozarth, P.A. Gulf Coast Chapter Jacksonville Chapter Kforce Professional Staffing LarsonAllen, LLP Natherson & Company, P.A. Purvis Gray & Co. Valiente Hernandez, PA West Florida Chapter PAR Gold Coast Chapter Thomson Tax & Accounting West Coast Chapter BREAKFAST Cavanaugh & Company, CPA, LLP DRINK CART Christopher, Smith, Leonard, Bristow & Stanell, CPAs, PA HOLE Bibby Financial Services MW, Inc. Dwight Darby & Company Hooters Keith L. Jones, CPA ProVise Management Group, LLC SAS 70 Solutions Spoor & Associates, PA The Shafe Group, Inc. FICPA CHAPTERS Atlantic Chapter Broward County Chapter Central Florida Chapter Palm Beach Chapter Polk County Chapter Southwest Florida Chapter Suncoast Chapter Tallahassee Chapter By Mike Holland, FICPA Director of Chapter and Committee Relations FLORIDA CPA TODAY July/August

The FICPA accounting shows would not be possible without the

The 2008 FABexpo sponsors include: ADP Small Business Services

SmartVault Corporation Thomson Tax & Accounting AICPA LAUNCHES

Harris The Certified in Financial Forensics credential gives

skills, and distinguish themselves as the ideal resource to

24 The FICPA accounting shows would not be possible without the generous support of its program sponsors. The 2008 FABexpo sponsors include: ADP Small Business Services Bisk Education Inc. Quantum Engineering Associates Inc. SmartVault Corporation Thomson Tax & Accounting AICPA LAUNCHES A NEW CREDENTIAL Forensic Accounting: A Growing Field Robert Harris The Certified in Financial Forensics credential gives CPAs an opportunity to build on their knowledge base and skills, and distinguish themselves as the ideal resource to help organizations solve their business and accounting challenges. Robert Harris, CPA, former FICPA President and chairman of the AICPA s National Accreditation Commission 24 FLORIDA CPA TODAY July/August

25 FLORIDA CPA TODAY July/August

26 Meet EXECUTIVE Jose E. Valiente Michael R. Pender Jr. Scott G. Price What would you like the FICPA to focus on this year? What motivates you to play an active role in FICPA leadership? 26 FLORIDA CPA TODAY July/August

27 The COMMITTEE What should the FICPA be doing to engage it next generation of leaders? Priorities for Stam W. Stathis Kenneth J. Strauss Maria A. Thomas FLORIDA CPA TODAY July/August

28 Motivation for leadership Engaging the next generation Tampa Bay Business Journal CPA Technology Advisor Executive Committee goals The importance of membership FICPA involvement Priorities for Motivation for leadership 28 FLORIDA CPA TODAY July/August

Engaging the next generation Priorities for 2008-09 Motivation for leadership Engaging the next generation Priorities for 2008-09 Motivation for

29 Engaging the next generation Priorities for Motivation for leadership Engaging the next generation Priorities for Motivation for leadership Engaging the next generation Please, won t you join us in becoming involved in your FICPA? FLORIDA CPA TODAY July/August

30 By John W. Johnson, FICPA Director of Governmental Affairs NOVEMBER BALLOT UPDATE Amendment 5 Anti-Tax Initiative Voluntary Contribution 30 FLORIDA CPA TODAY July/August

31 Florida Senator Mike Haridopolos is a key opponent of Amendment 5. Constitutional amendments for the 2008 General Election FLORIDA CPA TODAY July/August ust

32 STEPPING UP TO THE PLATE: Florida CPA/PAC Recognizes Firm Contributors By John W. Johnson, FICPA Director of Governmental Affairs 32 FLORIDA CPA TODAY July/August

Antonio L. Argiz Winston K. Howell James S. LaHam Howard J.

Cottrill Gary R. Gerson Terry Littrell, Mark Ring, Grady Hough Jr.

Newman Payments, contributions or gifts to the Florida CPA/PAC are

33 Antonio L. Argiz Winston K. Howell James S. LaHam Howard J. Kies Frederick Carroll III Brian W. Crosland Christopher L. Cottrill Gary R. Gerson Terry Littrell, Mark Ring, Grady Hough Jr. & Mark Paolillo Richard K. Newman Payments, contributions or gifts to the Florida CPA/PAC are not deductible as charitable contributions for federal income tax purposes. FLORIDA CPA TODAY July/August

34 34 FLORIDA CPA TODAY July/August

35 Emerging Issue Series: International Financial Reporting Differences Between IFRS and U.S. GAAP By William Parrott, Ph.D., CPA Principle-Based vs. Rule- Based Standards Inventory Property, Plant and Equipment Asset Impairment FICPA to Offer CPE on IFRS NewsFlash Florida CPA Today FLORIDA CPA TODAY July/August

Long-term Construction Contracts Leases Miscellaneous

36 Research and Development Costs Extraordinary Gains/ Losses and Discontinued Operations Accounting for Deferred Income Taxes: Long-term Construction Contracts Leases Miscellaneous Differences joint ventures 36 FLORIDA CPA TODAY July/August

37 statement of cash flows Convertible debt accounting for financial instruments and derivatives balance sheet before Much CPE will be required not FLORIDA CPA TODAY July/August

By Brenda Hubbard, FICPA Director of Leadership Development and

Volunteers Terry Seaton, Steve Meredith and Sharon Lassar ; Volunteers

Jim Luffman; Volunteers Beth Brenneis and Joseph Aita; Volunteer Sharon

38 By Brenda Hubbard, FICPA Director of Leadership Development and Initiatives FICPA Volunteers Answer the Call for From left to right: Volunteers Terry Seaton, Steve Meredith and Sharon Lassar ; Volunteers Brandon Perry, David Bergstein and Financial Literacy Committee Chair Jim Luffman; Volunteers Beth Brenneis and Joseph Aita; Volunteer Sharon Lassar; Volunteer Larry Houff 38 FLORIDA CPA TODAY July/August

SPECIAL THANKS TO OUR FINANCIAL FITNESS FRIDAY

39 SPECIAL THANKS TO OUR FINANCIAL FITNESS FRIDAY FICPA VOLUNTEERS! Thank you to the following individuals who have volunteered to be part of the Accounting for Success high school outreach program! New Volunteers for Student Presentations FLORIDA CPA TODAY July/August

40 40 FLORIDA CPA TODAY July/August

41 FLORIDA CPA TODAY July/August

By Renee Watters, Florida Department of Revenue Florida Department of Revenue General tax issues Property tax issues Property appraisers of fiscally constrained counties

42 By Renee Watters, Florida Department of Revenue Florida Department of Revenue General tax issues Property tax issues Property appraisers of fiscally constrained counties must report impact of Amendment 1 to their counties each year. Photo by Meredith Hill, Florida House of Representatives 42 FLORIDA CPA TODAY July/August

43 Child support enforcement issues FLORIDA CPA TODAY July/August

44 44 FLORIDA CPA TODAY July/August

45 FIRM S CONTRIBUTION WILL PROVIDE 30 college scholarships Richard A. Berkowitz BDPB Managing Director and former FICPA President FLORIDA CPA TODAY July/August

46 46 FLORIDA CPA TODAY July/August

47 WRITING EXCELLENCE Award Winners SELECTED Florida CPA Today Denise Dickins Bill Hillison Keith Johnson FLORIDA CPA TODAY July/August

Michael Rosenberg Edward S. Sachs Raul O.

48 TRANSITIONS Boca Raton Mary Beth Leeds Coral Gables Matthew Hartmann Miami Joshua S. Rader Miami Alan R. Barbee Augustus A. Freeman III Nicole M. Mannarino Jose Marrero Tampa Grau & Associates WHO S NEWS Stewart Appelrouth Charles Calhoun Dan Johnson Arturo Jordan Jack W. Kirkland, Jr Kirkland, Russ, Murphy & Tapp, PA Tampa Bay Business Journal Michael Rosenberg Edward S. Sachs Raul O. Serrano, Jr CPA Magazine Darryl K. Sharpton 48 FLORIDA CPA TODAY July/August

Tim Raines, president of the FICPA s Jacksonville Chapter; Hubert Gill,

Association of Black Accountants (NABA) Chapter; and David Akins,

49 Tim Raines, president of the FICPA s Jacksonville Chapter; Hubert Gill, faculty advisor for the University of North Florida s National Association of Black Accountants (NABA) Chapter; and David Akins, secretary of the FICPA s Jacksonville Chapter, attend the inaugural awards banquet for UNF s NABA chapter. UNF accounting student Youngmei Zheng and David Akins attend the NABA banquet. Region IV Representative Nancy Soderholm swore in new CPAs Joshua Rader and Boneellye Orozco at the FICPA s South Dade Chapter meeting in April. FLORIDA CPA TODAY July/August

50 The Florida Institute of Certified Public Accountants welcomed 352 new members during April and May Boca Raton Deerfield Beach Delray Beach Plantation Cocoa Beach Melbourne Merritt Island Vero Beach Boca Raton Cooper City Coral Springs Davie Deerfield Beach Fort Lauderdale Hollywood Lighthouse Point Miami Miramar Parkland Pembroke Pines Plantation Pompano Beach Port St. Lucie Sunrise Weston Wilton Manor Altamonte Springs Apopka Boca Raton Casselberry Gainesville Geneva Lake Mary Leesburg Longwood Ocala Orlando Oviedo Sanford Tallahassee Titusville West Palm Beach Windermere Winter Gardens Winter Park Winter Springs Defuniak Springs Destin Gainesville Hollywood Miami Miami Lakes North Miami North Miami Beach Bradenton Lakewood Ranch Osprey Palmetto Placida Sarasota St. Petersburg Tampa Fernandina Beach Jacksonville Ponte Vedra Ponte Vedra Beach St. Augustine Coral Gables Miami Miami Beach Miami Lakes Miramar Pinecrest Sunny Isles Beach Coral Gables Homestead Miami North Miami Beach Pembroke Pines Gainesville Hernando Ocala Orlando Panama City Gainesville Kissimmee Ocala St. Augustine Hernando Beach Stuart Trinity Boca Raton Boynton Beach Delray Beach Jupiter Lake Park Lake Worth Loxahatchee Palm Beach Gardens Port St Lucie Royal Palm Beach West Palm Beach 50 FLORIDA CPA TODAY July/August

51 Wellington Lakeland Madison Mulberry Thomasville, Ga. Winter Haven Hobe Sound Stuart Vero Beach Brandon Plant City Riverview Wesley Chapel Hialeah Miami Chattahoochee Crawfordville East Point Quincy Tallahassee Daytona Beach Deland Deltona Ormond Beach Brandon Clearwater Gainesville Land O Lakes Odessa Orlando Palm Harbor St. Petersburg Tampa Temple Terrace Land O Lakes Pensacola Albuquerque, N.M. Atlanta, Ga. Biloxi, Miss Charlotte, N.C. Naperville, Ill. New York, N.Y. Pittsford, N.Y. Readings, Mass. South Charleston, W.Va. Spanish Fort, Ala. Tucson, Ariz Upper Saddle River, N.J. Vidalia, Ga. Miami, Fla. Providenciales, Turks & Caicos Islands, B.W.I. Bokeelia Cape Coral Estero Fort Myers Naples Port Charlotte Fleming Island Orange Park St. Augustine Clearwater Largo Pinellas Park Safety Harbor St. Petersburg Tampa FLORIDA CPA TODAY July/August

52 POSITIONS AVAILABLE RATES AND FEES: Members - $95 for 35 word minimum; $2.70 per word over 35 words. Nonmembers - $105 for 35 word minimum; $3.00 per word over 35 words. Advance payment is required. Bolding and logos are permissible for an additional fee. CATEGORIES: Content subject to approval and categories available are: (1) Positions Available, (2) Practices Wanted for Purchase or Merger, (3) Miscellaneous, (4) Office Space, (5) For Sale. COPY DUE: Issue Deadline September-October July 25 November-December September 25 January-February November 25 March-April January 25 May-June March 25 July-August May 25 All requests are subject to space availability. Ads run concurrently on Florida CPA Netlink. SUBMISSION OF ADS: ads to communications@ficpa.org. For more information, contact the FICPA Communications Department at (800) (within Florida) or (850) , Ext FILE NO. REPLIES: If anonymity is desired, responses can be mailed to the FICPA offices using a file number. The responses will be forwarded to the address provided by the advertiser. For complete classifieds policies, visit Members/More/Classifieds. To access Marketplace online, visit 52 FLORIDA CPA TODAY July/August

53 FOR SALE OFFICE SPACE FLORIDA CPA TODAY July/August

54 PRACTICES WANTED MISCELLANEOUS 54 FLORIDA CPA TODAY July/August

55 FLORIDA CPA TODAY July/August

56 Florida Institute of Certified Public Accountants P.O. Box 5437 Tallahassee, FL

FEDERAL DEPOSIT INSURANCE CORPORATION Effective: 12/1/2011 STATE:FLORIDA A D J U S T E D I N C O M E L I M I T S

FEDERAL DEPOSIT INSURANCE CORPORATION Effective: 12/1/2011 STATE:FLORIDA A D J U S T E D I N C O M E L I M I T S Cape Coral-Fort Myers, FL MSA VERY LOW INCOME 19950 22800 25650 28500 30800 33100 35350 37650 65% LIMITS 25950 29650 33350 37050 40050 43000 45950 48950 LOW INCOME 31950 36500 41050 45600 49250 52900 56550