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The Accountant Official Publication
of the North Carolina Society of Accountants Post Office Box 1126, Conover, NC 28613
828-695-2520 or 866-755-NCSA FAX: 828-695-2522
August 2017
Inside this Issue
Chapter News 2
Get to Know NCSA 3
Annual Reports 3
Fall PAS Brochure
attached
As we now are into the month of August, I can truly say that I have stayed busy as your NCSA President this month. We had a great Leadership Day in Asheboro, Jense Creighton pre-pared an awesome program, and I think we all learned something new and left committed to serve NCSA in new and better ways. Our Steering Committee met, and the chair is John McKinney who is also serving as our Secretary this year, if you have thoughts or ideas about the future of NCSA please reach out to John, you will find him to be one of the most level headed and even-tempered people I know, who is truly ready to listen. Nomi-nation Committee: that was a shameless plug for John to consider becoming our next President-Elect, any encouragement you can provide between now and Pinehurst is appreciated. I have enjoyed visiting now twice at the Eastern Chapter, as well as installing officers at the Sandhills Sanford Chapter, Central, and Piedmont Chapters. I saw many of our members in attendance at the Carolinas Tax Forum in Charlotte including our own David Hooker who gave an awesome presentation on his harrowing ordeal with a Data Breach this past tax season. I was as always impressed by the quality of the event which is led by our IRS Senior Stakeholder Liaison Eugenia Tabon and her fellow colleagues Evette Davis & Nivea Hayes. Denise Hammond and her committee and Jense Creighton presided over our table and welcomed attendees and signed up some new members; way to go guys! Past President Jim Holmes and I enjoyed a quick visit with Treasurer David Rollins while in Charlotte to do some NCSA bank business followed by a quick lunch. Don’t ask us about the tour of Matthews and the traffic maneuvers David put us through! Remember to register today for the Business Tax Update & Bonus: Exit Strate-gies with Bob Jennings to be held on Friday September 9 in Asheboro at Pinewood Country Club. We are hoping for a sellout crowd and have opened our registration to non-members at the $189 rate through September 1st. I hope to see you all there! I am here to serve if I can be of service anytime; please contact me.
Special Enrollment Examination The IRS has increased the user fee to $81 for taking the Special Enroll-
ment Examination to become an Enrolled Agent. For tests taken after
May 1, the total fee is $184.94 consisting of $81 for the IRS and $103.97 for the
vendor.
James P. Upton, III
A Message From The President James P. Upton, III
Chapter News
Fall is just around the corner I hope that you all have been able to get in some rest and relaxation since April 18th! If you are like me we never get a break or so it seems. “Your mind will answer most questions if you learn to relax and wait for the answer.” ~ William S. Burroughs
Burlington The Burlington chapter will meet on August 24, 2017 Kimbers Restaurant in Gibsonville. Past President, Ronald D. Powell will be speaking on Practitioner’s Due Diligence. For more information about the Burlington chapter contact Jim Holmes at [email protected]
Cape Fear The Cape Fear Chapter will meet on Monday, August 21, 2017 at 6:30pm at The Brass Lantern in Dunn, NC. Gui-do van der Hoven will be speaking on Taxing Timber Issues. President, James P. Upton, III will be speaking in September, topic TBD. Cape Fear Chapter meets on the 1st Monday after the 15th of each month. For more information contact Marsha Wheeler at [email protected]
Central The Central Chapter will meet on Monday, August 28, 2017 at 6:00pm at Sagebrush in Asheboro. Julie McNeill will be speaking with us about Payroll requirements for the preparer and business owners. Central Chapter meets on the 4 th
Monday of each month. For more information contact Kevin Robinson at [email protected]
Charlotte The Charlotte Chapter will meet Thursday, August 24th at Golden Corral in Matthews. Bill Belchee will be speak-ing on Practice Management. Coming up on September 21st Lisa Wallace will be speaking on Social Security Administra-tion. The Charlotte Chapter meets the 4th Thursday each month. For more information contact Trina Stahl at [email protected]
Eastern The Eastern Chapter will meet on Tuesday, August 22, 2017 at 6:00pm at H&R Block in Greenville, NC. Janice Davdison, Assistant Director of Sales and Use Tax Division of North Carolina Department of Revenue will be speaking on Sales and Use Tax updates. The Eastern Chapter meets the 4th Tuesday each month. For more information contact Karen Spruill at [email protected]
Hickory The Hickory Chapter will meet on Monday, August 28, 2017 at 6:00pm at O’Charley’s. Denise Hammond will be speaking on information from the Carolina’s Tax Forum recently held in Charlotte. Hickory Chapter meets the last Monday of each month. For more information contact Susan Dale Moore at [email protected]
Piedmont The Piedmont Chapter meet Thursday, August 31, 2017 at Hickory Tavern in Winston-Salem. Past President Ronald D. Powell will be speaking on Practitioner’s Due Diligence. Piedmont Chapter meets on the last Thursday of each month. For more information contact David Hooker at [email protected]
Raleigh The Raleigh Chapter will meet on Tuesday, August 22, 2017 at Manchester’s Bar & Grill in Raleigh. The chapter’s own Larry Grossman will be speaking on Missing or Incorrect Depreciation and What to Do about It. Past President Ronald D. Powell will be speaking in September, topic TBD. The Raleigh Chapter normally meets on the 4th Tuesday of each month. For more information contact Stephen Metelits at [email protected]
Sandhills/Sanford The Sandhills Chapter will meet on Tuesday, August 29, 2017, location TBD. President, James P. Upton, III will be speaking on Installment Agreements. The Sandhills/Sanford Chapter meets the last Thursday each month. For more information contact April Eads at [email protected]
Western The Western Chapter will meet on Tuesday, August 29, 2017 at Gondolier Restaurant in Asheville. Past President Ronald Powell will be speaking on Practitioner’s Due Diligence. The Western Chapter meets the 4th Tuesday of each month. For more information contact Beth Evans at [email protected]
Wilmington The Wilmington Chapter will meet on Monday, August 28, 2017 at McAllisters Deli. John Maron from the NC Secretary of State will be speaking on Securities Fraud. The Wilmington Chapter meets the last Monday of each month. For more information contact Susan Corliss-Bland at [email protected]
TELL THE ACCOUNTANT WHAT IS HAPPENING IN YOUR CHAPTER. E-MAIL NEWS TO: [email protected] OR FAX TO 336-873-7650.
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Get to Know NCSA Julie McNeill
NCSA Convention was held during the month of June at Grandover Resort and Confer ence Center in Greensboro. The 70th Annual Convention was kicked off with Kathy Hettick from NSA presenting a great CPE on Thursday, June 22, speaking on S-Corporations, Preparer Penalties, and Understanding the Schedule E on the 1040. We appreciate her taking the time to be with us during the 2 day event. Thursday evening found everyone in a rousing game of Bingo where April Eads won a fabulous prize of light up “magic wand” and Candace Cansler won a squeaky duck or whale, if memory serves me correct-ly. Bingo is always a great time of fun and fellowship. On Friday, June 23rd, we kicked off the 70th Convention meeting with the Reverend Martha McDowell bringing a great devotion and message on being part of the Palm Tree and being fruitful with our message. Our annual business meeting began with the James L. Holmes calling the meeting to order. Nominations for the 2017-2018 officers was presented and we extended congratulations to President, James P. Upton, III; President-Elect, Jense Creighton; Treasurer, David Rollins; Secretary, John McKinney. Comments of increasing membership and a good bit of business was held. We did have some fun with rousing comments of Airforce Amy and the Bunny Ranch in Nevada to name just a few. First time attendees were Dan McGugin, Alexandra Sasha Highfill, and Mary Roberts. Friday evening we wrapped up festivities with a formal dinner and installation banquet where Eugenia Tabon of the IRS and Joneta Appling of the NCDOR were recognized for the helpfulness and support on the NCSA members. Drawings were held for scholarship and legislative with some wonderful prizes going to Curt Lee who won the William Mangum painting, Florence Black won a TV, and David Hooker won the Marsha Wheeler basket. There was some trading going on so I believe Florence ended up with the painting and Curt with the TV and Sara McCoy got the basket. Jim Holmes won the red pottery pig by Owens Pottery and April Eads won the red pot by Owens Pottery. A few of our members were recognized for the efforts for recruiting new members, The Go Getter Awards went to Ronald D. Powell and James P. Upton, III. The James N E Helgreen Award went to Jense Creighton for recruiting the most members in the year. The Chapter Cup once again was awarded to Central Chapter. The Scholarship award for raising the most money for the Scholarship fund was awarded to the Pied-mont Chapter. The Board of Directors and Committee Chairs raised $900 for the president’s gift and at Jim Holmes’s request a donation in that amount was made to the NCSA Legislative fund. A great time all around and we look forward to next year’s convention to be held at Pine Needles Lodge and Golf Club in Southern Pines, NC June 21 – 22, 2018. In Medical News John Blanton is recovering from some health issues. Stephen Metelits also is recovering from some medical issues, had a quick stint in rehab, but is home now and recovering. Traveling Adventures James L. Holmes has just flown in from Dallas where he has been a presenter at the Nationwide Tax Fo-rum along side NSA Past President Kathy Hettick. Margie Strider and Curt Lee were out in Phoenix, AZ, attend-ing a NSA leadership and legislative conference. Candace Cansler has traveled to Spain back in April. She now is in the throws of getting her son married so she is definitely busy! Ronald D. Powell has been out in Illinois where he was helping to edit the WB.
Annual Reports Existing law is amended to provide that the annual reports required to be submitted by corporations, LLCs, and LLPs are to be submitted electronically to the Secretary of State and not the Department of Revenue. The information that must be included in the annual report includes the e-mail address of the registered agent and the physical business addresses of the principal officers and any person who has authority to bind the corpora-tion.
Filing incomplete or inaccurate information on the report is punishable by a fine of $250. For businesses with gross revenues less than $175,000 in fiscal year ending in 2017, the effective date for required electronic filing is January 1, 2019. The annual report filing fees are changed to $125 for all.
Nonprophets are required to file the same annual report, but there is no fee for filing. The fee for the cost of reinstatement by a suspended business goes to $50.
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Back Page Story Hea dlin e
NCSA Schedule of Events
2017
August 21-24–NSA Annual Meeting, Nugget Casino, Reno, NV
September 29–Business Tax Class, Pinewood, Asheboro, 8:00 am-5:00 pm
November 3—Board of Directors Meeting Pinewood, Asheboro, 10:00 am
November 14-15–PTI, Sheraton Four Seasons, Greensboro
November 15-16–PTI, DoubleTree by Hilton, Charlotte
November 16-17–PTI, Long Bay Resort, Myrtle Beach, SC
2018
June 20-23-–Convention, Pine Needles, Pinehurst
2017-2018 OFFICERS
PRESIDENT – JAMES P. UPTON, III 508 North Broad Street
Seagrove, NC 27341 336-873-7690
PRESIDENT-ELECT – JENSE H. CREIGHTON 2120 Crown Center Drive Unit 300
Charlotte, NC 28227 704-845-5440
SECRETARY – JOHN McKINNEY 3035B US 221 North Marion, NC 28752
828-652-8444 [email protected]
TREASURER – DAVID G. ROLLINS 2008 C Moore Road Matthews, NC 28105
704-847-1040 [email protected]
IMMEDIATE PAST PRESIDENT – JAMES L. HOLMES 3147 Abingdon Place Burlington, NC 27215
336-260-3486 [email protected]
ASSOCIATION OFFICE Candace Cansler, Executive Director
P.O. Box 1126 Conover, NC 28613
866-755-NCSA(6272) toll-free 828-695-2520 (v) 828-695-2522 (f)
THE ACCOUNTANT EDITOR – STEPHEN METELITS [email protected]
The Accountant is distributed with the understanding the publisher is
not engaged in rendering tax, legal, accounting, or any other profes-
sional advice and assumes no liability or responsibility whatsoever in
connection with its use. You are urged to do research before acting up-
on any information appearing in this publication. Opinions expressed in
The Accountant are those of the editor and contributors. The Accountant
is published monthly by the North Carolina Society of
Accountants, Post Office Box 1126, Conover, NC 28613.
Friday, September 29, 2017 Registration 7:30AM Seminar 8:00AM-5:00PM 8 CPE Hours – Business Federal Tax Update 2017
This session will include coverage of all of the 2017 court cases, IRS changes and new laws as they apply to S and C Corporations as well as LLC’s this class provides all of your up-to-date coverage of current business tax issues, while expanding into analyses of those problem areas encountered every year. Taught and written by practicing professionals, we identify and solve real-life preparation issues. You will receive a helpful guide book to reference in your office al-so!
Bonus: Exit Strategies Bob will briefly provide guidance to the accounting professional facing retirement, growth limi-tations, workload and special client needs. Determine how to value an accounting practice for both the buyer and the seller and provide checklists and guidance on transfers, non-competes, and non-solicitation agreements. The helpful manual will discuss pricing and sales strategies and then ease into the discussion of adding a partner, including financial and practice management considerations, as well as firm mergers.
Bob Jennings, CPA, CFP, CITP
Bob Jennings, CPA, CFP, CITP is a nationally renowned speaker, presenting continuing education classes to over 100,000 tax professionals over the last 10 years all over the world. He is also a prolific author and has published over 60 professional arti-cles in such magazines as The Journal of Accountancy and The Practical Accountant, as well as annually authoring several tax, accounting and technology seminar manuals. Jennings is a very actively practicing partner in the firm he founded in Indiana over 20 years ago, and appeared on over 20 radio and TV shows in 2006, as well as being quoted in The Family Circle and Bloomberg’s Boomer Report.
NCSA FALL PROFESSIONAL ACCOUNTING SEMINAR BUSINESS TAX UPDATE &
WITH A BONUS: PRACTICE EXIT STRATEGIES SEPTEMBER 29, 2017
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The North Carolina Society of Accountants will present its Fall Professional Accounting Seminar (PAS) on September 29, 2017,
at the Pinewood Country Club, 247 Pinewood Road, Asheboro, NC 27205
COURSE LEVEL: BASIC METHOD: LECTURE & DISCUSSION
PREREQUISITE: NONE ADVANCE PREPARATION: NONE
NCSA is Provider #A8FPT for Enrolled Agents & Other Tax Return Preparers
REGISTRATION Registration includes lunch and breaks on Friday, September 29, 2017.
Time: Registration 7:30-8AM Seminar 8:00AM-5:00PM
Please complete and return this form to the NCSA office:
NCSA, Post Office Box 1126, Conover, NC 28613 Phone: 866-755-6272 Fax: 828-695-2522
Before Sept. 1st After Sept. 15th Member $189.00 $199.00 Non-Member $200.00 $225.00
Hotel Information Holiday Inn Express & Suites Asheboro,
1113 East Dixie Drive, Asheboro, NC 27203
Rooms must be reserved by September 1, 2017, for $114.00 + tax per room. Please make your res-ervations directly with the hotel. Call 1-336-636-5222 for reservations and tell them you are with the North Carolina Society of Accountants. There are limited rooms blocked for September 28, 2017 our block code is ACC.
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_____________________________________________________________________ Address
_____________________________________________________________________ City, State, Zip
_____________________________________________________________________ Telephone
_____________________________________________________________________ Email Address _______________________________________________________________________________________________________
Credit Card Number Exp. Date
_____________________________________________________________________ Billing Address for Card
_____________________________________________________________________ Signature
METHOD OF PAYMENT: _____Check (Make payable to NCSA) Mail to: P O Box 1126, Conover, NC 28613
_____Visa _____MasterCard _____Other
_____ Three Digit Security Code on Back of Credit Card needed for Processing Credit Card Transactions
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Cancellation Policy You can reach the NCSA Executive Director toll free at 1-866-755-6272, 24 hours a day to leave a message to can-cel your registration for this seminar. There is no fee for cancellations received prior to September 1, 2017, a $50 administrative fee for cancellations received between September 18 and September 22, 2017, and complete forfeit of registration fees and material for cancellations received after September 25, 2017. No shows will forfeit their en-tire registration fee and materials. Please call and cancel your registration before the event date to not be consid-ered a No Show.
