VOLUME 57, NO. 4 APRIL - JUNE 2004
MAPA FROM THE DESK OF THE PRESIDENT
Can SUSAN W. BEARD, EA, ABA
Congratulations on surviving They have also brought new ideas, which is
another tax season. I hope each of you has had a something every organization needs. MAPA can only
chance to get reacquainted with your family. Isn’t it continue to grow and prosper by attracting more
nice to be able to see sunlight again, rather than going members willing to serve and offer input.
to the office before daylight and not leaving until after
dark? Be sure to fill out the convention registration in this
newsletter. I look forward to seeing all of you at the
Now it is time to start to think about those CPE hours. Third annual Tri-State Convention. It will
Hopefully, you are planning on attending the Third “POSITIVELY” be a convention to remember.
Annual Tri-State Convention. MAPA will be hosting
the convention this year in Jackson. Paula Pixler and
her convention committee members have done an
excellent job organizing everything. In addition to
Susan W. Beard
excellent CPE, there will be opportunities to socialize
with your fellow MAPA members as well as those
from Alabama and Tennessee. Each year these
conventions seem to get better and better.
It is so hard to believe that it has been a year since I
Funeral services were held on Tuesday, April 27,
was given the privilege to serve as your president.
2004 for Buren E. Bell who served three terms as
Thanks to the work of the two previous MAPA
MAPA President and eight years as our state director
Presidents, Perry Smith and Marshall Jenkins, my
to NSA. In addition, he served on many committees
term has been very uneventful.
and on the MAPA Board of Directors. Buren became
a MAPA member in 1966 and remained a faithful,
MAPA is growing and I have been pleased with the
hard working member until 1991.
positive attitudes of the membership. This type of
attitude can only serve to make others want to be a
Please keep his wife, Jeanelle, and the other family
part of such a positive organization. New members
members in your prayers as they adjust to this loss.
have served on committees and have been willing to
take on leadership positions in these committees.
FROM THE MAPA EXECUTIVE DIRECTOR
Sanford D. Warren, CPA
The Internal Revenue Service has again reminded taxpayers of the adequate records requirement. In a recent
ruling the IRS clarified that a 1995 increase in the amount of a business expense for which a receipt is required
(from $25 to $75) did not eliminate the other requirements for substantiating a business expense. IRS Letter
Since many of you perform services for churches, a question that frequently arises is how long should records be
maintained. Each church should have a records retention policy based on legal and practical considerations that
will make records retention and disposal decisions systematic and rational. The guesswork and arbitrary nature of
record retention decisions must be replaced with a sound and consistent policy. Some suggestions are: Form W-
2s, Form W-4, Form 941 and Form 1099 Misc. should be kept at least four years. For other records, such as
financials, the churches should keep those permanently on disc or other backup media to allow a trail. The
charter, constitution and bylaws, corporate charter from the state, minutes of membership meetings, minutes of
board meetings and annual corporate reports should be kept permanently.
A small reminder that the Social Security base is $87,900 for the year 2004. Also, the maximum amount that
one between the ages of 62 and 65 can earn while drawing Social Security is $11,640 for the year 2004.
The Supreme Court has ruled that the IRS may have longer to collect taxes from partnerships. If a partnership is
billed for payroll taxes withing three years, the IRS has ten additional years in which to collect. And, IRS has that
long to go after the partners themselves for those taxes even though it didn’t bill them individually withing the
three year period.
WELCOME NEW MEMBERS
Edward Charles Randle Willie C. Gallager Stacy E. Hicks, CPA Charles W. Brumfield,
received his Bachelor of received his Bachelor of received his Bachelor of CPA received his
Business Administration Science in accounting Science in Business Bachelor of Science in
with emphasis in from the University of Administration from the Professional Accountancy
accounting from Southern Mississippi. University of Southern
Mississippi State in 2001. Mississippi. from the University of
An employee of Willie Southern Mississippi.
Sims, he, his wife Trena Stacy’s practice is located
Charles, an employee of and their four children in Hattiesburg but he and His practice, Brumfield &
David Compton, resides live in Petal. Willie his wife, Cindy, and their
Associates, and his home
in Meridian and attends serves as Assistant Pastor two children live in
Sumrall where they attend are in Tylertown, MS. He
the New Hope Baptist of New Hopewill Baptist and his wife, Pamela,
Church. He joined Church in Taylorsville, the Sumrall United
Methodist Church. Stacy have two sons and attend
MAPA to fellowship Mississippi. He states “In
today’s fast paced, ever- is a member of AICPA Knoxo Baptist Church.
with other public
accountants in changing world, MAPA and MSCPA and says he
Mississippi. He got a provides assistance in enjoys the various Charles is a member of
chance to do this when he establishing competence, programs and seminars AICPA and MSCPA
attended the Gear Up character and integrity in that MAPA sponsors and
seminars last year. interacting with other
District Governor's Column
N.S.A. - The Practitioner's Partner
One of the best things about belonging to a professional organization such as the National Society of Accountants is
that it continues serving its members whether they are aware of what is happening or not. During tax season, for
instance, NSA members have their attention fully focused on tax preparation, meeting deadlines, and consulting with
clients. They have little or no time to fulfill various volunteer-driven tasks or even consciously take note of ongoing
functions. The flow of NSA benefits, however, doesn't slacken, and that's why membership is so valuable.
The most important benefit provided at this time of year is undoubtedly the tax research service that is available to all
NSA members. When difficult tax situations arise, members can access this assistance by going to NSA's website,
strolling down the home page, and locating the tax assistance heading. After logging in, the question can be submitted
via e-mail. Alternately, the question can be faxed to the NSA office. Responses are received within a few days with
explanations and, if needed, citations.
New member benefits are explored, contracts negotiated, and promotion developed for them. Events for the coming
year are planned, hotel arrangements made, and speakers chosen. The next major activity is the Aging America
Seminar to be held in Las Vegas May 24-25. Besides providing relevant information and guidance in a new and
expanding field of practice, attendance at this seminar can lead to attainment of ACAT's newest credential, Elder Care
Specialist. An innovative program is in the works for September and members will be delighted when an
announcement is made shortly after tax season.
The Scholarship Foundation is in the midst of its busiest time period as March 10 was the deadline date for receipt of
scholarship applications to be considered for the coming year. More and more students are finding out about the
scholarships being offered and the number of applications received is growing.
Leadership Networking Conferences for State Officers are being scheduled in Minneapolis on October 23-24 and in
New Orleans on November 20-21. Since the November function is coming to District VIII and LSIA will be playing
host, the affiliated state societies in the District are encouraged to make plans to send as many leaders and possible.
A new insurance program will be launched soon, a Medicare supplement available through Forrest T. Jones, and will
be offered to members age 64 and older. The Peer Review Program is being promoted to state accountancy boards, and
its acceptance is growing. NSA continues to testify before Congressional bodies and IRS whenever the opportunity
It's an excellent time for staff to tend to administrative concerns such as website updates and improvements, adding
interactive forms, news, and tax information. Shifting to new software programs and integrating newer versions is
accomplished during this time.
I hope your tax season is rewarding and fulfilling, and I look forward to seeing you soon.
James M Boyd II, District Governor
NSA District VI
CENTRAL OFFICE NEWS
By: Jo M. Allen, EA, ABA, ATA
MAPA Executive Sec./Treasurer/Editor
DATES TO REMEBER
Accounting Forums - Holiday Inn, Hattiesburg, MS, Tuesday, May 25, 2004.
Millsaps College, Jackson, MS, Thursday, May 27, 2004.
A combined brochure for these forums will be mailed the week of April 15th. We are applying for eight hours credit in
accounting for the Hattiesburg forum and two hours credit in ethics and six hours credit in accounting for the Millsaps
forum. Watch your mail for the brochure and call me if you have not received it by the end of April.
57th Annual Convention - It is our turn to host the joint annual convention. Alabama and Tennessee will be
joining us at the Hilton-Jackson, 1001 East County Line Road, Jackson, MS, June 27-30, 2004 for this convention and
we really need a big turnout of MAPA members to help us host the convention. You will be hearing much more on
this in the near future and registration forms will be in the next issue.
Gear Up Technology Seminar - You asked for it and we got it. This seminar is scheduled for August 3, 2004
and will be held at the MS E-Center, 1230 Raymond Road, Jackson, MS. A block of rooms will be reserved at the
Ramada Inn Southwest, 1525 Ellis Avenue, since it is the closest motel. Watch for more information on this in the next
issue and on the News and Issues Section of our web site.
Gear Up - Business Entities Seminar - Clarion Hotel and Convention Center, Jackson, MS, September 22-23,
2004. Brochures will be mailed in July. If you do not receive one by the end of July call me.
Central Mississippi Chapter’s Annual Seminar - Jackson Southwest Hotel, Jackson, MS, October 27, 2004.
Brochures will be mailed in August.
Gear Up - Individual Income Tax Seminar - Clarion Hotel and Convention Center, Jackson, MS, December
1-2, 2004. Brochures will be mailed the last week of September.
Dues statements for the 2004-2005 fiscal year will be mailed the middle of next month. Although dues are not
considered delinquent until July 31, paying your dues from the first statement will save us the cost of additional
mailings and allow us to begin work on the new yearbook a month earlier. Please check your current listings in the
yearbook and notify us of any changes that need to be made. The central office is here to serve you. If we can be of
assistance do not hesitate to call us at 1-800-321-1276.
ATTENTION ENROLLED AGENTS!!!!!
IRS has announced the renewal schedule. If your initial enrollment was on or before November 1, 2003 and your
social security number ends with 0, 1, 2, or 3, you must apply for renewal between June 1, 2004 and July 31, 2004.
Form 8554, Application for Renewal of Enrollment to Practice Before the Internal Revenue Service can be downloaded
at www.irs.gov. Cards will be issued shortly after applications are processed. If you do not fall in this group refer to
sections 10.6(d) (2) and (3) of Treasury Department Circular No. 230 (July 26, 2002) to determine the period within
which to apply for renewal of enrollment.
57th Annual Convention
June 27 - 30, 2004
Hilton - Jackson, MS
Sunday, June 27, 2004 Afternoon Board meetings and Registration for each state
President’s Reception (Penthouse Suite)
Monday - Wednesday
June 28 - 30, 2004 8am - Noon - CPE
Monday, June 28, 2004 Neil Magruder Scholarship Lunch and Auction
Afternoon trip to “The Glory of Baroque Dresden” exhibit at the MS
Arts Pavilion ($16/person)
Tuesday, June 29, 2004 Banquet and Dance (Music provided by the Ben Shaw Band)
Wednesday, June 20, 2004 SEE YOU NEXT YEAR, BE SAFE!
*** Mark your calendars and watch for more information! ***
MISSISSIPPI ASSOCIATION OF PUBLIC ACCOUNTANTS
CONTINUING EDUCATION FOR 57TH ANNUAL CONVENTION - 8AM TO 12 NOON EACH DAY
EACH SESSION WILL CARRY FOUR HOURS CPE CREDITS IN ACCOUNTING/AUDITING
Monday, June 28, 2004 Tuesday, June 29, 2004 F. Extraordinary items
Stan Clark, PhD, CPA Sanford Warren, CPA G. Accounting and financial
Sanford Warren received his Bachelor reporting for an entity in or
Stan Clark is the Jerold J. Morgan of Science in Accounting and MBA emerging from Chapter 11 -
Distinguished Professor of from the University of Southern SOP 90-7
Accounting in the School of Mississippi and holds a Specialist H. Financial statements
Accountancy and Information Degree in Guidance and Counseling.
Systems at the University of Southern He retired from IRS on January 3, Wednesday, June 30, 2004
Mississippi. He received his 1995 after thirty years of service. M.C. Princy Harrison, CPA, CGFM
Bachelors of Science (BSBA) and From 1967 until his retirement from
Masters of Professional Accountancy IRS Sanford taught adjunct at several Princy Harrison received her Bachelor
(MPA) from the University of Jackson colleges teaching accounting, of Science in Business Education and
Southern Mississippi and his PhD finance and tax. He is currently a full Master of Science in Accounting from
from the University of Kentucky. Dr. time staff member at Millsaps College the University of Southern
Clark’s teaching areas are financial teaching Governmental Accounting, Mississippi. She received her CPA
accounting and individual income tax Principle of Accounting, Managerial license in 1979 and her certification as
accounting. He has presented Accounting, Financial Statement a Certified Governmental Financial
numerous CPE courses for various Analysis and Tax. During the past 30 Manager in 1996. She taught
accounting organizations throughout years he has conducted many accounting at USM from 1978 to
Mississippi. He has had articles seminars for professional groups 1985 and is currently a partner in the
published in the National Public including CPAs, MAPA, MAEA and firm of Holt and Associates, PLLC.
Accountant, The CPA Journal, The others. In 1998 she was included in
Journal of Accountancy and The Accounting Today’s listing of the top
Journal of Corporate Accounting and TOPICS 100 most influential people in
Finance. accounting. In 2001 she received the
ACCOUNTING FOR THE University of Southern Mississippi
TOPICS TROUBLED BUSINESS Distinguished Alumni, Beta Alpha Psi
A. Identifying the troubled award.
B. Causes of Financial Problems TOPICS
A. FIN 45 Accounting for
C. Financial and operating rations
Guarantees for identifying a troubled
B. FIN 46 Accounting for COMPILATION WORKSHOP
Variable Interests Entities A. Professional standards
C. FAS 150 Accounting for B. Efficient engagement
ACCOUNTING AND FINANCIAL
Financial Interests with REPORTING FOR TROUBLED administration
Characteristics of both COMPANIES C. Reporting requirements
Liabilities and Equity A. Applicability of SFAS No. 15 1. Standard reports
D. Exposure Drafts on Exchanges B. Accounting for impairment and 2. Common report
of Fixed Assets, Earnings Per disposal of long-lived assets modifications
Share and Accounting C. Accounting Standards 3. Modifications for type of
changes 1. ARB No. 43 entity
E. New Proposal for Reporting requirements D. Basis of accounting
and Entity’s Financial 2. Deficit 1. Accrual
Performance. reclassification 2. Tax
3. Asset write-ups and 3. Cash
liability write-downs E. Interim financial statements
D. Accounting for employee F. Prescribed forms
termination benefits and other G. Personal financial statement
restructuring costs H. Disclosure requirement
E. Reporting discontinued
REGISTRATION FORM - 57TH ANNUAL CONVENTION
June 27-30, 2004 - Hilton - Jackson
1001 E. County Line Road, Jackson, MS 39211
Phone - 601-957-2800; Fax - 601-978-2242
Mail to: MAPA, P.O. BOX 907, CARTHAGE, MS 39051-0907 Phone: 1-800-321-1276
Member’s Name: Phone:
(Street) (City) (State) (Zip)
Name Relationship Age M or F
Full registration - members ( CPE and all events except Dresden Tour) @ $175.00 = $
Full registration - non-members @ $200.00 = $
CPE only - $60.00 per 4 hour session @ $60.00 = $
Spouses and Guests (no CPE): President’s Reception @ $15.00 = $
Banquet and Dance @ $40.00 = $
Scholarship Auction Meal @ $10.00 = $
Children (12 and under) Reception, Banquet & Auction @ $35.00 = $
The Glory of Baroque Dresden Tour - Adults @ $16.00 = $
College Students with ID @ $8.00 = $
Infants - 18 years @ $4.00 = $
TOTAL DUE - MAKE CHECKS PAYABLE TO MAPA $
IF USING A CREDIT CARD WE MUST HAVE THE BILLING ADDRESS ZIP CODE
CHARGE TO MY [ ] VISA [ ] MASTERCARD
Card No: | | | Expiration Date: | | | |
(Required when using credit card)