2015-03 Newsletter Rev
WAA Newsletter March 2015
In This Issue

Education
Membership
Chapter News




Education
 

Around the State

Chapter Events

We have four active chapters around the state. These chapter officers have been diligently working to bring relevant education to the chapter members and with creating a quality collaborative peer meeting environment.

Go to www.waa.org/chapters to find out what is happening in your chapter.


Our Leadership

Board of Directors

Chapters

Committees


Chapter Listservs

All WAA members have been subscribed to their chapter listserv based on the chapter listed in their profile. Download these listserv instructions to learn how to subscribe if you do not currently have a chapter affiliation listed on your profile, to unsubscribe, or to change the email address you want subscribed to the listserv.


Membership Dues

The non-deductible portion of WAA membership dues for Active and Associate members is 26% for this fiscal year. This amount is attributable to lobbying activities.


In Memorial

If you are aware of a WAA member who has passed on please contact editorial@waa.org.


Job Board

Looking for Work or a New Employee? Check Out Our WAA Job Board!

Click here to learn more and see current jobs and resumes.


Editorial Content

The principal aims of this publication are the advancement of the accounting profession and communication among our members. Opinions expressed herein are those of the individual writers and not necessarily those of WAA or the Editor. Please submit articles and comments to editorial@waa.org.

The deadline for submissions is the 15th of the month of publication.


The mission of the Washington Association of Accountants is to promote and protect the right of every member to practice accounting and taxation; to provide the services and professional education necessary to maintain and improve professional competence.



A Note About 1095 Forms for the Current Tax Season


It’s April 8th and we’re still receiving incorrect 1095 forms. Click Here for an example of an incorrect form that our taxpayer received from the Washington State Health Exchange. We all heard that forms went out with incorrect information; but apparently the forms are still not being corrected unless the taxpayer takes action. The attached form shows the same mistake that we have seen time several times this tax season.

The amount listed under the silver plan for our married couple client is less than the bronze plan premium and less than the Monthly Advance Payment Credit. When we input this information into our tax program, it calculates a $2,500 balance due for erroneous advance credit payments - which is completely wrong.

The silver plan amount is clearly in error – the Silver Plan premiums can’t be less than the Bronze premiums and most definitely can’t be less than the advance credit payments. In our conversations with the exchange, the Silver Plan premium listed in our example is only for the taxpayer, the spouse’s premium amount has been left off. Our taxpayer does not owe back any of the advance payments, but until the taxpayer contacts the Exchange to receive a corrected copy – we have to extend our clients’ tax return until we get the correct information.

1095-A Correction Requests

If something doesn't seem right on your 1095-A, you can fill out a correction request online or contact the Washington Healthplanfinder Customer Support Center at 1-855-923-4633 for help. The online correction request form is available at https://petition.wahealthplanfinder.org/1095ACorrection.

Customers are advised to submit correction requests by March 31, 2015 in order to receive a timely response from Washington Healthplanfinder.

Correction requests submitted after March 31, 2015 will be reviewed as quickly as possible. However, Washington Healthplanfinder cannot guarantee a response by the tax filing deadline, April 15, 2015. Please consult with a tax professional to better understand your options and the potential consequences of filing an amended tax return or for an extension.

Please Note:

  • You do not need to submit a correction request for an incorrect physical address listed on your 1095-A. This information can be updated when you file your federal taxes.
  • Part III of your 1095-A lists the advance payment of the premium tax credit paid for you to the health insurance company of your health plan. Any changes to your income or household in 2014 that you did not report to Washington Healthplanfinder should be addressed on IRS Form 8962 and adjusted on your tax return. 

From the Exchange

Spring 2015 Special Enrollment Period through April 17

People who did not have a health plan in 2014 are now facing a fine, also called a tax penalty. To avoid the fine next year, they can enroll in a health plan through April 17 during a spring special enrollment period. To help people understand how they can still enroll, the Exchange has developed the following informational materials:

Spring special enrollment is only available through Washington Healthplanfinder. People cannot buy a plan directly from the health insurance companies. After April 17, there is a special enrollment period for “qualifying life events.” If people experience a major life change—like getting married, having a baby, moving to a new area or losing your existing coverage—they may have 60 days to enroll in a health plan or change your current plan. They can do this either through wahealthplanfinder.org or work with a broker or directly with a health insurance company.

 

Questions? Please contact Kristi Stickland at kristi.stickland@wahbexchange.org.



Education
 

by Cynthia Polley

 

Spring is here and WAA has two events coming you won’t want to miss. Register for both events today!

On October 23, 2014, the AICPA issued SSARS 21, which revises the standards for reviews, compilations and engagements to prepare financial statements. These revisions will change the way all accountants prepare financial statements and requires accountants to become updated in these new requirements every year. Gear Up 8-Hour Accounting Seminar with national Speaker, Joe Santoro, will provide the latest information.
In June, attend a one-day S-Corporation seminar presented by Hettick & Bell Enterprise Awareness LLC. This seminar goes in depth with current S-Corporation issues in which you will get answers, tips, solutions and even year-end checklists.

Please note the dates for the Gear Up Individual 1040 in Auburn have been changed to Nov 30th and Dec 1st.

2015 Live Seminar Schedule

Gear Up Accounting
Everett, May 14, 2015

S Corporations
Everett, June 19, 2015

Gear Up Business Entities
Auburn, October 26-27, 2015

Gear Up Individual 1040
Everett, November 9-10, 2015
Auburn, Nov 30 and Dec 1, 2015
Spokane, December 7-8, 2015

Gear Up Professional Ethics
Everett, November 9, 2015
Auburn, November 30, 2015
Spokane, December 7, 2015

Upcoming Events

 

ACCOUNTING
May 14, 2015 - Everett
8 CPE CREDITS | ACCOUNTING

Attention Licensed and Unlicensed Accountants: SSARS No. 21 has arrived and is changing your world!

Not since 1978 when the AICPA promulgated the Statements on Standards for Accounting and Review Services (SSARS) has there occurred such a radical change to the way accountants prepare and present financial statements. The reason: SSARS No. 21.

Released October 23, 2014, this new document changes the way both licensed and unlicensed accountants will provide services for their clients. For the first time there is an approved level of service, lesser in scope than a Compilation, that will permit an accountant to issue -- without including an accountant's report -- any or all of the following: balance sheets, income statements, cash flow statements, full disclosures, no disclosures, and more!

As long as the accountant has a properly constructed engagement letter, the accountant can issue just about anything. And, under the new rules, the accountant can do all of this but still not have to go through the AICPA's Peer Review Program!

The 2015 Gear Up accounting course will cover the new engagement letters, totally revised management representation letters, and the dramatically reconstructed versions of the accountant's report. AND that new level of service entitled “The Preparation".

Certain to be of practical value to enrolled agents and accountants of all levels, the course will also focus on the Special Purpose Financial Reporting Framework: the new OCBOA (Other Comprehensive Basis of Accounting) Discussion topics will include:

  • When the use of an OCBOA is appropriate
  • Selection of an OCBOA
  • General disclosures
  • Significant accounting policies
  • Cash basis (pure/modified)
  • Income tax basis
  • Reporting and disclosure issues
  • Critique of a Financial Statement
  • Peer Review Check-list

Sitting through an Accounting CPE course is rarely a pleasant task. But, this year, none of us have a choice. This year, all the rules have changed. This year, all of us must learn about SSARS No. 21.

But, this year, the Washington Association of Accountants has made it possible for you to come away educated, well prepared, and happy that you decided to attend this very special event. Don't miss it!

LEADERSHIP!
May 15-16, 2015, Everett

Here is what President Charles Grass has to say about Leadership:

One of the very best, yet least understood opportunities WAA has to offer their members is its leadership development track. This is one of the finest and most user friendly leadership tracks one could engage in. Many of us accountants (owners of small firms) don’t have the opportunity, or take advantage of the opportunity, to grow in areas where we are actually well equipped to play roles and should play roles. WAA’s leadership track is just that opportunity. Especially for the younger accountant (Generation X / Generation Y), this is an outstanding entry point into making a difference and honing leadership skills; all the way from running a meeting to becoming a leader who can inspire.

WAA has an annual, invitation only, Leadership Conference every spring. This highly acclaimed conference occurs this year on May 15th & 16th. The location this year is the Everett Holiday Inn and immediately follows our Accounting Update Class. Historically, Leadership has covered topics including History of WAA, Chapter Management, Long Range Plan, Education Update, a spirited contest (based on what you have learned), as well as technology updates regarding our website.

Chapter leadership position terms are for one year. The chapter leadership team plans and arranges chapter meetings, meeting speakers, and other chapter events. Being part of this team gives you direct say in speakers and topics for meetings and annual mini seminars.

State Board positions are two year terms. With professional association management in place, the board has the opportunity to spend time developing vision and strategy for WAA. This is important work and is made efficient through technology and solid management (we conduct most board meetings via WebEx – very efficient!) The state board sets policy and direction for the organization and guidance for the management firm.

If you are not tapped on the shoulder, for leadership participation, by someone who thinks you are a strong candidate, don’t wait for that to happen – express your interest to any current leader and they will make sure you are invited to this exceptional career enhancing event!

WAA ANNUAL MEETING & EDUCATION CONFERENCE
June 18, 2015, Everett

Join in the conversation and help shape the future of WAA! And then join us for....

S-CORPORATIONS
June 19th, 2015, Everett
8 CPE CREDITS | TAXATION

S-Corporations: the Good, the Bad, the Ugly


This is a full day, intermediate level instructional tax seminar and discussion about in depth issues of S–Corporations. Including:

* Popularity of S Corps * Introduction & overview
* Advantages & disadvantages of taxation as an S Corp
* Making the election, Form 2553 * Basis, basis, basis * Shareholder loans
* Income items * Business expenses * Shareholder compensation
* Schedule L and M Issues * Taking the K-1 to the 1040
* Final year, sale and liquidation

At the end of this course, you will
• Better understand the complexity and compliance issues of an S- Corporation
• Be able to serve your S-Corporation client more effectively & efficiently
• Know how to appropriately handle different tax items specific to S-Corporations

NSA 70TH ANNUAL CONVENTION & EXPO
August 19-22, 2015 - Vancouver, BC

Membership
 

by Sonia Smith

Our state convention is June 18th in Everett. This is the time we honor our members with annual awards. We would like your help in the voting process. Think of members in your chapter or at the state level that would deserve these awards.

Below is a list of the awards that will be given. For each award, choose a person and state the reason why that person should be given the particular award. By June 9th, submit your votes to your local chapter President or to the Awards Chair via an email at sonias.accounting@comcast.net . All votes will then be tabulated and awarded at convention.

1) JOE McREYNOLDS AWARD
For their commitment, service and dedication to the community, their colleagues and to the accounting profession.

2) GRAND AWARD OF EXCELLANCE
For their endless time and effort to make their Chapter or State Organization more effective. Taking on additional Responsibilities.

3) OUTSTANDING SERVICE BY A MEMBER
For their work as a committee chair/member working to make WAA the leading accounting organization within Washington State

4) MERRILLEE RAPLEY AWARD
For their dedication and tireless long term work in making WAA a stronger player in the professional development of its members. Taking on additional duties as needed.

PLEASE SEND YOUR VOTES BY JUNE 9TH. THANK YOU.

Sonia Smith

Chapter News
 

Spokane Chapter

By Lynnette Heidenreich

In January we had are annual tax season kick off party. We played games, talked about things other than taxes and even got to fly in a flight simulator. Thank you to Brady Hatfield for procuring the facility at Felts field.

In February and March we had round table discussion on the many issues we face this tax season. ACA was top on the list and with help from each other we are muddling through this very challenging busy season.

We will not have an April meeting and will resume our meeting schedule in May. The topic for the May 12th meeting will be announced a later date.
Hang in there for another month or so and we will see all of you in May.

Washington Association of Accountants l P O Box 748, Liberty Lake, WA  99019
509-933-2307 l office@waa.org l www.waa.org