More than Numbers: AMD Sends Care to Afghanistan

Millicent Tutlam, CPA, Tax Senior 

Most of my friends and family think that accountants are a strange group with only numbers on our minds. Well, that assumption is far from the truth. Accountants are passionate about many things not related to numbers. At AMD, one of the causes on the top of our list is the men and women serving our country. 

Robert Minkler, Jr., our managing partner, told us a story during the June firm meeting that touched so many of us. He talked of a friend who tells his children to always remember to thank the men in uniform for their service to our country. These men and women of the armed forces made a decision to defend the red, white, and blue. The sacrifices that they made cannot be quantified in any way, shape, or form. 

After that, the AMD social committee decided to get involved by sending care packages to the soldiers serving outside the U.S. One of AMD’s employees has a son who is currently serving in the military in Afghanistan. The social committee organized a supply drive to benefit his unit. During the one month drive that ended on August 19^th, AMD employees contributed everything from toothpaste to power bars to energy drinks and movies. We made sure every man and woman in his unit had their own package, complete with items they requested.  

For me, this cause is very personal. My brother Paul just graduated from basic training and is currently in army technical school. He spent ten weeks in basic training and the most reliable form of communication we had was physical mail. My sister, niece, and I sent so many letters to him during this time. I made sure to let him know that I appreciated what he was doing for our country. 

There are very many ways to help our troops. Write a letter to thank them, send a care package or volunteer with one of the various organizations dedicated to making sure that the brave soldiers are taken care of. 

I am lucky to be part of a firm that recognizes the sacrifices that our soldiers make. Yes, we are accountants, but we also care . . . a lot.

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You Got a 74 on a Section of the CPA Exam; What Now?

Sarah Holub, CPA, Audit Associate 

You took the test. You’ve sat waiting for weeks in anticipation. You go to the NASBA website, put in your birth date and section ID. And after you coax your hand off the little white box, there, staring back at you in GIANT BLACK FONT is the BIG FAT, 74.

The majority of people along their way to becoming a CPA have this happen, whether on the first or the fourth exam, at least once. No one can truly understand this sinking feeling unless it has happened to them. Others will try to sympathize, but they will never get it.

After your heartbeat has slowed to a normal pace and you’ve shed a few tears, comes the big question: What now? This is not the way things were supposed to happen. This wasn’t part of the plan.

First of all, take a deep breath. Even though it may not feel like it sometimes, the majority of people do not pass all four parts of the exam the first time through. You are in good company. The following are pass rates for 2009 by section:

            AUD - 49.79%                        BEC - 48.34%

            FAR - 48.45%                        REG - 49.81%

That is a lot of people who didn’t pass. As corny as it may sound, it can help to look to the Internet for support. Sites like www.another71.com are created and frequented by people who are in the same boat. It helps to know you aren’t alone.

Next, figure out your new plan. I say new because it was obviously never the goal to fail. It wasn’t meant to be a really expensive pretest. Some people want to continue taking tests in the same order they had intended and re-take the failed section again at the end; some want to take it again immediately so the information is still fresh. It is up to you, and you know yourself best. It feels better to have a plan and get back on track.

Finally, change something about your studying. If you are using one review program, supplement it with another program’s book from Amazon. Maybe you learn better listening than reading; record yourself and listen to notes in the car on the way to work. Everyone learns differently, so don’t think you have to do the study program exactly how they present it.

Just remember, someday soon it will all be over and you’ll have more free time than you know how to fill. I know more people who have gotten a score between 70 and 74 than have passed all parts the first time through. Lots of people who are not as smart as you managed to do it, and you can, too.

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You’re A Professional Now; it’s Time for Your Facebook Profile to Grow Up, Too

Marcelle Piglia, Forensics and Valuation Analyst                       

Let’s face it - it seems EVERYONE is on Facebook. However, with so many people able to see what you look like and your personal information, it is important to make sure you have nothing incriminating on your profile. The accounting profession is built upon the reputation and integrity of its professionals; so, if you’re considering a career in public accounting, here are a few tips on how to spruce up your Facebook presence:

Adjust your privacy settings. I’ve had a profile since the time when only college students were allowed to join, and Facebook has come a long way in updating their privacy settings. It used to be that everyone could see everything on your profile if they were in your network.  Now you can control who sees what. You can leave it a public profile (which means you could even turn up in a Google search), or you can restrict it to only your friends. Take advantage of the new “friend list” feature, and adjust your settings according to the category of friends. Just remember, the more public you allow your profile to be, the more information is out there for your firm and clients to see.

Clean up your pictures.  I’m the first to admit that I love Facebook albums. My family and many of my friends live out-of-state; so it’s a great way to see what’s going on in all of their lives. In college, every picture I took ended up on Facebook; today, I’m much more selective. My rule-of-thumb is that if it’s a picture you would not want your parents to see, don’t put it online for the world to see. The same rule applies to your profile picture and tagging photos. If a friend tags an embarrassing photo of you, simply un-tag it or ask your friend to remove it. Your client does not need to see pictures of you in a swimsuit on spring break.

Watch your language in a status update. I’ve seen PLENTY of statuses that make my jaw drop!  Why the Facebook community needs to know that you just passed a kidney stone, I’ll never know. The News Feed is not the place to debate your political views or use expletive language. Keep your statuses professional - stick to non-controversial topics. Never make an off-color comment about your employer, a client, or a co-worker. The same applies when commenting on someone’s status or a photo. If someone makes a tasteless comment on your status or on one of your photos, remove it.

Monitor activity on your Wall. I have a few friends who check Facebook more often than they check their e-mail or voicemail; so, in order to get in touch with them it’s easier for me to write on their Wall or send a private message. Remember, if what you have to say is not everyone business, it’s best to have that conversation through private messaging rather than writing it on their Wall. If someone posts something you would rather not have on your Wall, remove it. If you’d rather avoid Wall-postings all together, there is a privacy setting that does not allow anyone to write anything on your Wall.

Overall, just be diligent about what you allow to appear on the site. You would never want to lose the respect of a client or your employer because of something posted on Facebook.

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Taking a Walk on the Audit Side

Marcelle H. Piglia, Forensics and Valuation Analyst

The Forensic and Valuation wing of the 14^th floor is usually pretty calm and quiet. Outside of running into someone on the elevator or in the lunch room, I don’t get much interaction with people outside of my department. Busy season 2010 changed that for me: I had the opportunity to work as an associate in the audit department. Not only did I work with auditors at all different levels within the firm, I even had a tax senior sit in my office one day to discuss financials with me! That may be the normal course of business for other employees of AMD, but I found it to be a fairly exciting experience. Even more exciting, I worked with a tax partner, an audit manager, and our HR assistant on a litigation project involving salary research for the past 8 years.

Besides the interaction with my AMD brethren, my time as an auditor also gave me the opportunity to refine some skills that are essential to the projects I work on as a forensic and valuation analyst. The purposes for audits and forensic accounting engagements are different, but similar skills are needed in order properly execute each. Footing and cross-footing, tracing, vouching and re-calculating are some of the skills necessary in order to do an audit. Likewise, these skills are also necessary for forensic accounting and litigation support engagements. Now when I come across a bank reconciliation during a project in my department, it’s almost second nature to foot it and tie it to the bank statement. I sometimes get teased by my co-workers when they see my little tick marks all over the page, but that certainly is not a bad thing.

Although I don’t think I’ll be switching over to the audit department permanently, I truly enjoyed the few months I spent over there. The relationships and the skills I developed will be useful throughout the rest of my career. If you’re ever given the chance to work for another department within your firm, do it, even if it’s just temporary. You never know what you might learn!

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How to Successfully Transition to a New Company…

Jeremy M. Vinson, CPA, Audit Senior

Last year I made a big move from the sunny beaches of Florida to the baseball crazed city of Saint Louis. As part of my move, I was leaving an accounting firm that I had been with for three years; a place where I was comfortable, knew everyone in my office, and was familiar with the area. I came to a new firm, new town, and new all-around environment. Nine months later, I can tell that I have made a successful transition.

Here are a few tips for helping you to make a successful transition from one place of employment to another:

• 1. Ask - During the first week, take the initiative to sit down with your boss and directly ask about the expectations of your position. I did this with my audit partner. That way we were both clear on what my responsibilities were as a senior auditor in this particular firm. Asking is the best way to ensure you don’t miss something important because of a lack of communication.
• 2. Take Advantage of Lunch - When a group is going to lunch and invites you, go! If no one is going out, invite someone to eat with you. Getting to know your new team is essential to getting a good start.
• 3. Reach Out - If you will be managing others. According to John Maxwell in his book The 21 Irrefutable Laws of Leadership, a leader builds communication and trust with those they are in charge of. Leadership is influence; without influence you will not be a successful leader in your new team.

These are just a few things I did that helped make my transition a successful one, and I know they will help you with yours.

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What did you do for Memorial Day Weekend?

Memorial Day weekend generally marks the unofficial start of summer.  For many people it means opening pools, attending barbeques, and spending time with family and friends.  For AMD Senior Millie (Onyango) Tutlam, this Memorial Day weekend held a much greater meaning; it marked her first Memorial Day as an American citizen. 

Last Friday in front of family, friends, and 16 AMD co-workers, Millie took her United States Oath of Allegiance as part of her Naturalization Ceremony at the Thomas F. Eagleton United States Courthouse in downtown St. Louis.  Those lucky enough to attend the ceremony witnessed Millie achieve yet another milestone in the “short” 10 years since she moved to the United States from Kenya.  Since moving to the U.S. in 2000, Millie has earned both her Bachelors and Masters degrees in Accounting as well as earning her CPA designation. 

Although Millie has only been “officially” an American for a few days, she has always been a role model for both American born citizens and recent immigrants.  In her free time Millie is a frequent volunteer with GenNext and Volunteer Lawyers and Accountants for the Arts and  serves as treasurer of the Pan-African Organization for Health, Education, and Research.  She is active in the accounting profession through her involvement with the Missouri Society of Certified Public Accountants. 

There is no doubt that this Memorial Day weekend was one that Millie will never forget. 

For those wanting to Congratulate Millie on her proud accomplishment, please feel free to e-mail her at mtutlam@amdcpa.com.

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The CPA Exam and You

Lesley Larsen, CPA, Audit Associate 

For most people, college graduation means no more late night study sessions and a lot more free time.   That’s not the case if you’re entering the world of public accounting.  You go from college exams to the CPA exam.  Many people, like me, start the process of studying for the exam, unsure of what to expect and full of questions.  I recently passed the last of four parts of that exam, and am looking very forward to a summer with that is study free. Here are my tips:   

Studying: It’s important to allow yourself enough time to complete the study program you choose and then go back and refine the areas you’re weakest in.  Everyone has different ways of studying but the most important strategy is just studying.  If you put in the time you’ll see results. 

Sequence of Exams: Some people take the section they believe will be the hardest first because they’re more diligent about studying for the first test versus the last.  Others want to take a section they feel they have a better chance of passing first so at least one section would be out of the way.   Whichever way you think about it, it’s important to choose the best strategy for you. 

Changes to the Exam: Starting in 2011, the CPA exam will start testing on International Financial Reporting Standards (IFRS).  If you can, it would be a good idea to take a class on IFRS while you’re still in school.  Also, three of the four sections of the exam currently have a written portion; starting in 2011 only one section will have a written portion.  

The stress of the exam can become overwhelming so it’s important to remember to also make time for yourself during your studies.  The occasional night out with your friends won’t keep you from passing so study hard and you’ll soon be on your way to a CPA.

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It Doesn’t Get Any Sweeter. It’s April 15; the Craziness is Over. And AMD is a Top 15 Firm.

Donna M. Erbs, Marketing Director   

While individual tax accountants and auditors at AMD are reveling in the fact that it’s April 15 and they will actually get to enjoy the sunshine; the firm as a whole is basking in our latest ranking. Accounting Today just named us among the Top 15 CPA Firms in the Midwest for the fifth year in a row.  The rankings, based on revenues, appear in the April 2010 issue of the magazine. 

Rankings are just that, rankings. As a benchmark to the performance of other firms, they provide a sense of where we fit in the mix, and in reality, a great deal of satisfaction.  Rankings also put the affects of the current economic environment in perspective. 2009 was a tough year.  The overall rankings reflect that.  AMD was up in 2009, only very slightly, but up just the same.  But, for the first time since 1994, the revenues of the Top 100 Firms across the country shrank by 2.85 percent. Now we didn’t make that Top 100 list. But at Number 13 out of 15 in the Midwest, we’ll take it.  At five years in a row; we’ll view this as a very favorable trend.  And, we applaud our colleagues who did make that elusive list. 

Daniel Hood, the editor of Accounting Today and the guru who compiles all of this data, says that there are signs of growth in the accounting professional - faint and fragile, but real all the same. These lists are intriguing.  Firms that acquired other firms, those that introduced new niches and others with the federal government as their exclusive client base, led the charge for growth. 

We’ll analyze these lists and strategize to make sure AMD appears on the list again next year. But we’ll do that tomorrow.  Today, we are going to celebrate.  It’s April 15!   

In previous years, the ranking was compiled by Practical Accountant magazine, but that publication was merged into Accounting Today last year.  Overall, this is the 23^rd year for the Top 100 and Regional Leader rankings. More information on Accounting Today and the 2010 list can be found at www.webcpa.com.

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2010 Health Reform Legislation: How will the Changes Affect You?

Brian M. McCook, CPA, Director of Health Care Services

The recently enacted legislation will bring about some major changes to health care in this county.  In working with RIA, one of our date and information resources, we have found that we can break down the most prevalent provisions into several categories, as outlined below. There are various timetables for these to go into effect.  While it is important to be familiar with all the changes that may affect you, here are some of the ones we think you will want to know about:

• Individual mandate. The new law contains an “individual mandate”-a requirement that U.S. citizens and legal residents have qualifying health coverage or be subject to a tax penalty.
• Premium assistance tax credits for purchasing health insurance. The centerpiece of the health care legislation is its provision of tax credits to low and middle income individuals and families for the purchase of health insurance.
• Higher Medicare taxes on high-income taxpayers. High-income taxpayers will be hit with a double whammy: a tax increase on wages and a new levy on investments.
• Floor on medical expenses deduction raised. Deduction goes from 7.5% of adjusted gross income (AGI) to 10%.
• Limit reimbursement of over-the-counter medications from HSAs, FSAs, and MSAs. The new law excludes the costs for over-the-counter drugs not prescribed by a doctor from being reimbursed on a tax-free basis.
• Increased penalties on nonqualified distributions from HSAs and Archer MSAs.
• Limit health flexible spending arrangements (FSAs) to $2,500.
• Dependent coverage in employer health plans. Effective on the enactment date, the new law extends the general exclusion for reimbursements for medical care expenses under an employer-provided accident or health plan to any child of an employee who has not attained age 27 as of the end of the tax year.
• Excise tax on indoor tanning services. The new law imposes a 10% excise tax on indoor tanning services.
• Liberalized adoption credit and adoption assistance rules. For tax years beginning after Dec. 31, 2009, the adoption tax credit is increased by $1,000. 

For more information, contact your AMD Tax Advisor.

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Words of Wisdom from a “Just Hired” Accountant

Lauren Blaies, Tax Associate

Oh, the dreaded recruiting process… where to begin?  In accounting, it all actually begins the minute you declare your major.

You are drilled with questions:  Do you want to do tax or audit? Do you prefer public or private? When do you plan on getting your CPA?  So, unlike many college students, future accountants are looking at the job market from the day they start college. At least I know I was.

Here are four steps to make your recruiting process easy, yet effective.

One:  Prepare a solid resume.  Go to resume workshops; the people who work in these writing labs can help ensure your resume is flawless.

Two:  Submit your resume on recruiting websites and attend career fairs. 

Three:  Research the companies you are privileged to interview with.  You should do this for two reasons.   First, to see if this really is somewhere you want to work, and second, to be well versed in your interview.

Four:  Send thank you letters after your interviews and wait patiently.

Throughout all of these steps, ask for advice. Teachers, friends, placement centers, current CPAs, recruiters and family members can provide great advice and insight. 

I dreaded the recruiting process.  But, looking back, it really went smoothly.  Follow these steps I’m sure it will for you too.

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