The Global Internship: Introduction

Editor's note: This is the first in a series of blog posts from VSCPA student member Shannon Case (below), a graduate student at Virginia Commonwealth University (VCU). Look for more posts in the coming weeks detailing Shannon's experience as an intern in KPMG's London office.

By Shannon Case
KPMG

I knew early on in the recruiting process that I wanted to work for KPMG, but what I didn’t know was that in a few months they would be sending me on the trip of a lifetime!  I first met KPMG when I attended a “Meet the Firms” event at Virginia Commonwealth University.  I realized early on that I connected well with the firm and that it would be a great place to work.  After only speaking with Pete Bartok, KPMG’s recruiter, for a few minutes, I felt as if I had known him much longer and by the end of our conversation, I was really excited about the thought of working for KPMG since I knew I’d fit in well there.

After securing a domestic internship in the Richmond office, I received an email regarding KPMG’s Global Internship Program (GIP).  I recalled Pete mentioning this, and I thought it sounded like an incredible experience. I decided to apply for the GIP even though I knew the competition would be tough and honestly didn’t expect to be chosen. After completing the necessary requirements, which included an application and a written essay, I vividly remember screaming out loud when I found out that I was a finalist in the process. The next phase of the process consisted of a phone interview, which was pleasant and went very well.  A few days later, I received a call that I would be heading to London for four weeks as a global intern! I will spend half of my internship in the Richmond, VA office and the other half in London.  I am so looking forward to this amazing opportunity!

Young Professionals Corner: Frugality Comes Into Fashion

Editor's note: This is the latest in a series of guest posts from young VSCPA members dealing with topics of interest to young professionals. If you'd like to write or have a topic you'd like a future blogger to cover, please email VSCPA Academic & Career Development Coordinator Tracey Zink.

By Clare Levison, CPA
Alliant Techsystems, Inc.

I believe that as CPAs we are uniquely qualified to guide people who need help with their finances.  CPAs are distinguished by rigorous educational requirements, high professional standards, and a commitment to serving the public interest.

I’m very passionate about personal finance.  My recently published book on the subject is entitled Frugal Isn’t Cheap:  Spend Less, Save More, and Live Better.  The following is an excerpt from the book:

When I was growing up, I can remember complaining to my dad about it being cold in the house. Truth be told, it was probably plenty warm for most people, but I’ve always been cold natured. “Go put a sweater on,” he would tell me. Dad’s always been a frugal man.

But today’s society has become obsessed with excess. Frugal people are seen as dull and boring. Big spenders seem flashy and exciting. However, I think the tide is finally beginning to turn on these perceptions. And that’s a good thing. It’s just not fashionable to own 20 pairs of shoes that you’ve only worn once. It’s not cool to have 30 gadgets that you never use. And if you’re spending all your money on designer clothes, you’re not stylish; you’re silly. Now more than ever, frugality is coming into fashion, and it’s hip to be thrifty. It turns out Dad was frugal before frugal was cool.

Reprinted, with permission of the publisher, from FRUGAL ISN'T CHEAP © 2013 Clare K. Levison, CPA. Published by Career Press, Pompton Plains, NJ. 800-227-3371. All rights reserved.

A large number of Americans are re-examining their finances.  They want to learn more about personal finance and how it impacts them and their future.  When each person makes responsible decisions with their money, we all benefit.  As a CPA, what are you doing to promote financial literacy?

Clare K. Levison is a certi­fied public accountant and national financial literacy spokesperson for the Amer­ican Institute of Certified Public Accountants (AICPA). She has appeared on major radio and television net­works across the country and has served as a member of the Vir­ginia Society of Certified Public Accountants (VSCPA) Board of Directors. Levison was named one of the 2010 Top Five CPAs Under 35 by the VSCPA. She has more than a decade of corporate accounting experience and is also an active volunteer, serving as PTA president, Girl Scout leader, and Sun­day school teacher. Levison lives in Blacksburg, Virginia, with her husband and two daughters.

 

Website: www.clarelevison.com

Twitter: www.twitter.com/clarelevison

Facebook: www.facebook.com/AuthorClareLevison

LinkedIn: www.linkedin.com/pub/clare-levison/26/481/584

Tennessee's 'Jock Tax'

For sports-loving CPAs, here's an interesting article from Grantland on Tennessee's "jock tax" and how it affects players who play for or against the NBA's Memphis Grizzlies and the NHL's Nashville Predators.

NFL players are exempt despite the presence of the Tennessee Titans. (To add to the confusion, the "poster boy" for the fight against the tax is former Grizzlies guard Chris Johnson, not to be confused with his Titans counterpart.)

Tennessee's law requires any NBA or NHL player who is on a team's roster during a game in Tennessee to pay a flat tax of $2,500 per game, with a maximum of three games. Johnson could be the point man for repeal efforts because of his relatively low pay — he earned $54,000 for two 10-day contracts and paid $7,500 for the tax.

As Grantland's Zach Lowe points out, the money doesn't go to the state, but rather to the operators of the arenas in Memphis and Nashville. In the Grizzlies' case, that's the owners of the team. Lowe also points out that the NHL has agreed to reimburse players for the money they pay for the Tennessee tax, which amounts to about $2 million per season.

New York State Society of CPAs member Daniel Mazzola, CPA, has written a more in-depth primer on the topic. He refers to the Mobile Workforce State Income Tax Simplification Act, which the VSCPA has supported.

Happy Birthday, Connect!

By Laura Cobb
VSCPA Member Relations Specialist

Connect, the VSCPA’s interactive members-only online community, recently hit its first birthday! Thanks to the more than 3,800 people who have logged in and 1,017 people who have created profiles for your help in making Connect a home for the Virginia CPA community. Your smiling faces (and your insightful posts in our communities) are what keep VSCPA members coming back for more information and discussion.

As part of the anniversary celebration, we’re looking at how we can make Connect an even better experience for our members. Click here to complete a short survey on your Connect experience.

Not a Connect user? Wondering what the fuss is about? Click here to learn how to set up your profile. Be sure to include a picture!

Thanks for all you’ve done to make Connect a success!

TAX Posts Webinar, Q&A on Sales and Use Tax Changes

The Virginia Department of Taxation (TAX) has posted a recording (MP4) and summary (PDF) of its June 7 webinar on recent changes to the Virginia Sales and Use Tax. The webinar provided a detailed overview of changes included in HB 2313, including statewide and regional rate increases, changes to returns and schedules, sourcing rules for transactions, transitional problems and more.

TAX notes that the webinar recording contains references to the counties of Gloucester and Surry as part of the Hampton Roads Region. Those counties are, in fact, not part of that region and therefore not subject to the additional sales and use tax rate increase of 0.7 percent.

PPACA Employer Mandate Postponed: What You Need to Know

Earlier this week, the Obama administration announced that it was postponing the employer responsibility payment and insurance reporting requirements under the Patient Protection and Affordable Care Act until January 2015.

At that point, employers with 50 or more full-time employees (or the equivalent in full- and part-time employees) will be required to offer quality affordable health insurance to employees or face a fine of $2,000 for each employee who receives a premium tax credit for purchasing individual coverage from one of the upcoming health insurance exchanges.

We'll be compiling resources on what this means for workers and employers. If you see any good resources, pass them along! Here's what we have now:

• Frequently asked questions (FAQ) from Kaiser Health News

Young Professionals Corner: Credential Overload?

Editor's note: This is the latest in a series of guest posts from young VSCPA members dealing with topics of interest to young professionals. If you'd like to write or have a topic you'd like a future blogger to cover, please email VSCPA Academic & Career Development Coordinator Tracey Zink.

By David Peters, CPA
Comparenow.com Insurance Agency

CLU, CFP, PFS, CTP, CPCU…..  In the financial services world, it seems like there is a credential for just about everything.  However, is earning those extra few letters behind your name really worth it?  Before you break out those study books, here are some pros and cons of earning another credential:

Pros:

Can Jump Start Your Career – If you are fresh out of school, your resume probably doesn’t look that different from any of your peers.  An extra credential can help set you apart.  More letters behind your name is a great remedy for a plateauing career as well.

New Networking Opportunities – Once you have earned your credential, you will probably have the opportunity to meet with other people who also have that designation.  Professional societies often have luncheons, volunteer opportunities, and other functions, where you can meet other people in your field.

Cons:

Credential May Not Be Recognized – While there are many credentials out there in the world, very few are actually recognized by the public – especially if they are industry specific.  For example, how many people outside the insurance industry know that ARM means Associate in Risk Management, instead of just being the word for the appendage coming from your shoulder?
 
Your Credential Can Be Expensive – Once you have your credential, you may have to join the membership society (costs money).  Every year, you may have to renew your credential (MORE money).  You may have to take CPE too (STILL MORE MONEY).   Whoever would have thought that those extra few letters could be so expensive?

In short, you just want to make sure that what you put into those extra letters is worth what you get out of them.  If it is, another credential can put you at the top of your industry.

David Peters is the Head of Legal, Admin, Finance, and MIS at Comparenow.com in Glen Allen and a Ph.D. student at The American College in Bryn Mawr, Pa.  His areas of expertise include insurance accounting, tax, and financial planning.  He is a VSCPA member, and, yes, he is a CPCU.