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DEBITS AND CREDITS

Independent Accountants Association of Illinois

Affiliate of the National Society of Accountants

Bill Leonard CPA, CFFA holds licenses and memberships in Massachusetts, Rhode Island, Alaska and Singapore. He is

the sole shareholder of W.A. Leonard & Company, P.C. and PT W.A. Leonard employing sixteen multi-lingual

professionals that focus on meeting the needs of small businesses, individuals and fiduciaries. A graduate of Bentley

University and Babson College, Bill has been in practice since 1981. He has over twenty years of college and seminar

teaching experience.

IAAI Presents the 2012

Non-Member Fee Member Fee Selection

37th Annual Accounting Seminar $400.00 $350.00 Bob Jennings & Bill Leonard – 16 CPE ACCOUNTING September 24-25, Eastland Suites 1801 Eastland Drive, Bloomington, IL 61704 Hotel Reservations (309) 662-0000

This course reviews all the new SSARS releases and then works through reporting issues from a small business perspective. Included is a comprehensive, well-organized reference manual including report letters, engagement letters, work papers, and reporting and performance guidelines!

63rd Annual Tax Seminar $365.00 $315.00 Chris Bird – 14 CPE TAX & 2 CPE ETHICS October 25-26, Decatur Conference Center 4191 US Highway 36 West, Decatur, IL 62522 Hotel Reservations (217) 422-8800

Tax law is continually changing. Chris brings you up-to-date on the new rules and helps you navigate through the 1040. This course includes the 700+ page National Income Tax Workbook and CD for you to reference at any point. Be sure to attend this course as you prepare for the new tax season!

Health & Wellness for the Small Business $190.00 $175.00 Larry Grudzien – 8 CPE TAX December 5, The State House Inn 101 East Adams Street, Springfield, IL 62701 Hotel Reservations (217) 528-5100

Come join us on this odyssey into the world of health and wellness benefits to the small business owners. Take this information home with you to better serve your clients and help them serve their employees.

Mail Reservations to: Independent Accountants Association of Illinois, PO Box 1506, Galesburg, IL 61402-1506

For more information Call 800-222-2270, Fax 800-313-2270, Or Register Online www.illinoisaccountants.com

Name_________________________________________________ PTIN______________________________________

Address_________________________________ City____________________________State_____ Zip_____________

Phone______________________________ Email________________________________________________________

CHECK: (Payable to IAAI) [ ] CHARGE TO: VISA [ ] MASTER CARD [ ] DISCOVER [ ] AMERICAN EXPRESS [ ]

Account #____________________________________Exp_______ Signature__________________________________

Total $__________

-Disc $__________

Amt

Due $___________

Choose All 3 Seminars and Receive 5% Off! Discount applies to member fee ONLY.

PAGE 2 DEBITS AND CREDITS

VOLUME 63 - ISSUE 5 PAGE 3

DEBITS AND CREDITS

IAAI


DALE & GENSBURG, P.C. 200 W. Adams St, Suite 2425

Chicago, Illinois 60606 • 312-263-2200

Handling the legal needs of closely-held businesses

From asset and stock sales to real estate transactions

to income and estate tax planning.

Also emphasizing representation of individuals

and businesses before the Internal Revenue Service

and the Illinois Department of Revenue.

Insurance issued by The Prudential Insurance Company of America and its aff liates. iPrudential, the Prudential logo and the Rock symbol are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide. Financial planning and investment advisory services offered through Prudential Financial Planning Services, a division of Pruco Securities, LLC. 0221361-00001-00

AT YOUR SERVICE, ILLINOIS ACCOUNTANTS Since 2003, providing insurance and financial services to those in our community.

Jeannie Taylor, CLU, CLTC Financial Planner Chicagoland Agency The Prudential Insurance Company of America 1901 Butterfield Rd, Suite 250 Downers Grove, IL 60515 Office 630-442-6835 [email protected] www.prudential.com/us/eugenia.taylor

By December 2013, every paid preparer of federal income tax returns MUST be one of the following: a

Registered Tax Return Preparer, an Enrolled Agent, a state licensed CPA, or a licensed attorney. To prepare

for the RTRP Test.............

Select a convenient date and location:

October 11, 2012 8:00 am – 5:00pm

Morning Glory Restaurant

915 Alpine Road, Rockford, IL 61104

November 1, 2012 8:30 am – 4:30 pm

Radisson O’Hare Hotel

Touhy & Route 45, Des Plaines, IL 60016

November 8, 2012 8:30 am – 4:30 pm

Ashford House Restaurant

7959 159th

Street, Tinley Park, IL 60477

November 9, 2012 8:30 am – 4:30 pm

Sherry Dalgaard’s Office

305 Granada, Lindenhurst, IL 60046

Seminar Fee: IAAI Members $99 Non-Members $139

LUNCH INCLUDED

Register Online: www.illinoisaccountants.com

Mail to: Independent Accountants Association of Illinois, PO Box 1506, Galesburg, IL 61402-1506

Call 800-222-2270 or Fax 800-313-2270

Name________________________________________ PTIN_______________________________________

Address___________________________ City______________________ State _____Zip Code____________

Phone________________________ Email_______________________________________________________

Check/Payable To IAAI [ ] Charge: Visa [ ] Master Card [ ] Discover [ ] American Express [ ]

Account#_____________________________________Exp_______Signature___________________________

8 CPE HOURS COMPETENCY TEST PREPARATON

November 1, 2012 8:30 am – 5:00 pm

IL Small Business Development Center, Shah Center

4100 W. Shamrock Lane, Mc Henry, IL 60050


DEBITS AND CREDITS

_______________________________________ PTIN _______________________________________________

Address________________________________City_______________________ State_______ Zip Code____________

Phone___________________________ Email___________________________________________________________

Account #_____________________________________Exp________Signature_________________________________

ILLINOIS TAX SEMINAR

Presented by IAAI Chapters 10 & 11

FRIDAY OCTOBER 5, 2012 8:30 AM – 3:30 PM

Holiday Inn (618-242-8876), 222 Potomac Boulevard, Mount Vernon, Illinois 62864

6 CPE HOURS

8:30am - 11:30 am Illinois Department of Employment Security

John Otey and others

Topics:

1. Changes in Labor Law

2. Work Opportunity Credits

3. Hiring Veterans in Illinois

4. Tax Net – Paying Taxes

5. Employer Fraud

6. Appeals

12:30 pm - 3:30 pm Illinois Department of Revenue

Kevin Richards, Adrianne Bailey, Max Letterly

Topics:

1. Economy and Changes at IDOR

2. T.A.P. “Taxpayer Access Point”

3. E Commerce

4. Compliance

Registration Fee: $110.00

CONTINENTAL BREAKFAST & BREAKS WITH REFRESHMENTS INCLUDED

LUNCH ON YOUR OWN

Name_________________________________________ PTIN _____________________________________

Address_____________________________ City___________________ State ____Zip Code_____________

Phone___________________Fax__________________Email______________________________________

MEMBER OF IAAI

YES NO IF YES - MEMBER # ____________________________________


DEBITS AND CREDITS

MyTax Illinois: Coming September 24!


.

PAGE 12 DEBITS AND CREDITS

Members/Early Bird by Oct 1 $309 Members/after Oct 1 $329 Non-Members $379

Presented by IAAI Chapters 2 & 13

CONTINENTAL BREAKFAST & HOT LUNCH BUFFET INCLUDED

VOLUME 63 - ISSUE PAGE 13

DEBITS AND CREDITS

2012 I.A.A.I. ENROLLED AGENT CLASSESToday, more than ever, tax professionals are separated from the crowd as ENROLLED AGENTS. As an Enrolled Agent or “E.A.”,you enjoy the same status as an Attorney or CPA when representing clients before the IRS. You will increase your credibility with existing and new clients. You will become a distinguished practitioner who possesses a high degree of technical competence andethical appreciation. You will join over 42,000 Enrolled Agents nationally. Congress has now required for NATIONAL REGISTRATION FOR ALL TAX PRACTITIONERS. Becoming an ENROLLED AGENT at this time will avoid possible annual examinations on the future – AND – this puts you way above the level of a Registered Tax Return Practitioner!!To become an Enrolled Agent, you must pass a comprehensive, three-part exam. Our 6 day class program is designed for persons who seek the benefits of receiving their Treasury Card. but do not have the time needed to study on their own. This concise tax law review will enable you to update and expand your tax knowledge in the shortest possible time. All instructors are Enrolled Agents or CPAs with more than 30 years practical experience..

ABOUT THE ENROLLED AGENTS EXAM: The exam is offered in many locations at Thompson Prometric (formerly, Sylvan Learning Centers). You have an entire year to prepare, study for each exam, schedule the date and location, and to retake up to four times, if needed. We will teach you the tricks, traps, and pitfalls of taking these exams.The exam is divided into three parts, with each part containing all multiple choice questions.• PART I: Individuals.

• PART II: Businesses, Sole Proprietorships and Partnerships, Corporations (Including S Corporations), Fiduciaries, Estate and Gift Taxes.

• PART III: Ethics. Record keeping Procedures, Appeal Procedures, Exempt organizations, Retirement Plans , Ethics, Practitioner Penalty Provisions and Research Materials.To earn your Treasury Card, you must pass all three parts of the exam. Candidates who fail one or more parts are allowed to up to four retakes for only the necessary parts during the two year period starting with completed passing of the first exam. The exams are given in a period starting May 1, 2012 and ending February 28, 2013. This exam will be based on the 2011 TaxYear rules. The next exam period starts May 1, 2013 and will be based on 2012 Tax Year rules.YOUR SPEAKERS (Final location, on Saturdays & Sundays, alternating weekends):• Richard P. Allen, EA, MBA, ABA, RTRP. Speaking in the Palos Park IL area at 8415 W Pawnee, Palos Park 60464, on

September 8-9, 29-30, and October 27-28. Maximum 10 attendees. 8:30am to 5:00pm. REGISTER EARLY.• Sherry Dalgaard, EA, RTRP. Speaking in the Chicago IL Lincoln Park area at Accounting Office, 3162 N. Broadway (near

Belmont Ave.), 773-755-2748, on TWO WEEKENDS (Friday, Saturday and Sunday), September 7-8-9 and Sep 21-22-23. Maximum 10 attendees. 8:30am to 5:00pm.

• Joel Shabsin, CPA, ATA, ATP, RTRP. Speaking in the Crystal Lake IL Accounting Office, 101 N. Virginia St. (Rt. 14), Suite 230, 815-459-1411, on September 15-16, 29-30, and October 13-14. Maximum 8 attendees. 8:30am to 5:00pm.

• Terry Bill, EA, Speaking in his O’Fallon IL Accounting Office, on September 22-23, October 6-7, and 20-21. Maximum 5 attendees.8:30am to 5:00pm. Call for details.

ALL DATES ARE SUBJECT TO POSSIBLE CHANGE.SPECIAL CLASS RATE: $ 580 for I.A.A.I. Members registered by 14 days before the first date at your location choice. (That’s $12/hour for CPE for 48 CPE hours!) $650 for late registrants and for nonmembers. (Special $365 RETAKE RATE, if you have taken the I.A.A.I. Treasury Card Course in 2009, 2010or 2011. New books are extra.) Study for the three I.R.S. exam parts, one weekend for each part!THIS IS AN INSTRUCTOR-LED STUDY CLASS, WITH A GREAT BOOK AND THOUSANDS OF ELECTRONIC STUDY QUESTIONS. - This is NOT just a self-study class.

TOPICS COVERED INCLUDE (a sample of the topics): Gross Income; Capital Gains and Losses; Exclusions from Gross Income; Nontaxable Property Transactions; Business Expenses; Accounting Methods; Business Use of Horne; Employment Taxes and Withholding; Limitations on losses; Partnerships; Deductions from AGI; Section 1031 Exchange deferrals; Section 1244 Stock; Individual Tax Computations; Corporate Formations and Operations; Credits; Basis; Income Taxation of Estates and Trusts; Refundable Credits; Wealth Transfer Taxes; Depreciation; Amortization; Depletion; Non-refundable Credits; Record Keeping Requirements; Foreign Tax Credits; Deferred Compensation; Investment Credit; Preparer Rules and Penalties, Practice Before the IRS; Federal Tax Process and Procedure; and Ethics.

GET UP-TO-THE-MINUTE INFORMATION (48 C.P.E. hours at $12/hour for members):Tax Law Interpretation and Tax Return Preparation have never been as complex, confusing and frustrating as in recent years. Tax professionals have faced a new tax bill almost yearly. This course provides and excellent in-depth review of many of the current issues tax professionals deal with every year. Materials furnished include a detailed study guide and WITH AN additional electronic study questions and answers CD. The material presented is timely, up-to-date and relevant. Attendees particularly appreciate the complete commitment to their goals of passing the Enrolled Agent's Exam.

SMALL CLASS SIZE: Generally 6 – 10 attendees. In 2011, there were 21 total attendees. Most became E.A.s in 2011.

We have helped HUNDREDS of practitioners obtain their Enrolled Agent Designation. Testimonial: “I took your I.A.A.I.-E.A. class because I saw the handwriting on the proverbial wall about stricter regulation of our industry. Although I have my A.B.A. thanks to I.A.A.I., I felt the need for the additional E.A. credential to allow our vastly growing practice to receive I.R.S. services from within. Because I am an EA, my employees are not required to take the IRS Registration exams.”“I took the course thinking I would be familiar with most of the material, having been in the public practice for some years now. NotSo! After our intensive review, I realized how much I didnʼt know… So I started to study harder and from past exams as well asthe tutorial provided. My attitude was to take the three exams, and see what they would be like for a second try. I was sure I couldpass at least one part, and m-a-y-b-e two! Perhaps I might pass a second part, but there just seemed no way to pass the third and most comprehensive section. In winter blizzard conditions, I had to go to some distance. I even made a re-test date for my most difficult section, thinking this was my fall back date. Well, all three were passed on the first try!”

If you plan to be out of town one of these weekends, you are welcome to contact the other instructor to attend an alternate class. Call us for details. REGISTRATION FORM BELOW.

TREASURY CARD REGISTRATION FORMYOU CAN BE AN ENROLLED AGENT - OR - PASS THIS ON TO SOMEONE WHO IS INTERESTED.LOCATIONS: 8:30am to 5:00pm. See previous page for locations and class size. Today, more than ever, tax professionals are separated from the crowd as ENROLLED AGENTS. As an Enrolled Agent, you enjoy the same status as an Attorney or CPA when representing clients before the IRS. You will increase your credibility with existing and new clients. You will be a distinguished practitioner who possesses a high degree of technical competence and ethical appreciation.Let us help you prepare for the exam! OR, Get Continuing Professional Education credits for EAs andCPAs for just $12/hour – even if you just need the CPEs, not the I.R.S. exam.SPECIAL CLASS RATE: $ 580 for I.A.A.I. Members registered by 14 days before the class date. (Just $12/hour for CPE for 48 CPE hours!) $650 for Members within 14 days before the class, and for nonmembers. (Special $365 RETAKE RATE, if you have taken the I.A.A.I. Treasury Card Course in 2009, 20010 or 2011. New Books are extra.) Study for the 3 I.R.S. exam parts, 1 weekend for each part!

Fax or Mail Reservations to: INDEPENDENT ACCOUNTANTS ASSOCIATION OF ILLINOISP.O. Box 1506, Galesburg, IL, 61402-1506 --- e-mail: [email protected]: 309-342-2557 or TOLL FREE: 800-313·2270 (Illinois)

For additional information call: 309-342-5400 or TOLL FREE: 800-222·2270 (Illinois)Pick your dates and locations:______________________________________________(see prior page)Name: _____________________________ Business Name: ___________________________________Business Address: _____________________________________________________________________City:_______________________ State: ______ Zip: _____________ FAX: ___________________Business Phone: _________________ Home Phone: _______________IAAI Membership #: _____________________ E-Mail: ___________________________________

Check Enclosed (Payable to I.A.A.I.) $ ________ Program Name: Treasury Card 2012Charge To My: Visa/MasterCard/Discover/American Express: $____________.Account Number: _________________________________ Exp. Date: __________Signature: __________________________ Account Name: _____________________________STANDARD REFUND POLICY. Applicable to All State & Chapter-Sponsored Functions:1. All registrations for State and/or Chapter-sponsored functions wilt be paid in advance of the event or program and may include registration at the door prior to the event. Dates, locations, and speakers may be changed to accommodate classes.2. Refunds will be issued upon notice by the attendee and for good and sufficient reason as follows:

• Cancels two weeks (14 days) prior to event 50% Refund*• Cancels four weeks (28 days) prior to event 70% Refund*• Cancels six weeks or more prior to event 90% Refund* - *Less applicable book fees & meeting room charges.• No refunds will be issued during the 2-week period prior to any event, except for illness or Injury, in which case a $15 processing fee will

be deducted from the registrant's fee. A full refund will be issued in case of death of a registrant.3. Refunds against credit card charges will be issued only by credit to the charge account. Refunds against check payments will be issued by check to the Individual or firm making the original payment. Check refunds may take 2-3 weeks for processing.

The I.A.A.I. is the state affiliate of the National Society of Accountants

DEBITS AND CREDITS

•

• •

• • • • •

Welcome New Members Chapter 3

John Plattner Bloomington, Illinois

Chapter 16 Stephanie Blanco

Calumet City, Illinois

Commercial Member Wessels Sherman

Joerg Liska Lafferty Seneczko PC

Membership Dues

Third notices for 2012-2013 dues will be mailed on May 31, if you have not already paid your dues.

Mail or Fax Payment to: IAAI, PO Box 1506, Galesburg, IL 61402

Phone: (800) 222-2270, Fax: (800) 313-2270 or Pay Online: www.illinoisaccountants.com

Wessels Sherman is recognized as one of the premier Management-Side Labor and Employment Law firms in the Midwest. Contact Managing Shareholder Attorney Nancy Joerg at the Wessels Sherman St. Charles,

Illinois office at (630) 377-1554 or via e-mail at [email protected].

We Assist Employers and Accountants with:

• Independent Contractor vs. Employee Controversies • Unemployment Compensation – IDES Audits/Hearings • Drafting Enforceable Non-Compete Agreements • Discrimination/Wrongful Termination Cases • IDES/IRS Audits – SS-8 Requests • Affirmative Action Plans • Labor Union Matters – Strikes/Negotiations • Wage Payment Laws – DOL Overtime Audits • Workers’ Compensation Defense • Training in Sex Harassment, Diversity and Compliance • Employee Handbooks – Drafting & Review • Disciplining & Terminating Employees

Locations: St. Charles, Illinois Chicago, Illinois Oconomowoc, Wisconsin Minneapolis, Minnesota Davenport, Iowa

Protecting Employers & Assisting Accountants for Over 25 Years

www.wesselssherman.com

Table of Contents

63rd Annual Convention 1 Convention Registration Form 2 President’s Message 3 Calendar of Events 4 NSA State Director’s Report 5 Welcome New Members 6 IAAI @ the Rail, Dan Setters 7 Super Seminar Series

8 Employment Issues Facing Those in Transition 9 Practitioner Exam Education for 2012 10 RTRP One Day Live Seminars 11 Debt Doctrine vs. Discharge of Indebtedness 12,13 Documenting Employee Misconduct 14 Accounting Scholarship Application 15,16 Updated IAAI Invitation to Membership 17,18 State Officers & State Directors 19

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