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This month's issue focuses on topics of interest to both the younger generation of CPAs preparing to enter the profession and the older generation seeking to pass on their knowledge and expand their engagement with education.

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  • Two Mistakes to Avoid When Following Up
    Aug 19, 2016
    If you’re a networking pro, you know the importance of having a network of professionals you can reach out to, and how beneficial it can be to have a network that’s constantly growing. Of course, adding people to your contacts list isn’t enough – you have to follow up with them, stay in contact so that they remember you exist. If you’re comfortable with doing that, that’s great! But sometimes the way you follow up can backfire on you. The Daily Muse offers a couple mistakes to avoid the next time you send out a friendly “staying in touch” type email: 
  • Three Things to Consider Before Accepting a Friend Request from a Coworker
    Aug 16, 2016
    Becoming friends with your coworkers can have numerous positive effects, including more successful teams and an improved office culture. Grabbing the occasional happy hour after work with coworkers can also add positivity to your work. Still, while there are a number of benefits to cultivating friendships with your coworkers, there are a few things you should consider before accepting a friend request from a coworker. Here they are, from Forbes:
  • Four Reasons You Should Consider Declining a Job Offer
    Aug 12, 2016
    Especially if you’ve been job hunting for a while, it can be easy to rationalize taking a position that you might not be 100% happy with. But unless you’re really desperate and need to pay the bills, taking a job that isn’t a good fit for you might be the worst decision you could make. Here are five reasons from Time that you might want to reconsider accepting that job offer:
  • Form 926: Return by a U.S. Transferor of Property to a Foreign Corporation
    Aug 1, 2016

    This article is the first in a series of articles explaining various IRS forms that relate to the reporting of foreign transactions.

  • U.S. Announces Greater Scrutiny of Foreign-Owned LLCs: Is Peer Pressure a Motivator?
    Aug 1, 2016

    The United States and other jurisdictions have spent a decade trying to identify owners of foreign corporations. Now, a five-year-old report by the Organization for Economic Cooperation and Development (OECD) might have served as an impetus for a U.S. proposal regarding disclosure requirements for limited liability companies (LLCs). 

  • Does My Organization Have Unrelated Business Taxable Income?
    Aug 1, 2016

    Unrelated business taxable income (UBTI) is a relatively simple concept: It represents activities conducted by an organization that are both (1) commercial and (2) not in furtherance of the organization’s exempt purpose. UBTI is based on the idea that when a nonprofit participates in commercial activities or exploits its exempt purpose, it would be competing at an unfair advantage with for-profit entities because, as a nonprofit, it generally does not pay taxes on its income. 

  • A Few Words About Estate Planning and Trustee Engagements
    Jul 1, 2016

    Thirty years of protecting CPAs from malpractice risks has shown that every CPA is safer if they understand the risks they are facing. In no type of engagement is this truer than in estate planning and trustee engagements. And the reason for this is clear: hindsight!

Carry It Forward

Internal Audit Committee