Connections - September/October 2021 by Alabama Society of CPAs

SEPTEMBER

ACCOU NTI NG PI PELI N E I SSU E

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O CTO B E R

2021

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TA B L E O F C O N T E N T S

FEATURES

COLUMNS Zoebelein on Tax

2021/22 Accounting Scholars Meet this year’s scholarship recipients. They’re well on their way to becoming CPAs.

Pearce Bevill’s Tom Zoebelein digs deep into the benefit corporation entity. What is it and who should use it?

Outstanding Accounting Educator

Member Profile: Diann Hammon

Inside the ASCPA

The Athens accounting professor proves it’s never too late to realize a dream.

Message from Jeannine .................. 4

Dr. Frank Messina’s 28 years at UAB are in the spotlight as he joins this elite group.

Message from the Chair................... 5

21st Century Recruiting How one firm has decided that everyone they meet is a potential accounting professional.

Recruiting Challenges

2021 CPE Calendar

Member News ............................... 26 Classifieds........................................ 33

Is virtual recruiting here to stay?

The heat is on to get those credits under your belt.

We’re @ALsocietyofCPAs on Facebook, Instagram, & Twitter— follow us to see the latest from the ASCPA.

September / October

MESSAGE FROM JEANNINE

what I love most about their story is the affection and respect they obviously share (page 23).

As we welcome the cooler weather and schools reconvene, the ASCPA will ramp up its programs with students and educators. Honestly, it’s one of the most enjoyable parts of the work we do, getting to know the next generation of accounting professionals. Turning the pages of the Accounting Pipeline issue of CONNECTIONS, you’ll see the results of your generosity to the ASCPA’s Educational Foundation. Scholarship awards at the Foundation and chapter levels are bigger than ever. Look at all those smiling faces on pages 6 and 7! Getting to know these students and being able to see firsthand that they are no different than previous generations of dedicated accountants is very gratifying. Just look at one firm in north Alabama, Strickland & Barksdale, to see how the baton can be passed to children and grandchildren. I think

Recruiting, primarily by public accounting firms, has had to adapt in the last 18 months. First look at the approach that Mobile firm Wilkins Miller is using to creatively address workforce development on pages 18 and 19. They see everyone as a potential employee, whether it’s an Uber driver or restaurant server. Allan Carroll makes a good case for looking beyond the path to CPA, noting that there are needs at ALL levels of accounting. Second, we’ve asked for recruiters to give their thoughts on virtual recruiting and their predictions for future efforts to attract talent. They reflect on the drawbacks, but also some surprising advantages, of virtual recruiting on pages 20 and 21. The ASCPA is proud to offer the annual Educator Conference in person this year on November 12. AUM’s Dr. Scott Lane is the chair of the conference committee, and he promises an agenda of hot topics. It is a setting outside usual academic circles where educators can find solutions to challenges, reconnect with colleagues and hear from exceptional speakers. We love the buzz that this conference creates and enjoy building closer personal relationships with these critical influencers. We’ve profiled two faculty with different approaches to preparing students for accounting careers. Enjoy getting to know Dr. Diann Hammon and Nicole Larriviere on pages 14 and 15.

Speaking of educators, what fun it was to (virtually) surprise UAB’s Dr. Frank Messina on August 17 and award him with the Outstanding Accounting Educator Award. His 28-year career has been marked with intense scholarship, decade-long CPE instruction assignments and his heartfelt commitment to students. His contributions to the ASCPA, at chapter and governance level, have been significant, too. Read the story on pages 10 and 11. You know as well as we do that it’s not all butterflies and rosebuds in the accounting pipeline. The Illinois CPA Society shares the results of a survey they conducted to learn how to increase CPA licensing numbers. The survey results dispelled some perceptions and are worth your review. No one has the answers, but the conversation is critical to our understanding of where to direct our energies and resources. Finally, sharpen those pencils, we’re back to school in full force with a comprehensive CPE schedule for you. There are multiple delivery methods, general as well as specific topics, so load up your shopping cart and join us. We’d love to see you in person at your local chapter event or here at the ASCPA office. Please be mindful of increasing COVID cases in our state. Take care of yourself and others by getting vaccinated and using a mask in public spaces.

Jeannine

On the cover. Raegan Ballinger is a 20 year-old foster/adopted child from a family of 14 siblings. She is entering her senior year at Athens State University. Prior to receiving the ASCPA Educational Foundation scholarship, she primarily used Pell Grants and part-time jobs to pay her college tuition and fees. Finding time outside college and work is often difficult, but she volunteers with her local church, Alabama Pre/Post Adoptive Connections and is active in the Athens State Accounting Club. In 2019 Ballinger received the Outstanding Foreign Language Student award. Following graduation, she plans to pursue a master’s degree in accounting. The ASCPA’s Educational Foundation is proud to support students like Ms. Ballinger and we salute her and all this year’s scholarship recipients.

ASCPA Connections

MESSAGE FROM THE CHAIR

In August, we took a weekend beach vacation and then sent our daughters back to school. We toured the schools and met the new teachers, and also met teachers from last year that we were never able to see face-to-face due to COVID restrictions. As I am writing this, we are getting almost daily updates about what the 2021-2022 school year will look like. It isn’t what we expected when summer began. Over the past year, we’ve learned to live with daily change and fluidity more than ever before, both in schools and in the workplace. This edition of Connections magazine highlights accounting education and student pipeline initiatives. What would accounting education be without the excellent accounting educators at colleges and universities throughout the state? To our educators, I say “Thank You”. I cannot imagine how difficult your job has been for the past 18 months, but I know you are doing everything you can to prepare your students for their careers in accounting. The investment you make in students today will lead them to become the next generation of leaders in our firms, CFOs, controllers, business owners, and volunteers on boards of directors. Some of your students today will become future educators. As our educators encounter and overcome new challenges every day, be encouraged that you are making a difference in the lives of so many students every single day, and we are grateful for your work. To our student members and future CPAs, I want to encourage you to persevere through the difficulties and obstacles you might encounter on your journey to become a

CPA. Completing the accounting education requirements and passing the CPA exam is among the most challenging paths of any profession. It isn’t easy, but there is a great reward at the end. Once your accounting education is complete and you’ve passed the CPA exam, you are well on your way to a career with limitless possibilities. Our profession needs you as much now as ever before, and we are eager and ready for you to join us! Many of our members have experienced staffing challenges in recent months and years. We need a full pipeline of new CPAs, but what can we do about it, and what are we doing about it? Please take a few minutes to visit ASCPA.org and click on “Get Involved” and then “Future CPAs”. At this site, you will find several resources designed to help students and Future CPAs navigate through this time, including: •

A digital guide that walks students through the process of becoming an Alabama CPA

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A link to join both AICPA and ASCPA as a student member (free).

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Information about scholarship opportunities and an online application form

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A digital guide to Alabama CPA firms (if your firm isn’t included, please contact the ASCPA office)

We all know how rewarding a career as a CPA can be, but for many students and their families, the financial obstacles are overwhelming. The ASCPA Educational Foundation and ASCPA chapters awarded $128,500 in scholarships to accounting

students throughout the state this year. We recently rolled out a new initiative called Scholarships for Students (S4S). The goal of S4S is to encourage our members to make regular contributions to the ASCPA Educational Foundation. If each member will make a small recurring donation, we could easily double or triple the number of scholarships awarded annually. As you read this, consider making a one-time or recurring monthly donation to the Foundation. Make sure you mark your calendar for the ASCPA Student Summit roundtable discussion and interview day on September 30 and October 1. More information about this event can be found on pages 16 and 17. Please let me and the ASCPA staff know if there is anything we can do to better serve our members. We want to hear from you!

James

September / October

2021 SCHOLARSHIP RECIPIENTS

Harper Anderson Birmingham Southern

Danielle Cabaniss Jacksonville State University

Amber Frazier Alabama State University

Ryan Lambert Auburn University

Raegan Ballinger Athens State University

Thomas Calhoon University of Alabama

Arkaysia Hampton Tuskegee University

Macy Mathews Troy University

Daniel Blessing Auburn University

Stephen Clark UAB

Arnitha Harrell University of North Alabama

Jelaney McGowan Alabama State University

Isaiah Brooks Faulkner University

James Crane University of North Alabama

Jessica Holifield UAB

Emma Morrison University of Alabama

Nick Brown Jacksonville State University

Tessa Crane University of Mobile

Joshua Jackson University of Montevallo

Sanson Navarrete University of Montevallo

June Bush University of South Alabama

James Foster Spring Hill University

Victoria Johnston Athens State University

William Nguyen University of South Alabama

ASCPA Connections

Sarah Pearson University of West Alabama

Melanie Pippen Auburn University at Montgomery

Rachel Pierce University of North Alabama

Jackie Venable Auburn University

Nya Strachan Alabama State University

Julius Wright Auburn University at Montgomery

Rebecca Wolfe Samford University

54 YEARS STRONG Begun in 1967, the ASCPA’s Educational Foundation has been providing support to accounting students for their fourth- and fifthyear studies. It began with modest amounts, $500, and included a formal presentation dinner in Montgomery. Fortunately for students, the scholarship stipend has increased! However, presentations at schools during their honors day program have proven more sensible. Plus, it’s so rewarding to see peers and staff in accounting departments and business schools bear witness to what has become a prestigious award. This support is a responsibility that the ASCPA takes very seriously. The Educational Foundation Board of Trustees consists of the most dedicated and seasoned members. Currently serving are members in public accounting, in industry and education, three of whom are past chairs of the ASCPA. The board meets quarterly to discuss the Foundation’s financial standing and to make any changes to the reach of its support. Most recently, the board decided to create awards to help students complete the CPA exam. It was a natural extension of their commitment to moving students along to licensure. The process of selecting scholarship recipients each year is the Foundation’s most visible activity, outlined here. Following fall semester, contacts at each university or college are asked to share application forms for the Foundation’s three distinct scholarship awards: the general

scholarship, one per school; five diversity scholarships, given to students who meet the diversity requirement; and two financial need scholarships, based on their specific situations. Please know that this selection process is not a cold, calculated one! Maybe there is only one applicant from a particular school. Done. But often there are multiple worthy applications.

Part of the application package is an essay in which the student is encouraged to tell their story. And, quite frankly, it is these essays which touch the hearts of the selection committee and may weight their decisions. Students come to accounting from a lot of different directions and the selection committee does its best to recognize excellence regardless of a student’s starting point. That’s why the committee members each mark their individual selections and have to “make their case” when there are several equal candidates from a particular school. The situation is eased by the fact that ASCPA chapters also make scholarship awards, sometimes using the Educational Foundation’s pool of applicants. The selection committee members fall in love with these students and feel a vested interest in their success. The students are encouraged to share campus events with the ASCPA for the college digital newsletter, The General Ledger. They are involved with their local Beta Alpha Psi chapters or accounting clubs and encouraged

to attend local chapter meetings. Zack Camerio and Renee Hubbard get to know students even better on campus visits. Many times, once the graduates become CPAs and ASCPA members, they are active with the Young CPAs and show up at recruiting events on behalf of their new organization. The students receive $2500 awards in all three categories with several endowment awards at the $1500 level. The value and impact of the scholarships was brought home during the Fortune Forward capital campaign in 2011. A film crew was making a promotional video at Samford University to promote the campaign. While filming in assistant professor Dennis Price’s class, he shared the story of his own ASCPA scholarship. He said that his father had died and his mother was doing all she could to keep him in school. He received an ASCPA scholarship, came to Montgomery to receive it and attended the banquet with his mother and brother Don. Price’s story was not part of the original script, but it touched the film crew and ASCPA staff deeply and was included in the final video. (Don Price also became a CPA and had a career in public accounting and private industry.) That is why the Educational Foundation and its mission to promote CPA careers through educational scholarships is just as vital now as it was in 1967. Thank you for your continuing support of that mission and in the nurturing of future Alabama CPAs.

September / October

ASCPA EDUCATOR CONFERENCE 11.12.21 I 10AM-2:15PM Free 4-hour CPE with lunch provided Attend in-person at the ASCPA office or via Zoom Plan to discuss CPA Evolution, Future of the Accounting Profession, Lessons Learned from the Pandemic, and more! For more information or to register visit: www.ascpa.org/edc

CHAPTER ROUNDUP SEPTEMBER

NOVEMBER

September 16 • 4:30PM – 6:30PM East Alabama Chapter Bankers and Attorneys Social Moore’s Mill Club, Auburn

November 4 • 11:30AM – 1:00PM East Alabama Chapter Luncheon Saugahatchee Country Club, Opelika

September 16 • 4:30PM – 6:30PM Mobile Chapter Post Deadline Party Heroes Sports Bar & Grill, West Mobile September 17 • 8:00AM – 5:00PM Birmingham Chapter A&A Update with Bruce Nunnally Harbert Center, Birmingham September 24 • 11:30AM – 1:00PM Tuscaloosa Chapter Luncheon with Rep. Bill Poole The District Room, Tuscaloosa September 27 • 8:00AM – 5:00PM Mobile Chapter Tax Update with Lisa McKinney The Admiral Hotel, Mobile

OCTOBER October 16 • 12:00PM – Until Young CPA Charity Cornhole Tournament Avondale Brewing Company, Birmingham October 19 • 5:00PM – 7:00PM North Alabama Chapter CPA Panel Discussion and Student Social UNA Banquet Hall, Florence October 26 • 5:30PM – 7:00PM Northeast Chapter Student Social TBD October 28 • 4:00PM – 6:00PM Montgomery Chapter Tailgate TBD

November 4 • 4:00PM – 6:00PM Eastern Shore Professionals Night Fairhope Brewery, Fairhope November 5 • 8:30AM – 12:00PM State and Local Tax Update with Bradley Firm Zoom November 17 • 11:30AM – 1:00PM Tuscaloosa Chapter Luncheon The District Room, Tuscaloosa November 18 • 4:00 – 6:00PM Mobile Professionals Night Cedar Creek Social Club, Mobile November 18 • 4:30PM – 6:30PM Downtown Rescue Mission Evening of Service Downtown Rescue Mission, Huntsville

DECEMBER December 2 • 4:00 – 7:00PM Meals for Manna House Manna House, Huntsville December 7 • 4:30PM – 7:00PM Montgomery Chapter Photos with Santa EastChase, Montgomery

Go to ascpa.org for more information on events in your local chapter.

September / October

“[We can’t overstate] the scope of Frank’s contributions to UAB – as a teacher, as a scholar and journal editor, as a leader and department chair, as a mentor, as an advocate. He renewed my own interest in accounting and made me want to join this department long before the accounting and finance departments were merged.”

Stephanie R. Yates, PhD, CFP®, AFC® Regions Bank Endowed Professor and Interim Department Chair Department of Finance and Accounting Collat School of Business, UAB

ASCPA Connections

2021 ASCPA Outstanding Accounting Educator FRANK MESSINA On August 17, at the UAB’s Collat School of Business academic year kick-off meeting, Dr. Frank Messina was honored with the ASCPA’s Outstanding Accounting Educator award. This meeting was an ideal setting, recognizing Messina in front of his peers at the university he has served for 28 years. Eddie Nabors, UAB instructor and Beta Alpha Psi advisor, nominated Messina and highlighted his many accomplishments. “Frank Messina’s 28-year career at UAB, plus his involvement with the ASCPA, led me to nominate him for this award. In my short ten years at UAB, I’ve found Frank to be the source of tremendous institutional knowledge. He really is the anchor for the department and willing to stand up on issues he believes in. His impact on students cannot be overstated. He’s even recruited one of his daughters-in-law! She is currently in the accounting PhD program at Kennesaw State and serves as my right hand with Beta Alpha Psi.” Dr. Frank Messina is the endowed Alumni and Friends Professor of Accounting in the Collat School of Business, and has been a member of the faculty since 1993. He also serves as UAB’s faculty athletics representative (FAR) since 2008, acting as a liaison between athletic governing organizations and its programs. He serves as a member of the NCAA’s prestigious Committee on Academics and is active in Conference USA as well.

master’s in professional accountancy at MSU in 1990, and a bachelor’s degree in business administration at the University of West Alabama in 1986. He has received the UAB Excellence in Classroom Teaching four times; has received the UAB President’s Excellence in Teaching Award; twice received the Loudell Robinson Excellence in Accounting Teaching Award, the NSAC Silver Pen Research Award and the Kinder Morgan/El Paso Energy Foundation Faculty Achievement Award, along with several other teaching and research honors. Dr. Messina publishes and edits extensively in tax and accounting journals and has taught a variety of seminars and courses around the world over many years. For about 10 years he was an instructor at the annual firm-wide CPE Week of Carr Riggs & Ingram, which brought in 1000 or so professionals each summer. Brian Barksdale, managing partner for Birmingham’s CRI office originally suggested Messina for the tax courses. “I had known Frank through UAB, thought the world of him. I knew he would bring not just knowledge (and plenty of it), but also have a wonderful way of sharing that knowledge. Not everyone who’s a tax expert can relate to their audience in a way that is not only meaningful, but also entertaining. There’s a reason why he’s won all those teaching awards”, said Barksdale.

Nabors knew that Frank Messina had been very active with the Alabama Society in local chapter and state-wide capacities and included that in his nomination: •

ASCPA Educational Foundation Board Member, 2007-2009

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Member of ASCPA Council, June 2004May 2006

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President - Birmingham Chapter of ASCPA, 2003-2004

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Vice-President - Birmingham Chapter of ASCPA, 2002-2003

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Secretary - Birmingham Chapter of ASCPA, 2001-2002

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Treasurer - Birmingham Chapter of ASCPA, 2000-2001

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Federal Taxation Committee, 1997-present

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Chair of the Members not in Public Practice Committee, 1995-1997

Messina’s resume lists a huge number of articles he’s written for professional journals. He also was editor of the high school edition of New Accountant Magazine for many years. Congratulations to Dr. Frank Messina on behalf of colleagues and all those he’s influenced through the years at UAB and the ASCPA.

Messina received his doctorate in accounting from Mississippi State University in 1993, a

September / October

IS THE CPA CREDENTIAL SLIPPING BEHIND IN THE RACE FOR RELEVANCE? At the heart of all pipeline issues are questions about the CPA credential itself. The Illinois CPA Society published a comprehensive article and executive summary on this topic, edited and reprinted here with their permission. EXECUTIVE SUMMARY TODD M. SHAPIRO PRESIDENT AND CEO ICPAS I delivered that warning in our 2016 Insight Special Feature, “Pipeline Disruption: The Search for Solutions to the Weakening Supply of CPAs.” Five years later the issue has, in fact, grown worse and more troubling. Earning the CPA credential has historically been one of the most notable ways to establish a professional identity and exhibit a high level

“A stagnating CPA pipeline is a threat. It’s an issue that will only get worse and grow more troubling without action.” of competence in the accounting profession, yet we are witnessing a nationwide decline in not just new CPAs but also accounting program enrollments. According to the most recent AICPA Trends Report published in 2019—a comprehensive

ASCPA Connections

biennial report tracking the supply and demand of U.S. accounting graduates— projected bachelor’s, master’s, and Ph.D. accounting enrollments were down 4 percent, 6 percent, and 23 percent in 2018, respectively, and the number of new CPA exam candidates hit a 10-year low. The AICPA suggests the continued declines are being driven by “both economic conditions and an expansion of the alternatives available” to potential accounting students, who are “opting to enter or remain in the workforce in lieu of pursuing an advanced accounting degree or to pursue other avenues for advanced education.” It is also widely acknowledged, though rarely discussed, that less than half of all accounting graduates ever sit for the CPA exam—and even fewer ever pass it. The 2019 AICPA Trends Report also reported declining demand for new accounting graduates, with U.S. public accounting firms reducing hiring of accounting graduates by 11 percent. While not a troubling statistic on its own, it builds on a downtrend. Combined, the AICPA’s last two Trends Reports paint a dire picture—an approximate 30 percent slide in the hiring of new accounting graduates by public accounting firms. Meanwhile, their nonaccounting recruits made up 31 percent of all

new graduates hired—a 55 percent increase over prior levels. Compounding the CPA pipeline’s troubling outlook is the waning presence of CPAs at the most visible and influential level of corporate finance—the CFO. In “Why You Don’t Need to Be an Accountant to Be a CFO,” the Wall Street Journal’s Mark Maurer highlights that just 36 percent of CFOs at the 1,000 largest U.S. public companies were CPAs in 2019, which is the lowest figure in the six years Korn Ferry has collected the data. Maurer reports: “Executives and recruiters trace this evolution to the aftermath of the global financial crisis, when companies increasingly wanted strategy-focused CFOs who would promote transparency and operational changes to spur growth and guard against threats. That was a change from the years after the 2002 SarbanesOxley Act, when companies—under pressure to improve their financial reporting—often picked chief accounting officers as their finance chiefs.” Clearly, corporate America does not think of CPAs as “strategic.” I suspect these trends may continue, and I am not alone. When the Illinois CPA Society held its fall 2019 strategic planning meeting with its board of directors and senior staff, they came to the consensus that there will be significantly

fewer CPAs in the next five-to-seven years. As I have cautioned before, the CPA profession is facing a pace and type of change unlike any it has experienced before—the rules of the race are literally being rewritten by technological, economic, and social change, and we are falling behind. We are at risk of losing talent, influence, and opportunity. A large population of CPAs will be retiring. Artificial intelligence and robotic process automation, among other technologies, will forever change accounting, audit, finance, tax, and more. The ways services are provided to clients and companies, and the ways companies and firms are staffed, are shifting dramatically. Client and company expectations of their strategic business advisors are changing. And COVID-19 has only accelerated many of these changes and growing challenges.

We steadfastly believe the CPA credential and the CPA profession are in a race for relevance, and the time to act is now. Many in and close to the CPA profession tend to make various anecdotal assumptions about what really influences the ebb and flow of the CPA pipeline: The 150-credit hour requirement is the biggest barrier; the CPA exam is too hard and outdated; earning the CPA credential takes too much time and costs too much money; other credentials have become more meaningful. None of these factors are new to the landscape. The truth is there have always been challenges that accompany becoming a CPA, and there have always been a variety of career paths and credentials for accounting students and professionals to pursue. So, why has interest in the CPA credential seemingly driven off a cliff in recent years? We must get away from supposition. We must ask those who can definitively answer why, so that is what we did. With input from various regional and national stakeholders, we developed a survey targeted toward accounting students, graduates, and professionals under the age of 35—including CPAs and non-CPAs—with the aim of gaining insight into what is truly driving the decline in individuals pursuing the CPA credential and understanding why so many accounting students and young professionals either do not finish the CPA exam or never take it at all. The responses we received were as diverse as the 3,102 survey participants. I believe we succeeded in validating some common assumptions and disproving others, while also revealing some themes we can use to better communicate the value of the CPA credential. However, I must acknowledge that this survey

is likely just the starting line for deeper research—while we received a strong response from CPAs and others planning to earn the credential, we need to better understand the mindsets of accounting students and young professionals who decided not to complete the CPA exam and who do not plan on becoming CPAs at all. From this initial survey, we identified that they are not pursuing the CPA credential because they feel they can be successful in their anticipated or chosen careers without it and ultimately believe any value the CPA credential holds is outweighed by its lack of relevance to their personal endeavors and the time commitment necessary to obtain it. We also learned that they do not see the CPA credential as having value or relevance to their careers; they do not see the return on investment; they do not see their employers or prospective employers supporting or requiring it; and they see other credentials or specialties as being more valuable to their careers. But why is that? It used to be that if you earned an accounting degree, earning the CPA credential was the given next step regardless of career paths or time commitments. Adding to the challenges of bringing more people into the CPA pipeline are the facts that the likelihood of becoming a CPA drops dramatically after age 22; many respondents do not have an interest in pursuing a credential at all; and accounting, auditing, and tax preparation are the words most associated with the CPA credential, further narrowing the credential’s scope and attractiveness. The race for relevance is faster and more competitive than ever. Our hope is that the firsthand insight gleaned from our survey respondents (versus our own suppositions) will aid us in fulfilling our organization’s mission of “enhancing the value of the CPA profession” and help all stakeholders in their efforts to develop effective strategies for both promoting the CPA credential and ensuring its sustainability and relevance for more generations to come.

High-Level Highlights By and large, the most faced or anticipated barrier to becoming a CPA cited by respondents is the time commitment needed to study for and pass the CPA exam. In fact, workload time commitment was by far the top reason for deciding not to complete the CPA exam by those who started the process but did not complete the exam. Importantly, when breaking out responses from the individuals who do not plan to become CPAs, we gained the invaluable insight that their top reasons

for not pursuing the CPA credential included not seeing value or relevance to their careers, not seeing the return on investment, their employers or prospective employers do not require it, and other credentials or specialties are more valuable to their careers. Contrary to popular belief, the costs associated either with obtaining the additional credit hours to meet the educational/licensing requirements or preparing for and taking the CPA exam were not the top barriers cited among any respondent category. Influencers Contrary to the common belief that an employer or prospective employer is the leading influencer on an accounting student’s or young professional’s decision to pursue the CPA credential, most respondents (53 percent) cited “self” as their primary influencer. As suspected, employer/prospective employer (39 percent) was validated as a significant influencer, which was closely followed by college professor (33 percent). It is worth noting that educators did outrank employers among respondents who plan on becoming CPAs and who are still unsure about becoming CPAs. Also challenging common belief was the fact that a higher-than-average salary was not identified as a top factor in deciding whether to become a CPA. Instead, career advancement opportunities earned the largest response, which was followed by greater marketability. In addition, we found a clear correlation between respondents either working or preferring to work in public accounting and deciding to pursue the CPA credential. Interestingly, though, just 27 percent of all respondents see themselves spending most of their careers in public accounting. Challenges For those of us who are passionate about ensuring a strong pipeline of CPAs, it is important that we validate our assumptions about what is weakening it—or discover something different—so we can effectively strategize to restore growth in the number of new CPAs. For this reason, we presented survey respondents with more than a dozen commonly known challenges and assumed barriers to the CPA credential to test which ones would rise to the top. By and large, the most faced or anticipated barrier to becoming a CPA cited by respondents is the time commitment needed to study for and pass the CPA exam. In fact, workload time commitment was by far the top reason (63 percent) for deciding not to complete the CPA exam by those who started the process but did not complete the continued on page 28 September / October

MEMBER PROFILE

Diann Hammon, PhD, CPA When Diann Hammon is in front of her students, many of them nontraditional, she can draw from a deep well of life experience. She grew up in Lawrence County and Decatur, then embarked on a career as a 17 year-old selling furniture up and down I-65. She and her brothers worked out of an eighteen-wheeler as their dad bought furniture in Mississippi and then sold it by cold calling stores.

“It was an amazing experience, although I didn’t understand how profoundly it would shape me,” she said. Hammon went on to marry, have three daughters, and assist her husband, another entrepreneur, in his construction business. Knowing that she wanted her girls to value education, Hammon went back to school. First at Calhoun Community College, then Athens State. As she sat in an accounting class at Calhoun she felt that teaching accounting was “the best job in the world”. Even as a child, she had played “teacher” with her five brothers as her “students”. Once in the master’s program at UAH, she shared her interest in teaching and her advisor steered her to those classes which would contribute to that goal. Starting in 2010 she began teaching at Calhoun while earning the CPA designation.

“I became a CPA in 2012 and it was a huge turning point for me. It gave me permission, somehow, to set lofty goals for myself and I knew it would open doors for me.” In 2012 she was teaching at historically black community college J.F. Drake and, while there learned about the PhD program at University of South Alabama. It was ideal for her, meeting each month for intense weekends of instruction but leaving her free to teach and take care of her family. Hammon joined the faculty at Athens State full-time in 2016 and uses her experiences as a late-bloomer to inspire and motivate her students.

“They come in thinking that my having a doctorate elevates me. What I have to explain is that I didn’t even make a decision to go to college until later. That I fell in love with accounting and that passion propelled me to earn a CPA and a PhD. I have a student with six sons who just got a job with the Department of Revenue. For her, this is a huge step forward, one she might not have envisioned when she enrolled in school. Helping students is what I live for.” Athens and Hammon were well-prepared for the pandemic shutdown, with lecture videos and other materials already in place. She noted that learning at distance did require diligence from the instructors in responding to student questions and requests for help. She felt that the Zoom meetings have helped to build a strong student community. Accounting Club meetings have been held twice a month with speakers happy to participate remotely.

ASCPA Connections

“We’ve had community programs which have flourished through the accounting club. The students wrote positive cards to residents at rehab facilities to keep their spirits up and sent Valentine’s cards and activity books as well. They even went on a trip to Scott’s Orchard and were thrilled to hear that the trees were depreciated! It was an eye-opener, to see that accounting matters here, too.” She reported that recruiting of students has been steady in spite of the pandemic. Some interns have even been able to work remotely. When asked if she’s seen a change in her students over the last several years, Hammon is awestruck by how much they are doing.

“I see students who are so technologically savvy. They’re working accounting problems on their phones! I’m simply amazed. Since we see a lot of nontraditional students, I notice that they are juggling work, school, families, church and volunteer activities. They might have health concerns. And yet, they come to class and carry on. I’m humbled by their dedication.”

FACULTY PROFILE

Nicole Larriviere, Spring Hill College And now, as they used to say on Monty Python, for something completely different. Well, not completely different - the passion for students is the same, the commitment to helping them make the right decisions about their future beyond college is the same, but the perspective that Nicole Larriviere brings is not that of a CPA. Instead, she brings to bear her experience in corporate and public communication (she earned her master’s from the University of South Alabama) in assisting students in the Division of Business at Spring Hill College.

“I coach college students during their internship and job search process by mentoring in career planning, resume and cover letter development, and interview preparation. This involves collaborating with faculty and businesses to make sure students gain valuable and insightful internship experiences, while simultaneously ensuring that the organizations benefit from the intern’s contributions. It is, after all, a two-way street.” She has taught marketing and business communication at Spring Hill, public speaking at the University of South Alabama and the University of Mobile. Larriviere is a Ragin’ Cajun with an undergraduate degree from the University of Louisiana at Lafayette. She’s originally from New Iberia, deep in the heart of Cajun country, but lived in Alamosa, Colorado for several years. While there she worked on grants affecting stakeholders in a six-county area – large projects in which communication, collaboration and building community were key skills. Larriviere met her husband while they were in high school in Lafayette, LA and migrated with him to Auburn where he was in graduate school, then he taught at Spring Hill College for a year and then they moved to Colorado. They got the call to return to Spring Hill then once their youngest child was in kindergarten, she looked for part-time work. While she had been teaching adjunct at several institutions in Mobile, in 2015 Spring Hill developed a more expansive vision for the Division of Business and a position was created that seemed tailor-made for her.

“The chance to become more deeply involved in student’s lives as coordinator of the internship program, a business and career development role really, was perfect for me. It allowed me to incorporate all the things I did in my other classes, but in a more cohesive way with a very direct line to how these so-called “soft skills” would benefit students in their careers. I felt that I had to be the one to ask them the hard questions, direct questions, about what

they wanted in their working future. I encouraged them to truly interview the interviewers and not to be afraid to turn away from a particular offer if they felt the organizational culture didn’t suit them.” Spring Hill’s students come from all over and are generally drawn to the school for a couple of reasons: its classic Catholic Jesuit atmosphere, athletics (and athletic scholarships), campus visits and as legacy attendees. While fall 2020 was, in her words “not fun,” the bumps gradually worked out and it was a much different story in spring 2021.

“We already had a learning management system in place that many faculty members were using to put assignments, projects, and grades. Some students were in quarantine and we provided video lectures to help them. I think the entire teaching staff felt that we had to be even more present for students. We experienced a definite gap in hiring and internships in summer and fall 2020. The ASCPA’s programs, especially the Student Summit, will go a long way in getting more exposure for our students. They look forward to programs where they can meet firms and companies, even state government. And we can’t say enough about the Educational Foundation’s scholarship program. It makes such a difference.” Larriviere’s commitment to students did not waver during the pandemic.

“It’s our job to help them become critical thinkers, to be compassionate about others and to be adaptable. That’s probably been the biggest lesson of the last 17 months.”

September / October

September 30, 2021

Student Summit Roundtables

Presented by:

ROUNDTABLE 1 Benefits of Developmental Feedback Scott Bradbary and Callie Mauldin

ROUNDTABLE 2 Professionalism 101 Jennifer Neal

ROUNDTABLE 3 Interview and Resume 101 Charles Baughman

ROUNDTABLE 4 Working with a Diverse Team Jon Hubbard

ROUNDATBALE 5 Navigating Unintentional Bias Deloitte

1:00 PM - 3:00 PM - Roundtables 3:00 PM - 4:00 PM - Keynote Speaker, John Garrett, What's Your And? Sponsored by: 16

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October 1, 2021

Student Summit Interviews

Presented by:

Recruiting opportunity for public accounting firms, corporate entities, and government agencies: Interview students from colleges/universities across the state Minimum GPA of 3.0 Networking opportunities Lunch will be provided Other Student Summit Sponosrs Include:

For questions regarding the Student Summit, please contact: Renee Hubbard at rhubbard@ascpa.org or Zack Camerio at zcamerio@ascpa.org

8:00 AM - 4:00 PM - Interviews Auburn University Montgomery (Taylor Center)

September / October

21st Century Recruiting E X PA N D I N G T H E C I R C L E

The team at Wilkins Miller doesn’t see recruiting in a single dimension. They have embarked on an “all-hands-on-deck” approach that assumes everyone they encounter, whether at a university student event or at a local coffeeshop, as a legitimate opportunity to connect. Will every conversation have direct results? Impossible to measure. Will engaging with people from diverse backgrounds increase the chances of discovering talent in unexpected places? Of course. Here are the reflections of Wilkins Miller staff who are using this approach.

Stacy Cummings – Partner I’ve certainly learned over the years that not every great accountant comes from the top of their class. It has taught me to be open to those who are eager to learn and want to work. Grit can be just as good, if not better, than grades in determining success. A lot of great people have stories or challenging seasons of life, but those roadblocks can be overcome. In fact, it is these very stories that will allow them to truly connect with clients.

We need to be spreading the word about what a rewarding profession we have and what a great life it can provide for us and our families. Use your own story as you recruit, particularly if it is a non-traditional one.

Allen Carroll – Managing Partner We all run across and interact with young people, or other folks, every day. I’ve found it easy to be genuinely interested in them. I’ll ask if they’re a student. If so, what are they studying? What do they want to do? Of course, some are clear in their direction, others not so much. For those who are not as clear, ask about all the things they have considered. Listen, listen, listen so you can help them connect some dots later. You know that the younger someone is, the less likely it is that they have defined a direction or specific interest. When our young CPAs go to high school programs the students always ask “How much money do you make?” Use this very practical question and turn the tables to ask THEM what their definition of success is? How much money would they like to make after 5-10

I’ve certainly learned over the years that not every great accountant comes from the top of their class. Recruit from everywhere – great accountants can have a prior work life or unrelated degree that will bring added experience and diversity to your team. We have wonderful team members with original degrees in English, political science, biology; those who worked as a paralegal or in construction. Focus on finding good people with the right attitude and aptitude. Let’s face it, WE are the best recruiters there are for our profession – don’t leave it up to the college professors, high school teachers, or those with an accountant in their network to make our profession sound good or worthwhile. 18

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years of working? Then you can move into the tremendous benefits, both financial and otherwise, of a career in accounting. Ask if they have considered accounting? If not, why not? That conversation naturally leads to dispelling some stereotypes and talking about all the truly exciting parts of the profession there are, such as working with business owners and helping them to accomplish their mission. The flexibility accounting offers to growing a family while maintaining your professional standing is very attractive. I often circle back to the money question and quote the national averages for different levels in public accounting (readily

available through the Robert Half accounting salary guide online). Once you have established a real connection and they have expressed some interest, invite them to your office. They can meet other people, hang out and shadow for an afternoon. Make sure those they meet tell their own stories about why they chose accounting and why they believe it is a great profession. If needed, help connect them with local universities. For those where college isn’t in the mix, offer them an administrative role and send them to a bookkeeping school. I believe this is a big area of opportunity for us all. Help good people understand there are great opportunities in accounting, even if you don’t go to university.

Jack Johnson – Manager Accounting is my second career. After spending some time in other jobs, I realized I wanted to learn a skill that was valuable to the marketplace and would provide me with job security. Accounting was never pitched to me by anyone, in fact some people even attempted to dissuade me from accounting, suggesting finance instead. All respect to my friends in finance, but after living through the crash of 2008 I had zero interest in going down that path! After I went back to school for accounting, what ultimately hooked me was the flexibility and variety it offers. I have no regrets about the choices I made and the path that led me here, I think every career choice I made was necessary to get me to where I am today. Maybe if somebody had told me about the benefits of accounting as a profession I would have started sooner. I could have accumulated even more valuable experience to use in helping my clients. That’s why I’m so passionate about recruiting students (anyone, really) to accounting. There is an outdated perception that we put on a translucent green visor, sit at our desks with our little lamp, and just grind out spreadsheets and tax returns all day long. The reality of public accounting is much more attractive. First of all,

in a professional career you get treated like a professional! Meaning that as long as you get your work done, you have a lot of flexibility to take care of the rest of your life and even take time off for vacations. Here’s a news flash: the most important skill in accounting is NOT knowledge of the tax law, knowledge of GAAP, or Excel proficiency, it’s communication. People pay us to use our technical knowledge to communicate to them in plain language what is going on with their business and what their business needs to succeed. Public accounting provides a wide exposure to different businesses and industries. It’s super fun to see how other people make money (and to make money yourself in the process). As a CPA, you’ll end up interacting with other CPAs, which means you get to work with a variety of intelligent, driven individuals with dynamic personalities. Finally, while accounting rules, tax regulations, and technology are constantly changing, that CPA designation means you have evergreen skills that will always be marketable. It’s easy to “sell” accounting careers to someone when you’re as charged up as I am.

Simon Fox – Manager Like Jack Johnson, accounting was not my first career choice. I graduated with a finance degree with a concentration in real estate. While I wanted a career in real estate, I graduated at the worst possible time…2008! I struggled to find a job after college. Luckily, I found a position in the insurance adjusting business. While I enjoyed the job itself, it wasn’t what I wanted long term. It required traveling the country for weeks or months at a time with no certain timeline of returning home. After getting married, I wanted a more stable career, but again experienced a difficult time based on my finance degree. That’s when I decided to go back to school to take the accounting courses I needed to sit for the CPA exam. Why did I choose accounting? To me, accounting seemed like a rewarding profession with endless career opportunities (public, industry, government, tax, audit, etc.) and having CPA behind my name would open even more doors. From my point of view, there will always be a need for accountants. For example, while many people were laid off or lost their jobs during COVID, accountants were in demand! Our clients needed us to help them and their businesses survive the pandemic. If you’re talking to someone whose employment was seriously affected, this is an excellent argument. What I enjoy most about public accounting is the flexibility it allows (work/life balance), helping clients with challenging matters, and learning something new every day. Even though

I am grateful for the experience I gained before entering the world of accounting, if I could do it over, I would start with accounting right out of the gate! It’s easy for me to share my story with students and others.

Brandy Pate – Firm Administrator and recruiter My approach with students has been to dispel the misconception that candidates have to “love” math to be good at accounting. I think students believe that if they aren’t math wizards, they can’t do accounting. It’s more about using numbers to solve puzzles, to figure out things, to look at a problem as a whole and come up with a solution. Accountants now have technology to help with so many computations and functions, which is why a good accounting candidate is technologically savvy and has high emotional intelligence. Just as Jack mentioned, communication is the key and being able to relate to clients is essential. Also, young people or high school students believe accounting is a “desk job” only. They feel certain they will not have interaction, travel, or networking opportunities. The office environment and the industry have changed over the years and an accountant does not sit at the computer or calculator and only “crunch numbers”. The career has evolved into so much more. It’s an advising role, and CPAs work hand in hand with business owners as a resource for their financial decisions. Another perception is that the work hours are terrible. Again, technology has helped streamline a lot of processes. Obviously, there are times to dig in and work more than 40 hours a week, but the career provides a lot of flexibility in one’s schedule.

Students and those we’re recruiting need to know these basics about 21st century accounting careers. Accounting is a cool job with a variety of people in the profession. Today’s accountants are sharp, well dressed, successful, confident individuals from all backgrounds. Athletes and those involved in competitive or extracurricular activities often make great accountants because they bring the drive, dedication, grit, and teamwork needed to lead or stand out in today’s work environments. We need to help people understand how exciting a career in accounting can be. Allow your enthusiasm for the profession to spill over to everyone you meet.

Savannah Dyess – Student administrative team member I can testify to the importance of having a mentor or other guidance which shows the value of the accounting profession. I met Mr. Carroll and Ms. Cummings in a restaurant where I worked and they really opened my eyes to the possibilities of accounting. They told me that communication skills and producing new strategies are critical and play a huge role in accounting. It inspires me to be around the professionals at Wilkins Miller and other students like me who want to pursue a goal and push out new ideas every day. I recently changed my major to accounting from nursing! Both are helping professions, just using different tools with different goals. I know that it is important to encourage young people to talk to their advisors and create the best path to the degree they want; it took me a lot of research and deliberating to make this change, but I’m so happy I did.

September / October

Recruiting Challenges Is virtual recruiting here to stay?

Jan Rowe, American Honda Motor Company My guess is that virtual recruiting is here to stay. It’s just so cost and time-efficient for both candidates and recruiters to perform remote recruiting. Of course, there’s a downside. For us, we’d like candidates to see our manufacturing plant and office complex. Also, it can be tough to get a “read” on the potential employee and it’s certainly less personal. I think new associates must have initiative to seek out challenges and to ask questions outside their specific assigned duties. The remote work environment was fine for a period of time where people were comfortable in their role. I think it will be more and more difficult to find tomorrow’s leaders if we have a group of associates that have never been able to observe the overall business.

MarKeicha Dickens, Dixon Hughes Goodman Yes! Virtual recruiting, in some capacity, will be here to stay. I do not think it will be the primary way we engage with potential candidates, but it is a great way to network and connect with students who may be physically unable to attend recruiting events. Nothing beats face-to-face engagement. I 20

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believe being in person will always be the preferred way to connect with candidates. So much can get lost virtually (tone, body language, etc.) and when you are in person it allows for a more genuine connection. We try to engage our leaders as well as all others in the firm in activities when recruiting candidates. We pride ourselves on being a “people first” culture firm, and we don’t just say that. It is showcased when our CEO and other senior leaders are present and engaged with potential hires via Zoom, whether that be on a panel or in a breakout room. Bringing in our people to discuss their experiences at DHG and talk about what keeps them here is how we communicate our culture! We emphasize the value of discipline as we recruit. With great flexibility comes personal discipline. Your supervisor or manager trusts you to get your work done. It’s why they hired you. Be disciplined enough to get your work done no matter your physical location. Self-awareness is also key in this new work environment. Knowing your limitations and your capacities will help you to communicate those with your colleagues so that everyone is on the same page.

Abby Roveda, Crow Shields Virtual recruiting allows us to have more people involved and participate on more campuses because we have taken travel time out of the equation. Having more people involved spreads out the time it takes to recruit quality candidates

among more team members, gives them the opportunity to practice their own soft skills, and gives them a role to play in the growth and development of the firm. And from the candidate’s perspective, it gives them more varied interactions with our team members that will help them evaluate if we are the right fit for them. Additionally, we learned from the pandemic that remote employees can be effective team members for all our lines of business. Therefore, instead of focusing on candidates that are local to our office locations, we have widened our net and virtual recruiting allows us to more easily get in front of those people. The flip side is that it is tough to convey your firm’s culture over a Zoom interview and it’s also difficult to have meaningful interactions with more than one person at a time. Our most successful recruiting events involved mingling with multiple students and multiple team members. This set up seemed to facilitate the best conversations and opportunities to get to know candidates but has proved difficult to recreate on a virtual platform. At the end of the day, we can teach you how to do the technical aspects of your job. However, we are use these events and interviews to see how candidates interact with others and if they have a good foundation of soft skills. Virtual recruiting just doesn’t provide the best environment for evaluating candidates in that light. We schedule most virtual interviews or meet and greets with at least two team members on our end. We pick team members in different lines of business so candidates can get questions answered from different perspectives, and so they can see that there is camaraderie among

our employees in different departments. Our office isn’t just a collection of teams that don’t interact with one another. From there, we try to keep it casual and conduct it the way we would if we were meeting them at a career fair or a Beta Alpha Psi meeting, learning as much about them as we can and answering all their questions, big or small. We love students who come to these virtual meetings ready to have a two-way conversation, instead of our team’s spending the entire call trying to pull responses or questions out of them. We can’t overstate how important communication and problem solving/critical thinking are! Remote work absolutely requires you to be a good listener, take notes, and determine the best way to communicate with various team members. I tell any new team member I work with that they must reach out if they have questions. In this new remote work environment, people can’t walk past your desk and see when you need help. We are relying on you to let us know. Don’t be afraid to ask questions—it is the only way you will learn. You are not going to bother anyone as a new hire by asking questions until you start asking the same questions repeatedly, which is why problem solving/critical thinking are equally important. Once you have asked those questions and received help or answers, file that information away so the next time you encounter the same or similar problem, you know what to do. The most successful onsite or remote employees are those that can make connections between past problems and solutions with new problems on new projects.

Ashley Taylor, Jackson Thornton I imagine recruiting will have a virtual aspect from now on. With more platforms coming on board (i.e., CareerFair+, Handshake, etc.), it will be cheaper for universities to put on a virtual career fair. It may also open doors for smaller schools to participate in larger events their students previously didn’t have access to. We’ve been able to utilize individuals within the firm that love to recruit but in years past couldn’t commit to the travel due client demands or other commitments. Now in a virtual environment, principals, auditors on the road, tax professionals in the middle of busy season can all help with recruiting as most virtual events and interviews are easily built into a manageable schedule with no travel.

was like to intern and/or transition from college life to career life at Jackson Thornton. So much of public accounting is about relationships: relationships with peers, clients, the community. In a remote setting, the relationships are more important than ever, but harder to develop, strengthen and/or mend. We need people with a willingness to pick up the phone and call someone or set up a Zoom call. We also need people who are not afraid to speak up in a virtual environment. When participating on virtual calls or interactive webinars, it’s easy to just sit back in listen. However, those that make the most of the environment in which they are having to work will be most successful. Speak up, ask questions, be as engaged as if you were in a conference room.

But, let’s face it, a virtual meet the firms just isn’t the same as a live event. We miss out on those students that may not be familiar with our firm that we could attract to our booth for an introduction. Some of my favorite candidates are those that may not have even had us on their radar. We no longer meet those candidates in a virtual environment. It’s been tough to communicate our firm’s culture virtually, too. Our best efforts have been to schedule multiple Zoom meetings with staff they would be working with. Some of the best calls are with a first, second, or third-year staff person in a conference room. They talk to the candidate about their experiences and what it

September / October

IT’S THE FAMILY BUSINESS.

STRICKLAND & BARKSDALE WELCOME A THIRD GENERATION.

Although it’s been a Russellville fixture since 1964, Strickland & Barksdale, CPAs, is more than just a long-standing local business. It’s a family affair, and the third generation of the family, Will Barksdale, recently earned his designation as a Certified Public Accountant. Barksdale follows his mother Donna and his grandfather Glen Strickland in becoming the third family member to successfully complete the CPA training and test. Strickland started the company in 1960. His two daughters, Donna (Barksdale) and Cynthia (Fennel) both work at the office, along with his grandson Will. And that family togetherness is the primary reason Strickland, now in his 80s, loves coming to work every day. “If not for them, I probably would have retired already,” Strickland said. “Some people can’t work with family but we have always worked together well and that keeps me going.” Strickland’s CPA career began in Birmingham, but he returned to Russellville to open his own practice in 1964. Donna joined her father’s firm in 1983, and Will joined the firm in 2015. After earning his bachelor of science in business administration from Auburn University, Will received an MBA from the University of North Alabama with a concentration in accounting. He began studying for the four-part CPA exam in 2019 and he completed the final part of the 16-hour exam last year. In addition to passing the CPA test, candidates must have at least one

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year of experience in public accounting working with a licensed CPA.

changing tax code is one of Will’s favorite parts of his job.

Barksdale said he was never pushed to go into accounting by his mother or grandfather. Instead, he decided on that career after working at the office while he attended NorthwestShoals Community College.

“Every client’s needs are different. Each return includes different challenges as to how I can best serve them and get the most for them,” Will said. “I really enjoy helping each client individually.”

“I kind of grew up around (accounting),” Barksdale said. “After I worked here during my time at NW-SCC, I decided I liked the work and that was for sure what I wanted to do.”

Working within the confines of ethical accounting practices, Strickland said he wants his clients to see their fees as an investment rather than an expense.

After he graduated from Russellville High School in 2009, Barksdale saw many of his classmates move away to pursue educational or professional opportunities elsewhere. But that was never in the cards for Will.

“With the fees I charge, I want to provide value to the client,” Strickland said.

“I had my time at Auburn and loved it, but at the same time, this is home and I always wanted to come back. Nowhere else feels like home except here,” he added. As with most professionals, accountants have faced challenges from the COVID-19 pandemic, including learning the tax implications of Paycheck Protection Program loans, stimulus payments and other federal programs designed to help the economy. “The PPP loan program is constantly changing,” Donna said. “I read all the time and there are changes all the time. And those rules change each time Congress passes new legislation.” The challenge of keeping up with an ever-

When it comes to accounting, the Strickland family tree also branches out into Birmingham, where Donna’s daughter Alison (Montanaro) has her CPA practice. One of the essential traits for a successful CPA is being a good listener, as Will explained. “It starts with listening to your clients and what their concerns are. You make sure to put in all the work to resolve their issues or questions. And you do it in a trustworthy and ethical manner to make sure everything is handled correctly for them,” Will said. When he began in 1960, changes in the federal tax code came “every five years or so,” Strickland said. “You could do an individual return on two pages and make a copy on the Thermo-Fax,”

Strickland explained. “Now, the law is changing constantly.” With no plans for retirement, Strickland said he’ll continue working as long as he’s physically able to do so. “I still enjoy coming to work every day. And having an office with my family is a big part of that,” Strickland said. “When they were growing up, all of them used to say because I worked long hours they would never want to go into accounting, but they all ended up doing it.” Will Barksdale advises anyone entering accounting to make sure that flexibility and adaptability are core values. However, he would NOT recommend taking the job that pays the most, if it is not what you want. “Taking a job strictly because of the money

or just to have a job will land you in a work environment or field that is not for you. Take a job based on a good work environment in a field that you are passionate about.” Barksdale cites time management as the habit that has improved his life the most, making it possible to invest time and energy in school, work and becoming a CPA. He’s also learned that taking a breath occasionally results in greater productivity. “When I am feeling overwhelmed, I force myself to completely stop what I am doing and take a step back to ask: What is the problem? What steps do I need to take to resolve the problem? How can I most effectively execute those steps? This will often give me more time to think and help me feel more in control. Running at full speed is not always the best tactic!”

For some folks, working with family members might not be optimal, but Barksdale echoes his grandfather. “The huge benefit of being in a family firm is being able to see my family each day! I also have at my disposal two generations of professional knowledge. Mom and Granddad (and Aunt Cynthia and my sister) want me to learn and grow as much as possible. Knowing that they will not only help me with any questions, but also will make sure I understand why is extremely helpful.” Parts of this article were originally printed in the Franklin Free Press on March 31, 2021 and are reprinted with the generous permission of publisher John Pilati.

September / October

ZOEBELEIN ON TAX

BEYOND THE BOTTOM LINE THE ALABAMA BENEFITS CORPORATION

Then There were Three On New Year’s Day 2021 there emerged a third Alabama corporate entity, the benefit corporation. The benefit corporation is a forprofit corporation taxed as either a regular “C” corporation or a Subchapter S pass-through to the shareholders paying the tax. The benefit corporation is a paradigm shift from the traditional focus on profit-making to focusing on the social impact of its operations on its stakeholders. Profit-making may be secondary to the social mission, but it is still important to the sustainability of the benefit corporation. Stakeholders include employees, customers, the community, the local/global environment and, finally, its shareholders. Alabama, recognizing this shift in corporate purpose, requires the benefit corporation to shed “incorporated” from its corporate name. The benefit corporation must declare in its incorporation document (or conversion document) a provision describing how and what public benefit the corporation will pursue. Alabama benefit corporation law requires a public benefit provision in the certificate of incorporation. The benefit provision states that the corporation shall pursue one or more identified public benefits. Alabama benefit corporation must “pursue their mission in a responsible and sustainable manner” creating a positive effect on society and the environment. The benefit corporation must also conduct its business in a manner that will serve the interest of its stakeholders and shareholders. What is the public benefit? Benefit corporation Model Legislation acknowledges the following public benefits: •

Improving human health.

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Increasing the flow of capital to entities with a public benefit purpose.

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Promoting economic opportunity for communities or individuals beyond the creation of jobs in the ordinary course of business.

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Promoting the advancement of knowledge, the arts, and sciences.

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Providing underserved individuals or

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low-income communities with beneficial services or products. •

Restoring, protecting, and preserving the environment.

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The accomplishment of any other particular benefit for society or the environment.

The new Alabama legislation defines public benefit as follows: PUBLIC BENEFIT means a positive effect, or reduction of negative effects, on one or more communities or categories of persons (other than stockholders solely in their capacity as stockholders) or on the environment, including effects of an artistic, charitable, economic, educational, cultural, literary, medical, religious, social, ecological, or scientific nature. Existing corporations can elect to become an Alabama benefit corporation with at least a two-thirds vote and agreeing to submit to the requirements under the benefit corporation requirements. Upon conversion the entity will use B.C. or benefit corporation in place of Incorporated in its name. The public charity and the benefit corporation can share the same social mission; where the benefit corporation differs from the charity is their access to private funding, especially like-minded “angel investors” not available to the public charity. Their focus on providing a positive impact for its stakeholders and the environment makes them attractive, sociallyminded private equity groups As practitioners, we know the maze of regulations facing tax exempt entities to keep their tax-exempt status. As a taxable entity, the benefit corporation avoids all that notfor-profit red tape giving them more latitude in approaching and fulfilling the same social mission of the tax-exempt charity. The benefit corporation is a relatively new entity having its debut in Maryland during 2010. Presently, 40 states and the District of Columbia have proposed or passed benefit corporation legislation. There is an international presence

“as of 2021, there are over 3,300 actively registered, certified B Corps across countries, including 1,300 in the US and 2 within the state of Alabama.” (Alabama Benefit Corporations: Growing the Ecosystem (University of Alabama)). The benefit corporation organization provides a certification process through B Lab. Benefit corporations can submit to a review process resulting in achieving certified as a “B” corporation with the privilege to use that “B” trademark. The B Lab offers a free service to benefit corporation startups and, through its tools, allows the company to submit to a review to gauge where they are and where they need to go to achieve certification (no obligation to become certified). Certified B Corps include some familiar names such as Ben & Jerry’s, Patagonia, and Etsy. The B Corp certification is a not requirement to be considered a benefit corporation; non-certified benefit companies “may be 3-5 times higher than the number of B Corps.” (Alabama Benefit Corporations: Growing the Ecosystem). Benefit corporations span many industries, with “food, agriculture, and energy comprising the largest number.” “Community bank benefit corporations have the greatest impact.” (Alabama Benefit Corporations: Growing the Ecosystem). Benefit corporations hire and promote women and minorities at a higher rate than traditional companies. Women and minority-founded business are more likely to become benefit corporations (Alabama Benefit Corporations: Growing the Ecosystem). What motivates a company to become a benefit corporation? Below are reasons expressed in University of Alabama paper Alabama Benefit Corporations: Growing the Ecosystem: •

Purpose-driven integration of social values within the daily life of the enterprise. Trend setting in their industry

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Differentiates their company in a competitive market by earning the B Corp designation. o

Less lofty reason to adopt is avoiding being left behind while the rest of their industry adopts benefit corporation status.

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Access to new sources of funding by socially conscious capital investment firms.

reward. Expanded employee benefits, coupled with a more balanced life, are valued more than the monetary carrot of old.

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Insulates the company from critics and challenges in their pursuit of the company social mission in a way not achievable by regular companies.

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Recruits talent from among millennials who tend to be more socially and environmentally aware.

Our role as financial advisors is to help our client evaluate whether electing benefit corporate status makes sense. According to an article in the July 2018 Journal of Accountancy The CPA’s Role in Forming Benefit Corporations, there are seven steps we as CPAs can take to aid in a client’s decision to become a benefit corporation.

Attracts millennials as customers.

Seek legal counsel that is knowledgeable in benefit corporate law.

Inform the client of the tax consequences of electing benefit corporate status reminding them that they will still taxable corporate entities (C or S).

Employ due diligence regarding state rules on the benefit corporation for the states your client will be operating.

Selecting state of incorporation

Advise on governance a. Mission b. Social objectives c. Financial transparency d. Employee matters e. Environmental concerns

•

The benefit corporation’s pursuit of positive social impact is evident in their focus on employee stakeholders hiring and promoting underserved populations, including women and minorities. Benefit corporations tend to offer expanded employee benefits. The benefit corporation’s introspective look at their business’s impact on social and environment sets their mission and will be how it is measured. Patagonia outdoor equipment company did such an inventory in 2012 by examining its impact on its workers, the community, and its customer. The company’s path to social responsibility began with a concern over the impact on rock faces with the use of their rock-climbing equipment. This internal process resulted in improved benefits to its workers while encouraging their contractors to provide childcare. They have demanded that foreign manufactures in Taiwan return money extorted from their workers. Patagonia’s commitment to its social goals does not stop at the corporation but includes all aspects of its business, including their vendors. Their vendors are encouraged, when bidding on a supply contact, to include the vendor’s cost of providing both employee childcare cost as well as providing organic food for their workers. Patagonia employs a team who monitors the company’s adherence to their social mission all the way down through their supply chain. Unlike the traditional business model, benefit corporations are focused on long term impact of its mission as well as its sustainability. These are two critical aspects of corporate governance which attracts investors. Socially driven startup businesses appear to be good candidates for adopting the benefit corporate structure. I believe as advisors we need to make our startup clients aware of the option to elect Alabama benefit corporation status. The shift to more socially aware company operations, in my opinion, is not a just a fleeting trend but represents the future. This change is powered by the millennials’ focus on the social and the environment of business operations. The millennial workforce appears to be more concerned with social/environment impact on the globe of their employer than monetary

Help develop measurable standards for evaluating the social impact. Consider the B Corporation free measurement to assess your client’s success with its social goals.

Assist the client in collecting data relating to their social mission. This involves establishing the collecting of this nontraditional data.

Once a client decides to become a benefit corporation, the CPA’s role will be to assist clients in measuring their progress toward achieving their social objectives by helping to establish metrics that change as the mission evolves. Further, we can assist in finding financial funding from socially conscious investors. CPAs can actively assist in both the income tax reporting and helping the client set measurable social/environmental goals. Finally, we can assist in the required annual reporting of clients’ progress toward their social benefit goals. If I have piqued your interest, I recommend reading the paper Alabama Benefit Corporations: Growing the Ecosystem (University of Alabama). I want to thank Lou Marino, one of the authors of the article, for making me aware of Alabama’s new benefit corporation law and sharing the article with me, including permission to share graphics. The Culverhouse College of Business, through Lou Marino and the Department of Management, is working with the Alabama Power Foundation to put benefit corporations into action in

Tuscaloosa and throughout Alabama. Please contact Lou Marino if you have a client who is interested in pursuing Alabama benefit corporation status.

Certified B Corps are also widely popular. Specifically, organizations certified by B Lab can be found in 46 U.S. states, the only exceptions being Louisiana, Mississippi, North Dakota, and West Virginia. Although the highest proportion of Certified B Corps can be found in the West and Northeast, the South has grown fastest since 2016, a trajectory we expect to continue. The growth in the south is largely driven by Texas, Florida, Georgia, Virginia, and North Carolina.

10 States with the Most Certified B-Corps States Per Million People Vermont 73 Oregon 40 District of Columbia 29 Colorado 22 Massachusetts 11 Idaho 10 California 9 New York 9 New Hampshire 9 Montana 8 Maine 8

Fastest Growing Certified B-Corp States 5 Year Avg. Annual State Growth Rate Pennsylvania 139% Minnesota 86% Texas 66% Idaho 63% Florida 54% Maryland 52% Vermont 48% Georgia 42% Illinois 39% North Carolina 36%

Note: States must have certified at least 1 be corp per year to be considered 6RXUFH 8$ EHQHILW FRUS

Source: UA benefit corp whitepaper

Our data suggests that benefit corporations exist a Moreover, we find that industries related to food largest, as well as fastest growing, sectors of th However, data from B Lab suggests that the cons real estate industries have the highest level of tot Thomas C. Zoebelein, CPA, MBA, specific type of firm that has the largest tota CGMA is a Director of Tax Research who Bevill, regularly for Pearce, Leesburg,score Moore highest on the B Lab Im P.C. 2017). in Birmingham, AL. He blends 28 years of industry experience with 21 years of public accounting experience, bringing a wealth of knowledge and insight to the to the accounting profession.

September / October

MEMBER NEWS Pearce, Bevill, Leesburg, Moore P.C. has announced that Carlos McDonald, CPA, was elected managing partner, effective July 1 and that Chase Campbell, CPA has been named a director of the firm. McDonald is a native of Birmingham and a 1997 graduate of the University of Alabama at Birmingham, joining the firm that same year. He holds both a bachelor’s and master’s in accounting and tax. His practice primarily concentrates on income and estate tax issues. He serves numerous individuals and closely-held businesses in a wide variety of industries including construction, manufacturing, real estate, and professional services. He is a member of the AICPA and ASCPA, an active member of the Mountain Brook community and the Monday Morning Quarterback Club. Campbell is a native of Birmingham and holds a master of accountancy degree from the University of Alabama at Birmingham (UAB.) He has over thirteen years of experience in public accounting and three years of experience with a privately held company in the healthcare industry. Campbell joined the Firm in 2008. He provides tax compliance and business consulting services to small business owners and high net worth individuals. Campbell is a Certified Public Accountant and a member of the Alabama Society of CPAs, American Institute of CPAs, the Health Care Advisors Association, and the Alabama Medial Group Management Association. McDaniel & Associates, P.C. has announced the addition of George C. McClintock and Justin C. Dansby to the firm. George C. McClintock is a partner with more than 46 years of diverse tax, financial and business consulting experience. He is licensed in both Alabama and Florida and a member of the AICPA, ASCPA and Florida Institute of Certified Public Accountants. He earned his bachelor of business administration in accounting from The University of Alabama. McClintock provides comprehensive accounting services for individuals, corporations, partnerships and governmental/not-for-profit organizations. In addition, he has extensive consulting expertise in estate and gift tax planning. Justin C. Dansby is a manager at McDaniel & Associates. He provides auditing and accounting services for a variety of clients including governmental, public utility, construction, healthcare, and not-for-profit entities. Dansby earned his bachelor’s degree in accounting from Troy University. He also is licensed in both Alabama and Florida, and a member of the American AICPAs, ASCPAs, FICPA and Florida Government Financial Officers Association.

Abroms & Associates, P.C. announced that Agenda Davis, CPA, has been elected as a shareholder. Davis joined the firm in 2008 and earned her CPA certification in 2013. She holds a bachelor of business administration with a double major in accounting/ banking and financial services as well as an MBA from the University of North Alabama, graduating magna cum laude. She was a member of Phi Kappa Phi, Delta Mu Delta, and Delta Epsilon Iota honor societies. Davis was also active in Phi Beta Lambda, the Alpha Chi Accounting Club, and was the recipient 26

ASCPA Connections

of the UNA Promising Alumni award. Agenda’s experience includes individual, partnership, sub-chapter S corporation, and non-profit taxation. She is a member of the AICPA and the ASCPA. Smith Dukes is the recipient of the 2021 Nappie Award for best accounting firm in Mobile. The awards are a product of Lagniappe Magazine and are voted by the public in 300 categories. Recognized as 2021 Inside Public Accounting (IPA) 400 firms were Smith Dukes and Wilkins Miller. Firms are ranked by U.S. net revenues and are compiled by analyzing the more than 520 responses received this year from IPA’s Survey and Analysis of Firms. This is IPA’s 31st annual ranking of the largest accounting firms in the nation. Delvin D. Seawright, Ph.D., CPA, CGMA, CGFM has been granted tenure and promoted to Associate Professor of Accounting at Lamar University in Beaumont, Texas. He serves in the School of Accounting & Information Systems within the College of Business. A former accountant for the state of Alabama, Dr. Seawright received his Ph.D., M.S., and B.S. degrees in accounting from Morgan State University, Alabama State University, and Spring Hill College, respectively. He resides in Houston. Wilkins Miller LLC, announced new staff members Mallory Byrne, and Heather Hudson. Byrne joined the firm in 2020 as an intern. After earning her Master of Accountancy from Auburn University, she was brought on as a staff accountant. Chandler joined the firm as a staff accountant after graduating with an integrated B.S. in Accounting and MBA from the University of Mobile. Hudson earned a Bachelor of Science in accounting from the University of South Alabama. She joined the firm as an intern and was brought on full time as a staff accountant. Warren Averett CPAs and Advisors is proud to announce that Mary Elliott, CPA, was included in the Birmingham Business Journal’s (BBJ) Who’s Who in Accounting 2021 list. The individuals recognized are key leaders in Birmingham’s professional accounting industry and include managing partners and financial leaders from the top accounting firms in the city. Mary Elliott is a member of Warren Averett and serves as the firm’s chief executive officer. Beginning in 1984, she has worked her entire career at Warren Averett, serving clients in the firm’s Healthcare Consulting Division. Prior to being named CEO in 2018, she served as chief operations officer and chair of the firm’s operations board, which helped ensure efficient, effective and profitable operations. Borland Benefield P.C. announced the promotion of Leigh Anna Hall to manager. Hall is a graduate of Auburn University and has over 11 years of experience in tax and accounting services. Machen McChesney announced the promotion of Stephen Taunton to manager and Austin Duran to supervisor. Stephen Taunton, CPA has been employed with Machen McChesney since 2015. His areas of expertise include tax compliance and

planning. He specializes in individual, business, and trust, and estate tax. Taunton received his masters of accountancy and his B.S. in Accounting from Auburn University. Austin Duran has been employed with Machen McChesney since 2018. Duran’s principal areas of practice include business taxation and auditing. He received his Master of Accountancy in 2018 and his B.S. in Accounting in 2017 from Auburn University. BMSS Advisors & CPAs announced recent promotions. Rebecca Kitchen, CPA, RPA (Birmingham), Garrick Sams, CPA (Huntsville) and AJ Vanderwoude (Birmingham) have all be promoted to senior manager. Kitchen joined BMSS in 2018 with years of experience in corporate and individual tax. She provides tax services to a variety of industries with a specific focus in professional services and construction. Kitchen is a member of the ASCPA and AICPA as well as the Greater Birmingham Auburn Club. Sams joined the BMSS Huntsville office in 2015 and currently works in tax and business services. His present work includes federal and state tax for both individuals and corporations within the construction, e-commerce and manufacturing industries. Sams is a member of the ASCPA, the AICPA and the University of Alabama in Huntsville Alumni Association. Vanderwoude joined BMSS in 2010 and currently serves in the firm’s

audit department specializing in audits, reviews and compilations for the construction, manufacturing and distribution, recycling, and service industries. He is a member of the ASCPA and AICPA. Hannah Avery, CPA (Birmingham), Jayme Lambert, CPA (Birmingham), Elizabeth Plasters, CPA (Huntsville) and Auston Sullivan, CPA (Birmingham) have all been promoted to manager. The following individuals have been promoted to supervisor: Chance Cassidy, CPA (Gadsden), Whitney Badgett, CPA (Huntsville) and Stephanie Jensen, CPA (Birmingham). Additionally, Hunter Melton, CPA, Cheyenne Sandlin, CPA and Madison May, CPA have been promoted to senior accountant while Eliza Capps, CPA is a staff accountant B. BMSS Advisors & CPAs is proud to announce that Don Murphy, CPA, CGMA was included in the Birmingham Business Journal’s (BBJ) Who’s Who in Accounting 2021 list. The individuals recognized are key leaders in Birmingham’s professional accounting industry and include managing partners and financial leaders from the top accounting firms in Birmingham. Don is a founding member of BMSS and is the firm’s current managing member.

September / October

continued from page 12 exam, which was followed by the personal time commitment (41 percent). Fear of failure and difficulty of the CPA exam content also emerged as surprisingly noteworthy challenges among CPAs, those in the process of becoming or planning on becoming CPAs, and those who are still unsure about getting the credential. Importantly, when further breaking out responses to focus on the individuals who do not plan to become CPAs, we gained the invaluable insight that their top reasons for not pursuing the CPA credential included not seeing value or relevance to their careers (32 percent), not seeing the return on investment (28 percent), their employers or prospective employers do not require or support it (28 percent), and other credentials or specialties are more valuable to their careers (28 percent). Further supporting this finding is the fact that the top challenges student respondents anticipate facing include the workload time commitment and the difficulty of the exam content (each cited by 54 percent of student respondents), which was followed by fear of failure (51 percent). The fact that fear of failure emerged as a highly ranked obstacle among so many respondents across segments surprised us, as that was not on our radar as a significant challenge or anticipated challenge impacting their decision-making process. Perceptions We believe understanding accounting students’, graduates’, and young professionals’ perceptions and actions toward credentials will be key in guiding stakeholder efforts to reverse the declining number of CPAs. As expected, we clearly validated that the CPA credential’s perceived value directly aligns with one’s interest in becoming a CPA. More than 95 percent of respondents who are CPAs, are in the process of becoming CPAs, and are planning on becoming CPAs rate the credential as valuable or very valuable. Encouragingly, 86 percent of respondents who are still unsure about becoming CPAs view the credential as valuable or very valuable, which gives us hope that they can be moved into the CPA pipeline with meaningful guidance. Surprisingly, the CPA credential itself is even acknowledged as being valuable or very valuable among those who started but did not complete the CPA exam (65 percent) and those who do not plan on becoming CPAs (68 percent)—it is just not personally valuable enough to them to acquire it. That said, reviewing the responses from those who see little or no value in the CPA credential was particularly revealing. Write-in comments from these individuals indicate that they feel having “CPA” after your name does not mean you will do your job better or be more 28

ASCPA Connections

successful. Instead, on-the-job experience is more important and valuable. We also saw repeated themes from the “Challenges” section of this report: a lack of relevance to their careers, little to no return on investment, and employers do not require it. So, even though many of the respondents who started but did not complete the CPA exam or never planned on becoming CPAs acknowledged that the CPA credential carries weight and has value, it is just not valuable enough to them. Instead, they feel they can be successful in their anticipated or chosen careers without it and ultimately perceive that any value the CPA credential holds is outweighed by its lack of relevance to their personal endeavors and the time and costs required to obtain it. We found this interesting because across all segments most respondents agreed or strongly agreed that the CPA credential opens doors with employers, has credibility in the corporate environment, and builds credibility with the people CPAs serve, coworkers, and peers. Another surprising finding was that 51 percent of all respondents indicated that they have not obtained nor plan on pursuing other credentials—this was equally measured among respondents who do not plan on becoming CPAs (50 percent). Simply put, the popular assumptions that credential saturation and the pursuit of trending credentials are meaningfully driving the decline of new CPAs could not be validated. In fact, a common finding among write-in comments from respondents who do not plan on becoming CPAs was that they view the pursuit of credentials as a memorization task rather than a true test of knowledge or proof of ability to problem solve or think strategically. They also feel the CPA exam covers content that many do not use in the performance of their jobs. They perceive that they themselves or colleagues without a CPA can handle job responsibilities the same or even better than counterparts with a CPA. We take from this insight that the CPA credential’s perceived value directly aligns with one’s chosen or anticipated career path and whether it will help them perform their job better. We also believe these findings validate our publicly stated opinion that the CPA profession is in a race for relevance. When questioned about the CPA brand, the words most associated with the CPA credential by all survey respondents were accounting, auditing, and tax preparation. This indicates respondents have a narrow view of what CPAs do and a limited perception of the value CPAs bring to clients and companies as trusted and strategic business advisors.

“WHAT’S IN IT FOR ME?” Students and young professionals are telling us they have the most influence in their own lives. To me, this means they rely on their personal experiences, beliefs, and desires to determine what they want and guide them in their decision-making processes as they work toward their personal goals. Although others—like colleagues, educators, family, and friends—may have some influence, it seems clear that our respondents do not make decisions based on what others may think or suggest. What if we can help these individuals better understand what it is they really want and why the CPA credential may be important to those goals? Instead of trying to convince them of what they should do or why the CPA credential may be important to an employer, perhaps we stand a better chance of naturally showcasing the relevance and benefits of the CPA credential. I see an opportunity for us to shift our strategies from giving presentations on the CPA credential’s benefits to directly asking prospective CPAs what they want out of their careers and illustrating how the CPA credential could help them achieve those goals. Further, I believe the data on influencers and interests shows that our greatest opportunity for bringing new candidates into the CPA pipeline is to focus on supporting students and those that are still unsure about becoming a CPA. There is a strong interest in earning the CPA credential and in working in public accounting among these respondents, which suggests we could best support them in making their decisions prior to entering the workforce. Before time becomes a significant challenge or concern, accounting educators, job recruiters, managers of interns, and organizations like ours have an opportunity to not only advocate for what is in their best interest regarding the value of the CPA credential but to also advise prospective CPAs on the best path to take to earn the credential. I also find the data on where respondents plan to spend most of their careers to be eye-opening and is an area where I suggest we focus additional research. If a career outside of public accounting is the end goal for most, we need a stronger understanding of why that is so that we can develop more influential communication plans around how the CPA credential is still relevant outside of public accounting. Kari L. Natale, CAE Senior Director, Planning & Governance, Illinois CPA Society Senior Director, CPA Endowment Fund of Illinois

Young CPA Charity Cornhole TournamenT Saturday, October 16, 2021 Avondale Brewing Company 201 41st Street South Birmingham, Alabama 35222

Registration from 11:30 AM-12:30 PM Tournament will begin promptly at 1:00 PM Sponsorship opportunities are still available! Contact Zack Camerio zcamerio@ascpa.org Presenting Sponsor:

Other Sponsors:

This social tournament will be using a Double Elimination Format, so all teams are guaranteed at least 2 matches. Details

+ $100/team + BYOPartner + All teams will use the supplied tournament boards & bags + Cash & prizes awarded to top teams

GOVERNMENTAL ACCOUNTING AND AUDITING CONFERENCE

DECEMBER

9 – 10, 2021 30

ASCPA Connections

A WORD FROM THE CPE TEAM In-person meetings have been a huge success, particularly in chapters. However, due to increasing COVID numbers, the balance of the CPE schedule will be held virtually. For your reference, below is a refresher of the CPE requirements from the Alabama State Board of Public Accountancy: • Each CPA is required to earn 40 hours of CPE each fiscal year ending September 30 • A minimum of 8 hours of A&A required each year • A minimum of 2 hours of Ethics required each year • The Board will accept no more than 12 hours of behavioral/personal development courses • A CPA is not limited in the number of self-study hours one may earn The ASCPA Team is here to help you in any way, and our contact information is below. Fingers crossed; we will get to see each other in person soon. Until then, be well. Madison Williams

Krispin Nelson

Jessica Roberts

CPE Coordinator

CPE Manager

Programs Director and CFO

mwilliams@ascpa.org knelson@ascpa.org jroberts@ascpa.org 334.386.5756 334.386.5764 334.386.5766

021 B&I Quarterly Meeting-September

In times like these, invest in what matters.

022 Peer Review Update Course

Investing in our tax-free Alabama municipal bond fund not only helps round out a balanced portfolio, it also supports our state’s education, transportation and healthcare infrastructures. At Dupree, what works for Alabama also works for you.

CPE CALENDAR SUB8 Getting Ready to Implement SSARS 25 (Big Changes for Reviews) Thursday, September 16, 2021 12:00 PM – 1:15 PM Martin, Jim D. | 1.5 AA

020 Internal Control Planning for the Post Pandemic World Friday, September 17, 2021

8:00 AM – 11:30 AM Egnatoff, Karl | 4 AA

Friday, September 17, 2021 8:30 AM – 10:10 AM 2 Other

Tuesday, September 21, 2021 8:00 AM – 11:30 AM Brand, Michael L. | 4 AA

023 Succession Planning for the Small Business Owner: Finding the Exit Ramp (BSP4)

Tuesday, September 21, 2021 8:00 AM – 11:30 AM Frost, Michael A. | 4 TX

024 Four Tiers of Loss Limitations: A Guide to the New Rules for Pass-through Entities (FTL4)

Tuesday, September 21, 2021 12:30 PM – 4:00 PM Frost, Michael A. | 4 TX

Before investing, carefully consider information contained in the Dupree Mutual Funds prospectus, including the Fund’s objectives, risks, and expenses. A Dupree Mutual Funds prospectus is available online at www.dupree-funds.com or by calling 1-800-866-0614. Dupree Mutual Funds are not available in all 50 states. See the prospectus to learn where Dupree Mutual Funds are available. Securities are offered through the Fund’s Transfer agent, Dupree & Company, Inc., a FINRA member. All investments involve risk, including possible loss of principal. Consult the Fund’s prospectus for a more complete discussion of the Fund’s risks. Dupree Mutual Funds’ single state bond fund offers dividend income that is “tax-free” from federal and state income taxes (and AMT) in the state corresponding to each fund. Residents of states other than the state “named” in the title of the fund may be taxed at the state level. A redemption or exchange of fund shares and any capital gains distribution by Dupree Mutual Funds may be taxable.

Tax-free municipal bond funds since 1979

Dupree-Funds.com | 800-866-0614

September / October

CPE CALENDAR 025 2021 Preparation Compilation & Review (SSARS) Update for the Local Firm

Wednesday, September 22, 2021 8:00 AM – 11:30 AM Martin, Jim D. | 4 AA

026 Select Estate and Life Planning Issues for the Middle-Income Client (PMI4) Wednesday, September 22, 2021 8:00 AM – 11:30 AM Frost, Michael A. | 4 TX

027 2021 Accounting and Auditing for Tax People Who Absolutely Detest Accounting and Auditing Wednesday, September 22, 2021 12:30 PM – 4:00 PM Martin, Jim D. | 4 AA

028 Maximizing Your Social Security Benefits (SSR4) Wednesday, September 22, 2021 12:30 PM – 4:00 PM Frost, Michael A. | 4 TX

029 Revenue Recognition and Disclosure Changes for Not-for-Profits — NEW Thursday, September 23, 2021 8:00 AM – 11:30 AM Martin, Jim D. | 4 AA

TXBT2113 Live Stream Series: Tax Bites with Art Auerbach: Episode 13 Thursday, September 23, 2021 8:00 AM – 10:00 AM Auerbach, Arthur | 2 TX

030 Performing and Agreed-Upon Procedures Engagement Under SSAE 19 — NEW Thursday, September 23, 2021 12:30 PM – 4:00 PM Martin, Jim D. | 4 AA

LS09010 Live Stream: Live Stream: Family Businesses: Boon or Bane? (New) Friday, September 24, 2021 7:00 AM – 2:30 PM Lindell, James | 8 Other

FAAC ASCPA’s Financial Accounting and Auditing Conference Friday, September 24, 2021 8:00 AM – 3:30 PM 8 AA

031 Becoming an AICPA Peer Review Team or Review Captain Case Study Application-PART ONE Tuesday, September 28, 2021 8:00 AM – 11:30 AM Brand, Michael L. | 4 AA

032 Real World Ethics Update for CPAs in Public Practice Tuesday, September 28, 2021 8:00 AM – 9:40 AM Martin, Jim D. | 2 Ethics

033 Real World Ethics Update for CPAs in Industry Tuesday, September 28, 2021 10:00 AM – 11:40 AM Martin, Jim D. | 2 Ethics

034 Becoming an AICPA Peer Review Team or Review Captain Case Study Application — PART TWO Wednesday, September 29, 2021 8:00 AM – 11:30 AM Brand, Michael L. | 4 AA

ACM ASCPA’s Annual CPE Meeting

Thursday, September 30, 2021 8:00 AM – 3:30 PM 4 OTHER

LS10003 Live Stream: The Essential Audit Course: Best Practices in Smaller Audits Monday, October 11, 2021 7:00 AM – 2:30 PM Louis, Jennifer | 8 AA

LS10004 Live Stream: Leading High Performance Teams Wednesday, October 13, 2021 7:00 AM – 2:30 PM Lindell, James | 8 Other

LS10005 Live Stream: Running a Not-for-Profit Like a Business Thursday, October 14, 2021 7:00 AM – 2:30 PM Lindell, James | 8 OTHER

LS10006 Live Stream: Lions and Tigers and Numbers, Oh My! Finance for the Non-Financial Manager Thursday, October 14, 2021 7:00 AM – 2:30 PM Margaritis, Peter | 8 OTHER

SUB9 Getting Ready to Implement SAS 134 (Brand New Audit Reports) Thursday, October 14, 2021 12:00 PM – 1:15 PM Martin, Jim D. | 1.5 AA

LS10018 Live Stream: Criminal Law and White Collar Crime Friday, October 22, 2021 7:00 AM – 2:30 PM Wiggins, Michael R. | 6 AA, 2 OTHER

LS10021 Live Stream: Value Pricing 2.0 for Accounting Firms Monday, October 25, 2021 7:00 AM – 2:30 PM Baker, Ronald | 8 OTHER

TXBT2114 Live Stream Series: Tax Bites with Art Auerbach: Episode 14 Tuesday, October 26, 2021 8:00 AM – 10:00 AM Auerbach, Arthur | 2 TX

LS13050 LIVE STREAM: 2021 Personal Financial Planning Conference Wednesday, October 27, 2021 7:00 AM – 3:30 PM 8 Other

LS11008 Live Stream: Business Law for Accountants Wednesday, November 03, 2021 7:00 AM – 2:30 PM Wiggins, Michael R. | 8 OTHER

LS11038 Live Stream: Successfully Leading 5.5 Generations Tuesday, November 16, 2021 7:00 AM – 2:30 PM Elder, Jennifer | 8 Other

LS12027 Live Stream: Don Farmer’s 2021 Federal Tax Update (CFP) Tuesday, November 16, 2021 7:00 AM – 2:30 PM Farmer, Don | 8 TX

SUB10 Getting Ready to Implement SAS 135 – 140 (Other New Auditing Fun) Thursday, November 18, 2021 12:00 PM – 1:15 PM Martin, Jim D. | 1.5 AA

LS11058 Live Stream: Creative Strategies for Buying, Selling, or Gifting a Business Tuesday, November 23, 2021 7:00 AM – 2:30 PM Werner, Arthur | 8 TX

LS11066 Live Stream: Audit and Attest Quality Matters That Should be on Your Radar: Avoiding Common Peer Review Deficiencies in SAS, SSARS and SSAE Tuesday, November 30, 2021 7:00 AM – 2:30 PM Louis, Jennifer | 8 AA

LS12003 Live Stream: The Latest Nonprofit Internal Control Scoop: Practical Insights into Mitigating Financial Reporting, Compliance and Other Risks Wednesday, December 01, 2021 7:00 AM – 2:30 PM Louis, Jennifer | 8 AA

LS12004 Live Stream: Foreign Investment in Real Property (NEW) Wednesday, December 01, 2021 7:00 AM – 2:30 PM 8 TX

LS12006 Live Stream: Preparing and Reviewing Workpapers – Essential Tips for Avoiding Deficient Audit and Other Attest Engagements Thursday, December 02, 2021 7:00 AM – 2:30 PM Louis, Jennifer | 8 AA

LS12009 Pat Garverick’s Federal Tax Update: Individual and Business Current Developments Friday, December 03, 2021 7:00 AM – 2:30 PM Garverick, J. P. | 8 TX

LS12011 Live Stream: Excel Dollars and Sense (Bring Your Own Laptop) Monday, December 06, 2021 7:00 AM – 2:30 PM Calhoun, Charlton P. | 4 AA, 4 OTHER

LS12054 Live Stream: Don Farmer’s 2021 Federal Tax Update (CFP) Tuesday, December 07, 2021 7:00 AM – 2:30 PM Farmer, Don | 8 TX

LS12064 Live Stream: Don Farmer’s 2021 Individual Income Tax Workshop (CFP) Wednesday, December 08, 2021 7:00 AM – 2:30 PM Peters, David | 8TX

LS12065 Live Stream: Don Farmer’s 2021 Corporate/ Business Income Tax Workshop (CFP) Thursday, December 09, 2021 7:00 AM – 2:30 PM Peters, David | 8TX

GAAF ASCPA’s Governmental Accounting and Auditing Conference Thursday, December 9, 2021 - Friday, December 10, 20211 8:00 AM – 3:30 PM 8 AA

TXBT2115 Live Stream Series: Tax Bites with Art Auerbach: Episode 15 Friday, December 10, 2021 8:00 AM – 10:00 AM Auerbach, Arthur | 2 TX

LS12031 Live Stream: CFO Series: Emotional Intelligence (New)

Tuesday, December 14, 2021 7:00 AM – 2:30 PM Farmer, Don | 6 OTHER, 2 ETHICS

SUB11 ASU 2020-07: Disclosures of Non-Financial Donations to a Not-for-Profit

Thursday, December 16, 2021 12:00 PM – 1:15 PM Martin, Jim D. | 1.5 AA

035 B&I Quarterly Meeting-December Friday, December 17, 2021 8:30 AM – 10:10 AM 2 Other

TXBT2116 Live Stream Series: Tax Bites with Art Auerbach: Episode 16 Friday, January 14, 2022 8:00 AM – 10:00 AM Auerbach, Arthur | 2 TX

SUB12 Final Preparations for the Leasing Standard

Thursday, January 20, 2022 12:00 PM – 1:15 PM Martin, Jim D. | 1.5 AA

TXBT2117 Live Stream Series: Tax Bites with Art Auerbach: Episode 17 Thursday, February 10, 2022 8:00 AM – 10:00 AM Auerbach, Arthur | 2 TX

SUB13 SSARS 25 is Live!

Thursday, February 17, 2022 12:00 PM – 1:15 PM Martin, Jim D. | 1.5 AA

GO TO WWW.ASCPA.ORG FOR NEW CLASSES AND MOST CURRENT INFORMATION. 32

ASCPA Connections

CLASSIFIEDS navigate through the entire sales process – from marketing to negotiating, to closing and successfully transitioning the firm. Contact us TODAY to receive a free market analysis.

YOUR PRACTICE WANTED Thinking about selling your practice? Accounting Practice Sales delivers results, bringing you the best price, optimal terms and a buyer who represents an ideal fit for your clientele. Contact us today for a confidential discussion. Our current listings include: • Dothan area accounting and tax practice grossing $295,000 (seller will finance) • Columbus, MS CPA grossing $200,000 (near AL border) • SW Mississippi CPA grossing $300,000 • North of Nashville CPA grossing $425,000 For more information on these listings or to sell your practice, contact Lori Newcomer, CPA and Tim Price, CPA at (888) 553-1040 or PNgroup@ APS.net, or visit www.APS.net.

SELLING YOUR FIRM IS COMPLEX. LET US MAKE IT SIMPLE. Accounting Biz Brokers has been selling CPA firms for over 16 years and we know your market. We have a large database of buyers ready to purchase. Our “Six Steps to Success” process for selling your firm includes a personalized, confidential approach to bring you the win-win deal you are seeking. Our brokers are Certified Business Intermediaries (CBI) specializing in the sale of CPA firms. We are here to help you

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Returning Value.

FAST TRACK PARTNER POSITION Machen McChesney is seeking a Tax Manager with 5+ years of experience in public accounting. This position has great potential to lead to a partner position quickly. The position is in our Montgomery, AL office. Competitive salary & benefits within a flexible environment. Send resume to lprice@machenmcchesney. com. For further details, visit our website at machenmcchesney.com/careers/current openings.

Mississippi Gulf Coast CPA firm is seeking a CPA with 5+ years of public accounting experience. Range of duties include business and individual tax preparation, monthly write-up work, project management, payroll knowledge, and the ability to effectively communicate with business partners and team members. Proficiency in Microsoft Word, Excel, and QuickBooks are a must, and experience with Ultra Tax a plus. No audit experience required. Excellent benefit package, competitive salary and opportunity for advancement. Email resume to themenway@ mrgllc.net.

September / October

SELF-STUDY CPE SCHEDULE BUNDLE40 ASCPA’s Build Your Own 40-Hour Bundle

ASCPA | Self Study | Other: 40

ASUT-BE ASCPA’s Sales and Use Tax ASU-OL ASCPA’s Auditing Standards Update Highlights for AL CPA’s ASCPA | Self Study | AA: 4

ASCPA | Self Study | TX: 2

BUNDLE20 ASCPA’s Build Your Own 20-Hour Bundle

NFPAA-MG ASCPA’s Not-for-Profit Accounting Update

CHCOV-SS COVID-19 Economic Stimulus Webinar with Karen Miller & Lisa McKinney

ASCPA | Self Study | Other: 20

IAT-JM Impairment Accounting Toolkit for the Local Practitioner ASCPA | Self Study | Other: 4

ASEA-JM ASCPA’s The Corona Virus Accounting ToolKit for the Local Practitioner ASCPA | Self Study | AA: 4

AAAU-JM ASCPA’s A&A Update for the Local Firm ASCPA | Self Study | AA: 4

ASCPA | Self Study | AA: 4

ECPP-JM Ethics For Public Practice

ASCPA | Self Study | Ethics: 2

AAAE ASCPA’s Ethics

ASCPA | Self Study | TX: 2

MCCP-MG ASCPA’S Managing Change in an Ever-Changing Profession ASCPA | Self Study | AA: 2

ASCPA & NASBA Self Study | Ethics: 2

ANAR-JM ASCPA’s SSAE 19 – What a Relief for Agreed-Upon Procedures Engagements ASCPA | Self Study | AA: 2

AEIS-JM ASCPA’s Ethics for CPAs in Industry or Searching

ASCPA | Self Study | Ethics: 2

BBB-LS ASCPA’s Small Business Workout & Bankruptcy Strategies

EUPC-KD ASCPA’s Economic Update, Post COVID-19 ASCPA | Self Study | Other: 1

CHAA-MB ASCPA’s COVID-19 Impact on Your Accounting and Auditing Practice ASCPA | Self Study | AA: 1

ICBA-KM ASCPA’s Refund Opportunities for Individuals & Businesses CARES Act ASCPA | Self Study | TX: 1

TCJA-KM ASCPA’s State Income Tax Considerations- CARES Act & TCJA ASCPA | Self Study | TX: 1

PDDA Preparing for the Data-Driven Age ASCPA | Self Study | Other: 0.2

ASCPA | Self Study | TX: 1

BCNI08 ASCPA’s Business Combinations & Non-Controlling Interests ASCPA | Self Study | AA: 4

AAGE-MG ASCPA’s What’s Changing in A&A for Governmental Entities ASCPA | Self Study | AA: 4

AUGN-MG ASCPA’s Annual Update for Governmental and Not-for-Profits ASCPA | Self Study | AA: 4

FVA09 ASCPA’s Fair Value Accounting 2020

ASCPA | Self Study | AA: 4

GAU-MG ASCPA’s Governmental Auditing Update: Yellow Book & Uniform Guidance What You Need to Know ASCPA | Self Study | AA: 4

PEAAE-OL ASCPA’s Understanding the Independence Guidelines of the Accounting Profession ASCPA | Self Study | AA: 4

SSARS-JM ASCPA’s SSARS Update (Preparation, Compilation and Review) ASCPA | Self Study | AA: 4

WGASB-MG ASCPA’s What’s Going on at the GASB

ASCPA Connections

TEAM STREAM Do you have multiple staff interested in learning the same topic? Bring the education to them with Team Stream, our group live stream platform. ASCPA’s popular live stream option allows you to attend the conference or seminar from your home, office, or anywhere you can access the internet. You view the sessions in real time as part of the audience and interact with other attendees via chat areas. With Team Stream, your organization can stream any ASCPA live stream program directly into your conference room for your team to watch and receive credit.

BENEFITS • Provide quality education you can trust from ASCPA • Discuss how the topic relates to your clients or business • Keep track of your staff’s CPE records as a team • Save on travel expenses: – Eliminate time away from the office – Includes conferences, seminars, and other special programming

QUESTIONS? Please contact the ASCPA CPE Department at 800-227-1711 or 334-834-7650.

Take a deep breath. We are here for you. Our mission is to enhance your profession through advocacy, education, and member engagement.

Let one of us know how we can help you. Visit www.ascpa.org/staff to reach one of us today.

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