CONNECTIONS | January-February 2020

CHIEVE + ACTIVATE + ADVANCE + ADVOCATE + BOOST + BROADEN + CELEBRATE + CERTIFICATION + CONFIDENC CONNECT + CREATE + DELIVER + DETERMINE + DEVELOP + DREAM + DRIVE + EMPOWER + ENCOURAGE + ENHANC ENERGIZE + ENSURE + EXPAND + EXPERTISE + FLOURISH + FRIENDSHIP + GAIN + GROW + IMPACT + INFLUENCE NFORMED + INTEGRITY + KNOWLEDGE + LEARN + LOYALTY + MATURE + MOTIVATE + OPPORTUNITY + OUTREAC OWNERSHIP + RESOURCE + PARTNERSHIP + PIVOTAL + POSSIBILITY + PROTECT + PROPEL + QUALIFY + REFRESH ESULTS + SECURE + SERVE + SHAPE + STRENGTHEN + SUPPORT + THRIVE + TRUST + UNITE + VALUE + ACHIEVE CTIVATE + ADVANCE + ADVOCATE + BOOST + BROADEN + CELEBRATE + CERTIFICATION + CONFIDENCE + CONNEC CREATE + DELIVER + DETERMINE + DEVELOP + DREAM + DRIVE + EMPOWER + ENCOURAGE + ENHANCE + ENERGIZ ENSURE + EXPAND + EXPERTISE + FLOURISH + FRIENDSHIP + GAIN + GROW + IMPACT + INFLUENCE + INFORMED NTEGRITY + KNOWLEDGE + LEARN + LOYALTY + MATURE + MOTIVATE +A OPPORTUNITY + OWNERSHI J A N U R Y • F E B +R OUTREACH U A RY 2 0 2 0 RESOURCE + PARTNERSHIP + PIVOTAL + POSSIBILITY + PROTECT + PROPEL + QUALIFY + REFRESH + RESULTS ECURE + SERVE + SHAPE + STRENGTHEN + SUPPORT + THRIVE + TRUST + UNITE + VALUE + ACHIEVE + ACTIVATE DVANCE + ADVOCATE + BOOST + BROADEN + CELEBRATE + CERTIFICATION + CONFIDENCE + CONNECT + CREATE ELIVER + DETERMINE + DEVELOP + DREAM + DRIVE + EMPOWER + ENCOURAGE + ENHANCE + ACHIEVE + ACTIVAT ADVANCE + ADVOCATE + BOOST + BROADEN + CELEBRATE + CERTIFICATION + CONFIDENCE + CONNECT REATE + DELIVER + DETERMINE + DEVELOP + DREAM + DRIVE + EMPOWER + ENCOURAGE + ENHANCE + ENERGIZ ENSURE + EXPAND + EXPERTISE + FLOURISH + FRIENDSHIP + GAIN + GROW + IMPACT + INFLUENCE + INFORMED NTEGRITY + KNOWLEDGE + LEARN + LOYALTY + MATURE + MOTIVATE + OPPORTUNITY + OUTREACH + OWNERSHI RESOURCE + PARTNERSHIP + PIVOTAL + POSSIBILITY + PROTECT + PROPEL + QUALIFY + REFRESH + RESULTS ECURE + SERVE + SHAPE + STRENGTHEN + SUPPORT + THRIVE + TRUST + UNITE + VALUE + ACHIEVE + ACTIVATE DVANCE + ADVOCATE + BOOST + BROADEN + CELEBRATE + CERTIFICATION + CONFIDENCE + CONNECT + CREAT DELIVER + DETERMINE + DEVELOP + DREAM + DRIVE + EMPOWER + ENCOURAGE + ENHANCE + ENERGIZE NSURE + EXPAND + EXPERTISE + FLOURISH + FRIENDSHIP + GAIN + GROW + IMPACT + INFLUENCE + INFORMED NTEGRITY + KNOWLEDGE + LEARN + LOYALTY + MATURE + MOTIVATE + OPPORTUNITY + OUTREACH + OWNERSHI RESOURCE + PARTNERSHIP + PIVOTAL + POSSIBILITY + PROTECT + PROPEL + QUALIFY + REFRESH + RESULTS ECURE + SERVE + SHAPE + STRENGTHEN + SUPPORT + THRIVE + TRUST + UNITE + VALUE + ACHIEVE + ACTIVATE DVANCE + ADVOCATE + BOOST + BROADEN + CELEBRATE + CERTIFICATION + CONFIDENCE + CONNECT + CREAT DELIVER + DETERMINE + DEVELOP + DREAM + DRIVE + EMPOWER + ENCOURAGE + ENHANCE + ENERGIZE NSURE + EXPAND + EXPERTISE + FLOURISH + FRIENDSHIP + GAIN + GROW + IMPACT + INFLUENCE + INFORMED NTEGRITY + KNOWLEDGE + LEARN + LOYALTY + MATURE + MOTIVATE + OPPORTUNITY + OUTREACH + OWNERSHI RESOURCE + PARTNERSHIP + PIVOTAL + POSSIBILITY + PROTECT + PROPEL + QUALIFY + REFRESH + RESULTS ECURE + SERVE + SHAPE + STRENGTHEN + SUPPORT + THRIVE + TRUST + UNITE + VALUE + ACHIEVE + ACTIVATE DVANCE + ADVOCATE + BOOST + BROADEN + CELEBRATE + CERTIFICATION + CONFIDENCE + CONNECT + CREAT DELIVER + DETERMINE + DEVELOP + DREAM + DRIVE + EMPOWER + ENCOURAGE + ENHANCE + ENERGIZE NSURE + EXPAND + EXPERTISE + FLOURISH + FRIENDSHIP + GAIN + GROW + IMPACT + INFLUENCE + INFORMED NTEGRITY + KNOWLEDGE + LEARN + LOYALTY + MATURE + MOTIVATE + OPPORTUNITY + OUTREACH + OWNERSHI RESOURCE + PARTNERSHIP + PIVOTAL + POSSIBILITY + PROTECT + PROPEL + QUALIFY + REFRESH + RESULTS ECURE + SERVE + SHAPE + STRENGTHEN + SUPPORT + THRIVE + TRUST + UNITE + VALUE + ACHIEVE + ACTIVATE DVANCE + ADVOCATE + BOOST + BROADEN + CELEBRATE + CERTIFICATION + CONFIDENCE + CONNECT + CREAT DELIVER + DETERMINE + DEVELOP + DREAM + DRIVE + EMPOWER + ENCOURAGE + ENHANCE + ENERGIZE NSURE + EXPAND + EXPERTISE + FLOURISH + FRIENDSHIP + GAIN + GROW + IMPACT + INFLUENCE + INFORMED NTEGRITY + KNOWLEDGE + LEARN + LOYALTY + MATURE + MOTIVATE + OPPORTUNITY + OUTREACH + OWNERSHI RESOURCE + PARTNERSHIP + PIVOTAL + POSSIBILITY + PROTECT + PROPEL + QUALIFY + REFRESH + RESULTS ECURE + SERVE + SHAPE + STRENGTHEN + SUPPORT + THRIVE + TRUST + UNITE + VALUE + ACHIEVE + ACTIVATE DVANCE + ADVOCATE + BOOST + BROADEN + CELEBRATE + CERTIFICATION + CONFIDENCE + CONNECT + CREAT DELIVER + DETERMINE + DEVELOP + DREAM + DRIVE + EMPOWER + ENCOURAGE + ENHANCE + ENERGIZE NSURE + EXPAND + EXPERTISE + FLOURISH + FRIENDSHIP + GAIN + GROW + IMPACT + INFLUENCE + INFORMED NTEGRITY + KNOWLEDGE + LEARN + LOYALTY + MATURE + MOTIVATE + OPPORTUNITY + OUTREACH + OWNERSHI RESOURCE + PARTNERSHIP + PIVOTAL + POSSIBILITY + PROTECT + PROPEL + QUALIFY + REFRESH + RESULTS ECURE + SERVE + SHAPE + STRENGTHEN + SUPPORT + THRIVE + TRUST + UNITE + VALUE + ACHIEVE + ACTIVATE DVANCE + ADVOCATE + BOOST + BROADEN + CELEBRATE + CERTIFICATION + CONFIDENCE + CONNECT + CREAT DELIVER + DETERMINE + DEVELOP + DREAM + DRIVE + EMPOWER + ENCOURAGE + ENHANCE + ENERGIZE NSURE + EXPAND + EXPERTISE + FLOURISH + FRIENDSHIP + GAIN + GROW + IMPACT + INFLUENCE + INFORMED NTEGRITY + KNOWLEDGE + LEARN + LOYALTY + MATURE + MOTIVATE + OPPORTUNITY + OUTREACH + OWNERSHI RESOURCE + PARTNERSHIP + PIVOTAL + POSSIBILITY + PROTECT + PROPEL + QUALIFY + REFRESH + RESULTS

Enhancing the accounting profession through advocacy, education & member engagement for the last & the next 100 years. www.ascpa.org

Member Insurance Programs

30

Save up to

%

on AICPA-endorsed professional liability insurance

LOWER RATES are now available for the AICPA Professional Liability

Program. You can also lower your premium by up to 30% by using risk management resources designed to improve your firm’s quality.

• Designed specifically for CPA firms • Liability limits from $100,000 to $10 million • Access to valuable risk management resources and tools • Cyber risk extension available

Visit cpai.com/savead for a free quote

or call 800.221.3023 to speak with an AICPA Risk Advisor Backed by the underwriting and claim excellence of

Aon Insurance Services is the brand name for the brokerage and program administration operations of Affinity Insurance Services, Inc. (TX 13695), (AR 100106022); in CA and MN, AIS Affinity Insurance Agency, Inc. (CA 0795465); in OK, AIS Affinity Insurance Services Inc.; in CA, Aon Affinity Insurance Services, Inc. (CA 0G94493), Aon Direct Insurance Administrator and Berkely Insurance Agency; and in NY, AIS Affinity Insurance Agency.

One or more of the CNA companies provide the products and/or services described. The information is intended to present a general overview for illustrative purposes only. It is not intended to constitute a binding contract. Please remember that only the relevant insurance policy can provide the actual terms, coverages, amounts, conditions and exclusions for an insured. All products and services may not be available in all states and may be subject to change without notice. “CNA” is a registered trademark of CNA Financial Corporation. Certain CNA Financial Corporation subsidiaries use the “CNA” trademark in connection with insurance underwriting and claims activities. Copyright ©2020 CNA. All rights reserved.

E-13414-120 AL

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

FEATURES

COLUMNS TAX

Zoebelein & Benitez on Tax 18 The IRS’s continued quest to identify owners’ tax basis puts additional burdens on tax preparers this tax season and the next.

CPE

Are You Maximizing Your ROI on Office 365? 23

8 13

2020 Regular Session Preview

We’re Going into the New Year & Next Decade with Refreshed Vision The ASCPA just got a makeover just for you.

17

Make an Impact in Your Local Community

Stay connected with the ASCPA through your local chapter.

Inside the ASCPA Message from Jeannine................ 4 Message from the Chair................ 5

25

The 2020 CPE Schedule is Here Prepare, get insights, network and more.

ASCPA Across Alabama................ 7 ASCPA Financials........................ 10 Member News............................ 14 Classifieds................................... 21 Remembering............................. 29

FOLLOW US!

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

3

MESSAGE FROM JEANNINE

W

elcome to a new decade with the ASCPA! The cover of this magazine alone has been a spark to the flame for everything that we are working towards in 2020—a new brand, refocused mission, and making an impact with you in several aspects of your life. There is no other way we would want to bring in the New Year as an organization!

We continue to remain committed in keeping you informed about any legislation and regulations which will affect you and your clients. So, you will see a preview of a few of the major issues and efforts that our friends at Fine Geddie and Associates think will be the center of discussion when the Alabama Legislature convenes on February 4.

Our advocacy efforts always revolve around your ability to serve your clients or your organizations, but we work especially hard for you during election years. Are you a CPA for an Alabama legislator? Do you personally know any of our federal representatives or senators? If you answered yes, we would love for you to share your time and resources by joining our Key Person Network. This network of unique individuals shares important issues that affect CPAs with legislators so

that legislation affecting the accounting profession is withdrawn or promoted to our benefit.

You can also directly impact our advocacy efforts by donating to the Alabama CPA PAC. As we move further into the election process, your donations will aid candidates who champion the work that you do to provide a successful and effective economy.

Before many of put up this issue to focus on the busy season ahead, be sure to look at all the in-person ASCPA 2020 continuing professional education events we have for you starting this March. If you are a part of the other half of our membership who won’t be pouring over taxes, be sure to check www. ascpa.org/CPE to choose from the 100s of daily webinars offered, our CPE buffet, and self-study and AICPA certificate programs available now! Also, mark your calendar for the 101st Annual Meeting on Tuesday, June 16th at The Club in Birmingham—this will be an event you won’t want to miss at a beautiful venue.

2019 was a year to remember, but we are so excited to go into the new century of the Society with you! Happy New Year!

Jeannine

4

ASCPA Connections

MESSAGE FROM THE CHAIR

Happy New Year! 2020 has arrived and with it the promise of a great year for CPAs. Firms are in tax filing season, loaded with audit work and CAS work. Businesses are preparing for year end, reviewing the success of the Christmas shopping season or making interim adjustments to operations in pursuit even better performance. Many not-for-profits are planning for next year after the charitable appeals drives of last fall. Students and professors view the spring semester as a light at the end of the tunnel. Government is in the second quarter of their next fiscal year.

Everyone is keeping an eye on upcoming fall elections. And, everyone going to sleep at night is dreaming of the future. These are busy and great times.

A large component of ASCPA’s work is focused on maintaining and enhancing relationships with government. ASCPA is a strong voice in our state regarding legislation that affect CPAs as well as the organizations we work for or serve. Jeannine works tirelessly to communicate important facts and considerations to our state legislators. In addition, ASCPA works to keep its members well informed of the status of legislative activity in our state through the various channels of communication at our disposal. You can get information through social media, email correspondence and even via print in Connections magazine. Having been a part of the ASCPA board for the past few years, I see first-hand the effort and the amount of information we make available for the benefit of our members.

In addition to ASCPA’s work on state and local level, we work closely with our Senators and Representatives on the Federal

level. Your AICPA Council representatives met with the Alabama legislative delegation in Washington, D.C., to discuss matters of importance to the profession. The visits continue maintain a connection to our legislators who, in turn, contact Jeannine for advice and feedback on legislation where our expertise is vital to decision making.

Big things are happening at ASCPA as well.

In December, the Governmental Accounting and Auditing Forum took place before a full room as well as to over 40 virtual attendees via our live stream. And, with the board’s approval, our Peer Review program has expanded to administer two additional states as well as our own. Lastly, our education program has new offerings in the works, for next year, including the Summer Education Conference moving to Gulf Shores.

In early November, the board held a two-day retreat to focus on the near and long-term future of ASCPA. We engaged industry transformer Gary Boomer, of Boomer Consulting, to facilitate a strategic planning and visioning session. The energy during the retreat was fantastic. Gary guided the board to develop a very aggressive (and very attainable) plan to transform ASCPA to be even better prepared for the opportunities of the future while delivering even more value to our members. Your board and ASCPA staff are committed to accomplishing great things over the next year and five years.

We are in the fourth industrial revolution and while many tasks/services CPAs currently perform may be handled via technology, soon, the abundance of opportunity far exceeds the functions that may be lost. With that in

mind, I want to close with a few points that I find important: • The CPA is still the “Most Trusted Advisor” • The future opportunities are different from the past but, even more incredible • One reason CPAs bring so much value to the world is our understanding of organizational operations and that should not change as we transform • We must take care of those we serve (customers, owners and constituents) by guiding them through the stages of the 4th industrial revolution • ASCPA will be a vital partner in accomplishing your goals Thank you for your continued membership and commitment to serve others!

Dennis January/February

5

M A K E A N I M PA C T O N O V E R

6,000 INDIVIDUALS WITH YOUR MESSAGE The 2020 ASCPA Media Kit is now available! We want to help you get your message into 6000 Alabama certified public accountants in one of three ways: • print advertising • c lassified ads in our digital or printed publications •m eeting members in-person at special events throughout the year.

Connect with our team by calling 334.386.7650 to create a personalized plan that works best for you and your organization.

6

ASCPA Connections

ASCPA ACROSS ALABAMA

1

1 ASC Director Joseph Borg with the Tuscaloosa Advisory Council for their Bankers Luncheon; 2 Huntsville Chapter Members ready to serve the Downtown Rescue Mission; 3 Behind the

scenes at Downtown Rescue Mission Evening of Service; 4 Just a few of our friends at the

2

Montgomery Chapter Photos with Santa for Mercy House; 5 YCPA BJ Gilbert leading young entrepreneurs at the Build a Bridge Workshop; 6 UAH accounting students serving at Meals for

Manna House in Huntsville; 7 Huntsville Chapter Members brought their families to Meals for Manna House to make a difference; 8 Mobile Chapter 1st Women’s Sip & CPE with Director Joseph Borg.

3

4

5

6 6

7

11

8 January/February

7

THE FINE GEDDIE REPORT 2020 Regular Session Preview

Alabama Legislature to Convene on February 4 The 2020 Regular Legislative Session will commence on Tuesday, February 4. The Alabama Legislature will take up many topics this session and many discussions are well underway.

BUDGET OVERVIEW General Fund – The bulk of the General Fund Budget is devoted to Medicaid and the Department of Corrections. The need to alleviate the overcrowding in the state prison system will be a priority this session because time to address the issue before federal intervention is running out. A package of legislation to improve reentry and community corrections programs is expected. It is still to be determined if that legislation will be handled in a special session.

The General Fund will total around $7.3 billion for Fiscal Year 2021, up from $7.2 billion this fiscal year. The increase is attributable to a new use tax revenue stream from online sales and receipts from insurance premium taxes.

Rural healthcare continues to be a problem, further complicated

by Medicaid provisions and, although Medicaid is in good shape for FY2021, related budgetary strains are anticipated in future years. Proposals related to rural healthcare are expected. Recently, there has been discussion about the minimum requirements for hospital operation and some lawmakers have expressed an 8

ASCPA Connections

interest in helping rural hospitals transition to clinics as a way to continue providing healthcare but with a less burdensome requisite overhead.

Education Trust Fund – The Education Trust Fund budget is estimated to total $7.5 billion in FY2021, up from $7.2 billion this fiscal year. $500 million has been accumulated into the State Technology Fund which is a reserve fund designed to collect a portion of the revenue surplus.

Economic development will be an important topic this session, as the Jobs Act, a series of development incentives administered by the Department of Commerce, is up for renewal. The Growing Alabama tax credit program to incentivize site preparation is also up for renewal. Legislation to provide access to capital for rural and agribusiness through tax credits will also be proposed.

TAX CUTS AND JOBS ACTS STUDY COMMISSION A joint legislative task force has been established to study the fiscal impacts of the federal Tax Cuts and Jobs Act on corporate income tax in Alabama. The task force, established by legislative resolution in 2019, is taking individual) impact state income tax policy and what, if anything, should be done to address it. Many provisions of Alabama’s income tax code are coupled with federal tax code so that a change in the federal code automatically triggers changes in Alabama tax law. In many cases, when federal taxes go down, Alabama state taxes go up and vice versa.

The task force, which convened during the fall, has traveled the state and presented its findings and legislative proposals for the 2020 Regular Session to amend Alabama income tax code. The

idea would be to follow suit with other states that have enacted corporate income tax reforms in response to the federal changes brought by the Trump tax reform.

Additionally, the proposals are aimed at making Alabama’s income tax code more competitive. While Alabama’s marginal corporate income tax rate is among the highest in the Southeast, our effective rate is more competitive. The task force is aiming to reduce the marginal corporate and individual income tax rates.

Some of the provisions under consideration include: • Reduction of corporate and individual income tax rates • Elimination of the federal income tax deduction • Revision of the apportionment formula to a single or triple sales factor • Relief from the federal 163(j) net interest expense limit by elective consolidation • Global Intangible low-taxed income (GILTI) decoupling • State and Local Tax (SALT) Deduction Relief MEDICAL MARIJUANA STUDY COMMISSION The Medical Marijuana Study Commission has approved a draft piece of legislation that Sen. Melson (R—Florence), a medical doctor, is expected to consider as he crafts legislation to promote this session. His proposal last year passed the Senate easily but was amended by the House to gut the treatment authorization provisions and establish the study commission. At present, stakeholders are negotiating language that would create permissible business structures for medical marijuana commerce and accommodate anticipated employer concerns. This legislation will be negotiated before the legislative session commences which will make amendments during the process extremely difficult.

REVISIONS TO THE OPEN RECORDS ACT Last year, Sen. Cam Ward (R—Alabaster) proposed a comprehensive rewrite of the current Open Records Act, which is a mere paragraph in current law and provides protections for certain information related to critical infrastructure. The rewrite was drafted by the Alabama Press Association and the Southern Poverty Law Center and proposed stringent timelines for record disclosure and was considered by many to have reckless consequences due to vague language. The APA has drafted a revised version, but Sen. Ward has indicated he will work with various interest groups to address confusion in the draft legislation. We are working with stakeholders to determine whether a consensus is possible and, if so, to craft legislation accordingly.

MARSH EDUCATION PLAN Senate President Pro Tempore Del Marsh (R—Anniston) has indicated that education policy reform will be a priority for him during the 2020 Regular Legislative Session. It is unclear at this point what that reform proposal will look like, and it could address any of an array of issues such as improving local school accountability and establishing a private school voucher system.

This is not an unexpected priority for Sen. Marsh in the wake of last year’s passage of a constitutional referendum to change the state board of education from an elected to an appointed body, which he championed. It is widely believed that this governance structure reform, which will be decided by a statewide vote during the March presidential primary, is a key step toward fundamentally improving our broken public education system.

Fine Geddie has been a trusted advisor for navigating governmental issues in Alabama for over 33 years to the world’s most prominent business entities. They provide ASCPA members with their weekly publication, The Fine Geddie Report, during sessions of the Alabama Legislature via the ASCPA’s Weekly Digital Newsletter and on www.ascpa.org/Protect2020.

January/February

9

ASCPA Financials 2019 Condensed Schedule of Activities for the Years Ended April 30 Compiled from consolidated audited financial statements

Expenditures

Charges for Services, Dues, & Contributions

2019 Net Revenues Over (Under) Expenditures

2018 Net Revenues Over (Under) Expenditures

Professional Development Seminars

$800,084

$1,008,563

$208,479

$226,146

Membership

186,271

1,017,683

831,412

955,847

Quality Review

334,284

231,895

(102,389)

(107,973)

Public Relations

202,037

(202,037)

(221,054)

Scholarships & Awards

140,651

72,629

(68,022)

(47,587)

Programs:

Newsletter

75,243

55,394

(19,849)

(24,616)

Conferences & Committees

227,299

213,184

(14,115)

(43,482)

Chapter Activities

25,021

(25,021)

(17,826)

Political Contributions

29,500

(29,500)

(2,500)

Total Program Services

$2,020,390

$578,958

$716,955

$(617,130)

$(582,102)

Net Realized/Unrealized Gain on Investments

234,386

194,986

Other Revenues

16,343

31,492

$212,557

$361,331

$2,599,348

Management & General Expenses

Net Revenues Over Expenditures

Selected Financial Revenues 2019 Conferences & Meetings 7%

Contributions 3%

Membership 36%

CPE Seminars 35%

Other Program Charges Newsletter 1% 2% Quality Review 8%

10

ASCPA Connections

Investment Income 8%

Condensed Statement of Position for the Year Ended April 30 Compiled from consolidated audited financial statements 2019

2018

$827,153

$1,297,243

71,219

54,358

Property & Equipment (net)

1,626,826

1,707,572

Investments in Stocks & Bonds, Fair Value

4,362,325

3,578,508

$6,887,523

$6,637,681

2019

2018

Deferred Revenues

$414,439

$360,448

Other Current Liabilities

115,240

103,279

Deferred Compensation - Long-Term Portion

253,811

273,249

5,900

15,129

$789,390

$752,105

$6,098,133

$5,885,576

Assets: Cash Equivalents & Certificates of Deposit Pledge Receivables (net) Other Current Assets

Total Assets Liabilities

Debt - Long-Term Portion

Total Liabilities Net Assets

Contact ASCPA President & CEO Jeannine Birmingham for a full set of consolidated audited financial statements.

Selected Financial expenses 2019 Conferences & Meetings 9%

Membership 7%

Other Program Costs 7% Newsletter 3%

Public Relations 8%

CPE Seminars 30%

Administration 23% Quality Review 13%

January/February

11

WHAT CAN THE ASCPA DO FOR YOU? Current ASCPA members told us that the ASCPA has helped them...

+ ACHIEVE + E A + EACH + E E I E + E HI + AC IVA E + I H + E CE + A VA CE + IE HI + A E HI + A V CA E + IV + AI + + EC + + A E + E + CE E A E + I AC + CE I ICA I + I E CE + A I + E E H + C I E CE + I + EC E + C EC + I E I + E VE + C EA E + I VI E + HA E + E E I E + E E + E HE + EVE + + EA + EA + H IVE + A + IVE + + A E + E E + I E + IVA E + E C A E + VA E + I + E HA CE

12

ASCPA Connections

Visit www.ascpa.org/my-bene its to learn more, and be sure to renew your membership in April to keep your bene its year round.

We’re Going into the New Year and Next Decade with Refreshed Vision!

OUR NEW LOGO

Last January, Jeannine Birmingham (our President and CEO) publicly thanked every member who has shaped the accounting profession over the last 100 years. We have celebrated. We have reflected. We are expectant.

Because why we do what we do comes back to one thing-you. You, your organization, your career, and your community all have potential to advance, expand, persevere, and create an intentional legacy through the accounting profession.

Moving into 2020 and beyond, we want to be there and be a part of all the above when you do! We’re taking a refreshed look into the new year to focus on just that.

After our Centennial Gala, we surveyed members from every step and industry of our membership to gain feedback on the ASCPA’s logo and services. Most of our members agreed that a refreshed look should bring us into the next century as an organization, and that this fresh look should be familiar, but future-forward and member-centric.

The ASCPA’s new logo emphasizes the potential when you partner with the ASCPA: • The plus sign symbolizes that, “With the ASCPA...” you are connected, protected, advocated for, and you can make a difference in yourself, career, organization and community.

• The intersections of the plus sign in various colors marries the foundation of what know from the past and our brand as a trusted partner with the business and technology focused future.

• The lowercase colors remain contemporary and denote a friendly organization.

• The updated colors in the letters place an emphasis on how we are a business and trustworthy organization and compliments our familiar green and grey we’ve used in the past.

• The bold letters and distinction of “CPA” emphasize our continued dedication to the CPA profession.

TAGLINE With the ASCPA… BRAND PROMISE Together we enhance the accounting profession through advocacy, education, and member engagement.

YOU + ASCPA In addition to visuals and messaging, it is important that an organization lives up to its brand image and messaging. We will continue to share how we are delivering on our brand promise and how you can make the most of your membership!

HERE’S WHAT A FEW MEMBERS HAD TO SAY ABOUT HOW THE ASCPA ADDED VALUE TO THEIR LIVES! “I love being involved with ASCPA programs-whether it’s chapter leadership, Accounting Interview Day, Classroom Blitz, or being on the ASCPA board. I love our profession and truly appreciate what it has done for me, a small rural farm-town boy. Being involved helps me give back in a very small way.

Also, by being involved I have developed relationships across our state and actually across the United States. This has been so beneficial to me on a personal and business level, and this has all grown out of my involvement with the ASCPA.” John Shank, CPA | Public Accounting Member

“From offering scholarships, hosting a student interview day with firms across the state to talking with students at accounting club meetings, ASCPA invests their time and resources into helping students grow and succeed. The best part about working with them is getting to learn from such caring and creative people.”

Hannah Donovan | Student Member

“The ASCPA provides incredible opportunities for me to network, build relationships, and serve the profession and community with fellow CPAs. The Society also delivers relevant information to keep me current with laws, regulations, and accounting standards affecting the profession. Although these opportunities were available on Day 1 of my membership, I didn’t realize the impact the Society has had on me, and the profession, until I became intentionally involved by serving.”

Josh Bowen, CPA | Young CPA and Chapter Advisory Council Member

January/February

13

MEMBER NEWS Stephen Von Hagel was recently promoted to Member at BMSS. Stephen joined the BMSS team in 2009 and has over 15 years of public accounting experience. Called “SVH” by his colleagues, he specializes in audit and assurance services, including financial statement audits, reviews and compilation services, as well as outsourced controller and accounting services.

People describe him as a team member who cares about the people he is working with and for. Stephen also has a humorous side and is down to earth. These attributes allow for a highly personable client experience.

Given the intensive nature of Stephen’s work, being personable is a much-needed skill to help move along an otherwise daunting process. He attributes his success to his parents and education.

Stephen lives in Vestavia with his wife, Tonya, and their three daughters. He and his wife met while attending school at the University of Alabama. He and his family love to go on fun family vacations and spend time together. Stephen also enjoys coaching his daughters in youth sports. He serves his church as chairman of the finance council and serves on the school advisory board for the Diocese of Birmingham.

Crow Shields Bailey PC, an accounting and consulting firm with offices in Mobile, Daphne and Gulf Shores is pleased to announce the following promotions: Teresa Ernest, CPA was promoted to Principal, Kenny Crow, III, CPA was promoted to Manager, Abby Roveda, CPA was promoted to Supervisor, Jay Crowley, CPA was promoted to Senior Accountant, Allie Parker, CPA was promoted to Senior Accountant, and Frank Schottgen, IV was promoted to Senior Accountant.

Florida State University accounting alumnus Albert “Al” C. Johnson was named 2019 Accounting Alumni Achievement Award Winner. Johnson began his career with Arthur Andersen LLP, where he served for nearly 25 years from 1965 to 1994 in positions of increasing responsibility, culminating in managing partner and Audit Division head for the Birmingham, Alabama, office.

He then joined Dunn Investment Company, a privately-owned construction company, as senior vice president and chief financial officer, staying there until 1998. He served as a director of Books-A-Million, Inc. from 2005 to 2014 and at Hibbett Sports, Inc. from 2008 to 2017. He also has served as a director and trustee of various funds.

Johnson served in United States Air Force as a captain in the Strategic Air Command and celebrated his 50th anniversary as a Master Mason in 2018.

Johnson is an active and long-time supporter of Florida State University and the College of Business. His support of the accounting program dates to when he was with Arthur Andersen, where he was part of a team of donors who gave to the Arthur Andersen Professorship. In more recent years, he has given back to the Department of Accounting through scholarships for Master of Accounting (MAcc) students. Johnson values helping students and giving back to FSU, whether through financial support or meeting with students in Tallahassee and in Birmingham.

Johnson earned his bachelor’s degree in accounting from Florida State University in 1965. While at FSU, he received FSU’s Top Accounting Student Award, which was coin.

Johnson has kept this coin for more than 50 years, including when he served in Vietnam. Johnson also has a master’s degree in systems management from the University of Southern California.

Jackson Thornton, a certified public accounting and consulting firm, is pleased to announce that Christine Cook, William Sheffield, and Eden Thornton have been selected as the firm’s newest principals.

Christine Cook is a principal in the firm’s Montgomery office. Cook, a CPA since 1993, specializes in taxation of exempt organizations in addition to tax compliance and consulting services for closely held business-

14

ASCPA Connections

es and individuals. She is a graduate of Birmingham Southern College, where she obtained her undergraduate degree in Accounting. Cook holds professional membership in the AICPA as well as the ASCPA. She serves on the board of directors of the River Region United Way as the chair of the audit committee and is the treasurer for Mary Ellen’s Hearth. Cook is also a member of the Montgomery Estate Planning Council, the Alabama Council of Association Executives and the Junior League of Montgomery.

William Sheffield is a principal in the firm’s Opelika office. Sheffield, a CPA since 2006, specializes in tax planning and consulting for individuals and closely held businesses.

He earned his undergraduate and Master of Accountancy degrees from Auburn University. Sheffield holds professional membership in the AICPA as well as the ASCPA. He is the current president of the Montgomery Auburn Club and has served on the junior executive board of the Montgomery Museum of Fine Arts and the YMCA Boys Work Committee.

Eden Thornton is a principal in the firm’s Montgomery office. Thornton, a CPA since 1993, specializes in tax planning and consulting services for closely held businesses and individuals. In addition, she leads the Montgomery office’s Client Accounting practice. Thornton is a graduate of Troy University and earned her undergraduate degree in Business Administration/Accounting. She holds professional membership in the AICPA as well as the ASCPA. Thornton is a graduate of Leadership Montgomery Class XXXV and is a member of the Prattville Rotary Club.

She also serves on the boards of the Family Sunshine Center and the Mercy House.

RFG Advisory is excited to announce that Brianne Smith has joined its growing network of Independent Financial Advisors. Based in Montgomery, Alabama, Brianne opens RFG Advisory’s first office in our state’s capitol city.

As a financial planning and tax specialist, Brianne spent most of her professional life as a financial planning and tax specialist. She

spent 19 years as a CPA at Warren Averett working with high-net worth clients and the last 5 years serving as an accounting professor at Huntingdon College. Brianne joins RFG Advisory as a Financial Advisor to begin the chapter she’s been preparing for her entire career. “I’ve always been motivated to help people get from where they are to where they want to be,” Brianne continues, “For my clients I will be their financial quarterback, personal CFO, strategic confidant and accountability partner.”

The Partners of Russell Thompson Butler & Houston (RTBH) are pleased to announce that they have grown with the addition of Allison Snelling to their team as a Senior Accountant. Allison earned her degree in finance and a master’s degree in accounting from the University of Alabama.

Along with her CPA, Allison has also built a skillset, including GAAP financial accounting, taxation research, and strategic planning, as well as audit and assurance engagement leadership.

RTBH also welcomes Patricia Powe to their team as a Supervisor and Firm Administrator. She graduated from the University of Alabama with her Bachelor of Science and Master of Accountancy, after which she earned her CPA. With nearly 15 years of experience in public accounting, financial management, and higher education administration across the state, Patricia brings a wealth of knowledge to the Firm and our clients.

Warren Averett CPAs & Advisors is pleased to announce that Sandra J. Coaker, CPA assumed the role of Office Managing Member in the Montgomery office effective January 1.

Richard Stabler has been the Managing Member in the Montgomery office since 2010. He will be relocating to Fairhope, AL in May of 2020 and will be fully engaged in the continued development of the Montgomery, Mobile and South Alabama markets for the Firm.

“Sandy has been an active leader within Warren Averett and throughout the Montgomery community over her career. She previously served as the Montgomery Operations Leader and has served on the Firm Opera

tions Board since 2014,” says Mary Elliott, CEO of Warren Averett. “She also has been very active in the development and growth of our outsourced services offering and will continue to serve the Firm as a resource in this area. Sandy brings great skills to the Office Managing Member position, and we are excited about this next step in her career.”

Sandy joined Warren Averett in 2005 and specializes in providing business advisory, accounting and taxation services. She is the Firm’s practice leader for Warren Averett Acumen, a service helping companies transform their businesses by delivering real time, collaborative advisory services and innovative cloud-based solutions. Sandy has over 25 years of experience working with privately-held companies in a broad range of industries, including healthcare, hospitality and professional service.

Warren Averett is also pleased to announce that Clynt Hart, CPA, CFE, a shareholder in the firm, has been appointed to the AICPA’s Peer Review Board and will start serving on this national committee beginning May 2020.

Clynt currently serves on the ASCPA’s Peer Review Committee, and he has previously served on the Governmental Accounting and Auditing Committee.

Clynt has been with the Firm since 1982 and is the Service Area Leader for the Montgomery Audit Practice. Clynt provides complete accounting, auditing, tax and advisory services to a wide range of business clients.

He has developed specialized expertise in nonprofit organizations, governmental entities, construction and the hotel industries.

Clynt is also a member of the Firm’s team that performs peer reviews of other CPA firms throughout the United States.

its 25-year accreditation with the U.S. Chamber of Commerce in 1992.

Carroll graduated from the University of South Alabama with a Bachelor of Science in Business Administration with a concentration in Accounting. He is a Certified Public Accountant, a member of the Association of International Certified Professional Accountants and the Alabama Society of CPAs. He is Accredited in Business Valuation, Certified in Financial Forensics by the American Institute of CPAs and is a Certified Valuation Analyst. Carroll’s experience is vast ranging from litigation and consulting services to traditional tax and accounting services in a variety of industries.

Wilkins Miller is also pleased to announce that Brandi Morgan, CPA and Micah Wheeler, CPA, became partners effective January 1, 2020, and Katherine Bowen joined the team.

Morgan joined Wilkins Miller in 2004 and was named manager in 2012.

She brings over fifteen years of experience in public accounting and manages the Outsourced Accounting Services team which provides back-office accounting solutions for various companies. With a focus to increase financial visibility, Morgan helps companies identify pain points and achieve their goals through tax planning, budgeting, payroll compliance, and financial analysis. She earned her bachelor’s degree of science in business administration from the University of South Alabama.

Wilkins Miller, an accounting and advisory firm with offices in Mobile and Fairhope, is pleased to announce that W. Allen Carroll, Jr. CPA/ABV, CFF, CVA, a partner with the firm, has joined the Mobile Area Chamber of Commerce Board of Directors, effective January of 2020.

Wheeler joined the firm in 2006, after receiving his bachelor’s degree of accountancy from the University of South Alabama.

He was named manager in 2013 with specialties in audit of not-for-profit and non-public organizations, and not-for-profit federal & multi-state tax compliance. His primary experience lies in the preparation of financial statements, bookkeeping, and bond accounting. Additionally, he works with not-for-profit organizations in an outsourced CFO role to design and maintain processes to provide governance and management with the reports to make informed decisions.

The Chamber is governed by a 44-member board of directors whose mission is to serve as a progressive advocate for business needs to promote the Mobile area’s economic well-being. The Mobile Area Chamber of Commerce is one of the nation’s oldest continuously accredited Chambers and received

Bowen joins the team as a Staff Accountant focused on Outsourced Accounting Services.

She brings over nine years of experience in financial statement compilations, QuickBooks training, payroll processing, individual tax planning, and business tax return preparation for several entity types in various January/February

15

industries. She graduated cum laude with a bachelor’s degree of science in accounting and a minor in business administration from Birmingham-Southern College in 2010.

WHAT’S HAPPENING OUT THERE

Hartmann, Blackmon & Kilgore, P.C. announces 2020 rebrand to Avizo Group effective January 1, 2020. The new brand elevates the company’s focus on personalized strategic consulting and advisory services and includes a new logo, positioning, and website.

Avizo Group’s new brand will enable the company to stand out within the accounting profession as well as in the Gulf Coast’s business environment as forward-thinking advisors who are prepared to guide clients through technological, economic, and social changes that impact their business and

financial success. Business owners and clients will see an increase in service offerings that provide year-round, success-focused strategic approaches to advisory services.

Compliance-based services will continue to be offered as part of the firm’s consultative approach.

designed to capture the essence of the company and what they provide to clients.

The visual identity of Avizo Group characterizes the company as modern and innovative, while including historical aspects by using hb&k’s green coloring and circular shape within the logo.

Avizo Group remains dedicated to investing in technology and services centered on increasing client success and satisfaction. Clients and community members will continue to receive the company’s excellent standard of customer service, deep expertise, and trusted guidance of the CPAs and professionals within the company.

Beginning January 1, 2020, you may visit www.avizogroup.com to learn more about the advisory services offered.

“We are excited to celebrate our new firm name. Avizo Group represents our focus on helping clients achieve success as they define it.” says Dennis Sherrin, managing shareholder of hb&k.

The Avizo Group name and logo were developed through an intensive 12-month process where firm leaders met with industry professionals, surveyed employees, hired a marketing firm, and completed exercises

To celebrate volunteerism with their professionals and give back to the community, Anglin Reichmann Armstrong hosted a ‘Serve Day’ on October 18. The event involved more than 50 professionals from the firm’s Huntsville and Pensacola, Fla., offices. Service activities focused on youth, seniors, animal welfare and nutrition.

Anglin employees, organized in small groups, worked on six different Serve Day projects for four organizations in Huntsville. Anglin’s Pensacola team added a fifth organization and seventh project for Serve Day at the Pensacola Humane Society where they spent time tending to shelter cats, created chewable dog toys and made dog treats.

Activities in Huntsville included projects and grocery deliveries for aging seniors, landscaping and yard cleanup for shelter pets, a shift at a hydroponic garden that provides fresh veggies for families, and spruce-ups at a youth center.

16

ASCPA Connections

MAKE AN

IMPACT

in Your Local Community

The ASCPA has 11 chapters throughout Alabama that have been impacting the CPA profession across the state since 1977. Chapter membership allows you to network with CPAs in your area and remain active with the ASCPA in your community.

Over the past two years, chapters activities across the state have transformed. In addition to providing local continuing professional education, chapters have taken initiative to make a difference in their local communities, building connections with local businesses, and enjoying networking over food & games.

ASCPA chapter members continue to better the profession locally by giving of their time, talent, and resources. You can get involved and find out about your next chapter event on www.ascpa.org/ chapters or in next issue’s Mark Your Calendar column.

We cannot wait to connect with you at your next chapter event!

January/February

17

TAX

ZOEBELEIN & BENITEZ ON TAX

The IRS’s continued quest to identify owners’ tax basis puts additional burdens on tax preparers this tax season and the next

by Tom Zoebelein, CPA, MBA and Clara Benitez, CPA

18

ASCPA Connections

Tax basis is key for every owner of a pass-through entity as it determines both the deductibility of allocated losses and the taxation of distributions from the pass-through. There are three general types of tax basis: inside basis (as reflected in the passthrough’s books and records), outside basis (the premium paid above the inside basis), and debt basis. S-corporation debt basis is limited to advances by the shareholders, while partnerships may have both recourse and nonrecourse debt bases.

Despite the importance of basis, the Schedule K-1 offers little help to the partner’s/shareholder’s tax preparer in this area. The 1120S K-1 has no basis reconciliation, while the 1065 K-1 has historically offered four different bases of reporting: tax basis, the §704(b) (economic) basis, GAAP basis, and the mysterious “other” basis.

As tax practitioners, we should be keeping track of the partner’s/ shareholder’s tax basis. Our experience is that the preparation software makes tracking the tax basis easier for S-corporations but less intuitive for partnerships. Recreating the S- shareholder basis is the easiest to recreate (absent outside basis) with only shareholder loans and capital in the equation. most software will help track the debt basis for the S-corporation shareholder, as qualifying debt is directly linked to the shareholder. To complete S shareholder basis tracking we recommend incorporate outside basis into our S- shareholder basis roll forwards (also put in the software basis sheets). . Tracking partnership tax basis, is much more difficult to recreate if it has not been maintained. The partner tax basis is often not been maintained when we acquire new Form 1065 clients and is problematic. Try and get as many prior year returns when creating the carryforward for clients where tax basis has not been maintained.

This task is the equivalent of recreating the corporate E&P schedule difficult but necessary.

It is not surprising that the IRS has, and is working on potential solutions to, this same problem. We see the IRS’s focus on debt allocation in the 2018 1065 K-1 with the addition of opening and closing debt allocations being reported in Box K. Additionally, buried on page 30 of the 2018 Form 1065 instructions was a new requirement to report negative capital accounts both beginning and ending. Nothing to do if the basis of reporting was tax but for the other three basis methods of reporting it required the preparer to calculate the tax basis ( beginning and ending) reporting those partners with a negative capital in Box 20 of the K-1, using the code AH. Just the capital account as the offsetting allocated debt is still reported in Box K. Failure to report this information carries a $195 per partner, per month penalty for not providing a correct Form K-1 to the partner/member. If you missed this requirement do not panic. There is still time to correct the mistake, as IRS Notice 2019-20 provides penalty relief if you furnish corrected information to the IRS no later than one year from the original, unextended due date of the Form 1065. For most, this deadline should be March 15, 2020. Please note two things: (1) this penalty relief applies only to taxable years beginning after December 31, 2017, but before January 1, 2019; (2)

January/February

19

the corrective procedures do not require filing an amended Form 1065. See Notice 2019-20 for detailed corrective procedures.

The 2018 1120S did not share the 1065’s negative basis reporting requirement.

Instead, the Service added an additional column to line 28 of the 1040 Schedule E, regarding whether basis computation is required. Per clarification posted to the IRS’s website on February 6, 2019, this column must be checked for any S-corporation from which the taxpayer reports a loss, receives a distribution, disposes of stock, or receives a loan repayment. A basis computation for that S-corporation must then be attached to the 1040. Most software makes this calculation fairly simple, but the requirement itself was easily overlooked by many taxpayers and tax preparers during the harried nature of busy season.

On September 30, 2019, the IRS issued proposed drafts of the 2019 Form 1065.

Once again major partner basis reporting changes were buried in the instructions.

The Service is sharpening their focus on partner basis by requiring capital accounts to be reported on the tax basis (prohibiting the other three types). The new 1065 K-1 requires, among other things, disclosure of each partner’s share of unrecognized gains/losses (704(c)), and statements to be attached to each partner’s K-1 providing information on each separate at-risk and/ or passive activity (when there is more than one such activity). The push back from the tax community resulted in the Service issuing Notice 2019-66, postponing both the tax basis mandate and the at-risk disclosures to 2020, but not the unrecognized gain/Loss reporting requirement. However, Notice 2019-66 does not alter the items required to be reported on the 2019 1065. It also provides detailed instructions regarding the reporting requirements which it affects. We, therefore, strongly urge you to read this seven-page notice.

One of benefits of using the partnership structure over the S-corporation is the ability to contribute and distribute appreciated property without creating a taxable event. If the partnership reports on an §704(b) basis, the difference between the fair market value

of the contribution and the contributing partner’s tax basis in the property is referred to as §704(c) gain or loss. This difference is now required to be reported in Box 20 on Form K-1 with the code “W*.” If the partnership revalued its basis in any asset (normally to avoid minimum gain), the difference from actual tax basis is also required to reported as an unrealized §704(c) gain.

We see the §704(c) unrealized gain as problematic, especially where the partnership books are reported on the §704(b) (economic) basis. Our experience has been that most real estate partnership are reporting on the §704(b) economic basis, but often the partnership is not collecting the contributing partner’s tax basis in the asset(s) when contributed. Collecting this basis information after the fact might prove to be time consuming and must be addressed now to avoid the $195 per partner, per month penalty for failing to report this information during the upcoming filing season. Like 2018, the negative tax capital amount is also required for 2019 Form 1065 K-1s (reported in Box 20 with the Code AH). Our reliance on our tax preparation software makes it less likely that we read the IRS Form instructions. Based on the IRS burying new reporting requirements for the last two tax seasons in the form instructions, tax practitioners might consider adding that step in preparing for each tax season.

We know it may be hard to think about the 2020 mandated changes to report both on the tax basis method and report the “at risk” amounts for your partnership clients, but we recommend you start this process as soon as possible.

Bad news comes in threes, so we leave you with two more potential pitfalls. First, consider advising your clients to resist the pressure to reap the advertised tax benefit of syndicated conservation easements. Not only do syndicated conservation easements carry additional reporting requirements, but the IRS announced on November 12, 2019, that it is increasing their enforcement action on syndicated conservation easements. Make sure the reward is worth the additional audit risk.

The final piece of bad news was hidden in drafting of the increase in the definition of a small business to $25 million for the TCJA’s small business exception (§488). You will recall the TCJA’s increase of the small business exception freed more of our clients from reporting taxable income on the accrual method of accounting, reporting inventory, contractors reporting on percentage of completion accounting, and from the §165(j) interest expense limitation. The TCJA added language to exclude tax shelters from qualifying as small businesses. This seemed both reasonable and to not affect our clients.

However, the TCJA’s definition of a tax shelter also included language which include syndicates as tax shelters. The definition of a syndicate is found under §461(i)(3)(B) and §1256(e)(3)(B). Under the definition of a syndicate is a partnership in which more than 35% of operating losses are allocated to limited partners (some cases this can also apply to an S-corporation). LLC members, by definition, are limited partners. As such, LLC members that material participating in the business are exempted from treatment as limited partner. This means that the following are exempt from limited partner treatment for this purpose: 1. An individual who actively participates in management 2. The spouse and lineal relatives of the individual that actively participates in management 3. An individual who actively participates in the business for five years or more 4. The estate of an individual that participated in management 5. Others, based on the Treasury’s evaluation on facts and circumstances.

We may find that many of our partnership/ LLC clients with an overall loss could inadvertently have fallen into this trap (and even some S-corporations). The American Bar & AICPA are both working to get this changed, but for now watch your loss allocations to avoid this disaster.

Good luck with tax season!

a desk Delivering Results - One Practice At a time • Near Huntsville / Decatur / Athens

888-553-1040

Loriaccounting Newcomer, & & CPA tax practice grossing Tim $630,000 Price, CPA PNGroup@aps.net www.APS.net

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: • Tuscaloosa area CPA grossing $250,000 • Southeast of Birmingham CPA grossing $445,000 • South Birmingham / Shelby County tax practice grossing $70,000

• SW of Knoxville / Monroe County, TN CPA grossing $45,000 • Tri-Cities Region, TN CPA grossing $310,000 • Northeast TN / North of Knoxville CPA grossing $315,000 • Fort Walton Beach, FL area CPA grossing $75,000 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 14 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

CLASSIFIEDS Intermediaries (CBI) specializing in the sale of CPA firms. We are here to help you 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.

LISTINGS: Huntsville Gross $200k-SOLD; NE MS Tax & Bookkeeping Firm Gross $850k-SOLD.

Kathy Brents, CPA, CBI Cell 501.514.4928 Office 866.260.2793 Kathy@AccountingBizBrokers.com visit us at www.AccountingBizBrokers.com

JOIN US FOR THE

Emerging Leaders Summit A Ted-talk style leadership summit for Young CPAs & members ready to take steps in their career

MAY 7 • THURSDAY 8:30 AM TO 4:15 PM AVONDALE BREWING COMPANY Gain insights on Community, Branding + Podcasting, Leadership, Career Shifts, Work + Life Balance, and Entrepreneurship from people who've done it well before you--including Stephen & Jessica Rose from The Peach Truck.

WWW.ASCPA.ORG/Summit2020

January/February

21

REGISTRATION IS OPEN

BUSINESS & INDUSTRY APPRECIATION CONFERENCE

MARCH 12 THE VULCAN BIRMINGHAM 8 HOURS OF CPE EMPLOYMENT LAW TECHNOLOGY UPDATES ETHICS WITH JIM MARTIN RISK MANAGEMENT DATA ANALYTICS AND FRAUD

Tell all of your friends in industry & register at www.ascpa.org/BI2020 before March 2, 2020 to save!

22

ASCPA Connections

Are You Maximizing Your ROI on

OFFICE 365?

Thomas G. Stephens, Jr., CPA, CGMA, CITP

According to some studies, almost 60% of businesses are using Microsoft’s Office 365 services and products and, according to Microsoft, there are presently over 214 million Office 365 subscribers. However, if you have paid careful attention to how most business professionals utilize their Office 365 tools, it is fair to say that most are not taking full advantage of all they have available to them. In this article, we will explore a handful of the ways you can use your business-oriented Office 365 subscriptions to work more efficiently and, in turn, increase your Return-On-Investment (ROI) on the platform.

Mobile Apps

In an era where most business professionals carry mobile devices, being able to access and edit data on-the-go can be an important consideration. For Office 365 subscribers, Microsoft makes available a mobile suite of apps that allow users to access and work with their data from their mobile devices. Among others, the Excel, Word, PowerPoint, Outlook, and OneNote, apps provide you with the ability to access documents stored in SharePoint Online or OneDrive for Business. Additionally, with the Skype for Business app, you can conveniently take advantage of the Skype platform to communicate and collaborate with others.

Co-Authoring

Closely related to the mobile apps discussed in the previous paragraph, those with business-oriented Office 365 subscriptions can collaborate with others on a document through a process known as co-authoring.

For example, an Office 365 subscriber can store an Excel workbook in SharePoint Online or OneDrive for Business and then click Share to allow others to simultaneously access and even edit the same workbook.

Each user in the workbook can make changes to the workbook in real-time and other users will be able to see changes instantaneously. If necessary, the author of the workbook can edit others’ privileges and even revoke them, if necessary. This coauthoring environment facilitates quick-andeasy collaboration, without getting involved in the challenges of trying to collaborate via email and then round-up all the “stray” and duplicated copies of the workbook.

Teams

One of the best – and most overlooked –

components of Office 365 is Teams. Teams is a relatively new tool that brings together various components of other Office 365 tools and puts them in one location. For example: • Teams incorporates functionality from Exchange Online for communications and shared calendar functionality.

Other Tools

While time and space do not allow for a full discussion of all the tools, apps, and services available with your business-oriented Office 365 subscription, some other tools you should consider looking into include: • Forms, a cloud-based form/survey/ testing engine;

• Teams utilizes cloud-based storage “borrowed” from SharePoint Online.

• Yammer, a social-networking tool for larger organizations;

• Teams takes advantage of the communication capabilities in Skype for Business.

• Delve, a tool for providing personal insights and relevant information about the people and data you work with;

By incorporating the three tools listed above with other tools and services, Teams creates a single location from which you can launch virtually all of your work efforts, including accessing and working on files, scheduling meetings, messaging with others – both inside and outside your organization, collaborating in real-time on documents, and participating in video conferences.

• Stream, an organization-based video/ presentation delivery engine; and

In addition, you can integrate other apps – from Microsoft and from thirdparty developers – into Teams for even greater levels of controls, productivity, and efficiency. For example, you can add Microsoft’s free Planner app into Teams so that you can schedule and assign tasks to other members of your team and receive automatic status updates and reports. For many, Teams is quickly becoming the “can’t live without” component of Office 365 and if you have not yet experienced working with this tool, I suggest you try it.

Bookings

Another relatively new service available to many subscribers of business-oriented versions of Office 365 is Bookings. Bookings is a tool that allows customers and clients to “self-schedule” appointments from a cloudbased app that you can incorporate into your website. With Bookings, a company can show available appointment times on the web and customers and clients can then schedule when they would like to book an appointment, meeting, on-site visit, etc. Once the customer completes scheduling the appointment, Bookings adds the appointment to the service-provider’s Exchange Online-based calendar. You can even customize Bookings to have the service send automated reminders to those who choose to book on-line.

• Sway, an alternative to PowerPoint for creating compelling and captivating presentations.

Additionally, do not overlook the wide variety of embedded security options available in Office 365, including Data Loss Prevention, Mobile Device Management, Multi-Factor Authentication, and tools to manage and control the flow of email.

Summary

Office 365 has certainly come a long way, and all signs point to continued development of other tools and services within the subscription-based offering. While some users rightfully focus on the “core” products and services – such as Excel, Outlook, and Word – others are beginning to explore the wide-variety of lesser known tools and services that can improve efficiency and teamwork. If you have not yet ventured down this path, I encourage you to consider how these other tools can help you to improve your ROI on Office 365…I think you will be pleasantly surprised!

Tommy Stephens is a shareholder in K2 Enterprises, where he develops and presents continuing professional education programs to accounting, financial and other business professionals across North America. He will lead several courses for the ASCPA this year.

Your first opportunity to engage with him will be at the 2020 Business & Industry Appreciation Conference. You may reach him at tommy@k2e.com and you may learn more about K2 Enterprises by visiting www.k2e.com.

January/February

23

24

ASCPA Connections

GENERAL CPE SCHEDULE 001 ASCPA’s Employee Benefits Workshop Friday, May 15, 2020 8AM-3:30 PM | Montgomery Accounting: 8 002 Accounting and Auditing for Tax People Who Absolutely Detest Accounting and Auditing Wednesday, May 27, 2020 8AM-11:30 AM | Birmingham Accounting: 4 003 2020 Preparation, Compilation & Review (SSARS) Update for the Local Firm Wednesday, May 27, 2020 12:30PM-4:00 PM | Birmingham Accounting: 4 004 Real World Ethics Update for CPAs in Industry Thursday, May 28, 2020 8AM-9:40 AM | Birmingham Ethics: 2 005 Real World Ethics Update for CPASs in Public Practice Thursday, May 28, 2020 10AM-11:40AM | Birmingham Ethics: 2 006 Conquering the New Leasing Standard Thursday, May 28, 2020 12:30PM-4PM | Birmingham Accounting: 4 007 Staff Tax Training Level III Thursday, June 18, 2020 8AM-3:30 PM | Montgomery Taxes: 16 008 Accounting and Auditing Update Monday, June 22, 2020 8AM-11:30 AM | Gulf Shores Accounting: 4 009 Surgent’s Individual Income Tax Update Monday, June 22, 2020 8AM-11:30 AM | Gulf Shores Taxes: 4 010 Controller’s Update: Today’s Latest Trends Monday, June 22, 2020 8AM-11:30 AM | Gulf Shores Finance: 4 011 Ethics and Professional Conduct: Updates and Practical Applications Monday, June 22, 2020 12:30PM-4PM | Gulf Shores Behavioral Ethics: 4

012 Required Minimum Distributions: Compliance and Planning Monday, June 22, 2020 12:30PM-4PM | Gulf Shores Taxes: 4

022 Top 10 Technology Risks and Trends Every CPA Should Know Wednesday, June 24, 2020 8AM-11:30 AM | Gulf Shores Auditing: 2; Information Technology: 2

013 The Changing Role of the Controller: Advancing from Tactical to Strategic Monday, June 22, 2020 12:30PM-4PM | Gulf Shores Business Management and Organization: 4

023 Financial Statement Disclosures: A Guide for Small and Medium-Sized Businesses Wednesday, June 24, 2020 12:30PM-4PM | Gulf Shores Accounting: 4

014 Preparation, Compilation, and Review Engagements: Update and Review Tuesday, June 23, 2020 8AM-11:30 AM | Gulf Shores Auditing: 4 015 Section 199A: Schedule K-1 Reporting for Relevant Passthrough Entities Tuesday, June 23, 2020 8AM-11:30 AM | Gulf Shores Taxes: 4 016 Critical Issues That CPAs in Industry Will Need to Face This Year Tuesday, June 23, 2020 8AM-11:30 AM | Gulf Shores Accounting: 2; Taxes: 2 017 The Bottom Line on the New Lease Accounting Requirements Tuesday, June 23, 2020 12:30PM-4PM | Gulf Shores Accounting: 4 018 Maximizing Your Social Security Benefits Tuesday, June 23, 2020 12:30PM-4PM | Gulf Shores Taxes: 4 019 Enterprise Risk Management Concepts and Strategy for Small and Medium-Sized Companies Tuesday, June 23, 2020 12:30PM-4PM | Gulf Shores Management Services: 4 020 Evaluating Fraud Risk in a Financial Statement Audit Wednesday, June 24, 2020 8AM-11:30 AM | Gulf Shores Auditing: 4 021 Succession Planning for the Small Business Owner: Finding the Exit Ramp Wednesday, June 24, 2020 8AM-11:30 AM | Gulf Shores Taxes: 4

024 This Year’s Top Tax and Financial-Planning Ideas Wednesday, June 24, 2020 12:30PM-4PM | Gulf Shores Taxes: 4 025 Project Management for Small and Medium-Sized Enterprises Wednesday, June 24, 2020 12:30PM-4PM | Gulf Shores Management Services: 4 026 Becoming an AICPA Peer Review Team or Review Captain: Case Study Application TBD 8AM-3:30 PM | Montgomery Auditing: 8 027 Peer Review Update Course Friday, September 18, 2020 8AM-11:30 AM | Montgomery Auditing 028 K2’s Excel Financial Reporting and Analysis Tuesday, August 18, 2020 8AM-3:30 PM | Huntsville Accounting: 8 029 Accounting and Auditing Update for Small Businesses Tuesday, August 18, 2020 8AM-3:30 PM | Huntsville Accounting: 8 030 Advanced Controller and CFO Skills Tuesday, August 18, 2020 8AM-3:30 PM | Montgomery Finance: 8 031 Best Practices for Payroll Taxes and 1099 Issues Wednesday, August 19, 2020 8AM-3:30 PM | Birmingham Taxes: 8 032 The Best Federal Tax Update Course by Surgent Wednesday, August 19, 2020 8AM-3:30 PM | Huntsville | Taxes: 8

033 Governmental Accounting and Auditing Update Wednesday, August 19, 2020 8AM-3:30 PM | Huntsville Accounting - GO: 8 034 Construction Contractors Advanced Issues Wednesday, August 19, 2020 8AM-3:30 PM | Montgomery Auditing: 8 035 Intermediate Individual Taxation Wednesday, August 19, 2020 8AM-3:30 PM | Montgomery Taxes: 8 036 K2’s Advanced Excel Data Magic Wednesday, August 19, 2020 8AM-3:30 PM | Birmingham Accounting: 8 037 The Eight Hour MBA Wednesday, August 19, 2020 8AM-3:30 PM | Birmingham Business Management and Organization: 8 038 Annual Tax Update: Corporations and Pass-Through Entities Thursday, August 20, 2020 8AM-3:30 PM | Birmingham Taxes: 8 039 The Best S Corporation, Limited Liability, and Partnership Update Course by Surgent Thursday, August 20, 2020 8AM-3:30 PM | Huntsville Taxes: 8 040 Focus on Engagement Quality: How to Avoid Deficiencies in Peer Reviews Thursday, August 20, 2020 8AM-3:30 PM | Huntsville Auditing: 8 041 Surgent’s Individual and Financial-Planning Tax Camp Thursday, August 20, 2020 8AM-3:30 PM | Montgomery Taxes: 8 042 Internal and External Fraud: Understanding it and Working to Control it Friday, August 28, 2020 8AM-3:30 PM | Montgomery Accounting: 8 043 The Value-Added Controller Thursday, August 20, 2020 8AM-3:30 PM | Birmingham Business Management and Organization: 8

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

January/February

25

044 Governmental Accounting and Auditing Update Thursday, August 20, 2020 8AM-11:30 AM | Birmingham Accounting - GO: 8

056 Surgent’s Federal Tax Camp Monday, August 24, 2020 8AM-3:30 PM | Birmingham Taxes: 8

045 Intermediate Individual Taxation Friday, August 21, 2020 8AM-3:30 PM | Birmingham Taxes: 8

057 Accounting and Auditing Update for Small Businesses Tuesday, August 25, 2020 8AM-3:30 PM | Birmingham Accounting: 8

046 Assessing the Risk of Fraud in a Financial Statement Audit Friday, August 21, 2020 8AM-3:30 PM | Huntsville Auditing: 8

058 2020 Accounting & Auditing Update for the Real World Tuesday, August 25, 2020 8AM-3:30 PM | Mobile Accounting: 8

047 Fiduciary Accounting and Tax Issues of Estates and Trusts Friday, August 21, 2020 8AM-3:30 PM | Huntsville Accounting: 4; Taxes: 4

059 Surgent’s Federal Tax Camp Tuesday, August 25, 2020 8AM-3:30 PM | Mobile Taxes: 8

048 Not-for-Profit Accounting and Auditing Update Friday, August 21, 2020 8AM-3:30 PM | Birmingham Accounting - GO: 8 049 Using Internal Control to Strengthen Security, Efficiency, and Employee Conduct Thursday, August 27, 2020 8AM-3:30 PM | Birmingham Accounting: 8 050 Reviewing Partnership Tax Returns: What Are You Missing?

Friday, August 21, 2020 8AM-11:30 AM | Montgomery Taxes: 4 051 Sirote’s Hottest Tax Topics Friday, August 21, 2020 12:30PM-4PM | Montgomery Taxes: 4 052 ASCPA’s Fraud Update Monday, August 24, 2020 8AM-3:30 PM | Birmingham Accounting: 8 053 K2’s Case Studies in Fraud and Technology Controls Monday, August 24, 2020 8AM-3:30 PM | Mobile | Auditing: 8 054 The Best S Corporation, Limited Liability, and Partnership Update Course by Surgent Monday, August 24, 2020 8AM-3:30 PM | Mobile | Taxes: 8 055 Enterprise Risk Management for Small and Medium-Sized Companies Monday, August 24, 2020 8AM-3:30 PM | Birmingham Management Services: 8

060 K2’s Advanced Excel Tuesday, August 25, 2020 8AM-3:30 PM | Montgomery | Computer Software & Applications: 4; Accounting: 4 061 Enterprise Risk Management for Small and Medium-Sized Companies Tuesday, August 25, 2020 8AM-3:30 PM | Montgomery Management Services: 8 062 Project Management for Finance Professionals Tuesday, August 25, 2020 8AM-3:30 PM | Birmingham Management Services: 8 063 The Year’s Best Income Tax, Estate Tax, and Financial-Planning Ideas Tuesday, August 25, 2020 8AM-3:30 PM | Birmingham Taxes: 8 064 Analytics and Big Data for Accountants Wednesday, August 26, 2020 8AM-3:30 PM | Birmingham Finance: 8 065 Annual Update and Practice Issues for Preparation, Compilation, and Review Engagements Wednesday, August 26, 2020 8AM-3:30 PM | Birmingham Auditing: 8 066 2020 Preparation, Compilation & Review (SSARS) Update for the Local Firm Wednesday, August 26, 2020 8AM-3:30 PM | Mobile Auditing: 8

067 Securing a Comfortable Retirement in the Age of Spending Wednesday, August 26, 2020 8AM-3:30 PM | Mobile Taxes: 8

080 Ethics and Professional Conduct: Updates and Practical Applications Friday, August 28, 2020 12:30PM-4PM | Dothan Behavioral Ethics: 4

068 K2’s Budgeting and Forecasting Tools and Techniques Wednesday, August 26, 2020 8AM-3:30 PM | Montgomery | Computer Software & Applications: 4; Accounting: 4

081 The Top Five Tax Issues in Dealing with LLCs and Partnerships Friday, August 28, 2020 12:30PM-4PM | Dothan | Taxes: 4

069 Fraud in Not-for-profit Entities and Governments: Stealing From Everyone Wednesday, August 26, 2020 8AM-3:30 PM | Montgomery Auditing - GO: 8 070 Social Security and Medicare: Planning for You and Your Clients Wednesday, August 26, 2020 8AM-3:30 PM | Birmingham Taxes: 8 072 Accounting and Auditing Update Thursday, August 27, 2020 8AM-11:30 AM | Dothan Accounting: 4 073 Preparation, Compilation, and Review Engagements: Update and Review Thursday, August 27, 2020 12:30PM-4PM | Dothan | Auditing: 4 074 Surgent’s Federal Tax Update Thursday, August 27, 2020 8AM-11:30 AM | Dothan | Taxes: 4 075 Maximizing Your Social Security Benefits Thursday, August 27, 2020 12:30PM-4PM | Dothan | Taxes: 4 076 Assessing the Risk of Fraud in a Financial Statement Audit Thursday, August 27, 2020 8AM-3:30 PM | Montgomery Auditing: 8 077 Advanced Audits of 401(k) Plans: Best Practices and Current Developments Thursday, August 27, 2020 8AM-3:30 PM | Birmingham Auditing: 8 078 The Bottom Line on the New Lease Accounting Requirements Friday, August 28, 2020 8AM-11:30 AM | Dothan Accounting: 4 079 Surgent’s Individual Tax Planning Ideas Friday, August 28, 2020 8AM-11:30 AM | Dothan | Taxes: 4

082 2020 Accounting & Auditing Update for the Real World Friday, August 28, 2020 8AM-3:30 PM | Montgomery Accounting: 8 083 ASCPA’s Community Banking Update Monday, September 21, 2020 8AM-3:30 PM | Birmingham Accounting: 8 084 2020 Accounting & Auditing Update for the Real World Monday, September 21, 2020 8AM-11:30 AM | Auburn Accounting: 4 085 S Corporation Taxation: Advanced Issues Monday, September 21, 2020 8AM-11:30 AM | Auburn | Taxes: 4 086 2020 Preparation, Compilation & Review (SSARS) Update for the Local Firm Monday, September 21, 2020 12:30PM-4PM | Auburn Auditing: 4 087 Section 199A: Schedule K-1 Reporting for Relevant Passthrough Entities Monday, September 21, 2020 12:30PM-4PM | Auburn | Taxes: 4 088 Controller’s Update: Today’s Latest Trends Monday, September 21, 2020 8AM-11:30 AM | Huntsville Finance: 4 089 Surgent’s Individual Income Tax Update Monday, September 21, 2020 8AM-11:30 AM | Huntsville Taxes: 4 090 Risk, Cost, and Cash Management for Controllers and Financial Managers Monday, September 21, 2020 12:30PM-4PM | Huntsville Management Services: 4

GO TO WWW.ASCPA.ORG FOR NEW CLASSES AND MOST CURRENT INFORMATION. 26

ASCPA Connections

091 IRS Tax Examinations and Hot Issues Monday, September 21, 2020 12:30PM-4PM | Huntsville Taxes: 4 092 The Best Estate and Financial Planning Topics of 2020 Monday, September 21, 2020 8AM-3:30 PM | Birmingham Taxes: 8 093 Reviewing Individual Tax Returns: What Are You Missing?

Tuesday, September 22, 2020 8AM-11:30 AM | Birmingham Taxes: 4 094 Developing Your Digital Mindset Tuesday, September 22, 2020 8AM-11:30 AM | Birmingham | Business Management and Organization: 4 095 Common Pitfalls of Implementing the New Revenue Recognition Standard Tuesday, September 22, 2020 8AM-11:30 AM | Auburn Accounting: 4 096 Surgent’s Individual Tax Planning Ideas Tuesday, September 22, 2020 8AM-11:30 AM | Auburn | Taxes: 4 097 Ethics and Professional Conduct: Updates and Practical Applications Tuesday, September 22, 2020 8AM-11:30 AM | Huntsville Behavioral Ethics: 4 098 Reviewing Individual Tax Returns: What Are You Missing?

Tuesday, September 22, 2020 8AM-11:30 AM | Huntsville Taxes: 4 099 Topic 606: Tackling the Year Two Post-Implementation Issues Tuesday, September 22, 2020 8AM-11:30 AM | Birmingham Accounting: 4 100 Federal Tax Update Tuesday, September 22, 2020 8AM-3:30 PM | Montgomery Taxes: 8 101 Reviewing Partnership Tax Returns: What Are You Missing?

Tuesday, September 22, 2020 12:30PM-4PM | Birmingham Taxes: 4

102 Change the Way You Work: Success as a Virtual CFO Tuesday, September 22, 2020 12:30PM-4PM | Birmingham Business Management and Organization: 4

112 Applying the New Yellow Book to a Financial Statement Audit Wednesday, September 23, 2020 8AM-11:30 AM | Birmingham Auditing - GO: 4

103 Conquering the New Leasing Standard Tuesday, September 22, 2020 12:30PM-4PM | Auburn Accounting: 4

113 Required Minimum Distributions: Compliance and Planning Wednesday, September 23, 2020 8AM-11:30 AM | Birmingham Taxes: 4

104 Critical Issues That Tax Public Accountants Will Need to Face This Year Tuesday, September 22, 2020 12:30PM-4PM | Auburn | Taxes: 4

114 Real World Ethics Update for CPAs in Industry Wednesday, September 23, 2020 8AM-9:40 AM | Montgomery Ethics: 2

105 Fraud and Cash Receipts: Common Frauds and Internal Controls Tuesday, September 22, 2020 12:30PM-4PM | Huntsville Auditing: 4

115 Real World Ethics Update for CPASs in Public Practice Wednesday, September 23, 2020 10AM-11:40AM | Montgomery Ethics: 2

106 Reviewing Partnership Tax Returns: What Are You Missing?

Tuesday, September 22, 2020 12:30PM-4PM | Huntsville Taxes: 4 107 Examining the New Lease Accounting Standard: More Than Meets the Eye Tuesday, September 22, 2020 12:30PM-4PM | Birmingham Accounting: 4 108 K2’s Best Word, Outlook, and PowerPoint Features Wednesday, September 23, 2020 8AM-11:30 AM | Birmingham | Computer Software & Applications: 4 109 Audit Workpapers: Documenting Field Work Wednesday, September 23, 2020 8AM-11:30 AM | Huntsville Auditing: 4 110 The Top Five Tax Issues in Dealing with LLCs and Partnerships Wednesday, September 23, 2020 8AM-11:30 AM | Huntsville Taxes: 4 111 Financial Reporting for Not-forProfit Entities Wednesday, September 23, 2020 8AM-11:30 AM | Montgomery Accounting - GO: 4

116 K2’s Excel Charting and Visualizations Wednesday, September 23, 2020 12:30PM-4PM | Birmingham | Computer Software & Applications: 4 117 Applying Professional Skepticism in an Audit Wednesday, September 23, 2020 12:30PM-4PM | Huntsville Auditing: 4 118 Section 199A: Schedule K-1 Reporting for Relevant Passthrough Entities Wednesday, September 23, 2020 12:30PM-4PM | Huntsville Taxes: 4 119 2020 Preparation, Compilation & Review (SSARS) Update for the Local Firm Wednesday, September 23, 2020 12:30PM-4PM | Montgomery Auditing: 4 120 Yellow Book in 4 Hours - Complying with the Latest Requirements Wednesday, September 23, 2020 12:30PM-4PM | Montgomery Auditing - GO: 4 121 The Most Critical Challenges in Not-for-Profit Accounting Today Wednesday, September 23, 2020 12:30PM-4PM | Birmingham Accounting - GO: 4

122 Advanced Trust Issues: A Roadmap for Success in an Increasingly Complex Area Wednesday, September 23, 2020 12:30PM-4PM | Birmingham Taxes: 4 123 K2’s Remote Access for Small Businesses Thursday, September 24, 2020 8AM-11:30 AM | Birmingham Information Technology: 4 124 Accounting and Auditing for Tax People Who Absolutely Detest Accounting and Auditing Thursday, September 24, 2020 8AM-11:30 AM | Huntsville Accounting: 4 125 Real Estate Taxation: Critical Considerations Thursday, September 24, 2020 8AM-11:30 AM | Huntsville Taxes: 4 126 Auditing Deficiencies in Peer Reviews: Focus on Engagement Quality Thursday, September 24, 2020 8AM-11:30 AM | Birmingham Auditing: 4 127 Succession Planning for the Small Business Owner: Finding the Exit Ramp Thursday, September 24, 2020 8AM-11:30 AM | Birmingham Taxes: 4 128 Governmental Accounting and Auditing Update Thursday, September 24, 2020 8AM-3:30 PM | Montgomery Accounting - GO: 8 129 ASCPA’s Forensic Workshop Thursday, September 24, 2020 8AM-3:30 PM | Montgomery Accounting: 8 130 K2’s Implementing Internal Controls in QuickBooks Environments Thursday, September 24, 2020 12:30PM-4PM | Birmingham Auditing: 4 131 2020 Preparation, Compilation & Review (SSARS) Update for the Local Firm Thursday, September 24, 2020 12:30PM-4PM | Huntsville Auditing: 4

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

January/February

27

132 Critical Issues Involving Taxation of Construction Contractors Thursday, September 24, 2020 12:30PM-4PM | Huntsville Taxes: 4 133 Top 10 Technology Risks and Trends Every CPA Should Know Thursday, September 24, 2020 12:30PM-4PM | Birmingham | Auditing: 2; Information Technology: 2 134 Four Tiers of Loss Limitations: A Guide to the New Rules for PassThrough Entities Thursday, September 24, 2020 12:30PM-4PM | Birmingham | Taxes: 4 135 2020 Accounting & Auditing Update for the Real World Monday, September 28, 2020 8AM-11:30 AM | Tuscaloosa Accounting: 4 136 Recent Frauds Occurring in Notfor-Profit Entities and Governments Monday, September 28, 2020 8AM-11:30 AM | Mobile Auditing - GO: 4 137 Key Partnership and S Corporation Tax Planning Strategies Monday, September 28, 2020 8AM-11:30 AM | Mobile Taxes: 4 138 Evaluating Fraud Risk in a Financial Statement Audit Monday, September 28, 2020 8AM-11:30 AM | Montgomery | Auditing: 4 139 Section 199A: Schedule K-1 Reporting for Relevant Passthrough Entities Monday, September 28, 2020 8AM-11:30 AM | Montgomery | Taxes: 4 140 2020 Preparation, Compilation & Review (SSARS) Update for the Local Firm Monday, September 28, 2020 12:30PM-4PM | Tuscaloosa Auditing: 4 141 Applying the New Yellow Book to a Financial Statement Audit Monday, September 28, 2020 12:30PM-4PM | Mobile Auditing - GO: 4

142 Four Tiers of Loss Limitations: A Guide to the New Rules for PassThrough Entities Monday, September 28, 2020 12:30PM-4PM | Mobile Taxes: 4 143 Auditing Deficiencies in Peer Reviews: Focus on Engagement Quality Monday, September 28, 2020 12:30PM-4PM | Montgomery | Auditing: 4 144 Select Estate and Life Planning Issues for the Middle-Income Client Monday, September 28, 2020 12:30PM-4PM | Montgomery | Taxes: 4 145 Common Pitfalls of Implementing the New Revenue Recognition Standard Tuesday, September 29, 2020 8AM-11:30 AM | Tuscaloosa Accounting: 4 146 The Most Critical Challenges in Not-for-Profit Accounting Today Tuesday, September 29, 2020 8AM-11:30 AM | Mobile Accounting - GO: 4 147 IRS Tax Examinations and Hot Issues Tuesday, September 29, 2020 8AM-11:30 AM | Mobile | Taxes: 4 148 Update on Recent AICPA Standard Setting: Staying Current in a Changing Environment Tuesday, September 29, 2020 8AM-11:30 AM | Montgomery | Auditing: 4 149 Maximizing Your Social Security Benefits Tuesday, September 29, 2020 8AM-11:30 AM | Montgomery | Taxes: 4 150 Conquering the New Leasing Standard Tuesday, September 29, 2020 12:30PM-4PM | Auburn | Accounting: 4 151 Ethical Considerations for CPAs Tuesday, September 29, 2020 12:30PM-4PM | Mobile Behavioral Ethics: 4 152 Section 199A: Schedule K-1 Reporting for Relevant Passthrough Entities Tuesday, September 29, 2020 12:30PM-4PM | Mobile | Taxes: 4

153 Annual FASB Update and Review Tuesday, September 29, 2020 12:30PM-4PM | Montgomery | Accounting: 4

LS051 Sirote’s Hottest Tax Topics Friday, August 21, 2020 12:30PM-4PM | Webcast | Taxes: 4

154 Key Partnership and S Corporation Tax Planning Strategies Tuesday, September 29, 2020 12:30PM-4PM | Montgomery | Taxes: 4

LS061 Enterprise Risk Management for Small and Medium-Sized Companies Tuesday, August 25, 2020 8AM-3:30 PM | Webcast Management Services: 8

155 Succession Planning for the Small Business Owner: Finding the Exit Ramp Wednesday, September 30, 2020 8AM-11:30 AM | Mobile | Taxes: 4

LS082 2020 Accounting & Auditing Update for the Real World Friday, August 28, 2020 8AM-3:30 PM | Webcast Accounting: 8

156 Cybersecurity Update Wednesday, September 30, 2020 8AM-11:30 AM | Mobile Information Technology: 4

LS100 Federal Tax Update Tuesday, September 22, 2020 8AM-3:30 PM | Webcast | Taxes: 8

157 Required Minimum Distributions: Compliance and Planning Wednesday, September 30, 2020 12:30PM-4PM | Mobile | Taxes: 4 158 ABCs of Blockchain – Beyond the Hype; the Basics of What Business Needs toKnow Wednesday, September 30, 2020 12:30PM-4PM | Mobile Information Technology: 2 161 The Best Federal Tax Update Course by Surgent Thursday, January 07, 2021 8AM-3:30 PM | Birmingham | Taxes: 8 LS001 ASCPA’s Employee Benefits Workshop Friday, May 15, 2020 8AM-3:30 PM | Webcast Accounting: 8 LS027 Peer Review Update Course Friday, September 18, 2020 8AM-11:30 AM | Webcast Auditing: 4 LS030 Advanced Controller and CFO Skills Tuesday, August 18, 2020 8AM-3:30 PM | Webcast | Finance: 8 LS034 Construction Contractors Advanced Issues Wednesday, August 19, 2020 8AM-3:30 PM Webcast Auditing: 8 LS042 Internal and External Fraud: Understanding it and Working to Control it Friday, August 28, 2020 8AM-3:30 PM Webcast Accounting: 8

LS114 Real World Ethics Update for CPAs in Industry Wednesday, September 23, 2020 8AM-9:40 AM | Webcast | Ethics: 2 LS115 Real World Ethics Update for CPASs in Public Practice Wednesday, September 23, 2020 10AM-11:40AM | Webcast | Ethics: 2 LS120 Yellow Book in 4 Hours - Complying with the Latest Requirements Wednesday, September 23, 2020 12:30PM-4PM | Webcast Auditing - GO: 4 LS128 Governmental Accounting and Auditing Update Thursday, September 24, 2020 8AM-3:30 PM | Webcast Accounting - GO: 8 LS139 Section 199A: Schedule K-1 Reporting for Relevant Passthrough Entities Monday, September 28, 2020 8AM-11:30 AM | Webcast | Taxes: 4 LS144 Select Estate and Life Planning Issues for the Middle-Income Client Monday, September 28, 2020 12:30PM-4PM | Webcast | Taxes: 4 LS148 Update on Recent AICPA Standard Setting: Staying Current in a Changing Environment Tuesday, September 29, 2020 8AM-11:30 AM | Webcast Auditing: 4 LS153 Annual FASB Update and Review Tuesday, September 29, 2020 12:30PM-4PM | Webcast Accounting: 4

GO TO WWW.ASCPA.ORG FOR NEW CLASSES AND MOST CURRENT INFORMATION. 28

ASCPA Connections

REMEMBERING JAMES PATRICK GALLOWAY, JR. December 4, 1954 – August 31, 2019 Birmingham, AL | Certificate #2528 James Patrick “Rick” Galloway, Jr., son of James Patrick “Pat” Galloway, Sr. and Marjorie May Galloway, passed away on August 31, 2019 at age 64 from Lewy Body Dementia. Rick was born in Spartanburg, South Carolina and grew up in Atlanta, Miami, Macon, Memphis and Birmingham. He was a huge Auburn fan and graduated from Auburn with a bachelor’s degree in accounting in 1977. He also earned a master’s degree in accounting from Memphis State University. Later, he moved to Birmingham where he began his career as a CPA. While living in Birmingham, he joined Briarwood Presbyterian Church where he served as a deacon. There he met his beloved wife Susan and they married at Briarwood on August 26, 1989. Rick loved the Lord and walked with Him daily. In recent years he and Susan were blessed with great fellowship as members of Oak Mountain Presbyterian Church. He was a devoted husband to his wife, Susan, and adored his daughters, Kathryn and Kimberly. He cherished their kindness, compassion and service to others. Among Rick’s fondest memories were attending Auburn football games with family and friends. He was a runner and enjoyed his time with friends at the Greystone YMCA where he served as a volunteer greeter. Rick was honored to have been named, “Volunteer of the Year” by the Greystone YMCA in 2015. In lieu of flowers, donations can be made to the following: Oak Mountain Presbyterian Church, Greystone YMCA, or Lewy Body Dementia Association.

RHONDA HODES SIEGEL July 3, 1959 – October 22, 2019 Birmingham, AL | Certificate #2885 Rhonda Hodes Siegel, 60, of Birmingham, Alabama passed away on October 22, 2019, after battling gastric cancer for 2 years. She was born in Gadsden, Alabama and was Valedictorian of Emma Sansom High School in Gadsden Alabama. She graduated Magna Cum Laude from the University of Alabama in Tuscaloosa with a major in accounting. Rhonda will be remembered as a giving and loving wife, mother, aunt and friend who always had others in mind above her own needs. She was very active in her community: a member of Temple Beth-El synagogue serving on its Board of Directors and the Board of Education, served as treasurer and co-president of Birmingham Hadassah, served on Board of Directors of the Birmingham Jewish Federation, Board of Directors, Vice President and Finance committee of Collat Jewish Family Services. She volunteered for numerous nonprofit organizations, CJFS Cares Program, Magic Moments, B’ham Hospitality Network and Family Promise. Rhonda was also a member of the ASCPA & AICPA. In lieu of flowers, donations can be made to Collat Jewish Family Services: Cares Program, Birmingham Hadassah, Temple Beth-El, or charity of your choice.

MARION LAMAR OAKLEY, III February 26, 1952 – October 23, 2019 Haleburg, AL | Certificate # 1739 Marion Lamar “Mark” Oakley, III passed away at his home in Haleburg, Alabama Wednesday, October 23, 2019, in the arms of his loving wife after an extended illness. He was 67. Mark was born February 26, 1952 and grew up in Columbia, Alabama. Mark was a 1970 graduate of Houston County High School. He graduated from Troy State University

in 1973 where he received a bachelor’s gegree in accounting. He became a partner at Skeen and Oakley after graduation and went on to be a Senior Partner at Oakley, Wright and Hart P.C. Mark was a CPA until he retired. Mark was a member of Haleburg Baptist Church where he served as a Deacon and taught Sunday School for 40 years. He was also a former member of the Dothan Rotary Club as well as a board member of the Wiregrass Rehabilitation Center. Mark also served on the Board of Directors at the Bank of Columbia. Mark will forever be remembered as a loving and devoted Christian, Husband, Father, Papa and Friend.

MARILYN HEMENWAY TODD February 5, 1947 – October 23, 2019 Hartselle, AL | Certificate #4222 On October 23, 2019, Marilyn Hemenway Todd, 72, loving wife, loyal sister and courageous mother, passed away peacefully at home in Hartselle, AL, after a graceful battle with cancer. Marilyn was born on February 5, 1947, in Wellsville, New York to Angela and George Hemenway. She was raised in Cocoa Beach and Rockledge, Florida, the fifth child of nine siblings, where she graduated from Cocoa Beach High School. Marilyn graduated summa cum laude from the University of Alabama in Huntsville receiving her CPA certification in 1989. Marilyn went on to open the accounting firm, Breland and Hemenway Todd, P.C., with Barbara Breland, in 1999. She did more than just accounting and taxes for 35 years. To many she was a person of confidence and compassion both personally and professionally. Strong in her faith, she was baptized and confirmed into the Catholic church as a child. Her faith gave her strength through the unbelievable effects of a glioblastoma brain tumor. In lieu of flowers, the family requests donations in Marilyn’s honor be made to St. Vincent de Paul Society.

DANIEL LEE SEARCY December 17, 1945 – November 6, 2019 Pell City, AL | Certificate #892 Daniel “Dan” Lee Searcy, age 73, from Pell City, Alabama passed away November 6, 2019. He was born on December 17, 1945, in Corinth, Mississippi. He graduated from Sheffield High School in Sheffield, Alabama in 1963. He received a baseball scholarship through Florence State College (University of North Alabama) and graduated in 1967 with a degree in accounting and later became a CPA. He worked at Cowin Equipment Company in Birmingham, Alabama for 43 years and he retired in 2014 as COO and Senior Vice President. Dan spent many years playing on church and various softball teams. He loved living on the lake and enjoyed outdoor activities, especially fishing and hunting.

He was an avid Alabama football fan. He attended Church of the Highlands at Grants Mill. The one thing that Dan treasured the most was spending time with his family. Al; sister Barbara Searcy Gamble, Huntsville, Al; and sister Sue Searcy, Blountsville, Al. In lieu of flowers, donations can be made to the Alzheimer’s Association.

ROBERT ALVIN BOYD July 9, 1949 – November 12, 2019 Birmingham, AL | Certificate #1623 Robert “Bobby” Alvin Boyd, age 70, passed away on November 12, 2019 at his home. He was the husband of Faye Bonds Boyd. They shared 47 years of marriage. Born in Birmingham, AL, he was the son of Allie and Ethel Boyd. He graduated from Shades Valley High School January/February

29

class of 1967 and the University of Alabama class of 1971. He owned and operated the CPA firm Yeager and Boyd for almost 40 years. He belonged to First Christian Church, cofounded the Shelby county UA Alumni Association and member of the Lions Club. He enjoyed, playing golf, reading and spending Saturdays watching Alabama football. He will be remembered for his never-ending love and dedication to friends and family and will be missed by all who knew him. Memorial donations in lieu of flowers may be made to First Christian Church on 4954 Valleydale Road or the American Cancer Society.

KAY WEBB SAVAGE March 30, 1942 – November 23, 2019 Mountain Brook, AL | Certificate #3442 Judith Kay Webb Savage of Mountain Brook, Alabama, passed away after a short illness on Saturday, November 23, 2019. Kay was born in Piedmont, AL on March 30, 1942. Kay graduated from Piedmont High School in 1960 where she was head cheerleader. She attended the University of Alabama her freshman year of college, then transferred to Jacksonville State. Kay was a very accomplished woman.

She was the recipient of Fulbright Scholarship. Finishing college in three years, she received a B.A. in English from Jacksonville State University. She then taught school to help put her husband through medical school. Kay was impassioned with education all her life. She taught in Etowah Co., Birmingham City and Mountain Brook City School systems. Kay received her private pilot’s license and was instrument and multi-engine rated in 1980. After her children were grown, she attained a Juris Doctorate Law degree graduating magna cum laude from Birmingham School of Law, and then passed the bar. She also received a bachelor’s degree in accounting from Birmingham Southern and became a CPA in 1986. She holds two honors degrees from Jacksonville State University.

1 30 Untitled-1ASCPA Connections

In 1987, she and her husband, Perry, opened an orthopedic surgery practice which is now known as OrthoAlabama. Kay was deeply involved in her community. She served as President of the Birmingham Medical Auxiliary Civiettes and volunteered with the Cerebral Palsy Center. She was also active with Executive Woman International.

Kay served on the Scholarship Selection Committee for the Piedmont Alabama Educational Trust, and the Birmingham Southern College Adult Studies Scholarship Program. She served on the board of Trustees for Kate Duncan Smith School in Grant, Alabama. Kay was also certified by the National Association of Parliamentarians and judge many competitions at the state level for Future Business Leaders of America.

Kay enjoyed snow skiing, flying, travel, white water canoeing and kayaking. Millie, her beloved Pomerainian, traveled everywhere with her until her death several years ago. Other hobbies she enjoyed in her earlier years were teaching ceramic classes at Brookwood Baptist Church and doing extensive research on her family’s ancestry.

She and her husband have established the Savage family Scholarship Fund at Jacksonville State University, which fully funds a student each year. Unknowable numbers of people have had assistance with funding their education and other needs by the Savages, including many nieces and nephews.

To her many friends and family members, Kay was known as “the problem solver.” If you came to her with a problem, it was over. There was nothing she seemingly could not figure out. While her time here is over, she will be remembered for the way she enriched the lives of family members and many others who came to know her. Her benevolence will live on through those who were impacted by her influence and character.

1/17/2020 11:25:08 AM

SAVE THE DATES FOR THESE

BUSINESS & INDUSTRY APPRECIATION • March 12, 2020 EMERGING LEADERS SUMMIT • May 7, 2020 EMPLOYEE BENEFITS WORKSHOP • May 15, 2020 101ST ANNUAL MEETING • June 16, 2020 GULF SHORES CPE CLUSTERS • June 22-24, 2020 SUMMER EDUCATION CONFERENCE • July 20-24, 2020 TECHNOLOGY CONFERENCE • August 13-14, 2020 FINANCIAL A&A CONFERENCE • September 25, 2020 GOVERNMENTAL A&A FORUM • December 2020

January/February

31

Presort Std US Postage PAID Permit No 131 Montgomery, AL

The Alabama Society of Certified Public Accountants 1041 Longfield Court P.O. Box 242987 Montgomery, AL 36124

917,000,000+ in Deals Closed!

$

GREATEST # of Listings

GREATEST # of Buyers

UNMATCHED RESULTS!

Our Best-in-class Brokers will help you achieve YOUR goal!

Delivering Results - One Practice At a time Lori Newcomer, CPA & Tim Price, CPA

888-553-1040

PNgroup@aps.net

ASCPA Member

www.APS.net