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CPE Season in Full
Check out CPE programming for the remainder of the year, including live webcasts, webinars, in-person events and hybrid events.
Before I begin this issue’s message, I wanted to personally thank everyone for supporting ASCPA and our Annual Member’s Meeting. The ASCPA Board and staff have been growing this program since we returned to Birmingham, post pandemic, and the speakers and sponsors, networking and learning just get better year after year. Please mark June 17, 2025, The Club Birmingham, for Annual Meeting 106. The throes of summer: longer daylight, road trips and international get-aways, a few extra hours of sleep and CPE. ASCPA loves this time of the year. You may be vacationing and relaxing a bit more, but your professional organization is busy hosting hundreds of education opportunities in delivery formats that best suit your learning style. We have created Alabama events just for you!
Please look at our new offerings, including four new live AA webcasts by Dr. Josh McGowan, four new live AA webcasts with Mike Brand, and four new technology programs by Marc Hamilton. We are also hosting in-person events with Jim Martin branded “ASCPA City Visits.” And, we have several longtime conferences planned including our 20-hour Summer Education Beach Conference, FAAC, and GAAF. We have also again partnered with Melissa Galasso for a series of governmental accounting programs. ASCPA has learning opportunities for everyone. If you have a suggested program and or speaker, please be sure to let us know.
ICYMI – BOI and IRS news: There have
been significant developments regarding the Beneficial Ownership Information (BOI) or Beneficial Ownership Reporting (BOR) requirements. A small business association, NSBA, has filed a lawsuit and obtained an injunction for approximately 70,000 of its members, exempting them from complying with BOI requirements. Additionally, the AICPA sent a letter to FinCEN, signed by 54 state societies and the AICPA itself, requesting a one-year delay in reporting requirements following the resolution of legal cases.
These developments stem from concerns about money laundering, which is not going away, however it is evident that small businesses are not prepared for the BOI requirements, which are expected to impact around 33 million entities, with approximately 5 million additions per year.
Draft legislation has been introduced to address the definition of the unlawful practice of law. Essentially, the legislation would provide a federal preemption, offering a liability safe harbor for CPAs and advisors assisting clients with BOI information. So far, there have been no challenges at the state level.
Some believe that BOI presents an opportunity for CPAs to establish dedicated BOI units, like firms that created teams focused solely on the Employee Retention Tax Credit (ERTC). This could be a way for firms to support their small business clients through a business/compliance filing service.
As the year progresses, courts and FinCEN are expected to work through these matters, and legislation may be introduced to make BOR requirements more manageable.
The 2024 tax filing season felt more normal compared to the previous three years, with the April 15th deadline being closer to pre-pandemic levels. According to the IRS, the number of returns received from tax professionals and self-prepared filers increased by 1.4% in 2023 compared to 2024. Additionally, IRS service levels seem to have improved this year.
This improvement can be attributed to the significant appropriation the IRS received in 2022. While a substantial portion of the funds is earmarked for
enforcement efforts, a significant allocation is dedicated to enhancing operations, technology, and taxpayer services.
You may also be interested in learning about the IRS Direct File Program. The IRS has piloted this program in twelve states, targeting individuals with specific income levels and limited credits and deductions. The pilot program facilitated 140,000 filings. This service is free for users, and it is unlikely to impact the CPA client base as the program is aimed at low-income taxpayers.
And one last thing, Barry Melancon, CPA, CGMA, announced that he plans to retire on December 31, 2024, from his role as President and CEO of the American Institute of CPAs (AICPA) and CEO of the Association of International Certified Professional Accountants (the Association). The Association is the world’s largest accounting membership body of public and management accountants. Melancon joined AICPA as CEO in 1995 at the age of 37, making him the youngest CEO of the organization history, and he has served the profession in this role for 30 years. The details of his successor are expected to be announced before the end of the year and Melancon will be assisting with the transition and handover to the new CEO. Melancon will be deeply missed. He has been an advocate and friend of state CPA societies and a personal friend to me.
The CPA profession is a learned profession. CPAs are required to educate extensively and continuously, both by professional education and professional issues. The CPA commitment to lifelong learning exemplifies why the profession is regarded as a learned profession dedicated to protecting the public interest. So, please take a look at all the professional courses offered by the ASCPA. We have exactly what you need at www.alabama.cpa/catalog/events.
Wow! What an amazing opportunity to be able to serve as your 2024-2025 chair. The experiences I have had serving on my first, and now my second, term on the board of directors have been so valuable to me. Learning from others in the profession and serving the profession has sparked a new passion, not only for my own career, but also for the profession as a whole. We are truly blessed in the state of Alabama, to have such a dedicated Society to support the CPA profession. The ASCPA staff and Board is of the highest caliber and I am truly thankful to be a part of it.
Did you know the mission statement for the ASCPA is “Enhancing Alabama’s accounting profession through advocacy, education and member engagement”? That is a short sentence with a big impact. The theme of this issue is Professional Education. Education is a powerful word. Without education, we are stagnant with no future. In today’s world, we are bombarded with information, but information is not education. As members of this profession, we must constantly educate ourselves. We must stay on top of current events, including legislation topics, technology, and so much more. In an ever-changing environment staying educated can be a challenge.
I encourage all of you to visit the ASCPA’s website and peruse the many continuing professional education opportunities provided and pick something you are passionate about and learn. Take that knowledge back to your firm, your government, your business, or your educational institution and share it. And when you serve others with your knowledge, you will feel a great sense of accomplishment.
The Board met in April to discuss the coming year’s strategic objectives. I’m thrilled for the coming year and the opportunity of working with this Board. We have some exciting initiatives that revolve around inclusion of our young CPA cabinet, the everevolving pipeline issue, leadership, and education. But what I’m most excited about is the enthusiasm of our young CPAs. The young leaders in our profession are ready to serve and to show how passionate they are about the profession and its future. And I can tell you from talking with these young people, our future is bright!
As my term begins, I want to take this time to thank our outgoing chair, James White. Serving on the board with him as well as the others rolling off this term has been a real treat. One of the things I have enjoyed more than anything is learning from the diverse group we have at the ASCPA. There are those of us in public accounting, there are leaders in the business and industry sector, and wonderful educators from Alabama’s top universities. Hearing others’ ideas, goals, and challenges is what makes this opportunity so fulfilling. I also want to encourage our members to get involved in the society, I promise you will not be disappointed.
As I conclude, I want to take this opportunity to challenge you to find the passion in your profession, and when you do share that with others. It really is great to be a CPA!
P.S. It is not too late to Sail Away with CPE at Sea, a unique learning opportunity August 17-24, upon the Carnival Jubilee. See page 12 for more information!
Sarah Meet
ASCPA: Where did you grow up?
SP: I was born in Nashville, TN, but moved to Huntsville when I was 3 months old. Huntsville was such a great place to grow up, you never knew if the person you were talking to at the grocery store was a farmer or a rocket scientist! I decided after graduation to move to the “big city” of Birmingham and attend Birmingham Southern College and I never left!
ASCPA: When did you decide accounting was the career for you?
SP: I actually took two years of accounting in high school. My mother got an accounting degree and she nudged me in that direction. I found those classes to be “easy” so I thought, “well why not accounting for a profession?” Even though I had some challenging classes in college, I always “got it.” Plus I was the only one I knew on campus outside of the other accounting grads that had a job 6 months before I graduated. That was pretty cool!
ASCPA: What advice would you give to a smart, driven college student about to enter the “real world”?
SP: I would say learn how to get stuff done. Don’t be afraid to speak up and say, I’ll handle that issue. No matter how small or how big the task is, get it done to the very best of your ability. If you do that I promise you will get noticed.
2024-2025 ASCPA Board Chair
Sarah Propper
ASCPA: What prompted you to enter public accounting, instead of another sector?
SP: I’m not sure I even understood the difference between public accounting and the other sectors when I graduated. I do remember going to job fairs that BSC would host and I always saw these young interesting people who were at the public accounting tables and they always made it sound so interesting and I guess I was just drawn to that mentality. I have always been a people person, and the thought of interacting with different clients and industries really intrigued me.
ASCPA: When you feel overwhelmed or have lost your focus, how do you rest?
SP: When I feel overwhelmed or stressed, I try to spend time with friends and family. That feeling of unconditional love you get from your people, it always fills up my cup and helps me to face the challenges of a new day.
ASCPA: What prompted you to become a member of ASCPA?
SP: I was so proud when I passed the CPA exam that I immediately joined the ASCPA and AICPA, I wanted to be a part of every aspect of this profession. One of my partners said you need to join the young CPAs, so I did, and I thoroughly enjoyed it, not only for the community service aspect of it but also for the incredible network of peers that has sustained me throughout my career.
A little more about Sarah...
Sarah graduated with an undergraduate degree in Accounting from Birmingham Southern College. She graduate just two classes shy of the 150 hour requirement to sit for the CPA exam. So instead of getting her masters, she took those last two classes and passed the exam, which she considers an untraditional route to certification.
“I’ve been in public accounting for 25 years,” she said. “My husband and I just celebrated our 21st wedding anniversary, and we have two amazing boys ages 13 and 17. Right now I spend the majority of my time on the soccer field. My oldest is on the varsity soccer team at Spain Park High School and my youngest is on a regional travel soccer team that keeps us traveling the southeast most weekends. When I’m not on the soccer field I enjoy reading, yoga, and Pilates. My favorite thing to do is to travel and see live music. I just saw U2 at the sphere in Las Vegas!”
“Sarah is going to be instrumental in pushing ASCPA to the next level! She leaves no stone unturned and is not afraid to press the issue to get results”
-
James White Jr., Immediate Past Chair
“Sarah is a tax-geek with a big heart and she loves being a most-trusted professional.”
- Jeannine Birmingham, ASCPA President & CEO
Congratulations to Alabama’s newest CPA Licensees
The following individuals have successfully passed all four parts of the CPA exam - Congratulations!
James Michael Aiken, Denver, CO
Wendy Marie Amos, Sylvester, GA
Kathryn Lawrence Baker, Birmingham
Andrew Timothy Broderick, Columbus, OH
Joshua Michael Chaffin, Birmingham
Landon Dial Crowder, Vestavia Hills
Olivia Mary Dunn, Mobile
Kasie Mullis Hicks, Vincent
Anna Elizabeth Hutto Luneau, Huntsville
Ryan Davis McCarty, Birmingham
Richard Tyler McKeown, Mobile
Leah Elizabeth Mumpower, Calera
Christopher Gerard Odom, Houston, TX
Kishankumar Sureshchandra Patel, Tuscaloosa
Virginia Kathryn Sudduth, Birmingham
These individuals completed all four parts of the CPA exam between Apr. 1 - May. 31, 2024.
meet Helen
Helen Oglesby Member Communications Coordinator Mississippi State University
Helen is responsible for internal member communications, including ASCPA’s weekly digital newsletter, as well as brand management, to include website content and social media channels.
She is a recent graduate of Mississippi State University and enjoys spending time on her family farm in Lowndesboro. Helen is an accomplished livestock evaluator and has competed all over the United States.
Joined ASCPA staff July 1, 2024 hoglesby@alabama.cpa
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AI Revolution: Navigating the Emerging Technologies and Ethical Challenges for CPAs
By Marc Hamilton, CPA
The accounting profession is on the brink of a seismic technological shift, driven by the rapid advancement of artificial intelligence (AI). This powerful technology is poised to revolutionize the way certified public accountants (CPAs) approach their work, offering unprecedented opportunities for automation, efficiency, and data-driven insights. However, as with any transformative innovation, the integration of AI into the accounting realm also presents a multitude of ethical considerations that must be carefully navigated.
To fully grasp the implications of AI for the profession, it is essential to understand what constitutes AI and what does not. At its core, AI refers to the simulation of human intelligence processes by machines, particularly computer systems. This encompasses a wide range of capabilities, including learning, reasoning, problem-solving, perception, and natural language processing (NLP).
It is important to note that not all automation or technology-assisted processes fall under the umbrella of AI. Robotic process automation (RPA), for instance, involves the use of software robots to automate repetitive, rule-based tasks without the need for human intervention. While RPA can significantly enhance efficiency, it lacks the ability to learn, adapt, and make autonomous decisions that characterize true AI systems.
The Generative AI Revolution
One of the most remarkable developments in the AI landscape is the emergence of generative AI (GenAI). This cutting-edge technology has the ability to generate human-like text, images, code, and even audio and video content from simple prompts or inputs. The potential applications of GenAI in the accounting profession are vast, ranging from drafting reports and financial statements to creating data visualizations and conducting market research.
The CPA.com Generative AI Toolkit serves as a valuable resource for professionals seeking to harness the power of GenAI, providing guidance on how to leverage this technology to streamline workflows and enhance productivity. By automating tasks that were previously time-consuming and labor-intensive, CPAs can redirect their efforts towards more strategic and value-added activities, ultimately providing better service to their clients.
Beyond generative capabilities, AI is transforming various aspects of accounting practice, including audit procedures, financial planning, and data analytics.
Enhancing Audit Processes and Financial Planning with AI
In the realm of audit procedures, AI-powered tools are revolutionizing the way CPAs approach their work. The Journal of Accountancy article “How AI is Transforming Audit” explores how these advanced technologies can analyze vast amounts of data, identify patterns, and detect anomalies with unprecedented speed and accuracy, thereby improving the overall quality of audits.
The 2023 AICPA and CPA.com AI Symposium featured sessions that delved into the use of machine learning models for robust audit sampling and risk identification, showcasing the practical applications of AI in this critical area of practice.
Similarly, AI has emerged as an invaluable asset in financial planning. The AICPA’s “AI and the Future of the Accounting Profession” report highlights how AI can analyze historical data, market trends, and a wide range of variables to provide accurate forecasts and recommendations. By leveraging these capabilities, CPAs can offer more informed and strategic advice to their clients, empowering them to make betterinformed decisions.
The Rise of Natural Language Processing (NLP)
One of the most transformative developments in AI is the rapid explosion of natural language processing (NLP) capabilities. NLP refers to the ability of AI systems to understand, interpret, and generate human language in both written and spoken forms.
This technology has the potential to revolutionize the way CPAs
interact with data and information. With NLP, professionals can pose questions in natural language and receive comprehensive, contextual responses generated by AI systems trained on vast amounts of data.
Furthermore, NLP can be integrated into various accounting tasks, such as document analysis, contract review, and even customer service. By automating these language-based processes, CPAs can free up valuable time and resources to focus on higher-level strategic initiatives.
However, it is crucial to understand the limitations of current NLP technologies. While AI models have made significant strides in language understanding and generation, they are not infallible and can produce biased, inconsistent, or even harmful outputs if not properly trained and monitored.
Ethical Implications and the CPA’s Role
As AI continues to permeate the accounting profession, it is imperative to address the ethical implications and ensure the responsible adoption of these technologies. Concerns surrounding data privacy, algorithmic bias, transparency, and accountability must be carefully considered and mitigated.
CPAs, as trusted advisors, and stewards of financial information, have a critical role to play in upholding ethical standards and promoting the responsible use of AI within their organizations and the broader industry.
The Journal of Accountancy has been at the forefront of discussions surrounding AI ethics, with articles such as “AI Ethics: Ensuring Responsible Use in the Accounting Profession” exploring the potential for bias in flawed training data and the need to ensure fairness and impartiality in decision-making processes.
The AICPA has also taken a proactive stance by providing guidance and frameworks to promote transparency, accountability, and data privacy in the use of AI. The “Ethical Considerations in the Use of AI” guidance offers a comprehensive framework for CPAs to navigate the ethical challenges associated with AI adoption.
At the 2023 AI Symposium, experts delved into governance processes to validate AI models, ensuring they operate as intended without unfair biases. Robust change management practices were also highlighted as critical when automating processes with AI’s “black box” decision-making.
CPAs must play a leading role in advocating for ethical AI practices within their organizations. This includes demanding transparency from AI vendors, implementing robust data governance policies, and conducting regular audits and assessments to ensure AI systems are operating in alignment
with ethical principles and regulatory requirements.
Furthermore, CPAs should actively participate in industry-wide discussions and standard-setting efforts related to AI ethics. By leveraging their expertise and influence, they can help shape the guidelines and best practices that will govern the responsible use of AI in the accounting profession.
The Future of the Accounting Profession: Convergence and Transformation
As we look towards the future, it is clear that AI will continue to shape and transform the accounting profession in profound ways. The AICPA’s “Future of the Accounting Profession” report highlights the convergence of roles, with CPAs expected to blend accounting expertise with data science capabilities to provide higher-level advisory services powered by AI-enabled predictive analytics.
The report emphasizes the need for CPAs to develop skills in areas such as data analytics, machine learning, and strategic decision-making. This will enable them to effectively leverage AI technologies and deliver actionable insights to clients, rather than merely presenting raw data or traditional financial reports.
Additionally, as outlined in CPA.com’s “The Future of Accounting: Automation and AI” article, AI is expected to automate repetitive compliance work, such as tax return preparation and financial statement audits. This shift will allow CPAs to focus their efforts on strategic advisory services, leveraging AI’s intelligence augmentation capabilities to deliver greater value to their clients.
However, it is important to note that while AI will undoubtedly automate and transform many aspects of the accounting profession, it is unlikely to completely replace the human element. CPAs will continue to play a crucial role in providing expert judgment, critical thinking, and ethical oversight –qualities that are essential for maintaining integrity and trust in the financial system.
Embracing the AI Wave: A Call to Action
The integration of AI into the accounting profession is not a distant possibility but a present-day reality that is rapidly gaining momentum. While navigating the ethical risks and challenges associated with AI adoption, progressive firms and professionals are capitalizing on this technology as a competitive differentiator, driving efficiencies and unlocking new service offerings.
To thrive in this rapidly evolving landscape, CPAs must prioritize continuous learning and upskilling, staying abreast of emerging technologies through educational platforms such as the AI Symposium, industry events, and specialized training programs.
Moreover, CPAs must actively engage in the development and implementation of ethical frameworks and governance models to ensure the responsible use of AI within their organizations and the broader industry. By leveraging their expertise and influence, they can shape the guidelines and best practices that will govern the adoption of AI in the accounting profession.
Those who develop AI capabilities, embrace this transformative wave, and champion ethical AI practices will be well-positioned to serve as trusted strategic advisors in our data-driven future. They will play a pivotal role in unlocking the full potential of AI while upholding the highest standards of professional conduct, thereby ensuring the continued trust and integrity of the accounting profession.
Conclusion
The AI revolution presents both unprecedented opportunities and ethical imperatives for CPAs. By staying informed, proactively addressing ethical concerns, and actively participating in the development of responsible AI practices, the accounting profession can harness the power of this transformative technology while maintaining its reputation as a bastion of trust and integrity.
For those seeking to deepen their understanding of AI’s impact on the accounting profession and gain practical insights into leveraging these emerging technologies, a series of Continuing Professional Education (CPE) courses are being offered by the Alabama Society of CPA’s through September 2024.
One highlight of these educational opportunities is the “Learn Voyage” – a 7-day Carnival cruise departing from Galveston, Texas, on August 17, 2024. This unique CPE experience will offer 20 hours of immersive learning, covering topics such as “The Evolving CPA Toolkit: Big Data, Analytics, and the Explosion of AI,” “Natural Language Processing (NLP) and Prompt Engineering: Overview and Application,” and “Navigating the Future:
Leveraging AI and Machine Learning in Accounting and Auditing.” Participants will have the chance to engage and discuss these topics, participate in interactive workshops, and network with fellow professionals, all while enjoying the amenities of a luxury cruise. For more information and to register, visit www. learnvoyage.com.
In addition to the Learn Voyage, a series of in-person and live-streamed CPE sessions will be held throughout the summer, hosted by the Alabama Society of CPA’s. These sessions will take place at various locations, including Orange Beach, Montgomery, and Gulf Shores, offering a convenient and flexible learning experience for accounting professionals.
By actively pursuing these educational opportunities, CPAs can gain a deep understanding of AI’s potential
and develop the necessary skills to effectively leverage these technologies in their practices. Furthermore, participation in these CPE courses will equip professionals with the knowledge and tools to navigate the ethical complexities surrounding AI adoption, enabling them to champion responsible practices within their organizations.
Those who embrace this transformative wave, champion ethical AI practices, and continually invest in their professional development will be well-positioned to serve as trusted strategic advisors in our data-driven future. They will play a pivotal role in unlocking the full potential of AI while upholding the highest standards of professional conduct, thereby ensuring the continued trust and integrity of the accounting profession.
michael.lahurd@vindexfinancialpartners.com
Marc Hamilton, CPA CDG Engineers and Associates, Inc.
CPE WITH ASCPA
Welcome back to CPE with the Alabama Society of CPAs!
On the next few pages, you will find a preview of our CPE programming throughout the remainder of the year, including live webcasts, webinars, in-person events and hybrid events featuring inperson and virtual attendance options.
Again this year, we have partnered with the Georgia Society of CPAs to bring some of their conferences and live webcasts to our members. We have also renewed our partnership with CPA Crossings to bring you ALOnDemand, a platform designed to bring many more On-Demand courses to your fingertips! Read more about ALOnDemand on page 15.
We have a list of CPE FAQs on our website which address accessing your ASCPA account, logging into a CPE course, and finding your transcript. There is also a section on surveys, which must be completed within 7 days after a course in order to process CPE certificates. Please read over this short FAQ page, which can be found at alabama.cpa/cpe-faq, to ensure you are ready to conquer the 2024 CPE Season.
2024 Not-for-Profit Accounting Update
Virtual 7/9/2024 (8:30 AM-12 PM)
Melisa Galasso | 4 Accounting (Governmental)
2024 Governmental Audit
Update: Yellow & Uniform
Virtual
7/9/2024 (1 PM- 4:30 PM)
Melisa Galasso | 4 Auditing
What’s Going on at the AICPA
Virtual
7/10/2024 (8:30 AM-12 PM)
Melisa Galasso | 4 Auditing
Common Deficiencies in SSARS
Engagements
Virtual
7/10/2024 (1 PM-4:30 PM)
Melisa Galasso | 4 Auditing
AICPA Code of Ethics
Virtual
7/16/2024 (10 AM- 11:40 AM)
Josh McGowan | 2 Ethics
The Evolving CPA Toolkit
Virtual and In-Person
7/17/2024 (8:30 AM- 12 PM)
Marc Hamilton | 4 Other
NLP
Virtual and In-Person
7/17/2024 (1 PM-4:30 PM)
Marc Hamilton | 4 Other
K2’s Small Business Internal Controls, Security, and Fraud Prevention and Detection
Virtual
7/17/2024 (9 AM-4:30 PM)
K2 Speaker | 8 Auditing
K2’s Excel Charting and Visualizations
Virtual
7/19/2024 (9 AM- 12:30 PM)
K2 Speaker | 4 Computer and Software Applications
Summer Education Conference
Virtual
7/21-7/26/2024
Various | 20 Various
K2’s Advanced QuickBooks Tips and Techniques
Virtual
7/31/2024 (1 PM- 4:30 PM)
K2 Speaker | 4 Auditing
K2’s Case Studies in Fraud and Technology Controls
Virtual 7/31/2024 (1 PM- 4:30 PM)
K2 Speaker | 4 Auditing
Highlights of the Standards that Cover Accounting and Auditing Engagements
Virtual
7/31/2024 (8:30- 12 PM)
Mike Brand | 4 A&A
City Visits: A&A in the Magic City In-person
8/6/2024 (8:30 AM- 4 PM)
Jim Martin 8 A&A
City Visits: A&A in the Queen City In-Person
8/7/2024 (8:30 AM- 4 PM)
Jim Martin 8 A&A
International Tax: Schedule K3 Cheat Sheet
Virtual 8/8/2024 (10:30-11:20 AM)
Alex McGowin | 1 Tax
A&A Update for the Real World
Virtual
8/9/2024 (8:30 AM- 12 PM)
Jim Martin 4 A&A
The Leasing Standard: What’s Next? Guide to Operating Lease Renewals, Cancellations, Modifications, Etc. Under ASC 842
Virtual
8/9/2024 (1 PM-4:30 PM)
Jim Martin 4 A&A
Ethics and Tax Preparers: The New SSTS’s!
Virtual
8/12/2024 (9 AM- 10:40 AM)
Jim Martin 2 Ethics
Accounting for Pensions
Virtual 8/14/2024 (10 AM- 11:40 AM)
Josh McGowan | 2 A&A
Deep Dive into Quality Management
Virtual 8/15/2024 (8:30 AM- 10:10 AM)
Melisa Galasso | 2 Auditing
What’s Changing in Risk Assessment
Virtual 8/15/2024 (10:30 AM- 12:10 PM)
Melisa Galasso | 2 Auditing
Deep Dive into Common Audit Deficiencies
Virtual 8/15/2024 (1 PM- 4:30 PM)
Melisa Galasso | 4 Auditing
Accounting & Attestation for ESG
Virtual
8/16/2024 (8:30 AM- 10:10 PM)
Melisa Galasso | 2 A&A
2024 AICPA Regulatory Ethics Update
Virtual 8/16/2024 (8:30 AM- 10:10 AM)
Melisa Galasso | 2 Ethics
Common Yellow Book & Single Audit Deficiencies
Virtual 8/16/2024 (1 PM- 4:30 PM)
Melisa Galasso | 4 Auditing (Governmental)
CPE at Sea In-Person
8/17-8/24/2024
Marc Hamilton 20 Various
K2’s QuickBooks for Accountants
Virtual
8/22/2024 (9 AM- 4:30 PM)
K2 Speaker | 4 Accounting, 4 Software and Applications
City Visits: A&A in the Port City In-Person
8/28/2024 (8:30 AM-4 PM)
Jim Martin 8 A&A
City Visits: A&A in the Capital City In-Person
8/29/2024 (8:30 AM- 4 PM)
Jim Martin 8 A&A
Getting Your Practice Ready for Peer Review
Virtual
8/29/2024 (8:30 AM- 12 PM)
Mike Brand 4 A&A
Digital Asset Accounting and Taxation
Virtual and In-Person
9/10/2024 (8:30 AM- 12 PM)
Marc Hamilton | 4 Taxes
Navigating the Future: Leveraging AI Machine Learning in Accounting and Auditing
Virtual and In-Person
9/10/2024 (1 PM- 4:30 PM)
Marc Hamilton | 4 A&A
Sales and Use Tax Workshop
Virtual
9/13/2024 (8:30 AM- 12 PM
Bruce Ely and Will Thistle | 4 Tax
Update on CTA and BOI: Where Do We Stand?
Virtual
9/13/2024 (2 PM- 3:40 PM)
Jim Martin | 4 TBD
City Visits: A&A in the Rocket City
In-Person
9/16/2024 (8:30 AM-4 PM)
Jim Martin | 8 A&A
City Visits: A&A in the River City In-Person
9/17/2024 (8:30 AM- 4 PM)
Jim Martin | 8 A&A
City Visits: A&A in The Shoals In-Person
9/18/2024 (8:30 AM- 4 PM)
Jim Martin | 8 A&A
Hot IRS Audit Issues: More Money (For Them), More Problems (For Your Clients)?
Virtual
9/19/2024 (10-11:40 AM)
Gannon and Luechtefeld | 2 Tax
Preparation, Compilation, & Review Engagements Overview
Virtual
9/19/2024 (2 PM- 3:40 PM)
Josh McGowan 2 A&A
A&A Update for the Real World
Virtual 9/23/2024 (8:30 AM- 12 PM)
Jim Martin | 4 A&A
The Quality Management Standards are Moving Closer
Virtual 9/23/2024 (1 PM- 4:30 PM)
Jim Martin | 4 A&A
K2’s Next Generation Excel Reporting
Virtual 9/24/2024 (9 AM- 4:30 PM)
K2 Speaker | 8 Accounting
K2’s Implementing Internal Controls in QuickBooks Environments
Virtual
9/25/2024 (9 AM- 4:30 PM)
K2 Speaker | 8 Auditing
K2’s Improving Productivity with Microsoft 365/Office Cloud Applications
Virtual
9/26/2024 (1 PM- 4:30 PM)
K2 Speaker | 4 Computer & Software Applications
Financial Accounting and Auditing Conference (FAAC)
Virtual and In-Person
9/27/2024 (8 AM- 4:30 PM)
Various | 8 TBD
Alabama Federal and State Tax Institute (AFSTI)
Virtual and In-Person
11/6-11/8/2024
Various | 20 Tax
K2’s November Technology Conference
Virtual 11/11-11/12/2024 (8 AM-4:15 PM)
Various | 15 Various
Governmental Accounting and Auditing Forum (GAAF)
Virtual and In-Person
12/9-12/11/2024
Various | 16 Various
Federal and State of Alabama Tax Update
Virtual 12/12/2024 (8:30 AM-4:30 PM)
Jim Martin | 8 Tax
Federal and State of Alabama Tax Update
Virtual 1/16/2025 (8:30 AM-4:30 PM)
Jim Martin | 8 Tax
See the entire catalog and up-to-date course offerings by visiting alabama.cpa/CPE.
ALOnDemand
ASCPA is continuing its partnership with CPA Crossings - one of the foremost providers of quality professional education for CPAs - to offer an on-demand learning solution called ALOnDemand. More than 140 curated courses are available covering a wide range of topics in accounting and auditing, tax, technology and more.
A subscription is available to ASCPA members that provides unlimited access to all ALOnDemand courses during the calendar year and unlimited CPE credits. The ALOnDemand subscription gives you the freedom to take CPE when and where you want! To learn more visit alabama.cpa/ALOnDemand.
CPE WITH ASCPA
INSTRUCTOR Jim Martin
Choose from eight programs across the state and hear from Jim Martin as he gives his A&A Update.
Register for any of these programs by visiting alabama.cpa/city-visits.
Jim Martin City Visits: A&A in the Magic City In-Person
8/6/2024 (8:30 AM- 4 PM)
Jim Martin | 8 AA
Jim Martin City Visits: A&A in the Queen City In-Person
8/7/2024 (8:30 AM-4 PM)
Jim Martin | 8 AA
Jim Martin City Visits: A&A in the Port City In-Person
8/28/2024 (8:30 AM-4:00 PM)
Jim Martin | 8 AA
Jim Martin City Visits: A&A in the Capitol City In-Person
8/29/2024 (8:30 AM-4:00 PM)
Jim Martin | 8 AA
Jim Martin City Visits: A&A in the Rocket City In-Person
9/16/2024 (8:30 AM-4 PM)
Jim Martin | 8 AA
Jim Martin City Visits: A&A in the River City In-Person
9/17/2024 (8:30 AM-4 PM)
Jim Martin | 8 AA
Jim Martin City Visits: A&A in the Shoals In-Person
9/18/2024 (8:30 AM-4:00 PM)
Jim Martin | 8 AA
Annual Meeting
Forty out of more than 86,000 exam candidates honored for their high scores. Including one student from Alabama.
The American Institute of CPAs (AICPA) announced the 40 winners of the 2023 Elijah Watt Sells Award in June. This award is granted to CPA candidates who obtain a cumulative average score above 95.50 across all four sections of the Uniform CPA Examination, pass all four sections on their first attempt and have completed testing in 2023. More than 86,000 individuals sat for the CPA Exam in 2023.
“The CPA Exam is a rigorous test, and these individuals performed extraordinarily well,” said Mike Decker, AICPA vice president –CPA Examination and pipeline. “They deserve the heartiest of congratulations for their achievement, and we at the AICPA look forward to supporting these accountants as they continue on to a bright future in the profession.”
The Elijah Watt Sells Award program was established by the AICPA in 1923 to recognize outstanding performance on the CPA Exam, as well as to honor Sells, one of the country’s first CPAs. A founding member of the firm now known as Deloitte, Sells was active in the establishment of the AICPA and played a significant role in advancing education within the profession.
The 2023 Sells Award winners are listed here, followed by their board of accountancy affiliation, education, and present employer (where applicable):
• Roger Babin (Massachusetts), Boston College - KPMG
• Harrison Baker (Utah), University of Utah - Ledgenomics
• Owen Berry (Florida), University of Central Florida - Ennis, Pellum & Associates, CPAs
• Matthew Blomquist (Georgia), Kennesaw State University - Southern Company
• Dylan Boone (Ohio), Miami UniversityPlante Moran
• Alan Brandon (North Carolina), University College Cork - Deloitte
• Elise Chase (Massachusetts and Utah), Brigham Young University - Deloitte
• Julian Chase (Massachusetts), Vanderbilt University - PricewaterhouseCoopers
• Nathaniel Day (Tennessee), Vanderbilt University - Deloitte
• Eleanor DeNunzio (Illinois), University of Kansas - EY
• Reece Diloreto (Florida), Florida State University - EY
• Jared Dunnett (Illinois), Indiana UniversityBloomington - Shore Capital Partners
• Ryan Durbin (Texas), The University of Texas at Austin - KPMG
• Sarah Falkin (Florida), University of Florida - KPMG
• Yesenia Garcia (Texas), Texas A&M International University - Calvetti Ferguson
• Cal Granite (Illinois), The University of Illinois Urbana-Champaign - RSM
• Chris Hudson (Texas), Rice UniversityKPMG
• Parker Jackson (Utah), Brigham Young University - KPMG
• Anthony Kearl (Montana), University of Calgary - TELUS
• Bradley Koch (Kansas), Washburn University - Koch CPA
• Will Koehler (Wisconsin), University of Wisconsin–Madison - KPMG
• Vineet Kotak (Washington), Maharaja Sayajirao University of Baroda, India,PricewaterhouseCoopers
• Jack Krause (Georgia), University of Iowathe Financial Accounting Standards Board in Norwalk, CT.
• Joshua Kritzer (Illinois), University of Wisconsin–MadisonPricewaterhouseCoopers
• Esther Eleanna Lee (Weissman) (Maryland), University of Maryland, College Park, - Ernst & Young
• Bryant Lin (New York), SUNY BinghamtonPricewaterhouseCoopers
• Michelle Lin (Illinois), The University of Texas at Austin - PricewaterhouseCoopers
• Sachin Mall (Guam), Dibrugarh University
• Kelly McCarty (Colorado), Chapman University - KPMG
• Khushbu Mittal (California), Jesus and Mary College, University of Delhi - Deloitte
• Nechama Nakdimen (Maiman) (New York), Excelsior University - SmallBiz Outsource LLC
• Jared Plattman (New York), Villanova University - KPMG
• Paul Poliakov (Washington), Saint Petersburg State UniversityPricewaterhouseCoopers
• Brandon Rooney (Tennessee), iUniversity of Tennessee, Knoxville, - EY
• Tina Sarkissian (California), University of California, Los Angeles, - KPMG
• Tyler Thimjon (Illinois), Indiana University - EY
• Thanh Tran (Texas), University of HoustonAlvarez and Marsal Tax LLC
• Hannah Van Meeteren (South Dakota), Northwestern College - CliftonLarsonAllen
• Sara Woodward (New York), Roberts Wesleyan University - Flaherty Salmin CPAs
• Jack Wyatt (Alabama), Auburn University - Deloitte
The AICPA, which develops and scores the CPA Exam, works with hundreds of volunteers and other stakeholders to maintain its relevance to the profession and alignment with the knowledge and skills required of a newly licensed CPA. To support candidates along their journey, the AICPA provides a wealth of information and tools, including the CPA Exam Blueprints, sample tests and tutorial topics and the Uniform CPA Exam booklet.
Firm of Dreams: If You Build It, They Will Stay
Could your people be your firm’s greatest retention asset? Five experts share why putting people first is the key to building the firm of your dreams.
By Carolyn Tang Kmet
Employee retention has been a bleak topic for some time in the accounting profession. Since 2019, the number of employed accountants in the United States has sharply fallen 17.3% (as of 2023), according to the U.S. Bureau of Labor Statistics. Notably, this decrease is a result of attrition at both ends of the profession: At entry, there are fewer college students choosing to enter the field, and simultaneously, many accountants are choosing to voluntarily exit the field.
Though, despite this long-term and devastating trend, there does appear to be some gleaming hope that certain strategies may be able to reverse this tide. According to Gallup’s State of the Global Workplace 2023 Report, 52% of voluntarily exiting employees say their manager or organization could’ve done something to prevent them from quitting.
Of course, many stakeholders, including the Illinois CPA Society (ICPAS), have gone to great lengths to know exactly what that “something” could be. In its 2023 Insight Special Feature, “Righting Retention,” ICPAS
shared research findings to shed light on what’s driving the accounting profession’s perpetually higherthan-average turnover rates. In the report, the top three reasons cited for accounting and finance professionals voluntarily quitting their employers were salary, too many hours/burnout, and lack of work-life balance. Interestingly, workplace culture was cited as the fourth reason for employees exiting—and some experts believe this factor, specifically as it relates to valuing and prioritizing people, could be the key to building a firm where no one wants to leave.
Prioritize People Over Profit
Tammy Daugherty, M.Ed, is the owner of People Matter Consulting Ltd., a Cincinnati-based change management and leadership consulting firm. She emphasizes that accounting firms need to focus on prioritizing people over outcomes.
“In the accounting and finance field, numbers matter—they’re the first focus,” Daugherty observes.
She adds that numbers are what accountants naturally gravitate toward, noting that quantitative measures are more tangible than qualitative measures (i.e., revenue is easier to quantify than happiness). However, Daugherty stresses that a firm’s success is dependent on the well-being of its employees. In her experience, the firms that prioritize their people are the ones that see results.
“When leaders or managers put results first, their people suffer. You can see this by their results, turnover, and loss of traction when trying to implement changes to make their company better and stay competitive,” Daugherty says.
One characteristic deterring people from careers in accounting is the concept that it’s all about the hours and not about the people.
“That’s how the profession has been thinking for so long, and it’s just not sustainable,” explains Randy Crabtree, CPA, co-founder of Tri-Merit Specialty Tax Professionals.
Crabtree wonders if maybe the challenge stems from the industry being so client-focused for so long, and that it forgot to focus on itself.
“As a profession, we don’t have enough people right now. We all have so much work and so many clients, and the personality of an accountant is to want to help everyone and find answers to all the problems,” Crabtree says. “So, we find solutions for our clients, but we forget that the people we work with also need care and support.”
Crabtree suggests that the accounting industry as a whole needs to shift its thinking away from counting hours to instead valuing employees. By doing so, Crabtree believes employees will want to put in those extra hours when needed. “There’s a difference between expecting employees to work on the weekends and creating an environment where employees want to work on the weekends,” he says. “Start by building a personal relationship and showing them that they’re important rather than the work being most important. “When your employee comes into the office in the morning, instead of saying to them, ‘Hey, you know that project you were working on yesterday? I need it today,’ say, ‘Hey, how was your evening?’”
Connect, Engage Employees With the Firm’s Goals
Perhaps because of the emphasis on the quantitative aspects of accounting, accountants find themselves feeling more like cogs and less like people, suggests Loretta Kilday a Chicago-based attorney, who specializes in personal finance, debt, business collections, bankruptcy, and family law. She says this feeling is reinforced when accountants feel a lack of connection to firm objectives.
“Today’s employees are motivated by more than just salaries. They need to grow, learn, and make significant contributions to their organizations,” Kilday explains. “There’s often a lack of effective communication [among accounting and finance firms] that makes workers feel unappreciated or disconnected from the goals and accomplishments of the organization.”
Dennis Shirshikov, head of growth at Awning.com and a professor at the City University of New York, agrees that communication is key to keeping employees engaged with overall firm objectives.
“One common oversight is underestimating the value of transparent communication and feedback loops,” Shirshikov says. “In the labyrinthine structure of accounting and finance firms, it’s easy for employees to feel disconnected from the broader mission and undervalued in their daily contributions.”
The benefits of connecting employees to firm objectives go beyond retention strategies. Shirshikov says that authentically engaged employees exhibit higher productivity, lower turnover rates, and foster a sense of innovation.
“An engaged employee, feeling valued and understood, transforms from a mere cog in the machine to a pivotal force for growth and innovation,” Shirshikov emphasizes. “Engaged employees are the bedrock upon which firms can anticipate market shifts and adapt services to meet evolving client needs.”
The difference, Kilday observes, is that engaged employees don’t feel obligated to do their jobs, they feel ownership and pride in their work, and this translates into overall firm health.
“Truly engaged employees want to do more than just feel good about their jobs, they want to contribute to their companies’ success, which has measurable benefits, such as reduced staff turnover, increased productivity, better customer service and, ultimately, improved financial performance,” Kilday says. “Additionally, firms that have mastered employee engagement often see stronger client relationships and a more resilient brand.”
Invest In Your People
Susan Stutzel, CPA, is a sole practitioner who serves nonprofit clients. Per her own words, she lives, breathes, and loves the accounting profession—and has for more than
20 years. For the first time in her experience, she says there are multiple generations in the workforce at the same time, and each generation has very different needs and expectations. Stutzel says one of the biggest challenges the accounting industry faces is shifting the perception that being a certified public accountant (CPA) is merely a job, not a career.
“We can no longer do things the way they’ve always been done,” Stutzel stresses. “This new generation, more than ever before, is asking for mentoring, technical training, professional skills development, and more. The firms that are listening and investing in their people are seeing lower attrition rates.”
Stutzel says that one of the motivational drivers specific to the CPA profession is mastery—the idea of getting better and better at something that matters: “If an employee feels like they’re caught in a hamster wheel doing the same thing over and over again, they’re not going to gain mastery.”
Notably, managers can play an important role in this process by guiding and mentoring younger CPAs. “If an employee has been auditing an inventory section for the last few engagements, a manager can step in and show how one might be different from the other—they can explain how it’s more complex with multiple locations, or how inventory is moving at year-end. This helps employees see how they’re gaining mastery, and therefore, are more motivated to do the work,” Stutzel explains.
Interestingly, in its 17-year history, TriMerit is a firm that’s only had about 10 people leave voluntarily. Crabtree attributes the firm’s strong retention rate to the firm’s strategy of investing in its people. He estimates that it costs the firm anywhere from one-half to two-times someone’s salary to replace them, so they intentionally invest that cost savings into their retention strategies, including mentoring, training, and team building. This people-focused mindset also extends beyond the firm’s walls. Tri-Merit offers free continuing professional education to support CPAs and partner firms, as they believe talented employees are more likely to stay with a firm where
they’re given opportunities to develop, succeed, and grow professionally.
Daugherty agrees and says you’ll never regret investing in people. She stresses that supporting people so that they support the business is a mental shift that needs to happen.
“People can tell if you care about them or not,” Daugherty says. “To create life-long employees, business owners need to realize their responsibilities in helping fulfill employees’ visions and dreams and give them the tools and resources to allow them to grow.”
Stutzel believes that every individual has their own unique set of talents, passions, and skills, and firms that provide space for employees to showcase these and make significant contributions are the firms that are attracting and retaining talent. “As CPAs, we’re problem-solvers. We want to have an impact and make a difference. If I can find a firm that allows me to do that, I no longer have a job, I have a fulfilling career,” she stresses.
Stutzel also agrees that accountants can sometimes get a bad rap for being “more robotic than human,” but says the profession is actually driven by a sense of purpose: “We want to know that the work we’re doing matters. Not just that we’re meeting budgets and getting high realization, but that we’re making a difference to our clients.”
Create a Sense of Belonging
Part of employee engagement is investing in culture and building social connection within a firm. Stutzel says it’s important to give all employees a sense of belonging, regardless of whether the firm’s workforce is in person, hybrid, or virtual: “Even those who would call themselves introverts need community—they need to know they belong.”
Shirshikov suggests that one way to create a sense of belonging and connection is to recognize and celebrate the individual contributions of employees: “Customized career development plans, opportunities for mentorship, and involving employees in decision-making processes can
foster a deeper connection to the company’s mission and goals.”
Interestingly, based on ICPAS’ survey findings from “Righting Retention,” career advancement paths and opportunities, and mentors and mentorship programs, were cited as some of the top benefits most attractive to employees.
Shirshikov also says that facilitating cross-departmental collaborations can help employees understand the impact of their work across the organization, which in turn enhances their sense of purpose and connection.
By connecting with employees directly, firms can also get a better understanding of what truly motivates them. Beyond meeting with employees one-on-one, firms can also distribute surveys, host forums, or provide an anonymous feedback channel. Shirshikov also stresses that it goes beyond the mechanism of operationally asking for feedback. Firms have to truly listen and then act on what they learn.
Further stressing this point are ICPAS’ survey findings, which highlight that 28% of employers never ask their employees what benefits they value most.
“Implementing regular ‘temperature checks’ and creating an environment where feedback is encouraged and valued can unearth valuable insights into employee needs and desires,” Shirshikov says.
Daugherty emphasizes that simply soliciting feedback isn’t enough. “Make the investment on a consistent basis to get to know your people. Take notes about them and review reports or outcomes of town halls—but make sure you act on them. Otherwise, trust erodes and you lose the ground you may have gained,” Daugherty warns.
Crabtree says that employee engagement and retention starts right at hiring. You have to hire the right people, build the right culture, and value each employee. In fact, whenever a new employee is onboarded, Crabtree schedules a oneon-one video conference with them just to chat.
“During these calls, we talk about anything but work to get to know each other. We talk about what we enjoy doing outside of work, our families, or anything they want to talk about—and I’ll share anything they want to know about me,” Crabtree relates. “These conversations set the atmosphere of the company.”
Crabtree admits that Tri-Merit’s corporate culture is one of its greatest assets. It’s why the firm has such low attrition, and why at a recent corporate gathering, the hired photographer couldn’t distinguish the firm’s partners from the staff.
As Crabtree simply puts it: “The most important asset you have is your people. If you don’t create a culture that’s going to attract and retain people, then you’re not going to have the firm of your dreams.”
Tang Kmet Clinical Associate Professor Northwestern University
This article from Insight Magazine was reprinted with permission from the Illinois CPA Society.
Carolyn Tang Kmet is a clinical associate professor at Northwestern University and frequent Insight Magazine contributor.
Carolyn
Allen Carroll, Partner with Wilkins Miller, was recently appointed Chairman for the Alabama Securities Commission. He was initially appointed by Governor Ivy to the commission in 2019. Allen’s experience is vast ranging from litigation and consulting services to traditional tax and accounting services in a variety of industries.
Mary Elliott, CPA, Warren Averett’s Chief Executive Officer, was named by Forbes as one of America’s Top 200 CPAs for 2024.
Curated by Forbes’ editorial staff, the inaugural list is a compilation of the finest CPAs active in public practice. Over a thousand CPAs throughout the nation were considered during the process.
Nominees were chosen based on a range of weighted criteria, including expertise, innovation, thought leadership, experience and contributions to their communities and the accounting profession.
Mary Elliott has spent her entire career at Warren Averett. She began as the firm’s 32nd employee in the Healthcare Consulting Division in 1984, progressed to becoming a Member of the firm, and then served as the Chief Operations Officer before becoming the first female CEO. Over the past 40 years, Mary has been instrumental in Warren Averett’s corporate and cultural growth.
“It’s a privilege to be included on this list with some of the nation’s most admired, most knowledgeable and most credentialed advisors,” said Elliott. “I truly believe that being a CPA is one of the most rewarding professions in today’s marketplace. Throughout the years, I have relied both on my family and my firm, who have been very supportive, understanding and flexible. I hope that my career has been evidence that accounting offers great power to influence the lives of others for the better.”
Warren Averett CPAs and Advisors is proud to announce Jennifer Hardin, CPA, as the firm’s new Chief Financial Officer (CFO).
In her role as CFO, Hardin will manage and oversee the firm’s financial operations, including financial accounting, analysis and reporting, budgeting and forecasting, insurance and risk management, treasury management and accounts payable. Hardin is succeeding April Harry as CFO. Harry will continue as Chief Operating Officer (COO).
“Jennifer has been an integral part of the Warren Averett team for over a decade,” said April Harry, the firm’s COO. “We are excited to welcome her into her new role as CFO. She has extensive experience and a deep understanding of the firm’s financial landscape, and I cannot wait to see how she continues to grow.”
Hardin first joined Warren Averett in 2003 in the firm’s Audit Division, providing audit and attest services to mid-size and publicly traded companies. She then spent seven years at a national firm where she managed audits for two Fortune 500 companies. Hardin returned to Warren Averett in 2012 as the firm’s Controller and then Finance Director.
“I’m excited and grateful for the opportunity to serve as the CFO of such a dynamic and growing firm,” said Hardin. “I’m lucky to be surrounded by so many talented and supportive colleagues, and I look forward to the firm’s continued growth and success.”
Hunter Smith, Tax Manager at Warren Averett, was recently recognized by CentrAL Inc. as a 2024 40 under 40. Smith specializes in tax and consulting for clients in construction and real estate. Hunter actively serves the community, assisting with the children’s ministry at Thorington Road Baptist Church and leading in professional organizations like the Warren Averett Young Professionals Group and ASCPA Young CPA Cabinet.
Warren Averett Announces 2024 Alabama Promotions
Warren Averett CPAs and Advisors is pleased to announce our annual firm-wide promotions. The list below highlights all promoted Senior Managers and above throughout the firm’s Alabama office locations:
• Cory Stanaland was promoted to Senior Manager in the firm’s Estate & Trust Division. Cory specializes in the preparation and review of high-net-worth estate tax returns. He also oversees preparation of several types of income tax returns, including individual, estate and family partnerships.
• Birmingham’s Ben Studstill, CPA, is a Senior Manager in the firm’s Healthcare Division. Ben’s primary responsibilities include reviewing tax returns, tax planning and strategic analysis for businesses and individuals, financial statement review and analysis and profitability analysis for healthcare clients.
• Huntsville’s Sarah McMan, CPA, was promoted to Senior Manager in the firm’s Audit Division. Sarah primarily focuses on conducting audit procedures, reviewing and preparing financial statements, overseeing the engagement team, working with the engagement leadership to communicate job status and ensure quality client satisfaction.
• Montgomery’s Hunter Smith, CPA, was promoted to Senior Manager in the firm’s Tax Division. Hunter’s primary responsibilities include reviewing tax returns at the corporate, partnership and individual level.
Caroll Elliott
Smith
Hardin
Accounting Today’s Top 25 Fastest Growing Firms
BMSS is thrilled to announce that we have been named one of Accounting Today’s Top 25 Fastest Growing Firms. This recognition reflects our commitment to excellence and the dedication of our amazing team.
Birmingham Best Place to Work 2024
We are honored to be one of Birmingham’s best places to work in the large division by the Birmingham Business Journal!
Success
Season Cookout
In celebration of a successful tax season, our team gathered for and April 15th cookout.
Spring Serve Day
Throughout the month of May, employees from the BMSS Family of Companies participated in our firm-wide Serve Day, continuing a long-standing tradition of partnering with local charitable organizations to make a meaningful impact in their communities.
Jackson Thornton Asset Management Named a 2024 Wealth Magnet by Accounting Today
Jackson Thornton Asset Management (JTAM) is pleased to announce that it has again been named to the Accounting Today Wealth Magnets list.
The recently released 2024 list ranked CPA financial planning practices by assets under management (AUM) and featured 150 firms throughout the US. JTAM ranked 37th and has been featured in the rankings since 2021.
“We’re honored to be included in this listing of top firms from around the country,” commented Shaw Pritchett, a financial advisor and president of JTAM. “We certainly give much of the credit to our clients who have placed their trust in us for 25 years.”
SELLING YOUR FIRM IS COMPLEX. LET US MAKE IT SIMPLE.
Accounting Biz Brokers knows your market. Contact us TODAY to receive a free market analysis.
For Sale:
• NEW! Huntsville $1.2M
• NEW! North Metro Atlanta Area $2.5M
• Western Knoxville, TN $435k
• Chattanooga, TN Area $2.115M -SOLD
For more information contact Kathy Brents, CPA, CBI at 866.260.2793 or Kathy@AccountingBizBrokers.com. Visit us online at www.AccountingBizBrokers.com .
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.
PRACTICES FOR SALE:
• Montgomery area assurance practice grossing $80K *Available*
• Montgomery area CPA grossing $40K *Available*
• Pascagoula, MS area practice grossing $220K *Available*
• Nashville CPA grossing $745K *New*
• Dyersburg, TN area CPA grossing $320K *Available*
• South of Knoxville, TN CPA grossing $425K *Available*
• Upper Cumberland, TN CPA grossing $975K *New*
• Panama City Beach, FL CPA grossing $205K *Available*
• Western FL Panhandle CPA grossing $365K *Available*
For more information on these listings or to sell your practice, contact Lori Newcomer, CPA and Tim Price, CPA at (888) 5531040 or PNgroup@APS.net, or visit www.APS.net.
