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TA B L E O F C O N T E N T S
FEATURES 7
COLUMNS
101st Annual Business Meeting Recap
No shortage of gratitude for Karen Miller, ASCPA leaders, & the opportunity to connect with ASCPA members.
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The Summer Education Conference is Moving!
We are optimistic about our only in-person beach conference in 2020.
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TECHNOLOGY
Key Technology Innovations Influencing the Way We Work 14 Limited series with Past Chair Marc Hamilton, CFO & Treasurer, CDG Engineers & Associates
TAX
COVID-19 and Opportunity Zone Investing 18 What you need to know about IRS relief to Opportunity Funds and investors interested in capitalizing them.
Outsourcing Tasks Can Do Wonders for Your Small Business
K2’s Technology Conference leader, Randy Johnston, highlights ways to optimize your workflow.
Inside the ASCPA Message from Jeannine................ 4 Message from the Chair................ 5 Member News............................ 12 Remembering............................. 13
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Is There Life After Lockdown?
Will restrictions block people from resuming old habits? Will the business sector find itself in even more trouble when it is able to open and start paying people again, but there is no revenue from customers?
Cover Image: Michael L. Brand CPA, CGMA, 2020-21 ASCPA Chair
2020 ASCPA CPE Schedule 2.0 We revisited and redesigned our CPE offerings to offer you a 100% virtual schedule.
FOLLOW US!
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We’re @ALsocietyofCPAs on Facebook, Instagram, & Twitter— follow us to see the latest from the ASCPA. July/August
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MESSAGE FROM JEANNINE
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hank you for taking the time to read our Continuing Professional Education issue! You probably recognized a friendly CPE face on the cover and on the page next to this one. While your new leader, Mike Brand, is one of the ASCPA’s favored speakers and national recognized for his A&A expertise, he is also the 20202021 Chair of the ASCPA Board of Directors. Professionally, I have had the privilege of working with Mike on several professional issues including Peer Review, Continuing Education, Accounting Review and Services Committee (ARSC) and with the society’s leadership. Personally, I enjoy following Mike on social media. He is an avid runner and a fabulous cook. In fact, I may need to convince Mike to cook for the ASCPA team and then be our exercise coach. Needless to say, Mike is more than prepared to lead the ASCPA, and our team is thrilled to work for and learn from him over the coming year! Our 2020 Summer Education Conference is only a few weeks away and it will be our only opportunity this summer—this CPE reporting season—to meet in-person. We could not pass up the opportunity to meet with our colleagues from the Society of Louisiana CPAs and those of you who also make this summer CPE event a tradition. Graciously, The Lodge at Gulf State Park—our new location for the conference—is adapting to follow social distancing regulations and is willing, if necessary, to cancel reservations and issue full refunds. We are optimistic though that this will be a fun week of CPE and sunshine by the gulf shore. We are also appreciative of all our CPE vendors and speakers who have been flexible and have worked with the CPE team to flip our in-person schedule to one of webinars and live-stream options. For example, our partners at K2 Technology are hosting the
annual technology conference 100% virtually—a first for us. Their topics will resonate with you and your organization, because they pull their content from the needs of over 80,000 CPAs across the nation. Many of our popular speakers, Bruce Ely, Dr. Keivan Deravi, Alfonzo Alexander, Marc Hamilton, Mike Brand, and Jim Martin (just to name a few) are delivering their expertise via webinar, live-stream, nano-learning (yes I said nano-learning i.e. ten-minute Alabama State Board approved session), or self-study. With the help of many, we have numerous successful opportunities for you to earn your CPE in new, convenient formats that meet you where you are. Please let us know how we are doing with our new delivery options and please share any suggestions, too. We know there are plenty of opportunities for us to learn and grow from the newest technology tools that can be used to provide meaningful learning opportunities. Just as this is going to print, I must share that Zack Camerio and I have had our first opportunity to visit members in the past three-months. To say that we were excited to thank our outgoing chair, Dennis Sherrin, and his team in-person at Avizo in Fairhope, is an understatement. We learn more about how we can serve and equip you with each opportunity we get to meet. Whether it is in-person or via a Zoom meeting, we hope to gather and hear from you more before the summer is over. We are just a phone call, email, text message, Zoom meeting, Go-toMeetings… away. Thank you for hanging in there with the ASCPA these past three months. YOU are appreciated. I hope you stay well and enjoy the summer!
Jeannine
P.S. Back to the nano-learning sessions—keep an eye out for “Preparing for the Data-Driven Age” on YouTube—our first of five nano-learning sessions. Take all five and earn one hour of CPE credit. These sessions are ten minutes of fun, fact-filled information. (Thanks, Marc Hamilton!)
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MESSAGE FROM THE CHAIR
Is 2020 over yet? What a first half of the year we have had! It has been unprecedented in so many ways, and as we sit here at mid-year there is one thing that remains a constant in our lives…change. Many of you reading this article were probably a part of our 101st Annual Meeting. The planning for that even went through numerous changes before it even took place. Last year, the ASCPA Board voted to change the venue from Montgomery to The Club in Birmingham, a change that we hoped would bring more participants to the event. Then 2020 rolled in, a pandemic hit, and the event had to change again from a live in-person event to one that was held virtually. Guess what though? Although we were unable to have the event in person as planned, we had a big increase in attendance to the meeting this year. This change might have just helped us increase attendance, and our members embraced that change and joined in this year. Change, no matter how difficult it might be at times, creates opportunities, and it is up to us as individuals to embrace those opportunities. This issue of Connections focuses on professional education, a topic near and dear to me. I cannot begin to tell you all how much it has meant to me over the past few years to have the opportunity to meet and talk with many of you face to face at our live events. I have personally benefited greatly from these in-person interactions. But now with a global pandemic making in-person interactions in larger groups nearly impossible, we are having to change the way we provide and obtain our professional development. Technology has really been pushing professional development to be more adaptable to fewer in-per-
son offerings to more web-based offerings. The ASCPA staff has been forward thinking and working incredibly hard to be able to offer top-notch quality continuing professional education in a format that will continue to provide quality learning opportunities while the participants are in the comfort of your own home or office. While the Summer Education Conference at the Lodge and Gulf State Park is still currently being offered as an in-person event, the majority of the current offerings are virtual events. The virtual events include live-stream, webinars, and self-study courses with many of the same high-quality presenters that you would expect to have at an in-person event. Many of the live-stream events will allow the same type question and answer opportunities that the in-person events offer. I know that I have personally presented in a few live-stream events and the feedback to the sponsor of the events has been very positive. I would encourage everyone to go to page 20 of this issue for the newest ASCPA CPE catalog or to www. ascpa.org/CPE to see what is available and take advantage of the numerous offerings to obtain your professional education. Also, check back often as changes are made based on the current state of events. I would be remiss if I did not take the time to give a big thank you to our outgoing chair Dennis Sherrin. What a tremendous job of leadership he has provided to the ASCPA during his time as chair. I dare say that during his time he has had to change directions more times than any other chair has had to do in recent memory. He did not shy away either, he attacked it like he always does with a positive attitude and no fear! The staff of the ASCPA has also embraced these changes with a great can-do attitude and I am thankful
that I will have them to work with going forward. I know that the ASCPA board and officers are ready to continue the groundwork laid by Dennis and his leadership. Finally, I would personally like to challenge every member out there to consider what you can do to be better when we do reach the other side of this pandemic. This year has thrown so many challenges and changes our way that have required us to react and consider our professional responsibilities in ways I never would have considered. How we react to these, will determine how we move forward. We can and will be better on the other side of this, but it will take tremendous work and dedication on our part. I’m ready for the challenge that will be the “new norm” and I hope that you are too!
Michael
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WHAT CAN THE ASCPA DO FOR YOU? Current ASCPA members told us that the ASCPA has helped them...
+ ACHIEVE + ACTIVATE + ADVANCE + ADVOCATE + BOOST + BROADEN + CELEBRATE + CERTIFICATION + CONFIDENCE + CONNECT + CREATE + DETERMINE + DEVELOP + DREAM + DRIVE + EMPOWER + ENCOURAGE + ENHANCE
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+ EXPAND + EXPERTISE + FLOURISH + FRIENDSHIP + GAIN + GROW + IMPACT + INFLUENCE + INFORM + INTEGRITY + INVITE + KNOWLEDGE + LEARN + LOYALTY + MATURE + MOTIVATE + OPPORTUNITY
+ OUTREACH + OWNERSHIP + RESOURCE + PARTNERSHIP + PIVOT + PROTECT + PROPEL + QUALIFY + REFRESH + SECURE + SERVE + SHAPE + STRENGTHEN + SUPPORT + THRIVE + TRUST + UNITE + VALUE
Visit www.ascpa.org/dues to renew your membership before July 31, 2020 to keep your benefits year round.
The 101st Annual Business Meeting
Not Your Average Zoom Call, Not Your Average Annual Meeting
On Tuesday, June 16, 2020, over two-hundred of you met with us via a Zoom webinar to celebrate the 101st Annual Business Meeting of the ASCPA. We are so grateful that we had the virtual opportunity to celebrate incoming and outgoing ASCPA leaders, get much-needed clarity on landmark legislation, and to hear what is important to you right now. Karen Miller, a CPA with the University of Alabama, retired PwC tax partner, led us through the latest updates and addressed common questions concerning CARES Act and the Payroll Protection Program (PPP). She spent an hour covering the most recent changes and key points. Then, spent another 30-minutes post-session answering in detail questions submitted before and during the meeting.
Gold Sponsor
Firm & Partner Sponsors
Silver Sponsors
2019-2020 Chair Dennis Sherrin swore in the 2020-2021 Chair Michael L. Brand (BMSS, Athens), Chair Elect James Moody (Dent Moses, Birmingham), and incoming members—Stacy Cummings (Wilkins Miller, Mobile), Angela Hamiter (JamisonMoneyFarmer, Tuscaloosa), and Paul Perry (Warren Averett, Birmingham). Jeannine Birmingham then recognized Dennis for his productive and creative leadership throughout his term and especially as we navigated the on-set of the coronavirus pandemic. Despite the current circumstances, this unique event was successful thanks to your support and our generous sponsors.
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Your Contribution Counts. 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. Last year, the ASCPA was able to give away $142,700 to future CPAs, local charities, & disaster relief across Alabama. Here is how it made a difference across the state. +++
Total Community Support in 2019
$142,700
Your contributions supported:
$35,500
$37,700
ASCPA Chapter ASCPA Chapter Donations Accounting Scholarships to Local Community Service Efforts
$69,500
ASCPA Educational Foundation Accounting Scholarships
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PLUS, we hosted 42 chapter events across Alabama, ranging from community service projects to Bankers & Attorneys socials to CPE opportunities. We are just getting started! Now more than ever, we see the significance of investing in our communities, the profession, & opportunities for you to connect with other professionals. Check the box next to “Pay My Chapter Balance” when you renew your ASCPA membership to make your contribution count in 2020. Get more involved in your local chapter by contacting Zack Camerio at zcamerio@ascpa.org.
RESERVE WITHOUT RESERVATION
ABOUT THE LODGE
We are not entirely certain what July looks like when it comes to the COVID-19 crisis, but we are optimistic that the Summer Education Conference will go on as planned, and in a safe way:
Our room block for the Lodge at Gulf State Park for the 2020 Summer Education Conference is full. However, sessions will still take place at their facility. So, we encourage you to find a rental property or hotel nearby if you are traveling from out of town.
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The beaches at The Lodge are private, so it will be easy to enjoy your own area.
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We will be adding additional meeting room capacity so we can put more space between attendees.
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The hotel staff will be taking measures to make sure guests can adhere to social distancing guidelines during check-in, in common spaces, and while doing activities.
However, if conditions in July are such that it becomes necessary to cancel, ASCPA will issue full refunds. In addition, The Lodge will allow cancellations up to 5 days before the check-in date for full refunds. So, make plans to meet us in Gulf Shores in July. See the full agenda and register today at www.ascpa.org/SEC2020.
Registration Fees (through July 6): • •
Members: $500 Non-Members: $600 Non-CPA staff of members may attend at the member rate.
CPE: 20 hours (includes 6 hours of A&A)
The Lodge at Gulf State Park, a Hilton Hotel 21196 E Beach Blvd, Gulf Shores, AL 36542 As a conference attendee you can still enjoy the aspects of the property that have been redesigned to be respectful of the land and creatures around it. The Lodge is steps away from 28 miles of hiking and biking trails and its beach-front location provides easy access to a host of water activities, so whether you want to get your long run in, kayak the Gulf, or simply lounge on the beach, there is something for every activity level. Gulf State Park offers dozens of weekly activities, like guided beach walks and star-gazing, opportunities to “meet” local wildlife (owls, turtles, snakes, etc.), fitness classes, pickleball, and more! Visit lodgeatgulfstatepark.com to learn more about these opportunities and how The Lodge is taking precautions during the pandemic. July/August
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OUTSOURCING TASKS CAN DO WONDERS FOR YOUR SMALL BUSINESS RANDY JOHNSTON, EXECUTIVE VICE PRESIDENT, K2 ENTERPRISES
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ASCPA Connections
Technology now plays a significant role in virtually every type of business. We can’t know it all so that outsourcing tasks can do wonders for your small business. Whether it’s updating your website and social media pages, tracking your sales, planning your marketing strategy, or merely taking payments, technology is a must-have element for running a successful company. Fortunately, you don’t have to know everything there is about tech-related tasks to get the job done. For pretty much every task that calls for technology, there is an opportunity to outsource. Outsourcing tasks when you don’t have the expertise is wise. Yes, you want to be able to do simple things like checking your email and working on documents. Still, there are many things that the average small business owner should consider outsourcing—even if it’s solely to save time. Here are a few of the most common examples:
WEBSITE CREATION Few things are more important for promoting your company than having a high-quality website. Most consumers shop online today or at least look up local businesses online. So, without a website, you’re likely throwing away many opportunities. Moreover, having a poorquality website is, perhaps, just as bad as not having a website at all. Your site will be most people’s first impression of your business, so it should represent your brand and your products well. With that said, one of your priorities as a small business should be to create a unique, dynamic website that engages your audience. If you don’t have expertise in website development, you can end up wasting a lot of time and money trying to create the perfect site. Instead, consider hiring a professional from a freelancer staffing firm who can get the job done quickly (e.g., JavaScript developer, web designer, PHP developer). We’ve discussed this topic before in Advantages of Starting an Online Shop and Easy Ways
to Start. Outsourcing tasks like web sites and online shops are suitable for your business.
SOCIAL MEDIA MARKETING Along with having a great website, your business needs to maintain a substantial social media presence. Many small business owners underestimate the skill required to market their company through Instagram, Facebook, Twitter, and other sites. However, if you want successful social media marketing for your business, you must invoke a strategy, just like with any other type of marketing. Hiring a social media manager can help you achieve this while allowing you to focus on running your company. Not only will a qualified social media manager be able to craft compelling messages to your audience, but they will also know when and how often to post on each platform. Outsourcing tasks like social media management optimizes your marketing efforts.
CYBERSECURITY Small businesses are a big target for cybercriminals. Forty-three percent of all cyber-attacks focus on small businesses. It’s difficult to overestimate the importance of having adequate security measures in place. And the truth is, software security is involved. Not only can trying to maintain a proper level of security for your business and customers prove time-consuming, but it can cost you significantly if not done correctly. An online security expert will be able to keep you informed on your company’s security status and make any necessary updates remotely. You can learn more in our K2 courses like K2’s Securing Your Data - Practical Tools for Protecting Your Data or at our K2 technology conferences by attending the security sessions. Outsourcing tasks like cybersecurity help you keep up in the ever-changing world of IT security.
K2’s Technology Conference
Live-streaming on August 13-14, 2020 8:30AM - 4:00PM 16 hours of CPE Register at www.ascpa.org/TECH2020.
IT INFRASTRUCTURE As with cybersecurity, IT infrastructure is very complex, and it can eat up a lot of your time. From choosing servers to securing and managing hardware, keeping this task in-house can prove ineffective and costly. Going with an outside cloud service that facilitates all your backend operations can help your company flourish and make life much more comfortable in the process. For CPA firms, make sure that you look for cloud providers that are authorized to host your primary applications, such as QuickBooks, from high-quality providers such as AbacusNext, Ace Cloud Hosting, CETROM or Right Networks. If a private cloud approach is better for your business, outsourcing tasks like IT infrastructure management to managed service providers like Network Management Group, Inc., augment your computer efforts. As a small business owner, there’s not enough time in the day for you to do everything—especially things in which you have no expertise. Think about outsourcing tasks to a web developer, social media manager, cybersecurity specialist, and cloud service to take advantage of technology and move your company forward. You might be surprised by how quickly you notice things going in the right direction! Randy is one of the partners at K2 Enterprises (www.k2e.com). In his role at K2 Enterprises, Randy helps to create and deliver technology-focused training to business professionals throughout North America. You may reach Randy at randy@k2e.com.
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MEMBER NEWS
Among the participants was 89-year-old Army Lt. Col. Thomas D. Fluker, Sr. (ret.), the grandfather of BMSS Senior Manager Kate Fluker; 7-month-old Jonah Avery, son of Supervisor Hannah Avery, and a three-legged Pitbull mix named Harvey who belongs to Senior Analyst Zak Kimes.
Angela Dixon was recently promoted to Chief Financial Officer of Jefferson County. She is the first African American female to hold the position in the county’s 200-year history.
Seasoned runner, member Mike Brand warmed up with a 10.5-mile run before completing the 5K with his wife, followed by a 7:53-paced 1-mile “fun run,” only to cool down with one more mile, completing his 15.5-mile morning.
“It’s gratifying after doing a nationwide search to know that you already have the best people working with you,” said County Manager and CEO for Jefferson County Tony Petelos. “This is going to help the county have a seamless transition. She already has the confidence of her staff and is a natural leader.” Dixon has more than 27 years of accounting, finance, and management experience including eight years in public accounting. She is a licensed CPA in Alabama and Texas and earned her Master of Accountancy degree from Auburn University and Bachelor of Science degree from Alabama State University. Dixon is actively involved in her community and serves as the Southeast Region Treasurer for the National Alumni Association of Alabama State University and is a member of the Jefferson/Shelby County Metro Alumni Chapter. She is also a member of Women Leading Government, a charter member of the Birmingham Chapter of the National Association of Black Accountants, a charter member of the Iron City Chapter of Toastmasters International, and Delta Sigma Theta Sorority, Inc.
WHAT’S HAPPENING OUT THERE The City of Montgomery and Hands-On River Region handed out free masks in three locations across Montgomery, on Friday May 1, 2020.
Mike Hogg, Director of Business Operations for Trinity Presbyterian Church and HandsOn River Region board member, is pictured above with Mayor Steve Reed serving Montgomery residents during the event. 12
ASCPA Connections
More than 250 BMSS employees and family members laced up their running shoes on Saturday, May 2 to rally together, while remaining at least six-feet apart, in the BMSS Presents: Keep Corona Calm 5K and 1-Mile Fun Run. Participants ran from their own front doors and local parks in at least five different states.
Staff Accountant Bailey Cook’s wedding was supposed to be that day, but due to COVID-19, she and her fiancé Graham had to postpone their wedding date. Their family and friends didn’t let the coronavirus hinder them from celebrating the couple. They surprised the couple with a veil, sash, and bouquet to wear during the run alongside their family and friends participating in the 5k. Bailey and Graham’s family even decorated their route with messages in chalk and posters on trees to make the day more memorable for them.
Jackson Thornton, a certified public accounting and consulting firm headquartered in Montgomery, is pleased to announce it was recently named as one of “America’s Top Recommended Tax & Accounting Firms” by Forbes Magazine.
Only 227 firms nationwide were selected, seven of which were in Alabama. Jackson Thornton was selected as being a top recommendation in both the tax and accounting areas.
“We’re honored to have been recognized by Forbes in this way,” said Ned Sheffield, president and managing principal of Jackson Thornton. “It’s really gratifying to have been recommended by our peers and colleagues in both the accounting and tax areas.”
REMEMBERING
VIVIAN JOSEPHINE VANN BLACKWELL CHATEAU July 23, 1936-May 8, 2020 Mobile, AL | Certificate # 4502
Trustees, the AICPA Council and the Auburn University School of Accountancy Advisory Council from 1998-2015.
Vivian was born in Waynesboro, Mississippi on July 23, 1936. She lived in Vine Hill, Alabama until her family moved to Citronelle, Alabama in 1947. Vivian lived in Mobile, Alabama for most of her life and spent many cherished weekends at her beloved Bay House in Point Clear. Following a life most wonderfully lived, Vivian passed away on May 8, 2020.
In 1983, Vivian married Lt. Col. Louis Arthur Chateau, Sr. (U.S. Army, Ret.) Lou shared her zeal for entertaining and love of preparing southern cuisine for family and friends. Together with Lou, Vivian cheered on her beloved Auburn Tigers from Section 32, Row 28. For her, tailgating was an art, and their time in Auburn cultivated life-long relationships with friends that grew to be family.
Vivian lived in Citronelle, Alabama with her 11 brothers and sisters. Together they formed the foundation upon which a rock of a family was built. Vivian’s strength and steadfastness were molded through her upbringing, and her faith and work ethic were shaped by the example of her own mother and father before her. Vivian had an unwavering devotion to her family, and it brought her great joy to nurture and support those dear in her life.
Vivian and Lou also enjoyed countless weekends and summers hosting their family and friends at their beloved home on Mobile Bay, at Point Clear, Alabama. Over three decades, Vivian created cherished memories for her family as they grew through the birth of 8 grandchildren and 4 great-grandchildren. She delighted in her growing family.
Vivian was married to Clausell Blackwell, Jr. in December 1955. Together they had three children who she fiercely adored. The importance of family guided her in the raising of her children, as she nurtured their relationships with her own siblings and parents. In 1973 Vivian graduated with a Bachelor of Science in Accountancy from the University of South Alabama and became a CPA in 1977. Decades later, colleagues have called her “one of the founding greats” and “a stalwart in the profession.” To that end, Vivian served as the Chair of the Alabama Society of CPA’s in 1998, as well as past Chapter Officer, Board of Directors, Alabama Tax Legislative Committee, Alabama Federal Tax Clinic Board of
AMY BROOK MIDDLETON
For Vivian, to live was to give. She was most at peace and with purpose when she served others, and those that loved her knew her tireless devotion to her family, her friends, her profession, her community and her God. In addition to her professional engagements, she served on the Mobile Council Navy League and the Military Officers Association, The Mobile Chamber of Commerce and as an Elder in her church. She leaves behind her family on the sure foundation that she helped to build, and she will be forever missed. Memorial donations can be sent to the ASCPA Educational Foundation at www.ascpa.org/EdFoundation and to the Vivian Vann Chateau Undergraduate Endowed Scholarship in Accounting at: USA Office of Development, 615 Clinic Drive, TRP III Suite 1500, Mobile, AL 366880002.
GEORGE ALFRED VANCOURT, JR.
February 26, 1967-March 19, 2020 Athens, AL | Certificate #6454
November 19, 1945-April 4, 2020 Mobile, AL | Certificate # 1420
Amy Brook Middleton died Thursday, March 19, 2020, after a valiant four-year battle against cancer. She was born February 26, 1967, in Saginaw, Michigan, to Clare Middleton and Karen Wright Middleton. Until last year, she divided her residences between Cambridge, Massachusetts, and her vacation homes in the White Mountains of New Hampshire.
George Alfred VanCourt, Jr., 74, born November 19, 1945 passed away peacefully at home April 4, 2020 surrounded by his family. George was a long-time resident of Mobile, Alabama.
Amy was a 1985 graduate of Athens High School, and she held a Bachelor’s Degree in Business and Accounting from the University of Alabama; a Masters of Business Administration from Florida Institute of Technology, and a CPA certificate in Alabama. She traveled extensively as a software consultant and owned rental properties in Cambridge. Her family wishes to extend special words of appreciation to the workers of Hospice of Limestone County and Limestone Health Facility for the loving care they gave Amy and the support they gave her family in her final illness. Also, they are grateful to Limestone Chapel Funeral Home for their sensitive, caring handling of Amy’s arrangements.
A graduate of the University of South Alabama, George earned multiple degrees including a Masters of Business Administration as well as his CPA License. He worked over 32 years at Budweiser Busch Distributing Co., Inc as the Controller and eventually Vice President of Finance prior to retiring in 2015. George was a devoted and loving husband, father, grandfather and friend to many. He was always willing to help anyone that he could and had a heart bigger than he was. He held a special place in the hearts of many and will be greatly missed.
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TECHNOLOGY
Key Technology Innovations Influencing the Way We Work By Marc Hamilton, CFO & Treasurer, CDG Engineers and Associates
For the second article in this series about technology, let’s focus on gaining an understanding of several evolving technologies and how they are impacting the future of accounting and influencing the way we do work. Advances in data visualization and chatbots are being used to help manage information more efficiently and drive better decision-making. Additionally, technological innovations utilizing massive datasets and complex programming are generating systems capable of artificial intelligence, and, specifically, machine learning to improve process automation and foster predictive analytics. Ironically, the timing of this discussion on the technology impacting how we work comes as we are rebounding from one of the most significant labormanagement experiments in history. When the U.S. economy was forced into a COVID-19 pandemic shutdown, most of us 14
ASCPA Connections
were able to continue to serve our clients and companies. Technology infrastructure provided work flexibility via mobility and an array of connectivity tools. This was not only true for our profession but many businesses across the U.S. and globally. Interestingly, there are indications that many business processes were performed more efficiently and productively in this type of environment. There is a reckoning that the flexible and mobile work environment provided through technology may become—to an extent—the new normal.
BIG DATA AND DATA VISUALIZATION Historically, the bulk of captured data in the information universe came from business processes and transactions. This type of data, known as structured data, is very organized, typically recorded in system relational databases, and capable of relatively quick manipulation. As the use of the
internet and devices matured and expanded, new types of unstructured data began to proliferate and be captured. The explosion of social media applications, the developing uses of machine sensors, and the ever-expanding connectivity of the “internet of things” has caused dramatic surges in the amount of data available. According to projections from the International Data Corporation (IDC), unstructured data — data that is more difficult to organize and analyze including content such as audio, video, photos, text messaging, sensor reading, scans and the like — accounts for approximately 80% of all data created in organizations. Because we have tools and infrastructure to capture this unstructured data, the data universe is exploding in content. To give perspective to the growth experienced, since 2013 the data universe has grown from 4.4 zettabytes of data to more than 44 zettabytes today. For reference a zettabyte is equal to one billion terabytes.
This phenomenon has led to a growing recognition of the importance of big data. The primary concepts that define big data are the quantity (volume), the various types (variety), the accuracy or reliability (veracity), and the speed of creation and gathering (velocity). The most valuable attribute to understand about big data is that it serves as the foundation for many of the more advanced technology applications that are evolving. For the accounting professional, particularly in business and industry roles, the ability to understand how big data analytics software tools can unlock the value in these massive data sets has become an essential skill. Most general ledger and sub-ledger modules in our ERP systems have already introduced significant changes in how we capture, manage, and report on data. These include the ability to store and interact with unstructured data more effectively as well as the ability to create visualizations
of structured data in real-time dashboards. Visualization is one of the best ways for our brains to comprehend data, it increases understanding and can lead to better decision-making. More advanced data visualization software tools such as Tableau or Power BI offer a platform to analytically create strategic business advantages. If you would like more detailed educational content on this topic, the ASCPA offers an eight-hour continuing education course developed by the AICPA titled “Analytics and Big Data for Accountants.”
064 Analytics and Big Data for Accountants Course Live-streaming on Wednesday, August 26 8:00 AM - 3:30PM 8 hours of Finance CPE
AUTOMATION FROM ALGORITHMS & ARTIFICIAL INTELLIGENCE Artificial intelligence (AI) refers to the general concept of using technology applications, primarily algorithms processing big data, that seems to allow the computer program to function intelligently. These algorithms are programs with structured step-by-step methods designed to solve problems. They are frequently used in processing data or performing calculations. Algorithms may also be used to perform manipulation processes such as searching, sorting, inserting, or removing data items in a dataset. AI designed to perform machinelearning functionality allows the computer to become able to think and react. These applications can reference big data to identify transaction patterns and understand what normal transactions look like. With this understanding the programs can quickly identify abnormal data and errors. This type of AI or machine learning offers to drastically improve accounting
processes such as audit efficiency, making it possible to audit 100% of transactions instead of a sample. Many believe AI may also make continuous audit possible. Analyzing data in realtime with AI would essentially audit information immediately, minimizing the overall audit risk, increasing the level of assurance, and reducing the duration of the audit. Our profession must embrace the reality of computers taking over repetitive, time-consuming tasks and allow accounting professionals to focus on higher-value analysis. In many businesses, advances in AI have become a competitive advantage.
ROBOTIC PROCESS AUTOMATION AND PREDICTIVE ANALYTICS Robotic process automation (RPA) is a specific use of AI that focuses on the automation of repetitive processes and can perform rule-based processes to reduce costs and improve accuracy and efficiency. Many general ledger software applications now incorporate RPA to handle basic accounting tasks such as bank reconciliations, invoice categorization, purchase order matching, and payment initiation. These programs can learn repetitive coding for invoices and conduct expense policy compliance tasks. The use of RPA is transforming the process of monthly closing procedures and periodic reconciliations as well as the capacity to prepare rulesoriented financial statements and reports. A few other finance and accounting processes where RPA is being used include sales tax compliance and corporate performance management. Predictive analytics is another specific use of AI. Predictive analytics uses existing historical data to identify trends. This method of modeling and forecasting attempts to understand the future and better answer the question, “What could happen?” Predictive analytics uses big data, algorithms, and
machine learning to create opportunities to better predict outcomes, identify untapped opportunities, expose hidden risks, anticipate the future, and most importantly allow the opportunity to act quickly. A few key significant areas of predictive analytics include: • a focus on customer intelligence, dramatically improving the ability to forecast revenue growth and profitability, • a focus on identifying supply chain inefficiencies including monitoring for potential vendor issue patterns or potential equipment failures, • a focus on performing data scrubs to find lost drivers or indicators of changes in customer loyalty, and • a focus on methods of continuous monitoring for fraud detection. An important point to understand about predictive analytics is that the tools that perform these tasks no longer require advanced skills. Vendors are creating software with user-friendly interfaces that remove the complexity by recognizing the data and suggesting an appropriate predictive model. They also offer visualization tools such as simple charts, graphs, and scores that indicate the likelihood of possible outcomes to ensure meaningful, useful results.
CHATBOTS - NATURAL LANGUAGE PROCESSING The use of chatbots (bots) or computer programs with functionality like that available to consumers using intelligent assistants, on devices such as Google Home, Apple Siri, or Amazon Alexa, is now becoming a reality for specific business applications. As we become more and more comfortable talking with devices, there are significant application interests for many different types of commercial bots including business functions such
as accounting tasks. Commercial chatbot development platforms are now readily available allowing for the development of programs that use natural language processing (NLP) to interpret voice or text and perform functions. Formulating responses to questions is the most typical use of natural language processing. Early adoption of these chatbots is being seen in various aspects of customer service, scheduling, and logistics in many industries. Interestingly, there is also significant interest in the use of bots in the development of educational children’s toys. The primary use of chatbots in the accounting profession is focused on replying to certain types of client questions. Chatbots communicate with clients to resolve simple questions they may have. Using a smart digital assistant to help manage transactions in general ledger software is also a reality. Most mainstream general ledger software vendors have implemented this technology into their products. Not so far in the future, whether we are ready or not, we will talk to our ledger to record entries or question variances. Taking note of these impactful evolving technologies and developing a digital mindset to avoid being left behind is critically important to our profession. The pace of change and the implication of the way we work is only accelerating. It requires that we commit to continuously educating ourselves on how our profession is being changed by technology. In the next article we will discuss distributed ledger technology or blockchain and other maturing financial technologies. Additionally, we will review the significant implications of technology for enterprise risk management, particularly cybersecurity. I look forward to continuing our efforts to develop a “think digital-first” mindset.
July/August
15
Is There Life After
LOCKDOWN? by Chris Kuehl, Ph.D.
16
ASCPA Connections
There are not all that many things we can be certain about. As the old saying goes, we know there will be taxes. There is one other issue we can be assured of as we navigate our way out of 2020. The decisions made to try to control the spread of COVID-19 will be assessed and analyzed and critiqued for years and years to come. Never before has the entire global economy been deliberately shuttered. It remains to be seen whether the action taken yielded the intended result as we will not have reached the point of declaring victory over the virus until we have treatments, vaccines and tests. That day is in the future, and in the meantime, the economic impact will have been felt in every nation on earth. The focus of the “lockdown” recession has now shifted to how the system is brought back to life. At this point, there are three scenarios under discussion. The first is the most optimistic and holds that there will be a real recovery that starts in May and extends through the summer months. The second holds that significant restrictions will remain in place through the bulk of the summer and further assumes that people and businesses will remain wary. The third scenario is the most pessimistic as it assumes the virus stages a major comeback as soon as the restrictions are lifted and that prompts the governments in many of the 50 states and around the world to reimpose the restrictions but on an even stricter basis. The economists who have examined the impact of a possible recovery beginning in May remain confident that a third quarter rebound is likely. There have been reports from Goldman Sachs, Morgan Stanley and JP Morgan that all point to a “V”-shaped recession that recovers in Q3. The economy would be slated to grow by roughly the same pace it was growing at the start of the year— between 2.1 percent and 2.3 percent. The International Monetary Fund has predicted a robust rebound that starts in May and June, and by the end of the year, provides global growth close to 6 percent. This is significant as the IMF had been predicting growth of only 3 percent in 2021 before the pandemic shut the world down. This analysis assumes a few developments. The first is that consumers and businesses will be willing to resume old patterns. The lockdown basically shut consumers off from their ability to consume, so a great deal of the support money that has been provided
by the government has been essentially idled. Once these businesses are allowed to reopen, the assumption is the consumer will spend that money. There will be significant levels of rehiring as well. Of the more than 25 million people rendered unemployed it is likely that some 80 percent to 85 percent of them have been furloughed as opposed to being laid off. This is more than a semantic difference. These furloughed employees will be immediately hired back as soon as the business is allowed to open. The companies can’t function without them and will either bring back their old workforce or they will have to hire new people. The accompanying assumption is that people and businesses will trust that the virus has been contained to an acceptable level. The fact is the virus will not be rendered ineffective until there is a cure or a vaccine or both. That may be months away, but there will be progress as far as treatment is concerned, and the fatality rate will likely fall. It has been assumed that people will tolerate a level of infection and illness if the risk of death recedes. There will continue to be reports of fatalities, but as these reports diminish, the hope is that people become more amenable to a tradeoff. This is the set of questions whose answers determine whether the second scenario comes to dominate. The reopening may come with a whole host of qualifications and new protocols that keep consumers off balance and interfere with a real resumption of business. There has been discussion around extending the social distancing requirements through the end of summer. If that is the plan, it will be very hard for restaurants and tourist attractions to open, and travel in general will continue to be affected negatively. There has been discussion of requiring health checks of some kind before people would be allowed to board planes or enter into public buildings. These are not in place at this point, but steps of this kind will almost certainly appear. Will these restrictions block people from resuming old habits? Will the business sector find itself in even more trouble when it is able to open and start paying people again, but there is no revenue from customers? Again, the most important question will be whether the consumer is ready to resume old habits or will remain cautious and isolated. Each business will have to determine where their customer base fits. It is likely that attitudes that are manifesting now will continue to be
a factor. Generally speaking, men are less cautious than women, older populations are more cautious than younger generations, urban dwellers have been more uneasy than those in rural areas, and so on. This leaves the worst-case economic scenario, and it could manifest in a couple of ways. The end of the lockdown could be so hampered by the addition of restrictions and protocols that it isn’t really an end to the economic crisis. There is also the possibility that there is a severe rebound in the virus later in the summer and early fall, and the decision is made to reimpose the restrictions. This is the bleak scenario that was outlined by the Congressional Budget Office as it sought to outline the parameters of the crisis. This is the prediction of a GDP loss that exceeds 14 percent a quarter, unemployment rates of 14 percent and the loss of more than 30 million jobs. The small business community would be rocked by millions of bankruptcies, and fully a quarter of the population could be facing poverty. The majority of analysts do not see this as a viable option—at least not yet. Even if there was a secondary outbreak, the possibility of a second shutdown is remote as most political leaders would see this as an end to their local economy, and the creation of an economic problem so massive that recovery would take years. A second shutdown would shatter consumer confidence, and it would be nearly impossible to get it back for a very long time. One of two things will occur. Either the economy will start to stutter back to life and set the country on some kind of course to recovery, or the effort will fizzle under a wave of consumer concern, lingering restrictions and medical setbacks. This article was reprinted with permission from the Missouri Society of CPAs. Chris Kuehl is the co-founder and managing director of Armada Corporate Intelligence in Kansas City. He is the author of MOCPA’s daily Business Intelligence Brief. chris.kuehl@armadaci.com linkedin.com/in/chris-kuehl-61449b/
July/August
17
COVID-19 and Opportunity Zone Investing: What You Need to Know Executive Summary Because of COVID-19, the IRS decided to grant the following relief to Opportunity Funds and investors interested in capitalizing them: •
•
•
In general, taxpayers who had a gain from the sale of property after October 4, 2019 now have until Dec. 31, 2020, to invest that gain into a Qualified Opportunity Fund. This extension is automatically granted by IRS Notice 20-39. The subset of taxpayers who realized a gain through a partnership (as opposed to directly, as in the bullet above) at any time during 2019 also have until December 31, 2020 to invest that gain into a Qualified Opportunity Fund. Any Qualified Opportunity Fund formed in 2019 – which would typically have to deploy 90% of its capital by June 30, 2020 – gets an automatic extension on its deployment deadline for another full year (until June 30, 2021).
Introduction The pandemic caused by COVID-19 has caused disruption in nearly every aspect of the economy. Yet we’ve seen quality investments continue to happen across the country and deal flow substantially rebound in the past few weeks. While many projects have been put on hold, the crisis has created distressed and special situations that present attractive longterm investment opportunities. Projects that have maintained momentum throughout the crisis stand to benefit from the long-term nature of the OZ incentive – inves18
ASCPA Connections
tors with a ten year plus time horizon are more likely to take the long view, even in uncertain times. The Internal Revenue Service (IRS) recently has issued favorable guidance on investor deadlines to invest capital gains from both 2019 and 2020 into Opportunity Fund transactions. We have prepared this FAQ to help investors understand how OZ investments may be advantageous in this current environment. This piece will outline: •
How investors can receive Opportunity Zone benefits realized for 2019 capital gains by investing any time before December 31, 2020;
• How investors who have harvested losses post-COVID or who have already spent money from gains can still realize Opportunity Zone benefits; • How COVID impacts Opportunity Funds formed in 2019 or early 2020 who are looking to deploy capital; and • Why investors who are familiar with 1031 Exchange investments have more flexibility to make Opportunity Zone investments. We begin this with an important disclaimer: this article is not tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. Opportunity Alabama is a nonprofit organization dedicated to building an equitable Opportunity Zones investing ecosystem across Alabama; we encourage you to consult your own tax, legal and accounting advisors before engaging in any transaction. However, we encourage you
and your professional service providers to reach out to us to discuss whether Opportunity Zone advantages could play a role in your tax planning strategy. If you want some general background information regarding Opportunity Zones before getting started, see our Resources Page and complete explanation of the December 2019 Final Regulations.
Has COVID-19 affected timelines for Opportunity Zone investors? Yes. The IRS has now twice extended the deadlines for Opportunity Zone investors in response to the COVID-19 pandemic. These extensions may provide more flexibility for particular types of investors.
If I sold an asset (a stock, a real estate property, my company) sometime in 2019 or 2020, how long do I have to invest in an Opportunity Zone fund? Typically, an investor has 180 days from the date they have a gain event to invest some or all that gain into a Qualified Opportunity Fund. However, thanks to two rounds of Treasury guidance, some investors with 2019 gains can still make an Opportunity Fund investment any time in 2020. Specifically, •
Thanks to Notice 2020-39, investors who have gain from the sale of an asset any time after October 4, 2019, have until December 31, 2020 to invest in a Qualified Opportunity Fund.
•
As a special subset of the rule above
- investors with partnership/K-1 any time after January 1, 2019 now have until December 31, 2020 to invest in a QOF and receive the tax benefits. The explanation for the second bullet is a bit more complicated than the first. Investors with 2019 partnership-based capital gains will get a K-1 reporting those gains in 2020, and the partnership will have to file its taxes in March. The Final Regulations allow the partners to start their 180-day investor clock on the day the partnership’s tax return is due – meaning the partners would normally have until September to invest in a Qualified Opportunity Fund. Now, thanks to Notice 2020-39, these partners have until December 31, 2020 to invest their share of any partnership gain from January 2019 or later.
What if I have more losses than gains in 2020? Can I still make Opportunity Fund investments? As an added benefit to investors in a seesaw market, investors can invest gross capital gains, not net gains, even if they have offset gains with other losses as they look ahead towards their 2020 taxes. For example, assume an investor sold stock in February 2020 for a $1 million gain, then harvested $1 million in losses in March 2020. Even though that investor’s capital gains liability on that $1 million gain in February would have been eliminated, they are still eligible to qualify for the Opportunity Zone benefit on the gross gain realized if they invest $1 million in an Opportunity Zone Fund by December 31, 2020.
What if I already spent the gains from 2019 or from earlier in 2020? Because Opportunity Fund investing comes without a direct tracing requirement, there is no need to hold the 2019 gain proceeds from 2019 or 2020 gains in any kind of special escrow. All the investor needs to do is (1) list the gain amount on their 2019 or 2020 tax return and (2) invest up to the gain amount into a Qualified Opportunity Fund (using the timeframes explained above). To give an example: •
Assume a partnership comprised of three partners sold off an appreciated piece of property in January 2019 for a $3 million gain, leaving each of the partners with a $1 million gain.
• Assume one of the three partners spends part of the gain paying salaries for her business, invests a portion of the rest in stocks, then decides to invest $1 million into a Qualified Opportunity
Fund sometime in the fall of 2020. •
If she had an extension in place and had not yet paid capital gains taxes on the $1 million, she could invest $1 million investment into the Fund using cash from her bank account on December 31, 2020 and claim full OZ benefits on her investment.
What if I have already formed and capitalized my Opportunity Fund using 2019 or 2020 gains? Qualified Opportunity Funds are tested twice a year – on June 30 and December 31 – to ensure that 90% of the capital invested is deployed to Qualified Opportunity Zone Businesses (real estate deals or operating business ventures). Under the Final Regulations, investors always get to ignore the first testing window after they capitalize a fund. For example, if an investor capitalized a fund on December 29, 2019, they would get to ignore the December 31 testing window – but would have to have 90% of their capital deployed by June 30, 2020. Thanks to the guidance provided by Notice 2020-39, the IRS will disregard both the June 30 and December 31 testing dates in 2020. This means all funds formed in the second half of 2019 and beyond have until June 30, 2021 to deploy 90% of their capital.
How do these updated guidelines apply to 1031 Exchange investors? IRC Section 1031, commonly known as a “1031 Exchange,” allows the deferral of capital gains from the sale of real estate if the proceeds are re-invested in a property that is (a) identified within 45 days of the sale, and (b) acquired within 180 days of the sale. Many investors have found Qualified Opportunity Funds an attractive investment proposition to re-invest the proceeds from the sale of 1031 Exchange properties. Qualified Opportunity Funds provide many of the tax deferral benefits of 1031 Exchanges, with the added benefit of being able to sell properties, tax free, with no additional capital gains. In addition, Opportunity Zone investments provide considerable additional flexibility (like the lack of a direct tracing requirement, as discussed above). The IRS guidance, Notice 2020-23, on April 9th provides investors several areas of flexibility: if the end date of either the 45-day identification period or the 180-day acquisition period falls between April 1, 2020, and July 15, 2020, that date is extended to July 15, 2020.
This extension of the 1031 Exchange deadline may give investors additional time to consider transitioning a 1031 investment into an Opportunity Fund structure.
Are there other provisions in Notice 2020-39 that impact OZ timing? Yes. Acknowledging that some projects are seeing understandable delays due to COVID-19, the IRS has provided additional flexibility at the project level to account for this slowdown. For example, real estate projects have a working capital “safe harbor” period of 31 months. The IRS made it clear that this safe harbor extends for an additional 24 months because all fifty states are under a federal disaster declaration. Additionally, the IRS will suspend the substantial improvement requirement that most rehabilitation projects need to meet (doubling cost basis within a 30-month period) from April 1, 2020 and December 31, 2020.
Conclusion The economic crisis resulting from the COVID-19 pandemic is highlighting many of the socio-economic disparities that the prompted the 2017 Investing in Opportunities Act and the creation of Opportunity Zones. It is imperative that historically underserved communities receive investment that encourage long-term, inclusive growth. Opportunity Alabama and our partners remain confident that our place-based, Opportunity Zones-oriented investment ecosystem can create better outcomes for Alabama’s low-income places. For additional information, please contact us at info@opportunityalabama.com.
About the Author Alex Flachsbart is the Founder and CEO of Opportunity Alabama, Inc., a 501(c) (3) organization dedicated to creating an impact-based Opportunity Zones ecosystem to provide access to capital to Alabama’s low-income communities. Under his direction, OPAL has helped close $100 million in OZ projects across Alabama and has been recognized by Forbes as the best statewide OZ community development organization in the US. Prior to founding OPAL, Alex was a corporate attorney for several years with Balch & Bingham LLP in Birmingham, Alabama, specializing in tax credit and economic development-related work.
July/August
19
GENERAL CPE SCHEDULE
Message from +ascpa The ASCPA’s continuing education offerings look a little different this year. For the safety of our members and the uncertainty surrounding meetings this summer and fall, we made drastic cuts to our schedule and converted the remaining classes to 100% virtual meetings. The ASCPA is fully committed to providing you with the most relevant content in convenient delivery methods. In addition to the courses listed here, you can find assortments of self-study courses and webinars to meet your CPE requirements Thanks to the removal of the self-study limit effective October 1, 2019, the ASPCA revamped our popular CPE Buffet into a new build-your-own-bundle package. We are continuously adding courses to the offerings in the bundle, so check back often. In addition to the removal of the limit on self-study, the State Board added a two-hour ethics requirement. We have you covered with two self-study ethics classes, as well as multiple ethics webinars throughout the year. The ASCPA team is here to help you in any way. Fingers crossed, we will get to see each other in person soon. Until then, be well. -The ASCPA Team
034 Construction Contractors Advanced Issues Wednesday, August 19, 2020 8:00AM - 3:30PM Bruce Shepard | 8 AA 036 K2’s Advanced Excel Data Magic Wednesday, August 19, 2020 8:00AM - 3:30PM Mac McClelland | 8 AA 037 The Eight Hour MBA Wednesday, August 19, 2020 8:00AM - 3:30PM Jennifer Elder | 8 MG 039 The Best S Corporation, Limited Liability, and Partnership Update Course by Surgent Thursday, August 20, 2020 8:00AM - 3:30PM Michael A. Frost | 8 TX
LS07015 Deferred Income Taxes - A Practical Approach Tuesday, July 21, 2020 7:00AM - 2:30PM Gene Ristaino | 8 AA 168 Controls and Actions to Consider During the Pandemic Friday, July 24, 2020 9:00AM - 11:00AM Karl Egnatoff | 2 AA NFPS ASCPA’s Not-for-Profit Summit Thursday, July 30, 2020 8:00AM - 4:00PM Various | 8 TBD 164 How Fraud Can Affect Smaller Organizations Friday, August 07, 2020 8:30AM - 12:00PM Karl Egnatoff | 4 AA
LS08017 Effective Business Communications (New) Tuesday, August 11, 2020 7:00AM - 10:30PM Robin Muretisch | 4 Other TECH K2’s Technology Conference Thursday & Friday, August 13-14, 2020 8:00AM - 4:00PM Various | 16 Other 028 K2’s Excel Financial Reporting and Analysis Tuesday, August 18, 2020 8:00AM - 3:30PM Mac McClelland | 8 AA 030 Advanced Controller and CFO Skills Tuesday, August 18, 2020 8:00AM - 3:30PM Bruce Shepard | 8 Finance 032 The Best Federal Tax Update Course by Surgent Wednesday, August 19, 2020 8:00AM - 3:30PM Michael A. Frost | 8 TX
053 K2’s Case Studies in Fraud and Technology Controls Monday, August 24, 2020 8:00AM - 3:30PM Thomas G. Stephens | 8 AA 055 Enterprise Risk Management for Small and Medium-Sized Companies Monday, August 24, 2020 8:00AM - 3:30PM Marc Hamilton | 8 AS 057 Accounting and Auditing Update for Small Businesses Tuesday, August 25, 2020 8:00AM - 3:30PM Michael L. Brand | 8 AA
040 Focus on Engagement Quality: How to Avoid Deficiencies in Peer Reviews Thursday, August 20, 2020 8:00AM - 3:30PM Michael L. Brand | 8 AA
058 2020 Accounting & Auditing Update for the Real World Tuesday, August 25, 2020 8:00AM - 3:30PM James D. Martin | 8 AA
043 The Value-Added Controller Thursday, August 20, 2020 8:00AM - 3:30PM Jennifer Elder | 8 MG
059 Surgent’s Federal Tax Camp Tuesday, August 25, 2020 8:00AM - 3:30PM Michael A. Frost | 8 TX 060 K2’s Advanced Excel
044 Governmental Accounting and Auditing Update Thursday, August 20, 2020 8:00AM - 3:30PM Melisa Galasso | 8 AA
LS07013 Advanced Accounting, Reporting, and Auditing for the Construction Industry Monday, July 20, 2020 7:00AM - 2:30PM Gene Ristaino | 8 AA
052 ASCPA’s Fraud Update Monday, August 24, 2020 8:00AM - 3:30PM Tommie W. Singleton | 8 AA
Tuesday, August 25, 2020 8:00AM - 3:30PM Thomas G. Stephens | 4 AA, 4 Other
LS08006 Restaurant Accounting and Controls Thursday, August 20, 2020 7:00AM - 2:30PM Michael Reis | 8 AA
062 Project Management for Finance Professionals Tuesday, August 25, 2020 8:00AM - 3:30PM Marc Hamilton | 8 AS
LS08007 Excel Automation (Bring Your Own Laptop) Thursday, August 20, 2020 7:00AM - 2:30PM Charlton P. Calhoun | 16 Other
LS08009 Thriving in Recessionary Times (New) Tuesday, August 25, 2020 7:00AM - 2:30PM James Lindell | 8 MG
046 Assessing the Risk of Fraud in a Financial Statement Audit Friday, August 21, 2020 8:00AM - 3:30PM Michael L. Brand | 8 AA
064 Analytics and Big Data for Accountants Wednesday, August 26, 2020 8:00AM - 3:30PM Marc Hamilton | 8 Finance
047 Fiduciary Accounting and Tax Issues of Estates and Trusts Friday, August 21, 2020 8:00AM - 3:30PM Michael A. Frost | 4 AA, 4 TX
065 Annual Update and Practice Issues for Preparation, Compilation, and Review Engagements Wednesday, August 26, 2020 8:00AM - 3:30PM Michael L. Brand | 8 AA
048 Not-for-Profit Accounting and Auditing Update Friday, August 21, 2020 8:00AM - 3:30PM Melisa Galasso | 8 AA 051 Sirote’s Hottest Tax Topics Friday, August 21, 2020 12:30PM - 4:00PM Ronald A. Levitt | 4 TX
066 2020 Preparation, Compilation & Review (SSARS) Update for the Local Firm Wednesday, August 26, 2020 8:00AM - 3:30PM James D. Martin | 8 AA
GO TO WWW.ASCPA.ORG FOR NEW CLASSES AND MOST CURRENT INFORMATION. 20
ASCPA Connections
068 K2’s Budgeting and Forecasting Tools and Techniques Wednesday, August 26, 2020 8:00AM - 3:30PM Thomas G. Stephens | 4 AA, 4 Other 070 Social Security and Medicare: Planning for You and Your Clients Wednesday, August 26, 2020 8:00AM - 3:30PM Michael A. Frost | 8 TX LS08011 Mergers & Acquisitions - Tricks, Traps and Terrors Wednesday, August 26, 2020 7:00AM - 2:30 AM James Lindell | 8 MG 041 Surgent’s Individual and FinancialPlanning Tax Camp Thursday, August 27, 2020 8:00AM - 3:30PM Michael A. Frost | 8 TX 063 ASCPA’s Sales and Use Tax Workshop Thursday, August 27, 2020 8:00AM - 3:30PM Bruce P. Ely | 8 TX 166 Internal Control Creation and Design Concepts Thursday, September 17, 2020 9:00AM - 11:00AM Karl Egnatoff | 2 AA 027 Peer Review Update Course Friday, September 18, 2020 8:00AM - 11:30AM Michael L. Brand | 4 AA 083 ASCPA’s Community Banking Update Monday, September 21, 2020 8:00AM - 3:30PM Joshua K. Bowen | 8 AA 085 S Corporation Taxation: Advanced Issues Monday, September 21, 2020 8:00AM - 11:30AM Michael A. Frost | 4 TX 088 Controller’s Update: Today’s Latest Trends Monday, September 21, 2020 8:00AM - 11:30AM Marc Hamilton | 4 Finance 089 Surgent’s Individual Income Tax Update Monday, September 21, 2020 12:30PM - 4:00PM Michael A. Frost | 4 TX 158 Blockchain - The Basics of What Businesses Need to Know Monday, September 21, 2020 12:30PM - 4:00PM Marc Hamilton | 4 Other 087 Section 199A: Schedule K-1 Reporting for Relevant Passthrough Entities Tuesday, September 22, 2020 12:30PM - 4:00PM Michael A. Frost | 4 TX
113 Required Minimum Distributions: Compliance and Planning Thursday, September 24, 2020 8:00AM - 11:30AM Michael A. Frost | 4 TX
150 Conquering the New Leasing Standard Tuesday, September 29, 2020 8:00AM - 3:30PM James D. Martin | 8 AA
120 Not For Profit Accounting Update Thursday, September 24, 2020 12:30PM - 4:00PM Melisa Galasso | 4 AA
153 Annual FASB Update and Review Tuesday, September 29, 2020 12:30PM - 4:00PM Michael L. Brand | 4 AA
096 Surgent’s Individual Tax Planning Ideas Tuesday, September 22, 2020 8:00AM - 11:30AM Michael A. Frost | 4 TX
123 K2’s Remote Access for Small Businesses Thursday, September 24, 2020 8:00AM - 11:30AM Brian F. Tankersley | 4 Other
VAM-101 ASCPA’s Virtual Annual Meeting Wednesday, September 30, 2020 8:00AM - 12:30PM Various | 4 TBD
102 Change the Way You Work: Success as a Virtual CFO Tuesday, September 22, 2020 12:30PM - 4:00PM Marc Hamilton | 4 MG
124 Accounting and Auditing for Tax People Who Absolutely Detest Accounting and Auditing Thursday, September 24, 2020 8:00AM - 11:30AM James D. Martin | 4 AA
094 Developing Your Digital Mindset Tuesday, September 22, 2020 8:00AM - 11:30AM Marc Hamilton | 4 MG 095 Conquering the New Revenue Standard Tuesday, September 22, 2020 8:00AM - 11:30AM James D. Martin | 4 AA
103 Conquering the New Leasing Standard Tuesday, September 22, 2020 12:30PM - 4:00PM James D. Martin | 4 AA 108 K2’s Best Word, Outlook, and PowerPoint Features Wednesday, September 23, 2020 8:00AM - 11:30AM Brian F. Tankersley | 4 Other 114 Real World Ethics Update for CPAs in Industry Wednesday, September 23, 2020 8:00AM - 9:40 AM James D. Martin | 2 Ethics 115 Real World Ethics Update for CPASs in Public Practice Wednesday, September 23, 2020 10:00AM - 11:40AM James D. Martin | 2 Ethics 116 K2’s Excel Charting and Visualizations Wednesday, September 23, 2020 12:30PM - 4:00PM Brian F. Tankersley | 4 Other 119 Revenue Recognition for Nonprofit Organizations Wednesday, September 23, 2020 12:30PM - 4:00PM James D. Martin | 4 AA 144 Select Estate and Life Planning Issues for the Middle-Income Client Wednesday, September 23, 2020 8:00AM - 11:30AM Michael A. Frost | 4 TX 154 Key Partnership and S Corporation Tax Planning Strategies Wednesday, September 23, 2020 12:30PM - 4:00PM Michael A. Frost | 4 TX
127 Succession Planning for the Small Business Owner: Finding the Exit Ramp Thursday, September 24, 2020 12:30PM - 4:00PM Michael A. Frost | 4 TX 128 Governmental Accounting and Auditing Update Thursday, September 24, 2020 8:00AM - 11:30AM Melisa Galasso | 4 AA 130 K2’s Implementing Internal Controls in QuickBooks Environments Thursday, September 24, 2020 12:30PM - 4:00PM Brian F. Tankersley | 4 AA 131 2020 Preparation, Compilation & Review (SSARS) Update for the Local Firm Thursday, September 24, 2020 12:30PM - 4:00PM James D. Martin | 4 AA FAAC ASCPA Financial Accounting and Auditing Conference Friday, September 25, 2020 8:00AM - 4:00PM Various | 8 AA 138 Evaluating Fraud Risk in a Financial Statement Audit Monday, September 28, 2020 8:00AM - 11:30AM Michael L. Brand | 4 AA 143 Auditing Deficiencies in Peer Reviews: Focus on Engagement Quality Monday, September 28, 2020 12:30PM - 4:00PM Michael L. Brand | 4 AA 145 Common Issues Practitioners Have Experience with the revenue Standard Monday, September 28, 2020 8:00AM - 3:30PM James D. Martin | 8 AA 148 Update on Recent AICPA Standard Setting: Staying Current in a Changing Environment Tuesday, September 29, 2020 8:00AM - 11:30AM Michael L. Brand | 4 AA
165 If You Only Knew What Microsoft Word Could Do Friday, October 16, 2020 9:00AM - 11:00AM Karl Egnatoff | 2 MG LS10007 Advanced Leadership Skills (New) Monday, October 19, 2020 7:00AM - 2:30PM James Lindell | 8 Other LS10010 Running a Not-for-Profit Like a Business (New) Tuesday, October 20, 2020 7:00AM - 2:30PM James Lindell | 8 MG LS10023 Advanced Topics in a Single Audit (YB) Friday, October 23, 2020 7:00AM - 2:30PM Lee Klumpp | 8 AA LS10024 Criminal Law and White Collar Crime Friday, October 23, 2020 7:00AM - 2:30PM Michael R. Wiggins | 8 AA LS10019 Value Pricing 2.0 for Accounting Firms Monday, October 26, 2020 7:00AM - 2:30PM Ronald Baker | 8 Other 171 The Best Federal Tax Update Course Friday, October 30, 2020 8:00AM - 3:30PM Michael A. Frost | 8 TX LS11011 Audits of Employee Benefit Plans Subject to ERISA (New) Monday, November 02, 2020 7:00AM - 2:30PM Bruce Shepard | 8 AA LS11012 The Complete Trust Workshop (CFP) Monday, November 02, 2020 7:00AM - 2:30PM Scott Emerson | 8 TX 169 The Best S Corporation, Limited Liability, & Partnership Update Friday, November 13, 2020 8:00AM - 3:30PM Brianne C. Smith | 8 TX
GO TO WWW.ASCPA.ORG FOR NEW CLASSES AND MOST CURRENT INFORMATION.
July/August
21
CLASSIFIEDS
Delivering Results - One Practice At a time
LS11047 Coaching Skills for CPAs, Controllers and Financial Managers (New) Wednesday, November 18, 2020 7:00AM - 2:30PM James Lindell | 8 Other
• Near Huntsville / Decatur / Athens Loriaccounting Newcomer, CPApractice & & tax grossing $660,000 Tim Price, CPA • Tri-Cities Region, TN CPA grossing $310,000 PNGroup@aps.net www.APS.net • Northeast TN / North of Knoxville CPA grossing $315,000 163 Getting the Most from
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Microsoft Outlook Thursday, November 19, 2020 9:00AM - 11:00AM Karl Egnatoff | 2 Other 170 The Best Individual Income Tax Update Course Friday, November 20, 2020 8:00AM - 3:30PM Brianne C. Smith | 8 TX 173 Annual Accounting and Auditing Update Friday, November 20, 2020 8:00AM - 3:30PM Michael L. Brand | 8 AA LS11060 Internal and External Fraud - Understanding it and Working to Control It (New) Monday, November 23, 2020 7:00AM - 2:30PM Karl Egnatoff | 8 AA LS11061 How Fraud Can Affect Smaller Organizations (New) Tuesday, November 24, 2020 7:00AM - 2:30PM Karl Egnatoff | 4 AA LS11065 Form 990: Mastering Its Unique Characteristics Monday, November 30, 2020 7:00AM - 2:30PM Robert Lyons | 8 TX
Kathy Brents, CPA, CBI Broker, Managing Member
Christy Hudson, CBI Broker
175 Compilations, Reviews, & Preparations: Engagement Performance & Annual Update Friday, December 04, 2020 8:00AM - 3:30PM Michael L. Brand | 8 AA LS12013 Pat Garverick’s Federal Tax Update: Individual and Business Current Developments Friday, December 04, 2020 7:00AM - 2:30PM J. P. Garverick | 8 TX
Contact Us
LS12054 Don Farmer’s 2020 Federal Tax Update (CFP) Monday, December 07, 2020 7:00AM - 3:00PM Don Farmer | 8 TX LS12064 Don Farmer’s 2020 Individual Income Tax Workshop (CFP) Tuesday, December 08, 2020 7:00AM - 3:00PM Don Farmer | 8 TX LS12065 Don Farmer’s 2020 Corporate/Business Income Tax Workshop (CFP) Wednesday, December 09, 2020 7:00AM - 3:00PM Walter H. Nunnallee | 8 TX GAAF ASCPA’s Governmental Accounting and Auditing Forum Friday, December 11, 2020 8:00AM - 4:00PM Various | 8 AA LS12031 Business Law for Accountants Monday, December 14, 2020 7:00AM - 2:30PM Michael R. Wiggins | 8 Business Law 174 Accounting, Audit, and Attest Update for Practitioners with Small-Business Clients Thursday, December 17, 2020 8:00AM - 3:30PM Michael L. Brand | 8 AA 167 Shortcuts Excel Users Love Friday, December 18, 2020 9:00AM - 11:00AM Karl Egnatoff | 2 Other 172 The Best Federal Tax Update Tuesday, December 29, 2020 8:00AM - 3:30PM Michael A. Frost | 8 TX 161 The Best Federal Tax Update Course by Surgent Thursday, January 07, 2021 8:00AM - 3:30PM Susan Smith | 8 TX
GO TO WWW.ASCPA.ORG FOR NEW CLASSES AND MOST CURRENT INFORMATION.
Office - 866.260.2793 Kathy Cell - 501.514.4928 Christy Cell - 501.499.4357 500 Amity Rd, Suite 5B-68 Conway, AR 72032 kathy@accountingbizbrokers.com christy@accountingbizbrokers.com accountingbizbrokers.com
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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
Thoughts of Selling your practice...
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Delivering Results - One Practice At a time Lori Newcomer, CPA & Tim Price, CPA PNgroup@aps.net
888-553-1040 www.APS.net ASCPA Member