CONNECTIONS j u l y
P R O F E S S I O N A L E D U CA T I O N
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A U G U S T
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TECH CONFERENCE 2017 PELHAM CIVIC COMPLEX
$450 early bird member rate/$500 after August 3 16 hours of CPE Get a preview of this two-day course on the latest technology trends by reading Tommy Stephens’ article on page 11. Register on the website, ascpa.org.
THURSDAY, AUGUST 17 Tech Update 2017 Reporting Tools for Productivity
The CPA Firm of NOW!
Excel Tips & Tool for Better Budgets & Forecasts
Excel Data Models, Combinations, & Consolidations
Small Business Accounting
What’s New with Microsoft Office 365, Zoho Docs, & G Suite by Google Cloud
Security Blocking & Tackling
FRIDAY, AUGUST 18 Excel Guru - Tips to Make your Head Spin Microsoft Word Tips & Tricks
Hot Tech Tools, Apps, & Services
Working Effectively from Anywhere
Good Fences Make Good Neighbors
Beyond Small Business Accounting
Password Management Tools Why They are Necessary
Creating an Incident Response Plan
Introduction to Array Formulas
Implementing DLP for Better Security & Privacy
Detecting & Preventing Computer Fraud
PROFESSIONAL EDUCATION 11 | Excel Tips and Tricks 16 | The Future of the Financial Audit 20 | You Found Theft, Now What?
DEPARTMENTS
INSIDE THE ASCPA
4 | ASCPA
8 | ACC 2017
5 | Message from the Chair
18 | Zoebelein on Tax
22 | Meet David
27 | ASCPA Centennial History Project
24 | Member News 25 | Remembering 35 | Classifieds
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MESSAGE FROM JEANNINE
ASCPA 2017 we’re staying on top of trends and offer you the latest options in the marketplace. For the second year, the 98th Accounting Connections Conference was live-streamed to members who could not make the trip to Montgomery. We missed having you there in person, to catch up on your life, shake your hand or give you a hug, but were happy that you benefitted from the terrific speakers who were on hand.
This edition of CONNECTIONS is our annual professional education issue as we move into both the heat of the summer season and the heat of CPE season! There are articles from education providers at the Sirote Law Firm and K2 Technology, as well as one from new contributor J. Alan Baty of Frohsin Barger & Walthall in Birmingham. Turn to pages 8-9 for a recap of the Accounting Connections Conference and the Young CPAs’ Charity Golf Tournament. The golf tournament was especially enjoyable in the cooler temperatures of an early morning tee time and grossed $45,000. Net proceeds will be split equally between The Exceptional Foundation and the ASCPA’s Educational Foundation. It was not only the presence of the 27 teams that made the event really soar, but also support from sponsors. The generosity of our title sponsor ServisFirst Bank, 19th hole sponsor ITAC Solutions and our five gold and silver sponsors, Barfield Murphy Shank & Smith, Deloitte, Advantage Payroll, Warren Averett and DentMoses, made a huge difference in the bottom line. Since The Exceptional Foundation does all its own fund-raising, ASCPA’s continuing commitment to them is a source of tremendous pride on our part and humbling gratitude on theirs. We appreciate the presence of clients, staff and Exceptional Foundation board members who come out to cheer on the golfers (and sometimes play themselves).
We know that there is still interest in traditional learning modes, as evidenced by the 130 folks who attended the Mobile Chapter’s A&A Update with Michael Brand on May 31. Many chapters are already planning events for the balance of the year, some purely social, some educational, and we encourage you to support all of them. You can find them through the weekly digital newsletter and by direct email. You can also scroll through education listings on the website and find your chapter events listed there. The changes we’re experiencing in the Peer Review process doesn’t involve all members, but it is a key activity of your Alabama Society. Please be patient as these changes continue to affect your firm and know that our goal is to make this as smooth as possible for you. Take the time to review the materials you receive; call for help when needed. We welcome Marc Hamilton as the new chair of the Alabama Society of CPAs. He represents a large segment of the ASCPA as a member in business and industry. His vision for how technology and managing data can expand your effectiveness as a CPA will be a focus during his year as chair. If you would like to meet him and invite him to your local chapter for a professional issues update, please let us know.
Both days of education at ACC were exceptional and the annual awards program, Celebration of Success, had some light moments and some touching ones. The Society’s Life Member award, given periodically for service to the ASCPA, was permanently named for this year’s awardee, Lamar Reeves of Smith Dukes. His steadfast involvement for the past 25 years at chapter, state and national levels merited recognition in an especially meaningful way. See photos of all the events and awards on the website, ascpa.org.
I look forward to seeing you at summer CPE and other events across the state.
Jeannine
With professional education continuing to evolve at a rapid pace, moving away from traditional 8 hour seminars to shorter “bites”,
We cannot thank the Birmingham Young CPAs enough for initiating the Young CPA Charity Golf Tournament, which has been a Young CPA Cabinet statewide event for the last 8 years. The YCPAs have made it possible, through their contributions, to award eight Educational Foundation $2500 scholarships annually. They have become the single most consistent donor to the Educational Foundation fund. As Foundation chair Gerald Pentecost suggested during his report at the annual members’ meeting, rise to the challenge of these inspiring young professionals. Your donation will have a direct and immediate impact on today’s accounting students as they become tomorrow’s CPAs.
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MESSAGE FROM THE
CHAIRMAN
I
CEO] Barry Melancon’s recent statement that “we won’t recognize the vast majority of CPA firms in five or ten years”. He continued by commenting that “if all other businesses are going through major change, who are we to think CPA firms won’t have to as well?”.
t is with great honor and appreciation that I begin this journey as your chair. As the first member from business and industry to serve as chair, I am especially proud to bring that unique perspective. I am also thankful to be in this role as ASCPA leadership works diligently to anticipate the ever-changing needs of our profession for the decade ahead.
My belief is that a significant driver of our adaptability as professionals is based in our continuing education structure, processes and curriculum. I also think there is a role for us (ASCPA/AICPA) to be more active with college educators in an advisory capacity by continuously refining curriculum content.
Those who know me are aware of my very diverse career path and of my passion for technology. I have been blessed to have experienced public practice with Deloitte and KPMG as well as senior positions within Fortune 500 companies and privately-held businesses. I have worked with banking, manufacturing, retail and service organizations in accounting, audit, tax, cash management, treasury and risk management functions. The common thread through much of my experiences has been bringing efficiency to complex processes through technology competency.
As the demands for broader competencies evolve we must be able to provide flexibility in the education curriculum. Additionally, our methods of measuring and validating competencies must bring a higher sense of trust to the exchange between firms and clients. Credentialing and establishing delineation of technical skillsets will become increasingly important. Social interactions and the ability to develop client relationships, particularly across smaller firms, will be critical in bringing necessary competencies to the engagement. Client needs are becoming too broad for a single CPA, or even a smaller firm, to be all things to their clients. The tools for credentials and social network “subcontracting” are developing and will create greater opportunities for client service.
At no point in my career has there been a greater demand for technology competency. Gen Z participants are beginning to enter the workforce and they have never known life without the internet. The “Internet of Things” has made knowledge immediate. No longer do we have to educate ourselves in traditional ways. Big data is pervasive in everything we do, and in every minute of every day the content grows. The technology to structure this information, analyze it and empower decision-making will be critical to the survival of many companies, if not entire industries. Software is now capable of driving cars and standing in for currencies. Robotic devices not only automate manufacturing processes, but also interact with us in our homes and relieve us from manual tasks. And these examples are just the beginning. Bill Gates is quoted as saying that, technology tends to overestimate what’s achievable in one year, but underestimates what can be done in 10 years. The first iPhone came on the market in 2007. Think of what smart phones and their apps are capable of today and how widespread use of the devices has become. Did you foresee it?
The ASCPA plays a critical role in leading the research and analysis of many of these topics. We’re focused on evolving our education processes, particularly continuing education. Our state can become a trendsetter in evolutionary educational efforts and position the CPAs in our state to become better prepared for the future ahead. In future messages, I plan to share with our membership insight into several current technology topics that will impact our profession dramatically. I suggest that the key is to recognize and embrace the change that is inevitable.
This is an exciting era, but is our profession properly positioned to educate and develop the competencies CPAs will need in the very near future? What will auditing needs look like in five to ten years? How will tax compliance processes evolve? Will data scientists and software developers carve off important value-added consulting services into an entirely new profession? Will CPAs be able to provide trusted advice fast enough when start-ups can become multi-billion dollar companies virtually overnight? And what happens to smaller firms, and their clients, who may end up far behind the technology curve and unable to compete? I truly agree with [AICPA
Again, thank you for the opportunity to serve. Please feel free to contact me directly about an issue of interest or become involved in conversation on our Higher Logic platform as it launches this summer.
Marc 5
ASCPA VOLUNTEERS
Making the ASCPA mission possible. The Alabama Society is 6300 members strong. The strategic plan of the ASCPA is implemented through a network of involved, committed volunteers, the heart of any non-profit organization, with the assistance of the Society’s nine-person staff. As increasing numbers of CPAs retire from the profession in the coming years, amazing opportunities to serve are available. Do YOU want to get involved but aren’t sure where or how you fit in? Is making a mark on the profession one of your career goals? Do you see where your input and knowledge could benefit other members? We’ll help you find a home within the ASCPA when you indicate your preferences. Review the options on this form, complete it and send to Diane Christy, dchristy@ascpa.org. You’ll be paired with a staff member who can get you started. Questions? Call 334.386.5752. NAME______________________________________________________________________________________ ORGANIZATION_______________________________________________________________________________ OFFICE PHONE_________________CELL PHONE_________________EMAIL______________________________ I’m a CPA in: ⃝ PUBLIC ACCOUNTING ⃝ BUSINESS and INDUSTRY ⃝ EDUCATION ⃝ GOVERNMENT ⃝ RETIRED/UNEMPLOYED I’m interested in volunteering: ⃝ CHAPTER
⃝ YOUNG CPA CABINET (by application each January)
⃝ COMMITTEE (circle one)
⃝ BOARD OF DIRECTORS (through nomination each January)
EDUCATION STATE TAXATION FEDERAL TAXATION AUDIT
⃝ CPE TASK FORCE (help plan specific individual conferences and overall education program) ⃝ YOUNG CPA CLASSROOM BLITZ (high school outreach each November) ⃝ TAX HOTLINES (each February) ⃝ CPE SPEAKER/WEBINAR SPEAKER/ON-SITE CPE ADMINISTRATOR
CPA PAC
⃝ YCPA CHARITY GOLF TOURNAMENT
ETHICS
⃝ KEY PERSON CONTACT (support ASCPA’s advocacy efforts at state
PEER REVIEW PROFESSIONAL STANDARDS DIVERSITY and INCLUSION
and federal levels) ⃝ PROFESSIONAL ARTICLES (CONNECTIONS magazine, weekly digital newsletter)
PAUL MARCUS HAMILTON IS THE 2017/18 ASCPA CHAIR Marc Hamilton really entered the consciousness of the ASCPA as a member Tuscaloosa Chapter, serving as an officer for 3 years and then beginning service on the ASCPA board as a chapter representative. His fascination for the effect of technology on the accounting profession was immediately apparent and he began to serve on technology related committees. Additionally, his interest in development of continuing education programs led to consultation on a variety of efforts focused on the use of evolving technology in the ASCPA CPE programs. He was the subject of a member profile in the April 2013 issue of the ASCPA magazine. Hamilton was born in Huntsville and grew up in north Alabama. He attended high school in New Hope, and after graduation, served in the US Army for three years in the 101st Airborne Division. After completing military service, he began his focus on getting a college education. He worked his way through an undergraduate program that eventually included three associate degrees from Calhoun Community College and an accounting degree from Athens State. At an early point in his college career, he was working for a physician’s group in Huntsville which operated several walk-in clinics. “My boss, a wonderful lady and mentor named Ada Weiseman, suggested that I take some business or accounting classes because there might be an opportunity for me to help with management of the business. After my first accounting class, I knew I had found my calling!” Just before finishing his undergraduate degree, Hamilton was married to his wife, Kathy and following graduation from Athens, he was offered a scholarship to enter the MBA program at the University of Alabama. At the end of the first semester, he realized that he wanted to concentrate exclusively on accounting and transferred into the masters of tax program, finishing in December 1989. “I was blessed to be born at a very special time in the evolution of technology. The first personal technology tools began to arrive in the late 70s
and early 80s, just as I was embarking on my career path. When I went to graduate school, I decide that I needed a personal computer to help me. I bought the component parts and built my first one myself. With software “borrowed” from a co-worker, I developed an expertise in the first PC applications. Within six months I was teaching software lab courses as a graduate student and quickly realized the transformation that these tools would create.” Upon completion of his graduate work, he and Kathy packed their bags for the big city of Nashville so he could join the tax department at Deloitte and Touche. Not content with just busy season, Hamilton set up a server and modem system in the first year of IRS electronic tax filing and he and Kathy processed and filed electronic returns from their home. During this time, he also convinced the managing partner at Deloitte’s Nashville office to let him implement one of the first networks in a Deloitte & Touche tax department. “Throughout my career I have used accounting and tax knowledge, along with technological competencies, in a wide variety of functional areas within organizations. The ability to bring creative, strategic insight to complex transactions, and to develop and implement efficient processes has allowed me to take on leadership roles. I’ve really played on my own natural strengths and am so fortunate that they aligned with what was new and interesting.” After five busy seasons in the Deloitte tax practice, Hamilton left to work for a client. While initially focused in corporate tax, he learned that tax worked closely with corporate accounting but was perceived as a treasury function. Finance, treasury and risk management were intriguing to him, although he had no formal education in any of these areas. As his competency and expertise grew he also assumed a larger role in the oversight of corporate accounting efforts which now included systems and process design.
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“In the beginning of my career, I thought that opportunities in accounting were limited to audit or tax. But I’ve learned that the CPA credential has opened my career to being a trusted advisor in a variety of capacities.” It’s no surprise that Hamilton cites technology as the biggest agent of change in his nearly thirty years in the profession. That was always a passion for him. While the changes which came after the Enron and Worldcom scandals have transformed public perceptions, regulations, rules, processes and procedures, it is still technology which will determine the future. As far as Hamilton is concerned, there is still no substitute for the professional fellowship offered by state societies. “When I began working in industry membership provided me with a way to stay connected to the critical issues of our profession. I participated in my state society wherever I lived but about ten years ago decided that actively participating in leadership was a fantastic way to give back to the profession. The team at the ASCPA is incredible to work with and I have enjoyed my involvement. It has been very fulfilling.” Hamilton credits his wife of 29 years with inspiring him and remaining supportive through a lot of changes in their lives. There are five children and five grandchildren, but so far none appear to be interested in accounting! They are avid cruise fans and sailed in June on their 28th Carnival cruise. With four UA alumni in the family they are also big University of Alabama fans. In true down time, Marc goes seriously low-tech enjoying fishing off his pier on the Conecuh river. “I’m so honored to hold this position at the Society and to represent a large segment of its members. I hope that my efforts will epitomize that perspective and peers in public accounting, education and government practice can gain some insight into the specific challenges for CPAs in business and industry. I look forward to an exciting year!”
ACCOUNTING CONNECTIONS CONFERENCE Montgomery shines as the location of the ASCPA’s 98th annual members’ meeting. ACCOUNTING CONNECTIONS CONFERENCE
Gold Sponsors – Peachtree Planning/City National Rochdale
Outgoing chair Jamey Carroll and his family
A&A Update with Jim Martin
Luncheon keynote speaker AICPA Chair Kimberly Ellison-Taylor
Trade Show
YCPA CHARITY GOLF TOURNAMENT June 2, 2017
A big thank you to Brad Armagost and ServisFirst Bank for sponsoring the Young CPA Charity Golf Tournament
Jeannine Birmingham with staff and clients of The Exceptional Foundation.
ITAC Solutions, 19th Hole Sponsor 8
CELEBRATION OF SUCCESS AWARDS
Tom Zoebelein, Extraordinary Service Award
Jessica Bou Akar, Young CPA Cabinet Golf Tournament Chair
Chad Singletary, recognized for his service on the Alabama State Board of Public Accountancy
Lamar Reeves and his sister, Allison Houston, CPA. Reeves received the newly-designated E. Lamar Reeves Life Member award.
Bruce Ely, Bradley Law Firm, is the Thomas A. Ratcliffe Outstanding Discussion Leader recipient.
Andrea Armstrong, Outstanding Young CPA
Amy Murphy, Outstanding Accounting Educator
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ASCPA Revamps Leadership Academy to Meet Changing Needs of Market Change is in the air! Industry shifts in how CPAs will meet client and market needs and develop leaders are in play. The Alabama Society of CPAs’ Leadership Academy (powered by The Rainmaker Companies) has been designed, and now updated, with these industry needs in mind. As our profession continues to move into more of an advisory profession with less focus on compliance, firms must equip their leaders and future leaders with the behaviors, knowledge and insight needed to anticipate these trends and compete in this environment.
in next? The application is available at ascpa.org/leadershipacademy. Seats are limited, so apply now. Criteria include CPA certification, ASCPA or other state society membership, experience of 3-8 years. This program is open to all CPAs regardless of membership category. Contact Jessica Roberts at jroberts@ascpa.org for more information.
CONGRATULATIONS!
In the new Leadership Academy program, we have taken the best practices in leadership development from previous programs (building your leadership profile, delegating, difficult conversations, effective communication skills with your team and client) and combined them with a focus on the importance of positioning yourself as a trusted advisor; internally first, then externally in order to maximize individual and firm-wide effectiveness with clients.
LEADERSHIP ACADEMY CLASS VI AWARDS
SPIRIT AWARD SPIRIT AWARD FIRM PROJECT FIRM PROJECT FIRM PROJECT FIRM PROJECT
This new program launches in May 2018 and runs through May 2019. It consists of three in-person meetings and supplemental coaching. Studies of high-growth firms prove that the ones who invest in training for their people retain them and outgrow their competition every time. Who will YOU invest 10
Jessica Bou Akar Brad Brown Kim Miesse Andrea Armstrong Summer Hall Jordan Toups
Dent Moses Barfield Murphy Shank & Smith JamisonMoneyFarmer JamisonMoneyFarmer Warren Averett Warren Averett
Excel Tips & Tricks
Making the Most of Excel’s New Features Thomas G. Stephens, Jr., CPA, CITP, CGMA next to Add this data to the Data Model near the bottom of the Create PivotTable dialog box, and Excel automatically adds all the Tables in the current workbook to the Data Model for that workbook. You can then proceed with the process of creating your PivotTable, Power View report, or geospatial visualization created with Power Maps/3D Maps. However, note that when doing so, you may need to establish or modify the relationships between the Tables in the Data Model in order to get the results you desire.
Each new release of Excel brings new features that can enable you to get better results with Excel in less time, and the 2013 and 2016 releases of Excel were certainly no different in that regard. Both of these versions added significant enhancements to the ubiquitous spreadsheet; and in this article, you will learn tips for taking advantage of some of these new features.
Flash Fill
In sum, Data Models facilitate creating more powerful reports and analyses than you could create using traditional data ranges in Excel. Further, with Data Models, you can build your reports and analyses from very large datasets, including those that would otherwise incorporate multiple data ranges, making Excel an even more robust reporting tool.
One of the best new features in Excel is Flash Fill, a tool that was added with the 2013 release. Flash Fill is a pattern-recognition tool that allows you to quickly transform potentially large datasets by establishing a pattern on the first row of the data and then invoking Flash Fill. Upon doing so, Excel then transforms the remaining data, according to the pattern on the first row of data.
New Charting Tools for Better Visualizations
To illustrate, consider the data shown in Figure 1. To transform the data in column A so that it appears as shown in column B, all that is necessary is to type Kristy Abercrombie in cell B2. Then, with cell B2 selected, click Flash Fill from the Data tab of the Ribbon and the remaining rows of data transform into the desired format.
Charts and other forms of visualizations are becoming more important than ever when trying to make it easier for team members to understand the true meaning of the data presented in our Excel-based reports and analyses. To that end, Microsoft has added numerous features associated with creating charts and other forms of visualizations in Excel. One feature – Sparklines – was added to Excel 2010 and remains largely un-used by most Excel users today, simply because they are unaware of its existence. As shown in Figure 3, Sparklines are simple, easy-to-understand, thumbnail-sized graphics. To create Sparklines, simply choose the type of Sparkline you wish to create – Line, Column, or Win/Loss – from the Insert tab of the Ribbon, indicate the source data for the visualization, and then choose the destination cell(s). Another improvement to creating effective visualizations appeared with Excel 2013 in the form of Recommended Charts. With Recommended Charts, you merely need to select the data for your chart and then choose Recommended Charts from the Insert tab of the Ribbon. Upon doing so, Excel will examine your data and recommend the best chart types for you to use to present your data. With a dizzying number of different chart types available in Excel, Recommended Charts can be very useful in helping you to create the most effective type of chart to communicate your message.
Among other things, you can use Flash Fill to swap the order of data (as shown in Figure 1), to parse or split apart data, to concatenate or join data, and even to reformat data. This can be a great timesaver and it keeps you from having to write formulas to manipulate your data so that it suits your needs.
Also added to Excel 2013 was the ability to filter a chart after you have created it. To take advantage of this feature, simply click on the chart and then click the filter icon next to it to refine the chart to your exacting specifications. Figure 4 illustrates this process.
Data Models Also added to the 2013 release of Excel were Data Models. Data Models allow you to link or “relate” multiple tables in an Excel workbook together. Once you create a Data Model, you can then use it as the source data for a PivotTable, Power View report, or Power Map/3-D Map visualization. Prior to the advent of Data Models, most Excel users would use formulas that included a VLOOKUP function to attempt to join two or more data sets together. Data Models simplify this process and set the stage for even more powerful PivotTables by adding new analytic capabilities to PivotTables that use Data Models as their source data. To create a Data Model, the data that you are working with must be stored as Tables in Excel. You can convert an existing range of data into a Table using numerous methods, including simply clicking in the range of data you wish to convert to a Table and then executing a CTRL + T keyboard shortcut. Once you have converted all your desired data ranges into Tables, begin the process of creating a PivotTable by clicking in any of the Tables and choosing PivotTable from the Insert tab of the Ribbon. Upon doing so, Excel opens the Create PivotTable dialog box pictured in Figure 2. Then simply check the box
Figure 4 - Filtering Charts in Excel 2013 and Newer
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A CORNUCOPIA OF TAX PENALTY DEVELOPMENTS ALL PRACTITIONERS SHOULD UNDERSTAND. David Wooldridge, Ronald Levitt, and Gregory Rhodes, Sirote & Permutt, P.C. The IRS assessed civil penalties of $27.3 billion in 2016, up $3.2 billion from 2015. Although assessment of penalties is a lagging indicator of IRS activity, the trend is consistent with what we have witnessed over the last couple of years – the IRS is increasingly pursuing penalties. Given the IRS focus in this area, we prepared this cornucopia of recent penalty develznts to help tax advisors be prepared to address them. A.
Notice 2017-10 (Syndicated Easement Transactions)
“Syndicated conservation easement” arrangements became listed transactions in December of 2016 when the IRS issued Notice 2017-10.1 Failure to comply with Notice 2017-10’s numerous requirements will result in penalties for taxpayers and advisors alike. Code section 6011(a) imposes disclosure requirements on taxpayers who “participate” (i.e., claim deductions) in listed transactions. The disclosure requirements can apply to past transactions occurring as far back as 2010. Disclosure is made on Form 8886 for each year of participation. Form 8886 must be filed with the Office of Tax Shelter Analysis (“OTSA”), and in certain circumstances attached to the tax return.2 Sections 6707A and 6662A impose significant penalties on taxpayers who fail to comply with such disclosure requirements. Moreover, section 6501(c)(10) can act to perpetually toll the period of limitations on assessment following a failed disclosure. Similarly, Code section 6111(a) imposes disclosure
1 Notice 2017-10 was subsequently revised by Notice 2017-29. 2 Treas. Reg. § 1.6011-4(e).
requirements on “material advisors.” In short, a material advisor is a person or entity providing a “tax statement” (e.g., promotion, sale, consulting, tax, or other advice) for the listed transaction, and who also receives a fee in excess of $10,000.3 Material advisors are required to file disclosure statements on Form 8918.4 A material advisor who files an untimely, false, or incomplete Form 8918 is subject to significant penalties.5 Material advisors are also required to maintain information and documents relevant to the listed transaction for seven years.6 Failure to do so results in additional penalties.7 How to Avoid Notice 2017-10 penalties? First, if one believes he may be a “material advisor” to a listed transaction, he should carefully complete and timely submit Form 8918 and comply with the listed transaction record keeping requirements. Second, if your client participated in a syndicated conservation easement transaction, then you should advise him to timely submit Form 8886. Failure to recognize and report one’s role in a listed transaction can have devastating consequences. B.
Notice 2016-66 (Micro-Captive Insurance Companies)
Similar to Notice 2017-10, Notice 2016-668 made certain “micro-captive insurance” companies “transactions of interest.” Transactions of interest and 3 Treas. Reg. § 301.6111-3(b)(3)(i). 4 Treas. Reg. § 301.6111-3(d)(1). 5 Code § 6707(b)(2). 6 Code § 6112(b). 7 Code § 6708. 8 Notice 2016-66 was subsequently revised by Notice 2017-08.
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listed transactions are both subsets of the reportable transaction regime under Treasury regulation section 1.6011-4(b). While the disclosure requirements for listed transactions discussed above apply to transactions of interest, there are certain distinctions with respect to penalties and classification, as noted below: • For taxpayer participants: o
The penalty under Code Section 6707A is potentially lower. o There is no tolling of the assessment period for transactions of interest.9 • For material advisors: o
C.
The penalty for an untimely, false, or incomplete Form 8918 disclosure statement is lower.10
Code Section 6751(b) (Penalty Approval Requirement)
An interesting penalty development involves a series of cases pertaining to Code section 6751(b), which provides, in pertinent part: “No penalty under this title shall be assessed unless the initial determination of such assessment is personally approved (in writing) by the immediate supervisor of the individual making such determination…” Congress enacted Code section 6751(b) to require managerial oversite of penalties, and to prevent the IRS from using penalties to bully taxpayers into submission. Much of the controversy over Section 6751(b) was
9 Code § 6501(c)(10). 10 Code § 6707(b).
thought to be resolved by the Tax Court in Graev v. Commissioner.11 The Tax Court in a divided opinion full of concurrences and dissents (something unusual for the Tax Court) gutted the impact of section 6751(b) by determining that the “approval” required to impose a penalty could be obtained any time before assessment – even after the trial of a Tax Court case. This surprised many practitioners who thought the penalty had to be asserted and approved at the IRS Examination level. After Graev was issued, the Second Circuit issued Chai v. Commissioner.12 Chai reversed the Tax Court, holding the Service’s failure to demonstrate penalties were approved by the immediate supervisor prior to issuing a notice of deficiency caused the penalty to fail. It explicitly rejected the Tax Court’s holding in Graev v. Commissioner.13 What to do in response to Graev and Chai? If handling a case with penalty exposure, move the case on as quickly as possible in instances where the IRS Examiner has not proposed penalties or has failed to obtain managerial approval for penalties. If the case moves further in the process, section 6751(b) can be asserted as a defense. Taxpayers can determine through a FOIA request or discovery whether the requisite managerial approval was obtained. 11 146 T.C. No. 16 (2016). 12 851 F.3d 190 (2d Cir. 2016). 13 Under the Golsen Rule, Circuit Court case law is only binding on the Tax Court when the case arises within that circuit. Therefore, Chai does not bind the Tax Court in cases appealable to circuit courts other than the Second Circuit. However, we expect future challenges to Graev on the same basis as Chai in other circuits.
D.
Foreign Account and Asset Penalties (The New Amnesty Programs)
A recent top priority for the IRS has been foreign account and asset reporting, and the IRS has steppedup its prosecution of individuals failing to disclose such accounts or assets. There are two prominent foreign asset reporting forms: FinCEN Form 114 (“Report of Foreign Bank and Financial Accounts”) and Form 8938 (“Statement of Specified Foreign Financial Assets”). FinCen Form 114, more commonly known as the “FBAR,” is generally required to be filed by a U.S. person with a financial interest, signature authority or other authority over foreign financial accounts if at any point during the calendar year the aggregate value of all such foreign accounts exceeded $10,000. It could apply if a taxpayer had check writing authority over a company account or individual account at a foreign bank, even if that person had no financial interest in the account. Similarly, Form 8938 requires U.S citizens, resident aliens, and certain non-resident aliens, certain domestic corporations, partnerships, and trusts to report “specified foreign financial assets” when the aggregate value exceeds $50,000 at any time during the year. A specified foreign financial asset is a broader category than foreign financial accounts, and includes items such as direct ownership of foreign securities. The impetus behind increased focus on the FinCEN Form 114 and the Form 8938 was to prosecute people evading U.S. income taxes through foreign
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accounts or entities. In practice, our law firm and many other practitioners (and eventually the IRS) discovered that many non-willful U.S. individuals had reporting and disclosure obligations for which they were unaware. Although the IRS issued an “amnesty” program in 2012 (the “Offshore Voluntary Disclosure Program” or “OVDP”) which allowed individuals to cure past reporting omissions and avoid certain criminal and other penalties, the penalty regime offered by the program failed to meaningfully distinguish between willful and non-willful actors. This resulted in the innocent physician that moved to the U.S. retaining signatory authority over his mother’s checking account to be lumped in the same category as the sophisticated tax evader that set up foreign accounts at a Swiss bank. Fortunately, the IRS has become increasingly aware of the spectrum of willfulness and severity of noncompliance with foreign reporting requirements, and has modified and tailored the types of programs and penalties available to taxpayers wishing to “come clean.” We have assisted many taxpayers enter these programs and have found the outcomes to be very acceptable. How to protect clients who have missed prior reporting obligations? Learn and understand the relevant reporting rules, and just as importantly the available amnesty programs, a summary of which is provided below: • “Current Offshore Voluntary Disclosure Program” (OVDP) is a voluntary disclosure program specifically designed for taxpayers with exposure to potential criminal liability and/
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MEMBER NEWS CONGRATULATIONS
Alfa Insurance Companies recently promoted Danny Martin, CPA, CIA, CFE, CGMA, to serve as director of audit services and as chief audit executive. Martin began his career with Alfa in 2005 as an internal audit manager. He is a 1987 graduate of Auburn University Montgomery. Martin is a former president of the Montgomery Chapter of the ASCPA (95-96) and served on the ASCPA Council in the late 1990’s. He was previously affiliated with Montgomery firms Wilson, Price, Barranco, Blankenship & Billingsley (now Warren Averett) and Aldridge, Borden & Company. ___________________ South Alabama Electric Cooperative announced that Elizabeth Stough has joined them as manager of finance and accounting. She will be responsible for all financial and accounting functions. Stough comes to SAEC with eight years of experience, most recently as a manager at Jackson Thornton & Company, with expertise in auditing and consulting for electric, gas and water
utilities. Stough is a graduate of Troy University with both undergraduate accounting and MBA degrees. ___________________ Paul Winn, senior vice president at Morgan Stanley, has earned the CIMA certification. He has worked with the firm’s wealth management unit since 1988. In addition to providing financial planning, he provides a variety of other advisory and non-advisory financial services, including brokerage services. ___________________ Jackson Thornton announced that James B. Marshall, III has been selected as the firm’s newest principal. He’s in the Montgomery office, where’s he’s worked for 10 years. Marshall is a certified energy procurement professional (CEP), specializes in financial forecasting, cost of service and rate design consulting projects for electric, water, sewer and gas clients in the southeast. ___________________
Reauchann Richardson, Forensic Strategic Solutions, recently earned her Certified Fraud Examiner (CFE)
credential. She is a graduate of UAB, with both undergraduate and MAcc degrees. She spent five years at Protective Life in various financial and accounting positions and joined FSS one year ago as a forensic investigator. ___________________
being an AICPA member in good standing, and holding the Personal Financial Specialist (PFS) credential. Nominees must also be 40 years old or younger. Smith also recently earned the Accredited in Business Valuation (ABV) credential. She worked in public accounting for nearly 14 years before joining the Huntingdon faculty in 2014. ___________________
WHAT’S GOING ON OUT THERE? Huntingdon College accounting professor Brianne Smith was one of 16 CPAs under age 40 honored by the American Institute of CPAs (AICPA) with the second annual Personal Financial Planning Standing Ovation, recognizing her professional contributions. Smith was honored at the AICPA’s Advanced Personal Financial Planning Conference in Las Vegas, part of AICPA ENGAGE. The Standing Ovation program recognizes young CPAs who exhibit outstanding professional achievement in specialization areas. In addition to making a notable contribution to the profession, nomination requirements for the Standing Ovation program in the personal financial planning area include maintaining an active CPA license, 15
Douglas A. Sledge has recently relocated his consulting practice to Huntsville. He offers outsourced internal management accounting services, specializing in internal controls in construction and manufacturing. In addition to being a CPA, he holds CGMA and CMA designations. He has been employed professionally in support of start-up, turnaround and continuing operations for a diverse mix of employers and clients, with over twenty years of hands-on experience in manufacturing. Sledge is a graduate of the University of North Alabama, with a double major in physics and chemistry before completing the requirements for an accounting degree. He also holds an MBA from UNA, where he serves on its School of Accountancy Advisory Committee. ___________________
Carl Barranco has been named as the city of Montgomery’s cyber strategy coordinator. Next week, a group will meet to begin mapping out that strategy in what Barranco described as a six-month process. Barranco, a consultant and CPA with 50 years’ experience, said he is looking forward to the challenge. He is a former chairman of the Montgomery Chamber and the Committee of 100. Barranco said he sees the strategy as resembling a wheel with several spokes radiating out of the MGMix internet hub business development, collaboration, innovation, data science, communication and cyber security. Each of these components can not only contribute to the success of MGMix, but also position Montgomery as a tech leader in Alabama and the Southeast. Barranco is a past officer of the ASCPA’s Montgomery Chapter and has participated on numerous committees. He has been a member of the ASCPA since March 1967.
THE FUTURE OF THE FINANCIAL AUDIT Dr. Tommie Singleton, CPA It is difficult to argue that technology – especially the internet – has radically changed the business community over the last 50 years. Whether it is how the business operates (processes embedded in technology), or what the business sells (think of all the technology products and services that did NOT exist 50 years ago), or how the business is audited (audit software, auditing technology, audit risk associated with technology). Almost every business uses information technology (IT) for something related to its business. In fact, in some cases IT is critical to the product or service either in its delivery, makeup or business processes. And to complicate the impact, IT can be an agent of “the dark side of the force”; that is, IT can be harmful to the business. It is a certainty that IT will continue to impact audits and auditing standards. But it seems like we have reached a tipping point where IT is going to radically change the audit. Perhaps the thing impeding it until now is the skills and abilities of auditors. The necessary IT seems to be there now to radically change the audit. In fact, a recent article in the Journal of Accountancy stated it this way: “The profession needs a quantum leap to redesign the audit processes using today’s IT.” 1 This article not only provides prognostication of the future of audit, but gives real life examples of what firms are already doing.
THE STANDARDS
Auditing standards have already been put into place that require the financial auditor to consider how a client’s IT affects the financial statement numbers (data). Based on the risk-based auditing standards (the old SAS 104-111), auditors have an obligation to realistically assess control risk at something other than the maximum when the client has ANY reliance on its IT. The auditor must also consider how a client’s IT affects the accuracy and reliability of the financial numbers/data, and the reliability of relevant IT general controls (ITGCs).
THE AUDIT PROCESS
With the technologies available today, the auditing profession is poised to make a radical shift in the audit process. For instance, it is now possible to NOT go to a client’s office at all to perform some, if not all, of the audit process. Obviously, clients would appreciate a change that leads to a reduction of travel costs and in a few instances they may disappear. Here is how that would work. The auditor sends the client a kit that includes high-definition camera (e.g., Logitech BCC950), a HDMI compute stick (basically a miniature computer), and Bluetooth keyboard and trackpad (for the compute stick). It takes about 10 minutes for the client to install this kit. Then the auditor can combine the functionality of the kit, which is attached to the client’s system AND controlled by the client, with something like
___________________ 1 “How to Prepare for Auditing in a Digital World of Big Data,” Maria Murphy, Journal of Accountancy, Oct. 16, 2014.
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GoToMeeting technology with a secure connection. Now the auditor can ask the client to take them to whatever he/she needs to see or do. The auditor is in a virtual world with the client, not simply connected to the client remotely. In a virtual audit, the auditor can interview whomever would normally be interviewed (CFO, controller, CIO, etc.). The auditor can ask the client to take him/her virtually to wherever evidence exists in the system. Because of the nature of this technology, a person at either end can be connected to this system with any number of internet-enabled devices, such as smart phones and iPads. A techie at the client’s end can take the auditor to physical controls as well as logical controls in the system. Using the technologies, all the interactions can be recorded by the auditor using the IT involved. Now sufficient, competent evidence can be captured. If you are wondering, yes there are auditors doing audits using the virtual audit approach above.
VIRTUAL AUDIT ADVANTAGES
The advantages of this approach are significant and some are of a high magnitude: • Ability to improve work-life balance (less travel for auditors). • Ability to reduce the amount of time with the client (don’t stop to take
notes, just video everything and extract evidence afterward). • Ability to significantly reduce travel costs incurred by the client (maybe 1-2 days onsite instead of 4-5, or maybe no days for certain fits). • Enhance specialist interaction for the firm (if the audit side needs a scarce resource subject matter expert (SME), then just patch the SME in using a smart phone or iPad, an internet connection, and GoToMeeting). • Enhance specialist and scarce client resources (interview them at their convenience, not limited to a narrow time or location). • Reduce evidence gathering burden (just video it and evidence is almost done).
the verbal information. Another plus is the reduction of client training of auditors. A new auditor on the engagement can review the most recent videos and learn about the client without having to learn on the job. There are several other advantages that will emerge from this approach.
Tommie Singleton serves on the National Accreditation Commission with ISCPA CEO Cindy Adams and has earned his CPA, CISA, CFF, CITP, CGEIT and CFF certifications. He is a partner and director of consulting services at Carr Riggs & Ingram LLC , and is also known as “The Fraud Doctor.”
It is going to take a bit of effort, and in some cases, a revolution, but the audit can now be radically changed into something that takes advantage of today’s IT without sacrificing quality of the audit. In fact, it seems like there is room for improved quality with the virtual approach. There certainly are several advantages in using a virtual audit. The evidence used in a virtual audit will have to be addressed, but that will happen and soon. Then there is the change management we will need in our profession and firms, as well as our clients. There will need
Subject matter experts on both sides will have a lot more flexibility in fulfilling their role in the audit by patching into the system for a virtual interview from wherever that person is at a time more convenient for him/her. That connection is made simple with a smart phone and the GoToMeeting app. The SME can be located almost anywhere when the interview or interaction is needed. The AICPA will need to specifically address the video evidence, but much of what auditors do regarding ITGC and system evidence is to take screen shots. The screen shots will be in the video and all the auditor needs to do is to identify the time clock (HH:MM:SS) and anyone can go directly to the evidence. As a bonus, if an auditor needs to remember what was said in an interview or what was seen, he/she can ACCURATELY recall it via the video instead of notes or memory. Also, the auditor does not have his/her attention split in an interview due to taking notes, and can focus on getting
to be care on both sides to make sure this approach fits, how much is appropriate, and how to keep it as simple as possible up front and grow into more. Are you ready?
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17
ZOEBELEIN ON TAX
WHAT IS SO WRONG
WITH TREATING PARTNERS AS EMPLOYEES? Tom Zoebelein, CPA
The treatment of all partners in a partnership as self-employed persons has been a contentious issue between the IRS and the accounting community. The reasons for allowing service partners the dual role of employee and partner are compelling. This is never more evident than with key employees who are granted fractional partnership profits for retention purposes. Absent any legislative change, the key employees, upon receipt of their fractional interest, are immediately converted from employee to self-employed with additional tax-related complications. Below are some of the issues related to providing factional partnerships to key employees: The employee’s issues with the change in status The key employee is now: 1. Self-employed and required to make quarterly estimates on his/her guaranteed payment (formerly a salary). a. Has lost the employer match of one half of FICA and Medicare taxes. This is somewhat mitigated by a page one deduction of ½ the self-employment on his Form 1040. But the former employee still has net after-tax cash outflows he did not have previously. 2. Banned from participating in employer cafeteria plans. a. $50,000 group life insurance b. Flexible spending accounts up to $2,500 c. Subject to partnership benefits for health insurance, disability, and §401(k) which are no longer pretax, but treated as guaranteed payments. [Where applicable they are deducted for adjustments to gross income.] 3. Subject to possible additional state income tax filings for multi-state business. 4. Exposed to loss of cash-basis reporting where partnership is accrual-based. 5. Not covered by unemployment.
Impact on the partnership on conversion of key employee’s wages 1. Possible reduction of domestic activities production deduction (§199) 2. Possible impact of multi-state apportionment 3. Cash impact of distribution to pay taxes including tax gross-up to neutralize impact of change
The draconian result illustrated above should come as no surprise. Neither is the fact that the practitioners have been trying to find work-arounds for IRS Rev. Rule 69-184 that declared partners ineligible employees. One such work-around was based on the principle that a SMLLC for employment tax purposes was treated as a corporation. Partners providing services to the partnership were made employees of the SMLLC owned by the partnership and paid a salary equal to their former guaranteed payment. The IRS brought that method to a close in May 4, 2016, issuing final and proposed regulations. The regulations issued May 4, 2016 expand Rev. Rule 69-184 coverage to include SMLLC owned by the partnership/LLC. The second method is the use of a multi-tiered structure. This method is similar to the SMLLC except that the operating entity is a multi-member LLC - owned in part by the upper tier LLC. The partners are employees of the lower-tiered partnership, but not members of it. The partners do hold memberships in the upper tier LLC. The May 4, 2016 regulations did not attack the tiered partnership structure in its expansion of Rev. Rule 69-184 ban on partner employees. Whether the multitiered partnership structure solution will continue to be viable in the future is anyone’s guess. The structure is mentioned in the May 4, 2016 regulation, but only in that the IRS has solicited practitioners’ comments. In addition, the IRS asked for comments on the need to allow dual partnership status for employee granted small compensatory holdings in the partnership. The multi-tier partnerships solution is still viable as of this writing. I can see you are still not convinced, and find the IRS logic is NOT logical. Your firm 18
may even have clients who treat partners as employees, and have for years, without IRS challenge. Their prior accountant never challenged the practice either. You ask yourself, “So what is so wrong with treating partners as employees?” I hope reading the balance of this article will answer that question. What are the problems created by misclassifying partners as employees? 1. The IRS employee ban on partners appears to relate to concern over partners participating in employee benefits. This concern is evident from the May 4, 2016 regulations where the regulation delayed the effective date to August 1, 2016 to allow SMLLC employee benefit plans time to correct or unwind any affected employee benefit plans covering partner employee prior to the May 5, 2016 issue date of the revised regulation. a. Participation by the partners in employee benefit plans may disqualify the plan and make it taxable to all participants. 2. The partner’s gross income may be understated by the company match and any pretax employee benefits or deferred income. 3. Payroll taxes may be overpaid 4. Audit risk to partnership and partner a. Will withholding taxes be credited to the partner or refunded to the employer causing estimated tax penalties? The only case I was able to find was a 2012 District Court case where the taxpayers received both a W-2 and a K-1. The IRS accepted the withholdings on the W-2 income Court cited Rev. Rule 69-184 as controlling and 100% of the partnership income was subject to self-employment tax. Only because the IRS did not challenge the W-2 income portion of partnership income did the court not rule that the company match was still due by the taxpayers. This question remains up
Possible solutions to consider • As discussed above, you might consider using the multi-tiered structure with the partners salaried by the lower tier entity, and only maintaining LLC membership in the upper tier LLC. This may be only a short-term fix, but it still exists. The issue with the service was that the SMLLC was a disregarded entity and thus only a division of the single member partnership. Introducing a second partner appears to cure that situation, provided the upper tier
Tom Zoebeleni, CPA, is Director of Tax Research at Pearce, Bevill, Leesburg & Moore in Birmingham. He was recognized with the Extraordinary Service Award at the Alabama Society’s Celebration of Success for six years of service as chair of the ASCPA’s State Taxation Committee.
Quessons to Ask Yourself
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Was the INVENTORY Year-End Count a difficult process this year?
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Armed with knowledge of the negative consequences and faced with a good client that for solid business reasons is treating the partners’ guaranteed payments as W-2 wages, you feel you can support continuing the practice. Mind you, I am not condoning the practice, but I offer two possible solutions on how to mitigate.
I hope this was of some help.
• Incentive partnership ownership offered to key employees could be changed to phantom membership interest in the same theme as stock appreciation rights. It has the appreciation rights the key employee wants without the burden of being deemed self-employed. The IRS is looking at fixing this issue for incentive factional interests but that may be like “Waiting for Godot.”
Has Management asked for Operational and Financial DASHBOARDS in real time?
Would you like to monitor and control LABOR costs?
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Are you MANUALLY entering a lot of data every day?
Do you have approvals in place that you can monitor through WORKFLOWS?
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IRC §707 speaks to situations in which a partner can have dealings with the partnership in a capacity other than that of a partner. The service partner seems to fit that category described in IRC §707. If the LLC/partnership engages a salaried manager, there is no issue with the IRS. Take that very same situation but introduce an LLC member (reporting to an executive committee and subject to a firing at will) and he is selfemployed. The IRS position seems to ignore IRC §707 and I find it hard to understand the logic. If the guaranteed payment is to mirror a wage why not let it BE a wage and treat all the fringe benefits on Form K-1. As a wage, there would be income tax withholding, which would reduce the number of partners I have to put on installment agreements with IRS collections!
• Amend where needed any employee benefit plans that prohibit partner participation.
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9. Unvested partnership profits may become taxable as the misclassification violates the safe harbor exclusion.
• Treat employer health insurance, §401(k) matching and withholding, disability insurance, and employer life insurance as guaranteed payments on Form K-1.
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8. Inventory could be over-stated by having the wages of partners included in the uniform capitalization calculation.
• Include all accrued, but not paid bonuses, in gross wages for the year of accrual.
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7. Preparer penalties (lack of substantial authority on this issue)
• Consider having the SMLLC elect out of partnership treatment and operate as a corporation. The salaried service partners will have to be under the control of this entity. There would need to be employment contracts with the partnership. All the employee benefit programs would need to reside in this entity. This could increase the cost as this entity needs to operate as a business with the expectation of a profit to avoid being considered a sham.
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6. Apportionment factor impacted by overstating the payroll factor by partner wages
Suggestions to mitigate exposure • Include the company match of payroll taxes in gross wages.
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5. Overstatement of production activities deduction (§199) by partners’ wages included in the deduction limitation (1/2 of wages)
partner does not have any ownership in the lower tier partnership, whether direct or indirectly.
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in the air as to how the withheld taxes will be treated: as paid by the partner or an overpayment due back to the employer?
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Let the team of DLD Business Soluuons and Microsoo Dynamics GP assist you in meeeng your business objeccves this year. HOSPITALITY AND RESTAURANTS PROFESSIONAL SERVICES HEALTHCARE DISTRIBUTION PAYROLL
205-533-9458 | www.dldbsi.com | 300 Cahaba Park Circle, Suite 110, Birmingham, AL 35242
19
You Found Theft, Now What? What you and your client need to know
Alan Baty, J.D., serves as Of Counsel at Frohsin, Barger & Walthall in Birmingham, focusing on white-collar defense, criminal defense and false claims act litigation. Baty earned his B.S. in finance from Auburn University and was graduated from the University of Alabama’s School of Law in 1997. He practiced with Maynard, Cooper & Gale, P.C., as a civil litigator until 2002. From 2002 to 2013, Baty served as a deputy district attorney for Jefferson County, prosecuting criminal cases, including capital murder, drug trafficking, and white-collar crime. He regularly presents and discusses new case law with Alabama’s judges and teaches trial advocacy skills as an adjunct professor at the Cumberland School of Law, a position he has held since 2005.
When greed and opportunity meet, your client has a problem. Theft1 happens. In good financial times and bad. The kind of theft you run across as a CPA most often is driven by greed rather than need. That greed cannot be fed without opportunity. If you or your client discover theft, here’s what you need to know when making your first decisions addressing the matter. Choose Wisely A common reaction to the discovery or suspicion of theft is to confront the employee, take a statement and then place him on leave or terminate him. That is not necessarily the best choice. There may be critical information needed by law enforcement – information that would not be obtainable after termination or criminal charges are brought. For instance, where is the money or property? Is it still in the suspect’s possession or control? After you terminate or arrest individuals, they usually are not cooperative. Retrieving the purloined property before the adversarial process begins ensures at least some return of the loss to your client. If you or your client suspects someone within the organization is committing a crime, sometimes the hardest choice is the smartest. Allow the person to remain in place, and contact law enforcement to determine if they need to gather evidence of the employee’s subsequent activities. Of course, your client must weigh the risk of further loss and may want to consult with the insurance carrier if there is potential coverage that might be compromised by leaving the suspect in place.
Tip #1: Consult law enforcement before confronting an employee who is suspected of stealing from the company. Your First Call Consulting with law enforcement first can be tricky. If you call the police and tell them you have an insider stealing, a uniformed officer will come to the office to take a report. Of course, that tips off everyone at the office that something is afoot. Then, when a detective contacts your client several days later to begin an investigation, the office rumor mill goes into overdrive, and the suspect may start to destroy evidence. The better course is to bypass, temporarily,
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Alan Baty
the routine report process and consult with experienced counsel or call contacts in the district attorney’s office or U.S. Attorney’s office to assess jurisdiction and get guidance.
Tip #2: Call experienced counsel or a prosecutor before you call the police. Whose Case is It Anyway? If it’s a simple theft, such as an employee stealing from the till, it is the jurisdiction of the law enforcement agency that responds to 911 calls to the location of the theft. That agency would take the report and investigate. Here is the usual routine: • If you call the main police department phone number (do not call 911), dispatch will send out an officer to take a report. • The report process generates an incident/ offense report with the local agency. • The report is routed to a detective, who follows up two to seven days after the report. The detective contacts your client to begin the investigation by taking statements and gathering evidence. • The county district attorney then prosecutes in state court if an arrest warrant is issued. That process works just fine if your client discovers an employee is stealing from the cash register. But suppose it is something more complicated, like the schemes carried out by Frank Abagnale, the real-life white-collar criminal that Leonardo DiCaprio played in Catch Me if You Can. Or your client discovers that a mid-level manager created bogus invoices and submitted them to the company for payment to a shell corporation set up by the manager. Those payments are sent to a bank account controlled by the manager. Multiple agencies may have jurisdiction to investigate and prosecute under that scenario. For some crimes and fact patterns, federal agencies and the U.S. Attorney’s Office share jurisdiction with local entities. In these situations, the federal investigative agencies most likely to get involved in white-collar matters are the FBI, Secret Service, Postal Inspectors, or Internal Revenue Service. Can you make a federal case out of it? Often, federal agencies investigate crimes where the monetary loss amount or the number of victims meets a particular threshold. Some thresholds are set by statute. Others are set by the local U.S. Attorney’s Office in an effort to manage limited
resources in prosecuting cases that often are complex and time consuming. The existence of an internal threshold does not mean that federal agencies and federal prosecutors automatically reject cases that fall below the threshold. Federal prosecutors sometimes go forward on sub-threshold cases under special circumstances, which may include:
your understanding to point investigators in the right direction. Law enforcement always will appreciate an organized collection of the relevant documents along with a memo explaining the significance of those documents. If you really want to make their day, connect everything to a chronology of events.
• The target has an extensive criminal history • There is a compelling federal interest involved • There is the potential for an expanded volume of loss • The perpetrator preyed on vulnerable populations
• Do not try to collect all the physical evidence (but certainly prevent its destruction). • Do contact law enforcement to find out if you should cut off the suspect’s access to company owned computers, tablets and cell phones. They may recommend not to do that if they need to covertly observe the suspect’s digital activities and communications.
In some areas of Alabama, there may be a task force that investigates white-collar crime. For example, in the Birmingham area, the Jefferson County Regional Financial Crimes Task Force is sponsored by the Secret Service. Staffed with secret service agents and investigators from various metropolitan law enforcement agencies, that Task Force investigates large-scale identity theft, debit and credit card scammers, counterfeiting, business check fraud, financial exploitation of the elderly, and other major financial crimes. It takes cases to both state and federal prosecutors depending on the nature and scope of the crimes. Prosecutors Prefer Precision When I was a prosecutor, it was a really good day when a case came to me with every detail, document and piece of evidence summarized, organized and ready for me to take to court. It rarely ever did, but there are things you and your client can do to help law enforcement and the prosecutor’s office investigate a case and bring charges. • Explain the crime in clear, concise detail • Create a chronological outline of the events related to the crime • Document the relevant evidence and collect the relevant documents That does not mean you or your client should do a full investigation and talk to all potential witnesses. However, you and your client know the business, the documents and the people the best, and you can use
There’s a Reason Its Called Wireless I recall with great frustration helping a detective get warrants on a preacher and his mistress for stealing church funds. During the warrant screening process, we learned the preacher’s iPad, containing incriminating text messages, was wiped clean remotely while it was in the detective’s vehicle parked outside the courthouse. • Do place seized, wireless devices like cell phones and tablets in an antistatic bag, commonly called a Faraday bag, to prevent data and evidence from being deleted remotely. This type of bag is made with materials that block wireless signals from entering the bag, thus protecting the integrity of the device’s memory. • Do keep a log of all the devices you collect, where you found them and document a chain of custody for each device. • Do consult with the actual investigators as soon as possible after discovering the theft. They will guide you in what you should and should not do with computers and digital devices.
Tip #3: Protect the evidence. The Trial - Not Necessarily Speedy If your client’s matter becomes a federal investigation, it can take longer because federal white-collar crimes often are more 21
complicated and document intensive. The federal Speedy Trial Act also contributes to the need for complete investigations before charging. Here are that Act’s time requirements: • 30 Days – The Speedy Trial Act requires federal prosecutors to indict within thirty days of arrest. • 70 Days – The Act requires that a trial begin within 70 days of indictment or the defendant’s first appearance in court after indictment, whichever is later. • Cases may be continued beyond the 70 days for various reasons. If your client’s case lands in state court, the process begins much faster, but it does not necessarily stay on the fast track for long. Here’s how it might play out: • An arrest warrant can be issued as soon as the investigator has probable cause. • The arrest is followed by a preliminary hearing in which a district court judge determines if probable cause exists. • If probable cause is established, the case is sent to the grand jury for it to consider an indictment. • After the grand jury issues an indictment, there is no official clock pushing the case to trial other than the general right to a speedy trial under the state and federal constitutions. Make the Right Call When theft is discovered, your client’s initial actions are critical to a successful investigation and prosecution. The key is establishing early and effective lines of communication with the right law enforcement agency and prosecutor’s office. Non-lawyers often treat “theft” and “fraud” as synonymous and use those terms to describe the loss of property or money. In law, the distinguishing point between the two frequently revolves around how the money or property was obtained. A theft is often simple – the mere taking of something. Fraud, however, usually involves a false statement of some nature, whether it is a false statement of fact, a false promise, a failure to disclose, or the use of a false document.
meet David David Sturdivant is COO and CFO at Russell Lands on Lake Martin and has been a member of the ASCPA since 1990.
David Sturdivant (left) and Roger Holliday, VP of marketing and hospitality, discuss plans for the renovation of Willow Point Golf and Country Club at Lake Martin.
Where did you grow up? I grew up in Birmingham. We moved there from Tennessee when I was in third grade. We lived in Hoover, but that was before Hoover had its own school system, so I attended Shades Valley High School.
Tell us about your undergraduate experience. As mentioned above, I attended Auburn University and I graduated with a degree in accounting in 1988. At that time, the Big 8 firms were doing a lot of recruiting at on campus. Of course there were numerous regional firms recruiting as well, so if you had a reasonably good GPA there were generally good options. What did you do following graduation? I accepted a position as an auditor with Deloitte Haskins & Sells in the Birmingham office. Of course the firm later merged with Touche Ross in 1989 to become Deloitte and Touche. The merger was a very interesting time for all of us on the staff, as we observed how two large firms, with different cultures and procedures, eventually blended to become one.
When did you decide on accounting as a career? Well, let’s just say that a career in accounting wasn’t exactly a lifelong dream! The truth is that I went to Auburn initially as a pre-med major. I realized very quickly that it wasn’t right for me, or perhaps a more honest way to say it is that I wasn’t suited for it. Like a lot of students who change majors, I simply headed for the business school. When I started taking the basic accounting courses, I saw that, for some reason, the material seemed to “click” with some of us while others seemed to struggle. The more accounting classes I took, the more I realized that it was (and still is, in my opinion) the best business degree to earn because students have a true skill when they enter the workforce.
How has your career path developed and what led you to Russell Lands? At Deloitte I worked on a number of audits for a multitude of clients so I was able to receive valuable insight on how businesses operate. While I was able to learn the technical aspects of accounting in school, I don’t think anything is as valuable as on the job training. I received my CPA certification in 1990 and, like many young folks in our profession, I started thinking about whether or not I wanted to remain in public accounting. While I enjoyed working at our client’s businesses, I decided that it would be a better fit for me if I worked in industry, and could focus on one business versus numerous ones.
Did you have a mentor in high school or college? I have been very blessed to have a lot of wonderful people in my life. We have a great family and the love, support, and guidance from my parents and grandparents have helped shape my life more than I will probably ever know. I was also blessed to be involved with some incredible youth leaders at our church, and I was taught at an early age that service to others, and to our community, is a very important part of our character.
22
MEMBER PROFILE
changes. Part of that is because I am in industry, versus being in a public practice, but it is a real challenge to stay on top of it all. While new regulations or interpretations have always been part of the profession, it seems to me that some of them are now much more radical than in earlier years.
My wife had family in Alexander City and there were some natural ties to Russell Lands. In 1993 I met with Tom Lamberth, who was the CFO at the time. He offered me the controller’s position and that was the start of my career with the company. It is a wonderful organization with an incredible amount of history; I feel very blessed to be a part of it. Tom has been a great mentor to me and when he became president in 2003, I was promoted to CFO. In 2014, I was also named chief operating officer. That position has given me even more opportunities to work with our various businesses.
What prompted you to become a member of the ASCPA and How does membership benefit you as a CPA? I joined early in my career because I felt it was the right thing to do. While I don’t have a lot of daily involvement with the Society, I do participate in CPE classes each year. The ASCPA location is convenient to us and it is a first-class facility for training.
Russell Lands on Lake Martin is a very diversified company with many operating entities. Most folks are familiar with our land development activities as well as the traditional Russell cabins. Many of our cabin tenants have literally had their cabin for generations and we find that parents and grandparents are proud to pass on the benefits of a relaxed, slower-paced lifestyle at the lake to their families. The company also has a large chain of building supply stores across central Alabama, a chain of full service marinas, a private golf and country club and several restaurants/markets. We stay very busy!
What keeps you inspired and motivated each day? My parents instilled a solid work ethic in all of us and I think that still is a big part of my motivation and routine today. I’m also fortunate to work for a company that has so much history and a tradition of excellence – as a result, it makes it easy to stay motivated to try and make it even better. It also doesn’t hurt that our office is on a beautiful golf course here at Willow Point! What do you do to relax away from the office? We like to spend time on Lake Martin with our family and friends as often as we can. I also enjoy playing golf, even though I am not particularly good at it - and it is nice to finally be able to admit that without fretting over it. Another hobby of mine is playing the drums. I’m in a band with some other guys and we have great time together. We don’t take ourselves too seriously; it is very laid back.
I am fortunate to work for Mr. Ben Russell because he has a passion for the environment, and that passion directly impacts how we develop the land around Lake Martin. The Russell family is an incredibly generous and caring one to work for, and the impact that they have had on our community, and our entire state, is tremendous. What have been the biggest changes in the profession during your career? I would say that technology is where there has been so much change in a relatively short time. This change is not just for the accounting profession, but affects all aspects of our lives, both at work and at home. It is shocking to me how much more efficient we are today versus 25-30 years ago. Of course, it also has its drawbacks, including the fact that most of us are rarely “unplugged” even when we are away from work.
What keeps you up at night? The increasing burden being placed on businesses by our government is a major problem. The amount of regulatory compliance is ridiculous, particularly with regard to human resources and employee benefits. Tell us about your family. My wife Laurie and I have been happily married for 28 years and we have three amazing children. Our daughter recently graduated from Auburn and our twin sons are juniors at Auburn. In fact, one of them is majoring in accounting; I guess he saw something positive in my experiences and figured that the accounting profession wasn’t a bad choice.
What are the biggest challenges facing the profession right now? For me, I find it more and more challenging to keep up with technical updates and
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SAVE THE DATE
30th Annual Financial Accounting & Auditing Conference In Partnership with Auburn University at Montgomery
Friday, September 22, 2017 Auburn University at Montgomery – Taylor Center Join us for the most popular and diversely attended conference that we offer.
Featuring speakers Michael Brand, Michael Chang and Michael Glynn MOBILE WORKFORCE LEGISLATION PASSES U.S. HOUSE, WITH BACKING OF REPRESENTATIVE MO BROOKS The U.S. House of Representatives has passed the Mobile Workforce State Income Tax Simplification Act of 2017, H.R. 1393, which is intended to simplify state income tax reporting and withholding rules for employees who sometimes work outside their home states. The bipartisan legislation had the active backing of Alabama U.S. Representatives Mo Brooks, District 5. “We appreciate the sponsorship of Representative Brooks and all members of our congressional delegation who supported the measure. Their involvement was instrumental in the bill’s passage,” said Jeannine Birmingham, Alabama Society of CPAs’ CEO. Identical legislation, S. 540, is awaiting Senate consideration. “The Alabama Society of CPAs joins the AICPA in urging the Senate to pass its companion bill soon so that thousands of employers and employees can be relieved of the burden imposed by inconsistent state tax laws,” said Jeannine Birmingham. 24
REMEMBERING WILLIAM CHRISTOPHER LONG, JR.
WILLIAM A. TATE
Mr. Long served as senior partner with Caston, Long & Associates. Survivors are his wife, Jamyce, daughter Filante, son Rahsaan and father William Long, Sr.
It is with great sadness that we just learned of the death of Bill Tate on September 11, 2016. He was an ASCPA Life Member and a fixture at the annual members meeting in his sharp seersucker suit. Tate had been a member for 55 years, served as chairman of the board of directors in 1983 and was a strong supporter of the Society.
January 10, 1944 - July 30, 2016 Birmingham, Alabama | Certificate 7228
July 1, 1931 - September 11, 2016 Tuscaloosa, Alabama | Certificate 723R
TIMOTHY A. HAWK
February 10, 1960 – April 3, 2017 Vestavia Hills, Alabama | Certificate 3465 Hawk was a graduate of Ensley High School where he was an all-city center on the varsity football team. He attended the University of Alabama, earning an accounting degree and completed a MBA at Samford University. He was controller for American Family Care in Birmingham. He is survived by his wife Karen, sons Timothy and Alexander. The family extended special thanks to the staff and doctors of the Palliative Care and Comfort Unit at UAB for their loving care during Hawk’s courageous battle with cancer.
William Andrew Tate, age 85, of Tuscaloosa, died at Hospice of West Alabama. Survivors include his wife, one daughter, two sons and nine grandchildren. Tate was a graduate of Tuscaloosa High School and attended the University of Alabama, graduating in 1952. He was an officer in the United States Air Force 1952-1954. He joined a big seven CPA firm in Chicago and was employed there for several years. In 1961 he returned to Tuscaloosa and opened his own practice. Tate was a member of the Board of Directors for the Tuscaloosa Exchange Club, Tuscaloosa Chamber of Commerce, University of
Alabama Commerce Executive Society, West Alabama Foundation, and Treasurer of the Tuscaloosa Symphony. He served on the National Tax Committee based in Washington, D.C. and traveled extensively in this role. Among his most admired qualities was his ability to quietly help people from all walks of life. The family learned many of these caring stories in the days following his death. His love and dedication to his family, especially his wife, Joyce, his commitment to causes and people that he loved, his compassion for others and his quirky sense of humor were all parts of his personality. Later in life, Bill developed an interest in photography and took many classes to improve his skills. He dearly loved his grandchildren and was always interested in and inquired about their interests. Memorials may be made to Christ Episcopal Church of Tuscaloosa or Hospice of West Alabama.
NOW HIRING THE FOLLOWING POSITIONS Tax Manager Tax Staff Accountant Audit Manager
Submit resumes to admin@coastalaccounting.net Destin, FL
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Accounting Pilot and Bridge Project Class of 2017 Janie Patterson (far left), Glenda Eichman (second from left) and Dr. Dan Deines (far right) led the three-day intensive training of a college accounting curriculum to these high school teachers from Alabama and Georgia. This is the fourth year that Alabama has hosted the training.
SAVE THE DATE Don’t miss a chance to LINK your firm to top minority accounting students at the
ASCPA Diversity and Inclusion Conference Friday, September 8, 2017 Alabama State University – Student Union LEARNING SESSIONS MEET THE FIRMS NETWORKING For more information contact: Jeannine Birmingham: jbirmingham@ascpa.org Jessica Roberts: jroberts@ascpa.org
ALABAMA CPA CENTENNIAL HISTORY PROJECT Request for Historical Information or Career Stories
In June 2019, the Alabama State Society of Certified Public Accountants (affectionately known as the ASCPA) will celebrate its 100th anniversary and that of the state’s CPA law. To commemorate the event, special articles on the early CPA profession in Alabama have been published in the Connections magazine since early 2016 and will continue through 2019. To help make future articles more personal to the readers of the Connections, the author would like help crafting specific themed articles about the profession from its early days to the present. Short stories or story leads about CPA firms, CPA family members, current or retired colleagues, or you are encouraged. Although all pertinent stories are welcomed, the following list may provide ideas regarding possible themes.
• Stories about CPAs in the military: their service and their • Stories about the ASCPA in the life of the professional heroism.
accountant and how it helped develop his/her professional accounting career through involvement in training or professional development.
• Stories about a CPA’s first year on the job that can include the
steep learning curve, notable mistakes, and funny situations or anecdotes. This is for any age CPA to make a comparison over • Stories of how receiving an ASCPA scholarship, and participating the years. in other student-centered activities through the Society, helped to further one’s education and get a job in accounting. • Stories about perceived changes in the profession from retired colleagues or those that have long-term careers as practicing • A story about CPAs who overcame disabilities to be successful CPAs. in the profession.
• Stories about the impact of CPAs in community service, their professional community, or political activities over the years.
Join the Centennial History Project by submitting your stories to Dr. Jan Heier, Professor Emeritus, Auburn University Montgomery at jheier@aum.edu or contact him at (334) 462-4853.
• Stories about CPAs who have accomplished incredible feats, Although names of the authors would be helpful, anonymous personally or professionally (e.g. climbing Mt. Everest or even submissions are welcomed. Mt. Cheaha!). Thank you in advance for your participation
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UPCOMING COURSES 027 Audits of 401(k) Plans 7/11/2017 | 8:30 AM - 4:15 PM | MONTGOMERY | Alabama Society of CPAs | AA: 8 029 K2’s Planning and Managing Your Team’s Technology 7/27/2017 | 8:30 AM - 4:15 PM | BIRMINGHAM | Pelham Civic Complex | MG: 8 030 Surgent’s Federal Tax Camp 7/27/2017 | 8:30 AM - 4:15 PM | BIRMINGHAM | Pelham Civic Complex | TX: 8 031 2017 Accounting and Auditing Update for the Real World 7/28/2017 | 8:30 AM - 4:15 PM | BIRMINGHAM | Pelham Civic Complex | AA: 8 032 K2’s QuickBooks Online and Other Top Accounting Software for Small Businesses 7/28/2017 | 8:30 AM - 4:15 PM | BIRMINGHAM | Pelham Civic Complex | CS: 8
033 Complete Guide to Payroll Taxes and 1099 Issues 7/28/2017 | 8:30 AM - 4:15 PM | BIRMINGHAM | Pelham Civic Complex | TX: 8 034 Employment Law Update: Key Risks and Recent Trends 8/14/2017 | 8:30 AM - 4:15 PM | MONTGOMERY | Alabama Society of CPAs | Business Law: 8 | Webcast 035 Understanding the Complexities of Fraud in Order to Develop Ways to Mitigate Risk 8/15/2017 | 8:30 AM - 4:15 PM | MONTGOMERY | Alabama Society of CPAs | AA: 8 036 Construction Contractors Advanced Issues 8/15/2017 | 8:30 AM - 4:15 PM | BIRMINGHAM | Pelham Civic Complex | AA: 6 TX: 2
037 Determining How Much Money You Need to Retire, and Tax Ideas and Money Management in Retirement 8/15/2017 | 8:30 AM - 4:15 PM | BIRMINGHAM | Pelham Civic Complex | MG: 4 TX: 4 028 ASCPA Fraud Workshop 8/16/2017 | 8:30 AM - 4:15 PM | BIRMINGHAM | Pelham Civic Complex | AA: 8 038 Understanding and Creating an Internal Control Structure 8/16/2017 | 8:30 AM - 4:15 PM | MONTGOMERY | Alabama Society of CPAs | AA: 8 039 The Eight Hour MBA: Key Concepts of Adding Value 8/16/2017 | 8:30 AM - 4:15 PM | BIRMINGHAM | Pelham Civic Complex | MG: 8
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040 Surgent’s Handbook for Mastering Basis, Distributions, and Loss Limitation Issues for S Corporations, LLCs, and Partnerships 8/16/2017 | 8:30 AM - 4:15 PM | BIRMINGHAM | Pelham Civic Complex | TX: 8 041 Advanced Defined Contribution Plans Audit Certificate Exam Review 8/21/2017 | 8:30 AM - 4:15 PM | MONTGOMERY | Alabama Society of CPAs | AA: 8 043 Small Business Fraud: The Lessons Behind the Stories 8/22/2017 | 8:30 AM - 4:15 PM | MOBILE | Holiday Inn Mobile | AA: 8 | Webcast 045 Documenting Your EBP Audit: What You Need to Know 8/22/2017 | 8:30 AM - 4:15 PM | BIRMINGHAM | Pelham Civic Complex | AA: 8
View the entire 2017 CPE schedule on the website, ascpa.org.
046 Sales and Use Tax Workshop 8/22/2017 | 8:30 AM - 4:15 PM | BIRMINGHAM | Pelham Civic Complex | TX: 8 050 Reviewing Pass-Through Tax Returns: What Are You Missing? 8/22/2017 | 8:30 AM - 4:15 PM | MOBILE | Holiday Inn Mobile | TX: 8 042 Surgent’s 2017 Annual Tax Planning Guide for S Corporations, Partnerships, and LLCs 8/23/2017 | 8:30 AM - 4:15 PM | MONTGOMERY | Alabama Society of CPAs | TX: 8 | Webcast 044 K2’s Excel Best Practices 8/23/2017 | 8:30 AM - 4:15 PM | MOBILE | Holiday Inn Mobile | CS: 8 047 K2’s Advanced Excel Reporting - Best Practices, Tools, and Techniques 8/23/2017 | 8:30 AM - 12:00 PM | MONTGOMERY | Alabama Society of CPAs | AA: 4 048 K2’s Advanced PivotTables, Including PowerPivot 8/23/2017 | 1:00 PM - 4:30 PM | MONTGOMERY | Alabama Society of CPAs | CS: 4 049 2017 Accounting and Auditing Update for the Real World 8/23/2017 | 8:30 AM - 4:15 PM | MOBILE | Holiday Inn Mobile | AA: 8 051 The Market Approach to Valuing a Business 8/23/2017 | 8:30 AM - 4:15 PM | BIRMINGHAM | Pelham Civic Complex | SK: 8 053 Upcoming Peer Review: Is Your Firm Ready? 8/23/2017 | 8:30 AM - 4:15 PM | BIRMINGHAM | Pelham Civic Complex | AA: 8 054 Buying and Selling a Business: Critical Tax and Structuring Issues 8/24/2017 | 8:30 AM - 4:15 PM | MONTGOMERY | Alabama Society of CPAs | TX: 8 | Webcast 055 A&A for Tax People Who Hate A&A 8/24/2017 | 8:30 AM - 4:15 PM | MONTGOMERY | Alabama Society of CPAs | AA: 8 | Webcast
056 AICPA’s Annual Update: Top 12 Governmental and Not-for-Profit Accounting and Auditing Issues Facing CPAs 8/24/2017 | 8:30 AM - 4:15 PM | MOBILE | Holiday Inn Mobile | AA: 8 057 Determining How Much Money You Need to Retire, and Tax Ideas and Money Management in Retirement 8/24/2017 | 8:30 AM - 4:15 PM | MOBILE | Holiday Inn Mobile | MG: 4 TX: 4
BIRMINGHAM | Pelham Civic Complex | AA: 8 068 Advanced Topics in a Single Audit 8/28/2017 | 8:30 AM - 4:15 PM | BIRMINGHAM | Pelham Civic Complex | AA: 8 069 Advanced Concepts in SSARS 21 and Nonattest Services: Are You Certain You Are in Compliance? 8/28/2017 | 8:30 AM - 4:15 PM | BIRMINGHAM | Pelham Civic Complex | AA: 8 070 The Best Estate and Financial Planning Topics of 2017 8/28/2017 | 8:30 AM - 4:15 PM | 058 Governmental Accounting and BIRMINGHAM | Pelham Civic Complex | TX: 8 Auditing Update 8/24/2017 | 8:30 AM - 4:15 PM | BIRMINGHAM | Pelham Civic Complex | 071 More than Meets the Eye: AA: 4 AA: 4 Examining the New Lease Accounting 059 Federal Tax Update - Individual & Standard Business Current Developments 8/28/2017 | 8:30 AM - 12:00 PM | 8/24/2017 | 8:30 AM - 4:15 PM | DOTHAN | Troy University Dothan | AA: 4 BIRMINGHAM | Pelham Civic Complex | TX: 8 072 KEY PARTNERSHIP AND S CORPORATION TAX PLANNING 060 Audits of 401(k) Plans STRATEGIES 8/24/2017 | 8:30 AM - 4:15 PM | 8/28/2017 | 8:30 AM - 12:00 PM | BIRMINGHAM | Pelham Civic Complex | DOTHAN | Troy University Dothan | TX: 4 AA: 8 073 Guide to the New Revenue 061 2017 Accounting and Auditing Recognition Model for All CPAs Update for the Real World 8/28/2017 | 1:00 PM - 4:30 PM | 8/25/2017 | 8:30 AM - 12:00 PM | DOTHAN | Troy University Dothan | AA: 4 Auburn | Hilton Garden Inn-Auburn | AA: 4 074 MASTERING BASIS ISSUES FOR S CORPORATIONS, PARTNERSHIPS, 062 Small Business Fraud: The AND LLCS 8/28/2017 | 1:00 PM - 4:30 PM | Lessons Behind the Stories 8/25/2017 | 1:00 PM - 4:30 PM | DOTHAN | Troy University Dothan | TX: 4 Auburn | Hilton Garden Inn-Auburn | 075 Cut Your Client?s Tax Bill: AA: 4 Individual Tax Planning Tips and 063 Identity Theft: Preventing, Detecting, Strategies 8/28/2017 | 8:30 AM - 4:15 PM | and Investigating Identity Theft HUNTSVILLE | Westin Huntsville | TX: 8 8/25/2017 | 8:30 AM - 4:15 PM | MOBILE | Holiday Inn Mobile | AA: 8 076 K2’s Small Business Internal 064 Best Income Tax, Estate Tax, and Controls, Security, and Fraud Prevention and Detection Financial Planning Ideas of 2017 8/28/2017 | 8:30 AM - 4:15 PM | 8/25/2017 | 8:30 AM - 4:15 PM | HUNTSVILLE | Westin Huntsville | AA: 8 MOBILE | Holiday Inn Mobile | TX: 8 077 Implementing SSARS 21: 065 Accounting & Auditing for Preparation, Compilation, Review Governmental Employee Benefits & the Cash and Tax Basis of 8/25/2017 | 8:30 AM - 4:15 PM | BIRMINGHAM | Pelham Civic Complex | Accounting 8/29/2017 | 8:30 AM - 4:15 PM | AA: 8 MONTGOMERY | Alabama Society of CPAs | AA: 8 | Webcast 066 Passive Activities & Rental Real Estate Income Tax Issues 8/25/2017 | 8:30 AM - 4:15 PM | BIRMINGHAM | Pelham Civic Complex | TX: 8 067 Community Banking Update 8/25/2017 | 8:30 AM - 4:15 PM | 30
078 Studies on Single Audit and Yellow Book Deficiencies 8/29/2017 | 8:30 AM - 4:15 PM | BIRMINGHAM | Pelham Civic Complex | AA: 8 079 Accounting, Audit, and Attest Update for Practitioners with SmallBusiness Clients 8/29/2017 | 8:30 AM - 4:15 PM | BIRMINGHAM | Pelham Civic Complex | AA: 8 080 Asset Protection Strategies 8/29/2017 | 8:30 AM - 4:15 PM | BIRMINGHAM | Pelham Civic Complex | TX: 8 081 Reviewing Pass-Through Tax Returns: What Are You Missing? 8/29/2017 | 8:30 AM - 4:15 PM | HUNTSVILLE | Westin Huntsville | TX: 8 082 A&A for Tax People Who Hate A&A 8/29/2017 | 8:30 AM - 4:15 PM | HUNTSVILLE | Westin Huntsville | AA: 8 083 Meet Your Next Migraine: Five Critical Issues that Will Confront A&A Public Accountants in 2017 8/29/2017 | 8:30 AM - 12:00 PM | DOTHAN | Troy University Dothan | AA: 4 084 Meet Your Next Migraine: Five Critical Issues that Will Confront Tax Public Accountants in 2017 8/29/2017 | 8:30 AM - 12:00 PM | DOTHAN | Troy University Dothan | TX: 4 085 GUIDE AND UPDATE TO COMPILATIONS, REVIEWS, AND NEW PREPARATIONS 8/29/2017 | 1:00 PM - 4:30 PM | DOTHAN | Troy University Dothan | AA: 4 086 Essential Depreciation and Expensing Update 8/29/2017 | 1:00 PM - 4:30 PM | DOTHAN | Troy University Dothan | TX: 4 087 A Real-Life Look at Revenue Recognition in Today’s GAAP & What May Lie Ahead 8/30/2017 | 8:30 AM - 12:00 PM | MONTGOMERY | Alabama Society of CPAs | AA: 4 | Webcast 088 Implementing FASB’s New Lease Standard - Examples and Practical Approaches 8/30/2017 | 1:00 PM - 4:30 PM | MONTGOMERY | Alabama Society of CPAs | AA: 4
View the entire 2017 CPE schedule on the website, ascpa.org.
089 2017 Accounting and Auditing Update for the Real World 8/30/2017 | 8:30 AM - 12:00 PM | Tuscaloosa | Bryant Conference Center | AA: 4 090 Small Business Fraud: The Lessons Behind the Stories 8/30/2017 | 1:00 PM - 4:30 PM | Tuscaloosa | Bryant Conference Center | AA: 4 091 Fiduciary Income Tax Returns - Form 1041 Workshop with Filled-in Forms 8/30/2017 | 8:30 AM - 4:15 PM | HUNTSVILLE | Westin Huntsville | TX: 8 092 Governmental Accounting and Reporting Advisor 8/30/2017 | 8:30 AM - 4:15 PM | HUNTSVILLE | Westin Huntsville | AA: 8 093 Surgent’s 2017 Annual Tax Planning Guide for S Corporations, Partnerships, and LLCs 8/31/2017 | 8:30 AM - 4:15 PM | HUNTSVILLE | Westin Huntsville | TX: 8 094 Audits of 401(k) Plans 8/31/2017 | 8:30 AM - 4:15 PM | HUNTSVILLE | Westin Huntsville | AA: 8 095 Audits of State and Local Governments: What You Need to Know 8/31/2017 | 8:30 AM - 4:15 PM | MONTGOMERY | Alabama Society of CPAs | AA: 8 001 AICPA Peer Review Program Advanced Course 9/1/2017 | 8:30 AM - 4:15 PM | MONTGOMERY | Alabama Society of CPAs | AA: 8 096 INDIVIDUAL TAX PLANNING IDEAS FOR 2017 9/18/2017 | 8:30 AM - 12:00 PM | MOBILE | Holiday Inn Mobile | TX: 4 097 Meet Your Next Migraine: Five Critical Issues that Will Confront A&A Public Accountants in 2017 9/18/2017 | 8:30 AM - 12:00 PM | MOBILE | Holiday Inn Mobile | AA: 4 098 Accounting and Auditing Update 9/18/2017 | 8:30 AM - 12:00 PM | BIRMINGHAM | Pelham Civic Complex | AA: 4 099 MAXIMIZING YOUR SOCIAL SECURITY BENEFITS 9/18/2017 | 8:30 AM - 12:00 PM | BIRMINGHAM | Pelham Civic Complex | TX: 4
100 Controller’s Update: Today’s Latest Trends 9/18/2017 | 8:30 AM - 12:00 PM | BIRMINGHAM | Pelham Civic Complex | Finance: 4 101 IRS Tax Examinations and Hot Issues 9/18/2017 | 1:00 PM - 4:30 PM | MOBILE | Holiday Inn Mobile | TX: 4 102 GUIDE AND UPDATE TO COMPILATIONS, REVIEWS, AND NEW PREPARATIONS 9/18/2017 | 1:00 PM - 4:30 PM | MOBILE | Holiday Inn Mobile | AA: 4 103 Meet Your Next Migraine: Five Critical Issues that Will Confront Tax Public Accountants in 2017 9/18/2017 | 1:00 PM - 4:30 PM | BIRMINGHAM | Pelham Civic Complex | TX: 4 104 Internal Control: How Does It Impact an Audit? 9/18/2017 | 1:00 PM - 4:30 PM | BIRMINGHAM | Pelham Civic Complex | AA: 4 105 Lean Accounting and Management: Saving Money by Streamlining Operations 9/18/2017 | 1:00 PM - 4:30 PM | BIRMINGHAM | Pelham Civic Complex | Finance: 4 106 Non-Traditional Services and Other Methods of Making a Living for the Small Practitioner Who Doesn’t Audit or Review 9/19/2017 | 8:30 AM - 12:00 PM | MONTGOMERY | Alabama Society of CPAs | AA: 4 107 Guide to the New Revenue Recognition Model for All CPAs 9/19/2017 | 8:30 AM - 12:00 PM | MOBILE | Holiday Inn Mobile | AA: 4 108 PARTNERSHIPS AND LLCs: AVOIDING COMMON PITFALLS FACING PRACTITIONERS 9/19/2017 | 8:30 AM - 12:00 PM | MOBILE | Holiday Inn Mobile | TX: 4 109 Preparation, Compilation, and Review Engagements: Update and Review 9/19/2017 | 8:30 AM - 12:00 PM | BIRMINGHAM | Pelham Civic Complex | AA: 4
110 Critical Tax Factors in Business Life Cycle Decision-Making 9/19/2017 | 8:30 AM - 12:00 PM | BIRMINGHAM | Pelham Civic Complex | TX: 4 111 INNOVATIVE FORECASTING & BUDGETING: MOVING BEYOND THE TRADITIONAL TECHNIQUES 9/19/2017 | 8:30 AM - 12:00 PM | BIRMINGHAM | Pelham Civic Complex | Finance: 4 112 Financial Statements of Notfor-Profit Organizations: Significant Changes Have Occurred! 9/19/2017 | 1:00 PM - 4:30 PM | MONTGOMERY | Alabama Society of CPAs | AA: 4
120 The Bottom Line on the New Lease Accounting Requirements 9/20/2017 | 8:30 AM - 12:00 PM | BIRMINGHAM | Pelham Civic Complex | AA: 4 121 INDIVIDUAL INCOME TAX UPDATE 9/20/2017 | 8:30 AM - 12:00 PM | BIRMINGHAM | Pelham Civic Complex | TX: 4 123 LATEST DEVELOPMENTS IN GOVERNMENT AND NONPROFIT AUDITING 2017 9/20/2017 | 1:00 PM - 4:30 PM | MOBILE | Holiday Inn Mobile | AA: 4 124 The New Controllership: Keys to Boosting Management Skills 9/20/2017 | 1:00 PM - 4:30 PM | MOBILE | Holiday Inn Mobile | AS: 4 113 More than Meets the Eye: Examining the New Lease Accounting 125 A+ College Savings Planning: Maximizing Resources and Tax Standard 9/19/2017 | 1:00 PM - 4:30 PM | MOBILE | Holiday Inn Mobile | Benefits AA: 4 9/20/2017 | 1:00 PM - 4:30 PM | BIRMINGHAM | Pelham Civic Complex | 114 K-1 Boot Camp for LLCs TX: 4 9/19/2017 | 1:00 PM - 4:30 PM | MOBILE Holiday Inn Mobile | TX: 4 126 The Most Common Financial Statement and Asset Fraud Schemes: 115 Interpreting the New Revenue How to Detect and Prevent Them Recognition Standard: What All CPA?s 9/20/2017 | 1:00 PM - 4:30 PM | BIRMINGHAM | Pelham Civic Complex | Need to Know AA: 4 9/19/2017 | 1:00 PM - 4:30 PM | BIRMINGHAM | Pelham Civic Complex | AA: 4 128 Annual CFO Spotlight: 4 Select Issues 116 SELECT ESTATE AND LIFE 9/20/2017 | 8:30 AM - 4:15 PM | PLANNING ISSUES FOR THE MIDDLE- MONTGOMERY | Alabama Society of CPAs | Ethics: 4 AA: 4 INCOME CLIENT 9/19/2017 | 1:00 PM - 4:30 PM | BIRMINGHAM | Pelham Civic Complex | 135 K2’s Tech Tools and Gadgets for a TX: 4 More Efficient You! 9/20/2017 | 8:30 AM - 12:00 PM | 117 THRIVING IN A CHAOTIC BIRMINGHAM | Pelham Civic Complex | ECONOMIC ENVIRONMENT: CS: 4 PLANNING AND STRATEGY 138 K2’s Securing Your Data FORMULATION FOR YOUR Practical Tools for Protecting ORGANIZATION 9/19/2017 | 1:00 PM - 4:30 PM | Information 9/20/2017 | 1:00 PM - 4:30 PM | BIRMINGHAM | Pelham Civic Complex | Finance: 4 BIRMINGHAM | Pelham Civic Complex | CS: 4 118 Latest Developments in Government and Nonprofit Accounting 129 Shorten Month End: Closing Best 2017 9/20/2017 | 8:30 AM - 12:00 PM | Practices MOBILE | Holiday Inn Mobile | AA: 4 9/21/2017 | 8:30 AM - 12:00 PM | MONTGOMERY | Alabama Society of 119 The New Controllership: Keys to CPAs | AA: 4 Boosting Financial Performance 9/20/2017 | 8:30 AM - 12:00 PM | 130 Data Breaches & Other Cyber MOBILE | Holiday Inn Mobile | AS: 4 Frauds: A 21st Century Risk to Your Organization 9/21/2017 | 8:30 AM - 12:00 PM | BIRMINGHAM | Pelham Civic Complex | SK: 4 View the entire 2017 CPE schedule on the website, ascpa.org.
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132 Critical Thinking Skills for Financial Professionals 9/21/2017 | 1:00 PM - 4:30 PM | MONTGOMERY | Alabama Society of CPAs | MG: 4 133 Forensic Investigations: Key Tools to Success 9/21/2017 | 1:00 PM - 4:30 PM | BIRMINGHAM | Pelham Civic Complex | AA: 4 142 K2’s Technology Update 9/21/2017 | 8:30 AM - 12:00 PM | BIRMINGHAM | Pelham Civic Complex | CS: 4 149 K2’s Microsoft Office - Improving Productivity with New Features 9/21/2017 | 1:00 PM - 4:30 PM | BIRMINGHAM | Pelham Civic Complex | CS: 4 122 K2’s Excel Financial Reporting and Analysis 9/25/2017 | 8:30 AM - 12:00 PM | BIRMINGHAM | Pelham Civic Complex | AA: 4 127 K2’s Business Intelligence, Featuring Microsoft’s Power BI Tools 9/25/2017 | 1:00 PM - 4:30 PM | BIRMINGHAM | Pelham Civic Complex | CS: 4 136 Sirote’s Hottest Tax Topics of 2017 9/25/2017 | 8:30 AM - 12:00 PM | BIRMINGHAM | Pelham Civic Complex | TX: 4 137 Fraud in Small-to Medium-Sized Entities 9/25/2017 | 8:30 AM - 12:00 PM | BIRMINGHAM | Pelham Civic Complex | AA: 4 139 Real World Business Ethics 9/25/2017 | 1:00 PM - 4:30 PM | BIRMINGHAM | Pelham Civic Complex | Ethics: 4 140 The Myths and Concepts of Succession Planning for Family-Held Business 9/25/2017 | 1:00 PM - 4:30 PM | BIRMINGHAM | Pelham Civic Complex | Other: 4 141 Complete Guide to the Yellow Book 9/25/2017 | 8:30 AM - 4:15 PM | MONTGOMERY | Alabama Society of CPAs | AA: 8
131 K2’s Excel Tables and Data Models - Efficiently Managing, Analyzing & Reporting Your Data 9/26/2017 | 8:30 AM - 12:00 PM | BIRMINGHAM | Pelham Civic Complex | CS: 4 134 K2’s Excel PivotTables for Accountants 9/26/2017 | 1:00 PM - 4:30 PM | BIRMINGHAM | Pelham Civic Complex | CS: 4 143 Risk Management and Accountant’s Liability 9/26/2017 | 1:00 PM - 4:30 PM | BIRMINGHAM | Pelham Civic Complex | Other: 4 144 Financial Reporting for Not-forProfit Entities 9/26/2017 | 8:30 AM - 12:00 PM | BIRMINGHAM | Pelham Civic Complex | AA: 4 145 Revenue Recognition: The New Perspectives 9/26/2017 | 8:30 AM - 12:00 PM | HUNTSVILLE | Westin Huntsville | AA: 4
153 Non-traditional Services and Other Methods of Making a Living for the Small Practitioner Who Doesn?t Audit or Review 9/27/2017 | 8:30 AM - 12:00 PM | HUNTSVILLE | Westin Huntsville (14804) | AA: 4 154 IRS Tax Examinations and Hot Issues 9/27/2017 | 8:30 AM - 12:00 PM | HUNTSVILLE | Westin Huntsville (14804) | TX: 4 155 Small Business Fraud: The Lessons Behind the Stories 9/27/2017 | 1:00 PM - 4:30 PM | HUNTSVILLE | Westin Huntsville (14804) | AA: 4 156 A+ College Savings Planning: Maximizing Resources and Tax Benefits 9/27/2017 | 1:00 PM - 4:30 PM | HUNTSVILLE | Westin Huntsville (14804) | TX: 4 157 Integrating Audit Data Analytics into the Audit Process 9/27/2017 | 8:30 AM - 4:15 PM | MONTGOMERY | Alabama Society of 146 CONTROLLER/CFO UPDATE: HOT CPAs (00066) | AA: 8 TOPICS FACING TODAY’S FINANCIAL 158 Reviewing Partnership Tax PROFESSIONAL 9/26/2017 | 8:30 AM - 12:00 PM | HUNTSVILLE | Westin Returns: What Are You Missing? Huntsville | Finance: 4 9/28/2017 | 8:30 AM - 12:00 PM | MONTGOMERY | Alabama Society of 147 Basics of Special Needs Trusts: CPAs (00066) | TX: 4 How to Assist Your Disabled and/or 159 Annual Update for Governments Elderly Clients and Not-for-Profits 9/28/2017 | 8:30 9/26/2017 | 8:30 AM - 12:00 PM | BIRMINGHAM | Pelham Civic Complex | AM - 12:00 PM | HUNTSVILLE | Westin TX: 4 Huntsville (14804) | AA: 4 148 Fraud Risk in Governmental 160 Critical Tax Factors in Business and Not-for-Profit Organizations Life Cycle Decision-Making 9/26/2017 | 1:00 PM - 4:30 PM | 9/28/2017 | 8:30 AM - 12:00 PM BIRMINGHAM | Pelham Civic Complex | | HUNTSVILLE | Westin Huntsville AA: 4 (14804) | TX: 4 150 The New Leasing Standard: It?s 161 Reviewing S Corporation Tax Returns: What Are You Missing? Here and It’s Huge 9/28/2017 | 1:00 PM - 4:30 PM | 9/26/2017 | 1:00 PM - 4:30 PM | HUNTSVILLE | Westin Huntsville | AA: 4 MONTGOMERY | Alabama Society of CPAs (00066) | TX: 4 151 Meet Your Next Migraine: Five Critical Issues that Will Confront CPAs 162 Not-for-Profit Organizations: in Industry in 2017 Key Accounting and Reporting 9/26/2017 | 1:00 PM - 4:30 PM | 9/28/2017 | 1:00 Considerations PM - 4:30 PM | HUNTSVILLE | Westin HUNTSVILLE | Westin Huntsville (14804) | MG: 4 Huntsville (14804) | AA: 4 152 Latest Developments in Government and Nonprofit Accounting and Auditing 2017 9/26/2017 | 8:30 AM - 4:15 PM | MONTGOMERY | Alabama Society of CPAs (00066) | AA: 8 32
163 Meet Your Next Migraine: Five Critical Issues that Will Confront Tax Public Accountants in 2017 9/28/2017 | 1:00 PM - 4:30 PM | HUNTSVILLE | Westin Huntsville (14804) | TX: 4 174 Tax Staff Training: Level I 9/28/2017 | 8:30 AM - 4:15 PM | MONTGOMERY | Alabama Society of CPAs (00066) | TX: 16 164 Reviewing Individual Tax Returns: What Are You Missing? 9/29/2017 | 8:30 AM - 12:00 PM | MONTGOMERY | Alabama Society of CPAs (00066) | TX: 4 165 Protecting Your Client from Tax Return Identity Theft 9/29/2017 | 8:30 AM - 12:00 PM | HUNTSVILLE | Westin Huntsville (14804) | TX: 4 166 Accounting and Auditing Update 9/29/2017 | 8:30 AM - 12:00 PM | HUNTSVILLE | Westin Huntsville (14804) | AA: 4 167 Protecting Your Client from Tax Return Identity Theft 9/29/2017 | 1:00 PM - 4:30 PM | MONTGOMERY | Alabama Society of CPAs (00066) | TX: 4 168 Social Security and Medicare: Maximizing Retirement Benefits 9/29/2017 | 1:00 PM - 4:30 PM | HUNTSVILLE | Westin Huntsville (14804) | TX: 4 169 Preparation, Compilation, and Review Engagements: Update and Review 9/29/2017 | 1:00 PM - 4:30 PM | HUNTSVILLE | Westin Huntsville (14804) | AA: 4 175 Tax Staff Training: Level II 11/13/2017 | 8:30 AM - 4:15 PM | MONTGOMERY | Alabama Society of CPAs (00066) | TX: 16 170 The Best Federal Tax Update Course by Surgent 12/1/2017 | 8:30 AM - 4:15 PM | MONTGOMERY | Alabama Society of CPAs (00066) | TX: 8 176 Tax Staff Training: Level III 12/7/2017 | 8:30 AM - 4:15 PM | MONTGOMERY | Alabama Society of CPAs (00066) | TX: 16
More courses in the online CPE catalog, ascpa.org.
ASCPA Continuing Professional Education Registration Form Mail form to : ASCPA P.O. Box 242987 Montgomery, AL 36124-2987
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or substantial civil penalties due to a willful failure to report foreign financial assets and pay all tax due in respect of those assets. OVDP is designed to provide such taxpayers with (1) protection from criminal liability and (2) terms for resolving their civil tax and penalty obligations. Taxpayers entering the program will pay substantial penalties in return for assurance of no criminal liability.
The final improvement to be discussed in the arena of visualizations is that of new chart types. With Excel 2016, Microsoft added several new chart types to Excel, including Waterfall Charts, Treemap Charts, Funnel Charts, and Histograms. Depending on the data you need to present in a chart, one of these new chart types might prove to be your best option for communicating your message in the form of a chart.
New Functions
• “Current Streamlined Filing Compliance Procedures” are available to taxpayers certifying that their failure to report foreign financial assets and pay all tax due in respect of those assets did not result from willful conduct on their part. Participating taxpayers will generally pay unreported income and taxes, as well as a miscellaneous offshore penalty equal to 5 percent of the highest aggregate balance/value of the taxpayer’s foreign financial assets (in lieu of the more draconian penalties applied under the OVDP).
The last set of new features to be discussed in this article is that of new functions added to the Function Library in Excel 2016. Among the new functions added are TEXTJOIN, CONCAT, IFS, SWITCH, MAXIFS, and MINIFS. To illustrate the usefulness of these new functions, consider TEXTJOIN. You can use Excel’s new TEXTJOIN function to concatenate a list or range of text and it places delimiting character, such as a space or comma, between each field that it joins together. Figure 5 provides a simple illustration of where TEXTJOIN is used to concatenate five columns of data into one. Notably, because the formula is built with relative referencing, you can copy it to join data from other rows. While TEXTJOIN is similar in some regards to the previously-existing CONCATENATE function, it differs in how it allows you to choose what character (if any) is placed between the joined data and also how it handles blank cells.
• “Delinquent FBAR Submission Procedures” are available to taxpayers who have unwillingly failed to file required Form FinCen Form 114 (FBAR), but have otherwise properly filed, reported and paid tax on U.S. tax returns. The IRS will not impose a penalty for the failure to file the delinquent FBARs. • “Delinquent International Information Return Procedures” are generally available where a taxpayer has not filed one or more required international information returns (e.g., Forms 5471, 5472, 926, etc.) and has reasonable cause for not timely filing the information returns. A taxpayer is eligible to use this option regardless of whether he has unreported income, so long as he meets the other requirements. The taxpayer must provide a statement of facts under penalties of perjury establishing reasonable cause and certify that any entity for which the information returns are being filed was not engaged in tax evasion.
Figure 5 - Using TEXTJOIN to Concatenate Three Columns of Data
The five other new functions mentioned above are equally useful and help to streamline formula-based calculations for many Excel users.
Summary Excel is an ever-changing product and new features continue to appear in this tool used by almost all business professionals. One of the keys to continued success with Excel is to stay abreast of these new features and obtain the training that is necessary to utilize Excel to its fullest potential. In particular, begin to consider how you can make the most of the new features discussed in this article – Flash Fill, Data Models, Improvements in Visualizations, and new Functions – to get better results in less time with Excel.
Attorneys for Sirote & Permutt, P.C. will be presenting on these and other tax topics in a series of seminars this year. For more information on the seminar series, contact Sirote attorney Ronald A. Levitt at rlevitt@sirote.com.
Mr. Stephens is a shareholder in K2 Enterprises, where he develops and presents continuing education programs to accounting, financial, and other business professionals. You may reach him at tommy@k2e.com.
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In the May/June issue of CONNECTIONS magazine, the name of Whitney Noell Roberson of Jacksonville State University was not included as an Accounting Achievement Award recipient. On page 23 Michael George was mistakenly identified as Chase Lewis, both of UAB. Our apologies for these oversights.
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