ASCPA Connections - May/June 2022 by Alabama Society of CPAs

M AY

M E M B E R S H I P/A N N UA L M E E T I N G I S S U E

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JU NE

2022

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

Inside the ASCPA

FEATURES 6

Meet Your New Favorite Membership Benefit

Message from ASCPA CEO, Jeannine Birmingham...................... 4

ASCPA launches auto renewal for membership dues

Message from ASCPA Chair, James Moody................................... 5

Member News................................ 24

BABC Salt Corner:

Five Important Tax Bills Cross the Finish Line Before Alabama Legislature Adjourns

Classifieds........................................ 26

ADVERTISERS in this issue: 14

2022 CPE Schedule

See the more than 50 programs available to all ASCPA members.

Meet Terry Sparks, CPA

Accounting BizBrokers................... 23 Accounting Practice Sales.............. 28 CPA Charge....................................... 2 BMSS................................................. 9 Classifieds........................................ 26

Recently named 2022 Outstanding Alumnus by Auburn University’s School of Accountancy.

@ALsocietyofCPAs

May / June

MESSAGE FROM JEANNINE

Accountancy, and Cristy Andrews, Warren Averitt, to the Alabama Securities Commission.

Legislative Session has ended, tax season 2022 has come to a close, and CPE is just heating up! We, the ASCPA team and leadership, are beyond excited to connect with fellow members this year and will kick off our year in a big way with Annual Member’s Meeting, June 14. More about this awesome event later. I would first like to highlight the legislative session. It was a surprisingly busy one given that 2022 is a statewide election year. ASCPA was successful in passing SB152, by Senator Dan Roberts, that created an allotment in the state income tax law to conform with the federal intent behind the income tax credit expansion within the American Rescue Plan Act. The bill provided that the reduction in the individual federal income tax deduction associated with the federal child tax credits, earned income tax credits, and child and dependent care tax credits for the tax year ending on December 31, 2021, be calculated as if the individual paid the federal income tax that would otherwise have been paid under the provisions of the Internal Revenue Code in effect on December 31, 2020. We were also successful in two Senate confirmations: Steve Smith, BMSS, to the Alabama State Board of Public 4

ASCPA Connections

New this month, please check out your new website, alabama.cpa. The new website is a robust membership portal to include a feature that many organizations already use, an autorenewal for membership dues. The new membership portal will allow many processes to streamline, and most of all it will make it simple for you to maintain your membership and CPE records and have no interruptions to your many member benefits. Just like your car insurance and your Netflix renew automatically, your ASCPA membership will, too. So, take one thing off your to-do list! We’ve got you covered. You can learn more about this on page 6. For the first time since November 2019, the ASCPA Board held a strategic leadership retreat facilitated by Jon Hubbard, with Boomer Consulting. Jon made twenty-one of us burn lots of brain calories as we consider future ASCPA initiatives. From pipeline issues to new forms of communications to ESG, ASCPA leadership is excited to roll our sleeves up and continue to work for the betterment of our profession and ASCPA members. Annual Meeting 2022; I just cannot say enough about how hard the ASCPA team has worked to plan a wonderful, “inperson” event. The program will feel a little bit different than in years past. First, we will meet at The Club, Birmingham; a beautiful venue that offers us plenty of space to park, network, and learn. Speaking of, the speakers and subject matter are incredible. You will hear engaging conversation from Dr. Steve Robbins who will make you laugh, or become emotional, but will certainly make you think. His story and unique leadership in diversity and inclusion

should not be missed. I am also very excited to have several of my professional friends join us including Bill Pirolli, AICPA Chair, Dr. Florence Holland, RSM, Paul Perry, Warren Averett and ASCPA Board Member, and others who will lead Annual Meeting sessions. Look for registration information on page 13 and online at alabama.cpa. Gearing up for such an exciting summer – Employee Benefits Workshop (May 20), Beach Clusters in Orange Beach (June 8-10), and Summer Education Conference in Gulf Shores (July 18-22) - we cannot wait to see you all! As always, a listing of our CPE course offerings can be found in the latter pages of this issue. As we continue to partner with organizations and create new offerings, we will post new courses to our website. Lastly, I would like to thank James Moody for his year of service as ASCPA Board Chair. It has been another challenging year of virtual meetings and halted events, but James has been a true champion for the ASCPA, our members, and the profession. I would also like to say that no leader has taken my breath away as James. (Sidenote: if James takes you spelunking, be prepared for the frigid water plunge.) You are appreciated James. I look forward to more years of working with you to make Alabama’s accounting profession sustainable and stronger.

MESSAGE FROM THE CHAIR

For many CPAs in public practice like me, we have finally arrived at our favorite time of the year. Busy season has ended, or at least, the busiest season has ended! This is a time of the year where we try to get caught up on things that need to be done, tackle important firm initiatives and client special projects, and take personal time to get caught up on house work and yard work, and my favorite – vacation. For the ASCPA, this means our busy time has officially begun. At the ASCPA, it is membership renewal time, fiscal year end, and the beginning of the 2022 CPE and annual meeting season (and much more). Our current and incoming board of directors and ASCPA staff met for a strategic planning retreat in April. I am thankful for our team of volunteer board members who give so much of their time and energy in service to ASCPA and its members. It is a blessing to work with such a diverse and talented group of leaders from all over the state, each with their unique perspectives and ideas. From the ASCPA staff to the board of directors, everything we do is for our members. We want to serve our members better this year than we did last year. In 2022, that means we’ve got to develop entirely new programs and initiatives to address the issues facing CPAs in Alabama today. As you can imagine, the CPA pipeline and other topics related to talent in our profession is one of the main areas of focus in the months ahead. To our members, I want to encourage you to get involved. There is room for everyone to serve, and each member

brings immense value in each discussion. There are opportunities to join committees, participate in local chapter events, and of course, CPE and education opportunities. No matter how young or old, or whether you are in public, industry, government, education, or even retired, we want to see you, hear you, and learn from you. I am confident that the more involved you are, the more value you will get from membership. As a side note, starting this year all ASCPA members are automatically members of their local chapter. Before I pass the Chair baton over to my friend Jon Heath, I have one final thought to share. When I was at Samford, each winter and spring there were a lot of jokes made about the green grass at the main entrance to the university. I’m still not entirely sure whether it was spray paint, fertilizer, or a winter grass seed. When you transition from being a student to a young adult, the “grass is greener” phrases start coming up a lot in both professional and personal situations. People often chase after the greener grass in new pastures. I am sure there are times that the grass really is greener, but often times we find that the greener grass was just an illusion.

forward to continuing to work alongside Jeannine, Jon, the ASCPA board and staff, and each of our members in the months and years ahead. I cannot wait to see you all at Annual Meeting on June 14!

I believe the grass is greener where you water it. Let us all be the kind of people who fertilize the ground where our two feet are planted. May we create an environment where others in our organizations can grow and thrive. May we find satisfaction not in our circumstances, but from within ourselves. It has been a great honor to serve the ASCPA as chair for the past year, and I look

May / June

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MEET YOUR NEW FAVORITE MEMBERSHIP BENEFIT: AUTO RENEWAL FOR DUES

ASCPA Connections

There’s a new member benefit in town! Auto Renewal for membership dues is finally here. Similar to Netflix, Amazon Prime, or car insurance, your ASCPA membership will renewal automatically – saving you time and preventing you from missing any of your favorite member benefits.

REASONS TO LOVE AUTO RENEW:

FREQUENTLY ASKED QUESTIONS ABOUT MEMBERSHIP RENEWAL: Q. What is the Alabama CPA PAC contribution? This is a voluntary contribution to the Alabama Society of CPAs Political Action Committee (Alabama CPA PAC). The PAC

- Make life simpler for members

effectively ensures that your profession’s best interests are

- Eliminate unintentional lapse of membership renewal

represented every year. It supports state legislators and

- Enjoy predictable budgeting

candidates who support CPAs and business interests. The PAC

- Members discounts with companies like Verizon, GE, Lenovo, UPS, HP, Office Depot, Harry and David, Priceline, and Omaha Steaks.

allows us to remain active, so we have direct access to lawmakers when legislative issues arise.

- Avoid interruption in access to all ASCPA member benefits, like: Q. How is my contribution to the ASCPA Educational Foundation used? The ASCPA Educational Foundation is a 501(C)(3) organization, which provides annual educational scholarships to accounting students who plan to become Alabama CPAs. Q. What happens if I don’t renew my membership? Your membership will be suspended on August 1, 2022, and you will lose all membership benefits. Your status as a member will be terminated Feb. 1, 2023. Q. Can I still be a member if my CPA certificate/license has lapsed or is registered as inactive with a state board of accountancy? Yes. However, if your certificate/license has been suspended or revoked, you are not eligible for ASCPA membership. As you learned in the last issue, dues for the 2022-23 year are consolidated into one fee and members will be offered 12 free hours of CPE. The ASCPA board unanimously voted to approve the restructuring. Chapter dues and membership dues are now one amount, allowing all members to be included in local activities and CPE. Chapter dues and member dues help support impactful university accounting scholarships, donations to local not-for-profits, participation in service projects and professional networking events.

Q. Who do I contact if I have questions about my membership, due, or if I would like to opt out of the auto renew option? Contact Bethany Booth, Membership & Peer Review Manager, at bbooth@alabama.cpa or 334.386.5751.

May / June

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Billing and Payments Best Practices for Accounting Professionals No professional service provider enjoys chasing after unpaid

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running your own business. However, if you adapt and are open to utilizing new ideas, you can greatly increase your firm’s receivables.

Offer Flexible Payment Options Despite the historical precedent of cash and check payments,

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solutions are steadily growing in both use and popularity.

Interview Clients Carefully and Thoroughly

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•

or cash.

Give the client a road map of important next steps and any issues that may arise. One of the most common

•

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don’t have a real grasp as to what happens next.

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Ensure the client understands the cost of your services

encourages them to pay on time.

and the firm’s expectation of payment. Be sure to explain to the client that any initial upfront payment isn’t the finalized cost of your services. •

The Takeaway Keep in mind: dealing with non-paying clients is part of the

Finally, since billing and payments involve multiple

job. There will be instances where you make the payment

moving parts, set aside time to talk through invoices,

process as easy and straightforward as possible and clients

schedules, and accepted payment methods.

still won’t pay. However, if you implement the changes

Be Timely in Your Billing

above, you’ll be in a position where dealing with nonpayment can be a little less painful and far less frequent.

Clients routinely complain that all too often, they receive bills months after the work is actually performed. By then, they don’t remember what you did and will be more hesitant to submit payment. If the work is fresh on their mind, however, they’ll be more willing to pay their invoice. Plan to bill clients around the same day every month for internal consistency and external predictability. Even better, aim to have your clients receive their monthly statements around the beginning of the month.

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BABC SALT CORNER

FIVE IMPORTANT TAX BILLS CROSS THE FINISH LINE BEFORE ALABAMA LEGISLATURE ADJOURNS 10

ASCPA Connections

BABC SALT CORNER

By the time you read this, the Alabama Legislature has adjourned and its members will have returned to their respective districts, with many resuming their re-election campaigns. While the primary focus of the 2022 Regular Session was on the recordsetting state budgets, permit-less carry of handguns, appropriating another tranche of American Rescue Plan Act (ARPA) money, and the perennial lottery/gaming issue, the Legislature also passed several important tax measures of statewide importance. We’ll focus on five of them here. Act 2022-37 (HB 231) – ARPA Relief: This act applies to individuals who received the federal child tax credit (including advanced payments received in 2021), or earned income tax credit and/or child and dependent care credit during 2021. Any taxpayer who claims one of these credits shall be deemed to have paid that amount for purposes of computing their federal income tax deduction for Alabama income tax purposes. But note this is only for the tax year ending December 31, 2021. The Alabama Department of Revenue (ADOR) issued helpful guidance, confirming that if a taxpayer had already e-filed their Alabama income tax return prior to the passage of the act, the ADOR will automatically adjust their return to take advantage of the enhanced FIT deduction. The ASCPA website also contains useful information about this act. Act 2022-53 (HB 82) – Small Business Relief and Revitalization Act of 2022: This act extends the due date for corporate income tax and financial institution excise tax returns to allow an additional month following the due date of the corresponding federal return, with applicable extensions, retroactive to all tax years beginning on or after January 1, 2021 (the ADOR may in its discretion allow an additional one month extension for tax years beginning on or after January 1, 2020, but prior to January 1, 2021). The additional one month filing extension from the federal due date was universally supported by the business community and professional associations, including the Business Council of Alabama (BCA), the Council On State Taxation (COST), and the ASCPA. The automatic one month filing extension was particularly warranted in response to the complexity created by the Tax Cuts and Jobs Act (TCJA), and the Coronavirus Aid, Relief and Economic Security (CARES) Act, among other recent federal tax changes. Gov. Ivey signed the bill into law on February 28.

In addition to the filing extension, the act extends the same treatment that Act 2021-1 granted for Alabama income tax purposes with respect to cancellation of indebtedness income and deductibility of expenses paid with loan funds under Section 1005 of ARPA for certain “disadvantaged ranchers and farmers.” It also excludes the otherwise taxable income in calculating the borrowertaxpayer’s federal income tax deduction. On an unrelated but important note for small businesses, the act also exempts the first $40,000 of otherwise taxable tangible personal property (based on fair market value) from the state ad valorem tax, and grants municipalities and counties the option to adopt the same exemption. Finally, the act raises the filing requirement for making monthly estimated sales tax payments from $2,500 to $5,000 in average monthly tax liability during the prior calendar year. Act 2022-252 (HB 391) – effective for tax years beginning in 2023, the annual minimum business privilege tax is reduced from $100 to $50; and for tax years thereafter, any business subject to the minimum tax is entirely exempt from the tax. The reduction and exemption from the minimum business privilege tax does not apply to any entities that are subject to the medical cannabis privilege tax under Ala. Code § 20-2A-80. The revenue loss to the General Fund is projected as $11.5 million next year and $23 million thereafter. Act 2022-297 (HB 163) – accomplishes several things for lower-income individuals. It increases the threshold for the maximum dependent exemption from $20,000 to $50,000; and the AGI floor for the optional standard deduction (SD) for taxpayers who are MFJ, head of family, or single increases from $23,000 to $25,000. Taxpayers who are MFS will see their minimum SD increase from $4,000 to $5,000 and their maximum SD increase from $7,500 to $8,500. For MFS, head of family, or single taxpayers, the minimum SD increases from $2,000 to $2,500 and maximum SD from $3,750 to $4,250. Even better news, these changes are retroactive to January 1, 2022.

exemption for distributions from pension/ defined benefit plans. The exemption is only up to $6,000 annually and only for taxpayers who are age 65 or older during the year of the distribution. And it’s not effective until 2023. The LSA projects this exemption will cost the Education Trust Fund about $29 million annually. If you have any questions about these important items of legislation, feel free to contact the authors, Bruce Ely or Will Thistle, or any other Alabama member of our SALT Practice Group. If you’re interested in learning more about recent Alabama tax developments/trends – not only legislative but judicial and administrative – and pending federal tax legislation and U.S. Supreme Court tax cases directly affecting the states, please attend the annual panel presentation led by Bruce and key ADOR officials as part of the American Institute on Federal Taxation in Birmingham (June) or his annual presentation in Tuscaloosa at the Federal Tax Clinic (November).

Act 2022-294 (HB 162) - finally, after numerous attempts in previous years, we will see a limited exemption for distributions from IRAs, 401(k)’s and other types of profit-sharing plans, in some semblance of parity with the total

May / June

June 13, 2022 7-10 PM Dread River Distillery Birmingham $100/ticket All proceeds will benefit the ASCPA Educational Foundation.

alabama.cpa/CasinoNight www.ascpa.org/CasinoNight

Join us June 14 for the 103rd Annual Meeting! The Club | Birmingham

GENERAL CPE SCHEDULE

Member Appreciation Series: May (MA1) Virtual 5/16/2022 (12:00PM-12:50PM) TBD | 1 Other ASCPA’s 2022 Employee Benefits Workshop (001) Virtual 5/20/2022 (8:15 AM-4:05PM) Various | 6 AA, 2 Other K2’s Technology Conference (TECH) Virtual 6/2-3/2022 (7:00AM-3:05PM) Various | 16 Other 2022 Accounting & Auditing Update for the Real World (003) Orange Beach 6/8/2022 (8:30 AM-12:00PM) Martin, Jim D. | 4 AA 2022 Preparation, Compilation & Review (SSARS Update for the Local Firm (005) Orange Beach 6/8/2022 (12:30PM-4:00 PM) Martin, Jim D. | 4 AA Securing a Comfortable Retirement (004) Orange Beach 6/8/2022 (12:30PM-4:00 PM) Frost, Michael A. | 4 TX Select Estate and Life Planning Issues for the Middle-Income Client (002) Orange Beach 6/8/2022 (8:30 AM-12:00PM) Frost, Michael A. | 4 TX Accounting in Uncertain Times: A Closer Look at Pandemic Accounting Issues (009) Orange Beach 6/9/2022 (12:30PM-4:00 PM) Martin, Jim D. | 4 AA

Conquering the New Leasing Standard - It’s Finally Here! (007) Orange Beach 6/9/2022 (8:30 AM-12:00PM) Martin, Jim D. | 4 AA Surgent’s Individual Income Tax Update (006) Orange Beach 6/9/2022 (8:30 AM-12:00PM) Frost, Michael A. | 4 TX Surgent’s S Corporation, Partnership, and LLC Tax Update (008) Orange Beach 6/9/2022 (12:30PM-4:00 PM) Frost, Michael A. | 4 TX 2022 Real World Ethics Update for All Practitioners (012) Orange Beach 6/10/2022 (10:30AM-12:10PM) Martin, Jim D. | 2 AA Maximizing Your Social Security Benefits (010) Orange Beach 6/10/2022 (8:30 AM-12:00PM) Frost, Michael A. | 4 TX The New Auditing Standards (SAS 142-145) - NEW (011) Orange Beach 6/10/2022 (8:30 AM-10:10AM) Martin, Jim D. | 2 AA ASCPA’s Annual Meeting (AM) Birmingham 6/14/2022 (7:35AM-3:15PM) Various | 2.5 Ethics, 4 Other Member Appreciation Series: June (MA2) Virtual 6/15/2022 (12:00PM-12:50PM) TBD | 1 Other

GO TO ALABAMA.CPA FOR NEW CLASSES AND MOST CURRENT INFORMATION. 14

ASCPA Connections

GENERAL CPE SCHEDULE

Summer Education Conference (SEC) Gulf Shores 7/18/2022 (8:00AM-3:30PM) Various | 6 AA, 4 TX, 10 Other Peer Review Update (013) Hybrid | Gulf Shores 7/19/2022 (12:30PM-4:00 PM) Brand, Michael L. | 4 AA 2022 Ethics Course for CPAs in Public Practice - A Case Study Approach (ETHPSEC) Gulf Shores 7/20/2022 (1:00PM-2:40PM) Oestriecher, Kurt G. | 2 Ethics 2022 Ethics Course for CPAs in Business & Industry- A Case Study Approach (ETHISEC) Gulf Shores 7/21/2022 (1:00PM-2:40PM) Oestriecher, Kurt G. | 2 Ethics Member Appreciation Series: Paychex (MA3) Virtual 7/26/2022 (12:00PM-12:50PM) TBD | 1 Other Governmental Auditing Update: Yellow Book & Uniform Guidance What You Need to Know (014) Virtual 8/10/2022 (8:30 AM-12:00PM) Galasso, Melisa | 4 AA Not-for-Profit Accounting Update (015) Virtual 8/10/2022 (12:30PM-4:00 PM) Galasso, Melisa | 4 AA Member Appreciation Series: August (MA4) Virtual 8/15/2022 (12:00PM-12:50PM) TBD | 1 Other

Buying and Selling a Business: Tax and Structuring Overview (016) Virtual 8/18/2022 (8:30 AM-12:00PM) Frost, Michael A. | 4 TX Succession Planning for the Small Business Owner: Finding the Exit Ramp (017) Virtual 8/18/2022 (12:30PM-4:00 PM) Frost, Michael A. | 4 TX Independence and Recent Developments in Professional Ethics (019) Virtual 8/19/2022 (8:30 AM-10:10AM) Brand, Michael L. | 2 Ethics Key Partnership and S Corporation Tax Planning Strategies (021) Virtual 8/19/2022 (12:30PM-4:00 PM) Frost, Michael A. | 4 TX Revenue Recognition: Identifying the Contract & Performance Obligations (020) Virtual 8/19/2022 (10:30AM-12:10PM) Brand, Michael L. | 2 AA Surgent’s Individual Tax Planning Ideas (018) Virtual 8/19/2022 (8:30 AM-12:00PM) Frost, Michael A. | 4 TX Critical Issues That CPAs in Industry Will Need to Face This Year (024) Virtual 8/25/2022 (12:30PM-4:00 PM) Hamilton, Marc | 2 AA, 2 TX Gaining a Competitive Advantage: Critical Skills for CFOs and Controllers (022) Virtual 8/25/2022 (8:30 AM-12:00PM) Hamilton, Marc | 4 Other

GO TO ALABAMA.CPA FOR NEW CLASSES AND MOST CURRENT INFORMATION.

May / June

GENERAL CPE SCHEDULE

Guide and Update to Compilations,Reviews, and Preparations (025) Virtual 8/25/2022 (12:30PM-4:00 PM) Brand, Michael L. | 4 AA Small-Business Accounting, Audit, and Attest Update (023) Virtual 8/25/2022 (8:30 AM-12:00PM) Brand, Michael L. | 4 AA Accounting in Uncertain Times: A Closer Look at Pandemic Accounting Issues (028) Virtual 8/26/2022 (12:30PM-4:00 PM) Martin, Jim D. | 4 AA Conquering the New Leasing Standard - It’s Finally Here! (026) Virtual 8/26/2022 (8:30 AM-12:00PM) Martin, Jim D. | 4 AA Technology Trends and Hot Topics Impacting the Accounting Profession (027) Virtual 8/26/2022 (8:30 AM-12:00PM) Hamilton, Marc | 2 AA, 2 Other

ASCPA’s 2022 Sales and Use Tax Workshop (031) Virtual 9/22/2022 (8:30 AM-12:00PM) Thistle II, William T. | 4 TX Maximizing Your Social Security Benefits (032) Virtual 9/22/2022 (8:30 AM-12:00PM) Frost, Michael A. | 4 TX Required Minimum Distributions: Compliance and Planning (033) Virtual 9/22/2022 (12:30PM-4:00 PM) Frost, Michael A. | 4 TX Advanced Trust Issues: A Roadmap for Success in an Increasingly Complex Area (037) Virtual 9/23/2022 (12:30PM-4:00 PM) Frost, Michael A. | 4 TX Controller/CFO Update: Hot Topics Facing Today’s Financial Professional (035) Virtual 9/23/2022 (8:30 AM-12:00PM) Hamilton, Marc | 4 Other

Member Appreciation Series: AON (MA5) Virtual 9/15/2022 (12:00PM-12:50PM) TBD | 1 Other

Planning and Strategy Formulation for Your Organization’s Financial Success (036) Virtual 9/23/2022 (12:30PM-4:00 PM) Hamilton, Marc | 4 Other

Common Yellow Book & Uniform Guidance Deficiencies (030) Virtual 9/20/2022 (12:30PM-4:00 PM) Galasso, Melisa | 4 AA

S Corporation Taxation: Advanced Issues (034) Virtual 9/23/2022 (8:30 AM-12:00PM) Frost, Michael A. | 4 TX

What’s Going on at the GASB (029) Virtual 9/20/2022 (8:30 AM-12:00PM) Galasso, Melisa | 4 AA

2022 Preparation, Compilation & Review (SSARS) Update for the Local Firm (040) Virtual 9/28/2022 (12:30PM-4:00 PM) Martin, Jim D. | 4 AA

GO TO ALABAMA.CPA FOR NEW CLASSES AND MOST CURRENT INFORMATION. 16

ASCPA Connections

GENERAL CPE SCHEDULE

Accounting & Auditing for Tax People Who Absolutely Detest Accounting & Auditing (038) Virtual 9/28/2022 (8:30 AM-12:00PM) Martin, Jim D. | 4 AA Peer Review Team Captain Part 1 (039) Virtual 9/28/2022 (8:30 AM-12:00PM) Brand, Michael L. | 4 AA 2022 Real World Ethics Update for All Practitioners (043) Virtual 9/29/2022 (10:30AM-12:10PM) Martin, Jim D. | 2 AA Peer Review Team Captain Part 2 (041) Virtual 9/29/2022 (8:30 AM-12:00PM) Brand, Michael L. | 4 AA The New Auditing Standards (SAS 142-145) - NEW (042) Virtual 9/29/2022 (8:30 AM-10:10AM) Martin, Jim D. | 2 AA ASCPA’s Financial Accounting & Auditing Conference (FAAC) Hybrid | Montgomery 9/30/2022 (8:00AM-3:30PM) Various | 8 AA Member Appreciation Series: October (MA6) Virtual 10/14/2022 (12:00PM-12:50PM) TBD | 1 Other Member Appreciation Series: Paychex (MA7) Virtual 11/17/2022 (12:00PM-12:50PM) TBD | 1 Other

ASCPA’s Governmental Accounting and Auditing Forum ATTENDING BOTH DAYS (GAAF) Hybrid | Montgomery 12/8/2022 (1:00PM-4:00PM) & 12/9/2022 (8:30AM-12:00PM) Various | 8 AA ASCPA’s Governmental Accounting and Auditing Forum DAY ONE ONLY (GAAF1) Hybrid | Montgomery 12/8/2022 (1:00PM-4:00PM) Various | 4 AA ASCPA’s Governmental Accounting and Auditing Forum DAY TWO ONLY (GAAF2) Hybrid | Montgomery 12/9/2022 (8:30AM-12:00PM) Various | 4 AA Member Appreciation Series: December (MA8) Virtual 12/15/2022 (12:00PM-12:50PM) TBD | 1 Other Member Appreciation Series: AON (MA9) Virtual 1/19/2023 (12:00PM-12:50PM) TBD | 1 Other Member Appreciation Series: February (MA10) Virtual 2/15/2023 (12:00PM-12:50PM) TBD | 1 Other Member Appreciation Series: March (MA11) Virtual 3/15/2023 (12:00PM-12:50PM) TBD | 1 Other Member Appreciation Series: April (MA12) Virtual 4/17/2023 (12:00PM-12:50PM) TBD | 1 Other

GO TO ALABAMA.CPA FOR NEW CLASSES AND MOST CURRENT INFORMATION.

May / June

ASCPA Connections

May / June

Terry Sparks, CPA, was named 2022 Outstanding Alumnus by Auburn University’s School of Accountancy.

Meet ASCPA Member Terry Sparks, CPA TERRY SPARKS graduated cum laude from Auburn University where he earned a BSBA in Accountancy in 1996 and subsequently, a Master of Accountancy in 1997 after which he sat for and passed the CPA Exam in Alabama. After graduation, Terry began his career with Coopers & Lybrand, just prior to its merger with PriceWaterhouse to form what is now PricewaterhouseCoopers LLP, or PwC. Terry’s entire career has been spent with PwC’s Birmingham office, with the exception of a sevenmonth transition to a financial services company in Washington, DC when Terry thought that his professional career might be a better fit outside of public accounting. Over the past 24 years, Terry has served PwC in a variety of roles – serving clients in multiple industries and capacities and leading PwC’s efforts to build its practice with public and private clients throughout Alabama and the Southeast. Terry has been a partner with PwC since 2011 and has served as the Managing Partner for PwC’s Birmingham and

Alabama practice since 2015. He has focused his efforts on growing PwC’s impact with clients across many industries and service lines. One of Terry’s key goals and points of recognition has been through his service as PwC’s Relationship Partner with Auburn where he has helped provide opportunities and connections with more than 300 students. Terry’s passion is to help students understand their opportunities, which allows them to drive their own careers and initiatives. Everyone’s path is different, but Auburn provides the gateway for all of us to stay grounded and realize our unique goals. Terry has also retained a passion for active engagement in community and civic affairs by serving on the Board of Directors and Finance Committee for Junior Achievement of Alabama, the Campaign Cabinet for the United Way of Central Alabama, and the School of Accountancy Advisory Council. He has also served as the Board Governance Chair for IGNITE Alabama, as the Treasurer for the Vestavia Hills School

Board Foundation, and worked with various recreational and church-based groups. Terry met his wife, Anne, at Auburn and they have been happily married since 2000 with four children (Auburn freshman, Palmer; 11th grader, Ethan; and 9th grade twins Campbell and Tate) and is joined this evening by his parents, Terry Sparks, Sr. (a proud Auburn graduate of 1962) and Jane Sparks. The School of Accountancy is especially grateful for Terry’s past and continued support. He is a true Auburn man and we are very proud to name him our 2022 Outstanding Alumnus.

May / June

MEMBER NEWS To better serve the communities in which employees live and work, BMSS has created a new service initiative which has been embraced by the CPA firm as well as its family of companies. BMSS Legacy’s mission is to provide time, talents and financial support to nonprofit organizations designed to aid individuals and families who are financially disadvantaged, lack access to basic health and human services, or are otherwise disadvantaged. Annual firm serve days, individual employee volunteer time and firm financial support will all be a part of BMSS Legacy. Here are some pictures from our recent BMSS Legacy Serve Day.

Manager Ryan Carter, CPA was recently selected as a 2022 NextGen in Accounting honoree by the Birmingham Business Journal. Throughout “Success Season” (BMSS’ renaming of busy season), employees will have the opportunity to participate in the health and wellness challenge, BMSS Take 30: Get Up and Move! As 30 minutes of daily, consistent movement has been scientifically proven to decrease stress, improve physical health and positively enhance mental abilities, this challenge is intended to get employees moving throughout the most stressful part of the work year. Participants are eligible to win weekly and monthly prizes.

Congratulations to Andrew Bailey and Kenny Crow, III on becoming the newest firm shareholders at Crow Shields Bailey. Andrew joined CSB in 2016 and has been instrumental in growing the firm’s tax expertise. Kenny has played a major role in fostering the firm’s collaborative approach since joining in 2018 and now serves as CSB’s Audit Line of Business Leader. 22

ASCPA Connections

Machen McChesney, a leading CPA, and Business Advisory firm, announces the promotion of Tracey Strickland, CPA, EA to Director of Tax Resolution and Tim Pierce to CFO & Value Growth Services Consultant.. Strickland has been employed with Machen McChesney since 2018. She specializes in IRS tax compliance and resolutions, state & local tax, and business tax. She received her B.B.A. in Accounting from Columbus State University. Pierce has been employed with Machen McChesney since 2019. He engages with business clients to maximize profits and grow business valuation using the CVGA® model combined with his extensive experience in private accounting. He specializes in budgets, cost control, bookkeeping, accounting software, and financial operations management. He received his B.S. in Accountancy from Auburn University. Machen McChesney is a business advisory firm with a history of Returning Value to its individual and business clients through proactive accounting, audit and assurance, business tax and advisory, business valuation, family and elder care, individual tax planning and consulting and outsourced bookkeeping services. From its headquarters in Auburn, AL., the firm is committed to returning value to its clients throughout Alabama and the United States. Machen McChesney is part of a family of services, including FocusPay Solutions (focuspaysolutions.com) and Wealth Management Services, and is a member of the BDO Alliance USA, a nationwide association of independently owned, high-quality local and regional accounting firms. Learn more at machenmcchesney.com.

Pearce, Bevill, Leesburg, Moore P.C. is pleased to announce that Karen Moore, Tony Raycraft, and Jeff Smith have been promoted to Principal. Karen Moore, CPA is a graduate of Auburn University and has over 20 years of experience in public accounting. Karen joined the Firm in 2002 and specializes in small business accounting, tax services, and estate planning. She currently serves as an Educational Foundation Board Member and Birmingham Chapter Advisor for the Alabama Society of CPA’s.

Tony Raycraft, CPA, CGMA is a graduate of the University of Alabama and has over 19 years of combined experience in both public and corporate accounting. He specializes in closely held businesses and high net worth individuals in a variety of industries including construction, real estate, and auto dealerships. Tony has received the Chartered Global Management Accountant designation. Jeff Smith, CPA, AEP is a graduate of the University of Alabama. He obtained his Master of Accountancy from the University of Alabama Birmingham in 1997 and joined the Firm in 2014. As an Accredited Estate Planner, Jeff concentrates his efforts on income, estate and trusts, tax planning, consultation, and compliance, with an emphasis on closely held businesses and high net worth families. “Each of these individuals have made a significant contribution in perpetuating and growing the Firm, maintaining and enhancing the Firm’s technical expertise, and driving client and staff retention,” said Carlos McDonald, Managing Partner. Pearce, Bevill, Leesburg, Moore, P.C. (PBLM) is a professional accounting firm established in 1981 and based in Birmingham, Alabama. With approximately 120 employees, including 19 partners and more than 90 professional staff, PBLM provides services to a wide array of clients in many industries including health care, real estate, construction, manufacturing, retailing, and professional services.

Silver Ships, Inc. announces the hiring of Rachael Smith, CPA, who joins the team as Controller to not only support the financial team, but to work alongside corporate and operations management. Smith brings a strong background of both public and corporate accounting to the role, with specific experiences in marine supplies and equipment sales, timber sales and ship services. Her industrial marine background also includes inventory management and internal and external communications with outside accounting firms. “Silver Ships is local, it’s dynamic, and it’s

MEMBER NEWS growing. This is a company I want to further expand and grow my career and serve on their team in making superb products,“ says Smith. “My primary goal is to be a strong contributor to the Silver Ships team by bringing additional accounting knowledge and experience to the company and further enhance their path in growth and success. I am 100 percent committed to their mission and goals and look forward to working with every member of the Silver Ships team and to draw on their years of knowledge and experience.” Smith is a native of the Mobile area and attended the University of South Alabama where she earned a bachelor’s degree in accounting and an MBA. Smith is a Certified Public Accountant through Alabama State Board of Accountancy. She holds the Chartered Global Management Accountant (CGMA) designation through the American Institute of Certified Public Accountants (AICPA) and is a member of both the American Institute of Certified Public Accountants and the Alabama Society of Certified Public Accountants professional trade organizations.

Smith Dukes and Buckalew LLP, a CPA firm with offices in both Mobile and Daphne, is pleased to announce the following promotions: Brooke Wooden, CPA was promoted to Manager; Joy Mothershed, CPA was promoted to Manger; Evan Cox, CPA was promoted to Manager; Miya Barnes, CPA was promoted to Manager; Audrey Price, CPA was promoted to Supervisor; Leigh Minus, CPA was promoted to Senior Accountant; and Connor Matherson was promoted to Senior Accountant.

WHAT’S HAPPENING OUT THERE BMSS is honored to be named by Accounting Today as a 2022 Firm to Watch and Regional Leader. BMSS is now the second largest CPA and Advisory firm in Alabama according to Birmingham Business Journal.

surveyed approximately 300 tax and accounting firms from all over the country and used those results to provide meaningful insights into the landscape of the accounting profession. Warren Averett was ranked #41 on the Top 100 Firms list. The firm placed at #3 as a Regional Leader in the Gulf Coast, which covers the states of Alabama, Florida, Louisiana and Mississippi. Lastly, the firm received the Top Tax Firm designation, further distinguishing the firm from other CPA and accounting firms throughout the firm’s local footprints.

Kassouf launched its app in February. The app allows clients to easily access some of the firm’s most popular services. “We are excited to offer a new and easy way to continue serving our clients. The Kassouf App is a testament to how our firm has grown and adapted over our 91-year-history,” said Kassouf Director and Shareholder Gerry Kassouf. The app is free and is available via the Apple App Store and Google Play Store. “At Kassouf, we use our rich history of excellent client service to propel our firm toward a bright future. Our app will allow us to improve our accounting and advisory services through innovative technology,” said Director and Shareholder Jonathan Kassouf. Learn more about the app and access resources at https://ww3.kassouf.com/app/.

Warren Averett CPAs and Advisors was recently named to three of Accounting Today’s lists for 2022. The firm has been named a Top 100 Firm, a Top Tax Firm and a Regional Leader. These lists are ranked by revenue, and showcase accounting firms that have seen growth and innovation during 2022 while also dealing with different issues and challenges as they navigated the ongoing staffing crunch in the accounting profession.

“It is an honor to receive these distinctions from Accounting Today,” said Mary Elliott, CPA, the firm’s Chief Executive Officer. “The past year has presented multiple challenges, but the Warren Averett team has risen up to not only meet but exceed all of them. I am so proud of what the firm has accomplished, and I can’t wait to see where this year will take us next, especially as we celebrate our 50th anniversary and look toward a future of excellence.”

Wilkins Miller, an accounting and advisory firm with offices in Mobile and Fairhope, has been named a “Regional Leader” in the Gulf Coast area by Accounting Today. Accounting Today’s “Top 100 Firms” is an annual ranking of the leading national and local firms that includes data analysis, as well as their chief executives’ take on the major issues facing their firms, and their strategies for success for 2022 and beyond. This year’s report highlighted the “Firms to Watch,” “Top 100 Firms,” “Top Tax Firms,” and the “2022 Regional Leaders.” Wilkins Miller rounded out the “Top Firms: Gulf Coast,” rankings out of firms surveyed in the Alabama, Florida, Louisiana, and Mississippi Gulf Coast regions. These firms posted the “third best average growth rate of any region” with “five [firms] reporting growth rates above 20%.” Wilkins Miller was the only firm headquartered in Mobile or Baldwin County to be named to the list. “Our firm is honored be named alongside so many impressive firms on the list,” Wilkins Miller Partner Allen Carroll said. “We strive to be a premier firm that offers exceptional service to the Gulf Coast area and it’s exciting to have that recognized.”

To determine the lists, Accounting Today

May / June

Refocus Regroup Retreat l

Pictured here are (top left) 2021 Board Chair James Moody and Board Chair - Elect Jon Heath; (top right) the group stopped for a photograph before one of the last brainstorming sessions began; (far left) James White, ASCPA Board Member; (left) Amanda Paul, ASCPA Board Member; (below) Jon Heath, 2021 Board Chair - Elect.

The ASCPA Board spent two days retreating to the Lodge at Gulf State Park for a Strategic Planning and Leadership Retreat. Working with Jon Hubbard with Boomer Consulting the group spent time discussing topics that have, are and will effect the Accounting profession. The group narrowed their focus on day 2 and established a plan for moving the ASCPA forward.

May / June

CLASSIFIEDS

SELLING YOUR FIRM IS COMPLEX. LET US MAKE IT SIMPLE. Accounting Biz Brokers has been selling CPA firms for over 17 years and we know your market. We have a large database of buyers ready to purchase. Our “Six Steps to Success” process for selling your firm includes a personalized, confidential approach to bring you the win-win deal you are seeking. Our brokers are Certified Business Intermediaries (CBI) specializing in the sale of CPA firms. We are here to help you navigate through the entire sales process – from marketing to negotiating, to closing and successfully transitioning the firm. Contact us TODAY to receive a free market analysis. Listings: NEW: East Memphis Suburb $900k; W Middle TN $318k; Knoxville 600k-SALE PENDING; Memphis Gross $708k - SOLD; Bartlett, TN Gross $550k-SOLD; Huntsville Gross $200k-SOLD; NE MS Tax & Bookkeeping Firm Gross $850k-SOLD. Kathy Brents, CPA, CBI Kathy@AccountingBizBrokers.com Cell 501.514.4928, Office 866.260.2793 Visit us at www.AccountingBizBrokers.com

YOUR PRACTICE WANTED Thinking about selling your practice? Accounting Practice Sales delivers results, bringing you the best price, optimal terms and a buyer who represents an ideal fit for your clientele. Contact us today for a confidential discussion. Our current listings include: •

Near Tuscaloosa & Birmingham CPA grossing $55,000 * New *

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Northwest of Birmingham CPA grossing $315,000 * Available *

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_ outh of Birmingham (Shelby County) CPA grossing $150,000 S * Available *

•

Cullman County CPA grossing $340,000 * Sold *

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Baldwin County CPA grossing $245,000 * Sold *

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Nashville area accounting and tax practice grossing $180,000 * Available *

•

Nashville area audit and review practice grossing $30,000 *Available*

For more information on these listings or to sell your practice, contact Lori Newcomer, CPA and Tim Price, CPA at (888) 553-1040 or PNgroup@APS.net, or visit www.APS.net.

ASCPA Connections

Sponsorship OpportunitieS Supporting Your Pipeline

One sponsorship supports Three events

Casino Night | June 13, 2022 Dread River Distilling Company - Birmingham, AL

Emerging Leaders Conference | November 4, 2022 TBD - Birmingham, AL

ASCPA Charity Cornhole Tournament | November 5, 2022 Avondale Brewing Company - Birmingham, Alabama Contact Zack Camerio at zcamerio@alabama.cpa for more information.

May / June

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ASCPA Member

ASCPA Connections - May/June 2022

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Accounting BizBrokers

Jeannine Birmingham