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Sarah Propper, Chair
Paul Perry, Chair Elect
Cathy Dover
Jennifer Forrester
Bruce Fryer
Matthew Hilburn
Kendra James
Brian McLeod
Jeremy Mosteller
Amanda Paul
Rob Pearson
Joseph Wynn
Dennis Sherrin, AICPA Council Rep
Jamey Carroll, AICPA Council Rep
James White, Jr., Past Chair
CHIEF
Bruce P.
John Garrett, CPA
Amber Higgins
Chuck Jordan, CPA
Natalie Rooney
William T. Thistle,
Greetings and Happy Fall! I hope this message finds you well and enjoying the crisp fall weather.
Over the past year, I’ve discussed the accounting pipeline issues at length, working alongside many others to explore potential solutions. Now, as a valued member of the accounting profession, it’s your turn to share your thoughts on two important drafts that could shape the future of our field.
Proposed Changes
to the Uniform Accountancy Act (UAA)
On September 30th, the AICPA and NASBA introduced proposed amendments to the Uniform Accountancy Act (UAA). This evergreen document serves as a national model for state boards and societies, offering consistency in professional standards while allowing flexibility for individual jurisdictions. This uniformity is critical in maintaining the high professional standards that individuals, businesses, and governments depend on. It also enables CPAs to practice nationwide with just one state license.
The proposed changes to the UAA include:
• Facilitating the adoption of an additional Competency-Based Experience Pathway.
• Protecting seamless interstate practice for CPAs.
• Specifying the education requirement to sit for the CPA Exam.
• Clarifying the process by which a CPA can practice under mobility.
Competency-Based Experience Pathway
This proposal, which was introduced in a separate exposure draft, aims to assist CPA candidates in meeting licensure requirements. The initiative provides an additional pathway to licensure without replacing existing ones. Instead, it responds to market changes and expands opportunities for the next generation of accountants.
Under the Competency-Based Experience Pathway, candidates would demonstrate their competency in both professional and technical areas. Professional competencies include ethical behavior, critical thinking, and effective communication, while technical competencies offer options in audit and assurance, tax, and financial reporting. Candidates would still be required to earn a bachelor’s degree, complete one year of professional experience, and pass the CPA Exam.
Your Role in Shaping the Profession
Both drafts are crucial in addressing the accounting pipeline challenge. However, for these proposals to be fully adopted, we need feedback from professionals across the field. Whether you work in education, public practice, business, industry, government, or not-for-profit, your input is vital. We want to ensure the UAA reflects the realities of evolving practices and state-level changes, including here in Alabama, and that the profession is on the right track with a competency-based learning model.
Key Deadlines:
• Comments on the CompetencyBased Experience Pathway are due by December 6, 2024.
• Comments on the proposed UAA changes are due by December 30, 2024.
For more information, including links to the drafts and comment forms, visit alabama.cpa.
Beneficial Ownership Reporting
Shifting to another important issue—Beneficial Ownership Reporting—the Alabama State Board of Public Accountancy and the ASCPA are working together to submit a request to Alabama’s Attorney General. The request seeks an advisory opinion on whether assisting with the preparation of BOI reporting documents and offering related advice constitutes the practice of law. Given the potential legal implications, we believe an AG opinion would be invaluable in guiding Alabama CPAs and their clients through this complex issue.
CPE 2024 and Upcoming Events
As we wrap up another successful CPE season, we want to thank everyone involved—especially our dedicated speakers, many of whom are ASCPA members. We have more events lined up for the remainder of 2024, including the Governmental Accounting and Auditing Forum. All conferences and educational opportunities can be found at alabama.cpa/cpe..
Thank you for your continued support of ASCPA and the accounting profession. If you have any questions or suggestions, please don’t hesitate to reach out to me at jbirmingham@alabama.cpa.
Wishing you and your loved ones a happy holiday season.
As we approach the October 15 tax deadline, our office is bustling with activity. Everyone is working hard to meet our clients’ needs while striving to maintain a healthy worklife balance. It’s 6 PM, the sun is setting, and there’s a chill in the air—signs that fall has arrived. I love this season: cooler weather, football on TV, and the excitement of the approaching holidays, both for kids and adults alike.
This time of year is also when we start thinking about ways to improve practice management. During busy periods, grand ideas often surface: “Next year, I’m going to do this differently,” or “We should implement that system.” But instead of waiting for the rush, we should be planning throughout the year to ensure smooth operations when things get hectic. I know it’s difficult—when the pace slows down, it’s tempting to take it easy. And you should! Everyone deserves a break. But I encourage you to keep evolving and planning, even during the slower periods.
Fall is the season for “Meet the Firms” events, and if you’re scrambling last minute, it’s likely due to a lack of planning. Imagine if you had prepared during the summer, identifying who would attend, reaching out to key contacts, and updating marketing materials. That way, when it’s time to visit colleges, you’re ready to impress students and attract top talent to your firm. If you’ve been eyeing new AI or practice management software, now is the time to act (or ideally, a few months ago). Implementing new technology during busy season is a recipe for frustration. How many times have you rolled out software in January or February, only to find that no one has the bandwidth to learn it? Implement and refine it now, so your team is well-versed before peak season hits.
After every tax season, I love to hold a “what went right and what went wrong” meeting with the entire team—from staff accountants to senior managers. Everyone’s feedback is valuable. In my 25 years in public accounting, one thing I’ve learned is that change is constant. Embracing change, especially if it improves productivity, is key. These postseason reviews allow us to refine processes and stay ahead of the curve. Don’t wait until year-end reviews to check in with your staff. Regular monthly or quarterly meetings can make a world of difference. Use these checkins to discuss goals set earlier in the year, address any roadblocks, and adjust plans as necessary. These ongoing conversations help align individual aspirations with the firm’s objectives, creating a more supportive and productive environment. Let’s face it— nobody enjoys billing and collections, but
it’s a critical part of running a business. Are there clients who are behind on payments? Do you need to reevaluate how you handle non-paying clients? Take time to review your billing and collections procedures, ensuring they’re effective and efficient. After all, no one wants to work without being paid.
The common theme here is planning. I once took a class that used a quadrant system to illustrate different zones of productivity. The “red zone” represents crisis mode, where you’re constantly putting out fires, while the “green zone” signifies a state where everything is running smoothly because of proper planning and processes. Although living permanently in the green zone isn’t realistic, proper planning ensures you spend less time in the red.
So as the days grow shorter and the weather cooler, take a step back and assess all aspects of your practice management. Reach out to your younger employees too— they might have fresh ideas that help move you closer to the green zone.
Wishing you all a successful season and happy holidays!
Sarah pictured here at AICPA’s Fall Council meeting in Atlanta with AICPA Council Representative Dennis Sherrin, Past ASCPA Chair James White, Jr., ASCPA ChairElect Paul Perry and ASCPA President and CEO Jeannine Birmingham.
WE WALK THE TALK.
CAMICO knows CPAs, because we are CPAs.
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CAMICO’s Professional Liability Insurance policy addresses the scope of services that CPAs provide.
Includes unlimited, no-cost access to specialists and risk management resources to help address the concerns and issues that you face as a CPA.
Provides potential claim counseling and expert claim assistance from internal specialists who will help you navigate the situation with tact, knowledge and expertise.
Does your insurance program go the extra mile? Visit www.camico.com to learn more.
We have a list of CPE FAQs on our website which address accessing your ASCPA account, logging into a CPE course, and finding your transcript. There is also a section on surveys, which must be completed within seven days after a course in order to process CPE certificates.
Questions? Visit our FAQ page at: alabama.cpa/cpe-faq
See the latest course offerings any time at alabama.cpa/CPE.
December 9-11
Office of Alabama Society of CPAs
Don’t miss this annual conference hosted by ASCPA! Whether attending in-person or via live webcast, this year’s conference is sure to be another can’t-miss event.
Hear from a powerful slate of speakers, to include a four-person panel session focusing on pipeline issues and unique ways to operate with a shortage of accountants. Participants will also hear from experts on topics such as ChatGPT, AI and Data Analytics Application in Governmental Accounting.
Register by November 15 to take advantage of an early registration discount!
Governmental Accounting and Auditing Forum (GAAF)
Virtual and In-Person 12/9-12/11/2024
Various | 16 Various
Federal and State of Alabama Tax Update
Virtual 12/12/2024 (8:30 AM-4:30 PM)
Jim Martin | 8 Tax
Learn more at alabama.cpa/GAAF.
Update on a Tax Malpractice Suit that May Sound Too Familiar
By Bruce P. Ely and William T. Thistle, II
Our readers may recall our column in this magazine last Fall involving a SALT malpractice suit filed against a North Carolina CPA firm by its former client, Vista Horticulture, Inc. d/b/a Eden Brothers. If you or your spouse are gardeners, you may know the company as an online seller of flower bulbs and seeds, etc. to customers all over the country.
The plaintiff sued the CPA firm and one of its partners individually for allegedly breaching their professional duty to warn the company that its practice of collecting sales tax from customers only where it had “physical presence nexus” (i.e., North Carolina) should have been scrapped in light of the U.S. Supreme Court’s landmark 2018 decision in South Dakota vs. Wayfair, Inc. There, the Court told us that from now on, a vendor should collect/ remit sales tax or seller’s use tax from customers in any state where the vendor has “economic nexus.” That is generally understood to include a state where your client has a certain number of sale transactions and/or dollar volume of sales annually – even if its employees never set foot in that state and even if all deliveries were by common carrier.
We covered these issues and offered some general cautionary advice in our recent sales/use/rental tax webinar for the Alabama Society of CPAs.
After the parties failed to settle their grievances through mediation, the North Carolina Business Court recently dismissed one claim against the CPAs on summary judgment, but ruled that the other two claims should be set for a jury trial. The Judge rejected the argument that the CPA firm owed a fiduciary (trustee-like) duty to the client, but concluded the claims involving professional negligence and breach of contract were viable. This is a classic case where the engagement letter was expressly limited in scope to income tax advice/return preparation and some property tax advice, but the CPA firm also apparently dabbled in the sales tax realm for the client and allegedly should have specifically warned the company about Wayfair He ruled that “viewing the evidence in the light most favorable to [Eden Brothers], a factfinder could reasonably conclude that the [CPA firm and tax partner] agreed to provide services beyond the scope of the … engagement letter.”
There is a lot of finger-pointing back and forth in this case, so this will make for an interesting jury trial if the parties don’t settle in the meantime. If you’d like a copy of the Business Court ruling or the complaint and answer, or would like to discuss the implications of this ruling on your firm [off-line and with the attorney-client privilege in place], please email one of us at bely@bradley.com or wthistle@bradley.com. © November 2024. Bruce P. Ely/ William T. Thistle, II. All rights reserved.
Year End Tax Planning in a Year of Uncertainty
As I am writing this article I have had two significant changes in my life. The first being my retirement on September 15, 2024, to take care of my ailing wife. I told Jeannine and Megan upon my retirement that I would revive “Zoebelein on Tax.”
Early Friday morning October 4, 2024, came the second change as my wife of 52+ years passed. This article is a tribute to her.
This is really a very difficult time for our clients’ year-end tax planning with the presidential election only weeks away. Will we be looking at significant tax changes in 2025? No matter which candidate wins this November, our only hope is that we have a Congress that will carefully consider each presidential tax proposal. 2025 will be a time for planning the sunset of TCJA provisions which were mostly favorable to taxpayers.
2024 Tax Planning
OPZONE
It is not too late to consider investing a 2024 capital gain in an OPZONE. The benefit is the depreciation deduction through the holding period without any recapture. The basis in the asset is equal to the sale price; therefore, no gain resulting in no recapture. Those invested in OPZONE may consider paying off the deferral as it is the tax rate when the tax deferred is due not the rate at the time the capital gain was created. Tax loss on the OPZONE investment can be recognized by electing out of the OPZONE provision that creates no gain or loss. One last note, the deferral of the tax is not required to still get the 10-year holding benefit.
ENERGY PROVISIONS
§179D
One energy tax provision that I believed is overlooked by our architects, engineers, and builder clients is the §179D depreciation deduction for designing and or building energy efficient commercial buildings for nontaxable and governmental entities. This group of nontaxable entities can transfer the benefit among the architect, engineer or the builder for the design and execution of the energy efficient building. The energy systems qualifying are the building envelope, HVAC & hot water, and building lighting. This deduction
be as much as $5.00 per square foot of the building. It is important that the client get an allocation of the §179D deduction, as it is usually first come first served. Normally the building owner would have to reduce his basis by the deduction, but not with the nontaxable entities §179D deduction.
Home Energy Provisions
The home energy credit is 30% of qualified energyefficient expenses subject of the limits below:
• HVAC up to $2,000
• Doors $250 per door up to $500
• Windows $600
• Home energy audits $150
Home improvements at 30% with no cap are as follows:
• Solar electric panels
• Solar water heaters
• Wind turbines
• Geothermal heat pumps
• Fuel cells
• Battery storage technology
Electric Vehicles
The credit is up to $7,500. The list of qualifying vehicles is ever changing so go to Fueleconomy.gov for the latest listing. There is a price cap of MSRP of $80,000 for Vans, SUVs, and Pickup Trucks. For other personal new vehicles, the limit is $55,000, while used vehicles are capped at $25,000. This year the credit can be transferred to the dealer for a more instant benefit. There are also modified adjusted gross income limitsnew $150,000 for individuals & MFS, Head of Household is $225,000, and MFJ is $300,000. For used EVs, the AGI is $75,000, $112,500, $150,000 in the same order as the groups above.
Bonus Depreciation
The bonus depreciation Is 60% for 2024 and 40% in 2025 (maybe). Keep in mind, in cases of mixed business and personal use the business % for 2024. If the business use goes down in 2025 forward, the 2024 bonus is not subject for recapture due to business use dropping.
Replacement Property
When replacing equipment or building systems, don’t forget the removal cost of the item being replaced. If you don’t know the original cost of the item being replaced, you can use the current replacement cost. You can use the US Producer Price index to approximate the cost. Use the index in the year the item was acquired originally compared to the index in 2024. You then depreciate to the current period and the NTV is your deduction. This is especially helpful if your client records have a category building. I have a simple excel model that I can send you by emailing info@alabama.cpa.
Other Items to Consider
• IRA Limits contributions up to $7,000 and $8,000 for those 50+.
• HAS Limits individual coverage $4,150, Family $8,300, over 55 the limit is $9,300.
• 529 Plans Limits $18,000, joint $36,000.
• Can be converted to a Roth this year.
• Consider Roth conversions if you feel tax rates are going up.
• Employee Retirement Plan limits for 2024 are $23,000 and $30,500 for those 50+.
• Remind your clients 73+ to make their RMD before 12/31/24.
• Gift limit is 18,000; joint gifts $36,000.
• For the next two years you may want your income in the current year and the expenses in 2025 & 2026 if you expect a tax rate increase in 2025 after the election.
Hurricane, Wind, Flooding, & Tornadoes in 2024
The current storm damage, if in an area declared a federal disaster, can qualify for a tax deduction. Under IRC §1033, if you received insurance proceeds you can delay recognition by making election to not recognize a gain in the year of the loss. You then have the balance of 2024 and two full tax years to make the replacement property in some circumstances, and an extension to make the replacement if you ask for that extension to file before the end of the two-tax year period. Under certain circumstances there can be both a deferral and an involuntary conversion lost. I saw this duality often with timber storm damage. Note this code section also covers involuntary conversions without a declared disaster, such as a city taking some property to widen a road.
Estate Planning
It is time to talk to your wealthier clients on planning to use their estate exemption of $13.61 million for single, and $27.22 million for married persons. It may fall to $5.6 million in 2026.
2025 Planning
1/1/2026 under present law TCJA provisions will sunset. This makes both 2024 and 2025 Year-end planning critical.
Here is why:
• Tax rates will go up with the tax bracket returning to 39.6%.
• Standard deduction will be half of what it is today.
• Alternative minimum tax exemption will return to pre TCJA levels.
• The qualified business deduction of 20% will disappear.
• Bonus depreciation will go to zero after 2026.
• When I was first practicing, the dividend tax rate was the same as the individual tax rate which means S corporation with E & P may want to consider electing to treat the E & P as dividends to take advantage of the current rate.
On the positive side:
• Itemized deduction will return for many with the state and local cap gone.
• The business interest and business loss limitations will be gone.
• The $2,000 personal exemption will return as will the phase out.
Absent any future legislative changes, the C corporation 21% rate was made permanent. This may make us rethink pass-through status going into 2026.
I hope this has been of some help in your year-end planning.
Thomas Zoebelein, CPA Director of Tax Research-Retired Pearce Bevill Leesburg Moore PC
The Future of Practice Management:
Moving from Task-Based Management to People-Centric Leadership
By John Garrett
In June, I had the privilege of delivering the opening keynote at the Alabama Society of CPAs’ Annual Members Meeting, where we explored the concept of valuing the worker as much as we value the work. As the demands on CPA firms evolve, it’s crucial that leaders move beyond task-based management and embrace a more human approach. People-centric leadership is not just a trendy phrase—it’s the future of practice management, one where we recognize the importance of fostering authentic relationships with our teams. In today’s competitive landscape, employees want more than a paycheck; they want to feel seen, valued, and connected to others at their workplace.
Task-Based Management vs. People-Centric Leadership
Historically, CPA firms have operated on a task-based management model. Efficiency and billable hours are the benchmarks of success, and many leaders have focused solely on ensuring deadlines are met and workloads are efficiently managed. Today’s professionals are looking for more from their leaders.
People-centric leadership shifts the focus from tasks to the individuals doing those tasks. This means taking time to understand your team members on a deeper level, not just as CPAs but as human beings. Employees are not just resources to be maximized; they are individuals with unique interests, values, and experiences – both in and out of work. This shift is especially important as we enter an era where AI and automation are taking over many of the transactional tasks that once defined the profession. What will differentiate firms in the future is not how well they manage tasks, but how well they lead and develop people holistically.
Fostering an Environment Where Team Members Feel Valued
One of the key aspects of people-centric leadership is creating an environment where employees feel valued—not just for their technical skills but for who they are beyond their job title. This is where the philosophy of What’s Your ‘And’?TM makes a difference. In my keynote, I encouraged CPAs to reflect on the other aspects of their lives that, when added together, make them who they are. Whether it’s being a musician, a volunteer, or a runner, these personal interests contribute to a richer, more engaged employee.
Leaders can foster this type of culture by encouraging team members to share their personal passions and by making space for those interests in the workplace. This could be as simple as incorporating team-building exercises that allow individuals to highlight their non-work identities—think of it as Show and Tell—or as structured as implementing flexible work policies that acknowledge the importance of these outside of work aspects. A firm’s leadership sets the tone, and when leaders show interest in their employees’ personal lives, it creates a stronger sense of belonging and loyalty within the team.
CPA firms can also implement initiatives like internal mentorship programs or regular check-ins that focus not just on job performance but on personal growth and fulfillment. These conversations go a long way in showing employees that they are more than just billable hours—that they are valued for their whole selves.
The Benefits of People-Centric Leadership
Simply put, if your people are living their best lives, they’ll be doing their best work. As someone who has coached leaders in a variety of industries, I’ve seen firsthand how transformational this shift can be. Firms that embrace people-centric leadership report stronger team cohesion and higher morale. They also become more attractive to top talent, as professionals today seek workplaces where they can thrive both personally and professionally.
Furthermore, people-centric leadership enables firms to better navigate challenges, such as the growing role of technology. As AI continues to reshape the accounting profession, it’s the human skills—empathy, creativity, collaboration—that will set firms apart. Leaders who invest in their people will be best positioned to adapt to these changes.
The Call to Lead Differently
As the accounting profession continues to evolve, it’s essential for leaders to shift their mindset from task-based management to people-centric leadership. This isn’t just about improving firm performance; it’s about creating workplaces where people feel they belong. When leaders make the effort to understand and support their teams on a personal level, they build stronger firms full of more engaged, fulfilled employees.
In this chronically busy world, we often focus so much on doing that we forget the importance of being. Let’s make sure that as we move forward in the profession, we take time to connect with the humans behind the job titles. I promise you that when people feel seen and valued, firms flourish.
Through his speaking, coaching, and facilitating, John Garrett helps organizations create genuine human connection in order to attract and retain engaged talent. His award-winning book What’s Your “And”?: Unlock the Person Within the Professional was named a Distinguished Favorite by the Independent Press Awards. John enjoys going to concerts, watching college football, and eating cookie dough ice cream. Learn more about how he can help at www.TheJohnGarrett.com.
Congratulations to Alabama’s newest CPA Licensees
The following individuals have successfully passed all four parts of the CPA exam - Congratulations!
Stewart Stevenson Baker, Anniston
Joseph Wilson Benton, Dothan
Emily Forsman Blackwell, Trussville
Lance Keith Carpenter, Northport
Manuel Bolivar Cedeno, Mobile
Casey Douglas Corbett, Sheffield
Richard Powell Crane, Kingwood, TX
Ashley N Dothard, Birmingham
Hayden Thomas Ford, Montgomery
Christine Forsythe, Lexington
Jonathan Paul Gareri, Mobile
Katherine Harriett Green, Birmingham
Owen Elizabeth Hicks Hooper, Birmingham
Robert DylanKemper, Mobile
Mia Jo Lyons, Dothan
Nicholas Thomas Michel, Birmingham
Shanna Miller North, Little Rock, AR
Jackson Reed Mitchell, Florence
Eric Michael Negangard, Auburn
Scott Jacob Oliver, Auburn
Elizabeth G. Radke, Lynn Haven, FL
Traci Lynn Rowland Shepps, Bremen
Zachary Harrison Ward, Huntsville
Grace Garner Wright, Auburn
These individuals completed their fourth-and-final part of the CPA exam between Aug. 1 - Sept. 30, 2024.
In early 2024, the Alabama Society of CPAs launched a new event, Balance Sheet Bash, to promote diversity in the accounting profession across the state. Held in Birmingham, Montgomery, and Huntsville, the event attracted more than 200 students and professionals, and featured representatives from leading organizations such as AICPA, ASCPA, Becker, EY, KPMG, PwC, and more.
Attendees had the opportunity to network with firm representatives, engage with dynamic speakers, and build meaningful professional connections.
Looking ahead, the Alabama Society of CPAs is excited to continue fostering diversity within the accounting field, with plans already underway for the next Balance Sheet Bash in January 2025.
Sponsors we need your help to make this event another success. We are looking for sponsors and exhibitors to host tables, interact with students, and play a key part in our facilitated speed mentoring session.
The event will take place in Huntsville on January 28, Birmingham on January 29, and Montgomery on January 30.
Whether you’re a student or a sponsor, we’d love to have you join the elite group of sponsors already confirmed, and listed below. For more information, please contact Caroline Hale, Director of Pipeline Strategy, at chale@alabama.cpa.
Quality Management and Peer Review
By Chuck Jordan, CPA
In June of 2022, the Auditing Standards Board issued standards requiring all firms performing auditing and accounting engagements to implement a system of quality management (QM) for their accounting and auditing practice no later than December 15, 2025.
Why is the implementation date for this standard more than two years after its issuance?
A lengthy implementation period often indicates that the standard requires substantial learning and preparation, as is true for the QM standards. If your firm has not started working on designing your QM system, you are already behind in the process. Implementing QM will require much more than a copy and paste from the standards or resource materials. Each firm is required to customize the design of, implement, and have an operational QM system in place no later than December 15, 2025.
A&A firms have long been required to have a quality control (QC) system, but now firms are required to transition to a QM system. QC is a policy-based approach with a periodic assessment of results. QM requires a risk-based approach that includes proactive and continual remediation and improvement. QC Sec. 10 identifies six elements of quality control, whereas QM, SQMS No. 1, identifies eight components. QM enhances and expands on components from QC Sec. 10 and adds 1) a risk assessment process and 2) an information and communication process. Designing and implementing a QM system will be much more than tweaking your existing QC system.
Firms undergoing a system review should anticipate receiving a non-pass peer review report if they do not design, implement, and operate their QM system adequately and on time.
There are numerous resources available to firms to support QM implementation. A few are listed below:
Mapping between SQMS No. 1 and SQCS No. 8, as amended https://www.aicpa-cima.com/resources/download/ crosswalk-sqms-1-sqcs-8
Free practice aids: Set up your A&A quality management system
https://www.aicpa-cima.com/resources/download/freepractice-aid-set-up-your-a-and-a-quality-managementsystem
Firm checklist to guide your quality management system
https://www.aicpa-cima.com/resources/download/firmchecklist-to-guide-your-quality-management-system
New Quality Management Standards Webinar Series
https://www.aicpa-cima.com/cpe-learning/webcast/newquality-management-standards-webinar-series
Firms should consider engaging a consultant to assist with the implementation of QM. But, keep in mind, if your peer reviewer assists with your QM design and implementation, they will not be independent to perform your following peer review, and you would need to find another peer reviewer.
PARTNERS IN PEER REVIEW
The Partners in Peer Review Program, a division of the Alabama Society of CPAs, is an educational and remedial peer review program designed to help CPAs improve the quality of their practice and administers the AICPA Peer Review Program in Alabama, Mississippi, and Arkansas. By assisting firms in scheduling a review, selecting a reviewer, and finalizing firms’ reports through the committee acceptance process, the program serves as a resource to more than 800 firms across three states.
Our Partners in Peer Review program attended the AICPA and CIMA Peer Review Conference in August at the Grand Hyatt Denver. Attendees (pictured below) included committee members and technical reviewers.
The conference included a partial day of optional sessions like Employment Benefit Plan Audits MustSelect Update and Engagements Under Governmental Auditing Standards, then officially kicked-off with an AICPA update by AICPA CEO – Public Accounting, Sue Coffey, and member of the AICPA Board of Directors, Lexy Kessler.
Chuck Jordan, CPA Director of Peer Review, Professional Standards Partners in Peer Review
Pictured above, front row (L to R): Ashley SellersPartners in Peer Review Senior Director, PR Operations; April Boudreaux, CPA- Smith-Dukes – AL; Sue Talkington, CPA – Landmark PLC CPAs – AR; Robin Scott, CPA – Landmark PLC CPAs – AR; Sherry Chesser, CPA – Landmark PLC CPAs – AR.
Pictured above, back row (L to R): Kerry Weatherford, CPA – Smith Dukes – AL; Karen Wagner, CPA –GranthamPoole CPAs – MS; Jason Miller, CPA- Anglin Reichman & Armstrong PC – AL; Kevin Humphries, CPA – technical reviewer – HH Financial, PLLC – VA; Mike Brand, CPA – BMSS- AL; Chuck Jordan, CPA – Partners in Peer Review - Director of Peer Review, Professional Standards.
Flipping the Script: How CPAs Can Rewrite the Profession’s Story
While an accounting career can lead to exciting, rewarding work, too often the profession’s negatives get highlighted. Here’s how CPAs change the narrative and tell a better story to support the talent pipeline.
Last year, the Chicago White Sox wanted to hire an accounting manager. A first attempt netted 50 resumes but zero qualified applicants. The job was posted again, and the team finally landed a great candidate, but Mallory Penn, CPA, senior director of accounting for the White Sox, admits she was getting nervous. “I was a little surprised that we weren’t batting people away,” she says. “We’re a professional sports team—I thought we’d get hundreds of resumes!” So, if a professional sports team is struggling to attract accounting talent, what does that mean for everyone else? Neema Parikh, recruiting manager at Topel Forman, says the stakes are high as the pipeline for qualified candidates becomes more condensed: “The pipeline remains the profession’s biggest hurdle, and it trickles up— from entry-level recruits to experienced professionals. We need to help people understand that this is an amazing profession to come into and then stay in.”
Recognizing these concerns, the newly formed National Pipeline Advisory Group released its “Accounting Talent Strategy Report” in July 2024, detailing six strategies to help address the accounting talent shortage. Among the strategies—telling a more compelling story about accounting careers.
CPAs in particular can help lead the way in this charge to better attract and engage talent and support the pipeline.
Sharing the Good Story
Recently, Mark Wolfgram, CPA, MST, tax director at Bel Brands USA Inc., started to notice something: The first thing CPAs do when they get together is discuss how hard they’re
working. “We always lead with that, and it’s not something that endears the profession to the young people we’re trying to keep,” he notes.
Jonathan Hauser, CPA, a partner in KPMG’s business tax services practice, noticed the same trend. “It’s our default as humans,” he says. “We focus on the hard things because it’s viewed as a badge of honor, but we don’t talk equally about the tremendous opportunities in this profession. Accounting professionals work hard, but the long hours are tempered with flexibility, interesting work, and many different career paths. So, rather than telling our war stories, we need to tell our glory stories.”
For Hauser, his glory story centers around the flexibility he’s incorporated into his own life over the course of his career. He emphasizes that flexibility isn’t only available to partners. “I was a senior-level staff member when my first son was born,” he says. “My hours were flexible and allowed me to do what I needed to do on a personal level and get my work finished to meet deadlines.”
Wolfgram says reframing the narrative in everyday conversations can go a long way. For example, when someone asks how he’s doing, instead of responding with how busy he is, he describes the good work he’s actually doing. His most recent response:
“I traveled to Paris, New York, and Washington, D.C. and worked with people in two different languages to file an application between the United States and French governments to determine how much profit each government gets to share. It was incredibly interesting, and I
was able to enjoy spending time in each of those cities. This project has helped me grow as a professional, learn new things, and get better every day.”
Hauser says another part of the profession’s story must include how technology and artificial intelligence are being used to improve employees’ career trajectories: “These tools allow individuals to feel like they didn’t spend four years in school just to calculate depreciation. Now, people can leverage their leadership training and technical skills to work with clients and build their toolboxes through experience. Technology is providing new opportunities— let’s tell people about that.”
Another important story to share is how CPAs’ unique skill sets allow them to give back to their communities in countless ways. Wolfgram says it’s a key issue for today’s young professionals, one that he often underestimates. “It can give a more meaningful experience to your life to know what you do makes a difference, and it’s probably the profession’s most underrated thing.”
Hitting a Career Home Run
Perhaps another underrated or underestimated highlight of the CPA profession is the ability to align your personal interests with your career.
While Penn admits she could be doing accounting and finance functions for any organization, working for one of the nation’s oldest professional baseball teams—the Chicago White Sox—is a childhood dream.
As a lifelong White Sox fan, Penn shares that working for the organization brings unique and fun everyday interactions and experiences, including walking through the tunnel leading to the players’ clubhouse and crossing paths with team members, working with members of the player development department who are often former professional baseball players themselves, conducting a financial analysis of a new sponsorship deal, training scouts to use a new expense reporting tool, or helping the groundskeeper with his budget.
“I love interacting with all of these people from different backgrounds,” Penn says. “Our accounting team does everything from budgeting to tax reporting to financial accounting to analysis, and I participate in things I wouldn’t get to do in a segmented corporate environment.”
What’s more, while the team’s baseball department handles the actual salary negotiations, Penn and her department are deeply involved from a budgeting and forecasting perspective. “We look at the organization’s bottom line to provide guidance to ownership and baseball leadership so they know what our financial position looks like,” she says.
Specifically, Penn recalls one notable off season where salary negotiations involved several big-name players (i.e., big salaries): “We had to forecast what it would look like to sign someone with a really big salary. We analyzed whether we could make that money back through better attendance or ticket sales. Everything we do is for the team
on the field.”
But it’s on White Sox game days when the reality of working for a historic sports team really hits her: “There’s a Major League Baseball game going on just outside my office walls, and I can go watch a couple of innings at lunch!”
An Open Door of Possibilities
Martrice Caldwell, CPA, says earning her CPA credential opened many doors for her career: from the outset of her career in public accounting to spending more than 15 years in the nonprofit sector to now serving as controller for the Chicago Fire Football Club.
While Caldwell hadn’t necessarily pictured herself in the sports world at any point in her career, someone in her professional network forwarded her the controller position description, and it turned out Caldwell knew the chief financial officer. “Yes, I was in the right place at the right time, but I also had the experience,” Caldwell says. “I had been growing my network, and I thought, ‘Why not me?’”
When Caldwell joined the Chicago Fire two years ago, she says there was definitely a learning curve. She knew how to write up the five-step process of revenue recognition, but now she needed to apply it to ticket sales, player transfer fees, sponsorships, and merchandise sales. She quickly learned how and why things are done the way they are for a professional sports team.
Like Penn, working for a professional sports team allows for interesting, unique work that most don’t get a chance to see up close. While Caldwell isn’t part of the salary negotiations themselves, her team helps those who are doing the negotiating understand the financial implications of roster decisions to ensure compliance with Major League Soccer (MLS) roster rules. MLS players are employed by the league rather than being paid by the team itself, creating complexities that must be carefully accounted for.
“We develop our rosters based on these rules, and it occasionally involves players who’ve been transferred from other leagues or clubs,” she says. “There can be transfer fees associated with player movement. The intricacies around those transactions and how they follow accounting principles are so interesting. We determine how to account for revenue and expenses in these different scenarios, and then we explain our processes to auditors.”
Natalie Rooney is a freelance writer based in Eagle, Colo. A former vice president of communications for the Ohio Society of CPAs, she has been writing for state CPA societies for more than 20 years.
Reprinted courtesy of Insight, the magazine of the Illinois CPA Society.
By Amber Higgins
SEO can be your small firm’s secret weapon. Here’s what it is and how to make it work.
Of all the ways you could improve your firm’s effectiveness online, search engine optimization (SEO) may pack the biggest bang for the buck. The idea behind SEO is simple: increase organic (non-paid) search traffic to your website by taking actions such as updating the content on your site or tweaking the site’s technical configuration. This is important, because online searches are a key part of the new business pipeline today, and they’re only growing more important.
Sound complicated? SEO can be as complicated as you want to make it – but it can also be fairly easy to make measurable improvements without overcommitting your time and resources. Plus, if you use the .cpa domain, your new URL could help give your SEO a leg-up.
How can you take advantage of SEO optimization to drive more traffic – and more new business prospects – to your site? Start with these four steps.
Start with keyword strategy
Has your firm created a list of the keywords your target clients are most likely to search for? If not, that’s where to start. Consider your firm’s strengths and areas of focus – why do prospective new clients seek out your firm today? Is it because of your family practice? Tax services? Estate planning? Which words and phrases are linked to those strengths? Free tools like Google Keyword Planner are great for expanding your list of keywords and
discovering how often they are searched.
Once you’ve developed your list of keywords, make sure you use them heavily throughout your site – on your homepage, in your descriptions of products and services, in every piece of content should include relevant keywords.
Content, content, content
Search engine algorithms are trained to seek out unique, frequently updated content. If your site is static – if you can’t remember when you last updated it – it’s time to commit to a schedule of routine updates. Daily content updates aren’t required. If you don’t have a writer or other marketing resource who can help, lean on internal expertise. AI tools can help, too – AI shouldn’t be considered a replacement for human writers, but you might be surprised at how much an AI assistant such as ChatGPT can help jump-start the writing process. Firm updates, short articles on timely issues and trends, FAQs, blog posts – for search engines, these function as “signs of life” that help ensure that your site shows up in search results.
Choose an SEO-friendly domain name
What does your firm’s domain name signal to online searchers? Does it emphasize what makes your firm distinctive? Does it even communicate that your firm is a CPA firm rather than a law firm or some other provider of professional services? Your choice of domain name is an important factor in your SEO success.
Many firm leaders don’t even consider that they have a choice in domain name – whether you love it or hate it, you’re stuck with the one you have today, right?
Actually, it’s not that difficult to switch to a more SEOfriendly domain name. Or you can just keep your domain name and add more that redirect to it. With the .cpa domain , we’ve made it easy. Only authorized CPA firms have access to .cpa addresses, making it easier for your firm to secure its top choice of address – a critical boost for your branding and SEO efforts.
Tune up your site for SEO
Content is a big part of SEO – but it’s not the only factor in making it more appealing to search engines and visitors. These are some other important ways to improve your site’s SEO:
Page speed: Fast-loading websites rank higher in search results. Using the right web design, hosting, and content management tools can help ensure that your site loads as quickly as possible.
Mobile-friendly design: Sites that use responsive design principles work just as well on mobile devices as on laptops.
Backlinks: Backlinks are links on other websites that go back to pages on your website. Make sure your partners, vendors, and others include links to your site.
Firms using the .cpa domain automatically benefit from a speed-optimized environment and mobile-friendly design with our free starter site. You can build one yourself in minutes once you’ve secured your preferred .cpa domain.
How to start smart with SEO
Successful SEO is the result of several different factors working together – when the technical foundation of your site is combined with solid SEO principles in areas such as keywords and content quality, the results can be truly powerful. When you start with a .cpa domain, you’re already laying the groundwork for an effective SEO strategy. For all the trickier aspects of SEO, it’s always a good idea to consult with a SEO professional.
SEO is only one of many reasons to consider adopting the .cpa domain for your firm. For a complete picture of everything the .cpa domain has to offer, take a few minutes to visit our .cpa landing page, and find our FAQs, demos, and videos of firm leaders talking about their .cpa experiences.
Amber Higgins is the Associate Integrated Marketing Manager at CPA. com, helping manage the Digital CPA Conference and .cpa web domains.
Reprinted courtesy of CPA.com.
Jackson Thornton is pleased to announce several promotions throughout their five Alabama offices.
Lindsey C. Goddard, was named a principal, Amy Pugh and Holly Tucker were promoted to Senior Manager.
In addition to being a CPA, Goddard is an IRS Enrolled Agent and holds professional membership in the National Association of Enrolled Agents. Goddard has more than 10 years of experience working with tax clients, specializing in family-owned businesses with interrelated entities. She has also been instrumental in developing tax processes and managing the various software used by Jackson Thornton’s tax line of business. She holds professional memberships in the American Institute of Certified Public Accountants and the Alabama Society of Certified Public Accountants.
Mark Abernathy, CPA, with Mauldin Jenkins has been promoted to Partner, effective September 1. Operating out of the Athens, Alabama office, Mark has spent much of his 15 years of public accounting experience specializing in assurance services for companies in various industries, which primarily include state and local governments, notfor-profits, healthcare, government and construction contracting, and employee benefit plans. Mark is a member of the AICPA and the ASCPA and is a current Board Member of CASA of North Alabama.
Stephanie Blair, CPA, CFE, with Mauldin Jenkins has also been promoted to Partner, effective September 1. Operating out of the Athens, Alabama office, Stephanie dedicated her career to working with individuals and closely held businesses, specializing in tax planning, compliance, and traditional assurance services. Her expertise extends to helping clients navigate the intricacies of tax regulations, ensuring they are compliant. She is a member of the AICPA, TSCPA, ASCPA, Association of Certified Fraud Examiners, and Kiwanis Club.
MDA Professional Group, announces the promotion of Edna Harris, CPA, from Supervisor to Manager. Harris is a resident of Gadsden, AL, and works out of MDA’s Anniston and Gadsden offices. Edna has been with MDA since October 10, 2016, but has a much longer history in the accounting industry, with an accumulated total of 17 years and 8 months. Beyond being a joy to work with, Edna is highly qualified, having pursued a BSBA from Columbia College,
also with a Major in Accounting and later an MBA at South University with a Major in Accounting. In her current role as an MDA Manager, Edna’s areas of focus lie in Individual, Business, Trust, and Non-Profit Taxation, as well as Business Consultation.
Kassouf & Co., Inc. and Kassouf Wealth Advisors Director Gerard Kassouf was recently named one of Money’s Best Financial Planners in their 2024 list. In partnership with the Financial Planning Association, Money compiled the 80 best financial planners in the United States.
“It is an honor to be recognized among this group of dedicated advisors. This recognition is a testament to how we help clients through every life stage at Kassouf and Kassouf Wealth Advisors. Excellent client service is at the core of everything we do,” said Gerry Kassouf. He is a CERTIFIED FINANCIAL PLANNER™ practitioner, Certified Public Accountant, Personal Financial Specialist, Chartered Global Management Accountant®, and Accredited Estate Planner®.
Jessica Roberts, CPA, Audit Manager with Warren Averett, was a recently featured as an ASCPA #HeyHeyCPA for her family’s notable journey around the state. Roberts and her family set a goal to visit every county in Alabama. The first county they visited was Elmore County in 2018 and they finished their journey at home in Montgomery County in 2024. You can read all about it by visiting alabama.cpa/ RobertsFamilyVisitsEveryCounty
Abernathy Blair
Harris
Kassouf
Goddard Pugh Tucker
Roberts
INSIDE Public Accounting Awards
We are thrilled to be named a Top 100 and Fastest Growing firm by INSIDE Public Accounting for 2024! We are incredibly thankful for our team members and leadership for their excellent work in making this happen.
Huntsville Tailgate
BMSS brought in the fall season with our annual Huntsville Tailgate, filled with firm friends, food and cornhole.
Birmingham Business Journal Women’s Summit
In September, BMSS attended and sponsored the annual Birmingham Business Journal Women’s Summit.
Warren Averett Makes Accounting Today’s Best Accounting Firms To Work For 2024 List
Birmingham, AL. (September 6, 2024) — Warren Averett CPAs and Advisors has been named the top firm in the large firm category (250+ employees) on Accounting Today’s 2024 Best Accounting Firms To Work For list for the third consecutive year.
This list celebrates leading employers within the accounting profession.
Accounting Today partners with Best Companies Group to conduct anonymous employee surveys and rank companies based on workplace policies, practices, philosophies, systems and demographics. The combined scores determine the top companies on the list.
The top employers of 2024 featured common denominators including flexibility for employees, organizational policies that improved work-life balance and internal resources to help employees navigate the post-pandemic career landscape.
Mauldin & Jenkins Named one of Accounting Today’s 2024 “Best Firms
to Work For”
Leading assurance, tax and advisory firm Mauldin & Jenkins is proud to announce that it has been named one of Accounting Today’s Best Firms to Work For in 2024. This prestigious recognition highlights the Firm’s commitment to fostering a positive and rewarding workplace culture, prioritizing employee well-being, and delivering exceptional client service.
Accounting Today’s Best Firms to Work For program identifies and honors the best employers in the accounting profession nationwide, with almost 200 firms from across the United States entering the two-part survey in 2024. The first part of the survey consisted of evaluating each nominated company’s workplace policies, practices, philosophy, systems and demographics, worth approximately 25% of the total evaluation. The second part of the survey consisted of an employee survey to measure the employee experience, worth approximately 75% of the total evaluation. The combined scores determined the top companies and the final ranking.
“Warren Averett is honored to be ranked the top large firm for Accounting Today’s list for the third year in a row,” said Mary Elliott, CPA, the firm’s Chief Executive Officer. “At Warren Averett, we believe that the firm’s overall success is tied to our dedicated and talented team members. It is important to us to implement people-focused policies and put our employees first so that they can put their best foot forward, help our clients thrive and achieve their personal and professional goals. I look forward to continuing to provide an environment where our team members not only enjoy coming to work but where they can excel as well.”
At Warren Averett, our unwavering commitment to delivering A+ service to clients begins with prioritizing the well-being and satisfaction of our team members.
SELLING YOUR FIRM IS COMPLEX. LET US MAKE IT SIMPLE.
Accounting Biz Brokers knows your market. Contact us TODAY to receive a free market analysis.
For Sale:
• NEW! MS Gulf Coast $625k
• NEW! North Metro Atlanta Area $2.3M
• Western Knoxville, TN $435k
• Huntsville $1.2M (Sale Pending)
• Chattanooga, TN Area $2.115M -SOLD
For more information contact Kathy Brents, CPA, CBI at 866.260.2793 or Kathy@AccountingBizBrokers.com. Visit us online at www.AccountingBizBrokers.com .
YOUR PRACTICE WANTED
Thinking about selling your practice? Accounting Practice Sales delivers results, bringing you the best price, optimal terms and a buyer who represents an ideal fit for your clientele. Contact us today for a confidential discussion.
PRACTICES FOR SALE:
• Birmingham tax practice grossing $300K *New*
• Birmingham suburb CPA grossing $470K *New*
• Pascagoula, MS area practice grossing $220K *Available*
• Tupelo, MS area CPA grossing $230K *New*
• Knoxville, TN CPA grossing $515K *Sale Pending*
• South of Knoxville CPA grossing $440K *Available*
• Chattanooga CPA grossing $290K *New*
• Dyersburg, TN area CPA grossing $320K *Available*
• Upper Cumberland, TN CPA grossing $975K *New*
• Crestview, FL area (Panhandle) CPA grossing $365K *Available*
For more information on these listings or to sell your practice, contact Lori Newcomer, CPA and Tim Price, CPA at (888) 553-1040 or PNgroup@APS.net, or visit www.APS.net.
Sheppard Services seeks Controller
Sheppard Services is looking for a controller to oversee the accounting, budgeting, and reporting activities of our company. Job responsibilities include preparing and analyzing financial documents, forecasts, and statements; developing and implementing internal control policies and procedures; coordinating and directing budgeting, procurement, and investment activities; supervising and managing accounting staff and operations.
For more information or to apply, contact Emily McNeil at emcneil@sheppardsvs.com.
