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Florida CPA Today is published quarterly by the Florida Institute of Certified Public Accountants, Inc., 250 S. Orange Ave., Suite 300P, Orlando, Fla., 32801. Telephone: (850) 224-2727 or (800) 3423197. Visit our website at ficpa.org
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12 FICPA Scholarship Foundation launches the Fund Our Future Challenge founded by Socorro Partners
17 Scholarship Stories: The true impact of your support
22 The 2024 disaster relief guide to IRS, DOR and FinCEN filing extensions
26 The critical importance of organizational culture in attracting and retaining high-value employees
30 The impact of AI and automation
DEPARTMENTS
2 CEO’s message
Membership & Chapters
Photo and cover image by Kassandra Garcia / Kassiee Photography.
From storms to Session, FICPA’s advocacy never yields
SHELLY WEIR president & ceo
“For months, we have engaged both key legislators in Tallahassee and our partners at the other state societies to ensure that CPAs and their clients can continue to do business inside and outside the Sunshine State.”
Florida’s 2024 hurricane season brought three different storms – Debby, Helene and Milton – to the Sunshine State, impacting members from the Panhandle to South Florida. While Florida is all too used to these storms, this was a unique and difficult season for too many of our families, friends and colleagues.
This fall, the FICPA worked around the clock, staying in close communication with the Internal Revenue Service, Florida Department of Revenue and the U.S. Treasury’s Financial Crimes Enforcement Network to secure the timely issuance of filing extensions and to obtain necessary guidance for Florida’s CPAs and their clients. I am truly proud to say that the FICPA played a leading role in clarifying and communicating rapidly changing relief.
With hurricane season thankfully behind us, we now shift our focus from one vital advocacy effort to another.
As the profession grapples with how best to modernize the CPA license amidst a talent pipeline shortage, the FICPA has been on the front lines advocating for the profession. Over the last 18 months, we have been on a mission to educate our members, capture your feedback and participate in national discussions regarding the future of mobility and licensure.
Many of you have attended our conference sessions, webinars, town halls and roundtables, while others have been keeping up to date with our electronic and print communications concerning what is a very complicated issue.
The motivation behind these efforts is simple: We want you to be prepared for what is coming.
I can assure you that our top priority has been to protect your license and your ability to serve clients across state lines during this time of transition. For months, we have engaged both key legislators in Tallahassee and our partners at the other state societies to ensure that CPAs and their clients can continue to do business inside and outside the Sunshine State.
As we look ahead to Florida’s Legislative Session, we will soon unveil our 2025 legislative agenda, which will both protect and promote the CPA license as the profession enters this next phase in its history.
If you have not made your plans already, I strongly encourage you to join us on Jan. 22 in Tallahassee for our 2025 CPA Day at the Capitol. With a very active and important Session on deck this spring, we need our members to show their solidarity ahead of a pivotal moment for the profession.
Now, more than ever, is the time to make your voice heard.
Our future is defined by our actions today
ED DUARTE cpA, c GMA
This year, the FICPA staged 38 different presentations at 21 schools around the state, reaching more than 1,200 students.
IIn November, I was proud to visit a pair of South Florida schools – Southwest Miami Senior High School and Olympic Heights Community High School – as part of the FICPA’s Accounting Opportunities Week.
This initiative, in partnership with the AICPA, encourages CPAs to enter the classroom to educate today’s students about the limitless potential of our profession.
This year, the FICPA staged 38 different presentations at 21 schools around the state, reaching more than 1,200 students. I am grateful to all our member volunteers who took the time to represent our profession and inspire the next generation of CPAs.
This past spring, the FICPA unveiled our 5-Point Pipeline Promise, a comprehensive commitment to securing the future of the profession in Florida by:
1. Reaching K-12 students
2. Providing scholarships and support via the FICPA Scholarship Foundation
3. Pairing employers with talent
4. Expanding access to licensure
5. And cultivating tomorrow’s leaders
Accounting Opportunities Week is part of that outreach to K-12 students. Our fall slate of Foundation fundraisers, including our TopGolf Recruiting
and Networking events, is part of pairing employers with their future stars. Our Bridge to CPA pilot program expands access to licensure by helping CPA candidates finish their fifthyear educational requirements with no tuition costs. And we’re actively cultivating tomorrow’s leaders, with our fourth-annual Leadership Academy class set to graduate in January.
But I want to focus my attention on Point No. 2: Providing scholarships and support through the FICPA Scholarship program.
On the cover of this issue, you likely noticed the pair of $100,000 checks held by my close friends, Jesus Socorro and Tony Argiz. My relationship with Jesus dates back to our shared time with the Cuban American CPA Association and our involvement in the FICPA’s
Miami-Downtown Chapter. And just like Jesus – and so many of us in South Florida – I am proud to have been mentored by Tony.
It is my hope and theirs that this powerful example will inspire our state’s accounting leaders to make their own significant commitment to the FICPA Scholarship Foundation.
The Fund Our Future Challenge founded by Socorro Partners has the potential to transform the way we support students in Florida.
For my part, I am blessed to call Jesus and Tony my friends and colleagues. I am more than confident that their leadership will not only extend to current firm partners but also the future leaders of tomorrow.
“The Fund Our Future Challenge founded by Socorro Partners has the potential to transform the way we support students in Florida."
Jesus Socorro, Tony Argiz, Jason Harrell, Jim Gurowka, Ed Duarte and Shelly Weir in Miami.
IN MEMORY OF AN ICON
LLOYD A. “BUDDY” TURMAN
“Buddy was a man of principle and integrity and had the respect of peers. He demonstrated an untiring commitment and passion for the public accounting profession in Florida."
Lloyd A. “Buddy” Turman, 76, passed away peacefully on Oct. 1 at his home in Sarasota.
Buddy was born on Oct. 24, 1947, in Daytona Beach as a fourth-generation Floridian. He grew up in Miami attending public schools and graduated from Miami Jackson Senior High in 1965. In his senior year, Buddy received numerous Division I college football scholarship offers. He chose the University of Florida (UF) and from 1965 to 1969 attended UF on a full athletic football scholarship, lettering two years in varsity football and graduating with a degree in Journalism and Communication.
In 1973, Buddy joined the Florida Institute of CPAs as its first Director of Continuing Professional Education and three years later was promoted to the position of Executive Director. Under his leadership, the organization rose as a national leader among state CPA societies around the country and as a well-organized political force in Florida regarding business, tax and professional issues. Buddy was a man of principle and integrity and had the respect of peers. He demonstrated an untiring commitment and passion for the public accounting profession in Florida and was recognized as one of the nation’s 100 Most Influential People in Accounting by Accounting Today nearly every year prior to his retirement.
Buddy was likewise recognized by a formal resolution adopted by Gov. Lawton Chiles and the Cabinet of the State of Florida
for his public, personal and professional accomplishments. He was also honored to have served numerous years on the Board of Directors of the University of Florida Alumni Association, culminating his service as President the same year his son graduated UF.
Following a rewarding 35-year career at FICPA, he retired to Longboat Key and later to Sarasota. Buddy enjoyed a full life as an avid sportsman, aptly naming his boat “DETurmanD,” and was proud to teach his grandsons how to fish. When he was not attending UF football games, he would spend his free time hunting, fishing, golfing, bicycling, shooting sporting clays, traveling and telling “tall tales” around a campfire.
Buddy and his wife, Suzi, traveled the world, experiencing Europe, Russia, Cuba, Argentina, Australia and New Zealand, as they visited those they befriended through their long association with Rotary International. The pair spent the last 15 months in their RV “Maxx,” driving “her” to Alaska and the Canadian Maritime provinces.
In lieu of flowers, the family suggests a donation to the FICPA Scholarship Foundation's Buddy Turman Endowment, which annually awards a scholarship to a fourth- or fifth-year accounting student enrolled at the University of Florida. Donations can be mailed to the Foundation at 250. S Orange Ave, Orlando, FL 32801, or pledged online at ficpa. org/endowment.
BARRY MELANCON CEO
AICPA
I first met Buddy Turman in 1988, when I became the new CEO of the Louisiana Society of CPAs. His strong commitment to advocacy on behalf of CPAs is something that always stayed with me and that I then carried on to my work at the AICPA. He ushered the FICPA into the modern period of our profession.
JENNIFER GREEN President Liberty Partners of Tallahassee
More than 27 years ago, a tough and hard-charging association CEO took a chance on a very young lobbyist to head up one of the largest state CPA society governmental affairs teams in the country. I will be forever grateful for what I learned working for Buddy, and I would not have been successful in my lobbying career without that strong foundation from FICPA. The CPA profession has lost a legend.
SHELLY WEIR President & CEO
FICPA
From my first day at the FICPA, I was introduced to the legacy of Buddy Turman. Under Buddy’s leadership, the FICPA became the leading state CPA society in the country and elevated Florida CPAs and the profession at large to new heights. He was a visionary and a truly generational leader. Not a day goes by that I am not reminded of his lasting impact.
PAUL BROWN Vice President of Technical Standards FICPA
Lloyd "Buddy" Turman was a transformative executive for the Institute. He transformed this organization from a small entity into a juggernaut in the profession. During his tenure, Florida became and remained recognized as the state others would look to for leadership. Buddy Turman will be missed, but his impact and legacy on the profession and the FICPA will live on.
JOSE VALIENTE Past President FICPA
I had the honor and pleasure of serving with Buddy Turman for 20 for his 35 years at the FICPA. Though Buddy was not a CPA, his passion for the profession was evident. He quickly ingrained himself in Tallahassee, and the political relationships he developed were invaluable. The FICPA became a critical force in Florida, advocating for the profession. Thank you for your service, Buddy.
Past President FICPA
Throughout his time at the as the Executive Director of the FICPA, Buddy was a pillar in our profession, providing essential support to CPAs throughout Florida and across the country. He will be remembered for his significant contributions to the CPA profession’s advancement, his leadership and his ability to find solutions when there seemingly were none. He leaves a lasting legacy.
TOMMYE BARIE
Notice of Regular Council Meeting
FICPA OFFICIAL NOTICE
In compliance with Article X, Section 6 of the FICPA Bylaws, be it known that a regular meeting of the FICPA Council will be held on:
JAN. 21, 2025
3 p.m.
Tallahassee
FEB. 25, 2025
9 a.m.
Virtual
JUNE 12, 2025
8 a.m.
Orlando
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Sen. Gruters named Fiscal
Policy Chair
On Nov. 7, Florida's Senate President Ben Albritton announced that CPA Lawmaker Sen. Joe Gruters would serve as Chair of the body's Fiscal Policy Committee.
As a member of the Senate President’s leadership team, Sen. Gruters has a great responsibility and is well placed
in the Senate to support the CPA profession.
The FICPA is proud of Sen. Gruters’ accomplishments and confident he will represent the profession well.
FICPA welcomes Sen. Bradley
to CIRA
The Governmental Affairs Team was pleased to welcome Sen. Jennifer Bradley to the FICPA's 2024 CIRA Conference.
Sen. Bradley joined State Legislative Policy Chair Guy Strum, CPA, and Liberty Partners of Tallahassee President Jennifer Green for a panel discussion.
She offered an overview of the legislative and regulatory landscape in Tallahassee and discussed her priorities for the 2025 Session.
We thank Sen. Bradley for taking the time to meet with our members and for continuing to address the issues facing CPAs in the CIRA space.
Sen. Joe Gruters and Senate President Ben Albritton
FICPA welcomes Jim Gurowka, CAE, as Chief Growth Officer
The FICPA was proud to welcome Jim Gurowka, CAE, as its new Chief Growth Officer (CGO), effective Sept. 30.
A veteran association executive, Gurowka comes to the FICPA after a 19-year tenure as Senior Vice President of the Institute of Management Accountants (IMA). At IMA, Gurowka was responsible for developing and executing the organization’s strategic plans and tripling its membership and revenue. He will now put his international experience to work at the state level, where he looks forward to working in service of the CPA profession in Florida.
“I could not be more excited to join this wonderful team and to support our more than 18,500 members across the state,” Gurowka said. “After my time at IMA, I knew I wanted to remain in accounting and finance. More than that, I wanted to be part of a society that was devoted to acting in the best interests of its members. I’ve long heard wonderful feedback about the FICPA under President & CEO Shelly Weir, and when I saw this opportunity, I knew: ‘This is where I want to be.’”
FICPA firms named 'Best to Work For'
As CGO, Gurowka will oversee FICPA’s member service, sales, learning and development, and marketing and communications initiatives. He will work closely with Weir and the FICPA Council to execute the Institute’s strategic plan, with a special emphasis on creating sustainable growth opportunities and enhancing member value.
“Jim Gurowka is the perfect person to help the FICPA take its next step in redefining how professional associations deliver on our mission,” Weir said. “His unique experience growing associations, providing exceptional member service, and building relationships in corporate accounting and finance make him an ideal fit for today’s FICPA.”
A native of Toronto, Ontario, Canada, Gurowka is a graduate of York University and holds a master’s degree in Industrial Relations from the London School of Economics and Political Science. Prior to his time at the IMA, he served as a Senior Finance Analyst for Volkswagen Group Canada and as Partner at the consulting firm Focused
The FICPA is proud to recognize our 100% Membership firms who were recently included in Accounting Today's 2024 list of the "Best Firms to Work For!"
Included in AT's 2024 list were four large firms - Warren Averett, Mauldin & Jenkins; Schellman; and Hancock Askew & Co. - three midsized firms - De La Hoz, Perez
Management Information, where he assisted clients ranging from Hewlett Packard and Toyota Motor Credit to the Ontario Teacher’s Pension Plan and the Metropolitan Water District of Southern California. Since departing the IMA last year, he was as worked as a consultant, advising associations and non-profits on developing corporate relationships and creating successful fundraising campaigns.
“The FICPA boasts the hardest working, most dedicated state society staff in the country,” said Board Chair Ed Duarte, CPA, CGMA, the Chief Financial Officer of Foreign Parts Distributors, Inc. “I have the utmost confidence that, together, Shelly and Jim will further elevate the FICPA’s exceptional service and support of our membership.”
& Barbeito; Saltmarsh, Cleaveland & Gund; and Anglin Reichmann Armstrong - and six small firms - Swindell, Bohn, Durden & Phillips; ZOMMA Group; Ennis, Pellum & Associates; PAAST; Markham Norton Mosteller Wright & Company; and CPS Group CPAs.
Congratulations to all 13 honorees!
OMP Roundtables, Chapter events headline an active fall
IVEY ROSE SMITH Vice President of Membership and Corporate Relations
The FICPA is dedicated to keeping our members updated and informed on the most critical issues facing the profession. As our Florida CPA community encounters changes in technology, the regulatory environment, the mergers and acquisitions landscape and client needs, connectivity is more crucial than ever.
This year, to advance our common cause as a CPA community, we hosted a series of Office Managing Partner (OMP) Roundtables across the state. The meetings became vital platforms for firm leaders to discuss shared opportunities and challenges
with each other, FICPA President & CEO Shelly Weir and members of the FICPA team.
These OMP Roundtables fostered a sense of solidarity that will prove vital ahead of both the FICPA’s CPA Day at the Capitol on Jan. 22 and Florida’s 2025 Legislative Session.
Equally as important is our work at the local level, with FICPA Chapter events playing a pivotal role in enhancing member connections. If you haven’t already, I strongly encourage you to participate in your Chapter’s events and introduce yourself to your Regional Director (RD) of Membership. No other state society offers dedicated RDs, who are your direct connection to life at the FICPA. If you’re eager to play a
bigger role in the FICPA but unsure where to start, your RD wants to hear from you!
Finally, whether you’re a leader of a large firm, a sole practitioner or a member of the corporate finance community, active membership in the FICPA is vital for sustaining the health of the accounting profession in Florida.
And there is no time like the present to get involved!
You can visit ficpa.org/chapters for a full list of events. Prioritize your time, participate in chapter events and engage in the dialogue that will shape our shared future.
Thank you to our Fall 2024 OMP Roundtable participants!
JACKSONVILLE
Allen Akins
hancock askew & co.
Nader Farhat pwc
Hank Hurst the hurst company
Amy Kistka deloitte
Jason Lafser checkmate tax advisors
Shelly Lingor financial solution advisors
Frank Mason carr, riggs & ingram
Paul Thompson forvis mazars
Mike Vergo rsm
TAMPA
Lee Bell
saltmarsh, cleaveland & gund
Kathryn Bostick crowe
Kristen Brand hancock askew & co.
Steve Bunch sbf advisors
Bob Grieb cohen & grieb
Cristina Hale bdo
Christopher Howell thomas howell ferguson
Jerry Johnson frazier & deeter
Sam Lazzara rivero, gordimer & company
Herman Lazzara rivero, gordimer & company
Anthony Losurdo h&co
Mike Quackenbush pwc
Thais Rodiguez-Caez ey
Lance Schmidt
cla
Adam Thomas forvis mazars
Dorothy Tucker warren averett
Gretchen Whalen cla
MIAMI
Marcos Alvarez paast
Kathleen Braica anchin
Richard Bruguera ey
Danny Castro bdo
Kim Garcia socorro partners
Steven Gladstone gladstone & company
Barry Gould eisneramper
Kim Griffin-Hunter deloitte
Blain Heckaman kaufman, rossin & co
Armando Hernanez h&co
Juan Hidalgo de la hoz, perez and barbeito
Scott Mager grant thornton
Roddy Melendez kpmg us
Stephen Nesi pwc
Joshua Rader citrin cooperman
Stuart Rohatiner gpr & co
Lisa Roney crowe
Jesus Socorro socorro partners
Guy Strum guy strum pa
Jeffrey Taraboulos kdst
Tab Verdeja verdeja & alvarez
Raymond Zomerfeld zomma group
IVEY ROSE SMITH VP of Membership & Corporate Relations Central Florida & Brevard County Ivey@ficpa.org I 850-521-5918
KAREN DOW
Regional Director of Membership Broward & Palm Beach Counties KarenD@ficpa.org I 850-251-5921
KATHRYN HERNANDEZ
Regional Director of Membership Miami & The Keys KatH@ficpa.org I 850-521-5951 ALINA PENJIYEVA
Regional Director of Membership
Florida AlinaP@ficpa.org I 850-521-5930
IVELISSE SANTIAGO
Chapter Connections Manager Ivelisse@ficpa.org I 850-521-5919
Tampa & Southwest Regional Director Position currently being filled. Details to follow!
"The FICPA Scholarship Foundation is immensely grateful to Jesus Socorro and Tony Argiz for their vision, leadership and generosity.”
Jennifer Allen
FICPA Scholarship Foundation launches the Fund Our Future Challenge founded by Socorro Partners
Socorro Partners makes $100,000 founding donation matched by Tony Argiz, as Socorro and Argiz challenge accounting leaders to match their example.
NICK MENTA
FICPA Communications Manager
Jesus Socorro first met Tony Argiz in 1997, when the former was a young accounting student at Florida International University and the latter had already cemented himself as the foremost leader of the CPA profession in South Florida.
A year later, through the recruitment efforts of his mentor Alex Sueiro, Socorro began an internship at MBAF, where the “A” on the door stood for Argiz.
About 15 years later, Socorro quite literally found himself adjoined to his mentor, as partners in the firm, where their offices were side by side.
“I feel like I’ve followed in his footsteps,” Socorro says. “We’re both FIU grads. We’ve both been leaders in the FICPA. We’ve both chaired the Board of Accountancy. We kind of have an alignment, later in life.
“But from the day I met him, I saw him as the CPA in town. I always looked up to him.”
In late 2024, Socorro is about one year into his new role as the CEO and Managing Partner of Socorro Partners. An active supporter of the FICPA and a past member of its Board of Directors, he’s spent the last several months determined to make a mark, both in launching his new firm and in setting a future course for the profession.
This past summer, at MEGA 2024, the FICPA Scholarship
Foundation raised more than $30,000 in donations from those in attendance at the multi-day conference at Universal Orlando’s Loews Sapphire Falls Resort.
“I distinctly remember [FICPA President & CEO] Shelly Weir that week saying she was going to donate $5,000 to the Foundation,” Socorro recalls. “I immediately agreed to match her, as did others.
Socorro Partners CEO Jesus Socorro.
(All photos by Kassandra Garcia / Kassiee Photography)
I remember thinking how great it was that we were able to put together that amount so quickly.”
Just as quickly, he had a much bigger thought. Two months later, at the Foundation’s Ocean Reef Annual Retreat in Key Largo, Socorro approached Weir with an idea – “something big.”
But Socorro knew – to achieve the kind of impact he was striving for, to inspire others – he couldn’t do it alone. This time, he needed someone to follow him. He knew exactly who to call.
“The thing I’ve always admired about Tony,” Socorro says, “isn’t just what he’s done professionally but what he’s done philanthropically. “He really is that put-yourmoney-where-your-mouth-is guy.
“So I called him. I told him what I was thinking. I told him he was the guy to do this with me. And he could have just as easily said no. But he didn’t hesitate. I didn’t even finish talking.”
Instead, Argiz answered with two words: “Challenge accepted.”
That challenge – the Fund Our Future Challenge founded by
Socorro Partners – has resulted in a pair of matching $100,000 donations to the FICPA Scholarship Foundation from Socorro’s firm and from Argiz.
“I could not be more grateful to my partners at the firm – Kim Garcia, Keith Urtel, Alfredo De Zayas and Ian Shapiro – for joining with me to support this vision and to Tony for being the very first match,” Socorro says. “This doesn’t happen without their buy-in.”
“To be honest with you, it was an easy decision,” Argiz adds. “I have so much respect not only for Jesus but also for the FICPA as an institution. It’s a real honor to be able to give back to an organization that has done so much for the profession in Florida.
“We have a shortage of accounting students, and I think it’s the responsibility of CPAs who are fortunate enough to be in our position to help ensure its future. It’s up to do us to make this kind of commitment and then to follow through and do it.”
And that is precisely the challenge. Socorro and Argiz are calling on their CPA colleagues, both in Florida and around the country,
"Our FICPA Scholars are some of the brightest young stars in our state, but they need our assistance to achieve their dreams."
Jennifer Allen
to follow their lead and make their own $100,000 donations to the Foundation. Socorro himself is already recruiting friends and peers to the cause.
“Look, we’re a firm in our first year, and we’re taking the pipeline issue very seriously,” Socorro says. “It’s important to me to give back and encourage people to go in the direction I went. Accounting is the language of business. So, to the extent that I persuade someone to study accounting, absolutely I am going to do that.
“As simply as I can say it: It’s the right thing to do.”
This emphasis on supporting the next generation is yet another parallel between Socorro and Argiz. Both are first-generation college graduates from Cuban-American families who found their calling in accounting and are now determined to make sure others have that same opportunity.
“I’m grateful for the opportunity I received,” Argiz explains. “I went to college on a baseball scholarship and a Pell Grant. There were hard times, but I was able to get through them, get my degree, and after all these years I’m still extremely excited to have chosen to be a CPA. I love my work, I love the ethics and integrity of the profession and I want to be able to pass that on.”
In 2024, the FICPA Scholarship Foundation, led by its Director, Jennifer Allen, distributed
Continued on page 16
Tony Argiz, Shelly Weir, and Jesus Socorro.
Have an Impact on the Future of Your Profession
Socorro Partners and Tony Argiz challenge you to participate in the FICPA Scholarship Foundation Fund our Future Challenge!
Answer the call, donate $100,000 over 5 years and become a member of the FICPA Scholarship Foundation Impact Circle.
Impact Circle Exclusive Benefits
Exclusive Appreciation Gift
Receive a distinguished token of gratitude reserved for Impact Circle members.
Event Recognition
Enjoy exclusive acknowledgment at premier Foundation events.
Prestigious Website Acknowledgment
Be prominently recognized on the Foundation’s official site as a key supporter.
Elite Public Recognition
Your generosity will be featured in the Foundation’s Annual Report, social media and other high-profile communications.
Accept the challenge today!
Scan the QR code or visit FICPAScholarshipFoundation.org/ImpactCircle
Since our foundation 65 years ago, we have awarded more than $4 million to accounting students around the state. FICPA Scholarship Foundation donors make a lasting impact, allowing recipients to finish school, attain their CPA, excel as professionals and keep qualified CPAs in the state pipeline.
Not in a position to join the Impact Circle? You can still have an impact when you donate today!
WAYS TO DONATE
• Visit FICPA.org/Donate or scan the QR code.
• Mail a check, payable to the FICPA Scholarship Foundation, to FICPA Scholarship Foundation, 250 S Orange Ave., Ste 300P, Orlando, FL 32801
• Request an invoice from Foundation@ficpa.org or call 850-521-5953.
• Speak to your investment advisor or IRA custodian to inquire about making a Qualified Charitable Distribution from your IRA.
foundation@ficpa.org
"I think it’s the responsibility of CPAs who are fortunate enough to be in our position to help ensure its future."
Continued from page 14
$185,500 in funds to 67 scholarship recipients across Florida. Twenty-two of those students, just like Socorro and Argiz, were the first in their families to go to college. You can read five of their inspiring stories, highlighting the strength, determination and persistence of the Foundation’s Class of 2024 Scholars, on page 17.
With a pair of $100,000 donations from Socorro and Argiz – and more to follow – the Foundation looks to expand its reach in the years ahead, making a genuine dif-
ference in the lives of the deserving accounting students who go on to become the future leaders of the profession.
“The FICPA Scholarship Foundation is immensely grateful to Jesus Socorro and Tony Argiz for their vision, leadership and generosity,” Allen said. “Our FICPA Scholars are some of the brightest young stars in our state, but they need our assistance to achieve their dreams. Thanks to Jesus, Tony and the Fund Our Future Challenge, we will soon have the resources to support even more of today’s students and tomorrow’s leaders.”
"As simply as I can say it: It’s the right thing to do."
Jesus Socorro
“When Jesus first approached me at Ocean Reef and spoke about making a genuine impact, I could tell right away how sincere he was about helping to solve the pipeline challenge,” Weir adds. “But when he told me exactly what he had in mind, I knew it was time to go to work on helping to execute this incredible vision. I join Jesus and Tony in encouraging the CPA community in Florida to support accounting students, strengthen the pipeline and Fund Our Future.”
ScholarshipStories
The True Impact of Your Support
The FICPA Scholarship Foundation is proud to provide financial support to our state’s most inspiring accounting students. The brief profiles shared here highlight the dedication and determination of future leaders of our profession. Thanks to the generosity of our donors, these students are on their way to achieving their dreams and securing their license.
It started with reconciliation work when I was a pre-med major. Yes, I was the student who decided to become a CPA because I liked debits and credits.
I had to work to put myself through school at USF. It’s been expensive for my husband and me – paying tuition and maintaining a life – but there was no other choice. There are countless times that I have worked well past midnight to juggle both work and school. I have seen students that I started the program with become CPAs and surpass me, but I’m almost there – 10 years later.
My scholarship relieves some of the pressure and allows me to enjoy life just a little bit more. Thank you to the FICPA Scholarship Foundation for helping me finally reach the finish line.
university of south florida
Emily Lu
university of florida
I got my start in the accounting field early, while helping my parents in their restaurant. For fun, I would keep my own ledger and began to note business trends.
I have seen firsthand what CPAs do for the public. My parents didn’t know how to file their own taxes, but a CPA instructed them on how to survive when COVID struck. They went from feeling hopeless to once again believing in their business.
My parents are immigrants who have worked hard and put all their hopes and dreams into us, their children. They work seven days a week, 11 hours a day, and have never complained.
I am always searching for ways to help my parents. That why my FICPA Scholarship isn’t just for me – it’s for them, too.
Elizabeth Anne DeJong
Meghan Quirantes
university of central florida
Ana Raphaela Gomes
Ashley Etienne st. thomas university
In Fall of 2022, I lost my home to the floods of Hurricane Ian. I was 21 years old, researching how to plan a full home renovation and how to apply for government assistance through FEMA. Dealing with contractors and the various unforeseen issues that pop up during a renovation took a toll on my mental health.
At that same time, I was also actively enrolled in school and thought I would have to drop my classes, including Intermediate Financial Accounting I. When I opened up to my professors about what I was going through, they offered an overwhelming amount of compassion. I never would have gotten through the darkest moments of my life without the support of my accounting professors.
I’ve learned how to overcome adversity and have come out stronger on the other side. Thanks to the FICPA Scholarship Foundation, I’m now on my way to becoming a CPA.
My story starts with my mom. She came from Brazil and started working in banking before opening her own business. She, too, is an accountant, and assisting her with her profession helped set me on my path.
I started my educational journey at 15 years old when I began dual enrollment at FAU. I am now 18 years old and just graduated with my bachelor’s degree.
I have twice been athlete of the year with the highest GPA. I am President of the Accounting Society Association. And I just paid off my car. I have also started taking coursework for my master’s program and plan to sit for the first part of the CPA exam in fall of 2025.
I know for 18, I’ve done a lot. I believe that with the right amount of dedication, I can do anything I put my mind to. But I wouldn’t have been able to get this far without my FICPA Scholarship.
I moved to Florida from Haiti after turning 18. My only family was in Miami, and they mean the world to me, so I began my education at Miami Dade College before moving on to St. Thomas University.
Despite having family, I did not have finances or transportation. After moving on academically from Miami Dade College, I continued to work there to help pay for my tuition at St. Thomas.
Everything was very scheduled. Specifically, it was bus-scheduled. I was catching buses back and forth to Miami Dade and St. Thomas and walking from one stop to another.
Those rides and walks taught me sacrifice, discipline and determination. In Haiti, our parents taught us to want to be more, and I followed my passion forward. I have not yet been successful in life, but I have succeeded in life. Now, I look forward to succeeding as a CPA.
florida atlantic university
Florida’s reemployment tax rate calculation for 2025
“The Department will publish the 2025 reemployment tax rates in mid-to-late December 2024.”
EDWARD LEE GONZALEZ
Florida Department of Revenue
On July 1, 2024, the Florida Legislature’s Office of Economic and Demographic Research notified the Florida Department of Revenue that the balance in the state Unemployment Compensation (UC) Trust Fund exceeded $4.071 billion. This notification triggered a reversion to the pre-COVID-19 rate formula, which may affect an employer’s 2025 reemployment tax rate.
According to the Florida Department of Commerce, the Florida unemployment rate in July 2020 was 11.6 percent with an estimated 1.149 million Floridians out of work. The elevated unemployment rate caused a significant strain on the UC Trust Fund, which is funded by employers who pay the state reemployment tax. The fund is used to support unemployed workers during an economic downturn while they search for alternative employment. It provides partial wage replacement, allowing individuals to purchase basic necessities, and also helps stabilize the economy.
To avoid the fund’s insolvency and reduce the burden on state employers, the Legislature passed Senate Bill 50 in April 2021. This bill included three provisions that would remain in effect until either the UC Trust Fund reached a balance of $4.071 billion at the end of a state fiscal year or the specific section of the statute expired on Dec. 31, 2025.
1. Benefit charges that were incurred between April 1 and Dec. 31, 2020, were excluded from the earned tax rate calculation. There are several
calculations in the rate formula that include benefit charges and an employer’s payroll going back 12 calendar quarters. Removing certain benefit charges reduced the numerator in the ratio, causing a decrease in the tax rate.
2. The positive adjustment factor, which could increase a reemployment tax rate if the fund balance as of Sept. 30 is less than 4% of total taxable wages earned from July 1 to June 30 of the applicable year, was removed.
3. Benefit charges directly related to COVID-19 because of a governmental order to close or reduce the capacity of a business were excluded.
As a result of reaching the $4.071 billion threshold and no longer excluding benefit charges outlined in the first provision, the 2025 earned reemployment tax rate will reflect the pre-COVID-19 rate formula. All benefits paid during the past three years will be included in the benefit ratio, and the positive adjustment that is tied to the balance of the UC Trust Fund will be reinstalled.
The Department will publish the 2025 reemployment tax rates in mid-tolate December 2024. Employers who disagree with the rate determination may file a written protest by mail, email or fax within 20 days from the “mailed on or before” date printed on the rate notice.
For more on Florida’s reemployment tax rate, including protest contact information, visit floridarevenue.com/ taxes/rt or call Taxpayer Assistance at (850) 488-6800.
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ON THE Move Members
Katie Gilden, Partner/ COO at Fiske & Company, was selected as an honoree for South Florida Business & Wealth’s 2024
Apogee Awards. Gilden was recognized for her professional achievements and community involvement over the past year and she received the recognition at a live awards ceremony on Nov. 6 at the Baptist Health IcePlex in Fort Lauderdale.
The Apogee Awards is a unique program created by South Florida Business & Wealth to acknowledge C-Suite leaders whose dedication to their industries and communities deserves particular acclaim.
“Our team appreciates her passion, dedication, and tremendous work ethic,” said Sheri Fiske Schultz, managing partner, Fiske & Company. “Katie is getting the recognition she deserves.”
Mauldin & Jenkins, is proud to announce Manager Jacob Kinsel, CPA, has been recognized as a winner of Business Observer’s 40 Under 40 award for 2024.
Each year, the Business Observer selects 40 individuals under the age of 40 from the Gulf Coast business community. These individuals are chosen based on nominations and original reporting, representing the best and brightest from Tampa to Naples.
“I am incredibly honored to be recognized as one of the Business Observer’s 40 Under 40,” shared Jacob. “This award is a testament to the hard work and dedication of not just myself, but my entire team. Being acknowledged alongside such a talented group of individuals is truly humbling, and this recognition motivates me to continue pushing boundaries and making a meaningful impact in our community.”
SBDP is pleased to announce the promotion of three of our wonderful team members.
Annie Bolton, CPA, has been promoted to Senior Director. Annie services clients as a part of Ascend Dental Group where she focuses on tax compliance and planning and has expertise with dental practitioners and commercial real estate.
Mary Crittenden, CPA, has been promoted to Director. Mary services clients specializing in financial statement preparation, tax planning, individual, corporate and partnership tax returns over a variety of industries.
Kim Cook has been promoted to Executive Assistant to Managing Partner/Client Services Manager. Kim has more than 15 years of experience in the areas of management, financial analysis, compliance, and mortgage services.
Thomas Howell Ferguson is pleased to announce the elevation of Catherine Stout, CPA, and Ying Wang, CPA, to Shareholders.
Stout specializes in assurance and accounting services across various industry sectors, including corporate insurance, government, and not-for-profit organizations.
With expertise in individual and family business taxation, trusts, and estate planning, Wang serves a diverse clientele, including industries such as manufacturing and retail.
Are you a member on the move?
Email your good news to communications@ficpa.org and you could be included in the next issue of Florida CPA Today!
The 2024 disaster relief guide to IRS, DOR and FinCEN filing extensions
GERARD H. SCHREIBER, JR. CPA
ELIZABETH G. BRENNAN CPA
JACKIE SULLIVAN CPA
IRS FILING RELIEF
The 2024 hurricane season delivered three damaging storms and an array of federal and state filing delays for Florida residents and businesses.
Even prior to hurricane season, Florida taxpayers encountered severe storms, straight-line winds, and tornadoes that began on May 10. Then came Hurricane Debby on Aug. 1, Hurricane Helene on Sept. 23, and Hurricane Milton on Oct. 5. The IRS issued filing delays for all of these events, creating unique circumstances for all residents of Florida.
The first delay due to severe storms and tornadoes provided 13 counties with IRS filing relief to Nov. 1, 2024. Hurricane Debby provided 61 counties with filing relief to Feb. 3, 2025. Hurricane Helene provided 41 counties with filing relief to May 1, 2025. And Hurricane Milton finally provided all Florida counties with IRS filing relief to May 1, 2025.
The IRS issued news releases for all of these events, providing information on what is and is not included in the filing delay. The acts not included in the filing delay or with limited filing relief are generally payroll tax deposits and information returns. All practitioners engaged in assisting with payroll tax deposits and information returns should refer to the news releases to be sure they understand their filing obligations for these items.
The FICPA has created countyby-county maps throughout hurricane season to help illustrate the various forms of relief by agency.
CODE SECTION 7508A
The authority for postponement of federal tax filings is located in Code Section 7508A, which authorizes the Secretary of the Treasury to grant up to a oneyear postponement for taxpayers affected by a “federally declared disaster.” In addition to the language in the Code Section, the 301.7508A Regulations provide information on the terms used and taxpayers affected and offer examples to assist practitioners in interpreting the statute and regulations.
Sec. 7508A and the related regulations provide guidance regarding taxpayer actions
included in the relief. The regulations also provide many examples of covered events and how they relate to the statute and regulations. There are various terms included in the Code Section and regulations to be familiar with including, “affected taxpayers,” “acts covered” and more. All Florida CPAs engaged in the preparation of tax returns should maintain ready access to Code Section 7508A and the 7508A regulations.
By now, most Florida CPAs have experienced previous filing delays for hurricanes, COVID-19, and other disasters and are familiar with the terms and processes associated with filing delays.
SELF-IDENTIFICATION PROCESS
Even CPAs with prior filing-delay experience will still encounter the challenge of contacting the IRS to obtain filing relief for clients who are not located in a covered disaster area but whose records or businesses are. In these instances, it is necessary to identify the clients as “affected taxpayers” so that their IRS accounts may be marked properly.
The IRS has reassigned employees to staff the disaster hotline and perform other disaster-related jobs, including searching for and assisting those affected in the disaster area. Consequently, there can be – and has been – inconsistent information given to CPAs who are attempting to have clients’ accounts marked as affected.
account, Internal Revenue Manual (IRM) 21.5.6.4.30 (0524-2024), -O Freeze, paragraph (4) states: “If a tax professional calls for a single taxpayer account, third-party telephone contact requires IRS assistors to authenticate a tax professional’s authorized relationship to act on behalf of a taxpayer through Power of Attorney (POA). The Centralized Authorization File must have the POA before the relief is added to a taxpayer’s account, or the tax professional may ask the assistor if a POA may be faxed for processing. Refer to IRM 21.3.10.3, Authentication and Disclosure Guidelines, for more information.”
Again, those needing this service should read the applicable sections of the IRM to have familiarity with the procedure
before contacting the Disaster Hotline or the Practitioner Priority Service.
DYED DIESEL FUEL PENALTY RELIEF
In response to shortages of undyed diesel fuel caused by Hurricanes Helene and Milton, the IRS announced it would not impose a penalty when dyed diesel fuel was sold for use or used on the highway in designated counties. This penalty relief stemming from Helene began Sept. 26 and ended Oct. 15. Likewise, the penalty relief period for Milton began Oct. 9 and ended Oct. 30.
Department of Revenue
FLORIDA DOR FILING RELIEF
The Florida Department of Revenue (DOR) on Oct. 15 announced that it will follow the tax relief granted by the IRS for affected taxpayers regarding the postponement of Florida corporate income/franchise tax return due dates.
All Florida counties are now under an extension to May 16, 2025, but please note the specific county lists and effective dates from DOR below. The FICPA has created a map for your convenience.
Taxpayers in the following counties with original due dates or extended due dates falling on or after May 10, 2024, and before May 16, 2025, will now have a due date of May 16, 2025:
Baker
Lafayette
Suwannee
Columbia
Leon
Taylor
Gadsden
Liberty
Wakulla
Hamilton
Madison
Jefferson
Santa Rosa
Taxpayers in the following counties with original due dates or extended due dates falling on or after August 1, 2024, and before May 16, 2025, will now have a due date of May 16, 2025:
Alachua
Gilchrist
Monroe
Bay
Glades
Nassau
Bradford
Gulf
Hendry
Orange
Charlotte
Hernando
Osceola
Citrus
Highlands
Pasco
Clay
Hillsborough
Pinellas
Collier
Holmes
Polk
DeSoto
Jackson
Putnam
Dixie
Lake
Sarasota
Duval
Lee
Seminole
Escambia
Levy
St. Johns
Flagler
Manatee
Sumter
Franklin
Marion
following counties with original due dates or extended due dates falling on or after October 5, 2024, and before May 16, 2025, will now have a due date of May 16, 2025:
Broward
Martin
Palm Beach
Indian River
Miami-Dade
St. Lucie
GENERAL INFORMATION
Taxpayers may contact DOR at 1-850-488-6800 or GTAHurricaneHelp@ floridarevenue.com for tax assistance related to Hurricanes Debby, Helene and Milton.
DOR has also created dedicated webpages related to Helene and Milton relief. These pages contain Gov. Ron DeSantis’ executive orders, the DOR’s emergency orders and other storm-related information.
The Department has also committed to working with all affected taxpayers on a case-bycase basis.
FINCEN FILING RELIEF
The Financial Crimes Enforcement Network (FinCEN) on Oct. 11 announced that victims of Hurricane Milton now have until May 1, 2025, to file Reports of Foreign Bank and Financial Accounts (FBARs) for the 2023 calendar year.
This announcement, coupled with relief already extended from previous storms, means that all of Florida is now covered under the May 1, 2025, deadline as it relates to FBAR filing.
FBAR filings for calendar year 2023 were otherwise due on or before Oct. 15, 2024.
PRACTICE MANAGEMENT ISSUES
Postponed filing deadlines offer immediate relief for taxpayers
and practitioners in the aftermath of a disaster. While this relief is welcomed, it is important to keep potential hurdles in mind. In early 2025, Florida CPAs and their clients will face rapid, consecutive deadlines, including Jan. 31, March 15, April 15 and May 1. Practitioners can expect to prepare 2023 and 2024 returns at the same time.
Practitioners can also anticipate issues related to both IRS processing and the ability of tax preparation software to correctly encode returns as eligible for filing postponements. Tax year 2024 organizers may need to be vetted for correct prior-year data if a 2023 tax return is not yet finalized. The annual IRS e-file maintenance period will prevent electronic filing during this scheduled shutdown, which
typically occurs between midNovember and late January for individual tax returns.
CPA firms must prepare now for the myriad circumstances that will arise as a result of and concurrent with postponed filing deadlines.
With recovery and rebuilding underway, CPAs working through the maze of 2023 returns and 2024 returns will need both enhanced organization and increased client contact to achieve success.
Explore the Possibilities
9-12, 2025
The critical importance of organizational culture in attracting and retaining high-value employees
JEREMY WORTMAN, PH.D. Owner, HRD Initiatives
In today’s competitive business landscape, attracting and retaining high-value employees has become a critical success factor for organizations.
While compensation, benefits and job roles are obviously important, one factor that consistently stands out as a key driver of employee satisfaction and loyalty is organizational culture.
The culture of an organization is not just an abstract concept; it is the very fabric that weaves
together the values, beliefs and behaviors that define how an organization operates. It plays a pivotal role in creating an environment where employees feel valued, motivated and aligned with the company’s mission and vision.
Organizational culture is the collective behavior of individuals within an organization and the meanings that people attach to those behaviors. It encompasses the company’s values, traditions, beliefs and how decisions are made. A strong culture is one where employees understand and share the organization’s core values, and these values
are consistently reinforced through leadership actions, communication, and company practices.
For organizations looking to attract top talent, a well-defined and appealing organizational culture can be a significant differentiator. High-value employees – those who bring exceptional skills, creativity and leadership potential – are increasingly seeking more than just a paycheck. They are looking for workplaces where they can thrive, where their work has meaning and where they feel a sense of belonging.
Continued on page 29
Talent Accelerator ’s Culture Enhancement Program
With talent challenges repeatedly highlighted as key concerns throughout our firm visits, we knew we needed to think differently about how we support our member firms in building high-performing talent-centric cultures.
The FICPA is pleased to announce our new partnership with Jeremy Wortman, Ph.D., and HRD Initiatives to provide talent-centric culture solutions for our member firms.
FICPA On-Site Solutions include:
• Firm Culture and Employee Engagement Assessment
• Effective Communication and Group Dynamics Team Building
• Doer-to-Reviewer Workshop
• Strategic Planning
• Leadership Development Program (18 months)
• Executive Coaching (various packages available)
• And other customized solutions to meet your firm’s specific needs.
INTRODUCTORY OFFER
Firm Culture and Employee Engagement Assessment
As part of this engagement, HRD Initiatives will execute a firm engagement survey with the following objectives:
• Identify employee engagement levels
• Highlight what aspects of working for the firm employees like best
• Target areas of improvement to boost engagement levels
HRD Initiatives will conduct a two-hour session* with executive leadership to review results and provide our top three recommendations for action planning.
Level of Investment: $3,500
For more information and to schedule a needs analysis, Scan the QR Code Visit ficpa.org/Talent Or, contact onsite@ficpa.org
With a strong passion for the positive development of individuals and organizations, Jeremy works with firms of all sizes to explore management strategies, build talent, implement solutions and coach individual leaders. Previously the Director of Organizational Effectiveness at TD Ameritrade, he has spent the last 20 years honing his expertise within the accounting profession. He has extensive knowledge of organizational psychology and has had great success developing strategies and programs using a strengths-based approach.
With undergraduate degrees in Economics and Human Resources, Jeremy earned his MBA and a Ph.D. in Organizational Behavior from the University of Nebraska. He is a member of the American Psychological Association, the Society of Industrial and Organizational Psychology, and the Academy of Management.
Jeremy Wortman, Ph.D.
“ Organizational culture is not just a buzzword; it is a critical component in the attraction and retention of high-value employees”
Continued from page 26
A positive culture acts as a magnet for such talent. When potential employees perceive a strong alignment between their personal values and the company’s culture, they are more likely to see the organization as a place where they can grow and succeed. This cultural alignment fosters engagement even before an employee steps through the door, setting the stage for long-term retention.
Moreover, in an era where company culture is increasingly transparent – thanks to platforms like Glassdoor and social media – candidates can easily research and assess an organization’s culture before applying. Companies that showcase a vibrant, inclusive and positive culture can leverage this to attract the right talent who will be motivated and productive from Day 1.
Attracting top talent is only the first step; retaining these high-value employees is where organizational culture truly proves its worth. A strong culture provides employees
with a sense of purpose and belonging, which are essential for long-term job satisfaction. When employees feel that they are part of something bigger than themselves, that their work is valued and that they are contributing to the organization’s success, they are more likely to stay.
A positive culture fosters loyalty by creating an environment where employees are encouraged to grow and develop. Highvalue employees – who often seek continuous learning and opportunities for advancement –thrive in cultures that prioritize professional development, innovation and recognition. When these elements are embedded in the organizational culture, employees are more likely to see a future with the company, reducing turnover and the associated costs.
Moreover, a culture of open communication, trust, and collaboration ensures that employees feel heard and valued. This emotional connection to the organization can be the difference between an employee
who leaves at the first sign of a better offer and one who remains committed even during challenging times.
In conclusion, organizational culture is not just a buzzword; it is a critical component in the attraction and retention of high-value employees. A strong, positive culture creates a compelling employer brand that attracts top talent and fosters a work environment where employees feel engaged, valued and motivated to contribute to the organization’s long-term success. By prioritizing and continuously nurturing their culture, organizations can build a loyal and high-performing workforce that drives sustained success.
I am proud to say the FICPA is committed to supporting its firms in creating a culture that attracts and retains top talent through the Talent Accelerator program. If culture is a strategic priority for your organization, visit ficpa.org/talent or email onsite@ficpa.org
The impact of AI and automation
How new technologies are changing the way we work in finance
“When paired together, AI can analyze data to identify discrepancies and anomalies, while RPA can automate the data entry and report generation process.”
GAIL GRAY CPA
As the digital landscape evolves, finance teams face a significant transformation driven by the impactful forces of artificial intelligence (AI) and automation. This change is as pivotal as the emergence of the internet and email, with generative AI (GenAI) and other advanced technologies reshaping traditional workflows and fundamentally redefining the role of finance professionals.
ADAPTING TO RAPID CHANGE
In public practice, corporate environments and government organizations alike, it is essential to adapt to new technology to avoid being left behind. The onset of COVID-19 disrupted traditional workflows, forcing quick innovation. Information technology teams scrambled to enable remote work, accounts payable teams could no longer process payments manually and in-person meetings became impossible. This abrupt change accelerated the adoption of Robotic Process Automation (RPA), providing solutions for many organizations to maintain productivity.
AI, likewise, has been gradually integrating itself into our lives. While many first experienced artificial intelligence through virtual assistants like Alexa, AI has since crept into daily tasks and workflows, from predictive models in software to autocorrect features.
In this sense, automation is transforming operations, streamlining processes and improving efficiency. With the combined power of AI and RPA, automating routine tasks can free up time for more strategic work.
THE EMERGENCE OF GENAI
GenAI, introduced to the public in November 2022, has become a significant disruptor. While traditional AI systems primarily focus on analysis, decisionmaking and automation, GenAI is centered on creating new content, mimicking the creative aspects of human intelligence. The emergence of GenAI tools has sparked a competitive race among developers to capture the largest market share, driving continuous innovation and change.
Some governments have opted to restrict access to these tools, while workplaces have scrambled to
implement policies governing their use. Nonetheless, the genie is out of the bottle. New careers, such as prompt engineers or large language model developers, have emerged, and colleges and universities are adding degree programs related to AI and GenAI. Many companies now include AI skills in their job descriptions.
The accountants of tomorrow must understand how to effectively use and interpret AI and RPA. Those who rely solely on traditional skills will not be competitive in the new landscape of accounting. Just like when spreadsheets were introduced, accountants who clung to "green bar ledger paper" found themselves no longer competitive in the job market. And those of us in practice, who have already finished school, must become lifetime learners, as these tools evolve over time.
How then can we leverage this new technology in finance?
AI tools can analyze historical spending data and revenue trends to forecast future budget needs more accurately. AI can identify discrepancies and anomalies in data, which is crucial for compliance with regulations and standards. And AI
can monitor patterns and detect outliers in financial transactions, enhancing the ability to detect and prevent fraud, leading to improved financial security and reduced losses.
RPA, meanwhile, seeks to automate repetitive, rules-based, and structured tasks. It is designed to work with existing systems and applications. Indeed, RPA can automate routine data entry tasks, reducing manual errors and freeing up time for strategic analysis.
When paired together, AI can analyze data to identify discrepancies and anomalies, while RPA can automate the data entry and report generation process. This combination of AI and RPA can streamline financial operations, improve accuracy and increase efficiency.
EMBARKING ON AN AUTOMATION JOURNEY
There are several strategic steps organizations should consider when beginning their automation journey. Initially, it is crucial to identify a group of individuals with a change mindset who can serve as evangelists. This group will be pivotal in helping stakeholders appreciate the value and importance
of these new technologies. They will play a key role in ensuring that others are on board and excited to explore what is possible.
As for where to start, introductory seminars and workshops will help ensure everyone understands the technical aspects and strategic implications of AI and RPA, and successful case studies can demonstrate potential benefits and common challenges, fostering a culture that accepts change. Aligning the automation objectives with the overall goals of the organization is essential, and this alignment should be reinforced with continuous training and communication to address concerns and gather feedback.
Once your stakeholders are on the same page, choosing the right processes to start an automation journey will ensure better success for the organization, and early wins will help others see that automation can actually help with their dayto-day processes. It is best to adopt a strategic approach to selecting processes, prioritizing those that promise the highest return on investment. Such an approach involves several key factors:
1. TIME INTENSITY
Identify processes that consume significant amounts of time and resources. Automating these can lead to substantial efficiency gains.
2. ERROR FREQUENCY
Look for processes prone to human error. Automating these tasks can enhance accuracy and reduce the risk of costly mistakes.
3. PROCESS STABILITY
Determine if the process being evaluated is being considered for change. If a component of the process involves software that is changing, it is not a good candidate for automation at this time.
4. COMPLEXITY OF AUTOMATION
For initial automations, it is prudent to look for processes that are considered “low-hanging fruit.” This means looking for a process that does not require AI, such as machine learning and document understanding.
5. STRATEGIC RELEVANCE
Evaluate how critical each process is to your organization's strategic goals. Prioritize automating tasks that directly contribute to achieving these objectives. By focusing on these factors, you ensure that your automation efforts are aligned with your organization's priorities, delivering the greatest impact.
Once a process has been identified as a good candidate for automation, create a map of the as-is process and document each step. Aim to digitize as much of the process as possible, while also being mindful of all the relevant exceptions.
Once you’ve mapped the as-is process, it’s time to construct your to-be process. This should be a collaborative approach with the automation team, subject-matter experts and the decision-makers of the process. It is important to have a change mindset as this new process
is designed with an emphasis on challenging the status quo.
Finally, you’ll want to set clear performance metrics to evaluate the effectiveness of automated processes, including processing-time and errorrate reduction, cost savings and user-satisfaction levels. Revisiting and refining these metrics over time will ensure they deliver the expected benefits.
Once you’ve scaled your first automation project, you’ll be able to leverage the insights gained from this initial implementation to enhance future rollouts. You’ll also be ready to expand the scope of automation and explore new areas for AI integration. For example, after achieving significant reductions in processing times and error rates in accounts payable, you might consider expanding automation to areas like customer service or inventory management, driving further efficiencies and improvements.
EMBRACE THE FUTURE OF FINANCE
The integration of AI and RPA in finance is not just a trend; it is a transformative shift that is redefining how finance professionals operate. As finance professionals, we must seize this opportunity to innovate, evolve and lead our organizations into a new era of technological advancement and operational excellence.
Gail Gray, CPA, is a partner at LSL CPAs in Houston, Texas, and is a CaseWare certified trainer and consultant. She has previously been a speaker at the FICPA’s Women’s Leadership Summit and State & Local Government Accounting Conference
2025 CONFERENCES
The FICPA delivers top-notch, relevant, year-round CPE at our in-person, livestream, and virtual conferences. These events are developed by a committee of your peers, bringing you current updates that are delivered by national and international speakers.
CONFERENCE & BOOT CAMP
January 9-10 and January 8 Miami and Livestream
SUMMER EDUCATION CONFERENCE
July 19-25
Gulf Shores, AL
9
3-4
CPA PERSONAL FINANCIAL PLANNING BOOT CAMP
June 9
Orlando
June 9-12 Orlando For a complete list of events and more information, including early registration and group discounts, visit ficpa.org/conferences.
SUMMER VACATION CLUSTER
August 7-9
INDUSTRY INSIGHTS CONFERENCE
May 1-2
Orlando
WOMEN’S LEADERSHIP SUMMIT
June 12
Orlando
Orlando STATE & LOCAL GOVERNMENT ACCOUNTING CONFERENCE
Orlando & LITIGATION SERVICES CONFERENCE
August 14-15
Orlando CONSTRUCTION INDUSTRY CONFERENCE
COMMON INTEREST REALTY ASSOCIATIONS CONFERENCE
November 13-14
WELC ME TO THE
The FICPA is proud to welcome these new members who joined from July-Sept 2024.
Welcome to our FICPA family and thank you for supporting the CPA profession!
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Reach THOUSANDS in Your Target Audience.
To understand the full value of working with the FICPA, contact Marjorie Stone, marjories@ficpa.org.
Let us connect you with the largest network of CPAs, accountants and financial professionals in the Sunshine State. The FICPA can tailor packages to meet the needs of your organization.
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