Spring 2022 - Florida CPA Today | Volume 38, Number 2 by Florida Institute of CPAs

SPRING 2022 | VOLUME 38, NUMBER 2

2022 LEGISLATIVE REPORT PAGE 16

PAGE 8

PAGE 20

Meet Florida’s new Secretary of DBPR: Melanie Griffin

FICPA Members Ensure CPAs Count During 2022 Advocacy Days

Inside Florida’s 2022 Tax Package: Relief, Plus IRC Conformity

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CONTENTS PRESIDENT & CEO Shelly Weir EDITORIAL COMMITTEE Lynda M. Dennis, CPA, Chair Joel M. DiCicco, CPA David J. Hochsprung, CPA, Jonathan S. Ingber, CPA Douglas B. Keith, CPA Michael S. Kridel, CPA Ryan A. Myers, CPA Will Quilliam, CPA FICPA STAFF Leah Pritchett, Director of Marketing and Communications Nick Menta, Communications Manager and FCT Editor Alejandra D’Jermanos, Graphic Designer All articles submitted to Florida CPA Today are subject to technical review, Editorial Committee review, space availability, and editing requirements and restrictions. Statements expressed herein are those of the identified authors and not necessarily those of the Florida Institute of Certified Public Accountants, Inc. (FICPA), nor should statements be considered endorsements of products, procedures or otherwise. The FICPA reserves the right to reject any editorial material or paid advertising that does not meet Florida CPA Today criteria or detracts from its ethical and professional standards. Florida CPA Today is published quarterly by the Florida Institute of Certified Public Accountants, Inc., 135 W. Central Boulevard, Suite 1140, Orlando, Florida, 32801. Telephone: (850) 2242727 or (800) 342-3197. Visit our website at ficpa.org. This magazine is provided to members of the FICPA. No specific amount of your dues, either expressed or implied, is for this publication. This magazine is not available for purchase by either FICPA members or nonmembers. For display advertising information, contact FICPA Corporate Sales Manager Drew Miller at (850) 521-5935 or drew@ficpa.org. © 2021 by the Florida Institute of Certified Public Accountants, Inc. All rights reserved. Reproduction in whole or part is prohibited without the express written consent of the FICPA.

2022 LEGISLATIVE REPORT

FEATURES

DEPARTMENTS

FICPA Members Ensure CPAs Count During 2022 Advocacy Days

Secretary Melanie Griffin: Guiding DBPR’s Growth and Success

18 20

Board of Accountancy Florida’s 2022 Tax Package: Relief, Plus IRC Conformity

Legislation Changes DOR Audit Process

Inside the Numbers: Taking the CPA exam, Section by Section

2 4 6 41

CEO’s Message

42 46 48

Upcoming Conferences

Chair’s Message News Briefs Scholarship Foundation Update

DOR Update Marketplace STRATEGIC PARTNER CONTENT:

30 32 37

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CHIEF EXECUTIVE OFFICER’S MESSAGE

Join Us as We Drive Into the Future of the FICPA In my first 12 months at the FICPA, I travelled more than 15,000 miles, meeting with CPAs and business leaders from across the state. Every trip offered a unique perspective into the needs of our members and a window into our profession. When I arrived at the FICPA last April, I was ready to listen. I wanted to know what excited you, what challenged you, and what kept you up at night. I needed to understand what was working – and not working – both in our workplace and yours. To learn exactly that, we at the FICPA partnered with the Moery Company to conduct a deep-dive membership survey, identifying the most acute issues facing our profession.

SHELLY WEIR

With a focus on enhancing the member experience, I am proud to present our all-new membership guide: FICPA Drive.

We know you want affordable, high-quality CPE that meets all of your recertification needs.We know you want more Florida-specific education about issues affecting the profession. We know you need help recruiting and retaining new talent. And most importantly, we know it’s our duty to advocate on your behalf, both in Tallahassee and in Washington, protecting your license and promoting our profession. With the results of the study in hand and the feedback from my Member Listening Tour in mind, our FICPA staff has spent the past several months outlining a five-year strategy plan to advance the FICPA and the profession. It’s an exciting time at the FICPA, and the new year is almost upon us. As you’ll read on page 6, our dues renewal process will get underway in May, leading up to the start of our new membership year on July 1. Our members give us our sense of purpose, and we’re excited to have you as part of our present and future. With a focus on enhancing the member experience, I am proud to present our all-new membership guide: FICPA Drive. Stapled inside this edition of Florida CPA Today, Drive is your comprehensive value, savings, and benefits guide to the FICPA. On each page, you’ll find learn more about: • Advocacy that protects your license and promotes our profession • Learning and Events that elevate your skills while keeping you in compliance with CPE requirements • Benefits, Perks and Publications that provide member-exclusive content and savings • A Professional Community that can supercharge your career • Leadership, Service and Connections that offers you myriad ways to get involved • And the FICPA Scholarship Foundation that helps turn the students of today into the CPAs of tomorrow We work every day to serve the diverse needs of our members and to provide the highest level of member value. It’s been a busy year, and I’m excited for what’s to come in 2022-23, as we Protect your license, Promote the profession, Educate our members on Florida-specific issues, and Innovate on your behalf to drive CPAs into the future.

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CHAIR’S MESSAGE

FICPA, Coalition Advocate for Solutions to IRS Service Issues I’m pleased and proud to share that the work of our FICPA Governmental Affairs Department resulted in victory for the profession during the 2022 Legislative Session. Again, this year, our team successfully prevented several pieces of potentially negative and burdensome legislation from impacting CPAs in Florida. Throughout the 60-day session, our advocacy team also worked at the national level as an integral part of an AICPA coalition that pushed for the resolution of numerous IRS service issues affecting the 2022 tax-filing season.

KRISTIN BIVONA CPA

Please join me in thanking our Governmental Affairs Department for their tireless efforts, at the state and national levels, throughout the 2022 Session.

The profession – the AICPA, state CPA societies and other professional organizations – had called on the IRS for many months to suspend various taxpayer notices. The FICPA gained support from the Florida Congressional Delegation, adding their signatures to a bipartisan letter asking the U.S. Treasury Department for taxpayer and practitioner relief during the 2022 filing process. In response, the IRS announced partial relief by stopping some notices to taxpayers for filing errors. And in response to a subsequent call from the coalition, the IRS suspended more than a dozen additional letters.   Still, the IRS repeatedly suggested it does not have the authority to suspend all automated notices. As part of an additional coalition effort, the FICPA successfully added the signatures of Florida’s U.S. Senators, Marco Rubio and Rick Scott, on a bipartisan letter to IRS Commissioner Charles Rettig asking the IRS for more information about what – and what additional authority, if any – it needed to suspend sending additional taxpayer notices.   The FICPA also joined calls for relief from the AICPA’s Foreign Partnership Reporting Task Force and the profession at large regarding Schedules K-2 and K-3 reporting changes. In February, the AICPA and 52 state CPA societies, including the FICPA, sent a letter to Commissioner Rettig and Assistant Treasury Secretary Lily Batchelder addressing widespread concerns about the changes.   Our team strongly advocated on members’ behalf to urge the IRS and the Treasury to delay reporting changes to allow practitioners sufficient time to understand and implement them. We also echoed calls to suspend penalties for failing to file, or failing to provide in a timely manner, Schedules K-2 and K-3 for the 2021 tax year. In response, the IRS in February announced additional transition relief for certain domestic partnerships and S corporations preparing the new Schedules K-2 and K-3. Please join me in thanking our Governmental Affairs Department for their tireless efforts, at the state and national levels, throughout the 2022 Session. For continued updates on FICPA actions related to these issues, please watch out for our monthly advocacy e-newsletter, Advocacy Update, or reach out to the FICPA Governmental Affairs Department at govaffairs@ficpa.org.

FLORIDA CPA TODAY | SPRING 2022

This dues renewal cycle, stand with our profession and make a voluntary contribution to the Florida CPA/PAC. Donating to the Florida CPA/PAC is the most effective way to ensure you have a voice in the political process. Your donations go directly towards vetting, educating, and electing pro-CPA, pro-business candidates who understand the issues affecting our profession. We carefully research and interview every candidate we support so that your dollars go towards supporting positive legislative change. And with multiple membership tiers and ways to give, we make it easy for you to make a difference this November.

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TO DONATE TODAY

Please note: contributions are strictly voluntary and are not deductible for federal tax purposes. The Florida CPA/PAC is an entity completely separate from the FICPA. The Florida CPA/PAC is supported solely by the voluntary contributions of members of the FICPA and others.

SPRING 2022 | FLORIDA CPA TODAY

NEWS BRIEFS

FICPA NEWS

Notice of Regular Council Meeting FICPA OFFICIAL NOTICE In compliance with Article XI, Section 6 of the FICPA Bylaws, be it known that a regular meeting of the FICPA Council will be held on Friday, June 10, 2022, at 10 a.m. at Disney’s Contemporary Resort in Orlando (held in conjunction with the MEGA Conference).

2022-23 Member Renewal Update

The window for FICPA membership renewals will open in mid-May, with fees due by July 1, the start of the membership year. You can renew online with a one-time payment, take advantage of our auto-renew options, or send payment by mail to the address listed on your invoice. As you renew, be sure you take advantage of the additional savings on Ethics (ETHOL22) and our on-demand 24/7 Learning Library found on your invoice.

Notice of Annual Meeting of Members FICPA OFFICIAL NOTICE In compliance with Article III of the FICPA Bylaws, be it known that the Annual Meeting of the Members will be held 4:50 p.m. on Thursday, June 9, 2022, at Disney’s Contemporary Resort in Orlando (in conjunction with the MEGA Conference).

FICPA NEWS

Stay up to date with all the latest FICPA news by following our accounts on Facebook, Instagram, LinkedIn and Twitter. You’ll get news, event reminders and everything else you need to know. It’s best way to engage with the FICPA every day!

@FloridaInstituteofCPAs

Annual Auto-Renew Members: Your renewal will automatically be processed on July 1, 2022. If your credit card has changed since last July, please call us to update your payment information. Monthly Auto-Renew Members: Your renewal will stay on the current schedule. Non-Resident Members: This category will be included in our CPA Regular Member category in the new member year. FICPA 100% Firms: If your office participates in firm billing, no action is required on your part. If your firm is not currently a FICPA 100% Firm, and you invest in FICPA memberships for all your staff, please email firmconcierge@ficpa.org, and we will get you set up. Your homework with our grateful appreciation:

A lot can change in a year, and staying connected with you is extremely important to us. Please take a moment to check your: • Personal Profile – Did you move? • Email addresses – Please add an alternate email.

@FICPA

• Email Communication Preferences – Curate your content. • Business Profile – Are you linked to the correct firm/ company? • Membership Category – Have you retired?

@FICPA

Need Help? Email membership@ficpa.org or call 850.224-2727x1. Thank you for being part of our community. You are the reason we are here!

FLORIDA CPA TODAY | SPRING 2022

FICPA NEWS

Justin Thames Named FICPA’s New Chief External Affairs Officer The Florida Institute of Certified Public Accountants (FICPA) announced on April 20 that Justin Thames has been named the Institute’s Chief External Affairs Officer. In this newly created role, Thames will oversee the strategic leadership of all aspects of the FICPA’s public policy, advocacy, governmental affairs and regulatory efforts. He will also oversee all advocacy-related external communications and public-awareness campaigns aimed at increasing the understanding of and appreciation for the value of the CPA license. “Advocacy is at the heart of the FICPA, and there is no better person to represent our members in Tallahassee than Justin Thames,” FICPA President & CEO Shelly Weir said. “This move speaks to our belief in Justin and our around-the-clock commitment to protecting your license and promoting the CPA profession.” Thames has more than 15 years’ experience in the field of Government Relations. He joined the FICPA as its Governmental Affairs Manager in 2011 and was promoted to Director of Governmental Affairs in 2015. Prior to the FICPA, he was employed as the Grassroots and Political Action Coordinator for the League of Southeastern Credit Unions. Thames currently serves on the boards of the American Red Cross North Florida Region, Capitol Area; Florida Association of Professional Lobbyists; and Florida Chamber Foundation. He is a graduate of Leadership Florida Connect and the Florida TaxWatch

Citizenship Institute. A graduate of Florida State University, Thames and his family remained in Tallahassee and continue to be actively involved in their community. “I’m thrilled to have the opportunity to further my role with the FICPA, representing our members and the CPA profession in Florida,” Thames said. “It’s such a privilege to be part of the team Shelly Weir is building to lead our organization, and the profession, into this next chapter. I look forward to continued relationships with our dedicated volunteer members and ensuring CPAs count in Florida.” As the FICPA settles into its new headquarters in Orlando this year, Thames will continue to lead the FICPA’s Governmental Affairs Department from its office in downtown Tallahassee, just steps away from the Florida Capitol.

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DURING 2022 ADVOCACY DAYS By Suellen Wilkins, FICPA Advocacy and Political Affairs Manager

During the 2022 Florida Legislative Session, FICPA members gathered at virtual and in-person events to advocate on behalf of the CPA profession in Florida. Advocacy is the cornerstone of the FICPA’s mission, and member involvement is crucial to ensuring CPAs count in the political process.

Gruters and Rep. Cyndi Stevenson; a discussion of the CPA profession from House Majority Leader Mike Grant, Sen. Travis Hutson, Florida CFO Jimmy Patronis, House Ways and Means Committee Chair Bobby Payne, and Senate Finance and Tax Committee Chair Ana Maria Rodriguez; and a Florida economic update from Dr. Jerry Parrish.

The FICPA, on Jan. 6, held its second annual Virtual Advocacy Day, connecting FICPA members with key lawmakers online.

“I’m thrilled to be with you all as we kick off our Advocacy Days and raise awareness about the CPA profession among our state lawmakers,” FICPA President & CEO Shelly Weir said in her opening remarks. “With your continued support, we will strengthen our position among policymakers, the public and the profession nationally.

“The FICPA is the voice of Florida CPAs in our state’s Capitol,” FICPA Chair Kristin Bivona said. “Our Virtual Advocacy Day agenda featured numerous policymakers who impact our profession every day. We were honored to have the opportunity to meet with them about issues relevant to the CPA profession in Florida.” The Virtual Advocacy Day event included a legislative briefing from FICPA’s Justin Thames and Liberty Partners of Tallahassee’s Jennifer Green; an interactive CPA lawmakers panel featuring Rep. Mike Caruso, Sen. Joe

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On Jan. 12, the FICPA held its annual in-person advocacy event, Hike the Hill, at the Florida Capitol in Tallahassee. The event – which was the Institute’s first full-member, fly-in advocacy day – joined FICPA members with lawmakers to advocate on behalf of the profession. In addition to meetings with legislators at the Capitol, Hike the Hill included a Legislative Briefing Luncheon,

during which the FICPA celebrated graduating class of its inaugural Leadership Academy. The FICPA was honored to hear a keynote address from Florida Department of Business and Professional Regulation Secretary Melanie Griffin, who expressed her excitement to partner with the FICPA in supporting and strengthening the CPA profession. Before departing to walk the halls of the Florida Capitol, attendees heard from Sen. Gruters and Rep. Caruso about the importance of being engaged in the profession’s advocacy efforts. “Everything involves money, and nobody understands numbers in the Capitol here. We need more of you to be involved,” Caruso said.

Photos by Silver Digital Media.

Members met with and educated their local lawmakers about the value of the CPA license and shared stories about the profession’s impact in their communities. FICPA members held more than 70 meetings with legislators and their staff during the event. The FICPA has bolstered its Key Person Contact Program as a result of those efforts and now has even stronger relationships with our Florida legislators. “Whether we connect virtually or in person, effectively communicating with lawmakers is paramount to our success in Florida’s governmental process,” Thames said.

SPRING 2022 | FLORIDA CPA TODAY

FICPA 2022 LEGISLATIVE REPORT By Justin Thames, FICPA Chief External Affairs Officer

lorida’s 2022 Legislative Session was scheduled to end Friday, March 11, but the Legislature needed more time to finalize the state’s annual budget. After a brief extension, lawmakers reconvened on Monday, March 14, for a final vote on the budget and concluded their business for the year – or so they thought. Legislators accomplished the constitutionally required tasks of passing a balanced budget and redrawing congressional and state legislative districts and passed more than 280 bills during the Regular Session. Although this marked the passage of the most bills since 2014 and the largest budget in the state’s history, there was immediate speculation Gov. Ron DeSantis would call a Special Session to address rising property insurance rates, condominium associations

FLORIDA CPA TODAY | SPRING 2022

reforms and/or redrawing the congressional districts. The latter turned out to be true, and the governor called a Special Session on March 29, shortly after he vetoed the Legislature’s plan to redraw those congressional districts. For the FICPA, this session was primarily a defensive exercise on behalf of the profession. Several bills introduced this year required the Governmental Affairs Department, along with FICPA Committee members, to engage with policymakers to mitigate or revise legislation that would have negatively impacted CPAs. The positive relationships we’ve built through grassroots advocacy, our Key Person Contacts and our in-person visits during this year’s Hike the Hill event made a substantial difference in our ability to affect the outcomes of this session.

Photos and magazine cover by The Workmans.

Here are highlights from the more than 60 “priority” bills the FICPA monitored on behalf of our members: PASSED:

House Bill 1057 – Creates criteria for state agencies to use when determining a vendor of the state’s financial stability and defines “financial stability.” The FICPA ensured CPA firms acting as vendors of the state aren’t put at a competitive disadvantage when state agencies determine financial stability during the procurement process. Senate Bill 1382 – Changes the Department of Revenue (DOR) audit process by allowing the Department to communicate with taxpayers in the initial 60-day period of the audit process; restricting a taxpayer’s ability to provide records in litigation after non-compliance during the audit; and adding the ability to extend the audit tolling period. The FICPA worked with State Tax Committee members and DOR to add clarity for practitioners and minimize the risk to taxpayers making best efforts to be in compliance. House Bill 7071 – Annual tax package and IRC Conformity (see full summary on page 20) The FICPA successfully advocated for the exclusion of the corporate income tax refund repeal. Senate Bill 1054 – Requires high school students to take a financial literacy and money management course before graduating. The FICPA supported efforts to require financial literacy course requirements in high school. Gov. DeSantis signed the bill into law on March 22, 2022. FAILED:

Senate Bill 1302 – Revised the process by which the Board of Accountancy (BOA) could consider criminal backgrounds of license applicants. The FICPA successfully advocated for the removal of provisions that would hinder the BOA’s discretion when considering criminal history during the licensure process. Senate Bill 1702 – Created milestone inspection requirements; required reserve studies every three years; increased reserve funding requirements; and added new board requirements for condominium associations. The FICPA worked with CIRA Committee members to prevent disclosures inconsistent with standards from being added to financial reports, ensure the pooling method of funding reserve was maintained, and maintain the ability to waive reserve funding in certain instances.

House Bill 1185 – Required additional review of any expansion of regulation of an already-regulated profession, such as CPAs, prior to the legislative session. The FICPA monitored this legislation to act in the event the proposal gained momentum. Similar legislation has been filed for the past several years but has not gained momentum during the Legislative Session. The consequences of expanding Florida’s regulatory review laws could hinder the profession’s ability to adopt future changes to F.S. Chapter 473. House Bill 1079 – Required additional fiscal-accountability measures for nonprofit corporations receiving at least 50 percent of their revenue from state funds or passthrough funds from the federal government. The FICPA addressed several concerns raised by members in the nonprofit practice area during last session and this year’s regarding the audit requirements of the bill and provisions that conflicted with professional standards. Look for more information in the FICPA’s Advocacy Update newsletter in the coming weeks, as Gov. DeSantis continues to take final action on legislation. SPRING 2022 | FLORIDA CPA TODAY

Redistricting, Elections on the Horizon

The Florida Constitution requires the state Legislature to redraw the boundaries of the congressional, state House and state Senate districts during its Regular Session the second year following each decennial census. Redrawing the boundaries through the redistricting process is intended to account for population growth and determine which voters will participate in which elections this November. Because of a population increase, Florida also gained one additional seat in the U.S. House of Representatives through the reapportionment process conducted by the U.S. Census Bureau.

Before the 2022 Session officially began, the Legislature began its work to draw the 40 Senate, 120 House and now 28 U.S House districts. Each chamber created special committees and held hearings to create draft plans for their respective districts. Simultaneously, the two bodies also worked to draft plans to redraw the U.S. House districts. During their deliberations, the redistricting committees constructed their plans using data from the census; guidelines outlined in the Federal Voting Rights Act; and standards implemented from the “Fair Districts” amendments to Florida’s Constitution. Just 24 days after Session began, the Legislature passed plans for the House and Senate districts in a joint resolution. Having passed the Legislature, the Florida Constitution requires the attorney general to petition the Florida Supreme Court for a determination of the validity of the plans. Attorney General Moody submitted her petition to the court on Feb. 9, which started a 30-day clock mandated by the constitution for the Court to respond. The Court responded and approved the two plans on March 3, eight days short of the deadline. The next day, the Legislature passed plans for the state’s U.S. House (Congressional) districts. They are “plans” because, in a unique set of circumstances, the Legislature decided to present two different plans for the Supreme Court to consider during their constitutional review. The unique aspects 12

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of the situation stem from having two plans – a “primary” plan and a “backup” plan for the Court to consider if the “primary” plan is determined to be unconstitutional. Before the Supreme Court considers these plans, Gov. DeSantis must approve them. Favoring only the “primary” plan, the governor vetoed the two-plan approach less than a month after the Legislature adjourned. On the same day, he instructed the Legislature to convene a Special Session from April 19-22 to draw new plans for his consideration. Prior to convening, Legislative leaders informed the governor they would not consider any new plans except those presented by his staff, and that he would support. The governor submitted his plans, his staff presented them in committee and the Legislature approved them shortly after 1 p.m. on April 21. In less than 24 hours, groups opposing the new congressional plans filed a lawsuit, claiming the districts violate the Florida Constitution’s Fair Districts amendment. History proves the redistricting process is always political, no matter what state you’re in, and is accompanied by vast legal interpretations before it ends. One thing is certain: There will be districts in place by the June 17 qualifying date for state and federal elections. Look soon for more updates on the 2022 elections from the FICPA Governmental Affairs Department.

Legislature Passes FY 2022-2023 Budget Is having too much money a bad thing? It wasn’t a problem for the Florida Legislature, except when deciding how to spend it all in the Fiscal Year 2022-2023 budget. Billions of dollars in federal aid and an overperforming economy enabled lawmakers to pass a behemoth General Appropriation Act (GAA) totaling a $112.1 billion balanced budget for the upcoming fiscal year. The spending plan, which passed unanimously with bipartisan support, is a more than 10-percent increase from the previous year and $27 billion increase from just five years ago. The federal portion of the budget amounts to roughly $3.5 billion and stems from ongoing COVID relief funding appropriated by Congress. The majority of the federal funds are designated for one-time projects, including construction and maintenance for colleges and universities, the expansion of broadband, and the gas tax holiday contained in this year’s tax package. “Our final budget reflects a responsible, balanced approach that funds key state needs with recurring state funds, while utilizing nonrecurring federal pandemic funds to make strategic investments in Florida’s infrastructure,” said Senate Appropriations Committee Chair Kelli Stargel. “We dedicate significant funding to broadband expansion as well as maintenance, repair, and construction at our educational institutions from K-12 to our colleges and universities. Floridians will see the impacts of these one-time, generational investments for years to come. This funding will not only create jobs in our local communities, but also help develop the educational, transportation, environmental and public safety infrastructure our state needs as we continue to grow.”

For the CPA profession, spending authority for the Unlicensed Activity fund and the Clay Ford Minority Scholarship fund in the Department of Business and Professional Regulation (DBPR) were included in the GAA. The FICPA actively advocated for both during the 2022 Legislative Session. $100,000 – Unlicensed Activity Enforcement

Funded by a $5 portion of CPA license fees. Provides funding to the Board of Accountancy to combat the unlicensed practice of public accounting. $200,000 – Clay Ford Scholarship Program

Funded by a $7 portion of CPA license fees. Provides funding to minority accounting students to finish their fifth year of accounting courses to sit for the CPA exam. Since the program’s inception, more than 400 scholarships have been awarded to help advance diversity within the profession. The budget also makes significant investments in the Legislature’s educational, environmental and health care priorities and increases state employees’ pay by 5.4 percent. Although spending increased across the board, lawmakers still held almost $10 billion in reserves. At publication time, Gov. DeSantis had not yet received or taken final action on the budget and retained his line-item veto authority over any provision included in the GAA. Look for more updates on the budget from the FICPA Governmental Affairs Department as they become available.

SPRING 2022 | FLORIDA CPA TODAY

Thank you to our CPA lawmakers - Rep. Mike Caruso, Rep. Cyndi Stevenson and Sen. Joe Gruters and Secretary Melanie Griffin for supporting the FICPA and promoting the profession!

Special thanks to the FICPA External Lobby Team of Liberty Partners of Tallahassee. The firm is led by President Jennifer Green, principal lobbyist for the FICPA. Green, former FICPA deputy executive director, adds nearly 25 years of experience representing the CPA profession in Florida to the FICPA’s advocacy efforts. The FICPA also congratulates Liberty Partners of Tallahassee on the 15th anniversary of the launch of their firm this year. “Liberty Partners has been a steadfast ally for us in protecting and promoting the CPA license,” FICPA President & CEO Shelly Weir said. “We are grateful for their longstanding commitment to championing the issues most important to our profession. Our voice in Tallahassee would not be as powerful without them by our side.” 14

FLORIDA CPA TODAY | SPRING 2022

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Secretary

Melanie Griff in:

Guiding DBPR’s Growth and Success By Suellen Wilkins, FICPA Advocacy and Political Affairs Manager

uring the 2022 Legislative Session, the Florida Senate unanimously confirmed the appointment of Melanie Griffin as Secretary of the Florida Department of Business and Professional Regulation (DBPR). Gov. Ron DeSantis announced Griffin’s appointment in December 2021.

fin. Extra special days are outside in the Florida sunshine, especially enjoying one of our state’s beautiful beaches. You can also find me cheering on the Florida State University Seminoles and University of South Florida Bulls during the fall and enjoying all 40 Hallmark Channel Countdown to Christmas movies over the holidays.

Griffin is an attorney with Shumaker, Loop & Kendrick and senior advisor for business-to-business relationships for Shumaker Advisors Florida. She also is the founder and owner of Spread Your Sunshine, a business that provides speaking and professional training services and designs, manufactures and sells inspirational products and gifts.

What are the things you’re passionate about?

Secretary Griffin is President of the Hillsborough Association of Women Lawyers Executive Board of Directors, serves on the Florida State University College of Law Board of Visitors, and is a Fellow of The Florida Bar Foundation. She earned her bachelor’s degree in finance, Master of Business Administration and juris doctor degree from Florida State University. As a small business owner, Secretary Griffin has a unique perspective on government and how DBPR can best serve its clients and constituencies. How do you enjoy spending your time?

My favorite days are spent with my family, including my husband of 13 years, Mike; 4-year-old son, Maverick; 8-year-old golden Lab, Molly; single mother, Jean Shoemaker; and parents-in-law, Dr. Kathleen and Ward Grif16

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Mentorship, being mentored and mentoring others; continual learning to constantly grow, personally and professionally; giving back to my community; helping others; spending time with friends; cultivating relationships; all things related to the Florida State University; and being the best I can be as a wife, mom, daughter and more for my family. What are the most important lessons you’ve learned working in state government so far?

Florida is incredibly blessed by its thousands of talented employees who come to work every day with a servant’s heart to assist their fellow Floridians. In nearly every case, there is no large salary, award or other glory as a reward for their efforts. Rather, such employees are motivated by their desire to help others, the tremendous pride they take in their work and their legacy in making Florida the best state in the union. Ensuring our employees feel acknowledged, celebrated and appreciated is one of the best gifts management can give in exchange for their significant investment of time and talent.

Who are your mentors, and what have you learned from them?

So many people have mentored me throughout life that naming just a few is tough. With that caveat, the following is a non-exhaustive list of lessons on which I often reflect: Jean Shoemaker (mom) – “Never lie, that way you never have to remember what you said.” John Paulson (grandpa) – “When in doubt, call 1-800-GRA-NDPA.” Mike Griffin (husband) – “Onward!” Don’t dwell on others’ negative opinions; move forward toward the change you envision for the world. Darryl Bloodworth, Esq. (first attorney mentor) – “Do no harm.” When good is good enough, do not try to make it better unless you are positive you will not make it worse. Renee Thompson, Esq. (Florida Bar mentor) – There is no obligation to do what’s been done before. You can make everything in life special. So, order the karaoke machine, throw the confetti, plan the trip, etc. You will elevate your team by making their experiences exceptional. Sean Desmond, Esq. (Florida Bar mentor) – “Look at this!” Cultivate a positive mindset by appreciating the beauty in all of life’s moments. Judge Barbara Leach (best friend) – “Do not make decisions for others. Give them the opportunity to say no (or yes).” It’s better to feel included than to think you were intentionally left out. Dr. William Woodyard (College of Business professor) – Embrace change. For me, leaving the full-time practice of law was a difficult decision. Dr. Woodyard quickly responded, “When you left Florida State, I knew you would not be a full-time lawyer your entire career. You just had to figure

that out for yourself.” Have the courage to pivot as necessary; it will lead you where you are meant to be. What have you enjoyed most, and what’s been most difficult, about serving as Secretary of DBPR?

Meeting so many wonderful new people, assisting others, and helping to solve challenging issues are some of the best aspects of serving as DBPR secretary. The more efficiently the agency does its job, the more Floridians have the opportunity to meaningfully work and feel celebrated and supported in their industries and professions. One of the most difficult aspects of the job is navigating the multi-faceted layers of government required to effect substantial changes. Looking down the road, what changes or initiatives are you hoping to accomplish during your tenure as Secretary? Initiatives that presently are top of mind include:

• Modernizing DBPR’s website, call center and additional technology to maximize the value and real-time information provided to applicants, licensees, consumers and stakeholders. • Continually evaluating scopes of work and corresponding rates of compensation to ensure the Department is positioned as a compelling and competitive employer in the evolving job market. • Reducing call-center, email-response and application-processing wait times to provide constituents with immediate agency access and seamless license transitions. • Strengthening DBPR’s communications to further educate, celebrate and recognize the agency’s licensees, appointees, employees, consumers and additional stakeholders, electronically and in-person. • Fostering a team culture through which employees feel acknowledged, celebrated and appreciated for their tremendous efforts and talents. SPRING 2022 | FLORIDA CPA TODAY

BOARD OF ACCOUNTANCY William G. Benson, CPA Bill Benson, CPA, is the managing partner in the CPA firm of Keefe McCullough, LLP, in Fort Lauderdale. Benson joined the firm 37 years ago and has been a partner for the past 30 years. He is the partner in charge of the governmental, not-for-profit and educational divisions, which provide accounting, auditing and consulting services. He is a graduate of Washington and Lee University in Lexington, Virginia, with a bachelor’s in business administration and accounting, with special attainments in commerce. He and his wife of 35 years, Sharon, reside in Plantation; they have two children and three grandchildren.

William Blend, CPA, CFE Bill Blend, CPA, CFE, is vice chair of the Florida Board of Accountancy and a shareholder of MSL CPAs & Advisors. He is a member of the firm’s Governmental Practice Group and shareholder in charge of quality control. Blend has over 23 years of public and private sector accounting experience. He has performed audits on over 30 governmental entities, including counties, municipalities, utilities, airports and special districts. Blend served in and received an honorable discharge from the U.S. Navy before earning his bachelor’s in accounting from Long Island University.

Tracy L. Keegan Tracy L. Keegan most recently served as president, CFO officer and director at BankFlorida, a $90-million franchise in Jupiter recently sold to a private investor. With close to 30 years of experience, Keegan has held significant senior executive officer and director roles and has extensive experience in starting, recapping and growing financial organizations from the de novo stage to amassing more than $6 billion in assets. Keegan holds a bachelor’s degree in accounting.

Jason Lafser, CPA, CFE Jason Lafser, CPA, CFE, is the tax managing director for BDO USA, LLP. He focuses on business management consulting as well as tax planning and preparation for commercial businesses and individuals. Jason has over 15 years of public accounting experience in the health care industry. Jason centers his public accounting practice on the health care and professional services industries, with an ancillary focus on real estate. Jason earned his master’s in business administration from the University of North Florida and his bachelor’s in accounting from Murray State University.

FLORIDA CPA TODAY | SPRING 2022

Michelle Maingot, CPA Michelle Maingot, CPA, is an audit partner with Ernst & Young and the leader of the firm’s Florida and Puerto Rico audit practices. She has more than 25 years’ experience serving a variety of mid- to large-sized companies, specializing in SEC-registered companies. She has extensive experience auditing companies with high-volume, low-dollar transactions and a strong background in accounting for leases and real estate transactions and with multi-location and international businesses. She graduated from Florida State University with a bachelor’s in accounting and lives in Tampa with her husband, Chris, and their three children.

Steve Platau, CPA, J.D. Steve Platau, CPA, J.D., is an accounting professor at the University of Tampa, where he has served on the faculty since 1984. He currently serves as chair of the Florida Board of Accountancy. He is a principal consultant to the CNA Insurance Companies, providing loss control programs to CPA firms nationally. Platau’s business experience includes time with two of the “Big 5” international accounting firms, private law practice and industry accounting, along with financial interests in several hospitality businesses. Steve earned his bachelor’s and master’s degrees in accounting from The Ohio State University and his juris doctorate from the University of Cincinnati.

Shireen Sackreiter Shireen Sackreiter is the Tallahassee office managing director for Accenture, a multinational management consulting, technology services and outsourcing company. She has spent her entire career at Accenture, working for public sector clients throughout North America, with a focus on Florida. Sackreiter has an extensive background in the design and delivery of large system integration engagements across a variety of industries in state and local government. Sackreiter is a Florida native and graduated from Florida State University. She lives in Tallahassee with her husband, John, and their daughters, Lauren and Jaclyn.

Brent Sparkman, CPA, CFF, CITP Brent Sparkman, CPA, CFF, CITP, is a senior partner and shareholder of Carr, Riggs & Ingram in the Tallahassee office, responsible for the firm’s government consulting with the state of Florida; corporate and individual matters; developing related firm policies and procedures; and ensuring client satisfaction. Sparkman, a Florida native, was born in Tampa and raised in Tallahassee, graduating from Florida State University with a bachelor’s in accounting and a degree in finance, cum laude. He is the proud father of two sons and in his spare time enjoys the outdoors.

Caridad Vasallo Caridad “Carey” Vasallo is a partner at VMBG Accounting and practice leader for the firm’s Consulting Services division. With over a decade of experience providing litigation support services, Vasallo specializes in assisting high net-worth individuals in marital dispute cases and business valuation matters. Under her direction, the practice has been listed on the South Florida Business Journal’s Top 25 Litigation Support Accounting Firms. Vasallo serves on the FICPA Scholarship Foundation Board of Trustees and has served on the Miami-Dade Advisory Board for the 13th District; the FICPA Board of Directors and Council; and the Florida Bar Grievance Committee for the 11th Judicial Circuit Court. SPRING 2022 | FLORIDA CPA TODAY

Florida’s 2022 Tax Package:

RELIEF, PLUS IRC CONFORMITY

By Justin Thames, FICPA Chief External Affairs Officer, and Chris Oatis, Grant Thornton LLP Managing Director

fter extending the 2022 Legislative Session to finalize the state’s budget, the House and Senate also agreed to a tax package on March 14 (HB 7071). An influx of federal funds and a strong economy allowed lawmakers to dole out more than $650 million in mostly non-recurring tax relief this year. “The Florida Legislature has negotiated the largest tax package for everyday Floridians in the history of the state,” said Rep. Bobby Payne, R-Palatka, Ways & Means Committee Chair. “We are laser focused on delivering a billion

dollars in broad-based tax relief to hard working Floridians. Floridians don’t need help finding things to spend money on. They need help cutting the cost on things they already spend money on and that’s what we’re delivering.” Although generally known for a laundry list of tax-cut provisions, this Session also included the annual Internal Revenue Code (IRC) conformity law changes typically considered as standalone of legislation. Conformity and tax relief currently await Gov. Ron DeSantis’ signature to become law.

TAX PACKAGE HIGHLIGHTS AND IMPACT SALES TAX HOLIDAYS

July 1, 2022, to June 30, 2023: Children’s Clothing and Shoes

July 25-Aug. 7, 2022: 14-day Back to School Sales Tax Holiday

• Baby and toddler clothing and shoes, primarily intended for children ages 5 or younger

May 28-June 10, 2022: 14-day Disaster Preparedness Sales Tax Holiday

July 1, 2022, through June 30, 2023: Children’s Diapers

July 1-7, 2022: 7-day “Freedom Week” Sales Tax Holiday Sept. 3-9, 2022: 7-day “Tool Time” Sales Tax Holiday Oct. 1-31, 2022: One-month Motor Fuels Sales Tax Holiday

• Refrigerators or combined refrigerator/freezers selling for $3,000 or less; and

TEMPORARY SALES TAX EXEMPTIONS

• Water heaters and clothes washers or dryers selling for $1,500 or less

July 1, 2022, to June 30, 2024: Impact-Resistant Windows, Doors, and Garage Doors

May 14, 2022, through August 14, 2022: Children’s Books

PROPERTY TAX

Residential Property Rendered Uninhabitable as a Result of a Catastrophic Event

The bill creates a new law to provide for the prorated refund of property taxes on residential properties rendered uninhabitable by a catastrophic event. If a residential property is rendered uninhabitable for 30 days or more by a catastrophic event, the property owner may be refunded 20

July 1, 2022, through June 30, 2023: Energy Efficient Appliances

FLORIDA CPA TODAY | SPRING 2022

a portion of their property taxes for the time the property was uninhabitable. Property of Widows, Widowers, Blind, and Totally and Permanently Disabled Persons

The bill increases from $500 to $5,000 the value of property exempt from ad valorem taxation for residents who are widows, widowers, blind, or totally and permanently disabled. The bill specifies that the increase applies to tax

years beginning on or after Jan. 1, 2023. Documentary Stamp Taxes on Documents Related to a State of Emergency

The bill amends s. 201.25, F.S., to exempt from documentary stamp tax any loans relating to a state of emergency declared through either an executive order or a proclamation from the governor pursuant to s. 252.36, F.S., from all taxes imposed under ch. 201, F.S. Strong Families Tax Credit Program

The Strong Families Tax Credit Program, established in s. 402.60, F.S., was created in 2021 to provide tax credits for businesses that make monetary donations to certain eligible charitable organizations that provide services focused on child welfare and well-being. The tax credits are a dollar-for-dollar credit against certain tax liabilities. The bill adds flexibility to corporate income taxpayers and insurance premium taxpayers to allow them to make contributions and take credits for the 2021-22 state fiscal year; it also provides a refund option for insurance premium taxpayers who may have already submitted their tax payments for the 2021 tax year. The bill increases the annual cap for the program from $5 million per state fiscal year to $10 million per state fiscal year, beginning in 2022-23. IRC CONFORMITY OVERVIEW

Once signed by Gov. DeSantis, the IRC provisions of HB 7071 will take effect immediately. The primary purpose of this bill is to adopt the version of the IRC in effect as of Jan. 1, 2022, applied retroactively. Florida adopts the IRC on a static conformity basis, and the bill amends the state’s conformity date from Jan. 1, 2021 to Jan. 1, 2022.1 When expressly authorized by Florida law, any amendment to the IRC shall be given effect in such manner and for such periods as are prescribed in the IRC, to the same extent as if such amendment had been adopted by the Florida Legislature.2 Further, an amendment has effect for Florida purposes only to the extent the amended provision of the IRC is taken into account in the computation of net income subject to Florida taxation.3 While not specifically related to the advancement of the IRC conformity date, one provision of the Tax Cuts and Jobs Act4 had a delayed effective date of Jan. 1, 2022. Under IRC § 174, research and experimental expenditures, to the extent non-depreciable in nature, were previously 100% deductible 1. Fla. Stat. Ann § 220.03(1)(n), Fla. Stat. Ann § 220.03(2)(c). 2. Fla. Stat. Ann. § 220.03(3). 3. Id. 4. Pub. L. 115-97.

when related to science or technology. These expenses are now required to be capitalized and amortized over a 60-month period (domestic expenses) or a 180-month period (foreign expenses), beginning Jan. 1, 2022. Florida will now conform to this treatment, unless the Legislature chooses not to adopt this specific federal provision during a future legislative session. Also, it is worth note that no action was taken regarding the Florida corporate income tax rate, which has reverted to 5.5% for the 2021 tax year and future.5 Short-Line Rail Investment Credit

Freight rail is seen as an essential component of the Florida’s business infrastructure, and there are three main classifications for freight railroad operators categorized based on annual operating revenue: Class I ($900 million or greater), Class II (less than $900 million, but greater than $40.4 million), and Class III ($40.4 million or less). The Florida Department of Transportation has identified both shortterm and long-term investments needs to maintain and improve the operations of Class II and Class III railroads. At the federal government level, there is a mechanism in place to incentivize investment in railways by providing a credit for 50% of “qualified expenditures” and limited by the number of miles owned/leased by the railway multiplied by $3,500.6 Consistent with this approach, HB 7071 provides a similar credit against Florida corporate income tax for Class II and Class III railroads.7 The credit is equal to 50% of investment made in Florida during the prior calendar year and is limited by the number of Florida railway miles owned/leased.8 The credit has a five-year carry forward period and is transferable.9 Credits Against Multiple Tax Types

The Community Contribution Tax Credit Program was established to encourage investment in community revitalization and housing projects.10 The credit is based on 50% of a taxpayer’s annual contribution amount, not to exceed $200,000, and may be used against corporate income tax, insurance premiums tax, or as a refund against sales tax.11 Any credit unused against corporate income tax or insurance premiums tax is carried forward for five years, and for sales tax is carried forward for three years.12 5. Fla. Stat. Ann. § 220.11(2)(b). 6. IRC § 45G. 7. Fla. Stat. Ann. § 220.1915. 8. Fla. Stat. Ann. § 220.1915(2). 9. Fla. Stat. Ann. § 220.1915(4). 10. Fla. Stat. Ann. § 212.08(5)(p)2.; Fla. Stat. Ann. § 220.183(2); Fla. Stat. Ann. § 624.5105(2). 11. Fla. Stat. Ann. § 212.08(5)(p)1.; Fla. Stat. Ann. § 220.183(1); Fla. Stat. Ann. § 624.5105(1). 12. Id.

SPRING 2022 | FLORIDA CPA TODAY

Currently, up to $10.5 million may be approved for homeownership projects for low-income and very-low-income households or for housing projects for persons with special needs, and up to $3.5 million may be approved for all other projects.13 The bill would look to increase those amounts $14.5 million and $4.5 million, respectively.14 The Strong Families Tax Credit Program (SFTCP) provides tax credits for contributions made to eligible charitable organizations that focus on child welfare and well-being.15 The New Worlds Reading Initiative (NWRI) provides tax credits for contributions to this literacy program that provides books to elementary school students reading below their grade level.16 Both credits are dollar-for-dollar for the amount contributed, and can be taken against: • Corporate income tax; • Insurance premium tax; • Severance taxes on oil and gas production; • Alcoholic beverage tax on beer, wine, and spirits; or 13. Fla. Stat. Ann. § 212.08(5)(p)1.e.; Fla. Stat. Ann. § 220.183(1)(c); Fla. Stat. Ann. § 624.5105(1) (c). 14. Id. 15. Fla. Stat. Ann. § 402.62(2). 16. Fla. Stat. Ann. § 1003.485(2).

•

Self-accrued sales tax liability of direct pay permit holders.17

The annual tax cap for the SFTCP is $5 million per state fiscal year,18 and for the NWRI it is $10 million for the state’s fiscal year 2021-22 ($30 million for 2022-23 and $50 million for all fiscal years thereafter).19 These credits are approved on a first-come, first-served basis.20 The bill adds flexibility to corporate income and insurance premium taxpayers by allowing them to make contributions and take credits for the 2021-22 state fiscal year, and also provides a refund option for insurance premium taxpayers who already submitted their payments for the 2021 tax year.21 For the SFTCP, the bill also increases the program cap to $10 million, beginning with the 2022-23 state fiscal year.22 For the NWRI, the bill provides additional flexibility to the program administrator with donations received after Jan. 1 of the state fiscal year, allowing them to be carried forward to the next state fiscal year to purchase books under the program.23 17. Fla. Stat. Ann. § 402.62(5)(b); Fla. Stat. Ann. § 1003.485(3)(b). 18. Fla. Stat. Ann. § 402.62(5)(a). 19. Fla. Stat. Ann. § 1003.485(3)(a). 20. Fla. Stat. Ann. § 402.62(5)(b)1.; Fla. Stat. Ann. § 1003.485(3)(b)1. 21. H.B. 7071, §§ 39 and 40 (Laws 2021). 22. Fla. Stat. Ann. § 402.62(5)(a). 23. Fla. Stat. Ann. § 1003.485(2)(b)8.

How much risk is too much risk? BURNS NEVINS WEALTH MANAGEMENT GROUP

Robert Burns, CFP®, ChFC®, CPWA® Executive Director Wealth Partner 3825 PGA Boulevard, Floor 9 | Palm Beach Gardens, FL 33410 | 561.694.5666 robert.m.burns@jpmorgan.com | jpmorgan.com/burnsnevins

Certified Financial Planner Board of Standards Inc. owns the certification mark CFP®, ChFC® is a registered trademark owned by The American College of Financial Services and Investments & Wealth Institute is the owner of the certification marks CPWA®. J.P. Morgan Wealth Management is a business of JPMorgan Chase & Co., which offers investment products and services through J.P. Morgan Securities LLC (JPMS), a registered broker-dealer and investment advisor, member FINRA and SIPC. Annuities are made available through Chase Insurance Agency, Inc. (CIA), a licensed insurance agency, doing business as Chase Insurance Agency Services, Inc. in Florida. Certain custody and other services are provided by JPMorgan Chase Bank, N.A. (JPMCB). JPMS, CIA and JPMCB are affiliated companies under the common control of JPMorgan Chase & Co. Products not available in all states. INVESTMENT AND INSURANCE PRODUCTS: • NOT A DEPOSIT • NOT FDIC INSURED • NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY • NO BANK GUARANTEE • MAY LOSE VALUE © 2021 JPMorgan Chase & Co. All rights reserved.

FLORIDA CPA TODAY | SPRING 2022

24/7

LEARNING

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To learn more, visit: FICPA.ORG/LEARNING-LIBRARY SPRING 2022 | FLORIDA CPA TODAY

LEGISLATION CHANGES

DOR AUDIT PROCESS By Joseph P. Handy, CPA

During the 2022 Legislative Session, Senate Bill 1382 was brought forward with the Florida Department of Revenue (DOR) legislative priorities. The bill contained several provisions important to Florida CPAs. The bill:

• Expands the activities DOR may engage in during the 60-day waiting period between notifying the taxpayer of its intent to audit and beginning the audit. This change gives DOR the authority to accept documents, discuss the audit plan and answer questions raised by the taxpayer or CPA. • Excludes taxpayer accounting and tax records from being submitted into evidence during litigation if DOR believes those documents were purposefully withheld during an audit or protest and, in fact, were available during the audit process. There is an exception to the exclusion statute for good cause.

FLORIDA CPA TODAY | SPRING 2022

• Expands DOR’s authority to serve subpoenas in certain situations. DOR will now serve subpoenas on the taxpayer at the business address maintained by the Florida Division of Corporations. This is a reminder to CPAs to have their clients update the business data on file with the Division of Corporations. • Allows DOR to immediately suspend a dealer’s resale certificate during audits relating to the sale of alcoholic beverages and tobacco products. This provision allows DOR to suspend a taxpayer’s resale certificate during audit proceedings when a taxpayer asserts they have no records or refuses to provide them.

ST. DENIS & DAVEY, ATTORNEYS AT LAW » The taxpayer then would be required to pay tax on the purchase of those products and claim a credit when filing their sales and use tax returns.

FLORIDA the noncompliance and that the noncompliance was

resolved within 30 days after actual knowledge.

• Contains a provision allowing DOR to reopen a final assessment for the purpose of adjusting liability under certain circumstances. Following the expiration of the period to protest or challenge a tax, interest and penalty assessment if the filing was late as a result of a “qualified event.” » A qualified event is limited to the occurrence of events during an audit or the expired protest period which were beyond the taxpayer’s control, including, but not limited to the death or life-threatening injury or illness of the taxpayer or an immediate family member of the taxpayer; the death or life-threatening injury or illness of the responsible party that controlled, managed or directed the affected business entity; acts of war or terrorism; natural disasters; fire; or other catastrophic loss. » The challenge or protest must be filed within 180 days of the expiration of the original filing deadline. » This is seen as a taxpayer-friendly provision as illness, natural disasters and similar events will happen and deadlines can be missed. The CPA may petition DOR to reopen a case and accept a protest that previously was closed and the assessment was final. » Allows the taxpayer or CPA to assert in Chapter 120 or Circuit Court proceedings that there was a nonfeasance or misfeasance by the taxpayer’s employees or representatives responsible for compliance with s. 125.0104, s. 125.0108, or chapter 212. With respect to the acts of an employee or representative, the taxpayer must show that the principals of the business lacked actual knowledge of

• Contains a provision allowing the taxpayer to submit additional documentation and request an audit exit conference to discuss audit findings. » The exit conference must be conducted no later than 30 days after a request for the conference unless the taxpayer and DOR enter into an agreement to extend Reclaiming Justice the audit tolling period. The taxpayer shall be given an opportunity at or before the exit conference to Focusing on legal malpractice and and documents to provide additional information accounting malpractice statewide, St. Denis DOR to rebut the audit findings. & Davey, P.A., Attorneys are led by Super Lawyers Donald W.as St.taxpayer Denis and » Thishonoree provision is seen friendly as prior Rising Stars honoree Brian W. Davey. law required DOR to issue a Notice of Proposed

For St. Denis andwithin Davey,60 finding justice for of the statute Assessment days of the end clients who and havedid been down in the period notlet allow time for past conference or subis themission ultimate of gratification. documentation. “Clients come to us jaded about the legal process.” St. Denis says. “When they see how hard we work and how hard our experts work, they’re very thankful to see that the legal system can ultimately work for them.”

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SPRING 2022 | FLORIDA CPA TODAY

T H E

F L O R I D A

E L E C T O R A T E

EXECUTIVE BRANCH

GOVERNOR

JUDICIAL BRANCH

T HE F LO RID A ATTORNE Y GENERAL

COMMISS IONER OF AGRICULTURE

JUDICIAL QUA LIFICATIONS COMMISS ION

LIEUTENANT GOVERNOR

DISTRICT COURTS OF APPEA L

DEPARTME NT OF FI NANCIAL SERVICE S

DEPARTME NT OF AGRICULTURE AND CONSUMER SERVICE S

HOUSE OF REPRESE NTATIVES STANDING AND SELECT COMMITTEES

STATE ATTORNE YS PUBLIC DEFENDE RS

CIRCUIT COURTS DEPARTME NT OF LEGAL AFFA IRS

EXECUTIVE OFFICE OF THE GOVERNOR

JUSTICE ADMINISTRATIVE COMMISS ION

SUPREME COURT

CA B INE T

CHIEF FINA NCIAL OFFICER

LEGISLATIVE BRANCH

OFFICE OF PUBLIC COUNSEL

GUA RDIAN AD LITEM

COUNTY COURTS

AUDITOR GENERAL

CAPITAL COLLATERA L REGIONAL COUNSEL

OFFICE OF PROGRAM POLICY ANALYSI S AND GOVERNMENT ACCOUNTABILI TY

LOCAL GOVE RNMENT

EXE CUTIV E AGE NCIES

CABINET FUNCTIO NS/ENTITIES

CRIMINAL CONFL ICT AND CIVIL REGIONAL COUNSEL

ADMINISTRATION COMMISS ION 2

LAND AND WATER ADJUDICATORY COMMISS ION 2

STATE BOARD OF EXECUTIVE CLEMENCY

OFFICE OF FINANCI AL REGULATION

AGENCY FOR HEALTH CARE ADMINISTRATION

FLORI DA CITRUS COMMISS ION

DEPARTME NT OF CHILDREN AND FAMI LIES

DEPARTME NT OF CITRUS

DEPARTME NT OF HEALTH

FLORI DA COMMISS ION ON OFFENDER REVIEW

FINANCI AL SERVICE S COMMISS ION

OFFICE OF INSURANCE REGULATION

DEPARTME NT OF ELDER AFFA IRS

AGENCY FOR PERSONS WITH DISABILITIES

FISH AND WILDLI FE CONSERVATION COMMISS ION

DEPARTME NT OF LAW ENFORCEMENT

DEPARTME NT OF HIGHWAY SAFETY AND MOTOR VEHICLES

COUNTIES

SHERIFFS

CHARTER/ NONCHARTER

TAX COLLECTORS

COUNTY HEALTH DEPARTME NTS 5

WATER MANAGEMENT DISTRICTS 6

PROPERTY APPRAISERS BOARDS OF COMMISS IONERS

SUPERVI SORS OF ELECTIONS

MUNICIPALITIES CONSOLIDATED/ HOME RULE

COUNCILS/ COMMISS IONS

CLERK S OF CIRCUIT COURTS

STANDING AND SELECT COMMITTEES

OFFICE OF ECONOMI C AND DEMOGRA PHIC RESEARCH COMMISS ION ON ETHICS PUBLIC SERVICE COMMISS ION 1

DEPARTME NT OF REVE NUE

DEPARTME NT OF VETERANS’ AFFA IRS

DIVISION OF BOND FINANCE 3

DEPARTME NT OF TRANSPORTATION

DEPARTME NT OF STATE

DEPARTME NT OF THE LOTTERY

DEPARTME NT OF MANAGEMENT SERVICE S

DEPARTME NT OF BUSINES S AND PROFESS IONAL REGULATION

STATE COLLEGE SYSTEM

DIVISION OF ADMINISTRATIVE HEARINGS 4

DEPARTMENT OF BUSINESS & PROFESSIONAL REGULATION

SPECIAL DISTRI CTS

SCHOOL

INDEPENDENT/ DEPENDENT

DISTRICTS

SUPERINTENDENTS/ SCHOOL B OARDS

DEPARTME NT OF MILITARY AFFA IRS

DEPARTME NT OF CORRECTIONS

DEPARTME NT OF JUVENILE JUSTICE

STATE BOARD OF EDUCA TION

STATEWIDE BOARD OF GOVERNORS

COMMISS IONER OF EDUCATI ON

STATE UNIVERSITY SYSTEM

DEPARTME NT OF EDUCATI ON

= Constitutional Entity

= Unique Relationship

= Stat utory Entity

= Administratively Housed Only

= Established by Legislative Rule

= Footnote

= Function of Governor and Cabinet Offi ce of P rogram Policy An alysis and Government Accou nta bility – July 202 1

AUDITOR GENERAL

www.Myfloridalicense.com

www.flauditor.gov

Melanie Griffin, Secretary 2601 Blair Stone Rd Tallahassee, Florida 32399 (850) 487-1395

Sherrill F. Norman, Auditor General Claude Pepper Building 111 W. Madison St. Tallahassee, Florida 32399-1450 (850) 412- 2722

• Division of Florida Condominiums, Time Shares and Mobile Homes (850) 488-1122 • Office of the Condominium Ombudsman (954) 202-3234 • Division of Certified Public Accounting (850) 487-1395

BOARD OF TRUSTEES OF THE INTERNAL IMPROVEMENT TRUST FUND

STATE BOARD OF ADMINISTRATION 3

DEPARTME NT OF ECONOMI C OPPORTUNITY

DEPARTME NT OF ENVIRONMENTAL PROTECTION

JOINT COMMITTEES

SENATE

FLORIDA CPA TODAY | SPRING 2022

• Deputy Auditor General for State Government Audits (850) 412-2922 • Deputy Auditor General for Educational Entities and Local Government Audits (850) 412-2781

he Florida SenaTe

how an idea BecomeS a law

BILL DRAFTING SERVICES

BILL EFFECTIVE on 60th day after adjournment sine die,, on specified date, or upon , Governor’s signature

DEPARTMENT OF REVENUE

DEPARTMENT OF FINANCIAL SERVICES

www.floridarevenue.com

www.myfloridacfo.com

Jim Zingale, Executive Director

Jimmy Patronis, Chief Financial Officer

(850) 617-8950 • General Tax Administration (850) 488-6800

• Division of Accounting & Auditing (850) 413-5510

5050 W. Tennessee St. Tallahassee, Florida 32399-0100

• Property Tax Oversight Program (850) 717-6570 • Taxpayer Rights Advocate (850) 617-8168 DEPARTMENT OF AGRICULTURE AND CONSUMER SERVICES

Plaza Level 11, The Capitol, Tallahassee, Florida 32399-0301 (850) 413-3100

• Division of Unclaimed Property (850) 413-5555

OFFICE OF ATTORNEY GENERAL

www.fdacs.gov

www.myfloridalegal.com

Nicole “Nikki” Fried, Commissioner of Agriculture

Ashley Moody, Attorney General

Plaza Level 10, The Capitol, Tallahassee, 32399-0800 (850) 617-7700

• Division of Consumer Services (850) 410-3800

State of Florida, PL-01, The Capitol, Tallahassee, 32399-1050 (850) 245-0140

• Consumer Protection (813) 287-7950

SPRING 2022 | FLORIDA CPA TODAY

Inside the Numbers:

TAKING THE CPA EXAM, SECTION BY SECTION

AUD FAR REG BEC

By Michael Baker, Robert Marley and Steve Platau

t’s a question of perennial interest to aspiring CPAs: “Which exam section should I take first?” This everpopular question is periodically examined by organizations such as the National Association of State Boards of Accountancy, CPA preparation courses such as GLEIM and Roger, and even academic research. In this article, we draw upon the survey responses of 597 CPAs, sharing these results which may be of interest to CPA exam candidates, accounting firms, accounting educators, and potentially even those who help create the CPA exam. Additionally, we supplement our analysis with the survey responses of 234 accounting professionals who have taken,

but not passed, all four sections of the CPA exam. The CPA exam is periodically updated and modified. The current format was launched in 2004, administered electronically, and contains four sections: Business Environment and Concepts (BEC), Financial Accounting and Reporting (FAR), Regulations (REG) and Auditing and Attestation (AUD). The most recently provided exam blueprint for the exam’s content is effective for candidates taking the exam after July 1, 2021. SURVEY PARTICIPANT PROFILE

We surveyed accounting practitioners during continuing professional education courses held in August and September of 2020. Among the 831 practitioners surveyed, 597 reported they were licensed CPAs, with 59.5% (355 CPAs) reporting 15 or more years of experience, 13.2% (79 CPAs) reporting 10-14 years of experience, 14.6% (87 CPAs) reporting 5-9 years of experience, and 12.7% (76 CPAs) reporting 0-4 years of experience. Among the CPAs surveyed, 51.6% (308 CPAs) reported their primary practice area as tax, 29.3% (175 CPAs) as audit or assurance, with the remaining 19.1% (114 CPAs) as advisory or other. With respect to job title, 43.0% (257 CPAs) indicated they were partners, 32.8% (196 CPAs) were managers, 16.1% (96 CPAs) were seniors, and 8.0% (48 CPAs) were staff. Among the 831 practitioners surveyed, 234 reported they had taken the CPA exam previously but had not yet passed it. Among these candidates, 97.0% (227 candidates) reported four years or less of experience, 1.7% (four candidates) reported 15 or more years of experience, 0.9% (two candidates)

FLORIDA CPA TODAY | SPRING 2022

reported 5-9 years of experience, and 0.4% (one candidate) reported 10-14 years of experience. Among candidates surveyed, 38.5% (90 candidates) reported their primary practice area as tax, 34.6% (81 candidates) as audit or assurance, with the remaining 26.9% (63 candidates) as advisory or other. With respect to job title, 66.2% (155 candidates) indicated they were staff, 23.1% (54 candidates) were seniors, 6.4% (15 candidates) were managers, 3.9% (nine candidates) were partners, and 0.4% (one candidate) did not identify their title. RESULTS & ANALYSIS

Which section of the CPA exam is the most difficult?

FAR was identified as the most difficult section among those who had taken but not passed the CPA exam. More specifically, 52.1% (122 candidates) said FAR was the most difficult section. Among CPAs, findings were more nuanced, as tax practitioners agreed that FAR was the most difficult section (39.9%, 123 CPAs) while auditors indicated that REG was the most difficult section (38.8%, 68 CPAs). Which section of the CPA exam is the easiest?

BEC was identified as the easiest section by those who have taken but not passed the CPA exam. More specifically, 53.1% (119 candidates) chose BEC as the easiest section, followed by AUD (21.9% or 49 candidates), REG (18.3% or 41 candidates), and FAR (6.7% or 15 candidates). Similarly, 44.6% (136 CPAs) identified BEC as the easiest section, while CPA audit practitioners identified AUD 40.4% (69 CPAs) as the easiest section of the exam. Tax practitioners appear to be more balanced in their comfort with both REG and AUD than audit practitioners. Specifically, CPA tax practitioners were more evenly balanced between identifying REG (26.9%, 82 CPAs) and AUD as the easiest section (18.4%, 56 CPAs) compared to CPA audit practitioners, where AUD was identified as the easiest section (40.4%, 69 CPAs) and followed by REG (9.9%, 17 CPAs). Which section would you take first if you had to take the CPA exam again?

Both CPAs and candidates agreed that FAR is the section that should be taken first. Further, these results did not change by practice area, providing a general consensus that FAR is the section that aspiring CPAs should tackle first. Which section would you take last if you had to take the CPA exam again?

For those looking to imitate accountants who have passed the CPA exam, taking AUD last was the most commonly provided recommendation, selected by 31.3% (187 CPAs).

However, among candidates, taking BEC last was the most common recommendation, selected by 40.1% (93 candidates). RECOMMENDED STAKEHOLDER ACTIONS

Based on the results of our survey, we suggest the following recommendations. For CPA firms and practice managers:

• The “biggest bang” for CPA firm training resources is FAR. Emphasizing this section should improve candidate conversion rates to licensed CPAs. Firms may also want to make candidates aware there is clear consensus that FAR is the most difficult section. • A significant amount of firm training resources should be deployed to REG, as auditors identified that section as quite challenging. Of particular note, tax practitioners did not indicate REG was the easiest section, even though tax concepts are tested on that section. We suspect this is because REG includes business law, which features concepts that go beyond taxation material. For CPA candidates

• With respect to time spent studying, candidates should plan to spend the most time studying FAR and the least time studying BEC. • Candidates working in audit practice should consider taking AUD last, because audit practitioners indicated it is the easiest section to pass. For accounting educators • It may be helpful for accounting educators to incorporate REG concepts into accounting students’ business law courses. • Emphasizing that business law concepts are tested on the REG section may help student prepare for the CPA exam. For CPA exam creators

• Redesigning the REG section to be more closely aligned with the concepts applied by tax practitioners may be of interest to CPA exam creators. One of this study’s more salient results was that while AUD was the section most commonly identified as the easiest by audit practitioners, BEC was identified as easiest by tax practitioners. A potential explanation for this result is that REG includes material beyond taxation, such as business law. Given that BEC already covers a myriad of concepts, testing business law material in this section could help to more closely align REG to taxation.

SPRING 2022 | FLORIDA CPA TODAY

STRATEGIC PARTNER CONTENT

Digital Marketing Strategies Propel Accounting Firms By Corey Auger, Partner & EVP of Business Development, Anthem

f you’re still relying on referrals, you’re missing out on new clients. While referrals are always valuable, they’re also limited and unpredictable. Today, an online presence is the best way to increase your brand recognition and attract new customers. Nearly one-third of U.S. consumers use the internet every day to search for local businesses. Potential clients are searching for your services; you just have to ensure they can find you. Having a strong online presence can be an arduous task – especially if you lack expertise in digital marketing – but you don’t have to do this alone. There are strategies you can employ, tools you can use, and professionals you can turn to as you build your brand online. Critical components of digital marketing

Building a strong online footprint can take time, which is why we strongly recommend starting now. There are many factors to consider in digital marketing, but here are a few keys to success as you’re getting started: 1. A Strong and Engaging Website – Gone are the days when a skeleton website with your address, phone number and an old photo is enough to bring in a new client. Your website needs to feature your services, company values, and even basic pricing so potential clients can be informed prior to contacting you. 2. Professional SEO Strategy – SEO stands for search engine optimization, and it refers to how easy it is to find your website via a search engine, such as Google. You’ll need to research the top keywords are that people are searching for in accounting, and then weave those throughout your website so search engines are more likely to pull up your page when a user searches for the “best accounting firm in my area.” 3. Digital Marketing Tactics – Digital marketing tactics can be automated to better communicate with your customers, especially with the right strategy and systems in place. Whether it’s sending tax reminder information via email, sharing budgeting tips through social media, or even sending discount codes to their inbox, it’s important that you build a relationship with current and potential clients. These are just a few of the many digital strategies you need to employ as soon as possible. And don’t mistakenly think, “This is just for selling goods or reaching a younger audience.” Digital platforms are imperative in conducting 30

FLORIDA CPA TODAY | SPRING 2022

business, no matter your industry or client base. How to revolutionize your firm – fast

If you’re reading this and feeling overwhelmed, you’re not alone. While you may feel overmatched by digital marketing, just think how many other incredible professionals feel at a loss when it comes to accounting. Just as you offer an expert service, there are companies filled with digital marketing professionals. At Anthem, we offer marketing services that will assess your current state, help you build a digital strategy, and implement the necessary processes and tools to make it a reality. Anthem’s marketing services

Anthem works with small businesses in all sectors to rejuvenate their digital approach and simplify day-to-day operations. Just because you’re employing new techniques and strategies, your job doesn’t have to get harder. Our team can build your digital marketing strategy, optimize your SEO, and use our proprietary software platform to automate your email campaigns, social media posts, and more to help you profitably find, serve, and keep more customers. Modernizing your firm is seamless when you work with our team of professionals. You can do what you do best; we’ll do what we do best; and everyone wins. Accounting firms aren’t exempt from the internet

A great example that showcases the power of digital marketing is Intuit’s Turbo Tax. Their online presence is so strong that many consumers consider Turbo Tax the one place to do your own taxes, when, in reality, there are many platforms. The truth of the matter is: Intuit had a better digital marketing strategy than its competitors. While you may not be a tax accountant, customers are still looking online for all their accounting needs. If you can show that your values align with theirs, that you provide excellent service, and have considered their experience as a user, you’re likely to see massive business growth. But don’t try taking all this on by yourself. Get in touch with our team at Anthem Software, and we’ll take care of everything. While you may not be a tax accountant, customers are still looking online for all their accounting needs. If you can show that your values align with theirs, that you provide excellent service, and have considered their experience as a user, you’re likely to see massive business growth. But don’t try taking all this on by yourself. Get in touch with our team at Anthem Software, and we’ll take care of everything.

EVERY BUSINESS HAS A SONG… LET OUR SOFTWARE SING YOURS! Anthem Software is dedicated to helping small businesses FIND, SERVE & KEEP more customers proﬁtably. The Anthem Software system will help you automate 90% of your tasks giving you the ability to FOCUS YOUR TIME AND ATTENTION on what is most important.

OUR SERVICES

anthemsoftware.com sales@anthemsoftware.com

SPRING 2022 | FLORIDA CPA TODAY

STRATEGIC PARTNER CONTENT

FICPA Negotiates Affordable Solution for Sole Proprietor CPAs to Protect Their IT Infrastructures Christophe Réglat, President and CEO, Coaxis

yber threats pose a growing risk for small businesses, including accountancies that typically lack the security infrastructures of larger CPA firms. Yet, many small businesses cannot afford professional IT solutions, have limited time to devote to cybersecurity and do not know where to begin. Cyberattacks are a growing threat for today’s small businesses

The findings from a 2021 report on the impact of cyberattacks and identity crimes on small businesses are sobering. It found that 58% of small businesses have experienced a data breach, security breach or both. Of those businesses, three-fourths have experienced at least two breaches and one-third at least three breaches. Moreover, 36% incurred debt to cover the breach costs and 34% had to dip into cash reserves.1 Cyber threats are constantly evolving. Among the most common types are malicious software (malware) and phishing scams. Malware can include viruses – harmful programs designed to give cybercriminals access to IT systems – and ransomware that infects and restricts access to computers and infrastructures until a ransom is paid. Phishing scams are one of the biggest threats facing small businesses. Attackers use emails that appear to be from a legitimate organization or known individual to trick users into divulging confidential or sensitive information, or clicking on a malicious file or link that contains some sort of malware. Compounding the problem is the pandemic’s lasting impact on how companies conduct business. After more than two years of successful remote working, more than 90% of employers are planning to adopt a hybrid workforce model for knowledge workers in 2022, according to the Harvard Business Review.2 But, questions remain about implementation, long-term sustainability and how to overcome challenges like data security. 1. The Identity Theft Resource Center’s Inaugural 2021 Business Aftermath Report Shows the Impacts Identity Crimes Have on Small Businesses 2. 11 Trends that Will Shape Work in 2022 and Beyond

FLORIDA CPA TODAY | SPRING 2022

Hosted cloud environments can help protect IT infrastructures and data

A reported 61% of businesses migrated their workloads to the cloud in 2020 as companies pivoted to the “new normal” of remote working, making it more important than ever for employees to be able to access secure networks from any geographic location. It’s no wonder then that the cloud market is forecasted to double in size over the next three years with the consumer, financial services and professional services sectors leading the growth.4 Cloud services hosted by a third-party or external provider offer a secure, reliable and remote alternative to on-site data centers and IT infrastructures. These managed hosting service providers – also referred to as Cloud providers – can offer partially-hosted solutions for specific applications (like Thomson Reuters) or fully managed solutions. Fully managed cloud hosting service providers provide many advantages. They include: 1. Security – Protected cloud hosting of software programs and data files greatly minimizes the risk of cyber threats. In addition, some cloud hosting providers also offer a secure portal for clients to connect and share information with your firm. 2. Business continuity – Business disruptions come in many forms, from hurricanes and other natural disasters to cybercrimes. The impact of data loss or corruption can be costly and significant. 3. Mobility – Even before the pandemic, today’s mobile world transformed how people do business. Mobility can enhance productivity, communication and workforce flexibility. Cloud solutions provide an in-office desktop experience – including software, apps, files and permissions – that allow employees to securely work from any device that connects to the Internet. 4. Cost and efficiency – Maintaining an onsite server can divert both money and human resources away from other 3. The Rise of Cloud Migration and Management Services 4. What’s Driving (Even More) Cloud Adoption in 2022?

SOLE PROPRIETOR DEDICATED SERVER

Managed Hosting for Major Financial Software • Private Hosted Environment Customized for Sole Proprietor CPAs • Affordable Solution: $249 Per Month (includes 1 up to 2 Users) • Solution Includes: a File Server and Application Server, 250GB Storage, Backup, Multi-Factor Authentication, Anti-Virus, Anti-Malware/Anti-Ransomware, 10 Hours Monthly Application Support (Phone/Email), and more • Solution Requirements: Functional Workstation Running Windows 10 or MAC latest IOS, Twain Compliant Printer/Scanner, Microsoft Office365 (E3 or ProPlus with Email), High Speed Internet Connection • Financial Software Hosting Expertise: Thomson Reuters, Wolters Kluwer, Drake Software, Intuit®, and Others • Compliant with GLBA, HIPPA, and CJIS • SOC 2 Type 2 Unqualified Audit Opinion

Endorsed by

bizdev@coaxiscloud.com 850.391.1022 CoaxisCPA.com

SPRING 2022 | FLORIDA CPA TODAY

Financial FinancialSoftware SoftwareHosting HostingExpertise: Expertise: Thomson ThomsonReuters Reuters(CS (CSProfessional ProfessionalSuite): Suite): UltraTax UltraTaxCS CS Practice PracticeCS CS Accounting AccountingCS CS FileCabinet FileCabinetCS CS

Fixed FixedAsset AssetCS CS

Creative CreativeSolutions SolutionsAccounting Accounting Checkpoint CheckpointTools Toolsfor forPPC PPC SMART SMARTPractice PracticeAids® Aids®

Wolters WoltersKluwer Kluwer(CCH (CCHSolutions): Solutions): Prosystem Prosystemfx™ fx™Engagement Engagement Prosystem Prosystemfx™ fx™TAX TAX Prosystem Prosystemfx™ fx™Planning Planning Prosystem Prosystemfx™ fx™Knowledge KnowledgeCoach Coach Intuit: Intuit:® QuickBooks QuickBooks®Enterprise Enterprise

QuickBooks QuickBooksPremier Premier

Lacerte LacerteTax Tax

ProSeries ProSeries

Others: Others: DrakeSoftware DrakeSoftware Sage SageAccounting Accounting

FLORIDA CPA TODAY | SPRING 2022

OfﬁceTools OfﬁceToolsWorkspace™ Workspace™

STRATEGIC PARTNER CONTENT

“The FICPA is proud to offer our members access to the cutting-edge managed cloud hosting and cybersecurity protections that our endorsed partner Coaxis provides.” - FICPA President and CEO Shelly Weir parts of a business that produce revenue growth. Cloud hosting reduces IT costs by curbing the demands of maintaining an IT infrastructure and eliminating the significantcapital expenses for hardware upgrades. 5. Scalability – The workforce and IT requirements of accounting firms often fluctuate in size and seasons. A cloud hosting service offers network scalability that can be tailored to a business’s changing requirements. IT resources (hardware and software) and users can be added to or removed from the network without wasted investment or time to scale. An affordable IT solution is now available for FICPA members

Sole proprietor CPAs need the same level of security and protection as mid- and large-size firms. However, in nearly all instances, the cost has been prohibitive. Not any longer. Coaxis, an endorsed program for the Florida Institute of Certified Public Accountants (FICPA), has developed a solution designed specifically to meet the budget needs of sole proprietor CPAs at a price point that does not exist anywhere else in the cloud hosting space. Coaxis CPA provides cloud-protected accounting in a private, hosted environment customized for sole proprietors. The solution supports up to two users for $249/per month and includes a file server; an application server; 250 GB of storage; multi-factor authentication; anti-virus, anti-malware and anti-ransomware software; 10 hours of application support by phone or email and more. Other features include: • QuickBooks® hosting – Intuit® authorized provider

(CS Professional Suite), Wolters Kluwer (CCH Solutions), Intuit®, Drake Software and others • Compliant with GLBA, HIPAA and CJIS • SOC 2 Type 2 Unqualified Audit Opinion • Secure remote access • Data backup This solution requires sole proprietor CPAs to have a functional workstation running Windows 10 or the latest MAC IOS, a TWAIN-compliant printer/scanner, Microsoft Office 365 (E3 or ProPlus with email) and a high-speed Internet connection. Conclusion

Just like large firms, sole proprietor CPAs need sophisticated cybersecurity protections. Cloud hosting services can provide firms of any size with a secure and reliable defense for their IT infrastructures and remote connections. “The FICPA is proud to offer our members access to the cutting-edge managed cloud hosting and cybersecurity protections that our endorsed partner Coaxis provides,” said FICPA President and CEO Shelly Weir. “Never before has it been so important to have a secure and reliable IT infrastructure. I encourage all of our members, large and small, to take advantage of the solutions Coaxis has to offer.” In addition to sole proprietor CPAs, the Coaxis endorsed program also offers special pricing for all other FICPA members. To learn more, visit www.coaxiscloud.com/ficpa or contact Lisa Bryant, executive vice president of corporate development, at (850) 391-1022 or lisa.bryant@coaxissolutions.com.

• Financial software hosting expertise: Thomson Reuters SPRING 2022 | FLORIDA CPA TODAY

Take your practice to the next level With Intuit ProConnect Tax—the #1 professional tax software in the cloud*—you can:

Work when, where and how you want to

Streamline your work in a single place

Be protected by Intuit data security experts and tools

Learn more, and try ProConnect for free, at proconnect.intuit.com 36

*based on actual tax year 2019 usage data for ProConnect customers FLORIDA CPA TODAY | SPRING 2022

STRATEGIC PARTNER CONTENT

Key Differences Between a Financial Advisor and a Tax Advisor By Joe Abesamis, CPA

s a CPA, many of my clients come to me for tax and accounting advice. Every now and then, I am asked what I think of their investment portfolio, and how they should be managing their stocks and bonds. For those questions, I reach out to my colleagues, who are financial professionals. Most of them are also Certified Financial Planners (CFPs). PROFESSIONAL REQUIREMENTS

CFPs need a bachelor’s degree or higher. Their exam requirement covers main topics, including: Professional Conduct and Regulation (8%)

General Principles of Financial Planning (15%)

Risk Management and Insurance Planning (11%)

Investment Planning (17%) Tax Planning (14%)

Retirement Savings and Income Planning (18%) Estate Planning (10%)

Psychology of Financial Planning (7%)

CPAs also need a bachelor’s degree, and most states require 150 credits to sit for the exam. There are four main parts to the exam: 1. Auditing and Attestation

a. Ethics, Professional Responsibilities and General Principles b. Assessing Risk and Developing a Planned Response

c. Performing Further Procedures and Obtaining Evidence d. Forming Conclusions and Reporting 2. Business Environment and Concepts

a. Enterprise Risk Management, Internal Controls and Business Processes b. Economics c. Financial Management d. Information Technology e. Operations Management

3. Financial Accounting and Reporting

a. Conceptual Framework, Standard-Setting and Financial Reporting

b. Select Financial Statement Accounts c. Select Transactions d. State and Local Governments 4. Regulation

a. Ethics, Professional Responsibilities and Federal Tax Procedures b. Business Law c. Federal Taxation of Property Transactions d. Federal Taxation of Individuals e. Federal Taxation of Entities SPRING 2022 | FLORIDA CPA TODAY

KEY DIFFERENCES

It’s often a misconception that all CPAs can prepare tax returns. Because of the broad subjects that CPAs study, most specialize in a certain area. My area, for example, is tax. But being a CPA allows me to do one thing that no other professional can do: provide an opinion on a financial statement, including a balance sheet, income statement, statement of cash flows, and related reporting. As a tax advisor, I can do advanced tax planning for federal and state purposes, as well as assist with accounting and bookkeeping work. Most firms bill their customers based on six- or 15-minute intervals for time spent on their return or project. Other firms, like mine, charge an annual, fixed-fee price for services. A CFP focuses more on the financial plan of the individual and primarily works in registered investment advisory (RIA) firms, specializing in investment advisory and financial planning services. They typically charge a percentage based on assets under management (AUM). There are RIA firms that also specialize in selling insurance products or specific investments that produce commissions or kickbacks to the advisor. Some other RIA firms will be “fee-only” planners, which means they receive compensation solely from the fees that clients pay for their services. A fee-only structure reduces a potential conflict of interest, which is why these types of advisors are often preferable to those who work on a commission-only structure. WHAT TO LOOK FOR IN A FINANCIAL ADVISOR AND A TAX/ACCOUNTING ADVISOR

My focus is on my client’s peace of mind as it relates to their taxes. I have a financial advisor who I hired to provide me peace of mind when it comes to my investments. If I were to put myself in a potential client’s shoes, I would 38

FLORIDA CPA TODAY | SPRING 2022

want to look for a tax/accounting professional who I can trust and who is willing to grow with me. I would also look for a person who has availability and can call me back if I have a question. But, most importantly, I would say the greatest character trait to look for is empathy. With the rise of technology, we have lost the art of being human. Empathy is a trait that technology can never mimic. As someone who just started my own firm, I believe empathy is the ultimate core value, because it’s entirely human. Today, we live in a world where a robot can prepare your taxes or a “robo-advisor” can manage your assets; but we professionals can still offer what no robot can – a relationship. I didn’t become a CPA because I love the Internal Revenue Code. I became a CPA to have a relationship with my clients. How much people make is normally hidden from their closest friends, but as a CPA, people pay me to be part of their lives and see everything (and I mean everything). I’ve been in meetings with excited newlyweds who are anxious to start their business together, as well as meetings with couples trying to unravel their relationship and separate their assets from each other. There are days I am a cheerleader, and there are days I am the referee. We navigate the ups and the downs through wherever life takes our clients, so make sure your clients have this trusted relationship. Whether it’s with you or someone else, it’s your job to look after the best interests of your clients. Joe Abesamis is a redemptive CPA who exists to redefine the customer’s tax experience through building relationships based on empathy and trust. In 2021, he founded Bespoke Tax Solutions, PC, to provide peace of mind to customers as it relates to their business and personal income taxes. Find Joe on Twitter (@jbacpa22) or on LinkedIn.

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FLORIDA CPA TODAY | SPRING 2022

SCHOLARSHIP FOUNDATION By Laura Cutchens, Director, FICPA Scholarship Foundation

GIVE TODAY TO STRENGTHEN THE TALENT PIPELINE OF TOMORROW Our Foundation is making a difference by providing financial assistance to students seeking their CPA license. We are reliant on donations from individuals, firms and corporations to continue to support the next generation of CPAs.

“

Luciano Prida, President of Prida, Guida & Perez, P.A., donated $5,000 to the Foundation and here’s why … We need to strengthen our shrinking talent pipeline and to do as much as we can to attract the best students. Education is the one thing no one can take from you. I challenge you to give and give big to the Foundation.”

To continue fulfilling our mission, we NEED your donation. Consider a firm or personal gift – or both. Luciano Prida

Please take a moment to visit our website and make a donation, or contribute via your FICPA dues renewal!

The FICPA Scholarship Foundation is recognized by the IRS as a not-for-profit 501(c)3 charitable organization. Your donation to the Foundation is tax deductible to the full extent of the law. Your generosity is greatly appreciated as we continue to make an impact!

2022 Foundation Event Calendar Be a part of one or all of our fun events by sponsoring or attending! JUNE 10 – MEGA Corn Hole Tournament, Disney’s Contemporary Resort, Orlando GIVE YOUR TIME AND TALENT We are looking for individuals to mentor our 2022 Scholars, beginning in August.

JULY 21-23 – Family Retreat and Golf Tournament, Ocean Reef Club, Key Largo OCT. 21 – Central Florida Scholarship Night, Renaissance Orlando Airport Hotel, Orlando OCT. 27 – Suncoast Scramble, The Eagles Golf Club, Odessa NOV. 11 – South Florida Scholarship Night, Hilton Fort Lauderdale Marina, Fort Lauderdale NOV. 16 - Tampa Bay Scholarship Night, Glazer Family JCC, Tampa

The FICPA Scholarship Foundation awards scholarships to the best and brightest accounting students in the state of Florida. But the transition from college to a career is often a challenge. Serve as a mentor, share your knowledge and experience, and dispense the kind of valuable advice that you wish you would have heard early in your career.

GET INVOLVED TODAY! Visit www.ficpascholarshipfoundation.org/get-involved Follow us on Linkedin, Instagram and Facebook @ficpascholarshipfoundation For more information contact Laura Cutchens at 850-521-5934 or laura@ficpa.org SPRING 2022 | FLORIDA CPA TODAY

UPCOMING CONFERENCES

FICPA Hosts New Bridge the Gap Conference at MEGA 2022 By FICPA Staff

Debuting at MEGA 2022, the FICPA’s brand-new “Bridge the Gap Conference: Essential Skills to Build a Successful Career” has been uniquely designed for both new and seasoned professionals. This 9-hour, professional development conference will focus on the essential leadership skills needed to successfully navigate, advance, and thrive in today’s professional landscape.

Shelly Weir. “We are excited to offer this content in conjuction with our MEGA Conference.”

Successful leaders are able to transform organizations, enhance value creation, create efficiencies, and engage employees and colleagues to deliver better results. Soft-skills training is vital at every career stage; just as young professionals need to grow, senior executives and partners must maintain their ability to leverage new business opportunities, drive innovation and lead with conviction. This conference has something for everyone, as attendees:

Bridge the Gap is being hosted alongside the 2022 MEGA Conference at Disney’s Contemporary Conference Center in Orlando, June 10-11. Attendees will have the opportunity to network with other accounting and finance professionals, meet with FICPA leadership, and talk with vendors in our exhibit hall to learn about the most up to date products and services for the CPA community.

• Develop communications skills, mastering the arts of negotiation, influence, and conflict management. • Become more confident leaders and find new ways of communicating, both internally with staff and colleagues and externally with clients and business partners. • Learn how to effectively network and connect with people, developing the ability to give constructive feedback and critically seek the feedback you need to succeed. • Develop new business opportunities. • And recognize broader societal issues, learning how to best tackle complex concerns. “During my statewide Member Listening Tour, I heard from many partners and managers about the need for career-level skills training” said FICPA President & CEO 42

FLORIDA CPA TODAY | SPRING 2022

Erin Buss, a veteran Firm Administrator, knows first-hand how important leadership skills training is for everyone at her firm. Buss will facilitate discussion and present the “essential skills” every professional needs to “build a successful career” in the profession.

In addition, attendees will get to hear from a pair of keynote speakers in AICPA President & CEO Barry Melancon, who will share insights on the future of the profession and Lucas Boyce author of “Living Proof: From Foster Care to the White House and the NBA.” These national thought leaders will inspire, empower and leave you with the tools to overcome obstacles and build upon your skills. Attendees are also invited to stay for our Chair’s Closing Night Celebration – featuring fireworks, dinner, drinks and dueling pianos – and to continue your leadership training with a two-hour session on Saturday. This inaugural conference is sure to build your confidence and raise career trajectory. Advance your career with our leadership development and watch you and your organization become stronger than ever.

Up to 32 hours of best-in-class CPE all in one place

Meet. Engage. Grow. Achieve.

JUNE 7-11, 2022 JUNE 7

TED-Style Learning Labs

JUNE 8

Bonus Sponsor Exhibit Day

JUNE 9-10 MEGA Marketplace Exhibit Hall JUNE 11

Florida Ethics

Experience the magic of MEGA at Disney!

The Disney Contemporary Resort

4600 World Drive, Lake Buena Vista, Florida 32836

FICPA.ORG/MEGA 43

SPRING 2022 | FLORIDA CPA TODAY

UPCOMING CONFERENCES

What’s New in GAAP for Not-for-Prof it Organizations By Jeff Mechanick, Assistant Director—Nonpublic Entities, Financial Accounting Standards Board (FASB)

“What do I need to know about the latest developments in GAAP standards?” It’s the question I’ve attempted to answer during every presentation I’ve given at FICPA’s annual Not-for-Profit Conferences – and 2022 will be no different. If you’re interested in learning more – and earning some CPE credit in the process – I invite you to join me for my annual FASB Update session, taking place on Friday, May 20, from 8:059:55 a.m. ET. The Financial Accounting Standards Board (FASB) has been in a period of “relative calm” in terms of issuing significant new standards that affect NFPs. Instead, we’re focused on helping stakeholders navigate financial reporting challenges related to the COVID-19 pandemic and reference rate reform while supporting your efforts to implement recently issued standards. I’ll talk about our efforts in each of these areas during my presentation. Since 2020, the FASB has monitored and responded to accounting issues related to the COVID-19 pandemic. At the outset of the pandemic, the Board purposely slowed standard setting, extended certain implementation deadlines for NFPs and other private companies and organizations, and shifted our priorities to focus on support and education. I’ll talk about how we addressed your accounting-related financial reporting challenges during this period, how to find educational resources through our COVID-19 web portal, and how you can continue to submit your questions through our technical inquiry service. The FASB is also proactively addressing the accounting impact of the ongoing transition away from the London Interbank Offered Rate (LIBOR) and similar reference rates in loan, lease, swap and other agreements. In 2020, we issued a standard that provides temporary optional guidance to ease the transition burden in accounting for the effects of this rate transition in contract modifications and hedging relationships, subject to meeting certain criteria. We contin44

FLORIDA CPA TODAY | SPRING 2022

ue to monitor the pace of reference rate reform to sunset the temporary guidance at an appropriate time. Supporting implementation of major recent standards, including Leases (Topic 842) and Credit Losses (Topic 326), and more specifically for NFPs, Gifts-in-Kind (ASU 202007) remains a top priority for the Board. Some NFPs have already implemented Topic 842, while others are still in the process of implementing it. NFPs are currently implementing ASU 2020-07 and will be implementing the credit-losses standard for calendar year 2023 (fiscal year 2024). We continue to discuss implementation issues around these standards with FASB advisory committees – including the Not-for-Profit Advisory Committee (NAC) and other key stakeholder groups – to provide educational resources and, where needed, additional authoritative guidance. I’ll update you on the FASB’s efforts here. Finally, for the past year, the FASB has been engaged in soliciting the public’s views to help shape our future technical agenda. This include projects that are on the FASB’s current technical agenda and those that aren’t. As part of that agenda consultation process, we issued an Invitation to Comment (ITC) that generated more than 500 responses. I’ll talk about what we learned from the ITC and other ongoing stakeholder outreach, including from NFPs, and the changes to date that have been made to the FASB’s research and technical agendas in response to all that feedback. Especially in challenging times such as these, the FASB is here to help preparers and practitioners successfully apply our standards – and ensure they provide your donors, grantors, lenders and other financial statement users with transparent, useful information. Please join me for this interactive, 100-mintue FASB Update – and please be sure to bring along your questions!

Tackling Challenges and Priorities for Nonprofit Organizations

May 19-20, 2022 | CPE: Up to 16 HILTON ORLANDO BONNET CREEK + ONLINE

FICPA.ORG/NFP

CPAs working in the nonprofit sector have to make the most of their resources and stay up to date on changing regulations. This conference will fill you in on everything you need to know to keep your nonprofit in the best possible position for continued success.

SPRING 2022 | FLORIDA CPA TODAY

DOR UPDATE

Easy Steps for Updating Clients’ Florida Tax Information By Robert DuCasse Florida Department of Revenue

For taxpayers, keeping account information up to date with the Florida Department of Revenue is critical to ensure important notices are received on time and filing deadlines are met. Certified Public Accountants, who are often called upon to update or make changes to their clients’ accounts, play an essential role in making sure their clients remain in compliance. Here, then, is a quick primer to guide you in making some common changes to Florida tax accounts.

the Send button at the bottom of the webpage.

Notify the Department if your client:

Access the Florida Business Tax Application online at floridarevenue.com/ taxes/registration. (A username and password are required to log in.) If you prefer to submit a hard copy, visit floridarevenue.com/forms for a printable (PDF) version.

• Changes business name • Changes mailing address • Changes location address within the same county • Closes or sells the business • Reactivates an inactive account (e.g., resumes business activities or begins paying wages again) The quickest way to notify the Department of these changes is to update your client’s account online at floridarevenue.com/taxes/updateaccount. This form works for all Florida taxes, including corporate income, reemployment, and sales and use taxes. The webpage includes instructions for filling out the relevant fields. When you have completed the form, click 46

FLORIDA CPA TODAY | SPRING 2022

Use the Florida Business Tax Application to make other types of changes to tax accounts, including: • Changes in legal entity • Changes of ownership • Changes of business location address from one Florida county to another • Adding a new Florida business location or Florida rental property

Here are some examples of when a client’s account can be updated online: Example 1: A client registered with the Department, creating a corporate income tax account. They subsequently make a federal election to become an S corporation. Notify the Department at floridarevenue.com/taxes/updateaccount. Enter the effective date (beginning of taxable year) of the client’s federal S corporation election. Example 2: A client is a new Florida limited liability company and has already filed a Florida extension of

time to file a return (Form F-7004). When the federal income tax return is filed indicating the client did not elect to be treated as a C corporation, notify the Department at floridarevenue. com/taxes/updateaccount. Enter the effective date (beginning of taxable year) of the federal election. Example 3: A client no longer has employees and wishes to inactivate their reemployment tax account. If there is no liability or delinquency, submit a request online at floridarevenue.com/taxes/updateaccount to inactivate the account. Example 4: A client is moving its retail location to a new shopping center within the same county. Notify the Department of the new address online (floridarevenue.com/taxes/updateaccount). The Department of Revenue appreciates your assistance in ensuring taxpayers maintain up-to-date information on their tax accounts. If you have questions about making changes to your clients’ accounts, call Taxpayer Services at (850) 488-6800 or submit a question online at floridarevenue.com/ faq/Pages/contactus.aspx. Robert DuCasse is a Revenue Program Administrator II in the Florida Department of Revenue’s General Tax Administration.

Join us in person for a little CPE and A LOT of vacation!

AUGUST 4-5, 2022

Disney's BoardWalk Resort Lake Buena Vista

CPE: Up to 20 hours

ETHICS: Protecting the Integrity of Florida CPAs AUGUST 6, 2022 Join us at Disney’s BoardWalk, Aug. 4-6, and craft a custom learning schedule built around your vacation. Attend one session, five sessions or any number in between. Our Summer Vacation Cluster is about your interests, your schedule, your family and your vacation.

To register please visit FICPA.org/SVC SPRING 2022 | FLORIDA CPA TODAY

MARKETPLACE

Classified Ads For information on rates and classified ad policies, visit ficpa.org/marketplace. PRACTICES WANTED FOR PURCHASE OR MERGER

PRACTICES FOR SALE

READY TO MERGE OR SELL YOUR FIRM? Are you a retirement-minded CPA but don’t have a clear plan of what to do? Give us a call. KSDT CPA is one of South Florida’s fastest growing firms. Contact Jeff Taraboulos at info@ksdt-cpa.com or (305) 670-3370 to learn about favorable purchase terms.

TROPICAL FINANCIAL CONSULTANT PRACTICE FOR SALE. U.S.-licensed CPA? Willing to relocate? Experience with offshore compliance reporting? Earn 90-plus with seasonal practice working part time in the tropics. Market growth available for energetic associate. Founder seeking a colleague to work with over the next season or two and buy him out so he can retire. Email msc@ficpa.org and reference Ad#628.

ADVERTISE WITH FICPA For information on rates andclassified ad policies, visit ficpa.org/marketplace

PRACTICE FOR SALE $280,000. Established tax/ writeup practice for sale in Awesome location of SW Florida. Annual Gross $240,000+. Transition assistance available. Contact cpapracticesalefl@gmail.com for details.

FICPA Conferences Are Where Members Make Memories SAVE THE DATE FOR THESE UPCOMING EVENTS

Essential skills to build a successful career

June 07-11, 2022

June 10, 2022

June 10-11, 2022

Lake Buena Vista + Online

FICPA .ORG/MEGA

FICPA .ORG/ WLS

FICPA .ORG/BTG

August 04-06, 2022 Lake Buena Vista + Online

August 18-19, 2022

October 20-21, 2022

Online

FICPA .ORG/SVC

FICPA .ORG/SLG

TO SEE ALL FICPA CONFERENCES & TO REGISTER VISIT, FICPA.ORG/CONFERENCES

PRESORTED STANDARD U.S. POSTAGE

Florida Institute of Certified Public Accountants 3800 Esplanade Way, Suite 210 Tallahassee, FL 32311

PAID

Tallahassee, FL Permit No. 144

makes its return to South Florida in 2022, delivering the very best in CPE value!

SOUTH FLORIDA

ACCOUNTING CONFERENCE NOVEMBER 10-11, 2022 Broward County Convention Center Fort Lauderdale CPE: Up to 20 hours

NOVEMBER 9, 2022 Ethics* 8 A.M. - 12 P.M. | Learning Labs* 1-5 P.M. *Separate registrations required for Ethics and Learning Labs; additional fee applies for Ethics.

Up to 20 hours of high-quality CPE for only

$299