STATEMENT MACPA’S
APRIL 2019
New rules for a new world Proposed changes to MACPA’s bylaws would reflect new realities Page 4
ALSO INSIDE: Servicing marijuana businesses Page 13 The power of intelligent automation Page 19 #FutureReady skills: Do what the machines can’t Page 23
Maryland Association of Certified Public Accountants, Inc.
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CONTENTS April 2019 | Maryland Association of Certified Public Accountants, Inc.
CHAIR’S COLUMN.............................................................................. 2 FEATURES MACPA: New world requires changes to bylaws.................................................. 4
DEPARTMENTS Public Practice........................................................................................................ 9 The Future of the Profession............................................................................... 20 Business & Industry.............................................................................................. 27 High-Tech Solutions............................................................................................. 30 Tax Corner............................................................................................................ 33 Diversity & Inclusion ........................................................................................... 35 From our Partners................................................................................................ 38
MEMBER NOTES................................................................................ 41 CLASSIFIEDS........................................................................................... 41 UPCOMING EVENTS & COURSES.................................... 45 ADMINISTRATION
TECHNICAL SERVICES
Pam Bartoshek pamb@macpa.org
Cora Edwards cora@macpa.org
Amy Stumme amy@macpa.org
MaryBeth Halpern marybeth@macpa.org
COMMUNICATIONS
SPONSORSHIP AND ADVERTISING
Bill Sheridan bill@macpa.org FINANCE Margaret DeRoose margaret@macpa.org
Amy Puente amyp@macpa.org Krislyn Suljak krislyn@macpa.org
Laura Swann, CPA lauras@macpa.org
PROFESSIONAL DEVELOPMENT
MEMBER SERVICES
Natalie Atonakas natalie@macpa.org
Lauren Baker lauren@macpa.org
Pamela C. Devine pam@macpa.org
Rebekah Brown, CPA rebekah@macpa.org
Chris Dougherty chrisd@macpa.org
PRODUCT DEVELOPMENT
Laura Dorsey-Shaner laura@macpa.org
Akesha Brown akesha@macpa.org Debbie Zizwarek debbie@macpa.org
APRIL 2019
Terri Smith terri@macpa.org Jennifer Stevens jennifer@macpa.org
Dee Sullivan dee@macpa.org Emily Trott emily@macpa.org Ryan Wey ryan@macpa.org Rebecca Zimmerman becca@macpa.org
2018-19 BOARD OF DIRECTORS
Leon Katsnelson Andrew Page, CPA Keith Parker, CPA Karen Syrylo, CPA Denise West, CPA, CGMA
SENIOR STAFF MACPA EXECUTIVE DIRECTOR
OFFICERS
J. Thomas Hood III, CPA tom@macpa.org
Samantha Bowling, CPA, CGMA Chair
MACPA DEPUTY EXECUTIVE DIRECTOR
Ray Speciale, Esq., CPA Vice Chair
Jacqueline E. G. Brown jackie@macpa.org
Avonette Blanding, CPA Secretary/Treasurer Kenneth Kelly, CPA, CGMA Immediate Past Chair DIRECTORS Christine Aspell, CPA Mark Cissell, CPA Jeffrey Cook, CPA, CITP, CISA
DIRECTOR OF FINANCE AND ADMINISTRATION Skip Falatko, CPA skip@macpa.org
WE WANT TO HEAR FROM YOU! See below to submit content Bill Sheridan | MACPA Dulaney Center II 901 Dulaney Valley Road Suite 800 Towson, MD 21204 FOR CONTENT SUBMISSION: bill@macpa.org feedback@macpa.org TO ADVERTISE IN THE STATEMENT: krislyn@macpa.org P: 410.296.6250 F: 410.296.8713 Toll free: 800.782.2036
The MACPA reserves the right to edit all submissions for grammatical style and / or length. Statement of fact and opinion are made by the authors alone and do not imply an opinion on the part of the officers or members of MACPA. The Statement is published four times a year by the Maryland Association of Certified Public Accountants, Inc. Bill Sheridan, Editor Krislyn Suljak, Advertising Sales
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CHAIR’S COLUMN
Future-readiness means new skillsets and toolsets … but mindsets first BY SAMANTHA BOWLING, CPA, CGMA / PARTNER, GARBELMAN WINSLOW CPAs We’re in the home stretch, tax practitioners. You’re this close to making it through one of the most challenging busy seasons in recent memory. Tax law changes, new forms, and client confusion and anxiety have combined to make this one of the most stressful filing seasons in recent memory. You deserve a break. Come April 16, here’s what I want you to do: • Sleep in. Late. • Take a nice, hot shower, pour yourself a cup of coffee, and do … absolutely nothing. • Repeat for each of the next few days. Better yet, pack a bag and get out of town for a while. Did I mention you deserve it? Then — and I mean this sincerely — get back to work. We’ve got a lot of stuff to catch up on.
“Your future view will determine the future you.” – DANIEL BURRUS FUTURE-READINESS STARTS NOW The list starts, surprisingly enough, with something other than technology. Don’t get me wrong. Upping our technology game is hugely important given the relentless march of Moore’s Law. The processing power of our machines continues to double roughly every two years or so. If you’re using software, systems, processes, or other tech solutions that are more than a few years old, that means your practice is probably edging toward obsolescence. Our competitive advantage in the near future will consist of two parts: (1) learning how to augment our practices with the power of artificial intelligence, blockchain,
2
5G wireless, and other game-changing technologies; and (2) mastering the decidedly human skills like anticipation, collaboration, communication, and strategic and critical thinking that will let us focus on the things the machines can’t do. We don’t have the luxury of using the same technology and falling back on the same skillsets for a decade or more at a time. Moore’s Law is burying us. While we’re doing the same-old same-old, our competition is embracing the new and getting ahead of the curve. So yes, embracing new technologies and low-tech, human-centric skills should be near the top of our list of post-tax season priorities. More important, though, is adopting a new mindset, one that’s focused not on the past (where accounting and finance pros spend most of their time), but toward the future. The more time we can spend scanning the horizon for future trends, the better prepared we’ll be when they arrive. In the words of futurist Daniel Burrus, “Your future view will determine the future you.” In his thought-provoking new book The Algorithmic Leader: How To Be Smart When Machines Are Smarter Than You, futurist Mike Walsh puts it this way: “While leaders worry about the impact of disruptive ideas on their business or industry, what they should really be worrying about is whether their own ideas are disruptive enough. “If you are simply automating your existing processes, adding a chatbot to your website, or updating your mobile app, then in all probability you are not thinking big enough about your future opportunities. Too often, digital transformation is just digital incrementalism. “When you invest in new technology but stop short of challenging your business model out of fear of a more radical
transformation, you are merely delaying the inevitable moment when everything changes and you are caught out. Part of the journey to becoming an algorithmic leader is being brave enough to pursue opportunities that deliver results in multiples, not just margins.” Our mindset going forward has to be about more than just reacting to what’s happening. It has to be about anticipating what’s to come and adjusting our business models in ways that make us more nimble, flexible, and future-ready. PROPOSED BYLAWS CHANGES The MACPA has spent the past 20 years building a future-ready association, one that’s trained to spot future trends and find the opportunities those trends provide. The next step in that journey has begun. The association’s leadership has proposed a series of changes to its bylaws designed to increase the association’s flexibility and adaptability in an increasingly changing and complex world. A summary of the proposed changes is found on Page 4. In addition, MACPA President and CEO Tom Hood and Ray Speciale, vice chair of the association’s Board of Directors, have produced a free webcast that explains the proposed changes in detail. Please watch the webcast at Bit.ly/BylawsWebcast. More details about the proposed changes will be offered during the MACPA’s spring series of professional issues updates. MACPA members will be asked to vote on the proposed changes later this year. I hope you’ll take the time to become informed on why we believe these changes are crucial to creating a future-ready association that’s built to serve a transforming profession. Help us do that. Help us build a futureready MACPA. The best way to do that is to become future-ready ourselves. STATEMENT
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New rules for a new world Proposed changes to MACPA’s bylaws would reflect new realities
B Y B I L L S H E R IDA N , CA E The Maryland Association of CPAs has proposed a series of changes to its bylaws designed to increase the association’s flexibility and adaptability in an increasingly changing and complex world. The proposed changes would: • Give the Board of Directors greater discretion to respond quickly and fluidly to changes in the profession. • Ensure that a majority of the seats on the MACPA’s Board of Directors are filled by licensed CPAs. • Update references to ethics requirements to reflect the MACPA’s current practices. • Add language to allow for the use of various forms of electronic communication. • Modernize and simplify the MACPA’s charter. Much has happened since the last time the MACPA updated its bylaws nearly 20 years ago, and recent trends like advancing technology, workforce shifts, changes in firm structure, attempts to modify CPA licensure, and their related impacts on organizations have reinforced among MACPA leadership the need to refresh the document.
“Things are changing fast, and we’re doing our best to stay on top of what’s happening in the profession,” said Ray Speciale, an associate professor at Mount St. Mary’s University and vice chair of the MACPA’s Board of Directors. “These governance changes will allow us to move with these types of trends more fluidly and effectively in the future.” The proposed changes were exposed to thousands of MACPA members by the association’s CEO, Tom Hood, during a lengthy series of recent “town hall”-style professional issues updates. According to Hood, 86.8 percent of the members in attendance expressed support for the changes. “Our chief concerns are, how do we become very nimble and proactive and not be burdened with massive governance requirements in order to keep up with these fast-moving changes?” Hood said. “How do we make sure the profession is ready to deal with disruption, and how can we help our members become future-ready?” The answers, MACPA leaders believe, lie in a series of clarifying but important bylaws changes.
GREATER BOARD DISCRETION TO RESPOND QUICKLY Traditional methods of changing and updating governing documents like the association’s bylaws often include lengthy review and exposure periods before final adoption takes place. In worst cases, the entire process could take as long as two years from start to finish. Given today’s exponential pace of change, that’s simply too long to enact timely changes, which may end up being obsolete as soon as they take effect. In certain cases, the MACPA’s Board needs the authority to enact changes on its own in order to help the association better serve members’ needs in a timely manner.
MODERNIZING AND SIMPLIFYING THE MACPA’S CHARTER The MACPA’s charter, which explains the purpose for the association’s existence, was last updated 26 years ago and includes both an amendment from 1992 and a correction to that amendment from 1993. The proposed changes would edit and simplify the charter to include all of those changes in one document. “We have not done a thing to change the substance of the charter,” Speciale emphasized. “The purpose of the organization remains untouched. We are merely amending it to clean up the document.”
Under the proposal, any changes suggested by the Board would require approval by two-thirds of the association’s directors.
For the curious, the MACPA’s purpose as stated in the charter is to “provide services to members of the Corporation including, but not limited to, protecting and furthering the interests of those members, and helping members of the Corporation to conform to the high standards of professional service.”
CPA MAJORITY ON BOARD OF DIRECTORS The face of the profession is changing. At the top 100 CPA firms, the number of non-CPA professionals now outnumber the number of CPAs by more than three to one. Add to that the fact that only one in three accounting graduates are now becoming CPAs, and it’s easy to see why AICPA President and CEO Barry Melancon now calls this a “CPA-led profession” rather than a “CPA profession.”
“These governance changes will allow us to move with these types of trends more fluidly and effectively in the future.” - RAY SPECIALE,
“(The Board) needs to be able to respond quickly to changes, and sometimes we have to be able to do that on a dime,” Speciale said.
To reflect these changes, many organizations — the MACPA included — have begun allowing non-CPA professionals to join their memberships as non-voting members. The MACPA now offers a “Professional Colleague” membership category for professionals who have been referred by a CPA member and “who hold a bachelor’s degree and are currently employed in the accounting and finance field but are not CPAs and do not plan to pursue the CPA license.” Such professionals might include, for example, nonCPA Chartered Global Management Accountants (CGMAs) and non-CPA Certified Management Accountants (CMAs). To protect the profession’s interest and to ensure against the dilution of the association, the proposed bylaw changes require that a majority of the seats on the MACPA’s Board of Directors are filled by licensed, practicing CPAs. UPDATES TO REFERENCES TO ETHICS REQUIREMENTS The section in the bylaws relating to ethics requirements include descriptions that are not current realities. The proposed bylaws changes would update these references to reflect current MACPA practices. ADDING REFERENCES TO E-COMMUNICATIONS The ways in which we communicate are changing as fast as everything else in our profession. The proposed bylaws changes includes references to various electronic and digital communications to reflect both current practices and potential future changes in those practices.
VICE CHAIR, MACPA’S BOARD OF DIRECTORS. A HISTORY OF FUTURE-READINESS The crucial task of helping the association, its members, and the profession become more future-ready might sound like a recent concept — one born in a complex era of great change and exponential technological advance. It’s not. The MACPA has been helping accounting and finance professionals become future-ready for more than 20 years now. • In 1997, Hood helped lead the AICPA’s nationwide grassroots initiative to anticipate the future. That initiative became known as the CPA Vision Project and produced the profession’s nowfamous vision statement, “CPAs: Making Sense of a Changing and Complex World.” Read more at bit.ly/CPAVision. • Soon after, the MACPA successfully advocated for the adoption in Maryland of the Uniform Accountancy Act, which allows for non-CPA ownership of firms by requiring that only a simple majority of firm owners be CPAs. The move was an early effort to address the increasing numbers and influence of non-CPAs in the accounting and finance world. Read more at bit.ly/NonCPA. • Conversations about the evolution of the profession led the MACPA to launch the first of what would become annual series of “town hall”-style professional issues updates throughout the state. Held each spring and autumn, the meetings help members understand the trends that are impacting the profession and take advantage of the opportunities those trends provide CPAs. • In 2000, the MACPA created a future-focused Structure and Governance Task Force. Made up of volunteers from the MACPA’s general membership, the task force was charged CONTINUED ON PAGE 6
APRIL 2019
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by the Board of Directors with reviewing the association’s structure and making recommendations for changes to align it with the vision and mission of the MACPA and the profession. The task force included an over-35 group and a under-35 group, which simultaneously addressed how to best structure the MACPA for the future. The recommendations, which were approved by the Board of Directors, required revisions to MACPA’s bylaws, which were approved in 2002. Read more at bit.ly/ForgetTheRules.
• Also in 2016, the MACPA’s Board of Directors affirmed our support of the Chartered Global Management Accountant (or CGMA) credential by agreeing in principle to devote resources toward promoting the designation and recruiting CGMA exam candidates to become credential-holders. The MACPA also created a new membership category of “professional colleague” which could include non-CPA CGMAs. Read more at bit.ly/CGMA_JointVenture.
• In 2002, the MACPA created the Business Learning Institute in an effort to deliver the future-focused skills and education that CPAs will need to remain relevant in a changing and complex world. BLI is a wholly-owned subsidiary (corporation) of the MACPA with no outside ownership interests.
Bill Sheridan is editor of The Statement and chief communications officer with the Maryland Association of CPAs.
• In 2011, Hood again helped lead AICPA-organized nationwide conversations about the future of the profession. Those conversations resulted in CPA Horizons 2025 report, which found that the profession will, in the words of the Journal of Accountancy, “need to respond quickly and competitively to the shifting ground on political, economic, social, technological and regulatory fronts.” Read more at bit.ly/HorizonsRoadMap. • In 2016, the MACPA’s Board of Directors endorsed the AICPA’s joint venture with the Chartered Institute of Management Accountants (CIMA), which created the “Association of International Certified Professional Accountants.” The new association is designed to enhance the relevance and vibrancy of the profession far into the future, and to respond to the needs of members working in corporations of all ownership structures and sizes. Read more at bit.ly/StatementJuly2016.
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Webcast, town hall meetings to offer details of proposed bylaws changes A free webcast featuring MACPA President and CEO Tom Hood and incoming Board Chair Ray Speciale provides a breakdown of proposed changes to the association’s bylaws in detail. The webinar is available at Bit.ly/BylawsWebcast. The proposed changes also will be discussed during the MACPA spring series of town hall meetings / professional issues updates. Details on upcoming town hall meetings will be available soon on the MACPA’s website.
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PUBLIC PRACTICE 5 areas of focus for firm transformation B Y A R I A NN A CA M P BE LL TECHNOLOGY
By now, firms know they need to change. The question now is how? As firm leaders read articles, attend conferences, and talk to peers, it seems they are looking or hoping for the solution that will magically transform their firm. Unfortunately, there is no magic solution. However, you can take steps to determine the right course of action for your firm. As with any other tough project, you need to make a plan and do the work. If you’ve been waiting for others to figure it out so you can follow what they’ve done, it’s time to stop playing follow-the-leader and start taking action. Everyone is going through the same process, but you need to identify the strategies that are right for your firm. You’ll take parts of what you learn from different sources to develop a plan that works for you. It all starts with a vision and a strategic plan built to support the firm’s three- to five-year vision. Both need to be in writing. If your firm’s leadership can’t take the time to consider the firm’s direction, you may end up in a place you won’t want to be. Only after developing your vision and documenting your strategic plan can you determine which steps to take next. Transforming your firm requires an integrated approach. Your efforts will fail if you focus on only one area. With that in mind, here are the five areas of focus for charting the course of your firm’s transformation, as well as questions to consider while creating your plan of action.
• Do you have a written IT strategic plan as part of your vision? Too often, firms have an IT budget but not a plan. Budgets are necessary, of course, but the value of an IT plan comes from the planning process and getting your firm to think differently about the future, be innovative and transformative. An outside facilitator for the planning process can significantly accelerate the process and ensure a focus on strategy and innovation rather than tactics. • How are you incorporating emerging technologies into your short- and long-term plan? What emerging technologies should you be implementing now? Which should be on your radar for the near future? These questions are the beginning of your IT strategic plan. As a first step, it is important to demystify emerging technologies with education and awareness and then determine how these can become tools to accelerate positive results in your firm. If there is a person in your firm who is interested in this area, he or she could be an asset when it comes to research and training others. • Are you leveraging your existing technology? It is essential to take the time to make sure you are getting the most out of the technology you’ve already invested in. When we work with firms, we often discover that in addition to new technologies to explore, there are functions and features of their existing technology they can leverage. Consider an IT assessment to evaluate your use of technology and areas of opportunity. Connect with your solution provider to make sure that you are taking advantage of enhancements and staying up to date. PROCESS • Are you continuously evaluating your processes to ensure they are effective? A common stumbling block is when old processes are used with new technology. Processes need to keep up with changing dynamics and applications. • Are you focused on just efficiency or on overall process effectiveness? Optimal processes are ones that are consistent, efficient, and provide a high level of quality and profitability. Make sure you aren’t just speeding up tasks that don’t produce quality work or provide value to your clients. • Are you evaluating processes in all areas of your firm? Tax and audit are obvious areas to work on improving process effectiveness, but don’t stop there. Look at your processes for billing, client onboarding, new hire onboarding, business development, and consulting services, for example.
It all starts with a vision and a strategic plan built to support the firm’s three- to five-year vision. Both need to be in writing. C O NTI NU ED O N PA GE 10
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TALENT • What kind of skills will be needed in your firm within the next three to five years? It’s no longer enough to rely on technical skills alone. The skills to continue to push your firm forward include the ability to share vision, think big, build teams, make tough decisions, focus on the big picture, take risks, delegate effectively, give and receive trust, motivate others, develop business, and hold themselves and others accountable. • Are you going to develop talent in the firm, hire new talent, or both? These skills don’t always come naturally, but you can help foster them in your people by getting them involved in committees, client relationships, and a forwardthinking peer community. • What is the timeline for training and what resources will be used? Our profession associates training with CPE, but in today’s environment, training needs to be much broader in scope. You will need to invest time and money into conducting needs assessments, developing curriculums and classes, identifying resources, conducting training, and measuring results. LEADERSHIP • How will these changes impact leadership? Transformation requires strong leaders who can provide courage, commitment, capability, and confidence. • Is leadership on the same page with the direction? Firm leaders need to see the need for transformation far in advance of when they can prove it to those who are happy with the status quo.
• What new leadership needs to be developed and how are you doing this? Too often, current firm leaders complain that younger generations aren’t interested in becoming a partner. The problem isn’t a lack of motivation or ambition. It’s that they can’t picture their future in a firm that isn’t transforming to remain relevant. Create a vision for your firm and you’ll find the next generation will have a strong desire to be a part of its long-term success. GROWTH • What kind of growth? Growth can be organic or from mergers and acquisitions. Many firms are doing both. Either way, it requires a commitment to people, planning and processes. • What niches are you developing? As technology and process create capacity in your firm, don’t simply fill the space with more of the same. Use that capacity to develop niche areas that can help differentiate your firm from the competition. • Who is leading business development and what is the process? As your firm starts focusing on providing a wider range of services to clients, client service will become a team sport. It’s a good idea to have one person in charge of business development efforts, who can focus on the big picture, ensure leads are moving forward, and pull in the right people at the right time. There is no magic solution to firm transformation, but you don’t have to find the answers alone. Look for opportunities to learn from peers and solution providers. Arianna Campbell is a director for Boomer Consulting, Inc.
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PUBLIC PRACTICE Business brief update: Servicing marijuana businesses B Y STA NL E Y S TE RN A , JD, A N D JO S EPH WO LF E
Marijuana for medicinal use was legalized in Maryland in 2013 and first became available in 2016. By the end of 2018, there were more than 75,000 registered medical cannabis patients in Maryland.1 Businesses are subject to regulation by the Maryland Medical Cannabis Commission. While the sale of marijuana for recreational use remains illegal in Maryland, some state senators and representatives have expressed interest in submitting bills to legalize it. More than 30 states allow the sale of marijuana for medicinal use; 10 states plus the District of Columbia also permit the sale or consumption for recreational use.2 This activity has created new business opportunities for many public accounting firms, but there are unique challenges and risks in serving these clients. Since this article was initially published in early 2017, the legalization of marijuana businesses under state law has accelerated. Meanwhile, investments in legal marijuana businesses in the U.S. exceeded $10 billion in 2018.3 The patchwork of applicable laws can be both intimidating and confusing. For example, at the federal level marijuana remains illegal under the Controlled Substances Act. However, enforcement of this law as it applies to marijuana businesses remains inconsistent. The Cole Memorandum, which was first issued by the U.S. Department of Justice in 2013, indicated that the federal government would not enforce marijuana prohibition in states that had legalized marijuana in some form, “… except where a lack of federal enforcement would undermine federal priorities.”4
In January 2018, Attorney General Jeff Sessions issued a new memorandum, rescinding both the Cole and other related memoranda regarding federal marijuana enforcement.5 Sessions left the enforcement of federal marijuana laws to the discretion of the U.S. attorney’s office in each state. Since this memorandum was issued, no U.S. attorney has prosecuted marijuana businesses that are legal under state law. Meanwhile, state laws regarding legal marijuana businesses also can be confusing. For example, in states where the sale of medical marijuana has been legalized, a doctor’s prescription (or written recommendation) is required. However, the prescription or recommendation can only be written to treat specific types of pre-existing medical conditions, which vary by state. Additionally, the form of the authorized drug varies; some states prohibit forms that can be smoked. In states where the sale of recreational marijuana has been legalized, regulation varies, as does the amount of marijuana that can be sold to customers. These regulations can impact operations (some businesses are engaged in growing and harvesting marijuana), as well as recordkeeping, accounting, and taxes. C O NTI NU ED O N PA GE 14
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Providing services to clients engaged in a business that is legal under state law but illegal under federal law has raised concerns among CPA firms regarding professional liability risks and compliance with professional standards, laws, and board of accountancy regulations. Because marijuana remains illegal under the Controlled Substances Act, professional firms that service marijuana businesses remain exposed to charges of aiding and abetting or conspiring to violate this law, as well as criminal prosecution and civil claims alleging violation of federal racketeering laws. Many banks refuse to provide services to these businesses due to concerns about application of both the Controlled Substance Act and anti-money laundering laws. As a result, marijuana businesses handle large amounts of cash, highlighting the need to address internal controls and the risk of theft and fraud. Additionally, the application of federal and state tax laws to income tax reporting by marijuana businesses is complex, requiring a heightened focus on compliance by both CPAs and their clients.
Prior to agreeing to render audit and tax services, initiate a discussion with management of the prospective client regarding plans for inventory management systems, and explain the limitations of available tax deductions under §280... Quality control procedures are of heightened importance for any accountant serving marijuana businesses. Vigilance in client engagement acceptance and continuance can help mitigate the elevated risks of servicing these largely cash-based businesses, which must comply with conflicting federal and state laws. Consider performing personal and criminal background checks on firm management and the principal owners. Determine if management has knowledge of applicable banking laws. Ask about the resources they plan to utilize to manage compliance with federal, state, and local laws and regulations. Inquire about their legal counsel and investigate the attorney’s expertise in serving the marijuana industry.
Additionally, both audit and tax services to marijuana businesses present unique challenges, such as the valuation of inventory and the disallowance of tax deductions under §280E of the Internal Revenue Code. Section 280E has been cited in several federal tax cases involving the disallowance of business expense deductions by marijuana businesses operating legally under state laws. In December 2018, in a decision issued by the U.S. Tax Court in a case filed by Patients Mutual Assistance Collective Corporation (dba Harborside Health Center) against the IRS, the court ruled that Harborside does not owe accuracy-related penalties under §280E, citing their good faith effort to comply with the law.6 However, just a few weeks earlier, the same court ruled that §280 does apply. Harborside is appealing this decision to the U.S. Ninth Circuit Court of Appeals.7 Prior to agreeing to render audit and tax services, initiate a discussion with management of the prospective client regarding plans for inventory management systems, and explain the limitations of available tax deductions under §280, gauging their responses regarding these issues. As discussed herein, recordkeeping requirements for marijuana businesses are significant, and inadequate resources are likely to lead to compliance problems. Prospective clients that are reluctant to commit the necessary resources to comply with recordkeeping requirements and tax regulations will present elevated professional liability risk to the CPA firm, and will be difficult to service effectively. These factors create obvious risks for CPA firms providing services to marijuana businesses. When assessing client acceptance and continuance, CPA firms should determine whether the marijuana business has conducted criminal background checks of its employees and if any adverse findings will affect their ability to effectively render services. When entering into an engagement, CPA firms should obtain a representation letter from the business principals expressly stating that they fully understand and intend to comply with all state laws applicable to their business. Engagement letters should clearly define the scope of the services to be rendered and require client management to acknowledge in writing that it is their responsibility to maintain all tax and accounting records as needed to respond to inquiries, investigations or audits initiated by regulators and criminal or tax authorities. The client also should acknowledge in writing that they understand they will be subject to greater scrutiny by the IRS as well as state and local regulators as a cash business involved in an activity deemed illegal under federal law. Additionally, all communications with the client should be documented in writing. A related concern raised by many CPAs is how professional liability insurance coverage applies to claims that may arise from servicing these clients. Insurance coverage cannot be determined prospec-
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tively by the firm’s insurer, agent or broker. However, understanding how coverage applies can ease the process of evaluating and mitigating the risks of servicing this growing industry. Professional liability insurance policies include a definition of “professional services,” which generally is broadly drafted to cover services performed by accounting firms. The majority of services CPA firms are likely to render for marijuana businesses are no different from those performed for other client industries. Many policies also provide coverage for the costs associated with responding to a disciplinary or regulatory investigation. While coverage varies, these policy provisions are designed to provide coverage for the legal costs of responding to a complaint filed against the CPA firm or its employees by licensing boards or regulators. Professional liability policies generally do not, however, provide insurance coverage for the legal costs of responding to a criminal investigation or defending criminal charges filed against the firm or individuals. Policy exclusions specifically define and deny coverage for these exposures. Additionally, these policies generally do not provide coverage for civil or criminal fines, penalties, sanctions or forfeitures. Coverage for these exposures is usually limited by the definition of “Loss” contained in the policy. As a practical matter, how does this play out in the event a CPA firm or its employees encounter civil or criminal investigations, claims or legal action related to their services to marijuana businesses? Coverage is determined pursuant to a policy’s terms and conditions, as well as applicable laws, regulations and professional standards. PROFESSIONAL LIABILITY CLAIMS AND LAWSUITS Insurance coverage generally will apply, just as it would to services rendered for clients in other industries. However, because marijuana businesses remain illegal under federal law, claims may include allegations that the firm or individuals employed by the firm engaged in dishonest, fraudulent or criminal acts. Coverage is typically excluded if this occurred, but the relevant policy exclusions contain important exceptions. These usually indicate that the exclusion does not apply unless there is a final judgment by a court finding that the insured party is guilty of the allegation.
CRIMINAL INVESTIGATIONS AND CRIMINAL LEGAL ACTIONS The costs to defend these matters generally are excluded from coverage. Once a firm becomes aware of such investigations or actions, they should promptly retain a qualified criminal attorney to represent the parties. This is intended to serve as a brief overview regarding coverage under professional liability insurance policies for claims and lawsuits that could arise in connection with rendering professional services to legal marijuana businesses. CPAs should consult with competent legal counsel and their insurance agent or broker for further questions, including implications regarding other types of insurance coverage. All CPAs considering providing services to clients in the marijuana business should review the AICPA white paper, An Issue Brief on State Marijuana Laws and the CPA Profession, which addresses relevant legal, regulatory, and risk mitigation concerns. Also, consult the AICPA / NASBA publication, Providing Services to Businesses in the Marijuana Industry, which addresses compliance with state board of accountancy rules. FOOTNOTES
Reviewing Maryland’s Cannabis Industry in 2018, Baltimore Business Journal, Dec. 24, 2018 https://www.bizjournals.com/baltimore/news/2018/12/24/year-in-reviewhow-far-md-s-cannabis-industry-has.html 2 This Map Shows Every U.S. State Where Pot is Legal, Business Insider, Jan. 4, 2019 https://www.businessinsider.com/legal-marijuana-states-2018-1 3 Legal Marijuana Industry Toasts Banner Year, AP News, Dec. 27, 2018 https://www. apnews.com/0bd3cdbae26c4f99be359d6fe32f0d49 4 https://www.justice.gov/iso/opa/resources/3052013829132756857467.pdf 5 https://www.justice.gov/opa/press-release/file/1022196/download 6 https://www.ustaxcourt.gov/UstcInOp/OpinionViewer.aspx?ID=11862 1
7
https://www.cannabisbusinesstimes.com/article/harborside-tax-court-ruling-280e/
Stanley Sterna is a vice president and Joseph Wolfe is a risk management consultant at Aon Affinity, the endorsed provider of the American Institute of Certified Public Accountants Professional Liability Insurance Program since 1967.
FINES, PENALTIES, SANCTIONS AND FORFEITURES Policies generally exclude coverage for these exposures. This includes penalties imposed on the CPA firm or individuals by licensing, taxing, regulatory, and other legal authorities. Individuals or firms that come under investigation by any of these authorities should promptly place their professional liability insurer on notice of these matters. While there likely will be no insurance coverage for these exposures, there may be insurance coverage for the costs to hire legal counsel to defend the firm or individual, subject to other limitations contained in the policy.
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PUBLIC PRACTICE The power of intelligent automation B Y TH O MA S K LOCKN E R, CPA Note: The following article originally appeared in the January / February 2019 of New Jersey CPA magazine. technologies can use revenue contracts, invoices, trial balances, and other data to assist in assessing the completeness and accuracy of the client’s ledger. These technologies can augment what an auditor considers and provide information quickly and consistently. What auditors learn from the additional details and analysis can enhance their ability to apply skepticism, allowing them to ask more precise questions in areas of greater risk, including areas of judgment.
In the audit profession, we have reached the next milestone in the transition from manually driven activities to processes that are increasingly automated. Most of the traditional tools and techniques continue to experience massive change as digital tools and, more specifically, intelligent automation take on what has traditionally been handled through manual processes. In this digital world, where information is ubiquitous and data volumes are exploding, auditors are engaging intelligent automation, cognitive technology, and other tools to help make sense of it all and fulfill our important responsibilities to the investing public. The practice is widespread. According to the KPMG 2018 U.S. CEO Outlook, 49 percent of CEOs have begun limited implementation of artificial intelligence systems within their companies. Additionally, annual global spending on cognitive systems by 2019 is expected to be $31 billion, a 55 percent cumulative annual growth rate over a five-year period, according to the IDC Worldwide Spending on Cognitive Systems Spending Guide.
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Cognitive technologies enable analysis of large volumes of data and allow auditors to more efficiently dig deeper into identified anomalies and enhance their professional judgment and decision making. Additionally, the ability to recognize and isolate relevant information regardless of source format and evaluate the extracted data has proven helpful to auditors in reaching conclusions. Technology can help enable applications in complex audit areas, such as revenue recognition and evaluation of a bank’s portfolio of loans. Digitizing the audit can assist in delivering sustained high-quality audits, provide richer and more detailed audit evidence, enhance transparency and consistency of audit procedures, and provide management with a more detailed view into the company and its risks, controls and operating environment. TACKLING REVENUE RECOGNITION The revenue recognition process of large organizations often involves hundreds, if not thousands, of contractual relationships. Errors in revenue recognition can have severe consequences for regulatory, tax, and other compliance matters. Cognitive
BANK LOAN PORTFOLIOS Today, audit procedures frequently rely on a small representative sample of a bank’s loan portfolio with significant manual input to extract facts from the credit file, understand those facts, and interpret them against a client-specific loan-grading scale. In the future, technology tools could ingest all required documents to evaluate a commercial loan portfolio. During the training of an intelligent tool, key elements impacting the loan risk rating are identified, and a recommendation of risk grade can be generated. The explosion of data in business, along with the increased ability of technology to analyze the information, has fostered unprecedented advances in digital processing power and the capacity to support decision making across multiple activities and operations. To succeed in the face of uncommon opportunities and challenges created by rapid technological advancements affecting financial statements, it is imperative that accounting professionals have an unquenchable thirst for continuous learning and strong critical thinking, as well as analytical, data science and IT skills, to complement their financial and business acumen. Thomas Klockner, CPA, is a partner in KPMG’s audit practice.
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THE FUTURE OF THE PROFESSION Go beyond disruption: The future of finance F RO M T H E A I CPA We have entered the fourth industrial revolution — a period of innovation and acceleration expected to fundamentally alter how we live, work, and relate to one another. It will, according to the World Economic Forum, drive transformation “unlike anything humankind has experienced before.” It’s already having significant implications for business, where the speed of disruption driven by technologies like cloud computing, robotic process automation (RPA), artificial intelligence, and blockchain are forcing wholesale reinvention of business models and functions. Nowhere is that more pronounced than in the finance function, which has to evolve at pace with the transformational change. This means finance professionals will need to become adaptive learners who constantly acquire new skills. They will need to learn, unlearn, and relearn in order to meet the demands of our new digital world. Lifelong learning and continued professional development will be critical for their future success. That’s why the Association of International Certified Professional Accountants (also known as the Association) — the unified voice of the American Institute of CPAs (AICPA) and the Chartered Institute of Management Accountants (CIMA) — undertook a year-long research project to better understand the changing finance function and the skills and competencies professionals need to evolve. “The digital transformation of finance brings enormous opportunity,” said Ash Noah, CPA, CGMA, vice president of CGMA External Relations at the Association. “With technology automating many routine processes and reporting, finance can focus on data analysis and producing the insights that drive business solutions. This is elevating the role of finance as a trusted partner to the business.” The Association’s future of finance research project shares insights from interviews and roundtables with more than 800 business
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... finance professionals will need to become adaptive learners who constantly acquire new skills. They will need to learn, unlearn, and relearn in order to meet the demands of our new digital world. leaders and academics across 34 countries, as well as a global survey of nearly 5,000 finance professionals. From the research, four major themes emerged: 1. Changing competencies and mindsets: In the finance function of the future, the technical capabilities of robotics and algorithms combine with the creativity and empathy of human accountants. While competencies are still very important for the finance professional, it’s a growth mindset that makes the greatest difference in the working environment. 2. The changing shape of the finance function: As expectations and skills evolve, the shape of the finance function migrates from a traditional hierarchical triangle to a structure where expert teams collaborate as equals to achieve shared corporate objectives. 3. Changing technology and finance: Advancements in technology will allow organizations, and in particular the finance function, to do more than they’ve ever done before. However, in order to capitalize on these technologies, the competencies of finance professionals will need to evolve. 4. The changing role and mandate of finance: The finance function has a mandate to go beyond its core accounting role. This changing mandate doesn’t discard core accounting; it’s still an essential foundation of the finance function. However, enabled by new technologies, the function is now capable of assessing a broader range of information and becoming a more influential player within an organization.
The Association has issued four reports on these themes, available for download at CGMA.org/resources/future-of-finance. These reports provide important insight for members in business and industry and are equally beneficial for those in public practice. Members can use these reports to gain valuable perspective on the changing role of finance and what this means for them. The reports will also help CPAs drive a conversation with their clients or organizations on how to best prepare for the future. “The emerging themes from our future of finance research represent horizonscanning exercises for the finance profession,” said Dr. Noel Tagoe, executive vice president of Management Accounting, Research and Curricula at the Association. “By sharing the findings, we’re aiming to provide and empower finance professionals with new competencies and growth mindsets to help their organizations create and preserve value and to widen the remit of finance.” Insights gleaned from the research project will also inform an update to the Chartered Global Management Accountant syllabus and learning pathway. Through the CGMA Finance Leadership Program, finance professionals develop the critical technical, business, leadership and communications skills required to be successful in business today. To learn more about the Association’s Future of Finance research project, visit cgma.org/ resources/future-of-finance.
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THE FUTURE OF THE PROFESSION How do CPAs remain relevant in a disruptive world? Research points to 8 key competencies Accountants’ future-readiness depends on their ability to learn new skills B Y B I L L S H E R IDA N , CA E With advancing technology poised to automate many of their datadriven tasks, accounting and finance professionals must master eight key skills if they want to remain relevant in a changing and complex world. So says Tom Hood. As executive director of the Maryland Association of CPAs and its learning and innovation affiliate, the Business Learning Institute, Hood has spent the past few years analyzing the research, studies, and thought leadership surrounding the future of the profession. After cross-referencing all of the available expertise, Hood has determined that future-ready accounting and finance professionals must be proficient in the following eight skills: • Communication • Leadership • Critical thinking and problem solving • Anticipating and serving evolving needs • Synthesizing intelligence to insight • Integration and collaboration • Technology acumen and data analytics • Functional and domain expertise “Anything that can be automated will be automated,” said Hood. “Crunching the numbers is no longer good enough. Machines can do that faster and more accurately that we’ll ever be able to. Our future relevance depends on our ability to do the things the machines can’t do — to interpret the numbers, to tell the stories behind the numbers and make our clients future-ready at the same time. These skills will help us do that.” Hood’s list of future-ready skills is based on cross-referencing the research presented in a number of high-profile studies, including: • The AICPA’s “CPA Horizons 2025” study • The Second Machine Age, by Erik Brynjolfsson and Andrew McAfee • Only Humans Need Apply, by Thomas Davenport and Julia Kirby • Humans Are Underrated, by Geoff Colvin • The Fourth Industrial Revolution, by Klaus Schwab • Future Work Skills 2020, by the Institute for the Future • The 2020 Workplace, by Jeanne Meister and Karie Willyerd
APRIL 2019
“Our future relevance depends on our ability to do the things the machines can’t do — to interpret the numbers, to tell the stories behind the numbers and make our clients future-ready at the same time. These skills will help us do that.” – TOM HOOD, CPA, CITP, CGMA The problem, says Hood, is that most accounting and finance professionals — and the organizations they work for — refuse to spend enough time or money to ensure that they are proficient in these future-ready skills. “That has to change,” said Hood, “and it has to change on three levels. At an individual level, we each must take charge of our own careers and ensure that we have the skills that will take us to the next level. At an organizational level, the folks we work for must spend the time and money to ensure that their teams have the skills that will keep their businesses and their clients future-ready. And at an educational level, the folks who teach the next generation of CPAs must start including these critical skills in their curricula. Nothing is more important to our profession’s future relevance.” Most of those future-ready skills can be learned from thought leaders at the Business Learning Institute and other forward-thinking professional development organizations. “Wherever you learn the skills that will make you future-ready, insist that these eight competencies are part of the program,” said Hood. “Nothing is more important to you, your organization, or your clients.” Bill Sheridan, CAE, is editor of The Statement and chief communications officer for the Maryland Association of CPAs.
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THE FUTURE OF THE PROFESSION BLI’s #FutureReady learning framework: Get the skills you’ll need to thrive
The #FutureReady learning framework from the Business Learning Institute outlines the skills that CPAs need to thrive in the rapidly-changing world of accounting and finance. As “traditional” accounting skills like auditing and data entry are increasingly automated via machine learning and A.I., tomorrow’s professionals will need to be well-versed in more strategic competencies: • Leadership • Anticipation • Strategic thinking • Communication • Collaboration The #FutureReady learning framework helps you master these skills. The framework is about gaining and maintaining deep technical knowledge along with a strategic skill set – strategic aptitudes that have been identified as most crucial for tomorrow’s CPAs.
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STRATEGIC APTITUDE: PROVEN WAYS TO BRING MORE VALUE TO YOUR BUSINESS Each of the strategic aptitudes have been verified by experts and will help you succeed in a changing business environment. • Leadership: Learn to navigate uncertainty, motivate others, and drive performance. • Anticipation: Learn to see changes before they happen and adapt your business strategy to meet challenges. • Strategic thinking: Clarify your business strategy and make more effective decisions. • Communication: Learn to communicate more clearly with your clients, coworkers, and managers. • Collaboration: Build strategic alliances and work together to find multidisciplinary solutions.
TECHNICAL DEPTH: TRANSLATING KNOWLEDGE INTO RESULTS With all the learning options available for building your strategic aptitude, it’s important to remember that technical accounting skills are still central to your role and your growth. We offer courses in these dimensions: • Functional expertise: Improving your core accounting skills is essential to both your career success and the value you can bring to your team and organization. • Technical savvy: Maneuvering the ins and outs of emerging software and tools allows you to leverage your knowledge and scale your work. • Industry-specific skills: The specific problems you are trying to solve vary greatly between businesses. Become able to your skills to your specific context. You’ll find all of our current #FutureReady course offerings at MACPA.org/future-learning.
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How do you meet future professional challenges? The #FutureReady learning framework from the Business Learning Institute outlines the skills that CPAs need to thrive in the rapidlychanging world of accounting and finance. As “traditional” accounting skills like auditing and data entry are increasingly automated via machine learning and AI, tomorrow’s professionals will need to be well-versed in more strategic competencies: • Leadership • Anticipation • Strategic Thinking • Communication • Collaboration
The #FutureReady learning framework helps you master these skills and avoid becoming obsolete. REGISTER NOW AT MACPA.ORG/FUTURE-LEARNING
APRIL 2019
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What keeps CPAs up at night? The Business & Industry Conference is a pathway to growth, providing content relevant to CPAs in the Business sectors. This annual, one-day event is designed to help your business…not just accounting. Join us (and your peers) in asking, answering, and discussing the question: “What’s keeping you up at night?”. Hear from leaders in the profession and business experts to better identify and solve issues affecting the upward trajectory of your career.
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BUSINESS & INDUSTRY Modernizing cost management systems in emerging economies To reach their full potential, small and mid-size companies in emerging countries must pay special attention to modernizing their cost management B Y A N I L K S H ATRIYA , A CM A , CGMA Companies in emerging economies that are labor-intensive and technologically under-invested must give special attention to cost management. A strong culture of cost-consciousness translates into bottom-line growth, but limited resources and the presence of operational bottlenecks tend to become barriers to the progress of these enterprises. Most operate with traditional accounting systems and techniques not commonly used in developed markets. As a result, up to 70 percent of micro, small, and midsize companies in emerging markets lack access to credit, according to the World Bank. Adopting best practices of cost management and cost control helps a small and medium-size enterprise in exploiting its full potential: Cost control. In small and mid-size enterprises, cost is often considered a given phenomenon. Junior-level employees and managers don’t think beyond their routine practices of producing the output according to the pre-defined standard. The entire focus is on the “output” side. There is little or no discussion around cost control. Cost-cutting is not the same as cost control. Owners of SMEs tend to be more concerned with cost-cutting, which often leads to resource cutting. Such cost-saving exercises are ad hoc and made on a case-by-case basis. Cost control is a planned and systematic process. Holding back resources has implications on behavioral aspects within a company. Using low-quality raw materials also has implications. Motivation of people is affected and the quality of output suffers in those cost-saving exercises. Controlling costs may not always result in resource cutting. Changing the source of the raw material by exploring better logistical feasibilities is an example of planning for controlling costs. But replacing the superior source of raw material with an inferior, cheaper variant is what SME managers end up doing as an alternative cost-saving mechanism. Cost measurement. Another important factor that affects cost efficiency of SMEs is the system of costing itself. SMEs in India, for example, generally don’t have well-defined cost systems that can measure costs of operations accurately for various cost centres of the enterprise. The process of costing is unscientific and vague. Direct costs are fairly traced to the final output, but the method of tracing indirect costs and overheads is not appropriate. Indi-
rect costs are usually bundled into a single aggregate expense and then spread across various products, using a trial-and-error method of allocation such as volume of production or labor hours per category of product. Such simplification in measuring and reporting of costs does not give a clear picture of how costs behave for each of the categories of products sold by an SME. Unavailability of unit-level and product-level data then becomes a major constraint in keeping track of costs. ADAPTABILITY IS KEY The biggest advantage enjoyed by any learning enterprise is its ability to adapt to change. SMEs are agile organizations. Because they are small and nimble, it is easier to change their cultural structuring. SMEs have tremendous opportunity to shape the cost-conscious behavior of their people. It pays off by giving them insights into business problems that are not apparent and obvious to owners.
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Mid-size companies in developing countries can benefit greatly from reconfiguring processes and practices because they cater to the demands of consumers who are sensitive to prices. Digitization and artificial intelligence are likely to change the job market in emerging economies much faster than the pace at which these economies adapted to the challenges of globalization. They have to shape strategies that will integrate every aspect of technology-driven value creation within a very short span of time. Better control on cost will become an imperative to function in the coming decade. The sooner they get ready to innovate for these changes, the better their chances to survive the wave of technological transformation.
A strong culture of cost-consciousness translates into bottom-line growth, but limited resources and the presence of operational bottlenecks tend to become barriers to the progress of these enterprises. ACTION PLAN TO IMPROVING COST-CONSCIOUSNESS A good action plan for enterprises ready to make improvements but not ready for a full-scale cost transformation initiative might include these three steps: 1. Owners of small and medium-size enterprises (SMEs) should look at establishing a modern costing system as an investment that yields returns over a long period of time. Having a good system of cost accounting is not a statutory prerequisite for a small company. Therefore, the normal tendency of SME founders is to avoid spending time and effort in laying foundations of costing for a newly started company. But visionary founders and good enterprises always look at it as one of the key elements towards future success of their business. Indian companies that have ramped up their operations from small scale to large scale are the ones that concentrated their effort on monitoring their financial performance from time to time. Modern manufacturing systems demand modern costing systems. SMEs should adopt techniques such as activity-based costing for overhead cost allocation and customer profitability management.
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An activity-based approach of costing traces costs to an individual product category using cost drivers that drive the resource consumption. In an activity-based environment a company can control the costs by controlling its activity-driven resource consumption. 2. Creating awareness about cost control among employees is another step towards cost-consciousness. Training managers to deal with cost data helps them in creating the right outlook. Review meetings must be held with discussions about how and what goes into product costs. Every section or department of the company must be made aware of the impact of their respective actions on overall cost of production. Suggestions and ideas must be welcomed across the organization to make the system of costing fully robust. Sometimes company owners fail to perceive an operational issue, but workers on the shop floor might have a better understanding of the problem at hand. A culture of cost-consciousness can resolve such matters in a timely manner and avoid undue complexities that lead to a drain in financial resources. Bottom-up communication should be encouraged rather than top-down, unidirectional communication. It may be a good idea to involve an external expert in reviewing the costing system because over time the system tends to become less dynamic. 3. Finally, SMEs should link the performance of people to the cost management process. Management control systems such as budgeting and variance analysis should be defined to measure and manage the contribution of managers towards cost-consciousness. Without linking rewards to performance, the possibility of continuing with a systematic approach for cost management remains low. Hence, there should be standard operating procedures for achieving targets set for cost management and control. Innovative initiatives of managers for managing cost must be included as part of their appraisal for future progression within the enterprise. All the functions from manufacturing to sales should be given equal importance and weights. Cost-effectiveness is not the responsibility of the shop floor alone. Only when it becomes part of the entire organizational culture does it find meaningful acceptance across the enterprise. Anil Kshatriya (akshatriya@imtnag.ac.in) is an associate professor of accounting at the Institute of Management Technology in Nagpur, India. Š 2017 Association of International Accountants. All rights reserved.
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HIGH-TECH SOLUTIONS 3 things to consider when moving software systems B Y DE A NN A P E RKIN S Recently, our team switched CRM systems. After several other software changes in the past, we wanted to do things differently this time around. In this article, I’m going to show you how and why we gained buy-in from the leadership team, built the best cross-functional team to work through the project, and worked through some key exercises to ensure we picked the best solution for our needs. COMMITMENT AND TRUST FROM LEADERSHIP When we started the decision-making process, we wanted to make sure our leadership team fully understood why we wanted to make these changes and gain their full support. I will say, with this software switch, it wasn’t hard to make that case. They completely agreed that changes needed to take place. Of course, we know that’s not always the case. In that event, you need to have key points as to why your current solution is not supporting your firm as a whole. You need to be able to articulate how it is negatively affecting your team, your processes, your clients, etc. Once you have your leaders’ buy-in and understanding, the second part is getting their trust. They need to fully trust and support the team that will be doing the due diligence to choose software that is the best solution for the firm. Once you have both of these, then you move into the next phase. A CROSS-FUNCTIONAL TEAM The next phase is fleshing out the project team. You need individuals from all areas of your firm involved to ensure the system will meet the needs of the whole firm – not just one department. Even if you are choosing a tax software, you want to make sure that you have representation from audit, administrative, leadership, etc. For our CRM team, we had people from our business development team, project managers, administration, billing, and a shareholder. With this cross-functional team, we discussed functionality and heard
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from all areas of our firm to ensure everyone’s needs would be addressed. If we had only the business development team working on this, it would have been solely focused on what we needed from a sales and marketing perspective. We wouldn’t have captured what our project managers needed to deliver the best client service, what our consultants required to ensure they could keep up with their clients, or how our administrative and accounting team members were going to access relevant information. Once the cross-functional team was set, we moved to the final step before searching for the solution. DEFINE YOUR FIRM’S NEEDS With that cross-functional team, we worked through three distinct exercises that contributed to this being the most successful software switch in our history. These exercises helped wrap our minds around what we were looking for in a CRM solution and what the needs of our firm were.
Step 1 We started with a Project Charter to define the following: • The purpose • The problem we are trying to solve (our “Why?”) • How we will solve that problem • Measures of success • The scope: Where the project starts and ends Step 2 After the Project Charter, we moved into working through our 10x Value Creator. This is where we really started to determine what resources would be needed to complete the project and what other projects might use some of the same resources. By working through these, we were able to navigate internal conflicts that might arise before they even started. The 10x Value Creator also had us start working through our success criteria and our limits to achieving those criteria. What results did we want to see to know that the project had been successful? What would keep us from reaching them? STATEMENT
HIGH-TECH SOLUTIONS Step 3 The final exercise was the Solution Evaluator. This was the most important document and would not have been as useful without a cross-functional team working through the first two exercises. We filled out this document with our final thoughts and results and used it to determine which solution providers we wanted. We even gave them a copy of our Solution Evaluator so they could customize their demos / presentations to our hot-button issues. This Solution Evaluator let them know what our purpose was, and what we wanted to keep doing, stop doing, and start doing with this new system. Perhaps most importantly, it told them what our success criteria were and who the key audiences on our team were (i.e., consultants, project managers, sales, etc.).
We let the solution providers know what each audience wanted, what success looked like for them, and what information or measurements we were expecting to see. Throughout the demos, the solutions providers were able to speak on each and show us how their solution supported those needs and measurements. While this process might seem to take longer than you would hope, the due diligence was really what made this the most successful software switch in our firm’s history. By the time we made our final selection, our entire team was asking when it would roll out and when they could start training. We’d been keeping them updated throughout the project, and there was so much excitement and relief when the solution was chosen that they were ready to go.
Again, make sure that you have the leadership team on board from the very beginning. Ensure that you have representatives from all areas on your team while you start going through the process and utilize key tools that will really help your team focus on the highest priorities / needs for the software. Once you have those identified, communicate them to the solution providers beforehand so you can discover how they plan to meet your needs. This will streamline your software decision making and prevent you from selecting a solution that ultimately misses the mark. Deanna Perkins is the solutions advisor for Boomer Consulting, Inc.
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APRIL 2019
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TAX CORNER Appraisal guidelines: Dot your I’s and cross your T’s B Y J A ME S W. CON STA BLE taxpayer had reasonable cause for the over- or under-valuation and acted in good faith, penalties might not be assessed unless there is a gross misstatement of value. Reasonable cause can be shown if the taxpayer had a qualified appraisal issued by a qualified appraiser. The IRS recently adopted final regulations detailing the standards and requirements for qualifications. They will be effective for tax returns filed after Dec. 31, 2018. A qualified appraiser is someone with verifiable education and experience in appraising property of the type being appraised. Look for an appraiser that has a designation by a credible association such as ISA, National Association of Real Estate Appraisers, Certified Valuation Analyst, or American Society of Appraisers, and has successfully completed courses given by a college or university coupled with two years’ experience appraising property of the type subject to the valuation.
Many taxpayers take substantial income tax deductions for donating property to charities — real estate interests, paintings, antiques, rare books, equity in a closely held business. The taxpayer has the burden of proving entitlement to a deduction if the Internal Revenue Service complains. Fairness and equity will not win the day. Consider poor Mr. and Mrs. Rothman in Rothman v. Commissioner, Internal Revenue Service, 103 TCM (CCH) 1864, 2012 WL 2094306 (2012), vacated in part on other grounds in 104 TMC 126, 2012 WL 3101513 (2012). They donated a conservation easement on the façade of their historic New York house to a qualified trust. These donations are incentivized with tax benefits to encourage the preservation of historic property. Under the U.S. tax code, they were entitled to a deduction in the amount of the fair-market value of the easement, which had restricted what they could do to the exterior of the property. Their appraisal was dated Oct. 4, 2004. The properly executed Deed of Easement was delivered to the trust on Oct. 20, 2004. The deed was recorded Dec. 10, 2004. Their sad tale will be told later. The penalties for overvaluing or undervaluing an item of real or personal property on an income, estate, or gift tax return can be staggering. However, a proper appraisal backing up the value can limit exposure. Section 6664 of the Internal Revenue Code contains a “reasonable cause” exception for avoiding trouble. If the
Property of the same type does not mean a specific type. It is broader — paintings as opposed to paintings by Van Gogh; real estate as opposed to farms; antique furniture as opposed to Queen Anne-period pieces. Yet a qualification in antique furniture is not necessarily a qualification in new furniture. See IRC Section 170(b)(1)(A). The appraiser is not qualified if he or she is the donor, donee, the spouse, or a close relation, or an employee or contractor that works mainly for the donor or donee. Qualification is lost if the appraiser has been barred from practicing before the IRS during the three years prior to the date of the appraisal. The appraiser must follow the Uniform Standards of Professional Appraisal Practice promulgated by the Appraisal Foundation’s Appraisal Standards Board. The final regulations dictate what must be included in a qualified appraisal. It must have a description of the subject property that has sufficient detail so that the IRS can match the appraised property with the gifted property. It must describe the property’s condition. The valuation date must be within the 60-day period prior to the contribution. The appraisal must state the fair-market value as of the valuation date, which will be the date of the contribution or gift if that is relevant to the reason for the appraisal. If the appraisal is of property in an estate of a decedent, the valuation date will be either the date of death or the alternative valuation date. The appraisal must describe any restrictions on the donee’s use or enjoyment of the property and take them into account. Examples are rights reserved by the donor or a third party, retained right to income from the property, directing that the income be paid to a third party, limiting or delaying the donee’s use of the property, and even reserving the right to vote contributed securities.
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The appraisal must contain the name, address, EIN, and qualifications of the appraiser that indicate the required training and experience. It must state the reason for the appraisal. Is it for a charitable donation or estate or gift tax? It must describe the methods used for determining fair-market value – typically, the income approach, market date approach, or replacement approach. If comparables are used, they must be adequately described. If the appraiser uses statistical sampling, it must be justified. The appraisal must be received by the taxpayer, signed and dated, prior to the due date of the tax return, including extensions. There are special rules for specific types of appraisals. For instance, the donation of a conservation easement on only part of a parcel of the owner’s land must address the possible enhancement of the value of the remaining land. Your appraiser must be aware of specific requirements. Back to Mr. and Mrs. Rothman.
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Under New York law, the conveyance of a real estate interest is not effective until the deed is recorded among the land records. The date on the deed does not count. As stated above, the appraisal must be dated within 60 days of the donation. The donation was considered the date of recording even though the deed was dated and delivered earlier. Since Oct. 4 is more than 60 days prior to Dec. 10, the appraisal was not a qualified appraisal. The Rothmans’ appraisal failed to qualify for several other reasons as well. A similar result was handed down by the United States District Court for the Southern District of New York in Mecox LP v. US, 2016 WL 398219 (SDNY, 2012). Dot your I’s and cross your T’s. James W. Constable is a partner with Wright, Constable & Skeen, LLP, in Baltimore.
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PROUD TO HAVE EARNED AN A-(EXCELLENT)
FINANCIAL STRENGTH RATING FROM A.M. BEST
STATEMENT
DIVERSITY AND INCLUSION 7 ways women can advance their careers B Y K I M D R U MGO Women’s History Month was a great time to take inspiration from the achievements of outstanding women, and now is a great time to check in on your own goals. Are you aiming for advancement and trying to decide the best ways to get there? These are some steps you can take to enhance your prospects for getting ahead. 1. SET YOURSELF APART. What does your organization need? Someone to spearhead cybersecurity efforts or to develop a strategy for addressing the impact of blockchain technology? A professional with expertise or a strong interest in a new and promising service area? Becoming the go-to expert in a hot topic area can raise your visibility and put you in a better position to be considered for new roles or leadership opportunities. 2. GET ON TRACK WITH MENTORING. Need an objective source for advice and career insights? Be sure to take advantage of any mentoring options inside and outside your company. Once you have some experience under your belt, it’s also a good idea to offer to become a mentor to a less seasoned professional. It can be a satisfying and educational experience. It also helps you learn and demonstrate leadership skills that will benefit you as you move up the management ladder. 3. BE INVENTIVE. Do you have a great idea for streamlining an office process? Or some thoughts on ways to improve client service? Share them with your supervisors or other organizational leaders. You’ll show them you’re an innovative person who’s focusing on the organization’s needs. Some other options: • Volunteer for a special team project where you can make meaningful contributions and have a chance to shine. • Champion an initiative, such as a Women’s Initiative Program in your firm or company. • Be an advocate for the profession by applying to join an AICPA or MACPA volunteer committee or task force. 4. SPEAK UP. Have you recently received some training or an update that you could share in a team meeting? Or do you belong to another professional organization that uses speakers at its events? Step up and offer to give a talk on a topic of interest. This will help boost your confidence and raise your profile within or outside your firm. 5. ACCEPT A WINDING ROAD. “There is no perfect career path,” according to AICPA President and CEO Barry Melancon, CPA, CGMA. The most important thing is that your road ultimately gets you where you want to go. With that in mind, don’t stress over any decisions you make that may not follow a conventional path, because they’re all part of a journey to your long-term goal. APRIL 2019
MACPA, AICPA offer opportunities for mentors, mentees The Maryland Association of CPAs will begin accepting new registrations in June for its mentorship program, which helps both mentors and mentees establish meaningful relationships, develop impactful networks, and grow their careers. Watch MACPA.org/mentorshipconnection for details. In addition, the American Institute of CPAs offers an online mentoring program, which allows participants to seek a mentor and / or mentee outside of their organization. Using an online platform makes a mentoring relationship easier to fit into busy schedules, creating beneficial and successful outcomes. For details, visit AICPA.org/mentoring.
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6. START A CONVERSATION. You know you’re eager for your next professional challenge, but be sure to let you supervisors or others in the company know about your ambitions. Simply asking for a new opportunity can make a significant difference in your chances for advancement. When you approach the subject, build an unbeatable case. Be as specific as possible about what you want and why your experience or skills qualify you for it.
“There is no perfect career path.” - CEO BARRY MELANCON, CPA, CGMA 7. GET RECOGNIZED FOR GIVING RECOGNITION. When your good work is called out by your peers, it not only boosts your spirits, it can influence your career. But did you know that acknowledging another colleague’s contributions can be similarly beneficial? Offering much earned recognition gets you noticed as a leader willing to help others succeed. Take advantage of company newsletters, social media and even awards as avenues for showcasing others. With the 2019 Most Powerful Women in Accounting nominations, launched by the AICPA and CPA Practice Advisor, you can acknowledge your peers. The Women to Watch Awards is another program to consider. All these steps involve taking stock of what you offer as a professional and determining the best ways to put your talents to work to reach your goals. Following them can enhance your chances of achieving the success you seek. Want more great ideas on women’s advancement, as well as practical resources for putting them to work? Consider attending the AICPA’s Women’s Global Leadership Summit, Nov. 6-9, 2019 in San Diego, CA. Turn to the AICPA Women in the Profession site at aicpa.org/womenlead for more details.
Participants sought for Howard University survey on retention, promotion of accountants The MACPA is pleased to promote a short survey that Howard University is conducting to better understand the professional experiences, retention, and promotion of accountants. Available online at bit.ly/Retention_Survey, the survey is divided into five parts: • Demographics • CPA exam • Skills and success factors • Mentoring • Experiences in the workplace The survey will take less than 10 minutes to complete. The results will be used by faculty for academic research purposes, to help assess the current environment and future experiences for new entrants into the profession. Take the survey online at bit.ly/Retention_Survey. For more information, contact Dr. R. Mithu Dey at (202) 806-1500 or ratna.dey@howard.edu.
INTERESTED IN GETTING INVOLVED? If you’re passionate about helping move the diversity and inclusion needle in Maryland, join the conversation and the community that we’re starting. For more information, contact MACPA Chief Operating Officer Jackie Brown at jackie@macpa.org.
Kim Drumgo is director of Diversity and Inclusion for the Association of International Certified Professional Accountants and chair of the PhD Project, an effort to advance workplace diversity by increasing the diversity of business school faculty.
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STATEMENT
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Discover how easy it is to benefit from being a true business partner. Visit www.sage.com/en-us/casprogram or call us at 1-866-565-2726. APRIL 2019
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FROM OUR PARTNERS It’s not about you: Collaboration is about helping your clients win B Y TATE H E N S HAW As accountants, business owners, and entrepreneurs, we always seem to be thinking about what’s next. In the fall of 2015, I was no different. At Polay+Clark, we were amid the “great cloud migration.” With our newfound tools, my wheels were turning trying to figure out a new vertical market to go after, in addition to our existing base of musicians and athletes. I could not shake the idea of having food trucks as our next niche. They moved around all the time, which made the value of the cloud undeniable. Also, they were perfect candidates to plug into a well-developed app ecosystem with payment services, document collection, sales tax, etc. So with the stars aligning, why did we not get started? One word: staffing. We have many highly trained account managers who know music and sports like the back of their hand. But food trucks are not exactly a similar industry. I did not think I had the capacity to both find people and train them with knowledge that even I did not possess at that point. I knew we could handle the compliance portion, but I did not believe that was the offering that potential clients were looking for. Modern business owners want management advice and timesaving help with their workflow in addition to compliance needs. Fast forward to December, when I attended a Xero Roadshow in Atlanta. While in the valet line, I met Michael Levy, founder of BeanCounter4Hire in Nashville, Tenn. We exchanged small talk as polite southerners are apt to do, and I related that I would be sure to drop him a line if I was in Nashville. In January 2016, I was in Nashville, so I pulled Michael’s card out and gave him a call. We met at Biscuit Love, an establishment I would highly recommend, along with their blueberry donut holes. About halfway through the conversation, Michael brought food trucks up out of the blue. Not only did he like working with them, he liked doing the day-to-day accounting and the advisory work — all the things I had been worried about! So we immediately started our own version of the napkin business plan.
2. Agree on the platform: Since Polay+Clark and Beancounter4hire were both Xero partners, we could collaborate as well as two co-workers working out of the same office. We could plug our add-on apps such as Gusto, Hubdoc, or CCH Axcess into Xero and perform whatever tasks were needed. By using a cloud ledger there would be no fear of double entry or confusion from things like accountant copies floating around. Using Slack with our clients allows real-time communication, creating a support team around the client instead of just being two disparate vendors. 3. Put the client first: We approached the potential partnership from the client angle. What would they want? How would they want to communicate? How would they find us? This led to many important decisions, including which services to offer. Sales tax was crucial for food trucks because there is a level of fear for someone moving in and out of different jurisdictions while trying to keep everything straight. 4. Put credit last: President Harry S. Truman once said, “It is amazing what you can accomplish if you do not care who gets the credit.” If you visit FoodTruckAccounting.com, you will find there is more said about some of our clients than either of us. And that is how we like it. This helps to cut down on conflict and makes it easier to compromise if those conflicts ever do arise. So why don’t these types of collaborative projects happen more often? I believe it is because of my last point above. Firms want to build things themselves instead of partnering with someone who already does. Firm owners want to see their name on the sign and want clients to see their face when the deal goes down. I find those temporary joys to be just that: temporary. For me, it is about providing a quality service to our clients. It is about the wins they get. That is what keeps me coming back. So, keep an open mind at your next industry event. You never know what kind of partnerships could be waiting in the valet line. TTate Henshaw is a senior account manager with Polay + Clark in Atlanta and a Xero ambassador.
Now, I cannot stress enough how critical these early meetings are for potential partnerships. Here are a couple of things that we did that paid big dividends later in our relationship: 1. Connect on values first, then valuation: Michael and I discussed who we were as people before what we did as entrepreneurs. Since we connected on many levels personally, whether via music, faith, or family, and there was a good chance we could weather the potential stress of going into business together.
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STATEMENT
Accounting software powered by people XERO.COM/JOIN
APRIL 2019
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MEMBER NOTES CLASSIFIEDS Gail Bates, who, served in the Maryland House of Delegates from 2002 to 2010 and in the state Senate from 2014 to 2018, has been nominated to the state Board or Education by Maryland Gov. Larry Hogan. Nikki Boyadzhieva, CPA, has joined the Rockville office of Dembo Jones, P.C. as a tax manager. Former MACPA Chair Art Flach, CPA, was named the University of Baltimore’s 2018 Adjunct Faculty of the Year. He was presented the award in December by university President Kurt Schmoke and Provost Dr. Darlene Smith. Jenna Frosio of Askey, Askey & Associates, CPA, LLC, has earned her CPA designation. Ashely Guess, CPA, a senior accountant with Dembo Jones, P.C., has earned her Certified Financial Planner designation. Jason Mechali, CPA, has joined the Rockville office of Dembo Jones, P.C., as a senior accountant. Craig E. Witmer, CPA, CGMA, a member with SEK, CPAs and Advisors, has successfully completed the certification process with the AICPA to earn the Advanced Single Audit certificate.
mergers & acquisitions MARYLAND PRACTICES FOR SALE: gross reve-
nues shown: Glen Burnie Tax Practice - $290K, solid fee structure, cash flow over 60%. For more information please call (800) 3970249. See nationwide listings and register for free email updates at www.APS.net. THINKING OF SELLING YOUR PRACTICE? Accounting Practice Sales is the leading marketer of tax and accounting practices in North America. We have a large pool of buyers, both individuals and firms, looking for practices to purchase. We also have the experience to help you find the right fit for your firm, negotiate the best price and terms and get the deal done. We welcome the opportunity to talk to you about our risk-free and confidential services. For more information please call Bradley Holmes with the APS Holmes Group at 1-800-397-0249 or email Bradley@APS.net.
RETIREMENT MINDED PARTNERS
with a suburban Maryland public accounting firm interested in merging /selling practice. The practice consists of primarily audit clients in Maryland, Virginia, and DC, with a gross revenue of approximately $280,000. Direct inquiries in strictest confidence to: krislyn@macpa.org
CPA INTERESTED IN PURCHASING
IN MEMORIAM Donald D. Casson, CPA, a life member of the MACPA who served as president of the association during the 1976-77 fiscal year, died on Feb. 11. He was 89. Paul G. Wist, CPA, a partner in the accounting firm of C.W. Amos & Company and a life member of the MACPA who served as the association’s president during the 197576 fiscal year, died on Dec. 15. He was 89. Charles H. Hoffman, CPA, a life member of the MACPA who served as president of the association during the 1964-65 fiscal year, died on March 7. He was 100.
DON’T MISS THE FULL LIST OF UPCOMING CPE COURSES IN-PERSON EVENTS AND COURSES: Page 45
APRIL 2019
ONLINE EVENTS AND COURSES: Page 56
practice in Metropolitan Baltimore area. Available immediately to begin transition. Reply in confidence to krislyn@macpa.org File #XXX-06
ACCOUNTANTS LOOKING TO START or expand your own practice: 15-20 monthly clients. 50-$60k gross. Baltimore Metro area. Contact LTSMITH4040@gmail.com or 410-539-1147
job openings APPLY TODAY! TPRICE@SBANDCOMPANY.COM EXPERIENCED AUDITORS SB & Company, LLC is an audit, tax and business advisory firm Headquartered in Hunt Valley, MD. Consider transferring to a successful environment where you can make an impact and feel both encouraged and valued. We offer a strong training and development program, as well as challenging work that focuses on providing a positive work-life balance. Attractive compensation and full benefits. AUDIT MANAGERS: Current valid CPA license is required with at least 5 years’ current experience in public accounting, demonstrating a progression in complexity, scope and number of engagements managed. AUDIT SENIORS: CPA or demonstrated progress toward obtaining CPA. Must have 2+ years public accounting experience as an Auditor, with at least one year “in-charge” of audit engagements. Must be able to discuss strong technical skills. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity or national origin.
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MACPA COULDN’T DO EVERYTHING THAT WE DO FOR OUR MEMBERS WITHOUT OUR
PREFERRED PROVIDERS
For information about sponsoring MACPA programs or to learn more about advertising with the MACPA please contact Amy Puente at 443.632.2323 or amyp@macpa.org.
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STATEMENT
Accounting Accounting (Governmental) DEVELOP YOUR Auditing BEST TEAM. Auditing (Governmental) Business Law Economics Finance Information Technology See the full course catalog online at BLIonline.org/catalog Management Services Regulatory Ethics Specialized Knowledge Every course in the Business Learning Institute Course Catalog can be customized for your organization and brought on-site to your office. BLI instructors are known for their expert knowledge (each teaches his or her own curriculum), and also for their engaging and collaborative teaching styles and methodology. BLI is the future of learning.
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BLI LEADERSHIP (IN-PERSON)
Upcoming IN-PERSON Events & Courses DATE
COURSE TITLE
WEBCAST Events & Courses: page 56
CPE
TIME
MEMBER
NON-MEM. LOCATION
AC CO U N TIN G & AUDITIN G (IN -PE R SON) 4/18/19
U.S. GAAP: Review for Business & Industry
8
8 AM – 3:30 PM
$295
$395
Timonium
4/24/19
GVC: ICE Discussion
3
8:30 AM – 12 PM
$50
$60
Columbia
4/24/19
Identity Theft: Preventing, Detecting, and Investigating Identity Theft
8
8 AM – 3:30 PM
$295
$395
Columbia
4/24/19
Business & Industry Spring Town Hall 2019: CPA 4.0 - Thriving in the 4th Industrial Age
4
8:30 AM – 12 PM
$0
$250
Towson + Online
4/30/19
Accounting and Financial Reporting Update for Nonprofits: Practical Insights in Current Financial Statement Issues Relevant to NP Entities
8
8 AM – 3:30 PM
$295
$395
Columbia
5/7/19
Hot Topics in Accounting and Auditing
4
12 PM – 3:30 PM
$160
$210
Timonium
5/15/19
Implementing FASB’s Revenue and Leasing Standards in Private Companies: GAAP Versus Alternate Reporting Frameworks
8
8 AM – 3:30 PM
$295
$395
Columbia
5/16/19
Accounting and Reporting for Not-for-Profit Organizations
8
8 AM – 3:30 PM
$295
$395
Timonium
5/21/19
Auditing Employee Benefit Plans
8
8 AM – 3:30 PM
$320
$420
Columbia
5/30/19
CPA 4.0 - Thriving in the 4th Industrial Age: Spring Town Hall 2019
4
8:30 AM – 12 PM
$0
$250
Rockville
6/3/19
Accounting and Reporting for Not-for-Profit Organizations
8
8 AM – 3:30 PM
$295
$395
Columbia
6/6/19
CPA 4.0 - Thriving in the 4th Industrial Age: Spring Town Hall 2019 & Annual Meeting
4
9 AM – 12:30 PM
$0
$250
Frederick + Online
6/11/19
The New Yellow Book: Government Auditing Standards, 2018 Revision
8
8 AM – 3:30 PM
$295
$395
Columbia
6/13/19
Not-for-Profit Accounting and Auditing Update
8
8 AM – 3:30 PM
$295
$395
Timonium
6/14/19
Accounting and Auditing Current Developments
8
8 AM – 3:30 PM
$250
$350
Frederick
6/17/19
Applying the Uniform Guidance in your Single Audits
8
8 AM – 3:30 PM
$295
$395
Columbia
6/26/19
Beach Retreat: Leases Under New U.S. GAAP: Case Studies of the Impact of Applying Changes in Lease Accounting and Financial Reporting
4
12 PM – 3:30 PM
$150
$200
Ocean City
6/26/19
Beach Retreat: Annual Update for Governments and Not-for-Profits
4
7:30 AM – 11 AM
$150
$200
Ocean City
6/26/19
Beach Retreat: Financial Reporting for Not-for-Profit Entities
4
12 PM – 3:30 PM
$150
$200
Ocean City
APRIL 2019
45
DATE
COURSE TITLE
CPE
TIME
MEMBER
NON-MEM. LOCATION
ACCOUNTING & AUDITING (IN-PERSON), CONTINUED 6/26/19
Beach Retreat: The Latest A&A Scoop: Highlights of Current Accounting and Auditing Issues
4
7:30 AM – 11 AM
$150
$200
Ocean City
6/27/19
Beach Retreat: Revenue Recognition Under New U.S. GAAP: Case Studies of the Impact of Applying Changes in Accounting and Financial Reporting
4
7:30 AM – 11 AM
$150
$200
Ocean City
6/27/19
Beach Retreat: Minimizing Professional Liability Risk and Peer Review Deficiencies in All CPA Services
4
12 PM – 3:30 PM
$150
$200
Ocean City
6/27/19
Beach Retreat: An Integrated Approach to Fraud Prevention, Detection, and Deterrence
4
12 PM – 3:30 PM
$150
$200
Ocean City
6/27/19
Beach Retreat: Solutions to the Question of “How Does the 2018 Yellow Book Standards Affect My Financial Statement Audits?”
4
7:30 AM – 11 AM
$150
$200
Ocean City
6/27/19
Beach Retreat: Emerging Leaders Track - Full Day Thursday
7
8 AM – 4 PM
$300
$350
Ocean City
BLI LE A D E R S H IP (IN -PE R SON ) 4/22/19
Going Darwin: Why Self-Evolution is the Key to Future Success Anticipating and Serving Evolving Needs Basic Level
4
12 PM – 3:30 PM
$150
$200
Towson
4/22/19
Get Ready for the Fast Future and Future Trends Workshop - Anticipating and Serving Evolving Needs Intermediate Level
4
8 AM – 11:30 AM
$150
$200
Towson
4/23/19
Anticipate Change: Avoiding Ulcers in the New Abnormal World Anticipating and Serving Evolving Needs Advanced Level
4
8 AM – 11:30 AM
$150
$200
Towson
4/23/19
Customer Service vs Customer Experience - Anticipating and Serving Evolving Needs Bonus Class
4
12 PM – 3:30 PM
$150
$200
Towson
4/29/19
Controller & Financial Professional Series 2019 Part 2 - Finance, Operations, Micro-Economics, and the Internal Environment
8
8 AM – 3:30 PM
$295
$395
Timonium + Online
5/17/19
2019 BUSINESS AND INDUSTRY CPE CONFERENCE
8
8 AM – 5 PM
$395
$495
Columbia + Online
5/22/19
Quarterly Financial Leaders Series - Leading the Shift: Leadership for Financial Professionals in the 21st Century
4
8 AM – 12 PM
$175
$225
Columbia
5/30/19
The Value of Collaboration - The Art of Relationship Management Integration and Collaboration Basic Level
4
8 AM – 11:30 AM
$150
$200
Towson
5/30/19
Thriving in Chaos: How to Lead and Collaborate in a VUCA World The Art of Relationship Management - Integration and Collaboration Intermediate Level
4
12 PM – 3:30 PM
$150
$200
Towson
5/31/19
Conflict and Communication - You vs. Me vs. Them - Integration and Collaboration Advanced Level
4
8 AM – 11:30 AM
$150
$200
Towson
5/31/19
Change Management - Integration and Collaboration Bonus Session
4
12 PM – 3:30 PM
$150
$200
Towson
6/18/19
Leadership from a Slightly Different Perspective - Leadership Basic Level
4
8 AM – 11:30 AM
$150
$200
Towson
6/18/19
Key Concepts of Leadership Strategy - Leadership Intermediate Level
4
12 PM – 3:30 PM
$150
$200
Towson
6/19/19
At the Helm in the Storm: Seven Survival Strategies for Leaders in Turbulent Times - Leadership Advanced Level
4
8 AM – 11:30 AM
$150
$200
Towson
6/26/19
Beach Retreat: Competitive Strategy and the External Environment
4
7:30 AM – 11 AM
$150
$200
Ocean City
6/26/19
Beach Retreat: Operational Analysis and the Internal Environment
4
12 PM – 3:30 PM
$150
$200
Ocean City
6/27/19
Beach Retreat: Emerging Leaders Track - Full Day Thursday
7
8 AM – 4 PM
$300
$350
Ocean City
46
Group discounts are available.
STATEMENT
NONPROFIT AND FAITH-BASED ORGANIZATIONS DATE
COURSE TITLE
Small Business. Big Savings. CPE
TIME
MEMBER
NON-MEM. LOCATION
HOW MUCH MONEY
COULD YOUR BUSINESS SAVE? The Delmarva Power Energy Savings for Business Program offers cash incentives to help your small business lower energy costs and save money through energy efficiency equipment improvements. Are You Eligible?
Generous Cash Incentives
The Delmarva Power Energy Savings for Business Program pays cash incentives for qualified energy efficiency improvements. To be eligible, your small business must:
Eligible Maryland retail customers can take advantage of our incentives for installing new energy-efficient equipment.
• Have a monthly demand of 60 kW or less over a 12-month period. • Be a Delmarva Power Maryland customer. • Pay into the EmPOWER Maryland Program on your electric bill.
• Quick Energy Check-Up to identify energy-saving opportunities and installation of energy efficiency products valued at up to $250—at no cost. • Generous cash incentives of up to 70% of the installed energy efficiency improvements. • Small Business Energy Advance provides you with cash up front to pay for upgrades, and is repayable through your electric bill, with 0% interest for up to 24 months.* *Minimum project cost must be $2,500 for materials and labor.
Find Out More: If you are a Delmarva Power customer in Maryland, find out how much your small business could save: delmarva.com/business or 1.866.353.5799 EmPOWER Maryland programs are funded by a charge on your energy bill. EmPOWER programs can help you reduce your energy consumption and save you money. To learn more about EmPOWER and how you can participate, go to delmarva.com/saveenergy.
APRIL 2019
*additional early registration discounts are available for in-person + simulcast events when registering more than 30 days in advance.
47
DELMARVA POWER ENERGY SAVINGS FOR BUSINESS PROGRAM
DATE
COURSE TITLE
CPE
TIME
MEMBER
NON-MEM. LOCATION
BUSINESS & INDUSTRY (IN-PERSON), CONTINUED
BU S I N E S S & IN D USTRY (IN -PE R SON ) 4/17/19
Excel Pivot Tables in-depth, PowerPivot, and Data Analysis Functions and Tips
8
8 AM – 3:30 PM
$330
$480
Columbia
4/22/19
Going Darwin: Why Self-Evolution is the Key to Future Success Anticipating and Serving Evolving Needs Basic Level
4
12 PM – 3:30 PM
$150
$200
Towson
4/22/19
Get Ready for the Fast Future and Future Trends Workshop - Anticipating and Serving Evolving Needs Intermediate Level
4
8 AM – 11:30 AM
$150
$200
Towson
4/23/19
Introduction to Power BI
8
8 AM – 3:30 PM
$330
$430
Columbia
4/23/19
Anticipate Change: Avoiding Ulcers in the New Abnormal World Anticipating and Serving Evolving Needs Advanced Level
4
8 AM – 11:30 AM
$150
$200
Towson
4/23/19
Customer Service vs Customer Experience - Anticipating and Serving Evolving Needs Bonus Class
4
12 PM – 3:30 PM
$150
$200
Towson
4/24/19
Business & Industry Spring Town Hall 2019: CPA 4.0 - Thriving in the 4th Industrial Age
4
8:30 AM – 12 PM
$0
$250
Towson + Online
4/29/19
Controller & Financial Professional Series 2019 Part 2 - Finance, Operations, Micro-Economics, and the Internal Environment
8
8 AM – 3:30 PM
$295
$395
Timonium + Online
5/17/19
2019 FORENSIC VALUATION CONFERENCE
8
8 AM – 4:35 PM
$275
$375
Columbia
5/17/19
2019 BUSINESS AND INDUSTRY CPE CONFERENCE
8
8 AM – 5 PM
$395
$495
Columbia + Online
5/22/19
Quarterly Financial Leaders Series - Leading the Shift: Leadership for Financial Professionals in the 21st Century
4
8 AM – 12 PM
$175
$225
Columbia
5/30/19
Thriving in Chaos: How to Lead and Collaborate in a VUCA World The Art of Relationship Management - Integration and Collaboration Intermediate Level
4
12 PM – 3:30 PM
$150
$200
Towson
5/31/19
Conflict and Communication - You vs. Me vs. Them - Integration and Collaboration Advanced Level
4
8 AM – 11:30 AM
$150
$200
Towson
5/31/19
Change Management - Integration and Collaboration Bonus Session
4
12 PM – 3:30 PM
$150
$200
Towson
6/18/19
Leadership from a Slightly Different Perspective - Leadership Basic Level
4
8 AM – 11:30 AM
$150
$200
Towson
6/18/19
Key Concepts of Leadership Strategy - Leadership Intermediate Level
4
12 PM – 3:30 PM
$150
$200
Towson
6/19/19
At the Helm in the Storm: Seven Survival Strategies for Leaders in Turbulent Times - Leadership Advanced Level
4
8 AM – 11:30 AM
$150
$200
Towson
6/26/19
Beach Retreat: Competitive Strategy and the External Environment
4
7:30 AM – 11 AM
$150
$200
Ocean City
6/26/19
Beach Retreat: Operational Analysis and the Internal Environment
4
12 PM – 3:30 PM
$150
$200
Ocean City
6/27/19
Beach Retreat: Financial Analysis and the Internal Environment
4
7:30 AM – 11 AM
$150
$200
Ocean City
6/27/19
Beach Retreat: Soft Skills in Leadership, Negotiation, and Team Building
4
12 PM – 3:30 PM
$150
$200
Ocean City
5/30/19
The Value of Collaboration - The Art of Relationship Management Integration and Collaboration Basic Level
4
8 AM – 11:30 AM
$150
$200
Towson
48
Group discounts are available.
STATEMENT
DATE
COURSE TITLE
CPE
TIME
MEMBER
NON-MEM. LOCATION
ETHICS (IN-PERSON)
ETHI CS ( IN - PE R SON ) 5/7/19
A Practical Ethics Update for CPAs
4
8 AM – 11:30 AM
$160
$210
Timonium
5/20/19
Controller & Financial Professional Series 2019 Part 3 - Soft Skills in Leadership, Negotiation, and Team Building
8
8 AM – 3:30 PM
$295
$395
Timonium + Online
6/7/19
2019 ACCOUNTING EDUCATORS CONFERENCE
8
8:30 AM – 4:35 PM
$120
$220
Columbia
6/19/19
Ethics: Caesar’s Wife: Tipping the Delicate Balance of Leadership and Ethics - Leadership Bonus Session
4
12 PM – 3:30 PM
$160
$210
Towson
6/28/19
Beach Retreat: Ethics
4
7:30 AM – 11 AM
$150
$200
Ocean City
FU T U RE R E A D Y (IN-PE R S ON ) 4/22/19
Going Darwin: Why Self-Evolution is the Key to Future Success Anticipating and Serving Evolving Needs Basic Level
4
12 PM – 3:30 PM
$150
$200
Towson
4/22/19
Get Ready for the Fast Future and Future Trends Workshop - Anticipating and Serving Evolving Needs Intermediate Level
4
8 AM – 11:30 AM
$150
$200
Towson
4/23/19
Anticipate Change: Avoiding Ulcers in the New Abnormal World Anticipating and Serving Evolving Needs Advanced Level
4
8 AM – 11:30 AM
$150
$200
Towson
Imagine... a chair without a desk Delivering Results - One Practice At a time Bradley Holmes www.APS.net
APRIL 2019
800-397-0249 Bradley@APS.net
*additional early registration discounts are available for in-person + simulcast events when registering more than 30 days in advance.
49
DATE
COURSE TITLE
CPE
TIME
MEMBER
NON-MEM. LOCATION
PRODUCTIVITY, SIMPLY ENABLED®® PRODUCTIVITY, SIMPLY ENABLED Gain greater control and Gain greater and visibility into allcontrol your work visibility into all with yourXCM. work processes processes with XCM.
50
XCM is the premier Productivity Enablement and Workflow XCM is the premier Productivity Enablement Platform developed by and for tax, accountingand andWorkflow finance Platform developed by and for tax, accounting and finance professionals delivering unprecedented performance gains to professionals delivering unprecedented performance to leaders, teams, and professionals. The cloud platformgains enables leaders, teams, cloud enables you to get moreand out professionals. of your humanThe capital andplatform the technology you to getyou more out of your solutions currently use. human capital and the technology solutions you currently use.
Group discounts are available.
CALL 781.356.5152 OR LEARN MORE AT XCMSOLUTIONS.COM TODAY. CALL 781.356.5152 OR LEARN MORE AT XCMSOLUTIONS.COM TODAY.
STATEMENT
DATE
COURSE TITLE
CPE
TIME
MEMBER
NON-MEM. LOCATION
FUTURE READY (IN-PERSON), CONTINUED 4/23/19
Customer Service vs Customer Experience - Anticipating and Serving Evolving Needs Bonus Class
4
12 PM – 3:30 PM
$150
$200
Towson
4/24/19
Business & Industry Spring Town Hall 2019: CPA 4.0 - Thriving in the 4th Industrial Age
4
8:30 AM – 12 PM
$0
$250
Towson + Online
5/30/19
CPA 4.0 - Thriving in the 4th Industrial Age: Spring Town Hall 2019
4
8:30 AM – 12 PM
$0
$250
Rockville
5/30/19
The Value of Collaboration - The Art of Relationship Management Integration and Collaboration Basic Level
4
8 AM – 11:30 AM
$150
$200
Towson
5/30/19
Thriving in Chaos: How to Lead and Collaborate in a VUCA World The Art of Relationship Management - Integration and Collaboration Intermediate Level
4
12 PM – 3:30 PM
$150
$200
Towson
5/31/19
Conflict and Communication - You vs. Me vs. Them - Integration and Collaboration Advanced Level
4
8 AM – 11:30 AM
$150
$200
Towson
5/31/19
Change Management - Integration and Collaboration Bonus Session
4
12 PM – 3:30 PM
$150
$200
Towson
6/6/19
CPA 4.0 - Thriving in the 4th Industrial Age: Spring Town Hall 2019 & Annual Meeting
4
9 AM – 12:30 PM
$0
$250
Frederick + Online
6/18/19
Leadership from a Slightly Different Perspective - Leadership Basic Level
4
8 AM – 11:30 AM
$150
$200
Towson
6/18/19
Key Concepts of Leadership Strategy - Leadership Intermediate Level
4
12 PM – 3:30 PM
$150
$200
Towson
6/19/19
At the Helm in the Storm: Seven Survival Strategies for Leaders in Turbulent Times - Leadership Advanced Level
4
8 AM – 11:30 AM
$150
$200
Towson
6/25/19
2019 Beach Retreat: MACPA Future Ready Learning Lab
2
1 PM – 2:45 PM
$0
$30
Ocean City
6/25/19
2019 Beach Retreat: MACPA Future Ready Learning Lab (Continued)
2
3 PM – 4:45 PM
$0
$30
Ocean City
6/27/19
Beach Retreat: Emerging Leaders Track - Full Day Thursday
7
8 AM – 4 PM
$300
$350
Ocean City
6/28/19
Beach Retreat: Indispensable Future Ready CPA
4
7:30 AM – 11 AM
$150
$200
Ocean City
G O VE R N M E N T (IN -PE R SON ) 4/25/19
2019 GOVERNMENT AND NOT-FOR-PROFIT CONFERENCE
8
8 AM – 5 PM
$275
$375
College Park
6/11/19
The New Yellow Book: Government Auditing Standards, 2018 Revision
8
8 AM – 3:30 PM
$295
$395
Columbia
6/17/19
Applying the Uniform Guidance in your Single Audits
8
8 AM – 3:30 PM
$295
$395
Columbia
LE G I S L ATIV E & RE GULATORY (IN -PE RSO N) 5/30/19
CPA 4.0 - Thriving in the 4th Industrial Age: Spring Town Hall 2019
4
8:30 AM – 12 PM
$0
$250
Rockville
6/6/19
CPA 4.0 - Thriving in the 4th Industrial Age: Spring Town Hall 2019 & Annual Meeting
4
9 AM – 12:30 PM
$0
$250
Frederick + Online
6/28/19
Beach Retreat: Indispensable Future Ready CPA
4
7:30 AM – 11 AM
$150
$200
Ocean City
1/23/20
CPA DAY 2020 - Members Only
2
7:30 AM – 12 PM
$0
-
Annapolis
APRIL 2019
*additional early registration discounts are available for in-person + simulcast events when registering more than 30 days in advance.
51
DATE
COURSE TITLE
CPE
TIME
MEMBER
NON-MEM. LOCATION
NONPROFIT / NOT-FOR-PROFIT (IN-PERSON)
N O N P R O F IT / N O T-FOR -PR OF IT (IN -P ERSON) 4/25/19
2019 GOVERNMENT AND NOT-FOR-PROFIT CONFERENCE
8
8 AM – 5 PM
$275
$375
College Park
4/30/19
Accounting and Financial Reporting Update for Nonprofits: Practical Insights in Current Financial Statement Issues Relevant to NP Entities
8
8 AM – 3:30 PM
$295
$395
Columbia
5/16/19
Accounting and Reporting for Not-for-Profit Organizations
8
8 AM – 3:30 PM
$295
$395
Timonium
6/3/19
Accounting and Reporting for Not-for-Profit Organizations
8
8 AM – 3:30 PM
$295
$395
Columbia
PER S O N A L D E V ELOPME NT (IN -PE R SON) 4/22/19
Going Darwin: Why Self-Evolution is the Key to Future Success Anticipating and Serving Evolving Needs Basic Level
4
12 PM – 3:30 PM
$150
$200
Towson
5/30/19
Thriving in Chaos: How to Lead and Collaborate in a VUCA World The Art of Relationship Management - Integration and Collaboration Intermediate Level
4
12 PM – 3:30 PM
$150
$200
Towson
5/31/19
Change Management - Integration and Collaboration Bonus Session
4
12 PM – 3:30 PM
$150
$200
Towson
6/18/19
Leadership from a Slightly Different Perspective - Leadership Basic Level
4
8 AM – 11:30 AM
$150
$200
Towson
6/19/19
At the Helm in the Storm: Seven Survival Strategies for Leaders in Turbulent Times - Leadership Advanced Level
4
8 AM – 11:30 AM
$150
$200
Towson
6/27/19
Beach Retreat: Soft Skills in Leadership, Negotiation, and Team Building
4
12 PM – 3:30 PM
$150
$200
Ocean City
6/27/19
Beach Retreat: Emerging Leaders Track - Full Day Thursday
7
8 AM – 4 PM
$300
$350
Ocean City
6/28/19
Beach Retreat: Indispensable Future Ready CPA
4
7:30 AM – 11 AM
$150
$200
Ocean City
4
12 PM – 3:30 PM
$150
$200
Ocean City
PER S O N A L F IN A NCIAL PLAN N IN G (I N- P ERSO N) 6/27/19
Beach Retreat: A Practical Guide to Trusts
SP ECI AL IZ E D K N OWLE DGE & APPLICAT IO NS (IN- P ERSON) 4/24/19
Business & Industry Spring Town Hall 2019: CPA 4.0 - Thriving in the 4th Industrial Age
4
8:30 AM – 12 PM
$0
$250
Towson + Online
4/29/19
Controller & Financial Professional Series 2019 Part 2 - Finance, Operations, Micro-Economics, and the Internal Environment
8
8 AM – 3:30 PM
$295
$395
Timonium + Online
5/17/19
2019 FORENSIC VALUATION CONFERENCE
8
8 AM – 4:35 PM
$275
$375
Columbia
5/30/19
CPA 4.0 - Thriving in the 4th Industrial Age: Spring Town Hall 2019
4
8:30 AM – 12 PM
$0
$250
Rockville
6/6/19
CPA 4.0 - Thriving in the 4th Industrial Age: Spring Town Hall 2019 & Annual Meeting
4
9 AM – 12:30 PM
$0
$250
Frederick + Online
6/25/19
2019 Beach Retreat: MACPA Future Ready Learning Lab
2
1 PM – 2:45 PM
$0
$30
Ocean City
6/25/19
2019 Beach Retreat: MACPA Future Ready Learning Lab (Continued)
2
3 PM – 4:45 PM
$0
$30
Ocean City
6/26/19
Beach Retreat: Competitive Strategy and the External Environment
4
7:30 AM – 11 AM
$150
$200
Ocean City
52
Group discounts are available.
STATEMENT
DATE
COURSE TITLE
CPE
TIME
MEMBER
NON-MEM. LOCATION
Serious about your accounting practice? So are we.
We’ll help you make your accounting practice 20% more profitable without adding any clients or staff. We do it by empowering you to take back control of client accounting. Most accounting software is sold directly to small businesses, which has marginalized your professional status. That business model is the primary cause of the challenges that both you and your clients face today.
profitable Client Accounting Services to clients who want to offload all their accounting work to you. That’s how you add much more to your bottom line, while better serving all your clients.
Our cloud-based professional accounting system – Accounting Power CAS – includes everything you need for client accounting, and allows you to work collaboratively with your clients while you remain in control. Accounting Power CAS minimizes client errors and streamlines your entire accounting practice so your staff can perform its current accounting work in much less time. Performing Client Accounting Services (CAS) is a breeze with Accounting Power CAS. Using the time that your firm gains, you can now offer highly
See for yourself how Accounting Power CAS can make your accounting practice more profitable.
Visit AccountantsWorld.com/MD to learn more. Preferred Accounting Software Provider,
APRIL 2019
*additional early registration discounts are available for in-person + simulcast events when registering more than 30 days in advance.
53
DATE
COURSE TITLE
CPE
TIME
MEMBER
NON-MEM. LOCATION
SPECIALIZED KNOWLEDGE & APPLICATIONS (IN-PERSON), CONTINUED 6/26/19
Beach Retreat: Operational Analysis and the Internal Environment
4
12 PM – 3:30 PM
$150
$200
Ocean City
6/27/19
Beach Retreat: Financial Analysis and the Internal Environment
4
7:30 AM – 11 AM
$150
$200
Ocean City
6/28/19
Beach Retreat: Indispensable Future Ready CPA
4
7:30 AM – 11 AM
$150
$200
Ocean City
1/23/20
CPA DAY 2020 - Members Only
2
7:30 AM – 12 PM
$0
-
Annapolis
TAX ( I N - P E R S O N) 5/30/19
Estate Planning - Local Issues
8
8 AM – 3:30 PM
$295
$395
Columbia
5/31/19
A Practitioner’s Guide to IRAs and Qualified Retirement Plans
8
8 AM – 3:30 PM
$295
$395
Timonium
6/19/19
Navigating the Tax Cuts and Jobs Act - Law and Planning Issues
8
8 AM – 3:30 PM
$295
$395
Timonium
6/25/19
Section 199A: An Up to Date Review of the Pass- Through Deduction
8
8 AM – 3:30 PM
$295
$395
Columbia
6/26/19
Beach Retreat: Federal Tax Update - Mid Year Update - Individual
4
7:30 AM – 11 AM
$150
$200
Ocean City
6/26/19
Beach Retreat: Section 199A: An Up to Date Review of the Pass- Through Deduction
4
12 PM – 3:30 PM
$150
$200
Ocean City
6/27/19
Beach Retreat: Federal Tax Update - Mid Year Update -Business
4
7:30 AM – 11 AM
$150
$200
Ocean City
6/27/19
Beach Retreat: A Practical Guide to Trusts
4
12 PM – 3:30 PM
$150
$200
Ocean City
TECHN O L O G Y (IN-PE R S ON ) 4/17/19
Excel Pivot Tables in-depth, PowerPivot, and Data Analysis Functions and Tips
8
8 AM – 3:30 PM
$330
$480
Columbia
5/17/19
2019 BUSINESS AND INDUSTRY CPE CONFERENCE
8
8 AM – 5 PM
$395
$495
Columbia + Online
6/11/19
Microsoft Power BI and Excel Data Visualization - Create Dynamic Charts, Graphs and Diagrams based on your data
8
8 AM – 3:30 PM
$595
$695
Columbia
REGISTER ONLINE AT
MACPA.ORG
54
Group discounts are available.
STATEMENT
Audits of Employee Benefit Plans
DATE
COURSE TITLE
CPE
TIME
MEMBER
NON-MEM. LOCATION
Face the Challenge
EMPLOYEE BENEFIT PLAN AUDIT CONFERENCE 2019 May 13, 2019 | Columbia | CPE: 8 SIMULCAST AVAILABLE Employee Benefit Plans (EBPs) present challenges to the CPA firms engaged to audit them. In addition to the dissimilarity they pose from the corporate audit, CPA firms performing EBP audits are subject to the scrutiny of the Department of Labor (DOL). The Employee Benefit Plan Audit Conference equips CPAs in public practice with guidance on how to perform a quality audit of an EBP.
The conference offers two tracks, each dealing with issues that impact EBPs: BASIC TRACK: Walks through the required audit procedures for CPAs who are new to auditing EBPs. INTERMEDIATE/ADVANCED TRACK: Provides experienced CPAs an update on accounting and auditing issues as they relate to EBPs and provides additional insight into some unique challenges faced in these audits
Attendees of the Employee Benefit Plans Conference will learn: Accounting, auditing, and reporting requirements
Updates on EBP legislative and regulatory issues, including new developments at the Department of Labor
Key take-aways on interpreting plan documents Nuances of auditing plans in an electronic environment Practical tips for EBPs
macpa.org/benefitplans APRIL 2019
STRATEGIC LEARNING POWERED *additional early registration discounts are available for in-person + simulcast eventsBY when registering more than 30 days in advance.
BUSINESS LEARNING INSTITUTE
55
DATE
COURSE TITLE
CPE
TIME
MEMBER
NON-MEM. LOCATION
CPE
TIME
MEMBER
NON-MEM. LOCATION
Upcoming ONLINE Events & Courses
DATE
COURSE TITLE
A CCO U N TIN G & AUD ITIN G (ONLINE) 4/17/19
U.S. GAAP: Review for Business & Industry
8
9 AM – 5 PM
$249
$319
Online
4/18/19
Analyzing a Company’s Financial Statement
4
9 AM – 1 PM
$159
$199
Online
4/18/19
Annual Update for Accountants and Auditors
8
9 AM – 5 PM
$249
$319
Online
4/19/19
Interpreting the New Revenue Recognition Standard: What All CPAs Need to Know
4
9 AM – 1 PM
$159
$199
Online
4/19/19
Not-for-Profit Accounting and Auditing Update
4
9 AM – 1 PM
$159
$199
Online
4/23/19
Financial Reporting for Not-for-Profit Entities
4
9 AM – 1 PM
$159
$199
Online
4/24/19
Business & Industry Spring Town Hall 2019: CPA 4.0 - Thriving in the 4th Industrial Age
4
8:30 AM – 12 PM
$0
$250
Towson + Online
5/1/19
Not-for-Profit Entities: 2019 Audit Risk Alert
2
1 PM – 3 PM
$99
$129
Online
5/1/19
Sustainability Assurance Engagements
4
1 PM – 5 PM
$179
$229
Online
5/1/19
Integrating Audit Data Analytics into the Audit Process
8
9 AM – 5 PM
$279
$349
Online
5/2/19
401(k) Basics Part 1 - Introduction and Planning
2
1 PM – 3 PM
$99
$129
Online
5/3/19
Are You Ready for Your Peer Review?
2
1 PM – 3 PM
$99
$129
Online
5/6/19
SOC for Cybersecurity Certificate (Day 1)
$399.5
$499.5
Online
56
Group discounts are available.
7.5
10:30 AM – 6 PM
STATEMENT
DATE
COURSE TITLE
CPE
TIME
MEMBER
NON-MEM. LOCATION
ACCOUNTING & AUDITING (ONLINE), CONTINUED 5/7/19
Statement of Cash Flows: Preparation, Presentation, and Use
4
9 AM – 1 PM
$179
$229
Online
5/7/19
SOC for Cybersecurity Certificate (Day 2)
8
10 AM – 6 PM
$399.5
$499.5
Online
5/8/19
Documenting Your EBP Audit: What You Need to Know
8
9 AM – 5 PM
$279
$349
Online
5/14/19
Auditing Bits in Bytes™ Session 1: Pre-Engagement Planning Activities
2
10 AM – 12 PM
$75
$90
Online
5/28/19
Grow Your Business from Within: How to Deliver Maximum Value to Clients on Every Engagement
2
11 AM – 1 PM
$75
$90
Online
6/6/19
CPA 4.0 - Thriving in the 4th Industrial Age: Spring Town Hall 2019 & Annual Meeting
4
9 AM – 12:30 PM
$0
$250
Frederick + Online
BLI LE A D E R S H IP (ONLINE ) 4/29/19
Controller & Financial Professional Series 2019 Part 2 - Finance, Operations, Micro-Economics, and the Internal Environment
8
8 AM – 3:30 PM
$295
$395
Timonium + Online
5/17/19
2019 BUSINESS AND INDUSTRY CPE CONFERENCE
-
8 AM – 5 PM
$395
$495
Columbia + Online
#FUTUREREADY. TECHNOLOGY. LEADERSHIP.
CPA
HOSTED BY MACPA
DECEMBER 3, 2019 | SHERATON BALTIMORE NORTH HOTEL The Business Learning Institute CPA Summit is a one-day event where CPAs learn from the most important voices in the profession and find solutions to push careers forward. Topics include leadership, technology, cutting-edge trends, and emerging professional issues. This interactive event is the CPA event of the year.
MACPA.ORG/SUMMIT Group registration discounts apply
NEW EVENT! SAVE THE DATE
AI Innovation Summit – December 4, 2019 APRIL 2019
STRATEGIC LEARNING POWERED BY
BUSINESS INSTITUTE *additional early registration discounts are available for in-person + simulcast events when registering more than 30 days LEARNING in advance.
57
DATE
COURSE TITLE
CPE
TIME
MEMBER
NON-MEM. LOCATION
WE’RE HIRING TOP TALENT! Grossberg is a unique environment where talented and highly sophisticated professionals excel. Our staff and partners are some of the best and brightest in their field, operating at the highest level of professionalism and technical expertise. Here, you find a culture of people who enjoy the challenge of untangling today’s highly complex web of business, transactional, financial and tax issues, while enjoying the benefits of working at one of the area’s premier firms. Our mentorship program ensures that everyone has access to one-on-one training by industry experts who encourage their professional development. In addition, the boutique nature of our firm allows us to interact regularly and learn from one another in more casual ways. This provides us with the ability to offer skilled professionals tremendous opportunities for growth and job satisfaction, as well as a great work environment. Our culture is defined by our people. We pride ourselves on fostering an environment of collegiality and camaraderie; we truly care about each other and work together to meet the 10 Things
Professionals Want Most 1. Purpose 2. Goals 3. Responsibility 4. Autonomy 5. Flexibility
demands of our elite group of clients. It is only through this teamwork that we are able to meet our professional demands, advance our business and technical skills, and still support each other to maintain a healthy work/family life balance. This is an integral part of who we are, why we are successful, and how we have maintained our reputation as one of the best firms in the country. Growth in our business has created new opportunities for
experienced CPAs. If you are seeking to move to the next level in your career, consider joining the Grossberg team!
6. Development
Qualifications:
7. Opportunity
• 5+ years of professional experience in public accounting
8. Transparency 9. Rewards 10. GROSSBERG
• Ability to research issues and apply concepts to clients’ situations • Proficiency in technical writing and research • Ability to communicate with clients and staff at all levels • Comfortable with working in a team environment
Looking for an exciting new opportunity, and a Great Place to Work? Apply at www.Grossberg.com Grossberg Company LLP 6500 Rock Spring Drive Suite 200 Bethesda, MD 20817 Group discounts are available.
58
STATEMENT
Trusted Business Advisor Since 1924
DATE
COURSE TITLE
CPE
TIME
MEMBER
NON-MEM. LOCATION
BUSINESS & INDUSTRY (ONLINE)
BU S I N E S S & IN D USTRY (ONLINE ) 4/23/19
Anticipate Client Needs: Beyond Best Practices in Client and Customer Service
1
2 PM – 3 PM
$35
$45
Online
4/23/19
Financial Forecasting: Planning for Success
4
1 PM – 5 PM
$159
$199
Online
4/24/19
Business & Industry Spring Town Hall 2019: CPA 4.0 - Thriving in the 4th Industrial Age
4
8:30 AM – 12 PM
$0
$250
Towson + Online
4/26/19
Risk, Cost, and Cash Management for Controllers and Financial Managers
4
9 AM – 1 PM
$159
$199
Online
4/29/19
Controller & Financial Professional Series 2019 Part 2 - Finance, Operations, Micro-Economics, and the Internal Environment
8
8 AM – 3:30 PM
$295
$395
Timonium + Online
4/30/19
Financial Storytelling: The Key in Growing Your Organization to The Next Level
2
11 AM – 1 PM
$75
$90
Online
4/30/19
The Changing Role of the Controller: Advancing from Tactical to Strategic
4
9 AM – 1 PM
$159
$199
Online
5/2/19
Get Out of the Casket and Up to the Podium
2
12 PM – 2 PM
$75
$90
Online
5/2/19
KPI Dashboards - The New Financial Reporting Model
2
11 AM – 1 PM
$99
$129
Online
5/3/19
Financial Forecasting: Planning for Success
4
9 AM – 1 PM
$179
$229
Online
StrategyX from BLI offers a set of simple and practical tools to help leaders get what you want from your businesses. We implement EOS®, the Entrepreneurial Operating System®, to help leadership teams get better at three things: VISION Getting everyone in the organization 100% on the same page with where they’re going, and how they plan to get there
Execution as good as your strategy Get a FREE 90-minute consultation from professional EOS Implementer Bill Sheridan!
TRACTION ® Instilling focus, discipline, and accountability throughout the company so that everyone executes on that vision—every day HEALTHY Helping your leaders become a more cohesive, functional, healthy leadership team
LEAD YOUR BUSINESS TO
Visit strategyx.blionline.org to learn more and register SUCCESS WITH *additional early registration discounts are available for in-person + simulcast events when registering more than 30 days inBLI’S advance. APRIL for2019 your free consultation.
STRATEGYX.
59
DATE
COURSE TITLE
CPE
TIME
MEMBER
NON-MEM. LOCATION
BUSINESS & INDUSTRY (ONLINE), CONTINUED 5/6/19
Preventing, Detecting, and Investigating Identity Theft
8
10:30 AM – 6:30 PM
$279
$349
Online
5/7/19
Capitalized Costs and Depreciation
6
10 AM – 4 PM
$159
$199
Online
5/7/19
The Future of Accounting: Big Waves of Change & Oceans of Opportunity - (FREE FOR MEMBERS)
1
11 AM – 12 PM
$0
$45
Online
5/9/19
Working Together - Four Personality Styles in the Workplace
1
10 AM – 11 AM
$35
$45
Online
5/16/19
Conflict and Communication - You vs. Me vs. Them
2
12 PM – 2 PM
$75
$90
Online
5/17/19
2019 BUSINESS AND INDUSTRY CPE CONFERENCE
8
8 AM – 5 PM
$395
$495
Columbia + Online
5/21/19
The Finance and Accounting Organization as Partner and Strategist to the Business
2
11 AM – 1 PM
$75
$90
Online
5/22/19
The Journey to Becoming a Cherished Advisor
1
1 PM – 2 PM
$35
$45
Online
5/23/19
The Journey to Becoming a Cherished Advisor: Utilizing AI to Create Opportunities for Long-Lasting Client Relationships
1
2 PM – 3 PM
$35
$45
Online
5/29/19
The Journey to Becoming a Cherished Advisor: Designing the Future Firm - Next Generation Hiring, Staffing and Succession Planning
1
12 PM – 1 PM
$35
$45
Online
EM P LO Y E E B E N EF ITS (ON LIN E ) 5/2/19
401(k) Basics Part 1-Introduction and Planning
2
1 PM – 3 PM
$99
$129
Online
5/14/19
Employment Law Update: Examining Critical Issues with FMLA, HIPPA, COBRA, ADA and More
4
9 AM – 1 PM
$179
$229
Online
ETHI CS ( O N L IN E) 5/17/19
Ethics: Caesar’s Wife: Tipping the Delicate Balance of Leadership and Ethics
4
9 AM – 1 PM
$110
$140
Online
5/20/19
Controller & Financial Professional Series 2019 Part 3 - Soft Skills in Leadership, Negotiation, and Team Building
8
8 AM – 3:30 PM
$295
$395
Timonium + Online
FU T U RE R E A D Y (ON LIN E ) 4/23/19
Anticipate Client Needs: Beyond Best Practices in Client and Customer Service
1
2 PM – 3 PM
$35
$45
Online
4/24/19
Business & Industry Spring Town Hall 2019: CPA 4.0 - Thriving in the 4th Industrial Age
4
8:30 AM – 12 PM
$0
$250
Towson + Online
5/7/19
The Future of Accounting: Big Waves of Change & Oceans of Opportunity - (FREE FOR MEMBERS)
1
11 AM – 12 PM
$0
$45
Online
6/6/19
CPA 4.0 - Thriving in the 4th Industrial Age: Spring Town Hall 2019 & Annual Meeting
4
9 AM – 12:30 PM
$0
$250
Frederick + Online
60
Group discounts are available.
STATEMENT
15 Ways To Protect Your Business From A
Cyber Attack!
Did you know?
1 in 5 81%
97%
Small businesses will suffer a cyber breach this year. Of all breaches happen to small and medium sized businesses. Of breaches could have been prevented with today’s technology.
Passwords
Apply security policies on your network. Examples: Deny or limit USB file storage access, enable enhanced password policies, set user screen timeouts, and limit user access.
Advanced Endpoint Detection & Response Protect your computers data from malware, viruses, and cyber attacks with advanced endpoint security. Today's latest technology (which replaces your outdated anti-virus solution) protects against file-less and script based threats and can even rollback a ransomware attack.
Mobile Device Security
Today's cyber criminals attempt to steal data or access your network by way of your employees' phones and tablets. They're counting on you to neglect this piece of the puzzle. Mobile device security closes this gap.
Cyber Insurance
info@eTrepid.com www.eTrepid.com 301.259.3414
Security Awareness Train your users - often! Teach them about data security, email attacks, and your policies and procedures. We offer a web-based training solution and “done for you” security policies.
Dark Web Research Knowing in real-time what passwords and accounts have been posted on the Dark Webwill allow you to be proactive in preventing adata breach. We scan the Dark Web and take action to protect your business from stolen credentials that have been posted for sale.
Security Assessment
It's important to establish a baseline and close existing vulnerabilities. When was your last assessment? Date: _________________
Multi-Factor Authentication Utilize Multi-Factor Authentication whenever you can including on your network, banking websites, and even social media. It adds an additional layer of protection to ensure that even if your password does get stolen, your data stays protected.
SIEM/Log Management
(Security Incident & Event Management) Uses big data engines to review all event and security logs from all covered devices to protect against advanced threats and to meet compliance requirements.
Firewall
Encryption
Turn on Intrusion Detection and Intrusion Prevention features. Send the log files to a managed SIEM. And if your IT team doesn’t know what these things are, call us today!
Whenever possible, the goal is to encrypt files at rest, in motion (think email) and especially on mobile devices.
Spam Email
Secure your email. Most attacks originate in your email. We’ll help you choose a service designed to reduce spam and your exposure to attacks on your staff via email.
Computer Updates
Keep Microsoft, Adobe, and Java products updated for better security. We provide a“critical update” service via automation to protect your computers from the latest known attacks.
Web Gateway Security
Internet security is a race against time. Cloud based security detects web and email threats as they emerge on the internet, and blocks them on your network within seconds – before they reach the user.
Backup Backup local. Backup to the cloud. Have an offline backup for each month of the year. Test your backups often. And if you aren’t convinced your backups are working properly, call us ASAP.
If all else fails, protect your income and business with cyber damage and recovery insurance policies.
Scan to learn more!
DATE
COURSE TITLE
CPE
TIME
MEMBER
NON-MEM. LOCATION
LEGISLATIVE & REGULATORY (ONLINE)
LE G I S L ATIV E & RE GULATORY (ONLINE) 6/6/19
CPA 4.0 - Thriving in the 4th Industrial Age: Spring Town Hall 2019 & Annual Meeting
4
9 AM – 12:30 PM
$0
$250
Frederick + Online
PER S O N A L D E V ELOPME NT (ONLINE) 4/24/19
How to Lead, Coach, and Develop a Winning Team
2
2 PM – 4 PM
$75
$90
Online
4/26/19
A Vision for the Future-Ready Leader
1
12 PM – 1 PM
$35
$45
Online
5/22/19
The Journey to Becoming a Cherished Advisor
1
1 PM – 2 PM
$35
$45
Online
4
9 AM – 1 PM
$179
$229
Online
PER S O N A L F IN A NCIAL PLAN N IN G (ONLINE) 5/8/19
Estate & Tax Primer
SP ECI AL IZ E D K N OWLE DGE & APPLICAT IO NS (ONLINE) 4/24/19
Business & Industry Spring Town Hall 2019: CPA 4.0 - Thriving in the 4th Industrial Age
4
8:30 AM – 12 PM
$0
$250
Towson + Online
4/29/19
Controller & Financial Professional Series 2019 Part 2 - Finance, Operations, Micro-Economics, and the Internal Environment
8
8 AM – 3:30 PM
$295
$395
Timonium + Online
5/2/19
KPI Dashboards - The New Financial Reporting Model
2
11 AM – 1 PM
$99
$129
Online
5/3/19
Are You Ready for Your Peer Review?
2
1 PM – 3 PM
$99
$129
Online
5/9/19
Data Breaches & Other Cyber Frauds: A 21st Century Risk to Your Organization (Copy)
4
1 PM – 5 PM
$179
$229
Online
6/6/19
CPA 4.0 - Thriving in the 4th Industrial Age: Spring Town Hall 2019 & Annual Meeting
4
9 AM – 12:30 PM
$0
$250
Frederick + Online
TAX ( ON L IN E ) 5/3/19
Social Security and Medicare: Maximizing Retirement Benefits
4
9 AM – 1 PM
$179
$229
Online
5/6/19
Tax Fundamentals of LLCs and Partnerships
8
10:30 AM – 6:30 PM
$279
$349
Online
5/7/19
Capitalized Costs and Depreciation
6
10 AM – 4 PM
$159
$199
Online
5/8/19
Estate & Tax Primer
4
9 AM – 1 PM
$179
$229
Online
5/9/19
Tax Practice Quarterly: Hot Topics in Tax Practice Management
2
1 PM – 3 PM
$99
$129
Online
5/9/19
Taxation of Property Transactions
4
9 AM – 1 PM
$179
$229
Online
$99
$129
Online
TECHN O L O G Y (ON LIN E ) 5/1/19
Spreadsheet Risk - Can you eliminate it?
2
11 AM – 1 PM
5/1/19
Cybersecurity Advisory Services Certificate (Day 1)
6
10:30 AM – 5 PM
$399.5
$499.5
Online
5/2/19
Cybersecurity Advisory Services Certificate (Day 2)
7.5
10 AM – 5 PM
$399.5
$499.5
Online
62
Group discounts are available.
STATEMENT
DATE
COURSE TITLE
CPE
TIME
MEMBER
NON-MEM. LOCATION
Real AI-driven audit is
RIGHT HERE, RIGHT NOW
Powered by machine learning and AI
Identify risk, in seconds
100% data analysis
Redefining reasonable assurance
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APRIL 2019
Get started at mindbridge.ai/rightnow
*additional early registration discounts are available for in-person + simulcast events when registering more than 30 days in advance.
63
DATE
COURSE TITLE
CPE
TIME
MEMBER
NON-MEM. LOCATION
TECHNOLOGY (ONLINE), CONTINUED 5/6/19
Adobe Acrobat - Securing Your PDF FIles
2
11 AM – 1 PM
$99
$129
Online
5/7/19
The Digital Office The CPA Technology Toolkit
2
11 AM – 1 PM
$99
$129
Online
5/9/19
Data Breaches & Other Cyber Frauds: A 21st Century Risk to Your Organization (Copy)
4
1 PM – 5 PM
$179
$229
Online
5/13/19
Introduction to Data Analytics and Microsoft PowerBI Tools
2
10 AM – 12 PM
$99
$129
Online
5/14/19
Introduction to Blockchain
5
11 AM – 4 PM
$199
$249
Online
5/17/19
2019 BUSINESS AND INDUSTRY CPE CONFERENCE
8
8 AM – 5 PM
$395
$495
Columbia + Online
REGISTER ONLINE AT
MACPA.ORG
2019
ACCOUNTING EDUCATORS
C
O
N
F
Shape the CPA profession by shaping future CPAs
E
R
E
N
C
E
June 7, 2019 Columbia | CPE: 8 The Educators Conference is an annual event
designed for the people who are shaping future CPAs. It’s about giving you the knowledge you need to better help your students succeed.
Attendees receive updates about accounting
industry trends and the CPA exam, a discussion
on using data analytics in the classroom, as well as an annual brief from the Maryland Board of Public Accountancy.
Group registration discounts apply.
macpa.org/AccountingEd 64
Group discounts are available.
STRATEGIC LEARNING POWERED BY
BUSINESS LEARNING INSTITUTE
STATEMENT
DATE
COURSE TITLE
CPE
STUDENT
TIME
MEMBER
NON-MEM. LOCATION
LEADERSHIP ACADEMY
UNDERGRADS:
JUMPSTART YOUR CAREER AS A FUTURE CPA MAY 30 - JUNE 1
TOWSON
Attend the 2019 Student Leadership Academy to accelerate your success in the CPA profession. • Be uniquely oriented to the CPA profession and the important role you can play
• Perfect and present your resume to Maryland employers
• Meet top leaders in the profession including Tom Hood, CEO of the Maryland Association of CPAs
• Connect with other top accounting students
• Encounter potential future employers through sponsor and firm involvement
• Take an in-depth look at your skills and strengths that will further your success
The program, assessments, food, and lodging are all free to those selected to participate. Upon application approval, there is a $25 deposit that will be given back in the form of a $50 gift card upon completion of the program.
SPACE IS LIMITED — APPLY TODAY
macpa.org/studentacademy
STRATEGIC LEARNING POWERED BY
3
*additional early registration discounts are available for in-person + simulcast events when registering more than 30 days in advance. APRIL 2019 APPLICATION DEADLINE 4/15 BUSINESS LEARNING INSTITUTE
MARYLAND ASSOCIATION OF CERTIFIED PUBLIC ACCOUNTANTS 901 Dulaney Valley Road, Suite 800 Towson, MD 21204 410.296.6250 | www.macpa.org
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