MACPA Statement // January 2019

STATEMENT MACPA’S

J A N U A RY 2 0 1 9

Record turnover in Annapolis CPA Arthur Ellis among wave of new lawmakers to join Maryland’s General Assembly Page 4

ALSO INSIDE: Best audit practices Page 7 Big Data, A.I., and the finance professional Page 25 Tax reform and charitable giving Page 32

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E-13414-119 MD

CONTENTS January 2019 | Maryland Association of Certified Public Accountants, Inc.

CHAIR’S COLUMN.............................................................................. 2 FEATURES CPA Arthur Ellis among wave of new lawmakers to join Maryland’s General Assembly.................................................................... 4

DEPARTMENTS Public Practice........................................................................................................ 7 Business & Industry.............................................................................................. 13 Diversity & Inclusion............................................................................................ 16 Technology........................................................................................................... 21 Financial Planning................................................................................................ 28 From our Partners................................................................................................ 34

MEMBER NOTES................................................................................ 37 CLASSIFIEDS........................................................................................... 39 UPCOMING EVENTS & COURSES.................................... 43 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

JANUARY 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

Legislative season is here.

Get educated, then get active

BY SAMANTHA BOWLING, CPA, CGMA / PARTNER, GARBELMAN WINSLOW CPAs Want to know why you should be politically active this year, CPAs? I can boil it down to one number: Thirty-one.

That’s the percentage of Maryland legislators who are new to their jobs this year — 58 out of 188. Seventeen new lawmakers joined the Senate and 41 new representatives took seats in House following November’s elections. (See Page 4 for further details.)

That’s record turnover in the General Assembly. Many of them may not understand the unintended consequences of some of the bills they’ll be considering when Maryland’s legislative body convenes on Jan. 9 Someone has to educate them about the issues and implications surrounding the laws they’re about to pass.

That someone, CPAs, is you.

Who’s better qualified, after all, to educate lawmakers on tax matters and other fiscal issues than someone who speaks the language of business? Our lawmakers need to know they can trust in their trusted advisors.

At various points this winter and spring, the MACPA will be reaching out to you to help us respond to various issues being debated in the General Assembly. We hope you’ll answer the call. Our clients, our profession, and the public at large need the unique insights that CPAs bring to the table.

I have no doubt you’ll be there when we need you. Maryland’s CPAs have a long history of advising legislators as they handle their important and difficult tasks.

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At no time was this more apparent than during last year’s General Assembly session.

• MACPA members testified in support of two emergency bills that helped restore the deductibility of health savings accounts and high-deductible health insurance plans in Maryland, which had been unintentionally jeopardized by a law that had been enacted in 2016.

• The MACPA’s State Tax Advisory Group provided much-needed guidance to lawmakers after state officials reached out to us to advise them on dozens of proposals to adjust Maryland taxes in light of the federal Tax Cuts and Jobs Act of 2017.

We’ll undoubtedly be busy this year as well. Here’s how you can help: Step 1: Attend CPA Day in Annapolis Our legislative efforts start here. Scheduled for Jan. 24, CPA Day in Annapolis is your opportunity to speak directly with your legislators about important matters that impact our profession. The event is free for MACPA members and includes two hours of complimentary CPE. You’ll find details at MACPA.org/CPADay. Step 2: Contribute to our PAC When you or your organization contribute to the MACPA’s Political Action Committee, you enable us to keep our agenda in front of the legislators who can dramatically affect our profession and our clients.

Membership dues do not support any direct lobbying efforts on behalf of CPAs. That’s where you come in. You can make a donation at MACPA.org/Advocacy.

Step 3: Get active Consider joining the ranks of the MACPA’s legislative volunteers by agreeing to meet with legislators or to testify before key General Assembly committees about issues of importance to the profession.

There will be plenty of opportunities for everyone.

volunteer

• Early indications are that tort reform / comparative fault legislation may be introduced this year. If passed, this will result in increased professional liability and the potential for more lawsuits against firms. Needless to say, we would oppose such legislation.

• We’ll also be watching potential efforts to impose sales taxes on professional services. We are aware of a new commission that is studying the tax base in Maryland, and this commission may recommend such taxes — which we also would oppose.

• The European Union’s privacy-related General Data Protection Regulation (or GDPR) is having ripple effects here in the United States. California has passed similar legislation, and there are signs that Maryland may consider its own version this year. Such legislation could impact how CPAs collect and store tax data, for instance. We’ll be watching this closely as well.

And that, undoubtedly, will be just the tip of the iceberg. It’s already shaping up to be an extraordinarily busy legislative session.

Please join us at CPA Day. Please join our team of legislative volunteers. Please educate yourself on the issues and commit yourself to making an impact.

Get educated, then get active. Our profession and our state need your insights and expertise more than ever.

For more details on can join the legislative MACPA.org/Advocacy.

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STATEMENT

JANUARY 24, Promoting and protecting CPAs in Maryland Annapolis | Governor Calvert House | CPE: 2

COMPLIMENTARY CPE FOR MEMBERS Once a year, CPAs gather in Annapolis to make their professional interests known to Maryland legislators. The Maryland Association of CPAs engages in ongoing legislative and lobbying efforts, and CPA Day is the best time for CPAs to show their support and advocate for our profession. A two hour CPE session is included for participants.

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Record turnover in Annapolis CPA Arthur Ellis among wave of new lawmakers to join Maryland’s General Assembly

B Y B I L L S H E R IDA N Another CPA joined the ranks of Maryland’s General Assembly on Nov. 6 as part of elections that brought turnover to more than 30 percent of the legislative body’s seats.

Arthur Ellis, a CPA who describes himself as a “Democrat working for Charles County,” defeated Bill Dotson in the race for Maryland’s District 28 Senate seat. Ellis received 66 percent of the vote. His election follows a stunning victory over six-term Sen. Thomas M. “Mac” Middleton in a June primary.

Brian Feldman, a CPA and a Democrat representing Senate District 15 in western and northern Montgomery County, was easily re-elected over David Wilson with 71 percent of the vote, and MACPA member William Wivell won one of two seats representing District 2A in the House of Delegates.

Meanwhile, CPA Gail Bates, a Senate Republican representing Carroll and Howard counties since 2002, lost in her bid for re-election by the slimmest of margins. Just 531 votes separated her and her opponent, Democrat Katie Fry Hester.

KEY COMMITTEE APPOINTMENTS Beyond the profession’s representation in the General Assembly, a number of other election results will have a significant impact on the accounting and finance profession.

• Del. Kathleen Dumais of Montgomery County has been named the new majority leader, the third most-powerful position in the House of Delegates.

• Del. Luke Clippinger of Baltimore has been named chair of the House Judiciary Committee.

• Del. Eric Bromwell of Baltimore County has been named vice chair of the House Economic Matters Committee.

• Sen. Delores Kelley of Baltimore County has been named chair of the Senate Finance Committee, with Feldman as vice chair.

• Sen. Paul Pinsky has been named chair of the Senate Education, Health and Environmental Affairs Committee. He has served as the committee’s vice chair for four years and has been a member since 1994. Sen. Shirley Nathan-Pulliam will replace Pinsky as vice chair.

• On the Senate Judicial Proceedings Committee, Sen. Will Smith of Montgomery County has been named vice chair. Sen. Bobby Zirkin of Baltimore County remains that committee’s chair.

We are still awaiting further committee assignments to see who will take other legislative seats that will impact Maryland’s CPAs.

NEW LEGISLATORS In the meantime, Maryland’s Senate will see 17 new members in office when the General Assembly convenes in January: • District • District • District • District • District • District • District • District • District • District • District • District • District • District • District • District • District

9: Katie Fry Hester 12: Clarence K. Lam 18: Jeff Waldstreicher 19: Benjamin Kramer 25: Melony G. Griffith 26: Obie Patterson 28: Arthur Ellis 29: Jack Bailey 30: Sarah K. Elfreth 32: Pamela Beidle 35: Jason C. Gallion 38: Mary Beth Carozza 40: Antonio Hayes 42: Christopher R. West 43: Mary Washington 45: Cory V. McCray 47: Malcolm Augustine

JOIN US AT CPA DAY IN ANNAPOLIS Seventeen new faces in the Senate, and 41 new faces in the House. If my math is correct, that makes 58 new members in Maryland’s General Assembly … out of 188 legislators in total.

That’s a turnover rate of nearly 31 percent.

That makes your participation in our 2019 edition of CPA Day in Annapolis even more crucial. These new legislators will need our guidance to navigate the issues that impact our profession and — even more important — our clients and the public at large. These legislative changes can and will influence and impact our profession, not to mention Maryland’s business and social environment. We need your input and insights more than ever.

“On the House side,” writes Larry Richardson, vice president of government affairs with the Maryland Chamber of Commerce, “the Democrats appear to be in a position to pick up several seats. Of the 41 new faces that will make up the 2019 House body, 34 will be Democrat and seven will be Republican. This marks a seven-seat swing to the Democratic side of the aisle. Five of those seven seats come as the result of a Republican loss in the general to a Democratic challenger.”

Solutions for problem clients

Get further details about CPA Day and register to attend at MACPA.org/CPADay. As MACPA Executive Director Tom Hood said recently, you can either be a victim of our political process or a participant in it.

Choose to participate. Join us in Annapolis on Jan. 24 and help us strengthen our profession in Maryland … and beyond.

Bill Sheridan is editor of The Statement and chief communications officer with the Maryland Association of CPAs.

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PUBLIC PRACTICE Best practices for performing a quality audit B Y L A U R A C R OW LE Y, CPA , M BA Editor’s note: The following article originally appeared in the July / August 2018 issue of New Jersey CPA magazine, a publication of the New Jersey Society of CPAs. It is reprinted here with permission GOOD PLANNING It is imperative that good planning is performed early enough in the process to enable the engagement team and the client to properly prepare for the audit by: 1. Identifying areas of risk 2. Gaining an understanding of key internal controls and processes 3. Developing audit procedures that link to the identified risks and align with the client’s processes The timing of audit planning is a matter of professional judgment based on the client’s operating cycle, the need for tests of controls and other relevant factors.

Good planning is performed by an audit team member with the experience to develop a robust risk assessment. Often, a junior staff member will be tasked with “planning,” which really means filling out a bunch of checklists. That approach completely misses the point of planning and can result in a poorly executed audit.

Is it possible for an audit engagement to be both efficient (e.g., on budget) and effective (e.g., have no deficiencies)?

All CPAs have heard stories about engagements that have gone sideways — the team is not prepared, the client is not ready, issues are uncovered that no one was anticipating, or the quality review process gets bogged down. In the end, the audit is issued but the engagement team is exhausted, the client is dissatisfied and the realization is, well, not good. Unfortunately, this scenario plays out in busy season after busy season in both large and small CPA firms.

So, what is the solution? Is there a magic formula to prevent problems and have a smooth audit engagement? The good news: It is possible to have an engagement that runs smoothly, stays on budget and still meets all professional standards. The bad news: It takes time and effort to get that result. Sorry, no magic formula. (But you knew that, right?)

The smoothest, most-efficient and effective engagements are those that share two common traits: good planning and good communication.

JANUARY 2019

It also involves the client. It is not possible to perform a thorough planning process without discussions with the client about internal controls and processes, their risk awareness, and variances identified in the analytical review. Gaining an understanding of what has changed with the client is a critical step in assessing audit risk. If a physical presence at the client’s location is not practical, arrange a video conference or phone conversation.

Good planning also identifies and addresses issues early in the audit process, letting teams get input from the client, firm quality control reviewers or technical experts, and outside experts. It gives teams a more focused audit approach from the start, resulting in procedures which truly address identified risks and minimize over-auditing.

GOOD COMMUNICATION A typical financial statement audit involves many people. The engagement team usually includes a partner, manager or supervisor, senior staff members and staff. The client’s team can include the controller, operations staff, accounts receivable and accounts payable staff, payroll personnel and others. The engagement also generally involves people outside of the firm or the entity, such as banks, client customers and attorneys.

All parties combined, there are a lot of people who need to understand their role, allocate resources to complete their assigned tasks and stay informed about the status.

The engagement team is responsible for making sure everyone C O NTI NU ED O N PA G E 8

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PUBLIC PRACTICE C O N T INUED FROM PAGE 7

performs their roles in a timely and accurate manner. Designating one person as the gatekeeper of the information flow, generally the auditor-in-charge, is a best practice. This does not keep others from communicating directly with the client and others as needed, but it establishes the goal of having one person ensuring appropriate and timely communication throughout the audit.

Items requiring timely communication to the audit team include: • Expectations of the engagement team (time budgets and milestone dates).

• Status of audit areas, overall engagement and expected milestone timing.

• Pending or incomplete information and expected timing.

• Any issues or areas of concern that have arisen during the audit.

Communication with the client should include: • Schedules of information to be provided by the client, along with expected receipt dates. (The auditor-in-charge should update this schedule as in­ formation is received, to ensure that any issues are addressed quickly and efficiently with the client.)

• The schedule of audit team fieldwork dates.

• Pending or incomplete information and expected timing, including information provided that was incorrect or insufficient.

• Any issues or areas of concern that have arisen during the audit.

Communication with others outside the client (e.g., service providers, vendors, banks) might include confirmation requests and follow up, or additional details or supplemental information, as needed.

While good planning and communication go a long way towards keeping your audit engagements on track, there are additional best practices that can also make a significant impact. One of these is having the entire engagement, including review, completed in the field. Client information should be received upfront and sample selections made ahead of time so that clients are prepared when the audit team arrives for fieldwork.

This strategy requires commitment and discipline from the team but improves the quality and efficiency of the audit. Reviewing the engagement in the field also minimizes the need to revisit with the client, which may add time and the impression of poor client service.

With effective planning and constant communication throughout the audit process, as well as completing the engagement in the field, your audit engagements can run smoothly while diligently adhering to professional standards.

Laura Crowley, CPA, MBA, is a manager at Citrin Cooperman and specializes in audit, accounting and advisory services for the financial services, hospitality, employee benefit and manufacturing industries.

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PUBLIC PRACTICE 4 practice management trends you should consider F RO M T H E A I CPA 2. Your cyber risk potential — regardless of your firm’s size Some smaller organizations believe the risk doesn’t apply to them, when in reality, 61 percent of data breaches happen at small businesses. That’s an important message for your small business clients.

You can help your clients be prepared to handle a cyberattack and assess your cyber risk with the resources found at bit.ly/ CPACyber. And if your firm is a member of the PCPS, check out the toolkit at bit.ly/ExploringCyber, which explores cybersecurity client opportunities.

Accounting firms are not immune from cyber risks, and the MAP Survey found a growing number of firms are insuring against cyber liability risk:

Is your firm operating at peak efficiency? You have the opportunity to leverage insights around certain practice management approaches that could help you become more effective and profitable.

The American Institute of CPAs’ Private Companies Practice Section (PCPS), in collaboration with CPA.com, invited firms of all sizes across the country to participate in the National Management of an Accounting Practice (MAP) Survey. More than 1,900 firms responded to the survey, and the findings revealed some important practice management trends you should be aware of. Consider the following: 1. Engaging clients outside the hourly billing box More and more firms are strengthening client relationships by shifting the conversation from time spent on services to the value of those services. Value pricing / value billing and fixed pricing allow the opportunity for you to potentially expand service offerings and become an even greater trusted adviser to your clients. These billing models might help minimize stress on your staff members while also promoting a healthy work/life balance.

According to the MAP Survey’s results on value pricing / value billing and fixed pricing: • There were big increases in the number of firms of all sizes using these models, with smaller firms leading the way.

• Firms with less than $200,000 in revenues increased their use of these billing models by 10 percent.

• Firms with $200,000 to $750,000 in revenues more than doubled their use of value pricing and value billing from the 2016 survey.

• Most firms had increased their use of fixed pricing.

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• Among firms with under $200,000 in revenues, 60 percent now have insurance, compared with 41 percent just two years ago.

• In firms with $200,000 to $500,000 in revenues, 67 percent were insured, up from 53 percent in 2016.

• For firms with $500,000 to $750,000 in revenues, the percentage went up to 70 percent from just 47 percent in 2016.

3. Investing in time-saving technology CPAs who aren’t regularly upgrading and enhancing their technology assets should give it serious consideration as the benefits for productivity and profitability are immeasurable.

Firms are investing more and more in technology. To remain competitive, you must keep up with this pace.

4. Diversifying services to keep up with your competition Traditional services may be a firm’s bread and butter, but many firms also are making solid inroads into client advisory services.

More than half of firms in almost every size category are providing some form of these services. If you don’t already have a foot in the water, now’s the time to dive in and distinguish your services from your competition.

The good news: Firms continue to enjoy solid growth According to the MAP Survey, most firms have increased net client fees — up 4.2 percent across all firms since the last survey results in 2016. Given the continuing demand for CPA services, there’s even more incentive to make sure your practice is working at peak efficiency and you’re maximizing opportunities.

Benchmarks are an important way to assess your firm’s inner workings, set priorities and establish goals. Make sure you’re considering these practice management trends from the MAP Survey, and you’ll be on the road to optimal success.

STATEMENT

JANUARY 2019

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BUSINESS & INDUSTRY Your company’s audit: Get a game plan ready B Y T H O MA S H. M A RTIN , CPA Editor’s note: The following article originally appeared in the July / August 2018 issue of New Jersey CPA magazine, a publication of the New Jersey Society of CPAs. It is reprinted here with permission.

No one actually looks forward to an audit. Paying someone who seemingly takes pleasure in scrutinizing your work, looking for mistakes in your financial statements and critiquing your procedures is not some­ thing many people eagerly await.

However, an audit doesn’t have to be painful.

If the audit is done right, you can learn valuable information about your company’s financial well-being and the strength of your internal controls.

The keys to a good audit are planning, preparation and communication. You want to have a good relationship with your auditors and keep the communication channels open — not just during the audit but year-round. You want to avoid surprises during the audit and difficult issues that will delay the issuance of your audit report. You’ll also want your auditor to keep you abreast of new accounting standards that may impact your financials as well as your ability to obtain financing.

ESTABLISH KEY DATES AND DEADLINES Planning is crucial to any audit. A foot­ball team doesn’t go into a game without a game plan, nor should you go into an audit without a plan. Your plan should start with establishing key dates and deadlines for both you and your external auditor. Whether you are the controller of a business, nonprofit organization or government agency, you probably have an audit done because a third party requires one by a certain date. Work backwards from the deadline and establish dates when each part of the audit process needs to be completed to meet the final goal. Plan to finish. Both the auditee and auditor must be held accountable and be aware of the consequences if they don’t do what they have agreed to in the audit plan.

C O NTI NU ED O N PA G E 14

A foot­ball team doesn’t go into a game without a game plan, nor should you go into an audit without a plan.

JANUARY 2019

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BUSINESS & INDUSTRY C O N T INUED FROM PAGE 13

PREPARE SCHEDULES AND DOCUMENTS Start planning for the audit early — at least two months before the end of your fiscal year. If you’re part of a large organization, ask your auditor what procedures can be done before year-end to save time later. Auditors will typically be happy to accommodate you since work can be done outside of their busiest time. Most auditors will give you a prepared by client (PBC) list. This is a list of schedules for you to prepare and other documents needed for the audit. Ask for this list early. You can generally put to­gether some of the information before you are busy closing out the yearend. Begin to accumulate information such as board minutes, new contracts and agreements, fixed asset additions, and supporting documentation for major transactions. Your auditor will be thrilled to receive this information early so that they can read and analyze it during their audit planning. The more your auditor knows about what transpired during the year, the better they can plan. A wellprepared auditor usually will make your life easier.

Ask your auditor to go through the PBC list carefully before giving it to you. Make sure they just don’t update last year’s list by changing the date. There may be items on the list that are no longer necessary. Avoid wasting time preparing schedules that audi­tors don’t need. When you get the PBC list, consider whether you already have an internal report that includes the informa­tion requested. As an auditor, I’ve worked with clients for years only to accidentally stumble across an internal report that would have been very useful for our audit.

EXAMINE PRIOR ADJUSTMENTS The fewer audit adjustments your auditor has, the more efficient the audit. Ask your auditor to review last year’s audit adjust­ments with you to understand which areas the adjustments affected and why they were made. Look closely at these areas before you close out your books. Make any necessary journal entries so that the au­ditor does not have to make adjustments. Also, ensure that your trial balance is final before giving it to the auditor. Making adjustments after the audit starts is a recipe for a long, drawn-out and difficult audit which could result in higher fees.

MINIMIZE DISRUPTION OF FIELDWORK Ask the audit partner or manager how many staff are scheduled to be on-site and when. If you’re the controller of a smaller organization or a one-person accounting shop, it’s not going to work out well if there are three or four auditors in your office at the same time. You aren’t going to be able to keep up with their requests, which will result in wasted time and frustration on both sides. Work with the auditor to ensure you have as much information ready in advance as possible, but know that more information will be needed as the audit progresses. No matter how well things are planned out, the audit fieldwork will be disruptive. You will want to make sure that the ratio of auditors to your staff is reasonable so you can meet their requests for information in a timely manner.

ASK FOR REGULAR UPDATES Ask your auditor to keep you regularly updated about the progress of the audit. One practice is to schedule a brief meeting every afternoon during the auditors’ fieldwork. The meeting should include the controller and accounting staff that are directly involved in the audit as well as the firm’s entire audit team. At the meeting, review that day’s progress and any additional information that is needed, any audit adjustments or proposed adjustments that were discovered and any other findings that were identified.

Also, review the plan for upcoming procedures to ensure that all the information needed is ready. Such a daily meeting can avoid misunderstandings or disagreements later in the process which could delay issuance of the audit report. Remember, the goal is to plan to finish.

Thomas H. Martin, CPA, is managing partner of Klatzkin & Company LLP.

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DIVERSITY & INCLUSION ‘No one succeeds on their own’ In 1955, no one would hire Lester McKeever. Then, a game-changing mentorship sent him on a path to a remarkable, award-winning career — and the AICPA’s highest honor B Y B I L L S H E R IDA N , CA E It was, needless to say, a “disheartening” experience, McKeever said. But it led to a fruitful relationship with a tireless mentor, a relentless conviction to succeed, and one of the most storied careers in the history of accounting and finance.

minorities interested in pursuing a career as a CPA. He is also a member of the Chicago Business Hall of Fame, and in 2016 the Chicago Urban League created the Lester H. McKeever Jr. Individual Service Award in his honor.

In October, McKeever was awarded the American Institute of CPAs’ 2018 Gold Medal Award of Distinction, the AICPA’s highest honor. It is bestowed annually “upon CPAs whose influence on the accounting profession has been especially notable,” the AICPA notes.

It’s a career that might have been derailed before it got started, had it not been for a fortuitous connection to one of the most influential CPAs who’s ever lived.

McKeever certainly applies.

LESTER MCKEEVER

Lester McKeever’s career seemed over before it had even begun.

It was 1955. He had just graduated from the University of Illinois at UrbanaChampaign with a degree in accounting and was ready to test the job-market waters, but all he heard from potential employers was … silence.

The lack of response was perplexing.

He was a talented student with a bright future, after all.

He was also black, and for an AfricanAmerican in 1955, job opportunities in corporate America were rare at best.

“Honestly, I can’t recall there being any opportunities,” said McKeever. “All of the Big Eight accounting firms and most of the major corporations would not even give me the courtesy of an interview.”

And when he finally received two interviews — arranged at the insistence of officials at the University of Illinois — he was essentially told he was unhirable. “Arthur Andersen, for example, said they would love to hire me but they couldn’t because their clients wouldn’t accept me,” he said.

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A partner with Mitchell Titus in Chicago, McKeever has served as chairman of the Federal Reserve Bank of Chicago, chair of United Way Chicago, chair of the Chicago Urban League, and board treasurer with the University of Illinois. He also has worked “to advance diversity within the profession on a national level and in his home state of Illinois,” said Lewis Sharpstone, CPA, CGMA, a member of the AICPA’s awards committee. “He serves as an example of the impact CPAs can make on their community, the profession and their colleagues.”

After more than 25 years of volunteer service to the Illinois CPA Society, McKeever has been recognized with the society’s Lifetime Achievement Award. In 2016, the ICPAS renamed its awards for members working to advance diversity in the profession after McKeever. His volunteerism at the national level has included terms on the AICPA’s Small Business and Minority Business Development Committees.

A founding member of the CPA Endowment Fund of Illinois, McKeever has paved the way for numerous AfricanAmericans and other underrepresented

‘STRIVE FOR THE ABSOLUTE BEST’ Shortly after his fruitless post-graduation interviews, McKeever took a job as a painter with a contractor named Allan Beasley, who happened to have a connection at the black-owned Mutual Life Insurance Company. A couple of introductions later, McKeever found himself working in the Mutual Life’s accounting department.

His supervisor at Mutual Life was a close friend of Mary T. Washington, who in 1943 had become the first female AfricanAmerican CPA in the country. Washington needed some part-time help during tax season, so she hired McKeever and immediately took him under her wing.

She showed him the ropes, told him what he needed to learn, and in 1959, he passed the CPA exam and officially joined the ranks of Washington, Pittman and McKeever, the firm Washington founded in 1939.

“She taught me to strive for the absolute best, to believe that mediocrity is not acceptable,” McKeever said. “At the same time, she was a very kind person, very helpful. She understood that everyone has their own issues and problems, and she was very attentive to that and tried to help if she could. … It was a nurturing, family atmosphere, and that stuck with me.”

STATEMENT

DIVERSITY & INCLUSION Those lessons drove McKeever has he climbed the accounting and finance ladder, and they framed his worldview of what it means to be a great leader. Today, he says “no better opportunity exists” than finding a mentor who helps you grow personally and professionally.

“No one succeeds on their own,” he said. “A lot people out there have a lot of experience and expertise that can be beneficial to you. And it goes beyond the actual work — they can use their life experiences to help guide you through your life. A mentor plays a very significant role. We are all, in one way or another, both mentees and mentors. We learn from others and, in turn, help others grow.”

‘EVERY VOICE SHOULD BE HEARD’ Having a mentor like Washington in his corner opened doors and created

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/mentorship-connection 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. opportunities for McKeever that might not have existed otherwise. Therein lies a dilemma when it comes to diversifying this profession: How do we create those opportunities for everyone — not just

those with access to influential mentors?

Progress has been made, particularly at large and mid-size firms and organizations.

But it has been slow, and painfully so at times. By some estimates, minorities C O NTI NU E D O N PA GE 18

Imagine... a chair without a desk Delivering Results - One Practice At a time Bradley Holmes www.APS.net JANUARY 2019

800-397-0249 Bradley@APS.net

17

DIVERSITY & INCLUSION C O N T INUED FROM PAGE 17

“It’s taken years to get where we are today. It’s going to take years more of being persistent and recognizing that economic inequality and disparity are dangerous things for all of us.”

Participants sought for Howard University survey on retention, promotion of accountants

- MCKEEVER

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.

accounted for 17 percent of the employees but only 5 percent of partners at accounting firms in 2017. McKeever said more must be done to create career paths that allow more women and minorities to advance to the highest levels of their organizations.

“We’ve had quite a few years to address this issue in our profession, and the progress you see at the senior manager and partner levels is still kind of rare,” he said. “We’ve done a good job in embracing the subject and trying to employ more African-Americans, but we still have a lot of work to do to help them move through these organizations into leadership roles.”

Real progress may not come until diversity and inclusion are baked into these organizations’ cultures — until, in other words, we stop talking about diversity and inclusion and actually become diverse and inclusive.

In the meantime, he said, each individual has the ability to make a difference — indeed, has a responsibility to do so.

Taking the time to step outside of our own four walls and speak up in favor of more diverse and inclusive cultures is something each of us can and should do.

“Every voice should be heard,” McKeever said. “It’s taken years to get where we are today. It’s going to take years more of being persistent and recognizing that economic inequality and disparity are dangerous things for all of us. I can’t emphasize enough the need for us to continue to address this.”

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A YEAR TO REMEMBER It’s been a remarkable year for McKeever.

In July his firm, Washington, Pittman & McKeever, was merged into Mitchell & Titus, the largest minority-controlled CPA firm in the country. Later, Chicago Mayor Rahm Emmanuel declared Sept. 30 “Mary T. Washington Wylie Day” in recognition of the 75th anniversary of McKeever’s mentor becoming a CPA. The Illinois CPA Society sought the declaration and celebrated the occasion by hanging banners from light posts along LaSalle Street and Jackson Boulevard in Chicago.

The public celebration of his mentor’s career clearly moved McKeever. “That made me very proud,” he said. “It’s been a really great year.”

The AICPA’s award — a celebration of a remarkable career that almost never was — made it that much more meaningful.

“I have been a proud CPA for a long time now,” McKeever said in accepting the award at the fall meeting of the AICPA’s governing Council. “We have a great profession and a bright future (and) I will commit to doing my very best to advance the profession.”

He already has.

Bill Sheridan, CAE, is editor of The Statement and chief communications officer for the Maryland Association of CPAs.

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, or even just interested in learning more, join the conversation and the community that we’re starting.

For more information, contact MACPA Chief Operating Officer Jackie Brown at jackie@macpa.org.

STATEMENT

JANUARY 2019

19

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UNIQUE ACCOUNTING SKILLS TRAINING FOR YOUR UNIQUE ROLE

Thursday, April 25, 2019 • College Park • CPE: 8 The Government & Not For Profit Conference addresses the unique technical and professional challenges of the CPAs working in these sectors. This annual, one-day event puts a special emphasis on the skills and insight that CPAs can immediately implement.

Group registration discounts apply.

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STATEMENT

TECHNOLOGY Automation doesn’t replace communication B Y A R I A NN A CA M P BE LL EXTERNAL COMMUNICATION In the last few years, several tools have digitized and automated the process of collecting client documents, obtaining signatures, delivering tax returns and more. Data collection and processing may be automated but applying expertise, using judgment and building client relationships is not.

It’s as essential as ever to have strong written communication skills to translate your insights into compelling documents and strong oral communication skills that allow you to convey pertinent financial information to executive teams and stakeholders. We’re living in a time of unprecedented access to information, yet all of this information is just noise if it’s not communicated effectively.

Communication is integral for any accounting firm, no matter the size. Without clear communication – both internally and externally – chaos is bound to occur. That’s why it’s essential to remember that while we might use automation to facilitate communication, automation will never replace communication.

INTERNAL COMMUNICATION Many firms have made the leap to an automated workflow tool that allows reviewers to enter review notes for preparers and track those review notes as they are addressed or resolved.

While this feature can help facilitate communication between the preparer and reviewer, unfortunately, some reviewers use these notes as a means of not having to actually talk to staff members. When they’re used as a means to “train” new staff, an extensive list of review notes is more a source of frustration for struggling preparers than a learning opportunity.

Review notes, whether handwritten or digital, do not take the place of training and coaching. Reviewers still need to

JANUARY 2019

supplement review notes with verbal discussion.

The fact that the preparer and reviewer are not in the same office is not an excuse. Technology allows teams to work remotely, but that doesn’t remove the need for “face-to-face” communication. Video conferencing is an excellent alternative to in-person review meetings. These conversations are how new staff members grow and develop. They are how relationships are built. Automated review notes can help your firm transform to a paperless model and streamline procedures, but they aren’t an excuse to side-step talking to the people you are supervising.

Automation can free up a lot of time spent on the front and back end of your client engagements, but technology isn’t just about helping us do the same work faster.

It should give us the time and opportunity to connect with clients in a way that brings them more value. That value doesn’t come from automated reminders asking your clients to upload their tax documents or sign an engagement letter. It comes from having a deeper understanding of what is keeping your clients up at night and providing sophisticated advice and analysis that helps them solve those problems.

Technology might improve the mechanics of communication, but it cannot replace the human element. For some, this reality may require cultivating a broader range of relationship skills. We can’t look at it as we “have to” talk to a client but as an opportunity to make connections and build relationships.

C O NTI NU E D O N PA GE 22

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TECHNOLOGY C O N T INUED FROM PAGE 21

Do your communication skills need a tune-up? Here are a few areas to work on: • Storytelling. Whether talking to a co-worker or a client, you want to present information in an interesting way. Nothing helps a person build a picture in their mind better than hearing about a real-life scenario. Tell a story through your analysis of financial information.

• Eye contact. Make eye contact with the person you are talking to. Eye contact indicates you are focused and paying attention.

• Credibility. When someone asks a question, it’s ok to say you don’t know the answer. Never make something up to avoid looking unprepared and always admit when you are wrong.

Credibility is of utmost importance in the accounting profession.

• Practice active listening. Make sure you hear the other person’s point of view during a discussion. Give your full attention rather than thinking about what you’ll say next.

• Communicate solutions. Clients look to their accountants for answers to help achieve their goals. Make sure you know what they are and communicate your solutions in a way they’ll understand.

• Slow down. It’s easy to breeze through what you want to say without making sure the other person understands.

Take a breath and slow down. It may seem counterintuitive, but it will save time in follow-up questions or missteps in the long run.

• Confidence. Be confident when you talk to clients and staff members.

Confidence does not mean arrogance.

Confidence comes from doing your homework and being prepared.

• Give feedback. Being able to give and receive feedback is an important communication skill.

With much of the number crunching and counting being performed by bots, AI and machine learning, the marketplace is already demanding that CPAs know how to leverage knowledge to provide insight and connect with people. If you want to remain relevant while automation disrupts the profession, you need to develop and refine a skillset that cannot be automated.

Machines are excellent at performing routine tasks, but catering to the needs of an individual is a uniquely human ability.

Arianna Campbell is a director with Boomer Consulting.

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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

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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!

STATEMENT

TECHNOLOGY Big Data, analytics, A.I., and the finance professional Data gathering and accounting’s role in it continue to change.

A thought leader explores the opportunities.

B Y A U B R E Y J O A CH IM , FCM A , CGMA

Artificial intelligence (A.I.) and robotization will affect many elements of the human endeavour. That includes the way humans interact, how work is done, and what work need not be done by humans.

These advancements present an opportunity for finance professionals, provided they embrace these tools. Businesses will still have roles in which insight, transparency, stewardship, and ethical corporate conduct are valued, and strategic finance professionals can fill these roles.

Risks remain, but mainly for those who fail to appreciate the new tools and get left behind. Finance professionals must live with this changing, disruptive, but opportune environment and explore opportunities whereby the finance function itself can harness the power of Big Data and analytics to significantly transform itself and the organization.

Transformation can manifest itself in a number of ways across the entire finance spectrum, from the transactional space at the bottom of the finance pyramid to the top end of knowledge and value generation.

In today’s age of digitization, there is a major shift in the way transactional data are captured, recorded, verified, and converted into information. All of this is about to change even further with the advent of technologies such as blockchain and distributed ledgers.

Inventories and inventory transactions are another case in point. Inventory receipts, issues, stock-takes, and valuations are today automated and digitally tracked using radio frequency identification (RFID), which can be reflected directly as transactions in ledgers and financial statements. Human accountants may not be required at all in this once-major role that they played in organizations.

Add to this mix all the other data – customer, supplier, human resource, as well as myriad external data. The end game is that massive volumes of organizational data can be accurately captured more quickly and much more efficiently. The challenge now is deriving value from all these data.

C O NTI NU E D O N PA GE 26

JANUARY 2019

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TECHNOLOGY C O N T INUED FROM PAGE 27

The era of preparing periodic accounts – month-end, quarter-end, etc. – will be over. An organization’s financial position will be quite accurately ascertained instantaneously and at any point in time.

The human accounting involved in the process will also decline.

Reporting will take an entirely different meaning in organizations. A report by definition is a backward look. Self-service reporting, where organizational managers will be taught by their finance business partners how to extract the information they need, will replace the need for defined periodic reports. Instead, smart finance professionals will be required to provide insights into the future.

This is the challenge for next-generation finance professionals. Already in worldclass companies, not only has the volume of standard reports produced been significantly reduced, but also, more importantly, a greater proportion of the remaining reports are forwardlooking insights.

It must also be said that reports will need to be automated and dynamic, and take the form of intelligent dashboards based on data visualization techniques that engage the audience. Once again, the human element of processing reports will decline, but a different human element will be called for. Finance professionals will be called on to play a major role in this reporting shift if they are to retain their influence in organizations.

Finance has traditionally played a significant and sometimes preferred role in respect of organizational controls from simplistic reconciliations to audits, forensics, and even governance. This is perhaps the space that has been impacted the most due to digitization and automation.

Processes involving data sharing and distribution from one point to another are digitally verified, and thereby dynamic controls have been embedded. Therefore, the significant involvement of finance professionals in the traditional controls space is disappearing.

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Instead, there is a need for finance to shift its focus to dynamic and perhaps preventive controls, as well as risk management, using significantly more sources of data. With this shift, the transformed finance function should be able to play an even more important role in stewardship and governance within organizations.

The top of the finance pyramid is the space where Big Data and analytics must play the most significant role in the transformation of the finance function and the shift of the finance professional to the role of a trusted and valued business partner.

The pre-digitization era restricted finance to a narrow window of organizational data – mostly financial – and therefore prevented the finance professional from using the significant management accounting tools and techniques that he or she is taught.

The current era of Big Data and analytical platforms has opened up an entirely new opportunity in which finance can get involved: strategic decision support. This is perhaps where the future of finance and the finance profession is. Let’s explore this role further.

The CFO function has the important prerogative of being able to cut across the entire organization. This opens to the finance professional access to all of the organization’s data, not just the financial data. Thus the opportunities for providing decision support are significant and can lead to more engaging business partnering.

Increasingly, finance professionals are called upon to play an expanding role in organizational strategy as well as integrated reporting. It is in this context that Big Data and analytics have the most influence. Finance must broaden its perspective to harness all organizational data as well as external data to construct the bigger picture of the organization in its operating environment and, more importantly, to add value.

Thus, budgeting will no longer be a simplistic spreadsheet exercise of transposing a set of sales figures provided by the sales and marketing manager to

a financial spreadsheet, but rather will involve working closely with the business managers to add significantly more robustness to operational projections based on multiple sources of internal and external data that have been analysed and related to drivers that influence the bottom-line outcomes.

Finance professionals should be able to combine their powerful management accounting skills and exploit management accounting tools to convert data into predictive insights. In this way, finance can definitively claim that it is influencing the organization’s strategic direction.

Further, the traditional simplistic budgetto-actual variance reporting must give way to a much more insightful understanding of organizational performance. Combining the analytics and the A.I. perspective, such performance management will not only be dynamic but also be customizable in order to influence different parts of the organization.

A number of analytic and data visualization software platforms allow finance professionals to provide the strategic decision support demanded of them.

Many other value-adding opportunities can open to finance professionals in this space. The limit is beyond imagination.

The challenges for finance professionals in the fast-shifting era of Big Data, analytics, and A.I. are many, the most important being a willingness to keep an open and changing mindset. The other factors are improving and enhancing technical skills in analytical sciences such as statistics as well as in the use of analytic software platforms.

Aubrey Joachim is the founder of Leading Edge Change, a business-partnering firm in Australia. He is a past global president of the Chartered Institute of Management Accountants. © 2017 Association of International Certified Professional Accountants. All rights reserved.

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27

FINANCIAL PLANNING 5 tax planning tips to help your clients benefit from tax reform B Y SU SA N C . A LLE N , CPA , CITP, C GMA One thing is certain: Life is constantly changing. We must stay flexible and make the most out of the situation.

The same is true for taxes. With the recent passing of the Tax Cuts and Jobs Act, many taxpayers will see changes to their tax situation. Now is the time to plan for those changes and embrace the opportunities.

Here are five tax planning tips for your clients to explore today.

1. Consider adjusting your withholding and estimated tax payments (if you haven’t already) and making tax-savings deferrals.

No one likes surprises when it comes to their tax bill. With the many 2018 tax law changes, it’s important to revisit how you are withholding taxes from your paycheck. If you’re withholding too much, you’ll get a bigger refund at the end of the year when you file your taxes, but you could have had that money sooner. If you will owe more taxes this year, increasing your withholding and / or paying estimated tax payments can mitigate a large tax bill when you file your return. Plus, there are interest and penalties that you could be assessed if you don’t pay enough taxes throughout the year.

The IRS has revised its 2018 withholding tables based on the new tax laws, and taxpayers should consider updating their Form W-4, Employee’s Withholding Allowance Certificate, with their employer. The IRS also provides a withholding calculator to help you determine the effect of the 2018 tax changes (though you will likely still need professional guidance).

Also, explore other tax savings deferral opportunities that are provided by your employer, such as increasing the amount you are deferring to a 401(k) and putting more money in a health savings account or flexible spending account.

2. Consider “bunching” certain expenses so you’re able to maximize tax benefits.

The standard deduction is now double what it used to be, and millions of taxpayers will no longer itemize their expenses. This means certain taxpayers will no longer receive a tax benefit from deductions they used to regularly claim. However, with some careful planning, you can still see benefits from some of your old deduction friends. For example, if you are a charitable person, consider bunching your donations into one tax year so that you reap the tax benefits of those gifts.

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3. For small business owners, understand the new deduction for qualified business income.

There is a new deduction that allows owners of sole proprietorships, S corporations and partnerships to deduct up to 20 percent of their business income. The intent of this new deduction is to help these business owners keep pace with the large tax cuts associated with C corporations (C corporations now pay a flat 21 percent tax rate, a big cut from the prior-law graduated rates of 15 percent, 25 percent, 34 percent, and 35 percent).

There are many complexities associated with this new deduction, including limitations, income phase-outs, questions about what is considered “income” for purposes of the deduction — to name a few.

Given these changes, you may want to rethink how your business is structured. Careful analysis is needed to determine if you’re financially better off being a sole proprietorship, flow-through entity or a C corporation.

4. Consider paying down your home mortgage and home equity loans.

Because of the increased standard deduction, some taxpayers will no longer receive a tax benefit from the mortgage interest paid on their home. Plus, under the new rules, you can’t deduct interest paid on your home equity loan or line of credit if the money was used for purposes other than buying or improving your home.

Now is a great time to look at your balance sheet. Review your assets and liabilities, pay attention to the interest rates you’re paying (net of any tax savings), and start paying off debt.

Taxes are always a huge consideration, but overall financial stability and debt management should be your focus.

5. Talk to your CPA. It’s advisable to talk to your CPA to help you navigate the constantly changing and complex tax laws. CPAs must comply with extensive education and experience requirements, making them the best tax professional for you to consult about these changes. Visit the 360 Degrees of Financial Literacy website to learn about the benefits of choosing a CPA for all of your tax needs and to find a CPA in your area.

Susan C. Allen, CPA, CITP, CGMA, is senior manager of tax practice and ethics for the American Institute of CPAs.

STATEMENT

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FINANCIAL PLANNING ‘A lot to think about’ MACPA’s 33rd annual PFP Conference addresses cognitive processes and biases, holistic estate planning, and more B Y SE T H H A MM E R, CPA , P H. D. The MACPA’s 33rd annual Personal Financial Planning Conference addressed a variety of issues, ranging from an examination of the operation of basic cognitive decision-making processes, including its potential practical impact in the financial planning process, to the bigpicture issue of holistic estate planning.

Skill development included both the soft — such as how to create client loyalty by understanding family dynamics — and the more technical, such as estate administration and maintaining data privacy in a digital age.

Keynote speaker Toby Groves examined the concept of critical thinking and its relationship with cognitive processes and biases. Groves explained how CPAs and financial planners, faced with all manner of decision information inputs, use their “reticular activating system,” a relatively small portion of the brain, to filter out the more important areas of concern from the less important. This system allows us to establish priorities for our professional duties, but the filtering mechanism can also be impacted by our beliefs, values, and biases ... and it does not always provide optimal results.

A CPA’s professional skepticism, for example, impacted by the filter of the reticular activating system, may, left unchecked, lead to potentially biased conclusions in areas such as pattern identification. Our past experiences may, it was explained, make us more likely to identify patterns that do not exist.

Conversely, if a pattern of behavior is incompatible with our expectations, we may, potentially, wrongfully dismiss it. For financial planners, the issue of potentially biased professional skepticism

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may be an important issue of concern when attempting to predict and assess future client behavior — for example, how a client would react to a sudden and significant market decline.

Groves also discussed a variety of cognitive biases, including “anchoring,” a bias that can potentially undermine CPAs in their efforts to fulfill their financial planning responsibilities. Anchoring bias occurs when an individual is overly influenced by recent events — a recent period of highly positive economic data, for example — and may potentially lead to less credence being paid to what may be a greater likelihood that conditions will revert to their long-term patterns of performance.

Groves suggested a number of steps to reduce the potential impact of a biased reticular activating system and other forms of cognitive biases, including making conscious efforts to gain an understanding of the nature of the reviewed data and to be realistic in assessing its actual predictive value. Collaboration and communication may also prove effective in minimizing potential dangers of human decision-making biases. Mechanical processes such as statistical analysis and predictive algorithms can also potentially prove effective in reducing such biases.

Other issues addressed at the conference included: • a broad holistic approach to estate planning by Charlie Wolpoff, • a specific item-by-item checklist approach for estate administration by Maurice Offit, and • a review by Kevin Bress of how the enactment of recent laws may impact a family’s ability to digitally access a decedent’s financial information.

Wolpoff addressed how estate planning provides not only a process for passing on wealth from one generation to another, but also an opportunity for an individual to convey a family’s sense of values from one generation to the next. Through this process, grandparents may, for example, allow their grandchildren to understand how they lived and what they viewed as their purposes in life.

Offit provided and discussed a specific item-by-item checklist of the duties to be performed pursuant to effective administration of a decedent’s estate.

The detailed checklist approach covered a range of responsibilities, including the more common (locating assets, for example) and others that might be lesser know (contacting, where applicable, the Maryland Anatomy Board’s Body Donation program, for example).

Bress’s presentation included a review of the Revised Uniform Fiduciary Access to Digital Assets Act. Generally, agents with power of attorney and trustees, but not family members, are covered by this act.

Planning has already begun for the MACPA’s 34th annual 2019 PFP Conference. The PFP Committee, as part of its commitment to provide its participants with the latest in cutting edge PFP education, welcomes suggestions from its MACPA members regarding potential speakers and topics.

Seth Hammer, CPA, Ph.D., is a professor of accounting at Towson University.

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FINANCIAL PLANNING What the new tax law means for your charitable giving B Y C H U C K WI E N CKOW SKI, CPA /PF S , C DFA, AEP For charitable contributors unwilling to let go of that tax break, there are strategies to potentially salvage your charitable deduction.

One technique is known as “bunching.” Instead of donating every year, you might give a larger amount every other year. For example, instead of giving $6,000 to charity annually, increase the gift by donating $12,000 every two years. This may result in itemizing in one year and taking the standard deduction the next.

Another strategy is the use of a donor-advised fund. These funds permit you to make a charitable contribution and receive an up-front tax deduction for the full donation, and then direct grants from the fund to your favorite charities over time. For example, contribute $10,000 to a donor-advised fund; receive a one-time tax deduction; and spread the donations to your favorite charities over the next several years.

Before your clients make end-of-year charitable contributions, they may want to consider the changes wrought by the Tax Cuts and Jobs Act signed into law by the president in December 2017.

The change potentially most relevant to your charitable giving strategy is the increase to the standard deduction. Effective in 2018, the new law almost doubles the standard deduction for individuals, couples, and heads of households to $12,000, $24,000, and $18,000, respectively. Taxpayers have the option of utilizing the larger of itemized deductions or the standard deduction. Itemized deductions include a variety of expenditures such as medical expenses, state and local taxes, and — one of the most popular itemized deductions — charitable contributions.

Under the new law, most lower and middle-income taxpayers may not have enough total itemized deductions to exceed the higher standard deduction levels. Estimates report that 18 million households will itemize deductions in 2018, down from more than 46 million last year. Without the itemized deductions, most people will lose all tax benefits related to charitable giving.

Effective in 2018, the new law almost doubles the standard deduction for individuals, couples, and heads of households...

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Taxpayers age 70½ and older might consider a direct transfer of up to $100,000 from their Individual Retirement Account to a qualifying charity. These qualified charitable distributions can be a tax-efficient way of satisfying your required minimum distributions (RMDs), and you don’t need to itemize your deductions to benefit. In fact, the direct transfers to charity are not included in income, nor are they an itemized deduction.

Since the adjusted gross income is not increased by the transfer, other benefits to a reduction in AGI may result. Among these are a reduction in the taxable portion of Social Security benefits and the avoidance of possible increases to the amount of Medicare premiums.

Finally, consider making non-cash charitable donations with stocks or other appreciated assets. The amount of the deduction is the asset’s fair market value at the date of gift, not the historical cost. For example, assume that IBM stock is purchased 10 years ago for $5,000 and at the date of the contribution it is worth $15,000. The amount of the tax-deductible contribution is $15,000, and you have avoided a capital gains tax on the $10,000 appreciation.

Chuck Wienckowski, CPA/PFS, CDFA®, AEP®, is a principal with The Kelly Group, a Bel Air-based firm providing comprehensive financial services. He is a member of the MACPA’s Personal Financial Planning Committee.

Securities offered through Cambridge Investment Research, Inc., a broker/dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Cambridge Investment Research, Inc. is not affiliated with The Kelly Group. 54 East Gordon Street, Bel Air, MD 21014.

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FROM OUR PARTNERS The ongoing evolution of client communications: What it means for your firm B Y DA R R E N R OOT, CPA With the rise in cybercrime and the modern demands of today’s tech-savvy clients, firms can no longer ignore the need to transition away from traditional, outdated modes of client communication — i.e., e-mail and portals.

The fact is, many clients no longer want to use either. Clients want to work with their trusted tax and accounting advisor in real time, from the device of their choice, and within a platform that supports the highest level of security. Neither e-mail nor portals deliver on all of these demands.

To truly understand the urgency of moving away from the old ways of communicating with clients, it’s important to understand the core challenges: • The insecurity of e-mail is a reality: With the rise in e-mail hacks and scams, e-mail is clearly not the way to go.

Clients are sending personal, sensitive information — a cybercriminal’s dream and a firm’s worst nightmare in the case of a data breach.

• E-mail creates silos: E-mail is the fastest way to bottleneck a firm’s workflow. Using e-mail to support client communications forces information silos, because data is ultimately held hostage within staff inboxes. This also obliterates any chance to achieve full visibility of data across departments and roles.

• Portals just confuse: The shortage of modern portal solutions available to the profession continues to create issues for firms.

Outdated portal applications can be confusing for clients to use — proving clunky and, therefore, easily abandoned.

• Both make onboarding cumbersome: Neither e-mail nor portals are the answer for firms seeking to implement a smooth, automated onboarding process. Because e-mail silos information and portals are anti-user-friendly, neither support a streamlined onboarding workflow.

GETTING TO A MODERN SOLUTION Because these issues are real, it’s time for firm leaders to rethink client communications. It’s time to elevate the client experience, and that starts with an advanced communications strategy.

What does this mean for firms? It means redefining what “secure sharing” means to you and then implementing a platform that blows away the moderate security standards offered via most portal solutions. It means providing clients with an advanced platform from which they can easily and effectively collaborate with your staff, complete with a mobile option. And it means using a platform that offers full visibility to client information across your firm — eliminating the silo effect.

Clients want to work with their trusted tax and accounting advisor in real time, from the device of their choice, and within a platform that supports the highest level of security.

Firms don’t have to look far for inspiration. There are several examples of modern client communication platforms out there.

For example, Chase Bank’s platform represents the gold standard within the financial services industry, offering secure sharing of communications and data, thumbprint login, simple notifications, and functionality.

And there are gold-standard platforms available for the accounting profession as well. At the heart of what firms need is a secure sharing solution, one that supports a highly secure, collaborative, and streamlined working relationship between clients and staff.

For firms ready to subvert the traditional client communications paradigm, it’s critical to achieve a few key objectives: 1. Military-grade secure sharing: Move all client communications out of e-mail and portals and into a modern platform. This includes moving client-firm messaging, engagement letters, and document and data sharing.

2. Full visibility: Offer a central platform that provides complete transparency into all client communications, including work in progress, notes, client items for pick-up, client onboarding, and more.

3. In-their-pocket access: Clients want access to information quickly and conveniently. This means supporting them with a premium mobile solution as well. Allow clients to work the way they want to work — on the go, from any device, a true in-their-pocket solution.

With the ongoing threat of cyber breaches and ever-changing client demands, client communications will continue to evolve in the accounting profession. Firms that stay ahead of changing client needs are those that will continue to prosper today and well into the future.

Darren Root, CPA, is the CEO of Liscio, a strategic partner of the MACPA.

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STATEMENT

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STATEMENT

MEMBER NOTES FIRM NOTES Jennifer Carl has joined the Rockville office of Dembo Jones, P.C., as a paraprofessional.

Kelly Dennis has been named a manager with the Nonprofit practice at CliftonLarsonAllen Wealth Advisors, LLC. Jeffrey H. Lewis, CPA, CFF, ABV, CVA, CFE, MAFF, has joined the Rockville office of Dembo Jones, P.C., as a director.

Christopher J. Mathews, CPA, has joined Lanigan, Ryan, Malcolm & Doyle, P.C., as the firm’s newest director.

Taylor McGinley has been named a director with the Employee Benefits practice at CliftonLarsonAllen Wealth Advisors, LLC. Jennifer Montoya, CPA, has joined Lanigan, Ryan, Malcolm & Doyle, P.C., as the firm’s newest manager.

Cynthia Orantes has joined the Rockville office of Dembo Jones, P.C., as a staff accountant.

Chris Rosenthal, CPA, director and leader of Ellin & Tucker’s Disputes, Forensic and Valuation Services practice, has been elected chair of the Business Valuation Resource Panel with The Appraisal Foundation, the nation’s foremost authority on the valuation profession. Rosenthal will oversee the strategic direction of the Business Valuation Resource Panel and ensure the Panel meets the mission as set by The Appraisal Foundation.

SHARPENING SUCCESS SKILLS AT MCDANIEL’S ANNUAL INTERVIEWING DAY Renie Tsomos, a senior accounting economics and business administration major from Forest Hill, Md., interviews with Aaron Slaughter and Lindsey Miller from Withum during McDaniel College’s Interviewing Day. Held on Oct. 4, the annual event gives students the opportunity to “speed interview” with businesses in the Baltimore / Washington area for internships or jobs, or to gain experience in the interviewing process itself. More than 175 interviews were conducted in a three-hour time period, and more than 50 sophomores, juniors, and seniors at McDaniel College majoring in accounting economics, business administration, and economics participated. Among the businesses that participated were CliftonLarsonAllen LLP; E. Cohen and Company, CPAs; Gorfine, Shiller & Gardyn; Gross Mendelsohn; Hertzbach & Company; KatzAbosch; RSM; and Withum.

JANUARY 2019

Ten Maryland firms have been included on Accounting Today’s 2018 list of the Best CPA Firms to Work For. The Maryland firms honored include the following: Best small • No. 15: • No. 22: • No. 24: • No. 32: • No. 37: • No. 45:

firms HeimLantz CPAs, Annapolis Lanigan, Ryan, Malcolm & Doyle, Gaithersburg Santos, Postal & Co., Rockville E. Cohen and Co. CPAs, Rockville Bormel, Grice & Huyett, Laurel WeberMessick, Baltimore

Best mid-size firms • No. 7: Clearview Group, Owings Mills • No. 12: Gelman, Rosenberg & Freedman, Bethesda • No. 28: Snyder Cohn, North Bethesda Best large firms • No. 1: SC&H Group Inc., Sparks Congratulations to all of the honored firms!

Ten professionals and supporters from Councilor, Buchanan & Mitchell, P.C., ran in the Oct. 28 Marine Corps 10K in Washington, D.C., in support of the Children’s Inn at NIH, a not-for-profit residence for families with children participating in leading-edge research studies at the National Institutes of Health in Bethesda.

Rosen, Sapperstein & Friedlander, LLC, has been selected to join Accelerent Baltimore, a business development platform, as the official exclusive accounting firm partner. Accelerent’s Baltimore partners include Howard Bank, the Baltimore Orioles, Merritt Properties, Kaiser Permanente, and numerous others across a variety of industries.

Smith Elliott Kearns & Company, LLC, is refreshing its branding.

Over the years, the firm’s clients and communities have come to refer to them as SEK, and the firm has now incorporated that title into a new brand redesign. SEK remains the same company and team with a new, bolder presence.

SEK has been named one of the top 250 private companies in Central Pennsylvania for 2018. Out of 250 companies annually ranked by the Central Penn Business Journal, SEK landed at No. 116.

The Hagerstown office of SEK has moved from its North Potomac Street location to 19405 Emerald Square, Suite 1400 in Hagerstown. The new facility will provide the firm with additional space to accommodate its current needs and allow room for future growth.

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What’s on Line 37? ‌your opportunity to help save a life by making a taxdeductible donation to the Maryland Cancer Fund, which provides cancer prevention, screening, and treatment for lowincome Maryland residents.

This tax year, please donate on Line 37.

www.mdcancerfund.org Maryland Department of Health 201 W. Preston St., Baltimore, MD 21201 Phone: 410-767-6213

Larry Hogan, Governor | Boyd Rutherford, Lieutenant Governor | Robert R. Neall, Secretary

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STATEMENT

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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.

DON’T MISS THE FULL LIST OF UPCOMING CPE COURSES IN-PERSON EVENTS AND COURSES: Page 43

ONLINE EVENTS AND COURSES: Page 46

job openings TAX PROFESSIONALS FOR BUSY SEASON.

Kenneally & Company, a mid-size Towson CPA firm of highly motivated professionals, seeks like-minded individuals experienced with individual and business income tax return preparation. Familiarity with ProSystem fx is a plus. Flexible hours and a pleasant working environment. Forward your resume via e-mail to mlindemon@jlkcpas.com or via fax, (410) 321-9809.

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

HOW TO SUBMIT A CLASSIFIED AD To submit a classified ad, contact Krislyn Suljak at krislyn@macpa.org, or 443-632-2307.

REPLIES TO ADS WITH FILE NUMBER: Email krislyn@macpa.org, or reply via mail: Krislyn Suljak MACPA, Classified Ads 901 Dulaney Valley Road, Suite 800, Towson, MD 21204

JANUARY 2019

‘18-19’

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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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WEBCAST Events & Courses: page 46

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AC CO U N TIN G & AUDITIN G (IN -PE R SON) 3/13/19

Revenue Recognition Before and After New US GAAP: Case Studies of the Impact of Applying Changes in Accounting and Financial Reporting

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Quarterly Financial Leaders Series - Leading the Shift: Leadership for Financial Professionals in the 21st Century

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$500

Timonium + Online

SPECIA L I Z ED K NOWLEDGE & APPLICATIO N S (IN -PERSO N ) 1/24/19

CPA DAY 2019 - Members Only

2

7:30 AM – 12 PM

$0

-

Annapolis

3/20/19

Microsoft Office 365 - Productivity Features Update for CPAs

8

8 AM – 3:30 PM

$330

$480

Columbia

4/17/19

Excel Pivot Tables In-Depth

8

8 AM – 3:30 PM

$330

$480

Columbia

4/23/19

Introduction to Power BI

8

8 AM – 3:30 PM

$345

$445

Columbia

5/9/19

Power BI as an ETL Tool

8

8 AM – 3:30 PM

$345

$445

Timonium

6/18/19

Dashboard Development for Data Analysis

8

8 AM – 3:30 PM

$345

$445

Timonium

TAX (IN- P ERS O N) 1/9/19

The Complete Guide to the Preparation of Form 1041

8

8 AM – 3:30 PM

$310

$410

Timonium

1/10/19

MACPA’s 1040 Fast Track

16

8 AM – 4 PM

$400

$500

Timonium + Online

1/16/19

Annual Tax Update: Corporations and Pass-Through Entities

8

8 AM – 3:30 PM

$310

$410

Frederick

1/24/19

Postmortem Estate Planning

8

8 AM – 3:30 PM

$310

$410

Columbia

T E CH N O L O GY ( I N- PERSON) 1/15/19

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

2/20/19

Excel Boot Camp Refresher

8

8 AM – 3:30 PM

$330

$480

Columbia

2/27/19

Advanced Power BI

8

8 AM – 3:30 PM

$345

$445

Timonium

3/20/19

Microsoft Office 365 - Productivity Features Update for CPAs

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

JANUARY 2019 *additional early registration discounts are available for in-person + simulcast events when registering more than 30 days in advance.

45

DATE

COURSE TITLE

CPE

TIME

MEMBER

NON-MEM. LOCATION

DATE

COURSE TITLE

CPE

TIME

MEMBER

NON-MEM. LOCATION

Upcoming ONLINE Events & Courses

A CCO U N TIN G & AUD ITIN G (ONLINE) 1/2/19

Forensic Accounting: Uncovering Schemes and Scams

4

9 AM – 1 PM

$159

$199

Online

1/2/19

Applying Professional Skepticism in an Audit

4

1 PM – 5 PM

$159

$199

Online

1/2/19

Integrating Audit Data Analytics into the Audit Process

8

9 AM – 5 PM

$249

$319

Online

1/3/19

Fraud: Recent Findings, Red Flags and Corruption Scheme

4

1 PM – 5 PM

$159

$199

Online

1/3/19

The Most Common Financial Statement and Asset Fraud Schemes: How to Detect and Prevent Them

4

9 AM – 1 PM

$159

$199

Online

1/4/19

2018 SEC Quarterly Update Q4 WebcastHighlights from the SEC Conference

3

1 PM – 4 PM

$139

$179

Online

1/4/19

Purchasing, Inventory, and Cash Disbursements: Common Frauds and Internal Controls

4

1 PM – 5 PM

$159

$199

Online

1/8/19

Revenue Recognition: Mastering the New FASB Requirements

8

9 AM – 5 PM

$249

$319

Online

1/8/19

Leases: Mastering the New FASB Requirements

8

9 AM – 5 PM

$249

$319

Online

1/9/19

Financial Reporting for Not-for-Profit Entities

4

9 AM – 1 PM

$159

$199

Online

1/9/19

Audits of 401(k) Plans

8

9 AM – 5 PM

$249

$319

Online

1/10/19

Accounting and Auditing Update

4

9 AM – 1 PM

$159

$199

Online

1/10/19

Documenting Your EBP Audit: What You Need to Know

8

9 AM – 5 PM

$249

$319

Online

1/11/19

Fraud and Cash Receipts: Common Frauds and Internal Controls

4

1 PM – 5 PM

$159

$199

Online

1/14/19

Applying the Uniform Guidance in Your Single Audits

8

10:30 AM – 6:30 PM

$249

$319

Online

1/14/19

Advanced Defined Contribution Plans Audit Certificate Exam Review

8

9 AM – 5 PM

$399

$499

Online

1/16/19

Annual Update for Accountants and Auditors

8

9 AM – 5 PM

$249

$319

Online

46

Group discounts are available.

STATEMENT

DATE

COURSE TITLE

CPE

TIME

MEMBER

NON-MEM. LOCATION

ACCOUNTING & AUDITING (ONLINE), CONTINUED 1/17/19

Statement of Cash Flows: Preparation, Presentation, and Use

4

9 AM – 1 PM

$159

$199

Online

1/18/19

Audit Workpapers: Documenting Field Work

4

9 AM – 1 PM

$159

$199

Online

1/18/19

Audit Workpapers: Reviewing Field Work

4

1 PM – 5 PM

$159

$199

Online

1/18/19

GASB No. 74 & 75: Best Practices in OPEB Accounting & Auditing

4

9 AM – 1 PM

$159

$199

Online

1/21/19

Interpreting the New Revenue Recognition Standard: What All CPAs Need to Know

4

10:30 AM – 2:30 PM

$159

$199

Online

1/23/19

Accounting for Nonprofit Grants and Contracts

2

1 PM – 3 PM

$99

$129

Online

1/25/19

Not-for-Profit Accounting and Auditing Update

4

9 AM – 1 PM

$159

$199

Online

1/28/19

Grow Your Business from Within: How to Deliver Maximum Value to Clients on Every Engagement

2

11 AM – 1 PM

$75

$90

Online

1/30/19

Governmental Pensions: Prepare for a Changing Landscape

4

9 AM – 1 PM

$159

$199

Online

2/1/19

Applying Professional Skepticism in an Audit

4

1 PM – 5 PM

$159

$199

Online

2/1/19

Forensic Accounting: Uncovering Schemes and Scams

4

9 AM – 1 PM

$159

$199

Online

2/1/19

Construction Contractors: Accounting, Auditing, and Tax

8

9 AM – 5 PM

$249

$319

Online

2/5/19

Fraud: Recent Findings, Red Flags and Corruption Scheme

4

9 AM – 1 PM

$159

$199

Online

2/6/19

The Most Common Financial Statement and Asset Fraud Schemes: How to Detect and Prevent Them

4

9 AM – 1 PM

$159

$199

Online

2/6/19

Fraud and Cash Receipts: Common Frauds and Internal Controls

4

1 PM – 5 PM

$159

$199

Online

2/8/19

Revenue Recognition: Mastering the New FASB Requirements

8

9 AM – 5 PM

$249

$319

Online

2/11/19

Accounting and Auditing Update

4

10:30 AM – 2:30 PM

$159

$199

Online

2/11/19

Not-for-Profit Accounting and Auditing Update

4

1 PM – 5 PM

$159

$199

Online

2/12/19

Applying the Uniform Guidance in Your Single Audits

8

9 AM – 5 PM

$249

$319

Online

2/12/19

Leases: Mastering the New FASB Requirements

8

9 AM – 5 PM

$249

$319

Online

2/14/19

U.S. GAAP: Review for Business & Industry

8

9 AM – 5 PM

$249

$319

Online

2/15/19

Interpreting the New Revenue Recognition Standard: What All CPAs Need to Know

4

9 AM – 1 PM

$159

$199

Online

2/18/19

Annual Update for Accountants and Auditors

8

9 AM – 5 PM

$249

$319

Online

2/21/19

How to Identify, Explain, and Present Pertinent Financial Information to Non-Accountants

2

12 PM – 2 PM

$75

$90

Online

2/28/19

Financial Reporting for Not-for-Profit Entities

4

1 PM – 5 PM

$159

$199

Online

3/1/19

Applying Professional Skepticism in an Audit

4

1 PM – 5 PM

$159

$199

Online

3/1/19

Forensic Accounting: Uncovering Schemes and Scams

4

9 AM – 1 PM

$159

$199

Online

JANUARY 2019 *additional early registration discounts are available for in-person + simulcast events when registering more than 30 days in advance.

47

DATE

COURSE TITLE

CPE

TIME

MEMBER

NON-MEM. LOCATION

ACCOUNTING & AUDITING (ONLINE), CONTINUED 3/6/19

Accounting and Auditing Update

4

9 AM – 1 PM

$159

$199

Online

3/6/19

Not-for-Profit Accounting and Auditing Update

4

1 PM – 5 PM

$159

$199

Online

3/6/19

Fraud and Cash Receipts: Common Frauds and Internal Controls

4

1 PM – 5 PM

$159

$199

Online

3/7/19

Revenue Recognition: Mastering the New FASB Requirements

8

9 AM – 5 PM

$249

$319

Online

3/7/19

Fraud: Recent Findings, Red Flags and Corruption Scheme

4

1 PM – 5 PM

$159

$199

Online

3/7/19

The Most Common Financial Statement and Asset Fraud Schemes: How to Detect and Prevent Them

4

9 AM – 1 PM

$159

$199

Online

3/11/19

Applying the Uniform Guidance in Your Single Audits

8

10:30 AM – 6:30 PM

$249

$319

Online

3/12/19

Statement of Cash Flows: Preparation, Presentation, and Use

4

9 AM – 1 PM

$159

$199

Online

3/13/19

Interpreting the New Revenue Recognition Standard: What All CPAs Need to Know

4

9 AM – 1 PM

$159

$199

Online

3/15/19

Financial Reporting for Not-for-Profit Entities

4

9 AM – 1 PM

$159

$199

Online

3/18/19

Leases: Mastering the New FASB Requirements

8

9 AM – 5 PM

$249

$319

Online

3/20/19

Annual Update for Accountants and Auditors

8

9 AM – 5 PM

$249

$319

Online

3/28/19

How to Identify, Explain, and Present Pertinent Financial Information to Non-Accountants

2

12 PM – 2 PM

$75

$90

Online

4/1/19

Applying Professional Skepticism in an Audit

4

1 PM – 5 PM

$159

$199

Online

4/1/19

Forensic Accounting: Uncovering Schemes and Scams

4

9 AM – 1 PM

$159

$199

Online

4/2/19

Preparation, Compilation, and Review Engagements: Update and Review

4.2

1 PM – 5 PM

$159

$199

Online

4/2/19

Fraud: Recent Findings, Red Flags and Corruption Scheme

4

1 PM – 5 PM

$159

$199

Online

4/2/19

The Most Common Financial Statement and Asset Fraud Schemes: How to Detect and Prevent Them

4

9 AM – 1 PM

$159

$199

Online

4/3/19

Construction Contractors: Accounting, Auditing, and Tax

8

9 AM – 5 PM

$249

$319

Online

4/3/19

Leases: Mastering the New FASB Requirements

8

9 AM – 5 PM

$249

$319

Online

4/4/19

Fraud and Cash Receipts: Common Frauds and Internal Controls

4

1 PM – 5 PM

$159

$199

Online

4/9/19

Revenue Recognition: Mastering the New FASB Requirements

8

9 AM – 5 PM

$249

$319

Online

4/10/19

Accounting and Auditing Update

4

9 AM – 1 PM

$159

$199

Online

4/10/19

Audits of 401(k) Plans

8

9 AM – 5 PM

$249

$319

Online

4/11/19

Documenting Your EBP Audit: What You Need to Know

8

9 AM – 5 PM

$249

$319

Online

4/15/19

Audit Workpapers: Documenting Field Work

4

10:30 AM – 4:30 PM

$159

$199

Online

4/15/19

Audit Workpapers: Reviewing Field Work

4

2:30 PM – 6:30 PM

$159

$199

Online

4/15/19

Applying the Uniform Guidance in Your Single Audits

8

10:30 AM – 6:30 PM

$249

$319

Online

48

Group discounts are available.

STATEMENT

DATE

COURSE TITLE

CPE

TIME

MEMBER

NON-MEM. LOCATION

ACCOUNTING & AUDITING (ONLINE), CONTINUED 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

B LI LE A D E R S H IP (ONLINE ) 1/7/19

Writing for Results - Email

2

10 AM – 12 PM

$110

$125

Online

1/9/19

Anticipate Change: Avoiding Ulcers in the “New Abnormal World”

1

1 PM – 2 PM

$35

$45

Online

1/14/19

Productivity Enablement: Simplifying the Most Challenging Parts of Your Job and Becoming Future-Ready (FREE FOR MEMBERS)

1

12 PM – 1 PM

$0

$45

Online

2/6/19

Anticipate Greatness: Building a Productive, Resilient Workforce

1

11 AM – 12 PM

$35

$45

Online

2/14/19

Writing for Results - Email

2

10 AM – 12 PM

$110

$125

Online

3/12/19

Anticipate Change: Avoiding Ulcers in the “New Abnormal World”

1

12 PM – 1 PM

$35

$45

Online

3/29/19

Anticipate Inclusion - Building a Sustainable Culture of Diversity (FREE FOR MEMBERS)

1

11 AM – 12 PM

$0

$45

Online

5/17/19

2019 BUSINESS AND INDUSTRY CPE CONFERENCE

8

8 AM – 5 PM

$395

$495

Columbia + Online

B U S I N E S S & IN D USTRY (ONLINE ) 1/2/19

Forensic Accounting: Uncovering Schemes and Scams

4

9 AM – 1 PM

$159

$199

Online

1/3/19

Get Out of the Casket and Up to the Podium

2

12 PM – 2 PM

$75

$90

Online

1/9/19

Anticipate Change: Avoiding Ulcers in the “New Abnormal World”

1

1 PM – 2 PM

$35

$45

Online

1/11/19

Risk, Cost, and Cash Management for Controllers and Financial Managers

4

1 PM – 5 PM

$159

$199

Online

1/11/19

Identity Theft: Preventing, Detecting, and Investigating

8

9 AM – 5 PM

$249

$319

Online

1/16/19

Employment Law Update: Reducing Employer Liability

4

9 AM – 1 PM

$159

$199

Online

1/17/19

Financial Forecasting: Planning for Success

4

9 AM – 1 PM

$159

$199

Online

1/22/19

The Changing Role of the Controller: Advancing from Tactical to Strategic

4

9 AM – 1 PM

$159

$199

Online

1/25/19

Financial Storytelling: The Key in Growing Your Organization to The Next Level

2

10 AM – 12 PM

$75

$90

Online

1/30/19

Anticipate Client Needs: Beyond Best Practices in Client and Customer Service

1

2 PM – 3 PM

$35

$45

Online

1/30/19

The Finance and Accounting Organization as Partner and Strategist to the Business

2

11 AM – 1 PM

$35

$45

Online

2/1/19

Forensic Accounting: Uncovering Schemes and Scams

4

9 AM – 1 PM

$159

$199

Online

JANUARY 2019 *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

BUSINESS & INDUSTRY (ONLINE), CONTINUED 2/5/19

Fraud: Recent Findings, Red Flags and Corruption Scheme

4

9 AM – 1 PM

$159

$199

Online

2/6/19

Anticipate Greatness: Building a Productive, Resilient Workforce

1

11 AM – 12 PM

$35

$45

Online

2/7/19

Internal Control and COSO Essentials for Financial Managers, Accountants and Auditors

8

9 AM – 5 PM

$249

$319

Online

2/8/19

Employment Law Update: Reducing Employer Liability

4

9 AM – 1 PM

$159

$199

Online

2/11/19

Working Together - Four Generations in the Workplace

1

3 PM – 4 PM

$35

$45

Online

2/11/19

Identity Theft: Preventing, Detecting, and Investigating

8

10:30 AM – 6:30 PM

$249

$319

Online

2/12/19

Anticipate Development: Moving From Employee to Manager to Leader

1

4 PM – 5 PM

$35

$45

Online

2/13/19

Anticipate Engagement: Motivating the Next Workforce

1

2 PM – 3 PM

$35

$45

Online

2/13/19

Financial Forecasting: Planning for Success

4

9 AM – 1 PM

$159

$199

Online

2/15/19

Risk, Cost, and Cash Management for Controllers and Financial Managers

4

9 AM – 1 PM

$159

$199

Online

2/18/19

Get Ready for the Fast Future - The Anticipatory CPA (FREE FOR MEMBERS)

1

1 PM – 2 PM

$0

$45

Online

2/21/19

How to Identify, Explain, and Present Pertinent Financial Information to Non-Accountants

2

12 PM – 2 PM

$75

$90

Online

2/25/19

The Changing Role of the Controller: Advancing from Tactical to Strategic

4

1 PM – 5 PM

$159

$199

Online

3/1/19

Forensic Accounting: Uncovering Schemes and Scams

4

9 AM – 1 PM

$159

$199

Online

3/5/19

Get Out of the Casket and Up to the Podium

2

12 PM – 2 PM

$75

$90

Online

3/7/19

Fraud: Recent Findings, Red Flags and Corruption Scheme

4

1 PM – 5 PM

$159

$199

Online

3/8/19

Employment Law Update: Reducing Employer Liability

4

9 AM – 1 PM

$159

$199

Online

3/8/19

Identity Theft: Preventing, Detecting, and Investigating

8

9 AM – 5 PM

$249

$319

Online

3/11/19

Conflict and Communication - You vs. Me vs. Them

2

12 PM – 2 PM

$75

$90

Online

3/12/19

Anticipate Change: Avoiding Ulcers in the “New Abnormal World”

1

12 PM – 1 PM

$35

$45

Online

3/12/19

Financial Forecasting: Planning for Success

4

1 PM – 5 PM

$159

$199

Online

3/13/19

Risk, Cost, and Cash Management for Controllers and Financial Managers

4

1 PM – 5 PM

$159

$199

Online

3/14/19

Working Together - Four Personality Styles in the Workplace

1

10 AM – 11 AM

$35

$45

Online

3/14/19

Financial Professional Series: External Factors Impacting Business

8

8 AM – 3:30 PM

$295

$395

Timonium + Online

3/21/19

The Finance and Accounting Organization as Partner and Strategist to the Business

2

11 AM – 1 PM

$35

$45

Online

3/25/19

The Changing Role of the Controller: Advancing from Tactical to Strategic

4

9 AM – 1 PM

$159

$199

Online

3/28/19

How to Identify, Explain, and Present Pertinent Financial Information to Non-Accountants

2

12 PM – 2 PM

$75

$90

Online

4/1/19

Forensic Accounting: Uncovering Schemes and Scams

4

9 AM – 1 PM

$159

$199

Online

50

Group discounts are available.

STATEMENT

DATE

COURSE TITLE

CPE

TIME

MEMBER

NON-MEM. LOCATION

BUSINESS & INDUSTRY (ONLINE), CONTINUED 4/2/19

Fraud: Recent Findings, Red Flags and Corruption Scheme

4

1 PM – 5 PM

$159

$199

Online

4/5/19

Working Together - Four Personality Styles in the Workplace

1

10 AM – 11 AM

$35

$45

Online

4/8/19

Internal Control and COSO Essentials for Financial Managers, Accountants and Auditors

8

10:30 AM – 6:30 PM

$249

$319

Online

4/10/19

Anticipate Development: Moving From Employee to Manager to Leader

1

3 PM – 4 PM

$35

$45

Online

4/11/19

Employment Law Update: Reducing Employer Liability

4

1 PM – 5 PM

$159

$199

Online

4/12/19

Identity Theft: Preventing, Detecting, and Investigating

8

9 AM – 5 PM

$249

$319

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

4/26/19

Risk, Cost, and Cash Management for Controllers and Financial Managers

4

9 AM – 1 PM

$159

$199

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

5/17/19

2019 BUSINESS AND INDUSTRY CPE CONFERENCE

8

8 AM – 5 PM

$395

$495

Columbia + Online

EM P LO Y E E B E N EF ITS (ON LIN E ) 1/8/19

Employment Law Update: Examining Critical Issues with FMLA, HIPPA, COBRA, ADA and More

4

9 AM – 1 PM

$159

$199

Online

2/18/19

Employment Law Update: Examining Critical Issues with FMLA, HIPPA, COBRA, ADA and More

4

9 AM – 1 PM

$159

$199

Online

3/12/19

Employment Law Update: Examining Critical Issues with FMLA, HIPPA, COBRA, ADA and More

4

9 AM – 1 PM

$159

$199

Online

4/5/19

Employment Law Update: Examining Critical Issues with FMLA, HIPPA, COBRA, ADA and More

4

1 PM – 5 PM

$159

$199

Online

ET HI CS ( O N L IN E) 1/8/19

Avoiding the Slippery Slope of Ethical Pressures

4

11 AM – 3 PM

$110

$140

Online

1/23/19

Ethics in Practice: AICPA Code and Real Life Applications

2

9 AM – 11 AM

$99

$129

Online

1/25/19

Respect, Safety and Ethics - The Next Step in Harassment Avoidance Executive Briefing

2

2 PM – 4 PM

$75

$90

Online

1/31/19

Ethics: Critical Thinking, Case Studies, and Fraud

4

12 PM – 4 PM

$110

$140

Online

2/7/19

Ethics and Technology: How to Out-Smart Your Smart Phone

4

1 PM – 5 PM

$110

$140

Online

2/8/19

Ethics and Professional Conduct: Updates and Practical Applications

4

1 PM – 5 PM

$159

$199

Online

3/15/19

Ethics in Practice: AICPA Code and Real Life Applications

2

9 AM – 11 AM

$99

$129

Online

3/18/19

Respect, Safety and Ethics - The Next Step in Harassment Avoidance Executive Briefing

2

11 AM – 1 PM

$75

$90

Online

4/2/19

Why We Stray: A Different Look at Ethical Decision-Making

2

2:30 PM – 4:30 PM

$75

$90

Online

4/2/19

The Ethics of Change - Keeping Your Balance in Risky Times

2

12 PM – 2 PM

$75

$90

Online

JANUARY 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

ETHICS (ONLINE), CONTINUED 4/8/19

Ethics and Professional Conduct: Updates and Practical Applications

4

9 AM – 1 PM

$159

$199

Online

1/3/19

Yellow Book Financial Audits

4

9 AM – 1 PM

$159

$199

Online

2/7/19

Internal Control and COSO Essentials for Financial Managers, Accountants and Auditors

8

9 AM – 5 PM

$249

$319

Online

4/8/19

Internal Control and COSO Essentials for Financial Managers, Accountants and Auditors

8

10:30 AM – 6:30 PM

$249

$319

Online

N O N P R O F IT / N O T-FOR -PR OF IT (ONLINE) 1/30/19

Form 990: Exploring the Form’s Complex Schedules

8

9 AM – 5 PM

$249

$319

Online

2/7/19

Internal Control and COSO Essentials for Financial Managers, Accountants and Auditors

8

9 AM – 5 PM

$249

$319

Online

4/8/19

Internal Control and COSO Essentials for Financial Managers, Accountants and Auditors

8

10:30 AM – 6:30 PM

$249

$319

Online

PER S O N A L D E V ELOPME NT (ONLINE) 1/11/19

Leadership Improv - Why “Fake It Until You Make It” Works

2

12 PM – 2 PM

$75

$90

Online

1/18/19

Get the Right Work Done (in less time): The Future of Time Management

2

1 PM – 3 PM

$75

$90

Online

1/22/19

How to Build a Base of Personal Credibility and Trust

2

1 PM – 3 PM

$75

$90

Online

1/22/19

How to Succeed as a First Time Manager

2

11 AM – 1 PM

$75

$90

Online

2/4/19

Turning Conversations into Opportunities

2

1 PM – 3 PM

$75

$90

Online

2/12/19

Anticipate Development: Moving From Employee to Manager to Leader

1

4 PM – 5 PM

$35

$45

Online

2/19/19

Taking a Human Approach to AI: Your Role In Being the Catalyst for Transformation

1

12 PM – 1 PM

$35

$45

Online

2/20/19

B3: A Vision for the Future-Ready Leader

1

1 PM – 2 PM

$35

$45

Online

2/25/19

How to Lead, Coach, and Develop a Winning Team

2

3 PM – 5 PM

$75

$90

Online

3/18/19

Get the Right Work Done (in less time): The Future of Time Management

2

2 PM – 4 PM

$75

$90

Online

3/26/19

How to Build a Base of Personal Credibility and Trust

2

1 PM – 3 PM

$75

$90

Online

3/27/19

How to Succeed as a First Time Manager

2

1 PM – 3 PM

$75

$90

Online

3/28/19

Leadership Improv - Why “Fake It Until You Make It” Works

2

3 PM – 5 PM

$75

$90

Online

4/10/19

Anticipate Development: Moving From Employee to Manager to Leader

1

3 PM – 4 PM

$35

$45

Online

4/24/19

How to Lead, Coach, and Develop a Winning Team

2

2 PM – 4 PM

$75

$90

Online

4/26/19

B3: A Vision for the Future-Ready Leader

1

12 PM – 1 PM

$35

$45

Online

52

Group discounts are available.

STATEMENT

DATE

COURSE TITLE

CPE

TIME

MEMBER

NON-MEM. LOCATION

TAX (ONLINE)

TA X ( ON L IN E ) 1/8/19

Tax Reform: Overview of Section 199A

2

1 PM – 3 PM

$99

$129

Online

1/9/19

Tax Reform: A Case Study Approach to Section 199A

2

1 PM – 3 PM

$99

$129

Online

1/10/19

Tax Practice Quarterly: Annual Tax Update & Busy Season Readiness

-

1 PM – 3 PM

$99

$-

Online

1/10/19

MACPA’s 1040 Fast Track

16

8 AM – 4 PM

$400

$500

Timonium + Online

1/22/19

Tax Reform: Overview of Section 199A

2

1 PM – 3 PM

$99

$129

Online

1/23/19

Social Security and Medicare: Maximizing Retirement Benefits

4

9 AM – 1 PM

$159

$199

Online

1/23/19

Tax Reform: A Case Study Approach to Section 199A

2

1 PM – 3 PM

$99

$129

Online

1/28/19

Annual Tax Update: Corporations and Pass-Through Entities

8

10:30 AM – 6:30 PM

$249

$319

Online

1/30/19

Health Care Reform Act: Critical Tax and Insurance Ramifications

4

9 AM – 1 PM

$159

$199

Online

1/30/19

Form 990: Exploring the Form’s Complex Schedules

8

9 AM – 5 PM

$249

$319

Online

2/1/19

Construction Contractors: Accounting, Auditing, and Tax

8

9 AM – 5 PM

$249

$319

Online

2/5/19

Annual Tax Update: Individuals and Sole Proprietors

8

9 AM – 5 PM

$249

$319

Online

2/19/19

Annual Tax Update: Corporations and Pass-Through Entities

8

9 AM – 5 PM

$249

$319

Online

2/21/19

Social Security and Medicare: Maximizing Retirement Benefits

4

1 PM – 5 PM

$159

$199

Online

2/28/19

Health Care Reform Act: Critical Tax and Insurance Ramifications

4

1 PM – 5 PM

$159

$199

Online

3/19/19

Social Security and Medicare: Maximizing Retirement Benefits

4

9 AM – 1 PM

$159

$199

Online

3/26/19

Health Care Reform Act: Critical Tax and Insurance Ramifications

4

9 AM – 1 PM

$159

$199

Online

4/3/19

Construction Contractors: Accounting, Auditing, and Tax

8

9 AM – 5 PM

$249

$319

Online

8

8 AM – 5 PM

$395

$495

Columbia + Online

TE CHN O L O G Y (ON LIN E ) 5/17/19

2019 BUSINESS AND INDUSTRY CPE CONFERENCE

SAVE THE DATE

EMPLOYEE BENEFIT PLANS CON FERENCE 2 0 1 9

May 13, 2019 | Columbia Simulcast available | CPE: 8 STRATEGIC LEARNING POWERED BY

BUSINESS LEARNING INSTITUTE

JANUARY 2019 *additional early registration discounts are available for in-person + simulcast events when registering more than 30 days in advance.

3

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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