MACPA Statement // January 2017

STATEMENT MACPA’S

J A N U A RY 2 0 1 7

PRESIDENT TRUMP: WHAT DOES HE MEAN FOR CPAs? The stage is set for quick action on tax reform, says AICPA’s executive VP of advocacy Page 4

ALSO INSIDE Overtime, Dodd-Frank, rev rec, fiduciary: What’s next?

Page 6 Taking a bit of the busy out of Busy Season Page 15 Tax rules have never been friendlier, but changes may be on the way Page 20

CONTENTS January 2017 | Maryland Association of Certified Public Accountants, Inc.

CHAIR’S COLUMN . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 FEATURES President Trump: What does he mean for CPAs? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

DEPARTMENTS News & Views . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 Public Practice . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Business & Industry . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 Tax Corner . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 Leadership . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .28 High-Tech Solutions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .30 Young Professional Council . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36

CLASSIFIEDS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40 MEMBER NOTES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43 UPCOMING EVENTS & COURSES. . . . . . . . . . . . . . . . . . . . . . . . . . 44 ADMINISTRATION Becky Conley becky@macpa.org Amy Stumme amy@macpa.org COMMUNICATIONS Amy Moran amym@macpa.org Bill Sheridan bill@macpa.org Edith Orenstein edith@macpa.org FINANCE Margaret DeRoose margaret@macpa.org Laura Swann, CPA lauras@macpa.org

PRODUCT DEVELOPMENT

Jennifer Stevens jennifer@macpa.org

Akesha Brown akesha@macpa.org

Dee Sullivan dee@macpa.org

Debbie Zizwarek debbie@macpa.org

Emily Trott emily@macpa.org

TECHNICAL SERVICES

Ryan Wey ryan@macpa.org

Cora Edwards cora@macpa.org MaryBeth Halpern marybeth@macpa.org

Kelly Jennings Robert Jirsa, CPA Ray Speciale, Esq., CPA Barrett Young, CPA

SENIOR STAFF

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: Andrew@macpa.org AmyM@macpa.org

OFFICERS Lisa Cines, CPA Chair

J. Thomas Hood III, CPA tom@macpa.org

Chris Dougherty chrisd@macpa.org

Kenneth Kelly, CPA, CGMA Vice Chair

MACPA DEPUTY EXECUTIVE DIRECTOR

Samantha Bowling, CPA, CGMA Secretary/Treasurer

Jacqueline E. G. Brown jackie@macpa.org

The MACPA reserves the right to edit all submissions for grammatical style and / or length.

DIRECTOR OF FINANCE AND ADMINISTRATION

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.

Skip Falatko, CPA skip@macpa.org

The Statement is published four times a year by the Maryland Association of Certified Public Accountants, Inc.

Natalie Atonakas natalie@macpa.org

Paige Sawicki paige@macpa.org

JANUARY 2017

Jennifer Elder, CPA, CMA, CIA, CFF, CGMA, MS

WE WANT TO HEAR FROM YOU!

Pamela C. Devine pam@macpa.org

Andrew Hood andrew@macpa.org

Rebekah Brown, CPA rebekah@macpa.org

2016-2017 BOARD OF DIRECTORS

Wallace E. Boston, Ed.D., CPA, CGMA, CMA

MACPA EXECUTIVE DIRECTOR

PROFESSIONAL DEVELOPMENT

MEMBER SERVICES

Lauren Baker lauren@macpa.org

Rebecca Zimmerman becca@macpa.org

Avonette Blanding, CPA

Laura Dorsey-Shaner laura@macpa.org Terri Smith terri@macpa.org

Michael Manspeaker, CPA, CGMA Immediate Past Chair DIRECTORS Raj Bhaskar

P: 410.296.6250 F: 410.296.8713 Toll free: 800.782.2036

Bill Sheridan, Editor Amy Moran, Advertising Sales

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CHAIR’S COLUMN WE’VE FOUND OUR K-E-T. HAVE YOU FOUND YOURS?

BY LISA CINES, CPA

DIRECTOR, RADIUS WORLDWIDE

You’ll have to forgive us here at the MACPA, but our pride has been showing lately.

The reason can be boiled down to three letters: KET. As in Kimberly Ellison-Taylor.

Kimberly, of course, is the chair of the American Institute of CPAs’ Board of Directors. That alone would be impressive enough, but there’s a lot more to her story.

She is the first Marylander to serve as AICPA chair, and just the fifth woman to do so. And she is also the first minority, male or female, to hold that position.

Impressive stuff, to be sure. But those firsts aren’t the sources of our pride.

Our pride comes from Kimberly herself.

• Her childhood home in the inner city of Baltimore could have dragged her down. Instead, it drove her to succeed.

• Her commitment to “serial mastery” -- to continually learning new skills that will keep her relevant and on the cutting edge of 21st century business -- is a shining example of how today’s professionals must approach their careers.

• Her insistence on not only being a professional but also being involved in her profession is inspiring. In 2010-11, she served as one of the youngest chairs in the MACPA’s 115year history, and her commitment to promoting the profession to students at every level is an example for all of us to follow.

• Her volunteerism on behalf of CPAs everywhere continues to strengthen this profession and help it grow.

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She leads by example … so much so that our rallying cry for inspiration at the MACPA these days is “I’ve found my KET.” So now, we have a few questions for you – just some food for thought that we hope will help you find your KET. Are you a member of the MACPA? Are all of the CPAs you know members of the MACPA as well? There’s strength in numbers, as the saying goes. Our legislative and regulatory advocacy efforts grow stronger and more impactful when we have more members lending their support. Do what Kimberly did. Join the fight … and encourage others to join as well.

Are you pursuing leadership roles in your profession? If you’re a young professional, have you joined the MACPA’s New / Young Professionals Network to help guide the future direction of the profession? Have you sought out positions on any of the MACPA’s committees or task forces, or expressed interest in a volunteer leadership role with the association itself? Are you taking an active role shaping the future of your profession, the way Kimberly did from the very start?

Are you constantly learning? Do you understand that the skills you’ve depended upon thus far won’t be the skills that will drive you forward?

Have you accepted the fact that what got you here won’t get you there?

Are you prepared to learn everything you need to stay relevant to your clients and customers going forward?

Kimberly has taken a non-traditional route through the profession, one that focused on how technology would drive our profession into the future.

Then she learned the leadership skills she would need to show others the way forward. How are you practicing “serial mastery?”

Are you grooming the next generation of CPAs? Kimberly promotes the profession to kids as young as 5. She is an ambassador for our profession, an advocate, a cheerleader. Are you? Do you believe so strongly in this profession that you’re willing to encourage others to follow the same path?

Our profession is stronger thanks to the leadership of people like Kimberly.

It will grow stronger still if we follow her example.

This year, let’s resolve to search hard for that bit of KET that lives in all of us.

And speaking of resolutions, please accept my warmest wishes for a happy, healthy, and prosperous 2017!

Kimberly Ellison-Taylor at her welcome breakfast reception as new AICPA Chair

STATEMENT

President Trump: What Does He Mean for CPAs? Expect quick action on tax reform, health care, DoddFrank reform, says AICPA’s executive VP of advocacy Buckle up, CPAs: Your regulatory ride is about to kick into high gear.

It’s probably long overdue. According to Peterson, our tax law in 1986 spanned 26,000 pages. Thirty years later, it has swelled to more than 74,000 pages.

Donald Trump’s unprecedented ascension to the presidency and Republicans’ control of Congress have laid the groundwork for a series of reforms that could add a few more layers of complexity on a CPA profession that’s already struggling to keep its head above the regulatory waves.

“Everyone is dying for some certainty and specifics around tax reform. We don’t have that yet,” Peterson said. Still, he added, “tax reform is very likely to happen, and quickly.”

Mark Peterson, executive vice president of advocacy for the American Institute of CPAs, offered a snapshot of the many ways in which a Trump administration will impact CPAs’ work during a riveting presentation at the MACPA’s 2016 CPA Summit in December.

• Dodd-Frank: The financial reforms enacted during the early years of the Obama administration came under almost constant fire from Republicans. But with Obama promising a veto, Congress decided it wasn’t worth the effort to put forth legislation that would roll back DoddFrank. That presidential roadblock no longer exists, so Peterson says we can expect some action on the DoddFrank financial reforms early on in Trump’s presidency.

Trump’s impact on the profession might be felt almost immediately, and tax reform might be an early target. Peterson said Trump’s tax reform proposal is a “kissing cousin” to the GOP’s tax blueprint.

• Each calls for three individual income tax brackets of 12 percent, 25 percent, and 33 percent.

• Each calls for the elimination of both the corporate and individual alternative minimum tax, or AMT. • Trump is calling for a corporate tax rate of 15 percent. The GOP blueprint calls for a corporate rate of 20 percent.

When you add the fact that Republicans control the presidency and both houses of Congress, the stage is set for significant tax reform … and sooner rather than later.

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But Trump might be ready to target a lot more than tax reform.

That likelihood increases significantly when we factor in the House of Representatives’ passage in 2016 of the “Financial Choice Act,” which would roll back significant provisions of Dodd-Frank. The proposal passed the House with changes advocated by the profession that centered on PCAOB disciplinary proceedings, congressional requests for information, Sarbanes-Oxley Section 404 exemptions, and funding for the Governmental Accounting Standards Board.

• Health care: Trump won the election thanks in part to his promise to get rid off — or at the very least significantly roll back — President Obama’s signature Affordable Care Act. Doing so will probably be an extremely tall order, Peterson said, but the GOP’s demand for Obamacare reform is so STATEMENT

BY BILL S HERID A N, CA E high that it’s logical to expect some movement in this area early on in the Trump administration. Exactly how much of the ACA Trump decides to change is up for debate. Since the election, he has indicated a willingness to keep some of the more popular provisions of Obamacare in place.

• Budget reconciliation: Interestingly, one of the avenues through which the Affordable Care Act could be repealed is budget reconciliation, a complex process through which legislation is enacted that would change existing laws in an effort to bring spending and revenues in line with current budget resolutions. According to Peterson, that same process was used to help enact the ACA in 2010.

• DOL overtime rule: Trump has suggested he might put forth executive actions on business-related issues like the Department of Labor’s proposed overtime rule, which would more than double the salary at which workers would qualify for overtime pay. A federal judge in Texas issued a temporary injunction in late November that stopped the implementation of the rule, which was to have taken effect on Dec. 1.

• DOL fiduciary rule: Peterson said Trump also appears poised to issue an executive order related to the DOL’s new fiduciary rule, which puts forth a number of provisions to make sure that financial advisors who provide retirement advice act in their clients’ best interest. Indications are that there is significant opposition to the rule within Trump’s transition team.

• The Supreme Court: The nine-member judicial branch is down to eight following the February 2016 death of Justice Antonin Scalia. President Obama nominated Merrick Garland, chief judge of the U.S. Court of Appeals for the District of Columbia Circuit, to fill the void, but Republicans in the Senate successfully blocked that nomination, saying the next president should make that nomination. Now, Trump appears poised to nominate not only Scalia’s successor, but potentially two other justices as well. Liberal justices Ruth Bader Ginsburg (age 83) and Stephen Breyer (78) could conceivably retire within the next four years, which would give Trump an opportunity to build a Supreme Court with a 6-3 conservative edge, something that hasn’t happened since the 1930s.

At the very least, Peterson said we can expect some of the legislative gridlock that defined the Obama years to ease a bit under Trump, for a number of reasons. For one, Republicans control the executive and legislative branches of government.

For another, Paul Ryan’s unanimous election as House speaker provides evidence of GOP unity. Ryan himself seems willing to work with the president-elect, Peterson said.

BEYOND TRUMP Peterson said the profession is keeping its eye on more than just our president-elect this winter. For starters: • New lawmakers: Fifty-four freshman legislators will be taking their seats in the House of Representative in January.

That leaves plenty of opportunity for CPAs to reach out to JANUARY 2017

Help protect the profession at CPA Day in Annapolis Donald Trump’s election isn’t the only source of legislative and regulatory uncertainty.

Maryland’s General Assembly reconvenes this month in Annapolis, and a number of Maryland-centric issues will likely surface that will add to the already significant complexity that CPAs are feeling.

That’s why it’s more important than ever that you join the MACPA at the 2017 edition of CPA Day in Annapolis.

Scheduled for Jan. 26, the event will give CPAs an opportunity to discuss issues of importance to the profession directly with their legislators — but not before MACPA Executive Director Tom Hood coaches CPAs in the finer points of speaking with lawmakers.

Following the legislative meetings, CPAs will receive two free hours of CPE and enjoy lunch with their legislators and their aides.

The more CPAs who join us in Annapolis, the louder our collective voice becomes, and the stronger the profession becomes in the process.

Help protect your profession by joining us in Annapolis on Jan. 26.

For complete details MACPA.org/CPADay.

and

to

register,

visit

the new lawmakers and explain their position on issues that impact the profession. Peterson said the AICPA will be meeting with the new legislators soon to talk about the profession’s issues.

• Regulation of tax preparers: Peterson said efforts to more tightly regulate non-certified tax preparers don’t impact CPAs directly, but they do impact CPA firms, who often hire such preparers during tax season. The profession will be monitoring such regulation closely, he said.

• IRS service to taxpayers: “It’s bad,” Peterson said. “We know that.” He said the AICPA will be working with the IRS to find ways to improve the IRS’s customer service efforts.

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

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NEWS & VIEWS Overtime, Dodd-Frank, rev rec, fiduciary: What’s next?

Recent developments cast shadows over groundbreaking regulations A number of groundbreaking pieces of CPA-related legislation and regulation have undergone significant changes in recent weeks. Here’s a quick look at alterations on the regulatory landscape that CPAs need to pay attention to.

DOL OVERTIME RULE A federal judge in Texas has issued a temporary injunction that stops the implementation of the Department of Labor’s contentious news overtime rule.

“Due to the approaching effective date of the Final Rule, the Court’s ability to render a meaningful decision on the merits is in jeopardy,” Texas U.S. District Judge Amos Mazzant wrote in late November.

“A preliminary injunction preserves the status quo while the Court determines the department’s authority to make the Final Rule as well as the Final Rule’s validity.”

In other words, nothing changes until the courts have a chance to take a closer look.

The rule, which was to have taken effect on Dec. 1, would have more than doubled the salary at which workers would qualify for overtime pay. Under the DOL’s new rule, anyone who makes $47,476 or less annually would qualify for overtime pay.

The current threshold is $23,660.

The MACPA is among the scores of business groups nationwide that have opposed the new rule. The association at first opposed the rule outright, then — when it became clear that the DOL was intent on increasing the overtime threshold — called for a threeyear phase-in period to allow employers to absorb some of the new rule’s hefty compliance burden.

DODD-FRANK: TRASHED, TRANSFORMED?

OR

As a candidate, Donald Trump promised to “dismantle” the Dodd-Frank financial

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reform act. As president-elect, he might find it harder to keep that promise.

“Congressional Republicans say they want to change the Dodd-Frank Wall Street reform bill, not tear it apart,” The Hill’s Sylvan Lane reports. “With a Republican in the White House and the party in charge of both chambers of Congress for the first time since 2006, (Republican lawmakers) say they have a chance to make important fixes to the law, despite a desire to scrap more of Dodd-Frank.

“Banking interests aren’t interested in completely repealing the law either,” Lane reports.

“We’re not asking for wholesale throwing out Dodd-Frank,” JPMorgan Chase CEO Jamie Dimon told the Wall Street Journal.

Dimon will serve on a White House economic advisory board.

Banks “have their own pet issues, but no one is going to ask for a full repeal,” said a senior financial industry source.

REVENUE RECOGNITION: WHAT YOU NEED TO KNOW “With the new revenue accounting standards set to become a reality in 2018,” Dusty Stallings reported for Accounting Today, “PwC and the Financial Executives Research Foundation teamed up to survey more than 700 accounting and finance executives to determine their overall progress in the implementation process.

From key challenges and impacts, to expectations on incremental costs and management of resources, this year’s survey provides a helpful snapshot of how prepared companies are to adopt the new standard.”

According to the PwC / FERF study, here are three key things you need to know about the new standards.

• Most companies have not decided on a method for adopting the new standards.

• Internal compliance resources might be strained.

• Firms say compliance costs are significant … but not outrageous.

“While most companies don’t expect the new rules to have a material impact on their income statements, many of them that are currently performing their impact assessments have found more changes than they initially anticipated,” Stallings reports. “With revenue being one of the most important financial metrics for companies, the effects will vary by industry and by company, but all companies should expect to see some level of impact, given the changes in the guidance and the extensive disclosure requirements.”

DOL FIDUCIARY RULE: ALIVE AND KICKING? Many experts had speculated that a Trump administration would target the Department of Labor’s fiduciary rule, which, according to Employee Benefit Advisor, would raise investment advice standards for retirement accounts by “requiring anyone working with retirement accounts to act as a fiduciary with regard to advice provided.”

Not so fast, says InvestmentNews reporter Jeff Benjamin.

“The general sense is that the advice industry would be wise to proceed as if everything is on schedule for the April effective date. “ ‘The rule is not as good as dead; it’s not that easy,’ said Skip Schweiss, managing director of advocacy at TD Ameritrade Institutional. ‘This is a final rule, so to undo it would require new rule-making,’ he added. ‘A delay is likely, but I don’t see flat-out repeal.’ “

STATEMENT

JANUARY 26 2017

Promoting and protecting CPAs in Maryland BRING YOUR VOICE TO ANNAPOLIS ON JANUARY 26

Governor Calvert House | CPE: 2.0 | macpa.org/CPAday 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. Two free hours of CPE are included for each participant.

JANUARY 2017

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Does This Workday Look Familiar?

8:12 AM I have my coffee, check my emails, and check on status of work

1:00 PM I have 30 minutes for lunch, then back-to-back meetings

8:30 AM I have a meeting

4:45 PM I get interrupted by a crisis

10:15 AM Our priorities changed

5:10 PM Text my friends that I won’t be able to make it tonight—work calls

12:30 PM An employee goes home sick

It’s Time to Go from Overwhelmed to Energized Your business workflow should provide you with four key elements.

Visibility. Control. Accountability. Flexibility.

Visibility: Having a 360° view provides the insight needed to make resource adjustments or changes Control: Identifying departmental bottlenecks and implementing process efficiencies will let you deliver quality results.

Flexibility: Enacting continuous process improvements will help deliver increasing efficiency.

Accountability: Gaining a real-time “single source” of the status for every assignment, task, and deadline supports greater accountability.

Contact an XCM Workflow Consultant for more information 1-781-356-5152 8

STATEMENT Visit xcmsolutions.com/MACPA to learn how XCM can work for you.

NEWS & VIEWS CPAs offer a crash course in financial responsibility

Eight Maryland CPAs helped prepare area students for the rigors of adult financial responsibility by volunteering for Junior Achievement of Central Maryland’s “Personal Financial Experience” program on Nov. 4 at Randallstown High School.

The program helps prepare young people for the real world by showing them how to generate wealth and effectively manage it, how to create jobs that make their communities more robust, and how to apply entrepreneurial thinking to the workplace. The CPAs who volunteered their time and talents to the program are, above from left, Tom Cossentino of Myers and Stauffer; Cathy Bott of Bott Tax and Accounting; Keith Parker of Morgan Stanley; Avonette Blanding of Maritime Applied Physics Corporation; Chris Wehner of Dixon Hughes Goodman; Heather McGinnity of Myers and Stauffer; Tim Samuel of Bridgeway Community Church; and Michael Berkey.

JANUARY 2017

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PUBLIC PRACTICE 6 ways to ease audit workload compression during Busy Season

BY KARI HIPSAK Editor’s note: The following article originally appeared on Nov. 14, 2016 on the American Institute of CPAs’ “Insights” blog. Subscribe to new “Insights” posts at blog.aicpa.org.

With the start of busy season just around the corner, planning is on most practitioners’ minds. I have recently spoken with many professionals about ways they jumpstart their upcoming audits. Outlined below are some activities to begin now that will make your busy season a little less hectic.

Ask your clients to fill out background information forms. If there have been changes to their management, ownership structure or board of directors, ask clients to document them before busy season begins. Also, if your client has entered a new market, they should note these changes as well. You can provide your clients with the prior year documentation and transfer information to the new form as soon as it is available.

Start your walkthroughs early. Ask your clients to update their memos on processes before busy season begins.

Then set up or modify walkthroughs based on this new information. Schedule these as soon as possible since they can be performed with data from any time of the year under audit and don’t rely on final year-end information.

Complete audit confirmations now.

Compile your clients’ bank account information including addresses, account numbers and the names of contacts at various banks ahead of time. If your firm uses the traditional paper confirmation process, input this information into the templates once they are ready. If your firm uses an online audit confirmation system, upload the bank information onto the platform at this stage. Also review prior year returned confirmations to see if there were any issues noted with the specific

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bank so any conflicts can be avoided in the current year.

Take a look at your client’s most recent financial statements. Review their balance sheet and income statement to see if you notice anything that may require additional audit procedures. Keep high risk areas such as revenue and accounts receivable in mind. Be aware of increased deposits or liabilities which may indicate that significant agreements or contracts were entered into during the year.

Obtain the agreements your client entered into during the year. If the agreements are significant, summarize them for your permanent file. Additionally, if your client entered into a complicated rental, management, franchise agreement or other agreements that are monetarily significant, set up work papers with expectation recalculations before busy season.

Review recent changes to standards. Are you familiar with the updates that were made to compilation and review standards and the clarified statements on auditing standards? Peer review results continue to indicate there are outstanding issues with the standards not being properly implemented. Now would be a good time to assess these changes so you aren’t scrambling to do so in the midst of busy season. Check out the AICPA Private Companies Practice Section’s Invigorate the Quality on Focus toolkit with peer review information and more.

Busy season can be stressful, but with thoughtful planning you can take steps to manage the workload in advance.

What steps are you taking to prepare for busy season?

Kari Hipsak is manager of Firm Services for the American Institute of CPAs.

STATEMENT

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JANUARY 2017 SOC6280b

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PUBLIC PRACTICE CAS are evolving. So are the skills we need to do them right.

B Y B I L L S H E R IDA N , CA E

Outsourcing is in … in a big way.

At the 2016 Digital CPA Conference in Las Vegas, officials with the AICPA and CPA.com released the results of a survey that found client accounting services are a growing source of revenue for firms of all sizes.

For large firms with annual revenue of $10 million or more, client accounting services (or CAS) account for 9 percent of net client fees, according to the 2016 National Management of Accounting Practice Survey. For smaller firms, CAS took an even larger, double-digit slice.

“It’s safe to say that nearly 10 percent of revenues in the profession are focused on client accounting,” said Mark Koziel, the AICPA’s executive vice president of firm services. “And depending on the size of the firm, it may be more or slightly less, but overall it’s a strong category on its own. Tax and audit continue to be the number one and number two revenue categories, but client accounting demonstrates growing significance to the profession.”

• Read the complete goo.gl/jkMIbw. The outlook equally bright.

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Research by KPMG and HfS Research estimates that global spending on outsourced finance and accounting services will grow by another 8 percent next year. That same bit of research found that despite recent growth, CAS outsourcing is still a relatively new trend for most companies: • Only 23 percent companies outsource their accounts payable processes.

• Just 19 percent outsource their purchasing and accounts receivables functions.

• Seventeen percent outsource their general accounting functions.

• Only 11 percent use outsourcing for recruiting and staffing.

That leaves a lot of room for growth … and a lot of opportunity for hungry CAS providers.

And still, challenges remain. Big challenges. Like technological advances that are transforming our careers. Machine learning and artificial intelligence are automating and commoditizing most of the core transactional services upon which this profession is based. Turns out machines can crunch the numbers faster

and more accurately than we can ever hope to. Our relevancy depends on our ability to stop crunching the numbers and start interpreting them. We have to stop competing with the machines and start doing the things that the machines can’t do — applying intuition, challenging the status quo, employing empathy, and building culture-first organizations among them.

In the words of futurist Peter Sheahan, “Humans should only do work that only humans can do.”

For CAS providers, that means we have to start learning a bunch of new skills.

Those skills have less to do with accounting and auditing and more to do with so-called “soft skills” — the competencies that scores of studies tell us are the things the next generation of CPAs will need to know to remain relevant going forward. Those skills include strategic and critical thinking, communication, inspiring and motivating others, collaboration, and perhaps most important, anticipation — the ability to spot future trends before they happen and position our organizations to take advantage of them.

The CAS practices that succeed going forward will be those that can build a STATEMENT

PUBLIC PRACTICE career path — a true curriculum — for every person in their organization based on these new skills. If we can start mapping competencies to skill levels and ensure that every person at every level of our organizations is getting the skills he or she needs to succeed at every point in their careers … imagine how powerful that would be?

A perfect starting point is “The Bounce.”

It’s a concept developed by the Business Learning Institute that tries to identify what skills our people will need at each point in their careers.

Here’s the short version: Early in our careers, we’re focused on learning the technical skills that will keep us relevant to the transactional core of our profession — tax, auditing, accounting. But when we move into managerial positions and beyond, the skills we need to remain

relevant “bounce” from technical to personal. The further we advance, the more we rely on so-called “soft” skills — strategic thinking, communication, collaboration, anticipation.

And the more strategic we become about how we obtain these skills — and how we provide these skills to our teams — the more future-ready we become.

When we start becoming strategic about how we’re training our people, amazing things start to happen.

Business value increases by factors of six, eight, 10, and more. Employee engagement goes through the roof.

And because young professionals value career development over almost everything, our ability to recruit and retain the best and brightest talent available increases exponentially.

Fast Company’s Robert Safian had it right: The most important skill going forward is the ability to learn new skills. Learning those new skills must be a strategic process, both for our own careers and for our organizations’ future growth.

Beyond that, start thinking about the skills your people need to not only advance their own careers, but to drive growth within your business.

The bottom line is this: Stop thinking about learning as CPE. Start thinking about it as a solution not only for your clients and customers, but for your own organization.

To learn more about “The Bounce” and the future of corporate learning, visit BLIonline.org.

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

Nobody Beats Our Addition Skills Looking to add top talent to your business? Look to Randstad Professionals and shake the hand that’s shaken those of the best and the brightest in the financing and accounting fields.

Recognized as the area’s leading professional recruitment firm with a 30-year track record of success, Randstad boasts a network of talent that is second to none. Combine that with the backing of a $22 billion organization with offices across the globe and it’s no wonder that 90% of our business is from repeat clients. So, go by the numbers and count on Randstad Professionals.

Finance & Accounting, Banking, IT Direct Hire, Human Resources, Sales & Marketing Craig Walker Director of Accounting and Finance Recruitment

Baltimore: (410) 752-5244 / Columbia: (410) 872-9100 Offices also in Washington / Bethesda / Vienna, VA Visit us at randstadusa.com The Mergis Group is now Randstad Professionals, the second-largest staffing and recruiting provider in the world.

JANUARY 2017

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STATEMENT

PUBLIC PRACTICE Taking a bit of the busy out of Busy Season MACPA, IRS, AICPA, Maryland comptroller offer tax-season resources for preparers

For the rest of the world, January means the start of a new year.

For CPAs, it means the start of tax season.

And with a new presidential administration taking charge, the Maryland General Assembly ready to convene, and scores of news rules and regulations to brush up on, it’s promising to be a taxing few months for everyone.

With that in mind, we’ve compiled a number of resources that might just take a bit of the busy out of Busy Season.

See you in April!

TAX SEASON EXTENDED The nation’s tax season will begin on Monday, Jan. 23, and will run through Tuesday, April 18, rather than the traditional April 15 deadline.

“This year, April 15 falls on a Saturday, and this would usually move the filing deadline to the following Monday, April 17,” the IRS JANUARY 2017

explains. “However, Emancipation Day — a legal holiday in the District of Columbia — will be observed on that Monday, which pushes the nation’s filing deadline to Tuesday, April 18. Under the tax law, legal holidays in the District of Columbia affect the filing deadline across the nation.”

REFUNDS FOR CERTAIN CREDITS DELAYED

TAX

A new law requires the IRS to hold refunds claiming the Earned Income Tax Credit (EITC) and the Additional Child Tax Credit (ACTC) until Feb. 15.

In addition, the IRS says it will take several days for these refunds to be released and processed through financial institutions.

“Factoring in weekends and the President’s Day holiday,” the IRS cautions, “many affected taxpayers may not have actual access to their refunds until the week of Feb. 27.”

“Where’s My Refund?” on IRS.gov and the IRS2Go phone app will be updated with

projected deposit dates for early EITC and ACTC refund filers a few days after Feb. 15. Taxpayers will not see a refund date on “Where’s My Refund?” or through their software packages until then. The IRS, tax preparers, and tax software will not have additional information on refund dates, so “Where’s My Refund?” remains the best way to check the status of a refund.

AICPA’S ‘TAX PRACTITIONERS TOOLKIT’ AVAILABLE Communicating your value as a tax practitioner is critical – no client can be taken for granted. The good news is that marketing and communications don’t have to be difficult or expensive.

The AICPA’s Tax Practitioner’s Toolkit will help you establish yourself as a leading provider of tax services, all year long. And now, the resources are even easier to find on the newly designed website.

You’ll find the Tax Practitioner’s Toolkit at AICPA.org/tax-toolkit.

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PUBLIC PRACTICE FOUR CONVERSATIONS TO HAVE WITH CLIENTS Here are a few points to raise with clients as tax season approaches, with suggested resources from the Tax Practitioner’s Toolkit to reinforce your expertise in the discussion.

1. Act now to save money on your tax bill. Whether it’s making more contributions to a retirement plan, altering the form of gifts, or making stock decisions, a variety of strategies are still available to lower tax liability. In meetings, review the “Tax Planning PowerPoint” on year-end tax planning and potential strategies, and send year-end tax planning letters to individuals and small business owners, encouraging them to consult with you now.

2. Federal tax laws are mostly the same, but due dates are different.

With the exception of expiring tax breaks such as the tuition and fees deduction, most taxpayers will not notice significant federal law changes affecting their upcoming return. But they will notice new return due dates, particularly earlier deadlines for partnerships and FBAR. Offer clients the “Tax Law Snapshot” – a four-page overview of key tax issues affecting individuals and small business – and educate them about 2017 due dates for returns with a client letter.

3. Worried about tuition? Let’s explore options. Whether your clients are parents of a college student or students themselves, they may have just paid a spring semester bill and are concerned about future ones. One of the new brochures from the Toolkit may help. “Tuition Tips: Paying for College” highlights education tax benefits and other financing options and ways their CPA can assist. For those looking to go back to school, “Tuition Tips: Spotlight on Adult Students” provides helpful

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information and reinforces the value of their CPA in making decisions.

4. ACA rules and penalties have changed. Make sure business owners are clear on their ACA obligations, particularly now as the threshold for “large employer” has dropped to 50 full-time and fulltime equivalents. “Do I Need to Provide Insurance?” is a fact sheet that explains key rules. Meanwhile, individual clients need to be aware of how the ACA may affect them, as the penalty for lacking coverage has jumped considerably. “What the Affordable Care Act Means for You” – a two-page summary – or detailed FAQs to answer common questions are valuable education tools.

LEVERAGING EFFECTIVELY

TAX

SEASON

While the busy season is a challenging time for CPAs, it also offers a tremendous opportunity to capture the attention of future clients while taxes are on everyone’s mind.

Using resources from the Tax Practitioner’s Toolkit, you can be ready to seize the moment. To raise your visibility, you can: 1. Tweet and be tweeted: It’s easy with dozens of ready-to-go tax tweets like these: Will a Roth IRA conversion help w/taxes? Contact your local CPA to learn more; or Refunds for some may be delayed so start early! Learn more from your local CPA. You can repurpose these for use on LinkedIn and Facebook.

2. Be a resource for your local and regional media. Modify and send the sample media release that addresses filing season issues to raise your profile within the community.

3. Be proactive. Review “Tips for Promoting Additional Services” in the Tax Practitioner’s Toolkit for suggestions on reaching out to clients after tax season, which

includes a sample worksheet for identifying other services you could provide them, based on their return.

4. Be seen. Place compelling print ads from the Toolkit that explain why you, as a CPA, are the best choice.

You can choose from a variety of messages such as: “It’s my name on the door; people count on me.

When it comes to taxes and finances, I need to find someone who cares as much about my business as I do.

A CPA spends years preparing for moments just like these.”

5. Be clear now on services you offer after tax season. Incorporate the “Preparing for Life’s Important Moments” PowerPoint into an existing presentation or offer the related brochure at meetings.

The Toolkit’s many resources will help you reach consumers in a variety of ways, educate your clients, streamline your work, and respond to opportunities to promote your expertise in the media and public.

Check out the Toolkit to grow your referrals and make this your most successful tax season yet. Visit aicpa.org/tax-toolkit.

STAY CURRENT WITH THE MACPA’S TAX UPDATES Brush up on the most recent tax laws and regulations by attending one of the MACPA’s acclaimed tax updates. You’ll find a complete schedule of tax-related programs -- as well as our most recent taxrelated blog posts — ­ at MACPA.org/Tax.

FEDERAL RESOURCES FOR TAX PROS The Internal Revenue Services offers its latest news, tools, guidelines, and other resources for tax professionals at IRS.gov/ for-tax-pros.

STATE RESOURCES FOR TAX PROS Maryland Comptroller Peter Franchot and his staff offer tax professionals the latest state tax-related news, forms, and other resources at Taxes.MarylandTaxes.com/ Tax_Professionals.

STATEMENT

JANUARY 2017

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BUSINESS & INDUSTRY How CFOs can help chief marketing officers drive growth B Y SA B I N E VOLLM E R Editor’s note: This article first appeared in CGMA Magazine. For more articles, sign up for the weekly e-mail update from CGMA Magazine at http://bit.ly/UZ07NC. Many CFOs have taken note of the valuable customer data that digital technology is generating for the marketing department and have sought a closer relationship with the chief marketing officer, a global EY survey on the changing role of the CFO suggests.

Nearly two-thirds (63 percent) of the 652 CFOs polled by EY said their involvement with marketing has increased in the past three years, and 54 percent said they are collaborating more with the chief marketing officer to develop new products and services.

A strong relationship between finance and marketing can help a business achieve profitable, sustainable growth in the digital economy, but the CFO and the CMO have to first overcome relationship barriers such as the absence of common tools and processes and continued cultural differences.

“For organizations to remain relevant and thrive, the CMO needs to call into question all aspects of the marketing mix – across products, price, distribution channels, and promotions,” EY says. “The CFO, meanwhile, needs to make the strategic investments that will enable established companies to adapt without cannabalizing their inherent strengths, and new companies to leapfrog their competitors.”

NOT ENOUGH COLLABORATION Traditionally, CMOs have had a closer relationship with the CEO than with the CFO. Sixty percent of executive managers polled in a 2014 EY study considered the business relationship between the CMO and the CEO strong. Only 43 percent said the CMO and the CFO had a strong business relationship.

Although many CFOs have recognized the value of working more closely with CMOs,

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EY’s 2015 poll suggests CFOs and CMOs still don’t collaborate enough: • Fewer than half (47 percent) of the polled CFOs felt they made a significant or very significant contribution to improving customer segmentation and insight, which can help a business differentiate itself from the competition.

• Measuring marketing’s return on investment was a high or very high priority to more than half (59 percent) of CFOs polled, but only 13 percent said the agendas of marketing and finance were aligned.

• Of the 20 percent of CFOs who considered product portfolio optimization a very high priority, 81 percent reported close collaboration with the CMO. Of the CFOs who prioritized product portfolio optimization less, only 47 percent reported a close relationship with the CMO. • Only 25 percent of CFOs said they are collaborating more closely with CMOs because of the shift to digital within the business.

To overcome the barriers and for their relationship to be successful, CFOs and CMOs should: Agree on the metrics that matter for enterprise value. About one-third (32 percent) of the CFOs polled said the absence of a clear set of key performance indicators linking financial performance and the marketing agenda is one of the biggest barriers preventing a closer relationship with the CMO. To come up with metrics that work for both functions, finance leaders will have to be mindful to

include hard financial measures and more nuanced, non-financial measures to assess factors such as the value of having a wellknown brand name.

Bridge the cultural divide between the two functions. Thirty-one percent of the CFOs polled blamed cultural differences for keeping finance and marketing from collaborating successfully. To overcome the barrier, CFOs should make both sides aware of their different mindsets and encourage dialogue to help accomplish the business’s strategic priorities while staying within the business’s risk-tolerance limits.

Collaborate on marketing’s analytics transformation. One-quarter of polled CFOs said marketing is too difficult to quantify, but Big Data and advanced analytics are transforming marketing. CFOs can ensure the structures and investments are in place to help marketing manage information security and turn the data into meaningful intelligence.

Team up on the marketing planning process. Twenty-nine percent of polled CFOs didn’t see the value in collaborating with CMOs, but businesses are looking beyond what has worked and what hasn’t in the past. In the digital economy, effective marketing planning is essential for driving profitable growth, and finance can create value by helping ensure that marketing’s strategic planning is aligned with enterprise objectives.

Sabine Vollmer (svollmer@aicpa.org) is a CGMA Magazine senior editor.

Copyright © 2011-15 American Institute of CPAs / Chartered Institute of Management Accountants. All rights reserved.

STATEMENT

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Please contact Rich Bacher at Aon Insurance Services at 1.800.221.3023 or visit

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Aon Insurance Services is the brand name for the brokerage and program administration operations of Affinity Insurance Services, Inc. (TX 13695), (AR 100106022); in CA & MN, AIS Affinity Insurance Agency, Inc. (CA 0795465); in OK, AIS Affinity Insurance Services, Inc.; in CA, Aon Affinity Insurance Services, Inc. (CA 0G94493), Aon Direct Insurance Administrators and Berkely Insurance Agency; and in NY, AIS Affinity Insurance Agency.

One or more of the CNA companies provide the products and/or services described. The information is intended to present a general overview for illustrative purposes only. It is not intended to constitute a binding contract. Please remember that only the relevant insurance policy can provide the actual terms, coverages, amounts, conditions and exclusions for an insured. All products and services may not be available in all states and may be subject to change without notice. The statements, analyses and opinions expressed in this publication are those of the respective authors and may not necessarily reflect those of any third parties including the CNA companies. “CNA” is a service mark registered by CNA Financial Corporation with the United States Patent and Trademark Office. Certain CNA Financial Corporation subsidiaries use the “CNA” service mark in connection with insurance underwriting and claims activities. Copyright © 2017 CNA. All rights reserved.

E-11344-117 MD

JANUARY 2017

19

TAX CORNER Tax rules have never been friendlier, but changes may be on the way Editor’s note: The following article is reproduced with permission from the QuickRead, Oct. 20, 2016, published by the National Association of Certified Valuators and Analysts, www.QuickReadBuzz.com. All rights reserved.

B Y TH O MA S J . STE M M Y, CPA , CVA, EA, MMS

The biggest loophole in the tax code may soon be coming to an end, at least according to the messages sent by the Obama administration and recent budget proposals.

The American Taxpayer Relief Act of 2012 set a whole new tone for most estate plans when it took the dreaded estate tax off the table. However, it’s no secret that the

20

IRS has been making a concerted effort to recapture some of the revenues lost from property transfers by way of gift or upon death.

Practitioners are well aware of the continuing legislative efforts to roll back the lifetime estate exemption to $53.5 million (the 2009 level) while raising the top estate tax rate to 45 percent. More interestingly, however, are the recent attempts to make death itself a taxable event. This plan would require a capital

gains tax on appreciated assets to be reported on the decedent’s final tax return — even though no assets had been sold.

By the way, let’s not forget the other proposals to raise the capital gains tax as well, to a rate that could reach as high as 28 percent with the new 3.8 percent investment tax.

Experts maintain that a Republicancontrolled Congress will not give the tax reformers everything they want on their

STATEMENT

TAX CORNER wish list. However, many contend that some tweaking may be inevitable with the estate tax laws in order to restore some of the much-needed revenues from property transfers.

This article is not intended to speculate on these unknowns — or what Congress may or may not do to tax estates in the coming years. lnstead, attention is being called to certain action steps that have already been taken and, more specifically, on the recent IRS interest in targeting what some call the biggest tax-slasher of all time — the “basis step-up.”

TIGHTENING THE STEP-UP LOOPHOLE: HAS THE IRS TAKEN THE FIRST STEP? Practitioners have long relied on the premise that, with little more than a credible appraisal on hand, Section 1014 will allow a beneficiary to unilaterally increase the tax basis of an inherited asset to his or her tax advantage. However, it is now contended that the step-up process is beginning to look like an outright tax bonanza for practically everybody who is off the hook for estate taxes.

That’s right … for most of us, there will be no more estate tax or capital gains taxes upon sale. It sounds too good to be true.

But how long will it last?

It appears Congress has found at least one way to remedy the step-up loophole issue by asking, “Why not start tracking the basis of inherited assets and make sure that the asset values claimed as step-up matches those values reported on the estate tax return?” This led to a first step for enforcing the rules of basis consistency. Starting after July 31, 2015, if an estate tax return needs to be filed, responsible parties must abide by the following guidelines for basisconsistency (authorized by the Surface Transportation and Veterans Health Care Choice lmprovement Act of 2015): First, Section 7014 (f) was added. ln this section, the IRS simply declared flatly that JANUARY 2017

there must be consistency with the basis of an inherited asset and the valuation reported on an estate tax return.

Second, new Section 6035 was created. This spelled out the new filing requirements to be followed by executors and responsible parties for estates. For every estate return that is filed after July 31, 2015, a basisconsistency statement (known as Form 8971) must be sent separately to IRS no later than 30 days after the filing of the return. On this form, specific details are to be provided about the inherited assets and the purported values that were shown on the estate return. Most important, a copy of Schedule A must be sent separately to each beneficiary, as well as to the lRS. For privacy reasons, Schedule A only identifies specific details and values that are placed on the assets that are going to each of the beneficiaries. The purpose, of course, is put that individual on notice as to the amount that he or she should be claiming for basis step-up in order to minimize taxes.

More important, there is the subtle message that penalty assessments could extend further. The guideline instructions indicate that penalties could also apply if one does not “correctly state” the information reported on Form 8971 and on Schedule A. With broad language such as this, another level of responsibility emerges for all responsible parties. Put another way, it is evident that the IRS radar screen intends to monitor the valuation figures that are reported on estate tax for basis consistency. At the same time, it is also recognized that “correctly stating” the value of any asset is not always a clearcut task. Valuations and appraisals are a subjective exercise that could depend on a wide range of variables. And now, while the IRS appears to be paying closer attention to step-up consistency, all estate participants (including tax professionals and valuation consultants) need to be mindful of the risks associated with any appraisal that is substandard or prepared by a valuation professional who is not deemed to be qualified.

AVOIDING PENALTIES FOR NONCOMPLIANCE UNDER THE NEW BASIS-CONSISTENCY RULES

WHO IS AT GREATEST RISK FOR NOT COMPLYING WITH THE BASISCONSISTENCY RULES?

A close reading of Form 8971 brings to mind some cautionary notes for all “responsible parties” (including executors or other individuals required to file the estate return). These individuals need to be aware of the responsibilities that apply when they participate in the process of establishing basis step-up in order to minimize taxes. This could apply to tax return preparation and also to involvement with the preparation of appraisals and other valuation information that is reported on Form 8971 and Schedule A.

Before responding to this question, you may be wondering, “What do all of these new basis-consistency warnings have to do with estates in general in America?” After all, the new basis-consistency rules only apply when an estate tax return is filed, and not even 1 percent of estates will need to file a return in the first place. (In fact, if you file a return simply to make a special election — such as for generation-skipping tax purposes — you will not be subject to the new basis-consistency guidelines.)

For starters, the penalties are directed at meeting filing deadlines. Unless there is reasonable cause, simple failure to timely file Form 8971 and Schedule A could trigger penalties starting at $50 per form.

It is $260 per form if filed after the 30-day period. Further, if “intentional disregard of the filing requirements” is shown, the ante could be raised to $530 per form.

Does all of this mean that the vast majority of taxpayers who inherit assets will be free from IRS efforts to match stepped-up basis with the reported estate value? Probably not, for two obvious reasons.

First, the budget deficit is not expected to go away anytime soon and Congress is well aware of the capital-gains tax dollars that are being lost because of step-up.

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TAX CORNER Second, it is not conceivable that the IRS intends to monitor basis step-up for the super-wealthy only and let everyone else off the hook completely after ATRA.

LOCKING IN BASIS STEP-UP TO MAXIMIZE TAX-SAVING BENEFITS After the 2012 Tax Act took place, it did not take long for savvy family planners to recognize that the real tax benefits could be achieved by establishing the highest value legally possible for estate purposes (not the lowest). All that is required is

an independent, qualified appraisal.

Nowadays, except for the ultra-rich, when an appraiser comes back with an asset value higher than expected, the beneficiary might have reason to celebrate.

With this new shift in the playing field, estate experts have been bringing to the table a host of creative ideas and recommendations that could further enhance the benefits of step-up. Consider the following: 1. Get a qualified appraisal for all inherited assets Even though an estate return may not be required, many will argue that it is a good idea to get an independent appraisal for all inherited assets regardless of their nature or size. In the past, when executors compiled an inventory of assets for estate purposes, they would often be advised not to bother including certain, insignificant, personal-use assets owned by the decedent since it would only add to unnecessary accounting and possible hurdles with probate administration.

However, with the changing mindset about the step-up advantage, many are starting to realize that simple appraisals of obscure, personal-use assets might provide an unexpected tax advantage. This might sound a bit like overreach, especially for smaller estates. However, executors need to be reminded that an appraisal for a seemingly insignificant asset might do more than provide step-up benefits down the road. It just might nip in the bud potential controversies among family members seeking to divide assets and honor specific bequests.

Some common examples of assets for which an independent appraisal might be helpful in small-sized estates include: • household effects and furnishings, • personal property and collectibles, and • personal residence.

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Say, for example, Jane decided to sell the family residence that she inherited from her father along with heirloom jewelry from his private collection. The burden of proof is on Jane to prove her tax basis in those assets in the event that they are sold or abandoned. Under Section 1221, any personal-use assets that Jane inherits are capital assets by definition. If they are later sold at a profit, they would generally be taxed at capital gains rates and without proof to support step-up Jane might have to face an unwelcome capital gains tax.

Conversely, Section 1221 does not provide for a capital loss deduction for personaluse assets when sold at a loss. However, if Jane did not have an appraisal to support her basis, she could still have a potential tax issue. If questioned by the lRS, she would be unable to prove that she indeed sold at a loss and not a gain.

2. Get a qualified appraisal for intangibles if they have an intrinsic value Whether or not an estate tax return is required, beneficiaries should consider getting an appraisal for inherited assets known as intellectual property, especially if there is reason to believe that they could eventually be sold at a profit. This could include literary compositions, artwork, and other creative works of the decedent that may have an ascertainable value that is not easy to discern, such as copyrights, patents, and trademarks.

The valuation of intellectual property is a highly specialized area that should only be undertaken by an experienced valuation professional in order to avoid any allegation that the asset value was not “correctly stated.”

3. Revisit your lifetime gifting plans For most, gone are the days when a rush to make year-end gift transfers to the kids (under the annual exclusion) is a smart move. In fact, for most taxpayers, giving away assets simply to lower the value of your estate might now be counter-productive. If Dad were to give Junior a piece of property that has been appreciating in value, he STATEMENT

TAX CORNER may have unwittingly created a capital gains tax burden for Junior who would be deprived of the benefit of step-up.

4. All business interests that are inherited should be appraised, regardless of size An independent appraisal of an ongoing business venture, regardless of size, might provide immediate (step-up) tax benefits such as depreciation, etc., in addition to eliminating capital gains and recapture taxes upon sale. And so, a valuation professional experienced in business appraisals could provide valued benefits whenever any kind of business interest, including goodwill, is inherited. Interests could include a small, family-run carryout shop; a furniture remodeling company; a real estate company; or any ongoing business venture for which the decedent had an ownership interest.

5. Consider dismantling estate planning techniques that no longer serve a purpose There are many, of course. However, the bypass trust comes to mind as one of the most common strategies that needs to be re-evaluated. With this technique, husbands and wives can easily lock in both of their lifetime exemptions to avoid estate taxes. There are also other popular trust strategies, such as the “intentionally defective grantor trust,” that may no longer be needed and might even be counter-productive after ATRA. By using these and other more exotic techniques, the benefit of basis step-up might be lost forever and beneficiaries might be faced with an unnecessary tax burden. This, of course, is not to mention the continuing costs associated with trust management, accounting, and administration.

DISCOUNTING ASSET VALUES: ONE KEY CHALLENGE THAT IS EXPECTED TO FACE ESTATES AND VALUATION PROFESSIONALS In addition to considering the above suggestions for locking in the benefits of step-up, estate beneficiaries should also be aware of another new twist in estate planning. It involves the recent IRS JANUARY 2017

attempt to change valuation standards by prohibiting discounts in order to raise estate tax revenues. This IRS effort to “increase” asset valuations highlights a dichotomy that has now been created in the estate planning world.

Challenges lie ahead for “responsible parties” and valuation professionals.

These are interesting times in which we live, especially if you happen to be a tax or valuation professional on the new playing field. The IRS has always been well-armed with an abundance of rulings and court decisions to counteract those estate professionals who have made a good faith effort to minimize the fair market value of assets on the basis of “highest and best use” standards referred to in Treasury Reg. 20.2031-1(b).

Now however, unless you are among the super-wealthy, these IRS rebuttals are starting to reveal a huge disconnect with estate planners everywhere. In fact, many estate experts will simply use the IRS’s very own arguments in their attempts to substantiate the highest (rather than lowest) values allowable under law and sound valuation theory.

This disconnect was brought to light in the following message dealing with discounting asset values, which the IRS sent in a recent, highly publicized press release. It stated, “The Treasury Department proposed a crackdown on wealthy families attempting to avoid the estate tax. … The Treasury’s action will significantly reduce the ability of these taxpayers and their estates to use (certain) techniques solely for the purpose of lowering their estate and gift taxes.”

One of the “loopholes” that was targeted in this release was the use of “aggressive discounts” for the transfer of minority interests among family members. For the most part, these interests are owned by family owned entities such as corporations, partnerships, and the ever-popular LLCs and FLPs. In general, the minority interests that are transferred have significant restrictions — particularly “lack of marketability” and “lack of control.” And, because of these restrictions, the courts have had little success in denying discounts of value, even when the discounts appear to be a bit on the high side.

Discounting techniques for minority interests have served estate planners remarkably well for more than 20 years,

23

TAX CORNER thanks to the friendly IRS Revenue Ruling 93-12 which made them possible. However, the IRS perceived that too many abuses were taking place and, as suggested in this new release, the magic of discounting minority interests may soon be coming to a halt.

In brief, valuation professionals and “responsible parties” need to be aware of the challenges they face when they try to use every tool available under the law in order to support the most favorable determination of value for inherited assets for step-up purposes. They need to be cognizant of any changing valuation standards, including those involving discounting or any other regulatory measures that will serve to increase (rather than decrease) the determination of asset values.

CHALLENGES AND HURDLES THAT FACE THE IRS AND PRACTITIONERS As shown, any arguments that the IRS might raise in order to increase the valuations of inherited assets will surely be used by estate representatives when needed.

Nonetheless, any IRS successes will not come easy and will be fraught with legal issues that could keep attorneys (on both sides) busy for years to come. Nothing less could be expected when attempts are made to challenge the standards of determining fair market value that have long been accepted by the courts.

These challenges can best be illustrated by referring to this latest IRS effort to prohibit discounts on the value of minority interests that are transferred within families.

Generally, the reason that the courts have allowed these discounts in the first place is that the donor has retained certain controls and interests over those interests. At the same time, the donee’s rights are usually restricted, including the right to liquidate his or her interest. Now, however, with a recent IRS proposal to amend section

24

2704, the IRS may soon be successful in having these restrictions disregarded for the purpose of determining fair market value. The end result? We may soon learn that those generous discounts of value for minority interests will soon become a thing of the past. On one hand, this would prove to be a win-win situation for the lRS, and a huge increase in estate taxes for a relatively few estates. On the flip side, however, there is seen a green light of opportunity for those in search of any authority available that allows an increase in value, by definition, to achieve step-up benefits.

LOOKING AHEAD IN ESTATE PLANNING AND CAUTIONARY NOTES Whatever comes up with future legislative activity, all responsible parties need to be wary of the IRS’s increased intention to track “basis-consistency” for estates. This is in spite of the seemingly contradictory efforts of the IRS to increase asset values by revising valuation standards. As noted above, Section 6035 went on to amplify (penalty laden) warnings about the need for basis-consistency; but, more important, it was also reminded that all reported values must be “correctly stated” in any case. This suggests any valuations that are overstated, for any tax-saving purposes, are cleary at risk.

All taxpayers have been exposed to risk for misstated values, even before ATRA. In fact, Section 6662 has long provided for a layer of penalties that range in amounts that depend on whether there had been a “substantial” or a “gross” misstatement of value.

PLANNING ADVISERS

ALERTS

FOR

TAX

Tax professionals are generally well aware of the penalty tiers (identified under Section 6694) that could apply if they had a role in establishing tax basis with the help of

outside valuations. These penalties apply when there has been an understatement of tax liability that came about because an unreasonable position had been taken (one that lacks substantial authority) and the preparer knew “or should have known” of the circumstances.

APPRAISERS ALSO NEED TO BE WARY All valuation professionals were also brought into the loop under the Pension Protection Act of 2006. At that time, Congress called attention to potential misstatements of value that might understate tax liability. Again, depending on whether those misstated values are “substantial” or “gross,” penalties are now set accordingly.

A FINAL ANALYSIS It would be folly to try and predict what future congressional action will do with estate taxes in general, or if the existing lifetime exemption will remain permanent.

These unknowns need to be discussed with one’s attorney when considering the need to revise an existing estate plan after ATRA. At the same time, it is important to recognize that the need to search for high asset values (or low values for that matter) could change as well—especially with the IRS proposals to revise valuation guidelines.

Regardless of what future legislation brings, it remains clear that responsible parties for all estates (regardless of size) need to be mindful of the importance of “correctly stating” an asset valuation when there are tax implications involved. For this, the credentials and experience of the valuation professional could be critical.

Thomas J. Stemmy, CPA, CVA, EA, MMS, is a tax specialist, consultant, and shareholder with Stemmy, Tidler and Morris, P.A. He can be reached at 410- 5713195 or TStemmy@stmcpas.com.

STATEMENT

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25

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Learn more at: www.sageaccountantsolutions.com Š 2016, The Sage Group plc or its licensors. All rights reserved. Sage, Sage logos, and Sage product and service names mentioned herein are the trademarks of The Sage Group plc or its licensors. All other trademarks are the property of their respective owners.

LEADERSHIP Are you a step-up or step-down transformer?

To increase your creativity, you must focus on lowering your level of anxiety

BY ED KLESS Anxiety and creativity are always inversely proportional to each other. The more anxious you are, the less creative you can be. Therefore, trying to increase your creativity only makes you more anxious.

Thinking, “I need to be creative, now!” is unlikely to work.

If you want to increase your creativity, you must focus on lowering your level of anxiety. Note that anxiety is different from stress. You can be in a stressful situation but be non- (or at least less) anxious about the situation. Stress is the circumstances you are in, whereas anxiety is the emotion you feel.

Most people I speak with about this concept are very accepting of the idea, at least for themselves. However, I have found that while people resonate internally with the idea, their leadership style does not reflect it in how they approach others.

In leading people, they tend to increase the anxiety of a situation by their behavior.

They are “step-up anxiety transformers.”

TRANSFORMERS ARE AMAZING An electrical device that transfers electrical energy between two or more circuits through electromagnetic induction is known as a transformer and is used to increase or decrease the voltage of electric power of the power grid.

These amazing devices work by wrapping wires around a piece of metal at different densities. If the density of the wrapped wires is lower on the incoming side than the outgoing side, then the voltage is stepped up. If the density of the wrapped wires is higher on the incoming side than the outgoing side, then the voltage is stepped down.

adapter on your iPhone. One hundred and twenty volts (standard U.S. electrical outlet) would instantly fry your phone. The adapter reduces the voltage to the needed 5 volts for the phone. The little gizmo is a step-down transformer.

In their ground-breaking book, Healing Leadership, Howard Hansen and Steve Geske postulate that like electrical transformers, leaders can be one of two different types of transformers. They can either step-up the level of anxious energy in an organization or step it down. Sadly, many people are step-up transformers.

They write: “The least mature in any group, including families, tie up energy resources. They are eager to create a negative presence. We have come to call these people, ‘stepup transformers.’ Neutrally anxious energy goes in. Highly anxious energy comes out. The net outcome is that leaders’ energy levels are reduced along with the capacity to focus on creative work. They are … skilled at making mountains out of every mole hill.”

Far too many leaders fail to recognize this trait in themselves. They think they are helping by “creating a sense of urgency” or “getting people to be accountable.”

This is nonsense as it is not only unhelpful, but instead sows the seeds of the leader’s own destruction. They are smothering the ability of their people to develop new and creative alternatives to the problems faced by the organization. Instead, fear takes root as the basic emotion of the group, and after fear, toxicity quickly follows.

WHAT CAN BE DONE? A great example of this is the A/C to USB

28

Simply put, nothing, except for the

leader to recognize that they are stepup transformers and make a conscious choice to become step-down transformers.

Like their metaphorically electrical cousins, step-down transformers attempt to lower the level of anxiety by being a non-anxious presence themselves. They do this by becoming a self-differentiated person – someone who is aware of and acknowledges the anxiety of the group, but does not get enmeshed in the anxiety themselves.

In times of crisis, a self-differentiated leader seeks out a balance between being responsible for what they are in fact responsible for and being labeled as obstreperous, that is, difficult to work with.

This is not an easy task for many leaders, even leaders who we have traditionally viewed as “good.” Many “good” leaders all too often step in and save the day.

In many cases, this behavior is out of benevolence; they truly care and want to help. Curiously, this ultimately leads to a) people thinking they need the leader in more and more situations rather than relying on themselves, and b) the leader thinking they must continue to save the day. Thus it becomes a vicious circle that sucks the creative energy from the group and replaces it with anxious energy.

CHARACTERISTICS OF STEP-DOWN TRANSFORMERS One of the key tools of the step-down transformer leader is humor. (Note: not sarcasm.) Humor, especially if a bit selfdeprecating and well timed, can significantly defuse the anxiety of situations. The reason is that our human limbic (emotional) systems are open to the influence of others, they are not closed. This is why you might laugh at a comedian while in a comedy club, but barely chuckle at the same jokes if they are listening to them on TV while you are alone in a hotel STATEMENT

LEADERSHIP room. Great comedians have the ability to actually link up an audience’s limbic systems.

A step-down transformer leader also knows to make a decision when the same questions keep getting asked over and over again. Alternatively, they sometimes reframe the question in a new way that allows the conversation to take a new, less anxious direction. Reframing questions is a learned skill that can be practiced.

However, recognizing when to do so is an art form in step- down transformer leaders.

Lastly, step-down transformer leaders know how and when to confront people with their own freedom. This is perhaps the greatest challenge of any leader because it takes not only the ability to recognize

the situation, but the courage to act upon it. Often, people who are confronted with their own freedom recoil at the thought.

They would rather view themselves as being imposed upon by others. “I have no choice,” is a frequent reply. Great stepdown transformer leaders demonstrate by their own actions that human freedom, especially of one’s own feelings, is a choice.

about once in three times.

My advice to those of you intrigued by these ideas and want to put them in practice is to learn how to be self-forgiving for not putting them into practice.

Ironically, in trying too hard, you will more likely increase your own anxiety. In other words, you will become a step-up transformer of yourself.

THEY ARE NOT PERFECT Lastly, the most interesting aspect of this type of leadership is that those who practice it are often flawed in the ability to put it into practice. I have studied and struggled with these ideas for a decade. I believe I am better than most people at recognizing the rising level of anxiety of a group, yet still I think I only succeed in putting it into practice

Yeah, don’t do that.

Ed Kless is the senior director of partner development and strategy for Sage Accountants Solutions. His weekly radio show with Ron Baker, The Soul of Enterprise, can be heard on VoiceAmerica. com or TheSoulOfEnterprise.com.

SKIPTHE DRIVE.

SIMULCASTS NOW AVAILABLE.

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That’s why we have launched a new season of CPE simulcasts on a new platform. Try it out by registering for one or more of these upcoming courses today!

JANUARY 2017

View more at macpa.org/calendar.

29

HIGH-TECH SOLUTIONS Change isn’t enough. Think transformation instead B Y L . G A RY B OOM E R

To embrace change simply isn’t enough in today’s disruptive environment.

Change means doing the same thing, only introducing some degree of variation.

This is often referred to as directional innovation. If you put a group of likeminded thinkers in a room, you will get incremental improvement.

The key is transformation.

Transformation means doing something utterly and radically different. Stepping outside of the box isn’t enough. We need to transform the box itself. Inside-out change, proactive change, and opportunitydriven change are where personal and organizational growth comes from. This requires intersectional innovation where multiple disciplines and diversity come together to think differently about the problem. In fact, they may even forget about today’s problem and focus on future challenges.

The key, as Wayne Gretzky famously said, is to skate to where the puck is going to

30

be, not where it has been. To many in the accounting profession, this may seem too radical, and with the recent demand and rapid increase in partner income, the question becomes, “Why should I change?”

This is a valid question, yet as with a tsunami, waiting too long can mean disaster. Many don’t see a sense of urgency, so let me try to explain why it is much different today than it was five to 10 years ago.

The impact and disruption of technology are much greater today than they were several years ago. This is due to what is known as the law of increasing returns.

Moore’s Law is probably the best known example regarding the price/performance of processing power. In 1965 processing power doubled every year; today it doubles every 18 to 24 months.

Most of us have been trained to think linear and local rather than exponential and global. Today, we are being forced to change our thinking about age-old challenges in the accounting profession,

including talent, workflow processes, technology, and providing relevant realtime wisdom rather than just information.

The microprocessor has been around for more than 50 years. When its processing power doubles today, the increased capability is significant. To demonstrate this law financially, how much money would you have after 31 days if you started with a penny and doubled it every day? At the end of two weeks, you would have $81.92.

At the end of 31 days, you would have more than $10.7 million. Most people can’t comprehend this without actually doing the math, and even then it is difficult to comprehend.

Put another way: Three digital accelerators are currently converging: processing power, bandwidth, and storage. Bandwidth and storage are increasing at an even greater rate than processing power. Consider this: Full-motion video requires approximately 10 Mbps; most people have this capacity on their cell phones or in their homes. The first hard drive, developed by IBM in 1956, had 5 Mb of storage, was the size of two refrigerators, and leased for approximately

STATEMENT

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Your opportunity to make a tax-deductible donation to the Maryland Cancer Fund which provides cancer prevention, screening and treatment for low-income Maryland residents.

Please Donate on Line 37 for Tax Year 2016! http://phpa.dhmh.maryland.gov/cancer/Pages/mcf_home.aspx

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JANUARY 2017

31

HIGH-TECH SOLUTIONS $250,000 per month. In 1979, Seagate released a 5 Mb drive for $1,500. Today, 1-terabyte drives can be purchased for less than $60.

These examples demonstrate that the curve is going vertical. That means we must think differently about the challenges we have today and into the future.

CPA firm leaders everywhere say talent is their top challenge. They say they don’t have the talent to take over (or buy out) the partners who are nearing retirement age and rapidly grow the firm.

As a result, we see an incredible amount of merger activity.

I ask, “Is talent the real problem or are there other considerations we should be focusing on?”

Talent has been the problem for decades, but perhaps the real problems are lack of a shared vision, lack of integrated and standardized systems, poor internal communications and processes, and a need to focus one advisory services rather than after-the-fact compliance services, which are becoming increasingly commoditized.

Where will you and the profession be in 10 years?

According to the Economist, there is a 94 percent probability that accounting and auditing jobs will be lost due to disruptive technology within the next 20 years. The February 2016 edition of 24/7 Wall St. references the Bureau of Labor Statistics as making a similar prediction: Jobs in bookkeeping, accounting, and auditing will decrease by at least 8.4 percent by 2024.

We are already seeing the early stages with new technology that eliminates data entry and reconciliations. Blockchain and other new technologies have the potential to eliminate many of the security and privacy issues and eliminate most of the time spent today in reconciliation and data entry.

Are we, as a profession, going to miss this opportunity and lose relevance, or are we

32

going to embrace the exponential and global movement? Some will probably choose to allow the gravity of the past to paralyze them, while others will become future-ready.

I believe accountants and their firms should and can do both. It is not an either-or proposition. I believe it is an “and” proposition, one that provides the excitement and needed growth opportunities to attract excellence and leverage technology that allows you to work from anywhere and at anytime.

Work is what you do, not where you go.

Relevance means CPAs should move up the value chain and focus on knowledge and wisdom.

My caution is to avoid ignoring the impact of technology and include technology in your vision and strategy. Firms need someone with technology and business savvy at the management table. Too many firms are moving to a technology-outsourced model. In the short term, this strategy may drive more to the partners’ income. In the long-term, though, firms need internal technology expertise that can lead and nurture innovation. Again, I believe it is an “and” proposition. Outsource some of the infrastructure and support, but retain IT visionaries and leaders who understand both the future of the profession and technology.

Technology is becoming an increasing component of marketing and sales strategy.

Some marketing gurus have predicted that the marketing technology budget will become the largest component of the entire firm’s technology budget. Whether this will happen or not, it points to the need for a comprehensive firm technology strategy.

To do this, firms must think differently. Those that do will see the need for a firm technology capability model / assessment. Much of the IT focus in the past has been on production in tax- and audit-related services.

Firm management also has been part of the equation, yet the applications

generally have not been integrated or shared data easily. As we move to the cloud, integration is easier, there is less friction among applications, and the focus should go beyond just the front office. Our strategy should consider the client and employee experiences as well as support and the use of business partners / sourcing.

There are eight mindsets that will help your firm transform and remain successful and future-ready 1. A bigger future: You must focus on the future and believe that it will be greater than the past.

2. Team player: The day of the rugged individual is over. Clients’ wants and needs require a team approach. The team can be composed of external and internal resources.

3. Willingness to change: Your ability to embrace change and learn faster than your competition is vital.

4. Process improvement: Eliminate steps that don’t add value.

5. Lifelong learning: Training and learning are two-way streets. You must be willing to learn and teach others.

6. Growth: If you wish to attract and retain the brightest talent, the only answer is growth.

7. Connectivity: Trust is what holds the Internet-connected economy together. You create digital trust the same way you create any other kind of trust.

8. Accountability: You must be willing to hold yourself accountable if you wish to hold others accountable.

Accountability is the fastest way to change results.

L. Gary Boomer is a visionary and strategist with Boomer Consulting.

STATEMENT

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Columbia | CPE credit: 4.0 | Event ID: 171022 blionline.org/QFLS Recent research from the AICPA says that the business environment for CPAs and their clients will be characterized by “unprecedented, massive and highly accelerated change” through 2025. To thrive in this new age of hyper-change and growing uncertainty, it is now an imperative to learn a new competency--how to accurately anticipate the future. This session will show how to anticipate these trends and move from being a crisis manager to an opportunity manager. At the end of the session participants will set actionable steps to elevate and accelerate their organization’s strategy.

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NYPN is now the Young Professional Council WHAT IS THE YOUNG PROFESSIONAL COUNCIL? The MACPA recognizes that young professionals in the first several years of their career face unique challenges - passing the exam, navigating different career options and finding a place in the profession. In 2003, the MACPA created the New/Young Professionals Network to engage young accounting and finance professionals in Maryland with learning and networking opportunities designed specifically for them. In 2016, NYPN rebranded as the Young Professional Council. We hope this council format helps us to engage with more young professionals in a way that is easier for them. All events, including planning meetings, will be open to all MACPA young professionals. If you’re not sure you are on the mailing list to receive these invites, please check the box next to MACPA Young Professional Updates on the email preferences section of your member account settings on the MACPA website.

RECENT EVENTS Aug. 10: We had a great (albeit “hot”) time at our Summer Happy Hour at Boathouse in Canton.

Oct. 20: Special Young CPA Professional Issues Update with AICPA Incoming Chair Kimberly Ellison-Taylor, M&T Bank Stadium Oct. 20: Newly Licensed CPA Swearing In Ceremony, M&T Bank Stadium Dec. 15: CPA Summit UPCOMING EVENTS – REGISTER AT MACPA.ORG Jan. 26: CPA Day in Annapolis

36

STATEMENT

Attention CPAs:

Whether A Decision Maker Looking To Upgrade Your Talent, Or A CPA Looking to Upgrade Yourself/Your Skills, Ask Yourself: Who really chose who in joining your company?

Are you/your professional staff really at the right level where you should be/you need them to be?

Are you/your staff in a position that truly suits your/their personality, values, and professional and personal needs?

Why leave your future to chance?

If you’re seriously interested in making the “right” move for your next hire, I can help you.

I am an actively licensed CPA in Maryland and Virginia and CGMA with over 20 years of experience including public accounting (E&Y) and consulting (KPMG), financial accounting (American Cancer Society), internal audit (Telerate, now part of Thomson Reuters), and recruiting. As a networker who truly enjoys helping others and sharing my career experiences to guide fellow professionals, including writing articles for the AICPA, here is how I can help you: Decision Makers:  Ask you questions, and most likely ask many more questions than other recruiters about your company, duties involved, skills required, corporate culture and more  Work with you on finding the “right” professional that is the “right fit”  Provide you with valuable information about the professionals I work with, the marketplace, what your competitors pay, and more Career Seekers:  Guide you on career paths available in public accounting and industry  Enable you to capitalize on your strengths  Coach you on how to put your best foot forward to find the “right fit”  Advise you when to stay in your current position if that is the right move If you’re interested in working with a recruiter who understands your background, skills, and is genuinely interested in helping you find the “right fit”, then I welcome meeting you!

BETH A. BERK, CPA, CGMA Independent Recruiter

Phone: 301-767-0670 Email: BethABerk@msn.com

Specializing in CPA Firm, Accounting & Finance Positions in Metropolitan DC/MD/NoVA & Baltimore and nearby Suburbs and Richmond/Tidewater too Connecting You To Your Next Hire

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Selling On 20% 30% 50% 80% OFF! OFF! OFF! OFF! Your Own? For Sale by Owner = Discount to Buyers. Accounting Practice Sales is the largest facilitator in North America for selling accounting and tax practices.

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䈀唀匀䤀一䔀匀匀 䌀䄀刀䐀 椀渀 琀栀攀

䨀䄀刀 愀琀 琀栀攀 䴀䤀䌀刀伀匀伀䘀吀 伀䘀䘀䤀䌀䔀 ㌀㘀㔀

刀䔀䜀䤀匀吀刀 刀䔀䜀䤀匀吀刀䄀吀䤀伀一 吀䄀䈀䰀䔀⸀

䄀 挀漀瀀礀 漀昀 䴀椀挀爀漀猀漀昀琀 伀昀昀椀挀攀 ㌀㘀㔀 眀椀氀氀 戀攀 爀愀昀昀氀攀搀 漀昀昀 愀琀 猀攀瘀攀爀愀氀 䴀䄀䌀倀䄀 昀攀愀琀甀爀攀搀 攀瘀攀渀琀猀⸀

38 䈀刀伀唀䜀䠀吀 吀伀 夀伀唀 䈀夀

STATEMENT

The Choice is Yours When choosing the University of Baltimore Masters of Science in Accounting and Business Advisory Services program, you’ll go beyond just accounting.

Our curriculum is tailored to working professionals like you. The program prepares you for the CPA exam and your career by using an holistic approach that includes courses in finance and information systems. Apply now.

For more information about our graduate program offering visit: ubalt.edu/gradaccounting UB Alumni lead more of Baltimore’s largest accounting firms.* *According to the 2016 Baltimore Business Journal Book of Lists, the University of Baltimore has 9 alumni who are managing or co-managing Baltimore’s 25 largest accounting firms.

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39

CLASSIFIEDS Give your company valuable exposure to nearly 10,000 MACPA members by advertising your classified ad in the Statement.

Also visit our online classified page for additional ads at www.macpa.org/public/classifieds. job openings TUTORING AVAILABLE

for the CPA exam. James C.

Borra, 301-365- 7525.

TAX PROFESSIONAL FOR BUSY SEASON. Kenneally & Company, a Towson CPA firm of highly motivated professionals, seeks experienced professionals for individual tax return preparation and review. Familiarity with ProSystem fx is a plus. Flexible hours and a pleasant working environment.

Please contact Michelle Lindemon at mlindemon@jlkcpas.com or (410) 321-9558.

• Develop a detailed tax engagement work plan, including budgets and timeline for delivery.

• Monitor project status against the budget and communicate schedule adjustments to management.

• Effectively analyze client transactions and unusual situations with a level of complexity in incorporating the tax effect of the transaction or situation.

• Recognize and resolve potential and/or existing problems with appropriate tax research and consulting, if necessary, using various tax research platforms.

TAX MANAGER: Are you an innovative thinker and

• Maintain lines of communication with both staff and clients to address client concerns and identify opportunities to increase level and type of services.

As a member of RS&F’s Tax Department team, you will:

• Work closely with clients and partners within our clientbased approach to provide outstanding client service and to build client confidence in and trust for firm services.

team manager looking for a challenging opportunity with a growing firm? Then let’s talk!

• Be empowered to work directly with clients, partners and senior staff to provide a broad spectrum of tax and related consulting services.

• Participate in a unique client-based approach, providing access to primary client account activity as well as work on underlying entities, trusts, and individual tax returns.

• Interact with our Accounting and Auditing Department on engagements that span both groups.

• Be valued as an individual, mentored as a future leader and recognized for your accomplishments.

• Have the opportunity to work with a diverse client base.

• Be headquartered in either our Baltimore (Owings Mills) or Columbia, MD offices

Responsibilities include: • Serve as the Engagement Manager on specific tax client accounts, taking responsibility for planning, execution, final deliverable and billing and collections.

• Review complex individual, partnership, S and C corporate tax returns, as well as nonprofit and trust tax returns and work papers using ProSystems Tax and Engagement.

40

• Take responsibility for subordinates’ activities and chargeability, including effective delegation of work to staff.

• Develop team processes and systems to improve the productivity and growth of the business.

• Develop subordinates’ technical and industry skills and encourage growth.

• Lead by example through demonstration of initiative, vision, resourcefulness, creativity and independent thinking.

Desired Skills and Experience • BS/BA Accounting; Masters in Taxation preferred • CPA required • 6+ years with public accounting firm experience with tax focus • Be a team player and willing to roll up their sleeves if needed • Proactive problem solver with analytical skills

STATEMENT

CLASSIFIEDS job openings, continued • Self-motivated with assigned duties

excellent

follow

through

on

Send resume to: Kenneally & Company

• Solid communication skills

660 Kenilworth Drive, Suite 101

• ProSystems Tax, tax research software, and Engagement experience About RS&F: RS&F is a growing regional full-service business consulting, accounting, auditing, and tax firm, with offices in in

Towson, MD 21204 Fax: (410) 321-9809 E-mail: dmiller@jlkcpas.com

Owings Mills and Columbia, Maryland. As members of one of the Top 20 firms in our region, our team of professionals assists clients in charting a course for success and serve as our clients’ trusted advisor.

mergers & acquisitions

innovative business consulting services as well as traditional

HOWARD COUNTY PRACTICE LOOKING TO ASSOCIATE/EVENTUAL SALE Practitioner

accounting services. RS&F’s staff is trained in the most up-to-

looking to associate with firm desiring subcontracted work from

date industry knowledge and best practices. We pride

our practice initially while trying out the relationship, take over

ourselves on providing close, personalized attention to our

in case of death or disability, all leading to eventual practice

clients while offering a wide range of resources and extensive

acquisition at practitioner’s retirement. Please email responses to

business network.

AmyM@macpa.org (File 9-12).

RS&F prides itself on an employee culture of independence,

QUALITY CPA FIRM WISHES TO ACQUIRE PRACTICE OR ACCOUNTS in Baltimore/Washington/

Since its inception, RS&F has differentiated itself by providing

empowerment, opportunity, and flexibility. Associates work with multiple managers to prepare and complete client assignments, affording them the opportunity to learn from staff with varying degrees of experience and expertise.

For

more

information,

or

to

practitioner. “Top Dollar Paid.” Reply in strictest confidence to 410-539-7100, or File No. 63-87.

forward

resume,

email

ndayton@psafinancial.com.

MANAGER: Exceptional Towson CPA firm of energetic and highly motivated professionals seeks like-minded individual who has excelled in public accounting.

CPA with 8+ yrs public accounting experience providing accounting, tax and consulting services to business clients.

Expertise in compilations, reviews and business tax returns required. Familiarity with ProSystem Engagement and ProSystem Fx Tax is a plus.

We offer challenging work, limited overtime, flexible work schedule, and excellent compensation and benefits, including an incentive based comp plan.

Annapolis area, or possible association with retirement-minded

SANTOS POSTAL & COMPANY, PC, a nationally recognized CPA firm located in Rockville, MD, is enhancing its organic growth through the acquisition or merger of existing practice or accounts in the Washington metropolitan area. Reply in confidence to File No. 28-91.

SUBURBAN DC CPA PRACTICE Retirement minded CPA (former Deloitte) with practice grossing $200K looking to associate with seasoned CPA having at least 10 years client contact and experience.

Association will lead to favorable

acquisition time frame and terms. Unqualified Peer Review in 2014. Professional practice with significant consulting revenue and NO payroll or bookkeeping.

Very profitable.

DIRECT

INQUIRIES IN STRICT CONFIDENCE TO: AmyM@macpa.org.

NO BROKERS. CONTINUED ON PAGE 42

JANUARY 2017

41

CLASSIFIEDS CONTINUED FROM PAGE 41

mergers & acquisitions, cont.

TAX PRACTICE FOR SALE: Future retirees: consider working only during the tax season in the warm and welcoming

HOW TO SUBMIT A CLASSIFIED AD To submit a classified ad contact Amy Moran at AmyM@macpa.org, or 443-632-2319.

environment of Boulder City (near Las Vegas) Nevada. A $200,000

REPLIES TO ADS WITH FILE NUMBER:

plus tax practice is for sale. The vast majority of these established

Replies should be sent to AmyM@macpa.org, or via mail:

clients are local residents and businesses. Principals only. Call 702-965-3277.

INTERESTED IN SELLING OR BUYING A PRACTICE? Massachusetts Practices for Sale: gross revenues shown. Central MD Attest Practice $151K; Springfield

Amy Moran MACPA Classified Ads – File Number _____ 901 Dulaney Valley Road, Suite 800 Towson, MD 21204

Metro Area Tax Practice $155K; Cape Cod CPA Tax Practice $700K. For more information please call 800-397-0249. See nationwide listings and register for free email updates at www.AccountingPracticeSales.com.

THINKING OF SELLING YOUR PRACTICE? Accounting Practice Sales is the leading marketer of accounting & tax practices in North America.

We have a large pool of

buyers, both individuals & firms, looking for practices now.

We also have the experience to help you locate the right fit for your firm and negotiate the best price and terms. To find out more about our risk-free and confidential services, call Bradley Holmes with The Holmes Group at 1-800-397-0249 or email bradley@apsleader.com.

professional services EXECUTIVE & EMPLOYEE COMPENSATION CONSULTANT: Trusted Advisor to Owners, Board Compensation Committees and CEOs regarding competitive base pay and incentive compensation levels, plans and practices.

Extensive corporate and consulting experience for non-profit and forprofit organizations. DAVE RYAN, CPA, CCP, JD 1206 Merediths Ford Road, Towson, MD 21286. 443-377-3166. References upon request.

Visit website at www.CompensationGPS.com.

42

STATEMENT

MEMBER NOTES

FIRM NOTES

Ryan Crabbs, CPA, has been promoted to senior manager with DeLeon and Stang Certified Public Accountants and Advisors.

Bormel, Grice and Huyett, P.A., has been named one of the 2016 “Best Accounting Firms to Work For” by Accounting Today and Best Companies Group. Bormel, Grice and Huyett is ranked No. 28 on the list.

Pamela J. Donohue, CPA, has been promoted to manager with Albright Crumbacker Moul and Itell, LLC, CPAs.

Gross, Mendelsohn and Associates, P.A., has been named a 2016 Baltimore Sun “Top Workplace” award-winner for a fifth consecutive year.

Stivaly Friedman, administrative assistant with DeLeon and Stang Certified Public Accountants and Advisors, has been named treasurer of the MOMS Club of North Potomac – Muddy Branch.

Elizabeth Gantnier, CPA, CGMA, mid-Atlantic region professional practice partner for Dixon Hughes Goodman, has been appointed to the American Institute of Certified Public Accountants’ Peer Review Board for a 2016-17 term.

Caroline L. Kettering, CPA, has been promoted to principal in Bond Beebe’s benefits practice.

Kettering has been with Bond Beebe for more than 13 years and provides audit engagements services to a variety of clients, including the firm’s largest labor organization and benefit plan clients.

Steven Kurinsky, CPA, CGMA, has been promoted to supervisor with DeLeon and Stang Certified Public Accountants and Advisors.

Rosen, Sapperstein and Friedlander, LLC, has been recognized as one of the 50 fastest-growing private companies in the Baltimore area by the Baltimore Business Journal.

Smith Elliott Kearns & Company, LLC, has opened a new fullservice office in downtown York, Pa.

DON’T MISS THE FULL LIST OF UPCOMING CPE COURSES

Jordan R. Pearson, CPA, has been promoted to supervisor with Albright Crumbacker Moul and Itell, LLC, CPAs. Ron Rendle, CPA, has been promoted to manager with Bormel, Grice and Huyett, P.A.

Richard Wolf, CPA, CGMA, CFE, a principal in the Forensic and Litigation Support Group at Gross, Mendelsohn and Associates, P.A., has earned the Certified Valuation Analyst (CVA) designation.

Page 44

JANUARY 2017

43

DATE

COURSE TITLE

CPE

TIME

MEMBER

EVENT ID

LOCATION

Upcoming IN-PERSON Events & Courses DATE

COURSE TITLE

WEBCAST Events & Courses: page 51 CPE

TIME

MEMBER

NON-MEM. LOCATION

ACCOUNTING & AUDITING (IN-PERSON) 1/12/17

The New Clarified Attestation Standards: What You Need to Know

4

8:00 am – 11:30 am

$150

$200

Columbia

1/12/17

Engagement Essentials: Compilation of Financial Statements

4

12:00 pm – 3:30 pm

$150

$200

Columbia

1/19/17

Construction Contractors: Accounting, Auditing, and Tax

8

8:00 am – 3:30 pm

$295

$395

Columbia

1/26/17

CPA DAY 2017 (Member-only event)

2

7:30 am – 1:30 pm

$0

–

Annapolis

3/16/17

U. S. GAAP: Latest Developments and Key Topics for Business & Industry

8

8:00 am – 3:30 pm

$295

$395

Columbia

3/23/17

Quarterly Financial Leaders Series – Get Ready for the Fast Future: The Anticipatory CPA

4

8:00 am – 12:00 pm

$180

$230

Columbia

4/25/17

Case Studies in Not-for-Profit Accounting and Auditing

8

8:00 am – 3:30 pm

$295

$395

Timonium

4/28/17

2017 GOVERNMENT AND NOT-FOR-PROFIT CONFERENCE

8

8:00 am – 5:00 pm

$270

$370

Washington DC

5/15/17

2017 Employee Benefit Plan Conference

8

8:00 am – 4:30 pm

$300

$400

Columbia & Online

5/17/17

AICPA’s Annual Update: Top 12 Governmental and Not-for-Profit Accounting and Auditing Issues Facing CPAs

8

8:00 am – 3:30 pm

$295

$395

Columbia

5/18/17

Auditing Employee Benefit Plans

8

8:00 am – 3:30 pm

$285

$385

Rockville & Online

5/23/17

2017 Southern Maryland Government Contractors’ Conference

4

1:00 pm – 5:00 pm

$30

$40

Annapolis

5/25/17

Audit Workpapers: Documenting and Reviewing Field Work

8

8:00 am – 3:30 pm

$295

$395

Timonium

6/21/17

Updated COSO Framework: What You Need to Know

4

12:00 pm – 3:30 pm

$150

$200

Timonium

BU SI N ESS & I ND US T RY ( I N - P E RS O N) 3/16/17

U. S. GAAP: Latest Developments and Key Topics for Business & Industry

8

8:00 am – 3:30 pm

$295

$395

Columbia

3/23/17

Quarterly Financial Leaders Series – Get Ready for the Fast Future: The Anticipatory CPA

4

8:00 am – 12:00 pm

$180

$230

Columbia

4/6/17

Microsoft Outlook Best Practices for CPAs

4

8:00 am – 11:30 am

$150

$200

Timonium

4/28/17

2017 GOVERNMENT AND NOT-FOR-PROFIT CONFERENCE

8

8:00 am – 5:00 pm

$270

$370

Washington DC

44

STATEMENT

DATE

COURSE TITLE

CPE

TIME

'16-'17 SERIES

A

Quarterly Financial Leaders Series

MEMBER

EVENT ID

LOCATION

M E E T I N G of the

MINDS that lead firms and organizations

2016-2017 QUARTERLY FINANCIAL LEADERS SERIES May 17, 2017 | 8:00 a.m.

CRITICAL THINKING FOR FINANCE JENNIFER H. ELDER, CPA, CMA, CIA, CFF, CGMA

Columbia | CPE credit: 4.0 | Event ID: 171023 blionline.org/QFLS You know that strategy is important! According to a 2011 Deloitte survey, strategy setting has doubled in importance for CFOs. Yet 75% of CFOs indicate that their staff needs training to perform in a strategic role. So how do you change your focus from historical financial presentation to future strategic planning Get you and your team prepared for the challenges by learning how to analyze data, define decision-making options, present effectively, gain consensus, and develop action plan.

STRATEGIC LEARNING POWERED BY

JANUARY 2017

45

DATE

COURSE TITLE

CPE

2017

TIME

MEMBER

EVENT ID

LOCATION

Government & Not-For-Profit C O N F E R E N C E

UNIQUE ACCOUNTING SKILLS TRAINING FOR YOUR UNIQUE ROLE

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.

April 28, 2017

University of MD University College Washington, D.C.

macpa.org/GNFP

STRATEGIC LEARNING POWERED BY

46

STATEMENT

DATE DATE

COURSE TITLE COURSE TITLE

CPE

TIME

CPE

TIME MEMBER

EVENT ID

MEMBER NON-MEM. LOCATION LOCATION

BUSINESS & INDUSTRY (IN-PERSON), CONTINUED 5/17/17

Quarterly Financial Leaders Series – Critical Thinking for Finance

4

8:00 am – 12:00 pm

$180

$230

Columbia

5/18/17

2017 Business and Industry Conference

8

8:00 am – 4:45 pm

$395

$495

BWI Airport District & Online

6/2/17

2017 Forensic Valuation Conference

8

8:00 am – 5:00 pm

$279

$379

Baltimore & Online

6/8/17

Microsoft Office 2013/2016: Focus on New Features with emphasis on Excel

8

8:00 am – 3:30 pm

$330

$480

Columbia

6/16/17

Leases: Mastering the New FASB Requirements

8

8:00 am – 3:30 pm

$295

$395

Columbia

6/21/17

PowerPoint and Excel Data Visualization: Create Dynamic Financial Presentations, Charts, Graphs, and Diagrams

8

8:00 am – 3:30 pm

$330

$480

Columbia

BVLS ( I N -P E R S O N ) 1/13/17

Divorce Valuations: Who Owns the Goodwill?- FVS Speaker Series

2

12:00 pm – 2:00 pm

$50

$60

Columbia

6/2/17

2017 Forensic Valuation Conference

8

8:00 am – 5:00 pm

$279

$379

Baltimore & Online

E MPLO Y E E B E N E F I T S ( I N - P E R SO N) 5/15/17

2017 Employee Benefit Plan Conference

8

8:00 am – 4:30 pm

$300

$400

Columbia & Online

5/26/17

Audits of 401(k) Plans

8

8:00 am – 3:30 pm

$295

$395

Columbia

ETH I C S ( I N -PE R S O N ) 1/13/17

Ethics for the Industry Accountant

4

8:00 am – 11:30 am

$145

$195

Timonium & Online

5/19/17

Applying Ethics in the Real World

4

8:00 am – 11:30 am

$150

$200

Rockville

FRAU D & FOR E N S I C ( I N - P E R S ON) 1/13/17

Divorce Valuations: Who Owns the Goodwill?- FVS Speaker Series

2

12:00 pm – 2:00 pm

$50

$60

Columbia

6/2/17

2017 Forensic Valuation Conference

8

8:00 am – 5:00 pm

$279

$379

Baltimore & Online

6/21/17

Updated COSO Framework: What You Need to Know

4

12:00 pm – 3:30 pm

$150

$200

Timonium

Annapolis

G OV E R N M EN T ( I N - P E R S O N ) 1/26/17

CPA DAY 2017 (Member-only event)

2

7:30 am – 1:30 pm

$0

–

4/28/17

2017 GOVERNMENT AND NOT-FOR-PROFIT CONFERENCE

8

8:00 am – 5:00 pm

$270

$370

Washington DC

4

1:00 pm – 5:00 pm

$30

$40

Annapolis

2

7:30 am – 1:30 pm

$0

–

Annapolis

G OV E R N M EN T C O N T R AC T I N G ( IN- PERS O N) 5/23/17

2017 Southern Maryland Government Contractors’ Conference

L EG I SL AT I VE & R E G UL AT O RY ( IN- PERS O N) 1/26/17

CPA DAY 2017 (Member-only event)

JANUARY 2017

47

DATE

COURSE TITLE

CPE

TIME

MEMBER

NON-MEM. LOCATION

NONPROFIT/NOT-FOR-PROFIT (IN-PERSON)

N ONP R OFI T /NO T- F O R - P R O F I T ( IN- PERS O N) 4/28/17

2017 GOVERNMENT AND NOT-FOR-PROFIT CONFERENCE

8

8:00 am – 5:00 pm

$270

$370

Washington DC

PERS ON A L FI NAN C I AL P L AN N ING ( IN- PERS O N) 1/10/17

Special Needs Trusts (PFP Study Group)

2

9:00 am – 11:00 am

$20

$100

Towson

PRAC T I T I ON E R S ( I N - P E R S O N ) 1/11/17

QuickBooks for Accounting Professionals

8

8:00 am – 3:30 pm

$330

$480

Columbia

4/28/17

2017 GOVERNMENT AND NOT-FOR-PROFIT CONFERENCE

8

8:00 am – 5:00 pm

$270

$370

Washington DC

TAX (IN -PE R SO N ) 1/10/17

Annual Tax Update: Individuals and Sole Proprietors

8

8:00 am – 3:30 pm

$295

$395

Columbia

1/13/17

CAC: State Tax Update

4

8:00 am – 12:00 pm

$60

$70

Rockville

1/19/17

Construction Contractors: Accounting, Auditing, and Tax

8

8:00 am – 3:30 pm

$295

$395

Columbia

1/23/17

AACC: Multi-State Tax Update

4

1:00 pm – 5:00 pm

$50

$60

Anne Arundel

1/26/17

CPA DAY 2017 (Member-only event)

2

7:30 am – 1:30 pm

$0

–

Annapolis

5/3/17

Estate and Financial Planning for the Soon Retiring Baby Boomer Client

8

8:00 am – 3:30 pm

$295

$395

Timonium

5/4/17

Fringe Benefit Planning for 2017 and Beyond

8

8:00 am – 3:30 pm

$285

$385

Columbia & Online

5/15/17

2017 Employee Benefit Plan Conference

8

8:00 am – 4:30 pm

$300

$400

Columbia & Online

6/6/17

Understanding the Tax and Compliance Issues of the Affordable Care Act (“Obamacare”)

8

8:00 am – 3:30 pm

$295

$395

Columbia

6/7/17

The Complete Guide to Maryland Death Taxation

8

8:00 am – 3:30 pm

$285

$385

Timonium & Online

TECH N OL OG Y ( I N - P E R S O N ) 1/11/17

QuickBooks for Accounting Professionals

8

8:00 am – 3:30 pm

$330

$480

Columbia

2/22/17

Excel Advanced Features, Functions, Pivot Tables and the Macro Recorder

8

8:00 am – 3:30 pm

$330

$480

Columbia

3/14/17

Excel Pivot Tables in-depth, PowerPivot Tips, and Data Analysis Functions

8

8:00 am – 3:30 pm

$330

$480

Columbia

3/29/17

Microsoft Office 2013/2016: Focus on New Features with emphasis on Excel

8

8:00 am – 3:30 pm

$330

$480

Columbia

4/6/17

Excel Hot Topics and Best Practices for CPAs

4

12:00 pm – 3:30 pm

$150

$200

Timonium

48

STATEMENT

BUSINESS LEARNING INSTITUTE

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Upcoming ONLINE Events & Courses

DATE

COURSE TITLE

DATE

COURSE TITLE

CPE

TIME

MEMBER

CPE

EVENT ID

TIME

LOCATION

MEMBER

NON-MEM. LOCATION

ACCOUNTING & AUDITING (WEBCASTS) 1/24/17

Implementing FASB’s New Lease Standard – Examples and Practical Approaches

4

9:00 am – 1:00 pm

$110

$140

Online Webcast

1/24/17

Advanced Defined Contribution Plans Audit Certificate Exam Review

8

9:00 am – 5:00 pm

$399

$499

Online Webcast

2/21/17

Implementing FASB’s New Lease Standard – Examples and Practical Approaches

4

10:00 am – 2:00 pm

$110

$140

Online Webcast

5/15/17

2017 Employee Benefit Plan Conference

8

8:00 am – 4:30 pm

$300

$400

Columbia & Online

5/18/17

Auditing Employee Benefit Plans

8

8:00 am – 3:30 pm

$285

$385

Rockville & Online

BU SI N E SS & I N D US T RY ( W E B C A S TS ) 1/9/17

Key Financial & Economic Issues Facing the Financial Executive (Part 2)

2

2:00 pm – 4:00 pm

$75

$90

Online Webcast

1/18/17

Employment Law Update: Key Risks and Recent Trends

8

9:00 am – 5:00 pm

$249

$319

Online Webcast

1/23/17

The Eight Hour MBA

8

9:00 am – 5:00 pm

$245

$345

Online Webcast

1/30/17

Lean Operations for a New Economy

2

11:00 am – 1:00 pm

$75

$90

Online Webcast

2/1/17

Using Personal Learning Networks to Learn New Skills

1

12:00 pm – 1:00 pm

$35

$45

Online Webcast

2/2/17

Key Financial & Economic Issues Facing the Financial Executive (Part 1)

2

10:00 am – 12:00 pm

$75

$90

Online Webcast

2/9/17

Key Financial & Economic Issues Facing the Financial Executive (Part 2)

2

1:00 pm – 3:00 pm

$75

$90

Online Webcast

2/14/17

Working Together – Four Personality Styles in the Workplace

1

3:00 pm – 4:00 pm

$35

$45

Online Webcast

2/23/17

Conflict and Communication – You vs. Me vs. Them

2

1:30 pm – 3:30 pm

$75

$90

Online Webcast

2/24/17

Employment Law Update: Key Risks and Recent Trends

8

9:00 am – 5:00 pm

$249

$319

Online Webcast

2/28/17

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

1

12:00 pm – 1:00 pm

$35

$45

Online Webcast

3/2/17

Key Financial & Economic Issues Facing the Financial Executive (Part 1)

2

10:00 am – 12:00 pm

$75

$90

Online Webcast

3/8/17

Get Out of the Casket and Up to the Podium

2

11:00 am – 1:00 pm

$75

$90

Online Webcast

3/13/17

Key Financial & Economic Issues Facing the Financial Executive (Part 2)

2

11:30 am – 1:30 pm

$75

$90

Online Webcast

JANUARY 2017

51

DATE DATE

COURSE TITLE COURSE TITLE

CPE

TIME

CPE

TIME MEMBER

MEMBER NON-MEM. LOCATION LOCATION

EVENT ID

BUSINESS & INDUSTRY (WEBCASTS), CONTINUED 3/21/17

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

2

2:00 pm – 4:00 pm

$75

$90

Online Webcast

3/21/17

Employment Law Update: Key Risks and Recent Trends

8

9:00 am – 5:00 pm

$249

$319

Online Webcast

3/28/17

Conflict and Communication – You vs. Me vs. Them

2

12:00 pm – 2:00 pm

$75

$90

Online Webcast

4/10/17

Lean Operations for a New Economy

2

1:00 pm – 3:00 pm

$75

$90

Online Webcast

4/20/17

Working Together – Four Personality Styles in the Workplace

1

10:00 am – 11:00 am

$35

$45

Online Webcast

4/25/17

Employment Law Update: Key Risks and Recent Trends

8

9:00 am – 5:00 pm

$249

$319

Online Webcast

4/26/17

Using Personal Learning Networks to Learn New Skills

1

3:00 pm – 4:00 pm

$35

$45

Online Webcast

5/4/17

Conflict and Communication – You vs. Me vs. Them

2

2:00 pm – 4:00 pm

$75

$90

Online Webcast

5/8/17

The Eight Hour MBA

8

10:00 am – 6:00 pm

$245

$345

Online Webcast

5/17/17

Get Out of the Casket and Up to the Podium

2

12:00 pm – 2:00 pm

$75

$90

Online Webcast

5/23/17

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

2

1:00 pm – 3:00 pm

$75

$90

Online Webcast

6/2/17

2017 Forensic Valuation Conference

8

8:00 am – 5:00 pm

$279

$379

Baltimore & Online

6/8/17

Conflict and Communication – You vs. Me vs. Them

2

10:30 am – 12:30 pm

$75

$90

Online Webcast

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DATE DATE

COURSE TITLE COURSE TITLE

CPE

TIME

CPE

TIME MEMBER

EVENT ID

MEMBER NON-MEM. LOCATION LOCATION

BUSINESS & INDUSTRY (WEBCASTS), CONTINUED 6/12/17

Using Personal Learning Networks to Learn New Skills

1

1:30 pm – 2:30 pm

$35

$45

Online Webcast

6/22/17

Working Together – Four Personality Styles in the Workplace

1

12:00 pm – 1:00 pm

$35

$45

Online Webcast

6/27/17

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

1

1:00 pm – 2:00 pm

$35

$45

Online Webcast

6/30/17

Conflict and Communication – You vs. Me vs. Them

2

2:30 pm – 4:30 pm

$75

$90

Online Webcast

8

8:00 am – 5:00 pm

$279

$379

Baltimore & Online

8

8:00 am – 4:30 pm

$300

$400

Columbia & Online

4

8:00 am – 11:30 am

$145

$195

Timonium & Online

8

8:00 am – 5:00 pm

$279

$379

Baltimore & Online

BVLS ( W EB C A S T S ) 6/2/17

2017 Forensic Valuation Conference

EMPLOY E E B E N E F I T S ( WE B C ASTS ) 5/15/17

2017 Employee Benefit Plan Conference

ETH I C S ( W EB CAS T S ) 1/13/17

Ethics for the Industry Accountant

FRAU D & FOR E N S I C ( WE B C AS TS ) 6/2/17

2017 Forensic Valuation Conference

N ONP R OFI T /NO T- F O R - P R O F I T ( WEB CA S TS ) 1/18/17

Employment Law Update: Key Risks and Recent Trends

8

9:00 am – 5:00 pm

$249

$319

Online Webcast

2/24/17

Employment Law Update: Key Risks and Recent Trends

8

9:00 am – 5:00 pm

$249

$319

Online Webcast

3/21/17

Employment Law Update: Key Risks and Recent Trends

8

9:00 am – 5:00 pm

$249

$319

Online Webcast

4/25/17

Employment Law Update: Key Risks and Recent Trends

8

9:00 am – 5:00 pm

$249

$319

Online Webcast

TAX (W E B C A S T S ) 5/4/17

Fringe Benefit Planning for 2017 and Beyond

8

8:00 am – 3:30 pm

$285

$385

Columbia & Online

5/15/17

2017 Employee Benefit Plan Conference

8

8:00 am – 4:30 pm

$300

$400

Columbia & Online

6/7/17

The Complete Guide to Maryland Death Taxation

8

8:00 am – 3:30 pm

$285

$385

Timonium & Online

TECH N OL OG Y ( W E B C AS T S ) 1/10/17

Microsoft Outlook and Word 2010: Productivity Tips and Tricks

2

10:00 am – 12:00 pm

$75

$90

Online Webcast

1/10/17

Seven Secrets of Successful Business Communication

4

12:00 pm – 4:00 pm

$110

$140

Online Webcast

2/7/17

Adobe Acrobat Best Practices and Productivity Features

2

12:00 pm – 2:00 pm

$75

$90

Online Webcast

JANUARY 2017

53

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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