MACPA Statement // April 2014

MACPA’S

STATEMENT April 2014 | Maryland Association of Certified Public Accountants, Inc.

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INSIDE Has effective writing become extinct?

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The top 5 challenges facing CFOs PAGE 18

Prepare your business for the changing landscape of employee benefits and health care reform

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We will guide you through Health Care Reform to help you understand what actions you need to take and how the laws will affect your business.

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The timely Health Care Reform cost impact analysis is free for MACPA members and your clients.

We are the MACPA’s Exclusive Preferred Provider for employee benefits.

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Bring SPF. Take CPE.

2014 JULY 2, 3, & 5 OCEAN CITY, MD Every year, CPAs from all over Maryland come to the MACPA Beach Retreat on July 2, 3, and 5. We take off on Independence Day for fun and fireworks.

It’s the only time that CPE is offered at the beach. Members are encouraged to bring their families and many choose to make the Beach

Retreat part of a working vacation. Participants are invited to take as many (or as few) courses as they like.

Meeting space and discounted accommodations are provided by the Clarion Hotel Fontainebleau.

macpa.org/beachretreat

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CONTENTS April 2014 | Maryland Association of Certified Public Accountants, Inc.

CHAIR’S COLUMN . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 FEATURES Frank Ryan, CPA walks across America . . . . . . . . . . . . . . .. . . . . .. . . . . . . . . . . . . . . . . . .6 Has effective writing become extinct?. . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . .12 The top 5 challenges facing CFOs. . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18

DEPARTMENTS News & Views . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Business Learning Institute . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Business & Industry . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 High Tech Solutions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 Professional Development . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .29 Practice Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .32 Member Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41

MEMBER NOTES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37 CLASSIFIEDS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40 NYPN . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .42 UPCOMING EVENTS & COURSES. . . . . . . . . . . . . . . . . . . . . . . . . . . .44 ADMINISTRATION

TECHNICAL SERVICES

Amy Stumme amy@macpa.org

MaryBeth Halpern marybeth@macpa.org

Becky Conley becky@macpa.org

Cora Edwards cora@macpa.org

COMMUNICATIONS

PROFESSIONAL DEVELOPMENT

Amy Moran amym@macpa.org Bill Sheridan bill@macpa.org FINANCE Margaret DeRoose margaret@macpa.org Laura Swann, CPA lauras@macpa.org

Dee Sullivan dee@macpa.org Pamela C. Devine pam@macpa.org Chris Dougherty chrisd@macpa.org MaryBeth Drusano marybethd@macpa.org

Laura Dorsey-Shaner laura@macpa.org Andrew Hood andrew@macpa.org

2013-2014 BOARD OF DIRECTORS

MACPA EXECUTIVE DIRECTOR J. Thomas Hood III, CPA tom@macpa.org

OFFICERS

MACPA DEPUTY EXECUTIVE DIRECTOR

Byron Patrick, CPA.CITP, MCSE Chair

Jacqueline E. G. Brown jackie@macpa.org

Marianela del Pino-Rivera, CPA Vice Chair

DIRECTOR OF FINANCE AND ADMINISTRATION

Michael Manspeaker, CPA Secretary/Treasurer

Skip Falatko, CPA skip@macpa.org

See below to submit content Bill Sheridan MACPA Dulaney Center II 901 Dulaney Valley Road Suite 710 Towson, MD 21204 For content submission: bill@macpa.org feedback@macpa.org P: 410.296.6250 F: 410.296.8713 Toll free: 800.782.2036

Anoop N. Mehta, CPA, CGMA Immediate Past Chair

MEMBER SERVICES

Megan Gratz megan@macpa.org

Ashlee Stem ashlee@macpa.org

Emily Trott emily@macpa.org

DIRECTORS

Rebekah Brown rebekah@macpa.org

Donna Lewis donna@macpa.org

Lisa Cines, CPA

PRODUCT DEVELOPMENT

Ryan Wey ryan@macpa.org

Kara King Bess, CPA

Akesha Brown akesha@macpa.org

Amy Puente amyp@macpa.org

Debbie Zizwarek debbie@macpa.org

Paige Sawicki paige@macpa.org

APRIL 2014

SENIOR STAFF

WE WANT TO HEAR FROM YOU!

Samantha Bowling, CPA Shane Grady, CPA Michael Manspeaker, CPA

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

Statement of fact and opinion are made by the authors alone and do not imply an opinion on the part of the officers or members of MACPA. The Statement is published four times a year by the Maryland Association of Certified Public Accountants, Inc. Bill Sheridan, Editor Amy Moran, Advertising Sales

Joselin R. Martin, CPA Amy Myers, CPA Robert Tarola, CPA

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CHAIR’S COLUMN OUR NEW COMPETITIVE ADVANTAGE: MAKING THE FUTURE COMFORTABLE FOR OTHERS

BY BYRON PATRICK, CPA.CITP, CGMA, MCSE, CEO AND CO-FOUNDER, SIMPLIFIED INNOVATIONS

I’m not sure when or where it happened, but somewhere along the way our competitive advantages disappeared.

You remember your competitive advantages, right? Those things that set you apart from your competition?

They don’t set you apart anymore.

Everyone has access to the knowledge and resources that make your offerings unique, and they can probably beat your price, too.

So what do we do now?

Rita McGrath knows.

In an exclusive MACPA appearance, the best-selling author and business expert came to Baltimore in January to offer us “a new playbook for strategy” — six rules for how we can stop spinning our wheels and start embracing innovation, collaboration, and new ways of thinking that will truly set us apart. If we want to succeed going forward, she said, we must embrace the following:

CONTINUOUS RECONFIGURATION: •

Small changes and new ideas that build on each other can bring substantial payback over time. Organizations that learn to make small but continuous improvements will slowly pull away from the pack.

• HEALTHY DISENGAGEMENT: The things that once brought us success will eventually hinder our ability to move forward. Knowing when to shut those things down is important, but that’s just the start. Examining what worked, what didn’t, and what lessons we can apply to new initiatives will help us move forward more easily.

• DEFT RESOURCE ALLOCATION: Knowing when to shift resources from core initiatives to new ones — and which resources to shift — will be key as we

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fill our pipeline with the ideas that will become our new competitive advantages.

• INNOVATION PROFICIENCY: Innovation itself must become part of our core. How’s that for a paradox? But it can’t be left to chance. It has to be supported by management, resources, and processes. As Tom Hood tweeted, “The problem is not finding good ideas; it’s making innovation systematic.”

• A NEW LEADERSHIP MINDSET: Today’s leaders must be discovery-driven, team-building collaborators. They also must be willing to seek out bad news and act on it in a healthy way. “We have the brainpower to solve hard problems,” McGrath said, “but we need to recognize those problems first.”

ENTREPRENEURIAL CAREER MANAGEMENT: Want to stay relevant •

to your employer and clients? Start by taking responsibility for your own career.

That means constant self-improvement.

Learn as much as you can from as many people as you can. Then learn some more.

In short, look forward, not back. Start seizing new opportunities. Spend less time and fewer resources defending your current competitive advantage. And start now.

It won’t be a competitive advantage for long.

Change is inevitable. It’s constant. Our survival depends on our ability to stay ahead of the pace of change.

Our clients’ survival does, too. They’re dealing with as much change and uncertainty as we are. Imagine how valuable — how indispensable — we’ll be to our clients if we can help them conquer that complexity.

staff, Reggie Henry, chief information officer for the American Society of Association Executives, put it this way: An association’s job, he said, “is to make the future comfortable for our members.” The MACPA has always tried to do that. We want to be among the first to master new technologies, communication platforms, and workplace strategies. The reason is simple: When our members are ready to make those moves, we’ll be able to tap into our experiences and help them make those transitions.

That’s a CPA’s job, too — to make the future comfortable for our clients. That sounds a lot like “making sense of a changing and complex world,” doesn’t it?

And that’s why CPAs need to play on the fringes and be future-ready, to be willing to take some chances and try new things.

Sure, there’s a lot to be gained personally.

Embracing all that’s new allows us to develop the next generation of competitive advantages that will keep us a step ahead of the competition. To a large extent, I credit my active membership and volunteerism with a cutting-edge association like the MACPA with helping me and my company stay ahead of the pace of change and remain competitive.

Helping our clients do that might be even more important.

Our job, then, is to get there first, to keep trying new things until we figure out what works, and then share that knowledge with those who follow. It has less to do with ROI and more to do with what Reggie Henry would call “RONI” – the return on NOT investing.

That comes awfully close to irrelevancy, and I don’t think any of us want to be there.

During a recent visit with the MACPA

STATEMENT

SHIFT CHANGE a Town Hall with Tom Hood, CEO, MACPA

CPAs come to MACPA’s Professional Issues Updates to stay on top of the trends and changes occurring in the profession. These semi-annual updates are a time for members to “come up for air” and survey the topics that affect them most. It’s also time to develop and refine your competitive edge.

Each event is complimentary to MACPA members, and offers four cpe credits.

This Spring we will focus on five areas experiencing fundamental shifts right now: Leadership: Who is it going to be and what are they going to do?

Learning: See how new skills requirements and new software are affecting you.

Technology: The cloud and mobile devices continue to bring new opportunity.

Generations: Age differences are more than just a number.

Workplace: Where, when, and how you work is in flux.

REGISTER FOR THE EVENT NEAREST TO YOU BY VISITING MACPA.ORG/PIU.

Date

Event ID Location

3/27

140044 - Rockville 140045 - Towson 140046 - Rockville 140047 - Bowie 140048 - Frederick 140049 - Columbia 140050 - Timonium 140051 - Grantsville 140052 - Salisbury 140053 - Arnold

3/31 4/28 5/02 5/09 5/12 5/16 5/23 5/30 6/02

FRANK RYAN WALKS ACROSS

AMERICA

100 days, 14 states, 2,826 miles.

BLI thought leader Frank Ryan is walking coast to coast to raise awareness for Good Shepherd Services - BY BILL SHERIDAN, CAE HOW FAR WILL YOU GO TO CHANGE THE WORLD? Like all of us, you have your pet causes. Maybe you work at a food pantry, or volunteer as a board member for your favorite non-profit, or respond to disasters for the local Red Cross. Maybe you spend what little free time you have during tax season filing returns for those in need.

Whatever you do, pinpointing your passion is the easy part. The hard part is figuring out how much of a burden you can carry.

Frank Ryan has set the bar pretty high — 2,826 miles high, to be exact.

The CPA, consultant and Business Learning Institute thought leader is spending his spring and early summer on a remarkable journey that finds him walking from coast to coast to raise awareness for Good Shepherd Services, a non-profit organization that provides treatment and care for teens and young adults with developmental disabilities.

Ryan’s journey has its roots in the 2008 recession.

Now in its 150th year, Good Shepherd’s funding dropped drastically after the downturn and Ryan, a 30-year volunteer with the organization and current president of its Board of Directors, decided to take action. Along with Good Shepherd CEO Michele Wyman, Development Director Diana Ellis, and the rest of the staff, Ryan hatched a plan designed to shine a spotlight on the group and its mission.

“I was concerned that the need for this type of treatment was growing (as funding was falling),” said Ryan, 62. “Consistency of treatment for these children is just as important as the treatment itself.

So we decided to develop an awareness of the needs of children with developmental disabilities.

We wanted to be advocates for children who may not have anyone else advocating for them.”

‘A WALK OF ATONEMENT AND GRATITUDE’ Ryan’s journey began on March 15 near San Diego.

It will end 100 days later in Ocean City, Md., where he is scheduled to teach a July 2 course at the Maryland Association of CPAs’ annual Beach Retreat.

In between, he’ll walk 32 miles a day on a route that will take him literally from sea to shining

sea, carving a path through 14 states — California, Arizona, New Mexico, Texas, Oklahoma, Kansas, Missouri, Illinois, Indiana, Ohio, West Virginia, Pennsylvania, Maryland, and Delaware.

No support vehicles will follow him on his journey. Ryan will carry 50 pounds of supplies in a backpack and pull an additional 60 to 80 pounds of food, water, and gear behind him. His only companions will be those who see fit to join him for a mile or two on what he is calling “a walk of atonement and gratitude.”

“The first part is atonement,” Ryan said.

“I want to ask any person that I have hurt in my life to forgive me, any person that I have let down or disappointed to pray

Ryan will get plenty of support from the folks at Good Shepherd. The staff has created a “Walk Across America Challenge” to encourage staff to “walk with Frank in solidarity,” Ellis said. Teams of 10 to 20 staffers will track the miles they walk on the job or at home in the hopes of matching Ryan mile for mile.

Those who would rather not walk can still participate via donations; every dollar donated will count as a mile toward the goal. All money collected will be used to fund programming for Good Shepherd students.

“We’re so appreciative of what Frank has been doing for us all these years, and for what he is doing for us this year in celebrating our 150 anniversary,” Ellis said. “We are excited about this walk —

and Texas. “The first two weeks pose the greatest risk,” he said. “I won’t be acclimated to those temperatures. If I can’t do 32 miles a day at the beginning, I’ll wait until I get past the desert and make up for it with a few 40-mile days.”

His biggest worry, though, is failure.

Ryan says his work with Good Shepherd has been “a lifelong passion” and is “what I intend to do for the rest of my life,” and for one reason.

“I fell in love with the mission,” he said.

“The sisters of the Good Shepherd are my heroes. I see the kindness and the humanness in their hearts. They believe in taking care and treating one child at a time. When you see the letters from the

follow frank at macpa.org/followfrank for me, and any person I have helped to consider helping another. The gratitude part is this: I’m asking anyone who is willing to follow me for a mile or two, so that they can help carry some supplies. I don’t know if I will get that support, but I will be very grateful for any help I can get.

“It’s important to do that,” he added, “and I’ll tell you why: Our children (at Good Shepherd) don’t know who’s going to turn out to help them. I want to replicate that feeling of not knowing.

I’d be lying to you if I told you I’m not getting anxious right now. Our kids can’t ask what the contingency plan is. We are their contingency plan. At the drop of a hat, I could say, ‘I’m done. I’m too old to do this.’ These children don’t have that choice.”

it’s wonderful. We’re still working through a lot of the unknowns associated with this, but he has been willing to embark on it and go at it with full force, and so are we.”

‘I’M GOING TO FINISH THIS THING’

parents and grandparents of the children who have been helped, it just melts your heart, and I told myself I have to do more of this.”

That’s the source of his fear of failure.

“If I fail, I’ll feel like I’m disappointing these children,” he said. “I don’t want Ryan began training for the walk about 15 months ago, logging more than 2,000 them to ever feel like an adult is going to miles on foot in the process. He also put walk away from them. No matter what, when, how, or why, I guarantee I’m going on an extra 10 pounds or so, since he to finish this thing. I don’t care if I have to expects to lose up to 25 pounds during crawl. These children and the entire (Good his journey.

Shepherd) staff are going to know that somebody gives a damn about them.”

Then there’s the issue of temperature.

He left Maryland’s cool early spring behind to start the walk in Southern California’s 70- and 80-degree climate before crossing into the hot, harsh conditions of Arizona, New Mexico

Bill Sheridan, CAE, is the MACPA’s chief communications officer and editor of The Statement.

Ryan is known for his unique teaching style and making personal connections with MACPA members, usually through humor.

statistics • 2,826 miles coast to coast • Starts March 15 near San Diego. Ends Ocean City, Md. • 14 states — California, Arizona, New Mexico, Texas, Oklahoma,

Kansas, Missouri, Illinois, Indiana, Ohio, West Virginia, Pennsylvania, Maryland and Delaware • 32 miles a day • Walk is named “a walk of atonement and gratitude” Frank Ryan has served as an instructor with the Business Learning Institute for over 10 years. MACPA members have made him one of the most popular BLI Thought Leaders by attending his courses in increasing numbers.

• Has trained last 15 months, logging more than 2,000 miles on foot • 62-year-old U.S. Marine • Oldest man in history to walk coast to coast

Staff, volunteers, and youth attended Frank’s send-off event at Good Shepherd Services on March 6th. While many found Frank inspiring, Frank replied, “These folks are who inspire me.”

APRIL 2014

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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 with over 20 years of experience including public accounting (E&Y) and consulting (KPMG), financial accounting (American Cancer Society), internal audit (Moneyline Telerate), and recruiting (Acsys, formerly Don Richards). As a networker who truly enjoys helping others and sharing my career experiences to guide fellow professionals, 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 & Nearby Suburbs/Baltimore/Richmond/Tidewater

Connecting You To Your Next Hire

TM

Contingency & Retained Staffing Solutions

matching skills, experience & values with needs CPA Ambassador for the state of Maryland, sponsored by the AICPA and Ethics Instructor for VSCPA

Serving clients and professionals as an Independent Recruiter since March 2005

NEWS & VIEWS

NEWS & VIEWS

SEC crowdfunding rules bring opportunities for CPAs

BY EDWARD E. SHARKEY, ESQ. Businesses seeking to raise money under the Securities Exchange Commission’s new rules for crowdfunding are going to need accountants.

• A business may not use general advertising to the public as it could under Title II Crowdfunding (which is for equity raised from accredited investors).

The SEC has finally issued long-awaited rules to govern equity crowdfunding.

Under the JOBS Act, the SEC was mandated to issue the rules – primarily meant to protect new and unsophisticated investors from fraud – by the end of 2012.

• Finally, the $1 million limit on funding from non-accredited investors does not affect a company’s ability to raise additional private equity using other types of private placement.

Crowdfunding experts and smallbusiness advocates had voiced concern that the delay in the SEC’s rulemaking was a bad omen, signaling a potential for overregulation and the possible neutering of the JOBS Act’s titular goal: to “Jumpstart Our Business Startups.” That did not happen.

Instead, the SEC’s rules – all 500-plus pages of which can be found at http:// cpa.tc/44g – align closely with the existing provisions in the JOBS Act. The JOBS Act legislation and the rules allow businesses to raise up to $1 million in equity capital in any 12-month period using “funding portals” on the Internet.

A business can raise the money from an unlimited number of investors, and none of them need to be “accredited.”

The rules proposed by the SEC add only a few caveats: • Businesses must use one funding portal at a time.

• They may not spread their offer over multiple portals.

• There is a variety of legal paperwork and disclosures to be filed.

Edward E. Sharkey focuses on business law and litigation in Bethesda. He can be reached at esharkey@sharkeylaw.com or www.sharkeylaw.com.

SQUIRE, LEMKIN GIVES BACK DURING WMZQ ST. JUDE RADIOTHON

Businesses are not only going to look to accountants for general advice on raising equity capital. They also are going to need reliable financial statements for compliance. Any business raising more than $100,000 will need to file financial statements reviewed by an independent public accountant. For any raise in excess of $500,000, the business will need to provide statements that have been independently audited.

As for investors, the SEC left the JOBS Act limits on the caps on investing unmodified. The total amount invested in crowdfunding investments by an investor with income or net worth in excess of $100,000 may not be greater than 10 percent of income or net worth (up to a maximum of $100,000). If either the annual income or net worth of the investor is below $100,000, the amount invested may not exceed the greater of $2,000 or 5 percent of income or net worth.

Businesses should be aware that the SEC’s rules do not immediately go into effect. A public commentary period is now open, and we can expect the SEC to finalize the rules in early 2014. With the scope of the rules now freely available, this is the time for businesses to position themselves to take advantage of equity crowdfunding when the rules become law.

Squire, Lemkin & Company LLP continued its community involvement in 2013. Above, Bob Kopera, Sara Baker, Traci Lanman, Martha Shannon and Tracy Morey are some of the staff who took calls and donations at the WMZQ St. Jude Radiothon. In addition, SLCO participated in the Montgomery County Holiday Giving Project; the staff was split into four shopping teams and 27 staff worked together to provide Thanksgiving and Christmas for two families. Toys were also donated to the annual DC Holiday for Hope. The staff had an amazing time pooling its talents for such great causes!

• The business may advertise, but only to direct prospective investors to the funding portal’s website.

APRIL 2014

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BUSINESS LEARNING INSTITUTE Has effective writing become extinct?

B Y J E N NI FE R E LDE R, CPA , CM A , CIA, C F F, CGMA First, it was the dinosaurs. Now, it’s writing skills.

They do sound impressive, but again: “Huh?”

Effective writing can be added to the list of oxymorons, along with “adult children,” “civil war,” and “jumbo shrimp.” It seems the workplace sucks the life out of our writing skills and replaces them with writing zombies that produce paragraph after paragraph of words that give English teachers recurring nightmares.

When did we decide our value as employees goes up with the number of words we write? Unless you are a freelancer, you are not paid by the word.

You should be writing to express, not impress.

Here are few examples from newspaper headlines: • “Statistics show that teen pregnancy drops off significantly after age 25” • “Students Cook & Serve Grandparents” • “Dam Nearly Finished, but Much Left To Do” I have one word for these: “Huh?” What scares me most is that not only did a reporter write these headlines, but an editor approved them. Two zombies per headline!

Then there are “buzzwords.” They seem to have multiplied in our writing faster than rabbits. Buzzwords are words that are good individually but turn into zombies when we string them together. They sound impressive but convey absolutely no meaning. Examples include paradigms, assessments, parameters, support, maximize, utilize, interactive, validation, and empowering. Don’t believe me? Try playing a game of Buzzword Salad - pick four buzzwords at random and string them together. You’ll get phrases like: • “Parameters empowering interactive assessment,” or • “Utilizing paradigms of support validation.”

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Aside from being annoying, bad writing is costly. Improving your business writing makes both dollars and sense.

Consider FedEx. When they revised the manuals for ground operations employees, they reduced the amount of time employees spent looking for answers by 28 percent and increased the likelihood of finding the right answers by 51 percent. All told, FedEx determined the revised manuals save the company $400,000 annually.

Then there’s the Army, which tested two different memos asking readers to perform a specific task. Those who received the well-written memo were twice as likely to perform the task.

So effective writing saves you money and improves performance. What’s not to like?

Now that you understand the importance of effective writing, here are six rules to improve your writing skills.

1

Decide on your point: Before you pick up a pen or sit at your keyboard, consider what you are trying to achieve. Are you asking for action or giving an explanation?

On a sticky note, write one sentence that summarizes the point of your communication. Keep that within eyesight as you continue writing.

2

Analyze your audience: Consider who you are writing for. Are they receptive or hostile? What are their needs and interests? Can you find a way to blend their interests and needs with your writing? Your writing should always address your reader’s WIIFM – “What’s in it for me?” If you are asking your readers to spend their time reading your document, give them a really good reason to do so.

3

Answer all of the questions: Cover the who, what, when, where, why, and how. Answer those questions from your reader’s perspective. Don’t leave your readers with any unanswered questions. They may come up with their own answers, which may not mesh with what you are trying to convey.

4

Use the KISS principle: “Keep It Super Simple” applies in many different ways. First, think abut format. The easier a document is to read, the more likely a reader will read it. Use paragraph headings and bullet points. Avoid jargon and acronyms.

Keep sentences short – 15 to 20 words maximum. Use three to five sentences per paragraph. The most effective writing is at the eighth- to 10th-grade level.

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Pick the right tone: Reports should be formal. E-mail can be friendly.

There is never a good time to be too familiar in business writing. Familiar is for friendships. You may send an e-mail to a friend at work but you never know when he or she might forward that e-mail to a boss or, worse, your boss’s boss.

Of the thousands of e-mails you write every week, the one that starts, “Hey, dude, whazzup?” is the one that will get forwarded.

STATEMENT

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Write once, check twice: Actually, that rule could read, “Write once, check five times — at least.” First, check for names and titles. Nothing annoys a reader more than when you get his or her name wrong. Next, check for spelling, grammar, and punctuation separately. Don’t simply rely on your software. Finally, check again for clarity.

A good way to check for clarity is to read what you have written aloud. Suddenly, that 42-word sentence that looks good on paper will have you asking yourself, “What was I thinking?” Another trick for reviewing your writing is to do it later.

When you are done writing, take a break.

Go do something else. Give your brain a rest. Take a break for a minimum of 30 minutes. You’ll be amazed at what you see when you’ve given your brain a rest.

APRIL 2014

So there you have it — six simple rules for improving your writing. You have now been deputized; your mission (assuming you have chosen to accept it) is to stamp out bad writing!

With a little effort, we can resurrect effective writing from extinction.

Jennifer Elder, CPA, CMA, CIA, CFF, CGMA, is a thought leader and instructor with the Business Learning Institute. She is also president and founder of The Sustainable CFO as well as a keynote speaker, trainer, and business coach who focuses on business transformation.

13

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BUSINESS & INDUSTRY Get it right the first time: Independent contractor vs. employee B Y A N D R E W G. P OU LOS, E A How does a business determine if its workers are employees or independent contractors? This distinction is not as simple as most may think.

The old adage “My workers are subcontractors because they pay their own taxes” is not one of the 20 questions the IRS or state labor agencies use to determine worker classification. That defense would not carry any weight in an employment audit.

In an era in which worker misclassification and due diligence requirements are at an all-time high, accounting professionals must understand all the complexities.

Improper classification not only carries a huge burden on the business, but can also have a significant impact on the worker.

If the IRS determines employees were erroneously classified as independent contractors, the IRS may notify the workers that they are not entitled to deduct their business expenses from gross income on Schedule C and / or that they are not entitled to contribute to a retirement plan because they are not self-employed. When the IRS prohibits business expense and deduction claims for contributions to self-employed retirement plans, it can be very costly to the worker.

In addition, when a business fails to properly classify its worker as employees, these individuals are unable to participate in benefit programs, such as health insurance provided by the employer. This issue, which usually arises after the fact, can catch a worker by surprise and put them in a predicament that they often are not prepared to resolve.

Yet, the consequences and impact on the business are far greater than those for the misclassified worker.

16

In most cases, businesses categorize workers incorrectly due to lack of knowledge and understanding of the guidelines. However, in some cases, the misclassification is clearly willful and negligent. There are only so many employment audits the IRS and state labor agencies can conduct, but should a business that is negligent go through an audit, the consequences can be quite severe.

determined is not so clear.

For example, a willfully careless business that has its workers misclassified will be responsible not only for the tax liability, the penalty for improper classification and the penalty for failure to file returns, but also for the 100 percent penalty for willful failure to collect tax. By the time the audit case is closed, a business may owe three times as much just for improperly classifying their workers.

Of these 20 questions, here are nine that most businesses can use to make a fairly safe and correct classification of their workers:

Most times, employment classification issues occur at the state level. In today’s tough economic times, workers will apply for unemployment compensation, which triggers the state unemployment office to conduct an investigation when it discovers that the business doesn’t have the worker classified as an employee. Other times, employment classification issues are triggered by workers’ compensation claims, or complaints to the state unemployment board about a workrelated situation. It’s the least expected situation that can get a business under fire for worker misclassification.

3. Is there a continuing relationship between the business and the worker?

While it’s quite clear what the consequences are to the business and the worker for improper classification, it isn’t always clear how a business determines if its workers are employees or independent contractors. The key issue the IRS asks about is whether the business had “control” over the worker. Control is the clear-cut word, but how control is

To determine if a business had control, the IRS will generally consider 20 questions in making the final determination of worker classification. Keep in mind that not all these inquiries apply in every worker classification audit. Often, the IRS will use only those questions that apply, depending on the industry the business is operating in.

1. Is the worker required to comply with instructions given by the business?

2. Does the business provide the worker with training?

4. Does the business provide set hours of work for the worker?

5. Is the worker required to have substantial hours toward the needs of the business?

6. Who furnishes the worker’s tools and materials to conduct the work?

7. Will the worker realize a profit or loss from the services provided to the business?

8. Does the worker work for more than one business at a time?

9. Does the worker receive payment by the hour, week or month?

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When conducting worker classification audits, these are some of the questions that are considered by the IRS and state labor agencies. Worker classification audits have a case-by-case basis, so the degree of importance given to the answers of each of the 20 questions will vary depending on the business and its situation.

Remember, too, that a business will be in an industry where IRS or court case rulings on workers’ status exist and set precedence. Therefore, it’s not necessarily where the business thinks their workers should be, but rather what prior case rulings dictate.

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Helping your clients understand the guidelines and properly classifying their workers can prevent an audit and save the business significant money in penalties and interest. In addition, it can keep you, as the accounting professional, out of the hot seat during these challenging times when the IRS is mandating higher due diligence requirements. There is nothing better than getting it right the first time.

Andrew G. Poulos, EA, is principal of Poulos Accounting and Consulting, Inc., in Atlanta, where he focuses working with tax clients and representing clients before the IRS. Contact him at www. poulosaccounting.com.

17

BUSINESS & INDUSTRY

NEWS & VIEWS

The top five challenges facing CFOs and what they are doing about them Finance professionals see opportunities to offer their organizations even more.

BY BILL SHERIDAN, CAE, AND TOM HOOD, CPA CPAs on the corporate side of accounting are dealing with some pretty intense issues. A collaboration between the Maryland Association of CPAs (MACPA) and its members in business identified the top five challenges that impact finance professionals in business, industry, government, and the not-for-profit sector.

Here are their choices:

1. DOING MORE WITH LESS Workloads are increasing while staff levels stagnate, and the nature of the work is changing, too. “It’s broadening to include more operational and strategic needs that aren’t necessarily what we were trained for,” said MACPA CFO Francis “Skip” Falatko, CPA, CGMA. “That certainly is an opportunity to learn, grow, and add value to the organization, but it requires learning multiple skill sets on the fly to be successful.”

This “lean” mentality provides corporate finance professionals with a unique opportunity. The goal today is to streamline the workflow to the point where productivity and profits rise as infrastructure falls.

“We’ve had to look at each business process and the associated transactional cost and find ways to reduce those costs,” said Anoop Mehta, CPA, CGMA, vice president and CFO for Science Systems and Applications Inc. (SSAI), in Lanham, Md. “We have managed to reduce our transactional costs by retaining a more experienced staff and empowering them to make results-oriented decisions at the lowest level and bring efficiencies and change management at those levels.”

2. KEEPING PACE WITH HEALTH CARE REFORM Politics aside, the Patient Protection

18

and Affordable Care Act has brought a number of challenges to America’s corporate landscape. Premiums and administrative costs are up, budgeting has become more complex, and basics like employee communication have been complicated by uncertainties surrounding the new health care law.

“With education, we hope to be able to be creative in designing a policy that ensures our employees are covered while still keeping company costs reasonable,” said Joselin Martin, CPA, CGMA, financial manager with Hayles and Howe Inc., in Baltimore.

Some CPAs, though—specifically, those who work for health care organizations— will judge the merits of the PPACA not on its impact on business, but on the health of the nation.

seems to pervade every aspect of our business. In particular, our customers are only now getting comfortable committing to long-term investments, but the [October 2013 government] shutdown understandably made them nervous again. Uncertainty about regulatory requirements is also significant in both our operations and planning process because we have to spend more time on compliance education, training, and reporting.”

Sequestration, the shutdown, and federal budget woes have caused huge disruptions for the SSAI team as well. Mehta sees opportunity for public accountants in the chaos. CPAs who advise corporate clients can strengthen their role as trusted business advisers by helping companies navigate today’s stormy political seas.

“For [us], success and profitability will be based on improved overall health of the population and treatment provided in a low-cost setting,” said Amy Myers, CPA, senior director of finance at the University of Maryland Medical System. “We are continually looking at how to lower costs due to the paradigm shift, and one of the big challenges is getting everyone in the patient care process on board with a change in mentality.”

Martin also sees opportunities. Improved internal procedures can help organizations eliminate their own uncertainty. Moreover, CPAs who learn to scan the horizon for signals of future complexity can more easily identify disruptions and take advantage of them, rather than scrambling after the fact to keep up.

3. UNCERTAINTY

Talk about a double-edged sword.

More competitors than ever offer products and services similar to ours, and often at a fraction of what we have traditionally charged. Innovation and business development are crucial, but as the economy stumbles toward recovery, few organizations have been willing to spend the money needed to differentiate themselves from the competition.

That’s a pretty broad concept, and with good reason: There’s a lot to be uncertain about. The economy, regulation, the changing tax landscape, the distressing impact that partisan politics has on the profession—all are creating a great deal of angst in the corporate finance workplace.

“This is the biggest challenge we face,” Martin said. “The political uncertainty

4. COMPETITION AND CASH FLOW

CONTINUED ON PAGE 20 STATEMENT

IS 2014 THE YEAR YOU MAKE A LEAP IN YOUR PROFESSIONAL SKILLS? 6/16/14

macpa.org/summit

generations in the workplace, they’ve never been more challenging, either.

For many organizations, that might be easier said than done. Martin said the opportunities will come to those who can do the following:

The good news is that more organizations seem to recognize the issue and are taking steps to address it.

•Build new strategic relationships to meet new competitive opportunities, both domestic and international.

• At SSAI, Mehta said, Boomers are encouraged to work past retirement age on a part-time basis so they can help develop future leaders.

•Develop an enterprise-wide attitude of monitoring changes and proposing innovations.

•Engage more levels of operations in the cash-flow-management process.

5. SUCCESSION AND TALENT DEVELOPMENT Hiring qualified people, developing them, and planning for succession have never been more important. With four

i Mitch Halbrich Senior Director Executive Consulting

“We have a need and obligation to develop our staff,” Falatko said. “If we don’t, they won’t be inclined to stay and we won’t have the talent to successfully run the organization when our Baby Boomers are gone.”

• With raises and bonuses in short supply, the University of Maryland Medical System is looking for alternative ways to recognize and promote employees.

• Hayles and Howe develops high performers through on-the-job training and inclusion in upper management meetings where appropriate.

“The challenge,” Myers said, “is redefining leadership and career paths for younger generations who often are not self-motivated in ways that older generations understand.”

Each of these challenges provides huge opportunities for organizations that adopt innovative, people-centric mindsets. MACPA members say flexibility, transparency, and accountability win points with today’s employees. Equally important is the ability to look at your organization through the eyes of your customers and adopt new technology that will streamline operations and free you to provide more value-added services.

The results of the MACPA’s collaborative session with members speak clearly of the need for the CFO to serve as a change agent who helps support growth through innovation and the strategic use of technology.

Bill Sheridan is chief communications officer for the MACPA and editor of The Statement. Tom Hood is the MACPA’s executive director.

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“It’s a good time to be a customer but a challenging time to be selling goods and services,” Falatko said. “We’re working to increase the value we provide in our traditional offerings to distinguish us from commodity providers. We’re also working to reinvent our business model to offer higher-value services to our customers.”

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HIGH-TECH SOLUTIONS Electricity, computing and CPAs: Seven key parallels NOTE: The following article was originally published by Boomer Consulting. It is reprinted with permission.

B Y G A RY B O OM E R, CPA . CITP What happened during the early 1900s within the power industry presents an excellent lesson for firms today about the adoption of emerging technologies. It also reveals how existing IT strategies may be inefficient, expensive and difficult to leverage into the future.

As a firm leader, you don’t have to know how to build the watch, but you should at least know how to tell time. Timing is critical when considering any trend or industry transformation, and each has its early adaptors, late adaptors and resistors.

The Gartner Group refers to this as the “hype cycle,” with five distinct steps: 1. Technology trigger: A new technology generates the interest of the press.

2. Peak of inflated expectations: The technology experiences only marginal success.

3. Trough of disillusionment: The technology fails to deliver as expected and the press starts to ignore it.

4. Slope of enlightenment: Experimentation and practical applications of the technology reignite interest.

5. Plateau of productivity: The technology becomes stable and evolves into the next generation.

The accounting profession has typically operated in the later stages of this cycle, but I strongly recommend that firms step to the front and become industry leaders.

ELECTRICITY AND THE POWER INDUSTRY In his book, The Big Switch: Rewiring the World from Edison to Google, Nicholas Carr offers compelling insights into the parallels between electricity and computing.

As an inventor, Thomas Edison first

22

imagined the whole and then built the necessary pieces. Many of you may not know that his accountant and business manager, Samuel Insull (who joined him in 1881), was ultimately responsible for the delivery and ubiquity of electricity.

Like Edison, Insull was a systems thinker (business rather than mechanical). In fact, he often referred to his thinking as “the accountant’s way of viewing things” and was responsible for keeping Edison’s cashpoor operation running.

In 1892, Insull became president of the Chicago Edison Company for a third of the salary he was making at General Electric. He immediately began to acquire and develop power plants, incorporating them into a utility company from which consumers could purchase electricity more cheaply than they could produce it themselves.

His biggest challenge was to convince industrial businesses that they should stop producing power and purchase it from central plants. With the rotary converter and transformers, he was able to incorporate all of his plants into one system. The demand meter also allowed him to change his pricing model because it offered a combination of fixed and variable fees.

Insull was a master on both the financial and technological levels. He used marketing and advertising to convince businesses to switch to central power. He focused first on streetcars and elevated trains (which comprised the transportation industry at the time). In 1910, there were 50,000 private electric plants compared to 3,600 utilities producing electricity in the United States. By 1940, 90 percent of the electricity in the U.S. was produced by utilities. Industrial businesses reduced their fixed costs, labor and capital requirements by switching to utility production. Today, few companies produce their own power (except for backup and emergency purposes).

TODAY’S ENVIRONMENT How does this relate to computing and what’s happening today?

The accounting profession started to utilize computers in the 1960s with mainframe service bureaus, expanded with mini-computers in the 1970s and introduced the personal computer and networks in the 1980s. Throughout the 1980s and 1990s, Microsoft and IBM led in networking and client server computing. During this period, Tim Berners-Lee developed the World Wide Web and fiber optic cable was installed throughout the U.S. and around the world.

Software was designed to run primarily on a desktop computer. Microsoft was the dominant player.

Ten years ago, few people would have predicted that e-mail would become a mission critical application and that security would be a paramount concern.

Apple and Google have become the technology companies of this decade.

Having gained enormous popularity for its search engine, Google is now also a leading player in software-as-a-service (SaaS) technology. Apple has focused on the consumer market, which is now driving business technology. iPhones and iPads are now prevalent in most businesses and have changed the way end users think about technology and especially applications – faster, better, cheaper and easier.

The power of thousands of computers located in a data center connected by enormous bandwidth will continue to impact the accounting profession greatly over the next few years. Large firms that have built their own data centers resisted initially, but smaller firms are embracing these more efficient, secure and affordable solutions. The transformation will parallel electricity but happen at a much faster rate. Larger, multiple-office

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firms will ultimately change for efficiency, improved integration and security reasons.

TECH GIANTS FOLLOWING SUIT Think of Microsoft as Thomas Edison and Google as Samuel Insull. Microsoft has been, until recently, interested primarily in selling software in the client server model. Interestingly, on Oct. 30, 2005, Bill Gates sent a message to the company’s top managers and engineers titled “Internet Software Services.” The memo was intended as an alarm to warn the company about utility computing and the threat to the company’s traditional business. Microsoft has responded to the competition and now offers MS Office Live, SharePoint, CRM and other online applications.

B:11.5”

S:10”

T:10.5”

Google’s model is all about sharing resources. They built The Dalles Data Center in Oregon close to inexpensive electricity and water for cooling. These centers house thousands of servers comprised of components purchased directly from manufactures and were assembled in metal racks using Velcro.

The servers are in clusters and virtualized.

Oracle, IBM, HP, and others have done the same.

Microsoft also followed suit with a data center in Quincy, Wash. Typically these data centers are connected directly to an international Internet hub. The challenge for all of these companies is to transform from the “current” company to the “future” company. Based on a model developed by economist Joseph Schumpeter (1883-1950), they risk the downside of a cycle called “creative destruction.” Hanging on to an old business model too long can result in destruction. No doubt they could learn a great deal by studying how GE and Westinghouse reinvented themselves.

APRIL 2014

RETHINK THE FUTURE What does this mean to a five-, 20-, 50-, 100-, 500- or 1,000-person accounting firm?

It means they should rethink the future and develop a technology plan that integrates with the firm’s strategic plan, harnessing the ever-increasing capabilities of the Internet. They should also review the important lessons offered by the electric industry. Some of these lessons include: 1. Expect resistance to change, especially from larger firms that have built data centers and staff who may be threatened by a different model.

2. The transition requires time and will progress through Gartner’s hype cycle.

3. Leadership, financial management and IT governance are imperative. They must work together.

4. The pricing model will change.

5. Effective marketing and advertising will be critical during the transformation.

6. Simultaneously managing the current and future firm will be challenging.

7. This requires leadership and different skills.

For some smaller firms, I see the move to be relatively easy and rather quick. For mid-size and large firms, the challenges will be greater due to leadership, control, politics, and resistance to change. This could very well be a five-plus-year shift for many firms. The primary vendors to the profession will also play a key role with regard to core applications such as tax and audit software. The availability of bandwidth and connectivity will also be an issue.

Under the current model, the requirements for an IT specialist in most firms are broader than any one person – e.g., engineering, planning, communications, help desk / support, networking, integration, application software, and end-user training. In the SaaS model, the vendor will usually supply engineering and communications specialists. Business analysts will bridge the gap between the technology and the end user. The need for a training and learning culture will continue to increase in most firms.

The first applications to which firms typically move under the utility model are e-mail and document management.

Microsoft Office Live is getting significant attention. Microsoft will continue to be an important vendor for most accounting firms. CCH and Thomson Reuters are transitioning their applications. Once in the cloud, there is better integration, less friction, improved reporting and business intelligence, improved aggregation of data and generally improved security.

Does your firm have a roadmap? If not, now is the time to establish a roadmap and budget to insure success.

Gary Boomer, CPA.CITP, is CEO of Boomer Consulting. Learn more at www.

Boomer.com.

25

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PROFESSIONAL DEVELOPMENT Forensic Valuation Services Conference to feature nationally renowned speakers Event set for May 16; FVS Committee also will host mini mock trial Tax season is winding down and the light at the end of the tunnel is shining brighter.

The MACPA’s Forensic Valuation Services committee has organized a number of interactive CPE opportunities in the spring for those CPA’s seeking to broaden their forensic and valuation knowledge base.

On April 29, the committee will host a mini mock trial, building on the success of last year’s mock trial at Stevenson University. This year’s session will focus on a dialogue between one attorney and one expert witness. The two professionals will cover best practices, tips, and techniques from both the plaintiff and defendant’s perspectives. Committee members anticipate a highly interactive program with plenty of time for questions.

The FVS Committee’s premier event will be the second annual Forensic and Valuation Services Conference, scheduled for May 16 at the BWI Hilton. Last year’s conference was a great success, featuring nationally recognized speakers and showcasing the talents of regional experts.

Registration for the full-day conference is only $279; early bird pricing is $229 until April 16. A wait list is likely, so please sign up quickly before registration is closed.

The topics will appeal to both experienced and growing professionals in valuation and forensics. The preliminary agenda includes the following sessions:

• 8 a.m.: OPENING REMARKS • 8:15 a.m.: GENERAL SESSION - “New Concepts, Data, Models and Methods for 2014,” featuring James Hitchner • 9:40 a.m.: FORENSIC BREAKOUT - “Forensic Tools and Techniques,” featuring Mark Warshavsky

EMERGING TRENDS IN THE VALUATION OF MAIN STREET BUSINESSES: A tax client asks, “How •

much is my business worth?” A bank referral calls for an SBA valuation for • 9:40 a.m.: VALUATION BREAKOUT - financing purposes. This seminar intends “Business Valuation,” featuring to cover the requirements for a CPA Michael Crain providing an opinion in these instances as well as common-sense knowledge that • 10:40 a.m.: FORENSIC BREAKOUT - “Economic Damage Models,” featuring links the market approach and industry rules of thumb to the income approach.

Rob Schlegel • 10:40 a.m.: VALUATION BREAKOUT “Cost of Capital,” featuring Harold Martin • 11:30 a.m.: LUNCH AND SPEAKER - “Economic Update,” featuring John Jung • 12:45 p.m.: GENERAL SESSION - “Marketing Through Social Media,” featuring Ron Seigneur • 2:10 p.m.: FORENSIC BREAKOUT - “Expert Witness Testimony,” featuring David Shuster • 2:10 p.m.: VALUATION BREAKOUT - “Trends in the Valuation of Main Street Businesses,” featuring Rob Schlegel • 3:10 p.m.: FORENSIC BREAKOUT - “E-Discovery and Digital Forensics,” featuring Brian Dyskstra • 3:10 p.m.: VALUATION BREAKOUT - “Calculating Liquidation Values for Early Stage and Other High-Tech, High-Rick Intangible Assets,” featuring Mike Pellegrino • 4:10 p.m.: GENERAL SESSION –-panel discussion • 4:35 p.m.: HAPPY HOUR

APRIL 2014

Highlights of topics that will be covered include the following:

• ECONOMIC DAMAGE MODELS: This session will examine some of the more frequently used economic damage models utilized and provide real-world examples of the application of those models in a litigation context.

FORENSIC TOOLS AND TECHNIQUES: A cash business isn’t •

reporting its revenue properly. Something seems amiss with financial statements.

This seminar intends to provide techniques to work around fraud and misreported items.

In addition, on July 18, Senior Forensic Auditor Joe Parisi from the Department of Justice’s Bureau of Alcohol, Tobacco, Firearms and Explosives will speak on the role of a government forensic auditor.

The FVS Committee is supported by our MACPA coordinator, De’Landa Sullivan, the MACPA’s Professional Development Conference and Webcast Specialist. If you are interested in more information about the committee and upcoming events, call (443) 632-2309, e-mail dee@macpa.org, or visit the MACPA website at MACPA.org.

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PROFESSIONAL DEVELOPMENT Planning with ‘SLATS,’ fundamental-based asset allocation, and more: Lessons from the MACPA’s Advanced PFP Conference B Y SE T H H A MM E R, CPA . , P H. D. The MACPA’s 28th annual Advanced Personal Financial Planning Conference addressed a host of current planning issues. Some highlights are described below.

SPOUSAL LIFETIME ACCESS TRUSTS Pinnacle Advisory Group’s Michael Kitces noted a dramatic decline in the number of federally taxable estates; only 4,000 federally taxable estates were expected for 2012, for example. He advised that a stalwart technique of estate planning, the bypass trust, was becoming less relevant.

In its place, there has been a significant rise in the use of “spousal lifetime access trusts,” or SLATs. These trusts can be particularly valuable in minimizing state estate tax liabilities, especially in a state such as Maryland, where estates can be subject to a 16 percent inheritance tax rate.

A SLAT is structured similarly to a bypass trust but, unlike a bypass trust, is created during one’s lifetime, rather than at death.

The central benefit of the SLAT is that these lifetime transfers are typically not subject to state taxation because most states, including Maryland, do not impose a gift tax. As a result, an opportunity may be created to transfer from one spouse to the other an unlimited amount of assets prior to death, without imposition of a state transfer tax.

There is a potential planning challenge: It may not be readily determinable as to which spouse should fund the SLAT for the other. Although in some cases such determination may be relatively obvious (for instance, when one spouse is in poor health with a short life expectancy), the more typical strategy may be for each spouse to fund a SLAT for the benefit of the other, ensuring that there are sufficient assets for each party to maintain his or her lifestyle as a surviving spouse.

Other concerns noted by Kitces include potential limitations imposed by states on gifts made in contemplation of death as well the federal “reciprocal trust” doctrine, which could, where imposed, result in the SLAT being included in the decedent’s taxable estate.

FUNDAMENTALS INDEX INVESTING William Droms of Droms Strauss Advisers and Georgetown University addressed a number of investing issues, including the growth of index investing based on “fundamentals” instead of the more traditional measure, market capitalization.

According to Droms the growth in indexing based on fundamentals has been driven, at least in part, by a concern that market capitalization results in an ordinate proportion of capital being allocated to large-market capitalization companies (e.g., Exxon and Microsoft). Allocating assets solely on market capitalization may create situations where stocks are purchased at high prices (i.e., market capitalization is higher when market prices are higher) and sold when market valuations decline.

A further potential limitation of allocating assets based on market capitalization – using the S&P 500 as an illustration – is that placing dramatically more weight on the No. 1 market capitalized stock versus, for example, the No. 500 stock may lead to potentially higher volatility without compensatory returns.

Fundamental-based investing instead attempts to mitigate the potentially negative effects of market capitalizationbased asset allocation by allocating on the basis of a variety of alternative factors such as dividend payouts, earnings, and book value. Employment of these methods may, however, generate its own set of detrimental consequences – higher transaction costs and, for taxable

accounts, higher taxes associated with the higher turnover created by larger-scale and more frequent rebalancing.

Does fundamental-based investing provide a better risk-adjusted return than traditional asset allocation (i.e., based on market capitalizations)? A number of studies have addressed this issue with mixed results. Practitioners assessing their options may find it beneficial to consider an approach contained in the article “Why Fundamental Indexation Might – or Might Not – Work,” written by Paul D. Kaplan for the January / February 2008 edition of Financial Analysts Journal.

That approach centers on avoidance of both (1) market-based indices that contain large market-based capitalization variations in component holdings, and (2) “fundamental”-based forms of allocation that generate high turnover, resulting from frequent large-scale index mandated reallocations.

OTHER TOPICS A variety of other topics were also addressed at the conference, including current case studies in life and disability insurance with nationally renowned expert Lee Slavutin, MD, CLU, and an economic update presented by one of the MACPA’s most popular speakers, Anirban Basu.

2014 CONFERENCE IN THE WORKS The 2014 Advanced Personal Financial Planning Conference will be held on Oct. 24. Keynote speaker Robert Keebler, a nationally renowned taxes and investment expert, will lead another fast-paced, practitioner-centered conference that will address a variety of cutting-edge personal financial planning topics.

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

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More than 25,000 CPA firms depend on the AICPA Professional Liability Insurance Program. Here’s why: • Policy form designed to cover the unique exposures of CPA firms • All size firms and areas of practice are eligible • Premium credits designed to reflect the way CPAs do business • Quality coverage at a price that fits your budget

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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 registered trademark of CNA Financial Corporation.

Copyright © 2014 CNA. All rights reserved.

E-10373-414 MD

PRACTICE MANAGEMENT How to respond to a comfort letter F ROM T H E AI CPA CPAs are receiving an increasing number of requests from lenders, mortgage brokers, health and life insurance providers, adoption agencies, regulators, and various other government and nongovernment agencies to confirm client information.

What these businesses and entities are requesting are third-party verification letters, sometimes referred to as comfort letters, which are meant to offer these individuals a level of “comfort” before they commit to providing a loan, a government subsidy or health insurance, to name a few examples.

There are several ways a CPA can respond, and not every response need be in the form of an attestation engagement.

DETERMINING THE PROPER RESPONSE A CPA may provide a response that states factual information and may provide a conclusion, assuming the CPA has performed sufficient procedures and has a basis for the response. A CPA may respond verbally or via e-mail, form letter or other written channels. Additionally, an accountant may provide a client with these other options:

“Our members are often faced with requests for information from lenders and are not sure how to respond, but offering the right response can present a real service opportunity for your practice,” said Tom Hood, CEO of the Maryland Association of CPAs. “While you cannot provide assurance on matters relating to solvency, you can provide a number of services to your clients with other types of responses or activities that address their particular situation.”

• Prepare an audit, review or compilation of financial statements.

UNDERSTANDING TYPES OF REQUESTS

For example, some CPAs are receiving requests from bank lenders on verification of financial information from a tax return.

Without providing assurance on matters relating to solvency, CPAs can respond to such requests in a number of ways, such as:

You may be asked to provide any number of verifications. Some frequent requests include verification of: • self-employment status, • income, • number of employees, • business ownership, • business profitability, • business sustainability, • real estate purchase impact on business, and • business loan impact.

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• Offer an examination, review or compilation of pro forma financial information.

• Supply an examination or compilation of prospective financial information.

• Write an agreed-upon procedures report, as long as the agreed-upon procedures do not provide any assurance on matters related to solvency.

1. By providing a letter explaining that the CPA prepared the tax return — based on information provided by the client — and that such financial information agrees with the tax return prepared by the CPA. 2. By performing an attest engagement for the client based on the level of assurance needed by the lender.

Another example may involve a request for self-employment verification, in which

case, the CPA may respond by performing an engagement to gather and provide the requested information for the client or, if more assurance is needed, an examination or review engagement.

THE QUESTION OF SOLVENCY According to AT Section 9101, paragraph .27 of Interpretation No. 2, CPAs cannot provide assurance on matters relating to solvency. Matters relating to solvency are subject to legal interpretation under the Federal Bankruptcy Code and various state fraudulent conveyance and transfer statutes. Because these matters are not clearly defined in an accounting sense and are subject to varying interpretations, practitioners don’t have suitable criteria to evaluate a subject matter or make an assertion.

Lenders are often concerned with legal issues on matters relating to solvency.

However, CPAs are generally unable to evaluate or provide assurance on these matters of legal interpretation.

The attestation standards preclude practitioners from giving any form of assurance on matters relating to solvency.

Here are a few examples of the types of solvency requests a practitioner is precluded from providing any form of assurance on, whether through examination, review, agreed-upon procedures engagements, or any other consultative engagements.

Assurance that the client (business): • is not insolvent at the time the debt is incurred or would not be rendered insolvent in the near future; • does not have unreasonably small capital; • has the ability to pay its debts as they mature.

Or that the client’s (business’s): STATEMENT

• fair salable value of assets exceeds liabilities; • contingent liabilities will not pose a problem; • commitments will not have an impact on its business operations.

Remember, providing third-party verification letters is an individual, or firm, decision. Credit decisions should be based on the requestor’s exercise of due diligence in obtaining and considering multiple factors and information and not solely granted based on your response.

Make sure you obtain the client’s consent before revealing confidential client information.

RESOURCES FOR YOUR USE Providing third-party verifications is a critical service CPAs provide to their clients, and understanding the ins-andouts can help you make quick decisions and foster client relationships.

To find out more, visit the AICPA’s Financial Reporting Center web page dedicated to third-party verification requests -- aicpa.org/verifications -- where

you can find information that will help you make smart decisions about whether providing a comfort letter makes sense for you and your firm. You’ll find guidance from various AICPA resources, including sample response letters from the AICPA’s Private Company Practice Section (PCPS) and an article by AON, the AICPA’s professional liability insurance program.

Additionally, on the third-party verifications page, you’ll find video featuring Sue Coffey, CPA, CGMA, AICPA senior vice president of public practice and global alliances, discussing third party verification requests and the legal issues related to solvency requests.

OBTAINING CLIENT CONSENT A CPA cannot provide any confidential client information without signed, written consent from the client. Obtaining client consent to share tax return information creates an added complication: using a standard client consent form is not sufficient.

In fact, it’s a crime. Internal Revenue Code Section 7216 dictates that CPAs use a specific format to obtain consent to disclose client tax return information to a third party, so be sure you follow the Code when being asked to provide copies of tax information, tax returns or other information used in the preparation of a client’s tax return.

APRIL 2014

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PRACTICE MANAGEMENT Staffing solutions for today’s CPA firms: Ten steps to success

BY IRA S . RO S E N B L O O M , C PA Staffing is a universal challenge for CPA firms. The competition for the best and brightest talent is intense, and the smaller the firm, the less promising the prospects.

There is no magic wand that can be waved to resolve staffing problems, but there are actions and best practices that will make a “magical” impact on the success of your staffing. Here are 10 steps that will have a positive effect on your staffing results:

Holding open houses, hosting cooking and baking events, bowling tournaments, concerts, readings, book signings, and talent shows are a few unique steps to introduce prospects to the firm and to get acquainted in a less intense setting.

UPGRADE YOUR INTERVIEWING SKILLS All too often, firms find that candidates who initially interviewed well will perform

BROADEN THE NATURE OF THE EMPLOYEE Many of the services performed in accounting firms can be handled by people who are not accountants.

Data analytics, tax return entry, financial modeling, internal control studies and testing, inventory observation, basic bookkeeping, checkbook management, financial administration, and due diligence are just a few examples of services that can be performed by non-accountants. The more that your current staff can leverage their skills, perform increasingly challenging duties, and take on more responsibility, the more likely they are to stay with the firm.

BE BOLD AND DIFFERENT When recruiting talent, it is expected that career fairs and alumni networking events will be part of the process.

professional gratification are increasing in influence. Create a system in which engagements, over a certain threshold, are handled like projects – setting goals for delivery time, client satisfaction, profitability, and quality. Project-oriented service models allow for greater intellectual stimulation, expanded levels of professional gratification, and improved efficiency. The greater the challenge, the more vested the staff tends to be, and the more compelling it is to stay and grow with the firm.

FOSTER EXCITEMENT

poorly on the job. When a candidate has strong interpersonal skills, many standard interview questions tend to go unanswered. Those who are responsible for recruiting should receive specific interview training from a solid HR professional, not from a recruiter.

EMPOWER GOAL-DRIVEN PERFORMANCE Compensation is not the driving force it used to be. Today, job satisfaction and

Boredom is a byproduct of routine and standard systems.

Include staff in new business calls and have them work as a task force to recommend initiatives or solutions for the firm, the community, or a client. Conduct a new business telethon or create a client “buddy system” to keep creative juices flowing, and position your staff for the responsibility that is aligned with being an owner.

BOLSTER PROFITABILITY The more profitable you are, the more options you will have to improve your competitive position in the marketplace, and to attract and retain the best talent.

Staff tend to dislike working with problem clients who either do not pay or do not

CONTINUED ON PAGE 36

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STATEMENT

SHARPEN UP. Master Plan Details and Implementation

2014 EMPLOYEE BENEFIT PLAN CONFERENCE May 19 • Event ID:121012 Sheraton Columbia Hotel

macpa.org/employeebenefit

DIG DEEPER. SEE MORE. P R O V I D E C L A R I T Y. Fo r e n s i c Va l u a t i o n C O N F E R E N C E

May 16 | Event ID: 121013 Hilton Baltimore BWI Airport

macpa.org/forensicvaluation

pay enough. Furthermore, they are turned off by the prospect of owning a piece of a firm that includes too many poorly performing clients. The more profitable the firm, the more appealing it will be to be an owner.

INCENTIVIZE Making more money is always appealing to staff, but distributing bonuses based on the discretion of management is not a welcomed approach. Create a professional goals program and a team achievement platform. Use these programs to reward success, with bonuses tied to the level of achievement, and the magnitude of the goal. Motivating staff to improve performance will generate continued interest in their jobs and enhance their economic satisfaction with the firm.

REWARD LOYALTY Always show your appreciation for significant loyalty to the firm. Referrals of candidates for employment, from current and former employees, should be rewarded. A bonus should be paid to the referring party when the candidate

starts, and a larger bonus should be paid after a year of successful employment, and potentially more after the second year. Beyond rewarding for referral, employment longevity should be heralded. A bonus for three, five, and 10 years of service should be paid as an incentive, and should be instituted as a company policy.

MAKE FUN THE NORM Given how much time accountants spend servicing clients, there is a real need to create “periods of fun” for your staff, or other on-the-job problems will be magnified. Icebreakers and scheduled firm socials should be routine. Staff should be encouraged to develop a “calendar of fun” to schedule social activities, and management should be happy to underwrite these initiatives. Swim parties, golf and tennis, fishing trips, hikes, bakeoffs, cycling, and exercise classes are all excellent outlets for encouraging fun.

INCLUDE CLIENTS IN THE PROCESS

firm. Exposing potential staff to model clients will provide them with a unique perspective of what to look forward to, and will allow your firm to better filter candidates. The more sensitive the firm is to these mutual dynamics, the more likely you will recruit and retain the best candidates. Clients also can be a fertile source for potential applicants, and should be selectively approached, along with centers of influence.

Staffing is a year-round function. There should always be room to recruit top talent to your firm, and this philosophy should be well-known within the accounting community. Developing a productive staffing process should not be an illusion; it should be a reality, but not always an easy one.

Ira S. Rosenbloom, CPA, is chief operating executive at Optimum Strategies, LLC. He can be reached at ira@optimumstrategies.com or (973) 6661980.

Ultimately, the match between clients and staff dictates the longevity with your

REAL LEADERSHIP

UB alumni lead more of Baltimore’s largest accounting firms.* Enroll now in the Merrick School of Business, where we are dedicated to serving the needs of the accounting and financial community.

Graduate Program Offerings • M.S. in Accounting and Business Advisory Services • M.S. in Finance • M.S. in Taxation • M.B.A. (UB/Towson) • Certificate in Accounting Fundamentals For more information, visit: www.ubalt.edu/gradadmissions or call 410.837.6565

*According to the 2013 Baltimore Business Journal Book of Lists, the University of Baltimore has 14 alumni who are managing or co-managing Baltimore’s 25 largest accounting firms.

36

STATEMENT

MEMBER NOTES NEWS & VIEWS Marty Brunk, CPA, has been elected to serve on McGladrey

Anna Vitale Lybrook, CPA, a shareholder of Stoy, Malone &

LLP’s 12-member Board of Directors. Brunk is the office

Co., P.C., organized and participated in a strategic planning

managing partner for McGladrey’s Baltimore office and is a

session for The Ed Block Courage Award Foundation on Jan.

member of the firm’s Southeast region leadership team.

25. The session was facilitated by Jackie Brown, Rebekah Brown, CPA, and Pam Devine of the Business Learning Institute,

Michelle Childers, CPA, Jeffrey

an affiliate of the MACPA. The foundation is dedicated to

Megaro, CPA, and Rod Rager, CPA,

improving the lives of children and ending the cycle of abuse by

have been elected as members

raising awareness and supporting prevention of child abuse.

of Arthur Bell CPAs. As members, they will participate on the leadership team responsible for

Steven Manekin, CPA, a director at Ellin & Tucker, Chartered,

establishing the strategy and direction of the firm.

and Alan Brickel, CPA, a manager with the firm, spoke at the D.C. Bar Association’s Business Law Training Series at the law offices of Winston & Strawn, LLP in Washington, D.C.

Erin E. Clark, CPA, MBA, has been promoted from senior associated to supervisor with Smith Elliott

Steven Manekin, CPA, a director in the Audit, Accounting,

Kearns and Company, LLC.

and Consulting Department of Ellin & Tucker, Chartered, was a featured speaker at the Maryland State Bar Association’s Solo and Small Firm Conference at the Hilton Baltimore BWI Airport

Kelli A. Cobb, CPA, MBA has been promoted from supervisor to manager with Smith Elliott Kearns & Company, LLC.

in Linthicum Heights. His program was titled, “Business Aspects of Starting a Solo Practice.”

Brian Messick, CPA, is a partner with WeberMessick and a financial advisor with

John Coppola, CPA, has been appointed to the role of manager in the accounting and auditing group at Ellin & Tucker.

Dan Dellon, CPA, ABV, CFF, director of tax services with DeLeon & Stang, CPAs and Advisors, has also been promoted to partner at the firm.

He also has been elected to be treasurer and a member of the Board of Directors of the Rotary Club of Gaithersburg.

more than 15 years of experience working with business owners, non-profits, professionals and other individuals to assess their current financial situation and plot a course designed to achieve their financial goals by maximizing investments while minimizing taxes.

He holds a bachelor’s degree in accounting from Salisbury University, and is a registered representative and an investment advisor representative with NFP Securities.

Kelly Parry, CPA, a manager with Balsamo, Stewart, Lutters and

Brett Friedman, CFP, of DeLeon & Stang, CPAs and Advisors, has been named Young Professional of the Year by the Gaithersburg-Germantown Chamber of Commerce. Friedman is a CPA Candidate member of the MACPA.

Andrea B. Hartman, MBA, CPA, a manager at Hertzbach & Company, P.A., has been promoted to principal.

Ruth, P.A., has passed the CPA exam.

Tracy Pruitt, CPA, has been named chief financial officer by The Arc Baltimore. Pruitt is responsible for the oversight of finance, accounting, billing, payroll, and investments management at The Arc Baltimore.

Brian J. Ray, MS, CPA, a manager at Hertzbach & Company, P.A., has been promoted to principal.

Anita Sheckells, CPA, CCIFP, CCA, a director with Ryan Henigan, CPA, has been elected to the

KatzAbosch, has been named Woman of the Year

partnership of CohnReznick LLP as of Feb. 1.

by the Baltimore Metro Chapter of Associated Builders and Contractors.

APRIL 2014

CONTINUED ON PAGE 39

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BE THERE WHEN YOU CAN’T BE THERE MACPA offers over 400 webcasts a year. macpa.org/webcasts

38

STATEMENT

MEMBER NOTES NEWS & VIEWS Jamie Shryock, CPA, a client advisor / associate with Cheryl Jefferson and Associates, has received her Certified Public

Michael G. Stankus, CPA, a manager at

Accountant license from the state of Maryland.

Hertzbach & Company, P.A., has been promoted to principal.

Amy Smith, CPA, a manager with HeimLantz, has earned her Certified Fraud Examiner (CFE) certification.

Arnold Williams, CPA, a partner with Abrams, Foster, Nole, & Kathleen T. Snyder, a former member of MACPA’s

Williams, PA, was honored in November with the Whitney Young

Board of Directors and long-term executive of the

Jr. Service Award by the Baltimore Area Council of Boy Scouts

Maryland Chamber of Commerce, has announced

of America.

she will retire on June 30, 2014. She has served as president and CEO of the statewide chamber since October 1999.

MEMORIAM

Rich Stang, CPA/ABV, PFS, a partner with DeLeon

Aloysius “Al” Michael Mlot, CPA, a past president of the

& Stang, CPAs and Advisors, has been elected

MACPA’s Board of Directors and an MACPA member since

to the Gaithersburg-Germantown Chamber of

1979, died on March 8 at Greater Baltimore Medical Center.

Commerce Board of Directors..

He was 84.

FIRM NEWS &NOTES VIEWS Ellin & Tucker, was recently honored for its community service

ParenteBeard LLC has announced that 26 Invotex team

efforts by Baltimore Mayor Stephanie Rawlings-Blake at the 39th

members, including four partners, have joined ParenteBeard.

annual Mayor’s Business Recognition Awards Luncheon. The firm

The addition expands ParenteBeard’s offices to include

and fellow awardees were recognized as having demonstrated

Pennsylvania, New Jersey, New York, Delaware, Connecticut,

an outstanding commitment to community and dedication to

Texas and Maryland.

improving the quality of life in Baltimore City.

Hertzbach & Company, P.A. is pleased to announce that Buchanan & Company, PLLC, a Northern Virginia CPA firm serving the greater Washington, D.C., area, has joined the firm. Buchanan is widely known for its expertise in providing accounting, consulting and tax services to the real estate, notfor-profit and professional services industries.

McKim and Crocker Chartered has merged its accounting practice with Kullman & Siebert, LLC, also of Annapolis. The combined firm will operate under the Kullman & Siebert name.

APRIL 2014

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CLASSIFIEDS mergers & acquisitions QUALITY CPA FIRM WISHES TO ACQUIRE PRACTICE OR ACCOUNTS in Baltimore/Washington/ Annapolis area, or possible association with retirement-minded practitioner. “Top Dollar Paid.” Reply in strictest confidence to 410.539.7100, or File No. 63-87.

job openings THE UNIVERSITY OF MARYLAND, BALTIMORE COUNTY (UMBC) IS SEEKING INSTRUCTORS IN FINANCIAL AND MANAGERIAL ACCOUNTING FOR THE DEPARTMENT OF ECONOMICS to teach entry level accounting courses. These are part-time non tenure track

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.

positions available Fall, 2014. Applicants must be CPAs and a master’s degree is preferred. Applicants should submit a cover letter, resume, and summary of teaching experience, if applicable, to Jeanne St. Martin at Jeanne@umbc.edu.

UMBC is an Equal Opportunity/Affirmative Action Employer with

THINKING OF SELLING YOUR PRACTICE? Accounting Practice Sales is the leading marketer of tax and accounting practices in North America. We have a large pool of buyers, both individuals and firms, looking for practices to purchase. We also have the experience to help you find the right fit for your firm, negotiate the best price and terms and get the deal done. We welcome the opportunity to talk to you about our risk-free and confidential services. For more information please call Bradley Holmes with the APS Holmes Group at 1-800-397-0249, or email Bradley@apsleader.com.

INTERESTED IN BUYING A PRACTICE? See local and nationwide listings at www.

AccountingPracticeSales.com, and register for free email

a strong commitment to increasing diversity and encourages minorities, females and individuals with disabilities to apply.

WANT TO SUBMIT A CLASSIFIED AD? To submit a classified ad, please visit macpa. org/submitclassifieds, or contact Amy Moran at 443.632.2319, or by email amym@macpa.org.

CONFIDENTIAL ADS: Replies to confidential ads will be addressed to the file number in care of: Amy Moran MACPA 901 Dulaney Valley Road, Suite 710 Towson, MD 21204

updates or call us at 1-800-397-0249.

LEADERSHIP ACADEMY 2014

CPA careers take off when CPAs learn to lead.

June 25-27 | macpa.org/leadershipacademy

40

STATEMENT

MEMBER SERVICES WELCOME, NEW & REINSTATED MACPA MEMBERS! ANNE ARUNDEL COUNTY

LI CHING HUANG, CPA

GARY D. HELDT JR, CPA

ANTHONY M. HUNTER, CPA, CISSP, CISA

MICHAEL J. MAJOROS JR., CPA

DAVID S. KADONOFF, CPA

JOSHUA PRICE, CPA

MARK S. LOBEL, CPA

MARY A. TENENBAUM, CPA

RANDY MCRAE, CPA

RICHARD J. WHITE, CPA

CENTRAL MARYLAND CHAPTER

CAPITAL AREA CHAPTER JAMES E. BLUMENTHAL, CPA JEFF CORYDON IV, CPA, CFP GREER DELLAFIORA, CPA SUZANNE M. HALL, CPA

NEBIYU E. ARAYA, CPA MUSAFAU O. ASHIRU, CPA, MBA ROBIN L. BOOTH, CPA JULIE S. CHEUNG, CPA FRANK W. COLLINS, CPA, MBA TALITHA DEMPSEY, CPA LESLIE A. DICKSON, CPA

THOMAS R. DICKSON JR., CPA, CGMA

CARMEN C. VELEZ, CPA, MBA

KENNETH N. BURTON JR., CPA

NICHOLAS J. DIDIO, CPA

WILLIAM A. YORK III, CPA

TINA M. FEUERSTEIN, CPA

ROBERT Y. GAUTHIER, CPA

YUTAO ZHANG, CPA

RICHARD L. HENDERSHOT, CPA

PETER J. LAANISTO, CPA, MBA, MS

EASTERN SHORE

JEFFREY C. HOHMAN, CPA, MST

DAVID J. LAMBDIN, CPA JULIE S. MINANO, CPA LARISA MINKIN, CPA TONIKA N. MYERS, CPA, MBA WILLIAM R. PARRY, CPA

JOHN P. BORDERS JR., CPA KATHLEEN M. WRIGHT, CPA, PHD MID-MARYLAND CHAPTER

KEVIN M. PYZIK, CPA

MICHELLE G. MERRITT, CPA

CHRISTOPHER D. SEMESKY, CPA

MARNIE WHEATLEY, CPA

CARL LAMASTRA, CPA CHARLES A. PRICE JR., CPA MICHAEL S. WANSOR, CPA

JEREMY SHRY, CPA RYAN J. STOKER, CPA

OUT OF STATE

WELCOME, NEW CPA CANDIDATE MEMBERS! ANNE ARUNDEL COUNTY

CENTRAL MARYLAND CHAPTER

LEBOGANG MBONANI

CHARLENE ALEXANDER

MICHAEL S. MCILHARGEY

REHAM I. GREENE

CAPITAL AREA CHAPTER

MID-MARYLAND

NATALIE P. ASSING, CFE SUE L. CHEN KATELYN J. FISHER SHERRELL T. MARTIN

WILLIAM J. STEVENS

WILLIAM T. LAWRENCE OUT OF STATE CLARISSA M. GREEN

MEGAN K. RIFFLE MEERAF TADDESSE

APRIL 2014

41

NYPN NEWS Announcements will be made regarding registering for our spring events. See what’s scheduled below to save the dates.

Visit the NYPN webpage at MACPA.org/NYPN. NYPN is also on Facebook, Twitter, and Linkedin.

Get involved GET TO KNOW OUR NYPN ADVISORY BOARD AND FIND OUT FIRST-HAND WHAT WE’RE ALL ABOUT: Chair: Nick Hollander, L&H Business Consulting: nhollander@lhbusinessconsulting.com Vice chair / chair-elect: Debra Hale, L&H Business Consulting: dhale@lhbusinessconsulting.com Secretary / treasurer: Stephen Hohne, Hertzbach & Company: shohne@hertzbach.com Past chair: Jeff Klima, SC&H: jklima@scandh.com

LEADERSHIP BOARD Activities / professional development chair: Jennie Hammett, Gorfine, Schiller & Gardyn: jhammet@gsg-cpa.com Public Relations / outreach chair: Barrett Young, The Green Abacus: barrett@thegreenabascus.com At-large member: Kuo Lee, CrossCountry Consulting: kuosheinglee@gmail.com At-large member: Harry Sturgis, Weyrich, Cronin & Sorra Chtd.: harrys@wcscpa.com

You’re invited • MAY 1ST – END OF TAX SEASON CELEBRATION, Location TBA • JA BIZTOWN – MAY 15TH, 2014, Junior Achievement (JA) of Central Maryland – Owings Mills, MD Join NYPN and volunteer at this structured program that teaches financial literacy to fourth and fifth graders. This program encourages students to learn about the free enterprise system by running a simulated town economy for a day and realizing the relationship between what they learned in school and how it applies to the real world of work. Come make a difference in your community by signing up for JA BizTown (email nypn@macpa.org).

• MAY 15TH – SAVE THE DATE – JA BOWL-A-THON Help NYPN put the FUN in fundraising at this special event. Money will be raised to support JA activities in Maryland.

• JUNE 4TH – SAVE THE DATE – NYPN’S 2014 SPECIAL CPE EVENT, Details & Registration TBA Ten Oaks Ballroom & Conference Center, Clarksville, 8:30 a.m. – 12 p.m. (4 CPE)

42

STATEMENT

What is NYPN? NYPN is an organization committed to connecting new / young professionals to the MACPA, protecting the integrity of the profession, and helping new CPAs and CPA candidates achieve their goals. NYPN is a place where new CPA professionals can make contacts in the profession, get involved in the community and get the support they need to be successful. The requirements to be a part of NYPN are CPA candidates (working on or having achieved the 150-hour threshold) or current CPAs under the age of 40 and/ or licensed for fewer than five years.

TOP 10 REASONS TO GET INVOLVED: 1. Camaraderie 2. Insight

3. Professionalism 4. Development 5. Growth

6. Commitment 7. Charity 8. Community 9. Responsibility 10. FUN!

GROW UP. But not too much.

Young CPAs connect at MACPA’s New Young Professionals Network macpa.org/NYPN

Upcoming Events & Courses ACCOUNTING & AUDITING Date

Course Title

APR

2014 Government and Not For Profit Conference

APR

FASB / SAS Update 2014

MAY

2014 Employee Benefit Plan Conference

MAY

Audits of 401(k) Plans

MAY

AICPA Peer Review Program Advanced Update

JUN

AICPA’S Financial Reporting Framework for Small-to MediumSized Entities: What You Need to Know Right Now

JUN

Auditing Employee Benefit Plans

JUN

How to Conduct a Peer Review

JUN

2014 CPA Innovation Summit: Accounting, Technology & Leadership

JUN

Government Auditing Standards

JUN

Compilation Engagements

JUN

Compilation Review Update

JUN

Accounting and Auditing Current Developments

25 30 19 27 29 9

10

12-13 16 17 19 19 20

44

CPE

Time

Cost

Event ID

Member

Non-Mem.

Location

8

8a-5p

$250

$350

121000

University of MD University College, College Park

8

8 a - 3:30 p

$295

$395

170018

MACPA Columbia Center, Columbia

8

8:30 a - 4:40 p

$300

$400

121012

Sheraton Columbia Hotel, Columbia

8

8 a - 3:30 p

$295

$395

111325A

Mount Continuing Studies Center, Frederick

8

8 a - 3:30 p

$295

$395

111367A

MACPA Columbia Center, Columbia

4

12 p - 3:30 p

$150

$200

170020

8

8 a - 3:30 p

$295

$395

111326A

MACPA Columbia Center, Columbia

16

8 a - 3:30 p

$590

$690

211007A

MACPA Columbia Center, Columbia

8

8 a - 5:30 p

$175

$275

191008

8

8 a - 3:30 p

$295

$395

111368A

4

8 a - 11:30 a

$150

$200

111334

MACPA Columbia Center, Columbia

4

12 p - 3:30 p

$150

$200

111335

MACPA Columbia Center, Columbia

8

8 a - 3:30 p

$220

$320

170021

Mount Continuing Studies Center, Frederick

The Loyola Graduate Center, Timonium

Hyatt Regency Inner Harbor, Baltimore MACPA Towson Center, Towson

STATEMENT

BUSINESS & INDUSTRY Date

Course Title

CPE

Time

Cost

Event ID

Member

Non-Mem.

Location

APR

Webcast: Brand You: How to Be a Leader and Boost Your Career -With a Little Help from Social Media

1

12 p - 1 p

$39

$39

17WIR4

APR

Webcast: Key Financial and Economic Issues Facing the Financial Executive

2

1p-3p

$79

$79

17WIR5

APR

2014 Business and Industry Conference

8

8a-5p

$395

$495

121011

APR

Webcast: Ethics: Principles, Case and Fraud

4

12 p - 3:30 p

$125

$125

17W001

APR

2014 Government and Not-for-Profit Conference

8

8a-5p

$250

$350

121000

APR

25

Webcast: Employee Motivation and Engagement: Driving Results Without Driving Your Team Crazy

3

6p-9p

$105

$105

17WIR6

APR

Webcast: Leadership and Generations: What Are They Thinking?

4

1 p - 4:30 p

$125

$125

17WIR7

APR

GVC: Establishing an Effective Compliance Program

2

8 a - 10 a

$40

$50

184018

TargetGov, Baltimore, Baltimore

APR

FVS: Expert Witness Do’s and Don’ts

3

9 a - 11 a

$80

$100

184023

MACPA Columbia Center, Columbia

APR

FASB / SAS Update 2014

8

8 a - 3:30 p

$295

$395

170018

MACPA Columbia Center, Columbia

MAY

Webcast: The Leadership Secrets of Football’s Master Coaches

7

8:30 a - 3 p

$215

$215

17W702

MAY

Social Media Bootcamp for Professional Service Firms

8

8:30 a - 4:30 p

$395

$495

170022

MAY

Webcast: Ethics: Principles, Case and Fraud

4

1 p - 4:30 p

$125

$125

17WIR8

MAY

PowerPoint: Create Dynamic Financial Presentations with Business Graphics

8

8 a - 3:30 p

$330

$480

133326

MAY

Webcast: How the Best Financial Executives Create High Performance Organizations

2

2p-4p

$79

$79

17WIR10

MAY

Webcast: Strategic Skills for Finance - Lessons Learned

1

12:30 p - 1:30 p

$39

$39

17WIR9

MAY

Webcast: Slaying the Energy Vampires – And Boosting Your Performance

2

1p-3p

$79

$79

17WIR11

MAY

Webcast: Selling for CPAs: Using Your Problem-Solving Skills to Promote Profitable Business Growth

2

2p-4p

$79

$79

17WIR12

MAY

2014 Forensic Valuation Conference

8

8a-5p

$279

$379

121013

MAY

Webcast: Lean Management in a Lean Economy

2

7p-9p

$79

$79

17WIR13

MAY

Webcast: Key Financial and Economic Issues Facing the Financial Executive

2

2p-4p

$79

$79

17WIR14

MAY

QFLF: Smarter Decision-Making

4

8 a - 12 p

$175

$225

170003

MAY

Webcast: Work from the Beach if you’re in the Cloud

1

4p-5p

$39

$39

17WIR15

8

16 24 24 25

28 29 29 30 5 6 6 8

12 12 14 15 16 20 21 22 22

Online Webcast, Internet

Online Webcast, Internet

Turf Valley Resort & Conference Center, Ellicott City Online Webcast, Internet

University of MD University College, College Park Online Webcast, Internet

Online Webcast, Internet

Online Webcast, Internet

MACPA Columbia Center, Columbia Online Webcast, Internet

MACPA Columbia Center, Columbia Online Webcast, Internet

Online Webcast, Internet

Online Webcast, Internet

Online Webcast, Internet

Hilton Baltimore BWI Airport, Linthicum Online Webcast, Internet

Online Webcast, Internet

MACPA Towson Center, Towson Online Webcast, Internet

BUSINESS & INDUSTRY Date

Course Title

MAY

Webcast: Listening For Leaders: Ask the Question, Discover the Need, Win the Trust

MAY

Audits of 401(k) Plans

MAY

Webcast: Personality Styles in the Workplace

MAY

CPE

Time

Cost

Event ID

Member

Non-Mem.

Location

Online Webcast, Internet

4

12 p - 3:30 p

$125

$125

17WIR16

8

8 a - 3:30 p

$295

$395

111325A

3

1p-4p

$105

$105

17WIR17

Workers Misclassification & Wage Theft: What Accountants, Controllers, and CFOs Need to Know

4

8 a - 12 p

$125

$200

140057

MAY

Webcast: Workers Misclassification & Wage Theft: What Accountants, Controllers and CFOs Need to Know

4

8 a - 12 p

$125

$200

17W963

JUN

Webcast: Seven Secrets of Successful Business Communication Webcast Part 1

2

12 p - 2 p

$79

$79

17WIR18

JUN

Webcast: Seven Secrets of Successful Business Communication Webcast Part 2

2

12 p - 2 p

$79

$79

17WIR19

JUN

The Ethics Update for CPAs in Public Practice: 2014/15 Edition

4

8 a - 11:30 a

$115

$215

170019

The Loyola Graduate Center, Timonium

JUN

AICPA’S Financial Reporting Framework for Small-to MediumSized Entities: What You Need to Know Right Now

4

12 p - 3:30 p

$150

$200

170020

The Loyola Graduate Center, Timonium

JUN

Webcast: Ethics: Principles, Case and Fraud

4

8 a - 11:30 a

$125

$125

17WIR20

JUN

Webcast: Finally Fixing Turnover and Employment Engagement

1

2p-3p

$39

$39

17WIR21

JUN

2014 CPA Innovation Summit: Accounting, Technology & Leadership

8

8 a - 5:30 p

$175

$275

191008

JUN

Webcast: High Performance Time Management: Boosting Your Personal Energy

2

12 p - 2 p

$79

$79

17WIR22

JUN

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

8

8 a - 3:30 p

$330

$480

133327

JUN

Webcast: Blog 101: First Steps to Stardom

1

1p-2p

$39

$39

17WIR23

JUN

Accounting and Auditing Current Developments

8

8 a - 3:30 p

$220

$320

170021

JUN

Webcast: Employee Motivation and Engagement: Driving Results Without Driving Your Team Crazy

3

2p-5p

$105

$105

17WIR24

JUN

Webcast: Selling for CPAs: Using Your Problem-Solving Skills to Promote Profitable Business Growth

2

4p-6p

$79

$79

17WIR25

JUN

Webcast: Work from the Beach if you’re in the Cloud

1

3p-4p

$39

$39

17WIR26

JUN

2014 MACPA Leadership Academy

20

9 a - 7:30 p

$1,200

$1,200

371001

JUN

Webcast: The Leadership Secrets of Football’s Master Coaches

7

8:30 a - 3 p

$215

$215

17W703

JUN

Webcast: Forensics and Fraud: Real World Issues & Answers

2

2p-4p

$79

$79

17W704

23 27 27 28 28 3 4 9 9

12 16 16 17 18 19 20 20 23 24

25-27 26 27

46

Mount Continuing Studies Center, Frederick Online Webcast, Internet

MACPA Columbia Center, Columbia Online Webcast, Internet

Online Webcast, Internet

Online Webcast, Internet

Online Webcast, Internet

Online Webcast, Internet

Hyatt Regency Inner Harbor, Baltimore Online Webcast, Internet

MACPA Columbia Center, Columbia Online Webcast, Internet

Mount Continuing Studies Center, Frederick Online Webcast, Internet

Online Webcast, Internet

Online Webcast, Internet

Sheraton Baltimore North Towson, Towson Online Webcast, Internet

Online Webcast, Internet

STATEMENT

EMPLOYEE BENEFIT Date

Course Title

MAY

2014 Employee Benefit Plan Conference

MAY

Audits of 401(k) Plans

JUN

Auditing Employee Benefit Plans

19 27 10

CPE

Time

Cost

Event ID

Member

Non-Mem.

Location

8

8:30 a - 4:40 p

$300

$400

121012

Sheraton Columbia Hotel, Columbia

8

8 a - 3:30 p

$295

$395

111325A

Mount Continuing Studies Center, Frederick

8

8 a - 3:30 p

$295

$395

111326A

MACPA Columbia Center, Columbia

ETHICS Date

Course Title

APR

Webcast: Ethics: Principles, Case and Fraud

MAY

Webcast: Ethics: Principles, Case and Fraud

JUN

The Ethics Update for CPAs in Public Practice: 2014/15 Edition

JUN

Webcast: Ethics: Principles, Case and Fraud

24 6 9

12

CPE

Time

Cost

Event ID

Member

Non-Mem.

4

12 p - 3:30 p

$125

$125

17W001

4

1 p - 4:30 p

$125

$125

17WIR8

4

8 a - 11:30 a

$115

$215

170019

4

8 a - 11:30 a

$125

$125

17WIR20

Location

Online Webcast, Internet

Online Webcast, Internet

The Loyola Graduate Center, Timonium Online Webcast, Internet

FRAUD & FORENSICS Date

Course Title

APR

FVS: Expert Witness Do’s and Don’ts

MAY

2014 Forensic Valuation Conference

JUN

Webcast: Forensics and Fraud: Real World Issues & Answers

29 16 27

CPE

Time

Cost

Event ID

Member

Non-Mem.

Location

3

9 a - 11 a

$80

$100

184023

MACPA Columbia Center, Columbia

8

8a-5p

$279

$379

121013

Hilton Baltimore BWI Airport, Linthicum

2

2p-4p

$79

$79

17W704

Online Webcast, Internet

GOVERNM ENT AND NOT-FOR-PROFIT Date

Course Title

APR

2014 Government and Not-for-Profit Conference

APR

GVC: Establishing an Effective Compliance Program

JUN

Government Auditing Standards

25 29 17

CPE

Time

Cost

Event ID

Member

Non-Mem.

Location

8

8a-5p

$250

$350

121000

University of MD University College, College Park

2

8 a - 10 a

$40

$50

184018

TargetGov, Baltimore, Baltimore

8

8 a - 3:30 p

$295

$395

111368A

MACPA Towson Center, Towson

MANAGEMENT & LEADERSHIP Date

Course Title

APR

2014 Business and Industry Conference

APR

Webcast: Employee Motivation and Engagement: Driving Results Without Driving Your Team Crazy

24 25

CPE

Time

Cost

Event ID

Member

Non-Mem.

8

8a-5p

$395

$495

121011

3

6p-9p

$105

$105

17WIR6

Location

Turf Valley Resort & Conference Center, Ellicott City Online Webcast, Internet

MANAGEMENT & LEADERSHIP CONT. Date

Course Title

APR

Webcast: Leadership and Generations: What Are They Thinking?

APR

GVC: Establishing an Effective Compliance Program

MAY

Webcast: The Leadership Secrets of Football’s Master Coaches

MAY

Social Media Bootcamp for Professional Service Firms

MAY

CPE

Time

Cost

Event ID

Member

Non-Mem.

4

1 p - 4:30 p

$125

$125

17WIR7

2

8 a - 10 a

$40

$50

184018

7

8:30 a - 3 p

$215

$215

17W702

8

8:30 a - 4:30 p

$395

$495

170022

Webcast: How the Best Financial Executives Create High Performance Organizations

2

2p-4p

$79

$79

17WIR10

MAY

Webcast: Slaying the Energy Vampires – And Boosting Your Performance

2

1p-3p

$79

$79

17WIR11

MAY

Webcast: Selling for CPAs: Using Your Problem-Solving Skills to Promote Profitable Business Growth

2

2p-4p

$79

$79

17WIR12

MAY

Webcast: Lean Management in a Lean Economy

2

7p-9p

$79

$79

17WIR13

MAY

QFLF: Smarter Decision-Making

4

8 a - 12 p

$175

$225

170003

MAY

Webcast: Work from the Beach if you’re in the Cloud

1

4p-5p

$39

$39

17WIR15

MAY

Webcast: Listening For Leaders: Ask the Question, Discover the Need, Win the Trust

4

12 p - 3:30 p

$125

$125

17WIR16

MAY

Webcast: Personality Styles in the Workplace

3

1p-4p

$105

$105

17WIR17

JUN

Webcast: Seven Secrets of Successful Business Communication Webcast Part 1

2

12 p - 2 p

$79

$79

17WIR18

JUN

4

Webcast: Seven Secrets of Successful Business Communication Webcast Part 2

2

12 p - 2 p

$79

$79

17WIR19

JUN

Webcast: Finally Fixing Turnover and Employment Engagement

1

2p-3p

$39

$39

17WIR21

JUN

2014 CPA Innovation Summit: Accounting, Technology & Leadership

8

8 a - 5:30 p

$175

$275

191008

JUN

Webcast: High Performance Time Management: Boosting Your Personal Energy

2

12 p - 2 p

$79

$79

17WIR22

JUN

Webcast: Employee Motivation and Engagement: Driving Results Without Driving Your Team Crazy

3

2p-5p

$105

$105

17WIR24

JUN

Webcast: Selling for CPAs: Using Your Problem-Solving Skills to Promote Profitable Business Growth

2

4p-6p

$79

$79

17WIR25

JUN

Webcast: Work from the Beach if you’re in the Cloud

1

3p-4p

$39

$39

17WIR26

JUN

2014 MACPA Leadership Academy

20

9 a - 7:30 p

$1,200

$1,200

371001

JUN

Webcast: The Leadership Secrets of Football’s Master Coaches

7

8:30 a - 3 p

$215

$215

17W703

JUN

Webcast: Forensics and Fraud: Real World Issues & Answers

2

2p-4p

$79

$79

17W704

28 29 5 6

12 14 15 20 22 22 23 27 3

16 16 17 20 23 24 25

26 27

Location

Online Webcast, Internet

TargetGov, Baltimore, Baltimore Online Webcast, Internet

MACPA Columbia Center, Columbia Online Webcast, Internet

Online Webcast, Internet

Online Webcast, Internet

Online Webcast, Internet

MACPA Towson Center, Towson Online Webcast, Internet

Online Webcast, Internet

Online Webcast, Internet

Online Webcast, Internet

Online Webcast, Internet

Online Webcast, Internet

Hyatt Regency Inner Harbor, Baltimore Online Webcast, Internet

Online Webcast, Internet

Online Webcast, Internet

Online Webcast, Internet

Sheraton Baltimore North Towson, Towson Online Webcast, Internet

Online Webcast, Internet

SPECIALIZED KNOWLEDGE Date

Course Title

APR

2014 Government and Not-for-Profit Conference

APR

FVS: Expert Witness Do’s and Don’ts

MAY

2014 Forensic Valuation Conference

25 29 16

CPE

Time

Cost

Event ID

Member

Non-Mem.

Location

8

8a-5p

$250

$350

121000

University of MD University College, College Park

3

9 a - 11 a

$80

$100

184023

MACPA Columbia Center, Columbia

8

8a-5p

$279

$379

121013

Hilton Baltimore BWI Airport, Linthicum

TAX Date

Course Title

MAY

2014 Employee Benefit Plan Conference

JUN

2014 CPA Innovation Summit: Accounting, Technology & Leadership

19 16

CPE

Time

Cost

Event ID

Member

Non-Mem.

Location

8

8:30 a - 4:40 p

$300

$400

121012

Sheraton Columbia Hotel, Columbia

8

8 a - 5:30 p

$175

$275

191008

Hyatt Regency Inner Harbor, Baltimore

TECHNOLOGY Date

Course Title

APR

Excel 2010 Data Analysis Techniques and Business Graphics

MAY

CPE

Time

Cost

Event ID

Member

Non-Mem.

Location

8

8 a - 3:30 p

$330

$480

133325

MACPA Columbia Center, Columbia

PowerPoint: Create Dynamic Financial Presentations with Business Graphics

8

8 a - 3:30 p

$330

$480

133326

MACPA Columbia Center, Columbia

JUN

2014 CPA Innovation Summit: Accounting, Technology & Leadership

8

8 a - 5:30 p

$175

$275

191008

Hyatt Regency Inner Harbor, Baltimore

JUN

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

8

8 a - 3:30 p

$330

$480

133327

MACPA Columbia Center, Columbia

9 8

16 18

BLI e press L E A D E R S H I P

macpa.org/bliexpress

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