MACPA’S
STATEMENT January 2014 | Maryland Association of Certified Public Accountants, Inc.
“How do we think differently in a world of transient advantage?”
Rita McGrath & the End of Competitive Advantage Page 6
ALSO INSIDE Tax season: Roll with the changes PAGE 24
The new financial landscape for same-sex couples PAGE 27
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CONTENTS January 2014 | Maryland Association of Certified Public Accountants, Inc.
CHAIR’S COLUMN . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 FEATURES You can thrive in complex times . . . . . . . . . . . . . . .. . . . . .. . . . . . . . . . . . . . . . . . . .. . . . 6 Tax season: Roll with the changes. . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 The new financial landscape for same-sex couples . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27
DEPARTMENTS News & Views . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Business & Industry . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 High Tech Solutions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 Tax Corner . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 Professional Development . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .35 Practice Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .36 Member Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50
MEMBER NOTES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42 NYPN . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 48 CLASSIFIEDS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51 ADMINISTRATION
PRODUCT DEVELOPMENT
rebekah@macpa.org
DIRECTORS
Amy Stumme amy@macpa.org
Akesha Brown akesha@macpa.org
Donna Lewis donna@macpa.org
Samantha Bowling, CPA
Becky Conley becky@macpa.org
Debbie Zizwarek debbie@macpa.org
Ryan Wey ryan@macpa.org
Shane Grady, CPA
TECHNOLOGY
TECHNICAL SERVICES
Kara King Bess, CPA
Doug Shaner doug@macpa.org
MaryBeth Halpern marybeth@macpa.org
Amy Puente amyp@macpa.org
Joselin R. Martin, CPA
COMMUNICATIONS
Cora Edwards cora@macpa.org
Paige Sawicki paige@macpa.org
Amy Moran amym@macpa.org Bill Sheridan bill@macpa.org FINANCE Margaret DeRoose margaret@macpa.org Laura Swann, CPA lauras@macpa.org
PROFESSIONAL DEVELOPMENT Dee Sullivan dee@macpa.org Pamela C. Devine pam@macpa.org Chris Dougherty chrisd@macpa.org
Meredith Senio meredith@macpa.org Laura Dorsey-Shaner laura@macpa.org Andrew Hood andrew@macpa.org
2013-2014 BOARD OF DIRECTORS
Lisa Cines, CPA
Michael Manspeaker, CPA Amy Myers, CPA Robert Tarola, CPA
SENIOR STAFF
WE WANT TO HEAR FROM YOU! 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
MACPA EXECUTIVE DIRECTOR J. Thomas Hood III, CPA tom@macpa.org
OFFICERS
MACPA DEPUTY EXECUTIVE DIRECTOR
MEMBER SERVICES
MaryBeth Drusano marybethd@macpa.org
Byron Patrick, CPA.CITP, MCSE Chair
Julianne Part julianne@macpa.org
Jared Feinstein jared@macpa.org
Jacqueline E. G. Brown jackie@macpa.org
Marianela del Pino-Rivera, CPA Vice Chair
Jeannie Richardson jeannie@macpa.org
Megan Gratz megan@macpa.org
DIRECTOR OF FINANCE AND ADMINISTRATION
Michael Manspeaker, CPA Secretary/Treasurer
Ashlee Stem ashlee@macpa.org
Emily Trott emily@macpa.org
Skip Falatko, CPA skip@macpa.org
Anoop N. Mehta, CPA, CGMA Immediate Past Chair
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
Rebekah Brown
JANUARY 2014
3
CHAIR’S COLUMN WHAT IF WE DIDN’T HAVE CPA DAY? NOW THERE’S A SCARY THOUGHT BY BYRON PATRICK, CPA.CITP, CGMA, MCSE CEO AND CO-FOUNDER, SIMPLIFIED INNOVATIONS
It’s January. Who’s stoked for some Maryland politics? The General Assembly returns to Annapolis on Jan. 8 for its 2014 legislative session — and when politicians invade Annapolis, CPAs are sure to follow. Indeed, the 2014 edition of CPA Day in Annapolis arrives just seven days later, on Jan. 15, starting at 7:30 a.m. at the Governor Calvert House. Once again, scores of CPAs will put aside tax season preparations to fight the good legislative fight on behalf of the profession, meeting directly with their legislators to discuss issues of importance to Maryland’s CPAs. Except, what if they don’t? What if the MACPA didn’t hold CPA Day each year? What if state CPA associations and their members didn’t monitor state legislation and lobby for the profession’s position on the issues of the day? • It might be harder for you to work across state lines. With strong support from the MACPA, the General Assembly passed a measure that allows CPAs in other states to provide their services in Maryland without having to obtain a license or notify the State Board of Public Accountancy. It’s part of a nationwide “mobility” movement designed to make it easier for CPAs to do their work in multiple states. To date, 49 states and the District of Columbia have passed such laws. • Your State Board wouldn’t have the resources it needs to serve you well. With MACPA support, legislators approved a bill that provides separate funding for the State Board of Public Accountancy via CPA licensure fees. Those funds can’t be cut or diverted by state lawmakers. They are used solely to serve Maryland CPAs. • You might be subject to onerous
4
Sarbanes-Oxley-type legislation that would have stifled the work of Maryland CPAs. In the wake of the Enron and WorldCom scandals, some people lobbied hard to apply Sarbanes-Oxley-esque restrictions at the state level. Instead, with support from the MACPA, the General Assembly passed a law mandating peer review in Maryland as a way to ensure that high standards of professionalism and independence are upheld and that CPA firms maintain an effective system of quality control. • It might be easier for someone to sue you or one of your clients. In past years, trial lawyers have introduced bills designed to replace Maryland’s current system of determining a defendant’s liability with a “comparative negligence” system that makes recovery against a defendant easier – even when the person bringing the lawsuit substantially contributed to his own injuries. Maryland courts allow a person sued for negligence or wrongdoing to raise the “contributory negligence” defense – that is, the party sued may claim that the plaintiff contributed to his injury and thus should not be allowed to recover from the defendant. This rule prevents a person from shifting his or her responsibility to others. The MACPA works each year to make sure the state’s contributory negligence rule is retained. • Your CPA services might be subject to sales and use taxes. The state is always looking for ways to raise revenue, and a tax on the services you provide would hurt both you and your clients. The MACPA gears up to fight this battle every year. Get the picture? Without someone diligently watching out for — and acting on — legislation that impacts you and your clients, it might be a whole lot harder for CPAs to do business in Maryland.
grows louder with every CPA who joins the effort. Our focus this year will center on a couple of oldies but goodies:
SALES TAX ON SERVICES It’s always possible that the General Assembly could revisit the idea of imposing sales taxes on professional services as a way to raise revenue. The MACPA believes a sales tax on services would burden the citizens and businesses of Maryland unnecessarily with additional taxes. We believe this proposal is bad for small business and will work to defeat such legislation if introduced.
TORT REFORM / CONTRIBUTORY NEGLIGENCE As I mentioned above, the MACPA will work in support of Maryland’s contributory negligence rule for a number of reasons. It prevents a flood of suits by plaintiffs who have a disproportionate amount of fault, helps keep a lid on insurance premium growth rates, and fosters the exercise of due care by everyone. On the flip side, the higher cost of conducting business and the decreased productivity associated with the “comparative negligence” alternative would lead to a loss of jobs, increased liability and a deterioration of the economic climate in Maryland. Register today at MACPA.org/CPADay and join us in Annapolis on Jan. 15. Meet your legislators. Have lunch and a conversation. Protect your profession. We need you. This work is too important to ignore. What if we didn’t do it?
That’s why we need you to join us in Annapolis on Jan. 15. Our legislative voice
STATEMENT
2014
ss Busines try & Indu RENCE CONFE APRIL 24
FIND YOUR COMPETITVE EDGE
PETER FRANCHOT COMPTROLLER OF MD
KATHLEEN SNYDER MD CHAMBER PRESIDENT
Maryland Competitive Update from Comptroller & Maryland Chamber
Event ID: 121011 | Turf Valley Resort & Conference Center
macpa.org/industry
ANIRBAN BASU
CHAIRMAN & CEO OF SAGE POLICY GROUP, INC.
Economic Update
You can thrive in complex times Our problem isn’t change; it’s keeping pace. Best-selling business expert Rita McGrath will show us how in a can’t-miss event on Jan. 30 BY BILL SHERIDAN To hear the experts tell it, the biggest
with outdated methods. They’re trying to
Aaron Wildavsky for this one. Most
issue facing businesses today is change.
predict their way out of an unpredictable
organizations today invest in prevention –
situation.
trying to keep bad things from happening
Wrong.
to them. McGrath said we need to invest “One of the dilemmas we all face,”
Change isn’t the problem. Things have
more resources in what Wildavsky called
McGrath said, “is that we are trying to
always changed. The problems are the
“resilience,” a trait that will help us
grapple with truly complex systems by
staggering pace of change and our
“mount the appropriate response” when
using tools and frameworks that were
inability to catch up.
something goes wrong.
designed for more simple, more linear
Businesses don’t need to know that the
systems.”
That point of view requires an eye toward innovation. Don’t be afraid to try new
world is changing. They need to know
So what do we need to do? Four things,
what to do about it.
things. If they work, great. If they don’t,
says McGrath:
respond accordingly and try again.
For that bit of information, let’s bring in
1. FORECAST DIFFERENTLY
“Start making small bets on things that
Spend less time on lagging indicators
are not part of your core business,”
like yesterday’s numbers and outcomes.
McGrath said. “Then ask yourself: Who
Spend more time on leading indicators
are your truth-tellers – the people who are
like data that offer clues about what the
able to look at the future and articulate
future holds.
cases where things are going to be much
Rita McGrath. A Columbia Business School professor and best-selling author who is sixth on Forbes’ most recent list of the world’s most influential business thinkers, McGrath will speak live in Baltimore on Jan. 30 as part of “The End of Competitive Advantage,” an event hosted by the MACPA and the Business Learning Institute. The event is named after McGrath’s most recent book, The End of Competitive Advantage: How to Keep Your Strategy Moving as Fast as Your Business.
Get details and register at BLIonline.org/Rita. McGrath’s message will focus less on change and more on our reaction to it. She says too many organizations are trying to solve today’s complex problems
6
different than it is today?” “Leading indicators are the hardest to find,” McGrath said. “The problem is
And if the people in power aren’t truth-
that they are subjective; they’re not facts
tellers, watch out: This could be a difficult
yet. But they also give us some distant
exercise.
early warnings about things that might happen.”
3. ALLOCATE YOUR RESOURCES DIFFERENTLY
Here’s an exercise we can try: Imagine
Sure, we need to focus on our core
a future event – something that’s either
businesses. But in this crazy environment,
good or bad for your organization. Now
McGrath said it’s critical that we also
imagine what would have to happen first
devote some time and energy to
in order for that event to take place. Ask
innovation identifying opportunities,
yourself: “Can I see the signs that will tell
thinking of things we’ll want to invest in,
me if that is happening now?”
figuring out how to ramp them up and
2. TAKE ON INTELLIGENT RISK
make them scalable.
McGrath channeled political scientist STATEMENT
That means we’ll also have to spend some time on what she calls “disengagement” – figuring out what we should stop doing so that we’ll have the time and resources to devote to innovation. And here’s the most important thing: Your superstars need to be innovators. “Average organizations put their best people on problems,” McGrath said. “Exceptional organizations put their best people on opportunities.”
DON’T JUST SURVIVE. THRIVE. In times like this, when change and complexity fuel massive uncertainty, many companies take the safe route and concentrate not on growth, but on mere survival. Big mistake, says McGrath.
“As a leader, you want to be thinking about the future at all times, and that does require some
A series for financial professionals in Business & Industry
QUARTERLY FINANCIAL
LEADERS
FORUM Shape your organiza t io n f or better resu l t s .
investment,” she said. “An analogy would be to think about sending your children to college. I have absolutely no idea what those children are going to do once they’re done with their degrees, but I know that if I don’t make that investment in their education, there will be whole sets of opportunities that won’t be open to them. When you stop thinking about growth, it’s sort of the same as not investing in education, not investing in things that will give you a future.”
“Think of it a bit like momentum,” she said. “If you start a race from a dead stop, you’re much less likely to get up to speed fast than someone who’s already moving. With growth, you have a similar phenomenon. Those who start making those investments today – those who start removing some of the structural barriers (to growth) – are going to be that much more in motion than companies that have been at a dead stop for the past few years. “Plus, it’s more fun. It’s more fun for your people, it’s more fun for yourself to be thinking of doing something new rather than the same old thing. Once you’re focused on growth, people start to see opportunities more readily because they’re actively thinking about it. People are less likely to cling to the past if they see that there are opportunities in the future that they could be going after.”
Getting past the barriers of change and complexity and focusing on growth has all
Bill Sheridan is editor of The Statement and
kinds of benefits, McGrath explained.
chief communications officer for the MACPA.
CHANGE EFFORTS THAT STICK Aug 29, 2013 // Gretchen Pisano // Event ID: 170000 macpa.org/QFLFaugust CHALLENGES FOR FINANCIAL PROFESSIONALS Nov 21, 2013 // Francis X. Ryan // Event ID: 170001 macpa.org/QFLFnovember MACGYVERING: THE ART OF BEING RESOURCEFUL IN A CRISIS Feb 27, 2014 // Greg Conderacci // Event ID: 170002 macpa.org/QFLFfebruary SMARTER DECISION-MAKING May 22, 2014 // Jennifer Elder // Event ID: 170003 macpa.org/QFLFmay 4 hours of CPE each quarter to share and learn with other experienced financial leaders. AGENDA: 8-11 am – topical instruction, 11-12 noon – lunch and facilitated discussion LOCATION: Towson Training Center PRICING: Members: $175/forum • Non-Members: $225/forum
Promoting and Protecting CPAs in Maryland
Bring your voice to Annapolis on January 15th
2014
7:30am - 1:30pm | Wednesday, January 15 | Event ID: 181000
macpa.org/cpaday
E-10486-114 MD_Layout 1 10/11/13 10:06 AM Page 1
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NEWS & VIEWS
NEWS & VIEWS
Back in my day: How the CPA exam has changed BY ADRIENNE GONZALEZ “CPA exam candidates nowadays have it
lower case letters clearly would miss the
too easy. They can sit for the exam pretty
point):
shoes to get to the testing center. Unexpectedly, most respondents agree
much whenever they want.” “CANDIDATES MUST SIT FOR ALL
each version of the exam is difficult for
“Old timers complain too much. Yeah,
SUBJECTS OF THE EXAMINATION IN
its own reasons. Most also recognize
they had to take all four parts at once,
ORDER TO OBTAIN CONDITIONAL
that while having to study and sit for all
but we have so much more information to
CREDIT.”
four parts (or even five parts, going way
study.”
back) of the CPA exam at once makes the This fact is a common point of reference
“old” exam more difficult in that respect,
Do either of these statements sound
when older CPAs bemoan how bad they
current candidates have a larger body of
familiar? If you’ve spent any time with
had it in their day to current CPA exam
knowledge they are expected to know.
any group of CPAs even once in your life,
candidates bemoaning their own fate.
you’ve likely heard it all before.
“This debate is over before it begins: Maybe part of the problem isn’t the exam
The current CPA exam is more difficult
“Back in my day ...”
itself but all this bemoaning going on.
due to the sheer volume of law changes
“The partners have no idea what we have
I’ve been hearing these tales of woe
to go through ...”
since I started in CPA review in 2007, and frankly, I’m sick of it. So I decided it was
You get the point. We’ve all heard the horror stories of sitting in a cramped room surrounded by fellow CPA exam candidates for a
time to get to the bottom of the “who had it worse” debate with some good old-fashioned facts. OK, maybe not facts, but opinions.
marathon two-day session of exam-taking “back in the day,” and if you’re one
I surveyed a completely random group of
such candidate who experienced that
CPAs – by “completely random,” I mean
personally, you’ve probably told those
friends and social media connections
stories over the years. We know that
willing to fill out my survey – whose
before the exam went computerized in
varying CPA exam experiences cross
2004, in some states you had to sit for
decades. Thankfully, no one responded
all four parts at once, pass at least two of
that back in their day they had to walk
them and score at least a 50 on remaining
uphill both ways in the snow with no
and pronouncements that have come out since the ‘old days,’” said Jeff Elliott, founder of Another71.com. Jeff built a following documenting his CPA exam experience – hence the name of his site, reflecting the fact that he received (you guessed it) several 71s on the exam. That following grew into a vibrant community of like-minded candidates seeking study tips and support. Elliott admits, however, that though current candidates are tested on a wider range of topics, paper-and-pencil candidates had a more difficult testing experience.
CONTINUED ON PAGE 12
failed sections, or guess who would be back at the fairgrounds to take everything again next May or November? An old examination requirement “cheat sheet” (wait, maybe I shouldn’t use that term considering we are talking about the barrier to entry into one of the most ethical professions in the world) from the Maryland Board of Accountancy says it all. Rather, it says it in ALL CAPS (because JANUARY 2014
BORMEL, GRICE & HUYETT AMONG THE BEST Bormel, Grice & Huyett, P.A., has been named one of the 2013 “Best Accounting Firms to Work For.” The annual list was created by Accounting Today and Best Companies Group. Pictured from left are Anna Huyett, Larry Bormel and Katherine Grice.
11
That doesn’t mean the paper-and-pencil
weren’t nearly as widespread as they are
every five to eight years. Currently, the
exam was bare bones, either.
today. Those empty hotel conference
CSOs are updated every six months, with
room options still remain, as I recall as
new pronouncements eligible for testing
“What surprised me most was the raw
late as 2010 having to get up at 5 a.m.
as early as six months after taking effect.
amount of information you needed to
on a Saturday to load up our books and
In some cases – such as the addition
know and understand,” said Maryland
equipment, set up the classroom, check in
of international financial reporting and
CPA Calvin Harris Jr., who passed the
our students and spend the longest eight
auditing standards in 2011 – these
exam in 1997. “The exam contained far
hours of my life proctoring live CPA review
changes are significant.
too much information for you to rely on
classes. You thought YOU had it bad?
memory. You either knew the concepts
Try sitting through the same government
Also notable, the pool of exam candidates
cold or you had no chance of success.”
accounting class weekend after weekend
continues to grow. In 2006, 69,236 unique
for years.
candidates sat for the exam. By 2011, that
James Carroll, another Maryland CPA who first took the exam in 1985 and passed
number had grown to 90,644! I digress.
two years later in 1987, points out that
Did you know that until 1996 you could
one downside to studying for five parts
So we’ve established that scheduling
get a copy of your exam, including correct
(yes, it was five back then) was keeping it
individual parts of the exam throughout
responses? I am fairly sure there is still
all straight in his brain. “I think the hardest
the year is a lot easier than 2,000 people
an old paper copy of the very exam
part was trying to keep all the information
cramming into a big room at the local
taken by my former boss in a certain
separate in my head for the various
fairgrounds in a scene reminiscent of “a
CPA review company office in California.
subjects,” he said.
North Korean propaganda video” (one
According to a 1998 article published in
respondent described it that way). We’ve
the Journal of Accountancy, transitioning
New Jersey CPA Jesse M. Herschbein,
also established that over the years, the
to a non-disclosed exam was the first
who took and passed the exam from
inch-deep, mile-wide lake of knowledge
step to build the large database needed
1998-99, reminds us that one thing
required of entry-level CPAs has expanded
for a computer-based exam. Currently,
current candidates might take for granted
to include much more information.
the AICPA releases a limited number of
are their numerous CPA review options.
“retired” questions each year to assist All of this leads us, as reasonable people,
“Review courses back then were not
candidates in studying, but the Institute
to declare that no one had it easier, nor
online or even CD-ROM based,” he said.
guards exam content through heightened
does anyone have it harder. The exam
“Four big binders and an empty hotel
security procedures at the testing
is just hard because it is supposed to
conference room, two nights a week, four
center and by making candidates sign a
be, and it has evolved along with the
hours a night, for 18 weeks.”
nondisclosure agreement. Even taking
profession. In the past (by “the past,”
to social media to discuss what kind
I mean the 1990s), the AICPA Board of
of simulation a candidate received is a
Examiners (BOE) updated the exam’s
violation of this agreement.
Even when I started in CPA review in 2007, flexible options like online studying
Content Specification Outlines (CSOs)
CONTINUED ON PAGE 15
A GOOD TURN BY DELEON AND STANG DeLeon & Stang, CPAs and Advisors, held its annual corporate volunteer event benefiting the Butler School in Germantown. Members of DeLeon & Stang, along with members of Chazin and Company, worked to beautify the Butler School grounds. Activities included re-setting of the front entrance signs, grading and re-seeding the surrounding areas, installing entrance fencing behind the entrance signs to enhance the front entrance appearance, painting jump posts for the school’s equestrian riding area, planting bushes, clearing out brush around the school grounds and assisting some of the school’s staff with some administrative work.
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
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The BOE first made its desire to
So what does the CPA exam of the future
computerize the exam known to
look like? Will there come a time when
interested parties in 1995, nearly a full
you will be taking the exam at your
decade before the computerized exam
own leisure, wherever you like, using a
would debut, by seeking comment
personal device that uses biometrics to
from state boards of accountancy on
verify you and you alone are the one
the conversion. When the results of that
taking the test? Considering that just 10
invitation to comment were published in
years ago the exam wasn’t even taken on
1997, they revealed that 92 percent of
the computer and 10 years before that
responding state boards supported the
calculators weren’t even allowed, no one
conversion.
can say for sure what the exam will look like 10 years from now.
Five years after it was unleashed on future CPAs across America, the computerized
One thing we can know for certain,
CPA exam reached its 1 millionth
though, is that future CPAs will be sure
administration.
to gripe, moan, and complain about how
before them – no matter how long ago – will be there to remind them it was hard when they took it, too. Some things never change.Sources: CPA Examination Candidate Performance Book, National Association of State Boards of Accountancy. NASBA.org/products/ nasbareport/yearlyedition/ “Brave New World for the CPA’s Exam,” by Quinton Booker, Vincent C. Brenner and James D. Blum, Journal of Accountancy, January 1998. JournalofAccountancy.com/Issues/1998/Jan/ booker.htm Adrienne Gonzalez is a contributor to The Statement.
difficult the exam is, and those who came
IT’S GAME-ON FOR MISTER, BURTON & FRENCH Members of Mister, Burton & French, LLC, took some time off between deadlines to travel to Clifton Park in Baltimore on Sept. 17 to run an after-school soccer clinic for three Baltimore schools and recreation centers – Northwood, Carroll Cook and Woodhome. The program is co-sponsored by the Lutherville Timonium Recreation Council Soccer Program’s Community Outreach Initiative. More than 60 children participate in the six-week program each Tuesday at Clifton Park, and another 70 on Wednesdays at Carroll Park. Each participant is outfitted with a jersey, soccer cleats and shin guards, and a new soccer ball. After 90 minutes of play time, all participants are sent home with a drink, and a snack.
JANUARY 2014
15
BUSINESS & INDUSTRY SEC rules for equity crowdfunding create business, consulting opportunities for CPAs B Y E D WA R D E. SH A RKE Y, E SQ .
Businesses seeking to raise money under
The rules proposed by the SEC add only
As for investors, the SEC left the JOBS
the Securities and Exchange Commission’s
a few caveats:
Act limits on the caps on investing
new rules for crowdfunding are going to need accountants. The SEC 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. Crowdfunding experts and small business 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
unmodified. The total amount invested in • Businesses must use one funding portal
crowdfunding investments by an investor
at a time.
with income or net worth in excess of
• They may not spread their offer over
$100,000 may not be greater than 10
multiple portals.
percent of income or net worth (up to
• There is a variety of legal paperwork and disclosures to be filed.
may not exceed the greater of $2,000 or 5 percent of income or net worth.
portal’s website. • 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 $1 million limit on funding from
Instead, the SEC’s rules – all 500-
private equity using other types of private
plus pages of which can be found
placement.
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.”
16
is below $100,000, the amount invested
direct prospective investors to the funding
non-accredited investors does not affect
proposed/2013/33-9470.pdf -- align
annual income or net worth of the investor
• The business may advertise, but only to
did not happen.
at http://www.sec.gov/rules/
a maximum of $100,000). If either the
a company’s ability to raise additional
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.
Businesses are not only going to look to accountants for general advice on raising equity capital. They 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.
STATEMENT
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BUSINESS & INDUSTRY Big Data: From potential obstacle to driver of innovation and growth F RO M TH E A I CPA Corporate leaders are continuing to see
transformed large volumes of information
Role of Finance in a Data-Centric World.”
extraordinary organizational changes that
from being a potential obstacle to
are bringing new focus, meaning and
progress to a driver of innovation and
The report draws on research performed
value to their operations, competitive
growth.
by the AICPA and CIMA, including a 2013 survey of nearly 2,100 CFOs and other
position and overall success. To learn more about the critical role
finance executives from a broad range
Nowhere is change being felt more
finance can play in helping organizations
of business sectors across more than 80
strongly than in how data – in record
benefit from the burgeoning amount
countries. The report also reflects the
amounts – is being received, analyzed
of available data and how Big Data can
expert knowledge and experiences shared
and unlocked to achieve commercial
be integrated into corporate reporting,
during a series of interviews with senior
advantage and, for finance professionals,
the American Institute of CPAs and the
finance leaders at organizations ranging
exciting career prospects. In fact,
Chartered Institute of Management
from Accenture to Google.
finance’s ability to transform insights
Accountants have issued a Chartered
into performance, opportunities and
Global Management Accountant (CGMA)
risks has risen so dramatically that it has
report titled, “From Insight to Impact: The
CONTINUED ON PAGE 21
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18
STATEMENT
2014 Government & Not-For-Profit Conference
April 25 | Event ID: 121000 | University of MD University College, College Park
macpa.org/GNFP
SHARPEN UP.
2014 EMPLOYEE BENEFIT PLAN CONFERENCE May 19 • Sheraton Columbia Hotel • Event ID:121012
macpa.org/employeebenefit
RISE OF A DATA-CENTRIC ORGANIZATION The momentum toward a data-driven business environment is showing no sign of slowing down, with 87 percent of surveyed finance professionals agreeing that it has the potential to change the way business is done over the next 10 years, and 51 percent ranking Big Data and analytics as a top 10 corporate priority. Also, more than 90 percent of CGMAs believe that finance has an essential role in helping organizations benefit from data projects. The need has therefore never been stronger for finance teams to recognize the impact of data on the finance function, the benefits of innovative approaches to data analytics, and their own expanded role in the organization. For example, at Yahoo! it has long been necessary for the finance function to understand the data captured by the company’s key products, such as Yahoo! mail, in order to genuinely comprehend revenue drivers. The latest CGMA report discusses insights that can help guide finance professionals in these and other key leadership areas. The following are among those featured in the report: • Data-driven decision-making brings greater productivity, value, efficiencies, and new KPIs, among other benefits, that cross organization size, type and industry.
ability to lead and influence, and have a
and are less likely to be deterred by cost.
strategic understanding of the business. • SMEs can use affordable online and • The data-enabled era creates
cloud-based specialist software and
new opportunities for finance team
services such as Google Analytics and
members through the development
Kaggle to help analyze data.
of additional skills and competencies. These opportunities are most appealing
• More adventurous SMEs are tapping
to those interested in a more strategic
into the capabilities of advanced
organizational role. According to 85
data scientists to optimize Big Data
percent of survey participants, increasing
opportunities, even without the budgets
their ability to work with Big Data
or capabilities to bring these resources
enhances their employability.
in-house.
• There is a steep learning curve for
• The key to success for organizations
organizations as they use data for
of all sizes is to develop clear objectives
commercial benefit, with 86 percent of
for data projects before selecting the
survey respondents struggling to obtain
tools or services that are best aligned to
valuable insight from data. Top obstacles
organizational goals.
include organizational data silos and dataquality challenges.
Google illustrates another benefit that
Additional insights are shared in the
opportunities. After years of focusing
report by Matthew Keylock, global
on larger advertisers that had significant
capability managing director of data
budgets, Google expanded its focus and
at DunnHumby, a worldwide data-
used analytics to gain an understanding of
science company. Keylock advises that
the factors that drive SMEs. The result is
organizations first assess their own data
that SMEs have become one of Google’s
sources and use them as the foundation
fastest-growing segments.
on which to build a data project. Data
Big Data presents to SMEs – advertising
can include customer contact information,
NEW LEADERSHIP ROLE
organization details and roles, and
As finance team members help lead their
historical engagement data such as
organizations through an increasingly
purchased products and services. He
data-driven business era, challenges
also recommends that data projects be
will arise that will stretch their skills into
implemented in phases and built on
unfamiliar service and functional areas.
individual successes. However, finance professionals have
BENEFITS TO SMALL AND MEDIUM ENTERPRISES
successfully distinguished themselves
positioned to help translate data into
Benefitting from new data insights is
ways of thinking to meet new demands,
commercial insights and value. Although
as much an opportunity for small and
some uncertainty prevails over their
medium enterprises (SMEs) as it is for
specific role, finance can add value by
large enterprises. For example, although
applying their expertise to planning,
SMEs usually have limited resources
budgeting, forecasting, performance
and budgets, they typically have a more
management, and other areas.
flexible IT infrastructure with fewer legacy
• More than 90 percent of survey respondents agree that finance is well
system issues or disparate databases. • Delivering on data’s value potential
Additionally, they can change practices
raises the importance of strong finance-
quickly.
business teamwork, and requires that finance executives master management
The report also reveals the following:
skills, such as communications and the
• SMEs understand the value of Big Data
with a history of evolving their roles and opportunities, and economic and industry conditions. This history, combined with their drive to acquire new skills and expertise, positions them as potential leaders in harnessing data for greater organizational value and long-term success. CGMA designation holders can download “From Insight to Impact: The Role of Finance in a Data-Centric World” from CGMA.org.
HIGH-TECH SOLUTIONS Cloud computing 101
EDITOR’S NOTE: The following article is reprinted with permission by the Massachusetts Society of CPAs.
B Y B A R RY MA CQ U A RRIE , CPA They seem to be everywhere! They are at trade shows and association meetings. They have been seen advertising in accounting profession journals, and their promotional e-mails have probably reached your mailbox. They sure are making a lot of noise. They are the vendors selling cloud accounting solutions. Are cloud accounting applications right for you and your clients? In this article, we’ll define cloud accounting and look at
WHAT ARE THE BENEFITS?
WHAT ARE THE RISKS?
There are numerous benefits to cloud
The world of cloud accounting is not
accounting, and progressive business
without risk. These solutions are new and
owners are enjoying them. Here are a few
require that you perform the necessary
of the benefits:
due diligence to determine if the solution is right for your business.
Anytime, anywhere access: Your accounting software and operating results are available to you from a browser or mobile device. This is something that you can’t do with today’s desktop accounting solutions. Better security: Most cloud accounting software is run from a data center, which
the risks and benefits.
offers multiple levels of security to protect
WHAT IS CLOUD ACCOUNTING?
data center has significantly better
Cloud accounting applications provide much of the same functionality as desktop accounting software, with one major difference: Cloud accounting apps run on remote servers and are accessed via a web browser. Cloud accounting applications are typically offered in one of these two formats: Hosted applications: The hosted solutions involve your desktop or client / server accounting application running on a remote server. You gain access to your accounting software using a remote session via the Internet. This solution allows you to use your existing software and data. Software as a Service (SaaS): In this format, the accounting software and your data are stored on the vendor’s servers and are accessible via a web browser. If you have ever used a social media site or online banking, you have used a SaaS
the software and your data. The typical security than most small businesses. No installations or updates required: Cloud accounting vendors maintain the software and install the updates. Automatic backups: The cloud vendor assumes responsibility for system backups. Your data is often stored in multiple data centers that are in geographically diverse
Here are a few of the risks: The vendor goes away: Over a decade ago, we experienced a tech bubble in which vendors were here one day and gone the next. The same risk exists with cloud accounting vendors. It is important to have a contingency plan. You don’t have Internet access: Cloud accounting vendors are accessible from anywhere and anytime assuming that you have a connection to the Internet. If you find yourself without Internet access, you will not have access to your accounting data. Security breach: Cloud accounting software and your data both live on the Internet. There is a risk that someone could gain access to your data.
locations.
WHAT’S NEXT?
No startup costs or long-term
We are just beginning to see the impact
commitments: Cloud accounting
of cloud accounting applications. It will
applications are rented, not purchased.
take time to determine if they will be the
They do not require a small business to
next major paradigm shift in the world
invest in servers or software.
of accounting. There is so much more to learn about these products and their
Platform agnostic: Do you prefer a
impact on the small business community.
Windows PC or Mac? What’s your choice – Chrome, Internet Explorer or Firefox? In the world of cloud accounting, it simply doesn’t matter. Cloud accounting applications are delivered via a web browser and typically support all popular platforms.
Stay tuned! Barry MacQuarrie, CPA, is a consultant at KAF Financial Group. He combines his knowledge of social media and technology to provide consulting services to accounting firms and other businesses.
solution.
22
STATEMENT
WE COULDN’T DO EVERYTHING THAT WE DO FOR OUR MEMBERS WITHOUT OUR PREFERRED PROVIDERS & PREMIER SPONSORS
MACPA PREFERRED PROVIDERS
MACPA PREMIER SPONSORS
For information about sponsoring MACPA programs or to learn more about advertising with the MACPA please contact Andrew Hood at 443.632.2323 or andrew@macpa.org
TAX CORNER Tax season: Roll with the changes Complexity could make this another challenging filing season. Here are some things to consider. BY BE V E RLY A. B A R E HA M Year-end tax planning is under way and
instead of losses, such as refinancing a
see if you are in a special taxing zone,
tax season is just around the corner – and
higher-rate mortgage before rates rise.
such as an Enterprise Zone.
financial landscape is constantly changing
• Suggest that clients harvest losses
• Obtain copies of any notices. Correct
and CPAs continue to struggle to keep
or gains before year-end, depending
overpayments applied from last year,
pace with numerous tax changes.
upon their tax situations and portfolio
supply additional documentation to
it could be more complex than usual. The
needs. With the ups and downs of the
remove erroneous assessments, or request
As CPAs look at taxes and meet with
stock market, a client portfolio may have
penalty abatements.
clients, here are some items to consider:
become unbalanced.
• Watch for changes in legislation. Congress is considering some meaty tax proposals that had not passed as of press time. We could see tax changes passed at the last moment again this year. • Net investment income tax and additional Medicare surtax: Review “active” versus “passive” status. Consider grouping activities and offsetting losses and expenses. Consider the tax impact on trusts. • With the federal Defense of Marriage Act changes and related state impacts, same-sex married couples need an in-depth review of filing status, potential amended returns, benefits analysis, and estate planning revisions. Keep in mind that each state differs in its treatment of same-sex couples. Businesses need to review benefits issues for same-sex employees. (See related article, page 27.) • Manage taxable income for cash basis taxpayers to maximize planning. If this is a transition year between loss and income, consider targeting certain levels of income to hit lower tax brackets or for AMT implications. Taxpayers may have non-tax reasons why they need to show income
• Consider a cost-segregation study • Maximize retirement and profit-sharing
for both new and existing buildings.
contributions.
Catch-up depreciation deductions can have meaningful impact on current
• Review the business fixed asset listing
taxable income. Additional benefits
for missed disposals to reduce personal
may be realized under the new Tangible
property taxes.
Property Repair Regulations. To withstand
• Watch new fixed asset purchase planning. As of press time, the Section 179 expensing limit is set to fall to $25,000 in 2014, and bonus depreciation
a potential audit, be sure to use an experienced, engineering-based costsegregation team that will provide the proper documentation.
generally goes away. Keep in mind that
• Watch state tax nexus: Businesses
first-year “luxury” auto depreciation is
evolve over time. New state activities are
impacted if bonus depreciation is allowed
added or ended, giving rise to changes
to expire as scheduled.
in state nexus and filing requirements.
• Review tax credits: As the economy begins to show signs of life again and businesses move from losses to profits, tax credits increase in importance. Determine if the taxpayer may benefit from any new Maryland credits such as the Cybersecurity Credit, Employer Security Costs Credits, the Wineries and Vineyards Credit, or the expansion of the DC High Technology Tax Credit. Write a letter of intent to the Department of Economic Development if a client may be growing
Watch Public Law 86-272 protections from state income tax as business personnel may evolve their activities. A once-exempt salesperson may now be doing training or collections, giving rise to nexus. States are gathering more information in this electronic age and are more aggressive at looking for non-filers as states seek to increase revenues, ideally from out of state. If problems are found, consider voluntary disclosure with the state to limit look-back.
and adding jobs so that they can get the
• Consider state changes in their nexus
proper future tax credits, such as the Job
rules, particularly as some states have
Creation Credit. Check the address to
CONTINUED ON PAGE 26
24
STATEMENT
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The Holmes Group Toll Free: 800.397.0249 www.AccountingPracticeSales.com bradley@apsleader.com
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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.
passed “Amazon” laws, asserting “click-
• Check individual taxpayers’ SDAT
thru” nexus from in-state web “affiliates.”
Homestead tax exemption to make sure they have their principal residence
• Sales and use tax: Discuss taxpayers’
accepted as such, and that any additional
need to self-report use tax on purchases.
residences, rental or investment properties
This is an area of focus in business audits
are not marked as principal.
and one in which many taxpayers are noncompliant. • Business taxpayers with employees should be aware of the Division of
Beverly A. Bareham, CPA, MST, is senior tax manager with SC&H Tax & Advisory Services LLC, and a member of the MACPA’s State Tax Committee.
Unemployment’s new penalties if they fail to provide timely and accurate information on terminated employees. Remind clients to provide the new unemployment rate to the payroll provider so the provider impounds the correct amount of unemployment taxes. Maryland rates have decreased across the board. However, a taxpayer with increased claims against them may have a rate increase.
26
STATEMENT
TAX CORNER The new financial landscape for same-sex couples BY AMANDA S . W O OD D E L L , C PA On June 26, 2013, the Supreme Court
partnerships, civil unions or similar formal
available. Gift-splitting allows married
struck down Section 3 of the Defense of
relationships recognized under state
individuals to use their and their spouses’
Marriage Act (DOMA) which, for federal
law. This guidance generally applied
annual exclusion amount and gift tax
purposes, defined “marriage” as a legal
prospectively as of Sept. 16, 2013.
exemption toward a gift if the spouse
union between one man and one woman
consents. If one spouse dies, the surviving
as husband and wife, and the word
At the present time, 13 states and the
spouse can be left an unlimited amount
“spouse” as a person of the opposite sex
District of Columbia recognize same-sex
free of any federal estate tax because
who is a husband or a wife.
marriage. Marriage licenses are currently
of the marital deduction privilege. The
being issued in New Jersey as a result
deceased spouse’s unused unified federal
Under DOMA, same-sex married couples
of a lower court ruling, but this could
gift and estate tax exemption ($5.25
could not share all of the federal tax and
potentially be overturned by the New
million for 2013) can now be left to the
employee benefits available to opposite-
Jersey Supreme Court.
surviving spouse (portability).
INCOME TAX IMPLICATIONS
Given this turn of events, same-sex
Married couples typically are subjected
couples should review their current
to a higher federal tax bill if both spouses
estate plans, account / asset titling,
earn a healthy amount of taxable income.
and beneficiary designations and make
“Marriage penalties” such as higher rate
needed adjustments. Individuals whose
brackets, exemption and credit phase
same-sex married partner has died should
outs, itemized deduction limitations,
explore the possibility of a refund of
IRA contribution limitations, and passive
estate taxes paid.
sex married couples. In a 5-4 decision, the Supreme Court ruled that same-sex married couples in states that recognize their marriages are entitled to the same federal benefits that opposite-sex married couples receive. This ruling opened up numerous planning opportunities but also a myriad of questions, particularly what position the IRS would take as a result of this landmark decision.
activity loss rules come into play. On the other hand, a joint filing can result in a lower combined federal income tax if one
The IRS has issued a set of frequently asked questions to accompany Rev Rul
spouse earns most or all of the income.
2013-17 in hopes of addressing questions
The IRS guidance outlined that same-sex
processes for refunds claims and other
The IRS issued its highly anticipated
couples are permitted (not required) to file
odds and ends. Read the FAQs at http://
interpretation of the Windsor decision
amended returns for any open tax years
cpa.tc/3pm.
on Aug. 29, 2013 (Revenue Ruling 2013-
in order to claim potential tax savings as a
17). A “state of celebration” approach
result of filing jointly.
The IRS has stated that additional
jurisdictions that recognize their marriage
ESTATE AND GIFT TAX CONSIDERATIONS
EMPLOYEE BENEFITS
are treated as married for federal tax
There are also positive gift and estate
Outside of income tax, no other area
RECENT IRS RULING
was adopted by the IRS – i.e. samesex couples who are legally married in
purposes, regardless of whether or not their state of current residence recognizes their marriage. This covers same-sex marriages performed in the 50 states, the District of Columbia, a U.S. territory or a foreign country. The ruling does not pertain to registered domestic JANUARY 2014
tax implications as a result of this ruling. Same-sex couples who are married can now make unlimited gifts to each other without any negative federal gift or estate
regarding such items as filing status,
direction is forthcoming.
has felt more impact from the Supreme Court’s decision than that of employee benefits. The entitlement and tax treatment of health benefits, cafeteria
tax consequences.
plans, qualified retirement plans, and
The tool of “gift-splitting” is also
CONTINUED ON PAGE 28
family and medical leave have been
27
affected by this landmark case.
qualified plans, thus implementing the
2013, for purposes of determining benefit
Prior to this ruling, employers that
state of celebration rule. Plans must
entitlement, claims would be paid when
comply with these rules as of Sept. 16,
an applicant was (a) married in a state
2013.
that permits same-sex marriage; and (b)
allowed employees to add their samesex spouses to their health plans had to impute income to the employee for federal income tax purposes and withhold the requisite Social Security and Medicare taxes on such income. Same-sex couples, even married ones, also could not take full advantage of health flexible spending accounts, health savings accounts and similar arrangements. Employees who
is residing, at the time of application The Department of Labor oversees the
or while the claim is pending a final
administration and stipulations of the
determination, in a state that recognizes
Family and Medical Leave Act. The DOL
same-sex marriage. Survivor benefits,
initially employed a “state of residence”
divorced spouse entitlement and death
approach in regard to this benefit. This
benefits are now all potentially available
required an employer to only provide
to married same-sex couples. To date, no
FMLA leave to same-sex couples
further statements or guidance have been
who currently resided in a state that
issued by the SSA. While guidance from other federal agencies is still unfolding, the following departments have issued statements regarding their treatment of benefits for same-sex married couples: Office of Personnel Management: • Effective June 26, 2013, benefit coverage will be available to a federal employee’s or annuitant’s same-sex spouse. Affected benefits include health, life, vision, dental, long-term care insurance and flexible spending accounts. OPM is following the IRS rule of state of celebration. • Department of Defense: On Aug. 14, 2013, the DOD announced that spousal and family benefits will be extended to the same-sex spouse of U.S. service members. Benefits will be provided retroactive to June 26, 2013. Such benefits include health care, housing allowances and family separation
were married can now file an amended joint return for open tax years to recover federal income tax paid on the value of this coverage. Additionally, if the limitations period is open, employers have the opportunity to file a claim for any excess Social Security and Medicare taxes paid on such benefits. Under Rev Rul 2013-17, a qualified
allowances. The DOD is following the IRS recognized same-sex marriage. However, the Office of Personnel Management recently issued a statement that updated
• Veterans Affairs: The VA is currently
the terms “spouse” and “marriage” in
undecided as to whether it will extend
the FMLA regulations to include same-sex
veterans’ benefits to a same-sex spouse.
married couples.
OTHER FEDERAL AGENCY GUIDANCE
retirement plan must treat legally married
The Social Security Administration also
same-sex spouses as married for purposes
issued guidance in response to the
of applying federal tax laws that govern
changes to DOMA. Effective Aug. 9,
28
rule of state of celebration.
• Department of Homeland Security / Immigration: A U.S. or permanent resident is permitted to file an immigrant visa petition for a same-sex spouse. DHS will follow the IRS rule of state of celebration when reviewing these applications.
CONTINUED ON PAGE 30 STATEMENT
tax training
all the
you need in one place
Visit the entire tax curriculum at
MACPA.ORG/TAXTRAINING
CURRENT STATE TREATMENT Complications have arisen as nearly all states reference the federal tax code for purposes of state income tax calculations. While compliance is clear for states that recognize same-sex marriage, taxpayers are awaiting guidance from states that do not acknowledge same-sex unions. At the present time, the following non-recognition states have taken the position that they will not accept a joint state return:
adjusted gross income as single or head of household for
OTHER DOMA RESOURCES
purposes of their state income
More information about the Supreme Court’s repeal of the Defense of Marriage Act can be found here:
tax returns. Some jurisdictions have created a new schedule for this calculation as opposed to requiring a “dummy” federal return be attached to the state filing. Many experts believe
“Supreme Court’s Ruling in Defense of Marriage Act: Tax Planning Considerations,” from the AICPA http://cpa.tc/3pn
that most non-recognition states will follow in the path of recomputation but again,
“Domestic Partners and Same-Sex Couples,” from the AICPA - http://cpa.tc/3po
guidance is pending.
Arizona
Nebraska
Georgia
North Carolina
Idaho
North Dakota
Kansas
Ohio
Although the DOMA ruling
“Estate Tax Impact of Same-Sex Marriage Ruling,” from the AICPA - http://cpa.tc/3pp
left many with a multitude of questions, it has also brought peace of mind to many same-sex
Louisiana Oklahoma
couples. The tax and financial planning opportunities that have now opened up
Michigan Utah
for same-sex couples are plentiful thanks
Minnesota Wisconsin In general, the states listed above are
to the landmark decision. Fortunately, at this juncture, we have a better
the future financial impact on same-sex couples so that they can confidently move forward in the decisions they make with their investments and tax planning. Amanda S. Wooddell, CPA, is a tax manager with SC&H Group, LLC, an audit, tax and
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requiring individuals in a same-sex
marriage to recompute their federal
understanding of its tax and benefit
consulting firm headquartered in Sparks, MD.
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TAX CORNER Maryland officials offer updates for CPAs on assessments, tax credits, unemployment BY BEV E R LY A. B AR E HA M , C PA , M S T The following are highlights of the Oct.
Certain Charter filings, such as setting
rate notice in January. Be sure to provide
16, 2013 MACPA State Tax Committee
up an unincorporated entity, may now
these new revised rates to your payroll
liaison meetings with Maryland’s State
be submitted online. Department
provider.
Department of Assessments and
identification numbers are not given
Taxation; the state Department of Labor,
instantly online, but are available in five
On Oct. 1, 2013, two new bills went
Licensing and Regulation’s Division of
to seven days. The SDAT is not able to
into effect related to unemployment
Unemployment; and the state Department
handle web submissions of Form 1s for
tax:
of Business and Economic Development.
the 2014 filing season, but representatives are looking to make this available at a
• House Bill 354 provides for a 15 percent
future time.
penalty to be assessed on unemployment
reminds practitioners and filers to please
DLLR DIVISION OF UNEMPLOYMENT
• House Bill 583 provides that an
check the box if you do not need forms
Increased taxable wages, reduced
mailed to you the following year. This
unemployment payments, and tax rate
significantly helps save money on postage
adjustments each year have led to a very
costs.
healthy unemployment trust fund. As
STATE DEPARTMENT OF ASSESSMENTS AND TAXATION The SDAT Personal Property Division
such, for 2014, employers will receive the Due to budgetary constraints, the
benefit of the lowest tax rate schedule as
Property Division is operating on a
pertains to unemployment tax, “Schedule
reduced staff, including five fewer
A.”
assessors. The reduced staffing has impacted processing times, call center
Rates will range from 0.3 percent
service, and certification of assessments to
minimum to a maximum of 7.5 percent.
the jurisdictions.
The taxable wage base limit remains the same at $8,500. For employees earning
The due date for the principal residence
at least $8,500 of wages, that would
certification for the Homestead Tax Credit
be unemployment insurance of $25.50
will be Dec. 30, 2013 – not the 31st. This
minimum to $637.50 maximum per
is an extension from the original deadline
employee.
in 2012. However, any applications not received by this date will not receive the
The change from Table C tax rates to
Homestead credit next year. The credit
the more favorable Table A rates means
caps annual home value assessment
that all employers’ rates will decrease if
increases at 10 percent for the state and
there is no change in the claims history.
less for some jurisdictions. The SDAT has
However, employers with additional
made significant progress in processing
claims against their account could still see
any filed applications, and SDAT
increases in their rates due to their claims.
representatives hope to have any backlog cleared by year-end. Please check online
Employers can call DLLR to obtain their
to see your property’s status.
rates in December, or they will receive a
JANUARY 2014
benefit overpayments due to fraud.
employer’s claim history will not be relieved of charges for benefits originally paid to a claimant due to failure by the employer (or the employer’s agent) to provide timely or adequate separation information. This may occur where inadequate information was originally provided, benefits were paid, but the claim was later denied when further information was provided under appeals. There is an opportunity for waiver of the charges where good cause for the failure can be shown. Employers may sign up for electronic notifications via e-mail to ensure the proper person receives separation notices given the importance of a timely response. The Division of Unemployment highly encourages employers to report new hires on the Maryland new hire registry as early as possible to help prevent unemployment recipients from receiving excess benefits. The overpayment of benefits is a problem nationally, particularly when claimants return to
CONTINUED ON PAGE 32
31
work but fail to immediately notify
Maryland R&D credits will be refundable
• First-year costs for a qualified small
unemployment. They continue to collect
for small businesses. For this purpose, a
business to lease space in Maryland to
benefits until the new employer reports
small business is defined as one with $5
perform security-based contracting work,
their employment on the registry.
million or less in book assets.
up to $200,000.
DEPARTMENT OF BUSINESS AND ECONOMIC DEVELOPMENT (DBED)
The Biotechnology Tax Credit is
• SCIF (Sensitive Compartmented
another popular credit encouraging
Information Facility) construction – 50
capital investments in Maryland biotech
percent of the costs to construct or
companies. This is a refundable credit
renovate a federally accredited SCIF in
to the investor of 50 percent of the
Maryland, up to $200,000 ($500,000 for
investment, up to a maximum $250,000
multiple SCIFs).
Members of the MACPA’s State Tax Committee met with Mark Vulcan, director of tax incentives for Maryland DBED. Mark gave a very informative presentation on Maryland Department of Economic Development, with particular attention to Maryland tax incentives. DBED has many more programs than those touched upon here, including additional tax credits, grants, and loan programs. Many tax credits administered by DBED must be preapproved or certified through DBED, so it is very important to contact them before claiming credits. Certain tax credits, such as the Job Creation Tax Credit and One Maryland Credit, require a letter of intent be submitted by the taxpayer to DBED prior to the hiring of the new employees and prior to the money being spent or the project beginning. This is a critical step which can cause an automatic denial of the credits. The Maryland Research and Development Credit remains very active. Each year the appropriation is fully utilized and the tax credit must be prorated among the applicants. This year the appropriation has been increased from $6 million to $8 million and is still expected to be fully utilized. Beginning with 2013,
32
credit. It is issued on a first-come, firstserved basis. This year’s appropriation is
• Administrative costs to obtain security
increased to $10 million. This credit has
clearance, up to $200,000. Qualified
been expanded to allow companies to
expenses include processing application
participate in the program for up to 10
requests, training employees to administer
years.
the clearance application process, and maintaining, upgrading or installing
Maryland has established a new
computer systems in Maryland to obtain
Cybersecurity Tax Credit that functions in
security clearance.
a similar way to the biotech credit – firstcome, first-served. It encourages capital
DBED will also be administering the new
investment in a Maryland cybersecurity
Wineries and Vineyards Tax Credit.
company through a refundable credit
The credit is 25 percent of qualifying
with a $250,000 maximum. Differing from
capital expenses made in connection with
the biotech credit, this new credit is for
the establishment of, or improvements
33 percent of the capital investment and
made to, Maryland wineries or vineyards.
will be refunded to the company, not
Applications are due Sept. 15 of the
the investor. Mr. Vulcan clarified that the
year following the expense. If total
company must sell a product and cannot
credit applications exceed the $500,000
provide services only.
appropriation, the credit will be prorated among the applicants. Qualifying
DBED anticipates that the $2 million
expenses do not include the cost of
appropriation for the Employer Security
buildings or structures.
Clearance Cost Tax Credit will be fully subscribed and need to be prorated
Beverly A. Bareham, CPA, MST, is a senior
among claimants, similar to the R&D
manager with SC&H Group.
Credit method. The credit applications for 2013 costs would be due Sept. 15, 2014. The credit has several aspects:
STATEMENT
What’s on Line 37?
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DIG DEEPER. SEE MORE. O F F E R C L A R I T Y.
Forensic Valuation C O N F E R E N C E
May 16 | Event ID: 121013| Hilton Baltimore BWI Airport
macpa.org/forensicvaluation
PROFESSIONAL DEVELOPMENT What’s new for the Forensic and Valuation Services Committee in 2014? The New Year will get off to a busy and
arrangements and the representation
Harold Martin, Michael Pellegrino, and
informative start for the MACPA’s Forensic
of clients before legislative, judicial and
Ronald Seigneur have agreed to be part
and Valuation Services Committee.
regulatory branches of government at
of the conference. Members are planning
all levels. He lectures throughout the
concurrent sessions offering content in
The committee’s first speaker
United States and has written extensively,
both the forensic and valuation disciplines.
series session of 2014 will feature
including articles and speeches for the
By running concurrent sessions, we will
Edward Beckwith of BakerHostetler
American Law Institute / American Bar
be able to tailor some sessions toward
in Washington, D.C. His presentation,
Association Committee on Continuing
professionals new to FVS as well as
scheduled for Friday, Jan. 10 at the
Professional Education and the Council on
sessions focused on more advanced skills.
MACPA’s Columbia Center, will focus on
Foundations.
opportunities for forensic and valuation
In July, the committee is planning its
professionals in the area of estate and gift
In April, the committee’s speaker series
speaker series to focus on the role of
taxation.
presentation will feature a mini mock trial,
forensic accountants within the federal
building on the success of the mock trial
government.
Beckwith serves as counsel to affluent
last year at Stevenson University. This year,
families and charities across the
the committee will focus on a dialogue
The committee has a very ambitious
country and is a national leader of the
between one attorney and one expert
year ahead and welcomes new members
BakerHostetler tax-exempt practice. He
witness. These two professionals will
at any time. If you are interested in
is nationally recognized in the legal and
cover best practices, tips and techniques
the committee or you would like more
administrative specialties that concern
from both the plaintiff and defendant’s
information, please call De’Landa Sullivan
establishing and guiding the operations of
perspectives. Committee members
at (443) 632-2309.
charitable and educational organizations,
anticipate a highly interactive program
health care institutions, and trade
with plenty of time for questions.
associations. His advice is often sought with respect to the governance and best
The mini mock trial will be held on
practices of such organizations and the
Tuesday, April 29 at the MACPA’s
maintenance of their tax-exempt status,
Columbia Center.
as well as the tax and practical aspects of contributions and other financial support
On May 16, the committee will sponsor its
programs.
second annual FVS Conference at the BWI Hilton. This year’s conference will feature
A significant aspect of Beckwith’s
nationally recognized experts as well as
practice involves the application of the
presentations from regional experts.
tax laws to family and business financial arrangements, including the preparation
Committee members have been very
of related documents to conserve and
busy reaching out to the thought leaders
transfer wealth, the administration of such
in FVS and are very excited that speakers such as Michael Craine, James Hitchner,
JANUARY 2014
35
PRACTICE MANAGEMENT Perpetuating your accounting practice BY IRA S . RO S E N B L OOM , C PA Accounting practices have always exceled
management, who excel in their roles
propensity to secure the continuity of your
in dealing with change. Tax, regulatory,
and are very entrepreneurial as well.
practice and the longevity of your staff.
technology, and accounting rules evolve
Accounting firms, like any other business,
at a powerful pace, and accounting
are staffed with bright, talented individuals
practices seem to navigate their way
who are excellent decision-makers. Do not
USE INCENTIVE-BASED COMPENSATION
through these volatile changes, with a
limit your definition of leadership to only
There are many entrepreneurial skills and
great deal of success.
CPAs. Expand your view and allow your
behaviors that are necessary to play a
non-traditional leaders to flourish in ways
leadership role at a CPA firm and manage
that go beyond their daily role.
client relationships. Accountability
Given the demonstrated ability to handle change, accounting firms should
is vital in all businesses. Connecting
more effective ways to perpetuate their
CONTINUALLY ENGINEER YOUR PRACTICE
businesses as well.
Doing what you do best and what you
entrepreneurial progress at both the
enjoy are crucial to optimizing the success
individual and team level. Goals for
of your practice. Firms of all sizes should
engagement realization, turn-around
define their “model client” and maximize
productivity timing, new business, total
their “inventory.” A model client can
production, and achieved hourly rates
EMBRACE NON-TRADITIONAL OWNERSHIP
be defined based on varying criteria,
are metrics that can be tracked and used
including degree of service, industry,
effectively in a bonus program.
Accounting firms typically look at
firm, nature of services, demographics,
In addition, staff should have two or three
and fees.
professional advancement goals that also
be capable of implementing new and
The following are imperatives for improving succession and continuity for your firm:
promoting their staff to partner or shareholder, and allow them to own
accountability with an incentive-based compensation program will facilitate
niche, geographic location, size of the
can be measured. Succession of CPA firms
a portion of the full firm. The goal of
The model client should be reconsidered
requires a number of different players,
being a partner is not as prevalent as the
every two years and will drive the
especially entrepreneurs, at all levels.
profession requires, but the idea of being
engineering and right-sizing of your firm.
challenged and helping clients still fuels
Referral sources and staff should be well
CONTROL THE AGENDA
the commitment of many professionals.
informed about your firm, so they can
Accounting firm mergers, acquisitions,
effectively contribute to the growth and
and combinations are very common,
continuation of your practice, and ensure
and the volume of these transactions
that any new clients are the right fit as
is projected to increase in the next few
well.
years. The most advantageous practice
Rather than presenting the goal of becoming a partner, package the ownership differently. Sell books of business to the new / next generation, with restrictions on their ability to service
As you secure additional model clients, a
the acquired books, should they leave
system needs to be in place for evaluating
the firm before a certain period of time.
the clients that are not meeting the
Another option is to have the ownership
definition. Decisions then need to be
in the book vest over a period of time.
made as to which clients you retain and
Many effective players at CPA firms are not always CPAs. Depending on the size of your firm, you may have professionals who concentrate on bookkeeping, technology, marketing, sales, and internal
36
which clients you dismiss, and how. Staff generally has less tolerance for clients who do not meet a particular profile, or who agitate profusely. The more model clients you acquire, the better the
combinations are those driven by two strong firms, which will become even stronger by uniting. Profitability and stability are very real factors, not just in continuing the independence of your practice, but in the combination process, as well. The groundwork for every deal is based on current profit and potential profit, so the more you bring to the table, the more substantial your portion.
STATEMENT
The right deals are consummated
These firms would be wise to take more
when the involved parties have a well-
immediate steps to combine, so the
developed visio and a priority for the
firms can jell quicker, and the future stars
progress of their business, so that the
can be retained and better developed.
purpose for the alignment can be best
The agenda for combining firms can be
actualized. The agenda for pursuing a
compelling but should not be coerced.
Ira S. Rosenbloom, CPA, is chief operating executive at Optimum Strategies, LLC (www. optimumstrategies.com), a consulting firm focused on helping small and medium-sized CPA firms enhance business performance, profitability, and foster practice continuity.
combination may be best accomplished by teaming with a comparable firm or a
Change will continue to be a constant
firm that has differing but complementary
factor for accounting firms. Taking control
expertise.
of the tides, reading the trends, and pursuing bold approaches would be the
For some firms, the timeline for the
best kind of change for accounting firms
next generation to take over is beyond
to orchestrate in order to perpetuate their
the preference of the current leaders.
firms.
JANUARY 2014
37
Payroll Network REVOLUTION HCMSM puts you in control of Employee Life Cycle Management
For more information contact: Christine Colburn at 301-339-6005 or ccolburn@payrollnetwork.com
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MACPA.ORG/SUMMIT
INNOVATION SUMMIT
PRACTICE MANAGEMENT Building relationships – and your business – with LinkedIn BY JO E KO VACS , A P R The accounting world is competitive and
When searching for new business, the
knows. When LinkedIn alerts him of a
can be even more challenging for CPAs
Advanced Search feature can help you
friend’s new job or some personal event,
hoping to sell to strangers.
discover prospective clients that fit
he will send a congratulations notice. One
predetermined demographics. Sarah
acquaintance announced he was setting
However, it is also true that individuals
Johnson of Inovautus Consulting helps
up his own business. Jack reached out to
use their emotions when making business
her clients utilize LinkedIn as a “research”
wish his friend well and ask if he needed
decisions. Developing new business
tool to not only identify prospects but
accounting assistance. Jack ended up
opportunities should include getting to
utilize client connections to uncover
gaining a new client while supporting the
know decision-makers before they have to
relationships, which can be leveraged for
new venture.
hire accountants.
new opportunities.
Relationship-building may seem tedious
CREATE YOUR PROFILE AND BUILD A NETWORK
to accountants who believe their expertise is sufficiently well-known. But in today’s era of social networking, competitors can easily utilize online networks to “interfere” with your reputation by getting in front of clients and prospects. In January 2013, LinkedIn reported the number of users had surpassed 200 million. “LinkedIn has been the most popular social media site among accounting professionals according to the results of our annual SocialCPAs Social Media Survey,” explains Barry MacQuarrie, CPA, who hosts an annual survey for the accounting industry. “We anticipate this trend will continue for 2013.” With so many accountants online, those responsible for developing business should have a presence. Below are several steps to show how to use LinkedIn to build relationships.
SET GOALS LinkedIn offers many features, but setting a goal will help you determine which ones to use.
40
BUILD TRUST BY SHARING VALUABLE RESOURCES Sharing useful resources with your
Visibility begins with your profile, and
network is critical to generating goodwill
LinkedIn lets you share such information
and builds your reputation as a helpful
as a qualifications summary, work
connection. This doesn’t mean posting
experience, presentations, publications
links to every article and blog post. The
and skills. It’s easy to feel overwhelmed
strongest content will be useful to the
by everything you can include, but
network while reflecting something about
some basic information will go a long
you. Craven shares his own blog posts
way toward letting others know who
and links to his electronic newsletters.
you are. Don’t forget your photo, which
He achieves consistent visibility and his
significantly increases the value of your
network receives something helpful, which
profile.
reflects his business expertise.
Building a LinkedIn network also means
LinkedIn publishes thought leadership
you need to reach out. You can invite
articles in a section called LinkedIn Today.
individuals attached to your e-mail
The topics range from accountancy to
accounts such as Outlook, Gmail or
business and management, all of which
Yahoo. Johnson believes most CPAs don’t
are helpful. Be sure, though, to share
take full advantage of the opportunity to
articles from other sources also to avoid
make connections. In an audit of 200 CPA
sharing the same insights as everyone
firms, she finds that accountants have an
else. It takes time to find other blogs
average of 199 connections. “This doesn’t
and articles, but doing so increases the
do full justice to the extent of their
chances you’ll find something valuable
networks,” she says.
your network hasn’t seen before.
Some users won’t engage strangers
PARTICIPATE IN GROUPS
online. Jack Craven, CPA, of MediaCPAs (www.mediacpas.com) uses LinkedIn to stay in touch with people he already
LinkedIn groups provide an opportunity to participate in conversations of interest to a community of like-minded professionals. STATEMENT
Sharing your expertise by starting
with whom they might want to work.
visible, known and trusted when someone
discussions about challenging topics and
Notice how these preliminary offline
is searching for professional services. In
/ or by providing insights about them
encounters all provide something of value
the 21st century, this is how buyers buy,
demonstrates knowledge and increases
to your LinkedIn contact.
and LinkedIn is one of the hottest tools
your familiarity within the group (including
available to get that visibility.
among potential buyers). For the greatest
The likelihood your contacts will engage
benefit, join groups that focus on areas
with you offline may depend on how well
your firm serves, such as estate planning,
you have accomplished at least some
real estate or construction.
of the steps articulated above. Sharing content they post to their networks or
Anything you publish in a group may
liking and commenting on their posts also
also appear to your personal network.
helps.
Bill Sheridan, the MACPA’s chief communications officer, posts news
The purpose of this article is to
articles from accounting publications
demonstrate one way to identify and
on the association’s LinkedIn group. His
nurture new business leads. Selling tactics
personal network receives links to the
don’t always make CPAs comfortable
industry news while his group becomes
but most companies need accounting
advertised as a forum to discuss issues
services, which means potential buyers will
within the industry.
at some point have to consider your firm’s
So what are you waiting for? Set up your profile and get going! Joe Kovacs, APR is the director of marketing at Bethesda-based accounting firm Gelman, Rosenberg & Freedman CPAs.He sits on the board of directors of the Association for Accounting Marketing.
services. Strategically positioning yourself
MOVE THE CONVERSATION FROM ONLINE TO OFFLINE At a certain point, especially if your goal is business development, you may want to move a conversation offline. Meeting someone in person after getting to know them online can be done by inviting them to a seminar you plan to host, offering a free consultation or proposing a meeting to introduce your contact to someone
JANUARY 2014
online can lead to new opportunities. In his book, To Sell is Human, Dan Pink reminds us that we are all buyers and consumers but that the era of the sleazy car salesperson is over. The Internet offers enough information to ward off disingenuous sellers. This digital age, however, provides a platform for accountants to become
41
MEMBER NOTES NEWS & VIEWS R. Frank Abel, CPA/CFF, CFE, an auditor
Aileen M. Eskildsen, CPA, a director and
employed with the State of Maryland, has been
professional development coordinator with Ellin
elected to serve as chairman of the Ritchie-
& Tucker, Chartered, has been appointed to the
Jennings Scholarship Committee of the Association
Board of Trustees of The Legacy School located
of Certified Fraud Examiners. He also served as the emcee of
in Eldersburg, a non-profit school that offers an
the ninth annual Shore Fraud Conference, sponsored by the
educational solution for students with language-based learning
Franklin P. Perdue School of Business of Salisbury University.
disabilities.
Jovi B. Bohan, CPA, has been elected a director
Catharine Fairley, CPA, PFS, CFP®, CDFA™,
of Invotex, a national accounting, financial, and
has started her own tax and planning practice,
economic consulting firm. A member of the Invotex
Catharine Fairley CPA LLC, in Frederick, with an
litigation practice, Ms. Bohan provides expert
emphasis on divorce planning and serving as a
services in criminal and civil litigation matters. Zachary Bromwell, CPA, has been promoted to supervisor in
financial neutral for collaborative divorces and
mediation.
the Audit, Accounting, and Consulting Department of Ellin & Tucker, Chartered. Lindsay Close, an MACPA CPA Candidate member, has been promoted to senior accountant with Albright Crumbaker Moul
Cara Farrell, CPA, a semi-senior accountant in the Audit and Accounting Department at Gross, Mendelsohn & Associates, P.A., has earned the CPA designation.
& Itell, LLC. She has been at the firm since October 2007 and
Brett Friedman, CFP®, an MACPA CPA
passed the CPA exam in December 2012.
Candidate member who is in charge of the tax and financial services departments of DeLeon
John Comunale, CPA, of Councilor, Buchanan &
& Stang, CPAs, has been named to the Board
Mitchell, P.C., has been appointed to the Board of the Catholic Business Network of Montgomery County, an organization comprised of women
of Directors and Finance Committee of Arc Montgomery County.
and men who strive to apply the principles of the Roman Catholic faith to their daily lives in the marketplace.
Elizabeth S. Gantnier, CPA, president of Stegman & Company, has been appointed a member of the American Institute of CPAs’ SEC Regulations
Ryan Crabbs, CPA, has been promoted to supervisor with
Committee as well as the AICPA’s Auditing
DeLeon & Stang, CPAs. He is responsible for overseeing the preparation of audit plans and audited financial statements. S. Vincent Crescenzi, CPA, CVA, CFE, president and managing partner with Councilor, Buchanan & Mitchell, P.C., has been appointed to the office of Treasurer of the Mental Health Association of Montgomery County. Diana DeWitt, CPA, CCIFP, has been promoted to principal with Gross, Mendelsohn & Associates.
Standards Board for the 2013-14 volunteer service
year.
Dalbert B. Ginsberg, CPA, managing member of Ginsberg Helfer & Boyd PLLC, has been elected to the board of Georgetown University Hospital. Jennifer Green, CPA, Jared Imhoff, CPA, and Rich Shank, CPA, CMA, have been promoted to manager with Gross, Mendelsohn & Associates. In addition, Jerry Housand (an MACPA CPA Candidate member), David Leipnik, CPA, and Kaycia Rowe, CPA, have been promoted to supervisor with the firm; Jennifer Benward, CPA, and Tammy Lee, CPA, have been promoted to senior accountant; and Shawn Burman (an MAPCA CPA Candidate member), Carrie Letsch, CPA, and Todd Wilcom (an
42
STATEMENT
BE THERE WHEN YOU CAN’T BE THERE MACPA offers over 400 webcasts a year. macpa.org/webcasts
MACPA CPA Candidate member) have been promoted to semi-
in residence and director of the accounting honors program
senior accountant.
at the University of Baltimore, led a group of accounting honors students from the University of Baltimore and Ohio
Eddie Heppes, an MACPA CPA Candidate member, has
State University to the annual meeting of the International
been promoted to in-charge with DeLeon & Stang, CPAs and
Accounting Standards Board (IASB) in London. Mr. Tong and
Advisors.
the students were invited by the IASB to sit in as guests of its
Brian Israel, CPA, has joined the Dixon Hughes Goodman DC Metro Business Development team as business development executive for the region. Josephine Laleye, CPA, has been promoted to supervisor with DeLeon & Stang, CPAs and Advisors. Carrie Letsch, CPA, a semi-senior accountant in the Tax Department of Gross, Mendelsohn & Associates, P.A., has earned the CPA designation. Frank Linardi Jr., CPA, has been promoted to
deliberations, and to observe the standard-setting process as it evolved. While there, a similar invitation was made to the group to visit with famed professor Richard Barker of Oxford University, where they presented research papers they had been working on that addressed contemporary issues on the IASB’s agenda. Accompanying Tong were two other faculty members: Dr. Jan Williams, CPA, associate professor of accounting at the University of Baltimore; and Dr. Tzachi Zach of Ohio State University. Lisa D. Wenger, CPA, has been promoted to supervisor with Albright Crumbaker Moul & Itell, LLC.
chief financial officer with Chesapeake Employers’
George Whitehouse, CPA, executive vice
Insurance Company.
president for Payroll Network, has been appointed to the Maryland Commission to Study the Regulation of Payroll Services. He joins
Jonathan Lovell, CPA, has joined the audit and accounting
the statewide commission as a designee of the
team at Gross, Mendelsohn & Associates, P.A., as a manager.
Maryland Chamber of Commerce.
Steven Manekin, CPA, director in the Audit, Accounting,
Arnold Williams, CPA, a partner with Abrams, Foster, Nole,
and Consulting Department at Ellin & Tucker, Chartered, has become a member of the Equal Justice Council in Maryland. Richard Neuman, CPA, a partner with Kahn, Berman, Solomon,
& Williams, PA, has been honored with the Whitney Young Jr. Service Award by the Baltimore Area Council of Boy Scouts of America.
Taibel & Mogol, P.A., in Timonium, has been elected treasurer of
Lansing Williams, CPA, an assistant professor
the Maryland State Funeral Supplies Association.
of business management at Washington College and advisor to the highly successful
W. Andrew Powell, CPA, a partner with Halt, Buzas & Powell,
Enactus team on campus, has been named
Ltd., has been named one of this year’s Power Players by SmartCEO Magazine. The Power Players Awards recognize 60 top attorneys, bankers and CPAs in Greater Washington. These professionals, practicing in corporate firms, private industry, government and education, embody leadership, accomplishment, innovation and success.
to the Enactus United States Faculty Advisory Committee. As one of 25 advisors, he will offer his expertise to enhance the programs and practices of the international nonprofit organization, which encourages college students to use the power of entrepreneurial action and business concepts to improve the quality of life for people in need.
Lutamila Sallu, CPA, CMA, CFM, CFE, CIA, FRM, has been promoted to senior manager and quality reviewer in the Audit
Jeff W. Wilson II, CPA, a sole practitioner in Clinton, has
and Assurance Services Department at DeLeon & Stang, CPAs
graduated from the AICPA’s 2013 Leadership Academy. Thirty-
and Advisors.
seven rising stars in the profession learned to apply cutting-
Nina I. Scherr, CPA, has been named a principal with Hertzbach & Company, P.A.
edge leadership theory to handle complex management challenges during the intensive four-day program in Durham, N.C.
Dalton A. Tong, MBA, CPA, CGMA, FACHE, FHFMA, executive
44
STATEMENT
MACPA/AICPA
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+
FIRM NEWS &NOTES VIEWS CohnReznick LLP, the 11th largest accounting, tax, and advisory firm in the U.S., is pleased to announce that it has been selected as one of The Baltimore Sun Top Workplaces. The Top
MEMORIAM
Workplaces are determined based solely on employee feedback. The employee survey is conducted by WorkplaceDynamics, LLP,
Alexander R. “Ruffie” Holmes, CPA, a life member
a leading research firm on organizational health and employee
of the MACPA, died on Nov. 17, 2013. Mr. Holmes
engagement. CohnReznick is among the 100 companies named
was an MACPA member for 64 years. He was
to the list.
an accountant at Haskins and Sells, a national accounting firm, and later became treasurer of the
Councilor, Buchanan & Mitchell, P.C., has redesigned and
old Church Home and Hospital in East Baltimore.
launched its new website at www.cbmcpa.com. Earlene Marshall Seidel, CPA, died on Nov. 6, 2013 DeLeon & Stang, CPAs and Advisors and Glen Todd &
at her home. Ms. Seidel owned and operated her
Company, P.C., have announced plans for a merger. Effective
own accounting practice for more than 35 years. She
Dec. 1, 2013, Glen Todd & Company is now recognized as
was a member of the MACPA for more than 30 years.
DeLeon & Stang. Clients will be served in DeLeon & Stang’s Gaithersburg office. Ginsberg Helfer & Boyd, PLLC has relocated to 1850 K Street, NW, Washington, DC. Hertzbach & Company, P.A, is celebrating its 65th anniversary. The festivities to commemorate the occasion took place on Oct. 3 in Washington, D.C. The firm will make a donation to the Capital Area Food Bank in honor of the occasion. Rowles & Company, LLP, is relocating. The firm’s new address is 8100 Sandpiper Circle, Suite 308, Baltimore. Smith Elliott Kearns & Company, LLC, has opened a new office in Camp Hill, Pa. Wilner & Scherr, P.A., has joined Hertzbach & Company, P.A. Nina Scherr, CPA, joins the firm as a principal.
46
STATEMENT
USS
UNIVERSAL SOFTWARE SOLUTIONS, INC. TEL: (410) 358-8851
P. O. BOX 5866
www.ussi-md.com
BALTIMORE MD 21282-5866
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Md residents: Add 6% sales tax.
Please enclose full payment with order.
Credit card payments—Please call 410-358-8851
NYPN NEWS Thank you to all who attended NYPN’s recent networking happy
Patrick; and President and Director of Quality Control at
hours. We hope everyone had an enjoyable holiday and we wish
Stegman & Company and BLI thought leader Liz Gantnier. The
you well during this coming busy season.
evening concluded with more than 60 new Maryland CPAs being sworn in while their friends, families, and colleagues cheered
The committee met on Oct. 17 for the Fall Happy Hour in
them on. We congratulate and welcome all newly licensed CPAs
Timonium at Hightopps Backstage Grille. Two Winter Happy
to the profession! NYPN was on hand at this event to promote
Hours were held on Dec. 12 and 19 at Liberatores in White
the committee and welcome new members.
Marsh and Miller’s Ale House in Rockville. Thank you to everyone who contributed to the holiday toy drive, and congratulations to
The NYPN board is meeting this month to discuss 2014’s NYPN
our Ugly Sweater Contest winners who received gift card prizes.
events. Announcements will be made soon (via NYPN’s social media pages and the NYPN E-ssentials newsletter) regarding
On Nov. 4, the MACPA held the Newly Licensed CPAs Swearing-
a Junior Achievement Bowlathon, the 2014 Generational
In Ceremony and Reception at the Hilton Baltimore BWI Airport
Symposium, post-tax season Spring Happy Hours, and much
in Linthicum. This celebratory occasion included speeches from
more!
distinguished individuals within the profession such as AICPA President and CEO Barry Melancon; acting Commissioner of
Visit the NYPN webpage at MACPA.org/NYPN.
Occupational and Professional Licensing Michael Vorgetts; BLI CEO and founder and MACPA CEO Tom hood; CEO and
NYPN is also on Facebook, Twitter, and Linkedin.
co-founder of Simplified Innovation and MACPA Chair Byron
GROW UP. But not too much. Young CPAs connect at MACPA’s New Young Professionals Network macpa.org/NYPN
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!
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, Weil, Akman, Baylin & Coleman, P.A.: Debra.Hale@wabccpas.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, KSL LLC: kuosheinglee@gmail.com At-large member: Harry Sturgis, Weyrich, Cronin & Sorra Chtd.: harrys@wcscpa.com
You’re invited • JA BIZTOWN – MAY 15, 2014, Junior Achievement (JA) of Central Maryland, Owings Mills 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 learn 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).
JANUARY 2014
49
MEMBER SERVICES WELCOME, NEW & REINSTATED MACPA MEMBERS! ANNE ARUNDEL COUNTY
CHRISTOPHER GRIFFIN, CPA
JOHN N. BOSLEY, CPA
MEGAN E. MILLER, CPA
OUT OF STATE
BEVERLY R. BEATTY, CPA
NANCY A. GUERRA, CPA
CHARALAMBOS L. CHARALAMBOUS, CPA
FAHAD Y. NAROO, CPA
CYNTHIA L. BREINER, CPA
JIARONG GUO, CPA
JASON C. CHERUBINI, CPA
ANDREW J. PARKER, CPA
ROBERT E. BEATTY, CPA, MBA
ALICE E. DRAGOONENGLISH, CPA
BETSY J. BYRNE, CPA
ROBERT J. KELLY JR., CPA, MST
JOHN C. COPPOLA, CPA, MBA
MARIAN E. ROBINSON, CPA
MONIKA GAJDA, CPA
KEHINDE KOLAWOLE, CPA
PEG C. HANNA, CPA
RYAN C. JOHNSON, CPA
BEVERLY DAVIS, CPA
RUSTIN A. ROSENBERGER, CPA
JASON R. KING, CPA
ROY G. LAYNE, CPA
REBECCA DEL BOVE, CPA
KEVIN E. SHAFFER, CPA
SUSAN M. KENNEDY, CPA
STEPHEN H. LEVIN, CPA
MICHELE N. STRONG, CPA
BRIAN S. OGRADY, CPA
JOSEPH S. KINSLOW, CPA, MBA
CAITLIN H. MIGLIORINI, CPA
JON-MICHAEL W. DOLLER, CPA JAMES A. ELDER, CPA
JESSICA J. LUND, CPA
OLUMIDE O. ODESINA, CPA
CARA L. FARRELL, CPA
LINDSAY B. TAYLOR, CPA
JENNIFER A. SHEPHERD, CPA
BRADLEY C. HAROLDSON, CPA
SHERYL E. OSTRYE, CPA GAIL L. RAND, CPA MATTHEW B. SHERMAN, CPA, MAC IRENE B. ST CROIX, CPA, MBA, CIA ARTHUR G. SVRJCEK, CPA ELIZABETH L. TAFOYA, CPA JOY P. TOEWS, CPA
ALLISON H. SHIN, CPA TODD A. STOKES, CPA
MEGAN E. FARRELL, CPA
JEAN-ELIZABETH N. HUBBARD, CPA, MBA
PATRICIA B. TAYLOR, CPA, CFE, CGMA
JESSICA L. KAUFMAN, CPA
VANESSA C. TEITELBAUM, CPA
KIMBERLY A. LAKIN, CPA
RAMI ZACKARIA, CPA
MANOJ KUMAR, CPA FREDRIC D. LEFFLER, CPA, JD, LLM, MBA JOSE G. LOPEZ, CPA
CAPITAL AREA CHAPTER VAIDA BUTKUTE, CPA LAVINA CHAWLA, CPA VARUN K. CHAWLA, CPA SORY A. DAVIS, CPA ROBERT M. FIRST, CPA, MBA, CFP, MST ALEJANDRO GONZALEZ, CPA
CENTRAL MARYLAND CHAPTER
KEITH M. SWEETMAN, CPA EMILY A. UPDEGRAFF, CPA VICKY WANG, CPA
JEFFREY S. ROSSER, CPA KELLY A. WHELAN, CPA
MINYIN XIE, CPA KEVIN R. ZGORSKI, CPA EASTERN SHORE MARK A. REYNOLDS, CPA SALLY M. WADE, CPA
JILLIAN MANNING, CPA
ROBERT W. MARTAK JR, CPA
ARTHUR C. BROCK, CPA
THOMAS J. BARNICKEL III, CPA
WILLIAM H. MARTIN, CPA
JUSTIN PARK, CPA
TIMOTHY S. BONIFACE, CPA
TARA V. MCGRATH, CPA
TINA M. SEYMOUR, CPA
ROBERT J. MILES, CPA, CSEP
KATHLEEN S. ZIMMERMAN, CPA
KEVIN BOSKIN, CPA
MATTHEW R. RAGER, CPA
JANESSA L. WOLF, CPA
MID-MARYLAND CHAPTER
LANA A. BADER MS., CPA
JAMES T. RACKSON II, CPA
ALLISON B. WARDENFELT, CPA
KATHERINE E. MARSHALL, CPA
CINDY C. ALLISON, CPA
THOMAS D. LEE, CPA
AMY NEWTON, CPA
WELCOME, NEW CPA CANDIDATE MEMBERS! ANNE ARUNDEL COUNTY
ROBIN H. NGO
STEPHANIE A. LACINY
SOUTHERN MARYLAND
WHITNEY FLANARY
GIDEON D. OSEI
ZACHARY MAINSTAIN
RACHAEL J. DURNBAUGH
MD SAYEM SHARIF
ATEFEH NASSERI ASL
NARVA N. THOMPSON II
JACQUELINE VASQUEZ
JAMES E. PIERCE III
KIMBERLY A. WHEELER
XUEYANG WANG
JAMIE M. SHRYOCK
GE XU
TARA STRADLING
OUT OF STATE
LAILA M. YATES
TREVON TILLMAN
RYAN B. PAUL
CENTRAL MARYLAND CHAPTER
EASTERN SHORE
JAMES J. GIBBONS JOSHUA PRICE KELLY J. WINSLOW CAPITAL AREA CHAPTER NICHOLAS J. COVATTO JENIFER B. FLYNN
MATTHEW X. RYAN, CFE
CHANCHAL K. GOENKA, MBA
TORI J. CORKRAN, MBA
DANIEL GYIMAH
LINA H. HESTER
ANNA HAIRUMIAN RUFUS M. JUDD III ATHENA LIM VILMA A. LUGO
50
STEPHANIE K. SHENTON
TAD D. EDWARDS HEATHER A. HORST CHARLES IMHOFF III MATTHEW S. KEADLE SABRINA M. KNOTT
MID-MARYLAND BRIDGETTE A. BENOIT MARK COUNSELMAN VICTOR MARWA
STATEMENT
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
- Experience supervising office staff (currently 1 Full-Time and 2 Part-Time); - Experience overseeing information technology operation preferred. Licenses and Special Requirements: - Certified Public Accountant (CPA) license preferred;
410.539.7100, or File No. 63-87.
- Familiarity with the game of golf preferred.
THINKING OF SELLING YOUR PRACTICE?
The link to the complete job posting is here: http://www.
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
bmgcgolf.com/layout9.asp?id=502&page=85633. Salary based on experience. Compensation includes benefit package of health insurance, 401(k) plan, vacation, golf
purchase. We also have the experience to help you find the
privileges, etc.
right fit for your firm, negotiate the best price and terms and
Please send a cover letter and resume with salary history to
get the deal done. We welcome the opportunity to talk to
info@classic5golf.com.
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 updates or call us at 1-800-3970249.
office space SEMI-RETIRED CPA WITH THOUGHTS OF RETIRING LOOKING FOR SPACE TO SHARE with active firm. Interested parties please refer to File 10-1-13.
ACCOUNTANT/CPA: Medium sized local CPA firm in the Pikesville area is seeking an experienced (2-5) years Accountant in all phases of servicing a diverse group of small and medium sized clients. The Firm offers a full range of benefits and our competitive salary is commensurate with qualifications and experience. Please e-mail your resume to geizes@cpakatz.net, or mail your resume to Katz & Associates, P.A., 1777 Reisterstown Road, Suite 40, Baltimore, MD 21208.
TAX PROFESSIONAL FOR BUSY SEASON Kenneally & Company, a progressive, medium-size, Towson CPA firm of highly motivated professionals, seeks like-minded individuals capable of individual and/or business tax return preparation. Familiarity with ProSystem fx is a plus. Flexible
job openings
hours, incentive compensation and a pleasant working environment are just a few of our benefits. Forward your resume via e-mail to mlindemon@jlkcpas.com, or via fax
THE BALTIMORE MUNICIPAL GOLF CORPORATION (BMGC) IS SEEKING A DIRECTOR OF FINANCE
(410) 321-9809.
Education and/or Experience:
In this leadership role, you will have the opportunity to utilize
- Bachelor’s degree from four-year college or university; Master’s
your technical tax, analytical, operational, management, and
degree preferred with concentration in business or administration
client service skills by:
with major or minor and coursework in financial analysis and
• Serving as client’s trusted advisor, demonstrating knowledge
auditing;
of industry trends, identifying client issues and conflicts;
- Ten years of professional accounting experience with at least
proactively communicating solution options to client and team
five of those years in a senior financial position such as CFO or
• Reviewing complex tax returns including federal and multi-
Director of Finance;
state returns for C Corporations, S corporations, partnerships,
SENIOR TAX MANAGER
high net worth individuals, trusts & estates, and foundations
CONTINUED ON PAGE 52
CLASSIFIEDS Managing staff on deliverables (such as tax returns, work papers,
• Demonstrated leadership and supervisory ability, strong
etc.); completing technical and strategic reviews as a member of
operational and project management skills
the final review team to ensure standards are met, and ensure
• Proficient use of applicable technology
on-time delivery and on budget • Demonstrating proficient technical skills for handling all client responsibilities, including knowledge of trends, industries, alternatives, etc. • Understanding the client’s organization; discussing strategic
TAX STAFF • 1-4 years tax public accounting experience • Bachelor’s Degree in Accounting
opportunities under consideration, or challenges being faced
• CPA or CPA candidate
• Understanding your clients’ goals and needs and servicing
• CCH Pro System software experience a plus
clients directly
Company Information
• Owning client relationships and work
E. Cohen and Company, CPAs is a full-service accounting firm
• Strategizing with Management / Leadership regarding tax
specializing in Tax Planning and Compliance, Tax Preparation,
planning • Providing clients with recommendations and guidance on how to achieve their goals and assisting in identifying opportunities for growth with clients
Audits/Reviews/Compilations, Accounting Services, and Business Advisory Services to Government Contractors, Non-Profit organizations, Entrepreneurial and Middle-Market businesses, Professional Athletes and Managers, and High-Net Worth individuals and their families.
• Researching tax issues and providing guidance to clients • Working closely with staff, and assisting senior management in mentoring, coaching, training, supervising, and evaluating staff • Fostering a team environment; demonstrating support of management and decisions, and building a positive culture
Located in Rockville, MD, and dedicated to customized client service, we have a 95% client retention rate. Our Firm has been voted “Best Accounting Firm to Work For” by Accounting Today Magazine, five years in a row and counting.
• Participating in practice development activities that lead to the generation of new business and the opportunities for cross-
Each year, SmartCEO Magazine readers pick the area’s top
selling
accountants who exemplify their roles as trusted advisor, innovator and leader; and six of our firm’s accountants have
Desired Skills and Experience
won the recognition of the Washington, D.C. region’s top
• Successful candidates will have an entrepreneurial spirit, strong
business executives in the SmartCEO Magazine SmartCPA
technical and management skills, in addition to:
Readers’ Choice section in 2012.
• Master’s degree preferred in Taxation
We care a great deal about our clients and helping them
• 8 years technical tax experience with a public accounting firm
succeed in solving some of their toughest problems. Due
• Specific technical experience in one of the following areas:
to our growth, we are looking for a Senior Tax Manager. We
Foreign transactions, Estate and Gifts, Trusts or Merger and Acquisitions • Must have active CPA
are a Firm that aspires to excellence, a trusted partner who is continuously learning -- we always want to be our best and hold ourselves accountable to consistently develop our breadth of knowledge and to treat others with respect.
• Ability to manage all aspects of client engagements • Demonstrated ability to communicate verbally and in writing throughout all levels of organization, both internally and externally
52
If you are someone who wants to work hard, be rewarded for being your best, and bring your best - every day - consider applying. info@ecohencpas.com | 301-917-6200.
STATEMENT
TAX PROFESSIONAL NEEDED FOR BUSY SEASON: Schneider & Associates LLC a downtown Bethesda CPA firm
• Project / Task Management • New Business Development • Recruitment
is looking for a tax preparer to work our busy season. The
• Staff Management and Development
person would prepare individual and trust income tax returns.
• Specific duties include:
Prosystem experience is a plus. Please forward your resume to julie@schneiderllc.com, or fax to (301)-654-4685.
ACCOUNTANT- ROCKVILLE CPA FIRM SEEKS CPA with 8 years recent public accounting experience to work part-time. Individual will prepare individual, nonprofit and fiduciary income tax returns. Experience with UltraTax CS & QuickBooks a plus. This is a permanent part-time
• Research tax issues and filing requirement that affect tax compliance. • Prepare and review tax returns and ensure accuracy and completeness. • Research complex tax issues using the Internal Revenue Code, treasury regulations and other relevant authorities. • Draft tax technical memorandums.
position with flexible hours. Please send resume to monteloeb@
• Accept responsibility for, and complete tasked assigned by
mloebandassoc.com.
McQuadeBrennan management in a timely fashion.
RETIRED? LOOKING FOR SOMETHING TO DO? Acuity Capital Network is seeking a retired CPA to help introduce its revenue generating program to CPA firms in the Baltimore area. Attractive compensation program available. Acuity’s program, developed by a former Executive Office partner of Deloitte, helps CPA firms increase revenue by helping them add two new practice segments: Comprehensive Exit Planning and M&A Intermediary Services. Acuity provides Administrative, Marketing and Hands-On Operational Support to make sure these practice segments are successful. Contact Robert J. Jirovec, CPA, rjirovec@acuitycapitalnetwork. com, (702) 493-6911, www.acuitycapitalnetwork.com.
• Manage multiple client projects at any given time. • Forward your resume to: humanresources@ mcquadebrennan.com.
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
TAX PROFESSIONALS: McQuadeBrennan, located in downtown Washington, DC, has opportunities for experienced tax professionals. Our client executives work closely with our individual and business clients in all phases of each tax engagement. Candidates will have direct client contact and need excellent communications skills. Recent public accounting experience a plus. Primary responsibilities include: • Tax Compliance • Tax Consulting
JANUARY 2014
53
MARYLAND ASSOCIATION OF CERTIFIED PUBLIC ACCOUNTANTS Dulaney Center II | 901 Dulaney Valley Road, Suite 710 Towson, MD 21204 | www.macpa.org 410. 296.6250 | Fax: 410.296.8713
The CPA Event of the year. 6.16.2014 EVENT ID: 191008 | HYATT REGENCY INNER HARBOR
MACPA.ORG/SUMMIT
INNOVATION SUMMIT