MACPA Statement // Summer 2020

STATEMENT MACPA’S

SUMMER 2020

The CPA’s mantra:

Help first

A pair of crises have helped define Avonette Blanding’s path as MACPA’s chair. The opportunities, she says, are as great as the challenges themselves. Page 4

ALSO INSIDE The value of membership Page 13

Maryland Association of Certified Public Accountants, Inc.

Together, we can make a difference: A 12-step plan to address racism and unconscious bias Page 21

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CONTENTS Summer 2020 | Maryland Association of Certified Public Accountants, Inc.

CHAIR’S COLUMN.............................................................................. 2 FEATURES The CPAs mantra: Help first ................................................................................. 4 MACPA’s 2020-21 Board of Directors.................................................................... 9 The value of membership.................................................................................... 13

DEPARTMENTS Diversity and Inclusion......................................................................................... 21 Leading in a Crisis................................................................................................ 24 Financial Planning................................................................................................ 35 High-Tech Solutions............................................................................................. 39 From our Partners................................................................................................ 43

MEMBER NOTES................................................................................ 49 CLASSIFIEDS........................................................................................... 50 MEMBER SERVICES Lauren Baker Sydney Glen PEER REVIEW

2019–2020 BOARD OF DIRECTORS Avonette Blanding, CPA Chair

Cora Edwards

Lexy Kessler, CPA Vice Chair

E-LEARNING

Herbert J. Geary III, CPA, CGMA Secretary/Treasurer

Emily Trott SEMINARS/CONFERENCES Cyndi Powers

Ray Speciale, CPA, Esq. Immediate Past Chair Christine Aspell, CPA Pat Byer, CPA

GROUP LEARNING

Tricia Griffis, CPA

Natalie Atonakas

Leon Katznelson

Chris Dougherty

Tim Samuel, CPA

Jennifer Stevens

Richard C. Stang, CPA, ABV, PFS

Ryan Wey

Thomas White, CPA, CGMA

SPONSORSHIP / ADVERTISING SALES

Jeff Wilson II, CPA, PFS, CFE, CGMA, CDFA

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SENIOR STAFF Tom Hood, CPA CEO Jackie Brown COO Skip Falatko, CPA CFO Bill Sheridan, CAE CCO Rebekah Brown, CPA Director of Development Pam Devine Director of Group Learning & Sales Mary Beth Halpern Director Technical Services/ Regulatory Affairs Dee Sullivan Director of Learning

WE WANT TO HEAR FROM YOU! See below to submit content Bill Sheridan | MACPA Dulaney Center II 901 Dulaney Valley Road Suite 800 Towson, MD 21204 FOR CONTENT SUBMISSION: bill@macpa.org feedback@macpa.org TO ADVERTISE IN THE STATEMENT: krislyn@macpa.org P: 410.296.6250 F: 410.296.8713 Toll free: 800.782.2036 The MACPA reserves the right to edit all submissions for grammatical style and / or length. Statement of fact and opinion are made by the authors alone and do not imply an opinion on the part of the officers or members of MACPA. The Statement is published four times a year by the Maryland Association of Certified Public Accountants, Inc. Bill Sheridan, Editor Krislyn Suljak, Advertising Sales

SUMMER 2020

CHAIR’S COLUMN Our strength isn’t in numbers … it’s in our unity BY AVONETTE BLANDING, CPA / CFO, MARITIME APPLIED PHYSICS CORPORATION There’s strength in numbers — or so we’ve been told, so often that the words seem almost cliché. I’m not convinced that’s true. I believe true strength — strength that solves problems and seizes opportunities, strength that protects and builds and leads — comes from the unity of those numbers. We don’t accomplish much as a profession unless we are both inclusive and united. “Unity is strength,” said Mattie Stepanek, a Maryland poet who died in 2004 at the too-young age of 13. ”When there is teamwork and collaboration, wonderful things can be achieved.” It amazes me how someone that young could set the bar so high for the rest of us. Recent events have shown us how far our profession has come in living up to Mattie’s standard … and how far we still have to go. SALES TAXES ON SERVICES In leading the effort in March to defeat a plan to enact sales taxes on professional services in Maryland, the MACPA built a coalition of business organizations and helped unify them around a central message: The bill amounted to a tax on tax compliance. Since most of the services provided by CPAs and accountants are required by federal and state law to comply with existing tax laws and reporting requirements, such a tax would have been a form of double taxation. In the end, legislators heard that united message and reconsidered. COVID-19 Then came the pandemic. Our profession already had the numbers when the crisis hit. CPAs from coast to coast scrambled to save their businesses while helping their clients and customers save theirs as well. The unity came on the advocacy end. The MACPA helped rally the profession and our lawmakers around the notions that CPAs are essential workers, that businesses of all kinds need relief and protection during this unprecedented crisis, and that every business needs to plan for its post-pandemic world now, during the crisis. As futurist Daniel Burrus says, “Your post-pandemic

success will depend on what you do now, not what you do post-pandemic.” That unity also came in the form of MACPA resources, tools, and constant updates (most of which were free and qualified for CPE) about how the pandemic impacted the profession. To this day, we are keeping the profession united by offering resources and updates they need to navigate the crisis. In the middle of all of that, other initiatives emerged that emphasized the importance and power of a united profession. • One was the CPA Evolution, a move to transform the CPA licensure model to recognize the changing skills CPAs need to remain relevant. The MACPA’s Board of Directors reviewed the initiative and, as representatives of Maryland CPAs, presented a united set of recommendations for how to improve the model to officials from the National Association of State Boards of Accountancy and the AICPA. • Tied directly to the CPA Evolution project is our ongoing effort to keep our profession’s pipeline stocked with the next generation of CPAs. Our profession has never been in greater demand than it is right now, and we have doubled down on our efforts to expand and strengthen it by attracting the best and brightest students available. DIVERSITY AND INCLUSION Still, when it comes to building a truly inclusive, united, and welcoming profession for everyone, we have a lot of work left to do. It’s worth asking: If the profession had to issue an audit report on diversity and inclusion, would we get an unqualified opinion? The deaths earlier this year of George Floyd, Breonna Taylor, and Ahmaud Arbery shined a light once again on our nation’s lack of true inclusion — and since our profession is part of our nation, it shined a light on accounting and finance as well. Recent data shows that in a nation in which 13 percent of the general population is black, about 9 percent of all accountants and auditors are African American. That number drops to less than 1 percent of all CPAs. And the numbers for other people of color aren’t great, either.

“The more we can do to make our profession look like the publics we serve, the better we’ll be able to serve them.” The more we can do to make our profession look like the publics we serve, the better we’ll be able to serve them. Doing that means holding ourselves accountable. We talk a good game about diversity and inclusion, but are we backing it up? Are the results there? If they’re not, how do we improve them? We’ve been talking about this stuff for long enough. It’s time to put our words into action. In 2020-21, I believe this is where we must start. • Continuing to advocate on behalf of the recognized power and importance of this profession. • Being willing to have open and honest conversations, regardless of how uncomfortable they are. • Respecting and appreciating our differences and recognizing the positive impact they have on our ability to be of service. • Issuing a sustained call for a deeper, more diverse pipeline of incoming CPAs. • Demanding that all of us commit ourselves to building a diverse, inclusive, and united profession that represents the best in all of us — and holding each other accountable for those commitments. It’s my privilege to serve you as the MACPA’s chair for the next year. It’s my hope that you’ll join the cause and help us expand the role and strength of our profession in Maryland … and beyond.

STATEMENT

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The CPA’s mantra:

Help first

A pair of crises have helped define Avonette Blanding’s path as MACPA’s chair. The opportunities, she says, are as great as the challenges themselves

BY BILL S HERIDAN, C AE A global pandemic left us wondering about our profession’s financial future. A racial crisis that followed left us wondering about our moral future. The two of them combined left us wondering what the whole of our future looks like. This is the environment in which Avonette Blanding finds herself as she takes the helm as chair of the Maryland Association of CPAs’ Board of Directors. Few MACPA leaders have been saddled with twin crises as substantial as those that our profession faces as Blanding takes the helm for the MACPA’s 2020-21 fiscal year. Still, here we are, and Blanding believes the opportunities presented by these challenges are as significant as the challenges themselves. AN EXCLUSIVE INTERVIEW WITH

AV O N E T T E B L A N D I N G @AvonetteB_CPA

“At a recent AICPA Council meeting, (AICPA President and CEO) Barry Melancon spoke about the importance of accountants,” Blanding told me recently. “He said accountants help to prepare financial statements and ensure the quality of the financial statements, and those financial statements provide access to capital, and that access to capital changes your quality of life. “That’s the part I wish everyone who was considering what they wanted to do with their lives could hear. That your ability to provide financial help to someone will change their quality of life, and by changing their quality of life, you’re changing their families and their friends and the community — that we all can make a difference.” Blanding, whose year-long run as chair began on July 1, sees opportunities for the profession elsewhere as well. In a recent interview, the Baltimore native outlined some of the issues that she and the MACPA’s other directors will be watching this year. Here’s what she had to say.

STATEMENT

Bill Sheridan: It seems like you’ve told me this before, but you come from a fairly big family, don’t you? Avonette Blanding: A somewhat big family. I have three other sisters, no brothers, and my husband Maurice and I have two wonderful daughters, Jordan and Jasmine. But my parents came from very large families. My mom is one of nine and my father is one of 13. I have lots of cousins. BS: Family reunions must’ve been a little on the wild side. AB: And every holiday is almost like a family reunion. (Laughs.) BS: Why accounting? What drew you to the profession? AB: It fell right into my wheelhouse ... and I didn’t see anything else that really interested me as much. In high school (Western High School in Baltimore), I was in the advanced college prep course, which meant I was very studious and liked to think and analyze things. But I didn’t study home economics, I didn’t play a sport, I didn’t play an instrument, I had no special talent that could get me into other things, and I didn’t go to a school that, at the time, really focused on engineering for girls. But I loved math and I completed all of my math courses early that were required for my diploma, so during my senior year I had all of this extra time and I decided to take an accounting course. It came very easily to me and I enjoyed it, so I said, “OK, I’ll do this when I get to college.” (She attended Towson University). BS: Tom Hood likes to caution incoming chairs of the MACPA that their agendas will kind of reveal themselves as the year goes on. In your case, between the pandemic and the demonstrations in June, it seems the agenda might have revealed itself before you even took the position. Let’s start with a pandemic: What’s your reaction to how the profession has responded in the face of this crisis? AB: I think the profession has done a great job not only in helping businesses weather the storm, but in being advocates in Congress and trying to make sure issues of importance to business owners, business leaders, taxpayers, and individuals are addressed. I was very pleased with the information and support the MACPA and the AICPA provided. They anticipated what we would need before we needed it. It wasn’t that we had to reach out and say, “Can you help me with this?” The information was being driven to us. Our associations were saying, “These are some things we’re doing on your behalf, and this is what we think you need to be thinking about.”

gets into, “How are you as a person? How is your family doing? Are there other things you’re concerned about?” Those questions may not fall within the financial statement realm, but they’re sometimes the most important questions of all. BS: Let’s shift gears for a moment. I know diversity and inclusion is an issue that’s very close to your heart, and the demonstrations in the wake of George Floyd’s death have shined an even brighter light on that issue in a lot of areas. It’s an issue our profession has struggled with over the years. What has our profession done right with regard to diversity and inclusion, and where do we need to improve? AB: What the profession has done right, in my opinion, is that overall, we are welcoming to anyone. That was what attracted me to the accounting profession. It’s an area that, as long as you have the skillset, you’re able to achieve, you’re able to make a difference in the tasks you see for yourself. I appreciate the profession for that, and I think it’s an opportunity to attract even more people, especially students who can be the future of the profession. I would love to see even more students be introduced to the profession so they can consider being a part of that future. Now, where we can improve: I think it’s really about accountability. As accountants, we’re all about accountability and auditing and the substantiation of things. We’ve seen a lot of organizations come out and say, “We are for diversity and inclusion. We believe in it and we support it.” But the conversation has to go beyond such statements. Let’s see how you are actually supporting it. Let’s see what efforts you’re making. Let’s see the results of those efforts. It’s about being able to take a step back and say, “If we’ve been doing this for 10 years and we haven’t seen much improvement, let’s revisit and re-evaluate what we’re doing and consider what we could do better.” BS: We’ve seen this issue rise repeatedly, and whenever it happens, it seems like the pattern is similar. There’s more awareness, perhaps a string of demonstrations and statements, and then the demonstrations die down and very little actually changes. How do we keep that diversity and inclusion momentum going this time and enact real change?

BS: What kind of opportunities have surfaced for CPAs as a result of this crisis?

AB: That’s where accountability comes into play. I was born and raised in Baltimore, I still live in Baltimore, I was educated in Baltimore City public schools. I have a deep love for Baltimore. When the Freddie Gray uprising occurred, what stuck out to me is that, yes, we’re going to have moments that will highlight the issues we’re dealing with, but we still have to push through those moments. Despite the uprising and the discontent and the challenges the city was facing, I still volunteered at high schools. I spoke to students to introduce them to the accounting profession, to encourage them to become student members of the MACPA. To talk to a group of ninth graders who were trying to decide where they would focus, and to have five female students say they were going to select accounting and finance because they heard me speak — that was very rewarding.

AB: There’s a lot of opportunity in helping people navigate to what’s next. It’s not just looking at the financial numbers, it’s also thinking through other business decisions and connecting with the human side. Somebody might ask, “What do I do about my liabilities?” or “Should I take a deferment?” And then the conversation

We have to embrace that accountability and not let go, not allow someone to say, “This is what I support, but I don’t have any diversity on my board,” or, “I don’t have much diversity within our educators or our employees.” There has to be a change in the way we respect and appreciate and fight for diversity of our country. That

BS: Doubly difficult for CPAs in this environment was trying to help their clients and customers and trying to see their own businesses through the crisis in their own right. AB: That’s right. Many of them were getting calls from lots of people who needed help. It was nice to see the profession step in and help without hesitation.

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SUMMER 2020

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should be reflected within our organizations, our associations, our homes, making sure people are held accountable. We must start having conversations with family members, with friends, and encourage people to do more than just make a statement. When somebody comments about what they don’t see happening, I try to challenge them and say, “When was the last time you volunteered in a school? When was the last time you made a donation to an organization that you feel strongly about?” We can’t just share memes and messages on social media and think that everything’s going to change. We have to be part of the change and hold people accountable. It’s about speaking up, making sure you have that voice. If I’m the CFO of an organization, I have to protect the financial interests of the company. But I’m also a co-worker, so if I see someone who doesn’t appear to be treated fairly — and I don’t care who they are; it could be one of our technicians, a junior technician in our manufacturing area, someone who doesn’t report to me — but if I see something that I don’t think is right, I’m going to speak up on that person’s behalf. I’m going to encourage a manager to consider sending their people to training, to increase their skill sets or be a little more understanding and try to get to the true issue. And that person doesn’t have to look like me or know me. It’s a fairness issue. It’s about caring for more than just myself and the bottom line. It’s bigger than just me. When I get older, I want to enjoy the society that I’m a part of, right? I want the world around me to be pleasant and enjoyable and not harmful to myself or anyone else who’s living there. BS: It seems as though these crises have almost, in a way, reemphasized the importance of the concepts of association and relationships. How do you think the MACPA’s role has evolved as a result of what we’ve seen over the last few months? AB: I have been a long-time member of the MACPA, and I appreciate the importance of associations. During the pandemic, we all have learned that even if we’re not social physically, we need to be social because we can’t do as much by ourselves. BS: I heard a doctor say recently that we need to get rid of the phrase “social distancing.” He said, “Let’s call it ‘physical distancing.’ We need to be social more than ever, even if we can’t do it side by side.” AB: Definitely. I would describe myself as more of an introvert than an extrovert. However, I enjoy interacting with people, so during the pandemic, being able to connect with people who don’t look like me, who don’t come from the same place that I come from but who share common interests and who are able to support me — that’s very important. I knew that if I had a question about the Paycheck Protection Program or about EIDL loans, or if I’m wondering what’s happening with CPE or a certain tax issue, I had a group that I could go to that would answer the question, that would ask me how I’m doing, that would reach out and offer as much support as I needed or wanted. I sit on the MACPA’s Government Contractors Committee, and during our monthly meetings, I ask questions and get emails from committee members saying, “Here, I think that you should do this,” or, “Have you looked at this?”

“ I have been a long-time member of the MACPA, and I appreciate the importance of associations. During the pandemic, we all have learned that even if we’re not social physically, we need to be social because we can’t do as much by ourselves.” One person reached out to me and said, “Let’s have a talk. If you want to talk about something that you need to discuss before going to management, call me. I’m willing to help you with that.” They didn’t have to do that, but that sense of community and support helps a lot because we’re all stressed right now. We’re all dealing with something we’ve never dealt with in our lifetimes. I’m trying to advise my children, my husband, my parents, my sisters. I’m trying to be there to support them while also dealing with the issues that I have professionally — and that’s something that we’re all going through. That’s what an association helps us do — talk to other people, express your concerns, get feedback, and offer support for them, and to receive support back. It has been a huge stress reliever. Even though I’m drinking stress-reduction tea and going on walks, being able to talk to someone else and reach out and have that comforting conversation — “Listen, I understand what you’re going through. I know how you feel, and we can get through this.” — has helped me get through it. BS: Tom Hood and I were having a conversation recently about the value of membership and what members truly value. What is that value in your eyes? AB: For me, the value has been the people. I’ve been active with the MACPA, I’ve been welcomed in the MACPA. It’s a part of my life that’s separate from my children, it’s separate from my husband, it’s separate from my employer. There’s this other part of my life, and I’m able to feed the other passions that contribute to my life through the MACPA. I’m passionate about education, I’m able to go out and speak to students. I’m passionate about financial literacy across the board, whether it’s at an individual level or corporate level. I’m able to volunteer and talk to students and adults and parents about financial literacy. I’m able to volunteer on the Board of Directors to help others become members of the MACPA and try to make sure the association continues to exist. I know for a fact that I would not be where I am professionally or personally if it were not for the MACPA. I started an internship the day after I graduated from high school, and my manager said, “You have to get your CPA, and you have to join the MACPA.” It wasn’t a question. It was, “This is what you should do, and this is what you’re going to do.” And the entire group that I interned with supported me in doing that. It wasn’t just my manager, it was the other financial analysts who were in the department, the majority of whom

STATEMENT

were CPAs. I was able to see those examples and have people encourage me to do something that a lot of people just weren’t aware of. Most people might tell you, “You know, most people fail the CPA exam.” The boss who I interned with and my coworkers said, “You’re going to pass the exam. You’re going to do fine.” The biggest benefit of membership for me has definitely been the people. BS: What other issues have your attention this year? AB: I would love to still focus on the impact that the profession has. We’ve seen a decline in numbers in CPA exam candidates, people who pass the exam, and continue to want to be involved in the profession. I would like to try to promote the profession and the designation and highlight the fact that CPAs help all of society. The pandemic definitely proved that: There’s been research that shows that CPAs are the sixth most in-demand job today. I would love to see that continue. I think the framework for the CPA license and the educational requirements give you such a broad foundation of information, and once you go out into the workforce and work in a variety of different positions, you realize it goes beyond just the financial statements. It’s often more about business guidance, decisions and analytics, and helping people make good choices and guide them toward a bright future. We’re traditionally a historic profession; we used to focus a lot more on the past. But we’re being called upon to truly help people grow into the future. I want to focus on that, and I’d love to be able to meet as many CPAs as possible. I would like to see our membership numbers increase and our focus to turn to the future of the profession and protecting the license.

Bookminders

There’s been a lot going on in recent years in terms of efforts to remove various licensing requirements. Some folks claim they’re restrictive and don’t allow people to realize their full earning potential. But it’s still critical to look at the best interest of the public. The profession is not for the faint at heart because there’s a huge amount of responsibility and accountability associated with it. If an individual doesn’t like to be held accountable, they probably shouldn’t become a CPA. But for those who like that type of accountability and enjoy making a difference in people’s lives, I would encourage them to consider the CPA profession. Whether it’s on the IT side, the financial side, or the auditing inside, so many different avenues are available to CPAs that don’t get highlighted. When most people hear “CPA,” they say, “I’ve got a tax question.” It’s so much more than tax. We need to keep highlighting all of the opportunities that are available. BS: You mentioned the future of the profession a few moments ago. I’m curious what that future looks like to you. AB: It looks like lots of new technology, and because of that, we’re going to continue to see advancements and changes in what the profession means. One of the things I’ve thought a lot about is the impact of new technologies on financial statements. If we start employing a lot of A.I. and automation and we don’t have the same auditing requirements, what’s the market for financial statements going to look like? As we see changes in banking and the different entities that are offering financial services, will we continue to need audited financial statements? When you think about blockchain, how is that going to impact the requirements? How we use the designation may change in the future, but I think the critical idea that we have to continue to protect the public won’t change.

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MACPA’s 2020-21

Board of Directors The MACPA’s 2020-21 slate of officers and directors was voted into place at the association’s Annual Meeting, held virtually on June 30. Here’s a closer look at this year’s Board of Directors.

OFFICERS AVONETTE BLANDING, CPA

CHAIR Employer: Maritime Applied Physics Corporation Title: Chief financial officer Notable: An MACPA member since 1999. In the early stages of her career, gained experience in finance and internal audit with one of Baltimore’s largest employers and in public accounting with a regional firm. Joined Maritime Applied Physics Corporation in 2006 as controller; a year later, was promoted to chief financial officer. An active member of the MACPA’s Government Contractors Committee and an active CPA Career Awareness volunteer speaker.

LEXY KESSLER, CPA

VICE CHAIR Employer: Aronson LLC Title: Lead partner, Government Contract Services Group Notable: An MACPA member since 2016. Has more than 30 years of experience in assurance, tax, and consulting. As a leader in her practice area and a member of Aronson’s Board of Directors, she also helps drive Aronson’s strategic direction and growth objectives. Currently serving as chair of the AICPA’s PCPS Executive Committee. Her reputation as an expert in her field is part of the personal brand that makes her sought-after speaker, and she has provided interviews and expert commentary to such media outlets as the Wall Street Journal, Federal News Radio, Law360, and Federal Times. As the first female chairman of Aronson’s Board of Directors, she advocates for women to pursue leadership roles. Named by The Daily Record as one of Maryland’s Top 100 Women for 2018. Recipient of the MACPA’s “Women to Watch” award in 2014 and the Montgomery County Chamber of Commerce’s Chairman’s Award in 2013.

HERBERT J. GEARY III, CPA, CGMA

SECRETARY / TREASURER Employer: TGM Group LLC Title: Managing partner Notable: An MACPA member since 1988. Has more than 30 years of accounting and auditing experience, specializing in areas that include closely held businesses, manufacturing, wholesalers, distributors, construction contractors, local governments, and non-profits. Has served on the MACPA’s Board of Directors and as a past president of the Eastern Shore Chapter of the MACPA. Currently, the past chairman of the Peninsula Regional Health System and a member of the Greater Salisbury Committee.

RAY SPECIALE, ESQ., CPA

IMMEDIATE PAST CHAIR Employer: Mount St. Mary’s University Title: Associate professor Notable: A member of MACPA since 1993. Since 1989, has been a professor of law and accounting at Mount St. Mary’s University. A commercially rated pilot and flight instructor who operates a law practice dedicated exclusively to aviation-related legal and tax matters. In addition to his position at Mount Saint Mary’s, Speciale has his own CPA practice in Frederick, where he specializes in aviation matters, commercial law, taxation, and estate administration. Has written two books and numerous articles on issues impacting aircraft owners and pilots. From 2007 to 2013, served as the educator member of the Maryland State Board of Public Accountancy.

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SUMMER 2020

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DIRECTORS

CHRISTINE ASPELL, CPA

Employer: KPMG LLP, Baltimore Title: Managing partner / audit partner Notable: An MACPA member since 1991. Has more than 25 years experience in providing assurance services to clients in the financial services industry and specializes in serving clients in banking, investment services, insurance, and real estate. Partnerin-charge of the Baltimore chapter of KPMG’s Network of Women, where she established the chapter in 2004. A member of KPMG’s Women’s Advisory Board, which helps oversee the advancement of women. Chair of the Loyola Accounting Advisory Board. A member of the Greater Baltimore Committee Board of Directors, the Downtown Partnership Board of Directors, the Center Club Board of Governors, the My Sister’s Place Leadership Council, the Maryland Zoo, the Girl Scouts of Central Maryland, the New America (Better Life Lab), and the St. Ursula School Finance Committee. A “Maryland Top 100 Women” winner in 2012, 2015 and 2018.

PAT BYER, CPA, CGMA, CISA, CFF, CGFM, CISM, MBA

Employer: CliftonLarsonAllen LLP Title: Managing principal, Maryland region Notable: A past managing partner of the Washington, D.C., region and the Federal Government Practice at CLA. A practice principal in the Federal Government Industry segment. In more than 31 years of practice, has held various leadership positions in the local office, region, and firm, helping to shape strategic focus and direction while driving growth and increasing profitability both at the local office and the firm. A key player in starting the firm’s commercial and federal government practices in the DC region, resulting in CLA becoming a Top 10 firm in the local market.

TRICIA GRIFFIS, CPA

Employer: Frederick County Government Title: Director of Internal Audit Notable: An MACPA member since 2016. Also serves an internal audit role for Frederick County Public Schools and Frederick Community College. Prior to her experience with Frederick County, she was a senior manager with CohnReznick for 13 years, with expertise in state and local government, affordable housing, real estate, development, and construction. Continues to work part time during Busy Season in assisting CohnReznick in a review function. A thought leader with the MACPA’s Business Learning Institute. A founding member of the MACPA’s Mentoring Program who has served as an MACPA mentor for three years. A nominee in 2016 and 2017 for the MACPA’s “Women to Watch” awards and a proud member of the MACPA’s Diversity and Inclusion Program. Recognized in 2012 by Baltimore SmartCEO magazine as one of Baltimore’s top accountants. In addition to her volunteer efforts with the MACPA, Tricia is a board member with the Mental Health Association of Frederick County and leads as co-chair for its annual black tie gala, the “Catoctin Affair.” Also leads education efforts on behalf of the Maryland Government Finance Officers Association.

LEON KATSNELSON

Employer: IBM Title: Director and CTO, Strategic Partnerships for Data Science Notable: Joined the MACPA’s Board of Directors in June 2018 as a public (non-CPA) member. Award-winning international speaker and a published author who is always up on the cutting edge of technology trends. As director and CTO of IBM Strategic Partnerships for Data Science, leads a team of data scientists focused on artificial intelligence, machine learning, Big Data, and other applications of cognitive technologies in all areas of human endeavor. A strategic adviser to a number of startups, helping disrupt technology laggards with new business models based on blockchain, the Internet of Things, and A.I.

STATEMENT

TIM SAMUEL, CPA

Employer: Bridgeway Community Church Title: CFO Notable: An MACPA member since 2012 and a graduate of the MACPA’s Leadership Academy. Has more than 10 years of not-for-profit experience, including leading people from all walks of life through various platforms to feel connected to their purpose and motivated throughout the week. By celebrating the diversity of colors, classes, and cultures, Bridgeway Community Church has become an international model for multicultural ministry, attracting more than 4,000 people weekly from more than 50 nations. An advisor-atlarge of Christianity Today’s Church Law and Tax. Has served on the MACPA’s Task Force for Equality, Diversity, and Inclusion. Has served as treasurer for Grassroots Crisis Intervention Center in Howard County.

RICHARD C. STANG, CPA, ABV, PFS

Employer: DeLeon and Stang CPAs and Advisors Title: Founding partner Notable: An MACPA member since 1991. Specializes in tax preparation and strategic planning for both businesses and individuals. Skilled at handling corporate and individual tax issues, estate planning, investment management and insurance advisory services. With over 25 years’ experience in public accounting, Rich assists businesses with development and implementation of accounting systems, budgets and financial statements. He also consults with businesses in the areas of financial and tax planning. His previous experience with several large not-for-profit trade associations in various financial positions has given him valuable insight into helping his clients with their issues. A member of the AICPA and the Washington Metropolitan Chapter of the Community Associations Institute. A board member with the Corporate Volunteer Council of Montgomery County and The Asbury Foundation. Serves as treasurer of Community Ties, Inc.

SUMMER 2020

THOMAS WHITE, CPA, CGMA

Employer: CareFirst BlueCross BlueShield Title: Director, operational and management accounting Notable: An MACPA member since 2010. Has more than a decade of accounting and audit experience in various industries, currently focusing on health care. Has extensive knowledge of health care finance, internal audit, and compliance. Started his career in public accounting with large firms, focusing on international, public, and non-profit clients. Transitioned into industry at CareFirst. An active MACPA volunteer, including involvement with the association's mentor program, Scholarship Committee, and Champions Program.

JEFF WILSON II, CPA, PFS, CFE, CGMA, CDFA

Employer: The W2 Group, LLC Title: Principal Notable: An MACPA member since 2013. A graduate of the AICPA’s Leadership Academy and a recipient of the Black Enterprise Financial Fitness Award. Has been published and quoted in numerous publications and is a frequent contributor to industry events. Author of The Lies Our Parents Were Sold And Told Us: The New Rules Of Money Management. Selected in 2015 as one of Intuit’s National Trainer Writer Network For Quickbooks consultants, and a member of the Intuit Accountants Council. An active member of the AICPA and a participant with the MACPA’s Task Force for Equality, Diversity, and Inclusion. A proud graduate of Bowie State University who serves as secretary of the BSU College of Business Alumni Advisory Council. Enjoys teaching financial literacy and money management at local non-profits and churches in Clinton, Md.

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The value of membership

When a crisis hits, associations matter more than ever. Here’s a look at how the MACPA shifted gears to protect you, your business, and your clients.

BY BILL S HERIDAN The world changed in early March. It might have changed for good. Businesses scrambled to figure out how to do more with less. The CPA firms that served those businesses scrambled to figure out how to help their clients navigate this strange, new world. Everyone came to grips with the fact that the Hard Trends that surround us — the future facts which will happen whether we like it or not, like technological advances, and legislative oversight, and demographic shifts, the things that were already advancing at an exponential rate before the world went to hell — began accelerating even faster as a result of the crisis. Every organization felt the impact. And few organizations felt it more acutely than the Maryland Association of CPAs. When the world went into lockdown, the MACPA went into overdrive.

AN EXCLUSIVE INTERVIEW WITH

TOM HOOD @tomhood

The association’s focus shifted exclusively to helping our members not only survive the immediate crisis but thrive once it had passed. We began offering free, weekly updates about what our members needed to know to navigate the storm. We quickly shifted gears to offer our live programs in a virtual setting. Everything we did centered on making sure our members’ lives — which were being disrupted from all angles — were being disrupted as little as possible. Simply put, the value of membership in an association like the MACPA increased significantly when COVID-19 arrived. To find out how, I sat down with MACPA CEO Tom Hood to talk about how the association’s priorities shifted as a result of the crisis — and how our members have benefited as a result. Here’s what Tom had to say. Bill Sheridan: Tom, I guess my first question is this: What has the past 90 days been like for you? Give me a snapshot in a day of the COVID-19 life of Tom Hood. Tom Hood: If I had to put it in one word, it would be crazy ... but meaningful. Every day, there seems to be massive new developments in COVID-19. We’ve had four or five major federal legislative pieces. We’ve had tons of state activity. It started in the middle of tax season, which created a new set of dynamics. There have been a massive number of things happening that directly impact accounting and the clients of CPAs. That means we have to stay on top of it. So we’re trying to paddle as fast as we can to stay ahead of this thing. CONTINUED ON PAGE 14

SUMMER 2020

CONTINUED FROM PAGE 13

BS: Life wasn’t necessarily easy before all this happened. How did the MACPA’s priorities shift as a result of this crisis? TH: The good news is that we were in the wrap-up stages of Maryland’s legislative session, which is one of the most important things we do every year. That session started the first week of January, and it was supposed to end the first week of April. It ended early — I think 19 days early, for the first time since the Civil War. So that gives you the magnitude of what happened. We got through a really successful General Assembly session. We defeated sales taxes on services, we had success in a lot of other areas. And then COVID-19 happened. And all of a sudden — I’ll never forget it, it was a Friday, March 20. I was on a call with all of my counterparts, the CEOs of the other 50 state CPA societies, and I started hearing about states closing in the northeast — Pennsylvania, New York, and New Jersey. And I’m like, “Oh, God, Maryland is going to be next.” It seemed like it was moving down the coast, and that’s when I realized we had to get permission to keep accounting working as an essential industry. And so I started looking into that. I wrote a letter to (Maryland Gov.) Larry Hogan on March 21, which was a Saturday morning, and requested essential workforce status for our members, because payroll, banking, depositing money — all of that had to keep going, right? BS: You can’t just shut down what’s happening in the financial sector, right? TH: Right. So interestingly, when I started to look into it, the question was, “What makes CPAs essential?” With a little bit of homework, I found out that it goes back to Sept. 11 and the Department of Homeland Security. They identified 16 critical industries that are essential to the functioning of the United States. They include some of the usual suspects, like defense and manufacturing, but they also include the finance and accounting sector. That was a blinding flash of the obvious for me, because it’s ultimately why we are licensed as CPAs, why we’ve been licensed since 1900. The idea of a critical, essential infrastructure got me thinking back to my highway construction days: We work on the infrastructure of our profession. Our profession rides on a road that’s paved with laws and regulations that impact the essential financial infrastructure of the United States, from Main Street to Wall Street. That’s really where we rolled up our sleeves and got to work. And it wasn’t new work for us. It was understanding the players and being able to use our relationships to connect the dots. And we’re not done yet. Fixing that infrastructure and keeping it smooth and anticipating what might break has been the bulk of what we’ve done in the last 90 days. BS: That notion of infrastructure is a brilliant analogy. You don’t notice it until it breaks, and when it breaks, all hell breaks loose. That, in essence, is what the MACPA does. We maintain that infrastructure. TH: We apply a whole lot of proactivity to that. When you drive every day to the office, those roads often are neglected. That infrastructure starts to crumble, and then you have to take a lane down and create detours, or a steam pipe breaks, or a water main breaks. Our job is to fix those problems before they happen.

CPAs were deemed essential workers without any worrying about how long it would take. The minute Maryland closed, CPAs were open. Then, we started getting to work on the extension of a due date for tax returns. We worked with the AICPA and got it going through the Treasury Department. We wrote a lot of letters and got that moving. Then, we started to say, “What are the areas where we think this infrastructure is going to fail or get impacted, and what can we do to get ahead of that? How can we lay fresh asphalt and make it smooth so it doesn’t crumble underneath us?” That brought us to the Paycheck Protection Program and all of the lobbying we’ve done with the Treasury Department and the Small Business Administration. We got the EZ Form for PPP loan forgiveness put into place. My counterparts across the country and their counterparts and the bankers — we all lobbied the Treasury Department and the SBA together, and they allowed (the EZ Form) this week. We thought it would take two months, and it got done a lot sooner. Those are areas in which we’re talking about infrastructure. And speaking of infrastructure: Who’s going to add new lanes? The MACPA has a student pipeline initiative to recruit people to our profession. That means we have to add a lane. We have to make sure we’ve got a nice, smooth onramp for students to come from high school, to college, to the CPA, and into the profession. That’s a big initiative of ours. The CPA Evolution project will help update the CPA exam. That will be massive, and we’re right in the middle of that.

“CPAs were deemed essential workers without any worrying about how long it would take. The minute Maryland closed, CPAs were open. Then, we started getting to work on the extension of a due date for tax returns. We worked with the AICPA and got it going through the Treasury Department.” And then there are some big ones. The notion of limited liability companies and limited liability partnerships — we just widened the whole highway with a new liability-friendly way of practicing. And that was started by CPAs and state societies. I remember Bob Ehrlich, our former governor who was also a congressman in Maryland, but he was a delegate back then, and he sponsored legislation that led to a new form of practice, not just for our profession, but for every profession: engineers, lawyers, architects — S corporations and limited liability partnerships. That’s an example of a big, proactive victory for our profession. CONTINUED ON PAGE 17

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Tom Hood CPA, CITP, CGMA, President and CEO of MACPA

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CONTINUED FROM PAGE 14

BS: You mentioned a word a couple of minutes ago — relationships. A lot of the work that the MACPA has done during this crisis speaks to the power of that word — “association,” and of building relationships with key people. Can you give me an example of how that played out over the last few months to our member’s benefit? TH: There are probably about 10 examples, but the big one is sales taxes on services. We helped form a coalition with the Maryland Chamber of Commerce and the National Federation Independent Business. We helped rally all organized professions and the business community to fight a proposed bill that called for sales taxes on services — and that included accounting, tax, and consulting services. We fought it because of the compliance complexity, not just because it was an increase in taxes. When we educated legislators that five other states had passed similar laws and then repealed them once they understood how complex it was, that made the day. We had a big chart that visually listed all of the states that do not impose sales taxes on services, and we spoke at a press conference. Then we sat in testimony for eight hours that day to get our message heard. That’s how we did it. That was a lot of work with that community. That community then held over into the COVID-19 crisis. That same group helped us lobby the governor for aid packages and extensions of time, including the deadline for renewing your license. We got that deadline extended through the governor. That was a collective effort from the folks in our community. Now, how did I figure out that Maryland would close as a result of the pandemic? That was from our other community — the state CPA society executives. Every Wednesday we have a call with this group, so hearing what was happening in other states helped a lot. Then, there are our legislative relationships — Congress and the Maryland legislature, the comptroller, the governor. When I wrote that letter to the governor (on March 21), the first person who responded was Kelly Schulz, secretary of Maryland’s Department of Commerce. Gov. Hogan had his executive branch making those decisions. Before she was named Commerce secretary, Kelly Schulz was secretary of the Department of Labor, and she swore in Maryland’s new CPAs two years ago, so we know her well. And after I sent that letter to the governor, I got an email back that said, “Tom, don’t worry. You’re covered.” I mean, within an hour. That’s a relationship at work, right? That’s pretty cool. BS: And so powerful. We talk to members all the time about the importance of building relationships with key people, but those are concrete examples of how that plays out, and it speaks to the importance of building those types of networks. TH: I also have to congratulate our members, right? At CPA Day in Annapolis in January, we had 200-plus members on the steps of the statehouse. When we were fighting sales taxes on services, that bill was in Maryland’s House Ways and Means Committee, and we had 1,700 members attached to legislators on that Ways and Means Committee. We reached out to those members and said, “Write your legislators a letter and tell them what’s going on.” Sure enough, we overwhelmed their email in-boxes. They couldn’t accept the volume from our members. Ours is the most effective legislative operation down there (in Annapolis) if we can match the districts like that and execute that kind of grassroots effort.

BS: Interestingly, sales taxes on services was the last piece of key legislation we were working on before the COVID-19 crisis hit, and now we’re starting to hear rumblings that we may have to deal with that again next year because of this crisis. Can you explain what’s going on there? TH: Comptroller (Peter) Franchot had projected a $2.8 billion deficit in Maryland for fiscal 2020 due to the coronavirus. They’ve adjusted that down to a mere $1.1 billion, but it’s as bad or worse than the Great Recession of ‘08, which was the last time they had a huge, overwhelming deficit from a reduction in tax revenue. It’s going to be $1.1 billion or more, depending on how long this lockdown continues, so they’re going to have to raise taxes, and they’re going to be looking in all the usual places — gross receipts tax, sales tax on services, a rise in income tax rates probably for corporates. That’s what we’re expecting in that area. But here’s one I’m really worried about: Pre-COVID, there was a move around the country to eliminate state licensing boards — not just of boards of accountancy, but any licensing. The idea is to effectively give people choice in their jobs and take away “unnecessary” regulation. In that notion, they started to say, “We don’t need tattoo parlors to be licensed. We don’t need cosmetologists to be licensed.” That slowly grew to include CPAs, engineers, even doctors. Imagine driving over the Chesapeake Bay Bridge and seeing a sign that says, “This bridge built by an engineer with a Yelp rating of 4.2.” No license, just a 4.2 Yelp rating. They literally were having that kind of conversation, because it would save all of the overhead in the Department of Labor, which has to administer these licenses. That hasn’t happened in Maryland. We have great relationships here, and that type of legislation hasn’t even come up in Maryland. But it came up in 19 other states, including Ohio — some big, progressive states. It scared us. Now, what’s going to happen in a post-COVID world? There’s going to be a huge appetite for reducing costs or increasing revenue. If you eliminate all those licensing boards, you reduce cost to the state. I’m afraid that’s going to rise in a really big way, and that could literally threaten our whole licensed profession. That would shut down the CPA highway. There would be no licenses for auditing. We’re already being proactive in this area. We’ve been talking to our Secretary of Labor, Tiffany Robinson. Nobody seems to have an appetite for it, but you never know what the legislature might dream up in this environment, especially if other states are doing it. BS: It seems like a lot of the most important work that associations do — this type of advocacy work — often goes unnoticed by much of the membership. Is that a source of frustration for you or is it just the cost of doing what we do? TH: I think there are two elements to it. This is work that most people don’t understand. Most CPAs hate legislative and political stuff. That’s a challenge. It’s also a benefit that non-members get until we can’t do it — you don’t have to be a member, and we’re still going to protect the CPA license in Maryland. But because of COVID, the MACPA has had to make reductions and cuts, and we’re not too far away from wondering when we would start reducing our services in that area because CPAs aren’t valuing it by paying dues for it. CONTINUED ON PAGE 18

SUMMER 2020

CONTINUED FROM PAGE 17

We do need more members. The old adage that there’s strength in numbers has never been more true. If we’re going to fight big things, we’re going to need every CPA in the boat with us, which then helps all of us. That’s number one. The other part is about selling the invisible part — the infrastructure. We have to make the invisible visible. That’s what we’re trying to do with our recent professional issues updates, CPA Day in Annapolis, our Swearing-In Ceremony for new CPAs. Those are big, visible pieces of our infrastructure and our strength as a profession, which is what politicians pay attention to. BS: It’s almost like paying dues is a type of insurance for association members. TH: Yes, because if you don’t join and participate, bad things can happen to you. One example is the story of the rental car industry. Fifteen years ago, the rental car industry consolidated as smaller local rental car companies merged into bigger national firms. The industry very quickly became big names like Hertz, Avis, and Budget, and they stopped supporting their state rental car associations. The minute they pulled out of those associations, 44 states enacted tax surcharges that you now see on your rental car invoice, effectively doubling the cost of an average car rental. That’s exactly what could happen to CPA firms if we don’t watch this carefully. We saw that happen when Maryland passed a tax on IT consulting services — an industry that did not have any state associations. It was subsequently repealed thanks to a coalition of Maryland business associations, including the MACPA. BS: The phrase “new normal” has been used so much lately that it’s almost become cliche, but it’s true: Some things have likely changed for good as a result of the pandemic. What does the future of our profession look like to you? TH: I think our relevancy is going to increase. In the post-COVID era, we’re going to see attempts to pass all kinds of new laws and regulations. For example, right now we’re trying to protect firms and companies from liability when they bring their workers back to the office. Trial lawyers are going to say, “Oh, Bill, you went back to work at the MACPA and you got sick. We’re going to sue the MACPA.” Whether they can prove you got it on the job or not, they’ll still sue. Employers will have to defend themselves against these frivolous lawsuits and that costs precious time and money. So we’ve petitioned our Maryland congressional delegation to enact liability protection for employers and businesses that follow the right federal and state protocols. We have also requested support from Gov. Hogan. The governor said he agrees with us, but we can’t do it until we have a new legislative session, so we’re going to look for bill sponsors and try to set that up for 2021. Con-

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gress has proposed that type of protection in the HEROES Act, and if that is enacted, we will have some protection. In our case, I think it’s three things that line up nicely with our mission: Connect, Protect, Achieve. First is the power of our community of CPAs. When the pandemic arrived, the MACPA acted quickly to mobilize our network and connect members to the breaking resources they needed to keep up with up-to-the-minute changes, from the CARES Act to reopening guidance. We accelerated this with Connect, our online platform for members. Second is Protect. This is where we shine the most, from defeating sales taxes on service to getting CPAs classified as essential workers and exempt from the shutdown order. Third is Achieve. CPAs have risen to the challenge, pivoting from tax and audit season to the frontlines of the financial crisis, showing up and getting businesses relief and helping them survive. I like to think we elevated and accelerated their ability to do that. Given the uncertainties as we approach the reopening stage and beyond, our work helps CPAs stay in front of the Hard Trends and be even more future-ready to help their clients and companies survive and thrive as they emerge from this pandemic. I think it’s a bright future from that standpoint, especially for associations like the MACPA who know how to do this. We’ve got the relationships and more than 120 years of experience passing these proactive laws, stopping bad legislation and maintaining our infrastructure for the future. Tom Hood is CEO and Bill Sheridan is chief communications officer of the Maryland Association of CPAs and the Business Learning Institute.

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DIVERSITY AND INCLUSION Together, we can make a difference: A 12-step plan to address racism and unconscious bias BY KIM BE RLY E L LIS O N- TAYLO R, CPA, CGMA Editor’s note: The following article was originally published by the Journal of Accountancy on June 9, 2020. It is reprinted with permission. Read the original article in its entirety at bit.ly/Inclusion_12Steps. Tragic, sad, and unbelievable are just a few of the words to describe COVID-19. Those words apply as well to the events involving Ahmaud Arbery, Breonna Taylor, Christian Cooper, and George Floyd. The events involving Black and African Americans have been hurtful, shocking, and polarizing. But here is where the similarities stop. With the COVID-19 pandemic, there is targeted funding, expected outcomes, and accountability, as well as the best and the brightest minds working together on treatment plans and a vaccine. With over 100,000 pandemic-related deaths in the United States and more expected, COVID-19 requires a basic understanding of the threat, consistent safety precautions, individual accountability, and new thinking about how we work and interact. We need similar resources and focus to address the consequences of systemic racism and unconscious bias. Instead, in the pre-pandemic environment, we noted more than a few cases of “changing direction” in diversity and inclusion with less funding, reduced headcount, and less organization-wide emphasis. Further, in many instances, diversity and inclusion was managed far below the top leadership, and its approach has been mostly risk-managementbased, with a focus on what “not to do” rather than how to achieve lasting change. Over the years, Black and African Americans were cautiously optimistic when the CEO said, “Inclusion is important.” However, if my mom was right and “love is as love does,” we needed more than words. We need specific plans with accountability with expected outcomes to address racism and unconscious bias. The pain pouring out over the past days is a consequence of an agony that permeates every aspect of our lives — writing a check in the grocery store and being asked for ID when no else is, being looked over for promotions, and or even having others cross the street to avoid you. The statements issued by business leaders have been beautiful and well written. But are they just words? In the Black and African American community, along with the guidance to “avoid the police,” “never leave the store without a receipt or bag, even for gum,” and “never walk with your hood up,” we have added another one: “Make sure you get it on video.”

Progress won’t be made overnight, but our resolve must be unwavering, whether it takes three weeks, three months, or three years. The frequency of tragic events has accelerated to a level we can no longer ignore, a point where sleeping at home in bed, visiting friends, taking an afternoon jog, going into your own home, or visiting a park to bird-watch are not safe. What’s different now is the cumulative effect of horrific videos showing multiple scenarios. These scenarios refute the “these are isolated incidents” reasoning. This is also why it is disheartening to see the distractions from the message we are working hard to get across. And while the destruction of property and violence are unacceptable on every level, we must maintain our focus on inclusion and not be swayed from the progress we want and need. What else is different? We have visible and public encouragement from our allies and champions. I am personally overwhelmed by the outpouring of support from our colleagues who always said, “Kimberly, I see you.” My photo gallery is a rich kaleidoscope of people from across the accounting profession. I have appreciated the interactions, the friendships, and the opportunity to give my colleagues a safe space to ask questions they wouldn’t be able to ask anyone else. I am now compelled to expand that safe space, to give a different view, and to help with progress. Now that we are talking about gaps in opportunity, access, and equity in the Black and African American community, the rest of the world is hearing what we have long known — there are systemic challenges in education, employment, health care, nutrition, business capital, prison sentences, etc. CONTINUED ON PAGE 22

SUMMER 2020

DIVERSITY AND INCLUSION CONTINUED FROM PAGE 21

We must work together to overcome these systemic challenges. Over the years, leaders and professionals across the accounting profession have come together to address economic, regulatory, pipeline, and advocacy challenges and initiatives. This gives me great confidence that we can make a difference in our own firms and businesses. Progress won’t be made overnight, but our resolve must be unwavering, whether it takes three weeks, three months, or three years.

back on candidate pools and interview panels that do not reflect the Inclusion initiative. Another way is to crowdsource new ideas from across the firm, as well as to seek referrals for high-performing talent — in this case for Black and African Americans.

Wondering where to start? Recognizing that firms and businesses are in different places, please consider these 12 steps for revamping or even starting inclusion initiatives:

6. Communicate the vision. It is important to bring everyone together on the initiative so it becomes a lived part of the mission, purpose, and values of the organization with accountability at the both individual and management levels. Start with the end in mind. Review the business case for diversity and inclusion. An example is from my Experience Inspiration session on “When Everyone Has a Seat at the Table.”

1. Acknowledge the challenges faced by the Black and African American community. An authentic voice is required, and that only happens if there is at least a basic understanding of the underlying hurt. Unless we are willing to suffer the discomfort of confronting our own belief systems, the changes will only last as long as an amazing, visionary leader is in place. Please note that just because you don’t use the “N” word, it doesn’t mean that you have not unconsciously discriminated with your actions or lack thereof. 2. Conduct a “listen and understand” town hall with ideas crowdsourced from team members across the organization. These are opportunities to hear from the Black and African American community and learn things that may have never been considered. Many of our colleagues are afraid of saying the wrong thing, but you should just speak from the heart. Put yourself in our shoes. How would you feel if it were you or your family? 3. Review the data. Assess the initiatives around recruitment, promotions, and overall retention of Black and African American team members. Ask tough questions, evaluate the legal department’s concerns, and determine actionable insights. It is true that there are many aspects of diversity, but right now we are talking about the Black and African American community. Where are you recruiting? What résumés are reviewed? What candidates are interviewed, and who interviews them? Please don’t get distracted by the diverse segments that are easier to show results. Gender is an area where we see focus and increasing improvement. However, those results are not evenly reflected for Black and African American women. One step further, are there Black and African American executive leaders? 4. Ask periodically for honest feedback on the culture of the organization, and communicate transparently about the results and action plan. More than words are needed. Team members and, in particular, Black and African Americans are asking for progress across the talent management life cycle. Inclusion and “the best and brightest” are not contradictory statements. Many organizations have at least one Black or African American team member, but this is not perceived as diversity. Firms must determine that they will recruit, develop, advance, and retain diverse individuals. One way to do this is by pushing

5. Establish appropriate funding that is aligned with outcomes expected. In the COVID-19 environment, funding of new initiatives is challenging, but please don’t let that stop you from doing what you can.

7. Encourage allies to join the affinity groups, and create new groups based on hobbies and interests. Both are needed to promote teamwork and a sense of belonging and improve retention. 8. Determine ways to promote individual and collective accountability for the inclusion culture and the organization’s core values. Making everyone responsible in performance evaluations is a great way to align the messaging with the day-to-day life. The chief diversity officers or human resources can’t be the only ones with the inclusion core values in their performance plans. 9. Journey-map the employee experience of various employees. Map their experience across the life cycle of hiring, pay, day-to-day work assignments, performance reviews, promotions, and leadership development. Where are there inconsistencies? Why? The results will highlight opportunities for training — for the individual team members as well as middle and executive management. 10. Conduct diversity and inclusion training. The training should go one level deeper than the “Sense of Belonging” or “Respect Everyone” training that may be in place. The training must include enhanced, real-life exit interview information and work scenarios. It is not surprising if many team members exit the current training thinking, “Who are those people that do those terrible things?” and do not realize the consequences of their own actions. Further, the training must be for everyone, similar to training on sexual harassment, insider trading, ethics, etc. Why? Because inconsistent training has already led to inconsistent results. 11. Review what additional support and training can be provided to middle managers based on various scenarios and exit interviews. Ask and evaluate if middle managers support and promote the inclusion initiative. Many Black and African Americans have reported a disconnect between what the CEO says and how middle management executes the message. STATEMENT

DIVERSITY AND INCLUSION 12. Move inclusive leadership to the main stage. If this area is a key strategic priority, it must be discussed, promoted, and reported in the general session with top leadership involvement. Breakout sessions are usually for optional topics. Further, Inclusive leadership must be demonstrated authentically across conference speakers, panelists, and the program. The 12 steps list underlying detail that must be customized to each firm or company. There are many other considerations that may make some of the things I listed challenging, including pipeline, size of firm, revenue, geography, specialization, etc. But we can all acknowledge, understand, and work with others for progress. Inclusive leadership is a business imperative that has implications for our customers, clients, and business partners as well. Even if you are in an area where you don’t know a single Black or African American person, you can still implement strategies. It is also true that you could do all of the steps above and still have challenges recruiting and retaining Black and African American employees, but there still is tremendous benefit to be gained. In a COVID-19 environment with significant economic impacts, we must implement a sensible and realistic plan that promotes progress — every step forward helps. When the camera is off, the social media furor has diminished, and if or when the next tragic event unfortunately happens, we must remain committed. With individual and collective understanding, inspiration, encouragement,

...We must implement a sensible and realistic plan that promotes progress — every step forward helps. lessons learned, and tone at both the top and the middle, our efforts will help those interactions at the workplace, the grocery store, the apartment building, the gym, and the park happen differently. We have come together on other initiatives and have made a great difference in promoting the public interest. It is time to use the lessons and best practices we learned to reduce and hopefully one day eliminate racism and unconscious bias. Together, I am sure that we can do it. Kimberly Ellison-Taylor, CPA, CGMA, is executive director, Finance Thought Leadership for Oracle. She is a former AICPA chairman, former chairman of the Association of International Certified Professional Accountants, and former chairman of the Maryland Association of CPAs. She is currently the vice chairman of the AICPA’s National Commission on Diversity and Inclusion.

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LEADING IN CRISIS The high risk of ‘wait and see’ Pandemic, elections amplify the importance of an anticipatory mindset B Y DA N I E L B URRU S Uncertainty does not give us the confidence to make bold moves. Instead, it forces us to hunker down and protect and defend the status quo. In a normal election year, many industries, including construction and manufacturing, historically slow way down. When you factor in the impact of the virus, all of this uncertainty will cause many companies to turn inward, to manage the crisis and slow down their movement on innovation as a way to be “safe,” and they will rely on being agile and reactive to combat what might happen to them as this crazy year unfolds.

If you look back just a few short months, we were at the dawn of a new year and a whole new decade with a strong stock market and strong growth forecasts. We also started the year with a high level of uncertainty, but as I have written about in the past, in uncertain times it is imperative to ask: What are we certain about? The most known of those certainties back in January 2020 was that in the United States, 2020 would be a presidential election year. Because it is an election year, historically we know that most companies will view this as a time to “wait and see” in terms of innovation. Organizations like to hold off on moving forward too quickly solely because of the political uncertainties that come along with an election. What if your candidate doesn’t win? There are so many possibilities and uncertainties that many companies and leaders see nothing but red flags in business.

when it has come to our mindsets, and that has created amazing levels of emotional uncertainty.

We also know that as we get closer to the election date, many political ads from both parties will be designed to create either fear or anger, which will in turn cause high emotions and distractions at home and at work. Even before this election year, the United States has been the Divided States

In other words, there has never been more uncertainty than there is today, and it has never been more important to become anticipatory, identifying the Hard Trends and disruptions before they happen and pre-solving predictable problems before they spread.

THE GREAT UNCERTAINTY OF COVID-19 Today, we have a global pandemic that’s teaching us all a lesson in exponential growth, with the virus doubling every three days when left to spread. All countries found out the hard way that reacting quickly, no matter how agile they were, was not good enough as they went into crisis mode and were forced to lock down to stop the spread.

This strategy of playing it safe couldn’t be more wrong. You should not rest on your laurels and “wait and see” what 2020 has to offer because technology-driven exponential change and digital disruption will not slow down during an election year. They will continue to speed up. As we lock down, work remotely, and do our best to keep our families, our employees, and our customers healthy and safe, we need to realize that everyone is hurting. Therefore, there are enormous new ways to make a bigger difference, and at the same time grow your business more than ever before. While others are in a “wait and see” mode, you can discover new ways to become indispensable by identifying the indisputable Hard Trends that will occur regardless of the pandemic or the election outcome, anticipating whatever change is headed your way, presolving any problems coming with that disruption, and transforming them into great opportunity. The pandemic gives us all an opportunity to shift from being a successful organization to becoming a significant organization that serves people and clients in amazing new ways. The difference makes all the difference.

CONTINUED ON PAGE 26

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LEADING IN CRISIS CONTINUED FROM PAGE 24

DISRUPTION DOESN’T ‘WAIT AND SEE’ The impact of the pandemic will continue to disrupt our lives and businesses until we contain it and develop a vaccine. There will be no vaccine for digital disruption. It will continue to increase at an exponential rate, impacting every industry it touches throughout 2020 and beyond. A reactionary agile strategy will not serve you well this year while anticipatory leaders and their organizations are busy creating new ways to serve their people and customers. For the rest of this article, I’ll focus on the anticipatory opportunities found in digital disruption, because that type of disruption will last far longer than the pandemic. Regarding digital disruption: Anticipatory leaders know that it is a Hard Trend, or future certainty, that contextually aware devices built around the Internet of Everything will continue to grow at an exponential rate, along with other prominent digital disruptions. This is why these anticipatory leaders and organizations do not “wait and see” for fear of pandemic uncertainty or unknown election results. Regardless of who is elected president, exponential change and digital disruption will escalate. Disruptions and game-changing hardware and software have no political agenda and will not wait for the election results to make themselves appear. Are you and your organization going to “wait and see” like many of the masses, or will you continue to say “yes” to elevating your innovation game and growing your personal and organizational impact exponentially? GOING OPPOSITE The first way to continue to anticipate and better become a positive disruptor instead of becoming one of the disrupted is to go opposite. Going opposite is always a better option for your organization’s growth. When everyone goes one way, anticipatory leaders go the other and take the road less traveled. In the case of the election, after everyone first goes the way of “waiting and seeing” what happens, they all will naturally need to react quickly after the results. Doesn’t

that sound like a lot of stress and work, and a little more uncertain in the long run, especially when we have future certainties in our hands, such as the constant rise of software and hardware improving and impacting the Internet of Everything? Anticipatory individuals know that this is the year when it’s much easier to grab a competitive advantage due to the fact that most are sitting on their hands and will have so much wasted time to make up for once the November election results roll around. Anticipatory leaders are looking to do the opposite in 2020 and, more importantly, looking to do much more with their year. They will double down on redefining and reinventing their products, services, and customer experiences before someone else does, disrupting you instead of allowing you to be the disruptor. REALIGN FOCUS AND BECOME POSITIVE DISRUPTORS Another big reason why so many organizations and individuals “wait and see” instead of anticipating and becoming positive disruptors during an election year is because they lack focus or focus on the wrong things. I’m sure everyone reading this in the United States can attest to the fact that we all get bombarded with divisive, degrading, and ultimately distracting political TV ads throughout the year. These ads — in addition to social networks like Facebook that allow politicians to post and share whatever they desire, be it fact or fiction — leave us divided rather than united and ultimately distracted from our strategic focus. In turn, this divisiveness could also greatly hurt our ability to communicate and collaborate with colleagues and allies. I challenge you and your organization to disallow yourself from getting sucked into political attack ads emotionally if you wish to reap the rewards of taking positive action in this election year. Don’t just increase your focus, but to do so by being a positive disruptor. Becoming a positive disruptor is doing something that needs to happen, as everything can either be improved dramatically or has facets to it that need dramatic improvement. Often,

an election year can be the perfect time to more easily anticipate and see where positive disruption can occur, as an election year is generally when more of the country feels negative or uncertain about the future. Because Hard Trends will always be at play, a positive disruption has the power to reunite many and help humankind move forward in a positive way. THE COST OF ‘NO’ IN 2020 Another crucial concept for companies thinking of playing the “wait and see” game during the election year is the cost of the “no.” Saying “no” to the time and money needed for innovations has always been easier than saying “yes,” because in the past, “no” didn’t have a cost associated with it. It costs nothing to turn good ideas down, to turn down expensive innovation, and to avoid any kind of so-called “dangerous financial risk.” Likewise, saying “yes” to innovation will take time and money. An employee at a manufacturing firm may have an idea of how to implement augmented reality on the manufacturing floor to increase productivity and jump ahead of the competition. The idea will cost something to develop and implement, whereas saying “no” will quickly eliminate all costs and time spent. Your average financial executive would sooner say “no” and save the money for something else — most likely a low-risk incremental improvement. However, a positive disruptor who says “yes” to a game-changing innovation based on a Hard Trend (or future fact) will drive low-risk innovation and win. Anticipatory leaders do the opposite of taking a “wait and see” approach during an election year by increasing their focus on using Hard Trends to drive innovation and positive disruptions, because they know those innovations will happen, either by them or by someone else. The important question to ask yourself and your organization is this: What’s the cost of waiting this year? Better yet, ask this question: What is the cost of saying “no” when you know that positive disruptors are saying yes? Consider what happens if you say “no.” Are you risking more by playing it safe in a time of exponential, transformational STATEMENT

LEADING IN CRISIS Becoming a positive disruptor is doing something that needs to happen, as everything can either be improved dramatically or has facets to it that need dramatic improvement. change? Yes, you are! Your customers and the entire world are changing, no matter who is elected president this year. Are you changing as fast as they are, or will they pass you up? Additionally, what’s the cost of losing market share to anticipatory leaders? Truth be told, depending on the level of digital disruption created, that cost could be your entire business. STARTING FRESH IN 2020 … AND BEYOND So where do you start? This is a new year, a new decade, and an election year, and we have a global pandemic. It is quite uncertain. However, strategy based on certainty has low risk and high reward, so to make it more certain, start by identifying Hard Trends

and certainties you know will happen. Remember that trends by themselves do not have power until you attach them to an opportunity. Continue to pay attention to Hard Trends and related opportunities in order to see disruption before you get disrupted, and use those opportunities to become a positive disruptor. Most important, and unique to this year, do not “wait and see!” Go opposite, keep focusing on creating the positive disruptions that need to happen, and understand the cost of saying “no.” If you continue to innovate and disrupt, you will utilize this transformative new year in a profound way and likely set your organization ahead much further than you ever thought it could be.

There has never been more uncertainty than there is today, and it has never been more important to become an anticipatory leader, identifying disruption before it happens and pre-solving predictable problems before they spread. In this time of unprecedented uncertainty, it has never been more important to actively shape your future by becoming an anticipatory leader. Daniel Burrus is one of the world’s leading futurist speakers on global trends and disruptive innovation. The New York Times has referred to him as one of the top three business gurus in highest demand as a speaker.

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LEADING IN CRISIS The ABCs of leadership in crisis B Y E MM A NU E L GOBILLOT to C and back to B, and you certainly will need to go around all three multiple times as circumstances change. Crisis leadership is about decisiveness and consistency, but it is also about adaptation. Danger comes from doggedly sticking to failed tactics in the face of changing circumstances. A IS FOR ‘APPRECIATE WHERE PEOPLE ARE AT’ The reason I use CHARISMA as a mnemonic is that no one is born with charisma. It is a gift your followers look for and bestow upon you, especially in times of crisis if you manage to create the necessary conditions for them to release their discretionary effort. This is why we need to start with appreciating where our followers are at. Nothing can be achieved without an understanding of their needs and wants, as well as hopes — where are they now and where will you take them. This requires two key elements — compassion to understand and hope to drive forward momentum. Leadership: To create the conditions that ensure the positive engagement of others with a goal. Crisis: From the Greek for “decision,” crises are times of intense shock responses to conditions that will define your ability to survive. However experienced you are at leadership, crises — whether local or global, big or small — are difficult as they completely redefine the climate you operate under. They are tests to your ability to remain steady and decisive. The default position in crisis is one of control (the more out of control we feel, the more we want to regain it), when in fact the only way to get through a crisis is to ensure the steady flow of information from all parts of the system to ensure decisions are made with full information. This means that rather than control, success can only come from redoubling your efforts to gather discretionary effort (i.e. positive engagement) rather than simply gaining compliance (i.e. simply follow orders). The balancing act between necessary compliance and needed engagement is difficult to achieve, which is why I have come to rely on the three core principles and eight tactical interventions below. It is also important to remember that, as human beings, leaders are not immune to the impact of crisis on their own psyches. For this reason, at the top of this piece I should reiterate the ancient proverb “physician, heal thyself.” To be effective as you implement interventions, you will first need to redouble your efforts at selfawareness and self-management, as well as to ensure self-care. The ABC model tells you the principles you need to apply while the mnemonic CHARISMA gives you clues as to the tactics to use for each area. Remember, though, that while the presentation of the model might be linear, its application isn’t. You may need to go from A

1. Compassion Compassion is different from empathy and sympathy. It is active rather than reflective. Knowing how people feel is insufficient, and feeling as they do is counterproductive. Compassion is about followers feeling that you “get them.” You are neither detached nor aloof. As followers, we do not want you to be “one of us,” we need you to be “a better, and hopefully the best, version of us.” Having compassion is about listening and thinking. Listen to the unsaid as well as what is being said. Listen to the mood music rather than just the notes. Think deeply about what this means for the actions you will take and how you will articulate these. Proximity to your followers is key at a time when the demands on your time and the need to isolate yourself in meetings with experts will be unprecedented. Your aim is not to be liked; it is to have your leadership respected. Being liked means refusing to make the tough calls. Compassion is about making the decisions that matter to make people stronger and more capable, rather than happy. That being said, remember that compassion can also be as simple as saying, “Thank you.” 2. Hope Hope is not blind optimism. It is about a shared goal plus the will and the way to achieve it. Giving hope is, therefore, about knowing the goal to articulate, sharing insights on the actions taken, and demonstrating the willingness to take them. Followers want to know their leader is willing and ready to lead them to a better place. Achieving this can be as simple as being present and available. Call around to support, make yourself available to listen, and reiterate your willingness to help, as well as your call to action (see B). As the crisis unfolds, followers look for steadfastness of goals rather than action. If you must change the goal, rely on your compassion and B to ensure the new one is understood and shared. CONTINUED ON PAGE 30

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SUMMER 2020

LEADING IN CRISIS CONTINUED FROM PAGE 28

Compassion and hope do not equate to doing whatever your followers think they might need. It is why I reminded you at the start about the etymology of crisis. You have to make decisions. Being decisive is the essence of leadership in crisis. You will ask questions and get multiple answers. Every expert will have a valid perspective, but one rooted in their specific area. As a leader, your role is to take these multiple perspectives (be they economic, medical, operational, etc.) to shape a strategy. The leadership act of engagement, however, is to ensure this strategy is seen by followers in light of their fears and goals. You cannot look up to your followers for answers or look down on them because of their lack of appreciation of complexities that you alone see because of your greater access to information. There is no right or wrong emotional reaction to a crisis. To understand others’ perspectives, you must look forward with them and articulate the goal in a way that resonates within their context. B IS FOR ‘BROADCAST TO THEM’ Words are critical tools of leadership. In crisis, communication is key. Often people think there is no such thing as too much communication in crisis. That’s not true. But there can never be too much of the right kind of communication. Communicating helps mobilize, but only if done right. Done wrong, it amplifies the crisis. To create the right broadcast (i.e. one that amplifies the right message and helps others know what to do when you are not in the room), use the following four tactics. 3. Accurate The more uncertain the environment is, the more certainty people crave. The more fearful they are, the more reassurance they seek. In this context (and given the hope we seek to provide), it would be expedient to say whatever we believe people need to hear. This is a mistake, as it would diminish your credibility as events unfold. Statements made need to be accurate. This is not always easy, as the advice you get may be contradictory. There are two solutions to this which need to be used in conjunction with each other. Explain the contradictions and the nature of the decision you have made in the face of these. Clearly describe your intent. You may (and probably will) make mistakes, but you will be judged on your intent that you will and your ability to maintain a consistent message on the goal. 4. Rhetoric Aristotle’s rhetorical modes of persuasion are even more important in times of crisis. • Ethos: The appeal through authority will reinforce your message. Use the experts around you. Expertise provides reassurance. • Pathos: The appeal to emotions is key here. Use your findings in A to reinforce an emotional message. Fear is an emotion which facts won’t kill. Stories, analogies, and pictures are the only ways to address emotions. In crisis, allegories work. • Logos: Appealing through logic reinforces your authority. Use facts and figures and ensure they are accurate. Be mindful that

they will change, though, and will therefore always need to be adjusted so as not to derail your efforts over time. Finally, the lesser-quoted Kayros element is particularly important in crisis. Kayros is about the time and place you use to persuade. Use formal settings for formal addresses and messages (a podium, office, or whatever in your environment signals formality). Use formal communication channels to convey importance and social ones to convey proximity. Vary the channels, but keep the message consistent. Kayros is also about frequency. Frequent contact matters but should not be overwhelming. The preference should be to keep a consistent frequency. Think of it as the tempo of communication. Rhetoric is your main weapon against fear to promote discretionary effort. 5. Integrity Integrity here simply refers to the alignment of thoughts, words, and deeds. As a leader, you will have to make choices and, at times, you may well feel that full disclosure is likely to create more issues than it solves. It is fine to filter news, but lying by intent or omission in answer to questions from followers is likely to damage your ability to release their discretionary effort in the long run. This means you have to make choices carefully about your words in the full knowledge that people have an amazing ability to detect falsehoods. Do not ask others to do things you will not do yourself or make sacrifices you are not prepared to make yourself. This will only damage your message, unless you acknowledge you are not doing them and explain the necessary reasons why. This alignment will ensure you create resonance by avoiding any hint of incongruence that will, in turn, only provide followers an opportunity to question the validity of your message. 6. Simplicity Simple is not the same as simplistic. In crisis, things are complex. Crises are defined as such primarily because they are systemic. Recognizing this is key to solving them. For this reason, it would be counterproductive to oversimplify. Making things simplistic is reducing the number of parts below the minimum required to understand the issue. It is over-subtraction. Making things simple rather than simplistic is subtracting the unnecessary and superficial and making the rest coherent. In your communication, you do not have to explain every part, but you do have to make sure people understand the whole. Take all the parts that go into your decision-making and build a story that helps others understand. The key is to ensure your communication goes right to the heart of what is important. It is to ensure the navigation of the problem is intuitive. There will be a lot of information coming your followers’ way, so make sure your message sticks and spreads by making it memorable and easily repeatable. Before you communicate, think about what you want others to think, feel, say, and do as a result of your intervention and this around these insights. CONTINUED ON PAGE 32

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Broadcasting is about making sure your voice is louder than the anxiety the crisis creates, but remember the old adage: Actions speak louder than words. This is where the third principle comes into play. C IS FOR ‘CREATE THE FUTURE TOGETHER’ If appreciating where people are and broadcasting to them is about enabling you to engage them in the release of their discretionary effort, creating the future is about ensuring that the release of their effort is sustainable and sustained throughout the crisis resolution. 7. Milestones / measures / markers There are two timing issues in the mind of anyone in a crisis: (1) When will this be over, and (2) Are we making progress toward resolution? The more the former is difficult to answer beyond an approximation, the more important the latter becomes. Unlike previous tactical elements, I have used three words to describe this one, the choice of which will depend on the crisis you face. If your crisis is timed and bounded (i.e. you know what to do to get over it with an element of certainty as to the solutions’ efficacy), then describing a sequence of milestones will help you describe the road ahead. When faced with a crisis in which remedies can be identified but their efficacies over time are harder to predict, then describing a sequence of measures to be taken is the best way to ensure followers regain a feeling of control over events. In a systemic crisis when remedies are multiple, their efficacies unknown, and their adoption likely to be fluid, you should aim to identify markers of progress. In his famous “I Have A Dream” speech, Martin Luther King Jr. outlined each of the above, but in particular he specified some powerful markers “that my children will one day ...”, “that one day in Alabama ...” Taking elements of a crisis and outlining their reversal not only reinforces the goal that is the source of hope, but enables progress to be tracked.

Symbols matter more than ever, so think about the symbolic actions you can take to encourage (i.e. literally give courage, in this context) your followers. Your actions will speak louder than you, which is why you will have to speak twice as often and twice as loud than usual. 32

8. Actions In this context, actions don’t refer so much to what generally needs to be done (this is an operational rather than a leadership imperative), but rather what you, as a leader, will do to set the example. A leader is always watched. This is both a curse and a gift. It’s a curse insofar as you are always under a microscope and the smallest misstep is amplified. But it is also a gift since the smallest thing you purposely change can have large repercussions on the habits and behavior of the system. In a crisis, you must become even more aware of the impression your actions will leave on others. Symbols matter more than ever, so think about the symbolic actions you can take to encourage (i.e. literally give courage, in this context) your followers. Your actions will speak louder than you, which is why you will have to speak twice as often and twice as loud than usual. Again, remember that this model is neither linear nor cyclical. Life is messy, and so is leadership in crisis. But by ensuring each of the above elements is taken into account through your leadership, you will gain the discretionary effort of your followers so necessary for success. Finally, in my experience, it can be hard for leaders in tough times to find an avenue to express their fears and doubts, or simply to ask questions, as they do not want to portray what they see as weaknesses or do anything which might instill doubt in their followers. For these reasons, as usual my email (emmanuel@emmanuelgobillot.com) is open should you ever want to reach out. Given current recommended advice about social distancing, I am at home, so I am able to answer quickly and can easily jump on a call, so please, if there is anything at all I can do to support you — even if it’s just listening — don’t hesitate to contact me. I am here for you. Emmanuel Gobillot is the founder of Emmanuel Gobillot Limited, a boutique consultancy dedicated to leadership and organizational development services. He is the author of a number of business books, including The Connected Leader, Leadershift, and Follow The Leader.

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FINANCIAL PLANNING The SECURE Act: What accountants need to know for clients starting a family or contemplating a separation or divorce B Y F E R R I E R R . STILLM A N , E SQ . , AND K ERIANNE P. KEMMERZELL, ES Q . BENEFICIARIES MUST TAKE WITHDRAWALS WITHIN 10 YEARS The SECURE Act changes the withdrawal requirements for beneficiaries who have inherited retirement assets from owners who pass (or passed) away on or after Jan. 1, 2020. Previously, an individual who inherited a retirement account could stretch out withdrawals over the term of his or her own life. The change in law now requires a beneficiary to withdraw the full amount of those inherited retirement funds within 10 years of the death of the original owner. However, there are exceptions for surviving spouses, minor children, disabled or chronically ill beneficiaries, or beneficiaries who are fewer than 10 years younger than the deceased owner. This change could influence how clients negotiate prenuptial, postnuptial, and marital settlement agreements, how they do their own estate planning, and / or how they make financial decisions upon inheriting retirement accounts.

The Setting Every Community Up for Retirement Enhancement (or SECURE) Act became law on Jan. 1, 2020. This legislation changed a variety of retirement and investment account rules, giving individuals and families flexibility in preparing for the future. Whether you are helping a client plan to start a family, or to contemplate separating from or divorcing a spouse, you should advise your clients of these important changes to the law. AGE LIMIT FOR TRADITIONAL IRA CONTRIBUTIONS REMOVED The SECURE Act removed the age limit for traditional IRA contributions. Working individuals who contributed to a traditional IRA account were only able to make such contributions until age 70½. The SECURE Act now allows an individual to continue contributing to a traditional IRA, so long as he or she is still working. It may bring relief to clients who lose part of their retirement assets as the result of a divorce to know that such contributions do not need to stop at age 70½.

PENALTY-FREE WITHDRAWALS FOR NEW PARENTS The SECURE Act allows new parents to take penalty-free withdrawals from a retirement account to defray the costs of having or adopting a child, so long as the withdrawal is taken within one year of a child’s birth or adoption. Typically, if an individual takes a withdrawal from a retirement account before age 59½, that amount is subject to income tax and an additional 10 percent tax penalty. The IRS already allows certain exceptions to this rule. However, the SECURE Act added an additional exception, permitting penaltyfree withdrawals from an IRA or 401(k) account of $5,000 per child if taken within one year after the birth or adoption of a child. An individual will not pay the tax penalty for withdrawing the funds and may avoid paying income tax if the funds are repaid into the account by way of a rollover contribution. Clients may want to consider this option when planning for the costs associated with the adoption or birth of a child. The need to replenish the funds could be an issue for negotiation in divorce case. PERMITTED USE OF 529 ACCOUNTS EXPANDED The SECURE Act allows the use of 529 accounts to contribute toward qualified student loan repayments, not just college costs when they are incurred. It allows an individual to withdraw, taxfree, up to $10,000 to pay qualified student loan repayments. The $10,000 withdrawal is an aggregate lifetime limit per person. Additionally, the funds may be used for the beneficiary and for each of the beneficiary’s siblings. An important caveat to consider is that not all states may allow the student loan benefit to be taxfree at the state level. CONTINUED ON PAGE 36

SUMMER 2020

FINANCIAL PLANNING CONTINUED FROM PAGE 35

Although Maryland law does not require parents to pay college costs, sometimes the parties agree to do that as part of the settlement of their divorce case. Flexibility to use such 529 accounts is a good option for parents who are planning for the education of a child, or who may have funds remaining in an educational savings account, and want to contribute toward accumulated student loans for a child that has already graduated. Divorcing clients may want to consider this option when negotiating over payment of a college education for their children. The more flexibility the law allows, the more options divorcing spouses have to creatively fashion an agreement that will prevent litigation. This article is for informational purposes only and does not constitute legal, financial, or tax advice. Ferrier Stillman represents clients in complex family law cases throughout Maryland, including valuations of businesses, professional practices and retirement plans, other aspects of property division, custody disputes, and alimony and child support. Kerianne Kemmerzell is an associate in Tydings & Rosenberg’s family law group and litigation department. In her family law practice, she performs a wide range of counseling and litigation services, including those related to all aspects of divorce, custody, adoptions and guardianships.

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HIGH-TECH SOLUTIONS Back to work, but maybe not at the office B Y L . G A RY B O OM E R I remember a book titled Work Sucks: And How to Fix It, written by Cali Kessler and Jody Thomson back in 2008. They correctly defined work as what you do and not where you go. They were employed by Best Buy and started the virtual work movement. For the past 12 years, we have had significant technological advancements that have improved productivity and the work experience. The pandemic finally brought a sense of reality, urgency and acceleration to the virtual workforce. Today we hear from those who believe working from home increases productivity while reducing commute times and expenses. They want to continue working from home for a variety of reasons. At the same time, some can’t wait to get back to the office and the structure because working from home isn’t for them. Both are right, and firms need to envision a business model that leverages both types of workers as they plan for the future. The market will determine the economic differences. This change alone will impact office size and design. It will also increase the importance of technology, including different applications, to work in a virtual rather than a physical world. Home offices are being redesigned with security and privacy in mind. Many people just weren’t prepared to work from home, while others were already prepared. For a few weeks, it was difficult to purchase microphones, monitors, and vanity lights while people were upgrading their home offices and adjusting to Zoom or Teams. Some employees found they have better bandwidth at home than in the office, while others needed to upgrade their bandwidth. A new trend is a bandwidth stipend for those working from home. Question: Why didn’t firms use Zoom and Microsoft Teams before the pandemic?

Why didn’t they upgrade their communications capabilities? Some firms and small businesses are using 20-year-old phone systems. It’s the same reason why they didn’t use document management and workflow in the early 2000s. They were resistant to change and held back by personal preferences and paper. Today, you must be digital and in the cloud just to survive. Enough of the past. Let’s get back to work … but not necessarily back to the office. Here are 10 steps to get you there that will assist in sustaining success and improve your future-readiness. 1. Develop a pivot plan or roadmap. This should include a vision for today, 90 days, and one year. This may sound simple, but it’s critical to your future. Now is the time to focus on priorities and allocate resources accordingly. 2. Ensure the safety and health of employees and clients. Safety and health must be part of your messaging and value proposition.

3. Create value and trust. It is important to create value than it capture value at the current time. new opportunities have already identified.

more is to Many been

4. Revive and create demand. The tendency in crisis is to isolate and worry rather than converse with peers and clients. Client conversations will present new opportunities and demand for your services. Focus on your best clients rather than trying to save all clients. This is a difficult concept for many technical minds to accept. 5. Reboot physical and virtual operations. The physical reboot is painful for firms in high-rise office buildings and relatively easy for firms in stand-alone or smaller office buildings. 6. Explore the subscription business model. This will help reduce risk and improve cash flow. Packaging and pricing of multiple services will add value to your clients and improve cash flow for the firm. The subscription model works in today’s economy.

CONTINUED ON PAGE 40

SUMMER 2020

HIGH-TECH SOLUTIONS CONTINUED FROM PAGE 39

7. Evaluate IT and shift to restart mode. The cloud is mandatory. You may need to reprioritize your IT roadmap and budget. 8. Leverage opportunities created through crisis and reinvest. Many of these opportunities will require management skills and vision. Help your clients define and shape their future. This is an excellent opportunity for those who are more experienced and have technology skills. 9. Upskill your workforce. Now is a great time to learn. Define your requirements before hiring more accounting skills. Your greatest needs may be in project management, data analytics, technology, marketing and business development. 10. Evaluate within 90 days. A great plan requires accountability, and we are in a very fluid and dynamic situation. Technical skills and silos within a firm may be the biggest challenges because many specialists focus on solving technical issues rather than looking at a holistic approach. Considering what is best for the client and how you can add value is the necessary mindset to survive and even thrive from a crisis. Technical skills and working more hours are not the solution to this crisis. The crisis has left many hopeless and without a clear future. Your greatest value as a trusted business advisor is to assist clients in developing their vision and future. This requires conversations, thinking and tough decisions. It is often easier to start with the knowns and then predict the impact of some of the unknowns. Many call these hard and soft trends. Here are some of the hard trends. • The technology worked, and people can be productive from locations outside of the physical office. • Mindsets are often more important than skills and tools. (Winning: I am going to figure out how to make this work, rather than ... Losing: I am going to figure out why this won’t work.) • The cloud provides advantages over those who are still in the physical world with legacy technology.

The who is more important than the how. By that, I mean small businesses should focus on who can get it done rather than how. The whos know how or where to find the necessary resources. • The convergence of multiple technologies will continue to automate processes and improve the integrity of data. • Physical offices will need to be redesigned and, in some cases, repurposed. • The cloud provides improved access to resources and potential buyers. • Local currently has more loyalty. • Value is created from relationships, leadership and creativity. • Triage may be required (for both clients and employees). • Digital transformation has accelerated by at least two years. • Re-think IT projects and spending. • Working capital and cash flow will be critical.

require execution. The who is more important than the how. By that, I mean small businesses should focus on who can get it done rather than how. The whos know how or where to find the necessary resources. Now may be the time to source, especially in those areas such as project management, data analytics, process automation, process improvement, marketing and sales. The alternative to sourcing is upskilling.

While these hard trends can guide you in your vision, strategy, and tactics, they still

L. Gary Boomer is visionary and strategist for Boomer Consulting.

Now is a good time to learn, and people are finding new learning resources. Most small businesses will do a combination of sourcing and upskilling. Firms should do the same. The key is to be able to change and learn faster than the competition. Think. Plan. Grow.

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Government Contractors CONFERENCE

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September 17, 2020 The Government Contractors Conference is designed to help CPAs understand issues related to their government contractor clients and manage said engagements. The Conference is unique in that it addresses current issues affecting government contracts so CPAs in industry can add strategic value to their organizations.

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Download the Free eBook: The Future of Accounting Technology

Preparing for Artificial Intelligence (AI) and Machine Learning There's a new competitive battleground in public accounting: technology. And itâ&#x20AC;&#x2122;s not the ordinary tools and software that accountants have depended on for decades. Your ability to compete and win the best clients going forward will depend on how well your firm adapts to artificial intelligence (AI), and machine learning. Is your firm prepared? Or is it living in the past (holding on for dear life to its adding machine tapes and green ledger pads)?

Learn how to: Hire and retain more satisfied employees (pages 2-4) Build an unrivaled team (pages 5-7) Create happier clients (pages 8-10) Build a superior service offering (pages 11-14) Select practical technology (pages 15-17) Address challenges for continued success (pages 18-20) Survive and thrive in an automated world (pages 21-23) And much more!

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FROM OUR PARTNERS How accounting firms can stay competitive in an automated world B Y A L E X A NDE R HA G E RU P However, like the CEO of Blockbuster, many leaders in the industry refuse to acknowledge or act upon the change. Just as quickly, they will become extinct. How can your accounting firm remain relevant in an automated world? TECH-FOCUSED ACCOUNTING FIRMS Particularly with COVID-19, the trend of employees working remotely and working from home has exploded. Many accounting firms will become almost entirely tech-based — or techbased services will be created that look nothing like traditional accounting firms. Those who arrive at that destination first will be able to sharply drive down the costs of delivering core services, with a much faster response time. Accounting firms that do not begin investing in accounting technology will struggle to attract new clients and retain existing ones. Think of the thousands of mom-and-pop retailers and e-commerce websites driven out of business by Amazon’s lower prices and faster delivery. A similar extinction-level event is already happening in the accounting industry. “Neither Redbox nor Netflix are even on our radar screen in terms of competition,” said Blockbuster CEO Jim Keyes in 2008. Blockbuster eventually moved into digital streaming video, but it was too little, too late. Two years later, the company was defunct. Netflix and Redbox had eaten it alive. Your public accounting firm likely strives to be one of the best places to work in the region. It constantly tries to raise the bar, allowing you and your colleagues to provide exceptional service to your clients. In that pursuit, your firm must assemble a highly qualified and motivated team. In addition, your firm needs to stand out in a field of largely indistinguishable competitors. The war to remain competitive in public accounting is rapidly shifting to a new battleground: technology. Your firm’s ability to recruit top talent and win the best clients going forward will depend on how well it adapts to artificial intelligence and machine learning. The shift is happening much faster and on a much greater scale than many realize. A.I. and machine learning will have an even bigger impact than the introduction of personal computers and Lotus 1-2-3 did more than 30 years ago. And as COVID-19 is forcing many accounting firms to automate their workflows, stepping up your client services game can happen only if you improve your productivity, efficiency, and remote accounting process. SUMMER 2020

A SUPERIOR WORK ENVIRONMENT The next generation of workers has shifting priorities and expectations when looking for a job. The amount of job satisfaction, and how much they will be able to develop themselves in the workplace, is placed in high regard. Newly educated accountants recognize that they must build their careers at companies that are at the forefront of technological innovation. Since A.I. takes monotonous tasks off of workers’ schedules, they have time to perform work that helps them develop professionally. VALUE-ADDED SERVICE The best accounting firms keep innovating new ways to help clients, continually raising the standard for all other firms. The industry as a whole is being forced to find a way to move away from reactive, repetitive tasks billed on an hourly basis and toward consulting. Firms who face labor constraints, whether due to COVID-19 or otherwise, can leverage A.I. technology to reduce or eliminate workflow bottlenecks that keep them from adding value to their clients’ companies. A.I. scales much more gracefully than HR.

CONTINUED ON PAGE 44

FROM OUR PARTNERS CONTINUED FROM PAGE 43

PROVIDE BETTER ADVICE POWERED BY A.I. Google uses A.I. to deliver perfectly relevant search results to you. Netflix uses A.I. to know exactly which movie to recommend to keep you binge-watching. Facebook’s A.I. knows which news stories to show — and in what order — to keep you scrolling endlessly through your news feed. A.I. can do the same thing for accountants, coming up with relevant suggestions and courses of action for how clients should operate their businesses. As A.I. increasingly understands what is going on from a financial perspective, the way accountants provide advice to clients will change. In the future, accountants will take a collection of A.I. suggestions, briefly pare it down to the best advice, then present that to clients. MAINTAIN TRUSTED ADVISOR RELATIONSHIPS In the face of artificial intelligence performing accounting work, there will always remain a demand for trusted advisor relationships with clients. To continue to focus on advisor relationships, accounting firms need to set aside the time and staff to nurture those relationships. Technology and A.I. allow accountants to focus on business and not on tasks, advise their clients, and provide a broader set of services. And with these new accounting superpowers, your clients’ businesses can run better, grow faster, and become more profitable.

As A.I. increasingly understands what is going on from a financial perspective, the way accountants provide advice to clients will change. In the future, accountants will take a collection of A.I. suggestions, briefly pare it down to the best advice, then present that to clients. To learn more about how A.I. can keep your accounting firm relevant, download our ebook, The Future of Accounting Technology: Preparing for Artificial Intelligence (AI) and Machine Learning. The book is available at bit.ly/vicai_book. Alexander Hagerup is co-founder and CEO of Vic.ai, a strategic partner of the MACPA.

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Aon Insurance Services is the brand name for the brokerage and program administration operations of Affinity Insurance Services, Inc., a licensed producer in all states (TX 13695); (AR 100106022); in CA & MN, AIS Affinity Insurance Agency, Inc. (CA 0795465); in OK, AIS Affinity Insurance Services Inc.; in CA, Aon Affinity Insurance Services, Inc., (CA 0G94493), Aon Direct Insurance Administrators and Berkely Insurance Agency and in NY, AIS Affinity Insurance Agency. One or more of the CNA companies provide the products and/or services described. The information is intended to present a general overview for illustrative purposes only. It is not intended to constitute a binding contract. Please remember that only the relevant insurance policy can provide the actual terms, coverages, amounts, conditions and exclusions for an insured. All products and services may not be available in all states and may be subject to change without notice. “CNA” is a registered trademark of CNA Financial Corporation. Certain CNA Financial Corporation subsidiaries use the “CNA” trademark in connection with insurance underwriting and claims activities. Copyright © 2020 CNA. All rights reserved. E-13933-420 MD

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FROM OUR PARTNERS Karbon partnership delivers Intuit Practice Management to tax professionals F RO M T H E I N TU IT A CCOU N TA N TS T EAM With Intuit® Practice Management powered by Karbon, tax professionals can continue accelerating software capabilities by seamlessly navigating to Intuit ProConnect™ Tax Online and Lacerte® to confidently scope work, automate data collection, scale client onboarding, anticipate bottlenecks, and automate recurring work. Karbon, a practice management solution and advanced work and communications platform, enables a collaborative place for accounting firms and professional services to manage workflows, communicate with teams, and deliver exceptional client work in today’s digital workplace. “We’re continuing to build meaningful relationships with trusted partners like Karbon to make sure tax and accounting professionals have the tools they need to reduce compliance work and help their clients thrive,” said Jorge Olavarrieta, vice president of product management at Intuit. “With Intuit Practice Management, firms can now increase their team’s output with a centralized, collaborative work management platform deeply integrated with their email, and the tax software they know and love from Intuit.” “At Karbon, we have always had the greatest admiration for Intuit’s best-in-class products, and their willingness to innovate and explore new initiatives that will significantly benefit their customers,” said Stuart McLeod, chief executive officer and co-founder at Karbon. “We are beyond excited to be partnering with Intuit in this space to offer a solution that can create a meaningful impact on our joint customers and the accounting profession as a whole.” Now, all communication and work can be in one place so tax firms know their team has everything they need to analyze team performance, improve efficient processes and inform future planning. Enhanced and expanded capabilities with a subscription to Intuit Practice Management include:

“With Intuit Practice Management, firms can now increase their team’s output with a centralized, collaborative work management platform deeply integrated with their email, and the tax software they know and love from Intuit.” — Stuart McLeod, chief executive officer and co-founder, Karbon Automated tasks: One centralized, searchable and shared cloud-based location for all client activities – with each member of the team – including emails, notes, time tracking, documents, projects and tasks. Intuit Practice Management helps automate time-consuming processes and adds conditional rules to trigger activities as work progresses. Intuit Practice Management’s email integration works with Office 365, Gmail and Exchange. Optimized workflows: Manage capacity with a visual snapshot of all work in progress, identify bottlenecks with performance analytics and keep up-to-date with shared timelines of all activity per project. Integrated templates: Standardize tax specific tasks with templates for common tax returns such as 1040 to corporate, estate or trust, allowing users to start and work on a tax return directly within Intuit Practice Management. The integration allows users to access the tax return through deep links, track status of the return based on actions, and activity within the tax workflow of Lacerte and ProConnect Tax Online. In addition, users can standardize common processes with templated checklists and connect to CRMs, proposal software, time tracking, industry tools and more.

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FROM OUR PARTNERS 5 ways CPAs can successfully work remotely B Y D U STI N H A LL While many CPAs and accounting professionals have flocked to working remotely, others have previously been hesitant to dip their toes in the water. Whether due to increasing advances in technology or emergency circumstances, being able to effectively run your practice remotely is becoming a critical skill. Here, we’ll break down five of our best practices for successfully working from home. KEEP A STRUCTURED SCHEDULE Some people joke about the prospect of working in their pajamas when they work out of their home. As tempting as that may sound, throwing your usual work routine to the wind (including your attire) can have detrimental effects on your productivity. That’s why you should try to stick to a daily routine and schedule as much as you can. The more you can practice your typical morning routine, the better. This will help get your mind into work mode, which will help you focus on your tasks. Conversely, some people find it difficult to shut off their work mode while working from home. When you’re working in your office, you have the ability to stop what you’re doing and go through the motions of packing up and heading back home for the day. To prevent burnout while working from home, it’s critical to give yourself a reasonable and firm stopping point. Consider relegating your work to one particular room, and allow yourself to turn off your computer and leave that room once your work day is done. UTILIZE PRODUCTIVITY AND CONNECTIVITY TOOLS Much of today’s modern productivity and communication tools were designed to let professionals (and their clients) share all aspects of their work with one another, even if they’re not in the same building. Understandably, making use of these tools is essential when working remotely. Some of the most popular software used for remote work include: • Bookkeeping • Cloud storage • Email • Document signing • Practice management • Real-time communication (think Skype, Zoom, etc.) • Timekeeping Some of these tools are free, while others offer a trial period, making it easy to test out multiple tools to see which one best suits your practice. LET YOUR CLIENTS PAY ONLINE Naturally, when working from home, you’ll need a way to accept payments from your clients. And while they could feasibly send their payments via traditional methods, there are faster and more convenient ways to get paid — online payment solutions. One of the most significant benefits of online payments is the fact that you can get paid just about anywhere you and your clients SUMMER 2020

are. Plus, rather than having to wait for a check to arrive, online payments start processing as soon as your client clicks “Send.” In fact, a study showed that up to 85 percent of electronic invoices are paid the same week they’re sent out. Your clients will appreciate the convenience of being able to pay you online. Much like how you can work from the comfort of your home, they, too, can set up and send a payment for your invoice without needing to step outside or drive to the post office. Even those clients who prefer checking account payments over credit cards can still pay via e-check. The simplicity that online payments offers for your clients will certainly foster a positive relationship with them, leading to repeat business and potential referrals. TAKE ADVANTAGE OF MULTIPLE COMMUNICATION CHANNELS Despite the lack of a physical office, CPAs working from home have a variety of tools to host meetings and working sessions with their clients. Naturally, email and texting are still the standards for backand-forth consultations and simple questions. However, there are also communication solutions that allow you to easily have conversations with multiple people in real time. Some of these tools, including Slack, Skype, and Google Hangouts, also allow for video conferencing, so you can see one other and share your screen. TAKE CARE OF YOURSELF AND OTHERS Finally, make sure you’re keeping your emotional health in mind when working remotely. In some cases, remote work means you are working alone, away from daily in-person interactions with your colleagues and clients. Take some time to reach out to them regularly, whether that comes in the form of a simple text or a virtual video chat with multiple people. Human beings are social creatures by nature, so make sure you don’t find yourself (or your colleagues) isolated from the world for long periods of time. Also, even though it can be difficult, take time to acknowledge the benefits that working remotely can bring. You can spend more time with your pets or loved ones, as you won’t have the need to commute to and from the office. You may even find yourself getting more done in a more quiet, comforting environment compared to a bustling office. Use your situation to your advantage to adapt and better serve your clients. Learn more about how CPACharge can benefit your firm by scheduling a demo at cpacharge.com/macpa. Dustin Hall is director of CPACharge, a strategic partner of the MACPA. He has more than a decade of experience developing and managing growth strategies for startups, mid-market, and enterprise companies.

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FROM OUR PARTNERS How to weather the storm … and emerge stronger B Y HI TE NDR A PATIL We have all experienced an unprecedented crisis. But what if you could help your firm actually emerge stronger? The truth is, not only can you bounce back, but you can thrive for years to come if you take this as a wake-up call to reinvent your practice. When small businesses needed help throughout this crisis, who did they turn to? You, of course – the professional accountant. You already put many of your clients on life support by helping them get loans and other short-term relief. But you’re not done yet. Clients need more help to achieve a full recovery and a sound footing for future survival and long-term growth. And they’re more willing than ever to follow your lead. Rise to the occasion and your firm will reach new heights. So how do you get started? Many experts have suggested offering advisory services. Sure, that’s part of the solution. But it’s simply not enough. You have to go a step further. You have to become more relevant to your clients’ businesses. Being relevant essentially means having the ability and commitment to do what’s good for your clients. Being relevant requires you to change your mindset and the way you run your practice. You have to start thinking from your clients’ perspective. But importantly, it requires you to look inward. You have to start thinking about how your firm can acquire the capabilities that are needed to do what’s best for your clients. That may require you to change the solutions you are using, revamp your processes, and retrain your staff. These are all important aspects of being relevant. You will realize that one of the most important things you can do to be relevant is to regain control over client accounting and your valuable asset — your client relationships. Since your focus is to do what’s right for your clients, start by identifying their needs. You’d think that clients would know what they need. The reality is that most clients don’t. The reason clients don’t know what can benefit them is that their thinking is limited by their exposure to DIY accounting solutions that they’re already using, and the services that you currently offer. They can’t think beyond that. They believe that the only way to do accounting is the way accounting is done now. That’s not true. The cloud and other technologies have empowered you to do a lot more for your clients. So, now is the time to think beyond the current crisis. It is your responsibility to figure out all possible services you can offer your clients that would help them achieve a full recovery and better manage their business in the future — and then educate your clients about the critical role you can play in helping them manage their business by using your expertise of accounting. SUMMER 2020

Since your focus is to do what’s right for your clients, start by identifying their needs. You’d think that clients would know what they need. The reality is that most clients don’t. The current crisis has created a tremendous opportunity for you to help your clients revamp their businesses. Rise to the occasion and your firm will emerge stronger than ever. Learn more in our free guide at AccountantsWorld.com/Emerge Stronger. Hitendra Patil is a director with AccountantsWorld, a strategic partner of the MACPA.

STATEMENT

MEMBER NOTES Kelli A. Cobb, CPA, MBA, has been promoted to Member with SEK, CPAs and Advisors. She provides accounting, consulting, and tax services to the firm’s small business and individual clients and specializes in small businesses involved with residential and commercial real estate activity. Sonja M. Cox, CPA, CGMA, MBA, has been named president and CEO of Southern Maryland Electric Cooperative. Cox had been serving as SMECO’s senior vice president of financial, economic and employee services and chief financial officer. She assumed her new role on March 1. Allen DeLeon, CPA, founding partner of DeLeon & Stang CPAs and Advisors, testified on Jan. 29 at the Maryland General Assembly in support of an amendment to Senate Bill 223 to establish a Commission on Tax Policy, Reform and Fairness in the state. DeLeon requested that the commission include a member of the Maryland Association of CPAs who is a tax professional licensed and regulated by the state of Maryland. The MACPA tax expert would “collaborate with commission members to effectively analyze and evaluate proposals to improve existing tax rules and tax systems. They would additionally contribute technical expertise and objective analysis based on widely-accepted guiding principles of good tax policy.” Amanda Good has been promoted to office manager at UHY LLP’s Columbia, Md., office. Annie L. Goulart has joined the Tax Department of the North Bethesda office of Dembo Jones, P.C.

FIRM NOTES Jones Advisory, LLC, has acquired Kelly CPAs and Consultants, LLC, a Bel Air CPA firm established in 1997. The joining of these firms brings together two top-talented companies whose clients will benefit from additional services and the combined technical expertise of staff. The appeal of this acquisition is that both firms share similar values of delivering client-first, high-quality personal service. Clients from both firms will have access to a wider array and depth of services, and the firms will have new opportunities for growth and expansion. Kelly CPAs will be integrated under the Jones Advisory name and have relocated their offices to 1701 Emmorton Road, Bel Air, Md., 21014. Kelly CPAs’ clients will continue to benefit from their same staff relationships while gaining additional resources and services available from Jones Advisory.

SUMMER 2020

Brad Hoffman, CPA, has been named co-managing partner at DeLeon & Stang CPAs and Advisors. He will share managing partner duties with along with Richard Stang, CPA. The announcement comes as part of a planned transition of the firm’s leadership. Allen DeLeon, CPA, founding partner and co-managing partner, with more than 35 years of experience, will retire on Dec. 31, 2020. Elinor Litwack, CPA, a senior partner with GRF CPAs and Advisors, has been promoted to partner. She is the third partner in the firm’s Outsourced Accounting and Advisory group, and she joins six other women partners and principals at GRF. William Martin, Jr., CPA, has joined the tax practice at UHY Advisors, Inc., and UHY LLP, as principal. Martin, who will be based in the firm’s Columbia, Md., office, will be responsible for providing proactive and customized tax advice to a diverse group of clients. Harold Mohn III, CPA, has been promoted to senior staff in the Tax Department in UHY LLP’s Columbia, Md., office. William D. Oyster, CPA, has been named a member with SEK, CPAs and Advisors.

Salman Shahid, CPA, has been promoted to senior in the Audit and Assurance Department in UHY LLP’s Columbia, Md., office. Megan Tanage has been promoted to senior staff in the Audit and Assurance Department in UHY LLP’s Columbia, Md., office.

IN MEMORIAM Marvin C. Allmond, CPA, an MACPA member since 2016 and a recognized authority on auditing who practiced as a CPA for more than 35 years, died on April 26. He was 70. Harry Charles Ballman II, a CPA who practiced in the greater Washington, D.C., area and Annapolis for more than 60 years, died on March 5 from complications of renal and cardiac failure. He was 80.

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