MACPA Statement // Summer 2022

NEW

LEADERSHIP MACPA

Maryland Association of Certified Public Accountants,

ALSO INSIDE:

Rebekah Brown named president and CEO of Maryland Association of CPAs

Herbert Geary named chair of MACPA’s Board of Directors

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CONTENTS

Summer 2022 | Maryland Association of Certified Public Accountants, Inc.

CHAIR’S COLUMN

FEATURES

MEMBER SERVICES

Lauren Baker Sydney Glen

PEER REVIEW

Cora Edwards

Natalie Antonakas

Kelly Brown

Chris Dougherty

Emily Trott

SPONSORSHIP / ADVERTISING SALES

Amy Puente

Krislyn Suljak

Herbert Geary named chair of MACPA’s Board of Directors

3 MACPA’s 2022-23 Board of Directors

DEPARTMENTS

News & Views

Financial Planning

Tax Corner

Public Practice

9

10

13

14

Business and industry 20 High-Tech Solutions

From Our Partners

MEMBER NOTES

24

28

PROFESSIONAL DEVELOPMENT

2022–2023 BOARD OF DIRECTORS

Herbert J. Geary III, CPA, CGMA Chair

Christine Aspell, CPA Vice Chair

Thomas White, CPA, CGMA Secretary/Treasurer

Lexy Kessler, CPA

Immediate Past Chair

Karl Ahlrichs, SHRM-SCP, SPHR, CSP

Maxene M. Bardwell, CPA, CIGA, CIA, CFE, CISA, CITP, CRMA

Elise Brouillette, CPA

Michael Kimbrough, Ph.D., CPA

Kimberly Mustard, CPA, CGMA

Dave Ryan, Esq., CPA (retired)

Brett Sanders, CPA

Savedra N. Scott, CPA, CGMA, CrFAC, MSA, MBA

SENIOR STAFF

Rebekah Brown, CPA CEO

Skip Falatko, CPA CFO

Bill Sheridan, CAE CCO

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

MACPA Foundation celebrates impactful year … but much more work remains

BY HERBERT J. GEARY III, CPA, CGMA / PARTNER, UHY LLP

Our profession has long struggled to attract more women and CPAs of color, particularly at its leadership levels. And lately, we’ve struggled to attract any new CPAs at all. The so-called “pipeline” problem has found fewer students studying accounting in recent years and, of those that do, even fewer opting to pursue the CPA designation.

Recent signs of progress in both areas, though, offer us rare signs of optimism. They come courtesy of the AICPA’s Trends report, which “provides a snapshot of the profession, set against the current economy and the ability to forecast future trends.”

Let’s start with DEI. The number of new accounting graduates with diverse ethnic backgrounds to be hired by U.S. CPA firms stood at 35% in 2020, up from 30% two years earlier. “Meanwhile,” the Journal of Accountancy adds, “the portion of ethnically diverse partners in accounting / finance functions at CPA firms doubled over a two-year period from 9% to 18%. These included gains with partners identifying as Asian / Pacific Islander (from 4% to 10%), Hispanic / Latino (from 2% to 5%), and Black / African American (from 1% to 2%).

The number of women who reach the partnership level at CPA firms also jumped significantly, from 23% in 2018 to 39 percent in 2020, and the percentage of women CPAs at firms overall increased from 42% to 46%.

The pipeline numbers aren’t nearly as encouraging. According to the Trends report:

Undergraduate enrollment in accounting programs nationwide fell by 6.6% from the fall of 2019 through the fall of 2021.

The combined number of graduates with bachelor’s or master’s degrees in accounting dropped by 4% between 2018 and 2020.

The number of new CPA exam candidates

dropped 17% from 2019 to 2020 due to the pandemic. The number did rebound by 6% between 2020 and 2021, but the number of candidates who passed their fourth section of the exam dropped 11% between 2019 and 2020, then dropped another 5.5% between 2020 and 2021.

The CPA Evolution initiative and the 2024 launch of a redesigned CPA exam should increase interest in the profession and result in more exam takers over the next couple of years, before the changes take effect. Still, it’s clear there’s a ton of work to do in both the DEI and pipeline worlds.

That’s where the MACPA Foundation comes in.

Led by a Board of Directors featuring some of Maryland’s most active and dedicated CPA volunteers, the MACPA Foundation is committed to breaking down any and all barriers for those who want to enter our profession. Everything the Foundation does is in pursuit of a stronger, more diverse professional community.

Here are just a few of the ways we’re doing that:

• Developing young talent and CPA educators: Through programs like our Student Leadership Academy and Champion Program, the MACPA gives students and young professionals leadership skills, training, and experience. We also support educators who teach the next generation of CPAs.

• Awarding accounting scholarships: Our scholarship program provides financial assistance to accounting students at Maryland colleges and universities. Thanks to the work of the MACPA Foundation, we increased the total number of scholarships awarded from six in 2021 to 27 this year, and the total amount given from $6,000 to $48,000.

• Advancing diversity and inclusion: A diverse profession is a strong profession. That’s why the MACPA Foundation holds events like the Women to Watch Awards, provides resources and programming for our

members to learn and grow, and seeks insights and perspective to ensure all voices are heard.

• Connecting mentors with mentees: The MACPA’s membership is composed of some of the best accounting, business, and technological talent in the world. That vast experience must be passed on to the next generation of CPAs. The MACPA Mentorship program matches this talent with young professionals to facilitate meaningful connections and create a network of impact.

By all accounts, we’re making a significant difference. In just a couple of short years, the MACPA Foundation has:

• Created connections and engagements with 2,240 students, future CPAs, and educators.

• Connected 354 mentees with mentors to help fulfill their career goals.

• Trained more than 170 leaders through the MACPA’s Leadership Academy.

• Nominated 144 women for Women to Watch Awards recognition.

• Raised more than $12,500 as part of the MACPA’s inaugural Celebrate the Profession event.

Learn more about the MACPA Foundation’s work by reading its 2022 annual report at bit.ly/MACPAFoundation.

For as much as we’ve accomplished, though, there is much more to do — and we need your help to do it. The best way to contribute to the cause is by making a donation to the MACPA Foundation. Donations will go directly toward helping the MACPA Foundation build a stronger CPA profession. Make your donation today by visiting MACPA.org/Foundation.

Our profession needs the MACPA Foundation’s crucial work — and your support — more than ever. I hope you’ll join me in working to ensure that our profession remains as vital and important tomorrow as it is today.

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FEATURES

MACPA’s 2022-23 Board of Directors

BY BILL SHERIDAN, CAE

The MACPA’s 2022-23 slate of officers and directors was voted into place at the association’s Annual Meeting, held June 24 in Ocean City. Here’s a closer look at this year’s Board of Directors.

OFFICERS

Herbert J. Geary III, CPA, CGMA

Chair

Employer: UHY Advisors LLC

Title: Managing director

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. Past chairman and current board member TidalHealth, a hospital system on Maryland’s lower Eastern Shore. A member of the Greater Salisbury Committee.

Christine Aspell, CPA Vice Chair

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. Partner-in-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.

Thomas White, CPA, CGMA

Secretary / Treasurer

Employer: CareFirst BlueCross BlueShield

Title: Director of 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.

Lexy Kessler, CPA Past Chair

Employer: Aronson LLC

Title: Lead partner, Government Contract Services Group

Notable: An MACPA member since 1987. Has more than 30 years of experience in assurance, tax, and consulting. Named one of the 20 most powerful women in accounting for 2020 by the AICPA and CPA Practice Advisor. As a leader in her practice area and a former 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 chair 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 and 2020. Recipient of the MACPA’s “Women to Watch” award in 2014 and the Montgomery County Chamber of Commerce’s Chairman’s Award in 2013.

DIRECTORS

Karl Ahlrichs, SHRM-SCP, SPHR, CSP

Employer: Gregory & Appel

Title: Senior Consultant

Notable: Joined the MACPA’s Board of Directors this year as a public (non-CPA) member. Involved with the MACPA for 15 years as a content provider and thought leader, Ahlrichs is a human capital expert in the people side of finance and accounting and holds the highest certifications of the human capital field. A contributor to the AICPA and the Business Learning Institute’s catalog of continuing education and a contributing author to the Journal of Accountancy. Has direct experience with the strategies accounting and finance professionals need to recover from the impact of the COVID19 pandemic. One of fewer than 800 speaking professionals who are qualified as a Certified Speaking Professional (CSP) by the National Speakers Association. Routinely presents to business and industry audiences on challenging subjects.

Maxene M. Bardwell, CPA, CIGA, CIA, CFE, CISA, CITP, CRMA

Employer: Washington Suburban Sanitary Commission

Title: Assistant Inspector General for Audit, Office of the Inspector General

Notable: A well-credentialed executive with more than 20 years of experience leading internal audit establishments in the financial services and public utility industries. Earned her master’s degree from Notre Dame of Maryland University and a bachelor’s degree from The Ohio State University. A member of several professional organizations. In addition to her exemplary career and professional achievements, she holds several board and committee positions. Currently serves as a member of the AICPA’s Auditing Standards Board, vice chairman for the City of Laurel Ethics Commission, vice president of the Central Maryland Chapter of ISACA, and board member of the Association of Inspectors General. A volunteer course manager and instructor for the Association of Inspectors General Institute and Mentor for the MACPA’s Mentor Program. Winner of the 2021 AICPA Outstanding CPA in Local Government Impact Award.

Elise Brouillette, CPA

Employer: PwC LLP

Title: Senior Manager

Notable: An MACPA member since 2010. Experienced in providing external audit, internal audit, and data transformation services to a diverse portfolio of clients. Currently resides in internal risk management, where she monitors firm compliance with external laws, regulations, and internal policies. Recognized as an “Emerging Leader” as part of the MACPA’s 2014 Women to Watch program.

Michael Kimbrough, Ph.D., CPA

Employer: University of Maryland Robert H. Smith School of Business

Title: Professor and Chair, Department of Accounting and Information Assurance

Notable: An MACPA member since 2021. Joined the Robert H. Smith School of Business at the University of Maryland in 2010 after spending eight years at Harvard Business School as a faculty member in the Accounting and Management Unit. Earned his B.A. in economics from Washington University in St. Louis and his Ph.D. in accounting from Indiana University in Bloomington. Prior to returning to graduate school for his doctoral studies, he worked as a CPA with Price Waterhouse. His teaching and research focuses on corporate financial reporting, and his research has been published in leading academic journals. A member of the American Accounting Association, Professor Kimbrough has received numerous teaching awards, including the Krowe Award for Teaching Excellence, the highest teaching honor at the University of Maryland’s Smith Business School.

Kimberly Mustard, CPA, CGMA

Employer: HCFL

Title: Partner

Notable: An MACPA member for more than 20 years. Leads her firm as quality control

advisor. Has more than 25 years of audit and accounting experience, including extensive experience with her favorite industry, not-for-profit organizations. Conducts peer reviews and serves on the MACPA’s Peer Review Committee (Coastal Peer Review, Inc.). Has participated and continues to participate on various NFP boards as treasurer, as well as other board positions.

Dave Ryan, Esq., CPA (retired)

Employer: CompensationGPS

Title: Managing Director

Notable: An MACPA member since 2011. Has more than 30 years of in-depth consulting and corporate leadership experience in the design and implementation of executive and employee compensation programs for a wide range of for profit and notfor-profit U.S. and global companies across many industries. Since founding his firm in 2010, has served as an expert compensation advisor for Maryland attorneys, CPAs, and their clients. His special expertise is in assisting boards and senior management in the governance, design, and development of impactful total executive reward programs. Prior to founding CompensationGPS, led executive and global compensation and advised the Board Compensation Committees at Black & Decker and Pitney Bowes, and had area leadership responsibility for compensation and benefits consulting services in the Connecticut offices of Ernst & Young, LLP. Currently serves on the Board of Directors of the Community Law Center, and has written and presented for the MACPA on compensation matters.

Brett Sanders, CPA

Employer: Bird Global Inc.

Title: Senior Accounting Manager

Notable: An MACPA member since 2014. Has nine years of audit and accounting experience, including experience in financial services, power and utilities, and the new micromobility industry. Has served on Penn State THON supporting fundraising efforts for pediatric cancer research, and on the board for the Academy of Finance of Baltimore County. Recently served on the PwC National Assurance Staff Council and the MACPA Champions Committee. Currently serves on the University of Baltimore Accounting and Advisory Board.

Savedra N. Scott, CPA, CGMA, CrFAC, MSA, MBA

Employer: Savvy Financial Solutions.

Title: Owner

Notable: An MACPA member since 2007. An outsourced accountant and owner of Savvy Financial Solutions. Has been in business for 10 years and has 20 years of experience. Earned a master’s degree in accountancy from George Washington University and an MBA from Frostburg University. Loves working with nonprofit clients to make their lives easier so they can focus on their work while she focuses on the numbers. When not working, she loves hanging out with family and binging her favorite shows.

FEATURES

Herbert Geary named chair of MACPA’s Board of Directors

BY BILL SHERIDAN, CAE

“Our future isn’t created, it’s co-created,” Geary said. “That kind of collaboration among the MACPA’s board, our volunteers, and our leadership team has resulted in a shared vision for our association’s future and a solid strategy for how to achieve it. I’m committed to realizing that vision by creating and expanding opportunities for our members, volunteers, and leaders to collaborate. We can build a blueprint for the profession of tomorrow, but only if we work together.”

• Maxene Bardwell, CPA, CIA, CFE, CISA, CRMA, CIGA, assistant inspector general for audit, Office of the Inspector General, Washington Suburban Sanitary Commission

• Elise Brouillette, CPA, senior manager, PwC

• Michael Kimbrough, Ph.D., CPA, professor and chair, Department of Accounting and Information Assurance, University of Maryland Robert H. Smith School of Business

Herbert J. Geary III, CPA, CGMA, partner with UHY LLP in Salisbury and managing director of UHY Advisors, has been named chair of the 2022-23 Board of Directors of the Maryland Association of CPAs.

Geary was elected chair by the MACPA membership during the association’s 2022 Annual Meeting, held on June 24 in Ocean City, Md. He succeeds Aronson LLC Partner Lexy Kessler, who served as 2021-22 chair.

In his remarks to Maryland CPAs, Geary outlined a broad agenda for the coming year that includes four main tenets:

• Channeling the work of the MACPA Foundation to help grow and support the pipeline of new CPAs into the profession.

• Serving as a “lookout post” for Maryland CPAs by keeping members informed and looking forward.

• Continuing to make good on the MACPA’s Member Promise, which pledges community, advocacy, professional development, and vital resources to help Maryland CPAs stay future-ready.

• Creating vibrant communities of interest and collaboration among members.

An MACPA member since 1988, Geary 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-profit organizations.

He serves on the Board of Directors and several committees for TidalHealth, a hospital system that services Maryland’s lower Eastern Shore. He is also a member of the Greater Salisbury Committee, a nonprofit organization committed to improving the Salisbury community.

In addition to his work on the MACPA’s Board of Directors, Geary is a past president of the association’s Eastern Shore Chapter and a current member of the Governing Council for the American Institute of CPAs.

Joining Geary on the 2022-23 MACPA Board of Directors are:

• Vice chair: Christine Aspell, CPA, managing partner / audit partner, KPMG LLP in Baltimore

• Secretary / treasurer: Thomas White, CPA, CGMA, director of accounting, CareFirst BC / BS

• Past chair: Lexy Kessler, CPA, partner, Aronson LLC

• Karl Ahlrichs, SHRM-SCP, SPHR, CSP, senior consultant, Gregory & Appelz

• Kim Mustard, CPA, CGMA, partner, HCFL

• Dave Ryan, Esq., CPA (retired), managing director, CompensationGPS

• Brett Sanders, CPA, senior accounting manager, Bird Global Inc.

• Savedra Scott, CPA, owner, Savvy Financial Solutions

Also at the June 24 Annual Meeting, Tricia Katebini, CPA, a partner at GRF CPAs and Advisors, was awarded the MACPA’s 202122 Max Teichmann Award for her tireless volunteer work as an MACPA champion and volunteer.

“Tricia is not just a champion of the MACPA, she is passionate about this profession, offering her strategic and innovative insights to make it better, locally and nationally,” said MACPA CEO Jackie Brown. “She is deeply committed to the profession’s future and actively engaged in mentoring the next generation of CPAs and leaders. We are extremely grateful for all she does to make MACPA better.”

Named in honor of the association’s founder, the award recognizes an MACPA member who has made significant contributions on behalf of the profession.

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NEWS & VIEWS

Rebekah Brown named president and CEO of Maryland Association of CPAs

BY BILL SHERIDAN, CAE

and future-focused associations in the country,” said Lexy Kessler, a partner with Aronson and chair of the MACPA’s Board of Directors. “She’s a catalyst for innovation who has a demonstrated ability to adapt to changing and complex environments — characteristics that will serve her well in her new role. We’re thrilled to have her and eager to see what she brings to the table.”

Rebekah J. Brown, CPA, a 10-year veteran of the MACPA’s staff who most recently served as the association’s director of development, has been chosen by the MACPA’s Board of Directors as the organization’s next president and CEO.

Brown succeeds Jackie Brown, who will be retiring on June 30 following a 42-year career with the association.

“As a passionate CPA in the great state of Maryland and a proud product of the MACPA’s vast community of leaders, I couldn’t be more excited about the opportunity to continue work with our members, partners, and team as we, together, build an even better, futureready profession,” Rebekah Brown said. “I believe in this profession and in this community. The MACPA’s mission, vision, and values — co-created in collaboration with the MACPA team and volunteer leaders — inspire me every day.”

“Rebekah’s passion for our profession, her long history of service to Maryland CPAs, and her forward-thinking leadership are perfect fits for the MACPA, which is considered one of the most progressive

As a CPA and the MACPA’s former director of development, Brown has strong ties to the profession — not just in Maryland, but throughout the country. She is a recognized thought leader who represents the MACPA and its members on a broader national scale, and she has a wealth of experience as a strategic facilitator with an eye toward future-focused leadership.

As important, she has a decade of direct experience with the MACPA’s leadership team and its members, which ultimately will mean stability and continuity at the association’s highest levels.

“The MACPA will continue to be a lookout post for our members,” Brown said. “We will continue to innovate and be at the forefront of the profession while creating more intimate and collaborative relationships with and among our members and all stakeholders in our profession.

“Our member promise — our purpose, values, and focus, co-created by our board and team, is the vision and the unchanging why of the MACPA,” she added. “In an environment in which an inclusive culture and community are critical, we have a rock-solid foundation, strong volunteer leaders, and a tenured and passionate team poised to lead the MACPA into the future.”

Brown joined the MACPA staff in 2012, and in 2014 was named the organization’s manager of membership development and engagement. She became the director development in 2018 and helped lead the association through the challenges presented by the COVID-19 pandemic, the departure of longtime CEO Tom Hood, and the sale of the Business Learning Institute to the Association of International Certified Professional Accountants.

“After the very thorough work of our Search Committee, which interviewed candidates from across the country, we are proud to welcome Rebekah as the MACPA’s new CEO,” said Herbert Geary, CPA, a partner with UHY Advisors and incoming chair of the association’s board. “Her leadership skills are as impressive as her passion and commitment to the profession, and we are fortunate to have her.”

In 2020, Brown was named a Maryland “Leading Woman” by The Daily Record. She was included in CPA Practice Advisor’s annual list of 40 Under 40 Professionals in 2019 and 2020, and was awarded the 2019 President’s Award for Community Service by the Baltimore chapter of the National Association of Black Accountants.

Prior to joining the MACPA team, Brown served as a senior auditor with SC&H Group in Sparks, Md. She is a graduate of The Ohio State University.

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

FINANCIAL PLANNING

MACPA’s 36th PFP Conference: Tax planning ideas, and much more

BY SETH HAMMER, CPA, PH.D.

The MACPA’s 36th annual Personal Financial Planning Conference, held virtually on Oct. 26, 2021, featured nationally renowned tax expert Robert Keebler, who shared his “best of the best” tax planning opportunities for 2021 and wealth transfer and estate planning strategies for large IRAs.

Joining Keebler at the conference was a slate of experts who presented a wide range of personal financial planning topics, including ones that addressed the evolving issues of mutual fund vs. ETF utilization, PFP technology issues, and other matters of high relevance to the CPA providing personal financial planning services.

Keebler’s presentation of tax planning opportunities was comprised of eight sections:

• Bracket management

• Income smoothing

• Income shifting

• Reducing taxable income

• Specific strategies for reducing NIIT

• Wealth transfer

• IRC section 199A planning

• 10 more “must-know” strategies

Many of those “must-know” strategies had broad applicability. For example, “Two-Year Installment Sale” is an income smoothing strategy that serves to keep modified adjusted gross income below the threshold at which it becomes subject to the tax on net investment income.

The basic operation of the “Two-Year Installment Sale” strategy is that a parent who is holding an asset with a large built-in capital gain sells it to a non-grantor trust for the benefit of his or her children, and

then takes back an installment note. As a result of the sale, the trust receives a stepped-up basis in the asset and the seller, by spreading the recognition of gain over a two-year period, can potentially avoid the tax on net investment income by keeping net investment income below the applicable threshold.

Keebler advised, however, that when implementing this strategy, as well as many of the others, it is important to be cognizant of and closely apply the applicable federal tax rules to ensure that the action will achieve the desired tax treatment. He noted that in this specific case it is essential that the buyer wait at least two years and one day to sell the asset to a third party. Otherwise, the seller, under IRC Section 453(e)(2), would not be allowed to defer the gain.

While Keebler’s presentation focused primarily on federal tax planning strategies, he also addressed some — such as “Nevada Incomplete Gift, Non-Grantor (NING) Trusts” — that may be particularly relevant for residents of Maryland and other high income tax states. The potential benefit of this strategy is that taxpayers, by transferring assets to a trust in a state that does not tax trust income, can avoid income tax in their home state.

Again, as with the previous example, he noted it is essential to implement the strategy in accordance with strict adherence to federal guidelines and rules. For example, in this case, to avoid resident state taxation, the trust must allow discretionary distributions without it being deemed to be a grantor trust. PLR 201310002 may provide the framework for those advisers considering implementation of this strategy.

Alex Jenkins of Avantis Investors presented “Mutual Funds and ETFs: Comparing and Contrasting,” a program that provided analyses of the similarities and distinctions between the two forms of investing. While many investors may be drawn to ETF investing by what are often lower costs, as compared to mutual funds, it may not always be immediately clear as to what is driving this cost advantage. The higher costs for mutual funds holding comparable assets to those held in an ETF can be largely attributed to mutual fund costs such as commissions, bid-ask spreads, and the opportunity costs of holding cash. Alternatively, ETFs largely avoid cash costs by redeeming shares in-kind through “authorized participants.”

Jenkins also noted that while there has been a modest uptick in managed ETFs, the vast majority are still passive investment vehicles. A key factor here is the regulatory structure of ETFs, which requires total transparency regarding investment holdings. This total transparency rule, which requires that the ETF disclose daily all its holdings, may place actively managed ETFs at a strategic competitive disadvantage with actively managed mutual funds, which are not subject to that same disclosure requirement.

The MACPA’s Advanced Personal Financial Planning Conference is already at work preparing for the 2022 Conference. Details will follow soon.

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

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The PAC works toward progressive outcomes on legislative issues affecting CPAs, educates legislators about matters that are important to the CPA profession, and keeps MACPA members informed.

Your contribution will help ensure Maryland CPAs have influence in Annapolis and build a vibrant future for the CPA profession.

TAX CORNER

New law brings important, helpful change to Maryland tax procedure

BY REBEKAH BROWN, CPA

A new procedure that Maryland tax professionals have sought for years has been signed into law by Gov. Larry Hogan.

Thanks to sponsorship of Senate Bill 477 from Maryland Sens. Katie Fry Hester and Jim Rosapepe — and cross-file sponsorship of House Bill 366 from Del. Brooke Lierman — the Comptroller’s Office will soon have a “private letter ruling” process to provide “expanded and detailed guidance” to taxpayers.

WHY IS THIS IMPORTANT?

The new law requires the Comptroller, as tax collector, to provide binding written answers to tax questions from taxpayers and tax professionals on behalf of their clients — answers that can’t be changed later by auditors as long as facts have not changed. The Comptroller’s Office currently offers non-binding answers via phone or letter and a regulation for declaratory ruling that is rarely used.

The new law specifies that the private letter ruling is “a written determination issued by the Comptroller on the application of tax laws and regulations under this article (Maryland’s tax code) to a specific set of facts that is intended to apply only to that specific set of facts.”

The new ruling process will also benefit Maryland’s taxpayers. Although the Comptroller’s ruling letter is binding only for the taxpayer who requested it and for the specific facts that were described, under the law the Comptroller’s Office is to publish redacted versions of the letters it issues that may be of interest to the general public. Other taxpayers who may have similar situations will be able to see the Comptroller’s response to the requesting taxpayer and may choose to use that response as guidance for their

own tax calculations.

The letter ruling process is in place in dozens of other states. It is pro-taxpayer, pro-business, and pro-tax advisor. The new procedure will benefit both Maryland taxpayers and the state: Taxpayers will have certainty in the Comptroller’s interpretation of Maryland’s tax laws so that current tax returns can be prepared accordingly. The state benefits because most taxpayers will implement the answer in the ruling letter, and therefore the Treasury will receive the correct tax now rather than years from now after both parties have spent the time and expense of an audit and even litigation.

Maryland tax professionals, including CPAs, have sought a law for binding letter rulings for many years. Partial success was achieved in January 2016 when the Maryland Economic Development and Business Climate Commission issued a report on tax issues that included a recommendation that Maryland institute a private letter ruling process for tax matters. Following that report, the legislature passed a bill during the 2016 General Assembly session, Senate Bill 843, requiring the Comptroller to implement the process. However, several years’ of annual budget requests for the Comptroller’s Office to hire the additional personnel for the process were never approved. The Comptroller’s staff made attempts to improve their guidance processes internally, but resource constraints prevented the full implementation of private letter rulings that are contemplated by the newly enacted law.

Maryland has now taken a strong step in the fair and transparent administration of state tax laws. The Maryland Association of CPAs anticipates sufficient funding will be included in next year’s budget to support

the operations outlined in Senate Bill 477. Also, regulations with details about how to request a private letter ruling must now be issued.

The MACPA is deeply grateful to Sens. Fry Hester and Rosapepe and Del. Lierman (who is running to be Maryland’s next Comptroller) for sponsoring the bills and getting them across the finish line.

Maryland’s CPAs look forward to continue working with the staff in the Comptroller’s Office and thank the office for its support of the new law.

Rebekah Brown, CPA, is CEO of the Maryland Association of CPAs.

PUBLIC PRACTICE

essential to sustainable profitability.

THE BURNOUT PROBLEM IN PUBLIC ACCOUNTING

Public accounting has always been a demanding profession. According to research from AAT, in 2019. Ninety

turnover has gone through the roof in some firms in the last two years as people are reevaluating their professional lives.

Many firms are trying to improve recruitment and retention by paying people more and offering bonuses. Paying people well is certainly part of the solution, but it’s not the whole solution. If your team members are stressed out, burnt out, and working 50+ hours per week, paying them more is a short-term solution to a longterm problem.

DOING WELL BY BEING WELL The impacts of the last two-and-a-half years have highlighted the importance of taking care of not just our physical health but mental health as well.

percent of accountants said they’ve been stressed out at work. In recent years, that number has undoubtedly gone up as the pandemic, the shift to remote work, and the disruption of work-life balance have added mounting pressure to an already demanding profession. The result hasn’t been good for employees or firms.

The boundaries between work and our personal lives have been dissolving for years, and for many people, they disappeared entirely during the pandemic. Unfortunately, people generally aren’t good at setting their own boundaries. As a result, team members are working

early mornings and late nights, answering emails on weekends, and sitting in front of their computers for 12 hours a day, days

That’s not a recipe for well-being, and when people aren’t well, they can’t do their best work. That’s why firm leaders must be more intentional about making employee well-being part of their business strategy.

But how?

Here are some steps you can take to start encouraging well-being in your team.

• Offer well-being resources and encourage people to use them. Many firms have Employee Assistance Programs (EAPs) that offer access to licensed health professionals, assistance with housing, transportation and childcare, short-term counseling, and more. These programs aren’t doing your team any good if they’re not aware of the resources offered or don’t know how to access them. Enlist help from your talent and marketing teams to educate employees on the resources available and encourage people to take advantage of them.

• Develop your conversational skills. Many firm leaders check in with their team members by asking, “How’s it going?” Even when asked with the best of intentions, this question

rarely produces a meaningful or honest answer. Many leaders don’t start wellness conversations with employees because they simply don’t know where to start, but it’s important to develop those skills. Let people know that well-being conversations are part of the “new normal” at the firm. Start asking questions about the challenges they’re facing and help them find solutions to overcome those challenges.

• Help people manage workloads. Many firms are putting pressure on people to work longer hours to make up for turnover and job vacancies. People who are working 60, 70 or more hours per week for an extended length of time aren’t doing ok, and this situation isn’t sustainable. You need

to find ways to leverage technology, process, automation and outsourcing to take the pressure off your team members and ensure they’re doing their best and highest-level work.

• Get picky about your client list It’s time to get picky about which clients your firm retains and which new clients it brings on. Analyze how much revenue and profitability your most challenging clients are providing and let go of the ones that aren’t delivering.

• Rethink your measurements of success. As accountants, we tend to go straight to financial metrics when measuring success, but there are many more metrics that can help us evaluate our firms. Look at employee satisfaction surveys, productivity

levels, sick days, overtime, and other non-financial metrics to identify potentially negative trends and act quickly to reverse them.

Being well won’t happen overnight. It happens one day and one decision at a time. Start by rewriting the rules on what doing well means in your firm and make sure you’re taking care of yourself and your team members. As a leader, this isn’t an extension of your job — it IS your job. Embrace it, and you’ll set your firm up to be more productive and successful in the future.

Jim Boomer, CEO of Boomer Consulting, Inc., is an expert on managing technology within an accounting firm.

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BUSINESS AND INDUSTRY

4 reasons the CPA license still has value in a corporate finance role

Editor’s note: The following article is reprinted with permission from the Indiana Society of CPAs.

Whether you’ve moved from public accounting into corporate finance or you started your career as a corporate finance professional, at some point in your career you may find yourself asking a big question: Should I maintain my CPA license?

It’s true—many corporate finance roles, including top leadership-level positions like CFO, often don’t require the CPA license. If you’re one of the few finance team members within an organization, you also might face leadership that lacks understanding of why the license provides value to the organization even if you’re not performing traditional CPA tasks.

No matter the case, the CPA license has merit in a corporate finance setting, and most of all, for your personal career. Here are four key reasons why.

THE CPA LICENSE POSITIONS YOU AS A LEADER

The CPA designation is one of the most recognized in business and holds weight, even among those who don’t know much about accounting.

“CPAs are often viewed as an elite group of professionals…These individuals achieve a level of expertise and proficiency beyond that of a ‘standard’ accountant,” explains the National Association of State Boards of Accountancy.

Having a CPA license not only signals you have a baseline of knowledge and a demonstrated proficiency in key financial areas, but it also shows you’ve invested time and resources toward becoming an expert. It also means you step up to the plate and are prepared to challenge yourself and continue growing. This positions you as a leader and boosts your opportunities for new roles.

THE CPA LICENSE KEEPS YOU UP TO DATE ON CRITICAL ISSUES AND SKILL SETS

Business is changing fast, and in order to thrive, you need to continue learning and growing. Maintaining a CPA license doesn’t just say you’ve invested in continuing education; it provides you access to the education and skills you most need to continue being a successful professional and leader.

Today’s corporate finance professional is often juggling not only financial responsibilities but also roles in data analytics, IT and more. Even if you weren’t maintaining your license, chances are you would still need continuing education to keep up with the evolving demands of the field.

CPE classes are evolving to cover new facets of the CPA career, including options especially targeted to help corporate finance professionals lead team members, learn new technologies, analyze data, and manage risks. In addition, CPE opportunities are becoming more flexible. A range of online events cuts down on travel and the need to miss work or incur travel expenses.

Overall, investing in the continuing education aspect of your license shows you’re up-to-date on ethics and more in tune with the challenges of modern business. You’re juggling many balls; INCPAS can be a resource and partner in helping you continue to evolve and learn skills that will only propel your career forward.

THE CPA LICENSE KEEPS OPPORTUNITIES WITHIN REACH Are you ready to stay in your role for the rest of your career?

If you’re early to mid-career level, the chances are slim you’ll call your current

organization your home for the rest of your career. Maintaining your CPA license keeps you competitive whether you’ll be looking for another job down the road or you’re looking for leverage to move up within your existing organization.

Letting your CPA license expire could cost you opportunities and indicate to a potential employer you lack an up-to-date grasp of industry concepts. It can also cost you financially. If you let your license

lapse and decide you want to reinstate it later, you’ll need to pay a fee in addition to restarting CPE and filing paperwork to get it back.

THE CPA LICENSE CONNECTS YOU TO OTHERS FACING THE SAME CHALLENGES

Corporate finance roles can sometimes be a lonely island, especially if you’re with a small organization and the only member of the financial team.

Being eligible to be an INCPAS member means access to networking events, conferences and other learning opportunities that help you build a peer network who understands the intricacies, challenges and rewards of your job. Learning from your peers gives you the opportunity to exchange innovative ideas and best practices you can apply to your role. Plus, it makes that island feel a little less lonely.

“Business is changing fast, and in order to thrive, you need to continue learning and growing.”

BUSINESS AND INDUSTRY

Supply chain woes: Recovery will be slow

BY MARK JOHN REUTERS

Signs are growing that a global supply chain crisis which has confounded central bank inflation forecasts, stunted economic recoveries, and compressed corporate margins could finally start to unwind toward the end of this year.

But trade channels have become so clogged up it could be well into next year before the worst-hit industries see business remotely as usual — even assuming that a new turn in the pandemic doesn’t create fresh havoc.

“We’re hoping in the back half of this year, we start to see a gradual recession of the shortages, of the bottlenecks, of just the overall dislocation that is in the supply chain right now,” food group Kellogg CEO Steve Cahillane told Reuters.

But he added: “I wouldn’t think that until 2024 there’ll be any kind of return to a normal environment because it has been so dramatically dislocated.”

The global trade system had never contended with anything quite like the coronavirus.

Starting in 2020, companies reacted to the economic downturn by canceling production plans for the next year, only to be blindsided by an upswing in demand prompted by rapid vaccine rollouts and fiscal support for rich-world household spending.

At the same time, virus containment measures and infection clusters triggered labor shortages and factory shutdowns just as consumer spending was shifting from services to goods.

European Central Bank Chief Economist Philip Lane likened the fallout to the aftermath of World War II, when demand exploded and firms had to quickly retool from production of military to civilian goods.

Export-led economies like Germany have seen recovery choked by supply bottlenecks to their factories, while surging shipping costs have combined with higher fuel prices to push U.S. inflation to a fourdecade high.

MIXED MESSAGES

Now, as the milder Omicron variant prompts authorities to loosen restrictions, there are tentative signals that supply snags may be unwinding.

A recent Institute for Supply Management (ISM) survey showed signs of improvements in U.S. labor and supplier delivery performance, and purchasing manager testimonies in Europe also suggested easing pressures.

“Although supply chain constraints continued to stymie growth, there were signs that these were past their peak, a factor contributing to a slight easing in purchase price inflation,” IHS Markit said of the UK readout.

While this has raised central bankers’ hopes of a more tangible reduction in inflationary

pressures toward year end, they also know that messages from the real economy remain mixed.

Søren Skou, head of shipping giant Maersk, said he was working on the assumption that more people would return to work at ports, more newly built ships would come online, and that consumers would start to favor services again.

“At some point during this year, we will see a more normal situation,” Skou predicted.

While German shipper Hapag Lloyd also saw delivery bottlenecks and freight prices easing in the second quarter, the big unknown for the sector is just how long the return to more reliable delivery schedules will take.

Supply chain analyst Sea-Intelligence said the current logjam had no precedent but past experience suggested it would take eight to nine months for port and hinterland networks to recover.

“That said, the market is showing no indication that we have started on the path to resolution,” Sea-Intelligence CEO Alan Murphy said in an analysis of current trends compared to past data on average vessel delays caused by disruptions.

“Business leaders and analysts expect delivery bottlenecks and freight prices to ease in the second half of this year, but supply chains may still not return to pre-pandemic days”

BUSINESS AND INDUSTRY

NOT LIKE PRE-COVID-19

Any resolution will be dependent on there being no further knocks to severely strained supply chains.

Those fragilities were highlighted in February as Toyota, General Motors, Ford, and Chrysler-parent Stellantis said production had been hit at their North American plants due to parts shortages stemming from Canadian trucker protests against pandemic mandates.

Japanese, German, and International Monetary Fund officials have all meanwhile raised concerns about a worsening of bottlenecks if China’s zero-COVID policy — which has included sealing off entire cities — is deployed in full against local

outbreaks of Omicron.

For the consumer, it will be some time before they see any tangible unwinding of supply chain pressures — and they should not necessarily expect a return to prepandemic levels of pricing or availability.

Executives at automotive and other manufacturers say they expect prices for a range of raw materials to rise during the year, but they are confident they can raise prices for their products to cover some or all of the increase.

U.S. motorcycle maker Harley-Davidson said it was making do with a much more limited inventory by putting in place a reservation system for customers to

order bikes.

Jens Bjørn Andersen, chief executive of transport and logistics group DSV, said the dislocation had been so complete that, whatever emerges, the sector will not look the same as it did before COVID-19.

He added: “I never use the word normalization.”

Additional reporting by Sujata Rao in London; Mehr Bedi and Siddharth Cavale in Bengaluru; Balazs Koranyi in Frankfurt; Jonathan Saul in London; Jacob GronholtPedersen in Copenhagen; Jan Schwartz in Berlin; Joe White in the United States; editing by Catherine Evans.

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HIGH-TECH SOLUTIONS

Building proficiency in data analytics

Editor's note: The following article originally appeared in the summer issue of New Jersey CPA magazine. It is reprinted here with permission

BY MARC D. MINTZ, CPA, CITP, CGMA

Anyone with a degree or extensive experience in statistics knows that data analytics has been around for a long time. So, what is data analytics, why has it become so prevalent and how can CPAs leverage it?

Briefly stated, data analytics is the process of manipulating raw data into actionable information for better decision making. There are several factors that have recently accelerated this science across broad swaths of businesses. These include realtime access to petabytes (1 quadrillion bytes) of data, software tools that provide data scientists swift and diverse analysis of data, and advances in artificial intelligence that allow systems to evolve with minimal human intervention. While there are countless areas where data analytics can

be applied, let’s review three that are particularly well suited to CPAs.

FINANCIAL ANALYTICS

Gone are the days when businesses could wait for annual, quarterly or even monthly historical financial statements to effectively implement tactical decisions to maximize profitability and cash flow. Financial analytics allows interested stakeholders to view and manipulate near real-time data to see how actual results measure against budgeted amounts. Budgets can then be revised in a timelier manner to reflect changing conditions.

Financial analytics also enables what-if scenario planning that can model antici pated results based on changes in selected variables including inflation, interest rates

and specific industry economic growth patterns. Dashboards allow visualization of data that can trigger alerts when metrics are not being met. Advanced statistical tools and analysis allow management to move beyond decision making based on conjecture. Predictive analytics can be used to track and estimate cash flow, forecast sales activity and evaluate financial trends on both the balance sheet and income statement.

OPERATIONAL ANALYTICS

Operational analytics moves beyond highlevel financial statements and drills into the granular details that drive business performance. Tracking and then applying incremental changes into business processes dissects workflow to its most basic elements. Although operational

HIGH-TECH SOLUTIONS

analytics looks different depending on the industry where it is being applied, the benefits are similar. Increased productivity, better utilization of resources, improved customer experiences and faster decision making are all byproducts of successful operational analytical projects.

In a manufacturing environment, data is gathered from disparate devices (the internet of things), enterprise resource planning (ERP) systems, time-tracking tools and outside benchmarking resources. This information is validated, aggregated and analyzed to improve labor productivity, production yields, machine down-times, supplier performance, product quality and a host of additional metrics. This becomes an iterative process that continuously mea sures, suggests adjustments and improves each step in the manufacturing process.

AUDIT DATA ANALYTICS

Audit data analytics introduces software tools and techniques that perform analysis of complete datasets thereby eliminating reliance on small, random samples. Use of these systems eliminates repetitive tasks and tedious data entry, freeing auditors’ time for more complex testing to discover data anomalies and perform more extensive risk analysis. Audit data analytics can be introduced early in the audit process to allow discovery of potential problems while datasets are current and evolving.

Professional judgment and experience are never replaced by these digital tools. Assessing the quality of the raw data under audit, then extracting, transforming and loading the cleansed data into the analytical tools being used requires seasoned professionals with a high degree of expertise and acumen.

The following websites highlight the features and capabilities of audit data analytics software:

• CaseWare IDEA Audit Software and Data Analysis Software — idea. caseware.com/products/idea

• Wolters Kluwer TeamMate Analytics for Audit — wolterskluwer.com/en/ solutions/teammate/teammateanalytics

HOW TO BECOME A DATA SCIENTIST

There are many different avenues that one can pursue within data analytics with varying levels of hands-on participation and required training. An excellent option for an intense learning experience, that also offers 61 CPE credits, is the AICPA’s Data Analytics Certificate Bundle. The complete course work includes five separate certificate programs presented via online lectures and also include hands-on learning labs which provide intense practical application of the concepts and software tools presented.

The introductory-level Data Analytics Core Concepts Certificate is the starting point for this program. With information technology as the field of study, participants begin to understand what data analytics is and how it can be applied in a business environment. For those simply seeking a high-level overview of how data analytics can be used under different scenarios, this might be the only course required.

All of the remaining courses are regarded as intermediate level. The Application of Data Analytics Essential Certificate and the Forecasting and Predictive Analytics Certificate each provide a heavy dose of statistics for people interested in moving beyond the roles of champion and business analyst. These programs lay the foundation for professionals seeking to become data engineers and data scientists specializing in extracting, transforming and loading (ETL) data and then performing all of the necessary manipulation to provide end users with actionable insights. These

two programs offer significant hands-on activities with a wide assortment of software tools and programming languages that go beyond any single vendor’s prescribed solution.

Additional certificates in Data Modeling and Data Visualization fall under the fields of study in both specialized knowledge and information technology. These two programs offer CPAs and finance professionals the most useful tools for manipulating and presenting data to executives, managers and other interested stakeholders. Work product from these programs provides information and insights to formulate, implement and fine tune operational strategies.

Evolution in data storage, broadband communications, mobile technology, artificial intelligence and database capabilities are continuously changing the standard operating processes in almost every aspect of business practice. Decision making and management styles that continue to rely on guesstimates, gutfeel and seat-of-the-pants prognostication are destined to go the way of the dodo bird. Data analytics has emerged as a reasoned, scientific method that will raise the level of business management in countless situations. Like any business practice, care must be taken to understand and work around potential shortcomings that arrive with any business science, including data analytics. That said, reliance on new tools, techniques and analysis will continue to proliferate throughout accounting, business and every aspect of our daily lives.

Marc D. Mintz, CPA, CITP, CGMA, is the managing member of Marc Mintz & Associates, LLC. He is a former NJCPA Trustee and a past president of the Passaic County Chapter. Marc can be reached at marc@marcmintz.com

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Your clients need help with spend management. Here’s why

FROM CPA.COM

No matter the size of your client’s organization, expense management can be a repetitive and time-consuming experience. Too often, clients and firms find themselves distracted by chasing down receipts at the end of the month rather than spending that precious time looking ahead and planning for the future.

Fortunately, technology is enabling firms to cut down on manual accounting tasks and focus on delivering high-value insights from proactive spend management.

During our webinar, “Unlocking Better Client Insights with Spend Management Services for Your CAS Practice” (sign up to watch this free on-demand webinar at bit.ly/CASSpendWebinar), leading Client Advisory Services (CAS) practitioners discussed how they’re delivering deeper insights and client value through spend management.

Here are some of the biggest takeaways from the discussion.

1. SPEND MANAGEMENT IS A KEY SERVICE OFFERING FOR CAS FIRMS.

CAS is the fastest-growing practice area for accounting firms (see bit.ly/CASbenchmark), and it’s on a steep upward trajectory. Why? Clients value the insights, cashflow analysis, and trusted business advice that firms provide. It helps them make strategic business decisions faster and with more confidence.

As the demand for trusted accounting advisors continues to grow, outsourced spend management presents an opportunity for firms to deliver deeper insights and greater value to clients. In fact, processing and correcting one expense report can cost a business $110 on average (see bit.ly/ModernExpenseTracking).

CAS firms can help clients not only manage spending across their businesses, but also unlock insights and strategies to proactively fuel growth.

2. CAS FIRMS THAT LEVERAGE TECHNOLOGY HELP CLIENTS MAKE PROACTIVE DECISIONS.

Traditional expense management is time-consuming, inefficient, and fragmented. Businesses lack real-time visibility into how money is being spent each month.

“There are a lot of disparate ways and methodologies of spend,” says Logan Nichol, director of product at Divvy, a Bill.com company. “We never have real-time visibility into where every single dollar is spent. Time is wasted chasing receipts … and an employee must

wait 30, 60, 90 days to be reimbursed for personal spend. It’s a huge problem that we know exists in the market.”

It doesn’t have to take a village to consolidate spending in one place. It just requires the right tools. CAS firms are uniquely positioned to help clients evolve their practices through gamechanging technologies.

The Divvy Accountant Advisor Program (CPA.com/spendmanagement), in partnership with CPA.com, offers an integrated corporate card and software solution that delivers real-time insights into company-wide spending. It eliminates the need for expense reports, inefficient approval flows, and rampant out-ofpolicy spending.

As a result, firms are able to have strategic conversations with clients about what is happening across the entire business.

Dan Luthi, partner at Ignite Spot Accounting Services, says Divvy is a win-win for accounting efficiency and client relationships. “We are having faster, more proactive conversations. Instead of us searching for a bank record to reconcile a bank account, we can process documentation much faster.”

3. THE DIVVY ACCOUNTANT ADVISOR PROGRAM EMPOWERS CLIENTS AND THEIR TEAMS. Expense management often requires business leaders to approve every transaction. This can cause delays and create cashflow issues, hurting both the business and advisors.

With Divvy, business managers can empower employees to control their expenses, increase spending visibility, and eliminate inefficient workflows.

“It creates a very different relationship between the employee and the employer built on trust,” Luthi says. “Employees have control over how they should be spending their resources and time.”

Firms can set their clients up for success at no cost to the user, unlocking the following benefits:

• Business leaders can easily issue virtual credit cards with predefined budgets to every employee – immediately improving security and eliminating non-compliance spend.

• All transactions are synced automatically to the client’s accounting software – delivering real-time visibility and reporting.

• Expense reports are no longer needed – saving hours of time for firms and clients.

• Receipts can instantly be captured through a mobile app –which means accountants will no longer have to worry about clients walking in with a shoebox full of receipts.

• If needed, reimbursements are fast, free, and easy.

Modern spend management, enabled by technology, offers a secure, controlled, and streamlined process. As a result, firms, clients, and their employees are able to collectively make better decisions and refocus their energy on business growth and improved job performance.

ARE YOU HELPING CLIENTS MANAGE SPENDING?. Many businesses have little insight or visibility into their spending.

CAS firms have an opportunity to provide clients with the technology to transform expense management while providing financial insights and analysis. Divvy keeps accounting firms a step ahead with better forecasting and budgeting for their clients.

Watch the free webinar, ”Unlocking Better Client Insights with Spend Management Services for Your CAS Practice,” at bit.ly/ CASSpendWebinar to learn the best practices and insights from practitioners on how your firm can move from reactive expense management into proactive spend management.

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MEMBER NOTES

Cara A. Lowery, CPA, has been promoted to supervisor in the Hagerstown office of SEK, CPAs & Advisors.

Michael P. McCartney, CPA, MBA, has been promoted to supervisor in the Hagerstown office of SEK, CPAs & Advisors.

Jack W. McCracken, CPA, manager at Brown Schultz Sheridan & Fritz, has been honored by Leadership Carroll as a graduate of the Class of 2022. Leadership Carroll is a leadership development program co-sponsored by the Carroll County Chamber of Commerce and Carroll Community College. Its purpose is to provide leaders with a combination of leadership training and community knowledge, including a description of the problems, opportunities and issues facing the Carroll County community

Frank C. Musso has been named a tax senior manager in the Frederick, Md., office of Brown Schultz Sheridan & Fritz.

Daniel Russell, CPA, ABV, CFF, CVA, CFE, MSA, a partner with HeimLantz, has been named to the National Association of Certified Valuators and Analysts’ “40 Under Forty” list for 2021.

FIRM NOTES

For the eighth time, The Washington Post has named Aronson as one of the D.C. area’s top workplaces. Aronson is a nationally ranked top 100 assurance, tax, and consulting firm and placed 13 out of the 75 companies in the mid-sized category.

Lanigan Ryan, P.C., was awarded the Service Provider of the Year Award at the 2022 SUBBY Awards Gala for the American Subcontractors Association of Metro Washington on Saturday, May 21.

Lanigan Ryan, P.C., held its 29th annual Golf for Charity tournament on May 9. The event raised more than $10,000 for local charities Madison House Autism Foundation and Mental Health Association of Frederick County.

IN MEMORIAM

Thomas H. Adams Jr., CPA, a life member of the MACPA who joined the association in 1962, died on April 1. He was a practicing CPA until the end of February, just two months before his death. He was 88.

CLASSIFIEDS

mergers & acquisitions

MARYLAND PRACTICES FOR SALE:

Gross Revenues Shown: Essex MD, CPA $575K; Northern Baltimore Cnty, CPA $200k; Bethesda,Gaithersburg, and Frederick Area, CPA $117K; For additional information or to see nationwide listings and register for free email updates visit us at www.APS.net.

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

job openings

MARYLAND CPA FIRM SEEKING PARTNER Local silver spring md cpa firm is seeking a fifth partner. Opportunity for individual to supplement their book of business and purchase existing tax clients from two partners who are nearing retirement age.

Candidate must have cpa license, with a minimum of 7 years professional experience in taxation. Unlimited opportunity to grow your own practice, and expand your existing book of business. New partner will participate in all new firm clients.

Please contact kevin or phil confidentially at 301-680-8900. E-mail: peb@ndbp.com kevin@bradleywealthmanagementllc.com

SENIOR LEVEL MANAGER NEEDED

Peer reviewed CPA firm in Rockville, MD is seeking a Senior Level Manager for employment with opportunity to purchase the practice. Gross revenues $1,000,000+ per year over the past 4 years. Primarily tax practice. Candidates must have a CPA Certificate and Maryland license. Direct inquiries in strict confidence to Krislyn@macpa.org and reference File No. XXXX-40

INTERESTED IN BUYING A PRACTICE?: See local and nationwide listings at www.APS.net and register for free email updates or call us at 1-800-397-0249.

ACCOUNTING BIZ BROKERS: Practice for Sale: Chevy Chase CPA a Gross $1.075M

READY TO SELL YOUR FIRM? CONTACT US TODAY! Selling your firm is complex. We make it simple! Our brokers are Certified Business Intermediaries (CBI) with the IBBA. We have been assisting sellers for over 17 years and can help you achieve the win-win deal you are seeking!

Contact: Kathy Brents, CPA, CBI 866.260.2793

Kathy@AccountingBizBrokers.com www.AccountingBizBrokers.com

BUSINESS AND TAX PROFESSIONALS NEEDED

High Quality Mid-size Towson CPA Firm seeks motivated professionals with experience in individual or business income tax preparation (or review). Flexible schedule, challenging work and excellent compensation.

Experience with ProSystem FX Tax is a plus.

Contact: Kenneally & Company 660 Kenilworth Drive, Suite 104 Towson, MD 21204 410-321-9558

E-mail: dmiller@jlkcpas.com

HOW TO SUBMIT A CLASSIFIED AD

To submit a classified ad, contact Krislyn Suljak at krislyn@macpa.org, or 443-632-2307.

REPLIES TO ADS WITH FILE NUMBER: Email krislyn@macpa.org, or reply via mail:

MACPA, Classified Ads 901 Dulaney Valley Road, Suite 800, Towson, MD 21204

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