MACPA Statement // Summer 2023

STATEMENT

CPA NARRATIVE CHANGING THE

ALSO INSIDE

Meet the MACPA’s 2023-24 Board of Directors Page 4

Promoting purpose: Truly engaged employees more likely to stay true Page 24

MACPA CHAIR CHRISTINE ASPELL

RETHINK...

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2022–2023 BOARD OF DIRECTORS

Christine Aspell, CPA Chair

Thomas White, CPA, CGMA Vice Chair

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

Herbert J. Geary III, CPA, CGMA Immediate Past Chair

Karl Ahlrichs, SHRM-SCP, SPHR, CSP

Jackie Cardello, CPA

Bo Fitzpatrick, CPA

Robert Goldstein, CPA

Michael Kimbrough, Ph.D., CPA

Gregory Repas, CPA

Brett Sanders, CPA

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

SENIOR STAFF

Rebekah Olson, CPA CEO

Laura Swann, CPA CFO

Bill Sheridan, CAE CCO

Mary Beth Halpern Director Technical Services/ Regulatory Affairs

Dee Sullivan Director of Learning

Change our narrative, change our future: The power of purpose in strengthening our profession

BY CHRISTINE ASPELL / MANAGING PARTNER, KPMG BALTIMORE OFFICE

Our profession’s “pipeline” challenges — the declining numbers of students who study accounting and the shrinking pool of candidates who are studying for the CPA exam in the hopes of obtaining their license — have been top of mind for CPAs for some time now. But we’re not the only ones paying attention.

In November 2022, The Washington Post published an analysis by Bloomberg’s Adrian Wooldridge, who claimed that the dearth of CPAs is a threat to capitalism itself.

“The obvious result of the talent shortage is an erosion in the quality of audits,” Wooldridge wrote, adding that errors are missed by both overworked accountants and shorthanded regulators, leading to an increased likelihood of “another Enron out there: a big company that is playing fast and loose with its finances and will eventually collapse, bringing economic havoc in its wake.”

The Wall Street Journal also has been sounding the alarm, publishing no fewer than seven articles about the issue since December. Its latest analysis, published on July 11, claimed that the shortage is making its way into the financial statements of several large public companies. “U.S.listed companies such as car-parts provider Advance Auto Parts, electricair-taxi firm Joby Aviation and German biotech company Evotec in recent months have disclosed efforts to address material weaknesses due at least in part to a lack of accounting staff,” wrote reporter Mark Mauer, who added that such material weaknesses “are one of the key predictors of restatements, both major and minor, and generally lead companies to address the problems and improve their controls.”

Debates continue throughout the profession on the best ways to address our depleted talent pipeline. Reasoned arguments and thoughtful ideas abound. These include a pair of pilot programs —

one offered by the AICPA and the National Association of State Boards of Accountancy, the other through a partnership between Saint Peter’s University in New Jersey and PwC — that would award credit toward 150 hours of required education for work done on the job.

I’m more interested in what individual CPAs — you and me included — can do to strengthen our pipeline. Make no mistake, I’m convinced each of us has a role to play in this area, and that role centers on what we can do to change the narrative about our great profession.

Let’s face it: We’re probably not going to inspire a lot of young people to study accounting by talking about accounting. A recent study by the Center for Audit Quality and Edge Research bears this out. Approximately 1,400 undergraduate business students and recent graduates were asked about their attitudes about accounting and the barriers they see to entering the profession. “When asked about their experiences with introductory accounting courses, only one out of three non-accounting majors who considered accounting said the content was interesting or engaging,” Accounting Today reports. “Among the students who ultimately chose not to pursue accounting, the main reason cited was a lack of passion.”

On the other hand, I believe focusing on why we do what we do opens all kinds of possibilities. Our work directly impacts our clients’ businesses and, by extension, the communities those clients serve and the economy at large. It’s not a stretch to say that the work we do helps improve the lives of people throughout our communities. We need to tell that story and share that passion.

Our profession continues to change rapidly as technological advancements, regulatory changes, and demographic trends reshape what we do and how we

do it. But even amid that change, one thing remains constant — our purpose. The what, how and even who of our great profession will adapt and change, but what won’t change is our why.

We are at an inflection point in our profession when it comes to human capital and our next generation of leaders. Changing the narrative and shifting the focus — especially for our talent and future talent — from the everadapting day-to-day work to the purpose behind that work is an opportunity that we can’t afford to miss. Too frequently, that purpose, that passion, that “Why?” has gotten lost. We need to find it, and share it — over and over again. Each of us must shoulder some of the responsibility of exciting a new generation of CPAs.

Here’s one way you can help:

The MACPA is recruiting Maryland CPAs to visit area classrooms and speak to high school and college students. Our goal is to raise awareness of accounting career opportunities by discussing the exciting and challenging roles CPAs play, and the real difference they make in the business world. Your passion for the profession can be contagious — and a great way to recruit students to pursue accounting as a career. Join us in spreading the good news! We’ll provide the presentations, training, and outreach and support materials if needed. All you need to bring is your passion and a couple of good stories to tell. Get further details and sign up as a volunteer today by visiting MACPA.org/classroom-visitrequest-form.

Our profession needs your passion — 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.

Meet the MACPA’s 2023-24 Board of Directors

BY BILL SHERIDAN,

CAE

The MACPA’s 2023-24 slate of officers and directors was voted into place at the association’s Annual Meeting, held June 22 in Baltimore. Here’s a closer look at this year’s Board of Directors.

OFFICERS

Christine Aspell, CPA 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. 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.

Thomas White, CPA, CGMA Vice Chair

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 and AICPA volunteer, including involvement with the MACPA’s mentor program and Scholarship Committee as well as the AICPA’s Council and Health Care Expert Panel.

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

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.

Herbert J. Geary III, CPA, CGMA Past 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.

FEATURES

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

Jackie Cardello, CPA

Employer: GRF CPAs & Advisors

Title: President and Managing Partner

Notable: An MACPA member since 1995. Has more than 25 years of experience in public accounting, specifically in auditing and advisory. As president and managing partner of GRF CPAs & Advisors, she is responsible for leading the firm, focusing on strategies that elevate GRF as a premier provider of accounting, assurance, tax and advisory services to nonprofit organizations, small businesses and individuals. She also spearheads initiatives that focus on recruiting and mentoring young CPAs as well as programs that promote diversity, equity and inclusion, not just for GRF but for the profession as a whole. A board member and immediate past chair of CPAmerica and incoming chair of the AICPA G400 Practice Advisory Group. Graduated from the Robert H. Smith School of Business at University of Maryland and is a member of the Smith School AIA Advisory Council.

Bo Fitzpatrick, CPA Employer: 20-20 Services, LLC

Title: Director of Executive Program

Notable: A seasoned professional with more than 30 years of experience in and around the public accounting profession, both in practice and as a consultant. Prior to rejoining 20-20 Services as director of executive programs, he was the managing partner of the Washington, D.C., offices of Citrin Cooperman. Has held various roles including founder / president at 20-20 Services, president and COO of AuditWatch, and senior manager at Ernst & Young. A graduate of the University of Maryland, College Park. Has a certification in leadership coaching from Georgetown University. A member of the AICPA and the Maryland Association of CPAs. Recognized in 2004 by Accounting Today as one of its “Top 100 Most Influential People in Accounting.” A member of the International Coaching Federation.

Robert Goldstein, CPA Employer: Baltimore Scrap Corp.

Title: Division Controller

Notable: An MACPA member since 2017. Has more than 30 years of public and private accounting experience, as well as more than 10 years as a consultant providing strategic advisory services for privately held middle-market companies within the manufacturing, distribution, and professional services sectors. Currently serves on the MACPA’s Business and Industry Committee and has moderated and presented at past conferences.

Also currently serves on the CFO Leadership Council Advisory Board (Baltimore chapter) and The Associated’s Caring and Community Relations Managing Council. Serves on the JCC of Greater Baltimore’s Finance Committee and is a past board member.

FEATURES

CONTINUED FROM PAGE 5

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.

Gregory Repas, CPA

Employer: McCormick & Co., Inc.

Title: Vice President and Comptroller

Notable: An MACPA member since 2016. Joined McCormick in April 2017. Is responsible for the controllership, financial reporting, and internal control activities for McCormick. Interacts with the global finance team on matters such as business initiatives, acquisitions, internal controls, and the interpretation of existing accounting standards. Greg joined McCormick. Previously served as vice president and chief accounting officer for Algeco Scotsman, a global provider of modular space, secure portable storage solutions and remote workforce accommodations. Also served as vice president and assistant chief accounting Officer for Stanley Black & Decker after starting his career at Ernst & Young. Earned his bachelor’s degree in accounting from The Pennsylvania State University.

Brett Sanders, CPA

Employer: Bird Global Inc.

Title: Director, Accounting

Notable: An MACPA member since 2014. Has 10 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, on the board for the Academy of Finance of Baltimore, 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 non-profit 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.

CHANGING

CPA NARRATIVE CHANGING THE

By Bill Sheridan, CAE

2023-24 MACPA Chair Christine Aspell hopes to reconnect members with the purpose behind their work — and help them share that purpose with a new generation of CPAs

The issue that’s on every CPA’s mind these days also sits squarely at the top of new MACPA Chair Christine Aspell’s agenda for the coming year.

It’s the pipeline — the declining numbers of students who study accounting and the shrinking pool of candidates who are studying for the CPA exam in the hopes of obtaining their license. The shortage of new talent entering the profession has left leaders scrambling to meet their staffing needs. It’s also left experts wondering about the quality of future audits and other accounting and finance work.

Debates continue throughout the profession about possible solutions to

the pipeline issue, many of which seem to center on educational and regulatory requirements for becoming a CPA. But Aspell is taking a different tack. She wants to reconnect CPAs with the purpose behind their work, and to convince them to share that purpose with students and young professionals who are hungry for work with meaning.

“Our profession continues to change rapidly as technological advancements, regulatory changes, and demographic trends reshape what we do and how we do it. But even amid that change, one thing remains constant — our purpose,” said Aspell, managing partner and audit

partner with KPMG’s Baltimore office who was elected as the MACPA’s 2023-24 chair at the association’s annual meeting on June 22. “The what, how and even who of our great profession will adapt and change, but what won’t change is our why.

“We are at an inflection point in our profession when it comes to human capital and our next generation of leaders,” she added. “Changing the narrative and shifting the focus — especially for our talent and future talent — from the everadapting day-to-day work to the purpose behind that work is an opportunity that we can’t afford to miss.”

CONTINUED FROM PAGE 9

With talent issues and the future of the profession at the forefront, Aspell sat down recently with MACPA Editor Bill Sheridan to talk about her priorities for the coming year, and how the MACPA can take the next step toward future-readiness — both for itself and its members.

HERE’S WHAT SHE HAD TO SAY.

Bill Sheridan: Tell me a bit about you, Christine. Where are you from originally?

Christine Aspell: I’m from Baltimore originally. I’ve only lived in two ZIP codes my entire life! That seems to be a Baltimore thing. I grew up in the Parkville area. I went to a Catholic grade school, went to St. Ursula, and then I went to NDP, and then I went to Loyola. I stayed local for my college years as well. My family’s from this area and we’ve never really moved, so, here I am.

Bill Sheridan: It’s funny ... I moved to St. Louis a number of years ago. My wife is a native of St. Louis, and the similarities between Baltimore and St. Louis are eery, right down to the question everyone asks each other.

Christine Aspell: “Where’d you go to school?”

Bill Sheridan: And they’re gleaning all kinds of information from that answer.

Christine Aspell: A quick assessment of who you know, the kind of the things you did.

Bill Sheridan: How about your family, Christine? Brothers? sisters?

Christine Aspell: I have one sister, so a small family. She lives in Houston. My mom passed away nine years ago, so it’s just my dad. I have two boys and my husband. So, not a huge family, but two is enough.

Bill Sheridan: Why accounting for you? What drew you to the profession? What was it about accounting that lit your fire?

Christine Aspell: At first I thought I wanted to be a doctor, and then I worked at a pediatrician’s office and realized I don’t like the sight of blood. But I liked numbers. I liked trying to solve things. At the same time, but when I worked at the doctor’s office, I realized I loved being around people. I loved talking to the patients. And I thought to myself, “I’m really going to miss this part of the job.”

I had a misconception that accounting is just about sitting behind a desk crunching numbers. But I quickly learned that was not the case. When I started at KPG, I realized how much interaction with people is required (in accounting). To be successful, you really need to be able to talk with people.

Bill Sheridan: What do you see as the MACPA’s priorities as you start your year as chair? Where do you want to focus a lot of your time and attention this year?

Christine Aspell: It’s pipeline, pipeline, pipeline. Getting people to understand what we do and why these roles are important — returning to our purpose as CPAs. Years ago, KPMG offered what I call the purpose program — showing that it’s not just crunching numbers, it’s not just auditing, it’s not just tax. There’s a purpose to what we do that goes beyond what you see. Companies need our services because they’re filing for grants that will help them do, for instance cancer research. We approach those services with an understanding that we’re not just auditing cash; we’re auditing this financial statement because this company needs this to accomplish *their* purpose. At the same time, we’re creating confidence in the capital markets through what we do. It’s a bigger purpose than I think most people realize.

Bill Sheridan: Our CEO, Rebecca Brown, spoke with a group of students recently and asked that question: “Why accounting? What attracted you to the profession?” A young student had a very similar answer. He said it’s the fact that what he does allows his clients to do what they do. The example he gave was this: Let’s say one of his clients is a not-forprofit that serves the community; what he does allows that not-for-profit to improve the lives of people in the community.

When you think about it in those terms, it turns everything about this profession on its head and makes you stop and think about accounting in a different way.

Christine Aspell: And it makes it more appealing to people than just crunching numbers. But when you think about that higher purpose that you’re serving, it connects and inspires people in a way that the numbers don’t.

Bill Sheridan: Outside of the pipeline, what are some of the biggest challenges you think our profession is facing today?

Christine Aspell: There are so many things right now. Artificial intelligence is a big one. We don’t know enough yet about where that’s going, but that’s a question on a lot of people’s minds, especially young people who are exploring college majors and careers. If those students are going to select accounting, they need to be able to think through what the job is going to look like in five years, and what skill sets they’ll need to do that job. The future vision of our profession has changed a lot recently, but I think the change we’re experiencing now is much more rapid than what we saw in the past.

Bill Sheridan: Exactly. The Gartner Hype Cycle — which maps the path that new technologies take as they go from hype to productive tools — is compressing because

WE ARE AT AN INFLECTION POINT IN OUR PROFESSION WHEN IT COMES TO HUMAN CAPITAL AND OUR NEXT GENERATION OF LEADERS...

of how quickly these new technologies are evolving. That gives us less time to reimagine what our profession and our careers will look like going forward.

Christine Aspell: I don’t know if we have the answer to all of that. Look at where we’ve come with the audit. When I started, we were taping spreadsheets together. We had 54 columns of spreadsheets, and our audits were based on that. We had to put those columns together and fill them in. Looking back, we were in the dark ages, chiseling tablets. It was all manual. You accumulated all the numbers, you created a spreadsheet for what prepaid assets look like, or your client gave you the details and then you audited them. Controls weren’t a thing — nobody talked about controls. And now look at what we’re doing. We’re all about controls and the IT aspect of it, and we have specific programs that help us look at risks and our assumptions we’re making for auditing. It’s very different from what we did before, and the technology has a lot to do with it. And because of that, our first-year people aren’t doing the things that we did back in the day, so the skill sets they need are very different.

Bill Sheridan: And that’s a great question:

Are new CPAs being trained in the skills they’re going to need going forward? Our foundational technical skills are never going to go away, but a lot of that is being automated. In many ways, what differentiates us going forward are those relationships -- the people side of the profession. It’s a whole new ballgame when you’re talking about what you need to learn in order to add value.

Christine Aspell: Also, the need to think critically will never change. Putting those skills together -- the people skills and the ability to think critically think — is, I think, one of the things that will set us apart going forward.

Bill Sheridan: How about opportunities, Christine? What opportunities await us in the very near future?

Christine Aspell: I’ll take it back to that critical thinking skill. Accounting gives you such a broad skill set. It can be very specific at times, but it’s also very broad and teaches you to think critically. An accounting major can do a finance job, but a finance major can’t necessarily do an accounting job. It’s very broad, and you can do so much with that skill set.

Bill Sheridan: What does that mean for your clients? Looking at a situation through that type of lens — how does that benefit the folks you’re working for?

Christine Aspell: That’s what we’re hired to do, right? We’re questioning everything. That’s what we do as auditors. We question.

Bill Sheridan: That’s another skill that keeps surfacing in many conversations I’ve had recently — the ability to ask better questions. So many people seem to believe they need have all of the answers to the problems they face. But the way you arrive at those answers is by asking insightful questions -- peeling back the layers of that onion until you eventually arrive at the heart of the problem.

Christine Aspell: Doing that gives you other viewpoints to consider: “Oh, I never thought about it that way.”

Bill Sheridan: That’s the whole point of asking those questions. They open your mind. That’s an intriguing way of looking at what we do.

Christine Aspell: Judgment plays such a big role in audit. Take impairments — goodwill impairments or valuations. There’s lots of judgment that goes with all of that. It’s not

BUT WHEN YOU THINK ABOUT THAT HIGHER PURPOSE THAT YOU’RE SERVING, IT CONNECTS AND INSPIRES PEOPLE IN A WAY THAT THE NUMBERS DON’T.

just black or white. It’s being able to look at all of that and say, “Well, that doesn’t make sense.” Or, “Did you think about it from this angle?” It’s a fun job if you like solving problems or putting puzzles together. I always thought about cashflow in that way — it’s like a puzzle.

Bill Sheridan: And that’s strategic and critical thinking in a nutshell.

Christine Aspell: Absolutely. I’ve always said that I could be a private detective, given how I was trained.

Bill Sheridan: Pulling it back to the MACPA for a moment, Christine: What’s the value of membership in your mind?

Christine Aspell: I’ve always been an MACPA member, but coming from the Big Four, I initially had the impression that you needed the MACPA from a training perspective. That’s how it was always talked about — CPE. But I quickly realized that there is so much more to being an MACPA member than that. It’s a community of people who work together in so many amazing ways — sharing insights with one another, speaking at schools, showing our value to our lawmakers in the General Assembly. It goes way beyond that piece of paper, that certification we’ve worked so hard to obtain. There’s so much that happens behind the scenes — community, advocacy, filling our pipeline and strengthening the profession. There’s so much more to membership than just training.

Bill Sheridan: We’ve had members who have said one of the biggest values of their MACPA membership is that community — being a part of an association, being able to connect with other people, asking questions of fellow members and getting answers to those questions from the community.

Christine Aspell: There’s something very powerful about that, from a membership point of view. What we’ve been able to accomplish as CPAs is pretty incredible. It’s not an easy thing to do. There’s a lot to being a CPA, and there’s a lot that you need to do to continue to add that value. We need to

share that value and make people aware of the value CPAs bring to their organizations and their communities. Doctors and lawyers value that certificate and tout it, talk about it. We don’t do enough of that.

Bill Sheridan: We need to get better at telling those personal stories and showing the connection that, for example, you, Christine Aspell, has with this profession. That story might turn the tide for another person out there to say, “Hey, this is something I ought to consider.”

Christine Aspell: The experiences that I’ve had over the years at KPMG have helped me grow professionally, but they’ve helped me grow personally, too. This profession can do that for you.

Bill Sheridan: What does the future of this profession look like to you, Christine?

Christine Aspell: It’s everything we’ve been talking about. It’s the right people, the right skills, getting the colleges to make sure they’re teaching those right skills, and thinking critically about how we can solve the problems that our clients and organizations are facing. Take a look at the professions. We’re all fixing something. A doctor is fixing a patient. A lawyer is fixing a legal problem. CPAs are solving financial issues. Regardless of where the future takes us, we all have that role to play. It comes down to keeping our eye on the ball and thinking critically about the issue at hand. Whether it’s taxes, accounting, valuation — whatever the issue may be. Our future is about doing the things machines can’t

do — thinking critically and applying our expertise in ways that will solve problems.

Bill Sheridan: It’s funny how these conversations all come back to the relationships we’re building with our clients and customers. It’s all about asking better questions, thinking critically, using new technologies when needed, and applying what we know to the issues at hand. That’s the future of the profession in a nutshell.

Christine Aspell: It is, and those relationships point to the importance of connecting physically as well -- getting back together in the same room. It’s about that personal connection. You can get some of that by being virtual, but you can’t get all of it. When I was younger, I benefited greatly from being in a room and hearing the conversations taking place from those who were more senior than myself. I was watching how they interacted and I was able to listen. We need more of that. People need to understand the value of that.

Bill Sheridan: I spoke with a thought leader in the future of work, and she told me that one of the things we missed most in our move to remote work during the pandemic is what she called “accidental knowledge” — the stuff you pick up just by being in the same room with other people, hearing conversations and interacting with other people. That’s stuff you don’t pick up when you’re working in your office at home. I think there’s something very critical about all that.

Christine Aspell: I completely agree. It’s

I REALLY WANT TO FOCUS ON MAKING SURE PEOPLE UNDERSTAND THE VALUE OF A CPA AND HOW YOU CAN GET PERSONAL WORTH OUT OF THAT.

also about being able to focus when there are 10 people talking around you, learning how to tune it out and focus in an audit room. That’s where I worry a bit about our first-, second- and third-year people. They haven’t experienced a lot of that (in a remote environment), and now they’re getting some of that (in the office). I also think the pace at which you’re learning changes.

Bill Sheridan: Exactly. It’s almost like you’re picking up more and learning faster by virtue of that physical connection.

Christine Aspell: I’m sure younger people would say, “I’m fine,” but it’s possible that they don’t know what they don’t know. You might say I’m one of those “I walked to school uphill both ways” people, but I do think there are a lot of things they’re missing by not having that connection. When I was working in Philadelphia, a staff person once

told me, “I don’t know how you did this -getting dressed, driving to work five days a week.” How quickly that has changed! That was the norm. And now their view is, “I don’t know how you did that,” with the impression being, “I’m not ever going to do that.”

Bill Sheridan: It’s almost as if the way we work is advancing at the same rate as technology. We’re having to learn on the fly and figure it out as we go along.

Christine Aspell: KPMG built a training facility in Florida that opened up right before the pandemic. Today, that’s a way for all of us to come together and learn, and we have. Fortunately we have that, but it doesn’t take the place of the daily interaction you get sitting side by side with somebody.

Bill Sheridan: What would you like the MACPA — and Maryland CPAs in general — to accomplish over the next year? What

does a good year as MACPA chair look like to you?

Christine Aspell: I really want to focus on making sure people understand the value of a CPA and how you can get personal worth out of that. For me, that personal worth is purpose. I’ve spent pretty much my entire career in the financial services world. Now, most of us have bank accounts or a 401(k) or something like that to help drive our personal finances. I’ve been fortunate enough to connect what I do with these important financial instruments that I see externally. I would love for CPAs to look at this profession not as a job but as a career, and to find the purpose in what they do and share that purpose with students, so that students can see that and experience it and understand the value that CPAs offer.

Maryland’s Mehta brings tenure as AICPA chair to a close

BY BILL SHERIDAN, CAE

After a year of traveling the globe and bringing an inspiring message of strength, diversity and growth to all corners of the profession, Anoop Mehta can finally catch his breath and pass the torch.

Mehta, a Maryland CPA and former chair of the Maryland Association of CPAs’ Board of Directors, brought his yearlong tenure as chair of the American Institute of CPAs to an inspirational close on May 24 during the spring meeting of the AICPA’s Governing Council in Washington D.C.

“I’m so incredibly humbled by this honor, and I’m eternally grateful to the countless leaders who have mentored me throughout the years and helped put me on this path,” said Mehta. “Maryland has a long history of forward-thinking leadership in this profession, and I’m proud to carry that tradition forward.”

Mehta is succeeded as AICPA chair by Okorie Ramsey, CPA, CGMA, vice president of Sarbanes-Oxley compliance for Kaiser Foundation Health Plan and Kaiser Foundation Hospitals.

Mehta visited most U.S. states and numerous countries during the past year, focusing at each stop on three of the profession’s most critical issues:

• Helping others to grow professionally and personally. The profession must adopt a people-first approach that encourages mutual support, lifelong learning and personal development.

“People should be at the center of our practices and decisions, large and small, the chief focus for where we want the profession to go,” he said.

• Diversifying the pipeline of new accountants. Projects such as CPA Evolution, a new model for licensure,

and new apprenticeships for CGMA candidates, will help. But the profession also must set and track progress toward DEI goals to ensure accountability, he said. He vowed to visit as many high schools and colleges as he can during his tenure to talk up the profession.

• Preserving trust in the profession. Mehta cited the profession’s recent role in economic recovery and business relief, and described how that’s built trust with clients and the public. He also pointed to new areas where CPAs can serve, such as assurance and advisory work related to environmental, social and governance (ESG) topics. “I’ve spent my entire career working with organizations that conduct research on our planet’s natural systems,” he said. “This is one of the places the profession will be looked at in 10, 50,

or even 100 years from now as having instilled confidence and consistency in the production of this data.”

“The CPA is a foundation to open doors, broaden horizons and build career journeys,” Mehta said. “It was true when I passed the exam in 1991, and it’s just as true now, if not more. Serving this profession has been my life, and helping others join this profession will be my life’s work.”

Mehta is chief strategist of the aerospace firm Analytical Mechanics Associates. Before taking that position, he spent more than four decades at Science Systems and Applications, Inc., eventually rising to president. During his time there, the company grew from a two-person firm

NEWS & VIEWS

to an organization with more than 1,000 employees. Mehta actively supported NASA and NOAA programs in his executive management capacity at SSAI.

NEW CHAIR’S AGENDA

Ramsey’s agenda as AICPA chair will focus on three key areas :

• Innovation to advance the profession. Ramsey hopes to capitalize on the advancements made by the profession over the past few years by embracing and leveraging technology to streamline processes, increase efficiency and drive greater value.

• Instilling integrity and trust into sustainability. Ramsey believes environmental, social and governance (ESG) is an area where professional accountants can drive meaningful change. He will encourage the AICPA and the Association to work with stakeholders to integrate responsible

and sustainable practices into their businesses and operating models.

• Supporting the next generation and give them enhanced opportunities to succeed. Ramsey supports working together with other professional organizations, state CPA societies, colleges, high schools as well as firms and employers to create a more inclusive accounting and finance profession.

“We are a profession of leaders,” Ramsey said in his acceptance speech. “And it is

our duty to guide people, firms, businesses and economies. Together, we can seize the moment and shape our future.”

Carla McCall, CPA, CGMA, managing partner of Alexander Aronson Finning CPAs, will serve as the AICPA’s vice chair during Ramsey’s tenure.

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

“I’m so incredibly humbled by this honor, and I’m eternally grateful to the countless leaders who have mentored me throughout the years and helped put me on this path,”

NEWS & VIEWS

Three Marylanders named ‘Most Powerful Women in Accounting’ for 2023

BY BILL SHERIDAN, CAE

Maryland continues to produce some of the accounting and finance profession’s most powerful and influential leaders.

The latest examples were honored on June 6 as the AICPA and CPA Practice Advisor announced their Most Powerful Women in Accounting for 2023.

Three Marylanders and MACPA members were among those honored:

• Kimberly Ellison-Taylor, a former board chair for the MACPA and AICPA and a tireless volunteer and advocate on behalf of the profession.

• Jessica McClain, CFO for Girl Scouts Nation’s Capital and a former MACPA Women to Watch Award winner who has been recognized numerous times as one of the top young leaders in the profession.

• Lexy Kessler, Mid-Atlantic Regional Leader with Aprio and a former chair of the MACPA’s Board of Directors who currently serves as a board member with the Association of International Certified Public Accountants.

The honorees were recognized in front of nearly 3,500 attendees at the AICPA’s 2023 Engage Conference at the Aria in Las Vegas. “Three words come to mind when I think about this honor,” McClain said. “Humility is the first. I am humbled to be included on this list of powerful women in our profession. The second word is appreciation: I am so thankful for my family, friends, colleagues, mentors, coaches, sponsors, and supporters who push and motivate me every day. The last word is responsibility: I have a responsibility to help develop and grow the next generation of accounting leaders.”

“I am honored to be included among such amazing leaders, who just happen to be women,” Ellison-Taylor added. “Collectively, these leaders are changing the world and I couldn’t be more proud of them. Together, we are working to remove barriers and enable opportunities for the next generation of leaders.”

“I’m truly humbled to be recognized by the AICPA and CPA Practice Advisor,” Kessler said.” To be included with women that are impactful change-makers who positively make a difference in the lives of those they interact with is an honor.”

Others named among the Most Powerful Women in Accounting for 2023 are:

• Lara Abrash, CPA

• Tommye Barie, CPA

• Julie Boland, CPA

• Jeannine K. Brown, CPC

• Arianna Campbell, LSS

• Avani Desai, CPA

• Kimi Brown Ellen, CPA

• Angie Grissom

• Orumé Agbeyegbe Hays, CPA, CGMA, MST

• Guylaine Saint Juste, SHRM, SCP, CAE

• Elizabeth Pittelkow Kittner, CPA.CITP, CGMA, DTM

• Kelly Mann, CPA

• Carla McCall, CPA, CGMA

• Kelly Richmond Pope, PhD, CPA

• Lindsay Stevenson, CPA, CGMA

• Diana Stoltzfus, CPA

• Amy Vetter, CPA.CITP, CGMA

• Tracey Walker

• Sandra Wiley

• Erica Williams, J.D.

• Jennifer Wilson

• Janet Yellen, PhD

Now in its 12th year, the Most Powerful Women in Accounting Award was created by CPA Practice Advisor and is jointly administered by the AICPA & CIMA and CPA Practice Advisor to promote and support the success of women leaders as part of its broader mission of sustaining the profession.

Women are nominated from their peers, and a group of independent judges select the award recipients, using the following criteria for candidates:

• She has been playing an active role in innovation and excellence within her organization, and that role is carrying over to the accounting profession at large. Examples include creating and/or overseeing new programs for modernization, enhancing productivity, improving profitability.

NEWS & VIEWS

• She is one of the top leaders in the accounting profession or in an organization that serves the accounting profession, and her leadership has had a demonstrable effect upon the accomplishments of the organization during the past year.

• She is a mentor, a sponsor and/ or a role model, and someone who stands out in her ability to encourage and help those around her thrive

and flourish. This includes attention to inclusivity and supporting and inspiring others within the profession.

• She contributes to the future of the profession, is influential, and has a positive impact on the accounting profession as a whole. She is visible within the profession, through writing, speaking, educating, and any other ways of extending herself beyond her own organization.

• She represents the accounting profession outside of her day-today job through participation in her community and outside organizations. Bill Sheridan, CAE, is editor of The Statement and chief communication officer for the Maryland Association of CPAs.

Maryland CPA Jeff Wilson named an ‘Outstanding Young CPA’ by AICPA

BY BILL SHERIDAN, CAE

Jeff Wilson II, CPA/PFS, CFE, CGMA, CDFA, founder of The W2 Group in Upper Marlboro, has been named one of the AICPA’s Outstanding Young CPAs for 2023. The annual award, now in its 12th year, recognizes CPAs under age 40 who personify a commitment to the profession, as demonstrated through successful practices and involvement in and contributions to the interest of the accounting profession.

“Though this is an individual award for a CPA, I actually reflected on all the CPAs that have supported me in one way or another,” Wilson said. “I could not do what I do I without the other great CPAs in the profession. In that light, I am proud of what is really a team award.”

Wilson was recognized from the stage prior to the opening keynote address at the AICPA’s 2023 Engage Conference in Las Vegas. This is the third year in which more than one person was selected for the honor.

Wilson is a 2013 graduate of the AICPA Leadership Academy. He states that in each moment of his career’s success, he can point to someone who mentored or influenced his path. He attributes his accomplishments to the mentors and influences he has had throughout his life, even refers to them as shared accomplishments that would not have been possible without the input and professional giving of other “influencers” in his life.

The other 2023 Outstanding Young CPA award-winners are:

• Durran Dunn, CPA, CIA, managing director, Grant Thornton, LLP, Atlanta, Ga.

• Rosey N. Flaherty, CPA, MSA, tax senior, Eide Bailly, Tustin, Calif.

• Kathryn K. Horton, CPA, CMA, CIDA, CFE, president, Kathryn K. Horton CPA PA, Coral Springs, Fla.

• Gregg Peat, CPA, CFF, ABV, managing director, FTI Consulting, Portland, Ore.

The AICPA created this award to honor the legacy of Maximo Mukelabai, a member of the inaugural class of the AICPA Leadership Academy and the youngest chair of the North Carolina Association of CPAs Board of Directors. Tragically, his life was cut short at age 36.

The eligibility criteria to apply for the award are:

• Holding the CPA license and being between the ages of 22 and 40.

• Being a regular voting member of the AICPA.

• Promoting the CPA profession.

• Volunteering in activities that advance the accounting profession.

• Participating in community-based organizations that improve people’s lives.

To be considered for the award, candidates submitted applications and details on their volunteer history, along with professional reference forms from peers, employers, and state CPA societies.

A task force of young CPAs then reviewed all qualified nominations to determine the winners.

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

MACPA’s 37th annual Personal Financial Planning Conference Addresses inflation, building your business brand, planning for your business’s succession, commission-free annuities, and much more

BY SETH HAMMER, C.P.A., PH.D. | TOWSON UNIVERSITY

The MACPA’s 37th annual Personal Financial Planning Conference, presented virtually and in-person at the Loyola Graduate Center on Oct. 25, 2022, addressed a variety of topics highly relevant to CPAs engaged in the financial planning process, including inflation, building a business brand, planning for a business’s succession, commission-free annuities, and much more.

Dr. Anirban Basu, chair and chief executive officer of Sage Policy Group, and a frequent MACPA presenter, kicked off the program by sharing a broad and nuanced perspective on inflation, in which he advised participants how its impact has varied amongst different

sectors (e.g., housing, retail, professional services, etc.) and how the related pain — or in some places even gain (e.g., rising profits for the oil industry) — has and might be expected to continue to evolve, particularly in the near future. Brief summaries of a few of the other presentations are included below.

In the category of business building, the MACPA’s Chief Communications Officer, Bill Sheridan, presented, “Scratch Your Niche: How to Build Your Business and Boost Your Brand with a Little Help from Social Media.” Sheridan explained how entrepreneurs utilize creativity in conjunction with other factors such as engagement and strategic planning to

grow a business. Specifically, with respect to the creativity factor and its role in business building, Sheridan stressed the importance of being a regular content creator. Make content creation a regular habit, he advised the conference participants. Also, as an individual who has achieved social influence success (e.g., one of the 100 Most Influential People in Accounting and Finance), he advised participants not to overlook core personal factors of being patient, being real and, perhaps most fundamental, being nice. In addition, for the introverts in the crowd (or those who see themselves that way) who believe their personality type might potentially be a business

FINANCIAL PLANNING

building hinderance, he provided some recommended recommending — Quiet: The Power of Introverts in a World That Can’t Stop Talking, by Susan Cain (2013). For those who have already built a successful accounting / personal financial planning practice and are now considering the issue of business succession, a panel comprised of Financial Fitness CEO Pamela Gilmour, Berman McAleer CEO David Berman, and SC&H Group Director Gregory Horning shared the challenges they faced and the steps they have taken to attempt to achieve a relatively smooth transition of organizational leadership. Early on in their discussions, it was made clear that there was no one-sizefits-all method for business succession, and that a successful plan will be tailored to the dynamics of a particular organization. One important point of agreement seemed to be that a key factor in achieving a successful transition

is to be closely attuned to and sensitive to the organizational culture. Further, as Horning discussed, if there is already an existing culture of ownership and teamwork, it will make for a smoother transition. One important financial factor addressed by the participants was the issue of debt. Having little or no debt, they agreed, can make for a smoother transition process.

Jonathan Barth, regional vice president of DPL Financial Partners, presented “Annuities 101: How and When to Use Commission-Free Annuities,” which discussed how commission-free annuities may potentially provide a highly efficient way to address longevity risk without the upfront fees often associated with more traditional annuities. For RIAs, they may also provide the opportunity to offer annuities under an assets-undermanagement model.

Also presenting at the conference were:

• Clar Rosso of ISC2, who discussed “What the Financial Planning Community Can Learn from Zero Trust.”

• Ryan Water and Cary Kvitka, both of RIA Lawyers, who presented “Significant Developments for Investment Advisers under ERISA and the Marketing Rule.”

• Mark Iwry of The Brookings Institution, who discussed “Upcoming Retirement Legislation: “Secure Act 2.0.”

• Shananysha Sauls, Ph.D., of the Baltimore Community Foundation, who presented “Rinse and Repeat, or an Entirely New Game? What’s Really Changed About Baltimore and its Civic Agenda?”

The MACPA’s Personal Financial Planning Community Committee is actively at work developing its 38th annual conference, coming this fall. The MACPA will provide more details as they become available.

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Promoting purpose: Truly engaged employees more likely to stay true

Editor’s note: The following article was originally published on July 3, 2023 by Financial Management magazine. It is reprinted with permission.

BY BRYAN STRICKLAND

The majority of the world’s workforce isn’t engaged at work, but the majority of employees that are engaged aren’t thinking about leaving their current company, a global survey finds

Fewer than one in four employees are engaged at work. More than half are open to changing jobs.

But all is not lost for companies worried about losing talent.

Gallup’s annual State of the Global Workplace survey suggests that the impact of employee engagement on employee retention may be underappreciated, presenting an opportunity for determined leaders.

Even in an employment environment in which more than half of employees surveyed are at least on the lookout for new job opportunities, engaged

employees are significantly less likely than actively disengaged employees to be window shopping.

And with the majority of employees in a category between engaged and actively disengaged, there’s reason to believe that companies can create a culture that demonstrably improves engagement and, as a result, retention.

“Looking at the big picture, lowengagement workers represent an immense opportunity for economic growth,” Gallup wrote in the report’s executive summary, which estimated that low engagement cost the global economy $8.8 trillion in 2022

— about 9% of global GDP. “Leadership and management directly influence workplace engagement, and there is much that organizations can do to help their employees thrive at work.”

Gallup polled more than 122,000 employees worldwide between April 2022 and May 2023, finding that 51% were “watching for or actively seeking a new job.” But while 61% of actively disengaged employees were open to the possibility of a job change, just 43% of engaged employees were.

The annual Gallup poll labels survey respondents as either engaged, not engaged, or actively disengaged using a scale based on responses to 12 statements, such as “The mission or purpose of my company makes me feel my job is important” and “This last year, I have had opportunities at work to learn and grow.”

BUSINESS AND INDUSTRY

The latest survey labelled 23% of the world’s workforce as engaged, which actually was a record high since the survey debuted in 2009. Eighteen per cent were actively disengaged, partially defined as employees who “take actions that directly harm the organization”.

While that adds up to a roughly 1-to-1 ratio of engaged to actively disengaged employees, the latest Gallup Exceptional Workplace Award featured companies that on average had an 18-to-1 ratio in favor of engaged employees.

That’s where the largest group in the survey, those defined as not engaged (59%), can play a pivotal role in employers’ efforts to retain talent. The survey report offers some advice on how to turn that “low-hanging fruit” into employees that are engaged and therefore are more likely to remain with the company:

Recognize the potential impact of engagement. Among not-engaged employees, a survey-high 41% mentioned an engagement or culture-related change when asked for one change that would

make their workplace better. And while many companies are pouring resources into managing the impact of work location (remote vs. on-site vs. hybrid), the survey found that when it comes to stress in the workplace, employees’ level of engagement is 3.8 times more impactful than work location.

Focus on engaging managers first. Thirtyone per cent of managers surveyed were labelled as engaged. While that’s higher than the 20% of individual contributors who were engaged, that still means that the large majority of managers weren’t engaged. Why does that matter? Because the survey found that 70% of team engagement is attributable to the manager.

Seek ‘true engagement’ for your employees. Factors such as reduced stress level and increased pay are important to employees, but general satisfaction doesn’t have the same impact as engagement, which leads to employees reaching their potential and choosing to stay put as a result.

“True engagement means your people are psychologically present to do their

work,” the report said. “They understand what to do; they have what they need; and they have a supportive manager and a supportive team. They know why their work matters. They are work ready.”

To comment on this article or to suggest an idea for another article, contact Bryan Strickland at Bryan.Strickland@ aicpa-cima.com

“Leadership and management directly influence workplace engagement, and there is much that organizations can do to help their employees thrive at work”

Coalition calls attention to new Beneficial Ownership Information

FROM THE AICPA

The American Institute of CPAs has joined a coalition of organizations who have come together to make taxpayers and practitioners aware of the new Beneficial Ownership Information (BOI) reporting requirement.

BOI is an anti-money laundering initiative enacted through the Corporate Transparency Act in 2021, which mandates that BOI information is reported to the Financial Crimes Enforcement Network. It is estimated that there will be 32.6 million filings in 2024, and 5 million to 6 million filings each year thereafter, with the potential for steep penalties for the taxpayer.

“We are highly concerned that many business owners are unaware of this filing requirement,” said Melanie Lauridsen, director for Tax Practice and Ethics with the AICPA. “Small businesses are the backbone of our economy, and we want to ensure they understand their reporting obligations. We have collaborated with the organizations represented to ensure we have the largest scope possible to reach millions of affected

taxpayers. This coalition has come together because we all feel awareness is critically needed.”

The coalition includes the following organizations:

• AICPA

• Latino Tax Pros

• National Association of Black Accountants, Inc.

• National Association of Enrolled Agents

• National Association of Tax Professionals

• National Conference of CPA Practitioners

• National Society of Accountants

• National Society of Black Certified Public Accountants, Inc.

• National Society of Tax Professionals

• Padgett Business Services

• The Diverse Organization of Firms

• H&R Block

• Prosperity Now

WHAT THEY’RE SAYING

“Small business owners are largely unaware of these new requirements and do not understand how they apply. Raising awareness now is imperative to help small businesses comply when the reporting rules take effect.” – Alison Flores, manager, Tax Institute, H&R Block

“The ongoing focus of the Treasury Department has been on foreign tax issues. The Service has strengthened the reporting of foreign transactions with the addition of the Schedule K-2 / K-3 and the newly enacted Beneficial Ownership Information reporting. Most small businesses will be subject to this reporting requirement, and our goal is to prepare them for this regulation come Jan. 1, 2024.” – Nina Tross, MBA, EA, NSTP liaison for Tax and Advocacy

“Small business tax offices and many of the clients they serve will fall under the umbrella of the new disclosure rules required by the Corporate Transparency Act, even if they consider their businesses too small to be affected. You’ll need to take action for not just your clients but also your own practices.” – Scott Artman, CPA, CGMA, executive director, NATP

“It’s especially critical that small minority business owners in particular are made aware of the BOI, and that there be resources available to help them comply with the requirements.” – Alfred L. Ball, CPA, NABA and Diverse Organization of Firms

“I have never seen something this important that impacts this many businesses that so few people know about.” – Roger Harris, Padgett Business Services

“The Beneficial Ownership Information reporting for the tax professional under the Corporate Transparency Act increases the added value we bring to our clients while giving the government vital information about the formation and operation of entities in the U.S.” – Carlos Lopez, EA, Latino Tax Pros

“With millions of entities subject to the beneficial ownership information reporting requirements starting next year, the National Association of Enrolled Agents is committed to educating enrolled agents and the broader tax professional community on the important role they will play in making sure small businesses are aware and prepared for the new requirement.” – Megan Killian, executive vice president, National Association of Enrolled Agents

“This new filing requirement is going to be very important for our small business clients to understand, especially with how costly non-compliance can be. Business owners often are so focused on their day-to-day operations that compliance with filing annual reports, holding meetings, and even maintaining good financial records can sometimes take a back seat. If you know anyone who operates a business, it’s going to be critical they be alerted so they can begin charting their path in 2024 to become compliant.” – Evan Lemoine, CPA, director of Industry Relations, National Society of Accountants

“It is critical that low- and moderate-income small business owners, those who can least afford the cost of non-compliance, understand what is required of them as these new regulations take effect.” – Rebecca Thompson, Vice President of Strategic Partnerships and Network Building, Prosperity Now

“We understand the need for anti-money laundering purposes. While we can appreciate the purpose of BOI, we question the necessity of the accelerated timeframe with which to comply with the regulations.” – Stephen Mankowski, CPA, CGMA, co-chair, NCCPAP National Tax Policy Committee

BENEFICIAL OWNERSHIP INFORMATION RESOURCES

• FAQs: bit.ly/BOIFAQs

• Reporting resources: bit.ly/BOIreporting

“I have never seen something this important that impacts this many businesses that so few people know about.”

– Roger Harris, Padgett Business Services

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MACPA’s busiest legislative session ever comes to a successful close

BY BILL SHERIDAN, CAE

The balloons, confetti, and other traditional midnight celebrations in Annapolis on April 10 signaled more than just the end of the Maryland General Assembly’s 445th session — they also marked the conclusion of one of the busiest, most successful legislative sessions in the Maryland Association of CPAs’ history.

The MACPA’s legislative volunteers provided testimony for an astounding 21 bills this year — an all-time record. They offered comments on legislation related to corporate tax rates and reporting issues, estate taxes, income taxes, the electronic filing of tax documents, and proposed financial literacy education in public high schools.

With five issues on its agenda, the MACPA’s final 2023 legislative scorecard looks like this:

1. Opposing sales taxes on professional services, including those provided by CPAs: Not introduced.

2. Opposing efforts to replace Maryland’s contributory negligence standard with a comparative fault rule. Comparative fault is a legal maneuver that would result in increased costs of doing business and decreased productivity. Not introduced.

3. Opposing the elimination of state licensing boards in an effort to lower prices for consumers and barriers to entry for businesses. Not introduced.

4. Supporting a properly funded budget for Maryland’s Comptroller’s Office. Success.

5. And though they offered no testimony on the issue, MACPA volunteers also offered guidance for lawmakers tasked with implementing the voter-approved sale of recreational cannabis to adults in Maryland. That guidance came in the form of 12 guiding principles of good tax policy that elected officials should take into account as they consider new legislation.

Meanwhile, with the assistance and expertise of the MACPA’s State Tax Committee, a number of other bills backed by the state’s CPAs were passed in Annapolis. Some of their most impactful testimony centered on Maryland’s Office of the Comptroller.

• The MACPA submitted testimony in support of a properly funded budget that will allow the Comptroller’s Office to retain its current team, hire additional qualified personnel by offering competitive salary levels, and allow for a more modern IT system.

• We supported Senate Bill 659 , which would create a “21st Century Financial Systems Council,” which would be tasked with improving the operations and efficiency of the state’s financial systems.

• Legislative volunteer Jeff Lawson, chair of the MACPA’s State Tax Committee, testified in support of Senate Bill 660 , which would create a Taxpayer Advocate Division within the Office of

the Comptroller “to assist taxpayers and their representatives in resolving certain taxpayer problems and complaints and represent taxpayers’ interests in a certain manner.” Members of the MACPA’s Tax Community have supported the creation of a Taxpayer Advocate in Maryland for years. This year, they finally had the opportunity to formalize that support. Other CPA-supported bills that were passed in Annapolis include the following:

• Senate Bill 240 , which provides “an addition modification under the Maryland income tax for the amount of a certain tax credit claimed for certain taxes paid to another state by a pass-through entity.” MACPA volunteers were instrumental in helping to draft amending language for this bill.

• House Bill 687, which establ ishes rules “governing the exercise of the decanting power to distribute the property of a first trust to one or more second trusts or to modify the terms of a first trust.”

• House Bill 179, which alters “the period of time within which a person is required to file a Maryland estate tax return for the purpose of allowing a surviving spouse to take into account the deceased spousal unused exclusion amount.”

• Senate Bill 104, which establi shes an “Apprenticeship 2030 Commission” to make recommendations on expanding access to apprenticeships to reduce skill shortages in high-demand occupations. Equally impressive is the fact that all of this incredible work — much of it done by members of the MACPA’s Tax Community — took place during our profession’s busiest time of the year.

“Volunteering for work as important as this while also navigating the complexities and time constraints of tax season is a herculean effort indeed,” said MACPA

CEO Rebekah Brown, “and our sincere gratitude goes out to all of our legislative volunteers who took up the cause.”

SUPPORT OUR PAC … AND STRENGTHEN THE CPA’S VOICE IN ANNAPOLIS

The MACPA’s record-breaking legislative season may soon become the norm in Annapolis. Legislation and regulation are hard trends in our profession; expect to see more groundbreaking laws and regulations in the weeks, months and years to come.

That’s why we urge you to support the CPA Committee on Political Action. The CPA/ CPA is the only political action committee in Maryland dedicated solely to fighting for CPAs in the legislative arena.

Good relationships with legislators are the core of the MACPA’s legislative advocacy

P OLITICAL A CTION C OMMITTEE

efforts. Your contribution to the CPA/CPA is one of the easiest and most effective ways for CPAs to get involved in the political process and have an impact on the profession.

Through contributions from members like you, the PAC works toward favorable outcomes on legislative issues, educates legislators about matters that are important to the CPA profession, and keeps MACPA members informed. But we can’t do it alone. Your involvement makes a difference and ensures that, together, we make the greatest impact.

Support the MACPA’s PAC today by donating online at MACPA.org/give-PAC.

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

FROM OUR PARTNERS

10 non-traditional metrics to help you win at M&A

Note: The following article was written by Ira Rosenbloom, chief operating executive for Optimum Strategies (www.optimumstrategies.com).

BY IRA ROSENBLOOM

Mergers and acquisitions (M&A) in the accounting industry are hotter than ever, and all signs point to another active year. They also point to increasing challenges for deal-making.

Staffing difficulties, plus the “graying” of practitioners who are looking for a better exit, are shifting the traditional M&A emphasis from practice growth and economies of scale to prioritizing business excellence and competitive advantage.

To make a practice attractive to suitors seeking impactful business upside, players need to go beyond the traditional key performance indicators (KPIs) that normally guide a CPA firm in business operations, and focus on factors such as the following 10 non-traditional metrics.

1. REFERRALS

The nature, dollar value, and frequency of referrals -- both in and out -- will likely uncover synergies and potential advantages. Referrals of all natures must be tracked so they can highlight features that may become realities in a merged firm (or that will never come to fruition).

2. PIPELINE AND TURNOVER

Lead generation and closing success are going to be essential for the merged business. The history of performance with leads will tell the parties whether the entrepreneurial cultures are aligned, and in what way greater resources could affect the result for generating and closing leads. Parties should be diligent about compiling and collecting this kind of information. Clearly, the better the results are, the stronger you can differentiate your firm. However, the nature of failed results may also spell huge potential for another firm. It is equally important to understand your time to close and success rate. Closing rates better than 65% would certainly gain attention.

3.

PROFIT MARGIN BY SERVICE LINE

All parties will be interested in identifying the firms’ best service lines and knowing just how good they are. Profit margin by service line will provide relevant information.

4. ENGAGEMENT BUDGET VIABILITY

Knowing the frequency of engagements being performed within an established budget—and knowing how well a firm bud-

gets their engagements—speaks not only to strengths, but also to blind spots. Efficiencies and effective processes are necessary for a strong transition and profitable marriage. All parties need to be sure they have compatibility on engagement management, and have an open-minded approach to improvement.

5.

DAYS RECEIVABLE

If a firm’s days receivable -- or days sales outstanding (DSO) -- is growing, it means the firm is not getting paid as quickly as it could be. This might signal that clients are having financial troubles, or that they are not satisfied, or that your team is not being effective with collections. In an M&A situation, cash flow and working capital are essential. The more the parties understand each side’s financial behavior, the better they can anticipate success or difficulty.

6.

AVERAGE FEE BY SERVICE LINE

Firms may be drawn together because they are similar or different. The average fees for the different service lines will provide grounds to answer how similar or disparate they are, and whether the parties are a match.

FROM OUR PARTNERS

7.

CONCENTRATION OF REVENUE

Risk and reward are huge in the M&A decision process. Much can be determined by knowing the percentage of revenues that come from the largest engagements, and from fees in varying bandwidths (especially the low end). Early in conversations, the parties should delve into revenue concentration to determine risk/reward and the degree of effort that may be required for transitioning.

8. PRODUCTION OF STAFF

Profits are highly dependent on personnel costs. ROI will vary from firm to firm, but managing ROI and targeting results should be routine for parties. Often, there may be potential to re-engineer and train people to work on more sophisticated projects or capitalize on more efficiencies. Knowing the production per staff member is an important barometer for evaluating deal upside.

9. REALIZATION TRENDS

Realization percentages are helpful to understanding the client engagement experience.

Examining the trend will tell players whether engagements are improving in performance, and what it takes to generate the improvement. The number and type of engagements that stagnate at a subpar level will be relevant to the timing and viability of a successful integration. It’s also helpful to know how close to the market rate your firm’s realization rate is when correlated to the market rates per hour. Tracking realization rates for different service lines will be helpful as well.

10. CLIENT INPUT

All firms rely on strong client satisfaction. The more authentic and in-depth your client input is, the better the integrity of the satisfaction barometer. Client surveys and interviews should be compiled with the metrics available for analysis by all parties at the M&A table.

Successors need to see realizable potential. Robust metrics are key to enabling the successors to make their decision. Sellers need to be ready to step up their entrepreneurial behavior to compete with

other sellers, and to have analytics that best tell their story. The metrics noted here will convey the data and narrative to potentially support a smart business decision for all parties to win at M&A.

Ira Rosenbloom, CPA (LR), is chief operating executive for Optimum Strategies. He is known as The Merger & Succession Solver℠ for his objective and proven guidance in evaluating and completing M&A transactions. As COE of Optimum Strategies, which he founded in 2010, he advises CPA firm leaders on matters of internal and external succession, including optimizing competitive advantage and improving performance and profitability. Ira previously served as managing partner of a mid-sized regional accounting firm, practice director for a national firm, and as regional partner in a national CPA M&A advisory firm.

Spend management: A growing advisory opportunity for accounting firms

BY JAYSON BRANNON, VICE PRESIDENT OF SALES & PARTNER SUCCESS, CPA.COM

Your clients are desperate to get a better handle on their spending.

In CPA.com’s recent survey (bit.ly/CPAcomreport) of more than 1,100 small and medium-sized businesses and accounting firms, more than half (53%) of SMBs said their company is reducing costs and 69% said they want new options to help control costs.

Additionally, three out of four (72%) of businesses said they’re interested in a more proactive approach to managing their spend, including matching anticipated expenses to budgets before the money is actually spent.

This is where your firm has an opportunity to deepen your trusted advisor role. How? By providing advisory services around an emerging service offering called spend management.

WHAT IS SPEND MANAGEMENT?

Spend management is the ability to view, control, and manage a business’s cash flow (including expenses) in real time within a single, centralized location. It is typically driven by technology to capture the expense at the time of transaction. With spend management, budgets are pre-set and controls are in place so every dollar is accounted for prior to being spent — no surprises at month end. Since both historical and future spend is accounted for, advisors, such as yourself, are able to deliver more accurate forecast reports as well as key insights on spend to help your client make more proactive business decisions.

Traditional expense management, on the other hand, focuses on analyzing spend

after it has occurred. Since there are no controls on budgets, advisors don’t know the business’s total spend until expense reports or vendor invoices come in weeks or even months later. Many businesses that have evolved to modern expense and spend management have relied on Divvy, from BIL, to help bring all company spending into one place for smarter decision making.

THE SPEND MANAGEMENT OPPORTUNITY FOR YOUR FIRM AND YOUR CLIENTS

Many accounting firms are realizing the benefits of adding spend management to their client advisory services (CAS) offerings and adoption of the service area is rapidly growing. According to CPA.com’s spend and expense management survey report, there are many benefits to offering spend management:

• Higher profits. Sixty-three percent of firms said card-based spend management technology makes them more efficient and profitable.

• More fees per client. Forty percent of firms that offer spend management services earn up to $3,000 per month per client.

• Higher client retention. Seventy-four percent of accounting firms say spend management services help them attract and retain clients.

• More cross selling and referrals. Seventy-two percent of SMBs who outsource spend management say they are interested in exploring additional services with their accounting firm. Additionally, 71% of this same group are actively referring their accounting firm to other colleagues.

And here are some of the benefits your clients will experience by utilizing outsourced spend management advisory services:

• More adherence to budgets. Ninetyseven percent of SMBs that use cardbased spend management technology say their new spend management policies have helped to control spend and keep the company within budget.

• Decrease in administrative tasks. Sixtyfour percent of businesses reported a decrease in hours spent managing in-house expense management tasks.

• Better internal controls. Forty-seven percent of businesses say that new spend management policies and internal controls have reduced expense abuses and fraud.

BEGIN YOUR FIRM’S SPEND MANAGEMENT JOURNEY

The Divvy Accountant Advisor Program (bit.ly/DivvyAAP) allows firms to stop chasing clients for receipts, to step out of tactical expense-management operations and to introduce proactive advisory services. The program is free and benefits include a dedicated partner manager, CAS 2.0 training from CPA.com co-marketing opportunities and enhanced client rewards.

Learn more about how Divvy’s card-based technology platform can help grow your firm’s spend management and CAS practice.

• Download the CPA.com spend management survey report at bit.ly/ CPAcomreport

• Explore Divvy with an on-demand demo at bit.ly/DivvyDemonstration Jayson Brannon is vice president of sales and partner success at CPA.com.

FROM OUR PARTNERS

Position yourself at the forefront of change with the CITP ® credential

BY PAUL WARRICK CPA, CGMA

As businesses continue to navigate the unchartered waters of the COVID-19 pandemic, a cloud of uncertainty still lingers over the horizon. Most would agree that the only thing clear about the foreseeable future is that it won’t resemble the past. If there is one thing that we can be certain about, it’s that we’ve never been more reliant on technology. Technology is evolving at an unprecedented rate, transforming our profession and continuously expanding opportunities for accounting and finance professionals to deliver value to clients and employers.

The AICPA Certified Information Technology Professional (CITP) credential positions you at the forefront of change. The CITP represents the intersection of technology and finance, and is granted exclusively to CPAs and recognized equivalents who specialize and demonstrate specific skills, expertise and experience in areas that include:

• Information security governance and cybersecurity risk management

• Business continuity management and disaster recovery

• Business intelligence, data management and analytics

• IT governance, risks and controls CITPs understand the impact of these areas on financial reporting,positioning them as trusted advisors for clients and employees alike.

NOW IS THE TIME TO UPSKILL

Responding to the COVID-19 crisis remains top of mind for clients and employers across the globe. With specialized knowledge in business continuity and disaster

recovery, CITP professionals are very well suited to guide businesses through crisis management, recovery of operations, and future preparedness.

Moreover, businesses now face an evolving cyber threat landscape due to impacts from the COVID-19 pandemic. It’s now more important than ever for businesses to have a robust strategy in place to assess cyber risk, detect threats, and plan for recovery in the event of a breach. Earning the CITP credential illustrates proficiency in assessing, detecting and managing cyber risk, in a day and age where cyber resilience has never been more critical.

CITP ELIGIBILITY REQUIREMENTS

To qualify for the CITP credential, a candidate must:

• Be an AICPA member in good standing.

• Hold a valid and unrevoked CPA certificate or license issued by a legally constituted state authority.

• Pass the CITP Exam, which is offered year-round on a continuous basis, and online with remote proctoring. (requirement waived for candidates who have passed ISACA’s Certified Information Systems Auditor (CISA®) certification exam)

• Meet the minimum business experience requirement of 1,000 hours in the CITP body of knowledge within the 5-year period preceding the date of the CITP application.

Paul Warrick, CPA, CGMA is a Senior Manager with Advisory Services and Credentialing at the Association of International Certified Professional Accountants, where he supports the Technology Advisory Division.

job openings

SEEKING AUDITORS AND STAFF ACCOUNTANTS

CEA Scholtes & Associates, CPAs, is seeking Auditors and staff accountants with at least 3 years experience for Family-Friendly CPA firm. We are a firm that provides accounting, auditing, tax and business consulting services with approximately 90% of our clients being nonprofit organizations. We are looking for staff accountants and great auditors (friendly, organized, dependable, detail-oriented, quick learner, problem solver/independent worker) to join our practice.

We tend to hire part-time employees who want to work a nice work/life balance and would like to work anywhere from 10+ hours a week. CPA preferred, but not required. Many hours can be worked remotely from home. Ideal position for those who want a lot of flexibility to work when they want to work.

Our firm provides family outings to Dutch Wonderland, HersheyPark, O’s games and a holiday dinner each year. We also engage in fun service activities (Bowling team, etc. to raise $ for our nonprofit clients).

Interested candidates please email: Annie@scholtesCPA.com

www.ScholtesCPA.com

CPA FIRM SEEKING MOTIVATED PROFESSIONAL

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

mergers & acquisitions

MARYLAND PRACTICES FOR SALE

Gross Revenues Shown:; Bethesda, Gaithersburg, and Frederick Area $90K; Essex MD, CPA $624K; 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

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

READY TO SELL YOUR FIRM? CONTACT US TODAY! Selling your firm is complex. We can make it simple! We have been assisting CPA sellers for over 18 years and can help you achieve the win-win deal you are seeking. We are experienced, professional and confidential!

Current Listing: Chevy Chase CPA Firm Gross $1.4M

Contact:

Kathy Brents, CPA, CBI 866.260.2793

AccountingBizBrokers.com

Kathy@AccountingBizBrokers.com

PRACTICE FOR SALE: CHEVY CHASE CPA FIRM GROSS $1.075M

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

AccountingBizBrokers.com

Kathy@AccountingBizBrokers.com

MEMBER NOTES

Kyle S. Bennett, has joined Brown Schultz Sheridan & Fritz as a staff accountant in the firm’s Frederick, Md., office.

Erin E. Clark, CPA, MBA, manager at SEK, CPAs & Advisors, has received the United Way of Washington County, Maryland’s ultimate volunteer recognition, the Jesse L. Kagle Award for Distinguished Service. Clark has served on the United Way’s Finance Committee for the past eight years, and she is the outgoing treasurer. She was presented with the award at the organization’s Annual Campaign Celebration and Awards Dinner on June 22.

Michelle I. Lee, has joined the BSSF team at Brown Schultz Sheridan& Fritz as a Small Business Accounting Services senior associate.

CliftonLarsonAllen LLP has announced career advancements for professionals across the country, including 8 in Baltimore. The advancements are effective July 1 and include the following:

• Katie Orris, manager, Higher Education

• Margo Curran, senior, State and Local Government

• James Krug, senior, State and Local Government

• Niral Patel, senior, Financial Services

• Jake Ruffo, senior, State and Local Government

• Nancy Uroza, senior, Nonprofit

• Erin Davis, senior, State and Local Government

• Cory Schlee, senior, State and Local Government

FIRM NOTES

Brown Schultz Sheridan & Fritz has been named a Top Regional Firm in the Mid-Atlantic on Accounting Today’s list of the Top 100 Firms and Regional Leaders in 2023. This marks the second consecutive year that BSSF has been included on the list.

Lanigan Ryan has been named by Accounting Today as a capital region leader in the accounting industry. Each year, Accounting Today gathers data from participating public firms from across the country to rank the top firms and regional leaders in the profession. These top firms are chosen using various criteria such as net revenue, fee splits, growth, practice management surveys, and firm analyses.

For a str onger CPA pr ofession

We’re renewing our commitment to the future of the CPA profession.

Now, it’s easier than ever to make a difference by making a donation through our ALL-NEW WEBSITE .

Visit our new website to learn more about the difference your donation can make: MACPA.ORG/FOUNDATION

Your donations support:

Pipeline

Providing training for young talent and educators

Mentorship

Connecting experienced CPAs with young professionals

Diversity

Advancing diversity and inclusion initiatives

Scholarships

Granting scholarships to accounting students

MACPA

MARYLAND ASSOCIATION OF CERTIFIED PUBLIC ACCOUNTANTS

901 Dulaney Valley Road, Suite 800

Towson, MD 21204

410.296.6250 | www.macpa.org