July/August 2018

J U LY/A U G U S T 2 0 1 8

ANALYZING AUDITS: EFFICIENCIES AND DEFICIENCIES Page 4 BEST PRACTICES FOR PERFORMING A QUALITY AUDIT Page 6 HOW TO AVOID COMMON PEER REVIEW DEFICIENCIES Page 8 OUTSOURCING THE AUDIT: IS IT RIGHT FOR YOUR FIRM? Page 10 YOUR COMPANY’S AUDIT: GET A GAME PLAN READY

X Headline

X Headline

X Headline

X Headline

Description RALPH ALBERT THOMAS, CGMA Chief Executive Officer & Executive Director rthomas@njcpa.org

Description

Description

Description

ELLEN C. McSHERRY, CGMA Chief Operating Officer emcsherry@njcpa.org DON MEYER Chief Marketing Officer dmeyer@njcpa.org

Rutgers Business School Master of Accountancy in Taxation RACHAEL BELL Managing Editor rbell@njcpa.org

KATHLEEN HOFFELDER Content Editor khoffelder@njcpa.org

> Largest graduate tax program in New Jersey

MARC L. REIN Multimedia Specialist mrein@njcpa.org

> Faculty emphasize practicality > Designed for career professionals > Broad array of course offerings

THE NEW JERSEY SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS 425 EAGLE ROCK AVENUE SUITE 100, ROSELAND NJ 07068 973-226-4494 | NJCPA.ORG #NJCPAMAG

> Flexible course schedule

Many courses offered on both the Newark and New Brunswick campuses

READ NEW JERSEY CPA ONLINE AT NJCPA.ORG/ NEWJERSEYCPA

DESIGN/ P RODUC T I ON / ADVERTISIN G

D E S I G N / P R O D U C TI O N /

A DV E Rin TI S I2 N Gsemesters] [150business.rutgers.edu/taxation credit hours requirement satisfied

THE YGS GROUP 3650 WEST MARKET STREET business.rutgers.edu/taxmaccy YORK, PA 17404

kathleencharmon@business.rutgers.edu

Advertising Contact: (973) 353-5028 LAURA GAENZLE ACCOUNT EXECUTIVE 717-430-2351 laura.gaenzle@theygsgroup.com

2

THE YGS GROUP 3650 WEST MARKET STREET YORK, PA 17404 Advertising Contact: JASON VRANICH, ACCOUNT EXECUTIVE 717-505-2357 jason.vranich@theygsgroup.com

Rutgers, The State University of New Jersey – founded 1766

JULY/AUGUST 2018 | NEW JERSEY CPA

contents J U LY/A U G U S T 2 0 1 8

THE MAGAZINE OF THE NEW JERSEY SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS

RALPH RALPH ALBERT ALBERT THOMAS, THOMAS CGMA Chief Chief Executive Executive Officer Officer & Executive & Executive Director Director rthomas@njcpa.org rthomas@njcpa.org ELLENELLEN C. McSHERRY, C. McSHERRY CGMA Chief Chief Operating Operating Officer Officer emcsherry@njcpa.org emcsherry@njcpa.org DON DON MEYER MEYER Chief Chief Marketing Marketing Officer Officer dmeyer@njcpa.org dmeyer@njcpa.org RACHAEL RACHAEL BELL BELL Managing Managing Editor Editor rbell@njcpa.org rbell@njcpa.org KATHLEEN KATHLEEN HOFFELDER HOFFELDER Content Content Editor Editor khoffelder@njcpa.org khoffelder@njcpa.org MARC MARC L. L. REIN REIN Multimedia Multimedia Specialist Specialist mrein@njcpa.org mrein@njcpa.org

4 Best Practices for Performing a Quality Audit

8 Outsourcing the Audit: Is it Right for Your Firm?

6 How to Avoid Common Peer Review Deficiencies

10 Your Company’s Audit: Get a Game Plan Ready

Audit engagements can be a bit of a dice roll — clients are not always prepared and issues come up that no one was anticipating. Is it possible to have an audit engagement that runs smoothly and stays on budget? Here are some best practices to ensure it is both efficient and effective.

Having a well-designed and effective system of quality control should improve audit quality and increase a firm’s chances of maintaining a pass rating or moving up from a pass with deficiencies or a fail on their next peer review. But monitoring is key.

2 CLOSE UP

Getting to Know Sarah Krom

THE THE NEW NEW JERSEY JERSEY SOCIETY SOCIETY OFOF CERTIFIED CERTIFIED PUBLIC PUBLIC ACCOUNTANTS ACCOUNTANTS 425 425 EAGLE EAGLE ROCK ROCK AVENUE AVENUE SUITE SUITE 100, 100, ROSELAND ROSELAND NJNJ 07068 07068 973-226-4494 973-226-4494 | NJCPA.ORG | NJCPA.ORG #NJCPAMAG #NJCPAMAG READ READ NEW NEW JERSEY JERSEY CPA CPA ONLINE ONLINE ATAT NJCPA.ORG/ NJCPA.ORG/ NEWJERSEYCPA NEWJERSEYCPA DEDESIGN/ DE S IGN/ SIGNP/RODUCTI P RODUC RODUCT T ON I ON / / A DVERTISING ADVERTISIN G THE THE YGS YGS GROUP GROUP 3650 3650 WEST WEST MARKET MARKET STREET STREET YORK, YORK, PAPA 17404 17404 Advertising Advertising Contact: Contact: LAURA LAURA GAENZLE GAENZLE ACCOUNT ACCOUNT EXECUTIVE EXECUTIVE 717-430-2351 717-430-2351 laura.gaenzle@theygsgroup.com laura.gaenzle@theygsgroup.com

12 ACCOUNTING, AUDITING & ATTEST

Blockchain and What It Means in the Accounting Profession 13 BECOMING A CPA

Your Path to 150 Hours Can Be Challenging!

14 BUSINESS ADVISORY SERVICES

The Enchanted Accountant: Three Ways to Become a Trusted and Strategic Advisor 16 CORPORATE ACCOUNTING

Accounts Receivable Management: The Key to Improving Your Cash Flow

While some types of accounting services are more easily outsourced than others, the decision to outsource audit work remains complicated. For those firms not ready to outsource the entire audit function, co-sourcing and the use of artificial intelligence and other emerging technologies could be good alternatives.

No one actually looks forward to an audit. Paying someone to scrutinize your work, look for mistakes and critique your procedures is not something many people eagerly await. However, with proper planning, an audit doesn’t have to be painful.

17 FINANCIAL PLANNING SERVICES

The Effect of Tax Law Changes on Financial Planning 18 FIRM & PRACTICE MANAGEMENT

Benefits of Younger Staff Shadowing Seasoned Staff 19 FORENSIC ACCOUNTING, LITIGATION SERVICES & BUSINESS VALUATION

Eureka: E-Discovery is Upon Us 20 GOVERNMENTAL & NONPROFIT

1099 Best Practices for Nonprofit Organizations 21 PROFESSIONAL DEVELOPMENT

26 Tips for Great Communication

22 TAX

A New Standard for Sales and Use Tax Nexus?

23 TECHNOLOGY & INFORMATION MANAGEMENT

Remote Auditing — A Millennial’s Perspective 24 NJCPA NEWS

yy 2018/19 NJCPA Chapter Presidents yy Newest Medallion Recipients Honored yy NJCPA Launches Emerging Technologies Group yy #NJCPA18: It’s a Wrap!

29 CLASSIFIEDS 32 MEMBER STORY

Richard Vera, CPA

CLOSE UP

Getting to Know Sarah Krom

BY KATHLEEN HOFFELDER, NJCPA CONTENT EDITOR

In receiving the NJCPA presidential torch for the 2018/19 term from Edward I. Guttenplan, CPA, CGMA, MBA, managing shareholder at Wilkin & Guttenplan, Sarah Krom, CPA, managing partner with SKC and Co., CPAs, LLC, becomes the youngest NJCPA president at the age of 35.

In her own words, she is the only president who “took the computerized version of the CPA Exam,” which makes her a millennial.

She also marks the third woman to hold the office.

But aside from her personal accomplishments, Sarah is also well known for her commitment to the NJCPA. From winning an NJCPA scholarship in 2004 when she attended what is now Stockton University to her role as president, Sarah has embodied the very spirit of what dedication means. She volunteered with the Society’s scholarship program and eventually became a trustee of the NJCPA Scholarship Fund; joined the Young CPAs Committee (now the Emerging Leaders Council) and eventually became chair; was an active member of the Bergen Chapter; and served on the NJCPA’s Strategic Planning Committee and the Board of Trustees. In 2011, she was voted by NJCPA as one of the “30 most influential CPAs under 30,” and in both 2012 and 2016 she was recognized as an NJCPA “Woman of Note.”

It was this same perseverance that helped Sarah become managing partner at SKC at the age of 32 — after joining the firm in 2010. Prior to her role as managing partner, she had previous stints as both a manager at SKC and a supervisor at Cowan, Gunteski & Co, P.A., of Toms

River. Her commitment to supporting entrepreneurs shined bright at all stages of her career, but particularly at SKC, where she has a specialty in providing a high level of financial and accounting expertise to entrepreneurial clients. It’s here where she is most comfortable — assisting in the development of comprehensive and successful business strategies for clients and keeping business owners focused on the task of growing their businesses.

She also used her passion for helping entrepreneurs in choosing to “give back” to women business owners. In 2017, she contributed to SheEO Inc., where “Activators” like Sarah donate money into a fund, and when it reaches $500,000 it will be loaned out to five women-led ventures in their region. The idea is to have the owners pay back the money into the fund over five years and then be loaned out again.

According to Sarah, the initiative “provides necessary support for furthering the growth of women-owned businesses.”

And while her past is commendable, Sarah’s commitment towards the future of the NJCPA and the CPA profession is well noted. As she admits, “I tend to be future focused.” In her Annual Convention & Expo speech in June, Sarah said, “we are going to have a terrific journey together learning, unlearning and relearning our way through change.”

In keeping with her passion to help entrepreneurs, as president she promises to support sole practitioners, which, in her mind, are more like entrepreneurs than other business professionals. While serving on the Bergen Chapter board,

Sarah met many sole practitioners whom she described as having “bravery, dedication and commitment.” Sole practitioners, she added, “exemplify entrepreneurs, risk takers, experts in specific areas. These are all traits we want to be able to harness and share with the younger generations.”

According to Ralph Albert Thomas, CEO and executive director at NJCPA, “Sarah is a role model to lots of NJCPA members and prospective members alike.”

He adds, “we continue to benefit from her involvement with the Society, and we look towards an exciting year of service.”

WATCH MORE

“MEET THE PRESIDENT” VIDEO

njcpa.org/about/board

New Jersey CPA (ISSN 1534-6692) is published six times per year by the New Jersey Society of Certified Public Accountants, 425 Eagle Rock Avenue, Suite 100, Roseland, NJ 07068. Issue No. 70 Copyright © 2018 New Jersey Society of Certified Public Accountants. Annual membership dues include $9 for a one-year subscription to New Jersey CPA magazine. Members may not deduct subscription price from dues.

Periodicals postage paid at Roseland, NJ, and at additional mailing office. POSTMASTER: Send address changes to New Jersey CPA, 425 Eagle Rock Avenue, Suite 100, Roseland, NJ 07068-1723.

The materials and information contained within New Jersey CPA are offered as information only and not as practice, financial, accounting, legal or other professional advice. The opinions expressed herein are those of the authors and not necessarily those of the New Jersey Society of CPAs. Publication of an advertisement in New Jersey CPA does not constitute an endorsement of the product or service by the New Jersey Society of CPAs.

2

JULY/AUGUST 2018 | NEW JERSEY CPA

CLOSE UP

AUGUST Onsequa spicaep20-22 ercipsandant maximai nateHARRAH’S sequiaes RESORT aut ute cusda nonet velitatquiacor ATLANTIC CITY HOTEL & CASINO

BY FIRST & LAST NAME, CPA, COMPANY NAME

Body Text.

SUBHEAD Body text.

Et qui officienda cuptiam veni untiam rest hillab iliqui commo tem excercit qui odit eum quatur quiates enimus que nossinc ideleste ellorent.

ATLANTIC CITY CPE CLUSTER

LEARN. EARN. PLAY. Earn up to 24 CPE credits at these intensive full-day seminars.

Enjoy the beach, entertainment and the new Harrah’s resort.

New Jersey CPA (ISSN 1534-6692) is published six times per year by the New Jersey Society of Certified Public Accountants, 425 Eagle Rock Avenue, Suite 100, Roseland, NJ 07068. Issue No. 66 Copyright © 2017 New Jersey Society of Certified Public Accountants. Annual membership dues include $9 for a one-year subscription to New Jersey CPA magazine. Members may not deduct subscription price from dues.

Periodicals postage paid at Roseland, NJ, and at additional mailing office. POSTMASTER: Send address changes to New Jersey CPA, 425 Eagle Rock Avenue, Suite 100, Roseland, NJ 07068-1723.

The materials and information contained within New Jersey CPA are offered as information only and not as practice, financial, accounting, legal or other professional advice. The opinions expressed herein are those of the authors and not necessarily those of the New Jersey Society of CPAs. Publication of an advertisement in New Jersey CPA does not constitute an endorsement of the product or service by the New Jersey Society of CPAs.

njcpa.org/cluster

NEW JERSEY CPA | JULY/AUGUST 2018

3

BEST PRACTICES FOR PERFORMING A QUALITY AUDIT

By LAURA CROWLEY, CPA, MBA

CITRIN COOPERMAN

Is it possible for an audit engagement to be both efficient (e.g., on budget) and effective (e.g., have no deficiencies)?

All CPAs have heard stories about engagements that have gone sideways — the team is not prepared, the client is not ready, issues are uncovered that no one was anticipating, or the quality review process gets bogged down. In the end, the audit is issued but the engagement team is exhausted, the client is dissatisfied and the realization is, well, not good. Unfortunately, this scenario plays out in busy season after busy season in both large and small CPA firms.

So, what is the solution? Is there a magic formula to prevent problems and have a smooth audit engagement? The good news: it is possible to have an engagement that runs smoothly, stays on budget and still meets all professional standards. The bad news: it takes time and effort to get that result. Sorry, no magic formula. (But you knew that, right?)

The smoothest, most-efficient and effective engagements are those that share two common traits: good planning and good communication.

GOOD PLANNING It is imperative that good planning is performed early enough in the process to enable the engagement team and the client to properly prepare for the audit by: 1. Identifying areas of risk 2. Gaining an understanding of key internal controls and processes 3. Developing audit procedures that link to the identified risks and align with the client’s processes The timing of audit planning is a matter of professional judgment based on the

4

JULY/AUGUST 2018 | NEW JERSEY CPA

client’s operating cycle, the need for tests of controls and other relevant factors.

Good planning is performed by an audit team member with the experience to develop a robust risk assessment. Often, a junior staff member will be tasked with “planning,” which really means filling out a bunch of checklists. That approach completely misses the point of planning and can result in a poorly executed audit.

It also involves the client. It is not possible to perform a thorough planning process without discussions with the client about internal controls and processes, their risk awareness, and variances identified in the analytical review. Gaining an understanding of what has changed with the client is a critical step in assessing audit risk. If a physical presence at the client’s location is not practical, arrange a video conference or phone conversation.

Good planning also identifies and addresses issues early in the audit process, letting teams get input from the client, firm quality control reviewers or technical experts, and outside experts. It gives teams a more focused audit approach from the start, resulting in procedures which truly address identified risks and minimize over-auditing.

GOOD COMMUNICATION A typical financial statement audit involves many people. The engagement team usually includes a partner, manager or supervisor, senior staff members and staff. The client’s team can include the controller, operations staff, accounts

receivable and accounts payable staff, payroll personnel and others. The engagement also generally involves people outside of the firm or the entity, such as banks, client customers and attorneys.

All parties combined, there are a lot of people who need to understand their role, allocate resources to complete their assigned tasks and stay informed about the status. The engagement team is responsible for making sure everyone performs their roles in a timely and accurate manner.

Designating one person as the gatekeeper of the information flow, generally the auditor-in-charge, is a best practice. This does not keep others from communicating directly with the client and others as needed, but it establishes the goal of having one person ensuring appropriate and timely communication throughout the audit.

Items requiring timely communication to the audit team include: yy Expectations of the engagement team (time budgets and milestone dates) yy Status of audit areas, overall engagement and expected milestone timing yy Pending or incomplete information and expected timing yy Any issues or areas of concern that have arisen during the audit Communication with the client should include: yy Schedules of information to be provided by the client, along with expected receipt dates. (The auditor-in-charge should update this schedule as information is received, to ensure that any issues are addressed quickly and efficiently with the client.) yy The schedule of audit team fieldwork dates yy Pending or incomplete information and expected timing, including information provided that was incorrect or insufficient yy Any issues or areas of concern that have arisen during the audit Communication with others outside the client (e.g., service providers, vendors, banks) might include confirmation requests and follow up, or additional details or supplemental information, as needed.

While good planning and communication go a long way towards keeping your audit engagements on track, there are

additional best practices that can also make a significant impact. One of these is having the entire engagement, including review, completed in the field. Client information should be received upfront and sample selections made ahead of time so that clients are prepared when the audit team arrives for fieldwork. This strategy requires commitment and discipline from the team but improves the quality and efficiency of the audit. Reviewing the engagement in the field also minimizes the need to revisit with the client, which may add time and the impression of poor client service.

With effective planning and constant communication throughout the audit process, as well as completing the engagement in the field, your audit engagements can run smoothly while diligently adhering to professional standards.

Laura Crowley, CPA, MBA, is a manager at Citrin Cooperman and specializes in audit, accounting and advisory services for the financial services, hospitality, employee benefit and manufacturing industries. She is an active member of the NJCPA Accounting & Auditing Standards Interest Group and can be reached at lcrowley@citrincooperman.com or 973-218-0500.

READ MORE AUDITING ARTICLES AND RESOURCES njcpa.org/topics/auditing LEARN MORE OCT. 20, ROSELAND AUDIT WORKPAPERS: DOCUMENTING AND REVIEWING FIELD WORK

NOV. 13, EDISON

ACCOUNTING & AUDITING CONFERENCE

DEC. 11, ROSELAND ENHANCING AUDIT QUALITY: BEST PRACTICES IN DOCUMENTING AND REVIEWING YOUR WORK Register at njcpa.org/events

DO MORE

JOIN THE ACCOUNTING &

AUDITING STANDARDS

INTEREST GROUP njcpa.org/groups

NEW JERSEY CPA | JULY/AUGUST 2018

5

HOW TO AVOID COMMON PEER REVIEW DEFICIENCIES

By D. DEAN BEDDOW, CPA

GRANT THORNTON

Remedying deficiencies identified by peer reviewers and enhancing a firm’s quality control system to address those deficiencies is essential to improving accounting and audit quality. Modifying a system of quality control to address deficiencies should be considered by all firms to maintain an effective system of quality control.

6

JULY/AUGUST 2018 | NEW JERSEY CPA

Peer review is the evaluation of a firm’s system of quality control and the engagements performed and issued by a firm.

The American Institute of CPAs’ (AICPA) peer review program has two types of reviews: system reviews required for firms performing and issuing audit and accounting reports and engagement reviews for firms performing and issuing only accounting reports. Whether you read the AICPA peer review standards or the New Jersey State Board of Accountancy peer review regulations, the ultimate goal of a peer review is to enhance the quality of the firm’s system of quality control or the procedures performed supporting the reports issued by the firm. While most firms accomplish this goal by receiving a pass rating (the highest rating for a peer review), approximately 19 percent of firms receive either a pass with deficiencies or fail. Firms receiving these ratings have room for improvement, and even firms receiving a pass rating can enhance their system, as they may receive findings or other challenges to their systems. The first line of defense for providing a firm with reasonable assurance of executing engagements in accordance with professional

standards is a well-designed system of quality controls. The firm’s system of quality control contains six functional areas: yy Leadership responsibilities (tone at the top) yy Relevant ethical requirements yy Acceptance and continuation of client relationships and specific engagements yy Human resources yy Engagement performance yy Monitoring Peer reviewers have identified matters in several functional areas of a firm’s system of quality control for its accounting and auditing practice and the engagements performed by those firms.

1. INSUFFICIENT COMMUNICATIONS Firm leadership is responsible for the design and implementation of the system; however, peer reviewers have noted on multiple occasions that leadership has failed to communicate quality control policies and procedures to all accounting and audit personnel. Firm leadership must set the right tone, especially as it relates to audit and accounting quality. Frequent communications may be as simple as com-

municating the firm’s strategy, emphasizing audit quality over other considerations, and linking audit quality to individual goals during performance evaluations.

2. INSUFFICIENT EXPERTISE Another matter frequently seen by peer reviewers is related to acceptance and continuance of clients. Far too often reviewers see firms accepting or continuing with clients without the requisite knowledge of current professional standards or specialized industry knowledge. Firms should critically determine whether they have the expertise to accept these engagements, especially in complex industries such as ERISA and governmental entities.

Frequently, peer reviewers note the firm did not have expertise in a specific industry to complete the engagement in accordance with professional standards. Firms should critically examine whether they have the skill, knowledge or expertise, which may be obtained in many ways through CPE or discussion with experts inside or outside the firm, to complete the engagement before accepting or continuing with a client.

Peer reviewers also regularly see firms fail to design quality control policies that require accounting and auditing personnel to participate in relevant CPE. 3. OUT-OF-DATE PRACTICE AID LIBRARY A common theme for the engagement performance functional area is failure to complete or utilize purchased practice aids during engagements. Repeatedly, peer reviewers draft comments related to firm’s failure to update their libraries or not understand the questions/prompts from their purchased practice aids. In the current environment, we have seen significant changes in professional standards, including auditing, accounting and generally accepted accounting principles.

The AICPA issued SSARSs 21, 22 and 23, revising the standards and reports issued by CPAs. The Financial Accounting Standards Board (FASB) recently issued new revenue and leasing standards, which have several volumes of guidance being issued almost monthly on the accounting implementation and auditing of these two

new standards. In short, when using either purchased practice aids or internally developed practice aids, firms must keep these current whether by purchase or frequent updates otherwise they risk missing new or revised changes in professional standards.

4. INCOMPLETE DOCUMENTATION Another topic falling within the engagement performance functional area is a lack of documentation. The AICPA peer review program has made it a significant focus to improve documentation/evidence of procedures performed. According to the AICPA, “one in four engagements selected for enhanced oversight was materially non-conforming due to a lack of adequate documentation.” Firms should carefully review the documentation within their files to ensure their documentation complies with professional standards. First is AUC, specifically paragraph 19, requiring auditors to “obtain sufficient appropriate audit evidence to reduce audit risk to an acceptably low level and thereby enable the auditor to draw reasonable conclusions on which to base the auditor’s opinion.” The second is AU-C 230, specifically paragraph 8, requiring an experienced auditor having no previous experience with the engagement to understand a) the nature, timing and extent of the audit procedures; b) the results of the audit procedures performed and the audit evidence obtained; and c) the significant findings/issues, conclusions and significant professional judgments made in reaching those conclusions.

Peer reviewers will be critically evaluating the audit documentation/evidence

to determine if it complies with both of these professional standards. Too often peer reviewers hear firms say, “I did the procedures but did not document them” or the evidence only contains a portion of the requirements. Firms should strengthen their quality control policies and procedures to perform cold reads, have another person in the firm not associated with the engagement review the documentation or critically review their own evidence to take credit for all the procedures performed as the peer reviewer will be drafting findings even if the firm represents the work was completed, just not documented.

NEXT STEPS Monitoring is key. Monitoring the matters noted above and self-evaluating deficiencies identified by the firm will go a long way to improving accounting and audit quality. During the years between peer reviews, firms have the opportunity to identify deficiencies on accounting and auditing engagements and react to those deficiencies through revisions to their quality controls policies and procedures.

Having a well-designed and effective system of quality control should improve audit quality and increase a firm’s chances of maintaining a pass rating or moving up from a pass with deficiencies or a fail on their next peer review.

D. Dean Beddow, CPA, is the managing director of audit risk management at Grant Thornton. He recently completed a three-year term as the chairperson of the NJCPA Peer Review Executive Committee. Dean can be reached at dean.beddow@us.gt.com.

NEW JERSEY CPA | JULY/AUGUST 2018

7

OUTSOURCING THE AUDIT: IS IT RIGHT FOR YOUR FIRM?

By THOMAS M. ANGELO, CPA, CITP

SPIRE GROUP PC

Each firm needs to assess their practices, clients and teams to determine whether outsourcing works best for them. Certainly, this is not a black-and-white decision and requires much planning as well as beta testing over periods of time.

8

JULY/AUGUST 2018 | NEW JERSEY CPA

Outsourcing seems to be a buzzword in the accounting industry right now. Many firms are looking at which types of services they can effectively outsource to reduce their costs as well as cover for a lack of qualified internal talent.

The most common function CPA firms are outsourcing is the preparation of individual tax returns. Often they are using companies such as XCM Solutions or SurePrep to prepare their individual and business tax returns. In addition, some firms that are beginning to grow their outsourced accounting services are turning to outside firms including those in foreign countries to provide transaction processing activities, reconciliations and financial statement preparation for their clients. Many of the Big 4 and other top-10 firms are using their own staff located in foreign countries, such as India, to perform many of the lower-level audit functions to reduce costs and cut the overall audit fee which has become highly competitive. Some of the many functions that can be outsourced included: yy Confirmations yy Reconciliations yy Detail testing yy Analytics

While the Big 4 firms may have embraced this, many of the small to medium-sized firms have yet to outsource their audit work. Many believe that auditor judgement, localized planning and using the same staff on recurring engagements is the recipe for efficiency as well as quality. Finding qualified staff to perform these tasks in firms has proven to be very difficult.

Often CPA firms are lacking the number of team members needed to staff busy peak seasons such as February and March or September and October.

In addition, much of the assurance world has become highly regulated whether you are doing public company audits, Department of Labor (DOL) audits or private company audits. The peer review process is far more intense than it was 10 years ago, and the requirements for documentation support are even greater. Many firms would not feel comfortable shifting any of these responsibilities to offshore firms to save money.

Typically, CPA firms have used the traditional leveraged model to perform audits: a combination of staff accountants, senior accountants, managers and

partners all working together to perform an audit, document all the necessary compliance workpapers and produce an audited financial statement.

AI VS. OUTSOURCING While outsourcing could be a quick fix, another question is whether the evolution of artificial intelligence (AI) in the audit process is going to trump any savings that outsourcing can bring. Machine learning is new, and we are continuing to find and test new possibilities of its capabilities. One of the Big 4 firms is already testing using drones for inventory observations, coupling drone technology and machine learning to improve the accuracy of counts and ensure that nothing is missed, which can happen with the human eye.

AI could be used to analyze revenue contracts, for example, to understand how to apply the new ASC 606 and IFRS 15 standards. With something of such complexity, could this really be outsourced when factoring in finding qualified talent and training them?

INTERNAL AUDIT OUTSOURCING There hasn’t been a great deal of audit support work being outsourced, but many private companies are outsourcing their internal audit functions. In some countries,

such as Malaysia, the majority of publicly listed companies outsource their internal audit functions. In an age where effective governance, risk management and rapidly changing technology are happening, many companies in the U.S. may not want to outsource all their internal audit functions.

However, potentially co-sourcing many of the internal audit functions to both internal company employees and outside companies may be the best combination.

This lets the internal company executives and employees who have the pulse and understanding of the entity do their job while it taps additional resources when needed for many of the tests and other work without having to find the talent on a permanent basis.

NEW MODELS Qualified staff in the five- to seven-year experience range at small to mid-size public accounting firms (which are a struggle to find) are key to running efficient smaller audits at competitive pricing. A more senior-level person with the firm could review and put together information into the audit file that would be worked on collaboratively by the firm’s staff and an outsourced provider, if hired. This combination would allow

more staff to work on more engagements and utilize the outsourced provider during peak seasons.

Outsourcing also is not completely defined as sending work overseas. For example, a small firm that wants to do audits in a certain industry in which it does not have expertise can either decide to refer it out or partner with a larger, more-experienced firm to utilize some of their staff.

CPAs likely will never totally outsource a function that requires judgement and professional skepticism to ensure that the clients’ financial statements are fairly presented. However, CPA firms need to be open to filling the talent gap with some level of outsourced support, AI and emerging technologies in order to stay competitive in the marketplace.

Thomas M. Angelo, CPA, CITP, is the managing principal of Spire Group, PC, and Spire IT, LLC, the firm’s technology affiliate. He is a member of the NJCPA Content Advisory Board and Nonprofit Interest Group. Tom can reached at tangelo@ spirecpa.com.

READ MORE AUDITING ARTICLES AND RESOURCES njcpa.org/topics/auditing

NEW JERSEY CPA | JULY/AUGUST 2018

9

YOUR COMPANY’S AUDIT: GET A GAME PLAN READY

By THOMAS H. MARTIN, CPA

KLATZKIN & COMPANY LLP

If the audit is done right, you can learn valuable information about your company’s financial well-being and the strength of your internal controls.

10

JULY/AUGUST 2018 | NEW JERSEY CPA

No one actually looks forward to an audit.

Paying someone who seemingly takes pleasure in scrutinizing your work, looking for mistakes in your financial statements and critiquing your procedures is not something many people eagerly await. However, an audit doesn’t have to be painful.

The keys to a good audit are planning, preparation and communication. You want to have a good relationship with your auditors and keep the communication channels open — not just during the audit but year-round. You want to avoid surprises during the audit and difficult issues that will delay the issuance of your audit report.

You’ll also want your auditor to keep you abreast of new accounting standards that may impact your financials as well as your ability to obtain financing.

ESTABLISH KEY DATES AND DEADLINES Planning is crucial to any audit. A football team doesn’t go into a game without a game plan, nor should you go into an audit without a plan. Your plan should start with establishing key dates and deadlines for both you and your external auditor. Whether you are the controller of a business, nonprofit organization or government agency, you probably have an audit done because a third party requires one by a certain date. Work backwards from the deadline and establish dates when each part of the audit process needs to be completed to meet the final goal. Plan to finish. Both the auditee and auditor must be held accountable and be aware of the

consequences if they don’t do what they have agreed to in the audit plan.

PREPARE SCHEDULES AND DOCUMENTS Start planning for the audit early — at least two months before the end of your fiscal year. If you’re part of a large organization, ask your auditor what procedures can be done before year-end to save time later. Auditors will typically be happy to accommodate you since work can be done outside of their busiest time. Most auditors will give you a prepared by client (PBC) list. This is a list of schedules for you to prepare and other documents needed for the audit. Ask for this list early. You can generally put together some of the information before you are busy closing out the year-end. Begin to accumulate information such as board minutes, new contracts and agreements, fixed asset additions, and supporting documentation for major transactions. Your auditor will be thrilled to receive this information early so that they can read and analyze it during their audit planning. The more your auditor knows about what transpired during the year, the better they can plan.

A well-prepared auditor usually will make your life easier.

Ask your auditor to go through the PBC list carefully before giving it to you. Make sure they just don’t update last year’s list by changing the date. There may be items on the list that are no longer necessary. Avoid wasting time preparing schedules that auditors don’t need. When you get the PBC list, consider whether you already have an

internal report that includes the information requested. As an auditor, I’ve worked with clients for years only to accidently stumble across an internal report that would have been very useful for our audit.

EXAMINE PRIOR ADJUSTMENTS The fewer audit adjustments your auditor has, the more efficient the audit. Ask your auditor to review last year’s audit adjustments with you to understand which areas the adjustments affected and why they were made. Look closely at these areas before you close out your books. Make any necessary journal entries so that the auditor does not have to make adjustments.

Also, ensure that your trial balance is final before giving it to the auditor. Making adjustments after the audit starts is a recipe for a long, drawn-out and difficult audit which could result in higher fees.

MINIMIZE DISRUPTION OF FIELDWORK Ask the audit partner or manager how many staff are scheduled to be on-site and

when. If you’re the controller of a smaller organization or a one-person accounting shop, it’s not going to work out well if there are three or four auditors in your office at the same time. You aren’t going to be able to keep up with their requests, which will result in wasted time and frustration on both sides. Work with the auditor to ensure you have as much information ready in advance as possible, but know that more information will be needed as the audit progresses. No matter how well things are planned out, the audit fieldwork will be disruptive. You will want to make sure that the ratio of auditors to your staff is reasonable so you can meet their requests for information in a timely manner.

ASK FOR REGULAR UPDATES Ask your auditor to keep you regularly updated about the progress of the audit.

One practice is to schedule a brief meeting every afternoon during the auditors’ fieldwork. The meeting should include the controller and accounting staff that are directly involved in the audit as well as the

firm’s entire audit team. At the meeting, review that day’s progress and any additional information that is needed, any audit adjustments or proposed adjustments that were discovered and any other findings that were identified. Also, review the plan for upcoming procedures to ensure that all the information needed is ready. Such a daily meeting can avoid misunderstandings or disagreements later in the process which could delay issuance of the audit report.

Remember, the goal is to plan to finish.

Thomas H. Martin, CPA, is managing partner of Klatzkin & Company LLP. He is a member of the NJCPA and can be reached at 609-439-4217 or tmartin@klatzkin.com.

READ MORE CORPORATE ACCOUNTING ARTICLES AND RESOURCES njcpa.org/topics/corporate

NEW JERSEY CPA | JULY/AUGUST 2018

11

ACCOUNTING, AUDITING & ATTEST

Blockchain and What It Means in the Accounting Profession

BY ALISHA JERNACK, CPA, MAZARS USA LLP

Everyone is asking, “What is blockchain and what does it mean for me?” The answer is neither a simple nor straight forward one. The impact of blockchain is likely to be far-reaching, affecting suppliers, manufacturers and end users. The key is adapting.

Blockchain is a shared, decentralized ledger with a history of transactions that cannot be altered. Blockchain removes third parties and allows for peer-to-peer communication. It is a new way to store, share and search for information with applications that interact with the ledger.

In essence, it’s become a platform for sharing information and a network of trust and value. The network is a chain of computers that all must validate transactions before they can be posted to the ledger. Once transactions are approved and recorded, they cannot, in any way, be altered. Blockchain increases efficiencies and decreases costs because data is available in near real-time, eliminating intermediaries and the need to record transactions in a single ledger.

This technology still presents many unknowns — it has the potential to disrupt many industries. Here is what it means for the accounting profession: AUDITING When most people think of blockchain, they think of Bitcoin or other cryptocurrencies. Many CPAs were faced with questions and concerns this tax season about the tax impact of investing in these currencies.

However, what about auditing and back-office accounting? Should CPAs be concerned that their role in the business world will become obsolete since transactions are going to be publicly recorded and captured in an irreversible ledger? The answer is no. This is a world of opportunity for CPAs. Verifying financial transactions is just one component of an audit. Although

12

JULY/AUGUST 2018 | NEW JERSEY CPA

financial information is verified and transparent on a blockchain, it is not bulletproof. There still may be some uncertainties, such as with transactions that are unauthorized, amid confirmation of delivery, or with transactions that are linked to something off the chain as well as misclassifications within the financial statements. CPAs will still need to use professional judgement and skepticism and use blockchain as a means of standardization and an opportunity to streamline reporting and processes. And it has the potential for even greater standardization and consistency in reporting with more efficient data gathering. It should be viewed as a central location to obtain data. Consider the fact that audits may become more data driven, providing assurance on people, processes and systems. Thus, new risks will ascend, and traditional audit procedures may need to be tailored.

REAL-TIME ACCESS Roles and skillsets of CPAs may change as blockchain practices emerge. Blockchain will allow CPAs to have access to client data in real time, enabling CPAs to also react and advise in real time. Time can then be spent on more complex risk areas and focused analysis. CPAs must engage

tools for predictive analysis and spend more time on analytics and forecasting to provide more strategic value.

A key development in blockchain is the evolution of Smart Contracts. Smart Contracts are stored within the blockchain, with codes to execute actions under specific circumstances. Therefore, CPAs will not only have real-time access to their clients’ financial information, they will also have access to their contracts, such as bank agreements, without having to make recourse to the client, which further increases efficiencies.

CPAs need to be up to date with blockchain technology and how this evolutionary breakthrough will apply to clients. It is not only an evolution in the way CPAs do their job, but the way clients do business.

Alisha Jernack, CPA, is manager of entrepreneurial business services with Mazars USA LLP. She is a committee chair for the Monmouth/Ocean Chapter and a member of the Student Programs & Scholarships Committee. She can be reached at alisha.jernack@mazarsusa.com.

READ MORE

BLOCKCHAIN AND DIGITAL

CURRENCY ARTICLES AND RESOURCES

njcpa.org/topics/blockchain

BECOMING A CPA

Your Path to 150 Hours Can Be Challenging!

BY SHIRLEY CLAUDE, SURGENT CPA REVIEW

To become a CPA in New Jersey, one has to obtain 150 semester hours from an accredited school. These credits can be obtained within or beyond a degree program.

A candidate can sit for the CPA exam with 120 credits which must include 24 credits in accounting and 24 credits in other business courses. This applies to graduate credits as well; undergraduate and graduate credits are counted equally.

By the time you are ready to graduate you will probably be juggling so many different things in life like an internship or job, family, friends, a significant other, sleep and working out, all while trying to study for your existing classes. You may be compelled to take the easy route and take classes like volleyball or the famed “underwater basket weaving.” Don’t go there!

You may already have an offer from your dream accounting firm, you may be a tutor, you might have a 4.0 GPA in your accounting courses. But you may also be tired and ready to check out. While it is true that once you have your bachelor’s degree/150 hours, your future employers will rarely take note of your grades in advanced accounting or any of the other courses, there is a big reason why you need to stay focused on what you do to get to 150 hours.

It’s knowledge and thus your versatility.

While employers may value the fact that you have 150 hours or your master’s degree, it is equally if not more important to them how you deal with difficult clients, differing personalities, deadlines and if you challenged yourself in college.

This can be done by broadening your mind and taking courses that will help diversify your accounting/business/ technology acumen.

Here are some options to consider: 1. Obtain a masters in something other than tax or accounting. Data analytics, big data, fraud/forensics (information systems) are other hot topics in accounting. Some firms are actually hiring computer science majors and then having those staff learn accounting. You need to think ahead

about how disruptive technology/ innovation will change the role of the accountant.

2. Use 30 credits or choose a double major. Courses in computer science, finance, risk, analytics or other accounting electives can help you professionally. Don’t necessarily limit yourself to your current program. Do some research into other universities and colleges and see if you can take these courses as a visiting student.

3. Minor in something. Information systems and technology or another minor would be helpful as you embark on your career in accounting. Today’s accountants are relying heavily on the systems that track their clients’ books. Understanding how these systems work can save you time in the audit room. You may also want to consider some classes in internal accounting.

Even if you decide to stay with a firm for the long haul, your resume is crucial to potential client “wins.” Every time you are included in an RFP, your resume is included. Clients will be more impressed with a higher degree and that could be

favorable to your career. The effort that you put in now, while not paying immediate dividends, will pay off down the road.

(This was a great point shared with me by my colleague, Ray Ruiz, who joined the Surgent team after a prestigious 10+ year career at KPMG as a recruiter.)

Like everything else in life — relationships, working out, your degree and your career — you will get out of it what you put into it. Keep challenging yourself. Take the interesting accounting classes or computer classes and really think about your future and what may broaden your career opportunities. Chances are your dream accounting firm will reward you with interesting projects and clients because you challenged yourself with those courses while in undergrad or grad school.

Shirley Claude is director of market development for Surgent CPA Review. She can be reached at claudes@surgent.com.

READ MORE EDUCATION REQUIREMENTS TO BECOME A CPA njcpa.org/educationrequirements

NEW JERSEY CPA | JULY/AUGUST 2018

13

BUSINESS ADVISORY SERVICES

The Enchanted Accountant: Three Ways to Become a Trusted and Strategic Advisor

BY CHRISTOPHER YOUNG, PH.D., MBA, RED MAPLE ECONOMICS

Once upon a time in a land far, far away lived an enchanted accountant who was able to mesmerize his clients with great stories, insights and strategies for their businesses. He was so captivating that his clients cancelled all other appointments to meet with this great advisor and these same clients offered riches and wealth to ensure the accountant saved enough time each week to meet with them.

For the great majority of accountants, the above story is clearly fictional. The non-fiction version of this story suggests that accountants are often pushed aside by their clients, continually renegotiating fees not in their favor and perceived to be quasi regulators offering limited value.

One of my strategy clients told me that their accountant is a great historian — can explain everything that has happened over the past 20 years but offers almost no stra-

14

JULY/AUGUST 2018 | NEW JERSEY CPA

tegic insight and does not really manage the business. Although not shocked to hear this, I understand the reasons why many accountants are perceived to be more tactical and less strategic. With the rush through busy season and the continued push for deadlines, accountants rarely have time to sit back and think for their clients and offer the value that many clients hope or expect to receive.

So, what can accountants do to offer more strategic and value-added insight for their clients? How can accountants take their professional game from trusted advisor to trusted and strategic advisor?

Consider these three steps: 1. Store data appropriately. Many CPAs store client data in a short, temporal manner, such as keeping data in spreadsheets for the two or three years for an audit, review or compilation. Instead,

accountants should consider storing data in a long-term temporal database or spreadsheet, with like-to-like chart of accounts, so that they can understand long-term trends and identify problems or weaknesses that may be escaping the executive. This longer-term data horizon will allow the CPA to compare data to similar companies in an industry or the entire industry. Interesting observations, such as return on equity, return on assets, return on marketing, client concentration ratio, supplier concentration ratio and market-based compensation analysis, can be identified and can help the accountant provide great insight to their client.

2. Obtain access to third-party data. There are so many interesting third-party databases in the market that can help CPAs make great com-

BUSINESS ADVISORY SERVICES

parisons to their client data. Industry data, private company sale data, salary data and similar databases can be used to help make meaningful comparisons.

CPAs should provide insight into financial variables that assist in driving value for the client, such as economic returns, cash flow efficiency, risk metrics and growth.

3. Make strategic analysis part of your workflow. It is important for CPAs to build into their regular workflow some form of strategic analysis. There will be some upfront work for each client, but once the firm has a unified framework of how you will store the data, adding additional yearly data is not much of a resource constraint at all. This work can be done during the months when staff is not at full utilization. It is also

important to use this enhanced knowledge to meet with clients on a more regular basis, offering ideas on how they may be able to tackle challenges and or further exploit great opportunities.

CPAs who execute on these three suggestions are taking the proper steps to becoming the enchanted accountant and storyteller. The intent of creating a longterm view of a client’s performance and analyzing these results against competitors is step one. A great storyteller is one who creates stories that help their clients learn, identify important messages and trends, and establish a strategic connection with their clients. When it is all said and done, the accountant needs to create an emotional response from their stories, showing their client that while they are preparing the taxes or the financial

statements, their knowledge and insight go much further. Once a CPA can initiate an emotional response from a client, and the client recognizes that they care about the strategic aspects of their business, the CPA will move from trusted advisor to trusted and strategic advisor, will be identified as a great storyteller and will ultimately become the enchanted accountant.

Christopher Young, Ph.D., MBA, is the president of Red Maple Economics and a professor at Rutgers Business School Fellow, Institute of Ethical Leadership. He can be reached at chris@ redmapleeconomics.com.

READ MORE BUSINESS ADVISORY SERVICES ARTICLES AND RESOURCES njcpa.org/topics/advisory

CAPSTAN our strength. your tax savings.

You know how to close a deal.

Capstan knows how to accelerate depreciation and maximize tax savings.

• A proven track record in Cost Segregation Studies • Expertise in Tangible Property Regulations • Strategy development for the new tax reform (Tax Cuts and Jobs Act) • Your trusted partner in the commercial real estate industry

Call Us Today! 215-885-7510

101 West Avenue Suite 301 Jenkintown, PA 19046 capstantax.com

NEW JERSEY CPA | JULY/AUGUST 2018

15

CORPORATE ACCOUNTING

Accounts Receivable Management: The Key to Improving Your Cash Flow

BY DAVID RUBIN, CREDIT MANAGEMENT GROUP

Financial experts claim that up to 90 percent of businesses fail because of poor cash flow. Even established, profitable companies can become insolvent due to uneven cashflow.

Cash flow is the movement of money into and out of a company. Cash inflow comes from operations like providing services, obtaining financing or selling assets.

Cash outflow occurs during operations such as meeting payroll, paying rent and making loan payments. Obviously, it is important to balance the inflow and outflow of cash so enough money is available to meet expenses. Otherwise, a business may have to rely on a loan, line of credit or factor receivables.

Most people agree that the sooner you bill customers and address accounts receivable issues, the more likely it will be that you will be paid. Even so, it is not uncommon for companies to send invoices to customers at the end of a project instead of progress billing, to not pay enough attention to aged receivables, and to avoid making collection calls to customers.

Savvy accountants, on the other hand, have sound billing and receivable procedures. Invoices are sent monthly and accounts receivables are properly managed.

As soon as an invoice is 30 or 60 days past due, depending on the company’s policy, efforts begin to collect the funds.

MAKING THE CALL Particularly the case with smaller companies, managers may want to manage accounts receivables themselves but lack either the time, ability or support system to be effective. Typically, company leadership avoids making calls or sending correspondence to customers asking to be paid. I get it, talking about money owed is uncomfortable. But businesses need to reframe their thoughts on accounts receivable management. It’s their money and they have every right to discuss the matter with customers. And just because

16

JULY/AUGUST 2018 | NEW JERSEY CPA

a customer pays his/her bills when they are 30 or 60 days past due, it doesn’t mean that you must accept being paid outside of the terms of what was agreed upon.

If your terms are 30 days, you should be paid in 30 days.

FINDING TIME Having the time to focus on accounts receivable management is generally an issue. Corporate management is busy with meeting customer expectations, managing projects and the day-to-day operation of a company. Demands are put on management to meet realization goals as well as business development goals. Finding the time to also manage accounts receivable may be difficult.

Accounts receivable management is particularly troublesome for companies that may not have a department or people dedicated to the task. Asking staff members or the admin team to help might seem like a good idea but they might not have the skills to be effective. Hiring staff for this function is another option but you will incur additional expenses including payroll taxes, overhead and benefits. You might even have to purchase software to manage accounts receivable. A more practical and less expensive approach may be to outsource the function.

Whichever approach you take, focus on: yy Using the right tone. Start with friendly messages and gradually build up to using language that is polite, but to the

point; firm, yet not insulting; demanding, but not threatening. yy Being consistent. Automatically send a series of correspondence every two to four weeks until the invoice is paid. yy Knowing when to call in professionals. Protecting customer relationships is important. You may get better results by having someone else do the heavy lifting for you.

Accounts receivable management should be considered a critical function. If the cash is not available to sustain operations, your company may become a statistic. Avoid having a problem by carefully managing cash receivables.

David Rubin is the managing director of Credit Management Group, one of the leading providers of off-site accounts receivable management services.

He can be reached at 215-845-5040 or david@ creditmgtgroup.com.

READ MORE

CORPORATE ACCOUNTING

ARTICLES AND RESOURCES njcpa.org/topics/corporate

LEARN MORE AUG. 24, ROSELAND COMMON FRAUDS AND INTERNAL CONTROLS FOR REVENUE, PURCHASING AND CASH RECEIPTS Register at njcpa.org/events

FINANCIAL PLANNING SERVICES

The Effect of Tax Law Changes on Financial Planning

BY GUY MCPHAIL, CPA, CFP, SAX WEALTH ADVISORS

Many of us have been busy educating clients on the 2018 tax law changes. As a CPA financial planner, I have had more questions regarding how the tax law affects my client’s personal financial plans this year than I can ever remember. However, with change comes opportunity.

In a recent AICPA poll, “three in five affluent Americans (63 percent) said they’re very or somewhat likely to change their personal financial plans based on the new federal tax law.” Given this statistical information, those of us in the financial planning arena should be very busy working with our clients’ financial plans and updating them with any necessary changes regarding the new tax law. Here are some specific items to consider: INVESTMENT EXPENSES One of the changes to look at immediately is the repeal of the deduction of investment expense, such as quarterly asset management fees. Can those fees be shifted to an IRA account since they are no longer tax deductible as a miscellaneous expense?

Paying the fee from the IRA is not considered a taxable withdrawal, meaning the client is paying an expense with dollars that have never been taxed. Charging an IRA for its own fees reduces the balance in the account, which then reduces the Required Minimum Distribution (RMD) once they reach 70 ½ years of age. Clients may find their RMD is more than they actually need — making this an effective strategy.

QUALIFIED CHARITABLE DISTRIBUTION Speaking of RMDs, the new tax law favors charitable giving from IRAs. More clients may be using the standard deduction going forward given that the state and local income tax deduction is now limited to $10,000. The Qualified Charitable Distribution (QCD) law is still in effect for those after age 70 ½. So, making a QCD instead of a regular charitable gift has two big advantages: the QCD counts toward satisfying the individual’s RMD for that

year, and the distribution is excluded from the taxpayer’s income.

Let’s take a 71-year-old couple who, between them, had a $30,000 RMD and directed $10,000 to a charity as a QCD. They are also taking the $26,550 standard deduction. If this couple is in the new 32-percent bracket, they would save $3,200 in federal taxes and possibly on their state taxes.

QCDs are limited to $100,000 per individual. You must take care not to miss the deduction as the IRA custodian is not required to specifically identify the QCD on the 1099-R form. If a CPA doing a return does not know about the QCD, it is likely they will report the distribution as fully taxable.

INTEREST DEDUCTIONS One of the more frequent questions I am asked as a CPA financial planner is, “Should I pay off my home-equity loan or line of credit?” If the client uses it for anything other than purchasing or improving a home, they will no longer be able to deduct the interest. This change may alter the thinking of paying off a debt sooner than later in your client’s financial plan.

I have many clients in the 60- to 70-yearold range, and I find these years to be where we can maximize tax strategies if the client has retired. Today’s federal income tax rates may be the lowest we’ll see for

the rest of our lives. This gives us a great opportunity to look at Roth Conversions for these clients at lower rates if their tax rates during retirement will be the same or higher than their current rates.

I usually take a multi-year conversion strategy where I convert just enough to avoid pushing the client into the next marginal tax bracket. Looking at clients’ personal financial plans coupled with a long-term tax plan is where the CPA can differentiate his or her value to clients over a non-CPA planner. Most of my clients do not bring this thinking into their retirement planning when I first start to work with them, but when I do, they can see the tremendous value.

Taking advantage of tax efficiency can make a significant difference in your clients’ personal lifestyles during retirement. It is most often the clients’ biggest expenditure, so it is important to help them reach their goals by following the new strategies available.

Guy McPhail, CPA, CFP, is a principal at SAX Wealth Advisors. He is a member of the NJCPA Content Advisory Board and can be reached at gmcphail@saxwa.com.

READ MORE

FINANCIAL PLANNING SERVICES

ARTICLES AND RESOURCES njcpa.org/topics/pfp

NEW JERSEY CPA | JULY/AUGUST 2018

17

FIRM & PRACTICE MANAGEMENT

Benefits of Younger Staff Shadowing Seasoned Staff

BY COLLEEN CULLARI, CULLARI CARRICO, LLC

The shortage of qualified staff and challenges of retaining, developing and mentoring staff continue to be top issues at accounting firms. To attract and retain professional employees, firms must create internal programs focused on mentorship and coaching to enhance the employee experience.

Our firm recently rolled out a mentorship and coaching program that aligns staff with senior managers and partners focused on the same interests and who work together, outside of the normal team environment, on training and development. Senior managers and partners are paired with staff who do not work on the same engagements normally but who are in the same industry.

Mentorship program leaders develop goals and objectives that they must meet during the year. One exercise that received a tremendous amount of good feedback was the “shadowing experience.”

Mentors were asked to include staff on at least two client meetings during the year. Some staff attended lunch meetings, others attended more formal in-office client meetings, while others were invited to client events or fundraisers that had nothing to do with business. The following are the benefits we have seen a result of the shadowing experience: 1. Builds strong relationships. Both parties involved have the chance to get to know each other on a personal level by spending quality time together. In addition to the time spent observing firm leaders, meaningful conversations can be held during travel, enriching the overall experience.

2. Develops leadership and management skills. Employees develop leadership and management skills more effectively and naturally by seeing how management conducts themselves in client meetings. Employees observe the executive’s professional demeanor, communication skills and body language, as well as how they prepare for meetings, deal with unexpected situations and resolve conflicts. Classroom or on-the-job training can’t provide

18

JULY/AUGUST 2018 | NEW JERSEY CPA

the same experience. Although role playing has merit, seeing someone in action is invaluable.

3. Motivates employees. Employees participating in the shadowing program are frequently more motivated to make their best and highest contribution to the firm. Although the purpose of shadowing management is to learn from them, employees can also demonstrate the value they can bring to an engagement or client relationship. While typically the employee is an observer, some instances present the chance to provide thoughtful responses. More benefit can be abstracted from the experience when the pair reviews what interactions worked or didn’t work, as well as how the employee might have dealt with the situation if he or she were the only person in the room.

4. Builds self-confidence and soft skills.

Employees report increases in their self-confidence and an improvement in their soft skills by observing management. The confidence comes from seeing what is entailed in the job firsthand. Less-seasoned employees realize that they can effectively handle client relationships. Staff can learn the importance of listening intuitively, crafting a thoughtful response and delivering more than what the client expects.

5. Attracts and retains employees.

Job shadowing addresses employees’

desire to be valued and respected at work while learning and growing at the firm. Employees benefit from connecting with firm leaders on a personal and professional level. Firm leaders benefit from having more engaged and dedicated employees. Shadowing shows entry-level staff that the firm is personally invested in the professional and personal growth of the team.

The success of a job shadowing program depends on the mentor(s) selected to be shadowed. They should be positive, approachable, patient and willing to invest the time to explain what they do, how they do it and why it’s important.

Job shadowing is an integral part of training employees at our firm. Everyone from our managing partner to senior staff are involved. Shadowing encourages teamwork, enriches relationships and improves employee engagement. We all benefit from the experience.

Colleen Cullari is an audit services manager at Cullari Carrico LLC. She is a member of the NJCPA Accounting & Auditing Standards and Nonprofit interest groups and can be reached at 973-406-3955 or ccullari@cullaricarrico.com.

READ MORE

EMPLOYEE MANAGEMENT

ARTICLES AND RESOURCES njcpa.org/topics employeemanagement

FORENSIC ACCOUNTING, LITIGATION SERVICES & BUSINESS VALUATION

Eureka: E-Discovery is Upon Us

BY ANTHONY MONGELUZO, PCS

In 2005, a decision by the Federal Rules of Civil Procedure crossed the legal Rubicon when they amended a ruling that, in its simplest form, stipulated that parties in a legal dispute must share relevant electronic information. In the predigital age, discovery meant sharing information, or “hard copy” in today’s parlance, with all parties involved in litigation. Today, e-discovery has broadened the range of what constitutes discovery.

E-discovery (sometimes known as electronic discovery), is “the electronic aspect of identifying, collecting and producing electronically stored information (ESI) in response to a request for production in a lawsuit or investigation,” according to Complete Discovery Source, an e-discovery consulting firm. They remind us that ESI isn’t only about email but can apply to databases, PowerPoint presentations, audio, video, social media and websites. If you’ve “touched” it digitally, it can be a target for e-discovery.

And remember that in a lawsuit, e-discovery isn’t something easily dismissible.

Along with any paper trail, today your digital fingerprint on all relevant documentation is discoverable.

Inevitably, this leads accountants into the legal area, where they will need an attorney. Most business people detest the idea of lawsuits, and, in the digital age, e-discovery is that added level of complexity to protecting your accounting practice and potential information about clients. To protect yourself, consider: yy Nothing is casual in court. This could easily be the most important advice I can offer. Unlike a face-to-face meeting or even a phone conversation when facial expression or tone and verbal emphasis can convey sarcasm, reluctance or impatience, none of this is evident or obvious in an email or some other form of transmission. Matching whatever you’re typing and putting it down on “electronic” paper, when read in a monotone voice aloud in a courtroom, can hurt you. And I wouldn’t count on

yy

yy

yy

yy

smiling emojis to lessen the impression that it conveys.

How computer savvy is your attorney? A 2015 study by Exterro, the Federal Judges Survey on E-Discovery Best Practices and Trends, noted that, “not a single one of the 22 responding judges said they fully agree with the statement that the typical attorney possesses the subject matter knowledge (legal and technical) to effectively counsel clients on e-discovery matters.” Worrisome. If your attorney still uses Word 97 or seems befuddled by computer basics, I’d suggest talking to another attorney. He doesn’t have to be a computer expert, but he must be comfortable with the digital environment and have experts available even if they’re outside sources.

The plan, boss. In the IT world, we virtually insist that clients have a disaster plan, which usually translates into a backup system that is complete, reliable and quickly accessible. There is a corollary to this in e-discovery. Philadelphia attorney Stanley Jaskiewicz suggests that accountants “adopt a retention and destruction plan before any litigation arises, so that you don’t have embarrassing, at best, or difficult, at worst, disclosure decisions.”

Who pays for e-discovery? “Ideally, the client involved in the litigation should pay those expenses ­— called ‘costs’ — in the litigation, like any other pass-through bill,” according to Jaskiewicz. “In some cases, some of these expenses may be recoverable from the opposing party in the litigation.”

Who is the expert? You’re the accounting pro, and the attorney is the legal expert. But who does the actual e-discovery. You can do it yourself, which entails searching, filtering the data and then providing them to your attorney, according to Michael Nelson, founder of Philadelphia-based DFDR Consulting. “Many people will likely copy and paste data which is forensi-

cally unsound and will likely result in the loss of metadata,” he says. Doing it yourself can challenge your objectivity because it’s tempting to leave something out if it’s unflattering. Some firms don’t spend enough on IT, which affects the efficiency and speed of the process if it’s done in-house. “If they are not organized, they may miss data or not know where everything exists,” Nelson says. “For accountants, their ultimate concern is getting to the numbers, and all the tech stuff and data might not be in their wheelhouse.” yy The last word. On e-discovery, we can turn to Jaskiewicz, who invokes the ounce of prevention advice. “The solution is not to hide bad records,” he says. “Instead, don’t create them in the first place.”

Anthony Mongeluzo is the CEO and president of Moorestown, New Jersey-based PCS. Contact him at Anthony@helpmepcs.com or follow him on Twitter @PCS_AnthonyM.

LEARN MORE JULY 12, ISELIN FORENSIC ACCOUNTING INVESTIGATIVE PRACTICES

OCT. 25, ROSELAND

ADVANCED BUSINESS

LAW FOR CPAs njcpa.org/events

DO MORE JOIN THE FORENSIC & VALUATION SERVICES INTEREST GROUP njcpa.org/groups

NEW JERSEY CPA | JULY/AUGUST 2018

19

GOVERNMENTAL & NONPROFIT

1099 Best Practices for Nonprofit Organizations

BY JASON CULLARI, CPA, CULLARI CARRICO LLC

Nonprofit organizations have particular requirements when it comes to the IRS. They are required to file information returns such as Form 1099-Misc. All vendors that do business with nonprofits should be treated as independent contractors (exceptions apply) and issued a 1099. However, employees and independent contractors that perform a one-time service are excluded. Companies that do business with nonprofits must issue the organization a 1099.

The IRS looks at three factors to determine if someone is an independent contractor: 1. Behavioral. Does the company control or have the right to control what the worker does and how the worker does their job?

2. Financial. Are the business aspects of the worker’s job (e.g., how they are paid, expense reimbursements, supplies) controlled by the payer?

3. Type of Relationship. Are there written contracts or employee benefits (e.g., pension plan, insurance, vacation pay)? Is the relationship ongoing and the work key to the business?

REQUIREMENTS AND EXCEPTIONS 1099-Misc is the most commonly used form to report payments to any person, partnership or LLC during the year as follows: yy $600 or more paid for services (including parts and materials), rents, prizes and awards, other income (certain reimbursable expenses), as well as medical and health benefits yy $600 or more paid to attorneys, law firms, medical and other healthcare providers yy $10 or more in royalties or broker payments in lieu of dividends or tax-exempt interest Exceptions include the following: yy Payments to corporations, S corporations or LLCs (unless they are a law firm or medical/healthcare provider) that elect to be taxed as a corporation yy Payments for merchandise, telegrams, telephone and freight

20

JULY/AUGUST 2018 | NEW JERSEY CPA

yy Payments for rent to real estate agencies yy Payments made by credit card Generally, Form 1099-Misc must be filed with the IRS and issued to the payee

by Jan. 31. All other types of 1099s must be filed by Feb. 28 (mail) or March 31 (electronic). Organizations that file 250 or more 1099s must file electronically.

PENALTIES Penalties for not filing and filing incomplete or incorrect 1099s step up to $260 per form for 2018 and are capped at $3,218,500 annually (depending on the filing date). These penalties apply to both sending 1099s to payees and filing with the IRS. So, the fine could be as high as $520 (annual cap $6,437,000) for each instance. Penalties increase to $530 per return with no annual cap for the intentional disregard of 1099 filing requirements. Late forms filed within 30 days of the due date are assessed a penalty of $50 or $100 if filed on or before Aug. 31 (caps apply). If the IRS sends a notice regarding missing or incomplete information on a 1099 and the information is not corrected, backup withholdings are required at the rate of 28 percent.

BEST PRACTICES It is important that your organization is in compliance with IRS regulations on 1099s. Best practices include the following: yy Require new vendors to complete Form W-9 before they are paid. yy Request that the vendors you do business with submit a new W-9 annually. yy Check each W-9 upon receipt to ensure the information is complete and accurate. yy Follow up promptly with vendors. yy Use the IRS Taxpayer Identification Number (TIN) Matching Program to ensure that the TIN provided is correct.

If a discrepancy is found, notify the vendor immediately. Individuals or sole proprietors use their Social Security Number (SSN).

yy Ask vendors about questionable or inconsistent information. yy Designate potential vendors to receive 1099s in your accounting system.

Check annually for possible duplicate or inactive vendors. yy Adopt internal policies and procedures to make sure there is a W-9 on file for each vendor and a 1099 is issued and filed with the IRS. Consider quarterly or mid-year W-9 reviews. yy Take a conservative approach to 1099s.

Whenever there is a doubt, send one out.

Nonprofit organizations are also required to submit Form 1098-C to donors of motor vehicles, airplanes or boats; Form 1099-R for distributions to employees from its retirement plan; and Form W-2G to people that win more than $1,200 annually in bingo and $600 or more in 50/50 raffles or sweepstakes. It is therefore important for nonprofits to track payments throughout the year to be in compliance.

Jason Cullari, CPA, is the managing partner of Cullari Carrico LLC. He is a member of the NJCPA Nonprofit and Federal Taxation interest groups.

Jason can be reached at 973-406-3955 or jcullari@ cullaricarrico.com.

LEARN MORE OCT. 15, ROSELAND ACCOUNTING AND REPORTING FOR NOT-FOR PROFIT ORGANIZATIONS OCT. 26, VOORHEES BEST PRACTICES FOR PAYROLL TAXES AND 1099 ISSUES Register at njcpa.org/events

READ MORE

NONPROFIT ARTICLES

AND RESOURCES njcpa.org/topics/nonprofit DO MORE

JOIN THE NONPROFIT

INTEREST GROUP njcpa.org/groups

PROFESSIONAL DEVELOPMENT

26 Tips for Great Communication

BY JANICE WARNER, PH.D., GEORGIAN COURT UNIVERSITY

The role of the CPA is changing. Clients are demanding that accounting firms offer more business advisory services than ever before.

Communication is critical for maintaining productive relationships with clients.

Corporate accountants need to master their communication skills to have meaningful conversations with shareholders and internal teams. Therefore, good communication skills are more important than ever.

There are four types of communication: writing, speaking, listening and non-verbal.

A study by the University of Pennsylvania found that 70 percent of communication is body language, 23 percent is voice tone and inflection, and only seven percent is your spoken words.

When it comes to the written word, many people write in such a way that it is difficult to interpret and understand what they are trying to say. This is because people think it is important to impress readers with their command of the English language (vocabulary and grammar skills).

Using an overly sophisticated word, words that are out of context but sound good, jargon and long sentences can make the correspondence difficult to comprehend.

Business communication needs to be clear, concise and to the point. Your written and spoken words should be deliberate. The tone of your voice should be professional and, most of all, your body language should be in line with what you are saying. This explains why sales people are taught to smile when they are on the telephone with prospects and clients, public speakers practice their delivery and press secretaries have a serious posture when delivering bad news.

Communication also needs to be targeted. Understand all the stakeholders and craft your message on top of common ground. Work to collaborate with clients and colleagues instead of forcing your agenda and ideas on them. Find a path toward a common idea or solution by giving everyone the opportunity to express their opinion by shared ownership and shared reality of the situation at hand.

The following communication tips can enhance your skills.

WRITING 1. Use a professional writing style.

2. Be brief and to the point.

3. Stress the main points in the first paragraph.

4. Use bullets whenever possible.

5. Keep sentences around eight words.

6. Avoid the use of words above a tenthgrade level.

7. Use headings and sub-headings.

8. Carefully craft emails and be formal.

9. Check your grammar and spelling, especially when texting.

SPEAKING 1. Watch your tone of voice (be positive).

2. Be aware of the words you chose and how they will be heard and interpreted.

3. Be honest, specific and sensitive to the receiver’s reactions (non-verbal clues).

4. Use “I” statements versus “you” statements. “You” expresses criticism. “I” defines another’s behavior.

5. Use “we” instead of “I.” “We” is team focused. “I” refers to your actions.

6. Be succinct when making presentations.

7. Write notes as a guide for discussion.

8. Use visuals to make data more understandable or to focus on key ideas.

LISTENING 1. Focus your attention on the speaker and avoid distractions.

2. Ask questions to ensure you understand.

3. Think about how the speaker feels.

4. Avoid making assumptions, being defensive and interrupting.

5. Take notes, if appropriate.

NON-VERBAL 1. Match your non-verbal message with your verbal message.

2. Mirror the other person’s body language to convey understanding.

3. Respect personal space (about three feet or an arm’s length away).

4. Think SOLER (Smile, Openness, Lean forward, Eye contact, Relax) Good communicators are influencers.

They express well-thought-out points based on facts. People depend on and trust what they say. Good communicators are also good listeners and tend to address the appropriate concerns in their response.

Internal communication is key and should support external communication.

It is important for all employees to know where the company is going and how they fit into the future of the organization. Employees are the face of a company and can be your best brand ambassadors.

Janice Warner, Ph.D., is the dean of the School of Business & Digital Media at Georgian Court University. She can be reached at 732-987-2662 or jwarner@georgian.edu.

WATCH MORE SECRETS FOR LAUNCHING A SUCCESSFUL CAREER bit.ly/LaunchSuccessfulCareer

DO MORE

JOIN THE EMERGING

LEADERS INTEREST GROUP njcpa.org/groups

NEW JERSEY CPA | JULY/AUGUST 2018

21

TAX

A New Standard for Sales and Use Tax Nexus?

BY JAMES BARTEK, CPA, AND ANDREW STEINHAUS, CPA, KPMG LLP

A pending U.S. Supreme Court case is shining new light on sales and use tax nexus, which has become an increasingly complex topic. As states struggle with budget shortfalls, they have become more creative in enacting aggressive nexus legislation.

This has left businesses wondering whether they’re required to collect and remit tax, and in what jurisdiction.

Before delving into such standards and potential future developments, let’s start with a simple definition. (Throughout this article, “nexus” means sales and use tax nexus, and “tax” refers to sales and use tax.)

WHAT IS NEXUS? A state can require a business to collect and remit tax if a substantial presence exists under the U.S. Constitution’s Commerce Clause between that business and the state.

This is called nexus.

In 1992, the U.S. Supreme Court in Quill v. North Dakota held that a business must have an in-state physical presence to establish nexus. Physical presence includes in-state personnel (permanent and those making sporadic visits) and property (real or personal, owned or leased). An in-state physical presence that is small, however, may not be sufficient to establish nexus.

AFFILIATE AND ATTRIBUTIONAL NEXUS Many states have expanded the types of activities that may qualify as physical presence.

One such example is affiliate and attributional nexus standards, which allows physical presence to be established through business relationships with in-state third parties.

The U.S. Supreme Court has ruled that third parties may create nexus if the business is “significantly associated with an out-of-state seller’s ability to establish and maintain a market for sales in the state.” For example, an in-state retailer may allow customers to return items originally purchased from its internet affiliate. This relationship may create nexus for the Internet business even if it has no in-state personnel or property.

22

JULY/AUGUST 2018 | NEW JERSEY CPA

CLICK-THROUGH NEXUS Another example of nexus expansion is the click-through nexus standard, which relates to sellers’ referral agreements with in-state entities. In these agreements, the in-state entity refers customers to the seller for a commission, with a referral link to the seller’s website.

Typically, sales generated by the in-state referral relationship must exceed a specified threshold for click-through nexus to be presumed. Some states allow a seller to rebut the nexus presumption by providing evidence that the in-state entity doesn’t actively solicit business for the seller.

ECONOMIC NEXUS The economic nexus standard ignores the physical presence requirement altogether. Instead, nexus is established if a seller exceeds a certain sales threshold, either in number of transactions or sales amount. As of early March 2018, at least 16 states have adopted economic nexus standards with various thresholds including two related to in-state presence of software or content distribution networks.

Quill and other U.S. Supreme Court rulings have established that physical presence is a constitutional requirement.

The South Dakota Supreme Court followed this precedent and ruled that the state’s economic nexus law was unconstitutional. As a result, South Dakota petitioned for certiorari to the U.S. Supreme Court, which granted review of the case, South Dakota v. Wayfair Inc., on Jan. 12 and held oral arguments on April 17. As of the date of writing, the Court has not yet ruled.

If Quill is overturned or modified, states may be able to enforce the economic nexus standard requiring out-ofstate sellers to collect and remit tax even though the seller does not have a physical presence in the state.

Businesses with multistate sales may need to comply with tax collection and filing responsibilities in many new states.

Though most states are expected to apply

the standard prospectively, it isn’t clear whether other states may enforce the economic nexus standard retroactively.

OPERATIONAL IMPACT ON BUSINESSES Regardless of the outcome in Wayfair, businesses should regularly review the nexus consequences of their activities. A good first step could be identifying all physical locations, including all company-owned or leased property, such as offices and inventory locations. In addition, employee work sites, such as home offices, and locations of business travel, should be part of the review.

Businesses should examine their affiliate or other third-party relationships and sales by jurisdiction, given the expanded nexus provisions and potential economic nexus consequences. Tax compliance policies should also be reviewed as nexus standards continue to evolve.

As businesses are continually changing their activities, the review files should be kept up to date. Monitoring business changes and legislative developments can also help avoid costly tax surprises.

This information is not intended to be “written advice concerning one or more Federal tax matters” subject to the requirements of section 10.37(a) (2) of Treasury Department Circular 230. The information contained herein is of a general nature and based on authorities that are subject to change.

Applicability of the information to specific situations should be determined through consultation with your tax adviser.

James Bartek, CPA, is a state and local tax partner at KPMG LLP and Andrew Steinhaus, CPA, is a state and local tax senior manager at KPMG LLP. James and Andrew are members of the NJCPA State Taxation Interest Group.

LEARN MORE SEPT. 17, ROSELAND NEXUS UPDATE: LATEST DEVELOPMENTS IN STATE INCOME, FRANCHISE AND SALES TAXES Register at njcpa.org/events

TECHNOLOGY & INFORMATION MANAGEMENT

Remote Auditing — A Millennial’s Perspective

BY BRAD CARUSO, CPA, WITHUMSMITH+BROWN, PC

The concept of remote auditing has been around since I began my career at Withum over 12 years ago. I work for a firm that adopts and embraces all the tools and capabilities to execute such a task: software to directly extract data from a computer system; data analytics tools; Box to securely and transparently transfer files; email (obviously); Skype; smart phones; electronic document management systems; access to confirmation.com and lots of tech savvy employees. But with all that, we don’t audit 100 percent of our clients remotely. Why? NOT ALL OR NOTHING I have tried both on-site auditing and remote auditing, and the reason I feel remote auditing hasn’t caught on fully is the same reason why blockchain will take time to implement in the accounting industry: both parties to every transaction need to use the same technology and operate under a mutual mindset. A substantial portion of the audit can be done remotely while preserving the same level of world-class client service as an on-site audit. However, I don’t believe 100 percent of an audit should be remote.

After all, we are in the client service industry, and a good conversation over some Italian food never hurt anyone!

PROS AND CONS Let’s say you’re comfortable with the concept of conducting your audit 100 percent remotely and your client is too. Before you take the leap, here are some pros and cons for your consideration.

Pros:

yy Remote auditing significantly increases quality of life because it allows you to work from anywhere. This also increases efficiency and effectiveness because, let’s be honest, we want to remove the sport coat covering our pajamas at some point during the day! yy Who wants an auditor in their building taking up valuable conference room space? It creates tension and uneasiness. Performing an audit

yy

yy

yy

yy

remotely relieves some of that tension because the client’s staff may not feel their privacy is being invaded.

You will never be told that a step ladder and a one-foot fold out tray is the only viable workspace again (unless your spouse is mad at you).

I have seen staff in a conference room located next to a client’s office send an email to the client with a laundry list of questions. Why do I need to drive two hours each way from my home to do that?

Remote auditing creates more focus and transparency, especially when using specialized tools such as Box, Microsoft Teams and others to aid in the process.

Having a face-to-face request is different than an email in a variety of ways.

You are not wasting anyone’s time — and time is not wasted sitting around waiting. When you have a meeting that is required or a complex issue requiring attention, a face-to-face meeting can be arranged and the time will be well spent.

Cons:

yy As a certified fraud examiner and socialite, I appreciate being at a client site to understand the environment and get to know the people. yy Seeing people’s reactions to questions and dialogue provides valuable information to aid in performing an audit. yy Have you ever been on a Skype call where you know people are distracted? It can be annoying and unproductive. In-person meetings tend to aid in being “in the moment.” yy Remote auditing requires the client to appreciate the use of technology and encourages them to desire a change in their habits (some are more apt to change than others). However, even though you often try to do as much work as possible remotely, there are always some clients who are non-responsive when you’re not in their office. yy Technology systems need to be upgraded across industries to capture

more data electronically. When clients have stacks and stacks of paper invoices and paper as supporting documentation, they’re required to scan each request into a PDF file or other electronic format and transfer those documents electronically which can be a burden and an unwanted nuisance to some. yy I enjoy being around people and working with clients to find mutual solutions. I don’t receive the same satisfaction performing an audit remotely that I do working side-by-side with a client. The same holds true with staff. In a true remote environment, our teams are not always in the same place. This creates difficulty in establishing a bond which is easier when everyone is in the same location.

YAY OR NAY Overall, I advocate for remote auditing to be able to automate the boring stuff (manual tasks) and reserve the face time for value-added activities and resolving difficult situations. Ticking and tying as well as verification of client data to third parties involves the auditor and a third party, not necessarily a client, therefore that can be done anywhere. As a profession we are moving in this direction, and as more clients adopt and embrace technology, I strongly feel we will see positive change which will translate to a higher quality of life with the same audit quality we always provided. And for all the naysayers out there who made it to the end of this article (namely partners, but I’m one of them so I guess I buck the trend like millennials seem to do and specifically called out the fact that I’m different), I leave you with one tip: ask your client how they feel about it before writing it off!

Brad Caruso, CPA, CFE, is a partner at WithumSmith+Brown. He is a member of Withum’s Not-for-Profit and Education Services Group, and he is a leader in the firm’s audit process and entral analytics teams. He is a member of the NJCPA and can be reached at bcaruso@withum.com.

NEW JERSEY CPA | JULY/AUGUST 2018

23

NJCPA NEWS

2018/19 NJCPA Chapter Presidents ATLANTIC/CAPE MAY

BERGEN

ESSEX

HUDSON

JEFFREY A. WILSON, CPA

JOANNE GEYLIN, CPA

JOSEPH PASQUINO, CPA

ISABEL DEL CORRAL, CPA

Capaldi Reynolds & Pelosi CPAs, P.A.

EisnerAmper LLP

Smolin, Lupin & Co., P.A.

McIntee Fusaro Del Corral, LLC

MERCER

MIDDLESEX/SOMERSET

MONMOUTH/OCEAN

MORRIS/SUSSEX

SCOTT H. STEIN, CPA

CHRIS J. SCHIFFER, CPA

MARY P. BONCADA, CPA

DOROTHY G. TATTI, CPA

Stein & Provost CPAs LLP

AEPG Wealth Strategies

Shapiro Financial Security Group

Ernst & Young LLP

PASSAIC COUNTY

SOUTHWEST JERSEY

UNION COUNTY

LORNA L. MACK, CPA

GEORGE N. PAPPAS, CPA

ANNA CHRISTAKOS, CPA

Lorna L. Mack, CPA

George N. Pappas, CPA

Christakos & Co.

Learn more about our chapter presidents and the activities taking place in their chapters at njcpa.org/chapters.

24

JULY/AUGUST 2018 | NEW JERSEY CPA

NJCPA NEWS

Newest Medallion Recipients Honored The mantel of NJCPA presidential leadership comes with many responsibilities, but one of the most rewarding is the opportunity to recognize fellow members for their contributions. Each incoming NJCPA president is given a supply of Distinguished Service Medallion coins to bestow upon members to thank them for the highest level of service to the NJCPA and their commitment to furthering the accounting profession. Only a handful of coins are awarded each year.

Immediate past president Edward Guttenplan distributed four prestigious medallions during his 2018/19 tenure.

These were given to: Margaret Van Brunt, CPA, assistant dean at Rowan University; Henrietta Fuchs, CPA, partner, CohnReznick LLP; Sarah Krom, CPA, managing partner, SKC & Co., CPAs LLC and June Toth, CPA, CFF, CITP, CGMA, managing member, ZBT Certified Public Accounting & Consulting, LLC. All four recipients showed distinguished service to the NJCPA. Margaret served as chairperson of the Chapter Operations Committee, president of the Southwest Jersey Chapter and chairperson of the Accounting Educators Committee.

In 2012 she was recognized by the NJCPA as a “Woman of Note,” and she also served on the NJCPA’s Content Advisory Board. Henrietta is a trustee with the NJCPA Scholarship Fund and chairperson of the Student Programs & Scholarships Committee. Sarah is president of the NJCPA, was chairperson of the Emerging Leaders Council (formerly Young CPAs Council), an active member of the Bergen Chapter and served on the NJCPA’s Strategic Planning Committee and the Board of Trustees. She was voted by NJCPA as one of the “30 most influential CPAs under 30” and a “Woman of Note.”

June is an NJCPA Trustee and is a vice group leader of the Forensic & Valuation Services Interest Group. She is also a former chairperson of NJ-CPA-PAC and the Committee Operations Committee.

The medallion has a long history with the NJCPA, dating back to the first coin

2017/18 NJCPA President Edward I. Guttenplan, CPA presents the Distinguished Service Medallion to Henrietta Fuchs, CPA

presented in 2009 by then president Robert Traphagen, CPA, CGMA, managing partner at Traphagen Financial Group LLC. It commemorates the importance that a person brings to an organization.

The original idea relates to an Allied spy in WWII who showed the medallion as proof of his allegiance, which ultimately saved his life. NJCPA recipients must carry the medallion with them at all times. Since inception, 69 coins have been distributed.

“The medallion is one of NJCPA’s highest honors. It’s something that every member should strive for. The significance of the medallion cannot be overstated,” said Ralph Albert Thomas, CEO and executive director at the NJCPA. “We are grateful for the dedication that this year’s recipients have shown to the Society and to the accounting profession as a whole.”

LIST OF MEDALLION RECIPIENTS

2017/18 – Presented by Edward Guttenplan, CPA

yy Henrietta Fuchs, CPA – CohnReznick LLP yy Sarah Krom, CPA – SKC and Co., CPAs, LLC yy June Toth, CPA – ZBT Certified Public Accounting & Consulting, LLC

yy Margaret Van Brunt, CPA – Rowan University

2016/17 – Presented by Walter Brasch, CPA

yy Jean Abbott, CPA – Stockton University yy Lynn Albala, CPA – InfoSight Partners LLC yy Joseph Baldomero, Jr., CPA – Suarez Baldomero, PA yy Robert Dethlefsen, CPA – Robert J. Dethlefsen, CPA yy Donna Foxman, CPA – Donna Foxman, CPA yy Lisa Galinsky, CPA – WithumSmith+Brown yy Gary Merves, CPA – Kelson & Merves, CPAs, LLC yy Jerome Newler, CPA – J M Newler CPA & Co. yy Alan Preis, CPA – Alan J. Preis, CPA, PC yy Jody Rorick, CPA – Jody Rorick, CPA yy Kenneth Shapiro, CPA – Shapiro Financial Security Group

2015/16 – Presented by Frank Boutillette, CPA

yy Virginia Buczkowski, CPA – Virginia C. Buczkowski, CPA yy James Toto, CPA – Mazars USA LLP

NEW JERSEY CPA | JULY/AUGUST 2018

25

NJCPA NEWS

Sarah Krom, CPA, receives the Distinguished Services Medallion from 2017/18 NJCPA President Edward I. Guttenplan, CPA.

yy John Genz, CPA – Citrin Cooperman & Company, LLP yy Michael Stillitano, CPA – Hapag-Lloyd yy Julia Van Saun, CPA – Moss Adams LLP

2014/15 – Presented by Brad Muniz, CPA

yy Howard Bookbinder, CPA – Howard J. Bookbinder, CPA yy Frank Boutillette, CPA – WithumSmith+Brown yy William Cadmus, CPA – WithumSmith+Brown yy Patrick Deo, CPA – Deo, LaManna, Deo & Co., P.C. yy Carol Donatiello Iocca – Wilkin & Guttenplan, P.C. yy Robert Fodera, CPA – Baker Tilly yy James Lawrence, CPA – Traphagen Financial Group yy Henry Murphy, CPA – Henry J. Murphy, CPA yy Cam Pardo, CPA – Pardo & Mezzina LLP yy Jennifer Peoples, CPA – Jennifer Peoples, CPA yy David Politziner, CPA – EisnerAmper LLP

26

JULY/AUGUST 2018 | NEW JERSEY CPA

2017/18 NJCPA President Edward I. Guttenplan, CPA, presents the Distinguished Service Medallion to June Toth, CPA.

yy R. Gregory Quirk, CPA – retired, former Monmouth/Ocean Chapter president yy Audrey Sherrick, CPA – Friedman LLP yy Robert Swartz, CPA – retired, former Peer Review Executive Committee chairperson yy Steven Weinerman, CPA – Richards Mfg. Co. Sales, Inc.

2013/14 – Presented by Gerard Abbattista, CPA

yy Brad Muniz, CPA – Sobel & Co. LLC yy Edward Guttenplan, CPA – Wilkin & Guttenplan, P.C.

2012/13 – Presented by Tom Roche, CPA

yy Gerard Abbattista, CPA – EisnerAmper LLP yy Walter Brasch, CPA – former NJCPA president yy John Coiro, CPA – Ernst & Young LLP yy Lloyd George, CPA – retired, former Mercer Chapter president yy John LaPilusa, CPA – PKF O’Connor Davies, LLP yy Christopher Lovasz, CPA – Deloitte yy Kyle Sell, CPA – Deloitte

2011/12 – Presented by Carole Hedinger, CPA

yy Thomas Roche III, CPA – PKF O’Connor Davies, LLP yy Jeffrey Ziment, CPA – Ziment Financial Advisors Inc.

2010/11 – Presented by Robert Marrone, CPA

yy James Bourke, Jr., CPA – WithumSmith+Brown yy Carole Hedinger, CPA – retired, former NJCPA president yy Catherine Horn, CPA – Catherine Z. Horn, CPA yy Gail Rosen, CPA – Wilkin & Guttenplan, P.C. yy Anne Skalka, CPA – Anne Skalka and Associates yy Robert Traphagen, CPA – Traphagen Financial Group

2009/10 – Presented by Robert Traphagen, CPA

yy Ernie Almonte, CPA – Former member yy Brent Ashton, CPA – Ernst & Young LLP yy James Blake, CPA – retired, former NJCPA president

NJCPA NEWS

yy Nicholas Constantino, CPA – Constantino, Specht, Templeton & Co., LLC yy John Dailey, Jr. CPA – Bowman & Company LLP yy Ronald Gray, Jr., CPA – Lembo & Gray, LLC yy Karl Halteman, CPA – ReSource Pro yy Henry Honig, CPA – Henry T. Honig, CPA yy J. Russell Jefferson, CPA – retired, former Southwest Jersey Chapter president yy Victor Maisano, CPA – German, Vreeland & Associates, LLP yy Robert Marrone, CPA – Bowman & Company LLP yy Stephen Mazur, Jr. CPA – Mazur & Associates, CPAs and Business Advisors PC yy Barry Melancon, CPA – AICPA yy Michael Polito, CPA – Deloitte yy Carl Specht, CPA – Constantino, Specht, Templeton & Co., LLC yy Paul Stahlin, CPA – retired, former NJCPA president yy Mary Zago, CPA – Union County College

Margaret Van Brunt, CPA, receives the Distinguished Services Medallion from 2017/18 NJCPA President Edward I. Guttenplan, CPA.

NJCPA Launches Emerging Technologies Group Blockchain, cryptocurrencies and artificial intelligence (AI) are leaving CPAs in a quandary over how to adapt to current and emerging technologies. To help create a sounding board to discuss these topics, the NJCPA launched the Emerging Technologies Interest Group (ETIG) in June.

The group provides a platform for members and key stakeholders to communicate directly and openly about relevant

issues related to current and emerging technologies. Discussions will delve into how to conduct advanced analytics, how to manage new AI technologies, what’s new in the Internet of Things, and how to stay one step ahead of client and corporate boardroom demands.

“The ETIG is a community of members intent on sharing and sharpening their knowledge,” said

Theresa Hinton, director of membership engagement at NJCPA. “This should create a lively discussion on these very important issues.”

Members are encouraged to join. All levels of experience are welcome — from the tech guru to the novice.

To join the Emerging Technologies Interest Group, visit njcpa.org/groups.

#NJCPA18: It’s a Wrap!

The NJCPA Convention & Expo brought together more than 1,000 attendees and exhibitors in June to learn and network.

Our lineup of national speakers provided attendees with the tools needed to plan for their businesses, clients and themselves to-

day, next year, next decade and beyond. And the numerous breakout sessions provided practical information on topics such as technology trends, challenges for the CFO, tax updates, accounting and auditing updates, leadership, career development and more.

Read highlights of the event and view photos at njcpa.org/convention.

And mark your calendar for the 2019 convention which will take place June 1114 in Atlantic City.

NEW JERSEY CPA | JULY/AUGUST 2018

27

Discover hundreds of web-based learning programs.

Same quality CPE from the convenience of your location.

y

Topics span the latest technical updates, technology, strategic planning and more.

y

Live interactive programs enable you to fully engage.

y

Developed by the NJCPA and its preferred CPE partners.

129

11

NJCPA's best online education at the best price.

njcpa.org/webinars

CLASSIFIEDS

MERGERS/ACQUISITIONS

Seize a merger acquisition opportunity with benefits for you. We are looking for firms ranging from $300,000 to $5,000,000 eager to combine forces as we continue to grow across Northern NJ, Westchester and the Hudson Valley region. Goldstein Lieberman & Company is ideally situated to service all types of industries. Visit www.glcpas.com; email me, Phillip Goldstein, CPA, Managing Partner, philg@glcpas.com; or call me at 800-839-5767 to have a confidential conversation.

Established CPA firm with offices in Paramus, NJ and NYC seeks to acquire accounts or practice. Has successfully completed acquisitions in the past.

Contact Peter Manetta, pmanetta@ mpcpas.com or 201-543-2025.

An established Central NJ CPA firm is acquiring some suitable accounting/ tax customers for its business expansion. Please contact Jane at 908-3427953 or email jane.cpa.2011@gmail. com. Bilingual.

Bergen County CPA firm in search of succession. Quality staff, own building, long time clients and relationships, four million gross, very profitable. Owner will stay as needed. No brokers, please. Reply in confidence at njcpa.org/classifieds.

Morris County retirement-minded sole practitioner seeks buyer or merger for near term acquisition. Email James at nicsueono@yahoo.com.

New Jersey practices for sale: gross revenue shown: Mercer Co. CPA $498K; Southern Bergen Co. CPA $1.105M; Linwood area CPA $141K; Philadelphia metro area CPA $1.178M. For more information, call 800-397-0249 or visit www.aps.net.

CPA practice for sale in Central Jersey.

Much higher than average client fees, many with multiple entities, high net worth clients, professional staff, very organized and well-run practice. Can move. For details please call 201-7543100 or email couch@4mergers.com.

Local Morris County firm is seeking to acquire practices ranging from $200K to $500K from retirement-minded practitioners and/or seeking compatible merger of candidates who have a book of business exceeding $200K. We have partner, manager and staff offices available.

Contact Carl Gutt at 973-451-0800 ext. 22 or cgutt@dglcpa.com.

Morris County sole practitioner looking to sell and retire gracefully. Looking for merger, acquisition or other arrangement leading to semi-retirement to get away from daily management of practice.

Competent office staff in place. Prefer geographically close to Parsippany. Contact rjicpa@gmail.com.

NJ CPA recently relocated to Florida.

Seeking an alliance for NJ or both offices.

Would consider merger or resource sharing mutually beneficial. Reply to cpa07747@ gmail.com or 305-928-4224.

CLASSIFIED ADVERTISING

New Jersey CPA practice wanted: Looking to acquire CPA practice in or around central New Jersey area. Willing to discuss outright purchase or other arrangement with retirement- minded CPA. Target revenue is between $110K and $450K. Please contact me at cnjcpa26@gmail.com or 732-825-7922.

Essex County retirement-minded CPA seeks CPA to assume his partnership interest and continue with remaining partner at our office location. Retiring partner will remain during transition period. Interested candidates should reply with resume to essexcpa@gmail.com.

Middlesex County sole practitioner looking to sell practice with gross revenue of $1 million, and retire gracefully. Good chances of increasing the revenue by more than 20 percent annually. Majority of the clients are Indian and South Asian. Competent staff in office. Will help in transition. Please contact us at 848-200-9807 or persnalcpa1@gmail. com to discuss.

PROFESSIONAL SERVICES

Peer Reviewer — do you need pre and post-issuance reviews, internal monitoring, QC Director? Reviewer seeking peer reviews for firms with nonprofits or compilations. Contact Brian Bertscha, CPA at 973-747-9526.

REAL ESTATE

Office space for lease: 142 Livingston Avenue, New Brunswick. Rent includes all utilities, conference room, kitchen, gated parking, security cameras and alarm system. Cleaning once a month.

Contact Beata at 908-581-3322 or beatagall@hotmail.com.

Replies to ads with files numbers should be sent to: File_____, New Jersey CPA Classifieds, 425 Eagle Rock, Suite 100, Roseland, NJ 07068. To see additional classified listings or to place an ad, visit njcpa.org/classifieds.

NEW JERSEY CPA | JULY/AUGUST 2018

29

CLASSIFIEDS

REAL ESTATE

Fairfield, NJ office space for rent in CPA office suite at 165 Passaic Avenue. Furnished, 15’ x 15’ window office with views of airport. Includes use of copier, fax, high speed internet (Fios), conference room, phone, and files. Reception desk and staff office also available. Reserved parking. Call or email Michael at 973-227-0086 or mkap@kapmack.com.

Office condo for sale, Voorhees, NJ, Camden County. Office suite in Class A, one-story medical office building. 720 sq ft suite with direct access to gorgeous foyer for great visibility in a very busy office building. Solid cherry furniture included in sale: desk, tables, lamps, conference table, chairs, etc. Suite in perfect, move-in condition. Previous management company. $85,000. Excellent price for low overhead.

Contact Carol at 856-745-8082 or email loracmgt@yahoo.com.

Westfield CPA firm office space for lease: shared office space in CPA firm located at 241 North Avenue, Westfield. Fully renovated 1 to 4 offices available. Rental includes conference room, kitchen, cleaning service, high speed internet and copier.

Surround yourself with like minded CPAs willing to share intelligence in a vibrant, pleasant environment. Using Lacerte can be a plus. Convenient location downtown, close to train and restaurants. Contact Bob at 908-2337900 or bob@fintax.com.

ADVERTISERS INDEX 28 ACCOUNTING PRACTICE SALES aps.net C3 CAMICO INSURANCE camico.com 15 CAPSTAN TAX capstantax.com C4 FAIRLEIGH DICKINSON UNIVERSITY fdu.edu/tax C2 RUTGERS BUSINESS SCHOOL business.rutgers.edu/taxmaccy

Distinguish yourself as a strategic leader.

Earn the global designation for financial professionals.

Explore the CGMA Finance Leadership Program: It’s a lifelong professional learning journey that puts you on the path to take your career to a new level. You’ll learn and acquire the skills it takes to become a more strategic, confident, secure and insightful leader.

Get started at CGMA.org/Program. ®

Zach Mastroly, CPA, CGMA Assistant Controller — Reporting & Tax Accounting Koch Industries Inc.

30

JULY/AUGUST 2018 | NEW JERSEY CPA

© 2017 Association of International Certified Professional Accountants. All rights reserved. 23169D -326

Target your search with the NJCPA Job Bank.

If you’re looking for new talent or exploring a new career, look no further. Use the Job Bank to be matched with the right opportunities.

EMPLOYERS

JOB SEEKERS

y

Access to highly-qualified, professional candidates

y

Search financial niche job postings

y

Easy-to-use job posting and resume search

y

Elect to remain anonymous to employers

y

Only pay for resumes of interested candidates

y

No cost to post a resume

Learn more at njcpa.org/jobs.

NEW JERSEY CPA | JULY/AUGUST 2018

31

MEMBER STORY

The Other Life of a Forensic Accountant

BY KATHLEEN HOFFELDER, NJCPA CONTENT EDITOR

Richard A. Vera, II, CPA, CITP, MBA, MSc, CFE, CSA, CFCE, CECFE, CCCE, AQA, has had as many interesting assignments as a forensic accountant as he holds certifications. As a former senior forensic auditor at the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) at the U.S. Department of Justice for the past 14 years — 23 years in all with the U.S. government — the non-traditional CPA worked on all kinds of criminal financial investigations. Forensic accounting at the government level is not exactly what it looks like on television, but to hear Richard explain it, his day sounds almost as exciting. ATF was at one point the second largest tax-revenue generator for the government as part of the U.S. Treasury Department. But after 9/11, the criminal investigation department was formally transferred into the Justice Department, so Richard’s group of special agents and forensic auditors moved with it, focusing exclusively on criminal investigations.

A typical day in Richard’s shoes may mean waking up at 3 a.m., waiting outside on a field mission until the armed agents and police are done serving a search war-

32

JULY/AUGUST 2018 | NEW JERSEY CPA

rant and clearing the premises, and then joining the search team. Searches could be for anything from illicit cash, such as drug money, to business records or items of value purchased with the cash. “Once we were called into a case by the special agent, we would pick up the financial end of it and run with that,” explains Richard, who was one of about 65 forensic auditors working for ATF at that time.

So how did he utilize his accounting skills in the middle of a crime scene?

“Someone gets into a business and may later try to sell it. If they can’t get rid of it, they end up burning it,” he said, explaining that sometimes the cash involved in a business goes through many migrations. “I did a lot of arson-for-profit work, which is always interesting,” admits Richard, who covered a region from Maine to Florida, though mostly New York and New Jersey.

Richard was also frequently contacted for Grand Jury or criminal trial expert testimony. “I have been in situations where I saw evidence of someone collecting unemployment while at the same time ledgers showed they were running a business. We retrieved tens of thousands of

dollars in cash. I had to confer by phone with the prosecutor and articulate why I believed the cash was derived from illicit means. At that point we were authorized to seize the funds,” he said. In another case, he assisted in obtaining a confession from a landlord who was in deep financial debt and attempted to murder a tenant.

Looking to make a switch in 2018 and seek out private company work, Richard left the ATF to become the director of financial and digital forensics for Critical Elements, Inc. He also continued to work for the government — as an auditor in the Internal Review section of the U.S. Army Reserves. He is now one of only two information systems professionals certified by the American Institute of CPAs in New Jersey.

Even before choosing forensic accounting as a career, he realized he always had a knack for solving problems. “I wanted to go make a difference,” said Richard, who had applied at ATF before 9/11 and eventually received a call to come on board in 2002. Immediately after 9/11, Richard did pro bono accounting services for victims and their families. Even as a child, he always wanted to fight for what’s right.

“Sometimes I would actually mediate arguments when I was a kid.” As a young adult he joined the Army, eventually patrolling the “Iron Curtain” between East and West Germany.

WHAT’S BETTER THAN CALLING ANY TIME YOU NEED ADVICE ABOUT PRACTICE SUPPORT AND RISK MANAGEMENT?

REACHING KNOWLEDGEABLE EXPERTS. CAMICO® policyholders know that when they call us, they’ll speak directly with in-house CPAs, JDs and other experts.

We have dedicated hotlines for loss prevention, tax, and accounting and auditing issues. You can call as often as you need and consult with experienced specialists — all free of charge. No one knows more about the profession, because we provide Professional Liability Insurance and risk management for CPAs only — it’s all we’ve done for more than 31 years.

Connect with CAMICO. Sign up for CAMICO Connection — our monthly enewsletter with risk management tips and articles. www.camico.com/camico-connection

Accountants Professional Liability Insurance may be underwritten

by CAMICO Mutual Insurance Company or through CAMICO Insurance Services by one or more insurance company subsidiaries of W. R. Berkley Corporation. Not all products and services are available in every jurisdiction, and the precise coverage afforded by any insurer is subject to the actual terms and conditions of the policies as issued. ©CAMICO Services, Inc., dba CAMICO Insurance Services. All Rights Reserved.

Your NJCPA Preferred Provider of Professional Liability Insurance and Risk Management Services

CAMICO Representative

Irene M. Walton Area VP, Affinity Manager T: 215.351.4765 E: irene_walton@ajg.com NEW JERSEY CPA | JULY/AUGUST 2018

3

FAIRLEIGH DICKINSON UNIVERSITY

Master of Science in Taxation Many good reasons to join!

• Designed to meet the educational and training needs of tax professionals.

• Provides both practical knowledge and technical expertise.

• Benefits both entry level and experienced professionals.

• GMAT may be waived for CPA, EA, CMA, CFP, JD, and MBA from AACSB accredited schools and/or based on substantial work experience in tax, accounting, or financial planning.

• University Provost Scholarships available for qualified students.

• Faculty have outstanding academic credentials and strong professional backgrounds.

• No classes during peak tax season. Some classes held Saturdays and in summers.

• Offering important electives such as ASC 740, International Tax, S Corp, Financial Products, and others.

• Graduates employed at the Big 4, mid-sized regional firms, small firms, IRS, and corporate tax departments.

• We are exploring the viability of creating an off-campus location in Middlesex County (around Edison). Email to let us know if this would be of interest to you.

MST @ FDU: UNLOCK YOUR POTENTIAL For more information www.fdu.edu/tax Contact MST Director R. West west@fdu.edu 973-443-8869 4

JULY/AUGUST 2018 | NEW JERSEY CPA