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The Alabama eID Program MY IDENTITY, PROTECTED. Alabama Department of Revenue is excited to introduce the Alabama eID program powered by the IDEMIA eID app, the first and only trusted online ID for securing your state tax returns. The eID ties back to the in-person proofing process the Alabama Law Enforcement Agency conducts when you apply for a driver license or state-issued ID.
DOWNLOAD EID APP
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TAKE A SELFIE
REGISTER WITH REVENUE
TA B L E O F C O N T E N T S
FEATURES 7 Meet Your Nominations for the Incoming Board
Complied by the ASCPA Nominations Committee
COLUMNS WHY I SERVE… 6 Why I Serve on the Peer Review Committee
from Pam Rice and Warren Morrison
CONTINUING EDUCATION 9
43 Key Seconds: Opening New Doors to Change After Tragedy
B&I CPE Sessions
Technology. Employee Benefits. Financial Statements. Human Resources. Risk Assessment… and more.
by Mike Lutzenkirchen
BABC SALT CORNER 24 New AICPA Guidelines on Signing Partnership Tax Returns by William T. Thistle, II and Bruce P. Ely
STORIES OF THE CENTURY 26 History of the Alabama State Board of Public Accountancy by Nicole Robinson
TELLING THE FIRM STORY 28
Banks, Finley, White & Co.
by James C. White, Sr.
Economic Nexus with Other States
Wayfair: We’ve Got Just What You Need (to Know) by Kim B. Smith, CPA
Meet Phillip Johns
It’s Time to Ban the Budget
Alabama Farmers Federation CFO & co-owner of Prevail Union Montgomery
by Jennifer H. Elder, CSP, CPA, CMA, CIA, CFF, CGMA, MS
REGULATORY NEWS 35 Updates from the ASBPA: Rule Changes of Interest
Inside the ASCPA Message from Jeannine................ 4 Message from the Chair................ 5 Member News............................ 17 Mark Your Calendar.................... 19 ASCPA Across Alabama.............. 20 New Members............................ 22 Classifieds................................... 30 Remembering............................. 31 General CPE Schedule................ 36
Cover Image by Johnathon Kohn
MESSAGE FROM JEANNINE are a few numbers that support my point— we have 1,767 active B&I members of the Society who represent more than 900 unique businesses. That means that most you in this sector are often the only CPA in your office!
ne of my favorite things about our magazine is that in every issue we send you, we get to share unique and exciting stories from and about such a diverse group of members. Despite the stereotypes associated with busy season, our Society gets to connect, advocate and educate the most diverse group of business professionals that I’ve encountered throughout my professional life. This issue of Connections highlights members of our Business and Industry (B&I) sector. You may not be in the trenches of “busy season” but you often tell me that your busy season is 24/7/365. Diane Christy, our Centennial Consultant, put it perfectly in a recent article by the Montgomery Business Journal, “Let’s face it, the wheels of business would fall off without CPAs. Accounting is the language of business, and CPAs are its interpreters.” ASCPA B&I members know the language of business and how to interpret it well. Here
If you’re visual like I am, here is another breakdown of how a few other segments of our Society compare:
BUSINESS & INDUSTRY
GOVERNMENT and HIGHER EDUCATION
# of Organizations with ASCPA Members
# of ASCPA Members from each segment
B&I members are different, particularly when compared to those in public accounting, and cover a wider range of specialties that are ever-changing, especially with the advances in technology. There are also changes in legislation, changes in financial management and changes in human resources, all of which often fall on the plate of B&I CPAs. All the while, you remain engaged in the “numbers” part of your day-to-day responsibilities. For you our B&I member, I hope that the CPE options we’ve outlined on pages 10-11 give you the tools to succeed professionally. Maybe, Jennifer Elder’s article “It’s Time to Ban the Budget!” helps you breathe a sigh of relief OR gives you a few more ideas before planning for your next fiscal year. Or perhaps, our member profile on Phillip Johns inspires you to buckle down on an entrepreneurial dream of your own. With the many options and opportunities for learning and re-learning, please know that the ASCPA is behind you every step of the way! As always, my staff and I love getting feedback from you about our events, publications, leadership and all opportunities provided by the ASCPA. Please do not hesitate to reach out or share your ideas when we see you at one of the many upcoming chapter events across the state or at our Spring Fever CPE courses coming to Birmingham and Montgomery. Many of the events that we have planned for you at your local chapter are also ways for us to recognize and celebrate our Centennial year. In addition to enjoying the Centennial issue of the magazine in January, I hope that you will join us for a friendly competition of
cornhole or giant-Jenga after a warm meal from one of your local food trucks! We have had a blast coordinating this type of event with ASCPA Chapter Advisory Council and public accounting firms. You can peek at some of those events in our new section ASCPA Across Alabama and when you follow us on Facebook or Instagram! While you’re taking a moment to browse @ ALsocietyofcpas on either of those platforms, you can also get a preview of the jazz-era themed Centennial Gala! You can buy your tickets online at www.ascpa.org/gala, or if you are one of our many sponsors who’ve rallied around our Centennial year we already have space saved just for you and your guests. Just like all the events and opportunities we are providing to you this year, June 13, 2019 is a night you will not want to miss! To my friends who are counting down until April 15th, we are cheering for you and want to be a resource for you in every way that we can. Be sure to watch your inbox for updates from our regulatory counterparts and throughout the legislative session. Also, we always want to see how you are making it through your 1st or nth tax season. Don’t forget to tag us on social media when you have a moment to document it. We love seeing all members do what you do best. Cheers to the next 100 years of supporting this great profession! Cheers to Alabama B&I members who make a difference in Alabama’s industries! Cheers to each and every one of you!
MESSAGE FROM THE CHAIR
hen I was an accounting student at Troy University, Professor Eugene Sherman opened our intermediate class by stating that “accounting is the language of business.” As such, our business and industry accountants are masters of fluency in this language. Manning the front line of adopting and implementing the myriad standards and evolving technologies, these CPAs and CGMAs navigate the intricacies of these challenges on a daily basis, while managing operations, capturing key data, staying current with compliance issues and legal considerations, providing what’s needed to make the most informed and productive use of the complex data avalanche coming from all directions – plus juggling a million other details. March is Business and Industry Appreciation Month when we celebrate all our 1,739 business and industry CPA and CGMA members – 30% of ASCPA membership! March also brings the Business and Industry Conference. Held in Birmingham at Vulcan Park on March 14, the conference will feature some terrific speakers sharing information on legal issues, technology, leadership, and other topics along with great opportunities to network and learn from other professionals and exchange ideas. New this year is a conference for our not-forprofit members and clients. This session, to be held in Montgomery at Trinity Presbyterian Church on July 26, will cover all kinds of issues of interest to those who practice in or serve the not-for-profit arena. There is value in ASCPA membership for accountants in business and industry. ASCPA’s role in providing benefits for this membership, in addition to continuing education, includes providing a forum for the exchange of ideas and best practices, unique access to qualified students and applicants, and advocacy for and continuing development of the profession that has served them and their businesses in their ongoing success. Our business and industry members bring a unique insight and perspective to our profession, too, providing a much needed voice to the diversity that is the accounting experience and that is key to our organization and as different as the businesses they lead. A century ago, as the bars were closing and the speakeasies just opening at the start of Prohibition, the state was enjoying a post-war revitalization. Steel and timber activities flourished. Peach and pecan orchards stretched
throughout the state replacing cotton fields (thanks in part to the boll weevil) as farming remained a bedrock of Alabama life. With the end to the war, the production of cotton was down, but textile production remained a thriving business for the state. The expansion of the Mobile Shipyards permitted Alabama to export our goods around the world as never before. Today, while agriculture remains a foundation of our lives and economy in Alabama, 2019 finds our state’s key production comes from a different mix of industries than a century ago. Now we produce over 1 million vehicles a year at our state’s automobile facilities. Employing over 9,000 employees at over 200 companies, chemical manufacturing is our second largest exporting industry. A diverse mix of information technology providers fill a multitude of domestic and international needs. With Alabama’s timberland the third largest in the United States (our 23 million acres comprising more than Connecticut, Delaware, Massachusetts, New Jersey, and Rhode Island combined), forestry is our state’s second largest manufacturing industry. Since the Wright Brothers first established a civilian flight school in 1910, Alabama has been an active presence in the aerospace and defense industries - with aerospace interests currently employing over 12,500 in over 300 companies performing engineering to building airplanes - and multiple bases home for military personnel and support throughout the state. UAB has helped lead the way to our state’s becoming a global leader in healthcare and medical research. Alabama has seen quite a lot of change in a century – and ASCPA CPAs and CGMAs have been at the forefront navigating through them all! Since my last letter, I have had opportunities to visit with several chapters around the state. A big thank you to all those who hosted us for giving us such warm and welcoming receptions! I so enjoyed meeting and visiting with so many congenial and interesting folks! Meeting and visiting with our members has been my favorite part of the last year and I look forward to talking with lot more of you! I’ve also been involved in our nominating committee meetings. We were so impressed with all the candidates we had to consider and I believe you will be as excited as I am about our upcoming slate of nominees. There are so many ways you can get involved with guiding your profession in the state. I strongly encourage you to volunteer to serve in a leadership
role. I guarantee you will enjoy it and will gain from it – and we will all benefit from your input and involvement. We each have considerable knowledge, talents, and insights we can bring to better our profession. At our last ASCPA Board meeting in January, we were treated to a preview of the 100th Centennial Gala this June. It is really going to be quite an event to remember! While ASCPA staffers circulated in their 1920’s attire, we sampled some of the tasty offerings that we will have that night at the gala and previewed mockups of the glitzy décor. There will also be vintage autos delivering our VIP visitors, live music, signature cocktails reminiscent of the Prohibition era and an opportunity to tour the fascinating displays in the Alabama Department of Archives and History. Let’s not forgot the annual meeting preceding the gala, too. We have some really terrific speakers including both AICPA Chair-Elect Bill Reeb and Barry Melancon, plus favorites Jim Martin and Bruce Ely with the Bradley Arant team. Joe Borg of the Alabama Securities Commission will be discussing cryptocurrency and financial scams; and Mike Lutzenkirchen will be our closing keynote– in plenty of time for you to don your best 1920’s regalia and get to the gala! If you haven’t already responded to your invitation, you simply must plan to attend! I’ll look forward to seeing you there!
Our Peer Review process is critical to ensuring the quality and reputation of our Alabama CPA’s. Particularly now with all the changes in the process, it is more important now than ever for as many qualified professionals to be involved. The Peer Review Program has changed significantly over the past several years, and it appears the changes have accelerated recently. A major operational change that affects all accounting firms under peer review is the shift from paper-based peer review to an electronic system via PRIMA on the AICPA website. As with any conversion to a paperless system, this process was not painless, but I believe the AICPA has addressed and corrected the issues and the system is operating much more smoothly. The other major change that I’ve seen is the AICPA’s increased involvement in the process. They are much more involved in the workings of our committee, both the overall administrative process and the actual approval of peer reviews. In response to various peer review changes, this has led to hiring Chuck Jordan, CPA as a technical reviewer, and Raegan Nuffer as an administrative professional. I can’t say enough about the incredible job that Ashley Sellers, as our peer review administrator, and Chuck and Reagan have done in handling Alabama’s Peer Review Program. Without these top-notch staffers at the ASCPA, we would have had a much more difficult time navigating all these changes. We as a state society are in a great position in the Peer Review area, even absorbing the Arkansas Peer Review program under our umbrella, thanks to the hard work of these professionals.
Way, Ray, Shelton & Co, P.C. | Tuscaloosa Committee Member Since 2011
Since 1989, I have served as a member of the Alabama Peer Review Committee. Back then, I believe, there was one part-time staff person handling the administrative duties of the Alabama Peer Review program. Of course, many changes have occurred in the peer review process since those days. Notably, the AICPA is much more engaged in its oversight duties involving peer reviews. I have served on the Alabama Peer Review Committee all these years primarily because the participation compels me to strive to stay abreast of the ever-changing professional standards (including the peer review standards).
MPK Group PC | Birmingham Committee Member Since 1989
NOMINATIONS TO THE INCOMING ASCPA BOARD OF DIRECTORS January 23, 2019 Jeannine P. Birmingham, CPA Secretary/Treasurer Alabama Society of CPAs 1041 Longfield Court Montgomery, AL 36117 Re:
2019 ASCPA Nominations Committee Report
Dear Jeannine, The ASCPA Nominations Committee met in Montgomery, January 23, 2019. Members of the committee include Cathy Dover, Brian McLeod, Lynne Bozeman, Jamey Carroll, Marc Hamilton and Jessica Bouakar. I agreed to serve as Chair of the ASCPA Nominating Committee. The committee submits the following recommendations in accordance with Alabama Society of CPAs By-Laws. Each nominee has agreed to serve, if elected. Officers: Chair of the Board Chair Elect Immediate Past Chair
Dennis Sherrin, Mobile/Fairhope AL Mike Brand, Athens, AL Lynne Bozeman, Montgomery, AL
One-year term: Amanda Paul
Three-year term: Keary Foster Allison Guice Dustin Hornbuckle
Montgomery, AL Montgomery, AL Albertville, AL
Respectfully Submitted, Jessica Bouakar, CPA Chair, 2019 ASCPA Nominations Committee
Michael L. Brand, CPA, CGMA is the A&A and Quality Control partner in the firm of Johnson, Feigley, Newton & Brand in Athens, AL. Mike is also the current co-chair of the AICPA’s ENGAGE conference and serves on the Accounting Advisory Council for the University of North Alabama.
Amanda Nunnelee Paul, CPA has been a Troy University Accounting Professor since 2007. She obtained both her undergraduate degree in Accounting and her Masters of Business Administration from Troy (State) University.
Keary Foster, CPA is the President and CEO of Wealth Management Partners, LLC in Montgomery. He has over 23 years of experience in all aspects of accounting and finance. He is licensed in both Alabama & Colorado, is a Registered Financial Representative, Registered Investment Advisor, and Personal Financial Specialist (PFS). He received his B.S. Degree (Accounting) in 1995 from The University of Alabama, Tuscaloosa. He returned to The University of Alabama and obtained a Masters of Science degree in Taxation in August 2004. Keary was born in Anniston, raised in Eastaboga and currently resides in Montgomery, Alabama with his wife, Phadra. They are the proud parents of two children: Noah, age 21 and Hallie Sara, age 16.
Dustin Hornbuckle, CPA MBA, CFE is the
Allison Guice, CPA, CVA, ABV is a Senior Manager with Jackson Thornton and has over a decade of experience in the areas of business valuation and estate planning. Guice received her BSBA and MBA from Auburn University Montgomery, is licensed as a CPA and holds the Certified Valuation Analyst (CVA) and Accredited in Business Valuation (ABV) designations. She is a past president of the Montgomery Chapter of the Alabama Society of Certified Public Accountants (ASCPA) and a past chair of the ASCPA Young CPA Cabinet. She served on the inaugural Junior Executive Board for Child Protect Children’s Advocacy Center, is a past president of Jackson Thornton Young Professionals, and is a proud graduate of Leadership Montgomery’s Legacy Class XXXIV. Guice currently sits on the Board of Directors for the Montgomery Estate Planning Council and Alabama Christian Academy.
Controller for Mitchell Grocery Corporation in Albertville. He received his MBA from Troy University in 2009. Over the past ten years, Dustin has worked in public accounting, as well as, the private industry. Dustin holds active CPA certificates in both Tennessee and Alabama. Dustin has served as a board member for the Chattanooga Chapter of the Tennessee Society of CPAs, and he has served as a Cabinet Member and Chairperson for the ASCPAs Young CPA Cabinet as well.
43 KEY SECONDS:
Opening New Doors to Change After Tragedy BY MIKE LUTZENKIRCHEN, Lutzie 43 Foundation Founder and 100th ASCPA Annual Meeting Keynote Sunday, June 29, 2014 began with a wonderful mass at our church, Transfiguration Catholic Church, because Mary and I were blessed that our two oldest daughters, Amy and Ann, came home to join us. Our youngest daughter, Abby, was somewhere between Jacksonville, FL and Marietta, GA returning from a semi-pro soccer game. It was a beautiful, sunny and hot mid-summer morning in Marietta. We were greeted with “The Note on the Door” when we returned home around 9:45 am. On our front door was the yellow sticky note, everyone knows about those small, square, yellow sticky notes we use as reminders or to mark a page in a book. This “yellow sticky” was not a page marker or a reminder note but a ten-digit number that changed our lives forever. Mary grabbed the note, and she, Amy and Ann followed me from the garage, through our family room to our outdoor deck. I dialed the number and received no answer. I dialed again and the voice on the other end directed me to call another number. I pressed for what was going on and was told, “Please call this number: (706) xxx-xxxx.” Mary remembered the first three digits with Amy and Ann the last seven. This time I was greeted with “Mr. Lutzenkirchen, I’m John Doe, the Coroner of Troop County, GA. There was an accident last night and your son, Philip, was killed.” I watched Mary drop to her knees, Amy screamed a scream I have never heard before and Ann became white with shock. I have shared 350+ times during our talk “Philip’s Legacy… What Legacy are You Leaving?” the what seemed like twenty minutes that passed and before I found out that Abby, my baby girl, would learn of Philip’s death through social media. I called Abby and asked her to give her phone to a teammate who in turn put me through to Abby’s head coach—a coach I did not know, as Abby was
Abby had four more hours on that bus with teammates—a loose term—she only knew because of the opportunity for game competition to assist in her post-ankle surgery recovery.
Early on, we set out to walk before we run in each aspect of the foundation. So, I am proud of our results to date, but it is now time to RUN. We officially launched a new initiative called 43 Key Seconds on October 22, 2018. 43 Key Seconds represents a new direction and mission to create positive ambassadors for change through safe driving. Please take a few minutes to view our latest video, “What is 43 Key Seconds?” on lutzie43.org.
“The Note on the Door” was the beginning of the creation of the Lutzie 43 Foundation. It is unbelievable that the Lutzie 43 Foundation surpassed a four-year anniversary in November 2018. Guided by our love of Philip and his ability to make everyone he met feel special, we are motivated each day as a family and through the foundation to ensure Philip’s life is used to impact and safeguard others, particularly teens and college students. Our results are encouraging:
Distracted driving is the #1 killer of our teens ages 16-19. Impaired and distracted driving continues to take too many lives. 43 Key Seconds is designed to change the narrative on avoidable accidents and fatalities due to distracted and impaired driving. Our 43 Second Key is meant to be a tangible reminder to take 43 seconds prior to driving to focus on the most important part of the trip—arriving safely at your destination.
only playing with the team as part of her recovery from her second ankle surgery. I told the coach, “You don’t know me but I’m Abby’s dad and I need to you take care of her because her brother is dead.”
More than 180,000 students and adults have heard our talk “Philip’s Legacy… What Legacy are You Leaving?”
We have distributed 5,000+ copies of our 43 Lessons to Legacy character development curriculum.
We have awarded almost $70,000 in Prepared for Life (PFL) scholarships to 16 outstanding young men and women.
We have provided days of fun and fellowship to more than 3,000 special needs students and teachers, and introduced hundreds of high school students to the joy of giving through our Adapted Physical Education field days.
Our Annual 5k Road Race and Golf Invitational are pillars in our fundraising initiatives.
The initial response to our 43 Key Seconds initiative is encouraging thanks to high schools, colleges, corporations and law enforcement agencies signing up to distribute keys to our nation’s drivers. The National Highway Transportation Safety Administration (NHTSA) recognized Philip and the foundation and chose our story for their August and December 2018 “Drive Sober or Get Pulled Over” social media campaign on https://bit.ly/2SJnxsm. We’re excited about the future of the Lutzie 43 Foundation and confident an untold number of doors will continue to be opened with amazing people and opportunities awaiting. “The Note on the Door” is opening new doors to change. As Philip’s twitter sign off said “I know God’s working so I smile,” we know that Philip is smiling because of the foundation’s work.
B&I CPE SCHEDULE
BUSINESS & INDUSTRY CPE SESSIONS
Technology. Employee Benefits. Financial Statements. Human Resources. Risk Assessment. The one thing that these various topics have in common—being a CPA in the Business & Industry field. Your work life is already busy and complicated; so, we’ve simplified things for you here. Choose the ASCPA for your CPE needs this year.
BUSINESS & INDUSTRY APPRECIATION CONFERENCE
March 14, 2019 | the Vulcan in Birmingham
We’re bringing back the Business & Industry Conference! Join us at the Vulcan for a day of topics that are relevant to those of you representing our state’s great industries. Don’t miss out on this one of a kind event—register at www.ascpa.org/B+I2019.
NOT FOR PROFIT SUMMIT
July 26, 2019 | Trinity Presbyterian Church in Montgomery Join us for the inaugural Alabama Council of Association Executives & ASCPA’s Not-forProfit Summit presented by Trinity Presbyterian Church. Learn about board governance, Excel tips and tricks for Not-for-Profits, best practices in fundraising, and upcoming changes in not-for-profit accounting and reporting. Stay for a bonus 2-hour A&A update with Jim Martin. Register at www.ascpa.org/NFP-2019
August 15-16, 2019 | the Embassy Suites-Hoover in Birmingham Join us in at our new location for two days with three of the top technology experts in the accounting world. Get more details at www.ascpa.org/TECH2019.
GO TO WWW.ASCPA.ORG FOR NEW CLASSES AND MOST CURRENT INFORMATION. 10
B&I CPE SCHEDULE 020 Annual FASB Update and Review June 18, 2019 | Gulf Shores AM | AA: 4
022 Gaining a Competitive Advantage: Critical Skills for CFOs and Controllers June 18, 2019 | Gulf Shores PM | Other: 4
025 Controller’s Update: Today’s Latest Trends June 19, 2019 | Gulf Shores AM | Other: 4
028 Lean Accounting and Management: Saving Money by Streamlining Operations June 19, 2019 | Gulf Shores PM | Other: 4
052 K2’s Accounting Solutions Shootout for Small and Mid-Sized Businesses
August 20, 2019 | Pelham Full | AA: 8
055 The Value-Added Controller
August 20, 2019 | Montgomery Full | Other: 8
108 Controller’s Update: Today’s Latest Trends August 29, 2019 | Mobile Full | Other: 8
112 Controller’s Update: Today’s Latest Trends
September 17, 2019 | Pelham AM | Other: 4
LS055 The Value-Added Controller
116 Lean Accounting and Management: Saving Money by Streamlining Operations
063 The Eight Hour MBA
121 K2’s Excel Financial
August 20, 2019 | Live Stream Full | Other: 8
September 17, 2019 | Pelham PM | Other: 4
August 21, 2019 | Montgomery Reporting and Analysis Full | Other: 8 September 18, 2019 | Montgomery 074 Analytics and Big Data Full | AA: 8
031 Developing Your Digital August 23, 2019 | Montgomery LS121 LIVE STREAM - K2’s Full | Other: 8 Excel Financial Reporting Mindset June 20, 2019 | Gulf Shores and Analysis LS074 Analytics and Big AM | Other: 4 September 18, 2019 | Data for Accountants Live Stream August 23, 2019 | Live Stream Full | AA: 8 033 Change the Way You Work: Success as a Virtual Full | Other: 8 124 Developing Your Digital CFO 098 K2’s Advanced Excel Mindset June 20, 2019 | Gulf Shores August 28, 2019 | Huntsville Full | AA: 4/Other: 4
PM | Other: 4
036 Risk, Cost and Cash 099 K2’s Business Management for Controllers Intelligence, Featuring and Financial Managers Microsoft’s Power BI Tools June 21, 2019 | Gulf Shores AM | Other: 4
August 28, 2019 | Mobile Full | Other: 8
042 Advanced Controller and CFO Skills
105 K2’s Budgeting and Forecasting Tools and Techniques
August 19, 2019 | Pelham Full | Other: 8
044 K2’s Microsoft Office 365 -- All the Things You Need to Know
August 29, 2019 | Huntsville Full | AA: 4/Other: 4
September 18, 2019 | Pelham AM | Other: 4
128 Change the Way You Work: Success as a Virtual CFO
September 18, 2019 | Pelham PM | Other: 4
134 Introduction to Blockchain
September 19, 2019 | Pelham AM | Other: 4
136 K2’s Securing Your Data September 19, 2019 | Montgomery AM | Other: 4
140 Cybersecurity Risk Fundamentals Risk Fundamentals
September 19, 2019 | Pelham PM | Other: 4
142 K2’s Emerging Technologies for Accountants, Including Blockchain and Cryptocurrency September 19, 2019 | Montgomery PM | Other: 4
146 Controller’s Update: Today’s Latest Trends September 20, 2019 | Huntsville AM | Other: 4
151 Introduction to Blockchain September 20, 2019 | Huntsville PM | Other: 4
153 K2’s Advanced Excel Reporting
September 20, 2019 | Pelham PM | AA: 4
165 Risk, Cost and Cash Management for Controllers and Financial Managers September 26, 2019 | Mobile AM | Other: 4
167 Financial Forecasting: Planning for Success
September 26, 2019 | Mobile PM | Other: 4
August 19, 2019 | Montgomery Full | Other: 8
GO TO WWW.ASCPA.ORG FOR NEW CLASSES AND MOST CURRENT INFORMATION.
Gulf Shores CPE Clusters June 18 - 21 at the beach club
FOUR DAYS AT THE BEACH
Choose from 4 to 27 hours of in-person education at the Beach Club Resort in Gulf Shores this June 18-21.
Join ASCPA favorites Greg Clark, Mike Frost, Marc Hamilton and Brent McClure as they teach on all the latest subjects. Choose your courses at www.ascpa.org/GulfShores2019.
018 Current Issues in Accounting & Auditing: An Annual Update Tuesday, June 18, 2019 Morning | AA: 4
023 The Essential Multistate Tax Update Tuesday, June 18, 2019 Afternoon | Tax: 4
019 The Complete Guide to Section 199A’s 20% Pass-Through Deduction After IRS Guidance Tuesday, June 18, 2019 Morning | Tax: 4
024 Surgent’s Individual Income Tax Update Wednesday, June 19, 2019 Morning | Tax: 4
020 Annual FASB Update and Review Tuesday, June 18, 2019 Morning | AA: 4 021 Guide and Update to Compilations, Reviews, and Preparations Tuesday, June 18, 2019 Afternoon | AA: 4 022 Gaining a Competitive Advantage: Critical Skills for CFOs and Controllers Tuesday, June 18, 2019 Afternoon | Other: 4
025 Controller’s Update: Today’s Latest Trends Wednesday, June 19, 2019 Morning | Other: 4 026 Guide to the Topic 606 Revenue Recognition Model for all CPAs Wednesday, June 19, 2019 Morning | AA: 4 027 Surgent’s S Corporation, Partnership, and LLC Tax Update Wednesday, June 19, 2019Afternoon | Tax: 4
STAY & PLAY
2/5/2019 2:57:08 PM
Book Your Room! Call 215.224.3207 and mention the ASCPA for a discounted rate. Accommodations for 1, 2, and 3 bedroom condos are available.
028 Lean Accounting and Management: Saving Money by Streamlining Operations Wednesday, June 19, 2019Afternoon | Other: 4 029 Examining the New Lease Accounting Standard: More than Meets the Eye Wednesday, June 19, 2019Afternoon | AA: 4 030 ASU No. 2016-14: Not-for-Profit Financial Reporting Thursday, June 20, 2019 Morning | AA: 4 031 Developing Your Digital Mindset Thursday, June 20, 2019 Morning | Other: 4 032 Maximizing Your Social Security Benefits Thursday, June 20, 2019 Morning | Tax: 4
033 Change the Way You Work: Success as a Virtual CFO Thursday, June 20, 2019 Afternoon | Other: 4 034 The 2018 Yellow Book Revision Thursday, June 20, 2019 Afternoon | AA: 4 035 Securing a Comfortable Retirement in the Age of Spending Thursday, June 20, 2019 Afternoon | Tax: 4 03 Risk, Cost and Cash Management for Controllers and Financial Managers Friday, June 21, 2019 Morning | Other: 4 037 Forensic Accounting 101 Friday, June 21, 2019 Morning | AA: 4 038 Select Estate and Life Planning Issues for the Middle-Income Client Friday, June 21, 2019 Morning | Tax: 4
ECONOMIC NEXUS WITH OTHER STATES
Wayfair: Weâ€™ve Got Just What You Need (to Know) BY KIM B. SMITH, CPA
On June 21, 2018, the U.S. Supreme Court effectively struck down the physical presence requirement that historically created nexus for sales tax purposes. The ruling in South Dakota v. Wayfair has potential ramifications for all retailers. Prior to Wayfair, most states required a retailer to have a physical presence before the retailer had to collect and remit sales tax. If the retailer had a physical location in a state, the retailer was required to collect and remit sales tax. Additionally, if a retailer delivered products in their own truck, made repairs, installed the product or provided training and education, they could also meet the physical presence test. The Wayfair decision made it possible for states to enact legislation setting economic nexus thresholds rather than using the physical presence test to determine nexus. In the South Dakota case, the economic nexus thresholds are total sales of $100,000 annually or 200 transactions.
thresholds consist of sales volume measured by gross receipts and by the number of transactions into the state, and in most states, economic nexus applies if a retailer meets either of the thresholds. Most assume the Wayfair decision mostly affects online retailers. However, retailers with physical locations that ship products to their customers or sell products online via a company website also need to determine if they meet the economic nexus thresholds in the states where their customers receive their products. What Should Alabama Retailers Be Doing? Retailers should look back at historical sales data and quantify their sales by state both by total gross receipts into the state as well as the number of transactions annually. After businesses determine the states where they meet the economic nexus standards, they should take steps to register with those states and begin collecting and remitting sales taxes.
Alabama enacted an economic nexus rule, which took effect in January 2016, but its validity was in question until the Wayfair decision this past summer. Remote sellers with annual Alabama sales of more than $250,000 should have registered for the Alabama Simplified Sellers Use Tax program and should have started collecting and remitting sales tax by October 2018.
Retailers who meet the economic nexus standards in multiple states need to develop a plan to ensure that they comply. Registrations and return due dates vary from state to state. Sales tax compliance is complicated, and retailers should evaluate whether they need assistance from a CPA or outside consultants and software to ensure that their internal accounting practices and staff can handle multiple monthly filings.
Other states have not wasted any time in enacting economic nexus standard legislation. The Sales Tax Economic Nexus by State chart found at https://is.gd/JMFSalesTaxNexus is provided by Alabama CPA firm JamisonMoneyFarmer shows most states have established economic thresholds similar to the ones set forth in Wayfair. The
Kim Smith is a shareholder with Tuscaloosa-based JamisonMoneyFarmer PC, which also has offices in Birmingham and Selma. She also is a member of the Alabama Society of Certified Public Accountants and past chair of its State Tax Committee.
Visit https://is.gd/JMFSalesTaxNexus to see the Sales Tax Economic Nexus by State.
Meet Phillip Johns Most individuals, likely your clients and acquaintances, associate “CPA” with words that revolve around busy season. And coffee is typically CPA-fuel to make it through these brutal months. Phillip Johns, the new Chief Financial Officer of Alabama Farmers Federation (Alfa) and co-owner of Prevail Union Montgomery, shows us that even the most disciplined CPAs are more counter-culture than your clients and acquaintances could imagine.
When did you decide on accounting as a career? Originally, I had planned on a criminal justice career, but that changed early on, leading into my sophomore year of college. My dad has an accounting degree and I have seen him do different careers within the healthcare field. Since I could not make up mind, I figured I could start with accounting and decide later. I knocked out a lot of basic classes through summer, fall, and spring semesters at Alabama Southern Community College in Monroeville. My sophomore year, I transferred to The University of Alabama. I graduated 2009 with my bachelors and finished my masters in 2010 from UA as well.
What advice would you give to a smart, driven college student about to enter the “real world?”
Never dismiss anyone. One of my favorite sayings is by John Maxwell. He says, “Every person you meet, put a 10 on their head. What I mean by that is, I give each person a score of 10 (on a scale of 1 to 10) when I meet them. From the very beginning, I assume the best about them and choose to believe that about them. I communicate what I believe
and why. This sets them up to find that belief themselves.” Avoid the lure being at every social setting and wasting away your 20s with long weekends and fun. Your 20s contain some of your most free time and because of that you can accomplish a lot. Put in the work early to reap the dividends later. Don’t wait to start the side hustle early on, because you can afford to take risk early on and recoup the losses later. Don’t expect overnight success. People are living longer than ever and if you find your passion, work will not be a burden. Find that passion, try different areas of your chosen field and nurture that passion to be an expert in that field. Success will take care of itself.
What did you do following graduation? During college, Jackson Thornton hired me as in intern, which gave me a great first look at the public accounting industry and allowed me to meet a lot of people within the firm. Upon graduating, I started Photo by Jonathon Kohn at Jackson Thornton (JT) here in Montgomery as an auditor. I worked for JT mostly in the not-forprofit area of the firm and worked my way up to Supervisor over 5 years.
What prompted you to change career paths from public accounting to industry? Originally, I was not planning on it. I just happened to get a call one day from my current employer, who was also a client, about an opportunity. It was a hard decision since public was all that I knew. Jackson Thornton is a great firm with wonderful people. It was hard to envision a different type of environment. After a lot of thought and prayer, I decided to pursue the opportunity.
How has a failure (or apparent failure) set you up for later success? I failed my first two sections of the CPA exam. It was a low point that forced me to restructure some priorities in my life and buckle down. I was able to pass the exam in the remaining part of the same year.
in the historic Kress building. The opportunity started through a connection that my wife, Brooke, made through her workplace. The founder of the brand, Wade Preston from Auburn, launched a Prevail pop-up in 2015 in Brooke’s workplace and they started talking about bringing a location to Montgomery.
I wish more people were not afraid of failure. It’s in those moments where we can grow, learn, change and adapt. I feel like people are afraid to start a side hustle or business because they are afraid it will fail, but I would be more afraid of never trying and it would have been successful.
In the last five years, what new belief, behavior, or habit has most improved your life? I have structured my priorities to reflect my passions and interest. People examine my schedule or might ask me how I get it all done. I set my priorities and set my schedule to follow that. I do not get to watch a lot of TV and I do not enjoy movies. I would rather be doing something productive with my time such as developing myself or working on accomplishing goals. I find a good morning routine which includes a devotion time, reading, journaling and planning my day sets me up for success daily.
You recently earned a promotion to CFO at the Alabama Farmers Federation, what do you hope to achieve in this role at your organization?
Since I was drinking plenty of coffee while studying for the CPA exam, I started looking into the craft coffee industry. I realized that one day I wanted to be involved in the coffee business. Wade and I got connected through the pop-up and we started talking about how to launch one in Montgomery. We were able to make a connection with the developers of the Kress building. They allowed us to exist as a pop-up in another project while we waited for the Kress building to From left are Alabama Farmers Federation President Jimmy Parnell, be complete. Federation CFO Phillip Johns, Covington County Farmers Federation President Kenneth Northey and Federation Bee & Honey; Greenhouse, One of the coolest things about Nursery & Sod; and Horticulture Divisions Director Hunter McBrayer. opening Prevail is how the community has rallied around the spot. For example, we held a book release party for Good Morning Montgomery, a new children’s book, and the shop was packed with kids and parents excited for the author and the ability to come together at a central place. Another cool thing is ability to serve celebrities as they come to town to tour historic civil rights landmarks and other areas. Seeing Dave Matthews, Will Ferrell, Kenny G, and a few others enjoy our shop is special.
I have two main initiatives in this role. The first is people. I firmly believe that if people are developed, mentored and encouraged within their personal passions, interests and their job, the results will exponentially increase in work and all other areas of life. The other initiative is innovation. The accounting industry seems to lag on the innovation side. The typical accountant is very conservative for innovating and upgrading for the future. My intent is to move our department into the future by utilizing paperless technology, data and other tools to help us become more efficient.
Last year, you officially opened Prevail Coffee in Montgomery—can you tell us how that opportunity came about and what your favorite milestones have been for that venture? Yes! Last year in April, we moved to our official Montgomery home
What NEW skills have you had to develop as the CFO at Alabama Farmers Federation AND as a coffee shop entrepreneur? What areas of your experience are coming into play?
Trust. At Prevail, I’m not there most days during working hours. So, I had to relinquish trust to the employees to make decisions. At some point those decisions have been wrong and that is ok. I hope to encourage them to be comfortable with failing, so we can all learn and get better. At Alfa, trust has also been vital—from trusting people to make decisions to overall trusting we have the right people in the right positions. Listening well tags along with that. The way I am wired, I’d rather accomplish tasks than discuss and hear everyone out. But, for our teams to thrive and be the best we can in both environments, I need their input to structure the team. That is something I am working on daily.
What is one of the best or most worthwhile investments youâ€™ve ever made? The time investment into Prevail. A lot of people did not see the time investment to get that business off the ground. When we moved into the Kress building, there were many nights, I would leave Alfa and head downtown and not make it home until well after midnight. Those long hours were worth it when we opened and the community was lined up out the door.
When you feel overwhelmed or unfocused, or have lost your focus temporarily, what do you do? I am really intrigued by habits. Currently, I am reading Atomic Habits by James Clear. In it he discusses how habits drive successes. When we put certain things on autopilot, it primes us for a successful day. I have found as I am implementing some of these items, like when I skip my morning or evening routine, I am less focused. I find making those routines more of a priority help me get back into an area of focus and deep work.
What prompted you to become a member of the ASCPA? How does membership benefit you as a CPA? Honestly, I joined though Jackson Thornton when I started at the firm. Since then, I have seen the value that is provided through CPE
classes and the Leadership Academy. I am excited to see more CPE summits that focus on changes in industry and innovation in industry that includes Big Data and other relevant topics.
What are you most excited about in the coming year? I am most excited about the opportunities we have at Alfa this year. Our leadership has instituted central goals that affect everyone in the company. These are closely tied to an in-house leadership academy which perform projects that help drive some results and ideas associated with these goals. The goals this year encompass everyone and will change the way Alfa does business digitally forever. It is an exciting time at Alfa. Phillip and his wife Brooke both hail from Monroeville, but they have made Montgomery home. Brooke is an interior designer with Mercer Home in the Hampstead community. They have one son, Beckett, who is two, and an aussiedoodle named Kaldi. They are active members of the Montgomery campus of Church of the Highlands. Phillip has been a member of the ASCPA since 2010 and is a graduate of the ASCPAâ€™s Leadership Academy V.
ROUND YOUR TEAM UP FOR THE
Young CPA Charity
Golf Tournament JUNE 12, 2019 ROBERT TRENT JONES CAPITOL HILL PRATTVILLE, ALABAMA
MEMBER NEWS The Alabama Farmers Federation welcomed Phillip Johns to its management team Dec. 4, when he was promoted to chief financial officer (CFO) of the state’s largest farm organization. Johns joined the Federation in 2015 as accounting manager and is a graduate of the Alfa Leadership Academy, the company’s in-house leadership training program. He previously worked five years with Jackson Thornton, where he served on the team auditing the Federation and progressed from associate to senior associate to supervisor. A native of Monroeville, Johns graduated from Monroe Academy before earning bachelor’s and master’s degrees from the University of Alabama. He is a Certified Public Accountant (CPA) and Certified Fraud Examiner (CFE). Johns also founded Prevail Union, a coffee shop in downtown Montgomery, and serves on boards for Goodwill River Region and Provisioned Ministries. He and wife Brooke live in Montgomery’s Hampstead community and have one son, Beckett. They are active members of Church of the Highlands. Anglin Reichmann Armstrong, P.C. announces the promotions of Luke C. Kinzer and Jason L. Miller to Partner, effective January 1, 2019. Kinzer, CPA, CFE, CGMA, MBA, joined Anglin as a first-year Associate in 2006 and Miller, CPA, joined as a first-year Associate in 2007. In 2018, Anglin was recognized by Accounting Today among the “Best Accounting Firms to Work For” in the U.S. Kinzer received his MBA in 2015 and has expanded Anglin’s Business Advisory services through the Audit & Assurance practice. He is also a Certified Fraud Examiner and Chartered Global Management Accountant, playing a key role in certified fraud examinations as well as ESOP Planning & Advisory Services. His clients include builders and contractors, notfor-profit organizations and privately held companies that require employee benefit
plan audits. Kinzer is involved in many professional organizations and serves on the Philanthropic Advisors Network for The Community Foundation of Huntsville/Madison County. Miller provides leadership in the Audit & Assurance practice by serving as lead auditor on SingleAudit engagements and also overseeing Anglin’s Peer Review program. His areas of focus include audits of government agencies and not-for-profit organizations as well as CFO Services consulting and Merger & Acquisition Advisory Services. He has a particular focus on manufacturing consulting services. In his community, Miller is past president and a current board member for the University of Alabama in Huntsville Alumni Association. “It is exciting to watch these two accomplished professionals develop their careers at Anglin,” said Gary Anglin, managing partner. “We have great opportunities here.” Crow Shields Bailey, PC based in Mobile has a recent leadership change and promotion. Gina McKellar, CPA, CVA is now our Managing Shareholder in Human Resources. She graduated from the University of South Alabama and specializes in tax planning and consulting for businesses, estate tax work and business valuations. Gina said, “CSB works with businesses and individuals in the Gulf Coast area and I consider my role to serve as a problem solver for our clients. I enjoy helping them with solutions to business and financial issues that they do not have the personnel or expertise to handle themselves.” Gina is also a member of the McGill-Toolen Catholic Foundation Board, University of South Alabama Planned Giving Council, and past chair of McGill-Toolen Annual Fund Drive.
Sherri Deighton, CPA has been promoted to Manager. Sherri graduated from Walsh University in North Canton, OH. She specializes in individual, partnership, and corporate tax returns with specialty in trust and estate tax returns. Sherri shared, “I enjoy working at CSB since it gives me the freedom to help others but also have time to spend with God and my family.” Sherri is also a member of the DeSmet Jesuit High School Moms Group (Gala Auction Committee and Christmas Boutique Committee), Incarnate Word Catholic Church (Christmas Giving Tree Committee), and AICPA. LeeAnn May, has been promoted to Principal of Hartmann, Blackmon & Kilgore P.C. (hb&k) and is the new director of the Mobile office location. LeeAnn has been with hb&k for over 10 years. She began her career with the firm after graduating from Troy University in 2008. Throughout her career with hb&k, she has focused primarily in the audit and assurance fields, working with non-profit, governmental, construction, and employee benefit plan audit clients. LeeAnn is transitioning to this position after being a leader in hb&k’s audit department as the Senior Manager. Her steady growth within the firm can be attributed to her dedication to providing excellent client service, her genuine care for our employees, and her expert technical knowledge of industry standards and regulations. She is also a member of the American Institute of Certified Public Accountants, of the Mobile Chamber of Commerce, and the financial advisor for the University of South Alabama’s Chi Omega chapter. LeeAnn is looking forward to getting involved with the Mobile community through activities at the Chamber. Being involved with the community is one of the founding principles of the firm and expanding from the Eastern Shore into Mobile is very exciting. March/April
Warren Averett is pleased to announce that six individuals have been promoted to Members of the Firm. Warren Averett is extremely proud of these individuals’ demonstrated commitment to the Firm and its values. Cristy Andrews (Tax, Montgomery) is a leader in the Firm’s Real Estate Practice and specializes in accounting and tax services for clients in many industries. She has experience in HUD compliance and leads training courses for clients and colleagues. Chip Hoover (Audit, Birmingham) serves a variety of businesses in many industries, including manufacturing, construction, transportation and technology. He is experienced in serving clients’ compliance and transaction advisory needs. David Legrand’s (Tax, Birmingham and Atlanta) practice includes tax consultation and merger and acquisition work. He has experience in structuring, cash flow modeling and tax due diligence projects for both buy-side and sell-side deals. Chris Newman (Audit, Birmingham) specializes in serving large, privatelyheld and publicly traded companies in the manufacturing, distribution, healthcare and public sectors. Chris has extensive experience with annual and quarterly filings, as well as 401(k) plans. Wilkins Miller LLC, an accounting and advisory firm with offices in Mobile and Fairhope, is pleased to announce Willa Lyle and Jerri Kissel have joined the team.
Lyle and Kissel each bring over twenty years of experience in accounting to the team. They both join the accounting staff primarily working primarily with the tax team.
WHAT’S HAPPENING OUT THERE Wilkins Miller, an accounting and advisory firm with offices in Mobile and Fairhope, has been named to the “Best Accounting Firms for Women” by Accounting Today for the second year in a row. Wilkins Miller is the only firm from Alabama to make the list and one of only 15 firms in the country to be recognized. “Our firm is honored to make this list for the second time,” Partner Stacy Cummings said. “This recognition is a testament to our entire team’s commitment to helping people achieve both professionally and personally.”
employees with 36 percent of those in leadership positions. Firms are selected from the 2018 Accounting Today and Best Companies Group Best Firms to Work For. They must have a minimum of 25 women working in the organization, or women must represent 25 of employees, whichever is greater, and the female response rate to the Best Firms to Work For anonymous employee survey must be greater than or equal to 50 percent. Firms are ranked in order of female percent of positive response, from largest to smallest. “Our leadership team recognizes that women have traditionally faced unique challenges in the workplace,” Partner Erin Jones said. “We have done our best to embrace those challenges and create a culture and flexible work environment that benefits our entire team.”
JULY 25, 2019 | BIRMINGHAM Coming in the eighth spot, Wilkins Miller’s team is made up of 67 percent female
MARK YOUR CALENDAR March March 14
Accounting Club Meeting Athens State University, Athens
March 19 Accounting Society Meeting Troy University, Troy
April 12 Beta Alpha Psi Meeting University of Alabama at Huntsville
Wheeler Basin Chapter Social at Hard Dock Decatur
May May 1
Huntsville Chapter Bankers & Attorneys Social Straight to Ale Speakeasy, Huntsville
May 8 Mobile Chapter A&AMichael Brand The Admiral Hotel, Mobile
May 14 East Alabama Chapter Luncheon
Robert Trent Jones, Prattville
June 13 100th Annual Meeting Wynlakes Country Club, Montgomery
June 13 Centennial Gala of the ASCPA
Alabama Department of Archives & History, Montgomery
Saugahatchee Country Club, Opelika
Montgomery Chapter Luncheon -1 Hour CPE Location TBD
May 17 Birmingham Chapter Womenâ€™s Luncheon The Club, Birmingham
Tuscaloosa Chapter Little Poblano Truck Centennial Celebration
June 12 Young CPA Charity Golf Tournament
June 1 East Alabama Chapter Community Service Day Lee County Youth Development Center
July July 16
East Alabama Chapter Luncheon
Saugahatchee Country Club, Opelika
August 15 Tuscaloosa Chapter Tax Update - Lisa McKinney JamisonMoneyFarmer, Tuscaloosa
August 23 Wheeler Basin Chapter A&A - Jim Martin
DoubleTree Decatur Riverfront, Decatur
more information about these and other upcoming chapter and student events will be sent out via email and on www.ascpa.org.
ASCPA ACROSS ALABAMA 1 Beta Alpha Psi Induction Ceremony at AUM; 2 Centennial Gala Preview at the Board of Directors Meeting; 3 Troy University Interview Skills Workshop; 4 Judge Christy Edwards at the Montgomery Bankers and Attorneys Luncheon; 5 Bill Brown from Books a Million Speaks to Beta Alpha Psi at UAB; 6 ASCPA Staff Celebrating Troy University Sorrell College of Business and School of Accountancyâ€™s AACSB Accreditation; 7 Elizabeth Finley from Warren Averett on Alabama Live!; 8 Professional Issues Update in North Alabama; 9 Bankers and Attorneys Luncheon with the Montgomery Chapter; 10 Erica Bailey at AUMs Beta Alpha Psi Induction; 11 Taqueria Food Truck at hb&k; 12 Fueling Up for Cornhole and Jenga at Warren Averett in Montgomery; 13 Another One Bites the Dust at hb&k; 14 Jenga at Warren Averett in Montgomery; 15 Montgomery Chapter Members at the Bankers and Attorneys Luncheon; 16 Students at the Professional Issues Update in North Alabama; 17 Enjoying Lunch at hb&k; 18 Before the Fall; 19 After the Fall; 20 Tax VS Audit Cornhole Game; 21 Centennial Food Truck Visit from Fire Meats Wood; 22 Cornhole at hb&k; 23 The ASCPA is Ready for the Centennial Gala; 24 Jenga at hb&k; 25 Battle of the Bean Counters at Warren Averett; 26 Centennial Cornhole Jenga and Food Trucks at Smith Dukes
9 ASCPA Connections
17 20 18
NEW MEMBERS Welcome to the Alabama Society of CPAs! These 28 individuals decided to join the society’s ranks this past fall. An introduction can go a long way—it will help these new society members have an instant friend and resource, and the connection will likely prove helpful to you, too. Connect with these and other fellow society members on the Connect Community through the Member Directory! Allana M. Alcaraz,CPA
Kaleb W. Hall
William L. Strawn,CPA
Molly G. Baker,CPA
Michelle G. Hill,CPA
Daniel L. Terral,CPA
James A. Barnes
Matthew A. Hinshaw,CPA
Wallace G. Tucker Jr,CPA, CMA
Cassandra W. Bell,CPA
Ashley W. Jernigan, CPA
Brett L. Walton,CPA
Marka W. Blackerby,CPA
Patrick A. Martin Jr,CPA
Taylor A. Webre,CPA
Dustin R. Daehn
Andrea J. White,CPA
Ashli G. Denton,CPA
Bradley D. Oldham,CPA
Brandon J. Wolf,CPA
Carl D. Erwin Jr, CPA
Sachin N. Parate, CFA
Leslie B. Woodham,CPA
Savannah H. Glenn,CPA
John C. Perdue,CPA
Christina C. Hall,CPA
Morgan E. Snipes,CPA
MEET CLARA CHAMELEON, CPA
EDUCATION: B.S. Accounting – Irondale College, Whistle Stop, Alabama Clara is the newest contributor to the Alabama Society of CPAs’ ASCPA Connect Community. She is the comptroller for the City of Spectre and the only reptile CPA in the State of Alabama. She received her B.S. in accounting from Irondale College in Whistle Stop, Alabama in 1987. Shortly after graduation, she interned at T. Wanda, CPA, P.C. before it was absorbed by Hubbard, Hamilton, McCleod, & Carroll, P.C. There she was involved in all aspects of public accounting, with an emphasis in providing accounting, audit, and review services to clients in for profit, not-for-profit, and governmental sectors of the Whistle Stop community. Clara’s passion for the financial sustainability of Alabama’s local government and small business was first sparked as a hatchling in Greenbow, Alabama. There, she spent the first year of her life as a class pet and took many bus rides home with the children from Greenbow Primary School. Waiting at the bus stop, she often heard about the impact that business relationships --namely an internationally known shrimp company--could have, not just across the state, but nationwide. Coincidentally, Clara shares the same name with the first female CPA in Alabama, Clara Chambers Lelievre, who earned the designation in 1945. Clara currently sits on the Board of Directors for the Daughters of Big Fish and the Goat Preservation Society. Outside of community service, she enjoys hunting, focusing on more than one thing at a time, and relaxing in any environment she encounters.
NEW AICPA GUIDELINES ON SIGNING PARTNERSHIP TAX RETURNS IN LIGHT OF THE FEDERAL PARTNERSHIP AUDIT RULES The idea that a partnership / multimember LLC is not a taxpayer for federal income tax purposes changed radically as a result of provisions in the Bipartisan Budget Act of 2015, commonly known as the Federal Partnership Audit Rules. Many of our clients, and we suspect many of yours as well, mistakenly think the rules don’t apply to them or were waiting to have their partnership/operating agreements amended until the IRS issued final regulations covering the major issues generated by the new statutes. That has now been accomplished. On December 21, 2018, the IRS finalized a second set of comprehensive regulations governing this area. The states that levy income or franchise taxes are now getting into the act, and we expect to see conformity legislation introduced in several state legislatures – including in the Alabama Legislature – this Spring. We were privileged to serve as the initial Co-Chairs of the American Bar Association Tax Section’s Task Force on the New Federal Partnership Audit Rules. That Task Force worked with numerous business and professional organizations, as well as the Multistate Tax Commission, to develop a model state act that has been
approved by those organizations and will hopefully serve as a starting point for state legislatures this Spring. On a related note, the AICPA recently issued a revised Form 1065 long-form checklist which says in part: “1118) Consider changes necessary to the partnership/operating agreement to comply with the new partnership audit rules. For example, consider an election out of the rules, partner indemnification, new partners, procedures to determine the partnership representative, etc.” Similarly, the suggested AICPA Model Partnership Engagement Letter states regarding the client’s partnership or limited liability company (LLC) agreement: “You should review your partnership (or LLC) agreement with your attorney to ensure it addresses the significant changes to the partnership audit regime that will generally apply to partnership returns filed after 2018. These changes include, but are not limited to the following: • Replacement of a ‘tax matters partner’ with a ‘partnership representative,’ • Current partners being held responsible
for tax liabilities of prior partners, • The partnership being held responsible for remittance of additional tax rather than individual partners being taxed, and • Numerous elections or opt-outs that the ‘partnership representative’ may make.” “In addition, you should review your partnership or LLC agreement to ensure that it meets your goals for the transfer of ownership and distribution of income. Often, partnership agreements do not address the transfer of ownership or may require updating as circumstances change. You acknowledge and confirm that it is your responsibility to review your partnership or LLC agreement with your attorney to ensure it addresses the changes to the partnership audit regime and meets your goals for the transfer of ownership and distribution of income.” The 2018 AICPA Partnership Tax Organizer asks: “103) Have there been any amendments to the partnership or LLC agreement? If yes, provide copies of amendments since the last year.
BABC SALT CORNER
104) Has the partnership agreement been updated for the recent partnership audit regulation?” Assuming that your firm is a member of the AICPA (and even if not), there are several internal and external changes that should be made to your standard tax return checklist and engagement letter for partnership / LLC clients. We’ve received queries from several CPA firms regarding whether they should refuse to sign a client’s Form 1065 for 2018 if the client refuses to sign the firm’s engagement letter (with the above-referenced updates) or refuses to designate a partnership representative and to confirm in writing to your firm that such an individual or entity has been appointed and their identity. Ultimately, that’s a decision for you to make. But hopefully to avoid being forced to make that difficult decision, please promptly warn your partnership/LLC clients (in writing or via email) of these changes and the new AICPA guidelines and make sure they sign and return your revised engagement letter and a written designation of their Partnership Representative well before the return is due to be filed.
There’s a concern that some clients will be unresponsive and still haven’t taken any action to comply with the new rules, and your firm will be forced to decide at the last minute whether to refuse to sign the tax return – and of course, risk incurring the wrath of the client. Especially in that scenario, you may expect the client to urge you or one of your partners to serve as the partnership representative “temporarily.” We generally discourage that. Thus, it’s in everyone’s best interest for the client to officially designate a qualified partnership representative (we suggest this even if the partnership qualifies for the optout election) and have their partnership / operating agreement amended by a competent attorney well before the Form 1065 and K-1’s are due. If you have any questions or wish to discuss any of our or the AICPA’s recommendations, or related matters, please don’t hesitate to contact us (firstname.lastname@example.org; wthistle@ bradley.com). Thanks to our diligent law clerk, Emma A. Cummings, for her editorial assistance. © Bruce P. Ely/William T. Thistle, II/Bradley Arant Boult Cummings LLP/February 4, 2019.
William T. Thistle, II and Bruce P. Ely Bradley Arant Boult Cummings LLP
January Board Meeting of the Alabama State Board of Public Accountancy
History of the Alabama State Board of Public Accountancy BY NICOLE ROBINSON Ninety-nine years ago, an act of the Alabama legislature established the Alabama State Board of Public Accountancy. This act was the establishment of a board, an exam and a title, all of which continue to this day.
original Board members were Mayer W. Aldridge, W. C. Caldwell and R. C. Williams. Shortly after appointment, W. C. Caldwell resigned and was replaced by George T. Rosson, who was appointed March 12, 1919.
On February 17, 1919, Act No. 142 of the legislature created the Alabama State Board of Public Accountancy. This Board consisted of three members, two individuals skilled in the practice of accountancy and a reputable attorney-at-law. Appointed February 21, 1919, the
Aldridge and Rosson became the first two CPAs in the state of Alabama. Rosson was issued certificate #1 and Aldridge #2. Aldridge went on to serve as chairman of the Board from 1919 through 1931. Both Aldridge and Rosson were trailblazers for the profession in Alabama.
J. Earl Blackmon Chair 26
Steve Barranco Vice-Chair
Michael Terry Comer Secretary
Appointed in 1923, Francis B. Latady (CPA # 37) was another major pillar of the early Board. Latady served on the Board in some capacity for over 35 years (1923 to 1959), serving most of those years as chairman. Other early Board members included Leslie J. Richard, William J. Christian, Robert E Troy and Chester H. Knight. With no Board office, Board meetings and records were held in various places. Under Latady, many records were kept in his Birmingham office. While Chester H. Knight served as Secretary for the Board, all Board records and meetings were held at the University of Alabama in Tuscaloosa where Knight was a professor and later head of the accounting department. The 1919 act not only defined the make-up of the Board, but it also authorized the first CPA exam in Alabama, an exam with 4 parts— Theory of Accounts, Practical Accountancy, Auditing, and Commercial Law as Affecting Accountancy. The exam was given twice a year, in May and November, typically in Montgomery; however, Board records indicate that the exam was held in other locations, such as Birmingham, Mobile and Tuscaloosa. Interestingly, the first AIA (American Institute of Accountants) uniform exam given by the Alabama Board was held in the Senate Chamber of the State Capital and began on November 13, 1919. Additionally, the 1919 Act defined who could use the CPA title and thus began protecting the public with clarity of language. Act No. 142 established that if an individual was found using the CPA designation without a certificate in good standing, he would be charged with a misdemeanor, fined and possibly “sentenced to hard labor” for such acts. While hard labor is not in any current Board orders, today’s Board spends countless hours each year to keep protection of the public a top priority. The Board remained very much the same in structure and in function from 1919 until 1965. By the 1965 amended Statute, the Board began to change. The Board expanded to include five CPA members. The law expanded in language as well, including more details than in prior versions. One notable detail was that the only university recognized for qualifications of candidates of the CPA exam was the School of Commerce and Business Administration at the University of Alabama. Yet, some things remained the same. The CPA exam still had the
Wilhemus Wim J. Schaffers Member
Delbert Madison Public Member
same titled 4 sections, since 1919, and hard labor was still a possible consequence for holding out without a certificate. The biggest change in the Board came in 1973. The Public Accountancy Act of 1973 established the Board in its current form with the addition of an Executive Director. The first Executive Director of the Board was Joseph G. Robertson (1973-1984), followed by Boyd E. Nicholson Jr. (1985-1995), J. Lamar Harris (1996-2014) and D. Boyd Busby (2015-present). The Act of 1973 added term limits, limiting Board members to two consecutive terms. Additionally, the 1973 Act expanded the Board to a 7-member Board that included two Public Accountant seats, until 1985 when the Board would be reduced to a 6-member Board including 5 CPAs and only 1 PA. While the Public Accountant had been in existence since prior to the 1919 act, Public Accountants did not fall under the jurisdiction of the Board until 1973. Public Accountants had between 1973 and 1976 to Register with the Board if they wished to continue using the title of PA. The law that once protected use of the title of only the CPA now included protections for the title of PA. Since 1973, the Board has had few changes in structure; however, there have still been changes. Just as the diversity of leadership in the world has changed in the past 99 years, the diversity of the Board has changed as well. In 1989, James C. White, Sr. became the first African American Board chair. In 1996, Lucinda S. Bollinger became the first female chair, and most recently, in 2018, Connie SheppardHarris became the first female African American Board chair. The most recent change in the Board make-up came in 2003 when the Statute added a public member to the Board. The public member must be an active member of the business community with an understanding of financial transactions and financial statements. Entering its 100th year, today’s Board consists of 7 individuals from across the state, including 5 CPAs, 1 PA and 1 public member. The Board still approves candidates for a 4-section examination, and continues to strive for protection of the public through its Statute and Rules.
Dr. Steve Grice Member
Connie Sheppard-Harris Member March/April
TELLING THE FIRM STORY
Banks, Finley, White & Co. Banks, Finley, White & Co., was founded May 26, 1973, by three Certified Public Accountants, who were among the less than 400 black CPAs in America. They wanted to create a nationally recognized CPA firm that could rival the then Big Eight CPA firms. On the evening on May 26, 1973, they signed a partnership agreement giving birth to what is now one of the largest minority owned CPA firms in the United States. Over the past 45 years, the firm has evolved into where it is today, widely recognized for high quality services provided throughout the United States in a diverse patchwork of disciplines. James C. White, Sr., (Jim Sr.) the firm’s Managing Partner from inception in 1973 to October 1, 2016 (when the current Managing Partner, James C. White, Jr. was elected)—a period of 43 years—remembers the very difficult road that the firm had from the onset with issues from, obtaining adequate financing, obtaining clients, educating the public on what CPAs did in the way of services, to convincing them that a black CPA firm could provide those services just as well as their white counterparts could.
The Original Banks, Finley, White & Co.
Jim, Sr., the first black person to receive a CPA certificate in the State of Alabama, opened the firm’s home office in Birmingham, Alabama. Frank J. Banks opened the Memphis, Tennessee office and Mack Finley, Jr., opened the firm’s Jackson, Mississippi office. In late 1973, the firm acquired the Atlanta, Georgia office. Over the years, the firm also had offices in Washington, D.C. and Dallas, Texas. Economies and rebranding resulted in the firm closing and realigning some office resources. The firm today, with offices in Birmingham, Memphis and Atlanta, enjoys a solid foundation borne out of its undying commitment to its firm motto “A Commitment to Excellence.” This core value of the firm’s mission has played an irreplaceable role in its success. With the firm’s base of operations in the south, there were a number of unique problems that most similar business didn’t experience. Often these problems were a lack of banking relationships, limited client base, client familiarity with the profession and more. However, these hurdles did not deter the partners as they achieved growth at an unexpected rate to its current size. They moved from pad and pen to paperless auditing for a notable client list providing services at the highest quality level possible. James White, Jr. and Jim White, Sr.
Jeffery White and Jim White at the 45th Anniversary
Stanley B. Sawyer and Lenox M. Foresythe
Jim White Sr. and James C. White Jr. at the 45th Anniversary
NOW Banks, Finley, White & Co. is a full-service firm providing an array of professional services to client that include multinational corporations, not for profit organizations, colleges and universities, governmental entities, private businesses, financial institutions, insurance companies, health care organizations and successful individuals. To augment the professional expertise we bring to our clients, we are members of the American Institute of Certified Public Accountants and the Audit Quality Centers, the Center for Audit Quality (CAQ), Governmental Audit Quality Center (GAQC), Employee Benefit Plan Audit Quality Center (EBPAQC) and the Private Company Practice Section Firm Practice Center (PCPS). After passage of the Sarbanes-Oxley Act of 2002, Banks, Finley, White & Co. became a Registered Public Accounting Firm with the Public Company Accounting Oversight Board (PCAOB). These valuable resources keep us on the cutting edge of industry changes and allow us to stay in tune to the needs of our clients and the expectations of the public. A LEGACY CONTINUES Jim, Sr., graduated from Dillard University in New Orleans, LA, a historically black college and university (HBCU) in June 1970 and cofounded the firm nearly three years later at the age of 25. Jeffery White, Sr., the Chairman of the Policy Board graduated from another HBCU, Alabama State University, Montgomery, AL.
Meet James “Jim” C. White, Sr. Chairman Emeritus and Lifetime Member of the ASCPA and AICPA Jim, Sr., the only remaining founding partner with the firm, realized during the building of the firm that integrity and credibility were very solid core values that would be present in any successful business as well. Being a good partner in your community was equally important and, this he did, by accepting appointments to the cabinets of two Alabama governors. First, as State Revenue Commissioner to Governor George C. Wallace, at the age of 34 in 1983, becoming the first black person appointed Revenue Commissioner. Second, as State Finance Director by Governor Jim Folsom in 1993, becoming the first black person appointed to the position in the history of the State of Alabama. Jim White, Sr.
He was appointed to the Alabama State Board of Public Accountancy in 1985 and served 16 years, 3 times as its Chairman, being appointed by three different Governors. He believes that these roles, while they took away a bit of time from the firm, they were invaluable in helping to provide credibility to the firm and its people.
The firm’s Managing Partner, James C. White, Jr., is tasked with the responsibility of the continuity of the growth of the firm and transitioning it to the future, keeping it on the cutting edge of innovation and relevance in today’s complex world. Jim, Sr. feels that James, Jr. is certainly ready for the task ahead. James, Jr., attended Indian Springs School, Indian Springs, Alabama and college at the University of Virginia in Charlottesville, VA and the University of Maryland in Columbia, MD where he graduated with a degree in accounting. James Jr. holds CPA certificates in five states with his original being the State of Georgia in 1999. James, Jr. spent 15 years with Ernst & Young in Atlanta, Georgia and Berlin, Germany. His broad experiences help him to continue the legacy of the oldest contiguous minority owned CPA firm in America. He is a member of the Board of Directors of the Alabama Society of CPAs.
Jim White, Sr. recognized for service to the ASBPA
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REMEMBERING JAMES CLARK HODGSON September 14, 1947 – February 15, 2019 Montgomery, AL | Certificate #1464 James Clark Hodgson died peacefully at his home in Old Cloverdale on Friday, February 15, 2019. A lifelong Montgomerian, Jim was born on September 14, 1947 to John Sealby Hodgson and Alcie Angell Jenkins Hodgson. Jim attended Marion Military Institute before graduating from Sidney Lanier High School in 1968. He was a 1972 graduate of the University of Alabama and served in the United States Navy. After a twenty- two year career in accounting with Moody and Hodgson, he worked as CFO of Transcendence, Inc. In addition to being a CPA, he was a Certified Manager of Accounting. Jim was a graduate of Leadership Montgomery. He founded the Sidney Lanier Alumni Group. He was a volunteer tutor and served on many nonprofit boards of directors. Jim was a generous donor of his time, talents and resources to civic and charitable organizations. He loved his native city and community. He was a loyal fan of the University of Alabama Crimson Tide. Jim enjoyed a wide circle of friends who cherished his keen mind, irrepressible wit and kindness. They, along with his devoted family, mourn his loss.
ALBERTA “BERTA” JORDAN HARGETT May 27, 1944 – January 12, 2019 Huntsville, AL | Certificate # 3180 Alberta “Berta” Jordan Hargett died on Saturday, January 12, 2019. A native of Huntsville, Berta was a graduate of Huntsville High School, class of 1962. She graduated with honors from Vanderbilt University in mathematics, and later earned a master’s degree in accounting from the University of Alabama in Huntsville. Berta was a CPA and worked for the accounting firm Melvin & Putman and Associates for over 30 years. She was an avid reader, loved science fiction, and enjoyed playing bridge with her very special friends. She was involved in the Mission Guild at the Church of Nativity, the Junior League, and the Grace Club Auxiliary. Her family is grateful for her many caregivers and especially thank Norma Branin and Pat Edwards.
JOHN ALFRED JOHNSON October 27, 1939 – January 1, 2019 Conyers, GA | Certificate # 696R John Alfred Johnson, beloved father, husband and friend, passed away on January 1st, 2019 at his home in Conyers, Georgia. He was 79 years old. John was born October 27, 1939 in Columbus, Georgia. He was the first child of Bessie Strickland and John Wesley Johnson. After playing basketball at Phenix City Central High School, he earned a full athletic scholarship to the University of Georgia where he was a starting center for the basketball team and set records that held for many years. After graduating with a degree in accounting, he worked as a Certified Public Accountant in Phenix City and later in Atlanta, before building a successful Atlanta accounting practice, J.A. Johnson and Company, PC. Despite his retirement in 2009, the business continues to operate and serve its clients in Conyers, GA. He was actively involved in his community and church, and lived a life dedicated to family and sharing his faith and love with others through spontaneous song, genuine laughter, and big-hearted smiles. He had an infectious love of life that will be remembered and treasured by all who knew him.
IRVIN ROSS STRICKLAND October 15, 1942 – December 18, 2018 Decatur, AL | Certificate # 971 Irvin Ross Strickland, 76, of Decatur passed away on December 18, 2018. He was a graduate of the University of Alabama and spent his life as a CPA. He served on the Audit Committee and Accounting Standards Committee as a member of the ASCPA and was involved the Wheeler Basin chapter. He loved his family. He will be greatly missed by all who knew him.
ROBERT “FERRELL” MAUGHAN September 11, 1935 – January 22, 2019 Hoover, AL | Certificate # 640 Robert Ferrell Maughan, 83, passed away on January 22, 2019 at his home in Hoover surrounded by his wife of 55 years, his 3 daughters, one of his grandsons, his pastor, and the amazing Hope Hospice family. Ferrell was born in a log cabin in Benevola, AL, and grew up in Aliceville, AL. He proudly served in the Army from 1954-1956, and later graduated from the University of Alabama. He was a co-founder of Hope Hospice in 2002, assuring compassionate end of life care for 2,635 patients and their families, including himself. Ferrell would be honored if you would make donations in his name to Liberty Church Missions, www.libertychurch.cc.
December 22, 1950 –November 9, 2018 Attalla, AL | Certificate # 1528 Stephen Allen Gaines, born on December 22, 1950 in Attalla, AL, to the late Carrie Jo Gaines and the late James Blair Gaines, passed away at age 67 on November 9, 2018 in Birmingham, AL. Stephen was a resident of Lincoln, Alabama. He graduated from Auburn University in 1972 and was CPA at Jet-Pep, Inc. until retiring in 2018. Stephen was the loving husband of Constance King Gaines and father to two daughters and one son. He also leaves behind his beloved dog, Rowdy. He was a Sunday school teacher at Eureka United Methodist Church.
DON CARL MARINO January 11, 1938 - December 27, 2018 Birmingham, AL | Certificate # 855 Don Marino, age 80, of Birmingham passed away on December 27, 2018, in the comfort of his home in Vestavia Hills. He was a devoted husband, father, and grandfather, survived by his wife of 34 years, Sandra Harper Marino. Don was born on January 11, 1938 in Birmingham, AL. He graduated from John Carroll High School and Auburn University with a degree in Accounting. He served in the U.S. Military and was stationed in France. Don spent his career as a Certified Public Accountant and was a partner in Warren, Averett, Kimbrough, and Marino until retirement. He enjoyed the relationships he built with his clients and valued their friendships beyond his working career. Don enjoyed spending his time with family and friends particularly at the beach. He loved woodworking, working in the yard and traveling. He was also passionate about Auburn football and enjoyed heading down to the plains for home games. “Grandy”, as his grandchildren referred to him, had great love for his entire family and was proud of them. March/April
IT’S TIME TO BAN THE BUDGET! By Jennifer H. Elder, CSP, CPA, CMA, CIA, CFF, CGMA, MS
Budget – the very word strikes fear into managers everywhere. That annual exercise that drives everyone crazy – setting targets, allocating resources, and providing incentives. In theory, it should work as a method for tracking a company’s performance – but that is in a perfect world. Unfortunately, we don’t live in a perfect world. Many department heads don’t understand how the process works; they know it will be used to evaluate their performance; and it takes too long. I know of one company that starts their budgeting process in June and doesn’t finish until the following May.
adds 10% to last year’s budget. Or they play games by asking for way too much, knowing that there will be cuts before the budget is finalized. The sales department may be overoptimistic or they may “sandbag” by setting their targets too low. All resulting in a budget that is not very useful right from the beginning. In fact, 28% of executives believe their budget is useless before the year even begins.1 There is even an organization dedicated to getting rid of the budgeting process - The Beyond Budgeting Roundtable (BBR). They prepared a list of the top ten reasons to stop budgeting:
So few organizations have a functional budgeting process. And yet we seem to keep doing the same thing, the same way year after year and hope that one year the process will magically fix itself. So, here’s a radical idea – BAN THE BUDGET! Stop the insanity this year and start fresh with a new approach. It’s not as crazy as it seems. So what’s wrong with budgeting? Jack Welch, the former CEO of General Electric once said that budgets suck “the energy, time, fun, and big dreams out of an organization. It hides opportunity and stunts growth. It brings out the most unproductive behaviors in an organization, from sandbagging to settling for mediocrity.” Jan Wallander, former CEO of Svenska Handelsbanken, said “Budgeting is a necessary evil.” Many of you have experienced a budget process where a department just
1. Budgeting prevents a rapid response to unpredictable events. 2. Budgeting is too detailed and expensive, absorbing around 20% of management time. 3. Budgeting is out of date within a few months. Key assumptions change frequently, causing confusion and rework. 4. Budgeting is out of kilter with the competitive environment. 5. Budgeting is divorced from strategy. Budgets are based on functions and departments rather than strategic themes. 6. Budgeting stifles initiative and innovation. 7. Budgeting protects non-value-adding costs. Cost 1
Breaking the Cycle: The case for eliminating the budget, PwC, 2010
budgets are usually compiled and agreed on based on prior-year outcomes. 8. Budgeting reinforces command and control. Budgets were designed to enable functional leaders to manage the organization from the center. 9. Budgeting demotivates people. 10. Budgeting encourages unethical behavior and increases reputational risk. Aggressive targets and incentives drive people to meet the numbers at almost any cost.2 I have had experiences that support many of their points. A budget for the year is fixed and does not adapt to the unexpected. In the year of “snowmaggedon” in the metro-DC area, many companies had overspent their snow removal budget in the first two weeks of January. But since the budget is fixed, for the rest of the year there was a negative variance to review. Most managers hate the budgeting process because it takes up too much of their time. They were hired to manage, not to prepare budgets that don’t help them manage their departments. Budgets are outdated the minute they are finished. They are based on assumptions made too far in advance. It’s hard enough for a business to predict what will happen next week, let alone for the next twelve months. The assumptions the budget was based on are rarely correct for the entire year. According to a PwC survey, 70% of CFOs say they cannot forecast more than one quarter in the future. And two out of three executives expect their budget to be out of date within the first six months3. Budgets are divorced from strategy. Frequently the budgeting process occurs in departmental vacuums. Each department prepares their budget on their own without input from other departments. How can manufacturing prepare a budget without knowing what the sales department is planning? Worse yet, how can any department prepare a budget without any knowledge of the organization’s strategic plan for the year. Strategic planning is like going to Vegas, what happens in strategic planning stays in strategic planning! It is rarely shared with the entire management team. Budgets will stifle initiative and innovation. When an employee has a great idea for a new product, a new service, a new way of doing something they often hear, “I’m sorry, it’s not in the budget for this year.” By the time next year comes around everyone has forgotten what the idea was, or the opportunity has been missed. If employees hear, “No” too many times, they will stop bringing any new idea instead focus on doing Freed from the Budget, Russ Banham, CFO.com, September 1, 2012 Breaking the Cycle: The case for eliminating the budget, PwC, 2010
things the same way they have always been done even if it makes no sense. And worst of all, budgets can be a self-inflicted injury, driving employees to unethical behavior. At Wells Fargo, the budgets were so unrealistic and the pressure to meet the targets was so strong at Wells Fargo that employees knowingly created over 2 million fake accounts. Budget driven unethical behavior at its finest. Who has been crazy enough to “Ban the Budget”? There are many companies who have recognized the limitations of traditional budgeting and joined the BBR including: • • • • • •
Lego Kaiser Permanente Hilti The World Bank Sodexo EY
• • • • • • •
Volvo AstraZeneca Vanguard Michelin Statoil Danone Maersk
So what can you do instead? Nature abhors a vacuum, so if we get rid of the budgeting process we must put something else in its place. If I have convinced you that the budget needs to go, what can you do to project results and track performance? Every organization needs a financial GPS to ensure they are on the right path. Your new GPS tool is a Rolling Forecast. A rolling forecast addresses all of the weaknesses of the traditional budget. It is flexible, responsive and current. It can be adapted during the year to capture opportunities and amend assumptions. How does a rolling forecast work? There are three key elements to a rolling forecast: 1. Keep the forecast rolling forward A traditional budget is for a single twelvemonth period. But companies don’t stop operating after twelve months. A rolling forecast is always projecting at least 12 months into the future, no matter what month you are in. 2. Update your forecast for actual results Once a period has ended, update your forecast for that month with the actual results. When you look at the year-to-date for your fiscal year, you will have a reasonable estimate of where you will be at year end, based on the combination of actual and projected results. 3. Review and adjust major assumptions Just because you developed an assumption at the beginning of the year, doesn’t mean
you have to keep it for the entire year – especially if you know it is no longer valid. Bad assumptions lead to bad analysis, that can lead to bad decisions. For example, let’s say you had planned on hiring a new Vice President in March but you can’t find the right person until September. The traditional budget would continue to include the VP’s salary for March through August. For six months, it would appear that you had a positive variance. The forecast would be much more realistic and valuable if the assumption was adjusted down to show the salary expense for the VP starting in September. I recommend reviewing your assumptions at least quarterly and adjusting your forecast if they have changed. You don’t have to review every minor assumption, but do take the time to review the major assumptions that could have a significant impact on your results. Also update your assumptions anytime you become aware of a major change, even if it doesn’t fall on the quarter. Use the most current assumptions available. So why is a rolling forecast better than a traditional budget? If you implement all three elements of the rolling forecast – always going twelve months out, updating for actual results,
34 1 NFP-2019-Half.indd
and updating assumptions when they change – you will have a very accurate GPS to guide your decision-making. The forecast will be up-to-date based on the most current information available. In addition, because you are always rolling twelve months out, your forecast for next year is virtually complete. There is no major, time-consuming budget process. Your planning process for the next year only needs to be updated for new strategic goals. So it’s time to be brave and take up the cause, ban the budget and start forecasting. You will be the hero of your organization! Jennifer Elder, President of Sustainable CFO, is a frequent, highly-rated CPE leader for the ASCPA. See her at the B&I Conference on March 14th and find more of her upcoming courses at www.ascpa.org/cpe/catalog.
2/12/2019 12:54:25 PM
UPDATES FROM THE ALABAMA STATE BOARD OF PUBLIC ACCOUNTANCY
Rule Changes of Interest 30-X-1-.01(f) Definition of the Practice of Public Accounting (Amended Definition) The definition of the practice of public accountancy was amended to mirror the statute change that went into effect May 1, 2018. The rule change accomplished the following: 1.
Defines the new financial engagement named Preparation Engagements and updated the definition of Compilation Engagements. Further defines the services that encompass the practice of public accounting to include, but is not limited to, kinds of services involving the use of accounting or auditing skills, including issuance of reports on financial statements or of one or more kinds of management advisory, financial advisory or consulting services, or the preparation of tax returns or the furnishing of advice on tax matters.
30-X-3-.07(4) Annual Permits, Annual Registration Fees and Late Penalties
30-x-4 Examinations, Qualifications of Candidates, Applications, Passing Grades, Conditioned Subjects, Transfer of Credits, Issuance of Certificates 1.
30-X-5-.01(b) Continuing Professional Education – Retired CPAs and PAs 1.
Changes the late periods to the following: 1. 2. 3. 4.
Annual registrations are due between October 1 and December 31. If the annual registration is filed between January 1 and the last day in February, a late penalty of $100 will be assessed. If the annual registration is filed between March 1 and March 31, a late penalty of $500 will be assessed. If the annual registration is not filed by March 31, the licensee will be considered delinquent and subject to disciplinary action by the Board up to revocation of your certificate and a fine of $5,000 per count.
For candidate qualifications to sit for the CPA Exam, all class specific requirements have been removed while maintaining the overall number of hours in total and the number of hours between accounting and business courses. Removed the reciprocal application fee for spouses of qualified military personnel.
If a CPA or PA wishes to move their license to a status of retired, the CPA or PA is required to place the word “retired” adjacent to the CPA title or PA title on any business cards, letterhead, signature or anywhere the CPA or PA title appears. A retired CPA or PA is not allowed to practice public accounting but is allowed to provide the following volunteer, uncompensated services: tax preparation services, participating in a government-sponsored business mentoring program, serving on the board of directors for a non-profit or governmental organization, or serving on a government-appointed advisory board.
Find more news like this from the Alabama State Board of Public Accountancy on asbpa.alabama.gov/Newsletters.
GENERAL CPE SCHEDULE 001 Surgent’s Individual Income Tax Update May 14, 2019 | Pelham AM | Tax: 4 002 2019 A&A Update for the Real World May 14, 2019 | Pelham AM | AA: 4 003 Surgent’s S Corporation, Partnership, and LLC Tax Update May 14, 2019 | Pelham PM | Tax: 4 004 2019 Compilation and Review Update for the Local Firm May 14, 2019 | Pelham PM | AA: 4 005 The Complete Guide to Section 199A’s 20% Pass-Through Deduction After IRS Guidance May 15, 2019 | Pelham AM | Tax: 4 006 The New Revenue Standard: Speaking a Different Language of Revenue May 15, 2019 | Pelham AM | AA: 4 007 Surgent’s Mastering Basis Issues for S Corporations, Partnerships, and LLCs May 15, 2019 | Pelham PM | Tax: 4 008 The New Leasing Standard: It’s Here and It’s Huge May 15, 2019 | Pelham PM | AA: 4 009 Surgent’s Individual Income Tax Update May 16, 2019 | Montgomery AM | Tax: 4 010 2019 A&A Update for the Real World May 16, 2019 | Montgomery AM | AA: 4 011 Surgent’s S Corporation, Partnership, and LLC Tax Update May 16, 2019 | Montgomery PM | Tax: 4 012 2019 Compilation and Review Update for the Local Firm May 16, 2019 | Montgomery PM | AA: 4 013 The Complete Guide to Section 199A’s 20% Pass-Through Deduction After IRS Guidance May 17, 2019 | Montgomery AM | Tax: 4 014 The New Revenue Standard: Speaking a Different Language of Revenue May 17, 2019 | Montgomery AM | AA: 4 015 Agricultural and Farm Activities: Special Rules and New Rules May 17, 2019 | Montgomery PM | Tax: 4
016 Financial Statements of Nonprofit Organizations: Significant Changes are Happening May 17, 2019 | Montgomery PM | AA: 4 017 ASCPA Employee Benefits Workshop May 23, 2019 | Montgomery Full | AA: 8 018 Current Issues in Accounting & Auditing: An Annual Update June 18, 2019 | Gulf Shores AM | AA: 4 019 The Complete Guide to Section 199A’s 20% Pass-Through Deduction After IRS Guidance June 18, 2019 | Gulf Shores AM | Tax: 4 020 Annual FASB Update and Review June 18, 2019 | Gulf Shores AM | AA: 4 021 Guide and Update to Compilations, Reviews, and Preparations June 18, 2019 | Gulf Shores PM | AA: 4 022 Gaining a Competitive Advantage: Critical Skills for CFOs and Controllers June 18, 2019 | Gulf Shores PM | Other: 4 023 The Essential Multistate Tax Update June 18, 2019 | Gulf Shores PM | Tax: 4 024 Surgent’s Individual Income Tax Update June 19, 2019 | Gulf Shores AM | Tax: 4 025 Controller’s Update: Today’s Latest Trends June 19, 2019 | Gulf Shores AM | Other: 4 026 Guide to the Topic 606 Revenue Recognition Model for all CPAs June 19, 2019 | Gulf Shores AM | AA: 4 027 Surgent’s S Corporation, Partnership, and LLC Tax Update June 19, 2019 | Gulf Shores PM | Tax: 4 028 Lean Accounting and Management: Saving Money by Streamlining Operations June 19, 2019 | Gulf Shores PM | Other: 4 029 Examining the New Lease Accounting Standard: More than Meets the Eye June 19, 2019 | Gulf Shores PM | AA: 4 030 ASU No. 2016-14: Not-for-Profit Financial Reporting June 20, 2019 | Gulf Shores AM | AA: 4
031 Developing Your Digital Mindset June 20, 2019 | Gulf Shores AM | Other: 4 032 Maximizing Your Social Security Benefits June 20, 2019 | Gulf Shores AM | Tax: 4 033 Change the Way You Work: Success as a Virtual CFO June 20, 2019 | Gulf Shores PM | Other: 4 034 The 2018 Yellow Book Revision June 20, 2019 | Gulf Shores PM | AA: 4 035 Securing a Comfortable Retirement in the Age of Spending June 20, 2019 | Gulf Shores PM | Tax: 4 036 Risk, Cost and Cash Management for Controllers and Financial Managers June 21, 2019 | Gulf Shores AM | Other: 4 037 Forensic Accounting 101 June 21, 2019 | Gulf Shores AM | AA: 4 038 Select Estate and Life Planning Issues for the Middle-Income Client June 21, 2019 | Gulf Shores AM | Tax: 4 039 Peer Review Update Course August 16, 2019 | Montgomery AM | AA: 4 040 Financial Reporting for Not-forProfit Entities August 19, 2019 Dothan | AM | AA: 4 041 Critical Issues Involving Taxation of Construction Contractors August 19, 2019 Dothan | AM | Tax: 4 042 Advanced Controller and CFO Skills August 19, 2019 | Pelham Full | Other: 8 043 ASCPA’s Fraud Update August 19, 2019 | Pelham Full | AA: 8 044 K2’s Microsoft Office 365 -- All the Things You Need to Know August 19, 2019 | Montgomery Full | Other: 8
048 Surgent’s Individual Income Tax Update August 20, 2019 Dothan | AM | Tax: 4 049 Accounting and Auditing Update August 20, 2019 Dothan | AM | AA: 4 050 Surgent’s Mastering Basis Issues for S Corporations, Partnerships, and LLCs August 20, 2019 Tuscaloosa | AM | Tax: 4 051 2019 A&A Update for the Real World August 20, 2019 Tuscaloosa | AM | AA: 4 052 K2’s Accounting Solutions Shootout for Small and Mid-Sized Businesses August 20, 2019 | Pelham Full | AA: 8 053 Surgent’s Individual and FinancialPlanning Tax Camp August 20, 2019 | Pelham Full | Tax: 8 054 Advanced Concepts in SSARS and Nonattest Services: Are You Certain You are in Compliance August 20, 2019 | Pelham Full | AA: 8 055 The Value-Added Controller August 20, 2019 | Montgomery Full | Other: 8 056 The Complete Guide to Section 199A’s 20% Pass-Through Deduction After IRS Guidance August 20, 2019 Tuscaloosa | PM | Tax: 4 057 Surgent’s S Corporation, Partnership, and LLC Tax Update August 20, 2019 Dothan | PM | Tax: 4 058 Preparation, Compilation, and Review Engagements: Update and Review August 20, 2019 Dothan | PM | AA: 4 059 2019 Compilation and Review Update for the Local Firm August 20, 2019 Tuscaloosa | PM | AA: 4
045 Surgent’s Federal Tax Camp August 19, 2019 | Pelham Full | Tax: 8
060 Surgent’s Individual Income Tax Update August 21, 2019 Tuscaloosa | AM | Tax: 4
046 The Complete Guide to Section 199A’s 20% Pass-Through Deduction After IRS Guidance August 19, 2019 Dothan | PM | Tax: 4
061 What You Need to Know About the Revenue Recognition and Leasing Standards August 21, 2019 Tuscaloosa | AM | AA: 4
047 Interpreting the New Revenue Recognition Standard: What All CPAs Need to Know August 19, 2019 Dothan | PM | AA: 4
062 ASCPA’s Community Banking Update August 21, 2019 | Pelham Full | AA: 8
GO TO WWW.ASCPA.ORG FOR NEW CLASSES AND MOST CURRENT INFORMATION. 36
GENERAL CPE SCHEDULE 063 The Eight Hour MBA August 21, 2019 | Montgomery Full | Other: 8
078 Sales and Use Tax Workshop August 23, 2019 | Pelham Full | Tax: 8
064 Partnership and LLC Core Tax Issues from Formation Through Liquidation August 21, 2019 | Pelham Full | Tax: 8
079 Agricultural and Farm Activities: Special Rules and New Rules August 26, 2019 | Auburn AM | Tax: 4
065 Surgent’s Federal Tax Camp August 21, 2019 | Montgomery Full | Tax: 8 066 Accounting, Audit, and Attest Update for Practitioners with SmallBusiness Clients August 21, 2019 | Pelham Full | AA: 8 067 Surgent’s S Corporation, Partnership, and LLC Tax Update August 21, 2019 Tuscaloosa | PM | Tax: 4 068 Financial Statements of Nonprofit Organizations: Significant Changes are Happening August 21, 2019 Tuscaloosa | PM | AA: 4 069 Advanced Audits of 401(k) Plans: Best Practices and Current Developments August 22, 2019 | Pelham Full | AA: 8 070 Construction Contractor’s Advanced Issues August 22, 2019 | Montgomery Full | 6 AA 2 Tax 071 Fiduciary Accounting and Tax Issues of Estates and Trusts August 22, 2019 | Pelham Full | AA: 4 Tax: 4 072 Governmental A&A and Yellow Book Update August 22, 2019 | Pelham Full | AA: 8 073 Practical Planning Boot Camp: S Corporations & LLCs August 22, 2019 | Montgomery Full | Tax: 8 074 Analytics and Big Data for Accountants August 23, 2019 | Montgomery Full | Other: 8 075 Revenue Recognition, Leases, and Financial Instruments: The FASB’s “Big Three” New Standards August 23, 2019 | Pelham Full | AA: 8 076 Employer’s Handbook: Legal, Tax, and Healthcare Issues August 23, 2019 | Montgomery Full | 5 Other 3 Tax 077 Not for Profit A&A Update August 23, 2019 | Pelham Full | AA: 8
080 2019 A&A Update for the Real World August 26, 2019 | Auburn AM | AA: 4 081 Governmental and Not for Profit A&A Update August 26, 2019 | Mobile Full | AA: 8 082 Federal Individual Income Tax Update August 26, 2019 | Mobile Full | Tax: 8 083 Tax Cuts & Jobs Act - QBI Deduction & TCJA Update August 26, 2019 | Huntsville Full | Tax: 8 084 Internal and External Fraud: Understanding it and Working to Control It August 26, 2019 | Montgomery Full | AA: 8 085 Accounting and Auditing Update for Small Businesses August 26, 2019 | Huntsville Full | AA: 8 086 The Complete Guide to Section 199A’s 20% Pass-Through Deduction After IRS Guidance August 26, 2019 | Auburn PM | Tax: 4 087 2019 Compilation and Review Update for the Local Firm August 26, 2019 | Auburn PM | AA: 4 088 Surgent’s Individual Income Tax Update August 27, 2019 | Auburn AM | Tax: 4 089 What You Need to Know About the Revenue Recognition and Leasing Standards August 27, 2019 | Auburn AM | AA: 4 090 Federal Business Income Tax Update August 27, 2019 | Mobile Full | Tax: 8 091 Annual Update and Practice Issues for Preparation, Compilation, and Review Engagements August 27, 2019 | Huntsville Full | AA: 8 092 Basis Calculations & Distributions for Pass-Thru Entity Owners Schedule K-1 Analysis August 27, 2019 | Huntsville Full | Tax: 8
093 Internal Control Development That Balances Risk with Strategy August 27, 2019 | Montgomery Full | AA: 8 094 Governmental A&A and Yellow Book Update August 27, 2019 | Montgomery Full | AA: 8 095 K2’s Small Business Internal Controls, Security, and Fraud Prevention and Detection August 27, 2019 | Mobile Full | AA: 8 096 Surgent’s S Corporation, Partnership, and LLC Tax Update August 27, 2019 | Auburn PM | Tax: 4 097 Financial Statements of Nonprofit Organizations: Significant Changes are Happening August 27, 2019 | Auburn PM | AA: 4 098 K2’s Advanced Excel August 28, 2019 | Huntsville Full | AA: 4/Other: 4 099 K2’s Business Intelligence, Featuring Microsoft’s Power BI Tools August 28, 2019 | Mobile Full | Other: 8 100 2019 Compilation and Review Update for the Local Firm August 28, 2019 | Mobile Full | AA: 8 101 Securing a Comfortable Retirement in the Age of Spending August 28, 2019 | Montgomery 102 Full | Other: 4 Tax: 4 Not for Profit A&A Update August 28, 2019 | Montgomery Full | AA: 8 103 Fraud Update: Detecting and Preventing the Top Ten Fraud Schemes August 28, 2019 | Huntsville Full | AA: 8 104 Buying and Selling a Business: Critical Tax and Structuring Issues August 29, 2019 | Montgomery Full | Tax: 8 105 K2’s Budgeting and Forecasting Tools and Techniques August 29, 2019 | Huntsville Full | AA: 4/Other: 4 106 Governmental and Not for Profit A&A Update August 29, 2019 | Huntsville Full | AA: 8 107 2019 A&A Update for the Real World August 29, 2019 | Mobile Full | AA: 8 108 Controller’s Update: Today’s Latest Trends August 29, 2019 | Mobile Full | Other: 8
109 Becoming an AICPA Peer Review Team or Review Captain: Case Study Application September 12, 2019 | Montgomery Full | AA: 8 110 GASB Update September 17, 2019 | Huntsville AM | AA: 4 111 Ethics & Professional Conduct: Updates and Practical Applications September 17, 2019 | Pelham AM | AA: 4 112 Controller’s Update: Today’s Latest Trends September 17, 2019 | Pelham AM | Other: 4 113 Securing a Comfortable Retirement in the Age of Spending September 17, 2019 | Huntsville AM | Tax: 4 114 IRS Tax Examinations and Hot Issues September 17, 2019 | Pelham AM | Tax: 4 115 What You Need to Know About the Changes to Yellow Book and Uniform Guidance Update September 17, 2019 | Huntsville PM | AA: 4 116 Lean Accounting and Management: Saving Money by Streamlining Operations September 17, 2019 | Pelham PM | Other: 4 117 Financial Reporting for Not-forProfit Entities September 17, 2019 | Pelham PM | AA: 4 118 Tax, Financial, and Estate Planning Strategies Under the Trump Administration September 17, 2019 | Montgomery Full | Tax: 8 119 Key Partnership and S Corporation Tax Planning Strategies September 17, 2019 | Huntsville PM | Tax: 4 120 S Corporation Taxation: Advanced Issues September 17, 2019 | Pelham PM | Tax: 4 121 K2’s Excel Financial Reporting and Analysis September 18, 2019 | Montgomery Full | AA: 8 122 Federal Income Taxation of Estates and Trusts Update September 18, 2019 | Montgomery Full | Tax: 8 123 A&A for Tax People Who Hate A&A September 18, 2019 | Huntsville AM | AA: 4
GO TO WWW.ASCPA.ORG FOR NEW CLASSES AND MOST CURRENT INFORMATION.
GENERAL CPE SCHEDULE 124 Developing Your Digital Mindset September 18, 2019 | Pelham AM | Other: 4 125 Select Estate and Life Planning Issues for the Middle-Income Client September 18, 2019 | Huntsville AM | Tax: 4 126 Compliance Testing for Single Audits September 18, 2019 | Pelham AM | AA: 4 127 Critical Issues Involving Taxation of Construction Contractors September 18, 2019 | Pelham AM | Tax: 4 128 Change the Way You Work: Success as a Virtual CFO September 18, 2019 | Pelham PM | Other: 4 129 2019 Compilation and Review Update for the Local Firm September 18, 2019 | Huntsville PM | AA: 4 130 Maximizing Your Social Security Benefits September 18, 2019 | Huntsville PM | Tax: 4 131 GASB Update September 18, 2019 | Pelham PM | AA: 4 132 Four Tiers of Loss Limitations: A guide to the New Rules for PassThrough Entities September 18, 2019 | Pelham PM | Tax: 4 133 The Complete Guide to Section 199A’s 20% Pass-Through Deduction After IRS Guidance September 19, 2019 | Huntsville AM | Tax: 4 134 Introduction to Blockchain September 19, 2019 | Pelham AM | Other: 4 135 Financial Reporting for Not-forProfit Entities September 19, 2019 | Huntsville AM | AA: 4 136 K2’s Securing Your Data September 19, 2019 | Montgomery AM | Other: 4 137 A&A for Tax People Who Hate A&A September 19, 2019 | Pelham AM | AA: 4 138 Surgent’s Top Five Tax Topics This Year September 19, 2019 | Pelham AM | Tax: 4 139 Limited Liability Companies: Losses, Liquidations, Terminations, Continuations, and Sales September 19, 2019 | Huntsville PM | Tax: 4
140 Cybersecurity Risk Fundamentals Risk Fundamentals September 19, 2019 | Pelham PM | Other: 4 141 Audit Workpapers: Documenting Field Work September 19, 2019 | Huntsville PM | AA: 4 142 K2’s Emerging Technologies for Accountants, Including Blockchain and Cryptocurrency September 19, 2019 | Montgomery PM | Other: 4 143 2019 Compilation and Review Update for the Local Firm September 19, 2019 | Pelham PM | AA: 4 144 Real Estate Taxation: Critical Consideration September 19, 2019 | Pelham PM | Tax: 4 145 The Bottom Line on the New Lease Accounting Requirements September 20, 2019 | Huntsville AM | AA: 4 146 Controller’s Update: Today’s Latest Trends September 20, 2019 | Huntsville AM | Other: 4 147 K2’s Testing and Auditing Excel Workbooks September 20, 2019 | Pelham AM | AA: 4 148 The New Revenue Standard: Speaking a Different Language of Revenue September 20, 2019 | Pelham AM | AA: 4 149 Sirote’s Hottest Tax Topics September 20, 2019 | Pelham AM | Tax: 4 150 Governmental A&A Update September 19, 2019 | Montgomery AM | AA: 4 151 Introduction to Blockchain September 20, 2019 | Huntsville PM | Other: 4 152 Interpreting the New Revenue Recognition Standard: What All CPAs Need to Know September 20, 2019 | Huntsville PM | AA: 4 153 K2’s Advanced Excel Reporting September 20, 2019 | Pelham PM | AA: 4 154 The New Leasing Standard: It’s Here and It’s Huge September 20, 2019 | Pelham PM | AA: 4 155 R&D Credits September 20, 2019 | Pelham PM | Tax: 4
156 Not for Profit A&A Update September 19, 2019 | Montgomery PM | AA: 4 157 A&A for Tax People Who Hate A&A September 24, 2019 | Mobile AM | AA: 4 158 This Year’s Top Tax and FinancialPlanning Ideas September 24, 2019 | Mobile AM | Tax: 4 159 Nontraditional Services and Other Methods of Making a Living September 24, 2019 | Mobile PM | AA: 4 160 The Top Five Tax Issues in Dealing with LLCs and Partnerships September 24, 2019 | Mobile PM | Tax: 4 161 The Complete Guide to Section 199A’s 20% Pass-Through Deduction After IRS Guidance September 25, 2019 | Mobile AM | Tax: 4 162 The New Revenue Standard: Speaking a Different Language of Revenue September 25, 2019 | Mobile AM | AA: 4 163 The New Leasing Standard: It’s Here and It’s Huge September 25, 2019 | Mobile PM | AA: 4
LS012 2019 Compilation and Review Update for the Local Firm May 16, 2019 | Live Stream PM | AA: 4 LS013 The Complete Guide to Section 199A’s 20% Pass-Through Deduction After IRS Guidance May 17, 2019 | Live Stream AM | Tax: 4 LS015 Agricultural and Farm Activities: Special Rules and New Rules May 17, 2019 | Montgomery PM | Tax: 4 LS017 ASCPA Employee Benefits Workshop May 23, 2019 | Live Stream Full | AA: 8 LS055 The Value-Added Controller August 20, 2019 | Live Stream Full | Other: 8 LS065 Surgent’s Federal Tax Camp August 21, 2019 | Live Stream Full | Tax: 8 LS070 Construction Contractor’s Advanced Issues August 22, 2019 | Montgomery Full | 6 AA 2 Tax LS074 Analytics and Big Data for Accountants August 23, 2019 | Live Stream Full | Other: 8
164 Select Estate and Life Planning Issues for the Middle-Income Client September 25, 2019 | Mobile PM | Tax: 4
LS084 Internal and External Fraud: Understanding it and Working to Control It August 26, 2019 | Live Stream Full | AA: 8
165 Risk, Cost and Cash Management for Controllers and Financial Managers September 26, 2019 | Mobile AM | Other: 4
LS094 Governmental A&A and Yellow Book Update August 27, 2019 | Live Stream Full | AA: 8
166 Financial Statements of Nonprofit Organizations: Significant Changes are Happening September 26, 2019 | Mobile AM | AA: 4
LS101 Securing a Comfortable Retirement in the Age of Spending August 28, 2019 | Live Stream Full | Other: 4 Tax: 4
167 Financial Forecasting: Planning for Success September 26, 2019 | Mobile PM | Other: 4
LS104 Buying and Selling a Business: Critical Tax and Structuring Issues August 29, 2019 | Montgomery Full | Tax: 8
168 Small Business Fraud: The Lessons Behind the Stories September 26, 2019 | Mobile PM | AA: 4
LS118 Tax, Financial, and Estate Planning Strategies Under the Trump Administration September 17, 2019 | Live Stream Full | Tax: 8
169 The Best Federal Tax Update Course by Surgent January 9, 2020 | Pelham Full | Tax: 8
LS121 LIVE STREAM - K2’s Excel Financial Reporting and Analysis September 18, 2019 | Live Stream Full | AA: 8
LS010 2019 A&A Update for the Real World May 16, 2019 | Live Stream AM | AA: 4
LS150 Governmental A&A Update September 19, 2019 | Live Stream AM | AA: 4 LS156 Not for Profit A&A Update September 19, 2019 | Live Stream PM | AA: 4
GO TO WWW.ASCPA.ORG FOR NEW CLASSES AND MOST CURRENT INFORMATION. 38
Presort Std US Postage PAID Permit No 131 Montgomery, AL
The Alabama Society of Certified Public Accountants 1041 Longfield Court P.O. Box 242987 Montgomery, AL 36124
March Madness? Make This Your FINAL SEASON!
Lori Newcomer, CPA & Tim Price, CPA
Delivering Results -One Practice At a time