Spring 2023 - Florida CPA Today | Volume 39, Issue 2

– Cantor Forensic Accounting, PLLC

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PRESIDENT & CEO

Shelly Weir

EDITORIAL COMMITTEE

Lynda M. Dennis, CPA, Chair

Joel M. DiCicco, CPA

David J. Hochsprung, CPA

Jonathan S. Ingber, CPA

Douglas B. Keith, CPA

Michael S. Kridel, CPA

Ryan A. Myers, CPA

Will Quilliam, CPA

FICPA STAFF

Nick Menta

Communications Manager and FCT Editor

Lindsay Cannizzaro

Graphic Designer

All articles submitted to Florida CPA Today are subject to technical review, Editorial Committee review, space availability, and editing requirements and restrictions.

Statements expressed herein are those of the identified authors and not necessarily those of the Florida Institute of Certified Public Accountants, Inc. (FICPA), nor should statements be considered endorsements of products, procedures or otherwise.

The FICPA reserves the right to reject any editorial material or paid advertising that does not meet Florida CPA Today criteria or detracts from its ethical and professional standards.

Florida CPA Today is published quarterly by the Florida Institute of Certified Public Accountants, Inc., 250 S. Orange Ave., Suite 300P, Orlando, Fla., 32801. Telephone: (850) 224-2727 or (800) 3423197. Visit our website at ficpa.org

This magazine is provided to members of the FICPA. No specific amount of your dues, either expressed or implied, is for this publication. This magazine is not available for purchase by either FICPA members or nonmembers.

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© 2023 by the Florida Institute of Certified Public Accountants, Inc. All rights reserved. Reproduction in whole or part is prohibited without the express written consent of the FICPA.

FICPA 2023 Legislative Session Summary

Front: Reps. Mike Caruso and Cyndi Stevenson; Back: Jennifer Green, Julian Dozier, Shelly Weir, Sen. Joe Gruters

Photo and cover image by Silver Digital Media

In talent discussion, FICPA committed to ensuring mobility

Since I arrived at the FICPA two years ago, I’ve been focused on the biggest challenge facing the profession –the state of the talent pipeline. By no means is this a new issue. National organizations and state societies have long been aware of the situation and are actively taking steps to ensure the future of public accounting.

Still, as we search for ways to overcome the talent shortage, we’ve seen a specific debate reignited – 150 vs. 120.

Our main story in this issue of Florida CPA Today focuses on the 2023 Legislative Session in Tallahassee, but I also want to draw your attention to three important features:

„ A look at the AICPA’s Draft Pipeline Acceleration Plan on Page 16.

„ The aforementioned piece from the AICPA and NASBA explaining the connection between 150 hours and CPA mobility on Page 20.

WEIR president & ceo

You can learn more about the evolution of our profession’s college-credit-hour requirements in our story on Page 20. For context, it’s important to understand how the accounting profession – and the state of Florida, in specific –arrived at the 150-hour mark. After Florida led the way in 1983, the gradual adoption of the 150-hour requirement in the ensuing decades is what transformed accounting from a trade to a profession.

But that still leaves the question of how to move forward. I’ve been clear that I don’t believe there is a single, catch-all solution. The talent question is complex and multi-faceted. We’re going to need variety of solutions and the buy-in of all the profession’s key stakeholders.

At the FICPA, our role is to advocate on your behalf in order to best protect and promote the CPA license. That’s why we are playing an active role in conversations with our national partners and state Board of Accountancy.

„ And a primer on CAQ’s game-changing Accounting+ initiative on Page 22.

Read together, these three articles outline the clear opportunities for progress and stress the importance of collective action. I sincerely believe the most important steps in the process will be those we take together. If we are to shore up the pipeline, it is imperative that we work with one another – not against each other.

For our part, the FICPA is chiefly concerned about protecting CPA mobility and ensuring the effective regulation of the profession. That’s why we’re excited to work in concert with our partners and why we remain optimistic about the future of the accounting profession. I look forward to continuing this conversation in the months ahead, and I can’t wait to see how the work we do today will pay off in the years to come.

“The FICPA is chiefly concerned about protecting CPA mobility and ensuring the effective regulation of the profession.”

SHELLY

FICPA’s advocacy efforts shine during 2023 Legislative Session

For 60 days in Tallahassee, the work of the FICPA Advocacy Team once again resulted in victories for the profession during the 2023 Legislative Session, as we successfully prevented several pieces of potentially negative and burdensome legislation from impacting CPAs in Florida.

You’ll find a detailed recap of our efforts at the state level in the 2023 Legislative Session Recap, penned by our external lobbying lead, Liberty Partners of Tallahassee President Jennifer Green, beginning on Page 12. But I am pleased to say we successfully:

JULIAN DOZIER

cpa , abv , cff , cfe

„ Shielded members from additional CPE requirements and mandatory audit firm rotations.

„ Worked with bill sponsors to guarantee a carve-out that protected your interstate mobility.

„ Began discussions to grant automatic extensions during a state of emergency or natural disaster.

We all know that #CPAsCount, and I am thrilled that our team has such good relationships with key regulators and legislators; their advocacy on our behalf is critically important to the future of our profession.

At the national level, efforts are ongoing to get Hurricane Ian designated as a Qualified Disaster for the purposes of determining

tax treatment of certain disasterrelated personal casualty losses. Most recently, we advocated for this issue during Congressional visits on Capitol Hill during the AICPA Spring Council meeting in Washington, D.C., in May.

Advocating on behalf of the CPA profession is one of the most important benefits of your FICPA membership – if not the most important. For continued updates about FICPA actions related to these and other important issues, please watch our monthly advocacy e-newsletter, Advocacy Update, or reach out to the FICPA Governmental Affairs Department at govaffairs@ficpa.org.

Finally, I want to say that it has been a pleasure serving as the Institute’s Board and Council Chair over the past year, including advocating on behalf of Florida’s CPAs this past Session.

I encourage you to get involved in our advocacy efforts by becoming a Key Person Contact, donating to the Florida CPA/PAC, serving on an FICPA Committee or just staying informed and making sure #CPAsCount wherever you live and work.

“We successfully prevented several pieces of potentially negative and burdensome legislation from impacting CPAs in Florida.”

Notice of Regular Council Meeting

FICPA OFFICIAL NOTICE

Notice of Annual Meeting of Members

FICPA OFFICIAL NOTICE

In compliance with Article III of the FICPA Bylaws, be it known that the Annual Meeting of the Members will be held virtually on July 10, 2023, at 2 p.m.

In compliance with Article XI, Section 6, of the FICPA Bylaws, be it known that a regular meeting of the FICPA Council will be held virtually on Tuesday, Sept. 27, 2023, at 9 a.m. @FICPA

2023-24 Member Renewal Update

The window for FICPA membership renewals opened in early May, with fees due by July 1, the start of the membership year.

You can renew online with a one-time payment, take advantage of our auto-renew options, or send payment by mail to the address listed on your invoice.

As you renew, be sure you take advantage of the additional savings on Florida Ethics (ETHOL23) and our on-demand 24/7 Learning Library found on your invoice.

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Your renewal will automatically process on July 5, 2023. If your credit card has changed since last July, please call us to update your payment information.

MONTHLY

AUTO-

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Your renewal will stay on the current schedule.

FICPA 100% FIRMS

If your office participates in firm billing, no action is required on your part. If your firm is not currently an FICPA 100% Firm and you invest in FICPA memberships for all your staff, please email firmconcierge@ficpa.org, and we will get you set up.

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Email membership@ ficpa.org or call 800.3423197x1. Thank you for being part of our community. You are the reason we are here!

YOUR HOMEWORK WITH OUR GRATEFUL APPRECIATION

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IRS Release: Florida storm victims qualify for tax relief

April 18 deadline, other dates extended to August 15

WASHINGTON — Florida storm victims now have until Aug. 15, 2023, to file various federal individual and business tax returns and make tax payments, the Internal Revenue Service announced on May 2.

The IRS is offering relief to any area designated by the Federal Emergency Management Agency (FEMA) as a result of tornadoes, severe storms and flooding that occurred from April 12 to 14. This means that individuals and households that reside or have a business in Broward County qualify for tax relief. Other areas added later to the disaster area will also qualify for the same relief. The current list of eligible localities is always available on the disaster relief page on IRS.gov

The tax relief postpones various tax filing and payment deadlines that occurred starting on April 12, 2023, and is based on an April 27 FEMA disaster declaration. As a result, affected individuals and businesses will have until Aug. 15, 2023, to file returns and pay any taxes that were originally due during this period.

This means that taxpayers will have until Aug. 15 to file any 2022 individual income tax returns and various business returns that were originally due on April 18. They will also have until Aug. 15 to pay any tax originally due on these returns. Taxpayers will get the extra time,

even if they failed to request a taxfiling extension by April 18. Among other things, this also means that eligible taxpayers will have until Aug. 15 to make 2022 contributions to their IRAs and health savings accounts.

The Aug. 15 deadline also applies to the quarterly estimated tax payments, normally due on April 18 and June 15.

The Aug. 15 deadline also applies to the quarterly payroll and excise tax returns normally due on May 1 and July 31, 2023. In addition, penalties on payroll and excise tax deposits due on or after April 12 and before April 27, will be abated as long as the tax deposits were made by April 27, 2023.

The IRS disaster relief page has details on other returns, payments and tax-related actions qualifying for the additional time.

Affected individual taxpayers who need more time to file, beyond the Aug. 15 deadline, must file their extension requests on paper using Form 4868. That’s because e-file options for requesting an extension are not available after April 18.

By filing this form, disaster-area taxpayers will have until Oct. 16 to file, though tax payments are still due by Aug. 15. Visit IRS.gov/ extensions for details.

The IRS automatically provides filing and penalty relief to any taxpayer with an IRS address of record located in the disaster area. Therefore, taxpayers do not need to

contact the agency to get this relief. However, if an affected taxpayer receives a late filing or late payment penalty notice from the IRS that has an original or extended filing, payment or deposit due date falling within the postponement period, the taxpayer should call the number on the notice to have the penalty abated.

In addition, the IRS will work with any taxpayer who lives outside the disaster area but whose records necessary to meet a deadline occurring during the postponement period are located in the affected area. Taxpayers qualifying for relief who live outside the disaster area need to contact the IRS at 866-5625227. This also includes workers assisting the relief activities who are affiliated with a recognized government or philanthropic organization.

Individuals and businesses in a federally declared disaster area who suffered uninsured or unreimbursed disaster-related losses can choose to claim them on either the return for the year the loss occurred (in this instance, the 2023 return normally filed in early 2024), or the return for the prior year (that is, the 2022 return normally filed in 2023). Be sure to write the FEMA declaration number – 4709-DR − on any return claiming a loss. See Publication 547 for details.

The tax relief is part of a coordinated federal response to the damage caused by these storms and is based on local damage assessments by FEMA.

For information on disaster recovery, visit disasterassistance.gov.

Remembering Fred Brummer, CPA

Former Rep. Fred Brummer passed away on May 1 at the age of 76. He leaves behind a legacy of public service – much of which has been devoted to his profession.

First elected to the Florida House of Representatives in 1998 from Apopka, Brummer entered with a large freshman class of Republicans. He was subsequently re-elected, was term-limited in 2006, and eventually served on the Orange County Commission – all while maintaining and practicing in his own CPA firm. Brummer’s relationship with the media led to regular sparring with his local newspaper. His conservative positions led to his rise in the House as chair of several key committees with oversight for finance, tax and commerce issues.

“Fred was a delight to work with – always, always spoke his mind but was always a team player,” said

former FSU President and Senator John Thrasher, who served as House Speaker during Brummer’s first term. “His first political loyalty was to his constituents. His independent voice for doing the right thing will be missed.”

Brummer’s service to the profession was evident through his sponsorship of many pieces of legislation affecting the CPA profession. As a licensed CPA since 1976, he was

Changes to CPA exam window: What you need to know

On April 24, the National Association of State Boards of Accountancy (NASBA) “announced the adoption of an amendment to the Uniform Accountancy Act Model Rules pertaining to the Uniform CPA Examination (Exam).”

In part, NASBA’s amendment recommends that state Boards of Accountancy extend the window for passing the CPA Exam to 30 months. Next, the Florida Board of Accountancy (BOA) will decide whether to extend our state’s window accordingly. It is important to note that until the Florida BOA

determines its position on NASBA’s recommendations, there are no permanent changes in place to the current 18-month exam window in Florida.

Separately, students, candidates and educators should be aware that a temporary extension to the exam window is already in place related to the launch of the new CPA Exam, set to take effect on Jan. 1, 2024. The Florida BOA recently passed a resolution to extend the window for those taking the new Exam. This temporary extension provides a longer period to pass all four sections.

responsible for sponsoring and supporting the successful passage and approval of many provisions in Chapter 473, Florida Statutes.

“I had the honor of working with Rep. Brummer from the day I began my career with the FICPA in 1998,” said Liberty Partners of Tallahassee President Jennifer Green. “There was never a moment he didn’t vigorously defend the CPA profession. While his public persona was tough and sometimes brash, he had a heart of gold. The state of Florida and the CPA profession has lost a man of integrity and honor.”

While we understand Rep. Brummer would not have liked this attention, the FICPA sends our sincerest condolences to his wife, Cathi, on the loss of a true statesman and public servant.

Who does this temporary extension affect?

Anyone taking one or more parts of the CPA Exam between now and Dec. 31, 2023, OR anyone with scores set to expire between Jan. 1, 2024, and June 29, 2025. Those affected will have until June 30, 2025, to pass all four sections of the Exam.

The FICPA will continue to monitor the situation and communicate any and all changes that students, candidates and educators need to know.

Welcome to our new Regional Director: Jay Propst

The FICPA is dedicated to serving our members throughout the state, and we’re excited to introduce the latest addition to our team! Please join us in welcoming your new Regional Director of Membership, serving Tampa and Southwest Florida, Jay Propst.

An alumnus of the University of Georgia, Jay comes to the FICPA with a diverse and exciting array of experience. A veteran of the professional sales industry, he previously spent time as a professional touring musician and working in the Atlanta film scene. He now loves living in Tampa, where he enjoys hiking, cycling and bird watching alongside his girlfriend, Olivia.

Those of you who have already had the opportunity to meet Jay have quickly experienced his passion and energy for developing new relationships and his excitement to meet and serve our members in the region. And if you haven’t met him yet, we encourage you connect with him on LinkedIn, as he can be a wonderful resource for you in the upcoming year.

We’re eager for all of you to get to know Jay in the coming weeks and to make him your go-to contact for all things membership and regional connectivity in Tampa and Southwest Florida!

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Learn more by visiting nicklauschildrens.org/DonorAdvisedFund or contact Greg Romagnoli, CAP® at greg.romagnoli@nicklaushealth.org or (305) 582-0137.

Nicklaus Children’s advises individuals to first consult with their personal tax, financial or legal advisor prior to setting up a donor advised fund.

One donor advised fund. Endless possibilities.

#CPAsCount: FICPA members unite to champion profession in Florida

SUELLEN WILKINS FICPA Advocacy and Political Affairs Manager

Advocating on CPAs’ behalf is the cornerstone of the FICPA’s mission, and member involvement is the driving force behind every major advancement and success for the profession since the organization was founded in 1905. Ahead of the 2023 Florida Legislative Session, FICPA members gathered virtually and in person to advocate on behalf of the CPA profession in Florida.

The FICPA on Jan. 11 held its third annual Virtual Advocacy Day, bringing members together with key lawmakers in an online format.

“I’m so glad to be with you all as we kick off our 2023 Advocacy Days to raise awareness about the CPA profession among our state lawmakers, FICPA President & CEO Shelly Weir said in her opening remarks. “At every turn, the FICPA has continued to be the voice of the CPA profession in Florida and ensures the leaders of our state listen to what you have to say.”

The Virtual Advocacy Day event included a legislative briefing from Justin Thames, then the FICPA’s Chief External Affairs Officer, and Jennifer Green, President of Liberty Partners of Tallahassee; an interactive CPA lawmaker panel featuring Rep. Mike Caruso, Sen. Joe Gruters and Rep. Cyndi Stevenson; a discussion of the CPA profession from Sen. Ed Hooper, Sen. Blaise Ingoglia, Majority Leader Ben Albritton, Rep. Stan McClain and Rep. Bob Rommel; and a Florida Economic Update from the Florida Chamber of Commerce Chief Economist Dr. Ben Tabatabaei.

“The FICPA is the voice of CPAs in our state’s capital,” FICPA Chair Julian Dozier said, “and this virtual event was filled with policymakers who can (and do) make an impact on our profession every day. We were honored to have the opportunity to meet with them about issues relevant to the CPA profession in Florida.”

On Jan. 25, the FICPA held its second full-member, fly-in advocacy event –Hike the Hill – at the Florida Capitol in Tallahassee. The event connected FICPA members with lawmakers for in-person meetings to advocate on behalf of Florida CPAs.

“Adding their voices, not only on behalf of Florida’s CPAs and CPA firms but also on behalf of the clients they serve, to the FICPA’s advocacy efforts strengthens our position among policymakers, the public whose interest we serve, and the profession nationally,” Dozier said.

In addition to legislative meetings at the Capitol, Hike the Hill included a Legislative Briefing Luncheon, during which the FICPA celebrated the members of its second Leadership Academy graduating class. The FICPA was honored to hear a keynote address from Florida Department of Business and Professional Regulation Secretary Melanie Griffin. Secretary Griffin expressed her excitement to partner with the FICPA in supporting and strengthening the CPA profession.

“The CPA profession plays an integral part in Florida’s economy,” Weir said. “Our members’ expertise and business relationships provide a unique perspective to share with policymakers. These events are a great opportunity for us to share why CPAs Count, and how they help make Florida a better place to do business.”

Photo by Jennifer Powell Photography

FICPA 2023 Legislative Session summary

J.

“CPA” AND FLORIDA STATUTES

Over the last two decades, the FICPA has consistently advocated for changes to Chapter 473, Florida Statutes, that not only made the Florida CPA regulation consistent with the principles of the Uniform Accountancy Act (UAA) – a model act and rules drafted in cooperation between the AICPA, NASBA and state societies – but also maintained the high

standards expected of the profession. Taking a deliberative approach to any changes to Chapter 473, the FICPA’s annual legislative and regulatory policies reflect longtime tenets of the profession, including opposition to a second tier of licensure, support for the protection of the integrity of the profession, and opposition to a sales tax on services.

During the 2023 Legislative Session, roughly 3,000 bills were filed for consideration.

Throughout the 60-day session, the FICPA’s internal and external Governmental Affairs Team – FICPA

President & CEO Shelly Weir, FICPA Director of Technical Services Paul Brown, Advocacy & Political Affairs Manager Suellen Wilkins, and the staff at Liberty Partners of Tallahassee – stood shoulder to shoulder, reviewing, shaping and evaluating the impact of hundreds of pieces of legislation – including several proposals that could have negatively impacted the practice of public accountancy in Florida.

Whether it is requiring an audit, a feasibility study or some other engagement performed by a CPA, the Florida Legislature has historically

held the profession in high regard and placed a level of trust in a CPA “signing off” on a statutory requirement. Many times, the FICPA assists with ensuring the proposed statutory language is drafted properly so that a CPA can perform the engagement in accordance with professional standards; but sometimes the intent of legislation is not as apparent as the words on paper. For example, in the case of SB 256, despite concerns raised by Sen. Joe Gruters during debate a in committee hearing and on the Senate floor about the cost of the proposed audit requirement

JENNIFER

GREEN, CAE, DPL President, Liberty Partners of Tallahassee, LLC

Photos by Silver Digital Media

for unions, the bill was not amended before it was signed by Gov. Ron DeSantis.

In addition to the FICPA’s advocacy teams and its State Legislative Policy, State Tax, State and Local Government, and CIRA Committees, the CPA profession is well-represented in the Florida Legislature by our three CPA Lawmakers: Sen. Gruters (R-Sarasota), Rep. Cyndi Stevenson (R-St. Johns) and Rep. Mike Caruso (R-Delray Beach). These three FICPA members are a critical voice for the CPA profession within their respective chambers and largely serve as the “resident experts” when it comes to discussions about accounting, auditing or anything required to be completed by a CPA.

HB 487 / SB 1158 — NEW INSURANCE CPE AND MANDATORY AUDIT FIRM ROTATION

Sponsored by Sen. Nick DiCeglie and Rep. Michelle Salzman, SB 1158 and its companion HB 487 were a priority of Florida’s Chief Financial Officer Jimmy Patronis. Titled “an act relating to the Department of Financial Services,” this bill largely focused on significant administrative changes to the responsibilities of Florida’s Chief Fiscal Officer and designated State Fire Marshall. Typically, this Cabinet agency’s legislative proposals would focus on changes to the key responsibilities of those entities regulated by Florida’s CFO.

But HB 487 included two provisions that caused tremendous concern for the FICPA. As filed, it proposed a statutory change to Chapter 473, Florida Statutes, that would have added a new type of CPE to the current 80 hours required across

Florida Ethics, Accounting and Auditing, Technical Business and Behavioral credits and imposed mandatory audit firm rotation for firms engaged in auditing insurance companies.

Despite the fact the Public Company Accounting Oversight Board (PCAOB) – charged with regulating publicly held company audits – has not embraced audit firm rotation for public company audits, this proposal would have changed Florida law from audit “partner” rotation to audit “firm” rotation. The FICPA’s lobbying team, along with President & CEO Weir and Board Chair Julian Dozier, immediately entered into discussions with CFO Patronis and his staff to determine the intent of these two proposed changes to the

regulation of the CPA profession in Florida.

After significant dialogue between the FICPA and the CFO’s office, the two provisions of concern were removed from the legislation. The FICPA highlighted the fact that adequate safeguards are in place regarding the qualification of a CPA completing audits of insurance companies, as Chapter 473 clearly already requires that licensees enter into engagements for which they are duly qualified. Moreover, all firms preparing audits in Florida must be enrolled in a peer review program as a condition of firm licensure renewal.

As defined in s. 624.4361(5), Florida Statutes – “Statutory Accounting Principles means

generally accepted accounting principles, except as modified by part I of chapter 625 and by rules adopted by the commission which recognize the difference between an arrangement and an insurer.” While the provision to create a new level of CPE and impose mandatory audit firm rotation for insurance company audits did not pass, the FICPA proposed a proactive partnership with the CFO’s office to develop future CPE courses related to “Statutory Accounting Principles” and to highlight the unique and specialized nature of insurance company audit engagements.

SB 1364 / HB 1333

— INTERSTATE-MOBILITY AND UNIVERSALRECOGNITION OCCUPATIONAL LICENSING ACT

Sponsored by newly elected Sen. Jay Collins (R-Tampa) and Rep. Traci Koster (R-Tampa), SB 1364 and HB 1333 were intended, in the words of the Senate sponsor, to “establish Florida as a leader in the country on occupational licensing reform.” Focused on helping individuals exiting the military apply their skill sets and certifications to the private sector, the bill would have required state licensing boards that issue certifications or occupational licenses to individuals under Chapters 455 and 456, Florida Statutes, to automatically issue certifications or licenses to individuals coming into Florida, so long as they were in good standing in their respective state.

The FICPA’s goal was to ensure the exemption for medical board certifications and CPA licenses was

Continued on page 12

Rep. Mike Caruso, Rep. Cyndi Stevenson and Sen. Joe Gruters

Continued

from page

drafted strongly enough to ensure the license mobility provisions in Chapter 473, Florida Statutes, would not be unintentionally affected. From the initial meeting with the sponsor, he indicated his intent was to exempt CPA licensure from the bill, as he recognized the importance of preserving of CPA license mobility and the regulatory scheme currently in place.

Despite the positive intent of the legislation, the bill faced a series of amendments to “carve out” other professions that also raised concerns during several committee hearings. Both bills died on the calendar but will likely be filed again during the 2024 Legislative Session.

AUTOMATIC EXTENSIONS IN A STATE OF EMERGENCY — COMING BACK IN 2024

In the wake of Florida’s Fall 2022 hurricanes, Ian and Nicole, the FICPA’s State Tax Committee worked on drafting changes to Chapters 220.222 and 212.11, Florida Statutes, to provide needed relief to taxpayers in the path of a storm.

Currently, during a state of emergency, a taxpayer must request an extension on the filing of corporate tax returns and sales tax returns. While those extensions are typically granted, the taxpayer – in advance of a hurricane or similar disaster – would need to seek the extension while trying to prepare themselves and their business for the disaster. The FICPA’s State Tax Committee’s proposed language would have allowed for an automatic extension – in a very limited circumstance

– within five days prior to the return date. The taxpayer would still be able to file the returns timely but would not have to request an extension and wait for approval while trying to prepare for the declared state of emergency. The proposal was not a tax abatement but simply a delay in the filing date.

While garnering positive feedback both from the Florida Department of Revenue and House and Senate Tax Committee Chairs, the proposed extension language faced a delay in the House, as a staff suggestion was raised to consider similar extensions for other taxes. After discussions with House and Senate leadership, the FICPA agreed to bring the language back during the 2024 Legislative Session and allow time for

the Legislature to consider a similar, automatic-extension approach to other taxes during a state of emergency.

FLORIDA BOARD OF ACCOUNTANCY CONFIRMATIONS

Gubernatorial appointments to the nine-member Florida Board of Accountancy (BOA) at the Department of Business and Professional Regulation are subject to confirmation by a vote of the Florida Senate during a Legislative Session. During the 2023 Session, the Senate unanimously approved the reappointments by Gov DeSantis of BOA members Bill Blend, CPA, Shireen S. Sackreiter (consumer member) and Brent Sparkman, CPA, for terms ending Oct. 31, 2026; Michelle Maingot, CPA, and Steven M. Platau, CPA, for

terms ending Oct. 31, 2025; and Caridad Vasallo, CPA, for a term ending Oct. 31, 2024.

$117 BILLION STATE BUDGET — CLAY FORD SCHOLARSHIP AND UNLICENSED ACTIVITY

In early fall 2022, Gov. DeSantis revealed his budget proposal, with nearly $114.7 billion in spending for FY 2023-24. The Governor’s budget included tax cuts, increased funding for state reserves and key funding for programs discussed during the 2022 campaign.

FY 2023-24 BUDGET AREA TOTALS INCLUDE:

„ Education: $27.9 billion

„ Health and Human Services: $47.3 billion

„ Criminal and Civil Justice: $6.7 billion

„ Transportation, Tourism and Economic Development: $21 billion

„ Agriculture, Environment and General Government: $11.3 billion

„ General Government: $113 billion

„ State Reserves: $10.9 billion

„ $5.3 billion General Revenue Unallocated

„ $4.1 billion Budget Stabilization Fund

„ $1.4 billion added to the Emergency Preparedness and Response Fund

„ $200 million to retire outstanding state debt

be made by law for raising sufficient revenue to defray the expenses of the state for each fiscal period.” When read along with Article III, Section 19(a), Florida Constitution, that provides for “Annual Budgeting,” the conventional wisdom is the Florida Legislature must pass a balanced budget.

The House’s budget approach was nearly $113 billion in spending authority while the Senate was at $113.6 billion – both lower than the Governor’s

recommendation of $114.7 billion. During the 60 days of Session, budget discussions permeated discussion on substantive legislation, but resulted in a FY 2023-24 budget of over $117 billion – up from the budget passed during the 2022 Legislative Session totaling $112.1 billion (the Governor vetoed more than $3.1 billion). Once he receives the budget, the Governor has 15 days to exercise his line-item veto ability prior to signing the FY 2023-24 budget.

Included in the budget is critical funding for two programs funded solely by CPA license fees – the Clay Ford Scholarship Program and funding to combat Unlicensed Activity.

Since its creation by the Florida Legislature in 1998, the Clay Ford Scholarship Program provides funding to help minority accounting students finish their fifthyear requirements to obtain a Florida CPA license. The Legislature funded this program at the statutory maximum of $200,000.

The same as in FY 2022-23, DBPR’s unlicensed activity program was funded at $2.27 million agency-wide, with proviso language allowing for “up to $100,000 from the Professional Regulation Trust Fund is provided to the Department of Business and Professional Regulation to fund unlicensed activity enforcement relating to certified public accountants.”

PLANNING FOR 2024

With the Legislature scheduled to return to Tallahassee for the 2024 Legislative Session interim committee hearings beginning in September, the FICPA’s

advocacy team will spend the next several months working with the State Tax, State and Local Government and CIRA Committees, assisting the State Legislative Policy Committee in developing the 2024 Legislative and Regulatory Policies.

2023 FLORIDA LEGISLATURE TAX PACKAGE SUMMARY

Sponsored by Sen. Blaise Ingoglia (R-Springhill), Chairman of the Senate Finance and Tax Committee, and his House counterpart, Rep. Stan McClain (R-Ocala), Chairman of the House Ways and Means Committee, SB 7062 and HB 7063 were filed to implement the promises of Senate and House Legislative leadership to provide relief to Florida families. Several other tax-related bills passed that included a total of $2.7 billion in tax relief for Floridians.

After weeks of deliberation, the final tax package:

„ Established two Back-toSchool Sales Tax holidays.

„ Established two two-week 2023 Disaster Preparedness Sales Tax holidays.

„ Expanded Freedom Week to Freedom Summer, a three-month sales tax holiday on recreational items.

„ Established the 2023 Skilled Worker Tools Sales Tax holiday.

„ Authorized sales tax-free gas stoves and energy-efficient appliances.

„ Froze local cell phone and TV tax.

„ Created permanent or broad-based tax relief for items such as baby and toddler products, hygiene products, agricultural fencing, renewable natural gas machinery and equipment, and firearm safety devices.

„ Made clarifying changes to Florida’s automatic property tax refund process for properties that are damaged and become uninhabitable.

„ Cut the business rent tax from 5.5% to 4.5% beginning in December 2023.

„ Increased the annual credit limit for the Strong Families Tax Credit from $10 million to $20 million to help provide more child welfare services in Florida communities.

„ Created a tax credit for installing greywater treatment systems on residential property.

Additional tax relief measures were passed during Special Session A, held in February 2023, immediately prior to the Regular Legislative Session that began in early March. Those provisions included SB 4A by Sen. Travis Hutson (R-St. Augustine) relating to disaster relief. This bill provided property tax refunds for the portion of the year that homes were uninhabitable due to hurricane damage from Hurricanes Ian or Nicole. SB 6A by Sen. Nick DiCeglie (R-St. Petersburg) appropriated $500 million for statewide toll relief for frequent commuters.

BOARD OF ACCOUNTANCY

WILLIAM BLEND, CPA, CFE

Bill Blend, CPA, CFE, is chair of the Florida Board of Accountancy and a shareholder of MSL CPAs & Advisors. He is a member of the firm’s Governmental Practice Group and shareholder in charge of quality control. Blend has over 23 years of public and private sector accounting experience. He has performed audits on over 30 governmental entities, including counties, municipalities, utilities, airports and special districts. Blend served in and received an honorable discharge from the U.S. Navy before earning his bachelor’s in accounting from Long Island University.

BRENT SPARKMAN, CPA, CFF, CITP

Brent Sparkman, CPA, CFF, CITP, is vice chair of the Florida Board of Accountancy and a senior partner and shareholder of Carr, Riggs & Ingram in the Tallahassee office, responsible for the firm’s government consulting with the state of Florida; corporate and individual matters; developing related firm policies and procedures; and ensuring client satisfaction. Sparkman, a Florida native, was born in Tampa and raised in Tallahassee, graduating from Florida State University with a bachelor’s in accounting and a degree in finance, cum laude. He is the proud father of two sons and in his spare time enjoys the outdoors.

WILLIAM G. BENSON, CPA

Bill Benson, CPA, is the managing partner in the CPA firm of Keefe McCullough, LLP, in Fort Lauderdale. Benson joined the firm 37 years ago and has been a partner for the past 30 years. He is the partner in charge of the governmental, not-for-profit and educational divisions, which provide accounting, auditing and consulting services. He is a graduate of Washington and Lee University in Lexington, Virginia, with a bachelor’s in business administration and accounting, with special attainments in commerce. He and his wife of 35 years, Sharon, reside in Plantation; they have two children and three grandchildren.

TRACY L. KEEGAN

Tracy L. Keegan most recently served as president, CFO and director at BankFlorida, a $90-million franchise in Jupiter recently sold to a private investor. With close to 30 years of experience, Keegan has held significant senior executive officer and director roles and has extensive experience in starting, recapping and growing financial organizations from the de novo stage to amassing more than $6 billion in assets. Keegan holds a bachelor’s degree in accounting.

JASON LAFSER, CPA, CFE

Jason Lafser, CPA, CFE, is the tax managing director for BDO USA, LLP. He focuses on business management consulting as well as tax planning and preparation for commercial businesses and individuals. Jason has over 15 years of public accounting experience in the health care industry. Jason centers his public accounting practice on the health care and professional services industries, with an ancillary focus on real estate. Jason earned his master’s in business administration from the University of North Florida and his bachelor’s in accounting from Murray State University.

MICHELLE MAINGOT, CPA

Michelle Maingot, CPA, is an audit partner with Ernst & Young and the leader of the firm’s Florida and Puerto Rico audit practices. She has more than 25 years’ experience serving a variety of mid- to large-sized companies, specializing in SEC-registered companies. She has extensive experience auditing companies with high-volume, low-dollar transactions and a strong background in accounting for leases and real estate transactions and with multi-location and international businesses. She graduated from Florida State University with a bachelor’s in accounting and lives in Tampa with her husband, Chris, and their three children.

STEVE PLATAU, CPA, J.D.

Steve Platau, CPA, J.D., is an accounting professor at the University of Tampa, where he has served on the faculty since 1984. He is the immediate Past Chair of the Florida Board of Accountancy. He is a principal consultant to the CNA Insurance Companies, providing loss control programs to CPA firms nationally. Platau’s business experience includes time with two of the “Big 5” international accounting firms, private law practice and industry accounting, along with financial interests in several hospitality businesses. Steve earned his bachelor’s and master’s degrees in accounting from The Ohio State University and his juris doctorate from the University of Cincinnati.

SHIREEN SACKREITER

Shireen Sackreiter is the Tallahassee office managing director for Accenture, a multinational management consulting, technology services and outsourcing company. She has spent her entire career at Accenture, working for public sector clients throughout North America, with a focus on Florida. Sackreiter has an extensive background in the design and delivery of large system integration engagements across a variety of industries in state and local government. Sackreiter is a Florida native and graduated from Florida State University. She lives in Tallahassee with her husband, John, and their daughters, Lauren and Jaclyn.

CARIDAD VASALLO, CPA

Caridad “Carey” Vasallo is a partner at VMBG Accounting and practice leader for the firm’s Consulting Services division. With over a decade of experience providing litigation support services, Vasallo specializes in assisting high net-worth individuals in marital dispute cases and business valuation matters. Under her direction, the practice has been listed on the South Florida Business Journal’s Top 25 Litigation Support Accounting Firms. Vasallo serves on the FICPA Scholarship Foundation Board of Trustees and has served on the Miami-Dade Advisory Board for the 13th District; the FICPA Board of Directors and Council; and the Florida Bar Grievance Committee for the 11th Judicial Circuit Court.

Draft Pipeline Acceleration Plan

AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS

[Editor’s Note: On May 18, the AICPA released an expanded 12-point plan, adding to the printed draft plan below.]

The accounting profession is grappling with a talent shortage. Many professions are facing the same issue, driven by factors including shifting workforce demographics and rising education costs. But sharing the problem doesn’t lessen the pressure.

Clients ranging from governments to nonprofits to small businesses and beyond rely on CPAs to perform critical work. Ensuring that a steady supply of qualified accountants is ready to meet the demand is essential. Meaningful, quick action is needed.

The FICPA, along with other state CPA societies, the AICPA, firms, academia, state boards of accountancy and their organizing body, the National Association of State Boards of Accountancy (NASBA), and others are working together on profession-wide, multi-stakeholder efforts to attract students to the accounting profession, prepare them for licensure, and ready them for careers in accounting.

As a subset of the broader work, the AICPA has drafted an action plan for addressing certain root causes of pipeline issues. The plan is designed to maintain rigor while increasing flexibility for CPA candidates. It’s also intended to drive quick results and lasting progress. It should be viewed as an action plan that is a piece of a comprehensive effort.

AICPA’s intent is to offer solutions in areas including attractiveness of the profession and the cost and time for licensure. The AICPA is also calling on firms to ensure that work is both welcoming and rewarding for all.

Here’s an overview of the Draft Pipeline Acceleration Plan:

1. AICPA-NASBA EXPERIENCE, LEARN & EARN PROGRAM (ELE)

The initiative blends work, experience and online courses for the final stretch of credit hours and a focus on licensure. The AICPA and NASBA program would provide university students on a CPA career pathway an opportunity to work at a firm and gain a mix of work experience, study time and affordable college credit hours. Students will be eligible after completing a bachelor’s degree and core accounting courses and before achieving 150 credit hours of education. The program is not an internship or an apprenticeship. The graduates are first-year staff with a reduced workload and time to complete the additional credit hours they need to reach the 150-hour requirement. CPA firms of any size and practice type could choose to recruit entry-level hires into the program.

The program’s online learning will be priced at or below the average cost of a community college credit. It will be customizable to the number of credits students need, since many students graduate with more than 120 credit hours. The courses will be based on skills and competencies needed by first-year staff.

The program will launch as a pilot in Fall 2023 with up to 1,000 students and a single university partner to

allow for a rapid start and needed testing of the model. Proposals from universities interested in the next phase will be sought this summer. Outreach to firms about participation is beginning now.

An advisory group of leaders from state societies and state boards of accountancy is helping to shape ELE state outreach and materials.

Goals of the program include increasing access to and affordability of entry into the profession for a diverse pool of candidates. The program will benefit both candidates and firms by recruiting more students into the pipeline and helping them reach their CPA licenses.

2. HIGHLIGHTING SUCCESS STORIES

This awareness campaign will focus on how the additional 30 credit hours required for licensure can best be used to increase career readiness. Firms of all sizes told the AICPA in a recent survey what the key first-year skills and competencies are. Their responses are helping define the ELE Program coursework while also informing this awareness campaign. The campaign will also do some myth-busting around the 30 hours of education needed to become a CPA. Working within guidelines set out in the Uniform Accountancy Act (UAA) and with an eye toward the revised CPA Exam in 2024, candidates are developing competencies needed to succeed in an ever-more complex business environment. Campaign materials spotlighting success stories and firm data that can guide other students will begin rolling out in the second quarter of 2023.

3. ADDRESSING THE 18-MONTH EXAM WINDOW

Qualified candidates may be unable to complete all four parts of the exam within 18 months for numerous reasons. Working with NASBA, the AICPA is exploring what changes are needed to keep students progressing to licensure while ensuring the window isn’t shutting out qualified candidates. (Editor’s note: See Page 20 to learn more about NASBA’s recent amendment to the UAA Model Rules, recommending that state boards of accountancy extend the window for passing the CPA Exam to 30 months.)

4. TACKLING INCONSISTENCIES IN STATE LICENSURE PATHWAYS

When inconsistencies in state regulations result in candidate confusion and frustration, we all lose. Minimizing unneeded differences in requirements will smooth out bumps in the journey to licensure. The AICPA completed state-by-state research in January that revealed differences in experience requirements, as well as requirements for recommendation letters and candidate submissions of experience “portfolios.” Collaboratively, stakeholders will assess these identified differences, and jointly develop an action plan for 2024 state legislative sessions (and beyond) to tackle either regulatory changes, legal changes, or both.

5. REVVING UP HIGH SCHOOL AND COLLEGE EFFORTS

Accounting stakeholders are working to spark a new era of engagement with students about the

opportunities and value of a career in accounting. This is a critical step toward energizing interest in the profession. Effective communication efforts must be paired with pipeline building activities at the high school and college levels.

The AICPA is developing a high school education strategy that includes dual-credit course options that allow high school students to earn college credit and is also researching an AP accounting course. The goal of the strategy will be to raise awareness and interest in accounting and the CPA profession while streamlining the educational process.

To maximize ongoing communications, the AICPA will leverage recent Center for Audit Quality (CAQ) research for improved messaging to students and teachers promoting accounting and the CPA profession. This includes developing an awareness campaign strategy that messages students directly and promotes accounting and the CPA profession. This work will align with the CAQled Accounting+ initiative. Accounting+ (See Page 22) is a multi-year branding and persuasion campaign designed to elevate the image and attractiveness of accounting among Black and Hispanic or Latino student populations.

At the college level, the AICPA’s 2023 plan includes strategy development in three key areas:

„ Improving the curriculum and delivery of introductory to accounting courses

„ Providing relevant information and resources to inform teaching and research

„ Promoting accounting and the CPA profession to online universities, Historically Black Colleges and Universities (HBCUs), Minority Serving Institutions, and their students

And, notably, in partnership with stakeholders including firms, colleges and universities, the AICPA will provide a fresh data-driven look at the profession’s pipeline and firm hiring via the 2023 Trends Report. The report, due out mid-2023, outlines trends in U.S. accounting program enrollments and graduates, as well as hiring in the public accounting sector, and provides select information about CPA Exam candidates.

6. WIN STEM RECOGNITION FOR ACCOUNTING

Interest in professional careers starts with exposure and awareness. And one fact that may surprise and intrigue the next generation of the workforce is that the accounting profession is increasingly about technology. The AICPA and state CPA societies are working diligently to win recognition of accounting as a STEM field under the technology banner. Legislation introduced in

Continued on page 18

“This package of initiatives is designed to better position students and the system for success, through the collaborative work and input of key stakeholders.”

Continued from page 17

2021 would allow STEM K-12 grant funding to be used for accounting awareness and education, with a focus on increasing access to underrepresented groups.

At the higher education level, the profession can work with colleges and universities to expand their accounting curricula to include additional technology-focused courses to meet the profession’s current and future needs.

7. SHIFT AICPA FOUNDATION FUNDING TO FOCUS ON CPA CANDIDATES

The AICPA Foundation has agreed to shift its focus to students who plan to pursue CPA licensure or those who are currently CPA candidates. The Foundation, which is projected to award more than $2 million in scholarships and grants in 2023, will assist individuals with financial needs through a variety of scholarship programs. An estimated

61% of grants and scholarships are expected to go to diverse populations. When viewed collectively, the combined giving of the Foundation, state societies and firms is helping to make the pursuit of a CPA more affordable for more candidates.

8. ENGAGE THE SYSTEM OF STAKEHOLDERS IN SOLUTIONS

The CPA pipeline decline is the result of many factors, ranging from lower college enrollment and higher costs to the expense of exam preparation to the disconnect of starting salaries from new market realities. The AICPA is calling on all stakeholders to assess and address the environmental forces deterring individuals from pursuing a CPA career. This includes meetings between AICPA leaders and regulators this spring, and a continued dialog with firms about the need for evolving their business models and heightening their attractiveness to young talent. While there is no silver bullet for solving the talent shortage, this

package of initiatives is designed to better position students and the system for success, through the collaborative work and input of key stakeholders, including the FICPA. This plan will continue to grow and evolve through this phase of ongoing discussion, and implementation will become even more impactful through input from key stakeholders. The best steps to solve the profession’s talent shortage are steps we take together.

Property Tax Relief for Hurricane Ian or Hurricane Nicole

JOHN HARRELL

Tax Law Specialist, Property Tax Oversight, Department of Revenue

In 2022, two major storms, Hurricane Ian and Hurricane Nicole, hit Florida with severe inland flooding and coastal damage. Hurricane Ian made landfall on Florida’s west coast on September 28. Hurricane Nicole made landfall on Florida’s east coast on November 10. In the wake of these storms, Gov. DeSantis, the Department of Revenue (Department) and the Florida Legislature initiated measures to provide property tax relief for property owners affected by the storms.

In December 2022, a special legislative session enacted chapter 2022-272, Laws of Florida (L.O.F.), creating sections 197.3181 and 197.3182, Florida Statutes (F.S.). Section 197.3182, F.S. suspends specific tax deadlines for real property destroyed or rendered uninhabitable by Hurricane Ian or Hurricane Nicole. The statute extends the delinquency date for unpaid property taxes and non-ad valorem assessments levied in 2022 from April 1, 2023, to June 1, 2023, for these properties. Based on this extended delinquency date, the statute further extends all dates, time periods and associated provisions relative to the collection of delinquent taxes and non-ad valorem assessments, including but not limited to the sale of tax certificates.

Section 197.3182, F.S. also extended deadlines governing discounts for payment of all taxes assessed on the county tax rolls and collected by the tax collector. The statute provided a discount to property owners depending on when they paid their property taxes.

„ Property owners received a 4% discount when they paid in November 2022, December 2022 or January 2023.

„ They received a 3% discount in February 2023.

„ Those who paid their taxes in March 2023 and April 2023 received a 2% discount and a 1% discount, respectively.

„ There is no discount for payment in May 2023.

The statute provided additional deadlines governing property taxes prepaid in installments. The discounts applied to those payments are suspended and extended for 60 days. Section 197.3182, F.S., operates retroactively to Jan. 1, 2022, and will expire Jan. 1, 2024. Property owners submit property tax payments to their county tax collectors.

Section 197.3181, F.S., authorized property tax refunds for residential improvements rendered uninhabitable for at least 30 days by Hurricane Ian or Hurricane Nicole and provided procedures and requirements to receive a refund. Eligible property owners must have filed an application for refund with their county property appraiser on Form DR-5001, Application for Hurricane Ian or Hurricane Nicole Tax Refund, no sooner than Jan. 1, 2023, and no later than April 3, 2023. Section 197.3181, F.S., applies retroactively to Jan. 1, 2022, and will expire Jan. 1, 2024.

“The statute extends the delinquency date for unpaid property taxes and non-ad valorem assessments levied in 2022 from April 1, 2023, to June 1, 2023.”

The Link Between CPA Mobility and the 150-Hour Requirement

In 1983, Florida became the first state to enact the 150-hour requirement. It took another 33 years, until 2016, to achieve full CPA mobility in all 55 states and territories.

DAN DUSTIN

Vice President, State Board Relation, NASBA

MARTA ZANIEWSKI

Vice President, State Regulatory and Legislative Affairs, AICPA

How has the 150-hour education requirement changed the CPA profession?

The requirement was part of an effort to evolve accounting from a trade to a profession. It also was a key factor in the passage of uniform mobility legislation, which generally permits a licensed CPA in good standing from a substantially equivalent state to practice outside of their principal place of business – in person or virtually – without obtaining multiple licenses in other states or jurisdictions.

If CPAs are going to practice across state lines, there has to be some agreement on the rules for entry into the profession, and it took many years to forge that agreement.

For example, in the 1950s, only three jurisdictions required a college degree to become a CPA, and it wasn’t until 1983 that Florida became the first state to enact the 150hour education requirement. By the end of the 1990s, 18 jurisdictions had passed the requirement. That number jumped to 48 when the first decade of the 2000s came to a close. By 2016, it was 55. (See map above.)

When it was finally achieved, CPA mobility was a revolutionary change for practitioners and the wider range of clients they are now able to serve.

Prior to securing national CPA mobility, there were hurdles to cross-border practice that drove inefficiencies and raised questions regarding practice rights.

THREE FOUNDATIONAL ELEMENTS

To understand the 150-hour requirement’s vital role, it’s important first to look more closely at some of the key concepts involved.

Substantial equivalency is a concept developed to allow licensed CPAs to practice across jurisdictions and to set a minimum level of competency to enter the profession. It was introduced in 1997 in the third edition of the Uniform Accountancy Act (UAA). Jurisdictions are considered substantially equivalent when they have

licensing requirements that are essentially equivalent to those outlined in the UAA (150 hours of education, a minimum one year of experience, and successful completion of the Uniform CPA Examination).

Individual mobility legislation allows CPAs in good standing, who are licensed in jurisdictions with substantially equivalent laws and regulations, to practice outside their jurisdictions without obtaining a license with each new board of accountancy. Just as drivers can travel from state to state without showing a license or getting one in each state, CPAs who meet mobility requirements can do the same. They can perform services in person or via telephone, mail or electronic means. They are subject to the jurisdiction and

disciplinary authority of the boards of accountancy in the states in which they practice and to local laws and rules. They must also cease practice in other states if their license is no longer valid in their home state.

In addition, CPA firm mobility lets CPA firms in many states provide all services, including attest, across state lines as long as they meet certain requirements.

With its focus on substantial equivalency, mobility is thus built on the three foundational elements of the profession’s licensing model: Passage of the Uniform CPA Examination, along with minimum levels of education and experience. States’ concurrence on one, consistent level of required education – 150 semester hours of undergraduate and/or graduate-level studies – is one critical element in establishing substantial equivalency and maintaining CPA mobility.

SUSTAINING CPAS’ REPUTATION AND RELEVANCE

Let’s look more specifically at some trends that make this level of education so critical, not only as an element of CPA mobility but also in maintaining the profession’s reputation and relevance.

Technology has made it possible for CPAs to build thriving practices that stretch across the country. Even those who serve only local clients may live within large metropolitan areas that encompass more than one state. Without CPA mobility, these practitioners would need to address the administrative requirements for maintaining a license in numerous jurisdictions with varying rules, including the completion of continuing education requirements in ethics and other areas in some or all those states.

Mobility, and the 150-hour requirement that makes it possible, solved that problem. If a state or jurisdiction were to lower its licensure requirements, its CPAs would no longer have credentials that are substantially equivalent to other states and jurisdictions, so these professionals would lose existing mobility and reciprocal practice privileges.

A robust education requirement also reflects where the profession is today and where it is headed. Many manual tasks once performed by entry-level accountants are now handled by technology. Client needs are also shifting, and demand is growing for deeper business acumen from practitioners to address complex challenges.

A STRONG FOUNDATION

The 150-hour requirement equips entry-level CPAs for the demands of their new careers and the emerging challenges they will face. Since the 150-hour education requirement was mandated in most states and jurisdictions around the year 2000, the breadth of knowledge that CPAs require has grown exponentially and continues to grow. At the most basic level, the volume and complexity of standards and regulations are much greater as well.

But those who worked hard to pass the 150-hour requirement, including the Florida Institute of Certified Public Accountants, were also advocating for accounting graduates to have a wider range of knowledge, stronger communication and intellectual skills, and enhanced management and leadership abilities. They believed, in addition to passing the rigorous CPA Exam, accounting professionals also needed a solid educational background that enhanced their business and analytical skills. Additional

formal education enables new professionals to learn more of the skills required before entering professional practice, giving them a comprehensive foundation at the onset. In a recent poll, the AICPA asked accounting firms what skills and competencies beyond core accounting courses are most valuable for first-year hires to obtain. Soft skills and data analysis topped the list.

More advanced education requirements also establish that CPAs belong to a profession rather than a trade, a crucial factor to continue to attract the best and brightest talent.

PIPELINE CONCERNS

It is true that after many years of strong enrollment in undergraduate and graduate accounting programs, the current rate of students entering the pipeline has slowed. This is due to a variety of factors, including declines in birthrates and in overall college enrollment. The CPA profession is not the only one affected by these trends. Other professions – including engineers, architects and attorneys – are facing similar pipeline challenges, and they are not changing their educational requirements. In fact, the CPA profession’s mobility model is the gold standard for many other professions. The accounting profession mobility model has been noted by Federal Trade Commission staff as a model done right. It has also served as a defense against anti-licensure think tanks that threaten professional licensure.

On April 21, 2023, The National Association of State Boards of Accountancy (NASBA) Board of Directors voted to adopt an amendment to UAA Model Rule 5-7. The amendment increases the length of conditional credit from 18 months to 30 months, bases the calculation

of conditional credit for Exam sections passed on the date that scores are released, and adds descriptive language to provide greater clarity for when boards of accountancy may extend conditional credit. Each board of accountancy may consider the amendment to the Model Rule 5-7 and, if they so choose, commence a process to change the rules at the state level. Current Exam candidates remain under existing rules until, if and when, the board to which they applied makes changes.

Additionally, NASBA’s Computer-Based Testing Administration Committee Pipeline Task Force is exploring the concept of reinstating CPA Exam credits that have expired, especially for students who saw their studies disrupted by COVID-19. Any proposal would need to be reviewed and considered for adoption by each U.S. Board of Accountancy. Such a program could allow for the reinstatement of credit for more than 15,000 CPA candidates.

The AICPA is working with key stakeholders including state societies, state boards, NASBA, firms and educators to implement and expand its Pipeline Acceleration Plan, a series of short, medium and long-term efforts to address the root causes of pipeline issues. (Editor’s note: Read more on Page 16).

LOOKING AHEAD

The 150-hour requirement has clearly enhanced opportunities to serve clients wherever they may be located. Going forward, supporting the education requirement is one vital component to maintaining the many advantages of mobility and preparing professionals for a complicated business environment.

Changing the Narrative for the Next Generation of Diverse Accountants

Accounting is more than just crunching numbers in a cubicle. And while those of us already in the field know this is a dynamic profession capable of providing endless opportunities for growth, career advancement, and personal fulfillment, not everyone is aware of this. Let’s face it, accounting has a branding problem that has exacerbated a critical pipeline challenge.

The post-Millennial generation –now in the workforce – is the most racially diverse population in the U.S., continuing a decades-long trend in the country. Although not an issue unique to accounting, there is a significant gap between demographics in the U.S. as a whole and within the ranks of accountants. Stagnant representation in accounting for many groups, particularly for those identifying as Black or Latino, has persisted for decades. This issue did not happen in one day, and it will take a long-term, collective effort to address.

With this in mind, the Center for Audit Quality (CAQ) launched Accounting+, a campaign to help students understand the benefits and possibilities of a career in accounting. The CAQ’s vision is simple: “Our goal is to create a more inclusive and diverse accounting profession that better reflects the communities it serves,” said Liz Barentzen, Vice President of Talent Initiatives at the CAQ. “Through Accounting+, we are engaging the next generation of accountants, particularly those from underrepresented minority groups.”

Accounting+ is a first-of-its-kind, multi-year, nationwide campaign tackling the diversity challenge in accounting. Accounting+ has garnered broad support from national accounting firms, non-profit and public sector partners, and state CPA societies, including the Florida Institute of Certified Public Accountants. Built on six months of quantitative and qualitative research, the campaign is deploying dynamic, tailored resources to students on

the benefits a career in accounting offers and how to enter the field by reaching them where they are – in classrooms and on social media.

The CAQ’s market research found substantial openness to accounting as a profession, with 52% of Black and 48% of Hispanic students expressing an interest in accounting as a major. The campaign is focused on translating that openness into a diverse pipeline of accountants.

Personal connections – like parents, other family members and mentors –were cited as critical for influencing career paths and providing exposure to the profession. In fact, 75% of current accounting majors personally know an accountant. But sometimes sharing your personal story isn’t enough.

“When people speak from their own experiences about why being an accountant is an excellent career choice, it has traditionally been about stability or the idea of making a lot of money or long-term earning

has generated nearly

1 BILLION IMPRESSIONS

through its digital-first campaign

and has generated

MILLION WEB

2.6

VISITS by students on their website

potential. That all might be true, but it might not necessarily land with a student who has different motivations,” Barentzen explained.

Since its launch in January 2022, Accounting+ has generated nearly one billion impressions through its digital-first campaign, and the Accounting+ website has been visited more 2.6 million times by students. These are important touchpoints in the journey students take when picking a major and a career path, but they are just one part of the Accounting+ campaign’s strategy to diversify the pipeline.

The campaign leverages social media platforms to engage students where they spend their time, and partners with influencers, including Los Angeles Rams football player Bobby Wagner and rapper Futuristic. A partnership with EVERFI, a leading school curriculum provider, is delivering innovative digital accounting resources to students in more than 1,000 high schools across the country in 2023 before expanding to 3,000 schools in 2024. The innovative campaign, combining recognizable social media influencers and proven subject matter expertise, is reframing how students see accounting.

Continued on page 24

Initial feedback from this pilot also resulted in:

77%

of students reported they would be at least somewhat likely to agree accounting majors have interesting work after watching the videos (compared with 55% prior to watching the videos)

50%

of students reported they would be at least somewhat likely to major in accounting after watching the videos (compared with 33% prior to watching the videos)

Continued from page 23

Our website, www.joinaccountingplus.com, is where students reached through organic and paid campaigns can access tailored content that drives awareness and consideration and ultimately offers concrete steps towards becoming an accountant.

Since its launch, the campaign has delivered nearly one billion engagements with students throughout the year. In addition to 2.6 million website visits, more than 22,000 students signed up to learn more. The result? A 21% increase in consideration of accounting as a career.

The partnership with EVERFI resulted in more than 1,600 teachers using Accounting+ content in their classrooms across more than 1,200 schools, many of which are majority minority. Adding fuel to these numbers, the effort has partnered with the National Association of Black Accountants (NABA) to capture inspiring stories of Black accountants.

In a pilot project with the American Accounting Association (AAA), more than 500 students in introductory college accounting courses were surveyed about their perception of accounting before and after exposure to educational videos developed for Accounting+. Highlighting how former students have used their accounting degree to pursue paths in entrepreneurship, civic engagement and technology, the program showed promising results for the campaign to attract more diverse talent.

Accounting+ is a bold and innovative campaign that is changing the face of the accounting profession by increasing diversity and promoting equity and opportunity. By providing resources and support for underrepresented minority students, Accounting+ is helping tear down barriers to create a more inclusive profession. The success of this campaign will ultimately depend on the commitment of individuals, organizations and institutions throughout the accounting profession to actively engage and support diverse talent.

THE 5 BEST Digital Marketing Strategies for 2023

ADAM DEGRAIDE CEO, Anthem

CPA firms have come to realize that digital marketing is essential in not only attracting new customers but also retaining existing customers. The challenge is that there are so many moving pieces to manage when it comes to digital marketing that many of these firms have had to hire five to 10 vendors just to make it work. This drain on time and resources can lead to a fragmented strategy.

The best CPA firms have figured out a way to tie it all together, with as few moving pieces as possible. Here are five digital marketing strategies a top-tier CPA firm must employ in 2023.

SEARCH ENGINE OPTIMIZATION (SEO)

It is imperative that you optimize your website and content for search engines to rank your website higher in their results. Using relevant keywords and providing useful information to your target audience helps build your branding with search engines.

„ Increased website traffic: By optimizing your website for search engines, you can increase the amount of organic traffic that your website receives.

„ Improved user experience: SEO improves the overall user experience of your website, including its speed, usability and navigation.

„ Higher conversion rates: By optimizing your website for targeted keywords, you can attract visitors who are more likely to be interested in your products or services.

„ Cost-effective marketing: SEO does not require you to pay for advertising or other forms of paid promotion. Instead, you can focus on improving your website’s visibility and attracting organic traffic.

„ Long-term results: SEO is a strategy that can provide lasting results, unlike other forms of marketing that may only provide short-term benefits. By consistently optimizing your website and creating high-quality content, you can continue to attract visitors and improve your search engine rankings over time

CONTENT MARKETING

Creating informative and engaging content that addresses your clients’ pain points and educates them on accounting and tax matters is a must. Share your content on your website, social media channels, and email newsletters. The benefits of content marketing are numerous.

„ Building brand awareness: By consistently creating and sharing valuable content, you can build a strong online presence and increase brand awareness with your target audience.

„ Improving search engine rankings: Search engines favor websites that have high-quality relevant content. Publishing on a regular basis can improve your website’s search engine rankings and attract more organic traffic.

„ Increasing website traffic: Attract more visitors to your website and increase the chance of converting them into clients.

„ Generating leads: Attract potential clients who are interested in your products or services and convert them into leads.

„ Establishing credibility and authority: Position your business as a thought leader in your industry and with your target audience.

„ Increasing engagement: Content marketing can help increase engagement with your audience through social media, email marketing, and other channels.

“The best CPA firms have discovered that this blended strategy can produce great, achievable results if they laser focus their efforts.”

Build a strong presence on social media platforms such as LinkedIn, Twitter, and Facebook. Share updates about your services, industry news, and engage with your followers to build trust and credibility. Use email newsletters to stay in touch with your clients and share updates on tax law changes, accounting tips, and industry news. Email marketing is:

„ Cost-effective: Reach a large audience compared to other traditional marketing channels like print, radio, or TV advertising.

„ Targeted: Identify your audience based on their interests, location, behavior, and demographics.

„ Measurable: Track metrics like open rates, click-through rates, conversion rates, and revenue generated. This enables businesses to optimize their campaigns and improve their return on investment (ROI).

„ Personalized: Customize messages based on the recipient’s name, preferences, behavior, and purchase history. Personalized emails have higher open and clickthrough rates than generic emails.

„ Automated: Send targeted, personalized emails at the right time, based on the recipient’s behavior and preferences. This can save time and resources and improve the effectiveness of email campaigns.

„ Good for your brand: Build brand awareness and loyalty by providing valuable content, promotions, and updates to subscribers. This can improve customer engagement and lead to repeat business and referrals. Use paid search and display ads to target potential clients and drive traffic to your website. Focus on relevant keywords, demographics, and location targeting to reach your target audience.

As you can see, there is a lot to do, and these strategies cannot be ignored or pushed to the side. The best CPA firms have discovered that this blended strategy can produce

great, achievable results if they laser focus their efforts, with as few vendors and employees as possible.

The good news is that there are many quality options and agencies that can roll all of these items together into a package that makes digital marketing easier to manage, more cost-effective, and ultimately more profitable. When you can find a company that offers lead management, pipeline management and marketing automation in a software platform, you’ll be able to double down what is working and fix what isn’t.

Now that’s a digital marketing strategy for 2023. Here’s to a great year for all of us. STRATEGIC

Top IRS Tips for Safeguarding Taxpayer Data

COAXIS

Every tax professional in the United States — whether at a major accounting firm or an individual practice — is a potential target for sophisticated, well-funded and tech-savvy cybercriminals worldwide, the Internal Revenue Service (IRS) warns. Why? Because CPAs have access to significant amounts of confidential financial and personal client information.

And, as the use of technology to access that data increases, so does the risk to taxpayers, according to the Association of International Certified Professional Accountants (AICPA). It cites an 80% increase in reported data breaches of CPA firms between 2014 and 2020.

To address this growing threat, data protections are among three new tax standards proposed by the AICPA and scheduled to take effect on Jan. 1, 2024. Specifically, Section 1.3.4. of AICPA’s Statements on Standards for Tax Services reads: “A member should make reasonable efforts to safeguard taxpayer data, including data transmitted or stored electronically.”i

This new standard offers a few broad suggestions such as using virtual private networks (VPNs), strong passwords and firewalls; but ultimately, it expects members to customize their data protection efforts based on their particular facts and circumstances.

The IRS has also elevated its warning for tax professionals to be on guard against new and ongoing cyberthreats, launching an information campaign focused on five fundamental tips to help protect their firms and taxpayers from data theft.

IRS TAX TIP #1 Encourage Clients to Sign Up for Identity Protection PINs

The IRS Electronic Tax Administration Advisory Committee describes the IP PIN as “the number one security tool currently available to taxpayers from the IRS. This tool is the key to making it more difficult for criminals to file false tax returns in the name of the taxpayer.” The IP PIN is a six-digit number known only to the taxpayer and the IRS. CPAs cannot obtain an IP PIN for their clients, who

instead have to verify their identities directly to the IRS. The easiest way for them to do so is at visiting “Get an IP PIN.”ii

IRS TAX TIP #2 Avoid Spear Phishing Scams

This is one of the most successful tactics cybercriminals use against CPAs. Posing as a potential client, they craft personalized email conversations that eventually entice the tax professional into opening an embedded link or attachment that secretly downloads software that gives the thieves remote access to their computers and systems.

IRS TAX TIP #3 Know the Tell-tale Signs of Identity Theft

Many tax professionals who report data thefts to the IRS missed the clues that a theft had occurred. Signs to watch for include multiple clients suddenly receiving IRS letters requesting confirmation that they filed a tax return, seeing e-file acknowledgements for far more tax returns than they filed, and computer cursors that seem to move on their own.

When an identity theft issue occurs, the IRS encourages CPAs to notify them immediately and also contact cybersecurity experts to assist with determining the cause and extent of the loss. Tax professionals can also stay up to date on the latest threats, scams and other news by registering for the IRS’ Quick Alertsiii and e-News for Tax Professionals.iv

IRS TAX TIP #4 Help Clients Protect Themselves when Working from Home or Traveling

With work-from-home and hybrid workplace policies becoming more commonplace, taxpayers may find themselves conducting their financial affairs in a different way. CPAs can help clients protect themselves by providing basic tips on computer security, such as using two-factor authentication and secure VPNs. Cyber-smart tactics can protect both the taxpayer and the tax preparer.

IRS TAX TIP #5 Create a security plan

There are many aspects to managing a successful CPA firm, including reviewing tax law changes, staying current with software updates and providing staff training. One often overlooked but critical component is creating a security plan. More than just a best practice, federal law enforced by the Federal Trade Commission requires all professional tax preparers to create and implement a written data security plan.

Continued on page 30

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• Private Hosted Environment Customized for Sole Proprietor CPAs

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Continued from page 28

The IRS has joined with software developers, payroll and financial tax product processors, tax professional organizations and financial institutions, and state tax administrators to protect taxpayers and counter evolving criminal tactics. Known as the Security Summit, the group recom mends a Written Informa tion Security Plan (WISP) to protect businesses and clients while providing a blueprint for action in the event of a security incident. Having a WISP also helps CPAs respond to other situ ations that can disrupt their ability to conduct normal business such as fire, flood and other natural disasters ranging from hurricanes to tornados.

An effective WISP should focus on employee management and training, information systems and detecting and managing system failures. There is no one-sizefits-all solution. Instead, a WISP should be appropriate for a company’s size, scope of activities, complexity and the sensitivity of the customer data it handles. For instance, a sole practitioner can use a more abbreviated and simplified plan than a 10-partner accounting firm.

Defending against the threat of cyberattacks can seem like an overwhelming proposition. Cybersecurity firms like Coaxis can help ease the burden with a multi-pronged approach that covers the following:

includes protecting both hardware and software assets such as end-user devices, data center resources, networking systems and cloud resources.

2. EMPLOYEE TRAINING, POLICIES AND PROCEDURES

Employees are considered the weakest link when it comes to cybersecurity. An organization can have the gold standard in IT infrastructure protections but still be vulnerable if an employee falls victim to social engineering and inadvertently clicks on a malicious link or responds to a fraudulent email.

3. ANNUAL CYBERSECURITY AUDITS

These are designed to provide an in-depth assessment of an organization’s ability to defend itself against cyberattacks and detect vulnerabilities that can pose a threat.

4. PENETRATION TESTING

Commonly known as ethical hacking, this involves authorized “white-hat hackers” who deploy current methods and tactics used by cybercriminals to determine if an organization’s IT infrastructure can withstand a similar attack in real life. Conducted monthly, it provides a proactive element that complements annual security audits.

(i) www.journalofaccountancy. com/issues/2022/dec/ proposed-aicpa-tax-standardsaddress-new-concerns.html

(ii) www.irs.gov/identity-theft-fraudscams/get-an-identity-protection-pin

(iii) www.irs.gov/e-file-providers/ subscribe-to-quick-alerts

(iv) www.irs.gov/e-file-providers/ join-e-news-for-tax-professionals

Coaxis Hosting is an endorsed program for the FICPA that provides CPA firms with a fully hosted and managed network solution designed to remove the complexities of federal and industry compliances, curb the demands of maintaining an IT infrastructure, and greatly minimize the threat of cybercrime. It owns and operates a private single-tenant data center built, operated and maintained to strict ANSI/TIA-942 Site - Rated 3 standards. In addition, the company’s services are compliant with GLBA, HIPAA HITECH, CJIS, and an Industry Audit SOC 2 Type 2- Unqualified Audit Opinion. Coaxis also partners with SXIPHER, a leading ethical hacking company that supports clients in shifting from a defensive to an offensive posture by providing in-house penetration tests.

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The Mandatory Amortization of Section 174 Expenses: What CPAs Must Know

JACOB WOOD, J.D Regional Director, Capstan Tax Strategies

THE BACKGROUND: SECTION 174 AND SECTION 41

Section 174 expenses are known as Research and Experimentation, or R&E Expenses. The expenses that fall under Sec. 174 can be divided into two categories, based on how essential each is to the activity being performed.

Section 41 expenses are known as Research and Development, or R&D Expenses. These are known as “Direct Research Expenses,” and are what usually come to mind when you imagine research and development. Wages, supplies and materials, cloud hosting, and fees paid to third-party contractors are expenses integral to the research process.

However, performing a research activity requires more than just those things. You need a facility to perform the research in. You probably need to pay rent and for utilities and phone lines. Maybe you need to travel. If you are filing for a patent, you probably have legal fees. All these additional costs are considered “Indirect Research Expenses.”

So, Section 174 - R&E Expensesincludes two different categories:i

„ Direct Research Expenses that qualify for the R&D Tax Credit under Section 41

„ Indirect Research Expenses that are generally more incidental costs

A visual representation of this relationship is depicted on the graph to the right.

THE CHANGE

Before the Tax Cuts and Jobs Act (TCJA) of 2017 was passed, taxpayers could choose to immediately deduct their Section 174 Expenses or to capitalize and amortize them over a period of five years.

The TCJA contained a provision mandating that – beginning in Tax Year 2022 – Section 174 expenses must be amortized over five years or 15 years. Section 174 Expenses may no longer be immediately deducted.

The treatment of software development costs was given special mention. Software development expenses incurred in tax years starting after Dec. 31, 2021, are no longer deductible under Rev. Proc. 2000-50. Instead, they must be

treated as R&E expenditures under Sec. 174 and, as such, amortized.

The delayed rollout made many hope the provision would be repealed before it took effect, but that was not the case. Continued bipartisan support is encouraging –and we may see a retroactive repeal – but for the time being we must work with this as a new reality.

THE REV. PROC

.

The IRS released Rev. Proc. 2023-11 on Dec. 29, 2022, to guide taxpayers as they attempt to file with this provision in play for the first time.

Since it is the first time, most taxpayers will require a change in accounting method. To streamline things this year, the IRS is offering a taxpayer-friendly shortcut for TY 2022 only. In lieu of filing a 3115, taxpayers may include a notice with their original 2022 tax return indicating that the taxpayer is now amortizing the Section 174 Expenses.

THE IMPACT

Mandatory capitalization and amortization of Sec. 174 Expenses will certainly impact tax returns, but hopefully less than one might imagine.

The Section 41 and Section 174 RELATIONSHIP

anything else. By amortizing the deduction over five years, taxpayers will see a higher net taxable income initially. Generally, taxpayers will pay more taxes in Year 1 and Year 2 but not more overall. In fact, most taxpayers will “break even” by Year 3 and pay little to no tax in that year and beyond. Smaller firms and start-ups will likely feel the impact of the increased tax liability more deeply, even if it is only short-term.i

WHEN SEC. 174 EXPENSES COME AS A SURPRISE

Mandatory amortization may be a harder pill to swallow for taxpayers who didn’t realize their expenditures fell under Sec. 174. Many expenses people thought were Sec. 162 – and deductible –are actually Sec. 174 and must be amortized. We anticipate that the IRS will be looking out for 162/174 mismatches this year. If your activities indicate that you should have Sec. 174 expenses, the IRS will be closely reviewing your return to make sure they’ve been amortized appropriately.

Some have posited that if a taxpayer chose not to take the R&D Tax Credit, or to “skip a year,” they wouldn’t have to deal with Sec. 174. However, if a taxpayer has Sec. 174 activities, then they have Sec. 174 expenses. Taking the R&D Tax Credit doesn’t generate additional Sec. 174 expenses.

In fact, the opposite is true: The R&D Tax Credit is an excellent way to mitigate the impact of the Sec. 174 amortization. The powerful R&D Tax Credit can go a long way towards diminishing the unfavorable tax consequences of Sec. 174 amortization.i

The 199A Qualified Business Income (QBI) deduction is another helpful option to consider. Qualifying pass-through entity owners may deduct up to 20% of their QBI, which would certainly help offset the additional tax liability generated by Sec. 174 amortization.

See link in footnote (ii) to view full graphic.

While there is a possibility that Sec. 174 amortization may be repealed retroactively later this year, it is mandatory for current filings. The IRS will be looking for compliance this tax season, and readers are encouraged to take advantage of the “shortcut” laid out in Rev. Proc. 2023-11. The short-term impact of mandatory Sec. 174 amortization will be felt but may be mitigated by R&D Tax Credit studies and/or the 199A QBI Deduction, as appropriate.

(i) To view entire article - https://capstantax.com/wp-content/uploads/2023/03/ PROC-2023-Sec174-WP-Bruce.pdf

(ii) To view full graphic referenced above - https://capstantax.com/wp-content/uploads/2023/03/Section-41-and-Section-174-Relationship.pdf

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CAUTION: The AICPA continues to request further guidance from Congress on IRC Sec. 174 as of 2.15.2023. Further developments are expected.

The Succession Planning Process and Why It Matters

PAYCHEX

Uncertainty about the future of your business can be stressful.

A formal employee succession planning process can help companies identify key performers and future leaders, and work with them early to build long-term trust and loyalty. Having a succession plan in place can help your employees at all levels feel that they’re growing and developing their careers in a way that contributes to the company’s success.

Business succession planning, separately, is the process of designing and implementing a plan for the continued operation of a business if members of the leadership team retire, get promoted, or move into

new roles outside of the organization. Succession planning ensures that the business can continue to thrive without significant interruptions, even as key leaders move out of their current positions.

WHO IS RESPONSIBLE FOR SUCCESSION PLANNING?

This process can be overseen by a variety of different people within a company, depending on the size and structure of the organization. In some cases, succession planning may be the responsibility of the human resources department, or it may be overseen by a specific manager or executive.

TYPES OF SUCCESSION PLANNING

The structure of a succession plan

may vary depending on the size of the company, the expected timeline when a successor will take over and the current structure of the business. It is important to consider both the current and future needs of your business and to build your plan accordingly.

PROS AND CONS OF PLANNING

One of the most important decisions made within a business is who will take over a key leadership role when a current employee leaves. This can have a major impact on the long-term viability of the business. However, succession management also requires time, effort, and money to set up and organize properly.

Continued on page 36

Continued from page 34

BENEFITS OF SUCCESSION PLANNING

With careful preparation, a succession leadership plan can help ensure that the business remains successful and profitable for years to come. The benefits include:

„ Peace of mind

„ Business continuation and growth opportunities

„ Minimal disruption during changeover

Change is hard no matter when it happens, but you can minimize the disruption associated with a change in leadership by planning ahead.

CHALLENGES OF SUCCESSION PLANNING

Although succession planning is a vital part of business operations, it can also be a complex and challenging undertaking. Being prepared can help ensure a successful result when facing challenges involved with transitions such as:

„ Identifying potential leaders

„ Adjusting policies and procedures

„ Stakeholder communications

It is important to communicate openly with employees and customers throughout the process to keep them informed and reassured. Any communication should be carefully worded and thought-out to ensure that everyone involved feels positive about the new direction of the organization.

SUCCESSION PLANNING PROCESS AND STEPS

A viable employee succession plan requires proactive effort and the implementation of several key succession planning steps. Businesses should be prepared to:

„ Develop the succession goals

„ Identify critical roles and positions

„ Create success profiles

„ Set up professional development plans

„ Incorporate criteria needed for advancement

„ Institute a mentorship program to help employees grow

„ Review succession plans as the business changes

SUCCESSION PLANNING CONSIDERATIONS AND BEST PRACTICES

In general, all companies (even those with relatively small business volume) should seek out talent to promote and develop. When drafting these policies, keep the following best practices in mind:

„ Encourage a forward-thinking mindset

„ Increase companywide efforts to identify talent

„ Identify specific criteria needed for promotion

„ Foster development through

To learn even more about succession planning and to read the full piece from Paychex, visit go.paychex.com/ ficpa may23

THE IMPORTANCE OF SUCCESSION PLANNING

Without formal succession plans in place, job uncertainty may affect employees’ career decisions. By outlining the company’s future plans and what’s expected of leaders within the organization, the business can help employees focus on developing the necessary skills to achieve their personal career goals. If your company needs assistance drawing up a formalized plan, an experienced HR professional can provide additional guidance and support.

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STRATEGIC PARTNERS

Our Partners provide our members with resources that help elevate their companies, firms and client services. Financial support from our strategic partners aids in the advancement of the mission of the FICPA.

BUSINESS RESOURCE GUIDE

Professional Affiliate Members

INSURANCE

S can to learn more about our Strategic Partners and Professional Affiliates

Claire Boyce 321-446-5073 | ADP.com

Kelly McFatter 561-363-1025 rm.bofaml.com/kelly.mcfatter

Bradley Dyer 561-413-7013 bermanlawgroup.com

Amir Sachs 561-282-2225 bluelightit.com

Matthew Chancey 407-832-0805 mattchanceylive.com

Rachel Glickman 781-964-1560 culturahr.com

Cindy Blumenfeld 581-253-6640 engineeredtaxservicesinc.com

Ray McCorvey 435-705-3930 creditoerc.com/en

Richard Allen 904-353-5611 jacksonville.equitableadvisors.com

Mark Sabuda 941-726-8254 | businessbank.53.com

Joey Morhaim 305-775-4170 | humaninterest.com

Mark Kowalski 941-961-5948 | lincolnsuretygrp.com

Armando Montesino 305-900-6529 | montesinolaw.com

Gregory Volkov 941-914-9144 | navisiontech.com

Romi Wallach 305-962-6885 | nowcfo.com

Marko Evans 954-761-2500 | nowhiringu.com

Joshua Ruiz 407-421-9921 | tdbank.com

Trusted providers offering products, services and solutions to the accounting and finance profession. Interested

Jonas Shields 305-775-3318 | valleybank.com

To learn more, contact Ivey Rose Smith at ivey@ficpa.org.

Doug Garcia 305-496-5159 | usi.com

Thank you to our donors

As the FICPA’s member year comes to an end, the most important thing to us – is you. Our efforts to bolster the talent pipeline and sustain the CPA profession would not be possible without the support of our benefactors. We want to thank each and every one of you who made a donation or served as a sponsor these past 12 months. We would not be where we are today without your partnership and generosity.

JENNIFER ALLEN DIRECTOR, FICPA SCHOLARSHIP FOUNDATION foundation@ficpa.org

850-521-5953

UPCOMING EVENT

Whether you’d like to continue your support or start a new relationship with the Foundation, the time is now. This year, we’re offering our donors the opportunity to make an even greater impact via

Aug. 3 – 5

Ocean Reef Club, Key Largo

Our annual Family Retreat and Golf Tournament at the exclusive Ocean Reef Club in Key Largo is the FICPA Scholarship Foundation’s signature event. All are welcome to join us this Aug. 3-5 to support the future of the CPA profession.

Bring clients, friends, and family to network with some of the top CPAs in the state and reward yourself -- or your staff members – with some much-needed R&R after a busy Busy Season. Tickets and/or sponsorships purchases are required prior to booking your room reservation.

Join us today, as rooms are selling out fast!

annual sponsorship packages and partnerships. This is an opportunity for your firm, corporation or institution to give today, grow tomorrow and feature your brand across our entire schedule of events.

Whether you are a leader in the industry, a past scholar or just a believer in the future of our profession, contact us today to discuss your partnership with the Foundation.

WELC ME TO THE

The FICPA is proud to welcome these new members who joined from January-March 2023.

Welcome to our FICPA family and thank you for supporting the CPA profession!

AACSB INTERNATIONAL

Bets Touitou

ACSIA PARTNERS

Derek Miele

ANDERSEN TAX

Sean Maloney

ANGOSTURA HOLDING

Ginelle K. Lambie

ANTHEM SOFTWARE

Adam DeGraide

Krystle DeGraide

AURORA FINANCIALS LIMITED

Gerrard J. Maharaj, CFE, CFSA, CPA

AVE MARIA UNIVERSITY

Gregory Anderson

BALDWIN ACCOUNTING CPA

Tara Mills

BDO USA

Nelya O. Davies, MSA

Michael J. Mendoza

BERKOWITZ POLLACK BRANT

Menahem Betesh

Spencer J. Solove

BETHANY CHRISTIAN SCHOOL

David Legate

BINSTOCK, RUBIN, SBAR, GARCIA & ELLZEY

Ian M. Mendez

BMC CPAS

Heather K. Denney

BOGAN PUBLIC MANAGEMENT COMPANY

Marilyn L. Bogan, SHRM-CP, PHR

BOULAY

Tracey L. Buersmeyer

BROWARD COLLEGE

Sierra C. Fulton

Carlos R. Pinto Jimenez

Priscilla D. Renje

Ameer R. Singh

Wensky Louis-Jeune

BROWN THORNTON PACENTA & COMPANY

Mykel E. Robinson, CPA

CANANDAIGUA NATIONAL

BANK & TRUST

Suzanne E. Ellin, JD, CTFA, CFP

CAPSTAN TAX STRATEGIES

Bruce A. Johnson, CRE, CEM, MBA

CARR, RIGGS & INGRAM

B.C. Daney, CPA, MBA, MST

CBIZ MHM

Anthony D’Ambrosio, CPA, JD

CHERRY BEKAERT

Lauren E. Childers

CLEAN LEDGER

Corinne Kamoun

COAXIS INTERNATIONAL

Lisa Bryant

Christophe Réglat

CPACHARGE

Ashton Barksdale

CROSSLIN & ASSOCIATES

Joel K. Freund, CFE, CFF, CVA

CROWE

Lydia Mccracken

Sophia R. Mendez

Colin Nicholson

Chase Palmer

Dayana Sepulveda

DELOITTE

Sarah E. Rodriguez

Sarah C. Batten, CPA

Scharrad K. Cartwright, CPA

Cameron T. McCall, MAcc

DEVRY-KELLER SCHOOL OF MANAGEMENT

Christina D. Shedd

DONALDSON CPA PA

Cedric A. Donaldson

EISNERAMPER

Aaron Furst

Christia Hanna

Chenling Huang

Eduardo Llado

Clarisa Maldonado

El Hadji Niang

Edwin J. Olivares

David Roer

Laura Ruiz

Fritz Spencer

Mark T. Tadros

EMBRY-RIDDLE AERONAUTICAL UNIVERSITY

Matthew W. Fasic

Nicolas Sontra

ENNIS, PELLUM & ASSOCIATES

Anne Thomas

EPISCOPAL CHILDREN’S SERVICES

Wendy L. Hughes, MBA

EQUALITY FLORIDA

Patricia D. Taylor, MBA

EQUINIX

Gentian Mataj, CFF CFE CIA

EVAN BRODY

Alena Miles

FAIRWINDS CREDIT UNION

Roberto A. Stuart

FIFTH THIRD BANK

Mark Sabuda

FISKE & COMPANY

Sharon Callender

Nicole Chong

Lauren Krasner

FLAGLER COLLEGE

Arianna F. Bittner

Roasanna D. Dale

Jeremysam A. Gillman

Madisyn L. Hines

Mallory D. Kennon

Camaron O. Macdonald

Natalie A. Masten

Noah D. Meeh

Erin M. Ramey

Samantha K. Schlaggel

Madison E. Test

Gabe Wolff

Lindsey J. Wood

FLORIDA A&M UNIVERSITY

Zavion Findlay

Jaleeya Jennings

Kelisia J. Morrison

Camille Zanders

FLORIDA ATLANTIC UNIVERSITY

Jose E. Rodriguez

Stephanie M. Smith

Janette Hernandez

Timothy G. McKenna Jr.

FLORIDA CHAMBER OF COMMERCE

Shannon L. Harper

FLORIDA GULF COAST UNIVERSITY

Aaron Albright

Joseph Alionice

Claire M. Barghahn

Brett Becker

Lauren M. Bradley

George Ciabaton

Cazimy Coulanges

Jasmine Delgado

Joshua C. Heers

Shelby J. Kent

Henry Maag

Nicholas J. Malik

Kevin K. Nourse

Erick Ontiveros

Austin A. Workman

Daniel Yakhin

FLORIDA INTERNATIONAL UNIVERSITY

Joshua Alvarez

Flor D. Calero

Alexia R. Camacho

Nicole M. Cruz Amaro

Johann Lopez

Linda Maali

Jose A. Mejia

Moosa M. Naeem

Dominick A. Rhenals

Angel Torres

Tayna Torres

FLORIDA PREPAID COLLEGE BOARD

William P. Thompson, CPA, JD

FLORIDA SOUTHERN COLLEGE

Justin A. Bailey

Alexander Blankinship

Shane Calvary

Gabriel Jaramillo

Nolan A. Rasnake

Louis J. Schiffer

FLORIDA STATE UNIVERSITY

Mirah Abulaban

Cameryn Boswell

Chloe S. Breed

Trenton J. Buehler

Bianca M. Burgos

Sebastian Carvajal

Margaret Colitz

James E. Cook

Lauren E. Czerw

Amir A. Edwards

Andrew R. Filomarino

Sophia N. Gatti

Sydney M. Gray

Kiera D. Gualtieri

Svetlana Guthman

Sydney K. Heidenreich

Jason E. Hoenig

Kim Huynh

Annie J. Kryvorutsky

Kathryn G. Kurz

Kevin Landry

Anthony LaSasso

Shelby Lennox

Amber McGinn

Derek J. Milne

Caterina A. Muravsky

Colby S. Oliver

Nathan Park

Zhan Peebles

Andrew A. Phillips II

Emily T. Polatajko

Helen Price

Benjamin I. Richter

Briahna R. Riguad

Salvatore J. Siegel

Joshua Songayab

Stuart B. Sprecher

Emily J. Stoughton

Jack Tinkler

Issac R. Trujillo

Jamel K. Watkins

Joshua Wirth

FLORIDA UNITED METHODIST

Sharon Harvey

FORVIS

Joshua Howell, JD

FRESH BLENDS NORTH AMERICA

Nicholas G. Gebert, CPA, MSF

GLOBAL TAXES

Alicea Castellanos

Ruth Neary

GLSC & COMPANY

Kaylie Mayorga

GOLDHAWK FINANCIAL

Anthony S. Cofrancesco

GOODWILL INDUSTRIES OF NORTH FLORIDA

Benjamin I. Bobbitt Sr., MBA

GRANT THORNTON

Fangzhu Fan

H&CO

Joseph J. Padro

HALLOWELL 401(K) ASSURANCE

Todd M. Hallowell, CPA

HANCOCK ASKEW & CO

David R. Edwards

HELM HOLDINGS INTERNATIONAL

Adamilka G. Viaud

HODGES UNIVERSITY

Jaylen Carroll

Victor A. Castillo

Margaret Roche

HUMAN INTEREST

Joey Morhaim

INDIAN RIVER STATE COLLEGE

Clover Cooper

Darron Irving

Jacqueline Lapenna

Nicole A. Mullings-Squire

Anamaria M. Mussulis

Yonny Perez

Janelle A. Saunders

Lori Vazquez

INTER AMERICAN UNIVERSITY

Waleska Betancourt

Linda L. Melendez

JB AND THE DOCTOR

Josh Blum

JOHN J. ZULLO, CPA

John J. Zullo, CPA

JWB CHILDREN’S SERVICES COUNCIL OF PINELLAS COUNTY

William Bravo

Sarah Fairbanks

Emily Geraghty

Julio Perez

KAPLAN UNIVERSITY

Abbigail Price

KAUFMAN, ROSSIN & CO

Alexandra M. Escobar

Stephanie L. Stevens

KEEFE, MCCULLOUGH & CO, CPAS

Jose L. Ortiz-Kajatt

KEISER UNIVERSITY

Bobbie Vasquez

Marty l. Good

Alisha Isakh

Chelsea Lyon-Mercado

Alina Mitchell

Conor G. Morris

Kassey Shrader

KENTUCKY COMMUNITY & TECHNICAL

Kimberly J. Hammond

KERKERING, BARBERIO & COMPANY

Lennan St Juste

KING CFO CONSULTING

Mark King

LUTHERAN SERVICES FLORIDA

Robert J. Wydra Jr, MBA

LYNX CENTRAL FLORIDA REGIONAL

Christopher R. Plummer

MARCUM

Emily Chamberlain, MSA

MARYANN TORRE CPA

Maryann Torre, CPA-NJ

MASTRY ENGINE CENTER

Nicholas Selchert, CPA

MEDNAX SERVICES

Brian L. Wilner

MERCER CAPITAL MANAGEMENT

Atticus L. Frank, ABV,CFA

MIAMI DADE COLLEGE

Omar Cumba Vega

Nelson Delgado

Alejandra S. Giusseppi

Anayka Perez Rivera

Jadson Rago

MICHELLE BARRERA CPA

Michelle I. Barrera

MIRTHA VALDES MARTIN, CPA

Mirtha V. Martin

MOSS ADAMS

Johan Potgieter, CPA, CA

MRW CONSULTING GROUP

Carmen De Cespedes

MSL

Maitham Al Hashmi

Brianne Bolton

Andrew GIbb

Carlos Gonzalez

Brenda A. Henry

Ashlyn Herke

Joann Ireland

Raul Rodriguez

Micah Skeldon

Daniel Vazquez

Diana V. Walter

NET ELEMENT

Jonathan A. New

NMP ENGINEERING CONSULTANTS

Paul R. Maenner Sr

NOVA SOUTHEASTERN UNIVERSITY

Aiyana K. Allen

Preslee Brooksbank

Ashley Collins

Wisena Floreal

Valeria Gonzalez

Emmanuella W. Jean Louis

Jamia A. Malcom

Valentina Moreno

Grace Moriarty

Khamyshae N. Panton

Lehanne Paul

Anusha Sikand

Robert J. Smith

Nicole Williams

ORLANDO HEALTH

Howard O. Brown

PAAST.

Karen Lopez

PALM BEACH STATE COLLEGE

Connor B. Chavez

PAMELA S FORD CPA

Pamela S. Ford, CPA

PASCO-HERNANDO STATE COLLEGE

Catherine Bare Sanchez

Sydney Couty

Jere C. Ferguson

Mackenzie M. Kubiak

Lucy L. Lambright

Ethan A. Laws N/A, N/A

Javier Perez

Michalla R. Rippy

Jessica M. Snyder

Sierra M. Swanson

Michael Teegarden

Victoria A. Thompson

Kaitlynn Tyo

PAYCHEX

Elliot J. Torres

Ed D’Avi

PINEBRIDGE INVESTMENTS

Uschi M. Macero, CPA

PIVOT CPAS, P.A.

Wendy S. Ranson, CPA

PRAGER METIS CPAS

Glenn Friedman

PREMIER ACCOUNTING SOLUTIONS CORP.

Andrea L. Settembrino, CPA,MAcc

PWC

Madeline A. Albritton, CPA

Tung Phung, CPA

RAIL AMERICA

Marc H. Jacobowitz, CPA

RAMOS & FLOYD CPAS

Erin S. Hall

REHMANN ROBSON

Christine A. Rodriguez

RESTREPO & ASSOCIATES

Diego L. Restrepo, ESQ, MST,

LML

RSM US

Michael J. Fletcher

Peyton H. Funsch, CPA

Csaba Gercsak

SAINT LEO UNIVERSITY

Bryanna Fountain

Devon A. Laughlin

Jose M. Moreno

Kayla Mulford

Jhanae Sims

Stephanie P. Valles

Emily Kochan

SALTMARSH, CLEAVELAND & GUND, CPAS

Chase J. Ibbotson

SCOTT D BOYD CPA

Scott D. Boyd, CGMA,CPA

SENTRY MANAGEMENT

Susan M. Smothers

SHAWN M. FOLBERG, CPA

Dr. Shawn M. Folberg

SMA HEALTHCARE

Andrea Schweizer

SOUTHEASTERN UNIVERSITY

Joshua Hollis

SPOOR BUNCH FRANZ

Amanda Babino

Corey Connell

Nadejda Demiscan Charles

Megan Hendrick

Michael Peddicord

Julie K. Smith

SPORT AND WHEAT CPA

Corbin A. Grant, CPA

ST PETERSBURG COLLEGE

Rita Applegate, MT, CFP

Kirsti Jarchow

Wendy A. OBrien

ST THOMAS UNIVERSITY

Christal Millien

STATE COLLEGE OF FLORIDA

Holly Dixon

STETSON UNIVERSITY

Brendan Aldridge

Leah Flores

Madison F. Hanson

Darby Koob

THE NETWORK FIRM

Noah D. Buxton

Jeremy J. Nau

THOMAS & COMPANY, CPA

Roby J. Thomas

TUCKER CPA

Timothy E. Tucker

UNIVERSITY OF CENTRAL FLORIDA

Margaret Guerrero

Eli Lev

Xu Lin

Josh Mizrahi

Amirah H. O’Steen

Alondra S. Rosa Matta

Jacob B. Tiegen

Kaylee L. Adams

Hannah L. Backhaus

Kellie C. Chen

Haley D. Downs

Sarah Elder

James T. Evans

Trirezs Gunn

Josiah P. LeMaster IV

Ryan J. Polo

Shannon A. Reid

Parker J. Repp

Nick Vogel

UNIVERSITY OF FLORIDA

Brianna Alvarez

Mariama Bokoum

Iwona Esser

Megan M. Grabenau

Jenay C. Luckey

Nicholas Suarez

Abigail Toth

Russell Vaz

UNIVERSITY OF MIAMI

Maximilian A. Banelis

Maleigha Brown

Isabelle M. Carlzon

Zaire Cox

Diego Fis

Kristen Gonzalez

Jason Hill

Continued on page 42

Kinda Khoury

Tyler Lemke

Maxwell B. Marko

Max S. Mencimer

Israel D. Pacheco

Milton Rivas

Muhammad Shamail

Max Strohecker

Joshua L. Weiss

UNIVERSITY OF NORTH FLORIDA

Mariyam Akhmetkaliyeva

Tarynn Atkinson

Aubrey Nicole A. Cardama

Ethan S. Crawford

Cassidy R. Forehand

Jackson Garland

Tyler Green

Alexis Seykora

UNIVERSITY OF SOUTH FLORIDA

Rachel Barnes

Sierra Barton

Anthony Benitez

Brittany A. Cannoy

Hendrick E. Cartagena

Trinity Cash

Jonathan Collins

Nisha N. Dobariya

Natalia A. Echegaray

Joaquin C. Erickson

Sarahi Fraga Albuja

Rufina Giles

Hiep N. Hoang

Plosha Khan

James R. Kotsch

Katie L. Kotsch

Eva Lamiano

Kimberly C. Mccrary

Joseph E. McMikle

Eduardo R. Morales

Brandice Morlan

Daniel Morris

Megan Oliveras

Timothy M. Quinto

Andrea Reveron

linda l. richards

Aubry E. Rood

Ryan Seyersdahl

Deevina Simeus

Elizabeth A. Soucie

Delong Yang

Jean-Marc Ulysse Jr

UNIVERSITY OF TAMPA

Christopher S. Altschuler

Michael F. Andreano Jr.

Paydon Bushka

Charlotte Coutts

Nolan W. Dame

Jayla Datis

Helen F. Day

Erika G. DiPietro

Meghan Evans

Colby T. Faust

Sophie R. Heinan

Jeremy Hill

Franklin W. Likoudis

McKenna Matter

Laura K. McGregor

Patrick J. O’Brien

Dylan Petrick

Dylan Pitts

Jason Whritenour

UNIVERSITY OF WEST FLORIDA

Kimberly D. Callahan

Christina Coulter

Angelica D. Cunanan

Veronica A. Raburn, MSA

USF SARASOTA-MANATEE

Grace Modugno

Chelsea Norris

WALKER OSTROWSKI

WILLIAMS CPAS

Lori Farrell

WARREN AVERETT

Claire C. Duren, CPA

Clare H. Haenszel, CPA

Victoria L. Kanis

James A. Nelson, CPA

Kimberly A. Sarra, CPA

Preston S. Warren, CPA

Lindsay E. Williams, CPA

WELLS, HOUSER & SCHATZEL

James T. McDonough

WESTERN GOVERNORS UNIVERSITY

Ashley Gray

Adam Juda

WESTMINSTER SERVICES

Laurie A. McKay

YOUR PART TIME CONTROLLER

Jonathan M. Brown

UNAFFILIATED

Naira Aliyeva

Alexander Alvarez, Alexander

Roxana G. Alvarez

Alicia Amaral, CPA

Denise Arevalo

Lauren L. Ballard

Hugh C. Bishop Jr

Nadine L. Bobet

Lisa Braverman

Malena J. Brown

Sean M. Brown, CPA,MAcc

Christy Carey

James M. Cassidy

Deanna J. Chirnside

Oliver Cole

Allan C. Crispell Jr

Mandi M. Decker, MBA

Leah Douglas

Krystol Fanning

Mark C. Frey

Rebecca J. Garbrick

Daniel S. Gordon

Giselle Guzman

Nowshad Haroon

Tara L. Higgs, PMP

Alberto J. Ibarra

Christopher Jarosz, MBA

Byron D. Lambert

Carol L. Lebeau, MAcc

Roberto Lopez

Peta Major, MBA

Jonathan Marek

Lakia McNeal

Charles E. Moreau

Marlene Munoz, MSCC, MAFM

Jennifer H. Nabors

Scott D. Packert

Gabriel P. Pena Davila

Juan C. Ramirez

Diego Ramos Correa

Raul Rodriguez Jr, MST

Wallace Rodriguez-Parissi

Lina Ustundag

Courtney T. Veal

Aleshia Vite MSA

Michelle E. Winiecki, CPA

Your wealth deserves a thoughtful plan

Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, CFP® (with plaque design) and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements. Chartered Financial Consultant® (“ChFC® ”) are registered trademarks owned by The American College of Financial Services. Investments & Wealth Institute™ (The Institute) is the owner of the certification marks “CPWA,” and “Certified Private Wealth Advisor.” CPWA, and/or Certified Private Wealth Advisor signifies that the user has successfully complete The Institute’s initial and ongoing

©2023 JPMorgan Chase & Co. All rights reserved.

ON THE Move Members

Congratulations to BDO’s Miami and Fort Lauderdale tax co-managing partner Ana del Cerro-Fals on being named a recipient of Profiles in Diversity Journal’s 2023 Latino Leadership Award. “It is my firm belief that companies should be doing everything in their power to help employees feel valued for their background and experiences,” she said. “In my role at BDO, I am proud to have the opportunity to help maintain a diverse and accepting workplace while providing skilled support for the firm’s national DEI initiatives.”

Fiske & Company announced Anneliese Scherer has earned the Certified in Financial Forensics CFF Credential from the AICPA. “Anneliese has been an integral part of our litigation support and forensic accounting practice group,” Sheri Fiske Schultz, managing partner, said. “The CFF certification recognizes her analytical skills, expertise and experience in her role with our very active forensics and valuation department.”

Are you a member on the move?

Email your good news to communications@ficpa.org and you could be included in the next issue of Florida CPA Today!

Carr, Riggs & Ingram recently admitted into partnership four FICPA members: Elizabeth Ashley (Destin), Jeff Pignato (Gainesville), Jen Griffin (Melbourne), and Mark McClughen (Palm Beach Gardens). “We celebrate these talented partners, whose driven commitment to their clients, this firm, and the profession resulted in this milestone in their careers,” said Chad Pinson, CRI’s CEO and managing partner.

Hancock Askew & Co. is proud to announce the hire of tax principal Mark Fenaughty out of the firm’s Miami office. He will primarily work in the firm’s tax compliance and advisory practice. “Mark’s technical knowledge and varied industry expertise will bring added value to our clients as well as our team members. He will be a valuable addition to the firm, and we are looking forward to learning from one another and working together,” Craig Armstong, Miami office managing partner, said.

Hughes, Snell & Co. announced the addition of firm accountant

Michael Joseph Mustari. Mustari graduated from Florida Gulf Coast University with a Bachelor of Science degree in accounting. He also earned a Bachelor of Business Administration in finance from Ohio Northern University. A member of the FGCU Accounting Society, he also is a member of the FICPA and AICPA.

Congratulations to RSM’s principal, national transfer pricing leader, and West Palm Beach and Fort Lauderdale office leader Tansy Jefferies, who was honored in April as part of South Florida Business and Wealth’s Prestigious Women Awards. “I am so lucky to be surrounded by such fantastic and inspirational women leaderspast, present, and future - at RSM. Thank you to all my incredible colleagues who joined me to celebrate,” she said.

MARKETPLACE

DRIVEN ADVISORS, A LOCAL PUERTO RICO-BASED FULL SERVICES FIRM, IS LOOKING TO EXPAND TO FLORIDA AND NORTH CAROLINA MARKETS.

We are looking to acquire firms within $1 - $2.5M in recurring fees and more than five years in operations. For more information, contact Wallace Rodriguez at wallace@drivenadvisors.com or 939-644-8724.

PRACTICES WANTED FOR PURCHASE OR MERGER

READY TO MERGE OR SELL YOUR FIRM?

Are you a retirement-minded CPA but don’t have a clear plan of what to do? Give us a call. KSDT CPA is one of South Florida’s fastest-growing firms. Contact Jeff Taraboulos at info@ ksdt-cpa.com or (305) 670-3370 to learn about favorable purchase terms.