Winter 2018 - Florida CPA Today | Volume 34, Number 1 by Florida Institute of CPAs

WINTER 2018 | VOLUME 34, NUMBER 7

WHY CANâ&#x20AC;&#x2122;T A

PARTNER BE AN

EMPLOYEE? Learn about the complexities associated with treating a partner as an employee.

PAGE 12 Required Minimum Distributions

PAGE 18 How the Tax Cuts and Jobs Act Compares to Current Law

PAGE 22 New Reporting Requirements

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CONTENTS PRESIDENT/CEO Deborah L. Curry, CPA, CGMA EDITORIAL COMMITTEE Ryan A. Myers, CPA, chair William C. Quilliam, CPA, vice chair Keith C. Blackman, CPA David J. Hochsprung, CPA Douglas E. Day, CPA David S. Holland, CPA Lynda M. Dennis, CPA Michael S. Kridel, CPA Troy Y. Manning, CPA All articles submitted to Florida CPA Today are subject to technical review, Editorial Committee review, space availability and editing requirements and restrictions. Florida CPA Today publishes letters to the editor in its Members’ Forum. For information about the guidelines, visit www.ficpa.org/letterstoeditor.

8 COVERSTORY

Why Can’t a Partner be an Employee?

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., 3800 Esplanade Way, Suite 210, Tallahassee, FL 32311. Telephone: (850) 224-2727 or (800) 342-3197. Visit our website at www.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.

FEATURES

12 18

How the Tax Cuts and Jobs Act Compares to Current Law

New Reporting Requirements for Domestic Disregarded Entities with a Foreign Owner

For display advertising information, contact the FICPA Marketing Department at (850) 224-2727, Ext. 270. © 2018 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.

Required Minimum Distributions: Benefits and Pitfalls

Robert Half 2018 Salary Guide

DEPARTMENTS

President’s Message

Chair’s Message

News Briefs

Staff Reports

CPAs in the Spotlight

Marketplace

Of Course

WINTER 2018 | FLORIDA CPA TODAY

PRESIDENT’S MESSAGE

Looking Ahead to a Transformational Year As the calendar turns to a new year, the FICPA will be undergoing and preparing for a number of changes itself. NEW OPERATIONS OFFICE

On December 18, 2017, the FICPA’s operational staff relocated to a new office space in Tallahassee. Although the move didn’t take us far in a geographic sense, our new facilities will allow us to work more strategically than ever as the FICPA continues to expand its presence across the state. We increased our technological capabilities to ensure our staff can function efficiently and effectively for years to come, and ultimately, serve our members better. We encourage you to stop by and visit us.

DEBORAH L. CURRY CPA, CGMA

Amidst all of the changes happening at the FICPA and across Florida’s accounting landscape, one thing will remain constant: our commitment to serving our members and the profession. We are excited for what’s ahead and look forward to continuing our work alongside all of our members and partner organizations.

FLORIDA CPA TODAY | WINTER 2018

ACQUISITION OF GOVERNMENT AFFAIRS OFFICE SPACE

The FICPA’s Government Affairs team also has a new permanent home in downtown Tallahassee. Just steps away from the Capitol building, the new location is a tangible indication of our commitment to amplifying the voice of Florida’s CPAs so that they are heard at all stages of the legislative process. Our door is always open, and we invite you to visit us and experience the work we do firsthand. WEBSITE REDESIGN

In addition to our new physical location, the FICPA will be launching a new website in the coming weeks. Our goal in refreshing our online presence is to make our organization easier to access in an increasingly mobile, connected world. As our membership grows, it’s important that we continue to adapt to these changes as an organization. The redesign will make it easier for existing members to find the resources they rely on most, while at the same time making our mission and purpose clear to the general public. LEGISLATIVE DEVELOPMENTS

On January 9, the Florida Legislature convenes for its legislative session. The House and Senate will meet for 60 days until its conclusion on March 9. While the FICPA isn’t proposing any major legislative initiatives this session, our team has already been very active during the last few months of committee meetings in Tallahassee. There have been more than 2,000 bills filed this year, and our team has worked diligently to address any impact that may result while also engaging many of our members, encouraging them to provide comments to lawmakers on behalf of the profession. As we move forward through the session, I encourage you to read our legislative newsletter, IMPACT report for important developments, including Board of Accountancy issues, that affect your license and business.

CHAIR’S MESSAGE

Renewing Our Focus on Membership In my time as Chair of the FICPA, I’ve focused heavily on the issue of membership. Recruiting & retaining members is the lifeblood of our organization, and without a growing membership, we simply can’t bring value to our members or the public. One of the biggest challenges facing any membership organization, including ours, is how to recruit and retain members over the long term. As inevitable demographic changes unfold and longtime members retire and move on, we’re left to ask: how do we realign our membership strategy to position the FICPA as a must-join organization in the eyes of young CPAs? A FUTURE-FOCUSED STRATEGY

In January, the FICPA Council will have the opportunity to work through that question (among many others) at its annual Strategy Session in Miami. The Council will host and hear from Sarah Sladek, CEO of XYZ University, a leading expert in helping organizations of all kinds engage and recruit members from generation X and younger, as it develops a truly future-focused membership strategy. Sladek’s books Talent Generation and The End of Membership As We Know It will provide a framework for the Council’s discussion of these issues. While most of us can identify why it’s important to recruit new members to the FICPA’s ranks, it’s vital that we also take the time to understand how we should go about doing it. The Strategy Session will provide time for us to re-examine the assumptions underpinning our old membership strategies so that we can establish a common, data-driven vision for our organization’s future – one that will see the FICPA growing vibrantly for years to come. Together with the XYZ University team, the Council will: • Study market trends to learn how younger generations perceive the industry • Evaluate available data and metrics to understand the context surrounding current changes • Formulate a strategic plan for attracting and retaining young CPAs

ALAN WEST CPA, CGMA

Early this year, FICPA members will be receiving surveys that we will rely on to gauge how well we’re serving you. We encourage you to provide feedback and help us build a better organization for you & all of our members.

YOUR INPUT IS NEEDED

WINTER 2018 | FLORIDA CPA TODAY

NEWS BRIEFS

MIAMI

SOUTH FLORIDA

JL Hoffman & Associates Merger

FAU Faculty Rewarded South Florida-based accounting and advisory firm Daszkal Bolton is donating $50,000 to establish the first endowed professorship at Florida Atlantic University’s School of Accounting. The Daszkal Bolton Fund will provide research support to one new faculty member each year, as nominated by the dean of FAU’s College of Business, based on their accomplishments in the fields of accounting and finance. The Fund recently announced that Robert Pinsker, Ph.D., will be the first award recipient. SARASOTA

John Hofmann, Partner

Accounting and tax advisory firm Kabat, Schertzer, De La Torre, Taraboulos & Company (KSDT) has merged in JL Hofmann & Associates, of Coral Gables, Fla. JL Hofmann & Associates has more than 25 years of experience providing accounting, tax and pre-immigration planning services to multinational individuals, families and businesses. Under the terms of the merger, JL Hofmann’s staff of 6 professionals joined KSDT, where John Hofmann has been named partner.

FLORIDA CPA TODAY | WINTER 2018

Kerkering, Barberio & Co.– Top 25 Kerkering, Barberio & Co. was honored as one of the 2017 Top 25 Best Places to Work in Sarasota and Manatee Counties by the Sarasota Herald Tribune. FICPA

Florida Board of Accountancy Additions The Florida Institute of CPAs would like to congratulate two of our members, Dr. Steve Platau, CPA and Michelle Maingot, CPA, on being appointed by Governor Rick Scott to serve on the Florida Board of Accountancy. The Institute would also like to congratulate current board member Tracy Keegan on her reappointment to the Board to serve her second term.

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WHY CANâ&#x20AC;&#x2122;T A PARTNER BE AN EMPLOYEE? Learn about the complexities associated with treating a partner as an employee.

FLORIDA CPA TODAY | WINTER 2018

BY PAUL C. DUNHAM, CPA & GARY A.H. LAURSEN, CPA, JD, LL.M (TAXATION)

ver the past several years, it has become a common practice for partnerships to use equity interests to incentivize and compensate management and administrative personnel. On the one hand, the recipients of the equity interests are thrilled as they may be able to participate in the upside value of the entity through their equity ownership, but on the other hand, they do not want to address the income tax filing issues associated with being a partner as opposed to being an employee. The change in status of an employee to a partner includes the fact that the “partner”: 1) will no longer receive a W-2; 2) will receive a guaranteed payment and is responsible for her own employment taxes; 3) will receive a Schedule K-1 to include on her personal income tax return; and 4) may be required to make quarterly estimated tax payments. The concern of dealing with these income tax changes has often led to the continued treatment of the partners as employees. The purpose of this article is to provide the practitioner with a working knowledge of some of the risks associated with treating a partner as an employee (i.e., “dual status”). Further, a summary of a recent IRS regulation that addresses a structure that taxpayer’s were using to get “dual status” is also discussed. The IRS’s position is that a partner who performs services for their partnership cannot be classified as an employee (Rev. Rul. 69-184; Reg. Sec. 1.707-1(c); GCM 34001; GCM 34173). Often referred to as “dual status” are there circumstances that a partner can be an employee? – Rev. Rul. 69-184 provides “no”. As a practitioner, at this point in the article, one may be asking “What is the big deal? The IRS is getting their payroll taxes on partner “compensation” whether the compensation is reported as a guaranteed payment or on a W-2 as an employee – who cares?” The following section will address the potential risks of inappropriately treating a partner as an employee.

WINTER 2018 | FLORIDA CPA TODAY

RISKS OF TREATING A PARTNER AS AN EMPLOYEE

The following is a quick summary of some of the risks of treating a partner as an employee.

• Safe harbor provisions of Rev. Proc. 93-27 (receipt of a profits interest for provision of services to the partnership is a nontaxable event if certain conditions are met) may not apply due to the fact that the service provider is still treated as an employee and not a partner. See also Prop. Reg. §1.83-3(e),(l). • Cafeteria Plans may be disqualified – Partners are prohibited from participating in cafeteria plans. Treating partners as employees and including them in a cafeteria plan may disqualify the cafeteria plan. FICA taxes may be incorrect – an employees are responsible for paying their portion of social security taxes as the employer is responsible for paying the other portion of social security taxes. With a guaranteed payment, the partner is solely responsible for self-employment taxes. Further, the partner may have other self-employment income or losses from other sources that could impact the proper amount of self-employment taxes due on their individual return. A misclassification of a partner/employee is likely to create an error in self-employment/payroll taxes paid. • If the partnership qualifies for the Section 199 Deduction, the amount of qualifying wages used in the calculation may be incorrect if a partner was treated as an employee. • Some fringe benefits are not available on a pre-tax basis to partners (see Exhibit A). 10

FLORIDA CPA TODAY | WINTER 2018

• Bonuses paid after year end may be taxable to the partner in the prior year – Employees generally pay taxes on wages when the wages are paid. Guaranteed payments, however, are included in a partner’s income for the year in which the partnership is entitled to a deduction under its method of accounting. For accrual-basis, calendar-year partnerships, bonuses accrued on December 31 of year 1 that are paid on March 15 of year 2 are deductible by the partnership in year 1. Thus, the guaranteed payment for bonuses accrued on December 31 year 1 will be taxable to the partner in that year even though the cash is not received until year 2. This timing issue with guaranteed payments is a critical problem. • State tax returns could be incorrect due to the fact that certain state apportionment factors may be incorrect. Employee wages may be treated differently from partnership guaranteed payments for state law apportionment purposes. Therefore, states may disallow any apportionment based on treating partners as employees.

IRS ISSUES TEMPORARY AND PROPOSED REGULATIONS (MAY 2016)

As a general statement, disregarded entities (DRE), such as a single member LLC or a qualified subchapter S subsidiary, are ignored for federal income tax purposes but are generally recognized for payroll tax purposes. As a way to have partners treated as employees, some practitioners were using a structure (see Exhibit B) whereby a partnership owned 100% of a DRE, and the DRE employed the partners. The partners were then issued W-2s from the DRE. In May of 2016, the IRS issued Temporary and Proposed Regulations that essentially provide that: • Partners in a partnership that owns a disregarded entity may not be treated as employees of the disregarded entity. The temporary and proposed regulations state that the rule treating a disregarded entity as a corporation for employment tax purposes does not apply to the employment tax treatment of individuals who are partners of a partnership that owns a disregarded entity.

As a general statement, disregarded entities (DRE) are ignored for federal income tax purposes but are generally recognized for payroll tax purposes.

EXHIBIT A

EXHIBIT B

PARTNERS ELIGIBLE

PARTNERS INELIGIBLE

Educational Assistance (Section 127)

Achievement Awards (Section 74(c))

Dependent Care Assistance (Section 129)

Group Term Life Insurance (Section 79)

No Additional Service Cost (Section 132(b))

Accident and Health Benefits (Section 105 & 106)

Employee Discounts (Section 132(c))

Meals on Business Premises (Section 119)

Working Condition Benefits (Section 132(d))

Employer Provided Lodging (Section 119)

De Minimis Fringes (Section 132(e))

Cafeteria Plans (Section 125)

Athletic Facilities (Section 132(j))

Qualified Transportation Benefits (Section 132 (f)) Moving Expenses Reimbursement (Section 132(g)) Adoption Assistance (Section 137(c)(2))

HOLDCO, LLC (PARTNERSHIP)

OPERATING LLC (DRE)

Health Savings Accounts (Section 223)

• To give partnerships that had misclassified partners as employees under the new guidance time to adjust their treatment, the proposed and temporary regulations will not apply until the later of (1) August 1, 2016 or (2) the first day of the latest-starting plan year after May 4, 2016. Plans for this purpose include qualified plans, health plans and cafeteria plans. • Note that the regulations do not address tiered partnerships and it is believed by certain practitioners that in a tiered partnership structure those partners in the upper tier partnership can be employees of the lower tiered partnership so long as they do not have a direct partnership interest in the lower tiered partnership.

IS THE ISSUED SETTLED? MAYBE NOT

In the preamble to the proposed regulations, the Treasury invites comments on when a partner should be allowed to be treated as an employee, not just in the disregarded entity context, but in the partnership context in general. The IRS appears, therefore, to be willing to consider modifications to the principles of Rev. Rul. 69-184 if it can get comfortable doing so. For examples of suggested solutions to this problem see ABA comment letter dated December 2, 2011, wherein the suggestion is made that partners who would otherwise qualify as employees and who own ten percent or less of the capital and profits of a partnership (considered de minimis partners) may be classified by their employer partnerships as employees, and the partnership may make a one-time non-revocable election to treat as wages the guaranteed payments for services provided to the partnership by all of its de minimis partners.

CONCLUSION

It has long been settled that for federal income tax purposes a partner cannot be an employee of a partnership. Although at first glance, there may not appear to be significant risks associated with treating a partner as an employee, this article has outlined certain risks associated with such treatment. Although the IRS has been very consistent on its stance that partners cannot be treated as employees, it appears that they understand some of the complexities facing businesses today in complying with such rules and are open, given the right circumstances, to permitting “dual status” treatment for certain partners. PAUL C. DUNHAM is a Tax Managing Director for CBIZ MHM, LLC. in Clearwater, Florida. He is a member of the FICPA Committee on Federal Taxation. GARY A.H. LAURSEN is a Florida attorney at law and a Florida CPA. He is a tenured associate professor of accounting and law at the Lynn Pippenger School of Accountancy, the Muma College of Business, at the University of South Florida in Tampa. He is a member of the FICPA Committee on Federal Taxation and a Florida university professor member of the Florida Board of Accountancy CPE Committee.

WINTER 2018 | FLORIDA CPA TODAY

REQUIRED MINIMUM DISTRIBUTIONS: Mandatory Benefits and Paying the Piper

BY CAROL A. VANCE ESQ, CPA AND NATHAN WADLINGER ESQ, CPA

aby boomers have come of age! For boomers, 2017 is the first year in which Required Minimum Distributions (RMD) must be disbursed from the ownerâ&#x20AC;&#x2122;s traditional IRA accounts resulting in taxes due. As CPAs we must advise our clients regarding the amount and timing of these RMD to assist them in minimizing taxes and penalties and managing retirement earnings. The estimated median retirement savings for 76 million boomers1 exceeds 11 billion dollars2 and the federal government is now anxious to get its share of these tax deferred accounts. 12

FLORIDA CPA TODAY | WINTER 2018

ROTH IRA’S

Owner Alive The initial owner who contributed to his or her Roth IRA is not required to take any distributions from a Roth IRA regardless of age so long as the Roth IRA was established at least 5 years earlier and is disbursed after age 59.5. Prior to the 5–year holding period or age 59.5 Roth IRA’s maybe distributed pursuant to permanent and total disability, death or under a first time home buyer/builder or rebuilder exception. If distributions are taken without satisfying these rules then ordinary income tax applies to distributions in excess of the contribution basis. A 10% penalty tax is also generally imposed. More exceptions apply to the penalty tax if the distribution is used for unreimbursed qualified medical expenses, unemployed health insurance premiums, reservist distribution, higher education expenses, annuitized payments, government levies and a few other exceptions. Note that the Roth IRA is the only tax-deferred retirement plan that does not require distribution at a specific age if the owner meets the 5 year and age 59.5 requirements. Many clients know about the major benefit that Roth IRAs provide in allowing taxfree accumulated earnings. However, many clients do not know that RMD are not applicable to Roth IRA owners. This benefit provides a great planning technique for two reasons: 1. The Roth IRA owner does not have to take out money from the Roth IRA account if he or she has other retirement savings. This can be especially beneficial if the Roth owner has other tax-deferred retirement plans like traditional IRAs and 401(k) plans that have RMDs.

2. Considering the benefit that Roth IRAs provide tax-free accumulated earnings, the owner can avoid distributions and allow the Roth IRA account to grow. The additional growth in the account will continue tax-free. This can be beneficial for not only the owner, but also any beneficiary heirs who will inherit the Roth IRA upon the owner’s death. Realized Loss A 2% of AGI miscellaneous itemized deduction may be recognized on the total loss the Roth IRA owner incurs. The loss is calculated by examining the difference between the basis in the owner’s contributions to the Roth IRA and the total distributions received. This income tax deduction is allowed after the Roth IRA is 100% distributed but is not permitted for alternative minimum tax. Owner Deceased All good things must come to an end and the same holds true with Roth IRA owners not having to make any RMD. At some point, all IRAS must have their balances distributed. As discussed above, an owner of a Roth IRA is not subject to any RMD if certain rules are met. Therefore, it is possible the owner a Roth IRA may never make a distribution from the Roth IRA during his or her life. However, this exception only applies during the lifetime of the owner. Roth IRAs are subject to RMD rules after the death of the Roth owner along with a 50% penalty if such distributions are not made. However, it is still possible for the heir(s) of the Roth IRA to delay the distributions. The rules are different depending on the relationship of the heir to the deceased owner. A surviving spouse beneficiary owner may delay distributions until the

deceased spouse would have attained age 70.5 or may characterize the Roth IRA as his/her own and may combine it with his/her own Roth IRA. However, a non-spouse designated beneficiary owner may take distributions over the new owner’s life expectancy otherwise, a 5-year rule requires the owner to withdraw the entire Roth IRA by December 31st of the 5th anniversary year of the decedent owner’s date of death. Converting a Traditional IRA to a Roth IRA A Traditional deductible IRA owner may convert tax-free his or her IRA to a Roth IRA. A withdrawal of a portion or all of the IRA may be made and within 60 days a conversion contribution to a Roth IRA is required. The total amount of the conversion is subject to ordinary income tax. A conversion is permitted after the traditional IRA began distributed periodic payments and the periodic payments may be resumed from the Roth after the conversion is complete. If any portion of the withdrawal is kept by the owner for more than 60 days it may be subject to the 10% penalty tax. If an IRA owner experiences a period of unemployment, lower taxable income or a significant loss in the IRA’s investment value, a planning opportunity arises. RMD do not qualify for these conversion rules but no age limit applies. A separate Roth account to hold the converted IRA may be prudent to enable the tracking of the 5-year holding period requirement for tax-free distributions. If a client has a traditional IRA, it is important to advise the client of the potential benefit of converting to a Roth IRA in certain situations. While there will be inclusion of income in WINTER 2018 | FLORIDA CPA TODAY

As CPAs we must advise our clients regarding the amount and timing of these RMD to assist them in minimizing taxes and penalties and managing retirement earnings. the year of conversion, the benefit of not having RMDs may outweigh this income inclusion. This can especially be the case if the client has a year of exceptionally low income and also holds other sources of retirement income that will allow him or her to leave his converted Roth IRA to grow tax-free for his or her heirs benefit. Compliance When the owner dies prior to the 5-year anniversary of establishing the Roth IRA or converting a traditional IRA to a Roth IRA, earnings on the Roth IRA contributions will be taxed identically to a distribution paid the owner prior to satisfying the 5 year holding period but without the 10% penalty tax. Form 8606 must be included with the distributee’s tax return each year a Roth IRA or traditional non-deductible IRA distribution is received. Roth distributions may not be used to satisfy the RMD for the owner’s traditional IRAs.

FLORIDA CPA TODAY | WINTER 2018

NON ROTH IRAS (IRAS)

Owner Alive Since traditional IRA contributions can be deducted, distributions are subject to ordinary taxes. If any of the contributions were non-deductible or contributed to a separate nondeductible traditional IRA then only the earnings will be taxed with the contributions treated as basis in the IRA. A taxpayer is required to make distributions by April 1 of the year after attaining age 70.5. Bunching of income may occur if the distribution is postponed until after the calendar year of the 70.5 birthday since the second year contribution must be made in the calendar year the owner turns 71.5. Depending upon the owner’s other sources of income, the timing of this initial RMD payment provides a tax planning opportunity. IRA owners may avoid ordinary income tax on the RMD by instead excluding any amount up to $100,000 annually from their RMD if the distribution is made to a qualified charity. Health Savings Accounts may also be maximum funded once during the owner’s lifetime from an IRA during any calendar year to avoid ordinary income tax. Assiduous septuagenarian IRA owners who intend to work beyond the RMD deadline may defer their RMD by rolling their IRAs and previous employer’s 401k plans into their current employer’s 401k plan prior to the RMD date. So long as the IRA owner does not own more than 5% of his or her current employer and the 401k plan allows, then the RMD may be postponed until retirement. Of course that working employee may postpone his or her current employer’s 401k, 403b or 457 plan RMD until retirement.

The RMD is calculated by determining all the owner’s non-annuitized IRA account balances at the end of the year preceding the mandatory payment year and dividing this by the owner’s life expectancy or applicable distribution period. The IRS provides and updates the life expectancy and applicable distribution tables annually in Appendix B of Publication 590-B. The tables differ depending upon the marital status of the owner, the age of the spouse or other beneficiary(ies) and the joint annuitant designation on the account. Distributions are not required to be made from all IRA accounts so long as the total disbursed amount equals or exceeds the RMD calculated. This distribution rule is unique to IRAs and does not apply to other qualified plans. If the distributions made are less than the RMD then a 50% excise tax applies to the deficit withdrawal amount. The excise tax and a request for a reasonable error waiver should be computed and provided on form 5329. The same early distribution rules apply for traditional deductible or nondeductible IRA’s as applied to the Roth IRA. A traditional deductible IRA is subject to ordinary income tax on the entire early distribution while the non-deductible IRA is subject to tax only on the portion that exceeds the owner’s basis. On the taxable portion, the same 10% penalty tax applies to Roth and traditional IRAs. CPAs should annually file form 8606 maintaining the updated basis the owners has in his or her IRA accounts. Owner Deceased Prior to RMD Date If the IRA owner dies prior to his or her required distribution date then all future distributions shall depend upon the beneficiary(ies) named: spouse,

individual(s), estate, trust. Some of the specific rules for these beneficiaries are described below. Owner Deceased On or After RMD Date If the IRA owner dies on or after the required beginning date for his or her RMD then the beneficiaries must compute and distribute the RMD in the year of death using the tables described above. Generally, subsequent distributions must be based upon the longer of the beneficiary’s life expectancy or the owner’s life expectancy. Beneficiary designations are typically determined on the date of the owner’s death. However if the beneficiary disclaims the IRA, then the beneficiary is determined as of September 30 of the year following the owner’s date of death. If the beneficiary should die

prior to disclaiming and September 30th of the year following the owner’s death then the distribution period is determined based upon the rules for the original beneficiary and not that of the deceased beneficiary’s life or rules. Surviving Spouse When the IRA owner dies and the surviving spouse is the sole beneficiary then the spouse may elect to treat the IRA as his or her own with a rollover contribution possible or may use the deceased spouse birthdate to determine the RMD. If the surviving spouse dies prior to the year end of the required RMD date then he or she shall be treated as the owner of the IRA for the purposes of the surviving spouse’s subsequent beneficiaries.

For purposes of calculating the RMD, if a spouse is a named beneficiary on January 1 of the year then that spouse shall remain the beneficiary for the entire calendar year regardless of divorce or death occurring in that year. For purposes of determining the IRA beneficiary if a spouse is a named beneficiary on January 1 of the year then that spouse shall remain the beneficiary for the entire calendar year regardless death, however, a change in beneficiary will occur in the case of divorce. CPAs have planning opportunities with surviving spouse’s rollover options to IRAs or other qualified plans. Other Beneficiaries Individual beneficiaries who are not the surviving spouse may use the 5 year rule to effectively annuitize the IRA distribution or must use his or her life expectancy tables for calculating the RMD.

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If the IRA owner dies prior to the RMD date and names his estate as beneficiary either through his/her IRA plan, will, trust or by dying intestate then a 5 year rule applies. This rule requires the IRA beneficiaries to withdraw the entire IRA balance by December 31st of the 5th year following the owner’s date of death. The disbursement may be periodic or lump sum so long as the entire IRA is withdrawn before the 5 year deadline. If multiple individual beneficiaries are named and the IRA has not been divided into separate accounts or shares for each of the multiple beneficiaries then the eldest individual beneficiary’s life expectancy shall be utilized to calculate the RMD. If a valid trust is named a beneficiary then each trust designated beneficiary and the rule for multiple beneficiaries applies. CPAs should consult with their clients to avoid these sometimes undesirable requirements. Opportunities and Limitations Generally, the traditional IRA distribution rules described herein apply to SEP and Simple IRAs. Defined Contribution (401k, 403b, 457b) and Defined Benefit plans have similar but separate rules for RMD and are typically calculated by the plan administrator as defined by the internal revenue code and within the contractual terms of those plans. The traditional IRA owner may invest his or her traditional deductible IRA account into an annuity tax-free. At the time the distributions occur the annuitized traditional deductible IRA payment is subject to ordinary income tax due and to the early distribution and RMD rules. If the owner has any basis in the IRA then accurate accountings for the IRA and subsequent annuity 16

FLORIDA CPA TODAY | WINTER 2018

basis must be tracked and a form 8606 filed. Of course, the owner may withdraw IRA funds subject to ordinary income tax after age 59.5 and before the RMD age without penalty. If the owner annuitizes IRA payments prior to the RMD date then those annuity payments will not be considered part of the year end IRA account balance or part of the distribution required under the RMD rules. IRA owners holding tax deferred U.S. Retirement Bonds in their IRA’s will be taxed on the entire bond value upon attaining age 70.5 even if the bond is not redeemed for cash Traditional IRA investments in collectibles such as Art, Antiques, Gems, Metal (except small gold coins minted by the US Treasury Department), Stamps, Coins and Alcoholic beverages will be taxed as a distribution in the year the investment is made. The 10% penalty tax may also apply. IRMA Relief – HR 3823 Congress provided Florida resident IRMA victims tax relief from the 10%

penalty on $100,000 of distributions made after August 23, 2017 and before January 1, 2019. The distribution from a retirement plan may be repaid within 3 years or may be included in income over a 3 year period. CPAs can be helpful to their clients by reviewing the IRA beneficiary designations and distribution calculations annually to insure the excise tax will not be assessed. CPAs should also consider the underlying investments in each IRA and Qualified Plan account along with any other estate planning, and retirement needs when determining which IRA accounts should be annuitized, rolled over to qualified plans or depleted first. Pew Research Center, April 25, 2016, www.pewresearch.org/staff/richard-fry 2 Transamerica Center for Retirement Studies, www.transamericacenter.org/retirementresearch/17th-annual-retirement-survey 1

CAROL A. VANCE ESQ, CPA is a FICPA member and serves on the Committee on Federal Taxation. She is an instructor in the College of Business at the University of South Florida Sarasota Manatee. NATHAN WADLINGER ESQ, CPA is an FICPA member and serves on the Committee on Federal Taxation. He is an instructor in the College of Business at the University of South Florida St. Petersburg.

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WINTER 2018 | FLORIDA CPA TODAY

How the Tax Cuts and Jobs Act Compares to Current Law

BY ANTHONY NITTI, CPA

n Wednesday, December 20th, Republican leaders put the finishing touches on a six-week sprint towards tax reform, with the House and Senate both passing the Tax Cuts and Jobs Act. The bill represents the most comprehensive overhaul to the tax code in over three decades and takes effect on January 1, 2018. What follows is an overview of the provisions contained in the final version of the Tax Cuts and Jobs Act and how those provisions compare to current law. In order to comply with budgetary restrictions, every change to the individual tax law described below will expire on December 31, 2025, with the rules simply resetting to those that exist under current law at that time. 18

FLORIDA CPA TODAY | WINTER 2018

INDIVIDUAL ORDINARY INCOME TAX RATES

Current Law Ordinary income â&#x20AC;&#x201D; items like salaries, interest income, and business income â&#x20AC;&#x201D; is subject to a seven-bracket progressive system. Those rates are 10%, 15%, 25%, 28%, 33%, 35% and a top rate of 39.6%. New Law The final bill preserves the seven-bracket structure, but reduces most of the tax rates, including the top rate from 39.6% to 37%. Here are the current and new rates for single taxpayers: Income Level $0 - $9,525 $9,525 - $38,7000 $38,700 - $82,500 $82,500 - $93,700 $93,700 - $157,500 $157,500 - $195,450 $195,450 - $200,000 $200,000 - $424,950 $424,950 - $426,700 $426,700 - $500,000 > $500,000

Current Rate 10% 15% 25% 25% 28% 28% 33% 33% 35% 39.6% 39.6%

New Rate 10% 12% 24% 24% 24% 32% 32% 35% 35% 37% 37%

And here are the rates for married taxpayers filing jointly: Income Level $0 - $19,050 $19,050 - $77,400 $77,400 - $156,150 $156,150 - $165,000 $165,000 - $237,950 $237,950 - $315,000 $315,000 - $400,000 $400,000 - $424,950 $424,950 - $480,050 $480,050 - $600,000 > $600,000

Current Rate 10% 15% 25% 28% 28% 33% 33% 33% 35% 39.6% 39.6%

New Rate 10% 12% 22% 22% 24% 24% 32% 35% 35% 35% 37%

LONG-TERM CAPITAL GAINS/QUALIFIED DIVIDENDS RATES

Current Law Under current law, those in the 10% and 15% brackets generally pay a 0% tax on qualified dividends and gain from the sale of capital assets held longer than one year. Above those income limits, taxpayers pay at a 15% rate until income reaches the start of the 39.6% bracket ($420,000 if single, $480,000 if married). For those in that top bracket, the rate on capital gains and dividends is 20%. New Law The final bill leaves the preferential rates on capital gains and dividends unchanged. STANDARD DEDUCTION

Current Law All taxpayers are entitled to deduct the greater of: 1. The standard deduction, or 2. The sum of itemized deductions. Under current law, the standard deduction is $6,350 for single taxpayers and $12,700 for married taxpayers. New Law The final bill increases the standard deduction to $12,000 for single taxpayers and $24,000 for those married filing jointly. PERSONAL EXEMPTIONS

Current Law Each taxpayer is entitled to a $4,100 deduction for oneself, one’s spouse, and any dependents. The exemptions are phased out for high-income taxpayers. New Law Personal exemptions are eliminated. To soften the blow a bit, however, the Child Tax Credit -- which is generally available for any child under the age of 17 — will be increased from $1,000 to $2,000, and the refundable amount of the credit increased from $1,100 to $1,400. In addition, a new $500 credit will be allowable for non-child dependents, such as an elderly parent. And finally, the

income limits at which a taxpayer starts to lose the two credits will be increased from $75,000 to $200,000 for single taxpayers and from $110,000 to $400,000 for married taxpayers. RATE ON BUSINESS INCOME OF SOLE-PROPRIETORS, S CORPORATION SHAREHOLDERS, AND PARTNERS IN A PARTNERSHIP

Current Law Taxpayers may operate a business in their individual capacity — as a sole proprietorship — or through a partnership or S corporation. The latter two business types do not pay tax at the business level; rather, the income of the business is allocated among the owners, who pay the corresponding tax on their individual returns. As a result, the individual owners are at the mercy of their respective individual rates, which as stated above, rise as high as 39.6% under current law. New Law Sole proprietors, S corporation shareholders, and partners in a partnership will be entitled to a deduction equal to 20% of their allocable share of business income. The deduction comes with numerous caveats, however: • Generally, the deduction cannot exceed 50% of the individual’s share of the W-2 wages paid by the business. • Alternatively, the limitation can be computed as 25% of the individual’s share of the W-2 wages paid by the business, plus 2.5% of the individual’s share of the unadjusted basis (the original purchase price) of property used in the production of income. • The W-2 limitations do not apply if you earn less than $157,500 (if single; $315,000 if married filing jointly). WINTER 2018 | FLORIDA CPA TODAY

• Certain “personal service businesses” — i.e., accountants, doctors, lawyers, etc... — are not eligible for the deduction, unless their taxable income is less than $157,500 (if single; $315,000) if married. The exception to the W-2 limit and the general disallowance of the deduction to personal service businesses is phased out over a range of $50,000 of income for single taxpayers and $100,000 for married taxpayers filing jointly. In previous versions of the House and Senate bills, trusts were not eligible for the 20% deduction. The final bill reverses that stance. ITEMIZED DEDUCTIONS

Current Law As stated above, each taxpayer is entitled to deduct the greater of: 1. a “standard deduction,” or 2. the sum of itemized deductions. See Figure 1 for a look at the some of the more popular itemized deductions, and their fate under the final tax bill. New Law The deduction for charitable contributions is preserved; in fact, the limit for cash contributions to public charities and certain private foundations is increased from 50% to 60% of adjusted gross income. Finally, the final bill makes clear that taxpayers will not be permitted to deduct any prepayments of 2018 state and local income taxes in 2017. Thus, using these next ten days to prepay 2018 state taxes in order to claim a deduction for those taxes prior to their disallowance in 2018 will not be permitted. Taxpayers are generally still entitled to claim a deduction for any prepaid 2018 real estate taxes, however.

FLORIDA CPA TODAY | WINTER 2018

FIGURE 1

New Law Yes; subject to a 7.5% floor Yes; subject to a floor equal to Medical Expenses for 2017 and 2018; 10% 10% of adjusted gross income thereafter Up to $10,000 when comProperty Taxes Yes bined with SALT deduction State and Local Up to $10,000 when comTax Deduction Yes bined with property tax (SALT) deduction Mortgage On up to $1M of acquisition On up to $750,000 of interest debt; $100,000 of home equity acquisition debt, no home deduction debt, and up to 2 homes equity debt Allowed for tax preparation Other fees, unreimbursed employee micellaneous expenses, investment adviso- Eliminated itemized ry fees, etc...limited to 2% of deductions adjusted gross income Current Law

EXCLUSION ON SALE OF PRIMARY RESIDENCE

Current Law A taxpayer who sells his or her home may exclude up to $250,000 of gain ($500,000 if married filing jointly), provided the taxpayer has owned and used the home as his or her primary residence for two of the previous five years. New Law The final bill retains the current law. This is welcome news to many, because both the House and Senate bills would have extended the ownership and use requirements to five out of eight years, with the House also eliminating the exclusion for high-income taxpayers. ESTATE TAXES

Current Law Upon death, each taxpayer is entitled to an exemption from the estate tax of nearly $5.5 million, which translates to an $11 million exemption for married couples. New Law The final bill would immediately double the estate tax exemption to $11 million for single taxpayers ($22 million for a married couple). Unlike the previous House bill, however, the estate tax will not be fully repealed, and in fact will sunset to the current exemption levels on January 1, 2026 unless extended by a future Congress. ALTERNATIVE MINIMUM TAX

Current Law Each taxpayer must compute their liability twice: once under the regular rules, and then a second time under the “alternative minimum tax” rules. The taxpayer must then pay the higher of the two taxes.

FIGURE 2

Availability of cash method for C corporations Availability of cash method for taxpayers with inventory Exclusion from Section 263A Section 179 limitation

Current Law

Final Bill

Avg receipts < $5M

Avg receipts < $25M

Limited to Rev. Proc. 200110 and Rev. Proc 2002-28

Avg receipts < $25M

Limited to resellers with avg. receipts < $10M $510,000

Avg receipts < $25M

$1,000,000 Through 2022, 100% expensing n/a then phase down over five years Limited to 30% of Interest expense Unlimited adjusted taxable income deduction if avg receipts > $25M No carry backs, carry Carry back 2 years, Net operating losses forwards limited to 80% forward 20 of taxable income Section 199 deduction Allowed domestic production Eliminated New Law The AMT is retained, but with a much higher exemption amount ($109,400 for married taxpayers as compared to $84,500 under current law). In addition, with the deduction for state and local income taxes largely eliminated, as well as the deductions for unreimbursed employee expenses and personal exemptions, the AMT should ensnare far fewer taxpayers then it does under current law.

Get up to speed for 2018 and register today for in-person or online learning that will help you learn the latest details on how to approach our new tax landscape. View our tax resources site to register for a session at ficpa.org/tax. Proposed Law For divorce or separation instruments executed after December 31, 2018, alimony will no longer be deductible by the payor, nor will it be includible in income of the payee. OTHER BUSINESS CHANGES

INDIVIDUAL INSURANCE MANDATE

See Figure 2 for a quick look at other business changes under the final bill, as they compare to current law.

New Law The final bill would fully repeal the individual mandate effective January 1, 2019. This is the one individual change that will not expire on December 31, 2025.

It is important to note that the ability to deduct 100% of the cost of qualifying assets is effective retroactive to September 27, 2017. Thus, businesses needn’t wait until 2018 to benefit from these rules.

Current Law Any individual who doesn’t maintain “minimum essential health care coverage” during the year must pay a penalty of $695 to the IRS.

CORPORATE TAX RATE

Current Law Under current law, the top corporate rate is 35%. New Law The final bill would drop the corporate rate to 21%. ALIMONY DEDUCTIONS

Current Law: Alimony is deductible by the payor, and includible in income of the payee.

The Tax Cuts and Jobs Act runs over 500 pages in its entirety, and contains many more changes to the tax law than those discussed here. This article was intended simply to highlight those areas of greatest interest. Please consult your tax advisor for additional information. ANTHONY NITTI, CPA, Partner at WithumSmith+Brown and Tax Writer at Forbes.

WINTER 2018 | FLORIDA CPA TODAY

New Reporting Requirements

for Domestic Disregarded Entities with a Foreign Owner

BY DAVID CUMBERLAND, CPA/CGMA

ny entity that is not recognized for U.S. tax purposes is a disregarded entity. The most typical and widely-used domestic disregarded entity is a single member Limited Liability Company (SMLLC).

A foreign person is deemed to wholly own a domestic disregarded entity under the new regulations if that person has “direct or indirect sole ownership of the entity.” 1 Indirect sole ownership is defined under the regulations as “ownership by one person entirely through one or more other entities disregarded as entities separate from their owners or through one or more grantor trusts, regardless of whether any such disregarded entity or grantor trust is domestic or foreign.” 2 If a SMLLC has made the election to be taxed as a corporation, the new regulations do not apply as it is no longer disregarded for U.S. tax purposes.

FLORIDA CPA TODAY | WINTER 2018

BACKGROUND

On December 13, 2016, the Treasury Department and the IRS issued final regulations (T.D. 9796) regarding new reporting requirements for domestic disregarded entities wholly owned by a nonresident, whether the nonresident owner is an individual or an entity. For the purposes of reporting requirements under Section 6038A, these disregarded entities will be treated as U.S. corporations. These rules are in effect for tax years beginning on or after January 1, 2017, and ending on or after December 13, 2017. Historically, for tax purposes, a foreign-owned U.S. disregarded entity was just that - disregarded. The reporting taxpayer was the owner of the disregarded entity, whether the owner was an individual or an entity. Previously there had not been any requirement for these disregarded entities to disclose certain transactions that occurred as the entity was disregarded under the tax code. Under the new rules, this is no longer the case. Under the new requirements, a domestic disregarded entity will be required to obtain an EIN, prepare a pro-forma Form 1120, and to file Form 5472, Information Return of a 25% Foreign-Owned U.S. Corporation or a Foreign Corporation Engaged in a U.S. Trade or Business. The types of transactions that are covered by this reporting relate to amounts paid or received in connection with the formation, dissolution, acquisition and disposition of the entity, including contributions to and distributions from the entity. The perception by many countries in the world that are part of the Organisation for Economic Co-operation and Development (OECD) is that the United States lacks transparency when

it comes to corporate activities and ownership. The OECD’s mission is “to promote policies that will improve the economic and social well-being of people around the world.”3 Unlike many European countries, the United States does not require the public disclosure of ownership of our entities, most notably Limited Liability Companies (LLCs), or the publishing of year-end financial statements for public viewing. These finalized regulations, aim to allow the IRS to better enforce domestic tax laws, increase financial transparency, improve IRS access to information to combat perceived misuse of U.S. shell companies, share information with partner tax authorities under treaties and agreements, and support Bank Secrecy Act regulations that impose due-diligence requirements. WHAT IS THE PENALTY FOR NONCOMPLIANCE?

A $10,000 penalty applies for failure to file the required Form 5472 when due and in the manner prescribed by the IRS or even the failure to maintain records as required by Regulations section 1.6038A-3. There is also a caveat that filing a substantially incomplete disclosure form is the same as if the form had not been filed and can result in a $10,000 penalty. The IRS gives no guidance on what it considers to be a substantially incomplete form. If a taxpayer is notified by the IRS of a failure to file and the failure continues for more than 90 days after notification by the IRS, an additional penalty of $10,000 will apply. There is the possibility of criminal penalties under sections 7203, 7206 and 7207 for failure to submit information or for filing false or fraudulent information.

WHAT MUST BE DONE TO COMPLY?

The form related to this new filing requirement is Form 5472. Under the new regulations, the Form 5472 must be submitted with a corporate tax return. There is the need to maintain the appropriate records in order to comply with the requirements. Under IRC regulation 1.6038A-3, there is a requirement to maintain records to allow for accurate reporting of transactions. Such records must be permanent, accurate, and complete, and must clearly establish income, deductions, and credits. This requirement includes records of the reporting corporation itself, as well as to records of any foreign related party that may be relevant to determine the correct U.S. tax treatment of transactions between the reporting corporation and foreign related parties. The relevance of such records with respect to related party transactions shall be determined upon the basis of all the facts and circumstances.4 Among the type of transactions that will require disclosure are sales, cost-sharing transaction payments, rents, royalties, leases, licenses, commissions, loans, interest, etc. Disclosure is required for any listed type of transaction for which monetary consideration (including U.S. and foreign currency) was the sole consideration paid or received during the reporting corporation’s tax year. Disclosure is also required for any transaction or group of transactions if any part of the consideration paid or received was not monetary consideration, or less than full consideration was paid or received. Transactions with a U.S. related party, however, are not required to be specifically identified on the disclosure form. WINTER 2018 | FLORIDA CPA TODAY

It should be noted that there are potential scenarios that may result in duplicate disclosure, based on the regulations as currently written. The 2017 Form 5472 provided by the IRS, still in draft form as of the writing of this article, currently requires the inclusion of the Foreign Taxpayer Identifying number (FTIN) of the owner of the disregarded entity, if it has one. This seems to indicate that the information will be shared with the taxpayer’s home country, if not currently, then in the future.

The final regulations not only impose additional reporting requirements on existing taxpayers but also create filing requirements in certain scenarios where prior there had been none. With the potential for substantial penalties for noncompliance this is a practice area that is fraught with risk. As our world becomes increasingly interconnected and taxing authorities are sharing more information between them, having an awareness of all of a client’s facts and circumstances becomes increasingly important.

Regs. Sec. 301.7701-2(c)(2)(vi)(A)(2) Regs. Sec. 301.7701-2(c)(2)(vi)(B)(1) 3 http://www.oecd.org/about/ 4 I.R.C. § 1.6038A-3 1 2

DAVID A. CUMBERLAND, CPA/CGMA, is an international tax manager at Kerkering, Barberio & Co. located in Sarasota, FL. David primarily practices in the area of inbound international tax work covering both individual and business tax preparation and consulting. Fluent in Spanish, his emphasis is with international clients or clients with international considerations. Mr. Cumberland is current President of the FICPA Scholarship Foundation, Past-Chairman of the Gulf Coast Chapter of the FICPA, a member of the University of South Florida Sarasota-Manatee Accounting Advisory Council, a recurring speaker at the annual joint FICPA/Florida Bar International Tax Conference in Miami as well as presenter to companies and organizations on international tax topics.

SCENARIOS

SCENARIO

A U.S. SMLLC, owned by a foreign individual, holds rental U.S. real estate. In addition to filing his personal tax return, the taxpayer will now have a pro-forma Form 1120 and Form 5472 filing requirement.

A U.S. SMLLC, owned by a foreign corporation, holds U.S. real estate for investment purposes (i.e., not rented). Previously, neither the foreign corporation nor the SMLLC had a U.S. tax filing requirement until disposal of the real estate. Under the new rules, the SMLLC has a filing requirement every year to report transactions with foreign related parties.

A U.S. SMLLC, owned by a foreign corporation, holds U.S. real estate and rents the property. Previously, the foreign corporation had a corporate filing requirement and a related Form 5472, if applicable. Under the new rules, the foreign corporation is still required to file a corporate tax return and a related Form 5472, if applicable. However, the SMLLC has a corporate filing requirement with disclosure of related party transactions on Form 5472 that can be more comprehensive than what is required to be disclosed by the foreign corporation.

FLORIDA CPA TODAY | WINTER 2018

May 10-11, 2018 Tallahassee Tallahassee and and Simulcast Simulcast

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The The Florida Florida State State University University Accounting Accounting Conference Conference brings together CPAs from brings together CPAs from around around the the region region to to learn and network together. Discuss key learn and network together. Discuss key issues issues and and industry industry updates updates to to stay stay ahead ahead of of the the game. game.

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ficpa.org/PACcontribute Contributions are strictly voluntary and are not deductible for federal tax purposes. The Florida CPA/PAC is an entity completely separate from the FICPA. The Florida CPA/PAC is supported solely by the voluntary contributions of members of the FICPA and others. The Florida CPA/PAC is registered as a corporation with the Florida Division of Corporations and as a Political Committee with the Florida Department of State.

WINTER 2018 | FLORIDA CPA TODAY

Robert Half Releases

2018 SALARY GUIDE

obert Half recently published its 2018 Salary Guide for Accounting and Finance Professionals, an overview of the latest in compensation, recruiting, and hiring trends in the accounting & finance sectors. The guide is compiled using data obtained by Robert Half via surveys and analysis of its recruiting staff’s job placements throughout the year. Hot positions include: accounting manager; controller; financial analyst; internal auditor; payroll manager; senior accountant; and staff accountant. Among the most in-demand skills are: • Advanced Excel expertise • Knowledge of SAP, Oracle, and Microsoft Dynamics GP systems • Knowledge of cloud-based network systems, such as NetSuite and Workday • Data analytics and database management software experience, especially SQL • Proficiency in Hyperion (for financial analyst positions) • Quickbooks expertise (in small and midsize businesses) • Strong communication skills • Industry-specific experience • Leadership abilities • Adaptability and flexibility • Ability to collaborate with multiple departments • Multilingualism

FLORIDA CPA TODAY | WINTER 2018

Robert Half’s 2018 Salary Guide provides starting compensation ranges by percentile. A higher percentile indicates a candidate with more experience and/or skills. The Guide includes local variances for many U.S. cities to calculate salary ranges based on national averages. The above table shows national salary averages for eight positions in corporate and public accounting, along with local-variance calculations for select major Florida cities. To access Robert Half’s Salary Calculator, or to download a free copy of the 2018 Salary Guide for Accounting and Finance Professionals, visit roberthalf. com/salary-guide. Portions of this article are reprinted from the 2018 Robert Half Salary Guide for Accounting and Finance with permission of Robert Half.

2017 NATIONAL AVERAGE Salary Ranges shown reflect the 25th Percentile – 95th Percentile.

CORPORATE ACCOUNTING Chief Financial Officer* $119,000 – $497,000 Controller* $90,500 – $220,500

PUBLIC ACCOUNTING TAX SERVICES^ Senior Manager/Director* $110,250 – $210,000 Manager* $85,000 – $162,250 Senior $58,500 – $111,500 AUDIT/ASSURANCE SERVICES^ Senior Manager/Director* $108,250 – $206,500 Manager* $73,750 – $140,750 Senior $52,500 – $100,250

2017 FLORIDA CITY AVERAGES Salary Ranges shown reflect the 25th Percentile â&#x20AC;&#x201C; 95th Percentile.

FORT MYERS

MELBOURNE

ORLANDO

MIAMI/ FT. LAUDERDALE

JACKSONVILLE

TAMPA

WEST PALM BEACH

ST. PETERSBURG

CORPORATE ACCOUNTING Chief Financial Officer*

$108,290 $452,270

$113,645 $474,635

$107,695 $449,785

$126,735 $529,305

$119,595 $499,485

$115,430 $482,090

$117,810 $492,030

$120,190 $501,970

Controller*

$82,355 $200,655

$86,428 $210,578

$81,903 $199,553

$96,383 $234,833

$90,953 $221,603

$87,785 $213,885

$89,595 $218,295

$91,405 $222,705

PUBLIC ACCOUNTING - TAX SERVICES^ Senior Manager/ Director*

$100,328 $191,100

$105,289 $200,550

$99,776 $190,050

$117,416 $223,650

$110,801 $211,050

$106,943 $203,700

$109,148 $207,900

$111,353 $212,100

Manager*

$77,350 $147,648

$81,175 $154,949

$76,925 $146,836

$90,525 $172,796

$85,425 $163,061

$82,450 $157,383

$84,150 $160,628

$85,850 $163,873

Senior

$53,235 $101,465

$55,868 $106,483

$52,943 $100,908

$62,303 $118,748

$58,793 $112,058

$56,745 $108,155

$57,915 $110,385

$59,085 $112,615

PUBLIC ACCOUNTING - AUDIT/ASSURANCE SERVICES ^ Senior Manager/ Director*

$98,508 $187,915

$103,379 $197,208

$97,966 $186,883

$115,286 $219,923

$108,791 $207,533

$105,003 $200,305

$107,168 $204,435

$109,333 $208,565

Manager*

$67,113 $128,083

$70,431 $134,416

$66,744 $127,379

$78,544 $149,899

$74,119 $141,454

$71,538 $136,528

$73,013 $139,343

$74,488 $142,158

$47,775 $91,228

$50,138 $95,739

$47,513 $90,726

$55,913 $106,766

$52,763 $100,751

$50,925 $97,243

$51,975 $99,248

$53,025 $101,253

Senior

*B onuses and incentives reflect an increasingly large part of overall pay at this level and are not included in the salary figures listed. Advanced degrees or professional certificates are also assumed at this level. ^ Salary does not reflect overtime or bonuses.

WINTER 2018 | FLORIDA CPA TODAY

STAFF REPORT

FICPA Announces New Technology Support Partnership, Service Discounts New Endorsed Program Helping FICPA Members Migrate to and Manage Cloud Computing • Compliant with GLBA, HIPAA, and CJIS • SOC 2 Type 2 Unqualified Audit Opinion • Data Backup • Secure Remote Access ADVANCED, RELIABLE HOSTING ADMINISTRATION FOR CPAs

Are you thinking about moving your business data to the Cloud, or adding network hosting support? While data migration and hosting can be daunting endeavors, the reality for CPAs is that your firm’s data and client information are among its most valuable assets. Coaxis International (Coaxis), the FICPA’s newest endorsed program is here to help member companies in securing and managing their data, at very competitive prices. Information Technology (IT) is found at every CPA practice – bringing with it constant change, complexity and unforeseen threats. Without professional IT management, your firm’s productivity and reputation can be adversely impacted. “From software and equipment updates to meeting the tech demands of today’s mobile workforce, IT man28

FLORIDA CPA TODAY | WINTER 2018

agement has never been more important, or challenging,” said Christophe Réglat, president and CEO of Coaxis International. “Coaxis is proud to partner with the FICPA.” The CoaxisCPA – Cloud Protected Accounting Support suite from Coaxis features discounted/competitive FICPA member pricing for fullymanaged data hosting services and cloud configuration including: • Private, Hosted Network Environment Customized for CPAs • Affordable - Scaled to Accommodate Small to Large Size Firms • QuickBooks® Hosting – Intuit® Authorized Provider • Financial Software Hosting Expertise: Thomson Reuters (CS Professional Suite), Wolters Kluwer (CCH Solutions), Intuit®, Drake Software and others

Coaxis understands the challenges CPAs face daily; dealing with strict deadlines, changing tax codes, continual software and cybersecurity updates – all within a diversity of businesses, demographics and weather conditions. “We also understand that these factors increase demands for advanced and reliable IT data hosting administration,” explained Réglat. “Having worked with all sizes and types of CPA firms, our team has gained an understanding for the IT priorities that CPAs encounter daily. In fact, our tech support team has geared up, preparing to work longer hours, cognizant of tax season deadlines and stress.” “We are honored to be an Endorsed Program for FICPA. We value the opportunity to work with CPA firms across Florida through FICPA,” said Réglat. Learn more about discounts the CoaxisCPA program, endorsed by FICPA, by visiting: www.coaxissolutions.com/ ficpa or calling Coaxis at 850-391-1022. DREW MILLER, Corporate Sales Manager LYNN HEPNER, Membership Development Manager

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19,500 MEMBERS COAXIS DATA CENTER IS TIER-4 SECURE

Unlike many IT managed-hosting providers, Coaxis privately owns and operates an advanced, single-tenant data center in Tallahassee. The data center is built, maintained, and operated at Tier 4 level, the highest international standard for data centers as defined by the Uptime Institute. The center is equipped with multiple power sources and several fiber optic Internet connections from leading national ISPs. With security as its highest priority, the Coaxis data center is protected with more than 10 security levels, including 24/7 monitoring and biometric sensors. “We provide our clients with confidence, they know exactly where and how their data is securely stored and managed,” said Réglat.

THE COAXIS TEAM

The Coaxis tech support team specializes in working with CPAs and configuring customized data hosting to each firm’s specifications. They also are experienced in supporting all the major financial software programs and applications. For more than 12 years, the company has been certified by Intuit® as one of the select IT firms qualified to host QuickBooks®. Coaxis’ managed hosting solution for CPAs is designed to remove the complexities of maintaining federal and industry compliance, diminish the demands for internal technology infrastructure, and greatly minimize the threat of cybersecurity.

QUARTERLY.

FCT Marketplace includes Office Space, Practices Wanted for Purchase or Merger, Practices for Sale and Miscellaneous. Upon submission and approval, your ad is placed on line for immediate viewing to both members and the public. FCT Display ads may be purchased by issue and by size.

For more information or to see additional advertising options, go to www.ficpa.org/advertise or email communications@ficpa.org. Have a job opportunity, looking for your next staff member or intern for tax season, check out ficpa.org/OneSource.

WINTER 2018 | FLORIDA CPA TODAY

STAFF REPORT

FICPA Federal Tax Committee / IRS Liaison Meeting To achieve positive results when working with other organizations strong relationships and collaboration are vital. For over 20 years the FICPA Federal Tax Committee and Internal Revenue Service has held the Fed Tax/IRS Liaison Meeting to share ideas, discuss new processes and activity in the federal tax area, and establish relationships. Recently the FICPA Federal Tax Committee and the IRS held another successful meeting in Tampa. IRS officials presented key messages regarding their operating divisions, with interaction from the Committee. IRS Divisions reporting included Collections, Examinations, Counsel, Appeals and Criminal Investigations, with the Stakeholder Liaison providing updates on general operations and opportunities. The Taxpayer Advocate Service was also represented at the meeting. KEY HIGHLIGHTS FROM THE PRESENTATIONS INCLUDE:

Criminal Investigation: Traditional tax investigations are the focus for 2018. This includes any tax fraud, abusive tax schemes, identity theft, questionable refund programs and return preparer fraud, cybercrimes, counterterrorism/terrorist financing and narcotics related crimes. Cybercrimes continue to increase, and each year more resources are necessary to fight these crimes. As a tax preparer be aware that it is a legal responsibility of businesses and individuals that maintain, share, transmit, or store taxpayer data to have safeguards in place to protect client 30

FLORIDA CPA TODAY | WINTER 2018

information. Data security includes all aspects of your business, so review administrative practices, facility protection, computer security, personnel and information systems. For more information refer to the complete IRS Publication 4557, Safeguarding Taxpayer Data.

Counsel: Tax Court trial sessions are held in Jacksonville, Miami, Tampa, & Tallahassee. Taxpayers can elect to have their case handled using the small case procedures (S cases) if the amount at issue is less than $50,000 per year. The Tax Court allows CPAs

to practice in Tax Court provided they pass a test that is offered by the Court every other year. Even if not admitted to the Tax Court, the Office of Chief Counsel will work with a CPA who is representing a taxpayer if they provide a power of attorney form (Form 2848). It is extremely helpful to IRS Counsel when dealing with pro se taxpayers to be able to work with a tax professional who can help explain issues to the taxpayers and keep them focused on resolving the adjustments at issue. Please note: IRS Counsel is not required to work with a CPA who has not been admitted and may dealing directly with any such CPA who is not adding value to the process. Remember, Counsel wants to get to the right answer. The more documents and facts provided, the better they are able to do so. Appeals: It is important to provide all requested and/or relevant information to the auditor or revenue officer working the case. Waiting to provide such information to Appeals will generally result in the case being returned to the auditor or referred to the revenue officer for consideration of the new information. Either action could cause delays in resolving the tax matters. Fast Track Mediation (FTM) lets taxpayers resolve disputes at the earliest possible stage in the collection process. Once your FTM application is accepted, the goal is resolution within 40 days. Benefits of settlement over litigation include speed, cost, flexibility, control and reduced risk. Remember, not all cases and issues are eligible for FTM. Refer to Publication 3605, Fast Track Mediation: A Process for Prompt Resolution of Tax Issues for more information.

The FICPA thanks all Federal Tax Committee members for volunteering their time and service to the profession, as well as the Internal Revenue Service personnel for their time and sharing of valuable insights. Fast Track Settlement (FTS) offers Small Business/Self-Employed taxpayers an opportunity to resolve tax disputes at the earliest possible stage in the examination process. Once your application is accepted, the goal is resolution within 60 days. It is important to note that FTS does not eliminate or replace existing dispute resolution options, including your opportunity to request a hearing before Appeals or a conference with an IRS manager. If you cannot resolve your dispute through FTS, you still retain all otherwise applicable appeal rights. Benefits of settlement over litigation are the same as those listed for under FTM, and not all cases and issues are eligible. Refer to Publication 5022, Fast Track Settlement: A Process for Prompt Resolution of Small Business and Self Employed Tax Issues and News Release IR-2013-88 (November 6, 2013) on nationwide expansion of SB/SE FTS for more information. Role of Mediator: Mediators have no decision-making authority, meaning they cannot impose a decision or conclusion over an individual fact or overall issue. Mediators are impartial with no stake in the final settlement reached by the parties. Mediators fulfill their role of helping the parties reach an agreement by: • Facilitating communication between the disputing parties; • Assisting in identifying core issues or barriers to settlement; • Providing perspective and encouragement;

• Ensuring a level playing field and mutual respect during the session. An effective component of the meeting is that the Committee is given the opportunity to ask questions, give insights as to what works well and voice concerns and areas that need attention. This provides the participating divisions to hear what the tax professional community is dealing with, and provide answers to the provided answers to various procedural and systemic questions. Some of the questions the Committee posed concerned information and direction with ID theft, medical marijuana, private debt collection and tax reform. The IRS is continually monitoring and planning in these areas. The FICPA Fed Tax/IRS Liaison meeting has proven to be beneficial for both parties, and in fact the tax practitioner’s hotline was established directly as a result of discussions at a liaison meeting. The FICPA thanks all Federal Tax Committee members for volunteering their time and service to the profession, as well as the Internal Revenue Service personnel for their time and sharing of valuable insights. Both organizations remain committed to continuing the liaison meetings and building a strong relationship. IRS personnel contributed to information in this update. MIKE HOLLAND, Sr. Director of Member Services

WINTER 2018 | FLORIDA CPA TODAY

STAFF REPORT

Emerging Leaders Program Brings Young CPAs to Tallahassee As part of the inaugural 2017 FICPA Emerging Leaders Program, the FICPA invited 32 participants from around the state to attend professional development training and networking sessions in Tallahassee, Jacksonville, Tampa, Orlando, Ft. Lauderdale, and Miami. The program gives young CPAs a unique opportunity to engage with local leaders in the accounting profession and the nonprofit sector, elected officials, and leadership development experts. On December 5, 2017, the program culminated at the Emerging Leaders Summit in Tallahassee. Program participants and young CPAs from around the state spent the day at the Florida Capitol interacting with Senators, Representatives, and other government officials. Emerging Leaders were given exclusive access to the legislative pro-

FLORIDA CPA TODAY | WINTER 2018

cess, saw the practical applications of civic engagement, and met with fellow CPAs in governmental positions. It has been exciting to hear the positive feedback from many of the participants from this yearâ&#x20AC;&#x2122;s class. Theyâ&#x20AC;&#x2122;ve shared that highlights of the program included the networking opportunities with fellow Emerging Leaders, learning more about their communities, and leaving the program feeling motivated to strengthen their relationships with their colleagues and clients.

The FICPA is proud of the inaugural class of Emerging Leaders and will build off of the experiences from this year for future participants. Stay tuned for more information on the 2018 edition of the program. Congratulations to all of the Emerging Leader graduates! JENNIFER ALLEN, Emerging Professionals Manager SARA SCHMEDINGHOFF, Emerging Professionals Manager

Emerging Leader Graduates REGION 1: TALLAHASSEE

John Kirk, Audit Manager Thomson Brock Luger & Company

REGION 3: TAMPA

Amanda M. Porupski, Forensic Financial Services CBIZ MHM, LLC

Michael G. Dupree, CPA, Senior Accountant Tipton, Marler, Garner & Chastain, PA

Heather Haskin, Audit Senior Manager Ernst & Young

Brooke Troop, Supervising Senior Carr, Riggs & Ingram

Daniel Anderson, Audit Manager Mauldin & Jenkins

Tamara Fultz, Tax Manager Carroll and Company CPAs

Brett Mosley, Tax Accountant/Consultant Spoor Bunch Franz

REGION 2: JACKSONVILLE

Jack G. Shammas, Tax Professional Cohen & Grieb, P.A.

Patrick Kmieciak, Assurance Experienced Associate PwC Kristina Sidoti, Audit Manager Ennis Pellum & Associates, CPAs Kris Hutchins, Tax Manager James Moore & Co Chelsey Dukes, Manager DHG Whitney Brown, Experienced Associate PwC Andrew Hetzel, Senior Associate PwC

Trey Bruce, Auditor/Business Consultant Phillips Harvey Group REGION 4: ORLANDO

Scott Wagner, Tax Manager Carr Riggs & Ingram Drew Ulloa, Forensic Accountant

REGION 5: FT. LAUDERDALE

Eric McAlpin, Manager Grant Thornton, LLP Allyse Carter, Tax Senior Caler, Donten, Levine, Cohen, Porter & Veil, P.A. Alyssa Clark, Tax Senior Associate Walton Rahal CPAs Alexandra Demosthenes, Sr. Wealth Advisor Investment Advisory Professionals, LLC Shayne Ellman, Audit Manager Gladstone & Company REGION 6: MIAMI

Cory Rosen, Staff MBAF

Jason Karukin, Audit Manager Ernst & Young

Natasha Novikov, CPA/CFF, CFE, Forensic Accountant

Eboni N. Moss, Senior Tax Manager Bennett Thrasher, LLP

Jamie Ford, Accounting Manager Pinnacle

Kelly Weigel, Audit Senior MBAF

Ryan Herring, Manager Withum

Sophia Schneider, Tax Manager Crowe Horwath LLP

Todd Piacentine, Audit Partner Grant Thornton, LLP

Marcelo Gadia, Senior Associate of Tax Services Berkowitz Pollack Brant Jordan Argiz, Manager MBAF WINTER 2018 | FLORIDA CPA TODAY

STAFF REPORT

Joining The PAC FICPA is happy to recognize that Ahearn, Jasco & Company, Anthony M. Palermo, Pompano Beach has joined the Florida CPA/PAC. SILVER CLUB: $1,000

The CPA profession will continue to succeed because of the dedicated elite members of the “Top 250” campaign. Thank you again to all the firms and managing partners that support the Florida CPA/PAC’s efforts.

Contributions are strictly voluntary and are not deductible for federal tax purposes. The Florida CPA/PAC is an entity completely separate from the FICPA. The Florida CPA/ PAC is supported solely by the voluntary contributions of members of the FICPA and others. The Florida CPA/PAC is registered as a corporation with the Florida Division of Corporations and as a Political Committee with the Florida Department of State.

G400 Firm Visits Update In early November I had the privilege of visiting with partners or shareholders with several AICPA Group of 400 (G400) firms in central Florida with AICPA G400 Firm Representative Jim Ahler. It was a great opportunity for the partners and shareholders to share their experiences and perspectives, and convey the challenges they are facing. Some of the themes included: • Keeping up with technology – CPAs are slowly moving to the cloud, but cost is a factor in dictating the timeframe. Artificial intelligence, blockchain, and other emerging tech will be major disruptors and need to be monitored closely. • Cybersecurity – Protecting sensitive data and information is crucial, but attacks are becoming more aggressive. Data shows that 56% of business leaders would not be able to detect an attack1. • Staffing and workflow management – Firms continue to grapple with finding experienced staff, managing intergenerational staffing dynamics, and meeting the demand for mobile workplaces. Companies must be innovative, embrace diversity, and adapt to the changes necessary to hire and maintain top individuals. To help with these concerns the FICPA has established a strategic focus that incorporates dedicated staff working with students and emerging leaders. The Emerging Leaders Program was designed for young CPA professionals that are passionate about the CPA profession and their local communities. • Tax reform – Passage of tax reform legislation has major implications for the filing season. Earlier this year, the FICPA’s Federal Tax Committee participated in a Town Hall meeting with U.S. Rep. Vern Buchanan (R-FL) on tax reform. See ficpa.org/tax for Tax Cuts and Job Act resources. • CPAs in the future – Technology and globalization will require new skill sets and a rethinking of how our profession conducts our work. Other concerns included how to deal with the legal issues of medical marijuana, as well as the IRS engaging private debt collectors. As the premier organization representing Florida CPAs, we will continue to work on your behalf to advance the profession and make sure you’re aware of critical issues affecting the field. The insight we gained from meeting with members of the G400 was invaluable. Want a FICPA visit? We want to meet with you to hear what is important to you. Contact Mike Holland at mike@ficpa.org, to schedule a meeting. Source: World Economic Forum: “The Future of Financial Infrastructure”, August 2016; IBM and Ponemon Institute, 2016 Cost of Data Breach Study: Global Analysis

MIKE HOLLAND, Sr. Director of Member Services

FLORIDA CPA TODAY | WINTER 2018

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CPA S IN THE SPOTLIGHT

CENTRAL FLORIDA CENTRAL FLORIDA HILLEL

has welcomed Dana Bial as its new board chair.

DESTIN

FORT MYERS

HBK

TUSCAN & COMPANY, P.A.

is pleased to announce the promotion of Lisa McKenzie, CPA to Senior Audit Manager and Stacey Wilson, CPA to Audit Manager.

Sally Frizzell Coleman, CPA, joins HBK as a Senior Director.

CARR, RIGGS & INGRAM, LLC

is pleased to announce the promotion of Katie Sidrony, CPA, CAM to Partner. Katie has been with the firm since 2006.

Sally Frizzell Coleman, CPA

MELBOURNE Lisa McKenzie, CPA

Stacey Wilson, CPA

MARKHAM NORTON MOSTELLER WRIGHT & CO., P.A. (MNMW) Katie Sidrony, CPA, CAM

DeLAND JAMES MOORE & COMPANY

The partners and employees of DeLand-based Cohen, Smith & Company, P.A. (Cohen Smith) have joined James Moore & Company (James Moore). Effective immediately, Cohen Smith will be known as James Moore.

FORT LAUDERDALE FISKE & COMPANY

has announced that Marty Williams, CPA/CFF, CFE, has rejoined the firm as Director of Litigation Support Services.

Jen Kim has joined Markham Norton Mosteller Wright & Co., P.A. (MNMW) as the Executive Assistant for the Litigation, Forensic Accounting, and Mediation Services Team.

SPACE COAST CREDIT UNION

has appointed Hilary Eisbrenner to Chief Financial Officer.

MIAMI KABAT, SCHERTZER, DE LA TORRE, TARABOULOS & COMPANY

Mitchell Stein joins Kabot, Schertzter, De La Torre, Taraboulous & Company as Audit Partner. Isabel Goldgerg joins Kabat, Schertzer, De La Torre, Taraboulos & Company as Tax Partner. BERKOWITZ POLLACK BRANT

Jen Kim

McHALE, P.A.

Veronica Larriva, a Certified Public Accountant with McHale, P.A. has been named a partner in the firm.

Gregory J. Gagné, CPA, CGMA, has rejoined Berkowitz Pollack Brant, announced as Associate Director of Consulting Services.

Gregory J. Gagné, CPA, CGMA Marty Williams, CPA/CFF, CFE

FLORIDA CPA TODAY | WINTER 2018

Veronica Larriva, CPA

MIAMI LAKES R&L SCHUCK – CPAS, LLC

has added Giovanna Bertran-Schuck to its staff.

POLK HAMIC PREVITE & STURWOLD

THOMAS HOWELL FERGUSON P.A. CPAS

has promoted Ying Wang to Senior Manager; Alyssa Roti, Paola Blackburn, and Elaine Sutter to Manager; and Jeannie Lim to Retirement Plan Specialist all within the Tax Services Department.

has named Jim Noullet, CPA, the director of tax compliance.

FRSCPA, PLLC

David S. Oliver, CPA, CVA, a valuation expert with FRSCPA, PLLC has successfully completed the certification process with the National Association of Certified Valuators and Analysts® (NACVA®) to earn the Certified Valuation Analyst® (CVA®) credential.

WINTER HAVEN

TALLAHASSEE

ADAMSON + CO., P.A.

THOMAS HOWELL FERGUSON P.A. CPAS

congratulates Christie Battles and William Groom on receiving their CPA licenses.

Christie Battles, CPA

ST. PETERSBURG

William Groom, CPA

Ying Wang

Alyssa Roti

Adamson + Co., P.A. is pleased to announce Mr. Richard W. Morton, CPA, has joined the firm as a Principal.

Paola Blackburn

Elaine Sutter

Richard Morton, CPA

Jeannie Lim

CONGRATULATIONS TO THE WINTER 2018 CPAs IN THE SPOTLIGHT! We are proud and honored to post articles about the achievements, promotions and accolades of our individual members and their firms on our website and in our FCT magazine. It not only promotes you and your firm but it emphasizes the importance of our profession to communities across Florida.

Email your submission to communications@ficpa.org. Check out what our members are doing at www.ficpa.org/CPASpotlight.

WINTER 2018 | FLORIDA CPA TODAY

MARKETPLACE

PRACTICES FOR SALE

Ft. Myers firm 35 years old, partners retiring, staff includes several CPAs with strong client relationships, revenue $1.3M. Aventura firm looking to merge with larger firm, revenue $1.1M. Kendall firm looking for smaller firm to merge in and buy-out partner in 5 years, great opportunity for younger buyer, $1.3M. Email: 4ragan@comcast.net Phone: 954-554-4344 Older CPA practitioner seeks a merger with a younger practitioner. Desires someone who can quickly take over the mostly tax and accounting work. Will continue to work towards smooth transition. Spanish speaker is a must. Older CPA has moved into the "retirement planning" arena using his insurance and securities licenses. Preferably younger CPA is located somewhere between mid-Miami and Aventura. Email: mike@karpelcpa.com Fax: 800-866-9684 Practices available before tax season including: Panhandle area $2,000,000; Orlando $500,000; Bradenton $350,000; North of Tampa $900,000; Brooksville area $300,000; Daytona Beach $475,000. Many others. Visit our website for the latest list of practices: www.cpasales.com/practices-florida 90% bank financing available. PROFESSIONAL ACCOUNTING SALES. Selling practices in Florida for over 34 years. Tel: 800-729-9031 or 561-666-6737. Gainesville area CPA firm for sale. Tax and compilation practice established over 20 years. Mostly business clients. $160k gross. Building available. Owner available for transition. Email: draperboydpacpas@ bellsouth.net Fax: 844-274-3886 38

FLORIDA CPA TODAY | WINTER 2018

PRACTICES WANTED FOR PURCHASE OR MERGER

R Figueroa, P.A. is a Doral, Florida based Accounting Firm interested in affiliating with either a retirement minded professional or like-minded experienced CPAs looking to join a firm with a compelling future in the international market. As part of our strategic growth, we are embarking on a lateral-merger strategy searching for an Audit Partner, International Tax Partner, and Consulting Partner. If you are a fast-track CPA with a book of business and over 10 years of experience in the international arena and want to be part of an exciting and growing international-focused firm, we invite you to contact us. R Figueroa is a Correspondent Member Firm of PKF International Limited, a global network of independent firms with over 400 offices operating in 150 countries. To learn more about this opportunity, Email to partners@ rfigueroacpa.com. Growing South Florida CPA firm looking to purchase or merge with a retirement-minded CPA in Florida. Favorable purchase terms offered with continuing employment opportunities available. Please contact Jeff Taraboulos at info@ksdt-cpa.com or (305) 670-3370. Fintz CPA, PA, headquartered in Plantation, FL, is seeking to provide customized succession / retirement options for retirement-minded CPA's throughout Florida. We have successfully provided custom-tailored succession solutions to many CPA's and would enjoy the opportunity to collaborate with more like-minded CPA's. Please contact Jack Fintz, jack@fintzcpa.com, (954) 440-0320.

OFFICE SPACE

Semi retired CPA looking to share my 400 sq ft office located in Pompano Beach. Nice 3rd floor office with 2 glass walls. I am out of town for 6 months so you would have the office to yourself for this time. Very reasonable rent. Phone Gary: (954) 783-7000 Email: garyhumlack@bellsouth.net Shared office space with other CPA's near downtown Sarasota available immediately. Expense sharing possible. Length of lease is flexible. Email inquiries to amast@mastcpa.com or call Allen at (941) 953-5036. Dadeland-area CPA has executive office & 2 cubicles available for lease in CPA suite. Furnished, floor-to-ceiling windows, conference room, kitchen, telephone, office equipment, filing cabinets, & internet access included. Free parking. Call (305) 661-1040 or email ron@ronwcpa.com

MISCELLANEOUS

FL CPA, CIA seeks project work in auditing, accounting, or tax in the Panhandle or remotely. Experienced in governmental compliance auditing; estate, business, and personal taxes; governmental and private accounting since 1990. Email: roadmaps1@gmail. com. Phone: 716-338-7275

Visit ficpa.org/classifiedsonline for complete classified ad policies.

JANUARY 1, 2018 – MARCH 3, 2018

CPE CATALOG The FICPA hosts over 130 in-person CPE events throughout Florida, and more than 3,000 online events. Not finding what you need in this catalog?

Go online to ficpa.org/catalog to see all of our courses.

CUSTOMIZED LEARNING SOLUTIONS

TAKE TWO OPTIONS

FICPA SIMULCAST CONFERENCES

ON-SITE LEARNING

VALUE-PRICED SEMINARS

CONFERENCES

ETHICS

FICPA POWER PASS

ON DEMAND

SEMINARS

L EARNLINX CPE ONLINE COURSES

WINTER 2018 | FLORIDA CPA TODAY

Table of Contents Good to Know.............................................................40

Ethics...............................................................................41

In-Person CPE..............................................................41

LearnLinx OnLine CPE.............................................42

Ft. Lauderdale.....................................................................41

In-Person Course Descriptions...........................52

Tampa.......................................................................................41

Save These Event Dates..........................................54

GOOD TO KNOW The Florida Institute of CPAs understands how important continuing professional education is toward your success as a Certified Public Accountant. To help you meet your professional development needs, the FICPA has brought together an outstanding collection of CPE programming designed to sharpen your skills, keep you informed of the latest developments and enhance your career. With hundreds of programs, the FICPA can help meet any CPE need: accounting & auditing updates, ethics, specialized topic conferences, governmental courses, the latest on taxation and much more! The FICPA is your one-stop shop for high-quality CPE courses in any format.

REGISTRATION INFORMATION

CPE POLICES YOU MAY NEED TO KNOW

Registration Prices Take advantage of Early Bird Prices by registering more than 30 days before the course date and receive $55 off the regular registration fee. Nonmembers of the FICPA are welcome to attend but are required to pay an additional $125 per day of instruction or $65 per half day of instruction.

THE CPE TRACKER

Four ways to register for FICPA CPE programs: • LOGON to www.ficpa.org/cpe. • FAX a completed registration form with your credit card information to the FICPA at (850) 681-2433. • CALL the FICPA Member Service Center at (800) 3423197 or (850) 224-2727 to place a credit card order. • MAIL a completed registration form with your credit card information or check made payable to the Florida Institute of CPAs to: Continuing Professional Education, FICPA, P.O. Box 5437, Tallahassee, FL 32314-5437.

SAVINGS IN NUMBERS. GROUP DISCOUNTS AVAILABLE

Register five to seven people from the same organization for the same event and receive a 15% discount off the registration fee. Register eight or more for the same event and receive a 20% discount. Restrictions may apply.

OF COURSE! | JANUARY 1 - MARCH 31, 2018

CPE policies can be found on our website at www.ficpa.org/policies.

The FICPA’s members-only CPE Tracker is a tool that allows you to track your CPE courses throughout your reporting period. FICPA courses taken will be automatically included in this Tracker. Courses taken from vendors other than the FICPA can be included in this online application. It is the user’s responsibility to ensure the Tracker’s accuracy.

VALUE-PRICED SEMINARS

Get exceptional value from these streamlined, high-quality courses that enable you to gain essential knowledge and skills at a lower price. These are our most popular courses taught by our best educators in modest facilities that are conveniently located around Florida. We may not serve you lunch, but we’ll serve you quality CPE and great value.

EVENT TIMES

Check-in begins 30 minutes before the program starts. Schedules for conferences and seminars may differ. Full Day Seminars 8:30 a.m – 4:30 p.m. Half Day Seminars 8:30 a.m. – 12 p.m. and 1 – 4:30 p.m.

IN-PERSON CPE

FT. LAUDERDALE CONFERENCES CPAs in Industry – Ft. Lauderdale Date: Mar 22-23, 2018 CPE Credit: Up to 17 CPE Hours Course Number: ICM Location: Signature Grand Early Bird Price: $450 FICPA ~ $700 Nonmember Regular Price: $505 FICPA ~ $755 Nonmember

TAMPA CONFERENCES CPAs in Industry – Tampa

Date: Mar 22-23, 2018 CPE Credit: Up to 17 CPE Hours Course Number: IC Location: Tampa Airport Marriott Early Bird Price: $450 FICPA ~ $700 Nonmember Regular Price: $505 FICPA ~ $755 Nonmember

ETHICS.

AT THE SPEED OF BUSINESS. Prepare yourself to face the complex, challenging and evolving ethical issues of today and tomorrow. The FICPA’s ethics courses, specialized for CPAs working in business, industry and government, build the trust that your clients, employers, colleagues and the public deserve while protecting your hard-earned license.

ONLINE ETHICS

Ethics: Protecting the Integrity of Florida CPAs (ETH) – 4980

Date Start Time Credit Code Type Member Price Jan 19 8:30 a.m. 4 ETH ETHWBR13 Webcast Replay $85

Ethics: Protecting the Integrity of Florida CPAs in Industry Date Start Time Credit Code Feb 23 1 p.m. 4 ETH ETHIWBR3 Mar 27 8:30 a.m. 4 ETH ETHIWBR4

Type Member Price Webcast Replay $85 Webcast Replay $85

Governmental Ethics: Protecting the Integrity of Florida CPAs (ETHG) – 6957

Date Start Time Credit Code Type Member Price Jan 19 8:30 a.m. 4 ETH ETHGWBR3 Webcast Replay $85

OnDEMAND ETHICS

Ethics: Protecting the Integrity of Florida CPAs (2017-18)

TAKING ONE OF THESE FOUR-HOUR COURSES?

Credit Code Member 4 ETH ETHOL17

Price $75

Pair an Ethics with another four-hour course and get 8 hours of Early Bird Price CPE for $249. It’s that easy! Look for the “Take Two” icon on select pairings.

= Live Conference Simulcast |

= Seminar Days |

= Take Two! |

= Value Priced Seminars

To register, call 800.342.3197 or 850.224.2727, or visit ficpa.org/cpe. | FICPA.ORG

ONLINE CPE

SIMULCAST CONFERENCES

CPAs in Industry Conference

Date: March 22 - 23, 2018 CPE Credits: Up to 16 CPE Hours Course Code: ICWEB Location: Online Developer: Florida Institute of CPAs URL: www.ficpa.org/IC As a CPA or CFO in business and industry, you rely on more than your finance skills to succeed. You are also an integral part of a team charged with creating the financial health of your company. The annual CPAs in Industry Conference provides unique tools for corporate CPAs and CFOs, helping you to be the best in your profession. Attendees can participate in-person or via online simulcast.

Health Care Industry Conference

Date: April 19 - 20, 2018 CPE Credits: Up to 16 CPE Hours Course Code: HCCWEB Location: Online Developer: Florida Institute of CPAs URL: www.ficpa.org/HCC The FICPA Health Care Industry Conference is specifically designed for CPAs, CFOs, and other financial officers working in Florida's health care industry. We host this annual event because health care finance is constantly evolving, especially with new

OF COURSE! | JANUARY 1 - MARCH 31, 2018

political leadership. New rules and regulations are introduced regularly. This event will help you keep pace. This event is endorsed by the Healthcare Financial Management Association, Florida Chapter, and the Florida Hospital Association. Attend in person or via online simulcast.

Not-for-Profit Organizations Accounting Conference

Date: May 17 - 18, 2018 CPE Credits: Up to 16 CPE Hours Course Code: NPC Location: Online Developer: Florida Institute of CPAs URL: www.ficpa.org/NPC Learn new tricks, best practices and boost your know-how about keeping not-for-profits lean, clean and compliant. Not-for-profit employees and CPAs with not-for-profit clients must ensure their organizations operate efficiently and effectively. The Not-for-Profit Organizations Conference will provide you with the tools you need to keep your company dependable, on top and making the most of its resources. Youâ&#x20AC;&#x2122;ll find the latest information on revenue recognition, rating methodology, fraud, audit issues, dashboards, peer review and much more. Gain critical knowledge at the industryâ&#x20AC;&#x2122;s best not-for-profit and solutions conference, offered in Tampa, Ft. Lauderdale and online.

ONLINE CPE

ACCOUNTING & AUDITING

Applying the Risk Assessment Standards to Enhance Audit Quality

Date: January 24, 2018 Time: 9:00 a.m. - 12:59 p.m. (opens at 8:30 a.m.) CPE Credit: 4 AA Course Code: AIARAS06 Regular Price: $159 FICPA • $199 Nonmember The purpose of this webcast is to teach auditors how to utilize a risk based approach within their engagements to enhance audit quality. Auditors continue to struggle with effective and efficient execution of the Risk Assessment Standards. Common deficiencies include an over-reliance on checklists and inadequate documentation of audit risk assessment, including linkage of audit procedures to the risks they are designed to address. The AICPA Peer Review team continues to see common audit deficiencies relating to risk assessment.

Communicating Financial Information to Non-Accountants

Date: May 31, 2017 Time: 11:00 a.m. - 1:00 p.m. (opens at 10:30 a.m.) CPE Credit: 2 AA Course Code: ACCFI06 Regular Price: $79 FICPA • $109 Nonmember Do you ever get blank looks when you present your company’s financial statements? Does your board nod knowingly, during your presentation, but never seem to have any meaningful questions? It could be that they have no idea what you are talking about and are just pretending to understand! Learn how to connect with your CEO, board, fellow managers, and ordinary employees so they understand your message. Learn to motivate them to action. Come hear a veteran CFO tell you how.

DATE

START TIME

CREDIT

COURSE CODE

PRICE

Accounting Industry Update: FASB Changes 2017 & Beyond

2/23/18

11:30 AM

2 AA

4173362C

$60

Accounting Industry Update: Lease Accounting Under ASC 842

2/23/18

4 PM

1 AA

4173360C

$30

Accounting Industry Update: Revenue Under ASC 606

2/23/18

2:30 PM

1 AA

4173359C

$30

Advanced Concepts in SSARS 21 and Nonattest Services: Are You Certain You Are in Compliance? (SS21)

2/26/18

9 AM

8 AA

SUSS2114

$219

Analyzing a Company’s Financial Statement

1/23/18

9 AM

2 AA / 2 TB

AIAACF02

$159

Applying the Risk Assessment Standards to Enhance Audit Quality

1/24/18

9 AM

4 AA

AIARAS06

$159

Audits of 401(k) Plans: New Developments and Critical Issues for an Effective and Efficient Audit (AFPL)

3/8/18

9 AM

8 AA

SUAFPL08

$219

Control Measures Designed to Protect Mobile Technology Assets

2/6/18

1 PM

2 AA

4173375X

$60

Data Visualization for Audits

2/13/18

11:30 AM

1.5 AA

4173380C

$45

Documenting Your EBP Audit: What You Need to Know

1/17/18

9 AM

8 AA

AIDYEA06

$249

Forensic Accounting: Uncovering Schemes and Scams

1/18/18

1 PM

4 AA

AIFA02

$159

Fraud: Essential Audit Tools and Techniques

3/21/18

11:30 AM

4 AA

4172872D

$120

EVENT NAME

To register, call 800.342.3197 or 850.224.2727, or visit ficpa.org/cpe. | FICPA.ORG

ONLINE CPE

ACCOUNTING & AUDITING

(CONTINUED)

DATE

START TIME

CREDIT

COURSE CODE

PRICE

GAAP Update

1/22/18

11:30 AM

8 AA

4172513J

$245

Global World Accounting: Key Issues for Revenue Recognition, Leases and Impairment

3/19/18

11:30 AM

8 AA

4173305H

$245

Guide to the New Revenue Recognition Model for All CPAs (REV4)

2/12/18

1 PM

4 AA

SUREV418

$139

Implementing and Maintaining an Internal Control System

3/20/18

9:30 AM

8 AA

4173384W

$245

Improving Audit Quality

2/12/18

11:30 AM

4 AA

4173229C

$120

Industry Accountant Toolkit (IATK)

3/21/18

9 AM

8 AA

SUIATK11

$219

Interpreting the New Revenue Recognition Standard: What All CPAs Need to Know

1/26/18

1 PM

4 AA

AIINRR12

$159

Leases: Mastering the New FASB Requirements

1/31/18

9 AM

8 AA

AILMNF11

$249

Mitigating Fraud Engagement Risk for Nonaudit Practitioners

3/21/18

3:30 PM

4 AA

4172873D

$120

Other Comprehensive Basis of Accounting Fundamentals

1/17/18

11:30 AM

8 AA

4172308H

$245

QuickBooks: Internal Control Tips & Tricks (QBIC)

2/14/18

4 PM

2 AA

SUQBIC06

$89

QuickBooks: Quickly Reconcile and Create Schedules for Balance Sheet Accounts (QBBS)

2/14/18

1 PM

2 AA

SUQBBS06

$89

Small-Business Financial Statements

2/15/18

11:30 AM

4 AA

4172775E

$120

Spotlight on Performance Analysis: Identifying Profit Improvement Opportunities

2/22/18

2 PM

2 AA

4173292B

$60

Successfully Navigating the Impacts of SSARS No. 21 (SSAR)

2/1/18

1 PM

2 AA

SUSSAR10

$89

Tax Practitionerâ&#x20AC;&#x2122;s Guide to Accounting and Reporting Issues

1/24/18

11:30 AM

8 AA

4172500D

$245

The New Clarified Attestation Standards: What You Need to Know

1/25/18

1 PM

4 AA

AITNCA02

$159

The Virtual CFO Series - A 2018 Complete Set

2/2/18

1 AM

12 AA / 28 TB

ACTVCS03

$780

U.S. GAAP Disclosures for Non-Public Entities

1/23/18

9:30 AM

8 AA

4173121D

$245

U.S. GAAP: Review for Business & Industry

1/18/18

9 AM

4 AA

AIUG02

$159

Why Guess? Mastering the Fundamentals of an Accurate Cost System

1/25/18

9 AM

8 AA

ACWGMF01

$305

EVENT NAME

OF COURSE! | JANUARY 1 - MARCH 31, 2018

ONLINE CPE

ETHICS

Ethics for Governmental CPAs in Florida (6957)

Date: March 2, 2018 Time: 8:30 a.m. - 12:00 p.m. CPE Credit: 4 ET Course Code: ETHGWBR3 Regular Price: $85 FICPA • $145 Nonmember As professionals, CPAs often face complex and challenging ethical situations. This course provides a framework to assist CPAs address their ethical and regulatory obligations and comply with professional requirements. Through interactive discussion, we will explore recent trends in professional ethics along with the application of specific rules and requirements applicable to CPAs. Our focus will be on the obligations imposed on CPAs by the Florida Statutes, the Rules of the Florida Board of Accountancy, and the AICPA Code of Professional Conduct, the FGFOA Code of Ethics, and Chapter 112, F.S. This newly enhanced course is specifically designed for professionals working in government. The course fulfills the biennial ethics requirement for Florida CPAs and CGFOs of the Florida Government Finance Officers Association. This course was recorded on June 28, 2017

EVENT NAME Ethics: Protecting the Integrity of Florida CPAs (4980)

Ethics: Protecting the Integrity of Florida CPAs in Industry (20805) Date: February 23, 2018 Time: 1:00 p.m. - 4:30 p.m. (opens at 12:30 p.m.) CPE Credit: 4 ET Course Code: ETHIWBR3 Regular Price: $85 FICPA • $145 Nonmember As professionals, CPAs often face complex and challenging ethical situations. This course provides a framework to assist CPAs address their ethical and regulatory obligations and comply with professional requirements. Through an interactive discussion with a panel of experts we will discuss recent trends in business and professional ethics along with the application of specific rules and requirements applicable to CPAs. Our focus will be on the obligations imposed on CPAs by the Florida Statutes, the Rules of the Florida Board of Accountancy, and the AICPA Code of Professional Conduct. The course fulfills the biennial ethics requirement for Florida CPAs and is primarily designed for professionals working in business and industry.

DATE

START TIME

CREDIT

COURSE CODE

PRICE

1/19/18

8:30 AM

4 ET

ETHWBR13

$85

Seminar Days are returning to a city near you!

Essential Courses. Multiple Topics. Convenient Location. Low Price. Seminar Days meet the needs of your busy schedule, offering essential CPE courses, a variety of timely topics and great networking opportunities near you. What’s not to like? KEEP AN EYE OUT FOR COURSES COMING MAY 2018! Select seminars will be available via simulcast. To register, call 800.342.3197 or 850.224.2727, or visit ficpa.org/cpe. | FICPA.ORG

ONLINE CPE

GOVERNMENT/NOT-FOT-PROFIT

Navigating U.S. Government Contracts: Cost Accounting, Compliance & DCAA

Date: January 30, 2018 Time: 9:00 a.m. - 5:00 p.m. (opens at 8:30 a.m.) CPE Credit: 8 AA Course Code: ACNUGC05 Regular Price: $195 FICPA • $245 Nonmember U.S. Government contracting is a niche industry that involves unique regulatory requirements in the accounting field. The two most common areas that every government contractor that has cost reimbursable contracts is the requirement to prepare an annual Incurred Cost Submission (ICS) and preparing cost or price proposals that include projected indirect rates. Lastly, this all-day session will be round out with an overview of the Cost Accounting Standards (CAS) and a presentation on hot topics including issues with the Defense Contract Audit Agency (DCAA) who typically audit government contractors.

Not-for-Profit Accounting and Auditing Update

Date: February 5, 2018 Time: 1:00 p.m. - 4:59 p.m. (opens at 12:30 p.m.) CPE Credit: 4 AA Course Code: AINAAU03 Regular Price: $159 FICPA • $199 Nonmember The best avenue to success is to be indispensable to your clients. The best way to becoming indispensable is having a solid understanding of your client's business. This course details the latest developments affecting not-for-profits such as requirements of FASB directed toward the organizations and information on the latest OMB and Yellow Book developments.

DATE

START TIME

CREDIT

COURSE CODE

PRICE

3/15/18

11:30 AM

8 AA

4172015B

$245

2/6/18

11:30 AM

8 AA

4172018B

$245

Financial Reporting for Not-for-Profit Entities

1/22/18

2:30 PM

4 AA

AIFRNE06

$159

Fraud and Abuse in Not-for-Profit Entities and Governments: Stealing from Everyone (FANG)

2/12/18

9 AM

8 AA

SUFANG05

$219

Governmental Pensions: Prepare for a Changing Landscape

1/17/18

9 AM

4 AA

AIGP02

$159

EVENT NAME Administrative Rules for Federal Grants Cost Principles for State & Local Governments & Nonprofit Organizations

ONLINE CPE

LEADERSHIP DEVELOPMENT

Communications Success: Make Your Message Stick

Date: January 29, 2018 Time: 1:00 p.m. - 3:00 p.m. (opens at 12:30 p.m.) CPE Credit: 2 BE Course Code: ACCS22 Regular Price: $79 FICPA • $109 Nonmember Great ideas are only great if they are implemented. How can you make your ideas matter to others? Learn the six steps to make your ideas stick.

EVENT NAME Business Strategy & Leadership; Plan, Execute, Win! How to Brand “Yourself” for Career and Business Success (PBBC) 46

OF COURSE! | JANUARY 1 - MARCH 31, 2018

Ethical Considerations for the CPA (ETHC)

Date: January 18, 2018 Time: 1:00 p.m. - 4:30 p.m. (opens at 12:30 p.m.) CPE Credit: 4 TB Course Code: SUETHC27 Regular Price: $139 FICPA • $199 Nonmember CPAs today face greater challenges than ever to maintain the high ethical standards of their profession. This course reviews a history of the CPA profession but will focus on ethical requirements that CPAs must adhere to in their everyday practice, including practical examples of potential ethical dilemmas that practitioners may encounter. This course covers general ethics and is applicable for CPAs in states in which state-specific ethics are not required. This course does not qualify for IRS credit.

DATE

START TIME

CREDIT

COURSE CODE

PRICE

3/23/18

10 AM

2 TB

ACBSL10

$79

3/9/18

1 PM

2 BE

SUPBBC05

$89

ONLINE CPE

MANAGEMENT/CONSULTING

CPAs in Industry Simulcast

Date: March 22-23, 2018 Time: 8:00 a.m. - 5:05 p.m. (opens at 7:30 a.m.) CPE Credit: 8 AA / 9 TB Course Code: ICWEB Regular Price: $475 FICPA • $730 Nonmember As a CPA in industry, you are all about the hands-on approach. You are involved from payroll to supply chain. You are also an integral part of a team charged with creating the financial health of your company. Whether you are new to the field or a seasoned professional, remaining current with the multitude of guidelines can make a difference in your work and your company’s bottom line. Whether it’s learning about IFRS GAAP Integration, data analytics or cyber security, you’ll leave this conference with what it takes to make a lasting impact. We also want you to share this opportunity with your colleagues. The FICPA offers early bird, first time attendee, young CPA and group discounts - making the 2018 CPAs in Industry Conference an investment in your company’s future and your own.

Employment Law Update: Examining Critical Issues with FMLA, HIPPA, COBRA, ADA and More

Date: January 29, 2018 Time: 1:00 p.m. - 4:59 p.m. (opens at 12:30 p.m.) CPE Credit: 4 TB Course Code: AIELU04 Regular Price: $159 FICPA • $199 Nonmember Employment law issues affect virtually every business, governmental entity, and not-for-profit organizations. This update examines employer liability for discrimination of all types, including disability discrimination and violations of the Americans with Disabilities Act (ADA); wage and hour laws; the Family Medical Leave Act (FMLA); Health Insurance Portability and Accountability Act (HIPAA) and expensive lessons learned for simple Consolidated Omnibus Budget Reconciliation Act (COBRA) violations. During the webcast we will also discuss noncompete covenants and pitfalls for employers approached by employees of competitors; and how nondisclosure and nonsolicitation agreements can provide many of the protections - without some of the downsides - of noncompetes. Cases illustrating common ways employers violate the various employment laws are highlighted. This webcast also includes a 50-state survey of noncompete agreements which addresses the various states' position on enforceability, restrictions and scope, standards, consideration, and judicial revisions of noncompetes.

DATE

START TIME

CREDIT

COURSE CODE

PRICE

Advanced Personal Financial Planning Update

1/19/18

9:30 AM

8 TB

4171033D

$245

Business Law Essentials for Practitioners and Controllers (BLAW)

3/15/18

9 AM

8 TB

SUBLAW06

$219

Business Valuation: A Review of the Essentials

1/29/18

9:30 AM

8 TB

4171372E

$245

College Financial Planning: Graduate School - Admission, Financial Aid and Educational Tax Benefits

3/13/18

2 PM

2 TB

4173000B

$60

Controllership Skills Update: Budgeting, Forecasting, and Big Data (CON3)

3/21/18

1 PM

2 TB

SUCON306

$89

Controllership Skills Update: Current Survival Skills (CON2)

3/14/18

1 PM

2 TB

SUCON204

$89

Controllership Skills Update: M&A and Alliances (CON4)

3/28/18

1 PM

1 AA / 1 TB

SUCON405

$89

Controllership Skills Update: Risk Management (CONT)

3/7/18

1 PM

2 AA

SUCONT03

$89

Employment Law Update: Examining Critical Issues with FMLA, HIPPA, COBRA, ADA and More

1/29/18

1 PM

4 TB

AIELU04

$159

Employment Law Update: Reducing Employer Liability

1/30/18

9 AM

4 TB

AIELU05

$159

Looking Ahead: Predicting Future Financial Issues and Their Impact on Accountants in Industry (FFFE)

3/15/18

9 AM

4 AA / 4 TB

SUFFFE08

$219

Settled and Approved: Fiduciary Accounting from Start to Finish

1/29/18

11:30 AM

8 TB

4172186D

$245

EVENT NAME

To register, call 800.342.3197 or 850.224.2727, or visit ficpa.org/cpe. | FICPA.ORG

ONLINE CPE

MANAGEMENT/CONSULTING (CONTINUED) DATE

START TIME

CREDIT

COURSE CODE

PRICE

The Changing Role of the Controller: Advancing from Tactical to Strategic

1/19/18

1 PM

4 TB

AITCRO02

$159

The High Cost of Turnover, and What to Do About It

1/17/18

2 PM

1 TB

ACTHCO01

$39

The Keys to the Success of an Organization: Communications and the Collaborative Culture (CCCU)

3/9/18

1 PM

2 TB

SUCCCU03

$89

The Keys to the Success of an Organization: Increasing Efficiency in the Organization (INEO)

3/2/18

1 PM

2 TB

SUINEO03

$89

The Keys to the Success of an Organization: Negotiation Skills (NESK)

3/7/18

1 PM

2 TB

SUNESK04

$89

The Keys to the Success of an Organization: Organize Your Organization for Success (OROS)

3/30/18

1 PM

2 TB

SUOROS04

$89

The Keys to the Success of an Organization: Planning in the Collaborative Culture (PLCC)

3/20/18

1 PM

2 TB

SUPLCC04

$89

The Portable Exclusion, Marital Deduction and Future of Survivor’s and Bypass Trusts Planning

1/30/18

9:30 AM

8 TB

4172918E

$245

Why QDROs Demand the CPAs Attention

1/17/18

3 PM

2 TB

ACWQDC02

$79

EVENT NAME

Ongoing change. Ongoing learning.

April 19 - 20, 2018

Orlando and Simulcast

• Up to 17 CPE Hours

ficpa.org/HCC 48

OF COURSE! | JANUARY 1 - MARCH 31, 2018

ONLINE CPE

TAX

Best Federal Tax Update (BFTU)

Date: January 23, 2018 Time: 9:00 a.m. - 5:00 p.m. (opens at 8:30 a.m.) CPE Credit: 8 TB Course Code: SUBFTU56 Regular Price: $239 FICPA • $359 Nonmember The coming year promises plenty of challenges and opportunities for individual and business tax clients. Single party control of the presidency and both chambers of congress paves the way for the most unimpeded path to a major tax bill in many years. The Affordable Care Act (ACA) tax compliance provisions continue to confound employers, with new requirements hitting their effective dates this year -- while at the same time the potential for significant revisions or even repeal looms. The Protecting Americans Against Tax Hikes (PATH) Act made some of the former so called 'tax extenders' permanent, further extended others, and changed the substance of several. Major changes to Social Security file-and-suspend and restricted application rules have forced a total rethinking of many long-term planning strategies. These are just a few of the changes that will affect your clients this coming season, and they will look to you to understand the issues and develop a plan that serves their best interests. In this course, tax advisors will be fully updated on the most important legislative and regulatory developments of the season as well as major trends and changes in the case law. Included is full coverage of all tax implications with a view toward planning.

Best Individual Income Tax Update (BITU)

Date: January 24, 2018 Time: 9:00 a.m. - 5:00 p.m. (opens at 8:30 a.m.) CPE Credit: 8 TB Course Code: SUBITU32 Regular Price: $239 FICPA • $359 Nonmember This highly informative course responds to all of the latest tax law developments with a full update on changed requirements and a thorough discussion of the planning opportunities that you need to understand to help your clients respond effectively. You will come away from the course with the up-to-date knowledge you need to educate your individual tax clients and implement tax-saving ideas that will serve their ever-evolving needs — especially in a year of significant tax law change.

DATE

START TIME

CREDIT

COURSE CODE

PRICE

2017 Tax Season Update

1/22/18

8 AM

8 TB

ACTSU02

$255

ACPEN Signature: 2017 A CPA’s Guide to the Purchase and Sale of a Business

1/18/18

2 PM

8 TB

ACCGPS07

$195

Advanced Tax Planning S Corporations

1/30/18

9 AM

8 TB

AIATPS08

$249

Affordable Care Act: Critical Tax and Insurance Ramifications

1/17/18

9 AM

4 TB

AIACA02

$159

Americans Abroad: Foreign Retirement Accounts

2/8/18

12:30 PM

1 TB

4173009A

$30

Americans Abroad: Passive Foreign Investment Companies (Form 8621)

2/8/18

1:30 PM

1 TB

4173010A

$30

Americans Abroad: Special Compliance Requirements and Fixing Problems

2/8/18

2:30 PM

1 TB

4173012A

$30

Americans Abroad: The Foreign Earned Income Exclusion (Form 2555)

2/8/18

11:30 AM

1 TB

4173008A

$30

Asset Protection Planning

1/24/18

11:30 AM

8 TB

4171063C

$245

Basis/Distributions for Pass-Through Entities: Simplifying the Complexities

1/19/18

9 AM

8 TB

AIBPE02

$249

Employee vs. Independent Contractor: Achieving Success in a Worker Classification Audit (EMIC)

3/28/18

1 PM

2 TB

SUEMIC03

$89

1/8/18

9:30 AM

8 TB

4173117E

$245

1/23/18

1 PM

4 TB

AIETP08

$159

EVENT NAME

Entity Choice - Tax Considerations Estate & Tax Primer

To register, call 800.342.3197 or 850.224.2727, or visit ficpa.org/cpe. | FICPA.ORG

ONLINE CPE

TAX (CONTINUED) DATE

START TIME

CREDIT

COURSE CODE

PRICE

1/4/18

9 AM

8 TB

SUPMIC03

$219

Everything You Need to Know About Trusts

1/23/18

11:30 AM

8 TB

4171519D

$245

Federal Tax Update: C & S Corporations, Partnerships & LLCs (Forms 1120, 1120S & 1065)

1/23/18

11:30 AM

8 TB

4171988E

$245

Form 1041: Down to the Basics

1/17/18

9:30 AM

8 TB

4171495D

$245

Form 990: Exploring the Form’s Complex Schedules

1/22/18

10:30 AM

8 TB

AIFEFC02

$249

Guide to Calculating S Corporation Stock Basis and Creating and Maintaining Basis Worksheets (CSSB)

1/26/18

1 PM

2 TB

SUCSSB04

$89

Guide to Depreciation Rules and Their Interaction with the Repair Regulations (DEPR)

2/20/18

1 PM

2 TB

SUDEPR06

$89

Introduction to International Taxation

1/22/18

9:30 AM

8 TB

4172027C

$245

IRS Audits

1/17/18

1 PM

4 TB

AIIA02

$159

IRS Tax Examinations and Hot Issues (EXI4)

2/15/18

1:30 PM

4 TB

SUEXI405

$139

2/6/18

1 PM

2 TB

SULKEX04

$89

Multistate Taxation

1/26/18

9 AM

8 TB

AIMT02

$249

Preparing C Corporation Tax Returns for New Staff and Para-Professionals (PCTR)

1/19/18

9 AM

8 TB

SUPCTR04

$219

Real Estate Taxation

1/22/18

9:30 AM

8 TB

4172305E

$245

S Corporation Preparation, Basis Calculations and Distributions: Schedule K and K1 (Form 1120S) Analysis

1/26/18

9:30 AM

8 TB

4171622D

$245

Section 754 Step-Up in Basis: Understanding the Tax Issues for Partnerships and LLCs (S754)

1/29/18

1 PM

2 TB

SUS75411

$89

Successfully Completing a Gift Tax Return – Form 709 (F709)

1/23/18

1 PM

2 TB

SUF70905

$89

Successfully Completing an Estate Tax Return – Form 706 (F706)

1/25/18

10 AM

2 TB

SUF70603

$89

Successfully Completing an Income Tax Return for a Trust or Estate -- Form 1041 (FM41)

2/5/18

1 PM

2 TB

SUFM4103

$89

Tax Forms Boot Camp: LLCs, Partnerships, and S Corporations (TFBC)

1/26/18

9 AM

8 TB

SUTFBC06

$219

Taxation of Property Transactions

1/18/18

1 PM

4 TB

AITOPT02

$159

Understanding the Section 338(h)(10) Election (S338)

1/17/18

1 PM

2 TB

SUS33803

$89

What CPAs Should Know About Trust Instruments (TRIT)

1/19/18

1 PM

2 TB

SUTRIT03

$89

Withholding on Payments to Non-U.S. Contractors & Other Certain Cross-Border Payments

1/18/18

3 PM

1 TB

ACWPNC02

$39

EVENT NAME Estate and Life Planning Issues for the Middle-Income Client (PMIC)

Like-Kind Exchanges under Section 1031 (LKEX)

OF COURSE! | JANUARY 1 - MARCH 31, 2018

ONLINE CPE

TECHNOLOGY

Creating Dashboard Components in Microsoft Excel

Date: February 13, 2018 Time: 9:30 a.m. - 11:10 a.m. (opens at 9:00 a.m.) CPE Credit: 2 TB Course Code: 4173378W Regular Price: $120 FICPA • $180 Nonmember Many organizations are looking for ways to communicate important information to people that are both inside and outside of the company. One way to do so is to create Dashboard objects in Excel that present data in an understandable and concise manner. Excel features such as charts, conditional formatting, tables and table slicers, and form controls can all be used by those creating dashboards. This session shows how and why to use these tools as well as how they can work together to make Excel an interactive data display medium that is both powerful and easy to use!

QuickBooks: Tips & Tricks for Accountants (QBTK)

Date: February 7, 2018 Time: 1:00 p.m. - 3:00 p.m. (opens at 12:30 p.m.) CPE Credit: 2 TB Course Code: SUQBTK03 Regular Price: $89 FICPA • $119 Nonmember QuickBooks has many features designed specifically for accountants to save time and increase efficiency when working with QuickBooks company files. This program will explore tools designed for accountants and show participants how these tools can be accessed from multiple versions of QuickBooks.

DATE

START TIME

CREDIT

COURSE CODE

PRICE

2/23/18

9:30 AM

8 TB

4173381W

$245

3/2/18

2 PM

2 TB

4173099B

$60

1/19/18

2 PM

2 TB

4173096B

$60

2/2/18

2 PM

2 TB

4173097B

$60

2/16/18

2 PM

2 TB

4173098B

$60

2/7/18

1 PM

2 TB

SUEXSC11

$89

Get & Transform Data in Excel

1/26/18

11:30 AM

2 TB

4173298B

$60

QuickBooks Online: A Cloud Accounting Solution to Meet Your Needs (QBOL)

2/28/18

1 PM

2 TB

SUQBOL06

$89

QuickBooks: Say Goodbye to Data Entry with Bank Feeds (QBBK)

2/21/18

1 PM

2 TB

SUQBBK08

$89

2/7/18

1 PM

2 TB

SUQBTK03

$89

EVENT NAME Excel PivotTables - Powerful and Not Hard to Use Really! Excel Power User Module 10: Getting, Preparing, and Summarizing Data Excel Power User Module 7: Introduction to PivotTables Excel Power User Module 8: PivotTable vs. Formula-Based Reports Excel Power User Module 9: PivotTable Wrap-Up and Web Data Excel Shortcuts for Accountants (EXSC)

QuickBooks: Tips & Tricks for Accountants (QBTK)

To register, call 800.342.3197 or 850.224.2727, or visit ficpa.org/cpe. | FICPA.ORG

IN-PERSON CPE COURSE DESCRIPTIONS

AICPA PEER REVIEW UPDATE COURSE

CPE Credit: 8 AA Course Number: APRU18 This CPE course covers the changes in peer review guidance made during the last year. It provides information essential to all peer reviewers, including a high level overview of changes to standards and guidance, as well as an update on the short and long-term enhancements to audit quality currently being developed by the Peer Review Board. Additional peer review training hours provided will focus on new standards effective for 2017 and 2018, new guidance issued by the AICPA, nonconforming engagements, peer review related issues to engagements performed under Government Auditing Standards and Employee Benefit Plan audits, and PRIMA usage. There will be on-site PRIMA assistance for reviewers as well as a session on PRIMA training. In addition to the peer review training, this course will offer a brief accounting and auditing update, if time allows.

*T his course meets the reviewer training requirements of the AICPA for a one year period.*

BEST FEDERAL TAX UPDATE COURSE

CPE Credit: 8 TB Course Number: BFTU Last year, legislators and rule makers delivered challenges and opportunities for individual and business tax clients. The Protecting Americans Against Tax Hikes (PATH) Act made some of the former so-called “tax extenders” permanent, further extended others, and changed the substance in some. Major changes to Social Security file-and-suspend and restricted application rules are forcing a total rethinking of many individual longterm planning strategies. The Affordable Care Act (ACA) tax compliance provisions continue to confound employers, with new requirements hitting their effective dates this year. These are a few of the changes that will affect your clients this year, and they will look to you to understand the issues and develop a plan that serves their best interests. Tax advisors will be fully updated on the most important legislative and regulatory developments of the season as well as major trends and changes in the case law. Included is full

coverage of all tax implications with a view toward planning. Updated for coverage of the NEW Department of Labor exemption classification and overtime requirements.

CPAs IN INDUSTRY CONFERENCE — FT. LAUDERDALE

Date: March 22-23, 2018 CPE Credit: Up to 17 CPE Hours Course Number: ICM Please join us in Ft. Lauderdale to network with your colleagues, share ideas and ask questions of some of the top presenters in your field. As a CPA in Industry, you cannot miss this event designed to meet your CPE needs. We look forward to seeing you in March!

CPAs IN INDUSTRY CONFERENCE - TAMPA

PARTNERSHIP AND LLC TAXATION: ADVANCED ISSUES

CPE Credit: 8 TB Course Number: PTAI This program covers allocation of basis in debt, step up in basis upon transfer, disguised sales, abandonment of partnership interest, special allocations of income and deductions, reallocation of depreciation among partners, reporting income from forgiveness of indebtedness, determining an LLC member’s self-employment income, and more. This is the program that gets participants ready to help their clients plan partnership and limited liability company transactions to minimize taxes.

RED FLAG ISSUES: AREAS THE IRS ATTACKS IN EXAMINATIONS

Location: Tampa or Online Date: March 22-23, 2018 CPE Credit: Up to 17 CPE Hours Course Number: IC or ICWEB Please join us in Tampa to network with your colleagues, share ideas and ask questions of some of the top presenters in your field. As a CPA in Industry, you cannot miss this event designed to meet your CPE needs. We look forward to seeing you in March!

CPE Credit: 8 TB Course Number: RFI00 Based on recent areas of IRS activity, this course will look at various topics that have been problematic for taxpayers or where the IRS has indicated a special interest. This course will detail cases and rulings that outline areas of conflict, emphasizing the key areas of IRS attack on taxpayer positions. This course will outline how the CPA can counsel clients in these areas to strengthen the taxpayers’ case in the event of examination.

INTERPRETING THE NEW REVENUE RECOGNITION STANDARD: WHAT ALL CPAs NEED TO KNOW

NEW! REVIEWING PARTNERSHIP TAX RETURNS: WHAT ARE YOU MISSING?

CPE Credit: 4 AA Course Number: INRR4 The new accounting standard for revenue recognition has finally been released! With the issuance of FASB ASU No. 2014-09, Revenue from Contracts with Customers, FASB has completed a convergence project with the IASB to improve financial reporting by creating common revenue recognition guidance for U.S. GAAP and IFRS.

OF COURSE! | JANUARY 1 - MARCH 31, 2018

CPE Credit: 4 TB Course Number: PTRM4 Join us as we discuss the common errors practitioners make on partnership tax returns that are often missed by review staff. The intent is to sharpen skills for reviewers by examining case studies and discussing issues where additional information from the client may be warranted and areas of tax law where proper treatment requires additional analysis and information. Multiple issues will be discussed including income, deductions, K-1 reporting, and more! This course follows a highly illustrative case study format to increase participant comprehension and retention.

process.” St. Denis says. “When they see how hard we work and how hard our experts work, they’re very thankful to see that the legal system can ultimately work for them.”

NEW! REVIEWING S CORPORATION TAX RETURNS: WHAT ARE YOU MISSING?

LEGAL MALPRACTICE

CPE Credit: 4 TB Course Number: STRM4 Join us as we discuss the common errors practitioners make on S corporation tax returns that are often missed by review staff. The intent is to sharpen skills for reviewers by examining case studies and discussing issues where additional information from the client may be warranted and areas of tax law where proper treatment requires additional analysis and information. Multiple issues will be discussed including income, deductions, K-1 reporting, and more! This course follows a highly illustrative case study format to increase participant comprehension and retention.

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NEW! THE BOTTOM LINE ON THE NEW LEASE ACCOUNTING REQUIREMENTS

CPE Credit: 4 AA Course Number: LEAS400 How do the leasing requirements in the new standard differ from current GAAP? 1300 Riverplace Blvd., Suite 401 This course addresses that question by Representing Jacksonville, FL 32207 victims of legal and accounting malpractice since 1994 focusing on the basic core principles of the new standard. Discussion includes 1395 Brickell Avenue, 800 1300 Riverplace Blvd.,Suite Suite 401 basic identification, recognition, meaFL 33131FL 32207 surement, presentation and disclosure Miami,Jacksonville, requirements. Case study exercises are Brickell Avenue, Suite 800 included to illustrate application of the 10150 1395 Highland Manor Drive Suite 200 Miami, FL 33131 new standard. Tampa, FL 33610 This course discusses the lessee account10150 Highland Manor Drive Suite 200 ing model, including lease classification, 1514 W. 23rdFLStreet, Tampa, 33610 amortization of the right-of-use asset, and interest on the lease liability. This course Panama City, FL 32405 305 Cherry Street also discusses the lessor accounting Panama City, FL 32401 model, including profit recognition *Available for consultation at: and collectability. 301 Clematis Street, Suite 300

1300 Riverplace Blvd., Suite 401 Jacksonville, FL 32207 PH: (904) 396-1996 • FX: (904) 396-1991 *Available for consultation at: 301 Clematis St., Suite 300 West Palm Beach, FL 33401 PH: (561) 832-5991 • FX: (561) 832-5985 Toll free 866-542-1996

*Available for consultation at:

West Palm Beach, FL Suite 33401 301 Clematis Street, 300 West Palm Beach, FL 33401

Toll Free 866.542.1996

To register, call 800.342.3197 or 850.224.2727, or visit ficpa.org/cpe. | FICPA.ORG

SAVE THE DATE

SAVE THE DATE From full-fledged conferences to flexible Seminar Days, we offer the highest quality CPE to meet your needs. Mark your calendar for these events around the state!

MARCH MAR

MAR

CPAs in Industry - Ft. Lauderdale Ft. Lauderdale March 22-23, 2018 www.ficpa.org/ICM

MAY

CPAs in Industry - Tampa

Health Care Industry Conference

Orlando April 19-20, 2018 www.ficpa.org/HCC

MAY MAY

JUNE

Florida State University Accounting Conference Tallahassee May 10 - 11, 2018 www.ficpa.org/FSUAC

Not-for-Profit Organizations Accounting Conference â&#x20AC;&#x201D; Ft. Lauderdale May 17 - 18, 2018 www.ficpa.org/NPC2

Not-for-Profit Organizations Accounting Conference - Tampa May 17 - 18, 2018 www.ficpa.org/NPC

OF COURSE! | JANUARY 1 - MARCH 31, 2018

Mega CPE Conference

Orlando June 13 - 16, 2018 www.ficpa.org/megacpe

AUGUST

Tampa March 22-23, 2018 www.ficpa.org/IC

APRIL APR

JUNE

AUG

Summer Vacation Cluster

AUG

State and Local Government Accounting Conference

Orlando August 2 - 4, 2018 www.ficpa.org/SVC

Orlando August 16 - 17, 2018 www.ficpa.org/SLGAC

A Member Benefit of:

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ADMINISTERED BY:

To register, call 800.342.3197 or 850.224.2727, or visit ficpa.org/cpe. | FICPA.ORG

PRESORTED STANDARD U.S. POSTAGE

PAID

Florida Institute of Certified Public Accountants 3800 Esplanade Way, Suite 210 Tallahassee, FL 32311

Tallahassee, FL Permit No. 144

LEARN. CONNECT. ACHIEVE. June 13-16, 2018 Orlando and Simulcast

| CPE: Up to 32

The Mega CPE Conference is FICPAâ&#x20AC;&#x2122;s premier learning and networking experience. Over four days, attendees will participate in a wide-ranging series of seminars, keynote addresses from experts in the field, and networking opportunities with hundreds of fellow CPAs and finance professionals. The Mega CPE Conference is an immersive, comprehensive training experience designed to give you the tools and networks you need to succeed. Attend in person or join us via online simulcast.