florida C P A
TODAY
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VOLUME 32, NUMBER 4
A P U B L I C AT I O N O F T H E F LO R I DA I N S T I T U T E O F C E R T I F I E D P U B L I C A C C O U N TA N T S
cover story
features 8 20 22
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Meet the 2016-2017 FICPA Board of Directors Rewind: Mega CPE Conference Revenue Recognition Moving Toward the New Standard
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Landing a Leader Joey Epstein Serves as Council Chair
departments
Shaun Blogg
Abby Dupree
Gary Fracassi
Sarah Funk
Brad Gould
8 Tarsha Jacobs FLORIDA CPA TODAY
Alan Jowers
Mindy Rankin
W.G. Spoor
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President’s message CPAs in the spotlight Staff reports News briefs Marketplace DOR update
Alan West www.ficpa.org
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F L O R I D A
PRESIDENT/CEO Deborah L. Curry, CPA, CGMA DIRECTOR OF MARKETING & COMMUNICATIONS Dave Cone EDITOR Suellen D. Wilkins GRAPHIC DESIGNER Loleta K. Bolden EDITORIAL COMMITTEE Lynda M. Dennis, CPA, chair Keith C. Blackman, CPA • Walter C. Copeland, CPA Douglas E. Day, CPA • David J. Hochsprung, CPA Michael S. Kridel, CPA • Troy Y. Manning, CPA Ryan A. Myers, CPA • William C. Quilliam, CPA All articles submitted to Florida CPA Today are subject to technical review, Editorial Committee review, space availability and editing requirements and restrictions. Please contact the editor before submitting unsolicited manuscripts. Florida CPA Today publishes letters to the editor in its Members’ Forum. For information about the guidelines, visit www.ficpa.org/letterstoeditor. Statements expressed herein are those of the identified authors and not necessarily those of the Florida Institute of Certified Public Accountants, Inc., nor should statements be considered endorsements of products, procedures or otherwise.
It seems like casual Fridays at the office can’t come soon enough. Ditch the ties and heels and bring on the jeans – enjoy a casual day in the middle of the week with Jeans for Scholarships! A Jeans for Scholarships day can be whatever you make it. Have a themed potluck lunch or a mid-week office party. You can raise money for accounting students, have fun and look good while doing it. Having a Jeans for Scholarship day is easy. Just have everyone in the office donate $5 or $10 and wear your most stylish (or comfortable) jeans to work. Raise even more money by asking your company, firm or institution to match your donation. All contributions go to the FICPA Educational Foundation General Scholarship Fund. There’s still time to register for the Oct. 21 Jeans for Scholarships day. Don’t forget to take pictures and email them to us! Visit www.ficpa.org/jeans to view a list of firms that are Scholarship Wranglers, and to see pictures of Florida CPAs in jeans! For more information or to register your organization, visit www.ficpa.org/jeans or email edfound@ficpa.org.
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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 bimonthly by the Florida Institute of Certified Public Accountants, Inc., P.O. Box 5437, Tallahassee, FL 32314. Telephone: (850) 224-2727 or (800) 342-3197. (Street address: 325 West College Ave., Tallahassee, FL 32301.) 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. For display advertising information, contact the FICPA Marketing Department at (850) 224-2727, Ext. 270. © 2016 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.
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FLORIDA CPA TODAY
www.ficpa.org
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PRESIDENT’S
message
Deborah L. Curry, CPA, CGMA
Coming Around Again FICPA evolves to meet members’ needs
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he past several years have been a time of change and creativity for the FICPA. Our standard operating procedures and programs have served us well, but now must transform to make room for new activities of interest to our members. Through the development and continuing implementation of the FICPA Vision 20/20 Strategic Initiatives (see the infograph on page 7), our dynamic leaders have focused on ways the FICPA and our Educational Foundation can embrace higher-purpose programming.
For example, our marketing department must hone skills in predicting what our members want, and use technology to substantiate what they register for, purchase and find useful. Continuing education is in a state of continual evolution. Providing inperson events – which allow our members to interact and learn from each other, as well as network for business and fun – still is key to our success. At the same time, more members are seeking the efficiency and ease of online learning to gain timely access to information without the cost of or need for travel. So, we must expand our product offerings in a very competitive market while keeping a cap on overhead. The exponential speed of change in our world creates pressure to constantly evaluate how to staff an organization to meet all the demands. Ten years ago, the FICPA boasted a staff of 61 while today, we house a staff of 51. Ten years ago, social media was not a line of business to manage on a daily basis; email advertising and marketing was not a 6
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necessity; and the FICPA membership was not as diverse as it is today. I believe we’ve done (and continue to do) an excellent job of managing all lines of business while identifying multiple ways to streamline our staff count. Today, each member of the staff works diligently to make the FICPA work for you. More associations are creating tiered membership structures that allow members to combine services and products into one membership pricing package. By doing so, members are able to budget spending while retaining access to the products they were planning to purchase during the year, but at a discounted rate. So, we too are exploring the concept of membership structures that include dues and CPE as a package. To incorporate this type of structure, the FICPA would need members’ input as to what price would appeal in an inclusive package, as well as what products would have the most appeal. For instance, a package might consist of member dues plus 40 hours of online webcast CPE or a choice of certain conferences. That is only one model that might be considered. We also must consider the importance of supporting the Educational Foundation's phenomenal scholarship programs and the necessity of a strong PAC and advocacy arm. Your recommendations may help as we explore a different membership benefit package. Please share your ideas with us via chair@ficpa.org. FCT
FICPA Branding/Awareness Reinforce the FICPA as the sole entity advocating for CPAs in the state and position the FICPA as accounting-profession thought leaders.
Strategic Streamlining Respect our members’ value by analyzing and changing operational efficiencies and effectiveness to continually ensure the wise use of resources.
Vision 20/20 Strategic Initiatives
Operational Streamlining Improve the efficiency of processes by simplifying or eliminating unnecessary steps, using modernizing techniques or other approaches, to better serve members.
Membership & Career Development Attract and retain members by providing quality services and activities to meet their diverse needs and promote the CPA profession; its services; and the role and image of the CPA as Florida’s most trusted business advisor.
Advocacy/PAC Represent the interests of our members before the Florida legislative and executive branches of government, regulators of the profession and the public.
Retool CPE Program Provide members with quality education and information to enhance their professional development using all available delivery methods.
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Align Governance with Vision Provide a supportive governance structure conducive to organizational membership and growth.
www.ficpa.org
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Meet the 2016-2017
FICPA Board of Directors The FICPA’s 12 member Board of Directors (formerly the Executive Committee) is comprised of FICPA Board Chair Joey Epstein; Board Chair-elect Alan West; nine directors; and FICPA President/CEO Deborah Curry as secretary-treasurer and non-voting member. Together, the directors implement the FICPA Council’s Strategic Initiatives and oversee the Institute’s activities. Here’s some professional information – and fun facts – about the 2016-2017 Board of Directors.
SHAUN BLOGG, CPA Shaun Blogg, a partner in Marcum’s Tax & Business Services division, is partner-in-charge of the firm’s West Palm Beach office. Since the inception of his career in South Africa, Blogg has successfully served large and medium-sized closely held companies. In addition to his auditing and accounting experience, he has been extensively involved with corporate and transactional tax planning, resolution of IRS matters, optimization of individual tax positions and tax compliance for clients across a range of industries. As a member of the firm’s Alternative Investment Group, Blogg provides tax, advisory and due diligence services to the private equity market. In the corporate finance sector, he has experience in buy-and-sell side activities relating to mergers, takeovers and acquisitions. He also has re-engineered debt and equity frameworks to optimize profitability. Blogg is a member of the AICPA and a past president of the Palm Beach Chapter. He is a member of the South African Institute of Chartered Accountants and the Association of Chartered Accountants in the U.S. •• My favorite food is: lamb chops. •• My teenage idol was: Fred Couples. •• If I could be the lead singer in any band, it would be: Dire Straits. •• If there’s one thing I won’t do, it’s: cave diving. •• My goal as an FICPA leader is: to help make the FICPA more relevant to the millennials.
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ABBY DUPREE, CPA, CGMA Abby Dupree has been a partner with Carroll and Company, CPAs since 2002 and has been with the firm since 1994. She became the managing partner in January 2015. She specializes in tax planning, preparation and consulting for individuals, businesses and non-profit organizations. She also specializes in state and federal campaign finance compliance consulting and reporting. Dupree graduated from Florida State University in 1992, became a CPA in 1996 and has been actively involved in the FICPA since 2002. She is a past chair of the Finance & Office Advisory Committee and has served on the Executive Committee since 2011. She has served in each of the Tallahassee Chapter officer positions, as a member of the State Legislative Policy Committee and as chair of the FSU Accounting Conference Committee. She is a member of the AICPA Council and a graduate of Leadership Tallahassee Class 29. •• My favorite foods are: filet mignon, and sea salt and vinegar potato chips! •• My teenage idol was: They weren’t necessarily my idols, but more like heart throbs – Shaun Cassidy and Andy Gibb. •• If I could be the lead singer in any band, it would be: My own private band so no one could hear my terrible voice! •• If there’s one thing I won’t do, it’s: bungee jump. •• My goals as an FICPA leader are: to promote the CPA brand and why being an FICPA member is important to our profession; to encourage CPAs throughout the state to volunteer their time; and to encourage accounting students to pursue the CPA designation.
From FICPA communications staff reports
Shaun Blogg
Abby Dupree
Gary Fracassi
Sarah Funk
Brad Gould
Tarsha Jacobs
Alan Jowers
Mindy Rankin
W.G. Spoor
Alan West
GARY FRACASSI, CPA, CGMA Gary Fracassi started his career with a small local firm in Pennsylvania while still in school. He worked a full-time equivalent to satisfy the experience requirements for CPA licensure and brags that he passed the exam in the first sitting. The local firm later merged with a large regional firm, where he served as manager of client accounting services. Later career opportunities included serving as controller for a chain of fast-food restaurants and an insurance agency group, and as director of IT for a large employee-benefits administration company. His current practice primarily focuses on tax and accounting/controller services for new and emerging small businesses, as well as several non-profit groups.
•• My favorite food is: chocolate. •• My teenage idols: might have included Mr. Spock and Batman, right after my dad, who I was always trying to impress and one-up. I know that’s why I became an overachiever. •• If I could be the lead singer in any band: it might be from oldies like Led Zeppelin, Fleetwood Mac or a pop group like *NSync, all of whom had crazy, adoring fans. Today it’s probably an indie group like Shinedown that has amazing talent, will buck the mainstream and produce some great music. And still have crazy fans. •• If there’s one thing I won’t do, it’s: intentionally hurt someone. •• My goals as an FICPA leader are: to engage more members and learn what we can do to increase our value for our members. ➡
Fracassi is serving his second term on the AICPA Council and has been honored as an FICPA outstanding discussion leader in the area of ethics. He has served as a chapter officer and regional representative, and as a member of numerous committees. FLORIDA CPA TODAY
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SARAH FUNK, CPA, CGMA Sarah Funk is the director of compliance with Trilogy International Partners, LLC. Trilogy, a multinational company generating over $650 million in annual revenue with 1,700-plus employees, has operations in South America and New Zealand. Funk is responsible for corporate and international subsidies compliance and internal audit operations. She also has led initiatives in the areas of mergers and acquisitions; project management for software-implementation projects; Haiti earthquake rebuilding projects; and improving business operations. In October, Funk will begin a three-year term on the AICPA Council. She is a director of the Broward Chapter and serves on the FICPA Women in Leadership Committee. She is actively involved with the FICPA Young CPAs and speaks at various student forums. She was an FICPA 26 Under 36 honoree in 2013 and 2015. •• My favorite food is: Tex-Mex or Thai •• My teenage idol was: My parents have always been big influencers in my life, instilling a hard work ethic, integrity and confidence to do my best. •• If I could be the lead singer in any band, it would be: The Black Eyed Peas •• If there’s one thing I won’t do, it’s: Catch a lizard. After nearly 10 years in South Florida I still haven’t fully adjusted to the native wildlife. •• My goal as an FICPA leader is: to increase member engagement. To me, it’s all about making a positive impact and connecting people. As a member in industry, the FICPA provides relevant resources and numerable options for future leaders to improve their leadership and people skills. I hope to increase awareness about the FICPA’s role in protecting the CPA designation and increase participation at the local, state and national levels.
BRAD GOULD, ESQ., CPA Brad Gould is a shareholder in the tax and estate and succession planning departments of the law firm of Dean, Mead, Minton & Zwemer in Fort Pierce. He practices in the areas of tax and business law, with an emphasis in planning for closely-held business, S corporations, reorganizations and tax controversies. He also advises clients on estate and succession planning, 10 JULY/AUGUST 2016
with handling matters that involve transfer taxes, multigenerational business succession planning, and probate and trust litigation. Gould speaks extensively on tax and estate planning subjects, including S corporations, planning for samesex couples, and IC-DISCs. He is a member of The Florida Bar and of the American Bar Association, where he is the incoming vice chair of the S Corporations Committee of the Tax Section. •• My favorite food is: braised short ribs. •• My teenage idol was: Bruce Springsteen. •• If I could be the lead singer in any band, it would be: Van Halen. •• If there’s one thing I won’t do, it’s: skydiving. Why would you want to jump out of a perfectly good airplane? •• My goals as an FICPA volunteer leader are: to help ensure the FICPA will be able to continue to meet the needs of Florida CPAs, now and tomorrow.
TARSHA JACOBS, CPA Tarsha Jacobs is the owner of Tarsha R. Jacobs, CPA, PLLC. After working for local CPA firms in Central Florida for 15 years, she began her own practice in 2013. She has more than 20 years of experience including 15 years in public accounting, providing services for clients in a range of industries including charter schools, construction, health care, manufacturing, not-for-profit, professional services and retail. Jacobs has served on the FICPA Chapter Operations, Special Projects and Management of an Accounting Practice committees and has chaired the Accounting Careers Committee. She has served on the Board of Governors for six years, including four years as the regional representative for Region 4. She is a past president of the Central Florida Chapter and chair of its Financial Literacy Committee. She is a member and past chair of the Women in Leadership Committee and the Greater Orlando Chapter of the National Association of Black Accountants. •• My favorite food is: french toast. •• My teenage idol was: Charles Barkley. •• If I could be the lead singer in any band, it would be: I think I’d rather be the drummer. •• If there’s one thing I won’t do, it’s: behave in a dishonest manner.
•• My goal as an FICPA volunteer is: to help promote the integrity and respect for the CPA designation. I want to be an example for the younger generation in everything I do, and let them know the great things that are possible if they work hard and stay focused.
ALAN JOWERS, CPA It’s surprising what Alan knows – from Beatles music to governmental auditing. With more than 20 years of experience in public accounting, Alan focuses on providing audit and other assurance services for local governmental entities, condominium and homeowner associations, privately held businesses, and not-for-profit organizations. He also has experience working with a variety of insurance companies and community banks.
FLORIDA CPA TODAY
He currently has primary engagement responsibility for a significant number of association audits, as well as engagements for more than 60 community development districts. Jowers is a member of the FICPA State Legislative Policy Committee and a member and past chair of the Common Interest Realty Association Committee. He is a member of the Florida Government Finance Officers Association and the North Gulf Chapter of the Community Association Institute. •• My favorite food is: pizza. •• My teenage idol was: Eddie Van Halen. •• If I could be the lead singer in any band, it would be: Metallica. •• If there’s one thing I won’t do, it’s: eat tomatoes. •• My goals as an FICPA leader are: to help protect the interests and value of our profession; to become a better CPA; and to build strong professional relationships throughout the state. ➡
www.ficpa.org
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MINDY RANKIN, CPA Mindy Rankin is a partner in Warren Averett, LLC. She earned a bachelor’s degree in mathematics with a minor information systems from Troy University in Troy, Ala., where she played Division I softball. She earned a master of accountancy with a concentration in taxation from the University of West Florida. Her primary practice area is in the construction industry, as she provides reviews, compilations and assistance to contractors on percentage completion accounting as they obtain bonding for projects. She spends the rest of her time preparing tax returns for individuals and small businesses, and consulting with her small-business clients. Rankin has served on the FICPA Young CPAs Committee; has chaired the FICPA Membership Committee; and is and a member and past president of the Miracle Strip Chapter. She was named to CPA Technology Advisor magazine’s 40 Under 40 in 2009. •• My favorite food is: cupcakes. •• My teenage idol was: Jose Canseco – yikes! •• If I could be the lead singer in any band, it would be: I can’t sing at all, but I did love the New Kids on the Block once. •• If there’s one thing I won’t do, it’s: get on a cruise ship. •• My goals as an FICPA leader are: to represent the best interest of the members as a whole; encourage active participation in our association; and invigorate FICPA management with passion and high goals.
W. G. SPOOR, CPA, CGMA W. G. Spoor joined Spoor Bunch Franz in 1997 and became a partner in 2007. He is responsible for the firm’s domestic and international individual and entity tax practices. Spoor specializes in helping clients with tax compliance and consulting issues. He has extensive experience with business acquisitions, succession planning, retirement planning and representation before the IRS and the Florida Department of Revenue.
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Spoor earned a master’s in accountancy from the University of South Florida and a bachelor’s in accounting from Florida State University. He is a Personal Financial Specialist, Registered Investment Advisor and QuickBooks ProAdvisor. He is an AICPA member and has served on the AICPA Uniform Accountancy Act Committee. He has served on the FICPA’s Finance & Office Advisory, Accounting Careers, Nominations, International Tax and Young CPAs committees. •• My favorite food is: spaghetti. •• My teenage idol was: both my grandfathers. •• If I could be the lead singer in any band, it would be: the Zac Brown Band. •• If there’s one thing I won’t do, it’s: skydive. •• My goals as an FICPA leader are: to advance and protect our professional designation as CPAs.
ALAN WEST, CPA Alan West has been with the University of Florida (UF) since 2006. Currently, he is an assistant vice president and university controller. He previously was the controller for the UF Foundation. West worked in public accounting with James Moore and Company in Gainesville and has over seven years of public accounting experience throughout Florida. He is a member of the AICPA. West earned two bachelor’s degrees from the University of South Florida and an MBA from Nova Southeastern University. •• My favorite food is: pizza. •• My teenage idol was: Magnum PI. •• If I could be the lead singer in any band, it would be: My daughter told me to say One Direction! •• If there’s one thing I won’t do, it’s: go bungee jumping. •• My goals as an FICPA leader are: To contribute and participate in a way that’s beneficial to the association. I’d like to see more members engaged in some capacity as well. FCT
COVER
story
Landing a Leader
Joey Epstein Serves as Council Chair By Suellen Wilkins, Florida CPA Today editor
O
n July 1st, Joey Epstein, CPA, CGMA began his term as Council Chair of the FICPA. Chances are, on that day, he was wearing an orange shirt. Or orange slacks. Or orange shorts or sneakers. Or an orange hat or tie. Or even an orange watch. “I used to call it an orange ‘fetish’ but it’s really an orange ‘sickness,’” Epstein said. “It covers my three favorite football teams – the Chicago Bears, Miami Dolphins and Miami Hurricanes.” Originally from Chicago, Epstein earned his accounting degree in 1976 from Miami University in Oxford, Ohio. “I always knew I was going to be a business major,” he said. “My dad said accounting was the best business major, and many corporate CEOs were CPAs. My dad was not a CPA or an accounting major!” Epstein is CFO of JetSmarter Inc. Formerly a director for RSM US LLP, he provided audit, accounting, tax and consulting advice to law firms and other professionalservice organizations, as well as wholesale distributors and software-development organizations. He has handled financial audits, income and sales-tax audits and tax planning, and has assisted clients with exit strategies. He is certified in Florida sales and use tax and holds a Health and Life, including Variable Annuity Insurance License from the State of Florida. Epstein is a member of the AICPA Council. He serves on the Florida CPA/PAC Board of Directors and is serving his ninth term on the FICPA Council. He has served on the FICPA State Legislative Policy Committee for over 20 years and has chaired it several times. “Joey is extremely interested in how the political and legislative process affects our profession,” said FICPA President/CEO Deborah Curry, CPA, CGMA. “During
his 35-year membership, he has dedicated much of his time to helping ensure CPAs remain protected while advocating for sound business practices. His expertise in this area is of great value in his position as chair.” In addition to his FICPA volunteerism, Epstein is an active volunteer in his Fort Lauderdale community. He is a Board member of Bonnet House Museum & Gardens, The FLITE Center and the Florida Association for Child Care Management. He is audit chair of ChildNet and a Board member and treasurer of the Downtown Fort Lauderdale Transportation Management Association and Business for the Arts of Broward. He is treasurer of Broward Days and a member of the Florida Bar Foundation Audit/Finance Committee; the Executive Board of Legal Aid of Broward; and the Ambassador’s Board of Nova Southeastern University. Epstein and his wife, Kip, have been married 28 years. Their son, Brad and his wife, Risa, live in Marietta, Ga. Epstein’s sisters, Jill and Jami, and his mother, Cookie, all live in South Florida. In his limited spare time Epstein plays golf, and he and his wife love going to the movies. “We’re big movie fans, yet my favorite movie is Blazing Saddles,” he said.” We also enjoy dinner with great wine, especially reds. Two of my favorites are Peter Michael Les Pavots and Joseph Phelps Insignia.” When it comes to juggling the responsibilities of family, his career and FICPA leadership, Epstein takes the NIKE® approach. “It really isn’t anything I think about,” he said. “I just do it.” ➡
“If the FICPA hadn’t been so active in the legislative process all these years, our profession would look much different (and not in a good way) in Florida.” 14 JULY/AUGUST 2016
COVER
story
Down to Business Here are some of Epstein’s thoughts about working in the accounting profession, and about FICPA membership and leadership. Q. The FICPA has had tens of thousands of members since it was founded in 1905, but only 89 members have served as its president or chair. So, becoming chair of this organization is a tremendous professional achievement. What kind of person does it take to successfully serve in this position? A. It takes someone who’s strong and not afraid to make decisions. And, theoretically, it takes someone who’s politically correct (which sometimes isn’t my strong suit!). The chair also needs to be a consensus builder, and be knowledgeable about our profession and its direction and issues. Q. What have you enjoyed most about being in FICPA leadership? What would you say is the most difficult thing about serving in a leadership position? A. I’ve enjoyed the constant interaction and feeling like I’ve given back to the profession in a meaningful way. I’ve also enjoyed being an integral part of the legislative process for so many years, particularly as it relates to the FICPA. The most difficult thing, I think, is to be patient with people and the process. Q. You’ve been involved with the Florida CPA/PAC for several years. What would you tell members about the FICPA’s advocacy efforts and how they impact the profession? Why should members be engaged in the process? A. To me, advocating for the CPA profession is the most important thing we do. If the FICPA hadn’t been so active in the legislative process all these years, our profession would look much different (and not in a good way) in Florida. We fight the battle all the time to get more members engaged. Unfortunately, they generally have no interest unless they find something that affects their individual practice or company.
Q. If you had to do your career over again, would you do anything differently? If so, how would you do it, and why? A. I’d live my life the exact same way (since I’d never be able to afford to own an NFL team!). I’m very happy with my career path and where I am today. Q. What would you say are the biggest benefits of FICPA membership? A. Getting to meet and interact with other CPAs from around the state, and staying legislatively active. FICPA membership also has allowed me to become a member of AICPA Council. It’s exciting (a broad use of the word!) to stay abreast of our profession, both statewide and nationally. Q. What would you say are the most important challenges the FICPA faces today? During your year as Council Chair, how will you help the Institute tackle those problems? A. I’d say our biggest challenges are keeping members engaged and providing them with value. Our 20162017 FICPA Business Plan includes several initiatives that address our goals in this area. Among them are expanding our market-development efforts; increasing engagement and participation among Young CPAs; and enhancing member value for students, to encourage their transition to full membership after graduation. FCT
Q. Tell us what working in public accounting, and now in industry, have taught you. What lessons have you learned, and what advice would you offer other CPAs? A. Always be honest and ethical in our profession and strive to represent us well. There’s plenty of business for everyone, so be honest and ethical all the time. Q. What’s your favorite thing about the accounting profession? Is there anything you don’t like about your profession? If so, what, and how do you handle it? A. I love the networking but don’t like the technical, nitty-gritty grind. Even though I’m a CPA, I’m not a detail person! 16 JULY/AUGUST 2016
Joey and Kip Epstein make an after-golf visit to the grand opening of Hoffman’s Chocolates in Weston.
The Epstein family visits Greensboro, Ga. during the FICPA Board of Governors Strategic Session. Pictured left to right: Brad Epstein and his wife, Risa, Kip Epstein and Joey Epstein.
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FICPA On-Site Training FICPA-developed courses can be brought directly into your office and customized to your area of practice and business needs. Our convenient on-site training is the most cost-effective and efficient continuing professional education solution for businesses and firms that need to address their staff’s knowledge and skills gaps. Whether your staff needs to simply maintain their license, such as meeting Florida’s ethics requirement, or would like to delve into the recent changes to professional accounting and auditing standards like single audits, revenue recognition or SSARS21, the FICPA has your team covered. To supplement the FICPA’s already vast business offerings, we have partnered with the American Institute of CPAs and Business Learning Institute. This partnership allows us to offer even more cutting-edge technical courses, as well as courses in management and leadership development led by nationally recognized thought leaders.
Why should you choose FICPA On-Site Training? Flexible Pricing Options No Lost Travel Time and Expenses for Staff Focused Presentation for Your Company Confidential Learning Environment Discounts for Large Groups Employee/Instructor Interaction Convenient Schedules Experience and Expertise of the FICPA
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Ready to Have On-Site Training? Let the FICPA come to you and provide your team with the highest quality customized in-person education they can receive without ever leaving the office. For more information about on-site programs, please contact the FICPA at onsite@ficpa.org or Thelma Givens at (800) 342-3197, Ext. 413.
On-site Training
On-site Video Training
Topics Include Accounting & Auditing, Estate & Gift Tax, Governmental/Not-for-Profit, Foreign Investments, CIRA/Condos & HOAs, Compilation & Review, Business Management, Leadership Development, Change Management, Performance Management, Communication Skills, Personal Development
Topics Include Disregarded Entities and Partnership Update, Not-for-Profit Accounting, Auditing & Tax Update, Governmental Accounting & Auditing Update, Compilation and Review Update, Business Fraud Update, Accounting & Auditing Update, Tax Planning for Real Estate, Annual Tax Update, Small Business Entity Tax Forms Workshop and more.
Advantages of On-site Training • No staff travel time; we come to you • Focus on your business needs • Confidential Learning Environment • Flexible pricing • Convenient Schedules
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Advantages of On-site Video Viewing • Group registrations receive a significantly discounted tuition • Eliminates speaker expense, such as travel, per diem and hotel costs • All programs receive “live” CPE credits • No tests to take to receive CPE credits • Participants can interact with an instructor via email • Get CPE credits in the comfort of your own office
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Revenue Recognition
Moving Toward the New Standard By Rosi Gonzalez, CPA, CGMA
F
or decades, there have been numerous industryspecific guides for revenue recognition. The result was inconsistencies in accounting practices and significant difficulties in obtaining meaningful comparison of performance metrics across industries. In an effort to simplify the principles for recognizing revenue, the Financial Accounting Standards Board (FASB) initiated a join project with the International Accounting Standards Board (IASB) to develop a common set of principle-based rules for revenue recognition. As a result of that project, in May 2014, the FASB issued the Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers while the IASB issued IFRS 15. The FASB’s ASU 2014-09 became Accounting Standard Codification (ASC) Topic 606.
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This article focuses on the guidance contained in ASC 606. The revenue recognition standard affects all entities – public, private, and not-for-profit – that either enter into contracts with customers to transfer goods or services, or enter into contracts for the transfer of nonfinancial assets. Those contracts within the scope of other standards (i.e. leases and insurance contracts) are scoped out from application of the new standard.
Core principle An entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or service. Below are the steps required to achieve this core principle.
5 Steps to Achieving Core Principle
First: Identify the contract with a customer
Second: Identify the performance obligations in the contractor
Third: Determine the transaction price
Fourth: Allocate the transaction price
Fifth: Recognize revenue when or as the entity satisfies a performance obligation
financing component; 4) noncash consideration; and 5) consideration payable to the customer (i.e. – credit, coupon or voucher). Step 1: Identifying the contract(s) with a customer The new revenue recognition guidance only applies to those contracts an entity has agreed upon with a customer and which meet the following criteria: 1) approval and commitment of the parties; 2) identification of the rights of the parties; 3) identification of the payment terms; 4) the contract has commercial substance; and 5) it is probable the reporting organization will collect the consideration to which it will be entitled in exchange for the goods or services that will be transferred to the customer. Step 2: Identify the performance obligations in the contract If the goods or services within a contract are distinct, the promises are performance obligations and are accounted for separately. A good or service is distinct if the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer, and the promise to transfer the good or service is separately identifiable from other promises in the contract. Step 3: Determine the transaction price The transaction price is the amount of consideration to which an entity expects to be entitled in exchange for transferring promised goods or services to a customer, excluding amounts collected on behalf of third parties (for example, sales taxes). To determine the transaction price, an entity should consider the effects of 1) variable consideration; 2) constraining estimates of variable consideration; 3) the existence of a significant FLORIDA CPA TODAY
Step 4: Allocate the transaction price to the performance obligations in the contract If a contract has more than one performance obligation, an entity should allocate the transaction price to each performance obligation in an amount that depicts the amount of consideration to which the entity expects to be entitled in exchange for satisfying each performance obligation (standalone selling price or estimate). Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation The entity should recognize revenue when (or as) it satisfies a performance obligation by transferring a promised good or service to a customer. A good or service is transferred when (or as) the customer obtains control of that good or service.
Additional disclosures FASB ASC 606 will require the entity to provide additional disclosures for the users of the financial statements. An entity should disclose sufficient information to enable users of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers.
Action plan: preparing for the new standard Entities should evaluate the potential impacts on financial statements, information systems, processes and controls. Here are a few key action items that can help you prepare for the implementation of the new standard within your company.1 ➥ www.ficpa.org
23
“ASC 606 becomes effective2 for calendar year- end public companies in 2018 (years beginning after December 15, 2017) with early adoption permitted in 2017. Nonpublic companies have an additional year to adopt the new standard.”
•• Assign individual staff or form a task force to become experts and take the lead on understanding and implementing the new revenue recognition standard. •• Evaluate the changes from current GAAP to the new standard. •• Evaluate the impact on how the entity accounts for existing revenue streams and the results to the financial statements. •• Evaluate how the new estimates and disclosures related to revenue recognition will impact the financial statements. •• Determine how the entity will retrospectively adopt the new standard. •• Determine the changes to be made to IT systems or software applications to capture information needed for the new standard (for example: how to track the accounting differences for periods that require restatement). •• Determine what interim disclosures will need to be made before the revenue recognition standard is effective. (See SEC Staff Accounting Bulletin (SAB) No. 74 (Topic 11:M), Disclosure of the Impact that Recently Issued Accounting Standards Will Have on the Financial Statements of the Registrant When Adopted in a Future Period.) •• Develop a plan for implementation considering all these steps and facilitate training for staff. •• Educate key stakeholders (audit committee, board of directors and investors), on the new revenue recognition standard and impact expected on the financial statements and disclosures.
Other considerations Effective Date ASC 606 becomes effective2 for calendar yearend public companies in 2018 (years beginning after December 15, 2017) with early adoption permitted in 2017. Non-public companies have an additional year to adopt the new standard. 24 JULY/AUGUST 2016
Tax Implications It’s important to consider how the revenue recognition standard can affect your company’s tax accounting methods.3 The IRS requires that a company file Form 3115, Application for Change in Accounting Method, to request consent to change its overall tax method of accounting or accounting treatment of any item. In January 2015, the IRS issued two revenue procedures (Rev. Proc. 2015-13 and Rev. Proc. 2015-14) updating the procedural rules to change a method of accounting for federal income tax purposes. Companies should consider these revenue procedures when determining the tax implications resulting from adoption of FASB’s ASC 606. Updates The newly adopted revenue recognition standard already is evolving. In addition to the deferral of the initial effective date, the FASB released ASU No. 2016-08 Principal Versus Agent Considerations, ASU 2016-10 Identifying Performance Obligations and Licensing, and ASU 2016-12 Narrowscope Improvements and Practical Expedients. However, these amendments do not change the core principle of the guidance. FCT Rosi Gonzalez is an auditor with Holyfield & Thomas, LLC. She has over 20 years of experience in public and private accounting, including three years as a forensic accountant for a local CPA firm and 11 years as an accountant for nonprofit organizations. Gonzalez holds a master’s in accounting and a bachelor’s in finance from Florida Atlantic University. She is an AICPA member and serves on the FICPA Accounting Principles and Auditing Standards Committee.
Endnotes New Revenue Recognition Accounting Standard – Learning and Implementation Plan (AICPA) January 2016 1
ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date 2
“Tax Clinic: What does the New Revenue Recognition Standard Mean for Tax?” by Matthew Abraham, CPA, and Ellen F. Martin, CPA, in the February 2016 issue of The Tax Advisor 3
FLORIDA CPA TODAY
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Connect. Communicate. Collaborate.
FICPA Connect Now Goes Where You Go We’re excited to announce the release of the new FICPA Connect mobile app! You can now interact with your favorite FICPA Connect Groups from the palm of your hand. The new FICPA Connect app is compatible with all Apple iOS and Android devices You will still be able to interact with your favorite FICPA Connect Groups via email or from the website but will now also be able to interact with them from an easy to use mobile app. Use the links below to download the app. Once you have the app installed, log in using the same username (email address) and password you use on the FICPA website. Then you can stay Connected wherever you go.
Apple iOS
Android
We would love to get your thoughts on the new app. Please send any feedback to cyrus@ficpa.org.
With over 140 golfers, the 2016 Suncoast Scramble was a great tournament with ideal weather. Many thanks to all of the golfers, and to our sponsors, for their continued support of Florida’s future CPAs.
2016 Sponsors PRESENTING
BIRDIE
CPE BREAKFAST
PENSERVCO, Inc. Seaside National Bank & Trust FirstKey Mortgage, LLC
Advanta Ira Services, LLC Charity Works FICPA West Coast Chapter Florida Institute of CPAs ISA Solution John Hancock Investments MetLife Muscati-VanLandingham Group, Morgan Stanley Risk Avoidance Managers, Inc. The Bank of Tampa USA Payroll USAmeriBank Van Wagner Airship Group Westshore Financial Group
Chambers Financial Group Kforce Finance & Accounting Walter Joseph Group
EAGLE Kforce Finance & Accounting Chambers Financial Group
BIRDIE PLUS FICPA – Suncoast Chapter OppenheimerFunds
HOLE CBIZ MHM, LLC Hooters Keith L. Jones, CPA Rick Smith TSE Industries, Inc. Larry Heinkel, The Tax Problem Solver
www.ficpa.org/Golf FLORIDA CPA TODAY
www.ficpa.org
27
C PA s I N
the spotlight
Miami: Kabat, Schertzer, De La Torre, Taraboulos & Company (KSDT) has merged with Stuart Sutta and Company. Stuart Sutta has been named a partner with KSDT. RICHARDS
GARLAND
DRAKE
Bonita Springs: Bonita Springs Utilities has appointed Steven Richards as finance director.
Coral Gables: Thomas Garland successfully completed the certification process with the National Association of Certified Valuators and Analysts™ to earn the Certified Valuation Analyst (CVA) credential.
Fort Myers: Wiltshire, Whitley, Richardson & English P.A. donated $10,000 to Florida SouthWestern State College toward the construction of the Suncoast Credit Union Arena. The firm also announced the promotion of Shane Drake to tax supervisor.
BORTAN
SHIPLEY
COKER
Bradenton: CS&L CPAs announced the addition of Julia Bortan and Jeremiah Coker as Tax Supervisors.
Fort Myers: Brad Shipley of Wiltshire, Whitley, Richardson & English P.A. has graduated from the Bonita Springs Area Chamber of Commerce Leadership Bonita program. Fort Myers: Leslea Ellis, LLC celebrated three years of business in March.
Ocala: Villela & Shilts, LLC has acquired Adams & Company of Ocala. The firm now operates throughout the state with offices in Miami, Jacksonville and Ocala. Orlando: Moore Stephens Lovelace CPAs & Advisors has named Scott Stinard to audit manager in the firm’s Orlando office. St. Petersburg: Modern Business Associates (MBA) was named a Best Place to Work in Tampa Bay by Quantum Workplace for the second consecutive year.
BRANT
Miami: Barry Brant of Berkowitz Pollack Brant Advisors and Accountants was named Top International CPA by the Greater Miami Chamber of Commerce.
PESHEV
Sunrise: Daszkal Bolton has announced the addition of Violeta Peshev as a tax manager.
For more news about members and other Florida CPAs, visit CPAs in the Spotlight at www.ficpa.org/cpaspotlight. The space for Who’s News, Transitions and other announcements published on this page is limited to news focusing on promotions and new hires for FICPA members; speeches by members at professional conferences; and other firm news, such as recognition of business achievements. We do not publish FICPA committee appointments as a part of this feature because of space limitations. Submissions for CPAs in the Spotlight can be emailed to communications@ ficpa.org.
28 JULY/AUGUST 2016
HARRELL
GALLANT
KALIFEH
Tallahassee: Allison Harrell of Thomas Howell Ferguson P.A. CPAs was named among the “25 Women You Need to Know” by the Tallahassee
Democrat. The firm also congratulated Dennis Gallant on being accepted into Leadership Tallahassee Class 34
and Michael Kalifeh on winning the Tallahassee Network of Young Professionals’ Golden A.C.E. Award in the Finance Category.
MALIK
Trinity: Traci Malik of Jones & Company CPAs P.A. has earned the Certified in Financial Forensics (CFF) credential from the AICPA.
Florida CPA/PAC - Protecting Those Who Count 360+
Number of candidates filing to run for the Florida State House and Senate in the 2016 election.
160
Number of Florida House and Senate seats on the ballot this election.
The Florida CPA/PAC, working to ensure the best people to protect your hard-earned license are elected. Protect your CPA Support the PAC www.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 register as a corporation with the Florida Division of Corporations and as a Political Committee with the Florida Department of State. Pd. pol. adv. by Florida CPA/PAC, P.O. Box 5437 Tallahassee, FL 32314-5437
FLORIDA CPA TODAY
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STAFF
reports
Educational Foundation By Jason Zaborske, educational foundation development director
Don’t Miss Your Chance to Wear Jeans
E
njoy a casual day in the middle of the week with the FICPA Educational Foundation’s Jeans for Scholarships! Have everyone in the office donate $5 or $10 and wear jeans to work – and double your contribution by asking your organization to match donations. All contributions go
to the Foundation’s General Scholarship Fund. A Jeans for Scholarships day can be whatever you make it. Have a themed potluck lunch or a mid-week office party. You’ll raise money for accounting students, have fun and look good while doing it.
There’s still time to register for the Oct. 21 Jeans for Scholarships day. Don’t forget to take pictures and email them to us! Visit www.ficpa.org/jeans to view a list of firms that are Scholarship Wranglers, and to see pictures of Florida CPAs in jeans! FCT For more information, or to register your organization, visit www.ficpa.org/jeans or email edfound@ficpa.org.
1040K Hosts Inaugural Career Fair
Scrambling for Scholarships
M
W
ore than 500 runners participated as the FICPA Educational Foundation’s 1040K celebrated its 27th anniversary and hosted the inaugural Accounting & Career Fair. The events were a tremendous success, thanks to the commitment and dedication of the 1040K Committee.
ith over 140 golfers, the 2016 Suncoast Scramble was a great tournament, with perfect weather. Many thanks to all the golfers, and to our sponsors (see page 27), for their continued support of Florida’s future CPAs. FCT
The race raises scholarship funds for South Florida accounting students. This year’s scholarship recipients were Briana Scott of The University of Miami; Paola Alejandra Barrera of Nova Southeastern University; and Jesica Deich of Florida International University. Scott also won a three-day, two-night stay at Ocean Reef Club as part of the 1040K Raffle. Morrison, Brown, Argiz & Farra, LLC received the Foundation’s annual Corporate Cup as the firm with the most registered runners. New this year, the Foundation presented the College Champions Cup to the university with the most registered runners. The winning university was Florida International University. The race wouldn’t have been possible without our sponsors, runners and volunteers. We sincerely thank everyone who participated. Don’t miss next year’s 1040K on Thursday, April 22, 2017 in Coconut Grove. See you there! FCT
Runners and walkers cross the finish line at the 27th Annual 1040K Run & Accounting Career Fair in Coconut Grove.
New and Newly Certified Members The FICPA welcomes many new members throughout the year and congratulates those who recently have become certified. Visit www.ficpa.org/newmembers to meet our new members. Visit www.ficpa.org/newlycertified to congratulate our newly certified members. 30 JULY/AUGUST 2016
From FICPA staff reports
Young CPAs
2016 CPA Day of Service Event Organizers
By Angie Brooke, emerging professionals sr. manager
•• Boca Raton: South Beach Park Clean-Up Organizer: Elizabeth Jakimtschuk, Morrison Brown Argiz & Farra, LLC, Boca Raton
Volunteers, Projects Double for Day of Service
O
n May 21, almost 200 CPAs – along with their families and friends – completed service projects in 14 Florida communities during the FICPA’s CPA Day of Service. Members of the Young CPA Committee spearhead this annual statewide event. The FICPA extends special thanks to service-project organizers and to volunteers who supported the event. Because of their efforts, the number of completed service projects doubled – and the number of volunteers participating this year more than doubled. Please join us in May 2017 for the next CPA Day of Service. Together, we can make a difference in our local communities throughout the state. FCT For more information about Young CPA and student initiatives, contact Angie Brooke, emerging professionals sr. manager, at brookea@ficpa.org or (850) 224-2727, Ext. 300. Volunteers participate in the “Keep Jax Beautiful” beach cleanup at Neptune Beach in Jacksonville.
•• Clearwater: Habitat for Humanity Home Build, Organizer: Jessi Englehard, CBIZ MHM, LLC, Clearwater •• Dania Beach: Secret Woods Nature Center Clean-Up Organizer: Katie Krblich, Charles A. Krblich, PA, CPA, Fort Lauderdale •• Daytona Beach: Maintenance Projects at SMA Behavioral Health Organizer: Carrie Boynton, James Moore & Company PL, Daytona Beach •• Jacksonville: Keep Jax Beautiful – Neptune Beach Clean-Up Organizer: Jessica Mason, PricewaterhouseCoopers LLP, Jacksonville •• Juno Beach: Loggerhead Marinelife Center Beach Clean-Up Organizer: Allyse Carter, Daszkal Bolton LLP, Boca Raton •• Miami: Provide Administrative and Clerical Services for Lighthouse for the Blind Organizer: Mikel Gastaminsa, Berkowitz Pollack Brant Advisors & Accountants, LLP, Miami •• Orlando: Harbour House Shelter Clean-Up Organizer: Cheri Swain, Carr, Riggs & Ingram, LLC, Winter Park •• Panama City: Carl Grey Park Clean-Up Organizer: Mindy Rankin, Warren Averett LLC, Panama City •• Pembroke Park: Feeding South Florida Sorting Shift, Organizer: Chyla Graham, The SEED School of Miami, Miami Lakes •• Santa Rosa Beach: Food for Thought – Pantry Organization Organizer: Ali Gorman, Carr, Riggs & Ingram, LLC •• Sarasota: Habitat for Humanity Home Build, Organizer: Adam Angstadt, Flagship Fire Inc., Palmetto •• Tallahassee: Maintenance Projects at Grace Mission Organizer: Angie Brooke, FICPA, Tallahassee •• Tampa: Habitat for Humanity ReStore – Work Shift Organizer: Jessi Engelhard, CBIZ MHM, LLC, Clearwater
In Panama City, volunteers clean up the beach at Carl Grey Park for the St. Andrews Bay Resource Management Association.
Volunteers help build a home for Habitat for Humanity in Clearwater.
In Dania, volunteers cleaned up the park at Secret Woods Nature Center. FLORIDA CPA TODAY
www.ficpa.org
31
NEWS
briefs
Dennis named outstanding discussion leader
F
ICPA member Lynda M. Dennis, CPA, Ph.D was named a recipient of the AICPA’s 2015 Outstanding Discussion Leader Award. Dennis is one of 20 discussion leaders who had the highest overall evaluation scores of the AICPA’s teaching faculty for the 2015 CPE year. “We’re so proud to have one of our members named to this prestigious group of AICPA discussion leaders,” said FICPA President/CEO Deborah Curry, CPA, CGMA. “Lynda travels frequently, and the amount of time she spends away from home reflects her dedication to teaching. We congratulate her on this honor and thank her for serving our profession at the national level by sharing her knowledge and experience with her CPA colleagues.” Dennis is a certified government finance officer and a full-time lecturer in the Kenneth Dixon School of Accounting at the University of Central Florida. She also is a contract CPE discussion leader and course developer in the areas of accounting and reporting for governmental and not-for-profit organizations. Dennis has served in a financial capacity, including as chief financial officer, in governmental and not-for-profit organizations. She also has worked as an auditor for local and Big 4 firms with an emphasis in the insurance, government and not-for-profit sectors. FCT
Lynda M. Dennis, CPA, Ph.D.
NASBA announces new CPA exam review board director
T
he National Association of State Boards of Accountancy (NASBA) has named Sheena P. Murphy, CPA as the new director of the CPA Examination Review Board (ERB). Murphy will lead the ERB’s charge of reviewing and evaluating the appropriateness of policies and procedures used in the preparation, grading and administration of the Uniform CPA Examination, and other examinations, in general use by the 56 U.S. State Boards of Accountancy, for the licensing of CPAs. She began her duties June 15.
Sheena P. Murphy, CPA
Murphy served as a senior staff accountant with NASBA from 2006-2011, working directly with NASBA’s CPA Examination Services (CPAES) division. She has a keen understanding of the Boards of Accountancy and the administration of the Uniform CPA Exam across all jurisdictions. FCT
Florida firms named among Top 100
A
ccounting Today recently announced its Top 100 Firms, including some from the Gulf Coast region (Alabama, Florida, Louisiana and Mississippi). The Top Gulf Coast firms – with total revenue of $845.04 million and an average firm growth of 9.45 percent – were: 32 JULY/AUGUST 2016
Barfield, Murphy, Shank & Smith Berkowitz Pollack Brant Carr, Riggs & Ingram Daszkal Bolton Gerson, Preston, Robinson, Klein, Lips & Eisenberg Goldstein Schechter Koch Heard, McElroy & Vestal Horne Jackson Thornton & Co.
Kaufman, Rossin Group LaPorte MBAF CPAs Postlethwaite & Netterville Saltmarsh, Cleaveland & Gund The LBA Group Warren Averett FCT
Curry serves on TaxWatch Awards judging panel
F
lorida TaxWatch recently announced the winners of the 28th Annual Prudential Productivity Awards. The FICPA was a sponsor of the awards, which honor state employees who develop and implement innovative cost-saving and efficiency solutions that improve the quality of services provided to Floridians. FICPA President/CEO Deborah Curry, CPA, CGMA served on the 10-judge panel that selected this year’s winners. “I am honored to have served among the judges who selected the 2016 Prudential Productivity Award winners,” Curry said. “It is a privilege to help acknowledge our state workers’ efforts to save money and enhance services for the people of our state.” Sixteen Tallahassee-based state teams or individuals received Productivity Awards. Among them were: • Ted Dudley, Florida Department of Financial Services. While uncovering fraudulent practices by a prison food service provider, investigator supervisor Dudley had to find innovative ways to conduct his investigation, which ultimately recovered $15.5 million to the State of Florida. • State Unemployment Tax Act Systems Support Team, Florida Department of Revenue. This team catches companies who create shell corporations to evade reemployment taxes. With their database, the team pinpoints tax evaders with a high degree of certainty. Their work resulted in $4.9 million in re-employment taxes credited to the Unemployment Compensation Trust Fund in just one year. FCT
Attending the awards ceremony were (left to right) FICPA Director of Governmental Affairs Justin Thames; FICPA Board of Governors member Jennifer Gunter, Florida Department of Transportation; FICPA President/CEO Deborah Curry; and Senior Manager of Marketing & Business Development Becca Gilbert, FICPA member firm Thomas Howell Ferguson.
FICPA
OFFICIAL NOTICE In compliance with Article III of the FICPA Bylaws, be it known that the Annual Meeting of the Members will be held at 8:40 a.m. on Thursday, September 29, 2016, at the Broward County Convention Center (in conjunction with the Accounting & Business Show) in Ft. Lauderdale, FL. FLORIDA CPA TODAY
www.ficpa.org
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MARKET
place
Positions available South Pinellas County CPA firm is seeking a CPA candidate w/2-5 yrs exp. in public accounting w/strong QuickBooks, tax skills & auditing (optional). Email resume to info@ cpapartnersllc.com or fax to (727) 398-5560.
AxoGen, located in Gainesville, is a leading medical technology company focused on the science, development and commercialization of technologies for peripheral nerve regeneration and repair. We are seeking a senior accountant – CPA with at least 5 years accounting experience. Apply at http://www.axogeninc.com/ careers/7064/senior-accountant--alachua-florida. Controller – Inc. 5000 Aerospace Company along the Treasure Coast seeks experienced highlevel controller to join our team. The ideal candidate will have a bachelor’s degree in accounting with 7-10 years of progressively professional accounting experience. Responsible for financial operations of multiple entities and supervision of accounting staff. CPA preferred but not required. Please email resumes to Lori.duttlinger@ stsaviationgroup.com. North Tampa CPA firm is seeking a full-time staff accountant with experience in tax preparation. QuickBooks and financial statement preparation experience are a plus. Applicant should have an accounting degree and be a CPA or
candidate. Competitive salary, PTO, periodic bonuses, and pension and cafeteria plans offered. E-mail resume to cpa@dearolf.com. Leesburg CPA firm seeking a full-time CPA with a minimum of 5 years recent public accounting experience. Emphasis in taxation. Email resume and qualifications to: mgumpper@2wileycpas.com. CPA Associates, LLP – Vero Beach CPA firm seeking a non-smoker CPA. Full-time position. The individual needs a minimum of 5 to 7 years of recent public accounting experience. Work includes tax preparation for individuals, trust, partnership and corporations, payroll, write up review and small audits; knowledgeable in Quickbooks, Excel, Word, compilation, review and small audit standards; ability to work without much supervision and a self-starter; ownership opportunity. Must have the ability and confidence to meet with clients. Email confidential cover letter and resume to jdsmithcpa@aol.com. Senior VP of finance ($100,000$156,120) – CareerSource Broward seeks experienced accountant to direct, manage and oversee all fiscal activities of the agency in accordance with GAAP and grant reporting in accordance with the Federal (OMB SuperCircular 2CFR 200_et al) and State Single Audit Act requirements. This handson position has responsibilities that include: preparing financial analyses and trend analytics; overseeing audits; accurately tracking and reporting costs by funding stream; maintaining fiscal security and integrity and assigning
and supervising work performed by accounting staff. Knowledge of fund required. CPA and/or advanced degree preferred. Visit www.careersourcebroward.com to apply. Accounting manager ($67,000$70,000) – CareerSource Broward seeks experienced accountant to manager accounts payable and contract administration functions. Position operates in a fast-paced environment with active participation in a variety of fiscal activities within the agency. Bachelor’s degree required. Fund accounting experience preferred. Visit www.careersourcebroward. com to apply. Tampa Bay area firm is seeking a full-time CPA or CPA candidate with 1-5 years recent tax and accounting experience. Work includes preparation of complex corporate and individual income tax returns PPC, UltraTax, Checkpoint, Tax experience; knowledge of QuickBooks, Excel and Word; knowledge of Compilation and Review standards; ability to manage multiple complex diverse assignments; friendly with strong interpersonal skills. Competitive salary and benefits including PTO and health insurance compensation, license fees, CPE and training. Email confidential cover letter, including salary expectations and resume, to reply@ficpa.org and reference file number K PA1 07 08 16. Well-established Tampa Bay area CPA firm is seeking to hire a CPA with a minimum of 5 years’ experience whose ultimate goal is to become a partner with an
Visit www.ficpa.org/classifiedsonline for complete classified ad policies. 34 JULY/AUGUST 2016
enjoyable lifestyle. The candidate must have a strong accounting and tax background, with excellent people skills. Our emphasis is not on an expensive buyout in the future, but to set in momentum a plan for everyone to succeed. Please email reply@ficpa.org and reference file number K PA2 07 08 16.
Positions Wanted Palm Beach County CPA looking for per diem tax assignments. Experience: Proseries, Prosystem, Lacerte. Individual, corporation estate & trusts. Knowledgeable in aviation. Email reply@ficpa.org and reference file number B PW 07 08 16. South Florida CPA seeks contract work throughout the year in Palm Beach or Broward County. Experienced in accounting, tax and auditing. Specifically, audits of municipal pension plans, labor unions and employee benefit plans. Email ericfeldcpa@gmail.com.
Office space Plantation – 3,600 sq. ft. class A office sublease available at below market rate. Furnishings available. Double-door entrance off elevator lobby. Third-floor lake views. Efficient configuration. Call or email Jason Stagman, CCIM Stagman Commercial Real Estate Advisors ITRA Global (561) 376-5100 / JTS@ StagmanCom.com .
Shared office space with other CPAs near downtown Sarasota available immediately. Two rooms available. Expense sharing possible. No long-term commitment required. Email inquiries to adm@mastcpa.com or call Allen at (941) 953-5036. Well-established South Broward CPA firm seeking to share office space in upscale class “B+” building located near all major highways. All amenities. Email inquiries to ajcpapa@aol.com or call Hannah at (954) 985-1040. Well-established financial advisor has private office available inside 1,500 sq. ft. modern office in Jupiter. Prime location behind Fresh Market. One-story building, ample parking. $550/mo includes receptionist, Internet, use of conference room(s) and kitchen. Contact Stu, (561) 252-2017 or stuart@swfgrp.com. SW Broward CPA firm (owner and 3 staff) seeks to share office with another SW Broward CPA firm. Will consider all options. Email reply@ ficpa.org and reference file number P OS 03 04 16.
Practices Wanted for Purchase or Merger
Well-respected Boynton Beach wealth management firm looking for CPA(s) for possible merger in an effort to better serve clients by offering comprehensive tax & financial planning. Reply to Ira@ Materetsky.com. Growing S. 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. Well-established Jacksonville, Fla. CPA firm w/solid business, estate and personal bookkeeping/tax practice seeks partner, merger or acquisition for retirement-minded partner. Currently 2 partners and 3 professional staff. Annual receipts of $600k + and growing. Principals will continue employment for any desired time period. Email reply@ ficpa.org and reference file number L FS 05 06 16.
Naples CPA firm has private window office share opportunity for a CPA. Located in PNC Bank Building on Tamiami Trail. Reception area, phone, Internet available. Free parking. Please reply to jknoll@jmknoll.com.
FLORIDA CPA TODAY
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MARKET
place
Fintz CPA, PA, a growing Plantationbased CPA firm, is looking to acquire retirement-minded CPAs in the Tri-County South Florida area (Dade, Broward, Palm Beach). We offer customizable successionplanning solutions. Please email Betsy, betsy@fintzcpa.com, or call us at (954) 440-0320. Established quality Ft. Lauderdale CPA firm seeks to acquire practice from retirement-minded CPA w/ transition of your choice. Email inquiries to ajcpapa@aol.com or call Hannah at (954) 985-1040.
36 JULY/AUGUST 2016
SW Broward CPA firm (owner and 3 staff) seeks to merge with another SW Broward CPA firm of similar size. Will consider all options. Email reply@ficpa.org and reference file number P PM 03 04 16. Melbourne CPA (20 years) desires to merge with, or buy the practice of, a local retirementminded, established CPA. Will consider relocating to all the central east coast of Florida down to Stuart. Send inquiries to JudyGallagherCPA@aol.com. Growing Tampa Bay area 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 Brad Kanter at brad@ kanterpa.com or (813) 855-5433.
Practices for Sale
CPA firms for sale – Jacksonville, FL (Southside): 73% tax, 27% bookkeeping/compilations/other. Annual receipts $370,000. Marion County: Tax practice in rapidly growing community. Annual receipts $272,000. Broward County: Tax preparation, write-up, compilations, CFO services and audits. Annual receipts $440,000. Metro-Tampa area north: 60% tax, 40% bookkeeping with some not-for-profit audits. Owners willing to work after the sale to help in transition. Annual receipts $850,000. To see more listings,
go to our website at: www. akinsprofessionalbrokerage.com. Call David Akins, CPA or Buddy Turman at (877) 277-0272. Email: david@akinsprofessionalbrokerage. com or buddy@ akinsprofessionalbrokerage.com.
Practices Wanted! Cash Buyers Waiting! List your practice with Florida’s No. 1 Accounting Brokerage Firm: Professional Accounting Sales. No upfront fees. No long term listing agreements. Recent references available.
Selling practices in Florida for over 33 years. Available for sale: Gainesville $900,000… Kissimmee $250,000… Ormond Beach $125,000…Palm Beach County $650,000+… West Palm $225,000+… Westside of Orlando $145,000… Lakeland area $200,000+…. Ft. Lauderdale $1,250,000… Tampa Bay $525,000; Sarasota area $140,000+… many others! Contact Erwin Rosenblatt (561)666-6737 or Leon Faris, CPA (800)729-9031 with Professional Accounting Sales, or visit our website at: www.cpasales.com. Retirement-minded S. Miami Dade County CPA seeks CPA for space sharing, merger and eventual
buy-out of a tax preparation, small business and compilation practice. Email reply@ficpa.org and reference file number J FS 07 08 16. Multiple-partner firm from Jacksonville area seeks replacement for retiring senior partner. Firm over 1MM in revenues and still growing with quality partners and staff. Excellent opportunity to acquire a substantial interest in larger practice with no commissions to pay and auditing and tax support people and disciplines already in place. Merger or buy-in entry possible. Contact firm at CPAfirmJax@yahoo.com.
DOR
update
DOR Reviews 2016 Legislative Session By Debra Longman, DOR legislative and cabinet services director
H
ere are some bills the Florida Department of Revenue (DOR) followed during the 2016 Legislative Session. These bills now have become law. This article includes brief descriptions. Please review the actual bills for specific information.
General Tax Administration ••HB 7099 – Taxation (Chapter No. 2016-220) o Makes permanent the sales-tax exemption for certain machinery and equipment purchased by eligible manufacturers and expands the exemption to include postharvest machinery and equipment and metal recyclers. 38 JULY/AUGUST 2016
o Creates a three-day back-to-school holiday, Aug. 5-7. The exempt clothing amount was reduced to $60 and the school-supplies exemption remains at $15. Dealers whose gross sales comprise less than 5 percent of the exempt items may opt out of the holiday, but must notify DOR and post notices at retail locations stating they are not participating in the holiday. o Exempts from sales tax aircraft purchased in Florida that will be registered in a foreign jurisdiction if removed from the state within 10 days of foreign registration. o Effective July 1, 2019, eliminates the credit or refund of aviation fuel tax provided to certain air carriers and lowers the aviation fuel tax rate to 4.27 cents per gallon for all air carriers. o Adopts the federal IRS code for corporate income tax, including decoupling for bonus depreciation, and includes return filing date changes.
Property Tax Oversight ••HB 499 – the Ad Valorem Taxation (Chapter No. 2016-128) Revises certain Value Adjustment Board (VAB) provisions: specifying deadlines to complete certain hearings and final certifications; revising the requirements for an entity that may represent a taxpayer; requiring the taxpayer’s signature in certain circumstances; revising the interest rate accrued on unpaid or overpaid taxes; defining good cause for rescheduling VAB hearings, etc. ••Three Proposed Constitutional Amendments: o HJR 193 – Solar or Renewable Energy Source Devices o HJR 275 – Additional Ad Valorem Exemption for Persons 65 or Older (low income, long-term residents) o HJR 1009 – Totally and Permanently Disabled First Responders FCT This summer, a 2016 Post-Legislative Review will be available on DOR’s website at www.dor. myflorida.com.
FLORIDA CPA TODAY
www.ficpa.org
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F L O R I D A
Florida Institute of Certified Public Accountants P.O. Box 5437 Tallahassee, FL 32314-5437
Creating a New Learning Experience! Sept. 28-30, 2016 Broward County Convention Center Fort Lauderdale #ficpaABS
More International Content Hands-On Technology Workshops
Join us as we explore the latest trends, policies and regulations you need to know to be part of South Florida’s expanding international banking and finance market.
The Show offers six hands-on technology workshops to enhance your skill set.
Business & Industry Focus We have included more B & I sessions to meet the unique needs and requirements of CPAs working in industry.
Explore our beautiful intracoastal waterways on Thursday evening for the inaugural Sunset Cruise.
Registration is Now Open! Learn More:
www.ficpa.org/ABS First Time Attending? No worries. Join us at our special
Meet ‘n’ Greet for first-time attendees. You’ll feel right at home! The 2016 Accounting & Business Show is endorsed by the Cuban-American Certified Public Accountants Association Inc.