May/June 2016 - Florida CPA Today | Volume 32, Number 3

florida C P A

TODAY

M AY / J U N E 2 0 1 6

VOLUME 32, NUMBER 3

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

departments 5 6 8 28 32 34 36

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Chair’s message President’s message DOR update CPAs in the spotlight Staff reports News briefs Marketplace

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Sine Die, Sealed and Delivered 2016 Legislative Session Ends on Time

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FLORIDA CPA TODAY

features 10 13 17

Annuities: Looking Under the Hood

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Foreign Individuals Who Own Florida Real Property: The Importance of Florida State Tax Issues

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FICPA Recognizes Outstanding Discussion Leaders

Take the National MAP Survey Take Five Meet Rick Fernandez, CPA

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 David J. Hochsprung, CPA, chair Keith C. Blackman, CPA • Walter C. Copeland, CPA Douglas E. Day, CPA • Lynda M. Dennis, 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.

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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MAY/JUNE 2016

chair’s

MESSAGE

YOLO: Please Take the FICPA Along I

n an article I recently read, the writer referred to the acronym YOLO – “You only live once.” That’s a pretty powerful thought.

How often do we take things for granted or pass on an opportunity, then realize we should’ve taken that leap of faith or given someone or something our undivided attention? I know I have, and I’m sure you have, too.

The FICPA wants you to be a success. You only live once, and we want to be part of your journey. Our organization has resources to help you grow in the areas of education, proficiency and professional relationships. Please visit the Membership Resources section of our website at www.ficpa.org/members. There you’ll find information about volunteer opportunities and FICPA communities, including committees and chapters.

Mia A. Thomas Endowment. It was wonderful to have our community of CPAs and friends come together to raise scholarship funds. Thank you to everyone who supported this inaugural event.

As my term as your chair comes to an end, I’m so thankful to my husband, family and employees for allowing me to serve the FICPA. I couldn’t have served without them. I also want to give a shout out to our Board of Governors, committees and faithful staff. I couldn’t have done it without you, either. You all helped me smile with joy every time I represented our organization. FCT

When I was in my 20s, I became an active chapter member organizing our university accounting students’ field day. This evolved as I developed a program to reach out to high school accounting and finance students. I then was asked to join our state committee so we could expand the program throughout Florida. Becoming involved was a great way to interact with my peers and gain confidence as a practicing CPA. I’m extending an invitation to each of you: please become engaged in your organization.

It’s such a great way to develop wonderful relationships that will continue for years. It’s a great YOLO way to be part of your profession.

I’m honored to say we held our first Golfing Fore Education Tournament in April to raise funds for the FICPA Educational Foundation

Board Chair Mia Thomas congratulates Past Board Chair Scott Price, Past President Jose Valiente, Past Board Chair Jeff Barbacci and Past Educational Foundation President George Guilisano (left to right), whose team placed third overall in the Foundation’s Inaugural Golfing Fore Education Tournament. The tournament was held April 22 at MetroWest Golf Club in Orlando. Proceeds benefited the Mia A. Thomas Endowment Fund.

“It was only a sunny smile, and little it cost in the giving, but like morning light it scattered the night and made the day worth living.”

– F. Scott Fitzgerald FLORIDA CPA TODAY

www.ficpa.org

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PRESIDENT’S

message

Antitrust Case Has Implications for Boards of Accountancy Deborah L. Curry, CPA, CGMA

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he Florida Board of Accountancy (BOA) was established in 1905. Its mission is to promote consumer protection by ensuring CPAs and firms meet and adhere to the statutory requirements for licensure.

For many years, our colleagues on the BOA have devoted their time and expertise to serving our profession; protecting the value and integrity of our license; and protecting the public from dishonest practitioners, according to Section 473.301, Florida Statutes (F.S.).

Recently, a decision by the Supreme Court in the case commonly known as N.C. State Board of Dental Examiners v. Federal Trade Commission became the focus of many state boards of accountancy, attorneys general and state board of accountancy members. Although the matter is complex, I will try to summarize the salient points to shed light on the genesis of the issue and subsequent discussions that are causing concern for CPAs currently serving as BOA members.

In the North Carolina case, approximately 50 nondentists who offered teeth-whitening services were ordered to cease and desist performing these services.

The State Board of Dental Examiners (Dental Board) implied or stated those services constituted the practice of dentistry.

Many Florida boards are controlled by active market participants without active supervision by another state actor. The decisions of these boards generally are not subject to state supervision by a supervisor who is not an active market participant. This situation places these boards in a position of facing potential antitrust liability for actions that might be construed as restricting market entry or restraining competition.

The issue requires three elected officials to weigh in: the governor, as one of his office’s agencies – the Department of Business and Professional Regulation (DBPR) – manages the Board of Accountancy; the attorney general, whose office must either provide the defense or approve hiring outside counsel; and the chief financial officer, whose office manages the Division of Risk Management.

The Federal Trade Commission (FTC) brought action against the Dental Board regarding the cease-anddesist letters, finding it violated the Sherman Act due to anti-competitive and unfair practices.

Several criteria have been presented that may be necessary for a regulatory board to invoke the state action defense. Included may be the requirement that a state supervisor issue a written decision approving, disapproving or even modifying the board’s proposed action. Another is to alter the number of active market participants on a board to eliminate their majority position. This option concerns many CPAs because of the complexity of our regulations, rules, standards and pronouncements. It is unclear if a majority board of non-CPAs would fully understand technical matters in disciplinary cases and appropriateness of license requirements for education, continuing education and experience.

Key to this case and the resulting decision is the concept of “sovereign capacity,” which provides immunity for antitrust liability when a board is performing duties acting as an agency of the state.

At the heart of the issue is the possibility that individual board members may face extensive personal financial loss if an antitrust action is brought against the BOA. A presentation prepared by the Florida’s Attorney

In this case, the Dental Board included six actively practicing dentists who are referred to as “active market participants.” Two additional Dental Board members were not active participants.

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Those actions must be “clearly articulated and affirmatively expressed as state policy” and must be “actively supervised by the state” according to the Court. Active supervision requires “that state officials have and exercise power to review particular anticompetitive acts of private parties and disapprove those that fail to accord with state policy.”1

MAY/JUNE 2016

With regard to the North Carolina case, the Supreme Court’s decision provides limited guidance as to what constitutes sufficient “active supervision” to assist boards and commissions controlled by active market participants in ensuring antitrust immunity. For example, the decision states that while what constitutes “active supervision: is “flexible and context dependent,” it “need not entail day-to-day involvement in an agency’s operations or micromanagement of its every decision,” but it must “provide realistic assurance that [the] anticompetitive conduct promotes state policy.”

At a minimum, the supervisor “must review the substance of the anticompetitive decision, not merely the procedures followed to produce it,” “must have the power to veto or modify particular decisions to ensure they accord with state policy,” and must “not itself be an active market participant.”

The “mere potential for state supervision is not an adequate substitute for a decision by the State.” 2

Although there is much to give rise to concern, this issue is so far reaching and involves so many individuals and state boards that there will, no doubt, be a resolution. We will continue to serve as a resource to all involved and to provide our commentary in support of the profession. FCT Visit www.ficpa.org/FCT/Antitrust to read NASBA’s North Carolina Dental Case Decision – Implications for State Boards of Accountancy; FTC Staff Guidance on Active Supervision of State Regulatory Boards Controlled by Market Participants; the Florida Board of Accountancy’s letter to Gov. Rick Scott; and Attorney General Pam Bondi’s letter to Senate President Andy Gardiner and House Speaker Steven Crisafulli.

Endnotes 1 Patrick v. Burget, 486 U.S. 94, 101 (1988).

2 Letter from Florida Attorney General Pam Bondi to Florida Senate President Andy Gardiner and Florida House Speaker Steven Crisafulli, Re: Impact U.S. Supreme Court’s Decision in North Carolina State Board of Dental Examiners v.

Federal Trade Commission, Dec. 9, 2015.

General’s office included this statement: “Risk Management advises that there is no coverage of defense costs, damages or attorney fee awards in the event a Board Member is sued for Antitrust Violation.”

Florida BOA members are actively monitoring the uncertainty of this matter and hoping for a timely resolution. On March 1, BOA Chair David Dennis authored a letter asking Gov. Rick Scott to work with the Florida attorney general and chief financial officer, and the secretary of the DBPR, to address this complex issue and provide coverage to protect and indemnify individuals serving on state boards in the conduct of their duties.

During the 2016 Legislative Session, our Government Affairs team stayed in close contact with many who are interested in the outcome of this dilemma. Legislation was proposed in several states during the recent session to address this issue, but no such movement took place in Florida.

The National Association of State Boards of Accountancy is actively involved with state boards to educate and support during this process.

FLORIDA CPA TODAY

www.ficpa.org

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DOR

update

DOR Audits Identify Misclassified Workers

By Michael Metz and Barbara O’Donnell, DOR General Tax Administration Program

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orker classification is a hot topic for employers.

It impacts obligations for providing insurance as well as paying overtime and employment taxes.

Worker classification also is a topic of interest to employees, as it determines whether they are eligible for re-employment assistance benefits, and whether they’ll receive them punctually.

To properly report and pay re-employment tax, as required by Chapter 443, Florida Statutes, employers must determine who is an employee and who is an independent contractor. Florida law defines the employer-employee relationships by referring to the “usual common-law rules applicable” in determining the relationship. More simply, under the common law rules, an employee is subject to the employer’s will and control.

The employer decides the work an employee will do and how he or she will do it. An independent contractor is not subject to the employer’s will and control.

How a worker is treated – not a written contract or the issuance of a 1099 – determines whether a worker is an employee or an independent contractor.

There are 10 factors to consider when determining whether a worker is an employee or an independent contractor. These can be found on the Department of Revenue (DOR) website at dor.myflorida.com/dor/taxes/reemployment.html.

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MAY/JUNE 2016

DOR completes an estimated 5,000 reemployment tax audits annually, and identifying worker misclassification is an important area of emphasis. It’s an issue crossing all business sectors. In recent years, significant worker misclassification was identified in audits of construction and trade industries; home health workers; temporary help services; professional offices including insurers, realtors, dentists, lawyers and physicians; restaurants; security; landscaping; janitorial; and telemarketing companies.

DOR analyzes filed tax return data each year when identifying audit candidates. Additional data is received through information-sharing agreements with the IRS; the USDOL Wage and Hour Division; and the Department of Financial Services. Slightly more than 10 percent of the audit leads in 2015 were developed using information from third-party sources.

A common misperception is the IRS pays DOR to perform re-employment tax audits, particularly worker misclassification audits. Although we share certain information, the IRS does not pay DOR to perform re-employment tax audits. DOR is statutorily responsible for performing taxcollection activities, which include registration; return and remittance processing; and collection activities, in addition to audit. FCT For more information, email Michael Metz at metzm@dor.state.fl.us.

FLORIDA CPA TODAY

www.ficpa.org

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Annuities: Looking Under the Hood

By Walter C. Copeland, CPA

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sing annuities for planning can be challenging because of their complexity and many options, as well as changes during the years. When investment advisors recommend annuities as part of retirement and estate planning, clients often turn to CPAs for advice.

What are annuities?

Many financial professionals argue for or against annuities. Those who are against them often cite the longterm 10 percent return of the stock market as superior to the lower returns annuities offer. Those in favor of annuities cite security of principal, guaranteed returns and flexible options.

An insurance company receives a payment (premium) from a purchaser. The purchaser then can decide on a payment stream (current or deferred) or to use it as a legacy piece to protect assets from future risks (because of the guarantee aspects). Because the payment stream is going forward – either starting immediately or deferred to the future – there can be many unknowns to consider.

Insurance companies hedge these risks by combining all annuitants in a pool, which they can use to protect against any event’s effect on an individual policy holder.

This article provides a basic outline of annuities, and pros and cons for using them as a financial tool in clients’ retirement-planning services.

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Annuities are insurance products providing clients with an income stream and other benefits during retirement.

Annuities are designed to mitigate three of clients’ concerns in retirement: a predictable payment stream, inflation and longevity.

Concerns about annuities One of the main concerns is clients’ perception that commissions and fees are too high, and sellers “push” annuities to increase their income, rather than making the best choice for the client. Another concern is “hidden” clauses that purchasers (clients) don’t fully understand, and that may cost when they come into play, i.e., surrender charges or tax penalties for early withdrawals. Because of these issues, governing agencies such as the Financial Industry Regulatory Authority (FINRA) and the U.S. Securities and Exchange Commission have issued white papers to better equip the public with information about annuities and their many options.

Terms Annuity contracts should be reviewed thoroughly. Purchasers should understand what they mean and how they can impact the features chosen for a specific annuity. Here are some common terms: •• Account value. The value of the contract after netting expenses and withdrawals is similar to cash value, or the value if you cashed in the annuity early. If this value goes down it may not have anything to do with the benefits of annuity payment streams or death benefit.

•• Roll-up benefit base. Beginning of the year amount used to determine the value of the guaranteed minimum income benefit. At the same date each year this value is used to determine the annuity amount based on the percentages agreed to in the contract.

Types of Annuities Fixed annuities – Guaranteed rate of return with a floor rate similar to investing in CDs. Risk is borne by the issuer, hence the lower guarantee of return. Fixed annuities often require a deferred surrender charge on a sliding scale that disappears after the first seven to eight years.

Market value and adjusted annuities – offer a guaranteed fixed rate with a market value adjustment feature. Typically higher guarantee rate is available when a longer-term commitment is made.

Indexed annuities – offer a return based on securities indexes such as the S&P 500. These annuities usually have caps on the amount of gain from the index; guarantee a rate that couples with the index returns; and have higher surrender charges than other types

•• Guaranteed minimum death benefit. Guarantees the death benefit payable based on the terms and riders chosen in the contract.

of annuities. A purchaser is trading

•• Guaranteed minimum withdrawal benefit. Guarantees the payment amount regardless of the value of the underlying assets, which can come into play when a purchaser is concerned about payments to his or her surviving spouse.

higher potential return.

Tax issues Here are some tax-related issues pertaining to annuities: •• Using an annuity versus a managed stock portfolio will convert capital gains to ordinary income, as the distributions from annuities are taxed on their gains as ordinary income.

some of the upside (cap) and higher surrender charges in exchange for the

Variable annuities – Returns are based on sub accounts (mutual funds) and include a fixed guarantee (rider), but the purchaser bears the investment risk (with fixed annuities, the issuer bears the investment risk). Variable annuities also can provide riders for upside potential by the performance of the underlying mutual funds, but

•• During the accumulation phase, the annuity is tax deferred to postpone tax on the gains until future distributions.

they usually have caps for upside and

•• Early distributions can be subject to a 10 percent tax penalty. ➡

in exchange for the potential higher

additional fees and surrender charges yield.

•• There is no step-up basis to the heirs upon death of the insured, as there would be with a stock portfolio.

•• Distributions typically are taxed on the gains first and the principal second.

To view FINRA articles on variable and equity-indexed annuities, visit www.ficpa.org/VariableAnnuities and www.ficpa.org/Equity-indexedAnnuities.

What are the costs?

Costs generally fall into two categories: surrender charges and product costs. Surrender charges are commissions paid up front to the broker. Product costs continue on and are dependent on the riders chosen, including the mortality charges and other features.

Here are examples of typical costs associated with annuities. The list is not inclusive.

Initial commission costs •• Annuities typically have a commission structure that ranges from 2 percent to 10 percent.

Purchasers can avoid fees if they continue a contract for a specified term (usually seven to eight years) before canceling it making withdrawals.

Annual costs •• Contract fees can range from 1.1 percent to 2 percent and include operations, administration and distribution fees.

•• Management fees in a variable annuity range from .02 percent to 1 percent.

•• Riders are additional guarantees or death benefits and can cost from .025 percent to 1 percent.

When you add the costs, they can top 10 percent to 14 percent. However, if the surrender charges are avoided by holding the product the required length of time, annual costs would be closer to the 2 percent to 4 percent range.

Riders To achieve clients’ goals, many options or riders can be added to different forms of annuities and contribute to their flexibility. Some of them are:

•• Living benefit riders – guarantee accumulation values, withdrawals amounts, lifetime income, etc. Typical costs are .080 percent to 1.60 percent.

•• Enhanced death benefit riders – can provide a greater death benefit based on a guaranteed amount of underlying portfolio performance.

Costs can be 1 percent to 2.3 percent or higher.

•• Settlement (payout) options – single, joint, joint and survivor, period certain, life no refund.

•• Guaranteed minimum income benefits – can allow for increasing benefits based on underlying performance of portfolios. Costs can be 1 percent to 2.3 percent per year.

Using annuities Annuities often are used as a base of the total retirement picture to be a guaranteed income stream purchasers can rely on, in addition to other investments that can provide higher investment returns ( but in some cases with more risk). By definition, annuities provide downside protection of assets during the annuitant’s lifetime.

Annuities can be used to encapsulate a portfolio of investments for a period of time to defer the current income tax burden, because the investments are “inside” the annuity and not subject to current taxation. Annuities also can provide a death benefit not otherwise available and offer upside potential that gets “ratcheted” if underlying investments perform better than expectations – either in terms of death benefit or income benefits.

Annuities are flexible and may offer retirement-planning opportunities, but come with costs and restrictions that should be fully understood before selecting one as a part of a client’s retirement investments. The purchaser is choosing the guarantees of annuities as an alternative to the potential of receiving higher earnings with other financial products. FCT

“Annuities are flexible and may offer retirement-planning opportunities, but come with costs and restrictions that should be fully understood.”

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From AICPA Reports

Take the 2016 National MAP Survey

H

ow does your firm stack up against others in the profession? Are you curious about the latest technology trends in firms throughout the country? How are you and others leveraging staff in the current economy? Find out by taking part in the CPA profession’s premier benchmarking study – the AICPA Private Companies Practice Section (PCPS) CPA. com National MAP Survey.

The online survey will remain open from mid-May through July 2016. It covers key practice-management issues, allowing your firm to compare its financial performance and operations to other firms and gain strategic insight into building a more profitable and rewarding practice.

Survey results also will help accounting firms benchmark themselves against same-sized firms regionally and nationally.

As a participating state CPA society, the FICPA invites your firm to participate. The survey is streamlined annually for easier completion and increased relevance. If you’ve taken the survey before, you’ll find updated content and questions reflecting practice-management issues today’s firms face.

FLORIDA CPA TODAY

Each participant will receive a free personalized report containing an overview of key performance metrics from the survey, such as billing rates; salaries; hours charged/ compensated; services as a percentage of fees; major income statement statistics; and more.

“Your input helps the FICPA reach its participation commitment,” explained Deborah Curry, FICPA president/ CEO. “Once the minimum participation goal is met, the Institute will receive Florida-specific results to share.”

The state-specific survey data is an extremely valuable business tool unavailable elsewhere in the marketplace.

A comprehensive report – free to PCPS members – will include even more performance metrics, as well as a host of additional ratios and statistical analysis and access to the dynamic platform.

Don’t miss this opportunity to be a part of the country’s largest accounting firm practice-management survey! FCT Members can find the survey link on the FICPA’s home page, www.ficpa.org. For more information about PCPS and the National MAP Survey, visit aicpa.org/mapsurvey. www.ficpa.org

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COVER

story

Sine Die, Sealed and Delivered 2016 Legislative Session Ends on Time

By Justin Thames, FICPA director of governmental affairs

A

fter a grueling 2015 Legislative Session and multiple Special Sessions last summer and fall, Florida’s lawmakers arrived with a desire to make the most of their time in Tallahassee. The 60-day meeting among lawmakers began in January, two months earlier than the traditional start in March.

Leading up to session, one of the big questions was whether the animosity displayed at the close of the previous session had subsided. Ultimately, the 2016 Legislative Session adjourned at 6:45 p.m. on Friday, March 11 with a balanced budget and most everyone feeling they’d done the job in a collegial fashion.

Although session ended on time and everyone smiled for the cameras at the end of the day, not everyone got exactly what they wanted. But in this election year, the governor and most legislators wanted to leave the Capitol on a positive note and were willing to compromise. One example was the $1 billion in tax cuts Gov. Rick Scott proposed as part of his “Florida First” budget.

The House of Representatives finalized its tax-cut package in early February and met Gov. Scott’s lofty goal of $1 billion. After lengthy negotiations, the Senate agreed on a paired-down version of the House proposal that, coupled with $290 million that would be used to stave off increases to local property taxes, equaled about $400 million. Included in the final product were a permanent reduction of the sales tax on manufacturing equipment; several sales-tax holidays; corporate income tax piggyback; and a sales-tax exemption for qualified veterans’ organizations.

Although the Legislature delivered only a fraction of what Gov. Scott asked, he used the final product and added it to the previous year’s cuts to reach his $1 billion mark.

By the numbers During session more than 1,800 bills were filed. Of those, only 279 passed. Legislators also filed more than 3,000 amendments. Each session, the FICPA works to identify legislation impacting the profession or that might, if amended, have an impact. This year we tracked more than 300 bills containing language that could have affected 14 MAY/JUNE 2016

the profession. The word “audit” was contained in 173 bills; more than 264 bills contained the word “tax;” and 79 bills contained the term “certified public accountant.”

Senate and House Bills

Filed

Passed

Concurrent Resolutions Resolutions(One Chamber) General Bills Local Bills Joint Resolutions Memorials Totals

5 2 98 0 1580 245 58 27 43 3 30 2 1814 279

FICPA supports BOA budget priorities Each session, the FICPA advocates for specific items funded by CPA license fees to be included in the state budget. The Clay Ford Minority Scholarship Fund and the Department of Business and Professional Regulation (DBPR) Unlicensed Activity Campaign are funded by $10 and $5 portions, respectively, of each license fee. Each session, the Legislature must enact, and the governor must approve, the spending authority for both. For the second year, Gov. Scott vetoed from the budget the Legislature’s proviso language specifying the fees collected from CPAs to fund the DBPR’s Unlicensed Activity Campaign be used to educate the public about the dangers of using an unlicensed professional to perform accounting services.

The FICPA worked diligently throughout Session to educate Gov. Scott and his staff about the importance of using these funds to help prevent the practice of unlicensed activity. In his veto message, which also addressed more than $250,000 worth of other items he vetoed in the state budget, Gov. Scott said, “the specific media campaigns directed are more appropriately addressed by a private association. The appropriations would also reduce the Department of Business and Professional Regulation’s flexibility to address and respond to unlicensed activity.”

In response to the veto message, FICPA President/CEO Deborah Curry sent Gov. Scott a letter in which she said, “For the last 23 years, the FICPA has been a partner in

the DBPR’s CPA Unlicensed Activity Public Awareness Campaign and worked to proactively inform consumers of the regulatory obligations of licensed individuals performing accounting services. The budget proviso language ensures that CPA unlicensed activities fees – paid solely by licensees – would be used only to educate the public and raise the awareness of the dangers of using the services of an individual who is not licensed, regulated and subject to discipline by the State of Florida.”

To read Curry’s letter to Gov. Scott, visit www.ficpa.org/ GovResources and click the first link under Policy Issues.

For now these fees will still be collected from licensees.

However, Gov. Scott signed legislation this year that soon could change that. House Bill 303 by Rep. Colleen Burton would require DBPR to waive the $5 fee if certain benchmarks for the profession’s operating account and unlicensed activity account are met. This means CPA license fees could be reduced in the next few years because funds won’t be used to proactively combat unlicensed activity.

On a more positive note, the funding authority for the Clay Ford Minority Scholarship was included in the budget and approved by Gov. Scott. To date, more than 280 students have benefited from the scholarship named after one of the profession’s most supportive legislators, the late Rep. Clay Ford. The scholarship encourages students to remain in school for their fifth year of accounting to sit for the CPA exam. This year, students have until June 1 to submit applications and could be eligible for scholarships ranging from $3,000 to $6,000 per semester (see the article on page 35).

To learn more about the Clay Ford Minority Scholarship, visit www.ficpa.org/FordScholarship. ➡ Pg. 16 Justin Thames is FICPA director of governmental affairs.

He can be reached at (850) 224-2727, Ext. 204 or thamesj@ficpa.org.

Special thanks go to our CPA legislators.

We appreciate all your support.

Rep. Michael Bileca, R-Miami Rep. Dan Raulerson, R- Plant City Rep. David Richardson, D-Miami Beach Rep. Cyndi Stevenson, R-St. Augustine

FLORIDA CPA TODAY

Pictured top to bottom, left to right: Rep. Halsey Beshears, R-Monticello; Rep. Ritch Workman, R-Melbourne; Rep. Cyndi Stevenson, R-St. Augustine; Rep. David Richardson D-Miami Beach; Rep. Dan Raulerson, R-Plant City; Rep. Michael Bileca, R-Miami; Rep. Randolph Bracy, D-Ocoee; and Sen. Jack Latvala, R-Clearwater. www.ficpa.org

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COVER

story

➡ Continued from Pg. 15

Bill tracking Here are a few bills the FICPA Governmental Affairs team tracked this year, and their status at the close of session. To read a detailed Legislative Session Wrap Up, visit www.ficpa.org/GovResources and click the second link under Advocacy at Work.

Passed

Failed

HB 303 – Unlicensed Activity, Rep. Collen Burton Prohibits DBPR from imposing unlicensed activity fees in certain circumstances; provides for applicability of waiver.

Effective date: July 1, 2016

SB 448 – Ban the Box, Sen. Jeff Clemens Prohibits a public employer from inquiring into or considering an applicant’s criminal history on an initial employment application unless required to do so by law, etc. –”Ban the Box.” Effective date: 7/1/2016

HB 273 – Public Records, Rep. Halsey Beshears Requires public records request relating to records for public agency’s contract for services to be made directly to public agency; requires contractor to provide requested records to public agency or allow inspection or copying of requested records.

Effective date: March 8, 2016

SB 294 – Mandatory PTO, Sen. Geraldine Thompson Requires certain employers to provide employees with paid or unpaid earned sick and safe leave under certain conditions; providing employer and employee requirements; authorizing an employee to file a civil action under certain conditions, etc.

Effective date: 7/1/2016

HB 7071 – Public Corruption, Rep. Ritch Workman Redefines the term bribery to include knowing and intentional, rather than corrupt, acts; revises the prohibition against unlawful compensation or reward for official behavior to conform to changes made by the act; revises the prohibition against official misconduct to conform to changes made by the act; revises the prohibition against bid tampering to conform to changes made by the act, etc.

Effective date: 10/1/2016

HB 203 – Residential Properties, Rep. John Wood Revises the requirements related to the issuance of an estoppel certificate to specified persons; requires that an estoppel certificate contain certain information; requires that the authority to charge a fee for the estoppel certificate be established by a specified written resolution or provided by a written management, bookkeeping, or maintenance contract, etc.

Effective date: 7/1/2016

HB 1181 – Bad Faith, Rep. Jamie Grant Prohibits persons from sending demand letters to targets which make bad faith assertions of patent infringement; specifies what constitutes such letters; repeals provisions requiring that plaintiffs post specified bonds; authorizes award of actual damages; revises provisions authorizing award of punitive damages. Effective date: March 24, 2016

HB 1005 – Prejudgment Interest, Rep. Carlos Trujillo Provides for award of prejudgment interest in any action in which plaintiff recovers monetary damages; provides for calculation of interest; provides for retroactive effect on pending actions.

Effective date: July 1, 2016 FCT

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take FIVE planning and community visioning, transform it into one of Tallahassee’s most popular amenities,” Fernandez said. “While it’s a world-class park residents and visitors enjoy, Cascades actually is a cleverly designed storm water facility. Rethinking traditional approaches to infrastructure is one way we’re maximizing resources and improving the community.”

W

hat was your first job?

Auditor at Manufacturers Hanover Trust Co.

Who’s your favorite author, and what was the last book you read?

I used to read everything Ed McBain (Evan Hunter) wrote.

He was a master of dialogue and character development.

My favorite book of all time is Five Smooth Stones by Ann Fairbairn. I read it probably 40 years ago and it’s still my favorite. I’m not sure if it would still be my favorite if I read it again, so I refuse to do it. Sadly, I don’t seem to find time to read books at all anymore.

Meet Rick Fernandez, CPA Meet FICPA member and Tallahassee City Manager Rick Fernandez, CPA. In November 2015, Tallahassee City Commission leaders voted unanimously to name Fernandez to the job. He has worked for the city for more than 27 years, serving as assistant city manager of utility services from 1999-2015 and as city auditor from 1988-1999.

Tallahassee is home to more than 188,000 residents.

“I’m honored to serve at the pleasure of a City Commission that’s focused on making Tallahassee a strong, innovative and vibrant community,” Fernandez said. “We’re intent on creating more efficient and transparent processes that will result in responsible stewardship of resources as we work to meet the needs of our community and exceed expectations for service.”

What are the best and most difficult aspects of your job?

For me, the best part of the city manager’s job is working with our team of leaders to find ways to better serve the community. The City of Tallahassee provides a greater variety of services than any other local government in Florida. As such, there’s very little chance of becoming complacent or bored in your job as manager. We’re fortunate in Tallahassee to have a competent and strong leadership from our City Commission. The most difficult aspect is accepting that we, as a government and service provider, cannot solve everyone’s problems all the time.

What do you enjoy doing on your days off?

Spending time with my family, binging on television with my wife. I love golf but haven’t played for some time.

We caught up with Fernandez recently at Tallahassee’s Cascades Park. The 24-acre park, located just south of the Florida Capitol, opened in 2014. Highlights include paved trails; a state-of-the-art amphitheater; children’s splash pad and play areas; and a Korean War Memorial, among other historical features.

How do you hope to see the City of Tallahassee develop and grow?

I hope to be a small part in promoting smart, sensible economic development and a healthy, active community. I believe we have the tools and momentum to spur economic growth that best reflects our strengths and values. We can be successful only if we’re selfless in our approach and humble in our attitude. FCT

“Cascades Park is one of my favorite places because it’s a testament to what our community can accomplish when we work together. We were able to reclaim the land from its polluted state and, through strategic

To view a video of Rick Fernandez offering advice for accounting students and discussing how his CPA license helped propel his career, visit www.ficpa.org/ RickFernandez.

FLORIDA CPA TODAY

www.ficpa.org

17

Foreign Individuals Who Own Florida Real Property:

The Importance of Florida State Tax Issues

By Thomas S. Bissell, CPA and Allison P. Shipley, CPA

F

lorida long has been a popular location for foreign individuals who wish to invest in real property in the U.S., whether as a vacation home, as rental or investment property, or as a combination of the two. There are a number of books and articles by U.S. tax advisors that offer helpful advice about the U.S. federal tax rules that can apply – primarily federal income tax, especially the Foreign Investment in Real Property Tax Act (FIRPTA) rules of Internal Revenue Code (IRC) § 897, and the federal estate and gift tax rules. When purchasing Florida real property, however, foreign individuals always should be aware of the applicable Florida state taxes.

Because this article provides only an overview of those taxes and the situations in which they can apply, purchasers always should consult a competent advisor who is familiar with Florida taxes and with the applicable federal taxes.

It is assumed in this discussion that the “foreign individual” is classified as a “non-domiciled non-citizen” for U.S. federal estate tax (FET) and federal gift tax (FGT) purposes, and as a “non-resident alien” for federal income tax (FIT) purposes.1 Since the enactment of the FIRPTA rules of

18 MAY/JUNE 2016

IRC § 897 in 1980, it has been extremely difficult for foreign individuals to avoid U.S. FIT if their U.S. property eventually is sold at a gain. As a result, U.S. federal tax planning usually focuses on structuring the purchase of U.S. real property to reduce or avoid FET if the foreign individual were to die while owning the U.S. property.

Section I of this article highlights the Florida tax aspects of various structures for owning Florida real property, but because of space limitations, the reader is urged to consult additional sources for details on the federal tax aspects of these structures. Section II discusses Florida taxes that might be imposed, often without regard to how the ownership of the property is structured. This article discusses only the ownership of Florida residential property, and not commercial real estate.

It should be stressed that whether property is owned in an individual name or through an entity, there is no risk that Florida estate tax might be imposed at death, because Florida’s estate tax was repealed in 2005.2

Section I Florida tax aspects of various ownership structures In the absence of any FET/FGT exposure at the federal tax level, the most tax-efficient structure from the standpoint of FIT and Florida taxes usually is to own the property directly in the individual’s name. If the property eventually is sold at a gain, the FIT usually will be lower than if the property were owned by a corporation.3 For Florida tax purposes, no state tax is imposed on an individual owner (whether a U.S. person or a foreign individual) either on rental income or on the gain from sale. In contrast, if the property is owned through either a Florida corporation4 or an “offshore” corporation (in a foreign country) to avoid potential FET or FGT, Florida corporate income tax may be imposed on both the rental income and the taxable gain.

Unfortunately, the FET “exemption” level for U.S.-situs property that is owned at death by a non-domiciled alien has remained at $60,000 for many years (in contrast with the $5,450,000 exemption that applies in 2016 to U.S. citizens and U.S.-domiciled aliens), and the rate of FET starts at 26 percent (rising to 40 percent) on the value of the decedent’s U.S.-situs property that exceeds $60,000.

To the extent the alien’s worldwide estate does not exceed $5,450,000, however, eight U.S. tax treaties provide in effect for an FET exemption.5 None of these treaties is with a country in Latin America, which is where a large percentage of non-domiciled aliens who own Florida real property are domiciled.

To reduce or eliminate the alien’s FET exposure, many tax advisors recommend the U.S. property be owned by a non-U.S. corporation. Because stock in a non-U.S. corporation is not a U.S.-situs asset for FET purposes,6 the value of the stock (and thus the value of the underlying Florida real property) should be exempt from FET upon the death of the alien shareholder.7 Although this structure can result in a very substantial FET saving, the company’s income (whether rental income, or gain from the eventual sale) usually will be subject to a larger amount of corporate FIT when compared with the individual FIT rules, and the company’s taxable income will be subject to 5.5 percent Florida income tax (to the extent that taxable income exceeds $50,000). Although the $50,000 exemption level will result in no Florida tax for many such companies except when the property is sold, the company always should file federal and Florida returns (on IRS Form 1120 and Florida Form F-1120) if it has any gross income because of the risk of losing all deductions if a return is filed more than 18 months after the original due date.8 Even if the company realizes no gross income during a year, it is sometimes advisable to file a “protective” federal and state return.9 As a general rule deductions that are allowed for FIT purposes also are FLORIDA CPA TODAY

allowed for Florida corporate tax purposes (with some adjustments for depreciation and for net operating losses and capital losses, and an addback for the Florida income tax itself). Although the 30 percent “branch tax” under IRC § 884 may be imposed on the after-tax profits of a foreign corporation, no similar tax is imposed under Florida law.

It may be somewhat easier from an administrative standpoint to own Florida property through a Florida corporation than through a non-U.S. corporation.10 However, because stock in a “domestic corporation” (including a Florida corporation) is treated under IRC § 2104(a) as a U.S.-”situs” asset, this structure poses the same FET risk for most aliens as owning the property in individual name. Under six U.S. estate tax treaties,11 however, stock in a U.S. corporation is exempt from FET – no matter how high its value – but unfortunately, these additional treaties all are with Organisation for Economic Co-operation and Development (OECD) countries, and not with Latin American countries. If an alien owns Florida property through a Florida corporation, as a general rule the same Florida corporate income tax rules described here apply to the company. Although it may not be necessary to file a “protective” return to preserve deductions (in a year in which the company has no gross income), under Florida law the company could be exposed to penalties for failure to file each year.12 If the Florida company pays dividends to the alien shareholder, there is no Florida counterpart to the 30 percent FIT withholding tax under IRC § 881/1442.

Some U.S. tax advisors recommend Florida real property be owned by a properly structured partnership (in which the alien is an individual partner), or by a non-grantor trust. Although the way in which such a partnership or trust is managed can result in a greater FET exposure than using a (foreign) corporation, either structure often will result in a lower FIT exposure on the entity’s income (both rental income and gains), and in no Florida tax at all because of the absence of a Florida income tax on partnerships and trusts in which there is no corporate partner or beneficiary.

Section II Miscellaneous Florida taxes Here are the principal “miscellaneous” Florida taxes that might apply to alien investors: •• Real estate property taxes. These are similar to property taxes in other states, and they are imposed without regard to how the property is owned. Although an individual resident of Florida usually can qualify for the Florida “homestead exemption” (resulting in a net tax saving of several hundred dollars per year), a nondomiciled alien cannot claim this exemption. ➡ www.ficpa.org

19

•• Sales tax on rental income. If the residential property is rented out for a period of six months or less, Florida sales tax is imposed on the gross rental income (whether the lessor is the alien, or a corporation or other entity).13 If the lessor and lessee attempt to circumvent this tax by executing a lease with a term of more than six months with a “cancellation option” available to either party within the first six months, the Florida regulations provide the tax nevertheless may be imposed, depending on the facts.14

against the property (for example, in the case of a personal loan to the owner that is not recorded as a mortgage), only the first tax applies, with a maximum tax due of $2,450 (although this tax can often be avoided if the loan is executed outside Florida, the cost of doing so could offset the tax saving). As noted, if the ownership of the property is restructured, it always should be determined in advance whether the transfer of an existing mortgage to the new owner also is subject to either tax.

•• Tangible personal property tax. If the property is rented out and if the rental includes furniture or any other kinds of “tangible personal property,” an annual Form DR-405 must be filed and tax at the applicable county rate must be paid if the value of the property exceeds $25,000. If the value is below $25,000,15 an initial return must be filed to claim the exemption amount.

Thereafter no filing is required until the value of the tangible personal property reaches $25,000 or more.

This tax is imposed on all lessors (whether individuals or entities). It is not imposed, however, if the property is used by the owner solely for personal purposes and not for business purposes. Thus if a corporation is the owner but the property is not rented out, the tax is not imposed.16

•• Miscellaneous licenses or taxes. In every situation where the property may be rented out, the alien always should consult with a tax or business advisor to determine whether there may be any other tax, permit, license fee or similar duty imposed at the county or city level. FCT

•• Documentary stamp tax on transfer of real property.

At the time of purchase there is a one-time transfer tax of 70 cents per $100 (i.e., .7 percent) of consideration assessed by all counties (except for Miami-Dade County, where the tax may be higher or lower, depending on the facts). If the ownership of the property is restructured (perhaps because the alien did not obtain competent tax advice in advance) – for example, to transfer the property from individual name to a foreign or domestic corporation, or vice versa17 – the applicable rules always should be checked to determine whether the tax does or does not apply a second time to the transfer. An exception in the case of a restructuring is more likely to apply if there is no mortgage recorded against the property.

Special rules may apply in the case of an inter-spousal transfer, although the risk of federal gift tax (FGT) always should be considered in that situation.

•• Documentary stamp tax on loans and mortgages. If a mortgage is recorded against the property either at the time of purchase or pursuant to a subsequent loan, two Florida taxes are imposed: (i) documentary stamp tax of .35 percent and (ii) intangibles tax of .2 percent, for a total tax of .55 percent of the mortgage.

For example, this tax can apply if the alien borrows funds from another alien (such as a spouse) on a “nonrecourse basis” to reduce the net value of the property to below the $60,000 FET exemption amount.18 However, if a loan is not secured by a mortgage 20 MAY/JUNE 2016

Thomas S. Bissell, CPA of Celebration, Fla. earned his bachelor’s degree at Harvard College, his LL. B. at Columbia Law School and his LL.M. in taxation at New York University Law School. He is a former attorney advisor for the Office of International Tax Counsel, U.S. Treasury, in Washington, D.C. and a retired tax principal of Coopers & Lybrand, a predecessor firm of PricewaterhouseCoopers.

He is a member of the AICPA International Tax Technical Resource Panel and a retired member of the New York State Bar.

Allison P. Shipley, CPA leads the Personal Financial Services practice for PricewaterhouseCoopers (PwC) for the state of Florida. With over 25 years of experience at PwC, she specializes in comprehensive planning for high net worth families, business owners and family offices.

Her areas of expertise include income tax planning and compliance services, investment planning, and wealth transfer solutions for U.S. and foreign individuals. She is regularly quoted in news media including the New York Times, Barron’s, Bloomberg and others.

Endnotes The FET and FGT definitions of which non-US citizens are “resident” in the United States are based on where the alien is “domiciled”. See Regs. sec. 20.0-1(b) (FET) and 25.2501-1(b) (FGT), as well as Regs. sec. 26.26632(a) (generation-skipping transfer tax). The extremely subjective “domicile” test is in marked contrast to the FIT rules in sec. 7701(b), which for the most part apply “mechanical” tests based on the number of days that an alien spends in the United States, and the alien’s U.S. visa status. A U.S.domiciled alien is subject to FET and FGT on worldwide assets, whereas a non-domiciled alien is subject to FET and FGT only on U.S.-”situs” assets, as specially defined in the Code. Similarly, an alien who is a “nonresident alien” for FIT purposes under sec. 7701(b) is only subject to FIT on USsource income and on income that is connected with a US business. See, generally, Bissell, Tax Planning for Portfolio Investment into the United States by Foreign Individuals, Tax Management portfolio #903.

2 Thus, since 2005 Florida has not imposed a “death tax” of any kind (either as an estate tax or as an inheritance tax) upon the owner of property that has a situs in Florida. In addition, Florida has never imposed a gift tax upon an intervivos gratuitous transfer of Florida-situs property.

1

If the property is owned by the individual, the maximum rate of FIT will usually be the long-term capital gains rate of 20% (the 3.8% “net investment income tax” under sec. 1411 would not apply because nonresident aliens are exempt from that tax), whereas if the property is owned by a corporation, the gain will be subject to regular corporate income tax at the FIT rates of up to 35%.

4 Alternatively, the property might be owned through a corporation formed under the laws of a U.S. state other than Florida, although the federal tax rules (and most of the Florida tax rules) in that situation would be the same as if a Florida corporation were used, assuming that all assets and income are in Florida.

5 See the estate tax treaties between the United States on the one hand and Australia, Finland, Greece, Italy, Japan, Switzerland, and the United Kingdom on the other hand. See also the income tax treaty between the United States and Canada. See Schoenblum, US Estate and Gift Tax Treaties, Tax Management portfolio #6896.

6 IRC sec. 2104(a). In order to avoid potential FET under the special rules of sec. 2104(b), however, any US-situs property that is owned by a foreign corporation should always be initially purchased directly by the corporation itself, and not received pursuant to a transfer (either for cash or stock) from the company’s alien shareholder.

7 However, it is essential that the company be operated at all times as a genuine corporation, and that all necessary corporate formalities are followed. If not, the company could be regarded as a “sham” and the alien owner could be treated as the de facto owner of the property, resulting in potential FET upon the alien’s death. See Fillman v. US, 355, F.2d 632 (Ct. Cl. 1966), discussed in Heimos, Non-Citizens - Estate, Gift and Generation-Skipping Taxation, Tax Management portfolio # 837, at IV.C.2.

8 IRC sec. 882(c) and Regs. 1.882-4(a)(3), discussed in Katz, Plambeck and Ring, U.S. Income Tax of Foreign Corporation, Tax Management portfolio #908, at III.B.5. Because Florida law generally follows the FIT rules on allowable deductions, the loss of deductions for FIT purposes would usually result in loss of the same deductions for Florida corporate income tax purposes as well.

9 Although it is extremely unusual for the IRS to “impute” rental income to a corporation from a shareholder who uses company property on a rent-free basis (although the alien should always discuss this with his/her U.S. tax advisor), filing a “protective return” would preserve deductions in the event that the IRS were to successfully take this position. The IRS regulations permit the filing of a “protective return”, and the Florida regulations specifically provide that a “protective” Form F-1120 that is filed by a non-U.S. corporation will be treated as a properly filed return. See Florida Admin.

Code 12C-1.022(3)(d).

10 Using a Florida corporation creates the potential risk (depending on the facts) that the FIT “personal holding company tax” could be imposed under IRC sec. 541, in addition to the regular sec. 11 corporate income tax.

This tax is not imposed on a foreign-country corporation, nor is a comparable tax imposed under Florida law on any corporation.

11 See the estate tax treaties with Austria, Denmark, France, Germany, the Netherlands, and the United Kingdom (which, as noted above, also provides for an enhanced exemption amount).

12 Although Florida does not impose a “minimum tax” on companies with no taxable income, a penalty of up to $300 may be imposed for failure to file Form F-1120.

3

FLORIDA CPA TODAY

The tax is imposed at the rate of 6% at the state level, plus additional tax at the relevant county tax rate.

14 See FL Admin. Code Rule 12A-1.061 Rentals, Leases, and Licenses to Use Transient Accommodations. As a general rule, if the property is “commercial”, no exception applies for a lease of more than six months.

15 The actual tax rate varies from year to year (in the same manner as real property taxes), based on the “millage rate” that is approved by each county, and often the millage rates vary among the different municipalities within a county. For example, the effective tax rate for 2015 in Osceola County was slightly below 2% (millage rate of 20.000). The tax is imposed on the values shown by the taxpayer (unless adjusted by the county tax office) on the Form DR-405, which must be filed by April 1 each year.

16 The alien or the alien’s tax advisor should always confirm this, however, with the county tax authorities where the property is located.

17 However, the FIT effects of the restructuring itself should always be carefully considered in advance. For example, reorganizing a Florida corporation into a non-US corporation could cause the new nonUS corporation to be classified as a “domestic corporation” for FET purposes as a result of the “anti-inversion” rules of sec. 7874, thus defeating the purpose of the restructuring. See Bissell, cited above, at X.B.2.e.

18 See Heimos, cited above, at A-94, citing Regs. sec. 20.2053-7, and the case of Johnstone Est. v. Comr., 19 T.C. 44 (1952), acq., 1953-1 C.B. 5. If the alien borrower is personally liable on the mortgage for any deficiency, then in calculating the alien’s taxable estate for FET purposes, the amount of the mortgage must be pro-rated against all of his/her worldwide assets, and as a result the net value of the USsitus property for FET purposes will usually be higher. See Regs. sec.

20.2106-2.

13

www.ficpa.org

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The Show You Know – Only Better Sept. 28-30, 2016 Broward County Convention Center Fort Lauderdale #ficpaABS

Florida’s Chief Financial Officer Jeff Atwater will share his priorities since assuming office for his second term, including aggressively eliminating fraud that increases the cost of living for all Floridians; reducing regulations that inhibit growth and economic development; and protecting the state’s most vulnerable citizens from financial harm and abuse.

Keynote Jeff Atwater Florida’s Chief Financial Officer

Keynote Deborah Curry FICPA President/CEO

Join FICPA President/CEO Deborah Curry for this interactive exploration of “all things CPA.” Without a doubt, state, global and national trends are affecting you and your CPA license. Are you prepared? Curry’s fast-track presentation covers the trends and recent Florida legislation of significance, CGMA skill-building opportunities for business and industry accountants, new FICPA strategic initiatives to help you in your career and more.

The Day is Done – Let’s Have Some Fun. The Accounting & Business Show offers cutting-edge sessions, outstanding presenters and much more.

At the end of your CPE day, join your colleagues for some fun!

Learn about the latest products and services to enhance your practice from our sponsors and exhibitors at the Wednesday evening vendor reception, complete with refreshments, prizes and much more!

22 MAY/JUNE 2016

Explore our beautiful intracoastal waterways on Thursday evening for the inaugural Sunset Cruise. Enjoy cocktails, food, music and more amid the soft breezes and tropical colors of South Florida. All aboard!

You Asked for It! We read your evaluations and listened to your requests.

The all-new Accounting & Business Show is optimized to meet your learning needs.

Hands-On Technology Workshops

More International Content

Business & Industry Focus

What better way to learn than by doing? The Show offers six hands-on technology workshops to enhance your skill set. From QuickBooks® to social media, this is your chance to receive one-on-one instruction from the experts. Space is limited!

South Florida is a hub for international banking and finance – opportunities in the Caribbean and South America are booming! Join us as we explore the latest trends, policies and regulations you need to know to be part of this expanding market.

We designed sessions to meet the unique needs and requirements of CPAs working in industry. From taxation to management challenges, you’ll get the information you need to position your company for optimum financial health.

Sponsored by Mendelson Consulting

For More Information

www.ficpa.org/ABS First Time Attending? New to the Show? 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.

FLORIDA CPA TODAY

www.ficpa.org

23

FICPA Recognizes Outstanding Discussion Leaders

T

he world’s greatest teachers share two trademarks: the power of knowledge and a passion for sharing it. CPE discussion leaders are put to the test, regularly tackling the challenge of clearly communicating technical course material and difficult concepts.

Discussion Leader of the Year

The FICPA honors the CPE discussion leaders who received the highest evaluation scores from FICPA participants for their robust knowledge and presentation skills. Those with tabulated evaluation scores of 4.5 (or higher) out of 5 for knowledge and 4.0 (or higher) out of 5 for their presentation skills are listed below.

Congratulations to the highest scorers for 2015!

2015 Outstanding Discussion Leaders William “Bill” Blend Moore Stephens Lovelace, PA, Orlando

Joseph C. Moffa

Moffa, Sutton & Donnini, PA, Fort Lauderdale

Paul Brown Florida Institute of CPAs, Tallahassee Gary A. Fracassi Fracassi & Associates, Orlando

J. Edward Grossman CliftonLarsonAllen, Lakeland Michael S. Kridel Rehmann, Boca Raton Bonnie L. Mackey Levin, Silvey, Zelko & Mackey, PA, Hollywood Steven S. Oscher Oscher Consulting, PA, Tampa Cecil “Pat” Patterson Jr. Patterson CPA Group Inc., Ponte Vedra Beach Dominic C. Pino Southwest Ranches Michael Rosenberg Packman, Neuwahl & Rosenberg, PA, Coral Gables F. Gordon Spoor Spoor Bunch Franz, St. Petersburg Kenneth J. Strauss Berkowitz Pollack Brant Advisors and Accountants, LLP, Fort Lauderdale Irving Uncyk Irving Uncyk, CPA, PA, Pembroke Pines

O F F I C I A L N OT I C E FICPA EDUCATIONAL FOUNDATION ANNUAL MEETING In compliance with Article II, Section 4 of the Bylaws of the Florida Institute of Certified Public Accountants Educational Foundation, be it known that the Annual Meeting of the Members and Board of Trustees will be held on Wednesday, June 8, 2016 at Gaylord Palms Resort and

FICPA

OFFICIAL NOTICE In compliance with Article XI, Section 6 of the FICPA Bylaws, be it known that a regular meeting of the Board of Governors of the Florida Institute of Certified Public Accountants will be held on Thursday,

Convention Center in Kissimmee, Florida

May 26, 2016 at 8:00 a.m. at Reynolds

immediately following the FICPA Educational

Plantation in Greensboro, GA. Subject of

Foundation Board of Trustees’ Meeting.

FLORIDA CPA TODAY

meeting: Strategic Initiatives.

www.ficpa.org

25

It’s More Than Just a Conference Earn 32 CPE Hours Onsite + 8 Bonus Online Hours

Keynote Tom Hood, Executive Director/CEO of the Maryland Association of CPAs and The Business Learning Institute: “The FutureReady CPA – Moving from Compliance to Reliance” + Attend Tom’s “How to Become the Future-Ready CPA” Breakout Session

Keynote Tony Carvajal, Executive Vice President of the Florida Chamber Foundation: “What’s Ahead for the Future of Florida?”

Keynote Deborah Curry, President/CEO of the Florida Institute of CPAs: “Town Hall 2016: The FICPA in Review”

Featured Speaker David Dennis, Vice Chair of the Florida Board of Accountancy: “Board of Accountancy Update”

Benefit Deserving Accounting Students | Invest in the Future of Your Profession | Enter the $500 Raffle Specialty CPE | Networking | Women to Watch Awards | Benefit Dress for Success Adopt a Student for the 2nd Annual Accounting Scholars Leadership Symposium at Mega

Walt Disney World® Resort Magic Kingdom® Theme Park | Epcot® Theme Park | Disney’s Hollywood Studios® Theme Park | Disney’s Animal Kingdom® Theme Park | Disney’s Typhoon Lagoon Water Park | Disney’s Blizzard Beach Water Park | Downtown Disney® area

Gaylord Palms Resort & Convention Center South Beach Pool | Cypress Springs Water Park | Relâche Spa Five Full-Service Restaurants | Shopping | Complimentary Shuttle to Walt Disney World® Resort

Download the Official App + Have a Chance to

Win Prizes Onsite

ficpa.org/MegaApp #MegaCPE

It’s an Experience That’ll Make You Smile – Again and Again.

Register Before Seats are Gone.

C PA s I N

the spotlight

McCLUNG

TORRES

Coral Gables: Brian Torres was named director of assurance & advisory services at Appelrouth Farah & Co.

Clearwater: CBIZ MHM, LLC announced the promotions of Shaun McClung and Tom Steiner to the position of managing director. The firm also announced the hiring of Mariem Talavera as transaction advisory practice manager.

Lakeland: CliftonLarsonAllen announced the promotions of Blaine Butcher to senior, public sector; Tim Jickell to senior, state and local government; Kaitie Loy to senior, nonprofit; Sam Nolen to senior, private clients; Lance Schmidt to principal, public sector; and Carl Springfels to senior, public sector.

Kissimmee: Swart Baumruk & Company, LLP appointed Ana Luisa Lantigua as partner of the firm.

STEINER

TALAVERA

Gainesville: James Moore, Certified Public Accountants and Consultants announced the promotions of Traci Bacom to senior administrative assistant; Benjamin Clark to staff accountant; Carrie Boynton, Jeremy Dunn and Jeremy Smith to senior accountant; Kelly Shaer, William “Webb” Shephard and Corinne Turcotte to manager; and Nadia Batey to senior manager.

SAMPSON

HAWKINS

Ft. Myers: Lori Sampson, principal with Myers, Brettholtz & Company, PA, Certified Public Accountants & Business Consultants, has been appointed to the Cape Coral Expansion Executive Committee for the campaign to bring Gulf Coast Humane Society to Cape Coral.

Largo: Hurd, Hawkins, Meyers & Radosevich, PA announced Travis Hawkins as a new shareholder.

MARTIN

Lake City: Former Auditor General David Martin announced the establishment of Martin CPA & Company, LLC with Ted Sauerbeck as an associate of the firm.

KEVELSON

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 MAY/JUNE 2016

Miami: Berkowitz Pollack Brant Advisors and Accountants announced the addition of Lewis Kevelson as a director in the international tax practice.

BONIFAY

FANG

Miami: Felicity H.C. Fang has established Felicity HC Fang CPA PA, a boutique public accounting and business consulting firm in Midtown Miami.

ST. JOHN

GAREY

Miami: Moore Stephens Lovelace announced that Carrie St. John has been admitted to the shareholder group.

North Palm Beach: Smyth & Hauk, P.A. has announced the addition of Ronald Garey as a CPA in the firm.

Pensacola: Bloomer, Geri & Company, CPAs and Business Professionals announced the transition of Stephen Schickel to shareholder.

HOLTZ

BUSTAMENTE

GELBER

Miami: Gerson Preston announced that Clifford Gelber will join the firm as a partner in its Boca Raton office.

LaRUE

Miami: Goldstein Schechter Koch announced the promotions of Amanda Bonifay, Steven Holtz and Beatriz Vazquez to partners. The firm also announced the addition of John “Jack� LaRue as a partner in the tax department and the opening of a new office on Las Olas Boulevard.

Miami: MBAF Certified Public Accountants and Advisors announced that Rampbell & Rampbell, P.A., based in Palm Beach, has merged into the firm.

FLORIDA CPA TODAY

SANTA MARIA

Miami: Verdeja, De Armas & Trujillo, LLC has promoted Manny Alvarez to partner and Monique Bustamente to manager.

The firm also added Eric Santa Maria as director of tax and valuation services.

Pensacola: Warren Averett, LLC, Certified Public Accountants and Advisors has expanded its daily money management division to the Pensacola office.

Sarasota: Kerkering, Barberio & Co., Certified Public Accountants, announced that Bethany Carr has joined the firm as a tax manager in the estate and trust segment.

The firm announced the promotions of Ann Harman to manager; Mary Garcia to supervisor; and Dawn Morgan and Matthew Rzepa to senior accountant. The firm also announced participating employees donated a total of $13,533 to United Way Suncoast in 2015.

www.ficpa.org

29

C PA s I N

the spotlight

Sebring: CliftonLarsonAllen announced the promotion of Allison Davenport to engagement director, agribusiness.

South Miami: The City of South Miami’s CFO, Alfredo Riverol, was selected for the 2016 Distinguished Local Government Leadership Award by the Association of Government Accountants.

St. Petersburg: Modern Business Associates announced the promotion of Chris McDonald to president and chief operating officer.

30 MAY/JUNE 2016

St. Petersburg: Clearwater’s Spence Marston Bunch & Morris and St. Petersburg’s Spoor & Associates merged to form Spoor Bunch Franz (SBF).

Tallahassee: Carr, Riggs & Ingram CPAs and Advisors welcomed Bert Earp as a partner.

DUNCAN

Tampa: CliftonLarsonAllen announced the addition of John Landolfi.

JACKSON

ROSE

to the accounting department as the firm’s controller; Casey Duncan to the tax services department as a staff accountant; and Kenneth Jackson Jr. to the assurance services department as a staff accountant.

Tallahassee: Thomas Howell Ferguson P.A. welcomed Jack Rose

Winter Haven: CliftonLarsonAllen announced the promotion of Janet Johnston to manager, commercial services.

STAFF

reports

Educational Foundation

New and Newly Certified Members

By Jason Zaborske, FICPA Educational Foundation Development Director

Celebrate summer at Ocean Reef Family Retreat

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.

Attendees enjoy dinner at the 2015 Ocean Reef Family Retreat.

P

lan your summer get away for the whole family! The FICPA Educational Foundation will hold its 8th Annual Family Retreat at Ocean Reef July 28-31. The retreat is a casual event with a golf tournament, cocktail parties, beach barbeque and moonlight beach luau. It’s all designed to promote the CPA profession, increase awareness about and support for the Foundation, and encourage attendees and their families to get to know each other.

The FICPA Educational Foundation Family Retreat Golf Tournament will be held at the Ocean Reef Club in Key Largo. The tournament will be held July 29 and is open to all. We welcome members and their families to join us for this fun, casual event for a great cause. The tournament will be an 18-hole, four-person golf scramble – each player hits a shot and the best shot is selected each time until the ball is holed. This allows golfers of all skill levels to enjoy the beautiful course.

This weekend getaway will include plenty of activities for adults and children, so book your trip today! Make room reservations by June 30 – contact Ocean Reef Resort at (800) 7417333 or reservations@oceanreef.com and mention the FICPA Family Retreat. FCT For more information, including the schedule of events, visit www.ficpa.org/retreat.

32 MAY/JUNE 2016

Visit www.ficpa.org/ newlycertified to congratulate our newly certified members.

l a u n n 8th A

Ocean Reef Club, Key Largo • July 28-31, 2016

To make your reservations now visit

www.ficpa.org/Retreat

#ficpaEDF

From FICPA staff reports

Governmental Affairs

By Justin Thames, FICPA Director of Governmental Affairs

FICPA leaders visit legislators at Capitol

D

uring the 2016 Legislative Session, 12 FICPA volunteer leaders met with House and Senate members at the Florida Capitol. Together with FICPA staff, the CPA delegation visited with more than a dozen legislators to discuss issues important to Florida CPAs. The FICPA delegation split into teams and moved between House and Senate offices, thanking legislators for supporting the profession. The delegation also asked legislators to support unlicensed activity (ULA) programming. Funded by CPA licensure fees, the programming seeks to combat unlicensed activity by increasing public awareness about licensure and how to verify a CPA license.

Many legislators expressed their appreciation to the CPAs who visited.

Participating on the delegation were FICPA Chair Mia Thomas, Kristin Bivona, Laura Chirichigno, Abby Dupree, Gary Fracassi, Jennifer Gunter, Brad Gould, Paulette Holder, Mindy Rankin, W.G. Spoor, Michael Stone and Alan West.

This is the second time in recent months FICPA members have visited the Capitol. In November, a delegation of young CPAs met with legislators, including four CPAs – Reps. Michael Bileca, Dan Raulerson, David Richardson and Cyndi Stevenson. FCT To view a video of FICPA Chair Mia Thomas discussing Capitol Day and inviting CPAs to get involved, visit www.ficpa.org/CapitolDay.

FICPA volunteer leaders and staff met with House and Senate members at the Florida Capitol. Pictured top to bottom, left to right: Alan West, Justin Thames, Michael Stone, Mia Thomas, Brad Gould, Paulette Holder, W.G. Spoor, Kristin Bivona, Brian Macheck, Mindy Rankin, Gary Fracassi, Abby Dupree, Jennifer Gunter, Donna Son, Laura Chirichigno and Deborah Curry.

Fastest smartest malpractice insurance. Period.

800.906.9654 GilsbarPRO.com FLORIDA CPA TODAY

www.ficpa.org

33

NEWS

briefs

FICPA members staff “Ask a CPA” on Fox 13

I

n February, 12 FICPA members staffed a phone bank, “Ask a CPA,” during Fox 13’s Good Day Tampa Bay morning show. Members answered callers’ questions on tax-related topics, such as what’s new in 2016; earned income tax-credit qualifications; and how Obamacare affects taxes.

“The phones started ringing and didn’t stop until the producer disconnected them,” said FICPA Market Development Manager Morgan Watson. “Questions ranged from simple to complex and included tax treatment of Social Security income; inheritance and the sale of a primary home; and what to do if you haven’t filed a return in years and have been earning income under the table.”

Volunteers appeared on camera in the background of the live segments and between other segments of the show. Thuy (Twee) Tra and CJ Zygadlo each were featured in short interview segments, answering questions about verifying CPA licenses and hot topics for this tax season.

“It was a wonderful opportunity to help our community,” Tra said. “I’d do it again in the future.”

“I had a fantastic time working alongside fellow CPAs to provide a great and much-needed service to the public,” said Matt

Nicholas of CBIZ MHM, LLC “I highly recommend this event to other CPAs and look forward to participating next year.”

The show’s producers thanked the FICPA for a tremendously successful turnout, and we thank these members for volunteering their valuable time to educate the public on the profession’s behalf: •• •• •• •• •• •• •• •• •• •• •• ••

Terry Kuhn, Brimmer, Burek & Keelan, LLP Kristen Brand, Brand Tax Group, PLLC Jake Meier, Brand Tax Group, PLLC Bryan Zink, Bryan Zink CPA, PA Matt Nicholas, CBIZ MHM, LLC CJ Zygadlo, PDR CPAs Clearwater Thuy (Twee) Tra, Thuy N. Tra, CPA, PA Thomas Lind, CliftonLarsonAllen Michele Sciandra, Reilly, Fisher & Solomon, PA Lorin Bridge Reilly, Fisher & Solomon, PA John Jefferson, FRSCPA, PLLC Percy Legendre, Bashor & Legendre, LLP FCT

Want to know more about this and other CPA-volunteer events?

Follow us on Twitter at #CPAsGiveBack.

Ask A CPA 2: Twelve FICPA members staffed “Ask a CPA” this morning during Fox 13’s Good Day Tampa Bay morning show. Back row, left to right: Percy Legendre, Morgan Watson, Terry Kuhn, Bryan Zink, Thomas Lind and Jake Meier. Front row, left to right: Matt Nicholas, CJ Zygadlo, Thuy (Twee) Tra,

Ask A CPA: FICPA member-volunteers appeared on camera in the background of the live segments and between other segments of the show.

Michele Sciandra, Kristen Brand, Lorin Bridge and John Jefferson.

Biegalski appointed DOR executive director

G

ov. Rick Scott and the Florida Cabinet appointed Leon M. Biegalski executive director of the Florida Department of Revenue effective April 1, 2016.

Since December 2014, Biegalski served as deputy secretary of the Florida Department of Business and Professional Regulation, overseeing the Division of 34 MAY/JUNE 2016

Pari-Mutuel Wagering and the divisions of Alcoholic Beverages and Tobacco; Hotels and Restaurants; and Condominiums, Timeshares and Mobile Homes. He served as the director of Pari-Mutuel Wagering from October 2011 to December 2014. Biegalski originally joined DBPR in June 1993 and served in various positions in the agency.

FCT

Leon M. Biegalski DOR Executive Director

Clay Ford Scholarship available to minority accounting students

A

re you, or do you know, a minority student entering the fifth year of education? If so, please note this scholarship opportunity. The application deadline is June 1, 2016.

The FICPA encourages minority accounting students statewide to apply for this year’s Clay Ford Scholarship. The scholarship is awarded annually to students studying to become CPAs in Florida. More than $1 million has been awarded to minority CPA students since the program’s implementation in 1999.

The scholarship is named in memory of Clarence V. “Clay” Ford, who served in the Florida House of Representatives from 20072013. The funding was established to encourage accounting students to remain in school for a fifth year to complete the requirements necessary to obtain their Florida CPA license.

“Rep. Ford was a remarkable statesman and noted supporter of the CPA profession,” said FICPA President/CEO Deborah Curry, CPA, CGMA. “He would be so proud to know the Clay Ford Scholarship program is helping tomorrow’s CPAs achieve their dreams.”

The scholarship, funded by a $10 portion from each individual and firm license fee, is administered by the Florida Department

FLORIDA CPA TODAY

of Business and Professional Regulation. Recipients receive between $3,000 and $6,000 per semester for a maximum of two semesters. FCT Scholarship applications must be postmarked by June 1, 2016. For more information, including eligibility criteria and the application process, visit www.ficpa.org/FordScholarship.

www.ficpa.org

35

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) 3985560.

Pinnacle Advisory Group, a top 60, privately held wealth management firm is seeking a CPA to function in a senior wealth manager/ financial planner role for its Coral Gables office. The ideal candidate will have 5-10 years of tax planning expertise with a solid understanding of personal financial planning issues. A CFP designation would be helpful, however, it is not required. Excellent communication, problem solving and relationship management skills are required.

Fluency in Spanish is required. This is the perfect opportunity for a seasoned tax specialist to transition into a salaried financial planning role. While business development is not required, there will be a substantial financial upside for those so inclined. No phone calls please.

Please send your resume with a cover letter explaining why you feel you are prepared for this senior position to John Hill, jhill@ pinnacleadvisory.com.

Sarasota – Well-established Sarasota CPA looking to share office space with another Sarasota CPA or small firm. I have fee-based tax work available and will consider all options. Email inquiries to rick@berocpas.com or call Rick at (941) 952-4751.

VISIT FLORIDA, the official tourism marketing corporation for the State of Florida, has an opening for an accountant. The ideal candidate would possess a four-year degree in accounting and a minimum 3 years of experience in accounting and financial information analysis. This position is responsible for reviewing, reconciling,

projecting and reporting on financial transactions and budgetary matters in a professional, team-oriented environment. Attention to detail and excellent verbal and written communication skills are a must.

Experience in the use of computerized accounting software, 10-key and MS Excel and Word required. Experience with advertising contracts and billing and Salesforce software preferred. We offer a competitive salary and benefits package. Qualified candidates will need to apply for the position through VISIT FLORIDA’s web page www.

VISITFLORIDA.org/jobs. EOE M/F/D/V City of Lakeland – Chief accountant is responsible for organizing, directing and participating in all governmental accounting activities and fiscal operations of a department. Work involves preparing, interpreting and implementing Governmental Accounting Standards Board standards and statements. Planning, supervising and participating in the city’s annual audit and preparing the Comprehensive Annual Financial Report is required. Graduation from an accredited four-year college with major course work in accounting required.

Four years’ experience in accounting and fiscal operations to include two years of supervisory experience required. To apply, visit http://www. lakelandgov.net/employmentservices/ employment-services/jobopportunities.

near all major highways. All amenities.

Email inquiries to ajcpapa@aol.com or call Cary at (954) 985-1040.

Sunrise – Newer class A professional building. Offering 1 to 3 professional class A rooms for rent. 130 sq. ft. each with individually locking doors. $500 per room includes electric. Please call Barry at (954) 687-4805.

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.

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.

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 Cary at (954) 985-1040.

Office Space Shared office space with other CPAs near downtown Sarasota available immediately. Two rooms available.

Expense sharing possible. No longterm commitment required. Email inquiries to adm@mastcpa.com or call Allen at (941) 953-5036.

Well-established S. Broward CPA firm seeking to share office space in upscale class “B+” building located

Growing S. Florida CPA firm looking to purchase or merge with a retirementminded 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.

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

36 MAY/JUNE 2016

Tax-oriented firm located along I-95, between Fort Lauderdale and Boca Raton, seeks retirement-minded CPA or small firm to share spacious offices with eye toward merger or buyout. Call in confidence (646) 294-1101 or e-mail lenhoffcpa@yahoo.com.

Growing Coral Gables CPA firm looking to purchase or merge with a retirement-minded CPA in Miami-Dade.

We offer favorable purchase terms and continuing employment opportunity.

Please contact Nestor Caballero at nestor@acf-cpa.com or (305) 6805130.

South Florida public accounting firm looking to acquire practices in Miami-Dade, Broward and/or Palm Beach counties to grow our practice and better service our clients’ needs.

Please contact Caridad Vasallo at info@vmbgaccounting.com for more information.

FLORIDA CPA TODAY

Practices for Sale

Fintz CPA, PA, a growing Plantationbased CPA firm, is looking to acquire retirement-minded CPAs in the TriCounty South Florida area (Dade, Broward, Palm Beach). We offer customizable succession-planning solutions. Please email Betsy, betsy@ fintzcpa.com, or call us at (954) 4400320.

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.

CPA firms for sale – Broward County: Tax preparation, write-up, compilations, CFO services and audits. . Annual receipts $400,000.

Metro-Tampa 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.

www.ficpa.org

37

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: Ft. Myers $350,000... Gainesville $750,000 & $150,000… Orlando area $700,000…

Kissimmee $250,000… Ormond Beach $125,000…North Palm Beach $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 $120,000+… 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.

Florida’s oldest & largest M&A firm representing CPAs, exclusively. Here’s a few of our present listings – Broward/Miami client $15 million, interested in merger or acquisition, also $2.5M client on West Coast of

Florida, Tampa $5M, Orlando $1.4M, $2M and $1.2M, Cape Coral $275K, Naples $350K, Boca $1M, Boca $500K, Ft. Lauderdale $350K, Plantation $1M, Weston $300K and many others throughout Florida, some looking for a merger or partner to bring in. Have trusted relationships with local regional and national firms ready to acquire, from $1M to $100M. We have hundreds of successful transactions and case studies since 1997. See our “Book” and “10 Steps to Success” at www.4Mergers.com, call, text or email for details and updated list of buyer, seller & merger candidates as of April 15, 2016, in strict confidence (954) 526-3600 Strategic Alliance M&A Advisors, LLC. Info@4Mergers.com

F L O R I D A

Florida Institute of Certified Public Accountants P.O. Box 5437 Tallahassee, FL 32314-5437