May/June 2017 - Florida CPA Today | Volume 33, Number 3 by Florida Institute of CPAs

MAY/JUNE 2017

florida C P A

TODAY

M AY / J U N E 2 0 1 7

VOLUME 33, 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 7 30 32 33 34 38

Making History

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

CPAs Lead in the House

features 8 16 19 24 26

State Marijuana Laws and the Impact on Professionals Lease Accounting is Finally Here CPE Participants Select Outstanding Discussion Leaders Improving Communication: Writing Well Six Capabilities of Transformational Leaders

24 www.ficpa.org

Invest in the PAC

F L O R I D A

PRESIDENT/CEO Deborah L. Curry, CPA, CGMA DIRECTOR OF COMMUNICATIONS & STRATEGIC MARKETING Todd Schimpf EDITOR Suellen D. Wilkins GRAPHIC DESIGNER Loleta K. Bolden

www.ficpa.org/PACcontribute • (850) 224-2727, ext. 202

EDITORIAL COMMITTEE Lynda M. Dennis, CPA, chair Ryan A. Myers, CPA, vice 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 William C. Quilliam, CPA

F LO R I D A Florida CPA Political Action Committee, Inc.

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.

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. © 2017 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.

MAY/JUNE 2017

chair’s

MESSAGE

Winding Down: Join Us at Mega Joey Epstein, CPA

pring is here, the school year is almost over and June 30 is near! Many of us are planning summer vacations. As you think about where to go or what to do for a little fun, rest and relaxation with the family, please consider joining me for our FICPA Mega CPE Conference. This year’s event promises to be better – and bigger – than anything we’ve done in the past. We will be returning to the award-winning Gaylord Palms Resort & Convention Center in Orlando, a wonderful venue less than 10 minutes from the gates of Walt Disney World® Resort. You can earn up to 32 live CPE credits and get up to eight bonus online CPE credits with your registration. In addition, with over 500 accounting professionals attending the conference – plus the Vendor Expo and the receptions included in your registration – you’ll have plenty of opportunities to connect with experienced CPAs and other professionals. The Conference includes: • •

FLORIDA CPA TODAY

Keynote Tim Christen, CPA, CGMA, AICPA immediate past chairman Breakout sessions and topic tracks covering accounting and auditing, tax, business management, management services, ethics, human resources, leadership and more

• • •

A special CPE track dedicated to the needs of young CPAs A track for students, introducing them to the many career paths in our profession And so much more!

After a full day of education, please join me for the Chairman’s Reception and Mega Gala, your ultimate opportunity for exclusive networking. This upscale, ticketed event will feature delicious, chef-inspired heavy hors d’oeuvres, libations, a live band and a waiting dance floor. This is one soirée you won’t want to miss! Please consider making the Mega CPE Conference one of your summer destinations. Your family and friends will be glad you did! If you can’t be there, please join us online for the Simulcast. To register to attend in person or online, visit www.ficpa.org/Mega. As I prepare to pass the gavel to incoming Board Chair Alan West, I thank you for the opportunity to have served our great organization (although you won’t be completely rid of me that fast!). It has been a privilege and a pleasure working for all of you and alongside many of you during the past year. If it’s true that we’re only as strong as our weakest link, our strength is immeasurable and will carry us successfully forward in the upcoming years. Have a great summer!

FCT

www.ficpa.org

MAY/JUNE 2017

president’s

MESSAGE

The FICPA: Promoting CPAs as Business Partners T

allahassee is the place to be during the legislative session each year. The Capitol is teeming with all the activities necessary for bills to be filed, committees to meet and votes to be cast. But representing the CPA profession goes beyond the work we do during session. It requires involvement in the business community throughout the year to create valuable relationships with like-minded business organizations. Currently, I serve as a trustee on the boards of two of the highly visible organizations in Florida – the Florida Chamber Foundation and Florida TaxWatch. Both organizations tackle controversial tax and business issues.

Florida TaxWatch Florida TaxWatch is an independent, nonpartisan, nonprofit taxpayer research institute and government watchdog that works to improve the productivity and accountability of Florida government. Its research recommends productivity enhancements and explains the statewide impact of fiscal and economic policies and practices on citizens and businesses. In March, several FICPA members and staff members attended TaxWatch’s state of the Taxpayer Dinner. The FICPA was a sponsor of the annual event, where Florida’s elected officials discussed issues that will impact taxpayers during the next year. Gov. Bob Martinez was the Host Committee chairman and speakers included Lt. Gov. Carlos Lopez-Cantera, Attorney General Pam Bondi, Agriculture Commissioner Adam Putnam, House Speaker Richard Corcoran, Sen. Jack Latvala and Rep. Jim Boyd.

The Florida Chamber Foundation Throughout the state, our members play vital roles in promoting sound fiscal and business policies and serve in volunteer roles to improve the lives of citizens in our communities. I am involved in this organization to ensure our collective CPA voice is heard in shaping legislation and gaining the Chamber’s support. Your membership dollar provides an important value by allowing us to create strategic alliances with other trustees through my service on the Board. Recently, I attended the annual event for the Foundation attracting attendees from throughout the state. The agenda for the Florida Chamber’s 2017 Capitol Days, held in March, is available at www.ficpa.org/CapitolDaysAgenda. Review it and you’ll note the breadth of topics considered in the state each year. At board meetings, members receive in-depth information about these issues and are asked to get involved and advocate for a particular solution. Building these relationships helps elevate the FICPA as a business partner in Florida, giving us a voice when important developments are making their way into our statutes. By having a seat at the table, we expand and exhibit the value of the CPA brand, not only to our membership, but to other business entities as well. FCT

Our sponsorship of and attendance at the dinner highlights our involvement with state government on our members’ behalf, and our commitment to representing them through the relationships we’ve developed with elected leaders. We thank those members for their service, and all of you for your FICPA membership. FLORIDA CPA TODAY

FICPA members and staff attend the State of the Taxpayer Dinner. Pictured left to right: Past President Steve Stevens; Director of Governmental Affairs Justin Thames; FICPA member Dawn Woods; FICPA member Keith Dean; President/CEO Deborah Curry; Past Board Chair Jeff Barbacci; Board of Directors member Abby Dupree; and Past President Stam Stathis.

FICPA President/CEO Deborah Curry, CPA, CGMA meets with Gov. Rick Scott at a Florida Chamber of Commerce reception. www.ficpa.org

State Marijuana Laws and the Impact on Professionals

n November 2016, voters in California, Maine, Nevada and Massachusetts voted to legalize recreational marijuana use. In addition, voters in Florida, Montana, North Dakota and Arkansas all legalized the use of marijuana for medicinal purposes. Twenty-five states and territories already have legalized marijuana for medical purposes and four states previously had legalized it for recreational purposes in the last four years.

MAY/JUNE 2017

By H. Steven Vogel, Esq., LL.M.

By all accounts, the landscape of the marijuana industry is changing rapidly and marijuana has become a fast-growing and highly lucrative business. Careful consideration must be given to the multiple issues entrepreneurs and professionals face as they venture into the fray. This article explores the tax, accounting, regulatory and other laws and regulations that impact marijuana businesses and the professionals who provide advice to their owners.

As a starting point, CPAs planning to undertake any professional services for a marijuana business first should consider the ethical implications in the state where they hold a license. Regulators of the accounting profession have issued guidance in a number of states. Thus, CPAs should consider whether the State Board in their state has issued guidance and the Board has defined “good moral character.” In the absence of a clear directive from the Board about providing advice to a marijuana business, a State Board of Accountancy could consider the provision of accounting services to a marijuana business a basis for disciplinary action or the refusal to grant or renew a CPA license. As of January 2016, only seven State Boards of Accountancy have issued specific guidance for CPAs who want to provide these services. As more states legalize marijuana for recreational purposes, the State Boards of Accountancy will be called on to address this issue and assist these professionals avoid acts that violate their ethical principles where the federal and state laws regarding marijuana are in clear conflict at this time.

Under Florida law, good moral character means “a personal history of honesty, fairness and respect for the rights of others and for the laws of this state and nation.” In its final order, the Florida Board held that “the provision of public accounting services, as defined in Florida Statute Section 473.302(8) to marijuana-related businesses in states where marijuana-related businesses have been legalized, in the absence of a criminal conviction of the certified public accountant for the provision of those services, in and of itself does not constitute a lack of good moral character.” The opinion did not differentiate between businesses that provide medical and recreational marijuana, but it did leave the door open for Board action in the event a criminal conviction arises out of, or as a result of, the provision of the accounting services.

In 2015, the Florida Board of Accountancy (BOA) addressed the issue of a CPA providing accounting services to a marijuana-related business in states where such businesses are legal. A Florida CPA firm petitioned the BOA for a declaratory statement on whether providing accounting services to a former client licensed to cultivate medical marijuana under Oregon law violated the good moral character requirement of the Florida Statutes. This provision is found in Florida Statute Section 473.323(1), titled Disciplinary proceedings, which provides: The following acts constitute grounds for which the disciplinary actions in subsection (3) may be taken:

Another issue to be considered is how marijuana businesses, and CPAs who provide advice, comply with the Internal Revenue Code (IRC). Marijuana-business owners seek assistance with tax issues and much of the guidance related to tax returns for these businesses and their owners remains unclear. A fundamental tax law requirement is not in question. The Internal Revenue laws require taxpayers to report all income, regardless of whether it is obtained legally or illegally. Case law defines income as “an accession to wealth, which is clearly realized, over which the taxpayer has dominion and control.”1 At the same time, the IRC does not permit taxpayers to deduct expenses related to income obtained from an illegal business. So a taxpayer operating a marijuana business in Colorado must report all income derived from the business on a federal tax return but any expenses incurred to grow, market or distribute the product cannot be deducted. These expense items may be deducted on a state income tax return.

(l) Failing to maintain a good moral character as provided in s. 473.308 while applying for licensure, or while licensed in this state or using practice privileges pursuant to s. 473.3141.

Next, CPAs delving into this growing segment of the economy are advised to consider the background (and associates) of a prospective or existing business client. Given ➡ the Department of Justice clear position that marijuana

CPAs planning to undertake any professional services for a marijuana business first should consider the ethical implications in the state where they hold a license. FLORIDA CPA TODAY

www.ficpa.org

remains a Schedule 1 controlled substance, CPAs are advised to consider whether any ties exist with organizations that may be subject to scrutiny by law enforcement. In addition to the tax risks, two states (New Mexico and Minnesota) that have legalized marijuana require an annual financial statement audit. The list of risks and issues presented by this requirement (or a voluntary financial statement audit) is beyond the scope of this article, but professionals should consider: (i) whether the CPA has sufficient knowledge of the industry to properly plan a financial statement audit; (ii) whether the CPA has a complete understanding of the business entity under audit, which would include the legal and regulatory environment of the industry (i.e. banking laws); (iii) whether the risks of a high-cash business can properly be evaluated for the potential of material misstatements in the financial statements given the susceptibility of this type of business to theft, fraud and the underreporting of income; and (iv) whether the inventory can properly be accounted for considering its susceptibility to theft.

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The legalization of marijuana in this country will continue for recreational and medical purposes. The explosive growth of this industry provides many business opportunities for entrepreneurs and professionals, but also presents concomitant risks. Any CPA who considers taking on a new client should carefully consider the ethical and legal implications before doing so to avoid subjecting a client to a potential violation as well as to protect the coveted CPA license. FCT H. Steven Vogel, Esq., LL.M. is a member of the Florida Board of Accountancy and a partner in the Miami office of the national law firm Hinshaw & Culbertson. He focuses his law practice on business law and litigation including the defense of CPAs and other professionals in malpractice lawsuits, tax controversy and commercial transactions.

Endnote Commissioner of Internal Revenue v. Glenshaw Glass 348 U.S. 426 (1955)

COVER

story

Making History

CPAs Lead in the House By Justin Thames, director of governmental affairs

or the first time in Florida history, five CPAs took to the floor on opening day of the 2017 Legislative Session in Tallahassee. Reps. Michael Bileca, Dan Raulerson, David Richardson, Cyndi Stevenson and newly elected Rep. Joe Gruters began their year of service by taking on various roles in the House committee structure. House Speaker Richard Corcoran appointed Reps. Bileca and Raulerson to serve as committee chairs, and Reps. Gruters, Stevenson and Raulerson were appointed to serve on the Joint Legislative Audit Committee. Rep. Richardson also was selected to serve as Minority Ranking Member on two committees to which he was appointed. All five legislators are FICPA members and assisted us during this year’s session. Their service to the state, and to the profession, is indispensable. We look forward to the leadership they will bring to the legislative process for all Floridians in the years to come.

Budget and policy reach a crossroads Even before the 2017 Legislative Session began, it became evident this year was much different than recent years. The divide between Gov. Scott, the Senate and the House of Representatives about how best to craft a state budget was wider than ever. At mid-session, the House and 12 MAY/JUNE 2017

Senate budgets were roughly $3 billion apart and many suggested an agreement wouldn’t be met before Session adjourned May 5. At the heart of the disagreement were several major policy issues the Legislature was debating. Changes to the state’s education, health care and economic development were at the top of the list. At press time, the budget hadn’t been finalized. Also on the table were issues such as workers’ compensation reform; changes to the death penalty laws; establishing statewide regulation of ridesharing companies; and implementing the medical marijuana amendment citizens voted on last November.

By the numbers Almost 3,000 bills were filed this session, the highest number in the last 10 years. Although the number of general bills filed was relatively consistent with the previous few years, because of new rules adopted by the House, each appropriation project required an individual bill to be filed. In addition, legislators filed more than 3,000 amendments.

The FICPA extends special thanks to the five CPAs serving in the Florida House. Pictured left to right: Reps. Michael Bileca, David Richardson, Joe Gruters, Cyndi Stevenson and Dan Raulerson talk on the front porch of the historic Florida Capitol.

Throughout Session, the Governmental Affairs team has provided updates in IMPACT Report, available at www.ficpa.org/IMPACTReport, on several bills that were being tracked. Visit the FICPA’s Advocacy webpage at www.ficpa.org/advocacy to read a detailed legislative session wrap up.

Public accountancy 2017 HB 987 by Rep. Joe Gruters, CPA and SB 1348 by Sen. Dana Young

Before session, the FICPA Committee on State Legislative Policy and the FICPA Board of Directors approved the FICPA State Legislative Policies (SLP) for 2017. Rep. Joe Gruters, CPA and Sen. Dana Young sponsored legislation changing Florida’s public accountancy laws to implement several provisions included in the FICPA’s legislative policies. The bills, House Bill 987 and Senate Bill 1348, update the current definition of the Uniform Accountancy Act (UAA); implement firm mobility; update the definition of “client” to the current UAA definition; and allow the Florida Board of Accountancy (BOA) to discipline CPA licensees whose practice privileges have been suspended or revoked by the PCAOB. The BOA also supported the legislation. The bills unanimously passed all committees of reference. At press time, the Legislature had not taken final action. If passed and signed by Gov. Scott, the legislation will take effect July 1, 2017. FLORIDA CPA TODAY

Financial reporting changes for CIRAs HB 6027 by Rep. Jayer Williamson and SB 294 by Sen. Randolph Bracy

Sen. Randolph Bracy and Rep. Jayer Williamson championed legislation the FICPA CIRA Committee proposed to ensure financial-reporting requirements for condo and homeowners associations are related only to the associations’ revenue. The legislation, SB 294 and HB 6027, removed provisions allowing associations with 50 or fewer units to prepare a cash receipts and expenditures report in lieu of having audits, reviews or compilations prepared based on the revenue thresholds set forth by statute. The legislation received unanimous approval during the committee process. At press time, the full House and Senate hadn’t voted on the bills.

FICPA supports BOA appointments, budget priorities Before Session began, Gov. Scott appointed CPAs Jesus Socorro of Morrison, Brown, Argiz and Farra; Mindy Rankin of Warren Averett; and David Skup of Guarantee Insurance Co. to the Florida Board of Accountancy. The Senate Ethics and Elections Committee, as required by statute, voted to confirm all three appointees. At press time, the full Senate had not voted to confirm any gubernatorial appointees, including the BOA appointees. Each session, the FICPA advocates for items funded by CPA license fees to be included in the state’s budget. Among them are the Clay Ford Minority Scholarship ➡ www.ficpa.org

COVER

story

Fund and the Department of Business and Professional Regulation’s Unlicensed Activity Campaign, which are funded by $10 and $5 fee portions, respectively. These items must be enacted each session by the Legislature and approved by the governor. For the past two years, Gov. Scott has vetoed the budget proviso language specifying the funds collected for DBPR’s Unlicensed Activity Campaign be used to educate the public about the dangers of using unlicensed professionals to perform accounting services only CPAs can perform.

At press time, the funding authority for the Clay Ford Minority Scholarship and the Unlicensed Activity Campaign were included in the House and Senate budget proposals. Gov. Scott could have up to 15 days after the Legislature passes the state’s final budget to approve or veto the funding. FCT Justin Thames is FICPA director of governmental affairs. He can be reached at (850) 224-2727, Ext. 204 or thamesj@ficpa.org.

Special thanks to Sen. Randolph Bracy; Rep. Joe Gruters, CPA; Sen. Dana Young; and Rep. Jayer Williamson (left to right), who sponsored FICPA-supported legislation during the 2017 Session. Pictured left to right: Melanie Bostick and Jennifer Green of Liberty Partners of Tallahassee; FICPA Director of Governmental Affairs Justin Thames; and Tim Parson, also of Liberty Partners, make up the FICPA lobbying team.

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2017 Summer Education Conference July 17-21 â&#x20AC;˘ Sandestin, FL

(All conference sessions will be held at the Hilton Sandestin.)

Come fla-mingle with financial professionals from Alabama, Louisiana and Florida www.ficpa.org/SEC

#ficpaSEC

Co-sponsored by

FLORIDA CPA TODAY

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Lease Accounting is Finally Here By Yanick J. Michel

ecause of the prevalence of leasing, it is important for users of financial statements to have a clear and comprehensive picture of an entity’s leasing activities. However, according to the International Accounting Standards Board (IASB), more than 85 percent of the $3.3 trillion of leasing commitments from listed companies throughout the world represent off-balance sheet arrangements.

transfer their operating leases, previously disclosed only in the notes, to their balance sheets (except for short term leases defined as less than 12 months). It will align lessor accounting and sale and leaseback transactions guidance more closely to comparable guidance in Topic 606 and Topic 610, Other Income. Additionally, meaningful disclosure of qualitative and quantitative information is required.

In response to recommendations from the SEC, investors and analysts, the IASB and the Financial Accounting Standards Board (FASB), in a joint effort, decided to tackle the lease problem. The boards converged on the key issue of moving off-balance sheet financing onto the face of the financial statements. However, they decided to issue their lease standards separately.

All leases with terms longer than 12 months will be capitalized. No leases will be grandfathered in.

According to the IASB, more than 85 percent of the $3.3 trillion of leasing commitments from listed companies throughout the world represent offbalance sheet arrangements. 16 MAY/JUNE 2017

This article focuses on the FASB’s version of the lease standard – ASU 2016-02 (Topic 842, Leases) – which was issued in February 2016, and particularly on the lessee accounting model, which saw the bulk of the changes.

Overview of Topic 842 Topic 842, Leases will clarify the definition of a lease to address previous practice issues and to align the concept of control more closely with the control principle in Topic 606, Revenue from Contracts with Customers and Topic 810, Consolidation. Per the new standard, a lease conveys the “right” to control the use of an identified asset that is physically distinct for a period of time in exchange for consideration. More importantly, it requires companies to

The new standard will impact any organization that enters into leases or subleases of property, plant and equipment, except leases of intangible and biological assets; leases to explore oil, natural gas and similar non-regenerative resources; and leases of inventory and assets under construction.

New lessee accounting model The FASB has retained the dual-reporting approach for lessee accounting: finance and operating type. The lease classification is determined in accordance with the principles in existing lease requirements in accordance with GAAP. As a result, a lessee would account for most existing capital leases as finance leases, and most existing operating leases will fall under the operating type. A lessee will classify each lease component as an operating or finance lease at the lease commencement date and will not reassess the lease classification after the initial determination unless (a) there is a change in the lessee’s assessment of the lease term or exercise of a purchase option or (b) the contract is modified and the modification is not accounted for as a separate lease. Topic 842 identifies five criteria for classification of leases by the lessee. The lease is an operating lease unless it meets any of these criteria for a finance lease: 1. Transfer of ownership at end of lease term 2. Bargain purchase option the lessee is reasonably certain to exercise 3. Lease term is for the major part of the remaining economic life of asset, except if at commencement date, asset is already in its final 25 percent of life.

4. Present value of lease payments (and any residual value guaranteed not already reflected in lease payments) equals or exceeds substantially all of the fair value of the asset 5. Asset is not expected to have alternative use to lessor at end of lease term. The lease guidance can be applied at a portfolio level to leases that are similar in nature, age and value.

Recognition and measurement The lessee is required to measure and record a lease liability equal to the present value of the lease payments at the lease commencement. The discount rate is the rate implicit in the lease, unless it cannot be readily determined. In this case, the lessee should use its incremental borrowing rate, determined in a manner similar to how it is described under current GAAP. The novelty is that non-public entities are permitted to use a risk-free rate for a period comparable to the lease term. Use of a risk-free rate is an accounting policy election, and once elected, it must be used consistently for all leases. The lessee also is required to measure and record a rightof-use (ROU) asset, equal to the sum of: • Amount of initial measurement of lease liability • Payments made by lessee at or before the lease commencement date minus lease incentives received • Initial direct costs incurred by lessee FLORIDA CPA TODAY

Expense recognition and amortization Although the initial measurement is the same for operating and finance leases, the expense recognition and amortization of the ROU asset differ significantly. Operating leases will reflect lease expense on a straightline basis similar to current operating leases. This expense will reflect the interest expense on the lease liability (effective interest method) and amortization of the rightof-use asset as a single line item in the income statement. Finance leases will reflect a front-loaded expense pattern similar to the pattern for current capital leases. The interest expense on the lease liability (effective interest method) and amortization of the right-of-use asset, generally straight line, will be reflected separately on the income statement. Management is required to provide disclosures about the general description of leases; the basis on which variable rents are determined; a description of extension and termination options; significant judgments and assumptions made; and lease transactions between related parties. The new standard requires modified retrospective transition, i.e. the new guidance is to be applied at the beginning of the earliest comparative period presented in the year of adoption. ➡ www.ficpa.org

The standard will take effect for public companies for fiscal years beginning after Dec. 15, 2018. For all other organizations, it will take effect for fiscal years beginning after Dec. 15, 2019, and for interim periods in fiscal years beginning after Dec. 15, 2020. Early application is permitted. This new standard, which allows fewer opportunities for organizations to structure leasing transactions to achieve a particular accounting outcome, brings about most of the changes to the lessee accounting model. Although the FASB has retained the dual-reporting approach, the new standard is radical in that it introduces a pervasive change to the reporting and control system of any organization that deals with leases. FASB Vice Chairman James Kroeker recommends companies get started right away by putting together an implementation plan and by reaching out to FASB for help, if needed. “We don’t want this to be one of the things where there’s some unintended consequences,” he said. “We want this to be a successful implementation.” FCT

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Yanick J. Michel, CPA, CGMA is the managing director of Y. J. Michel and Associates, PA, a CPA firm providing accounting, auditing, tax advisory and consulting services to small and medium-sized enterprises, as well as peer review services. Her experience encompasses non-profit and for-profit corporate America, as well as privately and publicly traded corporations. Michel has been a member of the FICPA Accounting Principles and Auditing Standards Committee since 2002 and served as its chair in 2007-2008.

Resources 1. ASU 2016-02, Leases 2. FASB “Preparing for the Upcoming Leasing Standard: What the Lessee Needs to Know” 3. PWC: “A Look at current financial reporting issues/ leasing standard,” March 2016 4. Journal of Accountancy :”New FASB Leases standard brings transparency to lessee balance sheets,” Jan. 21, 2016

CPE Participants Select Outstanding Discussion Leaders

Discussion Leader of the Year

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. Each year, the Institute pays tribute to 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 2016!

2016 Outstanding Discussion Leaders

Cecil “Pat” Patterson Jr.

Patterson CPA Group Inc., Ponte Vedra Beach

Paul Brown Florida Institute of CPAs, Tallahassee

F. Gordon Spoor Spoor Bunch Franz, St. Petersburg

Lynda M. Dennis University of Central Florida, Orlando

Christian R. Stormer Bauknight, Pietras & Stormer, PA, Columbia S.C.

J. Edward Grossman CliftonLarsonAllen, Lakeland Laura Krueger Brock Kerkering, Barberio & Company, Sarasota Joseph C. Moffa Moffa, Sutton & Donnini, PA Fort Lauderdale Bruce A. Nunnally Carr, Riggs & Ingram, LLC Miramar Beach Michael Rosenberg Packman, Neuwahl & Rosenberg, PA Miami

FLORIDA CPA TODAY

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FLORIDA CPA TODAY

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Keynote Speaker Join AICPA Chair Kimberly Ellison-Taylor as she shares her insights into the profession when she opens the 2017 Accounting & Business Show with her keynote address. EllisonTaylor emphasizes the importance of preparation, anticipation, accountability and “taking bold steps” to ensure a bright future. She also highlights Big Data, cybersecurity and assurance and advisory services as key emerging issues. Learn what you need to be successful in 2017 and beyond. Details about our second day conference keynote coming soon!

Kimberly Ellison-Taylor

#ficpaABS

The Day is Done – Let’s Have Some Fun.

ull! P e ! Win orking w Net

22 MAY/JUNE 2017

Exh Auc ibits! tion s!

You Asked for It! You Liked It! We Kept It! We read your evaluations and listened to your requests. The 2017 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.

For More Information

www.ficpa.org/ABS First Time Attending? New to the Show? No worries. We’ll make you feel right at home!

The 2017 Accounting & Business Show is endorsed by the Cuban-American Certified Public Accountants Association Inc. For Show information, please contact Diane Major at (850) 224-2727, ext. 452 or MajorD@ficpa.org. For sponsor/exhibitor information, please contact Drew Miller at (850) 224-2727, ext. 207 or MillerD@ficpa.org FLORIDA CPA TODAY

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Improving Communication: Writing Well By Jason C. Porter, Ph.D. and Teresa Stephenson, Ph.D.

hen you were a new accountant, did you think you’d be a professional writer? Probably not, but consider the amount of time you spend writing: emails, memoranda, reports, footnotes, working papers, social media posts, tweets and more. If you add up the number of hours you spend writing, you’ll probably find it’s a large, if not the largest, part of what you do in a typical day. Whether you like it or not, you’re a writer. If writing is a significant part of your job, it stands to reason that good writing may help you get promoted and bad writing may hurt your career – or worse, result in termination. As professors, we hear every year from recruiters and employers about writing issues. Typically, these comments are regarding client communications that have misinformation (consider the difference between may take a deduction and must take a deduction); are confusing or misleading; or are too informal for the context (such as the popular LOL). Good writing takes practice and effort. Here are a few tips we picked up from the school of hard knocks.

Start each message with your main point Business people are busy. They don’t have time to wade through a sea of details to find the main point, so get it across in the first sentence or two. When explaining something we’ve researched, we often want to tell the full story from beginning to end: how we started, the steps we took, the methods we used, etc. Although this is a great way to think through an idea or to share your latest adventure with friends, it’s an inefficient way to communicate in a business setting. You’ll save your reader time, and yourself a lot of frustration, if you move the conclusion to the beginning of your message. Also, anticipate the questions readers will have about your message and answer them in advance. In sales, this is referred to as “overcoming the objection.” Regardless of what it is called, it is good communication. 24 MAY/JUNE 2017

Make reading easier Choose the right words for your audience. This will make your writing easy to read, allowing readers to think about the real message and not waste time interpreting it. To keep your writing simple, try these four steps Avoid jargon. Use language your audience will understand. Reserve acronyms and accounting “slang” for other accountants. When writing to clients, use words they typically use. The general rule is to avoid a term or acronym unless you’re confident the reader uses it at least weekly. Be transparent. Make sure your message is clear. It may be easier to tell someone she is being downsized than to say fired, but you want no room for misinterpretation. The general rule is not to write so you will be understood, but to write so you can’t be misunderstood. Be accurate. Don’t mistake precision for accuracy. If you have an exact value, include it in your written communication. If you have an estimate, don’t suggest it is exact. For example, if you calculate an estimated ROI of 13.587 percent on a new project, but believe it could fall between 10-15 percent, don’t give your reader the precise number. We tend to over-rely on numbers that look precise. Better to say ROI will be “around 13 percent” to accurately communicate it’s only an estimate. Be brief. Leave out information your audience doesn’t need. Busy professionals don’t want to waste time reading unnecessary information. Read over your work, preferably out loud. If eliminating a word, sentence or paragraph doesn’t change the message, eliminate it.

Make the message appealing Keeping the message appealing doesn’t mean we only communicate good news. It means we should make our writing visually appealing, which takes little effort. Here are some basic rules for attractive writing.

Paragraphs. Keep each paragraph focused on just one idea. Have you ever tried to read a full page of information that wasn’t broken into paragraphs? You probably found yourself struggling to concentrate. One paragraph, one thought. That makes your writing easier to understand and helps keep the reader’s attention. Lists. Use lists to summarize important information. Business writing is about quick, accurate communication. Summarize information anywhere possible. We don’t recommend starting or ending with a list, but using one can keep the body of your message short and clear. Headers. Use headers in longer documents. Headers can give the reader a roadmap of the document, provide a summary of the message and focus attention on the essential elements. For example, read just the headers in this article. Did you get most of the message? Now read just the headers and first sentences of each paragraph. They should tell you most of what we’re saying.

End each message with your main point

Writing skills add up! The responsibility for effective communication lies with the writer, not the reader. So, failure to communicate is the writer’s fault. It is our job as accountants to convey important information to managers, clients, customers, regulators and other stakeholders. And most of those explanations will be written in audit reports, financial footnotes, emails and memos. When your writing is clear, concise, efficient and effective, you make communication easier. Become skillful at written communication, and promotions and other rewards are bound to follow. With a little effort and these few basic rules, your writing will help you impress others and move forward in your career. FCT Jason C. Porter, Ph.D. and Teresa Stephenson, Ph.D. are associate professors of accounting at the University of South Dakota. They have been writing articles together on ways to effectively communicate financial information since 2009. The authors thank Dr. Kathryn Birkeland for her valuable input on this paper.

Once you’ve communicated the message clearly, accurately and free of jargon – and your writing is attractive and easy to read – you need to end your message. The best way is to repeat the main point. Aristotle is credited with the advice, “Tell them what you are going to tell them, tell them, then tell them what you told them.” Busy readers will get what they need from the first paragraph. More careful readers will walk away with what they read in the final paragraph.

Take time with the details Grammar, spelling and sentence structure are important. When a reader spots a mistake, he or she will assume you are careless or uninterested in your work. Although spelling and grammar checkers will catch many mistakes, you’ll catch even more as you read through your work a second, third or fourth time. You also might want to have a friend read your work and give you feedback, and vice versa. This takes time and effort, but it is well worth it. FLORIDA CPA TODAY

www.ficpa.org

Six Capabilities of Transformational Leaders By Samantha White, CGMA Magazine

ncreasingly complex demands are being placed on leaders as social change, shifts in the global economy, resource scarcity and technological advances disrupt long-standing business models. Leaders are being called on to create new ways of meeting these challenges and driving cost reduction without destroying value.

In successful transformations, there is a culture of experimentation in which failure is seen as a necessary part of the development process.

Yet less than 10 percent of senior managers have the capabilities and experience to bring about this type of transformational change, according to a study of 6,000 leaders conducted by Harthill Consulting in collaboration with PricewaterhouseCoopers (PwC). It’s not just tenure that counts, and the skillset needed for successful transformation is different from that needed to excel in the day-to-day running of a company or to thrive in a crisis. The research describes 52 percent of current senior management as “achievers.” This type of leader is actionand goal-oriented and wellsuited to managerial roles. He or she juggles managerial duties and market demands, and achieves strategic goals efficiently, through his or her team.

However, solving direct challenges to business as usual calls for a different type of leader with different attributes. The “strategists” who are capable of leading successful transformation in a complex business environment possess a multifaceted way of looking at the world. They have an 26 MAY/JUNE 2017

ability to reflect on and learn from each experience, and the humility to inquire rather than advocate and engage instead of command. Strategists can articulate a vision for the future of an organization while ensuring it runs effectively in the present. They also create opportunities for others to thrive. According to the researchers, strategists possess these capabilities:  A fresh perspective. Being able to see a situation from a number of perspectives can generate new approaches and promote innovation and problem solving.  The ability to act on the big and small picture. Leaders must be able to provide vision and direction, and get involved in detailed action where necessary.  Passionate detachment. Leaders must balance passion for their mission and objectives with the detachment to weigh situations objectively and change course when required.  Creative use of power. Whether it’s formal, informal, institutional or personal power, using it wisely builds long-term commitment and trust among peers, employees and other stakeholders.  Positive use of language. Strategist leaders use language with skill and awareness to inspire and influence, with the clear goal of creating positive outcomes.  Leading with vulnerability and courage. Effective leaders have the courage to make tough and potentially unpopular decisions. Meanwhile, vulnerability, a characteristic less common among leaders, is crucial to enabling others to take responsibility and give frank, honest feedback. Such leaders are in short supply, and few have emerged during the past decade. Research conducted in 2005 classified 7 percent of all senior managers as strategists, and the figure for the 2015 survey was 8 percent.

The research also indicates strategists often work in consultancy or advisory roles, and may be reluctant to work directly for an organization, particularly if it relies on hierarchical management structures. In this context, organizations need to do more to attract, retain and develop those who are capable of taking their business forward.

FLORIDA CPA TODAY

How to develop and retain transformational leaders Drawing on best practices observed in the study, researchers suggest organizations take these steps to develop transformational capabilities: â&#x17E;Ą

www.ficpa.org

1. Distribute responsibility. Distribute responsibility downward and outward, enhancing the organization’s adaptability, resilience and intelligence. 2. Be realistic about the quality of information. Be aware of and acknowledge the limitations of available data. 3. Build an empowering collective culture. Turn shared aims into behavioral norms throughout the organization. 4. Invest in professional-development opportunities. To develop transformative leaders, life coaching, action learning and reflective thinking should be prioritized. 5. Recruit for transformation. Prioritizing the attributes of transformative leaders from the recruitment and onboarding processes helps create the conditions they need to thrive and ensures cultural fit. 6. Address conflict and failure openly. In successful transformations, there is a culture of experimentation in which failure is seen as a necessary part of the development process. Some companies in the study discuss unsuccessful projects, identifying what went wrong and what lessons can be learned. Other organizations in the study have

28 MAY/JUNE 2017

developed forums in which colleagues can discuss the personal aspects of any conflicts that arise.

Take a holistic view of employees Organizations researchers define as strategists demonstrate concern for employees’ wellbeing with policies such as life coaching or on-site child care. Other approaches include:  Build strategy collectively. Many strategist organizations have defined methods of working collectively on business strategy. The theory is that anyone who shares responsibility for executing the strategy should have a say in its formulation.  Prioritize reflection. All staff should set time aside for unstructured reflection on a regular basis.  Tone from the top. For strategists to grow and develop at all levels of the organization, senior leaders also must embody these values. FCT Samantha White is a CGMA Magazine senior editor. Copyright © 2011-2015 American Institute of CPAs. Copyright © 2011-2015 Chartered Institute of Management Accountants. All rights reserved.

C PA s I N

the spotlight

RAHAL

VANBROEKHOVEN

Boca Raton: Walton & Company CPAs announced that Matthew L. Rahal CPA has been admitted as a partner, making the new firm name Walton Rahal CPAs.

MCEWAN

GALLOWAY GUNDY

WHITE

GULISANO

Clearwater: CBIZ & MHM announced the promotions of Corbyn Galloway, Rob Gilbride and Christian Richardson to audit manager; Liz VanBroekhoven to audit senior manager; Alicia McEwan to tax senior associate; Neneva Gundy to tax manager; and Denise Baker, Brandon Salem and Matt White to tax senior manager.

Ft. Myers: George A. Gulisano has recently joined Florida Skin Center as its chief executive officer.

Ft. Lauderdale: Kapila Mukamal received M&A Advisor’s 11th Annual Turnaround Award in the Sector Award Category – Consumer Discretionary Deal of the Year in the Chapter 11 case of Simply Fashion Stores, Ltd.

ALDERCOA

ADLER

GILBRIDE BAKER

CATHELL

Ft. Lauderdale: The IRS named Randall Cathell of Crowe Horwath, LLP to its Information Reporting Program Advisory Committee (IRPAC). RICHARDSON

30 MAY/JUNE 2017

SALEM

Miami: Kabat, Schertzer, De La Torre, Taraboulos and Company expanded international tax and audit work; added Jorge Aldercoa and Les Adler as partners; and announced the promotion of Bernie Swichkow to senior advisor to the firm.

St. Petersburg: FRSCPA, PLLC announced the promotion of John Jefferson to tax manager. The firm also announced that Krista Garner earned the CPA designation.

APPELROUTH

KNIGHT

HAYNES

HUTCHINSON

PETILLO

Miami: Stewart L. Appelrouth was elected to Hemispherx Biopharma’s Board of Directors. BRIDGES

HEINEKEN

Pensacola: Nicole Heineken of Saltmarsh Cleaveland & Gund earned the CPA designation. Sarasota: Kerkering Barberio & Co., Certified Public Accountants announced that Dan Harris has earned the Certified Construction Industry Financial Professional (CCIFP) credential. The firm also announced that employees donated a combined $14,000 to the United Way in 2016.

Tallahassee: Lanigan & Associates, P.C. congratulated Michelle Hoefker-Howard and Nicole Frey Pollock on earning their CPA designations and announced their promotions to tax staff II. The firm also announced the promotions of Walker Bridges to tax manager I; Kevin Brinson to tax senior II; and Meghan Gould Marchant to tax senior I.

BOWMAN

West Palm Beach: Holyfield & Thomas, LLC announced the promotions of Scott Haynes to Director and Juile Petillo to manager in the firm’s tax services department. CARVER

Tallahassee: Thomas Howell Ferguson P.A. CPAs welcomed Brittany Bowman, Bill Knight and Laura Hutchinson to the firm and congratulated Catherine Carver on passing the CPA Exam. Tallahassee: Superregional CPA firm Carr, Riggs & Ingram (CRI) moved its Tallahassee office to a new location.

West Palm Beach: CPA firm Proctor, Crook, Crowder & Fogal is now part of Carr, Riggs & Ingram, LLC. Winter Haven: Adamson + Co., P.A. announced that Matthew Beeman has been promoted to tax manager in the accounting and tax department.

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. FLORIDA CPA TODAY

www.ficpa.org

NEW S

briefs

Bissell and Shipley Win Writing Excellence Award

he FICPA Editorial Committee has named Thomas S. Bissell, CPA and Allison P. Shipley, MBA as the winners of the 2016 Writing Excellence Award. The authors received the annual honor for their article, “Foreign Individuals Who Own Florida Real Property: The Importance of Florida State Tax Issues,” which was published in the May/June 2016 issue of Florida CPA Today. Bissell 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. Shipley 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. FCT

FICPA

OFFICIAL NOTICE In compliance with Article III and Article XI, Section 6 of the FICPA Bylaws, be it known that the Annual Meeting of the Members will be held at 10 a.m. on Thursday, June 15, 2017, at the Gaylord Palms Resort & Convention Center (in conjunction with the Mega CPE Conference) in Orlando, FL. A Regular Meeting of the FICPA Council will immediately follow the Annual Meeting. 32 MAY/JUNE 2017

Clay Ford Scholarship available to minority accounting students

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, 2017. The FICPA and the Florida Board of Accountancy encourage 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 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, 2017. For more information, including eligibility criteria and the application process, visit www.ficpa.org/FordScholarship.

staff

REPO R T S

From FICPA staff reports

Educational Foundation By Jan Dobson, senior director, FICPA Educational Foundation

Retreat to the Florida Keys

oin us in Key Largo for the 9th Annual Family Retreat and Golf Tournament in July. CPAs and their families will be gathering at the exclusive, remote and dazzling Ocean Reef Resort July 27-30. “There isn’t another event like it,” said Retreat Co-Chair George Gulisano. “CPAs and their families are so time-starved these days. The Retreat is a relaxing getaway focused on family, friends, storytelling, great food and a little golf, all for a good cause” said Gulisano.

summer together at the beach barbecue and moonlight luau,” explained Retreat Co-Chair Jason Chorlins. “The property is amazing – five-star accommodations, three championship golf courses, a HarTru tennis facility, a marina and much more.”

Just 45 minutes from Miami, the Retreat is convenient yet off the beaten path.

The July 28 golf tournament is an 18hole, four-person scramble. Each player hits a shot and team members choose the best one, and play the next shot from there. This format allows golfers of all skill levels to enjoy the game. Proceeds from the Retreat and Tournament will support scholarships for Florida accounting students.

“You’ll find kids running on the beach, families gathering at the pool for divein movies and everyone celebrating

In its ninth year, the retreat strikes the perfect balance between private family time and group festivities designed

to promote the CPA profession and encourage attendees to get to know each other. “The Educational Foundation is committed to making this extraordinary retreat affordable, and at $195 per night (and kids staying free in their parents’ room), we believe we’ve succeeded,” Chorlins said. FCT To book your weekend retreat getaway, or learn more about exclusive sponsorship opportunities, visit www. ficpa.org/OceanReef. The hotel fills up fast, so don’t be left out. Make room reservations by June 30 by contacting Ocean Reef Resort at (800) 741-7333 or reservations@oceanreef.com. Mention “The FICPA Family Retreat” to get our special $195 room rate.

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. FLORIDA CPA TODAY

www.ficpa.org

MARKET

place

Positions available The Florida Auditor General is currently seeking full-time auditors. We have 15 offices located throughout Florida, and positions are available in several locations. Auditors conduct financial, compliance, operational, and performance audits, as well as other engagements. Applicants must be a FL CPA or meet FL Board of Accountancy educational requirements for CPA licensure. The Florida Auditor General offers a competitive salary and an excellent benefits package. Apply online at http:// www.myflorida.com/audgen/ pages/jobs_empapp.htm. Chief financial officer – the chief financial officer for this community health center reports to the CEO and assumes a strategic role in the overall financial management of the organization; planning, implementing, managing and controlling all financial activities. Responsible for accounting, finance and treasury, budget and forecasting, grants management reporting, IT supervision, and the revenue cycle process.

Bachelor’s degree in accounting or finance, MBA or CPA preferred. Seven years in progressively responsible financial leadership roles. Experience in community health center finance, including knowledge of FQHC regulations, and Medicaid and managed care guidelines. Forward cover letter including salary requirements and resume to judy.devine@myhfhc. org. Adessi Financial Partners is seeking a CPA with extensive personal tax and business accounting experience to support and be an integral member of our client Wealth Management team. Candidate should possess an innate desire to provide consultative financial planning advice using their understanding of taxes to assist clients in making wise financial choices. The position will involve direct interaction with clients for tax preparation and planning (33%), work with firm partners on internal accounting and financial management (33%) and work with the Advisory and Investment Management teams providing financial planning and portfolio

management service. This exciting position will provide personal and professional growth potential. Primary responsibilities: prepare individual and trust tax returns; consult with clients throughout the year on tax planning matters; prepare internal accounting for the firm; assist CEO in strategic planning for the firm. Qualifications: must be able to present and meet with clients as part of the Wealth Management Team; consultative personality is a must; proficient in Excel and Quickbooks online; Lacerte Tax Software experience a plus. Minimum job requirements: CPA certificate is required; 5+ years’ experience with public accounting firm working with diverse small/ mid-size business clients; 5+ years’ experience preparing and reviewing 1040, 1041, 1065, 1120S tax returns; management experience with a public accounting firm is a plus; 4-year college degree in accounting- or a finance-related field is a plus. Please email resumes to emily@ addessifinancial.com. Licensed CPA, 8+ yrs exp; flexible schedule 2-3 days per week for Fortune 100 Co; proficient w/tax filings for all entity types. Financial reporting/ consulting & private sector exp a plus. Perfect for semi-retired or sole practitioner. Reply w/resume & contact info to tampacpa1@ gmail.com. Local Fort Lauderdale CPA firm seeks an experienced CPA with 5-7 years of experience. This is a full-time position with an opportunity for growth. The ideal

Visit www.ficpa.org/classifiedsonline for complete classified ad policies. 34 MAY/JUNE 2017

candidate possesses a knowledge of individual, business and estate and trust tax returns. We are seeking a leader with good organizational skills, the ability to perform the steps necessary to complete projects and tax returns timely and accurately for delivery to our clients. The ability to communicate with clients and fellow staff is mandatory for this position. Willingness to promote firm and develop business required. Knowledge of Prosystem fx tax-preparation software is a plus. Send cover letter and resume to mark@ cpamb.com.

Practices Wanted for Purchase or Merger Established Daytona Beach CPA firm looking to acquire retirement minded tax/accounting office in the area. Email geoffs@zestcpa. com if interested.

helping sellers achieve their transition goals for over 11 years. We have no up-front fees! As a former CPA firm owner who grew his practice via acquisitions, David L. Akins, CPA has unique knowledge of the process. Call David toll free at (877) 277-0272. To learn more about our services and to see the firms we have listed, go to our website at: www. AkinsProfessionalBrokerage.com.

Office Space Available immediately, Class A office space. Boca Raton-Glades Rd/95. Individual or group welcome, 3 private offices, space for receptionist. Attached to

leading financial advisor office. Referral relationship potential & preferred. (561) 314-1815

Well-respected wealth management firm with immediately available, newly renovated office space just off I-95 in Boynton Beach, looking for CPA(s) for possible merger or referral relationship in an effort to better serve clients by offering comprehensive tax and financial planning. Reply to Ira@ materetsky.com.

OFFICIAL NOTICE FICPA EDUCATIONAL FOUNDATION ANNUAL MEETING In compliance with Article II, Section 4 of the Bylaws of the Florida

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.

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 14, 2017 at Gaylord Palms Resort and Convention Center in Kissimmee, Florida immediately following the FICPA Educational Foundation Board of Trusteesâ&#x20AC;&#x2122; Meeting.

Is it time to sell your practice? This is too important to do alone! Specializing exclusively in the brokerage of CPA, tax, and accounting firms, Akins Professional Brokerage has been FLORIDA CPA TODAY

www.ficpa.org

Practices for Sale

Practices for sale throughout Florida…let us help you locate the right practice...up to 100% financing available with our lenders! Selling practices in Florida for over 34 years… practices now available include: South Palm Beach $1,150,000…

Sarasota-Bradenton area $200,000 to $350,000…Gainesville area $225,000 to $900,000… St. Augustine $425,000…West Broward $250,000+…many others soon! Contact Erwin Rosenblatt: (561)666-6737 or Leon Faris, CPA (800)729-9031 with Professional Accounting Sales. Visit our website at: www. cpasales.com. CPA firm for sale or merger in the Jacksonville/Beaches/ St Augustine area. $700,000

annual revenues, primarily business, trust and individual tax preparation; write-up, compilations and reviews. No audits. Experienced staff and great locations. Will consider employing the right person or persons with public accounting experience who is interested in acquiring the practice within 1-3 years. Call (904) 235-8676 or email Lynn.Sparks105@gmail.com.

Ethics.

At the Speed of Business. Prepare yourself to face the complex, challenging and evolving ethical issues of today and tomorrow. The FICPAâ&#x20AC;&#x2122;s ethics courses, specialized for CPAs working in business, industry and government, build the trust that your clients, employers, colleagues and the public deserve while protecting your hard-earned license.

www.ficpa.org/ethics

These courses comply with the ethics requirements for Florida CPAs established by the Florida Board of Accountancy. The Government version also meets the ethics requirements of the Florida Government Finance Officers Association. FLORIDA CPA TODAY

www.ficpa.org

DOR

update

Requesting Advice During a DOR Audit By Valerie Wickboldt, DOR communications director

uring a Florida Department of Revenue (DOR) audit, there are times when a taxpayer and a DOR auditor may agree on the facts in the case, but have different views about how the law should be applied. In this scenario, the taxpayer, or taxpayer’s authorized representative, and the auditor have the option to submit a Request for Technical Advice (RTA) to DOR. This request solicits an opinion about the application of law to a specific set of facts (see Rule 1211.011, Florida Administrative Code). Requesting technical advice from DOR helps taxpayers and auditors in several ways, including ensuring the fair application of tax law. Also, taxpayers who obtain

38 MAY/JUNE 2017

technical assistance early increase the likelihood of a quick and costeffective resolution. The DOR auditor will work with the taxpayer, or authorized representative, to write the RTA. It should describe the transaction(s); issue(s) to be resolved; auditor’s and taxpayer’s positions; and appropriate statutory and rule citations, and should include pertinent documentation. Prior to submission, the taxpayer will have an opportunity to review the RTA and provide additional facts or documents. It is important that the request accurately reflect the auditor’s and taxpayer’s views. When the process is complete, the taxpayer will receive a copy of the

Internal Technical Advice (ITA), which will state DOR’s position on the application of the tax law regarding the transaction or issue. If DOR’s technical experts agree with the taxpayer’s position, the issue is resolved in the taxpayer’s favor. If DOR agrees with the auditor’s position, the taxpayer will receive an authoritative statement of DOR’s legal basis for the audit findings. If the audit is completed before an opinion is issued, DOR will adjust the audit findings as needed. To learn more about requesting advice during a DOR audit, visit floridarevenue.com or call (800) 352-3671 for tax information and assistance. FCT

F L O R I D A

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

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