Hospice Care
Elder Financial Planning
Unclaimed Property
The Davis Way
florida C P A
T O D AY
SEPTEMBER/OCTOBER 2017
V O LU M E 3 3 , N U M B E R 5
A PUBLICATION OF THE FLORIDA INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
cover story
12 Hospice Care – What CPAs Need to Know to Assist Clients
features
8 16
Websites Offer Elder Financial Planning Resources
20
The Davis Way Recounting Lewis Davis’ path to becoming Miami Dade County’s First African-American CPA
departments 7 24 28 30 32 34
President’s message CPAs in the spotlight Staff reports News briefs Marketplace DOR update
20
Unclaimed Property The Two-Sided Coin CPAs Shouldn’t Toss Aside
16 FLORIDA CPA TODAY
www.ficpa.org
3
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 EDITORIAL COMMITTEE Ryan A. Myers, CPA, chair William C. Quilliam, CPA, vice chair Keith C. Blackman, CPA David J. Hochsprung, CPA Douglas E. Day, CPA
David S. Holland, CPA
Lynda M. Dennis, CPA
Michael S. Kridel, CPA
Troy Y. Manning, CPA All articles submitted to Florida CPA Today are subject to technical review, Editorial Committee review, space availability and editing requirements and restrictions. 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. Š 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.
4
SEPTEMBER/OCTOBER 2017
chair’s
MESSAGE
Get Involved! I
n writing my first Chair’s Message for Florida CPA Today, I strongly encourage each of you to get involved with the FICPA. This is our membership organization, and it’s only as good as we make it. As I talk with many of our members, I often hear them say, “More folks should get involved.” Members volunteer their time because they view being a CPA as a profession, and not just a job. I completely agree. I was fortunate to attend the FICPA Educational Foundation’s family retreat at the Ocean Reef Club in Key Largo in late July. The event, which is designed around social networking and getting to know our peers, attracted approximately 175 attendees including members, sponsors, leaders and their families. The Foundation will use the money raised for student scholarships. It was a lot of fun and I urge you to get involved next year, or to attend another Foundation fundraising event, such as the annual 1040K Run in April. At the beginning of August, we held our annual Committee Days meeting in Tampa. It was a great example of CPA volunteers getting involved. During the event, volunteers spent their time focusing on how to deliver a great conference or exploring new ways a committee can have a positive impact. Serving on a committee is a great way to network and share your thoughts and ideas. FICPA staff have been working hard for our association and, with input from the FICPA Council, have put together a terrific business plan for the 2017-2018 Fiscal Year. During my year as chair, I’ll be focusing on two specific areas of the plan. 1. Membership and career development 2. Operational streamlining FLORIDA CPA TODAY
Alan West, CPA
Membership and career development Recruiting and retaining FICPA members is one of the biggest challenges the Institute faces. We’re fortunate to have five generations working together! However, we need to ensure all Florida CPAs are FICPA members. Some of the areas we’ll address this fiscal year are: •• Review our membership-dues categories and see if they can be streamlined. For example, we have a separate category for CPAs licensed less than five years, and we change their dues when they reach year six. Does this make sense? •• Review our benefits and services to determine if they still are relevant. Do the benefits and services we offer provide value? Do we offer too many that provide little value? Should we abandon some and redeploy resources into the higher value areas? •• Implement an outreach strategy that incorporates visits with firms and businesses to hear what our members are saying about their needs.
Operational streamlining Some of the key operational streamlining initiatives the FICPA staff will be addressing this fiscal year are: •• Design and functionality of the FICPA website •• Implementing a paperless accounts payable process I look forward to hearing your comments and feedback during my year. Please email me at chair@ficpa.org to share your thoughts and ideas. FCT www.ficpa.org
5
A more human resource'.' HR Solutions I Payroll I Happy Clients
president’s
Mobile Workforce Legislation Passes U.S. House with Backing of Seven from Florida’s Congressional Delegation T he U.S. House of Representatives has passed the Mobile Workforce State Income Tax Simplification Act of 2017, H.R. 1393, which is intended to simplify state income tax reporting and withholding rules for employees who sometimes work outside their home states. The bipartisan legislation had the active backing of these U.S. Representatives from Florida: • Rep. Gus Bilirakis [R-FL-12] • Rep. Charlie Crist [D-FL-13] • Rep. Carlos Curbelo [R-FL-26] • Rep. Theodore Deutch [D-FL-22] • Rep. Alcee Hastings [D-FL-20] • Rep. Thomas Rooney, [R-FL-17] • Rep. Daniel Webster [R-FL-11] We are grateful for the support of our members of Congress who sponsored the measure. Their involvement was instrumental in the bill’s success and final passage, which will assist many of Florida’s CPAs and our clients who work across state lines.
Our advocacy and legislative efforts on behalf of our members is invaluable, and our role in achievements such as this demonstrates the importance of belonging to an association. FLORIDA CPA TODAY
MESSAGE
Deborah L. Curry, CPA, CGMA
“The House’s passage of the Mobile Workforce State Income Tax Simplification Act of 2017 is a victory for taxpayers and their employers,” said AICPA President and CEO Barry Melancon, CPA, CGMA. “Enactment of H.R. 1393 would eliminate the need for much of the complex recordkeeping employers face when their employees cross state lines to work. It also would relieve many workers of the burden of filing state income tax returns for states in which they worked only a few days during the year.” The legislation calls for the creation of a uniform national standard that would eliminate the compliance maze many employers and employees currently confront. Employee earnings would not be subject to state income tax and withholding outside their home state unless the employee worked in a state for more than 30 days during the calendar year. Identical legislation, S. 540 – cosponsored by Senators Bill Nelson and Marco Rubio – is awaiting Senate consideration. We join the AICPA in urging the Senate to pass the companion bill soon and bring common sense relief to the burden caused by inconsistent state tax laws. FCT www.ficpa.org
7
Websites Offer Elder Financial Planning Resources By Susan B. Anders, Ph.D, CPA/CGMA
According to the U.S. Census Bureau, almost 15 percent of the U.S. population was 65 or older in 2015.1 The Federal Reserve reports 20 percent of households headed by individuals 65 or older have about $700,000 of wealth, and 10 percent have $1.5 million or more.2 Although this makes the 65-and-older age group the wealthiest age demographic in the U.S., a 2015 study by A Place for Mom and the Mutual Fund Store reveals 28 percent of Americans whose parents are living expect to have to support their aging parents financially.3 Given the apparent need for elder financial planning services, the number of CPAs specializing in “financial gerontology” is surprisingly small. This article reviews three websites with excellent resources on financial planning for seniors: AgingCare.com, Paying for Senior Care and A Place for Mom. CPAs getting started with providing services to senior citizens and their families may find it helpful to skim through the more general (or non-financial) material on these websites and refer clients to them.
AgingCare.com AgingCare.com is a community of family caregivers with a mission of connecting caregivers to resources and to each other. The website includes information on living arrangements and physical and mental health issues, as well as a financial matters and financial planning. Experts contributing to the site include certified financial planners, an identity theft and fraud consultant, and attorneys specializing in elder issues. AgingCare.com offers three free e-books, including The Caregiver’s Survival Guide: Family Caring for Family. It comprises 61 pages of advice on many difficult issues, including keeping good family relationships, managing health care and exploring housing options.4 CPAs might be particularly interested in “Chapter 2: Getting Organized Before Needs Escalate,” which includes not only legal and other preparation on the elder’s side, but also financial planning tips for caregivers to protect their own financial futures. AgingCare.com also offers a handy directory of financial planning articles.5 Advisors may wish to note the first of the “4 Financial Mistakes Retirees Regularly Make” is “replacing financial advisors with family members.” 8
SEPTEMBER/OCTOBER 2017
Need CPE? Attend the Elder Planning Track at the 2017 Accounting and Business Show The 2017 Accounting and Business Show track includes some of the best elder planning topics to help you serve your clients’ needs. These sessions are specifically planned and designated for accounting professionals who assist clients in elder planning. Check out the topics below! Social Security – What CPAs Need to Know Add Mature Women to Your Client List Hybrid Policies & Regular Long-Term Care Insurance Options Hands-On Technology Workshop – Navigating the Social Security and Medicare.gov Websites Reverse Mortgages – New Vs. Old and Wants Vs. Needs Power of Attorney, Titling & Trusts; What's the Difference, Who Needs One, Probate Considerations
The Financial Matters section6 presents articles written by AgingCare.com contributors under the broad categories of government assistance, financial awareness and managing finances. Articles include “10 Things You Should Know About Your Parent’s Finances,”7 which lists important questions regarding such matters as durable power of attorney, location of financial records and the identity of a financial planner, if any. “Are Caregivers Responsible for Parents’ Debt?” addresses how to help parents pay off their debt without putting the caregiver’s finances at risk.8 The practical “How to Put an Elderly Loved One on a Budget” includes tips on comfortably reducing or spreading out home expenses, having all bills sent to an accessible post office box, and setting up online bill paying from a checking account.9
Paying for Senior Care PayingforSeniorCare.com is an outreach of the American Elder Care Research Organization, which helps individuals plan for long-term senior care. The website is focused on the practical financial management issues faced in the golden years and provides detailed information about a number of care options, including general cost estimations and finding providers. Calculators are available to help. For example, assisted living in the outer New York City
area ranges from $1,234 to $9,000 per month, with an average of $4,653. The Long Term Care/Eldercare Financial Planning: Public and Private Assistance page10 includes a comparison table of service providers, their costs, pros and cons of using the providers and links to more information. Service provider categories include elder care resource planners and financial planners, both of which could include accounting professionals. Another handy resource is FAQs and Helpful Guides,11 which has more than 50 articles and links, such as the must-read “Common Misperceptions about Paying for Long-Term Care.”12 The Eldercare Financial Assistance Locator is another excellent resource.13 It is an online tool to identify a variety of assistance options, including assisted living, home accessibility modifications, and help with existing medical bills and prescription drugs. Users answer a series of background questions and select the specific types of assistance needed. The results are provided immediately in web and e-mail format, and include links to program descriptions on the Paying for Senior Care website.
A Place for Mom Readers may be familiar with A Place for Mom, at www. aplaceformom.com, from former Good Morning America news anchor Joan Lunden’s association with the program. A Place for ➡ FLORIDA CPA TODAY
www.ficpa.org
9
Mom is a free, assisted-living referral service paid for by the senior living communities that partner with the organization. Although most of the website focuses on housing, caregiving and medical issues, there are some great financial management resources. The Senior Care Resources webpage14 is a good place to start. Key links include the caregiver toolkit, several checklists and calculators, and information on financing senior care. Senior Living: Planner & Guide is a downloadable, 22-page overview of senior life issues.15 It includes a description of housing options and a checklist of observations and questions for touring facilities. The Caregiver Toolkit is a webpage16 and a downloadable, 70page PDF booklet that offers tools for planning, organizing and budgeting.17 The senior care calculator18 compares the cost of assisted living versus home care for specific locations. Users can enter amounts or use computer-generated averages. The senior living cost index19 presents tabular computations of average costs for independent living, assisted living and memory care by city, state and region. The data tables can be downloaded. The essential document locator checklist is a handy listing of essential documents to photocopy and keep in one location, documents that may be stored
in various places, and suggestions for important contact information.20 Finally, the financial tracker is a one-page PDF used to identify the user’s insurance policies, bank accounts and financial professionals.21 FCT Susan B.Anders, Ph.D, CPA/CGMA is the Louis J. and Ramona Rodriguez Distinguished Professor of Accounting at Midwestern State University, Wichita Falls, Tex. She is a member of The CPA Journal Editorial Board. Reprinted with permission of the New York State Society of CPAs from the May 2017 issue of The CPA Journal at cpajournal.com.
Endnotes http://bit.ly/2oEqoBk http://bit.ly/2oid3O9 3 http://bit.ly/2oPoqAy 4 http://bit.ly/2nVmF5q 5 http://bit.ly/2pqJYUL 6 http://bit.ly/2oEcf7t 7 http://bit.ly/2omWYWP 8 http://bit.ly/2oPstfS 9 http://bit.ly/2oPw6CA 10 http://bit.ly/2oigNiL 11 http://bit.ly/2pJXUW6
http://bit.ly/2pJCUim http://bit.ly/2oEvJc6 14 http://bit.ly/2oPnyMf 15 http://bit.ly/2oPIfrb 16 http://bit.ly/2oPsCjD 17 http://bit.ly/2oPxdSM 18 http://bit.ly/2nVv1dq 19 http://bit.ly/2oEjwE9 20 http://bit.ly/2on67OU 21 http://bit.ly/2oGclNl
1
12
2
13
Financial Calculators for Senior Planning •• AARP Health Care Costs Calculator www.aarp.org/work/retirement-planning/the-aarp-healthcare-costs-calculator/ •• AARP Retirement Calculator www.aarp.org/work/retirement-planning/retirement_ calculator/ •• Department of Labor Lifetime Income Calculator www.askebsa.dol.gov/lia/home •• Life Insurance Calculator www.calcxml.com/calculators/life-insurance-calculator •• Net Worth Calculator www.calcxml.com/calculators/bud07 •• Social Security Quick Calculator www.ssa.gov/oact/quickcalc/ •• Social Security Life Expectancy Calculator www.ssa.gov/oact/population/longevity.html 10
SEPTEMBER/OCTOBER SEPTEMBER/OCTOBER 2017 2017
COVER
story
Hospice Care What CPAs Need to Know to Assist Clients
E
nd-of-life decisions are sensitive and difficult. One such decision is whether to have hospice care in order to assist in the final part of one’s life. Although CPAs are not medical professionals, clients sometimes consult them regarding financial issues while making end-of-life decisions. CPAs need to know some relevant background on hospice care so that they can better assist clients during this stressful time. In particular, CPAs can provide valuable advice in this area regarding financial issues, including asset protection, estate planning, and Medicare and Medicaid reimbursement. Hospice care began in the U.S. in the 1970s. Initially, hospices operated on a not-for-profit basis, but many forprofit hospices have been established in recent years. The goal of hospice care is to provide palliative medical care and other kinds of support during the last phase of a patient’s life. This includes emotional support for both the patient and his or her family. Hospice care may take place in a hospice facility, in the patient’s home, in a hospital, or in a nursing home. Patients are generally eligible for hospice care if their life expectancies are six months or less and if it is prescribed by a physician. According to Gerry Radford, President and CEO of Tidewell Hospice in Sarasota, because many patients do not understand they can qualify for hospice care in advance, they don’t receive all the care to which they are entitled. He also emphasized that patients with
12
SEPTEMBER/OCTOBER 2017
By Will Quilliam and Noema “Amy” Santos
longer life expectancies may still work with counselors at hospices, even though they do not yet qualify for hospice care. This can ease the transition for eventual hospice care. After receiving a terminal diagnosis, many patients consult CPAs and other financial professionals to obtain advice and to “get their affairs in order.” Patients will be concerned with payment for hospice services. CPAs should, therefore, have a basic understanding of hospice care reimbursement. Approximately 90 percent of hospice patients are older than 65 and have Medicare Part A. This entitles them to the Medicare Hospice Benefit, which will reimburse all necessary medical costs related to their terminal illnesses in hospices which are Medicarequalified (over 90 percent of hospices are). Therefore, patients’ assets need not be used to pay for this care. Patients must agree in writing to seek palliative care only, as the Medicare Hospice Benefit will not pay for any treatment which is intended to cure illness. It also won’t pay ➡
FLORIDA CPA TODAY
www.ficpa.org
13
COVER
story
for medications which are not related to terminal illnesses; nursing home room and board; care from non-hospice providers; or hourly care. The hospice team must approve and provide all care related to terminally ill hospice patients. Otherwise, patients could be held liable for the costs.
a list of those which meet its standards. This list is available on NHPCO’s website at www.nhpco.org. Most hospices are also accredited by the Community Health Accreditation Program (CHAP). A list of accredited hospices appears on its website at www.chapinc.org.
Other patients may be eligible for Medicaid. In most states, including Florida, Medicaid provides benefits similar to those of Medicare. Still other patients may have private insurance. Most private insurance plans have similar hospice benefits as well.
CPAs can also inquire as to whether patients have necessary directives in place, including do-not-resucitate orders, if desired. Members of patient medical teams should have counseled them appropriately; but, CPAs may check with patients to ensure this happens.
Some hospice patients will live longer than the six month life expectancy required for qualification for hospice care. Patients who do so and are still terminal may apply for an extension of eligibility for hospice care. Patients who are no longer terminal will not qualify for further hospice care.
On a slightly different note, patients facing end-of-life decisions often consult CPAs to help plan their estates. Some will wish to bequeath assets to not-for-profit hospices. CPAs can suggest such gifts to help provide services for future patients.
Patients and their CPAs should also be aware of quality control for hospices. The primary way to ensure this is to make sure that the hospice is accredited. The National Hospice and Palliative Care Organization (NHPCO) monitors quality for its member facilities and maintains
Finally, most hospices offer bereavement and grief counseling for survivors. Therefore, hospice care does not end at patients’ deaths. A personal note—To prepare to write this article, the authors toured Tidewell Hospice’s Lakewood Ranch facility. They left comforted by the dedication of the hospice industry to patients’ care. They wish to thank President and CEO Gerry Radford and Communications Director Timothy Wolfrum. FCT Dr. Will Quilliam is an associate professor of accounting at Florida Southern College Barnett School of Business & Economics. He holds a Ph.D., is an educator member of the FICPA and an FICPA Educational Foundation Trustee. Dr. Amy Santos is a professor and chair of the Business/Technology Department on the Bradenton Campus of the State College of Florida. She also is co-director of the Baccalaureate Programs in Business/Technology, an educator member of the FICPA and an FICPA Educational Foundation Trustee.
14
SEPTEMBER/OCTOBER 2017
Unclaimed Property
The Two-Sided Coin CPAs Shouldn’t Toss Aside By Josiah S. Osibodu, CPA, CFE
I
n a country with no shortage of laws, there is one arcane state law that originated from English common law, which is simply referred to as Unclaimed Property Law (UPL). UPL can be a nightmare for the uninformed accounting or finance professional if overlooked or not addressed in some manner. The 50 states, District of Columbia, Puerto Rico, and U.S. Virgin Islands all have some form of UPL on their books, some of which predate 1954.1 UPL, also known as Abandoned or Unclaimed Property Laws (AUP) in some states, is a custodial law (i.e., states take custody of unclaimed property to hold indefinitely for the benefit of the owners) in the U. S. UPL is different from its origin, the common law doctrine of escheat, when states take title to and ownership of unclaimed property.2 In Florida and other jurisdictions, UPL consists primarily of two areas – 1) annual compliance and 2) claims processing. Hence, we have the “two-sided coin” and the rest of this article discusses both sides of the law. Unclaimed property is defined as intangible and tangible (in limited situations) property held in the ordinary course of a holder’s business that has gone unclaimed by its rightful owner during a specified period (i.e. dormancy period, which varies by state and property). Common examples of unclaimed property are: •• Uncashed checks (all types, including accounts payable and payroll) •• Account receivable credit balances (including those written off or adjusted to income) •• Insurance proceeds (including due and unpaid) •• Securities and related property •• Unredeemed gift cards and certificates •• Deposits (including utility and escrow balances) •• Mineral proceeds and interest •• Bank and brokerage accounts (including CDs and certain retirement accounts) •• Contents of safe deposit boxes rented by financial institutions (i.e., tangible property) •• Other outstanding obligations that may or may not be reduced to a check
16
SEPTEMBER/OCTOBER 2017
Holders are required to turn over their unclaimed property to states where they may have employees, vendors, customers and shareholders (if the holder is a publicly traded company) based on the rules discussed here. UPL is a consumer protection law designed to protect property rights of lost owners, and is not a state tax. Therefore, nexus principles (i.e., presence in or connection with a state to compel imposition of its taxes on a holder) do not apply.
Some historical perspective on UPL The U.S. Supreme Court has decided various cases relating to unclaimed property and the states’ constitutional authority to assert rights over owner’s intangible property as far back as 1905.3 However, the Supreme Court decided the states’ “Priority” rule for unclaimed property in the seminal landmark case, Texas v. New Jersey, 379 U.S. 674 (1965) and its progeny.4 The rule decided in Texas v. New Jersey has survived the test of time, and the priority of the states to claim unclaimed property as granted by the Supreme Court is as follows: 1) The state of owner’s last known address as reflected on the holder’s books and records has the first priority, and 2) The holder’s state of incorporation, if the owner’s address is not known, has the second priority.5 The Supreme Court also permitted Florida to intervene in Texas v. New Jersey, when the state claimed it had superior priority rights because the outstanding obligations in dispute were owed to persons whose last known address was in Florida (the Court eventually adopted this position as the first rule). The Court also adopted New Jersey’s position as the second rule, based on the fact that New Jersey claimed it was the holder’s (i.e., Sun Oil Company) state of incorporation. Other states involved were Texas, claiming it had the most significant contact with the disputed amount,
and Pennsylvania, claiming the location of Sun Oil’s principal offices was in the Commonwealth. Although the 1965 case primarily was a conflict between states, Sun Oil’s only claim was to be protected from the possibility of double liability in violation of the Due Process Clause of the 14th Amendment.6 The constitutional issue of double liability unfortunately continues to date and is the subject of recent litigation, as discussed here. In Texas v. New Jersey, the Supreme Court concluded, “We realize that this case could have been resolved otherwise, for the issue here is not controlled by statutory or constitutional provisions or by past decisions, nor is it entirely one of logic. It is fundamentally a question of ease of administration and of equity. We believe that the rule we adopt is the fairest, is easy to apply, and, in the long run, will be the most generally acceptable to all the States.”7
Recent development in UPL It is somewhat perplexing to see how the decision made decades ago for ease of administration has generated lots of controversies and financial risks to holders. States (especially Delaware) and their contract auditors significantly have increased their enforcement activities during the past 10 to 15 years.8 As expected, a holder finally sued the state in the U.S. District Court and the long-awaited court case was decided during the summer of 2016 in Temple-Inland Inc. v. Cook. The federal judge’s decision was critical of Delaware’s audit practices, which resulted in assessing the holder an estimated audit liability of $2.1M from 1986 to 2007, based on a few sample transactions. The judge stated that, “to put the matter gently, defendants have engaged in a game of “gotcha” that shocks the conscience.” More importantly, the judge found Delaware to have violated the substantive due process rights of Temple-Inland, and in so doing, proclaimed the state’s historical audit practice of estimation was unconstitutional.9 Based on this case, which the parties subsequently have settled, Delaware has made some changes to its AUP with little or no change to the “notorious” estimation practice.10 Some believe the federal judge may have created more controversy by his decision on the audit estimation, ➡
and as a result, we should expect more litigation as Delaware (the preferred state of incorporation for SEC registrants) continues to estimate and assess these multimillion dollar audits. Florida UPL allows for the use of reasonable estimation if the holder does not have available records or fails to provide records to prepare the unclaimed property report due and owing by the holder.11
Compliance side Florida’s UPL can be found under Florida Statute (F.S.) Chapter 717 – Disposition of Unclaimed Property, and the UPL for other jurisdictions can be found on their websites (visit www.naupa.org for links to all jurisdictions’ UPL websites). F.S. 717.117 addresses the reporting of unclaimed property, which is due by April 30 (visit www. fltreasurehunt.org for Florida’s Reporting Instruction Manual). The reporting requirements differ by state. Some states have reporting due dates between March 1 and July 1 (i.e. spring reporting states), while others have due dates on Oct. 31/Nov. 1 (i.e. fall reporting states). CPAs, as trusted advisers, can help their clients and companies navigate the UPL maze, as well as assist to accrue for any potential financial exposure, especially when the unclaimed property no longer is on the holder’s books. As a best practice, holders should have written unclaimed property procedures as part of their accounting policies and procedures to ensure multistate UPL compliance and improve their audit preparedness. If necessary, holders can avail themselves of the various states’ voluntary disclosure or amnesty programs to report their past due unclaimed property free of interest and penalty (visit Florida’s website for more information on the Voluntary Disclosure Program).
Claims processing side As states increase holders’ UPL compliance rate on one side, there is more and more unclaimed property building up at the state level on the other side. Former Florida CFO Jeff Atwater, in a press release dated Nov. 1, 2016, announced the state is holding unclaimed property valued at over $1.5 billion. On Jan. 24, 2013, CNN Money reported in an article that states, federal agencies, and other organizations collectively are holding more than $58 billion in unclaimed cash and benefits. States have recognized the use of unclaimed property as good public policy to be used for the common good of their citizens. In Standard Oil Co. v. New Jersey (1951), the Supreme Court stated, “property thus escapes seizure by would-be possessors and is used for the general 18
SEPTEMBER/OCTOBER 2017
good rather than the chance enrichment of particular individuals or organizations.”12 In Florida, unclaimed property is used for public education, pending the time lost owners (or their heirs) come forward to claim their funds. CPAs, as one of the three professions that may register with the state as claimants’ representatives, can assist their clients and companies in locating unclaimed property rightfully belonging to them.13 However, companies should ensure they comply with UPL before filing claims so as not to trigger a state audit. FLTreasureHunt.org and Missingmoney.com are two websites to use to start the search for unclaimed property. Based on my outreach to the Florida’s Division of Unclaimed Property (FDUP) before writing this article, FDUP’s noted their No. 1 topic and request is for holders to adequately report and provide sufficient information, as required by F.S. Chapter 717, so that 1) more owners and heirs can receive their funds, and 2) follow-up contacts with holders to obtain information are far less necessary. With the holder community’s assistance, FDUP stated this collective effort can continue to increase Florida’s annual return rate of unclaimed property to lost owners, which is projected to exceed 60 percent. CPAs planning to offer advisory services in either compliance or claims processing must be cognizant of the applicable UPL in the various jurisdictions to serve their respective clients’ interest (see www.naupa.org). FCT Josiah Osibodu is the managing partner of consulting services at Moyer & Osibodu Unclaimed Property Services, LLC and has over 25 years of state, industry and public accounting experience. He assists clients across various industries with multistate unclaimed property matters including state audits, voluntary disclosures, risk assessments, compliance reporting and implementation of policies and procedures, as well as with unclaimed property due diligence reviews during corporate mergers and acquisitions. Osibodu is a co-inventor of the Unclaimed Property Method and System (Patent Pub. No.: US 2013/0097092 A1) and a co-author of the Unclaimed Property Treatise published by the Bureau of National Affairs (BNA Corporate Practice Series Portfolio No. 74-2nd). He is a frequent speaker on unclaimed property topics and has co-authored various articles.
Endnotes 1
See the National Conference of Commissioners on Uniform State Laws, Revised Uniform Unclaimed Property Act (the 2016 Act), replacing the 1995 Act, 1981 Act, 1966 Act and the first Act promulgated in 1954. Note that Guam also has UPL but not a member of ULC.
2
See the 2016 Act, Prefatory Note.
3
Margaret Cunnius v. Reading School District., 198 U.S. 458 (1905)
4
Pennsylvania v. New York, 407 U.S. 223 (1972); and Delaware v. New York, 507 U.S. 490 (1993).
5
Although not specifically addressed in Texas v. New Jersey, but a rational extension and language added in the 1981 Uniform Act, Sec. 3 (5), is the so called “Third Priority” which states that the state of incorporation may claim property with a foreign address.
6
Texas v. New Jersey, 379 U.S. 674 (1965).
7
Ibid., 379 U. S. 683 (1965).
8
Florida’s Division of Unclaimed Property confirmed on June 1, 2017 by email that contract auditors are utilized for audits inside and outside the state.
9
Temple-Inland, Inc. v. Cook, No. 1:14-cv-00654 20 DE Reg. 776 (04/01/17) (Prop.)
10
F.S. 717.1333(2) as confirmed by FDCP
11
Standard Oil Co. v. New Jersey, 341 U.S. 428 (1951)
12
F.S. 717.135 & 717.1400(2)
13
FLORIDA CPA TODAY
www.ficpa.org
19
The Davis Way
Recounting Lewis Davis’ path to becoming Miami-Dade County’s First African-American CPA
L
By Jan Dobson, sr. director, FICPA Educational Foundation
ewis “Lew” Davis didn’t want to be an accountant. He wanted to teach history. But while attending Florida A&M University (FAMU) in Tallahassee, he aced an accounting class, quickly catching the attention of his professors and his family. Lewis Davis was a remarkable father and Florida CPA. At age 40, and in the prime of his CPA career, he died unexpectedly, leaving his heartbroken wife to raise their three young children. During his short life, Davis was an admired mentor and made unprecedented professional leaps and bounds, not the least of which was becoming Miami-Dade County’s first African-American CPA at age 24. For the 28 years since his death, the FICPA Educational Foundation’s Annual 1040K accounting student scholarships have been awarded in his honor. “Lew was a pioneer in the truest sense of the word,” said John Connor, his friend and colleague at Peat, Marwick, Mitchell and Company.
How it all began One of the six children his father raised in Coconut Grove, Davis’ mother, Rosa, passed away when he was only five. “Lew’s family was always into numbers,” explained his wife, Flo. “In raising the kids, James Henry Davis emphasized the importance of education, hard work and dreaming big. As adults, all of the Davis children became accountants, attorneys and teachers.” It was James Davis who first advised his youngest son Lew to consider becoming a CPA. When his older sister got wind of this thing called “being an accountant,” she, too, encouraged Davis to become a CPA, despite his insistence that he wanted to teach history. Lew met his future wife, Florence “Flo” Gardner, in high school in Miami. She graduated a year before he did and attended FAMU. A year later, Davis followed her to Tallahassee, graduating with a degree in accounting in 1968. The two married and had three children – Todd, Shonda and Lewis Jr. Today, Todd is an executive at Merk Pharmaceuticals; Shonda is a partner in an OB-GYN private practice; and Lewis is a medical alert consultant. 20
SEPTEMBER/OCTOBER 2017
Lewis and Florence Davis, their daughter, Shonda and their youngest son, Lewis Davis Jr., pose for a photo taken at their church.
Despite challenges, Davis perseveres In tiny Coconut Grove in the 1950s and ’60s, the path for an African American kid to become the area’s first CPA of color was anything but easy. “Because of the (racial) tensions happening down south, Lew couldn’t get employment in Miami after graduation,” Flo Davis said. “It wasn’t overt discrimination, but with a growing family to support, we decided to move north where job opportunities seemed greater.” The family moved to Philadelphia, Pa., where Davis worked for three years as an accountant at General Electric’s space and missile plant. One of his FAMU professors kept up with him and created career opportunities for him.
“It was really amazing,” Flo said. “It was Dr. Sybil Mobley who nurtured Lew and enticed him to come back south to study for the CPA exam – and he did.” Davis moved his family back to Miami. With Dr. Mobley’s assistance, Davis was hired by Peat, Marwick & Mitchell in Miami and soon passed the CPA exam, becoming the first African-American CPA in Miami-Dade County, and the second in Florida. Davis’s success didn’t go unnoticed. After earning his CPA license, he was featured in Jet magazine. FICPA Past President Ron Thompkins and Lewis Davis were close personal friends and professional colleagues. “Lewis was the consummate professional, preceding me in public accounting by a few years,” Thompkins said. “He never hesitated to share keys to success in the CPA profession. He mentored me through the CPA exam, and on how to audit cash and receivables.” “Lew’s style and approach to life earned him the right to be constantly referred to as the ‘gentle giant,’” said Connor, who worked with Davis at Peat Marwick beginning in 1971. “I learned a great deal from Lew about leadership since he truly believed in what we refer to today as ‘leading by example.’ I also learned how important it is to be thorough and to pursue issues to their conclusion. These experiences helped me during my 43-year career with KMPG. I often think about Lew and how much our very small team appreciated each other.” “People of color were new to the profession then,” Thompkins said. “Lew’s advice was to always reach out and talk with someone on the inside to find a person to mentor you, regardless of color. He also stressed the importance of participating in company activities – not just technical, but joining in on company-sponsored sports and other social opportunities. Make sure you’re represented and part of the team, Lew advised.”
Davis rises in corporate America and community
“We put ourselves out there. We loved people,” Flo Davis said. Just nine months before his death, Davis decided to venture out, establishing his own accounting firm. Believing he’d have the opportunity to work many more years, he worked tirelessly and made gains as his new firm’s workload increased. “My dad often credited his upbringing with shaping his future,” said his daughter, Shonda Perry. “He was a strong believer in his ‘Coconut Grove roots.’ After all, this is where it all began.”
“Lew Davis lived the life of an 80-year-old, packed into 40 years.”
After Lewis Davis’ untimely death, John Connor, Monte Kane and other CPA members of the FICPA Dade County Chapter decided to honor Davis and his outstanding professional contributions by naming the annual 1040K accounting student scholarships for him. Each year, students from South Florida are awarded Lewis Davis, CPA Scholarships. The 2017 recipients – Eric Hernandez, Tovina Gilpin and Aisha Arias – each received a $3,000 scholarship at the 1040K Run in April. “Because of his spirit, and being the first AfricanAmerican CPA in the county, the 1040K committee felt it a fitting tribute to name the scholarships after him,” EDF past president Monte Kane said. Today, the Davis family and friends remain active sponsors and supporters of the Annual 1040K Run and scholarships. “We look forward to it every year. To us, it’s almost like it keeps him alive…keeps him here with us. Not physically, but spiritually,” Flo Davis said. Perhaps the Davis’ family pastor said it best: “Lew Davis lived the life of an 80-year-old, packed into 40 years.” FCT
In 1976, Davis was hired by Ryder Truck and Rental Co., the world’s largest trucking company at that time. He flourished there, climbing the corporate ladder during the next 10 years. He became director of financial accounting and eventually was promoted to assistant comptroller. He also co-founded the Greater MiamiSouth Florida Chapter – National Association of Black Accountants Inc., sat on the school board and was active in his church and community. FLORIDA CPA TODAY
www.ficpa.org
21
22
SEPTEMBER/OCTOBER 2017
4 University CPE Conferences. 2 Simulcasts. UNIVERSITY OF FLORIDA ACCOUNTING CONFERENCE GAINESVILLE & ONLINE OCT. 5 - 7, 2017
FLORIDA STATE UNIVERSITY ACCOUNTING CONFERENCE TALLAHASSEE & ONLINE MAY 2018
UNIVERSITY OF SOUTH FLORIDA ACCOUNTING CONFERENCE TAMPA OCT. 26 - 27, 2017
FLORIDA GULF COAST UNIVERSITY ACCOUNTING & TAX CONFERENCE FT. MYERS OCT. 26 - 27, 2017
We offer four University Conferences conveniently located around the state, featuring essential topics for CPAs and finance and accounting professionals. These are great opportunities to show your school pride and brag about your alma mater – all while earning CPE credit.
FLORIDA CPA TODAY
To register and learn more, visit www.ficpa.org/Conferences
www.ficpa.org
23
C PA s I N
the spotlight
Boca Raton: Michael Rosenberg of Packman, Neuwaki & Rosenberg presented at the 2017 AICPA Engage Conference. Bradenton: CS&L CPAs was recognized as a top firm for women by the Accounting & Financial Women’s Alliance in its 2017 Accounting MOVE Project.
GOULD
Fort Pierce: Brad Gould of Dean, Mead, Minton & Zwemer was elected a fellow of the American College of Tax Counsel. Gainesville: James Moore & Company was recognized with the 2017 Top Wealth Advisory Firm Award by HK Financial Services.
BERKOWITZ
Miami: Richard Berkowitz of Berkowitz Pollack Brant Advisors and Accountants was named treasurer of The Miami Foundation Board of Trustees.
CINDRICH
Fort Myers: Tami Cindrich of Markham Norton Mosteller Wright & Co., P.A. was elected to serve as a board member for the National Society of Certified Healthcare Business Consultants. The firm also held a Community Shred Day to benefit the United Way of Lee, Hendry, Glades and Okeechobee counties.
BLAES
TRESKOVICH
Ocala: Duggan, Joiner & Company announced that Donna Blaes has been named partner/ shareholder.
Lakeland: Matthew Treskovich of CPS Investment Advisors received the Personal Financial Planning Standing Ovation from the AICPA.
For more news about FICPA members, visit CPAs in the Spotlight at www.ficpa.org/Content/News/Spotlight.aspx.
MOORE
Orlando: Lighthouse Management, LLC announced the promotion of Scot Moore to president. Sarasota: Kerkering, Barberio & Co. was recognized as a top firm for women by the Accounting & Financial Women’s Alliance in its 2017 Accounting MOVE Project. The firm also announced employees donated over 2,000 school supplies to Big Brothers Big Sisters of the Sun Coast. Tallahassee: Governor Rick Scott announced the reappointment of Adrian Alfonso to the Early Learning Coalition of Miami-Dade/Monroe Inc. Tallahassee: Herman Castro, Camila Cote and Chris Howell were among the Florida Citizenship Institute’s Class II graduates.
Announcements published on this page are limited to news focusing on FICPA members, including promotions and new hires; speeches at professional conferences; and other news, such as recognition of business achievements. We do not publish FICPA committee appointments because of space limitations. Please email submissions for CPAs in the Spotlight to communications@ficpa.org. 24
SEPTEMBER/OCTOBER 2017
Tampa: Brian Smith was one of 11 new partners and principals admitted by Dixon Hughes Goodman.
SPENCE
FREY
ICARDI
Tallahassee: Thomas Howell Ferguson, P.A. CPAs congratulated John Spence and Leigh Jenkins on recent certifications and welcomed Alexander Frey, Lauren Sackreiter and Tim Icardi to the firm. JENKINS
FLORIDA CPA TODAY
SACKREITER
UTTER
Winter Haven: Adamson + Co., P.A. announced the addition of Paul Utter as an accountant.
www.ficpa.org
25
26
SEPTEMBER/OCTOBER 2017
Ethics.
At the Speed of Business. Prepare yourself to face the complex, challenging and evolving ethical issues of today and tomorrow. The FICPA’s ethics courses, specialized for CPAs working in business, industry and government, build the trust that your clients, employers, colleagues and the public deserve while protecting your hard-earned license. In-Person Ethics
Ethics: Protecting the Integrity of Florida CPAs (ETH) – 4980 4 Ethics hours Date Sept. 19 Oct. 24 Oct. 25 Nov. 15 Nov. 17 Dec. 4 Dec. 5 Dec. 13
City
Course Number
Member Price
Ft. Lauderdale Tampa Ft. Myers Orlando Miami Coral Gables Tampa Ft. Lauderdale
ETHAS ETH55 ETHFGC ETH60 ETH65 ETH70 ETH75 ETH80
$99 $99 $99 $99 $99 $99 $99 $99
Online Ethics
Ethics: Protecting the Integrity of Florida CPAs (ETH) – 4980 Date
Start Time
Credit
Code
Type
Member Price
Oct. 20 Nov. 10 Dec. 2 Dec. 15 Dec. 28 Jan. 19 OnDemand
8:30 a.m. 8:30 a.m. 9 a.m. 8:30 p.m. 1 p.m. 8:30 a.m. OnDemand
4 ETH 4 ETH 4 ETH 4 ETH 4 ETH 4 ETH 4 ETH
ETHWBR08 ETHWBR09 ETHWBR10 ETHWBR11 ETHWBR12 ETHWBR13 ETHCL17
Webcast Replay Webcast Replay Webcast Replay Webcast Replay Webcast Replay Webcast Replay OnDemand
$85 $85 $85 $85 $85 $85 $75
Online Ethics
Ethics: Protecting the Integrity of Florida CPAs in Industry Date
Start Time
Credit
Code
Type
Member Price
Sept. 22 Feb. 23 Mar. 27
8:30 a.m. 1 p.m. 8:30 a.m.
4 ETH 4 ETH 4 ETH
ETHIWBR2 ETHIWBR3 ETHIWBR4
Webcast Replay Webcast Replay Webcast Replay
$85 $85 $85
Online Ethics
Governmental Ethics: Protecting the Integrity of Florida CPAs (ETHG) – 6957 4 Ethics hours Date
Start Time
Credit
Code
Type
Member Price
Oct. 24 Dec. 8 Jan. 19
8:30 a.m. 8:30 a.m. 8:30 a.m.
4 ETH 4 ETH 4 ETH
ETHGWBR1 ETHGWBR2 ETHGWBR3
Webcast Replay Webcast Replay Webcast Replay
$85 $85 $85
FLORIDA CPA TODAY
These courses comply with the ethics requirements for Florida CPAs established by the Florida Board of Accountancy.
www.ficpa.org
27
S TA F F
reports
Emerging Professionals
By Jennifer Allen and Sara Schmedinghoff, emerging professionals managers
Students learn importance of CPA credential at ASLS
T
he Third Annual Accounting Scholars Leadership Symposium (ASLS) was held June 14-16 in conjunction with the Mega CPE Conference at the Gaylord Palms Resort in Orlando. Twenty-two outstanding college students were selected to attend the threeday invitational program, during which they strengthened their professional skills and learned about the limitless possibilities and benefits of earning the CPA credential. “It’s been enlightening and humbling to be surrounded by such an elite group of people,” one attendee said, “and it’s truly been an honor to be part of this organization.” After arriving, students talked with CPAs in a relaxed atmosphere at The Meet-Up. Young CPAs, FICPA members and other attendees came to enjoy a bite to eat, relax and network. On the first day of the program, the students attended sessions ranging from “A Day
Access Florida CPA Today Archives Online
For your convenience, Florida CPA Today articles from 1997-present are posted on the FICPA’s website at www.ficpa.org/Content/Members/ Tools/Publications/FCT/Archives. aspx. The archives provide a variety of previously published information, including technical articles written by member CPAs, legislative updates, DOR and IRS updates and much more.
in the Life of a CPA” and “How to Land Your Next Job” to “Forensic Accounting,” as well as a Florida Board of Accountancy Q&A. Among the guest speakers who generously volunteered their time were Richard Evans, Anne Marie Hicks, Ryan Myers, Natasha Novikov, Mia Thomas, Drew Ulloa and Karen Vergara. ASLS attendees were paired with MEGA attendees who mentored them during the conference lunch. Volunteers included Kristin Bivona, Jeff Barbacci, Elina Brown, Ed Duarte, Sarah Funk, Brad Gould, Todd Greenspan, Mona Jackson, Keith Jones, Alan Jowers, Karen Lake, Jeff Leslie, Daniel Moylan, Natasha Novikov, Daniel Pulgaron, Angelica Rodriguez, Reina Schlager, Guy Strum, Gracelyn Stuart, Cheri Swain, Carey Vasallo, Alan West and Tom Workman. The mentors got acquainted with students, offered insight and introduced them to colleagues. Some mentors even offered to stay in touch. On the second day of the Symposium, students visited BDO USA, LLP; Allgen Tax and Consulting; KPMG; and Orlando Soccer City Club. The hosts provided warm hospitality as well as insight about their company practices and what they offered accounting interns or starting CPAs. It was the first time many of the students had entered the offices of an accounting firm. Putting on the Accounting Scholars Leadership Symposium involves many expenses. One session included a plated dinner where business-meeting etiquette was demonstrated. Students also were provided with bus transportation to the firm visits. On their own, most college students couldn’t afford a room at the conference venue or the travel expenses. We thank our sponsors, who had the passion and interest to provide the necessary support: Teresa L Harrington; Troy Kimbrough; William E. Langdon Jr.; Richard H. Moran; Margarita M. Pons; Reina Schlager; Richard L. Shapiro; Cynthia Zygadlo; Caler, Donten, Levine, Cohen, Porter & Veil, PA; and Gregory, Sharer & Stuart, CPAs. FCT
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.
28
SEPTEMBER/OCTOBER 2017
From FICPA staff reports
Educational Foundation
By Jan Dobson, FICPA Educational Foundation senior director
Dateline Key Largo
T
he 9th Annual Family Retreat at Ocean Reef and Golf Tournament was a tremendous success, with more than 160 attendees and thousands raised toward scholarships for deserving Florida accounting students. Our generous sponsors make it all possible. Save the date for next year’s Retreat – July 26-29, 2018 – in Key Largo and join the Foundation in thanking our valued sponsors.
Family Retreat sponsors Platinum Kaufman Rossin; Morrison, Brown, Argiz & Farra; FICPA Medallion Mark Brechbill, PLLC FICPA Chair Reception Elizabeth Carlson, CPA Friday Beach Dinner Kerkering Barberio Dive-In Movie GAG Consulting/George Gulisano Raffle Brigade Bookkeeping Luau Entertainment Commercial Finance Partners Silver Foreign Parts Distributors FICPA Chapters Miami Dade; Miami Downtown; North Dade/South Broward; South Dade
HSBC, Primary Eagle
Par Teams: Edwin Watts Golf; Fish Key West Florida; Kaufman Rossin; Niles, Kight & Co.; Storelli Recycling Hole Sponsors: Keith Jones, CPA; Rick Smith, CPA Foundation Friend: Paola Suarez
FCT
To view photos from this year’s event, visit www.ficpa.org/retreat.
Carroll and Company establishes Rick Carroll Endowment
C
arroll and Company CPAs in Tallahassee recently established a new endowment in honor of firm founder and Tax Partner Rick Carroll. Once fully funded, proceeds will provide a $1,000 scholarship annually to one fourth- or fifth-year Rick Carroll, CPA accounting student at Florida Carroll and Company CPAs, State University (FSU). Tallahassee
“It is through Rick’s stewardship that Carroll and Company has become the premier regional accounting firm it is today,” said Abby Dupree, the firm’s managing partner. “He has mentored generations of staff along the way, and has always emphasized client service while supporting staff needs. Carroll and Company and its staff are proud to honor Rick through this endowment.” Carroll established the firm in 1990 and served as managing partner through 2014. A graduate of Furman University, Carroll earned his masters of accounting at FSU and has served on the FSU College of Business Accounting Department’s Advisory Board. He earned his CPA license and joined the FICPA in 1977, and served on the Florida State Board of Accountancy from 2007-2010. He is a past member of the FICPA Board of Governors and a past president of Tallahassee Regional Estate Planning Council, and has served the profession and his community in many other leadership roles. To contribute to the Rick Carroll Endowment or others, visit www.ficpa.org/WaystoGive. If you’re Interested in establishing an Educational Foundation Endowment in honor of someone special, contact Foundation Sr. Director Jan Dobson at dobsonj@ficpa.org or (800) 342-3197, Ext. 380. FCT Platinum sponsor MBAF team members – (left to right) Gabriel San Roman, Cory Rosen, Charles Hughes and Jean Felix LaCroix – enjoy the tournament.
Ed Foundation Past President Jason Chorlins and family relax at the Ocean Reef Retreat. FLORIDA CPA TODAY
www.ficpa.org
29
NEWS
briefs
Gould elected fellow of American College of Tax Counsel
Gov. Scott reappoints Alfonso to Early Learning Coalition
ICPA Board of Directors member Brad Gould, a shareholder in the Tax and the Estate and Succession Planning departments of Dean, Mead, Minton & Zwemer, has been elected a fellow of the American College of Tax Counsel. He is one of only 42 lawyers in Florida to have earned this distinguished honor.
ov. Rick Scott recently announced the reappointment of Adrian Alfonso to the Early Learning Coalition of Miami-Dade/ Monroe Inc.
Fellows of the College are recognized for their Brad Gould, Esq., CPA extraordinary accomplishments and professional achievements, and for their dedication to improving the practice of tax law. They must be nominated by their peers, satisfy established criteria and pass a rigorous screening process.
Adrian Alfonso, CPA Alfonso, of Miami, is the tax director at Kaufman Rossin PA. He received his bachelor’s and master’s degrees from Florida International University and served as president of the Cuban-American CPA Association. He was reappointed as the chair for a term that began June 7, 2017 and will end April 30, 2021. FCT
F
Gould practices in the areas of federal income, estate and gift tax law and business succession planning. He concentrates on business and tax law issues, especially those involving closely held business organizations (S corporations, partnerships and limited liability companies) and their owners. He serves as vice chair of the S Corporations Committee of the American Bar Association’s Tax Section. FCT
30
SEPTEMBER/OCTOBER 2017
G
Curry serves on TaxWatch awards judging panel
F
F
lorida Trend has named five FIPCA member-firms among Florida’s Best Companies to Work For. The ninth annual list includes 100 small, medium and large companies throughout the state. Here are the winning FICPA member-firms and their rankings.
lorida TaxWatch recently announced the winners of the 29th Annual Prudential Productivity Awards. The awards honor state employees who develop and implement innovative cost-saving and efficiency solutions that improve the quality of services provided to Floridians. FICPA President/ CEO Deborah Curry, CPA, CGMA served on the judging panel that selected this year’s winners.
Midsized companied (50 to 249 employees) 22) Daszkal Bolton, Boca Raton 25) Gregory, Sharer & Stuart CPAs, St. Petersburg 26) Berkowitz Pollack Brant Advisors and Accountants, Miami
“I’m honored to have served among the judges who selected the Prudential Productivity Award winners,” Curry said. “It is a privilege to help acknowledge our state workers’ efforts to save money and enhance services for Florida consumers.” To view the complete list of winners, visit www.ficpa.org/ProductivityAwards.
FLORIDA CPA TODAY
FICPA member-firms named Best Companies to Work For
Small companies (15 to 49 employees) 16) Markham Norton Mosteller Wright & Co., Fort Myers 28) Ennis, Pellum & Associates, Jacksonville FCT
FCT
www.ficpa.org
31
MARKET
place
Positions available Gulf Coast Jewish Family & Community Services – Chief Financial Officer. Job Description: The Chief Financial Officer (CFO) is responsible for all financial matters of GCJFCS and its affiliate organizations. The CFO will report to and work closely with the president and chief executive officer. In addition, she or he will partner with the senior leadership team, boards of directors and the board finance committee to develop and implement strategies across the organization. The CFO will ensure reporting and fiscal compliance with regulatory and funding agency rules and requirements (federal and state) for grants and contracts. She or he must be able to adapt to an evolving environment and thrive in an autonomous, deadlineoriented workplace while managing functions including finance, payroll, billing, purchasing and grant accounting. The CFO will set the direction and priorities for all fiscal operations. PRIMARY RESPONSIBLIES: Finance: Oversee cash flow planning and ensure availability of funds needed. Oversee cash, investment and asset management. Oversee financing strategies and activities as well as banking relationships. Develop and utilize forward-looking, predictive models and activity-based financial analyses to provide insight into the organization’s operations and future
planning. Planning, Policy, and Investor Relations: Coordinate the development and monitoring of budgets. Develop financial business plans and forecasts. Participate in agency policy development as a member of the senior leadership team. Engage the finance committee of the board of directors to develop short-, medium-, and long-term financial plans and projections. Represent the company to financial partners, including financial institutions, investors, foundation executives, auditors, public officials etc. Prepare annual financial reports as required for funding agencies and endowments. Remain up to date on nonprofit audit best practices and state and federal law regarding nonprofit operations. To view Accounting and Administration responsibilities, job requirements, and further information, visit http://careers. ficpa.org/jobs/10142432.
Law Office of Howard L. Schwartz, P.A. – CPA. Job Description: Attorney/CPA seeking CPA with tax experience. Must be reliable, organized and work well with others. Looking for succession planning. Successful candidate will also be able to generate business to add to a existing large practice. This is a successful CPA practice, in addition to a law firm and financial advisory firm. Currently, there is the owner/CPA and CPA candidate.
The practice has the ability to grow and is in need of a current CPA for its long term growth. Job Requirements: CPA license in State of Florida. Experience in personal, estate, partnership and corporate tax returns, a plus.
Ahearn Jasco + Company – CPA FIRM - SENIOR ACCOUNTANTS. Job Description: ARE YOU LOOKING FOR A CHANGE? ARE YOU READY TO KICK IT UP A NOTCH AND EXPAND YOUR HORIZONS? Ahearn Jasco + Company (AJC) is hiring experienced tax accountants and CPAs for senior positions! As a member of AJC you will have unlimited opportunities to grow and take on challenging new client assignments. At AJC, we are passionate about the needs of our clients, are dedicated to our profession, and believe in the value of our employees. At AJC we strive to offer a professional and friendly work environment, challenging work assignments, and excellent long term career growth. We are looking for motivated candidates who can grow with our firm. For job requirements and further information, visit http://careers. ficpa.org/jobs/10066588.
Office space Shared office space with other CPA’s near downtown Sarasota available immediately. Expense sharing possible. Length of lease is flexible. Email inquiries to amast@mastcpa. com or call Allen at (941) 953-5036.
Practices Wanted for Purchase or Merger We are a growing 20 person firm Visit www.ficpa.org/classifiedsonline for complete classified ad policies. 32
SEPTEMBER/OCTOBER 2017
looking to purchase or merge with a practice with a small book of business for tax/audit. There could be a possibility of advancement to partner in the near future. Please contact Victor Lerro at victor@vcpa. com or (561) 995-0064. OLDER CPA SEEKS YOUNGER CPA (MUST HAVE PRACTICE) – FOR COST SHARING AND FOR ULTIMATE TRANSITION – LOCATED HOLLYWOOD G R Reid is a growing Midsized Long Island and Boca Raton CPA and Consulting firm interested in meeting with retirement minded practioners who are seeking a succession plan. To investigate the opportunity in confidence, please contact our local partner, Elliot Kostick at (954) 7924477 x595 or EKostick@grrcpas.com.
Established CPA firm of over thirty years, with partners looking toward retirement within the next ten years, are seeking to merge with public accounting firm with auditing, accounting, and tax practice. Ideal for a firm with younger partners seeking to expand. 1,754 square feet of Class A space available to accommodate additional individuals in Fort Lauderdale office near I-95 and East Commercial Boulevard. E-mail richard@jagusztyncpas.com, if interested. Growing South Florida CPA firm looking to purchase or merge with a retirement-minded CPA in Florida. Favorable purchase terms offered with continuing employment opportunities available. Please
contact Jeff Taraboulos at info@ksdtcpa.com or (305) 670-3370.
Practices for Sale Many new listings now available including Panhandle area, Space Coast area and Orlando area grossing $1,000,000+ each. Tampa Bay area grossing $250,000 to $900,000. Southeast Florida grossing $300,000 to $1M. Visit our website: https://www.cpasales.com/ practices-florida for details on each. Others available weekly. Great 90% conventional bank financing available. Close in 3 weeks!! Contact us now by phone, fax, or email. PROFESSIONAL ACCOUNTING SALES. Selling practices throughout Florida for over 34 years! Tel: 800-729-9031 or 561-666-6737.
DOR
update Upcoming CPE: Florida Sales and Use Tax Issues November 16, 2017 • Tampa and Simulcast Learn critical, need-to-know information regarding sales and use tax in Florida for public CPAs with Florida business clients and CPAs in industry who work for companies doing business in Florida. Review most current Florida tax statutes and cases. Register online at www.ficpa.org.
New Law Changes Sales and Use Tax Provisions
By Valerie Wickboldt, DOR communications director
T
he signing into law of Chapter 2017-36, Laws of Florida, implements several sales and use tax provisions. Among them are the elimination of certain fees and a reduction in commercial rent tax. Fees that will be eliminated effective Jan. 1, 2018 include the sales and use tax registration fee of $5 for paper filers; the annual fee for fuel or pollutants licenses; the dry cleaning tax registration fee for paper filers; and the quarterly fuel tax refunds $2 fee. The sales and use tax on commercial real property rentals will be reduced from 6 percent to 5.8 percent effective Jan. 1, 2018. The total amount of rent paid for the right to use or occupy commercial real property is subject to sales tax and applicable discretionary
34
SEPTEMBER/OCTOBER 2017
sales surtax, unless the rent specifically is exempt. The new sales-tax brackets for the reduced statetax rate, as well as combined state rate and various discretionary sales-surtax rates, will be available on DOR’s website at floridarevenue.com/forms. Additionally, Chapter 2017-67, Laws of Florida, provides for the adoption of the Internal Revenue Code and an increase to six months for the period of the extension for calendar year-end taxpayers. Also, June estimated payments due on the last day of June now must be paid by the last Friday in June when the last day of June falls on a Saturday or Sunday. For more information email Valerie Wickboldt, DOR communications director, at valerie.wickboldt@ floridarevenue.com. FCT
REGISTER NOW! www.ficpa.org/ABS
Sept. 27 – 29, 2017
Ft. Lauderdale – Broward County Convention Center FICPA hits the target each year with this show and this year is no different. Join nearly 700 accounting professionals across the state to learn about the latest accounting trends from nationally recognized experts. You don’t want to miss this show.
Hands-On Technology Workshops • International Content Business and Industry Focus Hands-On Technology Workshops Sponsored By
F L O R I D A
Florida Institute of Certified Public Accountants P.O. Box 5437 Tallahassee, FL 32314-5437
PRESORTED STANDARD U.S. POSTAGE
PAID
Tallahassee, FL Permit No. 144