Spring 2020 - Florida CPA Today | Volume 36, Number 2 by Florida Institute of CPAs

SPRING 2020 | VOLUME 36, NUMBER 2

Leading in

Uncertain Times Florida Legislative Session 2020, Before and After COVID-19

PAGE 17 COVID-19 and Your Workforce: Lessoning Employer Liability Later Starts Now

PAGE 21 Property and Novel Coronavirus (COVID-19): Is My Business Covered?

PAGE 25 Keeping You Learning While Working Remotely

We’re here for you. We know that the COVID-19 pandemic is causing unprecedented challenges for you and your clients. The FICPA has resources to help. Visit ficpa.org/covid-19 to access our coronavirus resource center.

FICPA

CORONAVIRUS RESOURCE CENTER ficpa.org/covid-19

YOU’LL FIND:

• News from local, state, and federal governments • Regulatory updates affecting your practice • Legislative developments your clients need to know about • Online learning opportunities to help you stay up to speed

NEED HELP OR HAVE QUESTIONS? REACH OUR TEAM ANY TIME:

Email: msc@ficpa.org | Live Chat: FICPA.org | Phone: (850) 224-2727 or (800) 342-3197 Florida Institute of CPAs

CONTENTS PRESIDENT/CEO Deborah L. Curry, CPA, CGMA EDITORIAL COMMITTEE David J. Hochsprung, CPA, chair Joel M. DiCicco, CPA Lynda M. Dennis, CPA David S. Holland, CPA Jonathan S. Ingber, CPA Michael S. Kridel, CPA Troy Y. Manning, CPA Ryan A. Myers, CPA Will Quilliam, CPA All articles submitted to Florida CPA Today are subject to technical review, Editorial Committee review, space availability, and editing requirements and restrictions. Florida CPA Today publishes letters to the editor in its Members’ Forum. For information about the guidelines, visit 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. (FICPA), nor should statements be considered endorsements of products, procedures or otherwise. The FICPA reserves the right to reject any editorial material or paid advertising that does not meet Florida CPA Today criteria or detracts from its ethical and professional standards. Florida CPA Today is published quarterly by the Florida Institute of Certified Public Accountants, Inc., 3800 Esplanade Way, Suite 210, Tallahassee, FL 32311. Telephone: (850) 224-2727 or (800) 342-3197. Visit our website at 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. © 2020 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.

COVER STORY

Leading in Uncertain Times Cover photo: CPA Legislators (l-r) Caruso, Gruters & Stevenson at the Florida Capitol. Photo Credit: Tim Wheeler, TREW Media

FEATURES

17 21 25

DEPARTMENTS

COVID-19 and Your Workforce: Lessoning Employer Liability Later Starts Now Property and Novel Coronavirus (COVID-19): Is My Business Covered? Keeping You Learning While Working Remotely ENDORSED PARTNER CONTENT

Six Tips to Protect Your Mobile Devices from Cyber Threats

2 4 6 28

President's Message

30 32 34 36

Staff Reports

Chair's Message News Briefs In Memoriam: Jerome Schine

DOR Update CPAs in the Spotlight Marketplace

Important Note to Readers In response to Gov. DeSantis’ Safer At Home Emergency order, you are receiving this issue of Florida CPA Today at your home. To update your home address or other contact information in our files, please visit www.ficpa.org, Member Resources/My Account/Personal Profile Update & Professional Profile Update. The government and regulatory response to the COVID-19 pandemic is rapidly evolving. Readers are urged to confirm technical information provided in this issue. For the most current updates, visit the FICPA Coronavirus Resource Center at www.ficpa.org/COVID-19 and refer to IRS, DOR, DBPR and other official websites. The FICPA is here for you. Contact our Member Services with questions. Email: msc@ficpa.org | web chat: www.ficpa.org | phone: 850-224-2727. We hope you and your loved ones are safe and well. Happy Reading!

Visit issuu.com/ficpa to access and download the digital version of Florida CPA Today. SPRING 2020 | FLORIDA CPA TODAY

PRESIDENT'S MESSAGE

We’re Here for You Several months ago, this world-wide pandemic was a small health crisis in far-away lands. Now, most Americans are self-isolating (at least that is the hope). Our resilient profession is working remotely, digging into the new Paycheck Protection Program, changing regulations, tax relief measures, revised procedures, bridge loans, Families First Coronavirus Response Act, Unemployment Compensation CARES Act and more. I hope that you, our FICPA members who are on the front lines supporting clients, customers, citizens, stakeholders and businesses in great need are feeling supported by your FICPA team. We are here for you. Our staff is safely working remotely, we are operating at 100% to meet your needs. Here’s an evolving rather than complete list of what we’re doing on your behalf:

DEBORAH L. CURRY CPA, CGMA

I am thankful to be a CPA and thankful for your tireless work. I am thankful for our dedicated FICPA staff and volunteer leadership. We are here for you, every single one of us.

• Advocacy — our cover story is about the 2020 legislative session. As important as that advocacy work was, as session ended, our COVID-19 advocacy work was just beginning. We immediately began contacting the IRS, DOR, DBPR, BOA, Congress, NASBA and others about tax relief, licensure deadlines and much more. • CPE — We are restructuring many in-person conferences and seminars into virtual online events. We are expanding our online learning offerings to keep you in-the-know and prepared to assist others. • Member Communications — We are using all our communication channels to support you and empower CPAs to support each other. • CONNECT GROUPS (Free): Are you a member of our free, FICPA member-only Connect Groups? If not, check them out at connect.ficpa.org. These discussion groups are shining examples of member-to-member discussions about all manner of COVID-19 questions, information and problem solving. • FICPA CORONAVIRUS RESOURCE CENTER: ficpa.org/COVID-19 is your continually updated COVID-19 source for what’s most important to Florida CPAs. • SOCIAL MEDIA: We post breaking news on Twitter @ficpa, YouTube, Instagram and Facebook. Connect with us! • EMAIL, VIDEO, NEWSFLASH: I’m the first to complain about too much email. But, I’m here to encourage you to update your communication preferences and contact information on ficpa.org to ensure you are subscribed and receiving FICPA COVID-19 alerts and news. For today, and for the foreseeable future, COVID-19 is the new acronym we know and wish we’d never heard of. I am so proud of our profession’s resiliency and how we are leading the way for so many in need. I am thankful to be a CPA and thankful for your tireless work. I am thankful for our dedicated FICPA staff and volunteer leadership. We are here for you, every single one of us. Be well, stay connected.

FLORIDA CPA TODAY | SPRING 2020

THE POWER OF LIGHT

ETHICS CPE

Prepare yourself to face the complex, challenging and evolving ethical issues of today and tomorrow. The FICPA’s ethic 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. FICPA ethic courses comply with the ethics requirements for Florida CPAs established by the Florida Board of Accountancy.

IN-PERSON/LIVE STREAM

Ethics: Protecting the Integrity of Florida CPAs (ETH) – 4980 4 ETHICS HOURS

Date

City

Code

Jun 16

Boca Raton + Live Stream

Jun 22

Orlando

Jun 23

Tampa + Live Stream

Aug 8

Orlando

20SVC

$199

Aug 26

Orlando

ETHSLGAC

$104

ETH20 ETHHCC2

Member Price $104 $104

ETH30 $104

ONLINE WEBCAST REPLAY

Ethics: Protecting the Integrity of Florida CPAs (ETH) – 4980 4 ETHICS HOURS

Date

Start Time Code

Member Price

Apr 22

12:00 p.m.

ETHHCC

$159

May 22

8:30 a.m.

ETHWBR01

$85

Jun 5

8:30 a.m.

ETHWBR02

$85

Jun 13

9:00 a.m.

ETHWBR03

$85

Jun 26

8:30 a.m.

ETHWBR04

$85

Jun 30

8:30 a.m.

ETHWBR05

$85

WEBINAR

Ethics: Protecting the Integrity of Florida CPAs (ETH) – 4980 4 ETHICS HOURS

Date

Start Time Code

Member Price

May 19

8:00 a.m.

$104

ETH00

ONDEMAND

Ethics: Protecting the Integrity of Florida CPAs (ETH) – 4980 4 ETHICS HOURS

Course Code

Member Price

ETHOL19 $75

FICPA.ORG/ETHICS SPRING 2020 | FLORIDA CPA TODAY

CHAIR’S MESSAGE

Finding the Good in the New Normal As I write this column, the last one for my year as your Chair, I am sitting in my newly appointed, and hopefully temporary, home office — my dining room. So much has changed in just a few short weeks. As Floridians, we are used to preparing for a Hurricane or major storm, but this “preparation” is so very different. In just the past couple of weeks, we have had three major Acts passed by Congress. Fortunately, the April 15th deadline has now been moved to July 15th, but that doesn’t mean our workload has necessarily decreased — it has just been spread out over a longer time period. As CPAs, we are all trying to make sure we are as up to date as possible on the new relief benefits provided to businesses and individuals so that we can keep our clients as informed as possible. Our economy was humming along and then it just changed, overnight it seems.

ABBY DUPREE CPA

As CPAs, we are all trying to make sure we are as up to date as possible on the new relief benefits provided to businesses and individuals so that we can keep our clients as informed as possible.

When I started writing this column two weeks ago, we still hadn’t received the tax filing relief or any other relief for that matter. I was still contemplating how to handle the staffing of our office and whether to ask everyone to start working remotely. I was wondering how some of our small businesses are going to be able to survive this pandemic and the abrupt downturn in their business. I wasn’t sleeping at night because I was concerned for our staff, clients and general welfare of our population. As a person who always tries to find the “good” in everything, I was having a difficult time. Now that it has been a few weeks and there isn’t a daily change in the new normal, I’m finding the “good” in things again: • I’m watching families out for walks or golf cart rides all day, every day and I’m taking some walks myself • I’m spending more time with my family and we are finding new ways to occupy our time • I’m especially happy to spend as much time as possible with my son who is supposed to leave for boot camp with the Navy on May 5. • I’m normally working many hours a week this time of year and don’t get to enjoy the spring weather – now I can work outside if I want and enjoy some of this nice weather • I don’t have to spend time getting ready for work each day – I can just wake up and go straight to it without having to worry about how I look! It’s hard to believe that my year as Chair is coming to an end in just a few short months. I am grateful to have served with our awesome Board and Council members this year. They have volunteered a lot of their time to serve the FICPA and its members — please give them a “thank you” the next time you see one of them. I hope all of you can see the happiness in your lives and are taking some time to enjoy your families. Time is precious and this pandemic certainly reminds us of that.

FLORIDA CPA TODAY | SPRING 2020

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A non-exclusive program – no commitment or obligation Compensation for client relationships Income growth potential

We welcome the opportunity to speak with you in depth about the program and the benefits it can provide to both your firm and your clients. Please contact Chris Thompson, CFP ®, CRPC ® if you have any questions about our program: 904-273-7956 or toll free 1-800-542-2370 or email Christopher.thompson@wellsfargoadvisors.com. Advisory programs are not designed for excessively traded or inactive accounts and may not be suitable for all investors. Please carefully review the Wells Fargo Advisors advisory disclosure document for a full description of our services, including fees and expenses. The minimum account size for these programs is between $25,000 and $2 million.

Investment and Insurance Products: NOT FDIC Insured

No Bank Guarantee

MAY LOSE VALUE

Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC, Member SIPC, a registered broker-dealer and non-bank affiliate of Wells Fargo & Company. 0819-01509

NEWS BRIEFS

FICPA Official Notice ANNUAL MEETING OF THE MEMBERS In compliance with Article III and Article XI, Section 6 of the FICPA Bylaws, be it known that the Regular Meeting of the FICPA Council will be held on Thurs., June 11, 2020 at 10:00 a.m. Additionally, the Annual Meeting of the Members will be held at 9:20 a.m. on Friday, June 12, 2020. Both meetings will be held at Disney’s Contemporary Resort in Orlando, FL (in conjunction with the Mega CPE Conference).

FICPA SCHOLARSHIP FOUNDATION ANNUAL MEETING In compliance with Article II, Section 4 of the Bylaws of the FICPA Scholarship Foundation, be it known that the Annual Meeting of the Members will be held on Tuesday, June 9, 2020 at Contemporary Resort, Orlando, Florida immediately following the Board of Trustees’ Meeting.

COVID-19 NEWS

CPA Exam Testing Window Extensions Announced

In response to the COVID-19 pandemic, Prometric test centers used for taking and scoring the CPA exam closed temporarily March 17. According to the prometric.com website, the NASBA, AICPA and Prometric have made decisions to invoke emergency testing periods and waive rescheduling fees. For the latest information, visit www.nasba.org. COVID-19 UPDATE

National CPA MAP Survey Postponed The FICPA works with the AICPA in the research, promotion and distribution of the biennial National MAP Survey. The 2020 edition was to begin surveying members in April, however due to COVID-19 concerns the survey will be postponed until 2021.

Said Emily Peters AICPA lead specialist, “This decision did not come easy but we feel confident it is the right choice in putting our members and practitioners at top of mind.” 6

FLORIDA CPA TODAY | SPRING 2020

MEMBER NEWS

Jim W. Spencer, CPA, Appointed President of Greater Miami Tax Institute

Jim Spencer, CPA, was named president of the Greater Miami Tax Institute (GMTI) for 2020. Spencer is director of international tax services for Berkowitz Pollack Brant Advisors + CPAs.

GMTI is a non-profit organization that was founded in 1961 to provide its members with timely and educational information on important tax topics relating to domestic and international taxation, business operations, estate planning and charitable giving. Spencer, who was previously vice president of the GMTI, has more than 25 years of international accounting experience. In addition to his role with the GMTI, he is active in industry associations, including the Brazilian-American Chamber Trade Committee and Society of Trust and Estate Practitioners. FICPA EVENT UPDATE

CPA Day of Service Postponed

The FICPA YCPA committee spearheading the annual statewide CPA Day of Service has postponed the event, originally scheduled for May 16. “At this time, our highest priority is the safety of our members. We take COVID19 very seriously. Out of concern for all involved, we’ve made the decision to postpone the CPA Day of Service,” said Jennifer Allen, FICPA emerging professionals manager. On the annual day of service, CPA volunteers from across Florida give back to their communities through a wide variety of service projects. The YCPA committee will announce the rescheduled date as soon as next steps are determined. Direct questions to Jennifer Allen or Monica Davila at emergpro@ficpa.org.

AT T E N D V I R T U A L LY

June 9-12 Disney’s Contemporary Resort in Orlando UNLIMITED LEARNING & NETWORKING The Mega CPE Conference is FICPA’s premier learning and networking experience. Network with over 500 accounting professionals and connect with more than 50 sponsors, vendors, and exhibitors. Choose from 50+ sessions in the following themes: • State Tax • Cannabis/Hemp • Employee Benefits • Hot Topics and more! • Tech Innovations

Four days. Disney magic. An immersive experience. Up to 24 hours of CPE.

IT’S MEGA! #MEGACPE

“MEGA OPTIONS” The Conference also hosts FICPA’s annual Women’s Leadership Summit and the Accounting Scholars Leadership Symposium (separate registration required). Plus, the event’s keynotes and vendor showcase make this the best event for Florida CPAs to learn, connect, and achieve.

FICPA.ORG/MEGA

STATE TAX

A L S O AT

C O N C E N T R AT I O N FEATURING THE BEST OF THE BEST IN STATE TAX

MARSHALL STRANBURG

Deputy Executive Director, Multistate Tax Commission, Washington, D.C.

J O R DA N G O O D M A N

Partner, HMB Legal Counsel, Chicago

The FICPA MEGA Conference 2020 offers five unique concentrations under one MEGA umbrella. Mix and match sessions or focus on one unique topic.

June 11-12 Disney’s Contemporary Resort in Orlando Trending multi-state tax cases that impact your businesses’ tax footprint.

Just one of many magical reasons to attend!

NEWS BRIEFS

COVID-19 NEWS

CPAs Deemed Essential Service During COVID-19 Financial Service providers, including CPAs, are included in the “Essential Critical Infrastructure Workforce” advisory list established by the Cybersecurity and Infrastructure Security Agency (CISA). According to its website, the financial service category includes:

• Workers who are needed to provide, process and maintain systems for processing, verification, and recording of financial transactions and services, including payment, clearing, and settlement; wholesale funding; insurance services; consumer and commercial lending; and capital markets activities). • Workers who are needed to maintain orderly market operations to ensure the continuity of financial transactions and services.

• Workers who are needed to provide business, commercial, and consumer access to bank and non-bank financial services and lending services, including ATMs, lending and money transmission, and to move currency, checks, securities, and payments (e.g., armored cash carriers). • Workers who support financial operations and those staffing call centers, such as those staffing data and security operations centers, managing physical security, or providing accounting services. • Workers supporting production and distribution of debit and credit cards. • Workers providing electronic point of sale support personnel for essential businesses and workers. For more information refer to cisa.gov.

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FLORIDA CPA TODAY | SPRING 2020

DAYS

FEBRUARY – JUNE 2020

IN-PERSON

CFO

SERIES

FORMATS

CPE CREDITS

WEBINAR

CFO Series will prepare you for the latest responsibilities of today’s CFOs and give you the tools to differentiate yourself and your company.

20 TOPICS

LOCATIONS: Embassy Suites Tampa Airport Westshore Sheraton Suites Fort Lauderdale at Cypress COURSE TIMES: 8:00 a.m. - 4:00 p.m. DEVELOPER: Executive Education, Inc. INDIVIDUAL COURSE PRICE: $350 Member $475 Non-Member CFO SERIES PRICE: $1275 Member $1900 Non-Member

THE CFO SERIES HAS THREE DAYS LEFT! Each day includes four different two-hour topics presented by 5 different financial management veterans. Every topic and each day stands on its own. If you are unsure about making a five-day commitment, sign up for a single day. DAY 1

CASH MANAGEMENT

Learn to manage AR and AP more effectively. Find better methods to manage cash. Consider new cash forecasting techniques. Make meetings fun & productive.

DAY 2

ADVANCED SKILLS, MADE EASY

Understand how to create projected Balance Sheet and Cash Flow statements. Review advanced methods for assigning overhead. Learn how to fix a badly organized chart of accounts. Learn how to create better PowerPoint presentations.

DAY 3

EMOTIONAL INTELLIGENCE APRIL 23 | WEBINAR

Learn why emotional intelligence is the critical success factor. Find out how to motivate the right way. Examine real-world business ethics cases. Learn better ways to deliver bad news.

Earn respect for yourself and your team. Learn why “It’s All About Action!” Find out how to communicate your message quickly and clearly. Learn 10 tips for success and 13 signs of failure.

ficpa.org/cfo-series

Learn to think more critically. Understand how to network more effectively. Gain insights into managing compensation and bonus plans more effectively. Learn some of MS Word’s advanced features. SPRING 2020 | FLORIDA CPA TODAY 9

DAY 4

DAY 5

DEVELOPING CREDIBILITY MAY 29 | WEBINAR

BECOME MORE EFFECTIVE JUNE 25 AND JUNE 26 | IN-PERSON

Leading in

Uncertain Times Florida Legislative Session 2020, Before and After COVID-19

By Justin Thames, DPL, director of governmental affairs

he 2020 Florida legislative session opened with all the familiar pomp-and-circumstance. On January 14, both the House and Senate chambers were filled with the aspirations of the legislature and the Governor — both outlining bold visions of how to make a positive impact on the lives of our state citizens. With high optimism and strong desire to tackle some of the state’s most pressing issues, it was hard for anyone to foresee an ending that would leave more questions than answers about Florida’s future. In the last few weeks of the 60-day session, it became gravely apparent that certain steps would need to be taken to finalize the state’s budget and to prepare for the impact of the COVID-19 coronavirus pandemic. The legislature needed more time. As if to be a sign of rough waters ahead, the “official last day of session was Friday the 13th, and for everything but the budget, it was. 10

FLORIDA CPA TODAY | SPRING 2020

Lawmakers would add six days to their deliberations in order to finally vote and approve the state’s $93.2 billion budget for FY 2020-2021. Legislators allocated $60 million of the state budget for combating the pandemic and for increasing state reserves to $3.9 billion. With the ability to make cuts by his veto power, Gov. Ron DeSantis made it clear that budget adjustments likely would be needed. “We now are in a different world than we were just a few weeks ago and we’re going to be looking to see how Florida is able to respond to the COVID-19, said DeSantis. As this article is being written, there is a strong possibility that lawmakers will convene for a future special session to adjust the state’s budget, in response to COVID19. What started with hopes of continued prosperity and growth for the state ended in a cloud of uncertainty and doubt as to what life will look like post pandemic.

AN ACT RELATING TO PUBLIC ACCOUNTANCY 2020

The FICPA tirelessly advocates for Florida CPAs. Long before each legislative session, the FICPA sets advocacy priorities on behalf of its members. The priorities are consistent with policies set by the Institute’s Board of Directors and Committee on State Legislative Policy. The FICPA also supports and establishes policy in support of the model Uniform Accountancy Act (UAA), a national CPA mobility legislative solution developed by the AICPA and NASBA. During the Florida 2020 legislative session, the FICPA proposed and supported several initiatives that were included in legislation sponsored by CPA lawmakers Sen. Joe Gruters and Rep. Cyndi Stevenson. This important legislation went far, but not all the way to being passed by both the House and the Senate. It ultimately died before sine die. As initially proposed and supported by the FICPA, Senate Bill 1140 and House Bill 867 included the following provisions: • “Retired CPA” Status: The concept of a “retired CPA” status has emerged across the country as a growing number of CPAs reach retirement age. The UAA has acknowledged that those who would utilize the “retired

CPA” status are CPAs who still have much to contribute to their communities during retirement. The FICPA SLP and Board voted to support model language included in the UAA regarding a “retired CPA” status. Sen. Gruters and Rep. Stevenson’s legislation and the model UAA language allowed for CPAs at least 55 years of age with a license in good standing to use the term “retired” next to their CPA title, upon application to the Board of Accountancy (BOA). With a “retired” status license, an individual would only be allowed to provide volunteer service not for compensation. A ”retired” CPA would be prohibited from using the term in any way that could be confusing to the public and would be subject to discipline by the BOA if found to use the term in a manner that was not consistent with the intent of the law. • CPE Reciprocity: This is another element of uniformity from the model UAA that is aimed at increasing mobility of the CPA license. CPE reciprocity would have allowed a non-resident Florida CPA to comply with the CPE requirements of the state in which they reside and

BY THE NUMBERS…

Each legislative session, the FICPA identifies legislation that either directly or has to potential to impact the profession. During this session, a record-setting 3,500 bills were filed. In addition, legislators filed 3,000 amendments to those bills. At the close, about only 200 bills would pass and be sent to Governor DeSantis for his signature. The FICPA monitored about 200 bills that had the potential to impact the profession in some way.

3,500 = TOTAL NUMBER OF BILLS FILED THIS SEASON 510

number of bills containing the word "audit"

947

STATE AND HOUSE BILLS

number of bills containing the word "tax"

FILED

228

number of bills containing the term "CPA"

PASSED FIRST CHAMBER

185

number of bills that FICPA tracked

PASSED BOTH CHAMBERS

Concurrent Resolutions....................... 7.......................... 2................................................................ 2 Resolutions (one chamber)............... 84....................... 68............................................................. 0 General Bills................................................ 1,699.................. 317........................................................... 191 Local Bills..................................................... 40....................... 15.............................................................. 15 Joint Resolutions..................................... 27........................ 7............................................................... 2 Memorials.................................................... 26........................ 3................................................................ 0 Appropriation Projects......................... 1,634.................. 0............................................................... 0

TOTALS

3,517 412

210*

*One Chamber Resolutions Not Included Photo to left: CPA Legislators (l-r) Caruso, Gruters & Stevenson at the Florida Capitol. Photo Credit: Tim Wheeler, TREW Media

SPRING 2020 | FLORIDA CPA TODAY

have their principal place of business. However, the non-resident CPA would have to comply with the fourhour Florida-specific ethics course. This provision would have eliminated duplication of state CPE requirements while also ensuring that a Florida licensee maintains an awareness of Florida laws and rules. • Ethics Specificity: Currently, Florida CPE requirements, 473.312(1)(c), F.S., for an ethics training course stipulate that it must include a review of Florida Statutes Chapter 473, Chapter 455 and related administrative rules. The current requirement does not specify what percentage of the ethics training course must cover these topics. The legislation would have required that a majority of ethics course content cover these specific laws and rules. In conjunction with CPE reciprocity, adding specificity to the ethics training course requirement ensures that all licensees are updated on the laws and rules in which they are regulated by. • Licensure-by-Endorsement Clarification: Current law, 473.308(7), F.S., provides for the BOA to certify two types of individuals for licensure by endorsement. The first is any person who has not been licensed as a CPA in another state and has satisfied all other licensure requirements. The other is an individual holding a license in another state and meeting certain other criteria. This legislation clarified that the term “another” used in the first situation excludes individuals who previously held a license in the state of Florida by replacing the term with the word “any”. This change was included in the legislation at the suggestion of the BOA staff. Little controversy was expected as the bills were introduced. The Senate version, SB 1140, would move smoothly through the legislative process and be unanimously voted on favorably by three committees before a final vote by the forty-member Senate. The House version, HB 867, would encounter an unforeseen delay prior to being heard in its first committee of reference. This delay, and subsequent events, would ultimately alter the anticipated outcome of the legislation. Prior to the House bill being heard by its first committee of reference — the House Business and Professions Subcommittee — an amendment was proposed, relating to an existing law. Currently the law requires that any county or school district intending to levy a discretionary sales surtax referendum first must have a CPA conduct a “performance audit” 12

FLORIDA CPA TODAY | SPRING 2020

of the government program to benefit from the surtax prior to a public vote. The bill amendment deleted the requirement of having a CPA conduct the “performance audit” and replaced the definition of “performance audit” for purposes of the specific surtax referendums used in s. 212.055, F.S. with a definition used exclusively by legislative bodies including the Auditor General, Office of Program Policy Analysis and Government Accountability (OPPAGA) and Joint Legislative Audit Committee contained in s. 11.45, F.S. During the committee hearing, the FICPA testified that while we understood that the intent of the amendment was to allow a non-CPA to conduct a performance audit (which is allowed under government auditing standards) there should be further clarification in s. 212.055, F.S. to ensure that the terms used under the definition of “performance audit” did not cause confusion with the same applicable standards. The amendment was adopted without clarification and the bill passed all other committees of reference unanimously. The House bill would eventually be passed by the full House of Representatives and be considered for a final vote by the Senate. The FICPA continued to voice concerns over the potential confusion. On the Senate side, Sen. Joe Gruters revised the language in SB 1140 to clarify that a non-CPA could prepare a “performance audit” specific to s. 212.055, F.S., which is related to discretionary sales surtaxes, and clarify that a “performance audit” under this section would be an “evaluation” and not an “examination” and not cross-reference s. 11.45(1)(j), F.S. The Senate passed HB 867 unanimously with Sen. Gruters amendment, but the House refused to take up the bill and it died in messages from the Senate to the House. The FICPA will continue to advocate for the creation of a “retired” status for CPAs, CPE reciprocity, and the other important issues included in this year’s initial bills. FLORIDA REGULATORY REFORM TAKES SHAPE

In 2013, Florida saw the first push for the deregulation of certain occupations and professions. The effort gained momentum in the House of Representatives in 2017, and reaching its peak when Gov. DeSantis announced licensing reform as part of his inaugural agenda. “Aggressive and appropriate deregulation is a top priority of my administration,” DeSantis proclaimed as he took office. The Governor then followed by holding an event with all licensing boards called the “Florida DeRegathon”.

Thank you to our CPA lawmakers for supporting the FICPA and representing the profession!

Representative Mike Caruso (R-89)

Across the country, Governors and legislatures have seen similar efforts pushed forward. This past year, more than 90 pieces of legislation have been introduced across the states. Early on DeSantis displayed an appetite for broad reforms. In practice however, his approach — and that of the Legislature — has been more measured and thoughtful. The FICPA is grateful for Gov. DeSantis’ leadership on this issue and for his willingness to recognize the public interest in maintaining the regulatory structure that CPAs adhere to. The regulatory reform bills considered during the 2020 Legislative Session: HB 1193 Deregulation of Professions and Occupations — PASSED

• Removes CPE requirements for individuals seeking licensure by endorsement under Chapter 473

HB 707 Legislative Review of Occupational Regulations — FAILED

• Authorizes schedule for systematic review of occupational and professional regulatory programs, including the CPA profession

• Provides schedule of repeal for occupational and professional regulatory programs. The CPA profession scheduled for repeal effective July 1, 2023. HB 1155 Legislative Review of Proposed Regulation of Unregulated Functions — FAILED

• Expand current “sunrise” review and requirements that must be met before adoption of any new regulation of regulated profession or occupation, including CPAs • Has the potential to negatively impact the CPA profession in the event that additional regulations are needed

THE BUDGET

In overtime, the Florida Legislature passed a $93.2 billion budget for FY 2020-2021. An agreement on the state spending plan was forged two days after the original March 13 adjournment. After the Constitutionally required 72-hour “cooling off” period in which the final vote can be taken, the

Senator Joe Gruters (R-23)

Representative Cyndi Stevenson (R-17)

General Appropriations Act (GAA) received a unanimous vote of both chambers. For the CPA profession, spending authority for both the Unlicensed Activity enforcement fund and the Clay Ford Minority Scholarship fund in the Department of Business and Professional Regulation (DBPR) were included in the GAA. The FICPA actively advocated for both. $100,000 – Unlicensed Activity Enforcement

• Funded by $5 portion of CPA license fees. Provides funding to the BOA to combat unlicensed practice of public accounting

$200,000 – Clay Ford Scholarship Program

• Funded by $7 portion of CPA license fees. Provides funds to minority accounting students to finish their fifth year of accounting courses in order to sit for the CPA exam. More than 400 scholarships awarded to students since the program’s inception to help advance diversity within the profession across the state.

Other major line items in FY 2020-21 budget:

• Teacher pay increase: $500 million • $400 million for increasing the minimum base salary for full-time classroom teachers and certified prekindergarten to at least $47,500 • $100 million for providing salary increases to classroom and pre-k teachers who did not get an increase from raising the minimum base and other full-time personnel. • State employee pay increase: 3-percent across-the-board • Affordable housing: $370 million • COVID-19: $25 million for federal match and $300 million in cash reserves for potential virus response • Reserves: $1.3 billion in General Revenue (cash) reserves, $3.8 billion in total reserves

As this article goes to print, Gov. DeSantis has not yet taken final action on the budget. There will likely be significant SPRING 2020 | FLORIDA CPA TODAY

cuts to come due to the COVID-19 pandemic. The Governor still possesses line-item veto authority and there is a strong possibility that the Legislature is called upon to hold a Special Session this summer to revise the FY 2020-2021 budget and address revenue shortfalls in the current FY 2019-2020 budget. Early reports indicate that there will be a dramatic impact to the state’s sales tax revenue due to the health crisis. Stay tuned for more updates from the FICPA Governmental Affairs team. 2020 TAX PACKAGE

Just like the state’s budget, the annual tax package was affected by the looming impact of the COVID-19 pandemic on the state’s economy. Lawmakers had a much more robust platter of tax breaks planned for consumers and businesses alike leading up to the end of the legislative session. At one point the budget included $230 million in tax savings. The final total, however, was trimmed to a meager $47.4 million. The architect of the House version of the tax package, Rep. Bryan Avila, would underscore the decision to scale back the provision in the final bill by saying, “It allows for flexibility, given we don’t know what may be coming in the weeks or months ahead.” What made the final package, what did not: Included:

• 3-day Back to School Sales Tax Holiday (Tax Savings = $41.8 million) • Scheduled for August 7-9 • Clothing (including footwear, wallets and bags) costing $60 or less would be exempt from the state and local sales taxes. • School supplies costing $15 or less and the first $1,000 of the sales price of personal computers and related accessories purchased for noncommercial home or personal use. This includes tablets, laptops, monitors, input devices, and non-recreational software.

• 7-day Disaster Preparedness Sales Tax Holiday (Tax Savings = $5.6 million) • Scheduled for May 29 - June 4 • Exempt items (and price limits): • Portable self-powered light sources ($20). • Portable self-powered, two-way, or weather band radios ($50). • Tarps or other flexible waterproof sheeting ($50). • Ground anchor or tie-down kits ($50). • Gas or diesel fuel tanks ($25). • Packages of batteries, excluding automobile and boat batteries ($30). • Nonelectric food storage coolers ($30). • Portable generators ($750). • Reusable ice ($10). Not Included:

• Communications Sales Tax (CST) Cut (Tax Savings = $24.9 million, First Year and $59.7 Recurring) • The state CST rate would have been reduced from 4.92 percent to 4.42 percent (a 2.52 gross receipts tax and local CST taxes also apply to communications services.) The state CST rate on direct-to-home satellite services would have been reduced from 9.07 percent to 8.57 percent (gross receipts tax, but not local taxes, also apply). • Business Rent Tax (Tax Savings = $15.8 million, First Year and $33.1 Recurring) • Effective January 1, 2021, the state sales tax rate on commercial leases would have been cut from 5.5 percent to 5.4 percent (local taxes also apply).

Visit our Legislative Resources page at www.ficpa.org for an in-depth review of all the provisions included in the 2020 Tax Package provided by Florida TaxWatch, a strategic partner of the FICPA.

FICPA Legislative and Regulatory Policies Guiding 2020 Session Advocacy Priorities Following are two policies crucial to FICPA advocacy work during the 2020 Legislative Session. View all FICPA Legislative and Regulatory Policies at www.ficpa.org.

• Support the creation of “Retired CPA” status for “inactive” Florida licenses at least 55 years of age as described in the 8th version of the Uniform Accountancy Act and pursuant to the safeguards in 473.301 F.S.

• Support CPE Reciprocity as defined in the UAA Model Rules with the additonal requirement of Florida-specific ethics for non-resident licensees seeking renewal.

FLORIDA CPA TODAY | SPRING 2020

WE’RE ONLY SUCCESSFUL BECAUSE OF YOU. Donate to the Florida CPA/PAC when renewing your FICPA dues

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Your voluntary contribution helps us educate lawmakers on the issues that matter to CPAs – from licensing standards to tax reform and more. Stand up for our profession and donate while renewing your FICPA membership!

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

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COVID-19 and Your Workforce: Lessoning Employer Liability Later Starts Now By William (â&#x20AC;&#x153;Billâ&#x20AC;?) T. Krizner and Lynnette Holsinger

hile everyone is facing unprecedented challenges in this time of the worldwide pandemic, employers are particularly stressed in balancing their business operations with ongoing legal compliance. Given the stresses of newly passed laws and the need to creatively engage employees to work from home, it can be difficult to determine what to do, when and how to manage and respond as rapidly as the pandemic itself. Managing health concerns in conjunction with the business operations is keeping everyone up at night. Now is the time to pave the way, create

new opportunity in how work is done, where work is done and, in some cases, when work is done. Addressing the health and well-being of the workforce while maintaining the operations of the business may be achieved by providing opportunities such as remote work. If a remote work policy is not already in place, one should be created and implemented. The policy would address eligibility, specifically related to what positions, any required minimum service time with the organization, and documented minimum performance standards required to be met, just to name a few.

In addition to a written policy, there should be a signed remote work agreement between the organization, the manager and the employee. The agreement should address such items as the expectations of the employee as it relates to productivity goals utilizing specific dates for deadlines and data to support what should be accomplished, days of the week and hours each day that the work will be performed, information security as it relates to the protection of proprietary company information, any confidential employee and customer information, any time limits on the remote work, continued job responsibilities, salary and benefits.

SPRING 2020 | FLORIDA CPA TODAY

Additionally, to solidify remote work understandings, employers must now be sure to comply with The Families First Coronavirus Response Act (FFCRA). This law applies to all employers with less than 500 employees beginning April 2 and sunsets December 31. Some of the basics include:

By acting aggressively now, employers will greatly lessen the chance of increasing liability during a time when they can least afford it. This pandemic will ultimately subside, and employers will want to be postured for continued financial success without being hampered by ongoing litigation.

Paid Family Medical Leave:

• Applies to employees employed at least 30 days (not the current 12-month, 1250 hours). • The employee is unable to work or work remote because of the need to care for children under the age of 18 if the school or place of childcare is closed or the provider of the childcare is unavailable because of a public health emergency. • The first 10 days consist of unpaid leave; however, an employee may elect to use any of their available vacation, sick, and/or personal time. The remaining 10 weeks of the 12 weeks would be paid by the employer up to a maximum of $200/day or $10,000 in aggregate. • There are a few limited exceptions for employers with less than 25 employees.

Paid Sick Leave:

• Full time employees are to be paid for 80 hours and part time employees would be paid for the average number of hours worked in a typical two-week period. • Applies when: • The employee is subject to a quarantine order because of COVID-19 • The employee is seeking medical diagnosis due to symptoms of COVID-19 • The employee is caring for someone subject to the above listed

• The employee is caring for children out of school or daycare due to COVID-19 • The employee is experiencing significant symptoms like COVID-19 • Aggregate limits of either $5,110 or $2,000 would apply. Employers will be provided a payroll tax credit for the amounts paid out regarding the new qualifying event for FMLA and paid sick leave. All records should be detailed and saved to ensure credits can be applied per the regulations and guidance listed within the FFCRA. In addition to considering both remote work options and compliance with the new Act, employers now also face difficult economic realities. When business slows, employers must often engage in a reorganization that includes layoffs. Such adverse actions often result in very costly discrimination lawsuits. To mitigate against such risks, employers should very carefully invest in reorganization memorandums that include the business rationale used in selecting each employee that is impacted. Such memorandums include an explanation of the economic basis for the layoff, the screens (utility, experience, documented performance, etc.) that were used in making such selections, and the timing of the announcement of such layoffs. Given the dramatic legal risk in displacing

FLORIDA CPA TODAY | SPRING 2020

employees in an extreme down job market, employers are wise to seek capable counsel to assist in the creation of such reorganization memorandums. By acting aggressively now, employers will greatly lessen the chance of increasing liability during a time when they can least afford it. This pandemic will ultimately subside, and employers will want to be postured for continued financial success without being hampered by ongoing litigation. The Firm has already handled thousands of calls related to the workplace consequences of COVID-19 and encourages readers to contact Bill or Lynnette directly with questions regarding these critical and timely topics. WILLIAM (“BILL”) T. KRIZNER (bkrizner@thekriznergroup.com) is the founder and operating partner of THE KRIZNER GROUP, a full-service law firm that concentrates its practice in assisting organizations both before and after disputes arise. Recognizing that employers need legal assistance to avoid employment law claims, Mr. Krizner developed the preventative services model to aid clients in avoiding costly lawsuits and other organizational problems before they occur. LYNNETTE HOLSINGER (lholsinger@thekriznergroup.com) as a member of THE KRIZNER GROUP provides services related to HR audits, HR outsourcing, internal investigations, employment law compliance advice and consulting in the areas of employee life-cycle functions, organizational development, union/non-union labor relations, and employee handbooks development and edits.

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A fresh perspective on relevant topics for CPAs Three days of innovative learning held in South Florida’s iconic entertainment destination, Seminole Hard Rock Hotel & Casino in Hollywood, FL! The FICPA South Florida CPA Summit will provide cutting-edge educational programs and networking opportunities in a “staycation” venue. Explore NEW TED-Talk style Learning Labs addressing current business challenges and solutions in a fast-paced, invigorating forum Learn what’s new, as hot topics dominate the agenda — more than 30 sessions — many with a Florida-specific focus

Discuss your business challenges with solution experts in our vendor showcase Extend the fun by taking advantage of special FICPA conference room rates! Enjoy great CPE and outstanding networking events steps away from the entertainment activities available at the Seminole Hard Rock Hotel & Casino!

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Please contact Robert Albertini at Aon Insurance Services at 800.221.3023 or Sam Rogers at Rogers, Gunter, Vaughn Insurance at 800.893.7242 or Doug McCurry at Global Insurance Services, Inc. at 561.487.6001 today! Endorsed By:

Aon Insurance Services is the brand name for the brokerage and program administration operations of Affinity Insurance Services, Inc. (TX 13695), (AR 100106022); in CA and MN, AIS Affinity Insurance Agency, Inc. (CA 0795465); in OK, AIS Affinity Insurance Services Inc.; in CA, Aon Affinity Insurance Services, Inc. (CA 0G94493), Aon Insurance Administrator Backed by theDirect underwriting and claim excellence of and Berkely Insurance Agency; and in NY, AIS Affinity Insurance Agency. One or more of the CNA companies provide the products and/or services described. The information is intended to present a general overview for illustrative purposes only. It is not intended to constitute a binding contract. Please remember that only the relevant insurance policy can provide the actual terms, coverages, amounts, conditions and exclusions for an insured. All products and services may not be available in all states and may be subject to change without notice. “CNA” is a registered trademark of CNA Financial Corporation. Certain CNA Financial Corporation subsidiaries use the “CNA” trademark in connection with insurance underwriting and claims activities. Copyright ©2020 CNA. All rights reserved. E-13414-120 FL

Property and Novel Coronavirus (COVID-19):

IS MY BUSINESS COVERED?

By AON, Commercial Risk Solutions

he global pandemic, COVID-19, has resulted in widespread economic disruption in virtually every country around the world as governments declare states of emergency to try to slow the spread of the virus. As the World Health Organization and national health departments and governing authorities update guidelines for dealing with the virus, medical facilities and providers are being stretched beyond capacity to respond to a steadily worsening worldwide health crisis. Meanwhile, global financial markets and commodities have been subject to extreme volatility as economists continually revise predictions of short and long-term economic consequences, including the potential for a sustained global recession and the timetables for various recovery scenarios. Temporary

business closures and curtailments along with significant related lost sales and sharp revenue declines are raising questions as respects business interruption and even “physical damage” coverages under property policies. Examples of the impacts associated with COVID-19 include: • Cost of sanitizing and testing insured property • Costs of evacuation of an insured property • Resulting loss of income, either from the closure of the premises during sanitization or the loss of customers due to identification of the virus at the insured premises • Income loss and business interruption resulting from closure of a business or significant curtailment of business activity due to require-

ments from civil authorities contingent business interruption or extra expense due to the closure of a facility of a key customer or supplier • Contingent business interruption loss as a result of government-imposed quarantines of individuals and communities deemed to have clusters of cases, as well as enforced closures or severe restrictions on hospitality operations (including restaurants, bars, casinos); commercial air, rail, cruise line, and bus travel; professional and industry meetings and conventions; concerts and theatrical performances; cinemas; sports and other spectator events; malls, shopping centers and retailers; elementary and secondary private and public education; colleges and universities; and public gatherings

SPRING 2020 | FLORIDA CPA TODAY

Aon offers the following observations regarding these types of costs and income losses.

While the introduction of COVID-19 to insured property may be considered a fortuitous (unforeseen) event (similar to other triggers that are typically covered under property policies), it is most likely not covered due to standard policy exclusions.

IMPORTANT: Any coverage analysis must be based upon the wording of an insured’s specific policy(ies) of insurance. PHYSICAL DAMAGE

The trigger for any property insurance policy and resulting time element coverage is physical damage to insured property by an insured peril. Insurers are likely to argue that the introduction of a virus does not constitute direct physical loss or damage to insured property nor is it a covered peril. While the introduction of COVID-19 to insured property may be considered a fortuitous (unforeseen) event (similar to other triggers that are typically covered under property policies), it is most likely not covered due to standard policy exclusions. Insurers may point to exclusions related to loss or damage arising from delay, loss or market, loss of use or indirect or remote loss or damage. Alternatively, a policy may contain a contamination exclusion which embeds virus, disease or illness causing agent in the definition of contaminant. Most property policies, including ISO, specific insurer forms and most manuscript policies, do not cover a loss resulting from a virus. That stated, the news media have reported of a policyholder that recently filed a suit in Louisiana contesting the application of the “physical loss” coverage trigger and policy exclusions. TIME ELEMENT

If the physical damage trigger is not met, the exclusion will also apply to most resulting time element losses. However, there are some select policies designed with specific industries in mind, such as hospitality or retail, 22

that might address some losses caused solely by such a virus. This specific coverage can be referred to in clauses titled “Loss of Attraction,” “Communicable Diseases” or “Special Perils Business Interruption.” The coverage is almost always subject to a low sublimit — usually under $5 million — and is often aggregated as well. Such an extension may only apply to the extra expenses associated with evacuation, disinfection and testing after a building has been closed due to the introduction of a virus, and may not extend to any loss of income. If these types of extensions are in place, they are subject to the policy indemnity periods and generally, the time period for recovery is the length of time that it takes to repair or replace the damaged property (in this case, to sanitize) and possibly any extended period of indemnity. Further, if coverage does apply, an issue may exist as to the number of occurrences or events for which coverage is available. The facts of each claim will determine the answer to the question of number of occurrences. Aon raises this issue for consideration in light of the pattern of previous infectious disease outbreaks where there was significant time between waves of illness. Other questions may arise as respects the application of the “Civil or Military Authority” clause, which is another time element extension that is triggered only by physical damage and

FLORIDA CPA TODAY | SPRING 2020

a directive by a governmental authority that affects access to an insured’s premises. Any discussion of whether or not this extension will apply has to be based upon the specific circumstances of a closure and the actual wording in any policy. GLOBAL PROGRAMS

For clients with global property programs, attention must be paid to coverage provided for local operations and how that coverage may respond to COVID-19. Situations may vary depending on the jurisdiction and circumstances that exist for your operation and loss exposure. If supply chains are disrupted due to any closures or quarantines, the same physical damage and insured peril triggers will apply except perhaps where standalone supply chain or trade disruption policies may be in place. LOCAL, STATE AND NATIONAL GOVERNMENTAL DIRECTIVES

We are monitoring developments, proposals and directives from various legislative bodies related to financial relief and insurance company responses. If there are any mandates that affect how insurers or governments will respond, we will provide updates via the Aon Coronavirus Disease COVID-19 Response Site at aon.com/coronavirus. Disclaimer: This report has been provided as an informational resource for Aon clients and business partners. It is intended to provide general guidance on potential exposures and is not intended to provide

medical advice or address medical concerns or specific risk circumstances. Due to the dynamic nature of the coronavirus, and infectious disease in general, Aon cannot be held liable for the guidance provided. We strongly encourage visitors to seek additional safety, medical and epidemiologic information from credible sources such as the Centers for Disease Control and Prevention and World Health Organization. As regards insurance coverage questions, whether coverage applies or a policy will respond to any risk or circumstance is subject to the specific terms and conditions of the insurance policies and contracts at issue and underwriter determinations. FOR MORE INFORMATION

It is critical to review each policy of insurance in its entirety to determine the extent, if any, of coverage available for the effects of the coronavirus. If you have specific coverage questions, please contact your Aon representative. In addition, please visit the Coronavirus Disease COVID-19 Response Site at aon.com/coronavirus, for updated information. AON plc (NYSE:AON) is a leading global professional services firm providing a broad range of risk, retirement and health solutions. Our 50,000 colleagues in 120 countries empower results for clients by using proprietary data and analytics to deliver insights that reduce volatility and improve performance. Follow Aon on Twitter and LinkedIn. Stay up to date by visiting the Aon Newsroom and hear from our expert advisors in The One Brief. aon.com

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Deeper insight & essential updates for your unique role

NEW DATE: May 7-8, 2020 N E W O N LI N E FOR M AT !

Virtual, interactive conference CPE: Up to 16 FEATURED SPEAKERS:

BRUCE A. NUNNALLY, CGMA, CPA

Nationally-recognized Presenter

MICHAEL “BRETT” HOOD, Director, 21 Century Learning and Consulting

The Florida State University Accounting Conference brings together CPAs from around the state to learn and network together in a virtual setting. Attendees can join via our online, interactive platform and collaborate on key issues and industry updates. Learning is tailored to give Floridian CPAs as well as those connected to the FSU community the information they need to stay ahead of the game. HOT TOPICS: Legislative Update • Cannabis Licensing and Taxation • Technology to Enhance Your Business Revenue Recognition • Section 199A

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FLORIDA CPA TODAY | SPRING 2020

Keeping You Learning While Working Remotely By Donna M. Son, chief operating officer

CPAs are rapidly responding to clients, businesses and customers in need. The FICPA is here with you, continually adding new, relevant CPE content in many forms.

The FICPA remains committed to providing its members with valuable learning during this unprecedented time, including 30 hours of free CPE annually. This year, we are providing 38 FREE CPE hours. This is our way of saying we’re all in this together and to thank you for your membership and loyalty.

We are working diligently with speakers to transition select in-person conferences to a virtual online learning platform with the interaction you expect from a live event. Our online learning library is expanding daily as we add realtime learning opportunities. Thousands of CPAs have recently joined our series of free COVID-19 webinars, including “What We Know About the New SBA PPP Loan.”

Whether you prefer to get your CPE in the wee hours of the morning or by live chat with presenting speakers and other attendees, we have a format for you. Search our CPE catalog and learn more about our learning formats by visiting www.ficpa.org/online.

For a running list of Free COVID-19 Webinars and resources, visit our COVID-19 Resource Center www.ficpa.org/COVID-19. LEARNING OPTIONS AT-A-GLANCE FEATURES

VIRTUAL

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Live Speaker Presenter Live Speaker Q&A* Live peer-to-peer chat** Pre-recorded Speaker Audio & Visual PowerPoint Slides Speaker Access post-event+ Available 24/7 Exam Required for CPE Credit++

*You ask, speaker answers questions live, time permitting **Attendees chat online during Q&A, time permitting +Attendees can send/receive Q&A with speaker via email after the event ++Attendees have 12 months from date of purchase to complete the course and exam.

SPRING 2020 | FLORIDA CPA TODAY

ENDORSED PARTNER CONTENT

Six Tips to Protect Your Mobile Devices from Cyber Threats By Christophe Réglat, President and CEO, Coaxis

he Internet of Things (IoT) has made life more convenient in many ways, from web-connected televisions to smart kitchen appliances. The cars we drive are no longer just vehicles to get us from point A to point B, they are our smartphone, our map and our personal DJ. As a result, an estimated 200 billion devices will need securing by 2020, according to a cybersecurity report in Entrepreneur magazine. Many of these devices have computer processors onboard acting as a self-contained web server for handling communication and other sophisticated functions. Until we start protecting our mobile and other smart devices the same way we protect our computers, we’re inviting increased risk. With smartphones and tablets, it’s become commonplace to use these smaller, mobile devices for work and pleasure just as we would a desktop or laptop computer. With the large amount of personal and protected data stored on these devices, cybercriminals are taking notice.

• Free mobile apps that perform as advertised, but also send personal and/or corporate data to a remote server, where it is mined by advertisers, or worse, by cybercriminals. • Unsecured Wi-Fi and network spoofing, which is when hackers set up fake Wi-Fi networks in high-traffic public locations such as coffee shops, hotels and airports. A survey by cybersecurity software provider Symantec found that three in 10 small- and medium-business owners said employees have lost a company-issued mobile device or had one stolen. Of those, more than 25% said the event resulted in a data breach. When it comes to business, how are you protecting the data on company mobile devices? Here are six tips to help secure your mobile devices:

Consider all the information contained on your mobile devices. Many apps such as Amazon, PayPal and Venmo provide access to your bank account or credit card information. These devices contain direct access to your e-mail, text messages and social media accounts that all can be used to steal your identity and trick others into providing their sensitive information as well. The top mobile device security threats are: 26

FLORIDA CPA TODAY | SPRING 2020

1. Use long, complex passwords, instead of the standard four-digit code. A strong password is at least eight characters and includes a combination of letters, numbers and special characters. For added security, set-up thumbprint or face recognition and ensure your device auto-locks when not in use. Set-up two-factor authentication, especially for apps that store your bank account or credit card information. 2. Turn off Wi-Fi and Bluetooth when not in use. These platforms are essentially open connections to your phone. Only turn them on when you need to use them.

...Three in 10 small- and medium-business owners said employees have lost a company-issued mobile device or had one stolen. Of those, more than 25% said the event resulted in a data breach. 3. Only download apps from trusted sources such as the Apple App and Google Play stores. Malicious apps infected with malware are commonly found in third-party app stores and often resemble legitimate apps such as games, instant messaging and even antivirus software. Tip: Look at the app reviews and star ratings. Be wary of new apps, ones used by few people and those that are free. While it doesn’t cost money to use free apps, the developers want something in return – access to your personal information 4. Don’t click on links in SMS messages from unknown senders. Much like email phishing, “smishing” uses fraudulent text messages to convince people to reveal personal information, such as passwords and credit card numbers. Mobile device users are especially vulnerable to these attacks because the smaller screen makes it harder to spot fake content.

“Smishing” scams are on the rise, in part, because they appeal to cyber criminals who can enable geographic targeting; for instance, posing as a local bank or credit union to send messages to nearby mobile phone users. “Smishing” also poses risks to companies because it can trick users into downloading infected files, potentially exposing sensitive data. 5. Perform regular software updates on your device operating system (OS) and on all apps to patch security vulnerabilities that can give malware access to your phone or tablet. 6. Remote Device Locking. Install software on your mobile device that lets you remotely lock, and if necessary, wipe the data if it is lost or stolen. Everything in our lives is connected and automated, from the security cameras, thermostats, and home baby monitors to medical, sleep and physical activity data. Smart device manufacturers are making strides toward robust security. But, at the end of the day, the responsibility falls largely on every user to adopt best practices and take the necessary precautions to guard against the many threats on the mobile landscape. CHRISTOPHE RÉGLAT is president and CEO of Coaxis, an endorsed program for the FICPA. Coaxis provides CPA firms with a fully hosted and managed network solution designed to remove the complexities of federal and industry compliances, curb the demands of maintaining an IT infrastructure and greatly minimize the threat of cybercrime. For more information, call (850) 391-1022 or email lisa.bryant@coaxissolutions.com.

SPRING 2020 | FLORIDA CPA TODAY

IN MEMORIAM

46th FICPA President Jerome “Jerry” Schine Passes Away Jerry Schine who served as 1973-74 president will be remembered as a tireless mentor. Schine passed away Friday, January 17 in Tampa. He was 93. He is survived by his son Michael Howard Schine of Tampa and predeceased by his wife Marjorie “Margie” Schine. Born and raised in Albany, Georgia, he attended North Georgia Military School [now University of North Georgia]. He entered service in the Army Air Corp in 1945 and graduated from the University of Florida in 1949. Schine passed the CPA exam at the first sitting with the highest grade. Little did he know then the lasting impact he would have on the profession, including six years’ service on the CPA Examination Service board. Schine’s accounting career began at M.A. Montengro & Company. He became managing partner of the Tampa office as a result of the firm’s merger with Arthur Young and retired as senior partner. Jerry helped shape Florida accountancy laws. FICPA members appointed him to the newly created Board of Accountancy committees on accreditation and examinations as the Board planned to implement a statutory amendment requiring continuing professional education. During his 1975-74 FICPA presidency, the FICPA b egan implementing the new statutory amendment requiring CPE. As with other states, what had been a steady increase in demand for continuing educational resources became a deluge as CPAs scrambled to meet the requirements. Schine later recalled, “When we started getting more accounting pronouncements coming out, we realized people were falling behind, so we thought maybe we ought to 28

FLORIDA CPA TODAY | SPRING 2020

offer education to stay current. Afterall, if you are saying you are an expert in accounting and auditing, you should be competent in accounting and auditing.” Schine was appointed to the Florida Board of Accountancy and served as its 1985 chair. He served on the board of the National Association of State Boards of Accountancy and was appointed president in 1989. Loyal to his alma mater, Schine served 12 years on the Fisher School of Accounting steering committee, University of Florida. Remarked Fred Fisher in a recent memorial tribute to Schine, “As a recent UF graduate I met Jerry in August 1959 when, as President of our CPA Chapter, he welcomed me as having also passed the quiz with the highest grades. He was a great example setter for our then very young profession in addition to a very respected and capable CPA.” Schine was a member of the Steering Committee on Ethics at the University of Tampa and enjoyed time as an esteemed guest lecturer at UF, FSU, and USF. Jerry also contributed to his Tampa community, serving on the Hillsborough County Local Government Study Group, as Temple Terrace Golf & Country Club president, Congregation Rodeph Shalom treasurer and in leadership positions for Children’s Center for Cancer and Blood Disease, Tampa Museum of Art and Tampa General Hospital.

THE LEARNING YOU NEED. THE FLEXIBILITY YOU WANT.

On-site learning. Choose the time, date and instructors for your customized CPE. The FICPA wants to be your strategic learning partner. We offer customized On-site training for groups of 15 or more participants. Options range from 4-hour sessions to multi-day training events. The FICPA partners with national learning providers, allowing us to bring current topics to firms and businesses at your convenience.

Engaging. Efficient. Cost-effective. TRAINING SOLUTION

FULL PROGRAM WITH INSTRUCTOR

Our expert and qualified instructors will guide the curriculum and the conversation for you, in accordance with the customized goals for your team. On-site training is simply the easiest way to bring the best customized learning to your accounting and finance staff. And, because the instruction is being offered to a group, group discounts apply.

Call or text 407-538-6048 or email on-site@ficpa.org to learn more about how FICPA On-site learning can be tailored to the needs of your organization.

Learn more and explore course offerings at ficpa.org/onsite SPRING 2020 | FLORIDA CPA TODAY

STAFF REPORT

A Message from New Director Cutchens I am excited and honored to be joining your organization as Director of the FICPA Scholarship Foundation, effective March 11. With my twenty plus years in the nonprofit sector, including work with the Astronaut Scholarship Foundation, and my firm belief in the mission of assisting young minds in their educational endeavors, my number one goal is to continue moving the Foundation forward. In previous roles, I was responsible for all activities including budgeting; financial management; marketing and communications; fundraising; boards, committees and volunteer management; scholarships; educational program management; as well as developing new programs.

With so many hit hard by this pandemic, if you’re able to donate to the Foundation, we would deeply appreciate any gifts to offset the cancellation of our events www.ficpa.org-SF.

As we are in unprecedented times, we have had to cancel a great number of our 2020 fundraising events including: • 1040K Run (Fort Lauderdale) • Day at the Horse Races (Tampa) • Suncoast Scramble Golf Tournament (Oldsmar) Greatest thanks for your understanding and continued support. We also thank the FICPA Sailfish Chapter for planning the Learn@Sea Cruise fundraiser on our behalf, which also was cancelled. With so many hit hard by this pandemic, if you’re able to donate to the Foundation, we would deeply appreciate any gifts to offset the cancellation of our events www.ficpa.org-SF. The importance of the CPA profession is stronger than ever and we strive to continue being the Foundation that assists all of Florida’s future CPA leaders. I am looking forward to meeting and working with you! Best regards, Laura Cutchens

Established in 1959, the FICPA Scholarship Foundation has provided more than $3 million in scholarships and education programs to support Florida accounting students. Through the generous donations of FICPA members, the Foundation continues to provide more than $130,000 a year in scholarships to assist Florida’s future CPA leaders. For more information, contact Laura Cutchens, FICPA Scholarship Foundation director, at 800-342-3197 (office), or 407-474-7676 (direct) or email laura@ficpa.org.

For more information on the Emerging Leaders Program and how to apply, visit

emerging.ficpa.org 30

FLORIDA CPA TODAY | SPRING 2020

F I C PA S C H O L A R S H I P F O U N D AT I O N 3 1 S T A N N U A L

EVENT CANCELED Unfortunately, the annual 1040k Run has been canceled due to the COVID-19 pandemic. We extend our gratitude to the event sponsors and thank them for their continued support of accounting students and future CPAs.

THANK YOU SPONSORS

Use your Member Benefits & Resources to keep you on track during the pandemic! 30 Hours++ of Complimentary CPE Timely, relevant and in immediate response to our current challenges.

Exclusive Member Publications Florida CPA Today, NewsFlash Weekly, and CPE Ahead keep you connected to new opportunities

Virtual CPE Constanly adding CPE virtually to meet your reporting period.

Communities for Young CPAs, Students, & Women in Accounting Be inspired and learn from members in your shoes

Discounted CPE and Events Access hundreds of in-person, online, and on-demand high-quality learning and membership events for less Impact Report Legislative Updates & Advocacy Stay connected to the most important developments during session and support our efforts to educate Florida lawmakers on the value of the CPA profession

Scholarship Foundation Make a difference for the next generation of CPAs

Member Discounts Leverage FICPAâ&#x20AC;&#x2122;s partnerships for exclusive member discounts on products, services, and resources for your practice FICPA Connect The conversations are real, pertinent to you and your clients. Check out: - Federal Tax Group - Florida State Tax Group - MAP (Management of Accounting Practice) -C IRA (Common Interest Realty Associates)

Stay connected by keeping your personal & professional profile updated. If you have any questions, please email membership@ficpa.org or call Member Services at 850-224-2727x1.

FICPA Coronavirus Resource Center â&#x20AC;&#x201D; Stay Informed! FICPA.ORG/COVID-19

SPRING 2020 | FLORIDA CPA TODAY

DOR UPDATE

Not in Compliance with Florida Tax Laws? There’s a Simple Solution Do any of these apply to your employer or your commercial clients who do business in Florida? • They are not registered to pay Florida taxes • They previously underreported or underpaid their taxes • They are worried about being discovered If so, this should ease their minds: The Florida Department of Revenue has a Voluntary Disclosure Program that enables taxpayers to get back into compliance with Florida tax laws by helping them resolve their prior tax liabilities. When a taxpayer files a voluntary disclosure and pays the

tax and interest liabilities, all penalties are waived unless the taxpayer collected but did not remit the tax to the Department. In such a case, a 5% penalty is imposed.

To prevent /avoid incorrect billing notices, unregistered taxpayers will need to send a completed Florida Business Tax Application (DR-1) directly to the Voluntary Disclosure Program.

HOW TO APPLY

Once accepted into the program, the taxpayer will be contacted by the Department.

Taxpayers must submit a disclosure in writing to the Department that contains the following information: • a statement that the Department has not previously contacted the taxpayer about the disclosed tax liability; • the type of taxable activities and period being disclosed; and • contact information for the taxpayer or taxpayer’s representative.

Disclosure requests can be emailed to VoluntaryDisclosure@floridarevenue. com or mailed or faxed to the following: Mail Requests:

Florida Department of Revenue Voluntary Disclosure Program P.O. Box 5139, Tallahassee, FL 32399-0151 Street Address for Overnight Delivery:

Florida Department of Revenue Voluntary Disclosure Program MS-1-4653 5050 W. Tennessee St., Tallahassee, FL 32399-0151 Fax:

(850) 245-5998 Attention: Voluntary Disclosure More information about the Voluntary Disclosure Program is available at floridarevenue.com/taxes/voluntarydisclosure. If you need to speak with a Department representative about voluntary disclosure, call (850) 617-8552. Voluntary compliance is the cornerstone of our tax system. The Florida Department of Revenue appreciates your assistance in ensuring that all taxpayers collect and remit the various state taxes owed. Visit floridarevenue.com for a complete list of taxes administered by the Florida Department of Revenue. 32

FLORIDA CPA TODAY | SPRING 2020

A Member Benefit of:

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CPAS IN THE SPOTLIGHT

CLEARWATER

FT. MYERS

CBIZ MHM, LLC

The Tampa Bay office of CBIZ MHM, LLC announces six promotions: Audit department promotions include Christine McAlarney to managing director, Linden Arakawa to director and Melissa Albano to senior manager. Tax department employees also promoted are John Maceovsky to managing director, Jessica Riley to director and Alicia Polyakov to manager.

CORAL GABLES VERDEJA, DE ARMAS, AND TRUJILLO LLP

Verdeja, De Armas, and Trujillo LLP has promoted Michelle Del Sol to senior manager of the audit department and Cristy Michelle Del Sol Rubio to manager of the tax department.

MIAMI

MARKHAM NORTON MOSTELLER WRIGHT & CO., P.A.

Alisha Angeloff

Jeanna Hermance

MNMW is pleased to announce that Tax Supervisor Alisha Angeloff recently earned her CPA license. Angeloff earned her Bachelor of Science degree and Masterâ&#x20AC;&#x2122;s degree in Accounting and Taxation from Florida Gulf Coast University. She joined the firm in 2012. The firm also announces that Jeanna Hermance has earned her CFE credential from the ACFE. HUGHES, SNELL & CO., P.A.

FT. LAUDERDALE LURIE, LLP

Lurie, one of the top 120 accounting firms nationally, recently announced that Sean Linton, CPA, CITP, and Jeremy Palm, QPA, QKA have been admitted as partners.

Congratulations to the Spring 2020 CPAs in the Spotlight! 34

FLORIDA CPA TODAY | SPRING 2020

Linda M. Treise

Catherine Palmisano

Hughes, Snell & Co., P.A., CPAs and Consultants congratulates firm shareholder Linda M. Treise, CPA, for receiving a 2020 Power Player Professional Advisor Award from the South Florida CEO Network, an initiative of the Cape Coral Community Foundation. The awards were presented in January at a reception at the Crowne Plaza Hotel in Fort Myers. The firm also announces that Catherine Palmisano, CPA, has been named a shareholder.

BERKOWITZ POLLACK BRANT + CPAs

Guillermo Campos

Richard A. Berkowitz

Berkowitz Pollack Brant Advisors + CPAs announces that Guillermo Campos, CPA, is promoted to director. Multi-lingual in English, Spanish, Portuguese and Italian, he focuses on international and domestic tax matters for high-net-worth individuals and families, trusts and estates, and closely held family companies. Campos also works with corporations and partnerships that conduct businesses across borders. The firm also announces that its Founding and Executive Chairman Richard A. Berkowitz, JD, CPA, has been named chairman of the Board of Trustees of The Miami Foundation. CHERRY BEKAERT LLP

Michael B. Vidal, CPA, JD, joins the firmâ&#x20AC;&#x2122;s South Florida practice as a tax partner. Vidal manages intricate high-net-worth clients Michael Vidal involving individual, trust, partnership, corporate and tax-exempt tax planning and compliance. He previously worked for a Big Four accounting firm in the personal financial services practice.

CPAS IN THE SPOTLIGHT

RAVAN + BLANCO CPAS

Paola Colmenares has been named Tax Manager at Ravan + Blanco CPAs. Paola Colmenares

ORLANDO McDIRMIT DAVIS

McDirmit Davis congratulates Carlos Vidal, Rachel McCarron and Wyatt Jones on receiving their CPA licenses. The firm also announces staff promotions of Matthew Lee to audit manager; Rachel Brink and Ruby Alvarez to tax seniors; Carlos Vidal, Rachel McCarron and Gianella Oliden to audit seniors.”

TAMPA

WEST PALM BEACH

CROWE LLP

Joseph Magyar, CPA and partner with Crowe LLP in Tampa recently was appointed to 3-year term on the federal Taxpayer Advocacy Panel (TAP) 2020. TAP is charged with listening to taxpayers, identifying issues and making suggestions to improve IRS service and customer satisfaction. RIVERO, GORDIMER & COMPANY, P.A., CPA’S AND ADVISORS

David Bohnsack

Julie Davis

ADAMSON + CO., P.A.

Brooke Dawson

Dennis Paleveda

Jill McSpadden

Kim Cardenas

Adamson + Co., P.A., is proud to announce Matt Beeman, CPA, has become an equity shareholder in the Firm. Matt has been Matt Beeman with the Firm since 2015, providing accounting, tax and business consulting to various industries including hospitality, real estate investment, construction, healthcare, real estate development, and professional services.

WARREN AVERETT

Niki Dean, CPA (Pensacola) serves the financial institution industry with a specific focus on serving credit unions. She provides services including opinion audits, reviews, agreed-upon procedures, employee benefit audits and compliance reviews. Bryan R. Dees, CPA (Tampa) specializes in tax consulting and compliance for large corporations, including closely-held companies, and accounting for income taxes for financial reporting purposes. Allie Tschirhart, CPA (Tampa) provides tax planning and compliance services for S Corporations, Partnerships and C Corporations.

The CPA firm is pleased to announce that Laney Kneib recently received her CPA license. Kneib, a tax staff accountant, is Laney Kneib a graduate of St. Louis (Mo.) University and completed graduate accounting courses at Keiser University to meet CPA eligibility requirements. She works primarily on tax returns for individuals, corporations and trusts.

WINTER HAVEN

PENSACOLA / TAMPA Warren Averett is pleased to welcome three individuals from Florida have been promoted to Members of the Firm.

CALER DONTEN LEVINE, COHEN, PORTER & VEIL, P.A.

Karl Swan

Rivero, Gordimer & Company, P.A., CPA’s and Advisors welcomes David Bohnsack as a new shareholder in the Tax Services Department.

The firm also announces promotions of assurance services staff Julie Davis to Senior Manager and Brooke Dawson and Dennis Paleveda to Manager. In addition, Jill McSpadden was promoted to supervisor and Kim Cardenas and Karl Swan to Manager in Tax Services.

For more news about FICPA members, visit CPAs in the Spotlight at ficpa.org/cpaspotlight. Please email submissions for CPAs in the Spotlight to communications@ficpa.org.

SPRING 2020 | FLORIDA CPA TODAY

MARKETPLACE

Classified Ads For information on rates and classified ad policies, visit ficpa.org/marketplace. PRACTICE FOR SALE

FLORIDA â&#x20AC;&#x201C; GEORGIA CPA FIRMS FOR SALE Successful transitions require experienced, confidential, professional services you can trust. We specialize exclusively in the brokerage of accounting firms. List your firm with a professional. Call David Akins, CPA at 877-277-0272. To learn more about our services and to see firms we have listed, go to our website at www.akinsprofessionalbrokerage.com.

PRACTICE FOR SALE

RARE OPPORTUNITY! Small, well-established CPA firm in Panama City Beach, FL for sale by retirement-minded sole practitioner. Audit, tax and bookkeeping. Tremendous growth potential in booming local economy. Reply to P O Box 19604 Panama City Beach, FL 32417 or email msc@ficpa.org and refer to Ad#321 for more information.

FLORIDA CPA TODAY | SPRING 2020

PRACTICES WANTED FOR PURCHASE OR MERGER

GROWING SOUTH FLORIDA CPA FIRM looking to purchase or merge with a retirement-minded CPA in Florida. Favorable purchase terms offered with continuing employment opportunities available. Please contact Jeff Taraboulos at info@ksdt-cpa.com or (305) 670-3370.

Earn CPE year- round with the FICPA's wide selection of CPE. Each year, the FICPA schedules 15 conferences and two trade shows â&#x20AC;&#x201D; especially for you, our members. Our conferences and trade shows are developed by a committee of your peers, bringing you current updates that are delivered by national and international speakers.

FICPA Offers Unbeatable CPE Opportunities

Here is a list of our upcoming courses. Find what's right for you and register online today!

SAVE THE DATE FOR THESE UPCOMING EVENTS

AT T E N D V I R T U A L LY Orlando

Orlando + Live Stream June 9-12, 2020

August 6-8, 2020

FICPA .ORG/MEGA

FICPA .ORG/SVC

Orlando

Tampa

Ft. Myers

August 27-28, 2020

October 23, 2020

October 29-30, 2020

ficpa.org/SLGAC

ficpa.org/CIC

ficpa.org/USFAC

ficpa.org/FGCUAC

Orlando + Live Stream

VALUATION, FORENSIC ACCOUNTING & LITIGATION SERVICES CONFERENCE

Gainesville + Live Stream November 5-6, 2020 f icpa.org/UFAC

Ft. Lauderdale + Live Stream November 17-19, 2020 ficpa.org/SFS

Orlando + Live Stream November 19-20, 2020 ficpa.org/CIRA

Ft. Lauderdale + Live Stream January 7-8, 2021 ficpa.org/VFALS

TO SEE ALL FICPA CONFERENCES & TO REGISTER VISIT FICPA.ORG/CONFERENCES

PRESORTED STANDARD U.S. POSTAGE

PAID

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

Tallahassee, FL Permit No. 144

NOW VIRTUAL

Tackling Challenges and Priorities for Nonprofit Organizations

May 28-29, 2020 | CPE: Up to 16 Virtual, interactive conference

CONFERENCE HIGHLIGHTS:

CPAs working for the nonprofit sector face continuing changes in accounting standards. They also face the additional complexity of working alongside organizations with missions serve unique stakeholders. This is why the annual Not-for-Profit Conference exists: to give you the skills, knowledge, and issue updates to prepare you for excellence.

yber Security: Protecting C Your Data and Best Practices — with Bob Minniti F ASB Update & Leases — with Jeff Mechanick B oard Reporting and Form 990/UBIT — with Ken Euwema