Summer 2020 - Florida CPA Today | Volume 36, Number 3

SUMMER 2020 | VOLUME 36, NUMBER 3

FICPA Chair Spoor’s Guiding Principle:

#PEOPLEMATTERMOST PAGE 10 Meet the 2020-2021 FICPA Board of Directors

PAGE 18 Addressing the Impact of COVID-19

PAGE 33 Of Course! CPE Catalog

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CONTENTS SECRETARY, TREASURER, COO Donna M. Son, IOM EDITORIAL COMMITTEE David J. Hochsprung, CPA, chair Joel M. DiCicco, CPA Lynda M. Dennis, CPA Jonathan S. Ingber, CPA Doug Keith, 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.

Spoor Bunch Franz Staff Caring Together through Community Service.

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COVER STORY

FICPA Chair Spoor’s Guiding Principle: #PeopleMatterMost

Cover photo: W.G. with wife Tiffiny, daughter Delaney, son Tripp and rescue pup Fluffy enjoy the outdoors. Credit: Martha Thurman Photography.

FEATURES

DEPARTMENTS

10

Meet the 2020-2021 FICPA Board of Directors

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18

Addressing the Impact of COVID-19

22

Assessing and Mitigating PPP Loan Forgiveness Risk

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Diversity and Inclusion Statement Guest Columns News Briefs Staff Reports CPAs in the Spotlight Marketplace OfCourse! CPE Catalog

Visit issuu.com/ficpa to access and download the digital version of Florida CPA Today.

SUMMER 2020 | FLORIDA CPA TODAY

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DIVERSITY AND INCLUSION

FICPA Diversity and Inclusion Statement “We’re in this together” has been the Florida Institute of CPAs (FICPA) message to its members throughout the COVID-19 pandemic. And as our nation began confronting another pandemic, the injustices brought about by centuries of inequality, the mantra “We’re in this together” has taken on new meanings for the FICPA and our Board, Council, staff and members.

Our hearts are heavy. Our eyes are open. We are taking action.

First and foremost, know that the FICPA unequivocally condemns racism. We stand with those demanding justice and change through peaceful protest. We are saddened that violence by a few has too often diluted the demonstrators’ marches for change — marches happening all over our great state, the U.S. and beyond.

We acknowledge that, while progress is being made, the CPA profession can and must do better. Our profession can be more inclusive, more racially diverse, more understanding, more aware. We know that a diverse workforce is a powerful workforce and that diverse teams achieve more.

The FICPA embraces diversity in our mission and values statements. Beyond being good business, it is simply the right thing to do. We have long provided need- and merit-based scholarships to minority accounting students through the FICPA Scholarship Foundation, but believe true structural change requires going beyond that one point of influence. We offer diversity and inclusion programming for our members and insist upon it for our leadership and staff. We are continually striving to make our workplace — and those of our members — a place where all people and ideas are welcome and all employees are empowered to discuss diversity and inclusion.

Yet, we know there is more work to be done. We continue our formal diversity and inclusion efforts by listening, and by implementing the following action plans: • The FICPA publicly affirms its commitment to signing the ceoaction.com “I ACT ON” CEO pledge. This pledge will help us drive inclusive behavior, support a more inclusive workplace and rally our members to advance diversity and inclusion within their workplaces.

• Our FICPA Board, Council, members and staff will work together to examine and revise current practices and programs, as needed, to align with the following “I ACT ON” CEO pledge goals in order to catalyze further conversations and actions around diversity and inclusion within the workplace, and to foster collaboration.

• We will continue to make our workplaces trusting places to have complex, and sometimes difficult, conversations about diversity and inclusion.

• We will implement and expand unconscious bias education.

• We will share best - and unsuccessful — practices.

• We will create and share strategic inclusion and diversity plans with our Council.

We invite all FICPA members to join us, standing together for ALL employees, members, partners, future CPAs, friends and fellow citizens. As we know all too well after the events of this challenging year, we’re in this together.

Abby F. Dupree Donna M. Son 2019-20 FICPA Board Chair FICPA Secretary, Treasurer, COO

SUMMER 2020 | FLORIDA CPA TODAY

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GUEST COLUMN

COVID-19 Essential Conversations & Lessons

MARI HUFF CPA, CVA, CGMA “Life is 10% how you make it and 90% how you take it”. That’s the one of my mom’s favorite sayings that often pops in my head these days. There could not be a more appropriate mantra to help me through COVID-19 than these words.

Growing an accounting practice with three young children, their related sports and my many civic activities was hectic. The first week into COVID-19 Phase 1 was like nothing I had experienced before, despite my usually packed schedule. My busy routine came to a screeching halt and my family and I found ourselves sitting inside our house after spring break with the realization that we weren’t going anywhere for quite a while and that we were not in control. In-person education was likely done for the year and the looming April 15 deadline had vanished for the first, and probably last time that I will see in my career.

I learned more about the accounting profession, running a business and family in March and April as I did the previous ten years. We CPAs are trusted advisors who are looked to for answers and clarity in confusing times.

The same can be said of our roles as parents and employers.

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We were thrown headfirst into a dynamic world of constant CHANGE. We were challenged with ever-changing tax deadlines and COVID-19 tax law patches while doing our best to communicate with our concerned clients. The tax deadline was replaced with a PPP loan deadline, in a race to be the first wave admitted to the party. Some of us, like me, became increasingly responsible for educating our children and ensuring these new “clients” were staying on task, completing their assignments and Zoom meetings. We rose to these challenges, accepting this additional work because, what choice did we have? Our children needed us, our employees needed us, our clients and employers needed us too. Choosing loyalties was not an option.

Almost overnight we changed the way we did business. My firm was somewhat prepared, using existing remote access for some employees, VOIP phone systems and a paperless office environment. Even with this technology leg up, it took approximately three weeks get all the kinks ironed out — and our operations and people into an effective rhythm.

So, what did I learn from all of this?

• My business can run without me involved in every detail without crumbling into nothing. I discovered the benefits of putting together a well-trained team of professionals and giving them the freedom to manage their own workload.

• My life wasn’t as balanced as I thought. Working fifty-plus hours per week, attending three to four Board meetings per week and running my kids to multiple weekly

FLORIDA CPA TODAY | SUMMER 2020

activities was not the recipe for a well-balanced life. Family dinners and taking my children to the park at 2:00 p.m. on a Wednesday afternoon were some of the things needed to balance my life.

• Clients are happy to have conversations about the developments that are occurring and hearing from us, even if we didn’t have all the answers and didn’t have their tax returns done by April 15. Not having the answers was, initially, very stressful and challenged my view of myself as a trusted advisor.

• Continuing to adopt emerging technology processes is key to sustaining growth in our profession. Zoom meetings are abundant and I am connecting with more clients and colleagues than I had before COVID-19.

We have all been challenged to change the way we do business; the way we communicate; and the way we live our lives over the past few months.

I believe we can continue meeting these challenges by maintaining open minds, our willingness to adapt and courage to continue sharing essential conversations with each other.

Managing Shareholder of Mari Huff, CPA, PA and mother of three, Mari is a Treasure Coast Builders Association board member and a Girl Scout leader. Active in the FICPA Sailfish Chapter, she has been a Chapter officer and serves as chapter student liaison. Huff also is a board member of the Housing Solutions Council.

GUEST COLUMN

A CPA’s Reflections on Racial Divide

TARSHA JACOBS, CPA Knowing this guest article will be read by my peers in the Accounting profession, I pondered what I wanted to share. What do I want readers to understand about the heart break that the African American community is experiencing?

First, let me give you some background about myself. I am the first in my family to receive a college degree, in 1993. I am the only CPA in my family and I didn’t even know what a CPA was until I entered college in 1989.

There were no bookkeepers, accountants — much less a CPA, in my family, or even in my neighborhood. I would venture to say that this is the case with many other African-American people in this profession. I share this because I want you to have some understanding of being in the minority in this country and specifically in this profession.

This country is going through a very dark moment relative to the racial divide. I cannot remember a time in my life where views were more polar-

izing. I think some people believe that we have come so far since the days of segregation, Jim Crow laws and redlining, but recent events have proven we have not come as far as we think. Turn on the news or review your social media feed — we are inundated with so much anger. Hatred is being spewed by people on both sides of the Black Lives Matter and Police Brutality against the African American community movements. Indeed, there is still a great divide in this country on many fronts.

During the last few years, members of our profession and many others have been discussing the idea of diversity and inclusion. Mind you, this is less than 60 short years since the first mention of Affirmative Action, another issue that created a lot of division.

While participating in many discussions, round tables and even group exercises designed to educate the audience on what it means to be both diverse and inclusive, I keep thinking about how sad it is that this initiative is even necessary, but believe me, I see the need.

When I attend a meeting, serve on a committee or look around at the leadership within our firms, there are not a lot of people who look like me. I don’t think others realize what that feels like.

As the only African American person in a group, you feel like you represent your entire race… that your success is a success for your whole community.

That is why even in the year 2020, African Americans still celebrate “Firsts”.

Let me put this in universal business language; African Americans want to be treated just like a new client is treated. We want others to spend the time finding out who we are, knowing and learning our history — not just from the media perspective, but from ours.

I want anyone reading this to understand; your African American co-worker, employee, supervisor, manager or partner is hurting right now. We African Americans know that there is no way our white counterparts could ever understand the difficulty we face fighting for a position in a world where we for so long have felt does not value us as equal. We still struggle against the view that African-American people are worthless, substandard or lazy. We still hold the belief that we cannot be our authentic selves on the job, because to do so is not an image that everyone is comfortable with. In general, Americans of different races don’t understand a lot about each other. The hundreds of years of division and inequality cannot be easily overcome. And yet, everyone deserves a seat at the table and to be heard!

Let me put this in universal business language; African Americans want to be treated just like a new client is treated.

We want others to spend the time finding out who we are, knowing and learning our history — not just from the media perspective, but from ours. Take the time to explore what we have to offer and what our experience can bring to the table. Understand that we are not exactly like all other clients; we have our own unique stories to tell. Listen to our desires and fears and seek to understand our struggle. But most of all, be open to discussing the racial issues that people tend to avoid, ask questions and listen with an open heart.

TARSHA JACOBS is the owner of Tarsha R. Jacobs, CPA, PLLC in Orlando. After working for local CPA firms in Central Florida she began her own practice in 2013. She is a former member of the FICPA Board of Directors and Council, past president of Central Florida chapter and has chaired numerous FICPA committees. An avid runner and marathoner, Tarsha also actively volunteers within her church and community.

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NEWS BRIEFS

FIRM NEWS

IRS UPDATE

Merger: Rosenfield and Company, PLLC & Morrison Valuation and Forensic Services, LLC

IRS announces rollover relief for required minimum distributions from retirement accounts that were waived under the CARES Act

Morrison Valuation and Forensic Services, LLC, has integrated into accounting firm, Rosenfield and Company, PLLC. This merger continues Rosenfield’s expansion of their consulting practice, specifically within their Business Advisory Services Team. This team will primarily focus on forensic accounting, business valuations and litigation support. Robert B. Morrison, ASA BV/IA and his team of Paul M. Dumm, CPA/ABV/CFF, CFE, Shivam N. Jadeja, CPA/ CGMA, ASA, CFE, and Alexander Dokuchaev, MSA, CFE joined the Rosenfield team in their Orlando office.

FIRM NEWS

Accounting Today Names 2020 Gulf Coast Regional Leaders

Fourteen FICPA Member firms were among those recognized in Accounting Today’s (AT) 2020 Gulf Coast Regional Leaders rankings. The annual “Top 100 Firms + Accounting’s Regional Leaders” report presents the 100 largest CPA practices nationally and features 10 geographic break-out regions.

AT ranked the regional leaders by revenue. The Gulf Coast region includes the 22 largest practices throughout Florida, Louisiana and Mississippi. Below is an alphabetical listing of the FICPA member firms in the Gulf Coast region. Access the rankings and complete report here: pages.marketing. accountingtoday.com/act_44905_sr_lp.html.

• Berkowitz Pollack Brant • Carr, Riggs & Ingram • Daszkal Bolton • Gerson Preston Klein Lips Eisenberg & Gelber • Jackson Thornton & Co. • James Moore & Co • Kabat, Schertzer, De La Torre, Taraboulos & Co.

• Kaufman Rossin Group • Kerkering Barberio & Co • MBAF CPAs • Saltmarsh, Cleaveland & Gund • Schellman & Co • Vestal & Wiler • Warren Averett

WASHINGTON – The Internal Revenue Service announced that anyone who already took a required minimum distribution (RMD) in 2020 from certain retirement accounts now has the opportunity to roll those funds back into a retirement account following the CARES Act RMD waiver for 2020.

The 60-day rollover period for any RMDs already taken this year has been extended to Aug. 31, 2020, to give taxpayers time to take advantage of this opportunity.

The IRS described this change in Notice 2020-51, June 23.

The Notice also answers questions regarding the waiver of RMDs for 2020 under the Coronavirus Aid, Relief, and Economic Security Act, known as the CARES Act. The CARES Act enabled any taxpayer with an RMD due in 2020 from a defined-contribution retirement plan, including a 401(k) or 403(b) plan, or an IRA, to skip those RMDs this year. This includes anyone who turned age 70 1/2 in 2019 and would have had to take the first RMD by April 1, 2020. This waiver does not apply to defined-benefit plans.

In addition to the rollover opportunity, an IRA owner or beneficiary who has already received a distribution from an IRA of an amount that would have been an RMD in 2020 can repay the distribution to the IRA by Aug. 31, 2020. The notice provides that this repayment is not subject to the one rollover per 12-month period limitation and the restriction on rollovers for inherited IRAs. The notice provides two sample amendments that employers may adopt to give plan participants and beneficiaries whose RMDs are waived a choice as to whether or not to receive the waived RMD.

SUMMER 2020 | FLORIDA CPA TODAY

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NEWS BRIEFS

FIRM NEWS

FICPA NEWS

Tampa Area FICPA Member CPA Firms Receive Honors

FICPA CEO Curry Resigns, Executive Search Begins

St. Petersburg CPA Firm Named Best Place to Work

The Tampa Bay Business Journal recently named 60 local businesses and companies as 2020 Best Tampa Bay Places to Work. FICPA member firm Spoor Bunch Franz (SBF) was awarded best large workplace. FICPA member companies A-LIGN, CBIZ MHM and Marcum LLP also were recognized in the large or extra-large categories.

View full honoree list here: www.bizjournals.com/ tampabay/news/2020/01/22/sixty-tampa-bay-areabusinesses-chosen-as-2020.

Newspaper Names Three FICPA Member Companies Top Tampa Bay Workplaces

FICPA member employers CBIZ MHM LLC of Tampa Bay, Spoor Bunch Franz, and Warren Averett CPAs and Advisors recently were recognized as three of the 2020 Top 100 Tampa Bay Workplaces by The Tampa Bay Times.

View full Top Workplaces list here: www.tampabay.com/ news/business/2020/03/27/here-are-the-top-100tampa-bay-workplaces-of-2020.

FIRM NEWS

CA P.A. Joins Hancock Askew & Co.

Hancock Askew & Co., LLP, a full-service tax, audit, accounting and advisory firm in Georgia and Florida announces that Craig Armstrong and his team at CA P.A. (CAPA), a Miami tax Craig Patricia Siles Armstrong and accounting practice, have joined the firm. Armstrong joins the leadership team of the Miami office alongside Tax Partner, Patricia Siles and Audit Principal, Alfredo Reynoso.

With this merger, Hancock Askew will expand its Miami office which opened in 2016. Armstrong and his team members will be moving into Hancock Askew’s Coral Gables office. Hancock Askew and CAPA serve similar client bases and are strategically aligning to further expand tax, audit, accounting, and advisory services to the Greater South Florida area and the international markets.

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FLORIDA CPA TODAY | SUMMER 2020

Chief Executive Officer Deborah Curry announced that she was leaving the FICPA after leading it for nearly nine years.

Curry was appointed CEO in 2011. Curry’s last day with the FICPA was June 9.

Curry led the FICPA through major initiatives, including governance restructuring, position-of-location strategies and sale of the Tallahassee headquarters building. Curry also championed building relationships with international accounting firms and bringing diversity and inclusion programs to members.

“I am fortunate to have spent the last nine years supporting our impressive membership and phenomenal staff, who are dedicated to the members they serve,” Curry stated. “With the pending headquarters relocation to Orlando, I feel that now is the right opportunity for me to transition.”

A graduate of Texas A&M University-Corpus Christi, Curry’s career service includes many years in corporate accounting as well as public accounting experience at KPMG. Prior to joining the FICPA, she was the Georgia Society of CPAs chief financial officer and chief operating officer.

“We are grateful to Deborah for her leadership and tireless energy,” said Abby Dupree, CPA, CGMA and FICPA immediate past chair of the board.

The FICPA has begun a national search for its next CEO. “Deborah has left the FICPA in the good hands of our experienced and dedicated professional staff,” said W.G. Spoor, CPA, CGMA and FICPA Chair. “Finding the right candidate to strategically lead the FICPA and champion public accounting in Florida is of paramount importance.

We are investing the time needed for a thorough and thoughtful search process.”

NOW VIRTUAL

Connecting for learning August 27-28, 2020 | Virtual, interactive conference CPE: Up to 16 CPAs, auditors and accountants, in state and local governments face a unique and rapidly-changing set of challenges. FICPA’s State & Local Government Accounting Conference provides training to help them navigate the ethical and practical demands of government accounting.

ficpa.org/SLGAC

HOT TOPICS + SPEAKERS GASB Update — with Lisa Parker Accounting, reporting, and auditing for grants — with Lynda Dennis Emerging issues facing governments and their auditors — with Lynda Dennis Auditor General Update — with Derek Noonan Yellow Book

Don’t miss our Ethics: Protecting the Integrity of Florida CPAs in Government (6957) on Wednesday, August 26! *Required separate registration – this course fulfills the biennial ethics requirement for Florida CPAs.

Meet the 2020-2021

FICPA Board of Directors The FICPA proudly welcomes our 2020-2021 Board of Directors.

Get to know the team leading our association forward.

KRISTIN BIVONA, CPA (Chair-Elect)

VALRIE CHAMBERS, PH.D., CPA

LYDIA DESNOYERS, CPA, CFE

Kristin is managing partner with GellerRagans, a full-service CPA firm.

She lives in Oviedo with husband Joe and Weimaraner Lola. When not busy cheering on their UCF Knights football team, the couple are normally out boating or traveling to add new stamps to their passports (pre-COVID-19).

Valrie is an associate professor at Stetson University in Deland. She is a graduate of the University of Illinois and the University of Houston (Ph.D.)

Lydia is based in Miami and owns and operates her own firm, Desnoyers CPA, LLC. She provides educational workshops and courses to small business owners. When not in the office or volunteering with the FICPA, Lydia enjoys time with family and traveling.

She is a graduate of Florida State University and Nova SE University.

How the FICPA is Changing

“We are continuously evolving to meet the changing needs of a multi-generational membership. The FICPA leaders and staff are working hard to ensure all members are engaged and feel that their membership offers value.”

Wisdom to Live By

“The philosophy that is a foundation in my professional development and everyday practice is Joey Haven’s “Be Better”. It’s a commitment to never allow success to breed complacency and always seek to improve myself and my firm.”

If I weren’t a CPA…

“I would be an attorney. The legal profession has a lot of the same qualities that attracted me to accounting.”

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Tech Talk: Favorite App

“Tax Foresight by BlueJ. The app was designed by tax lawyers who have taken the hottest tax topics (like Innocent Spouse Relief), identified key factors in the body of relevant case law, and designed a Q&A algorithm to determine the odds of a taxpayer prevailing in a case with their set of facts.

I can see this revolutionizing the way that we plan, advise clients, prepare a penalty defense before a taxing authority, and defend ourselves from lawsuits on the advice that we give.

We no longer must be the only bad guy arguing that we just don’t think the taxpayer will prevail in a deduction; we can now say, I like you, but independent analysis says you only have a 23% chance of winning on this tax issue, and associated penalties for a loss at this level are an additional… It may be the biggest tax research innovation I’ve seen since we went digital.”

FLORIDA CPA TODAY | SUMMER 2020

How the FICPA is Changing

“We are expanding to include more community service events, like the CPA Day of Service, in direct response to young professionals’ desire to be more involved in local nonprofits and charitable organizations. The make-up of our leadership is younger than in the past…and more accurately reflects the make-up of our profession.”

New Priorities

“I am so appreciative that FICPA has been working tirelessly on providing resources to members and their clients during the pandemic. The FICPA already coordinated three virtual town-hall meetings with congress and the governor to get direct clarity on challenges we are all facing. That was no small feat.”

JULIAN DOZIER, CPA, ABV, CFF, CFE

JENNIFER GUNTER, CPA, CISA, CISSP

KATHRYN K. HORTON, CPA, CMA, CIDA, CFE

Julian is shareholder, Assurance Services for Thomas Howell Ferguson P.A. in Tallahassee. He enjoys biking, travel, relaxing at the beach and volunteering.

Jennifer is the contracts, grants and funds manager for the Florida Department of Transportation in Tallahassee.

Her favorite family activities include attending college football games, New Orleans’ Jazz Fest, hiking Glacier National Park and the beach.

As President of Kathryn K. Horton CPA PA, Kathryn provides audit, accounting and data analytic services for nonpublic and nonprofit entities in Fort Lauderdale. She received degrees from Florida International and Florida Atlantic Universities and is active with her local Chamber of Commerce and nonprofit organizations.

COVID-19: Personal Impact

“I am a single parent with a schoolaged child. COVID-19 completely upended my normal routines. Worklife balance used to mean working mostly “banker’s hours” and doing my best to completely unplug every other weekend. Now it means shifting my entire workweek into those days or hours when my daughter isn’t with me, or when she’s asleep. In mid-March, I shifted from work-life “balance” to work-life “integration” because everything blends, 24/7. There is a major upside: the extra time with my daughter, watching her learn and grow every day, has been incredible.”

Why Technology Matters

“…To me, the ever-increasing role technology plays in our daily life is the most obvious. A CPA who is fluent in technology, big data, distributed ledgers/blockchain, cybersecurity, process automation, and the like is exceptionally well positioned to succeed in his or her career.”

COVID-19: How the FICPA is Changing

“A challenge for our profession and association is the need to significantly modify our in-person meeting practices and educational participation formats. There is something special about being able to learn and network face-to-face, sharing ideas. I am grateful that FICPA staff quickly pivoted to accommodate immediate changes, and am encouraged that we’ll continue finding creative ways for our members to safely network and learn...”

Advice that Serves you Well

“Life can change in an instant. While it is important to develop and maintain healthy habits, it is equally important to be flexible and ready to change when challenges arise. If I make the effort to continually look for the blessing or positive in any situation, I can usually find it.”

COVID-19: Impacting the Profession

“It has advanced our profession significantly in the technology sphere, as all professionals were required to adapt to remote working to effectively continue business operations. COVID19 has also enhanced our fiduciary role, as both accountants and advisors, in navigating fiscal uncertainties of the current economic environment.”

The Rise in Workplace Technology

“Technology is a woven necessity within the profession given the significance of big data and need for relevant insights. Data analytic technology and artificial intelligence are key tools in performing risk-based analysis and understanding the underlying nature of big data, allowing professionals and clients to make better decisions.”

SUMMER 2020 | FLORIDA CPA TODAY

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K. ALAN JOWERS, CPA

KEY G. O’KEEFE, CPA

CARIDAD ”CAREY” VASALLO, CPA, CFE, CVA, CAMS

A partner with Carr, Riggs & Ingram, LLC, based in Miramar Beach, Alan graduated from Florida State University and the University of Alabama.

He enjoys entertaining his wife and five children by playing Beatles and Metallica tunes on piano and guitar… sometimes his wife says he’s too loud.

Key provides tax and accounting services to small businesses, individuals, and estates and trusts. A managing member of O’Keefe, Somerville & Associates PLLC in Melbourne, she is passionate about financial literacy education and has volunteered with Junior Achievement for nearly 20 years.

Carey is a partner at VMBG Accounting in Miami. She also serves on the Florida Bar Grievance Committee for the 11th Judicial Circuit Court.

How the FICPA is Changing

FICPA Leadership Challenge

“The FICPA and its Board of Directors recognize that continuing education is a key cornerstone of our commitment to competence as a profession. We are committed to providing effective CPE through a variety of services and mediums...[especially considering COVID-19]… We make it a priority to continue evaluating our content and delivery methods to ensure that our members have high quality education at a reasonable cost.”

Words to Live By

“Never wait for an opportunity to be handed to you, but rather, always look to seize opportunities to improve yourself, take on more responsibility, and grow those around you.”

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“To serve well I believe we need to consider the needs of all members.

While I can certainly relate better to some members’ situations, it’s important to remember that the organization represents all Florida CPAs – from those in the big 4 firms to sole proprietors to industry to academia. Each may have different priorities, but all are equally important.”

Personal Best

“I first volunteered to present the Junior Achievement financial literacy program to my daughters’ class in 4th grade and have continued for the last 18 years. I’m honored to have been named Volunteer of the Year by local programs in California, Virginia and Florida.”

FLORIDA CPA TODAY | SUMMER 2020

Why Accounting

“While employed by a Weyerhaeuser subsidiary in Houston, Texas that created luxury residential real estate communities, I was matched with the company’s controller during the corporate mentorship process. His passion for the profession, guidance and friendship were keys to my decision to pursue an accounting career.”

New Priorities

“The U.S. Bureau of Labor Statistics predicted that by 2030 the millennial generation will comprise 75% of the U.S. workforce. As a Board, we need to aid in developing strategies to engage young professionals, emphasize educational resources within specialized accounting areas and promote research on technological changes that could impact our workforce or professional standards.”

If I Weren’t a CPA…

“I would be a real estate law attorney, focused on transactional work.”

D I S C OV E R M O R E Watch FICPA’s new film

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JASON WATKINS, CPA, ACCREDITED AIRPORT EXECUTIVE

Jason is enterprise director of finance at Broward County Aviation Authority (Fort Lauderdale-Hollywood International Airport). He and his wife love to travel. They already booked a June 2021 European cruise and are planning their 15th wedding anniversary trip to Kruger National Park, South Africa in 2023.

FICPA Priorities

“I see really talented twenty-somethings working in industry accounting and finance roles and who don’t have the sense of urgency to pursue the CPA designation or engage with the FICPA [as I did at their age]…We’ve got to improve how we reach these professionals so they remain engaged over the long term.”

Notice of Regular Council Meeting FICPA OFFICIAL NOTICE In compliance with Article XI, Section 6 of the FICPA Bylaws, be it known that the regular meeting of the FICPA Council will be held at 9:00 a.m. on Thurs., Sept. 24, 2020, via conference call.

In compliance with Article III of the FICPA Bylaws, be it known that the Annual Meeting of the Members will be held at 1:00 p.m. on Thurs., Sept. 24, 2020; held virtually in conjunction with a Town Hall.

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FICPA Chair Spoor’s Guiding Principle:

#PEOPLEMATTERMOST

By Jan Dobson, CAE, APR, FICPA sr. communications director

A

s we were ringing in the 2020 New Year, few if any of us imagined the challenges ahead. “This is as stressful a time as any of our clients have been through,” reflects W. Gordon “W.G.” Spoor II, 2020-21 FICPA Chair of the Board during a recent interview. Spoor, one of three partners at St. Petersburg-based CPA firm Spoor, Bunch, Franz (SBF), says that in many ways today is business as usual at the burgeoning firm. “Our role is not much different than what it was [before COVID-19]. I want to be my clients’ first phone call. I expect nothing less than for them to lean on us – before bankers, before attorneys.

Knowing that, we had to be prepared; we couldn’t say, we’ll figure this out later. We knew the only acceptable answer for clients is that we will be up to date on the answers — not just me, our team.

“The opportunity to help others never gets better than this,” said Spoor. “Clients don’t care that their [federal tax] return is two months late. They want to talk about the Paycheck Protection Program and how to pivot in these times. Many of my clients are successful businesspeople. We have candid conversations about what is working in their businesses, and mine. We eventually get around to the numbers and accounting but being a trusted advisor is the role I cherish the most — and where I bring clients the most value.”

As the FICPA’s 93rd leader, Spoor is eager to continue the Institute’s success as the voice of Florida CPAs through continuity and legacy. “The past Chairs have done a great job of working together on agendas over multi-year periods. I’m building on what others

Cover story photo credit for all inside photos: Martha Thurman Photography.

Above photo: Life partners and FSU alums W.G. and Tiffiny Spoor.

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before me have created,” he explained.

“Our leaders and professional staff are what moves the FICPA forward, on behalf of our members.”

“W.G. is just the right leader for the FICPA, very humble and effective,” said outgoing FICPA Chair Abby Dupree. “He is masterful at blending diverse opinions into unified action.

He understands the needs of the profession and will use that knowledge to guide the FICPA in service to its members.” A self-described servant leader, Spoor says he wants to lead by example, doing the work while building rapport with and empowering others. He admits, “I have to work really, really hard at delegating; often reminding myself that I can’t do all of this alone — and even if I could, I’m not giving others opportunities to advance if I’m not delegating.”

Named after his grandfather Warren Gordon Spoor, W.G. credits many influencers with helping him throughout life, including his deep Christian faith, supportive family and current business partners. The father of two children and son of a CPA, W.G. has gained a great appreciation for the sacrifices required for successfully balancing home and career. “For my entire life, my dad Gordon Spoor owned his CPA firm. He worked very hard professionally while actively helping my mom Chris raise me and my three siblings,” recalls W.G. “He wasn’t just a dad attending our sporting events, my dad often was the team coach. Only later did I come to realize that If Dad was at my soccer game, he was going back to work later that night. He sacrificed a lot for his family and it took a toll on him.”

By the time W.G. was in middle school his little boy dreams of being a firefighter or pilot gave way to more realistic career possibilities. “I was big into math, it came naturally. I began to think I wanted to try this accounting thing,” said Spoor. “Fortunately, accounting I and II were offered at my high school. I learned, excelled and got early confirmation of my skills. As I look back, the foundation I got in high school was huge.”

Another high school milestone for Spoor was meeting Tiffiny Thompson.

The two began dating when Spoor was a senior and Thompson was a junior at another local high school. This year the couple celebrated 20 years of marriage. “We’ve enjoyed a total of 27 years together, more than half of our lives,” marvels Spoor.

Central to their successful marriage is focused family time. Says W.G., “Technology is a great tool but it can creep too far into our personal lives.

I have the ability to work all the time.

That’s not good for me, my health or my family. I take the opportunity to unplug, to be present, with help from the “Eat the frog” time management

strategy. I do the hardest things first. I can then unwind and unplug at home instead of thinking about the frog I didn’t complete during work.

“During the pandemic crisis, I have worked weekends, adjusting my unwind/unplug practices to keep up with relief measures. I give the same advice to our employees: Don’t have notifications on your phone when a client email comes in at 11 pm — you need downtime. When it comes to serving clients, I think setting expectations is essential. I’ll be there for them always, but I’m not on call for them 24/7.”

W.G. and Tiffiny Spoor’s eldest child is 15-year old Frederick “Tripp” Gordon III (named after his grandfather and great-great-grandfather).

Tripp excels at academics and has interests in engineering and cybersecurity. His dream is to one day attend the Massachusetts Institute of Technology.

Daughter Delaney is “nine and a half going on 16,” says her dad. “She enjoys cheerleading, dance, singing, gymnastics. Like her mom, Delaney is very social and enjoys interior decorating.”

Spoor and wife Tiffiny received undergraduate degrees at Florida State University (FSU). To this day the couple are proud FSU alumni and passionate Seminole sports fans. After graduation and anxious to buy a house, Spoor returned to Tampa. He saved money by living with his parents while working full time and pursuing a master’s degree at night. “If I wasn’t studying for school, I was studying for the CPA exam and working. It was hard and challenging but I wouldn’t change it,” says Spoor.

Spoor flirted with different opportunities out of college. “I considered going to work for a Big Four firm or working for my dad. Ultimately, I chose to start with him. I quickly learned that wanting to work for my dad was not a guarantee.” In fact, it was mom Chris who advised W.G. that if he wanted to work for his dad, he’d have to apply

A family-first moment for Tripp, Delaney and dad W.G. Spoor

“It is hard to find someone who loves the CPA profession more than W.G.” — Rich Franz, SBF Partner and interview. “I never interviewed with my dad for my first position with the firm, I interviewed with his partner,” says W.G. “I asked him for his resume,” recalls Gordon Spoor, W.G.’s father. “He said, ‘my what?’ I said, ‘yes, your resume. Go see my partner, go interview.’ And he did.”

W.G. was hired as the sixth employee in the St. Petersburg firm. “I ignored W.G. for the first year [at the firm].

He had to earn his street cred. I didn’t want him being ‘the boss’s kid.’ After that year everyone knew that W.G. knew what he was doing. He had earned their respect.”

“Joining Dad’s firm was a good decision. I wouldn’t have been doing bank reconciliations for small businesses and providing the variety of other accounting services had I been at a larger firm. My fifth year in, I started working with my dad on the business management side of the firm. By eight years in, I was managing much of our business.” Eventually, through mergers, several small firms became Spoor, Bunch and Franz.

SUMMER 2020 | FLORIDA CPA TODAY

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there’s always tomorrow. The three partners have never had to vote 2-1 on anything, we always achieve consensus.”

Firm partners enjoy R&R at partner weekend: W.G. & Tiffiny Spoor, Steve & Melissa Bunch, Rich and Erika Franz

“The SBF hashtag #PeopleMatterMost is lived every day...Our sense of family here is way more important than the numbers” — Julie Moore, SBF Tax Manager Today W.G. Spoor, CPA, PFS, CGMA, along with partners Steve Bunch and Rich Franz manage SBF’s staff of 76 with the philosophy and hashtag that People Matter Most. In May, the Tampa Bay Business Journal recognized SBF as one of Tampa Bay’s best places to work and ranked it the #1 best place to work among large businesses.

“I have two awesome partners. Steve Bunch and I became colleagues about four years ago while Rich Franz and I have worked together for 15 of my 23 years in accounting. We all are best friends,” said Spoor. “Both Steve and Rich went the Big Four route before coming back to small firm careers. Our different leadership styles complement each other.”

“It is hard to find someone who loves the CPA profession more than W.G.,” explains Rich Franz. “He never gets rattled. At the end of the day, it’s work.

No matter what happens with the firm

16

“Every year the three of us [partners] get out of town together for a week.

Around his family W.G. lets down his guard, shows his softer side,” says Steve Bunch. “W.G. is the perfect leader because he completely excels at getting into the process of things. If there’s going to be change in an organization, W.G is perfect to lead it.”

“The SBF hashtag #PeopleMatterMost is lived every day,” says SBF Tax Manager Julie Moore, “If you have to leave early for an appointment you can do it. If it’s your grandmother’s birthday, just go.” Administrative Assistant Fontana Seales underscores the firm’s core values adding, “Our sense of family here is way more important than the numbers.”

Senior Tax Associate Amy Maltinos is proof of SBF’s family culture. She had a medical episode requiring a fiveday hospital stay, followed by 30 days in a rehabilitation center. “Not a day went by that I did not have coworkers coming to visit, checking in on me, asking how I was doing,” Maltinos said. “It wasn’t because they wanted to know when I was coming back to do my job. They genuinely wanted me to know, ‘we care about you, we are concerned, is there a way that we can help.’

We all matter here.”

For Spoor, knowing the buck stops with him is the most difficult part of being a leader. “I’m a very methodical, logical thinker. I like to think things through. When I make a decision, I’ve made it with all the options considered. It’s hard, the responsibility is on you. If you get it wrong, you impact a lot of people.”

Looking ahead for the FICPA, Spoor says, “We have an excellent professional staff and a long history of effective leaders. Financially we’re in a good place. We work really, really hard to

FLORIDA CPA TODAY | SUMMER 2020

provide value at all times. The biggest struggle for the FICPA is that our value proposition is different for different members. Educators, corporate controllers, age, demographics, big firm, small firm…it is difficult to be everything to everyone.

“The FICPA Connect Groups are valuable member services, especially now.

I read all the pandemic-related posts on these peer-to-peer discussion groups. I like to see what other people are thinking. Most people agree to follow nuanced approaches to COVID19 relief. The FICPA has done a good job being on the cutting edge of providing information as fast as we can.

“I hope every member will let us know what we can do to improve.

As a membership organization, we are stronger together. Ultimately that’s what helps us. Whatever the next issue is, we are stronger together.”

L E A R N M O R E A B O U T W. G . S P O O R Watch FICPA’s film

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Addressing the impact of COVID-19 Practicing inclusive leadership in times of crisis

By Christina Brodzik, Co-author

T

he transition to a new way of working — in the context of a global pandemic with far-reaching societal and economic implications—presents both challenges and opportunities for promoting diversity and fostering inclusion. Before COVID-19, the social and business imperatives for diversity and inclusion (D&I) became increasingly clear, with commitment to and investment in D&I on the rise across corporate America and around the world. Now, in light of COVID-19, it is more important than ever for organizations and individuals to practice inclusive leadership.

In this period of heightened uncertainty, a perceived lack of control and the spread of misinformation increases risks of bias, xenophobia, and racism (especially against those of Asian descent) that impact people in the workplace and beyond. At work, ever-changing policies impact individuals in different ways — based on, for example, job classification, socioeconomic status, living situation, family structure, immigration status, or the ease of virtual alternatives to daily work — which can perpetuate inequities in the workplace.

Therefore, organizations must take steps now to continue to strengthen diversity and build inclusive cultures in ways unlike ever before — through new communications strategies (internal and external), programs, data collection practices, and interventions that continue the momentum toward a more equitable and just world. And leaders — that is, all of us — must adapt the daily practice of inclusive leadership as well.

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HOW ORGANIZATIONS CAN FOSTER INCLUSION AS COVID-19 CHANGES THE WORKPLACE 1

• Fairness and respect. Check with employees — through pulse surveys or mechanisms — to validate that any new policies or guidelines promote equitable treatment of all workers and consider whether workers have equal access to the resources needed to perform jobs.

• Value and belonging. Especially given that many workers are remote or working new schedules, implement low-cost, high-impact practices to foster psychological safety, and show appreciation for and recognize workers of all types for their continuous contributions.

• Confidence and inspiration.

Create conditions for workers to speak up and confidently make professional concerns and personal needs known. Leveraging the collective brain power of a diverse workforce can help expose policies or behaviors that are unintentionally exclusive.

Research shows that inclusive leaders demonstrate six signature traits: commitment, courage, cognizance of bias, curiosity, cultural intelligence, and collaboration.2 By cultivating and practicing these behaviors, leaders can foster a more inclusive workplace environment in the face of COVID 19 both today and in the long term.

HOW CAN INCLUSIVE LEADERSHIP ADDRESS IMMEDIATE EMPLOYEE NEEDS?

Remain committed to building an inclusive culture. Due to the origin of the COVID 19 outbreak, Asian communities have been the target of increased racial aggression.

Inclusive leaders: • Make support resources available for those impacted by discriminatory or aggressive behavior

• Leverage virtual townhalls to reiterate anti discrimination policies and address bias with the facts • Use constructive language and avoid calling COVID 19 by a name that associates the virus with a specific geography or people Have the courage to hold yourself and others accountable. This is the time to challenge both status quo practices and new guidelines that might exacerbate D&I challenges within an organization. Inclusive leaders draw on humility to be allies for employees and: • Tell their personal stories to foster transparency, candor, and empathy • Speak up when intolerant language is used in the workplace • Acknowledge policies that aren’t inclusive and take action to improve them Be cognizant of biases and blind spots. Employees come from increasingly diverse socioeconomic and ethnic backgrounds. Inclusive leaders use feedback channels (such as internal social media and monitored mailboxes) to avoid personal blind spots and ensure policies are not unintentionally excluding any segment of the workforce.

HOW CAN INCLUSIVE LEADERSHIP SHAPE EVOLVING D&I PRACTICES?

Build cultural intelligence. The backlash faced by Asian individuals, communities, and businesses in response to COVID 19 highlights the need for increased cultural intelligence. Inclusive leaders focus on short and long term solutions through trainings and workforce experiences that heighten cultural sensitivity and encourage allyship

Be curious and learn throughout the crisis. The COVID 19 crisis is evolving and forcing organizations to constantly adapt. Inclusive leaders will learn from changes that have had a positive impact on the workforce and identify new ways to:

A SPOTLIGHT ON BIAS As humans, we have bias. These biases — often described as mental shortcuts—allow us to efficiently make judgments and decisions without access to every piece of information. Research has proven that in moments of stress and anxiety, our biases are amplified. In the best of cases, these biases serve as instinctual mechanisms of self-preservation during crisis. But in the workplace, when our minds are distracted, we must be even more careful that our biases do not contribute to inequities or exclusion.

UNCONSCIOUS BIASES TO WATCH OUT FOR IN TIMES OF CRISIS Aff inity bias We tend to associate with individuals we believe are like us, as opposed to those with whom we do not identify.

When working virtually an inclusive leader intentionally seeks talent outside of “go-to” circles for assignments or opportunities.

Conf irmation bias We tend to only consider information that confirms our point of view.

Lacking the data one collects from interacting with others physically or casually, inclusive leaders focus on intentionally creating spaces to connect more deeply with colleagues and teams.

Personality error bias We assume an individual’s behavior is core to their personality, without considering external factors.

The world is facing the same pandemic, but not all situations are equal. Inclusive leaders are cognizant that others may exhibit behavior that is the product of circumstance — not who they are as a person.

SUMMER 2020 | FLORIDA CPA TODAY

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Have the courage to hold yourself and others accountable.

This is the time to challenge both status quo practices and new guidelines that might exacerbate D&I challenges within an organization.

• Be an ally for employees who are facing reduced work hours, caring full time for children or others affected by the virus, or lacking basic necessities like funds to buy supplies for a potential quarantine • Balance workforce safety with critical business needs • Explore ways to virtually attract diverse talent and rely less on location based sourcing strategies

CHRISTINA BRODZIK brings more than 17 years of experience in the human capital space. She focuses on financial services and insurance and specializes in a wide range of capabilities including: strategic change, learning solutions, talent acquisition and diversity and inclusion (D&I). As a national leader in Deloitte’s D&I Client Service Center of Excellence, she is a certified facilitator for Deloitte’s Inclusive Leadership Experience and Strategy Inclusion Labs. In addition to her client responsibilities, she has served as the Financial Services Women’s Initiative lead for Partner/Director Talent Planning, as well as the Human Capital Women’s Initiative Deputy.

Reimagine how your organization collaborates. Around the world, organizations are mandating extended periods of remote work or alternate work schedules. Inclusive leaders will explore ways to maintain this flexibility even after the pandemic and: • Empower their organizations with versatile work policies and tools, well being support systems, and rewards that meet the needs of a diverse workforce • Establish guidelines to help workers adapt to a long term shift in working styles and improve collaboration between teammates with different schedules or geographical locations For more information on how to respond, recover and thrive: Connect to Deloitte leaders www.deloitte.com/ COVID-19-leaders. Visit www.deloitte.com/COVID-19.

SOURCES: 1 Based on the “Elements of inclusion” published in “The six signature traits of inclusive leadership,” Deloitte, 2016.

2 “The six signature traits of inclusive leadership,” Deloitte, 2016.

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Deloitte is supportive of the FICPA’s mission to educate its members on the value of D&I. Christina has been actively engaged with the FICPA on its D&I program since 2018. She has provided training to FICPA staff and shared resource materials to facilitate roundtables aimed at fostering dialogue around the importance of D&I in the workplace. In 2019, Christina was the keynote speaker at the FICPA’s Mega Conference and presented at the Women’s Leadership Summit. Her keynote address on the “Six Signature Traits of Inclusive Leadership” encouraged participants to model inclusive behaviors, actions, and decisions and hold others accountable. The interactive “Intersectionality” and “Say This Not That” workshops focused on creating inclusive environments and promoting inclusive language.

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Assessing and Mitigating PPP Loan Forgiveness Risk

By Mark Brechbill, CPA

T

o navigate the Small Business Administration (SBA) Paycheck Protection Program (PPP) and determine what, when, and how to spend the proceeds, a borrower must first determine their desired loan repayment outcome. If the goal is to have the loan completely forgiven, the application approach is completely different than if the borrower is thinking, I’m okay if it is all a loan, or, If some ends up having to be repaid, I’m okay with that.

There are too many uncertainties within the original PPP definitions to take chances if the borrower’s only acceptable outcome is complete forgiveness – and subsequent changes made through the new PPP Flexibility Act (Act) complicate matters, especially for businesses in the process of spending already-received PPP loan money.

Let us start with some basic confounding forgiveness issues. First, there is no correlation between the loan application and the loan forgiveness processes. As a result, many businesses received more in loan proceeds than can be forgiven, especially sole proprietors and those in small partnerships. For everything to be forgiven, applicants had to ask for less than their qualifying maximum. Yet some participating banks did not offer less-than-qualified-for loans.

Second, the bank is the entity that ultimately determines forgiveness – and banks have nothing to gain, and everything to lose.

PPP loans are a modification of the SBA 7(a) loans that banks have been making for years. The main difference is that PPP loans are guaranteed at 100% instead of 90% and are eligible for forgiveness.

Many banks experienced the vagaries of the SBA guarantee program during the last recession. As those SBA loans started going bad, SBA-preferred bank lenders found their documentation being second guessed by the SBA. This resulted in defaulted loans being pushed back to the banks without a guarantee. This time around, bankers are much more conservative.

Why does that make a difference? Because the bank is determining forgiveness based on SBA guidelines, rather than the SBA approving the forgiveness. If the bank is wrong, or makes a mistake on its loan documentation, it must bear the cost of forgiveness. The best-case scenario for a bank is to have a borrower who recognizes that their forgiveness calculation was incorrect and understands that they must pay back the loan. The worst-case is for a bank to have a borrower who is 1) out of business or, 2) has had their loan forgiven and cannot repay because the funds were already applied to costs that they thought qualified. Under any of these

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worst-case situations, the “loan” will either be unsecured or secured with minimal collateral and without a personal guarantee. None of those is a loan that a bank wants back.

To better understand the risks of various forgiveness options, it is important to understand how the process works from the bank’s perspective. When a loan is made, the bank follows guidelines set out by the SBA in the law, and “clarified” by Interim Final Rules (IFRs). These rules did not go through the usual exposure and comment period due to the speed with which the program was rolled out in April. In some cases, the Interim Rules contradicted existing law, or changed it. Thus, we may have to await court cases to determine the meaning of some of the loan law and its application. Furthermore, subsequent IFRs changed or limited the previously given guidance. When this happened, banks were grandfathered in, if they had properly followed the original guidelines. These banks were guaranteed that the SBA would not push those early loans back for inadequate documentation or improper underwriting.

The banks were paid a fee for making the original loan and they also receive a fee if they sell or service the loan. All of the income that the banks earned was fee income, paid by

the borrower on the front end. Banks receive no additional money for forgiving a PPP loan. They have 60 days to approve forgiveness. If forgiveness is approved, the SBA has 90 days to pay off on their guarantee.

For loans of $2,000,000 or more, the SBA will audit to verify that the borrower was eligible for the loan and has documentation for supporting forgiveness. On loans under $2,000,000, the SBA is typically not reviewing loan documents prior to paying them off, but rather, is requiring the borrower to make certain certifications that allow the SBA to later to review the documentation. The SBA and the banks will be relying on these borrower certifications to go back against the borrower if it is subsequently determined the amount forgiven was incorrect.

The problem: The SBA is not approving forgiveness, just funding the guarantee. The bank is responsible for forgiveness; the bank has already been paid for making the loan and has no risk if the loan is not forgiven. Banks do not receive additional income for determining forgiveness; and, if wrong, a bank is left with a loan that has no collateral or personal guarantee, and a borrower who potentially has no ability to repay.

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Now that the risks have been identified, it becomes easier to determine how much risk to allocate to a specific course of action, and to a specific interpretation of the forgiveness guidelines. Let us look at the items creating the greatest risk of loan non-forgiveness: 1. E veryone seems to be focused on payroll costs and the 75% test (now 60%) as it relates to forgiveness. Instead, the first limitation is maintaining Full Time Equivalent (FTE) employment. If a borrower does not maintain the same level of employment on an FTE basis as prior to the shutdown, the difference is a direct percent reduction in forgiveness. For small employers, this is a killer!

For example, if an employer initially had eight full-time (40-hour) employees and four half-time employees, that equates to 10 FTEs. If, during the covered period, the employer averages eight 30-hour employees and four 15-hour employees weekly, the FTE count is reduced to 7.5 (8 x 30/40 plus 4 x 15/40). Therefore, the borrower will have an automatic forgiveness reduction of 25% (7.5/10 or 75% would be the maximum forgiveness).

There are two safe harbors to help with this problem, but both are now impacted by the new Act that potentially

changes the covered period to 24 weeks from eight, and changes the safe harbor date to Dec. 31, 2020 from June 30, 2020. Thus, to meet the safe harbor exception the employer may have to restore employment and salary levels by year-end (or forgiveness application date, if earlier), instead of June 30, and who knows what to expect by year-end relative to employment.

2. T he second limitation on forgiveness relates to maintaining at least 75% of employee salaries or hourly wage during the covered period. This may be difficult to achieve as it took longer for many to receive the PPP loan proceeds than originally expected. As such, some employers laid employees off early in the period and then rehired after receiving their loan. This employee wage reduction gets applied first; followed by the FTE reduction; and then finally the total forgiveness amount is limited to payroll costs (before any scale backs) divided by .60 (see #4 below). There is an applicable safe harbor for salary or hourly wage restorations, but again, the new Act extends this safe harbor timeframe from June 30 to Dec. 31, creating tremendous uncertainty.

3. T he third limitation on forgiveness is the percentage of the loan that must be spent on “payroll costs”. Originally

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The SBA is not approving forgiveness, just funding the guarantee. The bank is responsible for forgiveness; the bank has already been paid for making the loan and has no risk if the loan is not forgiven. established by the SBA as 75%, under the new Act the percentage has been reduced to 60%. It is much easier to reach 60%, but many small businesses have insufficient qualifying costs to maximize the lower threshold benefit.

Now that the covered period can be 24 weeks instead of eight (“can” because a borrower can choose to use the original eight weeks instead of the 24 weeks), many businesses have more time to spend the money on payroll costs. Extending the covered period can take the pressure off having to include other costs such as rent, mortgage interest and utilities, which are not as clearly defined.

There still are questions as to what is considered a payroll cost. In particular, whether a payroll cost has to be a) paid in the covered period, or b); incurred in the covered period, or c); paid and incurred in the covered period, is still not answered by the Act. Certainly, expanding the covered period from eight to 24 weeks reduces risk.

Regardless, an employer must spend 100% of the loan during the covered period. If 24 weeks is covered, the business is only spending 2.5 months in a 24-week period.

On the other hand, if an employer chooses to use the original eight-week covered period, the business must spend 2.5 months of loan in an eight-week period. Unless an employer has already started that process, they will be forced to use the 24-week period and accept the risks associated with maintaining the FTEs and salary levels.

4. T he fourth limitation is the “owner” limitation. All owners who own 20% or more of a business are limited to their 2019 income. a. I f a business is using the eight-week period, owners are limited to the 2019 self-employment income or shareholder compensation divided by 52 weeks times 8 weeks, with a cap of $100,000 in total wages or $15,385 for the eight-week period.

Because of these limitations, many business owners requested a loan amount greater than what can be forgiven for their own salary or self-employment income. For owners whose only wages are self-employment “wages” the 24-week period may need to be used to qualify for complete loan forgiveness (and if that employer had no owner compensation in 2019, they are out of luck).

5. F inally, did the borrower apply for the Economic Injury Disaster Loan (EIDL)? If yes, and if they received the $1,000 per employee “grant” (which was supposed to be $10,000 and which many people believed was a) an advance on the 30-year, 3.75% fixed rate EIDL loan or, b) a grant that did not have to be paid back), forgiveness on the PPP loan may have to be reduced, dollar for dollar, for that “grant”. In other words, the borrower just converted a 30-year loan into a 5-year loan, both of which must be paid back. This may change, as the original loan application stated that borrowers only had to report EIDL loans and grants received prior to April 3, and in hindsight, almost no one had been funded on those at that time.

Hopefully, understanding the risks involved with the forgiveness process will help CPAs advise clients or their employer on the path to take. If a business is a) already well into the 8-week covered period and, b) is going to meet the FTE safe harbor or threshold and, c) will reach the percent reduction in wages and salary threshold or safe harbor and, d) will spend the full loan in the 8-weeks on qualified costs, the owner may want to use the 8-week period option. At least you will know your answer quickly.

If the bank determines that an applicant did not meet those requirements, the borrower may withdraw their forgiveness application and use the 24-week covered period. If a borrower is already funded on their PPP loan after June 5, they will use the 24-week covered period, and can maximize “other costs” to cover as much of the 40% of additional costs as possible.

MARK BRECHBILL, CPA is founder of Mark Brechbill, PLLC, a full-service CPA firm in Stuart. Mark speaks on a variety of topics in the A&A and tax arenas. Prior to founding his firm, Mark spent thirteen years in the banking industry as a bank COO and CFO. He also is a prolific contributor on the FICPA’s peer-to-peer MAP Connect Group.

b. I f, however, an owner uses the 24-week period, they are limited to their 2019 self-employment income or shareholder compensation, capped at $100,000, divided by 12, times 2.5, for a maximum cap of $20,833.

SUMMER 2020 | FLORIDA CPA TODAY

25

STAFF REPORT

New State Tax Laws Effective July 1

By Justin Thames, DPL, director of governmental affairs, FICPA

Many provisions of House Bill 7097, the state tax law change legislation, took effect July 1. The Florida Department of Revenue (DOR) issued several Emergency Rules implementing the newly enacted law, see rules below.

HIGHLIGHTS FROM HB 7097:

Refund Statute of Limitations – Tolls the time to file a refund claim during an informal audit protests, which will extend the time a taxpayer has to file a refund claim for an overpayment of taxes arising from the audit period under protest.

Fuel Bond Requirement Increase – An increase of the annual bond required for fuel dealers from $100,000 to $300,000 Monthly Dyed Fuel Penalty – A change for the improper invoicing of dyed diesel fuel from a per gallon penalty to a $2,500/month penalty Nonprofit Hospital Exemption Limitation – A potential limitation of the property tax exemption enjoyed by nonprofit hospitals based on the actual community benefit expense provided by the hospital in each county. Hospitals will be required to annually report to the DOR effective 2022. If the community benefit is less than the property tax exemption in two or more consecutive years, then the property tax exemption will be reduced proportionately.

1099-K Reporting for SUT Audit Leads – Requiring payment settlement entities (banks, credit card companies and payment platforms) that file IRS form 1099-K (providing information about payments by credit cards or third-party merchants) to also electronically file the form with DOR. A penalty for not filing of $1,000 a month, up to $10,000 per year, is created.

To view a detailed analysis of all the provisions included in HB 7097, visit www.flsenate.gov/Session/Bill/2020/7097/Analyses/h7097z1.WMC.PDF.

Florida Department of Revenue Emergency Rules Emergency Rule Number: 12BER20-01 Emergency Rule Title: Terminal Suppliers Effective Dates: July 1, 2020 thru December 28, 2020 Emergency Rule Number: 12BER20-03 Emergency Rule Title: Exporters Effective Dates: July 1, 2020 thru December 28, 2020 Emergency Rule Number: 12BER20-02 Emergency Rule Title: Wholesalers Effective Dates: July 1, 2020 thru December 28, 2020 Emergency Rule Number: 12BER20-05 Emergency Rule Title: Producers and Importers of Pollutants Emergency Rule Number: 12BER20-07 Emergency Rule Title: Dyeing and Marking; Mixing Effective Dates: July 1, 2020 thru December 28, 2020 Emergency Rule Number: 12ER20-08 Emergency Rule Title: Application for Refund Effective Dates: July 1, 2020 thru December 28, 2020

DON’T FORGET:

donate to the Florida CPA/PAC when you renew your FICPA dues.

Make a voluntary donation to the CPA/PAC as you renew your membership! Your financial contribution makes the difference in our ongoing work to support pro-CPA, pro-business candidates running for office; educate lawmakers on issues that matter to CPAs; and advocate for protection of the CPA license.

The CPA/PAC offers multiple membership tiers, so you can be part of our mission no matter how much you’re able to give.

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.

PAC MEMBERSHIP TIERS Trendsetter: $500 or more Pacesetter: $250 Committee of 100: $100 Sustaining: $50 Active: $25 Pacesetter and Trendsetter donors receive a Florida CPA/ PAC golf shirt and lapel pin!

Learn More: ficpa.org/PACcontribute 26

FLORIDA CPA TODAY | SUMMER 2020

STAFF REPORT

Foundation Announces New Trustees and Events

By Laura Cutchens, director, FICPA Scholarship Foundation

As we move into the 2020-21 fiscal year, we have much to accomplish to continue making an impact on the up-and-coming students entering the accounting profession. We are also thrilled to launch our new website so please check it out at www.ficpa scholarshipfoundation.org.

We are pleased to welcome our new members of the Board of Trustees: • Nestor Caballero • Nancy Juron • Frank Morera • Benjamin Nussbaum • Marie Rosier

2019 Tampa Bay Scholarship Night

2019 Ocean Reef Family Retreat and Golf Tournament

We are hosting a few events this fall including the FICPA Scholarship Golf Tournament (Orlando), Tampa Bay Scholarship Night and the South Florida Scholarship Night (Hollywood).

Please join us in sponsoring or participating in one or all events.

Many thanks to all donors who generously participated in our July Virtual Wine & Cheese Celebration.

Thank you for joining in on the fun and supporting the Foundation.

We want to see your photos!

Stay safe during these times!

Warm regards, Laura Cutchens, director laura@ficpa.org

SUMMER 2020 | FLORIDA CPA TODAY

27

CPAS IN THE SPOTLIGHT

FORT LAUDERDALE BERKOWITZ POLLACK BRANT ADVISORS AND ACCOUNTANTS

Florida TaxWatch has appointed Berkowitz Pollack Brant Associate Director Karen A. Lake, CPA, as chairwoman of its COVIDKaren Lake 19 Taxpayer Tax Force. The task force will identify and analyze state and local tax issues arising from COVID-19 that affect businesses, individual taxpayers and state government. Lake also serves on the FICPA Council.

KATHRYN K. HORTON CPA, PA

Kathryn Horton, president of Kathryn K. Horton CPA, PA, and FICPA board member recently was admitted into Florida Tax Watch Kathryn Horton Citizenship Institute.

The 2020 Class meets in July and October to learn how state and local government policies impact Florida citizens and their communities.

FORT MYERS MARKHAM NORTON MOSTELLER WRIGHT & COMPANY

The AICPA recognized Becky Bokrand, CPA/CFF, CFE with Markham Norton Mosteller Wright & Co., P.A. for being the Becky Bokrand first-ever professional Certified in Financial Forensics to participate in the Accounting Doctoral Scholars Program. Becky graduated cum laude from Florida Gulf Coast University and is a licensed private investigator.

28

MIAMI MGR TAX & FINANCIAL, LLC

The Miami CPA office of MGR Tax & Financial, LLC announces the appointment of Roberto Rivas, CPA, CGMA, to the AICPA Roberto Rivas IRS Advocacy & Relations Committee for 2020-2021.

VMBG ACCOUNTING

Carey Vasallo, a partner with VMBG Accounting was recently selected by the AICPA as a member of its Leadership Academy 12th gradCarey Vasallo uating class. The Academy features career-development workshops and sessions with some of accounting’s most prominent influencers. Vasallo also is a member of the FICPA board of directors.

PENSACOLA ANGLIN REICHMANN ARMSTRONG

Anglin Reichmann Armstrong announces Ryan Campbell, CPA, CGMA, CVA is joining its Pensacola office as Partner in Charge.

Ryan Campbell Partner Donna Bloomer will transition her time into client relationships and managing the firm’s Estate and Trust taxation and planning practice. Ryan is a Certified Valuation Analyst.

FLORIDA CPA TODAY | SUMMER 2020

SALTMARSH, CLEAVELAND & GUND

Saltmarsh, Cleaveland & Gund recently was honored by the Assoc. for Acctg. Mktg. (AAM) with the Marketing Achievement Award for commitment to service and corporate social responsibility. The firm won the coveted “We AAM to Serve” Award in recognition of their “Road to 1,944 Service Hours” campaign, which challenged its 150- employees to contribute 1,944 hours of service to charities, non- profits and other worthy organizations in celebration of the firm’s 75th Anniversary.

TALLAHASSEE THOMAS HOWELL FERGUSON P.A. CPAs

Thomas Howell Ferguson P.A. CPAs (THF) congratulates Andrea Medley on being accepted into Leadership TallahasAndrea Medley see (LT) Class 38.

LT program participants learn to seek positive community changes through leadership roles. Andrea received her bachelor’s and master’s degrees from Florida State University. She serves THF as a director in the Tax Svcs. Dept.

TAMPA BRIMMER, BUREK & KEELAN, LLP

Cong Nguyen

Susan Evans

Brimmer, Burek & Keelan, LLP announce that Cong Nguyen and Susan Evans have become partners of the firm.

CPAS IN THE SPOTLIGHT

WEST PALM BEACH BERKOWITZ POLLACK BRANT ADVISORS AND ACCOUNTANTS

Palm Beach County Estate Planning Council has appointed Berkowitz Pollack Brant Sr. Mgr. of Tax Svcs Adam Slavin, CPA, to its board of Adam Slavin directors. Slavin has volunteered with the Council for nearly 10 years and serves on its programming and communications committee.

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

Caler, Donten, Levine, Cohn, Porter & Veil, PA announces the promotions of 16 employees within the firm’s administrative, audit, Patrick family office, tax, and Managan valuation & litigation support departments: Tricia Allahar, Ryan Davis, John Dingle, Masami Fujimoto, Nancy Hamden, Laney Kneib, Renaud Lindor, Karolina San Lucas, Jason Morley, Carlos Mora, Pedro Pedraza, Sonya Piotrowski, Dustin Provenzano, Michael Securro, Heath Schultz, Laura Vergara. Additionally, Rachel Commerford received her CPA license June 29 and Patrick Mangan is promoted to Shareholder.

16-Year Old Growing $1M+ CPA Firm Looking to Acquire Practices ANNUAL GROSS REVENUE $250,000 - $750,000 Tired of spending 50% of your day on non-billable administrative functions?

Looking to spend more quality time with family, while continuing to secure YOUR financial future?

We want to help YOU make the changes to reach YOUR personal and financial goals.

Kanter & Associates, PA, CPA’s Will Provide You: • Guaranteed Compensation AND Future Retirement • Paid Vacations • Commission on All New Business • Paid CPE and Licensure

• The Ability to Offer Your Current Clients Additional Services including Forensic & Fraud Examination and Business Valuations • No Administrative Burden

We Offer A Wide Variety of Payout Options To Suit Your Needs Contact: Eric R. Benke, Principal/Business Advisor Office: 813.855.5433 | Email: eric@kanterpa.com

DEAN MEAD

Brad Gould, a shareholder in Dean Mead’s Stuart and Fort Pierce offices, has been appointed as chair of the Tax Section of the American Bar Brad Gould Association’s (ABA) S Corporations Committee for 2020-2022. Gould previously served as vice chair of the ABA S Corporations Committee. His selection as chair represents peer recognition of his abilities and contributions to the work of the committee.

SUMMER 2020 | FLORIDA CPA TODAY

29

MARKETPLACE

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

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.

CPA FIRM WANTED If you are located on either coast and are interested in selling your firm to retire or relieve yourself of the daily responsibilities of operating a practice, we are interested in speaking with you. Please call us confidentially at (877) 633-9654 or email dean@deanmcarthur.com.

30

FLORIDA CPA TODAY | SUMMER 2020

LOOKING TO SELL YOUR ACCOUNTING FIRM? Atlanta-based Fusion CPA is looking to acquire a firm in Florida. Our intent is to expand Fusion CPA through merging our firms together.

To speak to our founder, please contact Trevor McCandless, CPA at 404.955.7338 or email at TM@fusiontaxes.com.

To learn more about our 3-phase M&A process, please visit: www.fusiontaxes.com/MERGE-SELL-YOUR-ACCOUNT ING-FIRM GROWING PENSACOLA FLORIDA CPA FIRM looking to purchase or merge with a retirement-minded CPA in Pensacola, Florida area. Favorable purchase terms offered with continuing employment opportunities available. For information, email msc@ficpa.org and refer to Ad 329.

In order to support CPA firms, Wells Fargo Advisors would like to introduce our STRATEGIC PARTNERSHIP PROGRAM designed to broaden and strengthen the existing relationships you have with your clients. Your client may potentially benefit from the service of two trusted professionals while gaining access to the extensive services and resources of a full-service investment firm at no extra cost.

When clients that you recommend for our professional money management services enroll in one or more of Wells Fargo Advisors investment advisory products, our Strategic Partnership offers your firm: • • •

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

CPE COVID-19 Safety Plan RISK-FREE REGISTRATION In these difficult and uncertain times, for everyone we’ve added flexibility to our cancellation policy. Your health and safety are our primary concern. Due to ongoing uncertainty regarding COVID-19, FICPA will not charge a cancellation fee if you decide to not an attend in-person event based on concerns around your health or travel.

LIVE EVENTS As we move ahead with planning and implementing live events, we will continue placing high importance on facilitating safety measures on-site and sanitary conditions for everyone’s health and wellbeing during the event. In order to remain informed about the ongoing situation at both the global and local levels, we are in constant communication with our facilities and following CDC guidelines.

Some changes you can expect include, but are not limited to: • No handshaking, No Hugs Policy • Extra facility cleaning and attendee hand sanitization stations • Seating for classroom and rounds that allow for social distancing during all functions • Food and beverage service changes, including replacing self-serve buffets and drink stations with prepackaged or boxed lunches and/or facility staff serving guests cafeteria-style. Exploring self-check- in options Specific information for on-site participants will be coming soon, including what attendees can expect during all aspects of staying at the hotel and attending meeting functions.

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 32

FLORIDA CPA TODAY | SUMMER 2020

SUMMER 2020

CPE CATALOG

SUMMER 2020 | FLORIDA CPA TODAY

33

Table of Contents Online CPE..............................................................................................................35 Value-Priced CPE................................................................................................. 38 Ethics CPE.............................................................................................................. 39 OnDemand CPE...................................................................................................40 Seminar Days......................................................................................................... 41

GOOD TO KNOW The Florida Institute of CPAs understands how important continuing professional education is toward your success as a Certified Public Accountant. To help you meet your professional development needs, the FICPA has brought together an outstanding collection of CPE programming designed to sharpen your skills, keep you informed of the latest developments and enhance your career. With hundreds of programs, the FICPA can help meet any CPE need: accounting & auditing updates, ethics, specialized topic conferences, governmental courses, the latest on taxation and much more! The FICPA is your one-stop shop for high quality CPE courses in any format.

REGISTRATION INFORMATION

CPE POLICES YOU MAY NEED TO KNOW

Registration Prices Take advantage of Early Bird Prices by registering more than 30 days before the course date and receive $55 off the regular registration fee.

CPE policies can be found on our website at www.ficpa.org/policies.

Nonmembers of the FICPA are welcome to attend but are required to pay an additional $125 per day of instruction or $65 per half day of instruction.

Three ways to register for FICPA CPE programs: • LOGON to www.ficpa.org/cpe.

• CALL the FICPA Member Service Center at (800) 342-3197 or (850) 224-2727 to place a credit card order.

• MAIL a completed registration form with your credit card information or check made payable to the Florida Institute of CPAs to: Continuing Professional Education, FICPA, 3800 Esplanade Way, Suite 210, Tallahassee, FL 32311-6103.

SAVINGS IN NUMBERS. GROUP DISCOUNTS AVAILABLE

Register five to seven people from the same organization for the same event and receive a 15% discount off the registration fee. Register eight or more for the same event and receive a 20% discount. Restrictions may apply.

34

OF COURSE! | SUMMER 2020

THE CPE TRACKER

The FICPA’s CPE Tracker is a tool that allows you to track your CPE courses throughout your reporting period.

FICPA courses taken will be automatically included in this Tracker. Courses taken from vendors other than the FICPA can be included in this online application for FICPA members. It is the user’s responsibility to ensure the Tracker’s accuracy.

VALUE-PRICED SEMINARS

Get exceptional value from these streamlined, high quality courses that enable you to gain essential knowledge and skills at a lower price. These are our most popular courses taught by our best educators in modest facilities that are conveniently located around Florida.

We may not serve you lunch, but we’ll serve you quality CPE and great value.

EVENT TIMES

Check-in begins 30 minutes before the program starts.

Schedules for conferences and seminars may differ.

Full Day Seminars 8 a.m – 4 p.m.

Half Day Seminars 8 a.m. – 11:30 a.m. and

12 p.m. – 4 p.m.

ONLINE CPE

DATE

TIME

COURSE TITLE

CPE

PRICE

ACCOUNTING & AUDITING 8/4/20

2:00 PM

Leases: Is it a Lease? (Topic 842-10) Webcast (4203307A)

2 AA

$75

8/18/20

2:00 PM

Adopting ASC 842: The New Lease Standard for Private Companies and Nonprofits (ACANLS06)

2 AA

$79

8/19/20

2:00 PM

Accounting for Digital Assets under US GAAP (AIADA02)

1 AA

$59

9/10/20

12:00 PM

K2’s Implementing Internal Controls in QuickBooks Environments Webcast (4203601F)

4 AA

$150

9/21/20

1:00 PM

Guide to the Topic 606 Revenue Recognition Model for All CPAs (SUREV413)

4 AA

$139

9/23/20

9:00 AM

Financial Reporting Update for Tax Practitioners (SUAAUP05)

8 AA

$259

9/23/20

1:00 PM

Sustainability Assurance Engagements (AISAE03)

4 AA

$179

9/25/20

9:00 AM

Audits of 401(k) Plans: New Developments and Critical Issues (SUAFPL10)

8 AA

$259

Nonprofits: Working with or Serving on Nonprofit Boards (ACN10)

2 TB

$79

ACCOUNTING & AUDITING (GOVERNMENTAL) 8/24/20

10:00 AM

8/24/20

1:30 PM

The Most Critical Challenges in Not-for-profit Accounting Today (SUCNA407)

4 AA

$139

9/9/20

1:00 PM

Navigating U.S. Government Contracts: Cost Accounting, Compliance & DCAA (ACNUGC07)

8 AA

$195

9/9/20

10:00 AM

What Happens to Federal Grants & Contracts During a Lapse in Funding due to a Government Shut-Down (ACWHFG07)

1 AA

$39

9/14/20

9:00 AM

Performing Single Audits Under the Uniform Guidance for Federal Awards (SUUGID02)

8 AA

$259

9/16/20

12:00 PM

Fraud In Construction Contracting and Procurement (ACFCC11)

3 AA

$99

Basics of Employment Law for Non-HR Professionals (SUELNP04)

4 TB

$139

What Employers Need to Know About Sexual Harassment in the Workplace (SUSEHA05)

2 TB

$89

BUSINESS LAW 7/24/20

1:30 PM

8/20/20

10:00 AM

BUSINESS MANAGEMENT & ORGANIZATION 9/17/20

9:00 AM

A CPAs Guide to Due Diligence (ACCGDD11)

4 TB

$129

9/22/20

1:30 PM

Cyber Risk and Accountants Best Practices (ACCRAB12)

1 TB

$39

2.5 BE

$89

1 BE

$39

COMMUNICATIONS AND MARKETING 7/30/20

2:00 PM

Leisure Suit to Hipster: Update Your Business Writing Style (ACLSH09)

8/18/20

10:00 AM

Communicating with Generation Z in the Workplace (ACCGZ09)

COMPUTER SOFTWARE AND APPLICATIONS 7/31/20

11:00 AM

K2’s Implementing Security and Privacy Policies Webcast (4204360B)

2 TB

$75

8/19/20

12:00 PM

K2’s QuickBooks for Accountants Webcast (4203635F)

8 TB

$294

9/1/20

12:00 PM

K2’s Excel Data Magic, Including Advanced PivotTables & power pivot Acquiring, Analyzing & Visualizing Your Data Webcast (4203617F)

8 TB

$294

9/4/20

11:00 AM

K2’s Understanding Workflow and Automation Essentials Webcast (4204373B)

2 TB

$75

To register, call 800.342.3197 or 850.224.2727, or visit ficpa.org/cpe. | FICPA.ORG

35

ONLINE CPE

DATE

TIME

COURSE TITLE

CPE

PRICE

FINANCE 8/11/20

11:00 AM

Data Analytics for Finance Managers (Day 1) (AIDAF103)

6 TB

$300

9/28/20

10:00 AM

Corporate Finance: Valuing a Business (ACCFVB12)

2 TB

$79

INFORMATION TECHNOLOGY 8/20/20

3:00 PM

K2’s Implementing Password Management and Data Loss Prevention Tools for Better Security Webcast (4203884B)

2 TB

$75

9/1/20

1:00 PM

Ethics and Artificial Intelligence in Business & Finance (AIEAIB02)

2 TB

$99

9/2/20

11:00 AM

K2’s The Very Real Risk of Ransomware Webcast (4204371B)

2 TB

$75

9/10/20

1:00 PM

Blockchain for Healthcare (AIBHC02)

4 TB

$199

9/25/20

8:00 AM

K2’s A Scary Ride Through the Dark Web (ACSRDW12)

2 TB

$79

PERSONAL DEVELOPMENT 7/30/20

11:00 AM

Triple Your Memory, Prevent Dementia and Halve Your Stress Part 1 (ACTYM108)

4 BE

$129

7/31/20

11:00 AM

Achieving Balance in Work and Life Part 1 (ACABW108)

4 BE

$129

PERSONNEL/HR 7/27/20

2:00 PM

Building Inclusive and Culturally Competent Workplaces: A Guide for HR Professionals - Part 2: Building Blocks of Workplace (ACBIC210)

1 BE

$59

7/28/20

10:00 AM

Mad Men to #MeToo - Moving Beyond Sexual Harassment Training to Culture Change (ACMMMT06)

1 BE

$39

SPECIALIZED KNOWLEDGE 7/27/20

3:30 PM

Independent Contractors vs. Employees and the ABC Test Webcast (4204254B)

4 TB

$150

8/4/20

10:00 AM

General Data Protection Regulation (ACGDPR09)

2 TB

$79

8/20/20

10:00 AM

Blockchain and Cryptocurrency Fundamentals (ACBCF10)

2 TB

$79

8/21/20

2:00 PM

Insurance Agency Accounting for Dummies and Geniuses (ACIADG10)

2 AA; 1 TB

$99

7/17/20

1:30 PM

Understanding CPA Communication Privileges in Tax Practice Webcast (4203491A)

2 TB

$75

7/23/20

9:00 AM

Blockchain Implications for Tax (AIBIT02)

8.5 TB

$299

7/27/20

12:00 PM

Preparing Forms 706 and 709 - Understanding the Issues (ACFUTI07)

2 TB

$79

8/7/20

11:00 AM

Cannabis Industry Symposium Webcast (5203315B)

8 TB

$294

8/7/20

1:00 PM

Four Tiers of Loss Limitations: A Guide to the New Rules for Pass-through Entities (SUFTL402)

4 TB

$139

8/22/20

3:00 PM

IC-DISC - The Last Remaining U.S. Export Tax Incentive from A to Z (ACDLR10)

4 TB

$129

8/26/20

9:00 AM

The Best Federal Tax Update Course by Surgent (SUBFTU12)

8 TB

$259

8/27/20

9:00 AM

Multi-State Taxation (AIMST04)

8 TB

$279

TAXES

= Live Stream | 36

OF COURSE! | SUMMER 2020

= Seminar Days |

= Take Two! |

= Value Priced Seminars

N OW V I RT UA L

Serving the collective needs of neighboring property owners

November 19–20, 2020 Virtual, interactive conference CPE: Up to 16

CPAs must know the complex issues faced by common interest realty associations to serve them well. At the annual two-day CIRA Conference, hear from regulators, attorneys, reserve specialists, and CPAs specializing in this industry.

F E AT U R E D S P E A K E R S

Bruce Nunally

Alfred Erdmann

F E AT U R E D TO P I C S • Revenue Recognition Related for CIRA • Developer Turnover Accounting Issues • A&A Update Related to CIRA • Accounting for Long-term Leases • Revenue Recognition

FICPA.ORG/CIRA

SUMMER 2020 | FLORIDA CPA TODAY

37

ONLINE CPE

DATE

TIME

COURSE TITLE

CPE

PRICE

9/8/20

9:00 AM

The Best Individual Income Tax Update Course by Surgent (SUBITU10)

8 TB

$259

9/11/20

2:00 PM

The SECURE Act, the Extenders, and How it Applies to Retirement Planning (ACSAEH11)

4 TB

$129

9/21/20

2:30 PM

Creative Strategies for Buying, Selling, or Gifting a Business (ACSBSG12)

2 TB

$79

9/21/20

9:00 AM

The Best S Corporation, Limited Liability, and Partnership Update Course by Surgent (SUBCPE11)

8 TB

$259

9/30/20

3:30 PM

Quality Control in a CPA Tax Practice: Circular 230 Changes Webcast (4203487D)

4 TB

$150

SEE ALL FICPA ONLINE COURSES AT FICPA.ORG/CPE

VALUE-PRICED CPE It's all in the name — courses from our Value-Priced CPE are available at the low cost of $210. These streamlined, high-quality seminars enable you to gain essential knowledge and skills from our best instructors at a price that keeps money in your pocket.

Accounting & Auditing Update

Best Individual Income Tax Update

8 Accounting and Auditing hours Date Code Location Nov 16 AAUD10 Webinar

8 Technical Business hours Date Code Location Webinar Dec 15 BITU10WS

Best Federal Tax Update

Best S Corporation, Limited Liability and Partnership Update

8 Technical Business hours Date Code Location Nov 20 BFTU00WS Webinar Dec 11 BFTU20 Webinar Jan 7 BFTU40 Webinar

8 Technical Business hours Date Code Location Dec 14 BCPE00WS Webinar

SEE SEE ALL ALL FICPA FICPA ONLINE ONLINE COURSES COURSES ATAT FICPA.ORG/CPE FICPA.ORG/CPE

38

Register online at ficpa.org/valuepriced or by calling (800) 342-3197.

Visit ficpa.org/valuepriced to review our extensive online CPE catalog.

FLORIDA CPA TODAY | SUMMER 2020

Quality Courses for Cost-conscious Professionals

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.

WEBINAR

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

Date

Code

Member Price

Oct 28

ETHFGC

$104

Nov 10

ETH40WS

$104

Dec 8

ETH60WS

$104

Dec 16

ETH70

$104

Jan 5

ETH80

$104

Governmental Ethics: Protecting the Integrity of Florida CPAs (GovETH) – 6957 4 ETHICS HOURS

Date

Code

Member Price

Aug 26

ETHSLGAC $104

ONLINE WEBCAST REPLAY

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

Date

Start Time Code

Member Price

Nov 11

1:00 p.m.

ETHWBR06

$159

Dec 18

8:30 a.m.

ETHWBR07

$85

Dec 30

1:00 p.m.

ETHWBR08

$85

Jan 15

8:30 a.m.

ETHWBR09

$85

ONDEMAND

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

Course Code

Member Price

ETHOL20 $75

FICPA.ORG/ETHICS SUMMER 2020 | FLORIDA CPA TODAY

39

OnDEMAND CPE

AVAILABLE ONLINE 24/7

ORIGINAL CPE

VARIETY OF SUBJECTS

TOP-NOTCH QUALITY

COMPLIES WITH NASBA QAS REQUIREMENTS

SEE ALL FICPA ON-DEMAND COURSES AT FICPA.ORG/CPE

COURSE TITLE

CPE

CODE

$ PRICE

Accounting for Intangible Assets and Other Capitalization Issues

4 AA

GOL-0997

$48

AICPA Guidance for the Forensic Engagement

1 AA

AI20-FFA-GFE

$49

Interpreting the New Revenue Recognition Standard: What All CPAs Need to Know

6 AA

AI20-INRRS

$125

Surgent’s Accounting for Financial Statement Uncertainty: Estimates, Contingencies, and Going Concern

4 AA

SU20-AFS4-SSWC

$89

Surgent’s FASB Update: New and Recent Accounting Standards Updates

2 AA

SU20-FUPD-SSDL

$39

Surgent’s Implementing Topic 606: Tackling the Tough Issues in Adopting the New Revenue Recognition Standard

8 AA

SU20-NRRS-SSWC

$155

Surgent’s Share-Based Payments: Understanding the Nuances of ASC Topic 718

4 AA

SU20-SBC4-SSWC

$89

10.5 AA

AI20-USGRBI

$165

10.5 AA

AI20-AUGFASA

$259

Surgent’s Fraud and Abuse in Not-for-Profit Entities and Governments: Stealing from Everyone

8 AA

SU20-FANG-SSWC

$155

Surgent’s Latest Developments in Nonprofit Accounting and Auditing

8 AA

SU20-NPAA-SSDL

$125

Surgent’s The Most Dangerous Elements of a GAAS Audit

4 AA

SU20-GAA4-SSWC

$89

AICPA Peer Review Update Course

2 AA

AI20-PRUC

$59

Auditing Contingent Liabilites and Going Concern

2 AA

AI20-AESNI-ACLG

$89

Auditing Employee Benefit Plans

13 AA

AI20-AEBP

$275

3 AA; 3 TB

AI20-BIAAS

$299

Surgent’s Properly Evaluating the Design and Operating Effectiveness of Internal Controls

2 AA

SU20-EDIC-SSDL

$39

Surgent’s Top 10 Technology Risks and Trends Every CPA Should Know

4 AA

SU20-TECS-SSWC

$89

Bankruptcy

4 TB

GOL-0918

$48

Family Law Engagements

1 TB

AI20-FFA-FLE

$49

Surgent’s Employer’s Handbook: Health Care, Retirement, and Fringe Benefit Tax Issues

4 TB

SU20-HCR4-SSDL

$65

Surgent’s Employer’s Handbook: Legal, Tax, and Health Care Issues

8 TB

SU20-HTOF-SSDL

$125

ACCOUNTING

U.S GAAP: Review for Business and Industry

ACCOUNTING & AUDITING (GOVERNMENTAL) Applying the Uniform Guidance for Federal Awards in Your Single Audit

AUDITING

Blockchain Implications for Audit and Assurance Services

BUSINESS LAW

40

FLORIDA CPA TODAY | SUMMER 2020

All New FICPA CPE Subscription The Best Florida-Specific Content Available.

24/7 Access. Includes Florida Ethics.

Best Value.

Comprehensive Online Catalog The FICPA 24/7 Learning Library is a comprehensive online catalog of the best Florida-specific courses available and a great way to earn CPE! Gain unlimited access to this ever-growing library of content from FICPA subject matter experts on topics ranging from accounting, tax, assurance, not-for-profit, fraud, international, and more. PLUS, this bundle includes the FICPA Florida-Specific Ethics: Protecting the Integrity of Florida CPAs (4980) which fulfills the biennial ethics requirements for Florida CPAs.

Why choose us?

Subscription at a Glance CPE Credits Online subscription: Unlimited NASBA Field of Study Available in most fields of study Level Available in all levels Prerequisites None

Learn from FICPA Subject Matter Experts

Track & Print certificates in one place

Advance Preparation None

Courses are presented in one or two hour increments to provide learning that works within your schedule. Bookmarking allows you to stop at any point in a course and resume at a later time -even if changing devices.

Completed courses provide a digital certificate of completion available for immediate PDF download and anytime in the future. Completion records are saved and stored in the FICPA CPE tracker.

One-year access for one low price

Future Titles

Mobile First

Subscribers have access to all current and future FICPA titles with 100+ courses in production for launch in 2020 alone. Florida-specific titles are added on a quarterly basis giving you the most timely and relevant CPE courses available.

The entire library is constructed as “mobile-first� so courses will play on your computer, phone or tablet.

Your CPE library will be available anytime, anywhere and at your convenience.

Get access to the entire FICPA 24/7 Learning Library for one year from date of purchase for one low price.

Member Price

$249

Non-Member Price

$439

SUMMER 2020 | FLORIDA CPA TODAY

41

FICPA

FLORIDA UNIVERSITIES FALL VIRTUAL CONFERENCE

October 29-30, 2020 Virtual, interactive conference CPE: Up to 16

3 GREAT CONFERENCES

ROLLED INTO ONE +

+

The FICPA Florida University Fall Virtual Conference brings essential CPE training right to your home.

This event is the combination of three popular FICPA Fall university conferences — creating one engaging virtual event that covers a wide range of essential CPE training.

Attendees can expect to hear from leading speakers and instructors, all hand-picked to share extensive knowledge on the hot topics and industry trends that matter to you.

HOT TOPICS

Effective Risk Management | FASB Update | SECURE Act & Changes to Retirement Planning Data Analytics | Cybersecurity Awareness | Global Tax Reforms | Sales Tax

LEARN MORE AND REGISTER:

ficpa.org/fall-virtual-conference

OnDEMAND CPE

COURSE TITLE

CPE

CODE

$ PRICE

4.5 TB

AI20-CWYW

$89

Investment Appraisal Techniques I

3 TB

AI20-CFMP-IAT1

$65

Management Control Systems

2 TB

AI20-CSMA-MCS

$55

Surgent’s Gaining a Competitive Advantage: Critical Skills for CFOs and Controllers

4 TB

SU20-GCA4-SSDL

$65

Family Law and Divorce Engagements - Part 1, Part 2, and Part 3

5 AA

AI20-SFAC-FLDE

$99

Intellectual Property Damages Concepts and Calculations - Part 1 and Part 2

6 AA

AI20-SFAC-IPDCC

$89

MBAexpress: Nuances of Negotiating

1 BE

MBANON

$45

MBAexpress: Presenting Numbers for Impact

1 TB

MBAPNFI

$45

1 TB

AI20-FFA-LTFE

$49

Blockchain for Healthcare

5 TB

AI20-BFHC

$199

Surgent’s IRS Publication 4557, Safeguarding Taxpayer Data

2 TB

SU20-STPD-SSWC

$49

MBAexpress: Project Management

1 TB

MBAPM

$45

Surgent’s Innovative Forecasting and Budgeting: Moving Beyond the Traditional Techniques

4 TB

SU20-IFB4-SSDL

$65

Coaching and Mentoring

3B

AI20-HIS-CM

$65

Emotional Intelligence

3B

AI20-HIS-EI

$65

4 ET

ETHOL20

$80

Bankruptcy, Insolvency and Reorganization

1 TB

AI20-FFA-BIR

$49

Incapacity and Postmortem Estate Planning

3 TB

AI20-PFPEP-IPEP

$79

Trusts and Estate Planning Documents

3 TB

AI20-PFPEP-TEPD

$79

Valuations in Litigation Matters

2 TB

AI20-FFA-VLM

$49

Blockchain Implications for Tax

8.5 TB

AI20-BIT

$299

Protecting Your Client and Your Firm from Tax Return Identity Theft

4.5 TB

AI20-PCFTRIT

$89

BUSINESS MANAGEMENT & ORGANIZATION Change the Way You Work: Success as a Virtual CFO

COMMUNICATIONS AND MARKETING

COMPUTER SOFTWARE AND APPLICATIONS Leveraging Technology in Forensic Engagements

INFORMATION TECHNOLOGY

MANAGEMENT SERVICES

PERSONAL DEVELOPMENT

REGULATORY ETHICS Ethics: Protecting the Integrity of Florida CPAs (2020-21)

SPECIALIZED KNOWLEDGE

TAXES

SUMMER 2020 | FLORIDA CPA TODAY

43

OnDEMAND CPE

COURSE TITLE

CPE

CODE

$ PRICE

Robotic Process Automation (RPA) for Tax

5 TB

AI20-RPAT

$199

Surgent’s Advanced Partnership/LLC Workshop: How to Do Optional Step-Up in Basis Under 754 and Related Provisions

8 TB

SU20-APLW-SSDL

$125

Surgent’s Buying and Selling a Business: Tax and Structuring Overview

4 TB

SU20-SEL4-SSWC

$89

Surgent’s Essential Depreciation and Expensing Update

4 TB

SU20-TDP4-SSWC

$89

Surgent’s Getting Ready for Busy Season: Key Changes Every Tax Practitioner Should Know

4 TB

SU20-NFF4-SSWC

$89

Surgent’s Individual and Financial-Planning Tax Camp

8 TB

SU20-IFCP-SSWC

$155

Surgent’s Navigating Your Client Through the IRS Appeals Process

4 TB

SU20-NAV4-SSWC

$89

Surgent’s Report of Foreign Bank and Financial Accounts

2 TB

SU20-FOR2-SSWC

$49

The Vacation Home (2019)

2 TB

GOL-0967

$24

AICPA CPExpress

400 **

CPEXPRESS

$275

Blockchain Fundamentals for Accounting and Finance Professionals Certificate

16 TB

AI20-BFFA-CERT

$549

COSO Internal Control Certificate

16.5 AA

AI20-COSIC-CERT

$1199

Cybersecurity Fundamentals for Finance and Accounting Professionals Certificate

15.5 TB

AI20-CFFAP-CERT

$549

Cybersecurity Practical Applications Certificate Program

12 TB

AI20-CPAC-CERT

$339

Data Analysis Fundamentals Certificate

10 TB

AI20-DAF-CERT

$299

Data Visualization Certificate

10 TB

AI20-DV-CERT

$699

FICPA 24/7 Learning Library: On-Demand CPE

100 **

LL-FI20

$249

Robotic Process Automation Fundamentals for Accounting and Finance Professionals Certificate

16 TB

AI20-RPAF-CERT

$549

Surgent’s Unlimited Self-Study Package

600 **

SU17-LIBS

$299

VARIOUS

SEE ALL FICPA ON-DEMAND COURSES AT FICPA.ORG/CPE

FICPA

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.

44

FLORIDA CPA TODAY | SUMMER 2020

CORONAVIRUS RESOURCE CENTER ficpa.org/covid-19

Earn CPE year- round with the FICPA's wide selection of CPE. Each year, the FICPA schedules 15 conferences and two trade shows — 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 NOW FULLY VIRTUAL

August 6-8, 2020 Virtual, interactive event FICPA .ORG/SVC

NOW FULLY VIRTUAL

August 27-28, 2020 Virtual, interactive conference FICPA .ORG/MEGA

NOW FULLY VIRTUAL

FICPA

FLORIDA UNIVERSITIES FALL VIRTUAL CONFERENCE

October 29-30, 2020

October 23, 2020 Virtual, interactive event

Virtual, interactive event ficpa.org/events

ficpa.org/CIC

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

November 19-20, 2020 Virtual, interactive event ficpa.org/CIRA

38TH ANNUAL

VALUATION, FORENSIC ACCOUNTING & LITIGATION SERVICES CONFERENCE

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

January 13-15, 2021 Miami + Live Stream ficpa.org/ITC

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

UNWIND WITH CPE

August 6-8, 2020 Virtual, interactive event At FICPA’s Summer Vacation Cluster, experience cutting-edge CPE training from the comfort of your home. Attendees will interact with and learn from leading industry experts as they enjoy the variety of seminars.

CUSTOMIZE YOUR CPE Choose 1 or up to 5 different 4-hour sessions. Earn up to 20 CPE hours.

THURSDAY, AUGUST 6 8:30 AM – 12 PM SESSIONS

(CHOOSE ONE)

• Bridging the Gap between IT and Accounting: Cloud, Cybersecurity, Data Analytics, RPA, & Other Hot Topics! (4 AA)

FRIDAY, AUGUST 7

8:30 AM – 12 PM SESSIONS

(CHOOSE ONE)

•H ow Deviating From Your Ethical Baseline Is Not As Hard As You Think - Maricopa Case Study (4 AA)

• Sales & Use Tax - Diffuse Your Client’s Ticking Time Bomb (Florida and Multi-State) (4 TB)

•F ederal Tax Update (4 TB)

1:30 PM – 5 PM SESSIONS

•R isk Assessment, Professional Skepticism & High-Quality Audits (4 AA)

(CHOOSE ONE)

• New Auditor’s Report, New Compilation and Review Requirements, new Employee Benefit Plan Audit Standard, and Other Changes to What CPAs Do (4 AA) • The Future of the Economy and Planning The Future (4 TB)

FICPA.ORG/SVC

1:30 PM – 5 PM SESSIONS

(CHOOSE ONE)

•R etirement Planning Update for CPAs (4 TB)

SATURDAY, AUGUST 8

8:30 AM – 12 PM

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

This course fulfills the biennial ethics requirement for Florida CPAs.