Summer 2021 - Florida CPA Today | Volume 37, Number 3

SUMMER 2021 | VOLUME 37, NUMBER 3

Kristin Bivona The new Chair of the FICPA PAGE 14

Shelly Weir

Aims to Take FICPA to New Heights PAGE 11

Meet the 2021-22 FICPA Board of Directors PAGE 18

Changes Ahead for State & Local Government Accounting & Reporting

Exclusive Bonus Insert: Our 2021 FICPA Legislative Report

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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 B. Keith, CPA Michael S. Kridel, CPA Troy Y. Manning, CPA Ryan A. Myers, CPA Will Quilliam, CPA FICPA STAFF Leah Pritchett, Director of Marketing and Communications Nick Menta, Creative Marketing Copywriter Alejandra D’Jermanos, Graphic Designer All articles submitted to Florida CPA Today are subject to technical review, Editorial Committee review, space availability, and editing requirements and restrictions.

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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.

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Reproduction in whole or part is prohibited without the express written consent of the FICPA.

COVER STORY NEW FICPA CHAIR KRISTIN BIVONA

embraces FICPA’s ‘new season of opportunity’

FEATURES

DEPARTMENTS

11

Meet the 2021-2022 FICPA Board of Directors

14

Shelly Weir aims to take FICPA to new heights

18

Changes ahead for state & local government accounting & reporting

2 4 24 27 28

COO’s message News brief DOR update Staff report Marketplace

STRATEGIC PARTNER CONTENT

22

Five cybersecurity trends you need to know in 2021

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

SUMMER 2021 | FLORIDA CPA TODAY

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CHIEF OPERATING OFFICER’S MESSAGE

VOLUNTEER, LEAD, AND MAXIMIZE YOUR MEMBERSHIP This issue of our Florida CPA Today highlights our new FICPA Chair, Kristin Bivona, and the incoming 2021-22 Board of Directors. I would like to take this opportunity to congratulate each of them on their appointment.

Volunteers are the fuel that power the FICPA. Without them, we would not be able to accomplish our strategic initiatives or provide our variety of programs, services and benefits. The benefits of volunteering are countless, with social, emotional, physical and professional perks. It’s been proven that people build closer relationships, better connections, and more powerful attachments when they work together. I think we’d all welcome a sense of community and camaraderie after the year we’ve been through!

The FICPA offers a variety of ways for you to get involved, from short-term projects to Committee, Council and Board service.

DONNA SON

With every new volunteer, FICPA grows more energized, more diverse, more inclusive, and better equipped to reach our common goals.

Short-term commitments

If you want to experience what it’s like to volunteer before deciding on a longterm commitment, you can start by signing up for an individual project or event.

Throughout the year, FICPA will share volunteer opportunities via social media and other channels. You can join our CPA Day of Service, become a Student Ambassador, or share your expertise as a speaker at one of our signature events.

Committees

Ready to take your participation to the next level? Consider volunteering for an FICPA Committee. The FICPA Chair appoints committee volunteers for oneyear terms that are renewable annually. The FICPA has over 30 committees, all offering an array of opportunities, including networking, community outreach, conference planning and professional development.

Board, Council & Standing Committees

The FICPA Nominations Committee develops a slate of candidates for Board of Directors and Council service that represents a diverse mix of FICPA members based on geography, organization/firm size, gender and ethnicity. The committee seeks Board and Council members representing a cross-section of all membership categories and is currently accepting applications. The nominations committee is also responsible for selecting members to serve on our Audit, Investment Policy and Nominations Committees. For more information and to apply, please visit ficpa.org/apply by Aug. 31.

Chapters

Chapters are an integral part of the Institute and facilitate networking and educational opportunities at the local level. Volunteering for a chapter is an excellent way to start your volunteer service with the FICPA, as you build leadership skills and take advantage of networking opportunities. Learn more about chapter volunteer opportunities at ficpa.org/chapters.

Thank you, as always, for being a member of the FICPA. We look forward to working with you!

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FLORIDA CPA TODAY | SUMMER 2021

Join us in person for a little CPE and A LOT of vacation!

August 5-7, 2021

Disney’s Yacht Club Resort, Orlando CPE: From 4 to 20 Hours Choose from one or up to five sessions.

SUMMER 2021 | FLORIDA CPA TODAY

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NEWS BRIEFS

INDUSTRY NEWS

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 on Tuesday, Sept. 28, 2021, at 9:00 a.m. via conference call.

Gov. DeSantis signs Public Accountancy bill

Florida’s newest Public Accountancy bill has been signed into law.

Gov. Ron DeSantis put his name to SB 616 on June 16, instituting a series of reforms supported by the FICPA. The bill, sponsored by Sen. Joe Gruters and Rep. Mike Caruso, and passed through the Florida Senate and House during the 2021 legislative session:

Notice of Annual Meeting of Members FICPA OFFICIAL NOTICE In compliance with Article III of the FICPA Bylaws, be it known that the Annual Meeting of the Members will be held 9:00 a.m. on Wednesday, Sept. 22, 2021, at the Rosen Plaza Hotel (in conjuction with the Health Care Conference) in Orlando.

• Expands CPE reciprocity, eliminating the duplication of state CPE requirements while ensuring that a Florida licensee maintains an awareness of Florida’s laws and rules; • Mandates that a majority of a Florida Ethics course cover Florida-specific laws and rules; • And makes an important clarification to the licensure-by-endorsement process at the recommendation of the Florida Board of Accountancy.

After negotiations between the Senate and House, the final version of the bill passed on April 28, 2021, and signed into law roughly six weeks later.

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Endorsed By

“The FICPA is proud of the efforts of two of its own members – Sen. Joe Gruters and Rep. Mike Caruso – and grateful for the support of Gov. Ron DeSantis,” said FICPA President & CEO Shelly Weir. “This year’s legislation reduces duplicative regulations and ensures additional public protections are provided through the strengthening of our Florida-specific ethics course.

“Advocacy is at the heart of the FICPA, and we look forward to continued collaboration with our valued CPA lawmakers.”

GET YOUR FREE ASSESSMENT: Michael Dringus 609-709-6985 mdringus@merchantadvocate.com www.merchantadvocate.com 4

FLORIDA CPA TODAY | SUMMER 2021

For additional details on bill itself and the entire 2021 legislative session, be sure to review our FICPA Governmental Affairs Legislative Report, included inside this issue of Florida CPA Today.

FICPA NEWS

2021 Women to Watch: Rummesa Abrar and Genevieve Hancock

On June 10, the FICPA presented its annual Women to Watch Awards, honoring the achievements of Emerging Leader Rummesa Abrar and Experienced Leader Genevieve Hancock.

“Genevieve and Rummesa are two valued FICPA members.

I admire what they’ve accomplished and look forward to seeing how they advance the accounting profession in the years to come,” said FICPA President & CEO Shelly Weir.

Hancock is currently in a consulting role with LPL Financial. She serves on the FICPA’s Accounting Principles and Auditing Standards Committee and its CFO & Controller Conference Committee. She is also a regular speaker at FICPA Conferences and events and has previously served as a Chapter officer.

FICPA NEWS

Renew your FICPA membership

by July 31

If you have not yet renewed your FICPA membership for the 2021-22 year, please be sure to do so by July 31 to keep all your member benefits active.

You can renew online at FICPA.org in ‘My Account’ or download an invoice.

If your company participates in firm billing, no action is required on your part.

That said, all members should be sure to log in to FICPA. org to make sure their information is up to date.

Please email membership@ficpa.org or call 850-224-2727 with any questions, and thank you for being a member of the FICPA!

Abrar is a tax senior at Ernst & Young, working in Private Client Services.

She originally joined the FICPA as a student member and received an FICPA Scholarship while enrolled at Florida International University. She was recently recognized as part of the 2021 FICPA Horizon Awards, a spotlight on the brightest young CPAs. The Experienced Leader Award is reserved for women who have risen to leadership positions after more than 10 years in the industry. The Emerging Leader Award recognizes women who have made significant contributions to the profession in the early stages of their career.

Nominations for the 2022 awards will be open from Dec. 1, 2021, through Jan. 15, 2022, with winners to be announced next June. Visit ficpa.org/ women-watch-awards to learn more.

SUMMER 2021 | FLORIDA CPA TODAY

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Kristin Bivona

embraces FICPA’s ‘new season of opportunity’

By Nick Menta, FICPA Creative Marketing Copywriter

Kristin Bivona is terrified of heights.

Which makes it curious that she would book a trip to a suspension bridge 230 feet above the Capilano River in Vancouver, British Columbia.

“No one knew. She didn’t say anything about it,” remembers friend and 2018-19 FICPA Chair Abby Dupree, still laughing years later. “We’re halfway across, and this thing is swaying back and forth, and she’s like, ‘Oh my god – get me off of here.’ I told her, ‘You’re the one who booked this!’

“She did it because she knew the rest of us wanted to. That’s the kind of person she is. She takes care of everybody else first.”

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FLORIDA CPA TODAY | SUMMER 2021

Her friends and colleagues all talk about her at length and with great affection.

“I have no doubt that the last five years working with Kristin have made me a better professional, CPA, and firm partner,” says Albert Hurtado of GellerRagans in Orlando, where Bivona began her accounting career and became managing partner in 2015.

But ask her to talk about herself, and she’s reticent. “This isn’t about me,” she answers. “This is about the Institute.

How can I leave the FICPA better than when I found it? That’s the goal.”

The Florida Institute of CPA’s 94th Chair, Bivona arrives in her new role at time of great transition, both for the Institute and the profession. But she’s by no means new to the FICPA. In fact, she ascended to Chair only after serving in every other available capacity. A Fort Lauderdale native and a lifelong Floridian, she first joined the FICPA in 2005, having earned both her bachelor’s degree in accounting and MBA from her beloved alma mater, the University of Central Florida. At the time, the Young CPA Committee of FICPA’s Central Florida Chapter was in search of new life. “It had gone dormant for a couple years, and they need to somebody to revamp it,” she thinks back.

“They asked if I would serve as the committee chair. That’s what started it all.”

From that first assignment, Bivona would serve in each of the chapter’s officer roles before advancing to involvement with state committees, the Florida CPA/PAC, the AICPA Council, the FICPA Council and the Board of Directors.

Once she made it to the Board, she quickly became the person other FICPA Chairs would either learn from or lean on.

During his 2017-18 tenure, Alan

West noticed that Bivona had “great ideas” but stayed mostly quiet during meetings. Wanting everyone to have the opportunity to contribute, West encouraged her to speak up more often. That’s when she shared with him what he still considers “a valuable lesson.” She explained that there’s more than one way to participate; that she simply prefers to listen and process her thoughts before interjecting. If she has something to contribute, she will. But she will not speak just to hear her own voice.

“She’s incredibly self-aware,” West says. “She’s also incredibly thoughtful.

She has great emotional intelligence.

That, to me, is what makes her a great leader. She’s able to engage with different kinds of people. Sometimes you have to be able to adapt yourself and your style. Not everyone is capable of doing that. She is.”

The following year, 2018-19 Chair Gary Fracassi immediately tabbed Bivona his go-to board member. All he had to do was text “ARGH!” and she would respond moments later: When and where do you need me? “She never says no,” Fracassi attests. “She always makes time to help. If there was a crisis, she was the one willing to listen.” Like West, Fracassi watched Bivona learn, evolve and prepare for the next step. “She’s deliberative.

That’s her style,” he says. “She spent the last five years readying herself for this time. Now it’s her turn to take the reins and lead.”

“I can think of no better leader than Kristin during this time of tremendous opportunity and transformation for the FICPA,” adds outgoing chair W.G. Spoor. “I have had the pleasure to work alongside Kristin for over five years, and I am proud to say that both the future of the FICPA and our profession are bright with leaders such as her at the helm.”

SUMMER 2021 | FLORIDA CPA TODAY

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Photo courtesy Kristin Bivona

Bear in mind, this wasn’t always Bivona’s intent. She didn’t join the FICPA – or the Board of Directors, for that matter – with the expressed intent of becoming Chair. She only wanted to take on the role if her skill set matched the moment. Now, alongside new FICPA President & CEO Shelly Weir, is that moment. Bivona and Weir have been on a recent statewide tour of FICPA member firms, together focusing on one fundamental question: What can the FICPA do for you?

“We’re not here to recreate the Institute,” Bivona says, “but we do want to expand our reach. My professional mantra is, ‘Be better and be bold.’ I want to tie that in with the FICPA. How can we take all of our rich history and marry it with members’ modern needs?”

“I sometimes refer to it as the season of opportunity,” she says, laughing at herself, but also meaning every word. “It’s the most time you spend with your clients. And right now, we’re spending that same kind of time with our members and our firms.

We’ve been separated for more than a year. Now we have to reignite those relationships and to find out what’s changed. What did you need from the FICPA two years ago, and what do you need from us now?”

That’s how Bivona views advocacy, as work that impacts CPAs everywhere.

“This is the thing the FICPA provides that no one else can provide for you,” she explains. “I think that’s a member benefit that can sometimes get lost.

There is no other person or group doing what our Governmental Affairs team is doing – working day and night to advance our industry’s interests, to advocate on our behalf and to protect our license.”

On the heels of a global pandemic and with the accounting industry evolving as fast as it ever has, it would be easy to get overwhelmed. Of course, Bivona looks at that differently, too. She likens it to her take on busy season.

That’s how she’ll spend the next year as chair: listening to members, processing their feedback, and working with Weir and the FICPA staff on the next steps forward. She has no particular legacy she wants to leave. No grand plan for an overhaul.

Her goal is merely to respond to the needs of those around her. To help move everyone from one side of the bridge to the other.

“She likes to put the FICPA first,” says West. “She likes to put the members first, the staff first.

“She’s not here to change the world.

She’s just here to make it a little bit better, and I have no doubt she will.”

She does know for certain the importance of articulating exactly what the FICPA provides. And as the Vice President of the Central CPA/PAC, it’s no surprise that advocacy tops her list. Over the last 18 months, it’s been the CPAs and their advocates making sense of federal relief packages, sorting through evolving guidance, and working with the Florida Legislature to pass a new Public Accounting bill. Whether or not you’re interested in politics, politics is certainly interested in you.

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FLORIDA CPA TODAY | SUMMER 2021

Cover story photography by Rich Johnson, Spectacle Photo

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SUMMERand 2021 |tag FLORIDA CPA TODAY 9

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Search FICPA Seminars at FICPA.ORG/SEMINARS

Online learning …

Learn, network and thrive from anywhere, as you engage in real time with our top Discussion Leaders and benefit from their expertise.

At a great value …

FICPA members enjoy member-only pricing on all our CPE, offering you the best for less.

That meets your needs …

Fulfill your Board of Accountancy license requirements for Ethics with four-hour courses available throughout the year for your convenience.

And tracks your progress.

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FICPA members enjoy access to our CPE Tracker, which automatically records your FICPA courses and allows you to add credits from other vendors, keeping all your earned hours in one place.

FLORIDA CPA TODAY | SUMMER 2021

Meet the 2021-2022

FICPA Board of Directors The FICPA proudly welcomes our 2021-2022 Board of Directors.

Get to know the team leading our association forward.

JULIAN DOZIER, CPA, ABV, CFF, CFE (CHAIR-ELECT)

HECTOR AGUILILLA, CPA

VALRIE CHAMBERS, PH.D., CPA

Julian, is a shareholder and the director of the assurance services department with Thomas Howell Ferguson P.A. CPAs.

Hector provides provides auditing, accounting and assurance services, litigation support and business consulting services at Berkowitz Pollack Brant. He is past president of the Miami-Downtown Chapter of the FICPA and the Cuban American CPA Association.

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.).

A thriving, exciting FICPA

“I firmly believe the accounting profession is exciting! It is in a constant state of evolution due to rapid changes in technology, external market forces, industry competition, and client expectations. The FICPA is exciting, too, for all the same reasons. Over its 116 years the Institute has learned how to serve CPAs in Florida. By adopting the energy and fresh perspective of our new President and CEO, Shelly Weir, the FICPA’s future is ours to define.

The FICPA is committed to engaging with our members – in person, when and where it is convenient for you. As always, the FICPA needs members at all career stages to help newer practitioners see the value of our profession.

Being a CPA can and should be electrifying. Through our enthusiastic and engaged membership, we can make sure our profession and association thrive.”

Advancing the CPA profession

“The days of the number-cruncher are gone. Technology has provided us with an opportunity to advise our clients in ways we could not have done before. We need to rely less on compliance services and more on being a trusted advisor. The world has become a very small place and business has become much more sophisticated.

Clients need answers to complicated questions that search engines will never be able to provide. We need to invest in education and technology.

We need to educate ourselves and our employees in both technical and social matters. Our profession is in need of technology experts, as artificial intelligence will play a big role in the future.

Soft skills will become more critical as clients’ expectations change with the times.”

Preparing for CPA Evolution

“We are looking at a big curriculum redesign in response to CPA Evolution, which will have a three-part common core with at least one of three specializations (financial/audit, tax, and data analytics). While we are awaiting more details on the composition of the new exam, some have suggested that the knowledge to pass the core may be found in undergraduate courses and the knowledge for specialization found in graduate courses.

Basic technology skills - often including use of Word, PowerPoint, Excel, PowerBI, Tableau, and searches in research data bases like the Accounting Standards Codification and RIA Checkpoint and/or CCH - have been increasingly integrated into the accounting curriculum for years.With CPA Evolution, technological integration is likely to accelerate. As the profession evolves, so does the CPA exam, and so does our curriculum.”

SUMMER 2021 | FLORIDA CPA TODAY

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LYDIA DESNOYERS, CPA, CFE

JENNIFER GUNTER, CPA, CISA, CISSP

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

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.

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

As president of Kathryn K. Horton CPA PA, Kathryn provides audit, accounting and data analytic services for nonpublic and nonprofit entities in Fort Lauderdale.

FICPA’s Diversity & Inclusion Task Force

“Our members have spoken, and we hear them. We’re working to provide them with resources and tools that they can take back and begin to implement at their own firms. It’s a combination of downloadable content, webinars and curriculum you’ll encounter during conferences. It’s very exciting.”

Why DE&I matters “We have to understand the communi-

ties that we serve, and our communities are diverse. Our needs are diverse.

The way we communicate with one another is diverse. That’s why having diversity within your organization is important. We have to be aware of the unconscious biases that we have, biases that can hinder our growth.

We’re a member-based organization.

We want to make sure that we let our members know that we hear them, and that we’re providing the resources and tools that they need to support their employees and their clients.”

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FLORIDA CPA TODAY | SUMMER 2021

Connecting solo CPAs to colleagues

“One of the unique challenges CPAs in industry face is the reality of working alone. In addition to connecting members, the FICPA provides a multitude of resources in the form of pertinent articles and relevant CPE for those in industry.”

Our advocacy efforts in Tallahassee

“The CPA profession is highly respected, and it’s not by accident.The FICPA protects the profession. In addition to promoting our own interests (such as the recent change to CPE requirements), the FICPA’s legislative team works to educate lawmakers on the implications and potential effects of their legislation. There have been numerous times our FICPA Governmental Affairs team has successfully intervened when well a well-meaning legislator drafted language for a proposed law that conflicted with professional standards or was otherwise not in the best interest of our profession.”

The importance of our Young CPAs

“With a focus on leadership development and community involvement, the YCPA committee provides immense value by facilitating the unity of like-minded professionals through active engagement. The YCPA committee is pivotal for creating a strong pipeline of leaders within the profession, and provides our young CPAs the intangible tools necessary in becoming effective leaders.”

Attracting students to accounting

“Creating connectivity between current and future CPAs through mentorship is pivotal in fostering the development of new accounting professionals and bridging the gap between learned skill sets and opportunities. It’s important we actively engage with students and communicate the value of accounting as a career choice, in high school, in college, and into the professional workforce.”

K. ALAN JOWERS, CPA

KEY G. O’KEEFE, CPA

BRION SHARPE, CPA

A partner with Carr, Riggs & Ingram, LLC, based in Miramar Beach, Alan enjoys entertaining his wife and five children by playing Beatles and Metallica tunes on piano and guitar.

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.

Brion is a director in PwC’s trust solutions practice in Central Florida.

He graduated from the University of Florida, where he obtained bachelor’s and master’s degrees in accounting. He is an avid Gators fan and can’t wait to get back to attending events in person

On the essential role of CPAs

“CPAs have been instrumental in assisting their clients through the COVID-19 pandemic. We have kept our clients informed of the constant changes to the CARES Act and PPP loans; helped file PPP loan and forgiveness applications; strategized how to maximize financial assistance with Employee Retention Credits (ERC), PPP loans and other types of government assistance; and performed countless other tasks. Our clients have looked to us as their trusted business advisors in a time unlike any other.”

How we can best serve our members

“We advocate for our members in Tallahassee. We educate our members through our conferences and seminars. We’re adapting to a world that is increasingly virtual and returning to in-person events. The key is to communicate our strengths and to transition our resources in order to meet our members where they are.”

Evolving with the times

As the leading voice for the profession in the state, the FICPA works to protect our licenses and develop a strong network of professionals. This network challenges us all to maintain the highest standards, as we grow with rapid development in technology and changes in the profession.

The importance of financial literacy

Financial literacy is a key pillar of success, not only in business but also in life. It is unfortunate that it’s often not an educational requirement. Without a basic understanding of finances, individuals are unprepared to make sound decisions with respect to both the current and long-term planning necessary for success.

Supporting our members through change

The incoming Board is energized, and we encourage our members to contribute to the profession through increased engagement. All CPAs, whether at the Big 4 or in a small firm, are facing the same question: What does the future of our profession look like? The FICPA is in an excellent position to support our members - new, advancing, and veteran CPAs - for success in a rapidly changing environment.

The important role CPAs played during COVID-19

Having served on the FICPA State Legislative Policy Committee during the pandemic, I was proud to work together with the Governmental Affairs team to identify strategies that would impact our clients. As the state and local economies continue to rebound, I look forward to working with the Board to support the recovery of our business community.

SUMMER 2021 | FLORIDA CPA TODAY

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Shelly Weir Aims to Take FICPA to New HEIGHTS Photo by Rich Johnson, Spectacle Photo

By Nick Menta, FICPA Creative Marketing Copywriter

S

ince arriving as the FICPA’s new President & CEO in April, Shelly Weir has kept her focus on a single word: Elevate.

an event coordinator – you get to do a little bit of everything on behalf of an entire industry. It’s rare to be able to use multiple skillsets, and in this environment, you have to.”

How do we elevate the CPA profession? How do we elevate the importance of the license? And how do we elevate our value proposition for each and every one of our members?

Weir worked her way through the FRLA ranks to eventually rise to State Director of Membership. In something of a foreshadowing, she was ultimately tasked with opening a new office in Orlando.

These are the big-picture questions Weir has made it her mission to answer. But after a year of transition for both the FICPA and the accounting industry, this much is certain:

“From Day 1, I knew Shelly was special,” recalls Weir’s former boss Dan Murphy, the Senior Vice President of the FRLA. “She just ‘gets it.’ Her biggest strength is in listening to her members and stakeholders and in turn crafting solutions that will answer the needs of multiple parties.”

“I am not here to step on the past,” she says. “I’m here to build on a history.”

Weir came to the FICPA this past spring from the American Hotel & Lodging Association, where she served as Senior Vice President of Career Development. She brings with her 20 years of experience working in the association world, after starting out as an unpaid intern at the Florida Restaurant & Lodging Association. That first week included membership-retention calls, a PAC fundraiser, and an apparent desire for more.

“Right from the start, I was hooked,” she remembers with a smile. “I’ve never wanted to do anything else. I’ve always liked the idea of advocating on behalf of an industry and a profession. There’s a sense that you’re both protecting something and advancing. You’re a lobbyist, a salesperson, 14

FLORIDA CPA TODAY | SUMMER 2021

Weir later took those talents to the American Hotel & Lodging Education Institute, creating and selling certifications, training and CPE to hotels, schools and state association partners. Once at AHLA, she led the charge to create a firstof-its-kind, industry-wide program to provide cost-free college degrees for hotel associates; she represented the hotel industry on multiple task forces within the U.S. Departments of Education and Labor under Presidents Obama and Trump; she was appointed co-chair of the Presidential Task Force on Expanding Apprenticeship in the United States from 2017-2018; and in 2020, her work was recognized by the White House via the Pledge to America’s Worker Presidential Award for outstanding career development.

It was her experience, along with her passion, that caught the eye of the FICPA’s CEO Search Committee.

“When I met Shelly, I was immediately drawn to her enthusiasm and positivity,” says Abby Dupree, chair of the Search Committee and past Chair of the FICPA. “She is an energetic individual with years of proven leadership experience.

She understands the association industry, just as she understands the unique opportunities and challenges the FICPA faces in the coming years. She is excited about leading and launching change within our organization, and she is brimming with the creative energy that such a position requires.

Photograph by Alex Workman, The Workmans.

“To use some of her own words: ‘Now is the time for us to write a new chapter in the history the FICPA.’” THE VALUE OF THE PROFESSION

“CPAs have never been more important than they are right now,” Weir states with confidence – and with good reason.

Throughout the COVID-19 pandemic, CPAs and their professional organizations have been pouring over the small print in complex relief packages, lobbying the IRS for additional guidance and extended deadlines, and ultimately making sense of a rapidly changing landscape for clients desperately in need of reassurance and expertise. From the Paycheck Protection Program to the Employee Retention Fund to the CARES Act to the Restaurant Revitalization Fund, it’s been CPAs reading, digesting and leveraging the fine print.

“I couldn’t be more proud of our profession as a whole responding to the financial challenges brought on by COVID,” says FICPA’s 2020-21 Chair W.G. Spoor.

“Whether you were in public accounting, industry, government – chances are you needed assistance with the rules, regulations, grants, challenges and opportunities brought on by the financial impact of COVID.” The key now is promoting that message both to prospective clients and prospective CPAs. To do so, Weir is looking forward to collaborating with the AICPA on a career-awareness campaign aimed at the general public, students, and employers. The campaign looks to expand respect for CPAs in the public consciousness, increase the number of young people entering the profession, and explain to employers the specific benefits of hiring a CPA. “A licensed CPA demonstrates an advanced expertise in accounting through education, examination, and experience,” Weir emphasizes. “Rigorous licensure requirements ensure a CPA maintains competency in professional standards and adheres to a strict code of ethics. Licensure represents a true symbol of trust for any business, customer or client.”

Shelly Weir at the FICPA Scholarship Foundations’ 2021 Golfing Fore Education outing.

THE VALUE OF THE LICENSE

As for why a student should be motivated to finish that fifth year and sit for the CPA exam, there is a demonstrable return on investment.

A January 2021 report from the Alliance for Responsible Professional Licensing and Oxford Economics found that “across all professions and occupations, licensing is associated with a 6.5% average increase in hourly earnings.” Specifically, minority engineers, surveyors, architects and CPAs can expect an 8.1% hourly wage increase relative to their non-licensed counterparts; women, similarly, can expect a 6.1% increase. That same study indicated that 65% of unlicensed accountants are women. Given the difference in wages and the fact that a growing number of CPA firms are offering “modified work arrangements to allow employees to integrate their personal and professional lives,” there’s a clear opportunity to make in-roads.

In addition to the awareness campaign, Weir is looking forward to partnering with Florida’s new Secretary of the Department of Business and Regulation, Julie Brown, promoting the value of licensure.

“A CPA license indicates to the public that an accountant has mastered the critical elements of the profession and successfully passed a rigorous examination,” says Brown.

SUMMER 2021 | FLORIDA CPA TODAY

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Photo by Rich Johnson, Spectacle Photo

“The FICPA is lucky to have Shelly leading the organization during this critical time. She brings a wealth of association knowledge to the table.”

- Chip Rogers, President & CEO, AHLA “DBPR plays an important role in maintaining the value of CPA licensure by ensuring CPAs and firms adhere to a strict code of ethics, high standards for continuing education and compliance with professional guidelines. We are eager to partner with the industry in furthering these edicts.”

THE VALUE OF THE FICPA

As CPAs have been standing behind their clients in the past year, the FICPA has been standing up for our members in Tallahassee. Florida’s recently wrapped up legislative session included the passage of a new Public Accountancy bill, clarifying “licensure by endorsement” requirements, allowing for CPE reciprocity, and ensuring our state’s Ethics course contains a majority of Florida laws and rules. The bill is the tangible result of the FICPA’s intangible lobbying efforts.

And it’s the vital work done by the governmental affairs team, combined with the FICPA’s best-in-class CPE, exclusive member benefits, and unparalleled networking opportunities, that make a meaningful impact on our members’ careers.

“We know about everything we do, but we need to make sure our members do, too,” Weir notes. “We want them to take advantage of everything we have to offer, and we want 16

FLORIDA CPA TODAY | SUMMER 2021

to craft those offerings around their specific needs.”

In her first few months, Weir has been on a whirlwind tour of member firms, building relationships, soliciting feedback and pledging the FICPA’s continued support. To better serve the FICPA’s diverse membership, she intends to launch a “deep-dive” survey, gathering important data to help chart a new path forward.

“We have to be able to address the needs of all our members – by age, by background, by industry, by firm size,” Weir says. “Our members’ active participation and feedback is going to directly influence our decision making. This is about balancing our past, our present and our future.”

It’s that outlook that makes Weir the right person at the right time.

“She is not afraid to tackle the tough issues or challenge the status quo. She is actually excited to do just that,” adds Dupree. “I think I speak for the entire search committee when I say that I am excited about the future of the FICPA with Shelly at the helm.”

IN-PERSON EVENT

September 23-24, 2021 Rosen Plaza Hotel, Orlando 9700 International Dr, Orlando, FL 32819 IN PERSON AND LIVESTREAM

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SUMMER 2021 | FLORIDA CPA TODAY

17

Changes Ahead for State & Local Government Accounting & Reporting

By Lynda M. Dennis, CPA

In June 2020, the Governmental Accounting Standards Board (GASB) issued three inter-related exposure documents which, if adopted as final standards, will significantly change accounting and financial reporting for state and local governments (SLGs).

Accounting and auditing professionals may not often participate in due process procedures, preferring to wait until a final standard is issued.1 Because of the pervasiveness of the changes proposed in these exposure documents, preparers and auditors of SLG financial statements need to be aware of the proposed changes and understand the potential impact on their governments or clients.

An eight-month comment period concluded on Feb. 26, 2021, and the GASB conducted numerous virtual public hearings and user forums during March and April 2021. A total of 575 comment letters were submitted, but only 307 of these were unique responses.2 This article provides a high-level overview of the most significant changes in the following exposure documents.

• Recognition of Elements of Financial Statements (Exposure Draft) • Financial Reporting Model Improvements (Exposure Draft) • Revenue and Expense Recognition (Preliminary Views)

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FLORIDA CPA TODAY | SUMMER 2021

Recognition of elements of financial statements

This proposed Concepts Statement (CS) provides a conceptual framework for use by the GASB in establishing consistent recognition concepts. It specifically addresses what items should be reported (measurement focus) and when these items should be reported (basis of accounting).

Under the proposed CS, governmental funds would apply a short-term financial resources measurement focus rather than the current financial resources measurement focus. The short-term financial resources measurement focus recognizes financial statement elements based on whether items arise from short-term or longterm transactions or other events. As such, governments will need to evaluate every item to determine if it results from a short- or long-term transaction or event. Currently, transactions in governmental funds are recognized based on whether they create or use current financial resources. Fund-level statements for proprietary and fiduciary funds, as well as the government-wide financial statements, will continue to use the economic resources measurement focus.

As proposed, all funds will recognize items using the accrual basis of accounting rather than the modified accrual basis in use today. For governmental funds, the proposed CS

defines accrual accounting as: “Elements of financial statements arising from short-term transactions and other events are recognized as they occur and … long-term transactions and events are recognized when payments are due.” However, for proprietary and fiduciary funds and the government-wide statements, items are recognized “when the underlying transaction or other event occurs.”

Two definitions for the same basis of accounting will likely confuse financial statement users. Because payment due dates may be manipulated, applying accrual accounting to governmental fund transactions may result in a lack of consistency and comparability.

Financial reporting model improvements One objective of this proposed standard is to enhance the effectiveness of financial reporting to provide helpful information for decision-making and assess a government’s accountability. Most of the proposals affect the governmental fund financial reporting model, with only minor changes proposed for the proprietary fund reporting model.

1 The FICPA State and Local Government Committee routinely responds to exposure documents of the Governmental Accounting Standards Board (GASB).

Comment letters for the exposure documents discussed in this article are available at www.gasb.org.

2 By policy of the Financial Accounting Foundation, the GASB considers only unique responses in its due process deliberations.

The proposals require governmental funds to report financial information using the short-term financial resource measurement focus and accrual basis of accounting (as defined for governmental funds). Major changes proposed for the governmental fund financial reporting model affect the following areas: • Management’s discussion and analysis (MD&A) • Financial statement titles and formats • Presentation of budgetary comparison information MD&A

The proposed standard requires MD&A to present five specific sections as required supplementary information (RSI) – Introduction; Financial Summary (16 specific elements); Detailed Analyses (primary government as well as major and nonmajor funds); Significant Capital Asset and Long-Term Debt Activity; and Currently Known Facts, Decisions, or Conditions (four specific examples provided). Currently, MD&A analyzes significant variations between original and final budget amounts and between final budget amounts and actual budget results.

Under the proposed standard, this discussion is moved to the budget-to-actual comparison schedule discussed later in this article.

ST. DENIS & DAVEY, P ATTORNEYS AT LAW

report inflows of resources from current activities, outflows from current activities, net flows from noncurrent FLORIDA activities, and unusual or infrequent items. Currently, governmental funds report the more recognizable categories of revenues and expenditures (categorized as current, capital outlay, and debt service), in addition to other financing sources or uses and special or extraordinary items.

would be established.” Governments may find it difficult to operationalize these definitions.

A new section, Noncapital Subsidies, is proposed for the Statement of Revenues, Expenses, and Changes in Fund Net Position presented for proprietary funds. This section will follow the operating revenue and expense sections and precede the other nonoperating section.

Reclaiming Justice

For proprietary funds, the proposed Presentation of budgetary comparison standard specifically defines nonoperFocusing on legal malpractice informationand ating revenues and expenses (which accounting malpractice statewide, St. Denis Currently, budgetary comparison includes all subsidies) and defines & Davey, P.A., Attorneys are led by Super information may be reported as part of honoree operating revenues andLawyers expenses as Donald W. St. Denis and the basic financial statements (BFS) or Stars all other revenues and Rising expenses.

Ashonoree Brian W. Davey. after the BFS as RSI. Under the proproposed, subsidies areFor defined as and Davey, finding justice for St. Denis posed standard, all governments will clients who party have been let down in the past “resources received from another report budgetary comparison inforis the than ultimate gratification. or fund to keep rates lower would mation as RSI. In addition, columns otherwise be necessary“Clients … or resources come to us jaded about the legal for the variances between original and provided to another party or fund process.”

St. that Denis says. “When they see final budget and actual budget results we work and how hard our experts results in higher rates how thanhard otherwise are required.

As noted work, they’re very thankful to see that the previously, legal system can ultimately work for them.”

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Financial Statement Titles and Formats

To emphasize the underlying shortterm financial resources measurement focus, financial statements for governmental funds are renamed. The Balance Sheet is renamed the Short-Term Financial Resources Balance Sheet and the Statement of Revenues, Expenditures, and Changes in Fund Balance is renamed the Statement of Short-Term Financial Resource Flows.

In addition, the Statement of ShortTerm Financial Resource Flows will

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analysis of budget variations will be presented with this schedule rather than in the MD&A. The analysis is expanded to include currently known reasons variations are expected to significantly affect budgetary fund balance or to produce significant differences from current period budgetary results.

rizes transactions as Category A or Category B, using four characteristics.

Applying the model to each transaction is likely to be time-consuming and subject to judgment. In addition, application of the model to grants appears to be inconsistent with the current government grant environment.

Revenue and Expense Recognition

Once categorized, the proposed model recognizes Category A transactions when performance obligations are satisfied (similar to guidance used by nongovernmental entities) and Category B transactions based on five categories (similar to the current categories used to recognize nonexchange transactions).

This PV proposes a model for revenue and expense recognition intended to improve revenue and expense information, which will enhance its usefulness for financial statement users.

The proposed recognition model provides symmetry between revenue and expense recognition and utilizes three components for recognition of these transactions – categorization, recognition, and measurement. Rather than determining if a transaction is exchange, exchange-like, or nonexchange, the proposed model catego-

Concluding Thoughts

While the proposed changes discussed in this article are not final standards, they represent a significant investment of time and human resources

on the part of the GASB. Responses to the proposals in the three exposure documents were overwhelmingly against many of the proposed changes, and these positions were reiterated during the public hearings and user forums. Because the proposed changes will likely significantly impact SLGs, it behooves preparers and their auditors to be aware of what changes are proposed and to be incentivized to participate in the remaining due process procedures.

Lynda M. Dennis, CPA, Ph.D., is a retired associate instructor from the Kenneth Dixon School of Accounting at the University of Central Florida.

She is a contract CPE discussion leader and course developer in the areas of accounting and reporting for governmental and not-for-profit organizations. She previously served a four-year term on the Pre-Certification Education Executive Committee of the AICPA and currently serves on the Editorial Committee for the FICPA and the State and Local Government Section of the FICPA.

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SUMMER 2021 | FLORIDA CPA TODAY

21

STRATEGIC PARTNER CONTENT

Five cybersecurity trends you need to know in 2021

By Christophe Réglat, President and CEO, Coaxis

I

n addition to the devastating human toll, last year’s COVID-19 pandemic also had an overwhelming impact on corporate cybersecurity. The rapid pivot to a remote work structure forced many companies to quickly adapt the capacity and capabilities of their legacy IT infrastructures. In the scramble to maintain business continuity, security took a back seat.

“The year 2020 broke all records when it came to data lost in breaches and sheer numbers of cyber-attacks on companies, government, and individuals,” Forbes reports. “As we head deeper into 2021, it is worth exploring the potential cybersecurity implications of our changing digital landscape.”

With the financial industry predicted to be among the business sectors most threatened in 2021, here are five cybersecurity trends you need to know.

1. SHORING UP VULNERABILITIES IN LEGACY IT INFRASTRUCTURES

In 2020, when employees suddenly became remote workers, many employers relied on legacy IT architectures like virtual private networks (VPN) to quickly ramp up their remote operations. As the use of VPNs and other remote desktop protocols (RDPs) soared, so too did the risk of potential cyberattacks, with a 127% increase in exposed RDP endpoints, according to the Department of Homeland Security’s Cybersecurity and Infrastructure Security Agency.

In 2021, remote work is expected to gain traction as a viable workplace alternative. A survey by PricewaterhouseCoopers found more than half of respondents (54%) plan to make remote work a permanent option for roles that allow it.

Now is the time for CPA firms to prepare their technology infrastructures for the challenges that lie ahead by adapting their network architectures to support hybrid workplaces and protect against and emerging vulnerabilities.

2. THE GROWING THREAT OF RANSOMWARE ATTACKS

Ransomware is a type of malware through which threat actors hijack computer systems and demand payment to release them, typically in Bitcoin. It is the single biggest type of cybercrime today, according to Security magazine, and 22

FLORIDA CPA TODAY | SUMMER 2021

there is no end in sight to its growth trajectory.

Statistics gathered by Forbes reveal the magnitude of the threat. Almost 200 million ransomware attacks occurred in the first nine months of 2020, representing a significant increase over the previous year. Ransomware payments also rose sharply in Q3 2020, averaging $233,817, a startling 468% increase over Q3 2019.

Going forward, half of surveyed information-security professionals do not believe their organizations are prepared to repel a ransomware attack, according to online media outlet Help Net Security. Adding to this, 75% of companies infected with ransomware were running up-to-date endpoint protection.

3. SECURITY AWARENESS EDUCATION AND TRAINING

Encrypting sensitive data, using password protections and installing antivirus software are no longer enough to secure each and every endpoint. In order to protect organizations from the next big ransomware attack, Help Net Security advises companies invest in protecting the human attack surface.

Indeed, a reported 90% of data breaches are the result of human error, often caused by a hack known as social engineering that manipulates people into performing an action or divulging confidential information for the purpose of fraud or system access. Phishing attacks are one example.

Imagine it’s tax season, and your HR director receives an email from someone who’s pretending to be you. The HR director assumes the email is legitimate and complies with the request to send over copies of all of your employees’ W-2 forms. Days later, the email sender, who’s actually a skilled hacker, uses those forms to file a batch of fake tax returns.

It’s never been more important to create a cyber-secure workplace culture. The process begins by making cybersecurity awareness and education part of the onboarding process. It continues with regular, ongoing training to keep employees on their toes with cybersecurity top of mind.

4. THE EVOLUTION OF MULTI-FACTOR AUTHENTICATION

Multi-factor authentication (MFA) is considered the gold standard for security enhancements by IT and security professionals. Today, it is seeing a growing role in supporting enterprise mobility by allowing remote employees to easily and securely access the resources they need without being tied to the office.

Citing internal statistics, Microsoft has said that users who enable multi-factor authentication end up blocking 99.9% of automated attacks against their accounts. However, in November, they urged users to stop using phone-based MFA, especially unencrypted SMS messages that determined attackers can easily intercept. Instead, the company recommends using app-based authenticators, such as Duo or LastPass, and network security keys.

5. ENSURING A SECURE CLOUD INFRASTRUCTURE

The best solution to protect your firm from the new vulnerabilities of 2021 is a fully hosted and managed cloud solution that provides a secure, reliable and remote alternative to legacy on-site data centers and IT infrastructures. Hosted by a third-party or external provider, the cloud offers advan-

tages that include compliancy, scalability and ease of implementation.

As we enter the second half of 2021, CPA firms need to heed this dire warning from Security Magazine: “Financial services organizations and other firms that are responsible for the security of consumer financial data must remain vigilant in their cybersecurity efforts. The high value of financial data, including Social Security numbers, banking details, and more, makes it a lucrative target for cybercriminals.”

Christophe Réglat is president and CEO of Coaxis, an endorsed program for the FICPA. Coaxis provides CPA firms with a fully-hosted and managed network solution designed to remove the complexities of federal and industry compliances, curb the demands of maintaining an IT infrastructure, and greatly minimize the threat of cybercrime. For more information, call (850) 391-1022 or email lisa.bryant@coaxissolutions.com.

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23

DOR UPDATE

Florida Property Tax Benefits for Veterans

By John Harrell, Tax Law Specialist, Property Tax Oversight Program, Florida Department of Revenue

More than 1.5 million veterans live in Florida, making the Sunshine State the third-largest home to veterans, behind California and Texas. Since 1933, Florida has provided property tax benefits for service members. In 2020, Florida lawmakers adopted new measures to expand property tax relief for veterans.

carry over the homestead exemption and receive a refund for pre-transfer taxes, provided the new property is granted a homestead exemption in the next calendar year. Veterans must apply for these exemptions and supply documentation as specified in the law (s. 196.081, F.S.).

Exemptions, discounts, or exceptions for ex-service members, surviving spouses, and certain active-duty service members are summarized below.

Remember to fully review statutes and related administrative rules for specific application. Veterans or their authorized representatives must apply for these exemptions and supply documentation to their county property appraisers.

Full exemptions for disabled veterans confined to wheelchairs. Disabled veterans who are honorably discharged with service-connected disabilities confining them to wheelchairs and requiring specially adapted housing are exempt from taxation on real estate owned and used as a homestead. This benefit may carry over to the veteran’s spouse (s. 196.091, F.S.).

Full exemption for veterans with service-connected total disabilities.

Honorably discharged veterans who have total and permanent service-connected disabilities and are permanent state residents are exempt from taxation on homesteaded real estate. Surviving spouses may carry on the exemption.

New: In 2020, Florida lawmakers expanded the tax relief to enable veterans purchasing another property to 24

Discount for disabled veterans and carryover to surviving spouses. Veterans 65 or older with service-connected disabilities who own homesteaded property may receive a percentage discount on ad valorem taxes. After documentation of eligibility, tax relief is granted as of the date of the original application and excess taxes paid may be due a limited refund (s. 196.082, F.S.).

New: Action by the 2020 Legislature enables the discount to carry over to the

FLORIDA CPA TODAY | SUMMER 2021

veteran’s spouse (s. 196.082, F.S.).

Additional ad valorem exemptions for deployed service members. Service members with homesteaded property may receive an additional ad valorem tax exemption prorated for the time of deployment (s. 196.173, F.S.). $5,000 exemption for ex-service members with disabilities. Honorably discharged ex-service members who are disabled 10 percent or more by misfortune or while serving during wartime qualify for an exemption from taxation of up to $5,000 in property value; spouses who do not remarry may continue the exemption.

Filing for homestead exemptions.

Section 196.071, F.S., authorizes other persons to file for a homestead exemption when a service member cannot because of a service obligation.

The Florida Department of Revenue’s Property Tax Oversight program provides information on exemptions and other property tax related topics at floridarevenue.com/ property. For more information, call Property Tax Oversight, Technical Assistance at (850) 717-6570 or email DORPTO@ floridarevenue.com.

1 in 4 people will become disabled before reaching age 67.

If you were suddenly diagnosed with a long-term disability (LTD) would you be able to make ends meet despite losing your paycheck?

As a member of the FICPA, you have access to a Member Group LTD Plan that can help protect your income if you become disabled as the result of a covered accident or illness—including pregnancy. The plan offers up to $10,000 of monthly own-occupation coverage*, and there is no annual fee.

Get the protection you need to safeguard your future.

Get an instant quote at memberbenefits.com/ficpa A Member Benefit of:

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SUMMER 2021 | FLORIDA CPA TODAY

25

WHAT’S BETTER THAN CALLING ANY TIME YOU NEED ADVICE ABOUT PRACTICE SUPPORT AND RISK MANAGEMENT?

REACHING KNOWLEDGEABLE EXPERTS. CAMICO® policyholders know that when they call us, they’ll speak directly with in-house CPAs, JDs and other experts.

We have dedicated hotlines for loss prevention, tax, and accounting and auditing issues. You can call as often as you need and consult with experienced specialists — all at no additional cost. No one knows more about the profession, because we provide Professional Liability Insurance and risk management for CPAs only — it’s all we’ve done for 35 years and why more than 8,000 CPA firms insure with CAMICO. To learn about CAMICO or to receive a coverage quote, please contact Richard Bacher.

See what other CPAs say about CAMICO. Visit www.camico.com/testimonials

Accountants Professional Liability Insurance may be underwritten by CAMICO Mutual Insurance Company or through CAMICO Insurance Services by one or more insurance company subsidiaries of W. R. Berkley Corporation. Not all products and services are available in every jurisdiction, and the precise coverage afforded by any insurer is subject to the actual terms and conditions of the 26 policies as issued. ©CAMICO Services, FLORIDA CPA TODAY | SUMMER 2021 Inc., dba CAMICO Insurance Services. All Rights Reserved.

Richard Bacher CAMICO Senior Account Executive T: 800.652.1772 Ext. 6710 E: rbacher@camico.com W: www.camico.com

STAFF REPORT

Dues renewal Check it... give back!

Why should I check the box and give?

Your gift will make a difference in someone’s life!

By Laura Cutchens, Director, FICPA Scholarship Foundation

At the bottom of your annual dues renewal, you’ll have the option to donate to the FICPA Scholarship Foundation.

The Scholarship Foundation has gone through a number of changes this past year with great support from our Board of Trustees! I am ever so thankful for their sage advice and thoughtful input as we work together to assist aspiring CPAs.

We are a 501c(3) reliant on individual and corportate donations to assist the next generation of CPAs, as they make their way through Florida’s colleges and universities. Please consider a donation to our Foundation when you renew!

In June, the Board approved two new Trustees: Caridad Vasallo and Maria Rust. We’re excited to welcome them both to the Board and looking forward to having them as part of our team!

CONGRATULATIONS NEW TRUSTEES!

THANK YOU TO OUR EVENT SPONSORS

PRESENTING SPONSORS FOUR D’S REALTY, LLC PLATINUM SPONSORS DOSAL TOBACCO BDO

DAVIS FAMILY FOUNDATION, TEAM LEWIS DIAMOND SPONSORS CALLAGHAN & MARGOLIS

Caridad Vasallo Partner VMBG Accounting

Maria Rust

Controller/CFO Providence One Partners, LLC

2021-22 BOARD OF TRUSTEES Will Quilliam - Chair Carshena Allison - Chair-Elect/Marketing Chair Bill Moore - Nomination Chair Gary Margolis - Finance Chair Silvana Capaldi - Fundraising Chair Amy Santos - Program Chair Jason Chorlins

Candy Kessel

Brandon Perry

Nestor Caballero

Jason Klein

Angela Poole

Elizabeth Carlson

Elizabeth Manso

Marie Rosier

David A. Cumberland Kylan McNemar

Amy Santos

George Gulisano

Frank Morera

Rick Smith

Michael Halfast

Steve Morrison

Ken Strauss

Celina Jozsi

Chris Nelson

Paola Suarez

Nancy Juron

Benjamin Nussbaum

Alan West

GOLD PLUS SPONSORS URBIETA OIL CO. GOLD SPONSORS COHNREZNICK

GOLD SPONSORS FICPA DELOITTE

ERNST & YOUNG MSL

SILVER SPONSORS GEORGE LEVIE, CPA ORION FUELS

RICK SHAPIRO, LLC WATSONRICE

BRONZE SPONSORS BRIGADE BOOKKEPING MITCH CUTLER, CPA

DAY AT THE RACES PENSERVCO, INC.

VIRTUS FUNDS

ELIZABETH CARLSON, CPA

THE STANDARD

CARILLON EAGLE FUNDS

LES & JUDY SMOUT FOUNDATION

GOLFING FORE EDUCATION

FICPA Scholarship Foundation Mia A. Thomas Endowmenmt Fund

TIDWELL GROUP

BAKER, HYATT, HOMRICH & ZOKVIC, P.A.

GELLERRAGANS BRITVIC AMERICAS THOMAS HOWELL FERGUSON P.A. SPOOR BUNCH FRANZ GEORGE GULISANO, CPA BILL NEIDLINGER

UK IMPORTS COHN REZNICK FIRSTCHOICE MSI PENSION INVESTORS CORPORATION OF ORLANDO, INC.

GET INVOLVED TODAY!

Visit www.ficpascholarshipfoundation.org/get-involved Follow us on Linkedin, Instagram and Facebook @ficpascholarshipfoundation For more information contact Laura Cutchens at 850-521-5934 or laura@ficpa.org SUMMER 2021 | FLORIDA CPA TODAY

27

MARKETPLACE

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

PRACTICES WANTED FOR PURCHASE OR MERGER

PRACTICES FOR SALE

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.

Contact Ragan & Associates, PA, 954-554-4344 or info@4ragan.com, Licensed Real Estate Brokerage, if interested in the following:

BUYERS LOOKING FOR FIRMS TO PURCHASE IN JACKSONVILLE, ORLANDO, TAMPA, AND MIAMI. Successful transitions require experienced, confidential, professional services you can trust. We specialize exclusively in the brokerage of accounting firms. List your firm with a professional. Call David Akins, CPA, at 877-277-0272 or visit our website at www.akinsprofessionalbrokerage.com.

28

FLORIDA CPA TODAY | SUMMER 2021

• $250K WEST PALM BEACH CPA, good mix of clients and services, 50% profitable. Owner retiring, will stay for transition, can relocate office within reason.

• $1.3 MILLION CPA FIRM IN PUNTA GORDA, great reputation, staff and clientele, partners retiring; audit, tax and accounting are each one-third of annual revenue.

• $1.7 MILLION KENDALL CPA PRACTICE, primarily small business tax and accounting, tremendous growth, needs resources, some audits. Owner wants to phase out long-term helping with growth and transition.

MARKETPLACE PRACTICES FOR SALE

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OFFICE SPACE

NAPLES OFFICE FOR RENT Naples CPA firm has a furnished, private, window office for a CPA, located in PNC Bank Building on Tamiami Trail. Reception area, conference room, kitchen, phone, internet available.

Receptionist/bookkeeper available at hourly rate.

Please reply to naplescpa@jmknoll.com.

TAX AND WRITE-UP PRACTICE FOR SALE IN THE FORT MYERS AREA OF LEE COUNTY FOR $295,000.

225K+ annual gross. Well-established over 26 years. Please respond to CPApracticesale@gmail.com for details.

LONG-ESTABLISHED, RETIREMENT-MINDED CPA WITH PRIMARILY TAX PRACTICE IN MIAMI SEEKS ASSOCIATION FOR ULTIMATE SALE OF PRACTICE. Email msc@ficpa.org and reference Ad 60721.

ADVERTISE WITH FICPA For information on rates andclassified ad policies, visit

ficpa.org/marketplace

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SUMMER 2021

CPE CATALOG

Table of Contents Seminars................................................................................................................. 39 Online CPE.............................................................................................................40 Ethics CPE.............................................................................................................. 43 On-Demand CPE.................................................................................................44

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 and 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

Registration Prices During these unprecedented times, we'd like to offer some excellent deals! It's time to take advantage of our new COVID pricing and register anytime without incurring a late fee.

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.

Not a member of the FICPA? You are welcome to attend but will pay an additional $125 per day of instruction or $65 per half-day of instruction.

CPE POLICES YOU MAY NEED TO KNOW

Two 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.

THE CPE TRACKER

32

OF COURSE! | SUMMER 2021

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

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.

SEMINARS

FICPA Seminars are being presented online!

FICPA Seminars bring the classroom to you. This is high-quality CPE presented by expert Discussion Leaders and delivered directly to your device. Whether you’re at the office or at home, our Seminars are the best way to enjoy live CPE without ever having to travel.

Learn, network and thrive from anywhere, as you engage in real time with our top Discussion Leaders and benefit from their expertise.

And, as always, FICPA members enjoy member pricing on all our CPE, offering you the best for less!

Accounting and Auditing Date

Time

Course Title

CPE

Price

Nov 4

8:00 AM

Fiduciary Accounting & Tax Issues of Estates and Trusts (FACT20WS)

8AA

$275

Nov 5

8:00 AM

Deferred Income Taxes - A Practical Approach (DIT411WS)

4AA

$164 $164

Nov 5

12:30 PM

Financial Reporting Implications of the COVID-19 Pandemic (FRC450WS)

4AA

Nov 9

8:00 AM

Buying and Selling a Business: Tax and Structuring Overview (SEL420WS)

4TB

$164

Nov 11

12:30 PM

Effective Audit Risk Assessment in the COVID-19 Environment (RAC450WS)

4AA

$164

Nov 15

8:00 AM

New Revenue Recognition Standards: Now Is The Time To Prepare! (REVR45WS) 4AA

$164

Nov 16

8:00 AM

Accounting and Auditing Update (AAU410WS)

$164

4AA

Nov 16

12:30 PM

Accounting & Auditing for the Construction Industry (AACI41WS)

4AA

$164

Nov 17

8:00 AM

Evaluating Fraud Risk in a Financial Statement Audit (ARF410WS)

4AA

$164

Nov 17

12:30 PM

Small-Business Accounting, Audit, and Attest Update (SMP420WS)

4AA

$164

Nov 18

8:00 AM

Critical Thinking Skills For Financial Professionals (CTS40WS)

4AA

$164

Nov 22

8:00 AM

Governmental and Not-for-Profit Annual Update (GNAU42WS)

8AA

$275

Dec 2

8:00 AM

Shorten Month-End: Closing Best Practices (SME40WS)

4AA

$164

Dec 3

8:00 AM

Accounting and Auditing Update (AAU412WS)

4AA

$164

Dec 8 Dec 9 Dec 10 Dec 13 Dec 16 Dec 17 Dec 17

8:00 AM 8:00 AM 12:30 PM 8:00 AM 8:00 AM 8:00 AM 12:30 PM

Form 990: Best Practices for Accurate Preparation (FORM91WS) Construction Industry Accounting and Financial Reporting (CIAF20WS) Tax Issues of Real Estate and Homebuilding (TIRH42WS) Governmental Accounting and Auditing Update (GAU12WS) Florida Sales and Use Tax Issues (SUT30WS) Introduction to Forensic Accounting (ITFA43WS) The Most Critical Challenges in Not-for-Profit Accounting Today (CNA400WS)

8AA 8AA 4AA 8AA 2AA, 6TB 4 AA 4TB

$275 $275 $164 $275 $275 $164 $164

Ethics Date

Time

Aug 25 8:00 AM

Course Title

CPE

Price

Governmental Ethics: Protecting the Integrity of Florida CPAs (6957)

4ETH

$104

Sept 22 1:00 PM

Ethics: Protecting the Integrity of Florida CPAs in Industry (20805)*

4ETH

$104

Sept 22 1:00 PM

Ethics: Protecting the Integrity of Florida CPAs in Industry (20805)

4ETH

$104

Oct 27

8:00 AM

Ethics: Protecting the Integrity of Florida CPAs (4980)*

4ETH

$104

Oct 27

1:00 PM

Ethics: Protecting the Integrity of Florida CPAs (4980)*

4ETH

$104

Oct 27

1:00 PM

Ethics: Protecting the Integrity of Florida CPAs (4980)

4ETH

$104

Nov 15

12:30 PM

Ethics: Protecting the Integrity of Florida CPAs (4980)

4ETH

$104

*In-person events: Please see Page 37 for further details.

Tax Date

Time

Course Title

CPE

Price

Oct 26

8:00 AM

Best Federal Tax Update (BFTU10WS)

8TB

$275

Nov 8

8:00 AM

Best S Corporation, Limited Liability and Partnership Update (BCPE11WS)

8TB

$275

Nov 9

12:30 PM

Key Partnership and S Corporation Tax Planning Strategies (BTS411WS)

4TB

$164

Nov 10

8:00 AM

Best Individual Income Tax Update (BITU11WS)

8TB

$275

Nov 29 8:00 AM

Best Federal Tax Update (BFTU11WS)

8TB

$275

Dec 6

International Foreign Investment in the United States: Tax and Related Matters

8TB

$275 $275

8:00 AM

(FIRP10WS) Dec 7

8:00 AM

International Estate & Gift Taxation of Nonresident Aliens in the U.S. (EGTN60WS) 8TB

Dec 14

8:00 AM

Best S Corporation, Limited Liability and Partnership Update (BCPE12WS)

8TB

$275

Dec 15

8:00 AM

Best Individual Income Tax Update (BITU12WS)

8TB

$275

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

33

ONLINE CPE

DATE

TIME

COURSE TITLE

CPE

PRICE

1.5 AA

$79

ACCOUNTING & AUDITING (GOVERNMENTAL) 7/27/21

3:00 PM

The Good, the Bad, and the Ugly: Fraud in Schools (AC836129)

8/9/21

2:00 PM

Not-for-Profit Accounting Update (AC770490)

4 AA

$129

8/30/21

10:00 AM

The Sub-Recipient Monitoring Toolkit: IAW Uniform Guidance, effective Nov. 12, 2020 (AC209633)

2 AA

$79

9/17/21

10:00 AM

The Complete Indirect Rate Toolkit: For Nonprofits With Federal Grants Under the Uniform Guidance (AC977722)

4 AA

$129

10/12/21

9:00 AM

Surgent's Fraud in Not-for-Profit Entities and Governments: Stealing From Everyone (SUFANG03)

8 AA

$259

ACCOUNTING & AUDITING 8/19/21

10:00 AM

What's Going on at the FASB (AC809089)

4 AA

$129

8/23/21

9:00 AM

Effective Management Accounting (AC063529)

2 AA

$79

8/30/21

9:00 AM

Surgent's Financial Reporting Implications of the COVID-19 Pandemic (SUFRC405)

4 AA

$169

9/17/21

1:00 PM

Surgent's Introduction to Forensic Accounting (SUITFA05)

4 AA

$139

9/23/21

2:00 PM

A Case Study in Vendor Fraud (AC160432)

1 AA

$39

9/24/21

9:00 AM

Surgent's Guide to the Topic 606 Revenue Recognition Model for All CPAs (SUREV411)

4 AA

$139

9/27/21

10:30 AM

Why Auditors Fail To Detect Fraud (AC716581)

2 AA

$79

10/2/21

11:00 AM

K2's Case Studies in Fraud and Technology Controls (AC942847)

8 AA

$225

10/11/21

9:00 AM

Surgent's Advanced Audits of 401(k) Plans: Best Practices and Current Developments (SUAAFP09)

8 AA

$259

BUSINESS LAW 9/25/21

12:00 PM

COVID-19: Practical Information for Employers - Disclosure of Medical Conditions (AC086120)

1 TB

$39

10/14/21

1:00 PM

Surgent's Understanding Non-Compete Agreements (SUUNCA04)

2 TB

$89

BUSINESS MANAGEMENT & ORGANIZATION 8/24/21

10:00 AM

Setting up Programs for Innovation: A Six-Step Process (AC111201)

1 BE

$39

9/17/21

9:00 AM

Strategic Planning for Small- and Medium-Sized Businesses: Moving From Ideas to Action (AC154539)

4 TB

$129

9/21/21

9:00 AM

Negotiating With Your Banker: Getting the Best Deal (AC066903)

2 TB

$79

10/27/21

10:00 AM

Mergers & Acquisitions: Tricks, Traps, & Terrors (AC766123)

4 TB

$129

COMMUNICATIONS & MARKETING 7/20/21

2:00 PM

How to Get What You Want: Persuasion & Influence (AC023221)

3 BE

$99

7/21/21

12:00 PM

Communicating With Generation Z in the Workplace (AC122109)

1 BE

$39

8/14/21

10:00 AM

Difficult Conversations in the Workplace (AC035726)

2 BE

$79

SEE ALL FICPA ONLINE COURSES AT FICPA.ORG/CPE

34

OF COURSE! | SUMMER 2021

ONLINE CPE

DATE

TIME

COURSE TITLE

CPE

PRICE

COMPUTER SOFTWARE & APPLICATIONS 8/18/21

12:00 PM

Integrating and Sharing Data (AC843734)

2 TB

$79

8/24/21

4:00 PM

Enhancing Small Business Accounting with Add-ons (AC865082)

2 TB

$79

8/26/21

1:00 PM

K2's Power BI - Advanced Reporting (AC891491)

2 TB

$79

9/9/21

1:30 PM

K2's Excel PivotTables for Accountants (AC945671)

4 AA; 4 TB

$225

9/24/21

1:00 PM

K2's Bringing Artificial Intelligence to Your Excel Workbooks (AC894042)

2 TB

$79

10/14/21

12:00 PM

The Perfect Storm - Data Governance and Data Privacy Regulations (AC861544)

2 TB

$79

INFORMATION TECHNOLOGY 7/21/21

11:00 AM

K2's Personal Privacy (AC885279)

2 TB

$79

8/20/21

10:00 AM

K2's Remote Access for Small Businesses (AC955194)

4 TB

$129

8/26/21

2:00 PM

K2's Securing Your Data - Practical Tools for Protecting Information (AC957686)

4 TB

$129

8/30/21

11:00 AM

K2's Everything Google - How to Use Tools, Services, and More (AC898896)

2 TB

$79

9/23/21

2:00 PM

K2's Tech Update - Today's Biggest Trends, Solutions, and Opportunities (AC892817)

2 TB

$79

10/6/21

9:00 AM

K2's Cloud Computing (AC962276)

8 TB

$225

4 TB

$139

1 AA; 1 TB

$89

MANAGEMENT SERVICES 8/27/21

9:00 AM

Surgent's Project Management: Tips, Tricks, and Traps (SUPMT404)

10/26/21

1:00 PM

Surgent's Controllership Skills Update: Mergers, Acquisitions, and Alliances (SUCON402)

PERSONAL DEVELOPMENT 7/19/21

10:00 AM

Coaching Skills for CPAs, Controllers and Financial Managers (AC791070)

4 BE

$129

8/30/21

10:00 AM

Anti-Bullying and Sensitivity (AC037001)

2 BE

$79

COMPLIMENTARY CPE FOR MEMBERS The amount of money you save with complimentary CPE f rom FICPA is greater than the cost of your membership.

Members are eligible for 30 complimentary CPE credits every year.

UPCOMING SUMMER 2021 FREE CPE:

Choosing a Data Hosting Platform July 28 | 11:00 AM | 1 TB | Webcast

FICPA.ORG/FREECPE SEE ALL FICPA ONLINE COURSES AT FICPA.ORG/CPE

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

PERSONNEL/HR 7/27/21

10:00 AM

Company Culture Through Pandemic and Beyond - Four Pillars of a Flourishing Workplace (AC175924)

1 BE

$39

8/3/21

2:00 PM

Develop Your Professional Presence & Personal Brand: Determine and Drive How Others See You (AC018226)

2 BE

$79

8/9/21

2:00 PM

Creating & Deploying Flexible Work Options (AC087193)

1 BE

$39

8/25/21

2:00 PM

Key Fundamentals of Compensation for New Managers (AC015889)

1 BE

$39

8/28/21

2:00 PM

Recognize. Respond. Survive. Active Shooter Response Training (AC134951)

2 BE

$79

9/16/21

12:00 PM

How to Support Employees Through Loss, Crisis & Grief (AC088493)

1 BE

$39

9/22/21

2:00 PM

6 Strategies To Promote Diversity & Inclusion In Your Workplace (AC147230)

1 BE

$39

9/29/21

10:00 AM

The 4 Cs to a Strategic Benefits Approach (AC017189)

1 BE

$39

4 ET

$90

REGULATORY ETHICS 11/11/21

1:00 PM

Ethics: Protecting the Integrity of Florida CPAs (4980) (ETHWBR06)

SPECIALIZED KNOWLEDGE 8/23/21

12:00 PM

Blockchain and Cryptocurrency Fundamentals (AC880441)

2 TB

$79

9/20/21

10:00 AM

Surgent's Employee Stock Options: What Financial Professionals Should Know When Advising Their Clients (SUWSKT02)

2 TB

$89

Surgent's Succession Planning for the Small Business Owner: Finding the Exit Ramp (SUBSP402)

4 TB

$139

Surgent's Reducing a Business Owner Client's Exposure to Social Security and Self-Employment Taxes (SUREXE03)

2 TB

$89

TAXES 8/11/21

1:00 PM

8/20/21

10:00 AM

9/3/21

1:00 PM

Surgent's Four Tiers of Loss Limitations: A Guide to the New Rules for Pass-Through Entities (SUFTL403)

4 TB

$139

9/10/21

9:00 AM

Surgent's Section 199A: Schedule K-1 Reporting by Relevant Pass-Through Entities (SUPRK403)

4 TB

$139

9/15/21

1:00 PM

Surgent's Top 10 Celebrity Estate Mistakes and How to Avoid Them (SUTTCE05)

2 TB

$89

9/16/21

9:00 AM

Surgent's Social Security and Medicare: Planning for You and Your Clients (SUSSRB03)

8 TB

$259

10/20/21

1:00 PM

Surgent's New Depreciation Rules for Bonus and Section 179 Expensing (SUDRBE07)

2 TB

$89

10/25/21

1:00 PM

Surgent's Food, Beverage, and Entertainment Expensing (SUELEX03)

2 TB

$89

10/26/21

9:00 AM

Surgent's Advanced Trust Issues: A Road Map for Success in an Increasingly Complex Area (SUTRS406)

4 TB

$139

10/28/21

9:00 AM

Making the Best of Bad Situations: Tax Planning in a COVID-19 Environment (AC938653)

8 TB

$225

10/28/21

9:00 AM

Surgent's Technical Individual Practice Issues and Tax Forms for Experienced Practitioners (SUATFI02)

8 TB

$259

SEE ALL FICPA ONLINE COURSES AT FICPA.ORG/CPE

36

OF COURSE! | SUMMER 2021

THE POWER OF LIGHT

ETHICS CPE

The FICPA’s ethics courses, specialized for CPAs working in business, industry and government. FICPA ethics courses comply with the ethics requirements for Florida CPAs established by the Florida Board of Accountancy.

IN-PERSON

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

Date

Start Time

Location

Code

Member Price

Oct 27 Oct 27

8:00 AM 1:00 PM

Tampa Ft. Myers

ETHUSF ETHFGC

$104 $104

Ethics: Protecting the Integrity of Florida CPAs in Industry – 20805 4 ETHICS HOURS

Date

Start Time

Location

Code

Member Price

Sept 22

1:00 PM

Orlando

ETHHCC

$104

ONLINE SEMINARS (LIVE PRESENTER)

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

37

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FICPA Conferences Are Once Again Live and In Person SAVE THE DATE FOR THESE UPCOMING EVENTS NEW LOCATION!

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October 22, 2021

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April 29-30, 2021

Rosen Plaza Hotel, Orlando 9700 International Dr, Orlando, FL 32819 IN PERSON AND LIVESTREAM

The FICPA Health Care Industry Conference is specifically designed for CPAs, CFOs, and other financial officers working in Florida’s health care industry. With health care finance constantly evolving, this event keeps you up to speed on new rules and regulations. Be sure to visit with our solution experts in the exhibit hall and catch up with your peers at the welcome reception.

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October 28-29, 2021 The Barrymore Hotel, Tampa

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November 8-10, 2021

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3

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