Winter 2021 - Florida CPA Today | Volume 37, Number 1

WINTER 2021 | VOLUME 37, NUMBER 1

ARE YOU NOT ENTERTAINED? The Fight for Clarity on the Tax Deductibility of Meals and Entertainment PAGE 14 The Art of Penalty Abatement

PAGE 18 Paycheck Protection Program Forgiveness Resources

PAGE 22 IRC Section 199A: An Opportunity or a Threat?

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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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.

The Fight for Clarity on the Tax Deductibility of Meals and Entertainment

FEATURES

DEPARTMENTS

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The Art of Penalty Abatement

18

Web Digest Paycheck Protection Program Forgiveness Resources

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For display advertising information, contact the FICPA Marketing Department at (850) 224-2727, Ext. 270. © 2021 by the Florida Institute of Certified Public Accountants, Inc. All rights reserved.

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

COVER STORY Are you not entertained?

IRC Section 199A: An Opportunity or a Threat?

STRATEGIC PARTNER CONTENT

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Hiring and managing talent for tax season

2 4 7 28 36 38 40 42

Chief Operating Officer’s Message Chair’s Message News Briefs Staff Reports Committee Column DOR Update CPAs in the Spotlight Marketplace

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

WINTER 2021 | FLORIDA CPA TODAY

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CHIEF OPERATING OFFICER’S MESSAGE

When you’re ready to come back, we’re prepared to welcome you back The COVID-19 pandemic has produced unprecedented challenges for our world.

Physical distancing and public-health directives have prompted us to re-examine our business places and personal spaces.

Our ability to Learn, Unlearn and Relearn has never been more critical. As difficult as 2020 proved, the turn of the calendar offers us the opportunity to approach 2021 with a renewed determination.

As we’ve adapted on the fly, I’m proud to say that one thing has remained constant: our commitment to YOU, our members.

As we continue to monitor the pandemic, we hope to once again resume in-person events later this year, starting with our MEGA Conference, June 9-11.

DONNA SON

...As always, you can be confident that we are working vigorously to provide you the resources, education and support you need to expand your skills, advance your career, and grow our industry.

The return of in-person learning and conferencing has, of course, necessitated an in-person safety plan. Your health and well-being are our foremost priorities.

Accordingly, attendees will be required to wear face coverings masks at all FICPA events, and we will implement the following protocols: • We will adhere to a no-handshake, no-hugs policy, as we continue to practice physical distancing.

• We will limit the number of in-person attendees to allow for adequate seat spacing.

• We will work in conjunction with our events facilities to oversee the rigorous cleaning of all spaces.

• We will offer hand-sanitization stations for your convenience.

• We will provide food service that limits shared contact.

• And we will waive cancellation fees should you choose not to attend an event for reasons related to health or travel.

As we do our best to provide you with a safe in-person learning space, we understand the continued need to distance. For those of you not yet ready to join us in person, we’re continuing to offer the same outstanding virtual-learning options so many of you have taken advantage of in the last year. The all-new FICPA.org is your home for virtual CPE, with Webcasts, Webinars and our on-demand 24/7 Learning Library all available under the Learning and Events tab. And if you can’t attend one of our events in person, you can still take part by following along via live stream.

No matter how you prefer to participate, whether in person or online, we’re committed to providing options that fit your schedule, your preference and your level of comfort. It’s been an honor to serve you throughout these difficult times, and it will be a joy to see our members in person once again.

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FLORIDA CPA TODAY | WINTER 2021

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MARCH 24-25, 2021 Location: Virtual, Interactive CPE: Up to 17 hours To register, visit:

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WINTER 2021 | FLORIDA CPA TODAY

3

CHAIR’S MESSAGE

Diversity and Inclusion Task Force aims to put words into action WHAT DO WE DO NEXT?

That’s the question I kept coming back to last summer after the FICPA released a statement reaffirming our commitment to diversity and inclusion. As social unrest swept the nation, it was important for the FICPA to condemn racism unequivocally and to remind our members: “We’re in this together.”

But that couldn’t be the end of it. To have real weight, those words needed to be followed with action.

That’s why, in September, we established the FICPA Task Force on Diversity and Inclusion. It’s objective over the next three years will be to develop programs and services that our members can use to champion diversity and inclusion within their firms, companies and the accounting profession at large.

W. GORDON SPOOR II CPA, PFS, CGMA

It’s important to remember that diversity-and-inclusion efforts aren’t just about some of us; they’re about all of us.

The only way we’re going to progress as an industry and as a country is to have open and honest dialogues. Of course, those are difficult conversations to have.

It’s a question we face at our own firm: How do we make everyone comfortable enough to discuss inherently uncomfortable topics?

I’ve found myself thinking back to an FICPA board retreat two years ago in Coral Gables, when we met with Deloitte’s diversity, equity and inclusion leader, Christina Brodzik. I realized that it isn’t enough to think we’re treating everyone the same and then to move on. We need to empathize with others and work to understand their point of view.

That’s why it’s important to remember that diversity-and-inclusion efforts aren’t just about some of us; they’re about all of us. These are conversations about race, gender, orientation, age, background, and even thought. It’s that diversity of experience and opinion that fosters a dynamic business.

But how do we make sure everyone feels they have a voice? And how can we appropriately discuss important issues both peer-to-peer and across seniority levels?

Our task force is meant to provide our members with real-world ways to best conduct conversations about diversity and inclusion within your businesses. In the same way that I wasn’t content to rest on a statement expressing our values, we at the FICPA want to help you put your message into practice. To that end, we hope you’ll join us for our MEGA Conference this June in Orlando, as we feature a keynote address on diversity and inclusion from Oracle’s Kimberly Ellison-Taylor.

We’ve come a long way as a profession, but we know there is still a long way to go. By recognizing and valuing each other’s lived experiences, we can get there even faster.

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FLORIDA CPA TODAY | WINTER 2021

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NEW LOCATION!

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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NEWS BRIEFS

FICPA NEWS

FICPA Official Notice NOTICE OF REGULAR COUNCIL MEETING 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 via conference call at 1:30 p.m. on Friday, January 15, 2021.

FICPA NEWS

Follow Us on Social

Stay up to date with all the latest FICPA news by following our accounts on Facebook, Instagram, LinkedIn and Twitter. You’ll get news, event reminders and everything else you need to know. It’s best way to engage with the FICPA every day! @FloridaInstituteofCPAs

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CIRA meets with DBPR On Dec. 2, the FICPA CIRA committee held its annual

meeting with the Department of Business and Professional Regulation’s Division of Condominiums, Timeshares, and Mobile Homes. Committee members from across the state met virtually with the division this year to discuss the most current issues impacting community associations.

During the meeting, the two groups took the opportunity to exchange information on several topics, from the pandemic’s impact on associations to ASC 606 – Revenue Recognition guidance. “The opportunity to interface with the division leadership and staff provides a great service to our members and the clients we represent. It is a true collaboration between the two groups to better serve the CIRA Community,” FICPA CIRA-DBPR Liaison Subcommittee chair Travis Ouimet, CPA, said. The CIRA committee is one of the FICPA’s 31 committees where members can have the opportunity to shape the profession’s future through peer-to-peer networking, professional-development events, and the exchange of ideas at each committee meeting. To learn more about the FICPA’s committee opportunities, visit www.ficpa.org/get-involved/committees.

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NEWS BRIEFS

from the University of North Florida.

MEMBER NEWS

FICPA Members Appointed to the Board of Accountancy

On Nov. 6, Gov. Ron DeSantis appointed four longtime members of the FICPA to the Florida Board of Accountancy. Once confirmed by the state Senate, the appointees will be part of the nine-member board and oversee more than 30,000 licensed CPAs across Florida. FICPA chair W.G. Spoor congratulated the new appointees: “We are proud to have the governor select such a group of accomplished and dedicated members of the FICPA and wish to congratulate them on this great achievement. I know they will serve our profession and state well during their time on the board.”

Brent Sparkman, CPA Carr, Riggs and Ingram

Sparkman, of Tallahassee, is a Certified Public Accountant and partner at Carr, Riggs and Ingram. In addition to both the FICPA and AICPA, he is a member of the Association of Certified Fraud Examiners. He sits on the board of Ameris Bank. Sparkman earned his bachelor’s degree in accounting and finance from Florida State University.

William Blend, CPA MSL, P.A.

Blend, of Orlando, is a Certified Public Accountant and shareholder with MSL, P.A.. In addition to both the FICPA and AICPA, he is also a member of the Florida Government Finance Officers Association, the Seminole County Chamber of Commerce and the Seminole State College Advisory Board. Blend served in and received an honorable discharge from the United States Navy before earning his bachelor’s degree in accounting from Long Island University.

Jason Lafser, CPA BDO USA, LLP

Lafser, of Saint Johns, is a Certified Public Accountant and managing director at BDO USA, LLP. Previously, he was a partner at The LBA Group. In addition to the FICPA and AICPA, he is a member of the Association of Certified Fraud Examiners and is vice president of the Jacksonville Chamber of Commerce’s Health Council. He earned his bachelor’s degree in accounting from Murray State University and a Master of Business Administration 8

FLORIDA CPA TODAY | WINTER 2021

Bill Benson, CPA Keefe McCullough

Benson, of Plantation, is a Certified Public Accountant and managing partner at Keefe McCullough. In addition to being a member of the FICPA and AICPA, he also serves as Treasurer of the Sheriff’s Association of Broward County, Chair of the Catholic Community Foundation and a board member for St. Thomas Aquinas High School.

Benson earned his bachelor’s degree in business administration and accounting from Washington & Lee University.

TAX UPDATES

Tips for tax-year 2020

By Carol Vance, CPA, Esq.

• Net operating losses earned in 2018-2020 may be carried back five years before being carried forward.

• There is no Section 461(l) Excess business loss of 80% limit imposed in 2018-2020. Section 461(l) is effective Jan. 1, 2021.

• Section 168 qualified improvement property is 15-year property if placed in service in 2018 or after and is available for bonus depreciation. This is a technical correction to TCJA. • Charitable contributions are deductible up to $300 for adjusted gross income, and the limit was raised for cash contributions in 2020 to 100% from 60% of AGI for individuals and 25% for corporations. Food contribution limits are increased to 25% of a corporation’s AGI. • Corporate alternative minimum credit carryover refundable to 50% in 2018 and 100% in 2019.

• Section 163(j) interest limitation is increased from 30% to 50% for 2019 and 2020.

• Taxpayers may distribute up to $100,000 from retirement plans in 2020 without being subject to the 10% penalty tax. The income from the distribution may be spread over three years or paid back within three years.

• Rules for high-deductible health plans now cover telehealth, COVID-19 testing and treatment without charging a full deductible. Over-the-counter menstrual products may be reimbursed from HSAs, MSAs or HRAs.

WINTER 2021 | FLORIDA CPA TODAY

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ARE YOU NOT ENTERTAINED? The Fight for Clarity on the Tax Deductibility of Meals and Entertainment

By Nate Wadlinger, EA, CPA, Esq., and Carol Vance, CPA, Esq.

W

hether it’s cheering on your favorite sports team from a skybox or playing golf, many of our favorite activities combine food and beverage and entertainment.

With the Tax Cuts and Jobs Act of 2017 (TCJA) amending Section 274 to disallow all entertainment expenses, questions have arisen about whether certain activities qualify as meals or entertainment. The IRS issued final regulations 1.274-11 and 1.274-12 in October 2020 on this issue. This article focuses on that guidance and offers additional insight when considering meals and entertainment.

TCJA CHANGES TO SECTION 274

The general rule under Section 274 is clear. No deduction is allowed with respect to an activity which is of a type generally considered to constitute entertainment, amusement, or recreation.i However, business meals may be allowed as a deduction, subject to various limitations.ii Before the TCJA, Section 274 allowed taxpayers 10

FLORIDA CPA TODAY | WINTER 2021

to deduct 50% of both entertainment (including amusement or recreation expenses) and business meals, subject to certain requirements. It is the retention of Section 274(k) that has caused taxpayers to argue that business-meal expenses remain deductible despite the elimination of the deduction for “entertainment expenses.” Historically, Section 274 business meals have been viewed as a form of entertainment.

Most common networking involves lunch or dinner at a restaurant.

PREAMBLE TO THE REGULATIONS

The preamble to the regulations addresses multiple issues, but the most important dealt with the historic similarity of entertainment and business meals. The original disallowance rule of Section 274 was enacted in 1962.iii The Senate Finance Committee report accompanying the Revenue Act of 1962 made clear that meal expenses are entertainment expenses, specifically stating, “‘entertainment’ includes any business expense incurred in the fur-

nishing of food and beverages.”iv The Tax Reform Act of 1986 continued this view.v In the preamble to Regulations 1.274-11, the IRS made clear that, before the TCJA, it was not essential to decide whether meals were or were not different from entertainment because of the similarity in treatment, where they both fell under the 50% disallowance rule.vi And while there were some differences between meals and entertainment, these were very specific items, and the IRS was not concerned with differences.vii Clearly, meals were not considered entertainment for the purposes of removal in the TCJA. I.R.C. § 274(a) (2020).

I.R.C. § 274(k) (2020).

The Revenue Act of 1962, P.L. 87-834, §4, added Section 274 for tax years ending after Dec. 31, 1962. iv S. Rep’t No. 1881, 87th Cong., 2d Sess. 27 (1962). v Joint Committee on Taxation, General Explanation of the Tax Reform Act of 1986 (JCS-10-87), at 58 (May 15, 1987). vi Treas. Reg. §1.274-11 (2020). vii Treas. Reg. §1.274-11 (2020). i

ii

iii

REGULATION 1.274-11 – ENTERTAINMENT EXPENSES

In determining whether an activity is considered entertainment, the regulations require the use of an objective test.viii However, the regulations require considering context, flipping this to more of a subjective test of facts and circumstances.ix For example: If a manufacturer of dresses conducts a fashion show to introduce its products to a group of store buyers, the show generally would not be considered entertainment. However, if an appliance distributor sponsors a fashion show, the fashion show generally would be considered entertainment.x

Regulation 1.274-11 also addresses the taxpayer argument that “entertainment expenses” have become so ingrained in clients’ day-to-day marketing and advertising activities that many business owners characterize entertainment as Section 162 trade or business expenses: “marketing” or “advertising.”

The regulations remind us that Section 274 is an additional disallowance rule that comes into play after the Section 162 general trade or business expense rules are met.xi Further, the regulation again stresses that whether a respective expense is entertainment is through an objective test.xii

The last major element of Regulation 1.274-11 deals with activities that combine entertainment with food and beverage. The regulations borrow explicitly the “separately stated food and beverage rule” from Notice 201876 in the definition of food and beverage.xiii Food and beverages purchased during an entertainment event, if they are stated separately from the entertainment on a bill, invoice, or receipt, are deductible if they meet Section 162 requirements (trade or business and reasonableness).xiv They are subject to the 50% business meals limitation.xv The four examples provided in Regulation 1.274-11 directly address this issue. The regulations put the issue in the context of sporting events. If you take a client to a Miami Marlins or Tampa Bay Rays game to discuss a proposed business deal while sitting behind home plate, the tickets’ cost is not deductible.xvi If while at the game you buy hot dogs and beer, the cost of the food and beverage is deductible as business meals subject to the 50% disallowance rule.xvii

tickets includes food and beverage.

If the invoice does not specifically break out the cost of the tickets from the food and beverage, the entire cost is not deductible.xviii However, if the invoice does separately break out the ticket cost from the food and beverage, the cost of the food and beverage is deductible as business meals subject to the 50% disallowance rule.xix So the next time you purchase seats in a skybox or suite, make sure to have the food and beverage costs itemized. Note that the amount charged for food and beverage on an invoice must reflect the venue’s usual selling cost for those items if they were to be purchased separately from the entertainment or must approximate the reasonable value of those items.

Treas. Reg. § 1.274-11(b)(1)(iii) (2020).

Treas. Reg. § 1.274-11(b)(1)(iii) (2020). x Treas. Reg. § 1.274-11(b)(1)(iii) (2020). xi Treas. Reg. § 1.274-11(b)(1)(i) (2020). xii Treas. Reg. § 1.274-11(b)(1)(i) (2020). xiii Treas. Reg. § 1.274-11(b)(1)(ii) (2020). xiv Treas. Reg. § 1.274-11(b)(1)(ii) (2020). xv Treas. Reg. §1.274-11(d)(2), Example 2 (2020). xvi Treas. Reg. §1.274-11(d)(1), Example 1 (2020). xvii Treas. Reg. §1.274-11(d)(2), Example 2 (2020). xviii Treas. Reg. §1.274-11(d)(3), Example 3 (2020). xix Treas. Reg. §1.274-11(d)(4), Example 4 (2020). viii ix

Alternatively, let’s say, instead of buying tickets and sitting in the stands, you take a group of clients to the game and secure a suite. During the game, you and the clients discuss a proposed business deal. The cost of the suite

WINTER 2021 | FLORIDA CPA TODAY

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REGULATION 1.274-12 – FOOD AND BEVERAGE EXPENSES

Just like before the TCJA, there is a 50% limitation on most business meals, and some business meals remain 100% deductible. That said, post-TCJA, there are fewer fully deductible business meals. The following table lists the significant categories of deductible meals concerning the pre-TCJA limits vs. post-TCJA limits:

Meal Expense

Example

Authority

Pre-TCJA (percent deductible)

Post TCJA (percent deductible)

50%

50%

Client business meal

Meal with client, discussing business at restaurant

I.R.C. §§ 162(a), 274(k), 274(n)(1)

Client business meal with entertainment

Meal with client, discussing business in sporting event suite

I.R.C. §§ 162(a), 274(k), 274(n)(1); Reg. § 1.274-11

50%

50% if meal expenses are separately invoiced; 0% if not separate

Meals while traveling for work

Meal while away from home on business trip

I.R.C. §§ 162(a), 274(n)(1)

50%

50%

Meals for employees on employer’s business premises

Meal provided to employee that is “on the clock” even while eating due to emergencies

I.R.C. §§ 274(e)(1), 274(n)(1)

50%

50%

Employer-operated eating facilities

Google’s cafeteria that is free of charge to employees

I.R.C. §§ 132(e), 274(n)(1), 274(o)(1); pre-TCJA I.R.C. § 274(n)(2)(B)

100%

50%; 0% after 2025

Meals for employer’s convenience on employer’s business premises

Meal provided to employee that is “on the clock” even while eating due to emergencies; employer provides cafeteria

I.R.C. §§ 119(a), 274(e)(1), 274(n)(1), 274(o)(2)

50%

50%; 0% after 2025

De minimis food or beverages

Snacks in the employee break room

I.R.C. §§ 132(a)(4), 132(e), 274(n)(1); pre-TCJA I.R.C. § 274(n)(2)(B); Reg. § 1.274-12

100%

50%

Meals at business meetings of employees, stockholders, etc.

Shareholder lunch to discuss firm performance

I.R.C. §§ 274(e)(5), 274(n)(1)

50%

50%

Meals at recreational, social, or similar activities primarily for the benefit of employees

Holiday party where all employees are invited

I.R.C. §§ 274(e)(4), 274(n)(2)

100%

100%

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Regulation 1.274-12 provides some additional guidance as to when meals can be 100% deductible. Employers can deduct meals without limitation (100% deduction) if the food and beverage expense is treated as compensation paid to the employee on the taxpayer’s income tax return and as wages to the employee for purposes of withholding. xx

Where food and beverage expenses are incurred by one person performing services for another, the deduction limitations apply either to the person who makes the expenditure or to the person who bears the expense, but not to both.xxi This is true regardless of whether there is an employer–employee relationship. For example, this could apply to independent contractors.xxii Further, it is possible by written agreement to designate which party will get the benefit of the deduction.xxiii If food and beverage is made avail-

able to and consumed more than 50% by the general public, the regulation allows a 100% deduction.xxiv Think of an area at a car dealership where customers wait to have their car serviced. If this food and beverage offered to the general public or customers is consumed primarily by employees or others that are not the general public, then the portion consumed by the general public is 100% deductible and the portion not consumed by the general public is 50% disallowed.xxv Finally, food and beverage can be 100% deducted if it directly relates to the business involved, such as a restaurant. xxvi

IRC 274(e)(3) applies to a service provider that bills their clients for 100% of meal cost and accounts for those meal costs pursuant to IRC 274(d). These revenues are reported, and 100% of the meal cost is deducted by the service provider. This is an expense for the

client, and revenue and expense wash to the service provider.

The final regulations guiding the deductibility of meals and entertainment after the TCJA have been long-awaited. Meals and entertainment expenses are essential for any business activity, and all CPAs must understand how the TCJA has changed the rules for this universal expense.

Regulations 1.274-11 and 1.274-12 are relevant for both CPA practices and tax clients.

Treas. Reg. §1.274-12(c)(2)(i) (2020).

Treas. Reg. §1.274-12(c)(2)(ii) (2020).

Treas. Reg. §1.274-12(c)(2)(ii)(C) (2020). xxiii Treas. Reg. §1.274-12(c)(2)(ii)(E)(1),(2) (2020). xxiv Treas. Reg. §1.274-12(c)(2)(iv) (2020). xxv Treas. Reg. §1.274-12(c)(2)(iv)(B)(1), Example 1 (2020). xxvi Treas. Reg. §1.274-12(c)(2)(v) (2020). xx

xxi

xxii

Nate Wadlinger is a member of the Federal Tax Committee at the FICPA, a lecturer in Tax at Florida State University, and works in the Tax Services group at Thomas Howell Ferguson in Tallahassee, Florida.

Carol Vance is the chair of the Federal Tax Committee at the FICPA, a USF faculty member, and a practicing CPA and lawyer representing highnet-worth entrepreneurs from cradle to grave.

LEARNING MADE LOCAL

You don’t have to travel far to take part in one of the Florida’s top CPE events. Join CPAs from around the state and interact with Florida State alums as you sharpen your skills, expand your network, and earn credit.

May 13-14, 2021 Location: Virtual, Interactive CPE: Up to 17

FICPA.ORG/FSUAC WINTER 2021 | FLORIDA CPA TODAY

13

The Art of Penalty Abatement

By Raul O. Serrano, Jr., CPA

Taxpayers in the United States self-assess their tax liabilities and pay them voluntarily. This system of self-assessment and payment is based on the principle of voluntary compliance. 1In a perfect world, this would always be the case, but we do not live in a perfect world. Taxpayers often fall into situations for which the Internal Revenue Service (IRS) assesses penalties for the failure of the taxpayers to follow statutes, rules and regulations.

Penalties exist to encourage voluntary compliance and to ensure the fairness and effectiveness of the tax system. It is because of this need that the IRS has the obligation to advance the fairness and effectiveness of the tax system; to do so, penalties should do the following:

Unfortunately, despite all attempts by the IRS to get taxpayers to comply, there will always be taxpayers who, for different reasons, will not comply, resulting in penalty assessments. In some cases, the penalty can be greater than the tax owed. It is because of the complexity of our tax system, and the fact that not all penalties assessed or proposed are valid or accurate, that would require the average taxpayer to seek an experienced tax professional in order to navigate the federal tax laws, avoid penalties and request penalty abatement when necessary, which clearly makes our services invaluable.

CRITERIA FOR RELIEF FROM PENALTIES

1. Be severe enough to deter noncompliance.

Generally, relief from penalties2 falls into four separate categories:

2. Encourage noncompliant taxpayers to comply.

1. Correction of error by the IRS

3. Be objectively proportioned to the offense.

2. Statutory and regulatory exceptions

4. Be used as an opportunity to educate taxpayers and encourage their future compliance.

3. Administrative waivers

It is the opportunity to educate taxpayers that the IRS takes very seriously, because only if the taxpayers understand their responsibilities are they more likely to comply with their filing and paying requirements.

We will further discuss reasonable cause since it is the most common criteria used by tax professionals.

The employees of the IRS are encouraged to do the following: 1. Discuss causes for the delinquency and listen to taxpayers’ reasons and concerns for noncompliance.

2. Ensure that taxpayers understand their filing and paying responsibilities.

3. Be alert to information received in discussions with taxpayers that indicate possible reasons for abatement of a penalty.

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4. Reasonable cause

REASONABLE CAUSE

Reasonable cause is based on all the facts and circumstances in each situation and allows the IRS to provide relief from a penalty that would otherwise apply. Such relief is generally granted when the taxpayer exercised ordinary business care and prudence in determining tax obligations but was nevertheless unable to comply with those obligations.

The IRS must make the decision to abate or to use the non-assertion of the penalty in a consistent manner, and the decision should conform to the considerations specified in the Internal Revenue Code (IRC), Treasury Regulations 1 Internal Revenue Manual (IRM), Section 20.1.1.2.1 2 IRM 20.1.1.3

(Treas. Regs.), Policy Statements, and IRM Part. 20.1, Penalty Handbook. (Treas. Regs.), Policy Statements, and IRM Part. 20.1, Penalty Handbook.and IRM Part. 20.1, Penalty Handbook.

But, keep in mind that reasonable cause relief is not available for all penalties; however, other exemptions may apply.

The wording used to describe reasonable cause provisions varies. Some IRC penalty sections also require evidence that the taxpayer acted in good faith or that the taxpayer’s failure to comply with the law was not due to willful neglect.

Taxpayers have reasonable cause when their conduct justifies the non-assertion or abatement of a penalty. Each case must be judged individually based on the facts and circumstances at hand.

The following factors should be considered: 1. What happened, and when did it happen?

2. During the period of time the taxpayer was non-compliant, what facts and circumstances prevented the taxpayer from filing a return, paying a tax, and/or otherwise complying with the law?

3. How did the facts and circumstances result in the tax-

payer not complying?

4. How did the taxpayer handle the remainder of his or her affairs during this time?

5. Once the facts and circumstances changed, what attempt did the taxpayer make to comply?

Once the facts and circumstances that explain the taxpayer’s noncompliant behavior cease to exist, it is then very important to show that the taxpayer complied with the tax obligations within a reasonable time period. If the taxpayer failed to comply, then reasonable cause would not be deemed to exist.

If the IRS denies the request for the abatement of the penalty, then taxpayers have the right to request an administrative appeals conference to rebut the IRS’s reasoning for the denial.

Also, as an alternative to reasonable cause, you may request an administrative waiver for First Time Abatement (FTA)3, which should be an alternative and not the first reason for the request for abatement, unless there is no reasonable cause and the amount of the penalty is substantial.

3 IRM 20.1.1.3.6

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PENALTY RELIEF UNDER IRC SECTION 6751(B):

Another useful piece of knowledge that practitioners have used in requesting penalty relief is found in IRC Section 6751(b), which states, “No penalty under this title shall be assessed unless the initial determination of such assessment is personally approved (in writing) by the immediate supervisor of the individual making such determination or such higher level official as the secretary may designate.” In Graev v. Commissioner (Graev II),4 the Tax Court held that a supervisory approval could come at any time up until the day before assessment and still comply with the requirement of Section 6751(b) that the approval be secured before assessment.

An example of the above would be non-computer automated assessed penalties such as Trust Fund Taxes,5 where the assessment of the penalty needs the input of the IRS employee.

It would be helpful to request proof of the approval from a supervisory individual in writing. A request under the Freedom of Information Act6 is invaluable for this purpose.

FOREIGN-REPORTING PENALTIES

Another useful piece of knowledge is related to penalties for foreign reporting, an area of great interest to the IRS, and the penalties can be substantial. The timely filing of the Form 3520 (Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts) is one of those areas; but, a recent taxpayer-friendly court decision from New York is worth reading. In Wilson v. United States,7 the U.S. Court for the Eastern District of New York struck down the imposition by the IRS of a 35% civil penalty for failing to timely file a Form 3520 and limited the penalty to a much smaller amount (5%).

The above examples of penalties illustrate the fact that

16

FLORIDA CPA TODAY | WINTER 2021

practitioners should carefully review the penalties assessed by the IRS and the court decisions for guidance and not take them for granted. Also, do not ignore IRS notices received by the taxpayers, since most penalties increase in size with the passing of time; and, in some cases, one can miss a deadline, such as one to request a timely Collection Due Process Hearing,8 for which a response time of 30 days is set by statute.

The art of penalty abatement is not a secret. You need knowledge and preparation in order to meet the standards required by the statutes, rules and regulations of the IRS in order to be successful in attaining penalty relief or non-assertion. Remember that the facts are what they are, and our job is not to create new facts but to put forth the taxpayer’s facts in the best possible light. The IRS understands that many taxpayers face challenges, so we always need to determine taxpayers’ personal situations, especially now with the Covid-19 pandemic.

In conclusion, the chances of obtaining relief or abatement of penalties may not be as hopeless as it seems when an experienced tax professional is retained by the taxpayer.

4 147 T.C. 460, 475-76 (2016) 5 Withheld Income, Social Security and Medicare taxes 6 5 U.S.C. Section 552 7 19-cv-5037 (BMC) (E.D.N.Y. 11/18/19) 8 I.R.C. Section 6330

Raul O. Serrano, Jr., C.P.A., practices representation before the Internal Revenue Service on tax controversies and is a frequent speaker before CPAs and other professionals on said matters. He was featured as one of the “Top 50 IRS Representation Practitioners of 2008” in the April/May 2008 issue of CPA Magazine. He is a member of the FICPA’s Federal Taxation Committee. He is a past president of the FICPA’s North Dade South Broward Chapter and moderates a monthly Tax Roundtable on behalf of the Chapter.

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D I G I TA L I S S U E

WEB DIGEST

Paycheck Protection Program Forgiveness Resources

By Ellen L. Joseph, CPA

Since the Coronavirus Aid, Relief, and Economic Security (CARES) Act became law on March 27, 2020, there has been – and continues to be – evolving guidance regarding the Paycheck Protection Program (PPP) and forgiveness of the PPP loans. This article is a collection of resources for CPAs and other interested parties to reference while preparing their PPP loan forgiveness applications.

DUE DATE FOR PPP FORGIVENESS APPLICATIONS

Section 3(c) of the Paycheck Protection Program Flexibility Act of 2020 adds a “rule of construction,” indicating that a PPP borrower must either apply for loan forgiveness within 10 months after the last day of the covered period for the loan or begin making payments of principal interest and fees on the loan beginning on that date 10 months after the end of the covered period. The covered period is the time following the initial funding of the PPP loan, where the borrower must use the loan proceeds for eligible expenses that will qualify the loan for forgiveness.1 The covered period was also updated under PPP Flexibility Act Section 3(b) and is generally 24 weeks following the initial funding of the loan but cannot end after Dec. 31, 2020. Thus, PPP borrowers whose loans funded on or after July 16, 2020, will have a covered period that ends Dec. 31, 2020, and have until Oct. 31, 2021, to submit their PPP forgiveness applications.

PPP FORGIVENESS APPLICATION FORMS

ting the forms. As the Small Business Administration (SBA) explained in a Frequently Asked Question guidance on Oct. 13, “The expiration date in the upper-right corner of the posted PPP loan forgiveness application forms is displayed for purposes of SBA’s compliance with the Paperwork Reduction Act, and reflects the temporary expiration date for approved use of the forms. This date will be extended, and when approved, the same forms with the new expiration date will be posted.”

In addition to the three application forms, SBA Form 3509, the Paycheck Protection Program Loan Necessity Questionnaire (For-Profit Borrowers), and SBA Form 3510, the Paycheck Protection Program Loan Necessity Questionnaire (Non-Profit Borrowers), may be required. Lenders will provide these forms to borrowers who, together with affiliates, received PPP loans with an original principal amount of $2 million or more. PPP borrowers whose loans are less than $2 million and reviewed by SBA will also be required to complete a loan-necessity questionnaire.

OTHER RESOURCES

As noted above, PPP forgiveness guidance continues to evolve. Here is a list of resources to help you stay up to date: • Small Business Administration’s FAQs on PPP Loan Forgiveness

At the time of this writing, there are three PPP loan forgiveness applications:

• Small Business Administration’s PPP Forgiveness Factsheet

1. Paycheck Protection Program Loan Forgiveness Application (Form 3508 | Instructions)

• U.S. Department of the Treasury Small Business Paycheck Protection Program Assistance website (Note: Includes links to SBA forms, FAQs, and resources for the program rules for both borrowers and lenders.)

2. Paycheck Protection Program Loan Forgiveness Application (Form 3508EZ | Instructions): This form can be used if the borrower satisfies at least one of the three listed requirements in the “Checklist for Using SBA Form 3508EZ,” included in the form instructions.

• AICPA SBA PPP resources for CPAs (Note: Includes forgiveness tools, calculators, and FAQs.)

3. Paycheck Protection Program Forgiveness Application (Form 3508S | Instructions): This form can be used if the borrower received a PPP loan of $50,000 or less. A borrower that, together with its affiliates, received PPP loans totaling $2 million or more cannot use this form.

• FICPA Connect Discussion Board (Note: This is a great member-to-member, knowledge-sharing site free to all FICPA members. Robust PPP discussions can be found on several Connect Groups, including Federal Tax Group and Management of an Accounting Practice Group.)

Please note that the “expiration date” at the top of the application forms listed above is not a deadline for submit18

FLORIDA CPA TODAY | WINTER 2021

• FICPA CARES Act/PPP webpage

1 15 U.S.C. §636(a)(36)(F)

D I G I TA L I S S U E

WEB DIGEST

And, finally, Interim Final Rules issued regarding the PPP Program: • First Interim Final Rule, effective April 15, 2020, 85 FR 20811 • Affiliate Rules for PPP, effective April 15. 2020, 85 FR 20817 • Third Interim Final Rule, Additional Eligibility Criteria and Requirements for Certain Pledges of Loans, effective April 20, 2020, 85 FR 21747 • Sixth Interim Final Rule, Disbursements, effective May 4, 2020, 85 FR 26321 • First Loan Forgiveness Rule, Requirements for Loan Forgiveness, effective May 28, 2020, 85 FR 33004 • First Loan Review Rule, SBA Loan Review Procedures and Related Borrower and Lender Responsibilities, effective May 28, 2020, 85 FR 33010 • Revisions to First PPP Interim Final Rule, effective March 27, 2020, and published June 16, 2020, 85 FR 36308 • Additional Revisions to First PPP Interim Final Rule, effective June 16, 2020, 85 FR 36717

• Revisions to Third and Sixth Interim Final Rules, with various effective dates, published June 19, 2020, 85 FR 36997 • Additional Eligibility Revisions to First Interim Final Rule, effective June 24, 2020, 85 FR 38301 • Revisions to Loan Forgiveness and Loan Review Procedures Interim Final Rules, with various effective dates, published June 26, 2020, 85 FR 38304 • Treatment of Owners and Forgiveness of Certain Nonpayroll Costs, effective Aug. 25, 2020, 85 FR 52881 • Additional Revisions to Loan Forgiveness and Loan Review Procedures Interim Final Rules, effective Oct. 14, 2020, 85 FR 66214 You can also visit this SBA website for additional Interim Final Rules as they are published.

Ellen L. Joseph is managing member of Ellen L. Joseph CPA Chartered and specializes in Internal Revenue Code § 4980H - shared responsibility for employers regarding health coverage. She uses proprietary software for the related reporting requirements of Forms 1094-C and 1095-C and to help clients reduce or eliminate their proposed Employer Shared Responsibility Payments. Ms. Joseph is also Of Counsel with Sarbey, Kelly & Kaufman, LLC CPAs and is a member of the Florida Institute of CPAs (FICPA) Federal Taxation and Business Technology Committees.

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Risks Associated with PPP Loans:

An Insurance Solution A business that has accepted a Paycheck Protection Program (PPP) loan may face liability if the Small Business Administration (SBA) later determines that the business was unable to make the required “necessity” certification (described more fully below) and/or that, when the business’s affiliates are taken into account, it was ineligible for the loan. There is significant uncertainty associated with these issues, such that even businesses that acted in the utmost good faith could find themselves the subject of a government investigation and/or enforcement action. In a recent development, a number of insurers have begun offering insurance policies specifically designed to cover the risk of an SBA challenge to the business’s eligibility certifications. This alert discusses the coverage afforded by this type of insurance.

PPP LOAN INSURANCE

Certain insurers are offering an insurance policy that is designed to cover the risk that a business was ineligible to receive a PPP loan at the time it was granted. Specifically, the policy covers the risk that the necessity certification was inaccurate when made, as well as the risk of inaccuracy of additional certifications made at the time of the loan application, including certifications as to employee counts, taking into account the affiliation rules.

The policy will cover loss arising out of the lack of eligibility, including the amount of the loan (if it is required to be repaid), defense costs, fines, penalties and treble damages.

The amount of coverage purchased can be increased if the applicant wishes to insure against the risk of treble damages. Please note that certain insurance policies may contain exclusions for reputational damages relating to the improper receipt of a PPP loan.

The terms and conditions of this coverage are quickly evolving, but certain insurers do not cover the government’s denial of loan forgiveness unless the denial is due to the company’s lack of eligibility at the time it applied for

the loan. As an example, if the company did not use the PPP loan proceeds according to the SBA’s requirements, and this was the basis for the denial of forgiveness, then the policy would not provide coverage.

In order to obtain an insurance policy, the applicant should be prepared to share a substantial amount of information with the insurer, including information about relevant affiliates, analysis of how the affiliation rules apply to the applicant, payroll calculations made in connection with the loan application, analysis conducted to determine that the business could make the necessity certification (including an analysis of alternative sources of liquidity), data surrounding the impact of COVID-19 on the business, and all materials submitted to the SBA in connection with the application for the PPP loan. Typically, insurers will have appetite to provide coverage only if the applicant has a colorable and defensible basis for its position that it was eligible for the PPP loan at the time it made its eligibility certifications.

Pricing for the coverage may evolve as the product matures and additional insurers enter the market, but currently the premium is approximately 4-5% of the policy limit. As an example, the premium for a $5 million policy would be $200,000 to $250,000. Also, there is an separate underwriting fee of approximately $30,000 to $35,000 (this fee is in addition to the premium). Please also note that the insurer likely will require a retention/deductible of at least $200,000. Finally, given the insurer’s minimum premiums, this product is best suited for businesses that accepted PPP loans of at least $2 million.

For more information, contact Peter de Boisblanc at 347-621-8916 or peter.deboisblanc@hubinternational.com, and please join us on Jan. 12 for our “Introduction to PPP Insurance” webinar, presented by HUB International.

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21

IRC

Section 199A: An Opportunity or a Threat?

By R. Kevin Cross, MST, EA, CPA, NTPI Fellow

“It was the best of times, it was the worst of times… ”

I

t’s the opening to a “A Tale of Two Cities,” but Charles Dickens might have uttered these famous words about Internal Revenue Code (IRC) Section (§) 199A. Deduction limitations and phase-outs (such as W-2 wages and unadjusted basis of qualified property), coupled with the fact this deduction is easy to overlook, means without knowledgeable income tax planning and execution, one can miss out on a whole lot of moolah. There is a magical percentage in which one’s W-2 wages and qualified business income limitations are identical, allowing one to achieve tax nirvana and avoid the Hades of tax regret.

Before the enactment of the qualified business income deduction by the Tax Cuts and Jobs Act of 2017, the definition of “reasonable compensation” had been somewhat “The Fool’s Dilemma,” as one does not want one’s confidence to exceed one’s competence. Perhaps the TCJA will be a new touchstone, providing a quantitative definition of “reasonable compensation.”

The Tax Reform Act of 1986 and all prior case law were silent enough to usher in the challenges that have been litigated in Spicer Accounting1, Veterinary Surgical Consultants2 and 22

FLORIDA CPA TODAY | WINTER 2021

the infamous David E. Watson, P.C. v. United States.3 It is a constant juggle for CPAs. We don’t want our clients’ salaries (W-2 wages) too high, because that results in paying more in Social Security and Medicare taxes. On the other hand, CPAs don’t want unreasonably low salaries to be the poster child for this kind of continuing litigation. Because of IRC §199A – 2018 was our first year of experimenting with this novel deduction – we now seem to have a statutory friend in the convoluted qualified business income deduction.

THE SWEET SPOT FOR THE QUALIFIED BUSINESS INCOME DEDUCTION

One might have seen a chart like the one below as the sweet spot for the most effective qualified business income. But to be most accurate, one must also factor in employer payroll taxes. Therefore, 27.9 percent truly is the sweet spot; make it an even 28 percent or 30 percent, and you are in the money.

Here are the basic rules of the qualified business income 20-percent deduction (subject to inflationary adjustments):

S-Corp Income

100,000

100,000

100,000

100,000

Salary

25,000

40,000

27,935

30,000

Payroll Tax (Employer) @8 2,000 percent

3,200

2,235

2,400

S-Corp Income (NBI)

73,000

56,800

69,830

67,600

Section 199A W-2 Limit

12,500

20,000

13,968

15,000

Section 199A NBI Limit

14,600

11,360

13,966

13,520

Salary percent

25.0 percent

40.0 percent

27.9 percent

30 percent

•

•

Specified service trades or businesses: $315,000 for married couples or $157,500 for other taxpayers.

The threshold amount increases by $100,000 to $415,000 for married couples, and by $50,000 to $207,500 for other taxpayers if an entity is not considered such an SSTB. Many CPAs’ S corporation clients fall within the two numerical parameters and, as a result, can take the deduction based on the lower of 50 percent of the W-2/S corporation wages or 20 percent of the S corporation taxable income.4

IS THERE A RELEVANT REVENUE RULING?

In the Watson case, the Internal Revenue Service (IRS) essentially relied upon Revenue Ruling 74-44, 1974-1 C.B. 287. An S corporation distributed dividends to its two shareholder-employees but did not pay any wages for their services. In the ruling, the IRS concluded it could recharacterize the nature of the “dividend” payments as “wages” for FICA tax purposes, because it was established the dividends paid to the shareholders were in lieu of reasonable compensation for their services.

Similarly, the IRS cited Radtke v.

United States.5 The district court recharacterized dividends paid to an S corporation’s sole shareholder as wages for FICA purposes. A substance-overform analysis indicated the payments were remuneration for services performed.

In Watson, the IRS relied on an expert witness who argued that approximately $91,000 of the total annual distributions Watson received represented “reasonable compensation” for the services he performed on behalf of the accounting firm. The 8th Circuit Court of Appeals noted a variety of factors supporting this opinion, including the following: • Watson’s qualifications as an accountant.

• His advanced accounting degree and years of experience.

• The profitability of the accounting practice.

IS THE OSTROVSKY DOCTRINE CRUMBLING?

The IRS employed the assistance of Igor Ostrovsky, the general engineer who has worked on enough S corporation cases to be considered the reasonable-compensation god. Ostrovsky discovered an owner – defined as an investor and an employee – associated with a firm that is the size of the subject CPA practice would receive approximately $176,000 annually, which reflected compensation and return on investment. Ostrovsky also concluded a director – an employee with no investment equity – would receive approximately $70,000 in compensation alone. Because owners billed at rates that were 33 percent higher than directors, and because Ostrovsky viewed Watson as a de facto partner of the CPA practice, Ostrovsky increased the director compensation by 33 percent to result in an owner’s compensation of $93,000.

What would a court rely on now?

• The extensive hours Watson worked.

• The relationship of the $24,000 claimed as annual compensation in comparison to the levels of compensation paid to other accountants at the firm.

Would a court now lean toward statutory guidance found in IRC §199A? Or would it favor the 8th Circuit’s Watson ruling?

WINTER 2021 | FLORIDA CPA TODAY

23

IRC – THE HIGHEST SOURCE OF TAX AUTHORITY

The IRC provides the foundation of all federal tax authority in the U.S., and it is the ultimate authority when researching federal tax-law issues. The IRC is supplemented by individual laws passed by Congress. Individual laws are assigned a Public Law number (P.L.) and published in the Statutes at Large.

These individual laws amend the IRC, but they also include extra information, such as effective dates, transitional rules and special rules not formally included in the codified IRC of Title 26. Extraneous rules are often referred to as non-Code provisions.

The IRC covers income, estate and gift, employment and excise taxes.

Procedure and administration also are covered. The IRC does not include all federal tax statutes. For exam-

ple, there are tax laws found in USC Title 11 (bankruptcy) and Title 28 (judiciary). Other federal statutes not contained in the IRC, such as effective date provisions or sunset provisions, provide additional tax laws that must be followed.

We will see that the opening lines of A Tale of Two Cities have relevance as practitioners have the highest source of authority to assert in a tax controversy case. Up to this point, practitioners have been at the mercy of “expert” general engineers to determine how much compensation is reasonable with a 70/30 (70 percent distribution, 30 percent salary) QBI sweet spot. Will this be the prevailing factor in determining tax court cases? And perhaps, more importantly, in determining IRS audits with the small-business client?

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Does Code §199A give the first official statutory guidance for reasonable compensation? And does this effectively give “permission” (if reasonable) to plan S corporation owner compensation at a rate of 30 percent salary and 70 percent dividend distributions, since the Code favors the greatest significant deduction under §199A for this ratio?

Will the courts give the Code greater weight than a general engineer with the IRS? Let’s see what learned practitioners do with this knowledge in hand.

1918 F2d 90 (9th Cir. 1990) 2117 T.C. (2001) 3668 F.3d 1008 (8th Cir. 2012) 4 4See I.R.C. §1202€(3)(A).

5 5712 F.Supp 143 (E.D. Wis. 1989), aff’d 895 F.2d 1196 (7th Cir. 199) 2 3

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Dr. Robert Oliva, my former tax-research professor in the executive Master of Taxation program at Florida International University, gruffly proclaimed these words, drilling them into our heads and hearts: “Check the damn Code!”13

1

Endorsed By

24

“Check the damn Code”

Kevin Cross is a Certified Public Accountant licensed in Florida and Georgia, an Enrolled Agent, and a fraud lecturer living near Atlanta.

With more than 30 years’ experience, he has prepared more than 20,000 returns, served for two decades on the FICPA Federal Tax Committee, of which he is a past chair. He is also a Fellow of the National Tax Practice Institute (NTPI Fellow). Kevin has been a featured speaker at CPA conferences and had his work spotlighted at outlets including the Miami Herald, CNN, and NBC Nightly. He has published two books and a comic book on money for kids.

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25

STRATEGIC PARTNER CONTENT

Hiring and managing talent for tax season

By Kimberly Ellison-Taylor, CPA, CGMA, CISA

T

here is a great deal from 2020 we will not miss. COVID19 resulted in health and economic challenges that continue to evolve. In response, individuals and businesses have reimagined the path forward and determined new strategies for hiring and managing talent for tax season.

We often hear that necessity is the mother of invention.

Stay-at-home orders meant that we were suddenly living at home, at work, and in some cases at school. Tax and accounting practitioners were considered essential during the extended tax season, allowing some socially distanced team members to remain in the office. Nevertheless, the ability to continue working – be it at home or in the office – required new processes and technologies to handle the increased workload.

Cloud solutions enabled artificial intelligence-driven tax preparation, secure transmissions, and the confidentiality of client information. For many firms, the transition to the cloud represented a significant shift in mindset. The benefits of technology were underscored during COVID-19. Despite the most unusual tax season many of us can remember, deadlines were met, and clients received above-and-beyond service.

Unfortunately, the long hours of tax season did not significantly decrease. The thought of 60-hour weeks can dissuade prospective hires from joining a firm, discourage existing team members from returning, and even prevent students from choosing public accounting. Without key changes in workload, we will find it increasingly challenging to hire high-performing talent.

But if technology can enable team members to work flexible hours from flexible locations, we can all benefit.

The employment website Adunza has seen a 600% increase in job-seeker inquiries that include the words “remote,” “telecommute,” or “work from home.” Virtual and remote options are a clear competitive advantage for employers; they give local talent the flexibility to work outside the 26

FLORIDA CPA TODAY | WINTER 2021

office and enable businesses to hire top talent from outside their immediate area.

And pivoting isn’t as challenging as it sounds: • Job descriptions can be updated. Concerns about data confidentiality can be evaluated during the interview process and handled with non-disclosure agreements and best practices in cybersecurity.

• Onboarding and training can be conducted via live web conferencing or recorded sessions.

• Meetings and performance evaluations can likewise be conducted with any number of teleconferencing options.

There’s no question this coming tax season will be impacted once again by COVID-19. Tax-preparation solutions that reinforce accurate processing and reduce errors will promote team confidence. These solutions will also help your team get to up to speed faster, thereby decreasing preparation timeframes and hours.

Talent management isn’t easy during a typical tax season, and the complexities only increase during a pandemic. Virtual solutions can reduce your physical headaches.

Editor’s note: This article was originally published on the Intuit® Tax Pro Center.

Kimberly Ellison-Taylor, CPA, CGMA, CISA, is a transformational leader with a compelling background of strategy, finance, leadership, digital engagement, business development, and technology. Her career achievements include leadership roles at Oracle, Motorola, KPMG, Prince George’s County Government, and NASA Goddard Space Flight Center. In her most recent role at Oracle, Kimberly serves as an executive director in finance thought leadership, promoting finance transformation and digital strategies in organizations of all sizes. She is a former chairman of the board for AICPA, the Association of International CPAs, and the Maryland Association of CPAs.

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27

STAFF REPORT MOISES ARIZA, CPA, CGMA

2021 Horizon Awards

Recognizing Tomorrow’s Leaders on Today’s Horizon

The FICPA is happy to announce the winners of its 2021 Horizon Awards, recognizing the brightest young CPAs at the forefront of our profession. Through service to our organization and their own, they are advancing the CPA profession and improving their communities to improve economic development.

Moises is a partner with Marcum LLP, and the office managing partner of the firm’s Miami office. As a member of the firm for over 11 years, he focuses his efforts on providing accounting, assurance, and advisory services to government entities, public utilities, employee-benefit plans, not-for-profit organizations and for-profit private companies. Since 2014, he has served as a volunteer member of the Government Finance Officers Association’s Special Review Committee and as a volunteer member of the YMCA of South Florida’s Audit and Finance Board.

RUMMESA ABRAR, CPA

Rummesa is a tax senior at Ernst & Young.

She is an emerging leader in the Private Client Services specialty, using her knowledge to enable clients to create, preserve and transition wealth across generations. She is the acting manager for teams within the U.S. and India and excels in project management, leading client meetings, refining metrics, and managing expectations. She also serves as a peer advisor to colleagues from India, acclimating them to the U.S. COREY J. ADAMS, CPA

Corey is a tax and investment professional and an associate in the CPA firm of Reilly, Fisher & Solomon, P.A., in Tampa. He currently serves on the Young CPA and USF Conference committees of the FICPA. He was also selected to the FICPA’s 2020 Class of Emerging Leaders in the industry. As an active member of the community, Corey has organized and participated in various events with Feeding Tampa Bay. ARNOLD AIKEN, CPA

Arnold is a senior audit manager at KPMG LLP, serving global SEC registrants and private companies in the South Florida market.

He manages various assurance-related projects, including international reporting from auditors in the Caribbean, South America, and Europe. He is proficient in four languages (Dutch, Spanish, English and Papiamento), and he co-chairs the Sponsorship Committee of the National Association of Black Accountants of the Greater South Florida region.

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CARRIE BOYNTON, CPA

Carrie, a member of the James Moore family since 2015, has worked her way up from associate accountant to tax director. While serving a range of clients, she is a key member of James Moore’s manufacturing services team. Her passion for helping clients is matched by her drive to help those in need. She leads the Daytona Beach office’s Charity Committee, which focuses on volunteering time and community resources.

COURTNEY R. CROWLEY, CPA

Courtney is a senior associate in Litigation Support, Forensic Accounting and Mediation services for Markham Norton Mosteller Wright & Company, P.A. She graduated from Florida Gulf Coast University (FGCU), where she was named the 2018 Undergraduate of the Year and the first-place graduate recipient of FGCU’s 2019 Annual Research Day for the Lutgert College of Business. She helps mentor the future generation of FGCU accounting students by speaking about her experience in forensic accounting.

SETH DE ARMAS, CPA

Seth is vice president of finance at the Orlando Health Foundation. He served on the Supply Chain Command Center at Orlando Health in the early response to the COVID-19 crisis. He is a graduate of the Orlando Health Advanced Leader Program and has served as a mentor for leadership and development programs and has been appointed to the advisory council for the Team Member Support Fund. He is a member of the FICPA and AICPA and HFMA. He serves on the board of directors at Grace Landing/Fostering our Future and is actively involved at his church.

TIMOTHY HOUMES, CPA

Timothy is an audit manager at WithumSmith+Brown’s Orlando office. He serves clients in the hospitality, agriculture, and government/not-for-profit industries.

Timothy earned his bachelor’s degrees in accounting and finance and his MBA from the University of Central Florida. He was part of the 2018 FICPA Emerging Leaders Program and served as a regional advisor to Class III of the Emerging Leaders Program.

Since 2018, he has been a board member of a local nonprofit called Freedom Ride, where he now serves as board treasurer.

ELIZABETH JACKSON, CPA

Elizabeth is a supervisor in international tax services with RSM US LLP. She has been a specialist in RSM’s Fort Lauderdale transfer pricing practice for three years. She was the recipient of the 2017 U.S. IDEA User of Excellence Award. She is an active member of the FICPA, serving on the Young CPA, International Tax and Women in Leadership committees. She is a current participant of the FICPA’s Emerging Leaders Program. She volunteers with Kids in Distress in Fort Lauderdale and Feeding South Florida.

JENNIFER KELLER, CPA

Jennifer is a senior tax manager at Crowe, LLP. Based in Tampa, she is a leader in Crowe’s National Retail Dealer services group, which serves over 750 industry clients. Jennifer has over eight years of public accounting experience, providing federal tax compliance and consulting to large multi-point dealership groups. She is an active member of the Greater Tampa Bay Chamber of Commerce, FICPA, and AICPA and an active member of her community, volunteering with various not-for-profit organizations.

BERNIE LEFILS, CPA

Bernie joined his father’s firm, Lefils & Company, in 2007. He currently is a member of both the audit and tax teams. He became a partner of the firm in 2019. He graduated from the University of Florida in 2011 and later attended Stetson University, where he earned a Master of Accountancy degree. In Nov. 2020, he passed the Certified Financial Planner exam. He is a member of the FICPA and AICPA. Bernie and his wife, Avery, were recognized as recipients of the College of Agricultural and Life Sciences Alumni and Friends Horizon Award in 2018.

LANCE LVOVSKY, CPA

Lance is a senior manager with Marcum. He leads the tax consulting group around trust and estate planning services in the region. His experience includes providing tax planning and compliance services to high-net-worth individuals, family offices, and small businesses. He currently serves on the board for the Jewish Federation of Broward County – Young Leadership Division. He holds a position on the Steering Committee for Joint Tax and Estate Seminar.

JAIME NOLAND, CPA

Jamie is a senior manager with Marcum’s Accounting and Auditing Group and a member of the firm’s real estate and construction group. She is a professional member of the FICPA, AICPA and Institute of Certified Construction Industry Financial Professionals. She is also an active member of the Associated Builders & Contractors Association and will serve as the class chair for ABC’s NEXGEN Leadership Training Program for 2021.

She also serves on the board of Camelot Community Care.

ALEX WELSH, CPA, CISA

Alex is an associate manager at A-LIGN focused on ISO 27001, HIPAA, and SOC cybersecurity audits. She is based out of Boca Raton. As a member of the FICPA she has completed the Emerging Leader Program, serves as a region leader for the program, and chairs the Young CPAs and Women in Leadership committees. She is passionate about giving back, working with the Salvation Army, Junior Achievement, and the Junior League of Boca Raton.

KATELYN WONSOCK, CPA

Katelyn is a senior tax accountant with Carr, Riggs & Ingram. Having started in the IRS’s VITA program while in college at Florida State University, she has more than five years’ experience in tax. She provides tax services for individuals, businesses, and nonprofit organizations. She volunteers with the United Way of the Big Bend and Good News Outreach. She serves on three FICPA committees: Accounting Careers and Education, FSU Accounting Conference, and Young CPAs. JENNIFER ALLEN, emerging professionals manager

WINTER 2021 | FLORIDA CPA TODAY

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STAFF REPORT

PAC-supported candidates claim election victories

By Justin Thames, director of governmental affairs

The November election produced record-breaking voting totals, both across the country and in Florida. More than 11 million Florida voters cast ballots either on or before Nov. 3 for an impressive 77% turnout. More than 9 million of those ballots were from early and mail-in voting, setting another record.

Democrats accounted for 2,188,355 vote-by-mail ballots compared to the Republicans’ 1,506,123, while Republicans led the way in early voting, 1,959,875 to 1,401,451. These numbers represent a reversal; Republicans have previously led in absentee voting, as Democrats have traditionally been stronger in early voting. In person, on Election Day, Republicans turned out in much higher numbers than in years past.

So, how did the record turnout impact the results? Not as much as some might have thought at the state level. While the race for the White House captured headlines, the Florida CPA/PAC was focused on down-ballot Florida House and Senate races and the makeup of the legislature in Tallahassee.

Despite pre-election speculation that Democrats might make gains, Republicans gained a seat in the Senate and several in the House of Representatives, further cementing GOP control of the legislature and future policy-making efforts.

“We are thrilled with the outcomes of this year’s election for the PAC and the return of our CPA lawmakers to Tallahassee. We could not accomplish our goal of electing pro-CPA candidates without the amazing support of our members.

My hope is that these results will show all of our members the value and positive return on investment that our political involvement brings,” said incoming FICPA chair and Florida CPA/PAC director Kristin Bivona.

To learn more about the Florida CPA/PAC and to add your voice to its efforts, visit www.ficpa.org/pac or contact the Governmental Affairs Department at govaffairs@ficpa.org.

Congratulations again to our three CPA and FICPA member lawmakers on their successful re-election!

SENATOR JOE GRUTERS R-23

As for the CPA profession, 58 of the 59 candidates backed by the PAC in the general election were elected (98% success rate). Among those elected were the three incumbent CPA lawmakers: Sen. Joe Gruters, Rep. Mike Caruso, and Rep. Cyndi Stevenson. Overall, including primary results, the Florida CPA/PAC produced a winning percentage of 97% this election cycle, successfully supporting candidates in 140 of 144 races.

The Florida CPA/PAC’s efforts are made possible by FICPA members and others within the profession. Each election cycle, the PAC serves as the voice of the CPA profession in the political process and as an integral part of the profession’s overall advocacy efforts.

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REPRESENTATIVE CYNDI STEVENSON R-17

REPRESENTATIVE MIKE CARUSO R-89

STAFF REPORT

Welcome, 2021!

By Laura Cutchens, director, FICPA Scholarship Foundation

Fundraising for our scholarships was a bit difficult over the past quarter, but we are so very grateful for all those who have still been able to support us throughout the pandemic.

We were able to hold our Orlando Golf Tournament and our Suncoast Scramble this fall, with both events proving excellent opportunities to get out, enjoy some fresh air, and hit the links. We also had a great response to our end-of-year campaign, 2020 Vision. Thank you to our incredible board of trustees, each of whom set up their own fundraising pages and helped us meet our goal. We are grateful for our steadfast supporters as well as our many new donors. Your contributions are vital for the Foundation to carry on its mission of supporting accounting students and future CPAs with scholarships!

Orlando Golf Tournament - first-place Winners Team Penservco (L to R) Keith Barden, Ken Simon and Bruce Kelvington

We would also like to announce that our 2021 Scholarship Application is open! Fourth- and fifth-year accounting students should take a moment to visit our site and determine if you are eligible to apply.

Participants in the 2020 FICPA Scholarship Foundation Golf Tournament at Hawk’s Landing Golf Club in Orlando.

A final note: Corporate giving is fast becoming a go-to option for many of our firms and supporters. With the absence of live events, corporate giving is a way to continue to give back to the future of the profession. Join in on this trend in 2021 and become a partner with the Foundation!

You can keep up with Foundation updates by following us on Linkedin, Facebook and Instagram; search @ficpascholarshipfoundation.

WINTER 2021 | FLORIDA CPA TODAY

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STAFF REPORT

Staying Strong: Firms unite behind the Florida CPA/PAC

By Justin Thames, director of governmental affairs

In many cases, elections are the first opportunity for the CPA profession to advocate for a particular issue with a future elected official.

The best chance for CPAs to shape the future is for us to champion those that would support CPAs once in office.

In this year’s state elections, the Florida CPA/ PAC interviewed, educated, and built relationships with the candidates running for state office to ensure they understood the issues important to the CPA community. By engaging in the political process through the PAC and supporting pro-CPA candidates, the profession can raise greater awareness and further its advocacy goals.

The work of the Florida CPA/PAC is made possible by your generous contributions. This year, the 16 firms participating in the annual “Top 250” fundraising campaign are recognized for their steadfast commitment to our advocacy efforts. Firm support, combined with individual contributions, strengthens our position within the political landscape.

The CPA profession will continue to thrive in Florida because of the commitment shown by the members of this year’s “Top 250” campaign.

Thank you again to all the individuals and firms that support the Florida CPA/ PAC’s efforts.

Top 250 CPA/PAC Contributors PLATINUM CLUB ($5,000 OR MORE CONTRIBUTION) BLAIN L. HECKAMAN

Kaufman, Rossin & Co. Miami

ANTONIO L. ARGIZ

MBAF – Morrison, Brown, Argiz & Farra, LLC Miami

GOLD CLUB ($2,000 OR MORE CONTRIBUTION) JEFFREY E. BARBACCI, CPA

Thomas Howell Ferguson P.A. CPAs Tallahassee

JEFFREY M. TUSCAN

Tuscan & Company, PA Fort Myers

MARK BRECHBILL

Mark Brechbill, PLLC Stuart

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“Since we were founded in 1993, THF has recognized the value and importance of being engaged in the leadership of our profession and has encouraged our team members to actively participate in FICPA leadership opportunities. We understand the tremendously important role the FICPA plays in protecting our profession’s interest and our license within the state legislature. Very few of those serving in the legislature are CPAs who understand the impact that issues such as sales tax on services could have on our profession. Our ability to create trusting relationships that can help us from within the legislature is not possible if we can’t also support those legislators during the election process. We view the individual and firm contributions we make to the Florida CPA/PAC as essential investments that help build of the relationships needed to protect a profession that has been so rewarding to us all.” — Jeff Barbacci, CPA, managing shareholder, Thomas Howell Ferguson P.A.

GOLD CLUB ($2,000 OR MORE CONTRIBUTION)

BRONZE CLUB ($500 OR MORE CONTRIBUTION)

LAWRENCE J. CHASTANG

KRISTIN BIVONA

Chastang & Partners, LLC Orlando

GellerRagans Orlando

MICHAEL R. PENDER, JR.

Cavanaugh & Co. LLP Sarasota

W. David Ellrich Ellrich, Neal, Smith & Stohlman, P.A. Palm Beach Gardens

KIMBERLY JUDA

Juda, Eskew & Associates, PA Plantation

SILVER CLUB ($1,000 OR MORE CONTRIBUTION) PERCY J. LEGENDRE

Bashor & Legendre, LLP Tampa

LEE BELL

Jennifer J. Green, CAE, DPL Liberty Partners of Tallahassee, LLC Tallahassee

W. HENRY “HANK” HURST, JR., CPA

Saltmarsh, Cleaveland & Gund, CPAs Tampa & Pensacola

The Hurst Company, CPAs, P.A. Amelia Island

CARLOS PEREZ-ABREU

PAAST, P.L. Coral Gables

W.G. SPOOR II

Spoor Bunch Franz St. Petersburg

LEE DRAPER, III |

Bishop and Draper, CPAs PA Jacksonville

JOIN THE PAC ficpa.org/paccontribute

Please note: 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.

WINTER 2021 | FLORIDA CPA TODAY

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STAFF REPORT

2020 CPA/PAC Individual Contributors The Florida CPA/PAC recognizes and thanks these FICPA members for their individual contributions. Their support helps make it possible for the PAC to engage in elections for pro-CPA candidates running for the Florida Legislature each election year. Most importantly, due to their commitment to the profession, these supporters have ensured the PAC will have the resources needed to help re-elect the three CPAs currently serving in the legislature. Again, we thank these members for their investment in the PAC’s success.

TRENDSETTER/ PACESETTER Eden Abitan Jeffrey M. Aguiar Domingo A. Alvarez Ashley Andren David W. Appel Yvette N. Aubin Jeffrey E. Barbacci Michael E. Batts Glenn A. Bedonie Bruce M. Berger Sheldon F. Bernau Kristin A. Bivona Derek Blakeslee Donna M. Bloomer John L. Brantley Michael S. Brault Amy D. Chappel Lawrence J. Chastang Yvonne M. Clayborne Reynolds J. Cochrane John F. Costello Carl D. Cronin Deborah L. Curry Kenneth M. Daniels Katherine A. DeFilippo Peter V. DeSanctis Henri J. DesPlaines Richard A. Donner David A. Dorsey Julian D. Dozier Kenneth O. Dudley Abigail F. Dupree William H. Durkin Kimberly V. Dyson Margaret G. Edmiston Joseph A. Epstein William A. Ferguson Jr Alan N. Finkelstein Delia F. Finnerty Casey A. Fletcher Sylvia L. Fletcher Gary A. Fracassi Patrick L. Gallagher Sheryll A. Goedert Glenn H. Gopman Marianne E. Grabowski Jennifer J. Green Anthony L. Gregory George A. Gulisano C Michael Halfast 34

Allison J. Harrell Harry C. Harrell Kevin J. Herzberg David J. Hochsprung Paulette M. Holder Paul T. Horgan Kathryn K. Horton Winston K. Howell William H. Hurst Jr William J. Hyatt Jonathan S. Ingber Richard S. Ingram Jr Barbara J. Jagusztyn Jorge H. Jordan Kimberly A. Juda Stephen M. Kalifeh II Timothy D. Kane Martin Kaye Patrick J. Kelly Michael J. Kierzynski Charles Krblich Amada Lopez-Cantera Catherine H. Lorie Ruth A. Loubier Erick S. Magno Anthony E. Marcus Gary J. Margolis Andrew J. Mason Katherine M. Maynard John J. McKnight Jr Joseph C. Moffa Patricia A. More Yolanda R. Nader Yamila Nelson Samuel T. Nolen Key G. O’Keefe Evelyn F. Parkes Linda G. Parks Kenneth W. Paulk Michael R. Pender Jr Douglas Perreault Scott G. Price David A. Ralicki Jaret P. Rice Juan F. Rivera Jr Todd M. Russell Melvin L. Sams IV Anita B. Sandel Mark J. Schou Raul O. Serrano Jr Richard L. Shapiro Alisa L. Sherman

FLORIDA CPA TODAY | WINTER 2021

Jacob C. Shumacker III William H. Simon Jr Douglas M. Sonier WG Spoor II Stam W. Stathis G. Michael Stone Kelby H. Tardi James F. Thielen David J. Thomas III Ronald Thompkins Jose E. Valiente Laura J. Violante Brian S. Walgamott Shawn M. Williams Randall Wilson COMMITTEE 100 Gerardo Acevedo III Carshena T. Allison Ernest N. Almonte Gerard A. Arsenault Kimberly H. Beaumont Keith M. Bennett Joe Berkovits Joseph K. Bing John I. Bishop Jr Shawne W. Blair Ann G. Blakeslee Steven K. Borden Aubrey Bourgeois Bonny Bowyer Anthony Brunson Peter S. Burgess Mario Caballero Deric V. Cablish Justin D. Callow Ronit Canet Carlos M. Castellon Dr .Valrie Chambers Randall T. Coleman Kristen M. Crawford R. Kevin Cross James D. Davidson Lee Draper III Hilary A. Eisbrenner Alan C. Fisk Jocelyn R. Flynt George G. Fox John K. Freeman Steven E. Fuller Michael D. Futterman Cara M. Glaser Irvin N. Gleim

David J. Goodman John C. Guarino Marie Harrington Pamela B. Hathaway Daniel Henn Kenneth R. Henry Lynn A. Hepner II Luis F. Hernandez Anne Marie Hicks Stephanie C. Hill Sheri L. Hoble Lisa R. Holbrook Michele M. Hoover Peter Howley Orlando Hoyos RH Hunnings Spencer A. Ingram Michelle L. Jackson Tarsha R. Jacobs Linda K. Johnson George A. Jones Keith A. Jowers II Russell L. Kelton Lawrence J. Kendzior Tracey J. Kinker Gebert John K. Kirk Steven B. Kreinik Jason K. Lafser Pierre L. Laporte Leonor M. Leal Donald L. Levin Angela M. Little Albert D. Lopez Peter Makris Rosie N. Mendoza Ronald Minko Jr Pamela J. Mullins Mark R. Mutchnick Ryan A. Myers Keith E. Newman Paul C. Nick Michael H. Novak Joseph A. Paul Russell L. Perkins Lorra L. Phillips Phillip W. Price Jr Zvi Rafilovich Timothy P. Raines Richard W. Reeder Thomas F. Reilly Sharon L. Roma Richard A. Romans

Mary Lou Ruderman Felipe R. Ruiz Wilbert Santos Glenn G. Schanel Reina L. Schlager Terry L. Seaton Barbara A. Sloan Donna M. Sotillo Phillip S. Sroka Ben A. Stevens III Cynthia W. Stevenson Cheri Swain Kristine W. Taylor Daniela C. Thomason Rimma R. Tinel R.E. Tonkinson Caridad Vasallo Alan M. Wagner Nanette N. Winzell Terrell W. Witcher SUSTAINING Donna S. Adams Mike U. Akwue Ralph J. Anderson Jr Nicole B. Andrews Vinod K. Arora George I. Augustin Sidney Barclais Oren Baroz Karen W. Barr Kathryn F. Barton Joseph A. Blitzko Imre Borsanyi Denise L. Bouchard Shalerie P. Brady Janice A. Brown Jennifer L. Bucior Robert S. Buddy Robert E. Burke Davina K. Burns Elizabeth T. Carlson Daniel J. Cole L. Thomas Cox Jr Leonard M. Cusano Cynthia S. D’Artagnan Christopher M. Davis Joseph A. DeMilia Jr James H. Dixon Jr James K. Duerr Kathleen M. Dulko Jay N. Edinger Patrick K. Eierhart

Lea A. Ellison Timothy J. Fadgen Teresa A. Faulkenberry Sirkka S. Firley Richard A. Garcia Joseph A. Genovese Jacqueline A. Gibbons-McIntosh Adel J. Gonzalez John E. Henson Christine E. Hill Wayne Horwitz Sherrill W. Hudson Birgit Hugel Randall J. Humphrey Stewart W. Hurst Debra C. Jackson Steven J. Johnson William Jones Edward M. Kaplan Osama S. Kayali James T. Keefe Susan J. Keeton Paul B. Kroncke Matt Lambert Richard T. Langford Seth M. Lipson Khushdyall B. Loaknath Juliacarol D. Love Scott R. Mainwaring Elizabeth C. Margolis Kenneth T. Marsh Deborah P. Mason Michelle D. McCann Mark E. McDonough Charles G. McDuffie Lynn A. McFadden Julia E. Mercier Hisham Mohammad Charlette L. Moore Geoffrey K. Mosher Jr Michael C. Nahoom Alan G. Nast Amanda B. Neel Natasha O. Neuberger G. Tierso Nunez II John S. Olivari Nancy H. Porter Jessica S. Revell Sharon C. Richardson Robert J. Ritzenthaler Edwin Rivera Adam M. Robinson William T. Robinson Barbara T. Rodriguez William C. Ross Carlos M. Samlut Sally A. Scala Cassandra A. Searle Raskin Shah Charles M. Sincell III Charles W. Smithers Jr Lisa L. Smithson

John W. Stafford Peter J. Steffens John Sundeman James H. Sutton Jr Johnny P. Svajko Lisa A. Swanson Carolyn C. Sweeney Bernardo C. Tacoronte Frank D. Teets Jr Ana M. Toca Yohana M. Tuguta Harry E. Vadney T Jay Vitarelli Tyson P. Walters Karen L. Wiltsie Robert R. Wott Roberta N. Young Mark J. Zand ACTIVE Jose L. Alookaran Daniel R. Anderson Daniel P. Armstrong Janet S. Baldwin Sheldon L. Barat Dennis W. Bartlett Ray D. Bastin Lori S. Baumwell Llewellyn N. Belcourt Thomas M. Bizzell Jill H. Brickel Karen C. Briggs Kathleen E. Brothers Paul N. Brown Joseph J. Buongiorno Sr Shermon C. Burgess William R. Burke Susana Cano Sarah A. Caprio Stewart H. Carlin Frederick Carroll III Allison P. Carter Brian T. Carter Carlos A. Cerezo Jr Tamara L. Cindrich Anthony T. Cobb Lawrence M. Cohen Hollis R. Davis Louis R. De Falco Robin M. De Santi Kelly R. Dee Stacia M. Deitrich David Divine Irene Eierhart Mehmet F. Erdogan Rick Fallahee Vincent J. Ferlita Norma Fernandez-Lucena Eric W. Filkins Milton G. Fisher Bruce E. Frazey Ronald S. Friedman Lauren B. Fuchs

Frank R. Fusco Nicholas G. Gebert Claudia K. George Betsy A. Glickman Jeremy R. Goldman Patricia O. Gordon Phyllis R. Graybow Kelsey A. Griffin Jesse Grundza Eduardo A. Guernica Sara L. Guilford Carl M. Gunter Patricia K. Hagan Jeremy R. Hall Kenneth M. Haller McHenry Hamilton III John E. Hanson Heidi L. Haye Donna M. Heddlesten Michael F. Hester Pamela W. Hicks Julia M. Hoffbauer William L. Houff Jason B. Jackson Casper J. Jacoby IV Elsa G. Johnson Diane M. Johnston Terri S. Kane Jerry R. Kaufman Richard C. Kendall Jr Kaye L. Kendrick Kolman Kenigsberg Cyril W. Kidder Juliana M. Kierstein Jacob D. Kinsel Donald J. Kitaif Sheryl S. Kitaif Stuart A. Klein Susan C. Knapp Dianne K. Kopczynski William B. Kortum Carol Lamm Michael C. Laur Terrel J. Lavergne Valarie J. Law Kathryn M. Leavins Deborah L. Leonard Ricardo F. Lopez-Hernandez Charles A. Lota Victoria A. Loyola Howard B. Lucas Diana K. Lynch L. Gail Markham M. Gregory Martinez Kara L. Mathe Dana R. McBroom Thomas R. McDonald Leslie A. McElhinney Donna L. Mcginnis Michael S. Mermelstein Amanda M. Meyers Marianne Micco

Irving W. Mishkin Olga Mohamed Fazil Mohammad Mitchell J. Mossman Karen L. Mosteller Jerry J. Murray Timothy H. Myers Stephen R. Nelson Jennifer Niebla Joni L. Norton Gwendolyn M. Ogden Gary L. Olberding Solon F. O’Neal Jr Sydney B. Owens Stephen B. Parent Matthew Parker Sweta Patel Stanford A. Paul Jose A. Perez Keith B. Pitts Charles G. Porter Natashia Post Meredith A. Pratt Melodie A. Rich Dennis L. Ritchie Lina M. Rocha Samuel B. Rogers Jr Brian W. Ronay Merrill I. Rosen Maria T. Rotunno Jennifer Ruffino-Cook Cheryl A. Salgado Wade P. Sansbury John W. Schilthuis Raymond F. Schultheis Stephen M. Schwartz William S. Schwarz Lisa E. Sharron Roger V. Sherman Steven Silverman Cynthia C. Slack Ted A. Soileau Jessica D. Sperling Alan M. Spertell Caroline S. Sprague Harold P. Sullivan Kenneth L. Thomas Robert F. Thomson II Matthew S. Tomlinson Andrew P. Tyack Adam A. Urban Marianna Vaughan Francisco J. Villegas Austin Walker Amanda L. Waters William A. Webb Deborah P. Weber Blake T. Weeks Monica S. Wellmaker Cedrick L. West Sophia C. West Alison N. Wester

John B. White Jr Lawrence H. Whitfield Allen C. Wohlwend Beth C. Wohlwend Virginia L. Yeagle OTHER Luis Alfonso Alex J. Alijewicz Thomas G. Angelos Regina W. Baniakas Eric H. Berkowitz Shannon M. Bloom Luisa K. Bosso David A. Burton W. N. Carris Eugene J. Caruso Curtis B. Cassner Gina L. Clayton Sheree H. Cox Martha E. Cronk Jacob P. Cukjati III William R. Demers Lydia C. Desnoyers Carol E. Dozier Leon W. Faris Edward J. Fitzgerald Emily C. Garrett, Emily Ashley D. Hernandez Christian Hernandez Willie Howard Jr Jonanht Inguanzo Thomas F. Jennings Jr Ana Kairis Jason H. Klein Peter M. Kraus Shannon Lashley-Richardson Robert M. Marconi Joan M. Mazurek John F. McClunn Thomas A. McDonald Anthony J. Molinari Alexander A. Orlando Barbara Pierce Claudia P. Prada Stephen G. Rosen Jennifer L. Ryan Maryann K. Siler Judith D. Smith Thomas L. Smitha Khin S. Soe Sandra Soler George P. Thornton Matthew E. Van Hoesen J. S. Vermaas C. P. Wallace Edward S. Williams Ronald Winter

WINTER 2021 | FLORIDA CPA TODAY

35

COMMITTEE COLUMN

It’s All About the Process

By David Bergstein, CPA, CITP, CGMA, chief innovation officer, A David Bergstein CPA

Accounting is evolving from the practice of compliance and advising into the rendering of advisory services.

Accounting is evolving from the practice of compliance and advising into the rendering of advisory services.

CPAs and accountants are now serving as app advisors, process advisors, training advisors, profit advisors, wealth-management advisors, blockchain advisors, and so on.

To keep up, accountants need to build “smart back offices” or “tech stacks” to automate what they do from start to finish.

A tech stack is a combination of integrated applications that provides reliable financial information and business insight, which should be modeled after the accounting process. In this process, every firm should select a core accounting solution to build around; some leading providers are listed below: Cloud Accounting Providers

“Human Assisted Automated Accounting.” It combines artificial intelligence and machine-learning technology with skilled accountants to deliver a full-suite bookkeeping and pre-accounting solution to firms and their clients.

Our process diagram lists eight functions generally included in the accounting cycle of must-dos. The one spoke on the wheel that will continually grow is that of AI, as the accounting process is increasingly automated. Accountants aren’t going away, but our role as advisors will evolve via our use of technology. AI is increasingly being used in the audit process, as evidenced by the emergence of Mindbridge and other entrants that assess financial risk.

Fig. 1

Bill Payment Artificial Intelligence

Once you’ve selected a provider, it is all about the accounting cycle, or process wheel (see diagram).

The first step is to find a solution that will digitally move the data from its source into your core accounting platform.

Accountants should never enter data; they should automatically obtain it or, as I say on the diagram, “fetch it.” (The are many apps designed to fetch data, such ReceiptBank, Autoentry, Hubdoc and others. You must make a choice that best suits your process.)

We then pay our employees or contractors, perform expense-management functions, and monitor cash flow. In this last respect, real-time dashboards are replacing monthly financial statements.

Next, artificial intelligence tools, like Vic.Ai and BotKeeper, are being introduced to help eliminate a lot of the analytical work previously performed with Excel. Vic.ai layers on top of your systems, so there’s no need to rip up or replace your existing accounting, expense, tax or reporting software. It also works in tandem with Bill.com to eliminate manual processes, giving you a fully autonomous AP department. Botkeeper, separately, describes itself as 36

FLORIDA CPA TODAY | WINTER 2021

Dashboards

Fetch-It

THE PROCESS

Cash Flow

Timesheets

Payroll Expense Management

The last step in the process is to pay your bills, continually monitoring your or your clients’ liquidity, solvency, and profitability and finding ways to improve efficiency.

With the tools to monitor and measure your progress in real time, a professionally designed tech stack puts you in the driver’s seat as both a trusted advisor and deliverer of reports.

DAVID BERGSTEIN has been a practicing accountant since 1966. He has held high-level positions at the Top 3 accounting software providers and is an adjunct college professor. He has been an IRS chief and member of their speaker’s bureau. Accounting Today listed David as one of their Top 100 Most Influential People in the accounting profession in 2015 and 2017. Val Steed, CEO at K2 Enterprises, LLC, added him to his Top 15 Accounting Technology Executives of all time.

Member Savings Programs are just part of the many benefits of being a member.

INSURANCE

Health Insurance

Long Term Care Insurance

Group Term Life Insurance

Auto Insurance + Umbrella (PLP) Coverage

Professional Liability Insurance

Employment Practices Liability Insurance

Long Term Disability Insurance

E N T E RTA I N M E N T & T R AV E L

T E C H N O LO GY

Hotels | Theme Parks | Movie Tickets | Concerts Rental Cards | Attractions | Broadway | Tours

BUSINESS

P R O F E S S I O N A L D E V E LO P M E N T

FICPA.ORG/BENEFITS When taking advantage of your member savings, use #FICPAbenefit and| tag the affinity partner.

WINTER 2021 FLORIDA CPA TODAY 37

DOR UPDATE

Document Non-Taxable Sales and Stay Safe with FL Tax-Verify App

By Barry Ray, government analyst II, General Tax Administration, Florida Department of Revenue

From wearing masks to social distancing to offering curbside pickup, businesses of all kinds have responded to the coronavirus pandemic by reshaping the way they interact with their customers. With that in mind, the Florida Department of Revenue offers businesses a handy tool for storing, organizing and accessing important tax information from any location and all in a safe, touchless environment.

The department’s free app, FL Tax-Verify, is available on iPhone and Android devices and can help document non-taxable sales. The app was originally conceived several years ago as a tool for businesses that need to make certain transactions while away from their office or computer. Soon afterward, brick-and-mortar locations began finding it useful in substantiating exempt transactions to occasional customers. And now, with the threat posed by COVID-19, the app has taken on new

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value, making it possible to log certain transactions digitally, without having to touch or exchange paper documents.

Specifically, FL Tax-Verify makes it easy to verify that customers’ sales and use-tax resale or exemption certificates are valid before making tax-exempt sales. It is also useful for documenting a particular transaction’s legitimate status as either for resale or made to a holder of a tax-exemption certificate. All that is needed is the customer’s sales-tax certificate number or tax-exemption certificate number.

The app also helps businesses: • Store their resale certificate number for future reference.

• Enter customers’ certificate numbers to verify.

• Store a history record that includes customers’ names, certificate numbers, date and time verified, veri-

fication response, and transaction authorization codes.

• Email the historical record from within the app to businesses’ permanent records.

Businesses must be registered to collect Florida sales and use tax and have a valid resale certificate in order to use FL Tax-Verify.

It is, of course, critically important for all Florida businesses to document their sales. If they transact business away from the office or the computer or are looking for another way to reduce risks from COVID-19, FL Tax-Verify is an ideal tool.

For more information, including an at-a-glance description and a user’s guide, visit floridarevenue.com/mobileapp.

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

WINTER 2021 | FLORIDA CPA TODAY

39

CPAS IN THE SPOTLIGHT

BOCA RATON GRAU & ASSOCIATES

Grau & Associates is pleased to announce the promotion of David Caplivski CPA, CITP, to partner. He has been serving the firm’s municipal, special-districts, and non-profit clients for 10 years. Grau also wants to congratulate Ben Steets on receiving his CPA license.

CORAL GABLES VERDEJA, DE ARMAS & TRUJILLO, LLP

Verdeja, De Armas & Trujillo would like to congratulate Cristy Rubio, Tommy Trujillo, and Jorge Albeirus on their recent promotions. Rubio has been promoted tax manager, Trujillo has been promoted to audit manager, and Albeirus has been promoted to audit supervisor.

FORT MYERS MARKHAM NORTON MOSTELLER WRIGHT & CO.

Elisa Bowersox, CPA, manager in Accounting and Tax, has received the Not-for-Profit Certificate I from the Association of International Elisa Certified Professional Bowersox Accountants (AICPA).

With this certification, Bowersox has a deeper understanding of the accounting concepts, as well as the financial and fiduciary responsibilities, that apply to not-for-profit organizations and can assist in strategic planning for organizational success. She has more than fifteen years of public-accounting

experience, with specialties in individual, business, and non-profit tax planning and preparation.

PENSACOLA SALTMARSH, CLEAVELAND & GUND

CBIZ FSaltmarsh, Cleaveland & Gund is excited to announce that Allison Jones, CPA, has been elected shareholder as of January 1, 2021. Jones graduated from Florida Allison State University and Jones joined Saltmarsh in 1999. She served as a senior manager in the firm’s Audit and Assurance Service department, providing assurance related services to hundreds of the firm’s clients in the healthcare, non-profit, government and utilities, and manufacturing industries. She is a member of the American Institute of Certified Public Accountants (AICPA), the Florida Institute of Certified Public Accountants (FICPA), the Board of the Employer Services Assurance Corporation (ESAC), and she also leads the firm’s Client Service Committee.

ANGLIN REICHMANN ARMSTRONG

Anglin Reichmann Armstrong is pleased to announce that Jarot H. Scarbrough, J.D., joined the Pensacola Jarot H. Scarbrough team as a tax manager, effective Nov. 9, 2020. Jarot previously worked at Deloitte as a senior tax consultant and also worked within the banking industry for many years.

Jarot brings a wealth of knowledge and experience regarding tax compli-

ance, consulting, tax preparation, and individual income tax services. Anglin Reichmann Armstrong is thrilled to have Jarot joining the Pensacola team and look forward to connecting our clients with his advisory and consulting services.

TALLAHASSEE THOMAS HOWELL FERGUSON

Thomas Howell Ferguson P.A. CPAs, congratulates Ying Wang and Megan Townsend on their new community leadership roles.

Wang recently joined the Girls on the Run board of directors. Girls on the Run is an after-school program designed to inspire girls of all abilities to recognize and embrace their inner strength. Ying is a senior manager in the Tax Services Department. At the end of the program, girls complete a 5K, which provides a tangible sense of accomplishment, setting a confident and goal-oriented mindset into motion.

Megan Townsend has been appointed to the Board of Emerging Leaders of Tampa Bay (ELTB) and to the associate board of ambassadors of Tampa Bay (ABOA) for the American Cancer Society. ELTB is a young professional leadership program of the Tampa Bay Chamber. Megan will serve as the Inclusion Committee chair. The ABOA is a community-based volunteer group made up of distinguished professionals in the Greater Tampa Bay area dedicated to assisting the American Cancer Society’s mission to save lives, celebrate lives, and lead the fight for a world without cancer.

Megan is the marketing and business development coordinator at THF.

Congratulations to the Winter 2020 CPAs in the Spotlight!

Email your submission to communications@ficpa.org.

40

FLORIDA CPA TODAY | WINTER 2021

ON-SITE

Learning Sessions

THE LEARNING YOU NEED. THE FLEXIBILITY YOU WANT.

On-site learning.

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

Engaging. Efficient. Cost-effective.

TRAINING SOLUTION

FULL PROGRAM WITH INSTRUCTOR

Our expert and qualified instructors will guide the curriculum and the conversation for you, in accordance with the customized goals for your team.

On-site training is simply the easiest way to bring the best customized learning to your accounting and finance staff. And, because the instruction is being offered to a group, group discounts apply.

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

WINTER 2021 | FLORIDA CPA TODAY Learn more and explore course offerings at ficpa.org/onsite

41

MARKETPLACE

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

OFFICE SPACE

PRACTICES WANTED FOR PURCHASE OR MERGER

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.

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.

DADELAND-AREA CPA has office and cubicle available for lease in suite shared by five independent CPAs. Ideal for starting your own practice or downsizing. Furnished office includes filing cabinet, floor-to-ceiling windows. Conference room, kitchen, telephone, internet access included.

Multi-function copier available. Free parking. Contact Ronald J. Weintraub, CPA, at ron@ronwcpa.com (305)5984478.

FUSION CPA has office and cubicle available for lease in suite shared by five independent CPAs. Ideal for starting your own practice or downsizing. Furnished office includes filing cabinet, floor-to-ceiling windows. Conference room, kitchen, telephone, internet access included. Multi-function copier available. Free parking. Contact Ronald J. Weintraub, CPA, at ron@ronwcpa.com (305)598-4478.

42

FLORIDA CPA TODAY | WINTER 2021

MARKETPLACE PRACTICES FOR SALE

PRACTICE OPPORTUNITY Coral Springs CPA firm wishing to expand ownership opportunity.

Two partners four employees. Significant tax. One partner (64) looking to go part-time in 1-2 years.

Candidates with existing clients preferred. Flexible terms. Owns building. Software cloud-based Thomson Reuters, Ultratax, and integrated applications.

Contact djjjc@aol.com.

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

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

Make your voice heard — SUPPORT THE CPA/PAC.

Stand with our profession and make a voluntary contribution to the Florida CPA/PAC. Donating to the Florida CPA/PAC is the most effective way to ensure you have a voice in the political process.

Your donations go directly towards vetting, educating, and electing pro-CPA, pro-business candidates who understand the issues affecting our profession.

We carefully research and interview every candidate we support so that your dollars go towards supporting positive legislative change. And with multiple membership tiers and ways to give, we make it easy for you to make a difference this November.

VISIT FICPA.ORG/PAC TO DONATE TODAY Please note: 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.

Tackling Challenges and Priorities for Nonprofit Organizations NEW LOCATION!

May 20-21, 2021 | CPE: Up to 16 LOCATION: VIRTUAL, INTERACTIVE

FICPA.ORG/NFP

CPAs working in the nonprofit sector have to make the most of their resources and stay up to date on changing regulations. This conference will fill you in on everything you need to know to keep your nonprofit in the best possible position for continued success.

WINTER 2021

CPE CATALOG

Table of Contents Seminars................................................................................................................. 47 Online CPE.............................................................................................................48 Ethics CPE............................................................................................................... 51 On-Demand CPE..................................................................................................52

GOOD TO KNOW

The Florida Institute of Certified Public Accountants understands how important continuing professional education is toward your success as a CPA. 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: • LOG ON 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

46

OF COURSE! | WINTER 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

Due to the continuing COVID-19 crisis, all live FICPA Seminars will be presented in a webinar format through January 31, 2021.

But you don’t have to miss out! Our online Seminars will be just as fantastic as our live events. The speakers will be live to answer your questions and keep you engaged.

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.

Accounting and Auditing Date

Time

Course Title

CPE

Price

Dec 17

8:00 AM

New Lease Accounting Standard: How Ready Are You? (LEAS420W)

4AA

$164

Dec 17

12:30 PM

New Revenue Recognition Standards: Now Is The Time To Prepare! (REVR420W) 4AA

$164

Dec 18

8:00 AM

Revenue and Cash Receipts: Common Frauds and Internal Controls (RCR410WS) 4AA

$164

Dec 18 12:30 PM

The Most Common Financial Statement and Asset Fraud Schemes: How To Detect and Prevent Them (TTFS420W)

4AA

$164

Jan 14

AICPA Peer Review Update Course (APRU21)

8AA

$275 $164

8:00 AM

Jan 27

12:30 PM

Discovering Big Data Insights with Data Analytics and AI (DDIA400)

4AA

Feb 16

8:00 AM

CFO Series - Be the Best (CFOS216)

2AA, 4TB, 2ETH $275

Apr 20

8:00 AM

CFO Series - Corporate Performance Management (CFOS420)

8AA

Jun 15

8:00 AM

CFO Series - Numbers Rule the World (CFOS615)

2AA, 4TB, 2ETH $275

$275

Business Management Date

Time

Course Title

CPE

Feb 16

8:00 AM

CFO Series - Be the Best (CFOS216)

2AA, 4TB, 2ETH $275

Price

May 18

8:00 AM

CFO Series - Become More Effective (CFOS518)

8TB

Jun 15

8:00 AM

CFO Series - Numbers Rule the World (CFOS615)

2ETH, 4TB, 2AA $275

$275

Ethics Date

Time

Course Title

CPE

Price

Jan 5

8:00 AM

Ethics: Protecting the Integrity of Florida CPAs (4980) (ETH80)

4 ETH

$104

Feb 16

8:00 AM

CFO Series - Be the Best (CFOS216)

2ETH, 4TB, 2AA $275

Mar 26

8:00 AM

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

4 ETH

Jun 15

8:00 AM

CFO Series - Numbers Rule the World (CFOS615)

2ETH, 4TB, 2AA $275

$104

Taxes Date

Time

Course Title

CPE

Price

Dec 14

8:00 AM

Best S Corporation, Limited Liability and Partnership Update (BCPE00WS)

8TB

$275

Dec 15

8:00 AM

Best Individual Income Tax Update (BITU10WS)

8TB

$275

Dec 16

8:00 AM

Estate and Gift Taxation of Nonresident Aliens (EGTN00WS)

8TB

$275

Jan 7

8:00 AM

Best Federal Tax Update (BFTU40)

8TB

$275

Mar 18

8:00 AM

CFO Series - Key Tax Issues (CFOS318)

8TB

$275

Cold Weather, Hot Deals: Take 15% off Our Seminars!

SEMINARS Same quality CPE now virtual through January 31, 2021

Temperatures are dropping, but we would never leave you out in the cold. That’s why we’re here with this hot offer on our top-shelf CPE! We’re taking an extra 15% off the price of our seminars when you use the promo code “WINTER20” at checkout.

This offer is good for all seminars scheduled from December 7 - January 7 (excluding Ethics). As 2020 winds down, make sure you complete your CPE at the best possible price. Register at ficpa.org/cpe.

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

47

ONLINE CPE

DATE

TIME

COURSE TITLE

CPE

PRICE

ACCOUNTING & AUDITING (GOVERNMENTAL) 2/5/21

11:30 AM

Using Internal Control to Strengthen Security, Efficiency, and Employee Conduct Webcast (4204331J)

8 AA

$294

3/24/21

11:30 AM

Government OPEB Accounting and Financial Reporting Webcast (4203500D)

4 AA

$150

ACCOUNTING & AUDITING 1/19/21

9:00 AM

Annual Update for Accountants and Auditors (AIAUAA10)

8 AA

$279

1/21/21

9:00 AM

Sustainability Assurance Engagements (AISAE05)

4 AA

$179

2/2/21

12:00 PM

K2's Implementing Internal Controls in QuickBooks Environments Webcast (4203601J)

4 AA

$150

2/17/21

12:00 PM

K2's Excel Financial Reporting and Analysis Webcast (4203598M)

8 AA

$294

2/17/21

11:30 AM

Private Company Reporting Options: More Changes Ahead Webcast (4202296E)

8 AA

$294

2/23/21

11:00 AM

K2's Data Analysis with Power Pivot Webcast (4203609E)

2 TB

$75

2/25/21

9:00 AM

Advanced Concepts in SSARS and Nonattest Services: Are You Certain You Are in Compliance? (SUSS2113)

8 AA

$259

3/4/21

9:00 AM

Advanced Audits of 401(k) Plans: Best Practices and Current Developments (SUAAFP13)

8 AA

$259

3/8/21

11:30 AM

Common Frauds and the Internal Controls Designed to Prevent and Detect Them Webcast (4202788E)

8 AA

$294

3/8/21

1:00 PM

Revenue Recognition for Long-Term Construction and Similar Contracts: Topic 606 Implementation Challenges (SULTC411)

4 AA

$139

3/9/21

9:00 AM

Leases: Mastering the New FASB Requirements (AILMNF12)

8 AA

$279

3/19/21

1:00 PM

Introduction to Forensic Accounting (SUITFA04)

4 AA

$139

3/19/21

12:00 PM

K2's Accounting Solutions Shootout for Small and Mid-Sized Businesses Webcast (4203872R)

8 TB

$294

3/23/21

1:00 PM

Guide to the Topic 606 Revenue Recognition Model for All CPAs (SUREV420)

4 AA

$139

3/25/21

11:30 AM

Audit Standards Update: Clarifying Risk Assessment Webcast (4201060I)

8 AA

$294

4/1/21

1:30 PM

Fraud: Practical Approaches to Prevention & Detection Webcast (4202789E)

4 AA

$150

BUSINESS LAW 1/15/21

2:30 PM

Employment Law Update: Reducing Employer Liability (AIELUR08)

4 TB

$179

2/22/21

1:00 PM

Hiring and Firing of Employees - What You Can and Cannot Do (SUHFEM05)

2 TB

$89

4 TB

$150

1 TB; 1 BE

$89

BUSINESS MANAGEMENT & ORGANIZATION 2/22/21

11:30 AM

Converting To A Subscription-Based Business Model Webcast (4203827C)

3/22/21

1:00 PM

Accounting Chaotics: Managing Organizational Change and Stress in a Turbulent Work Environment (SUMOST04)

SEE ALL FICPA ONLINE COURSES AT FICPA.ORG/CPE

48

OF COURSE! | WINTER 2021

ONLINE CPE

DATE

TIME

COURSE TITLE

CPE

PRICE

COMMUNICATIONS & MARKETING 1/11/21

1:00 PM

Effective Business Communications (AIEBC07)

4B

$179

2/25/21

1:00 PM

Managing Your Time As If It Was Your Money Webcast (4202976C)

2B

$75

Power BI - Go Beyond Pivot Tables with Power Pivot (AIPGBP04)

4 TB

$179

COMPUTER SOFTWARE & APPLICATIONS 1/27/21

1:00 PM

2/5/21

10:00 AM

Use the Data Model to Build More Powerful PivotTables (SUEXPP08)

2 TB

$89

2/9/21

11:30 AM

Excel Tips and Techniques: Improve Productivity and Financial Modeling Webcast (4201197E)

8 TB

$294

2/15/21

11:00 AM

K2's Envisioning Your Midmarket Accounting Solution Webcast (4204358E)

2 TB

$75

2/18/21

11:00 AM

K2's Mastering the Excel Data Model Webcast (4203619E)

2 TB

$75

3/15/21

11:00 AM

K2's PDF Tools for Productivity Webcast (4203890E)

2 TB

$75

3/24/21

12:00 PM

K2's Best Word, Outlook, and PowerPoint Features Webcast (4204352J)

4 TB

$150

2/22/21

9:00 AM

Controller's Update: Today's Latest Trends (AICU09)

4 TB

$179

3/9/21

2:00 PM

Analyzing A Company's Liquidity Using The Cash Conversion Cycle Webcast (4203795C)

2 TB

$75

FINANCE

INFORMATION TECHNOLOGY 1/11/21

11:00 AM

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

2 TB

$75

2/16/21

12:00 PM

K2's Business Continuity-Best Practices for Managing the Risks Webcast (4203638O)

8 TB

$294

3/9/21

11:00 AM

K2's The Very Real Risk of Ransomware Webcast (4204371E)

2 TB

$75

4/6/21

10:00 AM

Blockchain for Global Supply Chain (AIBGSC03)

3 TB

$199

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 WINTER 2021 FREE CPE:

Introduction to PPP Loan Insurance Dec 15 and Jan 12 | 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

49

ONLINE CPE

DATE

TIME

COURSE TITLE

CPE

PRICE

PERSONNEL/HR 3/3/21

1:00 PM

The Americans with Disabilities Act and the Family and Medical Leave Act (SUADAF06)

2B

$89

3/8/21

1:30 PM

Accountability: Stop the Blame Game (SUABLG03)

4B

$139

REGULATORY ETHICS 1/15/21

8:30 AM

Ethics: Protecting the Integrity of Florida CPAs (4980) (ETHWBR09)

4 ET

$85

3/26/21

8:30 AM

Ethics: Protecting the Integrity of Florida CPAs (4980) (ETHWBR10)

4 ET

$85

SPECIALIZED KNOWLEDGE 1/8/21

11:30 AM

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

4 TB

$150

2/11/21

1:00 PM

Roadmap to Artificial Intelligence (AIRAI04)

4 TB

$179

1/4/21

11:30 AM

Buying and Selling S Corporations: Tax Planning Opportunities Webcast (4202317D)

8 TB

$294

1/5/21

9:00 AM

The Best Individual Income Tax Update Course by Surgent (SUBITU30)

8 TB

$259

1/6/21

9:00 AM

The Best S Corporation, Limited Liability, and Partnership Update Course by Surgent (SUBCPE22)

8 TB

$259

1/7/21

1:30 PM

Four Tiers of Loss Limitations: A Guide to the New Rules for Pass-through Entities (SUFTL406)

4 TB

$139

1/11/21

9:00 AM

AICPA's Federal Tax Update (AIFTU04)

8 TB

$279

1/11/21

1:00 PM

Getting Ready for Busy Season: Review Individual Tax Form Changes (SUITFC03)

2 TB

$89

1/12/21

1:00 PM

Settled and Approved II: Handling Disputes to Fiduciary Accountings Webcast (4203518C)

2 TB

$75

1/14/21

1:00 PM

Establishing State Residency and Saving Your Clients Money (SUDOMR07)

2 TB

$89

1/14/21

1:30 PM

Reporting Bond Premiums on Taxable and Tax-Exempt Securities Webcast (4203801G)

2 TB

$75

1/15/21

3:00 PM

Net Worth Test for Expatriation Webcast (4203821A)

1 TB

$37

1/28/21

11:30 AM

Advanced Issues: The Art of the Estate Tax Return Webcast (4201982E)

8 TB

$294

2/18/21

9:00 AM

Blockchain Implications for Tax (AIBIT04)

8.5 TB

$299

3/12/21

3:00 PM

Foreign Owners of Domestic Corporations and Preparing Form 5472 Webcast (4203823A)

1 TB

$37

TAXES

SEE ALL FICPA ONLINE COURSES AT FICPA.ORG/CPE

50

OF COURSE! | WINTER 2021

THE POWER OF LIGHT

ETHICS CPE

Prepare yourself to face the complex, challenging and evolving ethical issues of today and tomorrow.

The FICPA’s ethics courses, specialized for CPAs working in business, industry and government, build the trust that your clients, employers, colleagues and the public deserve while protecting your hard-earned license.

FICPA ethic 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 (ETH) – 4980 4 ETHICS HOURS

Date

Start Time

Location

Code

Member Price

Mar 26

8:00 AM

Orlando

ETHIC

$104

Apr 28

8:00 AM

Orlando

ETHHCC

$104

Jun 8

8:00 AM

Orlando

ETHMEGA

$104

Aug 25

8:00 AM

Orlando

ETHSLGAC

$104

ONLINE SEMINARS (LIVE PRESENTER)

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

Date

Start Time

Code

Jan 5

8:00 AM ETH80

Member Price $104

ONLINE WEBCAST REPLAY

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

Date

Start Time

Code

Member Price

Dec 18

8:30 AM

ETHWBR07

$85

Dec 30

1:00 PM

ETHWBR08

$85

Jan 15

8:30 AM

ETHWBR09

$85

Mar 26

8:30 AM

ETHWBR10

$85

ON-DEMAND

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

Course Code

Member Price

ETHOL20 $80

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

51

ON-DEMAND CPE

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

24/7 Access. Includes Florida Ethics.

Best Value.

LEARN MORE AT FICPA.ORG/LEARNING-LIBRARY

Comprehensive Online Catalog AVAILABLE ORIGINAL OF of The FICPA 24/7 Learning Library is a comprehensive VARIETY online catalog ONLINE 24/7 SUBJECTS the best Florida-specific courses CPE 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, SEE ALL FICPA ON-DEMAND COURSES AT assurance, not-for-profit, fraud, international, andFICPA.ORG/CPE 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.

COURSE TITLE

Subscription at a Glance COMPLIES WITH TOP-NOTCH CPE Credits NASBA QAS QUALITY REQUIREMENTS

Online subscription: Unlimited

NASBA Field of Study Available in most fields of study CPE

ACCOUNTING & AUDITING (GOVERNMENTAL)

Why choose us?

Governmental Accounting and Auditing Update

CODE

PRICE

AI20-GAAU

$155

Level Available in all levels

8 AA

Not-for-Profit Accounting and Auditing Update

Prerequisites 5.5 AANone AI20-NAAU

$109

Preparing Consolidated Financial Statements

1.5 AA

$59

Federal Awards (UGID)

8 AA None SU20-UGID-SSWC

$155

Surgent's The Most Dangerous Elements of a GAAS Audit

4 AA

$89

Track & Print Learn from FICPA Surgent's The Essential Course for Performing Single Audits Under the Uniform Guidance for certificates in one place Subject Matter Experts Courses are presented in one Completed courses provide a or two hour increments to digital certificate of compleprovide learning that works available for immediate ACCOUNTING & AUDITING tion within your schedule. BookPDF download and anytime markingfor allows you toEngagement stop at in the future. Completion AICPA Guidance the Forensic any point in a course and records are saved and stored AICPA Introductory Reviewer Course resume at Technical a later time -evenTraining if in the FICPA CPE tracker. changing devices.

AICPA Peer Review Update Course

Future Titles

Mobile First

Coronavirus: Accounting and Auditing Issues In a Rapidly Changing Environment

The entire library is Subscribers have access to all constructed as “mobile-first” current and future FICPA so courses will play on your titles &with 100+ courses in Tax Stories Florida Sales Use Tax Criminal Fraud Sales computer, phone or tablet. production for launch in 2020 Your CPE library will be availalone.ofFlorida-specific titles Fundamentals Forensic Accounting Program able anytime, anywhere and are added on a quarterly Surgent's Accounting Financial Estimates, Contingencies, at your convenience. basis givingforyou the Statement most Uncertainty: and Going Concern timely and relevant CPE courses available.

First-Time Adoption of IFRS

52

OF COURSE! | WINTER 2021

AI20-NFP2F-PCFS

Advance Preparation SU20-GAA4-SSWC

One-year access $49 for 1 AA AI20-FFA-GFE one low price $65 2 AA AI20-ITRTC Get access toAI20-PRUC the entire FICPA 24/7 2 AA $59 Learning Library for one year from date for one low price.

1 AA of purchase FI20-CORONAA $25 1 AA 1 AA

AI20-IFRS-FTA Member Price

14 AA; 7.5 TB

$249

$39

FI20-SALESTX

$25

AI20-FFA-PGRM

$549

Non-Member Price SU20-AFS4-SSWC $89

4 AA

$439

ON-DEMAND CPE

COURSE TITLE

CPE

CODE

PRICE

Surgent's Financial Reporting Update for Tax Practitioners

8 AA

SU20-AAUP-SSWC

$155

Sustainability Assurance Engagements

7 AA

AI20-SAE

$129

Utilizing Data Analytics to Identify Data Anomalies

2 AA

FI20-DATAANLYT

$25

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

4.5 TB

AI20-CWYW

$89

8 TB

AI20-FTMD-CERT

$249

Financial and Strategic Implications of Mergers and Acquisitions

3 TB

AI20-CSMA-FSIMA

$55

Foreign Currency Risk Management and Translation

3 TB

AI20-CSMA-FCRMT

$55

Hedge Accounting

1 AA

AI20-CSMA-HA

$55

Surgent's Controller/CFO Update: Hot Topics Facing Today's Financial Professional

4 TB

SU20-TCF4-SSWC

$89

Blockchain Fundamentals for Accounting and Finance Professionals Certificate

12 TB

AI20-BFFA-CERT

$179

Cybersecurity Practical Applications Certificate Program

12 TB

AI20-CPAC-CERT

$339

Cybersecurity Readiness Assessments

6 TB

AI20-CRA

$119

Data Analytics Modeling Certificate

14 TB

AI20-DAM-CERT

$699

13.5 TB

AI20-COSRM-CERT

$899

4 TB

SU20-IFB4-SSDL

$65

4 ET

ETHOL20

$80

10.5 TB

AI20-AUC

$159

Bankruptcy, Insolvency and Reorganization

1 TB

AI20-FFA-BIR

$49

Elder and Special Needs Planning

3 TB

AI20-PFPRP-ESNP

$79

Group Insurance and Employee Benefits

1.5 TB

AI20-PFPRM-GIEB

$79

The Anticipatory Organization - Accounting and Finance Professionals - v. 1.5A

5 TB

AOAF

$295

BUSINESS LAW

BUSINESS MANAGEMENT & ORGANIZATION Change the Way You Work: Success as a Virtual CFO Finance Transformation: Manage Disruption Certificate

FINANCE

INFORMATION TECHNOLOGY

MANAGEMENT SERVICE COSO Enterprise Risk Management Certificate Surgent's Innovative Forecasting and Budgeting: Moving Beyond the Traditional Techniques

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

SPECIALIZED KNOWLEDGE Annual Update for Controllers

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

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

53

ON-DEMAND CPE

COURSE TITLE

CPE

CODE

PRICE

8.5 TB

AI20-BIT

$299

Florida Sales and Use Tax – Apportionment for Cars, Boats & Planes

1 TB

FI20-FLCBP

$25

International Tax Foundation

3 TB

AI20-ITCC-ITF

$79

Introduction to U.S. Outbound and Inbound Transactions

6 TB

AI20-ITCC-ITOIT

$129

Robotic Process Automation (RPA) for Tax

5 TB

AI20-RPAT

$199

Surgent's Advanced Individual Income Tax Return Issues

8 TB

SU20-STRI-SSWC

$155

Surgent's Four Tiers of Loss Limitations: A Guide to the New Rules for Pass-through Entities

4 TB

SU20-FTL4-SSWC

$89

Surgent's Partnership and LLC Core Tax Issues From Formation Through Liquidation

8 TB

SU20-PLTI-SSDL

$125

Surgent's Report of Foreign Bank and Financial Accounts

2 TB

SU20-FOR2-SSWC

$49

Surgent's The Complete Trust Workshop

16 TB

SU20-TCTW-SSDL

$225

Tax Planning for Small Businesses

6 TB

AI20-TSE4-TPSB

$119

Tax Staff Essentials - Level 2, Experienced Staff

57 TB

AI20-TSE2-PRGM

$549

The Best Federal Tax Update Course by Surgent

8 TB

SU20-BFTU-SSWC

$155

The Best Individual Income Tax Update Course by Surgent

8 TB

SU20-BITU-SSWC

$155

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

8 TB

SU20-BCPE-SSWC

$155

AICPA CPExpress

400 **

CPEXPRESS

$275

FICPA 24/7 Learning Library: On-Demand CPE

100 **

LL-FI20

$199

Surgent's Unlimited Self-Study Package

600 **

SU17-LIBS

$299

TAXES Blockchain Implications for Tax

VARIOUS

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

54

OF COURSE! | WINTER 2021

FICPA Offers Unbeatable CPE Opportunities

Earn CPE year- round with the FICPA's wide selection of CPE. Each year, the FICPA schedules conferences and 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.

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

Virtual January 13-15, 2021 FICPA .ORG/ITC FICPA .ORG/ITCBC

March 24-25, 2021 Hilton Orlando Bonnet Creek FICPA .ORG/CFOC

NEW LOCATION!

April 29-30, 2021 Rosen Plaza Hotel, Orlando

Turnbull Conference Center, Tallahassee

May 13-14, 2021

FICPA .ORG/HCC

FICPA .ORG/FSUAC

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.

FICPA.ORG/HCC ENDORSED BY:

May 20-21, 2021

June 10-11, 2021

Hilton Orlando-Bonnet Creek Resort

Loews Sapphire Falls Resort at Universal Orlando

FICPA .ORG/NFP

FICPA .ORG/MEGA

TO SEE ALL FICPA CONFERENCES & TO REGISTER VISIT, FICPA.ORG/CONFERENCES To register, call 800.342.3197 or 850.224.2727, or visit ficpa.org/cpe. | FICPA.ORG

3

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

JOIN US IN PERSON OR ONLINE FOR OUR PREMIER EVENT. THIS SUMMER, IT'S BACK AND BETTER THAN EVER.

Meet. Engage. Grow. Achieve.

JUNE 9-11, 2021 JUNE 8

ETHICS AND COMPLIMENTARY TED-STYLE LEARNING LABS

JUNE 9-11

MAIN AGENDA

Loews Sapphire Falls Resort at Universal Orlando 6601 Adventure Way, Orlando, FL 32819

FICPA.ORG/MEGA

IN PERSON AND LIVESTREAM