MACPA Statement // January 2014

MACPA’S

STATEMENT January 2014 | Maryland Association of Certified Public Accountants, Inc.

“How do we think differently in a world of transient advantage?”

Rita McGrath & the End of Competitive Advantage Page 6

ALSO INSIDE Tax season: Roll with the changes PAGE 24

The new financial landscape for same-sex couples PAGE 27

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CONTENTS January 2014 | Maryland Association of Certified Public Accountants, Inc.

CHAIR’S COLUMN . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 FEATURES You can thrive in complex times . . . . . . . . . . . . . . .. . . . . .. . . . . . . . . . . . . . . . . . . .. . . . 6 Tax season: Roll with the changes. . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 The new financial landscape for same-sex couples . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27

DEPARTMENTS News & Views . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Business & Industry . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 High Tech Solutions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 Tax Corner . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 Professional Development . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .35 Practice Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .36 Member Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50

MEMBER NOTES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42 NYPN . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 48 CLASSIFIEDS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51 ADMINISTRATION

PRODUCT DEVELOPMENT

rebekah@macpa.org

DIRECTORS

Amy Stumme amy@macpa.org

Akesha Brown akesha@macpa.org

Donna Lewis donna@macpa.org

Samantha Bowling, CPA

Becky Conley becky@macpa.org

Debbie Zizwarek debbie@macpa.org

Ryan Wey ryan@macpa.org

Shane Grady, CPA

TECHNOLOGY

TECHNICAL SERVICES

Kara King Bess, CPA

Doug Shaner doug@macpa.org

MaryBeth Halpern marybeth@macpa.org

Amy Puente amyp@macpa.org

Joselin R. Martin, CPA

COMMUNICATIONS

Cora Edwards cora@macpa.org

Paige Sawicki paige@macpa.org

Amy Moran amym@macpa.org Bill Sheridan bill@macpa.org FINANCE Margaret DeRoose margaret@macpa.org Laura Swann, CPA lauras@macpa.org

PROFESSIONAL DEVELOPMENT Dee Sullivan dee@macpa.org Pamela C. Devine pam@macpa.org Chris Dougherty chrisd@macpa.org

Meredith Senio meredith@macpa.org Laura Dorsey-Shaner laura@macpa.org Andrew Hood andrew@macpa.org

2013-2014 BOARD OF DIRECTORS

Lisa Cines, CPA

Michael Manspeaker, CPA Amy Myers, CPA Robert Tarola, CPA

SENIOR STAFF

WE WANT TO HEAR FROM YOU! See below to submit content Bill Sheridan MACPA Dulaney Center II 901 Dulaney Valley Road Suite 710 Towson, MD 21204 For content submission: bill@macpa.org feedback@macpa.org P: 410.296.6250 F: 410.296.8713 Toll free: 800.782.2036

MACPA EXECUTIVE DIRECTOR J. Thomas Hood III, CPA tom@macpa.org

OFFICERS

MACPA DEPUTY EXECUTIVE DIRECTOR

MEMBER SERVICES

MaryBeth Drusano marybethd@macpa.org

Byron Patrick, CPA.CITP, MCSE Chair

Julianne Part julianne@macpa.org

Jared Feinstein jared@macpa.org

Jacqueline E. G. Brown jackie@macpa.org

Marianela del Pino-Rivera, CPA Vice Chair

Jeannie Richardson jeannie@macpa.org

Megan Gratz megan@macpa.org

DIRECTOR OF FINANCE AND ADMINISTRATION

Michael Manspeaker, CPA Secretary/Treasurer

Ashlee Stem ashlee@macpa.org

Emily Trott emily@macpa.org

Skip Falatko, CPA skip@macpa.org

Anoop N. Mehta, CPA, CGMA Immediate Past Chair

The MACPA reserves the right to edit all submissions for grammatical style and / or length.

Statement of fact and opinion are made by the authors alone and do not imply an opinion on the part of the officers or members of MACPA. The Statement is published four times a year by the Maryland Association of Certified Public Accountants, Inc. Bill Sheridan, Editor Amy Moran, Advertising Sales

Rebekah Brown

JANUARY 2014

3

CHAIR’S COLUMN WHAT IF WE DIDN’T HAVE CPA DAY? NOW THERE’S A SCARY THOUGHT

BY BYRON PATRICK, CPA.CITP, CGMA, MCSE CEO AND CO-FOUNDER, SIMPLIFIED INNOVATIONS

It’s January. Who’s stoked for some Maryland politics?

The General Assembly returns to Annapolis on Jan. 8 for its 2014 legislative session — and when politicians invade Annapolis, CPAs are sure to follow.

Indeed, the 2014 edition of CPA Day in Annapolis arrives just seven days later, on Jan. 15, starting at 7:30 a.m. at the Governor Calvert House. Once again, scores of CPAs will put aside tax season preparations to fight the good legislative fight on behalf of the profession, meeting directly with their legislators to discuss issues of importance to Maryland’s CPAs. Except, what if they don’t?

What if the MACPA didn’t hold CPA Day each year? What if state CPA associations and their members didn’t monitor state legislation and lobby for the profession’s position on the issues of the day?

• It might be harder for you to work across state lines. With strong support from the MACPA, the General Assembly passed a measure that allows CPAs in other states to provide their services in Maryland without having to obtain a license or notify the State Board of Public Accountancy. It’s part of a nationwide “mobility” movement designed to make it easier for CPAs to do their work in multiple states. To date, 49 states and the District of Columbia have passed such laws.

• Your State Board wouldn’t have the resources it needs to serve you well. With MACPA support, legislators approved a bill that provides separate funding for the State Board of Public Accountancy via CPA licensure fees. Those funds can’t be cut or diverted by state lawmakers. They are used solely to serve Maryland CPAs. • You might be subject to onerous

4

Sarbanes-Oxley-type legislation that would have stifled the work of Maryland CPAs. In the wake of the Enron and WorldCom scandals, some people lobbied hard to apply Sarbanes-Oxley-esque restrictions at the state level. Instead, with support from the MACPA, the General Assembly passed a law mandating peer review in Maryland as a way to ensure that high standards of professionalism and independence are upheld and that CPA firms maintain an effective system of quality control.

• It might be easier for someone to sue you or one of your clients. In past years, trial lawyers have introduced bills designed to replace Maryland’s current system of determining a defendant’s liability with a “comparative negligence” system that makes recovery against a defendant easier – even when the person bringing the lawsuit substantially contributed to his own injuries. Maryland courts allow a person sued for negligence or wrongdoing to raise the “contributory negligence” defense – that is, the party sued may claim that the plaintiff contributed to his injury and thus should not be allowed to recover from the defendant. This rule prevents a person from shifting his or her responsibility to others. The MACPA works each year to make sure the state’s contributory negligence rule is retained.

• Your CPA services might be subject to sales and use taxes. The state is always looking for ways to raise revenue, and a tax on the services you provide would hurt both you and your clients. The MACPA gears up to fight this battle every year.

Get the picture? Without someone diligently watching out for — and acting on — legislation that impacts you and your clients, it might be a whole lot harder for CPAs to do business in Maryland.

grows louder with every CPA who joins the effort.

Our focus this year will center on a couple of oldies but goodies:

SALES TAX ON SERVICES It’s always possible that the General Assembly could revisit the idea of imposing sales taxes on professional services as a way to raise revenue. The MACPA believes a sales tax on services would burden the citizens and businesses of Maryland unnecessarily with additional taxes. We believe this proposal is bad for small business and will work to defeat such legislation if introduced.

TORT REFORM / CONTRIBUTORY NEGLIGENCE As I mentioned above, the MACPA will work in support of Maryland’s contributory negligence rule for a number of reasons. It prevents a flood of suits by plaintiffs who have a disproportionate amount of fault, helps keep a lid on insurance premium growth rates, and fosters the exercise of due care by everyone. On the flip side, the higher cost of conducting business and the decreased productivity associated with the “comparative negligence” alternative would lead to a loss of jobs, increased liability and a deterioration of the economic climate in Maryland.

Register today at MACPA.org/CPADay and join us in Annapolis on Jan. 15. Meet your legislators. Have lunch and a conversation.

Protect your profession.

We need you. This work is too important to ignore.

What if we didn’t do it?

That’s why we need you to join us in Annapolis on Jan. 15. Our legislative voice

STATEMENT

2014

ss Busines try & Indu RENCE CONFE APRIL 24

FIND YOUR COMPETITVE EDGE

PETER FRANCHOT COMPTROLLER OF MD

KATHLEEN SNYDER MD CHAMBER PRESIDENT

Maryland Competitive Update from Comptroller & Maryland Chamber

Event ID: 121011 | Turf Valley Resort & Conference Center

macpa.org/industry

ANIRBAN BASU

CHAIRMAN & CEO OF SAGE POLICY GROUP, INC.

Economic Update

You can thrive in complex times Our problem isn’t change; it’s keeping pace. Best-selling business expert Rita McGrath will show us how in a can’t-miss event on Jan. 30

BY BILL SHERIDAN To hear the experts tell it, the biggest

with outdated methods. They’re trying to

Aaron Wildavsky for this one. Most

issue facing businesses today is change.

predict their way out of an unpredictable

organizations today invest in prevention –

situation.

trying to keep bad things from happening

Wrong.

to them. McGrath said we need to invest “One of the dilemmas we all face,”

Change isn’t the problem. Things have

more resources in what Wildavsky called

McGrath said, “is that we are trying to

always changed. The problems are the

“resilience,” a trait that will help us

grapple with truly complex systems by

staggering pace of change and our

“mount the appropriate response” when

using tools and frameworks that were

inability to catch up.

something goes wrong.

designed for more simple, more linear

Businesses don’t need to know that the

systems.”

That point of view requires an eye toward innovation. Don’t be afraid to try new

world is changing. They need to know

So what do we need to do? Four things,

what to do about it.

things. If they work, great. If they don’t,

says McGrath:

respond accordingly and try again.

For that bit of information, let’s bring in

1. FORECAST DIFFERENTLY

“Start making small bets on things that

Spend less time on lagging indicators

are not part of your core business,”

like yesterday’s numbers and outcomes.

McGrath said. “Then ask yourself: Who

Spend more time on leading indicators

are your truth-tellers – the people who are

like data that offer clues about what the

able to look at the future and articulate

future holds.

cases where things are going to be much

Rita McGrath.

A Columbia Business School professor and best-selling author who is sixth on Forbes’ most recent list of the world’s most influential business thinkers, McGrath will speak live in Baltimore on Jan. 30 as part of “The End of Competitive Advantage,” an event hosted by the MACPA and the Business Learning Institute. The event is named after McGrath’s most recent book, The End of Competitive Advantage: How to Keep Your Strategy Moving as Fast as Your Business.

Get details and register at BLIonline.org/Rita.

McGrath’s message will focus less on change and more on our reaction to it.

She says too many organizations are trying to solve today’s complex problems

6

different than it is today?”

“Leading indicators are the hardest to find,” McGrath said. “The problem is

And if the people in power aren’t truth-

that they are subjective; they’re not facts

tellers, watch out: This could be a difficult

yet. But they also give us some distant

exercise.

early warnings about things that might happen.”

3. ALLOCATE YOUR RESOURCES DIFFERENTLY

Here’s an exercise we can try: Imagine

Sure, we need to focus on our core

a future event – something that’s either

businesses. But in this crazy environment,

good or bad for your organization. Now

McGrath said it’s critical that we also

imagine what would have to happen first

devote some time and energy to

in order for that event to take place. Ask

innovation identifying opportunities,

yourself: “Can I see the signs that will tell

thinking of things we’ll want to invest in,

me if that is happening now?”

figuring out how to ramp them up and

2. TAKE ON INTELLIGENT RISK

make them scalable.

McGrath channeled political scientist STATEMENT

That means we’ll also have to spend some time on what she calls “disengagement” – figuring out what we should stop doing so that we’ll have the time and resources to devote to innovation.

And here’s the most important thing: Your superstars need to be innovators.

“Average organizations put their best people on problems,” McGrath said.

“Exceptional organizations put their best people on opportunities.”

DON’T JUST SURVIVE. THRIVE. In times like this, when change and complexity fuel massive uncertainty, many companies take the safe route and concentrate not on growth, but on mere survival.

Big mistake, says McGrath.

“As a leader, you want to be thinking about the future at all times, and that does require some

A series for financial professionals in Business & Industry

QUARTERLY FINANCIAL

LEADERS

FORUM Shape your organiza t io n f or better resu l t s .

investment,” she said.

“An analogy would be to think about sending your children to college. I have absolutely no idea what those children are going to do once they’re done with their degrees, but I know that if I don’t make that investment in their education, there will be whole sets of opportunities that won’t be open to them. When you stop thinking about growth, it’s sort of the same as not investing in education, not investing in things that will give you a future.”

“Think of it a bit like momentum,” she said. “If you start a race from a dead stop, you’re much less likely to get up to speed fast than someone who’s already moving. With growth, you have a similar phenomenon. Those who start making those investments today – those who start removing some of the structural barriers (to growth) – are going to be that much more in motion than companies that have been at a dead stop for the past few years.

“Plus, it’s more fun. It’s more fun for your people, it’s more fun for yourself to be thinking of doing something new rather than the same old thing. Once you’re focused on growth, people start to see opportunities more readily because they’re actively thinking about it. People are less likely to cling to the past if they see that there are opportunities in the future that they could be going after.”

Getting past the barriers of change and complexity and focusing on growth has all

Bill Sheridan is editor of The Statement and

kinds of benefits, McGrath explained.

chief communications officer for the MACPA.

CHANGE EFFORTS THAT STICK Aug 29, 2013 // Gretchen Pisano // Event ID: 170000 macpa.org/QFLFaugust CHALLENGES FOR FINANCIAL PROFESSIONALS Nov 21, 2013 // Francis X. Ryan // Event ID: 170001 macpa.org/QFLFnovember MACGYVERING: THE ART OF BEING RESOURCEFUL IN A CRISIS Feb 27, 2014 // Greg Conderacci // Event ID: 170002 macpa.org/QFLFfebruary SMARTER DECISION-MAKING May 22, 2014 // Jennifer Elder // Event ID: 170003 macpa.org/QFLFmay 4 hours of CPE each quarter to share and learn with other experienced financial leaders.

AGENDA: 8-11 am – topical instruction, 11-12 noon – lunch and facilitated discussion LOCATION: Towson Training Center PRICING: Members: $175/forum • Non-Members: $225/forum

Promoting and Protecting CPAs in Maryland

Bring your voice to Annapolis on January 15th

2014

7:30am - 1:30pm | Wednesday, January 15 | Event ID: 181000

macpa.org/cpaday

E-10486-114 MD_Layout 1 10/11/13 10:06 AM Page 1

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E-10486-114 MD

NEWS & VIEWS

NEWS & VIEWS

Back in my day: How the CPA exam has changed

BY ADRIENNE GONZALEZ “CPA exam candidates nowadays have it

lower case letters clearly would miss the

too easy. They can sit for the exam pretty

point):

shoes to get to the testing center.

Unexpectedly, most respondents agree

much whenever they want.”

“CANDIDATES MUST SIT FOR ALL

each version of the exam is difficult for

“Old timers complain too much. Yeah,

SUBJECTS OF THE EXAMINATION IN

its own reasons. Most also recognize

they had to take all four parts at once,

ORDER TO OBTAIN CONDITIONAL

that while having to study and sit for all

but we have so much more information to

CREDIT.”

four parts (or even five parts, going way

study.”

back) of the CPA exam at once makes the This fact is a common point of reference

“old” exam more difficult in that respect,

Do either of these statements sound

when older CPAs bemoan how bad they

current candidates have a larger body of

familiar? If you’ve spent any time with

had it in their day to current CPA exam

knowledge they are expected to know.

any group of CPAs even once in your life,

candidates bemoaning their own fate.

you’ve likely heard it all before.

“This debate is over before it begins: Maybe part of the problem isn’t the exam

The current CPA exam is more difficult

“Back in my day ...”

itself but all this bemoaning going on.

due to the sheer volume of law changes

“The partners have no idea what we have

I’ve been hearing these tales of woe

to go through ...”

since I started in CPA review in 2007, and frankly, I’m sick of it. So I decided it was

You get the point.

We’ve all heard the horror stories of sitting in a cramped room surrounded by fellow CPA exam candidates for a

time to get to the bottom of the “who had it worse” debate with some good old-fashioned facts.

OK, maybe not facts, but opinions.

marathon two-day session of exam-taking “back in the day,” and if you’re one

I surveyed a completely random group of

such candidate who experienced that

CPAs – by “completely random,” I mean

personally, you’ve probably told those

friends and social media connections

stories over the years. We know that

willing to fill out my survey – whose

before the exam went computerized in

varying CPA exam experiences cross

2004, in some states you had to sit for

decades. Thankfully, no one responded

all four parts at once, pass at least two of

that back in their day they had to walk

them and score at least a 50 on remaining

uphill both ways in the snow with no

and pronouncements that have come out since the ‘old days,’” said Jeff Elliott, founder of Another71.com. Jeff built a following documenting his CPA exam experience – hence the name of his site, reflecting the fact that he received (you guessed it) several 71s on the exam. That following grew into a vibrant community of like-minded candidates seeking study tips and support.

Elliott admits, however, that though current candidates are tested on a wider range of topics, paper-and-pencil candidates had a more difficult testing experience.

CONTINUED ON PAGE 12

failed sections, or guess who would be back at the fairgrounds to take everything again next May or November?

An old examination requirement “cheat sheet” (wait, maybe I shouldn’t use that term considering we are talking about the barrier to entry into one of the most ethical professions in the world) from the Maryland Board of Accountancy says it all. Rather, it says it in ALL CAPS (because JANUARY 2014

BORMEL, GRICE & HUYETT AMONG THE BEST Bormel, Grice & Huyett, P.A., has been named one of the 2013 “Best Accounting Firms to Work For.” The annual list was created by Accounting Today and Best Companies Group. Pictured from left are Anna Huyett, Larry Bormel and Katherine Grice.

11

That doesn’t mean the paper-and-pencil

weren’t nearly as widespread as they are

every five to eight years. Currently, the

exam was bare bones, either.

today. Those empty hotel conference

CSOs are updated every six months, with

room options still remain, as I recall as

new pronouncements eligible for testing

“What surprised me most was the raw

late as 2010 having to get up at 5 a.m.

as early as six months after taking effect.

amount of information you needed to

on a Saturday to load up our books and

In some cases – such as the addition

know and understand,” said Maryland

equipment, set up the classroom, check in

of international financial reporting and

CPA Calvin Harris Jr., who passed the

our students and spend the longest eight

auditing standards in 2011 – these

exam in 1997. “The exam contained far

hours of my life proctoring live CPA review

changes are significant.

too much information for you to rely on

classes. You thought YOU had it bad?

memory. You either knew the concepts

Try sitting through the same government

Also notable, the pool of exam candidates

cold or you had no chance of success.”

accounting class weekend after weekend

continues to grow. In 2006, 69,236 unique

for years.

candidates sat for the exam. By 2011, that

James Carroll, another Maryland CPA who first took the exam in 1985 and passed

number had grown to 90,644!

I digress.

two years later in 1987, points out that

Did you know that until 1996 you could

one downside to studying for five parts

So we’ve established that scheduling

get a copy of your exam, including correct

(yes, it was five back then) was keeping it

individual parts of the exam throughout

responses? I am fairly sure there is still

all straight in his brain. “I think the hardest

the year is a lot easier than 2,000 people

an old paper copy of the very exam

part was trying to keep all the information

cramming into a big room at the local

taken by my former boss in a certain

separate in my head for the various

fairgrounds in a scene reminiscent of “a

CPA review company office in California.

subjects,” he said.

North Korean propaganda video” (one

According to a 1998 article published in

respondent described it that way). We’ve

the Journal of Accountancy, transitioning

New Jersey CPA Jesse M. Herschbein,

also established that over the years, the

to a non-disclosed exam was the first

who took and passed the exam from

inch-deep, mile-wide lake of knowledge

step to build the large database needed

1998-99, reminds us that one thing

required of entry-level CPAs has expanded

for a computer-based exam. Currently,

current candidates might take for granted

to include much more information.

the AICPA releases a limited number of

are their numerous CPA review options.

“retired” questions each year to assist All of this leads us, as reasonable people,

“Review courses back then were not

candidates in studying, but the Institute

to declare that no one had it easier, nor

online or even CD-ROM based,” he said.

guards exam content through heightened

does anyone have it harder. The exam

“Four big binders and an empty hotel

security procedures at the testing

is just hard because it is supposed to

conference room, two nights a week, four

center and by making candidates sign a

be, and it has evolved along with the

hours a night, for 18 weeks.”

nondisclosure agreement. Even taking

profession. In the past (by “the past,”

to social media to discuss what kind

I mean the 1990s), the AICPA Board of

of simulation a candidate received is a

Examiners (BOE) updated the exam’s

violation of this agreement.

Even when I started in CPA review in 2007, flexible options like online studying

Content Specification Outlines (CSOs)

CONTINUED ON PAGE 15

A GOOD TURN BY DELEON AND STANG DeLeon & Stang, CPAs and Advisors, held its annual corporate volunteer event benefiting the Butler School in Germantown. Members of DeLeon & Stang, along with members of Chazin and Company, worked to beautify the Butler School grounds. Activities included re-setting of the front entrance signs, grading and re-seeding the surrounding areas, installing entrance fencing behind the entrance signs to enhance the front entrance appearance, painting jump posts for the school’s equestrian riding area, planting bushes, clearing out brush around the school grounds and assisting some of the school’s staff with some administrative work.

Attention CPAs:

Whether A Decision Maker Looking To Upgrade Your Talent, Or A CPA Looking to Upgrade Yourself/Your Skills, Ask Yourself: Who really chose who in joining your company?

Are you/your professional staff really at the right level where you should be/you need them to be?

Are you/your staff in a position that truly suits your/their personality, values, and professional and personal needs?

Why leave your future to chance?

If you’re seriously interested in making the “right” move for your next hire, I can help you.

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The BOE first made its desire to

So what does the CPA exam of the future

computerize the exam known to

look like? Will there come a time when

interested parties in 1995, nearly a full

you will be taking the exam at your

decade before the computerized exam

own leisure, wherever you like, using a

would debut, by seeking comment

personal device that uses biometrics to

from state boards of accountancy on

verify you and you alone are the one

the conversion. When the results of that

taking the test? Considering that just 10

invitation to comment were published in

years ago the exam wasn’t even taken on

1997, they revealed that 92 percent of

the computer and 10 years before that

responding state boards supported the

calculators weren’t even allowed, no one

conversion.

can say for sure what the exam will look like 10 years from now.

Five years after it was unleashed on future CPAs across America, the computerized

One thing we can know for certain,

CPA exam reached its 1 millionth

though, is that future CPAs will be sure

administration.

to gripe, moan, and complain about how

before them – no matter how long ago – will be there to remind them it was hard when they took it, too.

Some things never change.Sources: CPA Examination Candidate Performance Book, National Association of State Boards of Accountancy. NASBA.org/products/ nasbareport/yearlyedition/ “Brave New World for the CPA’s Exam,” by Quinton Booker, Vincent C. Brenner and James D. Blum, Journal of Accountancy, January 1998.

JournalofAccountancy.com/Issues/1998/Jan/ booker.htm Adrienne Gonzalez is a contributor to The Statement.

difficult the exam is, and those who came

IT’S GAME-ON FOR MISTER, BURTON & FRENCH Members of Mister, Burton & French, LLC, took some time off between deadlines to travel to Clifton Park in Baltimore on Sept. 17 to run an after-school soccer clinic for three Baltimore schools and recreation centers – Northwood, Carroll Cook and Woodhome. The program is co-sponsored by the Lutherville Timonium Recreation Council Soccer Program’s Community Outreach Initiative. More than 60 children participate in the six-week program each Tuesday at Clifton Park, and another 70 on Wednesdays at Carroll Park. Each participant is outfitted with a jersey, soccer cleats and shin guards, and a new soccer ball. After 90 minutes of play time, all participants are sent home with a drink, and a snack.

JANUARY 2014

15

BUSINESS & INDUSTRY SEC rules for equity crowdfunding create business, consulting opportunities for CPAs B Y E D WA R D E. SH A RKE Y, E SQ .

Businesses seeking to raise money under

The rules proposed by the SEC add only

As for investors, the SEC left the JOBS

the Securities and Exchange Commission’s

a few caveats:

Act limits on the caps on investing

new rules for crowdfunding are going to need accountants.

The SEC finally issued long-awaited rules to govern equity crowdfunding. Under the JOBS Act, the SEC was mandated to issue the rules – primarily meant to protect new and unsophisticated investors from fraud – by the end of 2012.

Crowdfunding experts and small business advocates had voiced concern that the delay in the SEC’s rulemaking was a bad omen, signaling a potential for overregulation and the possible neutering of the JOBS Act’s titular goal: to “Jumpstart Our Business Startups.” That

unmodified. The total amount invested in • Businesses must use one funding portal

crowdfunding investments by an investor

at a time.

with income or net worth in excess of

• They may not spread their offer over

$100,000 may not be greater than 10

multiple portals.

percent of income or net worth (up to

• There is a variety of legal paperwork and disclosures to be filed.

may not exceed the greater of $2,000 or 5 percent of income or net worth.

portal’s website.

• A business may not use general advertising to the public as it could under Title II Crowdfunding (which is for equity raised from accredited investors).

• The $1 million limit on funding from

Instead, the SEC’s rules – all 500-

private equity using other types of private

plus pages of which can be found

placement.

closely with the existing provisions in the JOBS Act. The JOBS Act legislation and the rules allow businesses to raise up to $1 million in equity capital in any 12-month period using “funding portals” on the Internet. A business can raise the money from an unlimited number of investors, and none of them need to be “accredited.”

16

is below $100,000, the amount invested

direct prospective investors to the funding

non-accredited investors does not affect

proposed/2013/33-9470.pdf -- align

annual income or net worth of the investor

• The business may advertise, but only to

did not happen.

at http://www.sec.gov/rules/

a maximum of $100,000). If either the

a company’s ability to raise additional

Businesses should be aware that the SEC’s rules do not immediately go into effect. A public commentary period is now open, and we can expect the SEC to finalize the rules in early 2014. With the scope of the rules now freely available, this is the time for businesses to position themselves to take advantage of equity crowdfunding when the rules become law.

Businesses are not only going to look to accountants for general advice on raising equity capital. They are going to need reliable financial statements for compliance. Any business raising more than $100,000 will need to file financial statements reviewed by an independent public accountant. For any raise in excess of $500,000, the business will need to provide statements that have been independently audited.

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BUSINESS & INDUSTRY Big Data: From potential obstacle to driver of innovation and growth F RO M TH E A I CPA Corporate leaders are continuing to see

transformed large volumes of information

Role of Finance in a Data-Centric World.”

extraordinary organizational changes that

from being a potential obstacle to

are bringing new focus, meaning and

progress to a driver of innovation and

The report draws on research performed

value to their operations, competitive

growth.

by the AICPA and CIMA, including a 2013 survey of nearly 2,100 CFOs and other

position and overall success.

To learn more about the critical role

finance executives from a broad range

Nowhere is change being felt more

finance can play in helping organizations

of business sectors across more than 80

strongly than in how data – in record

benefit from the burgeoning amount

countries. The report also reflects the

amounts – is being received, analyzed

of available data and how Big Data can

expert knowledge and experiences shared

and unlocked to achieve commercial

be integrated into corporate reporting,

during a series of interviews with senior

advantage and, for finance professionals,

the American Institute of CPAs and the

finance leaders at organizations ranging

exciting career prospects. In fact,

Chartered Institute of Management

from Accenture to Google.

finance’s ability to transform insights

Accountants have issued a Chartered

into performance, opportunities and

Global Management Accountant (CGMA)

risks has risen so dramatically that it has

report titled, “From Insight to Impact: The

CONTINUED ON PAGE 21

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18

STATEMENT

2014 Government & Not-For-Profit Conference

April 25 | Event ID: 121000 | University of MD University College, College Park

macpa.org/GNFP

SHARPEN UP.

2014 EMPLOYEE BENEFIT PLAN CONFERENCE May 19 • Sheraton Columbia Hotel • Event ID:121012

macpa.org/employeebenefit

RISE OF A DATA-CENTRIC ORGANIZATION The momentum toward a data-driven business environment is showing no sign of slowing down, with 87 percent of surveyed finance professionals agreeing that it has the potential to change the way business is done over the next 10 years, and 51 percent ranking Big Data and analytics as a top 10 corporate priority.

Also, more than 90 percent of CGMAs believe that finance has an essential role in helping organizations benefit from data projects.

The need has therefore never been stronger for finance teams to recognize the impact of data on the finance function, the benefits of innovative approaches to data analytics, and their own expanded role in the organization. For example, at Yahoo! it has long been necessary for the finance function to understand the data captured by the company’s key products, such as Yahoo! mail, in order to genuinely comprehend revenue drivers.

The latest CGMA report discusses insights that can help guide finance professionals in these and other key leadership areas.

The following are among those featured in the report: • Data-driven decision-making brings greater productivity, value, efficiencies, and new KPIs, among other benefits, that cross organization size, type and industry.

ability to lead and influence, and have a

and are less likely to be deterred by cost.

strategic understanding of the business.

• SMEs can use affordable online and • The data-enabled era creates

cloud-based specialist software and

new opportunities for finance team

services such as Google Analytics and

members through the development

Kaggle to help analyze data.

of additional skills and competencies.

These opportunities are most appealing

• More adventurous SMEs are tapping

to those interested in a more strategic

into the capabilities of advanced

organizational role. According to 85

data scientists to optimize Big Data

percent of survey participants, increasing

opportunities, even without the budgets

their ability to work with Big Data

or capabilities to bring these resources

enhances their employability.

in-house.

• There is a steep learning curve for

• The key to success for organizations

organizations as they use data for

of all sizes is to develop clear objectives

commercial benefit, with 86 percent of

for data projects before selecting the

survey respondents struggling to obtain

tools or services that are best aligned to

valuable insight from data. Top obstacles

organizational goals.

include organizational data silos and dataquality challenges.

Google illustrates another benefit that

Additional insights are shared in the

opportunities. After years of focusing

report by Matthew Keylock, global

on larger advertisers that had significant

capability managing director of data

budgets, Google expanded its focus and

at DunnHumby, a worldwide data-

used analytics to gain an understanding of

science company. Keylock advises that

the factors that drive SMEs. The result is

organizations first assess their own data

that SMEs have become one of Google’s

sources and use them as the foundation

fastest-growing segments.

on which to build a data project. Data

Big Data presents to SMEs – advertising

can include customer contact information,

NEW LEADERSHIP ROLE

organization details and roles, and

As finance team members help lead their

historical engagement data such as

organizations through an increasingly

purchased products and services. He

data-driven business era, challenges

also recommends that data projects be

will arise that will stretch their skills into

implemented in phases and built on

unfamiliar service and functional areas.

individual successes.

However, finance professionals have

BENEFITS TO SMALL AND MEDIUM ENTERPRISES

successfully distinguished themselves

positioned to help translate data into

Benefitting from new data insights is

ways of thinking to meet new demands,

commercial insights and value. Although

as much an opportunity for small and

some uncertainty prevails over their

medium enterprises (SMEs) as it is for

specific role, finance can add value by

large enterprises. For example, although

applying their expertise to planning,

SMEs usually have limited resources

budgeting, forecasting, performance

and budgets, they typically have a more

management, and other areas.

flexible IT infrastructure with fewer legacy

• More than 90 percent of survey respondents agree that finance is well

system issues or disparate databases.

• Delivering on data’s value potential

Additionally, they can change practices

raises the importance of strong finance-

quickly.

business teamwork, and requires that finance executives master management

The report also reveals the following:

skills, such as communications and the

• SMEs understand the value of Big Data

with a history of evolving their roles and opportunities, and economic and industry conditions. This history, combined with their drive to acquire new skills and expertise, positions them as potential leaders in harnessing data for greater organizational value and long-term success.

CGMA designation holders can download “From Insight to Impact: The Role of Finance in a Data-Centric World” from CGMA.org.

HIGH-TECH SOLUTIONS Cloud computing 101

EDITOR’S NOTE: The following article is reprinted with permission by the Massachusetts Society of CPAs.

B Y B A R RY MA CQ U A RRIE , CPA They seem to be everywhere!

They are at trade shows and association meetings. They have been seen advertising in accounting profession journals, and their promotional e-mails have probably reached your mailbox.

They sure are making a lot of noise.

They are the vendors selling cloud accounting solutions.

Are cloud accounting applications right for you and your clients? In this article, we’ll define cloud accounting and look at

WHAT ARE THE BENEFITS?

WHAT ARE THE RISKS?

There are numerous benefits to cloud

The world of cloud accounting is not

accounting, and progressive business

without risk. These solutions are new and

owners are enjoying them. Here are a few

require that you perform the necessary

of the benefits:

due diligence to determine if the solution is right for your business.

Anytime, anywhere access: Your accounting software and operating results are available to you from a browser or mobile device. This is something that you can’t do with today’s desktop accounting solutions.

Better security: Most cloud accounting software is run from a data center, which

the risks and benefits.

offers multiple levels of security to protect

WHAT IS CLOUD ACCOUNTING?

data center has significantly better

Cloud accounting applications provide much of the same functionality as desktop accounting software, with one major difference: Cloud accounting apps run on remote servers and are accessed via a web browser.

Cloud accounting applications are typically offered in one of these two formats: Hosted applications: The hosted solutions involve your desktop or client / server accounting application running on a remote server. You gain access to your accounting software using a remote session via the Internet. This solution allows you to use your existing software and data.

Software as a Service (SaaS): In this format, the accounting software and your data are stored on the vendor’s servers and are accessible via a web browser. If you have ever used a social media site or online banking, you have used a SaaS

the software and your data. The typical security than most small businesses.

No installations or updates required: Cloud accounting vendors maintain the software and install the updates.

Automatic backups: The cloud vendor assumes responsibility for system backups.

Your data is often stored in multiple data centers that are in geographically diverse

Here are a few of the risks: The vendor goes away: Over a decade ago, we experienced a tech bubble in which vendors were here one day and gone the next. The same risk exists with cloud accounting vendors. It is important to have a contingency plan.

You don’t have Internet access: Cloud accounting vendors are accessible from anywhere and anytime assuming that you have a connection to the Internet. If you find yourself without Internet access, you will not have access to your accounting data.

Security breach: Cloud accounting software and your data both live on the Internet. There is a risk that someone could gain access to your data.

locations.

WHAT’S NEXT?

No startup costs or long-term

We are just beginning to see the impact

commitments: Cloud accounting

of cloud accounting applications. It will

applications are rented, not purchased.

take time to determine if they will be the

They do not require a small business to

next major paradigm shift in the world

invest in servers or software.

of accounting. There is so much more to learn about these products and their

Platform agnostic: Do you prefer a

impact on the small business community.

Windows PC or Mac? What’s your choice – Chrome, Internet Explorer or Firefox?

In the world of cloud accounting, it simply doesn’t matter. Cloud accounting applications are delivered via a web browser and typically support all popular platforms.

Stay tuned!

Barry MacQuarrie, CPA, is a consultant at KAF Financial Group. He combines his knowledge of social media and technology to provide consulting services to accounting firms and other businesses.

solution.

22

STATEMENT

WE COULDN’T DO EVERYTHING THAT WE DO FOR OUR MEMBERS WITHOUT OUR PREFERRED PROVIDERS & PREMIER SPONSORS

MACPA PREFERRED PROVIDERS

MACPA PREMIER SPONSORS

For information about sponsoring MACPA programs or to learn more about advertising with the MACPA please contact Andrew Hood at 443.632.2323 or andrew@macpa.org

TAX CORNER Tax season: Roll with the changes Complexity could make this another challenging filing season. Here are some things to consider.

BY BE V E RLY A. B A R E HA M Year-end tax planning is under way and

instead of losses, such as refinancing a

see if you are in a special taxing zone,

tax season is just around the corner – and

higher-rate mortgage before rates rise.

such as an Enterprise Zone.

financial landscape is constantly changing

• Suggest that clients harvest losses

• Obtain copies of any notices. Correct

and CPAs continue to struggle to keep

or gains before year-end, depending

overpayments applied from last year,

pace with numerous tax changes.

upon their tax situations and portfolio

supply additional documentation to

it could be more complex than usual. The

needs. With the ups and downs of the

remove erroneous assessments, or request

As CPAs look at taxes and meet with

stock market, a client portfolio may have

penalty abatements.

clients, here are some items to consider:

become unbalanced.

• Watch for changes in legislation.

Congress is considering some meaty tax proposals that had not passed as of press time. We could see tax changes passed at the last moment again this year.

• Net investment income tax and additional Medicare surtax: Review “active” versus “passive” status. Consider grouping activities and offsetting losses and expenses. Consider the tax impact on trusts.

• With the federal Defense of Marriage Act changes and related state impacts, same-sex married couples need an in-depth review of filing status, potential amended returns, benefits analysis, and estate planning revisions. Keep in mind that each state differs in its treatment of same-sex couples. Businesses need to review benefits issues for same-sex employees. (See related article, page 27.)

• Manage taxable income for cash basis taxpayers to maximize planning. If this is a transition year between loss and income, consider targeting certain levels of income to hit lower tax brackets or for AMT implications. Taxpayers may have non-tax reasons why they need to show income

• Consider a cost-segregation study • Maximize retirement and profit-sharing

for both new and existing buildings.

contributions.

Catch-up depreciation deductions can have meaningful impact on current

• Review the business fixed asset listing

taxable income. Additional benefits

for missed disposals to reduce personal

may be realized under the new Tangible

property taxes.

Property Repair Regulations. To withstand

• Watch new fixed asset purchase planning. As of press time, the Section 179 expensing limit is set to fall to $25,000 in 2014, and bonus depreciation

a potential audit, be sure to use an experienced, engineering-based costsegregation team that will provide the proper documentation.

generally goes away. Keep in mind that

• Watch state tax nexus: Businesses

first-year “luxury” auto depreciation is

evolve over time. New state activities are

impacted if bonus depreciation is allowed

added or ended, giving rise to changes

to expire as scheduled.

in state nexus and filing requirements.

• Review tax credits: As the economy begins to show signs of life again and businesses move from losses to profits, tax credits increase in importance.

Determine if the taxpayer may benefit from any new Maryland credits such as the Cybersecurity Credit, Employer Security Costs Credits, the Wineries and Vineyards Credit, or the expansion of the DC High Technology Tax Credit. Write a letter of intent to the Department of Economic Development if a client may be growing

Watch Public Law 86-272 protections from state income tax as business personnel may evolve their activities. A once-exempt salesperson may now be doing training or collections, giving rise to nexus. States are gathering more information in this electronic age and are more aggressive at looking for non-filers as states seek to increase revenues, ideally from out of state. If problems are found, consider voluntary disclosure with the state to limit look-back.

and adding jobs so that they can get the

• Consider state changes in their nexus

proper future tax credits, such as the Job

rules, particularly as some states have

Creation Credit. Check the address to

CONTINUED ON PAGE 26

24

STATEMENT

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passed “Amazon” laws, asserting “click-

• Check individual taxpayers’ SDAT

thru” nexus from in-state web “affiliates.”

Homestead tax exemption to make sure they have their principal residence

• Sales and use tax: Discuss taxpayers’

accepted as such, and that any additional

need to self-report use tax on purchases.

residences, rental or investment properties

This is an area of focus in business audits

are not marked as principal.

and one in which many taxpayers are noncompliant.

• Business taxpayers with employees should be aware of the Division of

Beverly A. Bareham, CPA, MST, is senior tax manager with SC&H Tax & Advisory Services LLC, and a member of the MACPA’s State Tax Committee.

Unemployment’s new penalties if they fail to provide timely and accurate information on terminated employees.

Remind clients to provide the new unemployment rate to the payroll provider so the provider impounds the correct amount of unemployment taxes. Maryland rates have decreased across the board.

However, a taxpayer with increased claims against them may have a rate increase.

26

STATEMENT

TAX CORNER The new financial landscape for same-sex couples

BY AMANDA S . W O OD D E L L , C PA On June 26, 2013, the Supreme Court

partnerships, civil unions or similar formal

available. Gift-splitting allows married

struck down Section 3 of the Defense of

relationships recognized under state

individuals to use their and their spouses’

Marriage Act (DOMA) which, for federal

law. This guidance generally applied

annual exclusion amount and gift tax

purposes, defined “marriage” as a legal

prospectively as of Sept. 16, 2013.

exemption toward a gift if the spouse

union between one man and one woman

consents. If one spouse dies, the surviving

as husband and wife, and the word

At the present time, 13 states and the

spouse can be left an unlimited amount

“spouse” as a person of the opposite sex

District of Columbia recognize same-sex

free of any federal estate tax because

who is a husband or a wife.

marriage. Marriage licenses are currently

of the marital deduction privilege. The

being issued in New Jersey as a result

deceased spouse’s unused unified federal

Under DOMA, same-sex married couples

of a lower court ruling, but this could

gift and estate tax exemption ($5.25

could not share all of the federal tax and

potentially be overturned by the New

million for 2013) can now be left to the

employee benefits available to opposite-

Jersey Supreme Court.

surviving spouse (portability).

INCOME TAX IMPLICATIONS

Given this turn of events, same-sex

Married couples typically are subjected

couples should review their current

to a higher federal tax bill if both spouses

estate plans, account / asset titling,

earn a healthy amount of taxable income.

and beneficiary designations and make

“Marriage penalties” such as higher rate

needed adjustments. Individuals whose

brackets, exemption and credit phase

same-sex married partner has died should

outs, itemized deduction limitations,

explore the possibility of a refund of

IRA contribution limitations, and passive

estate taxes paid.

sex married couples.

In a 5-4 decision, the Supreme Court ruled that same-sex married couples in states that recognize their marriages are entitled to the same federal benefits that opposite-sex married couples receive.

This ruling opened up numerous planning opportunities but also a myriad of questions, particularly what position the IRS would take as a result of this landmark decision.

activity loss rules come into play. On the other hand, a joint filing can result in a lower combined federal income tax if one

The IRS has issued a set of frequently asked questions to accompany Rev Rul

spouse earns most or all of the income.

2013-17 in hopes of addressing questions

The IRS guidance outlined that same-sex

processes for refunds claims and other

The IRS issued its highly anticipated

couples are permitted (not required) to file

odds and ends. Read the FAQs at http://

interpretation of the Windsor decision

amended returns for any open tax years

cpa.tc/3pm.

on Aug. 29, 2013 (Revenue Ruling 2013-

in order to claim potential tax savings as a

17). A “state of celebration” approach

result of filing jointly.

The IRS has stated that additional

jurisdictions that recognize their marriage

ESTATE AND GIFT TAX CONSIDERATIONS

EMPLOYEE BENEFITS

are treated as married for federal tax

There are also positive gift and estate

Outside of income tax, no other area

RECENT IRS RULING

was adopted by the IRS – i.e. samesex couples who are legally married in

purposes, regardless of whether or not their state of current residence recognizes their marriage. This covers same-sex marriages performed in the 50 states, the District of Columbia, a U.S. territory or a foreign country. The ruling does not pertain to registered domestic JANUARY 2014

tax implications as a result of this ruling.

Same-sex couples who are married can now make unlimited gifts to each other without any negative federal gift or estate

regarding such items as filing status,

direction is forthcoming.

has felt more impact from the Supreme Court’s decision than that of employee benefits. The entitlement and tax treatment of health benefits, cafeteria

tax consequences.

plans, qualified retirement plans, and

The tool of “gift-splitting” is also

CONTINUED ON PAGE 28

family and medical leave have been

27

affected by this landmark case.

qualified plans, thus implementing the

2013, for purposes of determining benefit

Prior to this ruling, employers that

state of celebration rule. Plans must

entitlement, claims would be paid when

comply with these rules as of Sept. 16,

an applicant was (a) married in a state

2013.

that permits same-sex marriage; and (b)

allowed employees to add their samesex spouses to their health plans had to impute income to the employee for federal income tax purposes and withhold the requisite Social Security and Medicare taxes on such income. Same-sex couples, even married ones, also could not take full advantage of health flexible spending accounts, health savings accounts and similar arrangements. Employees who

is residing, at the time of application The Department of Labor oversees the

or while the claim is pending a final

administration and stipulations of the

determination, in a state that recognizes

Family and Medical Leave Act. The DOL

same-sex marriage. Survivor benefits,

initially employed a “state of residence”

divorced spouse entitlement and death

approach in regard to this benefit. This

benefits are now all potentially available

required an employer to only provide

to married same-sex couples. To date, no

FMLA leave to same-sex couples

further statements or guidance have been

who currently resided in a state that

issued by the SSA. While guidance from other federal agencies is still unfolding, the following departments have issued statements regarding their treatment of benefits for same-sex married couples: Office of Personnel Management: • Effective June 26, 2013, benefit coverage will be available to a federal employee’s or annuitant’s same-sex spouse. Affected benefits include health, life, vision, dental, long-term care insurance and flexible spending accounts.

OPM is following the IRS rule of state of celebration.

• Department of Defense: On Aug. 14, 2013, the DOD announced that spousal and family benefits will be extended to the same-sex spouse of U.S. service members. Benefits will be provided retroactive to June 26, 2013. Such benefits include health care, housing allowances and family separation

were married can now file an amended joint return for open tax years to recover federal income tax paid on the value of this coverage. Additionally, if the limitations period is open, employers have the opportunity to file a claim for any excess Social Security and Medicare taxes paid on such benefits.

Under Rev Rul 2013-17, a qualified

allowances. The DOD is following the IRS recognized same-sex marriage. However, the Office of Personnel Management recently issued a statement that updated

• Veterans Affairs: The VA is currently

the terms “spouse” and “marriage” in

undecided as to whether it will extend

the FMLA regulations to include same-sex

veterans’ benefits to a same-sex spouse.

married couples.

OTHER FEDERAL AGENCY GUIDANCE

retirement plan must treat legally married

The Social Security Administration also

same-sex spouses as married for purposes

issued guidance in response to the

of applying federal tax laws that govern

changes to DOMA. Effective Aug. 9,

28

rule of state of celebration.

• Department of Homeland Security / Immigration: A U.S. or permanent resident is permitted to file an immigrant visa petition for a same-sex spouse. DHS will follow the IRS rule of state of celebration when reviewing these applications.

CONTINUED ON PAGE 30 STATEMENT

tax training

all the

you need in one place

Visit the entire tax curriculum at

MACPA.ORG/TAXTRAINING

CURRENT STATE TREATMENT Complications have arisen as nearly all states reference the federal tax code for purposes of state income tax calculations.

While compliance is clear for states that recognize same-sex marriage, taxpayers are awaiting guidance from states that do not acknowledge same-sex unions.

At the present time, the following non-recognition states have taken the position that they will not accept a joint state return:

adjusted gross income as single or head of household for

OTHER DOMA RESOURCES

purposes of their state income

More information about the Supreme Court’s repeal of the Defense of Marriage Act can be found here:

tax returns. Some jurisdictions have created a new schedule for this calculation as opposed to requiring a “dummy” federal return be attached to the state filing. Many experts believe

“Supreme Court’s Ruling in Defense of Marriage Act: Tax Planning Considerations,” from the AICPA http://cpa.tc/3pn

that most non-recognition states will follow in the path of recomputation but again,

“Domestic Partners and Same-Sex Couples,” from the AICPA - http://cpa.tc/3po

guidance is pending.

Arizona

Nebraska

Georgia

North Carolina

Idaho

North Dakota

Kansas

Ohio

Although the DOMA ruling

“Estate Tax Impact of Same-Sex Marriage Ruling,” from the AICPA - http://cpa.tc/3pp

left many with a multitude of questions, it has also brought peace of mind to many same-sex

Louisiana Oklahoma

couples. The tax and financial planning opportunities that have now opened up

Michigan Utah

for same-sex couples are plentiful thanks

Minnesota Wisconsin In general, the states listed above are

to the landmark decision. Fortunately, at this juncture, we have a better

the future financial impact on same-sex couples so that they can confidently move forward in the decisions they make with their investments and tax planning.

Amanda S. Wooddell, CPA, is a tax manager with SC&H Group, LLC, an audit, tax and

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TAX CORNER Maryland officials offer updates for CPAs on assessments, tax credits, unemployment

BY BEV E R LY A. B AR E HA M , C PA , M S T The following are highlights of the Oct.

Certain Charter filings, such as setting

rate notice in January. Be sure to provide

16, 2013 MACPA State Tax Committee

up an unincorporated entity, may now

these new revised rates to your payroll

liaison meetings with Maryland’s State

be submitted online. Department

provider.

Department of Assessments and

identification numbers are not given

Taxation; the state Department of Labor,

instantly online, but are available in five

On Oct. 1, 2013, two new bills went

Licensing and Regulation’s Division of

to seven days. The SDAT is not able to

into effect related to unemployment

Unemployment; and the state Department

handle web submissions of Form 1s for

tax:

of Business and Economic Development.

the 2014 filing season, but representatives are looking to make this available at a

• House Bill 354 provides for a 15 percent

future time.

penalty to be assessed on unemployment

reminds practitioners and filers to please

DLLR DIVISION OF UNEMPLOYMENT

• House Bill 583 provides that an

check the box if you do not need forms

Increased taxable wages, reduced

mailed to you the following year. This

unemployment payments, and tax rate

significantly helps save money on postage

adjustments each year have led to a very

costs.

healthy unemployment trust fund. As

STATE DEPARTMENT OF ASSESSMENTS AND TAXATION The SDAT Personal Property Division

such, for 2014, employers will receive the Due to budgetary constraints, the

benefit of the lowest tax rate schedule as

Property Division is operating on a

pertains to unemployment tax, “Schedule

reduced staff, including five fewer

A.”

assessors. The reduced staffing has impacted processing times, call center

Rates will range from 0.3 percent

service, and certification of assessments to

minimum to a maximum of 7.5 percent.

the jurisdictions.

The taxable wage base limit remains the same at $8,500. For employees earning

The due date for the principal residence

at least $8,500 of wages, that would

certification for the Homestead Tax Credit

be unemployment insurance of $25.50

will be Dec. 30, 2013 – not the 31st. This

minimum to $637.50 maximum per

is an extension from the original deadline

employee.

in 2012. However, any applications not received by this date will not receive the

The change from Table C tax rates to

Homestead credit next year. The credit

the more favorable Table A rates means

caps annual home value assessment

that all employers’ rates will decrease if

increases at 10 percent for the state and

there is no change in the claims history.

less for some jurisdictions. The SDAT has

However, employers with additional

made significant progress in processing

claims against their account could still see

any filed applications, and SDAT

increases in their rates due to their claims.

representatives hope to have any backlog cleared by year-end. Please check online

Employers can call DLLR to obtain their

to see your property’s status.

rates in December, or they will receive a

JANUARY 2014

benefit overpayments due to fraud.

employer’s claim history will not be relieved of charges for benefits originally paid to a claimant due to failure by the employer (or the employer’s agent) to provide timely or adequate separation information. This may occur where inadequate information was originally provided, benefits were paid, but the claim was later denied when further information was provided under appeals.

There is an opportunity for waiver of the charges where good cause for the failure can be shown.

Employers may sign up for electronic notifications via e-mail to ensure the proper person receives separation notices given the importance of a timely response.

The Division of Unemployment highly encourages employers to report new hires on the Maryland new hire registry as early as possible to help prevent unemployment recipients from receiving excess benefits. The overpayment of benefits is a problem nationally, particularly when claimants return to

CONTINUED ON PAGE 32

31

work but fail to immediately notify

Maryland R&D credits will be refundable

• First-year costs for a qualified small

unemployment. They continue to collect

for small businesses. For this purpose, a

business to lease space in Maryland to

benefits until the new employer reports

small business is defined as one with $5

perform security-based contracting work,

their employment on the registry.

million or less in book assets.

up to $200,000.

DEPARTMENT OF BUSINESS AND ECONOMIC DEVELOPMENT (DBED)

The Biotechnology Tax Credit is

• SCIF (Sensitive Compartmented

another popular credit encouraging

Information Facility) construction – 50

capital investments in Maryland biotech

percent of the costs to construct or

companies. This is a refundable credit

renovate a federally accredited SCIF in

to the investor of 50 percent of the

Maryland, up to $200,000 ($500,000 for

investment, up to a maximum $250,000

multiple SCIFs).

Members of the MACPA’s State Tax Committee met with Mark Vulcan, director of tax incentives for Maryland DBED. Mark gave a very informative presentation on Maryland Department of Economic Development, with particular attention to Maryland tax incentives. DBED has many more programs than those touched upon here, including additional tax credits, grants, and loan programs.

Many tax credits administered by DBED must be preapproved or certified through DBED, so it is very important to contact them before claiming credits. Certain tax credits, such as the Job Creation Tax Credit and One Maryland Credit, require a letter of intent be submitted by the taxpayer to DBED prior to the hiring of the new employees and prior to the money being spent or the project beginning. This is a critical step which can cause an automatic denial of the credits.

The Maryland Research and Development Credit remains very active.

Each year the appropriation is fully utilized and the tax credit must be prorated among the applicants. This year the appropriation has been increased from $6 million to $8 million and is still expected to be fully utilized. Beginning with 2013,

32

credit. It is issued on a first-come, firstserved basis. This year’s appropriation is

• Administrative costs to obtain security

increased to $10 million. This credit has

clearance, up to $200,000. Qualified

been expanded to allow companies to

expenses include processing application

participate in the program for up to 10

requests, training employees to administer

years.

the clearance application process, and maintaining, upgrading or installing

Maryland has established a new

computer systems in Maryland to obtain

Cybersecurity Tax Credit that functions in

security clearance.

a similar way to the biotech credit – firstcome, first-served. It encourages capital

DBED will also be administering the new

investment in a Maryland cybersecurity

Wineries and Vineyards Tax Credit.

company through a refundable credit

The credit is 25 percent of qualifying

with a $250,000 maximum. Differing from

capital expenses made in connection with

the biotech credit, this new credit is for

the establishment of, or improvements

33 percent of the capital investment and

made to, Maryland wineries or vineyards.

will be refunded to the company, not

Applications are due Sept. 15 of the

the investor. Mr. Vulcan clarified that the

year following the expense. If total

company must sell a product and cannot

credit applications exceed the $500,000

provide services only.

appropriation, the credit will be prorated among the applicants. Qualifying

DBED anticipates that the $2 million

expenses do not include the cost of

appropriation for the Employer Security

buildings or structures.

Clearance Cost Tax Credit will be fully subscribed and need to be prorated

Beverly A. Bareham, CPA, MST, is a senior

among claimants, similar to the R&D

manager with SC&H Group.

Credit method. The credit applications for 2013 costs would be due Sept. 15, 2014. The credit has several aspects:

STATEMENT

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Forensic Valuation C O N F E R E N C E

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macpa.org/forensicvaluation

PROFESSIONAL DEVELOPMENT What’s new for the Forensic and Valuation Services Committee in 2014?

The New Year will get off to a busy and

arrangements and the representation

Harold Martin, Michael Pellegrino, and

informative start for the MACPA’s Forensic

of clients before legislative, judicial and

Ronald Seigneur have agreed to be part

and Valuation Services Committee.

regulatory branches of government at

of the conference. Members are planning

all levels. He lectures throughout the

concurrent sessions offering content in

The committee’s first speaker

United States and has written extensively,

both the forensic and valuation disciplines.

series session of 2014 will feature

including articles and speeches for the

By running concurrent sessions, we will

Edward Beckwith of BakerHostetler

American Law Institute / American Bar

be able to tailor some sessions toward

in Washington, D.C. His presentation,

Association Committee on Continuing

professionals new to FVS as well as

scheduled for Friday, Jan. 10 at the

Professional Education and the Council on

sessions focused on more advanced skills.

MACPA’s Columbia Center, will focus on

Foundations.

opportunities for forensic and valuation

In July, the committee is planning its

professionals in the area of estate and gift

In April, the committee’s speaker series

speaker series to focus on the role of

taxation.

presentation will feature a mini mock trial,

forensic accountants within the federal

building on the success of the mock trial

government.

Beckwith serves as counsel to affluent

last year at Stevenson University. This year,

families and charities across the

the committee will focus on a dialogue

The committee has a very ambitious

country and is a national leader of the

between one attorney and one expert

year ahead and welcomes new members

BakerHostetler tax-exempt practice. He

witness. These two professionals will

at any time. If you are interested in

is nationally recognized in the legal and

cover best practices, tips and techniques

the committee or you would like more

administrative specialties that concern

from both the plaintiff and defendant’s

information, please call De’Landa Sullivan

establishing and guiding the operations of

perspectives. Committee members

at (443) 632-2309.

charitable and educational organizations,

anticipate a highly interactive program

health care institutions, and trade

with plenty of time for questions.

associations. His advice is often sought with respect to the governance and best

The mini mock trial will be held on

practices of such organizations and the

Tuesday, April 29 at the MACPA’s

maintenance of their tax-exempt status,

Columbia Center.

as well as the tax and practical aspects of contributions and other financial support

On May 16, the committee will sponsor its

programs.

second annual FVS Conference at the BWI Hilton. This year’s conference will feature

A significant aspect of Beckwith’s

nationally recognized experts as well as

practice involves the application of the

presentations from regional experts.

tax laws to family and business financial arrangements, including the preparation

Committee members have been very

of related documents to conserve and

busy reaching out to the thought leaders

transfer wealth, the administration of such

in FVS and are very excited that speakers such as Michael Craine, James Hitchner,

JANUARY 2014

35

PRACTICE MANAGEMENT Perpetuating your accounting practice

BY IRA S . RO S E N B L OOM , C PA Accounting practices have always exceled

management, who excel in their roles

propensity to secure the continuity of your

in dealing with change. Tax, regulatory,

and are very entrepreneurial as well.

practice and the longevity of your staff.

technology, and accounting rules evolve

Accounting firms, like any other business,

at a powerful pace, and accounting

are staffed with bright, talented individuals

practices seem to navigate their way

who are excellent decision-makers. Do not

USE INCENTIVE-BASED COMPENSATION

through these volatile changes, with a

limit your definition of leadership to only

There are many entrepreneurial skills and

great deal of success.

CPAs. Expand your view and allow your

behaviors that are necessary to play a

non-traditional leaders to flourish in ways

leadership role at a CPA firm and manage

that go beyond their daily role.

client relationships. Accountability

Given the demonstrated ability to handle change, accounting firms should

is vital in all businesses. Connecting

more effective ways to perpetuate their

CONTINUALLY ENGINEER YOUR PRACTICE

businesses as well.

Doing what you do best and what you

entrepreneurial progress at both the

enjoy are crucial to optimizing the success

individual and team level. Goals for

of your practice. Firms of all sizes should

engagement realization, turn-around

define their “model client” and maximize

productivity timing, new business, total

their “inventory.” A model client can

production, and achieved hourly rates

EMBRACE NON-TRADITIONAL OWNERSHIP

be defined based on varying criteria,

are metrics that can be tracked and used

including degree of service, industry,

effectively in a bonus program.

Accounting firms typically look at

firm, nature of services, demographics,

In addition, staff should have two or three

and fees.

professional advancement goals that also

be capable of implementing new and

The following are imperatives for improving succession and continuity for your firm:

promoting their staff to partner or shareholder, and allow them to own

accountability with an incentive-based compensation program will facilitate

niche, geographic location, size of the

can be measured. Succession of CPA firms

a portion of the full firm. The goal of

The model client should be reconsidered

requires a number of different players,

being a partner is not as prevalent as the

every two years and will drive the

especially entrepreneurs, at all levels.

profession requires, but the idea of being

engineering and right-sizing of your firm.

challenged and helping clients still fuels

Referral sources and staff should be well

CONTROL THE AGENDA

the commitment of many professionals.

informed about your firm, so they can

Accounting firm mergers, acquisitions,

effectively contribute to the growth and

and combinations are very common,

continuation of your practice, and ensure

and the volume of these transactions

that any new clients are the right fit as

is projected to increase in the next few

well.

years. The most advantageous practice

Rather than presenting the goal of becoming a partner, package the ownership differently. Sell books of business to the new / next generation, with restrictions on their ability to service

As you secure additional model clients, a

the acquired books, should they leave

system needs to be in place for evaluating

the firm before a certain period of time.

the clients that are not meeting the

Another option is to have the ownership

definition. Decisions then need to be

in the book vest over a period of time.

made as to which clients you retain and

Many effective players at CPA firms are not always CPAs. Depending on the size of your firm, you may have professionals who concentrate on bookkeeping, technology, marketing, sales, and internal

36

which clients you dismiss, and how. Staff generally has less tolerance for clients who do not meet a particular profile, or who agitate profusely. The more model clients you acquire, the better the

combinations are those driven by two strong firms, which will become even stronger by uniting. Profitability and stability are very real factors, not just in continuing the independence of your practice, but in the combination process, as well. The groundwork for every deal is based on current profit and potential profit, so the more you bring to the table, the more substantial your portion.

STATEMENT

The right deals are consummated

These firms would be wise to take more

when the involved parties have a well-

immediate steps to combine, so the

developed visio and a priority for the

firms can jell quicker, and the future stars

progress of their business, so that the

can be retained and better developed.

purpose for the alignment can be best

The agenda for combining firms can be

actualized. The agenda for pursuing a

compelling but should not be coerced.

Ira S. Rosenbloom, CPA, is chief operating executive at Optimum Strategies, LLC (www. optimumstrategies.com), a consulting firm focused on helping small and medium-sized CPA firms enhance business performance, profitability, and foster practice continuity.

combination may be best accomplished by teaming with a comparable firm or a

Change will continue to be a constant

firm that has differing but complementary

factor for accounting firms. Taking control

expertise.

of the tides, reading the trends, and pursuing bold approaches would be the

For some firms, the timeline for the

best kind of change for accounting firms

next generation to take over is beyond

to orchestrate in order to perpetuate their

the preference of the current leaders.

firms.

JANUARY 2014

37

Payroll Network REVOLUTION HCMSM puts you in control of Employee Life Cycle Management

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MACPA.ORG/SUMMIT

INNOVATION SUMMIT

PRACTICE MANAGEMENT Building relationships – and your business – with LinkedIn

BY JO E KO VACS , A P R The accounting world is competitive and

When searching for new business, the

knows. When LinkedIn alerts him of a

can be even more challenging for CPAs

Advanced Search feature can help you

friend’s new job or some personal event,

hoping to sell to strangers.

discover prospective clients that fit

he will send a congratulations notice. One

predetermined demographics. Sarah

acquaintance announced he was setting

However, it is also true that individuals

Johnson of Inovautus Consulting helps

up his own business. Jack reached out to

use their emotions when making business

her clients utilize LinkedIn as a “research”

wish his friend well and ask if he needed

decisions. Developing new business

tool to not only identify prospects but

accounting assistance. Jack ended up

opportunities should include getting to

utilize client connections to uncover

gaining a new client while supporting the

know decision-makers before they have to

relationships, which can be leveraged for

new venture.

hire accountants.

new opportunities.

Relationship-building may seem tedious

CREATE YOUR PROFILE AND BUILD A NETWORK

to accountants who believe their expertise is sufficiently well-known. But in today’s era of social networking, competitors can easily utilize online networks to “interfere” with your reputation by getting in front of clients and prospects.

In January 2013, LinkedIn reported the number of users had surpassed 200 million. “LinkedIn has been the most popular social media site among accounting professionals according to the results of our annual SocialCPAs Social Media Survey,” explains Barry MacQuarrie, CPA, who hosts an annual survey for the accounting industry. “We anticipate this trend will continue for 2013.”

With so many accountants online, those responsible for developing business should have a presence. Below are several steps to show how to use LinkedIn to build relationships.

SET GOALS LinkedIn offers many features, but setting a goal will help you determine which ones to use.

40

BUILD TRUST BY SHARING VALUABLE RESOURCES Sharing useful resources with your

Visibility begins with your profile, and

network is critical to generating goodwill

LinkedIn lets you share such information

and builds your reputation as a helpful

as a qualifications summary, work

connection. This doesn’t mean posting

experience, presentations, publications

links to every article and blog post. The

and skills. It’s easy to feel overwhelmed

strongest content will be useful to the

by everything you can include, but

network while reflecting something about

some basic information will go a long

you. Craven shares his own blog posts

way toward letting others know who

and links to his electronic newsletters.

you are. Don’t forget your photo, which

He achieves consistent visibility and his

significantly increases the value of your

network receives something helpful, which

profile.

reflects his business expertise.

Building a LinkedIn network also means

LinkedIn publishes thought leadership

you need to reach out. You can invite

articles in a section called LinkedIn Today.

individuals attached to your e-mail

The topics range from accountancy to

accounts such as Outlook, Gmail or

business and management, all of which

Yahoo. Johnson believes most CPAs don’t

are helpful. Be sure, though, to share

take full advantage of the opportunity to

articles from other sources also to avoid

make connections. In an audit of 200 CPA

sharing the same insights as everyone

firms, she finds that accountants have an

else. It takes time to find other blogs

average of 199 connections. “This doesn’t

and articles, but doing so increases the

do full justice to the extent of their

chances you’ll find something valuable

networks,” she says.

your network hasn’t seen before.

Some users won’t engage strangers

PARTICIPATE IN GROUPS

online. Jack Craven, CPA, of MediaCPAs (www.mediacpas.com) uses LinkedIn to stay in touch with people he already

LinkedIn groups provide an opportunity to participate in conversations of interest to a community of like-minded professionals.

STATEMENT

Sharing your expertise by starting

with whom they might want to work.

visible, known and trusted when someone

discussions about challenging topics and

Notice how these preliminary offline

is searching for professional services. In

/ or by providing insights about them

encounters all provide something of value

the 21st century, this is how buyers buy,

demonstrates knowledge and increases

to your LinkedIn contact.

and LinkedIn is one of the hottest tools

your familiarity within the group (including

available to get that visibility.

among potential buyers). For the greatest

The likelihood your contacts will engage

benefit, join groups that focus on areas

with you offline may depend on how well

your firm serves, such as estate planning,

you have accomplished at least some

real estate or construction.

of the steps articulated above. Sharing content they post to their networks or

Anything you publish in a group may

liking and commenting on their posts also

also appear to your personal network.

helps.

Bill Sheridan, the MACPA’s chief communications officer, posts news

The purpose of this article is to

articles from accounting publications

demonstrate one way to identify and

on the association’s LinkedIn group. His

nurture new business leads. Selling tactics

personal network receives links to the

don’t always make CPAs comfortable

industry news while his group becomes

but most companies need accounting

advertised as a forum to discuss issues

services, which means potential buyers will

within the industry.

at some point have to consider your firm’s

So what are you waiting for? Set up your profile and get going!

Joe Kovacs, APR is the director of marketing at Bethesda-based accounting firm Gelman, Rosenberg & Freedman CPAs.He sits on the board of directors of the Association for Accounting Marketing.

services. Strategically positioning yourself

MOVE THE CONVERSATION FROM ONLINE TO OFFLINE At a certain point, especially if your goal is business development, you may want to move a conversation offline. Meeting someone in person after getting to know them online can be done by inviting them to a seminar you plan to host, offering a free consultation or proposing a meeting to introduce your contact to someone

JANUARY 2014

online can lead to new opportunities.

In his book, To Sell is Human, Dan Pink reminds us that we are all buyers and consumers but that the era of the sleazy car salesperson is over. The Internet offers enough information to ward off disingenuous sellers.

This digital age, however, provides a platform for accountants to become

41

MEMBER NOTES NEWS & VIEWS R. Frank Abel, CPA/CFF, CFE, an auditor

Aileen M. Eskildsen, CPA, a director and

employed with the State of Maryland, has been

professional development coordinator with Ellin

elected to serve as chairman of the Ritchie-

& Tucker, Chartered, has been appointed to the

Jennings Scholarship Committee of the Association

Board of Trustees of The Legacy School located

of Certified Fraud Examiners. He also served as the emcee of

in Eldersburg, a non-profit school that offers an

the ninth annual Shore Fraud Conference, sponsored by the

educational solution for students with language-based learning

Franklin P. Perdue School of Business of Salisbury University.

disabilities.

Jovi B. Bohan, CPA, has been elected a director

Catharine Fairley, CPA, PFS, CFP®, CDFA™,

of Invotex, a national accounting, financial, and

has started her own tax and planning practice,

economic consulting firm. A member of the Invotex

Catharine Fairley CPA LLC, in Frederick, with an

litigation practice, Ms. Bohan provides expert

emphasis on divorce planning and serving as a

services in criminal and civil litigation matters.

Zachary Bromwell, CPA, has been promoted to supervisor in

financial neutral for collaborative divorces and

mediation.

the Audit, Accounting, and Consulting Department of Ellin & Tucker, Chartered.

Lindsay Close, an MACPA CPA Candidate member, has been promoted to senior accountant with Albright Crumbaker Moul

Cara Farrell, CPA, a semi-senior accountant in the Audit and Accounting Department at Gross, Mendelsohn & Associates, P.A., has earned the CPA designation.

& Itell, LLC. She has been at the firm since October 2007 and

Brett Friedman, CFP®, an MACPA CPA

passed the CPA exam in December 2012.

Candidate member who is in charge of the tax and financial services departments of DeLeon

John Comunale, CPA, of Councilor, Buchanan &

& Stang, CPAs, has been named to the Board

Mitchell, P.C., has been appointed to the Board of the Catholic Business Network of Montgomery County, an organization comprised of women

of Directors and Finance Committee of Arc Montgomery County.

and men who strive to apply the principles of the Roman Catholic faith to their daily lives in the marketplace.

Elizabeth S. Gantnier, CPA, president of Stegman & Company, has been appointed a member of the American Institute of CPAs’ SEC Regulations

Ryan Crabbs, CPA, has been promoted to supervisor with

Committee as well as the AICPA’s Auditing

DeLeon & Stang, CPAs. He is responsible for overseeing the preparation of audit plans and audited financial statements.

S. Vincent Crescenzi, CPA, CVA, CFE, president and managing partner with Councilor, Buchanan & Mitchell, P.C., has been appointed to the office of Treasurer of the Mental Health Association of Montgomery County.

Diana DeWitt, CPA, CCIFP, has been promoted to principal with Gross, Mendelsohn & Associates.

Standards Board for the 2013-14 volunteer service

year.

Dalbert B. Ginsberg, CPA, managing member of Ginsberg Helfer & Boyd PLLC, has been elected to the board of Georgetown University Hospital.

Jennifer Green, CPA, Jared Imhoff, CPA, and Rich Shank, CPA, CMA, have been promoted to manager with Gross, Mendelsohn & Associates. In addition, Jerry Housand (an MACPA CPA Candidate member), David Leipnik, CPA, and Kaycia Rowe, CPA, have been promoted to supervisor with the firm; Jennifer Benward, CPA, and Tammy Lee, CPA, have been promoted to senior accountant; and Shawn Burman (an MAPCA CPA Candidate member), Carrie Letsch, CPA, and Todd Wilcom (an

42

STATEMENT

BE THERE WHEN YOU CAN’T BE THERE MACPA offers over 400 webcasts a year. macpa.org/webcasts

MACPA CPA Candidate member) have been promoted to semi-

in residence and director of the accounting honors program

senior accountant.

at the University of Baltimore, led a group of accounting honors students from the University of Baltimore and Ohio

Eddie Heppes, an MACPA CPA Candidate member, has

State University to the annual meeting of the International

been promoted to in-charge with DeLeon & Stang, CPAs and

Accounting Standards Board (IASB) in London. Mr. Tong and

Advisors.

the students were invited by the IASB to sit in as guests of its

Brian Israel, CPA, has joined the Dixon Hughes Goodman DC Metro Business Development team as business development executive for the region.

Josephine Laleye, CPA, has been promoted to supervisor with DeLeon & Stang, CPAs and Advisors.

Carrie Letsch, CPA, a semi-senior accountant in the Tax Department of Gross, Mendelsohn & Associates, P.A., has earned the CPA designation.

Frank Linardi Jr., CPA, has been promoted to

deliberations, and to observe the standard-setting process as it evolved. While there, a similar invitation was made to the group to visit with famed professor Richard Barker of Oxford University, where they presented research papers they had been working on that addressed contemporary issues on the IASB’s agenda. Accompanying Tong were two other faculty members: Dr. Jan Williams, CPA, associate professor of accounting at the University of Baltimore; and Dr. Tzachi Zach of Ohio State University.

Lisa D. Wenger, CPA, has been promoted to supervisor with Albright Crumbaker Moul & Itell, LLC.

chief financial officer with Chesapeake Employers’

George Whitehouse, CPA, executive vice

Insurance Company.

president for Payroll Network, has been appointed to the Maryland Commission to Study the Regulation of Payroll Services. He joins

Jonathan Lovell, CPA, has joined the audit and accounting

the statewide commission as a designee of the

team at Gross, Mendelsohn & Associates, P.A., as a manager.

Maryland Chamber of Commerce.

Steven Manekin, CPA, director in the Audit, Accounting,

Arnold Williams, CPA, a partner with Abrams, Foster, Nole,

and Consulting Department at Ellin & Tucker, Chartered, has become a member of the Equal Justice Council in Maryland.

Richard Neuman, CPA, a partner with Kahn, Berman, Solomon,

& Williams, PA, has been honored with the Whitney Young Jr. Service Award by the Baltimore Area Council of Boy Scouts of America.

Taibel & Mogol, P.A., in Timonium, has been elected treasurer of

Lansing Williams, CPA, an assistant professor

the Maryland State Funeral Supplies Association.

of business management at Washington College and advisor to the highly successful

W. Andrew Powell, CPA, a partner with Halt, Buzas & Powell,

Enactus team on campus, has been named

Ltd., has been named one of this year’s Power Players by SmartCEO Magazine. The Power Players Awards recognize 60 top attorneys, bankers and CPAs in Greater Washington.

These professionals, practicing in corporate firms, private industry, government and education, embody leadership, accomplishment, innovation and success.

to the Enactus United States Faculty Advisory Committee. As one of 25 advisors, he will offer his expertise to enhance the programs and practices of the international nonprofit organization, which encourages college students to use the power of entrepreneurial action and business concepts to improve the quality of life for people in need.

Lutamila Sallu, CPA, CMA, CFM, CFE, CIA, FRM, has been promoted to senior manager and quality reviewer in the Audit

Jeff W. Wilson II, CPA, a sole practitioner in Clinton, has

and Assurance Services Department at DeLeon & Stang, CPAs

graduated from the AICPA’s 2013 Leadership Academy. Thirty-

and Advisors.

seven rising stars in the profession learned to apply cutting-

Nina I. Scherr, CPA, has been named a principal with Hertzbach & Company, P.A.

edge leadership theory to handle complex management challenges during the intensive four-day program in Durham, N.C.

Dalton A. Tong, MBA, CPA, CGMA, FACHE, FHFMA, executive

44

STATEMENT

MACPA/AICPA

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All delivered through a learning management system.

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$335/year MACPA/AICPA Online Learning Premium Package

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Both packages are available for groups of 5 or more

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anywhere anytime CPExpress Our most popular online self-study training.

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MEMBERS: $221 (Renew for $170) NON-MEMBERS: $457

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+

FIRM NEWS &NOTES VIEWS CohnReznick LLP, the 11th largest accounting, tax, and advisory firm in the U.S., is pleased to announce that it has been selected as one of The Baltimore Sun Top Workplaces. The Top

MEMORIAM

Workplaces are determined based solely on employee feedback.

The employee survey is conducted by WorkplaceDynamics, LLP,

Alexander R. “Ruffie” Holmes, CPA, a life member

a leading research firm on organizational health and employee

of the MACPA, died on Nov. 17, 2013. Mr. Holmes

engagement. CohnReznick is among the 100 companies named

was an MACPA member for 64 years. He was

to the list.

an accountant at Haskins and Sells, a national accounting firm, and later became treasurer of the

Councilor, Buchanan & Mitchell, P.C., has redesigned and

old Church Home and Hospital in East Baltimore.

launched its new website at www.cbmcpa.com.

Earlene Marshall Seidel, CPA, died on Nov. 6, 2013 DeLeon & Stang, CPAs and Advisors and Glen Todd &

at her home. Ms. Seidel owned and operated her

Company, P.C., have announced plans for a merger. Effective

own accounting practice for more than 35 years. She

Dec. 1, 2013, Glen Todd & Company is now recognized as

was a member of the MACPA for more than 30 years.

DeLeon & Stang. Clients will be served in DeLeon & Stang’s Gaithersburg office.

Ginsberg Helfer & Boyd, PLLC has relocated to 1850 K Street, NW, Washington, DC. Hertzbach & Company, P.A, is celebrating its 65th anniversary.

The festivities to commemorate the occasion took place on Oct. 3 in Washington, D.C. The firm will make a donation to the Capital Area Food Bank in honor of the occasion.

Rowles & Company, LLP, is relocating. The firm’s new address is 8100 Sandpiper Circle, Suite 308, Baltimore.

Smith Elliott Kearns & Company, LLC, has opened a new office in Camp Hill, Pa. Wilner & Scherr, P.A., has joined Hertzbach & Company, P.A. Nina Scherr, CPA, joins the firm as a principal.

46

STATEMENT

USS

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P. O. BOX 5866

www.ussi-md.com

BALTIMORE MD 21282-5866

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Prints government approved returns on plain paper: Form 1—Corporations, LLC’s, LLP, etc.; AT3-51— Partnerships and Sole Proprietorships; AT3-75— Bank, Saving & Loans and Trust Companies.

Multiple location capability for all entities.

Assessment calculations with user adjustable tax rates and assessments.

On screen print preview.

Print from print menu or Preview screen.

Print options - Entire return, Batched returns, single and multiple pages.

Prepares and prints a collated signature ready return.

Prints Extensions-Selected Client(s) or all Unfiled Returns.

Prints client lists - All clients, filed returns and unfiled returns.

Information saved and updated annually.

Easy to use Multi-Featured word processor or link to MS Word for full feature processing.

Word processor can be used for Form letters, Transmittals, Filing Instructions, Billing, etc.

User friendly - Screens simulate actual return.

Unlimited number of clients.

Concise, easy-to-read user’s manual.

Automatic Internet updates.

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Print professional looking returns.

For more information call : 410-358-8851

2014 Edition — $250.00 plus 6% MD Sales Tax.

Please send one copy of MD “TPP” - 2014 edition to:

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Md residents: Add 6% sales tax.

Please enclose full payment with order.

Credit card payments—Please call 410-358-8851

NYPN NEWS Thank you to all who attended NYPN’s recent networking happy

Patrick; and President and Director of Quality Control at

hours. We hope everyone had an enjoyable holiday and we wish

Stegman & Company and BLI thought leader Liz Gantnier. The

you well during this coming busy season.

evening concluded with more than 60 new Maryland CPAs being sworn in while their friends, families, and colleagues cheered

The committee met on Oct. 17 for the Fall Happy Hour in

them on. We congratulate and welcome all newly licensed CPAs

Timonium at Hightopps Backstage Grille. Two Winter Happy

to the profession! NYPN was on hand at this event to promote

Hours were held on Dec. 12 and 19 at Liberatores in White

the committee and welcome new members.

Marsh and Miller’s Ale House in Rockville. Thank you to everyone who contributed to the holiday toy drive, and congratulations to

The NYPN board is meeting this month to discuss 2014’s NYPN

our Ugly Sweater Contest winners who received gift card prizes.

events. Announcements will be made soon (via NYPN’s social media pages and the NYPN E-ssentials newsletter) regarding

On Nov. 4, the MACPA held the Newly Licensed CPAs Swearing-

a Junior Achievement Bowlathon, the 2014 Generational

In Ceremony and Reception at the Hilton Baltimore BWI Airport

Symposium, post-tax season Spring Happy Hours, and much

in Linthicum. This celebratory occasion included speeches from

more!

distinguished individuals within the profession such as AICPA President and CEO Barry Melancon; acting Commissioner of

Visit the NYPN webpage at MACPA.org/NYPN.

Occupational and Professional Licensing Michael Vorgetts; BLI CEO and founder and MACPA CEO Tom hood; CEO and

NYPN is also on Facebook, Twitter, and Linkedin.

co-founder of Simplified Innovation and MACPA Chair Byron

GROW UP. But not too much.

Young CPAs connect at MACPA’s New Young Professionals Network macpa.org/NYPN

What is NYPN? NYPN is an organization committed to connecting new / young professionals to the MACPA, protecting the integrity of the profession, and helping new CPAs and CPA candidates achieve their goals. NYPN is a place where new CPA professionals can make contacts in the profession, get involved in the community and get the support they need to be successful. The requirements to be a part of NYPN are CPA candidates (working on or having achieved the 150-hour threshold) or current CPAs under the age of 40 and/ or licensed for fewer than five years.

TOP 10 REASONS TO GET INVOLVED: 1. Camaraderie 2. Insight

3. Professionalism 4. Development 5. Growth

6. Commitment 7. Charity 8. Community 9. Responsibility 10. FUN!

Get involved GET TO KNOW OUR NYPN ADVISORY BOARD AND FIND OUT FIRST-HAND WHAT WE’RE ALL ABOUT: Chair: Nick Hollander, L&H Business Consulting: nhollander@lhbusinessconsulting.com Vice chair / chair-elect: Debra Hale, Weil, Akman, Baylin & Coleman, P.A.: Debra.Hale@wabccpas.com Secretary / treasurer: Stephen Hohne, Hertzbach & Company: shohne@hertzbach.com Past chair: Jeff Klima, SC&H: jklima@scandh.com

LEADERSHIP BOARD Activities / professional development chair: Jennie Hammett, Gorfine, Schiller & Gardyn: jhammet@gsg-cpa.com Public Relations / outreach chair: Barrett Young, The Green Abacus: barrett@thegreenabascus.com At-large member: Kuo Lee, KSL LLC: kuosheinglee@gmail.com At-large member: Harry Sturgis, Weyrich, Cronin & Sorra Chtd.: harrys@wcscpa.com

You’re invited • JA BIZTOWN – MAY 15, 2014, Junior Achievement (JA) of Central Maryland, Owings Mills Join NYPN and volunteer at this structured program that teaches financial literacy to fourth- and fifth-graders. This program encourages students to learn about the free enterprise system by running a simulated town economy for a day and realizing the relationship between what they learn in school and how it applies to the real world of work.

Come make a difference in your community by signing up for JA BizTown (email nypn@macpa.org).

JANUARY 2014

49

MEMBER SERVICES WELCOME, NEW & REINSTATED MACPA MEMBERS! ANNE ARUNDEL COUNTY

CHRISTOPHER GRIFFIN, CPA

JOHN N. BOSLEY, CPA

MEGAN E. MILLER, CPA

OUT OF STATE

BEVERLY R. BEATTY, CPA

NANCY A. GUERRA, CPA

CHARALAMBOS L. CHARALAMBOUS, CPA

FAHAD Y. NAROO, CPA

CYNTHIA L. BREINER, CPA

JIARONG GUO, CPA

JASON C. CHERUBINI, CPA

ANDREW J. PARKER, CPA

ROBERT E. BEATTY, CPA, MBA

ALICE E. DRAGOONENGLISH, CPA

BETSY J. BYRNE, CPA

ROBERT J. KELLY JR., CPA, MST

JOHN C. COPPOLA, CPA, MBA

MARIAN E. ROBINSON, CPA

MONIKA GAJDA, CPA

KEHINDE KOLAWOLE, CPA

PEG C. HANNA, CPA

RYAN C. JOHNSON, CPA

BEVERLY DAVIS, CPA

RUSTIN A. ROSENBERGER, CPA

JASON R. KING, CPA

ROY G. LAYNE, CPA

REBECCA DEL BOVE, CPA

KEVIN E. SHAFFER, CPA

SUSAN M. KENNEDY, CPA

STEPHEN H. LEVIN, CPA

MICHELE N. STRONG, CPA

BRIAN S. OGRADY, CPA

JOSEPH S. KINSLOW, CPA, MBA

CAITLIN H. MIGLIORINI, CPA

JON-MICHAEL W. DOLLER, CPA JAMES A. ELDER, CPA

JESSICA J. LUND, CPA

OLUMIDE O. ODESINA, CPA

CARA L. FARRELL, CPA

LINDSAY B. TAYLOR, CPA

JENNIFER A. SHEPHERD, CPA

BRADLEY C. HAROLDSON, CPA

SHERYL E. OSTRYE, CPA GAIL L. RAND, CPA MATTHEW B. SHERMAN, CPA, MAC IRENE B. ST CROIX, CPA, MBA, CIA ARTHUR G. SVRJCEK, CPA ELIZABETH L. TAFOYA, CPA JOY P. TOEWS, CPA

ALLISON H. SHIN, CPA TODD A. STOKES, CPA

MEGAN E. FARRELL, CPA

JEAN-ELIZABETH N. HUBBARD, CPA, MBA

PATRICIA B. TAYLOR, CPA, CFE, CGMA

JESSICA L. KAUFMAN, CPA

VANESSA C. TEITELBAUM, CPA

KIMBERLY A. LAKIN, CPA

RAMI ZACKARIA, CPA

MANOJ KUMAR, CPA FREDRIC D. LEFFLER, CPA, JD, LLM, MBA JOSE G. LOPEZ, CPA

CAPITAL AREA CHAPTER VAIDA BUTKUTE, CPA LAVINA CHAWLA, CPA VARUN K. CHAWLA, CPA SORY A. DAVIS, CPA ROBERT M. FIRST, CPA, MBA, CFP, MST ALEJANDRO GONZALEZ, CPA

CENTRAL MARYLAND CHAPTER

KEITH M. SWEETMAN, CPA EMILY A. UPDEGRAFF, CPA VICKY WANG, CPA

JEFFREY S. ROSSER, CPA KELLY A. WHELAN, CPA

MINYIN XIE, CPA KEVIN R. ZGORSKI, CPA EASTERN SHORE MARK A. REYNOLDS, CPA SALLY M. WADE, CPA

JILLIAN MANNING, CPA

ROBERT W. MARTAK JR, CPA

ARTHUR C. BROCK, CPA

THOMAS J. BARNICKEL III, CPA

WILLIAM H. MARTIN, CPA

JUSTIN PARK, CPA

TIMOTHY S. BONIFACE, CPA

TARA V. MCGRATH, CPA

TINA M. SEYMOUR, CPA

ROBERT J. MILES, CPA, CSEP

KATHLEEN S. ZIMMERMAN, CPA

KEVIN BOSKIN, CPA

MATTHEW R. RAGER, CPA

JANESSA L. WOLF, CPA

MID-MARYLAND CHAPTER

LANA A. BADER MS., CPA

JAMES T. RACKSON II, CPA

ALLISON B. WARDENFELT, CPA

KATHERINE E. MARSHALL, CPA

CINDY C. ALLISON, CPA

THOMAS D. LEE, CPA

AMY NEWTON, CPA

WELCOME, NEW CPA CANDIDATE MEMBERS! ANNE ARUNDEL COUNTY

ROBIN H. NGO

STEPHANIE A. LACINY

SOUTHERN MARYLAND

WHITNEY FLANARY

GIDEON D. OSEI

ZACHARY MAINSTAIN

RACHAEL J. DURNBAUGH

MD SAYEM SHARIF

ATEFEH NASSERI ASL

NARVA N. THOMPSON II

JACQUELINE VASQUEZ

JAMES E. PIERCE III

KIMBERLY A. WHEELER

XUEYANG WANG

JAMIE M. SHRYOCK

GE XU

TARA STRADLING

OUT OF STATE

LAILA M. YATES

TREVON TILLMAN

RYAN B. PAUL

CENTRAL MARYLAND CHAPTER

EASTERN SHORE

JAMES J. GIBBONS JOSHUA PRICE KELLY J. WINSLOW CAPITAL AREA CHAPTER NICHOLAS J. COVATTO JENIFER B. FLYNN

MATTHEW X. RYAN, CFE

CHANCHAL K. GOENKA, MBA

TORI J. CORKRAN, MBA

DANIEL GYIMAH

LINA H. HESTER

ANNA HAIRUMIAN RUFUS M. JUDD III ATHENA LIM VILMA A. LUGO

50

STEPHANIE K. SHENTON

TAD D. EDWARDS HEATHER A. HORST CHARLES IMHOFF III MATTHEW S. KEADLE SABRINA M. KNOTT

MID-MARYLAND BRIDGETTE A. BENOIT MARK COUNSELMAN VICTOR MARWA

STATEMENT

CLASSIFIEDS mergers & acquisitions QUALITY CPA FIRM WISHES TO ACQUIRE PRACTICE OR ACCOUNTS in Baltimore/Washington/ Annapolis area, or possible association with retirement-minded practitioner. “Top Dollar Paid.” Reply in strictest confidence to

- Experience supervising office staff (currently 1 Full-Time and 2 Part-Time); - Experience overseeing information technology operation preferred.

Licenses and Special Requirements: - Certified Public Accountant (CPA) license preferred;

410.539.7100, or File No. 63-87.

- Familiarity with the game of golf preferred.

THINKING OF SELLING YOUR PRACTICE?

The link to the complete job posting is here: http://www.

Accounting Practice Sales is the leading marketer of tax and accounting practices in North America. We have a large pool of buyers, both individuals and firms, looking for practices to

bmgcgolf.com/layout9.asp?id=502&page=85633.

Salary based on experience. Compensation includes benefit package of health insurance, 401(k) plan, vacation, golf

purchase. We also have the experience to help you find the

privileges, etc.

right fit for your firm, negotiate the best price and terms and

Please send a cover letter and resume with salary history to

get the deal done. We welcome the opportunity to talk to

info@classic5golf.com.

you about our risk-free and confidential services. For more information please call Bradley Holmes with the APS Holmes Group at 1-800-397-0249 or email Bradley@apsleader.com.

INTERESTED IN BUYING A PRACTICE? See local and nationwide listings at www.AccountingPracticeSales. com and register for free email updates or call us at 1-800-3970249.

office space SEMI-RETIRED CPA WITH THOUGHTS OF RETIRING LOOKING FOR SPACE TO SHARE with active firm. Interested parties please refer to File 10-1-13.

ACCOUNTANT/CPA: Medium sized local CPA firm in the Pikesville area is seeking an experienced (2-5) years Accountant in all phases of servicing a diverse group of small and medium sized clients. The Firm offers a full range of benefits and our competitive salary is commensurate with qualifications and experience. Please e-mail your resume to geizes@cpakatz.net, or mail your resume to Katz & Associates, P.A., 1777 Reisterstown Road, Suite 40, Baltimore, MD 21208.

TAX PROFESSIONAL FOR BUSY SEASON Kenneally & Company, a progressive, medium-size, Towson CPA firm of highly motivated professionals, seeks like-minded individuals capable of individual and/or business tax return preparation. Familiarity with ProSystem fx is a plus. Flexible

job openings

hours, incentive compensation and a pleasant working environment are just a few of our benefits. Forward your resume via e-mail to mlindemon@jlkcpas.com, or via fax

THE BALTIMORE MUNICIPAL GOLF CORPORATION (BMGC) IS SEEKING A DIRECTOR OF FINANCE

(410) 321-9809.

Education and/or Experience:

In this leadership role, you will have the opportunity to utilize

- Bachelor’s degree from four-year college or university; Master’s

your technical tax, analytical, operational, management, and

degree preferred with concentration in business or administration

client service skills by:

with major or minor and coursework in financial analysis and

• Serving as client’s trusted advisor, demonstrating knowledge

auditing;

of industry trends, identifying client issues and conflicts;

- Ten years of professional accounting experience with at least

proactively communicating solution options to client and team

five of those years in a senior financial position such as CFO or

• Reviewing complex tax returns including federal and multi-

Director of Finance;

state returns for C Corporations, S corporations, partnerships,

SENIOR TAX MANAGER

high net worth individuals, trusts & estates, and foundations

CONTINUED ON PAGE 52

CLASSIFIEDS Managing staff on deliverables (such as tax returns, work papers,

• Demonstrated leadership and supervisory ability, strong

etc.); completing technical and strategic reviews as a member of

operational and project management skills

the final review team to ensure standards are met, and ensure

• Proficient use of applicable technology

on-time delivery and on budget • Demonstrating proficient technical skills for handling all client responsibilities, including knowledge of trends, industries, alternatives, etc.

• Understanding the client’s organization; discussing strategic

TAX STAFF • 1-4 years tax public accounting experience • Bachelor’s Degree in Accounting

opportunities under consideration, or challenges being faced

• CPA or CPA candidate

• Understanding your clients’ goals and needs and servicing

• CCH Pro System software experience a plus

clients directly

Company Information

• Owning client relationships and work

E. Cohen and Company, CPAs is a full-service accounting firm

• Strategizing with Management / Leadership regarding tax

specializing in Tax Planning and Compliance, Tax Preparation,

planning • Providing clients with recommendations and guidance on how to achieve their goals and assisting in identifying opportunities for growth with clients

Audits/Reviews/Compilations, Accounting Services, and Business Advisory Services to Government Contractors, Non-Profit organizations, Entrepreneurial and Middle-Market businesses, Professional Athletes and Managers, and High-Net Worth individuals and their families.

• Researching tax issues and providing guidance to clients • Working closely with staff, and assisting senior management in mentoring, coaching, training, supervising, and evaluating staff • Fostering a team environment; demonstrating support of management and decisions, and building a positive culture

Located in Rockville, MD, and dedicated to customized client service, we have a 95% client retention rate. Our Firm has been voted “Best Accounting Firm to Work For”

by Accounting Today Magazine, five years in a row and counting.

• Participating in practice development activities that lead to the generation of new business and the opportunities for cross-

Each year, SmartCEO Magazine readers pick the area’s top

selling

accountants who exemplify their roles as trusted advisor, innovator and leader; and six of our firm’s accountants have

Desired Skills and Experience

won the recognition of the Washington, D.C. region’s top

• Successful candidates will have an entrepreneurial spirit, strong

business executives in the SmartCEO Magazine SmartCPA

technical and management skills, in addition to:

Readers’ Choice section in 2012.

• Master’s degree preferred in Taxation

We care a great deal about our clients and helping them

• 8 years technical tax experience with a public accounting firm

succeed in solving some of their toughest problems. Due

• Specific technical experience in one of the following areas:

to our growth, we are looking for a Senior Tax Manager. We

Foreign transactions, Estate and Gifts, Trusts or Merger and Acquisitions • Must have active CPA

are a Firm that aspires to excellence, a trusted partner who is continuously learning -- we always want to be our best and hold ourselves accountable to consistently develop our breadth of knowledge and to treat others with respect.

• Ability to manage all aspects of client engagements • Demonstrated ability to communicate verbally and in writing throughout all levels of organization, both internally and externally

52

If you are someone who wants to work hard, be rewarded for being your best, and bring your best - every day - consider applying. info@ecohencpas.com | 301-917-6200.

STATEMENT

TAX PROFESSIONAL NEEDED FOR BUSY SEASON: Schneider & Associates LLC a downtown Bethesda CPA firm

• Project / Task Management • New Business Development • Recruitment

is looking for a tax preparer to work our busy season. The

• Staff Management and Development

person would prepare individual and trust income tax returns.

• Specific duties include:

Prosystem experience is a plus. Please forward your resume to julie@schneiderllc.com, or fax to (301)-654-4685.

ACCOUNTANT- ROCKVILLE CPA FIRM SEEKS CPA with 8 years recent public accounting experience to work part-time. Individual will prepare individual, nonprofit and fiduciary income tax returns. Experience with UltraTax CS & QuickBooks a plus. This is a permanent part-time

• Research tax issues and filing requirement that affect tax compliance.

• Prepare and review tax returns and ensure accuracy and completeness.

• Research complex tax issues using the Internal Revenue Code, treasury regulations and other relevant authorities.

• Draft tax technical memorandums.

position with flexible hours. Please send resume to monteloeb@

• Accept responsibility for, and complete tasked assigned by

mloebandassoc.com.

McQuadeBrennan management in a timely fashion.

RETIRED? LOOKING FOR SOMETHING TO DO? Acuity Capital Network is seeking a retired CPA to help introduce its revenue generating program to CPA firms in the Baltimore area. Attractive compensation program available.

Acuity’s program, developed by a former Executive Office partner of Deloitte, helps CPA firms increase revenue by helping them add two new practice segments: Comprehensive Exit Planning and M&A Intermediary Services. Acuity provides Administrative, Marketing and Hands-On Operational Support to make sure these practice segments are successful.

Contact Robert J. Jirovec, CPA, rjirovec@acuitycapitalnetwork. com, (702) 493-6911, www.acuitycapitalnetwork.com.

• Manage multiple client projects at any given time.

• Forward your resume to: humanresources@ mcquadebrennan.com.

WANT TO SUBMIT A CLASSIFIED AD? To submit a classified ad, please visit macpa. org/submitclassifieds, or contact Amy Moran at 443.632.2319, or by email amym@macpa.org.

CONFIDENTIAL ADS: Replies to confidential ads will be addressed to the file number in care of: Amy Moran MACPA 901 Dulaney Valley Road, Suite 710 Towson, MD 21204

TAX PROFESSIONALS: McQuadeBrennan, located in downtown Washington, DC, has opportunities for experienced tax professionals. Our client executives work closely with our individual and business clients in all phases of each tax engagement. Candidates will have direct client contact and need excellent communications skills. Recent public accounting experience a plus.

Primary responsibilities include: • Tax Compliance • Tax Consulting

JANUARY 2014

53

MARYLAND ASSOCIATION OF CERTIFIED PUBLIC ACCOUNTANTS Dulaney Center II | 901 Dulaney Valley Road, Suite 710 Towson, MD 21204 | www.macpa.org 410. 296.6250 | Fax: 410.296.8713

The CPA Event of the year.

6.16.2014 EVENT ID: 191008 | HYATT REGENCY INNER HARBOR

MACPA.ORG/SUMMIT

INNOVATION SUMMIT