MACPA Statement // Summer 2021

STATEMENT MACPA’S

SUMMER 2021

New MACPA chair Lexy Kessler takes the helm Page 9

The profession’s evolution continues Association's values-focused ‘member promise’ serves as blueprint for building a future-ready profession Page 5

Maryland Association of Certified Public Accountants, Inc.

ALSO INSIDE

Building confidence in a time of anxiety

Meet the MACPA’s 202122 Board of Directors

Page 21

Page 15

It’s accounting made easy Less troubleshooting, more problem solving Accounting software should be simple and smart. That’s why Xero’s cloud platform offers helpful tools and features to boost efficiencies in your practice and help your clients grow.

To learn more visit xero.com/cpa

CONTENTS Summer 2021 | Maryland Association of Certified Public Accountants, Inc.

CHAIR’S COLUMN.............................................................................. 2 FEATURES MACPA 3.0: The profession’s evolution continues................................................ 5 ‘Together, we’re stronger’..................................................................................... 9 Meet the MACPA's 2021-22 Board of Directors................................................. 15

DEPARTMENTS Business and Industry.......................................................................................... 21 Public Practice...................................................................................................... 24 High-Tech Solutions............................................................................................. 29 From Our Partners............................................................................................... 37

MEMBER NOTES................................................................................ 44 CLASSIFIEDS........................................................................................... 44

MEMBER SERVICES Lauren Baker Sydney Glen PEER REVIEW

2021–2022 BOARD OF DIRECTORS Lexy Kessler, CPA Chair

Cora Edwards

Herbert J. Geary III, CPA, CGMA Vice Chair

E-LEARNING

Christine Aspell, CPA Secretary/Treasurer

Emily Trott SEMINARS/CONFERENCES Dee Sullivan SPONSORSHIP / ADVERTISING SALES Amy Puente Krislyn Suljak

Avonette Blanding, CPA Immediate Past Chair Maxene M. Bardwell, CPA, CIGA, CIA, CFE, CISA, CITP, CRMA Elise Brouillette, CPA Leon Katsnelson Kimberly Mustard, CPA, CGMA Dave Ryan, Esq., CPA (retired) Tim Samuel, CPA Thomas White, CPA, CGMA Jeff Wilson II, CPA, PFS, CFE, CGMA, CDFA

SENIOR STAFF Jackie Brown CEO Skip Falatko, CPA CFO Bill Sheridan, CAE CCO Rebekah Brown, CPA Director of Development Mary Beth Halpern Director Technical Services/ Regulatory Affairs Dee Sullivan Director of Learning

WE WANT TO HEAR FROM YOU! See below to submit content Bill Sheridan | MACPA Dulaney Center II 901 Dulaney Valley Road Suite 800 Towson, MD 21204 FOR CONTENT SUBMISSION: bill@macpa.org feedback@macpa.org TO ADVERTISE IN THE STATEMENT: krislyn@macpa.org P: 410.296.6250 F: 410.296.8713 Toll free: 800.782.2036 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 Krislyn Suljak, Advertising Sales

SUMMER 2021

1

CHAIR’S COLUMN Our values are our purpose.

Welcome to MACPA 3.0

BY LEXY KESSLER, CPA / PARTNER, ARONSON LLC Things have changed significantly for the Maryland Association of CPAs in recent months.

The MACPA’s mission, and its promise to you, and its purpose for being are driven by these five core values:

In one whirlwind announcement earlier this year, the MACPA’s leadership and its business model each changed for the first time in decades. Tom Hood, who had served as the MACPA’s president and CEO for 24 years, joined the Association of International Certified Professional Accountants as its executive vice president of business growth and engagement — and he took with him the Business Learning Institute (BLI), which had served as the MACPA’s groundbreaking learning affiliate for more than 20 years.

COLLABORATION AND COMMUNITY At the MACPA, collaboration means working with each other to better serve our members, working with members to protect the accounting and finance profession, and working with forward-thinking partners to give our members access to resources that will make them future-ready. In turn, we are committed to building communities of like-minded interests among our members. The more our members share information and resources and work together to solve problems, the stronger our profession becomes. We are committed to fostering that sense of community throughout the profession.

Great change, though, brings great opportunities, and we’re taking advantage of as many of them as we can.

Let’s start with our leadership. Our new CEO, Jackie Brown, brings with her decades of association management experience and a solid group of executives with impressive resumes of their own. And the BLI’s departure has clarified our mission and allowed us to reimagine how to best serve Maryland CPAs in these challenging and complex times.

What is MACPA 3.0? It’s an organization that’s as committed to its membership, development, and future-readiness roots as ever while focusing increasingly on community, inclusion, and the pipeline of future professionals.

The article on page 5 offers a detailed look at the association’s new purpose and its promise to our members. Read through it and be sure to tell us your thoughts.

ANTICIPATION AND INNOVATION The MACPA is an anticipatory organization.

We are committed to scanning the horizon for “weak signals of disruptive change” — to try to spot future trends before they arrive, and then identify the opportunities those trends provide. Innovation is a close relative of anticipation. It isn’t defined by huge, groundbreaking advances. It can be as simple as small, incremental improvements in our everyday tasks. We constantly look for ways to improve everything we do, from the smallest tasks to the biggest projects. Innovation is constant improvement. We expect nothing less from our colleagues, our members, and our partners.

Our core values mean everything. They are as powerful as ever. They are at the heart of everything we do. They define what we do, and why we do it, and with whom we do it.

They are the heartbeat of our organization.

L > C2 This is Tom Hood’s trademarked formula: In an era of great change and complexity, you must outlearn the pace of change. At the MACPA, we believe in lifelong learning. That might be as complex as pursuing an advanced designation or degree, or as simple as scanning trade publications for articles about what’s happening in the profession. The bottom line is, we’re committed to learning something new each day.

We expect those we work with to do the same.

We share these values internally with the MACPA team constantly — reinforcing them, driving them home, making sure our employees believe what we believe.

TRUST We define trust as the degree to which you can predict someone or something. We believe it has four components:

I won’t repeat details here, but I do want to dive deeper into one aspect of those changes that many of you might overlook: the MACPA’s core values.

2

1. Predictability: I can predict your behavior.

2. Common ground. We share and live our values and objectives.

3. Consideration: We will take each other’s needs into consideration before our own.

4. Forewarning: We will tell each other before doing something that is not in our best interests.

INCLUSIVITY We excel when we welcome all people, thoughts, and ideas to the table. The MACPA is committed to building a culture and environment in which all people — regardless of race, gender, ethnicity, religion, disability, or sexual orientation — are invited to participate, and we’re passionate about promoting those same levels of diversity, equality, and inclusion throughout all levels of the profession.

These five things are the foundation of everything we do. When we succeed, it’s because we’ve done all of these things well.

Our promise to you — that we will help you become more future-ready.

We do that because we are committed to these values.

Our hope is that these values are your values.

This is our commitment to you.

STATEMENT

For a stronger CPA profession

We’re renewing our commitment to the future of the CPA profession.

The MACPA Foundation works to build a talent pipeline and ensure the strength of the CPA profession for years to come.

Your donations support: Now, it’s easier than ever to make a difference by making a donation through our

ALL-NEW WEBSITE.

Visit our new website to learn more about the difference your donation can make:

MACPA.ORG/FOUNDATION

Pipeline

Providing training for young talent and educators

Mentorship

Connecting experienced CPAs with young professionals

Diversity

Advancing diversity and inclusion initiatives

THANK YOU TO OUR DONORS

CERTIFIED PUBLIC ACCOUNTANTS

Scholarships

Granting scholarships to accounting students

BACK IN-PERSON THIS YEAR! (Available via Livestream as well)

Your expertise is your client’s

peace of mind

36TH ANNUAL

PERSONAL FINANCIAL PLANNING C O N F E RE N C E October 26, 2021 Timonium + Livestream

| CPE: 8

CFP credits pending. Check online for more information.

After a tumultuous year: • Learn from distinguished speaker Robert S. Keebler, CPA/PFS, MST, AEP, chairman of the AICPA Advanced Estate Planning Conference • Gain up-to-date insights into the issues and trends that impact local, regional, and global markets • Prepare to advise clients in making family, estate, and investment decisions REGISTER TODAY

macpa.org/pfp

Sponsored by

Group registration discounts apply.

#MarylandCPAproud

The profession’s evolution continues

Association's values-focused ‘member promise’ serves as blueprint for building a future-ready profession B Y BI L L SH E RIDA N , CA E In the beginning, there was MACPA 1.0, a membership organization dedicated to the protection and professional development of Maryland’s CPAs. Then in the early 2000s came MACPA 2.0, a forward-looking association that built upon its foundation with a commitment to helping its members become more future-ready.

The association’s 120-year evolution continues today with what new MACPA Chair Lexy Kessler is calling “MACPA 3.0.” It’s an organization that’s as committed to its membership, development, and future-readiness roots as ever while focusing increasingly on community, inclusion, and the pipeline of future professionals.

“I believe we’re talking about the future of our profession in many ways,” Kessler said. “What are the things we need to be doing going forward? What will our members need? How do we reimagine our communities of members? We need to focus on building that pipeline, because that will be critical. We have a lot of people who are retiring. How we do business is changing. We won't see those effects tomorrow, but we will absolutely see them in the next five to 10 years. In order to support ‘MACPA 3.0,’ we must work on building a strong pipeline for the future.”

A NEW ERA The origins of MACPA 3.0 have been years in the making, but they took on a sense of urgency in February when longtime MACPA President and CEO Tom Hood joined the Association of International Certified Professional Accountants (or the Association) as its executive vice president of business growth and engagement.

At the same time, the Association acquired the MACPA’s training affiliate, the Business Learning Institute.

The resulting structural changes freed new MACPA CEO Jackie Brown and her staff to sharpen their focus on Maryland CPAs and the roles they play in strengthening the profession. In January and again in March, the MACPA’s volunteer Board and staff Leadership Team took two half-days to re-imagine what’s possible for the association over the next three years. The goal, in Brown’s words, was to “look at what the MACPA would like to be doing, saying, and celebrating in 2024.”

That story reads as follows: “It’s 2024, and the MACPA has successfully implemented the vision it set for itself in 2021.

CONTINUED ON PAGE 6

SUMMER 2021

5

CONTINUED FROM PAGE 5

“These are more than commitments. They are our promise to our members. ...We’re excited to join Maryland CPAs in doing our part to build a profession that’s not just future-ready, but future-proof.”

— Jackie Brown, Chief Executive Officer, MACPA “While some things have changed, the MACPA team culture remains strong, with the team living out the association’s core values and serving as an example for others. We have a bench of succession, ready and able, where smooth processes scale and allow greater work / life integration for our team.

“As part of the reimagined association, the MACPA has thrived in creating robust, engaged, and active communities of members.

These communities are enabling members to connect in meaningful ways, collaborate for innovative solutions, and learn from one another in such a way that MACPA membership is a ‘no-brainer’ for all CPAs and future CPAs, resulting in growth for the association.

“The processes in place and the increased engagement of members has created a sustainable revenue stream in which we are leveraging the Business Learning Institute for relevant, valuable learning and are able to deliver seamless and unforgettable online, in-person and hybrid experiences for our members.

“The MACPA continues to Connect our members to each other and to the profession, Protect the profession’s interests in Annapolis and beyond, and empower our members to Achieve in their organizations and careers. Members are better equipped and more #FutureReady because of their engagement with us.”

The MACPA volunteers and staff also created the association’s promise to its members, built upon a foundation that consists of three pillars:

6

• The MACPA’s purpose: Leading and transforming our profession, Maryland first, and making a positive impact.

We Connect, Protect, and help a CPA-led profession Achieve success.

• The MACPA’s five core values: 1) Collaboration and community. 2) Anticipation and Innovation. 3) L>C, or lifelong learning. 4) Trust. 5) Inclusivity.

• The MACPA’s core focus: Creating communities of interest, insight, and innovation to assure a future-ready profession in Maryland.

Upon those pillars, the association’s leaders created a Member Promise that consists of four key commitments: • Advocacy: Protecting and promoting the profession in Maryland and beyond.

• Professional development: Future-readying the profession with tomorrow’s skills.

• Community: Creating collaborative, member-led networks.

• Resources: Scanning the horizon to keep our members informed and aware.

“These are more than commitments. They are our promise to our members,” Brown said. “More than that, we believe they are a blueprint of sorts for building a resilient, resourceful, and increasingly future-ready profession. We’re excited to join Maryland CPAs in doing our part to build a profession that’s not just future-ready, but future-proof.”

STATEMENT

+ Member Benefit Provider

CPACharge has made it easy and inexpensive to accept payments via credit card. I’m getting paid faster, and clients are able to pay their bills with no hassles.

– Cantor Forensic Accounting, PLLC Trusted by more than 150,000 professionals, CPACharge is a simple, web-based solution that allows you to securely accept client credit and eCheck payments from anywhere.

22% increase in cash flow with online payments 65% of consumers prefer to pay electronically 62% of bills sent online are paid in 24 hours

Client Invoice #0123-A Your Client **** **** **** 9995

***

TOTAL: $3,000.00

PAY CPA Get started with CPACharge today

cpacharge.com/macpa 866-455-3424

CPACharge is a registered agent of Wells Fargo Bank N.A., Concord, CA and Synovus Bank, Columbus, GA. AffiniPay customers experienced 22% increase on average in revenue per firm using online billing solutions

BACK IN-PERSON THIS YEAR! (Also available via Livestream)

52 ND A NNUAL

Don’t miss a robust look at the changes and issues affecting tax accounting!

September 21-22, 2021 | Martin’s West + Livestream HOT TOPICS

Legislative, Tax & Economic Updates REGISTER TODAY AT

macpa.org/CTC Limited in-person capacity.

Group registration discounts apply.

| CPE: 16

FEATURED SPEAKERS

David De Jong, CPA, LLM, ABV, CVA Chair of Stein Sperling’s nationally regarded tax law group, Coauthor for 16 years of Year-Round Tax Strategies, lifetime service award recipient for the American Academy of Attorney-CPAs

Daraius Irani, PhD

Vice President of Strategic Partnerships & Applied Research at Towson University, Chief Economist for the Regional Economic Studies Institute at Towson University

#MarylandCPAproud

SPONSORED BY:

‘Together, we’re ’

stronger

Community, inclusion top the agenda for 2021-22 MACPA Board Chair Lexy Kessler B Y B I L L S H E R IDA N , CA E There’s no shortage of issues awaiting Lexy Kessler’s attention as she begins her term as chair of the Maryland Association of CPAs’ Board of Directors.

There is, of course, the ever-present pandemic and all of the changes it has brought to the profession.

Beyond that, though, lie a host of challenges that are impacting CPAs in Maryland and beyond.

• The pipeline: The National Association of State Boards of Accountancy reports that the number of CPA exam sections taken has dropped from 310,000 in 2016 to 248,000 in 2019.

In addition, the number of new CPA candidates fell from 48,000 in 2016 to fewer than 37,000 in 2018. And the number of candidates who passed their fourth section of the CPA exam dropped from about 28,000 in 2016 to less than 24,000 in 2018. The bottom line: Just one in three accounting graduates now actually becomes a CPA. That doesn’t bode well for the CPA profession, or for the organizations that are looking to hire new CPAs. • Diversity and inclusion: As of 2016, just 1 percent of CPAs employed by public accounting firms were black. And 0.3 percent of partners at those firms were black. This in a country in which roughly 13 percent of the population is black.

Moreover, according to McKinsey’s “Women in the Workforce 2020” report: “Women — especially women of color — are more likely to have been laid off or furloughed during the COVID-19 crisis, stalling their careers and jeopardizing their

financial security. … As a result of these dynamics, more than one in four women are contemplating what many would have considered unthinkable just six months ago: downshifting their careers or leaving the workforce completely. This is an emergency for corporate America.”

• The future of the MACPA: Longtime Executive Director Tom Hood left the MACPA in February to take a job as the executive vice president of business growth and engagement for the Association of International Certified Professional Accountants. At the same time, the Association acquired the MACPA’s training affiliate, the Business Learning Institute.

The moves present both challenges and opportunities for the association moving forward.

With all of that in mind, it’s time to take stock of Kessler’s mindset as the MACPA enters the next phase in its evolution.

“The MACPA has been at the forefront of what we call the futureready movement,” Kessler said. “That's what has allowed the organization to get through all of these changes as well as it did.

Sooner than other organizations, we’re pivoting and looking at ‘MACPA 3.0’ now. What are the things that we need to be doing going forward? What do our members need? What do our communities need? That’s the future of our profession.”

With those issues at the forefront, MACPA Editor Bill Sheridan sat down with Lexy recently to talk about her priorities for the coming year, and how the MACPA can take the next step toward futurereadiness — both for itself and its members.

CONTINUED ON PAGE 10

SUMMER 2021

9

CONTINUED FROM PAGE 9

Here’s what she had to say.

Bill Sheridan: Where are you from originally?

Lexy Kessler: I was born in Texas, moved around a bit with my dad's different jobs and settled in Maryland, in Rockville, Md., when I was in elementary school. I’m not quite a native of D.C., but pretty close by D.C. definitions.

BS: What did your dad do?

LK: He's a retired nuclear engineer. He worked with the Nuclear Regulatory Commission for most of his career.

BS: Do you have brothers and sisters?

LK: One brother. He lives in Colorado Springs, and I have a niece and nephew as well.

BS: And your family?

LK: I have a wonderful husband. We've been married for 33 years and have two children. One is 29; she lives in New York City and works on Wall Street. She's doing great. My son is following in my accounting footsteps. He's 26 and is working for a consulting firm in Washington, D.C. BS: Why accounting for you? What drew you to the profession?

LK: It seemed logical and orderly, and I was good at math. That's what most people say. But there was something about it that came naturally to me, and I enjoyed it. So I started taking more classes.

I took my first accounting class in high school. I feel like we need to start teaching more people when they’re younger and earlier in their careers, because that's what hooked me into it. It was a class in high school.

Bookminders

BS: Right before the MACPA’s last chair, Avonette Blanding, took office, a pandemic broke out. Then halfway through her term, Tom Hood left as MACPA CEO and took the Business Learning Institute with him. So, I'm wondering, what are you going to do to make sure that we don't have that kind of year again?

I'm kidding, obviously. I kid Avonette because I love her. She was an extraordinary chair. But we're still dealing with COVID. Things are looking up now, but there's still a lot of work to do in terms of coming out of this pandemic stronger. And we're in the middle of re-imagining the MACPA in the post-Tom Hood era. What are you seeing as your priorities — or really, as our priorities — as you get started?

LK: The MACPA has been at the forefront — and hopefully always will — of what we call future-readiness. That has allowed the organization to get through everything as well as we did. Sooner than many other organizations, we are now able to pivot and actually look at “MACPA 3.0” now. What are the things that we need to be doing going forward? What will our members need? How do we reimagine our communities of members? I believe we’re talking about the future of our profession in many ways. We need to focus on building that pipeline, because that will be critical.

We have a lot of people who are retiring. How we do business is changing. We won't see those effects tomorrow, but we will absolutely will see them in the next five to 10 years. In order to support an “MACPA 3.0,” we must work on building a strong pipeline for the future.

BS: You're calling this not MACPA 2.0, but MACPA 3.0.

Why that jump?

®

Recommended

by CPAs 443-759-3310 www.bookminders.com

Weekly accounting services for nonprofits and complex small businesses

10

Baltimore – Philadelphia – Pittsburgh

STATEMENT

“The MACPA has played a key role educating all of us in these areas, and I believe inclusion is the key to all of this. We need to learn how to be more inclusive, and with that, how to become more self-aware — myself included."

– Lexy Kessler, MACPA Board Chair LK: You always hear people talking about version 2.0. I feel like even before I became active with the MACPA, they were already looking at version 2.0 with our focus on being future-ready, with looking at anticipated disruptors and anticipating change. The MACPA was already doing that. So now, we’re on to version 3.0.

What are the things from version 2.0 of the MACPA that will help us create that next generation, and the next association after that for our membership?

the financial statements, the tax returns from a public accounting perspective. The impact that a CPA has on organizations is very visible right now, and it's ours to run with.

BS: Where does the association go from here? How are you imagining our role going forward?

LK: The MACPA has played a key role educating all of us in these areas, and I believe inclusion is the key to all of this. We need to learn how to be more inclusive, and with that, how to become more self-aware — myself included. I've learned a lot from the speakers the association has brought to the table to help enlighten our members about what it means to embrace diversity and understand what a lot of people have been through, and to work to change it. We are a community that includes. I don't care what background you are, I don't care what color you are.

It's about becoming a stronger community together. We need to work together, learn from each other, and be better at doing that together.

LK: We have an opportunity for everybody to do new and exciting things for the profession. The entire MACPA team got the association through the past year. It wasn’t one individual — a team did that. Now, being able to take the organization to the next level is exciting. It's energizing. It's motivating. There are opportunities for growth for every single person in the organization. The MACPA has been at the forefront of our profession nationally. Getting to the top is one thing, but staying at the top is another. We have an opportunity to continue to be relevant on a national stage, to continue to be leaders among state CPA societies. And that opportunity exists for every single person in the organization.

BS: And Tom hasn’t really left. He's still a member of the MACPA. He still lives in Baltimore. He's right here, he’s still involved in the association, and we continue to see him every now and then. And that's good, because being exposed to his future-focus and his optimism, quite frankly, is infectious.

LK: There's no question. Tom has been a great leader, and great leaders help others become great leaders as well. That's what's happened here. We have other leaders in the community who are still with MACPA. BS: Moving on a little bit to the profession at large: What kind of opportunities do you think might have surfaced for CPAs over the past year and a half or so as we've dealt with this crisis?

LK: I think our profession is being redefined, and it's kind of a kick in the pants into the future. What’s happened is something we've been talking about for a long time. The (Paycheck Protection Program) loan process is an example. Who did the business community turn to? They turned to their CPAs for help. They didn't turn to any other profession. We became advisors overnight in a much more visible, more impactful way. We’re impactful in how we advise our clients anyway, but I think the broader business community has seen that during the pandemic. That's ours to run with right now. We’ll continue to build out advisory. We’ll continue to educate others about what we can do as a profession and how we can help businesses. Compliance is absolutely a big piece of it — SUMMER 2021

BS: It seems as if there's also been a re-emphasis on the importance of the concept of association — of relationships and leaning on other people to help us do what we need to do, and on the importance of diversity, equity, and inclusion. In that context, how has the MACPA’s role evolved over the past 18 months?

BS: What's the value of membership in your eyes?

LK: Having peers that you can learn from and hearing their experiences is huge: How are they fixing this? How are they addressing that? That camaraderie makes the profession better. They say that when the water rises, all boats rise right together. That's what we need to do — have all of our members rise together. Membership is not just about paying your dues. It's about becoming involved, going to an event, meeting people. Even though I volunteer for my profession, I have gotten so much in return in terms of knowledge, motivation, insight into what's happening in our profession. That makes me so much better, not just in my firm, but in the conversations I have with my clients. It turns me into a much better business person, and I can't begin to say how valuable that has been to me.

We get so much more back than we give through our membership.

BS: What other issues have your attention this year, Lexy?

LK: I would like to see our communities of members strengthened, and ask ourselves: What communities are we missing? Then, I’d like to focus on that pipeline of CPAs into our profession. Those two things rise to the top for me. And our communities overlap with the diversity, equity, and inclusion conversation: What communities are we missing? How can we include them? The same thing applies to the pipeline, whether it's speaking at high schools or pulling in individuals to make sure we have a diverse pipeline that's coming into our profession.

CONTINUED ON PAGE 12

11

CONTINUED FROM PAGE 11

BS: What does the future of this profession look like to you?

LK: The profession needs to stay relevant to the organizations we serve. How do we contribute to an organization in a visible way?

We need to help the broader business community understand the value we bring to the profession, and make sure we're at the forefront of that. Compliance is obviously a big piece of it, but it's much more than that. The profession is already starting to move that way, but with that movement, we need to ask ourselves: What education do our members need? What relationships do they need? How can we bring those things to the table and build those types of communities? How can we overlay those strategies into the missions of our member firms so that we create a win-win for both sides? Together we're stronger and move forward.

“I would like to see our communities of members strengthened, and ask ourselves: What communities are we missing? Then, I’d like to focus on that pipeline of CPAs into our profession."

– Lexy Kessler, MACPA Board Chair

Bill Sheridan, CAE, is editor of The Statement and chief communications officer for the MACPA.

Fostering leadership and strategic skills to move careers forward, faster

Leadership changes and continues to evolve.

Leadership Academy is the starting point for unlocking the full potential in the profession’s best and brightest emerging leaders. Specifically designed for emerging leaders with 5+ years of experience to help them navigate from an individual contributor to a leader in their organization. This three-day event is cited by past participants as an invaluable boost to their careers.

Featured Topics LEADING YOURSELF

August 18-20, 2021 MACPA Office, Towson CPE: 20 Register Today macpa.org/LeadershipAcademy

• Strengths Based Leadership • Professional Branding • Feedback

LEADING OTHERS

• Collaboration & Facilitation • Delegation • Leading Hybrid teams

LEADING ORGANIZATIONS • Anticipation

• Strategic & Critical Thinking • Inclusive Leadership

2021 Facilitators: • Tom Hood, CPA, CITP, CGMA, EVP Business Growth & Engagement - Association of International Certified Professional Accountants • Rebekah Brown, CPA, Director of Development, MACPA

#MarylandCPAproud

• Bill Sheridan, CAE, Chief Communications Officer / EOS Implementer, MACPA

Sales tax changes.

Don’t risk it.

Automate it.

Fast, easy, accurate and affordable.

That’s Avalara.

Avalara.com

MACPA’s 2021-22

Board of Directors The MACPA’s 2021-22 slate of officers and directors was voted into place at the association’s Annual Meeting, held virtually on June 18. Here’s a closer look at this year’s Board of Directors.

OFFICERS Lexy Kessler, CPA

CHAIR Employer: Aronson LLC Title: Lead partner, Government Contract Services Group Notable: An MACPA member since 1987. Has more than 30 years of experience in assurance, tax, and consulting. Named one of the 20 most powerful women in accounting for 2020 by the AICPA and CPA Practice Advisor. As a leader in her practice area and a former member of Aronson’s Board of Directors, she also helps drive Aronson’s strategic direction and growth objectives.

Currently serving as chair of the AICPA’s PCPS Executive Committee. Her reputation as an expert in her field is part of the personal brand that makes her sought-after speaker, and she has provided interviews and expert commentary to such media outlets as The Wall Street Journal, Federal News Radio, Law360, and Federal Times. As the first female chair of Aronson’s Board of Directors, she advocates for women to pursue leadership roles. Named by The Daily Record as one of Maryland’s Top 100 Women for 2018 and 2020. Recipient of the MACPA’s “Women to Watch” award in 2014 and the Montgomery County Chamber of Commerce’s Chairman’s Award in 2013.

Herbert J. Geary III, CPA, CGMA

VICE CHAIR Employer: TGM Group LLC Title: Managing partner Notable: An MACPA member since 1988. Has more than 30 years of accounting and auditing experience, specializing in areas that include closely held businesses, manufacturing, wholesalers, distributors, construction contractors, local governments, and non-profits. Has served on the MACPA’s Board of Directors and as a past president of the Eastern Shore Chapter of the MACPA. Currently, the past chairman of the Peninsula Regional Health System and a member of the Greater Salisbury Committee.

Christine Aspell, CPA

SECRETARY / TREASURER Employer: KPMG LLP, Baltimore Title: Managing partner / audit partner Notable: An MACPA member since 1991. Has more than 25 years experience in providing assurance services to clients in the financial services industry and specializes in serving clients in banking, investment services, insurance, and real estate. Partner-in-charge of the Baltimore chapter of KPMG’s Network of Women, where she established the chapter in 2004. A member of KPMG’s Women’s Advisory Board, which helps oversee the advancement of women. Chair of the Loyola Accounting Advisory Board. A member of the Greater Baltimore Committee Board of Directors, the Downtown Partnership Board of Directors, the Center Club Board of Governors, the My Sister’s Place Leadership Council, the Maryland Zoo, the Girl Scouts of Central Maryland, the New America (Better Life Lab), and the St. Ursula School Finance Committee. A “Maryland Top 100 Women” winner in 2012, 2015 and 2018.

Avonette Blanding, CPA

PAST CHAIR Employer: Maritime Applied Physics Corporation Title: Chief financial officer and vice president Notable: An MACPA member since 1999. Has more than 20 years of accounting, finance, and internal audit experience in various industries including defense contracting, education, and insurance. An active member of the MACPA’s Government Contractors Committee. In addition to her volunteer work with the MACPA, Avonette is a board member of Wide Angle Youth Media and Transcendence Incorporated. Passionate about inspiring future generations of accountants and serves as an accounting career awareness volunteer speaker, a financial literacy instructor, and mentor. Recognized by the Metropolitan CONTINUED ON PAGE 16

SUMMER 2021

15

CONTINUED FROM PAGE 15

DIRECTORS Washington D.C. Chapter of the National Association of Black Accountants as a 2021 Outstanding Accounting Leader. A recipient of the Baltimore Business Journal’s Maryland Best in Finance: CFO award for 2019. A recipient of The Daily Record Leading Women award in 2014.

Maxene M. Bardwell, CPA, CIGA, CIA, CFE, CISA, CITP, CRMA

Employer: Washington Suburban Sanitary Commission Title: Assistant Inspector General for Audit, Office of the Inspector General Notable: A well-credentialed executive with more than 20 years of experience leading internal audit establishments in the financial services and water utility industries. Earned her master’s degree from Notre Dame of Maryland University and a bachelor’s degree from The Ohio State University. A member of several professional organizations. In addition to her exemplary career and professional achievements, she holds several board and committee positions. Currently serves as a member of the AICPA’s Auditing Standards Board, vice chairman for the City of Laurel Ethics Commission, Board secretary for the Central Maryland Chapter of ISACA, and member of the Association of Inspectors General Board of Directors. A volunteer instructor for the Association of Inspectors General Institute and mentor for the MACPA’s Mentor Program.

Elise Brouillette, CPA

Employer: PwC LLP Title: Senior manager Notable: An MACPA member since 2010. Has extensive experience in providing external audit, internal audit, and data transformation services to a diverse portfolio of clients. Currently resides within the Independence Office at PwC, where she is responsible for the global deployment of various independence initiatives. Recognized as an “Emerging Leader” as part of the MACPA’s 2014 Women to Watch program.

“The entire MACPA team got the association through the past year. It wasn’t one individual — a team did that. Now, being able to take the organization to the next level is exciting.

It's energizing. It's motivating."

– Lexy Kessler, MACPA Board Chair

Leon Katsnelson

Employer: IBM Title: Director and CTO, IBM Skills Network Notable: Joined the MACPA’s Board of Directors in June 2018 as a public (non-CPA) member. Award-winning international speaker and a published author who is always up on the cutting edge of technology trends.

As director and CTO of IBM Strategic Partnerships for Data Science, leads a team of data scientists focused on artificial intelligence, machine learning, Big Data, and other applications of cognitive technologies in all areas of human endeavor.

A strategic adviser to a number of startups, helping disrupt technology laggards with new business models based on blockchain, the Internet of Things, and A.I.

Kimberly Mustard, CPA, CGMA

Employer: HCFL Title: Partner Notable: An MACPA member for more than 20 years. Leads her firm as quality control advisor. Has more than 25 years of audit and accounting experience, including extensive experience with her favorite industry, not-for-profit organizations. Conducts peer reviews and serves on the MACPA’s Peer Review Committee (Coastal Peer Review, Inc.). Has participated and continues to participate on various NFP boards as treasurer, as well as other board positions.

CONTINUED ON PAGE 18

16

STATEMENT

#MarylandCPAproud

All-new town hall experience, designed & developed with your needs in mind.

In an ever-changing, interconnected world, the work of CPAs is more precious than ever. MACPA Town Halls exist to bring value and insight to you, the heroes making waves in our communities.

We’ve upped our game for 2021, evolving to meet the needs of CPAs in Maryland.

Our NEW Town Hall experience is bringing monthly, virtual updates on the issues affecting your role and your membership. Each individual event is unique, exploring a different professional trend or issue per month – attend as many or as few events as desired! However, we invite you to attend as many as you can to gain invaluable insight into a wide variety of timely issues.

Maxine Bardwell, CPA, WSSC, Incoming MACPA Board Member Candidate

For us, it’ll always be about helping you “navigate the now; anticipate the future” – Let’s continue forward, together.

Upcoming Town Halls: August 20 — Emerging Leader Focus SPONSORED BY: Pat Byer, CPA, MBA, CGFM, CGMA, MACPA Member

September 17 — Accounting Ecosystem Focus October 22 — CPA Summit November 18 — CPA Evolution Focus SPONSORED BY:

December 17 — Tax Season Preview *All events are hosted online for your convenience.

LEARN MORE & REGISTER: Nicole Schuyler, Gary R. Bozel & Assoc., P.A. CPA Candidate and MACPA Champion

MACPA.ORG/NEW-TOWNHALLS Complimentary CPE for MACPA members

CONTINUED FROM PAGE 16

DIRECTORS Dave Ryan, Esq., CPA (retired)

Employer: CompensationGPS Title: Managing Director Notable: An MACPA member since 2011. Has more than 30 years of indepth consulting and corporate leadership experience in the design and implementation of executive and employee compensation programs for a wide range of for profit and not-for-profit U.S. and global companies across many industries. Since founding his firm in 2010, has served as an expert compensation advisor for Maryland attorneys, CPAs, and their clients. His special expertise is in assisting boards and senior management in the governance, design, and development of impactful total executive reward programs. Prior to founding CompensationGPS, led executive and global compensation and advised the Board Compensation Committees at Black & Decker and Pitney Bowes, and had area leadership responsibility for compensation and benefits consulting services in the Connecticut offices of Ernst & Young, LLP. Currently serves on the Board of Directors of the Community Law Center, and has written and presented for the MACPA on compensation matters.

Tim Samuel, CPA

Employer: Bridgeway Community Church Title: CFO Notable: An MACPA member since 2012 and a graduate of the MACPA’s Leadership Academy. Has more than 10 years of not-for-profit experience, including leading people from all walks of life through various platforms to feel connected to their purpose and motivated throughout the week. By celebrating the diversity of colors, classes, and cultures, Bridgeway Community Church has become an international model for multicultural ministry, attracting more than 4,000 people weekly from more than 50 nations. An advisor-atlarge of Christianity Today’s Church Law and Tax. Has served on the MACPA’s Task Force for Equality, Diversity, and Inclusion.

Has served as treasurer for Grassroots Crisis Intervention Center in Howard County.

18

Thomas White, CPA, CGMA

Employer: CareFirst BlueCross BlueShield Title: Director, Operational and Management Accounting Notable: An MACPA member since 2010. Has more than a decade of accounting and audit experience in various industries, currently focusing on health care.

Has extensive knowledge of health care finance, internal audit, and compliance. Started his career in public accounting with large firms, focusing on international, public, and non-profit clients. Transitioned into industry at CareFirst. An active MACPA volunteer, including involvement with the association’s mentor program, Scholarship Committee, and Champions Program.

Jeff Wilson II, CPA, PFS, CFE, CGMA, CDFA

Employer: The W2 Group, LLC Title: Principal Notable: An MACPA member since 2013. A graduate of the AICPA’s Leadership Academy and the GoldmanSachs 10K Program.

Has been published and quoted in numerous publications and is a frequent contributor to industry events. Author of The Lies Our Parents Were Sold And Told Us: The New Rules Of Money Management. Selected in 2015 as one of Intuit’s National Trainer Writer Network For Quickbooks consultants, and a member of the Intuit Accountants Council. An active member of the AICPA and a participant with the MACPA’s Task Force for Equality, Diversity, and Inclusion. A proud graduate of Bowie State University who serves as secretary of the BSU College of Business Alumni Advisory Council. Enjoys teaching financial literacy and money management at local non-profits and churches in Clinton, Md.

STATEMENT

Keeping up with

TAX LAW

2 02 1

A dva nce d Ta x I n st i t u t e

November 8-11, 2021 Virtual CPE: 32 total

Complex tax law changes constantly, and the tax strategy CPAs offer must change with it.

You’ll leave the Advanced Tax Institute with the best advice for your clients.

This year, the Advanced Tax Institute again offers four full days of virtual, essential content.

Join MACPA for one of the biggest events of the year for tax professionals!

T O P I C S B Y D AY

DAY 1

DAY 2

DAY 3

DAY 4

Current Tax Issues & Business Tax Update

Estate Planning Issues

State & Local Tax Issues

Real Estate & Partnerships

AT T E N D O N E , O R A L L , D AY S ! Multi-day and group registration discounts apply.

registe r today macpa .org/at i CO-HOSTED BY:

#MarylandCPAproud

SPONSORED BY:

BACK IN-PERSON THIS YEAR! (Available via Livestream as well)

U N D E R S TA N D T H E E V O LV I N G T R E N D S I N

BUSINESS & INDUSTRY

OCTOBER 29, 2021 T W O WAY S T O AT T E N D

COLUMBIA + LIVESTREAM

| CPE: 8

HOT TOPICS

Economic and Legislative Updates | Data Analytics, AI, and Big Data

At this year’s event, hear from the dynamic and nationally recognized Anirban Basu and Gabrielle Bosché.

ANIRBAN BASU: • • • •

Twice recognized as one of Maryland’s 50 most influential people Host of the Morning Economic Report on WYPR Chief Executive Officer of Sage Policy Group One of the Mid-Atlantic region’s leading economic consultants

GABRIELLE BOSCHÉ: • • • •

Cofounder at The Purpose Company TEDx Speaker Bestselling Author Known as “America’s Millennial Expert”

They’ll share recent trends and topics affecting not only CPAs but all financial professionals in the business and industry sectors.

REGISTER TODAY

MACPA.ORG/INDUSTRY Group registration discounts apply.

#MarylandCPAproud

SPONSORED BY:

BUSINESS AND INDUSTRY How to build confidence in a time of anxiety Use these tools to turn uncertainty into new avenues for individual and team growth

BY JESSICA HUBBARD expertise in non-finance fields, who can bring a completely new perspective and support your move to a more multidisciplinary approach.”

Over the past several months, finance professionals around the world have had to adapt and adjust to remote working — which for many will become a permanent reality. According to a recent Gartner survey, 74 percent of CFOs intend to shift some employees to permanent remote work as a way to complement ongoing cost-cutting measures in the wake of the COVID-19 pandemic.

ways, broaden their skillset, and adjust their entire mindset — which is certainly contributing to a hit in confidence levels and fears of the unknown.”

Yet while some companies have noticed a boost in productivity within remote finance teams, there is growing evidence of increased anxiety, unease, and isolation among remote workers. And for junior finance and accounting professionals in particular, the reduced social presence of managers and mentors (coupled with a tough economic environment) is prompting a potential crisis of confidence.

SEEK MULTIDISCIPLINARY SKILLS AND TEACHERS With many of the manual and repetitive aspects of financial work becoming automated, Boateng said that professionals have to identify areas where they can “complement” digitization and assume more strategic and influential roles within their organizations.

“With the shift to remote work, all the emphasis is now being placed on output and meeting targets, as opposed to ‘presenteeism’ and long hours in the office,” explained Anthony Boateng, FCMA, CGMA, chairman of CIMA’s Research and Development Panel. “This is requiring many finance professionals to unlearn old

Financial Management spoke to Boateng and business performance experts to find out how finance professionals can build and display confidence in the face of rising anxiety and the rapid digitization of finance functions.

“Most professionals should be looking at acquiring a broader set of skills (including soft skills and management techniques) and studying across disciplines to become adept at interpreting results for non-finance stakeholders, for example, and to engage more powerfully and persuasively with leaders,” he explained. “I also recommend seeking mentors with

BUILD A FRAMEWORK FOR SYSTEMATIC DECISION-MAKING According to Jason Hamilton, ACMA, CGMA, director at First River Capital, an advisory firm with offices in South Africa and the UK, a major source of anxiety within finance teams is the need to deal with and manage multiple and competing agendas (or demands) within an organization — whether in a crisis or in the normal course of business. As leaders within the organization, management accountants can create an environment that enables integrated thinking and provides structure and clarity amidst these competing demands.

“This can be achieved through building a framework with clear boundaries that are designed to aid the assessment and decision-making process within teams,” said Hamilton, who also is a member of the Association’s Thought Leadership & Business Ethics Committee. “The finance team members will gain clarity around what is required and which processes will be followed.”

REBOOT AND REFRESH YOUR INTERNAL DIALOGUE Jo Searle, an executive coach based in South Africa, highlighted the importance of becoming aware of your internal dialogue and thought patterns — and identifying negative chatter.

“Feelings follow behavior, and behavior includes your own thoughts and beliefs,” she explained. “If you are feeling anxious, know that you have listened to a thought that says, for instance: ‘You don’t know how to be effective working remotely’ … and you have agreed with that thought.”

However, by learning to become aware of your thoughts, beliefs, and consequent feelings, you give yourself a choice (and the opportunity to press reboot).

CONTINUED ON PAGE 22

SUMMER 2021

21

BUSINESS AND INDUSTRY CONTINUED FROM PAGE 21

“The choice is to listen, agree, and feel bad, or you can choose a different thought, such as: ‘If I change my daily habits, I will form a new sense of myself as capable and creative,’” said Searle.

CREATE A SENSE OF PURPOSE Being an integral part of how an organization understands and navigates an uncertain world can be a confidence boost as well.

Although often the responsibility of leadership, “sense making” is an important process and tool that requires nurturing when looking to build confidence, noted Hamilton.

“Within the finance function, leaders can play a pivotal role to ensure that the correct narrative is designed and communicated through ‘sense giving’, which not only provides a message of hope but a unifying, shared narrative,” he said. “It will also require the creation of space for open and honest communications, showing empathy during the process and allowing all narratives to be heard and considered.”

#MarylandCPAproud

Recognizing

outstanding

female CPAs in Maryland

Avoid comparisons (and social media scrolling). “Comparison is the thief of joy, and it also destroys confidence,” cautioned Nic Haralambous, a South African entrepreneur and author of How to Start a Side Hustle who pointed to social media as a potential instigator of comparative thoughts.

“Social media makes it easy to feel like everyone else has a plan and is moving on up … but remember that for every impressive and envious post you're viewing, there are countless other things that happen in a person’s life that they don't post on social media.”

According to Haralambous, the more you “like” and follow others on these platforms, the more difficult it becomes to build and maintain your own confidence. “Do what you do, and remain consistent and aligned with your own goals,” he advised.

Be proactive about getting support.

When working remotely, finance professionals may find it harder to speak up when

they are struggling in a particular area. Yet according to Boateng, the process of identifying an area of weakness, difficulty, or inexperience — and asking for support — can build one’s confidence.

“It takes courage to admit you may be struggling with something, but asking for help or guidance is, in itself, a sign of strength,” he said. “In my own teams, when someone has reached out for support and has clearly identified an area that needs focus or development, I see that as a sign of confidence and an eagerness to improve.”

Jessica Hubbard is a freelance writer based in South Africa. To comment on this article or to suggest an idea for another article, contact Drew Adamek, an FM magazine senior editor, at Andrew.Adamek@aicpacima.com.

Women TO WATCH 2021 AWARDS

September 24, 2021 | CPE: 1 Livestream

+ The Hotel at Arundel Preserve, Hanover

The Women to Watch Awards is a ceremony to honor women who have made significant contributions to the accounting profession, or who demonstrate characteristics that have enabled them to become leaders in the accounting profession. Nominees are from a variety of industries and professional practice areas. Winners are selected in two categories: Emerging Leaders and Experienced Leaders.

RSVP and learn more at MACPA.ORG/AWARDS Sponsored by:

22

STATEMENT

Follow the Path to Financial Data Bliss Business is evolving. And you need to move, understand, and share information faster than ever. A Corporate Performance Management software (CPM) solution can help your business keep up. With Prophix, finance leaders are improving profitability and minimizing risk by automating budgeting, forecasting, and reporting.

Prophix is your clear path to data bliss.

Watch the demo

PUBLIC PRACTICE Independence considerations and COVID-19

BY HEATHER M. DEMSHOCK, CPA

COVID-19 has been full of challenges, but it has also created opportunities for CPA firms to provide new professional services.

According to a recent poll, 55 percent of accounting firms created new services as a result of the pandemic. Some non-attest offerings include advisory services related to the Coronavirus Aid, Relief, and Economic Security (CARES) Act, cybersecurity consulting, cash flow management advisory, business continuity, bankruptcy or restructuring consulting, assistance with insurance claims, and tax strategy consulting.

But when changes within the profession happen rapidly, CPAs need to be even more vigilant over the public interest and have a heightened focus on ethics.

When a CPA performs a non-attest service for an attest client (including those services listed above), he or she runs the risk of non-compliance with the rules of independence. The objectivity and independence principle of the AICPA Code of Professional Conduct states that “a member should maintain objectivity and be free of conflicts of interest in discharging professional responsibilities. A member in public practice should be independent in fact and appearance when providing auditing and other attestation services.”

Requirements for providing non-attest services are included in Section ET 1.295.040, but when independence is required, the client must assume all management responsibilities; must oversee the service by designating an individual (preferably in senior

management) who possesses suitable skill, knowledge, and / or experience; must evaluate the adequacy and results of the services performed; and must accept responsibility for the results of the services. Meeting these safeguards lessens the threat to independence to an acceptable level.

The CARES Act – specifically, the Paycheck Protection Program – created many opportunities for CPAs to assist clients. Before diving in, however, CPAs should consider the independence ramifications. Does helping a client with the PPP process impair independence?

This was covered in a recent episode of AICPA’s podcast, Ethically Speaking. The hosts provide the following useful analogy: The service provided for the PPP forgiveness process is similar to a tax return service. A CPA should use information provided by the client, calculate the forgiveness, and complete the necessary forms. Once prepared, the CPA should review the forms with the client (the client should have the suitable skill, knowledge, and / or experience to understand these forms). Management then assumes responsibility and signs the form. It’s a simple non-attest service similar to tax return preparation.

The example above is accurate, assuming the service requires independence. Work performed by CPAs related to the PPP process could be considered a consulting engagement under CS Section 100 or an agreed-upon procedure under Statement on Standards for Attestation Engagements No. 19.

CONTINUED ON PAGE 26

24

STATEMENT

WI TH T HE DO N FARM ER!

Don’t miss the tax fun in 2021!

Each year, MACPA hosts the Don Farmer Tax Workshops, noteworthy programs that skillfully combine humor with up-to-the-minute tax updates.

We’re offering the following three seminars again in 2021:

Individual Income Tax Workshop

Corporate/Business Income Tax Workshop

Federal Tax Update

Monday, November 1 8:00 a.m.

Live Webcast | CPE: 8

Wednesday, November 3 8:00 a.m.

Live Webcast | CPE: 8

Friday, November 19 8:00 a.m.

Live Webcast | CPE: 8

Register for all three programs or any combination here: MACPA.ORG/DON-FARMER

#MarylandCPAproud

PUBLIC PRACTICE CONTINUED FROM PAGE 24

The hosts of Ethically Speaking also cover the AICPA’s PPP loan forgiveness services matrix. This tool could be helpful to CPAs in determining what services can be provided given any ongoing or concurrent relationships a CPA has with a client. It may also help a CPA decide if these services should be considered consulting engagements or agreed-upon procedures.

According to the podcast, it depends on a number of factors. What is the client looking for from the CPA? What is their knowledge and expertise with respect to funding and forgiveness requirements?

What are their expectations and how will the CPA services provided be used? All of these factors should be considered when determining what type of engagement is being provided.

If a CPA determines he or she is performing an agreed-upon procedure, independence is required. It is not technically required for a consulting engagement. However, CPAs need to be careful about the sequence of services provided.

For instance, if a CPA provided consulting services followed at a later date by agreed-upon procedures, the CPA would need to

look back at what was done in consulting mode to determine if they complied with the nonattest service requirements.

In summary, helping a client with the PPP loan process won’t impair your independence as long as you’re complying with the non-attest services subtopic in the AICPA Code. From an ethics standpoint, another item to note is that CPAs also have the responsibility to possess the competency and ability to complete services with due care.

Over the course of the pandemic, there have been numerous changes to the PPP process. Keeping up with the ever-changing rules and regulations is an absolute must to provide services with due care.

Heather M. Demshock, CPA, is associate professor of accounting at Lycoming College in Williamsport and a member of the Pennsylvania CPA Journal Editorial Board. She can be reached at demshock@lycoming.edu.

IF YOU ARE READInG THIS...

So Is Your Buyer!

CONNECTING MORE SELLERS AND BUYERS

Delivering Results - One Practice At a time Bradley Holmes 26

Bradley@APS.net

800-397-0249 www.APS.net

STATEMENT

Show the world you mean business.

The CGMA® Finance Leadership Program — your career accelerator Ready to master the hottest finance, business, technical, people and leadership skills? The CGMA Finance Leadership Program is designed for you. We recognize your expertise and experience as a CPA by giving you a fast track to the world’s most widely held management accounting designation.

Level up today at cgma.org/flp.

The Association of International Certified Professional Accountants, powering leaders in accounting and finance around the globe © 2021 Association of International Certified Professional Accountants. All rights reserved. 2102-49162

2102-49162_1_CPA CGMA FLP Ads_FM_V2.indd 3

04/03/2021 09:57

THE CPA EVENT OF THE YEAR Complimentary for MACPA members

Learn what it means to be a #FutureReady CPA from those with expert insight into the major trends affecting the profession.

OCTOBER 22, 2021 A VIRTUAL, INTERACTIVE EVENT

All attendees will receive a free copy of Tom Peters’ latest book, “Excellence Now: Extreme Humanism“

FEATUR ING

TOM PETERS speaker, author of “In Search of Excellence”, business management practices expert

“Leaders don’t create followers, they create more leaders.” – Peters

REGISTER NOW: MACPA.ORG/SUMMIT SPONSORED BY:

#CPASummit

#MarylandCPAproud

HIGH-TECH SOLUTIONS CPA cybersecurity checklist

BY ROMAN H. KEPCZYK CPA, CITP, CGMA • Encouraging complex passwords or pass phrases (NoHackersOnMyWatch!)

• Using password rules with a combination of numbers, letters, and special characters unique to each application and not numerically derivative of a previous password (AiCPA!01, AiCPA!02, AiCPA!03, etc.).

• IT should be involved when any employee leaves the firm to ensure the employee’s network access and passwords are terminated.

Use enhanced password controls • Implement multi-factor authentication tools such as a physical security fob, biometric scan, or a two-factor authentication application (sends a passcode to a mobile device to be entered to validate the person signing in).

• Use password managers to generate a unique, complex password for each application.

The seemingly daily occurrence of major cybersecurity breaches has made many accountants somewhat numb to the security threat posed by hacker criminals.

Many people assume it is a “big corporation” problem, but the reality today is that businesses of every size are more vulnerable than ever. Recent headlines show that CPA firms are of interest because of the treasure trove of client financial data housed within firm networks. It is imperative that firm owners realize they have a fiduciary responsibility to protect this data which clients entrust to them and that this information is being directly targeted by hackers.

While there is no way to be 100 percent protected from cybersecurity threats, there are several steps firms can take to significantly minimize the risk of becoming a statistic. Below are 22 cybersecurity best practices CPAs should consider in protecting their firms and client data. Firm owners should meet with their IT personnel (internal/external) and discuss each point to understand the firm’s status and to determine which steps should be prioritized for remediation of the cybersecurity risk.

Workstations should limit unauthorized access • Screens should automatically lock after 5-20 minutes of nonuse.

• This will minimize unauthorized access if the user walks away from their computer.

• Turn off computers when not in use.

Enforce password policies At a minimum, firms should mandate the following hardened password rules: • Requiring users to change their passwords four times per year.

Keep on-premise data secure • On-premise file servers should be in an unmarked, locked room to avoid physical theft.

• Workstations should have encrypted storage disks or run everything on the secured server or cloud so no local data can be stolen.

• Have an updated alarm system with a unique code for each employee that is disabled when an employee no longer works at the firm.

• Shred and dispose of all physical documents once transitioned to digital files.

Document all firm-owned equipment • Utilize inventory tags to track firm-owned equipment.

• Document acquisitions, assignments, and dispositions including procedures to erase, reformat or destroy any devices that might contain data.

Confirm the location of all client data is known and secured • Know where all client data resides and secure it.

• A data map should include what is stored on internal servers, workstations and mobile devices, backup systems, USB/ storage drives, and cloud applications.

• Access to these systems should be limited to users who absolutely need it. nsure only trusted, validated users and equipment can E connect to IT resources • Only allow trusted, validated users and equipment to connect to the firm’s IT resources.

• Mobile Device Management applications require each workstation, tablet and smartphone to be individually registered to connect to the firm’s network to minimize the risk of unauthorized equipment connecting.

• Personnel should also be reminded of the importance of keeping their mobile device’s operating system and security applications updated.

CONTINUED ON PAGE 30

SUMMER 2021

29

HIGH-TECH SOLUTIONS CONTINUED FROM PAGE 29

et workstations to automatically update the operating S system and key applications • One of the most successful ways hackers compromise network systems is through known vulnerabilities to operating systems that the firm has not yet loaded system updates to block.

• Setting workstations to automatically update the operating system and key workstation applications may minimize this avenue of attack.

• Requiring employees to turn off computers at night and reboot circulates these updates and clears out system clutter, making the workstation more efficient.

Minimize access to necessary levels • Hackers that obtain administrative access privileges to networks and workstations have significantly more power to take control of network resources.

• Minimize users with administrator privileges and set access levels to the minimum level required by each user to complete their work.

Ensure operating systems for all equipment are current • Operating systems for all equipment comprising the network (file servers, firewalls, routers, Internet of Things peripherals) should be reviewed regularly to make sure they are running the most current system updates.

• It is critically important to change default passwords on all devices connected to the firm/home network, including wireless printers, security cameras, connected home appliances, and voice activated devices.

Confirm each fileserver, workstation, and mobile device

have antivirus/security software installed • Installed software should be automatically updated and actively scanning for malware on a pre-set schedule.

• Utilize the expanded capabilities of these applications to include intrusion detection and prevention in addition to spam management that will blacklist known threats and allow the firm to whitelist valid sites.

• Workstations should be set to automatically scan external media, such as a flash drive provided by a client, before loading files.

• Better yet, don’t allow the use of any flash drives and educate clients on the use of digital portals and secure email. eview backup logs regularly, verify data is accessible, and R make shadow copies of changed files throughout the day • IT personnel should regularly review backup logs to verify that data backups are complete, and randomly restore files to verify the data is accessible.

• Encrypted data backups not only protect firms from lost / corrupted data but are critical if the firm is the target of a ransomware attempt.

CONTINUED ON PAGE 32

Stein Sperling’s Tax Litigation & Controversy Team

David S. De Jong *†·£ LLM, CPA

Eric Rollinger*· JD, CPA

Mark W. Schweighofer*†·£ LLM

Jeremy M. Vaida**‡ LLM

Michael Y. Goldberg**‡· LLM, CPA

Rebecca A. O’Neill**‡ LLM

Morgan M. Kirby JD, CPA

Stein Sperling is one of 34 Firms in the US ranked First Tier in Tax Litigation & Controversy by US News & World Report.

The Firm is also nationally ranked in Tax Law and Trusts & Estates.

Stein Sperling’s tax department regularly assists individual and business clients whose tax disputes cannot be resolved administratively. We represent them in Tax Court, Federal District Court, the U.S. Court of Federal Claims, or Bankruptcy Court for ultimate resolution of the tax dispute. While the vast majority of civil matters are resolved during the examination or appeals process, ongoing factual and/or legal disputes or inflexible administrative responses will occasionally force a tax matter to litigation. Our tax attorneys have tried cases in each of these forums and vigorously represent clients whose settlement efforts have failed. *The Best Lawyers in America©; **Best Lawyers: Ones to Watch; †Maryland & DC Super Lawyer†; ‡Maryland & DC Super Lawyer, Rising Star; ·Bethesda Magazine Top Attorney; £Washingtonian Top Tax Lawyers

30

STATEMENT 1101 Wootton Parkway · Suite 700 · Rockville, MD 20852 · 301-340-2020 · steinsperling.com

Finally!

FILLABLE, Digital Organizers that Work Ditch the paper mess – SafeSend Organizers transforms your client organizer PDF into a fillable form. Stop spending time, money, and effort for little-to-no return. Digital organizers increase the client completion rate and support your remote workflow.

Schedule a demo at safesend.com/MACPASummer

SafeSend Returns® SafeSend SignaturesTM SafeSend OrganizersTM

© 2021 SafeSend

HIGH-TECH SOLUTIONS CONTINUED FROM PAGE 30

• Shadow copies of all changed files should be made throughout the day, so the most recent versions can be restored.

• All backup data should be encrypted, including that which is going offsite via the Internet.

Utilize encrypted email and/or portal solutions for transmitting files • All firm personnel should be trained on utilizing encrypted email and / or portal solutions for the secure transmission of files to and from clients. Firms should invest time in teaching clients to use the firm’s system to foster adoption.

Train employees to verify secure connections or to utilize a VPN connection when outside the office • All employees should be trained to verify secure connections to websites (green padlock image and https in the web address bar) or to utilize a virtual private network (VPN) connection when working outside the office and accessing the Internet and/or firm resources.

• When working remotely, personnel should also verify the SSID/password for client-provided Wi-Fi access or utilize a secure digital cellular mobile hotspot rather than public Wi-Fi such as hotels, coffee shops or airports, which can be stealthily compromised.

Review IT policies annually and remind users of changes • Technology is evolving rapidly and few firms have updated their IT/HR policies to reflect current changes, including the security ramifications of BYOD (Bring Your Own Device), social media, and the remote workplace.

• Firms should review policies annually and remind users of changes along with updated Internet and computer usage policies.

Provide security training as part of the firm’s annual CPE curriculum • In addition to providing an annual update on IT policies, all employees should be educated on current threats, including: • Ransomware.

• Phishing.

• SMiShing (SMS phishing).

• Vishing (voicemail phishing).

• Other social engineering examples designed to make employees download malware that compromises the firm’s security or inadvertently give out sensitive information.

• Employees should be reminded to be suspicious of unsolicited support calls and never provide login, password or to download a file without first confirming the identity of the caller.

Promote awareness of current phishing schemes and

recommended staff responses • Employees need to be regularly reminded of current phishing schemes and to be trained on what to do if they receive a suspicious email.

• Hovering over the sender’s email address in the header or any hyperlinks allows users to verify properties and to ensure they match.

• Employees should not click on a link or open an attachment within an email if the email is unexpected and suspicious.

32

• If the user has any concerns, there should be a process to notify a member of the IT team to review the email or to contact the sender to verify intent.

• There are several services that provide ongoing phishing / security training and testing of employee’s response to phishing emails which seem to peak in accounting firms around tax deadlines and holidays.

Conduct background checks on anyone given access to the firm network • A surprising percentage of breaches occur with the help of internal employees, so it is important to conduct background checks on anyone being given access to the firm network.

• IT needs to be involved to not only provide the minimum level of access to do the work, but to monitor access and terminate it when the project is completed.

Develop a policy to greet office visitors • Employees should be trained to ask unrecognized visitors in the office if they can provide assistance and escort them to the person they are meeting with.

• If there are any concerns about the validity of the visitor’s response, a member of the management or administrative team should be notified immediately.

Secure cybersecurity expertise • If the firm’s internal IT personnel are not able to provide an optimum level of cybersecurity expertise to protect the firm, they should consider partnering with external securityfocused integrators.

• These experts can help review the firm’s network security and provide direction and implementation assistance on securing the firm including intrusion detection, prevention and ongoing system monitoring.

Develop a breach response plan • The best time to develop a cybersecurity incident response plan is before the firm finds out it has been hacked.

• IT should document the process and educate employees on what they are to do if they suspect a breach.

• This training should include the steps IT will take to verify and mitigate the breach including identifying external resources and meeting insurance requirements.

Review insurance policies • Even the most protected firms are not immune to innovative new hacker threats, so it is important that firms also review their insurance policies to understand to what extent they are covered for lost productivity resulting from a cybersecurity breach.

• Firms should also include coverage for damages caused to any clients whose data may have been compromised and become victims of identity theft because of the breach.

While most compromised organizations envision super-sophisticated hackers using complex technical expertise to breach their system, the actual breach findings have shown that hackers most often utilize common phishing techniques, known system vulnerabilities, and social engineering approaches to get access to confidential data. In most cases, firms that address and deploy the above solutions can avoid most hackers.

Roman H. Kepczyk CPA, CITP, CGMA, is director of firm technology strategy for Right Networks.

STATEMENT

SMALL BUSINESS MADE EASY Sage | Accounting makes managing your clients finances easy with reliable native-cloud capabilities like automation, remote access, and real-time reporting so you can see a consolidated view of your clients’ data with one click.

Visit sage.com/us/sbca-ae or call 1-866-565-2726

CPE anywhere you are.

E - L E AR N ING O P P OR TU NITIES FR O M MA CPA MACPA’s e-learning options bring you high-quality learning in a convenient, online format.

All of our online courses are developed by our roster of nationally-recognized instructors.

WEBCASTS/WEBINARS

Watch our most popular sessions (video or audio-only) from your home or office

SIMULCASTS

Join us virtually at our biggest events

ON-DEMAND

Sharpen your skills anytime, anywhere

NANO LEARNING

(Coming Soon!)

Small but mighty 10-minute chunks of content. A great option for a quick topic refresher or to answer a problem.

Find your next online course at MACPA.org BUYING FOR YOUR TEAM? Contact our Group Sales Department to learn more about our special group pricing and service options.

FROM OUR PARTNERS Firms should maximize internal growth if they want comprehensive growth

BY AARON SULLIVAN • Cloud technology: Secure data and access it from anywhere.

• Analytics software: Make fast work of reviewing trends and insights.

• Artificial intelligence: Tackle the lowlevel work you don’t want to do at very high accuracy, like transaction categorization and reconciling accounts.

UNDERSTAND YOUR WORKFLOWS It also helps to catalog your firm’s processes. For example: Do you support inventory management, monthly statement preparation, or valuations? What tasks or actions are related to each?

Once you have a list of activities, you can break them down into mini-tasks, assigning ownership to your associates and managers — even up to the partner level.

Running any business is like riding a roller coaster: It’s only fun and exciting if the whole thing keeps moving. That’s true for any kind of business, especially accounting firms with big growth goals.

The problem is when firms only focus on external growth. In one study, 60 percent of businesses stated that getting more sales is their top priority. But that same survey also listed the two biggest staffing issues as recruiting the right people and getting them to accept change. Both are internal factors.

Internal growth is equally as important as bringing in new business, and it goes beyond strategic partnerships, closing new clients, and acquiring capital.

To maintain comprehensive growth across your firm, you must give balanced attention to both internal and external growth.

Sacrificing one for the other puts you at risk of stopping the momentum and missing your growth goals.

HOW TO IMPROVE INTERNAL EFFICIENCY AT YOUR FIRM Business clients place a great deal of trust in accounting firms, so your operations need to be in good shape to demonstrate an equal commitment to your clients.

Taking your operations seriously also leads to growth: According to BusinessWire, eight in 10 companies that outsource their accounting will likely refer their accounting firm to others.

Basically, if your internal processes aren’t efficient, your deliverables and your firm will likely be negatively affected. Consider these strategies for improving internal efficiency.

INVEST IN TECHNOLOGY THAT ADVANCES YOUR FIRM — AND THE INDUSTRY When it comes to accountech, there are tons of options available for firms, so it helps to have an idea of a few common types:

When planning your firm’s workflows, consider who’s involved with each part of the process, what’s required of the client, KPIs, and timelines.

MOTIVATE YOUR EMPLOYEES Engaged employees deliver better results, and one of the easiest ways to motivate your staff is to foster a healthy workplace through consistency and communication.

• Clearly communicate goals, business drivers, successes, and failures.

• Don’t stop at goals, but include the benefits for your team — for example, how implementing a new piece of tech helps them save time.

• Keep the feedback open by holding the team accountable while also encouraging them to speak and offer feedback.

TASKS TO AUTOMATE AT AN ACCOUNTING FIRM These days, accounting automation should be a no-brainer for firms. Automation speeds up your processes, improves accuracy, reduces burnout, saves time, and more.

CONTINUED ON PAGE 38

SUMMER 2021

37

FROM OUR PARTNERS CONTINUED FROM PAGE 37

The question is: What tasks should you automate? There are a lot of options, but these are some of the most common — and most helpful: • Invoicing • Client lead monitoring • Document collaboration • Data entry WHAT KPIS SHOULD YOU MEASURE AT YOUR ACCOUNTING FIRM? Identifying and measuring KPIs is crucial to sustaining internal growth without stopping momentum, and they should be formed around your firm’s core values, culture, and objectives. Some KPIs you can consider measuring at your accounting firm include: • Employee response time: How quickly do employees respond to clients and internal stakeholders?

• App adoption rate: Take note of the number of staff that have downloaded

REDUCING WORKERS’ COMP RATES AGAIN BY

To maintain comprehensive growth across your firm, you must give balanced attention to both internal and external growth. Sacrificing one for the other puts you at risk of stopping the momentum and missing your growth goals. the applications / tools you’ve brought onboard, and check in on how they’re using them.

• Collaboration and employee satisfaction: These can be tough to measure, but it’s possible. Ask your staff to complete a survey on a regular basis to get a feel for where you can improve as a firm.

efficiency, automation implementation, and measuring KPIs. There’s always the temptation of sacrificing internal growth for external growth and vice versa. But don’t do that! The two can grow in tandem, but it takes a conscious effort to be able to balance overall business growth without stopping the momentum.

BUILD FOR GROWTH Growing your firm internally is dependent on how committed you are to improving

Aaron Sullivan is content marketing manager for Botkeeper.

...and REWARDING

SAFE

BUSINESSES WITH A CORPORATE DIVIDEND *

5%2021... in Ask your agent for a quote or visit ceiwc.com *Minimum eligibility requirements apply.

38

STATEMENT

Why would you want to build a CAS practice on anti-CAS software?

Trying to build a Client Accounting Services practice on the same Do-It-Yourself (DIY) accounting software sold to your clients? Think again.

DIY accounting software was created to take a part of the accounting work away from accountants. The basic premise of CAS is to bring the full spectrum of accounting services – including bookkeeping and bill payment – back to accountants. There’s no reason to choose anti-CAS software, when you can upgrade to a far better professional platform - Power CAS from AccountantsWorld - that was created exclusively to help you add a full spectrum of CAS-related services.

Power CAS

SM

A er-The-Fact Payroll

Outsourced Accoun ng

Bill Payment

Advisory / Virtual CFO Document Management

Live Payroll

Accoun ng Power Pro

(write-up, trial balance, repor ng, financial statements)

HR Management (coming soon)

Power CAS is a modular system. Start with Accoun ng Power.

Add other components as needed - they’re all fully integrated.

We supplement our award-winning software with the comprehensive training you need to build a highperformance CAS practice. And unlike some popular providers of DIY accounting software who are also expanding aggressively into offering payroll and bookkeeping services themselves, AccountantsWorld has made an unwavering commitment to you. We never compete with you or sell our software and services directly to your clients. Our sole purpose is to strengthen your practice.

Power CAS – the strong foundation you need to build a robust CAS practice.

Visit AccountantsWorld.com/CAS to learn more.

Preferred Accounting Software Provider,

FROM OUR PARTNERS Seriously consider using Instagram for your firm

BY TYLER McBROOM, CPA, MBA

Social media permeates our lives, commands our attention, and has made a lot of money for the people who have learned how to use it to market their products.

But many firms are hesitant to dive into the social media deep end. Whether they don’t understand it, or because it takes away from time spent on “billable hours,” the vast majority of tax and accounting firms don’t invest enough resources into building their social media brands.

Hopefully, by the end of this article, you will understand why that is a massive mistake.

My firm made a commitment in October 2017 to go all in on Instagram. At the time, we had five employees and were experiencing decent growth, but nothing out of this world.

Now, with more than 230,000 followers on Instagram, we are known to thousands of business owners as the firm to speak with if you are a business owner who needs help on your books and taxes.

Fast forward to April 2021, where we now have a headcount of 46.

Having a large Instagram presence also allows you to command a higher price point to the followers who value you.

While my firm is far from the most expensive shop around, I have had hundreds of followers send me a direct message to say, “I probably can’t afford you, but …” They are expecting you to be expensive simply because you have established a presence of delivering value.

Here are some reasons why you should seriously start to consider making Instagram a priority to grow your firm.

YOUR FIRM’S BRAND WILL BE CONSIDERED PREMIUM Before we launched into growing our social media presence, we were a good firm with a decent local reputation for saving people money on their taxes.

PROSPECTS ARE PRE-SOLD AND ALREADY EDUCATED ON YOUR SERVICES When you do Instagram the right way, it means you are educating your audience and consistently providing value to them.

A side benefit of this is that when you do get them on the phone for a consultation, they know more about taxes, the importance of keeping books, and the value of all the other services you provide.

On top of that, since you have been in their social media feed on a regular basis, they already trust you. There is no more need to convince them who you are and why you are the best person for the job. You have already proven that to them by delivering CONTINUED ON PAGE 42

40

STATEMENT

BACK BY POPULAR DEMAND

cordially invited

WHAT

Encore presentation of complimentary two-day conference

WHEN

August 18-19, 2021

WHERE

Online — join from anywhere with an internet connection

RSVP

Register for free at IntuitAccountants.com/AugustEvent

WHY ATTEND •

Earn free CPE credits.

•

Hear from our specialists and your peers about how you can use the latest technology to increase productivity and security.

•

Discover the ecosystem of tools designed specifically for tax practices to keep your work connected and organized.

•

Learn proven techniques to make it easier to work virtually and work together with staff and clients.

•

Attend keynote addresses and your choice of breakout sessions to get actionable tips on how to make the upcoming tax season your most successful yet.

Plus, prizes for the most engaged attendees, and more.

FROM OUR PARTNERS CONTINUED FROM PAGE 40

consistent value in the form of educational Instagram content. They are ready to sign up right away.

NO MORE LATE-NIGHT NETWORKING EVENTS TO ATTEND While the occasional cocktail party or speaking engagement can be a great way to network and meet potential prospects, those late nights away from your home can get old. One of the greatest perks of growing your practice through Instagram is that you are able to eliminate, or dramatically reduce, the number of “networking events” you need to attend.

All the networking is done via social media, electronically and from a distance. This means your business development activities can be done anywhere, at any time of day. Of course, if you thoroughly enjoy the in-person networking events, keep them up. But building a social media presence affords you the luxury of no longer needing to rely on those events.

YOUNGER PROFESSIONALS SEE AN INSTAGRAM PRESENCE AS PROGRESSIVE An unexpected perk that started happening once my follower count increased on social media: I started having young accountants reaching out to me for career advice, and asking if we had any job openings.

When working in public accounting, there’s typically a problem with finding strong talent, so having this avenue open up as an additional recruiting source has been immensely valuable.

Young professionals coming out of school are looking for modern firms that are progressive. By having a presence on the hottest social media network (which Instagram currently is), you send a loud and clear message that you are progressive.

If you have been on the fence about diving into the social media world — and with Instagram, in particular — I strongly advise

you to reconsider. While it took six to nine months of consistent content production to get real traction, it has absolutely changed our business.

Not only will it make your brand’s perceived value that much stronger, but it will also help you attract top talent and make excellent prospects excited at the opportunity to use your services.

Tyler McBroom, CPA, MBA, is a tax professional who loves to help his clients keep as much money as possible from Uncle Sam as they grow their businesses. He grew up hearing his CPA father talk tax strategies with his business owner friends on ski trips, and is now putting the knowledge he soaked up as a child to good use. He is now partners with his father at Measured Results, CPAs, a tax and accounting firm recently featured as an Intuit Firm of the Future. Find Tyler on Twitter @tylermcbroomcpa or on Instagram @tylermcbroom.

As leaders, are you constantly being expected to know “everything about everything” and being asked, “what do we do?” How do we deal with this? Join the Mastermind Series.

Build a leadership strategy for changing business climates

This is a facilitated conversation with a theme where participants will have the opportunity to share their experiences and discuss best practices with their peers and get their burning questions answered.

F E AT U R I N G I N S T R U C T I O N F R O M

• Karl Ahlrichs

• Greg Conderacci • Jennifer Elder

• Kimberly Ellison-Taylor • Peter Margaritis • Bill Sheridan • Jim Lindell

C O N T I N U E T H E C O N V E R S AT I O N

LEARN MORE & REGISTER

MACPA.ORG/MASTERMIND

42

Purchase four or more courses and gain access to an exclusive online discussion community! Connect with fellow participants and instructors, dive deeper into the subject matter, and STATEMENT grow your professional network.

WE’RE HIRING TOP TALENT! Grossberg is a unique environment where talented and highly sophisticated professionals excel. Our staff and partners are some of the best and brightest in their field, operating at the highest level of professionalism and technical expertise.

Here, you find a culture of people who enjoy the challenge of untangling today’s highly complex web of business, transactional, financial and tax issues, while enjoying the benefits of working at one of the area’s premier firms.

Our mentorship program ensures that everyone has access to one-on-one training by industry experts who encourage their professional development. In addition, the boutique nature of our firm allows us to interact regularly and learn from one another in more casual ways. This provides us with the ability to offer skilled professionals tremendous opportunities for growth and job satisfaction, as well as a great work environment.

Our culture is defined by our people. We pride ourselves on fostering an environment of collegiality and camaraderie; we truly care about each other and work together to meet the 10 Things

Professionals Want Most 1. Purpose 2. Goals 3. Responsibility 4. Autonomy 5. Flexibility

demands of our elite group of clients. It is only through this teamwork that we are able to meet our professional demands, advance our business and technical skills, and still support each other to maintain a healthy work/family life balance.

This is an integral part of who we are, why we are successful, and how we have maintained our reputation as one of the best firms in the country.

Growth in our business has created new opportunities for

experienced CPAs. If you are seeking to move to the next level in your career, consider joining the Grossberg team!

6. Development

Qualifications:

7. Opportunity

• 5+ years of professional experience in public accounting

8. Transparency 9. Rewards 10. GROSSBERG

• Ability to research issues and apply concepts to clients’ situations • Proficiency in technical writing and research • Ability to communicate with clients and staff at all levels • Comfortable with working in a team environment

Looking for an exciting new opportunity, and a Great Place to Work?

Apply at www.Grossberg.com Grossberg Company LLP 6500 Rock Spring Drive Suite 200 Bethesda, MD 20817

Trusted Business Advisor Since 1924

MEMBER NOTES CLASSIFIEDS Michael Dancziger, CPA, has been promoted to principal at Weil, Akman, Baylin & Coleman, P.A. Jessica E. McClain, CPA, controller for Brand USA, has been named to the "2021 VIP List — Very Important Professionals Successful by 40" by The Daily Record. The Daily Record created the VIP List in 2010 to recognize professionals 40 years of age and younger who have been successful in Maryland. Winners, chosen by a panel of judges including the previous year's winners and representatives of The Daily Record, were selected based on professional accomplishments, community service and the impact of their achievements.

Kim T. Nguyen, a graduate of University of Maryland, College Park and an employee with Ernst & Young in McLean, Va., and Emily Stone, a graduate of Loyola University Maryland and an employee with PwC in Baltimore, are among the 89 winners of the 2020 Elijah Watt Sells Award. The honor is given to CPA candidates who obtain a cumulative average score of 95.50 across all four sections of the Uniform CPA Exam, pass all four sections on their first attempt, and have completed testing in 2020.

FIRM NOTES For the seventh time, The Washington Post has named Aronson LLC as one of the D.C. area’s Top Workplaces. The Post’s Top Workplaces list spotlights the region’s top 200 companies with the highest ratings from their employees. In total, more than 1,300 companies were invited to participate and more than 104,000 employees were asked questions on how they view their jobs, their leadership, and the health of their organizations.

IN MEMORIAM Signey Friedman, CPA, a partner with Friedman and Associates, PA, in Owings Mills, has died.

mergers & acquisitions MARYLAND PRACTICES FOR SALE:

gross revenues shown: NW of Baltimore CPA $660K and Bethesda/ Gaithersburg/Frederick Area Tax Firm $117K. For additional information or to see nationwide listings and register for free email updates visit us at www.APS.net.

THINKING OF SELLING YOUR PRACTICE? 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 purchase. We also have the experience to help you find the right fit for your firm, negotiate the best price and terms and get the deal done. We welcome the opportunity to talk to 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@APS.net.

office space A C C O U N TA N T S O F F I C E Class A office space available to share in Pikesville 6 Reservoir Circle. 1700 sq. ft. suite is divided into 4 offices, 4 staff spaces, conference room and reception area. Available corner bay window office is 12X14 ft. plus 2 staff spaces if needed. Included in rent is Wi-Fi, copier, postage meter, fax line, access to office computer network using Ultra Tax, Creative Solutions GL, Depreciation Solution, File Cabinet Solution and other programs, free parking and some furniture if needed.

E-mail: bill@cpacpa.net

HOW TO SUBMIT A CLASSIFIED AD To submit a classified ad, contact Krislyn Suljak at krislyn@macpa.org, or 443-632-2307.

REPLIES TO ADS WITH FILE NUMBER: Email krislyn@macpa.org, or reply via mail: Krislyn Suljak MACPA, Classified Ads 901 Dulaney Valley Road, Suite 800, Towson, MD 21204

44

STATEMENT

MACPA COULDN’T DO EVERYTHING THAT WE DO FOR OUR MEMBERS WITHOUT OUR

PREFERRED PROVIDERS

L E AR N M O R E AT

www.macpa.org/preferred-provider-futureready-resources For information about sponsoring MACPA programs or to learn more about advertising with the MACPA please contact Amy Puente at 443.632.2323 or amyp@macpa.org.

SUMMER 2021

45

Some people consider talking about insurance as exhilarating as getting a root canal. The AICPA Professional Liability Program is different. It’s your program—created and presented by subject matter experts in the accounting profession.

Our approach is educational. Consultative. Our goal is to provide CPAs with a satisfying experience when it comes to helping insure their firm, as well as protecting their reputation and livelihood.

Complimentary quote: cpai.com/newlook

Speak with an AICPA Risk Advisor: 1.800.221.3023

Aon Insurance Services is the brand name for the brokerage and program administration operations of Affinity Insurance Services, Inc., a licensed producer in all states (TX 13695); (AR 100106022); in CA & MN, AIS Affinity Insurance Agency, Inc. (CA 0795465); in OK, AIS Affinity Insurance Services Inc.; in CA, Aon Affinity Insurance Services, Inc., (CA 0G94493), Aon Direct Insurance Administrators and Berkely Insurance Agency and in NY, AIS Affinity Insurance Agency.

One or more of the CNA companies provide the products and/or services described. The information is intended to present a general overview for illustrative purposes only. It is not intended to constitute a binding contract. Please remember that only the relevant insurance policy can provide the actual terms, coverages, amounts, conditions and exclusions for an insured. All products and services may not be available in all states and may be subject to change without notice. “CNA” is a registered trademark of CNA Financial Corporation. Certain CNA Financial Corporation subsidiaries use the “CNA” trademark in connection with insurance underwriting and claims activities. Copyright © 2021 CNA. All rights reserved.

E-13933-721 MD

LOOK AT INSURANCE FROM A NEW PERSPECTIVE

MARYLAND ASSOCIATION OF CERTIFIED PUBLIC ACCOUNTANTS 901 Dulaney Valley Road, Suite 800 Towson, MD 21204 410.296.6250 | www.macpa.org

The Government Contractors Conference is designed to help CPAs understand issues related to their government contractor clients and manage said engagements.

The Conference is unique in that it addresses current issues affecting government contracts so CPAs in industry can add strategic value to their organizations.

Managing government engagements with PRECISION

September 23, 2021 TWO WAYS TO REGISTER

College Park Marriott Hotel & Conference Center + Livestream CPE: 8 #MarylandCPAproud

REGISTER TODAY:

MACPA.ORG/GOVCONTRACTORS Group registration discounts apply.

SPONSORED BY: