MACPA Statement // Winter 2020

STATEMENT MACPA’S

WINTER 2020

TAX TALK 2020 AICPA tax director, Maryland comptroller break down what CPAs need to know ahead of Busy Season Page 4

Maryland Association of Certified Public Accountants, Inc.

ALSO INSIDE

How to pick up the pace of technological adoption Page 31

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CONTENTS Winter 2020 | Maryland Association of Certified Public Accountants, Inc.

CHAIR’S COLUMN.............................................................................. 2 FEATURES Tax talk 2020 Better service for busy season?......................................................................... 4 Calm before the … calm?................................................................................... 7

DEPARTMENTS Tax Corner............................................................................................................ 13 News and Views................................................................................................... 19 Public Practice...................................................................................................... 20 Business and Industry.......................................................................................... 25 Technology........................................................................................................... 28

MEMBER NOTES................................................................................ 34 CLASSIFIEDS........................................................................................... 34 UPCOMING EVENTS & COURSES.................................... 39 MEMBER SERVICES Lauren Baker

SPONSORSHIP / ADVERTISING SALES

Sydney Glen

Amy Puente

PEER REVIEW Cora Edwards E-LEARNING Akesha Brown Emily Trott SEMINARS/CONFERENCES Cyndi Powers Rebecca Zimmerman GROUP LEARNING

SENIOR STAFF Tom Hood, CPA CEO

Krislyn Suljak

Jackie Brown COO

2019–2020 BOARD OF DIRECTORS

Skip Falatko, CPA CFO

Ray Speciale, CPA, Esq. Chair

Bill Sheridan, CAE CCO

Avonette Blanding, CPA, Vice Chair

Rebekah Brown, CPA Director of Development

Lexy Kessler, CPA Secretary/Treasurer

Pam Devine Director of Group Learning & Sales

Samantha Bowling, CPA, CGMA Immediate Past Chair

Mary Beth Halpern Director Technical Services/ Regulatory Affairs

Christine Aspell, CPA

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

Pat Byer, CPA

Dee Sullivan Director of Learning

Laura Dorsey-Shaner

Jeff Cook, CPA, CITP, CIPT, CISA

Debbie Zizwarek Director of Compliance

Chris Dougherty

Tricia Griffis, CPA

Terri Haw

Karen Syrylo, CPA

Jennifer Stevens

RIch Stang, CPA

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.

Ryan Wey

Denise West, CPA, CGMA

The Statement is published four times a year by the Maryland Association of Certified Public Accountants, Inc.

Leon Katznelson, Public Member

Bill Sheridan, Editor Krislyn Suljak, Advertising Sales

Katie Ainsley Natalie Atonakas

WINTER 2020

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

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CHAIR’S COLUMN ‘Seismic’ changes in General Assembly make your legislative advocacy more important than ever

BY RAY SPECIALE, ESQ., CPA / ASSOCIATE PROFESSOR, MOUNT ST. MARY’S UNIVERSITY Every January, we issue a call to arms for our members: “Stay frosty, CPAs. Maryland’s General Assembly is back in session. Be ready when the call comes.”

That would be a call for help. Each spring, we need CPAs to join us in Annapolis to help educate legislators about the ramifications of the bills they’re trying to pass. Our members answer that call each year.

They may not be the first things that come to mind when one hears the word “disruption,” but legislation and regulation are as disruptive to our profession as any technology. Renowned futurist Daniel Burris calls increasing legislation and regulation one of the top trends that will continue to impact our profession now and into the future. It’s no wonder we pay agonizingly close attention to this stuff.

This year, it’s more important than ever.

“Seismic” is the way state Sen. Brian Feldman describes the changes that have hit the General Assembly over the past year.

• In January 2019, 60 new lawmakers — 43 in the House and 17 in the Senate — took their seats in the General Assembly. That’s a huge portion of the legislature that were new to their jobs, and CPAs rallied to acclimate themselves to the new lawmakers while also acclimating the legislators to their new roles as lawmakers.

• On April 7, House Speaker Michael Bush died from pneumonia at the age of 72. Busch was a powerful political figure in Maryland who had served as House speaker since 2003. Adrienne Jones, a Democrat from the 10th legislative district, was named House speaker, becoming the first AfricanAmerican and the first woman to fill that role.

• In October, Senate President Thomas “Mike” Miller, the longest-serving state senate president in the United States, announced he would end his 32-year reign due to an ongoing battle with prostate cancer.

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• In December, state Sen. Bobby Zirkin, chairman of the Senate Judicial Proceedings Committee, announced plans to resign to focus on his law practice, his family, and a new project to help professional athletes with charities.

In less than a year, more than 30 percent of the seats in Maryland’s General Assembly changed hands, the decades-long tenures of the leaders in both houses of the legislature ended, and the chair of one of the Senate’s most influential committees stepped down.

Seismic, indeed.

The MACPA’s legislative mission now is to rebuild the relationships we’ve lost by these monumental changes in personnel.

Busch, Miller, and Zirkin were friends of the profession who understood our issues and worked with us to enact reasoned legislation. Now we must reconnect the dots with new leaders and lawmakers.

On top of all that, our 2020 legislative agenda will be packed with issues that could have an explosive impact on our profession.

• Early indications are that tort reform / comparative fault legislation may be introduced this year. If passed, this will result in increased professional liability and the potential for more lawsuits against firms. Needless to say, we would oppose such legislation.

• We’re also watching potential efforts to raise revenue by imposing sales taxes on professional services — which we also would oppose.

• We’ll work to defeat efforts to impose excessive data protection and privacy legislation.

• Similarly, we will aggressively oppose efforts to weaken or eliminate professional licensing boards, a deregulatory risk that has arisen in several other states recently.

• We will also work to stop service contracts, employee tracking, excessive overtime legislation, and other onerous employment laws • We will be closely monitoring legislation related to Maryland tax policy and offering our insights as needed.

Here’s how you can help.

STEP 1: ATTEND CPA DAY IN ANNAPOLIS Our legislative efforts start here. Scheduled for Jan. 23, CPA Day in Annapolis is your opportunity to speak with your legislators about matters that impact our profession.

The event is free for MACPA members and includes two hours of free CPE. You’ll find details at MACPA.org/CPADay. STEP 2: CONTRIBUTE TO OUR PAC When you or your organization contribute to the MACPA’s Political Action Committee, you help us keep our agenda in front of the legislators who can dramatically affect our profession and our clients. Membership dues do not support any direct lobbying efforts on behalf of CPAs. That’s where you come in. You can make a donation at MACPA.org/Advocacy.

STEP 3: GET ACTIVE Consider joining the MACPA’s legislative volunteers by agreeing to meet with legislators or testify before key General Assembly committees about issues of importance to the profession.

STEP 4: BECOME A KEY PERSON ADVOCATE Given the turnover in both houses of the General Assembly, this is critically important. By forming relationships with legislators and aides and acquainting legislators with the consequences of their votes, advocates can make sure our issues are understood and considered. Do you already have an established relationship with a key legislator? Let us know! Contact marybeth@ macpa.org with your information.

And that will be just the tip of the iceberg.

It’s already shaping up as an extraordinarily busy legislative session.

Join us at CPA Day. Join our team of legislative volunteers. Educate yourself on the issues and commit yourself to making an impact.

Get educated, then get active. Our profession and our state need your insights and expertise more than ever.

For details on how to join the legislative fight, visit MACPA.org/Advocacy.

STATEMENT

COMPLIMENTARY CPE FOR MEMBERS

2020

Promoting and protecting CPAs in Maryland Annapolis

Governor Calvert House CPE: 2

MACPA.ORG/CPADAY

Once a year, CPAs gather in Annapolis to make their professional interests known to Maryland legislators. The Maryland Association of CPAs engages in ongoing legislative and lobbying efforts, and CPA Day is the best time for CPAs to show their support and advocate for our profession. A two hour CPE session is included for participants.

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TAX TALK 2020

Better service for busy season?

Maryland’s State comptroller touts upgraded website, better experiences for taxpayers and tax pros alike

BY BILL S HERIDAN, C AE More than any specific law or regulation, Maryland Comptroller Peter Franchot’s office is focusing on customer experiences as Tax Season 2020 approaches.

In a mid-December interview, Franchot said his team has a “laser-like focus” on what he calls the three Rs — respect, responses, and results for Maryland’s taxpayers. A redesigned, state-of-the-art website at MarylandTaxes.gov is designed to address all three.

But those experiences go beyond the public-facing website. New data storage and data tax processing systems will modernize the comptroller’s infrastructure and deliver better experiences for all, Franchot said.

The following is a lightly edited transcript of our brief but wide-ranging interview.

And keep an eye on our blog at MACPA.org/blog for further answers from the comptroller to questions submitted on behalf of MACPA members.

AN EXCLUSIVE INTERVIEW WITH

PETER FRANCHOT @PeterFranchot

Bill Sheridan: Comptroller Franchot, thank you so much for being here today.

My first question as we get closer to the start of the new year and tax season, is simply this: What’s top of mind for you and your team as you look ahead to the upcoming busy season?

Peter Franchot: It’s really a laser-like focus on customer service. I tell everybody in the agency, it’s all about the three Rs. We have to respect the taxpayers, respond to the taxpayers, get results for the taxpayers. We have to answer the phone. We have to be professional. We have to be empathetic with the frustrations that many people have when they contact the office, so we’re going to focus on that. On Monday, Dec. 16, we launched our new website, which is so significantly improved and updated and upgraded from the old website. Frankly, we were concerned that members of the public would think it was fake because it’s so good and so different.

Instead, obviously we want them to appreciate the fact that we spent a huge amount of time interviewing individual taxpayers, business taxpayers, and tax preparers — CPAs, obviously — to figure out exactly what the inadequacies of the longtime website were and what we could do to improve it. Two years later, we have this fabulous product being rolled out, which looks great and completely simplifies the process. We think people will appreciate it for years to come.

It’s easy to navigate, it has simplified all the typical searches, and it allows you to immediately contact an employee if you’re running into problems. It’s very, very sophisticated.

Technologically, it’s interoperable with cell phones and laptops and regular computers. It’s kind of the Cadillac of the Cadillac. We have about 15 million visits per year at our website, so I think it’s going to be appreciated by a lot of people.

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STATEMENT

BS: Tax wise, what are some of the top issues that you and your team are kind of watching this year?

PF: The key for us is fast refunds. As you know, in January, February and March, we get the vast majority of refund requests if they don’t have some outstanding issue with the electronic return; 86 percent of people are filing electronically (during that time). We try to get refunds back in their bank accounts in an average of 2.2 business days. That’s the major focus that I, as an elected official, have, because if we screw that up, I’ll be an ex-comptroller.

We’re paying a lot of attention to making sure the system works. We’re phasing in a new data storage system and a data tax processing system. We’re starting with the alcohol tax, but that’s going to be phased in over four years and we’re keeping a very strict eye on that also.

BS: That tax return processing system ... it’s called Compass, is that correct?

PF: Correct. That’s the Compass system.

BS: Tell me a little bit about that. What are your goals for that system and what are some of the new functionalities that it offers?

PF: We wanted to modernize and update it just like we did on the website. We took two years to do the website. We’ve taken longer than that for the Compass project because it’s obviously a complete modernization of the tax processing, the payment, the case management systems. It’s going to fully integrate all the taxes we administer, including the state tax and abandoned property.

And heck, maybe at some point I’ll throw in unclaimed property, because that’s always a nice thing if you can find some tax-free inheritance money that you didn’t know is hidden in somebody’s safe deposit box.

Anyway, it’s a big deal. The Compass program, it’s a $160 million program that the legislature appropriately supported us on.

And once again that’s going to bring us to a position of customer service that will be unparalleled in the country and will last for decades as an infrastructure.

I tell everybody in the agency, it’s all about the three Rs. We have to respect the taxpayers, respond to the taxpayers, get results for the taxpayers. — PETER FRANCHOT

PF: But fraud is a big issue. We think that the Compass program will help us as we continue to develop algorithms to weed out fraudulent returns, which are just unstoppable. They’re like a river coming down the mountain. They just keep coming and coming.

BS: We definitely hear about more and more fraud these days. Compass is going to kind of help you combat some of that?

PF: Well, our fraud detection unit is looking forward to the new Compass program because it’s just more sophisticated technology, obviously better software, obviously more user friendly for our employees and for you folks on the outside. The website and the Compass plan are going to be complimentary upgrades that everybody appreciates.

BS: What are some of the other things that you and your team are doing to stop fraud and catch fraudulent preparers?

PF: Since I’ve been comptroller, we’ve put aside 100,000 fraudulent returns totaling $200 million that the federal government just went ahead and paid, amazing as that sounds. The federal government now is a little bit stricter and has some filters of their own and are beginning to not send out and reward criminal behavior as they did in the past. I’m not suggesting that was deliberate on their part. It’s just that their processing equipment, according to them, didn’t allow them to do it.

We are using all of that fraud detection information and technology. And you know, we’re not perfect. I’m sure some of it

slips through. But I think most hackers and criminals who use fraud on fraudulent tax refunds would just as soon start with a state other than Maryland.

BS: Of course, the start of tax season pretty much corresponds with the start of Maryland’s General Assembly season.

I’m curious what your tax-related goals might be for the upcoming legislative session.

PF: First and foremost, it’s to focus like a laser on small businesses in Maryland.

These are the engines of our economic prosperity. As you know, we have a GDP of about $400 billion. We’re told that we’re the richest state in the country based on family median income. We have tremendous wealth accumulated. The state’s economy is powered by consumer spending — almost 70 percent of the GDP. So we need to get more cash into the pockets of small businesses that can sell more products, employ more Marylanders, allow them to have living wages and support themselves.

Part of that is watching what we’re doing in the legislature. I don’t happen to think the legislature should increase taxes at all. I’m not ideological, I’m not insistent that they cut taxes. I just think we need stability and certainty and predictability as far as the tax structure. Then, we need to be careful on regulations, that we’re not standing in the way of innovation and entrepreneurship.

We need to articulate the fact that small businesses are incredibly important. That’s my advice to the legislature, and some of them listen to me and some of them don’t.

CONTINUED ON PAGE 6

WINTER 2020

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TAX TALK 2020 CONTINUED FROM PAGE 5

BS: Of course the legislature itself has undergone a lot of change over the last year. What are you doing to familiarize the new faces in the General Assembly and get them up to speed on some of these issues?

PF: Most of them I served with when I was in the legislature, or I’ve interacted with them as comptroller. Generally, I always tell them, “Let’s make sure you do no harm. Don’t get involved in petty actions. Let’s make sure we’re all working on behalf of not just the Democrats or not just the Republicans. Let’s work on behalf of everybody.”

BS: One of the big issues facing our profession, of course, is recruiting and retaining great talent. I’m curious: What kind of recruiting do you do to find the right people for your staff?

PF: I want to thank my deputy comptroller, Sharonne Bonardi, who does such a great job. She came up with the idea of partnering with a Maryland public university (the University of Baltimore) and getting special training for some of their graduating folks in the accounting and auditing area. First of all, it gives them some reallife experience, and we work very closely in the classroom with these folks that are interested in gaining skills. Then, most importantly to us, we recruit them. We only pick the best, but we taught them in schools, so it’s a wonderful symmetry and a kind of seamless partnership where the kids self select, we give them training, they get credit, and then when they graduate, we get to hire them.

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Let’s make sure you do no harm. Don’t get involved in petty actions. Let’s make sure we’re all working on behalf of not just the Democrats or not just the Republicans. Let’s work on behalf of everybody. — PETER FRANCHOT

BS: How is that course progressing?

PF: I would say very well. Kurt Schmoke, the president of the University of Baltimore, has been a big supporter. Sharonne obviously deserves the credit for it, but it’s a very innovative contribution to the City of Baltimore. We’re also going to move our employees from State Center down somewhere in the general neighborhood of where the University of Baltimore is — not to the Inner Harbor, but definitely on the downtown side of Baltimore and provide a new building, we hope, for our employees which is safe and secure and most of all accessible to the citizens of Baltimore in the region. We have a big fondness for the City of Baltimore. It has some obvious challenges right now, so we would like to make contributions that are positive where we can.

BS: Back to tax season: What are you hearing from tax preparers this year?

What’s the general tone from the profession as tax season approaches?

PF: I think they appreciate the partnership we have. I mean, we spend a lot of time dealing with folks. I mentioned all of the visits to the website. A lot of those come from (the CPA) sector, because everybody’s got questions. We have an opendoor policy. We are responsive to anybody who’s in touch with us. I think everybody’s probably resting up right now and getting ready for the new year.

BS: Tell me a little more about the move out of the Preston Street State Center Office Complex.

PF: State Center, where they are currently located, is crumbling. Literally crumbling.

There’s all sorts of litigation as far as what to do with State Center. We’re not going to wait around. We need to get a new building and we’re going to do that. That’s where the majority of our employees who are in compliance will be relocated once that’s sorted out.

STATEMENT

TAX TALK 2020

Calm before the … calm?

Post-TCJA, the months before tax season have been relatively quiet. But issues remain, including TCJA clarifications, cyber guidance, and the new W-4

BY BILL S HERIDAN, C AE Thus far, the Tax Cuts and Jobs Act has been the holiday gift that keeps on giving.

The weeks leading up to the past two tax seasons have been barely organized chaos, thanks to federal tax reforms: How would the Tax Reform and Jobs Act impact taxpayers?

Would practitioners have the information they needed to soundly advise their clients?

Would the IRS be up to speed in implementing the TCJA’s provisions, or would delays to the start of the season set everyone back?

In retrospect, tax professionals and their clients survived … more or less. But as the start of another tax season looms on the horizon, many in the profession are asking, “What does this year have in store for us?”

For answers, I turned to Cari Weston.

AN EXCLUSIVE INTERVIEW WITH

CARI WESTON @CariWestonCPA

Weston is director of tax practice and ethics for the American Institute of CPAs. She and I sat down at the 2019 Digital CPA Conference in Seattle to talk about the issues that will be impacting tax pros. This year, for a change, those issues go well beyond the TCJA. The following is a transcript of our conversation. With the exception of a few light edits, the words are ours.

Bill Sheridan: These conversations are starting to become a bit of a pre-tax season tradition for us.

Cari Weston: They are.

BS: Very generally, what’s top of mind for you and your team at the AICPA right now as you look ahead to tax season?

CW: It’s really about making sure our tax practitioner members in the profession are ready for the Tax Cuts and Jobs Act and the clarifications that have been issued. There are a lot of issues this year around cybersecurity, due diligence, and risk awareness, including one thing that surprised tax practitioners when they went to renew their PTINs (Preparer Tax Identification Numbers). It was a request to attest to the fact that they have a data security plan to ensure that they’re protecting their clients’ data. So while there wasn’t any massive tax reform change this year, there was clarification. There was guidance given in the way of tax reform, and there were some (provisions) that may have actually led to some early decisions or actions that were taken based on a lack of information last year, meaning they need to revisit work they’ve done before they can prepare this year’s return for clients.

CONTINUED ON PAGE 8

WINTER 2020

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TAX TALK 2020 CONTINUED FROM PAGE 7

BS: Let’s start with that then. The last couple of years, the Tax Cuts and Jobs Act has been at the top of everybody’s mind going into tax season. There’s nothing really new this year, but there are some clarifications that you were talking about. Explain exactly what was clarified. What do our members need to know?

CW: The biggest issue that was causing concern last year was the Section 199A deduction, which is the additional deduction for pass-through entities. There were some additional regulations issued at the end of last year, but we were anticipating those. So the Section 199A: There’s been a lot of clarification on that as far as passthrough entities. The other thing that’s a bit up in the air right now is the state and local tax deduction for individual taxpayers. We know the IRS said you can only deduct a maximum of $10,000 for the combination of sales and use real estate tax, state income tax that you are deducting on your Schedule A. We also know that some of our states that have really high tax rates — and I’m thinking California, New York, Connecticut, New Jersey — they’ve got really high state tax rates and real estate property tax rates. So those taxpayers are some of those being hit the hardest by that adjustment.

As a result, the initial reaction in those states was to look for a work-around. What they went to was this pseudo charitable contribution. So Bill, you’re my tax collector and rather than pay my $20,000 in real estate tax on my house to you, I’m actually going to make a contribution to a general fund for the state. I’m going to get a deduction for that contribution, and in exchange you’re going to forgive my real estate taxes, right? So for a tax practitioner, there are some real concerns about the visibility of that, right? It looks and sounds and smells like a tax deduction or some self-dealing.

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But what they’ve said was, “Well, we’ve done this for years in other areas.” I mean, charter schools, local wildlife funds and things of that nature — you can make a donation and get a reduction of tax. So as a result, the IRS came out last year and said, “No, that isn’t going to fly.” And we have several states now that have banned together and are suing the IRS for that. So that’s one of those issues where we really struggle to advise our members in the tax profession. We have to say, “You have to follow the law as it’s written,” right? We have standards, your state has standards, you have to follow the laws as written. But you also have an obligation under your AICPA standards to not to let your clients pay a dollar more in tax than they’re legally entitled to. So if there’s a true case or a real argument for making one of these contributions or the work-around, we’re finding a lot of our members are really conflicted about how to advise their clients going forward.

BS: What kind of advice would you give them in that kind of situation where it’s like, it’s the law versus what you want to do that’s helpful and right for your clients. Where are you kind of leading them at this point?

CW: We’re saying you have to follow the law, and the letter of the law says these work-arounds don’t work. But what I’ll say — not as an AICPA representative but as Cari Weston, who has been a tax practitioner for years, and this is part of what I loved about tax practice — is that I feel like you can live in the gray. My opinion was always, this isn’t my decision to make. It’s my job to advise my clients. This is their tax return and their decision. If an area is clearly black or white, I’m going to tell you it’s clearly black or white. If there’s some room for interpretation, then we’re going to tell you where the gray is and what your risks are with going one way versus taking a straight, more conservative approach. Then we’ll ultimately allow the taxpayer to make that decision because it is their return.

If I’ve done the research and I can document it and follow a consistent pattern with all of my clients about how to approach any area that’s gray in the tax law, and I follow that, then I’ve done my due diligence. I’ve

done my job. If it comes back that it’s not legal, that you can’t do this, then the onus is back on me when those cases are settled, to go back to my clients and say, “Look, we had a good case, we built up a good file, we had a good argument for this, but the case has been settled. It’s clearly been determined that you cannot do this. I recommend you amend the return.”

Again, it’s the client’s decision. I know that may sound a little controversial, but I do think it’s the client’s return. On the flip side, Bill, what happens often — and did happen to me as well — was that clients would come in knowing how they want you to handle something of this nature, what position they want you to take, and I firmly believed they could not take that position.

Again, it is their return, but my obligation is to make sure that return is correct and accurate, and I can’t sign it as a CPA if I believe it to be inaccurate.

BS: Got it. So, are there any other trap doors related to the TCJA, or are the waters starting to finally calm down a little bit?

CW: I think they are. There are some issues with the business interest limitations. This isn’t as prevalent because it’s largely the bigger corporations and publicly traded corporations last year, with companies that computed the repatriation tax. They paid it all upfront and then figured out they could have paid it out over eight years. Or alternatively, they paid it out up front but they believe they miscalculated it. We’ve had some concerns. We’ve been working with the IRS on trying to help them get that money back. The IRS has contended — because if you look at the code literally — that they aren’t entitled to a refund because it was a payment of a tax, it wasn’t like an estimated payment. It wasn’t a prepayment of an estimated tax. It was payment of a calculated tax. There’s been some issue with that, although that has settled down quite a bit. I think many have learned from those who went in early and are still fighting that battle.

The other issue is around some of this self-employment income. There was a big case in California not too long ago about

STATEMENT

My one piece of advice is to hire somebody to infiltrate or test your cyber systems...I think the key is to hire a firm or a company that will come in and evaluate you before you get into tax season, one that will test you and your staff.

— CARI WESTON

the treatment of gig economy people as employees versus independent contractors. If you’ve been in the accounting and tax industry your entire career, that’s been a big issue. We’re not certain how clients are going to approach their CPAs as far as how they’ve handled that situation from a tax standpoint — whether they’ve assumed these folks were employees or independent contractors.

BS: So when we started the conversation, you listed a litany of other kinds of areas you are watching that you think members might need to know about going into tax season. I think cybersecurity was near the top of the list. What’s going on with cyber?

CW: It’s no surprise that cyber attacks are on the rise. What we found in working with the IRS’ Criminal Investigations unit is that about two years ago, there was a shift from going after individual taxpayer accounts for tax identity theft to going after firms. The criminals figured out, “I can hack one person and get one person’s information, or I can hack one firm and get hundreds of peoples’ information.”

That’s where this new attestation on the PTIN application came in. It really shook a lot of our members, because they said, “Well, of course we know cybersecurity is an utmost concern.” Hopefully, they have a separate policy.

Most of your liability carriers don’t include a cyber breach in your coverage. So there

needs to be a separate policy or rider on your additional policy for that. They knew about that, but what they didn’t look at were some of the details that are involved in protecting their clients’ data. We know there are big hits coming from Russia and China. Those are the biggest culprits right now. They’re hitting CPA firms, they’re hitting third-party vendors. One of the things we’re finding is that practitioners may really shore up internally what they’re working on, but they might not think about a consultant, a third-party vendor they’re using, and the fact that they’re also responsible for ensuring that they’re in compliance, and that they’re using the highest standards to safeguard their clients’ data.

BS: The risk goes beyond a CPA’s doors.

It can fall with whoever that CPA happens to be working with.

CW: That’s exactly right. We saw some breaches last year, and I won’t name companies, but some really big companies were breached during tax season last year.

BS: What kind of advice would you suggest to our members in this area? What would be the one solid piece of advice that you could offer them around cyber at this point?

CW: My one piece of advice is to hire somebody to infiltrate or test your cyber systems. We know with the Internet, with what’s available out there, there’s information overload, there’s contradicting information. I think the key is to hire a firm or

a company that will come in and evaluate you before you get into tax season, one that will test you and your staff. They’ll send phishing e-mails to your staff to see who bites — not to terminate them, but to educate them. You bit on this — bite now, but don’t bite when the real hackers come calling. Ask them to infiltrate your system.

I think that’s the biggest thing you can do right now. I think it’s worth the investment to have it done, to have that peace of mind to shore up any holes you might have.

BS: What other kinds of red flags or issues are you watching and making tax practitioners aware of going into tax season? What other areas are worth paying attention to at this point?

CW: There’s likely to be some legislative updates at the end of the year, some things that get revised or extended. As always, just constantly stay on top of the tax changes that are happening at the end of the year. It’s a tough call, Bill, because there are so many things that are going on.

One of the things that’s probably big is the new W-4. There’s a new W-4 form that’s going to impact individual and business clients. It’s like nothing we’ve ever seen before if you haven’t looked at it.

The days of saying, “I’m a single-zero,” or “I’m married to …” and people knowing what that meant — those days are gone, right? There are no dependent exemptions anymore. This new worksheet actually has you compute your taxable income and compute or estimate your deductions, and it doesn’t give you a number to withhold.

So I think from the taxpayer side, they’re possibly going to be confused about this new form. From the CPA side, we should be proactive in getting in there and saying, “You’re going to have a new form. Let’s look at that form together. Let me help educate you about how to fill this out.”

I like the new form, personally. How many times did I have clients who had two jobs and, let’s say they made $20,000 in one job and $40,000 in another job. So they made $60,000. But that $20,000 job probably withheld little to no tax and the $40,000 job only withheld enough, assuming they made $40,000. When they go to $60,000, CONTINUED ON PAGE 10

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TAX TALK 2020 CONTINUED FROM PAGE 9

they’ve significantly under-withheld. This new W-4 takes into consideration whether you have multiple jobs.

Also, it helps them factor in whether they’re self-employed. That’s good. But I think the traps for this are going to be if you have clients that are businesses: How are they going to handle helping their employees complete this new form and how are they going to process this new form from a technology standpoint if their software doesn’t update right away for those changes?

The other big thing we’re watching is crypto. Cryptocurrency is huge. People are in varying levels of involvement in it. The IRS just came out with some guidance on it.

The AICPA agrees and disagrees with some of it, but it’s one of the hot topics we’re staying on top of. If you’re a tax person, you should realize that they’re not treating it as currency. They’re treating it as an asset.

BS: I was just in a session recently in which somebody said anywhere between 10 and 15 percent of the American population own some kind of crypto asset at this point. So this isn’t some fringe thing anymore. This is a big deal.

CW: It is a big deal, and things might not be going away. The other thing I think people aren’t thinking about is the fact that people are doing business with this. So if you just thought, “Oh, my individual client might be dabbling in this” … what about your business clients who are accepting it as payment? What are they doing with what’s sitting on their books? If it’s not cash, what is it that’s sitting there? There are a lot of traps, a lot of tricks, some good opportunities to get in there and see what’s going on. People should definitely read the updated rules on that. There are also some software tools — in fact, a little birdie told me that there is something going on here at Digital CPA about a new tax tool that actually helps practitioners with tracking and reporting on crypto for their clients.

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BS: I’m sure we’re going to be seeing more of this as it becomes more popular and time goes on, and certainly more and more nuances in how regulators are tracking this type of stuff.

CW: That’s exactly right.

BS: What are you hearing from tax practitioners as you go into tax season? Are they thinking this year will be easier, harder, more complex than years past?

What kind of things are you hearing from your members?

CW: I have to tell you, Bill, this is probably one of the quietest last quarters that I’ve seen since I’ve joined the AICPA. There’s that calm that’s either a sense of, “We’re settled in, we’ve got this,” or this calm of, “I have no idea what’s coming.” So I don’t know what to panic about, right? I think, in general, there’s a sense that things in the tax reform area have settled down, that people have a better understanding. There isn’t that panic that was there last year.

However, at the same time, I think there were a lot of clients who were prepared to know very little, or a lot of tax practitioners who were prepared to know just enough to get through last tax season. This year they know so much that sometimes, overknowledge can actually complicate things.

BS: What about on the IRS front? There have been talks of delays over the last couple of years is they struggled to implement the provisions of the new tax reform laws. What are you hearing from the federal side of things this year?

How well prepared are they for things to get rolling?

CW: On the plus side, the fact that we have Commissioner (Charles) Rettig in there is a plus. He’s a tax practitioner, a friend of the profession. He’s put an emphasis on IRS services, especially when it comes to practitioners. It’s something the AICPA has been advocating for years: If you help practitioners, you help taxpayers.

We can go to a higher level very quickly and resolve some matters because we’re speaking a common language with your agents. There’s an emphasis on IRS service level increases. There’s an emphasis on additional services for the practitioners, and some funding there.

I’ve not heard of any delays this year. There were no massive tax law changes that are causing any reprogramming, but that could always happen. It sounds like we’re on track right now. I want to be optimistic and say with what they’ve been putting in place, I’m hoping this is going to be a smoother tax season for our practitioners.

BS: Of course, the dead elephant in the room is the 2020 elections, which are going to dominate the news cycle for the next year or so. Are you expecting tax issues to play any kind of role in the elections? Is this going to be an issue that bears watching?

CW: Taxes always seem to come up as part of an election cycle. Always. It’s a big thing because people listen. It affects every U.S. taxpayer. It’s personal to them. But the other thing I will tell you is that I’ve learned that any major tax changes and overhauls generally don’t happen proceeding elections. Nothing big tends to happen. It is talked about a lot, but nothing big tends to happen.

My prediction is it’s going to be talked about, but I don’t think there’s going to be any massive change. Obviously, we know there’s a party that’s really happy with the tax reforms and what’s happened, and there’s another party that’s very unhappy with a lot of the provisions, specifically around Schedule A. That state and local tax deduction is a hot item. So is the repatriation tax, and of course the disparate tax levels for corporate tax. If you’re watching any of the hearings that are going on, the financial hearings, a big thing is that flat tax rate for C corporations is a disadvantage to other taxpayers. If I predicted that’s going to be a big topic of conversation, I think we’ll be up there. But my gut tells me there’s not going to be anything done about it.

BS: One thing we haven’t talked about yet that was kind of hot topic a year ago is Wayfair. What’s happened in the year since? I know when we talked last year things were just starting to ramp up on a state-by-state level about how they were going to comply with this and what it was going to look like. What have you seen since then?

STATEMENT

CW: Honestly, I thought that there would be a lot more states that would be rushing in to say, “We’re claiming our piece of the pie.” And I haven’t seen that at the rate that I thought we would see. The one thing I’ve seen is more of an increase in a use tax from the states as some of them are looking at this and saying, “Okay, well this got dropped in here, but you didn’t have a tax ability.” I think the concern with that passive approach is that a general taxpayer doesn’t even know what that means. They want to be charged the tax when they purchase the item. If they are not charged the tax when they purchase their item, it’s out of their mind.

So they’re not going to go back after the fact to report it to their state. There was a push many years ago — and I think it may have started with California, maybe Orange County filing bankruptcy when the states were so aggressively auditing businesses for state and local tax. There was so much need for revenue. I anticipated that the Wayfair decision was going to mirror the rush of the states ramping up on revenue agents, auditing businesses, revising rules to come

in and say, “You know, you don’t have a physical presence, you didn’t have nexus, but you do under Wayfair. We’re going to start taxing you.” And I haven’t seen it yet.

Maybe they’re in the building stage.

BS: That’s going to be interesting to watch. Where should CPAs go for more information to keep up on the status of things as tax season approaches?

CW: A really good place, obviously, is AICPA.org. If you come to the AICPA website’s Tax Interest area, there’s a Tax Reform Resource Center. If you haven’t already bookmarked that, that’s a really good place to start. Anytime there’s anything new as far as guidance, we put it on there. If there’s any new guidance, any clarification, anything pending, it’s going to be there. In addition, our advocacy team in DC does a lot of work to try and get clarification and guidance on what’s going on there. We’ve got their comment letters. So if you’re thinking, “I don’t understand this provision. What’s somebody doing about it?” you can read what they think and what they’re recommending.

There’s also a lot of free materials.

Bookminders

Also, if you go to the Tax Interest area, the main landing page, we try to keep it up to date with day-to-day things that are happening. If there will be a delay in the opening of tax season, that’s where you’re going to find out about it. You’ll find information on new forms. It’s a combination of the two for staying on top of that information.

Bill Sheridan, CAE, is editor of The Statement and chief communications officer of the Maryland Association of CPAs.

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STATEMENT

TAX CORNER ‘Professional services’ guidance for the QBI deduction helps define specified services B Y M I K E D’AV OLIO, CPA , JD On Aug. 8, 2018, the IRS released proposed regulations around the centerpiece provision of the Tax Cuts and Jobs Act. The new Sec. 199A measure affords owners of sole proprietorships, partnerships, trusts, and S corporations a lucrative 20 percent deduction on their qualified business income (or QBI) beginning in tax year 2018.

In general, the deduction is available to qualifying business owners with taxable income below $315,000 for joint filers and below $157,500 for other filers. Overall, the deduction is limited to the lesser of 20 percent of QBI (plus 20 percent of qualified real estate investment trust dividends and qualified publicly traded partnership income), or 20 percent of taxable income minus net capital gain.

SPECIFIED SERVICE TRADES OR BUSINESSES The Sec. 199A deduction does not apply to specified service trades or businesses (SSTB) whose taxable income is above $415,000 for joint filers and $207,500 for other filers. It is partially allowed when taxable income is between $315,000 and $415,000 for joint filers and between $157,500 and $207,500 for other filers. The amounts listed here are for tax year 2018. Individuals with taxable income below these threshold levels are not subject to the limitations.

The regulations elaborate on and provide examples on which professions are included and excluded in the definition of a specified service trade or business.

DE MINIMIS EXCEPTION If you have a blend of income from an SSTB and a non-SSTB and your gross receipts from the SSTB component are under a certain threshold percentage, a de minimis rule applies and will allow the SSTB to be fully eligible for the QBI deduction.

• If gross receipts from a trade or business are $25 million or less and less than 10 percent of the gross receipts are from an SSTB, the activity is not treated as an SSTB. • If gross receipts from a trade or business are more than $25 million and less than 5 percent of the gross receipts are from an SSTB, the activity is not treated as an SSTB. ANCILLARY RULE If your trade or business provides services or property to an SSTB and there is 50 percent or more common ownership of the trades or businesses, that portion of the services or property provided to the SSTB is treated as a separate SSTB.

The information below includes excerpts from IRS Publication 535, Business Expenses, and will help tax professionals advise their clients on this aspect of the Sec. 199A deduction.

HEALTH Included fields: Physicians, pharmacists, nurses, dentists, veterinarians, physical therapists, psychologists and other similar health care professionals performing services who provide medical services directly to a patient.

Excluded fields: Services not directly related to a medical services field, such as the operation of health clubs or spas, payment processing, or the research, testing, manufacture and sale of pharmaceuticals or medical devices.

LAW Included fields: Lawyers, paralegals, legal arbitrators, mediators and similar professionals.

Excluded fields: Services that do not require skills unique to the field of law, such as services by printers, delivery services or stenography services.

ACCOUNTING Included fields: Accountants, enrolled agents, return preparers, financial auditors and similar professionals.

ACTUARIAL SCIENCE Included fields: Actuaries and similar professionals.

PERFORMING ARTS Included fields: Actors, directors, singers, musicians, entertainers and similar professionals.

CONTINUED ON PAGE 14

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TAX CORNER CONTINUED FROM PAGE 13

Excluded fields: Services that do not require skills unique to the creation of performing arts, such as the maintenance and operation of equipment or facilities for use in the performing arts, or the provision of services by persons who broadcast video or audio of performing arts to the public.

CONSULTING Included fields: Consulting, including providing advice and counsel with the intention of influencing decisions made by a government or governmental agency, and all attempts to influence legislators and other government officials on behalf of a client by lobbyists and other similar professionals.

Excluded fields: The performance of services, other than advice of counsel, such as sales, and training of educational courses. It also excludes embedded or ancillary services that are otherwise not SSTBs, if there is no separate payment for the consulting services.

ATHLETICS Included fields: Athletes, coaches and managers in sports, such as baseball, basketball, football, soccer, hockey, martial arts, boxing, bowling, tennis, golf, snowboarding, track and field, billiards, racing and other athletic performance.

Excluded fields: Services that do not require skills unique to athletic competition, such as the maintenance and operation of equipment or facilities for use in athletic events or the provision of services by persons who broadcast video or audio of athletic events to the public.

FINANCIAL SERVICES Included fields: Managing wealth, advising clients with respect to finances, developing retirement plans, developing wealth transition plans, the provision of advisory and other similar services regarding valuations, mergers, acquisitions, dispositions, restructuring (including in title 11 or similar cases), and raising financial capital by underwriting, or acting as a client’s agent in the issuance of securities and similar services. This includes services provided by financial advisors, investment bankers, wealth planners, retirement advisors and other similar professionals.

Excluded fields: Taking deposits or making loans, but does not include arrange lending transactions between a lender and borrower.

If taxable income is above the threshold, consider trying to reduce taxable income so you can qualify for the QBI deduction...

INVESTING AND INVESTMENT MANAGEMENT Included fields: Investment and investment management, in which a fee is received for providing investing, asset management or investment management services, including providing advice with respect to buying and selling investments.

TRADING Included fields: Trading, including the trade or business of trading in securities (as defined in Sec. 475(c)(2)), commodities (as defined in Sec. 475(e)(2)) or partnership interests.

DEALING IN SECURITIES Included fields: Dealing in securities, including dealing in securities (as defined in Sec. 475(c)(2)), commodities (as defined in Sec. 475(e)(2)) or partnership interest.

CATCH-ALL CATEGORY Included fields: Any trade or business where the principal asset is the reputation or skill of one or more of its owners or employees, as demonstrated by: • Receiving fees, compensation or other income for endorsing products or services.

• Licensing or receiving fees, compensation or other income for the use of an individual’s image, likeness, name, signature, voice, trademark, or any other symbols associated with the individual’s identity.

• Receiving fees, compensation or other income for appearing at an event, or on radio, television or another media format PLANNING TIP If taxable income is above the threshold, consider trying to reduce taxable income so you can qualify for the QBI deduction, including the following:

BROKERAGE SERVICES Included fields: Services in which a person arranges transactions between a buyer and a seller with respect to securities for a commission or fee, including services provided by stock brokers and other similar professionals.

• Bunch income (defer income/accelerate expenses).

• Contribute to a retirement plan.

• Make a charitable contribution.

• Choose married filing separate instead of married filing jointly.

Excluded fields: Services provided by real estate agents and brokers, or insurance agents and brokers.

Mike D’Avolio, CPA, JD, is a tax law specialist for Intuit® ProConnect™.

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TAX CORNER 4 ways to prep your billing and payments processes for tax season B Y C PA C H A R GE Before you become engrossed with tax returns, take time to examine your firm’s billing and payments processes to make sure you’re set up for smooth workflows and maximum cash flow next year.

Here are four ways you can update, improve, or otherwise prepare your billing and payments processes for the busy season.

1. ADD ELECTRONIC BILLING SERVICES With modern billing, payments, and practice management software, there’s no need to spend time and resources printing and mailing paper invoices. Most of these platforms allow you to generate electronic bills and send them quickly and easily by email.

“Online, real-time billing is more efficient than the traditional paper-based, oncea-month billing process, but it is not just about saving time,” wrote Samantha Grovenstein-Deal for the Wolters Kluwer Tax and Accounting blog. “It’s about improving cash flow by billing as soon as the work is completed.”

Perhaps most importantly, your clients want this service. A survey by Fiserv found that 79 percent of consumers have switched to paperless billing, and 66 percent say receiving electronic bills increases their satisfaction with the biller. If you have this capability, let your clients know about it.

Many will see it as a great convenience.

2. CREATE PROFESSIONAL-LOOKING INVOICE TEMPLATES You might offer electronic billing services or you might take a hybrid approach, with some clients receiving paper invoices, and others getting e-bills. Either way, take some time to examine your invoice templates and update them, if needed.

If you’re generating bills from your accounting, payments, or practice management software, you probably have the option to customize your billing template for your business. Take advantage of these features and add your logo and practice information, like address and phone number, to your invoices. This makes your bills more professional and makes it easier for clients to contact you if they have questions.

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Clearly indicate on your bills how clients can pay you. If you offer online payment options, many of your clients might prefer to use them but may need a reminder that they’re available. You can also use your bills as a marketing touch point by including your website URL and information on any promotions or new services you’re offering.

3. OPERATIONALIZE PROMPT BILLING Sending bills out promptly and consistently is crucial to maximizing cash flow, but in the thick of tax season, it’s easy for this task to slip down your to-do list.

Your clients’ satisfaction with your services peaks shortly after completion of work, and this is when they’re most likely to remit payment quickly. The longer you wait and the more time that passes after receiving your services, the less urgency clients feel to pay. To increase the chance of prompt payment, it can help to set your billing time and frequency based on the type of work performed — for instance, billing immediately upon completion of tax returns, and at the same time each month for ongoing services.

“Generally, billing should be issued concurrently with the engagement’s completion,” wrote CPA Deborah Rood for the Journal of Accountancy. “For example, invoices for payroll and bookkeeping services should be issued monthly, and those for tax return compliance should be sent with the tax return. For larger projects, such as audits and consulting services, bills should be sent monthly.”

For some clients, especially those who have a history of late payment, it can help to make a phone call and let them know their bill is en route, said Rood. Build processes like these into your daily workflow to maximize cash flow throughout tax season.

4. OFFER A VARIETY OF FAST, EASY PAYMENT OPTIONS In a recent Fiserv survey, 70 percent of people said having multiple ways to pay a bill increases their satisfaction with the biller. Some of your clients might still pay by check, but increasingly, people want to choose from a variety of online options like credit, debit, and ACH/eCheck, and they like having the ability to pay from their computer or mobile device.

According to AICPA’s 2016 National MAP Survey, 68 percent of accounting firms now accept credit cards. “If your firm isn’t taking credit cards yet, that’s something you should change — and quickly,” wrote Ronald Baker for the Journal of Accountancy.

70% of people said having multiple ways to pay a bill increases their satisfaction with the biller.

Getting set up to take online payments is quick, easy, and affordable. Use your website, invoices, and email communications to let clients know all the convenient ways they can pay your bill. By equipping them with the flexible options they want, you’ll increase the likelihood of prompt payment this tax season — and boost client satisfaction while you’re at it.

To learn more about CPACharge, visit cpacharge.com/macpa.

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NEWS AND VIEWS Maryland’s Goldin named 2019 ‘Innovative Practitioner’ by CPA.com F RO M C PA .C OM Javier Goldin, CPA, an early champion of virtual CFO / controller services, has been named the 2019 recipient of CPA.com’s Innovative Practitioner Award, which recognizes innovation in process, services, or technology implementation in public accounting.

Bernard N. Ackerman of BNA CPAs and Advisors was voted the second-place winner of the award. Ackerman’s Rock Hill, S.C.-based firm was an early convert to cloud solutions and is committed to driving efficiencies and adding capabilities that improve client service.

Goldin is the second Maryland CPA to win the CPA.com award. In 2018, Samantha Bowling, CPA, CGMA, a partner with Garbelman Winslow in Upper Marlboro, Md., and then chair of the Maryland Association of CPAs’ Board of Directors, earned the award for successfully integrating artificial intelligence in auditing for small businesses and non-profits.

Michael S. Moffitt, president of MSM Advisors, LLC, was named the third-place winner. His Lawrenceville, Ga.-based firm provides business advisory services to small and mid-sized businesses, with an emphasis on long-term financial goals.

Goldin is the founder and managing partner of the Goldin Group LLC, a Bethesda, Md.-based firm that focuses on professional services and nonprofit organizations. The firm designs customized solutions for each client, going beyond traditional outsourcing to create a blended team approach that incorporates technology, CPA expertise, and advisory consulting on business decision-making that extends to human resources and training.

“While Javier has been an early adopter of technology in his firm, he also understands that innovation involves more than just rolling out the latest solutions,” said Erik Asgeirsson, president and CEO of CPA.com. “Innovative firms combine emerging technologies with new methods to enable a better client experience. Javier and our other two honorees embody this approach.”

Award winners were chosen primarily through a vote of their peers. In recognition of his accomplishments, Goldin was invited to attend the 2019 Digital CPA Conference in Seattle as a guest.

Two other Maryland practitioners were finalists for the 2018 award: • David Butler, CPA, a partner with Rosenbloom & Butler, CPAs, in Rockville, Md. Butler implemented a software solution at his firm called Complex Interests, which allows the firm to take its practice of stewardship over complex family wealth and turn it into work product for the firm’s clients. Among other things, the software automatically generates diagrams of the complex entity relationships found in the families’ estates.

• John “Rusty” Davis, CPA, principal at Davis & Associates, P.A. Davis has spent the past few years rebuilding Davis & Associates into a firm for the digital age — cloud-based, flexible, remote, mobile. Services have been streamlined into bundled, high-end advisory / reporting / tax / technology engagements. Client data is accessible in real time.

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PUBLIC PRACTICE Getting it right: Claiming a credit against Maryland income tax paid to other jurisdictions B Y J O SE P H A . M U SU M E CI JR. , C PA If you have experienced the joy of drafting a response to a notice from the Maryland Comptroller’s Revenue Administration Division, there’s a more-than-insignificant chance that the issue involved claiming a credit against Maryland income tax for income taxes paid to other jurisdictions.

The approach to properly claim the credit is simple enough. First, complete the related portion of Form 502CR offering the amount of income subject to tax by the other jurisdiction as well as the ultimate amount of tax due to that jurisdiction. Then, attach appropriate support corresponding to the inputs on Form 502CR. But in practice, there have been a litany of opportunities for return preparers to complete or support the form incorrectly and for return processors to botch the handling of affected returns. Either motivation can spawn a notice, and then life gets a little more difficult for everyone involved, including the taxpayer, the return preparer, and the Comptroller’s Office.

This past March, the Comptroller’s Office published Administrative Release 42 (AR 42) to offer guidance on the efficient creation and processing of Form 502CR. It’s a five-page page-turner followed by four pages of appendices offering illustrative charts and examples. The Comptroller’s Office considered the mid-filing-season timing as a “soft release,” but it now points to the document as offering a clear indication of the standards it will follow in processing affected returns for the upcoming filing season and beyond. Tax preparers should seize this opportunity to align returns prepared with the guidance in AR 42 to reduce the chance of seeing notices.

AR 42 begins with a general overview of the credit, including who can claim it and a variety of possible situations. It continues with detailed guidance on how to file Form 502CR correctly with references to many other states and localities and treatment of different pass-through entities (PTEs) which

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may be involved. Finally, it offers a handful of common mistakes from the perspective of the Comptroller’s Office. Appendix A lists specific forms needed from other states. Appendix B provides three examples of composite statements.

For Maryland-based PTEs with operations in other jurisdictions, AR 42 provides a road map to generate compliant composite statements to provide to owners. The role of the composite statement is to summarize each owner’s share of the PTE’s taxable income and tax liability in jurisdictions in which the PTE files a composite individual return on behalf of the non-resident owners. AR 42 codifies the expectations of the Comptroller’s Office for an acceptably formatted composite statement.

In multiple places, AR 42 highlights the need for the composite statement to identify the owner’s portion of “tax liability” in other jurisdictions (as opposed to the “tax paid”). The use of carefully chosen language alone should help to reduce the occurrence of this common inspiration for notices.

For Maryland residents who pay income tax to other jurisdictions, AR 42 outlines best practices to follow to properly claim the credit. While the Maryland resident individual remains at the mercy of any PTEs from which it receives composite statements, the details in Appendix A offer the specific forms sought from filings in other states which provides the opportunity to achieve certainty in attaching exactly what the Comptroller’s Office seeks for situations not involving composite statements.

If a Maryland resident owns an interest in a non-Maryland-based PTE, the tax return preparer may be left in a challenging position. If the preparer of the non-Marylandbased PTE’s returns does not provide a suitably formatted composite statement for the Maryland resident to be able to claim credit for taxes paid to other jurisdictions, both the Maryland resident and the

Maryland resident’s tax preparer now have specific guidance to provide to request that the non-Maryland-based PTE provide adequate information to support the Maryland resident’s individual return.

Return preparers may remain with a bit of mystery depending on the tax software used. Some programs offer assurance of automatically attaching non-Maryland returns to the electronic filing of a Maryland return including Form 502CR, but the return preparer may not be able to see the exact attachment generated, leaving reliance on the tax software vendor to have coded properly to include the correct forms from the non-Maryland return. If there is a mismatch here, the return preparer may believe there is proper support to claim the credit while the Comptroller’s Office is left still seeking substantiation (for example, an electronic filing authorization auto-attaching instead of the underlying return itself).

The Comptroller’s Office reports using AR 42 to assist return processors as they navigate returns claiming credits related to taxes paid to jurisdictions across the country. Return preparers can hope that this will reduce the frequency of the need to resolve notices related to returns which included all required documentation with their original filings.

Having one central resource offering guidance will be helpful for all perspectives in the life of a Maryland income tax return claiming credit for tax paid to other jurisdictions. AR 42 should be beneficial to taxpayers, return preparers, and the Comptroller’s Office, and we should begin to see its benefits this coming filing season.

Joe Musumeci Jr., CPA, is a partner with Rowles & Company, LLP, in Baltimore and is a member of the MACPA State Tax Committee.

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PUBLIC PRACTICE Become a peer reviewer: Grow your practice and lead the profession F RO M TH E A ICPA What are the benefits of becoming a peer reviewer?

The peer review landscape continues to evolve, and having a quality peer review is more important than ever. Becoming a peer reviewer has many unique advantages to help grow your business and build your reputation as a firm that stands behind its commitment to providing high-quality services. As a peer reviewer, you can leverage your expertise and open the door to a new source of revenue for your accounting and auditing practice.

If you are a provider of audit and accounting services, you already understand that clients demand high-quality services. Firms that undergo peer reviews are no different in this regard and want the same from their peer reviewers.

Firms expect a quality peer review to help them: • Improve processes and obtain education or recommendations to correct findings or deficiencies.

• Establish and maintain a system of quality control to comply with Statements on Quality Control Standards (SQCS) No. 8.

• Convey to their clients the honesty, professionalism, and trustworthiness of their firm.

“I enjoy being a peer reviewer because I love working with my peers to help them improve the quality of their services, including insight from my own experience and other peer reviews, whether it’s audit and accounting processes, or sharing of workpapers that we’ve developed.”

“Being a peer reviewer is a great way to keep up with the standards – continuously going through checklists certainly has helped improve our own firm’s quality. Several issues I encounter often require research which continues to provide that challenge.”

OPPORTUNITIES TO NETWORK Serving as a peer reviewer also creates additional opportunities to network with your peers, which provides additional insight to tackle challenging practice management issues outside of the services you provide to your clients, such as: • Staffing and employee retention • Partner or shareholder challenges • Firm mergers and acquisitions • Succession planning You can also look forward to the annual AICPA Peer Review Conference where you can network with hundreds of other Peer Reviewers and learn about the latest peer review updates and news. Visit the Annual Peer Review Conference section of the AICPA’s reviewer training webpage to learn more.

HOW CAN I GET STARTED? The first step is to visit AICPA.org/BeAReviewer to learn more about the requirements and training options to become a peer reviewer. The training courses offer you opportunities to learn firsthand from experienced reviewers and AICPA staff.

By becoming a peer reviewer, not only will you contribute to the profession, but you will also gain invaluable knowledge to improve and enhance your own practice.

PEER REVIEWERS HAVE A UNIQUE VANTAGE POINT WITHIN THE PROFESSION As a peer reviewer, you will gain insight that contributes to the quality and effectiveness of your own practice.

In other words, you can help firms achieve the results they want while bolstering your own practice. You can gain greater confidence in your own practices and procedures, learn new best practices and common areas of noncompliance with professional standards, and perform more effective audit procedures.

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BUSINESS AND INDUSTRY 5 steps to prevent complex inventory frauds Editor’s note: This article first appeared in Financial Management magazine. For more articles, sign up for the daily email update CGMA Advantage at http://bit.ly/2svn2AY.

B Y C E C I L I A L OCATI, FCM A , CG MA When we think about inventory theft, we often think of a sales assistant stealing a product from a shop stockroom or an employee carrying away items from a warehouse. Although these are common forms of theft, more complex cases of inventory fraud affect manufacturers, too.

Non-cash fraud schemes, a category that includes inventory theft, are among the most common types of frauds, accounting for 19 percent of all asset misappropriation schemes, according to the 2016 Report to the Nations on Occupational Fraud and Abuse by the Association of Certified Fraud Examiners. They are second only to billing schemes, which account for 22 percent of all asset misappropriations.

The following real-life case study shows how creative fraudsters can be when it comes to inventory theft. The names of the company and individuals have been changed.

INVENTORY THEFT AT CHOCOLATECO ChocolateCo is a family-owned manufacturer of luxury handmade chocolate bars.

The business was founded at the end of the 19th century and is still owned by direct descendants of the founding family.

At the time of the fraud, the company was owned and managed by Luke. As general manager, Luke spent the majority of his time looking after the finance, marketing, and sales figures. Purchasing and production activities were managed

by Adam. After 30 years on the job, Adam was appointed production and purchasing manager after Luke’s father retired. Adam was highly regarded and trusted by Luke, given his long service.

The accounting and finance tasks were handled by a small finance team that was mainly focused on accounting, taxes, and preparation of statutory accounts. Every quarter Luke and Adam would meet briefly to discuss the performance of the past quarter. The discussion was based on a report prepared by the finance team that included a few key figures (sales, margins, cash, and inventory balances), comparative figures from the previous quarter, and a brief explanation of the most significant variance between the figures.

The organization of the warehouse was quite straightforward: A purchasing assistant oversaw the buying of the raw materials to make the chocolate bars, the warehouse team was in charge of receiving

goods and performing quality controls on the materials received, and the production team managed the machinery to produce the final product. In addition, Adam also managed a small team of drivers who were in charge of dispatch and delivering the goods to ChocolateCo’s clients.

At the end of every afternoon, Adam would record in the system how much raw material was used and how many bars were produced that day. He would then print out the delivery notes for that evening and hand them over to the delivery team. Once drivers received their papers, they would load their trucks and deliver their products to the customers.

Adam was the only member of the production team with access to the company system, thus he was the only one with insight into the exact input and output figures. After some time, the accounting manager began to suspect that these numbers did not add up.

This came to light when a production team member remarked on the number of bars produced that day to her friend, the accounting manager, over dinner. The number simply did not resonate with the accounting manager; she had checked the stock level and the daily production before leaving the office that evening to prepare the quarterly report.

The following day, when she confirmed that the production yield recorded the previous day did not match the number mentioned

by her friend, she suspected a larger problem. She tracked these numbers over the next few days, and once she was sure there were inconsistencies, she went to speak to Adam about the problem. Adam said the numbers in the system were correct as he counted the bars personally. However, the accounting manager still thought there was a problem and went to speak directly with Luke about the discrepancies.

The accounting manager explained the situation to Luke and told him that she suspected that a production operator was stealing the missing bars before Adam could account for them in the system.

Based on these suspicions, Luke hired a fraud investigator. He did not mention it to Adam in an attempt to prevent any change in his behavior that might alert those members of his team who were involved. The investigator advised Luke to perform a surprise inventory count before the delivery trucks left the plant at the end of the day.

This surprise count revealed that several boxes of bars that had been loaded onto one of the trucks were not accounted for at all in the warehouse system. The driver of this truck quickly confessed that he had been defrauding ChocolateCo with Adam’s help.

He went on to explain that each day, Adam recorded 10 kilograms of chocolate less than the actual weight of production for the day (e.g., if 1,000 kilograms were produced, he inputted 990 kilograms). The CONTINUED ON PAGE 26

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BUSINESS AND INDUSTRY CONTINUED FROM PAGE 25

driver would then load his truck with the number of bars indicated in the delivery notes, which were handed out by Adam, plus an additional 10 kilograms. These additional bars, which had never been recorded in the warehouse system, were then delivered and sold to a third party by the driver, and the proceeds were split between the driver and Adam. Based on the figures provided by the driver and later confirmed by Adam, the pair were able to steal goods with an estimated total value of about $197,000 over three years.

How did fraud on this scale happen? It turns out that concealing it was, in fact, quite easy. Nobody in the warehouse other than Adam had access to the company IT system. Adam was the only one who recorded inbound and outbound production volumes for the day, and he was also the one who checked that the outbound deliveries were accurately prepared by the drivers. The quarterly reports discussed with Luke included just two figures related to inventory: the total value of the raw materials and the amount of finished goods stock at quarter end. As Luke’s only concern was having enough stock to fulfil orders, he found this information to be adequate and didn’t ask any further questions. Furthermore, Adam decided when to do the periodic stock count, so he made sure that no extra bars were left in the warehouse beforehand.

The two fraudsters were immediately fired.

They agreed to repay the amount. However, neither party did so in the end. The driver was already in debt in an attempt to finance his lavish lifestyle, and very little was recovered from Adam, leaving ChocolateCo to take the financial hit.

HOW CAN MANUFACTURING COMPANIES PROTECT THEMSELVES? Manufacturing companies should focus on the following key areas to prevent inventory fraud.

1. Segregation of duties. The lack of segregation of duties played a key role in the ChocolateCo case, as Adam performed a number of conflicting tasks.

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To prevent fraud, employees involved with the production process should not be involved with the shipment process.

checked by the heads of each department.

In addition, the actual performance is compared with a newly created budget.

After the fraud case, ChocolateCo reorganized its warehouse team, creating separate supervisor roles for the production and shipping processes.

4. Surprise stock counts. The first piece of advice from the fraud investigator in this case study was to perform a surprise stock count that immediately led to the discovery that bars were missing. The element of surprise is an excellent deterrent, and surprise inventory counts can be used as an effective procedure to prevent and detect fraud. Predictable controls can be easily eluded; the knowledge that the likelihood of getting caught is higher would make fraudsters think twice.

The production supervisor was responsible for entering production input and output figures in the system. The plant manager who replaced Adam did not have writing access to the system; he checked and validated the data inputted and edited by the production supervisor after having verified their accuracy.

In the delivery team, the shipping supervisor checked the accuracy of every shipment prepared by the delivery team, and, in addition, the plant manager performed random checks on a sample of shipments.

2. Production yield analysis.

Production yield, the difference between actual output and standard output based on standard inputs of materials and labor, would have been a useful indicator of the efficiency of the production process. If ChocolateCo had used this metric regularly, it would have been clear that based on the raw materials used, the annual output should have been approximately 2,600 kilograms higher, and the fraud could have been detected much sooner.

3. Management reporting process. The lack of a structured management reporting process allowed fraud to take place within ChocolateCo. Luke and Adam’s quarterly meetings were informal, brief, and not detailed enough for proper fraud prevention. If the operational and financial performance variances had been properly monitored, the fraud would have come to light much sooner.

After this incident, a detailed management reporting package including specific KPIs for each department was implemented, and the quarterly review meetings were extended to include the heads of relevant departments including sales, marketing, and finance. The meetings follow a structured agenda, and all the KPIs are reviewed in detail and cross-

According to the 2016 ACFE report, surprise audits can reduce the average loss due to fraud from $195,000 to $100,000, a reduction of 49 percent. Furthermore, surprise audits can halve the average duration of the fraud from 24 months to 12 months.

5. Automated production process. The machinery used by ChocolateCo had no interface with the enterprise resource planning (ERP) system — i.e., the equipment did not record the amount of raw materials used during the production process or the number of bars produced. These two numbers were accounted for manually by Adam, allowing room for fraud to occur.

Manual processes are more prone to errors and fraud. The use of production machinery that is seamlessly integrated with the company’s ERP helps to prevent this type of fraud. Nowadays, the most advanced production machines are able to measure input and output and automatically update the company’s system.

Cecilia Locati, FCMA, CGMA, (cecilialocati@fraudfence.co.uk) is director of Fraud Fence, a consultancy that advises companies on internal fraud prevention. © 2018 Association of International Certified Professional Accountants.

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TECHNOLOGY Security as a culture B Y CH R I S R O C H FORD security technology and processes aren’t defined and consistent.

There is no common ground and no way to reinforce good habits over bad if there isn’t a bedrock of behaviors and technology to rely on.

When thought of as a framework that’s comprised of both technology and process, however, security eventually becomes second nature. It becomes a de facto part of every service delivery — everything should plug into your security framework to ensure processes remain in alignment across the organization. When elevated to this level, far beyond a line item on a requirements checklist, it becomes much easier for everyone to remain thoughtful and considerate of security concerns. This becomes your bedrock and ensures a common experience for every person and process moving forward.

We can admit it — nobody likes to talk about security. It inevitably leads to cost and liability discussions that don’t make for pleasant conversation, especially when that time can be used for more profitable endeavors. Everybody understands the danger that ignoring security considerations brings, however, and we see the true cost of this every day, borne out in lost market share and, perhaps more importantly, loss of consumer trust.

REFINE YOUR SECURITY EXPERIENCE Habits aren’t always easy, however, and security processes can provide their own level of frustration that makes habit-building difficult. It is important to continually refine this experience for users to ensure the right balance of security and ease-of-use. More and more options are available to help simplify processes, from password managers to biometric authentication, and new trust agents are being developed at an increasing rate. These options should be evaluated against your framework as they arise, to ensure you’re maintaining the balance of security and experience.

Now, what once used to only impact businesses with large user bases is increasingly targeting smaller and smaller companies and organizations. The safety of being surrounded by bigger and more enticing targets has been eroded, and targets of all sizes are now routinely exploited.

CONTINUOUS IMPROVEMENT For security to have any chance, it must be second nature for everyone. That won’t be accomplished in a day or a week or a month but is a continually evolving process that gains more traction the more consistent and expected your framework becomes.

Not all hope is lost, however. Security practices have become increasingly robust and have evolved at each step to combat these threats as they become more and more complex. People are more aware of the need to secure their sensitive data and maintain the security of the data they encounter daily. More than ever, there are myriad ways to develop and deploy security protocols, but every new preventative measure has its own implementation and experience friction to overcome.

And that’s the key to making security part of your culture — everyone already understands the necessity and value, they just need it to be consistent and adoptable. Having a common framework makes this possible, and elevates security to your culture, where habit-building is natural.

SECURITY IS A FRAMEWORK Optimal security requires buy-in from everyone involved, and everyone has a role to play. From IT directors and administrators to staff to the executive team, anyone that interacts with or has access to sensitive data is a link in the chain and has a responsibility to handle this data in a secure and thoughtful manner.

Each group experiences their own friction, whether that’s increased complexity to access or as an extra consideration or hurdle when developing and launching new services. And they’re correct if

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IS YOUR FIRM’S TECHNOLOGY ALIGNED WITH BUSINESS OBJECTIVES? Our Technology Review and Planning process can help your firm prioritize technology initiatives in alignment with your firm’s overall goals and ensure your IT investment is moving the firm in the right direction. Complete an interest form today at Boomer.com/ interest-form and one of our Solutions Advisors will reach out to schedule a short call to discuss your needs.

Chris Rochford is Technology and Business Analyst for Boomer Consulting, Inc.

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TECHNOLOGY How to pick up the pace of technological adoption in your accounting practice B Y MA R K R E DSTROM create teams to handle individual parts of the implementation, some of which are outlined below.

However, the buck will stop with them and they will be the single point of contact to ensure the smoothest possible rollout.

Therefore, the ideal individual may already be senior within the practice, and will have a good background in managing transformation.

Sage’s “Practice of Now 2019” report found that 85 percent of accountants believe the profession in their country needs to pick up the pace of technology adoption to remain competitive internationally.

This is one more sign of an incredible cultural shift within the accounting profession. But it also shows that many accountants are aware there is a deficit in a key business area.

When asked why firms believe the profession is lagging behind with technology, reasons stated include a lack of time (13 percent) and money (38 percent) to invest in digital transformation, although 25 percent of firms say a lack of expertise is holding them back.

GETTING STARTED WITH A DIGITAL TRANSFORMATION PLAN If you own or run a practice in dire need of modernization and digitization, how do you even begin to implement changes?

Here are some steps that might kick-start your processes.

1. What’s the aim?

What are you hoping to achieve with your digital transformation plan? Cost and efficiency savings? Better services for clients?

A better public image for clients who anticipate a technological approach within any

accounting firm they hire? There are so many potential reasons and a subset are likely to apply to your practice.

The reasons above might sound obvious, but a necessary step before undertaking any plan is to clearly understand what you hope to achieve. There is no other way of doing this than to get this down in writing. Start by simply noting perhaps five or 10 key benefits you hope the implementation plan will bring about. Once you’ve made that list, add more detail beneath and try to be as specific as you can. If you hope to make cost savings, for example, try to quantify the amounts.

Are you hoping to improve your new client sign-up rate? If so, can that improvement be expressed as a percentage?

2. Assign the implementation plan The basics of project management say that a hierarchical structure is best, and that means one person is at the top of the organizational tree who owns the plan. This person will fully understand what the plan is, even if they didn’t create it (you might create the plan but assign it to a member of your staff, for example).

This individual will take on tasks such as deciding upon budgeting and staffing for implementing the plan. They will probably

3. Document the implementation Another key component of any project management ideology is documentation, to ensure that everybody can see both at a glance and in detail when things are due to happen.

It will probably be necessary to split out implementation into several phases as well as create individual plans for certain parts of the rollout.

If you use project management software already within your practice, you can use this software to successfully deploy the plan. You might also want to create one or more Gantt charts that list milestones.

Microsoft Excel comes with several readymade templates to create these.

4. Agree on the sign-offs before you start A big risk for any major upgrade project is that people are too eager to start and don’t put in enough preparation work. A little forethought can avoid huge time losses and costs later on.

Therefore, you should agree immediately what the sign-off processes and touch points will be. How will you know when you’re halfway through, or even when any given task is completed?

Identify the volumes you are working with and what tools you have at your disposal to support this. Will the plan take weeks to implement? Months? It could even take years, if you decide on a gradual rollout that only affects new customers.

CONTINUED ON PAGE 32

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TECHNOLOGY CONTINUED FROM PAGE 31

AREAS TO FOCUS UPON Here are the core areas that practices tend to focus upon when undertaking a digital transformation.

1. Client list Most of the work within a digital transformation plan will be driven by your client list and ensuring your clients will be compatible with your new way of working. Some clients will be more amenable to fitting in with your new way of working, while some will be less so.

Generally speaking, a client list can be split into two categories. There are those businesses whose attitudes, interests, and experiences make them ideal for the first phase of your implementation plan. These people might already be using cloud-enabled accounting software, or might just be the kind of business or individual that enjoys exploring the benefits of new technologies.

The other category will contain those who perhaps aren’t so amenable. This could range all the way from those who simply hate accounting to those who continue to use paper-based ledgers and who you only see once a year when they hand you a shoebox full of receipts.

A good tip is to create a series of scripts or bullet points that can be used by yourself and / or your staff when talking to the different categories of clients. This script should emphasize the benefits of the digital transformation and again provide firm details about its implementation.

2. Staff training A commonplace mistake in transformation plans within any business is to skimp on staff training. After all, it can consume significant amounts of time and often money (although you should look to your software vendor’s free support materials). And surely all accounting software is fundamentally the same, in any event, for those who are already trained in accounting?

There will certainly be some staff members who take to the new software quickly, but there will also be some who don’t.

Without training, these people will therefore instinctively come to dislike the new

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software. This won’t help with the overall transformation you’re aiming for. The staff members may begin to revert to the old software out of familiarity, which could be disastrous.

Ensuring all staff are trained is therefore vital. Even those staff who don’t really require it might learn the little tips and tricks that they wouldn’t otherwise discover, and that can make everybody’s lives much easier.

Software vendors will undoubtedly offer training, as will consultancies. If costs are an issue, you might choose to have one person trained in the new software, who can then return back to the office and train everybody else. This is less than ideal but, with supplementation via resources such as free webinars and PDF manuals, it might be sufficient.

3. New technology Your digital transformation plan will involve new technologies being introduced to the practice. There will be new software and perhaps even new hardware. A key component of cloud-enabled accounting is that mobile devices can now be used, which opens up the possibility of working anywhere there’s an Internet connection.

This will need to be communicated to staff.

Because of the focus on mobile, many practices are able to save on IT costs by implementing a bring-your-own device (or BYOD) policy, whereby staff are allowed to use their own mobile phones and even tablet computers for work tasks. This can give the staff a feeling of being in control and help them avoid the need to carry around two phones, for example.

4. A cultural overhaul Although there’s some useful advice above, it would be a mistake to believe we’re talking about simply implementing new technology in your practice. Thinking that way is to put the cart before the horse, and you need to remember why you’re making the digital transformation in the first place.

According to the Practice of Now 2019 report, 49 percent of accountants have formally examined their business practices in the last year. A further 26 percent have formally examined their business practices in the last five years. All the signs point to a profession building for the future.

What’s driving any digital transformation, and what will be delivered once the upgrades are in place, is a fundamental cultural change in the way your practice operates. Don’t worry. You’ll still be doing the usual kind of work, such as compliance or auditing. But you’re adding significant extra potential and capacity to undertake new types of work.

This kind of fundamental cultural change also needs to be communicated to your staff and even your clients, in addition to the basic training. Everybody needs to understand that there’s now potential for business advisory services, and a more dynamic and responsive service for clients.

Put simply, with a digital transformation your practice is fully prepared for the future — and whatever that brings in terms of evolving and increasing client demands.

Mark Redstrom is Sage’s director for North America Accountants Marketing.

Remember that you’ll need to add BYOD to your IT policy and ensure staff understand the basics of IT security, such as not sharing passwords and potentially installing antimalware software on their own phones and tablets. In these days of the General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA), any data breach can bring with it very severe penalties, and this needs to be communicated to individuals, and perhaps even added to employment contracts.

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MEMBER NOTES FIRM NOTES Kaitlin Franey, CPA, has been promoted to tax manager with Tonneson & Company in Columbia, Md.

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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, assess 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

mergers & acquisitions MARYLAND PRACTICES FOR SALE:

gross revenues shown: North of Baltimore CPA $265K - tax work (80), accounting (20%), strong fee structure, primed for growth with owner availalbe for extended transition. See nationwide listings and register for free email updates 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.

34

Lanigan, Ryan, Malcolm and Doyle, P.C., has been named by Accounting Today as one of the 2019 Best Accounting Firms to Work For. This is the ninth time in the last 11 years that the firm has been honored on this list.

job openings TAX SEASON HELP NEEDED Local CPA Firm in Hunt

Valley seeking individuals with at least two years’ experience with individual and business income tax return preparation. We offer a relaxed working environment and flexible hours. Resume should be sent to sponsorship@macpa.org File #VK-00.

TAX PROFESSIONALS FOR BUSY SEASON.

Kenneally & Company, amid-size Towson CPA firm of highly motivated professionals, seeks like-minded individuals experienced with individual and business income tax return preparation. Familiarity with ProSystem fx is a plus. Flexible hours and a pleasant working environment. Forward your resume via e-mail to mlindemon@jlkcpas.com or via fax, (410) 321-9809.

TAX ACCOUNTANT Experienced tax professional needed

for 2020 tax season in our Westminster, MD office. Individual should have at least 5 years of public accounting experience with individual, corporate and partnership returns. Familiarity with Ultra Tax is a plus.

CPA designation required. Duties will include preparation and/or review of tax returns. Forward resume to suem@sturgillcpa.com.

CPA OWINGS MILLS AREA DESIRES TO HIRE FOR THE FOLLOWING POSITIONS:

1. CPA Full time with at least 5 years experience. Well versed in preparation of individual and trust tax returns. Duties will also include assisting clients with quickbooks. 2. CPA Part time position for tax season, at least 5 years experience, Flexible hours.

All inquiries please email: sponsorship@macpa.org.

FINANCIAL SERVICES FIRM OWINGS MILLS

1. CPA full time with at least 5 years experience in taxes and accounting to phase in for retiring CPA. Duties include prepartion of individual and trust tax returns. Individual and Estate tax planning. Assist clients with accounting needs in their second career businesses. All inquiries please email: sponsorship@macpa.org.

ACCOUNTING FIRM IN ROCKVILLE, 2 partners,

wishes to expand tax and bookkeeping services by merging/associating with another local group for the purpose of sharing expertise and staffing. We use CCH Axcess software, and one partner is a financial advisor, separate from the income tax services. We would consider buying a small practice, as long as there is continuation of a qualified staff person to maintain the business. To inquire, please email Robert at r.hausman@lapointeandhausman.com.

STATEMENT

15 Ways To Protect Your Business From A

Cyber Attack!

Did you know?

1 in 5 81%

97%

Small businesses will suffer a cyber breach this year.

Of all breaches happen to small and medium sized businesses.

Of breaches could have been prevented with today’s technology.

Passwords

Apply security policies on your network. Examples: Deny or limit USB file storage access, enable enhanced password policies, set user screen timeouts, and limit user access.

Advanced Endpoint Detection & Response Protect your computers data from malware, viruses, and cyber attacks with advanced endpoint security. Today's latest technology (which replaces your outdated anti-virus solution) protects against file-less and script based threats and can even rollback a ransomware attack.

Mobile Device Security

Today's cyber criminals attempt to steal data or access your network by way of your employees' phones and tablets.

They're counting on you to neglect this piece of the puzzle. Mobile device security closes this gap.

Cyber Insurance

info@eTrepid.com www.eTrepid.com 301.259.3414

Security Awareness Train your users - often! Teach them about data security, email attacks, and your policies and procedures. We offer a web-based training solution and “done for you” security policies.

Dark Web Research Knowing in real-time what passwords and accounts have been posted on the Dark Webwill allow you to be proactive in preventing adata breach.

We scan the Dark Web and take action to protect your business from stolen credentials that have been posted for sale.

Security Assessment

It's important to establish a baseline and close existing vulnerabilities.

When was your last assessment?

Date: _________________

Multi-Factor Authentication Utilize Multi-Factor Authentication whenever you can including on your network, banking websites, and even social media. It adds an additional layer of protection to ensure that even if your password does get stolen, your data stays protected.

SIEM/Log Management

(Security Incident & Event Management) Uses big data engines to review all event and security logs from all covered devices to protect against advanced threats and to meet compliance requirements.

Firewall

Encryption

Turn on Intrusion Detection and Intrusion Prevention features. Send the log files to a managed SIEM. And if your IT team doesn’t know what these things are, call us today!

Whenever possible, the goal is to encrypt files at rest, in motion (think email) and especially on mobile devices.

Spam Email

Secure your email. Most attacks originate in your email. We’ll help you choose a service designed to reduce spam and your exposure to attacks on your staff via email.

Computer Updates

Keep Microsoft, Adobe, and Java products updated for better security.

We provide a“critical update” service via automation to protect your computers from the latest known attacks.

Web Gateway Security

Internet security is a race against time.

Cloud based security detects web and email threats as they emerge on the internet, and blocks them on your network within seconds – before they reach the user.

Backup Backup local. Backup to the cloud. Have an offline backup for each month of the year. Test your backups often. And if you aren’t convinced your backups are working properly, call us ASAP.

If all else fails, protect your income and business with cyber damage and recovery insurance policies.

Scan to learn more!

WE’RE WE’RE HIRING HIRING TOP TOP TALENT! TALENT!

10 Things 10 Things Professionals Professionals Want Most Want Most 1. Purpose 1. Purpose 2. Goals 2. Goals 3. Responsibility 3. Responsibility 4. Autonomy 4. Autonomy 5. Flexibility 5. Flexibility 6. Development 6. Development 7. Opportunity 7. Opportunity 8. Transparency 8. Transparency 9. Rewards 9. Rewards 10. GROSSBERG 10. GROSSBERG

Grossberg is a unique environment where talented and highly sophisticated professionals 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 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. the highest level of professionalism and technical expertise.

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

Our mentorship program ensures that everyone has access to one-on-one training by 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 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 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 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. 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 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 collegiality and camaraderie; we truly care about each other and work together to meet the demands of our elite group of clients. It is only through this teamwork that we are able to 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 meet our professional demands, advance our business and technical skills, and still support each other to maintain a healthy work/family life balance. 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 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. our reputation as one of the best firms in the country.

Growth in our business has created new opportunities for Growth in our business has created new opportunities for experienced CPAs. If you are seeking to move to the next level in experienced CPAs. If you are seeking to move to the next level in your career, consider joining the Grossberg team! your career, consider joining the Grossberg team!

Qualifications: Qualifications: • 5+ years of professional experience in public accounting • 5+ years of professional experience in public accounting • Ability to research issues and apply concepts to clients’ situations • Ability to research issues and apply concepts to clients’ situations • Proficiency in technical writing and research • Proficiency in technical writing and research • Ability to communicate with clients and staff at all levels • Ability to communicate with clients and staff at all levels • Comfortable with working in a team environment • Comfortable with working in a team environment

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

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

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

36

Trusted Trusted Business Business Advisor Advisor Since Since 1924 1924

STATEMENT

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

PREFERRED PROVIDERS

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.

WINTER 2020

37

Live +

SPRING 2020

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IMPROVE YOUR

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macpa.org/ControllerSeries-Live Groups of five or more qualify for group discounts, which are available in an on-site or webcast format.

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38

STATEMENT

DATE

COURSE TITLE

CPE

START TIME

$MEM

$NON-MEM

LOCATION

Upcoming IN-PERSON Events & Courses KEY: A

AICPA Course

DATE

YB

Featured Event

COURSE TITLE

Available as Simulcast

Yellow Book

CPE

START TIME

$MEM

$NON-MEM

8

8 AM

$320

$420

Timonium + Online

LOCATION

AC CO U N TIN G & AUDITIN G (IN -PE RSO N) 3/26/20

CFO/Controller & Financial Professional Updates Seminar Series: Strategy, Macro-Economics, and the External Environment

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4

8 AM

$180

$230

Columbia

3/26/20

CFO/Controller & Financial Professional Updates Seminar Series: Strategy, Macro-Economics, and the External Environment

8

8 AM

$320

$420

Timonium + Online

4/17/20

Quarterly Financial Leaders Series: Financial Storytelling - Application (Part 2)

4

8 AM

$180

$230

Columbia

4/23/20

CFO/Controller & Financial Professional Updates Seminar Series: Finance, Operations, Micro-Economics, and the Internal Environment

8

8 AM

$320

$420

Timonium + Online

5/15/20

2020 BUSINESS AND INDUSTRY CPE CONFERENCE

8

8 AM

$395

$495

Columbia + Online

5/28/20

Quarterly Financial Leaders Series: Working Together - Building Strategic Relationships

4

8 AM

$180

$230

Columbia

6/4/20

CFO/Controller & Financial Professional Updates Seminar Series: Soft Skills in Leadership, Negotiation, and Team Building

8

8 AM

$295

$395

Timonium + Online

B U S I N E S S & IN DUS TRY (IN -PE R SON) 1/30/20

Financial Leaders Business Roundtable

2

8 AM

$75

$125

Columbia

3/20/20

Quarterly Financial Leaders Series: Financial Storytelling - How to Report Financial Information (Part 1)

4

8 AM

$180

$230

Columbia

3/26/20

CFO/Controller & Financial Professional Updates Seminar Series: Strategy, Macro-Economics, and the External Environment

8

8 AM

$320

$420

Timonium + Online

4/17/20

Quarterly Financial Leaders Series: Financial Storytelling Application (Part 2)

4

8 AM

$180

$230

Columbia

4/23/20

CFO/Controller & Financial Professional Updates Seminar Series: Finance, Operations, Micro-Economics, and the Internal Environment

8

8 AM

$320

$420

Timonium + Online

8

8:30 AM

$279

$379

Columbia

8

8 AM

$395

$495

Columbia + Online

5/8/20 5/15/20

2020 FORENSIC VALUATION CONFERENCE 2020 BUSINESS AND INDUSTRY CPE CONFERENCE

WINTER 2020

*additional early registration discounts are available for in-person + simulcast events when registering more than 30 days in advance.

39

DATE

COURSE TITLE

CPE

START TIME

$MEM

$NON-MEM

LOCATION

BUSINESS & INDUSTRY (IN-PERSON), CONTINUED 5/28/20

Quarterly Financial Leaders Series: Working Together Building Strategic Relationships

4

8 AM

$180

$230

Columbia

6/4/20

CFO/Controller & Financial Professional Updates Seminar Series: Soft Skills in Leadership, Negotiation, and Team Building

8

8 AM

$295

$395

Timonium + Online

4

8 AM

$160

$210

Timonium + Online

8

8 AM

$395

$495

Columbia + Online

2

7:30 AM

FREE

-

8

8 AM

$295

$395

E T H I C S (IN - PE R SON ) 1/16/20

Ethics for the Industry Accountant

FU T U R E R E A D Y (IN-PE R S ON ) 5/15/20

2020 BUSINESS AND INDUSTRY CPE CONFERENCE

LE G I S L ATIV E & RE GULATORY (IN -PERSO N) 1/23/20

CPA DAY 2020

Annapolis

PER S O N A L D E V ELOPME NT (IN -PE R SON) 6/4/20

CFO/Controller & Financial Professional Updates Seminar Series: Soft Skills in Leadership, Negotiation, and Team Building

Timonium + Online

SP ECI AL IZ E D K N OWLE DGE & APPLI C AT IONS (IN- P ERSON) 1/23/20

CPA DAY 2020

2

7:30 AM

FREE

-

Annapolis

3/26/20

CFO/Controller & Financial Professional Updates Seminar Series: Strategy, Macro-Economics, and the External Environment

8

8 AM

$320

$420

Timonium + Online

4/23/20

CFO/Controller & Financial Professional Updates Seminar Series: Finance, Operations, Micro-Economics, and the Internal Environment

8

8 AM

$320

$420

Timonium + Online

8

8:30 AM

$279

$379

Columbia

8

8 AM

$320

$420

Columbia

5/8/20

2020 FORENSIC VALUATION CONFERENCE

TAX ( I N - P E R S O N) 1/16/20

A Annual Tax Update: Corporations and Pass-Through Entities

1/21/20

The Complete Guide to the Preparation of Form 1041

8

8 AM

$320

$420

Timonium

1/27/20

AACC: Multi-State Tax Update

4

1 PM

$50

$60

Arnold

8

8 AM

$395

$495

Columbia + Online

TECHN O L O G Y (IN-PE R S ON ) 5/15/20

2020 BUSINESS AND INDUSTRY CPE CONFERENCE

SAVE THE DATE

BRING SPF.

TAKE CPE. 40

2 0 2 0 are available.

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JUNE 23-26, 2020 SAME GREAT LOCATION!

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STATEMENT

ON-DEMAND LEARNING Accelerate your professional growth with a library of on-demand courses Learning that matters – available 24/7.

On-demand learning is an online format that grants you access to training, 24 hours a day, 7 days a week. It’s focused on learning that matters through engaging and topical content, taught by thought leaders who are passionate about the subject matter.

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Leadership Strategy Communication Change Management Diversity and Inclusion Future ready and Anticipatory Ethics Business Development Technical topics

C O UR S E S W E O F F E R : MBA Express CFO/Controller Series Auditing Bits in Bytes The Anticipatory Organization Accounting & Finance Edition … And more

Visit MACPA.ORG/ON-DEMAND to access the complete library of on-demand courses

DEEPER DATA INSIGHT. GREATER STRATEGIC CLARITY.

FORENSIC VALUATION Conference 2020

The Forensic Valuation Conference serves the niche of CPAs involved or

interested in business valuation, litigation support, and forensic accounting. This annual conference features concurrent sessions and content for all levels, from entry-level to experienced professionals. Group registration discounts apply.

May 8, 2020 Columbia CPE: 8 macpa.org/valuation STRATEGIC LEARNING POWERED BY

BUSINESS LEARNING INSTITUTE

EMPLOYEE BENEFIT Audits of Employee PLAN AUDIT Benefit Plans CONFERENCE 2020 Face the Challenge May 11, 2020 | Columbia | CPE: 8 | “Employee Benefit Plans are important to the hiring and retention of employees for any business. However, they present challenges to the CPAs engaged to audit them and Plan Sponsors who administer them. The annual Employee Benefit Plan Conference equips CPAs in public and private sectors with guidance to better audit and operate Employee Benefit Plans (EBPs).

Simulcast Available macpa.org/benefitplans STRATEGIC LEARNING POWERED BY

BUSINESS LEARNING INSTITUTE

DATE

COURSE TITLE

CPE

START TIME

$MEM

$NON-MEM

LOCATION

Upcoming ONLINE Events & Courses KEY: A

AICPA Course

DATE

YB

Featured Event

COURSE TITLE

Available as Simulcast

Yellow Book

CPE

START TIME

$MEM

$NON-MEM

LOCATION

AC CO U N TIN G & AUDITIN G (ONLINE) 1/16/20

A Audits of 401(k) Plans

8

9 AM

$279

$349

Online

1/21/20

A Annual Update for Accountants and Auditors

8

9 AM

$279

$349

Online

2

2 PM

$75

$90

Online

1/21/20

How to Identify, Explain, and Present Pertinent Financial Information to Non-Accountants

1/23/20

A Leases: Mastering the New FASB Requirements

8

9 AM

$279

$349

Online

1/24/20

A Applying Professional Skepticism in an Audit

4

9 AM

$179

$229

Online

1/24/20

A Construction Contractors: Accounting, Auditing, and Tax

8

9 AM

$279

$349

Online

A Interpreting the New Revenue Recognition Standard: What All CPAs

4

1 PM

$179

$229

Online

1/28/20

Need to Know

1/30/20

A Integrating Audit Data Analytics into the Audit Process

8

9 AM

$279

$349

Online

1/31/20

A Audit Workpapers: Documenting Field Work

4

9 AM

$179

$229

Online

1/31/20

A Audit Workpapers: Reviewing Field Work

4

1 PM

$179

$229

Online

4

10:30 AM

$179

$229

Online

2/3/20

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

2/3/20

A Analyzing a Company’s Financial Statement

4

10:30 AM

$179

$229

Online

2/3/20

A Statement of Cash Flows: Preparation, Presentation, and Use

4

2:30 PM

$179

$229

Online

2/6/20

A Revenue Recognition: Mastering the New FASB Requirements

8

9 AM

$279

$349

Online

WINTER 2020

*additional early registration discounts are available for in-person + simulcast events when registering more than 30 days in advance.

43

DATE

COURSE TITLE

CPE

START TIME

$MEM

$NON-MEM

8

9 AM

$279

$349

Online

LOCATION

ACCOUNTING & AUDITING (ONLINE), CONTINUED 2/6/20

A Internal Control and COSO Essentials for Financial Managers, Accountants and Auditors

2/10/20

A Documenting Your EBP Audit: What You Need to Know

8

10:30 AM

$279

$349

Online

2/10/20

A Leases: Mastering the New FASB Requirements

8

10:30 AM

$279

$349

Online

2/12/20

A Integrating Audit Data Analytics into the Audit Process

8

9 AM

$279

$349

Online

2/19/20

A Governmental Accounting and Auditing Update

8

9 AM

$279

$349

Online

2/19/20

A Annual Update for Accountants and Auditors

8

9 AM

$279

$349

Online

2/21/20

A Fraud and Cash Receipts: Common Frauds and Internal Controls

4

9 AM

$179

$229

Online

2/21/20

A Fraud: Recent Findings, Red Flags and Corruption Schemes

4

1 PM

$179

$229

Online

3/2/20

A Integrating Audit Data Analytics into the Audit Process

8

10:30 AM

$279

$349

Online

3/3/20

A Statement of Cash Flows: Preparation, Presentation, and Use

4

1 PM

$179

$229

Online

3/9/20

A The Most Common Financial Statement and Asset Fraud Schemes: How to Detect and Prevent Them

4

10:30 AM

$179

$229

Online

3/9/20

A Purchasing, Inventory, and Cash Disbursements: Common Frauds and Internal Controls

4

2:30 PM

$179

$229

Online

3/10/20

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

4

1 PM

$179

$229

Online

3/10/20

A Leases: Mastering the New FASB Requirements

8

9 AM

$279

$349

Online

3/11/20

A Documenting Your EBP Audit: What You Need to Know

8

9 AM

$279

$349

Online

2

1 PM

$75

$90

Online

8

9 AM

$279

$349

Online

8

8 AM

$320

$420

Timonium + Online

A Annual Update for Accountants and Auditors

8

10:30 AM

$279

$349

Online

A Internal Control and COSO Essentials for Financial Managers,

8

9 AM

$279

$349

Online

3/18/20 3/25/20 3/26/20 3/30/20

4/2/20

Grow Your Business from Within: How to Deliver Maximum Value to Clients on Every Engagement A Revenue Recognition: Mastering the New FASB Requirements

CFO/Controller & Financial Professional Updates Seminar Series: Strategy, Macro-Economics, and the External Environment

Accountants and Auditors

4/2/20

A Annual Update for Accountants and Auditors

8

9 AM

$279

$349

Online

4/3/20

A Applying Professional Skepticism in an Audit

4

1 PM

$179

$229

Online

4/3/20

A Governmental Accounting and Auditing Update

8

9 AM

$279

$349

Online

4

9 AM

$179

$229

Online

8

9 AM

$279

$349

Online

4/7/20

4/7/20

44

A Interpreting the New Revenue Recognition Standard: What All CPAs Need to Know A Integrating Audit Data Analytics into the Audit Process

Group discounts are available.

STATEMENT

DATE

COURSE TITLE

WINTER 2020

CPE

START TIME

$MEM

$NON-MEM

LOCATION

*additional early registration discounts are available for in-person + simulcast events when registering more than 30 days in advance.

45

DATE

COURSE TITLE

CPE

START TIME

$MEM

$NON-MEM

LOCATION

ACCOUNTING & AUDITING (ONLINE), CONTINUED 4/7/20

A Leases: Mastering the New FASB Requirements

8

9 AM

$279

$349

Online

4/8/20

A Fraud and Cash Receipts: Common Frauds and Internal Controls

4

1 PM

$179

$229

Online

4/8/20

A Fraud: Recent Findings, Red Flags and Corruption Schemes

4

9 AM

$179

$229

Online

4/9/20

A Applying the Uniform Guidance in Your Single Audits

8

9 AM

$279

$349

Online

8

10:30 AM

$279

$349

Online

4/13/20

A Credit Impairment - Mastering FASB Requirements for Current Expected Credit Loss (CECL)

4/16/20

A Documenting Your EBP Audit: What You Need to Know

8

9 AM

$279

$349

Online

4/27/20

A Revenue Recognition: Mastering the New FASB Requirements

8

10:30 AM

$279

$349

Online

4/28/20

A Audits of 401(k) Plans

8

9 AM

$279

$349

Online

B LI LE A D E R S H IP (ON LIN E ) 1/17/20

The Strategic Finance Department - 15 New Roles

2

3 PM

$75

$90

Online

1/21/20

CPA Firm Business Development: The Data Analytics Opportunity

1

12 PM

$35

$45

Online

1/22/20

The Journey to Becoming a Cherished Advisor: Technology, the Process and Practice Management

1

1 PM

$35

$45

Online

1/23/20

How to Lead, Coach, and Develop a Winning Team

2

11 AM

$75

$90

Online

1/27/20

Leadership Improv - Why “Fake It Until You Make It” Works

2

10 AM

$75

$90

Online

1/27/20

Leadership Improv - Why “Fake It Until You Make It” Works

2

9 AM

$75

$90

Online

2/17/20

The Journey to Becoming a Cherished Advisor: Designing the Future Firm - Next Generation Hiring, Staffing and Succession Planning

1

11 AM

$35

$45

Online

2/19/20

CPA Firm Business Development: The Data Analytics Opportunity

1

2 PM

$35

$45

Online

2/20/20

Financial Storytelling: The Key in Growing Your Organization to the Next Level

2

9 AM

$75

$90

Online

2/21/20

The Journey to Becoming a Cherished Advisor: Utilizing AI to Create Opportunities for Long-Lasting Client Relationships

1

4 PM

$35

$45

Online

2/27/20

The Journey to Becoming a Cherished Advisor: The Soft Skills Needed to Create Long-Lasting Client Relationships

1

2 PM

$35

$45

Online

SAVE THE DATE

AUGUST 19-21, 2020 Towson • CPE: 20

46

Group discounts are available.

M A C PA . O R G / L E A D E R S H I PA C A D E M Y

STATEMENT

DATE

COURSE TITLE

CPE

START TIME

$MEM

$NON-MEM

0.8

3 PM

$35

$45

Online

LOCATION

BLI LEADERSHIP (ONLINE), CONTINUED 3/4/20

The Path to Creating Work-Life Harmony

3/23/20

Anticipate Greatness: Building a Productive, Resilient Workforce

1

4 PM

$35

$45

Online

3/23/20

CPA Firm Business Development: The Data Analytics Opportunity

1

2 PM

$35

$45

Online

3/26/20

The Finance and Accounting Organization as Partner and Strategist to the Business

2

12 PM

$75

$90

Online

3/26/20

CFO/Controller & Financial Professional Updates Seminar Series: Strategy, Macro-Economics, and the External Environment

8

8 AM

$320

$420

Timonium + Online

4/20/20

The Journey to Becoming a Cherished Advisor: Utilizing AI to Create Opportunities for Long-Lasting Client Relationships

1

4 PM

$35

$45

Online

4/23/20

The Journey to Becoming a Cherished Advisor: The Soft Skills Needed to Create Long-Lasting Client Relationships

1

3 PM

$35

$45

Online

4/23/20

CFO/Controller & Financial Professional Updates Seminar Series: Finance, Operations, Micro-Economics, and the Internal Environment

8

8 AM

$320

$420

Timonium + Online

4/27/20

CPA Firm Business Development: The Data Analytics Opportunity

1

4 PM

$35

$45

Online

4/30/20

The Journey to Becoming a Cherished Advisor: Designing the Future Firm - Next Generation Hiring, Staffing and Succession Planning

1

12 PM

$35

$45

Online

8

8 AM

$395

$495

Columbia + Online

8

8 AM

$295

$395

Timonium + Online

8

9 AM

$279

$349

Online

5/15/20

6/4/20

2020 BUSINESS AND INDUSTRY CPE CONFERENCE CFO/Controller & Financial Professional Updates Seminar Series: Soft Skills in Leadership, Negotiation, and Team Building

B U S I N E S S & IN D US TRY (ONLINE ) 1/16/20

A Audits of 401(k) Plans

1/21/20

How to Identify, Explain, and Present Pertinent Financial Information to Non-Accountants

2

2 PM

$75

$90

Online

1/22/20

A Advancing Food Safety With Blockchain: How Walmart Is Leading the Way

1

9 AM

$59

$69

Online

1/23/20

A Leases: Mastering the New FASB Requirements

8

9 AM

$279

$349

Online

1/23/20

How to Lead, Coach, and Develop a Winning Team

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11 AM

$75

$90

Online

8

9 AM

$279

$349

Online

1/24/20

A Construction Contractors: Accounting, Auditing, and Tax

1/28/20

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

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1 PM

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1/29/20

Seven Secrets of Successful Business Communication Part 2: More Powerful Presenting and Writing

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1:30 PM

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1/29/20

Seven Secrets of Successful Business Communication Part 1: Questioning and Listening to Discover Clients’ Needs

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11 AM

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$90

Online

1/30/20

Respect, Safety and Ethics- The Next Step in Harassment AvoidanceEmployee Training

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12 PM

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Online

2/3/20

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

4

10:30 AM

$179

$229

Online

4

1 PM

$199

$249

Online

2/4/20

A Blockchain for Healthcare

WINTER 2020

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DATE

COURSE TITLE

CPE

START TIME

$MEM

$NON-MEM

LOCATION

BUSINESS & INDUSTRY (ONLINE), CONTINUED 2/5/20

A Developing Your Digital Mindset

4

1 PM

$179

$229

Online

2/6/20

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1 PM

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$229

Online

2/6/20

A Revenue Recognition: Mastering the New FASB Requirements

8

9 AM

$279

$349

Online

2/6/20

How to Innovate When Your Boss Says ‘No’

1

11 AM

$35

$45

Online

2/6/20

How to Innovate When Your Boss Says ‘No’

1

11 AM

$35

$45

Online

2/7/20

A The Changing Role of the Controller: Advancing from Tactical to Strategic

4

9 AM

$179

$229

Online

8

10:30 AM

$279

$349

Online

2

1 PM

$75

$90

Online

4

11 AM

$179

$229

Online

1

12 PM

$35

$45

Online

2/10/20 2/10/20 2/11/20 2/12/20

A Leases: Mastering the New FASB Requirements

How to Build a Base of Personal Credibility and Trust A IT Governance, Risk and Controls

Working Together - Four Generations in the Workplace

2/20/20

A Time to Get Serious About Information Security

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11 AM

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2/20/20

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1 PM

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2/21/20

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10 AM

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Online

2/25/20

From Financial Expert to Strategic Business Leader: Leader Evolution

3/5/20

A KPI Dashboards • The New Financial Reporting Model

2

1 PM

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Online

3/9/20

A Controller’s Update: Today’s Latest Trends

4

9 AM

$179

$229

Online

A The Changing Role of the Controller: Advancing from Tactical to

4

9 AM

$179

$229

Online

4

1 PM

$179

$229

Online

3/10/20

3/10/20

Strategic A Interpreting the New Revenue Recognition Standard: What All CPAs

Need to Know

3/10/20

A Leases: Mastering the New FASB Requirements

8

9 AM

$279

$349

Online

3/11/20

A Financial Forecasting: Planning for Success

4

1 PM

$179

$229

Online

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49

DATE

COURSE TITLE

CPE

START TIME

$MEM

$NON-MEM

LOCATION

BUSINESS & INDUSTRY (ONLINE), CONTINUED 3/16/20

MBAexpress: Presenting Financial Information

1

11 AM

$35

$45

Online

3/23/20

Anticipate Greatness: Building a Productive, Resilient Workforce

1

4 PM

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$45

Online

3/24/20

A Advancing Food Safety With Blockchain: How Walmart Is Leading the Way

1

3 PM

$59

$69

Online

8

9 AM

$279

$349

Online

3/25/20

A Revenue Recognition: Mastering the New FASB Requirements

3/25/20

Anticipate Development: Moving from Employee to Manager to Leader

1

3 PM

$35

$45

Online

3/26/20

CFO/Controller & Financial Professional Updates Seminar Series: Strategy, Macro-Economics, and the External Environment

8

8 AM

$320

$420

Timonium + Online

4

9 AM

$179

$229

Online

4/7/20

A Interpreting the New Revenue Recognition Standard: What All CPAs

Need to Know

4/7/20

A Leases: Mastering the New FASB Requirements

8

9 AM

$279

$349

Online

4/8/20

A Fraud: Recent Findings, Red Flags and Corruption Schemes

4

9 AM

$179

$229

Online

4/9/20

A Time to Get Serious About Information Security

2

1 PM

$99

$129

Online

4/16/20

A Blockchain for Healthcare

4

10 AM

$199

$249

Online

4/17/20

A Developing Your Digital Mindset

4

9 AM

$179

$229

Online

2

2 PM

$75

$90

Online

4/17/20

How to Build a Base of Personal Credibility and Trust

4/20/20

A Controller’s Update: Today’s Latest Trends

4

9 AM

$179

$229

Online

4/20/20

A Financial Forecasting: Planning for Success

4

10:30 AM

$179

$229

Online

4/22/20

How to Innovate When Your Boss Says ‘No’

1

9 AM

$35

$45

Online

4/23/20

CFO/Controller & Financial Professional Updates Seminar Series: Finance, Operations, Micro-Economics, and the Internal Environment

8

8 AM

$320

$420

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4/24/20

A The Changing Role of the Controller: Advancing from Tactical to Strategic

4

1 PM

$179

$229

Online

4/27/20

A Revenue Recognition: Mastering the New FASB Requirements

8

10:30 AM

$279

$349

Online

4/28/20

A Audits of 401(k) Plans

8

9 AM

$279

$349

Online

8

8 AM

$395

$495

Columbia + Online

8

8 AM

$295

$395

Timonium + Online

8

9 AM

$279

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4

1 PM

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Online

8

9 AM

$279

$349

Online

5/15/20

6/4/20

2020 BUSINESS AND INDUSTRY CPE CONFERENCE CFO/Controller & Financial Professional Updates Seminar Series: Soft Skills in Leadership, Negotiation, and Team Building

EM P LO Y E E B E N EF ITS (ON LIN E ) 1/16/20

4/10/20

4/28/20

50

A Audits of 401(k) Plans A Employment Law Update: Examining Critical Issues with FMLA, HIPPA, COBRA, ADA and More A Audits of 401(k) Plans

Group discounts are available.

STATEMENT

DATE

COURSE TITLE

CPE

START TIME

$MEM

$NON-MEM

4

8 AM

$160

$210

Timonium + Online

4

1 PM

$179

$229

Online

LOCATION

ETHICS (ONLINE)

ET HI CS ( O N L IN E) 1/16/20 2/4/20

Ethics for the Industry Accountant A Ethics and Professional Conduct: Updates and Practical Applications

2/4/20

Ethics: Caesar’s Wife: Tipping the Delicate Balance of Leadership and Ethics

4

12 PM

$110

$140

Online

2/20/20

Respect, Safety and Ethics- The Next Step in Harassment AvoidanceExecutive Briefing

2

12 PM

$75

$90

Online

3/20/20

Ethics: Avoiding the Slippery Slope of Ethical Pressures

4

12 PM

$110

$140

Online

4/20/20

Ethics: Caesar’s Wife: Tipping the Delicate Balance of Leadership and Ethics

4

11 AM

$110

$140

Online

4/28/20

MBAexpress: Good Governance

1

12 PM

$35

$45

Online

FUT U R E R E A D Y (ONLINE ) 1/27/20

Leadership Improv - Why “Fake It Until You Make It” Works

2

10 AM

$75

$90

Online

1/27/20

Leadership Improv - Why “Fake It Until You Make It” Works

2

9 AM

$75

$90

Online

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DATE

COURSE TITLE

CPE

START TIME

$MEM

$NON-MEM

LOCATION

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STATEMENT

DATE

COURSE TITLE

CPE

START TIME

$MEM

$NON-MEM

LOCATION

FUTURE READY (ONLINE), CONTINUED 2/12/20

Working Together - Four Generations in the Workplace

1

12 PM

$35

$45

Online

2/20/20

Financial Storytelling: The Key in Growing Your Organization to the Next Level

2

9 AM

$75

$90

Online

2/25/20

From Financial Expert to Strategic Business Leader: Leader Evolution

2

10 AM

$75

$90

Online

3/16/20

MBAexpress: Presenting Financial Information

1

11 AM

$35

$45

Online

3/25/20

Anticipate Development: Moving from Employee to Manager to Leader

1

3 PM

$35

$45

Online

3/26/20

The Finance and Accounting Organization as Partner and Strategist to the Business

2

12 PM

$75

$90

Online

8

8 AM

$395

$495

Columbia + Online

5/15/20

2020 BUSINESS AND INDUSTRY CPE CONFERENCE

N O N P R O F IT / N O T-FOR -PR OF IT (ONLINE) 1/28/20

A Form 990: Mastering Its Unique Characteristics

8

9 AM

$279

$349

Online

2/4/20

A Form 990: Exploring the Form’s Complex Schedules

8

9 AM

$279

$349

Online

4/14/20

A Form 990: Exploring the Form’s Complex Schedules

8

9 AM

$279

$349

Online

PER S O N A L D E V ELOPME NT (ONLINE) 1/23/20

How to Lead, Coach, and Develop a Winning Team

2

11 AM

$75

$90

Online

1/27/20

Leadership Improv - Why “Fake It Until You Make It” Works

2

10 AM

$75

$90

Online

1/27/20

Leadership Improv - Why “Fake It Until You Make It” Works

2

9 AM

$75

$90

Online

2/6/20

How to Innovate When Your Boss Says ‘No’

1

11 AM

$35

$45

Online

2/6/20

How to Innovate When Your Boss Says ‘No’

1

11 AM

$35

$45

Online

2/10/20

How to Build a Base of Personal Credibility and Trust

2

1 PM

$75

$90

Online

2/25/20

From Financial Expert to Strategic Business Leader: Leader Evolution

2

10 AM

$75

$90

Online

2/27/20

The Journey to Becoming a Cherished Advisor: The Soft Skills Needed to Create Long-Lasting Client Relationships

1

2 PM

$35

$45

Online

3/4/20

The Path to Creating Work-Life Harmony

0.8

3 PM

$35

$45

Online

3/25/20

Anticipate Development: Moving from Employee to Manager to Leader

1

3 PM

$35

$45

Online

4/17/20

How to Build a Base of Personal Credibility and Trust

2

2 PM

$75

$90

Online

4/22/20

How to Innovate When Your Boss Says ‘No’

1

9 AM

$35

$45

Online

4/23/20

The Journey to Becoming a Cherished Advisor: The Soft Skills Needed to Create Long-Lasting Client Relationships

1

3 PM

$35

$45

Online

6/4/20

CFO/Controller & Financial Professional Updates Seminar Series: Soft Skills in Leadership, Negotiation, and Team Building

8

8 AM

$295

$395

Timonium + Online

WINTER 2020

*additional early registration discounts are available for in-person + simulcast events when registering more than 30 days in advance.

53

DATE

COURSE TITLE

CPE

START TIME

$MEM

$NON-MEM

LOCATION

PERSONAL FINANCIAL PLANNING (ONLINE)

PER S O N A L F IN A NCIAL PLAN N IN G (ONLINE) 2/24/20

A Social Security and Medicare: Maximizing Retirement Benefits

4

10:30 AM

$179

$229

Online

3/10/20

A Social Security and Medicare: Maximizing Retirement Benefits

4

9 AM

$179

$229

Online

4/6/20

A Social Security and Medicare: Maximizing Retirement Benefits

4

2:30 PM

$179

$229

Online

PRA CT I TIO N E R S (ON LIN E ) 2/4/20

A Blockchain for Healthcare

4

1 PM

$199

$249

Online

4/16/20

A Blockchain for Healthcare

4

10 AM

$199

$249

Online

SP ECI AL IZ E D K N OWLE DGE & APPLICAT IO NS (ONLINE) 1/16/20

A Streamlined Excel Reporting Series Session 4: External Data and PivotCharts

2

11 AM

$99

$129

Online

1/20/20

A Using Microsoft OneNote as a MAP Handbook Tool

2

11 AM

$99

$129

Online

2/3/20

A How to Build a Virtual Accounting Services Practice

3

11 AM

$149

$189

Online

3/5/20

A KPI Dashboards • The New Financial Reporting Model

2

1 PM

$99

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Online

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DATE

COURSE TITLE

CPE

START TIME

$MEM

$NON-MEM

LOCATION

SPECIALIZED KNOWLEDGE & APPLICATIONS (ONLINE), CONTINUED 3/16/20

3/26/20

4/6/20

4/23/20

A Using Microsoft OneNote as a MAP Handbook Tool

CFO/Controller & Financial Professional Updates Seminar Series: Strategy, Macro-Economics, and the External Environment A How to Build a Virtual Accounting Services Practice

CFO/Controller & Financial Professional Updates Seminar Series: Finance, Operations, Micro-Economics, and the Internal Environment

2

1 PM

$99

$129

Online

8

8 AM

$320

$420

Timonium + Online

3

1 PM

$149

$189

Online

8

8 AM

$320

$420

Timonium + Online

4/27/20

A Streamlined Excel Reporting Series Session 1: PivotTable Fundamentals

2

1 PM

$99

$129

Online

4/28/20

A Streamlined Excel Reporting Series Session 2: Working with PivotTables

2

1 PM

$99

$129

Online

4/29/20

A Streamlined Excel Reporting Series Session 3: PivotTable Wrap • Up and Web Data

2

1 PM

$99

$129

Online

4/30/20

A Streamlined Excel Reporting Series Session 4: External Data and PivotCharts

2

1 PM

$99

$129

Online

TAX ( ON L IN E ) 1/16/20

A Working Paper Documentation

2

2 PM

$99

$129

Online

1/16/20

A Annual Tax Update: Individuals and Sole Proprietors

8

9 AM

$279

$349

Online

8

9 AM

$279

$349

Online

1/17/20

A Basis/Distributions for Pass • Through Entities: Simplifying the Complexities

1/21/20

A Tax Fundamentals of LLCs and Partnerships

8

9 AM

$279

$349

Online

1/24/20

A Construction Contractors: Accounting, Auditing, and Tax

8

9 AM

$279

$349

Online

1/28/20

A Multistate Income Tax

8

9 AM

$279

$349

Online

1/28/20

A AICPA’s Annual Federal Tax Update

8

9 AM

$279

$349

Online

1/28/20

A Form 990: Mastering Its Unique Characteristics

8

9 AM

$279

$349

Online

1/29/20

A Tax Planning for Small Businesses

4

1 PM

$179

$229

Online

2/4/20

A Annual Tax Update: Individuals and Sole Proprietors

8

9 AM

$279

$349

Online

2/4/20

A Form 990: Exploring the Form’s Complex Schedules

8

9 AM

$279

$349

Online

2/21/20

A AICPA’s Annual Federal Tax Update

8

9 AM

$279

$349

Online

2/24/20

A Social Security and Medicare: Maximizing Retirement Benefits

4

10:30 AM

$179

$229

Online

3/10/20

A Social Security and Medicare: Maximizing Retirement Benefits

4

9 AM

$179

$229

Online

4/6/20

A Social Security and Medicare: Maximizing Retirement Benefits

4

2:30 PM

$179

$229

Online

4/14/20

A Form 990: Exploring the Form’s Complex Schedules

8

9 AM

$279

$349

Online

WINTER 2020

*additional early registration discounts are available for in-person + simulcast events when registering more than 30 days in advance.

55

DATE

COURSE TITLE

CPE

START TIME

$MEM

$NON-MEM

LOCATION

TECHNOLOGY (ONLINE)

TE CHN O L O G Y (ONLINE ) 1/16/20

A Microsoft PowerBI • Improve Data Analysis with DAX Measures

2

12 PM

$99

$129

Online

1/17/20

A Microsoft PowerBI • Power Pivot for Advanced Data Analysis

4

12 PM

$179

$229

Online

1/20/20

A Using Microsoft OneNote as a MAP Handbook Tool

2

11 AM

$99

$129

Online

1

9 AM

$59

$69

Online

1/22/20

A Advancing Food Safety With Blockchain: How Walmart Is Leading the Way

1/22/20

A MS PowerPoint • Create Presentations that Engage Your Audience

2

11 AM

$99

$129

Online

1/23/20

A Simplifying Security of Online Passwords

1

11 AM

$59

$69

Online

2/4/20

A 10 Steps to a Digital Office in the Cloud

2

11 AM

$99

$129

Online

2/5/20

A Mastering Data Preparation and Analysis in Excel

2

11 AM

$99

$129

Online

2/11/20

A IT Governance, Risk and Controls

4

11 AM

$179

$229

Online

2/11/20

A Microsoft PowerBI • Fundamentals of the PowerBI Desktop App

4

12 PM

$179

$229

Online

2/12/20

A Microsoft PowerBI • Fundamentals of the PowerBI Dashboards

4

12 PM

$179

$229

Online

2/14/20

A Blockchain for Financial Advisors

6

9 AM

$299

$379

Online

2/17/20

A Excel • Using PivotTables for Data Analysis

4

11 AM

$179

$229

Online

2/20/20

A Time to Get Serious About Information Security

2

11 AM

$99

$129

Online

1

1 PM

$35

$45

Online

2/25/20

Introduction to Data Analytics with Excel Power Query

2/28/20

A MS PowerPoint • Advanced Techniques for Better Presentations

2

11 AM

$99

$129

Online

3/2/20

A Adobe Acrobat • Securing Your PDF Files

2

1 PM

$99

$129

Online

56

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Information Technology Management Services Regulatory Ethics Specialized Knowledge DATE

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57

DATE

COURSE TITLE

CPE

START TIME

$MEM

$NON-MEM

LOCATION

TECHNOLOGY (ONLINE), CONTINUED 3/3/20

A The Digital Office The CPA Technology Toolkit

2

1 PM

$99

$129

Online

3/4/20

A Spreadsheet Risk • Can you eliminate it?

2

1 PM

$99

$129

Online

3/5/20

A KPI Dashboards • The New Financial Reporting Model

2

1 PM

$99

$129

Online

3/16/20

A Using Microsoft OneNote as a MAP Handbook Tool

2

1 PM

$99

$129

Online

3/19/20

A Simplifying Security of Online Passwords

1

1 PM

$59

$69

Online

1

3 PM

$59

$69

Online

3/24/20

A Advancing Food Safety With Blockchain: How Walmart Is Leading the Way

3/24/20

A MS PowerPoint • Create Presentations that Engage Your Audience

2

1 PM

$99

$129

Online

4/6/20

A Blockchain for Financial Advisors

6

12 PM

$299

$379

Online

4/7/20

A 10 Steps to a Digital Office in the Cloud

2

1 PM

$99

$129

Online

4/8/20

A Mastering Data Preparation and Analysis in Excel

2

1 PM

$99

$129

Online

4/9/20

A Time to Get Serious About Information Security

2

1 PM

$99

$129

Online

4/13/20

A Introduction to Data Analytics and Microsoft PowerBI Tools

2

10 AM

$99

$129

Online

4/14/20

A Microsoft PowerBI • Get Started with the Right Data

2

10 AM

$99

$129

Online

4/15/20

A Microsoft PowerBI • Introduction to Data Analysis in Excel

2

10 AM

$99

$129

Online

4/16/20

A Microsoft PowerBI • Improve Data Analysis with DAX Measures

2

10 AM

$99

$129

Online

4/17/20

A Microsoft PowerBI • Power Pivot for Advanced Data Analysis

4

10 AM

$179

$229

Online

4/20/20

A Excel • Using PivotTables for Data Analysis

4

1 PM

$179

$229

Online

4/21/20

A MS PowerPoint • Advanced Techniques for Better Presentations

2

1 PM

$99

$129

Online

1

12 PM

$35

$45

Online

4/27/20

Introduction to Data Analytics with Excel Power Query

4/28/20

A Microsoft PowerBI • Fundamentals of the PowerBI Desktop App

4

10 AM

$179

$229

Online

4/29/20

A Microsoft PowerBI • Fundamentals of the PowerBI Dashboards

4

10 AM

$179

$229

Online

5/15/20

2020 BUSINESS AND INDUSTRY CPE CONFERENCE

8

8 AM

$395

$495

Columbia + Online

REGISTER ONLINE AT

MACPA.ORG

58

Group discounts are available.

STATEMENT

DATE

COURSE TITLE

WINTER 2020

CPE

START TIME

$MEM

$NON-MEM

LOCATION

*additional early registration discounts are available for in-person + simulcast events when registering more than 30 days in advance.

59

DATE

COURSE TITLE

CPE

START TIME

$MEM

$NON-MEM

LOCATION

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