MONTH: HONORING THE IMPACT OF BLACK ACCOUNTANTS AND TAX PROFESSIONALS
Locked Out: Does the IRS
CARE(s) about Incarcerated Taxpayers?
The $14,000 Email
Mistake
INTRODUCING THE MSATP BOARD CANDIDATES FOR THE 2025-2026 TERM A FESTIVE CELEBRATION OF COMMUNITY AND EXCELLENCE AT THE MSA HOLIDAY SOIRÉE
DonyaOneto,CPA
AnnF
HannahCoyle,EA
EllenSilverstein,CPA
MichaelMcIlhargey,CPA
MatthewT.Eddleman,EA
SeanCoggins,CPA
NicoleMoore,EA
JohnSalan,CPA
ChrisWilliams,CPA
BarbaraJ Smith,CPA
RobertMedbery,CPA
GigiHawkins
Executive Director's Corner
As seminar season comes to a close, we know our members are gearing up for their busiest time of the year tax season At MSATP, we are committed to ensuring you have the tools and resources needed to navigate this demanding stretch efficiently and effectively
Now is the perfect time to take advantage of your membership benefits, including access to Verifyle, CCH AnswerConnect, Earmark CPE, and other valuable tools designed to streamline your workflow and enhance client service
We also recognize the importance of unwinding after the intensity of tax season That’s why we’re excited to invite you to our Post-Tax Season Wine & Whine with MSATP on April 24, 2025, at the MSATP Conference Center in Owings Mills, MD This is a great opportunity to reconnect, share your experiences from tax season, and enjoy a well-deserved evening of relaxation with fellow professionals. Mark your calendars we would love to see you there!
While you are deep in the trenches of tax season, MSATP continues to advocate on behalf of tax professionals and small business owners during the legislative session. We are actively monitoring and engaging with key legislation that impacts our industry, ensuring that the voices of our members are heard. Below is a snapshot of some of the bills we have taken a stance on:
Legislative Updates:
HB149 – Proposal to allow a Maryland income tax subtraction modification for child support payments MSATP Position: Oppose
SB33 – Study on Maryland’s business tax structure and combined reporting MSATP Position: Oppose
SB59/HB183 – Changes to residency definition under Maryland income tax law MSATP Position: Oppose HB63/SB261 – Extension of the State Board of Public Accountancy. MSATP Position: Favor
SB51/HB887 – Changes to CPA licensure requirements for out-of-state professionals MSATP Position: Favor
SB412 – Increase in the tax subtraction modification for contributions to college savings plans. MSATP Position: Favor
As we continue advocating for policies that protect taxpayers and small businesses while supporting pathways for accounting education, we encourage our members to stay informed and engaged in the legislative process
We appreciate your dedication to the profession and your commitment to MSATP We look forward to supporting you through tax season and celebrating your hard work at our Wine & Whine event in April. In the meantime, don’t hesitate to reach out to us for any support you may need.
Together, We Thrive!
Gigi Hawkins
It is not in numbers but in unity that our great strength lies.
- Thomas Paine
Introducing the MSATP Board Candidates for the 2025-2026 Term
The Maryland Society of Accounting and Tax Professionals (MSATP) is proud to introduce the candidates who have applied, interviewed, and have been nominated by the Nominations Committee to serve on the Board of Directors for the 2025-2026 term. These professionals bring a wealth of experience and a deep commitment to the accounting and tax industry. Their dedication to MSATP and the profession will help shape the future of our organization. Get to know each candidate below:
Ann F. Elliott, EA
Nominated Position: President
Ann F. Elliott, EA, maintains her accounting and tax practice in Chevy Chase, Maryland Born and raised in Pennsylvania, Ann has lived in the Washington, DC area for over 50 years. She has been self-employed for 30 years, providing CFO services, tax preparation, and accounting services across industries such as real estate, non-profits, restaurants, and family trusts Ann holds an MLA from Johns Hopkins University, a BA rom Trinity College, and became an Enrolled Agent in 2011 Currently, she serves as Treasurer for the Episcopal Center for Children in DC and has been nvolved in numerous boards over the past 35 years.
annah Coyle, EA
ominated Position: First Vice President
nnah Coyle is the owner of Coyle Business Solutions, here she provides outsourced CFO and bookkeeping vices to professional service organizations An perienced Enrolled Agent, Hannah specializes in all business accounting, tax preparation, and ickBooks Online consulting She currently serves as cond Vice President of MSATP and chairs the MSATP ucation Committee. A graduate of the MSATP ung Professional Leadership Program’s second ss, Hannah is passionate about supporting the next neration of accounting professionals
Christopher J. Williams, CPA
Nominated Position: Second Vice President
With over 17 years in public accounting, Christopher Williams specializes in financial services, cryptocurrencies, partnerships, high-net-worth individuals, and small businesses He earned his BS in Accounting from Rutgers University and later obtained a Master’s in Taxation Licensed in Maryland, New Jersey, and New York, Chris has been an active MSATP member since 2019, serving as PAC President and contributing to professional development initiatives
Michael McIlhargey, CPA
Nominated Position: Treasurer
A Maryland native, Michael McIlhargey, CPA, pursued his passion for accounting despite his early exposure to technology He earned his BS in Financial Economics from the University of Maryland, Baltimore County, in 2008 and his MS in Accounting and Information Systems from the University of Maryland, University College, in 2013 Since obtaining his CPA license, he has transitioned from working with large businesses to focusing on small businesses Currently, he works at PSA CPA, where he leverages technology to assist individuals, entrepreneurs, and small businesses with tax compliance
Matt Eddleman, EA Nominated
Position: Secretary
With over two decades of experience in tax controversy, accounting, financial planning, and small business management, Matt Eddleman is one of the nation’s leading experts on the Employee Retention Credit and other COVID relief programs A graduate of Shepherd University with a background in Business Administration and Financial Economics, Matt is an IRS Enrolled Agent who assists U S taxpayers worldwide with tax planning and compliance.
Andrea Foster, CPA Nominated Position: Delegate
Andrea Foster, CPA, has been guiding small business owners, fiduciaries, and individuals through their tax and accounting needs since 2004 A lifelong Maryland resident, she grew up in Prince George’s County and now lives in Crofton with her partner and three daughters She became a partner in her firm in 2012 and took full ownership of Conkling Foster CPA, LLC in 2015
Andrea specializes in helping small business owners grow sustainably while adding value to their operations A member of MACPA, MSATP, and NSTP, she stays ahead of evolving tax laws and takes pride in empowering clients with knowledge that brings them peace of mind
a Hill-Trawick, CPA inated Position: Delegate
Hill-Trawick is redefining modern accounting adership With over 20 years of corporate and nment experience, she helps small businesses e financial sustainability As founder of Little Fish nting and host of Build to Enough, she pions advisory-driven accounting. Keila ates AI and innovative strategies to help firms without sacrificing balance Named one of s’ Top 200 CPAs and a member of the Intuit er Council, she is a recognized industry leader A t-after speaker, she empowers firm owners to ize operations and embrace technology Her drives smarter financial strategies and intentional ess growth.
Nicole Moore, EA Nominated Position: Delegate
Nicole Moore has over 20 years of corporate accounting and finance experience, specializing in non-profits, healthcare, professional services, and telecommunications As the founder of Accounting Edge Consulting, she uses her expertise to help business owners and CEOs analyze, grow, and manage their companies more effectively A strategic finance leader, Nicole values integrity, respect, honesty, and accuracy in her work
Anthony Pelura, MSF, CVA, EA
Nominated Position: Delegate
For several years, Tony Pelura has owned, operated and managed several successful small businesses He holds a BS in Business/Marketing and Accounting and an MS in Finance He is a Certified Valuation Analyst, a licensed tax preparer in the state of Maryland and Virginia, an IRS Enrolled Agent, a Certified QuickBooks ProAdvisor, an AICPA certified member in fraud and forensics and a candidate for Certified Public Accountant. He is a member of the American Institute of Certified Public Accountants (AICPA), the Maryland Association of CPA’s (MACPA), the Maryland Society of Accountants, The National Associations of Certified Valuators and Analysts and the Salisbury University Alumni Mentor Network
John Salan, CPA
Nominated Position: Delegate
John Salan has been practicing as a CPA in Maryland since 1996, running his own firm, John D. Salan, CPA. His practice focuses on income taxes for businesses and individuals, as well as compilations, reviews, and tax controversy. John holds a degree from the University of Maryland, College Park, and has been an active member of MSATP, AICPA, and MACPA
Get Involved!
We are thrilled to have such a talented and dedicated group of professionals stepping up to serve on the MSATP Board of Directors. Stay tuned for details on how to participate in the election and make your voice heard!
Locked Out: Does the IRS CARE(s) about Incarcerated Taxpayers?
By James Lindeman Student-Attorney*
University of Baltimore Low Income Tax Clinic
*Practicing pursuant to Rule 19-220 of the Rules Governing Admission to the Bar of Maryland and Special Orders of the IRS Office of Professional Responsibility
I’d like to take you back to March 27, 2020. The Coronavirus Aid, Relief, and Economic Security (CARES) Act has just been signed into law to combat the economic hardships brought on by the Covid Pandemic In an attempt to stimulate the economy, the CARES Act provided for one-time cash payments to millions of Americans in the form of an “economic impact payment,” more commonly known as the “stimulus check ” If you were eligible to receive one of these payments, the Internal Revenue Service (IRS) issued it, automatically, without most taxpayers needing to take any action. Easy enough, right?
While it may have been that easy for most Americans, the story has been different for incarcerated individuals When the CARES Act was passed by Congress, the Internal Revenue Service refused to issue payments to incarcerated individuals The CARES Act was silent on how to address this issue, so as justification, the IRS cited to a provision of the Social Security Act that prohibits payments to individuals who were convicted of a crime and sentenced to longer than 30 days imprisonment
In August of 2020, a group of California prisoners filed a class-action lawsuit challenging this decision. The complaint alleged that depriving incarcerated people of the stimulus check hindered
them from enrolling in rehabilitative programs that create stability and deter recidivism.
The plaintiffs ultimately prevailed when Judge Hamilton, of the U.S. District Court for the Northern District of California, ruled that it was improper for the IRS to withhold economic impact payments to incarcerated persons.
The IRS was ordered to mail notices to incarcerated individuals explaining how they could claim the payment by applying for a credit on the following year’s tax return. At the time, this seemed like a simple and effective fix to the problem. However, with the benefit of hindsight, there were some glaring issues with this remedy
First, if an incarcerated person is transferred to a new facility, and their address is never updated with the IRS, any notice explaining how to claim the credit will never reach them In that case, an individual would have to rely on fellow-inmates, prison staff, or someone on the outside to inform them of their eligibility. At best, these methods are imperfect; at worst, they’re ineffective
Next, having to claim the credit on a tax return presents an inherent obstacle to incarcerated persons. Each prison has its own procedures for allowing inmates to file taxes: some facilities offer limited internet access to file electronically, while others partner with free tax-prep services to prepare returns directly at the facility. However, most facilities do not take any affirmative steps to help their inmates file taxes, leaving them to figure it out on their own If an inmate
does not have any trusted friends or family on the outside to help file their taxes and claim the credit, they may never receive their economic impact payment
Denying incarcerated people the stimulus check also runs afoul of the goal a main goal of incarceration: rehabilitation The Department of Justice reports that 43% of people incarcerated in state prisons get arrested within one year of their release, with 82% being arrested within 10 years Those with criminal records often face heightened scrutiny when applying for jobs and housing, so having even one month of expenses saved up can go a long way in re-entering society
Unfortunately, these challenges aren’t exclusive to the CARES Act. Instead, they’re a depiction of the broader hurdles that incarcerated individuals face in almost every aspect of life The impact isn’t just felt by the incarcerated; it extends to their families and communities when they re-enter society behind the 8-ball If the goal of incarceration is truly rehabilitation and reducing the long-term costs on individuals, it’s essential we start addressing these practical barriers when making decisions, and not just after the negative effects have rippled out.
THE TURING TEST, ACCOUNTING EDITION
BY JONATHAN RIVLIN,
Unless you’ve been living under a rock, you are aware of Artificial Intelligence (hereinafter referred to as AI), that favorite bogeyman of science fiction, and in our real world, a cash register for eyeball harvesting content creators And if you’re not aware of AI, you need to change that.
There was an app, that I shall not name, that advertised itself as, “Replacing the accountant’s brain with AI.” It certainly was an eye-catching slogan, and entirely built on a foundation of well a not solid foundation None of the readers of this most august publication are naïve enough to fall for this fatuous nonsense. And it is irrelevant, because we were not the intended audience of that slogan.
To wit, either we have achieved some great breakthrough with AI and our new robot overlords will outhuman us –which is doubtful(?), OR, the accountant’s brain is on par with the latest toaster ovens on sale at whatever big box retailer is still in business, which come April 15th is likely.
In every instance that I have seen these vaunted new baubles at work, all I’ve observed is that which has been around since the earliest versions of QuickBooks Desktop; ‘rules’, or the old setting that recalls a previous account coding the last time a particular vendor was entered. If that counts as AI, then color me unimpressed
In my experience with AI powered apps, which is every app these days, the results are mixed. Sometimes, on those truly low end and highly repetitive transactions, the AI can save time. And on ANY transaction that requires even the slightest bit of thought, the AI not only fails, but makes more work when the human has to go in and clean up the bot’s digital droppings, er mess.
Recently, I was able to trial an in-house branded AI that was meant to function as a research tool for tax preparers. I shall not name names. I asked the bot a few questions and received predictable responses The novelty and speed of the experience was tempting, and I was lulled into a state of acceptance. Maybe that old saw about AI, true actual AI, being 20 years away and always will be; maybe that day had finally arrived!
And then I asked the bot one more thing1:
“Can a real estate agent form an S Corp?”
To which the bot speedily replied an enthusiastic affirmation that this was indeed possible and then proceeded to list the benefits for doing so
I then asked, “Wouldn’t this violate IRC Section 3508?” 2
To which the bot again speedily and enthusiastically spouted out that all the real estate agent would need to do would be to nominee their commission income into the S Corp
I then asked, “Wouldn’t that violate the Fleischer Decision of 2016?” 3
To which the bot again speedily, though less enthusiastically stated that this might be a problem and that I should consult with a CPA or attorney to discuss the matter more fully.
I then asked, “If I didn’t know to ask you [the bot] about IRC Section 3508 and the Fleischer Decision of 2016, how would I have known that your initial answers were incorrect?”
To which the bot replied, with exceeding politeness, that its responses are not meant to be authoritative (I paraphrased it for brevity; most AI bots are entirely too verbose in their replies )
I then asked, “Did you learn anything from this interaction? Would you be able to answer the question correctly the next time someone asks you about this topic?”
To which the bot replied, with speed, that it didn’t understand my inquiry.
I concluded my conversation with “The New Boss” - (Won’t get fooled again )4
Let’s step back for a moment
As humans, we tend to anthropomorphize everything we interact with. In my intentionally tongue in cheek description of the bot’s responses; we cannot assume that it responded with enthusiasm That is an emotion and at least this version of the bot did not have an emotion Though, I did come across a YouTube video of someone interviewing a bot and the bot did appear to show some basic emotion5, which is scary6.
In 1949, the famed scientist Alan Turing proposed his eponymous test; The Turing Test7, whose goal was to determine if an AI was sentient, or as he put it, “…can machines think?” I’ll spare you the details about the test as it can lead us down a rabbit hole that is not related to the practice of accounting and/or tax
What I can say is that my conversation with the ‘Tax Bot’, can serve as a primitive Turing-esque test for our profession. And I’m sure that if you considered some of the mind-numbingly complex situations your clients have thrown at you, you can come up with your own version as well
For now, the AI bots are not quite ready to replace us And maybe that’s a good thing, or maybe it isn’t; that conclusion is above my paygrade. If this gives you some comfort, great! But don’t get too comfortable.
The reality is that AI is a tool, and like any tool, we can use it to build something nice, or we can cut our finger off with it. Ignore it at your peril. Trust it at your peril. Respect it. And when it achieves sentience, whether that is in 20 years, or 20 months, or already occurred, hopefully it will respect you
PS – don’t use AI to write your emails Your clients can see through that. Take the time to communicate with your clients. If anything, it’s a selling point! Hey, you can pay rock bottom prices to get some overhyped bot botch up your return, or you can work with an actual human being that actually cares about you and can actually provide you with a valuable service. Just sayin’.
Citations:
1.
If you watch this 0:42 clip, I hope it makes you smile! https://www youtube com/watch?v=el54oLaUmWk
2.
IRC Section 3508: https://www law cornell edu/uscode/text/26/3508
3.
Fleischer v. Commissioner 29th Dec 2016: Fleischer v. Comm'r, T C Memo 2016-238 (U S T C Dec 29, 2016), https://casetext com/case/fleischer-v-commr-1
4.
Won’t Get Fooled Again by The Who, released 25th Jun 1971: https://en wikipedia org/wiki/Won%27t Get Fooled Again
5.
Trying to Convince ChatGPT It’s Conscious, by Alex O’Connor, posted on 25th Jul 2024, TRT 17:34 https://www.youtube.com/watch?v=ithXe2krO9A
6
Gaslighting ChatGPT With Ethical Dilemmas, by Alex O’Connor, posted 1st Dec 2024, TRT 23:06 https://www.youtube.com/watch?v=UsOLlhGA9zg
7 ---
The Turing Test: https://en wikipedia org/wiki/Turing test
If there is one way to determine if the entity you are speaking with is a bot or a human, it is its patience and politeness. At least in those regards, the bots beat us humans hands down Sadly
Jonathan Rivlin is a CPA practicing in the Baltimore metropolitan area He has been a member of the MSATP since 2002 and served on the Society's Board of Directors from 20182024
The Business Builders Connection Conference (BBCC) is back with a fresh, workshopbasedformatdesignedforaccountants,taxprofessionals,andfirmownersreadytotake action! Join us from November 2-4, 2025, at the stunning Hyatt Regency Chesapeake BayGolfResort&SpainCambridge,MD,foranimmersiveexperiencethatgoesbeyond learning—you’llleavewithapersonalizedactionplantofuture-proofyourpractice.
Engineering-BasedCost Segregationvs. DIY Options
JERRY LOTZ, COSTSEG SAVINGS SOLUTIONS
Every business owner and consumer wants to save money That’s why they hire a competent tax professional like you Tax professionals are the backbone of our success at CSSI That said, I’d like to acknowledge CSSI’s commitment to educating tax professionals, business owners and consumers. The content here-in is evidence of our mission to unlock tax savings. In the realm of tax strategies, cost segregation is one of the most powerful tools available to commercial property owners. By accelerating depreciation deductions and improving cash flow, a cost segregation study can significantly reduce tax liability However, not all cost segregation methods are created equal Specifically, engineering-based cost segregation studies stand head and shoulders above do-it-yourself (DIY) approaches.
Here’s why:
1. Unparalleled Accuracy and Detail
Engineering-based studies are performed by professionals with expertise in construction, engineering, and tax law These studies meticulously analyze a building’s components to reclassify assets into shorter depreciation categories, such as 5-, 7-, or 15-year property, instead of the standard 39 years for commercial buildings. In contrast, DIY methods often rely on generic templates, basic guidelines, or limited software tools that lack the nuance needed to identify all re-classifiable assets. The result? Missed opportunities for tax savings and potential inaccuracies that could trigger red flags for an audit
2 Audit Protection
A hallmark of engineering-based cost segregation studies is their defensibility in the face of an IRS audit.
Comprehensive documentation, detailed calculations, and compliance with IRS guidelines ensure that these studies can stand up to scrutiny. Firms like CSSI have completed over 45,000 engineering-based cost segregation studies without a single audit a testament to the reliability of this approach
DIY methods, on the other hand, may lack the thoroughness and substantiation required to withstand an audit Inadequate documentation or errors can lead to disallowed deductions and potential penalties, negating any initial savings achieved by skipping professional services.
3. Specialized Expertise
Engineering-based studies leverage the insights of multidisciplinary teams, including engineers, construction professionals, and tax specialists This combination of skills ensures that every aspect of a property is analyzed, from electrical systems and plumbing to flooring and landscaping. This depth of knowledge is impossible to replicate with a DIY approach, where the property owner or accountant may lack the technical expertise to identify all qualifying assets.
4 Maximized Tax Benefits
The primary goal of a cost segregation study is to maximize tax savings Engineering-based studies often uncover tax benefits that far exceed the upfront cost of the service. By identifying assets that qualify for accelerated depreciation or bonus depreciation, property owners can significantly boost their cash flow.
DIY methods often underestimate the value of assets or overlook key components entirely. This can result in a lower return on investment and missed opportunities to reinvest savings into the business
5 Time Efficiency
Conducting a cost segregation study is a complex and time-intensive process. Engineering-based firms handle all aspects of the study, freeing property owners to focus on their core business operations. DIY approaches, on the other hand, demand significant time and effort from property owners, often without delivering comparable results
6. Compliance with IRS Guidelines
The IRS has specific guidelines for cost segregation studies, emphasizing the importance of detailed documentation and professional standards. Engineeringbased studies are meticulously prepared to align with these requirements, reducing the risk of non-compliance DIY studies, even when well-intentioned, can inadvertently stray from IRS guidelines, leading to complications down the line Misclassifications or insufficient documentation can result in disallowed deductions or penalties during an audit.
Conclusion
While DIY approaches to cost segregation may seem appealing due to their lower upfront cost, they often fall short in delivering the accuracy, savings, and audit protection that engineering-based studies provide For commercial property owners seeking to maximize their tax benefits while minimizing risk, investing in an engineering-based cost segregation study is a decision that pays dividends both immediately and in the long term.
At CSSI, we specialize in engineering-based cost segregation studies that have been proven to deliver results With over 45,000 studies completed without a single audit, our team is committed to helping property owners achieve their financial goals with confidence. Reach out to learn how we can help you unlock the full potential of your property investments. https://costseges.com/contact-us
Celebrating Black History Month: Honoring the Impact of Black Accountants and Tax Professionals
Author: Giavante’ Hawkins
As we celebrate Black History Month, we take this opportunity to recognize and honor the significant contributions of Black accountants and tax professionals who have shaped the financial landscape of America The journey of Black professionals in the accounting and tax industry has been marked by resilience, excellence, and an unwavering commitment to financial literacy, economic empowerment, and professional integrity Their work has not only influenced businesses and individuals but has also paved the way for future generations to enter and thrive in the profession
Pioneers Who Paved the Way
The history of Black accountants in America is one of breaking barriers and opening doors for future generations. In 1921, John Wesley Cromwell Jr. became the first Black Certified Public Accountant (CPA) in the United States, overcoming systemic discrimination and limited access to professional opportunities. His perseverance set a precedent for those who followed, including Mary T. Washington Wylie, the first Black woman to earn a CPA license in 1943. These pioneers laid the foundation for greater diversity in the industry and inspired countless Black professionals to pursue careers in accounting and taxation.
Others, such as Bert N. Mitchell, who founded the first Black-owned national CPA firm, continued this legacy by not only achieving personal success but also creating opportunities for other Black accountants to gain experience, mentorship, and career advancement. Their legacies remind us that progress in the profession was not given it was earned through determination, skill, and advocacy.
Mary T. Washington Wylie
Challenges and Progress
Despite the remarkable achievements of Black accountants and tax professionals, achieving full representation and equality in the industry remains challenging According to the American Institute of CPAs (AICPA), Black CPAs make up only a small percentage of the total CPA population in the United States Barriers such as limited access to early professional networks, financial constraints in obtaining certification, and lack of representation in leadership positions persist
As of 2020, Black or African American individuals represented approximately 2% of Certified Public Accountants (CPAs) in U S accounting firms (icpas org) This figure highlights a significant underrepresentation compared to the overall U S workforce, where Black individuals constitute about 12 1% of employed persons (journalofaccountancy com)
The disparity in leadership positions within accounting firms is even more pronounced Only 1% of partners at CPA firms are Black (forbes com) These statistics underscore the ongoing need for initiatives to increase diversity and inclusion within the accounting profession
However, progress is being made More firms and organizations are implementing diversity and inclusion initiatives, scholarship programs, and targeted recruitment efforts to attract and retain Black talent Additionally, Black professionals are increasingly stepping into leadership roles within major firms, government agencies, and academic institutions, influencing policy and decision-making at high levels
Shaping the Future of the Accounting Profession
Today, Black accountants and tax professionals continue to break new ground, taking leadership roles in firms, corporations, government agencies, and entrepreneurship. Their expertise and influence are instrumental in shaping equitable financial policies, advocating for tax reforms, and ensuring ethical accounting practices across industries. Many have also leveraged digital transformation and fintech innovations to create new opportunities and services within the industry.
As the accounting industry evolves with technological advancements and regulatory changes, Black professionals remain at the forefront, embracing innovation and paving the way for the next generation Efforts to increase representation, such as diversity initiatives within professional firms and academic institutions, are vital in fostering a more inclusive profession Mentorship, sponsorship, and continued advocacy will be key in ensuring that Black professionals not only enter the field but also ascend to leadership and ownership positions
Moving Forward Together
Celebrating Black History Month is not only about recognizing the past but also about committing to a more inclusive and equitable future As we honor the legacy of Black accountants and tax professionals, we encourage continued support for aspiring professionals through mentorship, advocacy, and community engagement Recognizing the value that diversity brings to the profession strengthens both the industry and the economy as a whole
At the Maryland Society of Accounting and Tax Professionals (MSATP), we proudly celebrate the achievements of Black professionals in our industry and remain dedicated to fostering an inclusive and thriving community Together, we acknowledge the invaluable impact Black accountants and tax professionals have had and will continue to have on the financial well-being of our nation
This Black History Month, let us reflect, uplift, and celebrate the excellence and contributions of Black professionals who have shaped and strengthened the accounting and tax industry
THE $14,000 EMAIL MISTAKE
By David H. Martin, Verifyle
Sarah Smith (not her real name, for reasons you’ll understand in a moment) sat at her kitchen table, staring at her laptop in disbelief. The email from her bank was clear: someone had attempted to open five new credit cards in her name. Her hands trembled as she scrolled through alert after alert New accounts Loan applications Address changes Her identity was being weaponized against her, and she knew exactly how it had happened
Just three weeks earlier, Sarah had done what millions of Americans do each spring – she'd gathered her tax documents and sent them to her tax preparer Like too many people, she'd used regular email to share her W-2s, 1099s, and other sensitive financial information "It seemed so normal," Sarah said in a recent interview "I've been sending my tax documents by email for years. My accountant always said she used encryption on her end. I really thought we were being careful."
What Sarah didn't know was that cybercriminals had compromised her email account through a sophisticated phishing attack months earlier. They had been quietly monitoring her communications, waiting for the perfect moment to strike. Tax season – when sensitive financial documents flow freely through email – provided exactly the opportunity they needed
The damage was comprehensive The criminals now had access to Sarah's Social Security number, employment history, banking information, and even her children's personal data. Within days, they had begun building a complex web of fraudulent accounts and transactions Even after spending countless hours freezing her credit, filing police reports, and working with identity theft specialists, Sarah would spend the next two years dealing with the fallout of this attack.
"The worst part wasn't even the financial damage," Sarah explained "It was the feeling of violation, of vulnerability Every piece of mail, every phone call, every email became suspect You don't realize how much trust you put in digital communications until something like this happens to you. "
Sadly, Sarah's story is far from unique According to the FBI's Internet Crime Complaint Center (IC3) 2024 report, Business Email Compromise (BEC) schemes resulted in exposed dollar losses of over $20 billion in 2023 alone, with more than 150,000 victims in the U.S. Meanwhile, the Federal Trade Commission reported that identity theft cases surged during tax season, with more than 1 million identity theft reports filed in 2023, with taxrelated fraud being one of the primary vectors
What makes these attacks particularly devastating is their timing Tax season creates a perfect storm of vulnerability: tight deadlines, pressure to file accurately, and the need to share highly sensitive information quickly. Traditional email, even with standard encryption, simply wasn't designed to withstand today's sophisticated cyber threats
The security landscape has evolved dramatically in recent years. According to Verizon's 2023 Data Breach Investigations Report, 74% of breaches involved the human element, with email being a primary attack vector The report also found that financial data was among the most targeted types of information, appearing in 30% of breaches
This is where the paradigm shift needs to happen. While Sarah's story is unfortunately common, it didn't have to end this way Modern secure communication platforms, specifically designed for sensitive data sharing, offer a level of protection that email simply cannot match
Verifyle has emerged as a leader in this space by implementing quantum-resistant security protocols – a forward-thinking approach that protects against both current threats and the looming challenges of quantum computing Unlike traditional email systems, Verifyle's platform was built from the ground up with security as its cornerstone, not as an afterthought.
For professionals handling sensitive information – tax preparers, accountants, financial advisors, and their clients – the message is clear: the time to upgrade your security protocols is now, before you or one of your clients becomes the next cautionary tale
Consider this: Sarah's tax preparer had been in business for twenty years without a security incident. It only took one successful attack to compromise not just Sarah's information, but potentially that of hundreds of other clients According to IBM's Cost of a Data Breach Report 2023, the average cost of a data breach reached an all-time high of $4 45 million For small businesses and financial professionals, such a breach could be catastrophic
The solution is surprisingly straightforward. Platforms like Verifyle offer user-friendly interfaces that make secure document sharing as simple as traditional email, but with cutting edge security protocols working behind the scenes The learning curve is minimal, but the protection is exponential.
"If I had known then what I know now, " Sarah reflected, "I would never have used regular email for sensitive documents The few minutes it might take to login and share my documents through a secure system is really nothing compared to the years I spent recovering from identity theft."
The reality is that cybercriminals are counting on our complacency They know that despite the risks, many people will continue using email for sensitive communications simply because it's familiar and convenient. This is exactly the vulnerability they exploit, day after day, victim after victim.
The question isn't whether stronger security measures are needed – it's whether we'll implement them before or after a breach occurs For Sarah, that answer came too late But for countless others, the opportunity to prevent such an attack is still available.
As tax season approaches again, Sarah has a new message for anyone willing to listen: "Don't wait for a hack to take security seriously The tools to protect yourself exist today Use them, and tell your tax preparer to use them " With platforms like Verifyle offering quantum-resistant security and an extremely simple user-interface, there's no reason to risk becoming another statistic in the growing ledger of email security breaches.
A Festive Celebration of Community and Excellence at the MSA Holiday Soirée
The holiday season is a time of joy, connection, and reflection, and this year’s MSA Holiday Soirée was nothing short of spectacular Hosted amidst the warm and cheerful ambiance of the season, overlooking the lake at the Merriweather Lakehouse in Columbia, MD, this event brought together members of the Maryland Society of Accounting and Tax Professionals (MSATP) community to celebrate the holidays, honor excellence, and support the next generation of accounting and tax professionals.
Celebrating Scholarship Recipients
One of the highlights of the evening was recognizing the 2024-2025 MSA Scholarship recipients. These talented students represent the future of the profession, and we are proud to play a part in their educational journeys.
This year, the MSA Scholarship program saw 58 applicants, marking more than a 300% increase in applications from prior years We are proud to have awarded 38 scholarships to deserving Maryland resident students These students were selected not only for their academic achievements but also for their dedication to the field of accounting and tax preparation We are thrilled to celebrate their hard work and commitment
To support the future of accounting and tax professionals, consider making a donation to the MSA Scholarship Foundation. Donate here.
Strengthening Our Community
Beyond the awards and recognition, the Holiday Soirée was a chance to connect with peers, share stories, and celebrate our collective achievements The event brought together professionals from all corners of the state to revel in the spirit of the season Laughter, camaraderie, and shared aspirations filled the room, reminding us of the power of community in helping us all thrive
Thank You to Our Sponsors
This event would not have been possible without the generous support of our sponsors. Their contributions played a vital role in ensuring the success of the evening and the ongoing initiatives of MSATP. We extend our heartfelt gratitude to our sponsors:
CostSeg
Frost Law
Magna5 IT for their commitment to our community and mission.
Looking Ahead
As we close out another year, the Holiday Soirée served as a reminder of the incredible talent, dedication, and heart within the MSATP community It was a celebration not only of the holidays but also of the bright future we are building together We are excited for the opportunities that 2025 will bring, and we look forward to continuing to support and grow our thriving community of accounting and tax professionals.
Thank you to everyone who attended and contributed to making this year’s Holiday Soirée such a memorable occasion. Together, we thrive!
To view photos from the event, click here
OT ONE TREE MAKES A FOREST: HE POWER OF ONNECTIONS IN CCOUNTING
Jubelo Oyeniran, MSATP Student Member and Scholarship Recipient
I first started studying accounting, I had a lingering notion that ntants were introverted, quiet, and, dare I say boring As an ng person, I felt a mix of excitement and uncertainty heading into st classes Would I fit in? Would I enjoy it? Now, as a senior, I can ently say those stereotypes are far from reality. nting is as much about numbers as it is about people. From the tart, I strategically chose my seat next to a freshman who seemed he smartest in the room Not because I wasn’t capable, but se I knew that success in accounting, like in life, is about unding yourself with the right people. Over time, that same kid” turned out to be one of the funniest people I know, and our ship proved that accounting is far from dull
ower of Teamwork in Accounting
I’ve learned is that no one succeeds in accounting alone. Not one makes a forest. The smartest person in the room still asks ons. The most seasoned professionals still collaborate to solve ex problems In my classes, I built relationships that helped me ate challenges, share knowledge, and push myself further This ds into the workplace whether in audit or advisory, collaboration is he industry thrives on professionals leveraging each other's tise to drive results.
h-Achieving Accounting Student
jor, a forensic accounting master’s, an audit ent presidency, and leadership roles in e might call it overwhelming I call it
al week:
–2 PM → Class 4–5:15 PM → Meetings → : Back-to-back classes → Student t → Study until 2 AM Wednesday: Internship t → Study late into the night Thursday: board meetings → More studying Friday: working → Study Saturday: Conferences, s Sunday: Church → Study → Resident
And somewhere in between, I squeeze in personal Bible study and prayer every day While this schedule is demanding, pressure is the privilege of success The opportunities I’ve gained attending national conferences, networking with top professionals, and securing multiple internships are worth the sacrifices
The Clearview Experience: Finding the Right Culture
One of the biggest benefits of being an accounting major is the ability to test different work environments early Through internships, I learned that workplace culture is just as important as technical skills After trying out three firms in my freshman year, I found my fit at Clearview Group (now Citrin Cooperman).
Why did I stay?
I once read Angela Duckworth’s Grit, where she advised: If you want to be a grittier person, join a gritty culture Clearview embodied that mindset Their “Grit and Grind” mantra symbolized resilience, growth, and the kind of challenge that makes you better Interning here for nearly three years, I’ve gained hands-on experience that makes me highly marketable as a senior accounting major Firms like CLA even hire students as senior associates right after graduation if they’ve proven their value early. The key? Start early, work hard, and make an impact.
The Perks of Being an Accounting Major
Internships = Paid Experience Accounting is like trade school you learn in class and apply it in real-world settings before graduation
National Exposure Conferences, competitions, and networking events connect students with industry leaders across the country.
Scholarships. I’m incredibly grateful for organizations like MSATP, which not only offer financial support but also create mentorship opportunities through scholarship celebrations
Job Security & Strong Earning Potential. With accounting’s structured career paths, opportunities for growth are endless
A Call to Action for Accounting Professionals
If professionals want to help students succeed, here’s how:
1.
2
3
4
Become an Adjunct Professor. You don’t need a PhD just real-world experience and a passion for mentoring.
Create Personal Scholarships. Even a small scholarship can make a big impact
Offer Internships Whether you run a small firm or work in a corporate setting, hands-on experience is invaluable
Engage with Students. Speak at universities, mentor aspiring accountants, and help bridge the gap between academics and practice
Where I See Myself in 5–10 Years
I envision myself in a manager or partner role at a public accounting firm or as a CFO/comptroller. But beyond titles, I see entrepreneurship My experience at Clearview/Citrin Cooperman has given me the foundation to lead, build, and innovate in the industry
I once heard Brian Davis say: Accountants are known as scorekeepers for great businesspeople I plan to change that narrative I didn’t just major in accounting because I liked numbers I chose it because I started a business at 16. Accounting is the language of business, and I intend to prove that accountants aren’t just record-keepers; they are business leaders, strategists, and innovators
Final Thoughts
To students: Build relationships, stay curious, and embrace the grind Accounting is demanding, but the rewards are unmatched
To professionals: Invest in the next generation. Your guidance, mentorship, and leadership can shape the future of the profession.
Not one tree makes a forest. Success in accounting and in life is built on the connections we forge and the communities we uplift
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To learn more about how you can maximize your MSATP membership or if you have any questions, please don't hesitate to reach out. Reply to this email or contact our member services team at (800) 922-9672 We're here to help you get the most out of your membership and support your professional success.
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