January 2012 | Maryland Association of Certified Public Accountants, Inc. | 1st Quarter Edition

STATEMENTMACPA’S

CGMA: READY TO TAKE FLIGHTUnderstanding the new Chartered Global Management Accountant DesignationPAGE 4

PLUS AN INTERVIEW WITH AUTHOR TIM SANDERSPAGE 6

MARYLAND NATIVE EARNS TOP 10 SCORE

ON 2010 CPA EXAM

PAGE 21

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ADMINISTRATION

Amy Stumme amy@macpa.org

TECHNOLOGY

Doug Shaner doug@macpa.org

Michael Tobias mike@macpa.org

COMMUNICATIONS

Amy Moran amym@macpa.org

Bill Sheridan bill@macpa.org

FINANCE

Margaret DeRoose margaret@macpa.org

Laura Swann, CPA lauras@macpa.org

MEMBER SERVICES

Chris Critzman chris.critzman@macpa.org

Jeannie Richardson jeannie@macpa.org

Ashlee Stem ashlee@macpa.org

PRODUCT DEVELOPMENT

Akesha Brown akesha@macpa.org

Megan Gratzmegan@macpa.org

Marsha Draa marsha@macpa.org

Debbie Zizwarek debbie@macpa.org

TECHNICAL SERVICES

MaryBeth Halpern marybeth@macpa.org

Cora Edwards cora@macpa.org

PROFESSIONAL DEVELOPMENT

Dee Day dee@macpa.org

Pamela C. Devine pam@macpa.org

Chris Dougherty chrisd@macpa.org

MaryBeth Drusano marybethd@macpa.org

Emily Groncki emily@macpa.org

Jill S. Hoch jill@macpa.org

Donna Lewis donna@macpa.org

Amy Puente amyp@macpa.org

Paige Sawickipaige@macpa.org

Laura Dorsey-Shaner laura@macpa.org

Terri Smith terri@macpa.org

Katoria Tinsley katoria@macpa.org

2011-2012 BOARD OF DIRECTORSOFFICERS

Allen DeLeon, CPA, PFS, Chair

Anoop Natwar Mehta, CPA, Vice Chair

Byron Patrick, CPA.CITP, MCSE, Secretary / Treasurer

Kimberly Ellison-Taylor, CPA, Immediate Past Chair

DIRECTORS

Samantha Bowling, CPA

Marianela Del Pino-Rivera, CPA

Mark Edward, CPA, FCA

Kara King-Bess, CPA

Michael Manspeaker, CPA

Dr. James McKinney, CPA, Ph.D.

Robert Tarola, CPA

Renee Winsky

SENIOR STAFFMACPA EXECUTIVE DIRECTOR

J. Thomas Hood III, CPAtom@macpa.org

MACPA DEPUTY EXECUTIVE DIRECTOR

Jacqueline E. G. Brownjackie@macpa.org

DIRECTOR OF FINANCE AND ADMINISTRATION

Skip Falatko, CPAskip@macpa.org

CONTENTS

WE WANT TO HEAR FROM YOU! See below to submit content

Bill SheridanMACPA Dulaney Center II 901 Dulaney Valley Road Suite 710 Towson, MD 21204

For content submission: bill@macpa.orgwww.macpa.org/submitfeedback@macpa.org

P: 410.296.6250 F: 410.296.8713Toll free: 800.782.2036

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

Statement of fact and opinion are made by the authors alone and do not imply an opinion on the part of the officers or members of MACPA.

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

Bill Sheridan, EditorAshley Stearns, Graphic DesignerAmy Moran, Advertising Sales

1JANUARY 2012

January 2012 | Maryland Association of Certified Public Accountants, Inc. | 1st Quarter Edition

CHAIR’S COLUMN . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

FEATURESUnderstanding the new Chartered Global Management Accountant designation . . . . . 4Success isn’t rocket science: An interview with author Tim Sanders . . . . . . . . . . . . . . . . 6The new MACPA logo: Behind the scenes of our identity development . . . . . . . . . . . . 10

DEPARTMENTSTax Corner . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12News & Views . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18Personal Financial Planning . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22Practice Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26High Tech Solutions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30Member Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36New / Young Professionals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37

MEMBER NOTES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32

CLASSIFIEDS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40

STATEMENT2

CHAIR’S COLUMNCPA DAY AND LEGISLATIVE ADVOCACY: THEY’VE NEVER BEEN MORE IMPORTANT.

BY ALLEN P. DELEON, CPA, PFS, PARTNER AND FOUNDER, DELEON AND STANG, CPAS

No more excuses, CPAs. We simply can’t ignore our legislative obligations any longer.

For years now, we’ve been emphasizing how important it is that CPAs be a part of the MACPA’s legislative team. And why?

• More voices means a more powerful legislative message.• More change and complexity bring greater risk of legislative meddling. • If CPAs don’t step up, politicians will be crafting accounting-related legislation on their own. Does that sound like a good idea to you?

Those are all solid reasons. But this month’s Statement offers a couple more to add to the argument.

The first comes from the AICPA’s CPA Horizons 2025 project, in which CPAs from coast to coast identified 10 “key insights and directions for the future” of the profession (see page 18). Among them: CPAs must address continual changes in the marketplace, economy, businesses, and regulations by managing change.

I would argue that one of the key ways of doing so is by being actively involved in MACPA legislative initiatives.

I’m not alone, apparently.

In October, the MACPA’s 2011 Leadership Academy, a group of 40 young Maryland CPAs, said “an increased importance of legislative / regulatory advocacy” is among the key challenges that today’s CPAs are facing (see page 19). Such challenges always present opportunities, and in this case, Leadership Academy

participants said the opportunity is this: To deal with ever-present change, CPAs must become “proactive, anticipating problems before they occur, having the foresight to see what is happening in the global business community, then acting on what they see and following through.”

Do you see where I’m going here? Legislative activism involves way more than glad-handing legislators and passing out position papers. It’s about protecting our profession from a never-ending, always-growing wave of legislative and regulatory changes – and keeping it relevant for years to come.

In short, the profession’s future depends on our ability to step up.

How do we do that? I can think of four key ways:

1. ATTEND CPA DAY IN ANNAPOLIS.

This one is a no-brainer. We can’t successfully protect CPAs in Annapolis unless CPAs join us in Annapolis and make their voices heard. This year’s event is planned for Jan. 18. You’ll have an opportunity to meet your legislators, learn more about key issues (including sales taxes on CPA services, tort reform, and more) and earn two free hours of CPE. Get complete details and register at www.macpa.org/primer.

2. MAKE SURE YOUR YOUNGER STAFFERS ATTEND CPA DAY, TOO.

There’s no better way to groom your future CPA leaders than by getting them involved in the legislative process. They’ll meet our state’s political players, learn the

issues inside and out, and gain a deeper understanding of how politics impact their profession. Sign them up at www.macpa.org/CPADay.

3. GIVE TO OUR PAC.The MACPA has one of the

strongest grassroots efforts in Maryland, and the CPA Committee on Political Action is an important part of that effort. Our PAC enables the profession to support legislators who share our views. It does this by making contributions to key leaders and members of the legislature.

The profession has enjoyed a long list of legislative victories, but none of those successes would have been accomplished without legislators who listen to and support our position. Your contributions help us do that. Give now at www.macpa.org/pac.

4. SIGN UP ALL OF YOUR CPAS AS MACPA MEMBERS.

Your membership increases our ability to represent you and the CPA profession right here in Maryland. There are plenty of special interest groups that have tried to change your profession in the last few years; we provide the strength in numbers that amplify your voice to the public and the legislative and regulatory bodies that affect your license. Get details at www.macpa.org/100percent.

Join us at CPA Day. Give to our PAC. Get your new CPAs involved. These things are more important than ever.

And why? It isn’t about this year, or next year, or the year after that. As our Leadership Academy discovered, our profession’s very future is at stake.

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The Chartered Global Management Accountant (CGMA), developed through a joint venture between the American Institute of CPAs and the Chartered Institute of Management Accountants (CIMA) — two of the most respected accounting bodies in the world — will offer CPAs the opportunity to be further recognized for the critical role they play in companies of all sizes.

Launching at the end of January, the designation will demonstrate to employers how CGMAs add value by supporting and driving the right decisions in all areas of the organization to achieve sustainable success.

A NEW ERA AND ROLE FOR MANAGEMENT ACCOUNTANTS

In the past, management accounting was often focused on cost reductions and improving

efficiencies. Today’s management accountants meet organizational needs by maintaining competencies and experience that goes well beyond financial accounting.The CGMA will indicate that designation holders are strategic business partners and emphasize that their understanding of the numbers — and their implications — has tremendous impact on the future of the organization.“Management accounting is broad, encompasses many disciplines and areas of expertise and builds on the CPA’s technical skills,” said Tom Hood, CPA, executive director of the Maryland Association of CPAs. “The CGMA acknowledges this broad skill set and elevates the strategic role management accountants play within their organizations.” In addition to management

A N E W D E S I G N AT I O N WILL SOON BE AVAILABLE TO CPAS.

CGMA: ReAdy to tAke fliGht

Understanding the new Chartered Global Management

Accountant Designation

5JANUARY 2012

accountants, the CGMA may appeal to CPAs working in other environments. For example, members in public accounting whose primary responsibilities are focused on the management and operations of a firm may consider pursuing this designation to highlight their unique qualifications to their clients and within their markets. STRONG AICPA-CIMA ALLIANCE

In the United States, the CGMA is available to AICPA members and provides significant benefits to joint AICPA-state society members.

CIMA, the AICPA’s partner in establishing the CGMA, is a London-based accounting organization, known around the world for supporting management accounting as an esteemed profession. CIMA’s thought leadership efforts in the area of management accounting includes improved decision making, risk mitigation, talent and building world class organizations. Representing more than 183,000 members and students in 168 countries, CIMA has a long history of developing a broad range of resources to help individuals pursue exceptional careers and distinguish themselves in the job market.

The AICPA-CIMA joint venture will leverage the collective power of more than 550,000 members and students to further advance, promote and support management accounting as well as promote CGMA and the U.S. CPA. Together, the two organizations are creating a highly influential alliance that will increase advocacy on behalf of the management accounting profession and in the public interest, and ensure a more

powerful voice around the globe.CGMA PRESENTS RESOURCES AND OPPORTUNITY

CGMAs worldwide will have access to the CGMA.org website, which will house a robust set of resources, including thought leadership publications, a career guidance tool and a new online magazine that will help them continue to support CGMAs’ passion to continuously sharpen their business competencies. Leveraging the collective knowledge of designation holders, and providing them a networking forum, the website will also be home to an exclusive global online community where CGMAs can network, share ideas, ask questions, comment on and share resources and seek career and technical guidance.

“We recognize that many of our members are interested in the global prospects the CGMA has to offer and are excited to be a partner in introducing the CGMA designation to the marketplace,” said Hood. “To support our CGMAs, help them broaden their skillset and build their professional network, the MACPA will explore opportunities for shared CPE, local CGMA networking events and other possibilities.”

“The CGMA puts me on the ground floor to take advantage of a new accounting designation that demonstrates my commitment to employers and helps me grow further professionally,” said Tom Foard, CPA, a member of the AICPA Business and Industry Executive Committee, which initiated the credential. “Knowing that the CGMA will be backed by two international leaders in the accounting profession and supported by the MACPA, I trust that the designation will further

reinforce the strength of my CPA and build my personal brand as a management accounting professional.”DESIGNATION TO LAUNCH JANUARY 2012

From Jan. 31 through July 31, 2012, CPAs will be eligible to participate in a free introductory period for the CGMA designation by verifying they meet the three-year requirement for qualifying experience and also have met the requirements for being an AICPA voting member.

To renew the CGMA beyond the introductory period, members will pay the annual fee of $150. CPAs who are members of both the AICPA and their state CPA society will receive a special $50 discount off the annual fee. It is anticipated that, after Jan. 1, 2015, there were be additional eligibility criteria for entry into the CGMA, similar to what has occurred with other designations and credentials offered by the AICPA.

TO LEARN MORE

For more information about the CGMA and what it means for the

profession, we invite you to visit www.CGMA.org.

You’ll find complete details about the new Certified Global Management Accountant designation – including frequently asked questions, details on how to qualify, and a soon-to-be-released toolkit – by visiting www.CGMA.com.

MORE ABOUT THE CGMA

6

Nice guys finish last? Not in Tim Sanders’s world.

He’s not alone, of course. The antiquated notion that you have to be a bastard to get to the top has been rotting in the corporate landfill for a while now.

Sanders, though, goes even further: Not only is it OK to be nice -- it is absolutely essential.

The best-selling author of Love Is The Killer App, The Likeability Factor, and most recently Today We Are Rich gave an inspiring keynote address at the 2011 CCH User Conference in San Antonio.

His message was simple: Relationships matter.

Check that: Relationships don’t just matter. They might be the only things that matter.

“Your network defines your net worth,” Sanders said. “Relationship quality is everything.”

So if relationships are the only things that matter, what do we have to do to take advantage of that fact?

Sanders has some ideas. In an interview with MACPA Editor Bill Sheridan and Executive Director Tom Hood, Sanders offered some insights into the importance of relationships, their connection to personal confidence, and what CPAs should be doing to not only their success, but the success of their clients as well.

HERE IS A TRANSCRIPT OF THAT CONVERSATION.

MACPA: What does being rich mean to you?

Sanders: As I grew up on the farm, I was taught that there are two kinds of rich in the world. There’s bank-account rich, which you measure in money, and there’s rich in meaning; you measure that in the contributions you make over the course of your life. I was taught that the only difference between bank-account rich and poor people is that the bank-account rich can tell you for a fact that money won’t make you happy.

I learned my entire life that meaning is the thing we should

change. When I applied that to my business life, I realized that being rich as a professional means that I’ve leveraged my talents and my network of relationships to make a real contribution, either in my community or in my industry. ... The secret lies in becoming the greatest so you can give it away.

MACPA: In your book, you talk about your “new assignment -- to inspire a new generation to model total confidence at a time when fear is spreading like a virus.” That sounds a lot like what we’re dealing with today -- there is a lot of change and uncertainty out there now. What do you mean by “inspire a new generation to model total confidence” in uncertain times?

Sanders: I remember it like it was yesterday. It was in October 2008. I was standing backstage at a convention with a friend of mine -- Dave Ramsey, radio host and advisor to folks on personal finance -- and this convention had thousands of people, mostly mortgage professionals and real estate agents, and the crowd

SucceSS iSn’t rocket Science: Be nice. ThaT will do.an interview with author Tim Sanders

By Bill Sheridan

STATEMENT

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looked thunderstruck. I believe the market was down 500 points that day; you can remember the events of October 2008.

I remember Ramsey looked at me and said, ‘Son, there are a lot of people out there who have circumstantial confidence. Show me a person who’s confident because he’s on a roll, and I’ll show you a person who’s a world-class runner because he’s being chased by a tiger.’ That really hit me.

Napoleon Hill wrote his book Think And Grow Rich in 1937 because he was frustrated by what the fear of poverty was doing to an entire generation. He had studied for 20 years at that point how highly successful people always found their opportunities at the bottom, not at the top. So he wrote his book to create the idea that confidence and positive thinking wasn’t a prescription that you gave people. It was the outcome of conscious lifestyle design.

In October 2008, I became convinced that I should write a book updating a lot of Napoleon Hill’s theories, augmenting them with a lot of current psychological theories to help a new generation of people understand that lifestyle design is the key to being an effective leader or an effective professional when times get rough. I’ve learned through the course of my career, going through three recessions, that adversity is the great equalizer. It thins the herd and it allows certain people to rise up like the phoenix.

MACPA: What role can CPAs play in all of that? How can they help their clients deal with that adversity?

Sanders: There are a lot of things CPAs can do make a difference during these troubled times.

The first thing they can do is become a mentor, to go beyond adding value as a CPA and learn how to multiply the value by passing on that which you know to people who are struggling. Make things personal and always be mentorizing.

The second thing CPAs can do is show empathy for people who are afraid, upset, angry or merely surprised by changes in their financial picture. It’s so easy for us to roll our sleeves up and tell people, “You shouldn’t feel that way” or “Look on the brighter side of things.” But what research

says is that when a person is experiencing negative emotions -- and the fear of poverty can sure illicit a lot of those these days -- the most important answer from a professional is “I’m sorry.” Period.

Carl Rogers, the great psychologist, on the subject of empathy said that for most of us, empathy is best expressed in the space between the words. So when we encounter people who are very afraid or upset, let our pause be one of the ways in which we really make a difference in that relationship.

Third, CPAs have a opportunity to make a real contribution to the communities they live in through progressive networking. I challenge everyone to dedicate yourself to introducing three people a week who *should* meet and then getting out of the

way. Spend a lot of prospecting to trying to find people who need to meet other people to find business opportunities, new jobs, or solutions to their pressing business problems. Be more of a connector than a prospector or a broker of people. You can make a tremendous difference in your local community by leveraging your address book, your Facebook following, and all of those resources you’ve built up over the years to become part of the solution. You will be remembered during the next marked top for the kindness and the investments

and effort you made during the bottom.

MACPA: What’s the most important first step that people need to take in building total confidence?

Sanders: Be accountable for our lifestyle and what it does to our thinking patterns. Henry Ford once said, “If you think you can do a thing or you think you can’t do a thing, you’re right.” Our thinking patterns determine our attitudes and behaviors and they shape consequences in our lives.

But your thinking patterns aren’t something you can just will by design. Your thinking patterns are a product of what you put into your head. You should be as judicious about what you put into your head as what you put into your mouth. ... One of the

“I learned my entire life that meaning is the thing we should change. When I applied that to my business life, I realized that being rich as a professional means that I’ve leveraged my talents and my network of relationships to make a real contribution, either in my community or in my industry. ... The secret lies in becoming the greatest so you can give it away.” -Tim Sanders

8 STATEMENT

9

things my former boss, Marc Cuban, taught me was that when a recession sets in, you need to reduce the amount of information sources about finance by about 95 percent, or you will be crushed by the weight of the media and all of those Chicken Littles out there.

You need to be very careful about what you read. You need to be very conscious about how much cable television news you take in. The answer, in my opinion, is, “None.” You need to be very, very cautious about the people you hang out with. And don’t hire depressed, unhappy, down-on-their-luck people, because once the honeymoon is over, they will spread that attitude around your organization, and your organization will come down with a funk.

We must treat people who spread bad news like we respond to people in airplanes who sneeze in our face, instead of rewarding them for being the most paranoid person at the office.

Improve the lines of information you take in and stop obsessing about the bad news, face the worst case, and realize that all of what you call bad news in your life is really “You’re going to have to get busy and change” news, and that’s really where the opportunities lie.

MACPA: CPAs are dealing with some really extraordinary changes these days. Some might see intensely personal changes like these as “just one more thing” they need to do amid all of the other changes in their lives. How would you react to that notion?

Sanders: Confidence is the secret to embracing change. The more your outlook is positive -- that is, the more your outlook says all of these changes are really opportunities because your CPA firm is more execution-oriented

than the rest of the gang -- the more it changes your mind to be less resistant to all of those things you’ve got to stop doing, start doing or keep doing.

So many times, the reason we struggle with change -- be it regulatory, demographic, talent-based, market-based -- is because we fundamentally lack confidence in capitalism, we lack confidence in the way government fixes itself over time. Once we begin to restore confidence, everything gets demonstrably easier.

This isn’t one more thing we have to do in the face of everything else. This is THE thing that all of the greatest business people in the history of our culture recognized. Henry Ford, Thomas Edison, Benjamin Franklin -- they all first and foremost focused on their thoughts. They focused on being responsible for the language they put out into the world. They focused on personal momentum to become successful. Benjamin Franklin once wrote, “Success is not a destination. It is a direction, and the direction is forward.”

MACPA: What advice would give those who are starting down the path to building future leaders in our own organizations?

Sanders: The key is to make sure that when you pick a leader for succession, they are aligned in their personal values with the values of your organization. A disconnect between your values -- the criteria by which you allocate resources -- and the values of the people who sit on your bench, that is the most important decision you’ll have to make.

That is why I believe it’s important that when you hire important people in your organization, you should never have the resume in front of you during the first interview. It ruins

everything in a culture. It is the enemy of diversity of all types. That first interview, the critical interview for succession, should all be about the person. Do they socially fit? Do they have emotional intelligence? What do they do in certain situations? How have they responded to challenges in the past?

I’ve seen competitors to Yahoo, like Google, run past us in terms of the quality of talent and depth of leadership by taking resumes away from hiring managers and forcing them to actually have a real conversation to assess: Does he fit? Is she a natural born leader? If we get this wrong, all of our leadership tutelage will fail.

Secondly, make sure you offer something more than money to induce people to become leaders. It’s important for people, especially in the CPA culture, to have a real burning desire to deliver service, to deliver peace of mind, to deliver profitability. They must really love the industry if they are going to be successful.

If I may add one more piece of advice: Create a mentorship culture insider your organization. Mentors aren’t just bosses and their direct reports. A mentor is a person who shows the ropes to someone else who’s in transition.

When you look at succession strength, you should always look at who has a tendency to mentorize the most. Who is willing to jump in, empower people with information and be willing to listen for feedback. That is the person who can become a great leader, because a learning person is fearless when it comes to change.Bill Sheridan is editor of the Statement.

JANUARY 2012

THE NEW MACPA LOGO: BEHIND THE SCENES OF OUR IDENTITY DEVELOPMENT

STATEMENT10

BY BILL SHERIDAN

WE BELIEVE THAT THE MACPA EXISTS TO HELP OUR MEMBERS CONNECT WITH EACH OTHER IN STRATEGIC WAYS, TO BE THE ORGANIZATION TO PROTECT OUR MEMBERS’ INTERESTS, AND TO HELP OUR MEMBERS ACHIEVE GREATER SUCCESS.

It’s a changing and complex world, and the MACPA has grown in recent years to meet those challenges. We are a bigger and better organization, and we are doing more to help CPAs throughout Maryland and across the country.

Our brand is strong. Our staff is top-notch, and we are consistently delivering a high-quality member experience.

However, our existing logo did not communicate the quality and personality of our brand.

It was time for a change. It was time for new life and a new focus for our visual identity.

The MACPA is launching a new branding campaign in 2012, and the process starts with our logo.

We asked our new creative agency, Blue Ocean Ideas, to lead us through the process, and we couldn’t be happier with their work.

As with any new logo, there will always be voices who believe they have “better ideas” or who might even be disappointed with the result. As exciting as the process is for developing a new logo, there can sometimes be disagreement along the way. This is normal.

Please know that we worked very hard to act in the interest of our members, and that our entire staff is very excited about our new logo.

The MACPA’s job is to connect members in strategic ways, protect members’ professional interests, and help them achieve continual and increasing success.

Connect. Protect. Achieve. That’s the “CPA” in MACPA. That’s our promise to members.

The association’s brand must embody and communicate that promise, and it starts with our corporate identity. It is incredibly important that our logo — the primary visual cue for our brand — communicate who we are and what we believe.

Here’s the story behind the new logo, beginning with a look at each of its parts.

First, the font selection. The modern type face reveals the

MACPA as an organization that is relevant today. While we have no interest in being “trendy,” we are committed to the future of the profession, and we want to communicate this to our members. The font is all lowercase — humble and approachable. Yet it is balanced with a bold font weight to communicate strength and long-standing service.

We include a subtle darkening of the letters “CPA” to reinforce exactly what we do and who we serve. The character spacing, consistent font size, and the gentle separation of color communicate with clarity the best depiction of our name.

Next, the symbol above the typography. The colorful elements above our name alludes to a depiction of our tagline, “Connect. Protect. Achieve.”

Each dot is a different color to reflect the diversity of the association and our members. The dots are connected by a single thread, offering this message: We are all in this together, and the MACPA is the foundation for our connections.

The MACPA also helps protect our members and the profession. The seamlessly connected dots are an umbrella above the “macpa” — a buffer from threats.

Just as you read left-to-right, so, too, does the logo mark “move” left-to-right. It is not a static symbol off to the side of our name. We move together. We achieve together.

Our mark starts with the color green, a cultural archetype meaning “go.” While colorful, the colors are muted, tempered, grounded, time-tested, secure,

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and professional. As you follow the connection line, it flows to our final color of blue. There are still bigger seas, brighter skies, and better days ahead. The MACPA, with its rich history of success, is just getting started!

We hope you love the logo as much as we do. We worked very hard to create something that you, our members, can be proud of. We hope this new mark

inspires you in your work and your membership. We also hope that this logo will help create more and better opportunities for the MACPA because of its appealing qualities.

The team at Blue Ocean Ideas constantly reminds their clients that “brand development is telling the truth about who you are, faster.”

Our new logo feels like “us.”

TAX CORNERTAX CORNER

As a tax practitioner, how often have you found a client to be totally in the dark on how to make a simple cash advance to another individual, such as when a close friend or family member comes and asks for a cash fix in a time of need? Hoping to do the smart thing tax-wise, the client often asks, “Should I (a) give him/her an outright gift, or (b) make a loan with the expectation of repayment?”

Questions like this have become increasingly common among individuals who want to secure the best tax advantages possible in light of the changing income and estate tax rules. But in spite of the uncertainty, the accounting professional continues to be relied on to provide the best tax advice possible on the playing field that we are on.

FIRST, A LOOK AT THEOUTRIGHT GIFT

Let’s say one of your client’s adult children (Junior) is in a tight spot and comes to Dad for a cash advance. Dad, of course, is well aware that small cash gifts generally don’t have to be reported to IRS. However, like some taxpayers, he might not be aware that a gift tax return is required whenever an individual is given more than $13,000 in a single year. For some, this could have an impact on their overall

estate plan. But hold on: Many taxpayers

are starting to ask, “Why would anyone bother reporting a gift when their estate will clearly not be taxed under the friendly new tax rules?”

Surprisingly, this question continues to be asked by seasoned financial professionals who believe nearly everyone will be free from federal estate taxes under the new law. It is true, when the president signed the new law on Dec. 17, 2010, the government deigned to provide every individual with a $5 million lifetime exemption for estate and gift transfers. However, no one said you don’t have to file a gift return when gift transfers exceed $13,000 in any one year.

HERE’S THE KEYMany of our clients need to be

reminded that the generous $5 million lifetime exemption is only on the books until Dec. 31, 2012. And, in light of the sputtering economy, they should be aware of the dreaded “claw back” rule that many experts fear will prevail after that. This could mean that all of the reportable gifts that you make during your lifetime will be “clawed back” into your estate after 2012, regardless of how much exemption Congress will allow at that time.

Hence, Dad should not assume

that IRS will not be monitoring the gifts that he makes to anyone in the months ahead, even though he doesn’t have any tax liability right now.

WHAT ABOUT THE LOAN OPTION?

As Dad’s tax adviser you will need to take a look at his overall financial picture before deciding if it would be advantageous for him to treat a planned cash advance as a loan rather than an outright gift. For one thing, a properly documented loan will set the record straight with Junior about the loan terms and the expectation of repayment.

Tax professionals are well aware that the IRS can be sensitive about the legitimacy of loans, especially when they are between family members. The loan document should make it clear that the lender is making an arm’s-length loan (not a gift) and it is truly expected that the loan will be repaid. The payment terms should be spelled out clearly along with any interest that is to be charged. And, if at all possible, collateral should be obtained for the note.

WHAT ABOUT INTEREST CHARGES ON THE LOAN?

All too often, good-intentioned lenders will try to keep things simple by making loans interest-free, especially within the family.

Giving cash to friends and family? Proceed with caution

STATEMENT12

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TAX CORNER

This may not be a good idea.The IRS is well aware that, with

true bona fide loans, a reasonable interest rate is usually charged and paid by the borrower. In fact, many of our clients are shocked to learn that an “interest free” loan that is more than $10,000 could cause the IRS to step in and fill in the blanks. And, as practitioners

well know, the interest will be “imputed” for the lender and borrower based on rates set under AFR rules (the applicable federal rates). The end result: Your client / lender could wind up paying income tax on fictitious interest that was never received.

OBSERVATION:Code Sec. 7872(d)(1) essentially

allows you to disregard the rules for imputing interest when loans are under $100,000. However, keep in mind that this special exception might not apply if a borrower (such as Junior) happens to have investment income over $1,000. And, there could be one more glitch. For gift tax purposes, there are separate rules to follow. The foregone interest, based on the AFR rates, will be treated as a

taxable gift. That means more tax reporting might be required.

WHAT HAPPENS WHEN A LOAN GOES INTO DEFAULT?

Understandably, many of our clients will resent all the paperwork that is needed just to make a simple loan.

Well, guess what? If that loan becomes uncollectible, they wish that they had a file full of records to prove the legitimacy of their loan. That is, of course, after you inform them of their eligibility for the attractive (bad-debt) tax deduction that is allowed under Code Sec. 166(a)(1).

However, they still might ask, “Is it really worth all the paperwork?”

Here is some good news: Practitioners need to keep in mind that a landmark tax court decision made it clear that a valid debt could indeed exist without all the legal formalities, even when related parties were involved. When a taxpayer loaned his daughter more than $36,000

to start up her own business, he didn’t follow all the recommended legal steps – like executing a note, setting payment terms, securing collateral, etc. However, by inference, he was able to show that an agreement did indeed exist with his daughter and that she would attempt to repay the loan when her business became successful.

In short, the taxpayer prevailed over the IRS because his intentions were proved with business-like actions and by making informal notations, such as marking “loan” on checks and deposit slips, etc. Most important, he and his daughter were recognized as creditable witnesses with a prior debtor-creditor relationship.

PLANNING TIPAlthough your client might

be able to use alternate means to prove his intention to make a valid loan, he could save himself much cost and aggravation by having a few properly drafted loan documents on hand.

FOOTNOTES1. Under the existing law, it is

reminded that there are provisions for inflation adjustments. IRS has just announced (under Rev. Proc. 2011-52) that the $5,000,000 lifetime exemption is scheduled to increase from $5,000,000 to $5,120,000 starting next year on Jan. 1, 2012.

2. Loy E. Bowman, et ux. V. Commissioner, TC Memo 1995-259 – Code Sec(s) 166.

MORE ON TAX ISSUESVisit our online tax resource centers

for more tax-related information:

www.macpa.org/tax

“However, they still might ask, ‘Is it really worth all the paperwork?’”

STATEMENT14

TAX CORNER

It is illegal, pursuant to federal immigration law, for an employer to knowingly employ an unauthorized worker. It is also illegal to discharge an employee based on national origin.

As a result of these two principles, it is unclear what an employer should do upon receipt of a no-match letter for an employee of foreign origin (or any protected class).

In 2011, the Social Security Administration resumed the practice of issuing no-match letters to advise employers when the name or Social Security number reported for an employee does not match the SSA’s records. A no-match situation may arise when an unauthorized worker uses a fake SSN or a number assigned to someone else. For this reason, ignoring a no-match letter could subject an employer to liability for knowingly employing an unauthorized worker.

Terminating an employee due to receipt of a no-match letter, however, could subject the employer to a discrimination claim if the employer is part of a protected class. This is so because no-match situations may also arise as a result of mistake or unreported name change.

Unfortunately, the government has not issued clear or consistent guidance for an employer who has received a no-match letter.

For example, guidelines issued by the Department of Justice, available at http://tinyurl.com/4al7xcq, tell employers not to use a no-match letter as the sole basis for taking any adverse action against a worker. Instead, the guidelines tell employers to permit the worker reasonable time to cooperate with SSA to resolve the no-match.

The Department of Justice fails to offer guidance to employers in the event that the employee is unable to resolve the no-match issue with SSA. As a result, even after following the Department of Justice’s guidance, an employer could find himself back at square one, with two unattractive options:

• continue to employ the worker at the risk of being accused of knowingly employing an unauthorized worker; or

• terminate the employee at the risk of being accused of discrimination.

We are continuing to monitor the government’s guidance on this

issue. If you have any questions about this topic, please feel free to contact us.

Edward E. Sharkey is founder of the Law Office of Edward E. Sharkey, LLC, a Bethesda-based firm focusing on business transactions, including the negotiation and documentation of business financing. He can be reached viawww.sharkeylaw.com.

TAX CORNER

STATEMENT16

The government confirms that your client’s foreign worker is not using a valid SSN. A simple solution, right? BY EDWARD E. SHARKEY, ESQ.

Attention CPAs:Whether A Decision Maker Looking To Upgrade Your Talent,

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

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

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

Why leave your future to chance? If you’re seriously interested in making the “right” move for your next hire, I can help you. I am an actively licensed CPA in Maryland and Virginia with over 20 years of experience

including public accounting (E&Y) and consulting (KPMG), financial accounting (American Cancer Society), internal audit (Moneyline Telerate), and recruiting (Acsys, formerly Don Richards). As a networker who truly enjoys helping others and sharing my career experiences to guide fellow professionals, here is how I can help you:

Decision Makers:

Ask you questions, and most likely ask many more questions than other recruiters about your company, duties involved, skills required, corporate culture and more

Work with you on finding the “right” professional that is the “right fit” Provide you with valuable information about the professionals I work with,

the marketplace, what your competitors pay, and more Career Seekers:

Guide you on career paths available in public accounting and industry Enable you to capitalize on your strengthsCoach you on how to put your best foot forward to find the “right fit”Advise you when to stay in your current position if that is the right move

If you’re interested in working with a recruiter who understands your background, skills, andis genuinely interested in helping you find the “right fit”, then I welcome meeting you!

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PHOENIX, Ariz. -- The AICPA has released the findings from a year-long initiative to examine what’s on the horizon for CPAs and the accounting profession.

CPA Horizons 2025 leveraged insights from more than 75,000 comments from CPAs in all segments of the accounting profession, regulators, thought leaders and futurists to highlight key trends and chart what the profession will face in the years leading up to 2025.

The findings were announced at the fall meeting of the AICPA governing Council.

The visionary exercise used the information collected to identify global and local trends and the steps CPAs can take to plan for the challenges and leverage the opportunities the future will hold. The profession can expect to face the greatest impact from long-term trends such as technology, globalization and expanded service offerings, according to an analysis of the data.

“The CPA Horizons 2025 project was created for the accounting profession, by the accounting profession,” said AICPA Chairman Paul Stahlin, CPA, who presented the results. “The visionary insights contained in this report will serve as a compass to guide current and future CPAs on a path of success in the profession.”

Ten key insights and directions for the future which emerged from

the research are:1. Technology: Understand and leverage relevant technology in conjunction with core CPA competencies to deliver superior services.

2. Pre-certification and Lifelong Learning: Evolve the educational framework to keep pace with the changing dynamics of business, government and our profession.

3. Worldwide profession: Position the CPA as a premier designations of the accounting and finance profession throughout the world.

4. Pride in the profession: Encourage pride among CPAs in the CPA profession and in the value CPAs create throughout society.

5. Trusted attester: Preserve the role of the CPA as the trusted attester of financial and other information.

6. Trusted advisor: Promote the CPA as the trusted advisor who develops solutions to complex problems.

7. Market permission: Leverage the strengths of the profession to expand market permissions.

8. Marketplace: Address continual changes in the marketplace, economy, businesses, and regulations by managing change.

9. Value proposition: Increase the visibility of the profession’s value proposition by demonstrating the profession’s core values in multiple areas of business and

society.

10. Demographic shifts: Continue to offer opportunities that enhance the appeal of the profession and be proactive in addressing both US and global demographic shifts.CPA Horizons 2025 built upon and extended the work of the CPA Vision Project, which took place in the late 1990’s and created a roadmap for the profession which led to 2011. The Vision Project defined the profession’s core values, competencies and services, which were refined in the CPA Horizons report.

“The overarching theme that emerged from the research is that the entire profession has an incredibly bright future,” said Stahlin. “CPAs will continue to serve as trusted advisors helping others make sense of an increasingly complicated and ever-changing world.”

Over a six-month period, research for the CPA Horizons report was conducted through in person forums, online discussions, focus groups and an online survey which generated more than 75,000 total comments from CPAs about the current state and the direction of the profession. These findings were then reviewed and synthesized by a 21-member Advisory Panel, representing a wide and diverse swath of the profession.

The full CPA Horizons 2025 report is available at www.cpahorizons2025.org.

STATEMENT18

NEWS & VIEWS

Forward-looking ‘CPA Horizons 2025’ report outlines future of the profession

19JANUARY 2012

NEXT-GENERATION CPA LEADERS CHIME IN ON PROFESSION’S FUTURE

With the pace of change and complexity on the rise, CPAs must become more global-minded, proactive, future-focused, balanced, and tech-savvy to maintain their competitive edge, say a team of graduates from the Maryland Association of CPAs’ 2011 Leadership Academy.Getting there, they say, will require a brand new set of skills and characteristics. Among them: Unity and flexibility, the ability to collaborate and crowdsource, a mind shift from history to possibility, and a new tech-focused mindset.

Those are among the findings in a new MACPA white paper, “What Got You Here Won’t Get You There: Maryland’s Young CPAs Create a Vision of the Profession’s Future.”

Forty members of the MACPA’s 2011 Leadership Academy collaborated on the paper, which highlights the Academy’s vision for the future of the profession and the steps CPAs must take to get there.“These young CPAs care deeply about their profession,” said MACPA Executive Director Tom Hood, CPA. “They know we’re facing an increasingly complex

and challenging future, and they see each challenge as an opportunity not only to help clients and employers, but to position CPAs as the world’s most trusted business advisor.”

The white paper comes on the heels of the profession’s CPA Horizons 2025 project, which leveraged input from CPAs, regulators, thought leaders and futurists to identify key trends and map what the profession will look like in 2025.

The MACPA’s Leadership Academy took that report a step further. Using the trends identified in the CPA Vision 2011 and Horizon work as a foundation, participants mapped those trends and corresponding opportunities from a future CPA leader’s point of view. Then, they dove deep with action plans, timelines and desired results for each of those opportunities.The result is a wholly unique “bold future” of the profession that goes beyond the trends and identifies exactly how CPAs should take advantage of the opportunities presented by what futurist Andrew Zolli calls “the weak signals of disruptive change.”

Most importantly, the Leadership Academy taught participants how to be nimble and think strategically so that when the trends and opportunities change – and we all know they will – they will be able realign quickly, navigate through the changes and stay on course. Another key component was personal leadership development that focused on their unique strengths and ways to develop and access positive energy that is so essential to leading in a high-stress environment.

“There have been a lot of questions swirling about the next generation of business leaders. Topping the list is, ‘Are they ready to lead?’” said Hood. “Our Leadership Academy provides the answer: Not only are they ready to lead, they’re hungry to lead, and this white paper is their starting point.”

The white paper can be downloaded at http://cpa.tc/whitepaper.

Information about the Leadership Academy can be found at http://cpa.tc/ldrship.

MACPA’S 2011 LEADERSHIP ACADEMY RELEASES WHITE PAPER OUTLINING KEY OPPORTUNITIES – AND THE SKILLS CPAS WILL NEED TO TAKE ADVANTAGE OF THEM

Businesses from Wall Street to Main Street are increasingly being affected by the global business environment. That’s leading many CPAs to seek opportunities to broaden their knowledge of Inter-national Financial Reporting Stan-dards. With IFRS expertise and experience, CPAs can carve out a niche with multinational corpora-tions or companies doing business abroad, both public and private.

The AICPA’s new IFRS Certificate Program presents a solution to help CPAs meet the financial reporting demands and gain a competitive advantage.

A VITAL ROLE

For several decades, the AICPA has been a leader in supporting the goal of one set of high-quality global accounting standards and stands ready to support a smooth, orderly transition from U.S. GAAP to IFRS in the U.S. for public companies.

Since 2008, the AICPA has stepped up its efforts to help pre-pare CPAs for the eventuality as the Securities and Exchange Com-mission studies possible incorpora-tion of IFRS into the U.S. financial reporting system for issuers. The SEC is progressing on its IFRS work plan and has said it will announce its decision on IFRS use sometime this year.

The new certificate is designed to enable CPAs to play a contin-ued vital role in financial reporting around the world. Private compa-

nies in the U.S. may use IFRS (the AICPA governing Council recog-nized the International Accounting Standards Board as an internation-al standard setter under the Code of Professional Conduct’s Rule 203 in May 2008) and some U.S. mul-tinational companies use IFRS for foreign subsidiaries, as do U.S.-based subsidiaries of foreign com-panies. More than 120 countries and reporting jurisdictions permit or require IFRS and the list con-tinues to grow. As more countries and organizations turn to IFRS, it’s clear that knowledge of these stan-dards will be critical in the global marketplace.

For many CPAs who are inter-ested in taking part in this rapidly expanding service opportunity, the challenge has long been how best to arm themselves with the knowl-edge they need to succeed. The new AICPA certificate is awarded for the completion of a compre-hensive, integrated curriculum of 25 online self-study training cours-es. The multimedia courses are interactive, engaging and scenario-based, with nearly 50 IFRS experts involved in their development. CPAs who successfully complete all the courses in the curriculum receive a Certificate of Educational Achievement and approximately 42 hours of continuing education credit. Non-CPAs receive an Award of Educational Achievement after completing the program.

A UNIQUE PROGRAMThe certificate reinforces CPAs’

commitment to quality perfor-

mance in a growing practice area, but it also serves to distinguish those who earn it as knowledge-able about IFRS. Current and potential clients and employers will look to the certificate as a measur-able standard of IFRS competence.

“CPAs who stay ahead of the curve on IFRS will find themselves in high demand,” said Tom Hood, chief executive of the Maryland Association of CPAs. “As more and more companies explore this reporting option, IFRS expertise will become a valuable, highly cov-eted skill. And CPAs are uniquely suited to consult on international reporting issues with employers or clients.”

All courses qualify for continuing professional education credit. It is not necessary to have a detailed background in IFRS, although a basic understanding is advisable.

The IFRS certificate and CPE credit are not the only benefits of the program. Active participants also are enrolled in eIFRS, which provides online access to IFRS and International Accounting Stan-dards as well as additional edu-cational materials and advanced electronic search capabilities. They also receive access to IFRS Connec-tion, a library of podcasts featuring practical advice from experts on IFRS application, in addition to dis-counts on other AICPA IFRS prod-ucts, including conferences, publi-cations and webcasts.

For more information on the educational opportunities, visit IFRS.com.

NEWS & VIEWS

STATEMENT20

New IFRS Certificate Program helps CPAs demonstrate global expertise

MARYLAND NATIVE EARNS TOP 10 SCORE ON 2010 CPA EXAM

You don’t need an official proclamation to know that Maryland is a hotbed of accounting excellence, but we’ve got one anyway.

It comes courtesy of Mike Berryman. The 23-year-old CPA in Ernst & Young’s Baltimore office is a winner of one of the AICPA’s 2010 Elijah Watt Sells awards. The prestigious honor is given annually to the candidates with the 10 highest cumulative CPA exam scores in the nation.

“I’m really surprised and honored,” the Sykesville native said, and why not? No more than half of all candidates even passed any of the four sections of the exam during 2010. Simply passing the exam is a major accomplishment. A top 10 score? That’s just downright awesome.

In Berryman’s case, though, we probably shouldn’t be surprised. The University of Maryland graduate has a pretty good head on his shoulders, especially when it comes to the state of the profession.

“Our profession is changing significantly, and I don’t think that’s ever going to stop,” he

said. “What’s going to make us successful going forward is our ability to be flexible and see opportunities in those changes.”

It sounds as though he took some lessons from author Tim Sanders. “(A)lmost all of what you call ‘bad news’ in your life is really ‘You’re going to have to get busy and change’ news,” Sanders told the MACPA recently. “That’s really where the opportunities lie.”

Berryman is already strolling down that road. Wherever he ends up, he has a bright future ahead of him.

Congratulations, Mike. Maryland is proud of you.

LEARN MORE ABOUT IFRS

The MACPA offers a number of IFRS-related CPE programs. Get details by visiting www.MACPA.org/search and searching for “IFRS.”

Customized training also available

The MACPA’s Business Learning Institute can also customize your on-site IFRS training for you. Visit www.BizLearning.net and click on “Search the Customized Training Catalog” for a full list of available options.

21JANUARY 2012

MACPA, IASEMINARS TEAM UP ON IFRS TRAINING

IASeminars, the MACPA and the Business Learning Institute are collaborating to offer the fol-lowing two important IFRS train-ing events:

Jan. 9-10: Major IFRS and U.S. GAAP Differences: This two-day course provides a com-prehensive comparison and review of critical technical dif-ferences between US GAAP and IFRS. Get details and register at www.MACPA.org/IFRS1.

Feb. 28-March 2: IFRS Fun-damentals: This four-day course provides a rigorous and detailed overview of all major technical IFRS requirements, and includes illustrative financial statements, case studies, examples, coverage of the most significant IFRSs, and interactive participation from the delegates. Get details and regis-ter at www.MACPA.org/IFRS2.

BY SETH HAMMER, CPA, PH.D. PROFESSOR, TOWSON UNIVERSITY

MACPA’s 26th annual Advanced PFP Conference: Understanding your clients, addressing their concerns in a volatile market

The MACPA’s 26th annual Advanced Personal Financial Plan-ning Conference, held Oct. 28 at Martin’s West, addressed a variety of issues of concern to financial planners operating in today’s high-ly volatile markets.

The opening keynote speaker, Joe Navarro, president of JNFo-rensics, former FBI agent and internationally renowned expert on nonverbal communication, took conference participants to a deep-er level of understanding of client communication by explaining key tenets of the nonverbal signals our clients generate in our in-person meetings. The conference’s second speaker, Ned Sullivan, investment consultant for Clark Capital Man-agement, discussed his company’s creative approaches to “embrac-ing” volatility as techniques for managing investment risk.

Brief discussions of Mr. Navarro’s and Mr. Sullivan’s presentations are shown below.

The conference also featured timely presentations that addressed a variety of client concerns includ-ing the latest status on Medicaid compliant annuities, Social Secu-rity benefits and estate planning. The conference concluded with an economic update from one of the region’s most highly regarded economists, Anirban Basu of Sage Policy Group.

JOE NAVARRO: THE ART OF NONVERBAL COMMUNICATION IN BUSINESS

Financial advisors, in gather-ing information, have traditionally taken the approach of asking their clients a range of questions and then listening closely and carefully for their client’s response. Advi-sors also often follow their initial broader questions with more prob-ing ones in order to ensure that the client’s stated responses represent, in fact, his or her true perspective.

A source of concern and frus-tration for financial advisors, how-ever, is that clients, despite their earlier claims to the contrary, may frequently, during periods of sig-nificant market declines, be psy-chologically incapable of “staying the course,” resulting in the failure of a plan to serve his or her best interests. The potential to avoid such failure may lie, according to Joe Navarro, not in attempting to pay even closer attention to the cli-ent’s verbal statements but instead by focusing, from a trained per-spective, on the client’s nonverbal signals.

Mr. Navarro, in his presentation, discussed the science of nonver-bal communication with special emphasis on the limbic brain, the emotional center that is considered to be the “honest brain” because of its reactive nature. While, Mr.

Navarro explained, some individu-als may be particularly adept at adopting a “poker face” or simi-larly emotional face masking, the limbic brain’s reactive nature may, nonetheless, signal truer emo-tions through actions of the legs, hands, or other body parts. These types of signals were broadly dis-cussed at the conference and are discussed in more detail in Mr. Navarro’s book, What Every Body is Saying: An Ex-FBI Agent’s Guide to Speed-Reading People.

A fortunate point for financial advisors is that, unlike Mr. Navarro, whose work in counterintelligence brought him in contact with indi-viduals trained in the art of decep-tion, advisors’ work typically brings them in contact with clients whose only deception, should one wish to describe it as that, is simply to put on a brave front with respect to their concerns about individual financial risk. Importantly, accord-ing to Mr. Navarro, advisors, with training and practice, may achieve a reasonable proficiency in iden-tifying and understanding their clients’ nonverbal signals, thus allowing them to meet their real, as opposed to stated, objectives. This final point was apparently well taken and affirmed by the confer-ence participants who purchased all 30 available copies of Mr. Navar-ro’s book. (continued on page 24)

PERSONAL FINANCIAL PLANNING

22 STATEMENT

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NED SULLIVAN: RISK MAN-AGEMENT STRATEGY– EMBRACING VOLATILITY

Mr. Sullivan, in his presentation on utilizing volatility to manage risk, began by presenting some interesting contextual concerns for investment planning. He noted, for example, that while on Aug. 12, 2011, the University of Michi-gan’s Consumer Confidence index dropped to 54.9, the worst read-ing since 1980, from a historical perspective such sentiment does not necessarily portend bad news for the financial markets. During the last 10 times, for example, that the sentiment index fell below 60, the S&P 500 rose by a median level of 20.7 percent in the next 12 months (Standard and Poor’s Equity Research). This counter-intuitive example (low consumer confidence, shortly followed by

above average returns), illustrates again the extraordinary difficulty of attempting to predict short-term market performance.

A bigger challenge for advisors, however, especially those who focus more on risk management than market movements, may be that high correlations between asset classes may make tradition-al methods of asset allocation, less effective as a risk reduction strategy.

One opportunity, though, Mr. Sullivan notes, that may reduce portfolio correlation through asset allocation is to include investments based on the CBOE Market Volatil-ity Index. The CBOE Market Volatil-ity Index correlation with the S&P 500 Index, for example, was -0.71 during the period of July 1, 2007 through Feb. 28, 2009 (Morning-star Direct).

As Mr. Sullivan points out, there is, of course, a price to be paid for such potential downside protec-tion. During bull markets, costs incurred for investments based on the Index, such as those for unused expired puts, may cause a drag on earnings. The price, however, may make sense and be a reason-able one for investors who, other-wise, may be too uncomfortable to participate in the equities markets.

Seth Hammer, CPA, Ph.D., is a professor at Towson University.

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PRACTICE MANAGEMENT

The future leaders in our pro-fession are sending us a message about how leadership is changing. The question is, are we listening?

They are saying, “We don’t know everything and we don’t have to. What we have to do is develop our unique talents and let others devel-op theirs while blending them col-laboratively together. That is how we will lead the firm of the future.”

At first blush, many current firm leaders might say, “They are naïve. Just wait until they grow up.”

I would respond by simply say-ing, “Read on.”

The future leaders in our firms have a keen understanding of self, and they understand that while they have many fantastic traits, they are not superstars at everything. They push back strongly, saying the firm they build will function vastly dif-ferently than the one they work in today. Their firms of the future will be more collaborative and cohe-sive. These young leaders have been fearless about change in their lives and that will carry through to the way they build their firms. Cul-ture, systems and processes will all change for them, and ultimately will change the entire industry.

The secret to all of this change is that one person will not be respon-

sible to create all of this change; it will be a collaborative, “group-think” mentality that is based on intellectual openness.

So what are the changes that will take place in the future?

CHANGE NO. 1: COLLABORATIVE RELATIONSHIPS ARE KING

“No lone rangers allowed” will be the battle cry from leaders.

Today, when a new idea devel-ops in a firm, it is often one leader coming to the group and selling his or her idea. Then, the idea is imple-mented by a committee.

In the future, the idea will be developed by a group of people from the inception. Then the entire group will continue to support and nurture the idea by bringing in other team members as needed to make the idea better. The thought process is, “Let’s all sit down at the table and figure this out together.”

The pattern that will develop and make a good idea a great idea is that by pulling together everyone’s ideas, thoughts and intellectual capital, the firm will benefit from “group think” rather than “individ-ual think.” As you might imagine, there will be little room for individ-ual egos in this environment. Silos within the firm will deteriorate and power teams will emerge.

CHANGE NO. 2: GLOBALIZATION AND DIVERSITY WILL BE THE NORMS

Firms today have a reputation for being predominantly male, white and aging at the partner level, female, middle-aged and white at the manager level, and slightly more diverse in race, gender and nationality at the staff level.

Given the changing demograph-ics of our country today and the reality that our younger leaders have a more diverse and global outlook of the world, it is safe to say that the “look” of our firms will change in the future. We are going to be more colorful and widespread in our human resources. This is a welcome change by our younger leaders who have gone to school and often traveled the world with friends of different nationalities and cultures.

This change will require that we put a stronger emphasis on reten-tion, attraction and motivation of the best talent and find new ways to solidify our teams.

CHANGE NO. 3: DIGITAL LIFESTYLES AND SKILLS WILL SHAPE THE FIRM

We all realize that digital skills are changing the leaders of the future. The fact that our future leaders don’t understand why this

BY SANDRA WILEY

10 key changes for the new firm leader

STATEMENT26

is a game-changer should tell us something. The majority of our young leaders have never known a time when they did not have a computer in their home, and many don’t have any idea what it would be like to go out for an evening and not have a cell phone with which to communicate. This digital lifestyle will never go away; it just is.

Keep in mind that as our young leaders are built this way, so are the young clients with which they will interact. This new digital reality is certain to shape the firm of our future.

CHANGE NO. 4: A SENSE OF PURPOSE AND DEDICATION FOR ALL

One interesting trait that will be a game-changer for the leaders of our future firms is that these leaders will be less concerned about their own goals and more concerned about their over-all team. This goes back to building relationships, but it also emphasizes that this group of people have been programmed from their youngers years to care for their community and others.

Think about the youth of today and how they are taught, motivat-ed and rewarded in school to care for their community and work with their classmates on projects. They will never be satisfied in their work

life if they are not using these skills to develop a sense of purpose and dedication for the overall firm and team, not just themselves.

CHANGE NO. 5: MENTORING IS OUT, SPONSORING IS IN

Future leaders are not unedu-cated. They are realistic that not everyone is going to want to grow at the same time or the same pace as the next person. They also real-ize that not everyone has the apti-tude to be promoted to leadership positions.

Rather than developing mentor-

ing programs in which everyone is treated exactly the same, they will opt for picking the best players and developing a close relation-ship with those people to sponsor them and grow them into leader-ship positions that are required in the firm.

Even though some of our future leaders were raised in an environ-

ment in which everyone received a blue ribbon or a gold medal, they understand that one-on-one sponsorship will provide an indi-vidual with the training that is best for them and far more productive and valuable than a one-size-fits-all program.

CHANGE NO. 6: HEALTH AND WELL BEING ARE ESSENTIAL

In a world where obesity seems to be the bane of our existence, the next-generation leaders will understand and support a work environment that promotes the physical and mental health of their

teams. Through education, experi-ence and a world that is fighting to control the bal-ance between life and work, this new leader-ship group will put more emphasis on healthy lifestyles both in the office and outside the office. The reward will be higher pro-ductivity, morale and retention rates.

With all of these changes upon

us, how can the current leader-ship group help prepare and start implementing them today?

CHANGE NO. 7: TEAM DEVELOPMENT AND HIRING CHANGES

Profile your current team and begin to look critically at the skills

27JANUARY 2012

“The pattern that will develop and make a good idea a great idea is that by pulling together everyone’s ideas, thoughts and intellectual capital, the firm will benefit from ‘group think’ rather than ‘individual think.’”

PRACTICE MANAGEMENT

that are not in your firm today. Is yours a firm that is full of research-oriented people but lacking in pro-cess-oriented project leaders? Do you have a firm full of introverted followers who take direction well, but not many individuals who are hungry to “own” responsibilities and want to lead initiatives in the firm?

After you analyze your current situation, prepare to hire for the technical needs of today and the leadership needs of the future. Firms absolutely need skills and abilities, but they also need emo-tional intelligence. This will require analysis, new hiring skills, and a dedication to changing old habits. Remember, if you continue to hire, promote and motivate the way you have in the past, you will get the same talent you have had in the past, and that will not be good enough in the future.

CHANGE NO. 8: FORM A FUTURE LEADER INITIATIVE

Leaders must listen carefully and hear what their people are telling them. Leaders must also under-stand that putting together the leadership of the future requires that they look at each person as a separate and unique individual, identifying the unique character-istics that they have and allowing them to develop those skills.

Just because someone is not the best business developer does not mean he or she is not valuable. They may indeed have a gift for putting processes in place that will save the firm hours in productivity and efficiency. Another person who is a superb business developer may

not like to research new systems, and the leader may see that his or her motivation will come from front-stage projects dealing with client and prospect interactions. One is not wrong or less valuable; both are equally amazing.

A positive way to find out what is floating around in your future leaders’ minds is to form a “Tomor-row’s Leaders” initiative in your firm. Give them objectives, but let them figure out the strategies, ideas and timelines for initiatives that will help the firm prepare for the future.

CHANGE NO. 9: GET FLEXIBLE WITH LEARNING AND TRAINING

While some firms are still strug-gling to develop cookie-cutter learning ladders and training plans that will work for everyone in the firm, the firm of the future will have career planning and learning lad-ders that are much less linear and far more individualized. Flexibil-ity will be imperative and lateral moves will be much more accepted and encouraged. This would be an excellent project for a Tomorrow’s Leaders group to work on.

CHANGE NO. 10: REPLACE PEN AND PAPER WITH REAL WORDS

We live in a paper-and-pencil world when it comes to feedback and performance management. Ours is an industry that is nice and caring. Often, this translates to thinking through how you want to nicely give someone feedback on their performance, writing it down and then delivering by let-ting them read what you wrote.

The verbal exchange is short, sweet and to the point, and often has no intrinsic value to the team member. Progressive firms today are teaching their leaders to have verbal exchanges with their team members and using the paper as simply backup to the conversation. These conversations are critical to developing the relationships that are valued by the individual and to enact the performance that we desire from each person.

Some will think this is contrary to the digital lifestyle that younger leaders are accustomed to, but it plays well with the close relation-ship they are hungry for within their work environment.

CONCLUSIONIs this new leader and new lead-

ership style of the future com-plicated? Yes. Is it rewarding? Absolutely!

As we approach a new year, I challenge each of you to rethink your current leadership style and commit to making changes that will assist your firm is taking posi-tive steps toward a firm that future leaders will be attracted to, and will be excited about helping to build.

Sandra Wiley is COO, senior con-sultant and shareholder of Boomer Consulting.

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STATEMENT28

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STATEMENT30

HIGH-TECH SOLUTIONS

Encouraging a move to information service deliveryBY: ERIC BENSON

Information technology is one area of any business that is marked by these characteristics:

• Excellence is largely deter-mined by a lack of issues.

• The skills and knowledge to understand the complexities are not understood by most people (it’s a specialty field, after all).

• The most consistent trait is change, and this trait can be con-trolled but seldom stopped.

This article covers the idea that information technology has never truly been about the technology itself. Computer science and com-puter engineering are about the computer and software. IT pro-fessionals may be viewed in many instances as manufacturing person-nel (put this here, insert this, type this, install this). However, most IT people are really in the business of information service delivery. That’s “endpoint delivery” in geek terms. In business terms, it simply means that the end result is a small step from face-to-face communication. IT people are just delivering infor-mation through screens instead of direct communication, but it’s still a service.

To make this change from IT as a product to IT as a service, new terminology may be needed. Since accounting is a service, let’s call our new model “information service delivery” (ISD for short). This term suggests a shift from the computer (or screen, as we shift to multiple

delivery platforms) to the point at which the screen and the person interact.

Looking at technology as ... well, technology tends to reduce the quality of output to the end user (translate this as “person”). In other words, since you aren’t providing a service, you can get away with fixing the computer and call the problem fixed. If you look at IT as ISD, you also have to qualify if the information was delivered prop-erly after the service is performed, not just that the computer is work-ing. This leap from technology to people can radically improve the level of service, the understanding of your job and the contribution to the people working in the firm.

Let’s revisit the three statements above and look at how shifting to a service model can improve the quality of IT.

EXCELLENCE IS LARGELY DETERMINED BY A LACK OF ISSUES.

Many technology issues can be benchmarked on this alone. Help Desk ticketing solutions are set up to let you resolve tickets when the issue is gone. They’re even called “issues” or “tickets” in most sys-tems because you’re dealing with computers or other devices, right? Punch in your work and you are like an assembly line.

Contrast this with information service delivery. In this instance, a problem isn’t fixed until the infor-

mation is resolved, not the issue. So, an issue with a computer driver not working might not just stop at the driver being updated. It will stop when the displays are veri-fied as working by the user. I think this, in many cases, is very different from the way the IT person uses the displays. A follow up two days later may uncover that the assumption for the fix wasn’t quite correct. Is the information flowing again? This followup can be automated, but is that good service? Selecting a sub-set of tickets to call on might be a great way to see if you are truly providing what you think you are.

Other issues are not pure IT and shouldn’t involve just IT. A failed patch is an IT issue, let’s say. But when the patch has been rolled back, what if you find out some-one is having trouble using writeup properly during the patch removal (since you have to do it in person on the one machine that didn’t take)? That’s an ISD issue and might not involve you directly, but you can be accountable to make sure the issue gets resolved.

THE SKILL AND KNOWLEDGE TO UNDERSTAND THE COMPLEXITIES ARE NOT UNDERSTOOD BY MOST PEOPLE

As an IT professional, specialized knowledge is crucial to the com-pletion of projects. However, com-munication is crucial to the suc-cessful delivery of these projects.

31JANUARY 2012

On teams, this may not be the per-son who does the work, but a suc-cessful information service delivery should include the business and information delivery reasons why a project was completed success-fully, not just what was done.

Most often, the heavy lifting in IT is not communicated because of the specialty knowledge need-ed to understand what happened. However, this often bleeds over into areas that don’t need specialty knowledge. Thinking with a service delivery mindset may allow these areas to shine through, which will allow for improved communication in turn.

In addition, that communication, since it is part of the service, will need to be catered to the recipi-ent. You wouldn’t sell a highly technical watch that needs some assembly to someone looking for a stopwatch, so why would you want to communicate more than you need to in order to let someone know their problem is resolved? There is a balance between what was done and why that change was important to the person reading or listening to the message.

THE MOST CONSISTENT TRAIT IS CHANGE, AND THIS TRAIT CAN BE CONTROLLED BUT SELDOM STOPPED

In the IT world, the reaction to change often is loudest in gadget arenas as well as in the camps that are stalwarts for technology that is tried and true. In the business world, technology often is deliv-ered too often for comfort or not frequently enough to keep up with the times.

Think “change” using an infor-mation service delivery mindset. Will this change help the infor-

mation being delivered? If not, it might be a good candidate for re-evaluation. Sometimes it’s a patch that will fix a lingering issue. Other times you may be switching out a system without a strong informa-tion case, which in some instances is not evaluated properly in the business case for an upgrade.

“This will give us a competitive advantage because we’ll be ahead of our competitors” is business lan-guage, but it says nothing about the quality of information being delivered. Let’s say the software upgrade mentioned here funda-mentally changes the three key screens of an application. Although it gives a competitive advantage, the information will not flow as cleanly after the upgrade. Under-standing this and acting on it will help improve IT from installer to enabler.

Consider information service delivery as a great way to consider how IT provides value to a firm. An example would be “a change is happening Saturday morning to improve the review process during x.” This is much easier to digest than, “Release 6.208 of x package will be installed on Saturday morn-ing.” The first sentence states how information delivery changes; the second merely states what is being installed. The typical IT response is what was done, not what value the change provides. This shift in communication is crucial to help-ing your firm adjust to whatever change is coming.

Communication using an infor-mation service delivery model may initially increase ticket resolu-tion times. In the long run, how-ever, that communication improve-ment will help everyone in the firm. Issues will be completely

fixed, reducing re-emerging tasks. Updates and system downtime will be assessed based on what is being improved, not what dot release is coming online. And you and your firm can start to benchmark the success of technology on metrics beyond uptime, service SLAs and other metrics. Things like Net Pro-moter scores, satisfaction indexes and quality feedback will start to drive an improvement in service that may have an impact across all departments in the firm.

The longer information as a ser-vice is taken into account during IT projects, the more end users will become allies in transitions and updates. Translation will become easier between technology and business, and understanding of IT projects will improve. Look for people on your team (or in your firm) who can view IT as informa-tion service delivery and use those people to increase the quality of information you deliver. You will be part of the engine in your firm that develops people because your service and communication will be concerned with how they work, not what they use.

Look at ways you can start improving service to your firm. The change will take time, but the change is worth the cost.

Eric Benson is director of Inter-active Communications for Boom-er Consulting.

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Member NotesThree employees at Snyder Cohn have been

recognized as SmartCPAs by Baltimore’s SmartCEO magazine. Steven M. Braunstein, CPA, managing partner and president, Edward L. Snyder, CPA, chairman and past President, and Lauran I. Penn, CPA, PFS, partner, were honored as industry experts. The award recipients are chosen by the readers of SmartCEO.

Paige Beck, CPA, Chief Financial Officer of IWIF, was promoted into a dual role of CFO and Chief Administrative Officer. As CFO and CAO, she will oversee all financial activities for IWIF, as well as administrative and support departments.

Alan Brickel, CPA, a Manager in the Ellin & Tucker’s Audit, Accounting, and Consulting Department, and Steve Manekin, CPA, Director in the Audit, Accounting, and Consulting Department at Ellin & Tucker, were recently featured speakers at the D.C. Bar Association’s Business Law Training Series held in Washington, D.C. Their program entitled “Accounting and Fiscal Controls” was presented to small, closely held business owners from the Washington metropolitan area and was one of eight sessions offered in the training series.

Allen DeLeon, CPA, PFS, a founding partner of DeLeon & Stang, will be speaking at the American Institute of Certified Public Accountants (AICPA)

National Conference on Credit Unions. He will be offering a workshop on allowances for loan loss disclosures and discussing the new FASB Allowance for Loan and Lease Losses (ALLL) disclosure rules.

David P. Dorsey, CPA, Scott M. Price, CPA, and Lawrence R. Beebe, CPA, all principals at Bond Beebe, each participated in separate speaking engagements at the International Foundation of Employee Benefit Plans’ (“IFEBP”) 57th Annual Employee Benefits Conference, which took place on October 30 through November 2, 2011 in New Orleans, Louisiana.Mark Edward, CPA, FCA, has joined Hertzbach

& Company, P.A. as a partner and now leads the Complete Financial Outsourcing Group.

David A. Goldner, CPA, CFP(R), CVA, managing partner with Gross Mendelsohn, has also been appointed to the board of directors of BKR International, a global association of independent accounting and business advisory firms with over 300 offices in over 70 countries.

Jennifer H. Elder, CPA, CMA, CIA, CFF, president of The Sustainable CFO, has been appointed to serve as a member of the IMA Foundation for Applied Research for a two-

year term through June 30, 2013. Ms. Elder will participate in the committee’s charge of assisting with funding, development, and dissemination of practical, relevant and timely research that enables management accounting professionals to be more successful in their roles.

David A. Goldner, CPA, CFP(R), CVA, managing partner with Gross Mendelsohn, and Christina P. Haiss, CPA, MCP, CITP, a partner in the firm’s Technology Solutions Group, have been named to SmartCEO magazine’s list of “SmartCPAs.” CPAs who were nominated for this recognition were evaluated by an independent judging panel based on their expertise, leadership, innovation and relationship development.

The managing partner at Gross Mendelsohn, David A. Goldner, CPA, CFP(R), CVA,’s article, “Year-End Charity Giving” was published in Pages for Pratt, a publication for donors and friends of the Enoch Pratt Free Library. The article discusses strategies to take advantage of every tax opportunity available when making charitable contributions.

Carmen Graves, CPA, a Senior Manager with Reznick Group in Baltimore, has been selected to be a 2011 Leading Women winner by The (Maryland) Daily Record. Graves earned the distinction based on her professional experience, community involvement and commitment to inspiring change.

MEMBER NOTES / FIRM NOTES

32 STATEMENT

Sean Griffin, CPA, a Manager at Councilor, Buchanan & Mitchell, competed in the Make-A-Wish Triathlon at Bethany Beach, DE to help raise money to benefit the Make-A-Wish Foundation® of the Mid-Atlantic on September 24, 2011.

Debra J. Hale, a senior staff accountant for Stoy, Malone & Co., P.C., has been named the Professional Development Chair of the Maryland Association of Certified Public Accountants’ New / Young Professionals Network.

Five employees in the Baltimore office of Reznick Group have been recognized as SmartCPAs by Baltimore’s SmartCEO magazine. Those honored are Ryan Henigan, CPA, senior manager; Carmen Graves, CPA, senior manager; Karen Harris, CPA, senior manager; Amy Jo Morris, CPA, senior manager; and William T. Riley Jr., CPA, principal. Each year, the magazine selects the top area CPAs who excel in their profession and in their service to the community.

Stan Holzman, CPA, a partner with Berman, Goldman & Ribakow, has celebrated his 55th employment anniversary with the firm.

Three Ellin & Tucker, Chartered, professionals were featured speakers on accounting for not-for-profit organizations at a program supported by the Board Diversity Apprentice Project. Carl Kampel, CPA, director in the Audit, Accounting, and Consulting Department; Kimberly Fusco, a manager also in the firm’s Audit, Accounting, and Consulting Department, and Susan Keller, a principal in the firm’s Tax Department, presented “Accounting and Fiscal Controls,” which also included discussions on internal controls over financial reporting; the Form 990 and other tax-related matters; and the relationship between an accountant, the Board and management of not-for-profit organizations.

Three directors and principal in the Audit, Accounting, and Consulting Department at Ellin & Tucker, Chartered, have been named SmartCPAs by SmartCEO Magazine. They are Carl Kampel, CPA,

a director; Steven Manekin, CPA, a director; and Michael Strauss, CPA, a principal. R. Christopher Rosenthal, CPA/ABV, ASA, CFF, AEP, a director in the firm’s Forensic and Valuation Services Group, has also been named as a SmartCPA by the magazine.

Mary M. Keirn, CPA, a manager for Stoy, Malone & Co., P.C., has been appointed to the St. Joseph’s Hospital Planned Giving Advisory Council and was asked to serve on Progress Unlimited Board of Directors.

The American Institute of Certified Public Accountants announced Charles E. Keller, CPA, is one of 51 CPAs to receive the Sustained Contribution Award this year. All recipients of the award have served on an AICPA volunteer group for 20 years or more, and have served as a chair on a committee, task force, or resource panel at least once.

Seth Kossman, CPA, JD, a tax lawyer with Ober/Kaler, has been appointed to the IRS Practice and Procedures Committee of the American Institute of CPAs (AICPA).

Jeffrey M. Lawson, CPA, a shareholder of Stoy, Malone & Company, P.C., has been appointed to the University of Baltimore Accounting Advisory Board.

Steve Manekin, CPA, Director in the Audit, Accounting, and Consulting Department at Ellin & Tucker, Chartered, and Jenelle Conaway, CPA, MBA, a Senior also in the firm’s Audit, Accounting, and Consulting Department, were recently featured speakers at the American Immigration Lawyers Association’s Solo and Small Business School CLE Conference and Webcast held at their National Office in Washington, D.C. Their program entitled “Financial Boot Camp for Immigration Practitioners” presented to new practitioners as well as seasoned veterans. Mr. Manekin and Ms. Conaway were also recently featured speakers at the Baltimore County Bar Association’s Continuing Legal Education Program entitled “Basic Accounting for Lawyers” held at the Baltimore County Courts Building.

33JANUARY 2012

MEMBER NOTES / FIRM NOTES

Trevor McEvoy, CPA, has been promoted to senior in the Audit, Accounting, and Consulting Department at Ellin & Tucker, Chartered.

Sharon Paul, CPA, MCP, the leader of Gross Mendelsohn’s Technology Solutions Group, has been elected to the board of directors of the Edward A. Myerberg Senior Center, a comprehensive, multi-purpose senior center providing quality programs and support services designed to meet the needs of older adults in Northwest Baltimore.

Albright Crumbacker Moul & Itell is pleased to announce the promotion of Jordan R. Pearson, CPA, to Senior Accountant.

Reznick Group announced that Gary Perlow, CPA, has been named Regional Managing Principal (RMP) of the firm’s East Region.

Melissa Pitchford, CPA, Chief Financial Officer with Katzen Eye Group, was recently re-elected to the Maryland Medical Group Management Association’s Board of Directors. She will serve as a Medical Practice Director.

Richard M. Shank, CPA, CMA, supervisor in Gross, Mendelsohn & Associates, P.A.’s audit and accounting department and member of Gross Mendelsohn’s Manufacturing

& Distribution Group, earned the Certified Management Accountant (CMA) designation from the Institute of Certified Management Accountants.

Yi M. Shrestha, CPA, a staff accountant with Stoy, Malone & Company, P.C., recently earned an M.S. in Taxation at the University of Baltimore.

Anna Szmajda, CPA, a manager at Berlin Ramos and Company, has been promoted to Assistant Vice President.

Ira Weinstein, CPA, has been named co-office

managing principal for the Baltimore office of Reznick Group.

Kevin Q. Williams, MBA, CPA, PFS, CFP, has been listed in SmartCEO Magazine as one of the Top Certified Public Accountants in the Washington Region for 2011. CPAs selected for this honor exemplify their roles as leaders, innovators and trusted advisors for the businesses they serve. Three clients nominated Mr. Williams for this honor.

34 STATEMENT

FIRM NOTESFor the second consecutive year, Bond Beebe

participated in the Leukemia & Lymphoma Society’s Light the Night Walk which took place in Rockville, Maryland on October 22, 2011. A team of 40 employees raised over $2,700 to support cancer research. Light the Night Walk is the Leukemia & Lymphoma Society’s annual fundraising event that pays tribute and brings hope to people battling cancer; the Leukemia & Lymphoma Society (LLS) funds lifesaving research that has contributed to major advances in the treatment of blood and other types of cancer.

Clifton Gunderson and LarsonAllen, ranked as two of the nation’s top 20 certified public accounting and consulting firms, announced plans to merge and form one of the top 10 accounting firms in the United States. The partners of both firms have agreed to the combination, and pending final approvals, the merger will take effect Jan. 2, 2012. The new firm will be named CliftonLarsonAllen (CLA).

DeLeon & Stang was recently named one of the “2011 Best Accounting Firms to Work For” by Accounting Today Magazine and Best Companies Group. The survey and award program was designed to identify, recognize and honor the best places of employment in the accounting industry, benefiting the nation’s economy, its workforce and businesses.

Gross, Mendelsohn & Associates, P.A. has been named to INSIDE Public Accounting’s “Beyond the IPA 100,” a list of the largest CPA firms in the nation. “Beyond the IPA 100” identifies the largest firms ranking from number 101 to number 200.

Hertzbach & Company, P.A. won first place in the Baltimore Business Journal’s “2011 Best Places to Work Contest” for the third year in a row. Hertzbach has also been named one of the “2011 Best Accounting Firms to Work For” by Accounting

Today, also for the third year. Both contest results were based on an employee satisfaction survey conducted by outside research firms.

Payroll Network has formed a new partnership with iTransact, a premier provider of merchant accounts, to offer credit card processing and merchant services for Payroll Network’s clients. A highlight of the partnership is a free evaluation of credit card processing and merchant service fees for any business in the region.

Smith Elliott Kearns & Company, LLC, has been named one of the “2011 Best Accounting Firms to Work For.” The annual list of “Best Accounting Firms” was created by Accounting Today and Best Companies Group.

Snyder Cohn, PC, was recognized as one of the 2011 SmartCPA companies in the September edition of SmartCEO. SmartCEO is a regional business news publication and the award recipients are chosen by the readers of SmartCEO.

Partners, CPAs, Accountants, and Administrative Staff from Weyrich, Cronin & Sorra spent a few hours preparing for the Salvation Army’s Thanksgiving meal program. The event was coordinated with the help of Business Volunteers Unlimited (BVU) and involved working with Peggy Vick, Director of Family Services and Volunteer Services for The Salvation Army.

IN MEMORIAM

Jan T. Engel, CPA, an MACPA instructor and member since 1978, president of A-SYS Consulting and a former partner at Stegman & Company, has died. He was 62.

35JANUARY 2012

MEMBER SERVICES

ANNE ARUNDEL COUNTYGEORGE W. BLUM JR., CPASCOTT K. HYMAN, CPAJAMES W. KERR, CPAORHAN OMER, CPATRENT J. WALKLETT, CPAMARGARET J. WALK-UP, CPACAPITAL AREA CHAPTERMAKSIM ALTMARK, CPAJOHN S. BENNETT, CPARUSSELL G. BREG-MAN, CPASTEVE G. CALLAS, CPAHEATH M. CHAVIS, CPADAVID J. GUZMAN, CPATIMOTHY J. HARE, CPALORNA M. JOHNSON, CPABRENDA M. KAECH-ELE, CPASAMUEL KIM, CPA

ABLA KPETIGO, CPASTEPHEN H. LEVIN, CPAMICHELLE A. LOGS-DON, CPANEIL B. MARKOWITZ, CPAWARREN F. MAY, CPASHAY MEADOR, CPASUZANNE M. MENSER, CPALINDSEY MOYER, CPAULOMA NWAUCHE, CPACODJOVI A. OTOGLO, CPACRAIG M. PETERS, CPAROANNE PITLUK, CPAANDREW S. PLATOU, CPAZACHARY POND, CPAJULIAN I. ROSEN-BERG, CPACYNTHIA SAGGAR, CPASAVEDRA N. SCOTT, CPARAJ S. SINGH, CPAROBERT J. SPEECE, CPAKAREN M. WITCHER,

CPACENTRAL MARY-LAND CHAPTERWHITNEY W. ALDRICH, CPARYAN S. ALTENBURG, CPATERRENCE J. CAN-NON, CPAWILLIAM E. CARTER, CPAFRANCIS X. CUOMO II, CPAELISABETH J. DEMP-STER, CPALINDA M. DIERSEN, CPAFRANCES E. DINA-TALE, CPADANIEL C. GILL, CPAJENNIFER GRANEK, CPABONNIE G. HATAMI, CPAKEVIN HEBBEL, CPAGERALD G. HERT-KORN JR., CPADONA J. IZER, CPATHOMAS C. JOHN-STON, CPAMICHELLE L. JONES, CPAJASON H. KAPLANIS,

CPALYNN KENNELLY, CPAEVGENIA V. LOPUSHANSKAYA, CPAMICHAEL R. LYNCH, CPAKATHRYN MURPHY, CPABUAGU G. MUSAZI, CPALISA J. NOEL, CPAMARY K. OHLMACH-ER, CPAUGOCHUKWU OSOH, CPAMICHAEL J. PETRY, CPAKIMBLE A. PIKA, CPAEDWARD L. PINDER, CPAELIOT E. POWELL, CPABRUCE W. RUPP, CPAEUGENE P. RUTTER, CPAROSEMARIE SCHWARTZ, CPASYRIL H. STEINGROOT, CPACHRISTOPHER J. TET-RAULT, CPA

KAREN T. TEWELL, CPARICHARD A. WAGNER, CPAJAY T. WANG, CPAJEFFREY T. WELLE-NER, CPAMRS. MARY B. WIE-DEL, CPANICHOLAS P. WIERONIEY, CPAPHILIP G. WOHLFORT, CPAMICHELLE WOLFEBROOKS P. WUNDER, CPAEASTERN SHORE PATRICIA A. IOTT, CPACYNTHIA A. SMITH, CPAPATRICIA M. SUM-MERS, CPAJANE K. TOWERS, CPAMID-MARYLAND CHAPTERJAMES O. BAILEY, CPAADAM J. CROWLEY, CPAMEGAN D. DEMENT, CPAPATRICIA M. DRIVER, CPA

KENNETH D. HOUS-TON, CPABRIAN W. MCDON-ALD, CPADEWEY L. WELCH, CPATHOMAS A. YOUNG, CPASOUTHERN MARYLANDDANA M. CANNON, CPAMICHAEL A. GUY, CPAJOSEPH L. JOHNSON, CPAOUT OF STATELAWRENCE M. ENTIS, CPAROBERT D. GARTRELL, CPACAROL HEDG-PETH, CPADAVID J. LANE, CPARANDALL C. RIFFE, CPALYNN O. TUBMAN, CPAR D. WALSH, CPAGUAN WANG, CPAJOSHUA B. ZADER, CPA

WELCOME, NEW & REINSTATED MACPA MEMBERS!

WELCOME, NEW CPA CANDIDATE MEMBERS!

ANNEARUNDEL COUNTY EMILY GREENLEAH HAHNBARBARA B. HARTFORDJOSHUA W. HARTMANBRENDA K. JONESCAPITAL AREA CHAPTER LINDSAY ABBETTLISA ARONOFFJOJO ARTHURRALPH E. BOND IV

MICHELLE BRAWNERJONATHAN BRVENIKBRITTANY CRAFTCHRIS CROUTHAMELELEONORA P. DAILEYMELEK EDIBJOSEPH T. ENTWISTLEMAN CHEE LAMJONATHAN LEONLOUIS LITZCATRINA MOUTONUNA LEE PENNINGERMATTHEW PETERSONBARTLO T. PRESSEL

ANN F. RECHTANCA G. STRADLEY RENEE T. SWEENEYRODRICK WESTCENTRAL MARYLAND CHAPTERARSHAD ABBASAGYEMANG BOATENGMICHELLE D. BOLTIKELIZABETH CONVERSEKALMAN S. DANZIGER MR. TRENT D. DIXONRUSSELL H. FISHERKRISTYN A.

GAVRILIS-OLIPHANTEDWARD K. GYAMFIWEI LIZACHARY B. LUSTKATIE E. NEELYTENESHIA J. RICHARDSMIKE SCHRAMLCHRISTINA STRAVINOSIREENUCH TENGAMNUAYDARREN W. WATTSPAULA L. WILLIAMSEASTERN SHORE MICHELLE MUIR

MID-MARYLAND CHAPTERHERB ADDYMICHELLE A. BURKERSARA LEEBRIAN C. PENNINGTONSARA SPRINGSOUTHERN MARYLANDJAMIE E. BUCKLERMICHELLE SMITHOUT-OF-STATESTEPHEN M. SITES

36 STATEMENT

UPCOMING EVENTS NYPN WINTER HAPPY HOURS

When: Thursday, Jan. 19, 5-7:30 pmWhere: BlackFinn American Saloon – 4901 Fairmont Ave., Bethesda

When: Thursday, Jan. 26, 5-7:30 pmWhere: Seven West Bistro – 7 West Chesapeake Ave., Towson

There is no cost to attend, but CPAs should register at www.macpa.org/nypn. For more information, contact Chris Critzman at nypn@macpa.orgor call (443) 632-2332.

Please: No recruiting at NYPN events.

Get to know our NYPN advisory board and find out first-hand what we’re all about:

Chair: Diana Scatliffe, Reznick Group: Diana.Scatliffe@reznickgroup.comVice chair / chair-elect: Jeff Klima, SC&H: jklima@scandh.comSecretary / treasurer: Eric Nigro, PricewaterhouseCoopers: eric.nigro@us.pwc.comPast chair: William Kinney, SB& Company: wkinney@sbandcompany.com

Leadership BoardActivities chair: Debra Hale, Stoy, Malone & Company: Dhale@stoycpa.comPublic relations / outreach chair: Nick Hollander, L&H Business Consulting: nhollander@lhbusinessconsulting.comProfessional development chair: Stephen Hohne, Hertzbach & Company: Stephen.Hohne@gmail.com At-large member: Jennie Hammett, Gorfine, Schiller & Gardyn: jhammett@gsg-cpa.com

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

1. Camaraderie 6. Commitment

2. Insight 7. Charity

3. Professionalism 8. Community

4. Development 9. Responsibility

5. Growth 10. FUN!

The MACPA’s New / Young Professionals Network celebrated the holiday season recently, hosting the MACPA Holiday Spectacular on Dec. 15, 2011.

NYPN would like to thank everyone who attended and shared in the holiday joy of the season. It was a great opportunity to network with friends and colleagues while enjoying the elegance of The Engineer’s Club in the Mt. Vernon neighborhood of Baltimore. Also, in the spirit of giving, the MACPA and NYPN collected food and funds to benefit The Maryland Food Bank at this event.

On Jan. 18, come out and help us advocate for the CPA profession at CPA Day in Annapolis. Visit MACPA.org for more details.

And don’t miss the networking opportunities at our happy hours. Our first happy hours in 2012 are on Jan. 19 in Bethesda at the BlackFinn Saloon and Jan. 26 in Towson at 7West Bistro. Check out the NYPN section of the MACPA web site for details and updates on these and other events.

Bring the NYPN Road Show to Your Office!

The MACPA’s New / Young Professionals Network has a presentation we would like to share with your company or firm. Our Road Show tells new / young CPAs the details and benefits of getting involved in the MACPA and NYPN. Please e-mail nypn@macpa.org to sign up for a NYPN Road Show visit and learn more about the MACPA and NYPN.

NYPN is on FaceBook, LinkedIn, and Twitter

nypn news //

you’re invited // what is NYPN? //

get involved //

TOP 10 REASONS TO GET INVOLVED:

Who offers the best on-site training for your team?

For more information about the MACPA’s Customized Learning Solutions and the Business Learning Institute, visit

MACPA.org and click on LEARNING!

WE LOVE HELPING ORGANIZATIONS THRIVE THROUGH LEARNING SOLUTIONS.

For general questions and onsite learning, please contact

Pam Devine at pam@macpa.org.

Ask how MACPAs customized learning team & BLI can save you up to 50%.

2012 BUSINESS & INDUSTRY CONFERENCE Friday, April 20, 2012 (Earlier Date!) – Turf Valley Resort, Ellicott City

KEYNOTE Ed Burchell, Vice President, Regional Partnerships & Sales, Baltimore Ravens

TOPICS INCLUDE• A&A • Smart Technology

• Social Media • Economic Update

• Enterprise Risk Management

and more…

FREEMAN A. HRABOWSKI, IIIPresident of UMBC (The University

of Maryland, Baltimore County)Recently featured on 60 minutes

2012 Government & Not-For-Profit ConferenceFriday, April 27, 2012 UMUC – the Marriott Inn & Conference Center7 concurrent tracks 28 session choices

Save Date!

KEYNOTE SPEAKER

the

LOOKING TO START OR EXPAND YOUR OWN PRACTICE? 15-20 monthly Write-Up/QuickBooks clients. $60,000 – 70,000 gross. Baltimore metro area. Call 410-539-1147, or e-mail LT4040@comcast.net.

QUALITY CPA FIRM WISHES TO ACQUIRE PRACTICE OR ACCOUNTS IN BALTIMORE /WASHINGTON / ANNAPOLIS area or possible association with retirement-minded practitioner. “Top dollar paid.” Reply in strictest confidence to (410) 539-7100 or File No. 63-87.

THINKING OF SELLING YOUR PRACTICE? Accounting Practice Sales is the leading marketer of accounting and tax practices in North America. We have a large pool of buyers, both individuals and firms, looking for practices now. We also have the experience needed to help you find the right fit for your firm and to negotiate the best price and terms. To learn about our risk-free and confidential services, call Bradley Holmes at 1-800-397-0249, or email Bradley@accountingpracticesales.com.

PEER REVIEWED ROCKVILLE, MD CPA firm interested in acquiring practice or accounts in Washington metropolitan area, from retirement-minded sole practitioner. Reply in confidence to File no. 28-91.

job openings

FIDUCIAL, A DIVERSIFIED PROFESSIONAL SERVICES FIRM offering its clients a full range of professional services to support their operational goals, has an EXCELLENT opportunity for an experienced CPA / Senior Accountant to fill the role of Branch Manager in our Hampstead, MD office.

Branch Managers are responsible for leading the day to day activities of a public accounting office. Ideal candidate will be a team leader with an active CPA, experienced in public accounting with the ability to train, supervise and oversee the work of the office staff. In addition to managing the office the Branch Manager is tasked with business development; therefore ideal candidates will enjoy interacting with people, will be sales oriented who possess the ability to find and close business in support of the growth goals of the office.

CLASSIFIEDS

Interested candidates apply today by sending your resume and cover letter to recruiting@fiducial.com, and be on your way to a successful new opportunity!

MCLEAN/TYSONS CPA FIRM SEEKS AN AUDITOR WITH AT LEAST TWO YEARS OF SUPERVISORY EXPERIENCE Candidate must be a currently licensed CPA. Salary commensurate with experience. To apply contact: Jeff Hayden at JPH@rlmcpa.com.

ROCKVILLE- COMPLETE OFFICE SUITE TO RENT TO SOLE PRACTITIONER OR SMALL FIRM Three private offices, secretarial/reception area, storage room and restroom. Lovely second floor view of Route 355 and the Metro trains. Use of first floor conference room. Jackson Place Office Condominium in front of Montgomery College. Lots of parking and easy access. Alan Zipp, CPA, (301) 340-0084, or AlanZipp@aol.com.

CPA, MASTER’S DEGREE IN TAXATION, SEEKS PER DIEM WORK Contact: Allan Wood. Home 410-484-0200, or Cell 410-598-3335, or email sunnywood@verizon.net.

office space

STATEMENT40

mergers & acquisitions

WANT TO SUBMIT A CLASSIFIED AD?To submit a classified ad, please visit our Web site under advertising, www.macpa.org/content/20909.aspx, or contact Amy Moran at 443-632-2319, amym@macpa.org.

CONFIDENTIAL ADS: Replies to confidential ads will be addressed to the file number in care of:Amy Moran MACPA901 Dulaney Valley Road, Suite 710Towson, MD 21204

Properly addressed replies will be forwarded to the advertiser unopened. Replies that are not properly addressed will be opened only to determine contents and then forwarded to the advertiser.

employment

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Maryland Association of Certified Public Accountants, Inc.Dulaney Center II 901 Dulaney Valley Road Suite 710Towson, MD 21204 | www.macpa.org(410) 296-6250 | Fax: (410) 296-8713