TXCPA Dallas

February 2021 Newsletter

 

In This Issue…

  • Chairman's Message
  • CPE
  • Convergence 2021
  • Events
  • Announcements
  • Membership
  • Classifieds
  • A Word From Our Sponsors...
  • TXCPA

Chairman’s Message

By Jason Freeman, CPA

February…the last month of winter, has begun, and it’s a busy one! Did you know that this, the shortest month of the year, has the greatest number of holidays? Between celebrating the year of the Ox, planning Super Bowl parties and choosing Valentine goodies for your sweatheart, February can be exhausting! Hopefully, sometime amid your preparations for World Nutella Day (February 5) and National Pokemon Day (February 27), you’ll find time for the excellent activities TXCPA Dallas has to offer this month.

 

If you’re needing CPE, we have some great opportunities for you. On February 11, Madhu Ahuja and Jada Yarbrough with Ahuja & Clark will present Business Interruption – Calculations and Considerations. On February 18, Robert Smith of Saville Dodgen will present a double feature with two courses related to International and Nonresident Tax Issues. Allison McLeod will lead our February Accounting Ethics course on the morning of February 26, to be followed at noon on the same day with another event in our Brown Bag Lunch Series, Communicating with Clarity, presented by Adam Tarnow of Tarnow & Co.

 

If you can spare the time in this busy month, take a break and join your fellow members for Thirsty Thursday on February 18. We’ve nearly mastered the art of online networking, and our monthly virtual events have proven to be a hit with members old and new. I hope you’ll find the time to join us.

 

Our Annual Meeting of Members was held online on January 13, and provided a great kick-off to the calendar year. Our keynote speaker, Jeff Cheney, CPA, the current Mayor of Frisco and head of The Cheney Group, enlightened us all with a wealth of interesting information about this vibrant and growing city in our area—it was great to hear from a fellow CPA leading the way for the fastest-growing city in the nation. A new slate of Chapter officers was elected for the 2021-22 year, and we recognized several members with awards for their outstanding contributions to the association. You can read more about the new leadership and award winners elsewhere in this edition.

 

Have a delightfully busy and productive month, everyone!

 

Jason B. Freeman, JD, CPA

2020-21 Chair


CPE

Online Ethics Course

A CPA’s Guidebook for Ethical Behavior:

A CPE Ethics Course for Texas CPAs

February – May 2021

 

 

You are invited to join us for our monthly, State-approved, four-hour Ethics course, A CPA’s Guidebook for Ethical Behavior: A CPE Ethics Course for Texas CPAs. This course will be taught by Professor Allison McLeod.

Speaker and author, Allison M. McLeod, LL.M., CPA, will educate and inform CPAs not just on what is the right thing to do according to the Texas Rules of Professional Conduct but how to put your values into action!  As part of this course, we will also look at various schools of ethical thought and walk through real world examples of individuals and companies faced with moral dilemmas.

 

Description: A CPA is challenged in today’s work world to not only serve his/her client or employer but also to protect the public interest by ensuring that there is transparency in financial reporting or there is fair administration of the tax laws. In balancing the two interests, a CPA may find him or herself in an ethical dilemma. This course covers not only basic ethical frameworks, but also specific rules governing CPA practice and responsibilities. It concludes with a section on how a CPA can put his or her ethics into action.

 

Objective:

1.  To educate licensees in ethics of professional accounting as Texas CPAs.

2.  To convey the intent of the Texas Rules of Professional Conduct and the AICPA Code of Professional Conduct in the performance of professional accounting services/work, not to adhere to the mere technical compliance of such rules.

3.  To assist the Texas CPA in applying ethical judgment in interpreting the rules and determining public interest. Public interest should be placed ahead of self-interest, even if it means a loss of job or client.

4.  To review and discuss the Texas Rules of Professional Conduct and their implications for persons in a variety of practices, including:

·     CPAs in client practice of public accountancy who perform attest and non-attest services.

·     CPAs employed in industry who provide internal accounting and auditing services.

·     CPAs employed in education or in government accounting or auditing.

February:

 

 

 

March:

 

 

 

April:

 

 

 

May:

Friday, February 26, 2021, 8:00 a.m. – 12:00 p.m.

Course # 21600914

Click here

 

Friday, March 26, 2021, 8:00 a.m. – 12:00 p.m.

Course # 21601014

Click here

 

Friday, April 30, 2021, 8:00 a.m. – 12:00 p.m.

Course # 21601114

Click here

 

Friday, May 21, 2021, 8:00 a.m. – 12:00 p.m.

Course # 21601214

Click here

Level:

Prerequisites:

Format:

CPE Credit Hours:

Sponsor #:

Cost:

Basic/Ethics

None

Webinar (Internet-based)

4

441

$120/Member; $150/Non-Member

Online CPE Event:

Business Interruption: Calculations and Principles

Thursday, February 11, 2021

 

 

TXCPA Dallas

invites you to an

Online CPE Event

 

Business Interruption:

Calculations and Principles

 

presented by

 

Madhu Ahuja

Managing Member, Ahuja & Clark PLLC

&

Jada Yarbrough

Forensic Accountant, Ahuja & Clark PLLC

 

 

Thursday, February 11, 2021

1:00 p.m. – 3:00 p.m.

 

This is an online event.

 

Course Description: This course will cover the theory, principles, and methodologies behind understanding and calculating business interruption loss claims.

 

Learning Objectives:

Attendees will understand:

1) what constitutes a business interruption loss claim;

2) what to consider when calculating a loss;

3) what principles and methodologies should be chosen when determining a loss claim; and

4) how to calculate a business interruption loss claim.

Course Level:        

Prerequisites:       

Course #:

CPE Credit Hours:

Date: 

Time: 

Format:

Cost:  

Basic/Technical

None

21120916

2

Thursday, February 11, 2021

1:00 p.m. – 3:00 p.m.

Live (Internet-based)

$35/Members; $135/Non-Members

To register for this event, click here.
Online CPE Event:

International and Nonresident Tax Issues

Thursday, February 18, 2021

 

 

TXCPA Dallas

invites you to an

Online Double Feature CPE Event

 

Thursday, February 18, 2021

1:00 p.m. – 3:00 p.m.

 

This is an online event.

 

 

Robert A. Smith

Partner, Saville Dodgen & Company PLLC

 

Presents

 

International Tax Case Study: SummitCo Goes Global!

 

Course Description: Join Robert for a jaunt through the latest updates to Tax Cuts and Jobs Act international guidance as he guides you along the path of SummitCo, a small manufacturing company undertaking a global expansion. Hear the about IRS’s new Global Intangible Low-Taxed Income (GILTI) rules, export incentives, and other topics of interest to CPAs and globally-focused companies.

 

Learning Objective: Participants will:

·     Learn about how to choose between tax classifications of a new foreign entity.

·     Understand how GILTI tax works and where to look for more information.

·     Learn how foreign tax credits and the Section 962 election can help.

·     Discuss potentially lucrative tax benefits for exporters.

·     Talk about transfer pricing and considerations when purchasing a foreign company.

·     Learn about the implications of bringing profits home from foreign companies.

________________________________________________

 

 

Everything You Always Wanted to Know About

Nonresident Tax Withholding… But Were Afraid to Ask –

Forms W-8, 1042, Foreign Partner Withholding,

and Why They Matter

 

Course Description: Real-world tips for CPAs, accounts payable departments, and foreign investors to help decipher the withholding tax rules and stay safe from IRS penalties, as told through the hapless adventures of a wayward withholding agent.

 

Learning Objectives: Participants will:

·     Learn the basic structure of US international tax withholding and reporting rules, including domestic law and impact of tax treaties.

·     Become familiar with the W-8 series of forms and how to select the correct form to use.

·     See examples of each type of withholding in action and learn common mistakesto avoid.

Course Level:        

Prerequisites:       

Course #:

CPE Credit Hours:

Date: 

Time: 

Format:

Cost:  

Basic/Technical

None

21120929

2

Thursday, February 18, 2021

1:00 p.m. – 3:00 p.m.

Live (Internet-based)

$35/Members; $135/Non-Members

To register for this event, click here.
Online Brown Bag Lunch & CPE Event:

Communicating with Clarity

Friday, February 26, 2021

 

 

TXCPA Dallas

invites you to a

Virtual Brown Bag Lunch & CPE Event

 

Bring your lunch, log on and enjoy a

fun break in your day!

 

This event features

a one-hour CPE session:

 

Communicating with Clarity

 

presented by

 

Adam Tarnow

Founder, Tarnow & Company

 

 

This event is being held online.

 

 

Course Description: Miscommunication is one of the most frustrating aspects of organizational life. Unfortunately, when it happens, it’s a self-inflicted wound that’s both demoralizing and expensive. This session gives professionals the tools they need to begin communicating with more clarity.

 

Learning Objectives:

At the end of this session, participants will…

·     Stop blaming others when miscommunication occurs.

·     Understand how the brain is wired to reject confusion.

·     Begin using three simple tools to help improve their clarity.

Course Level:        

Prerequisites:       

Course #:

CPE Credit Hours:

Date: 

Time: 

Format:

Cost:  

Basic/Non-Technical

None

21120936

1

Friday, February 26, 2021

12:00 p.m. – 1:30 p.m.

Live (Internet-based)

Free, but please register so we’ll know you’re participating.

To register for this event, click here.
Online CPE Event:

Innocent Spouse Relief Taxation of Lawsuits

Tuesday, April 6, 2021

 

 

TXCPA Dallas

invites you to an

Online CPE Event

 

Tuesday, April 6, 2021

1:00 p.m. – 3:00 p.m.

 

This is an online event.

 

 

David Gair

Partner, Gray Reed

 

Presents

 

What CPAs Need to Know About

Innocent Spouse Relief

 

Course Description: This presentation will cover the different types of innocent spouse relief under IRC § 6015. The presentation will further focus on the various factors that the Internal Revenue Service looks at when analyzing a case. The presentation will also provide real-life scenarios and suggestions on how to position clients for success.

 

Learning Objectives:

Participants will understand the different types of innocent spouse relief and how to position clients for success.

 

________________________________________________

 

 

Joshua Smeltzer

Counsel, Gray Reed

 

Presents

 

What CPA’s Should Know About the

Taxation of Settlements and Judgments

 

Course Description: A former litigator from the Department of Justice Tax Division discusses the legal standards applied to determine whether a settlement or judgment is fully or partially excluded from income, is a deductible trade or business expense, or can be treated as capital gain or ordinary income. The presentation will include real world examples, practical tips, and guidance on how to both recognize and handle the close calls.

 

Learning Objectives: Participants will understand the legal standards governing settlements and judgments and learn how to recognize and handle tax issues involving these amounts.

Course Level:        

Prerequisites:       

Course #:

CPE Credit Hours:

Date: 

Time: 

Format:

Cost:  

Basic/Non-Technical

None

21121119

2

Tuesday, April 6, 2021

1:00 p.m. – 3:00 p.m.

Live (Internet-based)

$35/Members; $135/Non-Members

To register for this event, click here.
Online CPE Event:

A CPA Practitioner’s Guide to Qualified Retirement Plans

Wednesday, April 21, 2021

 

 

TXCPA Dallas

invites you to an

Online CPE Event

 

A CPA Practitioner’s Guide to

Qualified Retirement Plans

 

presented by

 

Allan Peiser

Partner, Eisner Amper LLP

 

 

Wednesday, April 21, 2021

1:00 p.m. – 3:00 p.m.

 

 

This is an online event.

 

 

Course Description: This course focuses on variety of issues dealing with the design of qualified retirement plans. This course will better equip you to meet your clients’ needs by offering alternatives to maximize benefits for business owners.

 

Learning Objectives: Participants will identify and focus on a variety of issues related to qualified retirement plans to enable CPA practitioners to better meet their clients’ needs.

Course Level:        

Prerequisites:       

Course #:

CPE Credit Hours:

Date: 

Time: 

Format:

Cost:  

Basic/Non-Technical

None

21121129

2

Wednesday, April 21, 2021

1:00 p.m. – 3:00 p.m.

Live (Internet-based)

$35/Members; $135/Non-Members

To register for this event, click here.
Save the Date

For These Upcoming CPE Events

 

 

March 25, 2021, 1:00 p.m. – 3:00 p.m.

Is Estate Planning Still Necessary? 

The Importance of Estate Planning for Nontaxable Estates

Eric Marchand

Partner, Meadows Collier

 

and

 

Transfer Tax Auditing/Controversies

are Not Going Away in the Era of Higher Exemptions

Joel Crouch

Partner, Meadows Collier

 

 

May 19, 2021, 1:00 p.m. – 3:00 p.m.

Peer Review and Audit Quality for CPA Firms

Tim Pike

Partner, Howard LLP


CONVERGENCE 2021

Register Now!

Convergence 2021

Friday, May 28, 2021

!!! REGISTER NOW !!!

TXCPA Dallas is pleased to present its

hallmark event of the year

CONVERGENCE 2021

Friday, May 28, 2021

Omni Frisco Hotel at

The Star

Register now for the premier

accounting CPE event

in North Texas!

Take advantage of special

Early Bird Pricing through March 15.

To register, click here.

Thank You to Our

Convergence 2021 Sponsors


EVENTS

TXCPA Dallas

Virtual Thirsty Thursday

Thursday, February 18, 2021

 

 

 

Join us for a

Virtual Networking Event

on

Thursday, February 18, 2021

5:00 p.m. – 6:00 p.m.

 

This event will be held via Zoom.

 

There is no cost,

but please let us know you’re coming

by clicking here.

 

 

We hope you can join us!


ACAP 2021 Application is Launched!

 

ACAP (Accounting Career Awareness Program, sponsored by the DFW Chapter of the National Association of Black Accountants, Inc., “NABA”) is a one-week residency program for high school students interested in a career in accounting or business. The program introduces students to accounting, finance, economics, and management through a focused, undergraduate-level program taught by college faculty and guest lecturers in business and government. During the week, students attend classes on careers in accounting and business, personal development and college preparation and tour college campuses, local companies, and CPA firms. The program concludes with the students inviting their parent(s) or guardian(s) to a closing luncheon or banquet in commemoration of their completion of the program at the end of the week. For more information, click here.


MEMBERSHIP

TXCPA Dallas Announces

2021-22 Leadership

TXCPA Dallas Nominations Committee is pleased to announce the association’s officers for the 2021-22 year. These individuals were voted into office at the Annual Meeting of Members on January 13, 2021.

Chairman-elect

Kenny Broom

 

Treasurer-elect

Donovan Miller

 

TXCPA Dallas Directors

Neely Duncan

Isreal Miller

TXCPA Directors

Angela Banks

Aaron Borden

Max Duplant

Lori Eads

Lisa Ong

Lucy Turek

Nancy Waggoner

Kyle Wakeland

Nominations Committee

Terri Hornberger

Diane Pappas

Mitch Perry

Jeff Weyandt

Congratulations to the 2021-2022 leadership of TXCPA Dallas!


TXCPA Dallas Presents

2021 Awards         

 

The following TXCPA Dallas awards were presented at the Annual Meeting of Members on January 13, 2021:

 

Committee Chair of the Year

Terri Hornberger

Committee Member of the Year

Crystal Shin

Stanley J. Scott CPE Award

Tim Pike

Young CPA of the Year

Angela Banks

CPA of the Year

Bill Sims

Special Chairman’s Award

Meg Campbell

Janae Chamblee

Max Duplant

Willie Hornberger

Laura McFadden

Lisa Ong

Tom Walker

Paul Willey

 

Congratulations to these outstanding members!

TXCPA Dallas

Scholarship Winner Spotlight

 

 

Join us this month in getting to know the last of our 2020-21 TXCPA Dallas Scholarship winners, University of Texas at Dallas (UTD) graduate accounting student Michelle Pham. 

 

Michelle Pham wants to be a CPA for several reasons, one of them being her desire for challenge. If her plan holds true, she should never be lacking for motivation, as she intends to focus much of her efforts on working with accounting automation tools, and exploring the changing environment of the profession with the introduction of small and larger automation, and in the wake of the COVID-19 pandemic.

 

At UTD, Michelle is a member of the prestigious Professional Program in Accounting. She received the Academic Excellence, International Education Fund, Jindal School of Management Study Abroad, and Dean’s Excellence Undergraduate Scholarships. She served as a Global Comet Ambassador and with the IRS’s Volunteer Income Tax Assistance Program. She is also a Youth Leader for the Vietnamese Eucharistic Youth Movement.

 

Michelle served as a corporate tax intern for PwC last spring and has received a full-time employment offer from the organization upon completion of her Master’s degree in May.

 

TXCPA Dallas welcomes and congratulates Michelle Pham. 


Welcome, New Members!

Patrick Michael Allen, CPA

Hyungkyu An, CPA

Kaymen Leighanne Anderson, CPA

Trevor Cornell Anderson, CPA

Trevor Brunt, CPA

Courtney Michelle Carr, CPA

Patrick Timothy Celsus, CPA

Fanedy Chu, CPA

Lennie Cathern Coward, CPA

Liudmyla Czechowski, Student

Daniel Diaz-Marta, Student

Andrea Lee Dobbie, CPA

Julie Linford Fleming, CPA

Kaci Rae’Ann Gardner, Student

Laura R. Guerrero, Student

Carter Lee Haney, CPA

Lauren Leigh Harrington, CPA

Haley Marie Harrington, CPA

Jacob Charles Hoddy, CPA

Abigail Jane Hunt, CPA

Paula Lynn Johnson, CPA

Tonia Stephanie Keitt, CPA

Mark C. Kelly, CPA

Joanna Dale Khorey, CPA

Hannah Kay Kirkhuff, CPA

Lindy Alexandra Koury, CPA

Chae Young Lee, CPA

Reagan Nathaniel Lee, Student

Sean Vincent Li, CPA

Ryan Alexander Low, CPA

Kristle Bernade C. Marfori, CPA

Anne Smith Menefee, CPA

Rachael Christine Murphy, CPA

Rachel Holcomb Robertson, CPA

David Manolo Sanchez, CPA

Avanika Sharma, CPA

Mckenzie Leigh Shea, CPA

Rabin Vittal Shetty, CPA

Benjamin Mark Sorrell, CPA

Trenton Pierce Spuza, CPA

Andrew Frank Stacey, CPA

Alex Scott Stoller, Student

Eric Caleb Summerlin, CPA

Myoung Jae Sung, CPA

Jennifer Rose Teeter, CPA

Lilly Cammie Wang, CPA

Amanda Nicole Williams, CPA

Kexin Yang, CPA

Alice Jane Ye, CPA

Jihyun Yoon, CPA


CLASSIFIEDS

Practices For Sale
Practices For Sale in North Texas: gross revenues shown: SE Dallas Tax & Bkkpg $40K; SW of Ft. Worth CPA $608K; Abilene CPA $367K; Deep East Texas CPA $710; NW of Dallas CPA $705K; NE Texas CPA $209K; E/SE CPA $290K. For additional listings/information, call us at 1-800-397-0249 or visit us online at www.APS.net and register for free email updates.

 

THINKING OF SELLING? Accounting Practice Sales is located in North Texas and is the leading marketer of accounting and tax practices here and nationwide. We have a large buyer pool as well as the experience to help you find the right fit for your firm and negotiate the best price and terms. To find out more about our risk-free and confidential services, call Ryan Pannell with The Holmes Group at 1-800-397-0249 or send an email to Ryan@APS.net.


A WORD FROM OUR SPONSORS

D CEO Magazine presents

CFO Outlook 2021

Wednesday, February 10, 2021

 

There was no industry–or CFO–that didn’t have to pivot, reforecast, and adapt their thinking in 2020. Now with hopes for a meaningful distribution of a vaccine by Q3, how are the region’s top business leaders and financial executives planning for 2021 and beyond? How did ’20 change their methods of managing costs/revenue or roles? What has changed business planning forever; what will return to normal about their roles in a post-Covid world? Hear from a range of Dallas-Fort Worth’s top CFOs in an outlook panel you won’t want to miss featuring D CEO Financial Executive Award winners Tracey Doi, CFO of Toyota; Chandra McCormack, CFO of Acosta; and Tom Walker, CFO of Dallas Cowboys.

 

For more information and to register for this event, click here.

CAMICO Shares Resources

 

 

CAMICO is sharing its policyholder eAlerts, sample letters, and risk management guidance on its public website for use by state CPA society members and other CPAs.

 

A CAMICO eAlert was issued recently regarding the “Consolidated Appropriations Act of 2021.” Many key provisions in the 5,000-page Act pertain to the Paycheck Protection Program and other loans. The eAlert includes an engagement letter template, a sample business client communication letter, and links to guidance from the Small Business Administration. It can be found at this link.

 

Other CAMICO resources pertaining to the pandemic can be found on the CAMICO Coronavirus/COVID-19 Resources webpage at this link.


TXCPA Chapter Tip Sheet
ADVOCACY IN ACTION – UPDATES FROM THE 87th TEXAS LEGISLATIVE SESSION

As the state’s largest association of CPAs and finance professionals we have the strongest voice for the profession and are the leading advocate for CPAs in Texas. With the 87th Texas Legislative Session underway, TXCPA wants to keep you informed and engaged in the issues that impact you, your license and the businesses, clients and communities you serve. Stay connected to the latest updates on www.tx.cpa. You’ll see a special section of the website dedicated to news and information coming out of the session. We’ll also post frequent updates in your member communications and on our social media channels. Stay tuned for the latest from Austin!

 

 

PRACTICE READY PROGRAM FOR FUTURE CPAS

TXCPA and Thomson Reuters have partnered to develop and offer Practice Ready, an online learning program focused on helping accounting grads become more hirable. Practice Ready is being offered as a benefit of student and candidate membership in TXCPA and supplements traditional academic programs with experiential learning to provide the tools, insights and experience needed to work at a firm or corporation. Take advantage of this free staff training opportunity and encourage your new hires or interns to register for Practice Ready. Interested participants can register here (scroll to bottom for the interest form).

 

 

VISIT TXCPA EXCHANGE FOR MEMBER-TO-MEMBER ADVICE

Our online community, TXCPA Exchange, is a great place to get advice and feedback from fellow TXCPA members on a variety of topics related to COVID relief legislation, PPP loans, tax season, software recommendations, and more! Remember to browse through previous discussion posts and offer your knowledge/input where applicable.

 

There are currently three communities within Exchange: CPA Practice ManagementNonprofit Accounting and Tax IssuesMembers are encouraged to join these communities to start conversations and discussions on related topics.