TXCPA Dallas

June 2020 Newsletter

 

In This Issue…

  • Chairman's Message
  • CPE
  • Events
  • Convergence
  • TXCPA Dallas Store
  • Announcements
  • Membership
  • Classifieds
  • TXCPA

Chairman’s Message

By Jason Freeman, CPA

And so it begins. A new fiscal year is off and running here at TXCPA Dallas—and it starts in the midst of a period that has been unlike any other in recent memory. I am beyond honored to chair our organization through the year ahead. But I want to first commend Bill Sims and the 2019-20 Board of Directors for their dedicated service and a very successful year. They have set the bar high.

 

In keeping with that high standard and the fundamental values of integrity and ethical action that have long defined our organization and members, I want to take this opportunity to extend my sympathy to those who have felt pain or suffering from the recent events in our country. Injustice can never coincide with the fundamental tenets of our profession. We have come to a point in history where diversity should not only be accepted, it should be cultivated, celebrated, and embraced because it represents improvement—and so much more that is good. You will hear a common refrain throughout my tenure: I intend to leave our organization better than I found it—a goal that I hope we all aspire to, especially when it comes to inclusion, unity, and equality. I challenge each of you to help encourage diversity in our profession and organization. We will be better for it.

 

Now on to the year ahead. Planning for the coming year is underway. Our CPE Council has been busy designing our 2020-21 educational program. In light of the current COVID-related restrictions, we will be offering significantly more web-based presentations over the coming months, and we hope you’ll join us for all of them.

 

We have two CPE events this month. On June 17th, we resume our live Ethics courses. Dr. Richard Mark will be teaching this State-approved, four-hour session in the chapter training room. We are taking every precaution in TXCPA Dallas office facility to safeguard the health of our members and staff so that you can feel safe and confident attending this live event. Also on June 17th, you can join us online for a two-hour presentation by Stephen Austin of Swenson Advisors on Topic 842, the new lease accounting standard.

 

If you’re looking for networking opportunities, we’re trying something new this month, a virtual social hour. Join us on Thursday, June 25th, 5:00 p.m. – 6:00 p.m., when we check out what is for us a new frontier in social and professional connections.

 

Committees will be meeting soon to discuss their plans for the new year. If you have not already done so, I encourage you to sign up to become a committee member and get involved! These groups are such a vital part of our organization, and they need your skills and passion. If you are interested in taking your involvement to a higher level, visit this webpage and sign up for a committee today by emailing Laura McFadden with your committee selections.

 

We need more CPAs for our Referral Service. We have seen a notable increase in recent weeks in calls from the public asking for CPA referrals. Our next referral could be you! For a fee of $100 per year, we’ll enter your name and qualifications in our database of area CPAs. When we receive a request, we match the caller with a CPA who meets their criteria. Our records show that over 50% of these referrals become clients. To enroll in the service, email Michael Enoch of our office.

 

This is a wonderful time to get involved in your professional society, when the new fiscal year is just beginning. This promises to be an exciting and challenging one as we face our new challenges head on. I’m very glad to have you on this journey with me as we create a new normal at TXCPA Dallas.

 

Jason Freeman, CPA

Chairman, 2020-21

 

To view a video message from Jason, click here.

CPE

Online CPE Course:
The New Lease Accounting Standards…Topic 842
Wednesday, June 17, 2020
TXCPA Dallas
invites you to an
Online CPE Event
The New Lease Accounting Standards…Topic 842
presented by
Stephen G. Austin
Managing Partner, Swenson Advisors
&
Ane Ohm
Co-Founder & CEO, LeaseCrunch
Wednesday, June 17, 2020
1:00 p.m. – 3:00 p.m.
THIS IS AN ONLINE EVENT.
Course Description: This session will cover:
  • Understanding the new lease accounting standards…Topic 842.
  • How to approach the topic. Key project management lessons learned.
  • How to handle challenges with lease document discovery and finding embedded leases.
  • Organizing to address pre-implementation elections and post-implementation lessons.
  • How to audit the results of the new standards.
  • How have recent FASB delays impacted Topic 842 implementation.
  • What are the effects of lease concessions?
  • Review of recent FASB Q&A.
  • Overview of a popular lease accounting software.
Learning Objectives: After the course, attendees should:
  • Have an overview of the lease accounting framework.
  • Know how to address the practical expedients.
  • Understand the differences between Topic 840 and Topic 842.
  • Be able to apply strategies to uncover embedded leases.
  • Know how to train and organize your team to handle these large projects.
  • Know how to address new internal controls at transition and after transition.
  • Know how to address process changes for supply chain and finance and accounting.
  • Know how to identify audit risks with renewal options and discount rates.
  • Know how to gather the information to flow into expanded footnote disclosures.
  • Know how to test for completeness on the balance sheet.
Level:
Prerequisites:
Course #:
CPE Credit Hours:
Date:
Time:
Format:
Cost:
Basic/Technical
None
21540102
2
Wednesday, June 17, 2020
1:00 p.m. – 3:00 p.m.
Live (Internet-based)
$35/Members; $135/Non-Members
To register for this event, click here.
Ethics Course – LIVE!!!
Wednesday, June 17, 2020
TXCPA Dallas is pleased to offer the required, State-approved, 4-hour Ethics course.
Location:
TXCPA Dallas Office
This course is taught by Dr. Richard Mark.
Description: The course examines all of the various components of ethical issues essential to any CPA’s practice in the State of Texas. A main objective of the course is to work with CPAs to identify and reach satisfactory conclusions about ethical issues in all phases of public, corporate and governmental practice. To accomplish this objective, the course examines ethical principles and concepts, ethical reasoning, corporate governance and fraud, the impact of culture and human behavior on ethical conduct and applicable current Texas Rules of Professional Conduct through an interactive class environment.
Objective: To gain a better understanding of how a CPA’s ethical standards impact daily decision-making in practice and business.
Course No.
21600114 – Wednesday, June 17, 2020, 8:00 a.m. – 12:00 p.m.
Level:
Prerequisite:
Format:
Credit Hours:
Sponsor No.:
Cost:
Basic/Ethics
None
Classroom
4
441
$120 (Member); $150 (Non-Member)
To register for this course, please click here.

EVENTS

Virtual Thirsty Thursday
Thursday, June 25, 2020
Join us for a
VIRTUAL
THIRSTY THURSDAY
Join us for a
virtual networking event on
 Thursday, June 25, 2020
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!

Convergence 2021

Thank You to Our Sponsors

 

TXCPA Dallas welcomes these great organizations that have already committed their sponsorship support for Convergence 2021.

 


TXCPA DALLAS STORE

Lands’ End Specials for June
During June Lands’ End will be offering free logos and free shipping. Use code MTFLFS6. This offer expires June 26th. Click here to start shopping!

ANNOUNCEMENTS

TXCPA Dallas

2020-2021 Board of Directors

 

 

TXCPA Dallas

is pleased to present its

2020-2021 Board of Directors

 

Chairman

Jason Freeman

 

Chairman Elect

Sharon Lukich

 

Treasurer

Kenny Broom

 

Treasurer Elect

Max Duplant

 

Immediate Past Treasurer

Janae Chamblee

 

Secretary

Meg Campbell

 

Directors

Brandon Booker

Robert Goudge

Chris Hes

Donovan Miller

Mitch Perry

Nancy Waggoner

TXCPA DALLAS MEMBER BENEFIT:

REFERRAL SERVICE

 

Let TXCPA Dallas Help You Grow Your Business!

 

As one of its member benefits, TXCPA Dallas offers a referral service. Members may become a part of this service by paying a small annual fee of $100. Those seeking the assistance of a CPA can call TXCPA Dallas and receive the name of a CPA closest to them with skills matching their needs. Our statistics show that 53% of callers who contact CPAs through the Referral Service become clients.

 

To learn more about the Referral Service, contact TXCPA Dallas at 972-960-8311.

Calling All Bloggers!

 

Are you a blogger? Would you like to have your blog posted on TXCPA Dallas website? If you’re interested, please contact Laura McFadden.

MEMBERSHIP

Welcome, New Members!

Nazia Ahmed, CPA

Emebet Alemu, CPA

Roland Almendarez, Student

Gabriela Benavides, Affiliate

Braydon Betty, CPA

Douglas Herbert Blankenship, CPA

Robert Bartise Bowden, CPA

Clyde Cadiddlehopper, Candidate

Yajuan Chen, CPA

Yi-Chun Chen, Student

Joshua Howard Christie, CPA

Grayson Wells Clark, CPA

Stephen Joshua Coy, CPA

Benjamin Curnett, Student

Christina Ann Douglas, Student

Cara Michelle Duniven, CPA

Evan Scott Elliott, CPA

Jonathan Michael Fancher, CPA

Phaedra Beth Fouts, CPA

Aaron Garcia, Student

Matthew Glasgow, Student

Jihong Gong, CPA

Mengzhen Liu Goodman, CPA

Arash Gourgani, CPA

Trevor Halcomb, Candidate

Muhammad Hammad, CPA

Peter C Harris, International Affiliate

Thomas Alan Hawbaker, CPA

Travis Kane Haworth, CPA

Jamie Graham Hays, CPA

Nicholas Paul Hazelrigg, CPA

Tyler Wes Higginbotham, CPA

Vince Aaron Houk, CPA

Yvonne Mellap Ayako Ingari, CPA

Reid Aaron Jacinto, CPA

Patrick John Jardine, CPA

Sihyun Jeong, CPA

Alexander Michael Jo, Student

Alicia Diane Johnson, CPA

Elizabeth Wambui Jones, CPA

Kyungwoo Kang, CPA

Sara Ashfaq Khan, CPA

Eric Khor, CPA

Nhan Huu Le, CPA

Brandon Thomas Ledain, CPA

Zhiyang Li, CPA

Hsiu Ping Lin, CPA

Matthew Claud Little, CPA

Yang Liu, CPA

Nina Weiyun Liu, CPA

Matthew Logan Love, Student

Angela Kay Martin, CPA

Bibin John Mathew, Student

Ashley Brooke Maxfield, CPA

Ulises Sharif Balbuena, CPA

Jeri Miller, Student

Tyler Phillip Mouton, CPA

Vy T Nguyen, Student

Emily Quynh Thy Nguyen, CPA

Ali Atil Oguz, CPA

Mckenzie Lynn Petty, CPA

Preston Tyler Popoff, CPA

Vivek Mushti Prasad, CPA

Khairunnisa Rajani, CPA

Sanchitha Rajaram, CPA

Christian Ramirez, Student

Ian Thomas Richards, CPA

Brody Austin Scott Roush, CPA

Aaron Scholl, CPA

Amanda Renee Spelman, CPA

Matthew James Spradling, Student

Rosser Ramsay Standifer, CPA

Surya Simha Reddy Suravaram, CPA Katherine Marie Thompson, CPA

Jijo Chandy Valiyaparambil, CPA

Luis Angel Vela, CPA

Jessica Spangler Vice, CPA

Rio Waechter, CPA

Behlen Mckenzie Wall, CPA

Alexandra Cathleen Walter, CPA

Yixin Wang, Student

Ashlynne Elizabeth Watts, CPA

Ryan Matthew Watts, CPA

Averey Hope Webster, CPA

Linda Sue Whitten, CPA

Zachary Richard Wood, CPA

Chunmei Yang, CPA

Yuxian Zhang, CPA

Yufei Zhou, Student

Huanyu Zou, CPA


TXCPA Dallas

Scholarship Winner Spotlight

 

Each month, we will spotlight one of this year’s TXCPA Dallas Scholarship winners. Join us this month in getting to know Southern Methodist University graduate accounting student Cecilia Weigman and welcoming her to TXCPA Dallas. 

 

Cecilia Weigman wants to change the world…by helping those who change the world. She wasn’t sure she wanted to pursue an accounting career at all until she found a mentor in a former CFO of a social entrepreneurship business, a restaurant that rehabilitates teens coming out of juvenile detention. Since Cecilia’s passion is human rights and affecting social change, she was inspired through this association to set her sights on a CPA certification with an eye to one day using her accounting skills to help social entrepreneurs run their nonprofits like successful for-profit businesses in order to raise capital for the programs and services they provide.

 

Cecilia received the Merit Scholarship and Sewell Merit Scholarship from SMU’s Cox Business School and the Second Century Scholar Scholarship from SMU. She received a Caswell Leadership Grant for co-founding a social entrepreneurship education initiative. She was a member of the University Honors Program, the BBA Scholars Program, and won the Phillip H. Solomon Award in World Languages and Literatures: Chinese, as well as the Outstanding Accounting Major and Distinguished Entrepreneurship Student Awards. Cecilia has served as Financial Officer and Site Leader for Alternative Breaks, a student organization offering community service opportunities during academic breaks. She was the 2018 Mustang Awakening Retreat Coordinator, Spirituality Co-Chair and a bible study leader for SMU Catholic Campus Ministry. She received her BBA in Accounting in May 2019, and her MS in Accounting last month.

 

Cecilia served as a tax intern at BaCo Group and as a Mergers & Acquisitions tax intern at PwC where she will join the staff in January 2021.

 

TXCPA Dallas welcomes and congratulates Cecilia Weigman. 


CLASSIFIEDS

Practices For Sale
Practices For Sale in North Texas: gross revenues shown: SE Texas CPA $710; NW of DFW CPA $670K; East TX CPA Audit Firm $436K; Deep East TX CPA $212K; Texarkana EA $288K;Tyler/Longview Area CPA $787K; Abilene CPA $367K; Hurst CPA $364K; E/SE CPA $290K; NE Texas CPA $209K; Burleson CPA $270K; Turtle Creek/Uptown Dallas Area CPA $614K. 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.


TXCPA

TXCPA Chapter Tip Sheet
TXCPA CARES – RESOURCES ADDED TO THE CPA ADVANTAGE

TXCPA has launched TXCPA Cares for Texans, a campaign focused on sharing short, impactful details with the public while we continue to promote CPAs as a resource for Texas businesses and individuals. We’ve developed a variety of informative resources that can be co-branded with your organization’s logo and shared with clients and colleagues. You can also find and share these resources on our Facebook, LinkedIn and Twitter channels. Check back regularly – we’ll continue to add more resources as they’re created!

CPA Advantage.

 

 

YOUR SOURCE FOR BUSINESS-FOCUSED COVID-19 INFORMATION

You can turn to TXCPA for the constantly-updated information you need to manage COVID-19 business issues.

·     Get the latest details about legislation, regulations and more at the special page in our website.

·     Register for relevant CPE webcasts, many of which are free for members.

·     Share ideas and resources with other TXCPA members exclusively through the Exchange.

 

We’re here for you.

 

 

CONTINUE ENJOYING MEMBER DISCOUNTS AND SERVICES

Be sure you don’t miss a day of the discounts and services available to TXCPA members! Annual dues must be paid in order to receive some of them. If you haven’t yet responded to the dues notice sent in April, please do so right away. If you did not receive an invoice, please contact Member Services. (Email membership@TXCPA.net; phone 800-428-0272 option 1 or 972-687-8560 option 1.)

 

 

ACCOUNTING CAREER EDUCATION (ACE)

TXCPA would like to thank all of the volunteers who helped out with the Accounting Careers Education (ACE) program for the 2019-2020 year. ACE volunteer members donated their time to travel to schools across the state and deliver presentations to students, host workshops and seminars for teachers and counselors, and provide speakers to university and college business and accounting programs. Thank you again for volunteering and promoting TXCPA and the CPA profession.

 

It’s never too early to start preparing our ACE program for 2020-2021. School solicitations will begin in the fall.

 

For more information about the program, please contact Bryan Garza (phone 800-428-0272 x 255 / 972-687-8555).

 

 

FINANCIAL DISASTER PLAN

Between tornadoes and hurricanes (and sometimes both), all parts of Texas are vulnerable to storm damage.

 

It’s always a good idea to put your financial disaster plan in place before it’s time to batten down the hatches. Utilize this Disaster Preparedness Toolkit from AICPA.