TXCPA Dallas

November 2020 Newsletter

In This Issue…

Chairman’s Message

By Jason Freeman, CPA

Do you find your schedule practically filling itself this time of year? TXCPA Dallas’s calendar is filling up as well. Our to-do list is growing by the hour, and we couldn’t be more excited about the items on it.

You’ll want to find a spot on your to-do list for some of the excellent CPE we’re offering throughout the month of November.

• November 9 – Behind the Scenes Event: Dallas Holocaust and Human Rights Museum, offering a tour and one hour of CPE presented both live and virtually.
•  November 10 – Young Professionals Group presents a virtual CPE event with Cristin Barry of Calvetti Ferguson discussing how Networking Events Can Be a Piece of Cake.
• November 10 – Heather Bradshaw and Greg Pudenz of RSM lead the online classes: Uniform Capitalization & GILTI High Tax Exclusion Regulation.
• November 11 – Professor Allison McLeod guides us through our monthly online Accounting Ethics course.
• November 18 – TXCPA Dallas Chair-elect Sharon Lukich presents the next in our Brown Bag Luncheon Series topics, Top 10 Hiring Mistakes.

It’s the time of year for giving back, and if your to-do list has room for some community involvement, we have some outstanding resources to fill it. One of our main community outreach targets is supporting financial literacy in our area. If you have an outlet for contributing to that mission, The Texas Society of CPAs (TXCPA) has an array of resources available to you. Check out this page on their website and let us know if you plan to make any presentations in your city or neighborhood. Also, TXCPA Dallas is gathering a group to do a volunteer shift at Healing Hands Ministries on November 11, from 9:00 a.m. until 1 p.m. Let us know if you’re interested in this event, and we can add your name to our list.

Since 1977, the Dallas Margarita Society / Dallas Children’s Charities has contributed millions of dollars in support to organizations throughout DFW to help those who need it most in our community, at-risk children. This year the organization was unable to hold their main fundraising event, the Dallas Margarita Ball; however, those who benefit from their mission still need help, so we’re asking that you take a moment to donate a toy for a child in need this holiday season at this link.

Remember, December is TXCPA’s Month of Service, and we would like to see all of your volunteer activities recognized by the state society. Send us pictures and event details, and we’ll pass them on to TXCPA.

In this month of thanksgiving, TXCPA Dallas wants you to know how deeply we appreciate your support, your participation and your friendship. This has been – and continues to be – a year of challenge for everyone. We thank you for staying the course with us, as we look together toward brighter days ahead.

So…let’s review our to-do list:

•  Attend the outstanding variety of CPE events offered by the Chapter;
• Give some time to a great cause; and
• Have a very happy – and safe – Thanksgiving!

Jason Freeman, CPA

2020-21 Board Chairman

CPE

Behind the Scenes Event

Dallas Holocaust and Human Rights Museum

Monday, November 9, 2020

TXCPA Dallas

invites you to a

Live and Virtual

Behind the Scenes Event

The Story of the 

Dallas Holocaust and Human Rights Museum

Live attendees:

Please join us for a catered lunch, CPE presentation, and “Behind the Scenes” tour of the Dallas Holocaust and Human Rights Museum.  Mary Pat Higgins, the President & CEO of the Museum and a Certified Public Accountant, will share a 50-minute presentation during lunch which will be followed by a special tour of the facility.

The Museum, founded in 1984, teaches the history of the Holocaust and advancing human rights to combat prejudice, hatred and indifference to more than 80,000 visitors every year in their brand new facility located in Dallas’ Historic West End.

Monday, November 9, 2020

11:00 a.m. – 1:00 p.m.

Dallas Holocaust and Human Rights Museum

300 N. Houston Street, Dallas, TX 75202

Virtual attendees:

Please join us for a CPE presentation, featuring Mary Pat Higgins,

the President & CEO of the Museum and a Certified Public Accountant..

Monday, November 9, 2020

11:30 a.m. – 12:20 p.m.

Mary Pat Higgins

President & CEO, 

Dallas Holocaust and Human Rights Museum

will present a course entitled:

The Story of the 

Dallas Holocaust and Human Rights Museum

Course Description: This course examines the history, organization, governance and management of the Dallas Holocaust and Human Rights Museum.

Learning Objectives: Participants will understand the responsibilities and challenges of managing a nonprofit organization.

Course Level:          Basic/Non-Technical

Prerequisites:          None

Course #:                  21240616

CPE Credit Hours:   1

Date:                          Monday, November 9, 2020

Time:                         Live: 11:00 a.m. – 1:00 p.m.; Virtual: 11:30 a.m. – 12:20 p.m.

Format:                     Live and Virtual

Cost:                         $30 for Live attendees; $15 for Virtual attendees

To register for this event, click here.

TXCPA Dallas’ Young Professionals Group

invites you to an

Online CPE Event

Networking is a Piece of Cake

presented by

Cristin Barry

Firm Development and Recruiting Coordinator, Calvetti Ferguson

Tuesday, November 10, 2020

10:00 a.m. – 11:00 a.m.

This is an online event.

Course Description:

Attending networking events is an important part of career development. Without the proper planning, it can be a daunting and unrewarding task! This course is designed to provide experience-based tips to young professionals who are looking to better their experience at networking events.

Learning Objectives:

Tips for networking events that will help you:

• Get focused and organized before the event
• Initiate and wrap up conversations during the event
• Ways to remember, track and follow up with contacts after the event.

Course Level:            Basic/Technical

Prerequisites:            None

Course #:                   21540612

CPE Credit Hours:    1

Date:                          Tuesday, November 10, 2020

Time:                         10:00 a.m. – 11:00 a.m.

Format:                      Live (Internet-based)

Cost:                          $0/Members; $10/Non-Members

Online CPE Event:

Uniform Capitalization &

GILTI High Tax Exclusion Regulations

Tuesday, November 10, 2020

TXCPA Dallas

invites you to an

Online CPE Event

Tuesday, November 10, 2020

1:00 p.m. – 3:00 p.m.

This is an online event.

Heather Bradshaw

Senior Manager, RSM US LLP

Presents

Uniform Capitalization – The Past, Present and Future

Course Description: In the wake of major tax reform, Treasury issued new Regulations impacting how companies determine what costs are required to be capitalized to inventory for tax purposes.  While many taxpayers timely adopted the new Regulations, quite a few deferred implementations due to reorganizations, resource constraints and other economic factors amid a global pandemic.  Learn how the new Regulations impact your company, pitfalls to watch out for and best practices moving forward.

Learning Objectives:

Participants will:

• Compare the Modified Simplified Production Method (MSPM) to other UNICAP methods;
• Recognize when a change in method of accounting is required or beneficial to adopt the new Regulations; and
• Understand the challenges involved and best practices for a successful implementation.

________________________________________________

Greg Pudenz

Partner, International Tax, RSM US LLP

Presents

The Final GILTI High Tax Exclusion Regulations

Course Description: This course will revisit the basic framework of the new Section 951A, Global Intangible Low-Taxed Income (“GILTI”) provision, as enacted as part of the 2017 Tax Cuts and Jobs Act. The course will also cover Treasury Regulations issued with respect to GILTI, including the recently released Final Regulations on the GILTI High Exclusion.

Learning Objectives: Participants will develop an understanding of GILTI, the new High Tax Exclusion rules, and some practical planning considerations. 

Course Level:         Basic/Technical

Prerequisites:         None

Course #:                  21120602

CPE Credit Hours: 2

Date:                          Tuesday, November 10, 2020

Time:                         1:00 p.m. – 3:00 p.m.

Format:                     Live (Internet-based)

Cost:                          $35/Members; $135/Non-Members

To register for this event, click here.

Online Ethics Course

A CPA’s Guidebook for Ethical Behavior:

A CPE Ethics Course for Texas CPAs

Wednesday, November 11, 2020

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.

1. 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.
2. 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.
3. To review and discuss the Texas Rules of Professional Conduct and their implications for persons in a variety of practices, including:
   1. CPAs in client practice of public accountancy who perform attest and non-attest services.
   2. CPAs employed in industry who provide internal accounting and auditing services.
   3. CPAs employed in education or in government accounting or auditing.

Course #:                              21600614

Date:                                     Wednesday, November 11, 2020

Time:                                    8:00 a.m. – 12:00 p.m.

Level:                                   Basic/Ethics

Prerequisites:                       None

Format:                                 Webinar (Internet-based)

CPE Credit Hours:                4

Sponsor #:                           441

Cost:                                    $120/Member; $150/Non-Member

To register for this course, please click here.

Online Brown Bag Lunch & CPE Event:

Top 10 Hiring Mistakes

Wednesday, November 18, 2020

TXCPA Dallas

invites you to a

Virtual Brown Bag Lunch & CPE Event

Wednesday, November 18, 2020

12:00 p.m.- 1:30 p.m.

Bring your lunch, log on and enjoy a

fun break in your day!

This event also features

a one-hour CPE session:

Top 10 Hiring Mistakes

Presented by

Sharon Lukich, CPA

Partner, Thomas, Edwards Group

Course Description

This program will cover the top 10 hiring mistakes made today, to include the implications of the mistake and suggestions how to avoid or deal with the mistakes. Suggestions will include best practices for hiring smart.

Learning Objectives 

This course will cover:

• Various personality traits
• Hiring techniques – a focused view
• How to avoid hiring mistakes
• What to do after the fact

Course Level:            Basic/Non-Technical

Prerequisites:            None

Course #:                   21120412

CPE Credit Hours:    1

Date:                           Wednesday, November 18, 2020

Time:                          12:00 p.m. – 1:30 p.m.

Format:                      Webinar (Internet-based)

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

To register for this online event, click here.

TXCPA Dallas
invites you to an
Online CPE Event

Wednesday, December 2, 2020
1:00 p.m. – 3:00 p.m.

This is an online event.

Lacey Shrum
Founder & CEO, Smart Kx
and Attorney, Vela Wood
Presents

Blockchain: The One Ledger Solution

Course Description: In 2020, the shareholders of 3 major companies suffered collective losses of roughly $30B as funds come up “missing” and undisclosed debts are “found.” As we’ve transitioned into the online world, frauds like this seem to be the norm. However, the use of blockchain technology and its one-ledger system has changed this reality for currency in the form of bitcoin and can be applied in the same ways to traditional accounting. This presentation will give a history of blockchain, its use cases and demonstrate how this one ledger system is being applied to the accounting, auditing and regulatory professions. 
Learning Objectives:

Participants will:

• Understand the history of bitcoin and blockchain technology;
• Compare the use of cryptography versus audit; and
• See the capabilities of a “one-ledger” system.

Michael Lewellen
CEO, Tarski Technologies
Presents

Decentralized Finance with Blockchain

Course Description: Learn about blockchain technology and how it is enabling decentralized systems for financial markets and products. These new systems challenge many existing norms for the financial industry and come with their own unique legal challenges for users, investors, and businesses.

Learning Objectives: Participants will learn how the technology for blockchain-based financial systems and products work from a high-level to better understand their legal implications for clients.

To register for this event, click here.

TXCPA Dallas
invites you to an
Online CPE Event

Auditing in the Time of COVID
presented by

Lucas LaChance
Partner, Lane Gorman Trubitt LLC
&
Sara Godecke
Partner, Lane Gorman Trubitt LLC

Wednesday, December 9, 2020
1:00 p.m. – 3:00 p.m.

This is an online event.

Course Description: Providing quality service and meeting deadlines while in the middle of a pandemic present some unique challenges, both in the physicality of completing audit and in looking critically at the results of an organization’s operations in the given environment. Planning the engagement becomes much more hands-on as you consider the impact on a company’s revenue streams, the in-flux and ultimate forgiveness of federal relief funds, going concern issues, and more. Prepare yourselves and your clients for enhanced disclosures, different types of testing, and longer lead times working in a remote environment.

Learning Objectives: In this course, we will:

• Consider key engagement planning pitfalls,
• Discuss enhanced disclosures, and
• Review potentially problematic areas of the audit during a pandemic.

To register for this event, click here.

TXCPA Dallas
invites you to an
Online CPE Event

Friday, December 11, 2020
1:00 p.m. – 3:00 p.m.

This is an online event.

F. Edward Courts, Jr.
Principal, Freeman Law PLLC
Presents

The DOJ Takes on Conservation Easements

Course Description: This session presents the history of conservation easements and the DOJ efforts to stop conservation easement promoters.

Learning Objective: To provide tax professionals with an update on the latest efforts by the DOJ and the IRS to stop promoters of conservation easements.

Matthew Roberts
Principal, Freeman Law PLLC
Presents

The IRS’ Renewed Interest on Civil and Criminal Tax Fraud:
What Tax Practitioners Should Know Now

Course Description: Recently, IRS top officials have made it known that a top IRS priority for the foreseeable future will be a renewed focus on tax fraud. This presentation will provide tax practitioners with an overview of the IRS’ recent efforts to curb tax fraud and also how to handle and assist clients with civil and criminal tax fraud issues.

Learning Objectives: Participants will learn how:

• To identify clients with potential IRS civil and criminal fraud risks; and
• To assist and provide guidance to clients with civil and criminal tax fraud risks.

To register for this event, click here.

GIVING BACK

Serving our Community with

Financial Literacy Training

TXCPA Dallas has an ongoing effort to provide volunteer opportunities for our members through the CPA Involvement Committee. In addition, the state TXCPA’s Branding and Community Outreach Committee encourages the local chapters to focus extra resources each year during its annual Month of Service. In December of this year, TXCPA Dallas is excited to support the state’s goal to help Texans secure better financial foundations for the future.

The state has provided significant resources on this webpage, especially for those in public practice to engage their clients and communities through educational brochures and presentations on such topics as Budgeting and Managing Money, Planning and Saving for Retirement, and Protecting Yourself against Identify Theft. We encourage you to review and make plans now to support this effort.

All financial literacy volunteer activities should be reported to Laura McFadden by January 4, 2021, for tracking for the December state challenge.

TXCPA Dallas CPA Involvement Committee is also working with local non-profits to support existing financial literacy training. If you are interested in volunteering through this effort, please contact Dawn Hooper, Committee Chair.

Community Outreach Event

Healing Hands Ministries

Wednesday, November 11, 2020; 9:00 a.m.–1:00 p.m.

TXCPA Dallas’ CPA Involvement Committee is organizing a community outreach event on Wednesday, November 11, at 9:00 a.m., benefitting Healing Hands Ministries. If you would like to volunteer to help out a very worthy cause, contact Laura McFadden.

Amazon Toy Drive Benefitting

Dallas Margarita Society/Dallas Children’s Charities

Since 1977, Dallas Margarita Society / Dallas Children’s Charities has contributed millions of dollars in grants, including over 200,000 toys, to organizations throughout DFW to help those who need it most in our community – at risk kids. This year normal fundraising efforts have been turned upside down and the Dallas Margarita Society was unable to host their signature charity event, the annual Dallas Margarita Ball. However, those who benefit from their mission still need help, maybe this year more than ever; we kindly ask that you take a moment to donate a toy for a child in need this holiday season at this link.

ANNOUNCEMENTS

TXCPA Dallas Announces

2021-22 Leadership Nominees

TXCPA Dallas Nominations Committee is pleased to announce its slate of officer nominees for the 2021-22. These nominations will be voted on by the membership at the Annual Meeting of Members in January 2021.

Chair-Elect

Kenny Broom

Treasurer-Elect

Donovan Miller

DCPAS Directors

Neely Duncan

Isreal Miller

TXCPA Directors

Angela Banks

Aaron Borden

Max Duplant

Lori Eads

Robert Goudge

Lisa Ong

Lucy Turek

Nancy Waggoner

Kyle Wakeland

Nominations Committee

Terri Hornberger

Mitch Perry

Diane Pappas

Jeff Weyandt

TXCPA Dallas Leadership Development Academy

Class of 2020

TXCPA Dallas’ Leadership Development Academy (LDA) was created to assist emerging leaders in the accounting and financial services industries in developing the skills necessary to be an effective leader within their profession and community.

The Academy, now in its 12th year, announces its 2020 class:

Alyssa He, Earthbound Trading Co.

Connor Hall, Howard LLP

Marcelo Maril, BKM Sowan Horan LLP

Zachary Montgomery, Freeman Law PLLC

Keith Phillips, Huselton Morgan & Maultsby PC

Louis Wang, BKM Sowan Horan LLP

Welcome, LDA Class of 2020!

MEMBERSHIP

TXCPA Dallas

Scholarship Winner Spotlight

Over the next few months, we will spotlight each of this year’s TXCPA Dallas Scholarship winners. Join us this month in getting to know University of Texas at Dallas (UTD) graduate accounting student Samantha Alleman and welcoming her to TXCPA Dallas. 

Samantha Alleman earned her BS in Accounting and Healthcare Management this past May and would like to eventually find a way to combine her knowledge and skills as a tax professional with her passion for the healthcare industry.

At UTD Samantha was a member of the school’s prestigious Professional Program in Accounting. She received the university’s Academic Excellence Scholarship and spent four years on the Dean’s List. She served as a mentor in the Freshman Mentor Program and as a Supplemental Instruction Leader at the UTD Student Success Center. She was a member of the Collegium V Honors College, Beta Alpha Psi, the UTD Orchestra and Comet Symfonique for which she also acted as Treasurer.

Samantha was a Summer Associate at Merritt Hawkins in the summer of 2018. This past spring she was a Tax Intern at Grant Thornton, where she has accepted an offer of full-time employment upon receipt of her Masters in Accounting in May 2021.

TXCPA Dallas welcomes and congratulates Samantha Alleman.

Welcome, New Members!

CLASSIFIEDS

Practices For Sale

Practices For Sale in North Texas: gross revenues shown: Plano CPA $187K; Frisco CPA $200K; SE Dallas Tax & Bkkpg $40K; SW of Ft. Worth CPA $608K; Irving Tax Firm $310K; W. of Ft. Worth CPA 2.090M; Northern Collin Co CPA $575K; Abilene CPA $367K; Deep East Texas CPA $710; NW of DFW CPA $670K; NE Texas CPA $209K; E/SE CPA $290K; Tyler/Longview Area CPA $780K. 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.

Employment Opportunity

Controller Job Summary, part time, long term

The controller will handle high-level accounting, managerial accounting, and oversee the financial activities of a Dallas based family office. The controller will manage and supervise all aspects of accounting from payroll to tax compliance. Will report to the head of the family office and will assist with the development of internal control policies, procedures, and financial planning as needed.

Controller Duties and Responsibilities

• Manage all aspects of accounting; billing, financial statements, general ledger, cost accounting, payroll, accounts payable, accounts receivable, budgeting, tax compliance, inventory accounting, cost accounting, revenue recognition, and various special analyses
• Maintain documented system of accounting policies and operations
• Oversee payments of all accounts; ensuring all accounts are paid on time
• Process accounts and collecting payments
• Oversee all payments made for debts, bank loans, and other large quantities of money
• Monitor cash and funding balances
• Keep an organized filing system of all accounts, statements, transactions, payments, and debts
• Prepare and organize financial statements for record and review
• Prepare quarterly/annual financial reports
• Manage the quarterly/annual budgets and forecasts
• Advise on financial analyses and decision-making regarding capital investments, pricing, contract negotiations, significant costs, benchmarks, and other matters with management and chief financial officer
• Organize information and statements for audits and both internal and external auditors
• Define, benchmark and implement operational best practices
• Complying with all local, state, and federal laws regarding finances, tax filings, and reporting
• Ensuring company complies with all additional legal and regulatory requirements
• Additional controller duties as needed

Controller Job Requirements and Qualifications

• Bachelor’s degree in accounting, finance, business administration with an emphasis in Accounting, or a related field
• Ideal candidate has 5 to 10 years of experience in field
• Certified Public Accountant (CPA) or Certified Management Accountant (CMA) license required
• Previous experience as an accountant, accounting supervisor, or manager
• Excellent computer skills; experience in accounting software and Microsoft Office Suite; Access, database, or other system knowledge
• Proficiency with accounting software and experience with a software system implementation
• Exceptional knowledge of finance, accounting, budgeting, cost accounting and cost control principles, and Generally Accepted Accounting Principles (GAAP)
• Excellent written and verbal communication skills
• Advanced knowledge of bookkeeping and accounting best practices, laws, standards, and state/national regulations
• Analytical ability to develop and implement improvements or recommendations
• Attention to detail
• Able to work well with senior executives and team, as well as mentor/lead other team members

For more information and to apply, click here.

MARKETPLACE

Lands’ End Special Extended

You may use promo code EMT25 to save 25% on Lands’ End labeled products (excluding masks) though November 13. The holiday season is coming! Click here to shop

TXCPA

TXCPA Career Center Promo

November 1 – 30, 2020

Offer: FREE 30-day job posting

We know COVID-19 has impacted our members in various ways. Some are seeking new employment due to layoffs, and others are struggling to manage the increased workload created by the related financial complexities that affect their clients and companies.

Let the TXCPA Career Center help you find qualified staff for your open accounting positions or help you make your next career move!

These FREE offers are available now:

• Employers postings jobs to the TXCPA Career Center can use code FREE1120 to post any and all openings at no cost during the month of November. An employer does not need to be a member of TXCPA to take advantage of this offer.
•  Members who are seeking jobs always have free access to post a Job Seeker Profile in the Career Center. Simply use your TXCPA log in credentials to get started.
• Already thinking about the next round of busy season? Internship postings are always free in the TXCPA Career Center.

Questions about TXCPA’s Career Center can be directed to DeLynn Deakins. Questions about other benefits of TXCPA membership or requests for additional support from your professional community can be sent to our member service team.

TXCPA Chapter Tip Sheet

TXCPA MONTH OF SERVICE

We invite you to participate in TXCPA Month of Service this December. With a statewide focus on financial literacy education and service, TXCPA members and chapters are extending resources to various organizations across the state to help Texans build a stronger financial foundation. Contact your local chapter to learn about volunteer opportunities close to home, and visit tscpa.org later this fall to see a full list of opportunities for TXCPA Month of Service and throughout the year.

NOMINATIONS FOR B&I AWARD

TXCPA is accepting nominations for the 2020-2021 B&I Award through Dec. 31. The award recognizes CPAs who work in business and industry and have made significant contributions through their influence and impact on others in the accounting profession. Login to form.