MEMORIAL GIFT To the Education Foundation In memory of MISSISSIPPI SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS VOLUME XLIV JULY 2020 Frank Betts, Jr. Jackson by Haddox Reid Eubank Betts PLLC Jackson

2020-2021 MSCPA OFFICERS Brent Saunders Ridgeland by The Koerber Company, PA Hattiesburg

2020-2021 Dues Can Be Paid Online Members can pay dues online for MSCPA membership year July 1, 2020 Pearl Tupelo Annette Pridgen, Ricky Bullock, through June 30, 2021. Go to www. CHAIRMAN VICE-CHAIRMAN/CHAIRMAN-ELECT ms-cpa.org and login with your email and password. Then go to the Pay Dues page (under Members) to pay your dues for 2020-2021. If you need to change your member level, please contact Stephanie Edwards, MSCPA Director of Finance, at 601-856-4244. Firm admins can also print or pay your firm employees dues. Contact Jennie Truhett, [email protected] to be added as a firm admin. Dues notices will go in the mail in August to the members who have not yet paid online. Payment is due upon receipt of the statement. Dues not paid by October 1 Melanie Hamel, Brandon Raleigh Cutrer, Ridgeland are past due and must include a $25.00 late SECRETARY TREASURER fee. After October 1, members who have not paid their dues will no longer receive member benefits including discounts on Newly elected officers for the CPE. 2020-2021 MSCPA fiscal year are Annette Pridgen, Chairman; Ricky Bullock, Vice-Chairman/ Chairman-Elect; Melanie Hamel, Secretary; and Raleigh Cutrer, SAVE THE DATE Treasurer. Clyde Herring was elected to a three-year term as an 2021 Convention at-large member of the Board of Governors. Officers were elected June 22-27, 2021 by the membership by way of Sandestin Golf and electronic ballot. Beach Resort Clyde Herring, Starkville AT-LARGE BOARD MEMBER Destin, Florida 2 Welcome New Members Megan Hammond Julia Niemeyer Watkins, Ward and Stafford, PLLC Carr, Riggs & Ingram, LLC Columbus Brandon Jamie R. Hendricks Paul Parks Southern Farm Bureau Life Insurance AICPA Madison Oxford Baxter Howell Brittney Tharp BKD, LLP Alexander Winton & Associates Published Jackson Olive Branch by the Mississippi Society of Certified Public Accountants 306 Southampton Row The Commons Looking for a CPA? Highland Colony Parkway certificate and other information that may Ridgeland, MS 39157 Member Directory be missing. Members have access to the Member PHONE: (601) 856-4244 Directory housed on the MSCPA website. FAX: (601) 856-8255 Find-A-CPA We do not allow access to non-members or The website also has a FIND A CPA E-MAIL ADDRESS: provide or sell the Directory. The Member option which non-members do have access [email protected] Directory is under MEMBERS, and you to, but members must choose that feature must be logged-in for access. Once you in their profiles to appear. Members are OFFICERS click the Directory, you can look for a encouraged to update their profiles for Chairman member by last name, email, or city, and areas of expertise and practice and upload Annette Pridgen hit search. Or leave blank and just hit a headshot. A personal message can also pearl search and scroll down. The members be included. Anyone looking for a CPA Vice Chairman/Chairman-Elect are listed in alphabetical order. Please to perform certain services can use the Ricky Bullock review and update your member profile keyword filters and areas of expertise tupelo for current information and include areas dropdown box to search. Treasurer of interest and expertise, birth dates, Raleigh Cutrer ridgeland Secretary Melanie Hamel brandon President/CEO Karen Moody jackson

The CPA Newsletter is the official publication of the Mississippi Society of Certified Public Accountants. The Newsletter invites articles of interest to the profession and gives credit to the author; however, it reserves the right to edit articles for correct spelling, wording and punctuation. Opinions expressed are not necessarily Congratulations to Ken LeFoldt of Ridgeland for winning the Centennial anniversary diamond tennis the official policy of the MSCPA. bracelet! The raffle drawing was held at the conclusion of our virtual conference on June 18. Outgoing Advertising is accepted in good faith that Chairman Donna Bruce would like to thank everyone who sold and purchased tickets to support the the product/services are of value stated. MSCPA Education Foundation. Ticket sales totaled $6,300. Net proceeds of over $5,400 will cover two scholarships for accounting students with excess helping to fund another.

Mississippi Society of Certified Public Accountants July 2020 3 Member News Randy G. Pierce honored with 2020 Chief Justice Award Mississippi Judicial College for judges, court staff and clerks. changed the direction of his life. His first Executive Director Randy G. Pierce left the Supreme Court job out of high school was on an oil rig, Pierce is this year’s recipient to become head of the Judicial where he worked as a galley hand, then a of the Chief Justice Award. College, which is located on the welder’s helper. Supreme Court Chief Justice University of Mississippi campus in Pierce grew up in Greene County. He Mike Randolph presented Oxford. Less than a year remained graduated from Leakesville High School the award on July 17 during on his court term when he moved in 1982. He attended Jones County Junior a virtual meeting of the from the judiciary to academia. He College 1984-1985. He became a CPA after Mississippi Bar. The award, served for more than seven years earning a Bachelor of Science degree in presented annually in July, Pierce as a Justice of the Supreme Court. accounting from the University of Southern recognizes individuals whose Pierce was elected to the Supreme Mississippi in 1987 and first worked in actions have significantly impacted the law, Court in November 2008 and took office public accounting at Hagaman, Roper, the administration of justice and the people on Jan. 5, 2009. Haddox & Reid. He earned his Masters of the State of Mississippi. Before he was elected to the Supreme Degree in business administration from Chief Justice Randolph said that he Court, he served as Chancellor of the 16th the USM Gulf Park Campus in 1992. He selected Pierce not only for his exceptional Chancery Court, which is made up of earned his Juris Doctor in 1997 from the efforts to assist trial judges in dealing with George, Greene and Jackson counties. Gov. University of Mississippi School of Law, the vastly changed legal landscape during Haley Barbour appointed him in February and served as president of the Law School the COVID-19 pandemic, but also for the 2005 to a vacancy on the 16th Chancery. Student Body. He was admitted to the Judicial College’s participation in assisting Pierce gave up a leadership role in practice of law in April 1997. the Court in its rule making capacity. Chief the Legislature to join the judiciary. He While he was on the Supreme Court, Justice Randolph said that the staff of the was elected to House of Representatives Pierce became a prolific writer, not only Judicial College has performed yeomen’s District 105 in 1999, two and a half years of legal opinions. He jokes that his staff work in assisting in the drafting of rules for out of law school. He rose quickly to told him that he needed to find a hobby. the Supreme Court. prominence, becoming chairman of the He honed his skills as a novelist, writing Since becoming executive director on House Education Committee and of the in the evenings and in the wee hours. His Feb. 1, 2016, Pierce has tirelessly strived to Appropriations Subcommittee on Public first novel, Pain Unforgiven, was published broaden the scope of the Judicial College Education. in 2011. Magnolia Mud was published beyond that of planning and presenting He has been a champion of education in 2014, and The Peter Bay in 2016. His periodic continuing education conferences throughout his career. Getting an education fourth novel, Missy, will be released this fall.

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Mississippi Society of Certified Public Accountants July 2020 5 Meet Our Members Legacy Spotlights

Brothers Rob and Lee King, born Lamar County School District. Rob and approximately 20 months apart, grew up in Julianne have three children, Robert (7), New Albany and graduated in accounting Anne Bennett (4), and Virginia (1). from Ole Miss. After graduation, both went Lee King into public accounting and became CPAs Lee began his public accounting career shortly thereafter. Rob is a shareholder in at The Gillon Group in Natchez before The Koerber Company, P.A. in Hattiesburg, moving back to north Mississippi to work and Lee is the CFO for Developmental for Nail McKinney in Tupelo and then Industries, Inc. in Corinth. Brawner Van Story & Co. in Corinth. Rob King Lee transitioned into industry in 2015, For over 11 years, Rob has been with becoming the CFO for Developmental The Koerber Company, a niche practice Industries, Inc. (DI). DI was founded providing forensic, litigation, and valuation in 1989 and is the largest dedicated roof services in Mississippi and surrounding seamer manufacturer in the world. DI is based in Corinth and has facilities in Phoenix, Arizona and Niagara Falls, Canada. Lee went back to school and graduated with his MBA from the Rob King and family Upcoming University of North Alabama in 2016. In states to attorneys, CPAs, and their clients. addition to his role as CFO, Lee currently Ethics More specifically, Rob’s client engagements serves on the Board of Directors for DI. consist of mergers and acquisitions and Lee is also actively involved at the Danville IRS compliance purposes and has involved Church of Christ and fulfills the role of Course treasurer. Lee is married to Ruth Ann, a The Mississippi State Board of courtroom testimony for shareholder speech-language pathologist and owner of Public Accountancy requires that disputes, marital dissolution, damage King Speech-Language Therapy, LLC. Lee each CPA must have obtained and calculations related to lost profits, personal and Ruth Ann have two children, Emi Jane report online a minimum four CPE injury, wrongful death, and employment (6) and Henry (3), and they are expecting credit hours in Board approved litigation, and other financial forensics. another boy in December. Ethics, Professional Conduct, Public The nature of the niche services provided Accountancy Law and Regulations by The Koerber Company requires Rob to courses triennially - current period: have additional credentialing beyond the July 1, 2019, through June 30, 2022. CPA. Rob completed the requirements A minimum of one of these Ethics to be classified as Accredited in Business CPE credit hours must be in the Valuation and Certified in Financial subject of Public Accountancy Law and Forensics by the AICPA. Rob jokes Regulations. that once you add letters past the CPA MSCPA can help you meet the credential, a professional may become requirement! Watch for CPE updates labeled for having “alphabet soup” behind as more ethics course are added to our one’s name. Rob served on the Young CPA online catalog. Board and is currently serving as the chair of the Business Valuation and Litigation Ethics, Rules, and Regulations Services Committee. He also received the Thursday, August 13, 2020 2016 MSCPA Rising Star award. Rob is 1:00pm – 4:30pm a member of First Presbyterian Church in Livestream & In Person in Ridgeland Hattiesburg where he serves and as deacon Member Price: $160 and treasurer. Rob is married to Julianne, Lee King and family who is the Child Nutrition Director for the

July 2020 Mississippi Society of Certified Public Accountants 6 Message from Your President/CEO It is my honor and along with the Legislation active. Also Clyde Herring’s efforts leading privilege to serve as your Committee, have lead the charge the North Central Chapter resulted in President/CEO. Although and continue to pursue tax and a great event at Mississippi State which I must admit that the last other legislation affecting the culminated in a reception and a tour of the few months have been quite profession. new Dora Rose Herring Accounting Suite. challenging. Leading an One of the most perplexing Unfortunately their CPE and baseball association of CPAs through problems for us and for you was game event scheduled for late April had a pandemic during tax season the Department of Revenue’s to be cancelled, but we will try again next is something I never could tax filing deadline. From the year as this event was well received. have anticipated, imagined beginning we worked diligently Although our annual Committee or believed. Our members to get the deadline extended, but Day & Leadership Luncheon scheduled also experienced flooding and Karen Moody we faced the State’s fiscal year for early May were also cancelled, our F5 tornadoes. My staff and I PRESIDENT/CEO end issue, dwindling sales tax committees have not missed a beat. Most have been tested, as have the revenues and budget shortfalls, have held virtual meetings, and some membership. and a new administration that have already met multiple times. Our Our responsibility at the MSCPA is had their hands full with State disasters committees are essential to our livelihood, to do everything we can to help you. I and all things COVID. Ultimately, the especially those who work tirelessly have personally reached out to members outcome was favorable with 10 days to go. to organize our various conferences. and firms across the state to check on AMEN! And to Tom Walker, who not only Thank you. You can volunteer to be on a them and to offer assistance throughout served as our Secretary, but as a member of committee on our website or reach out to the various disasters that fell on our State. the Banking Committee, was my lifeline me. We made it our mission to communicate during the train wreck that was the PPP I would like to address CPE, the only important and vetted resources and rollout. Thank you all. backbone of our viability. Our CPE classes information as quickly as possible during Throughout the crisis and continuing have been virtual via livestream since April, the COVID-19 crisis and to ensure the today, my network of committee and all out of town courses were cancelled. Governor recognized the profession as an members, firms, and the AICPA, helped COVID, the extended tax deadline, and essential service. If you are not receiving me to answer members’ questions as the extended CPE reporting deadline have our emails, please let us know. If you expeditiously as possible. Many times had a tremendous impact on what would opted out of our email communications at there were no clear answers. This made have been our highest revenue producing some point, we hope that you will contact me realize that a member community months--May and June. We revised the us to once again open up that line of board would have been most beneficial CPE catalog many times as deadlines communication to you. I also hope that for you to post your questions or share were extended. And we continue to make you found the COVID RESOURCES information to help each other. I am happy changes as legislation comes down and page on our website beneficial as well. to announce that in late April the Board materials become available. We have During the early days of the pandemic and of Governors approved for us to pursue added classes every day in the month of the CARES Act legislation, we made the this project, and we are currently working August this year to help members get decision to offer a series of FREE vendor with a vendor to go live soon. We hope our their CPE hours with the extended State webinars to the members. We had almost members will take advantage of this new Board deadline. Our Governmental and 500 registrations throughout that process. member benefit – maybe just in time to Banking Conferences that are also in I hope we made a difference for you. I am tackle PPP loan forgiveness – together. August, which are normally held at the so appreciative of the calls and emails of Before the pandemic, our Centennial Hilton, will be in-house this year with thanks we have received and for my staff chapter & other events were successful a livestream option available, as will the who stepped up to weather the storm. around the State. We had great turnouts Not-for-Profit Conference and Mississippi I want to personally thank Donna and memorable times. Unfortunately, our Tax Institute in the fall. The Governmental Bruce and the Executive Committee world stopped turning. But we plan to Conference will also be a one-day event and Board members for their help in continue these events when safe. So look this year, rather than 2 days. However we addressing the crisis and its many effects. out Tupelo, Oxford, and Natchez-- we are have another 8-hour Governmental class And to our MSCPA committees and other coming! scheduled the following week as well, so members whose assistance was so integral Our Chapters have thrived this year, those needing 16 hours of Yellowbook in navigating the rough spots, especially and several continue to make progress. CPE will be covered. The staff and I the Taxation Committee chaired by David The East Central Chapter led by Pam encourage you to take advantage of our Lynch, who answered my calls of help, Steverson, and the Gulf Coast Chapter August classes and conferences. even on Saturday or Sunday, and jumped led by Kim Banisch, made tremendous On a high note, we hope to open back into action. The Taxation Committee, strides and are officially “reborn” and continued on page 4

Mississippi Society of Certified Public Accountants July 2020 7 GranthamPoole next year as President. MESSAGE FROM KAREN continued from page 3 Thank you to the firms who see the importance of allowing their staff to up in-person CPE here at the office but contribute to our work here and their will closely monitor the situation and futures and to the future and livelihood of Chapter follow CDC guidelines and Executive the MSCPA. Orders. The plan could include a limit And to Donna personally, the Lord on capacity. We have purchased hand blessed me and the MSCPA with you Dues sanitizing stations, face masks, and Ergon this year. A Centennial year, a pandemic, MSCPA chapter members are donated touchless thermometers. We are and the heartbreak of putting together a now able to pay for 2020-2021 ready for you. We hope to be back on the spectacular convention that would not dues by downloading the dues road to Tupelo, Biloxi and Hattiesburg happen in the end--- all rolled together. notice linked on each of our nine in late fall if feasible and safe. Those Donna put so much thought into every chapter webpages. decisions will be made later. All classes and event and every decision and always with conferences held at the MSCPA facility the best interest of our members in mind. Renewal Period: July 1, through December will continue to be Attention to detail—that is Donna Bruce. 2020 - June 30, 2021 livestreamed as well. She did not miss a Chapter event, no Chapter officers are meeting One of the highlights of my job is matter how busy she was. Sometimes this and planning CPE Lunch and working with our young CPAs. I am meant having her computer in her lap in Learns and other chapter events grateful for and amazed at their dedication the passenger seat and being on the road and will resume as soon as it is safe. to the Young CPA Network and the until ten o’clock at night visiting Chapters Be on the lookout for upcoming profession. I take pride in watching them and firms throughout the State. And there event information. For chapter take on leadership roles in the MSCPA was so much more behind the scenes. information including leadership, and in their firms, businesses and in the She handled this year with the utmost event details and photos, check out community. President Shannon Adams, professionalism and always followed her our chapter webpages at https:// with Matthews Cutrer & Lindsay, and the heart. I learned from her. She made a www.ms-cpa.org/membership/ difference for us all. YCPA Board have done an outstanding chapters. job this year. Congratulations! I look Again, I hope the MSCPA made a forward to working with Jack Kaler of difference for you as well. CLIENTS WITH TAX DEBT? We can help!

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July 2020 Mississippi Society of Certified Public Accountants 8 MS Back-to-Business Liability Assurance Act Signed by Governor Legislation that will help protect unprecedented time. Many of Mississippi’s businesses and healthcare providers against employers are concerned that they may not What is the definition of frivolous COVID-19-related claims was survive the pandemic and are dealing with public health guidance? signed by Governor Reeves on July 8. A a crisis through no fault of their own. They Public health guidance means any coalition of business groups spearheaded are doing everything possible to remain written guidance related to the COVID-19 by BIPEC and MEC, of which MSCPA is open to serve their customers. Legislative State of Emergency, issued by an executive a member, lead to pass what is known as leaders are to be commended for taking this agency or regulatory agency of the Federal the “Mississippi Back-to-Business Liability action.” government or an executive agency of the Assurance Act” in SB3049. This important BIPEC (Business and Industry Political State of Mississippi. act will preserve both justice and economic Education Committee) is a nonprofit recovery in Mississippi by enacting association comprised of individuals, trade Who is not covered? Any defendant shown by clear and reasonable safeguards against a potential associations and companies who unite to convincing evidence to have acted with surge of coronavirus lawsuits. protect and advance free enterprise through actual malice or willful or intentional There are a growing number of research, education, and member action. misconduct is not covered. COVID-19 related lawsuits across the Below is a quick synopsis of what the United States. Some personal injury legislation does. lawyers view individuals exposed to Who has liability COVID-19 as a vast new pool of plaintiffs, Who is covered? protection? and healthcare providers, businesses, A person is defined as someone Premises: This means any physical non-profits, charitable, and religious who attempts, in good faith, to follow place serving a commercial, residential, organizations that aid in the response effort applicable public health guidance. educational, religious, governmental, or provide essential services as defendants cultural, charitable, or health care purpose. to cast blame. The first lawsuits targeting What is the definition of a Businesses: The bill protects businesses healthcare providers, employers, retailers, person? (essential and non-essential) through the and other businesses have been filed. Many Person means an individual, state, definition of “person.” more are to come. political subdivision, association, Product liability: The legislation Derrick Easley, BIPEC President/CEO educational entity, for-profit or non-profit provides protections to anyone that designs, states, “It is good public policy to give our entity, religious organization, or charitable manufactures, labels, sells, distributes, or courts clear direction and to distinguish organization. donates personal protective equipment in valid claims from meritless lawsuits in this response to COVID-19. Clients with special accounting software needs? We can help.

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Mississippi Society of Certified Public Accountants July 2020 9 MSCPA Advocacy Efforts Bring Results During the Pandemic MSCPA continually works to protect coincides with the federal extension. legislative action due to changes on the the profession by advocating for favorable The MSCPA Taxation Committee met Federal level in the CARES Act which legislation and against bills and actions that with MDOR representatives multiple could delay tax preparation next year if the are detrimental. The pandemic sent our times before and after the initial May issues of taxability of PPP loan forgiveness efforts into overdrive as we fought on both 15 deadline was announced, while our and deductibility were not addressed now. the State and Federal levels to protect and Legislation Committee and other members We were successful in drafting proposed ease the burdens on our members and their continued to reach out to State leadership amendments to HB1748 to fix the gross clients. and Legislators. Fiscal year end, budget income/deduction issues created in SB2772 Essential Services restraints, declining tax revenue, along which established the small business grant In the very early stages of COVID-19, with State disasters and COVID-19 program and improperly addressed these MSCPA pushed for recognition of the issues, presented obstacles for us and the points to get them in line with Federal. accounting profession as an essential service new Administration. However, on May The Governor signed the bill on June 30. in anticipation of a shelter-in-place order by 6, MDOR revised the filing deadline to Changes to the NOL carryback rules in the sending the request to Governor Reeves on July 15. The Taxation Committee also CARES Act could not be addressed at this March 21. His subsequent Executive Order holds an annual liaison meeting with time. Mississippi has not followed Federal 1463 signed on March 24, stated “Essential the Department. MSCPA members are law with regards to the carryback. Business or Operations means professional encouraged to submit topics and problems Federal services including accounting services.” for consideration. The liaison group MSCPA worked with the AICPA discusses, reviews and suggests possible and the American Society of Association MDOR solutions to these problems. MSCPA sent a letter to the Mississippi Executives (ASAE) on relief and Department of Revenue (MDOR) in MS CARES Act Legislation clarification requests to the Secretary of the mid-March requesting an extension The Taxation Committee continued to Treasury and our Congressional delegation of time to file income tax returns that be proactive with the need for Mississippi throughout the COVID crisis. Special thanks are extended to fellow CPA and MSCPA member, Congressman Steven Palazzo, who reached out to lend assistance. The CPA Society of Executives Association (CPA/SEA) is comprised of the executive directors/chief executive officers of each Contribute to the PAC state society throughout the United States The MSCPA Political Action Committee (PAC) is people working and its territories. Karen Moody reports together to improve our profession. Members support gives us the ability to that the organization has meet virtually each week since March and continues better achieve our annual legislative agenda. to work together to address issues with The MSCPA PAC is a non-partisan committee comprised of CPAs who Federal legislation, as well as, to address uphold the political voice of the CPA profession. By combining financial the difficulties and challenges that the resources, the PAC is able to leverage its impact for positive results. The pandemic has caused for each state society. MSCPA PAC pools members’ contributions and contributes funds to Advocacy Team friendly state legislators and candidates who support CPA and business Special thanks to our committees and interests and encourages and supports our own CPAs as political candidates. other members who came together during The MSCPA’s Legislation Committee closely monitors legislation and the last several months to work diligently to state agency proposals to determine their impact upon the profession. face COVID-19 issues and offer solutions Members can contribute to the PAC when paying annual dues, or and assistance that benefited all. The members can contribute anytime by visiting www.ms-cpa.org/advocacy. Taxation Committee was on the forefront Contributions or gifts to the MSCPA are not deductible as charitable and worked proactively with the Legislation contributions for federal income tax purposes. Dues payments are deductible by Committee and President/CEO Karen members as an ordinary and necessary business expense. However, MSCPA has Moody. Our lobbyist, Stephen Clay of the determined that 5% of your dues are attributable to lobbying activities and are Clay Firm, was instrumental in making contacts, keeping us informed, and pushing non-deductible. our legislation through.

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Mississippi Society of Certified Public Accountants July 2020 11 Governor Reeves Announces Department of Revenue Appointment Governor Tate Reeves Ethics Commission as Assistant by Medicare, Medicaid, and the Mississippi announced Chris Graham as his Director and Counsel from 2007 State Tax Commission. appointment for Commissioner to 2009 and 2012 to 2017. Graham’s appointment comes after Herb of the Mississippi Department Graham also has 17 years Frierson’s resignation on June 30. Frierson of Revenue (DOR). Chris has of extensive experience as an served four years as revenue commissioner a proven history of fighting for attorney, handling a range of and retired after a 42-year career in state our state and handling complex issues from investigations, to government. administrative and accounting preparation of administrative “He was a pretty good coach, a great battles—having served in offices decisions, to training for public legislator, excellent Commissioner, and an from the Mississippi Legislative Graham servants, and more. He began even better friend,” Reeves said Wednesday Budget Office and Mississippi his legal career in 2001 to 2002 on Twitter. “Enjoy your well-deserved Ethics Commission to 17 years of legal as an Associate Attorney at Wise Carter downtime, Herb!” experience as an attorney. Child & Caraway, P.A. Advancing quickly, Frierson, of Poplarville, is a former A graduate of the University of he served as Associate/Partner at Ott & member of the Mississippi House of Mississippi with a Bachelor of Accountancy Purdy, P.A./Heilmann Kennedy Graham, Representatives where he served District and Millsaps College with a Master of P.A. from 2002 to 2007. Serving as Partner 106 from 1992 until June of 2016. He Accountancy, as well as a Juris Doctor from at Heilman Law Group, P.A. from 2009 was then appointed by Governor Phil the University of Mississippi, he has an to 2012, Graham acted as lead counsel in Bryant to serve as the Commissioner of the impressive foundation to usher Mississippi multiple complex administrative actions Department of Revenue. into a more prosperous future. challenging audits and recoupment requests “Chris has been a true servant to Mississippi for many years, dedicated to ensuring the stability and growth of our great state. I am honored that he will take on this critical role to support the vitality of state and local government services for the people of Mississippi,” said Governor Tate Reeves. “The success of this Department is crucial to the survival and strength of Mississippi, which has become even more evident during this pandemic as we continue working to protect our people from the harsh burdens. I am confident that Chris will lead this Department in the right direction to weather this storm and all future storms.” “I am humbled to be appointed Commissioner to a department that can make a huge difference in the lives of those who call Mississippi home,” said Commissioner Chris Graham. “I look forward to working with Governor Reeves and the hardworking men and women at the Department to create a brighter future for Mississippi.” Chris Graham has a long history of serving the people of Mississippi, most recently as Senate Budget Officer for the Mississippi Legislative Budget Office (LBO). Before joining LBO, Graham played an integral role on the Mississippi

July 2020 Mississippi Society of Certified Public Accountants 12 Centennial Year in Review Our Centennial year was off to a great start as we celebrated and networked across the state before the pandemic halted our plans and efforts. We are looking forward to continuing our celebration as soon as it is safe!

Day of Service

East Central Chapter Visit Christmas Event

Gulf Coast Chapter Visit

Day of Service Meet the Firms Events

Mississippi Society of Certified Public Accountants July 2020 13

Southeast Chapter Visit

North Central Chapter Visit Christmas Event

Delta Chapter Visit Day of Service Christmas Event

Central Chapter Visit CPA License Presentation Ceremony

July 2020 Mississippi Society of Certified Public Accountants 14

Mississippi Society of Certified Public Accountants July 2020 15

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CONFERENCE TOPICS 3 WAYS TO REGISTER: ONLINE Visit www.ms-cpa.org and log-in with your • GASB Update email & password • Update from the Mississippi Office of the State FAX Complete form and fax to 601-856-8255 Auditor • Subrecipient Monitoring: An In-Depth Look for MAIL Complete the form and mail with payment to: Mississippi MSCPA 306 Southampton Row • Navigating Compliance: From the CARES Act to Ridgeland, MS 39157 the Compliance Supplement See www.ms-cpa.org for complete agenda

July 2020 Mississippi Society of Certified Public Accountants 16

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Mississippi Society of Certified Public Accountants July 2020 17 EXPERIENCE MSCPA BANKING & KNOWLEDGE & FINANCE CONFERENCE Expert Witness Qualified MONDAY AUG. 24, 2020 IN-PERSON AND

FROMLIVESTREAM THE MSCPA TRAINING CENTER IN RIDGELAND Agenda NICK CLARK 8:30am – 10:00am WHO SHOULD ATTEND Certified Appraiser Accounting and Tax Update, Lance Davis, BKD Public practitioners with Auctioneer 10:00am – 10:15am banks & savings institution Morning Break clients, preparers and/or Real Estate Broker auditors of financial 10:15am – 11:45am statements, financial 100s of Auctions, The Heavy Price of the Coronavirus, executives working in both Dudley Carter, Vining Sparks large and small institutions, Estate Sales, Appraisals, and as well as regulators, 11:45am – 12:30pm controllers, and CFOs. Real Estate Auctions Lunch Break LICENSED • BONDED 12:30pm – 2:00pm Asset Liability Management in a Pandemic CREDITS INSURED Environment, JeŽ Fair, American Planning 8 Corporation 100s of References 2:05pm – 2:50pm Regulatory Update, Matt Akins and Sean McNichol, COST • REAL ESTATE AUCTIONS MS Department of Banking & Consumer Finance Residential, Commercial, Industrial, Member: $200 | Non-Member: $275 2:55pm – 3:40pm Farm, Timber Managing Credit Risk in the Current Environment • LIQUIDATION AUCTIONS Jimmy DeVane, First National Bankers Bank REGISTER ONLINE AT Businesses, Restaurants, Inventories, 3:45pm – 4:30pm Vehicles, Equipment Technology Update: Securing Information WWW.MS-CPA.ORG During COVID-19, Ledale Reynolds, • ESTATE SALES The Citizens Bank of Philadelphia Personal & Business • APPRAISALS Don’t miss the opportunity to receive key updates from top regulators, engage in discussions with bank leaders Personal Property, Business Assets, and firm partners and prepare for the year ahead. ATVs, Farm and Construction Equipment, Art, SUVs, Vehicles, Coin Collections, Antiques, RVs, Firearms, Boats, Airplanes, Jewelry, Rugs, Collectibles www.nickclarkauctions.com 601-317-2536

July 2020 Mississippi Society of Certified Public Accountants 18

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THURS DAY CARES Act, Tax Cuts and Jobs Act, and Farm Taxation AUG. 27, Learning Objectives At the end of this session you will be able to: • Recognize key tax planning opportunities embedded in tax reform for agricultural producers and processors 2020 • Describe when an activity rises to the level of a trade or business for the Section 199A Qualified Business Income deduction, Excess Business Loss and business interest expense limitations • Demonstrate common ownership for purposes of aggregation and deemed trade or business status for the QBI deduction LIVESTREAM • Identify costs qualifying for debt forgiveness under the Paycheck Protection Program FROM THE MSCPA TRAINING CENTER • Recognize opportunities for Net Operating Loss and Excess Business Loss IN RIDGELAND changes in the CARES Act • Identify other opportunities to enhance taxpayer cash flow due to 2020 COVID-19 developments Course Highlights: ABOUT THIS • An in-depth discussion of the deduction for qualified business income under Section 199A, and how producers might restructure for additional advantages CONFERENCE • Revisit examples of gross receipts limitations and application to related parties This year’s Ag Conference give tax for purposes of determining exemption from complex accounting methods and limitations professionals a forum to discuss tax reform • Application of bonus depreciation in applying Sec. 754 elections in partnerships and economic recovery issues affecting their • Understand how FSA planning affects the entity selection process agriculture and farm activates clients. We • Hear about tax reform provisions that remain unknown and that will require will focus on the Coronavirus Aid, Relief and guidance from the IRS Economic Security (CARES) Act, and their • Review of the Paycheck Protection Program loan origination, spending and effects on taxation for agricultural producers forgiveness for the self-employed farmer and farmer with payroll and processors. Keynote: Paul Neiffer Paul Neiffer, a tax principal with Clifton Larson Allen in Washington State, is an Agribusiness and business advisor specializing in income taxation and accounting services related to farmers and processors. Paul obtained his CPA certificate in 1984. He is a member and past-chair of the Farm Financial Standards REGISTER ONLINE AT Council and authors a monthly column for Top Producer magazine called “The Farm CPA”. Paul has WWW.MS-CPA.ORG written articles for the Farm Journal Media companies and maintains a blog on www.agweb.com called the “The FarmCPA”. This blog is also accessible at www. Neiffer farmcpatoday.com. Paul has presented numerous talks on various tax and accounting subjects including many related to farm taxation and management. Paul was instrumental in the Congressional discussions that resulted in the “grain glitch fix” in early 2018, after the enactment of the Tax Cuts and Jobs Act. Paul is the chair of the AICPA Ag Conference committee.

July 2020 Mississippi Society of Certified Public Accountants 20 UPCOMING CPE

NON CPE RECOM’D BEGIN DAY NEW COURSE TITLE CITY LOCATION LIVESTREAM AICPA MEM MEM HRS CATEGORY

Aug 4 T Reviewing Pass-Through Tax Returns: What Are Your Missing? Ridgeland MSCPA Center 280 350 8 Tax Aug 5 W S Corporations: Key Issues, Compliance, and Tax Strategies Ridgeland MSCPA Center 280 350 8 Tax Aug 6 Th Employer’s Handbook: Legal, Tax, and Health Care Issues Ridgeland MSCPA Center 280 350 8 Gen/5 Tax/3 Aug 7 F Surgent’s Comprehensive Guide to Tax Depreciation, Expensing, Ridgeland MSCPA Center 280 350 8 Tax Aug 10 M Securing a Comfortable Retirement in the Age of Spending Ridgeland MSCPA Center 280 350 8 Tax Aug 11 T Reviewing Individual Tax Returns: What Are You Missing? Ridgeland MSCPA Center 160 200 4 Tax Aug 11 T CARES Act and Its Implications Ridgeland MSCPA Center 160 200 4 Tax Aug 13 Th The Quest for Buried Treasures Ridgeland MSCPA Center 160 200 4 A&A Aug 13 Th Ethics, Rules, and Regulations Ridgeland MSCPA Center 160 200 4 Ethics Aug 14 F Governmental Accounting and Auditing Conference Ridgeland MSCPA Center 175 275 8 A&A/YB Aug 17 M Governmental Accounting and Auditing Update Ridgeland MSCPA Center 30 280 350 8 A&A Aug 18 T Best Practices for Payroll Taxes and 1099 Issues Ridgeland MSCPA Center 30 280 350 8 Tax Aug 19 W The Top Five Issues in Dealing with LLCs and Partnerships Ridgeland MSCPA Center 160 200 4 Tax Aug 19 W Maximizing Your Social Security Benefits Ridgeland MSCPA Center 160 200 4 Tax Aug 20 Th New Auditing Deficiencies in Peer Reviews: Focus on Engagement Quality Ridgeland MSCPA Center 160 200 4 A&A Aug 20 Th Financial Statement Disclosures: A Guide for Small- and Medium-Size Ridgeland MSCPA Center 160 200 4 A&A Aug 21 F Current Developments and Best Practices for Today’s CFOs and Cont Ridgeland MSCPA Center 280 350 8 A&A Aug 24 M Banking and Finance Conference Ridgeland MSCPA Center 200 275 8 Gen Aug 25 T FASB Update for Small- and Medium-Sized Businesses: A Practical Ridgeland MSCPA Center 280 350 8 A&A Aug 26 W The Year’s Best Income Tax, Estate Tax, and Financial-Planning Ideas Ridgeland MSCPA Center 280 350 8 Tax Aug 27 Th Agriculture and Farm Activities Conference Ridgeland MSCPA Center 215 215 8 Gen Aug 28 F Business Law Essentials for Practitioners and Controllers Ridgeland MSCPA Center 280 350 8 Gen Sep 22 T Risk, Cost, and Cash Management for Controllers Ridgeland MSCPA Center 160 200 4 Gen Sep 22 T The Changing Role of the Controller Ridgeland MSCPA Center 160 200 4 Gen Sep 23 W Lean Accounting and Management: Saving Money Ridgeland MSCPA Center 160 200 4 A&A Sep 23 W Change the Way You Work: Success as a Virtual CFO Ridgeland MSCPA Center 160 200 4 Gen Sep 24 Th Health Care Services Conference Ridgeland MSCPA Center 215 215 8 Gen Sep 28 M Audits of 401(k) Plans Ridgeland MSCPA Center 30 280 350 8 A&A Sep 29 T Fraud Update: Detecting and Preventing the Top Ten Fraud Schemes Ridgeland MSCPA Center 30 280 350 8 A&A Sep 30 W Annual Update and Practice Issues for Preparation, Compilation, and Ridgeland MSCPA Center 30 280 350 8 A&A Oct 22 Th Industry Conference Ridgeland MSCPA Center 180 255 8 Gen Oct 26 M S Corporations: Key Issues, Compliance, and Tax Strategies Ridgeland MSCPA Center 30 280 350 8 Tax Oct 27-28 T/W 1040 Tax Return Workshop Ridgeland MSCPA Center 60 395 545 16 Tax Oct 29 Th Not-for-Profit Conference Ridgeland MSCPA Center 125 125 8 Gen Oct 30 F Accounting Education Conference Ridgeland MSCPA Center 100 100 8 Gen Nov 11 W AICPA’s Annual Federal Tax Update Tupelo BancorpSouth Conf. 30 280 350 8 Tax Nov 11 W New Auditing Deficiencies in Peer Reviews: Focus on Engagement Quality Tupelo BancorpSouth Conf. 160 200 4 A&A Nov 11 W Financial Statement Disclosures: A Guide for Small/ Med Businesses Tupelo BancorpSouth Conf. 160 200 4 A&A Nov 12 Th The Year’s Best Income Tax, Estate Tax, and Financial-Planning Tupelo BancorpSouth Conf. 280 350 8 Tax Nov 12 Th Current Developments and Best Practices for CFOs & Controllers Tupelo BancorpSouth Conf. 280 350 8 A&A Nov 16 M AICPA’s Federal Tax Update Hattiesburg Trent Lott Center 30 280 350 8 Tax Nov 16 M Business Law Essentials for Practitioners and Controllers Hattiesburg Trent Lott Center 280 350 8 Gen Nov 17 T Governmental Accounting and Auditing Update Hattiesburg Trent Lott Center 30 280 350 8 A&A/YB Nov 17 T The Year’s Best Income Tax, Estate Tax, and Financial-Planning Hattiesburg Trent Lott Center 280 350 8 Tax Nov 19 Th Business Valuation and Litigation Services Conference Ridgeland MSCPA Center 185 260 8 Gen Nov 20 F Getting Ready for Busy Season: Key Changes Every Tax Practitioner Oxford Oxford Conf. 160 200 4 Tax Nov 20 F Surgent’s Essential Depreciation and Expensing Update Oxford Oxford Conf. 160 200 4 Tax Dec 2-3 W/Th Mississippi Tax Institute Ridgeland MSCPA Center 200 200 12 Tax Dec 10 Th The Quest for Buried Treasures Biloxi Golden Nugget 160 200 4 A&A Dec 10 Th Ethics, Rules, and Regulations Biloxi Golden Nugget 160 200 4 Ethics Dec 10 Th AICPA’s Federal Tax Update Biloxi Golden Nugget 30 280 350 8 Tax Dec 11 F S Corporations: Key Issues, Compliance, and Tax Strategies Biloxi Golden Nugget 30 280 350 8 Tax Dec 11 F Advanced Controller and CFO Skills Biloxi Golden Nugget 30 280 350 8 A&A Dec 16 W AICPA’s Federal Tax Update Ridgeland MSCPA Center 30 280 350 8 Tax

Mississippi Society of Certified Public Accountants July 2020

14 21 Annual Health Care Services Conference Helping you THURSDAY SEPT. 24, 2020 build a more LIVESTREAM from the MSCPA Training Center in Ridgeland secure

This event is designed to meet the specific interests of CPAs future and financial professionals who provide services to hospitals, physician practices, and long-term care facilities. CREDITS: 8 We invest COST: $215 our own Register online at www.ms-cpa.org money CONFERENCE TOPICS alongside • HFMA National Update • Mississippi Hospital yours, • COVID-19 Hot Topics Association Update • Medicaid Update • Health Care Fraud so we are • Mississippi Telehealth invested in your SPONSORED BY success.

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July 2020 Mississippi Society of Certified Public Accountants 22

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Mississippi Society of Certified Public Accountants July 2020 23

Mississippi Society of Certified Public Accountants Phone: 601-856-4244 306 Southampton Row Fax: 601-856-8255 Ridgeland, MS 39157 Toll Free (inside Mississippi): 1-800-772-1099 www.ms-cpa.org Email: [email protected] — 2020-2021 DUES NOTICE — MSCPA MEMBERSHIP YEAR JULY 1, 2020 THROUGH JUNE 30, 2021

To Pay Online Go to https://www.ms-cpa.org/membership/pay-dues. To Pay by Check Mail your dues notice and check made payable to: Mississippi Society of CPAs, 306 Southampton Row, Ridgeland, MS 39157. To Pay by Fax Send a completed dues notice with credit card ANNUAL DUES information to MSCPA at 601-856-8255. Annual dues billed is based on your prior year member level. If your member Firm Admins level has changed, please contact Stephanie Edwards, MSCPA Director of Firm admins can print or pay firm employees dues. Finance, at 601-856-4244 to make an online payment. Otherwise, make Contact Jennie Truhett, [email protected], to be changes below. added as a firm admin. MEMBER LEVEL DESCRIPTION DUES BILLED A CPA earning any fee from public practice in Mississippi and holding Certified 3 Years or More $200 original CPA certificate 3 years or more.

A CPA earning any fee from public practice in Mississippi and holding Certified Less than 3 Years $155 original CPA certificate less than 3 years.

Any CPA employed in Mississippi who is not engaged in any public Not in Public Practice $160 practice. Non-Resident Non-resident CPA who resides and works outside of Mississippi. $110 Associate Non-CPA or inactive CPA who is not employed full-time. $105 Retired CPA earning no fee and has reached full retirement age. $50 MSCPA member for 40+ consecutive years who has reached full Life Member $0 retirement age and is retired, earning no fee, and has notified the MSCPA.

Contributions or gifts to the MSCPA are not deductible as charitable contributions for federal income tax purposes. Dues payments are deductible by members as an ordinary and necessary business expense. However, MSCPA has determined that 5% of your dues are attributable to lobbying activities and are non-deductible. PAC CONTRIBUTION PAID YOUR CONTRIBUTION n $25 n $50 n $75 n $100 n O T H E R $ ______IMPORTANT NOTICE ABOUT THE VOLUNTARY PAC CONTRIBUTION: The MSCPA's Political Action Committee is a separate division of the Mississippi Society of Certified Public Accountants with its own Board of Directors. The PAC receives contributions from MSCPA members to be used to support candidates who favor a positive business climate in the State. Contributions are voluntary and PAC membership is not a requirement of membership in the MSCPA. EDUCATION FOUNDATION CONTRIBUTION YOUR CONTRIBUTION n $25 n $50 n $75 n $100 n O T H E R $ ______

PAYMENT DUES PAID n CHECK n CREDIT CARD ( ) MC ( ) VISA ( ) Discover ( ) AMEX

BILLING ADDRESS SUB TOTAL

CITY ______S T A T E ______Z I P ______LATE FEE (If paid after Oct. 1) $25 Please indicate: ( ) Personal Card ( ) Firm/Company Card I authorize the MSCPA to charge $ ______to the credit card below: Month Year CCID Number* TOTAL PAYMENT IMPORTANT: Members will be terminated for Expiration Date PRINT CARDHOLDER'S NAME CARDHOLDER'S SIGNATURE non-payment of dues if dues payments are not received by December 31, 2020.

July 2020 Mississippi Society of Certified Public Accountants Presorted Standard U.S. Postage PAID Jackson, MS Mississippi Society of Permit No. 134 Certified Public Accountants and its Education Foundation 306 Southampton Row Ridgeland, MS 39157

CLASSIFIEDS

IS IT TIME TO SELL? Place your practice PRACTICES FOR SALE: That is why we offer a personalized approach in trusted hands. A • Jackson, MS area CPA grossing $400K * to selling and we respect your need for successful accounting Sold * confidentiality during the process. We work practice may sell easily, • Northern Birmingham tax and accounting hard to bring you the win-win deal you are but can that buyer be practice grossing $950K * Available * looking for! With over 23 years combined trusted with your legacy? • North Alabama accounting and tax practice experience, our brokers know your market. If you are considering retirement or selling for grossing $660K * Available * PRACTICES FOR SALE: another reason, allow us to explore options with • Northeast TN / North of Knoxville CPA • NEW: MS Gulf Coast – Gross $450k you. Contact Charles Lindsay, CPA at clindsay@ grossing $315K *Available* • NEW: Knoxville, TN – Gross $610k mclcpa.net or 601.898.8875. For more info on any of these listings or to sell • NEW: Knoxville, TN – Gross $550k u u u your practice, contact Lori Newcomer, CPA • Chattanooga, TN Area CPA – Gross $635k YOUR PRACTICE WANTED: Thinking about and Tim Price, CPA at (888) 553-1040 or • SE Nashville Suburb – Gross $336k – SOLD selling your practice? Accounting Practice Sales [email protected], or visit www.APS.net. • Wilson County, TN CPA Firm – Gross delivers results, bringing u u u $305k – SOLD you the best price, optimal • NE MS Tax/Bookkeeping – Gross $850k – SELLING YOUR ACCOUNTING FIRM IS terms, and a buyer who SOLD COMPLEX. Accounting represents an ideal fit for Biz Brokers can make it Contact Kathy Brents, CPA CBI today for a free your clientele. Contact us simple. We understand no-obligation consultation, 501-514-4928 or today for a confidential discussion. every practice is different. visit our website, www.AccountingBizBrokers. com.