THIS ISSUE Chris Jenkins, CAE, CISSP David R

163056 Rev1.indd 1 1 Rev1.indd Rev1.indd 163056 163056 7/10/20 1:00 PM PM 1:00 1:00 7/10/20 7/10/20

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CPA REPORT CPA Second Quarter 2020 Quarter Second REPORT CPA

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163056 Rev1.indd 2 7/10/20 1:00 PM CONTENTS Volume 50, Second Quarter 2020 FEATURES South Carolina Association of CPAs 1300 12th Street, Suite D | Cayce, SC 29033 P (888) 557-4814 F (803) 791-4196 www.scacpa.org

OFFICERS Zoe Davis, CPA, CFE, Chair Ken Newhouse, CPA, CITP, CGMA, USTCP, Chair Elect Lesley Kelly, CPA, Treasurer Dr. Clarence Coleman, CPA, CGMA, MBA, Immediate Past Chair 10 14 BOARD OF DIRECTORS Timothy L. Baker, CPA, DBA, CITP, CMA Harris J. Darver, CPA Graham A. Gage, CPA Tyler Gibbons, CPA, CFE Michelle S. Gneisig, CPA, CGMA Leslie Johnson-Quick, CPA David Knoble, CPA, MAC, CGMA Brad Ledford, CPA, CMA, CGMA Uvette Pope-Rogers, CPA, CGMA James B. Reese, CPA, CITP, CISA Valerie E. Rumbough, CPA, CFP 17 22 10 Virtual Spring Splash Testimonials CHIEF EXECUTIVE OFFICER Chris Jenkins, CAE, CISSP 14 How I Work From Home

MANAGING EDITOR 17 How CPAs Can Land on the Right Side Up Gregory Hardy 22 Thank You South Carolina CPA-PAC Donors CONTRIBUTING WRITERS Zoe Davis, CPA, CFE Chris Hervochon, CPA, CVA Steven K. Howell, CPA, MBA IN THIS ISSUE Chris Jenkins, CAE, CISSP David R. Peters, CPA, CFP, CLU, CPCU 9 Advocacy Update; Group Insurance Trust for SCACPA Members 18 Being Useful and Easy to Find: Inbound Marketing for Firms GRAPHIC DESIGN Elissa Macarin Jeff Jenkins 20 Get Your Firm on the Cloud to Track New Opportunities 24 CPA-PAC Donations List EDITORIAL TASK FORCE Varada Ogale, CPA (Chair) 25 Thank You Educational Fund Donors Timothy L. Baker, CPA, DBA, CITP, CMA Shannon Fortenberry, CPA, CGMA 26 SCACPA Connect; SCDOR Update Steven K. Howell, CPA, MBA David R. Peters, CPA, CFP, CLU, CPCU 37 Condolences Robert C. Charles, CPA, MBA, JD

IN EVERY ISSUE Statements of fact and opinion are made by the authors alone and do not imply an opinion on 4 From the Chair 34 Welcome New Members the part of the officers or members of SCACPA. 6 From the CEO 36 Member News Advertising rates will be furnished on request to SCACPA, Brookland Place, 1300 12th Street, Suite 8 Association News 38 Classifieds D, Cayce, SC 29033 or (803) 791-4181. Publication 28 Upcoming CPE 38 Advertisers Index of an advertisement in the CPA Report does not constitute an endorsement of the product or service by the CPA Report or SCACPA.

www.scacpa.org South Carolina CPA Report | Second Quarter 2020

163056 Rev1.indd 3 7/10/20 1:00 PM FROM THE CHAIR

If You’re Not Adjusting to Change, What are You Waiting For?

A message from Zoe Davis, CPA, CFE, SCACPA Board Chair | Member since 1997

s my yearlong service as the Chair of your SCACPA I’m sorry you’re at the forefront of this disruption, but you Board comes to an end, here is my final “From the are not going through it alone. Chair” column for you. A Most importantly, I would like to focus on gratitude. I knew from the beginning that this role would be a I am grateful to our volunteers and our Board of Directors pleasure and a duty and would be over far too quickly. But for the time, efforts and skills they offered during these who could have had any idea that we would close this time times. together by logging so many hours on Zoom? I also do not want to forget our awesome SCACPA staff. So much has happened since we first had to start asking Even before adapting to a remote working environment, “What’s happening?” in March. these valued collaborators always do amazing work behind I have heard your stories. You’ve the scenes month after month, year been sorting through endless after year to make things happen amounts of phone calls, texts and There’s only one answer that make a difference in the life of emails, especially if you are jug- to the question, our Association every day – plan- gling small business clients trying to “What do we do?” ning, organizing and having a hand learn the PPP rules before you could in the important issues ranging from decipher the requirements from the And that answer is advocacy to education and much banks. You’re wondering how you’ll “We adjust.” more. Since March, they were then be compensated fairly for your exper- able to make timely changes to our tise and diligence. CPE schedules by moving our learning events online and their availability in addressing the But there’s only one answer to the question, “What do we issues of our members. Thank you for all your hard work! do?” And that answer is “We adjust.” Gratitude is also extended to our families, co-workers We learned that your community needs you. Professionals and clients. Because even with our environment in a like you can showcase the value CPAs bring when the never before known crisis, life’s small panics could still state’s dynamic business landscape is faced with strife. It continue as usual. One small example for me was when I is vital that we share our experiences and expertise with found myself running my crazy Ragdoll cat Cooper to the others. emergency vet on a Thursday afternoon and then picking You have SCACPA’s utmost commitment that we’re work- him up on Friday. Working together, we were mindful and ing on your behalf. Even when upended by breathtaking sensitive to the importance of not only physical health but change, SCACPA builds and maintains a community of mental health. relief and encouragement for you and your peers, clients One aspect of this period of time that will always stand and families.

4 South Carolina CPA Report | Second Quarter 2020 www.scacpa.org

163056 Rev1.indd 4 7/10/20 1:00 PM out for me is how we had to convert our Annual Member to Ken Newhouse, CPA, as your Board Chair for 2020-21. Meeting from its intended place during the Spring Splash I’m disappointed that we didn’t get a Spring Splash accounting conference in Spartanburg into a Virtual Entertainment night this May, but I think what we did Annual Member Meeting, held via livestream on Monday, proves the determination, resiliency and pride that May 18 during lunchtime. SCACPA members show in their This is one more adjustment all Association. of us must make in our period Use your membership to lever- of social distancing. Ordinarily, age relevant CPE for the infor- the Annual Member Meeting is mation you need to best serve conducted during the luncheon your clients. This year’s October of Day One at Spring Splash. Month of Service will require For logistical reasons, it wasn’t more creativity than ever to plausible to conduct this during create ways to show CPAs give the lunch break of Virtual Spring back to their communities, and Splash on the Thursday and we’d love to start hearing your Friday of the week prior. ideas this summer of what that Attendees voted on the new slate of board members and can look like. officers, reviewed the Association’s annual budget and As your departing Chair, I find this final report to our mem- heard reports on SCACPA’s activities – without the banquet bers bittersweet. Although I will no longer be your Board lunch and camaraderie of your colleagues and peers gath- Chair after July 1, I will continue to be with you. ered around lots of group tables. Those who tuned in saw how we visually conveyed the “passing of the gavel” Here we go!

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www.scacpa.org South Carolina CPA Report | Second Quarter 2020 5

163056 Rev1.indd 5 7/10/20 1:00 PM FROM THE CEO

Let’s Talk About the Flexible Direction of Your Association A message from Chris Jenkins, CAE, CISSP, CEO

hange is a part of the CPA Profession. We’ve known conference, we brought Virtual Spring Splash to you. that for a long time. The way it traditionally goes is We regrouped with our speakers and methodically pre- Cthat the bigger the change, the more time we have recorded all 20 sessions of Tax and A&A we intended to to prepare for it to happen. give you in person. This required the construction and testing for broadcasting of two simultaneous livestream It’s obvious that’s not at all what happened to all of us classrooms for the first time in our history, with a chat starting in March. room capacity to answer your questions in real time. In the blink of an eye, we were working remotely and When technical issues arose, we found the solution. And wondering how long this would last. But it was not a our attendees received the education they needed that time for us to relax or retreat. Your clients relied on reflected up-to-the minute updates on COVID-related you to sort out the waiting game of deadline extension developments. announcements and then to navigate the CARES Act and As we enter our recovery from this disruption, we all want Paycheck Protection Program loans. to know – what’s next? We hope you took advantage that SCACPA was with you That’s still to be seen, but I promise you that SCACPA is every step of the way. here to help you get to tomorrow. At the outset, our communications and social media Out of necessity, almost everything around us about how channels kept you informed of breaking tax legislation we conduct business and interact with each other is being news. We stepped up our intended rollout of our SCACPA re-examined. Connect online forum from summer to the beginning of April, and you were able to relate with your peers for We’re contemplating the potential changes ourselves, your specific questions. After we heard your unanswered starting with what the nature of in-person CPE will look questions from your phone calls, emails and online like. Especially as we enter the season of 2020-21 dues discussions, we used our direct lines of communications renewal, some of you might be wondering if this requires with regulators and got results. As an example, the video rethinking what SCACPA membership looks like. Q&A that we posted in conjunction with SCDEW Chief SCACPA is well-positioned to answer these questions, Administrative Officer Jamie Suber has more than 2,600 precisely because we’ve studied our membership model so views on YouTube as I write this. intensely over the past few years as the Association adapted What I’m most proud of is how quickly and thoroughly to what All-Inclusive Membership has looked like since we pivoted our CPE offerings for May and June into a full 2018. Our assessment for All-Inclusive Membership was calendar of livestream presentation. When you couldn’t that it was the smart way to deliver maximum value for the come to us in Spartanburg for our annual Spring Splash minimum price. These past few months proved that the

6 South Carolina CPA Report | Second Quarter 2020 www.scacpa.org

163056 Rev1.indd 6 7/10/20 1:00 PM model offered the most leeway in giving us strength and Our model enables us to advocate more freely for changes flexibility. These certainly aren’t the circumstances where we in CPE as well, and that’s going to be more important than wanted that to happen, but we know the adjustments we ever as we re-approach in-person education. We are in an made – and will continue to make – show this allows us an excellent position to advocate for changes in CPE. When exceptional way to serve you. organizations depend on something as a primary revenue stream, they’re more likely to protect it from change. Now I want every member to find benefits in their membership that CPE is one of many benefits of membership and investment. The goal of the Board is to deliver the best not 60% of SCACPA’s revenue, our hope is to introduce overall benefits for the majority of members. It can be paths for change in the upcoming legislative season once difficult to find the single solution that fulfills 100% of January arrives for anything our analysis of this period each member’s needs. And no single organization will ever we’re now in tells us. be able to meet the diverse educational needs of our entire membership. If you would like to propose new solutions to meet your specific needs, I’m open to the conversation. But adjusting to change is an area where SCACPA is incredibly strong. I also hope you participated in our online membership survey that we emailed you in May. We’ve been reviewing Our membership model is designed to balance our the results, and I can’t wait to share with you both our resources among all our core benefits. findings and what we’ll commit ourselves to doing better While some members feel advocacy or communications for you in the future. should be at the top of the list, not to mention the student I’ve been astonished with how our members rose to the pipeline and networking opportunities, others feel CPE to occasion to serve their clients and the public in a time of be the highest priority benefit. By combining benefits in immense crisis. SCACPA continues to stand by you and a single core membership, each member chooses how to support you now and through everything that comes next. allocate their commitments.

Why do you need a CPA? #WhyCPA has the answers Visit www.scacpa.org/whycpa, where our ongoing public awareness campaign tells the story of how CPAs are no longer ‘just’ tax preparers and auditors but trusted advisors.

www.scacpa.org South Carolina CPA Report | Second Quarter 2020 7

163056 Rev1.indd 7 7/10/20 1:00 PM ASSOCIATION NEWS HAVE YOU RENEWED YOUR 2020-21 ALL-INCLUSIVE MEMBERSHIP DUES?

CACPA’s 2020-21 membership year CPE options spanning all areas of focus. begins July 1. We’re glad you know Look to SCACPA to keep you on top of that All-Inclusive Membership S shifts in the profession and the business empowers you to advocate, grow, com- landscape that are arising from these municate, educate and build connections extraordinary circumstances. within the profession. Our Board and staff are happy to continue to give you access SCACPA connects you with peers, keeps to the tools you need to thrive. you current on professional news, and supports important advocacy efforts. Your impact and influence keep the Never has it been more important for Association strong so that we can con- you to be in-the-know on legislation that tinue to deliver the best products and ser- directly affects you and how you do busi- vices to augment your success. SCACPA ness in South Carolina. Look to SCACPA is only as strong as its members, and we for the assurances that you are getting the need you and your peers to help protect information you need when you need it. and promote the accounting profession in South Carolina. Plus, when you renew, you refresh your 40-hour CPE bank. This enables you to take advantage of the Your annual dues include everything SCACPA offers – relevant and valuable CPE we produce, which has never been no additional registration fees or chapter dues. All-Inclusive more important than now as you guide your clients. Membership equips you with the keys to success, including a network of like-minded professionals and relevant Here’s to building another dynamic year together. Membership Categories CPAs who work or live in South Fellow: Carolina

CPA working and living outside of Non-resident: South Carolina You can pay online at www.scacpa.org/dues or contact our office at803.791.4181 if you have questions or for CPA who is 62 years of age or older faster service. Be sure to renew before Aug. 1 so you Retired: and averaging less than 20 hour a week can avoid a late fee, so don’t wait. Need a boost? We’re here to help. Ask about SCACPA’s flexible option of a 68 years of age or older and 30 years Lifetime: monthly payment plan. of consecutive SCACPA Membership SCACPA HAS OPPORTUNITIES Enrolled at a college or university in Student: IF YOU ARE READY TO VOLUNTEER an accounting program Non-CPA employee working in an SCACPA is seeking individuals to serve or assist on our Affiliate: GAP (Growing the Accounting Profession) Committee accounting capacity and our Membership Engagement Committee. These Approved applicant for the Uniform are chances to grow personally and professionally while CPA Examination actively pursuing helping your peers do the same. CPA Candidate: their certificate and licensure. Visit www.scacpa.org/volunteer to register your infor- This membership category is limited mation and tell us about your areas of interest. to five years.

8 South Carolina CPA Report | Second Quarter 2020 www.scacpa.org

163056 Rev1.indd 8 7/10/20 1:00 PM SCACPA ADVOCACY TEAM SNAPSHOT With our well-established connections, we went to work for you right away in March

• We funneled your first-hand accounts of complications you’ve encountered to the SC Department of Employment and Workforce. We understood the need for fast answers as they struggled with capacity to their system on a scale they were not designed for, and we told you about the workarounds as they were relayed to us.

• We understood the need for additional filing and payment relief and worked at both the federal and state level to encourage action on additional extensions. We continued to work diligently on federal tax Conformity and understood the need for quick action to account for the relief bills.

• We communicated with federal legislators’ multiple times a day regarding PPP and the roadblocks we saw. It’s no secret that the intent of the program and its execution are very far apart. If you feel anyone was acting in ways that were self-serving or predatory, please communicate Sen. Ronnie Cromer, Chairman of the Banking and that with us so we can share specifics with legislators. Insurance Committee, meets with SCACPA Chair-Elect Ken Newhouse, CPA, who was set to testify about Conformity • We knew that despite the tax deadline extensions that at a Senate Finance Subcommittee meeting in early March. went into place that adding PPP guidance to your tax workload would create crushing burdens for you over the • SCACPA Connect, our online community forum, became coming months. That’s why SCACPA created CPE to guide the go-to forum where we collaborated on questions and you through the stimulus bills and by building as much solutions. Thank you for letting SCACPA be your voice as flexibility into education as possible. we routed questions to regulatory bodies daily.

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www.scacpa.org South Carolina CPA Report | Second Quarter 2020 9

163056 Rev1.indd 9 7/10/20 1:00 PM Virtual Spring Splash Testimonials Thanks to All Our Virtual Spring Splash Attendees for Creating a CPE Success Story! Our Speakers Learned a Lot Along the Way, Too

o matter where you logged in from, thank you to all SCACPA Nmembers and presenters who banded together to turn the May 14-15 Virtual Spring Splash into a CPE success story.

More than 200 of you registered for the full two-day, two tracks of learning experience, and that number goes past 400 when we count how many of you attended individual sessions.

To deliver a side-by-side Tax track and A&A track required us for the first time Melisa Galasso, SCACPA’s advisor and speaker on A&A topics, was the instructor for four in SCACPA history to deliver content on sessions of Virtual Spring Splash. simultaneous classrooms, and – some early hiccups aside – we adjusted on the fly and made the experience work for everyone. SCACPA is dedicated to delivering benefits to you in new ways in our current environment, and for now that means “While I genuinely enjoy and do miss my interaction with pivoting to livestream for the best member experience for Spring Splash participants, I’m proud that our team piv- you. We are trying new things, and there will be bumps in oted quickly to offer you this online event,” SCACPA CEO the road until we get it right. We rely on your feedback so Chris Jenkins said. “Unique times call for creative solu- we know what works best for you, so please drop us a line tions, and our aim was to bring you an exceptional and at [email protected]. problem-free online learning experience.”

FEEDBACK WE HEARD FROM VIRTUAL SPRING SPLASH ATTENDEES:

“I enjoyed the ‘Tax Planning with R&D Credits’ webinar and useful, something at my age and experience level I that I finished. The quality of content and webinar was don’t often find. Please share my gratitude with all the very good, as was the audio and video. Easy to use.” staff and let them know their hard work was worth it and Harvey Heise, CPA, Chief Financial Officer, appreciated.” Buckeye Fire Equipment, Kings Mountain, North Carolina Walda Wildman, CPA, Walda C. Wildman LLC, Columbia

“Chris, I am writing to let you know how much I appreci- “Hey Chris. The webinars I attended Friday were ate the hard work that went into turning Spring Splash EXCELLENT, particularly the partnership one. It was so into virtual CPE for us. It can’t have been quick and easy good and practical. I look forward to more great CPE. to have made all this happen, especially with all the other I also want to tell you how much I appreciate the open disruptions brought to us by COVID. forum chat room. It has been helpful. Thanks again for a “The four sessions I attended were the best SCACPA CPE job well done!” I have ever attended, if not some of the best CPE from any Nancy R. Waring, CPA, source I’ve ever attended. The sessions were informative Waring & Associates, CPAs PA, Florence

10 South Carolina CPA Report | Second Quarter 2020 www.scacpa.org

163056 Rev1.indd 10 7/10/20 1:00 PM A Special Thanks to Our Presenters

To bring you the full livestream Virtual Spring Splash and other courses in May and June, it required that our presenters video record their presentation weeks in advance. The presenters were then available to monitor the chat room discussion of their sessions in the SCACPA Classrooms as they were broadcast. Here are reflections from our presenters about the experience:

Amy Mann, the Director of Creative Services at AffiniPay, presents “Cyber-Liability and the Credit Card Industry,” which was broadcast on June 23.

Bruce Nunnally, CPA to improve. I need to initiate more chat during the pre- Instructor for the A&A sessions, “Financial Statement sentation rather than wait for a question. I’ve done virtual Analysis: Communicating Results” and “Common Deficiencies sessions for the FICPA and for the AICPA, and I’ve almost in EBP Audits and the New EBP Report” never had a question from a participant. Thanks to Virtual Spring Splash, I now have ideas on how to generate more “Thanks for having me as part of Spring Splash. I found interaction in the future.” the process to be very smooth. I was very pleased with SCACPA’s assistance. Alexandria Pierce and Jeff Jenkins Jason Pritchard, CPA, Partner, GreerWalker CPAs and were helpful and organized in getting my two recordings Advisors produced. Instructor for the Tax session, “South Carolina Tax Changes – How Recent Changes Will Impact Your Tax Filings and Your “I understand there were technical challenges on your Business” end at the outset, but that was good in a way, because it sounds like your system was overloaded due to a large “This was the first time I had delivered a pre-recorded participation. As that happened, I noted in the chat rooms CPE/training session using Zoom. Getting to interact with that anytime a participant was having a technical issue, the SCACPA team on things like acoustics and video qual- one of your folks responded very quickly. ity were interesting to see first-hand.

“From my two presentations, I found areas where I need continued on page 12

www.scacpa.org South Carolina CPA Report | Second Quarter 2020 11

163056 Rev1.indd 11 7/10/20 1:00 PM Chip Reaves, the president of Bigger Brains, leads instruction on “Office 365: Five Tools to Impress Your Clients,” which was broadcast June 25.

“In a live session, I normally use questions to create to the virtual world – and I am happy to hear that it was a interactions with the audience. Monitoring the chat room success. I hope it was enriching for all involved, but also a during the playback was also great. It was exciting to see learning experience for how to adapt continuing education over 300 SCACPA members in the chat room. It gave me a programs to best meet the needs of CPAs in our future chance to interact directly with members who had spe- together.” cific questions of interest while not interrupting the video Melisa Galasso, founder and CEO of Galasso Learning discussion for others. Solutions and the Genuine Learning Blog, and SCACPA’s “My topic happened to be on current events in South advisor on A&A topics Carolina, and we saw a handful of legislative and adminis- Instructor for A&A sessions of “Agreed Upon Procedures and trative changes in between the date I recorded the session Engagements,” “Auditing Accounting Estimates,” “Audit and and when the group saw it. The chat function allowed Attestation Standards Update” and “What’s Going On at the me to add updates and share links to the most recent FASB Update” guidance. “Having the opportunity to tape the courses ahead of time “While I miss seeing everyone at SCACPA’s live sessions, I really helped ensure that there were minimal distractions. think this event was well-planned, and I hope the viewers During one taping, my lawn service arrived and I had to got a lot of good information.” pause so that there wouldn’t be mowing sounds in the Jennifer Louis, President, Emergent Solutions Group LLC background. Another time, UPS delivered a package and my dog decided the courier was trying to steal my child and Instructor for the A&A sessions “Best Practices in Presentation barked incessantly. The ability to edit the content and give a and Disclosure for Nonprofits” and “Analytical Procedures: A clean version to attendees was really important to me. Practical Approach.” “I enjoyed the questions in the chat room because it shows “I was happy to work with SCACPA to help put this virtual the engagement of the attendees. While nothing is quite conference together. It took a lot of patience, flexibility and like being in person with attendees, I’m glad SCACPA was coordination on everyone’s part to make the dramatic shift able to provide the much-needed content in real time!”

12 South Carolina CPA Report | Second Quarter 2020 www.scacpa.org

163056 Rev1.indd 12 7/10/20 1:00 PM David R. Peters, CPA, founder and owner of Peters Tax Preparation & Consulting, a financial advisor for Peters Financial LLC in Rock Hill, and SCACPA advisor on Business and Industry topics Instructor for Tax sessions of “Partnership and LLC Income Tax Accounting Issues: Contributions and Distributions of Property, Transfers of Partnership Interests” and “Who Is a Dependent and Why Does It Matter?” Scott Wells of Family Legacy Concepts leads a discussion on “1031 Property Exchanges via Passive “In my typical in-person classes Ownership,” which was broadcast on June 25. where I’m the presenter, I tend to ask lots of questions to the par- Edward Renn, JD ticipants in the room. While recording my Virtual Spring Instructor for the Tax session, “Opportunity Zones: IRC Sec. Splash presentations, I was essentially talking to myself 1400Z Two Years On” and anticipating what CPAs would want to discuss. I was glad to get to the day of the presentation to successfully “Preparing materials is always a learning experience, and interact with attendees in the chat room. It goes to show the new final QOZ regulations are substantial, but the our profession is blessed to have highly knowledgeable recording of my piece went very smoothly and was handled professionals across South Carolina.” professionally. My chat room experience was also positive.

John Hanning, Principal, KBKG, Tax Credits, Incentives & “I would have loved to have spent a couple of days in Cost Recovery Spartanburg, but I hope everyone had a good learning experience while staying safe.” Instructor for Tax session, “Cost Segregation and Bonus Depreciation Update”

“With the CARES Act just released, the timing could not have been more perfect, allowing us to demonstrate our SCACPA is committed to deliv- understanding of the new tax provisions and provide ering livestream CPE to you at thoughtful insight during our session. The virtual event your location for as long as this was undoubtedly worth KBKG’s time and effort, since CPAs are our target market. We had a great experience situation lasts. Thank you for with all who were involved in putting together this modi- joining us, and thank you for all fied convention. It would be a pleasure to participate in you do to serve individuals and any future events with SCACPA.” businesses in South Carolina. Brad Burnett, Tax attorney and instructor Co-instructor with Lynn Nichols, CPA, for the Tax session, “COVID-19 to Cash: Working With Relief Program and Loss Save the date! Rules”

“It was a pleasure working with Lynn Nichols in preparing Fall Fest, Nov. 12-13 the course and team teaching for the first time. Not only Turn to page 28 for does he exude wisdom of the years, he is adventurous and SCACPA’s 2020-21 CPE calendar fun to work with.”

www.scacpa.org South Carolina CPA Report | Second Quarter 2020 13

163056 Rev1.indd 13 7/10/20 1:00 PM PROFILES How I Work From Home Three Bauknight Pietras & Stormer CPAs Share Their Stories

ongtime SCACPA members know that a regular fea- environment over the coming weeks quickly turned out to ture of the Association’s quarterly magazine is “How be … well, you know. I Work.” In every issue of South Carolina CPA Report, L Fortunately, the BPS CPAs we had just been in contact we strive to showcase the different tools of their trade with – Chelsea Wessinger, CPA, Danielle Wilcox, CPA, members are using and how South Carolina CPAs create a and Sean P. Battle, CPA – found some time during their productive and enjoyable work environment. “work from home” environment to give us “compare and At the end of February, SCACPA heard back from a variety of contrast” examples about their new experiences. early career CPAs at Bauknight Pietras & Stormer, and we were SCACPA salutes all our members who adjusted their work looking forward to scheduling their stories into our rotation in situations to serve their firms and clients. Stay safe, and the magazine and on our blog for the coming months. SCACPA hopes all our members are adjusting and creating But once March started, everyone’s “How I Work” the work environment that works best.

Danielle Wilcox, CPA SCACPA member since 2018 Current gig: Senior Associate

Current mobile device: iPhone 7

What is the best advice you’ve ever received? “Always perform and prepare work like it’s going straight to the partner without another person’s review.”

What is your workspace like? [February answer] “Organized.” May update: “Plain! Since COVID-19, my at- home workspace is just a portable fold-up table, nothing exciting.”

What is your favorite to-do list manager? “The old school planner and pen. There’s no better feeling than being able to physically strike off tasks that I’ve completed through- out the day!”

Besides your phone and your computer, what gadget can’t Danielle Wilcox, CPA, Bauknight Pietras & Stormer, Senior Associate, you live without? “FitBit – it’s like the accountability friend with her work-at-home colleague, Bowman you always need to remind you not to be lazy!” May update: “Fun fact: I’ve learned I get more steps and drown out when working at home!” am more active when I work at home versus working in What’s your sleep routine like? “Whatever Bowman (my the office.” dog) allows it to be. Generally, 10 p.m. to 6 a.m. on week- What do you listen to while you work? “Spotify. Mostly days and 11 p.m. to whenever Bowman wakes me up on country, but it depends on what I’m feeling from day- weekends.” May update: “Ever since COVID-19 and work- to-day.” May update: “Surprisingly, ever since I began ing from home began, I’ve found myself in bed by 9:30 and working from home I find I don’t listen to music very often up to begin work around 7:30 every morning. No morning while working. There’s not as much background noise to commute equals more sleep or more time to work!”

14 South Carolina CPA Report | Second Quarter 2020 www.scacpa.org

163056 Rev1.indd 14 7/10/20 1:00 PM Chelsea Wessinger, CPA SCACPA member since 2018

Current gig: Senior Tax Associate

Current mobile device: “An iPhone 8 Plus, but I’m hoping to upgrade soon. I like having the most up-to-date technology.”

What is the best advice you’ve ever received? “Hakuna matata!”

One word that describes how you work [February answer]: “Vertically. I love my stand- up desk! May update: “I am wishing I brought my stand-up desk home with me. At one point, I created a makeshift version out of shipping boxes and put my mouse and keyboard on top.”

What apps/software/tools can’t you live without? “Google Sheets. I love that I can access it from anywhere and share with other people if needed. I use it for things like budgeting, scheduling meals for the week and planning vacations.” May update: “Google Teams and Zoom have both been lifesavers while working Chelsea Wessinger, CPA, Bauknight Pietras & Stormer, Senior Tax Associate, and her from home. Zoom has allowed for virtual meet- work-at-home colleague, Hampton. ings, and Teams has given our staff the opportunity to chat and share screens when needed.” May update: “I still think I make a great cup of coffee, but I What is your workspace like? “It’s clean and organized have come to realize that I’m really good at finding recipes when I get to the office first thing in the morning and and planning meals. Because a lot of restaurants have when I leave for the day, but I can’t say that for the time in been closed, I have been cooking more than usual and between. My desk is normally covered with folders, note- hunting down new recipes to try.” pads and loose pieces of paper during the day.” What’s your sleep routine like? “I’m normally in bed by May update: “Instead of being covered with folders and 9 p.m. and my alarm is set for 5:30 a.m. Sometimes I go paper, my workspace is covered with puppy toys. My boy- to work out and sometimes I hit snooze and sleep in, friend and I decided this would be the perfect time to get a depending on how tired I am.” May update: “There is a lot puppy now that we are both working from home!” more of the snoozing and sleeping in now that my gym is What everyday thing are you better at than anyone else? closed. As much as I miss the gym, I can’t complain about “Making the perfect cup of coffee to start the day.” the extra sleep I’m getting!”

continued on page 16

www.scacpa.org South Carolina CPA Report | Second Quarter 2020 15

163056 Rev1.indd 15 7/10/20 1:00 PM Sean P. Battle, CPA SCACPA member since 2016

Current gig: Audit Supervisor

Current mobile devices: Samsung Galaxy S9+

One word that describes how you work: “Team Player. I come from a background of living in a team environment and understand that the whole has to be more than the sum of its parts. I attempt to fit the role that’s needed given team dynamics, whether this be executer, researcher, leader or happy hour planner.”

What apps/software/tools can’t you live without? [February answer] “Headphones are the easy answer for work. After that, travel apps. I find these make traveling for personal trips and work a much easier experience and limits paper usage.” May update: “Travel Apps are out, Zoom is in.”

What is your workspace like? “Monitors, lots of monitors. When I got a standing desk, I had to go down to three monitors, but I’m looking into a way to get back to four.” May update: “I’ve now got three monitors in my apartment.”

What is your best time-saving trick? “The thing that saves me the most time is meditation, being even more important during busy season.” May update: “Meditation might Sean Battle, CPA, Bauknight Pietras & Stormer, Audit Supervisor, and be the only thing keeping me sane stuck in my apartment.” his work-at-home colleague, Luna. What is your favorite to-do list manager? “Combination of paper and Outlook inbox. I make a priority list by month, podcasts.” May update: “‘The Great British Baking Show.’ I week, and then each day to make sure long-term goals wish I could say my wife forced me, but it’s oddly comfort- and priorities are coming first, with my inbox keeping ing. Finished ‘Principles Life and Work,’ now listening to open to-dos until I complete them.” May update: “My dog ‘Why We Sleep,’ by Matthew Walker, PhD.” scratching at the door every two hours to go outside.” What do you listen to while you work? “Mix of EDM, What everyday thing are you better at than anyone else? House and other types of electronic music. The less words “Learning and adapting on the fly. Being a part of a grow- the better to help me focus on the task at hand.” May ing firm there are many situations that require learning update: “My upstairs neighbor’s washing machine, and my in a short period of time to provide a client with audit or dog whining at other dogs.” consulting services. I enjoy these situations immensely and find them to be the most rewarding.” May update: “Scratching my dog at the same time as typing.” If you or someone you know would What are you currently reading/binge-watching/podcast- like to be featured in an upcoming listening? “Currently re-reading ‘Psycho-Cybernetics’ by installment of “How I Work,” please Maxwell Maltz, MD, FICS, which I highly recommend. contact SCACPA Content Strategist While running and on the way into work I have been Gregory Hardy at [email protected]. using Audible to listen to ‘Principles Life and Work’ by Ray Dalio, and on the way home I listen to some hockey

16 South Carolina CPA Report | Second Quarter 2020 www.scacpa.org

163056 Rev1.indd 16 7/10/20 1:00 PM How Do You Land on the Right Side Up? Here are Ideas for CPAs After you let clients know that you’re still operating, nurture the knowns before venturing into the unkowns

By Steven K. Howell, CPA, MBA | SCACPA Member Since 2018

he economic and social situations brought on by Strip the services that do not fit your strategic arch, and add the coronavirus pandemic will most likely change services that do. The economy will recover, and when clients Tthe way we operate for quite a while into the future. start to re-approach the table, it will go a long way to show that you took time to evolve along with the crisis, rather These changes in our respective marketplaces will go far than just survive in spite of it. In my own practice, I’ve been beyond seeing sustained use of virtual and digital client referring to this process as “adding arrows to the quiver.” interaction. The turmoil will force a reset on what products and services clients find value in and what businesses find Focus on Employees useful to provide. Remember that your employees’ own orbits of life have CPAs now have the opportunity to ask the tough questions been disrupted, too. Eventually all Americans will know and seek the elusive answers. There are two sides to someone who experiences the effects of this medically navigating through an economic downturn: managing in or economically – or personally experience it themselves. the low periods and effectively taking advantage of the Create and foster atmospheres of understanding, even recovery. Think about the things we can all do now to help in virtual work spaces; encourage employees to focus on with both sides of that management equation. their mental health, if necessary.

Sustain Client Engagement Look for the Bigger Story Maintaining current clients and protecting known revenue It can be difficult for all of us to look beyond the sources is probably your first priority. You may need to be circumstances of our immediate situation. However, being both sending out mass communications and personal able to do that provides a healthy space to adequately touches to specific individuals. Revenue is hard to replace, process what is happening around us. Take pride in so nurture the knowns before venturing into the prospective your organization’s resiliency; find gratitude despite the unkowns. Let clients know that you’re still operating, even immediate circumstances. These techniques are not utilized if it looks and feels differently. Perhaps this a good time to often enough by business leaders, but they help offer a layer in some of your own personality into communications sense of perspective and allow you to see things for what is. to give clients a stronger sense of connection. There are so many unknowns still left to face. But the Reconnect With The Essentials world and the economy will recover, and we will beat this virus – we just don’t know how long that will take. It’s now more important than ever to be fully in touch with every aspect of your firm or business. A company If you’re able, make your firm the best it can be so that is more than its product offering –take this opportunity when the world does start turning again, you’re on the to understand your client demographic segments, your other side ready to work more efficiently and with more expense picture, and your long-term goals. purpose than before.

Only with a full base of knowledge can you make sound decision of where you presently are and where you hope to be. Steven K. Howell is the Vice President of CCA, a wealth advisory firm located in Rock Hill. He Enhance Your Strategic Position lives in Charlotte, where he enjoys spending Where does your firm fit into the marketplace? If you don’t time with his wife, playing tennis and being outdoors as often as possible. like the answer, there’s no better time to make changes.

www.scacpa.org South Carolina CPA Report | Second Quarter 2020 17

163056 Rev1.indd 17 7/10/20 1:00 PM How Financial Services Firms Can Take Advantage of Inbound Marketing By being useful and easy to find, you avoid the hiding for those who are seeking

By David R. Peters, CPA, CFP, CLU, CPCU | SCACPA Member Since 2016

take pride in my quick trigger finger for making One solution that has been offered in recent years is unwanted advertising disappear. Every morning starts inbound marketing. While outbound marketing efforts, Iwith a race to see how fast I can zap junk email from such as television advertising and email blasts, are aimed my inbox. Sales solutions? Delete. New financial products? at finding customers, inbound marketing is aimed at Gone with a click. Consulting services that can grow my helping customers find you. When a customer is looking business? Not worth my time. I watch most of my televi- for your product, your blogging, SEO efforts and webinars sion on-demand, and I steer away from shows that won’t make you easier to find. If I am looking for a good tax let me fast forward through ads. I am a radio station accountant and I see a blog about small business tax cred- flipper in the car too. As soon as I hear a commercial, my its, I am more likely to seek out the services of the CPA trusty trigger finger is hitting my preset buttons, relent- who wrote it. Inbound marketing efforts target customers lessly hunting for music. I can’t imagine that I am much who are already looking for your product. different from most media consumers. While inbound marketing is conceptually simple, it is hard With more on-demand entertainment and instantaneous to do well. Most financial services firms have shied away information, we are used to getting what we want right from it. Some worry that blogs could leave the firm open away. No fluff – just what we want, exactly when we want to liability due to the perception that they are giving finan- it. If you are a consumer, it’s great. However, from a busi- cial advice. Others worry that they could be giving away ness standpoint, this trend makes things tough. How do their “secret sauce.” However, this reluctance results in you get noticed when technology is making it ever easier many financial services websites that all look the same to for customers to avoid you? the consumer. While face-to-face conversations and refer- rals might still be the best way to build a client base, more If you are a CFO in 2020, it is nearly impossible to avoid and more consumers are becoming comfortable with this question. Simply put, there is a lot of noise out there buying services online. While we could fight this, it would competing for the attention of potential customers. Your seem more practical to give people what they want – more marketing efforts need to stand out. If they don’t, you are information about us and our services at their fingertips. throwing money down a marketing black hole. How do you not look the same as everyone else? How do we do this? I read a book recently called “Youtility”

Key Takeaways

With on-demand entertainment and instantaneous information, we are used to getting what we want right away. No fluff – just what we want, exactly when we want it. If you are a consumer, it’s great. However, from a business standpoint, this trend makes things tough. How do you get noticed when technology is making it ever easier for customers to avoid you?

18 South Carolina CPA Report | Second Quarter 2020 www.scacpa.org

163056 Rev1.indd 18 7/10/20 1:00 PM by Jay Baer, where the author implores companies to be marketing can have a pivotal role within the marketing mix more useful to their consumers. By simply being helpful of a financial services firm. to the consumer, the business becomes top of mind when You don’t need to necessarily be innovative – just useful to one considers their product. For a financial services firm, your consumers. being useful could mean many things. Putting more forms online, such as fact finders or yearly tax organizers, can be Make yourself easy to find, and customers will find you. useful to clients because they won’t have to reach out to Peters Financial, LLC, 804.332.1373 the firm to figure out what they need for an initial meeting. 454 S. Anderson Road, Suite 24, Rock Hill, SC 29732 While we certainly need to be mindful of laws, a company Registered Representative offering securities through Cetera can still post online content about general financial mat- Advisor Networks LLC, member FINRA/SIPC. Advisory services ters, such as common tax deductions. Online portals allow offered through Carroll Financial Associates, Inc., a Registered clients to submit documents more easily, and online chat Investment Adviser. Carroll Financial and Cetera Advisor options are becoming more popular with banks. Even pro- Networks, LLC are under separate ownership and are not affili- viding information on price ranges for services, or the type ated with any other named entity. of client who the company specializes in serving, could be useful to potential consumers. David Peters is the founder and owner of Peters Tax Preparation & Consulting in Richmond, By doing these things, we increase our usefulness. The Virginia, a financial advisor for Peters Finan- easier we make it for the potential client to interact with cial LLC in Rock Hill, and SCACPA’s advisor us, the more they will gravitate toward us. and speaker on Business and Industry topics. He has more than 14 years of experience in financial services, This is not to say that inbound marketing can exist solely including three years in the hedge fund industry and six years in on its own. Traditional outbound marketing efforts, such insurance. Contact him at [email protected] with as television advertising, are still effective in creating your questions and comments. consumer awareness. However, if used effectively, inbound

IF YOU WANT THE WORLD TO SEE YOU DIFFERENTLY, GET A DIFFERENT KIND OF CREDENTIAL.

Earning the AICPA Personal Financial Specialist (PFSTM) credential says you’re different. It says you’re required to adhere to a higher ethical standard. It says you are an impartial adviser who puts your clients’ interests first. Because YOU are a CPA. Don’t blend in. STAND OUT.

Be different. Be a PFS credential holder. Start at aicpa.org/PFS.

www.scacpa.org South Carolina CPA Report | Second Quarter 2020 19

163056 Rev1.indd 19 7/10/20 1:00 PM Amid the Rapid Change, Get Your Firm on the Cloud to Track New Opportunities As you transition to virtual meeting environments, take stock of that data to reimagine how you measure your firm – and the client experience

By Chris Hervochon, CPA, CVA | SCACPA Member Since 2017

unning a CPA firm the past few months has been QuickBooks Desktop file to you?” you’ve sensed the value unlike anything we’ve ever seen. If you’re like me, a of the cloud. lot has probably changed. To name just a few: R In a presentation at AICPA ENGAGE in 2018, which I had • Your clients are engaging you in different ways the pleasure to attend and which was memorialized in Accounting Today, AICPA CEO Barry Melancon shared that • You’ve had to change the way you deliver your work only 68% of firms were using the cloud. Further, according product to an April article by CPA Practice Advisor, 62% of firms • The nature and purpose of your conversations with that said they were reacting successfully to COVID-19 had clients and staff has changed at least one cloud system in place. Two years later, one would think 100% of firms were utilizing the cloud, but That’s a lot of change. However, with great change comes that seems to not be the case. great opportunity. Many clients will want to change the way they do business COVID-19 has forced our firms to become more virtual, and interface with us, and many in the talent pool won’t and therefore more cloud-based, if they haven’t already. want to go back to the physical office. Now is the perfect Both clients and employees will likely want to be more time to consider further adoption of the cloud. Client virtual going forward. portals, general ledgers and dashboarding software are There are two ways to look at this: Either it’s doomsday or the low-hanging fruit here. The key point is to take a step it opens a whole new world to reimagine how we operate forward. our firms and deliver our services. Increased Automation In my opinion, now is the perfect time to reset the deck With a forthcoming or in-process move to the cloud, there and move toward a more virtual, automated and data- is no better time than the present to create efficiencies. driven firm. Zapier is still the gold standard in democratized cloud Let’s discuss three ways we can leverage our new way automation, but others are getting into this space in a of operating to create better firms and better client meaningful way – and competition is fierce. experiences. Many firms don’t have the coding talent in-house to write A Faster Move to the Cloud their own code, so “point and click” and “drag and drop” tools are a great, cost-effective option. At this point, ser- I am a big proponent of the cloud. It allows 24/7-anywhere vices like this have become relatively mainsteam among access to data, enhances collaboration, and allows for the cloud adopters. level of data connectivity needed to facilitate automation and efficiency. Robotic Process Automation, or RPA, has been a buzz- word inside and outside of the profession for quite some If a client has asked you in the past few months “How time. Where services such as Zapier use APIs or “data do I get my tax documents to you?” or “How do I get my

20 South Carolina CPA Report | Second Quarter 2020 www.scacpa.org

163056 Rev1.indd 20 7/10/20 1:00 PM pipes” to connect data sources and take actions, RPA and what they need help with. allows for actions to be automated across applications, All this data can then be aggregated for enhanced use. websites and anything in between. Until recently, RPA has been expensive to implement – many services charge The key takeaway is to start taking stock of the data your hundreds or thousands of dollars per bot. However, other firm will be generating in a more virtual environment. players are coming into the game, such as Microsoft Utilizing this data can provide interesting opportunities to with its UI Flows platform, which is both economical and reimagine how we measure our firms as well as the client accessible to the non-coder. Plus, it is a nice offshoot of experience. Microsoft’s Power Automate platform, their competitor to Zapier.

What is this and how does it work? Think of UI Flows as an Chris Hervochon is the owner of Chris Hervo- Excel macro recorder for anything on your computer. chon, CPA, CVA LLC, a sole-proprietor CPA firm based in Hilton Head that provides outsourced The key takeaway is to explore and consider ways you can accounting and tax preparation for small busi- automate and make your practice more efficient while also nesses and individuals. He serves on SCACPA’s Governmental Affairs Committee, is a 2018 AICPA Leadership delivering an enhanced client experience. This undertaking Academy graduate and member of the AICPA’s Young Member becomes easier and more robust once you’ve migrated to Leadership Committee since 2018. Chris likes to spend time with the cloud. his wife and three children, and his hobbies are golf and reading. A Broader Spectrum of Firm Metrics Whether we like it or not, all or most of our meetings have moved to video conferencing platforms. While such platforms aren’t quite the full human experience, it does Selling your accounting firm is complex. present interesting opportunities. Let us make it simple. For instance, my firm records all of our meetings and stores them in the cloud. Having a database of client meetings has many advantages: staff can go back and review meetings, it frees up time from note taking to focus on the client during the meeting, and the meetings can be transcribed. There are many transcription services that are economical and quite good. Once a meeting is transcribed, it makes it easier to identify common questions

Kathy Brents, CPA, CBI Christy Hudson, CBI across clients, do sentiment analysis around client com- Broker, Managing Member Broker munication, and many other things. Having access to this data opens up a whole host of metrics we can track so we can adjust firm offerings, behavior and communication.

With the need to have virtual meetings comes the need to book meetings. There are many quality booking platforms on the market. Online booking platforms provide many Contact Us advantages, including linking directly to your calendar Office - 866.260.2793 to eliminate the back and forth in scheduling a meeting. Kathy Cell - 501.514.4928 Christy Cell - 501.499.4357 There are great opportunities to collect data here, too. For 500 Amity Rd, Suite 5B-68 instance, a connected CRM can tell you how a client found Conway, AR 72032 you and what pages they’ve looked at on your website. [email protected] Additionally, a good intake form can give you all sorts of [email protected] client data, such as address, phone number, email address accountingbizbrokers.com

www.scacpa.org South Carolina CPA Report | Second Quarter 2020 21

163056 Rev1.indd 21 7/10/20 1:00 PM THANK YOU South Carolina CPA-PAC Donors Reflects donations from May 1, 2019, through April 30, 2020

CHAMPION | $2,000 and Up Grant Thornton

Deloitte

KPMG

PricewaterhouseCoopers

BENEFACTOR | $500-$1,999 Central Chapter of SCACPA

INVESTOR | $100-$499 John F. Hamilton, CPA, CMA,CGMA

Kenneth S. Higgenbotham, CPA ABOVE: Rep. Gilda Cobb-Hunter of District 66 is presented with a CPA-PAC campaign contribution from J. Steve Summers, CPA. Matthew R. Lowery, CPA, PFS, CFP BELOW: Rep. Jackie E. “Coach” Hayes” of District 25 receives a CPA-PAC check Michael W. Lowrance, CPA, MBA, from Stephanie David, CPA. CGMA

Sara B. Penn, CPA

James B. Pierce Sr., CPA

Charles M. Redfern III, CPA, CGMA

Frank M. Rogers IV, CPA

Walda C. Wildman, CPA

BACKER | Up to $99 Michael G. Barb, CPA

Leonard F. Broderick, CPA, CGMA

John F. Camp, CPA, CGMA

Thomas C. Cullen, MBA

Alice B. Hazel, CPA

Donald L. Hunter, CPA Douglas E. Pounder, CPA Douglas E. Szubski, CPA

Travis L. Matthews, CPA Robert N. Ross, CPA John C. Usry, CPA, CFE

Linda L. May, CPA William R. Smoak, CPA Robert W. Wilkes Jr., CPA

22 South Carolina CPA Report | Second Quarter 2020 www.scacpa.org

163056 Rev1.indd 22 7/10/20 1:00 PM ABOVE: Brian Bowen, CPA, presents a CPA-PAC donation to Rep. Nathan Ballentine of District 71 at a breakfast meeting. ABOVE RIGHT: Andy Livingston, CPA, delivers a CPA- PAC check to Sen. Shane Massey of District 25. BELOW RIGHT: Neil Ross, CPA, delivers a CPA-PAC check to Rep. Murrell Smith of District 67. “I expressed gratitude for supporting SCACPA causes, including tax conformity legislation,” Ross said.

Help Us Support Those Who Support the CPA Profession The SCACPA CPA-Political Action Committee supports those who can have a positive impact on financial professions. Your contribution ensures that we are able to meet with legislators who have the ability to enact change that benefits CPAs and their clients. Contributing to the CPA-PAC is on of the easiest and most effective ways for CPAs to get involved in the political process and have an impact. Over the next few pages, we salute those who have donated to the CPA-PAC over the past year.

Please consider an additional contribution when you renew your dues.

www.scacpa.org South Carolina CPA Report | Second Quarter 2020 23

163056 Rev1.indd 23 7/10/20 1:00 PM CPA-PAC DONATIONS LIST

Gov. Henry McMaster Heather Ammons Crawford Notes: Chairman Thomas C. Alexander returned his check to SCACPA as we Joseph S. Daning had exceeded campaign contributions House Labor, Commerce and Shannon S. Erickson allowed. Member Tom Davis returned Industry Committee his check to SCACPA as he does not William E. “Bill” Sandifer III, Kirkman Finlay III accept contributions from PACs. Chairman Jackie E. “Coach” Hayes

P. Michael “Mike” Forrester, 1st V.C. William G. “Bill” Herbkersman Senate Finance Committee David J. Mack III, 2nd V.C. Lonnie Hosey Harvey S. Peeler Jr. Carl L. Anderson Chip Huggins John W. Matthews Jr. Bart T. Blackwell Phillip D. Lowe Lawrence K. “Larry” Grooms William Scott Cogswell Jr. Dennis C. Moss Daniel B. “Danny” Verdin III Chandra E. Dillard J. Todd Rutherford Ronnie W. Cromer Craig A. Gagnon Garry R. Smith Darrell Jackson Kevin Hardee F. Michael “Mike” Sottile Paul G. Campbell Jr. Joseph H. Jefferson Jr. Leonidas E. “Leon” Stavrinakis Floyd Nicholson Brandon Michael Newton J. David Weeks Vincent A. Sheheen Russell L. Ott William R. “Bill” Whitmire Shane R. Martin L. Kit Spires Chauncey K. Gregory Anne J. Thayer Senate Labor, Commerce and Greg Hembree Industry Committee John Taliaferro “Jay” West IV Notes: Chairman Hugh K. Leatherman Nikki G. Setzler Sr. returned his check. Contributions W. Brian White Glenn G. Reese to the following Senate Finance Mark N. Willis Committee members were given Kent M. Williams instead under their roles on the Senate Note: SCACPA did not contribute to A. Shane Massey Labor, Commerce and Industry McLain R. “Mac” Toole as he is not Committee: Nikki G. Setzler, Glenn running for re-election. John L. Scott Jr. G. Reese, Thomas C. Alexander, Kent Sean M. Bennett M. Williams, Tom Davis, John L. Scott Jr., Karl B. Allen, Sean M. Bennett, House Ways and Means Committee Thomas D. “Tom” Corbin Thomas D. “Tom” Corbin and Kevin L. G. Murrell Smith Jr., Chairman Johnson. Kevin L. Johnson Gilda Cobb-Hunter, 1st V.C. Karl B. Allen J. Gary Simrill, 2nd V.C. Ronnie A. Sabb Additional donation: Richard Cash Jimmy C. Bales, Ed.D. for Senate. Cash serves on the Michael W. Gambrell Judiciary, Medical Affairs, Education, Nathan Ballentine Wes Climer Family and Veterans Affairs and Bruce W. Bannister Corrections Committees. Stephen L. Goldfinch Alan D. Clemmons Sandy Senn William “Bill” Clyburn

24 South Carolina CPA Report | Second Quarter 2020 www.scacpa.org

163056 Rev1.indd 24 7/10/20 1:00 PM SCACPA Ed Fund Contributions THANK YOU Educational Fund Donors Reflects donations from May 1, 2019, through April 30, 2020

MAGNA CUM LAUDE | $10,000+ Michael W. Lowrance, CPA, MBA, CGMA

CUM LAUDE | $500-$9,999 Central Chapter of SCACPA

Deloitte

SCAAE

WebsterRogers LLP

DEAN’S LIST | $100-$499 John F. Camp, CPA, CGMA SCACPA honored the latest round of scholarship-winning accounting John A. Davis, CPA students at the Friday luncheon of Fall Fest in November.

Kenneth E. Love, CPA HONOR ROLL | $50-$99 SUPPORTER | Up to $49 Gary A. Luoma Michael G. Barb, CPA Susan G Creed

Sara B. Penn, CPA Alice B. Hazel, CPA Thomas C. Cullen, MBA

Charles M. Redfern III, CPA, CGMA Kenneth S. Higgenbotham, CPA Jeanne F. Morrisette, CPA

Caroline D. Strobel, CPA, Ph.D., Donald L. Hunter, CPA Robert N. Ross, CPA MAcc James B. Pierce Sr., CPA John C. Usry, CPA, CFE Donna and Alana Wildman Hendrikus E. Van Bulck, CPA, PhD, Robert W. Wilkes Jr., CPA Walda C. Wildman, CPA ABV

Help Secure the Future of the Profession

The SCACPA Educational Fund as scholarships, the Accounting needs your support in shaping High School Symposium and the the future of the profession. Let’s Accounting Careers Awareness start with one student at a time. Program. Your contribution ensures that Please consider an additional students understand financial contribution when you renew literacy, careers in accounting your dues. Your gift will make a and the benefits of becoming difference to a future CPA! a CPA through programs such

www.scacpa.org South Carolina CPA Report | Second Quarter 2020 25

163056 Rev1.indd 25 7/10/20 1:00 PM Discussions on Tax Issues Take Place Every Day with Members, Experts on ‘SCACPA Connect’

re there tax-related issues you need to talk about? It’s time to join the SCACPA AConnect conversation. Many of your peers consider it a valuable Association resource to pose questions and obtain guidance on many tax-related issues, and there are discussions taking place every day.

To get in on the action, log in to Connect with the same username and password as your SCACPA member account at https://connect.scacpa.org. Right away, you’ll find a Quick Start Guide with instructions on how you can begin posting questions for discussion. These are some of the topics recently being discussed by members on SCACPA Connect. As you begin to share your insights, we encourage you to add your picture, and we made it easy to link to your • Delete lengthy signatures and disclosures before sending LinkedIn account to update your profile. your message Here are some Connect Etiquette points we ask everyone • Avoid using ALL CAPITAL LETTERS, as it is the online to follow: equivalent of shouting • Please read and follow the community posting guidelines • Discussion of fees is prohibited as is distributing self- • Always maintain professional courtesy promoting material • Post comments that add value to the community Happy Connecting!

SCDOR: State sales tax holiday begins Friday, Aug. 7

chool supplies, clothes and comput- Tax-free items include printers, footwear ers are among the items that can be and certain bed and bath items, and can Spurchased free of sales tax during be new or used. Items that are not tax-free South Carolina’s annual 72-hour Sales during the holiday include digital cameras, Tax Holiday from Friday, Aug. 7 through smartphones, jewelry, cosmetics, eyewear, Sunday, Aug. 9. wallets, watches, furniture, rental clothing and items for use in a trade or business. The South Carolina Department of Revenue reminds shoppers that eligible items can be purchased online and If you choose to shop in-store, please practice social in-store without paying the state’s 6% sales tax and any distancing and other guidelines recommended by the applicable local taxes during the tax holiday. CDC and SDHEC to help protect yourself and others from COVID-19. Check with your local retailers for online shop- “In these difficult times, Tax Free Weekend is a great way ping, delivery or curbside pick-up options. for South Carolina shoppers to save money, and even more, it’s a time to support our South Carolina busi- Shopping lists and FAQs can be found at dor.sc.gov/ nesses,” said SCDOR Director Hartley Powell said. taxfreeweekend.

26 South Carolina CPA Report | Second Quarter 2020 www.scacpa.org

163056 Rev1.indd 26 7/10/20 1:00 PM Outgrowing Quickbooks?

When your company first started, Quickbooks fit your processes like a glove. • • • • • • • • • • • • • • • • • • But as you’ve evolved and grown, your • • • • software• • • hasn’t • • grown • • with • •you. • And • now? • • •

• • • • • • • • • • • • • • • • • •

• • • •Maybe • • • it’s • time • • to • try • a •tailored • • solution.• • •

• • • • Modern, • • cloud-based• • • ERP• •systems • • like •Dynamics • • 365 • Business • Central are more cost-effective and customizable than ever. • • • • • • • • • • • • • • • • • •

• • • • • • • • • • • • • • • • • • Find out how we can fit an ERP system to your operations.

• •kopisusa.com/erp • • • •| •[email protected] • • • • • • • • • • •

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163056 Rev1.indd 27 7/10/20 1:00 PM UPCOMING CPE

More events for you!

he new 2020-21 better options and better content. We always look forward to giving SCACPA CPE Catalog you an even higher level of service Tis designed by CPAs for moving forward. CPAs. Remember, this course On July 1, the first date of each SCACPA Membership year, every catalog only makes up 80% SCACPA Member gets a new of our offerings. We add addi- 40-hour CPE Bank upon renewing your membership at the Fellow tional courses for hot topics as level* for the July 1, 2020-June 30, the year progresses, so keep 2021 membership year. Once we receive your dues payment, your 40 looking to your South Carolina hours are restored, and you are free CPA Report magazine, the to begin registering for SCACPA CPE classes. CPE Banks are reset to Current Assets e-newsletter no more than 40 hours, regardless and our postcards to get the of how many hours remain unused from the past Membership year. latest news in CPE. * 100% Firm employees may elect Having heard the feedback of members like you, the All- to join at the $799 rate, which would provide access to Inclusive dues have given our members more options, in-person seminars and conferences.

We do our best to offer what you need to excel in your career, whether AA Accounting and Auditing you are in public practice, business and industry or government and AC Accounting nonprofit. SCACPA makes every effort to not change course locations BM Business Management ET Ethics once they are scheduled. However, it is sometimes necessary to be GA Government flexible. When this happens, we will send special notifications, so PD Professional Development ALWAYS remember to review your latest CPE course confirmation email. RE Regulatory Ethics SK Specialized Knowledge CREDIT AREA TX Tax Yellow Book Online VR Various

LOCATIONS Hampton Inn & Hilton Greenville Royal Banquet SC DOR SiMT (Southeastern Suites 46 West Orchard (& Conference (Dept. of Revenue) Institute of DoubleTree 29 William Pope Dr. Park Dr. Center) 300A Outlet Point Manufacturing 2100 Bush River Rd. Bluffton, 29909 Greenville, 29615 4750 Abraham Ave. Blvd. Technology) Columbia, 29210 N. Charleston, 29405 Columbia, 29210 1951 Pisgah Road HGTC Florence, 29502 Embassy Suites (Horry-Georgetown Milliken SCACPA Southern Charm 670 Verdae Blvd. Technical College) 920 Milliken Road (Home Office) 534 Waterford Glen Thornblade Greenville, 29607 950 Crabtree Lane Spartanburg, 29304 1300 12th St., Way 1275 Thornblade Myrtle Beach, 29577 Suite D Rock Hill, 29730 Blvd. Cayce, 29033 Greer, 29650

28 South Carolina CPA Report | Second Quarter 2020 www.scacpa.org

163056 Rev1.indd 28 7/13/20 9:53 AM JULY 2020 7/9/20 4 AC Small Business Workshop (LIAA01) David Peters www.scacpa.org/classroom 7/9/20 4 AA Risk Assessment (LIAA02) Jennifer Louis www.scacpa.org/classroom 7/14/20 4 GA 2020 GASB Update (LIAA03) Melisa Galasso www.scacpa.org/classroom 7/14/20 4 GA Single Audit and Yellow Book Update 2020 (LIAA04) Melisa Galasso www.scacpa.org/classroom 7/15/20 2 GA Major Program Determination (LIAA05) Jennifer Louis www.scacpa.org/classroom 7/15/20 2 GA The New Yellow Book (LIAA06) Jennifer Louis www.scacpa.org/classroom 7/21/20 4 TX State Tax Credits (LITX01) Jason Pritchard www.scacpa.org/classroom 7/23/20 2 AA Analytical Procedures for Nonprofits (LIAA07) Jennifer Louis www.scacpa.org/classroom 7/23/20 2 AC Financial KPIs for Nonprofits (LIAA08) Jennifer Louis www.scacpa.org/classroom 7/23/20 4 TX Form 990 Return Preparation (LITX02) Lynn Nichols www.scacpa.org/classroom 7/27/20 4 AA Nonprofit A&A Update (LIAA09) Melisa Galasso www.scacpa.org/classroom 7/27/20 4 GA Yellow Book Deficiencies (LIAA10) Melisa Galasso www.scacpa.org/classroom AUGUST 2020 8/6/20 4 AC Controllership CFO Series (LIAA11) David Peters www.scacpa.org/classroom 8/6/20 4 AC Financial Statement Analysis (LIAA12) David Peters www.scacpa.org/classroom 8/13/20 4 AA Fraud/Forensic Accounting (LIAA14) Ramona Farrell www.scacpa.org/classroom 8/13/20 1 BM A Controller’s Guide to Assessing the Risk of Your David Peters www.scacpa.org/classroom Organization: Risk Management Basics & Developing the Risk Management Process (LIMG01) 8/13/20 1.5 BM A Controller’s Guide to Assessing the Risk of Your David Peters www.scacpa.org/classroom Organization: Non-Insurance Risk Management Issues (LIMG02) 8/13/20 1.5 BM A Controller’s Guide to Assessing the Risk of Your David Peters www.scacpa.org/classroom Organization: Managing Risk & Basic Policies (LIMG03) 8/14/20 8 AA A&A Update (LIAA15) Melisa Galasso www.scacpa.org/classroom 8/19/20 8 TX Form 990: Exploring the Form's Complex Schedules Lynn Nichols www.scacpa.org/classroom (LITX03) 8/20/20 4 SK Using Data Analytics to Give You a Competitive Advantage David Peters www.scacpa.org/classroom (LITE05) 8/20/20 2 SK Protecting My Business in an Online World: Information David Peters www.scacpa.org/classroom Risk Management & Cybersecurity Basics (LITE06) 8/20/20 2 BM The Next Step: Succession Planning Fundamentals & David Peters www.scacpa.org/classroom Basic Documents (LIMG04) 8/26/20 8 GA Yellow Book Boot Camp Day 1 (LIAA18) Melisa Galasso www.scacpa.org/classroom 8/27/20 8 GA Yellow Book Boot Camp Day 2 (LIAA19) Melisa Galasso www.scacpa.org/classroom SEPTEMBER 2020 9/16/20 4 ET A Culture of Regulatory Ethics: Make A Competitive David Peters www.scacpa.org/classroom Advantage (LIET01) 9/16/20 2 ET South Carolina Ethics, Rules and Regulations (LIET02) Chris Jenkins www.scacpa.org/classroom 9/16/20 2 TE Tech Potpourri (LIET01) Chris Jenkins www.scacpa.org/classroom 9/23/20 8 TX Estates, Trusts, 1041 Planning and Preparation (LITX04) Shelli Huston; www.scacpa.org/classroom Verne McGough

www.scacpa.org South Carolina CPA Report | Second Quarter 2020 29

163056 Rev1.indd 29 7/13/20 9:53 AM UPCOMING CPE

9/24/20 4 TX Business Tax Planning for Experienced Preparers (LITX05) Shelli Huston www.scacpa.org/classroom 9/24/20 4 TX Individual Tax Planning for Experienced Preparers (LITX06) Shelli Huston www.scacpa.org/classroom 9/28/20 4 AA Common Audit Deficiencies (LIAA35) Melisa Galasso www.scacpa.org/classroom 9/28/20 4 AA Topic 842: Implementing Leases Workshop (LIAA36) Melisa Galasso www.scacpa.org/classroom 9/29/20 8 AA Detecting and Preventing: AP, AR, T&E Fraud (LIAA21) Ramona Farrell www.scacpa.org/classroom OCTOBER 2020 10/13/20 4 AA FASB Update (LIAA22) Melisa Galasso www.scacpa.org/classroom 10/13/20 2 AA Consideration of Fraud (LIAA37) Melisa Galasso www.scacpa.org/classroom 10/13/20 2 AA Independence Requirements for Auditors (LIAA38) Melisa Galasso www.scacpa.org/classroom

NOVEMBER 2020 11/2/20 4 TX Developing Staff to Tax Seniors (SMTX07) David Peters; Thornblade - Greer Lynn Nichols 11/2/20 4 TX Developing Staff to Tax Seniors (LITX07) David Peters; www.scacpa.org/classroom Lynn Nichols 11/2/20 4 TX Next Step: Tax Senior to Tax Manager (SMTX08) David Peters; Thornblade - Greer Lynn Nichols 11/2/20 4 TX Next Step: Tax Senior to Tax Manager (LITX08) David Peters; www.scacpa.org/classroom Lynn Nichols 11/4/20 4 ET Ethics: Navigating Ethical Challenges (SMET03) Ramona Farrell Embassy Suites - Greenville 11/4/20 4 ET Ethics: Navigating Ethical Challenges (LIET03) Ramona Farrell www.scacpa.org/classroom 11/4/20 4 TX South Carolina Tax Update (SMTX09) Jason Pritchard TBA 11/4/20 4 TX South Carolina Tax Update (LITX09) Jason Pritchard Online 11/4/20 4 TX Business Tax Update (SMTX10) Shelli Huston HGTC - Myrtle Beach 11/4/20 4 TX Business Tax Update (LITX10) Shelli Huston www.scacpa.org/classroom 11/4/20 4 TX Individual Tax Update (SMTX11) Shelli Huston HGTC - Myrtle Beach 11/4/20 4 TX Individual Tax Update (LITX11) Shelli Huston www.scacpa.org/classroom 11/4/20 8 TX Building Your Skills as a Tax Manager (SMTX12) David Peters; Thornblade - Greer Lynn Nichols 11/4/20 8 TX Building Your Skills as a Tax Manager (LITX12) David Peters; www.scacpa.org/classroom Lynn Nichols 11/5/20 8 TX Advanced Estates, Trusts, 1041 Planning & Preparation Shelli Huston; TBA (SMTX13) Verne McGough 11/5/20 8 TX Advanced Estates, Trusts, 1041 Planning & Preparation Shelli Huston; www.scacpa.org/classroom (LITX13) Verne McGough 11/5/20 2 TX PUB 4557 Safeguarding Taxpayer Data (SMTX14) Chris Jenkins Royal Banquet - N. Charleston 11/5/20 4 TX South Carolina Tax Update (SMTX15) Jason Pritchard Royal Banquet - N. Charleston 11/5/20 2 TE Technology - Emerging (SMTE02) Chris Jenkins Royal Banquet - N. Charleston 11/10/20 4 TX Capital Asset Depreciation, Cost Recovery (SMTX16) Dean Cocheneaur Thornblade - Greer 11/10/20 2 TX PUB 4557 Safeguarding Taxpayer Data (SMTX17) Chris Jenkins Thornblade - Greer 11/10/20 2 ET South Carolina Ethics, Rules and Regulations (SMET04) Chris Jenkins Thornblade - Greer 11/12-13 16 VR Fall Fest (CN4110) Various Columbia Metropolitan Convention Center 11/17/20 4 TX Form 1065 Return Preparation (SMTX18) Lynn Nichols SMiT - Florence 11/17/20 2 TX Meals and Entertainment (SMTX19) Lynn Nichols SMiT - Florence

30 South Carolina CPA Report | Second Quarter 2020 www.scacpa.org

163056 Rev1.indd 30 7/13/20 9:54 AM 11/17/20 2 TX Tax NEXUS (SMTX20) Lynn Nichols SMiT - Florence 11/18/20 4 TX Accounting and Tax Issues for Professional Services Firms TBA SMiT - Florence (SMTX21) 11/18/20 4 TX Accounting and Tax Issues for Professional Services Firms TBA www.scacpa.org/classroom (LITX21) 11/18/20 4 TX Tax Aspects of Buying and Selling a Business (SMTX22) TBA SMiT - Florence 11/18/20 4 TX Tax Aspects of Buying and Selling a Business (LITX22) www.scacpa.org/classroom 11/19/20 8 Tax Individual Tax Payer: Planning and Compliance (SMTX34) Anthony Rocca TBA 11/19/20 8 Tax Individual Tax Payer: Planning and Compliance (LITX34) Anthony Rocca www.scacpa.org/classroom 11/23/20 8 AA Hot Topics in A&A (SMAA24) Melisa Galasso Southern Charm - Rock Hill DECEMBER 2020 12/1/20 2 TE Excel (SMTE03) Chris Jenkins Milliken - Spartanburg 12/1/20 2 TE Excel (LIET03) Chris Jenkins www.scacpa.org/classroom 12/1/20 4 ET Tax Practice Ethics (SMET05) Lynn Nichols; Milliken - Spartanburg Dean Cochenaur 12/1/20 4 ET Tax Practice Ethics (LITX05) Lynn Nichols; www.scacpa.org/classroom Dean Cochenaur 12/1/20 2 TE Workflow Automation (SMTE04) Chris Jenkins Milliken - Spartanburg 12/1/20 2 TE Workflow Automation (LIET04) Chris Jenkins www.scacpa.org/classroom 12/2/20 8 TX Tax Team - Federal Tax Update (SMTX23) Tax Team Milliken - Spartanburg 12/3/20 8 TX Tax Team - Federal Tax Update (SMTX24) Art Werner DoubleTree - Columbia 12/3/20 8 TX Tax Team - Federal Tax Update (LITX24) Art Werner www.scacpa.org/classroom 12/8/20 8 TX Estates, Trusts, 1041 Planning and Preparation (SMTX25) Shelli Huston; SMiT - Florence Verne McGough 12/9/20 1 AA Fraud Risk Inquiries (SMAA25) Jennifer Louis SCACPA - Cayce 12/9/20 1 AA Fraud Risk Inquiries (LIAA25) Jennifer Louis www.scacpa.org/classroom 12/9/20 1 AA GAAS for Successor Auditors (SMAA26) Jennifer Louis SCACPA - Cayce 12/9/20 1 AA GAAS for Successor Auditors (LIAA26) Jennifer Louis www.scacpa.org/classroom 12/9/20 1 PE Managing Mulitiple Generations (SMOT01) Jennifer Louis SCACPA - Cayce 12/9/20 1 PE Managing Mulitiple Generations (LIOT01) Jennifer Louis www.scacpa.org/classroom 12/9/20 1 AA Professional Skepticism and Client Relationships Jennifer Louis SCACPA - Cayce (SMAA27) 12/9/20 1 AA Professional Skepticism and Client Relationships (LIAA27) Jennifer Louis www.scacpa.org/classroom

12/9/20 2 TX PUB 4557 Safeguarding Taxpayer Data (SMTX26) Chris Jenkins SCACPA - Cayce 12/9/20 2 TX PUB 4557 Safeguarding Taxpayer Data (LITX26) Chris Jenkins www.scacpa.org/classroom 12/9/20 2 ET South Carolina Ethics, Rules and Regulations (SMET06) Chris Jenkins SCACPA - Cayce 12/9/20 2 ET South Carolina Ethics, Rules and Regulations (LIET06) Chris Jenkins www.scacpa.org/classroom 12/9/20 4 TX Form 1120 Return Preparation (SMTX27) Tax Team Thornblade - Greer 12/9/20 4 TX Form 1120 Return Preparation (LITX27) Tax Team www.scacpa.org/classroom 12/9/20 4 TX Form 1120S Return Preparation (SMTX28) Tax Team Thornblade - Greer 12/9/20 4 TX Form 1120S Return Preparation (LITX28) Tax Team www.scacpa.org/classroom 12/16/20 4 TX Business Tax Update (SMTX29) Shelli Huston Hampton Inn - Bluffton 12/16/20 4 TX Individual Tax Update (SMTX30) Shelli Huston Hampton Inn - Bluffton

www.scacpa.org South Carolina CPA Report | Second Quarter 2020 31

163056 Rev1.indd 31 7/13/20 9:54 AM UPCOMING CPE

12/17/20 4 TX Business Tax Update (SMTX31) Shelli Huston Royal Banquet - N. Charleston 12/17/20 4 TX Individual Tax Update (SMTX32) Shelli Huston Royal Banquet - N. Charleston 12/19/20 2 TX PUB 4557 Safeguarding Taxpayer Data (LITX26R) Chris Jenkins www.scacpa.org/classroom 12/19/20 2 ET South Carolina Ethics, Rules and Regulations (LIET06R) Chris Jenkins www.scacpa.org/classroom 12/21/20 4 AA FASB Update (LIAA22R) Melisa Galasso www.scacpa.org/classroom 12/21/20 4 ET Tax Practice Ethics (LIET05R) Lynn Nichols; www.scacpa.org/classroom Dean Cochenaur

JANUARY 2020 1/12/21 8 TX 1040 Fast Track: A Comprehensive Guide for Tax Art Werner Southern Charm - Rock Hill Practitioners (SMTX33) 1/15/21 8 AA Hot Topics in A&A (SMAA28) Melisa Galasso Royal Banquet - N. Charleston 1/15/21 8 AA Hot Topics in A&A (LIAA28) Melisa Galasso www.scacpa.org/classroom MAY 2020 5/13-14 16 VR Spring Splash Various TBD 5/18/21 4 AA Fraud/Forensic Accounting (SMAA29) Ramona Farrell Thornblade - Greer 5/18/21 4 AA Fraud/Forensic Accounting (LIAA29) Ramona Farrell www.scacpa.org/classroom 5/18/21 4 GA Governmental Accounting for Beginners: How and Where Jennifer Louis Thornblade - Greer to Start (SMAA30) 5/18/21 4 GA Governmental Accounting for Beginners: How and Where Jennifer Louis www.scacpa.org/classroom to Start (LIAA30) 5/19/21 4 AA Auditing Update (SMAA31) Jennifer Louis Milliken - Spartanburg 5/19/21 4 AA FASB Update (LIAA32) Jennifer Louis www.scacpa.org/classroom 5/19/21 4 AA FASB Update (SMAA32) Jennifer Louis Milliken - Spartanburg 5/19/21 4 AA Auditing Update (LIAA31) Jennifer Louis www.scacpa.org/classroom 5/20/21 4 AA A&A Update for Beginners: Best Practices for New Jennifer Louis DoubleTree - Columbia Auditors (SMAA33) 5/20/21 4 AA A&A Update for Beginners: Best Practices for New Jennifer Louis www.scacpa.org/classroom Auditors (LIAA33) 5/20/21 4 GA Governmental Accounting for Beginners: How and Where Jennifer Louis DoubleTree - Columbia to Start (SMAA34) 5/20/21 4 GA Governmental Accounting for Beginners: How and Where Jennifer Louis www.scacpa.org/classroom to Start (LIAA34) 5/20/21 4 AA Common Interest Realty Association (CIRA) (SMAA35) Walda Wildman Hampton Inn - Bluffton 5/20/21 4 AA Nonprofit Update (SMAA36) Rosalyn Glenn Hampton Inn JUNE 2020 6/10/21 4 PE Social Security and Medicare (SMOT02) David Peters Milliken 6/10/21 4 PE Wellness/Benefits HR: Employee Retention (SMOT03) David Peters Milliken

We’re eager to hear suggestions for CPE topics & speakers!

Our CPE course schedule is constructed by CPAs, for We also want your thoughts regarding speakers who CPAs. As our Committee of 16 oversees our schedule have the talent for the best possible learning experience, with 80% of topics selected in advance, now is the best especially for Fall Fest and Spring Splash. Email your time for your input on the courses you want us to offer. suggestions to [email protected].

32 South Carolina CPA Report | Second Quarter 2020 www.scacpa.org

163056 Rev1.indd 32 7/13/20 9:54 AM It’s Simple, Really

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163056 Rev1.indd 33 7/10/20 1:00 PM NEW MEMBERS

WELCOME NEW SCACPA MEMBERS | JAN. 16-APRIL 30, 2020 *Indicates 100% Membership Firm

AFFILIATE Donna Winchester Ellen M. Hagins Alyssa L. Standard WebsterRogers, LLP* Bauknight Pietras & Stormer, PA* Cherry Bekaert LLP* Sherry Birt Florence Columbia Greenville WebsterRogers, LLP* Florence Taylor Zeitler Jack R. Howell Ethan J. Stone WebsterRogers, LLP* EY* WebsterRogers, LLP* Sharon Boone Florence Greenville Bluffton Dominion Energy* Cayce CPA CANDIDATE Tami L. Hudson Aaron C. Sutton EY* WebsterRogers, LLP* Adam Carter Emily N. Beaton Greenville Bluffton WebsterRogers, LLP* EY* Florence Greenville Addie Huthwaite Stephen D. Tate Moore Beauston & Woodham, LLP Dixon Hughes Goodman, LLP* Leann Childs Lindsay Bennett CPAs & Consultants* Charleston WebsterRogers, LLP* EY* West Columbia Florence Greenville Paul Thompson Kaitlin L. Hudspeth EY* Jim Driscoll Mallory L. Blake EY* Greenville WebsterRogers, LLP* Elliott Davis* Greenville Florence Charleston Christian M. Travers Eric G. Laughead Bauknight Pietras & Stormer, PA* Nelda Fields Andrew B. Boyle Bauknight Pietras & Stormer, PA* Columbia WebsterRogers, LLP* Bauknight Pietras & Stormer, PA* Columbia Summerville Columbia Gabriel L. Valk Robert Merline Elliott Davis* Jenny Goodwin Michael H. Camp EY* Greenville WebsterRogers, LLP* McGregor & Company, LLP* Greenville Florence Orangeburg Rachel Varughese Claire F. Neuville EY* JoAnna G. Hicks Robert Connery EY* Greenville WebsterRogers, LLP* EY* Greenville Florence Greenville Katherine E. Zimmerman Aura M. Perez WebsterRogers, LLP* Sarah Holladay, CPA Nathan Dale Dixon Hughes Goodman, LLP* Charleston WebsterRogers, LLP* Elliott Davis* Greenville Florence Greenville Shelby D. Perry FELLOW Gail Marsh Emily K. DeMonte Cherry Bekaert LLP* WebsterRogers, LLP* Mauldin & Jenkins, LLC* Daniel J. Bailey Greenville Sumter Columbia Elliott Davis* Mitchell A. Pletcher Charleston Destiny Patten Tyler E. Dildine WebsterRogers, LLP* WebsterRogers, LLP* Dixon Hughes Goodman, LLP* Gregory Baumann, CPA Myrtle Beach Florence Charleston EY* Courtney D. Radley Greenville Pat Reed Ted Donaldson McGregor & Company, LLP* WebsterRogers, LLP* EY* Richard E. Bhola Columbia Myrtle Beach Greenville Scott & Company, LLC* Erin L. Ress Columbia Melinda Russell McKenzie Eller Bauknight Pietras & Stormer, PA* Dominion Energy* Elliott Davis* Ester Carnell, CPA Columbia Cayce Charleston Elliott Davis* James G. Robards Greenville Tim Sinclair Benjamin L. Gardner EY* WebsterRogers, LLP* Bradshaw Gordon & Clinkscales, Brett F. Cutshall, CPA Greenville Charleston LLC* EY* Greenville Kevin M. Shinn Greenville Melissa Stone EY* Dominion Energy* Madeleine B. Gray Kensley Drake, CPA Greenville Cayce Bradshaw Gordon & Clinkscales, EY* LLC* Andrew Sowder Greenville Deidre H. Watts Greenville EY* Dominion Energy* Eric Farmer Jr., CPA Greenville Cayce Grace E. Gregory EY* Elliott Davis* Sherita J. Shuler Greenville Greenville Dixon Hughes Goodman, LLP* Charleston

34 South Carolina CPA Report | Second Quarter 2020 www.scacpa.org

163056 Rev1.indd 34 7/10/20 1:00 PM Mykera V. Glymph-Dantzler, CPA Yitong Wan, CPA Katherine B. McKinney Tristan Earnest EY* EY* Taylor Pagan Weng H. Long Greenville Greenville Manuel Paredes Mitchell P. Harrison Austin B. Helms, CPA John M. Williams, CPA Jo L. Penninger Leah K. Horan EY* Elliott Davis* Greenville Columbia Brandon G. Schrum Steven Morrow Daniel B. Tomko Neil P. Quinlan Chandler Hendrix, CPA Robert Wahlman Natalie R. Ramirez Elliott Davis* FIRM ADMIN. Columbia Cameron D. Reid Penny Hale UNIVERSITY OF SOUTH Samuel S. Johnson, CPA Smith Sapp Professional CAROLINA Elliott Davis* Association VOORHEES COLLEGE Greenville Myrtle Beach Ella K. Concannon Markese A. Cochran Zoe F. Dosch William W. Kingsbery, CPA Sandra M. Sturkie Tatiyana S. Figgers EY* WebsterRogers, LLP* Taylor K. Dunkley George M. Hairston Greenville Florence Casey Grimes Ka’Shalla G. Rvans Amy C. Libich Elizabeth A. Puryear Dixon Hughes Goodman, LLP* Denzil Walls Charleston STUDENTS Alexis C. Rohrer Temah Yarsiah Tyler R. Strauss Lauren R. MacDonald, CPA BOB JONES UNIVERSITY EY* Nicole C. DeCandro Alexandria R. Whisenant WINTHROP Greenville Nicole Fox William G. White Rohan Boettcher Wylee McGreevy, CPA Megan J. Leasure William-Stewart W. Pittman EY* Olivia L. McKee UNIVERSITY OF VIRGINIA Greenville Isaiah J. Sayer Carson J. McQuaid Thomas R. Nielsen Christopher Mills, CPA Jack Regan Elliott Davis* WOFFORD COLLEGE Greenville Carlos Sotomayor USC-AIKEN Caitlyn D. Conner Elisabeth G. Summers Lai-Quan Brodus Kathryn Moore, CPA SC Department of Revenue* Laura Walker Joseph G. Burnett Columbia Zachary B. Cunningham Zachary B. Nutter CHARLESTON SOUTHERN Keefee Florentille Dixon Hughes Goodman, LLP* UNIVERSITY Max E. Florido Charlotte Rachel L. Bass Nathan J. Greene Christen W. Perry, CPA Deborah E. Jackson EY* CLEMSON Terry D. Jackson Greenville Gregory D. Agres Tiffany L. Keitt Haley C. Robertson, CPA Bradley A. Baird Volissa Martinez Cherry Bekaert LLP* Edwin D. Brown Greenville Benjamin L. Mixson Benjamin R. Chisholm Ave’ B. Parker Sinead Ross, CPA Emily P. Cleveland Elliott Davis* Nathanial E. Prescott Greenville Anna V. Davidson Deontrez A. Schoultz Camryn N. Emory Raven S. Simon Ethan B. Schultz EY* Ryan Foster Kyson R. Weathersbee Greenville Jake D. George Janaizha Young Leigha Suenaga, CPA Shannon E. Gurreri Elliott Davis* Kathryn L. Hull Charleston USC UPSTATE Melissa L. Keeslar Rhett B. Barnett Jennifer L. Walker, CPA Brandon L. Lawrence EY* Lisa M. Castano Greenville George T. McCutchen Shivani Chaudhary

www.scacpa.org South Carolina CPA Report | Second Quarter 2020 35

163056 Rev1.indd 35 7/10/20 1:00 PM MEMBER NEWS

Uvette Pope-Rogers, CPA, (SCACPA Member Since 2005) recently accepted a position as the first-ever CFO of South Carolina State University’s 1890 Research & Extension. Uvette has served on the SCACPA Board since July 2018, but in her position she can no longer serve on the Board. She continues to chair our GAP (Growing the Accounting Profession) Committee. Picture below, Vette holds a plaque presented to her for her service to the Board.

Moore Beauston & Woodham, LLP was been named one of SC’s Top Workplaces of 2020 by Integrated Media Publishing, which produces Columbia Business Monthly, Greenville Business Magazine and Charleston Business Magazine. They were among 30 winners honored at a virtual celebration via Zoom on April 30.

The list is based on employee feedback gathered through a third- party survey administered by employee engagement technology partner Energage, LLC. The anonymous survey measures 15 driv- ers of engaged cultures that are critical to organizational success.

Ken Newhouse, CPA, the partner in charge of the Columbia office and SCACPA Chair-Elect for 2019-20, said the firm is diligent about employee retention. “We have the technology (to deploy staff from home during the pandemic), but it’s more than sharing screens,” he told Columbia Business Monthly.

36 South Carolina CPA Report | Second Quarter 2020 www.scacpa.org

163056 Rev1.indd 36 7/10/20 1:00 PM CONDOLENCES

John Gilmore “Gil” Game Gil served Charleston as a Certified Public Accountant and business owner for over 40 years. He was a partner in Gamble, Givens & Moody, LLC, CPAs Nov. 11, 1943-Feb. 21, 2020 and Biddlecomb, Game & Wise, PC, CPAs. Gil John Gilmore “Gil” Game, CPA, passed away at was a long-time member of The Exchange Club of his Charleston home at the age of 76. He was Charleston. He is survived by his wife and four sons. born in Florence as the son of Garnet Williams Gil married Suzanne Sweeten on June 18, 1966, at Game and Sarah Munn Game and the youngest of Blessed Sacrament. They had four grandchildren. four children. He graduated from St. Andrew’s High School Gil enjoyed boating and football, especially cheering on in 1962 and The Citadel in 1966, whereupon he entered the James Island and The Citadel. The family offers special Marine Corps as a Lieutenant. thanks to his Amedisys Hospice team.

Calvert “Buck” McGregor Jr. His father, C.C. McGregor, founded in 1930 the accounting firm that would grow to become one of South Carolina’s largest. However, Buck chose academics as Aug. 25, 1943- May 12, 2020 his path. After being honorably discharged from the Calvert “Buck” McGregor Jr., CPA, who taught Air Force as a captain in 1971, Buck entered gradu- accounting at Elon University’s Martha and ate school at USC, where he earned the Master of Spencer Love School of Business for more than Accountancy degree and passed the CPA Exam in 1973. two decades, passed away at age 76. An associate He became a SCACPA member in 1975. He came to Elon in professor emeritus known as “Dr. Buck,” he taught in the 1990 after completing his doctoral dissertation at Virginia undergraduate and MBA programs for 21 years, serving as Tech in 1985. He retired in 2011. He is survived by his chair of the Department of Accounting for eight years. beloved wife, Audrey, a son and granddaughter, and a sister.

Sara Lovett Brinson Penn Brinson. She attended Oxford College of Emory University, graduated from Emory University with a Bachelor’s in Business Administration, and practiced as a Certified May 29, 1947 – May 24, 2020 Public Accountant for many years with professional affilia- Sara Lovett Brinson Penn, CPA, a longtime resident of tion with the state boards of South Carolina, California and Greenville, passed away at age 72 after an extended ill- Washington. She became a SCACPA member in 1975 and ness. She was the wife of Edward W. Penn Jr. and they were served as a Piedmont Chapter officer and on the Taxation married for 49 years. Sara was born in Athens, Georgia, Committee. Sara began her accounting career with Clifford and grew up in Oglethorpe, Georgia, the daughter of the T. Bell in Georgetown. She is survived by her brother and late Jeremiah Edison Brinson and the late Mary Wrust sister.

William Arnold Scharnitzky Jr. Arnold proudly served his country in the U.S. Marine Corps for 20 years, including serving in the Vietnam War. As an Assistant Scoutmaster in the Boy Scouts July 17, 1941-Dec. 1, 2019 of America he was proud of raising two Eagle Scout Major William Arnold Scharnitzky Jr., CPA, sons. He was a Certified Public Accountant for 50 USMC (Ret.) of Goose Creek, husband of years and owner of W.A. Scharnitzky, CPA, LLC for 30 Martha Remington Scharnitzky, CPA, entered into years. He became a SCACPA member in 1990. He served eternal rest at age 78. His funeral service with military as an usher and guide at Grace Church Cathedral. Arnold honors was held in the J. Henry Stuhr Inc. Northwoods was a member and Treasurer for the Deutscher Bruderliche Chapel in North Charleston, and his interment took place at Bund group. He is survived by two sisters, two sons and six Beaufort National Cemetery. grandchildren.

www.scacpa.org South Carolina CPA Report | Second Quarter 2020 37

163056 Rev1.indd 37 7/10/20 1:00 PM CLASSIFIEDS ADVERTISERS INDEX PRACTICES WANTED. CASH BUYERS WAITING AON/AICPA Let our 37 years of CPA merger-acquisition experience work CLCauthen@ for you! 10-year bank financing available to our buyers so mcgriffinsurance.com our sellers can cash out at closing! For additional details Inside Front Cover visit our website at: www.cpasales.com or contact Leon Faris, CPA, at Professional Accounting Sales in Atlanta: CGMA (Chartered Global 770-859-0859 or 800-729-9031. Management Accountant) www.cgma.org PRACTICES AVAILABLE FOR SALE IN THE CAROLINAS: Page 5

WEST ASHEVILLE AREA: AICPA (American Institute Gross revenues $575,000+. Established tax firm for over 35 years with of Certified Public experienced staff and attractive offices located near I-40 just west of Accountants) Asheville. www.aicpa.org Page 19 GREENVILLE-SPARTANBURG AREA: Gross revenues $150,000+. Small tax firm in north Greenville area. Accounting Biz Brokers accountingbizbrokers.com NORTHEAST CHARLOTTE AREA: Page 21 Gross revenues $235,000+. CPA heavy tax with above average net. Seller has home-based office. Minimal overhead. Practice could easily relocate to the Kopis north side of Charlotte. www.kopisusa.com Page 27 MYRTLE BEACH-PAWLEYS ISLAND AREA: Paychex Gross revenues $300,000+. CPA with strong tax. Great location with paychex.com experienced staff. Available for transition. 10-year bank financing available Page 33 with minimal down. Accounting Practice Sales VISIT WWW.ACCOUNTINGBIZBROKERS.COM www.aps.net Accounting Biz Brokers has GREAT NEWS about Inside Back Cover selling in 2020! We are experiencing a high volume of buyer activity and lenders are eager to assist with CPA Charge financing. NEW LISTING: Myrtle Beach Area CPA, cpacharge.com/scacpa Gross $403k. Contact Kathy Brents, CPA, CBI, [email protected], Back Cover 866.260.2793

SELLING OR BUYING A PRACTICE? Reach More Than 4,300 Let Accounting Practice Sales, the largest marketer of CPA practices in the United States, assist you. CPAs and Accounting Confidential. Experienced. For a FREE, no-obligation valuation of your firm, Professionals! contact [email protected] or (888) 847-1040. Featured practices for sale: Greenville Area CPA grossing $750,000; Grand Strand CPA firm grossing $286,000 (priced Interested in placing a display BELOW 1X gross to sell quickly); and Pee-Dee Area CPA Firm grossing $640,000! or classified advertisement in an upcoming issue of CPA Report? NORTH Carolina featured practices (Gross Revenues Shown): Southeast of Raleigh Contact us at CPA $715K; Greenville Metro Area CPA $620K; Southeast Charlotte Metro CPA [email protected] $347K; Sampson County Tax $295K; Western NC Mountain Region Tax $265K; or call 803.791.4181 High Point EA $193K; East Asheville Metro CPA $155K; Charlotte CPA $56K. For more details on these practices or to be notified when we have new opportunities for sale, please email [email protected] or visit www.APS.net.

38 South Carolina CPA Report | Second Quarter 2020

163056 Rev1.indd 38 7/10/20 1:00 PM Selling your practice?

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