DOF NEWS   
Annual Meeting Guest Speaker Explains Opportunity Zones
From left: Tommie Thompson, CPA; Shafron Hawkins; and Odysseus Lanier, CPA

Representatives from DOF member firms participated in the 2019 DOF Annual Meeting, held June 18 at the Cosmopolitan in Las Vegas. Members were updated on DOF membership, communications and marketing, business development, finance, Ralph Grant Institute and the Practice Management Conference.

As part of the Business Development Committee report, Tommie Thompson, CPA (Bazilio Cobb & Associates), interviewed Shafron Hawkins, founder, president & CEO of the Opportunity Funds Association (OFA). Established this year, OFA is the only trade association for qualified opportunity funds, their parent companies, and preferred service providers. Hawkins was the lead policy advisor to Senator Tim Scott (R-SC), a Senate Finance Committee member, on the 2017 Tax Cuts and Jobs Act (TCJA). During the legislative process, he was the driving force behind the Opportunity Zones provision and has worked with Treasury to develop regulations for Opportunity Zones that will rapidly deploy capital into distressed urban and rural communities.

Hawkins explained three tax advantages for Opportunity Zone investors: deferral of capital gains, reduction of capital gains, and elimination of capital gains.

Click here to view the interview with Hawkins.

DOF Congratulates NABA on its 50th Anniversary

Above: Members of the NABA and DOF Executive Committees and Walter Smith, CPA, NABA president & CEO.
 
Left: NABA Chairman Steven Harris, CPA, received a plaque from DOF congratulating NABA on its 50th Anniversary.  
Entrepreneurship Workshop
Anthony S. Kendall, CPA (chairman & CEO, Mitchell Titus) and Odysseus Lanier, CPA (partner, McConnell & Jones, LLP, and DOF chairman) conducted a DOF workshop ("Starting and Growing a Sustainable Public Accounting and Consulting Firm") on June 19 as part of the Entrepreneurship Track at NABA's National Convention & Expo. The course covered the importance of critical assessment and selecting the appropriate entity structure; financial resources required; accessing the market; the importance of networking and leveraging relationships; corporate/public sector support; the value of partnering/subcontracting for experience and capacity; and sustainability via mergers, acquisitions and succession planning.

Odysseus Lanier, CPA, and Anthony Kendall, CPA, conduct entrepreneurship workshop.

From left: Anthony Kendall, CPA; Anthony King, CPA; Odysseus Lanier, CPA; Charlene Smith, CPA; and Tre' Wright.
DOF at the NABA Expo
DOF member Alfred Ball, CPA, and Elaine Smith (DOF administrator) distributed DOF brochures and answered questions about DOF at the NABA Expo in Las Vegas on June 21.

Pamela Pinkett, CPA; Alfred Ball, CPA; Futhi Mtoba, past president, Association of Black Accountants of South Africa; and Maureen Bainbridge, Bazilio Cobb
Alfred Ball, CPA; Tre' Wright, Hemphill Wright & Associates; Keisha Bridgewater, CPA, Bert Smith & Co.; and Jerry Hanes, Jr., CIA; The Wesley Peachtree Group, CPAs


Above: Steven Harris, CPA; Alfred Ball, CPA; Elaine W Smith; and Walter Smith, CPA

Left: Alfred Ball answers questions about DOF membership. 

ABASA Past President Discusses Challenges and Opportunities for Black Accountants in South Africa
Futhi Mtoba, past president of the Association for the Advancement of Black Accountants in Southern Africa (ABASA), spoke to the DOF administrator about challenges and opportunities for black accountants in South Africa. Mtoba, who is retired from Deloitte, said that the primary challenge for black accountants is "increasing the number." She explained that the standards for educating black children are "not high enough" and that the "traditional areas where black people live still lack resources." She said those resources are both infrastructure and human, and that there is a lack of teachers for subjects that qualify students to become accountants. "Because of this, there is a low number of students who qualify for entrance into universities, which require STEM subjects," she said. In terms of the policy of the government, Mtoba said, "After our democracy has opened up, every child has a right to education, but to exercise your right you must have the
ability to exercise that right."

With respect to opportunities, Mtoba said that under the government's "black economic empowerment" policy, "what previously were called white-owned institutions have to give a certain level of work to black companies or have a certain number of black people employed in their organizations, particularly if you source contracts from the government. The government uses that as a tool for redistribution."

In response to a question about opportunities for black-owned U.S. accounting firms in South Africa, Mtoba said, "You will find that through client demands, we need expertise in different areas that we don't have in South Africa. Companies from anywhere in the world bring their expertise, so on that basis, I believe there can be opportunities for black firms from the U.S."

2019 Practice Management Conference Highlights
Representatives of more than 30 African American CPA, tax and financial services firms from across the country convened in South Beach in January for the DOF 24th Annual Practice Management Conference. 

Participants in the 2019 Practice Management Conference.


Tracy Peterson, CPA, AICPA's Peer Review manager, clarified standards for monitoring a firm's accounting and auditing practice and explained the use of the Peer Review Integrated Management Application.

Anthony Kendall, CPA, CEO of Mitchell Titus LLP, provided insight on growing a firm, particularly by attracting and learning from the best talent, including millennials.


David Lopez, CPA, CEO, David Lopez & Co; Charles Smith, head of Sports & Entertainment, Mediacom; and Marques Colston, CEO, Dynasty Intervention discuss what it takes to sustain a business. Smith and Colston also conducted separate workshops on business management and organization.
Genevia Gee Fulbright, CPA, president & COO, Fulbright & Fulbright CPA, PA, revealed the results of a DOF survey on succession planning and discussed how to get started and the dos and don'ts of succession planning.


Ralph Bazilio, CPA, chairman, Bazilio Cobb Associates, led a workshop on Going Global/International Outsourcing with Tre' Wright, Hemphill Wright & Associates, and Florice Gregory, CPA, Gregory CPA Services.
Adrienne Trimble, president & CEO, National Minority Supplier Development Council, discussed opportunities available to certified minority business enterprises (MBEs) and how NMSDC facilitates MBE integration into corporate and public sector supply chains.



Above: Byron Patrick, CPA, Network Alliance, Inc., discussed blockchain and other technologies affecting the accounting profession. 
Left: Kimberly Reed, Reed Development Group, conducted workshops on Talent Strategies for the 21st Century, The Power of Your Unconscious Bias, and the Power of Social Media and Business Development. 


THANKS TO OUR SPONSOR!  



2020 DOF Practice Management Conference to be Held in Miami
From left: Joe McCray, convention sales manager, Greater Miami Convention and Visitors Bureau; Gerri Lazarre, CPA, PMC Committee member; Kimi Ellen, CPA, PMC Committee chair, and Ed Ponder, director of guest services, The Betsy Hotel.


Kimi Ellen, CPA, DOF Practice Management Conference (PMC) Committee chair and Elaine Smith, DOF administrator, conducted site visits of six properties in South Beach in April. DOF will enter into a three-year contract with one property for the 2020, 2021 and 2022 conferences.


CALL FOR PRESENTATIONS!
DOF 25th Annual Practice Management Conference
 
Do you have an innovative practice management topic or insight that you want to share with America's minority-owned CPA, tax, and/or financial services firms?
 
Click here to download our submission guidelines and submit your proposal.
 
 
MEMBER NEWS 
Bridgett Gagné (center) with DC Board of Accountancy colleagues. 
 
 
Bridgett Gagné, CPA (Gagné Associates CPAs), was recently sworn is as a member of the DC Board of Accountancy.
 
George Willie, CPA (Bert Smith & Co.), is chair of the Small and Medium Practices Business Support Task Force of the International Federation of Accountants. George Willie became a member of the Small and Medium Practices Committee (representing the United States) in January 2015. He was nominated by the AICPA.
 
David A Lopez & Co. recently became licensed to provide full CPA services in California, which means the firm can do any financial statement engagement in that state. David Lopez, CPA, the company's principal, penned an article, "Accounting and Auditing for Small Businesses," for the July/August issue of the New Jersey CPA, the magazine of the New Jersey Society of CPAs. Click here to read the article. 
  
Anthony G. King, CPA (King, King & Associates P.A.), Charlene Smith, CPA (Grant & Smith) and George Willie, CPA (Bert Smith & Co.) discuss fulfillment and challenges in entrepreneurship in an article in the Spring issue of Spectrum, the official publication of NABA.
 
 
Got news about you or your company? Send it to [email protected]. 
 
 MEMBER PROFILE
RyanWest LLC
 
Gwendolyn S. Evans, CMI, focuses on one of the certainties of life: Taxes.
 
She has gained expertise and put it to work at the state government level, as a business owner, in the corporate world, and now, again, as the owner of her own firm, RyanWest LLC. Though based in Dallas, Texas, RyanWest is a multi-state consulting firm with a diverse clientele.
 
Evans was exposed to tax accounting while working for Club Corporation of America in Dallas after graduating from the University of Southwestern Louisiana. Less than a year later she began working in tax accounting at the Florida Department of Revenue, where she stayed for 10 years.  
 
Her next move was into the corporate world, working for The Raytheon Company,  with duties that included managing tax compliance and audits, handling tax legislation and policy matters, and overseeing the implementation of tax-related systems.  
 
While at Raytheon, she started a sole proprietor business (Unique Financial Services) and subsequently incorporated under the name A&G Evans Management. "I operated the business for 10 years before deciding to focus 100 percent of my time on my corporate career," she said.
 
She later left Raytheon for Ryan LLC, specializing in multi-state and local tax legislative and regulatory analysis among other things. Her success there, where her duties also included executing tax policy strategies and providing advocacy services, helped in the creation of RyanWest. The impetus for striking out on her own again: "Missing the feeling of managing my own firm."
 
At RyanWest, Evans brings her wealth of experience to other businesses. "Many companies have small tax departments and do not have the bandwidth to manage state audits, pursue tax overpayments, and other tax-saving opportunities," she said. "My firm acts as an extension to these tax departments to add value and minimize their tax cost, when appropriate." To do that, she said, RyanWest analyzes, researches, plans, and implements state and local tax solutions.
 
To promote her business, Evans uses sponsorships at state and local tax events and participates in events of the Dallas/Fort Worth Minority Supplier Development Council. "The DFW MSDC chapter does an excellent job of matching buyers to minority suppliers," she said. RyanWest's clients "consist of companies with revenue in excess of $1 million," she added.
 
Evans has no plans to slow down. "In three years, RyanWest will grow and expand its business by 20 percent by increasing its brand awareness and name recognition; and in five years, will achieve at least 95 percent positive customer feedback by providing consistent and quality service."
 
Her advice to other accountants wanting to establish their own tax services practice: "Develop a five-year business plan and an effective marketing plan. Before going to market, it is important to have a capability statement and an active website." She also stressed having the proper resources with the right skill set, whether by having employees or teaming with other independent contractors.
 
Evans said that the RyanWest plan goes beyond five years: "My ultimate long-term goal is to grow the firm to be the best-in-class minority-owned state and local tax establishment by building my credentials in the industry." 
 
Click here to learn more about RyanWest LLC. 
 
 
Email [email protected] to have your company's profile included in the DOF newsletter. 
WELCOME NEW MEMBERS!   
 
Gwendolyn Evans, CMI  
RyanWest LLC
Dallas, TX 
Eric McGlothen, CPA 
Eric McGlothen LLC
Atlanta, GA
 
 
Chris Okafor, CPA 
Okafor & Associates CPA PC 
Round Rock, TX
 
James White, Jr., CPA 
Banks, Finley, White & Co.
Atlanta, GA 
Birmingham, AL
Memphis, TN 
 
Welcome Back to DOF!

Genevia Gee Fulbright, CPA
, Fulbright & Fulbright CPA
Durham, NC

Pamela M. Pinkett, CPA
Silver Spring, MD
  PROFESSION NEWS
AICPA ASB Issues New Standards on Auditor Reporting
AICPA's Auditing Standards Board (ASB) has issued 
SAS No. 134, Auditor Reporting and Amendments, Including Amendments Addressing Disclosures in the Audit of Financial Statements. SAS No. 134 addresses the auditor's responsibility to form an opinion on the financial statements and the form and content of the auditor's report issued as a result of an audit of financial statements. It also addresses the auditor's responsibilities, and the form and content of the auditor's report, when the auditor concludes that a modification to his/her opinion on the financial statements is necessary, and when additional communications are necessary in report. SAS No 134 becomes effective for audits of financial statements for periods ending on or after December 15, 2020. Early implementation is not permitted.
 
The ASB has also issued SAS No. 135, 
Omnibus Statement on Auditing Standards-2019that is intended to more closely align ASB guidance with the PCAOB's standards.

IRS Revises EIN Application Process
As part of its ongoing security review, the Internal Revenue Service has announced that effective May 13, 2019, only individuals with tax identification numbers may request an Employer Identification Number (EIN) as the "responsible party" on the application.
 
IRS says the change will prohibit entities from using their own EINs to obtain additional EINs.The requirement will apply to both the paper Form SS-4, Application for Employer Identification Number (PDF), and online EIN application.


New Auditing Requirements for ERISA Employee Benefit Plans
The AICPA has issued a new Statement on Auditing Standards for ERISA employee benefit plans (SAS EBP), which includes new requirements for
  • engagement acceptance;
  • audit risk assessment and response;
  • communications with those charged with governance;
  • procedures for an ERISA section 103(a)(3)(C) audit; and
  • considerations relating to the Form 5500.
It also contains a new report format for ERISA section 103(a)(3)(C) audits.

The SAS EBP is effective for audits of ERISA plan financial statements for periods ending on or after December 15, 2020.

IRS Issues Guidance on Opportunity Zones Investment
The Internal Revenue Service has issued guidance providing additional details about investment in qualified opportunity zones.

Proposed regulations allow the deferral of all or part of a gain that is invested into a Qualified Opportunity Fund (QO Fund) that would otherwise be includable in income. The gain is deferred until the investment is sold or exchanged or Dec. 31, 2026, whichever is earlier. If the investment is held for at least 10 years, investors may be able to permanently exclude gain from the sale or exchange of an investment in a QO Fund.

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