The Natural State of Accounting - ARCPA LEAD Academy Application Now Available - Arkansas Society of CPAs
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The Natural State
of Accounting
Issue 1/January 2023
The ARCPA office will be closed on
December 23- 26
January 2
ARCPA LEAD Academy
Application Now Available
Arkansas Society of Certified Public Accountants
1 January 2023
ARCPA STAFF
MARSHA MOFFITT Executive Director/CEO
ZHENGYU LI Director of Finance
STEPHANIE TANNER Director of Education
ROBIN HARRIS Director of Communications
& Public Relations
WHITNEY MAYO Director of Membership
& Marketing
CRYSTAL MCKEE Education Assistant GET PUBLISHED
ARCPA OFFICERS
GINA R. MORAN Chair If you are interested in
submitting a column
ROCKY W. GOODMAN Chair-Elect
or feature to
GARY F. BECKWITH Vice Chair The Natural State
JILL M. PIERCE Secretary of Accounting
monthly newsletter,
DANE A. DOVER Treasurer please submit to
STATEWIDE DIRECTORS membership@arcpa.org.
ROBERT CHRISTIANSEN NATHAN M. NAILLING
PAULA M. KINNARD JOSEPH A. WHEELER
J. MICHAEL TUOHEY ELIZABETH M. KNIPSCHEER
The Natural State of Accounting is published monthly by
ANDREW D. ALMAND CHRISTOPHER W. BROWN the Arkansas Society of CPAs for its members. Views and
JACK CHAMI opinions appearing in this publication are not necessarily the
views of the ARCPA. The products and services advertised
11300 Executive Center Dr. in the Natural State of Accounting have not been reviewed
Little Rock, AR 72211-4352 or endorsed by the ARCPA, its board of directors, or staff.
Photo & Media Disclaimer - By attending any ARCPA event,
501.664.8739, AR Toll free 800.482.8739 participants understand that they may be photographed
arcpa.org or videotaped and grant the Arkansas Society of CPAs
permission to use them in a photograph, video, or other
digital media. This includes any and all of its publications,
including, but not limited to: social media, web-based
publications, or email marketing. Should a registrant decide
they do not wish to be photographed or recorded during an
event, they will make their wishes known to ARCPA staff
prior to the event.
Arkansas Society of Certified Public Accountants
2 January 2023
06 30
STRATEGIC PLAN HOW TECHNOLOGY
CAN MITIGATE
INCREASED SALES
TAX COMPLEXITY
18
MEET
ABAGAIL FREEMAN
CONTENTS
MEMBER NEWS
06 Creating strategy for success - 2023-2025 strategic plan
13 ARCPA Leadership Academy application - Deadline extended!
15 Welcome new ARCPA members
17 School visits and Society happenings
18 Member spotlight - Abagail Freeman
20 From the board room
21 CPA Day of Service
26 Members on the move
FEATURE ARTICLES
29 AICPA Expresses ‘Deep Concerns’ Regarding Form 1099-K Reporting Threshold
30 How technology can mitigate increased sales tax complexity
31 Top cybersecurity threats of 2023
33 Employee retention credit claims- facts versus fraud
CONTINUING EDUCATION
38 Keep Track of Your Continuing Education for the Reporting Year
Arkansas Society of Certified Public Accountants
3 January 2023
A look back… and to the future
Board Chair Message
As 2022 comes to an end, I reflect on the accomplishments of the ARCPA
Board, Standing Committees, and staff. Members and staff have been
actively participating in AICPA Council & Leadership meetings, Chapter
meetings, serving on committees and tax legislative task forces, making
presentations at Arkansas colleges and universities and beyond to help
promote our accounting profession.
One of the significant initiatives of 2022 was the Strategic Planning Retreat
held in Hot Springs, AR in late July that included members of the Board,
Strategic Planning Committee, and Society staff members. It was two great
days of collaborating on both challenges and opportunities of our Society and
profession. Although members were from various sectors of the profession
which included industry, government, education, public, and society staff,
overwhelmingly everyone had similar ideas on what the future of the ARCPA
should be. During the Retreat, time was allocated to crafting a new Vision and Mission for the society, as
well as three major goals that will be developed and implemented over the next three years. The goals
include Community, Engagement & Advocacy, and Learning & Development.
As we prepare for 2023, the Board and Strategic Planning Committee are in the beginning stages of
creating task forces for each established strategic goal to develop tactics for implementation during 2023-
2025. I encourage you to get involved in the ARCPA - what better way than to volunteer to serve on one of
the task forces and be a part of creating new and exciting value for our members. If you have an interest in
one of the three task forces or standing committee, please contact Marsha Moffitt at mmoffitt@arcpa.org.
I wish you a Happy and prosperous New Year!
Gina R. Moran, CPA
ARCPA Board Chair
Arkansas Society of Certified Public Accountants
4 January 2023
JOIN A
COMMITTEE!
Accounting Principles & Auditing
Continuing Professional Education
Emerging CPAs
Federal Tax Institute
Industry Commerce & Banking
Legislative
Professional Ethics
Taxation
Apply to join a committee here,
https://www.arcpa.org/committees
Did You Know…
There are 10 local ARCPA
chapters across Arkansas
ARCPA Advertiser Index
Accounting BizBrokers.................. 14
Accounting Practice Sales............ 16
Arkansas PBS................................. 12
To find your local chapter and get McGriff Insurance........................... 25
involved, please visit our website or
contact us! Paychex........................................... 19
https://www.arcpa.org/chapters Classifieds....................................... 40
membership@arcpa.org
Arkansas Society of Certified Public Accountants
5 January 2023
Creating Strategy
for Success
Following the March 30, 1915 passage of the Arkansas Accountancy Act 299, ten CPAs met
on September 11, 1916 and filed Articles of Incorporation to form the Arkansas Society of
Certified Public Accountants “for the purpose of elevating and maintaining the standard of
proficiency, integrity, and character, promoting and protecting the interest of Certified Public
Accountants.” Since that time, the society has served as an active professional organization of
CPAs working together to improve the Profession and serve the public interest.
Fast-forward 106 years - the Society has grown to more than 3,000 members, consisting of CPAs, CPA
candidates, and college students who have an interest in pursuing accounting as their career path. The
society is proud of its past and works to continue its legacy of serving and supporting the Profession,
while paving the way for the society’s future.
In 2018, Board members, staff, and other key members developed a three-year bold vision for building
on the society’s past successes through increased advocacy efforts, stronger educational programs, and
becoming a technologically advanced organization. Over the next three years, the society rebranded from
ASCPA to ARCPA, assisted the Arkansas State Board of Public Accountancy in revising its CPE requirements to
better educate CPAs for their respective fields, equipped the society’s classroom space to offer more events
in a livestreamed format, and created a leadership program for emerging CPAs to strengthen and build the
society’s pipeline of future leaders.
Despite the disruption of the Covid-19 pandemic in March 2020, ARCPA quickly changed course and was
able to meet the needs of its members head-on through immediate virtual learning, increased online
communications related to Covid relief programs and the extended tax season,
and successfully achieved the goals originally laid out in that 2018 strategic plan.
To keep the momentum going, the Board of Directors engaged with Vista Cova in early 2022, a nationally
recognized firm of expert facilitators who support strategic planning and member engagement to explore
ARCPA’s strengths and challenges and assist in creating a new three-year strategic plan. Twelve members of
the Board and Strategic Planning Committee who work in public accounting, industry, and education joined
with society staff in Hot Springs in late July for two days of intensive discovery, where new priority initiatives
for future growth and member engagement were developed, and new vision and mission statements were
drafted.
2023-2025
Arkansas Society of Certified Public Accountants
6 January 2023
Strategic Plan
The Purpose, the Process, the Plan
Why a Strategic Core is Needed Today More than Ever
By Lowell Aplebaum, FASAE, CAE, CFP; CEO of Vista Cova
After more than two years of societal disruption, there are journey. This desire to affiliate may result in a prospect
phrases organizational leaderships are exhausted of hearing, deciding to join or another organization deciding to
i.e., pivot, nimble, and shift. Yet, the underlying commonality become an ally.
of these areas is a focus on the needs of change in the • External definition of identity and purpose. Whether
moment. There is only so long anyone can live in a crisis and with legislators, regulators, educational partners, or the
have rapid decision-making serve as a recipe for success. public, there will be key moments where an organization
Coming up for a breath of air, organizations are recognizing it is connecting with those not in the profession. In these
is time to turn eyes once again to the horizon. How does the moments, the vision and mission statements serve as
future we want to create look different? What new strengths the introduction, ensuring those who may never be
have we discovered that we should invest in and leverage a part of the organization understand who they are
to bring about that future? Have we discovered new meeting with for a more fruitful relationship.
audiences who will be key partners, enabling the successful
advancement of mission? These questions drive the crafting, Strategic priority areas. An organization may have the
adopting, and living of an organizational strategic core. capacity to do anything (within reason), but it certainly
cannot do everything. Priority or goal areas give focus to
Shared and evolving vision of a mission-impactful future. where an organization is going and enable it to shift efforts
This is a narrative description of the inspirational tomorrow and resources to create the visioned future, often producing
the organization is striving to create. Through a process of a better balance of depth and breadth. Functional areas
meaningful inquiry and additive listening, organizational taking or providing the most resources will drive the priority
leaders embrace their role as storytellers and champions areas for the organization. It is not unusual to see these
for the organization to create this narrative. Once specified in terms such as advocacy, learning, meetings, or
composed, the narrative serves both as a referendum on membership.
the significance and potential of the organization and an Statements of success and strategies. Once the priorities
entry point for new voices – of leadership and membership. have been authored, leaders establish two additional, high-
These voices can add to that story, shifting the focus as new level guidance pieces.
threats and opportunities arise. This narrative may not be
part of the one-pager strategy summary on a website, but • Statements of success. Statements are multi-year
it is a living true north connecting organizational value and narratives describing the indicators of success for a
meaning. future state of the organization. The success statements
will often serve as the basis for establishing yearly
Vision and mission statements. Almost every profession has metrics in an action/operational plan.
some version of a vision and mission statement. For non- • Key strategies. The strategies are focal, high-potential
profit organizations, these statements together should serve efforts essential to enacting shared and evolving vision
three primary purposes. of the future.
• Leadership litmus test. Before making critical resource Strategy-wide measures of progress. There are often
investment decisions, organizational leaders should several operational or organizational priorities against which
look at the vision and mission statements and reflect leaders want to see EVERY goal or priority area measured.
on whether the resources to be invested move the These often include progress or success measures for fiscal
organization closer to those statements in the most sustainability/responsibility, effective communications, or
efficient, effective, and impactful way possible. governance excellence. Setting these measures is a clear
• Reason to affiliate. The vision and mission statements indication from leaders about which areas deserve the most
should contain an aspirational future the organization attention and planning.
is uniquely positioned to create. Those who find the
vision and mission compelling will want to be part of the
Arkansas Society of Certified Public Accountants
7 January 2023
In the strategic core, there is not a focus on tactics or short-term five to seven years to examine governance holistically and will
milestones. As disruption moves from occasional to a weekly ensure there are routines to conduct regular, annual pressure
occurrence, the strategic core can surf the wave of disruption testing and adjustment of governance processes. It is common,
with rapid strategy-driven responses. An organization can affirm after developing a new strategic core, to take a fresh look at
and continue to pursue its vision even as it changes how it committee and council structures, ensuring each aligns to the
does so. The strategic core also provides a stability in focus and strategic priorities of the organization. This can recommit the
direction. work of volunteer groups to organizational priorities, creating
more meaningful volunteer experiences.
The value of crafting a strategic core includes several key
leadership development and connection opportunities. The Finally, a strategic core crafted, refined, approved, and executed
most powerful of which is in the alignment of vision with in a concordant action plan will not reach its potential without
the path to get to the vision. The identification of priority a mindset and system of communication, conversation, and
areas enforces the importance of prioritizing, sequencing, evolution. Strategy done for a membership is much different
and choosing activities with the greatest potential. Boards than strategy crafted and advanced with the membership. It
of excellence are incredibly talented at saying no. The more is critically important that the strategic core be crafted with
leaders can discern where NOT to expend effort and resources, meaningful places of input and engagement with members.
the greater the capacity to invest in the places of greatest Doing so will result in a strategic core and priority areas with
potential. The work of a strategic core – in authorship and accessible opportunities for members to get involved and
continuation – builds this skill. contribute to priority advancement.
As a supplementary strategic effort, many organizations will The strategic core is the north star by which an organization can
build or refine an annual process of programmatic impact better set direction and tell the story of past accomplishment,
measurement. Combined with the strategic core, measuring present strength, and future aspiration. Through a strategic
the fiscal and mission impact of each programmatic investment core, leaders can assure all parts of the organization are better
further helps leaders decide which areas to sunset, pause, aligned with the purpose, vision, and mission.
maintain, adapt, invest in, or create.
While each organization is different, these steps outline the
A strategic core also serves as a nexus from which an process Vista Cova uses to create a strong strategic core. You
organization can reflect on its current system of governance and can read more about how ARCPA used this process to envision
evaluate relevance. Much like going to a doctor for a check- their three-year plan on the pages that follow.
up, healthy organizations will take a larger step back every
Arkansas Society of Certified Public Accountants
8 January 2023
A Vision for Success
To kick off the two-day retreat, participants were challenged to consider their
own individual vision of ARCPA as a thriving, successful organization three years
from now and what success might look like as strategic goals are achieved.
As participants shared their individual thoughts, it was amazing to hear how
everyone in the room had virtually the same vision for success.
• The group collectively imagined an organization with a collaborative,
engaged and thriving membership, building networks both internally and
externally to consistently reinforce trust and confidence in ARCPA and the
profession.
• They imagined intentional leadership development and succession planning,
designed to leverage diverse backgrounds, voices and perspectives.
• They welcomed a culture of belonging that would strengthen brand
recognition, reinforce innovative thought leadership, and foster open
communication and individual and organization confidence.
• They imagined solid outreach and communication to engage, excite, and increase awareness of ARCPA’s unique role
and impact on the career path and professional development within, and outside of, Arkansas’ CPA community of
practice.
2023-2025 GOALS
VISION
Arkansas’s premier Community
professional home for To build a collaborative peer-to-peer environment that fosters sustainable
CPAs and accounting relationships
professionals, serving the
profession with integrity To cultivate mutually beneficial relationships among accounting professionals and the
stakeholders they serve
Engagement & Advocacy
MISSION To be the leading voice representing firms, industry, chapters, and members
Promoting and engaging To foster community dialogue among leaders, chapters, and members to understand
members for growth and and communicate issues affecting members today and tomorrow
success through advocacy,
education, networking, and
mentorship Learning & Development
To offer innovative and relevant learning opportunities, using on-site and web-based
platforms, creating a collaborative environment for professional and personal growth
Arkansas Society of Certified Public Accountants
9 January 2023
Strategies
COMMUNITY
ARCPA is the leading professional community in Arkansas where members can develop and grow their network. The Society
has grown a multifaceted network that includes chapters, universities, communities, LEAD academy graduates, and
other stakeholders that make us stronger together.
ARCPA recently launched ARCPA Connect as a one-stop cutting edge online community for peer communication and
networking. Members can join micro-communities within the platform, which more clearly define expectations for member
engagement and contribution.
Through Town Halls, Round Tables, Lunch & Learns, Chapter Meetings, Panels for School Presentations, the annual
CPA Day of Service, and more, ARCPA can provide multiple opportunities for peer connections, member collaboration,
promoting the profession, and providing support across the profession’s members.
ENGAGEMENT & ADVOCACY
Members can be engaged in regular meaningful communications with the ARCPA through vibrant, growing, and collaborative
chapter involvement. ARCPA leaders and staff will work to identify key issues and advocate for those issues on members’
behalf with federal and state legislators, regulators, and other policy makers who find CPAs indispensable in matters
pertaining to the accounting profession. ARCPA works to influence legislation and standards that are beneficial to members’
clients and to the profession.
ARCPA’s engagement and advocacy efforts will experience success through partnerships with the ten local
Chapters, area high schools, and universities. ARCP will continue to develop partnerships with key stakeholders for
legislative change and increase communication and updates during legislative sessions. Town Hall meetings will be
encouraged for increased member engagement, and members can let their voices be heard on ARCPA Connect.
LEARNING & DEVELOPMENT
Members are encouraged to look to ARCPA first for their CPE and learning resources for value, quality, and relevance. ARCPA
will leverage its resources to foster collaborative learning across members and firms.
ARCPA will reconsider how future CPE is packaged in efforts to create high value learning opportunities and increased
participation, allowing ARCPA to be competitive in the CPE market.
ARCPA’s successful leadership academy (LEAD), now in its third year, has cultivated emerging leaders who are serving in
active leadership roles within their local chapters, volunteer committees, and the Board of Directors. ARCPA will continue
to use this unique leadership development program as a pathway for building its pipeline of dedicated future leaders.
Arkansas Society of Certified Public Accountants
10 January 2023What’s Next
ARCPA Staff will establish some Key Performance Indicators to ensure these goals and strategies are achieved over the next
three years. We will work with the Board of Directors to set target dates for various initiatives, and we will work with volunteer
committees, task forces, local Chapters, and Society leaders to craft a tactical plan for success.
How can YOU be involved?
You’ve heard the phrase “it takes a village”. Well, it really does! A small staff of six just can’t do everything. ARCPA is very blessed
with a dedicated and hard-working team of professionals who use their talents to serve the ARCPA membership; but we need
YOU to be involved and support the initiatives that have been developed so that ARCPA can continue to be successful and grow.
Over the next several months, we will be sharing ways that you can get involved. To start, now’s the time to sign up for volunteer
service on one of our ten standing committees. ARCPA has something for everyone: from Emerging CPAs to Accounting &
Auditing; Industry; Taxation; Legislative, and more. Sign up for committee service today and put your professional expertise to
work!
Participant Comments
“The strategic planning sessions were a collaborative effort among CPAs, Society leaders,
and staff that I believe will guide our Society for the next few years and be transformative
for the direction our organization will travel the next decade. I enjoyed digging below the
surface with everyone who was there to achieve more for Arkansas CPAs.”
Rocky Goodman
ARCPA Board Chair-Elect
“We had time to have in-person communication between staff and board members to
voice challenges and concerns facing the Society and the profession. This helped us come
up with ideas and address the issues so we can be successful moving forward. I believe it’s
a good idea to do this every few years with the changing profession.”
Ross Baldwin
ARCPA Western Chapter President
“Attending the 2022 Strategic Planning Retreat was an invaluable experience for me. This
retreat gave us the opportunity to reflect on the progress the Society has made and work
together to create specific goals for the future. I appreciated being able to gain insights
from members throughout the state and from different specialties. I was surprised that
although we all had different roles in the Society, many of us had similar ideas when
drafting the new vision and mission statements. Overall, I left the retreat feeling confident
that the members, leadership, and staff will bring the goals we set to fruition.”
Whitney Mayo
ARCPA Director of Membership & Marketing
Arkansas Society of Certified Public Accountants
11 January 2023SEASON THREE PREMIERES SUNDAY, JAN. 8, AT 7 P.M.
OR STREAM THE ENTIRE
SEASON NOW! myarpbs.org/Passport
NEW SEASON PREMIERES SUNDAY, JAN. 8, AT 8 P.M.
Never miss an update.
Scan to sign up.
Arkansas Society of Certified Public Accountants myarpbs.org
12 January 2023ARCPA to hold 3rd
Leadership Academy
in 2023
Professionals in Arkansas have various opportunities to
Application Deadline: participate in leadership programs around the state, but none are
January 31, 2023 geared specifically toward the accounting profession.
The Arkansas Society of CPAs (ARCPA) has developed LEAD: Leadership Exploration and Development
for our own Emerging CPAs, investing in leaders for our future. LEAD is intended to:
• Provide a member service for leadership development and training for emerging members
• Develop a strong pipeline of leadership for the ARCPA
• Expand the reach of a national leadership program to more ARCPA members
• Promote ARCPA membership and engagement
• Enhance the careers of LEAD participants
LEAD will kick off June 7-9, 2023, at the Inn at Carnall Hall, located on the campus of the University of
Arkansas at Fayetteville, with an additional session on September 28, 2023, in Little Rock. Space is limited to
12 applicants.
LEAD is open to ARCPA members, ages 25-35, or those who have been in the profession less than 10 years.
Applicants must be licensed CPAs, have the full support of their employer, and commit to attending both
sessions. Deadline to apply is extended to January 31, 2022. For more information, visit https://www.arcpa.
org/news-resources/LEAD
Download your application today!
Deadline to apply is extended to January 31, 2023
Here’s what previous LEAD attendees had to say about their experience with the program.
“A great experience to connect with other
“It’s a chance to get involved with
CPAs outside my area of accounting and
other CPAs in the state.”
learn from others.”
“It will have a huge impact on how I interact with
people inside and outside of work. I have enjoyed
everyone I was able to meet. A fantastic experience.”
Arkansas Society of Certified Public Accountants
13 January 2023Help potential clients find you at our…
FIND-A-CPA DIRECTORY
The Find-A-CPA Directory is an online referral
database available to the public free of charge.
This directory allows individuals to search for CPA
members by city/zip code, industry expertise, or by
keyword.
If you’re a certified member of the ARCPA and you
work in public accounting, you can enroll through the
ARCPA website via your profile.
SIGN UP TODAY
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Arkansas Society of Certified Public Accountants
14 January 2023Welcome New Society Members!
The Arkansas Society of CPAs welcomes the
following new members. Please take the time
to welcome these members and invite them to
society and chapter events.
To find members, visit https://www.arcpa.org/my-
arcpa/member-directory
Learn more about our society and the benefits of
membership at https://www.arcpa.org/
CPA MEMBERS
Reynolds H. Beckham III, HCJ CPAs & Advisors PLLC, Little Rock
Jeffrey L. Behm, Bentonville
Matthew F. Crenshaw, EY LLP, Rogers
Angela J. Drummond, Saline County, Benton
Joseph B. Elandary, FTI Consulting, Dallas
John Gibson, Peritum, LLC, Fayetteville
Richelle L. Huggins, African Bible Colleges, Jackson MS
ASSOCIATE MEMBERS
Brenda Esparza, FORVIS, Little Rock
Jonathan P. Mahaffey, FORVIS, Rogers
Kariann Petzold, FORVIS, Little Rock
Donald Radabaugh, FORVIS, Little Rock
Jacqueline D. Wright, Philander Smith College, Little Rock
Anna Yowell, FORVIS, Rogers
STUDENT MEMBERS
Ruben Hernandez, University of Arkansas - Pulaski Tech, North Little Rock
Emma Maciel, University of Arkansas Fort Smith
Phillip D. Stanley, Arkansas State University, Jonesboro
Steven Watson, Arkansas Northeastern College, Blytheville
Jeffery D. Earhart
The Arkansas Society of Certified
Certificate # 3479 (1985)
Public Accountants deeply regrets
Ken Lance & Company PC
the loss of the following member:
Fayetteville
Arkansas Society of Certified Public Accountants
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Arkansas Society of Certified Public Accountants
16 January 2023School Visits
Hazen High School Visit
Christi Rounsavall, of Ellis, Tucker & Aldridge, LLP, spoke
University of Monticello Visit with two classes of seniors on Friday, November 11, 2022,
The Southeast Chapter of CPAs held an annual at her alma mater Hazen High School for their Future
student event on Tuesday, October 25 in the Focused Friday. Christi spoke on the topics of assets,
evening. The student event was held at the John liabilities, credit, equity, recession, and the various possible
F. Gibson University Center at the University of careers in accounting. Hazen High School’s Future Focused
Arkansas Monticello. Marsha Moffitt presented to Friday (FFF) serves the goal to educate students about a
students and CPA members in attendance following wide variety of professions and training pathways.
a dinner. Christi Rounsavall speaking to students at Hazen High School
University of Monticello Visit South Side Bee Branch High School Visit
Accounting professors Rebecca Phillips (left) and Staci Clark, of the Arkansas Bar Association presented on
Dr. Curtis Atchley (second from rt) with Dr. Marsha November 11, 2022 in Ms. Paula Deckard’s Accounting I & II
Clayton, Dean of the School of Business (far rt) and classes at South Side Bee Branch High School. Students listened
UA Monticello accounting students. to the presentation and received information and handouts on
how to become a CPA.
Staci Clark (left) and students with teacher Paula Deckard.
University of Fort Smith Visit
The Western Chapter of CPAs sponsored a pizza lunch on November 29 for accounting students at the University of
Arkansas at Fort Smith. Several Chapter members from various areas of the profession participated in a Q&A panel
discussion with the students, encouraging them to pursue the accounting profession as a career and obtain the CPA
designation.Thank you to Dr. Randall Stone for setting up the event.
Photo 2 Panel participants, top to bottom: Lea Sappington, UAFS Student and Beta Alpha Psi representative – Panel Facilitator; Ross Baldwin,
Staff Auditor IV with Arkansas Legislative Audit; Molly Coffman, A&A Supervisor with Landmark CPAs; Chance Locklear, Senior Accountant with
Landmark CPAs; and Charles Warren, CFO of Fort Smith Public Schools.
Arkansas Society of Certified Public Accountants
17 January 2023Society Happenings
Western Chapter Visit | November 29, 2022
Landmark-Fort Smith Visit
Chapter Networking Dinner
Chair Gina Moran and Executive Director Marsha Moffitt made a
Chair Gina Moran and Executive Director Marsha
stop at the Fort Smith office of Landmark CPAs to discuss with firm
Moffitt joined thirteen Western Chapter members
leaders the issues that are affecting the profession.
for a networking dinner at Bricktown Brewery in
Left to right: Marsha Moffitt, Sue Talkington, Joshua Masters, Barbara Hambrick,
Downtown Fort Smith. The Chapter plans to make
Gina Moran, JD Brashear, Chance Locklear, and Molly Coffman.
this an annual event during the holiday season.
Meet
Abagail Freeman, CPA
We are excited to spotlight one of our emerging CPA members, Abagail
Freeman. Freeman is a Principal for Bell and Company, PA in Conway.
She has been a member of the ARCPA since 2016. She is a native of
Arkadelphia, Arkansas and an alumna of Henderson State University
(HSU).
What is your first experience or favorite memory of your involvement
with ARCPA?
HSU accounting students took a field trip to visit a couple Little Rock firms, then stopped off at the ARCPA
office to learn more about CPA’s and the exam. That was some of my first exposure to what it takes to
become a CPA.
What favorite activities/hobbies/volunteerism do you do in your spare time?
I love building Lego sets and have quite the collection - from modular buildings to flowers to roller coasters.
Best advice for students about becoming a CPA, or taking the CPA Exam?
When it comes to the CPA exam, if you can sacrifice a short period of your life to devote to studying during
or right out of college just do it. You will be better off not knowing what having a life after school feels like
until you are all done! That may be a little dramatic, but it helped me be done with the exam in a little under
a year.
Why did you become a CPA?
Partly because I wanted to work in public accounting and partly because I wanted to prove to myself that I
could do it!
Arkansas Society of Certified Public Accountants
Arkansas Society of Certified Public Accountants 18
18
January 2023
January 2023Master This Tax Season
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Arkansas Society of Certified Public Accountants
19 January 2023From The Board Room
The following issues were covered in the December 8, 2022, Officers and Directors Meeting, held in Little
Rock:
• Received a quarterly legislative report from Lobbyist Rodney Baker
• Discussed rollout and next steps on the 2023-2026 Strategic Plan
• Received a report from the Arkansas State Board of Public Accountancy regarding expired and vacant
positions and IT changes in preparation for the new CPA Exam, expected to launch in January 2024
• Reviewed and approved the Finance Committee report for the period ending September 30, 2022
• Reviewed and approved the Membership Report as of November 30, 2022, including 1 resignation,
2 Life membership applications, and a contribution of $100 each into the Student Education Fund in
memory of 1 recently deceased member
• Reviewed and approved a report from the Nominations Committee as follows:
2023 Slate of Officers & Directors
Vice Chair – Jeremy T. Watson, CPA, HCJ CPAs & Advisors PLLC, Jonesboro
Term as Chair 4/1/2026 – 3/31/2027 (four-year term begins April 1, 2024)
Secretary – William B. (Bill) Puckett, CPA, Pritchard Industries Southwest, North Little Rock
Term 4/1/2024 – 3/31/2026
Treasurer – Jaye P. Gasaway, CPA, Gasaway & Company, CPAs, Little Rock
Term 4/1/2024 – 3/31/2026
Director –Blair H. Trotter, CPA, Central States Manufacturing, Tontitown
Term 4/1/2024 – 3/31/2027
Director – Robert G. (Greg) Schichtl, II, CPA, Garland & Greenwood CPAs and Advisors, Conway
Term 4/1/2024 – 3/31/2027
Director – Dr. Cynthia L. Taylor-Shavers, CPA, University of Arkansas Little Rock
Term 4/1/2024 – 3/31/2027
Recommendation to Governor-Elect Sarah Sanders for the 2023 appointment to the Arkansas State
Board of Public Accountancy, a five-year term beginning in September 2023:
Jeffrey S. Fender, Partner, S. F. Fiser & Company CPAs, Springdale
Walter D. Wood, Partner, Wood and Wood Ltd., Magnolia
The Slate of Officers & Directors will be presented to the membership for a vote during the virtual Annual Members’ Meeting in
2023 (date TBD).
• Received reports from the Central, Northeast, Northwest, and Western Chapters
The next scheduled Board of Directors’ Meeting will be held virtually at 10:00 a.m. on Thursday, February
23, 2023.
Arkansas Society of Certified Public Accountants
20 January 2023ARCPA Day of Service
Friday, November 18, 2022
The 2022 ARCPA Day of Service was a success! Thank you to the
volunteers who participated in the annual ARCPA Day of Service. We
appreciate your taking part in an activity or service project to make an impact
on your community.
ARCPA Day of Service allows CPA members and their colleagues, staff, and
accounting students around the state to participate in a public service activity
on that date (or other date they choose). The event emphasizes that CPAs
are involved in their profession as well as their communities.
The CPA Day of Service is a single day that highlights CPA professionals’
ongoing commitment to voluntarily serving their communities. We hope to
have even more participation next year! Most volunteers received a t-shirt to
wear during their preferred service or outreach activity. Thank you to McGriff
Insurance for supporting the event.
Because of the over 100 people that participated, who willingly gave
their time, together we touched the following organizations and communities:
Arkansas Children’s Hospital Northwest Springdale
Arkansas Food Bank Little Rock
ASU Mountain Home Coulter Celebration of Lights Mountain Home
Bethlehem House Conway
Centers for Youth and Families Little Rock
Community Services Clearinghouse Fort Smith
Dave Stephens Lion Pride Food Pantry at UA Fort Smith Fort Smith
Fayetteville Local Ministries Toy Drive Fayetteville
Foodbank of Northeast Arkansas Jonesboro
Foundation of Arts Jonesboro
Junior League of Little Rock Little Rock
Lakeside School ACE (All Created Equal) Food Pantry Hot Springs
Little Rock Parks and Recreation Little Rock
Northwest Arkansas Foodbank Springdale
Our House Little Rock
Ronald McDonald House Charities Conway
Ronald McDonald House Charities Fayetteville
Ronald McDonald House Charities Fort Smith
Ronald McDonald House Charities Little Rock
Thank you to those who participated in our day of service!
Beta Alpha Psi Alpha Iota Chapter Landmark CPAs
Beta Alpha Psi Epsilon Pi Chapter Martha Grant, CPA
Beta Alpha Psi Nu Eta Chapter McGriff Insurance
Beta Alpha Psi Theta Lambda Chapter Pierce Firm, PLLC
FORVIS Western Chapter of CPAs
Garland & Greenwood CPAs and Advisors, PLLC Unnamed others who volunteered
HCJ CPAs & Advisors, PLLC
Arkansas Society of Certified Public Accountants
21 January 2023ARCPA Day of Service
Friday, November 18, 2022
University of Arkansas – Fort Smith’s Nu Eta Chapter of Beta Alpha Psi partnered with the Western Chapter
of Arkansas Society of CPA’s for the second year to benefit the UAFS Lion Pride Food Pantry. The charitable
contributions from staff at the firms of Landmark PLC, FORVIS, and students in Dr. Randall Stone’s accounting
classes helped to fill the pantry with food and supplies for the upcoming winter break.
Beta Alpha Psi students Lea Sappington (President), Halie Standifer (Vice President) and Austin Miller (candidate member) helped to
collect the donations from Forvis and Landmark offices in Fort Smith.
Landmark volunteered for Ronald McDonald House Charities (RMHC) in four locations with Beta Alpha Psi
students at UA Fort Smith, UA in Fayetteville, at UCA in Conway, and at UA Little Rock. The firm and Beta
Alpha Psi clubs compiled care packages for Ronald McDonald houses. Each event coincided with the Beta
Alpha Psi initiation.
Arkansas Society of Certified Public Accountants
22 January 2023ARCPA Day of Service
Friday, November 18, 2022
Pierce Firm, PLLC employees did two service projects. They made blankets for Arkansas Children’s Hospital
and Christmas present shopped for a local ministry so that needy families can pick out presents for their kids.
FORVIS employees collected food items and non-perishable donations for the Dave Stephens Lion Pride
Food Pantry at UA Fort Smith, and Community Services Clearinghouse food drive.
ARCPA staff and McGriff Insurance representatives created balloon garlands and crafts for Junior League of
Little Rock’s Donuts with Santa event.
Arkansas Society of Certified Public Accountants
23 January 2023ARCPA Day of Service
Friday, November 18, 2022
HCJ CPAs sorted clothing donations at the Our House thrift store, organized the art room, and raked
leaves outside. The firm employees also volunteered at Arkansas Foodbank, Foundation of the Arts, and at
Reservoir Park for cleanup.
Garland and Greenwood donated non-perishable food to the Northwest Arkansas Food Bank, The Food Bank
of Northeast Arkansas, The Centers For Youth and Families, the Bethlehem House, and to Lakeside School’s
ACE (All Created Equal) Food pantry.
Arkansas Society of Certified Public Accountants
24 January 2023Focused on the
Insurance
Needs of
Arkansas CPAs
At McGriff Insurance Services, we know you have a lot of decisions to make when it comes
to your business. That's why we offer solutions tailored to the needs of professionals, including
specialized group-rated insurance products available only to members of the Arkansas Society
of Certified Public Accountants (ARCPA). As the endorsed insurance provider of the ARCPA for
more than 20 years, our experienced advisors will listen and help you discover what's best for
your business.
For fast and easy quotes, or to learn how McGriff Insurance Services
can help protect your business, contact Tiffaney Davids at (501) 661-4957
or Tiffaney.Davids@McGriffInsurance.com
Professional Liability | Business Owner's Policy | General Liability | Building | Business Personal Property
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Arkansas Society of Certified Public Accountants
www.mcgriffinsurance.com 25 January
©2020, McGriff Insurance Services, Inc. All rights reserved. Insurance products 2023are
and services
offered through McGriff Insurance Services, Inc., a subsidiary of BB&T Insurance Holdings, Inc.Keith Faught
Named chief financial officer for Arisa Health
Keith Faught, a Master of Public Administration,
and Certified Public Accountant, has been
named Chief Financial Officer for Arisa Health.
Faught most recently worked as the CFO of a
behavioral health system in the River Valley and
also served for eight years at UAMS Northwest
as its executive director and CFO.
Gary Edwards
Named executive vice president and chief audit officer
LITTLE ROCK, Ark. (Nov. 17, 2022) – Encore Bank is pleased to
announce Gary Edwards has been named executive vice president and
chief audit officer. Edwards steps in for Elizabeth Bradley, who has been
promoted to Encore’s executive vice president and chief risk officer.
Edwards, who will be based in Little Rock, will lead Encore’s internal
audit functions and will oversee the evaluation of operational policies,
procedures, internal controls and governance processes across all
business lines.
“We are thrilled to welcome Gary to the Encore team,” said Burt Hicks,
Encore’s president and chief strategy and growth officer. “In just over
three years Encore has expanded its footprint into 20 markets across eight states and has added multiple
business lines. Gary will play a crucial role as we take our operations to scale. With his depth of knowledge
and vast experience consulting with financial institutions, Gary will be an invaluable member of our team.”
Before joining Encore, Edwards spent his entire 21-year career in public accounting at BKD, LLP of Little
Rock, with a majority of that time spent serving financial institutions. This experience includes audit/
attestation services, SEC compliance, directors’ examinations, mergers and acquisitions, public offerings,
private stock offerings, internal audit procedures, loan reviews and various consulting services.
“I’ve worked with the smallest bank in Arkansas, and I’ve worked with multibillion-dollar banks,” said Edwards.
“I’ve seen banks go public, and I’ve taken banks over the billion-dollar threshold. After 21 years in public
accounting, I’ve seen a lot in the banking industry, but I’ve never been a banker. I’m really looking forward to
this transition. It’s something I’ve wanted to do since I was on the Bank Board in high school.”
Arkansas Society
Arkansas Society of
of Certified
Certified Public
Public Accountants
Accountants
26 January 2023
January 2023Arkansas Voters Elect Accountants
to State Legislature and Local Government
ARCPA recognizes and congratulates two members who have been elected to local government and
Arkansas’ 94th General Assembly Regular Session of 2023.
Jim Petty, Arkansas State Senator-Elect, District 29
Jim Petty, a Van Buren city councilman, was elected to Arkansas Senate for District 29. He
will serve as Vice Chair of the Senate Revenue and Tax Committee.
Petty was elected to the newly created seat in the 29th district that includes Crawford County
along with the southern and eastern portions of Washington County.
He has lived in the area for more than 25 years and is a small business owner, certified public
accountant, and on the executive leadership team of a multi-state real estate firm.
Petty is a 20-year youth Sunday school teacher, is chairman of the Area Council of Boys and
Girls Clubs of Arkansas, and was president of the Arkansas Society of CPAs in 2009-2010.
Ken Kincaid, Mayor of City of Cabot
Ken Kincade has been re-elected as Mayor of the City of Cabot. Kincade, a Republican, has
been a resident of the city for over 40 years, where he lives with his wife and four children.
Kincade is an accountant, former chairman of the Cabot Parks and Recreation Commission
and former president and vice president of the Cabot Public School Board.
We Need You as a Key Contact!
We periodically ask members to volunteer to contact legislators as the need arises. Please help us to continue
to be an effective voice in legislation by volunteering to contact any of the Legislators you may know or would be
willing to contact if necessary, by submitting the information online:
https://www.arcpa.org/news-resources/advocacy
Join a community!
ARCPA Connect offers unique communities ARCPA Connect Committee Groups
specific to your interests and specialties. Utilize this
exclusive membership benefit by joining one or more Accounting Principles & Auditing
of these communities. Business and Industry
Emerging CPAs
Join one of our communities online by visiting https:// Fraud Conference Planning Task Force
connect.arcpa.org/home/ and selecting “Find Groups
Legislation
to Join” in the grey navigations bar on the left side of
the page. Taxation
Arkansas Society of Certified Public Accountants
27 January 2023YOU ARE THE KEY TO LEGISLATIVE SUCCESS!
Let us know who you know
Name __________________________________________________________________________
Firm/Company _________________________________________________________________
Address _________________________________________________________________________
City/State/ Zip ___________________________________________________________________
Business ________________________________________________________________________
Phone ___________________________________________________________________________
I know the following State Government Officials and would like to assist the Society as
a contact person:
Official’s Name _________________________________________________________________________
State Senator ___________________________________________________________________________
Do you live in his/her district? ___________________________________________________________
Relationship (Business, campaign contributor, campaign worker, casual acquaintance
personal friend, relative, CPA, other)
_________________________________________________________________________________________
State Representative ____________________________________________________________________
Do you live in his/her district? ___________________________________________________________
Relationship (Business, campaign contributor, campaign worker, casual acquaintance,
personal friend, relative, CPA, other)
__________________________________________________________________________________________
PLEASE RETURN BY JANUARY 16, 2023
Fax: (501) 664-8320
Web: https://www.arcpa.org/news-resources/advocacy
Mail:
ARCPA
11300 Executive Center Drive
Little Rock, AR 72211-4352
Arkansas Society of Certified Public Accountants
28 January 2023
Email Robin Harris at rharris@arcpa.orgAICPA Expresses ‘Deep Concerns’
Regarding Form 1099-K Reporting
Threshold
Reprinted with permission
Washington, D.C. (December 16, 2022) – In a leading to additional delays in processing returns
letter to Congressional leadership of the Senate and correspondence, historically low levels of
Finance Committee and the House Ways and telephone service, and incorrect notices and
Means Committee, the American Institute of CPAs penalties being assessed and sent to taxpayers.”
expressed deep concerns regarding the Form The AICPA recommends that the section 6050W(e)
1099-K, Payment Card and Third Party Network de minimis exception for reporting be cost-of-living
Transactions, reporting threshold that was lowered adjusted4 (COLA) using 1954 as the base period
to $600 for 2022 and will lead to significant for the $600 COLA and supports the National
confusion in the tax system in the coming months. Taxpayers Union Foundation recommendation
Under section 9674(a) of the American Rescue that the threshold be raised to “a level sufficient
Plan Act of 2021 (ARPA), the de minimis threshold to exempt casual or low-level online activity,”
decreased from $20,000/200 transactions to $600 agreeing that $5,000 would constitute significant
for any number of transactions, effective for 2022 progress.
Forms 1099-K, due to be filed in 2023.
About the American Institute of CPAs
According to the AICPA, the $600 threshold is The American Institute of CPAs® (AICPA®) is the
based on a threshold established by the Internal world’s largest member association representing
Revenue Code section 6041 established in 1954 the CPA profession, with more than 421,000
and does not account for increases in the cost of members in the United States and worldwide,
living that have happened over the last 70 years. and a history of serving the public interest since
1887. AICPA members represent many areas of
The de minimis threshold for information reporting practice, including business and industry, public
was lowered as part of ARPA, enacted in March of practice, government, education and consulting.
2021, and will substantially increase the number of The AICPA sets ethical standards for its members
Forms 1099-K required to be filed with the Internal and U.S. auditing standards for private companies,
Revenue Service (IRS) and furnished to recipients not-for-profit organizations, and federal, state
by third-party settlement organizations and their and local governments. It develops and grades
electronic payment facilitators. the Uniform CPA Examination, offers specialized
credentials, builds the pipeline of future talent and
“The excessive reduction in the de minimis drives continuing education to advance the vitality,
reporting threshold for third-party network relevance and quality of the profession.
transactions has created a significantly large
reporting burden,” the letter states. “When the
potential for matching is overlayed with IRS’s
continuing processing backlog, more needs to be
done to ensure that taxpayers and practitioners
are not faced in 2023 with yet another tax filing
season with unprecedented backlog levels
Arkansas Society of Certified Public Accountants
29 January 2023How Technology Can Mitigate
Increased Sales Tax Complexity
By Jeremiah LaRue, Product Marketing
Manager, Tax
Reprinted with permission
The sales tax compliance landscape compliance burden: making accurate tax determinations
is becoming more complex, according and calculations. These solutions
to Mike Bernard, Chief Tax Officer, Increased sales tax activity in local integrate with ERP systems (or
Vertex, who spoke at an AICPA Town jurisdictions: In 2021, the average general ledgers) and eliminate the
Hall event. Changing sales tax rates county, city, and district sales tax need for in-house tax research.
and rules pose substantial registration rates each increased while there were Advanced sales tax engines
and compliance challenges to all 197 new district taxes implemented, also integrate with procurement
companies, especially smaller the second highest number in ten applications, e-commerce platforms
businesses with tax “departments” of years. and other tools in the expanding ERP
one or two professionals. Auditing activity has intensified: ecosystem.
Having tax technology tools in Sales tax audits have returned to pre-
Keep these developments in
place helps tax departments keep pandemic levels of frequency. These
mind when you find new sales tax
pace while limiting the risk of non- newly aggressive auditors are looking
compliance requirements getting
compliance and visits from auditors. closely at remote sellers to assess
too complex. Stay current on sales
In our work with companies of all their compliance with economic nexus
tax regulatory and enforcement
sizes, we see sales tax engines rules and registration requirements
trends. And remember, technology
becoming a table-stakes requirement. that have come online since the 2018
by itself is not a silver-bullet solution.
Wayfair ruling.
Documenting workflows for your
Given that post-Wayfair sales tax clients’ transaction tax environment
Tax automation continues to
rules require far more companies can help to identify strengths and
advance and improve: Sales
to collect and submit sales taxes, areas for opportunity and growth. Visit
tax engines replace manual data-
it’s useful to keep the following CPA.com/SUT for more expert sales
collection and compliance work by
developments in mind as you and use tax guidance.
automatically updating the latest
evaluate whether a sales tax
tax rules, rates and logic and by
engine can help ease your clients’
Arkansas Society of Certified Public Accountants
30 January 2023Top Cybersecurity Threats of 2023
By Randy Johnston, Reprinted with permission
Cyber-attack statistics indicate that businesses face unknown IP addresses.
sustained cyber-attacks, which are only increasing. So
4. Poorly configured end-user devices – Properly
what should we expect as the top cybersecurity threats
configured end-user devices include anti-malware tools,
of 2023? Predicting that bad actors will repeat the most
signature-based, heuristic-based, or white-listing anti-
common attacks of the past in the future is appropriate.
virus products, and regularly updated operating systems
However, bad actors continue to dream up new attack
and applications. Further, ensure end users do not log
vectors. Moreover, they are improving their techniques
in with Admin rights, and drive encryption, perhaps with
faster than good actors can protect us.
BitLocker, is enabled.
The most common of these attacks, which cost the global
economy $1 trillion last year, are: 5. Misconfigured organizational security devices
- Ensure only authorized users have physical access.
1. Phishing Restrict the number of users with administrative rights
2. Malware and privileges to the bare minimum. Disable unnecessary
3. Ransomware services. Periodically conduct penetration tests. Verify
4. Cloud jacking routers, firewalls, and other devices are appropriately
5. Insider compromise configured and firmware remains updated. Finally,
Each of these attacks is a combination of intelligent consider implementing a Zero Trust Security Model
guessing by the bad actors and errors made by your team (ZTSM).
members. It only takes one mistake by someone in your 6. Lack of appropriate security policies and plans
company to let outside attacks commence, frequently in place - Get necessary security policies in place and
circumventing all the IT protections that you have put in continually update them to match contemporary risks.
place. The simple days of anti-virus and a firewall being An excellent place to start could be The SANS Institute’s
“good enough” are gone. We’ll provide some action steps Security Policy Project (www.sans.org/information-
below to protect against common threats today. security-policy). In addition, public practice firms are
Over the next decade, businesses will face increasingly required to have a security plan, according to IRS
sophisticated threats like deep fakes and AI attacks. Publication 5293.
Businesses can undertake cybersecurity best practices to
batten the hatches and secure the company. 7. Inadequate team member training on policy
objectives – You should train team members on the
Attacks Translate to Risks security policies in place. Make sure they understand
The primary reason to be aware of cybersecurity attacks why specific actions are necessary. Recognize this as an
is to take steps to mitigate the risks. Examples of risks ongoing, never-ending process.
and ways to reduce them include:
8. Remote work environments - This is an often-
1. Phishing attacks, including “spearphishing” overlooked area of concern that has escalated since
incidents - Carefully consider how much information you March 2020. Remotely working team members should be
should share through social media platforms. Bad actors held to the same security standards as those working in a
could use that information to reset passwords or make corporate office. VPNs, anti-malware tools, MFA, physical
a stranger seem like a long-lost friend. Email filtering control of devices, Wi-Fi security, operating system,
solutions block phishing emails from reaching targeted application updates, etc., are as necessary when working
users’ inboxes. remotely as in the office. Create checklists and ensure
compliance with the lists.
2. Ransomware – You must teach users not to click
on links or email attachments. You can use tools like 9. Poor backup strategies - Though not popular to say,
KnowBe4, PhishMe, or those included in your Microsoft we’re probably talking about WHEN the breach happens,
365 subscriptions. not IF it happens. Therefore, focus on what recovery
would look like. Do you have an updated Business
3. Credential compromises – Mandate password Continuity Plan and a Disaster Recovery Plan? Yes, these
management tools, enable multi-factor authentication are two different plans!
whenever possible, ensure team members do not share
logins, and block access from unknown devices &
Arkansas Society of Certified Public Accountants
31 January 2023You can also read
