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Making History, Anticipating the Future
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Senator	Brian	Feldman,	Esq.,	
CPA	(D-Montgomery	County)	
Presents	a	Proclama@on	from	
Governor	Hogan	to	Kimberly	
Ellison-...
5 T’s
1.  TAXES, Standards, and Regulations
2.  TECHNOLOGY – SMAC Social,
Mobile, Analytics, Cloud
3.  TALENT – The war fo...
Taxes, Standards, and Regulations
Title
Subtitle
Poli%cs	&	
Implica%ons	of		
Tax	Reform
American	Ins@tute	of	CPAs®
Busy	Season	Headlines	
ACA Executive Order
Executive order
IRS response created
confusion
•  Wi...
American	Ins@tute	of	CPAs®
New Due Diligence Requirements
Applied to EITC for
several years
•  CPAs don’t prepare
EITC ret...
American	Ins@tute	of	CPAs®
Late/Amended Forms 1099
Concerns with brokerage
house extensions in ’16
Achieved “PATH Act” fix...
American	Ins@tute	of	CPAs®
IRS Services
Top-of-mind for members
2015 Council resolution
Strong advocacy effort
Preparing t...
American	Ins@tute	of	CPAs®
Identity Theft
Still a pervasive threat
Targets include
•  Tax professionals
IRS Security Summi...
American	Ins@tute	of	CPAs®
Revised Due Dates
Realignment of due dates
•  Corporate and partnership swap
•  Advocating for ...
American	Ins@tute	of	CPAs®
ITIN Expiration and Renewal
ITIN used in place of SSN
“PATH Act” change created
expiration
•  D...
The	trends	of	bills	in	Maryland	
Genera;	Assembly	follow	the	
hard	trends	research	from	
Burrus	Research.		
Trends	in	Legi...
Offense	
•  Appeal	Bond	Reform	-	Small	Caps	(Firm	liability)	-	Not	introduced		
•  Support	Taxpayer	Protec@on	Act	-	Comptro...
*Defense	addi@onal	bills	introduced	in	2017	Session	
•  Over@me	requirement	(based	on	Federal	DOL	legisla@on)	-	Defeated	
...
State Board of Public Accountancy
(Licensing Issues)
•  Audit	deficiencies	as	reported	to	us	by	the	
DOL	
•  Con@nuing	educ...
Regulations & Standards
1.  FASB	Trifecta	
•  ASU	2014-09	Revenue	from	Contracts	
•  ASU	2016-02	Leases	
•  ASU	2016-13	Fi...
Technology - SMAC Social, Mobile,
Analytics, Cloud
Technology
•  World’s Largest Movie
Company
•  World’s Largest Taxi Co
•  World’s Largest ‘Hotel’
Company
•  World’s Large...
Top Technology Trends impacting the Profession in next three years
1.  Big	Data	Analy@cs	
2.  Adap@ve	&	predic@ve	cyber-se...
American	Ins@tute	of	CPAs®	
Innova%on	
Trigger	
Peak	of	
Inflated	
Expecta%ons	
Trough	of	
Disillusionment	
Slope	of	
Enlig...
Disrup@ve	compu@ng	paradigms:	Mainframe,	PC,	Internet,	Social-Mobile,	Blockchain	
You	say	you	want	a	revolu@on?	
In	the	ne...
The Profession must address cybersecurity risk
management in a meaningful way
70%
connected devices
contain
vulnerabilitie...
Blockchain Can Alter the Technology Landscape and Change
the Manner in Which Business Transac:ons Are Conducted
Sources: A...
‘Accountants	do	a	lot	of	transac@on	processing,	reconcilia@on	and	control,	and	
that	could	change	significantly	if	this	tec...
When Platforms Change, the Old Leaders Are Seldom the New Ones
– Daniel Burrus
IsYour Accounting Platform Relevant?
•  Who are my strategic partners?
•  Who are my strategic vendors?
•  Who are the com...
Thank You,
MACPA Sponsors!
We	are	actively	‘curating’	the	new	and	emerging	platforms	
of	innovators	and	disruptors	for	our...
Talent – The War for Talent
Building Your Pipeline
Taskforce on Equality, Diversity & Inclusion
MACPA
Mentorship
Pilot Program
9/29/2017
Future	of	Work	Task	Force
We	had	three	alums	from	our	inaugural	class	(2010)	who	
helped	craj	the	first	whitepaper	and	we	iden@fied	elements	
from	tha...
June 1-3, 2017
Firm Sponsorships Available
“College will help me get in the door for my career, but I felt that this
program has helped me go further and that is ext...
Scholarship Application Deadline -
April 15th
Donate to the Education Foundation at macpa.org/advocacy
Time - #1 Challenge
70%	of	the	workforce	is	
disengaged		
according	to	Gallup	
research
Source: Deloitte Human Capital Trends 2014 and 2015
The Overwhelmed Employee
The “average” US Worker works 47 hours, 49% w...
HardTrends
Four HardTrends:
1. Government Regulation
2. Technology
3. Demographics
http://bit.ly/hardtrends
Transformation
American	Ins@tute	of	CPAs®	
Companies around the world are initiating change
transformation!
Sources: KPMG survey of 400 C...
Disrupt yourself
before someone else
does.
- Marc Randolph, Netflix
1.  Tune in to changes in the
external environment
2.  Use this intelligence effectively
in decision making and
strategy d...
The Integrated Reporting Model ‒ http://www.theIIRC.ORG
CPA VISION CORE PURPOSE
CPAs: Making sense of a changing and complex
world
CORE VALUES
The essential and enduring beliefs ...
Business Events Data Information Knowledge Decisions
1. Communicating with clarity and objectivityCPAs are trusted advisor...
A unique combination of human skills, knowledge and
technology that provides value and results to the user.
Enhancing our ...
Top Skills Needed for Accounting and
Finance Professionals
BLI Research in 2015 with over 1,000 responses from all
segment...
www.burrus.com
28	lessons	–	4	modules	–	1	hour/week	
•  Very	short	single-concept	videos	
•  Rapid	applica@on	exercises	
•  Visual	job	ai...
E-learning versus Traditional Learning
•  $1 invested in e-learning =
$30 increase in productivity
•  18% increase in empl...
#FutureReady!
Is the capacity to be anticipatory (aware,
predictive and adaptive) of emerging
technology and trends in bus...
Connect the dots
“They used to say knowledge is power, but now there’s google…”
Illustration by David Somerville based on ...
Poll:	What	are	the	most	valuable	benefits	
of	MACPA	membership	to	you?		
1.  Advocacy	–	Protec@ng	my	
CPA	license	
2.  Help...
1.  Advocacy
2.  Lookout Post
3.  Accelerate Future Readiness
a.  Connect to Innovators
b.  Develop Success Skills for Fut...
Future Ready CPA
The	next	five	years	will	bring	significant	changes	
to	our	Profession.		
	
What	one	thing	does	the	Professi...
…the group of people best positioned to thrive in
today's era of high-velocity change. Fluxers are
defined not by their chr...
The Future is about
Relationships & Collaboration
The easiest thing is
to react. The second
easiest is to respond.
But the hardest is to
initiate.
Seth Godin
Author and Age...
Thank You,
MACPA Sponsors!
We	are	actively	‘curating’	the	new	and	emerging	platforms	
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Sage	Live	combines	the	performance	of	a	revolu@onary	new	real-
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How	Sage	Live	is	changing	accoun%ng?	
A	single	view	of	
the	business	
Real-time
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making
Mul@-dimensional	
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Who	is	Sage	Live	for?	
Services	based	industry	love	Sage	Live!	
Fast	growing	small	and	medium	sized	businesses	(1-200	empl...
Books
These are among the resources that were discussed during
the our “Future-Ready CPA” programs.
The Future of the Prof...
Resources
These are among the resources that were discussed during
the our “Future-Ready CPA” programs.
The Future of the ...
What SMBs Want From Their
Accountant
From The Sleeter Group
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Welcome to the Fast Future
From CPA.com
bit.ly/...
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Top Technology Trends impacting the Profession in next three years
1.  Big Data [email protected]
2.  [email protected] & [email protected] cyber-security
3.  [email protected]ficial intelligence, [email protected] [email protected] in
audit and tax
4.  [email protected] and [email protected] of processes and
services
5.  Blockchains
6.  Mobile apps, smartphones, tablets for business
7.  Augmented and virtual reality [email protected]
8.  Internet of Things,
9.  Visual [email protected]
10.  Social business [email protected]

Source: 2017 Top technology Trends – Burrus Research
MACPA Major Firms Group [email protected] 3-6-17

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