Newsletter from the Iowa Society of CPAs, your primary source for profession-related information
Accounting profession changes, ISCPA prepares members
ow did you stay on top of the rapidly changing accounting profession this year? August marked the beginning of ISCPA CEO Cindy Adams’ travels across the state to collaborate and inform CPAs in Iowa. Events were hosted by the Society’s regional alliances in Atlantic, Storm Lake, Davenport, Iowa City and Waterloo. These informative sessions included: • Professional issues updates from Cindy on the most significant issues facing the CPA profession and businesses in Iowa – now and in the future. • FRF for SMEs accounting framework by AICPA’s Bob Durak. • Technology trends in the profession from Jim Bourke, CPA, partner and director with WithumSmith+Brown in Red Bank, New Jersey, and one of Accounting Today’s “Top 100 Most Influential People in Accounting.” • The next generation of CPAs, advocacy and diversity from AICPA’s Ed Dupke.
Not only are members hearing news relevant to Iowa CPAs, but trends from national experts in their field that you need to know. If you weren’t able to attend a regional alliance meeting this year, here are some resources, plus a few things you may not have known. • “What’s at Stake” video – The CPA profession on federal fiscal responsibility. (http://goo.gl/t1vxub) • Affordable Care Act – advising clients. (http://goo.gl/ ibo1PJP) • Revised CPA or attorney certification statement for average AGI compliance verification. (http://goo.gl/ BTdrRy)
• ISCPA legislative agenda as prepared by our Legislative Committee. (http://goo.gl/H10QRq) • ISCPA transcripts include CPE for both ISCPA courses and non-ISCPA courses. • ISCPA has a LinkedIn Group – exclusively for members. (http://goo.gl/1bGZtB) • ISCPA has a Facebook page. (http://goo.gl/TXyKrC) And we tweet! (http://goo.gl/31Prsd) • ISCPA regional alliances were created for CPA grassroots collaboration. • Iowa licensees can choose between two different continuing education cycles on their renewal. (http://goo.gl/ zZKKFT) • Three Financial Reporting Framework (FRF) for SMEs toolkits exist: ▫ CPAs and CPA firms ▫ Financial statement users ▫ Small businesses • What’s LEAP? The Society’s new young professionals group (Leaders Emerging in the Accounting Profession) for members 40 and younger. • 2015 is the 100th anniversary of ISCPA. Watch for professional issues updates and regional alliance events in 2014. Stay on top of what you need to know. Attend events in your area and talk with us. Tell us your priorities and challenges so we can respond to your needs. We look forward to working with you in 2014 and beyond! Visit http://goo.gl/KsCfo3 for a map of the regional alliances and information on how you can be involved.
Iowa Society of CPAs... Advancing the professional success of our members
Future CPAs learn about careers in accounting Thank you…
ore than 150 college students, ISCPA members and sponsors gathered at Des Moines Area Community College Nov. 1 for the ISCPA’s 2013 Career Awareness Conference. The one-day conference focused on educating business and accounting majors in Iowa on the many facets of becoming a CPA today. CFOs, CAOs, directors, firm partners and CPAs from different career stages and areas of employment were on hand to speak, serve as panel members and offer tips and valuable career advice.
to our generous sponsors for making this learning opportunity possible for Iowa students. Athene USA (formerly Aviva USA)* Becker Professional Education* Brooks Lodden PC Campbell Higgins Mummert PC Carney Alexander Marold & Co LLP Community CPA & Associates Inc Deloite & Touche LLP* Denman & Company LLP Drake University’s Master of Accounting Ernst & Young LLP KPMG LLP McGladrey LLP* McGowen Hurst Clark & Smith PC The Palmer Group* Riverview Financial Group PC Roth & Company PC TD&T Financial Group PC Trevino Associates PC Wes Finch Auto Plaza Inc
The conference was planned and facilitated by the ISCPA’s Career Awareness Committee. If you have an interest in helping with future career conferences, speaking to students about careers and recruiting them to the CPA profession, we want you! Contact Cheryl Miller at email@example.com or check out the Committees page on our website at www. iacpa.org.
*Premium sponsor of $250
Thank you Career Awareness Committee! Issue No. 2013-12 Published eleven times per year by the Iowa Society of Certified Public Accountants (ISCPA). Send address changes, advertising inquiries and all correspondence to: Iowa Society of CPAs 950 Office Park Rd, Ste 300 West Des Moines, IA 50265-2548 Email: firstname.lastname@example.org Website: www.iacpa.org or, contact the ISCPA office: 515-223-8161/800-659-6375 Front page photo: Holiday lights of Pella, Iowa Photo by: JIM HEEMSTRA
2 | Iowa CPA | December 2013
Katherine M. Kerker, chair Friendship Village Retirement Community, Waterloo
Lindsey D. Kroeger FBL Financial Group Inc, West Des Moines
Philip J. Randall Ernst & Young LLP, Des Moines
Luke J. Lammer, liaison Loras College, Dubuque
Nicole R. Loux McGowen Hurst Clark & Smith PC, West Des Moines
Jeff A. Roling Principal Financial Group, Des Moines
Lee G. McFee Wes Finch Auto Plaza Inc, Grinnell
Marcia A. Sandvold Des Moines Area Community College, Ankeny
John Murphy Iowa State University College of Business, Ames
Denise M. Sebek City of West Des Moines, West Des Moines
Amina Nuhanovic Athene USA, Des Moines
Derick M. Tallman Ernst & Young LLP, Des Moines
Nathan T. Beck Eastman & Company LLP, Clive Shane A. Cox Simpson College Dept of Mgt, Acctg, & Economics, Indianola Hallagin, Karen TARSCO Inc, West Des Moines Jennifer M. Hamilton Denman & Company LLP, West Des Moines Emily E. Heeren DuPont Pioneer, Johnston
Brittany L. Owens Deloitte & Touche LLP, Des Moines Denise M. Pierson Global Atlantic Financial Group, Des Moines
Taylor M. White Athene USA, West Des Moines Kirk J. Williams KPMG LLP, Des Moines
LEAP young professionals LunchUp
‘Tis the season to be tacky!
hirty-five members attended a young professionals (LEAP) Task Force LunchUp at Saints Pub & Patio in Des Moines, Nov. 14. Speaker Diane Bridgewater, EVP & CFO of LCS (Life Care Services) provided insight on how a CFO values the qualities of lifelong learning and work ethic in CPAs. “Prove you can fill the white space at work, collaborate with others and do the extra things in order to succeed,” Bridgewater said. Bridgewater was selected as a 2013 “Woman of Influence” by the Des Moines Business Record.
Join ISCPA’s young professionals group, LEAP, and the Central Iowa Regional Alliance for some holiday cheer during our happy hour and ugly sweater contest, Dec. 12, from 5:30 – 7 p.m. at Saints Pub & Patio in Des Moines. Appetizers will be provided and a cash bar will be available. Gift card prizes will be drawn throughout the night and a grand prize will be awarded for the worst in show! RSVP by Dec. 9 to Katie Shields at email@example.com or 515-223-8161/or 800-659-6375. If you are interested in sponsoring or speaking at an upcoming LEAP event, contact Cheryl Miller at firstname.lastname@example.org.
Succession planning #6
It’s what the CGMA designation stands for
43 9A 3 2
Access exclusive resources, tools, videos and more at cgma.org
n the sixth column in this series, Bill Reeb, CPA, continues the conversation on succession planning. Over the past five columns, we’ve covered how to pay your partner for his/her value in the firm, pinned down a mandatory sale of ownership date (MSO) so that you can phase partners out of their leadership roles at predesigned times, outlined how to manage transition, discussed how to find replacements for the retiring senior partners and covered some do’s and don’ts. At this point, we’ve come full circle and it’s time to begin pulling together a succession plan. [Go to Iowa CPA archive for #1 (Jan.), #2 (March), #3 (May), #4 (July/ Aug.), #5 (Oct.).] Read Reeb’s Commentary: http://goo. gl/haotIO.
Iowa CPA | December 2013 | 3
Classifieds EXPERIENCED TAX PREPARER/CPA–Central Iowa CPA firm has an opening for a CPA with 4+ years of recent tax experience. CPA required. QuickBooks experience preferred. Family-friendly environment in Boone, Iowa. Salary range from $65,000 to $75,000 for qualified person. Send cover letter and resume in confidence to email@example.com. ACCOUNTANT–Progressive NE Iowa public accounting firm seeks entry level accountant and/or experienced CPAs for tax and audit. We are looking for high energy, self-starters with people skills to join our team. Bachelor’s degree in accounting required with Microsoft Word, Excel, QuickBooks, Peachtree a plus. Salary commensurate with experience. Position is fulltime with little travel and excellent benefits. Submit resume to: Hacker Nelson & Co, PC, PO Box 507, Decorah, IA 52101. ACCOUNTANT–Iowa City Firm has an opening for a staff accountant to prepare individual, business and non-profit income tax returns and financial statements as well as process payroll, sales tax and bookkeeping. A Bachelor or Associate level degree in accounting required. CPA certificate is preferred. Extensive QuickBooks experience and/or construction accounting experience ideal. Must have ability to handle projects with simultaneous due dates, working with multiple senior level staff and travel on a limited basis. There are excellent opportunities to advance within the firm. Compensation commensurate with experience and education; competitive fringe benefit package available. Submit resume and references to: lhhpic@lattaharris. com or Latta, Harris, Hanon & Penningroth, LLP, 2730 Naples Ave. SW #101, Iowa City, IA 52240. CAREER OPPORTUNITY–Full service accounting firm in western Iowa seeking a full time, high energy, detail oriented, self-motivated CPA. Individual must possess 2+ years of recent tax preparation experience. Individual would be responsible for a variety of accounting duties consisting mainly of
preparing and reviewing individual, corporate, and partnership returns. Candidate must possess excellent written and verbal communication skills with attention to detail. Farm knowledge, QuickBooks experience, and experience with Creative Solutions (UltraTax) software ideal. This position is perfect for those willing to work longer hours during the tax season in order to have free time during non-tax season. We offer competitive salary, a large benefit package, and nice office facilities, continuing education pay, and a fun, family-friendly and supportive, team-focused work environment. This position offers future partner potential. Qualified candidates send resume, salary requirements, and references to: Office Manager, PO Box 36, Carroll, IA 51401. CPA–North Central Iowa accounting firm searching for positive, detail-oriented CPA. Should possess 3+ years of tax preparation experience. Expect extra work load during tax season, may include some travel to other office locations. Offering competitive salary, in a friendly office work environment. Send resume/references: D.K. Arndt, P.C., Box 185, Belmond, IA. SENIOR FINANCIAL CONSULTANT–Care Initiatives has an opportunity for an experienced accounting professional in WDM. This position oversees Medicare / Medicaid cost reports and Medicaid billing, collects and analyzes data, develops and implements reimbursement enhancing measures, and generates creative solutions for Iowa’s largest not for profit senior care provider. Four years accounting experience preferred. Visit our website for full details at www.careinitiatives.org or contact Kelly Banning at firstname.lastname@example.org. AA/EOE IOWA PRACTICES FOR SALE: Northwest Iowa CPA Practice - gross $570K; Central IA (near Des Moines) CPA Practice - gross $170K; Manchester CPA Practice - gross $435K; Fairfield CPA Practice - gross $655K; NE Iowa (Near Waterloo/ Cedar Rapids) Tax & Acctng - gross $240K; Muscatine County EA Tax & Acctng Practice - gross $157K. For more information about these great listings or others in your area, call 1-800397-0249. Also, view listing details and register for free email updates at www.AccountingPracticeSales.com. Thinking of Selling Your Practice? Accounting Practice Sales is the leading marketer of accounting and tax practices in North America. We have a large pool of buyers, both individuals and firms, looking for practices to purchase. We also have the experience needed to help you find the right fit for your firm, negotiate the best price and terms and get the deal done. To find out more about our risk-free and confidential services, call Trent Holmes at 1-800-397-0249 or email trent@accountingpracticesales. com. CAREER OPPORTUNITY-CONTROLLER WITH CFO TRACK– Established and expanding manufacturing organization has a fast track role to CFO! This is a highly visible and strategically Continued on page 5
For ad rates and deadlines, visit: www.iacpa.org/ Resources/ClassifiedAds/ad_rates.aspx.
4 | Iowa CPA | December 2013
Stress relief: Revive & survive until April 15 By Todd Thorson, Taxation Committee
ax and audit season can be one of the most stressful times for even the most seasoned CPAs. Itâ€™s been my experience in recent busy seasons that clients want information faster, with less lead time than ever before. And with technology changes, there can be constant distractions
which leads to even more stress. Itâ€™s the perfect storm for an accountant. Some say that stress is just part of the job and you should learn to deal with it. There are a few reasons this might not be the best answer. A quick search on http://www.webmd.com gives several examples of how long-term stress can
Tips to lighten the mood during busy season â€˘ â€˘ â€˘ â€˘ â€˘ â€˘ â€˘ â€˘ â€˘ â€˘ â€˘ â€˘ â€˘ â€˘ â€˘ â€˘ â€˘ â€˘
Offer complimentary massages. Provide car detailing or purchase gift cards to a local car wash. Offer bingo, trivia, or other board game competitions. Bring in lunch or dinner. Have breakfast on Saturday. Stock your break room with healthy snacks and a few not so good for you. Hand deliver snacks and thank you cards to staff. Offer a concierge service to run personal errands. Give gift cards for entertainment outside of the office or to local restaurants to help with family meals. Purchase movie passes or movie rental certificates. Bring in a motivational speaker or humorist. Hire a yoga instructor to teach relaxation techniques. Offer a hard 5 p.m. cutoff one day a week. Set goals and celebrate when you reach them. Set up a conference room or office as a â€œrelaxation room.â€? Bring in magazines, blankets, pillows, or even a television or docking station. Have chocolate â€” all day, every day. Bring in puppies and kittens. (Not really, but how great would that be?) Create an attitude of gratitude and say â€œthank you.â€? Joke of the day.
More classifiedsâ€Ś Continued from page 4 important position. Manage accounting functions of cash, treasury management, A/R, A/P, financial statement preparation, financial analyses, state and Federal tax filing, and credit. Build your own department. CPA is a preference. For confidential inquiry and consideration, contact Miles Morrow, CPC, Iowa Career Connection: 515-282-5823 or morrow@ iowacareerconnection.com. We are retained by our clients who pay all our fees. CAREER OPPORTUNITYâ€“Firm in western Iowa seeking a full-time, seasonal CPA/EA to join our fun, family-friendly, supportive, team-focused full service accounting firm. Individual must possess
2+ years of recent tax preparation experience. Individual would be responsible for a variety of accounting duties consisting mainly of preparing and reviewing individual, corporate, and partnership returns. Candidate must possess excellent written and verbal communication skills with attention to detail. Farm knowledge, QuickBooks experience, and experience with Creative Solutions (UltraTax) software ideal. This position is perfect for those retired CPA/EAs looking for additional income or those wanting to have their summers free. Qualified candidates send resume, salary requirements, and references to: Office Manager, PO Box 36, Carroll, IA 51401.
result in impaired memory and multiple health problems. A Google search on workplace stress reveals that people may be at risk for more errors, missed deadlines, co-worker conflict, missed work days and general lateness. Of course, any of these situations will ultimately lead to higher costs of doing business. Itâ€™s important to keep stress levels in moderation to maintain and retain your employees. Please keep this in mind as you start planning for tax and audit season. If you come up with stress relief ideas, please post them in ISCPAâ€™s Linkedin group at http://goo.gl/LQ4zAl. Iâ€™ll give you a starter for your first joke of busy season. â€œThere are three types of accountants. Those who can count and those who canâ€™t.â€? Todd Thorson is a member of the ISCPA Taxation Committee and a partner with Keisling Associates LLP, West Des Moines.
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Iowa CPA | December 2013 | 5
GASB toolkit helps pension We appreciate your plans implement new membership accounting standards
ooking for additional educational resources to help you implement the new accounting standards? Prepared by the GASB staff, the toolkit (http://goo.gl/LCIYOK ) is intended to provide guidance on how plan administrators can effectively comply with the new rules. It includes the following resources: • An authoritative resource guide to GASB Statement 67 implementation for pension plans. • A video addressing the top implementation issues facing pension plans. • A podcast discussing the types of pension plans that will be affected by Statement 67 and the most significant changes to accounting and financial reporting.
• A background document answering frequently-asked questions regarding Statement 67 and Statement 68, Accounting and Financial Reporting for Pensions. • A fact sheet answering frequentlyasked questions specifically related to Statement 67. • An article identifying several areas plan administrators and public officials should consider as they plan, prepare and collaborate when implementing the new standards. • A “Setting the Record Straight” document addressing misperceptions about the new standards. • The executive summary and the full text of GASB Statement 67. In the coming weeks, look for more resources to be added to the toolkit, including short videos from GASB staff highlighting the most-asked implementation questions.
Share your story with Iowa CPA
ave you recently received an award? Been named to an organization’s board of directors? Have a success story to share? Don’t be shy! We want to hear about positive news involving Iowa CPAs. We are also looking for members to guest author articles for Iowa CPA. Does your firm or company have an amazing program or project that would wow the rest of us? What personal passion has enabled you to grow in your career? Are you a CPA and a farmer? Do you work somewhere that no one would ever guess employs a CPA? We won’t know unless you share your story. Curious? Contact Cheryl Miller at email@example.com or 515-2238161/800-659-6375.
6 | Iowa CPA | December 2013
hank you to everyone who invested in yourself, your career and the CPA profession by renewing your membership with ISCPA. Exciting things are happening at the Society, and we are thrilled that you have chosen to be part of our future! We don’t know what the future holds, but you can be certain there’s change ahead. ISCPA will be with you every step of the way with people you can count on. People who will help you make sense of a changing and complex world. Haven’t renewed yet? Have something you want to talk about? Call or email us. We want to hear from you.
Members in the News The following personnel from Deloitte & Touche LLP, Des Moines, have been promoted: Scott P. Gillespie and Brent F. Wilberts to audit senior manager; John Keyes and Andrew T. St John to audit manager; Michael G. Beals, Robert J. Gilligan, Sean M. Rooney, Joel Ryerson, Adam M. Schmidt and Staci Schoorman to audit senior. The following personnel from Deloitte Tax LLP, Des Moines, have been promoted: Tara L. Amundson to manager and Kayla Vandehaar to senior. The following personnel from McGladrey LLP, Des Moines, have been promoted: Korey C. Keninger to assurance director and Kyle L. Hoekstra and Kathleen S. New to tax manager. Henkel & Associates PC announced that it will open its fifth Iowa location Dec. 17 in Webster City. The Boone accounting firm also has locations in Jefferson, Madrid and Stratford.
Cloud accounting 101 By Barry MacQuarrie
hey seem to be everywhere! I’ve seen them at trade shows and association meetings. They have been seen advertising in accounting profession journals and their promotional emails have probably reached your mailbox. They are making a lot of noise! They are the vendors selling cloud accounting solutions. Are cloud accounting applications right for you and your clients? In this article, we’ll define cloud accounting and look at the risks and benefits.
What is cloud accounting? Cloud accounting applications provide much of the same functionality as desktop accounting software with one major difference: They run on remote servers and are accessed via a web browser. Cloud accounting applications are typically offered in these two formats: Hosted applications – The hosted solutions involve your desktop or client/ server accounting application running on a remote server. You gain access to your accounting software using a remote session via the Internet. This solution allows you to use your existing software and data. Software as a Service (SaaS) – In this format, the accounting software and your data are stored on the vendor’s servers and are accessible via a web browser. If you have ever used a social media site or online banking, you have used a SaaS solution.
What are the benefits? There are numerous benefits to cloud accounting and progressive business owners are enjoying them, including: Anytime, anywhere access – Your accounting software and operating results are available to you from a browser or mobile device. This is something that you can’t do with today’s desktop accounting solutions.
Better security – Most cloud accounting software is run from a data center, which offers multiple levels of security to protect the software and your data. The typical data center has significantly better security than most small businesses. No installations or updates required – Cloud accounting vendors maintain the software and install the updates. Automatic backups – The cloud vendor assumes responsibility for system backups. Your data is often stored in multiple data centers that are in geographically diverse locations. No startup costs or long-term commitments – Cloud accounting applications are rented, not purchased. They do not require a small business to invest in servers or software. Platform agnostic – Do you prefer a Windows PC or Mac? What’s your choice, Chrome, Internet Explorer or Firefox? In the world of cloud accounting, it simply doesn’t matter. Cloud accounting applications are delivered via a web browser and typically support all popular platforms.
What are the risks? These solutions are new and require that you perform the necessary due diligence to determine if the solution is right for your business. Here are a few of the risks:
What’s next? We are just beginning to see the impact of cloud accounting applications. It will take time to determine if they will be the next major paradigm shift in the world of accounting. There is so much more to learn about these products and their impact on the small business community. Stay tuned! Barry MacQuarrie is a CPA and consultant at KAF Financial Group in Braintree, MA. He uses his knowledge of cloud accounting, technology and social media to provide consulting services to CPA firms and small businesses. Reprinted with permission by the Massachusetts Society of CPAs.
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The vendor goes away – Over a decade ago, we experienced a tech bubble where vendors were here one day and gone the next. The same risk exists with cloud accounting vendors. It is important to have a contingency plan. You don’t have internet access – Cloud accounting vendors are accessible from anywhere and anytime assuming that you have a connection to the Internet. If you find yourself without Internet access, you will not have access to your accounting data. Security breach – Cloud accounting software and your data both live on the Internet. There is a risk that someone could gain access to your data.
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Iowa CPA | December 2013 | 7
CPAs in public accounting invited to take part in CPA Core Competency Survey
he profession has identified the core competencies of CPAs for today and beyond. But do we know how the profession is doing? How do we know if we’re making progress? We have an excellent starting point. The CPA Core Competency Study powered by SenseMaker®. Cognitive Edge Ltd, the Indiana CPA Society and the Iowa Society of CPAs have joined together to present the first large-scale look at how CPAs in public accounting across the United States are measuring up to the core competencies.
You should do this The CPA core competencies have been deemed critical by the profession and yet there are varying definitions and no way to recognize improvement.
You deserve a
What are the seven core competencies? 1. Critical thinking and problem-solving skills 2. Communication skills 3. Leadership skills 4. Synthesizing intelligence into insight skills 5. Integration and collaboration 6. Anticipating and serving evolving needs 7. Knowledge sharing
It’s worth your time This is a completely different kind of survey. The survey allows for nuanced responses and each survey is analyzed by a real person. The survey instrument is fun and easy to use, and will provide results individuals in public accounting firms can benchmark against now and in the future. The survey will take approximately 30 minutes. You cannot save a partially completed survey and therefore you should be prepared to have the time to carefully consider your responses.
database by Cognitive Edge Ltd and will be destroyed within 12 months of the report being produced.
Receive complimentary copy of the survey We will publish a comprehensive report on the outcome of the study, which will be available for sale to firms and companies who may choose to do their own benchmarking against the results. This will be the first step in establishing a baseline for the competency of U.S. CPAs in public accounting.
Who should complete the survey? The survey should be completed by CPAs actively working in public accounting only, not CPAs working in business or industry, candidates, students, affiliates or associate members. The survey period ends Jan. 15, 2014, so please make time to take it as soon as possible: http://goo.gl/fNO6ac. More information on the survey may be found at: http://goo.gl/LMSyOZ.
Any report produced will not identify individuals. Data will be held in a secure When something happens to your home, car, or business, it may not be a disaster. Fortunately, West Bend provides a Silver Lining, no matter what the claim may be. When the Bauers’ truck and trailer were damaged in an accident, getting them back on the road quickly was important. So that’s just what we did. With West Bend’s Home and Highway,® you’ll find a Silver Lining with features that include coverage for just about everything you own and a 5% cash back award if you don’t have a claim. You even get a special discount just for being a member of the Iowa Society of CPAs. To find out more, visit thesilverlining.com.
8 | Iowa CPA | December 2013
Smith & Adams attend leadership planning conference
n October, ISCPA 2013-2014 Vice President Jim Smith (center right), CPA, shareholder at McGowen Hurst Clark & Smith PC, Winterset, attended the AICPA/CPA-SEA Leadership Conference in Los Angeles, Calif. Jim had the opportunity to visit with AICPA Vice Chair Tommye Barie (far right), CPA, and partner with Mauldin & Jenkins LLC in Sarasota, Fla. They also met with AICPA President and CEO Barry Melancon (left), CPA, CGMA, and other representatives from the American Institute of CPAs. ISCPA CEO Cindy Adams (center left), CPA, CGMA, CPCU, accompanied Jim to the conference, which is designed to help incoming presidents from state CPA societies prepare for their year as president. It also provides opportunities for these leaders to interact with one another and other executive directors. Jim’s term as president of ISCPA will begin May 1, 2014.
New Members Matthew G. Adams ASI Computer Systems Inc Cedar Falls Krista A. Albaugh Federal Home Loan Bank of Des Moines Des Moines Brian Bailey Heartland Co-op West Des Moines Aaron J. Boushek Ernst & Young LLP Des Moines Jeanne M. Brown FBL Financial Group Inc West Des Moines Joseph T. Cunningham FBL Financial Group Inc West Des Moines Lisa K. Edwards SFA Inc Marion Robert Endriss Roth & Company PC Des Moines Cara B. Findlay FBL Financial Group Inc West Des Moines Robert J. Gilligan Deloitte & Touche LLP Des Moines Karla A. Hagerty Honkamp Krueger & Co PC Dubuque Rachel Hulstein Williams & Company PC Le Mars Shannon B. Hunter Honkamp Krueger & Co PC Dubuque Debra K. Kipper Honkamp Krueger & Co PC Dubuque Lindsey M. Kubitz McGladrey LLP Davenport
Kyle S. Kunz Christopher W. Widman Honkamp Krueger & Co PC Henjes Conner & Williams Hiawatha PC Sioux City Jacob D. Lauritson Deloitte & Touche LLP Des Moines Ye Shan Lin Ernst & Young LLP Des Moines Rebecca L. Massman Brownells Inc Montezuma Tabetha N. McCormick McGowen Hurst Clark & Smith PC West Des Moines Stephanie K. Mettille Honkamp Krueger & Co PC Dubuque Gayle Mitchell FBL Financial Group Inc West Des Moines Clark A. Moorehead Gardiner Thomsen PC Urbandale Michael Murphy K F Murphy Company PC Sheldon Alizabeth Powell Henjes Conner & Williams PC Sioux City Sondra Schepper American Equity Investment Life Holding Company Des Moines Joshua P. Smith Ernst & Young LLP Des Moines Scott M. Straka Kiesling Associates LLP West Des Moines Michelle L. ThomsonHenry Honkamp Krueger & Co PC Platteville, WI Heather N. Vetter Honkamp Krueger & Co PC Dubuque
Maria Zeller Erpelding Voigt & Co LLP Algona Professional Affiliates: Chen Guo Ernst & Young LLP Des Moines Jason A. Price Carlson Hartsock & Guither PLC Iowa City Exam-Qualified Affiliates: Mark Cronin Ernst & Young LLP Des Moines Nicholas J. Foster McGowen Hurst Clark & Smith PC West Des Moines Justin Goetsch Doyle & Keenan PC Davenport Colby J. Hayes Reinmund & Company Albia Renee Ricklefs Bergan Paulsen & Company PC Johnston Benjamin L. Schuring American Equity Investment Life Holding Company Des Moines
AIB College of Business Cindy C. Enriquez Bruce M. Gramowski Mirna Gutierrez Josie M. Reiter Briar Cliff University Mary K. Armbruster David L. Bruns Jacob Buelt Seungju Im Seonghee Lim Kenneth R. Thompson Jennifer L. M. Ziegenbein Des Moines Area Community College Grant W. Booth Sally L. Fisher Carlos A. Navarro Trent E. Neal Billy Schiltz Drake University Jeremy Fahling Katrina Nelson Grand View University Elizabeth A. Shaw Iowa Central Community College Jobina L. Kirby Peggy L. Miller Iowa State University Elisabeth Bulver Kaplan University Christina L. Klinkenberg Mount Mercy University Dave McKelvy Northwestern College Chelsea R. Kesavadhana
Leesa Tjernagel KPMG LLP Des Moines Brent A. Waters Ridihalgh Fuelling Snitker Weber & Co PC Oelwein Courtney N. West KPMG LLP Des Moines
In Remembrance The Society offers condolences to the family of: Charles C. Brooks III, Urbandale, CPA certificate No. 682. Charles became a Life Member in 2005, after 40 consecutive years of membership.
Iowa CPA | December 2013 | 9
What, why & how of ISCPA CPE o you ever wonder how the Society determines what CPE to offer you and why? Planning for your continued education begins as early as a year in advance. ISCPA Director of Education Kathy Nicholson gives us a peek into the process of CPE.
several different accounting profession publications. I’m always researching topics and looking at what other states are doing for CPE as well as conferences. I get a lot of information and guidance simply by listening to our members.
Is it challenging to find good instructors?
How do you connect with members to find out what they want?
I’m ALWAYS looking for quality instructors – both new and experienced. One of the best resources is to simply ask advice from other speakers and vendors. Fortunately, we are selective and choose to work with speakers who come with a good reputation. We don’t always bat 100 percent, but we come pretty close. We work with surrounding states and other organizations to co-sponsor programs and offer CPE in different areas of the state to reduce travel for our members.
I read every single evaluation that comes in after a class or conference. Some people probably find them a nuisance, but they are crucial to our planning process. One thing that would help is more specific suggestions on the evaluations. If it says something like “offer more classes for CPAs in business and industry,” I won’t know what topics you want more of. Fortunately, we have many supportive colleagues and members that I can call or email with specific questions.
How do you know what courses to offer?
When and how do you determine the final schedule?
One of the best ways to keep up with hot topics in the profession is to read
No schedule is ever final in CPE! We work with our CPE Committee to deter-
CPAs kick back and give back
hank you to the CPAs and accounting professionals who attended the Nov. 18 Kick Back and Give Back event at the Cedar Rapids Marriott. Members enjoyed complimentary appetizers during the happy hour social while ISCPA’s young professionals (LEAP) Task Force collected gently used professional attire items for The Daisy Rack, a Cedar Rapids thrift store. Proceeds from the store benefit the Young Parents Network, a nonprofit social services agency that supports young families in need.
10 | Iowa CPA | December 2013
mine the classes we offer. The committee meets twice in the fall each year to discuss workplace issues and “hot” topics. Ideally, the schedule is set by the end of December or early January. Classes are always added if there are regulation or legislative changes or new subjects pop up. How can members be more involved in planning? We have a pretty equal part of public and private CPAs on the committee, but we could use more member perspective that represents the different industries we have in Iowa. I always appreciate when people offer me their opinions so call or email me and let me know what you think. Kathy Nicholson is the ISCPA’s director of education. Contact Kathy at firstname.lastname@example.org or 515-223-8161/800659-6375.
CPE in 2014 April 23 Ethics for Financial Managers April 23 Protecting Against TechnologyBased Frauds April 24 Controller of HR Director: Personnel and Regulatory Issues April 28 Driving Corporate Performance: The CFO’s Role In Developing Competitive Advantage April 29 Only Financial Officer: Skills for Smaller Company Financial Managers
CPE Calendar December 2
Loscalzo’s Compilation and Review Essentials - Rules for Local Practitioners (CRE)
West Des Moines
Surgent McCoy’s 2013 Annual Tax- Planning Guide For S Corporations, Partnerships, and LLCs (TPGS-IC)
Loscalzo’s Disclosure - The Key To Financial Statements (DKFS)
West Des Moines
Building Your Moral Capacity (Ethics) (BYMC-DM)
Iowa Department of Revenue Update (IDR-DM)
Advanced Technical Tax Forms Training - LLCs, S Corporations, and Partnerships (ATFB)
West Des Moines
Advanced Technical Tax Forms Training - Form 1040 Issues (ATFI-DM)
West Des Moines
Introduction to Insurance Accounting and Reporting (IIAR)
West Des Mones
Nonprofit Accounting and Financial Reporting (NAFR)
10 Steps to a Digital Office in the Cloud (*featuring iPads) (DOC)
West Des Moines Using the iPad and the Cloud to Manage Your Documents On the Go (*featuring iPads) (UICD) West Des Moines Revised Yellow Book/Single Audit Guide (RSAG) Des Moines
Taking Excel to the Next Level for Experienced Users (*featuring iPads) (EXADV)
West Des Moines
West Des Moines
Excel - Everything You Wanted to Know About Using Excel Pivot Tables (featuring iPads*) (PIVOT) Annual Tax Update (Classroom Webcast) (ATU-MOL)
Annual Tax Update (Classroom Webcast) (ATU-WLO)
Annual Tax Update (Classroom Webcast) (ATU-DM)
West Des Moines
Governmental Accounting and Auditing Update (GAU)
West Des Moines
S Corporation, Partnership, and LLC Tax Update (BCP4-SF)
Sioux Falls, SD
Estate Planning: What To Do in 2014 (NLE4-SF)
Sioux Falls, SD
Reviewing Financial Statement Audit Workpapers: The Most Critical Quality Control West Des Moines Considerations (ERA4) Fair Value Accounting: Guidance For Practitioners and CPAs in Business and Industry (FAI4) West Des Moines Surgent McCoy’s 2013 Annual Tax- Planning Guide For S Corporations, Partnerships, West Des Moines and LLCs (TPGS-DM) Advanced Partnership/LLC Workshop: How To Do Optional Step-Up in Basis Under Sec- Sioux Falls, SD tion 754 and Related Provisions (APLW-SF) The Complete Guide to Payroll Taxes and 1099 Issues (CGPT) West Des Moines
12 12 13 13 13 18 19
Fraud and Abuse in Not-For-Profit Entities and Governments: Stealing From Everyone (FANG) West Des Moines Preparing Individual Tax Returns for New Staff and Para-Professionals (PITR) West Des Moines The Complete Guide To Preparing Limited Liability Company, Partnership, and S Corpora- West Des Moines tion Federal Income Tax Returns (PLPS)
NEW-Insurance Industry Accountants Dec. 9 Introduction to Insurance Accounting & Reporting (4 hours) Discussion Leader–Connie Jasper Woodroof
2014 Conferences: May 13 Iowa Governmental Roundtable June 12-13 Technology Conference June 26 Insurance Industry Conference Sept. 18-19 Fall Conference (Eastern Iowa)
ACPEN Monthly Webcast (classroom or individual) Annual Tax Update Dec. 11 Classroom locations: Des Moines, Moline, Waterloo
Iowa CPA | December 2013 | 11
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United Way seeks volunteer tax preparers
nited Way of Central Iowa is looking for volunteers to provide free tax preparation for low- to moderate-income central Iowans. The agency plans to open seven sites between Jan. 21 and April 15, where volunteers can help needy Iowans fill out their taxes during the day, evening and weekend. Last year, volunteers with this program helped nearly 5,000 residents and “brought back $7.7 million to our community,” United Way said. For more information and to volunteer, visit the United Way Volunteer Income Tax Assistance (VITA) page of the Central Iowa’s website: http://goo.gl/pDzPZS.