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The Kentucky

CPA

Journal

Issue 3 2017

The Journal of the Kentucky Society of CPAs

Here comes

GEN Z

Are you ready for the next generation to hit the workforce? Spotlight on HR: • • • •

Nail the interview Hire young professionals Reduce turnover KPIs

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The Kentucky CPA Journal / Issue 3 2017

What’s inside

What’s inside Administration

Q&A with President Kevin Joynt................... Page 4 Across the Board............................................... Page 6

Ethics

Ethical blind spots............................................ Page 11

Tax in the Bluegrass

Managing Withholding Taxes........................ Page 13

Cover

Are you ready for Gen Z.................................. Page 16

Focus

Land the job: interview best practices............ Page 20 Hire and retain young professionals.............. Page 23 Reduce employee turnover............................. Page 25 The immeasurable value of KPIs.................... Page 27

CPE

Calendar............................................................. Page 29 Spotlight CPE.................................................... Page 33 On-Site CPE....................................................... Page 33 Conferences....................................................... Page 34

Accounting careers

Encouraging the Exam..................................... Page 38 KyCPA College Leadership Institute............. Page 40 Students complete BASE Camp...................... Page 42

Educational Foundation

Create a Legacy................................................. Page 45 Golfing for the greater good........................... Page 47

Society

KyCPA honors 100% Champions................... Page 48

Members

The 2017-2018 KyCPA Board of Directors: Kevin Joynt, president, of Deloitte & Touche, Louisville William Jessee, immediate past president, of Henderman Jessee & Company, Louisville Rebecca Phillips, president-elect, of MCM CPAs & Advisors, Louisville Elizabeth Woodward, secretary-treasurer, of Dean Dorton, Lexington John Chamberlin of Van Gorder Walker, Erlanger Steve Daniels of T&C Contracting, Louisville, who is also a member of the executive committee Kris Kemp of Myriad CPA Group, Owensboro Skip Looney of Rudler, Fort Wright, who is also a member of the executive committee Wes Omohundro of Allen Company, Inc., Lexington Elizabeth Rankin of ANEW 401k TPA, Louisville Marisa Smith of Airgas MidAmerica, Bowling Green Douglas Allen of Kentucky Community & Technical College System, Versailles Heather Cochran of RFH in Lexington Esther Thompson-Long of LG&E and KU Services Company, Louisville Mike Campbell of Venminder, Elizabethtown and Cambell is also a member of the executive committee Editorial Board Chair: Mark Loyd of Bingham Greenebaum Doll, Louisville

CEO - Penelope P. Gold Editor - Lorri Malone Associate editor/Art director - Kimberly Lindsey Letters to the editor: If you have ideas to share, opinions to express or suggestions for future stories, please email Editor Lorri Malone, KyCPA communications director, at lmalone@kycpa.org.

Members in motion........................................... Page 50 Welcome new members................................... Page 51 KyCPA member profile.................................... Page 52

Advertising: If you would like to advertise in The Kentucky CPA Journal, please contact the Society at marketing@kycpa.org; 502.266.5272.

Watercooler

Please note: this publication is not technically reviewed. Opinions expressed in The Kentucky CPA are those of the authors and do not necessarily reflect Society policy or editorial concurrence. Publication of advertisements does not constitute an endorsement of products or services. The editor reserves the right to accept or reject advertising and editorial material in accordance with editorial judgment and publication guidelines.

By the watercooler............................................ Page 54

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The Kentucky CPA Journal / Issue 3 2017

Administration

Q&A with President Kevin Joynt Editor’s note: We asked 2017-2018 President Kevin Joynt to share his thoughts on some of the issues facing the profession. Joynt is a managing director at Deloitte & Touche LLP in Louisville. Here’s what he had to say.

KyCPA: What inspired you to become a CPA? KJ: I started at the University of Kentucky as a business management major and was attracted to accounting as a sophomore after taking Accounting 201. I realized that accounting was much more than mathematics: it was the application of rulesets to unique fact patterns, and required a higher level of logical thinking. As I furthered my studies, I was introduced to public accounting, and learned more about the professional role CPAs play. I realized I would enjoy the challenges of serving clients and conducting audits. It is rewarding to be part of such a well-respected profession and I am proud to serve as the president of KyCPA.

Bill Jessee, immediate past-president (Left) and Kevin Joynt, president (Right) at the opening of Junior Achievement CPA “firm” in Lexington, March 2017.

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KyCPA: What is a significant issue facing the CPA profession as a whole?

KJ: CPAs have so many changes coming their way. The fast pace of technology is disrupting “business as usual.” Data analytics, artificial intelligence, blockchain technologies, cybersecurity, and new systems on the horizon can be challenging. These changes, and elevated client expectations, are beginning to impact CPAs in both public practice and business and industry. Another important issue is the continued demand for new talent and development of existing professionals. I do not anticipate a decrease in demand for qualified professionals for accounting, reporting, and regulatory needs, yet we will likely continue to see more CPAs reach retirement age and exit the profession. This may create a gap between the significant experience of the retiring professionals and the demand for their services. To close this potential talent gap, the CPA profession must continue to invest in the recruitment of new professionals. There’s an education component, as well: CPAs should help young people understand the career paths available to them, and encourage them to pursue degrees in accounting. Professional

Kevin Joynt, president speaking to the Business and Accounting Summer Education (BASE) Camp participants at the closing dinner, June 2017.


The Kentucky CPA Journal / Issue 3 2017

services organizations and companies alike also need to invest in the development and retention of existing professionals.

KyCPA: What are your goals for the coming year?

KJ: There are several things I hope to accomplish this year. My first priority is to help smooth the way for the Society’s transition to new staff leadership when CEO Penny Gold retires on Dec. 1. (See p. 6) Of course, we may be facing a special legislative session this fall, so I, along with our Executive and Tax Committees will be all-handson deck during the process. We will also be continuing our efforts to raise funds for KyCPA’s Educational Foundation which supports college accounting scholarships and the new Junior Achievement BizTown Center in Lexington. If you recall, we opened a CPA “firm” so students

from the Bluegrass region can learn more about what CPAs do. We have also engaged a dynamic facilitator for our Board’s upcoming strategic planning session. We’ll be working diligently to find new and better ways to serve KyCPA members.

KyCPA: What’s a significant issue facing Kentucky CPAs in particular?

KJ: Kentucky CPAs also experience the issues with talent and development of professional staff. However, this year, another challenge is that Kentucky CPAs are anticipating potential tax changes coming from Frankfort that will likely impact their clients or employers.

KyCPA: What advice do you have for young people considering a career in accounting? KJ: The KyCPA Educational Foundation offers BASE Camp

Administration

(the Business & Accounting Summer Education Camp), which introduces high school sophomores, juniors, and seniors to career options in the field of accounting. This is a great way to get an introduction to the profession. For college-age students, visit your career center and ask if it has a mentoring program with the alumni base. These programs enable you to connect with someone already in the accounting field for a discussion - or better yet - a job shadow experience.

KyCPA: What is your favorite sport?

KJ: I have always loved swimming, and was into competitive swimming throughout my school years. My children are also great swimmers and on our local swim team. Even though my current position requires a bit of travel, I always make it to every swim meet.

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The Kentucky CPA Journal / Issue 3 2017

Administration

Across the Board By Penny Gold

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ear Society members, After a great deal of thought and family discussion, I informed the Board of Directors in early June that I plan to retire on Dec. 1 of this year. About one year ago, I told the Executive Committee it was time to begin working on a succession plan, and a final date for that transition has now been set. To help move things forward, the Executive Committee has formed a search committee to be sure the new Society CEO is ready for the next set of challenges. Special thanks go to MCM’s HR team for assisting with this effort. I have had the honor of serving CPAs and the Kentucky Society for the past 14 years, and am very proud of what we – Society presidents, board leaders, our brilliant member volunteers and Society staff – have accomplished together. We have transformed the Society in many ways, which I know have been for the better. And each year, another exceptional Society president helped lead the way. There are too many leaders and volunteers to recognize in this piece, but a few names stand out. Over the years, with guidance from Mark Loyd and his Editorial Board, our creative team re-invented a six-page newsletter into the award-winning and nationally recognized Kentucky CPA Journal. Most recently, Loyd stepped up as pro-bono local council for the Society as we worked with a legal team on a Kentucky Supreme Court Amicus Brief. The brief, now pending before the Court, takes a stand on several issues important to CPA professionals engaged in providing tax advice. Thanks to Loyd and his firm, Bingham Greenebaum Doll, LLP. We have transformed our government relations program, and have positioned the Kentucky Society as an influential and proactive voice for CPAs, their clients, employers, and Kentucky’s business environment. The KyCPA Tax Committee has taken an exceptionally active role in this regard; many thanks for their continued efforts. I also want to

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extend our gratitude to Past-President and PAC Chair Alan Long. Through his leadership, we have grown the KyCPA-PAC exponentially, and are now proud of our standing among other top professional organizations. Together, we have expanded the opportunities for membership involvement with new committees, task forces, conferences and social events. In the past 14 years, we have continued to expand our conference offerings to include more specialized areas of practice, with conferences like Business Valuation, Forensic Accounting, Construction, Manufacturing, Retirement Planning, Commercial Real Estate, Not-for-Profit, Professional Ethics programs, and the new Women’s Leadership Conference. Each

Gold received the Kentucky Society of Association Executives President's Award during its Annual Professional Awards of Excellence Luncheon.


The Kentucky CPA Journal / Issue 3 2017

committee chair has brought their own creativity, experience and perspective to these efforts, helping the Society consistently produce conferences that are salient and valuable. Over the years, we have done our very best to expand our statewide reach. Past-President Bob Patterson helped make firm visits and college campus presentations a standard part of our statewide outreach, in addition to adding regional representatives to our Board of Directors. We have also enhanced the Professional Issues Update programs, which have become an ideal way for members throughout the state to connect with one another, and with the Society. Sadly, this will be my last tour of duty with the PIUs; I hope to see you there. We have made great strides in expanding our online CPE offerings. In addition to the 150 live programs available at the Gratzer Center - and across the state - the Society now offers our members over 6,000 Web casts and online courses, along with 12 free hours of webinars for every Society member. The webcast technology at the Society headquarters has also allowed more members to remotely participate in live conference and seminar events. Past-President Jerry Hensley was the inspiration for the statewide KyCPA Leadership Academies, designed to enhance engagement with emerging

Administration

David Price, past-president and Penny Gold, CEO on the cover of the July 2003 KyCPA publication as Gold began her journey with KyCPA. On the right, Price and Gold recreate the cover pose at the 2017 KyCPA Annual Members Meeting where she announced her plans to retire on Dec. 1. professionals while preparing them for leadership roles in their organizations. A new Emerging Professionals Task Force also came together to organize a variety of networking and community service events, many of which have been held outside of the Louisville area. Leaders in the Society have built a strong and sustainable foundation for college scholarships, which now provides about $50,000 in college accounting scholarships each year … 10 times what it was in 2002. We owe so much to the many Society presidents who stepped up to make this a reality.

I’d like to also recognize Dave Calzi of E&Y, who served as the Foundation’s first fundraising champion. Thanks to the vision and hard work of the Educational Foundation Trustees and the Accounting Career Opportunities Committee, we launched a great variety of CPA pipeline development programs, including: the exceptional CPA “firms” at the two JA BizTown centers; BASE Camp, our Business & Accounting Summer Education Camp for high school students; the PEAK Competition for college accounting teams; and the Governor’s Scholars Business Continued on p. 8

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The Kentucky CPA Journal / Issue 3 2017

Administration

Across the Board continued Accounting & Entrepreneurship program. I am particularly proud of KyCPA’s part in developing the new Kentucky High School Accounting Curriculum, which brought many Kentucky schools into the 21st century. Again, Alan Long took a lead here, as we worked with a wide variety of CPAs, high school teachers and college educators. We have also been at the forefront of the Accounting Pilot and Bridge Project, the first step toward honors or AP accounting in the US (this program was

purchased just this month by the AICPA, which is using this as a springboard for a national honors accounting program). Other new KyCPA initiatives include: The College Leadership Institute; the Student Ambassador Program; and the new Diversity Task Force. Two years ago, with encouragement from our Executive Committee, which recognized the need for investment in our facility and services, we renovated the Gratzer Education Center at the Society’s headquarters. The space now houses more modern technology and provides a more useful and

welcoming space for members. This year, we have added a new KyCPA app to encourage member engagement, and upgraded our technology in many ways. Of course, there is always continuous need for improvement in the technology area. Over the past decade, we have developed stronger relationships with the business community and have expanded opportunities for members to connect with vendors through sponsorships and exhibiting opportunities – a win-win for the members and the Society.

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The Kentucky CPA Journal / Issue 3 2017

Administration

Penny Gold received a standing ovation for her service to the CPA profession at the 2017 Annual Members Meeting after announcing her plans to retire. Following passage of the ACA, the Society’s health insurance plan transitioned to an employer-based plan, which now provides a very competitive and cost-effective option for the health care needs of CPA firms. Special recognition goes to PastPresidents Bill Jessee and David Price, Insurance Committee Chair, who each played important leadership roles in this transition. Of course, none of these advancements would have been possible without the strong foundation built by my predecessor and the Society’s executive director for 32 years, Ben Gratzer. The strength of the organization today is a direct result of Gratzer’s efforts, and

his exceptional ability to engage members and lay a solid path for the future. Many thanks to every single CPA who has participated, volunteered, and contributed time and money to the Society’s initiatives over the past 14 years. You have done so much to make KyCPA a remarkable and valuable part of the CPA culture and community. While the new challenges facing the profession require fresh energy and ingenuity, I am confident the Society’s exceptional leaders and staff will rise to the challenge and continue to move this outstanding organization forward. You couldn’t ask for more capable officers, with Kevin Joynt serving as your president,

Becky Phillips as presidentelect, Bill Jessee as immediate past-president and Elizabeth Woodward as this year’s secretary/treasurer. I can think of no better team to oversee the next phase of the Society’s evolution. With such a strong bench of talent, this is exactly the right time for transition. I am so proud that you have let me be part of your leadership team for the past 14 years. Please know I am available to help the Society - or any of you - in any way I can, even after Dec. 1. With great respect and gratitude,

Penny Gold, CEO

About the author: Penny Gold is the CEO of the Kentucky Society of CPAs. She can be reached at pgold@kycpa.org. kycpa.org

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The Kentucky CPA Journal / Issue 3 2017

Ethics

Ethical blind spots By Kevin McCarthy

When you don’t know what you don’t know

I

was a successful businessman. A loving husband. A leader in my church community. Overall, I was a respectable guy. So how did I end up in prison for 33 months, sentenced in one of Washington State’s biggest fraud cases in history? I simply didn’t know what I didn’t know. I truly did not know my boss was committing fraud, but somehow I helped him do it. I was passionate about my job; I was excited about our work. I truly didn’t believe I was doing anything wrong or illegal. But that’s the problem, isn’t it? One of the biggest tricks of ethical decision-making is this: When we’re faced with the biggest moral decisions of our life, we might not even realize what’s happening. We might not understand that this decision, right here, right now, is an ethical one. If our boss is doing it, it must be legal, right? And we don’t want to get fired, so we just do what we’re told. Of course, there’s a lot more to it than that. There are a plethora of factors that play into our decisions, not the least of which are the biases Elizabeth Woodward wrote about in the Issue 4 2016 (http:// bit.ly/KyCPAJ416, p. 38): Confirmation bias (we’re more inclined to believe what we already believe), anchoring bias (we give more weight to the first piece of information we’re presented with), and bandwagon bias (everyone else is doing it!). On top of that, we also have all kinds of blind spots that can spring from a host of issues. So what do we do? How can we recognize those ethical decisions, and ultimately make the right choice? This is one of the biggest conundrums in business history. However, speaking as someone who’s been there, allow me to share a few strategies that might come in handy. Take away your incentive. Hypothetically speaking, I mean. When you’re faced with a decision at work - any decision, really - consider what you have to gain from that choice. Will you save yourself a few dollars? Look better in front of your

boss? Avoid a negative review? Now imagine that incentive is gone; imagine if, no matter what you decide, it won’t affect you personally - take your own stakes out of the situation entirely. Maybe imagine it’s some new kid or a faceless intern you’re watching make this choice. Now: do you notice any red flags when you aren’t distracted by what’s at stake? Listen to those red flags. Never ignore them. Question authority. Avoid making choices based solely on instructions given. My boss had the support of incredibly famous athletes at the time; his company seemed, with their endorsement, completely legitimate. Do you find yourself giving more credibility to those with wealth or influence? Even if it’s your own CEO, remember that wealthy people are just as prone to making decisions that lead to unethical behavior as the rest of us. As the accountant, you’ll see more of the company’s numbers than anyone, and it’s your job to speak out when you spot indiscretions. Don’t stay quiet. Similarly, if you’re managing others, don’t punish questioning; reward it. Encourage your employees to always understand what they’re doing and why, so they’re never caught unawares in the face of an ethical decision. Be wary of altruism. As counter-intuitive as this may sound, beware if you find your thoughts drifting towards extreme acts of altruism. Thoughts like, “As soon as I get this bonus, I’ll be able to donate to that soup kitchen/buy my mother a car/

Go to kycpa.org to register for Ethics.

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The Kentucky CPA Journal / Issue 3 2017

pay off my brother’s debt,” can be a warning sign of dissonance. Of course, these thoughts are not inherently bad; it’s a great thing to want to help others. But thoughts like this can often be the canary in the coalmine for unethical behavior. When our subconscious feels nervous about our means of attaining wealth, there’s a dissonance; it’s a tension we instinctively want to resolve, and sometimes that manifests in grandiose plans of generosity. When I was promised wealth from my company’s imminent IPO, my coworkers and I

constantly talked about the good we’d do with our new money. How many of those “plans” are actually realistic - and how many are simply to assuage your anxious conscience? There are so many ways that unethical decisions can sneak up on us. Story after story in the news demonstrates how good people can drift into bad choices. Watching those stories, complete with 20/20 hindsight, can make you wonder: How did that person get caught up in that problem? Well, I was one of those stories; I was one of those people.

Ethics

Take it from me: it’s not always as simple as it looks. Sometimes, you just don’t know what you don’t know. About the author: Kevin McCarthy is a keynote speaker for conferences throughout North America and abroad. He is the author of BlindSpots - Why Good People Make Bad Choices. For more information, contact him at info@kevinmccarthy.com.

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9/16/15 5:51 PM


The Kentucky CPA Journal / Issue 3 2017

Tax in the Bluegrass

Managing Withholding Taxes By Mark A. Loyd, Esq., CPA

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mong the duties that come within the ambit of human resources is managing employmentrelated tax obligations. Probably the most significant of these is withholding taxes.

Workers work in multiple locations and in multiple taxing jurisdictions federal, state, and local

Businesses often have workers based in multiple locations, which may or may not be in their state of residence. Also, while many of these workers may work in one location, some move around between a business’s locations or its customers’ locations or other locations where they perform their duties. Examples include sales people who travel within a territory and people who perform their duties at the location of a client or customer, such as installing equipment. Businesses’ particular circumstances are as varied as there are businesses, but the theme is the same - complexity. In addition to federal withholding taxes administered by the Internal Revenue Service, states imposing income taxes and multiple localities (counties, cities, school boards, etc.) may also impose their own taxes as well as employer withholding obligations on employees’ wages. The Kentucky Secretary of State’s website includes a list of these (http://app.sos.ky.gov/occupationaltax/). So, for example, an employee working in Shively, Ky. would be subject to withholding for federal income tax, Kentucky income tax as well as Jefferson County (Louisville Metro) and Shively taxes.

Worker classification issues

When a business hires a worker as an employee, their classification is, as a practical matter, set. However, when a business retains a worker as an independent contractor, the Internal Revenue Service (or perhaps a state or local department

of revenue or other state agency) could seek to reclassify the worker as an employee. The issue often arises when a worker questions whether he is indeed an independent contractor or is more appropriately classified as an employee. An employee may do this by filing IRS Form SS-8, Determination of Worker Status for Purposes of Federal Employment Taxes and Income Tax Withholding. This often will precipitate an employment tax audit. During an employment tax audit, one issue may be whether workers classified as independent contractors should be reclassified as employees. Classification turns on the relationship between the business and each worker as to: the control the business exerts over the worker’s behavior, e.g., instructions, training, etc.; the business’s control over financial aspects of the worker’s services, e.g., risk of profit or loss, etc.; and, the type of relationship between the business and the worker, e.g., whether it is governed by a contract (or not). IRS Publication 1779, Independent Contractor or Employee provides a general overview of factors the IRS considers to be important. Retroactive reclassification can be onerous. When a worker who is classified as an independent contractor is reclassified as an employee retroactively, this can cause thorny logistical issues due to the nature of withholding, i.e., it is withheld from employees’ wages and paid to the IRS. Retroactive reclassification can also potentially have a collateral impact on employee benefit plans and compliance with employment laws. In states and localities with income taxes, a retroactive change in classification can potentially have an impact on state and local withholding. Fortunately, options exist to resolve reclassification issues on a go-forward basis.

Employees residing and working in multiple states or localities

Employees generally inform their employers of their states of residence. In many cases, there is no readily apparent issue regarding the state of residence claimed by an employee. But, the determination of an employee’s state of residence can be important. This is because a resident of a state

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The Kentucky CPA Journal / Issue 3 2017

Tax in the Bluegrass

Withholding taxes continued

is subject to their home state’s tax on all of their wages, regardless of where they are earned, and they are also subject to tax on the portion of wages earned in any state in which they are a nonresident, for which they get a credit in their state of residence. Being subject to tax on all of one’s wages versus a portion of one’s wages is an obviously important issue, when it arises. When this happens, the determination of which state is an employee’s state of residence is generally a two-step inquiry. First, one must determine in which state the worker is domiciled. This common law test entails determining whether or not one resides in a particular state and intends to remain in the Commonwealth; it is a factually intensive inquiry especially when contacts with multiple taxing jurisdictions are involved. The second statute-based test generally turns on whether or not a person has an abode in a state and also spends approximately

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half the year or more in that state; if so, that person would be a resident of that state by statute. When the facts are not straight forward and involve multiple states, residency can be a complex issue. When an employee is a resident of one state and primarily works in another with a different tax rate, this can cause an issue. For example, an Indiana resident employee working in Kentucky must pay tax on their income to both Kentucky (6 percent) and to Indiana (3.4 percent) - with a tax credit for Kentucky tax paid which would have a significant impact to the employee. State reciprocity agreements often provide an answer to this issue but there are not reciprocity agreements between all states. The KentuckyIndiana Reciprocity Agreement is an example of a reciprocity agreement that authorizes a resident of Indiana working in Kentucky as an employee to pay tax on wages only to Indiana --

and not Kentucky, and vice versa. Reciprocity agreements are the exception, not the rule. An employee who performs their job duties in multiple states - even for relatively short periods of time - can potentially incur obligations to report and pay income taxes in states in which the employee derives income from performing their job duties, depending on the amount of time and work performed in the involved state. Likewise, employers can incur withholding and reporting obligations. Requirements vary from state to state, and some states are more aggressive than others at attempting to enforce their tax laws on non-residents and their employers, even when an employee spends only a relatively short period of time working in the state. States generally provide for safe harbors for employers, allowing an employee to be present in the state for up to a couple of weeks or so before


The Kentucky CPA Journal / Issue 3 2017

subjecting the employer to a withholding obligation. There is no uniform standard, and some states provide for no safe harbor whatsoever.

Potential for officer liability

Federal and state statutes that require employers to withhold taxes from their employee’s wages and pay them over to the Internal Revenue Service and state departments of revenue often describe this obligation

as one of trust. This can, depending on the statute, fall on an employee with responsibility for overseeing a business’s payroll and the payment of taxes withheld. Accordingly, it is incumbent upon those managing this function to ensure that income taxes that are withheld are remitted to the appropriate taxing jurisdictions. There are hefty civil and, in severe cases, criminal penalties that can apply. There are also exceptions.

Tax in the Bluegrass

“I spent my life trying not to be careless.” — Don Corleone, The Godfather (1972) Professionals managing employment taxes must deal with a national patchwork of different and non-uniform rules for withholding tax on and reporting of wages. Care and planning will aid in this.

About the auther: Mark A. Loyd, Esq., CPA, is a member of Bingham Greenebaum Doll in Louisville and chairs its tax and finance practice group. He chairs the Society’s Editorial Board and Tax Committee. He can be reached at MLoyd@bgdlegal. com; 502.587.3552.

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The Kentucky CPA Journal / Issue 3 2017

Are you ready

for GEN Z By Sharla Carter

Meet Generation Z, the next generation to enter the workforce.

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The Kentucky CPA Journal / Issue 3 2017

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nother generation - Generation Z - is starting to hit the workforce, mingling with Baby Boomers, Gen Xers and Millennials. Who are they? What are they about? And what are some tips for established professionals who will be working alongside them, helping them integrate into the workforce? Let’s take a closer look at this emerging group of young professionals and learn what makes them stand apart from their predecessors.

Who are they?

Members of Generation Z include those born between 1995 and 2012, ranging in age from 5-21. The oldest members of this group are just graduating from college, based on a four-year program. The youngest members will start Kindergarten in Fall 2017 and graduate from high school in 2030.

Characteristics

It’s tempting to make sweeping judgments about any group of people, assuming they share common traits based on their year of birth instead of viewing them as individuals with unique talents and viewpoints. However, researching commonalities can help us better understand groups of people who are raised and educated within certain time periods and environments. New York advertising agency Sparks & Honey produced a report in June 2014 titled, Meet Generation Z: Forget Everything You Learned About Millennials. It gives a detailed snapshot of prevailing characteristics of Gen Z, which include: • They are budding entrepreneurs who want to be self-employed and solve real problems. In

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a Gallup and Operation HOPE survey of more than 1,000 students in grades 5-12, 38 percent predicted, “I will invent something that changes the world.” Their social circles are global. They are the most diverse, multicultural generation to date. One buzzword for this group is “togetherness,” not simply “tolerance,” which is often associated with Millennials. They are speed communicators, proficient in rapid-fire banter and commentary. They communicate with images and symbols over text, and prefer live streaming and video conferencing to face-to-face contact. Members of Gen Z can multitask across multiple screens, apps and other platforms simultaneously. They are practical. When deciding on a career path, they care more about choosing a secure vocation than about “following their passions.” The Sparks & Honey report attributes this to the post-9/11 world they have grown up in, witnesses to the volatility of the housing and stock markets. Gen Z wants to work for success, not wait to be discovered. They are private. They are judicious in sharing their personal and professional brands online, having learned from the online mistakes of their predecessors. Their attention spans are very short, averaging only eight seconds. This is down from 12 seconds in 2000. The Sparks & Honey article sites research that suggests “their brains have evolved to process more information at faster speeds, and

Continued on p. 18 kycpa.org

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The Kentucky CPA Journal / Issue 3 2017

Cover

Gen Z continued are cognitively more nimble to handle bigger mental challenges.” The challenge will be keeping their attention. The report also describes Gen Z as being realists, active volunteers, future-focused and humble. As opposed to citing fear in the hearts of established professionals, this sounds like a group eager to join forces with their more experienced colleagues.

Relating it to accounting

David Stillman, a generational expert and author who has studied the generations for 20 years, spoke in May at the AICPA Spring Governing Council meeting in Washington, alongside his 17-year-old son. Their goal was to educate CPAs on how to prepare for Generation Z in the workplace. Ken Tysiac, editorial director for the Journal of Accountancy, interviewed Stillman about his research findings and summarized three notable traits to anticipate in these young professionals. Stillman calls their first trait “Phigital,” which combines the physical and digital. They don’t know a world without cellphones, and assume their workplace will have the latest in technology. In a survey, however, 84 percent said they preferred face-to-face communications with a boss. Tysiac’s article explains this does not mean they want “long sit-downs.” “They want their communication in sound bites,

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and quick,” says Stillman. “If I can look you in the eye, you tell me what I need to know, you go away and I go away and I get the job done, that’s going to be their preferred mode of communication.” Stillman’s second trait is this generation’s expectation of “hyper-custom.” Many have created their own college majors and now expect to write their own job descriptions. Training and development for these new hires may be more successful if it is customized in a “just-in-time” format, offered as they need it. As another example, in the past most accounting firms had only one path to partnership. Stillman notes this is changing slightly. He explains that the current trend toward more flexibility will be attractive to Gen Z members because “… with this generation, the more customized it feels, the more likely you will retain them.” “FOMO,” or the fear of missing out, is the third Gen Z trait Stillman addresses. It is also referenced in the Sparks & Honey report. Having access to news and social media 24 hours a day has influenced their desire to explore multiple roles and industries simultaneously. Stillman believes this can work to the advantage of the accounting profession if Gen Z members understand the possibilities and the boundaries. A mutual understanding of noncompete arrangements (i.e. for side businesses) and performance feedback will help manage expectations.

Integrating and mentoring

Madison Cork, president and founder of Cork Communications in Louisville, has keen insight on how to value and best integrate new people into the workplace, no matter what age they are. “This is not a new conversation,” Cork wisely observes. “All generations before us have faced this same challenge, of welcoming a generation of people who have fresh voices and ideas.” Cork explains that it is common for established employees to think, “Oh no! They’re not doing it the same way we are,” when observing new staff. Technology is constantly changing. We accept that. But people change, too. Instead of focusing on the negative, Cork encourages her clients to think of what makes each person innovative and unique. She challenges them to “remain curious about what the possibilities are.” Cork believes mentoring is paramount to easing a new generation into the workplace, but warns that mentoring isn’t what we think it is. It’s not always the wise and mature sage handing advice down to the young. “It’s a powerful connection that allows all participants to thrive and learn from each other,” she explains. Think about whom you gravitate toward at any social or work gathering. We’re all


The Kentucky CPA Journal / Issue 3 2017

drawn to what is familiar to us, in age, experience level or communication style. However, Cork observes, “We don’t grow in this environment, we flounder. Companies need to be intentional about mentoring. Encourage relationships with a diversity of thought, background, age and gender.”

“Humanizing the human resource”

The largest investment in any company is its employees.

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Technology is continuously upgraded, but what about investments in people? “We don’t upgrade them, but we expect them to perform consistently,” Cork observes. Her mission is to help her clients get higher returns from their human capital. She wants to “humanize the human resource.” “Young people are full of ideas and innovation and creativity,” Cork says. “Give them the opportunity to let those ideas flourish and grow.”

Cover

To read Ken Tysiac’s full article, What you need to know as Gen Z enters the workforce, go to http://bit.ly/2suqKhS. About the author: Sharla Carter is a freelance writer and former assistant editor who constantly corrects her Gen Z daughters’ grammar.

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The Kentucky CPA Journal / Issue 3 2017

Focus

Land the job: interview best practices

By Renee Fulton, CPA, CGMA

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ou have received a call asking for an interview. The job is interesting and you are excited about meeting the hiring company. What can you do to prepare? Interviewing is not rocket science, but nerves can get the better of you because most people don’t have a ton of experience with the interview process (at least those with reasonable tenure). Let’s review five things to start you off on the right foot.

1. Prepare

To prepare for the interview, review the company Web site to learn about its products, services and locations. Be informed about recent big events, such as acquisitions or new offices. While reviewing, determine if you can envision yourself at the company. Review the job ad that listed some of the key aspects of the job and begin to correlate those duties/ skills with your work history. If the position requires experience in xyz and you have that experience, be sure you expressly correlate your skills with what the company is needing. Tell the story of how you demonstrated the skill. Don’t assume the interviewers have studied your resume and can see the skills. Mention your skills at the appropriate times.

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Last, but not least, be sure you know the location of the interview and how to get there. Plan to arrive 10-15 minutes early and consider taking a trial run the night before. Plan for traffic and the unforeseen, but if you arrive too early, stay in your car. Arriving 10 minutes early is a positive; arriving 40 minutes early is not.

2. Project confidence and poise, not cockiness

You truly want to know and understand the highlights of the position and express where you have demonstrated a similar skill, but you do not want to come across as if you know it all. Listen and ask appropriate questions, but check your attitude to be sure you are not coming across as bored or having done all the duties, giving the impression they are no challenge at all. Ask questions as part of the interview, but don’t take over the interview with far too specific and detailed questions. You are trying to see if your skills and the position are a match, but the interviewer is leading the dance. Getting too far in the weeds on meaningless questions may take the interviewer off track and leave out important points.


The Kentucky CPA Journal / Issue 3 2017

3. Handle the compensation question

Consider the true salary range you would need to accept a position. If asked during the interview, share the range. If not asked about salary, we normally recommend not mentioning it in the first interview. The first interview is to see if there are any synergies between your skills and the position. The range should be no more than $10k (such as $7080k, for example) and truly reflect the salary you would be happy to receive. The range should make sense given your salary history.

4. Stay positive

Regardless of the topic, do not say negative things about previous employers, bosses or co-workers. If you had a particularly difficult time at a past company, you can address the job change in a neutral light by mentioning that while you respected the company, the fit

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wasn’t very good. The company was enduring massive changes due to recent events and you felt you would be a better contributor elsewhere. As an interviewer, I can read between the lines and keep my opinion of the situation neutral unless you spend 20 minutes berating your old boss or company. At the end of the successful interview, leave on a positive note. Ensure you thank the person for his or her time, get a business card, ask if you may follow up and/or gain some understanding of where he or she is in the interviewing process. Express your interest in the position. If you are excited about the position, share your excitement about the position and the opportunity because it seems like an excellent fit for the skills you have acquired. Share that you are excited about the opportunity. Ask if there are any concerns about your abilities, offering to address any issues or clarify points at that time.

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5. Follow up

Based on your understanding of the timeline or after a week or so, follow up on the status of the position. The most un-intrusive way is by a well-written email. Again, express interest in the position and the hope you can speak with them again should they have further questions. Do not be a stalker by emailing and calling repeatedly. Also, remember hiring always takes longer than people expect. If they indicate they expect to bring back a few people for a second interview in a week, don’t email on day seven. Give it plenty of time. While we believe in following up, doing so once or twice is plenty. You don’t want to turn a positive into a negative. About the author: Renee Fulton, CPA, CGMA, is a KyCPA member and is president of Talis Group, Inc. (www.talisgroup.com), a Louisville staffing, recruiting and outplacement services firm.

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Hire and retain young professionals By Sabine Vollmer Editor’s note: This article first appeared in CGMA Magazine. oung professionals in developed markets may not be as upbeat as their peers in emerging markets about the economic future of their country, but the generation that in 2020 is projected to make up about one-third of the global workforce does have a lot in common, Deloitte’s 2017 Millennial survey (http://bit.ly/2sbp4rC) suggests. Young professionals worldwide believe businesses should strive to have a positive social impact. They embrace the opportunities technological advances offer, and they want to make their clients or customers happy. In many respects, young professionals are no different from previous generations trying to make their mark in the workforce, said Lindsay Stevenson, CPA, CGMA, vice president–finance at 1st Financial Bank USA in Dakota Dunes, South Dakota.

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“Is it really about a different generation, or is it about a world that’s constantly changing and adapting to that?” Stevenson said. The constant changes and the technological advances driving many of them are reflected in the Deloitte survey, which involved about 8,000 young professionals from 30 countries.

Motivators

Young professionals participating in the survey are increasingly pro-business and planning to stay longer with an employer, but they also believe large multinational companies fall short of their potential to address global problems such as corruption, income inequality, health care, and unemployment. Seventy-six per cent regarded business as a force for positive social impact in 2017, and the number of respondents who credited business and business leadership for ethical behavior and social awareness increased in the past two years. Perceptions were

Continued on p. 24

Find your new job Find the perfect employee Visit our Employment Resources page at kycpa.org and join the KyCPA LinkedIn group to see job postings or post an accounting related positon.

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The Kentucky CPA Journal / Issue 3 2017

Focus

Hire and retain young professionals continued lowest in Belgium, South Korea, the Netherlands, Italy, and Switzerland. Almost as many (74 percent) said multinationals have the potential to address political, social, and economic issues of concern, but only 59 percent of respondents felt multinationals fulfilled their potential. The impact gap was larger amongst respondents in developed markets than amongst their peers from emerging markets. How engaged employers are in trying to improve social issues of concern matters to young professionals around the world. It gives them a sense of empowerment and purpose, which increases their loyalty to employers. About one-third of respondents (35 percent) said they would be motivated to stay five years or longer with an employer that provides charitable opportunities. Only 24 percent felt that loyalty towards an employer that provides no charitable opportunities. Young professionals especially appreciate smallerscale activities on the local level, such as volunteering or raising money, to support good causes.

Workplace flexibility

A year of upheaval, particularly in developed markets, has more young professionals looking for stability, which was reflected in rising loyalty to employers. The number of survey respondents who intended to leave their current

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employment within two years decreased to 38 percent in 2017, from 44 percent the previous year. The number of respondents who planned to stay beyond five years rose to 31 percent in 2017, up from 27 percent the year before. Also, 70 percent of respondents in developed markets said they prefer full-time employment over freelance work or a consulting job, compared with 61 percent in emerging markets. What full-time employment is, however, is a matter of definition for young professionals, Stevenson said. For example, two accountant friends of hers define it as a certain annual income and work as contractors reviewing tax returns from January through mid-May. The rest of the year, they live in a small condo in Costa Rica. Another accountant friend of hers with children, Stevenson said, defines it as having benefits. Her friend works 32 hours, gets paid benefits, and has time to spend with her children. Within traditional full-time employment, technology offers flexible working arrangements, such as telecommuting or working fewer days but longer hours per day. Stevenson said she can work from home when needed. Others telecommute exclusively or a certain number of days a week.

How to attract and keep young professionals

To help employers attract young professionals in a constantly changing world, survey results suggested they follow these five strategies: 1. Retain young employees longer by getting the business involved in social issues. 2. Be transparent about corporate responsibility activities and update young employees on the activities, especially in large companies. 3. Offer workplace opportunities to give Millennials a sense of empowerment. Young employees find smallerscale activities on the local level that make clients or customers happy as most satisfying. 4. Communicate in plain, straightforward language and take an inclusive, relaxed approach to management. 5. Offer flexible work arrangements within employment, from where employees work to what they do as part of their job. This flexibility is strongly linked to improved performance and employee retention, and Millennials regard it as having a positive influence on every aspect of their job. About the author: Sabine Vollmer (Sabine.Vollmer@ aicpa-cima.com) is a CGMA Magazine senior editor.


The Kentucky CPA Journal / Issue 3 2017

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Reduce employee turnover By Sabine Vollmer Editor’s note: This article first appeared in CGMA Magazine.

S

witching jobs is very much on workers’ minds, despite the efforts by companies to retain their employees, research by staffing firm Robert Half International suggests. Surveys Robert Half conducted with more than 1,000 US workers and more than 2,200 CFOs found that 42 percent of workers said they are somewhat or very likely to look for a new job in the next 12 months. CFOs were equally concerned about employee turnover (45 percent). Most of the CFOs’ companies try to keep employees from quitting. About three-fourths regularly check to make sure employees are happy in their roles (75 percent) or evaluate performance and discuss career development (73 percent), the CFOs said, and 67 percent regularly benchmark compensation and benefits to stay competitive. But those retention efforts may not be enough, especially for entry-level employees, a group with the highest turnover. With a US unemployment rate of 4.3 percent and US unemployment for accountants and finance

professionals at 2.3 percent, “this is arguably the strongest candidate-driven market in 40 years,” said Ky Kingsley, vice president of Robert Half Finance & Accounting in North America. Many accountants and finance professionals looking for a job in the US have two to three offers to consider and can expect counteroffers, Kingsley said. The most important reason for workers to switch jobs was inadequate salary and benefits (39 percent), the Robert Half survey suggested. Only 23 percent of CFOs considered pay and benefits a top cause for employee turnover.

Ties that bind

DomainTools has been able to keep turnover very low despite fierce competition for skilled professionals, said Kirsten Duke, CPA, CGMA, the company’s vice president of finance and human resources. The Seattle technology company, which employs 61 people, is in a metropolitan area with an unemployment rate of 3.4 percent, and its employees could leave for jobs at companies that pay considerably more, Duke said. To stay competitive in its industry, DomainTools gathers data on employee benefits and pay from multiple sources, and heads of the company’s

Continued on p. 26

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The Kentucky CPA Journal / Issue 3 2017

Focus

Reduce employee turnover continued functional groups stay in close communication. “Compensation and benefits is one of those basic things that you have to ensure you’re paying on market,” Duke said. “People leave for higher pay, but I also believe higher pay doesn’t keep people.” DomainTools’ strongest employee retention strategies are a very careful hiring process, flexibility in how and where employees work, and continued efforts to help new and existing employees form and maintain personal connections with their managers and co-workers. Personal connections at DomainTools are fostered, for example, during an annual volunteer day, which brings employees from across the company together. The company also organises an annual fourday retreat where employees and their families get to know each other better. Also, managers are trained to establish a trusting dialogue about career opportunities that work for individual employees. Personal connections between a company’s leadership and its employees are just as vital, said Gordon Barrie, ACMA, CGMA, an executive coach and consultant in the United Kingdom.

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Executives need to make themselves available and engage with employees, especially with high performers who have leadership potential, Barrie said. “Ensure benefits and pay are at the right level. Also, lots of dialogue about career and listening to what they need rather than cascading a plan. If you cover these two areas, that’s the main thing.”

Ensuring retention efforts work To ensure that a happy workforce remains happy and employees aren’t lured away by a higher-paying competitor, Robert Half recommended companies consider these five tips: • Gauge job satisfaction. Don’t presume all is well. Ask people what they think about their work, such as how interesting or challenging they find it. Regular one-onone meetings are effective, but for brutally honest feedback, such as worker happiness with management, consider conducting an anonymous survey. • Increase salaries. If it’s been some time since you’ve evaluated your company’s compensation structure, benchmark current employee wages against professional salary guides. Strive to offer

above-average compensation for your city and industry. • Leverage bonuses. Financial incentives are one way to retain highly skilled team members, especially if your company is undergoing a major change like a merger or acquisition. In addition to merit-based rewards, look for opportunities to award spot bonuses following key projects or periods of extraordinary performance. • Help employees recharge. Even well-compensated staff are more likely to quit if they’re continually stressed and overworked. Increase the chances of keeping staff by allowing them flextime, remote work, on-site amenities, and generous paid time off. • Show employees inhouse growth prospects. If employees don’t see an obvious path upward within the company, they’ll make their own way – out the door. Keep today’s top performers and tomorrow’s leaders motivated by regular discussions about in-house growth prospects as well as the company’s willingness to invest in their future. About the author: Sabine Vollmer (Sabine.Vollmer@aicpa-cima.com) is a CGMA Magazine senior editor.


The Kentucky CPA Journal / Issue 3 2017

Focus

The immeasurable value of KPIs

Common struggles

By Deborah A. Nappi, CPA Editor’s note: This article appeared in the January/ February 2017 issue of New Jersey CPA magazine (njcpa.org/newjerseycpa)

A

s you progress through the year, do you know if your organization is on track to meet the strategic goals put in place at the beginning of the year? The purpose of annual goal setting is not only to establish objectives, but also to achieve them. A key measurement of goal accomplishment is performance, and that’s where key performance indicators (KPIs) come in. KPIs are predictive tools designed to track a company’s performance over time and determine if the company has made progress towards its declared goals. The reporting of these measurements is critical to both understanding an organization’s business performance and making decisions on how to improve or modify the current systems.

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Most managers and executives would agree that KPIs are beneficial measurement tools. However, several universal struggles often impede their effectiveness: • KPIs only measure efforts, not actual results. • Many goals are too intangible or visionary, making it difficult to tie them to measurements. • Many managers encounter resistance and pushback from the staff responsible for tracking the measurements. • Even when performance improvement efforts are successfully rolled out, they often fizzle throughout the organization over time. • It can be particularly frustrating when the implementation process is costly and the reporting yields no significant insights. Although these obstacles may make the KPI process appear daunting, the benefits of tracking them far outweigh the challenges. The key is to identify the right measures and align them with the organization’s overall strategy.

Continued on p. 28

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The Kentucky CPA Journal / Issue 3 2017

Focus

KPIs continued

Best practices

The first step is to develop KPIs specific to your organization. Spend time with your team to determine which performance areas are worth tracking, and then select the appropriate metric for each goal and objective. Get “in the weeds,” but keep the desired outcomes in sight. And always make sure the goals are clear and specific enough to be measured. The choice of which KPIs to utilize is unique to the industry in which you operate as well as the strategic plan of your company. In some situations, it may be appropriate to report separate KPIs for each segment of a business rather than the business as a whole. Assess measurements of performance over a period of time in order to provide management with useful information. Being deliberate about what is measured, and measuring it well, will help you achieve goals much more quickly.

Real-world examples

As a CPA focused on the health care industry, I spend time

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reviewing monthly KPIs with physician practices. New valuebased payment models result in additional compliance measures, as well as the need to submit performance metrics to insurance payors in order to obtain greater reimbursements. Declining reimbursements from these payors are resulting in diminished cash flow for physician practices. At the same time, higher deductible plans have resulted in greater patient responsibility and increased responsiveness by practice managers to manage additional patient account receivables. All of these elements of today’s health­care landscape make it even more essential to track performance in this industry. Quarterly meetings with my clients are focused on using KPIs to manage cash flow more efficiently, benchmark their practices against their peers and analyze account receivables. Combining the analysis of aging accounts receivable with the reimbursements from payors enables us to determine if there are internal issues that would impact cash flow, such

as claim denials, reimbursement problems with specific payors and issues with the management of patient responsibility. Once these determinations have been made, recommended corrective measures and KPIs can be utilized to shed light on the underlying factors.

Conclusion

It is important for individuals involved in the measurement process to understand that the purpose of tracking KPIs is to improve the processes of the organization and not to judge the performance of the individuals involved. Continually evaluate and modify KPIs to ensure that they are relevant to the organization’s overall strategic and operational plan. About the author: Deborah A. Nappi, CPA, M.S.T., is senior manager for the health care industry at Sax LLP. She is a member of the NJCPA Federal Taxation Interest Group and can be reached at dnappi@saxllp.com.


The Kentucky CPA Journal / Issue 3 2017

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CIC914

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424

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FIC920

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8

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324

9/21

4ITP921

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159

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The Kentucky CPA Journal / Issue 3 2017

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11/28

AUDA1128

Integrating Audit Data Analytics into the Audit Process (A)

Louisville

8

A&A

289

11/28

TABP1128

Getting the Tax Aspects of Business Planning Right from Formation to Termination

Louisville

8

Tax

289

11/29

PEC1129

Ethics Update for CPAs

Louisville

2

Ethics

79

11/29

PIU1129

Professional Issues Update

Louisville

4

CPE

39

11/3012/1

AAUW1130 Annual Accounting & Auditing Workshop (A)

Louisville

16

A&A

409

11/30

KSTC1130

Kentucky State Tax Conference

Louisville

8

Tax

324

12/4

4AMP124

Accounting Methods & Periods: Including Form 3115 AM

Louisville

4

Tax

159

12/4

4TLL124

Tax Consequences & Reporting Issues of LLCs, LLPs & Other Partnerships PM

Louisville

4

Tax

159

12/4

4AUAA124

Accounting & Auditing Update AM

Lexington 4

A&A

159

12/4

4COM124

Preparation, Compilation, & Review Engagements: Update & Review PM

Lexington 4

A&A

159

12/4

INUG124

Applying the Uniform Guidance in Your Single Audits (A) X

Louisville

8

YB

289

12/5

CYCT125

Cut Your Client’s Tax Bill: Individual Tax Planning Tips & Strategies (A)

Louisville

8

Tax

289

12/5

ICSM125

Internal Control Best Practices for Small & Medium-Sized Entities Louisville (A)

8

A&A

289

12/7-8

FTU2127

Vern Hoven 2-day Federal Tax Update

Louisville

16

Tax

529

12/11

4HCR1211

Health Care Reform Act: Critical Tax & Insurance Ramifications AM X

Louisville

4

Tax

159

12/11

4SSM1211

Social Security & Medicare: Maximizing Retirement Benefits PM X

Louisville

4

Tax

159

12/12

4CIA1212

Your A & A Migraine: 5 Critical Issues for 2017 AM X

Louisville

4

A&A

159

12/12

4DRF1212

Fraud Basics: Protecting the Company Till PM X

Louisville

4

A&A

159

12/12

RPTR1212

Reviewing Pass-Through Tax Returns: What Are You Missing? (A) Louisville

8

Tax

289

12/13

4FUR1213

Annual FASB Update & Review AM

Louisville

4

A&A

159

12/13

4GSM1213

Financial Statement Disclosures: A Guide for Small- & MediumSized Businesses PM

Louisville

4

A&A

159

12/14-15

KTC1214

Kentucky Technology Conference

Louisville

16

CPE

449

12/18

ITEB1218

Advanced Selected Issues for Trusts, Estates, & Their Beneficiaries

Louisville

8

Tax

289

12/18-19

BC21218

Boot Camps for Individuals and LLCs Partnerships and S Corps

Louisville

16

Tax

478

12/18

TPBC1218

Tax Prep Boot Camp-Individuals

Louisville

8

Tax

289

12/19

4CCD1219

Capitalized Costs & Depreciation: Key Issues & Answers AM X Louisville

4

Tax

159

X Live Webcast option

Early Fee

Continued on p. 32

kycpa.org

31


The Kentucky CPA Journal / Issue 3 2017

CPE

CPE Calendar continued Date

Code

Title

City

CPE CPE Credit Type

Member

12/19

4TAI1219

Tax Accounting for Inventories PM X

Louisville

4

Tax

159

12/19

TFBC1219

Tax Forms Boot Camp: LLCs, Partnerships, & S Corporations

Louisville

8

Tax

289

12/20

ERTW1220

Effective & Efficient Senior-Level Review of Individual Tax Returns

Louisville

8

Tax

289

12/20

SCORP1220

S Corporations: Key Issues, Compliance & Tax Strategies (A)

Louisville

8

Tax

289

1/3-4/18

FTU213

Vern Hoven 2- day Federal Tax Update

Lexington 16

Tax

529

1/5/18

FTU115

Vern Hoven 1-day Federal Tax Update

Louisville

Tax

369

Register • • • •

Online: Visit our Web site at kycpa.org and register using your VISA, MasterCard or AMEX. By mail: Mail registration form in CPE Catalog with payment to the Kentucky Society of CPAs, 1735 Alliant Avenue, Louisville, KY 40299. By fax: Registrations may be faxed to the Society office at 502.261.9512. By phone: Call the Society at 800.292.1754 (in Kentucky), or 502.266.5272. You may register by phone and be invoiced

Save money •

Member discount: KyCPA members save $100 on most 8-hour programs; however, attendance at CPE programs is open to the public. You qualify for the member discount fee if you are a current KyCPA member, you are a member of another state CPA society or you are a non-CPA staff member.

Get Smarter discount: KyCPA members only. Register for three or more 8-hour live seminars and/ or conferences in one transaction by Sept. 30, and save $25 on each event.* Early bird discount: Register for at least two weeks in advance to receive a $50 discount on most 8and 16-hour conferences and seminars and a $25 discount on most 4-hour seminars.* Group discount: Save $25 per person when 4 or more from one organization register for the same 8-or 16-hour event. Please register and pay together.* AICPA discount: AICPA members are eligible for a $30 discount per 8 credit-hour day on most AICPAproduced seminars. These are marked (A) in the seminar title. Self-study packages: See our list of discounted online CPE packages at kycpa.org under promotions in the online CPE course catalog.

*Some programs excluded—see descriptions at kycpa.org for complete pricing information.

See kycpa.org>MyKyCPA>CPE for more information.

32

8

Early Fee


The Kentucky CPA Journal / Issue 3 2017

CPE

Spotlight CPE Pat Garverick courses •

Federal Tax Update for Individuals, Nov. 2 Federal Tax Update for Businesses, Nov. 3.

Each program is 8 CPE hours. Join us at the Gratzer Education Center in Louisville or online via live webcast for a new take on federal tax from this award-winning instructor. Register for both days and save.

Looking to fulfill your Ethics CPE requirement?

Check out kycpa.org and go to MyKyCPA > CPE. Look for the Ethics tile in the middle of the page to find more than 100 options: live webcasts, on-demand courses and inperson live programs. Call KyCPA at 502.266.5272 for assistance.

For your convenience Schedule customized training for your team at your office, the Gratzer Education Center or another site.

On-site CPE Training kycpa.org

Contact Suzanne Sturgeon at 502.736.1385 or ssturgeon@kycpa.org to learn more about KyCPA on-site training.

• Train your staff as a team and get everyone on the same page • Save money on travel • Choose a date that works for you • Tailor the course to meet the specific needs of your company and employees • Discuss confidential information without competitors present • Access to top-rated instructors and courses • Only 10 participants needed for a custom program Onsite Learning is offered in two formats: • Turnkey Presentations include both a qualified instructor and high-quality learning materials • Materials Only offers the flexibility of purchasing high-quality learning materials and selecting and securing your own instructor Simplify CPE planning for your office and let us handle the details for your customized team training. We will: • Work with you to pinpoint the appropriate educational program for your team • Identify and contract top-rated, expert instructors (or you can provide your own speaker)

kycpa.org

33


The Kentucky CPA Journal / Issue 3 2017

CPE

Conferences

Innovation opportunities

CPAs in Business

and Industry Conference

CPAs in Business and Industry Conference Sept. 14-15 16 CPE hours Fair and Expo Center, Louisville

Topics: Sept. 14

• Leadership: Balancing focus on profit & impact Thriving in a competitive coffee shop world • Managing your personal brand as a CPA: Key elements to building your brand and strategies to effectively manage it • How CPAs may realize new opportunities for innovation with Blockchain Technology • HR 101 and HR’s biggest nightmares for CPAs • Concurrent sessions 1, 2, 3 (offered 2 times) 1. Tax update for Kentucky businesses – What’s going on with taxes, including an update on Kentucky tax reform 2. Excel: Tips/tricks for improved efficiency 3. Republican rule – Recap of Kentucky’s 2017 legislative session • Data analytics and predictive modeling: How to use business data to gain a competitive advantage

Sept. 15

• Leadership: Flavorman – The history of good taste • Economic update • Concurrent sessions 4, 5, 6 (offered 2 times) 4. Succession planning: Ready or not? 5. Accounting pronouncements alert: Changes to be aware of 6. New management strategies to protect your business against cyber threats • Concurrent sessions 7, 8, 9 (offered 2 times) 7. When the facts aren’t enough: Communicating technical data with meaning 8. Internal control in the changing business landscape 9. How to take the pain out of your banking relationship • Who do you trust: The psychology of professional skepticism Early Bird Fee: Register by Aug. 31 KyCPA member: $424 Nonmember: $624 Regular Fee: After Aug. 31 KyCPA member: $474 Nonmember: $674

34


The Kentucky CPA Journal / Issue 3 2017

Financial Institutions Conference

CPE

Ohio Valley Construction Conference

Sept. 20 8 CPE hours Holiday Inn Hurstbourne, Louisville

Sept. 21-22 16 CPE hours The Seelbach Hilton, Louisville

Topics:

Topics:

• Key factors impacting a bank’s performance and valuations • Cybersecurity – Why we are our own worst enemies • Regulatory roundtable • Concurrent sessions: 1. Scenario analysis: Strategic risk management & CECL preparation 2. Internal audit panel: Being prepared – what’s next? 3. Debit card profitability Concurrent sessions: 4. Scenario analysis: Strategic risk management & CECL preparation (repeated) 5. Internal audit panel: Being prepared – What’s next? (repeated) 6. Vendor financial health and the growing pressures of third party risk management • Economic update for financial institutions Early Bird Fee: Register by Sept. 6 KyCPA member: $324 Nonmember: $424

Economic update with Ahirban Basu The changing role of IT • The woman who built Trump Tower • Captive insurance • Revenue Recognition • Cybersecurity: Business e-mail • Succession planning • Federal government contracting • Beyond the ACA • Internal fraud & embezzlement: Strategies to mitigate risk • Future of construction workforce • Sales and use tax consequences for contractors • Achieving operational excellence • •

Early Bird Fee: Register by Sept. 7 KyCPA/CFMA member: $325 Nonmember: $350 Regular Fee: After Sept. 7 KyCPA/CFMA member: $350 Nonmember: $375

Regular Fee: After Sept. 6 KyCPA member: $374 Nonmember: $474

Continued on p. 36 kycpa.org

35


The Kentucky CPA Journal / Issue 3 2017

CPE

Conferences continued

Agriculture, Food and Commodities Conference Oct. 26 8 CPE hours Gratzer Education Center, Louisville

Topics: •

• • • • • •

CPAs and Seniors Conference

Nov. 1 8 CPE hours Gratzer Education Center, Louisville

Topics:

• Industry update: The global economy and alignment of innovation

Engage Agriculture – State of AG in KY Kentucky Agriculture is a $6.548 billion industry in Kentucky. Since 1950, agriculture in Kentucky has changed and we are producing more with less and feeding more people. How? Agricultural Financing Considerations - Panel Discussion Sales and Use Tax: How to avoid trouble and navigate a sales & use tax audit Commodity Pricing Trending & Hedging Strategies The importance of the liquor industry in Kentucky: Grain and corn as a commodity and profit center Consumer trends and supply chain issues in food and commodities Integrated food production: Financial opportunities and creative spin-off industries Estate Planning for Agriculture: Guidance for family farmers and agri-business

• How to protect your assets as you age • Time to consider assisted living: How to advise

Early Bird Fee: Register by Oct. 12 KyCPA member: $324 Nonmember: $424

Topics:

Regular Fee: After Oct. 12 KyCPA member: $374 Nonmember: $474

• Real estate incentives: Capital, revenue bonds,

your clients

• Changes in long term care solutions that CPAs should know

• Improving your customer service in working with older adults

• How CPAs can help resolve elder fraud • Why it’s important for CPAs to identify and report elder abuse

Early Bird Fee: Register by Oct. 18 KyCPA member: $324 Nonmember: $424 Regular Fee: After Oct. 18 KyCPA member: $374 Nonmember: $474

Commercial Real Estate Conference Nov. 9 8 CPE hours Gratzer Education Center, Louisville

• Developing Louisville from a real estate development specialist

• • • • • • •

TIFs New market tax credits -what you need to know Banking incentives for start-ups State investment incentives from the Ky Cabinet for Economic Development Property tax protests Tax solutions that increase cash flow and grow client relationships Section 704 (considerations in real estate development projects) Real estate forecasting trends with CBRE Early Bird Fee: Register by Oct. 26 KyCPA member: $324 Nonmember: $424

36

Regular Fee: After Oct. 26 KyCPA member: $374 Nonmember: $474


The Kentucky CPA Journal / Issue 3 2017

Women’s Leadership Conference

Nov. 10 4.5 CPE hours Gheens Foundation Lodge at the Parklands of Floyds Fork, Louisville

Topics: • • • • •

Taking Calculated Risks Owning Your Strengths Deconstructing Fear Courageous Public Speaking and Presenting Fearless Fee: $199 (No additional discounts available.)

CPE

Kentucky State Tax Conference Nov. 30 8 CPE hours Holiday Inn Hurstbourne, Louisville

Topics:

• Analysis of state tax reform if it happens in 2017 • Update from the Kentucky Department of Revenue • Kentucky litigation and tax case update • Key tax updates from surrounding states

Early Bird Fee: Register by Nov. 16 KyCPA member: $324 Nonmember: $424 Regular Fee: After Nov. 16 KyCPA member: $374 Nonmember: $474

Kentucky Technology Conference Holiday Inn Hurstbourne, Louisville

Dec. 14-15

8 CPE hours

12 breakouts and 4 general sessions over 2 full days of training. Early Bird Fee: Register by Nov. 30

KyCPA member: $449

Nonmember: $649

Regular Fee: After Nov. 30

KyCPA member: $499

Nonmember: $699

Professional Issues Update Sept. 28, Erlanger

4 CPE hours

Oct. 18, Corbin Nov. 21, Lexington Nov. 29, Louisville

Hot topics for the cpa profession Legislative Update

Professional Issues Update

How “the cloud” really works

kycpa.org

kycpa.org 37


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The Kentucky CPA Journal / Issue 3 2017

Accounting careers

Encouraging the Exam How one Kentucky firm encourages its staff to take the CPA Exam By Laura Davis

T

he CPA Exam is a mountain many financial professionals want (or need) to climb. It’s a grueling endeavor that requires patience, a lot of studying, and for many, a dedicated support team. MCM CPAs & Advisors makes the CPA designation a priority for its associates, but the organization takes its support role just as seriously. With that in mind, the firm has developed a unique, multi-pronged CPA Exam Program for its team members - one that involves several benefits, formal and informal. As a large regional CPA and advisory firm with five offices across three different states, and nearly 400 employees, the Program has aided in the recruitment and retention of team members, while also providing its clients with more than 150 CPAs they can seek out for service and advice. MCM’s CPA Exam Program begins with test preparation support. The firm will reimburse up to $3,000 to cover such things as review courses, study materials, registration and/or exam fees. MCM does not want team members to financially stress about taking these tests. The CPA Exam is hard enough on its own.

MCM also awards its test takers with the gift of time. For each section of the test, each team member is given the full week prior to the Exam to study. They can take it anywhere they like - at home, in a library or coffee shop, or even in a quiet cubicle in the office, with the emphasis being on creating whatever study environment works best for them. Davis will often work with new associates on scheduling an ideal study and Exam timeline, taking into account not only their professional schedules, but also the demands of their personal lives as well. Work-life integration is of the utmost importance at MCM, where flexible scheduling and working remotely are options for employees. Moreover, if an on-duty employee has a break in time between client projects, he or she is always encouraged by partners and managers to use the time to study. “(Our tax partner) was always encouraging of me studying at my desk between jobs,” said Stephanie Parker, an MCM tax associate who recently received her CPA designation. She finished the Exam sections in less than seven months. “And the firm as a whole was very celebratory when I passed each section - lots of congratulations and positive messages every time I had a good result.” Additionally, for those who pass all four sections within 12 months of starting at MCM, a $1,500 bonus is awarded. MCM has been awarded Best Places to Work distinctions in multiple states and cities - it was recently named a Top 10 Best Place to Work in Kentucky in the medium company category - and this is likely due in part to its strong support of new associates working toward their credentials. The overall CPA Exam Program was nurtured by MCM’s Director of Assurance Brad Smith, who believed a high level of support would increase passage rates and better set up new team members for success in the firm. Thus far, he’s been proven correct. MCM’s mission is to help both its clients and its team succeed. The CPA Exam Program is one of many ways the firm works to achieve it. About the author: Laura Davis is the human resources manager at MCM CPAs & Advisors.

kycpa.org

39


The Kentucky CPA Journal / Issue 3 2017

Accounting careers

KyCPA College Leadership Institute

T

he annual KyCPA College Leadership Institute took place June 9-10 at the Gratzer Education Center, Louisville. Nineteen students from 13 colleges and universities across the region completed the program. Each of the participants were recommended by an accounting educator. This free, two-day event for college accounting majors helps students develop professional skills and identifies future leaders in the CPA profession. Sessions were designed to provide tools needed to cultivate effective communication and networking skills, and to help students perform well during job interviews. The program concluded with a Meet the Firms reception. The participating firms included: • DMLO • BKD • Dean Dorton • Crowe Horwath • KPMG • Accounting Principals Congratulations to the following student participants for completing the KyCPA College Leadership Institute: • Melissa Derecho, Indiana University Southeast • Autumn Gover, Eastern Kentucky University

40

• • • • • • • • • • • • • • • • •

Yvonne Howard, University of Louisville Hannah Pritchett, Transylvania University Mariah Skeeters, University of Louisville Bethany Woods, Sullivan University, Louisville Amber Anthony, Sullivan University, Lexington Kaitlyn Evans, Northern Kentucky University Brookelyn Hattabaugh, Brescia University Susan Hill, Sullivan University, Lexington Mason Kraps, University of the Cumberlands Angela Kurz, Brescia University Kabelo Makotoko, Berea College Andrew Roberts, Brescia University Elizabeth Secen, Liberty University Online Heather Tomi, Sullivan University, Lexington Brandi Trout, Sullivan University, Lexington Sydney Vogt, Western Kentucky University Austin Workman, Morehead State University

Thank you to the volunteers and presenters who shared their expertise with the group, including: • Douglas Allen, KCTCS, Versailles • Mike Campbell, Venminder, Elizabethtown • Bob Patterson, Patterson & Co., Louisville • Elizabeth Rankin, ANEW 401k TPA, Louisville • Darlene Zibart, KyCPA, Louisville • Bill Jessee, Henderman Jessee & Co., Louisville • Phyllis Gordon, KY State Board of Accountancy, Louisville


The Kentucky CPA Journal / Issue 3 2017

• Kevin Adams, Strothman & Co., Louisville • Ashleigh Bowyer, Ernst & Young, Louisville • Lance Williams, Blue & Co., Louisville • Danielle Withers, Humana, Louisville • Charles George, KyCPA, Louisville • Aaron Miller, Leadership Louisville, Louisville • Dave Calzi, Ernst & Young, Louisville • Kathy Chlon, Jones, Nale & Mattingly, Louisville • Alice Cowley, Crowe Horwath, Louisville • Katrina Crider, FBI, Louisville • Katrina Green, DSSI, Louisville • Rob Kester, Blue & Co., Louisville

kycpa.org

• Mark Loyd, Bingham Greenebaum Doll, Louisville • Rene Valadez, Strothman & Co., Louisville • Ashley Williamson, IMI, Louisville • Krystal Bronson, BKD, Louisville • Karen Milliner, Professional Networking Services, Louisville • Michael Thomas, BKD, Louisville • Scott Grant, Louisville • Bob Hausladen, Farm Credit Mid-America, Louisville • Cynthia Connor, MCM CPAs & Advisors, Jeffersonville • April Bruce, Accounting Principals, Louisville • Jesse Ryan, Accounting Principals, Louisville

Accounting careers

Thank you, sponsors, including: • Becker Professional Education • DMLO • BKD • Baldwin CPAs • MCM • Dean Dorton • RFH, PLLC • Crowe Horwath • KPMG For more information about the 2018 College Leadership Institute, contact Samantha Soutar at ssoutar@kycpa.org.

41


The Kentucky CPA Journal / Issue 3 2017

Accounting careers

Students complete BASE Camp The 2017 BASE Camp participants included:

T

hirty eight high school students from around the state and region recently completed KyCPA’s Business and Accounting Summer Education (BASE) Camp in Louisville. BASE Camp is KyCPA’s fully-supervised, tuition-free summer business camp program for high school juniors and seniors. BASE Camp was held from June 11-15; students stayed in the dorms at Bellarmine University’s campus. During the week, students learned the basics of business and accounting in a hands-on, interactive format that included trips to Indiana Wesleyan University’s Louisville campus, Spalding University, and the University of Louisville. As well as Papa John’s International Inc. and several accounting firms. Students participated in team building, group presentations, panel discussions with professionals, a business etiquette luncheon, mock interviews, and other skill-building activities, along with social activities. BASE Camp is sponsored by KyCPA and offered tuition free through its Educational Foundation, sponsorships and dozens of KyCPA member volunteers, who plan for the camp year-round. Participating students were selected based on criteria that included grade point average and a teacher recommendation. Many thanks to Elizabeth Payne who stepped-up to coordinate this multi-faceted program.

42

Austin Alwell, Bishop Brossart Highschool Samara Boggs , Seneca Highschool Arianna Conner, Meade County Highschool Nathan Connor, Ryle Highschool Aaron Crispen, Southwestern Highschool Vidhi Desai, Eastern Highschool Lauryn Faulkner, Crittenden County Highschool Kenny Fehr, Saint Xavier Kennedy Foreman, Henry Clay Highschool Aniya Fox, Mayfield Highschool Taleah Gipson, Lafayette Highschool Sara Grayson, Mason County Highschool Adam Harbison, Louisville Male Traditional Highschool Boone Hart, Montgomery County Highschool Garrett Helm, Spencer County Highschool Destiny Hemmer, Meade County Highschool Emily Jackey, Meade County Highschool Gabby Knight, Henderson County Highschool Emily Leet, Oldham County Highschool Angie Maron, Doss Highschool Kendall McIntyre, Tates Creek Highschool Wyatt Metts, Saint Xavier McKenna Micke, Sacred Heart Academy Lauren Neisz, Merrol Hyde Magnet School Hallie Presley, Franklin-Simpson Ashleigh Richardson, Montgomery County Highschool Nick Rintala, Saint Henry District Highschool Karis Sandefur, Tates Creek Highschool Alvaro Say, Mayfield Highschool Erin Sisk, Ohio County Highschool Cooper Smith, Silver Creek Highschool Emma Steedly, Oldham County Highschool Zachary Traugott, Woodford County Highschool Keith Vereen, Tates Creek Courtney Wheeler, Sacred Heart Academy Becca Wilson, Hancock County Highschool Elana Woosley, Marshall County Highschool Kati Wyant, Calloway County Highschool


The Kentucky CPA Journal / Issue 3 2017

Accounting careers

Many thanks to BASE Camp sponsors Gold level sponsors • • • • • •

Atria Senior Living Crowe Horwath LLP, Lexington Deloitte & Touche LLP ANEW 401k TPA, LLC Ernst & Young LLP Kentucky Community & Technical College System • Elizabeth Rankin, CPA

Silver level sponsors • • • • • • • • •

Western Kentucky University, Beta Alpha Psi Chris Anderson DMLO CPAs Eastern Kentucky University Harding Shymanski & Co. PSC KPMG LLP Louis T. Roth MCM CPAs and Advisors Strothman & Company

kycpa.org

Bronze level sponsors • • • • • • • • • • • • • • •

Dr. William Stout, CPA George & Marilyn Owens, CPAs Blue & Company LLC Kathy Herbig, CPA Dean Dorton Foundation Elizabeth Woodward, CPA IMA - Louisville IIA - Louisville Irma Miller MBA, CPA LLC Jennifer Hughes,CPA Kevin Joynt, CPA Dr. Elizabeth Payne, CPA Wes Omohundro, CPA William G. Meyer, III, CPA Sheri Henson, CPA

Additional sponsors:

Becky Phillips, CPA; Angela M. Campbell, CPA; Dr. David Collins, CPA; Penny Gold and Jaclyn Badeau, CPA

43


The Kentucky CPA Journal / Issue 3 2017

Educational Foundation

Create a Legacy Legacy Named Scholarships AssuredPartners NL Baldwin CPAs PLLC BKD True Expertise Accounting Blue & Co., LLC Brandon Lloyd Warden Memorial Brown-Forman Diversity

• BKD LLP • Crowe Horwath LLP • Deloitte & Touche LLP • Ernst & Young LLP • KPMG LLP • Louis T. Roth & Co., PLLC • MCM CPAs and Advisors • Patterson & Company PLLC

Crowe Horwath LLP

Heritage CIRCLE

Dave Calzi

Freibert CPA Group PLLC

• Baldwin CPAs PLLC • Blue & Co., LLC • Bramco, Inc. • Brown-Forman Corporation • Buetow LeMastus & Dick PLLC • DMLO CPAs • Kelley Galloway Smith Goolsby PSC • Strothman & Company

Gordon Ford Memorial

Destiny CIRCLE

Dean Dorton PLLC Deloitte & Touche LLP DMLO CPAs Ernst & Young LLP

Henderman, Jessee & Co. PLLC Kelley Galloway Smith Goolsby PSC KPMG LLP KyCPA Presidents Louis T. Roth Memorial MCM CPAs and Advisors National Insurance Agency Papa John’s International Patterson & Company PLLC PricewaterhouseCoopers LLP Sadie Mae Strothman & Company Accounting William J. Caldwell 44

Legacy LEADERS CIRCLE

(Henderman Family Foundation)

• Cloyd & Associates PSC • Dean Dorton PLLC • Fister, Williams & Oberlander PLLC • Freibert CPA Group PLLC • Henderman Jessee & Co. PLLC • Jones Nale & Mattingly PLC • Stephen Lukinovich, CPA • Allen Norvell, CPA • Republic Bank & Trust Company • RFH PLLC • Rudler PSC • SKW CPAs & Advisors PLLC • Stock Yards Bank & Trust Co. • Rick Ueltschy, CPA


The Kentucky CPA Journal / Issue 3 2017

Honors CIRCLE • Steve Allen, CPA

• Chris Anderson, CPA • AssuredPartners NL • Breeding Henderson & Hord PLLC • Dave Calzi, CPA • William Carroll, CPA • John Chilton, CPA • Christian Sturgeon & Associates PSC • David Conway, CPA • Craft Noble & Company, PLLC • Nancy Davis, CPA • Lori Dearfield, CPA • Randy Franklin, CPA • Greg Greenwood, CPA • Rowe Hamilton, CPA • Harrod & Associates PSC • Greg Hintz, CPA • Jennifer Hughes, CPA • International Systems of America LLC • Steve Jennings, CPA • Bill Jessee, CPA • Joe Johnston, CPA • Steven Kerrick, CPA • Kelly King, CPA • John Layne, CPA • Phil Layne, CPA • Steve Lenarz, JD, CPA • Mike Lenihan, CPA • Alan Long, CPA • Mark Loyd, JD, CPA • Jack Lynch, CPA • Colleen Lyons, CPA • Jennifer McGill, CPA • Diane Medley, CPA • William G. Meyer III, CPA • Jennifer Monaghan, CPA

• Mike Mountjoy, CPA • Myriad CPA Group LLC • National Insurance Agency, Inc. • Bob Patterson, CPA • Elizabeth Rankin, CPA • Rankin, Rankin & Company • Chris Reid, CPA • Retirement Management Services LLC • L. Porter Roberts, CPA • Michael Robinson, CPA • Jennifer Sanders, CPA • Mark Schmitt, CPA • David Smith, CPA • Jim Sparrow, CPA • Jason Stockton, CPA • Dr. Bill Stout, CPA • Ray Strothman, CPA • Lori Warden, CPA

Gratzer CIRCLE

• Jaclyn Badeau, CPA • David Bradley, CPA • Tony Brutscher, CPA • Deborah Burcham, CPA • Jennifer Burke, CPA • Jeffrey Calderon, CPA • Earl Calhoun, CPA • Jennifer Chinn, CPA • Angela Clark, CPA • Diane Cornwell, CPA • Steve Daniels, CPA • Delta Natural Gas Company, Inc. • Ken Drozt, CPA • Dulworth Breeding Karns & Pleasants LLP • Louis Fister, CPA • Melissa Fraser, CPA • Kevin Fuqua, CPA • Ritu Furlan, CPA • Paula Hanson, CPA • Henry Hawkins, CPA

Pave the Way Campaign Contributor Create a Legacy Campaign Contributor kycpa.org

Educational Foundation

• David Heintzman, CPA • Jerry Hensley, CPA • Kevin Heyde, CPA • Margaret Jolly, CPA • Mimi Kelly, CPA • Dr. Harold Little, CPA • Miller Mayer Sullivan & Stevens LLP • Chris Moore, CPA • David Morgan, CPA • Neikirk Mohoney & Smith CPAs PLLC • Wes Omohundro, CPA • Becky Phillips, CPA • Earl Reed, CPA • Riney Hancock CPAs PSC • Steve Schulz, CPA • Brad Smith, CPA • Gary Stewart, CPA • Clay Stinnett, CPA • Tom Strohmeier, CPA • Greg Stump, CPA • Van Gorder Walker & Company Inc. • Nick Walker, CPA • Elizabeth Woodward, CPA • Joshua Zik, CPA

Scholars CIRCLE

• Thomas Buetow, CPA • Vicki Buster, CPA • Dr. Margaret Combs, CPA • W. Thomas Cooper Jr., CPA • Trish Deatrick, CPA • Frank Farris, CPA • Lisa Foley, CPA • Geoffrey Griffith, CPA • Quinn Hart, CPA • Ann Holt, CPA • Joseph King, CPA • Todd Klimek, CPA • Mark Kristy, CPA • John T. Lane & Associates, LLC • Roger Johnson, CPA

Continued on p. 46

Pave the Way and Create a Legacy Campaign Contributor

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The Kentucky CPA Journal / Issue 3 2017

Educational Foundation

Legacy continued • Skip Looney, CPA • Brian Malthouse, CPA • Melissa Marvel, CPA • Rebecca Myers, CPA • Kevin Rose, CPA • Rory Satkoski, CPA • Michelle Seifert, CPA • Snider Corales & Associates PSC • Ann Sullivan CPA • VonLehman & Co. Inc. • Melissa Wasson, CPA • Ann Wells, CPA • Ashley Williamson, CPA • Michael Wilson, CPA

Caring CIRCLE

• Robert Abner, CPA • Charles Albright, Jr., CPA • John Backer, Jr., CPA • Thomas Baer, CPA • Joseph Baker, CPA • Bobby Baldwin, CPA • Roger Bean, CPA • Janet Berry, CPA • Jason Bigg, CPA • Ann Bongiolatti, CPA • Joshua Bramucci, CPA • Christopher Breslin, CPA • Jerome Bressler, CPA • Gail Broady, CPA • Robert Bruce, Jr., CPA • Shirley Buckner, CPA • Ellen Budde, CPA • Erin Bukowski, CPA • J. Robert Buschermohle, CPA • Buschermohle & Company PSC • Kelly Cappy, CPA • Ashley Carrico, CPA • Jordan Carter, CPA • Lisa Castle, CPA • Michael Caudill, CPA • Philip Ciafardini, CPA • Donya Clark, CPA • Heather Cochran, CPA • Travis Collins, CPA

• Donnie Cox, CPA • John Craft, CPA • Carrie Crouch, CPA • Carroll Crouch, CPA • Richard Crowder, CPA • James Daugherty, CPA • Anthony Davidson, CPA • W. Garrett Dering, CPA • Michael Dicken, CPA • Meaghan Dixon, CPA • Olubunmi Dosunmu, CPA • Lisa Dunagan, CPA • Faye Dykstra, CPA • Timothy Eldridge, CPA • Stephen Elliott, CPA • Dennis England, CPA • Patricia Featherston, CPA • Myron Fisher, CPA • David Flanery, CPA • Beth Freibert, CPA • Harry Freibert, CPA • Dr. Dan Fulks, CPA • Jeanette Garber-Zemsky, CPA • C. Rose Garvey, CPA • Kevin Gibbs, CPA • Andrew Gladden, CPA • Jeffrey Gooch, CPA • Scott Grant, CPA • Joseph Graviss, CPA • Ollie Green, CPA • John Grider, CPA • Lee Groza, CPA • Joseph Guelda, CPA • Tom Hackney, CPA • Julie Hagen, CPA • John Hampton, CPA • Ralph Hannah, CPA • Danny Hardin, CPA • Robert Harris, CPA • Christopher Hatcher, CPA • Jeffery Hatfield, CPA • John Hawkins, CPA • Mindy Heck, CPA • Mark Henderson, CPA • Arthur Henson, CPA • Janet Jackson Hill, CPA • Ben Holbrook, CPA • Laurie Holloway, CPA • David Hostetter, CPA

• Catherine Hunt, CPA • William Jessie, CPA • Dennis Joseph, CPA • Simon Keemer, CPA • Charles Kington, CPA • Edward Kirn, CPA • Kari Kollenberg, CPA • Harold Kremer, CPA • Edwinna Lambert, CPA • Joel Lane, CPA • John Lane, CPA • Regina Lankswert, CPA • Stephen Larimore, CPA • G. Don Lawson Jr., CPA • Brian Leedy, CPA • Thomas Lirot, CPA • Julie Long, CPA • Thomas Lonnemann, CPA • Barry Lucas, CPA • Edward Maley, CPA • Jeffrey Mallory, CPA • Leonard Mariani, CPA • Marr Miller & Myers PSC • Frank McCracken Jr., CPA • William McNeill, CPA • James Medina, CPA • Michael Mills, CPA • Kathleen Mitts, CPA • Moffitt & Company PLLC • Charles Moffitt, CPA • Lamarr Moore, CPA • David Morgan, CPA • Rita Morgan, CPA • Donald Morris, CPA • Mary Morrow, CPA • Michelle Musacchio, CPA • Lori New, CPA • Glenn Norvell, CPA • Thomas O’Bryan, CPA • George Owens, CPA • Marilyn Owens, CPA • Tony Page, CPA • David Parks, CPA • Bryan Peck, CPA • David Price, CPA • Reed & Co. of Mayfield PSC • Vickie C. Richardson, CPA, PSC • Deborah Riley, CPA • Mark Ritter, CPA

• Caprice Roberts-Price, CPA • John Rodes, CPA • Suzan Ross, CPA • Paul Roth, CPA • Kevin Schwartz, CPA • Karen Sensenbrenner, CPA • Jerry Shelton, CPA • J. Robert Shine, CPA • Joyce Smith, CPA • George Sparks, CPA • Laura Stallard, CPA • Beth Stenberg, CPA • Theodore Stiles, CPA • James Stilz, CPA • Stephen Stovall, CPA • Trenton Stover, CPA • Kristin Stuedle, CPA • Kevin Stumbo, CPA • Wayne Sturgeon, CPA • Summit Strategic Advisors LLC • Douglas Sumner, CPA • John Taylor, III, CPA • Harvey Thompson, CPA • Mark Thompson, CPA • William Upchurch, CPA • Shellie Utley, CPA • Michael A. Veneman, CPA • Michael B. Veeneman, CPA • Bobby Webb, CPA • Anne Wells, CPA • Arthur Wissing, CPA • Kathleen Wright, CPA • Michael Wurth, CPA • David Wyatt, CPA • Stephen Zink, CPA • Kevin Zins, CPA

IN Kind Gifts

• Becker Professional Education • Brown-Forman Paid Summer Internships for African-American Students • Deloitte & Touche LLP • John Hawkins, CPA

Thank you for supporting the KyCPA Educational Foundation. By doing so, you are truly creating a legacy. If you would like to support the future of the profession by giving to the Foundation, go to kycpa.org or call KyCPA at 502.266.5272 or 800.292.1754. We make every effort to ensure this list of donors to the Create a Legacy or both Create a Legacy and Pave the Way campaigns is accurate. However, if you see an error, please contact Julie Salvaggio at jsalvaggio@kycpa.org.

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The Kentucky CPA Journal / Issue 3 2017

Educational Foundation

Golfing for the greater good Scramble and contest winners

Summer Golf Scramble raises funds for Foundation

T

Event sponsors included:

he KyCPA Educational Foundation Golf Scramble was held June 19 at the UofL Golf Club. Thanks you to the golfers and sponsors who supported the event and helped raise over $10,000 for KyCPA Educational Foundation scholarships. Please mark your calendar for next year’s event – June 18, 2018, at the UofL Golf Club.

kycpa.org

• • • • • • • • • • • • • •

PricewaterhouseCoopers HomeWork Solutions Accounting Principals Anthem Bloomberg BNA Calhoun & Company Campbell Myers & Rutledge First Lexington Co. Henderman Jessee & Co. Jones Nale Mattingly MCM CPAs & Advisors National Insurance Agency Schwartz Insurance Agency Blue Grass Motorsport

Flight 1 winners: Team Creech – Will Creech, Kenny Creech, Dave Benningfield, Parker Page Flight 2 winners: MCM CPAs & Advisors – Marcus Bickwermert, Aaron Hardy, Mark Clayton, Greg Maudlin Flight 3 winners: Team Wolff – Jason Wolff, Skip Looney, Alden Pennington, Bud Lane Closest-to-the-Pin #3 Greg Maudlin Closest-to-the-Pin #16 Tom Hackney Longest Drive (Men) Aaron Manning Longest Drive (Women) Paula Hanson Longest Putt Robert Conroy Straightest Drive Jason Hugg Split the Pot Chris Garrett Thank you to Belterra Casino Golf Club, David Morgan, and Samantha Soutar for their generous prize donations. Also thanks to Blue Grass Motorsport for bringing two Alfa Romeo cars to display on the course, Woody Long with National Insurance Agency for his contest and contribution, and Old National Bank for providing water.

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The Kentucky CPA Journal / Issue 3 2017

Society

KyCPA honors 100% Champions T



















 









he following firms and businesses ensure all eligible CPA employees are members of KyCPA. This demonstrates their commitment to the profession, to the Society’s high ethical standards and a commitment to life-long learning. We appreciate their support of KyCPA and its mission. The information below is verified annually at the time of membership renewals. Inclusion on this list is an opt-in basis. If your organization would like to join the list of 100% Champions, or you have questions about the program, please contact Heather Hibbs at hhibbs@kycpa.org or 502.736.1368. 



























We make every effort to ensure the accuracy of this list. If you have voluntarily notified us of your 100% Champion status and we have left your name off this list, please let us know immediately, by contacting Heather Hibbs at hhibbs@kycpa.org.

100% Champions as of July 24 • • • • • • • • • • • • • • • • •

48

Addington & Mills PSC, Lexington Alexander & Company PSC, Owensboro Alexander Toney & Knight PLLC, Madisonville Alford Nance Jones & Oakley LLP, Madisonville allen CPAs & Advisors PLLC, Lexington Andrews Tackett & Associates PSC, Flatwoods ANEW 401K TPA LLC, Louisville Anneken Huey & Moser PLLC, Ft. Thomas Anneken Huey & Moser PLLC, Ft. Wright Associated Pallet, Inc., Bremen Baldwin CPAs PLLC, Lexington Baldwin CPAs PLLC, Maysville Baldwin CPAs PLLC, Flemingsburg Baldwin CPAs PLLC, Richmond Baldwin CPAs PLLC, Louisville Bennett & Company CPAs, Louisville Berry Kington & Utley PSC, Madisonville

• • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • •

Blue & Co. LLC, Lexington Blue & Co. LLC, Louisville Bowden & Wood PLLC, Louisville Bramel & Ackley PSC, Ft. Wright Buckles Travis & Hart PLLC, Leitchfield Buetow LeMastus & Dick PLLC, Louisville Buschermohle & Company PSC, Louisville Calhoun & Company PLLC, Hopkinsville Campbell Myers & Rutledge, Glasgow Carr Riggs & Ingram LLC, Bowling Green Carr Riggs & Ingram LLC, Russellville CHAN Healthcare, Louisville CHAN Healthcare, Lexington Charles T. Mitchell Company PLLC, Frankfort Charles T. Mitchell Company, Versailles Christian Sturgeon & Associates PSC, London Compton Kottke & Associates PSC, Louisville Craft Noble & Company PLLC, Richmond Crowe Horwath LLP, Lexington Crowe Horwath LLP, Louisville Dean Dorton PLLC, Lexington Dean Dorton PLLC, Louisville Delta Natural Gas Co. Inc., Winchester DMLO CPAs, Louisville Donald & Company PSC, Lexington Drane & Company PLLC, Hardinsburg Duncan Smith & Stilz, PSC, Lexington Ebelhar Whitehead PLLC, Owensboro Elmcroft Senior Living, Louisville Embry & Watts PLLC, Morgantown Embry & Watts PLLC, Beaver Dam Faulkner King & Wenz PSC, Mt. Sterling Flynn Accounting LLC, Jeffersonville, Ind. Fowler Durham CPAs and Advisors PLLC, Munfordville Franklin Financial Group, Madisonville Freibert CPA Group PLLC, Louisville Garstka Gander & Crabb PSC, Lexington Shirley E. Gifford CPA, Ferguson Grover Greweling & Company PSC, Louisville Hamilton Thomas & Co PLLC, Louisville Harding Shymanski & Company PSC, Louisville Harris & Associates PSC, Somerset Harrod & Associates PSC, Frankfort Hoover and Morris, PLLC, Livermore Jaynes and Jaynes PSC, Richmond


The Kentucky CPA Journal / Issue 3 2017

• • • • • • • • • • • • • • • • • • • • • • • •

John T. Lane and Associates LLC, Mt. Sterling Jones Nale & Mattingly PLC, Louisville Kauffmann & Associates CPAs, Louisville Kelley Galloway Smith Goolsby PSC, Pikeville Kelley Galloway Smith Goolsby PSC, Ashland Kelley Galloway Smith Goolsby PSC, Cold Spring Kemper CPA Group LLP, Henderson Kinkead & Stilz PLLC, Lexington Kirby & Moore LLP, Bowling Green Louis T. Roth & Co. PLLC, Louisville Lutz & Associates Inc., Madisonville Marr Miller & Myers PSC, Corbin McKinney & Associates LLC, Scottsville MCM CPAs and Advisors LLP, Jeffersonville, Ind. MCM CPAs and Advisors LLP, Louisville MCM CPAs and Advisors LLP, Lexington MCM CPAs and Advisors LLP, Cincinnati, Ohio Miller Mayer Sullivan & Stevens LLP, Lexington Morgan & Associates LLC, West Liberty Munninghoff Lange & Co. CPAs, Covington Owensboro Municipal Utilities, Owensboro Padgett & Mastronardo PLLC, Walton Tony Page CPA PLLC, Murray Patterson & Company PLLC, Louisville

kycpa.org

Society

• • • • • • • • • • • • • • • • • • • • • •

Peck & Milford LLP, Paducah Radwan Brown & Co PSC, Lexington Reed & Co. of Mayfield PSC, Mayfield Retirement Management Services LLC, Louisville RFH PLLC, Lexington Vickie C. Richardson CPA PSC, Mt. Sterling Robinson Hughes & Christopher, PSC, Danville Rueff and Associates PLC, Louisville Smith & Company CPAs PLLC, Bardstown Southern Star Central Gas Pipeline, Owensboro Stiles Carter & Associates PSC, Bardstown Strothman & Company, Louisville Stuedle Spears & Company PSC, Louisville Sullivan & Curry LLP, Greenville Sullivan Morris Sullivan & Hart PSC, Lexington Summit Strategic Advisors LLC, Louisville Tallent & Associates CPA, Louisville Van Gorder Walker & Company Inc., Erlanger Verbeck & Kaleher CPAs Inc., Taylorsville Welenken CPAs, Louisville Williams Williams & Lentz LLP, Paducah Wise Buckner Sprowles & Associates, Campbellsville • Young & Wadlington PLLC, Lexington

49


The Kentucky CPA Journal / Issue 3 2017

Members

Members in motion Public accounting

Laura Clifford has been named partner at Fox & Company CPAs in Mayfield. Anthony Workman became a shareholder/director at Kelley Galloway Smith Goolsby in Ashland earlier this year. He is an audit director at the firm.

Firms

Dean Dorton recently acquired Metro Medical Solutions in Louisville. The merger was effective April 1 and will be branded as Dean Dorton Healthcare Solutions. Alex Weidner, CPA, CFE and Chris Guidugli, CPA were recently named shareholders at Rudler, PSC.

Awards and recognition

Congratulations to the KyCPA members who were honorees at the Business First Best in Finance Awards, June 1, in Louisville. They included: Wally Brown of Schulte Hospitality Group; Bruce Kramer of Charah LLC; Phil Milliner of CafePress; Kevin Sipes of Republic Bank; and Allison Woosley of Dant Clayton. Lindy Karns, director at Blue & Co., Lexington, has been selected as a recipient of Kentucky’s 2017 Women Making History Award presented by The Kentucky Commission on Women. Dean Dorton was recently named to the Beyond the Top 100: Firms to Watch list by Accounting Today. Dean Dorton was also named as a Top Firm in the Southeast. Riney Hancock CPAs in Owensboro has been honored with a 2017 When Work Works Award from the Society for Human Resource Management for exemplary workplace practices.

Outstanding committee chairs KyCPA recently recognized members for their outstanding volunteer service with the Society’s committees. Outgoing President Bill Jessee presented CPA member volunteers with Outstanding Committee Chair awards for their dedication and volunteer service at KyCPA’s Leadership Luncheon and Annual Members Meeting at The Olmsted in Louisville on June 2. The recipient was Heather Cochran, of RFH PLLC in Lexington, for her work on the Governmental Accounting Committee. Another recipient who did not attend the June 2 event included Dr. Regina Martin, of Spalding University in Louisville, for her work on the Members in Education Committee.

50


The Kentucky CPA Journal / Issue 3 2017

Members

Welcome new members Student

Non-CPA Associate

Ashley Apple, Morehead State

Allyso C. Cissell, KPMG, LLP, Louisville

Alexander Bishop, Western Kentucky University

Mallory Lee Hopper, MCM CPAs and Advisors, LLP, Cincinnati, Ohio

Emily Anderson, Asbury University

Erin Cox, Campbellsville University Pierce Dahl, Campbellsville University Nicholas DiLuca, University of Louisville Abdoule Drammeh, Sullivan University Amy Gatliff, Asbury University Autumn Gover, Eastern Kentucky University Phuong Le, Western Kentucky University Zach Marcum, Northern Kentucky University

Christy A. Burge, Bellarmine University, Louisville

Madison Raye Milburn, Ernst & Young, LLP, Louisville Brian Morande, American Financial Group, Inc., Cincinnati, Ohio Megan Elizabeth Poole, Ernst & Young, LLP, Louisville Tiffany Lee Poole, Malone Solutions, Louisville

Regular

Dennis W. Brian, Close the Loop, Inc., Hebron

Jessie Mason, Lindsey Wilson College

Danielle D. Dilger, Humana, Inc., Louisville

Devin Mayne, Campbellsville University

Phillip James Dishion, Jr., Body Shapes Medical, Louisville

Logan B. Miller, Northern Kentucky University Mackenzie D. Mills, Western Kentucky University Jon Morgan, Campbellsville University Hai Nguyen, Western Kentucky University Gerlaine Ricardo, University of Louisville Nicolas Rodenbusch, University of Pikeville

Clifford Allen Evans, Humana, Inc., Louisville Thomas James Gilkey, General Electric, Cincinnati, Ohio Patrick Shane Gilmore, Harding Shymanski & Company, PSC, Louisville Kevin D. Graham, DMLO CPAs, Louisville

William Christian Scalf, Brescia University

Robert Henry Hausladen, III, Farm Credit Mid-America, Louisville

Madeline Frances Schreck, Western Kentucky University

Julie N. Hodgkins, Bowling Green

Anastasia Serdyuk, Lindsey Wilson College

Ginger M. Kronenthal, Francke & Associates, LLC, Louisville

Aaron Smith, Campbellsville University Austin T. Smith, Bellarmine University Grant T. Snell, Bellarmine University Christopher Marquis Turpin, Berea College Avery Wood, Northern Kentucky University Rebecca Zimberg, Western Kentucky University

Elizabeth Rakowski Mahone, Baldwin CPAs, PLLC, Louisville Thomas Patrick Manion, SKW CPAs & Advisors, PLLC, Lexington Deana D. Paradis, Louisville Lawrence Michael Rector, University of the Cumberlands, Williamsburg Glenn E. Reed, Louisville Metro Government, Louisville Aimee R. Sapp, Kosair Charities, Louisville Melissa M. Sexton, DMLO CPAs, Louisville Alexis Ann Spurlock, MCM CPAs and Advisors, LLP, Lexington Danielle D. Withers, Humana, Inc., Louisville

kycpa.org

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The Kentucky CPA Journal / Issue 3 2017

Members

KyCPA member profile: Darlene Zibart, CPA accounting duties for my employer at that time. I was impressed with the way my employer treated the CPAs. It was with such a high level of respect and trust. I wanted the same for myself. Secondly, while attending classes, I had a teacher, Mrs. Frances Ford, who repeatedly talked to her students about the difference those three letters after our name would make in our lives and the doors that would open because we were CPAs. Each and every time I’m asked what do I do, I am so proud to say I’m a CPA.

KyCPA: What’s a typical day in the office like for you?

Meet Darlene Zibart, the CPA at the CPA Society. • Darlene is 50 years old and is the CFO/COO at KyCPA, where she’s been employed since 2003 (and has been a member since 2002). • In addition to being a CPA, she also holds CITP and CGMA designations. • She serves as the staff liaison to the Technology, Professional Ethics and Women’s Leadership committees. • She has a bachelor’s degree in management and another in accounting. • She and her husband, Brian, reside in Louisville.

KyCPA: What inspired you to become a CPA? DZ: There are two reasons that I became a CPA. First, I was a non-traditional student. I had a fulltime job and went to school at night. I was lucky to work directly with the CPAs who handled the

52

DZ: There is no such thing as a typical day at the office. My day could include anything from working directly with our CEO on strategic initiatives and how best to implement them; HR responsibilities such as interviewing or performance reviews; IT issues that range from “I can’t get my printer to work” to overseeing a cybersecurity risk analysis of the Society’s internal environment and third-party vendors. To working with web developers on a new Web site; helping individual staff resolve issues related to their responsibilities; and, of course, there are the accounting duties as they relate to the Society and the Educational Foundation.

KyCPA: What the best part of your job?

DZ: As corny as this may sound, the best part of my job is attending the Spring and Fall Awards Banquets and watching the next generation of CPAs get sworn in. There is such hope and excitement in the room. You can visibly see how proud they are of themselves and how proud their family members are. I get a lump in my throat every time.

KyCPA: You’re not just a KyCPA staffer; you’re also a KyCPA member. What is something the members may not realize about their professional organization? DZ: Most people associate the Society with CPE but I think they would be surprised by the other projects we do on behalf of the members. As an


The Kentucky CPA Journal / Issue 3 2017

example, in response to the concerns our members have regarding the pipeline, we have programs ranging from store fronts at both the Louisville and Lexington JA Centers to College Campus Ambassadors. We also have a two-day College Leadership Institute program with a meet-the-firms reception on the second day, as well as campus recruitment days. We are on the road promoting the accounting profession with college campus visits to most of the colleges in Kentucky. These are a few projects in our

pipeline development program. We are proud of the accounting profession and want to spread the word about the many opportunities this profession offers.

KyCPA: What advice do you have for young people considering a career in accounting?

DZ: You can do anything, go anywhere and be anything you want to be. A career in accounting can offer that to you. Do not let your environment or your circumstances decide who you are.

Members

KyCPA: What do you like to do for fun?

DZ: I love to travel. I’ve been very fortunate to travel to some of the most beautiful places in the world. My husband, Brian, and I have a trip planned to Cuba. I also enjoy hanging out with Brian and our two dogs, Buddy and Bailey. Our new favorite local spot is the Parklands. We enjoy hiking the trails and the dogs love getting in the creek. It is a wonderful oasis and makes you feel like you’ve left the city behind.

Classifieds Classified ads: Include businesses for sale or volunteer, nonprofit board positions; 50-75 words, max.

Cost is $50 for KyCPA members; $100 for non-members. Email Kimberly Lindsey at klindsey@kycpa. org and include your billing information. You may post open positions in the job section of the KyCPA linkedin page.

Selling your firm is complex. We can help. Knowing what your firm is worth is the first step.

Contact us TODAY to receive a free no-obligation market analysis of your firm. Accounting Biz Brokers has been offering personalized business brokerage services to CPAs for over 12 years. We know your market and our process is strictly confidential. Visit us at www.AccountingBizBrokers.com. NEW LISTING: St Thomas, Virgin Islands gross $70k. Kathy Brents, CPA, CBI. Cell 501.514.4928 Office 866.260.2793. Email: Kathy@AccountingBizBrokers.com.

Middletown, Kentucky CPA practice looking for CPA to share current office space and expenses. Sale or merger of current practices possible. Please send response to: Blind Box 2, KyCPA, 1735 Alliant Ave., Louisville, KY 40299.

kycpa.org

53


The Kentucky CPA Journal / Issue 3 2017

Watercooler

By the watercooler “Make each day your masterpiece.” ~John Wooden “The best dreams happen when you’re awake.” ~Cherie Gilderbloom

“The difference between ordinary and extraordinary is that little extra.” ~Jimmy Johnson

Good for grads: best job market in years For the estimated 1.9 million students who graduated college this spring, it’s a hot job market. • Employers are estimated to hire about 5 percent more graduates from the class of 2017 over last year’s class, according to a recent report from the National Association of Colleges and Employers. • The unemployment rate among those over age 25 with a bachelor’s degree or higher is at 2.4 percent, less than half the overall rate of 5 percent, according to the Bureau of Labor Statistics. • Four out of five of this year’s graduates said they considered the availability of jobs in their field of study before deciding on their major, according to a college graduate employment study by Accenture.  • Even though the job market is better, it hasn’t fully recovered. The class of 2017 grads are competing with last year’s grads, as well as graduates of 2014 and 2015 – 50 percent of whom report being underemployed, according to the National Association of Colleges and Employers. Source: http://cnb.cx/2rmOuED

54


E T NtoO F SEL

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877-345-7722 e-mail: markhause@contactaps.com Fax: 541-465-9410

I will analyze your practice to determine the highest value, market your practice in all the right places, and help with financing if necessary. I even have buyers ready to make this a reality and ensure you get the best price. Take the first step to prepare for your exit. Call or e-mail me on a confidential no obligation basis.

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1735 Alliant Avenue Louisville, KY 40299-6326 kycpa.org

PRSRT STD U.S. POSTAGE PAID LOUISVILLE, KY PERMIT No. 1410

Scan this QR Code to view The Kentucky CPA Journal instantly! www.issuu.com/kycpa

AssuredPartners NL is KyCPA’s official partner in health insurance. 2017 rates are highly competitive get your quote today.

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KyCPA member benefit AssuredPartners NL is KyCPA’s sole agency of record for your health insurance needs. We chose AssuredPartners NL to represent the Society’s membership regarding our group health and dental programs because we want the best and we are confident that you will receive great service from AssuredPartners NL. For more than 20 years, AssuredPartners NL has helped businesses in nearly every industry develop specialized solutions tailored for their needs, and it has done the same for the Kentucky Society of CPAs group health insurance program. Please contact any member of your AssuredPartners NL team if you have questions regarding your renewals or would like to enroll in the group health insurance plan.

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The Kentucky CPA Journal - Issue 3, 2017  

Are you ready for the next generation to hit the workforce? Spotlight on HR: Nail the interview Hire young professionals Reduce turnover KP...

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