Accounting Connect - Fall 2023

OSCPA www.orcpa.org Fall 2023

A publication of Oregon Society of CPAs

Understanding our “Why” 4

Maximizing tax savings 10

Safeguards rule 16

2024 Group Health Trust Plan 24

WELCOME

Welcome to the new OSCPA website. We’re excited for you to visit. For your initial login, remember to reset your password. Forgot your password? Enter your email and click “Request Reset” or contact OSCPA for assistance. www.orcpa.org

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Oregon Society of CPAs

Accounting Connect

Mailing address 10206 SW Laurel St. / Beaverton, OR 97005-3209 503-641-7200 / 800-255-1470 • Fax: 503-626-2942 www.orcpa.org / information@orcpa.org

FALL 2023

Chair Tracy M. Allen

CONTENTS

Chair-Elect John D. Hawkins Vice Chair Gary A. Holcomb

FEATURES

Inherited IRA Withdrawal Strategies: Maximizing Tax Savings 10 Change is constant in the realm of tax planning and wealth management. As a result, it is important for professionals to adapt to the ever-changing regulations, tax laws, and market conditions.

What’s on your tech radar? 14 Read about five technologies that should be on your tech radar to help you and your team succeed in an ever-changing environment.

Compliance with the Federal Trade Commission “Safeguards Rule” 16 Is your firm fully compliant with the revised Safeguards Rule?

Learn more about this update and discover key data security issues you need to be aware of for your business and clients.

When is it time to sell your private practice? 20 Get to know the clear signs that it’s time to sell your CPA practice, from exhaustion to increasing market competition.

Past Chair Geoffrey T. Dougall Board of Directors Adam R.K. Abplanalp Karen C. Anderson Jonathan D. Grover Megan S. Kurz Tiffany K. Nash Pedro J. Nunez Dieguez David S. Porter Ray L. (RL) Widmer III Yvonne D. Zbranak Chapter Council Chairs Ross E. Holliday Benton-Linn Chapter Yvonne D. Zbranak Central Oregon Chapter Jody L. Deardorff Eastern Oregon Chapter Sarah C. Coffman Emerald Empire Chapter R. Angelo Sampson Mid-Columbia Chapter Larry Reiber South Coast Chapter Matthew L. Bowers Southern Oregon Chapter

DEPARTMENTS AND NEWS

President/CEO Sherri L.D. McPherson, IOM, CAE

Chair’s Message OSCPA Chair Tracy Allen reflects on the power of connection and camaraderie in building a brighter future for the CPA profession.

Member News 6 What have your fellow members been up to? Read about their accomplishments.

OSCPA News 23 What’s new with your Society? Don’t miss these member benefits and events designed with you in mind.

2024 Rate increases well below market! 24 The OSCPA Group Health Trust Board of Trustees is excited to share information regarding the 2024 Medical, Dental, Vision, and Long-Term Disability plans.

Professional Development 29 OSCPA-Select™ CPE is curated just for you and your professional journey.

Classifieds 34 Sell your practice, rent office space, promote your services, and more with OSCPA classifieds.

Upcoming conferences 25 OSCPA conferences are designed for OSCPA members, by OSCPA members.

Who knows better what you need than local colleagues?

ADVERTISERS Accounting Practice Sales 35 CAMICO 19 CPA Charge 30 Oregon Community Foundation 28 Paychex 33 The Partners Group 13 Private Practice Transitions 21 Providence 18

Managing Editor Analiese Terrazas aterrazas@orcpa.org Editors Susan Fleming sfleming@orcpa.org Leslie R.P. Konst, MS lkonst@orcpa.org The Oregon Society of CPAs assumes no responsibility for statements or advertisements herein and reserves the right to reject any advertising. Statements and opinions expressed are those of authors and not necessarily those of OSCPA. Publication of an advertisement does not constitute an endorsement of the product or service by Accounting Connect or OSCPA. Update your contact information at www.orcpa.org/my-cpa/profile Copyright© OSCPA 2023 Magazine design by Joleen Funk joleen.funk@gmail.com Stock images by istockphoto.com & stock.adobe.com Connect with OSCPA

Oregon Society of CPAs • www.orcpa.org

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CHAIR’S MESSAGE

Understanding our “Why”: Building potential for ourselves, clients, and communities Contact Tracy Allen at ChairTracy@orcpa.org

Tracy Allen 2023-24 OSCPA Chair Nature is full of patterns — from mathematical patterns like symmetry, spirals, and fractals to repeating patterns like the seasons. Fall always has a way to remind me of the patterns as the leaves change colors, the morning air becomes crisp, and the days begin to shorten. It is life’s way of reminding me to stop, reflect, and slow down to enjoy the change of seasons and be grateful for those in our lives both personally and professionally.

With a little more time and space, I can connect more meaningfully with those around me. When I nurture these relationships, I feel more in tune with myself and more certain that, together, we can withstand the pressures of life when they ramp back up in the spring. Relationships are why I became a

The OSCPA Career Showcase fosters the potential of the next generation of CPAs by inviting businesses and accounting students to connect and grow their professional network.

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Accounting Connect • FALL 2023

CPA in the first place. While we always aim for quality work products, we know that our role is bigger than our expertise and skills. We become advisors, confidants, friends, and mentors to our clients, our business partners, and our coworkers.

We are uniquely positioned with intimate knowledge of our clients’ lives and businesses to help them achieve their goals through our shared humanity and capacity to connect.

This summer, my firm Aldrich CPAs + Advisors turned 50 years old. Clients, alumni, staff, and partners gathered to celebrate and share stories about the importance of relationships and making a positive impact on our people, clients, and communities. During our festivities, two thematic threads took form: we must see the potential in people and grow the next generation of CPAs. I could not help but be reminded of

The foundation of Fall Basketball League is community. The strongest teams were the ones who showed up for themselves and each other.

CHAIR’S MESSAGE the OSCPA mission: Promote the CPA profession by acting in a representative capacity facilitating professional relationships, and furthering the knowledge, competence, performance, and standing of members. Said otherwise, our work as a Society is to build relationships, honoring and investing in the potential in each of us, and to educate and connect with each other.

I’m thrilled that Oregon passed Senate Bill 3, requiring financial literacy education for high school students. Our state not only recognizes the potential of the younger generation to participate earlier and more fully with financial life but will actively teach them to do so. This allows us the opportunity to become more active and involved in the education process as guest speakers in the classroom and to share our knowledge and the many career paths our profession holds. It also allows us to not only pass our wisdom to the next generation but attract students into studying accounting at the next level.

Both could impact our pipeline issues.

Through relationships, OSCPA continues to act beyond the classroom. We recently worked with the Board of Accountancy (BOA) to pass the 120-hour rule to sit for the exam and are helping with the heavy lift of rules overhaul.

The intent of the rules overhaul is to make it easier for members to practice. With these changes, we can more easily steward new professionals into the workforce, keeping their momentum from their studies sustained and helping to pivot them more quickly into creating their career paths. Moving at this faster pace will not only help the pipeline, but also result in young professionals building relationships with clients sooner and using their unique backgrounds and personalities to innovate and share solutions.

Additional reflection on our relationships also brings me to the outreach OSCPA is doing with its members. We also held town halls with the BOA and made sure that we had membership representation at these meetings. It is vital that our voices continue to be heard so that we can advocate for each other. And we continue to build internal and external relationships with members, the IRS, the OR tax court, the DOR, the BOA, OAIA, and communicating with legislators and working with firm managing partners. In doing so, we hope to serve as the connecting thread to our community, to be the place people turn for connection and camaraderie.

We also continue working to reconnect our member chapters across the state. During COVID, our members did not have a chance to connect face to face. It’s wonderful to see them connecting again with the Southern Oregon Chapter holding a social recently at DANCIN Vineyards in Medford, and the Emerald Empire Chapter primed to kick off their social in the next few weeks, as well as others across the state planning ways to connect.

This is our “Why.” In the framework of Simon Sinek, it is easy to identify our “what,” the debits and credits and accounting we all do. It is also easy to identify that our “how” is to prepare and file tax returns, conduct audits, close books, analyze financial information, etc. Most importantly, however, I am grateful to be part of an organization that focuses not solely on the “what” or “how” but on the “why.” We do our work because we deeply value people’s contributions to their community and know that when we use our humanity as a lens, all of us can show up as our best selves, do our best work, and thrive together.

The Southern Oregon social at the DANCIN Vineyards and the Young Professionals social at the White Owl gave members the opportunity to build camaraderie and offer support to their professional community.

Oregon Society of CPAs • www.orcpa.org

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MEMBER NEWS

Kudos & accomplishments Send your news and announcements to communications@orcpa.org

Thomas Achor

Elizabeth Almer

Theresa Bakker

Clint Bentz

Christa Bosserman Wolfe

Amy John

Ray Johnson

Amanda McCleary-Moore

Tonya Moffitt

Ashley Osten

Kathleen Sohl

Diana Strassmaier

Marissa Testori

Debbie Smith-Wagar

Karin Wandtke

Nancy Young-Oliver

LEADERS Adam R.K. Abplanalp, Cobalt PC, Portland, and RL Widmer III, Moss Adams LLP, Eugene, spoke at OSCPA’s Real Estate Conference.

Thomas Achor, Sensiba San Filippo LLP, Bend, Elizabeth D. Almer, PSU School of Business Administration, Portland, and Diana B. Strassmaier, Aldrich CPAs + Advisors LLP, Lake Oswego, spoke at OSCPA’s Accounting & Auditing Conference.

Theresa O. Bakker, O’Leary’s Tax Service LTD, Vancouver, WA, spoke at OSCPA’s Estate & Trust Conference.

Clinton J. Bentz, Clint Bentz Consulting LLC Dba Business Navigators LLC, Scio, spoke at OSCPA’s Forest Products Conference.

Christa Bosserman Wolfe, Clackamas River Water District, Clackamas, Amy I. John, Oregon Secretary of State Audits Division, Salem, Debbie L. Smith-Wagar, Port of Hood River, Hood River, Kathleen L. Sohl, Kay Sohl Consulting, Portland, and Nancy Lynn Young-Oliver, TriMet, Portland, spoke at OSCPA’s Governmental Accounting & Auditing Conference.

Raymond N. Johnson, PSU School of Business Administration, Portland, spoke at the Joint OSCPA & Oregon Board of Accountancy Town Halls in August and October.

Amanda J. McCleary-Moore, Moss Adams LLP, Medford, and Ashley C. Osten, Moss Adams LLP, Portland, spoke at OSCPA’s Audits of State and Local Governments / Governmental Accounting and Financial Reporting Standards Webcast.

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Accounting Connect • FALL 2023

Tonya M. Moffitt, Merina + Co., Tualatin, spoke at OSCPA’s Summer Leadership Series: The Art of Saying No to Prevent Burnout.

Marissa R. Testori, Perkins & Co., Portland, spoke at OSCPA’s InfoBites: Introduction to Inventory Accounting and Inventory Costing Methodology Webcast.

Karin Wandtke, McDonald Jacobs PC, Portland taught a session for the Land Trust Alliance Rally at their National Land Conservation Conference at the Oregon Convention Center.

PROMOTIONS Valentin Mendez Garcia was promoted to an Audit Associate at Hoffman Stewart & Schmidt P.C, Lake Oswego.

Julie DeCourcey-Bell was promoted to Senior Staff Accountant for McDonald Jacobs PC, Portland.

Jeffrey (Jeff) M. Weller, CPA, of Roseburg, has been appointed as commissioner to the Oregon Lottery Commission. By statute, the Oregon Lottery Commission must have a CPA serve as a commissioner. The five-member Lottery Commission oversees the governance of the Oregon Lottery. The governor appoints commission members for four-year terms and the state Senate confirms the appointments. Lottery dollars fund education, economic growth, state parks, natural habitats, veteran services, and Outdoor School.

Dollars are also allocated to gambling addiction treatment and awareness throughout the state.

MEMBER NEWS

Grace Charles

Sean Funk

Valentin Mendez Garcia

Amanda Goodwin

NEW HIRES Angel Bowe and Sydney Berrey were 2023 summer interns for Kernutt Stokes, Eugene.

Brian Gustafson was recently hired as an Audit Associate at Hoffman Stewart & Schmidt P.C, Lake Oswego.

Tasneem Anjary was a 2023 summer intern for Deloitte LLP, Portland and Delap LLP, Lake Oswego.

Tyra Velasco was recently hired as an Assistant State Auditor I at the Washington State Auditor’s Office, Olympia WA. Brent Laird was recently hired as a Partner in Tax Services at Moss Adams LLP, Eugene.

Christa Bosserman Wolfe was recently hired as the Chief Financial Officer at Clackamas River Water District, Clackamas.

FIRM NEWS Brighton Jones LLC, Portland and Walsh Construction Co., Portland were named to Portland Business Journal’s Best Places to Work list.

Brian Gustafson

Kelly Hilgeman

Kyle Pearson

Elliot Tracy

Collective, Lake Oswego, led by Kyle Pearson, President, sponsored the 2023 Buddy Walk for Down Syndrome Network of Oregon.

Kernutt Stokes LLP established a $50,000 scholarship fund at Oregon State University to support students studying accounting in the College of Business.

RECOGNITION McDonald Jacobs PC, Portland, is celebrating several work anniversaries: Karin Wandtke celebrated 18 years with the firm; Angela Rude celebrated 7 years; Sean Funk celebrated 6 years; Kelly Hilgeman celebrated 5 years; Rubab Choudhury celebrated 3 years; Amanda Goodwin celebrated 3 years; Grace Charles celebrated 2 years; Julie DeCourceyBell celebrated 2 years; Hung Bui celebrated 2 years, and Jasmine Gilbert celebrated 2 years.

Elliot Tracy celebrated 15 years with Jones & Roth PC. Tasneem Anjary was a recipient of the Moss Adam LLP 2023 Ignite scholarship.

Staff Spotlight: Celebrating Leslie Konst’s retirement The OSCPA congratulates Leslie R. P. Konst, Communications & Marketing Director, on her retirement this December.

Leslie has been an integral part of marketing, communications, and public relations activities in support of the Society’s strategic goals.

Leslie is a familiar face and name to OSCPA members, having joined OSCPA in 1997. Thereafter, as owner of Konst Communications she provided communications support and strategy to OSCPA as an independent contractor for over 12 years, including as editor of the Society’s Accountant magazine.

In addition, Leslie spent three years as the Communications Manager for Christ the King Lutheran Church in North Carolina. Leslie rejoined the OSCPA staff full time in April 2016, providing leadership and a wealth of knowledge and support. She has a BA from St. Andrews Presbyterian College and an MS in Business, Management, and Marketing from Marylhurst University.

Outside of work, Leslie enjoys puzzles, walks, golf, and traveling with her husband, and trips to visit their son Luke, who is pursuing a PhD in chemistry at the University of North Carolina-Chapel Hill. During her time with OSCPA, Leslie has been known for her loyalty, innovative thinking, and sense of fun. She has brought smiles and laughter, shared deep thoughts, and spread goodwill throughout her professional community. She will be missed.

Please join us in thanking Leslie for her many contributions.

We wish her the very best on the next step of her journey.

Oregon Society of CPAs • www.orcpa.org

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MEMBER NEWS

Congratulations new CPAs These members became certified in June, July, and August 2023.

Julie DeCourcey-Bell

Maddeline Glass

Jake Luther

Julie DeCourcey-Bell, McDonald Jacobs PC, Portland Maddeline J. Glass, Delap LLP, Lake Oswego Jacob N. Luther, Deloitte LLP, Portland

Laura E. Philpott

Angela Rude

Laura E. Philpott, Jack W Olds & Company LLP, Beaverton Amy L. Ritchie, McDonald Jacobs PC, Portland Angela D. Rude, McDonald Jacobs PC, Portland

Member Spotlight Series: The Educational Foundation Scholarship Spotlight

The 2023 scholarship recipients are back at school this fall as they continue their journey to becoming CPAs. A few of them took time out to let us now what their scholarship means to them. Read more at www.orcpa.org/meet-members Zackary J. Alcoser 2023 Hoffman, Stewart & Schmidt PC Scholarship winner from The OSCPA Educational Foundation, Zackary Alcoser is dedicated to achieving CPA status while ensuring he continues to be the best version of himself for his wife and kids.

Jordan M. Brewer As someone who enjoys working just outside of his comfort zone, Jordan Brewer, winner of the Anna L. May Endowment scholarship from The OSCPA Educational Foundation, is inspired by the endless possibilities of his future CPA career.

Sydney E. Berrey Winner of the 2023 SingerLewak LLP Scholarship from The OSCPA Educational Foundation, Sydney E. Berrey defines success as helping others succeed despite their unfamiliarity with finance and accounting.

Surgent CPA Exam Review Winner: Dachelle Hattan

Forrest M. Cooley 2023 winner of the Jay Richardson Memorial Scholarship from The OSCPA Educational Foundation, Forrest M. Cooley strives for constant improvement and setting new milestones as he finds success on his journey to becoming a CPA. Carter G. Cunningham See who has inspired Carter Cunningham, University of Oregon accounting student and a 2023 winner of the John & Catherine Knox Scholarship from The OSCPA Educational Foundation.

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Accounting Connect • FALL 2023

OSCPA partners with several CPA Exam Review vendors to offer OSCPA members exclusive discounts and quarterly drawings on select CPA Exam Review courses.

Learn more: www.orcpa.org/discounts Dachelle Hattan is a Staff Accountant with Downing & Company. She graduated on March 25, 2023, with a B.S in Accounting from Portland State University. She decided to major in accounting because she enjoys numbers, bookkeeping and problem-solving. Dachelle graduated with 225 quarter credits, making her eligible to sit for the CPA exam.

Dachelle is excited to continue the journey of becoming a CPA with help from the Surgent CPA review course.

MEMBER NEWS

Welcome members

These following individuals became members in June, July, and August 2023.

Benton-Linn Jeff S. Dowe, Koontz Blasquez & Associates PC, Albany Shannon R. Fowler, Koontz Blasquez & Associates PC, Albany Kyla Gallagher, Koontz Blasquez & Associates PC, Albany Rhett H. Miller, Koontz Blasquez & Associates PC, Albany

Metro Portland Tandilyn Cain, Schnitzer Properties, Portland Jennifer L. Compton, Fordham Goodfellow LLP Dba Fordham & Co. LLP, Hillsboro Jena M. Dawes, Opus Agency, Beaverton Victoria Gajda, Moss Adams LLP, Portland Daniel P. Gerrone, Happy Valley Bethany M. Kalebaugh, Hoffman Stewart & Schmidt PC, Lake Oswego Mark H. Linnemann, Beaverton Junyan Liu, Fordham Goodfellow LLP Dba Fordham & Co. LLP, Hillsboro William I. Lopez-Davila, Isler Northwest LLC, Portland Jacob N. Luther, Deloitte LLP, Portland Bailey Ma, Fordham Goodfellow LLP Dba Fordham & Co. LLP, Hillsboro Trent E. Miller, Iron Creek Tax & Consulting LLC, Lake Oswego Ronald A. Neve, Ronald A Neve CPA PC, Lake Oswego Dylan L. Novak, Cobalt PC, Portland Emily A. Nowlin, Hillsboro

Tara A. O’Connor, Talbot Korvola & Warwick LLP, Portland Christopher S. Shiraishi, Christopher Shiraishi CPA, Portland Sherrie M. Smith, Geffen Mesher & Company PC, Portland Justin Z. Thomas, TD Consulting Group PC, Milwaukie Qi Wang, Fordham Goodfellow LLP Dba Fordham & Co. LLP, Hillsboro Austin Westover, The Zidell Companies, Portland

Southern Oregon Clay G. Alumbaugh, KDP Certified Public Accountants LLP, Medford

Out-of-State/Country Kayleah A. Garner, TFO Phoenix, Phoenix, AZ Timothy P. Jones, Forward Edge International, Vancouver, WA Amanda E. Morrison, Vancouver, WA Anh T. Nguyen, Forvis LLP, Charlotte, NC Vaidyanathan Vancheeswaran, Chennai, India

In memory The OSCPA regrets the loss of the following member: Name

Year Joined

Barbara J. Blue...................................................... 1979

Welcome student members Carolina Cortes, Greenbrier Gunderson, Portland Miguel Covarrubias, Portland Julian W. Harris, La Grande Daniel Le, Portland Zilong Liu, Clackamas Zoe Major McDowall, Sumerra LLC, Portland Shelby M. Martin, Gresham Valentin Mendez Garcia, Newberg Luis Ramon, Eugene

Paityn Rhode, Happy Valley Brett Smith, M Financial Group, Portland Olivia J. Stumetz, Portland Sandra C. Veloza Riano, Beaverton Tyler J. Vineyard, Forest Grove Charles Wayson, Portland Jinquan Wu, Beaverton Loraine Yow, Portland

Oregon Society of CPAs • www.orcpa.org

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Inherited IRA withdrawal strategies: Maximizing tax savings

By Rob Greenman, CFP®, and Alex Canellopoulos, CFA, Vista Capital Partners

In the realm of tax planning and wealth management, one constant persists: change. As professionals in this ever-evolving landscape, we understand that adapting to new regulations, tax laws, and market conditions is an integral part of our role.

Recently, one meaningful change that has impacted wealth planning strategies is the introduction of the 10-year distribution requirement for inherited IRAs of non-spouse beneficiaries. This alteration brings forth a fresh set of challenges and opportunities for inherited IRA beneficiaries. However, with the guidance of skilled wealth management professionals and CPAs, optimal strategies can be identified and executed.

Non-spouse beneficiaries fall into one of two camps: those in which the original account owners died prior to taking RMD’s themselves – and those in which the original account owners already started taking RMD’s.

The rules are relatively straight forward for non-spouse beneficiaries where the account owners died prior to taking RMD’s.

The beneficiary has no required withdrawals in the first nine years – but the entire balance of the account must be withdrawn within 10 years of the original account owner’s death.

For those where the original account owner died after RMD’s

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Accounting Connect • FALL 2023

already started, the beneficiary is required to keep RMD’s on pace per the original account owner’s RMD schedule.

The required withdrawal percentage ratchets up each year – a would-be-75-year-old withdrawal rate is 4.4%, 80-year-old at 5.4%, and 85-year-old at 6.7%. Any remaining balance of the account must be emptied within 10 years of the original account owner’s death.

All non-spouse beneficiaries are left with some planning opportunities given these new rules. Without the guidance from trusted advisors, it is likely that they will forgo the opportunity to explore the most tax-savvy route. In this article, we will outline two baseline approaches: waiting until year 10 for a lump-sum distribution versus spreading the distributions evenly over 10 years. We will also highlight situations in which advisors should consider customizing the withdrawal strategy based on the unique circumstances of the individual.

Finally, we will discuss financial planning levers that advisors can employ to complement or enhance the effectiveness of the inherited IRA withdrawal approach.

Baseline Assumption: When in doubt, spread it out Defer, defer, defer. This is typically a sound tax management strategy. In the context of inherited IRAs, this approach would

TAX SAVINGS lead beneficiaries to wait until the end of the 10-year window to distribute the account. By doing so, they can defer taxes on both earnings and withdrawals. However, this seemingly straightforward approach may not always yield the best results, as it could trigger an increased marginal and effective tax rate in the 10th year.

An alternative strategy is to spread distributions evenly over the 10-year window. While this approach generates a known tax cost in years 1-9 that might otherwise be avoidable, it can be advantageous, particularly when the effective tax rate on distributions is relatively low. This strategy ensures a more consistent and potentially tax-efficient distribution pattern.

To illustrate the potential difference in federal income taxes under the two approaches—lump sum versus spread—we can consider some baseline assumptions and run some numbers.

As seen in the examples outlined below, there can be substantial tax savings associated with the “spread” strategy.

In this article, we present two comprehensive approaches for inherited IRA investors, each of which is interpreted through two distinct data tables. In both scenarios, we begin with an initial inherited IRA balance of $500,000, with investment returns consistently set at 6%. Additionally, in both cases, investors report $200,000 in taxable income annually, separate from any taxable income stemming from the inherited IRA account.

The first table illustrates a strategy wherein the investor allows the inherited IRA to accumulate without withdrawals until the culmination of year 10. Although this approach maintains low taxable income levels from years 1 through 9, it results in a substantial $895,000 inherited IRA distribution in year 10, incurring a $300,000 tax liability. The investor started in year 1 with a marginal tax rate of 24% (effective tax rate of 17.4%) and jumped to the 37% bracket in year 10 (effective rate of 30.6%).

Consequently, the net amount retained by the investor after disbursing the inherited IRA and paying taxes stands at $595,000.

and realized gains. The cumulative taxable income in years 1-9 is notably higher than that of the first investor described in the initial table. Nevertheless, by distributing tax payments over a decade, the investor circumvents a substantial single withdrawal, staying within a relatively low tax bracket throughout the 10-year period. The investor consistently hovers in the 24% marginal tax bracket (19.2% effective). The final value after accounting for all taxes reaches $675,000. This discrepancy of $80,000 in ending values underscores the considerable impact that choosing the right approach can have on inherited IRA withdrawal strategies. Running the numbers for each investor’s unique situation can provide invaluable insights to help navigate the optimal inherited IRA withdrawal approach.

Baseline Assumption: When to kick the can until year 10 So, if spreading it out should be the default strategy, when does it make sense to kick the tax can down the road? Simply run the numbers on leaving an inherited IRA balance alone, compounded at a reasonable rate of return over 10 years, and evaluate the new effective tax bracket. If there is not a meaningful jump in the tax bracket by distributing the entire inherited IRA at the end of year 10, then this could be a reasonable approach.

Moving forward, the second table highlights an alternative approach where withdrawals are evenly spread over the 10-year timeframe. Withdrawn amounts are adjusted for tax considerations and subsequently invested in a taxable brokerage account, taking into account modest dividends, interest,

Oregon Society of CPAs • www.orcpa.org

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TAX SAVINGS

Baseline Adjustment: Substantial income changes Example 1: High-earning executive Imagine a high-earning executive who is five years away from retirement. In this scenario, waiting until after their W-2 income falls off the tax return could result in a much lower effective tax rate on inherited IRA withdrawals. By strategically minimizing withdrawals during their high-income years, they can reduce the overall tax burden.

Example 2: Capital gains spike Another situation to consider is when a couple sells a house, and their taxable gains significantly exceed the $500,000 taxfree gain exclusion. In such a year, it makes sense to minimize additional tax liability by limiting inherited IRA withdrawals.

Similarly, periods of robust stock market performance leading to a rebalancing event with higher-than-normal realized gains in a portfolio are ideal times to exercise caution with inherited IRA distributions.

Baseline Adjustment: Considering a home move Example 1: State tax considerations Relocating from one state to another can have a profound impact on the appropriate inherited IRA Required Minimum Distribution (RMD) strategy. For instance, moving from Washington to Oregon presents a significant tax difference.

In Oregon, inherited IRA withdrawals are subject to a 9% tax.

Therefore, it would be optimal to accelerate withdrawals while still a resident of Washington to avoid this tax liability.

Example 2: Local taxes Moving to a new city or county can also affect the tax landscape. Some areas, like the city of Portland, impose additional taxes for services such as pre-school and homeless support, which can reach up to 6%. For individuals considering a move to evade these local taxes, it makes sense to limit inherited IRA withdrawals while still subject to higher tax rates, ensuring greater tax savings.

Baseline Adjustment: Social Security & Medicare considerations Example 1: Social Security timing For individuals who anticipate receiving social security income within the 10-year inherited IRA distribution window, careful planning is essential. Let us consider a 62-year-old beneficiary who inherits an IRA and plans to defer filing for social security benefits until 70. To optimize their tax strategy, it may

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Accounting Connect • FALL 2023

be advisable to spread inherited IRA distributions evenly over the first 8 years. Under this strategy they would drain their inherited IRA right before social security income kicks into gear. This could smooth their taxable income and potentially mitigate any tax bracket creep that might occur by loading up inherited IRA withdrawals and social security income the same tax year(s).

Example 2: Managing medicare’s IRMAA Medicare’s “income related monthly adjustment amount” (IRMAA) is structured around a cliff system, where exceeding a bracket threshold can result in higher monthly payments.

If an individual has already crested an IRMAA bracket threshold, it might make sense to accelerate inherited IRA withdrawals up toward the next IRMAA bracket (but carefully not going over the next cliff!). By doing so, they may fall into a lower IRMAA bracket in future years, potentially reducing their Medicare-related expenses.

Financial Planning Levers to Consider during the 10-year window In addition to these specific strategies, there are several levers that advisors can employ to manage taxable income during the 10-year inherited IRA distribution window. These can be utilized to enhance the effectiveness of the inherited IRA withdrawal strategy selected by advisors.

1. Maximize retirement plan contributions Ensure that employee deferrals to retirement plans are maximized to reduce current taxable income. This can include contributions to 401(k)s, 403(b)s, or similar employer-sponsored plans.

2. Non-Qualified deferred compensation plans Individuals with the ability to defer W-2 earned income through participation in non-qualified deferred compensation plans should consider enrolling. The amount of compensation eligible for deferral and distribution of funds vary by employer. At Nike, for example, eligible employees can defer up to 100% of three different sources of compensation: next-year’s base salary, performance sharing bonus, and long-term incentive plan compensation.

3. Health Savings Accounts (HSAs) Maximizing contributions to Health Savings Accounts can provide a double benefit: tax deductions when contributing and tax-free withdrawals when used for qualified medical expenses.

4. Stock Compensation Plans For those with stock compensation plans that offer a choice between stock options and restricted stock units, selecting stock options may offer greater flexibility in timing income recognition events. Restricted

TAX SAVINGS

stock units typically trigger income recognition at the time of vesting, while stock options allow more control over when to exercise and recognize income.

Conclusion Navigating the intricacies of inherited IRA withdrawal strategies can be complex, but the potential for significant tax savings makes it a worthwhile endeavor. As wealth management professionals and CPAs, our role is to collaborate, educate, and guide clients through these decisions, adapting strategies to their unique circumstances. In the ever-changing landscape of financial planning, our ability to adapt and find optimal strategies given the hand we are dealt remains a testament to the value we bring to our clients.

About the authors Rob Greenman, is Chief Growth Officer at Vista Capital Partners. He is a proud CFP® certificate holder and is the past president of the local Financial Planning Association.

Alex Canellopoulos, is Head of Research at Vista Capital Partners, where he conducts market and performance-related research, stays on top of market trends and academic studies, and simplifies portfolio construction while enhancing the investment experience for clients.

Vista Capital Partners is a wealth management firm in Portland, Oregon, serving clients with $3 million or more to invest. Learn more at www.vistacp.com

Like this article?

Learn more at the OSCPA Financial & Retirement Planning Conference November 8.

Register online: www.orcpa.org/cpe/W79819 Questions? Contact Professional Development at 503-641-7200 / 800-255-1470, ext. 3; profdev@orcpa.org

THE OSCPA GROUP HEALTH PROGRAM EVEN MORE COMPETITIVE IN 2024!

• This year’s medical rate increase is 5–10% lower than the small group market • Choice of six medical plans through Providence Health Plans, including two HSA eligible plans • Access to Providence’s broadest network (unavailable in the small group market) • Further cost savings available through additional network options • Competitively priced dental plans through Delta Dental of Oregon • Low-cost vision and long-term disability insurance is also available To see if the OSCPA Group Health Trust is right for your firm, contact us. Receiving a proposal is simple and requires no commitment. oscpahealthplan@tpgrp.com | (503) 726-5755 | thepartnersgroup.com

ASK QUESTIONS, GET ANSWERS OSCPA members can post questions and reply to posts in Bridge™ Open Forum. Your participation helps create an invaluable resource bank that is available online, 24/7.

Please be aware: Referrals and suggestions provided on BridgeTM are based on member-to-member professional courtesy. Members must perform their own due diligence when pursuing referral contacts and technical advice.

Join the conversation today! https://bridge.orcpa.org

Oregon Society of CPAs • www.orcpa.org

13

What’s on your tech radar?

by Thomas G. Stephens, Jr., CPA, CITP, CGMA, K2 Enterprises

Technology’s never-ending march to “faster, cheaper, and smaller” shows no signs of slowing. As a result, today’s successful organizations must embrace a technology plan that offers premium performance, supreme security, and amazing adaptability – all on a tight budget. How can we accomplish this task while operating within the confines of tightening budgets? This article addresses the items that should be on your tech radar to help you and your team succeed in an ever-changing environment. Specifically, we will address five technologies that should be on your tech radar today.

Automation everywhere In an era of labor shortages, automation is a critical technology that virtually all organizations must embrace. Automation tools allow team members at all levels to use technology to automate rote, repetitive tasks. A handful of the many examples of automation tools that are ready for “prime time” today include: • Scanning accounts payable bills directly into accounting software • Using tools such as Power Automate to automate approvals and routing documents throughout the organization • Creating “digital plumbing” pipes to integrate cloud-based applications from different publishers • Linking client’s accounting software applications directly to tax software to automate data entry into tax returns The benefits of automation should be obvious, including time

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Accounting Connect • FALL 2023

savings, improved accuracy, faster processing speeds, and freeing team members’ time for more valuable tasks. So, if your organization has been slow to embrace this technology, now is the time to get on board.

Everyday productivity tools Standard, everyday productivity tools such as Microsoft 365, Google Workspace, and Zoho One offer tremendous opportunity for improved productivity. Yet, most team members remain unaware of many productivity-enhancing features of these services. For instance, most Excel users remain unaware of critical tools such as Power Query and Power Pivot, both of which have been available for over ten years. Further, newer functions and features such as dynamic array formulas, XLOOKUP, TEXTBEFORE, TEXTAFTER, TEXTSPLIT, and TEXTBETWEEN remain unknown to most Excel users and, therefore, unused. Likewise, many Google Workspace subscribers don’t know how to take advantage of the communications features in the platform.

Similarly, many organizations using Zoho’s Books accounting platform have not enabled the customer and vendor portal solutions available with the service. Adding insult to injury in these three examples is that subscribers already pay for these features. Yet, failing to use the tools causes the ROI on their subscriptions to be depressed. Of course, the remedy to this situation is understanding your productivity platform’s features and implementing the tools that make sense for you and your team.

TECH RADAR Artificial intelligence Perhaps the most talked about technology today is artificial intelligence (AI). While many questions still abound regarding AI, there is no doubt that embracing AI is a critical consideration for almost all organizations today. However, much of what is labeled “AI” isn’t AI, at least not if your definition of AI means that computers are capable of “thinking” and “reasoning.” Nonetheless, if your AI definition includes “machine learning” (ML), AI is alive and well today.

With the AI tools available today, such as Bard and ChatGPT, you can easily find answers to questions, learn how to perform specific tasks, and even write computer code elements.

Moreover, you can even use these tools today to help you craft responses to tax notices and prepare engagement letters.

AI users can also create music, novels, and movie and television scripts with today’s AI tools. Soon, look for AI to help with situations involving more creative “thought,” such as optimization scenarios and income tax planning. Also, look for Microsoft 365 Copilot to assist you with tasks such as creating replies to email messages and generating more compelling PowerPoint presentations. All told, AI might be the most exciting technological development to appear since the PC. Of course, security and privacy issues need resolution, but these should be manageable and allow business professionals of all types to improve productivity with AI.

Security and privacy tools and strategies Beyond the security and privacy issues that may exist with AI, “traditional” security and privacy concerns remain. In sum, we can’t realize all the benefits of today’s technologies if we can’t manage data security and privacy. Of course, many of the traditional tools and approaches remain viable and necessary – passwords, anti-malware tools, encryption, etc. However, newer tools and strategies offer elevated security and privacy options and, equally important, ease of use at the end-user level. For example, Zero Trust Security Models continue to gain traction as more organizations move to Windows 11.

Multi-factor authentication (MFA) is now mainstream and eliminates over 99% of authentication risk, according to Microsoft. In sum, while security and privacy risks continue to evolve, effective responses to these risks and preventive measures also continue to grow, helping us to mitigate risk to prudently acceptable levels.

The cloud rules And finally, cloud-based services and applications continue to grow in stature and subscribers. Imagine a day in the relatively near future when you will log in to your cloud-based subscriptions to gain access to all your applications and data.

Of course, this would mean no more local servers, no more software installed locally, and no more headaches associated with managing a local IT infrastructure. In this scenario, you and your team can work well if you have a reliable and reasonably fast internet connection.

Not only does this scenario offer potentially reduced costs and improved reliability, but it also addresses and embraces work-from-anywhere strategies. The reality of a cloud-ruled IT environment is probably much closer than you may already realize. For example, consider the number of cloud-based tools you already use – accounting, tax, workflow, collaboration, business intelligence, customer relationship management, etc. In fact, there’s a good chance you complete 50% or more of your daily work through cloud-based tools already!

As that number approaches 100%, think about the cost savings and simplicity offered by not having to install, maintain, and secure a traditional server and local area network!

Summary Our tech needs continue to change, driven by market conditions, technology innovation, business needs, and team member preferences. As businesses moved from mainframe computers to individual PCs to devices connected to local area networks, they will change in the future, too. Therefore, we must ensure that several key technologies are on our tech radar screens today. Among the critical tech tools that should be on your tech radars today are automation, productivity tools, artificial intelligence, security and privacy technologies, and the ever-growing presence of the cloud.

About the author Tommy Stephens is a shareholder of K2 Enterprises, where he focuses on creating and delivering content and is responsible for many firm management and marketing functions. You may reach him at tommy@k2e.com.

Want to learn more from K2?

K2’s Business Continuity - Best Practices for Managing the Risks - Webcast • November 29, 2023 | 7:00am - 2:30pm - #W80389

K2’s Advanced Excel - Webcast • December 1, 2023 | 7:00am - 2:30pm - #W80391 Register: www.orcpa.org/online-catalog and enter the event number Questions? Contact Professional Development at 503641-7200 / 800-255-1470, ext. 3; profdev@orcpa.org Oregon Society of CPAs • www.orcpa.org

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Compliance with the Federal Trade Commission “Safeguards Rule”

By CAMICO Loss Prevention Team

The Gramm-Leach-Bliley Act (“GLBA”) was passed

by Congress in 1999 with bi-partisan support. A component of the GLBA, its Safeguards Rule, was first established in 2003, and required organizations defined as “financial institutions” to establish measures to keep their customers’ private information secure.

In accordance with GLBA provisions, the Federal Trade Commission (“FTC”) has authority to issue regulations ensuring that financial institutions protect the privacy of consumers’ personal financial information.

In late 2021, the FTC amended the Safeguards Rule to make changes to address current technology. The changes included a more expansive definition of “financial institutions” and added new responsibilities requiring enhanced administrative, technical, and physical safeguards designed to protect customer information. Certain provisions of the updated rule were effective December 9, 2022, and the remaining provisions became effective June 9, 2023.

The revised Safeguards Rule specifies safeguards covered organizations must implement as part of their information security program.

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Accounting Connect • FALL 2023

Under the guidance, the definition of “financial institutions” has a broad context — which can impact organizations across many industries. For example, nonbanking financial institutions engaging in financial activities or incidental to such financial activities (e.g., CPA firms, tax professionals) that collect Personally Identifying Information (“PII”) need to be aware of changes that build on the original Safeguards Rule framework in key data security areas.

The overarching primary objectives for an information security program under the rules include: • Ensuring the security and confidentiality of client information.

• Implementing safeguards against anticipated threats to client information.

• Preventing unauthorized access to information systems linked to client information.

Is your firm fully compliant with the revised Safeguards Rule?

The Safeguards Rule applies to organizations of all sizes, with reduced compliance standards for entities maintaining

SAFEGUARDS fewer than 5,000 client/customer records. What constitutes client/customer records is somewhat unique for every organization, and that certainly holds true for CPA firms and tax professionals. As the revised Safeguards Rule applies to all PII organizations maintain, for accounting firms this includes the PII maintained for former and current clients, and any ancillary contacts associated with the client that a firm maintains including, but not limited to, the PII of current and former clients’ owners, members, partners, employees, and customers.

For example, if a firm prepares K-1s for hundreds of partners of a partnership client, the personally identifiable records would include the PII of each partner. Since there is no business client exception, it would be unwise for most CPA firms to rely on the 5,000 client/customer records exception without performing due diligence to ensure they have adequate systems in place to accurately track the number of personally identifiable records maintained for current and former clients.

Under the Safeguards Rule, at any point an organization exceeds 5,000 personally identifiable records, the entity no longer qualifies for the Safeguards Rule’s exception and must comply with all of the Rule’s required safeguards.

Information Security Plan Under the Safeguards Rule, a firm is required to have a written Information Security Plan that outlines the firm’s information security program protecting its client data. Information Security Plans should be individually crafted to be sufficient and appropriate for the firm’s size and complexity, nature and scope of activities, and the sensitivity of its client information.

To comply with the updated Safeguards Rule, a CPA firm’s Information Security Plan needs to outline the physical, technical, and administrative safeguards the firm utilizes to protect its confidential client data from potential breaches and cyberattacks. The plan should appropriately incorporate the following elements: • Designation of a qualified person responsible for overseeing, implementing, and updating, as needed, the information security program; • Creation of a written risk assessment that identifies reasonably foreseeable internal and external risks and assesses the sufficiency of any safeguards in place to control those risks; • The design and implementation of safeguards appropriate to the size and complexity of the organization to control its identified risks. The following are a few examples of safeguards that should be considered, although this list is not meant to be all-inclusive:

• encryption of data in transit and at rest • firewalls • password protection • securing access to file rooms and file cabinets • implementing and periodically reviewing access controls to client information — limiting access to those with a legitimate business need • implementing multi-factor authentication; • The regular monitoring and testing of the effectiveness of established safeguards (i.e., monitor and log activity to detect unauthorized access through continuous monitoring, annual penetration testing, or by other appropriate vulnerability assessments); • Security awareness training; • Periodic assessment of third-party service providers; • Keeping your information security program current; • A written incident response plan; and • Periodic reporting to the firm’s governing body (e.g., firm’s Executive Committee, Managing Partner).

CAMICO has created an illustrative Written Information Security Plan template. The template is designed to incorporate and reference established firm policies. It is located on the Members-Only Site in the Cyber/Data Security Resource Center.

A CPA firm’s efforts to comply with the Safeguards Rule is organization-specific and, as such, CAMICO recommends that each firm work with their IT/cyber specialists and legal counsel to modify and tailor this template to ensure the firm’s compliance with the GLBA’s Safeguards Rule and other applicable laws.

Risk management tips Although the FTC’s deadline for compliance has passed, it is never too late to reassess and update as needed the firm’s efforts to comply with all applicable provisions of the Safeguards Rule. Remember that developing an information security program is not a one-size fits all approach. Every firm will need to ensure that they have the required safeguards in place for their size (based on the number of personally identifiable records maintained), complexity, and the nature and scope of the services they render.

From a risk management perspective, documentation is critical, and the first line of defense if your firm were ever alleged to have not complied with the Safeguards Rule. For example, if your firm is limiting its compliance efforts to the minimum required for firms with less than 5,000 personally identifiable records, be sure to have appropriate documentation of that

Oregon Society of CPAs • www.orcpa.org

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SAFEGUARDS determination and ensure that you have a mechanism in place to alert you if you ever have 5,000 or more personally identifiable records.

In addition, CAMICO strongly encourages firms to take the time needed to keep the firm’s Information Security Plan relevant and updated to showcase your ongoing efforts to ensure compliance with the spirit and intent of the Safeguards Rule.

Resources For more risk management guidance and information on cyber and data security issues, contact your professional liability insurance carrier. CAMICO policyholders can access CAMICO’s Cyber/Data Security Resource Center on our Members-Only Site. Alternatively, policyholders can contact the Loss Prevention department at lp@camico.com, or call our advice hotline at 1.800.652.1772 and ask to speak with a Loss Prevention Specialist.

• IRS News Release I.R. 2022-147 titled “Security Summit releases new data security plan to help tax professionals” for additional resources, including a link to IRS Publication 5708 (10-2022), Creating a Written Information Security Plan for Your Tax & Accounting Practice [https://www.irs. gov/newsroom/security-summit-releases-new-data-securityplan-to-help-tax-professionals-new-wisp-simplifies-complexarea][https://www.irs.gov/pub/irs-pdf/p5708.pdf] • IRS Publication 4557, Safeguarding Taxpayer Data (Rev. 7-2021) [https://www.irs.gov/pub/irs-pdf/p4557.pdf] • AICPA Tax Section’s Gramm-Leach-Bliley Act Information Security Plan Template [https://www.aicpa-cima.com/ resources/download/gramm-leach-bliley-act-informationsecurity-plan-template]

About CAMICO CAMICO is the OSCPA’s preferred provider of professional liability insurance.

Additional resources for CPA firms and businesses include: • FTC Safeguards Rule: What Your Business Needs to Know [https://www.ftc.gov/business-guidance/resources/ftcsafeguards-rule-what-your-business-needs-know]

Health For All Leverage your OSCPA Firm Membership Providence Health Plan continues its partnership with the Oregon Society of CPAs Group Health Trust effective January 1, 2024.

Serving the Northwest for more than 160 years We’re committed to supporting Northwest businesses with quality healthcare. With thousands of in-network providers, convenient no-cost Telehealth options, and a local customer service team, Providence is the ideal choice for your business.

Get your firm quote today!

Please contact The Partners Group at 503-726-5755 or e-mail OSCPAHealthPlan@ThePartnersGroup.com

18

Accounting Connect • FALL 2023

WE WALK THE TALK. CAMICO knows CPAs, because we are CPAs.

Created by CPAs, for CPAs, CAMICO’s guiding principle since 1986 has been to protect our policyholders through thick and thin. We are the program of choice for more than 8,000 accounting firms nationwide. Why? CAMICO’s Professional Liability Insurance policy addresses the scope of services that CPAs provide.

Includes unlimited, no-cost access to specialists and risk management resources to help address the concerns and issues that you face as a CPA. Provides potential claim counseling and expert claim assistance from internal specialists who will help you navigate the situation with tact, knowledge and expertise.

Does your insurance program go the extra mile?

Visit www.camico.com to learn more.

CPA PROFESSIONAL LIABILITY INSURANCE AND RISK MANAGEMENT SOLUTIONS

CAMICO is OSCPA preferred provider of CPA Professional Liability Insurance.

Harris Hauptman Senior Account Executive T: 800.652.1772 Ext. 6727 E: hhauptman@camico.com

Accountants Professional Liability Insurance may be underwritten by CAMICO Mutual Insurance Company or through CAMICO Insurance Services by one or more insurance company subsidiaries of W. R. Berkley Corporation. Not all products and services are available in every jurisdiction, and the precise coverage afforded by any insurer is subject the actual terms and Oregon Society of CPAsto • www.orcpa.org 19 conditions of the policies as issued. ©CAMICO Services, Inc., dba CAMICO Insurance Services. All Rights Reserved.

When is it time to sell your private practice?

By Justin D. Farmer, Esq., CBI

How does a private practice owner know when they should move on from their business? Below, we discuss the clear signs that it’s time to sell your private practice, from exhaustion to increasing market competition.

Lost drive & exhaustion One of the most common reasons that owners sell their private practice is that they feel they’ve lost the spark that drove them or are too exhausted to do it anymore. Running a private practice is more than a full-time job—it can consume your life.

To withstand the daily grind of running a private practice, an owner needs to have a strong motivation and drive to succeed, but the grind can take its toll on people mentally and physically. Whether it’s age or exhaustion, if you no longer have the daily hunger to make your practice the best it can be, it may be time to move on.

Increasing competition Another sign that it’s time to sell your private practice is that more businesses are encroaching on your market territory and providing stiff competition. Markets can change rapidly, and if your private practice has a lot of success, others will likely see that and try to achieve the same thing.

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Accounting Connect • FALL 2023

More competition means using more people, power, and resources to rise above the competition while managing shrinking profit margins. If your private practice used to be the only game in town, but now others are popping up and eating away at your target market, it might be best to sell while you’re still ahead of the competition.

Strike while the iron is hot Often, it’s best to get out when things are at their best or while the iron is still hot. Every market has its ups and downs, especially with private practices, and when the market is at its peak, it could be extremely lucrative to cash out before it swings the other way.

If your private practice is performing extremely well—like it couldn’t be doing any better—then there’s no better time to sell to an interested party. Your practice will never be more valuable, and if the industry is peaking, it’ll never be a more attractive market for buyers to want to join and pay a handsome dollar for a well-performing practice.

You want to try something else Another personal reason that many owners decide to move on from their private practice is that they get bored with the business or want to try something else. Perhaps you’ve done all you can in the industry, and now you have a new idea you

PRIVATE PRACTICE want to try, but you can’t do it while still running a private practice.

Many owners will sell their private practice and use the sale proceeds as funding for their next business idea for a smooth and stable transition. If you’ve got an idea you’re itching to try, there may be no better time to attempt it than now.

About the author Justin D. Farmer is a lawyer, licensed real estate broker, and entrepreneur. Justin formed the model that would later become Private Practice Transitions, Inc. in 2012 after having gone through the arduous task of vetting a private practice that he intended to purchase.

Justin has combined his passion for business, entrepreneurial spirit, and business experience to form Private Practice Transitions.

What tools do you need to succeed?

OSCPA members can save on the tools and resources that help you succeed! Discounts on technology, shipping, office supplies, travel, and more.

Visit www.orcpa.org/discounts today to see what you’re missing!

Need more information? Email membership@orcpa.org

Oregon Society of CPAs • www.orcpa.org

21

Help build the CPA pipeline Annually the Foundation strives to increase the number of scholarships offered to college students.

Your contributions are a vital part of ensuring enough

accounting professionals for the future. By contributing to the Foundation you help students achieve their educational goals and secure a pipeline of qualified future CPA candidates in Oregon.

Your personal contribution

Your personal contribution of any size benefits tomorrow’s CPAs with scholarships awarded to high-achieving Oregon students. Show your commitment to the future of the CPA profession by making a contribution today.

Personal contribution levels • • • • •

Champion – $2,500+ Platinum – $1,000 - $2,499 Gold – $500 - $999 Silver – $250 - $499 Bronze – $100 - $249

Corporate Giving

Brand your business as a leader in the CPA profession and gain year-long exposure to students and professionals.

Corporate donor levels • • • • •

Champion – $7,500+ Platinum – $5,000 - $7,499 Gold – $2,500 - $4,900 Silver – $1,000 - $2,499 Bronze – $500 - $999

Support the profession.

Contribute today!

www.orcpa.org/contribute-scholarships

Endowment Funds

Endowments help secure the Foundation’s future, and they are a great option for those who wish to support the profession through planned giving.

Contributions can be directed to an established endowment fund at any time, or new endowment funds may be established (minimum $50,000).

Planned Giving is a Planned Future Consider one or more of these options: • Endowment Funds • Retirement Funds • Estates • Real Estate • Life Insurance • Gift Annuities • Charitable Trusts

www.orcpa.org/planned-giving

Support The OSCPA Educational Foundation 22

Accounting Connect • FALL 2023

OSCPA NEWS

Announcing 2024-25 Candidates for OSCPA Board of Directors In accordance with Article VII of the Society Bylaws, the OSCPA Nominations Committee recommends to the 2023-24 Board of Directors the following slate of candidates to serve as OSCPA Officers and Directors for the 2024-25 fiscal year, commencing April 1, 2024.

Officers One-Year Terms: 2024-25 Chair

Chair-Elect

Vice Chair

John D. Hawkins Grove Mueller & Swank PC Salem

Gary A. Holcomb Ernst & Young LLP Portland

*Adam R.K. Abplanalp Cobalt PC Portland

Immediate Past Chair

Secretary / Treasurer

Tracy M. Allen Aldrich CPAs + Advisors LLP Lake Oswego

The Secretary and Treasurer shall be appointed from the elective directors.

Director Candidates Proposed for Three-Year Terms: 2024-27 Tricia S. Duncan Jones & Roth PC Eugene Cameron Irtifa CPA Service LLC Beaverton Michael L. Lortz Downtown Development Group LLC Portland

Director Candidates Continuing Service Elected for Three-Year Terms: 2023-26 Jonathan D. Grover City of Hillsboro Hillsboro Tiffany K. Nash Kernutt Stokes LLP Eugene RL Widmer III Moss Adams LLP Eugene

Director Candidates Continuing Service Three-Year Terms: 2022-25 *Adam R.K. Abplanalp Cobalt PC Portland Megan S. Kurz Premier Community Supports, LLC Medford Yvonne D. Zbranak Silverline LLP Bend

*Note: Adam R.K. Abplanalp’s election to the position of Vice Chair in 2024-25 will leave a one-year vacancy on the Board of Directors for 2024-25. Upon member approval of the slate, the vacant Director position will be filled by the OSCPA Board of Directors.

Members’ Right to Submit Additional Candidates Members have a comment period of 60 days, beginning on October 15 and ending December 15 to consider the list of proposed candidates, after which, if no additional nominations are received, the slate will be declared elected. If during the comment period a group of at least 10 Voting members petition the Society to nominate additional candidate(s) not on the proposed slate, a contested election would be held.

For additional information: If you have questions regarding the nominations and elections process, contact Sherri McPherson, IOM, CAE, President/ CEO, at 503-597-5480 / 800-255-1470, ext. 120; smcpherson@orcpa.org Read the OSCPA Bylaws at: www.orcpa.org/bylaws Oregon Society of CPAs • www.orcpa.org

23

OSCPA NEWS

OSCPA Group Health Program for Affiliate Firm Members 2024 Rate Increases Well Below Market!

The OSCPA Group Health Trust Board of Trustees is excited to share information regarding the 2024 Medical, Dental, Vision, and Long-Term Disability plans. We are continuing our partnerships with Providence Health Plans, Delta Dental of Oregon, and The Hartford for plans offered through the Group Health Trust.

Health insurance costs continue to rise at a pace much higher than general inflation. Challenges with provider contracting, specialty drug utilization and higher ongoing behavioral health costs are significant contributing factors. In the small group direct market, Oregon insurers are filing rate increases

with the State as high as 12.4%, while most carriers are filing mid to high single digit increases. Additionally, many plans in the small group market will see a general reduction in overall benefit levels.

The Group Health Trust is pleased to report that our Medical/ Rx rates will only be rising 2% next year, and there will be no plan changes! This is 5-10% lower than the general trend in small group and should position our plans to be even more competitive compared to the broader market in 2024.

Following are the highlights of the plans available to OSCPA member firms:

Highlights of 2024 plans Medical/Rx – Providence Health Plan

Vision – Providence Health Plans

• Choice of six medical plans, including two HSA eligible plans • Access to Providence’s broadest network in the state (unavailable in the small group market) • Further cost savings available through additional network options • Custom pricing and potential discounts available for firms with 20+ eligible employees

• Access to VSP network through Providence, the largest vision network in the country • One plan available, with exams and lenses covered every year • Available to firms electing Medical insurance through Providence

Dental – Delta Dental of Oregon • Access to the largest dental insurance carrier in Oregon • Three plans available, including one plan covering orthodontia and one voluntary plan • Firms can elect Dental without offering Medical insurance

Long-Term Disability – The Hartford • 50% or 60% income replacement plans available • Composite rating, regardless of employee age • Substantially reduced rates vs. direct market

A message from the Board of Trustees of the OSCPA Group Health Trust The OSCPA Group Health Trust Board of Trustees is pleased to announce competitive plans and rates for our member firms. We encourage you to reach out to our broker, The Partners Group, to see if OSCPA Group Health Program plans are a good fit for your firm. The Partners Group can help compare your current plans to those available through the OSCPA and answer any questions you may have.

Please contact The Partners Group at 503-726-5755 or oscpahealthplan@tpgrp.com.

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Accounting Connect • FALL 2023

OSCPA NEWS Enter drawing for a chance to win free CPA exam help

Need to take the CPA Exam? Student and CPA Candidate members are invited to enter a drawing for a chance to win CPA exam review course materials from Yaeger CPA Review.

Grand prize: One grand prize winner will be selected to win a four-part digital bundle valued at $1,237.

Four single-part digital bundle prizes: Four winners will be selected for a chance to win a single-part digital bundle for one section of the CPA exam, valued at $337.

Deadline to enter: November 20, 2023 Only OSCPA Student and CPA Candidate members are eligible to enter the drawing. Winners will be selected by random drawing and notified in November.

Surgent CPA Review Virtual Mock CPA Exam • November 8, 2023 | 12:00 - 4:30 p.m. - #C23005 • February 7, 2024 | 12:00 - 4:30 p.m. - #C23006 Experience what it is like to sit for any CPA Exam section as you immerse yourself in questions pulled from the actual CPA Exam Blueprints. Plus, you will leave the session with your own personalized ReadySCORE™ (an accurate measurement of your actual exam score) plus a detailed report showing your areas of strength and weakness for that section.

Member Fee: Complimentary Register: www.orcpa.org/mockexam

Exploring Licensure & the CPA Exam - Webcast #C23015

To enter: Email your name, phone, and email to communications@orcpa.org

• November 9, 2023 | 10:00 a.m.-12:15 p.m.

Get ready to become a CPA in Oregon! Join us to hear from AICPA and Oregon Board of Accountancy representatives at this unique event where you will learn about Oregon’s new licensing changes plus details on the new CPA Exam.

For more information, visit: www.orcpa.org/yaeger-drawing

Member Fee: Complimentary Nonmember Fee: $20

Office closures

Register: www.orcpa.org/cpe/C23015 Questions? Contact Professional Development at 503-6417200 / 800-255-1470, ext. 3; profdev@orcpa.org

The OSCPA office will be closed on the following days:

Thursday, November 23, 2023 Friday, November 24, 2023 Friday, December 22, 2023 Monday, December 25, 2023 Friday, December 29, 2023 Monday, January 1, 2024 Monday, January 15, 2024

Apply for college accounting scholarships: open November 6 The OSCPA Educational Foundation has two scholarship programs offering merit-based scholarships. The application period for 2024-25 opens November 6, 2023; the deadline to submit applications is January 15, 2024.

For more information, visit: www.orcpa.org/scholarships

Oregon Society of CPAs • www.orcpa.org

25

OSCPA NEWS

Congratulations to Aldrich CPAs + Advisors, the 2023 OSCPA Fall Basketball League champions!

The final game was challenging, but they secured their win over OSCPA with solid teamwork and perseverance.

Thank you to our hard-working players representing Aldrich CPAs + Advisors, Deloitte LLP, Geffen Mesher & Company PC, KPMG LLP, Merina + Co, Moss Adams LLP, OSCPA, and Perkins & Co. for a great season. We hope you had as much fun playing as we did watching!

Thanks to everyone who made the Career Showcase a success!

Seeing the dedication and strength of the next generation of CPAs was inspiring. Most participants arrived early and were very eager to see the doors open. Once inside, every booth was busy with several groups of accounting students exchanging business cards, sharing resumes, and connecting with potential future employers.

Thanks again to everyone who made the Career Showcase as successful as it was - our excellent firms, who provided ample networking opportunities and resources; our sponsor, Lewis & Clark Bank, who helped make this event a success; and the accounting students for showing up for themselves and their community. See you next year!

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Accounting Connect • FALL 2023

PROFESSIONAL DEVELOPMENT

2023-24 Fall & Winter Conferences Financial & Retirement Planning Conference • November 8, 2023 - Webcast - #W79819 CPE: 8 / Level: 4 (Update) / Producer: OSCPA

2023 Federal Tax Update featuring Greg White & George Koutelieris

• November 13-14, 2023 - In-person - OSCPA Center, Beaverton - #11112 • November 13-14, 2023 - Webcast - #W79817 CPE: 16 / Level: 4 (Update) / Producer: OSCPA

• January 17, 2024 - Oregon Convention Center, Portland #11152 • January 17, 2024 - Webcast - #W80319 • January 18, 2024 - Graduate Hotel, Eugene - #11153 • January 18, 2024 - Webcast - #W80320 CPE: 8 / Level: 2 (Intermediate) / Producer: Cutting Edge Tax Strategies LLC

2023 OSCPA Professional Issues Update (4 hours - morning) - 3 Tech & 1 [NT]

Winter Governmental Auditing & Accounting Conference - Webcast

• December 7, 2023 - In-person - OSCPA Center, Beaverton - #11115 • December 7, 2023 - Webcast - #W79820 CPE: 4 / Level: 4 (Update) / Producer: OSCPA

• January 22, 2024 - Webcast - #W79822 CPE: 8 / Level: 4 (Update) / Producer: OSCPA

Northwest Federal Tax Conference™ (2 days)

State & Local Tax Conference • January 5, 2024 - Oregon Convention Center, Portland #11116 • January 5, 2024 - Webcast - #W79821 CPE: 8 / Level: 4 (Update) / Producer: OSCPA

2023 OSCPA Professional Issues Update (4 hours - morning) - 3 Tech & 1 [NT] • Thursday, December 7, 2023 - In-person - OSCPA Center, Beaverton - #11115 • Thursday, December 7, 2023 - Webcast - #W79820 Member Fee: $59 / Nonmember Fee: $109 CPE: 3 Tech & 1 [NT] / Level: 4 (Update) Producer: Oregon Society of CPAs

Register: www.orcpa.org/online-catalog and enter the event number.

Group & Volume Discount Webcast Viewing Options: Forms are available for both viewing options at www.orcpa.org/cpe/group-cpe Questions? Contact Professional Development at 503-641-7200 / 800-255-1470, ext. 3; profdev@orcpa.org.

Here’s what you’ll gain by attending: • Accounting Profession Update • Economic Update • Oregon Board of Accountancy Update • And more!

Register: www.orcpa.org/online-catalog and enter event number Questions? Contact OSCPA at 503-641-7200 / 800-255-1470, ext. 3; profdev@orcpa.org

Oregon Society of CPAs • www.orcpa.org

27

Rub virtual elbows.

OCF’S ONLINE PHILANTHROPY FORUMS

P R O B L E M S O LV I N G W I T H D E F E R R E D C H A R I TA B L E G I F T A N N U I T I E S Review the tax aspects of DCGAs then explore planning ideas, illustrated with case studies, to address various situations, including retirement income planning, flexible deferred annuities, and DCGAs funded with net sales proceeds.

S E P T E M B E R 5, 2023 | 12:00-1:30 P M | F R E E

FA M I LY M AT T E R S : H O W B U S I N E S S -O W N I N G FA M I L I E S C A N W O R K TOGETHER FOR A UNIFIED FUTURE Explore how proper planning and best practices can increase the likelihood of successful transitions of family businesses to the next generation and beyond.

N O V E M B E R 9, 2023 | 12:00-1:30 P M | F R E E

Stay informed on the latest developments in charitable giving and tax law at our free, online, 2023 Philanthropy Forums curated for attorneys, CPAs and wealth managers and hosted by nationally-recognized experts. Register at oregoncf.org/ forums — and find yourself in good company.

28

Accounting Connect • FALL 2023

PROFESSIONAL DEVELOPMENT

Earn complimentary CPE with 2023-24 Not-For-Profit Knowledge Networks The OSCPA Not-for-Profit Knowledge Network (KNET) is designed for OSCPA members working with and within the not-forprofit sector. The OSCPA Not-for-Profit Knowledge Networks offer a great opportunity to explore important non-profit topics in one-hour informal discussions with experts and peers – and to obtain valuable CPE.

Bundle: 2023-24 Not-for-Profit Knowledge Network [4 hours] – Webcast

Not-for-Profit Knowledge Network: Peer Review Panel (1 hour – morning)

• December 6, 2023 - April 3, 2024 - Webcast - #W80415 CPE: 5 / Level: 4 (Update)

• Wednesday, March 6, 2024 – Webcast – #W80401 • Wednesday, March 6, 2024 – In-person – OSCPA Center, Beaverton - #11165 CPE: 1 / Level: 4 (Update)

Bundle: 2023-24 Not-for-Profit Knowledge Network [4 hours] – In-person • December 6, 2023 - April 3, 2024 - OSCPA Center, Beaverton - #11168 CPE: 5 / Level: 4 (Update)

Not-for-Profit Knowledge Network: Form 990 Refresher (1 hour – morning) • Wednesday, December 6, 2023 – Webcast – #W80399 • Wednesday, December 6, 2023 – In-person – OSCPA Center, Beaverton - #11163 CPE: 1 / Level: 4 (Update)

Not-for-Profit Knowledge Network: SAS/Risk Assessment (1 hour – morning) • Wednesday, February 7, 2024 – Webcast – #W80400 • Wednesday, February 7, 2024 – In-person – OSCPA Center, Beaverton - #11164 CPE: 1 / Level: 4 (Update)

Not-for-Profit Knowledge Network: AI & ChatGPT (1 hour – morning) • Wednesday, April 3, 2024 – Webcast – #W80409 • Wednesday, April 3, 2024 – In-person – OSCPA Center, Beaverton - #11166 CPE : 1 / Level : 4 (Update) Register: www.orcpa.org/online-catalog and enter event number Questions? Contact Professional Development at 503-641-7200 / 800-255-1470, ext. 3; profdev@orcpa.org Developed by OSCPA Not-for-Profit Strategic Committee

professionals, gain the accounting information you need to grow professionally.

InfoBites Newer Plus get an hour of CPE credit free.

Time Management/Basic Project Management Skills & Tools (1 hour - afternoon) [NT] – Webcast #W80354 • November 16, 2023 | 12:00-1:00 p.m.

CPE: 1 [NT] / Level: 4 (Update) This session explores the importance and need to meet client service goals while simultaneously investing in professional, team and business development activities.

Member Fee: Complimentary Nonmember Fee: $20 Register: www.orcpa.org/cpe/W80354 Questions? Contact Professional Development at 503-6417200 / 800-255-1470, ext. 3; profdev@orcpa.org Developed by the OSCPA Young Professionals Strategic Committee

Oregon Society of CPAs • www.orcpa.org

29

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Accounting Connect • FALL 2023

PROFESSIONAL DEVELOPMENT

Fall / Winter 2023-24 OSCPA-Select™ Calendar Upcoming in-person and livestream webcast courses Register early to secure your seat at in-person events. Can’t attend in-person? Experience OSCPA livestream events from the comfort of your home or office.

Date

Course Title

Location

Member Fee

Nonmember Fee

November 2023 Nov 06-07

2023 Federal Tax Update (2 Days) - NEW! - Webcast - #W80300

Online

$459

$559

Nov 06

Protecting Digital Data - More Important Now Than Ever Before (4 hours - morning) - Webcast Online - #W80371

$164

$189

Nov 08

Financial & Retirement Planning Conference - Webcast - #W79819

Online

$305

$380

Nov 09

Oregon Ethics and New Developments (4 hours - morning) - Webcast - #W80302

Online

$185

$235

Nov 13-14

Northwest Federal Tax Conference™ (2 days) - #11112

Beaverton

$535

$635

Nov 13-14

Northwest Federal Tax Conference™ (2 days) - Webcast - #W79817

Online

$535

$635

Nov 13

Oregon Ethics for CPAs (4 hours - morning) - Webcast - #W80303

Online

$185

$235

Nov 15

Annual Update for Accountants and Auditors - Webcast - #W80304 *(AICPA members: take a $30 discount)

Online

$305*

$380*

Nov 16

Maximizing Social Security Benefits (2 hours - morning) - Webcast - #W80373

Online

$95

$110

Nov 20

Guide and Update to Compilations, Reviews, and Preparations (4 hours - morning) - Webcast - #W80375

Online

$164

$189

Nov 20

International Taxation - Webcast - #W80376

Online

$260

$310

Nov 20

Women’s Leadership Series: Mindset of an Entrepreneur (1 hour - morning) [NT] - NEW! Webcast - #W80392

Online

$49

$59

Nov 28

Oregon Ethics and New Developments (4 hours - morning) - Webcast Replay - #W80305

Online

$185

$235

Nov 28

Advanced Management and Leadership Essentials (2 hours - late morning) [NT] - Webcast #W80341

Online

$59

$89

Nov 29

K2’s Business Continuity - Best Practices for Managing the Risks - Webcast - #W80389

Online

$305

$380

Nov 30

Washington Sales Tax with Mark Hugh (2 hours - morning) - Webcast - #W80379

Online

$95

$110

Nov 30

K2’s Excel Tips, Tricks, and Techniques for Accountants - Webcast - #W80390

Online

$305

$380

December 2023 Dec 01

Hot IRS Tax Examination Issues for Individuals and Businesses - Webcast - #W80309

Online

$315

$390

Dec 01

K2’s Advanced Excel - Webcast - #W80391

Online

$305

$380

Dec 06

Estate Tax and Related Estate Planning Issues in Oregon (4 hours - morning) - Webcast #W80310

Online

$169

$219

Dec 06

K2’s Business Intelligence, Featuring Microsoft’s Power BI Tools - Webcast - #W80402

Online

$305

$380

Dec 07

2023 OSCPA Professional Issues Update (4 hours - morning) - 3 Tech & 1 [NT] - #11115

Beaverton

$59

$109

Dec 07

2023 OSCPA Professional Issues Update (4 hours - morning) - 3 Tech & 1 [NT] - Webcast #W79820

Online

$59

$109

Dec 07

K2’s Excel PivotTables for Accountants - Webcast - #W80403

Online

$305

$380

Dec 08

K2’s Microsoft Office 365 - All the Things You Need to Know [NT] - Webcast - #W80404

Online

$305

$380

Dec 08

Walter Haig’s Preparation, Compilation, and Review Standards Update: The Best SSARS Seminar for Practitioners - NEW! - #11169

Beaverton

$320

$395

Dec 12

Professional Conduct & Ethics - AICPA and Oregon Board CPA Regulatory Update by Jim Rigos (4 hours - morning) - Webcast - #W80311

Online

$185

$235

Oregon Society of CPAs • www.orcpa.org

31

PROFESSIONAL DEVELOPMENT

Date

Course Title

Location

Member Fee

Nonmember Fee

December 2023 Dec 13

Estate and Life Planning Issues for the Middle-Income Client - Webcast - #W80312

Online

$315

$390

Dec 14

Pat Garverick’s Federal Tax Update: Individuals (Form 1040) - #11149

Beaverton

$315

$390

Dec 14

Pat Garverick’s Federal Tax Update: Individuals (Form 1040) - Webcast - #W80313

Online

$315

$390

Dec 15

Pat Garverick’s Federal Tax Update: C & S Corporations, Partnerships & LLCs (Forms 1120, 1120S & 1065) - #11150

Beaverton

$315

$390

Dec 15

Pat Garverick’s Federal Tax Update: C & S Corporations, Partnerships & LLCs (Forms 1120, 1120S & 1065) - Webcast - #W80314

Online

$315

$390

Dec 18

Oregon Ethics and New Developments (4 hours - morning) - Webcast Replay - #W80315

Online

$185

$235

Dec 18

K2’s Next Generation Excel Reporting - Webcast - #W80405

Online

$305

$380

Dec 19

Advanced Management and Leadership Essentials (2 hours - late morning) [NT] - Webcast #W80342

Online

$59

$89

Dec 19

K2’s Artificial Intelligence for Accounting and Financial Professionals (4 hours - morning) Webcast - #W80406

Online

$195

$245

Dec 20

K2’s Working Remotely - The New Normal (4 hours - late morning) - Webcast - #W80407

Online

$195

$245

Dec 20

K2’s Everything Google! Their Most Effective Tools, Apps & Services (4 hours - morning) [NT] - Webcast - #W80408

Online

$195

$245

Jan 05

State & Local Tax Conference - #11116

Portland

$305

$380

Jan 05

State & Local Tax Conference - Webcast - #W79821

Online

$305

$380

Jan 08-09

Pat Garverick’s Hands-On Tax Return Workshop: Individuals (Form 1040) (2 days) - #11151

Beaverton

$535

$635

Jan 08-09

Pat Garverick’s Hands-On Tax Return Workshop: Individuals (Form 1040) (2 days) - Webcast #W80316

Online

$535

$635

Jan 09

Advanced Management and Leadership Essentials (2 hours - late morning) [NT] - Webcast #W80417

Online

$59

$89

Jan 11

Taxation of Real Estate Partnerships - Webcast - #W80317

Online

$315

$390

Jan 16

Preparing Individual Tax Returns for New Staff and Paraprofessionals - Webcast - #W80318

Online

$315

$390

Jan 17

2023 Federal Tax Update featuring Greg White & George Koutelieris - Portland - #11152

Portland

$320

$395

Jan 17

2023 Federal Tax Update featuring Greg White & George Koutelieris - Webcast - #W80319

Online

$320

$395

Jan 18

2023 Federal Tax Update featuring Greg White & George Koutelieris - Eugene - #11153

Eugene

$320

$395

Jan 18

2023 Federal Tax Update featuring Greg White & George Koutelieris - Webcast - #W80320

Online

$320

$395

Jan 19

Minimum Standards for Audits of Oregon Municipal Corporations / Oregon Local Budget Law - #11154

Beaverton

$305

$380

Jan 19

Minimum Standards for Audits of Oregon Municipal Corporations / Oregon Local Budget Law Webcast - #W80321

Online

$305

$380

Jan 19

Oregon Ethics and New Developments (4 hours - morning) - Webcast Replay - #W80322

Online

$185

$235

Jan 22

Winter Governmental Auditing & Accounting Conference - Webcast - #W79822

Online

$305

$380

Jan 22

Forms 1120S and 1065 Return Review Boot Camp for New and Experienced Reviewers Webcast - #W80323

Online

$315

$390

Jan 23

Oregon Department of Revenue Update (2 hours - afternoon) - Webcast - #W80325

Online

$59

$89

Jan 24

The Best Individual Income Tax Update Course by Surgent - #11155

Beaverton

$315

$390

Jan 24

The Best Individual Income Tax Update Course by Surgent - Webcast - #W80326

Online

$315

$390

January 2024

32

Accounting Connect • FALL 2023

PROFESSIONAL DEVELOPMENT

Date

Course Title

Location

Member Fee

Nonmember Fee

January 2024 Jan 25

The Best S Corporation, Limited Liability, and Partnership Update Course by Surgent #11156

Beaverton

$315

$390

Jan 25

The Best S Corporation, Limited Liability, and Partnership Update Course by Surgent - Webcast - #W80329

Online

$315

$390

Jan 26

Multnomah County / City of Portland Taxation Update (2 hours - morning) - Webcast #W80330

Online

$59

$89

Jan 29

Pat Garverick’s Hands-On Tax Return Workshop: Partnership & LLCs (Form 1065) - Webcast #W80331

Online

$315

$390

Jan 30

Pat Garverick’s Hands-On Tax Return Workshop: S Corporations (Form 1120S) - Webcast #W80332

Online

$315

$390

Webcast Viewing Discounts: Businesses registering 6 or more receive a discount!

• Volume Discount: for people watching individually on their own computers - www.orcpa.org/ vol-discount-access • Group Discount: for a group watching in your conference or training room - www.orcpa.org/ group-discount-access Register: www.orcpa.org/online-catalog and enter the event number.

Questions? Contact OSCPA at 503-641-7200 / 800-255-1470, ext. 3; profdev@orcpa.org

Better HR, Better Results Spending time on essential HR functions can take away from focusing on business growth.

A professional employer organization (PEO) offers an all-in-one HR solution to: • Attract and retain employees • Offer world-class benefits • Streamline payroll processing • Access HR advice and guidance Help your clients simplify HR administration and get back to business.

Learn more: go.paychex.com/oscpa-peo

877-534-4198

Paychex is proud to be the preferred provider of payroll services for the OSCPA.

Oregon Society of CPAs • www.orcpa.org

33

CLASSIFIEDS

OSCPA Classifieds Sell your practice, rent your extra office space, promote your services, and more through the OSCPA classifieds.

Post your ad at: www.orcpa.org/classifieds/add ACCOUNTING PRACTICE FOR SALE IN MADRAS, OREGON Gross Revenue - $400,000; Net Profit - $201,000. Strong mix of accounting, tax, payroll and consulting services to small business and individuals. Retirement-minded CPA. For more information contact todd@thrivefinancialgrp.com Private Practice Transitions is the preeminent provider of highly specialized business brokerage and consulting services.

We work exclusively with the owners of professional practices in the financial services, healthcare, legal, and tech industries interested in selling or buying a private practice. The following tax and accounting practices are available now and looking for new ownership: 1) #1205 - WA - $680,566 - Methow Valley; 2) #1214 - WA - $688,777 - Pierce County; 3) #1215 - CA $2,025,548 - Fresno County; 4) #1230 - $1,984,285 - Kitsap County ($ figures are annual gross revenues). More details about these listings and others can be found on our website at privatepracticetransitions.com. If you are interested in discussing any of these opportunities further, call (253) 509-9224 or email info@privatepracticetransitions.com

OWNERS OF LOCAL CPA FIRM SEEK TO TRANSITION CLIENT BASE We are a local CPA firm located close-in East Portland with two principals who aspire to retire. Our concern is a smooth transition for our clients to a new provider. We hope to avoid listing with a broker. We own our building which is in a popular neighborhood and is available for lease or sale along with the practice. Our practice consists of primarily tax preparation and tax consulting with minimal accounting and payroll services. We perform no audits or reviews. Annual revenue is approximately $800,000-$900,000. Please contact us at eric@ dfdcpa.com or 5039726355 if you are interested in acquiring our client base and office space, if needed.

• Protect the license.

Nationally, there is continuing pressure to deregulate professional licensing. The risk is that unlicensed individuals would be able to provide services traditionally performed by CPAs. If this issue comes to Oregon, our efforts will be critical.

• Protect the public.

Disconnecting from the federal tax code would create undue complexity for the taxpaying public and reduce CPAs’ ability to serve clients.

The Oregon CPA/Legislative Action Committee represents YOU. Protect your profession, contribute today.

Together our voice is heard.

To contribute, visit www.orcpa.org/contribute-lac 34

Accounting Connect • FALL 2023

• Build understanding between the CPA profession and state legislators.

Your contributions provide opportunities to connect with legislators and explain the issues that matter to CPAs. • Build on our history of success in the Oregon Legislature.

Each year, members review, provide input, and testify on bills impacting the profession, weighing-in on bills that could have serious repercussions for Oregon CPAs and taxpayers.

IF YOU ARE READInG THIS...

So Is Your Buyer!

CONNECTING MORE SELLERS AND BUYERS

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Delivering Results - One Practice At a time Sherif Boctor, CPA

888 783 7822 x1

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Oregon Society of CPAs • www.orcpa.org

35

OREGON SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS 10206 SW Laurel St. Beaverton, OR 97005-3209 ADDRESS SERVICE REQUESTED

2023 Federal Tax Update featuring Greg White & George Koutelieris George Koutelieris, CPA-WA Cutting Edge Tax Strategies, LLC

Greg White, CPA-WA Cutting Edge Tax Strategies, LLC

Stay ahead of the curve in the ever-changing world of federal taxation by attending the OSCPA’s 2023 Federal Tax Update featuring the dynamic duo of Greg White and George Koutelieris. Greg and George will provide you with the most up-to-date insights, strategies, and solutions to navigate the ever-changing federal tax landscape. You’ll gain invaluable knowledge that will help you save your clients money, reduce their tax liabilities, and ensure compliance with the latest regulations. Don’t miss your chance to learn from the best and network with fellow CPAs.

Topics will include: • Important new case from the Supreme Court on foreign bank account penalties.

• Common circumstances that result in S corporation terminations (including how to fix mistakes).

• A new case from the Tax Court on an S corporation that triggered large gains from constructive distributions.

• Crucial legislative developments like the SECURE Act 2.0, including newly available Roth contributions to SEP-IRAs and SIMPLE IRAs. We will also cover changes to required minimum distributions.

• New administrative releases including revenue rulings, revenue procedures and notices.

36

2023 Federal Tax Update featuring Greg White & George Koutelieris • January 17, 2024 - Oregon Convention Center, Portland #11152 • January 17, 2024 - Webcast - #W80319 • January 18, 2024 - Graduate Hotel, Eugene - #11153 • January 18, 2024 - Webcast - #W80320 Member Fee: $320 / Nonmember Fee: $395 CPE: 8 / Level: 2 (Intermediate) Producer: Cutting Edge Tax Strategies LLC

Register: www.orcpa.org/online-catalog and enter the event number.

Group & Volume Discount Webcast Viewing Options: Forms are available for both viewing options at www.orcpa.org/group-cpe Questions? Contact Professional Development at 503-641-7200 / 800-255-1470, ext. 3; Accounting Connect • FALL 2023 profdev@orcpa.org