The Journal Entry - July 2018

July

2018,

Vol.

III

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Service

and

the

UACPA

Viva La Volunteers The UACPA Board Shares Their Experiences with Serving the CPA Community

www.uacpa.org

Mission,Vision,Values

ExecutiveBoard

Mission

president....................................................... Matt Klein president-elect.................................. Monica Gardner vice president.................................... Jay Niederhauser secretary...................................................... Stan Jenne treasurer............................................Jason Tomlinson member-at-large...................................... Tom Colligan member-at-large.............................................Tyler Hall immediate past president.............. Gavin Hutchinson aicpa council.......................................Brandon Allfrey pronet council.......................................... Amy Anholt ceo..............................................................Susan Speirs

The UACPA leadership supports and challenges members through advocacy, professional education, leadership development, networking, and community service to help them succeed in a competitive and changing world.

Vision At the UACPA, our vision is to be a world-class professional association essential to our members.

We unite a vibrant community of CPAs to enhance the success of our members and champion the values of the profession; integrity, competency, and objectivity.

Values Advocacy The UACPA represents the profession at the legislature and other regulatory bodies and promotes the value of the CPA to employers, the business community, and the public at large.

UACPAStaff

ceo......................................................... Susan A. Speirs communications/marketing and editor of the journal entry................ Amy Spencer cpe manager.......................................... April Deneault financial director...................................... Tom Horn membership development............ Braden Thompson Cover photo by Christian Wood/Robert Wood Photography

Leadership & Service The UACPA provides leadership and service within the profession, within the UACPA, and within the community.

Professional Development The UACPA supports and encourages continuing education and leadership development.

The Journal Entry is published quarterly by the UACPA 136 S. Main Street, Suite 510 Salt Lake City, UT 84101 phone: 801-466-8022 toll-free in Utah: 1-800-676-2776 email: mail@uacpa.org web: www.uacpa.org

Professional Community The UACPA reinforces peer accountability to encourage members to maintain integrity and high ethical standards. ​​It provides member-to-member networking opportunities and networking opportunities with other professions. It values belonging to a distinguished organization and believe that we serve as the primary resource and point of contact for Utah CPAs.

UACPA Statement of Policy CPAs have common problems and interests. This magazine has been created to share information relating to the practice of accounting.

The opinions, views and articles expressed in this magazine are not necessarily those of the Utah Association of Certified Public Accountants. This magazine should not be deemed an endorsement by the UACPA or its committees or editorial staff of any views, opinions or

Diverse Population Outreach

positions contained herein. Because of the complexity of tax laws and

The UACPA believes in reaching out to under-represented populations, those returning to the profession or choosing it as a second career, and other professions.

accounting transactions and the changing status of the law, as well as variations in practices and procedures among accountants, information in the magazine should not be used, acted or relied upon, as a substitute for independent accounting or legal research and advice.

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the journal entry | July 2018

in this issue | July 2018

feature story

Professionals Who Pay It Forward 128 New Members............................................................................................4 Movers & Shakers......................................................................................5 President's Message...................................................................................6 Message from the CEO............................................................................. 7 Meet the UACPA Board and Learn How They Serve...........................8 By the Numbers: Volunteerism............................................................. 17

Legislative Update from the UACPA's Lobbyists

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Legislative Update................................................................................... 18 IRS Torpedoes..........................................................................................20 Integrating Work/Life Balance..............................................................24 Women in Accounting: Gretchen Hector, CPA...................................26 Meet the Executive Board......................................................................28 Meet the UACPA Staff.............................................................................29

Integrating Work/Life Balance 24

Board Bullets ...........................................................................................30 Comic: Generally Excepted....................................................................30 Meet a Member: MK Mortensen........................................................... 31 Outstanding Student Award Winners..................................................32

Meet a Member: MK Mortensen

CPE Course Schedule.............................................................................34 In Memoriam...........................................................................................36 Member Benefits/100% Membership Firms........................................37

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New Members

New Members

Congratulations to the following CPAs and individuals who were approved for membership or affiliate status in the UACPA as of May 31, 2018.

Jason Mott Jordan School District Greg Puccetti KPMG LLP Hannah Rios KPMG LLP Mason W. Coltrin Zions Bancorporation Tyson Vandenakker Jones Simkins LLC Ashley Christenson Tanner LLC Philip M. Twede Tanner LLC Skyler Martinson Tanner LLC Robert K. Orton Haynie & Company Gale H. Thorne III Powdr Corporation Devron C. Johnson Eide Bailly, LLP Joshua Opp Autoliv ASP, Inc. Jordan Alvey Tanner LLC Charles E. Walker Tanner LLC

Aubrey Taylor PricewaterhouseCoopers LLP

Carrie A. Neilson HintonBurdick CPAs & Advisors

Southern Utah University Hunter Holt

Ashley Neal Eide Bailly, LLP

Joshua G. Wolfert AgReserves, Inc

Scott Rogers Eide Bailly, LLP

L. Kofi Saahene Teuscher Walpole, LLC

University of Utah Henry Quezada Benjamin Anderson

Linda Nay Eastern Utah CPA's, PLLC

McKenzie Murphey Eide Bailly, LLP

Jeremy K. Olsen PricewaterhouseCoopers LLP

Eric A. Olsen Ernst & Young

Johnathon R. Jensen WSRP, LLC

Brian Urie LPL Financial at Mountain America Credit Union

Taylor Roberts Ernst & Young LLP

Aaron Johnson Eide Bailly, LLP

Holton J. Hunsaker PricewaterhouseCoopers LLP

Bryan Daines Eide Bailly, LLP

Christopher A. Hurst Eide Bailly, LLP Blaire Bitton Stayner Bates P.C. Sara Davis KPMG LLP

Jeffrey R. Dea Sizzling Platter, LLC 4

Mark Poole Eide Bailly, LLP

Weber State University Katherine Meyere

Student Members

Western Governors University Bryton Hiatt Tatiana Ramirez James Marquez Holly Scheer

Joshua G. Farnsworth Eide Bailly, LLP

Brigham Young University Kaleb Nordwald Brett LaBonte

Alex Winters WSRP, LLC

Dixie State University Miracle Maae

Jeff Bauer Heather Young HintonBurdick CPAs & Community Health Centers, Advisors Inc. Kris A. Karkare Deloitte & Touche, LLP

the journal entry | July 2018

Utah State University Jared Fry Jonas Delisle Katie Taylor Cheridyn Prochnow Shannan Peel Benjamin Hong Elijah Toa Rachael Christensen Bo Labrum Pamela Willis Charity Parkinson

Salt Lake Community College Ashley Workman Samuel Vincent

Westminster College Alec Fefferman Dylan Tuor Jerica Haag

Movers & Shakers Dakon Mortenson has been named tax partner at Larson & Company at their Sandy office.

With more than 22 years of public accounting experience with national and international accounting firms, Dakon brings his expertise with various types of Dakon Mortenson entities, including partnerships, limited liability companies, S corporations, trusts, estates, corporations and various types of nonprofit organizations. He received his bachelor's and master's degrees from the University of Utah.

Derek Drysdale has been announced as the International Tax Director for Tanner LLC. Drysdale has 12 years of experience assisting large and small companies in international tax and cross-border transactions.

He previously worked for PwC's Derek Drysdale international tax group in Atlanta, GA and as Director of International Tax for SanDisk Corporation. Drysdale received his bachelor's and master's degrees from Brigham Young University.

ProLung has announced the appointment of Mark V. Anderson as Chief Financial Officer. Prior to joining ProLung, Mark was a partner at Eide Baily LLP where he served as Quality Control Director and Engagement Partner for various public and private companies. He received his bachelor's and master's degrees from Weber State University.

Get Published Share your story and get your name in print by submitting an article to be published in The Journal Entry.

The Journal Entry is published four times a year; January, April, July and October.

Learn more about getting your story in print.

Contact Amy Spencer, as@uacpa.org

Share your news in Movers & Shakers. Send the details to Amy Spencer, as@uacpa.org

the journal entry | July 2018

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President's Message

Matt Klein, CPA

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n old African proverb states, “If you want to go fast, go alone; if you want to go far, go together.” I definitely have a tendency to do things myself rather than delegating or involving others. The UACPA has many volunteers who serve in different capacities and varying time commitments. As volunteers, it is imperative that we involve others and delegate to the staff to be successful. Volunteers play a vital role in generating ideas and providing guidance to the staff as they carry out and execute the plans.

There are only 24 hours in a day and we get to choose how we spend them. We are always looking for more time, and if somehow a 25th hour were created, it would be really expensive to obtain. The 24 hours we do have are very precious, and when you make the commitment to and gloves before he even suggested we go help. I stopped volunteer, you are donating precious, irreplaceable time. by my parent’s house a few months ago and my dad and That time improves the organization and the volunteer brother were building wood boxes in the garage. When and is worth the investment.

I asked what the project was, my dad explained that my sister had called and needed boxes for a photoshoot at I got involved with the UACPA shortly after passing the CPA Exam. I was looking for information on the website work and hadn’t been able to find any and was really in a and sent an email to the webmaster and got a call inviting pinch. My dad and brother didn’t hesitate to help her and didn’t think or worry about the time and materials they me to join the ProNet Council. I wanted to be involved with the association because I was an accountant married would be investing. to an accountant working in accounting so it just seemed natural. A few years ago, an opportunity came to join the board of directors for a non-profit where I worked part time in college. I was excited to be able to give back to an organization that was responsible for me pursuing a career in accounting. I knew a lot about how the organization functioned and it was a cause that I could believe in.

My dad was always a good example of volunteering and serving others; he did it without asking and not wanting to be recognized. I remember many times as a kid looking out the window and seeing a moving truck in the neighborhood. I started learning to go get my shoes

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Volunteering and service can be very similar or very different but the result is the same — someone sacrifices for someone’s benefit. My dad and brother built those boxes for my sister, not for her company. You volunteer and do service for the association and the profession, not for praise or recognition. We couldn’t afford to pay your billing rates anyway! I want to be the kind of volunteer that people know they can always count on and will call in a pinch. Thank you for your volunteer service to the association and helping to make it a better place for all Utah CPAs to call their professional home. ■

CEO's Message

Susan Speirs, CPA

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emi-yearly, the UACPA board and Leadership Council meet to discuss issues involving the profession. Our Leadership Council is comprised of our executive board, chapter presidents, councils, committee chairs, campus ambassadors, educators from each of the universities and past presidents. We met in June and discussed a few items I would like to share with you.

• Matt Klein, President, presented an update on our strategic plan. We are four years into our plan and much has changed. Council provided some insights for us to take back to our board regarding advocacy, membership and continued learning. We will be meeting in July and August to prepare some proposals to present to the board as well as our Leadership Council before we reconvene in January.

Institute) and NASBA (National Association of • Leadership Council voted to let us open our statute State Boards of Accountancy) have entered into to lower the number of hours a CPA candidate must conversations exploring an expanded pathway to have to sit for the CPA Exam. This conversation was licensure for professionals who are already integral a combined result of our campus ambassadors and to the performance of our core services, specifically employers indicating that the current requirement data analysts and data scientists. Skills used to of 135 is difficult, as employers would like to see perform the audit of today and tomorrow are graduates have the Exam passed or at least halfsignificantly different than those demonstrated by way passed before they commence employment. candidates going through the current CPA pathway.

Candidates have indicated that by the time they As such, we see firms using experts in IT controls receive their NTS (notice to schedule) they are (who have no plans to pursue a CPA) perform well in to their second semester of their graduate significant elements of the audit engagement. While program and it is more difficult. The work around the trend is affecting our larger firms, we see this as for students has been to register under another state bellwether of things to come for our CPA profession. that allows them to sit at 120 hours. Leadership Council voted to allow us to open the statute and We appreciate our members and volunteers and the reduce the hours to sit from 135 hours to 120 hours. insights they provide as we traverse the chaotic trail of our business and professional environment. I challenge all of • Matt Klein led a discussion from AICPA Spring you to chime in on these conversations and become more Council regarding licensure in the future while active in your chapters as we update and seek input from maintaining the relevancy of the CPA and protecting you. Please reach out to me as well at ss@uacpa.org. ■ the public. In recent months, the AICPA (American the journal entry | July 2018

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Lead by Example The UACPA board shares what they have learned through volunteer experiences and their involvement with the association.

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s the saying goes, volunteers don't necessarily have time, but they have the heart. That rings especially true for CPAs who notoriously log more than 40 hours per week and still generously donate their time to organizations that matter to them.

The UACPA board members focus is on big-picture issues and the 11 volunteers who make up the team meets bi-monthly to review the strategic plan, ensuring that the volunteers and staff are working towards successfully meeting our goals.

Dozens of volunteers influence the UACPA's direction through leadership and participation in commitees and councils. Their mission is driven by a board of directors who steer the profession towards a sustainable future.

In the following pages, the 2018 - 2019 board members explain their roles and share their experiences in volunteering and the path that led them to become leaders in the UACPA.

the journal entry | July 2018

Matt Klein, CPA President I lead board meetings, approve proposed agendas for board and Leadership Council meetings, and help carry on the mission and vision of the association. I represent Utah in all voting matters at AICPA meetings.

What volunteer experiences did you have with the UACPA prior to joining the board? I joined the UACPA as soon as I obtained my CPA license then got involved with ProNet. I enjoyed helping new professionals integrate into the post-academic environment. Later, with the BAM Council, I met more industry members and could help make the association more impactful to them.

How do you balance volunteering in your life? An old Dilbert comic strip sums it up well: “We’re no longer using the term ‘work-life balance’ because it implies that your life is important. Now we call it ‘work-life integration’ so it’s easier to make you work when you would prefer being with loved ones.”

What other organizations have you worked with as a volunteer? I was a member of the Utah Symphony/Utah Opera board of directors as part of a student outreach program. I was the treasurer for my Homeowners Association. During college I worked for a non-profit drug rehab facility, Project Reality, and was fortunate to be able to join their board years later.

What do you do when you aren’t volunteering/working?

I just moved into a new house so I’m going to spend a lot of time doing yard work. I really enjoy walks with my family, golfing, road biking, and watching TV and movies.

How has volunteering worked to your benefit?

Volunteering gave me opportunities to grow, teach, and lead when I wasn’t yet able to in my day job. I have been able to take my professional and volunteer experience and use it to benefit others while still learning and growing.

Monica Gardner, CPA President Elect I perform the duties of the president in his absence and prepare to be president by getting plans in place and selecting chair members. I attend UACPA board and council meetings as well as AICPA council meetings and act as the board liaison to any assigned councils or committees. My favorite responsibility is attending chapter meetings and getting to meet more of our members!

What volunteer experiences did you have with the UACPA prior to joining the board? I have been involved with both ProNet and Leadership Councils.

How do you balance volunteering in your life? It doesn’t take up too much time so it’s pretty easy to fit it in. It also helps that I enjoy what I do and who I do it with. I have a great husband who supports me and helps out, especially when I go to AICPA meetings. My employer, Teuscher Walpole, has also been very supportive of my role on the board.

What function of the UACPA do you align with most? I would say advocacy and volunteering. I didn’t realize how much the UACPA does with advocacy and volunteering until I was a board member. I also didn’t realize how many opportunities there are for members to volunteer.

What other volunteer experiences have you had? I have been on the board of a couple of small not-for-profits: The Swiss Chorus Edelweiss and An Angel’s Rescue.

What do you do when you aren’t volunteering/working? I like to read, cook, travel and I especially like to spend time with my family.

How has volunteering worked to your benefit? It just feels good to give back and try something new. Volunteering with the UACPA has been a great opportunity to get to network and get to know more people. the journal entry | July 2018

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Monica Gardner, CPA President-Elect

Jay Niederhauser, CPA Vice President

Stan Jenne, CPA Secretary

I am am still learning my responsibilities as vice president while preparing to preside in 2020.

I am secretary of the UACPA and keep minutes of board meetings.

What volunteer experiences did you have with the UACPA prior to joining the board? I served for two years as the UACPA Treasurer and several years as President of the Mountain Chapter.

How do you balance volunteering into your personal and professional life? Balancing volunteer experiences has required commitment and organization, but I have found it to be beneficial to my career. It has provided great contacts and given me insight into the workings of the profession.

How do you balance volunteering in your personal and professional lives? I struggle to balance these, mostly because I spend too much time working.

What function of the UACPA do you align with most?

I probably align most with the advocacy function of the UACPA. I appreciate the efforts to look after our profession and help us to improve the services we provide.

Where do you see the UACPA in five years? I see us assisting in compliance with professional standards as other governing bodies continue to be punitive in their efforts and less helpful in improving our practices.

What other organizations have you worked with as a volunteer? I have volunteered extensively with the Boy Scouts of America and currently serve as Wasatch District Committee Chair. I have served on the boards of a number of non-profits and find satisfaction in contributing.

What do you do when you aren’t volunteering/working?

I try to get a little sleep! I make time for backpacking each year and play basketball three mornings a week!

How has volunteering worked to your benefit? It has been helpful to find diversity in the things that I do and to find satisfaction in doing something for others without the expectation of being paid. I have also learned a lot about life, people and relationships through volunteering.

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Where do you see the UACPA in five years? I see the UACPA continuing to be involved with the State Board of Accountancy in shaping the regulations in our profession.

With the broader focus of the new AICPA (i.e. international in scope and recognizing other accounting credentials), I believe the UACPA will become more relevant to CPAs because it represents and speaks only for the CPA profession.

What other organizations have you worked with as a volunteer? Throughout my career, I have been active in a variety of volunteer organizations including the American Accounting Association and the Illinois CPA Society.

Currently, I am an alternate member of the Vineyard City Planning Commission What do you do when you aren’t volunteering/working?

Volunteering and working take most of my time, but in the hours left I usually am with my grandchildren.

Monica Gardner, CPA President-Elect

Jason Tomlinson, CPA Treasurer I'm responsible for the financial part of the association and review financial statements, funds received and payments made, ensuring they fall within the UACPA's mission.

What volunteer experiences did you have with the UACPA prior to joining the board? I served on the ProNet Council, serving as chair last year and helped to organize the awards banquet the year prior to that.

How do you balance volunteering in your life? "Balance" is a funny word — most days one side is dominating the scene. The trick is to work with the aspects and maintain order amid the chaos. I have an amazing, supportive wife who has encouraged me to be involved. I also have a supportive boss, who is willing to let me be involved as long as my work gets completed.

Brandon Allfrey, CPA AICPA Council Representative I attend council meetings for the AICPA and represent the UACPA with our information, requests, questions, etc.

What volunteer experiences did you have with the UACPA prior to joining the board? Southern Chapter Treasurer, VP, and President; ProNet Council Chair.

What function of the UACPA do you align with most? My responsibility more closely aligns with advocacy, with the caveat that it pertains to strategy and the direction of the AICPA in conjunction with what is happening within the UACPA. What other organizations have you worked with as a volunteer? Various chambers of commerce.

What function of the UACPA do you align with most? I see an incredible networking opportunity, so I want to help others get that value out of their membership.

What do you do when you aren’t volunteering/working?

Spending as much time with my family as possible, which includes performances, games, and occasionally a random dance party in our kitchen.

What other organizations have you worked with as a volunteer? I've been involved with VITA since college.

Other areas include the Boy Scouts of America, volunteer roles with my church and regular blood donation.

How has volunteering worked to your benefit? It has given me the opportunity to meet people and form relationships, learning from their experiences and knowledge, while working together towards a common goal.

What do you do when you aren’t volunteering/working?

We have five kids who keep us busy. I enjoy puttering around the house doing simple projects. I also read classic science fiction. We are trying to spend more time camping, hiking and enjoying the beauty of Utah.

How has volunteering worked to your benefit?

Volunteering has provided me growth and leadership opportunities that would not have happened if I waited for the right promotion at work. Most especially, I enjoy the friendships I have built outside the usual circle of neighbors and work associates. the journal entry | July 2018

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Feature Story

Monica Gardner, CPA President-Elect

Tom Colligan, CPA Member at Large At the most basic level, my job on the board is to represent the members of the UACPA as a whole and to help make decisions with the needs of the membership in mind.

What volunteer experiences have you had with the UACPA prior to joining the board? I became involved with the UACPA early in my career and served on the ProNet Council that planned the inaugural Leadership Academy. I had such a great experience meeting other young CPAs that I wanted to stay involved. My favorite experiences volunteering have involved presenting to college students to help them learn about benefits of the profession.

How do you balance volunteering in your life? I am a scheduler, and always have been. I plan out each week in advance to help me understand where I plan to spend my time. This allows me to spend my time “on purpose" and helps me to balance out volunteering with my personal and professional lives.

What other organizations have you worked with as a volunteer? I served as the president of the USU Beta Alpha Psi Alumni Association; president and treasurer of an HOA; and have served in multiple capacities in my church.

What do you do when you aren’t volunteering/working?

My favorite thing is to travel with my wife, as well as go on family vacations. I also enjoy all things sports, especially Utah State football, and taking my family to home games.

How has volunteering worked to your benefit? My favorite part is the sense of community that comes with it. Volunteering has allowed me to make meaningful connections with a wide variety of people, which helps to expand my network. This helps as opportunities often come from people you know.

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Tyler Hall, CPA Member at Large My role is to represent the southern end of the state and give input to issues discussed at board meetings.

What volunteer experiences have you had with the UACPA prior to joining the board? I have served as treasurer, vice president and president of the Color Country Chapter (St. George area).

What function of the UACPA do you align with most? I am most grateful to the UACPA for advocacy and promotion of the profession. It is nice to know that the UACPA is always working to protect the CPA profession.

What other organizations have you worked with as a volunteer? I have worked as treasurer and president of the St. George chapter of the BYU Management Society. I have also worked with the St George Chamber of Commerce serving as an ex officio board member over finance.

What do you do when you aren’t volunteering/working?

I enjoy being at home. Whether it is playing with trains, wrestling, or digging for worms in the back yard, my three little kids and I find ways to have fun. I also enjoy playing basketball, frisbee or football whenever I get the chance.

How has volunteering worked to your benefit?

Relationships. Over the years, I have met many great people from volunteering. It is fun to work together and develop good business and personal relationships.

Feature Story

Monica Gardner, CPA President-Elect

Amy Anholt, CPA ProNet Council I participate in ProNet Council meetings as they plan activities for the membership, such as, Leadership Academy and alumni events, networking activities, CPA inauguration, and the campus ambassador program.

What volunteer experiences have you had with the UACPA prior to joining the board? I served as vice chair of ProNet just prior to being asked to serve on the UACPA board last year. I’ve also participated in the Womens/ Diversity Committee of the UACPA which hosted a handful of women’s summits in years past.

How do you balance volunteering into your personal and professional life? I haven’t quite figured this one out yet.

However, I have found success when serving as a volunteer with Junior Achievement. I have taught in both of my daughter’s classes to maximize my volunteer time. It was fun to make memories with them, and teaching is a passion of mine, so it was a win-win!

Where do you see the UACPA in 5 years? I believe it will continue to be a hub for Utah CPAs. I hope the UACPA will continue to support and uphold the integrity and esteem of the CPA profession.

Gavin Hutchinson, CPA Immediate Past President I currently serve as the immediate past president and I serve a supporting role to the current board president and other members of the executive board.

What volunteer experiences have you had with the UACPA prior to joining the board? I served for many years as a volunteer board member for EnableUtah and Ogden/Weber Community Action Partnership. I have been volunteering with different entities for more than 20 years in various capacities.

How do you balance volunteering into your personal and professional life? I feel that volunteering allows me opportunities to learn the “best practices” of other organizations, and with that knowledge I am able to best serve my current employer by sharing that knowledge. I am lucky to have an employer who encourages employees to give back to the community and supports my volunteering.

What function of the UACPA do you align with most?

Volunteering. I think it is important to support the UACPA so that others in the future are able to receive the same benefits I have.

What other organizations have you worked with as a volunteer? Junior Achievement of Utah and the Tyler Robinson Foundation

What other organizations have you worked with as a volunteer? EnableUtah, BSA, Ogden/Weber Community Action Partnership, Kiwanis, Rotary, municipal budget committee.

What do you do when you aren’t volunteering/working?

Enjoying live music (preferably outdoors) and dancing and singing along. It’s even better with friends and family!

What do you do when you aren’t volunteering/working?

One of my favorite things to do, as my 5-year-old calls it, is to “Parent Sit” my children.

How has volunteering worked to your benefit? It has brought me opportunities to develop relationships with many amazing individuals. Sharing an experience brings the ability to draw upon resources to help problem solve, achieve, and be more than you would be on your own.

How has volunteering worked to your benefit? It is through my volunteer work with the EnableUtah board that I was able to learn the skills necessary to serve this organization as their CEO. the journal entry | July 2018

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You! Volunteer for a committee

Susan Speirs, CPA CEO My overall role is that of implementing the strategic plan under the direction of the executive board. I ensure that the UACPA’s leadership maintains a constant awareness of the internal and external factors of the profession.

How do you balance volunteering into your life?

Volunteering in areas that have special meaning aligns well with my personal and professional values. As CPAs, we have opportunities to share our talents and integrate them into areas of personal interest that benefit everybody.

What function of the UACPA do you align with most?

Advocacy. I get to mingle with all facets of our profession and gain an understanding as to how legislative policy affects our members. Meeting with members provides insights we can share with policy makers, which benefits the organization.

How do you see the UACPA evolving over the next five years? It’s fair to say that the profession will be vastly different five years from now.

What other organizations have you worked with as a volunteer? For years, I’ve been a member of the Utah Jump$tart Coalition and the Women’s Summit under the direction of the Department of Corrections. I also serve on the board of directors for the YWCA. What do you do when you aren’t volunteering/working?

This time of year, I’m busy with yard work and our garden and, of course, spending time with the grandkids.

How has volunteering worked to your benefit? I’ve witnessed firsthand the challenges others face on a daily basis, whether it's financial illiteracy, domestic abuse or women transitioning from a prison environment to everyday society. Most importantly, I’ve been blessed to serve others and hopefully lift their burdens.

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Sign up to volunteer at uacpa.org ✓ I would like to volunteer ❑ Committee/task force descriptions can be found online at uacpa.org. Check all that you would like to serve on (maximum 3). We will make every effort to assign you to the committee(s) of your choice.

Conference Planning Committees ❑ Business Valuation Conference ❑ Business & Management (BAM) Conference ❑ Nonprofit Conference ❑ State & Local Government Conference ❑ Winter Conference Councils ❑ Business & Management (BAM) Council ❑ ProNet Council ❑ Women's DAC Advocacy Groups ❑ Utah CPA PAC ❑ Utah CPA Foundation ❑ Federal Key Person Other ❑ Financial Literacy/Financial Ready Utah ❑ Golf Tournament Committee ❑ Centennial Planning Committee ❑ Nominations Committee ❑ Awards Committee

Name: _______________________________________________ Email: _________________________________________________ Send completed form to UACPA, 136 S. Main St., Ste 510, Salt Lake City, UT 84101 or email: volunteer@uacpa.org

Nominate an Outstanding CPA Feature Story

The UACPA Awards Task Force wants your help in selecting members who deserve recognition at our annual awards banquet.

Please nominate the UACPA members who consistently go above and beyond what is necessary to serve their clients, employers, employees and communities.

Award Categories Distinguished Service: Recognition of superior professional competence, leadership and meaningful service.

Outstanding CPA in Business & Management: Honoring significant contribution to the leadership of the profession through superior competence and positive change.

Outstanding CPA in Public Practice: Honoring significant contribution to the leadership of the profession through superior competence and positive change.

Outstanding Leadership Council Member: Recognition of service to the UACPA. Outstanding Educator: Given to a full-time college accounting educator in recognition for superior performance and demonstrated high ideals.

Rising Star: Individual who exemplifies excellence and dedication to the UACPA and profession.

Women to Watch: Experienced Leader: Recognition of a professional who has advanced to a higher level or leadership position — including partners, owners, executives and elected officials.

Women to Watch: Emerging Leader: Awarded to a professional who has made significant contributions to the profession and her community, but who has not yet reached the highest levels of advancement.

Nominate a CPA to be honored at www.uacpa.org/nominate All nominations should be received by July 20, 2018.

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Tim Russell, CPA, CGMA Assistant Controller – Consolidations and Technical Accounting Koch Industries Inc. © 2017 Association of International Certified Professional Accountants. All rights reserved. CGMA and Chartered Global Management Accountant are trademarks of the Association of International Certified Professional Accountants and are registered in the United States and other countries. The Globe Design is a trademark owned by the Association of International Certified Professional Accountants. 23169-326

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by the

Numbers

These numbers are from an article shared at www.volunteerhub.com.

VOLUNTEERISM

24.14 60 50

The U.S. dollar amount volunteers are worth, on average, per hour

Percentage of hiring managers who see volunteerism as a valuable asset when making recruitment decisions

Average of hours volunteers spend per year donating their time

71 1.8

Percentage of volunteers who work with only one organization each year

Number (in millions) of active nonprofits in the U.S. alone

55

22.6

Percentage of nonprofits that assess volunteer impact

Percentage of volunteers under the age of 24 the journal entry | July 2018

17

Legislative Update

By Craig Peterson and Ryan Peterson, The UACPA's Lobbyists

W

ith the completion of the 2018 Utah State Legislative session and the start of the Legislative interim Session, a number of opportunities exist to enlist the involvement of UACPA members.

The Association is recognized as the most visible and knowledgeable voice on issues of tax reform and tax policy in the state. With the passage of H.R. 1 at the end of 2017, the impact on Utah tax policy was only partially addressed during the 2018 Session. The unintended consequence of the Legislative action during the recent session now requires a special session to correct.

The UACPA has been asked by both the administration as well as members of the state legislature to weigh in on a number of issues. The principle tax policy shift by the legislature was an across the board .05% reduction in the tax rate to balance an expected $80 million in ongoing “windfall” revenues coming to the state. The UACPA has recommended that the governor call the legislature into special session as early as July to address a number of issues that were not clearly defined when the legislature met in regular session earlier this year. The UACPA has weighed in on the following issues: • Net Operating Loss (NOL) issues involving Utah carryback need to be addressed due to changes in the Federal law. Utah carryback for corporations remains at three years and 100% carryforward for 15 years. This could cause undue burden on corporate entities to have a third set of books for Utah state calculations. There is currently draft legislation that amends provisions to bring them in 18

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line with Federal provisions.

• Elimination of personal exemptions have had an unexpected and significant impact on larger Utah families and lower income families who likely will see increases in their state income tax obligations.

• Repatriation of income will not be reportable on Utah form TC1120. This needs corrective action prior to the 2019 filing season. There are currently two draft bills that have been presented to decide whether to impose a state income tax on deferred foreign income subject to the Federal repatriation transition tax.

• Deferred payments for taxes on repatriated income also needs to be corrected prior to the 2019 filing season.

We will continue to work with the Tax Commission and the legislature to develop policies that effectively and fairly address these and other issues. We will continue to actively participate in interim committee hearings watching for issues and proposed legislation affecting our profession and the businesses of our clients. We will be calling upon members to testify as necessary to educate our legislators on what implications proposed tax policy will have on tax filers in the business and individual arenas.

The UACPA is also working with the Department of Occupational and Professional Licensing (DOPL) to reduce the hours required to sit for the CPA exams from 135 to 120 hours. This will help students who want

Legislative Update to sit for the exam prior to graduation meet requests from employers hiring CPA candidates that they sit for the exam and either pass it or pass a few sections prior to start dates. Changing the hours required to sit will require the statute to be opened and get approval from the legislature. We will be working closely with our legislature and DOPL to accomplish this.

No legislative report would be complete without a request to our members for increased participation in the PAC and other political activities. The ability for the UACPA to actively participate in political fundraising is important in maintaining a visible presence and voice on the Hill.

Having the opportunity to attend various activities and rub shoulders with our law makers is ever so valuable as we ask them to consider our voice when preparing legislation that impacts our clients and the businesses of our member CPA’s. We would like to challenge our members to donate $100 at www.uacpa.org/donate or by sending a check to the UACPA-PAC, 136 S. Main Street, Suite 510, Salt Lake City, UT 84101. ■

Craig Peterson has been involved in legislative processes for more than 30 years as a State Representative, State Senator and Republican Senate Majority Leader.

During the past 18 years, he has been a lobbyist, successfully representing a broad spectrum of clients. Peterson and his son Ryan have become a strong political voice for their clients.

Ryan Peterson is the president of RCP Strategic, a contract lobbying firm based in Salt Lake City. He received a degree in economics from the University of Utah with a focus on statistics and econometrics. He is an avid golfer and resides in Salt Lake City.

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19

IRS Torpedoes Results of Over a Decade of Promoter Shenanigans in 831 (b) Captive Insurance

By Beckett G. Cantley, JD, LLM and Geoffrey C. Dietrich, JD

M

ore than a decade ago, tax promoters and life insurance agents seized upon a little-known provision of the Internal Revenue Code (IRC). Section 831(b) had been around for decades and, despite increased exposure after the terrorist attacks of September 11, few taxpayers had ever heard of a Captive Insurance Company (CIC). Over the course of the last 10 years plus, promoters ran roughshod over the judicial doctrines of economic substance (now codified) and business purpose. They convinced taxpayers that a lack of Internal Revenue Service (“IRS”) audits equaled compliant planning. The IRS complained of the abuses. Statutory and regulatory changes, among other IRS actions, followed. The IRS loaded the torpedo tubes.

This article focuses on the history of Captive Insurance compliance matters and views current IRS attacks through the lens of articles previously published across the country (See summary of Articles on Abusive Captive Insurance Companies at: https://tinyurl.com/Cantley-SummaryArticle). These articles have provided conscientious advisors reliable case law, code and statutory analysis, and compliance considerations for clients. The information in the articles herein comes in response to the mass marketing by promoters of Section 831(b) CICs. 20

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IRS Targets the Soft Underbelly

The IRS targeted five specific areas of non-compliant planning: (1) Life Insurance on the owners of the Captive as a core “investment” thereof; (2) Offshore Jurisdictions which pose as unassailable managers; (3) Premiums in Excess of Risk and Inappropriate Coverages; (4) Estate Planning Ownership; and (5) loan back structures. The IRS has aimed a torpedo at each of these areas. Advisors have struggled to sift through promoter-led noise to determine reality for their clients. We will address each non-compliance area and discuss the Avrahami decision’s impact on current Captive planning (Avrahami v. Comm’r., 149 T.C. 7, Aug. 21, 2017).

In the IRS 2016-66 Notice, the IRS laid out its disapproval for Captives to own or be involved in investing its “capital in illiquid or speculative assets usually not held by insurance companies" (https://www.irs.gov/pub/irs-drop/n-16-66. pdf). Early startup companies — even if well-funded — will often choose to forego high death benefit insurance policies with large premium on its principals. Large life insurance premiums paid with the received premiums create an illiquid investment otherwise incomprehensible to a compliance officer. Barring some unusual situation,

IRS Torpedoes a compliance officer would very likely see the sole purpose in these large life insurance policies — so early in a CIC starting up as an insurance company — is to generate additional commission for life insurance licensed promoters. It is highly unlikely an independent insurance company would choose to make use of its reserves to purchase life insurance on the life of its principal, especially before the insurance company has even proven to be a consistently profitable venture.

From the very outset of the IRS attack on CICs, starting in 2015 — nearly two years after our articles predicted the crackdown — offshore jurisdictions raised the specter of blessing CICs that the IRS likely deem to be abusive tax shelters. In the original 2015 Dirty Dozen listing, the IRS stated, “In the abusive structure, unscrupulous promoters persuade closely held entities to participate in this scheme by assisting entities to create Captive Insurance Companies onshore or offshore.” In the 2017 Dirty Dozen listing, the emphasis on onshore versus offshore is removed, likely as a decision that the differentiation did not create additional liability or offer unintentional releases.

As of the 2017 Dirty Dozen listing, the IRS has prepped the torpedoes on policy underwriting. Premiums must conform to actual and supportable business risk. Specifically, the IRS warns CIC owners, promoters, and tax professionals against premium amounts that “may be unsupported by underwriting or actuarial analysis, may be geared to a desired deduction amount, or may be significantly higher than premiums for comparable commercial coverage”.

Additionally, the listing specifies, as does the 2016-66 Notice, IRS displeasure for Captives whose coverage is based on “implausible risks,” fails to match “genuine business needs,” duplicates taxpayer’s commercial coverages, or where the “scope of the coverage is vague, ambiguous, or illusory.” If not already a priority, CIC owners and their advisors should review the coverages in place to determine the extent of their misalignment with IRS standards.

The 2015 Tax Extenders bill put certain CICs on notice by closing the door on “estate planning” CICs in which the common owner of both the insured entity and the CIC does not own both entities in the same proportion (within a two percent differential). The rather confusing language can be simplified by saying: If the lineal descendants’ CIC ownership is greater than 2% of their ownership of the insured company, then the CIC can’t make a Section 831(b)

election. We can further simplify this in a simple maxim: When the children do not meaningfully own the insured company, they can’t own the insured company’s CIC insurer and maintain Section 831(b) tax benefits.

Congressional Easing

Before we transition to the first shots fired in Avrahami, it is important to note Congress seems to recognize that CICs will not fully disappear. Under the Tax Extenders bill and further codified as part of the PATH Act, taxpayers were required to pass one of two tests to qualify as an 831(b) CIC — the 20 Percent Test and the Ownership Test — these two tests caused significant confusion and raised more questions than they answered. The Ownership Test was designed to prevent use of CICs for estate planning purposes. On March 23, 2018, President Trump signed H.R. 1625 into law. Two provisions clarify the 20 Percent Test and the Ownership Tests.

The new law clarifies that the 20 Percent Test looks through reinsurance and fronting arrangements to define a policyholder as “each policyholder of the underlying direct written insurance with respect to such reinsurance or arrangement.” For a CIC with premiums primarily derived from reinsurance, the 20 Percent Test may be satisfied based on the pro rata participation of other CIC in the reinsurance pool. The law then clarifies that the Ownership Test applies differently to spousal ownership of the CIC. The change removes spouses from the definition. A CIC owner’s spouse may hold a de minimis interest in the insured entity but may hold a larger interest in the CIC. The net effect is the Ownership Test of the law only applies to lineal descendants of either spouse, spouses that are not US citizens, and spouses of lineal descendants. Furthermore, a new aggregation rule has been applied to certain spousal interests. Under the new law, any interest held, directly or indirectly, by the spouse of a specified holder is deemed to be held by the specified holder. While the original rules shut down so-called “estate planning captives," it appears that Congress may be easing the ownership structures in favor of traditional spousal ownership constructs akin to estate planning.

Enhanced Reporting Requirements

With the release of Notice 2016-66 which designates CICs as a Transaction of Interest (TOI), new disclosure requirements arise. There are specific requirements to disclose TOI transactions, and TOI transactions can the journal entry | July 2018

21

IRS Torpedoes easily be shifted by the IRS into Listed Transactions by changing the transaction’s IRS designation. The IRS issued sweeping final tax shelter disclosure, list maintenance, and registration regulations in 2003. However, after an initial flurry of transactions classified as Listed Transactions, there have been very few transactions receiving these labels over the last decade. In addition, there have been very few “technical” tax shelters to ever grace the Dirty Dozen List.

Typically, that list is more the home of “scams and shams” like slavery reparations schemes. Thus, it is very significant that Section 831(b) CICs were placed on the Dirty Dozen List in 2015 and were classified as a TOI in 2016. We have for years published the need to focus on complianceoriented solutions for taxpayers and business owners alike and warned of the consequences of irresponsible actions in the tax community. To access many of our law review, American Bar Association, and/or third-party publications on these issues, please see our Articles section on www. cantleydietrich.com.

Avrahami v. Commissioner

One can hardly throw a stick at Google and not find an article about the Tax Court decision in Avrahami. The taxpayers were introduced to Captive insurance through their long-time CPA, who the IRS brief notes “had no insurance experience but understood the [taxpayer's] financials and income tax obligations, and the tax benefits of a micro-Captive insurance arrangement….”

We strongly believe — especially in the 831(b) context — that pre-formation and on-going formalities must be strictly observed. The Court agreed with our long-time assessments that loan-back arrangements, insurance on the Captive’s principals, and issues enumerated previously were likely to invite IRS anti-abuse and judicial antiavoidance doctrines including, among others, circular cash flows, lack of bona fide debt, the step transaction doctrine, the sham transaction doctrine, the business purpose doctrine, the substance over form doctrine, and the economic substance doctrine (codified in 2010). Despite repeated warnings, promoter abuses continued. Ultimately, the IRS brief in the Avrahami case illuminates some of the arguments that the IRS appears likely to make use of as it litigates with taxpayers and promoters over such perceived abusive transactions.

In the 105-page Avrahami opinion, the Tax Court focused

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on specific actions that failed to meet the basic level of appropriate actuarial, insurance, funding, and corporate requirements normal to an insurance company. Rather unsurprisingly, a CIC is a regulated financial institution and, should such a company cease to operate as an insurance company, it cannot stand up to challenge by state insurance regulators, the IRS, or any governmental authority.

The Tax Court opinion noted that the Avrahamis’ captive failed on a number of points. The insureds took out loans of approximately 65% of the Captive’s assets that were insufficiently secured or were unsecured (149 T.C. at 7980.), with funds passing through shell entities back to the captive’s owners. Additionally, records produced reflected that the client’s lawyer directed the actuary to arrive at a dollar-specific premium that fit the client’s targets. The semi-retired actuary couldn’t articulate for the Court how the premiums charged by the Captive were calculated and thus failed to follow generally accepted actuarial standards. The opinion commented that the possibility of a covered loss being triggered under the carefully designed terrorism risk pool was so low that the Avrahamis’ actuary admitted that he did not know of any event in history that would have triggered coverage. Additionally, St. Kitts is a small offshore domicile having little regulatory history or experience, unlike more common domestic domiciles.

Despite all this, the Captive operated at odds with the St. Kitts regulatory requirements in that the required preapproval for loans was never obtained.

Conclusion

Historically, the designation of a new Listed Transaction or Transaction of Interest (TOI) has resulted in an easily predictable set of dominos falling on the road to mass civil litigation. Generally, the promoters first attempt to reassure their clients by making light of the consequences of the pronouncement and seek to control the situation by taking care of all necessary filings. Second, the promoters are assigned Material Advisor numbers (if they did not already have them) as the IRS opens tax shelter promoter investigations into them. Next, the taxpayers in some large measure are audited by IRS, leading to them incurring previously unplanned-for fees and expenses in defending the audit. Fourth, the IRS proposes adjustments to the taxpayer returns that undo the tax benefits and

IRS Torpedoes add substantial (often 40%) penalties. At this point, civil litigation ensues, often beginning with class action complaints being filed. We are currently aware of mass litigation being prepared against such promoters, including David Deary of Loewinsohn Flegle Deary Simon LLP — the attorney who successfully recovered $850 million for his clients in settlements back in the mid-2000s from tax shelter promoters. While Captives provide a useful risk management and mitigation tool for business owners, too many promoters have been willing to blur the lines.

The future includes significant IRS audits and class action litigation. Our purpose is, and always has been, preventing CPAs and other professionals from being unwittingly drawn into a battle they did not anticipate.

If you are concerned about whether your CIC(s) — or those that you have supervision over — will survive IRS scrutiny or the content of this article, please contact us. ■

Beckett G. Cantley, JD, LLM consults with CPA firms regarding their clients in matters related to U.S. and International Taxation and more. He can be reached at (702) 881-4849 or bgcantley@ cantleydietrich.com.

Geoffrey C. Dietrich, JD focuses his practice on business development for the firm, specifically developing relationships with CPA firms, law firms and family offices. He can be reached at (801) 367-0340 or cgdietrich@cantleydietrich.com.

A more detailed summary is available at: https://tinyurl. com/Cantley-Summary-Article

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23

The Shift from Work/Life Balance to Integration

By Mandi Jean Retter

A

s more and more young professionals continue to enter the workforce, a change in how we approach work-life balance is underway. More seasoned professionals may remember the days when work was work and home life was home life. Yet as technology advances, we've seen a paradigm shift from this classic way of thinking.

Cell phones, apps, websites and cloud-based platforms allow individuals to be plugged into work at any time of day.

And platforms like Twitter, Instagram, and Facebook allow people to be constantly connected on a personal level as well.

connection to both their work and their home life at all times.

Work/life integration, born from the principles of a healthy work/life balance, takes this idea to the next level by encouraging organizations to trust that their employees will get the work done regardless of where they're doing it, how long it takes or what is happening around them.

Some people may think that work/life integration is all about working wherever you want, whenever you want but this isn't necessarily accurate. The overall principle of work-life integration is trust. You must trust that your employees Work/life balance is the ability to divide your energy so that will complete the work assigned to them, in a reasonable you are fully capable of managing not only your professional timeframe, while also providing them the tools needed to responsibilities but your responsibilities outside of the office do their jobs. While some organizations encourage working as well. Most people think of work/life balance as getting from anywhere, most organizations may not have the ability work done in the working hours and shutting work off when to allow that type of flexibility. But what can easily be done you get home. Yet here at Boomer, we've noticed something to support healthy work/life integration is to understand a little bit different about the desire to attain a healthy work/ that life happens at the same time work is happening. life balance in 2018. It isn't just about a healthy divide of For example, a teacher might text a picture of your kid in the energy (personal and professional). It has become more classroom doing something they're proud of. As a parent, critical to integrate work and life so that people, across all you take a few seconds (maybe show off that picture to your levels of an organization, have an overall well-rounded 24

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Work/Life Balance co-workers) and send a note back to the teacher. This takes some time away from work, but not more than a minute or two. This minute or two might make up for that email you sent from your kitchen on Saturday morning while you were making coffee and checking your phone. We as a workforce must remember that in 2018, life and work happen at the same time. Work/life integration is about blending the two, trusting that the work will get done and supporting your employees both personally and professionally.

So now the question has shifted from being 'how do we create a healthy work/life balance' to 'how do we create healthy work/life integration?'

The best way to adapt to a more social way of working is to support employees by offering a healthier office culture.

Young professionals feel the need to be deeply connected with the work that they do. This connection creates a sense of purpose and pride and in turn brings more dedication, hard work and sustainability. Employees who are not connected to their work, who feel that they aren't valued in the workplace and don't feel trusted, will not be as dedicated to producing high-quality work.

So what are the best ways to promote healthy work/life integration?

Top-Down Leadership

For work/life integration to really impact a team, the change has to come from the top. Leaders who trust their employees, trust their fellow leadership teams and lead by example are necessary for implementing change in an organization. For some seasoned leaders, the idea of work/ life integration might be a hard pill to swallow at first. But just remember that the culture around the workplace has shifted. If you can keep your eye on the prize (a successful team with happy clients) then integrating this new mindset will be easier and more welcomed along the way.

Encourage Time Off

Everyone in your team needs to take time away from work.

Especially if you're in a demanding industry or go through very busy periods. When team members are overworked with little time to rest, burnout and animosity can build. An easy way to avoid this downfall is to encourage your team to take time away from work and unplug while out of the office.

Create Opportunities for Teams to be Socially Involved

In a day and age where over one billion people are active on Facebook, providing ways for your team to be socially involved in an online way creates solidarity within your organization. Take advantage of websites and apps that allow team members to connect on their own time, yet in a personal way. (Here at Boomer, we like Facebook's Workplace!)

Create Processes and Leverage Technology

Technology is evolving quicker than most people can keep up, and there are thousands of apps and websites to help in any aspect of your life. So take advantage of the resources available and find software, programs and products that will work for your team. In companies that have lots of remote workers, sites like Sococo are useful for connecting in a oneon-one way. Websites like Asana and Trello easily allow for project management and organization. Creating structure with the use of technology will allow organizations to spend less time on the basics and more time on the details.

Trust and Respect Your People

Trust is the biggest part of work-life integration, and respect goes hand-in-hand with trust. When you respect that your team members are individuals with lives outside of the workplace, you provide them with a sense of security that they're not alone in this world and that other people understand that life events happen. Whether that be a triumph or a tragedy, life will at some point get in the way of work. So if you create a trusting and respectful environment, employees will be energized and passionately connected to your organization and the work that they're doing. And if life has to take them away from work, they'll be even more ready and willing to come back and even work harder to make up for the time away.

Work-life integration isn't something that can happen overnight, and it takes thoughtful leadership to implement.

But time and energy spent creating a platform of trust and understanding can make a lasting impression not only on your organization as a whole but with each team member as well. â– Mandi Jean Retter is a Project Manager for Boomer Consulting, Inc. She can be reached at mandi.jean@boomer.com the journal entry | July 2018

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Closing the Gaap — Women in Accounting

Gretchen Hector, CPA G

retchen Hector grew up in Billings, MT where she also went to college. Following graduation, Gretchen moved to Salt Lake City for better job opportunities while being close to home. "I ended up moving around a bit after that and then going to grad school at Vanderbilt to get my MAcc. I did an internship with Deloitte in Hyderabad, IN as part of the program." Gretchen currently works full-time at Deloitte in Salt Lake where she resides with her husband Ben and bulldog Lilly.

flipping houses — although I’m sure that always looks easier on TV.

What led you to a career as a CPA? I decided to pursue a career in accounting because it is something that always made sense to me. Once I had decided on accounting, I quickly determined that I needed to become a CPA in order to show that I had a tangible and valuable skillset.

From there, I took some accounting classes and decided on audit as it exposes people to many different clients and industries and allowed me lots of experiences to see how businesses work and how to handle different complex accounting issues.

What advice would you give other female professionals? I think that as women, we tend to let confidence, or the lack thereof, affect us in the workplace.

It’s easier said than done, but I think it’s important to be confident even when we don’t feel so. Part of that is also being mindful, for instance in emails not using statements like, “We think…” or “I just wanted to ask…” which, while we don’t intend for them to, can come across as lacking confidence.

What would you be doing if you were not a CPA? If I weren’t quite so risk averse, I’ve always been attracted to the idea of owning my own business. I also am an HGTV enthusiast, so I could also see myself designing and

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What do you enjoy doing outside of work? I really enjoy yoga since it’s a good workout and a good way to clear your mind and set aside all the to-do lists and other priorities that are usually running through our heads. I like to spend the winter snowboarding and then spend time getting out and hiking in the summer.

What path did your career take in order for you to hold the position you are in today? I did my undergrad studies in finance in Montana and then worked in the financial services for three years before I decided to go back to school to get my MAcc and my CPA. While I

Closing the GAAP — Women in Accounting liked working in finance, in some ways I found it fairly monotonous and was looking for a career where I would always be learning and facing new challenges. This led me to research different graduate programs before I ultimately decided to go back to school at Vanderbilt to get my MAcc and then to earn my CPA. What advantage do you have as a woman in the accounting profession? I think that women have an advantage in that we tend to be more organized, which is certainly helpful with lots of competing priorities and deadlines. Also so much of accounting is working with people and women tend to have very good interpersonal skills, which certainly is an advantage when working with lots of different personalities and sometimes in stressful situations.

What advice would you have for male professionals as they interact with female professionals? That we aren’t looking to be treated any differently than a male professional. Although I would also suggest being mindful of your audience in social situations. For example, if the majority of a team likes to talk about sports 24/7, maybe try sprinkling in a few other topics so everyone can feel included.

Lean In with the Women's DAC Connect with professional women with the Women's DAC (Development for Advancement) Council. This group will be launching their event series this fall.

Watch for more information.

Do you have a mentor? How have mentors helped you in your career? I’ve had several mentors over my career who have helped push me to achieve more. I think it’s always helpful to have a sounding board to bounce ideas off of and also to have an advocate. Mentors have not only given me advice time and time again, but also advocated for me to get involved with certain projects that I was interested in.

What advice do you live by? Say yes, try different things and get out of your comfort zone. ■

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Meet the Executive Board

What Are Your Office Quirks or Rituals?

Matt Klein President "As I pull out 200 feet of 10-key tape from the gap between my desk and the wall, I realize it makes me feel good to have the printing turned on, hearing the sound and seeing the tape move. Once a month I may look at a number on it but otherwise it just piles up in the gap and I throw it away when it overflows."

Jason Tomlinson Treasurer "I pack lunch from home and eat essentially the same thing everyday ... for the past 15+ years — PB&Honey sandwich, pretzels or chips, carrots, cheese, and an apple."

Amy Anholt ProNet Council "'Show your work' is something my team hears me say when reviewing a spreadsheet or conclusion they’ve derived. I have a thing for thoroughly documenting work and ensuring that calculations/formulas aren’t embedded, more so — they are illustrated or noted in a way that there is a clear audit trail and understanding by the reviewer."

Susan Speirs CEO "Even though we don’t use 10-keys anymore, there’s something to be said to have a 10-key on my desk just to do quick little tasks. Don’t worry, the days are long gone where you learn to use a 10-key by adding telephone numbers in the paper phonebook."

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Monica Gardner President Elect "We have a client that still uses a dot matrix printer. It takes a while to print, but I like the sound of it. It's also fun to pull the sides off the final printout."

Stan Jenne Secretary "When relaxing, I have a tendency to count things. Railroad cars on the train passing by, people in a room, cards in a deck or playing pieces in a game. When the counting is over I have no desire to keep track of the numbers, I just count something else."

Tom Colligan Member at Large "My biggest office quirk is that I constantly say 'Go Aggies.' My team is nice enough not to kill me every time I say it, but it means 'hello,' 'goodbye,' 'great work,' or something motivational. Go Aggies!"

Brandon Allfrey AICPA Council Representative "I have to have stacks of sticky notes available at all times or I can’t function."

Tyler Hall Member at Large "At Savage Esplin & Radmall, we try to make work as fun and exciting as possible for an accounting firm. We look forward to early morning minigolf down the 50 foot hallway and our weekly firm cheap eats, in which we use spreadsheets and other meticulous methods to choose where we will go to lunch."

Jay Niederhauser Vice President "In a previous life, I would buy a package of plain M&Ms about three times a week from the vending machine. I could not eat them until I had separated them by color and then organized them into a pyramid shape with each row consisting all of one color (There were approximately 55 in a package, perfect for a 10-row pyramid!). It was a kind of a puzzle to see if the colors came out right. I kept a spreadsheet of how many of each color were in the package and still have a 5-year record of the results. When they replaced the tan M&Ms with blue, I could not deal with it and quit!"

Gavin Hutchinson Immediate Past President "My accounting quirk is that I have to make sure that debits equal credits."

Join the UACPA Board!

Make a difference in the profession and its future by being a part of the UACPA board. The UACPA will be slating a vice president, secretary and member at large for the 2019-2020 year. Send your nominations to Susan Speirs, ss@uacpa.org before August 22, 2018.

Meet the UACPA Staff

What Are Your Office Quirks?

April Deneault CPE Manager

"I have bright sticky notes of important things I need to remember or do stuck to my computer monitor. Each sticky note contains one thing I need to do or remember. There cannot be more than one item per sticky."

Braden Thompson Membership Development Coordinator "One of my favorite rituals is the What’sFor-Lunch Wander™. When I can’t decide what to have for lunch, I just leave the office, choose a direction and wander until I find something that sounds delicious.

There’s something truly freeing about walking without direction and letting the universe decide what’s for lunch. I highly recommend it."

Amy Spencer Marketing & Communications Manager "At the beginning of every week, I make a checklist of what I need to accomplish within the week (or in the near future). This hand-written list floats around my desk, and I rely on it when I get sidetracked with other projects and need to remember where my focus should be."

Tom Horn Financial Director "I don’t have any real office quirks or rituals unless one of the staff recognizes something that I’m oblivious to. The one ritual I do have is I stop at the water cooler on the way into the office and get a glass of water to start the morning off. Probably not a ritual per se but a habit."

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Board Bullets

News from the UACPA Board The executive board started the new year off with the following items: •

•

New members were introduced to the board and reviewed board responsibilities as well as a tutorial of responsibilities for board members of non-profit boards.

The AICPA Regional Council was held in March and UACPA board members were in attendance.

A new CPA pathway is being considered by the AICPA and NASBA. June Leadership Council

1

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provided a summary of the thoughts of those organizations as well as input from the UACPA as to the benefits, challenges and questions that need to be answered moving forward.

•

The relevance of the strategic plan was discussed with regards to the progress we’ve made and the challenges the profession is having and the impact on our own members. The strategic plan was also discussed in an open forum format at June Leadership Council.

MEet a uacpa member

Five Minutes with MK Mortensen MK Mortensen, CPA received his bachelors and masters from BYU and started his career at PwC. After 3.5 years, he left for a bio-tech startup company as a controller. Like many dot coms at that time, it was short lived, and he returned to public accounting and ultimately found his way to Grant Thornton where he is now tax partner of the firm’s SLC office. MK and his wife, Lara, have four children and live in Highland, UT. What led you to become a CPA? I remember reading a university newspaper about the accounting program and decided to take an introductory accounting class. The class was taught by Norm Nemrow and like many of his students, I was hooked on accounting after taking his class.

What have been your proudest moments as a CPA? This past year I was part of the Lead Relationship Partner program (LRP) at GT. With pass-through entities representing the fastest growing and one of the largest

segments of the economy, GT believed it was important to consider passthroughs in tax reform. The purpose of the LRP program was to educate congressional leaders about the importance of considering passthrough entities in tax reform, and more specifically, to discuss business equivalency rates for pass-through entities. I was assigned to Senator Hatch and his finance team, who I was able to meet with here in Salt Lake City as well as in Washington DC. It was a remarkable experience.

What would surprise people to know about you? While growing up in San Diego, I went on a high-adventure trip to Catalina Island where we camped along the beach. We were spearfishing, and I came across a large shark. I remember floating there, staring at the shark, while it did the same to me before it eventually swam off. I kept thinking to myself, “You probably don’t want to shoot it, because it will attack you if you do.” I will never forget that.

What do you like to do outside of work? I do a lot of cycling — both road and mountain. There are two races that I do every year: The Crusher in the Tusher and LOTOJA. Crusher in the Tusher is a gravel bike race in Beaver, UT that covers 70 miles and 11,000 feet of climbing. LOTOJA is a road bike race from Logan, UT to Jackson Hole, WY and covers just over 200 miles. 2018 will be my seventh year racing in LOTOJA. What are some of your goals?

Personally, I want to complete the LOTOJA race in 9 hours. I thought I would be close last year, but a couple of flat tires along the route slowed me down. Professionally, I want to continue to grow, mentor and give back to the community. This profession provides a lot of opportunity to be successful and to give back at the same time.

What advice do you live by?

Don’t take yourself too seriously. Do the best you can and don’t worry about the rest. ■ the journal entry | July 2018

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Outstanding Student Awards

The UACPA recognizes these students for their excellence.

Every year, the UACPA honors a fith-year accounting student from each of Utah's universities for his or her accomplishments in the field of accounting. Criteria to be considered for the nomination include being a student member of the UACPA, Grade Point Average (GPA), extracurricular and professional activities and experiences, professional image, perceived commitment and dedication and eligibility to sit for the CPA exam. The following students were recognized by the UACPA at their universities.

Kristi Askew Utah Valley University Kristi Askew is an outstanding student with a 4.0 GPA in her MAcc courses. She has demonstrated the qualities of a natural leader, taking charge and uniting people around a common goal. Kristi has earned the respect of both her professors and her peers. She has an excellent grasp of accounting concepts and principles and has the ability to analyze complex problems and propose workable solutions. Kristi is a cooperative team player who cares about the success of others. She is supportive of her classmates and reaches out to those who need help. Kristi is active in her church and in her community. She currently serves as an instructor in a church-sponsored women’s organization. Having a background in education, she volunteers to work with accelerated math learners in third grade. Kristi also makes and serves dinner to the teachers at her children’s school during the two Parent Teacher Conferences held during the year. Kristi accepted a position with Squire & Company as a member of their audit team.

Clayton Brown Utah State University Clayton Brown is one of those students you notice. Not only is he at the top of his class, but he is very involved in the School of Accountancy. Clayton served as the student representative for the UACPA, an officer in both the Institute of Management Accountants and Beta Alpha Psi student clubs, and currently serves as Beta Alpha Psi president and as a Quigley Ambassador. Clayton has also 32

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worked in the accounting tutor lab and several years in the Voluntary Income Tax Assistance (VITA) program. Clayton is a great leader, who always goes above and beyond – even in his last semester of school. He is a great example and mentor to the students at USU. Upon graduation, Clayton will begin working at PwC in their New York City office.

Gina Tedrow Dixie State University Gina Tedrow is a student-athlete and performed amazing both on and off the field. She maintained a 4.0 GPA all the while balancing her contributions to Dixie's accounting club and the women’s soccer team. She is a person of impeccable morals and integrity. After many offers in public accounting, Gina accepted a position with the accounting firm Moss Adams in San Diego, CA. She is in the process of registering with the California Board of Accountants to sit for the CPA Exam.

Juan Antonio Beis Pachiarotti Weber State Juan is committed and dedicated to excellence. He performs well academically, participates regularly in class with insightful comments and questions, and clearly desires to succeed in any task he undertakes. His accomplishments in the accounting field will continue as he will undoubtedly contribute right away for the benefit of his employer. Juan exhibits a professional image and will represent Weber State University and the accounting field with distinction.

Michael Murdock Brigham Young University Michael Murdock has demonstrated a commitment to leadership and a desire for excellence throughout his time at BYU. He is a high-performing student and enjoys learning and thinking. He is a person who wants to understand the “why” behind what he does. He thinks critically about the concepts presented in his classes and often delves into other resources in order to more fully grasp the material and satisfy his natural curiosity.

Comments from his professors include: • “Michael Murdock is a great thinker. He is a very kind student who actively looks for others to lift.

• “He is a smart guy with a really good heart.”

• “He is wonderful academically, professionally, personally.”

• “He is so bright, engaging, intellectual, kind and thoughtful. Others look up to him.”

• “He is very bright, hardworking, and has extremely high ethical and moral standards.”

• ”He is very thoughtful and has really great tech savvy; Double thumbs up!”

Michael has earned the admiration and respect of his professors and his peers. Among his significant accomplishments, his sincere desire to lift and help others sets him apart in a pool of very talented students.

Natasha (Nash) Way University of Utah Nash took the MAcc Intensive and MAcc program by storm this year, and stood out among her peers as an academic powerhouse and leader in our community. She served as the UACPA student representative throughout her time in the MAcc. Nash has worked in a variety of fields, which has allowed her to bring a unique perspective to her new career. Nash will be joining WSRP after her graduation.

Katelyn Berry Southern Utah University Katie has demonstrated academic excellence by maintaining a 4.0 GPA at SUU. She has been an active member of SUU’s Professional Accountancy Club and has participated in a meaningful internship with one of he the world’s largest CPA firms, KPMG. She has been dedicated to preparing herself for a career in the accounting field and she is qualified to sit for the CPA exam

Doreen Espinoza Wesminster College Doreen has over 25 years’ experience in the healthcare industry and has served as the Vice President of Regulatory Affairs & Privacy Officer at Utah Health Information Network. Doreen knows a great deal about health care information compliance, standards development and implementation.

Education has always been important to Doreen.

Althought she has two undergraduate degrees, in accounting and information systems management, she realized the importance of an advanced degree within the professional environment. She appreciated the discipline and solid business foundation that her accounting degree provided her, thus she felt that earning a MAcc would be the perfect additional to her education.

In addition to being actively involved in her career, Doreen has been active in giving back to her community through America First Credit Union Loan Review Committee, the Utah Guard Charitable Trust Board of Directors, Eucharistic Minister to Intermountain Healthcare Hospital for St. Vincent’s de Paul Catholic Church, Boy Scouts of America, Utah Air National Guard and Volunteer Income Tax Assistance program. Doreen is excited for this next chapter in her story. ■

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33

CPECourseSchedule

Register online at uacpa.org, then Education & Events or call the UACPA office at (801) 466-8022.

CREDIT HOURS COURSE TITLE

DATE

INSTRUCTOR

VENDOR

MEMBER FEE*

NONMEMBER FEE

September 9/24/18

8

Internal Control Best Practices for Small- and Medium-Sized Entities

Melissa Critcher

AICPA

$285

$340

9/25/18

8

Auditing Employee Benefit Plans

Melissa Critcher

AICPA

$285

$340

9/26/18

4

Employment Law Update: Examining Critical Issues with FMLA, HIPPA, CPOBRA,

Curtis Quickel

AICPA

$170

$195

9/26/18

4

Employment Law Update: REducing Employer Liability

Curtis Quickel

AICPA

$170

$195

9/27/18

8

Annual Update for Controllers

Curtis Quickel

AICPA

$285

$340

8

Annual Update for Accountants and Auditors

Marty Van Wagoner

AICPA

$285

$340

October 10/17/18 10/18/18

8

Integrating Audit Data Analytics into the Audit Process

Robert Minniti

AICPA

$285

$340

10/19/18

8

Cybersecurity Risk Management Program Essentials

Robert Minniti

AICPA

$285

$340

10/24/18

8

Form 1041: Income Taxation of Estates and Trusts

10/25/18

8

Form 990: Exploring the Form's Complex Schedules

Michael Blackburn

AICPA

$285

$340

Brian Yacker

AICPA

$285

$340

10/29/18

8

K2's Excel Financial Reporting and Analysis

TBD

K2 Enterprises

$285

$340

10/30/18

8

K2's Business Intelligence, Featuring Microsoft's Power BI Tools

TBD

K2 Enterprises

$285

$340

11/1/18

8

Determining How Much Money You Need to Retire: Practical Planning Strategies

Joshua Jenson

AICPA

$285

$340

11/2/18

8

Buying and Selling a Business: Critical Tax and Structuring Issue

11/5/18

8

Fraud Update: Detecting and Preventing the Top Ten Fraud Schemes

11/6/18

4

11/6/18

november

34

Joshua Jenson

AICPA

$285

$340

Marty Van Wagoner

AICPA

$285

$340

Risk, Cost, and Cash Management for Controllers and Financial Managers

John Cox

AICPA

$170

$195

4

Lean Accounting and Management: Saving Money by Streamlining Operations

John Cox

AICPA

$170

$195

11/7/18

8

Analytics and Big Data for Accountants

John Cox

AICPA

$285

$340

11/8/18

8

Complete Guide to Payroll Taxes and 1099 Issues

Sali Sheafor

Surgent

$285

$340

11/9/18

8

Surgent's Comprehensive Guide to Tax Depreciation, Expensing, and Property Transactions

Sali Sheafor

AICPA

$285

$340

11/12/18

4

Interpreting the New Revenue Recognition Standard: What All CPAs Need to Know

Marty Van Wagoner

AICPA

$170

$195

11/12/18

4

The Bottom Line on the New Lease Accounting Requirements

Marty Van Wagoner

AICPA

$170

$195

11/13/18

4

Yellow Book Financial Audits

Robert Moody, Jr.

AICPA

$170

$195

11/13/18

4

Real-World Frauds Found in Governments

Robert Moody, Jr.

AICPA

$170

$195

11/14/18

8

Governmental Accounting and Auditing Update

Robert Moody, Jr.

AICPA

$285

$340

11/15/18

4

Hottest Tax Planning Developments Under the Current Tax Law

Gregory Carnes

AICPA

$170

$195

11/15/18

4

Protecting Your Client and Your Firm From Tax Return Identity Theft

Gregory Carnes

AICPA

$170

$195

11/16/18

8

Reviewing Pass-Through Tax Returns: What Are You Missing?

Gregory Carnes

AICPA

$285

$340

11/26/18

8

Audit Workpapers: Documenting and Reviewing Field Work

Marty Van Wagoner

AICPA

$285

$340

11/27/18

4

Real-World Frauds Found in Not-for-Profits

Stacey Bergman

AICPA

$170

$195

11/27/18

4

Financial Reporting for Not-for-Profit Entities

Stacey Bergman

AICPA

$170

$195

11/28/18

8

Not-for-Profit Accounting and Auditing Update

Stacey Bergman

AICPA

$170

$195

11/29/18

8

AICPA's Annual Federal Tax Update

Michael Blackburn

AICPA

$200

$340

the journal entry | July 2018

CPECourseSchedule

Register online at uacpa.org, then Education & Events or call the UACPA office at (801) 466-8022.

CREDIT HOURS COURSE TITLE

DATE

INSTRUCTOR

VENDOR

MEMBER FEE*

NONMEMBER FEE

DECEmber 12/3/18

4

Smart Tax Planning Strategies for Individuals

Steven Wagner

AICPA

$170

$195

12/3/18

4

Reviewing Individual Tax Returns: What Are You Missing?

Steven Wagner

AICPA

$170

$195

12/4/18

8

Annual Tax Update: Individuals and Sole Proprietors

Steven Wagner

AICPA

$285

$340

12/5/18

8

Annual Update and Practice Issues of Preparation, Compilation, and Review Engagements

Marty Van Wagoner

AICPA

$285

$340

12/10/18

4

Data Breaches & Other Cyber Frauds: A 21st Century Risk to Your Organization

Jeffrey Lieman

AICPA

$170

$195

12/10/18

4

Preparation, Compilation, and Review Engagements: Update and Review

Jeffrey Lieman

AICPA

$170

$195

12/11/18

8

Construction Contractors Advanced Issues

Jeffrey Lieman

AICPA

$285

$340

12/12/18

8

Accounting and Auditing Update for Small Businesses

Marty Van Wagoner

AICPA

$285

$340

12/17/18

4

Health Care Reform Act: Critical Tax and Insurance Ramifications

Stephen Renberg

AICPA

$170

$195

12/17/18

4

Social Security and Medicare: Maximizing Retirement Benefits

Stephen Renberg

AICPA

$170

$195

12/18/18

8

S Corporations: Key Issues, Compliance and Tax Strategies

Stephen Renberg

AICPA

$285

$340

12/19/18

8

Annual Tax Update: Corporations and Pass-Through Entities

Stephen Renberg

AICPA

$285

$340

12/20/18

8

Individual Income Taxation: Practical Tax Return Guidance for Your Upcoming Tax Season

Peter Bunce

AICPA

$285

$340

12/21/18

8

Individual Income Taxation: Critical Tax Compliance and Planning Strategies

Peter Bunce

AICPA

$285

$340

TBD

8

AICPA's Annual Federal Tax Update

Michael Blackburn

AICPA

$200

$340

TBD

8

Form 1041: Income Taxation of Estates and Trusts

Michael Blackburn

AICPA

$285

$340

*Early-bird pricing available for classes when registering at least two weeks in advance. (Excludes 4 hour courses and core training courses) AICPA Members receive an additional $30 off the price of each 8 hour course (excluding 4 hour courses and core training courses) where the AICPA is listed as the vendor. Use promo code AICPA8 for 8 hour courses.

T

The Date e v a S September 27

Inauguration & Awards Banquet

October 27

CPAs in Business & Management Conference

November

Business Valuation Conference

November 30

Accounting & Auditing Conference

December 6 - 7 Winter Conference

Dec. 13 - 14

Technology Conference

Register at www.uacpa.org the journal entry | July 2018

35

IN MEMORIAM

The Rules Have Changed

Larry Deppe

March 9, 1949 — June 12, 2018 UACPA Member since 1990

Fred E. Baird

July 3, 1928 — May 29, 2018

Robert Kent Bowen

May 22, 1949 — Jan. 31, 2018 UACPA Member since 1977

Don'’t Miss Out on Your New CPE Requirements Utah CPAs are required to earn three hours of ethics and one hour on the Utah CPA Licensing Act and CPA Licensing Act Rules (Utah Laws & Rules) per CPE reporting period. This requirement applies to the current reporting year, which has been extended and now ends December 31, 2018. Due to the extension, CPAs will be required to complete 120 hours.

Credits Find ethics courses that will fulfill the The Journal Entry is printed by Transcript Bulletin Publishing.

We're a full service local printing company who enjoys printing for UACPA and would like to provide our printing services to you.

Call Shane at 435-840-0344

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the journal entry | July 2018

three mandatory credits by visiting www.uacpa.org/ethics. For the Utah Laws & Rules credit, the UACPA has created a webinar to fulfill that requirement.

Webinar The Utah Laws & Rules webinar is accessible through www.uacpa.org. It can be accessed through the CPE tab on the main page.

Member Benefits

The UACPA Honors 100% Membership

AGILITY

Congratulations to the firms and businesses curerently participating in the UACPA's 100% membership program. This demonstrates their commitment to the profession, to the Association's high ethical standards and a commitment to life-long learning.

The UACPA's Affinity Partners help you get the most out of your membership Agility offers UACPA members a 10% discount on any of their ReadySuite solutions. Contact Trevor Mickelson at 720-490-4531, or Trevor.Mickelson@agilityrecovery.com.

ADP

ADP offers free payroll and free 401k services to members and affiliates. Please contact Alan Palacios at 801-956-7823 or alan.palacios@adp.com for more information.

Beehive Insurance

Groups with 2 to 100 eligible employees can participate in medical, dental, vision, telehealth and voluntary onsite programs through this plan. For more information, contact Todd Valentine, 801-743-7788 or tvalentine@beehiveinsurance.com.

National Affinity Service

Identity protection experts have you covered for $12.95 per month or $16.95 per month for a family. Visit healthwealth. fit/uacpa_infoarmor

CCH

UACPA members receive a discount on the U.S. Master Tax Guide and more. Visit cchgroup.com and use code Y3819

iTransact

iTransact, a full service payment processing company, rewards UACPA members with a residual payout program. Email Colston Robinson, c.robinson@itransact.com or call 801-951-8178.

Camico

The Mutual Insurance Company offers UACPA members a variety of benefits. To learn more, call 800-652-1772 or email inquiry@camico.com.

PUBLIC PRACTICE • CBIZ • Cook Martin Poulson • Davis & Bott • Eide Bailly • Haynie & Company • Jones Simkins • Pinnock, Robbins, Posey & Richins • PricewaterhouseCoopers • Savage Esplin & Radmall • Squire • Stayner Bates & Jensen • Tanner, LLC INDUSTRY • LDS Church Auditing Department • Workers Compensation Fund

Firms with 10 or more full-time CPAs are eligible to be a part of the 100% membership program. Learn more by talking to Braden Thompson, bthompson@uacpa.org or call 801.466.8022

Office Depot

UACPA members can save up to 80% on office products, printing, technology and furniture. Visit www.officediscounts. org/uacpa to learn more.

Learn more about member benefits by talking to Amy Spencer, as@uacpa.org or calling 801.466.8022 the journal entry | July 2018

37

golf tournament W , 15 ednesday august

Bring your swing to the UACPA's annual golf tournament to benefit the Utah CPA Education Foundation, supporting financial literacy in Utah. Prizes and raffle will take place during lunch.

Time: 7:30 a.m. Shotgun Start Location: Bountiful Ridge Golf Course, 2430 S. Bountiful Blvd.

Fees: $450 per team; $115 per individual Lunch included Grand Prize: Traeger Grill

Register now at www.uacpa.org/golf Sponsorshi p opportunities still available.Visit uacpa.org/sponsorgolf

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Industry Leading Results Since 1998 CostSegConsultants.com | 801.647.5225

ContactList

ConnectWithUs

Accounting Issues

When UACPA members have questions about accounting issues, help is available from the UACPA Accounting Issues Committee.

Each month, a member of the committee is assigned to answer accounting questions and help you interpret the rules as they apply to your particular situation. The following members may be contacted during the months listed.

July

August

Ted Rokich 801-263-3090 trokich@fdic.gov

Mark Anderson 801-532-2200 mva@prolunginc.com

www.facebook.com/Utahassociationofcpas

September Mark Anderson 801-532-2200 mva@prolunginc.com

www.twitter.com/uacpa

CPE Approval — Does This Qualify?

When UACPA members have questions regarding CPE Approval and whether or not something may or may not qualify, they can turn to the UACPA CPE Approval Committee for answers. Each month, committee members are assigned to answer member questions related to CPE approval. Below are the members who may be contacted with your questions.

July - September Steve Avis 801-532-7800 stevea@hayniecpas.com

Tax Issues

Scott L. Robinson 801-990-5918 srobinson@tannerco.com

The Tax Issues Committee focuses on legislative and regulatory issues and does not answer technical questions. For assistance with a technical matter, please refer to the UACPA referral tool at uacpa.org. Direct questions related to legislative or regulatory issues to taxissues@uacpa.org

Classified Ads To place your classified advertisement and reach Utah CPAs, contact the UACPA at mail@uapca.org.

Utah Practice For Sale: gross revenues shown: Holladay CPA-$311K, primarily tax (96%). For more information, please call 1-800-397-0249 or visit www.

AccountingPracticeSales.com to see listing details and register for free email updates.

THINKING OF SELLING YOUR PRACTICE? Accounting Practice Sales is the leading marketer of accounting and tax practices in North America. We have a large pool of buyers, both individuals and firms, looking for practices now. We also have the experience to help you find the right fit for your firm, negotiate the best price and terms and get the deal done. To learn more about our risk-free and confidential services, call Ryan Pannell with The Holmes Group at 1-800-397-0249 or email Ryan@APS.net. the journal entry | July 2018

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Utah Association of CPAs 136 S. Main Street, Suite 510 Salt Lake City, UT 84101

Nonprofit Org. U.S. Postage

PAID Salt Lake City, UT Permit No. 1996

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the journal entry | July 2018