The Journal Entry - October 2018 by UACPA

October

2018,

Vol.

Multi-generational

CPAs

Family Matters Some CPAs keep the profession in the family.

www.uacpa.org

Mission,Vision,Values

ExecutiveBoard

Mission

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

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

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.

UACPAStaff

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

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.

ceo..............................................................Susan Speirs communications/marketing and editor of the journal entry................ Amy Spencer cpe manager.......................................... April Deneault financial director...................................... Tom Horn membership development............ Braden Thompson

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. â&#x20AC;&#x2039;â&#x20AC;&#x2039;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.

the journal entry | October 2018

in this issue | October 2018

feature story

These CPAs Are All in the Family 128 New Members............................................................................................4 Movers & Shakers......................................................................................5 President's Message...................................................................................6

Strut Your Tech Savvy

Message from the CEO............................................................................. 7 Meet Utah's Multi-generational CPAs....................................................8

Value in Property Tax and Truth in Taxation......................................26 Assess Your Technology Knowledge.....................................................28 Preventing Phishing Attacks.................................................................. 31 Women in Accounting: Kathryn Fargam.............................................34 Meet the UACPA Executive Board........................................................36 Meet the UACPA Staff.............................................................................37 Board Bullets............................................................................................38 Comic: Generally Excepted....................................................................38 Meet a Member: Rich Mahoney............................................................39 Photos: UACPA Golf Tournament........................................................40

Outsmart a Phishing Email 31

Meet a Member: Rich Mahoney

CPE Course Schedule.............................................................................42 In Memoriam...........................................................................................44 Member Benefits/100% Membership Firms........................................45

39 the journal entry | October 2018

New Members

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

New Members

Congratulations to the following CPAs and individuals who were approved for membership or affiliate status in the UACPA as of August 31, 2018. Brady Low KPMG LLP

Steve St. Pierre BDO USA, LLP

Filip Kolovrat

Philliip S. Foster

Julie Janke

Karla Carpenter BDO USA, LLP

Benjamin Johnson Alexander K. Degnan PwC Steven Broadbent Clyde Companies Inc.

Heather Upegui PricewaterhouseCoopers LLP

Chet Holyoak

Aaron Wolfley Stayner Bates P.C.

Tevan Valtinson Tanner LLC

Thomas W. Johnson LPL Financial

Jeremy Quinn Tanner LLC

Steve Plowman Teem Technologies, Inc.

Jordan Jensen Icon Health & Fitness, Inc.

Student Members

Jason Anderson Health Catalyst Garry Hrechkosy PricewaterhouseCoopers LLP Steven Sellers Prime Alliance Bank Kevin Anderson Zions Bancorporation Artem Kakadiy CliftonLarsonAllen LLP

Clarke B. Wilkinson Eide Bailly LLP

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Brigham Young University Carlos Sebastian Shiraishi Lopez Southern Utah University Michael Reese

University of Utah Susannah Randall Janna Curtis Karissa Kessinger Brad Kendrick Brooke Ricks Utah Valley University Michael Cannon Tyler Burke Sabrina Mccall Brandon Griffin Adam Daley Western Governors University Christina Norris Rachel Cordell Michelle Christiansen Andrew Strobel David Restreppo Beverly Leach Reinaldo Lozado Candy Estrada-pena Sonja Daggy Kayla Allen Karry Deeter Cameron Cook Jessica Winkler Garrett Lee

Movers & Shakers Tanner LLC has been named to INSIDE Public Accounting's Best of the Best Accounting Firms for 2018. IPA's annual recognition honors CPA firms across the country for their overall superior performance on more than 70 IPA criteria. Tanner was the only Utah-based accounting company to be recognized as an IPA Best of the Best Firm and was recognized in the September issue of INSIDE Public Accounting.

Orem-based firm Squire & Company, PC, has combined with Salt Lake City's Pinnock, Robbins, Posey & Richins, P.C. to expand their offering of accounting and advisory services to current and prospective client businesses and to accelerate growth. Together, the firms will enable the combined company to offer new and existing clients across several sectors a broadened suite of accounting and advisory services. Through Squire's 45 years serving and PRPR's nearly 75 years, the consolidated company will be known as Squire and will maintain both Salt Lake City and Orem offices. David R. Hoopes, CPA has been admitted as an audit partner with Tanner LLC. Hoopes has more than 30 years of public accounting expierience, including working 15 years with a "Big Five" international firm, six years with a national firm and two years with a local CPA firm. He also spent seven years David R. Hoopes working for a securities litigation firm, consulting as an expert witness in large brokerdealer financial institution disputes. He began his career in Portland, Ore. and moved to Utah seven years ago.

Kyle Graham, audit manager at Tanner LLC, was selected to attend the 2018 class of the AICPA Leadership Academy. He was one of only 41 CPAs honored to be joining the ten class that is held October 7 - 11 in Duham, NC. Kyle joined Tanner in January Kyle Graham 2012 and earned his master's in accountancy from Southern Utah University. The AICPA Leadership Academy was designed to strengthen and expand the leadership skills of promising young professionals while they network with a peer group of talented and motivated CPAs. Many of the 300+ past participants have gone on to take leadership positions in their firms, businesses and volunteer organizations. NASBA has announced that Utah has retained its No. 1 rank from 2016 to 2017 with the highest CPA Exam pass rate in the country. After a record number of exams taken in 2016, the number of candidates taking the exam has somewhat dipped in 2017, but Utah has stayed strong with a 61.79% pass rate. The full report can be accessed at nasbareport.com. Share your news in Movers & Shakers. Send the details to Amy Spencer, as@uacpa.org.

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President's Message

Matt Klein, CPA

remember the moment I became an accounting major. I was working as a staff accountant (read: only accountant) at a drug rehab facility and was planning to major in finance. I was just a few weeks into Financial Accounting 2600 but had yet to complete an actual accounting class. Two auditors sat across from me and asked for information related to the year before I worked there. Looking back, that was the best audit I have been involved in because I could legitimately say, “I don’t know.” When Bob Wiggins asked what I was majoring in and I told him finance, he responded, “no, you should major in accounting.” I still think about Bob and that moment he took to mentor me and lead me to a profession that I enjoy (almost) every day. I was also influenced by my dad who started a forensic accounting firm. He talked me out of law school, and I helped him hire some accountants. He’s not a degreed accountant, but he sure thinks like one, which is probably why accounting comes naturally. My brother must not have seen me working too many hours or traveling too much and decided accounting is for him, too. He has his master's and bachelor’s degrees in accounting from the University of Utah and is working on the CPA Exam. Probably the best example of a CPA was my maternal grandfather. His father also had a four-year degree in accounting but never took the CPA Exam. He was the treasurer for the Amalgamated Sugar Company. My grandfather was a CPA for Hercules Corporation, but he passed away when I was four years old. While I still have memories of him, we never got to talk about green visors or pocket protectors. My grandma always spoke highly of his work as a CPA and it seemed as if some of her identity was tied up in the prestigious profession that he had supported their family with for so many years. Grandpa’s famous line was “when a company goes under, the accountants are the ones to turn off the lights and lock the door.” Another cousin on this side is also a CPA and provided some guidance for

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Matt and his grandfather share the CPA gene.

me as I entered the profession. I have tried to pay it forward and mentor other students majoring in accounting. My first victim of that mentoring was my wife. I think she tried all the majors besides accounting before finally giving in. She saw the great example of her mother who was able to work part time from home and still be involved in everything in her children's lives and have a fulfilling career at the same time. Caroline followed about a year behind me at the University of Utah. We would not have survived if we had been in the program together — I would have been too intimidated. I readily admit that she is smarter than I am! She scored higher on the CPA Exam and did not have to retake any parts – I played A LOT of golf that summer! Caroline and I jokeE that we waited to have children because we were worried how the children of two accountants would turn out. It did not help that we talked about Excel at dinner, but most of our friends are also accountants. Accounting has been good to my family for four generations, and I hope at least one of my children continues in the profession. I also hope that no one in my family has to turn off the lights and lock the doors of a failed company! I hope you enjoy reading about how and why once there is one accountant in the family, more and more follow. ■

CEO's Message

Susan Speirs, CPA

Generational CPAs - A commentary by my son, Andy, a CPA who works at Trader, Roberts and Spangler, lLC:

was asked to write about my experience becoming a CPA and how my decision to do so was influenced by my mother, Susan. My writing is intended to persuade CPAsto-be that being a CPA is a great gig, but I must preface my comments with the fact that I am writing this on a Saturday evening after a full day at the office. On that note, I never wanted to grow up and be a CPA! My mom would go to work in her home office at 4:30 a.m. on Saturday mornings during tax season so that she would have time to work, plus do all the regular errands and things mothers do. Working on Saturdays wasn’t (and still isn’t) for me. So, I focused my energies on developing my musical talents so that I could be a professional musician. Having tried that gig, I now understand working Saturdays a few months out of the year is much better than working Friday and Saturday evenings almost every week of the year! I made a career change to accounting for the same reason other famous musicians-turned-CPAs have: I was too attached to eating. Because of my upbringing, I knew a working knowledge of business would be crucial to my musical career. I also believed accounting would be the best way for me to understand the operations of business, so when the time came to make a change, I enrolled in the U of U MAcc Intensive Program and the rest is history. Yes, busy season is a grind, and yes, it will take two or three years before you feel like you understand what you are doing, but public accounting is a great career path for anyone willing to do accounting work in the first place. Laws and rules are always changing, as are the needs of

Andy Speirs shifted from a career in music to a career as a CPA, like his mother Susan Speirs.

our clients. This variety will likely overwhelm you at first, but it will keep things interesting and engaging as you gain experience. Finally, a last word regarding growing up as a child of a CPA: It was very normal, and I can’t think of a better tribute to my mother. Dinner was always at 6 p.m., and my parents attended all of my sports games and concerts. Additionally, my mom served on the UACPA board and as president of the UACPA, works on the Jump$tart program, and engages in other service endeavors. My mom worked early mornings or after dinner sometimes until midnight to pack everything in. Now that I’m in the same career field, I’m just beginning to understand the sacrifice she made so that my life could be normal. And she’s the best at balancing life of anyone I know, to boot! Through it all she makes time to develop her talents and find joy in the journey. ■

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CPAs with the DNAs These CPAs Share Their Stories of Having Parents or Children As CPAs. By Amy Spencer UACPA Staff

here is joy in knowing your children have discovered their passions, followed their hearts and are living their dreams. But CPAs who have children who are CPAs have a different level of gratification because they understand the difficulty of passing the exam and the potentially long hours that come with the territory.

Here at the UACPA offices, we have learned of many of these folks who can talk tax code at family gatherings and decided to showcase the multigenerational accountants who are part of the Association. To our surprise, there are so many more of you than we even thought. If we missed your family on this round, don't worry. We will be sharing more family stories in the future. Make sure we know about you by sending an email to Amy Spencer, as@uacpa.org. We will feature your story in a future issue of The Journal Entry.

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Feature Story

I David Bunker - Licensed in 1972 Alan Bunker - Licensed in 1967 Richard Bunker - Licensed in 1960 S. Bertell Bunker - Licensed in 1936

n 1936, at the age of 27, S. Bertell Bunker became the 93rd person in Utah to be licensed as a CPA. Raised on a farm in a large family, Bertell went on to pursue an education while working part-time jobs during the Great Depression. He quickly became an early leader of the accounting profession in Utah and enjoyed his career in public practice and helping clients solve difficult problems and become successful in their businesses. His career as a CPA began by working for the Utah State Tax Commission as property tax supervisor, and years later he was appointed as the Utah state budget director. He was a partner and co-founder (along with Paul Tanner) of Bunker-Tanner Co., CPAs, an owner of retail stores and founder of S. Bertell Bunker, CPA. He and his son Richard co-founded Bunker and Bunker, CPAs. He served as associate commisioner for finance for the Utah System of Higher Education. An active member of the UACPA, Bertell served as president in 1947. Bertell, who passed away in 1987, was proud of his three sons who all found careers as CPAs. David recalls his father's advice to him and his brothers: "Do honorable work that you enjoy in a field for which there is a demand."

Bertell Bunker (seated) was proud to have his sons (from left) David, Alan and Richard become CPAs like himself.

Bertell earned his degree at the University of Utah, and his sons Richard, Alan and David all followed his footsteps. Alan was the only son who planned on becoming a CPA. Richard started as a chemistry major and says, "Because I could type, I was assigned to be the accountant and secretary for my church mission. Upon completion of my mission, I was drafted into the U.S. Army and subsequently assigned as the clerk of a large Army hospital unit. After serving in the Army, I returned home and resumed school, this time as an accounting major." Similarly, David started college as a math major, but changed to accounting after enjoying his elementary accounting class he took as an elective. Each of Bertell's sons appreciated having a father as a mentor. Richard, who passed away in 2016, was proud to be a co-founder and partner of a firm with his father and enjoyed preparing tax returns each year for a number of widows at no charge. Alan says he has employed the ingenious business analysis tools he learned from his father throughout his career. When David took the CPA Exam, he thought he hadn't passed any parts, but passed all on the first sitting. "This mirrored the experience of my own father 36 years previously." â&#x2013;

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Steve Radmall Licensed in 1988 Jared Radmall Licensed in 2018

When he learned that Jared was going to become a CPA, Steve told him to prepare to lose his personality.

Jared didn't put much thought into what his t. George CPAs Steve father's career was when he Radmall and his son Jared was younger, but recognized work together at Savage Esphis father's career satisfaclin & Radmall, PC. tion. As a CPA, Jared says he realizes how important Steve encouraged Jared to it is to separate family and choose a profession that work life. "My father did not Jared (left) works with his father Steve at Savage Esplin & Radmall, discuss his financial situawould allow him to earn a reasonable living and support PC, a firm full ofmulti-generational CPAs. tion with us, but I noticed that his family without steering we were living comfortably. him toward becoming a CPA. He set an example through By the time I was in high school, I could tell that being a his flexible schedule, allowing him to attend important CPA was prestigious and provided job stability." events. "My profession allowed me to serve in the church and community, provide a reasonable standard of living Steve enjoyed being able to "talk shop" with Jared when for my family, and feel satisfaction from helping other he was a VITA volunteer at Dixie State University and people." With a career path that has been fulfilling, Steve adds, "I actually learned a tax tip from him that I was able is confident that his children could sense that growing up. to use in my practice." He boasts that the day Jared passed the exam was an especially proud moment for him. He "Although my father worked long hours during tax seasees Jared's bright future ahead and says he hopes that son, his schedule was flexible; he never missed my music translates into an earlier retirement for himself. and sporting events," Jared says. Seeing firsthand how hard his father works, Jared has a In college, Steve didn't start with a plan to become a CPA, new appreciation for him. "His work ethic is at a level that but his mother encouraged him to sign up for an acI did not comprehend as a child," Jared says. "It is fun to counting class. "It was during my second year of college work on projects with him because I learn so much from that I decided to declare my major of accounting," Jared him every day. It is great to have someone that I trust to says. "I was at a point where I was trying to convince my go to with any questions I have." â&#x2013; in-laws that I had direction in my life, and becoming a CPA seemed to do the trick."

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Feature Story

Pat Teuscher Licensed in 1982 Monica Gardner Licensed in 2014

at Teuscher, a retired VP of audit services and chief risk officer at Questar Corporation, advised his daughter Monica to find something that she would enjoy doing and something people are willing to pay her well to do.

Monica Gardner (sitting, middle in purple) taught math before becoming a CPA like her father, Pat Teuscher (standing, middle in plaid).

Monica remembers her dad traveling for work and bringing back something fun for her, but didn't think much about what he did for work. "As a teenager, I knew he was a CPA, but equated accounting with bookkeeping. It wasnâ&#x20AC;&#x2122;t until high school, when I did a report on CPAs, that I realized accounting is a lot more than just adding and subtracting numbers," she says. "In college, I did a presentation on accounting for oil and gas companies and gained a better understanding of, and greater appreciation for, what my dad actually did." Pat recalls his advice to Monica on the "language of business" and the opportunities that arise because of the versatile skill set. "The skills you develop as a CPA can be applied across many industries and business activities." Initially, Monica did not plan on becoming a CPA when she entered college. "I always wanted to be a teacher," she says. "I got my BA in math education and taught junior high math for four years before going back to school to get my master's in accounting. The next logical step was to become a CPA." In her first accounting class, Monica remembers reviewing debits and credits, the accounting equation, T-accounts "and all those basic concepts that are now second nature, but at the time, were a foreign concept." She was able to discuss this with Pat and saw, "He was excited that there was someone else in the family who spoke his language." She felt the same way. Pat was proud of Monica when she earned her CPA certification and license. Having earned his CPA, CIA and CRMA, he knows how difficult they are to get and the journey and sacrifices you have to make to earn them. â&#x2013; the journal entry | October 2018

Photos (left), Jennifer and Roger are the children of CPA fathers; (right) Jeff and his son, Carl are partners at Jensen & Associates.

s a married couple, Roger and Jennifer appreciate their common profession as CPAs. Roger says, "We know what the other is going through and understand its ups and downs, which enables us to support each other's career accordingly."

Jennifer's father, Jeff, co-owns Jensen & Associates, P.C. with his son Carl, also a CPA. Jeff gave his children the career advice he was given by his grandther's CPA, Rodney Mellor, "An accounting degree and getting your CPA license is as solid of a degree as you can get if you want to be in business, any business." He said, "You donâ&#x20AC;&#x2122;t need to stay in public accounting but your basic skill level will let you work about any place you want." Roger, a Partner at Lone Peak Valuation Group, remembers his father saying, accounting is the language of business and no matter what profession he ultimately decided on, he would be well served to obtain an accounting degree. Both Roger and Jennifer started in tax and after two years, Roger moved to forensic accounting. "It is probably best that we aren't both working in tax as that would make for a very stressful household during tax season," Jennifer says.

Now with a daughter in college taking an accounting class, Jennifer admits that they are interested to see if that will lead her down the CPA path.

Jennifer (Jensen) Smith Licensed in 1988 Jeff Jensen - Licensed in 1979

"CPA firms were not for everyone, but it was for me," Jeff says. "I have had experiences in this profession that I may not have had anywhere else. I never wanted to work for the big firms but wanted to work where I could work with the owners and the decision makers to make their business better. I told [my children] that the tax side of the business was what I thought they would enjoy better because they would not have to travel near as much as the audit side of the profession." With complete confidence in his children, Jeff knew he wouldn't worry about them finding good careers. He and his son Carl founded Jensen & Associates. Jennifer and Carl's other sibling, Julianne, also works at the firm performing bookkeeping services. Prior to Jensen & Associates, Jeff served as Larry H. Miller's

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Feature Story

(Above) Jeff Jensen is surrounded by CPAs and family; Roger Smith thought his dad Ron should work at H&R Block.

outside accountant for more than 30 years. "The day I met Larry was at the firm I worked for right out of college. Larry and his uncle met with two of our partners and myself and another member of the firm. After two hours of discussing doing work for Larry at his newly purchased dealership, one of the partners announced that all car dealers are crooks and we don’t want to do your work." Larry turned to the two of them with the partners and said, "You guys said you may be leaving this firm, if you want to be at the dealership on Monday I will keep you busy for a while." The next 30 years were a journey I never could have imagined. I sat side-byside with Larry through the thick and the thin of creating a billion dollar business." Jennifer, a tax director at Grant Thornton, knew her dad worked hard, especially at certain times of the year. But she also remembers him having some flexibility that allowed him to be at her and her siblings' various activities as they grew up. "He spoke of his clients often, and I could tell that he liked to work with so many different clients and their businesses," she says. "I wanted to have a profession that would be flexible. I knew that I wanted to have a family but would also like to have a career." Jennifer and her father talked about her becoming a CPA on many occasions. "He thought that going into tax could be a good thing for me," she says. "I could work hard during the tax season, but have a fair amount of flexibility to work from home and also work less during the summer when the kids were out of school." She has worked a part-time schedule since their oldest was born almost 20 years ago. "I thought there would be a good chance I would work with my dad once I started a family, but Grant Thornton LLP has been great to work with me

and my flex schedule." Having a father in the field has been fun for Jennifer. "We are able to call and bounce ideas off of each other. We also have done different work for the same clients and it is fun to work together for these clients." Jeff adds, "Being a CPA has been good for me and my family."

Roger Smith - Licensed in 1998 Ron Smith - deceased Nov. 3, 2009

Growing up, Roger thought that the biggest and best accounting firm was H&R Block until he asked his father why he didn't work there. "Once I figured out what he really did and listened to him, I was able to see all of the future career opportunities by having an accounting background." Roger's father, Ron, passed away from cancer in 2009. "He was proud that he served as such a strong example to me," he says. "I think that he was proud when I was a recipient of the 'Outstanding Accounting Scholar' award at the University of Utah (school wasn’t really his thing), and when I co-founded Lone Peak Valuation Group, which was a year before his passing. However, I think that he was most proud on the occasions when he could bring me in to perform a business valuation engagement for one of his clients." Roger's proudest moment of being the son of a CPA was at his father's funeral. "I was impressed with how many of his clients came to the viewing/funeral and enjoyed hearing about the impact he had on their lives and businesses. He was a trusted advisor who was well respected by them." ■ the journal entry | October 2018

Jerry A. Van Os - Licensed in 1977 Lauren Van Os Gowen - Licensed in 2014

auren Van Os Gowen witnessed her father's career as associate dean and professor at the Gore School of Business at Westminster College. "I knew he was a professor, and I knew he worked late nights (he taught evening classes). When I asked what he did for work, he said he taught for the MBA. I thought he said the NBA. I was very disappointed to find out he had nothing to do with the Utah Jazz or basketball." She admits, "His job seemed a lot less interesting after that and I never thought I would study accounting." Lauren became more curious about what her father did for a living as she got older. "While [it] didn’t sound exciting and glamourous as a child, I appreciated that he had flexibility with his job to accommodate our school schedule and after-school activities," Lauren says. "I liked the potential opportunities of becoming a CPA."

Jerry Van Os is proud that his daughter, Lauren, decided to become a CPA, but especially because it was her own choice.

many positive experiences about my students and their development in becoming professional accountants and CPAs."

Jerry Van Os and his wife are both first-generation college graduates. "Our parents immigrated to the United States from post-World War II Europe, looking for a new way of life and to provide opportunities for themselves and their children. Their parents valued education and believed it was necessary to be successful.

Lauren always enjoyed math and entered college as an engineering major. "My dad suggested that I take one accounting class to see if I might like it. [It] came more naturally to me, so I decided to change my major my freshman year."

They hoped their children would have better lives than they did, and Jerry passed on that value of education to his children. "We encouraged higher education as a pathway to a better future," he says. "While not encouraging a specific path towards college or a major, we wanted to provide our children with the financial resources, opportunities and experiences to develop their passion for what they would like to do later in life."

Jerry says, "I felt that she had the aptitude to become a CPA, but I also felt she needed to come to that decision on her own. As a professor and parent, I had to walk a fine line in my daughter’s decision to pursue accounting as her major. Fortunately, I work with many dedicated faculty colleagues who provided her with encouragement, mentoring and advice in her decision to become a CPA. I was very happy that she had chosen a career path to become a CPA, but also that it was her choice."

It was appealing for Lauren to become a CPA because she could work for a company, herself or go into practically any industry because, as Jerry told her, “Everybody needs an accountant.” "I have often believed that children don’t follow their parent’s footpath because they sometimes bring their professional frustrations home and children get a sense that another career path may be better suited for them. I have been very fortunate to have worked at an academic institution, working in an environment in which students want to succeed. As a result, as my children were growing up I was able to share 14

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Lauren remembers the moment she found out she passed the exam. "I felt so proud being able to call my dad and tell him I passed, especially since it took me a few tries. It is an achievement that has elevated my career and offers security for the future." As a new parent, Lauren is proud to share her hopes and dreams for her son with her father. "Whether or not my son chooses to become a CPA, I hope that I am able to provide the same opportunities and lessons of hard work and financial literacy that I learned from my dad." ■

Feature Story

Brent Bement - Licensed in 2013 Kenneth Bement - (deceased June 30, 2017) Licensed in 1980

rowing up I didn’t know much about my father’s work as a CPA," says Brent Bement of Bement & Company. "I knew he was the boss, that he worked on a computer, and that he could take time off (except during tax season) whenever he wanted to take us on family trips." Brent cherishes his memories of road trips where he and his five siblings would squeeze into an old motorhome with his parents. "As I got older and went through high school, I started to think about my career and began helping however I could at my father’s firm. I was hooked on the idea of being surrounded with good people and running my own firm." The flexible schedule, being self-employed and employing other CPAs along with being responsible for his own success was part of the appeal for a career as a CPA for Brent. "About halfway through high school, I actually decided that I wanted to become a CPA just like my father. As soon as I started taking classes at the University of Utah I was on track to become a CPA."

Brent Bement (above) saw the flexibility and satisfaction of his father's business and joined Kenneth (right) at Bement & Company when he became a CPA.

Not long after becoming a CPA, Brent and his father ad an initial meeting with a potential client. "We hadn't every meeting since, I felt talked much about how the meeting would go or what we that same level of trust in me. " would talk about," he says. Kenneth passed away in 2017, but Brent says "We have "We arrived at the client's office and I was certain that my continued the legacy of the CPA firm he started in 1989 father would lead the meeting and I wouldn't need to say and have continued to work with all of our clients." much. Well, after our introductions and getting to know Brent has continued working with his father's clients. the client a little, my father turned to me and said 'Brent "I have never been more proud of my father as I hear will explain how we can help you and your business.' At how well he has worked with them over the years and first I was surprised and didn't know what to say, but I got started and explained exactly why I thought we could how much they loved and respected him as a friend and professional," Brent boasts. "To have that kind of help the client and why we would be a good fit. At that relationship with our clients now is something I strive for point I felt an extreme amount of gratitude for having everyday." ■ a boss and father that trusted me 100%. Every year and

the journal entry | October 2018

John Aoki - Licensed in 1982 Jill Aoki - Licensed in 2013

ohn Aoki, a corporate controller at LICT Corporation, a New York-based holding company of TeleCommunication businesses in 11 states, encouraged his daugher, Jill, to find something that she enjoyed doing when she was growing up. Jill admired that her father worked for different companies in a variety of industries including radio, pharmaceuticals and food and beverages and recognized that all companies need accountants. Jill, who was recognized by the UACPA in 2014 with an outstanding student award is now a manager of financial accounting at the Walt Disney Company in Glendale, Calif. While attending Utah State University, Jill was an active volunteer with the UACPA, serving on ProNet Council. She saw the opportunity to understand business operations in a range of industries. And John encouraged her to because she would be "exposed to many industries and business practices." John says that Jill decided on her career path even before college, "I thought this might change (like it does for many kids), but she stayed with it all through college."

Jill Aoki recognized her father John's happiness in his career and, at a young age, decided she would also become a CPA.

Jill concurs, "I knew I wanted to get a degree in accounting to provide a foundation for a business career. Becoming a CPA was a given for me, to further demonstrate my knowledge and expertise in the field." Through her father's influence, Jill wanted to be an accountant from early on. She says, "Officially becoming a CPA was a big accomplishment for me, as it had been a goal of mine for quite some time." John is proud of his daughter and calls her an overachiever. He remembers, "When I was trying to pass the CPA exam, my colleagues and I used to joke that unless you are going for the Elijah Watt Sells award, anything above 75 means you studied more than you needed to. She passed with near perfect scores and earned the Elijah Watt Sells award. I couldn’t be prouder of this and all of her many achievements." ■

the journal entry | October 2018

Feature Story

Scott W. Pickett - Licensed in 1981 Jeff Pickett - Licensed in 2008

s an educator, Scott Pickett didn't want to sway his children's careers. "Observation is a powerful tool. Any great CPA learns from observation. Jeff mastered this skill before officially becoming a CPA." Jeff, a principal at Lone Peak Valuation Group, remembers that his dad loved his job. "He whistled every night as he walked in the back door after a long day at the office," adding that he never complained about his work and that he was often recognized when they went out. As a teenager, Jeff expressed an interest in becoming an attorney, but it was at dinner on a night when Scott wasn't home yet that he revealed his desire to be a CPA. Scott describes his wife's reaction as very telling. "In some frustration, she asked Jeff two questions – 'Haven’t you learned anything living in this house for 17 years? Where is your dad right now?'" But even that reaction didn't deter Jeff from following his dream. "I loved the idea of helping people and businesses save money," Jeff says about his career ambitions. "We were on a family vacation in Seattle when I was about 15. My dad received a call from a client. While I understood very little of the conversation, what I did understand was that my dad was saving somebody a lot of money on their taxes. The idea of helping others understand and make optimal financial decisions got me really excited!" Ultimately, Scott was pleased with Jeff 's decision to join the profession: Unlike most parents, I have had the great pleasure of participating in Jeff ’s career. As a student, it was my privilege to have him in my partnership taxation class. I don’t know who was more stressed in that situation, Jeff or me — I suspect it was Jeff. It was great having him in class and observing what an outstanding student he was. Upon graduation, Jeff joined PwC at a time when I was managing partner of the Salt Lake office. Let me be clear, I had nothing to do with either the firm’s offer or Jeff ’s decision to accept the offer. Nevertheless, I was proud when he did. It has been a great pleasure watching him take the same steps I took years ago. Oh, and yes, he is a workaholic. The fruit doesn’t fall far from the tree.

Scott Pickett had the unique opportunity of teaching his son Jeff as a student in one of his college classes.

Jeff shares his pride in his father, an accomplished CPA: "I frequently got the question, "Are you Scott Pickett’s son?" The question was typically followed with stories about working with my dad as a PwC colleague or client, meeting my dad when going through the recruiting process, or interacting with him in some other professional capacity. In all cases, the comments are incredibly positive, almost always expressing how much respect they had for my dad and frequently commenting on how he helped shape their career. In recent years, the question has changed slightly to, "Is Scott Pickett your dad?" The change in phrasing only reflects the differing perspective of those asking the question. Now, the question is always followed by some version of “He was the best professor I had” or “He gave me some career advice that has really helped me.” As my personal mentor, he was instrumental in helping me decide to pursue a career in valuation and forensic accounting. His advice and his example have absolutely helped me progress down the CPA path arriving at where I am today. It has been enjoyable and rewarding to see the incredible influence my dad has had on others in the profession. I hope to be able to do the same for future CPAs, whether they’re my children or someone else’s. ■ the journal entry | October 2018

Gail Anger - Licensed in 1967 Tiffin Anger Tullis - Licensed in 1995 Christopher Anger - Licensed in 1998

ail Anger's children know he is a big deal. His daughter, Tiffin Tullis, a CPA at Professional Business Advisors says, "I love when people find out that I am Gail Anger's daughter." Growing up, Tiffin knew her dad was a CPA, but didn't really understand what that meant, "except that he enjoyed math." She remembers him enjoying his job and providing a "happy, supportive, wonderful environment for our family." The BYU graduate is proud of her father as he found a career where he was "happy and successful and could help many people in different ways." Gail's son, Chris, a partner at Ernst & Young in California, remembers people coming to the house to ask tax questions. "I could see how much they appreciated his help," he says. "We would also hear how much my dad was respected in this 'tax world.'" Gail was a principal at Tanner LLC for 15 years before he and several of his associates established Professional Business Advisors, LLC, CPAs. Gail says he didn't give his children much information about his career as a CPA, but he did let them know he enjoyed the work. His influence had a profound effect on Tiffin. "I also wanted a career where I could succeed and serve," she says.

Tiffin took an accounting class in high school and "absolutely loved it." She recalls her father being encouraging about her consideration for going into accounting in college. "Knowing he was in the accounting profession, was a CPA, and enjoyed what he did was a motivating force for me to pursue an accounting degree and become a CPA. Chris also saw the appeal in becoming a CPA. He knew the stability of the profession and that it could open windows into other areas of business. 18

the journal entry | October 2018

Tiffin and Chris enjoy hearing people say how much they love their father, Gail, when learning they are his children.

Gail is proud of Chris and Tiffin becoming CPAs and says "I knew they would do very well." Tiffin says Gail has been one of the greatest role models in all aspects of her life. "He is kind, charitable, brilliant, hardworking, and good." She adds, "I look to him as an example of how to learn and live my life." Gail takes pride at the times he meets someone who has worked with his children and they often express how much they have enjoyed working with them. His children reflect that pride. Tiffin says, "Every time I meet someone new, they tell me how much they love being in his CPE classes, working with him, or just knowing him. His clients love him and trust him." Throughout his career, Gail has been the recipient of numerous awards. Even in 1963, Gail was named the Outstanding Business and Accounting Student at Utah State University. And Chris fondly recalls one of the times Gail received an award at one of the UACPA awards lunches. Chris says, "I know that many people in Utah respect and look up to my dad for his hard work, kind nature, sense of humor and knowledge." â&#x2013;

Feature Story side of accounting and taxes, rather than as a CPA who prepares yearly tax returns. I spent about half of my career preparing tax returns and half of my career in controller positions managing accounting departments. I decided to start my own CPA tax prep firm a couple of years ago after having my daughter because I was frustrated with the lack of flexibility in regular jobs. I never enjoyed working tax season when I was an employee, so I was unsure if I would be able to handle the intensity on my own. But I was surprised to find that I thoroughly enjoyed every minute of it when I was in business."

Terry Green Licensed in 1975 Jaimie Eck Licensed in 2010

aimie Eck remembers her father being a hard worker as she helped him with filing taxes when she was a teenager. "Based on that, his job seemed boring to me," she says, but she didn't have her sights set on being a CPA at that point. Her father, Terry Green, a sole proprietor at Terry Green, CPA in Clearfield, Utah, says he doubted that any of his kids would want to be a tax accountant because they saw the long hours he put in during tax filing times. "Jaimie discovered that she had a real aptitude, among many other talents, for accounting," Terry says.

Nowadays, Terry says it's rewarding when he receives a call or email from Jaimie with questions that he can help with or when she shares her success stories with him.

Now as a sole proprietor of Go Green Taxes, LLC in Vancouver, Wash., Jaimie says she enjoys having her dad as a mentor. "Being able to go to him with questions anytime is invaluable," she says. "I'm not alone in my career." Before even going down the path as an accountant, Terry told Jaimie that she would have to like working with numbers, take the required education and be prepared to pass a tough exam. "I was proud of Jaimie but wasn’t sure if she would like the time demands of tax season. But she has handled herself well, and especially doesn’t mind working hard when it’s for her own practice instead of for someone else." Jaimie didn't originally plan on becoming an accountant. Her first major

Jaimie Eck (above) became a sole proprietor like her father, Terry Green.

was in art. "After my sophomore year in college, I started thinking that I needed something more reliable as a career. I enjoyed my accounting class and thought it would be easy for me to go into accounting. I was more attracted to the financial side of it and I wanted to pursue a career as a controller and manage the day to day

Despite living in different time zones, both Terry and Jaimie are grateful to have someone they can talk shop with. Terry says, "The proudest moments are when we can share experiences with various technical issues working with clients, especially as she is now developing her own sole tax practice, and seeing how she is a valuable professional resource to her clients." Jaimie is proud of being the daughter of a CPA and being one herself. "I tell everyone that my dad is also a CPA and that I go to him with tough tax questions whenever I need advice. I know I can count on my dad's experience and wisdom!" ■

the journal entry | October 2018

Brent Hall (far right) enjoys working alongside his children (l-r) Tyler, Angela and Eric at Savage Esplin & Radmall, PC.

Brent Hall - Licensed in 1985

y great blessing is to have three of my six children working with me as CPAs at Savage Esplin & Radmall, PC," says Brent Hall, a partner at the St. George-based firm. Brent, whose other children are teachers (two of them) and an engineer, advised his children to get a college education and marry someone local. "They all did," he says.

Angela Norman - Licensed in 2007

Angela got an early start at the firm shredding paper when she was 14. "Then she processed tax returns and ran the mail room while she was in high school and college," Brent says. "An accounting career came naturally." Copying tax documents and working at the accounting firm led Angela to take an accounting class during her senior year of high school. "Due to my enjoyment of the accounting class and my continued employment by my dadâ&#x20AC;&#x2122;s firm I decided to become a CPA," she says. "Knowing what I wanted to do from the beginning allowed me to be efficient with my time and credits." 20

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Brent advised her not to get the MAcc and CPA because he thought "she would become dependent on the money and work too much," but their firm administrator encouraged her to get her CPA. "He was right," Brent adds, "since she makes three times as much per hour, works only tax season and part-time and spends more time with her family as a CPA." When Brent relocated from one firm to another, he was happy to have Angela follow him. "She was amazing that first tax season to do nearly all the preparation for the clients that came with me as I moved from being a partner in one firm to being a partner in another firm. She is really good! I could not have done it without her. She saved my life. Then she had her third child two weeks after tax season!" Angela also remembers that time. "There were a lot of long hours, but we worked together and were able to take good care of our clients. Just after that tax season my younger brother Tyler began working for the firm. It has been fun to help train him and watch him become a great CPA." Recently, Angela's brother Eric was hired at Savage Esplin & Radmall and her 6-year-old daughter commented that their family is taking over the firm. As a kid, working with family

Feature Story may not seem appealing, but Angela says she looks forward to having lunch with another member of her family. It's more than the camraderie of working alongside her father and siblings. Angela appreciates that "as a team, we care about providing a quality product for our clients. I enjoy being able to see and talk to my dad and brother every time I am in the office."

Tyler Hall - Licensed in 2013

In his youth, Tyler enjoyed visiting his father's office, "which usually came with a can of soda." With the exception of tax season, Tyler knew his dad had a flexible schedule. He was often involved in the kid's sports and other activities and summer vacations were always great. "When [Tyler] expressed an interest in accounting after his mission, I cautioned him about the stress and commitment," Brent says. "To make sure he would like it, I had him job shadow me for a couple of weeks. He liked it so I gave him my blessing." Tyler says he was drawn to follow in his father's footsteps for multiple reasons including the critical thinking and problem solving aspects and the ability to make a difference for a client and to explain the impact that was made. He says he admired how connected his father was to the community because of his profession. "It seemed like he knew everyone everywhere we went," he says. Before settling on accounting, Tyler planned on becoming a physical therapist. "After graduating [with an Associate of Science degree] from Dixie State, I had experiences with the smells of the medical field. I decided that I better look at other professions." Upon his return from a mission in Thailand, Tyler enrolled at BYU. "The beginning accounting class taught by Norm Nemrow was engaging and interesting," Tyler says. "My dad and sister tried to talk me out of accounting, but they weren’t persuasive enough." Plus accounting came natural to him. Tyler enjoys working with his dad to tax plan with clients as they are able to bring different ideas and perspectives. "It is very satisfying to deliver the tax returns to those clients and share the puzzle that we put together to give them a great result."

Brent cherishes his work with Tyler and is proud of how involved he has become with the community. "The highlight came last November when, as the president of the local chapter, he conducted the BYU Management Society chapter scholarship banquet with Julie Beck as the speaker."

Eric Hall - To be Licensed

Brent says his wife tried to talk Eric into being a doctor since they had "enough CPAs in the family." She hoped his mission president would be a doctor who would influence him, but his mission president was Lynn Gilbert, a CPA from Provo." Sister Gilbert told us that the cause of so many CPAs in the family is a defective gene. She said her husband, his father and two brothers, and two of their sons have it." When the time came to choose a career, Eric says, "I really liked the doors that were opened by the accounting profession. I also liked the fact that it is a profession where you have the opportunity to become your own boss and manage your own time." "Growing up," Eric says "dad was usually at my school programs in the middle of the day. He was also the coach for many of my sports teams." Like his siblings, seeing his father's flexibility played a big role in why Eric chose to also become an accountant. Eric initially didn't pursue accounting while attending BYU, but he had the thought in the back of his mind. Once he started in some basic accounting classes and he found them interesting, he officially entered the accounting program. Brent remembers when Eric expressed interest in becoming a CPA, and he says he smiled and stayed out of the discussion. "I talked with him about the details to make sure he understood what he was getting into." Although Eric is working on becoming a CPA, he says that working alongside his dad and siblings has been rewarding. It has only been a few months since Eric graduated from BYU with his MAcc. Brent beams, "He took the first section of the CPA Exam three days before his marriage last month. His marriage was surely the crowning point." ■

the journal entry | October 2018

Left: The Johnson family — (l-r) William, Jamie, Thomas, Christine and Ruth — are lifelong BYU fans and CPAs, Above: Bill and Ruth during WWII.

William Earl Johnson (deceased Feb. 21, 2017) - Licensed in 1950 Stephen L. Johnson - Licensed in 1974 Thomas W. Johnson - Licensed in 1981 Benjamin H. Johnson - Licensed in 1987 Jacob W. Johnson - Licensed in 2008

tephen Johnson was always proud of his father and remembers inviting friends over to meet him. "That pride came from thinking the CPA title made him important and successful," he says. Stephen continues, "My grandfather, Joseph Earl Johnson, started it. He was an internal accountant for Geneva Steel. However, my dad was a pilot and bombardier in World War II, and after the war. Dad attended BYU and graduated from Northwestern University with a degree in accounting.” William passed the CPA Exam while working for the IRS in Chicago, then transferred to Ogden, Utah, where he closed five significant tax evasion cases, four of them serving prison time. A CPA firm in Ogden, Jones and Atwood, recognized his talents and hired him in December 1952, beginning his 33 years as a CPA. He was especially skilled 22

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at representing clients against the IRS and in municipal accounting. William had a satisfying career that included serving as UACPA president in 1969-1970, and chairman of the Utah State Board of Accountancy. Like most CPAs, he tried to make a contribution to the community, serving as the founding president of the Hospice of Northern Utah, chairman of the Weber County Hospital, treasure of the Lake Bonneville Boy Scouts, Silver Beaver, director of the United Way of Northern Utah, and two terms as president of the Sons of Utah Pioneers. "When I was out with my dad, I liked how other grownups talked with him and showed him respect," Stephen says, but remembers, "I saw him sitting at his desk at work, and [didn't want] to do that when I grew up." When Stephen's college education was interrupted by the Vietnam war, he changed his major from pre-med to accounting,not really knowing what he wanted to do. His father never pushed him in any direction. "[He] encouraged me saying, 'A man that does his best today is a hard man to beat tomorrow.'" With only two quarters of college left, Stephen believed his career would be selling life insurance. However, his friend encouraged him to finish his advanced accounting

Feature Story Thomas spent two decades as the CFO of Eckhoff Watson and Preator Engineers, the largest civil engineering company in Utah, and a major influence in bringing the Winter Olympics to Utah. Thomas says, “The Winter Olympics was the highlight of my career. In an interesting way, the CPA profession allowed me to experience one of the coolest things on earth!” Thomas started in pre-med, but while taking classes in chemistry and accounting, he saw his best grades coming out of accounting. "Because my dad served on the State Board of Accountancy, he was able to see my CPA scores before they were published, and let me know I passed with excellent scores."

The family celebrates the life of their parents at the funeral for both as they died 57 days apart. Both were 95 years old. (Clockwise from lower left) Becky, Stephen, Thomas, Benjamin, Christine and Dave.

course and earn a degree. Then Stephen interviewed for an internship. "I finally found out what my father actually did for a living," Stephen says. "It was not behind a desk, like I thought. I was out in the business world, and I found it exciting and rewarding. I made my next goal to pass the CPA Exam." After earning his CPA, Stephen was able to work alongside his father for eight years before purchasing the firm in 1986. "I loved those years." "My dad was a great teacher," he says. "A client shared with me how my dad had helped him through an IRS audit. The client told me how fortunate I was to learn from my father. I was proud to hear the client tell me that I was just like my dad." Stephen wasn't the only one in the family to follow in his father and grandfather's footsteps. His brothers Thomas and Benjamin also became CPAs, along with his son Jacob. Thomas remembers his father working hard. "I was amazed at how he broke the chain of poverty with education and hard work."

Benjamin also began his CPA career in industry but quickly started his own business and became an entrepreneur. Ben says, “It’s important for people to realize that accounting offers so many options, including tax, auditing, and compilation…but also industry, government, nonprofit, MBA, law school, and owning your own business!" Today, Ben is the fiscal controller for OWCAP, which oversees the Head Start program in Weber County. Ben points out that for a person who has worked in business his whole life, helping pre-school kids is very rewarding. As a parent, Stephen, stressed to his children that an education would enable a comfortable living." Being a CPA is “fun and exciting,” he said, emphasizing that “there would never be a boring day.” "When I learned my son, Jake, was studying to become an accountant, I was very happy and knew he would be a success," Stephen says. Jacob now works for Grant Thornton out of their San Diego office. Although they haven't worked together, Stephen says he is proud of his son. Stephen shares how Jake passed the CPA Exam, and was taking a few months off before taking the Certified Information Systems Exam. Jake did not have much time to study. "He passed it with a high score," Stephen boasts. "I was not only proud of his passing the exam, but that his work taught him real life settings." Thomas, who is proud of the accounting industry and its integrity, enjoys telling people that his father and two of his brothers are CPAs. "I have shared this fact hundreds of times." ■ the journal entry | October 2018

Leroy Christopherson - Licensed in 1977 Lynann C. Barnes - Licensed in 2016.

pon graduating from Brigham Young University in 1959, Leroy Christopherson accepted a position with the IRS as a field agent in Los Angeles. He moved his wife and baby daughter to begin his career in accounting. "The IRS gave me three months of intensive training in individual and partnership taxation before I was allowed to go out in the field and do audits of tax returns," Leroy says, adding that it was during this time that he took and passed the CPA Exam but didn't have the required audit experience to get his certificate.

During this time, he received additional training in corporate, trust and estate taxation before he was recruited by the national accounting firm Lybrand, Ross Bros. and Montogomery for their tax department in 1963. He was transferred to their Salt Lake City office in 1966 and soon received CPA licensure in both California and Utah. Leroy and his wife moved their four children to Bountiful, Utah and added two more once they settled in. As a Utah resident, Leroy became active in the UACPA, teaching courses, serving on committees and acting as president in 1971 - 1972. Soon after, he was appointed by the Governor of Utah to the Committee for Public Accounting for a fiveyear term, serving as chair for two of those years. He also represented Utah for NASBA and volunteered for their tax committee. "After I retired from Coopers as a tax partner, I joined with Robert Stayner, and later Ed Bates and Don Winkler from Coopers joined with us in the firm currently named Stayner Bates," Leroy says. Then in 2002, Leroy retired from Stayner Bates and served an LDS mission in Poland along with his wife. "We returned from our mission in June of 2004, and I went back to work for the firm part time until I fully retired in 2016. "During my early years in Utah, my wife and family attended many of the conventions and meetings of the Utah Association with me whenever possible. I remember one

the journal entry | October 2018

Leroy Christopherson and his daughter Lynann Barnes remember the year the UACPA went on a Caribbean cruise.

convention in Santa Fe where the family got to go on planned outings while I attended meetings. His daughter Lynann fondly remembers the year the UACPA held their conference on a cruise ship. "Our whole family went to the Caribbean." Leroy was supportive of the career paths his children followed, though it wasn't for all his children. "As they lived in the same household as I did, I'm sure they could see the pleasures and pressures I had as a CPA." As a result, he says "I have three children that wanted nothing to do with accounting, and three children that are accounting graduates." Lynann, an assurance experienced senior at WSRP, LLC, only wanted to get an associate's degree after finishing high school. "My accounting professor told me I had a knack for accounting and should consider getting my bachelor's

Feature Story in accounting, but that was not my plan. After getting my associate's, I started working as a secretary, but my boss soon saw I really understood the accounting side." Lynann is the only child who pursued public accounting and says, "When I was young, I never anticipated becoming an accountant, and I don’t know that I would have ever taken that first accounting class if it wasn’t for my dad." She spent 27 years working in an accounting role before she went back to school. "When my youngest son entered high school, I decided I wanted to go back to school," Lynann says. "I received my Master of Accounting from Weber State University in April 2014. Once I graduated, I knew I wanted to get my CPA; primarily to follow in my dad’s footsteps." Lynann says, "There were times when I would call and pick his brain about things we had talked about in class." Upon graduation, she had started looking for jobs, but initially didn't want to go into public accounting. "Both during the job-hunting process and while working in public accounting, I have run into many people who knew my dad and talk very highly of him," she says. "To me he was always just my dad, but I have learned that he was also highly respected in his profession. " Leroy says he is proud of Lynann and her accomplishments and honored to be her father. ■

Ryan Treglown - Licensed in 2016 Mark Janssen - Licensed in 1994 Laurie Janssen - Licensed in 2011

hen Ryan Treglown was dating his wife, he didn't realize he would be marrying into a family of CPAs. Not only was his wife's father Mark Janssen a CPA, but his sister-inlaw and brother-in-law are as well. "I met my future father-in-law after I had already graduated with my master’s degree in accounting from Utah State University," the internal auditor at WCF Insurance says. "I was in my mid-20s when I learned of the passion for accounting my in-laws and I shared." Mark Janssen, who recently retired as a controller at Select Health, held various accounting positions while raising a daughter who would become a CPA. The advice he received and followed to "sit for the CPA Exam even if you don't tknow that you want to be a CPA" opened many doors of opportunity for Mark. Ryan Treglown won the hearts of his

Against their dad's joking advice to the future father in-law, Mark Janssen, when learning he was going to contrary, Mark's three daughters have now become a CPA. become or are married to CPAs. Laurie followed in his footsteps. She says she never planned to become a CPA, but did earn her certification in 2011. She now works at Zions Bancorporation in corporate finance. His son-in-law Aaron Hamilton, works as a Business Assurance Senior Manager for Moss Adams in New Mexico. Ryan says he isn't sure his other family members shared the excitement for the accounting profession as he has witnessed their eyes glaze over when they would discuss financial statements. "Having a similar professional background made my first meeting with my future father-in-law much less stressful. More importantly, I knew that my father-in-law was a man of integrity, a hard worker and would be supportive of my decision to become a CPA as well." Ryan also felt like his wife would also be more understanding of the long hours required to pass the CPA Exam. "Given the illustrious career path accounting offers, I would venture that one of my children will continue the family tradition and choose to become a CPA like their father and grandfather." ■ the journal entry | October 2018

Value in Property Tax and Truth in Taxation

The Purpose for Truth in Taxation in Utah

By Jake Garn, CPA, CFE

he property tax in Utah has been around since 1849, one year after the U.S. gained the territory from Mexico. Today, depending on how you measure, Utah has either the 34th or the 41st highest property tax rate in the nation. Property tax is often referred to as the most hated tax. After a period of rapid increases in property values during the 1980s, local governments began to reap windfalls as tax revenues increased much faster than the cost of governance and local services. Questions about transparency and accountability were appropriately raised. Like many other states, Utah crafted truth in taxation laws to address these breakdowns in governance of the property tax. Most of us know the basics of how property taxes work. On the surface, it’s simple multiplication. The property tax rate gets multiplied by the property valuation to produce the property tax assessment. But under the hood it gets much more confusing. Let’s try to keep it simple, so the author of this article and you can understand. Truth in taxation in Utah serves two purposes. First, it provides for transparency and accountability by requiring a truth in taxation hearing before a local government can increase its property tax revenue. Second, it provides an iron-clad mechanism to prevent revenues from going up without a public hearing. Truth in taxation laws removed the ability of a local government to reap a windfall of increased property tax revenues when property values go up. This is accomplished by a simple mechanism. For example, when overall property valuations in Kaysville go up, the Kaysville tax rate goes down. In the historically-unlikely event that property values go down, the property tax rate automatically goes up. The property tax revenue in Kaysville will stay exactly the same, 26

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(for the same number of taxable properties,) regardless of what property tax valuations do. This doesn’t mean that property tax assessments can’t go up and down on your home, because that is based on the county assessor’s appraisals. But the overall revenue from all properties in Kaysville must stay the same. That is unless the city holds a truth in taxation hearing and raises the rate, or does not allow the rate to automatically fall. In that case the revenue is increased. Truth in taxation is a wonderful mechanism to provide transparency and accountability for property taxation. It also has a little understood dark side. If a City never raises the rate or the amount of revenue they receive, the value of that revenue stream steadily declines, because of inflation. For this reason, Kaysville should not wait 20 years to hold a truth in taxation hearing. It should be done every year. Current and future city councils must have the courage to micro adjust the revenue from property taxes so that the inflation adjusted revenue amount meets the city’s needs. This is far more transparent then waiting twenty years, kicking the can down the road. ■ Jake W. Garn, CFE, CPA, is the Chief Financial Examiner for the Utah Insurance Department and chair of the Financial Blanks Working Group and Vice Chair of the Capital Adequacy Task Force of the NAIC. He is currently serving as a city council member in his hometown of Kaysville.

the journal entry | October 2018

Refresh Your Tech Assess your tech knowledge with these ten questions. By Val Steed, CPA

n today’s technology-driven world, it’s easy to get lost in the clutter. At times, we all get overwhelmed and look for answers from our peers, from “the experts” and from news sources. In my world, I’m a bit spoiled. I get to work with a number of great technologists who frequently share information. For example, one of my associates informed me that the latest Microsoft Office update (1805 and 1806) will break the Silverlight plug-in, which in turn breaks some of the power add-in tools like Power View. Because of this, he recommends staying on Office version 1803 until the problem is resolved. I doubt Microsoft intended to mess up their own add-ins, but they do have a history of breaking stuff with updates at times. All technology companies have their issues. This simple tip saves me a ton of time going forward. I can skip the 1805 and 1806 update and wait for Microsoft to fix the situation. The value of a team approach to technology cannot be overstated. Allow me to brag about our teaching team at K2 for a second. I believe we have the best group of technologists in the accounting profession, period. Every year we develop 28

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a two-day technology conference and present at 25 different sites — almost all of which are in partnership with state CPA societies. I invite you to take advantage of our technology team by participating in one of these conferences. Our two-day technology conference in Utah is Dec. 13-14 at the Mountain America Expo Center. During this conference, we cover a variety of technology-based questions. Prepare for the conference by taking the ten-question technology assessment (facing page) and let's see how well you do.

Val Steed, CPA, is the CEO of K2 Enterprises and a graduate of Utah State University. He has 12 years experience in public practice and has been involved with the accounting technology industry for more than 30 years. Val can be reached at val@k2e.com.

Technology assessment

Technology Assessment TRUE OR FALSE 1. Windows Defender does nothing to help you with ransomware. 2. There is no way to change the timing of your Microsoft Office updates to avoid a software collision. 3. The SANS institute defines “long and strong” passwords as ones having numbers, letters, special characters and are at least 12 characters long. 4. The current recommendation in the industry is to change your password at least once every other month. 5. Acrobat DC can convert (render) PDF back to spreadsheet or word processing formats right from within the product. 6. Windows 10 has a new Night Light feature to ease the strain on your eyes from the bright blue light in monitors. 7. Blockchain is a drive encryption technology to protect data. 8. Microsoft’s Power BI Desktop application is free. 9. Outsourced accounting services (CAS) are proving to be costly and hard to maintain. 10. There are two versions of Excel in the market. ANSWERS 1. False. Windows 10 (all versions) have a new setting in Windows Defender that locks down which applications can use which files. The new feature called Control Folder Access is a white list approach to controlling ransomware. Ransomware depends on the ability to modify data files with their encryption tools to hold you ransom. This is a great new feature from Microsoft. 2. False. You can do an online update of your office installation, which will automatically push you back into the slowest update path possible for Microsoft Office. 3. True.

to come up with a unique long and strong password for each site and then keep it, unless there is a suspected breach or compromise. This will come as a shock to many but this is the latest direction on password management. Studies have found that users who are forced to change passwords often just end up adding digits to the end of an existing password or use something very simple they can easily remember. 5. True. The new command is Export PDF. 6. True. I have now enabled this feature on all my Windows systems and I find this to be one of my favorite features. 7. False. Blockchain is a distributed tamper resistant (some say tamper-proof) transaction ledger, not a drive encryption technology. Blockchain is the basis for the ledgers proving ownership for digital currencies like Bitcoin and Ethereum. Its claim to fame is the encrypted add-on segments (blocks) for each step in the transaction history thereby ensuring historical accuracy on the data. This does not mean that the transaction is not fraudulent, it just means you can examine the beginning, end, and every touch in the middle, and be confident that the transactions have not been changed after they were recorded. The transaction could still be outside of the business policies for that business (e.g. an approved payment to a legitimate vendor for a kickback) and still be fraud. 8. True. 9. False. The function of providing accounting services to clients and companies (CAS) has grown substantially over the past five years. Simple bookkeeping, outsourced controller, and full service CFO capabilities are all now possible. The key to a successful solution is an up-front quality needs analysis with proper installation and training. This is one of the high growth areas of accounting technology. 10. True. Many people find out the hard way they don’t have the Office Professional Plus or Office Pro Plus version of Office. The right version of Excel to run the power add-ins such as PowerPivot, Power View, etc. comes with these versions of Office. I hope you found this article of use, and I look forward to seeing you at the technology conference in December. ■

4. False. The current trend in password management is the journal entry | October 2018

Distinguish yourself as a strategic leader. Earn the global designation for financial professionals. Explore the CGMA® Program: Learning Pathway bundle. It’s the one-click solution that includes all the learning resources you need to progress through the program, plus the cost of one exam sitting. It’s an end-to-end experience that fulfills your yearly CPE requirements and moves you along the pathway toward achieving the CGMA designation. To learn more, visit AICPAStore.com/CGMAProgram.

“ I would encourage others to participate in the CGMA program to help broaden their knowledge and learn new ways of looking at their businesses and challenges. Given the breadth of topics covered, all individuals within accounting and finance will benefit.” 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

the journal entry | October 2018

Phishing Attacks and How to Prevent Them By JR Maycock

iscussing phishing and communications fraud is often confusing, a territory filled with buzzwords and distorted news of incidents at major corporations. Getting to the facts underneath the clutter requires understanding that elements of both the “how” and “why” of cybercriminal methods, have value.

Setting the Stage

Let’s define some terminology first: Phishing refers to fraudulent attempts to obtain sensitive information by impersonating a trustworthy entity in electronic communication. The entity being impersonated can be a private organization, a government division, or a specific person. Phishing can happen via any form of electronic communication including phone calls, SMS text messages, email, instant messaging, social networks, or customerinteractive websites. Email is the most common phishing vector, and according to research groups like IBM’s X-Threat division, the volume of phishing email has been steadily growing for each of the last five years. An average corporate user account will receive between 15 and 20 malicious emails per month. The goal of a phishing campaign is to gain sensitive information which is not otherwise publicly accessible, leading to direct or indirect monetary gain for

cybercriminals. Phishing’s fundamental technique is social engineering: psychological manipulation of people into performing actions that divulge information, thus bypassing physical and digital security mechanisms. Therefore, user awareness is the best defense against phishing. Human beings are the targets, and human preparation can halt even the most advanced phishing campaign. Phishing is becoming more sophisticated and multidimensional with time. While some phishing attempts seek to complete only one action such as getting a user to click on a malicious link, the real money lies in performing layered attacks that have a sequence of objectives. Additionally, the subset of attacks known as spear phishing are increasingly effective at triggering a response from targeted users. Instead of a generic phish communication sent to thousands of recipients, spear phishing crafts content to be contextually relevant to a single organization or even a single person. Financial professionals are particularly lucrative targets for advanced phishing campaigns. There is a wide variety of content available about phishing in general, but little guidance specifically tailored to the threat landscape of

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finance. By analyzing in detail, both the methods and goals of finance-specific spear phishing campaigns, CPAs and other finance professionals can enhance their ability to resist these attacks. In this arena, knowledge operates like a vaccine, inoculating against the risk and severity of future bad events.

Phishing Methods and Goals Method 1: Fake Login Portals

This phishing method has an attacker create a website which seeks to mimic the “look and feel” of a login page for a corporate software asset. The page layout, fonts, branding, and color scheme will all be identical to the legitimate login page, but the URL of the website will not be correct, instead belonging to a domain the attacker controls. The rapid adoption of software-as-a-service application delivery in corporate environments is the primary contributing factor to the growth of this phishing method; users are conditioned to think of credentials entry on websites as a normal daily activity. Hoping the user does not notice the change in URL, an attacker steals the username and password entered on the page for their own use. Examples of frequently-mimicked login portals include Microsoft Office 365, SalesForce, and Dropbox. Credential theft is already a serious security issue in and of itself because it allows an attacker to move laterally within an organization across systems where those credentials are valid. Once an attacker has access to working login credentials of a corporate user, they can begin sending electronic communications directly as that user, increasing the degree of trust that further victims will afford to the phishing attempts. One particularly dangerous variant is conversation hijacking: an attacker replies to an existing email thread instead of delivering a new email. The degree of skepticism a user applies toward a reply to a preexisting conversation is lower by default, and attackers seek to exploit that implicit trust to deliver further malicious content.

Method 2: VIP Impersonation

Commonly known as “business email compromise” or “CEO fraud”, this attack method works by having the attacker impersonate someone of hierarchical importance and authority: a CEO, CFO, controller, or in-house legal counsel. When crafted correctly, the electronic

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communication will appear to be from the legitimate account for that person of authority. It may include timely details like their location out of office or reference discussions with particular clients, details that attackers can gather from social media networks, press releases, or corporate data exploration using compromised credentials. Common examples of requested actions are to complete wire transfers of large sums of money to a bank account or to send copies of tax documents. The power of this attack method lies in the ability to create artificial urgency for the target to take the action desired by the attacker. This can happen either by negative reinforcement, placing an immediate deadline on the action, or by positive reinforcement, invoking a friendly and disarming sense of trust and dependency.

Common examples of requested actions are to complete wire transfers of large sums of money to a bank account or to send copies of tax documents. The power of this attack method lies in the ability to create artificial urgency for the target to take the action desired by the attacker. This can happen either by negative reinforcement, placing an immediate deadline on the action, or by positive reinforcement, invoking a friendly and disarming sense of trust and dependency.

Method 3: Malicious Attachments Some classics never go out of style: Malicious file attachments are defacto of phishing methods. Attachments sent to phish finance professionals often take the shape of invoices, forms to electronically sign via software like DocuSign, or Microsoft Office documents with embedded macros and instructions on the first page of the document to override macro security warnings. All of these attachments make good choices because they mimic the normal daily workflow of finance professionals; the attacker is hoping to trick the target into acting on autopilot and not performing a critical examination of the

Phishing Attacks attachment before opening the file. The attachment, once opened, can deliver any number of malicious software payloads to the targetâ&#x20AC;&#x2122;s computer. One dangerous example is a class of malware called banking trojans, which seek out stored login information to financial institutions and send them to the attacker to use for fraudulent wire transfers or credit card purchases. Ransomware is another famous malware class, locking a company out of their own files until a ransom payment is delivered in exchange for the decryption key held by the attacker. However, the largest recent source of growth in illicit profits for cybercriminals is corporate espionage. Once they use malware to exfiltrate data from corporate networks, the attackers can sell that data to competitor companies or use that data to make predictive stock trades based on insider secrets. Never underestimate the power contained in a general ledger, let alone a recently approved merger proposal or confidential intellectual property.

Method 4: Impersonation of Regulatory Agencies

A phishing attempt using this method would proport to be from the IRS, the SEC, an auditor like Deloitte or KPMG, or from a law firm. The phishing communication will make a call to action toward the targeted finance professional, requiring them to review a document or send a data set in a reply. The goal of regulatory impersonation is to steal information, either by intimidating a targeted user into replying or by making the user believe the impersonated actor already has the information and just needs a confirmation copy. This technique becomes particularly dangerous when the attack is targeting a CPA preparing tax returns and asking for either information on specific individuals or access to practitioner databases. The attacker often intends to use the stolen information to file fraudulent tax returns and collect tax refunds, an outcome which requires considerable time commitment to remediate. The IRS requests that financial professionals who receive phishing emails related to taxes forward those emails to phishing@irs.gov for analysis.

Mitigations

Despite the growing sophistication of phishing methods, the situation is far from hopeless. There are effective

mitigation tools available to finance professionals that require nothing more than the use of critical thinking and changes in personal behavior. One of the best tools to detect phishing is to look for a tone mismatch between the email content and its alleged sender. This is a bidirectional consideration: an email with a highly informal greeting and an overabundance of slang is suspicious if sent on behalf of a professional organization, as is an email filled with unnaturally formal language when sent by an individual considered a close compatriot. Attachments should always be treated with suspicion because almost any type of file can be used to deliver malware. The use of security software to scan electronic communications and block the delivery of malware in attachments acts in compliment with user preparedness, creating better defense in depth against phishing. Another powerful phishing detection tool is domain auditing. By comparing the text of a web address or portion of an email address after the @ symbol to the known correct text for the person or institution the attacker is attempting to impersonate, an alert user can find the text does not match and reject the phishing attempt. This auditing needs to be highly precise because attackers often use the smallest possible change to a domain, different by just one letter or a single added punctuation mark. The best tool of all to halt phishing is to verify the requested action with the alleged sender prior to acting via a different interactive, real time communication method. The result of a phone call, a video conference, or an in-person visit with the alleged sender will reveal the truth: They did not send the request, and the phishing attempt ends unsuccessfully. Stay safe out there. â&#x2013;

JR Maycock is a 12-year IT veteran with a background spanning corporate, freelance, and K-12 education environments. JR currently holds the position of Business Technology Architect at NetWize in Salt Lake City. He can be reached at jrmaycock@netwize.com

the journal entry | October 2018

Closing the Gaap — Women in Accounting

Kathryn Fargam, CPA Interview by Gretchen Hector, CPA

athryn Fargam is an audit senior manager at Tanner LLC. She and her husband both graduated from Utah State University with their Masters of Accounting. She also has a 1-year old son and a dog. What led you to a career as a CPA? As far as I can remember, I’ve always enjoyed math and numbers, so it’s not a huge surprise that I became a CPA. I wanted to go into a field where I could use those skills and one that was adaptable for a working mother, as I knew I wanted kids in the future. What do you like most and least about your career? The most exciting part about my career is learning about all the different and exciting companies we have in Utah. Being in audit, I get to travel around the valley and meet great people at each company. What I like least about my career is having to track my hours on a daily basis. What do you enjoy doing outside of work? I enjoy spending time with my family and traveling. A few years ago I had the opportunity to go to Tehran, Iran for three weeks with my husband to see his side of the family. It was a great experience, and I’m grateful for the opportunity. I love to see other cultures and eat the great food!

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What is the best advice you have received? The best advice I’ve ever received is to take ownership of your own career. No one else going to set the path for you, and if you want something, speak up and let others know your goals. Don’t sit back and expect opportunities to fall into your lap, as that will set you up for disappointment. What path did your career take in order for you to hold the position you are in today? I started at Tanner LLC right out of college and have put in the time and effort to be able to build the trust of the partners at my firm to be able to work a flexible schedule. Since having my son a year ago, I have worked a flexible schedule with a reduced number of hours and a couple of days at home. A colleague of mine once said that in order to work a reduced schedule, it comes down to the partners wanting to buy your services as a manager and this is so true. The partners need to know that my work will get done, and I’ve done my best to prove that. I am very appreciative of the opportunity they are giving me.

Closing the GAAP — Women in Accounting What advice would you give other female professionals? I always tell other female professionals to look for a career that they are passionate about and to not be afraid of a challenge. Although many industries are male dominated, they can be enhanced by having a female perspective. I would advise female professionals to think about their overall goals they want in a career, whether that be to be a business owner, a consultant, to work a flexible schedule, to work from home, etc. and research or explore careers that fit into their overall goals. Do you have a mentor? How have mentors helped you in your career? Yes, I have a mentor. She has been able to show me that having a successful career in accounting, specifically being a female partner in public accounting, is possible with a family and while working a flexible schedule. She has been very supportive of all the female professionals in our firm and has conducted trainings to the management group on gender bias. ■ Gretchen Hector, CPA, is an Audit Manager at Deloitte. She graduated from the MAcc program at Vanderbilt University in 2012. She currently serves on the Women’s Development for Advancement Committee (DAC) of the UACPA. Gretchen can be reached at ghector@deloitte.com

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

Women's DAC Events Connect with likeminded professionals with the Women’s DAC (Development for Advancement) Council. Increase your influence in the profession while learning new skills. Friday, Oct. 26 DAC at BAM with Pat Jones and Pam Perlich, PhD speaking on Relationships in the Workforce and an economic update. Hear from two influential leaders at this special session for DAC members Time: 8:00 - 10:30 a.m. Location: Mountain America Expo Center, 9575 S. State St., Sandy Cost: $30 for members; $40 for nonmembers. Friday, Nov. 16 Shopping and service project at Ann Taylor Time: 8:00 a.m. Location: Ann Taylor, 50 Main St., Salt Lake City Attendees will receive a 40% discount on total purchase (Extra 10% for students). • Please bring gently used business apparel to be donated to Junior League of Salt Lake City for women who are transitioning towards self sufficiency. VP FOR THESE EVENTS AT WWW.UACPA.ORG

RSVP FOR THESE EVENTS AT UACPA.ORG/DAC the journal entry | October 2018

Meet the Executive Board

What did you want to be when you grew up? Matt Klein President

Monica Gardner President-Elect

"I wanted to be a lawyer, I even dressed

"I always wanted to be a teacher. While in high school I decided to become a math teacher, so I got my degree and taught Jr. High math for 4 years. I had to get a master's (in anything) to increase my pay scale so I chose accounting — both my dad and uncle are CPAs. I ended up going into public accounting doing audits, but still teach math as an adjunct professor. "

up as one for Halloween one year. My dad told me that law school was really hard and required lots of reading so I changed. But when I watch “Suits” on TV I wish I had still gone to law school."

Jay Niederhauser Vice President

Tyler Hall Member at Large

"I really don’t remember thinking about

"I wanted to be a physical therapist. I enjoyed medical anatomy in high school and loved sports."

what I wanted to be. I do know that, if I did, it was not an accountant. I don’t think I knew what an accountant was until I was in college and just happened to take an accounting class on a recommendation from a friend! I can now say that, if I grow up, I want to be an accountant!"

Amy Anholt ProNet Council "I wanted to be a school teacher when I grew up. As a child, we had a huge chalkboard in our basement and I played school with my cousins and neighbor friends. I had a blast! But, I’m not so sure the kids in my class would say the same."

Tom Colligan Member at Large "I wanted to be an airline pilot when I grew up."

Not featured: Gavin Hutchinson (Immediate Past President) and Brandon Allfrey (AICPA Council Representative 36

the journal entry | October 2018

Jason Tomlinson Treasurer "An airline pilot. I even went so far as to earn a commercial pilot license, but now I've found that the real adventure is in state tax law."

Meet the UACPA Staff

What did you want to be when you grew up? April Deneault CPE Manager "I wanted to be a Veterinarian, I even

Stan Jenne Secretary "I thought of a number of career choices including ranching, driving a truck, and a forest ranger. When I proposed to my sweetheart, I realized that I needed to be a responsible provider. I was taking an accounting class at the time and that seemed to be the responsible thing to do. Now that I am nearing retirement I still cannot afford the ranch but plan to enjoy some road trips and time in the outdoors." Susan Speirs CEO "Aside from being a school teacher (we come from a long line of educators), I wanted to design clothing. Specifically, I wanted to design costumes or construct the perfect gown that any woman could wear and look great while performing in a choir. Costuming and set design are a side show for me at any production."

took a correspondence course and I am a certified Veterinarian Assistant. Unfortunately, I canâ&#x20AC;&#x2122;t stop myself from passing out when I see blood."

Braden Thompson Membership Development Coordinator "Every car commercial has the fine-print disclaimer at the bottom of the screen that says something along the lines of 'professional driver on closed course.' I wanted to be 'professional driver on closed course.' Still do."

Amy Spencer Marketing & Communications Manager "I was a creative kid and knew my place was in the arts. I dabbled in everything from visual arts and art history to interior decorating and fashion design, but went where the stability was in graphic design and writing." Tom Horn Financial Director "I wanted to be a fighter pilot. I was fascinated by flight and growing up 12 miles from Neil Armstrongâ&#x20AC;&#x2122;s home town, I followed his career as a test pilot flying the X-15 and space flights in Gemini 8 and Apollo 11. My eye sight was a problem for the Airforce. When I was in the Army I volunteered for Warrant Offices school to fly helicopters. Again, my vision killed that idea which probably was a good thing since it was 1966, the height of the Vietnam War." the journal entry | October 2018

Board Bullets

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

Nominations for our annual UACPA Inauguration & Awards Banquet were approved. The banquet was held September 27 where outstanding CPAs received awards and newly licensed CPAs were inaugurated into the profession.

•

Nominations for board members to serve on the Education Foundation board were approved. Mike Michelsen will contact nominees and invite them to serve.

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•

Kevin Yeanoplos, a UACPA member who holds an ABV credential, joined the board discussion regarding a vote taken at the May 2018 AICPA Spring Council to allow non-CPAs (Other Qualified Professionals) to hold the ABV credential. The majority of ABVs in Utah are unhappy with the result. The board charged that a poll be conducted with Utah ABV’s to provide feedback for a letter that Utah AICPA council representatives will submit to the AICPA. A written motion will also be submitted by Kevin to speak about the ABV issue at the October AICPA council meeting.

MEet a uacpa member

Five Minutes with Rich Mahoney Rich Mahoney, CPA grew up in the San Francisco Bay area in his home town of Pleasanton, Calif. He graduated with a bachelor's in accounting from California State University, East Bay and a master's in taxati1California State University, Sacramento. In 2017, he joined a group in Vernal that purchased an accounting firm that is now called Crossroads Accounting Professionals PLLC. Rich adds that "it has been a fun and wild first year and we are excited for what the future holds." Rich and his wife have been married for 34 years and have 6 children and 3 1/3 grandchildren. What led you to become a CPA? I was good with numbers and accounting classes were fun. I’m also a third generation accountant. My father was not a CPA, but a chartered accountant. During his life, I saw many times where he was not given jobs which he was capable of, just because he did not have the three letters by his name. This background taught me to always look

forward and see where things might go, because of that I obtained both a CPA license and a master’s degree. What have been your proudest moments as a CPA? There are two things, really. First, being the CFO on a team that took a company public. It was a lot of hard work and time, but it was worth it. Second, I also love to teach business owners how to save their money, be successful and to build their wealth and legacy. What would surprise people to know about you? I have visited 45 of the 50 U.S. States, Washington DC, and seven different countries. Still trying to figure out how to get to Louisiana, Mississippi, Alabama in the south and Maine and Vermont in the north. I am also the son of an emigrant and have dual citizenship. What do you like to do outside of work? I enjoy watching and playing sports. I especially like playing golf

(but I am not very good). I am learning, after years of being a workaholic, that taking time for activities outside of work is important. I do like to travel and spend time with family, especially my grandchildren, making good memories. I like to spend time reading history books and hiking in the Uintas. What are some of your goals? I want to write a book and also grow the accounting firm I am a partner of into a multiple-office firm. And, of course, lose those last stubborn 20 pounds. What advice do you live by? I have two quotes that always cause me to think about how I am doing. The first one is by John Maxwell: “There is no such thing as business ethics, you either have ethics or you don’t. If you have ethics then you can use them in business.” The other is from Debbi Fields: “Good enough, never is.” ■

the journal entry | October 2018

Photos, Golf Tournament

The UACPA golf tournament was held Wednesday, Aug. 15 at Bountiful Ridge Golf Course. More than $3,200 was raised for the Utah CPA Foundation. Thanks to our sponsors: Foresight, My529, NetWize, Premier Computing, Wells Fargo and Merrill Lynch

the journal entry | October 2018

Photos, Golf Tournament

the journal entry | October 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

October 10/17/18

Annual Update for Accountants and Auditors

10/18/18

Integrating Audit Data Analytics into the Audit Process

10/19/18

Cybersecurity Risk Management Program Essentials

10/22/18

Accounting and Auditing Update for Small Businesses

10/24/18

Form 1041: Income Taxation of Estates and Trusts

10/25/18

Form 990: Exploring the Form's Complex Schedules

Marty Van Wagoner

AICPA

$285

$340

Robert Minniti

AICPA

$285

$340

Robert Minniti

AICPA

$285

$340

Marty Van Wagoner

AICPA

$285

Michael Blackburn

AICPA

$285

$340

Brian Yacker

AICPA

$285

$340

10/29/18

K2's Excel Financial Reporting and Analysis

TBD

K2 Enterprises

$285

$340

10/30/18

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

TBD

K2 Enterprises

$285

$340

11/1/18

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

Joshua Jenson

AICPA

$285

$340

11/2/18

Buying and Selling a Business: Critical Tax and Structuring Issue

11/5/18

Fraud Update: Detecting and Preventing the Top Ten Fraud Schemes

11/6/18

november

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

Lean Accounting and Management: Saving Money by Streamlining Operations

John Cox

AICPA

$170

$195

11/7/18

Analytics and Big Data for Accountants

John Cox

AICPA

$285

$340

11/8/18

Complete Guide to Payroll Taxes and 1099 Issues

Sali Sheafor

Surgent

$285

$340

11/9/18

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

Sali Sheafor

AICPA

$285

$340

11/13/18

Yellow Book Financial Audits

Robert Moody, Jr.

AICPA

$170

$195

11/13/18

Real-World Frauds Found in Governments

Robert Moody, Jr.

AICPA

$170

$195

11/14/18

Governmental Accounting and Auditing Update

Robert Moody, Jr.

AICPA

$285

$340

11/15/18

Hottest Tax Planning Developments Under the Current Tax Law

Gregory Carnes

AICPA

$170

$195

11/15/18

Protecting Your Client and Your Firm From Tax Return Identity Theft

Gregory Carnes

AICPA

$170

$195

11/16/18

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

Gregory Carnes

AICPA

$285

$340

11/19/18

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

Marty Van Wagoner

AICPA

$170

$195

11/19/18

The Bottom Line on the New Lease Accounting Requirements

Marty Van Wagoner

AICPA

$170

$195

11/26/18

Audit Workpapers: Documenting and Reviewing Field Work

Marty Van Wagoner

AICPA

$285

$340

11/27/18

Real-World Frauds Found in Not-for-Profits

Stacey Bergman

AICPA

$170

$195

11/27/18

Financial Reporting for Not-for-Profit Entities

Stacey Bergman

AICPA

$170

$195

11/28/18

Not-for-Profit Accounting and Auditing Update

Stacey Bergman

AICPA

$285

$340

11/29/18

AICPA's Annual Federal Tax Update

Michael Blackburn

AICPA

$200

$340

12/3/18

Smart Tax Planning Strategies for Individuals

Steven Wagner

AICPA

$170

$195

12/3/18

Reviewing Individual Tax Returns: What Are You Missing?

Steven Wagner

AICPA

$170

$195

12/4/18

Annual Tax Update: Individuals and Sole Proprietors

Steven Wagner

AICPA

$285

$340

12/5/18

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

Marty Van Wagoner

AICPA

$285

$340

DECEmber

the journal entry | October 2018

CPECourseSchedule

CREDIT HOURS COURSE TITLE

INSTRUCTOR

VENDOR

MEMBER FEE*

NONMEMBER FEE

DECEmber 12/10/18

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

Jeffrey Lieman

AICPA

$170

$195

12/10/18

Preparation, Compilation, and Review Engagements: Update and Review

Jeffrey Lieman

AICPA

$170

$195

12/11/18

Construction Contractors Advanced Issues

Jeffrey Lieman

AICPA

$285

$340

12/17/18

Health Care Reform Act: Critical Tax and Insurance Ramifications

Stephen Renberg

AICPA

$170

$195

12/17/18

Social Security and Medicare: Maximizing Retirement Benefits

Stephen Renberg

AICPA

$170

$195

12/18/18

S Corporations: Key Issues, Compliance and Tax Strategies

Stephen Renberg

AICPA

$285

$340

12/19/18

Annual Tax Update: Corporations and Pass-Through Entities

Stephen Renberg

AICPA

$285

$340

12/20/18

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

Peter Bunce

AICPA

$285

$340

12/21/18

Individual Income Taxation: Critical Tax Compliance and Planning Strategies

Peter Bunce

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.

the journal entry | October 2018

IN MEMORIAM Roger Gary Bunker

Oct. 13, 1972 — Oct. 2, 2017 UACPA Member since 2002

Daniel Hudson

Oct. 9, 1943 — Dec. 6, 2017 UACPA Member since 1999

The Rules Have Changed 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.

Dennis Steven Porter

March 24, 1951 — Aug. 20, 2018 UACPA Member since 1979

Richard Tomlinson

June 17, 1953 — July 22, 2018 UACPA Member since 2005

Kay LaMar Bowen

July 13, 1937 — Sept. 16, 2018 UACPA Member since 1967

the journal entry | October 2018

Credits Find ethics courses that will fulfill the 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

PUBLIC PRACTICE • CBIZ MHM, LLC • Cook Martin Poulson, P.C. • Davis & Bott, Certified Public Accountants, L.C. • Eide Bailly, LLP • Haynie & Company • Jones Simkins, LLC • Savage Esplin & Radmall, PC • Squire & Company, PC • Stayner Bates, P.C. • Tanner, LLC INDUSTRY • Workers Compensation Fund

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.

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 | October 2018

Winter

Conference December 6 - 7

Sheraton Salt Lake City 150 W. 500 South CPE: 16 hours Fees: $342 for members before Nov. 22; $380 after Nov. 22; $455 for nonmembers Also available as a webinar Register at www.uacpa.org

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. October

November

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

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

www.facebook.com/Utahassociationofcpas

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

www.twitter.com/uacpa

CPE Approval â&#x20AC;&#x201D; 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. October - December 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: Logan Tax & Acctng -$445K, tax (75%), acctng (10%), IRS rep/consult (16%), cash flow over 55%. For more information, please call 1-800-397-0249 or visit www.APS.net to see listing details and register for free em ail 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 | October 2018

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

BUSI NESS MAN &AGE MENT CON FER ENCE FRIDAY, OCT. 26 Mounain America Expo Center 9575 S. State Street

$248 UACPA Members before Oct. 12 $275 UACPA Members after Oct. 12 $335 Nonmembers CPE Credit: 8 Hours (includes one hour of Utah Laws & Rules)

Continental breakfast and lunch will be provided