The Journal Entry - Fall 2023 by UACPA

VOL 4 · FALL 2023

THE

JOURNAL ENTRY THE UTAH ASSOCIATION OF CERTIFIED PUBLIC ACCOUNTANTS

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CONTENTS President’s Message........................................................................................... 4

FALL 2023 Utah Association of Certified Public Accountants 15 W. South Temple, Suite 1625 Salt Lake City, UT 84101 801-466-8022 mail@uacpa.org www.uacpa.org Managing Editor Amy Spencer as@uacpa.org 2023 – 2024 UACPA Executive Board President: Dustin Wood, CPA President-Elect: Jason Tomlinson, CPA Vice President: Dan Frei, CPA Treasurer: Mark Anderson, CPA Secretary: Shalaun Howell, CPA Member-at-Large: Annette Andersen, CPA Member-at-Large: Marci Butterfield, CPA Emerging Professionals: Ariane Gibson, CPA Immediate Past President: Ray Langhaim, CPA AICPA Council: Stacy Weight, CPA CEO: Susan Speirs, CPA UACPA Staff CEO: Susan Speirs, CPA CPE Director: April Deneault Communications & Marketing Director: Amy Spencer Financial Director: Tom Horn, CPA Cover Image of Marty D. Van Wagoner, CPA and Campus Ambassadors Kiersten Hancock and Matthew Cormier by Chris Wood, robertwoodphotography.com

UACPA Statement of Policy The Journal Entry is published four times a year by the Utah Association of Certified Public Accountants (UACPA). The opinions, views and articles expressed in this magazine are those of the authors and not necessarily those of the UACPA. This magazine should not be deemed an endorsement by the UACPA or its committees or editorial staff of any views, opinions or positions contained herein. Copyright © 2023 Utah

CEO's Message.................................................................................................... 5

Cover + Articles The Importance of Campus Ambassadors.................................................... 6 Meet the 2023 Campus Ambassadors.........................................................10 By the Numbers: Demographics and CPA Candidates..............................15 How to Avoid a Data Breach............................................................................16 Funding a Roth IRA with a Section 529 Plan Balance................................18

Membership 2023 Award Winners.........................................................................................22 Newly Licensed CPAs.......................................................................................25 New Members and Student Affiliates............................................................26 Members in the News......................................................................................27 Photos: Inauguration & Awards Banquet and Golf Tournament..............28 Meet the Board...................................................................................................30 UACPA Staff Chat..............................................................................................31 Board Brief..........................................................................................................31 Comic: Generally Excepted..............................................................................32 Meet a Member: Richard Haubrich, CPA.......................................................33

CPE 2023 Virtual Courses........................................................................................35 UACPA Mission .................................................................................................38 100% Firms.........................................................................................................38

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PRESIDENT’S MESSAGE DUSTIN WOOD, CPA

s we consider and discuss the CPA pipeline at the collegiate level, my thoughts turn to my personal journey. I think of my college experience and what led me to one of the most important decisions of my life in pursuing an education and career in accounting. I grew up doing well in math and enjoyed tutoring other students on a volunteer basis. As I entered college at Utah State University, I chose to pursue a math secondary education degree, with a plan to teach math in high school and coach baseball. As I got into advanced calculus classes and lost interest in math, I realized there wasn’t much opportunity for real life applications for what I was learning (unless I wanted to be an engineer), which led to my transition to a new major. During a two-year religious sabbatical, I met someone whose father, Cliff Skousen, was an accounting professor at Utah State. This was how I came to discover accounting. I liked the concept of accounting enough that I returned to school and changed my major before truly knowing what I was getting into. While attending Utah State, I worked in the produce department at Macey’s. In meeting different managers there, some had graduated with degrees in economics,

finance, marketing, and human resources, yet they continued to work at Macey’s as full-time employment opportunities hadn’t presented themselves. Although I enjoyed working at Macey’s while going to school, it wasn’t my long-term plan. I was hired by Cook Martin Poulson, a public accounting firm, right out of school. I didn’t know what they would have me do, and I ended up in auditing and financial statement work — it was the perfect niche for me. I have now been with them for almost 19 years. I enjoy the accounting profession because it’s completely different from how the stereotypes portray it. It is a peopleand service-oriented profession where I get to understand what problems and needs people have and find ways to solve them. Interacting with clients and team members is the best part of my job. I still have a chance to be involved with numbers, but I let Excel do my math so that I can focus on where numbers should be and what to do with them in financial statements. It is unfortunate, but math education was not likely to be a good source of income and way to provide for my family in a single-income household. Accounting has been a much better career and profession, and for that, my wife and family are very grateful. We need more college students in the pipeline, and hopefully we can find others who are searching for accounting without knowing that is the path for them. We need to help them realize why accounting leads to open doors and opportunities. n

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CEO’S MESSAGE SUSAN SPEIRS, CPA

ipeline. The accounting profession has heard this word for several years now. What is it and what does it mean for Utah? We all feel the pain of less and less talent entering into the CPA profession. Baby boomers continue to retire in droves; the Controllers Council estimates that approximately 75% of the CPA workforce met retirement age in 2020. The AICPA continues to publish information that notes continued declines in students graduating with accounting degrees and the number of students taking and passing the CPA Exam. In 2010, the profession had a high of 50,000 CPA Exam candidates. In 2022, that number is less that 32,000 taking the Exam. Many suggestions have been made to bring the numbers up in the profession, from lowering the bar into entry and creating new accounting credentials to changing what the education requirement looks like. Over the last couple of months, we’ve had the opportunity to mingle with students at the high school and collegiate level as they explore what the accounting profession looks like as well as contemplating with whom they would like to work as they graduate from college. We’ve gained many insights as to what students are thinking and the concerns they have and would like to share with you two insights as they look at the accounting profession and some possibilities: 1) Many accounting majors would like more unstructured and unscripted opportunities to meet with CPAs so that they can really find out the “scoop.” Perhaps the opportunity is that members and students are able to mingle at chapter events. Many of our chapters are located close to universities. Our students are invited to participate in these meetings; we’ve seen that sometimes we have more students attending than

members. Students have asked why our members don’t attend. Our challenge for you is to participate in the chapter events and interact with the students. They want to learn about what you do and see if there could be a potential future fit. 2) We’ve had the privilege of hosting high school students at various events. Students are doing their homework; they learn about the profession before they come to events. Comments regarding working conditions, culture and pay have been asked from both high school and college students. Perhaps the opportunity for our members is to look at the cultures in which they work and ask if this is a place they would want their kids to work. We continue to move the pay scale upwards. Although our students understand that accounting is a stable career, we often get asked how employers can expect new employees to work in a profession with a five-year degree at lower than median wages for our state. Often the comment is made that “we can’t afford housing and can no longer live with our parents.” Our profession continues to be a highly regarded and respected profession. We continue to compete with other respected professions that are also strategizing around pipeline challenges. Solving the challenges will not be easy or quick; we need to take inventory of what we can do to move the needle forward. n

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FEATURE

CONNECTIONS ON CAMPUS

THE UACPA CAMPUS AMBASSADOR PROGRAM SHOWS THE VALUE IN BECOMING A CPA

BY MARTY D. VAN WAGONER, CPA

he UACPA implemented its Campus Ambassador Program to provide an avenue through which students can learn more about the association and develop better networking skills by interacting with UACPA members. The program has been quite successful at Utah Valley University (UVU), largely due to the Herculean efforts of the ambassadors we’ve had serving. The last two years, Brent Myers and Valerie Halladay served in the position. And we had great ambassadors even before that. Currently, we have Kiersten Hancock and Matthew Cormier serving. We’ve been very fortunate to have amazing people in the positions. And I have been fortunate to be the faculty advisor for the UVU UACPA Campus Ambassadors. It’s been a great honor and pleasure working with them. I find the ambassador program beneficial for both parties. It gives our students the opportunity to network with professionals AND to give the professionals access to our students. I am also the faculty advisor for Beta Alpha Psi (BAP) at UVU. Our BAP officers work incredibly hard to provide many opportunities for students and professionals to mix. But the Ambassadors add to the work done by BAP in specific, valuable ways. We often walk a fine line between offering students and professionals the best opportunities possible while not overwhelming them with too much going on. We do cross those lines at times, but we constantly try to monitor it and walk that line and balance it all the best we can. In fact, the ambassadors and BAP officers work together

quite well to assist each other whenever they can. Of course, the ambassadors are available to answer students’ questions whenever they arise. But the best way to get the word out is to hold activities the students can attend to learn more about the profession and the UACPA. Brent and Valerie instituted an activity once each semester with a panel of relatively recent graduates coming back to UVU to talk to the students about their experiences in the early years of the profession and to answer questions the students raised. Many of the questions have been related to careers in accounting. Most of us in the profession remember the dilemmas we faced in choosing tax or audit or consulting etc. It’s even more difficult, I believe, for today’s students. Additional areas such as data analytics and artificial intelligence and other newer areas of specialty provide even more options for students. They appreciate the thoughts and experiences of those already in the field. Additionally at these events, students get to hear descriptions of “a day in the life” of a new professional. It gives them a better idea of what to expect. They even learn things like differences between large and small firms or differences between public accounting and industry and government. These have been very successful events. Kiersten and Matthew plan to continue holding the events and are getting them scheduled for this year. One of the biggest events we do at UVU is the combined luncheon with the UACPA Southern Chapter. This has been

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an incredibly well-received event held each fall. This event takes the place during one of the Southern Chapters monthly luncheons, and is held on the UVU campus. CPAs who attend can earn two hours of CPE credit. Students and faculty also attend, creating another great opportunity for networking. Two UVU faculty volunteer to present topics from research on which they are currently working or on which they have recently published. The luncheon this year is scheduled for Nov. 8. Another large event has been the UACPA Student and Educator Conference, generally held in January. UVU has hosted the last few years. I believe the conference is going to a virtual format this upcoming year. It’s been an opportunity to have sessions on topics that are current and pertinent to accounting education. It has been beneficial for students and for faculty who have attended.

8th Annual Southern Chapter Meeting at Utah Valley University

Date: Wednesday, Nov. 8 Time: Noon – 2 p.m. Location: Utah Valley University, Scott C. Keller Building, 800 W. University Parkway, KB401 Speakers/Topics: Two Changes from the Secure 2.0 Act of 2022 with Sheldon Smith; and What Artificial Intelligence Means to You: The CPA’s Guide to Navigating Technological Change with Noah Myers CPE: Two (2) hours Cost: $60; $40 for UACPA Members

Marty D. Van Wagoner, CPA has more than 35 years’ experience in public accounting. He is currently managing

The UVU UACPA ambassadors work hard and are effective at helping students understand the importance of the accounting profession and the importance of networking, especially through the UACPA. If you would like to be involved in supporting and/or assisting our ambassadors, please feel free to contact me at martyv@uvu.edu and I’d be happy to make the proper introductions. n

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partner of Mountainside Accounting & Consulting and professional-inresidence faculty at Utah Valley University. He is a former president of the UACPA.

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Kiersten Hancock and Matthew Cormier support the UACPA at Utah Valley University.

MEET THE CAMPUS AMBASSADORS The UACPA Campus Ambassadors are dedicated to exploring career options in accounting. They work with the UACPA to coordinate activities at their schools to help others learn about the path to becoming a CPA.

UTAH VALLEY UNIVERSITY Kiersten Hancock (Pictured) Why accounting // Growing up, I had a family friend who worked as an accountant. Witnessing her experience, where she not only contributed significantly to various businesses, but also enjoyed the stability that her career offered,

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profoundly influenced my decision to pursue a career in the accounting industry. Favorite class // My preferred accounting course has been Individual Income Tax. I find it both challenging and relevant, as it deals with a topic that applies to everyone — filing taxes. In five years // I envision myself actively contributing to my husband’s financial planning firm by specializing in tax planning and providing valuable assistance to his clients. Favorite thing about UVU // The incredibly friendly atmosphere and the genuine dedication of the professors to ensure students succeed. In my experience, they go above and beyond, dropping everything to help me grasp challenging concepts. In your free time // I enjoy reading mystery books. I’m also an outdoor enthusiast and frequently engage in backpacking, fishing and relaxing in a hammock. Another source of joy for me is visiting my family in Arizona.

Matthew Cormier (Pictured) Why accounting // I have struggled to find the field I want to go into and have done everything from building gun safes to shadowing doctors. When I was working for a credit union, it seemed to click, and I knew that accounting was where I’m meant to be. Favorite class // I’ve really enjoyed my International Audit class. I love to develop controls and use them in finding issues. In five years // I see myself working for a public firm, having my own land, and finding ways to impact others. Favorite thing about UVU // I love the atmosphere of UVU. I never feel like I’m in a race with my peers to get the “best” job, instead, I feel like we are a team helping each other grow. In your free time // I spend most of my free time with my family. We love to hike, camp, and spend time outdoors.

BRIGHAM YOUNG UNIVERSITY Ali Branham Why accounting // When I was a junior in high school, I took a chance and enrolled in the Accounting 1 class. I excelled and genuinely enjoyed working with numbers and learning how businesses operated. After learning BYU, my prospective university, was highly ranked in its accounting programs, all the stars aligned for me. Favorite class // My favorite accounting class has been Fundamentals of Taxation taught by Dr. Ron Worsham. It’s what inspired me to pursue a MAcc degree with a tax emphasis at BYU.

In five years // I see myself working in public accounting as a tax professional — with a CPA license! Favorite thing about BYU // The home I’ve found in the School of Accountancy. I get to learn from accomplished faculty who are, simply, good people. I also work for the SoA in the Business Career Center where I help students and firms with their recruiting efforts. In addition, the students I have learned from are some of my most supportive and cherished friends. In your free time // I like to play the flute, country swing dance, and watch BYU and South Carolina football.

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SOUTHERN UTAH UNIVERSITY reputable firm or potentially in a management role where I can leverage my expertise to drive growth and innovation.

Cameron Mulligan Why accounting // I aspire to pursue a degree in accounting because it represents a crucial avenue for me to gain a profound understanding of how businesses function at their core. Favorite class // Accounting 3010 “Financial Accounting 1” played a pivotal role in shaping my academic journey. Within its curriculum, I acquired essential principles that unlocked the profound significance of financial reports as a powerful window into business operations and overall performance. In five years // I envision myself as a dynamic and accomplished entrepreneur who has made significant strides in the business world. Drawing on my passion for building enterprises from a young age, I see myself as a partner in a

Favorite thing about SUU // My professors and advisors’ genuine dedication and commitment have been instrumental in my academic journey. Their unwavering support has bolstered my confidence and empowered me to pursue my dreams and aspirations with conviction. SUU’s faculty and staff have fostered an environment where every student feels valued and encouraged to reach their full potential. In your free time // I enjoy outdoor adventures: white water rafting, off-road vehicle explorations and camping. Another passion of mine lies in the culinary arts, as I am a home chef and proud owner of Dough Dough Bird Pizza food truck.

UTAH TECH UNIVERSITY Joshua Weiland Why accounting // Originally, I was attending BYU-Idaho studying marketing. While home on break, I met my future wife, and she recruited me to Utah Tech. I asked my marketing professors what they would do, since not all my credits would transfer over. They all told me the same thing; Get a degree in accounting or finance. Favorite class // Cost accounting always came easy to me. I loved figuring out how to help businesses grow and make them profitable.

In five years // We have purchased our first home and plan to rent it after we graduate. Hopefully, we will be living in our second home and my investments will equal at least 25% of my main income. I would love to look for more investments as well as play golf as much as possible. Favorite thing about Utah Tech // I love that the teachers care about the students. The accounting classes are helpful in the real world. In your free time // I work full time at a public accounting firm and am currently involved in the Utah Tech Accounting Club presidency, as well as finance chair for the St. George Temple Re-dedication Committee.

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UTAH STATE UNIVERSITY Lane Dudley Why accounting // I was initially interested in getting my degree in finance. After taking my first accounting class as a freshman, I realized I loved accounting. I talked with my career advisor, and after learning about the opportunities a degree in accounting can offer, I switched. Favorite class// I enjoyed Intermediate II. I found dealing with complex accounting issues fascinating. Some of the issues covered have lots of gray areas, and it feels like doing a puzzle to get everything right. In five years // I see myself continuing my growth at a Big Four accounting firm.

WESTMINSTER UNIVERSITY COLTON RAINES

Favorite thing about USU // I love attending any Aggies sporting event. Something about singing The Scotsman with my fellow students is just amazing. My favorite sport going on this time of year is volleyball. In your free time // I enjoy golfing, reading, watching TV, and spending time with friends. I also love traveling. This last summer, I traveled with the business school to London, Madrid, and Rome.

UTAH STATE UNIVERSITY

MICHAEL ZOUMADAKIS

SPENCER RAWLE

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UNIVERSITY OF UTAH

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WEBER STATE UNIVERSITY Abigale Wagstaff Why accounting // I have always liked math, not calculus, but math. I have always liked money and seeing what came in and what went out and where it went. After my first accounting class, I knew I needed to see where it would take me.

Aubrey Savage Why accounting // What interested me in pursuing a degree in accounting is my love for numbers, analytical thinking, and having a knack for solving real-word puzzles.

Favorite class // I have liked all of my accounting classes so far, but my first accounting class has to be my favorite. It was my jump start into the accounting field that had me setting my future goals and deciding I was going to pursue my CPA license and a MAcc. In five years // I see myself two years into my career building roots and beginning to climb the corporate ladder. While in school, I plan to gain as much experience as I can, so once I am done, I can hit the ground running and keep growing my experience and knowledge. Favorite thing about WSU // I love that Weber State University has passionate individuals in their professional field teaching classes. In the classes, I don’t get lost, and, if needed, I can always reach out to my professor. I also like the scenery of the campus. You can find a spot to study everywhere you look. In your free time // I like to go to the gym or go for a run. I also like to binge watch TV shows and movie series. I watch the Marvel timeline almost every year.

Favorite class // My favorite accounting class was the Accounting 2010 class. I knew nothing about accounting, other than I was interested in learning it. Because of this class, I knew this career was the one for me. The clear explanations and a supportive learning environment, coupled with my professor’s enthusiasm, ignited my passion for accounting. In five years // In the next five years, I aim to advance my career, become a CPA, explore Europe, and share all my adventures with a dachshund dog. Favorite thing about WSU // My favorite thing about going to Weber State University is the relatively small class sizes. Having the smaller classes fosters a better student-toteacher relationship and provides a more engaging learning experience. In your free time // Beyond academics, I enjoy hiking, concerts, fitness and quality time with friends and family.

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The following numbers come from the AICPA’s 2021 Trends report.

BY THE

NUMBERS DEMOGRAPHICS AND CANDIDATES

44 14

PERCENTAGE OF NON-CAUCASION CPAS WORKING AT FIRMS.

PERCENTAGE OF FEMALES WORKING AT CPA FIRMS.

PERCENTAGE OF ASIAN/PACIFIC ISLANDERS WHO ARE CPAS IN THE U.S.

32,186

NUMBER OF NEW CPA CANDIDATES IN 2021. THE HIGHEST NUMBER WAS 49,597 IN 2010.

19,544

NUMBER OF CPA CANDIDATES WHO PASSED THE FOURTH SECTION OF THE CPA EXAM IN 2021. THE JOURNAL ENTRY |

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REVIEW YOUR CYBER RISK

DO YOU THINK YOUR BUSINESS COULD SURVIVE A DATA BREACH? BY JAMES HARRISON

his month marks the 20th anniversary of National Cybersecurity Awareness Month. It’s an important reminder each year that cybercrime continues to be one of the greatest risks we all face in the ongoing digital transformation of everything. With the annual cost of cybercrime projected to hit $10.5 trillion by 2025, businesses must be aware of the growing risks and take the necessary steps to not just prevent data breaches, but also minimize damages should business, employee or customer data ever be compromised. Perhaps one of the more important questions to ask this month is: Should it ever happen, would my business survive a data breach? Many businesses don’t. As a CPA, you can promote good cyber risk management practices and the protection of confidential data within your organization. With just a little effort and planning, you can help your business get ahead of this risk and ensure survival should the unthinkable happen. Here’s a quick summary of the most important things you need to know about surviving a data breach.

WHAT QUALIFIES AS A DATA BREACH?

Every business and organization collects some form of confidential or sensitive information about their customers and employees, including various types of personal, financial, medical and business data.

The exposure, loss, or theft of this private information is considered a data breach incident, no matter how large or small. It does not matter if the breach was criminal, or due to a mistake made by an employee.

DATA SECURITY AND PRIVACY LAWS

Multiple federal regulations mandate the protection of private data including HIPAA, GLBA, FACTA, SEC/ FINRA, FFIEC and more. All 50 states also have current cybersecurity and data privacy laws, including Utah’s more recently passed Utah Cybersecurity Affirmative Defense Act (2021) and the Utah Consumer Privacy Act (2023). As a financial professional, you should be aware that CPA firms, financial services companies, and pretty much every business with customers and employees need to be compliant with one or more regulations that mandate minimum cybersecurity standards. These laws can be enforced with potentially steep penalties and fines of up to $100,000 per incident for negligence and non-compliance, and in some cases, the ability to go after owners and officers personally.

THE FINANCIAL COST OF RECOVERY

The financial damages from a data breach incident can be catastrophic to most businesses. According to the annual Ponemon Institute Cost of Data Breach study, the average cost to a small business recovering from a data breach in

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the U.S. has risen to $2.74 million. Ransomware bounties average over $100,000 for a small business, and over $1 million for larger organizations. Even very small breaches can wreak havoc. With the average recovery cost of close to $250 per individual affected by an incident, a breach with just 500 people exposed can run $125,000 or more.

REPUTATIONAL DAMAGE?

What’s your business reputation worth? Can you put a value on customer trust and loyalty? Many times, the most detrimental consequences of a data breach are the negative effects on an organization’s reputation and loss of customer trust. Between the enormous financial and reputational damages, it’s imperative that businesses and organizations of all sizes consider these risks and take steps now to prevent breaches and then survive an incident should it happen.

5 THINGS YOU CAN DO NOW TO SURVIVE 1. Get a Risk Assessment Done. Identify your weaknesses and security gaps that could compromise your business. There are comprehensive selfassessment tools available that won’t cost you much and can give you an important roadmap to improvement. 2. Implement an Information Security Plan. Don’t assume your business is doing enough. Like business and marketing plans, you need a written Information Security Plan. Your plan should outline in clear and simple terms how you protect confidential data, including policies and procedures that demonstrate your compliance with accepted industry standards and current cybersecurity laws.

4. Have a Breach Response Plan. A quick and proper response to a breach incident is essential to survival. Be sure you have a current plan put into place with specific steps for proactively handling any incident. Know who you rely on for expert breach response assistance. 5. Get Compliant. To survive a data breach, it’s imperative that you are legally defensible. This means being compliant with federal, state, and industry standards applicable to your business. Meeting minimum accepted cybersecurity standards makes you more defensible against fines and legal action in the wake of a breach. Don’t make this too complicated or expensive. Your approach to compliance should be reasonable to the size and scope of your business. You may want to enlist the help of cybersecurity compliance experts to ensure your Information Security Plan and your efforts meet minimum standards.

MOVING FORWARD

Although October is Cybersecurity Awareness Month, protecting your assets and following best practices should be top of mind all year. Even basic procedures like utilizing multi-factor authentication and keeping systems updated can go a long way to protecting your organization. If you are unsure where to start, or are curious about your company’s level of security, consider reaching out to a certified cybersecurity compliance service provider for assistance. n The UACPA has partnered with INVISUS, a Utah-based cybersecurity company specializing in cyber risk management for small and mid-sized companies, to help you assess your current status, implement a plan to minimize risk, get compliant, and properly respond to data breach incidents. James Harrison is the founder and CEO of INVISUS, an industry pioneer in cybersecurity and identity theft

3. Train Your Employees. Your employees are typically your first line of defense in detecting security problems and data breach incidents. Be sure all personnel, including you, get regular cybersecurity awareness training and know how to spot email phishing scams, use strong passwords, and are following your company’s security protocols.

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protection since 2001. As chief strategist and product visionary, he leads the development of the company’s innovative security solutions and is a featured author, speaker and trainer.

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FROM 529 PLAN TO ROTH HOW TO FUND A ROTH IRA WITH A SECTION 529 PLAN BALANCE

BY SHELDON R. SMITH, CPA

ne of the changes from the SECURE 2.0 Act of 2022 allows a transfer from a qualified tuition program (QTP) account to a Roth IRA. QTPs are also referred to as qualified tuition plans or section 529 plans. This new option is available starting in 2024, so understanding it now will help QTP administrators get ready for such transfer requests. Accounting professionals will want to understand the rules and restrictions so they can advise clients who may have excess QTP funds.

QUALIFIED TUITION PROGRAMS

The most common type of QTP can be set up by a state or its agency as an investment account to save for future education costs. Utah offers a QTP through the Utah Educational Savings Plan doing business as “my529.” Several general rules apply to QTPs. Contributions can only be made in cash. The program must have a separate accounting for each beneficiary. The contributor or beneficiary has limited investment direction. No part of the account can be used as security for a loan. Another rule requires the program to have safeguards to prevent contributions for a specific beneficiary that exceed what would be needed for the qualified education expenses of

that individual. In general, distributions from a QTP for qualified education expenses are excluded from federal income taxes. While contributions to a QTP are made with after-tax money, the earnings will never be taxed if used for qualified expenses. When section 529 was first enacted, qualified expenses were narrowly defined, but changes to the law have allowed more costs to qualify. Qualified withdrawals from QTPs need to be coordinated with any expenses claimed for other education tax benefits such as the American opportunity credit or the lifetime learning credit. If distributions are made from a QTP for nonqualified expenses, the earnings portion of these distributions becomes taxable. In addition, a 10% penalty is levied, but it can be avoided for certain exceptions. Within limits, certain transfers of QTPs are allowed: a transfer to another QTP for the same beneficiary or a family member and a transfer to an ABLE account for someone disabled who is either the beneficiary or a family member. Besides the federal tax benefits for a QTP, states may also offer tax benefits. Some states offer a deduction or a credit

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for QTP contributions. Utah offers a state tax credit for contributions to a QTP up to a certain limit for most taxable entities, but corporations can instead take a tax deduction. However, the Utah credit or deduction is only applicable if the account beneficiary is younger than age 19 when designated as the beneficiary. If nonqualified withdrawals are made from a QTP, state tax benefits previously claimed may need to be recaptured. For many reasons, a well-funded QTP may still have a balance when the beneficiary has finished school. Besides the transfer options mentioned, another option is to withdraw the funds from the QTP. However, the earnings portion of the withdrawal will be treated as a nonqualified expense. Starting in 2024, another option will become available for excess QTP balances—a transfer to a Roth IRA.

annual deadline for making such rollovers. An IRA to Roth IRA conversion is another way to get money into a Roth IRA account. These conversions may be especially helpful for those who cannot make direct contributions because of income phase-out limitations or who wish to contribute more than the annual maximum allowed for direct contributions. These conversions are also not subject to the earned income limits, and they have no dollar limit. To the extent the IRA from which the funds are coming has benefitted from tax deferral, the amount of any conversion to a Roth IRA would become taxable in the year of the conversion. Although conversions do not have an annual limit, because there are tax consequences, the deadline for conversions is December 31 of the tax year for which taxes will be due.

QTP TRANSFER TO A ROTH IRA

ROTH IRAS

Roth IRAs are like traditional IRAs except the contributions to a Roth IRA are made with after-tax money. Then, if rules are followed, all distributions made from the account later are tax free. Roth IRAs can be funded with direct contributions, rollovers, or conversions. Direct contributions to Roth IRAs are limited by the amount of earned income; this limit applies to all IRA contributions during a year to both Roth and traditional IRAs. Total IRA contributions for a year are also limited by an indexed annual maximum — $6,500 in 2023. Taxpayers who are 50 or older can make an additional catch-up contribution of $1,000 per year. The ability to contribute to a Roth IRA also phases out over a range of modified adjusted gross income (MAGI), which is indexed annually. For 2023, the range is $218,000 – $228,000 for those who are married filing jointly, with other ranges for other filing statuses. Because there is an annual limit for direct IRA contributions, a deadline exists for Roth IRA contributions for a specific year — the tax return due date for filing that year’s tax return. A Roth IRA account can also receive rollover money from other Roth IRAs or other designated Roth retirement accounts. There is no tax consequence for these rollovers. They would also not be subject to the annual dollar limit on contributions, the earned income requirement on contributions, or the income phase-out limitation that exists for direct contributions. As a result, there is no specific

In addition to direct contributions, rollovers, and conversions, the new tax law will allow a transfer from a QTP to a Roth IRA. Specific rules apply to such transfers. •

The QTP must have been maintained for the beneficiary for at least 15 years,

•

The amount transferred cannot exceed the aggregate amount contributed to the QTP (and related earnings) before the five-year period prior to the transfer,

•

The transfer must be a direct trustee-to-trustee transfer,

•

The Roth IRA must have the same beneficiary as the QTP,

•

The amount transferred in any year is limited to the annual IRA contribution limit, coordinated with any other IRA or Roth IRA contributions for that individual that year, and

•

The aggregate amount transferred from a QTP to a Roth IRA for any individual cannot exceed $35,000.

The new option to transfer amounts from a QTP to a Roth IRA is specifically designated as a “qualified rollover contribution.” Even though these are rollovers, they do have the annual maximum dollar limit of direct contributions, but they do not have the MAGI income phase-out limits. An ambiguity exists with respect to whether transfers from a QTP to a Roth IRA are subject to the earned income

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limitation. Different interpretations of parts of the amended tax code can lead to a conclusion that the earned income limits do or do not apply.

rules. States could possibly tax the transferred earnings and could also require a recapture of any state tax benefits originally received on the QTP contributions transferred.

A second ambiguity in the new law relates to the fiveyear rule for amounts transferred from the QTP. One interpretation of this rule is that rollovers cannot include contributions made to the QTP in the last five years. The other interpretation is that the limit relates to the amount of the contributions to the QTP prior to the last five years, not that the actual dollars to be transferred must have been contributed prior to the last five years.

This new law provides an opportunity for individuals who have long-term QTPs with excess amounts to enhance their tax-free retirement savings. This can be done without triggering federal taxes and penalties. The earnings in the QTP that are transferred never become taxable. This amount could be considerable since the account needs to have been open for at least 15 years and remaining contributions may have been invested for many years. It will be interesting to see how well this provision is accepted by looking at the level of these transfers starting in 2024. n

A third ambiguity of this QTP to Roth IRA transfer relates to the due date of the transfer. While direct IRA contributions have a tax filing due date deadline, rollovers have no specific due date, so it is unclear what the due date is for a qualified rollover contribution from a QTP. Even though it is called a rollover contribution, it has an annual limit. In that case, we might assume that the deadline would be the same as for a direct contribution with an annual limit—the tax filing deadline for a given year’s tax return.

This article is based on a longer article that was published in Tax Notes Federal (https://taxnotes.co/3rak49H) and Tax Notes State (https://taxnotes.co/3ZoBpbl) on Sept. 18, 2023.

Sheldon R. Smith is a professor of accounting at the Woodbury School of Business at Utah Valley University

These ambiguities need legislative adjustments or technical corrections to provide clarity. Alternatively, the IRS could provide further guidance on its interpretation of legislative intent.

in Orem, Utah. He graduated from BYU with a B.S. degree in accounting and a joint MAcc/MBA. He completed a Ph.D. degree in accounting at Michigan State University.

There is no guarantee that states will adopt these same

CONNECT WITH UACPA MEMBERS • Send messages to UACPA members • Ask questions and learn from other CPAs • Collaborate and share ideas with like-minded professionals • Find discussions or create a new one

Get Started! Select CONNECT at UACPA.org or directly at connect.uacpa.org.

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Help Your Clients Get the Credit They Deserve 61%

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2023 AWARDS

CONGRATULATIONS

This year’s Inauguration & Awards Banquet was held Thursday, Sept. 22, at the Grand America Hotel. Awards were presented to members nominated by their peers and selected by members of the nominations committee. Newly licensed CPAs were recognized and inducted into the profession. The 2023 award recipients honored include the following:

DISTINGUISHED SERVICE

OUTSTANDING LEADERSHIP COUNCIL MEMBER

Cleon P. Butterfield, CPA Cleon is senior vice president and CFO of Utah Housing Corporation. He has extensive experience in affordable housing, public finance, mortgage banking, and is passionate about serving first-time home buyers and low-income families of Utah. Cleon has been an adjunct professor at University of Utah’s David Eccles School of Business in the School of Accounting and Information Systems for more than five years. He has a Master of Business Administration from the University of Utah and a bachelor’s in accounting, with both a composite business minor, and a minor in political science from Brigham Young University. Cleon has served as a member of the State Finance Review Commission and University of Utah School of Accounting Advisory Board. He is currently a member of the board of directors of the Federal Home Loan Bank of Des Moines. Cleon cares deeply about community service and the future of Utah and its youth. Cleon has been married for 43 years to Marci, an associate professor of accounting at the University of Utah. Together, they have six children who are now raising their 16 grandchildren. He enjoys traveling, art, history, literature, training horses and many forms of outdoor recreation.

Dennis Spackman, CPA Prior to retiring in October 2016, Dennis directed the risk research and analytics team of the Risk Management Division of the Church of Jesus Christ of Latter-day Saints. Dennis previously held positions with the Church as Asia area controller while residing in Hong Kong and chief accountant at headquarters with responsibilities for consolidated reporting of the Church’s worldwide operations. Other employment included KPMG in Los Angeles and controller for the Utah Department of Transportation. Dennis earned his bachelor’s and master’s from BYU and has previously chaired the National Association of State Board of Accountants (NASBA) and Utah State Board of Accountancy. He was the UACPA president in 1983–1984 and served on several boards. Among his many accomplishments, Dennis was the founding chair of NASBA’s Ethics and Audit Committees, chaired two National Ethics Forums in Washington D.C. for the accounting profession and was recognized in 1999 and 2000 in Accounting Today’s “100 Most Influential People in Accounting.” Dennis is active with the UACPA’s Leadership Council and DEI Committee.

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OUTSTANDING CPA IN BUSINESS & INDUSTRY

OUTSTANDING CPA IN PUBLIC PRACTICE

Robert Shaw, CPA

M.K. Mortensen, CPA

For the last decade, Rob Shaw has managed accounting, finance and IT for Steve Regan Company. Rob earned his CPA license in 2010 and has actively served and participated in the UACPA’s Business & Industry Council where he has helped plan the annual Business & Industry Conference. He previously worked for five years in the assurance and business advisory practices for Squire. Rob serves his community on the Orem Summerfest Committee and as president of Utah Valley Youth Lacrosse. He enjoys coaching his kids’ lacrosse teams. Rob and his wife, Courtney, have seven children and live in Orem.

M.K. has worked at Grant Thornton for almost 19 years where he is currently a tax partner, serving corporations and partnerships. M.K. has served clients in a variety of industries throughout his career, including those in manufacturing, distribution, technology, professional services and related industries. He has previously chaired the UACPA’s Tax Issues Committee and served on the advisory board for Brigham Young University’s Marriott School of Management, School of Accountancy. M.K. received his bachelor’s and MAcc from BYU. M.K. and his wife of 32 years, Lara, have four kids; one boy and three girls. He is now a grandfather, too. He enjoys cycling in the summer and backcountry skiing in the winter.

OUTSTANDING EDUCATOR

OUTSTANDING CPA IN NONPROFIT & GOVERNMENT

Paul Campbell, CPA Paul received a Master of Taxation from the University of Denver and a Bachelor of Arts in accounting from Utah State University. Prior to joining the School of Accountancy at Utah State University as a lecturer, he worked both in public practice at Jones Simkins, KPMG, and Arthur Andersen and as the CFO of several private companies. In addition to teaching courses on partnership, corporate, and individual taxation, Paul is the faculty advisor for Utah State University’s team which competes in annual tax competitions. Paul is also the coordinator and advisor for the university’s VITA program. Paul serves as a member of the CPA Education Advisory Committee and is on the board of trustees for Cache Valley Center for the Arts and for the Cache County Junior Livestock

Van Christensen, CPA Van was recently appointed as the director of the State of Utah’s Division of Finance where he plays a critical role in ensuring that taxpayer funds are managed responsibly, and state financial operations are conducted with integrity. Previously, Van was the internal audit director with the Utah Department of Workforce Services. He was also an audit director with the Office of the State Auditor. Van earned his bachelors and masters degrees from Weber State University.

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LIFETIME MEMBER

Gary Christensen, CPA

Robert Foley, CPA

Gary retired as CFO of Loveland Living Planet Aquarium in June after working there for 16 years. The Wisconsin native relocated to Utah in 2005 after his wife accepted a position at the University of Utah School of Medicine. He founded a home health care company that he later sold after accepting a CFO position at the Loveland Living Planet Aquarium. Before moving to Utah, Gary worked at a local CPA firm in his hometown in Racine, Wisconsin. He has served many nonprofits including the Sarah Daft Home and the UACPA. Gary graduated Cum Laude in 1989 from the University of Wisconsin Parkside. He has been licensed as a CPA since 1993. Gary and his late wife Shuping have four children and three grandchildren. In retirement, Gary has enjoyed finding more time for hiking, gardening, genealogy,

Robert’s career began in Vernal in 1974, working at Lloyd Winward, P.A. He received his CPA license in 1977 and served as the UACPA’s first president for the Uintah Basin Chapter. Robert earned his bachelor’s degree from BYU in 1973 and an MBA from USU in 1997. Over the years, Robert partnered with Lloyd Winward, James Drollinger, Steve Judd and finally, in 1994, he joined with Terry Caldwell and Boyce Coombs to form Caldwell, Coombs & Foley, LLP. Robert has served the Vernal Area Chamber of Commerce since 1975 including 16 years on its board of directors and as president from 1986 – 1987. After 42 years in the accounting profession, Robert formally retired in 2016. Robert and his wife, Laura, have five children and 13 grandchildren.

RISING STAR

AICPA WOMEN TO WATCH: EXPERIENCED LEADER

Dustin Jensen, CPA Dustin graduated from the University of Utah with his MAcc in 2017, the same year he began working as an audit associate at Eide Bailly LLP. Dustin has been with Eide Bailly for six years and is currently an audit manager. Dustin is also very active in public accounting recruiting and enjoys visiting university campuses to mentor business and accounting students as they approach graduation. Dustin has served on the UACPA Networking Committee for three years and graduated from Leadership Academy in 2022. Dustin’s hobbies include getting too emotionally involved in Utah Jazz and New Orleans Saints games, running, reading, and playing the piano. Dustin married Alyssa Kohler in May 2022 and is looking forward to the birth of their first child this winter.

Lisa Bell, CPA Lisa graduated from the University of Utah with a Master of Accountancy with an emphasis in taxation. While working in public accounting, she grew tired of the lack of genuine connection and wanted to create a new reality for what being a CPA looks like. She founded CoPilot CPA to elevate the CPA profession by providing her clients accessibility, education and empowerment, while also providing mentorship to other professionals who are trying to find balance within the profession.

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AICPA WOMEN TO WATCH: EMERGING LEADER Valerie Bushell, CPA

Valerie is the corporate controller for BlueWind Medical, an innovative medical device company headquartered in Park City. Valerie is currently serving as chair for UACPA’s DEI Committee. She began her career in public accounting, but found her passion is working in private industry. She enjoys mentoring employees and improving financial processes and reporting. Working as an accounting professional in Utah, Valerie became dedicated to working towards diversity and inclusion within the profession. She has worked on different DEI committees and is committed to finding ways to create equality within a profession she enjoys. She is an alum of the University of Utah. Valerie has a daughter, Lucy, and son, Grey. Besides her children, hiking the Grand Canyon from the North Rim to the South Rim in one day is her greatest accomplishment. She loves reading, hiking, running, snow sking, traveling and visiting national parks.

CONGRATUL ATIONS TO THE NEWLY LICENSED CPAS The following individuals were licensed between August 2020 and July 2023. They received a certificate and recited the Oath of a CPA led by Mike Blackburn at the annual Inauguration & Awards Banquet. Adam Serdar, CPA

Jared Myer, CPA

Aidan Jensen, CPA

Jared Vawdrey, CPA

Ailin Zhou, CPA

Jeff Niebergall, CPA

Alan Michael Mattes, CPA

Jon Vallee, CPA

Amy Findlay, CPA

Jordon Thompson, CPA

Andrea McKay Austin, CPA

Joseph Browne, CPA

Brennan Ray, CPA

Joshua Hafen Rupp, CPA

Bryan Robert Smith, CPA

Kaden Lowell Ashcraft, CPA

Caleb Andrew Horlacher, CPA

Kelly Conner, CPA

Carson Kinross, CPA

Lora McDonald, CPA

Carson Kopsa, CPA

Michele Farr, CPA

Chantel N. Wixon, CPA

Mitchell Johnson, CPA

Chetan Kumar Satheesh, CPA

Nicholas DeFilippis, CPA

Chris Wyatt, CPA

Nicole Austin, CPA

Clare Kemble, CPA

Olivia Phillips, CPA

Connor Jones, CPA

Parker Romney, CPA

Dallin Williams, CPA

Preston John Eyre, CPA

Dani Finlinson Merrill, CPA

Rafael Mourra, CPA

Devon Annis, CPA

Ryan Alexander Merrill, CPA

Dorothy White, CPA

Shelby D. Carter, CPA

Eliza Shippen, CPA

Shuyao Tang, CPA

Emily Brown, CPA

Tanner Stubbs, CPA

Emily Mejia, CPA

Ty James Moore, CPA

Heidi J. Denney, CPA

Tyler Edman, CPA

Hyrum Davis, CPA

Valerie Halladay, CPA

Jacob Eliot Reschke, CPA

Willie Petersen, CPA

James Huntington, CPA

Zeyu Hua, CPA

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MEMBERSHIP

NEW MEMBERS

Congratulations to the following individuals who were approved for membership in the UACPA as of Aug. 31, 2023. Bailey Rinderknecht 3BR Accounting Tessa Brockie CliftonLarsonAllen LLP Andrew Brewer Clyde Companies, Inc. Clarke Anderson DHF Financial Forensics, PLLC Russell Jensen Ernst & Young US LLP Michael Cordova FBAC Matthew Ferris FORVIS William R. Corry Grabber Construction Products, Inc. Ashley Jason Jessica Sedam Eslliey Tan Kimbrey Togerson Haynie & Company Ronil chand HBME LLC Ailin Zhou PwC Alan Mattes Sadler, Gibb & Associates

Sheila Srivastava STS Tax & Accounting Services Sawyer Alvey Zachary Blunt Hunter Mattson Whitney Springer Tanner LLC Ryan J. Thompson Teuscher Ruf & Walpole, LLC Parnell Black Maria Borisevich Darin Gubler Hugh Haslem Jason G. Page No Firm Listed

Student Affiliates Brigham Young University Abbie Hess Mishelle Gankhuyag E Russell CROSBIE Kailie Smith Utah Tech University Areli Hernandez Islas Ryan Hafen Austin Bracken Serah Sukut Kimberly Bird Kaden Simkins Hank Dodson Kohl Bowler

Ethan Gulbranson Blakely Fairchild Damon Rivers Hailee Paul Southern Utah University Alexander Mascaro Ashlie Olenslager Jaimie Goldberg Christian Jones Braden Barnes Clint Thompson Dallin Merrill Alexis Hale University of Utah Brandon Anaya Alyssa Faye Carlos Perla Gatica Alvarado Utah State University Kevin Hudson Utah Valley University Justin Pack Kenzy Huggard Tammy Cooley Connor Swenson Teri Bolton Luke Laukka Monica Woodward Missy Jacobsen Andrew Carter Sean Kelly Nathan Buhler JD Espinoza Jessica Ulmer Spencer Conrad Jonathon Funk Jordyn Selley Sarah Tshipama Nicolas Garcia

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Weber State University Dararith Yat Madelyn Medell Daniel E. Morris Daniel Rhead Parker R. Pulver No School Listed Michael V. Johnson Tate Holmes Odin J. Hopkins Mitchell D. Gregory Hyrum J. Schwab Olivia Iacono Jessica J. Castillo Logan C. Adams Canon J. Higgins Anne Marie Harmon Morgan Dickason Jamie H. Morris W Rustin Sweat Paige Pappas Braxton Packer Joshua Weeks Tierney Fox Kalli L. Mullins Miranda Anderson Spencer Capener Kylee Evans Kaleb T. Paul Emma Hunt Johanna P. Lawter Paige Bishop Victor Barraza Jr. Ryan Smith Ethan L. Brown Jamie Rikala Abigail J. Wagstaff Connor J. Smith Scott M. Ruebush

Sara Lassig Jaylee Grotegut Taylor J. Ehlers Kole C. Randall Johnny Fullmer Taylor Antczak Patricia Hulboj Sasha Van Deventer Ruth Peeples Jonathan Chan Emmanuel E. Shinemeh Christian Hernandez-Perez Gavin Pitts Zane Price McKenzie Fuchigami Hunter D. Gooch Trenton L. Allmon Aidan Holloway Dallin Toone Samuel Batt Reese Schone Joe Corbridge Jackson B. Hyde Lori L. Snee Gaige Vielhauer Angie Light Skylar R. Dean Leland D. Carney Patrick Kardelis Jerry Cortes Megan Gillespie Kelly A. Shoemaker Jordan Maus Koa Hanks Isaiah Racule Elijah Younica Diego Contreras Juan Soto Jr. Cameron Mulligan Tanner Eyre Walker Heaton Zeb Jones Teancom J. Denevan Kamryn Lima

MEMBERSHIP

MEMBERS IN THE NEWS

Do you or your firm have news to share? Send the details to Amy Spencer, as@uacpa.org. Jerry Bregg and Brad Toone have both been named as new principals at CLA (CliftonLarsonAllen LLP). Jerry (top) is a tax principal with more than 25 years of experience in taxation. He will be focusing on CLA’s growth in the technology and life science industries. His career began at Arthur Andersen, then later Deloitte in San Diego before his most recent position as a tax office managing partner at BDO. Jerry received his Master of Accounting from San Diego State University. Brad is an assurance principal with 15 years of professional accounting experience, both in public and private practice. He was previously at PwC and worked as a parter at BDO. Brad specializes in working with companies in several industries, most recently working with real estate developers of multifamily and other commercial properties. He received his Master of Accounting from the University of Utah. CLA is the eighth largest accounting firm in the U.S. and one of the largest professional services firms in the Salt Lake City area.

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Squire CEO, Jonyce Bullock, received the 2023 Executive Leadership Award from the Utah Valley Chamber of Commerce. This award honors “exceptional female leaders in the world of business who exemplify unwavering principles in their professional and personal life, and a commitment to foster unity and good-will within our community.” Eide Bailly was recognized for their DEI efforts at Utah’s fifth annual Living Color Awards, presented by Utah Business and Living Color. Eide Bailly was among individuals and businesses honored who are working toward a more equitable and inclusive future for Utah. Grant Thornton LLP has admitted 43 new partners and principals and promoted 32 professionals to managing director. The Salt Lake office has promoted Andy Brown to audit partner and Laura Wagner to audit partner, effective August 1. Haynie & Company has been recognized as a Top 100 Firm for 2023 and a 2023 Fastest Growing Firm by INSIDE Public Accounting. Ranking at number 83 on this year’s top U.S.-based accounting firms list, Haynie & Company has experienced a significant increase in revenue growth of nearly 23%, which they attribute to the focus on a new management structure towards a one-firmfeel driven by line of business.

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PHOTOS

INAUGURATION & AWARDS

The UACPA celebrated newly licensed CPAs, outstanding members and 100% firms at the annual Inauguration & Awards Banquet. Thank you to our table sponsors, CliftonLarsonAllen (CLA), Utah Housing Corporation, Eide Bailly, Squire and Grant Thornton.

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PHOTOS

GOLF TOURNAMENT

The annual golf tournament fundraiser for the Utah CPA Foundation was Thursday, Aug. 17, at Old Mill Golf Course. More than $10,000 was raised to support the CPA pipeline through activities like Money Camp. Thank you to our presenting sponsor, Weber State University, lunch sponsor, Zoho, and hole sponsors Beehive Insurance, Cost Segregation Consultants, Box House, Cost Segregation Authority, Netwize, Apex Golf Instruction, SEO Werkz, Drive Wealth Advisers and Senior Benefits Insurance Services.

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BOARD QUESTION

HAVE YOU EVER MET A CELEBRITY? OR WHO WOULD YOU WANT TO MEET? Dustin Wood, CPA

Jason Tomlinson, CPA

“I won an award and got to attend the Mark Eaton celebrity softball tournament and meet him. There’s nothing like meeting and standing next to someone that is 7’ 4” to make you feel like a small human.”

“I don’t recall meeting a celebrity, but I’m not interested in meeting famous people. I have seen some in the ‘wild’ while at a restaurant or theater, but never talked to them.”

Stacy Weight, CPA

Ariane Gibson, CPA

“I would love to meet Dwayne ‘The Rock’ Johnson. He seems to be such an inspirational person, and I think it would be fun to meet him!”

“I haven’t met any celebrities but would probably want to meet either Kevin James or Katherine Heigl.”

Annette Andersen, CPA

Shalaun Howell, CPA

“During the 2002 Winter Olympics closing ceremonies, my husband was IT support at the Rice-Eccles Stadium. That day was our anniversary, and I was able to join him. While waiting, Mitt Romney stepped away from world leaders to congratulate us on our anniversary.”

“I would love to meet John Williams, the most remarkable film composer of all time. The music of Star Wars, Indiana Jones, Superman, Jurassic Park, and Harry Potter has been central to creating worlds of adventure throughout my life.”

Marci Butterfield, CPA

Ray Langhaim, CPA

“I was at the Lion’s House for a birthday party and Donny Osmond came down the stairs. I didn’t actually meet him, but all of us were awe-struck. Last week, I met his nephew Nathan Osmond who performed at a conference. I love that the singing and performing talent has multiple generations.”

“As a longtime Miami Dolphins fan, I met the greatest coach in the history of football, Don Shula. I had been golfing and had lunch in the club house where Don and his friend were having a bite to eat. I got the nerve up to say ‘hi’ and shake his hand and see his Super Bowl ring of 1972. Very cool!”

Mark Anderson, CPA “I would really like to have met Ronald Reagan. As a youth I remember thinking what a great leader he was and how safe he made me feel.”

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Dan Frei, CPA “The most famous person I met was Al Gore when I worked at Deer Valley, and he liked to ski the resort with his secret service.”

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STAFF CHAT

HAVE YOU EVER MET A CELEBRITY?

BOARD BRIEF

THE LATEST ACTIVITIES WITH THE BOARD •

The Awards Committee presented a slate of names of awardees to be ratified. The awardees were approved and presented their awards at the annual Inauguration & Awards Banquet held on September 21.

•

The Nominations Committee presented names to be ratified for executive board positions for the year ending March 31, 2025. The names were approved and ratified.

•

A summary of the State Board of Accountancy (SBOA) was provided. The SBOA approved NASBA’s 30-month rule to pass the CPA Exam retroactive to July 1, 2023.

•

The Audit Committee presented audited financial statements for the year ended March 31, 2023 to be ratified. The board ratified the vote from the Audit Committee to accept the statements.

•

There was continued discussion surrounding AICPAs Experience, Learn and Earn (ELE) programs, especially as it relates to university programs across the nation and within the state. We have heard much frustration from the profession as well as our members regarding the lack of conversation and communication at the AICPA level regarding the sustainability of the profession as we continue to struggle with low starting salaries and poor cultures. As an organization, we continue work with our employers at all levels and students.

Amy Spencer “I covered Sundance at the Tribune, so I’ve interviewed a handful of actors and musicians. John Waters and Crispin Glover were some of my favorites. On a recent trip to Los Angeles, I ran into Tiptoe, an African desert tortoise. This 22-year-old, 175 lb. guy has 8.1 million followers on Tik Tok.”

April Deneault “I got to meet Karl Malone when I was in junior high, and I got his autograph on a poster that I had. He was my teenage crush, so it was pretty amazing!”

Tom Horn, CPA “I saw John Glenn in 1967 at the Smithsonian Air & Space Museum staring at his space capsule, Friendship 7. I got a chance to ask him what he was thinking while looking at it while in Washington D.C. in 2005. He told me about his ride in Friendship 7 and the thrill he had on the Space Shuttle.”

Susan Speirs, CPA “Over the years, I’ve had the opportunity to meet several celebrity type people, albeit, politico type individuals. An individual I still have infrequent communications with is Tom Brokaw. He is a down-toearth gentleman who is to this day very passionate about journalistic reporting at its highest level.”

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Laws & Rules Webinar The 2023 Laws & Rules Webinar is now available. Members can watch this required course for free at any time.

uacpa.org/lawsandrules

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MEET A MEMBER RICHARD HAUBRICH, CPA with before, I will write myself a note and then find articles to read about that topic or reach out to a trusted mentor. What would surprise people to know about you? As a child, I wanted to be a detective. I have always liked the challenge of figuring out puzzles and having the work I do matter. Although I am not a detective, I believe that in accounting we do get challenged with puzzles and have the satisfaction of our work mattering to our clients and their livelihoods. What is your favorite book? It’s hard to choose only one book. I love reading books about leadership and famous individuals. Two of my favorite people to read about are Steve Jobs and Warren Buffet. What do you like to do outside of work? I love to travel. Our family has been all over the world, and we try not to double up on too many places because we have so many places on our bucket list to see. This past May we went to Europe. We made it to Portugal, Spain,

ichard Haubrich, a tax principal at CliftonLarsonAllen (CLA) was born and raised in St. Louis, MO. Following his mission, he met

his wife while visiting friends in Utah. They have two daughters and he says, “their hobbies have become our hobbies.” Richard has worked in public accounting, from a smaller local firm to two top

France, and Italy. It was great to see all the historical sites in those countries and learn more about their cultures. Australia is next up on our list. One place that we do double up on and try to make it to every year is Island Park/Yellowstone. When I retire, we plan to travel the country and stop at as many national parks as we can.

10 firms. “Every stop has taught me different things that have been

What are some of your goals both personally and professionally? I

invaluable to my career,” he says. “I have met many lifelong friends

am a very goal-oriented person. Most of my personal goals currently

along the way. Everything I learned helped me find CLA, which is the

are related to my health and family. I would like to lose some weight

perfect fit for me.”

and spend more time being active. It’s embarrassing how long I have

What led you to become a CPA? I started my college career as a pre-med student. After a few business courses, and struggling through organic chemistry, I realized that I enjoyed business and could use my analytical brain in a different way. I also had a few amazing accounting teachers early on in my college career that really solidified my decision to go into accounting.

been in Utah and how much I have yet to witness. Utah has so much to offer and is such a beautiful state. Professionally, I focus my goals on mentoring and coaching younger CPAs. I have always enjoyed training new accountants and have noticed that as I do, I become a better accountant myself. What advice do you live by? Never stop learning and challenging yourself. It can be easy in accounting to feel like you are ready for

What advice would you give to someone interested in accounting?

anything once you receive your degree and pass the CPA Exam, but

Don’t rely on your firm to give you the training you need to excel at

unfortunately, that is just the beginning. Our value to our clients,

your career. You need to invest in yourself and continue to study

what we “sell,” is our knowledge of GAAP or the tax code. The more

on your own. We are in a profession that is always changing, and

we know and can set ourselves apart from our colleagues and

although most firms provide great training, there are still a lot of gaps. When I come across something that I haven’t seen or dealt

competitors, the better off we will be in this career. n

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Virtual Attendance Available

ANNUAL CONFERENCE DECEMBER 7 – 8

Sheraton Hotel, 150 W. 500 South & Virtual 16 Hours of CPE

Speakers and topics include

Carla McCall, AICPA Vice Chair ESG Reporting - Malick Shahab Cyber Risk Management - James Harrison Tax Update - Mike Blackburn Economic Update - Robert Spendlove Former Gov. Gary Herbert

HR Issues - Cassie Whitlock Pipeline Issues - Susan Speirs Ethics - Gil Miller UACPA Update - Dustin Wood IRS Cases & Rulings - Gail Anger Accounting & Auditing Update - Joe Strain

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UACPA Virtual Courses CPECourseSchedule Register online at uacpa.org/cpe DATE

CPE

COURSE TITLE

INSTRUCTOR

VENDOR

NONMEMBER MEMBER FEE* FEE

October 10/4/23

Operations Level Internal Control

Karl Egnatoff

Taymes LLC

$164

$189

10/10/23

CFO - Planning for the Long Term

Anita Layton

The Knowledge Institute

$260

$310

10/11/23

Current Developments and Best Practices for Today’s CFOs and Controllers

Art Pulis

Surgent McCoy

$260

$310

10/17/23

Advanced Tax Planning for S Corporations

Brian Greenstein

AICPA

$260

$310

10/17/23

Annual FASB Update and Review

Hunter Cook

Surgent McCoy

$164*

$189

10/18/23

Performing Single Audits Under the Uniform Guidance for Federal Awards

Martha Lindley

Surgent McCoy

$260

$310

10/19/23

The Best S Corporation, Limited Liability, and Partnership Update Course

Michael Reilly

Surgent McCoy

$260

$310

10/19/23

K2’s An Accountant’s Guide to Blockchain and Cryptocurrency

Steve Yoss

K2 Enterprises

$164

$189

10/19/23

K2’s Case Studies in Fraud and Technology Controls

Steve Yoss

K2 Enterprises

$164

$189

10/20/23

Federal Tax Update Individuals with Greg & George

Gregory White

Cutting Edge Tax Strategies

$175

$200

10/20/23

2023 Federal Tax Update Business with Greg & George

Gregory White

Cutting Edge Tax Strategies

$175

$200

10/23/23

K2’s Microsoft Teams

Mac McClelland

$180

$205

10/23/23

K2’s Working Remotely - The New Normal

Mac McClelland

$180

$205

10/24/23

K2’s Biggest Security and Privacy Concerns

Mac McClelland

$180

$205

10/24/23

K2’s Technology Update

Mac McClelland

$180

$205

10/24/23

A Practitioner’s Guide to IRAs and Qualified Retirement Plans

Arthur Werner

Werner-Rocca Seminars, Ltd.

$250

$300

10/24/23

Finance Business Partnering: Techniques for Effective and Impactful Communications

Lance Radziej

AICPA

$164

$189

10/24/23

A Financial Statement Disclosures: A Guide fo rSmall and Medium-Sized Businesses

Hunter Cook

Surgent McCoy

$164

$189

10/25/23

How Fraud Can Affect Smaller Organizations

Karl Egnatoff

Taymes LLC

$164

$189

10/25/23

PreparingSchedules K-2 and K-3: Critical Update for Reporting Foreign-Related Tax Information for Partnerhships and S Corporations

Dennis Riley

Surgent McCoy

$115

$130

10/25/23

K2’s Best Word, Outlook, and PowerPoint Features

MacMcClelland

$180

$205

10/26/23

Current Audit Environment and ASB Activity

Michael Brand

AICPA

$95

$110

10/27/23

Choice and Formation of Entity

Charles Borek

AICPA

$164

$189

10/30/23

Tax Research I

David Peters

AICPA

$164

$189

10/30/23

Tax Research II

David Peters

AICPA

$164

$189

10/31/23

Reviewing Individual Tax Returns: What Are You Missing?

David Peters

AICPA

$164

$189

10/31/23

Reviewing Partnership Tax Returns: What Are You Missing?

David Peters

AICPA

$164

$189

10/31/23

Guide to Payroll Taxes and 1099 Issues

Arthur Auerbach

Surgent McCoy

$164

$189

*Early-bird pricing available for classes when registering at least two weeks in advance. (Excludes 4-hour courses and core training courses).

THE JOURNAL ENTRY |

FA L L 2 0 2 3

DATE

CPE

COURSE TITLE

INSTRUCTOR

VENDOR

NONMEMBER MEMBER FEE* FEE

NOVEMBER 11/1/23

Introduction to Forensic Accounting

Robert Wells

Surgent McCoy

$164

$189

11/2/23

Form 990: Best Practices for Accurate Preparation

11/6/23

Enterprise Risk Management Concepts and Strategy for Small and Medium-Sized Compnies

Robert Lyons

AICPA

$260*

$310

Ronald Kral

Surgent McCoy

$164

$189

11/6/23

11/7/23

Protecting Digital Data - More Important Now Than Ever Before

Karl Egnatoff

Taymes LLC

$164

$189

Contract Accounting and Lease Accounting and Their Impact on Construction Contractors

Eugene Ristaino

AICPA

$164

$189

11/7/23

Federal Tax Update Individuals with Greg & George

Gregory White

Cutting Edge Tax Strategies

$175

$200

11/7/23

Federal Tax Update Business with Greg & George

Gregory White

Cutting Edge Tax Strategies

$175

$200

11/8/23

Social Security and Medicare: Maximizing Retirement Benefits

Andrew Blum

AICPA

$164

$189

11/8/23

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

Dennis Riley

Surgent McCoy

$260

$310

11/9/23

Limited Liability Companies: Losses, Liquidations, Terminations, Continuations, and Sales

Arthur Auerbach

Surgent McCoy

$164

$189

11/10/23

CFO - Skills for 2023 and Beyond

Bob Mims

The Knowledge Institute

$260

$310

11/10/23

Federal Tax Update - Individual & Business Current Developments

J Patrick Garverick

The Tax U

$325

$375

11/13/23

Advanced Partnership Taxation with Greg & George

Gregory White

Cutting Edge Tax Strategies

$325

$375

11/14/23

S Corporations - Planning and Tax Strategies

Greogry White

Cutting Edge Tax Strategies

$325

$375

11/15/23

Evaluating Fraud Risk in a Financial Statement Audit

Ken Levine

Surgent McCoy

$164

$189

11/16/23

Maximize Social Security Benefits

Gregory White

Cutting Edge Tax Strategies

$95

$110

11/16/23

Becoming a Tax Ninja: Loss Limitations - Basis, At-risk, Passive Activity and 461 (I)

Gregory White

Cutting Edge Tax Strategies

$95

$110

11/17/23

Estate Planning - Business Issues

Arthur Werner

Werner-Rocca Seminars, Ltd.

$250

$300

11/17/23

Introduction to Business Acquisitions

Bruce Nelson

AICPA

$260*

$310

11/20/23

International Taxation

Adan Islam

AICPA

$260*

$310

11/20/23

Guide and Update to Compilations, Reviews, and Preparations

Robert Wells

Surgent McCoy

$164

$189

11/21/23

Preparation and Compilation Engagements Under the SSARS

Robert Wells

Surgent McCoy

$164

$189

11/21/23

The Complete Guide to Estate Administrations

Arthur Werner

Werner - Rocca Seminars, Ltd.

$250

$300

11/29/23

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

Brian Tankersly

$275

$375

11/30/23

K2’s Excel Tips, Tricks, and Techniques for Accountants

Brian Tankersly

$275

$375

11/30/23

Common Deficiencies in SSARS Engagement

Melissa Galasso

Galasso Learning Solutions

$164

$189

12/1/23

Hottest Tax Topics for 2022

William Murphy

AICPA

$260*

$310

12/1/23

K2’s Advanced Excel

Brian Tankersly

$275

$375

12/4/23

Annual Update for Defined Contribution Plans

Joann Cross

Surgent McCoy

$95

$110

12/4/23

Lease Accounting: The Impact of Changing Standards on Both Lessors and Lessees

Joann Cross

Surgent McCoy

$95

$110

12/5/23

Government GAAP Update

Melisa Galasso

Galasso Learning Solutions

$95

$110

12/5/23

Financial and Estate Planning Techniques of Charitable

Arthur Werner

Werner-Rocca Seminars, Ltd.

$250

$300

12/6/23

Government and Nonprofit Frauds and Controls to Stop Them

Diane Edelstein

Surgent McCoy

$164

$189

12/6/23

The Best Estate and Financial Planning Topics of 2023

Arthur Werner

Werner-Rocca Seminars, Ltd.

$250

$300

12/6/23

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

Mac McClelland

$275

$375

DECEMBER

THE JOURNAL ENTRY |

FA L L 2 0 2 3

DATE

CPE

COURSE TITLE

INSTRUCTOR

NONMEMBER MEMBER FEE* FEE

VENDOR

DecemBER Continued 12/7/23

K2’s Excel PivotTables for Accountants

Mac McClelland

$275

$375

12/7/23

Advanced Income Tax Accounting

Robert Bedwell

AICPA

$260*

$310

12/7/23

Applying the Yellow Book to a Financial Statement Audit

Diane Edelstein

Surgent McCoy

$164

$189

12/8/23

K2’s Microsoft 365/Office 365 - All the Things You Need to Know

Mac McClelland

$275

$375

12/11-12/23

S Corporations: Hot Issues of 2023

Robert Jamison

Robert W Jamison CPA

$450

$500

12/11/23

CFO - Staying Ahead in a Dynamic Economy

Robert Berry

The Knowledge Institute

$260

$310

12/11/23

Federal Tax Update - Individuals (Form 1040)

J Patrick Garverick

The Tax U

$325

$375

12/12/23

Federal Tax Update - C & S Corporations, Partnerships & LLCs (Forms 1120, 1120S & 1065)

J Patrick Gaverick

The Tax U

$325

$375

12/13/23

Project Management for Finance Professionals

Art Pulis

Surgent McCoy

$260

$310

12/14/23

Federal Tax Update Individual with Greg & George

Gregory White

Cutting Edge Tax Strategies

$175

$200

12/14/23

Federal Tax Update Business with Greg & George

Gregory White

Cutting Edge Tax Strategies

$175

$200

12/14/23

Lessons Learned from Successful Companies

Samuel Monastra

Surgent McCoy

$95

$110

12/15/23

Annual Update and Practice Issues for preparation, Compilation, and Review Engagements

Joann Cross

AICPA

$260*

$310

12/15/23

CFO - Today’s Staff Retention and Accounting

Steve Bousson

The Knowledge Institute

$260

$310

12/18/23

K2’s Next Generation Excel Reporting

Brian Tankersly

$275

$375

12/19/23

Working Paper Documentation

Charles Borek

AICPA

$95

$110

12/19/23

Section 199A: Schedule K-I Reporting by Relevant Pass-Through Entities

Arthur Auerbach

Surgent McCoy

$164

$189

12/19/23

K2’s Ethics and Technology

Brian Tankersly

$180

$205

12/19/23

K2’s Artificial Intelligence for Accounting and Financial Professionals

Brian Tankersly

$180

$205

12/20/23

K2’s Working Remotely - The New Normal

Brian Tankersly

$180

$205

12/20/23

K2’s Everything Google! Their Most Effective Tools, Apps & Services

Brian Tankersly

$180

$205

12/20/23

IRS Disputes

Arthur Auerbach

AICPA

$164

$189

Robert Jamison

Robert W Jamison CPA

$260

$310

Arthur Pulis

Surgent McCoy

$95

$110

12/20/23

S Corporations: Advanced Workshop

12/21/23

Starting Small Business: What Every Trusted Advisor and Entrepreneur Needs to Know

Listen to Conversations with UACPA Members on the Money Making Sense Podcast. Find it wherever you listen to podcasts.

THE JOURNAL ENTRY |

FA L L 2 0 2 3

UACPA MISSION MISSION

CONGRATULATIONS

100% FIRMS Congratulations to the firms and businesses currently participating

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

in the UACPA’s 100% membership program. This demonstrates their commitment to the profession, to the association’s high ethical standards and lifelong learning.

competitive and changing world.

• Adams & Petersen, CPAs

VISION

At the UACPA, our vision is to be a world-class professional

• CBIZ MHM, LLC

association essential to our members.

• CliftonLarsonAllen LLP

We unite a vibrant community of CPAs to enhance the success of

• CMP

our members and champion the values of the profession; integrity, competency, and objectivity.

• Davis & Bott, Certified Public Accountants, L.C.

VALUES

• Eide Bailly

Advocacy

• FORVIS

The UACPA represents the profession at the Legislature and other

• Haynie & Company

regulatory bodies and promotes the value of the CPA to employers, the business community, and the public at large.

• HBME

Leadership & Service

• HintonBurdick

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

• Jones Simkins LLC • Savage Esplin & Radmall, PC

Professional Development The UACPA supports and encourages continuing education and

• Squire

leadership development.

• Tanner LLC

Professional Community

• WSRP

The UACPA reinforces peer accountability to encourage members to maintain integrity and high ethical standards. It provides member-tomember networking opportunities and networking opportunities with other professions. It values belonging to a distinguished organization and believes that we serve as the primary resource and point of contact for Utah CPAs. Firms with 10 or more full-time CPAs are eligible to be a

Diverse Population Outreach The UACPA believes in reaching out to under-represented populations, those returning to the profession or choosing it as a

part of the 100% membership program. Call our membership team to sign up, 801.466.8022.

second career, and other professions.

THE JOURNAL ENTRY |

FA L L 2 0 2 3

technology conference dec. 14 – 15 | 8 a.m. – 4 p.m. virtual | 16 hours of cpe

THE JOURNAL ENTRY |

FA L L 2 0 2 3

Nonprofit Org. U.S. Postage

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