The Journal Entry - Fall 2024

VOL 4 · FALL 2024

THE

JOURNAL ENTRY THE UTAH ASSOCIATION OF CERTIFIED PUBLIC ACCOUNTANTS

IS YOUR QUALITY MANAGEMENT SYSTEM ON TRACK FOR 2025?

It’s Worth It! WITH

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

FALL 2024 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 2024 – 2025 UACPA Executive Board President: Jason Tomlinson, CPA President-Elect: Dan Frei, CPA Vice President: Amy Anholt, CPA Treasurer: David Peaden, CPA Secretary: Shalaun Howell, CPA Member-at-Large: Clinton Armstrong, CPA Member-at-Large: Marci Butterfield, CPA Emerging Professionals: Ariane Gibson, CPA Immediate Past President: Dustin Wood, 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

CEO’s Message.................................................................................................... 5

Cover + Articles Feature: Preparing for the New Quality Management Standards.............. 6 By the Numbers: Pipeline Survey Results.....................................................12 Using AI for Tax Season...................................................................................13 Getting More from Moore................................................................................16

Membership Congratulations 2024 Award Winners..........................................................18 New CPAs Recognized at the Annual Awards & Inauguration Event......22 In Memoriam......................................................................................................23 Welcome New Members.................................................................................24 Meet the 2024 – 2025 Campus Ambassadors...........................................25 Board Question..................................................................................................26 UACPA Staff Chat..............................................................................................27 Comic: Generally Excepted..............................................................................28 Meet a Member: Abby Potter, CPA.................................................................29 Photos: Inauguration & Awards......................................................................30 Photos: Golf Tournament.................................................................................31

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 © 2024 Utah Association of Certified Public Accountants

Photos: Leadership Academy/Business & Industry Tour..........................32

Continuing Education UACPA Virtual Courses for 2024....................................................................34 UACPA Mission .................................................................................................38 100% Membership Organizations..................................................................38

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PRESIDENT’S MESSAGE JASON TOMLINSON, CPA

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As president this year, I have the privilege to meet with each of the chapters, to discuss what the UACPA is doing and give an update on things happening in the profession. I have enjoyed meeting new people, but the most surprising thing for me is reconnecting with former classmates and friends at each event. There are a lot of amazing CPAs in the state, and it has been fun to meet and learn from each of you. “Networking” or “the CPA community” are common themes from focus groups or discussions on “why are you a member of the UACPA?” In discussing the strategic plan update, many of you expressed a desire to have more opportunities for connecting with other CPAs. As you are looking to complete your CPE requirement for this reporting year, I recommend finding a live conference or a few in-person events to cap off your total hours.

Many books have been written, and philosophies developed, trying to define purpose and fulfillment in life; what it means to live a happy life. One common theme is connection. Connection to the world and people around you brings long-term happiness and joy. This usually focuses on family and friends, but when looking at fulfillment in your job, it includes co-workers and professional connections. Relationships with teammates or managers are often cited as the reason people stay or leave a job. Good and interesting people that you connect with make any career more meaningful. I often talk about the “story you are telling yourself,” and how it relates to your career as a CPA. Is the story that you are telling a happy one, with fulfillment, purpose and good relationships?

A major focus the last few years has been the CPA pipeline and finding ways to bring more people into the profession.

Connection is going to be an integral part of any successful pipeline initiative. You can help us build the CPA profession by building connections around you. Talk to the new staff in your office and encourage them in their work.

When you meet a student at a chapter meeting, introduce yourself and get to know them. Reach across the table at a conference and meet someone from a different company.

Or find an old classmate through LinkedIn and invite them to lunch just to reconnect. By building a welcoming CPA community, we can support each other and create a profession where future and newly licensed CPAs will feel connected and want to stay. n

ummer is over and I hope you took some time to relax and recharge, or have plans to take some time soon. Life is short; take a moment to enjoy what you have and recognize what you have worked hard to achieve. It is often said that at the end of life, no one says “I wish I spent more time at the office.” Most people, when asked, wish they spent more time with loved ones, building their relationships with family and friends.

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CEO’S MESSAGE SUSAN SPEIRS, CPA

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any of you are aware that over the last couple of years we have been focused on pipeline initiatives at the UACPA. Human capital continues to shrink, retirement among the baby boomers continues to increase and demand for accounting services from CPAs continues to rise as well. We have worked closely with NPAG (National Pipeline Advisory Group) and shared your responses to our surveys. In July, NPAG published its Accounting Talent Strategy Report in which six major themes emerged: • Make the academic experience more engaging • Address the time and cost of education • Grow support for the CPA Exam candidates • Expand access for underrepresented groups • Enhance the employee experience • Tell a more compelling story At the June 2024 Leadership Council meeting, our council gave us permission to open up our statute to address concerns about pathways to licensure. The cost of education continues to rise; research shows that parents and students aren’t seeing the ROI in the education system. Universities are looking at creating three-year bachelor’s degrees (Utah included). As we open up our statute, we will be seeking to accomplish the following: • Create additional pathways to the current 150-hour requirement • Create language that will address current and future models of education • Create automatic mobility language • Create language that will update fines and penalties under 58-26a-501

Also be aware that NASBA recently dropped an exposure draft that addresses a competency-based model that they would administer and perhaps track. As part of the requirements, CPA candidates would be required to exhibit a minimum of one year of competency-based experience, as defined in the framework, to be signed off from a CPA evaluator. We are asking that our members take time to review the exposure draft and offer any insights, questions, or potential additional barriers they may see to the current licensure process.

The AICPA and NASBA have released exposure drafts addressing education requirements for licensure under Section 5 and substantial equivalency under Section 23.

Many states are updating their statutes and rules to include automatic mobility; four states already have this. Automatic mobility will streamline the licensure process as CPA candidates move from one state to another.

As you review the exposure drafts, please contact us with questions. Join us on November 13 to discuss the drafts.

RSVP at uacpa.org/exposuredrafts. We have concerns with the current exposure draft and potential barriers to licensure as we reconcile the framework to our current statutes.

Each of us has a role in how we address the themes from the NPAG study as we further decrease pipeline challenges in the areas we practice. Thank you for taking time to participate. n

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FEATURE

PREPARE FOR 2025 QUALITY MANAGEMENT

TIPS FOR IMPLEMENTING NEW QUALITY MANAGEMENT STANDARDS IN AUDIT AND ACCOUNTING FIRMS

Note: This article is updated and adapted from an article in the Journal of Accountancy, Nov. 2023, published by AICPA & CIMA, together as the Association of International Certified Public Accountants.

PROVIDED BY AICPA & CIMA

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irms that offer audit and accounting services still have time to successfully implement the new quality management standards, but they must start now to be ready when the standards take effect Dec. 15, 2025. Keep in mind that firms whose peer review year ends after this date (many reviews are to be performed starting in 2026) will have their systems reviewed under the new quality management standards — firms that fail to comply may not pass their peer review!

You may be feeling overwhelmed and unsure of where to begin and how to bridge the gaps from the current policybased quality control standards to the new risk-based quality management standards. (See “Overview of the New Standards” section.) There is a lot to do and limited time to do it — now is the time to start if your firm hasn’t already.

So, how do you make this significant task achievable? This article provides advice on how to do that in several key areas.

DEVELOPING AN APPROACH TO IMPLEMENTATION

There is no one correct answer in developing an approach to implementation. Some practical approaches include: Component-by-component — Start with a component that your firm feels is already well established and develop the quality objectives, quality risks, and responses for that component before moving on to another component.

Step-by-step — Develop all quality objectives first, assessing all quality risks, and then design and implement responses to quality risks.

Caution: One response could address multiple quality risks across various components, and one quality risk could require more than one response. Implementation of the quality management standards will be iterative and may require reevaluating the risk assessment, gap analysis, and responses.

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Continued from pg. 7

DETERMINING A DOCUMENTATION APPROACH The form, content, and extent of documentation may be influenced by the complexity of the firm and the nature and circumstances of its practice areas and organization.

Documentation of the firm’s system of quality management should: • Support a consistent understanding of the system of quality management by personnel, including their roles and responsibilities when performing engagements.

• Support consistent implementation and operation of the responses.

• Provide evidence of the response’s design, implementation, and operation to support the system of quality management by the responsible individual(s).

The AICPA developed an Example Risk Assessment template that firms may use to facilitate the documentation of quality objectives, quality risks, and responses during the implementation of the quality management standards as part of the practice aid Establishing and Maintaining a System of Quality Management for a CPA Firm’s Accounting and Auditing Practice.

The Risk Assessment Process

The risk assessment process is a new component firms will design and implement as part of their system of quality management. It consists of establishing quality objectives, identifying and assessing quality risks that could adversely affect achieving quality objectives, and designing and implementing responses to address the assessed quality risks.

Establishing Quality Objectives

Statement on Quality Management Standards (SQMS) No. 1, A Firm’s System of Quality Management, specifies quality objectives that the firm should establish. Quality objectives are the desired outcomes in relation to the components of the system of quality management to be achieved by the firm.

Firms should establish specified quality objectives for: • Governance and leadership • Relevant ethical requirements 8

• Acceptance and continuance of client relationships and specific engagements • Engagement performance • Resources • Information and communication The quality objectives required to be established by the firm are considered sufficiently comprehensive such that it is unlikely that the firm would need to establish additional quality objectives. A firm may establish sub-objectives to enhance the firm’s identification and assessment of risks and responses.

What is Quality Risk?

A quality risk is a risk that has a reasonable possibility of • Occurring, and • Individually, or in combination with other risks, adversely affecting the achievement of one or more quality objectives.

Quality risks should be specific to your firm; therefore, obtaining an understanding of the conditions, events, circumstances, actions, or inactions that may adversely affect the achievement of the quality objectives is imperative.

Consider a firm brainstorming session to kick-start the documentation of identified risks. Write down what your firm does and what could go wrong in the absence of controls. If your firm is a small practice with less complex clients, don’t assume you don’t have any risks. Think about the procedures you perform during client acceptance and continuance to mitigate client risk, how you stay up to date with professional standards, how you shield yourself from self-review threats, and how you exercise professional skepticism.

Designing and Implementing Responses

The nature, timing, and extent of responses should be based on the reasons for the assessments given to the quality risks.

Your firm’s current quality control policies and procedures are a good place to start when designing and implementing responses.

Based on the identified quality risks, map your current controls or, as SQMS No. 1 calls them, “responses to quality risks.” Modify the policies and procedures as necessary to appropriately respond to the identified quality risks.

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Perform a gap analysis to identify quality risks without appropriate responses and responses without corresponding quality risks. Then, evaluate whether all quality objectives are appropriately addressed and determine whether all specified responses from paragraph 35 in SQMS No. 1 have been included. Based on the gap analysis, create new policies or procedures to address quality risks, as needed, and consider eliminating any policies or procedures that are not effective.

TIPS, TRAPS, AND INSIGHTS BY COMPONENT

Most of the necessary components are not new to your firm’s system of quality control, but when your firm transitions to a system of quality management, you will need to consider new and more robust requirements during implementation.

Governance and Leadership

The governance and leadership component, commonly referred to as the “tone at the top,” is not a new element of firm quality control, but the new quality management standards have more robust requirements. There is a focus on the firm’s environment and culture that support quality, including an expectation that leadership will demonstrate a commitment to quality and that the firm will deploy resources consistent with its commitment to quality. Engage with your firm’s staff and discuss the following: • How does your firm assign individuals to engagement teams?

• Does your firm have a tracking mechanism to ensure personnel, including partners, have the competence and capacity,

OVERVIEW OF THE NEW STANDARDS The new standards will apply to all firms that conduct any audits, attest examinations, financial statement or attest reviews, compilations, or agreedupon-procedures engagements. Here’s a rundown of the new standards: Statement on Quality Management Standards (SQMS) No. 1. A Firm’s System of Quality Management, introduces a new risk-based assessment process and requires firms to design, implement, and operate a system of quality management customized to their practice and engagements. This includes establishing quality objectives, assessing the specific risks to quality, and designing and implementing responses to address those risks. In addition, firm leadership is required to evaluate annually whether the firm’s system of quality management is meeting its objectives. The approach calls for continuous improvement and ongoing remediation over time. SQMS No. 1 supersedes Statement on Quality Control Standards No. 8, A Firm’s System of Quality Control.

QMS No. 2. Engagement Quality Reviews, applies when a firm decides that an engagement quality (EQ) review is an applicable response to address its engagement performance quality management objective. This new standard addresses the appointment and eligibility of the EQ reviewer and performance of the EQ reviews.

SQMS No. 3. Amendments to QM Sections 10, A Firm’s System of Quality Management, and 20, Engagement Quality Reviews: — Amends QM sections 10 and 20 to conform certain terms to language used in SAS No. 149, Special Considerations — Audits of Group Financial Statements (Including the Work of Component

Auditors and Audits of Referred-to Auditors).

— Provides guidance on differentiating between a resource and an information source.

— SQMS No. 3 is effective concurrently with the effective dates provided in QM sections 10 and 20.

Statement on Auditing Standards (SAS) No. 146. Quality Management for an Engagement Conducted in Accordance With Generally Accepted Auditing Standards, focuses on quality management for audits at the engagement level, including the engagement partner’s responsibility for managing engagements to achieve quality, and the importance of quality to all members of the engagement team.

Statement on Standards for Accounting and Review Services (SSARS) No. 26. Quality Management for an Engagement Conducted in Accordance With Statements on Standards for Accounting and Review Services, amends the SSARSs to conform with SQMS Nos. 1 and 2.

Statement on Standards for Attestation Engagements (SSAE) No. 23. Amendments to the Attestation Standards for Consistency With the Issuance of AICPA Standards on Quality Management, amends the SSAEs to conform with SQMS Nos. 1 and 2.

Other significant changes include two new components of systems of quality management (the risk assessment process and the information and communication component), more robust requirements for leadership and governance, enhanced monitoring and remediation processes, and new requirements for networks and service providers.

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Continued from pg. 9 including time, to complete their assigned roles?

• When making strategic decisions, how does the firm account for audit and accounting quality?

• Does your firm clearly inform all personnel of their responsibilities to the system of quality management?

Relevant Ethical Requirements

Under this updated component, the firm is required to specify an individual who is responsible for ensuring compliance with independence requirements. This individual will need the right knowledge, skill, ability, capacity, and authority to address these issues — not just be a senior person in the firm. Joe Lynch, CPA, managing director at Johnson Global Accountancy and AICPA Quality Management Implementation Task Force member, suggests firms consider these questions as they explore how to adapt current processes:

acceptance and continuance criteria to include in your firm’s policies and procedures. Some other questions to consider include: • Is your firm’s approval over acceptance and continuance aligned with risk assessment and tone at the top?

• What could have changed at the client from previous acceptance or continuance decisions to next year’s decisions (which could be harder to know during economic turbulence)?

• What if information becomes known after your firm’s acceptance decision has been made that could’ve impacted that decision if it had been known at the time?

What kind of information would that be?

Engagement Performance

This may be a good component to start with since your firm likely has a good understanding of the engagement performance component’s objectives. Take stock of your How is your firm dealing with relevant ethical requirements current engagement performance policies and procedures now, and will you need to make changes to comply with the and evaluate what is or is not working for your firm. There are quality management standards? several new or enhanced requirements that can help tailor • Do you have a system in place for personnel to report any your policies and procedures. For example, there’s a new requirement that engagement teams understand and fulfill violations? their professional responsibilities, including an engagement • Do you have someone in your organization who is an partner’s overall responsibility for managing and achieving expert on applicable independence and ethics rules and quality and being sufficiently and appropriately involved can take on this role? throughout an engagement.

• Should there be two separate roles in the quality management function — one for the creation of the policies and procedures and the other for monitoring the compliance of those policies and procedures?

Increasing partner involvement throughout the engagement has proven to enhance audit quality. Consider how your firm can improve its current supervision and review policies to be clear, concise, and actionable.

• How is your firm determining the existence and completeness of firm relationships (e.g., with vendors)?

Resources

The resources component in a firm’s system of quality management now includes requirements related to Acceptance and Continuance of Clients technological and intellectual resources, in addition to and Specific Engagements enhanced human resources requirements. Technological Some firms have said that they don’t have any risks because resources are essentially IT applications the firm uses to their client base is not risky. Let’s turn this comment into a support the system of quality management and engagement question: Why do you think your clients are not risky? Some performance. Depending on the complexity of the firm, the potential answers to this question could be that your firm processes could be relatively simple and focus on authorizing only accepts clients in an industry it has the competence to access and processing updates to the IT application. In specialize in, your clients’ organizational structures or business more complex firms, the processes could cover multiple models are not complex, or your clients have good business IT resources and programming considerations. Intellectual reputations and ethical values. These are all examples of resources include a firm’s methodologies, accounting guides,

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and written policies or procedures.

Here are some questions to assess whether the firm meets the resources objectives: • How does your firm evaluate personnel performance?

Does it include recognition for positive actions or behaviors?

• Does your firm require the use of certain software applications in performing engagements? How does your firm archive engagement files?

• How does your firm train personnel in the use of intellectual or technological resources?

• Does your firm have policies and procedures for organizing engagement files (e.g., a numbering convention)?

• Does your firm use a service provider to support the applications?

Information and Communication

The information and communication component is new under the quality management standards, but your firm likely has communication procedures in place. You may also find you have policies and procedures in other components that could be responsive to risks in this component. For example, as part of relevant ethical requirements, your firm should have a policy or procedure describing how your firm’s system of quality management is documented and communicated throughout the firm.

To develop quality risks and responses related to information and communication, consider the following questions: • How is information shared within the firm?

• If your firm has a website, who is responsible for the information conveyed and how frequently is it updated?

• How does your firm communicate information to engagement teams, so they understand and perform the engagement in compliance with applicable professional standards?

LEARNING RESOURCES Find the webcast series to help with understanding and implementing the new quality management standards at uacpa.org/qm

• If you use resources from service providers, how do you communicate each other’s responsibilities? For example, how often does your firm receive updated quality control materials?

THE MONITORING AND REMEDIATION PROCESS

The operation of the responses and monitoring activities is required to be implemented by Dec. 15, 2025. Firms then have another year to perform the evaluation of the system of quality management.

There is expanded and enhanced guidance throughout this component. Key changes include a focus on monitoring the entire system of quality management, a new framework for evaluating findings, identifying deficiencies and evaluating identified deficiencies, and more robust remediation.

Monitoring activities for the monitoring and remediation process may differ in firms of different complexity. For example, a sole practitioner’s monitoring activities may be simpler because the practitioner interacts with the system of quality management frequently and information may be more readily available.

Tip: A new requirement in SQMS No. 1 is for a firm leader to evaluate, at least annually, whether the system of quality management provides reasonable assurance that the objectives of the system of quality management are being met.

The effective date for this evaluation is within one year of Dec. 15, 2025.

Firm leadership is required to make this evaluation even in a peer review year. It is comparable to management’s assertion about its system of internal control over financial reporting (ICFR), which remains management’s responsibility regardless of whether an audit of an entity’s system of ICFR is performed. n

• How does your firm track required external communications?

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These numbers reflect The National Pipeline Advisory Group (NPAG) survey where more than 7,950 students and stakeholders addressed pipeline trends in 2023.

BY THE

NUMBERS NPAG PIPELINE SURVEY RESULTS

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PERCENTAGE OF STUDENTS WHO DON’T CHOOSE A CAREER IN ACCOUNTING BECAUSE THEY DON’T KNOW AN ACCOUNTANT AND LACK ACCESS TO INFORMATION ABOUT THE BENEFITS OF THE CAREER

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PERCENTAGE OF STUDENTS WHO PERCEIVE THE CPA EXAM TO BE TOO DIFFICULT TO STUDY FOR AND PASS

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PERCENTAGE OF STUDENTS WHO PERCEIVE THEIR STARTING ACCOUNTING SALARY WILL NOT COMPETE WITH OTHER PROFESSIONS

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PERCENTAGE OF STUDENTS WHO SAY THE ONGOING HIGH VOLUME OF WORK ACCOUNTANTS HAVE BEEN EXPERIENCING MAKES A CAREER IN ACCOUNTING FEEL MORE CHALLENGING THAN OTHER CAREERS MIGHT BE

PERCENTAGE OF STUDENTS NOT ATTRACTED TO AN ACCOUNTING CAREER BECAUSE THEY’VE HEARD NEGATIVE THINGS ABOUT THEM ON SOCIAL MEDIA THE JOURNAL ENTRY |

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AI AND TAX SEASON

PRACTICAL STEPS FOR CPAS TO GET STARTED WITH AI BEFORE TAX SEASON

BY RICK MEYER, CPA, MBA, MST

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f I read one more AI article, I’m going to pull what’s left of my hair out!

Seriously, I’m tired of the theoretical jargon, the words like AI pilot and digital transformation. I’m exhausted reading abstract articles about the potential of AI to revolutionize my business, followed by no practical steps of what to do now…useless!

Stop all this gobbledygook! I am just a practical, old time, semi-retired non-tech savvy CPA who struggles to even use a TV remote control. Don’t waste my time with theory. Just

give me answers to a few basic questions: 1. What specific practical tasks can AI do today to make a CPA’s life easier?

2. What specific practical steps can a CPA do today to prepare with AI for the 2025 tax season?

3. What dollars will this save me?

Last year, with my frustration and passive aggressive

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Continued from pg. 13 nature in hand, I marched into the office of our director of intelligent automations, and aired my AI grievances. What Chris Stephenson explained was the process for answering all of those three questions above. Its called AI discovery, and he’s done it for businesses in every industry, including with hundreds of CPA firms in single sitting. Here’s the story.

AI DISCOVERY

Last year, Chris put together a think tank session with 200 top CPA firms nationwide. The goal was to gather feedback of how AI might help their practice. The number one thing he heard from the audience was, “I don’t know where to start.”

CPAs understand that there is incredible potential with AI, but they don’t know what to do with it, where they should put it, what it does best, how to scale it across a practice, and how to get it to do what you need.

He then proceeded to walk the room through an AI Discovery session. This is a process where organizations can identify where AI actually makes the most sense for them and how they can get started. This is the practical first step every firm can start to do right now. Here is what the process roughly looks like.

1. Ideation Session: This part is a workshop with partners and staff that gives everyone an opportunity to present their problems and ideas for possible AI solutions. Everyone on your team probably has AI ideas, the trick is getting them all out in the open and figuring out what will have the most value to your firm.

2. Scoring: So, you got a bunch of ideas but now what? This is where scoring is critical. Discovery often hinges on scoring each idea based on objective measures to determine their priority. Every firm is different, but you want to score on several dimensions like which can get solved the fastest, which will have the biggest impact, which can scale for every department, etc. This way you can rank what has the highest value and which you should start on.

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3. Technology Infrastructure Assessment: Ok, you know which AI projects are going to have an impact on your business, but is your firm’s system even ready for AI? You’ll need to have your tech infrastructure evaluated to determine its AI readiness, and to find out if there are any shortcomings preventing you from getting started.

4. Roadmap: Finally, you need a clear roadmap to lay out how you’re going to deploy each solution. Do you need to buy a solution? Build an AI? How about training employees? How do you measure if your solution is having an impact? A roadmap should lay out all of that for you.

At Chris’ think tank, after he had run through the ideation session, where almost 500 ideas were generated, his team ran their scoring algorithm and identified five problems that AI could help nearly every firm with: 1. Collecting payments from clients 2. Requesting and processing documents from clients 3. Moving trial balances to workpapers 4. Responding to IRS letters 5. Chatbox to handle internal queries, like HR questions With this information, AI solutions were created to address each of these problems.

Note that, although these were the most identified issues with this group of 200 CPAs, every firm is different. Not every firm needs one of these five solutions. CPA firms may have their own unique problems that they’d love to get fixed with an AI solution. So, just don’t jump to buy a package of AI add-ons from a local vendor to solve issues that may not even exist in your firm. Instead, do your own AI discovery to identify your firm’s biggest pain points and develop a plan to attack with AI.

How Much Could CPAs Save?

At this time in Chris’s story, the $$$ signs started flashing in my head.

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I thought about CPA’s increasing bottom line profits!

I thought about all the time I used to spend with the client billing analysis Excel spreadsheets to analyze my time, project by project, to justify hours and bills, and put that into a client letter.

CONNECT WITH UACPA MEMBERS

I thought about all those routine IRS Notice letters I had to write to explain why my client’s 1099-DIV did not match the tax return Schedule B. I thought about some other mundane tasks I used to do in public practice that bored me.

You may now be asking yourself how much CPAs could save if AI were to do some specific tasks.

Some early statistics are showing that firms that adopt AI are earning 40% more per professional. Another statistic shows that companies that are AI leaders are outperforming competitors by 6X compared to those not using AI. Firms that employ the document request tool and the trial balance to workpaper tool are seeing up to a 25% reduction in time preparing returns.

Would life had been better as a CPA 45 years ago when I started in public practice if AI existed back then? Should I even consider a return to public accounting from my semiretirement with AI in the picture?

• Send messages to other UACPA members

The answer to the first question is an obvious yes and to the second question an even more obvious no. But for those still in the game, let’s face it. It’s time to jump on the AI bandwagon to be more profitable, have less stress, have more free time and have more fun. n Rick Meyer, CPA, MBA, MST, is a long-time member of the Illinois CPA Society. He is a director for alliantgroup, a national firm that works with businesses and their CPAs to identify powerful governmentsponsored tax credits and incentives, talent solutions, and emerging technologies like generative AI. He can be contacted at rick.meyer@alliantgroup.com.

• 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 go directly to connect.uacpa.org.

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WANTING MORE FROM MOORE

HOW THE SUPREME COURT MAKES A LANDMARK DECISION FOR TAX POLICY

BY DARCIE COSTELLO, PHD, CPA, AND ERIC SMITH, JD/LLM

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he Supreme Court term concluded with several high profile cases, but for tax practitioners, how the court would resolve Moore v. United States, was the real headlinegrabber. The issue in Moore was whether the Tax Cuts and Jobs Act’s Mandatory Repatriation Tax, or MRT, exceeded Congress’s constitutional power to tax. The resolution of this issue for the taxpayers involved was downright trivial.

In dispute was $14,729 in taxes due. The resolution of this issue for the federal tax system as a whole, however, had the potential to be enormous.

Most tax practitioners are familiar with Subpart F of the Internal Revenue Code and its deemed repatriation of certain types of income from Controlled Foreign Corporations (CFCs) to their Domestic Parents. Because Subpart F’s narrow scope generally applies only to certain types of passive income, CFCs historically have sheltered trillions of dollars earned by foreign subsidiaries of U.S. parents from US taxation. In connection with the Tax Cut and Jobs Act’s transition of the U.S. tax system from a worldwide to a more territorial system, the MRT was imposed as a one-time, backward-looking tax on accumulated earnings that had previously escaped U.S. taxation. Even though no dividend was paid, American shareholders were deemed to have received a pro rata share of the CFC’s long-term accumulated earnings.

The taxpayers involved invested $40,000 in an American controlled Indian corporation in 2006. At no point during their ownership did the Indian corporation issue a dividend, but in 2017, the MRT deemed the taxpayers to have received a pro rata share of the accumulated earnings. The taxpayers paid the tax and sued for refund. When the Supreme Court agreed to hear their appeal after negative rulings in lower courts, the

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taxpayers argued only that the MRT violated the Direct Tax Clause of the Constitution because it was an unapportioned direct tax on their shares of the Indian corporation.

The Constitution grants Congress the power to tax, but provides that a “direct tax” must be apportioned among the states according to each state’s population. The impracticality of apportioning any tax among the states according to each state’s population has left Congress to enact indirect taxes, which are constitutionally valid if they are “uniform throughout the United States” (i.e. operating with the same force and effect in every place where a taxpayer is found). Indirect taxes have no apportionment requirement.

The definition of an indirect tax and its distinction from a direct tax came into question in 1895, in Pollock v. Farmers’ Loan & Trust. The term “direct tax” had never been well defined, but there was general agreement that both a head tax and a tax on property were direct taxes. In Pollock, the Supreme Court held that a tax on income from property (what Congress surely considered an indirect tax) was equivalent to a tax on property, or a direct tax. Consequently, the income tax was held unconstitutional because it was not apportioned among the states. The 16th Amendment rejected Pollock and clarified that Congress had the power to tax income, “from whatever source derived,” confirming that a tax on income is an indirect tax.

The Moores argued that the MRT was a direct tax on their property, and because it was not subject to apportionment among the States, it was unconstitutional. The crux of this argument was based on the notion of realization and whether the MRT taxed realized income. On this basis, the court

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framed the issue narrowly: “whether Congress may attribute an entity’s realized and undistributed income to the entity’s shareholders or partners, and then tax the shareholders or partners on their portions of that income.” Ultimately, the court held that income had in fact been realized by the corporation, and by conflation with and analogy to a partnership’s structure as a flow-through entity, the MRT was constitutional.

The ramifications of Moore could have been much more consequential for our understanding of the tax law. The court could have tackled the question of whether realization is required to generate income that can be taxed under the 16th Amendment. Instead, the court argued that income had been realized by the Indian corporation and the majority opinion focused on the issue of attribution instead.

Realization becomes a critical issue when considering a hypothetical wealth tax or any type of tax that might be assessed on asset appreciation as a taxpayer retains ownership of the asset. The court could have addressed this head on in Moore. Like the MRT, these taxes would assess tax on income and gains that are unrealized by the individual taxpayer. Instead, the majority opinion deferred the question of realization to a future case and future court.

Justice Kavanaugh, writing for the majority, generally avoided the issue of realization. However, his opinion did cite a 1920 Supreme Court decision, Eisner v. Macomber, to suggest that a realization requirement is established law. Eisner v.

Macomber held that the receipt of a stock dividend did not result in taxable income under the 16th Amendment.

provided the most comprehensive legal framework to argue that realization is required under the 16th Amendment. His argument centered on the language of the Amendment, “The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration.”

Justice Thomas stressed that the purpose of the 16th Amendment was to overturn Pollock. He contended that the amendment could have been drafted to simply remove the Direct Tax Clause. Because it was not, Thomas argued that Congress intended that some taxes continue to be classified as direct. He further argued that if a tax assessed on one’s property is direct, and must be apportioned, while a tax on rental income, for example, is a direct tax that need not be apportioned, there must be some sort of mechanism to distinguish between the two. He argued that this mechanism is realization. Unless a taxpayer has generated some sort of value that is severable from the underlying property, she does not have taxable income under the 16th Amendment.

While the majority opinion resisted addressing the realization issue, it appears that collectively, the opinions issued in Moore are problematic for future, hypothetical wealthbased taxes. Unfortunately, tax practitioners must wait for a different, future case to make its way to the Supreme Court to definitively answer the realization question. n Darcie Costello, PhD, CPA, is an associate professor with the School of Accounting and Taxation at Weber State University and teaches a number of courses in Weber’s Master of Taxation program. She earned her Master of Taxation degree from the University of Denver and her Ph.D. from Washington State University.

In contrast to the majority opinion, a number of justices used supplemental opinions to advance their views on the realization question, laying the groundwork for a future fight over the realization requirement. Justice Jackson maintained that the precedent established in Eisner v. Macomber has been “limited” to apply only to the context involved in the case, the receipt of a stock dividend. She argued that there is no constitutional requirement for realization and the current application of the principle is primarily for “administrative convenience.” Justices Barrett and Alito suggested that the issue is straightforward, and that realization is necessary for taxation, as realization is equivalent to and synonymous with the term “derived” used in the 16th Amendment.

Eric Smith, JD/LLM, is associate dean in the John B. Goddard School of Business & Economics at Weber State University. He is also a professor in the School of Accounting and Taxation and teaches predominantly in the Master of Taxation program.

Justice Thomas’s dissent (joined by Justice Gorsuch)

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2024 AWARDS

CONGRATULATIONS

This year’s Inauguration & Awards Banquet was held Friday, Sept. 20, at Little America. 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 2024 award recipients honored include the following:

DISTINGUISHED SERVICE Steve Racker, CPA Steve was born and raised in Weber County.

He started working at his father’s hardware stores at age 11. After high school, he tried about every college from Logan to Provo. Having worked in his family’s business, he always knew he wanted a business-related career but never imagined he would become a CPA. He graduated from Weber State University with his accounting degree. In May 1983, he started working for a local CPA firm in Salt Lake City. A year and a half later the firm split up and WSRP was born. Steve became a partner in 1991 and helped grow the firm from six employees to 140. Steve was managing partner for almost six years and retired this past June after 41 years in the profession. Steve has served on the advisory council of Weber State University School of Accounting & Taxation for over 15 years and is on the board of directors of Brighton Bank. He has been married to the former Michelle Harris for 44 years. They have five children and 15 grandchildren. Steve’s hobbies include golfing, reading, biking, gardening and collecting vintage pinball machines.

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OUTSTANDING LEADERSHIP COUNCIL MEMBER Carey D. Woolsey, CPA Carey is the chief accounting officer at Ensign Peak Advisors, Inc. where he has worked for the last 12 years.

He graduated from the University of Utah in 1983 with a bachelor’s in accounting. In 1984 he earned an MBA from Utah State University and passed the CPA Exam in 1985. He worked in public accounting for nine years before joining a local manufacturer where he worked as CFO/controller. In 1996 he joined a large non-profit organization with global reach as an internal audit specialist. This is where he worked here for 26 years in internal audit, finance. Carey has served in various positions of leadership at the UACPA, including president in 2010 2011. He has served on the Utah State Board of Accountancy for 10 years, and as chairperson for two years. Carey and his wife Judy have four sons and 12, grandchildren. Three of his sons are accountants, two are CPAs, and a daughterin-law also has an accounting degree.

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OUTSTANDING EDUCATOR Marty Van Wagoner, CPA Marty is a professor at Utah Valley University, managing partner of Mountainside Accounting & Consulting, adjunct faculty in the MBA program of Roseman University, and teaches CPE courses across the country for various providers. He has 36 years in public accounting and has spent four years as a professor at the University of Utah. Marty has authored several CCH accounting books published by Wolters Kluwer. He has also served as the UACPA president and in other committee positions and as a Council Member of the AICPA. Marty currently serves on four not-for-profit boards. He received his BA in Accounting with a Spanish minor and an MBA from the University of Utah.

OUTSTANDING CPA IN PUBLIC PRACTICE

OUTSTANDING CPA IN NONPROFIT & GOVERNMENT

Robert D. Thomas, CPA

L. Douglas Stone, CPA

Bob received a Bachelor of Arts in Accounting and an MBA from Utah State University. He worked for an accounting firm in Rexburg, Idaho, prior to joining Jones Simkins where he has worked for 26 years. In addition to running a tax practice, he currently serves as managing partner. Bob enjoys working with the team at Jones Simkins and supporting employee career paths and working with the internship program. Bob is heavily involved in the community; He has served the UACPA Northern Chapter and was on the ProNet Council [Now Emerging Professionals Council], is a past president of the Estate Planning Council of Northern Utah and the current president of the Cache Education Foundation. Bob and his wife have five sons and now enjoy having daughter-in-laws and their four, soon-to-be five, grandchildren. In his free time, he enjoys attending sporting events and skiing on the water and the snow.

Doug is the lead reporting auditor for the Davis County Auditor’s Office. His career began 30 years ago as a part-time bookkeeper/accountant for his family-owned business. He graduated from Weber State University with a Bachelor of Accounting and a Master of Professional Accountancy/ Tax. Beginning in 1996, Doug spent six years working for three CPA firms where he worked on governmental audits and gained expertise in the rules of governmental accounting and auditing. In 1999, he passed all four parts of the CPA Exam in one sitting. He received his CPA license in 2000, and in 2002, he started working at Salt Lake County where he was instrumental in implementing GASB 34, the accounting standard that substantially changed the rules of governmental accounting and reporting. Doug and his wife, Amy, have been married for 31 years and have four children and three grandchildren.

OUTSTANDING CPA IN BUSINESS & INDUSTRY

RISING STAR Kyler Williams, CPA

Peter Owen, CPA Peter is the director of finance at Dakota Pacific Real Estate. At DPRE, Peter is a strategic advisor to the team and leads all financial aspects of the firm.

He has previously been employed as an assistant controller at Sorenson Capital and at UMB Fund Services. He holds both a bachelor’s in finance and accounting from Weber State University, as well as an MBA from the University of Utah. Peter serves on the Business & Industry Council with the UACPA, mentors through Weber State’s programs and is active in his church. In his free time, Peter enjoys spending time with his family, investing, playing strategy-based board games, competing in triathlons, exercising, reading, and following sports. His happy place is on a bike or run during a cool, crisp morning. He is passionate about outdoor activities like camping and fishing.

Kyler is an audit director at WSRP and has been practicing public accounting for about 13 years. Throughout his career, he has worked with clients in various industries, including real estate development, construction, healthcare, non-profit, employee benefit plans, and more. Kyler graduated with a MAcc from Weber State University and a bachelor’s in accounting from the University of Utah. In his free time, Kyler likes to golf, camp, and travel to Mexico to spend time with his extended family, and eat delicious authentic Mexican food. Kyler has been serving on the Inauguration & Awards Committee of the Emerging Professional Council for the past three years, and has enjoyed seeing CPAs both new and notable being recognized for their accomplishments and contributions to the CPA profession.

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LIFETIME MEMBER

LIFETIME MEMBER

Marci Butterfield, CPA

MacRay Curtis, CPA

In July, Marci retired as an associate professor at the University of Utah after 21 years. Her passion has been teaching, mentoring, and watching students learn and excel. She truly loves her students, colleagues, and downtown professionals and has poured her heart and soul into her time at the U. Along with teaching, she has been involved with Business Scholars, Eccles Study Abroad, University of Utah Joint Apportionment Board, School of Advisory Board, College Council, chair of the Career Line Search Committee in 2023, and has been an engaged member of the UACPA since 2003. She created the Beta Alpha Psi endowed scholarship and provides an endowed scholarship with her husband, Lee. She was the faculty advisor for Beta Alpha Psi for 20 years and hopes she made a positive impact in the lives of those individuals. She taught and mentored over 10,000 students and remains in touch with many of them still today. She is grateful to her husband, Lee, her six children, and their spouses. She loves being a grandma to 18 grandchildren who keep her plenty busy.

MacRay graduated from the University of Utah and started his career with the Utah State Auditor’s Office in 1978. In 1989, he was appointed the director of the local governmental division where he provided training and advice to local governments and independent CPA firms. MacRay later went to work for WSRP, LLC. He has taught many classes and written many articles on governmental accounting and auditing. He has served in several capacities: president of and board member of the UACPA, plus approximately 40 years on the UACPA’s State and Local Government Conference Committee. MacRay was president of the Northern Utah Chapter of the Association of Government Accountants and served as Rocky Mountain Region Vice President of AGA. He also served as a member and chair of the Utah Board of Accountancy.

LIFETIME MEMBER

LIFETIME MEMBER

Scott Czaja, CPA

James S. Bean Jr., CPA

Scott earned a Bachelor of Art in Accounting from Lewis University in Romeoville, Ilinois, and a Master of Taxation from DePaul University in Chicago, Illinois. His career in public accounting began in 1976 at Thomas W. Havey & Co, CPAs in Chicago. Nine years later, he moved to Salt Lake City where he practiced with Haynie & Co. before joining WSRP. Throughout his career, Scott focused on tax exempt organizations, employee benefit plans, estate, gift and trust issues, inheritance and charitable planned giving. He has chaired and served on the UACPA’s Nonprofit Committee. He has also served as Salt Lake Chapter president and chairman of the Joint Council of Presidents of the Western Pension & Benefits Conference. Scott has served as a trustee for more than 21 years for the Catholic Foundation of Utah. He has also volunteered with the University of Utah, the Arthritis Foundation and the Mountain West Mothers’ Milk Bank. He retired in December 2023 as a non-equity tax partner from WSRP. He is planning on more golfing, skiing and traveling with his wife, Kathy.

Jim was born in Salt Lake City, but grew up in Florida and California. He served a mission in New Zealand before meeting his wife, Karen, in Provo. He graduated from Brigham Young University in 1981 and worked as a senior auditor with Utah Power and Utah Transit Authority. During his first year as an internal auditor, Jim decided that a CPA license would enhance his career. He later went to become a Certified Fraud Examiner. In retirement, Jim has kept busy through volunteer work with Utah Power Credit Union Supervisory committee, the Kaysville Senior Center Lapidary Shop, the UACPA’s Centennial Committee, Community Garden and a church service mission. Jim and Karen have five children, four of them are adopted.

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AICPA WOMEN TO WATCH: EXPERIENCED LEADER

AICPA WOMEN TO WATCH: EXPERIENCED LEADER

Melissa P. Larson, PhD, CPA

Kathryn Fargam, CPA

Melissa is the E. Dee & Patricia

Kathryn is an audit partner at Tanner LLC and has more than 15 years of experience in auditing and accounting. Throughout her career, she has served a variety of clients including privately held companies and those reporting to the Securities and Exchange Commision (SEC).

She earned her bachelor and master degrees in accountancy from Utah State University. Kathryn is active with professional community organizations and serves as the board advisor for the Utah chapter of Financial Executives International and is a member of the Women’s Tech Council.

Hubbard Professor of Accounting in the Marriott School of Business at Brigham Young University.

With expertise in introductory and intermediate financial accounting, Dr. Larson has taught over 20,000 students and is a recipient of prestigious teaching awards. Her academic journey includes a PhD in Instructional Psychology & Technology, where her passion for inspiring student engagement and enhancing learning outcomes fuels her research. As an active member of professional associations, Melissa is committed to facilitating her students’ successful transition into the accounting profession. Melissa is married to Greg Larson, who is also an alumnus of the BYU accounting program. They have four children, a daughter-in-law and one grandchild. In her free time, Melissa enjoys spending time with her family, being outdoors, reading, and traveling. Although she doesn’t enjoy running, she still does it.

AICPA WOMEN TO WATCH: AICPA WOMEN TO WATCH: AICPA WOMEN TO WATCH: EMERGING LEADER EMERGING LEADER EMERGING LEADER Ali Spaulding

Kaceelyn Pouttu, CPA

Abby Potter, CPA

Ali was born and raised in a small town in Southern Alberta. As a single mother, she moved to Utah to pursue higher education and create a better future for her family. Ali graduated as salutatorian from Utah Valley University and earned her Master of Accountancy from the University of Utah. In January 2016, Ali began her professional career in audit and assurance services at Tanner LLC. Her hard work and dedication have propelled her rapidly through the ranks, and she now serves as a senior manager over the audit and assurance department. Ali thrives on collaborating with various teams at Tanner and takes pride in working with best-inclass clients.

Kacee’s career in public accounting started seven years ago at Eide Bailly, where she has enjoyed working on state and local income tax complexities. She also dedicates a portion of her time to firm-wide learning and staff development — nurturing staff skills through standardization techniques and tax technical trainings. Kacee is committed to fostering female advancement in public accounting, and serves as a lead for an employee resource group with over 300 members. She is grateful for the opportunities that Weber State, Eide Bailly, and the UACPA have provided her and looks forward to keeping growth and development as core pillars in her career.

Abby is a financial audit supervisor with the Utah Office of the State Auditor, where she is responsible for audits (including the University of Utah), is over the office’s recruiting efforts, and helps coordinate and execute CPE trainings for the office. She graduated from the University of Utah with her bachelors in accounting and economics and masters in accounting. Abby has served on the Emerging Professionals Council and their Networking Committee. In her free time she likes to bake/cook, read, and has been dabbling in watercolor. She served in the military and loaded cargo planes for many years. She also went to culinary school and has degrees in culinary arts and baking and pastry.

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CONGRATUL ATIONS NEW CPAS The following individuals were licensed between August 2021 and July 2024. They received a certificate and recited the Oath of a CPA led by Mike Blackburn at the annual Inauguration & Awards Banquet.

Kara Arnold, CPA Christina Aurich, CPA Harrison Broderick Baker, CPA Spencer Barnett, CPA Sydney Boe, CPA Alexander Bracken, CPA George V. Bradshaw, CPA John William Broadbear, CPA Whitten Burt, CPA Amy Carpenter, CPA David Clegg, CPA Caleb Crump, CPA Sam Dean, CPA Madeleine Edwards, CPA Maud Bayebi Famina, CPA Joseph Farley, CPA Jefferson Farmer, CPA Shaylen Fidel, CPA Richard Hackett, CPA Ricky Hatch, CPA Annika Haynie, CPA Avery Heninger, CPA Morgan Hirschi, CPA Taylor Christian Johnson, CPA Yan Kiu Lau, CPA Christian Larsen, CPA

Jenna Lindsey, CPA Ivan Madunic, CPA Klodian Mitri, CPA Jared Moon, CPA Keegan Morby, CPA Page Pappas, CPA Joseph H. Park, CPA Jameson Davis Porter, CPA Jessica Rimmasch, CPA Kyle O. Robinson, CPA Stanley Rosander, CPA Carlo A. Sacco IV, CPA Jeff Seitz, CPA Brenden G. Smith, CPA Taylor Smith, CPA Joanna Soh, CPA Travis Steadman, CPA Yan Tan, CPA Brooke Thomas, CPA Ariadna Thurman, CPA Julya Turner, CPA Claressa Ullmayer, CPA Taylor Burke Whitman, CPA Emilie Wilkinson, CPA Luiza Willardson, CPA James Woolley, CPA

Find more photos from the annual Inauguration & Awards on pg. 30 and online at uacpa.org/awards24

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D IN MEMORIAM John Z. Alger May 23, 1973 – Sept. 21, 2024 Member since 1999 Byron Beck Sept. 7, 1957 – Aug. 21, 2024 Member since 1986 Robert Dee Page June 17, 1942 – Aug. 14, 2024 Member since 1999 Mont Millerberg Dec. 14, 1949 – Feb. 23, 2024 Member since 1977 Trevor Lee Harbison June 23, 1983 – July 11, 2024 Member since 2007 Hyrum Paul Gibbons Aug. 22, 1968 – July 13, 2024 Member since 2000

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MEMBERSHIP

NEW MEMBERS

Congratulations to the following individuals who were approved for membership in the UACPA as of Aug. 31, 2024.

ATL Technology Jess Birtcher

Tanner LLC Brookelle Mansfield

Durham Jones & Pinegar Joshua Rogers

Teuscher Walpole, LLC Kirsten Johnson Jimmie Kinder Brandi Noble Bret Raby Alison Ye

Elevation Tax Group Jeff Bullock FORVIS Samuel Foote Golden Lion Tax Solutions Morgan Q. Anderson Haynie & Company Madeline Carter Squire & Company Diane Baur Steven Carter Robin Healy Sierra Hoggatt Devin Nordgran Malia Stephens Jonathan Stuver State of Utah Brianne Broadhead

WSRP Paul John C. Jalandoni Daniel Anderson Caleb Bjerk Jason T. Gilbert Valarie Grow Mariah Halls Clayton Holt Joel Racker Kumar Chetan Satheesh

Student Affiliates Brigham Young University Ryan Quade Ensign College Selvin E. Solorzano Castillo Southern Utah University Kiernan Burke Bodell Nielson Adam Freitas Emily Rhodes Suzanne Stewart Mitchell Pyle University of Utah Tyler Weddington Michael Heiner Fernando R. Morales Minkyung Shin Julia Allen Edmond Luong Alla Volynskaya

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Utah Valley University Devan Allen Katelyn Esplin Aria Taylor Manuel Avila Jayce Smith Hayden Roper David N. Sanchez-Baker Melia Valora Braden Morrison Katelyn Gappmayer Lindsey M. King Weber State University Jacob Brase Sara Udall Laura Roderiguez Santiago D’Agostino Mick H. Gunther Charles F. Olsen Western Governors University Lindsay Heaton Yale University Jack Saber

Alea Simmons

Share Your News!

Utah State University Benjamin Daines

Tell us about your new job, firm updates and activities.

We would love to share your accomplishments.

Send to Amy Spencer, as@uacpa.org

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MEET THE 2024 – 2025 UACPA CAMPUS AMBASSADORS

Every year, the UACPA Campus Ambassadors represent the association and the profession by holding activities, events and learning opportunities about careers in accounting and the path to become a CPA. This year’s ambassadors have been active in recruiting new student members and hosting a virtual mock CPA Exam.

BRIGHAM YOUNG UNIVERSITY

Emily Russell

WEBER STATE UNIVERSITY

Ali Branham

Abigail Wagstaff

UTAH VALLEY UNIVERSITY

Braden Morrison

Aubry Savage

UNIVERSITY OF UTAH

Katelyn Esplin

Mariana Gusmão Tokuda

Jonathan Chan

UTAH STATE UNIVERSITY

SOUTHERN UTAH UNIVERSITY

UTAH TECH UNIVERSITY

Sheri Talakai

Zach Reimann

Jaden Robinson

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BOARD QUESTION

WHAT QUALITIES DO YOU ADMIRE IN A PERSON? Jason Tomlinson, CPA

Dan Frei, CPA

“Optimism. If a person is negative and dismissive of others, few people enjoy being with them. Optimism and an overall positive outlook on life is a refreshing trait to be around. Obviously, sometimes life is hard, but optimism gets us through these experiences.”

“My former boss was exceptional at making people feel valued. He was invested in employees and made sure they were successful. He would give lavish praise both in private and public settings. He inspired higher productivity and loyalty, which I hope to emulate in my own leadership.”

David Peaden, CPA

Shalaun Howell, CPA

“I really admire those who are compassionate and kind. When I see others be compassionate and kind, even when that is not the first instinct or is challenging, it makes a huge difference in that environment, whether it is at home, work or in the community.”

“One quality I admire is realistic optimism— being hopeful for good outcomes while also acknowledging and addressing the reality of difficult situations.”

Ariane Gibson, CPA

Clinton Armstrong, CPA

“I deeply admire individuals who show genuine care for others, even when they themselves are in need. This type of selflessness and compassion is indispensable for creating a positive and supportive environment, both at work and in personal life.”

“I came across a quote by Paul Harvey: ‘If you don’t live it, you don’t believe it.’

The most admirable quality I find is when someone lives what they believe, especially if that belief is not held by the majority.”

Marci Butterfield, CPA

Dustin Wood, CPA

“The qualities I admire in others are confidence, loyalty, humility, and determination. Confident in who you are and what you believe, loyal to those that love and trust you, being humble so that you are teachable in all aspects of life, and to never give up trying. I strive for those attributes in myself as well.”

“Honesty, integrity, and being genuine. Those qualities fit well with a profession known for individuals possessing them. Being able to trust and know that someone is sincere and really interested and cares about something or someone is crucial. You also must be able to rely on others to do what they say.”

Stacy Weight, CPA “I admire leaders who are empathetic, authentic, and have strong integrity. They inspire their teams, foster a positive culture, and make tough decisions with integrity. I look up to a leader who empowers others, drives innovation, and makes a lasting impact.”

Not pictured: Amy Anholt

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BOARD BRIEF THE LATEST ACTIVITIES WITH THE BOARD •

The board approved awards nominees from the Awards Committee

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The board approved potential executive board nominees from the Nominations Committee

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STAFF CHAT

WHAT QUALITIES DO YOU ADMIRE IN A PERSON? Amy Spencer “I have met people who are absolutely radiant in their positive energy. I find myself drawn to them to catch some secondhand shine. Kindness is a quality that works alongside positivity and is a testament to a person’s character. I strive to be described with those qualities.”

Feedback was discussed from Leadership Council to move forward with proposed changes to statute including adding a pathway for a bachelor’s degree plus two years’ experience under a licensed CPA, no escape clauses, automatic mobility, wording to education requirements to reflect current and future changes to degrees

•

Discussion was held regarding a request from DOPL to add penalties to our unprofessional conduct statute. The board approved to move forward on this as well.

•

Audited financial statements for the year ended March 31, 2024, were accepted from the Audit Committee

April Deneault “Humor. The ability to make others laugh can lighten the mood, help with stress, and bring joy to others, and joyful people are positive people and people I want to be around.”

Tom Horn, CPA “There are several people in my life that I have admired for their integrity, intelligence, honesty, kindness, compassion, and a sense of humor.”

Listen to Conversations with UACPA Members on the Money Making Sense Podcast.

Susan Speirs, CPA “I have always admired someone who will stay true to their convictions in the toughest of circumstances. They understand what their ‘True North’ is and are unwilling to stray from it.”

Find it wherever you listen to podcasts.

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Rocky Mountain Technology Conference Virtual | December 19 – 20 | 16 hours CPE Topics include • Tech Update • Office Scripts - The New Macros • Getting Started with Artificial Intelligence • The ABCs of Automation with Microsoft’s Power Platform • CPA Firm Technology and Management Update • Excel Practices and Features • Time to Advance Automation • Optimizing Your Tech Stack

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• Advanced Collaboration Solutions • Small Business Accounting Solutions • Consumer Electronics Show 2024 Review • AI Confidential? Privacy and AI • Better Reporting with QuickBooks Online • Harnessing ChatGPT • Effective Automation and Outsourcing • Saving Time With Electronic Forms • Ripped from the Headlines: Lessons From Interesting Tech Crimes

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MEET A MEMBER ABBY POTTER, CPA Tell us about your culinary school experience. When I was in the military, I started baking for the guys I worked with and they were always appreciative, even when it was brownies from the box. This led me to wanting to learn the science behind baking and how to make stuff from scratch.

My favorite thing to make currently is delicious cakes. My specialty is candied nuts, which I make every Christmas.

What led you to become a CPA? I needed a social science class and found an intro to economics class. This opened up a whole new way of thinking. My original major was early education, and about two weeks before classes started, I realized that wasn’t for me and switched to business. My first accounting classes were my favorite. They felt like applied economics and the logic of accounting made sense. This led to me majoring in accounting and eventually getting my CPA.

A

bby Potter was born and raised in Joshua Tree, California.

She has seven brothers and one sister. She lived in Utah for two years after turning 18, then returned to California for six years of military/civil service. Abby attended culinary school before transferring to the University of Utah. Abby is a financial audit supervisor at the State Auditor’s Office where she oversees the audit of the University of Utah, recruiting efforts and helps coordinate and execute CPE requirements and training for the office. She volunteers with the UACPA’s Emerging Professionals Networking Committee.

Tell us about your military experience. I served in the Air Force for three years active duty and three years civil service.

During this time my job was to load cargo planes (C-17s, C-5s, KC-10s, and 747s mostly). Looking back, it’s crazy to think they trusted these 20 – 22 year olds to safely load these very expensive planes, but we did. I did one deployment to the Middle East for seven months. That was a very interesting experience to see a part of the world much different than I was used to. This experience opened my world to meeting and working with people from all different backgrounds, values, and walks of life. It was great to be part of something bigger than myself and to serve my country.

What do you like about being a CPA? I like the daily challenges that being a CPA entails. This allows each day to be different. Additionally, I love working with staff and clients to understand complex accounting/auditing issues.

What would surprise people to know about you? I have bachelor’s degrees in both accounting and economics. That first interest in economics never diminished.

What is your favorite book? Classic: I always love reading ‘Pride and Prejudice.’ Modern: I really liked ‘Educated’ by Tara Westover, and ‘Before We Were Yours’ by Lisa Wingate.

What do you like to do outside of work? I like to cook/bake and have been dabbling in watercolor. I love going to plays at Eccles Theater and Hale Centre Theatre.

What are some of your goals? I would love to pick a cookbook and cook my way through it. Also, travel more!

What advice do you live by? I don’t think it’s advice per se, but I love this quote: The world is too big to never ask why — Mat Kearney. Always be curious, ask questions, seek knowledge and understanding. n

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PHOTOS

INAUGURATION & AWARDS

The UACPA celebrated newly licensed CPAs, outstanding members and 100% firms at the annual Inauguration & Awards Banquet on Friday, Sept. 20, at Little America. Thank you to sponsors Eide Bailly, Squire and WSRP.

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PHOTOS

GOLF TOURNAMENT

The annual golf tournament fundraiser for the Utah CPA Foundation was Thursday, Aug. 8 at South Mountain Golf Course. More than $8,000 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 Cost Segregation Authority, Key Bank, Netwize and supporting sponsor Profi.

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PHOTOS

LEADERSHIP ACADEMY

This year’s Leadership Academy alumni reunion was held at Top Golf on Wednesday, Aug. 28. The 2024 retreat for the new class is Nov. 6 –8 at Zermatt Resort in Midway.

PHOTOS

BUSINESS & INDUSTRY TOUR

On Sept. 27, the Business & Industry Council held a tour and lunch at the Bishop’s Central Storehouse owned by the Church of Jesus Christ of Latter-day Saints.

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After 40 years working as a CPA, Tom Horn is ready to trade in the office chair for a comfy recliner!

We appreciate your dedication, expertise and contributions to the UACPA. We are truly grateful for your years of service and the positive impact you’ve made on our team.

We hope you enjoy all the adventures ahead.

Best wishes for a happy and fulfilling retirement!

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

DATE

CPE

COURSE TITLE

MEMBER FEE*

NONMEMBER FEE

Inibehe Adesanya

$280

$330

INSTRUCTOR

October 10/28/24

8

Surgent’s Annual Tax-Planning Guide for S Corporations, Partnerships, and LLCs

10/29/24

4

K2’s Microsoft Teams*

Steve Yoss

$180

$205

10/29/24

4

K2’s Securing Your Data: Practical Tools for Protecting Information*

Steve Yoss

$180

$205

10/29/24

8

Preparing Individual Tax Returns for New Staff and Paraprofessionals

Michael Reilly

$280

$330

10/30/24

4

K2’s Small Business Accounting Shootout*

Steve Yoss

$180

$205

10/30/24

4

K2’s Technology Update*

Steve Yoss

$180

$205

10/31/24

4

K2’s Testing and Auditing Excel Workbooks*

Steve Yoss

$180

$205

10/31/24

4

K2’s Top PDF Features You Should Know*

Steve Yoss

$180

$205

10/31/24

8

Hot IRS Tax Examination Issues for Individuals and Businesses

Joel DiCicco

$280

$330

10/31/24

8

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

Lawrence McClelland

$270

$320

4

Individual Income and Tax Compliance Annual Update

Richard Lahijani

$174

$199

November 11/1/24 11/4/24

8

Fiduciary Income Tax Returns - Form 1041 Workshop with Filled-in Forms

Inibehe Adesanya

$280

$330

11/5/24

4

The Bottom Line on the New Lease Accounting Requirements

Roger Cusworth

$174

$199

11/5/24

8

The Year’s Best Income Tax, Estate Tax, and Financial-Planning Ideas

James Gardner

$280

$330

11/6/24

4

Pass-through and Corporate Annual Tax Update

Richard Lahijani

$174

$199

11/6/24

8

K2’s Case Studies in Fraud and Technology Controls

Steve Yoss

$270

$320

11/6/24

8

Multistate Taxation

Bruce Nelson

$270

$320

11/7/24

2

Cybersecurity Issues for the Professional

Arthur Werner

$105

$120

11/8/24

2

Internal Control Fundamentals

Melissa Galasso

$105

$120

11/11/24

8

Maximizing Fringe Benefits: Strategies for Business and Personal Needs in 2024 and Beyond

Arthur Werner

$270

$320

11/11/24

4

Gaining a Competitive Advantage: Critical Skills for CFOs and Controllers

William Allen

$175

$200

11/12/24

4

Introduction to Forensic Accounting

Joel DiCicco

$175

$200

11/13/24

8

Winning the Fraud Battle in the Digital Age: Prevention and Detection

Frank Gorrell

$280

$330

11/13/24

4

Tax, Estate and Financial Aspects of Cryptocurrency

Arthur Werner

$185

$210

11/15/24

8

CFO - The Effective CFO

Anita Layton

$280

$330

11/15/24

8

Federal Tax Update - Individual and Business Current Developments and Pat Garverick

J. Patrick Garverick

$325

$375

11/18/24

8

K2’s Excel Essentials for Staff Accountants

Lawrence McClelland

$270

$320

11/19/24

2

Form 1120S - Preparation and Analysis

Mary Jane Hourani

$105

$120

11/19/24

8

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

Michael Reilly

$280

$330

11/19/24

4

K2’s Working Remotely - The New Normal*

Brian Tankersley

$180

$205

11/19/24

4

K2’s Advanced QuickBooks Tips and Techniques*

Brian Tankersley

$180

$205

Members receive a 10% discount when registering at least 2 weeks in advance.

AICPA members receive an additional $30 off the price of some 8-hour courses. Log into your account to see applicable discount.

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CPECourseSchedule Register online at uacpa.org/cpe.

DATE

CPE

COURSE TITLE

MEMBER FEE*

NONMEMBER FEE

Anita Layton

$280

$330

INSTRUCTOR

November continued 11/15/24

8

CFO - The Effective CFO

11/15/24

8

Federal Tax Update - Individual and Business Current Developments and Pat Garverick

J. Patrick Garverick

$325

$375

11/18/24

8

K2’s Excel Essentials for Staff Accountants

Lawrence McClelland

$270

$320

11/19/24

2

Form 1120S - Preparation and Analysis

Mary Jane Hourani

$105

$120

11/19/24

8

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

Michael Reilly

$280

$330

11/19/24

4

K2’s Working Remotely - The New Normal*

Brian Tankersley

$180

$205

11/19/24

4

K2’s Advanced QuickBooks Tips and Techniques*

Brian Tankersley

$180

$205

11/20/24

1

How ESG Reports Can Help with Recruitment & Retention

Donny Shimamoto

$50

$60

11/20/24

4

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

Brian Tankersley

$180

$205

11/21/24

4

The Most Critical Challenges in Not-for-Profit Accounting Today

Martha Lindley

$175

$200

11/21/24

4

K2’s Advanced Excel*

Brian Tankersley

$180

$205

11/21/24

4

Reviewing Individual Tax Returns: What Are You Missing?

Gregory Carnes

$174

$199

11/22/24

2

Becoming a Tax Ninja: Lightning-Fast Depreciation

Gregory White

$185

$210

11/22/24

8

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

Michael Reilly

$280

$330

11/25/24

4

Federal Tax Update for Business with Greg and George

Gregory White

$185

$210

11/25/24

4

Federal Tax Update for Individuals with Greg and George

Gregory White

$185

$210

2

Winning Tax Season with Better Workflow & Capacity Management

Frank Stitely

$105

$120

DECember 12/4/24 12/4/24

8

K2’s QuickBooks for Accountants*

Brian Tankersley

$275

$375

12/5/24

8

K2’s Small Business Internal Controls, Security, and Fraud Prevention and Detection*

Brian Tankersley

$275

$375

12/5/24

8

The Complete Guide to Preparing Forms 706 and 709

Arthur Werner

$280

$330

12/5/24

4

The Bottom Line on the New Lease Accounting Requirements

Daryl Krause

$174

$199

12/6/24

8

Applying the Uniform Guidance in Your Single Audits

Eric Formberg

$270

$320

Various

$390

$500

12/5-6/24

UACPA’s Annual Conference - Virtual & In Person

12/9/24

4

Financial Statement Disclosures: A Guide for Small and Medium-Sized Businesses

Kenneth Levine

$175

$200

12/9/24

8

K2’s Excel Essentials for Staff Accountants*

Lawrence McClelland

$275

$375

12/10/24

8

K2’s Technology for CPAs - Don’t Get Left Behind*

Lawrence McClelland

$275

$375

12/10/24

4

CFO - Management Superpowers

Bob Mims

$280

$330

12/10/24

4

Reviewing Partnership Tax Returns: What Are You Missing?

Richard Lahijani

$174

$199

12/11/24

8

K2’s Excel Pivot Tables for Accountants*

Steve Yoss

$275

$375

12/12/24

8

K2’s Excel Best Practices*

Steve Yoss

$275

$375

12/12/24

8

Construction Contractors: Accounting and Auditing

Thomas Sheets

$270

$320

12/12/24

4

Federal Tax Update for Business with Greg and George

Gregory White

$185

$210

12/12/24

4

Federal Tax Update for Individuals with Greg and George

Gregory White

$185

$210

12/13/24

2

Cryptocurrency Taxation: Nuts, Bolts and Tax Law Updates

Shehan Chandrasekera

$105

$120

12/13/24

4

K2’s Better Productivity Through Artificial Intelligence and Automation Tools*

Steve Yoss

$180

$205

12/13/24

4

K2’s Ethics and Technology*

Steve Yoss

$180

$205

12/13/24

8

Surgent’s Top 10 Tax Topics This year

Michael Reilly

$280

$330

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35

CPECourseSchedule Register online at uacpa.org/cpe.

DATE

CPE

COURSE TITLE

INSTRUCTOR

MEMBER FEE*

NONMEMBER FEE

DECEMBER continued 12/16/24

8

Federal Tax Update - Individuals (Form 1040) with Pat Garverick

J Patrick Garverick

$325

$375

12/16/24

4

K2’s Excel Charting and Visualizations*

Lawrence McClelland

$180

$205

12/16/24

4

K2’s Mastering Advanced Excel Functions*

Lawrence McClelland

$180

$205

12/17/24

8

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

Lawrence McClelland

$275

$375

12/17/24

8

CFO - Corporate Performance Management

Gary Cokins

$280

$330

12/17/24

8

Federal Tax Update - C and S Corporations, Partnerships and LLCs (Forms 1120, 1120S and 1065S) with Pat Garverick

J Patrick Garverick

$325

$375

12/18/24

1

Exploring the A-B-C-D of the Digital Age and Their Impact on Accounting

Donny Shimamoto

$50

$60

12/18/24

1

How Automation and AI are Enhancing Management Accountants

Donny Shimamoto

$50

$60

12/18/24

8

K2’s Next Generation Excel Reporting*

Lawrence McClelland

$275

$375

12/18/24

8

The Complete Guide to the Preparation of Form 1041

Arthur Werner

$280

$330

12/19-20/24

16

Rocky Mountain Technology Conference*

Various

$440

$520

12/30/24

4

K2’s Case Studies in Fraud and Technology Controls*

Brian Tankersley

$180

$205

12/30/24

4

K2’s Artificial Intelligence for Accounting and Financial Professionals*

Brian Tankersley

$280

$205

Members receive a 10% discount when registering at least 2 weeks in advance.

AICPA members receive an additional $30 off the price of some 8-hour courses. Log into account to see applicable discount.

Exclusive Savings for Utah Association of CPAs Invest and expand your expertise with exclusive offers from Wolters Kluwer. Get access to expertly-written content and continuing professional education that meets requirements and works with your busy schedule.

CCHCPELink.com/UACPA Members Save 25%

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Virtual Attendance Available

ANNUAL

CONFERENCE DECEMBER 12 – 13 | 8 AM – 4 PM 16 HOURS CPE This year’s topics include • Cyber Security • HR Issues • Ethics • UACPA Update • Estate Planning • Education Trends in Utah and Beyond • Utah Laws & Rules

• IRS Update • Economic Update • A&A Update • AI • Legislative Update • Cases & Rulings • And Keynote Speakers Braxten Nielsen & Michael Brian

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37

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

• CBIZ MHM, LLC

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

• CLA (CliftonLarsonAllen LLP)

association essential to our members.

• CMP

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

• Davis & Bott, Certified Public

our members and champion the values of the profession; integrity,

Accountants, L.C.

competency, and objectivity.

• Eide Bailly

VALUES

• FORVIS

Advocacy

• Haynie & Company

The UACPA represents the profession at the Legislature and other

• HBME

regulatory bodies and promotes the value of the CPA to employers,

• HintonBurdick

the business community, and the public at large.

• Jones Simkins LLC

Leadership & Service

• Moss Adams

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

• Savage Esplin & Radmall, PC

Professional Development

• Squire

The UACPA supports and encourages continuing education and

• Tanner LLC

leadership development.

• Teuscher Walpole, 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.

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Employee Benefits Guide for Small Businesses Small businesses are driving today’s economy. In response, the health and benefits industry is creating flexible options to meet smaller budgets and the needs of a diverse workforce.

For the Wellbeing of Employees— and Your Business While health benefits and retirement offerings are still standard, benefits are no longer limited to traditional models. Many benefits are designed to embrace the holistic wellbeing of your employees: physical, mental, and financial. There are also different ways to pay for benefits, such as alternative funding and shared-cost options. With so many options available, just about any size business can offer some level of benefits today.

Why does it matter? Because benefits are essential to staying competitive in business. Offering a wellrounded benefits package can boost employee health, happiness, and productivity. It can also help create business success by: • Attracting and retaining workers • Creating a more positive, productive culture • Reducing employee absenteeism • Helping small businesses compete with larger ones • Enhancing the reputation of the company

© 2024 Paychex, Inc. All Rights Reserved. | 05/13/24

Although there’s no bad time to offer benefits, it’s important to start considering your options before enrollment season begins, to: • Have a competitive benefits package in place so you can attract and keep qualified employees in a highturnover market • Stay compliant with changing legislation, such as the Affordable Care Act (ACA), Medicare, and others.

5 Steps to Building the Right Benefits Package With so many benefits options available, how do you know what will work for both your business and your employees?

1. Discover what your employees want What are your employees’ needs and values? You may have employees in different life stages, some requiring more healthcare than others. Or you may have Gen Z employees who value flex time and work-life balance. If employees are willing to split insurance costs or pay for voluntary benefits, that can help with costs. Getting employee feedback is critical to building a benefits package that is aligned with everyone’s goals.

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AffiniPay customers experienced 22% increase on average in revenue per firm using online billing solutions

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