The Journal Entry - July 2017

July

2017,

Vol.

III

|

Technology

for

CPAs

Trends in Technology Technology improvements to help secure data, streamline operations and enhance business analytics.

By Daniel Capener, CPA, CIA the journal entry | July 2017

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Mission,Vision,Values

ExecutiveBoard

Mission

president......................................Gavin E. Hutchinson president-elect............................................ Matt Klein vice president..................................... Monica Gardner secretary...................................................... Stan Jenne treasurer........................................... Jay Niederhauser member-at-large......................................Owen Ashton member-at-large.................................... Michael Beach immediate past president................. Hollie S. Andrus aicpa council.......................................Brandon Allfrey pronet council.......................................... Amy Anholt ceo......................................................... Susan A. Speirs

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

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

We unite a vibrant community of CPAs to enhance the success of our members and champion the values of the profession; Integrity, Competency, and Objectivity.

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

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

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

UACPAStaff CEO........................................................ Susan A. Speirs Communications/marketing and Editor of The Journal Entry............... Amy Spencer CPE Manager......................................... April Deneault Financial Director..................................... Tom Horn Membership Development........... Braden Thompson The Journal Entry is published quarterly, by the UACPA 136 S. Main Street, Suite 510 Salt Lake City, UT 84101 tel: 801-466-8022 toll-free in Utah: 1-800-676-2776 email: mail@uacpa.org or log on to www.uacpa.org Cover photo by Christian Wood / Robert Wood Photography

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

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

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

Diverse Population Outreach

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

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

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

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the journal entry | July 2017

in this issue | July 2017

feature story

Technology to improve your workflow 12 9 New Members............................................................................................4 Movers & Shakers......................................................................................5 President's Message...................................................................................6 Message from the CEO............................................................................. 7

Accounting for Tomorrow

Trends in Technology...............................................................................9 By the Numbers: Internet Facts............................................................. 13 Top 5 Technology Mistakes.................................................................... 14

16

Accounting for Tomorrow..................................................................... 16 Servicing Marijuana Businesses............................................................ 18 Governance, a Necessary Concern.......................................................20 Tax Planning Strategies: Qualified Charitable Distribution..............23

Governance in Non-Profit

Women in Accounting: Aubrey Bickmore Neely ...............................26 Quarterly Survey Results........................................................................27 Meet the Executive Board......................................................................28

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Board Bullets............................................................................................29 Meet the UACPA Staff ............................................................................29 Comic: Generally Excepted....................................................................30 Photos: Leadership Council................................................................... 31

Meet a Member: Aaron Clark

UACPA Council Report.........................................................................32 Meet a Member: Aaron Clark................................................................33 CPE Course Schedule.............................................................................34

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Member Benefits/100% Membership Firms........................................37 the journal entry | July 2017

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New Members

NewMembers

Congratulations to the following individuals/CPAs who were approved for membership or affiliate status in the UACPA as of May 31, 2017.

Fellows Brian J. Gillespie KPMG Zachary J. Maxfield Deloitte & Touche LLP Jane Archibald Deloitte & Touche LLP Rachel Young Hawkins Scott R. Rogers Hawkins Rachael Kingston Hawkins Candice Houston HintonBurdick Jamie Friend HintonBurdick Jason Crowley HintonBurdick Jacob Sullivan HintonBurdick James M. Moyes Eide Bailly, LLP Casey Barrus Eide Bailly, LLP Joshua C. Lang KPMG LLP Bryson Lord Economics Partners

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Linda M. Chaffee Benjamin White LDS Church Auditing Dept.

Jodi Bailey Utah State University Karen W. Heath

Lindsay Poelman Tanner LLC

Craig A. Estep KPMG, LLP

James E. Sippel Sippel and Company, PC

Steven Hawkins

Kyle C. Hepworth Tanner LLC Janet L. Tripp TraskBritt PC Laura Cannon Cooper Williams LLC Vance Huntley Intermountain Power Agency Brett D. Andrews KPMG LLP Peter Temling The Temling Group, LLC Michael J. Hillier USAF Jeremy A. Miller CliftonLarsonAllen LLP Grant P. Ostler Western Refining Thanh (Brandon) Trieu PWC Eugene B. Jones Bank of Utah

the journal entry | July 2017

Scott F. Cunningham Wells Fargo Advisors Amy Crawley PWC David Smith Clyde Companies, Inc.

Student Members Southern Utah University Jacob Cole Drew Hanson Weber State University Colton Woody Christopher Hughes Jameson W. Smith Logan L. George Kaceelyn Pouttu Chanel Saxton Westminster College Natasha G. Brinkley Naif M. Abuatid Chandler Clark Michael Lauret

Alan K. Smith AgReserves, Inc.

University of Utah Courtney A. Bassett Jessica Hart Chad Thompson Joseph Short Spencer Richards

Derek Louder Southern Utah University

Utah State University John Colter Rock

Jamie Oldroyd Squire

Utah Valley University Mohammad K. Bashniny Khaled A. Hawsawi Blake Brinkerhoff Blair Cecil Daniel C. Avery Randi Moore Joseph Warstler Jeff Butterfield David Vloe Lauren James Melissa Morales Ariel Elftman-Hanson Tyson R. Fuller Khanh Le Camille Klemetson

William Stegelmeier Select Sires MidAmerica, Inc.

Julie Olsen M. Andersen & Associates, LLC Robert Romero Cost Segregation Consultants Larry Ellertson Joelee Holdaway

Movers& Shakers Charles Shumway has joined Tanner LLC as a tax director.

Shumway brings more than 20 years Charley Shumway of experience serving a variety of clients and companies while specializing in business valuation, forensic accounting, succession planning, income allocations and cash distributions. He has worked in resolving federal, state, and local tax matters including representation before the IRS and Utah State Tax Commission. Shumway received both his Bachelors and Masters in Accounting from Southern Utah University.

Dan Griffiths, Director of Strategy & Leadership at Tanner LLC, has been named to the Board of Dan Griffiths Directors of the AICPA. Griffiths has previously been a member of the AICPA governing council and has chaired the Young CPA Network committee. The AICPA represents more than 412,000 members in 144 countries.

Ernst & Young LLP has announced they will be relocating to City Creek in the Gateway Tower West building (15 West Temple) to allow a more tech-enabled, millenial-friendly space.

More than 150 professionals are based in the Salt Lake City office with more than 80% of them being millenials. The new office features 14,500 square feet of space with options for staff to work in collaboration rooms or at standing workstations, all with panoramic views of downtown Salt Lake City.

Eide Bailly is celebrating 100 years and will be be holding events at each of the firm's 29 offices in 13 states, including their three Utah offices. "We're proud to be celebrating our 100th anniversary as a firm," says David Stende, managing partner/CEO of Eide Bailly. "It's quite a milestone, and we've grown to be extremely successful and a top 25 firm in the country."

Tanner LLC has received the 2017 "Best of State" award for Accounting in Utah. This award is given to outstanding Utah businesses that demonstrate excellence in their field, produce superior results and pioneer innovative approaches and processes to achieve better results. In 2016, Tanner was among a select group of firms nationally that achieved double-digit topline growth. With 119 professionals among their staff, the growth has been organic, without any aquisitions of other firms.

Save the Date Mark your calendar for UACPA conferences in 2017 Sept. 22 CPAs in Business & Management Conference South Towne Expo Center Sept.

Inauguration and Awards Banquet Sept./Oct. Non-profit Conference Nov. Tax Symposium Nov. Business Valuation Conference Dec. 1 Accounting & Auditing Conference Dec. 8 - 9 Winter Conference Salt Palace Convention Center Dec. 15 - 16 Technology Conference South Towne Expo Center

Share your news in "Movers & Shakers."

Send the details to Amy Spencer, as@uacpa.org.

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President's Message

Gavin Hutchinson, CPA

T

echnology is a wonderful invention. It has provided us with some very amazing advances throughout the last 70-plus years. The computers that we hold in our hands and make telephone calls upon are more powerful than the computers that helped put a man on the moon. As Moore’s Law predicts, “the number of transistors per square inch on integrated circuits will double every year," and our computers are getting faster and faster each year. Not only are computers getting faster, they are also getting smaller.

This leads to some interesting challenges as we learn how to navigate this new world in which we live.

Gone are the days of carrying cash to make purchases, and gone is the security that our transactions are free from theft. When we were a cash transaction-based society, we had to be mindful of not placing ourselves in a dangerous position where we could be robbed of our cash. Luckily, our loss was limited only to the cash we were carrying.

Today, we need to be ever mindful of protecting our identities. Cyber thieves have the ability to take all of our hard-earned savings and to incur heavy debt on our behalves, leaving us with the task of trying to rectify the chaos that has been created. The prevalent cyber theft of today is the primary theft of our time.

On June 2, 2017, at 2:33 p.m. several of my email contacts received messages claiming to be from me. They looked very official and asked them to open an attachment.

These emails were vague enough to fit into any number of different scenarios that the recipients and I had been working on. These emails went to my wife, co-workers, federal contract liaisons, and even the UACPA staff. I only became aware of the situation when I started receiving emails in return stating that the recipient’s email server was blocking them from opening the attachment. As I learned of the issue, I quickly called my IT department and asked for their help and then notified as many contacts as I could

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think of that my email had been hacked or spoofed. I was instructed to change my password, and an investigation was launched by the tech gurus. Almost 24 hours later, it was discovered that one of my employees had attempted to open an email that was part of the Google Doc malicious email, which had provided a hacker access to our email server and my email account. This hacker had created a rule whereby my emails were being forwarded to another email that was created to look as if it were a normal forwarding rule, allowing the hacker to monitor his “work.”

In the end, we were able to correct the problem and remove the hacker’s access, but not before my company spent 24 hours and thousands of dollars correcting the issue. I wouldn’t be surprised if the aggregate costs were the loss of several man hours of work and tens of thousands of dollars in lost productivity and IT costs.

I believe that when the future inhabitants look back at this time, and what was learned during this time of technology, they will quote Charles Dickens when he stated in A Tale of Two Cities: “It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness.”

CEO's Message

Susan Speirs, CPA

C

PAs who lead organizations and firms are finding they need to embrace changes in technology or risk being left behind. Technology experts agree that there are five main trends that CPAs need to be aware of as they move their organizations forward.

1. Cloud Computing – Over the last 10 years there has been a steady migration to cloud computing. Why so long? Even or use management accounting designations. Section 14(g) discusses the use of the word “accountant” outside the titles with today’s technology, it’s difficult to be completely in the cloud due to costs and functionality of the applications being of certified public accountant or public accountant. marketed.

New language jointly proposed by NASBA and AICPA creates Section 14(q), which would allow an individual 2. Workflow Automation – To make accounting more to use an accounting designation that includes the word accessible, software is focusing on workflow systems. With “management” conferred by a nationally recognized staffing shortages, we expect to see more automation and organization such as the AICPA (American Institute outsourced work. of CPAs), CIMA (Chartered Institute of Management 3. Cybersecurity – Cybersecurity continues to be a challenge Accountants) or the IMA (Institute of Management at all levels of an organization and will only become more Accountants). complicated. We continue to hear of new scams hitting the In addition, an individual using an accounting designation IRS as well as everyday citizenry. We must be vigilant in in accordance of 14(q), who does not also maintain a license insuring our own systems aren’t compromised. or practice privilege, cannot offer or render audit, attest, 4. Artificial Intelligence (AI) – Robots are working in some compilation services or tax services to the public unless they CPA firms! Although artificial intelligence has the potential are under the supervision of a licensee within a CPA firm to disrupt the accounting profession, it is believed that it will that holds a permit to practice within the state or another be several years until we see AI deployed in a major way. state.

5. Commoditization – With the rise in automation, we must ask whether our profession is being commoditized. Perhaps we need to have a discussion as to whether our license to practice is being commoditized.

As if keeping up with technology isn't enough, CPAs must stay current on other issues affecting the ever-changing profession.

Recently NASBA and AICPA issued a joint letter requesting input to adopt language in the UAA (Uniform Accountancy Act) that would allow non-CPAs to assume

An individual may not establish or promote a business under the designation that is not a CPA firm that holds a permit to practice in this state or another state.

The above is a summary. We will be responding to this letter and need your feedback. You may find the full language linked from a blog post at www.uacpa.org on June 15.

Please send any responses to our office at ss@uacpa.org.

While technology and our profession continues to evolve, we must ensure the role of the CPA to those for whom we work as well as the public. the journal entry | July 2017

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Work C Smarter with New Technology

omputers and technology are marvelous if you can figure out what they can do and how you can make them work for you.

The trends in technology today allow us to work faster and from almost anywhere in the world. Systems are being integrated and automated to allow us to focus our time on improving business processes. With the transactions that are being recorded, we need to be able to analyze and determine what the company can do better and how.

In this article, I review cloud computing, mobile wallets, blockchains and data analytics.

save your time and improve your workflow with these four tools

By Daniel Capener, CPA

Cloud Computing I have been working with Enterprise Resource Planning (ERP) and accounting systems for about 20 years now — things have sure changed in that time. When I first started my career, accounting systems were installed from 3.5 inch disks and it would take 20 or 30 disks for the installation. If one of the disks had an error, you would have to find a new copy of the disk and start the installation over, inserting each of the disks one at a time. Now, with everything running in the cloud, no installation is needed. Trying to learn and understand how new technology can benefit you can be a daunting task.

Cloud computing is one of the top trends right now.

Although it has been around for a number of years, we are seeing a larger adoption rate of cloud computing in ERP and accounting systems.

What is cloud computing? Cloud computing allows us to process, store, and manage data through the internet. In the past, everything was processed, stored, and managed on a local computer or server. There are many benefits of having your data in the cloud.

Benefits •

Availability: Information and processes are available anywhere you can get access to the internet.

Because of the availability, people can work from anywhere.

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Low Upfront Costs: Because the applications are provided through the internet, there is no need for costly servers and personnel to maintain those servers. the journal entry | July 2017

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Feature Story •

Scalability & Flexibility: Additional data storage or processing power can be added as the company grows at a lower operational cost. Alternatively, resources can be decreased as the need arises.

Having the flexibility to scale with the company is very attractive to most companies. The IT group can focus more on the user experiences instead of maintaining hardware.

say it’s functioning over the internet, this type of system will not give you the benefits of a true cloud based solution which is developed to run everything through your browser. True cloud-based systems are multi-tenant where all customers access the same solution through the same cloud and are running on the same version. Customers are still able to customize their instance to fit their company without affecting other customers.

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S ecurity: With cloud computing, the cost of running the network is spread among all of the users of the Cloud, so, providers are able to spend more money and have more experienced personnel to secure the data. Reputable suppliers are going to be more secure and reliable than what most businesses can deliver or afford in-house. Suppliers are also subject to regular security audits.

I have been working in the cloud computing industry for about four years working with the NetSuite products and have been surprised at the capability, flexibility, and depth of the product.

•

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S oftware Integration: Many different processes (i.e. credit card processing, EDI, and shipping carriers) can be integrated through API, Restlets, or web services. Cloud systems can be integrated with other on-premise or cloud systems in order to provide a more seamless user experience. utomatic Updates: Providers take care of the A software and hardware upgrades for you. No need to work weekends to get the updates completed.

Disadvantages •

osts: Cloud computing is typically a subscription C based billing module where you are billed monthly or yearly for the service. If you are used to only paying for programs every couple of years, the subscriptions will add up.

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endor Lock: Differences between systems can V make it difficult to migrate from one vendor system to another.

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Security: Security is generally good and reliable, but there are still security concerns that hackers can attack and breach a system.

Be careful if you are looking to “create” a cloud solution.

With the shift from on-premise ERP systems to the cloud based systems, many older software solutions are trying to migrate their existing platforms to function over the internet with Citrix or some other process. While it may 10

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Mobile Wallet The three largest mobile wallet providers are Samsung Pay, Apple Pay, and Android Pay. These allow you to hold your prepaid, debit, and credit card, and even loyalty card information in your smartphone. To use your mobile wallet, you need to be able to access the mobile device it is set up on (computer, phone, tablet, or smart watch) and unlock the wallet application to access the card on file.

A big reason to consider using a mobile wallet is because it is safer than carrying a credit card or cash in your wallet.

The credit card information is stored encrypted and is not available to others because the phone must be unlocked by a biometric security (fingerprint scanning or personal identification number). The additional security of mobile wallets can also be used when you are shopping online.

The number of retailers accepting this payment method continues to increase, and most major credit cards will now allow their cards to be added to your wallet.

Blockchain Blockchain is a buzzword receiving attention in many technology and financial trade publications. It is the backbone behind the cryptocurrency, Bitcoin. Blockchain technology is a decentralized database that becomes a distributed ledger of transactions. With this technology, it allows transactions to be generated cheaper, faster, more securely, and allows the data to be presented in real-time.

One of the complications with blockchain technology is that regulations will need to change in various industries to allow for the technology to thrive and to start to expand.

Feature Story

Here is an example of how blockchain technology works: 1. Company ABC owes money to company XYZ and a loan is created between the companies.

2. For the contract or loan to be created, two pieces of information are required: ABC’s private key, and XYZ’s public key. XYZ would need to share their public key with ABC to make this transaction.

3. The transaction is forwarded to participants in a peer-to-peer network that provide transaction verification services.

4. Numerous transactions are occurring on the network at the same time. The transactions from a given time frame are grouped together into a block.

An encryption algorithm is added to each block to

determine that the block has not been changed.

5. The block is then verified by other computers on the network to determine if the transactions in the block are legitimate. Complex cryptographic computations are used for this verification process.

6. The verification of the block is then added to the block, creating a chain for the block. You now have a verified block of transactions.

7. The transaction is established as legitimate and the contract is recorded.

When multiple blocks are stringed together, a blockchain is created. A blockchain is digitally distributed across the network in almost real time and every node on the network checks the work of the other computers. Participants on the the journal entry | July 2017

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Feature Story visualize the data. One of the systems I have worked with is Microsoft Power BI, which allows you to create reports and real-time dashboards that can be published and made available via the web or mobile devices. Power BI has already developed integrations with many different types of databases and online services. It is very powerful to be able to link data from multiple databases or online systems into one analytics tool, as it helps to get rid of data silos.

Web-based analytics have a greater adoption rate within companies than on-premise systems. One handy feature comes after the data is loaded into the data analytics systems and the tools analyze and suggest different graphs or reports you may want to consider when looking at the data. These suggestions can give you a completely different point of view of the data and the way it is presented, providing a greater insight into the data.

There are many benefits of using a cloud-based analytics system. These tools make it easier to blend data from different sources, gain real-time access to third party and social data sources, and facilitate greater collaboration for the data cleaning and analytics design.

Conclusion

network maintain a copy of all of the transactions which are secured by encryption algorithms to prevent tampering. If any transaction is changed, the encryption will no longer match the other copies of the transaction on the network.

As the network grows it will be harder and harder to commit fraud or change the historical transactions.

Applications for blockchain technology are not just in currency. The technology could be used across many different industries. It is not mainstream yet, but it is gaining popularity. A few business applications for blockchain technology could be smart contracts, notary, digital identity, as well as gift and loyalty programs.

Data Analytics I have had the chance to work with a couple of cloud data analytics tools and I was amazed at what could be done in a short amount of time. The data analytics products provide tools that will allow you to quickly analyze, transform, and 12

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Companies need to look to the future and take advantage of the technologies that are available. If your company is complacent in the technology they are using, you will find it harder to keep pace with companies that are using more advanced technology. These technologies will allow your business to become more mobile and accessible. They will also facilitate streamlined operations with better security, and be capable of providing enhanced information for the entire business. â– Daniel Capener, CPA, CIA is a manager in the technology consulting group with Eide Bailly LLP, where he assists companies in designing and implementing the Oracle NetSuite product. He is a NetSuite Certified ERP Consultant and has more than 20 years of experience helping with databases, reporting and implementing accounting and ERP systems. He is actively involved with the Boy Scouts of America and the Order of the Arrow.

by the

Numbers

These numbers represent information about global internet usage from www.wearesocial.com

Internet Facts

8 4:19 2:02 418

Percentage of internet users in the world who are in North America Average number of hours a person spends using the internet per day on a computer in the U.S. Average number of hours a person spends using the internet per day on a mobile device in the U.S.

million

Internet users in the Americas

50

71.6

Percentage of web Percentage of mobile web traffic on mobile requests from phones in 2017 Android Webkit devices in the world

19.6 Percentage of mobile web requests from Apple IOS Devices in the world the journal entry | July 2017

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Top 5 Technology Mistakes

By Val Steed, CPA, MA, CITP

I

’ve been using accounting technology and other forms of technology for more than 30 years, and I’ve taught countless classes on the business benefits of using technology, but I’ve also seen all kinds of mistakes that users make. I’ve compiled a list of the top five technology mistakes I see often, and how you can protect yourself from making them.

1. Out-of-date antivirus and antispyware

is when your antivirus software will not update. If you notice your antivirus will not update, you need to get help immediately and shut down that system.

Know your software Get familiar with the software you’re running. Learn what the update, scan, and diagnostics screens look like and how to read them so you can pick off spyware scams before they install a virus on your machine. This includes Mac users not running antivirus software.

I can’t tell you how many times people tell me they’re unsure or have no idea which antivirus or antispyware they’re currently using — if any at all. Many users run out-of-date Ask any Mac user and you will probably hear some comment software or let their licenses expire because they forget to update. Some even say they are too busy working on a project about how secure the Apple OS is compared to Windows.

While I generally agree, there are a few things to keep in to allow the update to happen. This is extremely dangerous. mind. Although Apple is not as big of a target as Windows, they still have vulnerabilities.

Every computer should run antivirus and antispyware software at all times. You should check and update your software daily and allow it to scan for malware at least as often to ensure that you’re protecting your system and your information. Many top products will have multiple updates per day so you need to make sure to adjust your settings and allow your software to update and scan daily.

Almost all Mac users will begrudgingly tell you they are not running any anti virus software. This is a big mistake. Many Mac users handle Windows files on a regular basis, without knowing — or caring — whether these files are infected because a PC virus won’t harm a Mac. Although the individual Mac isn’t affected, they can become a carrier of Windows viruses in their environment.

Identifying if you’re at risk Daily scans can also help identify whether or not your system I recommend fixing this issue by installing one of two, free has been compromised. If your system does not allow an antivirus solutions for Mac: update for your anti-virus, it could be an indicator that there’s www.sophos.com a problem. The number one hint that you have a problem www.avast.com 14

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Top 5 Technology Mistakes Mac users reading this will find that these two products run very well and will not muck up their machine. Many Macusers actually report finding multiple Windows trojans and viruses during their first scan after installing these antivirus solutions. Dear Mac folks, please trust me on this one. I am an Apple person myself.

2. Allowing location services to track you

When you allow technology to track your location you are proclaiming your location to the world. This is most common with social media like Facebook or Instagram. Even text messages can be tracked to GPS origins if you do not turn that feature off on your mobile device.

You may think you’re only sharing with your own contacts or friends, but many times when those friends “like” or “share” your original post it broadcasts to a wider network of people.

This means people that you don’t know suddenly know if you’re on vacation or away from your home, opening yourself up to potential risk.

Be extremely careful with location services. Make sure you monitor and choose exactly which applications will be allowed to use location and which ones will not.

3. Poor password management

Poor password management may be the most common account technology mistake that I see. And a lot of it stems from needing to remember so many passwords.

Here are a few examples of poor password management:

I often hear “tech experts” claim that it is best to turn off Windows and Office updates. Unless you’ve been specifically instructed by your IT department, I don’t recommend this.

There are some cases where an update can cause problems with corporate applications and the IT department may have other protective measures in place for your company, but as a general rule, always check with your IT department before ignoring software updates.

For the rest of us, it’s in our best interest to keep the updates flowing for Windows, Office, and other applications. There are times when I will manually control QuickBooks, Adobe products, and tax software updates, but I make sure to update QuickBooks and Adobe products at least once a month, and tax software at least once a week.

5. Lack of professional training

Proper training on solutions and software that you use every day will make your job easier and more productive.

Obviously, this may seem a little self-serving because we sell training, but I’ve seen the difference between a professionally trained user and someone who has used Google to “selftrain”. That’s not a knock on Google. It is a fantastic resource for many things. But to ensure that you’re not selling yourself short, I recommend seeking professional training for accounting technology and here’s an example of why I do: Let’s say you attend a full-day class on Excel. This class gives you skills to save you five minutes of work per day. With an annual salary of $70,000, working 208 days per year, the ROI for a $350 out-of-pocket class looks like this:

Using the same password on multiple sites Using weak or common word passwords Using obvious passwords like family or pet names Probably the best advice is to look to a password manager such as Password Depot, RoboForm, or the like. These will help you keep your passwords secure and allow you to differentiate your passwords across all your log-ins.

4. Ignoring software updates

Many software updates fix known vulnerabilities in the existing software. Simply updating your software can go a long way in keeping your information secure. This is most critical with Windows but most applications become more vulnerable to attack when not updated on a regular basis.

This is just a very small example of the power of professional training. Clearly, in the bigger picture it’s worth the investment to ensure you have the knowledge and skills to help you succeed. This training can be anything from how to use Excel to the top five technology mistakes to avoid. ■ Val Steed, CPA, CITP, MA is a member of the UACPA and is currently the CEO of K2 Enterprises, a national technology training and consulting organization.

the journal entry | April 2017

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Accounting for Tomorrow

By Kimberly Ellison-Taylor, CPA, CGMA and Tim Christen, CPA, CGMA

A

t the top of Fast Company magazine’s list of the 50 most innovative companies in the world this year was not a startup but a company that many of us first met two decades ago: Amazon.

Amazon today looks very different than it did in 1995 when it primarily sold books. Its business model has expanded significantly to include music streaming, digital assistants, grocery delivery, TV shows, logistics, drones, Web services and much, much more. Amazon “has continued to be nimble even as it has achieved enviable scale,” Fast Company wrote. It demonstrates a “willingness to embrace uncertainty, experimentation and messy inconsistencies.”

To thrive in today’s environment — shaped by geopolitical shifts, rapid technological change and the unrelenting challenge of complexity — such dexterity is a must. In a KPMG survey, two-thirds of CEOs said that the next three years will be more critical for their industries than the last 50. And 4 in 10 said that they plan to transform their organizations into significantly different entities as a result.

“The question organizations need to ask themselves is 16

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this,” a recent Conference Board report concluded, “Are we driving change and disruption, or are they driving us?”

That’s a question our profession has long asked — and one we have answered time and again by choosing the path of innovation. There are numerous examples in our history: The embrace of specialization nearly 30 years ago, computerization of the Uniform CPA Exam more than a decade ago, adoption of cloud computing and our focus on the future of learning, to name just a few.

AICPA members again picked the path of transformation last summer. By approving an international association with The Chartered Institute of Management Accountants (CIMA) in June, they enabled a platform for enhanced resources and benefits for members, employers, and most importantly the public interest. This bold path will allow us to promote, protect and grow the profession and extend its relevancy far into the future while advancing the strength of the CPA. Since the approval of our members, we have been very busy working to make that vision a reality through the new Association of International Certified Professional

Accounting for Tomorrow Accountants (the Association). It combines the strengths of the AICPA and CIMA to advance public and management accounting and power enhanced resources for members of both professional bodies.

To date, we have integrated the management, strategy and operations of both organizations, and are pleased to note that we currently have one team working across 35 offices in support of CPAs and CGMAs around the world. We are already making progress.

In January, for instance, the Association took a stand against mandatory audit firm rotation in South Africa on behalf of the 650,000 members and students it represents.

In March, we launched a new website (www.aicpaglobal. com) for the Association and an iconic new look for our family of brands to underscore the dynamic role of our profession in powering trust, opportunity and prosperity worldwide.

In Washington, we are working to represent the public interest and keep you informed on policy changes and the impact as our new president and Congress act on tax, trade and other key agenda items. We have also launched an online resource (aicpa.org/taxreform) where members can get the latest information and insight on proposed and passed tax law changes.

In coming weeks, members will see new tools to assess and advise on a rapidly growing risk — cybersecurity. Members in business and industry will gain access to a new daily newsletter to help them keep up with developments relevant to their work. We have new initiatives to provide awareness and understanding of emerging technologies that create both opportunities and challenges for our business models and the services we offer. One key area is audit. We are beginning research into the auditing function of the future — how it’s performed, what tools are needed and what skillsets will be required.

At the heart of this work is a question that guides us: How do we drive a dynamic profession forward?

There is plenty of evidence that shows the strength of our profession today. The CPA is unmatched for trust – business decision makers and investors rank the CPA first among financial and business professionals. The Center for Audit Quality, in its annual Main Street Investor Survey, found confidence in public companies at an all-time high.

And our unwavering commitment to the pipeline of future talent continues to pay dividends.

Additionally, the CGMA continues to grow in demand as employers seek talented leaders and team members who can transform data into actionable insight that drives better decisions. More than 150,000 professionals around the world now hold the CGMA, and our Global Management Accounting Principles and CGMA Competency Framework are setting the benchmark for management accounting practice and competency development.

WE have to work across many fronts to advance the profession in a world that will be more and more influenced by technology as well as international business forces.

Maintaining that strength for the profession of tomorrow will require new ways of thinking and increasingly faster responses to changing client and business needs. We have to work across many fronts to advance the profession in a world that will be more and more influenced by technology as well as international business forces. As a profession of public and management accountants, we must be agile and willing to embrace uncertainty and experimentation.

In that way, the Association — with its expanded reach and resources — is an accelerant for innovation. And, similar to Amazon’s metamorphosis, 20 years from now the profession will likely look quite different — however, just as strong and relevant. Through our initiatives and collective efforts today, we will ensure that we are well prepared for different services, different technologies and different skills. ■

Kimberly Ellison-Taylor, CPA, CGMA is Chairman of the American Institute of CPAs and Public Accounting Board. Tim Christen, CPA, CGMA is the Immediate Past Chairman of the American Institute of CPAs and current Vice Chairman of the Association of International Certified Professional Accountants.

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Servicing Marijuana Businesses

By Stanley Sterna, JD and Joseph Wolfe

M

ore than 25 states allow the sale of marijuana for medicinal use; eight states permit the sale for recreational use. This has created new business opportunities for many public accounting firms, but there are unique challenges and risks in serving these clients.

The use and sale of marijuana for both medicinal and recreational purposes remains illegal under Utah law. In 2014, Governor Gary Herbert signed a bill amending the Utah Code pertaining to the use of hemp, also referred to as “Charlee’s law.” This law permits the use of the nonpsychoactive marijuana extract cannabidiol (CBD) by persons with intractable epilepsy. It requires the patient to obtain a signed statement from their neurologist, and the CBD must be imported from a state where it is licensed for production.

In 2016, two bills were introduced in the Utah legislature to legalize the medicinal use of marijuana but failed to pass.

Additional bills are expected to be sponsored and introduced.

Leaders of the LDS church have publicly asked their members to oppose the legalization of recreational marijuana use. Business opportunities for Utah CPAs are likely to emerge if the medicinal use of marijuana is legalized.

Providing services to clients engaged in a business that is legal under state law but illegal under federal law has raised concerns among CPA firms regarding professional liability risks and compliance with professional standards, laws

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and board of accountancy regulations. Under federal law, marijuana remains illegal under the Controlled Substances Act. This exposes firms that service marijuana businesses to charges of aiding and abetting or conspiracy to violate this law, as well as criminal prosecution and civil claims alleging violation of federal racketeering laws.

Many banks refuse to provide services to these businesses due to concerns about application of both the Controlled Substance Act and anti-money laundering laws. As a result, marijuana businesses handle large amounts of cash, highlighting the need to address internal controls and the risk of theft and fraud. Additionally, the application of federal and state tax laws to income tax reporting by marijuana businesses is complex, requiring a heightened focus on compliance by both CPAs and their clients.

Quality control procedures will be of heightened importance for any accountant serving marijuana businesses. Vigilance in client engagement acceptance and continuance can help mitigate the elevated risks of servicing these largely cash based businesses, which must comply with conflicting federal and state laws. Both audit and tax services present unique challenges, such as the valuation of inventory and the disallowance of tax deductions under §280E of the Internal Revenue Code.

These factors create obvious risks for CPA firms providing services to marijuana businesses. When assessing client

Servicing marijuana businesses acceptance and continuance, CPA firms should determine whether the marijuana business has conducted criminal background checks of its employees and if any adverse findings will affect their ability to effectively render services.

When entering into an engagement, CPA firms should obtain a representation letter from the business principals expressly stating that they fully understand and intend to comply with all state laws applicable to their business. Engagement letters should clearly define the scope of the services to be rendered and require client management to acknowledge that it is their responsibility to maintain all tax and accounting records as needed to respond to inquiries, investigations or audits initiated by regulators and criminal or tax authorities.

A related concern is how professional liability insurance coverage applies to claims that may arise from servicing these clients. Insurance coverage cannot be determined prospectively by the firm’s insurer, agent or broker. However, understanding how coverage applies can ease the process of evaluating and mitigating the risks of servicing this growing industry.

Professional liability insurance policies include a definition of “professional services,” which generally is broadly drafted to cover services performed by accounting firms. Most services CPA firms are likely to render for marijuana businesses are no different from those performed for other client industries.

Many policies also provide coverage for the costs associated with responding to a disciplinary or regulatory investigation.

While coverage varies, these policy provisions are designed to provide coverage for the legal costs of responding to a complaint filed against the CPA firm or its employees by licensing boards or regulators. Professional liability policies generally do not, however, provide insurance coverage for the legal costs of responding to a criminal investigation or defending criminal charges filed against the firm or individuals. Policy exclusions specifically define and deny coverage for these exposures.

Additionally, these policies generally do not provide coverage for civil or criminal fines, penalties, sanctions or forfeitures.

Coverage for these exposures is usually limited by the definition of loss contained in the policy.

As a practical matter, how does this play out in the event a CPA firm or its employees encounter civil or criminal investigations, claims or legal action related to their services to marijuana businesses? Coverage is determined pursuant

to a policy’s terms and conditions, as well as applicable laws, regulations and professional standards.

Professional Liability Claims and Lawsuits

Insurance coverage generally will apply. However, in light of the fact that marijuana businesses remain illegal under federal law, claims may include allegations that the firm or individuals employed by the firm engaged in dishonest, fraudulent or criminal acts. Coverage is typically excluded if this occurred, but the relevant policy exclusions contain important exceptions. These may indicate that the exclusion does not apply unless there is a final judgment by a court finding the insured party is guilty of the allegation.

Fines, Penalties, Sanctions and Forfeitures

Policies generally exclude coverage for these exposures. This includes penalties imposed on the CPA firm or individuals by licensing, taxing, regulatory and other legal authorities.

Individuals or firms that come under investigation by any of these authorities should promptly place their professional liability insurer on notice of these matters.

Criminal Investigations and Criminal Legal Actions

The costs to defend these matters generally are excluded from coverage. Once a firm becomes aware of such investigations or actions, they should promptly retain a qualified criminal attorney to represent the parties.

This is intended to serve as a brief overview regarding coverage under professional liability insurance policies for claims and lawsuits that could arise in connection with rendering professional services to legal marijuana businesses.

All CPAs considering providing services to clients in the marijuana business should review the AICPA white paper, An Issue Brief on State Marijuana Laws and the CPA Profession, which addresses relevant legal, regulatory and risk mitigation concerns, and is updated yearly. ■ Stanley Sterna (stan.sterna@aon.com) is a vice president and Joseph Wolfe (joseph.wolfe@aon.com) is a risk management consultant at Aon Affinity, the endorsed provider of the American Institute of Certified Public Accountants (AICPA) Professional Liability Insurance Program since 1967. the journal entry | July 2017

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Governance, a Necessary Concern How resolutions guided the boy scouts of America's Operations Plan

By Brian P. Sheets, CPA, CGMA and W. Mark Griffin

I

n the United States, the federal and most state governments have given tax-exempt corporations advantages over other corporations. Two of the biggest are, of course, being exempt from income taxation and in some jurisdictions other forms of taxation as well, and for nonprofit 501(c)(3) organizations the ability to receive potentially tax-deductible donations. However, these benefits do not come to the organization without strings attached. Along with the benefits, these governments require a level of transparency that is not required of most other organizations. Much of this transparency manifests itself through the governance of the tax-exempt organization.

All corporations need to have articles of incorporation and bylaws governing how the organization is to be operated.

Among other things, they define the purpose of the organization, members, positions, governing bodies, terms, decision-making processes, and even dissolution. Many of these issues are forgotten in the daily battle of operating a tax-exempt organization. But if problems do arise and the organization has not been following its own bylaws, the organization and its officers will have serious problems.

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One of the critical governance areas often missed is when decision-making meetings are conducted to be sure a quorum, as defined in the bylaws, is present. This quorum may be defined by the state, as in our case, by a parent national organization, or by the organization itself when the bylaws are created. But without a quorum, governance meetings cannot legally make decisions on behalf of the organization. Whether it is a nice location, food, a culture of responsibility, or all the above, one needs to find a way to get the members, or at least enough of them to meet the defined quorum, to the meetings so business may be conducted.

In the Great Salt Lake Council, one of the largest local councils in the Boy Scouts of America, our main challenge at the annual meeting, at the quarterly executive board meeting, and our monthly executive committee meeting is to make sure we have a quorum. The standard quorum for an annual meeting in a local BSA council is 5%; onethird for the executive board and one-half for the executive committee (officers). Our corporate voting membership, primarily the representatives of the community organizations in our territory that use Scouting, numbers over 2,000, so even 5% is a fairly large attendance.

Governance, a Necessary Concern Because many corporations like ours have a large membership and cannot meet as often as necessary to carry out the business of the organization over the course of a year, they elect a representative executive board at an annual meeting with the power to oversee and operate the organization between corporate meetings. In addition to the bylaws, the wise corporation gives this board directions to operate in the form of annual resolutions. The National Council of the Boy Scouts of America provides us with a list of more than two dozen resolutions to give our corporation’s voting members a template for each year.

Your organization’s list of resolutions will likely be different but many should be similar to ours. For transparency, it is important these resolutions are disseminated to the corporate voting members well before the annual meeting so that they have time to review and comment before adoption.

What follows are some of our major resolutions with a brief description of why they are important to make sure all board members, officers, trustees, staff, etc. understand the operational direction of the corporate membership.

Resolution 1

Investment Guidelines: To define risk tolerance and what type of investments are permissible and what are not.

Buying into the president’s brother’s investment equity portfolio or an entity that is contrary to the purpose of the organization is probably not a good idea.

Resolution 2

Endowment Spending Policy: For those tax-exempt organizations which have an endowment, the spending policy shouldn’t exceed an amount that will risk either depleting the funds over time or will impact the donors’ intent.

Resolution 3

Gift Acceptance Policy: This is to protect the tax-exempt organization from an overzealous development director accepting the time-sharing condo someone wants to unload, the land with environmental hazards, the gift with strings attached which are problematical, etc.

Resolution 4

Policy on Selling Gifts of Stock: Most tax-exempt organizations are not investment savvy. Most require all stock contributions to be sold within a matter of days, and the resulting funds turned over to a professional investment advisor and invested according to Resolution #1.

Resolution 5

Authorized Check Signers: There should be a clear understanding on the part of the board who is authorized to sign checks and for what amount. For example, we have a requirement that there needs to be two signatures on each check, at least one being from a volunteer.

Resolution 6

A Capitalization Policy: This is the policy for purchases that have a useful life of over two years and are over a set dollar amount. These items are capitalized and depreciated over the fixed assets useful life.

Resolution 7

Fiscal Stewardship Procedures: This is a policy and procedure manual on how day-to-day financial transactions should be processed and handled. Our council’s manual is 86 pages long and made up of 55 different policies ranging from things such as1 allowance of employee advances and who can disclose our federal identification number.

Resolution 8

Records Retention and Document Destruction Policy: We have a detailed list of documents and how long they need to be maintained, as well as an appropriate method to destroy said documents so confidential information doesn’t fall into the wrong hands.

Resolution 9

Internet, Voicemail, Social Media, Email Protocol: This policy deals with making it clear to volunteers and employees of the council that the computers and information flowing into the council systems are open for inspection from the council. It also details appropriate business protocol in the quickly developing area.

Individuals need to understand that the rights of privacy in the business environment is very limited.

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Governance, a Necessary Concern

Resolution 10

Whistleblower Protection Policy: This is a question on the IRS Form 990 so it is strongly suggested you have a policy and that the board members and employees understand the policy.

Resolution 11

Conflict of Interest Policy: Board members and members of any committee have a duty to be free from the influence of any conflicting interests when they act on behalf of the corporation.

At the Great Salt Lake Council, we take governance issues very seriously. We do our best to make sure our members and executive board are duly informed and have access to this vital information. Among other forms of communication, we have created a unique, secure web page to share governance information so all relevant parties have access to the information.

Brian P. Sheets, CPA, CGMA, is the CFO of the Great Salt Lake Council Boy Scouts of America and is a member of the Cabinet. Sheets has 22 years experience as a CFO for non-profits. He teaches AICPA classes, leads MBA students and speaks at BSA events.

W. Mark Griffin is the CEO of the Boy Scouts of America's second largest local council. He began his professional scouting career in 1979 and has served local councils in Florida, Washington state and Utah.

He is the author of "The Other Side of the Road," the story of the Philmont Training Center.

When it comes to governance, we believe you want to be sure you are above reproach, especially when there is a crisis and your operations may come into question. â–

Call today for a free and confidential valuation of your practice.

Imagine... a chair without a desk Delivering Results - One Practice At a time The Holmes Group Ryan M. Pannell 22

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800 397 0249 www.APS.net Ryan@APS.net

Tax Planning Strategies: Qualified Charitable Distribution

By Sheldon R. Smith ph.D., CPA, CMA, CIA and Lynn R. Smith

T

he tax code allows certain taxpayers to make direct charitable contributions from their individual retirement accounts (IRAs) without including the transferred amount as income and then claiming it as a charitable contribution deduction. Since the law was first passed in 2006, it has expired and been extended several times on a temporary basis. Near the end of 2015, additional legislation removed the termination date of the provision. Although it is possible that any proposed federal tax law overhaul could again change this provision, the fact that it is not now scheduled to terminate improves the tax planning possibilities for taxpayers and the strategic planning opportunities for charities trying to get increased donor contributions.

Information about qualified charitable distributions (QCD) may be beneficial to your clients who qualify to use them and who are trying to minimize their tax liability.

Current federal tax law allows a charitable contribution deduction, but this deduction only benefits individuals

who itemize their deductions. Taxpayers may already take a standard deduction on their tax returns, regardless of whether or not they make any charitable contributions, so taxpayers whose deductions, including charitable contributions, are less than the standard deduction will just take the standard deduction and get no additional tax benefit for the charitable contributions as a separate item.

For those with enough deductions to itemize, the benefit of itemized deductions can be lost for highincome individuals. For 2017, itemized deductions on a joint return begin to phase out when adjusted gross income (AGI) reaches $313,800. In addition, annual charitable contribution deductions are limited to a percentage of a taxpayer’s contributions base, usually AGI for an individual. For an individual donating cash or ordinary income property to a public charity (and some foundations), the charitable contribution deduction is limited to 50% of the contribution base for a given tax year, although excess contributions can be carried forward up to five years.

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Tax Planning Strategies: Qualified Charitable Distribution

Requirements for a QCD

Advantages for a QCD

Several possible advantages can result from the ability to make charitable contributions directly from an IRA. These advantages, summarized from various sources, • The contribution must be made directly from the IRA may encourage more charitable giving. Not all of these to the charitable entity; it cannot be withdrawn by the advantages will apply to every situation, but some of them might apply to your clients’ situations, allowing them account holder and then contributed to the charity. to make charitable contributions through a QCD with The account holder must be at least 70-and-a-half at • increased tax benefits. the time of the transfer.

• Oftentimes, older taxpayers are no longer making • Contributions from simplified employee pensions mortgage payments and may not have enough (SEPs) or SIMPLE retirement accounts do not qualify. deductions to itemize. By contributing to charity through a QCD, the tax advantage of the donation • Only amounts distributed from an IRA that would could be received even though the standard otherwise have been taxable can qualify as a QCD. deduction is still claimed.

Any amounts that would not have been taxable when distributed from an IRA would not be eligible for • Since amounts contributed through a QCD are never QCD treatment. classified as charitable contribution deductions, they are not limited by the contribution base discussed • Most entities that qualify for charitable contribution earlier. A taxpayer could potentially give $100,000 status can receive these contributions, but some are through a QCD in addition to the amount that could be excluded, such as private foundations and donorcontributed and deducted as limited by the 50% rule. advised funds.

• As mentioned earlier, high-income taxpayers may • The annual limit for a QCD is $100,000 per lose the benefit of itemized deductions. They may also individual. lose the benefit of personal exemptions if they have high income. By contributing to charity through a • For regular charitable contributions, if the donor QCD, the amount withdrawn from the IRA does not receives something of value from the charity for become part of AGI and will not start or increase the making the contribution, the value received must be phaseout of these other tax benefits. subtracted from the amount eligible for the charitable

QCDs have several limitations or qualifications:

contribution deduction. However, for a contribution to be a QCD, nothing of value can be transferred from the charity to the donor.

• The donor would need to obtain documentation from the charity acknowledging the contribution.

•

Medical expenses can be included in itemized deductions but only the portion that exceeds 10 percent of AGI. Most miscellaneous itemized deductions also have a floor, typically 2% of AGI. If amounts can be contributed to charity directly from an IRA without being included in income, the amounts donated in this manner will not further limit potential medical or miscellaneous itemized deductions by increasing the taxpayer’s AGI.

Tax Planning Strategies: Qualified Charitable Distribution

•

•

Up to 85% of a taxpayer’s Social Security income can become taxable on a federal tax return, depending on the level of income. If charitable contributions are made directly from an IRA through a QCD, the amount will not increase the taxability of Social Security benefits included on the tax return.

Some states do not provide a state income tax benefit for contributions to charity. Taxpayers who are residents of these states could use a QCD to avoid having to claim the income from the IRA and, in essence, receive a state tax benefit for the charitable contribution, even though the state does not specifically provide a state income tax benefit for charitable contributions.

•

Utah does allow a tax benefit for charitable contributions, but similar to the federal benefit, a QCD could provide a Utah state income tax advantage even if the taxpayer did not itemize on the federal return.

•

If an IRA has both pre-tax and after-tax contributions, regular distributions from the IRA are split between taxable and nontaxable portions, at least until all of the after-tax contributions have been withdrawn. However, a special rule exists for QCDs. Since only the taxable portion of an IRA distribution can qualify for QCD treatment, the law allows the entire distribution to charity to come from the taxable portion of the IRA first (up to the taxable amount in the IRA), thus increasing the benefit of the QCD to the taxpayer.

•

For a traditional IRA, once the account holder reaches the age of 70-and-a-half, annual distributions from the IRA are required, called required minimum distributions (RMDs). Any amount transferred from an IRA which qualifies as a QCD helps satisfy the RMD for the year. Besides the amount of the distribution itself not being taxable, the exclusion might keep the taxpayer in a lower tax bracket than if the RMD all had to be claimed as income for the year.

•

The $100,000 QCD limit is an individual, annual limit. If a spouse also has an IRA, joint filers could actually exclude up to $200,000 per year through QCDs.

•

IRAs left in an estate could be subject to both income and estate taxes. Any amount distributed from IRAs before death through QCDs might reduce subsequent taxes.

•

If a taxpayer has net investment income and is subject to the net investment income tax, reducing AGI by contributing required IRA distributions through a QCD could possibly decrease the amount subject to the net investment income tax.

Although QCDs can technically come from either traditional or Roth IRAs, almost all distributions from Roth IRAs are nontaxable and therefore cannot qualify for QCD treatment. Therefore, it would be better to focus your clients on traditional IRAs as a potential avenue for making charitable contributions with the tax advantages mentioned. QCDs can be a valuable tax planning and estate reduction tool for clients of tax practitioners. ■ Sheldon R. Smith, Ph.D., CPA, CMA, CIA, is a professor in the Woodbury School of Business at Utah Valley University. He can be reached at smithsh@uvu.edu or (801) 863-6153.

Lynn R. Smith is a lecturer in the Woodbury School of Business at Utah Valley University. He also works as the business manager for the Timpanogos Academy charter school. He can be reached at smithly@uvu.edu or (801) 863-6490

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Closing the Gaap — Women in Accounting

Aubrey Bickmore Neeley, CPA, CGMA Interview By Amy Spencer

U

tah born and raised, Aubrey Bickmore Neeley grew up as one of six kids in Sandy. Surrounded by accountants, she is married to an accountant and her two younger brothers have followed in her footsteps. Although constantly busy with her love for fitness and nutrition, the assistant controller at Savage Companies manages to find time to enjoy dancing, running, hiking, golfing, riding motorcycles and vacationing. Neeley also has a fierce love for chocolate. Dark chocolate.

What led you to a career as a CPA? I was driven to the business field early on in my college career. I had a knack for analytical and mathematical skills so the accounting major suited me. Once I selected accounting, I decided to become a CPA to give myself every opportunity to be successful in different areas of the industry.

What would you be doing if you were not a CPA? If I weren't a CPA, I would be an aerobics dance instructor and fitness coach. Being active and healthy has become a great passion of mine over the past few years. It is something that people of all ages and in all stages of life can benefit from.

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What do you enjoy doing outside of work? When I'm not working I enjoy being with family and friends. I love to take weekend trips to discover new places and things with the people I care about. I have also gotten into gardening recently, which I find rewarding when I can reap the benefit of my hard work and effort.

What advice would you give other female professionals?

Never let anyone dictate what your career can or can't become. You are in charge of your career, your success and your destiny. Don't let anyone steer you off the course or path that you desire to take. Also, get a mentor — be it formal or informal. Find someone who you look up to and trust professionally. Have conversations with that individual to help you navigate your way through career development, job opportunities and professional choices. It is vital that you have someone encouraging and supporting you throughout your journey.

What path did your career take in order for you to hold the position you are in today? I attended the University of Utah and received my Bachelor's and Master's degrees

Closing the GAAP — Women in Accouting

in accounting. While in college, I participated in an internship with KPMG and, after graduation, began full time employment there. Once at KPMG, I was able to work on a variety of clients, focusing on the public sector.

After a few years with a professional firm, I decided to take my career into an industry practice. I took a position with Savage Companies and have been with them for the past 5-and-a-half years. I currently am an Assistant Controller and oversee all of the statutory, standalone and international financial reporting as well as the company's internal controls.

What advantage do you have as a professional woman in the accounting profession? One of the most important advantages is perspective. I believe that women have a great ability to provide a variety of different views, outlooks and opinions on issues which may otherwise not be voiced. It is imperative that women speak up and speak out about their thoughts to enhance the profession and ensure a well balanced perspective.

What advice would you have for male professionals as they interact with female professionals? Don't make assumptions about women's abilities, roles or career aspirations. Everyone comes with their own personalities, goals, perspectives and drive. Be open and engaging when interacting with women, just as you are with all other members of your team.

Do you have a mentor? How have mentors helped you in your career? I have a number of individuals who I am lucky to call my mentors. I have found them in many different areas and aspects of my life. Some of these relationships have been formed in professional circles, work environments or social settings. They have helped me in my career by listening to me when I needed advice and providing honest, direct and thoughtful feedback.

These individuals have helped me steer my career in the direction that I ultimately want to go, while encouraging balance and independence.

Quarterly Survey

As we strive to improve the value of membership in the UACPA, we are seeking ongoing feedback from members.

Find quarterly surveys in your bi-monthly e-blasts. This quarter's survey is about UACPA events.

What current UACPA activities are you most interested in?

New CPA

Leadership

What type of other activities would you be Interested in?

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Would you be interested in social events within your chapter?

What advice do you live by? One of my lifelong mantras is — failure is never an option, only an excuse. It is something that I developed in my teenage years, which helped me focus my drive and passions towards success.

You are in charge of where you go and where you ultimately end up. It is up to you! ■ the journal entry | April 2017

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Meet the Executive Board

What apps or programs have made a difference in your workflow and how?

Gavin Hutchinson President

Monica Teuscher Gardner Vice President

"The app that has made the biggest impact in my workflow has been the Office365 apps of Excel and Word because I am now able to work easily across different platforms such as a laptop, iPad, smartphone, or just an internet connection. It has made my life easier being able to quickly edit or create something wherever I am."

"We use some of the basics such as outlook with a shared calendar so we can keep track of who is on what job and where. Excel is another program we utilize frequently since a number of programs can export quantitative data in that format and it allows for easy manipulation."

Matt Klein President-Elect "Angry Birds was the first app to change my life.

Since then it’s been mostly the traditional apps like mail and messaging that allow me to work from anywhere at a moment’s notice. I’m trying to convince my wife that the Apple Watch is the next tool to revolutionize my life."

Jay C. Niederhauser Treasurer "This is an interesting question to ask an old guy whose career began before personal computers! Over my career, technology has changed the way we approach our job.

More recently, the advent of programs that allow us to prepare, review, store, and send electronic copies of tax returns has had the greatest impact on workflow."

Owen Ashton Member-at-Large

Amy Anholt ProNet Council

"I use a simple CRM system called JibberJobber. It's cheap and meets my needs.

I'm constantly using the Google Contacts, Calendar, and Gmail apps on my smart phone that sync with my laptop. I love the MyRadar app to check for approaching storms and the ESPN app to see how my teams are doing."

"I’ve become a Slacker! Our organization implemented Slack as a communication platform and we are the opposite of slackers — it’s made us better communicators. Slack also provides the ability to create groups of individuals (aka, a “channel”) to allow a constant, efficient way to communicate on projects, initiatives, or just for fun! "

Brandon Allfrey AICPA Council Representative

Susan Speirs CEO

"I’ve been threatening to implement Slack

"I like the Audible app. With all the driving and travel I do, I’ve enjoyed listening to books that I otherwise wouldn’t have time to read. I try to rotate a business book, a religious book and a historical novel (currently on a European history kick).

Any ideas for good reads?"

for some time now in my work teams.

This has prompted me to finally start.

The benefit for me is having one place for the team to communicate, share, and collaborate instead of doing everything by email or waiting for face-to-face meetings."

Not pictured: Stan Jenne (Secretary), Hollie Andrus (Immediate Past President) and Michael Beach (Member at Large) 28

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Board Bullets

News from the 1 UACPA Board

Here is a glance at what has been happening at the Utah Association of CPAs: •

New members of the executive board were introduced and board of directors agreements signed.

Meet the UACPA Staff

What programs/ apps do you use?

April Deneault CPE Manager "My favorite app is Audible. I love to read but life gets busy, and I don’t always have time to sit down with a good book, so listening to them in the car is the next best thing! I also use Fitbit to track my steps, exercise and sleep. Another app I use daily is My Fitness Pal to keep track of my macronutrients."

•

The board approved a slate of potential audit committee members. Chad Atkinson of Hinton Burdick CPAs and Advisors in St. George has accepted a three-year term to sit on the committee.

•

Leadership Council – Per recommendations of the Leadership Council, the June Leadership Council was structured for committees to meet and map out their key strategies for the year. Dan Chase also spoke to the group about leadership and time management as it leads to transformational time and transactional time spent on leadership initiative.

"One of my favorite apps is the Goodreads app. I read a lot of books, and I like to use the review feature to write down things I want to remember from those books. The app is also great for finding new books because I can see what my friends are reading."

•

Two new board members of the Utah CPA Education Foundation were approved.

Amy Spencer Marketing & Communications Manager

•

Haynie & Company was approved for a three year contract to conduct the annual audit of the Association.

•

A Department of Occupational and Professional Licensing (DOPL) update was given. Rules language was approved by the State Board of Accountancy (SBOA) that would align the licensure renewal and CPE reporting to be the same. Once the language is released, UACPA members will be notified as there will be a public comment period. Also discussed was UAA language that would allow the use of management accounting designations into Section 14 of the UAA. The UACPA will be responding to the proposed draft.

"When not playing Candy Crush, I'm editing photos on my phone with Snapseed or logging workout progress on SugarWOD. For design work, I use Adobe products and if I need to knock out something quick, I'll use Canva — it's a free web program that makes anyone a graphic designer.

Braden Thompson Membership Development Coordinator

Tom Horn Financial Director "I can’t think of any apps that I use for work that has made a big difference.

However, my golf app made a difference in my golf scores."

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The Rules Have Changed Credits

Don'’t Miss Out on Your New CPE Requirements Utah CPAs are required to earn three hours of ethics and one hour on the Utah CPA Licensing Act and CPA Licensing Act Rules (Utah Laws & Rules) as part of their 80 hours of CPE. This requirement applies to the current reporting year.

Find ethics courses that will fulfill the three mandatory credits by visiting www.uacpa.org/ethics.

For the Utah Laws & Rules credit, the UACPA has created a webinar to fulfill that requirement.

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Webinar

The Utah Laws & Rules webinar is exclusive to the Utah Association of CPAs and is accessible through www.uacpa.org. It can be accessed through the CPE tab on the main page.

Photos, Leadership Council

Spring Leadership Council was held on Friday, June 9 at Little America. More than 40 attendees — including committee and task force leadership, past presidents, Leadership Academy alumni, educators and campus ambassadors — participated in this half-day event where we heard from Dan Chase and discussed strategies.

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UACPA Council Report

By Brandon Allfrey, CPA, CGMA and AICPA Council Representative

T

he AICPA Spring Council Meeting, held in Washington DC in May, focused on two major areas: advocacy and the future of the profession. The Utah delegation met with our Utah congressional delegation in their DC offices. The purpose of our visits was to promote four key items: 1. Tax Reform. With the prospects and talk in Washington of impending changes in tax law and policy, we endorsed 12 concepts of a fair and equitable tax system that should be considered in the process of tax reform. The whitepaper we provided on these items (co-written by UACPA member Troy Lewis) discussed how each of these points must be balanced because all of the points cannot be met. Our greatest message to our representatives was that we are a resource who deal with their constituents with their taxes, and we can be a resource to provide insight into ideas being discussed for tax law changes.

2. IRS Customer Service Levels. We were able to emphasize the declining service levels and issues our clients experience because of those service levels. We focused on suggestions Congress could initiate to make the IRS more accountable for their actions and response levels. Our message was that the tax system and taxpayer satisfaction in the system could be improved through increased accountability of the IRS. 3. Mobile Workforce. The AICPA is continuing to push for federal mediation for taxpayers who work less than 30 days in nonresident states to not be subject to filing tax returns in those states for inconsequential amounts.

4. Fiscal State of the Nation. We asked for a resolution present in the House of Representatives to be sponsored in the Senate. The purpose of the resolution is have the comptroller report to a joint session of Congress to discuss the financial statements of the country, and more importantly, the notes to the financial statements that discuss the real issues that are not present on the financials.

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The future of the profession discussion outlined trends and changes that we may see in the near or coming future: 1. CGMA integration into the U.S. 2. Cybersecurity risks and the proposed framework for reporting from the AICPA. 3. Auditing in the future —Technology changes and implications.

4. Client service models of the future — Advisory services more than compliance services.

As the designated Council Representative for the UACPA, you can contact me for more details. ■

Brandon Allfrey, CPA, CGMA is a partner at Squire focusing on tax, retirement, and accounting advisory services. He is a member of the AICPA’s Tax Practice Management Committe and has served as Chapter President, ProNet Chair, and is a graduate of the AICPA’s Leadership Academy.

MEet a uacpa member

Five Minutes with Aaron Clark Aaron Clark, CPA grew up on the west side of Salt Lake Valley with a brother, sister, a dog named Droopy and an iguana named Norman. After serving a mission in Chile, Clark received degrees from Weber State, Westminster College, and BYU. He has been married to Julie for nearly 19 years and they have three boys and one daughter ranging in ages from 6 to 16. As a family, they enjoy mountain biking although Clark says he prefers riding his road bike. He is the managing partner of The Accounting Nerd LLC, a consulting firm for creative accountants who have a sense of humor, a drive to serve and create value for clients, and a disdain for timesheets and billing by the hour. He is the chair of the UACPA's BAM Council.

Tell us about Business and Management (BAM) Council? The BAM Council strives to serves CPAs who work in business and management to connect, learn, and grow in the profession. We are currently putting together a series of learning forums at

different businesses around the state so that CPAs can get out and learn from others. We’ve had meetings at The Federal Reserve, Domo, Instructure, and Nicholas and Company. We’ve got more meetings in the works and we would love to have more CPAs serve with us.

What led you to become a CPA? Honestly, it was kind of an accident. I was thinking about becoming a dentist, but couldn’t get past the gore and dealing with mouths. At the time, I was working for a company that reimbursed tuition for business majors, and I had aced every math class I ever took, so I thought… “Accounting… Yeah, I could do that.” Who knew that I would never use math again?

What would surprise people to know about you? I don’t own a car. Julie has a van for managing the family’s needs, but I sold my personal car almost three years ago. Since then, I ride my bikes, take public transportation, carpool, and occasionally rent a car to satisfy my transportation needs. Also, I love to

read dystopian novels. Weird, right? My favorite, from recent memory, is "Station Eleven" by Emily St. JohnMandel. It’s about life after a major pandemic wipes out 95% of the earth’s population. I’ve read it twice in the past year. I love the storylines, plots and sub-plots, and the hope and happiness that abide in the human spirit even in the face of far-flung disaster.

What do you like to do outside of work? Besides riding my bike and spending time with my family, I enjoy gardening, cooking, and music. Each activity allows me to connect with my creative side and do things that don’t always get exercised by my accounting/ computer brain.

What are some of your goals as a professional? My goal right now is to remember that life is a journey, and not a destination. That and getting my firm to its first $1 million year.

What advice do you live by? "Whether you think you can, or think you can’t — you’re right." – Henry Ford ■ the journal entry | July 2017

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CPECourseSchedule

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

Field of Study

Credit Hours Course Title

Instructor

Vendor

Member Fee*

NonMember Fee

September 9/18/17

8

Getting the Tax Aspects of Business Planning Right from Formation to Termination

Martin Satinsky

Surgent

$285

$340

9/19/17

8

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

Martin Satinsky

Surgent

$285

$340

9/25/17

8

Documenting Your EBP Audit: What You Need to Know

Randy Dummer

AICPA

$285

$340

9/26/17

8

Audits of 401(k) Plans

Randy Dummer

AICPA

$285

$340

9/28/17

8

K2's Quickbooks Online and Other Top Accounting Software for Small Businesses

TBD

K2 Enterprises

$285

$340

9/29/17

8

K2's Advanced Excel

TBD

K2 Enterprises

$285

$340

10/2/17

8

Sweeping Your Workpapers for Landmines: Avoiding Deficient Audits

Marty Van Wagoner

Surgent

$285

$340

10/3/17

8

A&A Year in Review: Exploring the Latest Issues and Changes FAcing CPAs

Marty Van Wagoner

Surgent

$285

$340

10/5/17

4

Cybersecurity Risk Management Program: What You Need to Know

Robert Minniti

AICPA

$170

$195

10/5/17

4

Cybersecurity Advisory Engagements: What You Need to Know

Robert Minniti

AICPA

$170

$195

10/6/17

8

Fraud Update: Detecting and Preventing the Top Ten Fraud Schemes

Marty Van Wagoner

AICPA

$285

$340

10/13/17

4

The Bottom Line on the New Lease Accounting Requirements

Marty Van Wagoner

AICPA

$170

$195

10/13/17

4

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

Marty Van Wagoner

AICPA

$170

$195

10/16/17

4

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

Robert Minniti

AICPA

$170

$195

OCTOBER

10/16/17

4

Fraud in Small-to-Medium-Sized Entities

Robert Minniti

AICPA

$170

$195

10/17/17

8

Internal Control and COSO Essentials for Financial Managers, Accountants and Auditors

Robert Minniti

AICPA

$285

$340

10/18/17

8

Integrating Audit Data Analytics into the Audit Process

Robert Minniti

AICPA

$285

$340

10/19/17

8

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

TBD

K2 Enterprises

$285

$340

10/20/17

8

K2's Small Business Internal Controls, Security, and Fraud Prevention

TBD

K2 Enterprises

$285

$340

10/23/17

4

Fraud Risk in Governmental and Not-for-Profit Organizations

John Georger, Jr.

AICPA

$170

$195

10/23/17

4

GASB No. 74 & 75: OPEB Accounting & Auditing Workshop

John Georger, Jr.

AICPA

$170

$195

10/24/17

8

Governmental Accounting and Reporting Advisor

John Georger, Jr.

AICPA

$285

$340

*Early-bird pricing available for classes when registering at least two weeks in advance. (Excludes 4 hour courses and core training courses) AICPA Members receive an additional $30 off the price of each 8 hour course $60 for 16 hour courses. (Excludes 4 hour courses and core training courses) where the AICPA is listed as the vendor. Use promo code AICPA8 for 8 hour courses and AICPA16 for 16 hour courses.

CPAs

in

Business & Management Conference

September 22, 2017 South Towne Exposition Center 34

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Keynote Speaker Dan Chase Leadership Development Consultant for the State of Utah

CPECourseSchedule

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

Field of Study

Credit Hours Course Title

Instructor

Vendor

Member Fee*

NonMember Fee

november 11/1/17

8

Applying the Uniform Guidance for Federal Awards in Your Single Audits

Robert Leslie

AICPA

$285

$340

11/2/17

8

Yellow Book: Government Auditing Standards

Robert Leslie

AICPA

$285

$340

11/6/17

8

Annual Update for Preparation, Compilation, and Review Engagements

Christopher Rouse

AICPA

$285

$340

11/7/17

8

AICPA's Peer Review Program Advanced Course

Christopher Rouse

AICPA

$285

$340

11/8/17

8

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

TBD

K2 Enterprises

$285

$340

11/9/17

8

K2's Budgeting and Forecasting Tools and Techniques

TBD

K2 Enterprises

$285

$340

11/10/17

8

AICPA's Federal Tax Update

Michael Blackburn

K2 Enterprises

$200

$340

11/13/17

4

The New Controllership: Keys to Boosting Financial Performance

Arthur Pulis

AICPA

$170

$195

11/13/17

4

Financial Forecasting: Planning for Success

Arthur Pulis

AICPA

$170

$195

11/14/17

8

Advanced Controller and CFO Skills

Arthur Pulis

AICPA

$285

$340

11/16/17

8

Construction Contractors: Accounting, Auditing and Tax

Thomas Sheets

AICPA

$285

$340

11/17/17

8

Form 990: Mastering Its Unique Characteristics

Thomas Sheets

AICPA

$285

$340

11/27/17

8

Annual Tax Update: Corporations and Pass Through Entities

Michael Blackburn

AICPA

$285

$340

11/28/17

8

Annual Tax Update: Individuals and Sole Proprietors

Michael Blackburn

AICPA

$285

$340

11/30/17

8

U.S. GAAP: Review for Business & Industry

Marty Van Wagoner

AICPA

$285

$340

12/4/17

4

Reviewing Partnership Tax Returns: What are you Missing?

Bruce Nelson

AICPA

$170

$195

12/4/17

4

Reviewing S Corporation Tax Returns: What are you Missing?

Bruce Nelson

AICPA

$170

$195

12/5/17

8

Income and Expense Recognition Strategies to Minimize Income Taxes

Bruce Nelson

AICPA

$285

$340

12/6/17

8

Annual Update for Accountants and Auditors

Marty Van Wagoner

AICPA

$200

$340

12/11/17

8

Hottest Tax Topics for 2017

12/12/17

8

Analytics and Big Data for Accountants

DECEmber

12/13/17

8

Annual Update for Controllers

12/18/17

4

Social Security and Medicare: Maximizing Retirement Benefits

Michael Blackburn

AICPA

$285

$340

John Cox

AICPA

$285

$340

John Cox

AICPA

$285

$340

Pamela Davis-Vaughn

AICPA

$170

$195

12/18/17

4

Smart Tax Planning Strategies for Individuals

Pamela Davis-Vaughn

AICPA

$170

$195

12/19/17

4

Accounting Methods & Periods: Including Form 3115

Pamela Davis-Vaughn

AICPA

$170

$195

12/19/17

4

Protecting Your Client Against Tax Return Identity Theft

Pamela Davis-Vaughn

AICPA

$170

$195

12/20/17

8

Advanced Tax Strateegies for LLCs and Partnerships

Pamela Davis-Vaughn

AICPA

$285

$340

12/21/17

8

Governmental and Not-for-Profit Annual Update

Robert Leslie

AICPA

$285

$340

12/22/17

8

Not-for-Profit Financial Reporting: Mastering the Unique Requirements

Robert Leslie

AICPA

$285

$340

*Early-bird pricing available for classes when registering at least two weeks in advance. (Excludes 4 hour courses and core training courses) AICPA Members receive an additional $30 off the price of each 8 hour course $60 for 16 hour courses. (Excludes 4 hour courses and core training courses) where the AICPA is listed as the vendor. Use promo code AICPA8 for 8 hour courses and AICPA16 for 16 hour courses.

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golf tournament Thursday, august 24

Sponsors:

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

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

Fees: $450 per team; $115 per individual Lunch included Grand Prize: St. George Getaway

register now at www.uacpa.org/golf 36

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Industry Leading Results Since 1998 CostSegConsultants.com | 801.647.5225

Member Benefits

The UACPA Honors 100% Membership

AGILITY

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

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

ADP

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

National Affinity Service

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

CCH

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

iTransact

iTransact, a full service payment processing company, rewards UACPA members with a residual payout program.

Email Colston Robinson, c.robinson@itransact.com or call 801-951-8178.

Camico

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

Office Depot

UACPA members can save up to 40% on office products, printing, technology and furniture. Visit uacpa.org to learn more.

Learn more about member benefits by talking to Amy Spencer, as@uacpa.org or calling 801.466.8022

PUBLIC PRACTICE • CBIZ • Cook Martin Poulson • Davis & Bott • Eide Bailly • Hawkins • Haynie & Company • Jones Simkins • Pinnock, Robbins, Posey & Richins • PricewaterhouseCoopers • Savage Esplin & Radmall • Squire • Stayner Bates & Jensen • Tanner, LLC INDUSTRY • LDS Church Auditing Department • Workers Compensation Fund Firms with 10 or more full-time CPAs are eligible to be a part of the 100% membership program. Learn more by talking to Braden Thompson, bthompson@uacpa.org or call 801.466.8022

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Details for the 2017 Leadership Academy Individuals selected to join the 2017 Leadership Academy will meet several times throughout the year before and after the retreat.

Wednesday - Friday, Nov. 8-10

Two and a half days are dedicated to leadership training, mentoring and networking with the Leadership Academy in Deer Valley. A half day is also spent working with Junior Achievement.

CPE Credits: 24

Where: Silver Baron Lodge, Deer Valley, Utah $118 Room Rate for Academy Participants (Use code UACPA when making reservations); Suites available for an additional cost.

Fee: $1150 (Includes meals, and 24 hours of CPE Credit) Eligibility: New CPAs with a minimum of 3 years of professional experience Attendees: 20 professionals will be selected from the pool of applicants.

Nominations can be submitted by employers, professors, state society representatives, or mentors. Individuals are encouraged to apply on their own.

Application & Nomination Deadline is August 4, 2017!

Find the application online at www.uacpa.org/ leadershipacademy

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2017 leadership academy

ContactList

ConnectWithUs

Accounting Issues

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

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

July

August

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

Larry Deppe 801-626-7838 deppelarry@msn.com

www.facebook.com/Utahassociationofcpas

September

www.twitter.com/uacpa

Mark Anderson 801-532-2200 manderson@eidebailly.com

CPE Approval — Does This Qualify?

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

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

Tax Issues

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

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

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

Utah Practices for Sale: Orem Metro Area-$185K: solid fee structure, good cash flow near 50%, predominately accounting (88%), tax work (12%), loyal client base consists mostly of Spanish-speaking clients, thus the ideal buyer will be bilingual. Park City CPA-$618K: mostly tax (90+%), quality client base, strong fee structure, tenured staff in place, highly-desirable location. For more information, please call 1-800-397-0249 or to see listing details and register for free email updates visit www.APS.net.

THINKING OF SELLING YOUR PRACTICE? Accounting Practice Sales is the leading marketer of accounting and tax practices in North America. We have a large pool of buyers, both individuals and firms, looking for practices now. We also have the experience to help you find the right fit for your firm, negotiate the best price and terms and get the deal done.

To learn more about our risk-free and confidential services, call Ryan Pannell with The Holmes Group at 1-800-397-0249 or email Ryan@APS.net. the journal entry | July 2017

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

Nonprofit Org. U.S. Postage

PAID Salt Lake City, UT Permit No. 1996

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