The Journal Entry - Summer 2024

VOL 3 · SUMMER 2024

THE

JOURNAL ENTRY THE UTAH ASSOCIATION OF CERTIFIED PUBLIC ACCOUNTANTS

ON THE CAMPAIGN TRAIL TO STATE AUDITOR WITH RICKY HATCH, CPA

It’s Worth It! WITH

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

SUMMER 2024 Utah Association of Certified Public Accountants 15 W. South Temple, Suite 1625 Salt Lake City, UT 84101 801-466-8022 mail@uacpa.org www.uacpa.org Managing Editor Amy Spencer as@uacpa.org 2024 – 2025 UACPA Executive Board President: Jason Tomlinson, CPA President-Elect: Dan Frei, CPA Vice President: Amy Anholt, CPA Treasurer: David Peaden, CPA Secretary: Shalaun Howell, CPA Member-at-Large: Clinton Armstrong, CPA Member-at-Large: Marci Butterfield, CPA Emerging Professionals: Ariane Gibson, CPA Immediate Past President: Dustin Wood, CPA AICPA Council: Stacy Weight, CPA CEO: Susan Speirs, CPA UACPA Staff CEO: Susan Speirs, CPA CPE Director: April Deneault Communications & Marketing Director: Amy Spencer Financial Director: Tom Horn, CPA Cover Photo by Chris Wood, robertwoodphotography.com

UACPA Statement of Policy The Journal Entry is published four times a year by the Utah Association of Certified Public Accountants (UACPA). The opinions, views and articles expressed in this magazine are those of the authors and not necessarily those of the UACPA. This magazine should not be deemed an endorsement by the UACPA or its committees or editorial staff of any views, opinions or positions contained herein. Copyright © 2024 Utah Association of Certified Public Accountants

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

Cover + Articles Feature: Pilgrimage to State Auditor................................................................ 6 Feature: Get to Know Ricky Hatch.................................................................11 Sheila Srivastava Runs for Salt Lake County Treasurer.............................12 Get to Know Sheila Srivastava........................................................................15 By the Numbers: Students Pursuing Accounting........................................16 Preparing for a New Strategic Plan................................................................18 Health and Wealth Planning............................................................................20

Membership New Members and Student Affiliates............................................................22 Members in the News......................................................................................23 Board Question..................................................................................................24 Board Brief..........................................................................................................25 UACPA Staff Chat..............................................................................................25 Comic: Generally Excepted..............................................................................26 Meet a Member: Garry Hrechkosy, CPA........................................................27

Continuing Education UACPA Virtual Courses for 2024....................................................................28 Leadership Academy........................................................................................32 Golf Tournament................................................................................................33 UACPA Mission .................................................................................................34 100% Membership Organizations..................................................................34

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PRESIDENT’S MESSAGE JASON TOMLINSON, CPA challenges of the future. But, that means we need your participation to help us diversify the profession with your experience.

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olitical primary season is upon us. Over the next few months you will see more signs, get more calls and hear more advertising for political candidates, begging for your support and participation. However, much like tax deadlines, the election season comes and goes. The real business gets done outside the “busy season,” when we have time to step back and look at the issues in a new light or from a different angle.

In the last Journal Entry, I called for your participation to tell your CPA story and share what you love about being a CPA. This is a grass roots effort to shift the focus of the CPA image. At the 2024 Spring Meeting of AICPA council, there was talk of focusing on the CPA image as part of their pipeline initiatives, so we will be seeing more efforts around the nation. We are all in this together and can achieve success much greater than each of us individually.

Thank you to those who have shared your story. I’ve heard some at chapter meetings or in one-on-one conversations.

What stands out most is each person has their own story of what brought them into the profession and why they love being a CPA. That may be one of our biggest strengths: diversity. Sound financial advice is to “diversify your stock portfolio,” the same can be said about the CPA profession: The diversity of our backgrounds, talents and interests makes us stronger and will help us navigate the

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There are many ways to get involved within the CPA profession. You may choose committee involvement, attending chapter meetings or conferences, mentoring a younger CPA or just participating in a survey and providing your thoughts and feedback. Some ways may work better at different times in your career. Despite the different ways to get involved, each one yields the dividends of a successful and fulfilling career and will benefit you, as well as the profession.

Over the last year or two, we have discussed the requirements to qualify to become a CPA. Some states are starting to suggest changes to their laws and we are working to stay on top of all the discussions and find solutions that works best for everyone going forward.

This is not an easy process; I have been privileged to have a ring-side seat as the “sausage is being made.” I am confident that we will come out of this stronger as a profession, because of the dedication of those involved to see it be a success.

Let me say it again, I love the diversity of the CPA profession. We all have a common foundation; we are able to grow our careers and make change in the world according to our own interests, skills and personalities.

Thank you for your involvement, thank you for your efforts to make the CPA profession a valuable career choice and thank you for taking the time to give back to the world a portion of what you have received. n

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CEO’S MESSAGE SUSAN SPEIRS, CPA

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s described in the Utah Constitution, Article VII, the state auditor shall “perform financial post audits of public accounts.” The Utah code, Title 67, Chapter 3, further details the role of Utah’s state auditor. “The state auditor shall be the auditor of public accounts and as such shall be independent of any executive or administrative officers of the state.”

Vision and Direction: Strategic planning defines our mission, vision, and values. It provides a clear direction, aligning our team’s efforts with the broader organizational goals and fostering a sense of purpose and unity.

Additionally, the state auditor shall “audit each permanent fund, each special fund, the General Fund, and the accounts of any department of state government or any independent agency or public corporation on a regular basis as the auditor shall determine necessary or upon request of the governor or the Legislature. These audits are to be performed in accordance with generally accepted auditing standards and other auditing procedures as promulgated by recognized authoritative bodies. The audits shall be conducted to determine honesty and integrity in fiscal affairs, accuracy and reliability of financial statements, effectiveness and adequacy of financial controls, and compliance with the law, as the auditor shall determine necessary.”

For several years, our members have been frustrated that we have not had a CPA as our state auditor. When John Dougall, our current state auditor, indicated that he was not going to run for another term, Ricky Hatch, a CPA and Weber County auditor, decided to take on the challenge. We are proud to support him, a fellow UACPA member, and ask for your support as this is a statewide race. Ricky will face Tina Cannon in the June 25 primary election. To find out more or contribute to Ricky’s campaign, visit uacpa.org/stateauditor.

UPDATING THE STRATEGIC PLAN

We are updating our strategic plan this year. As an organization, we believe we must be forward thinking. Why strategic planning?

Resource Allocation: By identifying priorities and setting clear goals, strategic planning helps us allocate resources efficiently.

Adaptability: The CPA profession is dynamic, with new challenges and opportunities arising constantly. A wellcrafted strategic plan allows us to anticipate changes, adapt proactively, and stay ahead of the curve.

Performance Measurement: Strategic planning establishes benchmarks and performance indicators.

Regularly measuring our progress against these metrics enables us to remain on track to achieve our goals.

Sustainable Growth: Strategic planning is about ensuring sustainability. It balances short-term achievements with long-term aspirations, fostering resilience and enabling us to thrive in a world of chaos.

We’ve held focus groups with various sections of our membership and have surveyed our members. We encourage you all to participate, as your insights drive what we do. n

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Photos by Chris Wood, robertwoodphotography.com

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FEATURE

PILGRIMAGE TO STATE AUDITOR

UACPA MEMBER RICKY HATCH IS ON THE BALLOT

BY AMY SPENCER

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fter John Dougall was elected to the Utah State Auditor position in 2012, UACPA members made it clear that a CPA should be in that office. With John’s term coming to an end, there is renewed hope that there will be a CPA in that position. Weber County clerk/auditor, Ricky Hatch, CPA has put his name in the race and will face off in the primary election on June 25, 2024.

Ricky, the youngest of eight children, was born and raised in Sandy, Utah. He graduated from Alta High School in 1985 and earned his Master of Accountancy with honors from Brigham Young University. Ricky wanted to be a CPA from the time he was a teenager. He had a church leader who was a CPA, and recognizing that he was good in math and seeing the potential to be financially successful, he set his sights on earning the designation. “I liked how [my church leader] said that everyone needs a good accountant, and that accounting gives you a great background if you want to pursue other interests,” Ricky adds.

Ricky’s career began as an IT auditor with PwC in Los Angeles. Five years later he took an assignment in Warsaw, Poland, to establish an IT audit practice and consulting service. After that 18-month assignment, he became a project analyst for Parametic Technology Company at their headquarters in Munich, Germany, then moved to PTC’s Massachusetts office. In 2002, Ricky and his family returned to Utah where he and his wife opened, ran and taught at a private school in North Ogden. This led to him becoming the CFO and COO of Kimber Academy’s 14 schools. Ricky landed his next position at Jetway in Ogden, where he worked for five

years before being elected as Weber county clerk/auditor in 2010.

CIVIC ENGAGEMENT

While teaching, Ricky recognized the importance of civic engagement. “I decided that I needed to practice what I preached. My little town of Farr West had an opening for a planning commissioner. I made an appointment with the mayor and asked him [about the position] and how I could help. I served on the planning commission for about eight years and learned a tremendous amount about land use and governance,” Ricky says. In 2002, he attended his first neighborhood caucus meeting. “The attendees included me and four grandmothers from my church. They welcomed me and immediately made me the precinct chair, a county delegate, and a state delegate.” Ricky was eager to learn about these positions. He soon was elected as a legislative district chair, served on the Utah GOP Audit Committee and as the GOP County Party Treasurer.

Ricky learned about the Weber county clerk/auditor position and how they are responsible for managing the county’s elections and finances, which he says are both deep passions of his. “That is when I put my hat in the ring.”

We asked Ricky about what he could bring to the role as Utah State Auditor.

WHY IS IT IMPORTANT FOR A CPA TO HOLD THE OFFICE OF STATE AUDITOR?

There are several reasons why a CPA brings more value to the state auditor’s office. First, the knowledge and the

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deficiencies, I’d like to collaborate up-front with agencies to prevent deficiencies from happening in the first place — kind of like putting a fence at the top of a cliff rather than an ambulance at the bottom.

Continued from pg. 7 experience needed to become a CPA make a great training ground for understanding the concepts of risk and control.

This understanding provides a foundation by which the state auditor evaluates the audit universe within the state and helps identify key areas to audit. Second, even though all public officials should possess the highest level of ethics, being a CPA makes ethical behavior mandatory, per state law. Because the CPA designation carries a level of prestige and trust, our Legislature has codified adherence to the AICPA’s Code of Conduct and requires ethical training every two years. Finally, the position of state auditor needs to engender the trust of the citizens. The citizens need to know that the state auditor has the skills and integrity to conduct professional, objective audits, and the title of CPA is the best guarantee out there to the ensure that taxpayer dollars are managed wisely, and that the financial health of our state is maintained for future generations.

WHAT ARE THE RESPONSIBILITIES OF THE STATE AUDITORS? Overall, the responsibility

of the Utah State Auditor’s office is to provide independent and objective oversight of the financial operations of Utah’s state and local governments. This helps ensure that taxpayer dollars are used efficiently, effectively, and transparently.

The state auditor can also conduct performance audits to evaluate government programs and departments.

Since I haven’t previously worked in the state auditor’s office, I would spend the first six to 12 months observing, asking questions, researching, and getting to know the environment and the people in the office. There’s plenty I don’t know, and I think it could be harmful to make any dramatic changes based on incomplete information. However, based on my understanding, there are a few things I would work on right away: 1. Further support for the core financial audit side of the office. I’ve heard it is bottom heavy, that some key management positions are close to retirement, and that it hasn’t felt as much love as it should. The financial audits of the state and state agencies are the only constitutionally mandated duties of that office, so this side of the office needs full support.

2. Improve relationships with local governments. I want to strengthen trust with all levels of government and increase upfront collaboration. In addition to identifying 8

3. Enhanced, proactive transparency. I can see a more push-oriented public outreach mindset, and audit reports that have plain-language summaries so that nonaccountants can better understand them.

4. Preemptive risk management. I’d like to strengthen the approach to identifying and mitigating financial risks.

Further utilizing data analytics, continuous auditing techniques, and artificial intelligence, we may be better able to detect and address issues before they escalate.

HOW DOES YOUR EXPERIENCE TRANSLATE TO THE DUTIES OF THE OFFICE YOU WOULD OVERSEE? “I’ve been

auditing for over 30 years. I’ve conducted and managed financial audits, election audits, forensic audits, compliance audits, and performance audits. I also have auditing and accounting experience in the private industry (about 17 years) on both coasts and two continents, with clients such as Wells Fargo Bank, Disney, Masterfoods, General Dynamics, Johnson & Johnson, California institute of Technology, and Sony Pictures. I managed the nationwide SAS 70 audits for Electronic Data Systems’ check processing service. These audits were the precursor to the Sarbanes-Oxley (SOX) audits in the early 2000s after the Enron and WorldCom scandals.

I’ve also been on the auditee side, helping auditors examine controls and balances in my accounting departments.

The elected office of state auditor is mostly a management position, and having performed all aspects of audits will help me better understand and meet the diverse needs of the state auditor team. I’ve managed divisions and projects that are similar in size to the state auditor’s office, including a worldwide implementation of Oracle’s 11i accounting system for Parametric Technology Corporation.”

TELL US ABOUT YOUR VOLUNTEER EXPERIENCES. “I currently represent the nation’s

3,069 counties on the Governmental Accounting Standards Advisory Council (GASAC), which advises the Governmental Accounting Standards Board (GASB) in the creation of governmental accounting standards that must be used by all state and local governments across the country. This

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council has 35 members, which include academics, attorneys, auditors, accountants, investors, bond rating agencies, CPAs, and government accountants. I have served on the GASAC’s executive committee for two years.

American Law Institute at NYU and led by Dr. Charles Stewart of M.I.T., and the other panel was convened by the National Association of Election Officials, in partnership with Auburn University. I was the only person to participate on both panels.

I’ve used both my financial and IT audit experience to help strengthen the auditing of elections in Utah and across the country. In April, I was asked by the Institute of Internal Auditors in Salt Lake to give a presentation on auditing elections.

I served on Utah’s Private Activity Bond Authority Board for six years. Other board members and stakeholders frequently expressed appreciation for, and sometimes playful teasing about, the highly detailed questions that I asked in the meetings. Details matter, and I like to dig.”

I helped create a national resource that improves the auditing of elections. I helped national election experts apply auditrelated principles to election processes. In 2022, I participated in an inaugural discussion of establishing best practices for auditing elections. I’ve helped the Utah Legislature pass two bills that now require additional election audits: a voter registration audit process and an election system hash validation audit, which is required by law in two other states.

HOW DOES YOUR EXPERIENCE TRANSLATE TO THE STATE AUDITOR?

I have served on two independent panels that helped create a code of ethics and code of conduct for election officials across the country. One panel was sponsored by the

“I’ve been the Weber County Auditor and Clerk for the past 13 years, so I have governmental accounting and auditing experience. In this role, I’ve managed a department about half the size of the state auditor’s office, including all of the administrative, managerial, and leadership duties this role entails.

County auditors interact frequently with the state auditor’s office. I’m fortunate that my county comptroller is a former

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Continued from pg. 9 employee of the state auditor’s office. He has been an invaluable source of information on how that office has functioned in the past and how they can better support and hold accountable local governments.

I’ve frequently worked with the current state auditor, John Dougall, on audit-related topics and legislation such as segregation of duties for different forms of local governments and the ideal composition of audit committees for local governments.”

AS A CANDIDATE, WHAT DO YOU SEE AS THE TOP CHALLENGES FACING UTAH AND HOW CAN YOU HELP RESOLVE THEM? Especially now, with high public

skepticism of government, enhancing transparency and ensuring accountability are crucial, helping reassure citizens that their government is working in their interest, monitoring and reporting on how taxpayer dollars are spent.

Transparency. The state auditor’s office helps ensure that both state and local governments operate with openness, giving citizens and stakeholders a clear view into their operations and financial management. Through audits, the auditor ensures that these entities are • reporting their finances accurately • operating in compliance with established laws and regulations • spending taxpayer dollars efficiently Transparency is one of the best tools for deterring corruption and mismanagement.

Accountability. Public officials and entities are answerable to the citizens for their actions and decisions. The state auditor’s office helps enforce accountability by scrutinizing the financial and operational activities of state and local governments. The findings from these audits can lead to significant changes in policies or practices, can initiate disciplinary actions, and even lead to legislative reforms. This role checks for mismanagement, but more importantly, it reassures the public that the government remains responsible for its actions and committed to rectifying its mistakes.”

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IN YOUR PREVIOUS EXPERIENCE, HAVE YOU PERFORMED OR LED A TEAM TO UNCOVER FRAUD, WASTE OR ABUSE?

In Weber County, employees used to accept lower pay for higher benefits. In the past few years, in order to attract more employees, the county increased the pay, a good thing.

However, while increasing the pay, the county also kept the higher benefits, including what I called a “Cadillac” benefit program offering five-years of health insurance for retired employees. Well, our county finances couldn’t sustain both high pay and high benefits, so my team and I worked with our county commission and HR department to restructure the retirement health care package. We worked hard to make sure that employees who were retired or nearing retirement would not be unduly harmed, so we created a 10-year phase out of this benefit. This phase out gave employees several years to choose the option that was best for them. We’re currently in the 8th year of that program and are on track to save $23 million in Weber County taxpayer money.

Back in the 90s, I remember being part of a forensic audit team that worked to confiscate and evaluate computers and system data for Sunrise Medical, Inc., uncovering a significant fraud that led to an investigation by the Securities and Exchange Commission. I remember meeting with team members in a hotel room prior to the confiscation, having technicians check the room for bugs and wires, and then showing up unannounced at the corporate headquarters and performing analysis on the computers to uncover the accounting fraud.

HOW DO YOU PLAN TO ENGAGE WITH TAXPAYERS AND STAKEHOLDERS TO GATHER FEEDBACK AND ADDRESS THEIR CONCERNS ABOUT GOVERNMENT FINANCES? First off, I have

always admired how John Dougall has traveled the state, visiting with government officials and taxpayers from every county. I intend to continue that best practice. Fraud hotlines are perhaps the biggest deterrent to and identifier of fraud, waste, and abuse. I will continue to support and respond to the concerns expressed through the hotline. And lastly, focusing on trust and collaboration will create more open dialogue about concerns. n

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LEARN MORE ABOUT RICKY Continued from pg. 9

WHAT WOULD SURPRISE PEOPLE TO KNOW ABOUT YOU? I love to read and write. I have been writing a short weekly email to friends and family since the mid-’90s. I haven’t been as regular over the past few years, but I still love to write. I also like to sing and perform, especially with my seven siblings, all of whom are better singers and performers than I am (at the 2024 GOP state convention, six of them sang jingles and songs about me). I’m deeply religious, a member of the Church of Jesus Christ of Latter-day Saints, but I don’t want people to feel like I’m pushing my beliefs onto them, so I tend to be quiet about that. As an adult, I taught myself to play the following instruments (not super well, just at a basic level): piano, harmonica, recorder, and bagpipes (very basic level with the bagpipes). I was in a train crash in the ’90s. I obtained my solo pilot license in high school and once dropped leaflets over a girl’s house to ask her to a school dance. I’ve been skydiving three times. I still speak French, albeit slowly, and when I lived in Poland, I was conversant in Polish.

WHAT DO YOU LIKE TO DO OUTSIDE OF WORK? I like to read and keep a spreadsheet of every book I’ve read since college (362 so far, about 40,000 pages). I love the outdoors, especially hiking. I try to hike several times a week, even if it’s just for 20 minutes. In 2019, I hiked King’s Peak, the highest peak in Utah. My dream is to climb Mt. Kilimanjaro. I love to watch movies and go to the theater for concerts, symphonies, plays, musicals, and community performances. I like to play racquetball.

I also love coaching little league baseball, which I’ve done for several years, even though I don’t have children on the teams. I like to watch all kinds of sports as well.

WHAT IS YOUR FAVORITE BOOK? That’s a really hard one, because I have so many! Aside from religious texts, here are some books that changed my life: Jurassic Park (the first book I read for pleasure as an adult), The Seven Habits of Highly Effective People (has dramatically influenced how I organize my work and live my life, including my interactions with others in my current job), Up From Slavery, Leadership and SelfDeception, and of course, Les Miserables.

“I am the 8th great grandson of William Bradford, who came as a Pilgrim to the New World on the Mayflower and who served as governor of Plymouth Plantation over a span of 35 years. I feel quite an affinity for him. I’ve read his book, “Of Plimouth Plantation” in the original old English language. When I was serving on the Constitution Day Committee of Utah, we discussed having an activity for boy scouts featuring many historical figures. The Committee members asked if I would portray William Bradford, that I reminded them of him, not knowing that I was his direct descendant. I have portrayed him over the past 12 years to groups as large as 1,200 people.”

WHAT ADVICE DO YOU LIVE BY? Here are a few things: Each of the Seven Habits by Stephen Covey. I especially like “Seek first to understand, then to be understood.” This mindset is crucial, especially in the world we currently live in.

I also love “Begin with the end in mind,” “Be Proactive,” and “Think Win/Win.” My mom always told me, “If you can’t say anything nice, don’t say anything at all.” There is an old Arab proverb: “The mouth should have three gatekeepers: Is it true? Is it kind? Is it necessary?” My dad told me in his 80s: “Take time to weep every day.” I take that to mean that it’s OK to feel and display emotion, and we should actively look for and savor the deep, wonderful moments in life. n

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FROM SMALL TOWN TO SALT LAKE COUNTY

HOW SHEILA SRIVASTAVA HAS PREPARED TO SERVE AS THE SALT LAKE COUNTY TREASURER

BY AMY SPENCER

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heila Srivastava spent most of her youth in Fillmore and

Holden, Utah. Born in Orange, California, she moved to Utah when she was 9 years old, where she was raised by a single mother who relied on welfare and food stamps.

“I remember sitting on the floor listening to my mom and grandma lamenting over the rising cost of a loaf of bread and a gallon of milk. They didn’t know how we were going to get by,” Sheila says, adding that her mother worked three jobs to make ends meet and to send her to school. “I am proud to say that I am the first person in my family to graduate from college.”

Sheila earned her bachelor’s degree in accounting from the 12

University of Utah. After earning her CPA license, she worked for multiple accounting firms before starting her own practice.

Over the course of three decades, Sheila has performed audits, prepared taxes, uncovered fraud, acted as a part-time in-house CFO, and prepared budgets. Between the experience and her desire to serve the public, Sheila says she jumped at the opportunity to run for Salt Lake County Treasurer.

The mother of two reflects on her humble beginnings, “I would have never thought that someone like me would be able to run for public office and have the opportunity to serve 1.2 million people.”

Sheila shares her thoughts about the position and what drives her to serve.

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WHAT ARE THE RESPONSIBILITIES OF THE SALT LAKE COUNTY TREASURER?

The treasurer is responsible for billing, collecting, distributing, investing and protecting the revenues that flow through Salt Lake County, which come primarily from taxpayer dollars. This adds up to a budget of approximately $2 billion that serves approximately 1.2 million people. The Salt Lake County Treasurer currently serves as the chair of the Utah State Money Management Council and participates in activities with the Utah Association of Counties. I look forward to being a collaborative partner with my fellow elected officials in and outside of Salt Lake County to build a better and stronger community for all of Utah.

HOW DOES BEING A CPA HELP YOU QUALIFY FOR THIS POSITION?

In order to receive this professional license, I was required to complete my accounting degree, 2,000 hours of professional experience, pass the CPA Exam, and pass an AICPA Code of Conduct and Utah law exam. This license is monitored by the Division of Occupational and Professional Licensing and requires semiannual reporting of continuing professional education in order to maintain licensure. My audit experience built a strong foundation that has benefited me throughout my career. I am bound by the CPA professional ethical code of conduct, which continues to guide my work with every position I serve in. Over the years, I have gained strong skills that would not have been attainable without this valuable experience and stringent requirements.

WHAT ARE SOME OF THE CHALLENGES OF RUNNING FOR THIS POSITION?

Running for public office and fundraising are challenges for most people. Donors typically overlook candidates running for treasurer, because it is not a policy making position. Most donors want to donate to candidates who will advocate for their issues and interests. I am working hard to create awareness of the importance of the treasurer position and the need to maintain professionalism in this office. I was able to grow my accounting practice by word of mouth alone. I never posted a single advertisement or hunted for work. It all came through referrals. As a candidate for office, I have to sell myself every single day. I have to be vulnerable and ask people for help and money and trust, which in my private practice all came as a direct result of my reputation. Being vulnerable doesn’t come naturally for me, and I have had to work hard to put myself out there.

I am also a woman. Sadly, some people have the misconception that men are better with money and stronger in the professional work place. When elected, I will be the first woman ever to serve as Salt Lake County Treasurer since 1852 when they started keeping track! That glass ceiling is coming down, and I am ready to take my seat at the table!

HOW DOES YOUR PROFESSIONAL EXPERIENCE TRANSLATE TO THE DUTIES OF THE COUNTY TREASURER?

My decades of experience have taught me to be careful and meticulous in my work — to stand strong and trust the numbers. They never lie. I have become an expert in financial analysis, budgeting, forecasting, and strategic planning. I can spot inconsistencies, implement internal controls and safeguard the assets of every organization I work with. I am mission driven. When making decisions, I always challenge my clients to ask themselves how this decision will help serve their mission. I have been a professional serving as the liaison between management and boards of directors and provided informative reporting that prepared them to make the best decision for the people they serve with confidence.

As Salt Lake County Treasurer, I will be serving the county’s mission to provide honest, open, efficient and ethical government that is fiscally responsible, accessible and responsive to Salt Lake County’s needs. Our Salt Lake County Council is essentially our board of directors, and our budget primarily comes from the pockets of our residents and taxpayers. I have experience working with municipalities, elected officials, and federal grant contract management. This wealth of experience uniquely qualifies me to step in and serve my neighbors.

WHAT ARE THE DIFFERENCES BETWEEN YOU AND YOUR OPPONENTS?

The primary difference between myself and my opponent is that I am the only candidate with CPA licensure and professional accounting and auditing experience. I am the only candidate with a publicly verifiable professional license that voters can trust. I have a background in analyzing data and fraud detection. n

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LEARN MORE ABOUT SHEILA WHAT LED YOU TO BECOME A CPA? As I watched my family struggle as a child, I became determined to understand money and prepare myself to be financially independent and secure. I am exceptionally good with numbers and I love puzzles. Accounting feels like a puzzle for me. There is a place where each transaction fits the best and there is no question because everything has to balance. I am just as satisfied completing a financial statement as I am finishing a difficult puzzle. Becoming a CPA was what came most naturally to my personality.

WHAT WOULD SURPRISE PEOPLE TO KNOW ABOUT YOU? “Even though my personality seems very outgoing, I am naturally an introvert and most enjoy quiet times with my family. I was the self-proclaimed roller-skating queen of Clinton Street where I grew up. I was the president of my drill team in high xchool. I lived on a tiny ranch in Holden, Utah, where I loved to feed the chickens and the cows and pick rocks from the garden. I had a cow named Isabella for a best friend. I am a vegetarian.”

WHAT DO YOU LIKE TO DO OUTSIDE OF WORK? •

“I love to garden…mostly harvesting. My husband does the planting and I do the harvesting. We love to cook and eat from our garden.

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I love to make and decorate birthday cakes. My children call me the ‘master birthday cake maker.’

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I love to ride my new bike. I have a basket so I can go grocery shopping with it. She still needs a name.

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I love spending quiet time snuggling up with my dog and my husband with a beautiful cup of coffee before starting every day. I am a domestic barista!! If you are my friend, I will make you the best cup of coffee you have ever had.

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I am happiest when doing absolutely anything with my family.

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I LOVE yoga!

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I love hiking, camping and spending quiet time in nature.

WHAT IS YOUR FAVORITE BOOK? “My latest favorite reads for pleasure were Lessons in Chemistry by Bonnie Garmus, The Girl with the Louding Voice by Abi Daré, Where the Crawdads Sing by Delia Owens, and The Power of Ritual by Casper ter Kuile. I also love thumbing through cookbooks.”

WHAT ARE SOME OF YOUR GOALS, BOTH PERSONAL AND PROFESSIONAL? I recently retired from my accounting practice. My next professional goal is to be the first woman ever to serve as Salt Lake County Treasurer beginning on January 1, 2025! I believe everyone has a right to financial independence, and I would love to contribute to helping people achieve that end.

Personally, I want to read more books, spend as much time in the outdoors as possible, live every moment of my life to the fullest, and embrace every opportunity to learn from my fellow humans!”

WHAT ADVICE DO YOU LIVE BY? Always look forward.

Be kind. Be patient. Be honest. Be unapologetically and authentically yourself. And most importantly, be fully present with the people you are with. The greatest gift in life is your relationships. I believe in presents of presence. n

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These numbers reflect EY’s accounting professional of the future survey from Nov.2023.

BY THE

7

NUMBERS CPA EXAM CANDIDATES

PERCENTAGE DECREASE IN STUDENTS EARNING A BACHELOR’S IN ACCOUNTING SINCE 2015

50

PERCENTAGE DECREASE IN PEOPLE TAKING THE CPA EXAM BETWEEN 1990 AND 2021 PERCENTAGE OF STUDENTS WHO SAY THE FOLLOWING IS IMPORTANT TO WORK WITHIN THE ACCOUNTING PROFESSION:

79

• 76% – COMMUNITY ENGAGEMENT

PERCENTAGE OF STUDENTS WHO BELIEVE • 81% – POSITIVE ESG IMPACTS AN ACCOUNTING CAREER WILL DELIVER • 79% – DIVERSE TEAMS/WORK LONG-TERM CAREER BENEFITS ENVIRONMENT

58 16

PERCENTAGE OF STUDENTS WHO SEE PROMISE IN ALTERNATIVE PATHWAYS TO CPA LICENSURE

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Embracing AI in HR for Better Onboarding What’s the impact of artificial intelligence (AI) on new hire onboarding and human resources (HR) professionals? Paychex surveyed 309 HR professionals and 1,003 recent hires to uncover how technology and the use of AI impacts the hiring and onboarding process.

Key Takeaways • 48% of new hires surveyed describe their postonboarding training as somewhat inadequate.

• Nearly 3 in 10 employees dissatisfied with their onboarding experience plan to look for a new job within the next three months.

• AI-onboarded employees are 30% less likely to quit within a year than those onboarded without AI. • 65% of HR professionals surveyed believe using AI in onboarding will improve employee retention.

While AI has streamlined onboarding, employees can still feel overwhelmed by the information overload during their first weeks on the job.

Both new hires onboarded with and without AI suggest the need for more transparent communication of job expectations and performance metrics during onboarding (45%), and 35% of those onboarded with AI shared this sentiment.

Onboarding Pros and Cons for HR Leaders HR professionals who have embraced AI for onboarding highlight its most significant benefits: • 53% report a reduction in onboarding time • 38% say it decreases associated costs • 43% note streamlining administrative tasks • 65% believe AI will improve employee retention

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

Yet, these advancements come with challenges.

For instance, 42% of HR professionals using AI for onboarding cite technical integration difficulties.

Partnering early with IT professionals can help HR professionals streamline AI implementation and provide a seamless integration with existing systems and workflows.

For HR departments not yet utilizing AI, 40% of those surveyed attribute the delay to a lack of in-house AI expertise. Decision-makers may consider investing in targeted training programs and workshops for HR staff to help enhance their skills and confidence in using AI technologies.

The Future of HR in Employee Integration From reducing turnover to ensuring new hires are satisfied and well-prepared, HR professionals are turning to AI to help improve onboarding challenges that new hires often experience.

Using AI, HR professionals can set new employee integration standards, prioritizing effective communication and tailored training while maintaining the essential human touch.

Learn more about the survey methodology and insights here.

STICKING TO A STRATEGIC PLAN

CREATING A MAP TO SUPPORT THE FUTURE OF THE UACPA AND THE PROFESSION

BY MACKEY SMITH

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I

t has been a pleasure serving the UACPA over the years; we are excited to announce an upcoming update of the strategic plan.

• Connecting with members in business & industry by creating the Business & industry Council and holding regular CPE lunch and learns and business tours

Before we jump into the planning process, it is important to clarify what the plan is and is not. A strategic plan is meant to identify and map out the priorities of an organization, along with key action items and success metrics. A strategic plan is not meant to articulate day-to-day operations, nor capture every single thing the organization will work on over the next three or four years. The plan is meant to articulate the priorities of the organization and provide structure for what the organization will work on to address the emerging (and already emerged) trends facing the profession. As CEO Susan Speirs frequently states, “I use the strategic plan to guide every major decision we make. This helps our team to focus our efforts on what matters most to our members.”

• Worked with several educators at Utah’s universities to include accounting in their STEM programs

THE CURRENT PLAN

The current strategic plan was adopted in 2021. The process in creating the plan included several member focus groups, a survey to the entire membership, and thorough market research. The result of this eight-month process resulted in the following priorities: 1.

Advocacy — Be recognized as the most trusted voice for Utah accounting professionals through quality advocacy efforts

2.

Membership Development — Develop a strong membership base through increased partnership with other organizations to provide expanded CPE and networking opportunities

3.

Member Engagement — Foster engagement by establishing the UACPA as the professional home and key networking resource for accountants in Utah

4.

CPA Pipeline — Partner with educational institutions and employers to attract bright, capable, high-integrity students to accounting and encourage them to become CPAs

• Creating CONNECT, an online community for UACPA members to communicate with committees, network and get questions answered These wins reflect a wonderful trait about the team — the plan doesn’t just sit on a shelf. The team cares to learn about your priorities and then work their best to achieve those priorities.

CREATING THE NEW PLAN

As the grammatically incorrect proverb states, if it ain’t broke, don’t fix it. The new process for updating the strategic plan will mirror the process used in creating the existing plan. We have already conducted focus groups with several segments of the profession, including large and mid-sized firms, small firms, CPAs in industry, nonprofits and government, and educators. Survey responses are trickling in, and the survey will be live through the summer. Our aim is to include as many stakeholders from the profession as possible to ensure that the new strategic plan reflects the ever-evolving priorities of its members. From there, staff and the board will meet in the fall to refine the new plan, with eventual rollout to take place in January 2025. While we don’t anticipate priorities to radically shift from 2021, the nuances of these priorities have evolved, and a refined strategy will be essential to do all within the association’s power to strengthen the profession in Utah.

If you would like to be involved in this process, please reach out to Susan Speirs, ss@uacpa.org. We welcome your support and are excited to see what the future brings!

“Give me six hours to chop down a tree and I will spend the first four sharpening the axe.” ― Abraham Lincoln n Mackey Smith is the vice president of people and strategy consulting at Herbein + Company, Inc., A Pennsylvania-based CPA and advisory firm.

The dedication from the UACPA team in these focus areas has resulted in major wins:

He regularly works with CPA firms and CPA state associations on strategic

• Supporting pipeline initiatives through Money Camp at Weber State University and Cache Camp at Utah State University

planning, staff retention, leadership development, and executive coaching.

Mackey loves making new friends, so contact him at dmsmith@herbein.com.

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19

HEALTH AND WEALTH

EXAMINING THE INTERSECTION OF MEDICARE AND TAX PLANNING FOR CPAS

BY AL KUSHNER

I

n an era where healthcare costs are a significant concern for retirees, understanding the intricacies of Medicare becomes crucial for CPAs tasked with advising clients on retirement planning. The intersection of Medicare and tax planning is a complex area that presents both challenges and opportunities for CPAs striving to provide comprehensive advice. There are key aspects of Medicare that CPAs should be aware of, offering strategies to integrate healthcare planning into their tax advising practices effectively.

20

UNDERSTANDING MEDICARE’S STRUCTURE At its core, Medicare is divided into four parts:

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Part A (Hospital Insurance): Covers inpatient hospital stays, care in skilled nursing facilities, hospice care, and some home health care.

Part B (Medical Insurance): Covers certain doctors’ services, outpatient care, medical supplies, and

SUMMER 2024

preventive services.

incomes to anticipate IRMAA surcharges and devise strategies to minimize their impact. This can involve strategically timing retirement distributions or Roth conversions.

Part C (Medicare Advantage Plans): Offers an alternative way to receive Medicare benefits through private insurance companies approved by Medicare.

Part D (Prescription Drug Coverage): Adds prescription drug coverage to Original Medicare, some Medicare Cost Plans, some Medicare PrivateFee-for-Service Plans, and Medicare Medical Savings Account Plans.

Each part of Medicare has distinct implications for tax planning, most notably through premiums, deductibles, and out-of-pocket expenses, many of which are influenced by the client’s income level.

KEY TAX CONSIDERATIONS Income-Related Monthly Adjustment Amount (IRMAA)

IRMAA is a surcharge that high-earning individuals must pay in addition to their Part B and Part D premiums. CPAs should note that IRMAA is determined by the client’s modified adjusted gross income (MAGI) from two years prior. Therefore, thorough income planning is paramount to managing or mitigating these additional costs.

Health Savings Accounts (HSAs) and Medicare

HSAs offer a triple tax advantage and can be a strategic tool in healthcare planning. However, once clients are enrolled in Medicare, they can no longer contribute to an HSA. Planning contributions and distributions around Medicare eligibility can optimize tax benefits and healthcare savings.

Deducting Medical Expenses

For clients who itemize deductions, certain unreimbursed medical expenses exceeding 7.5% of their adjusted gross income (AGI) can be deducted. This can include some Medicare premiums and out-of-pocket costs, creating potential tax-saving opportunities.

2. HSA Planning: Advise clients nearing Medicare eligibility on maximizing HSA contributions before enrollment and strategies for using HSA funds to cover qualified medical expenses, including Medicare premiums.

3. Tax Deduction Optimization: Ensure clients know the potential for deducting Medicare-related expenses and advise on record-keeping practices to substantiate these deductions.

4. Education and Communication: Keep clients informed about the latest Medicare changes and potential tax implications. Clear, proactive communication can help manage expectations and facilitate smoother transitions into retirement.

CONCLUSION For CPAs, integrating Medicare into tax and financial planning offers a pathway to delivering added value to clients navigating the complexities of retirement. By staying informed on Medicare policies and leveraging tax-planning strategies, CPAs can guide clients through optimizing their healthcare options while minimizing tax liabilities. In doing so, CPAs reinforce their role as indispensable advisors in their clients’ financial lives.

This evolving landscape underscores the importance of continuous education and adaptability among CPAs to effectively meet their clients’ needs. CPAs can ensure their clients achieve a financially secure and well-planned retirement by focusing on the interplay between Medicare and taxes. n Al Kushner is an award-winning Medicare expert with a prosperous career spanning nearly four decades in the medical insurance industry. Kushner has been recognized by peers for his contributions to the field. He can be reached at media@

Strategies for CPAs

virtualmedi.care for insights grounded in extensive hands-on

1. Proactive Income Review: Regularly review clients’

experience.

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21

MEMBERSHIP

NEW MEMBERS

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

Rory McDonald Dominion Energy Stephen B. Nance DrillDown Solution Garrett A. Gneiting Kollin Keller Eide Bailly, LLP Elton Tanner Ernst & Young LLP Nathaniel Corry K&C, CPAs Abby Clayton KPMG LLP Justin Humphreys Ryan Luetkemeyer Ryan Ollivier Rosendo Rocha Moss Adams LLP Thomas Clements PricewaterhouseCoopers LLP Gavin Nadauld Tanner LLC Michelle Rankin Utah Valley University Jason Barton Jeff J. Jensen Noelle M. Sanford Kelsey Wallace

22

Student Affiliates Brigham Young University Lauren Sam Ethan Plothow Yiyi Liu Taylor M. Stoll Matthew D. Bailey Elliana Fogh Laramie Kimball Matt Bailey Isabel Vidal Sandoval Megan Arnold Cannon Hamilton Richard Knapp Shawn McDougal Dillon Atkinson Luke Jardine Jordan Cox Leah Hathcock Joseph Faylor Lance Larson Olivia Lundgreen Davis High School Ethan Derington Salt Lake Community College Matheus De Almeida Silva Southern Utah University Kiernan Burke Bodell Nielson Adam Freitas Emily Rhodes Suzanne Stewart Mitchell Pyle

University of Utah Isaac Z. Williams Andreus Guerra Jade Wimmer Ryleigh Hertzberg Alexandra Nakamura Miyoun Chon Tracy Chao Cesar Feria Jack VanDerHeyden Julia Allen Utah State University Matthew Saunders Shealee Calder Caleb Baker Cassidy Zapalac Utah Tech University Madelynne Crawford Brayden Peacock Paige Palmer Joshua Turner Brayden Miller Joshua Weiland Merick Johnson Jared Armstrong Trinide Holt Harrison Beazer Tess Heaton Sedrik Ranjbar Zachary Aguero Benjamin Werner Kent Mangum Stephen Hadlock Haylie Reil Dylan Turner Rachel Wanlass Koyo Araki

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Utah Valley University Conner Mariluch Laura Randall Hunter Stuart Kayla M. Smith Karli V. West Colby Scott Kaisley Larsen Shannon Reyneke Terrika Kennedy Mandy Kubal William Schmidt Kristin Hays Savanah Martinez Addison Bryner Gisselle Gillespie Lucy Maier Samantha Lloyd Junior Morris Terrika Kennedy Tom Young Ellery Orton Sabrina Lund Kale Sharp Chryslynd Uson Michaela Lofgreen Alexis Heugly Spencer Kimball Yuwen Xu William Weatherford Andrew Marshall Weber State University Sarah Diamond Hadley M. Linford Angie Light Andrew Pagano Woods Cross High School Nathan Gill

MEMBERSHIP

MEMBERS IN THE NEWS

Do you or your firm have news to share? Send the details to Amy Spencer, as@uacpa.org.

The AICPA has announced 40 winners of the 2023 Elijah Watt Sells Award, which is given to CPA candidates who obtain a cumulative average score about 95.50 across all four sections of the Uniform CPA Exam, pass all four sections on their first attempt and have completed testing in 2023. We are thrilled to share there are three award recipients from Utah

•

Harrison Baker graduated from University of Utah with a bachelor’s in accounting, a bachelor’s in information systems and a Master of Accounting with an emphasis in business analytics. He works at Ledgenomics in Salt Lake City.

Watt Sells Award program was established by the AICPA in 1923 to recognize outstanding performance on the CPA Exam.

David Peaden, who has served on the UACPA’s Emerging Professionals council and is currently a UACPA board member, is among the 24 staff members who have been added as partners at Eide Bailly. David has been with Eide Bailly for 13 years where he has been an audit manager and national assurance senior manager.

Haynie & Company earned the No. 85 spot in Accounting Today’s 2024 Regional Leaders and Top 100 Firms.

• Parker Jackson graduated from Brigham young University Accounting Today ranks firms nationwide and highlights those who stand out in accounting and consulting. with a bachelor’s and master’s in accountancy. He is working at KPMG in Salt Lake City.

Tanner LLC received the Best of State Award in Accounting Business Services. The recognition comes from the Best • Elise Chase graduated from Brigham Young University of State selection committee who note their professional with a bachelor’s in accounting and a Master of services and commitment to client service, impactful Accountancy. She is working at Deloitte in Salt Lake City. outcomes, and unwavering dedication to providing exceptional Each winner receives a plaque and digital badge. The Elijah accounting services.

Share Your News!

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We want to share your updates Tell us about your new job, firm updates and highlights. Members enjoy reading about movers and shakers in this feature.

Send them to Amy Spencer, as@uacpa.org

SUMMER 2024

23

BOARD QUESTION

WHAT IS A NEW SKILL YOU ARE WORKING ON OR WOULD LIKE TO DEVELOP? Jason Tomlinson, CPA

Dan Frei, CPA

“I joined my kids’ karate studio, mostly for family bonding and cardio. Now it is stretching me, literally and physically.”

“I am going to say the skill I would like to develop is time management.”

David Peaden, CPA

Shalaun Howell, CPA

“I would like to become a better writer.

I want to develop the skill to be more descriptive and creative and would love to write a book someday.”

“My relationship with pie crusts has been incredibly painful. I’ve tried about 30 recipes, what feels like 100 different ‘fool-proof’ tips, and the crust is still the most stressful part of Thanksgiving. So, it is crust or bust between now and November.”

Amy Anholt, CPA

Clinton Armstrong, CPA

“I admire so many who possess skills that I don’t. Particularly those with brilliant minds that amaze me, and those in the arts. I’d love to learn to play the piano again. I played a little as a child. Music is a universal language with the power to make connections to last a lifetime!”

“The one skill that I am working on is ‘marketing.’ Clients need to know what services that can be provided before contemplating purchasing those services.”

Ariane Gibson, CPA

Dustin Wood, CPA

“I have a large garden and would love to continue to learn more and expand my skills in that area.”

“I would like to, and need to, improve my listening skills. Too often I forget about having two ears and one mouth, and I typically find myself thinking about what I am going to say to someone next rather than focusing on what they are communicating to me.”

Marci Butterfield, CPA

Stacy Weight, CPA

“I have started making rag quilts for special occasions and thankfully it is a very forgiving process, but I am hopeful that it becomes easier and that those that receive these gifts will cherish them and know that they were made with love.”

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“A new skill I would like to pick up is to learn Pilates. I’m at a good place in life to finally take some time and focus on me.”

SUMMER 2024

BOARD BRIEF THE LATEST ACTIVITIES WITH THE BOARD •

The board ratified the Compensation Committee’s evaluation of Susan Speirs for the prior year.

•

This will be the year we update our strategic plan.

Mackey Smith was invited to participate in the process and road map so that we can update membership in January 2025.

•

•

•

STAFF CHAT

WHAT IS A NEW SKILL YOU ARE WORKING ON OR WOULD LIKE TO DEVELOP?

Updates from the State Board of Accountancy meeting were shared. The board discussed a case of a CPA franchise website that helps users find bookkeepers, tax preparers and CPA services.

The structure of the franchise was discussed as it does not seem to be in line with statute and how CPA firms should be structured. Also discussed is the CPA Exam fee increase and the long turnaround of exam scores.

An update of AICPA Regional Council was given. Of interest, was the continued work of the National Pipeline Advisory Group (NPAG) and the work they are doing around time and cost of education, making the academic experience more engaging, enhancing the employee experience, strategies to expand paths for the underrepresented at every stage, providing better support for CPA Exam candidates and telling a better story of what we do.

Amy Spencer

“The skill I want to develop is to become an early-morning meditator. I have been able to tame my overactive brain through mindfulness, but I aim to reach the next level of stillness.”

April Deneault “I would like to learn to be a better cook.

I want to learn new healthy and delicious recipes that will make my family say ’wow, April made this.’ “

Tom Horn, CPA “I’m working on my pickleball skills since I’m basically retired.”

Preparation for the June 7 Leadership Council agenda. We discussed alternative pathways to licensure as it relates to the marketplace and language to remove barriers to entry.

Susan Speirs, CPA “In what little spare time I have, I am working on creating more intricate quilts that are ultimately given away. I would like to learn how to make Kouign- Amanns with a lavender infused sugar base.”

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

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

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MEET A MEMBER GARRY HRECHKOSY, CPA How did you get involved with Murray City Council? I have always had a passion for politics. [After losing the Salt Lake County Auditor race], I still felt like there was something more for me to do. When I joined the Murray City Council, I had the opportunity help the council navigate challenging tax increases and complex situations. I enjoyed making a difference and seeing the city employees grow and own their areas. I believe that there is so much that we as CPAs and financial professionals can provide citizens and governments.

What led you to become a CPA? It was a requirement for work and to promote at PwC, but now I see how much more value it has in my life. It is a representation of hard work, honesty, and integrity.

G

arry Hrechkosy (her-wreck-uh-see) was born and raised in Sandy. His father played in the NHL and worked for Coca-Cola, the University of Utah and Texas A&M. His mother worked for 30 years in child support enforcement for the state of Utah. Garry’s first job was in concessions for the University of Utah’s Athletic Department. He later attended the University of Utah, earning a bachelor’s and master’s in accounting. During his junior year, Garry was president of his fraternity Sigma Phi Epsilon, senator for the business college and working on his thesis for his honor’s degree. His career initially took him to PwC in Dallas where he lived for almost three years before moving to California then ultimately returning to Utah. In 2020, Garry left public accounting to join MX Technologies as the head of accounting. Garry and his wife, Jill, live in Murray with their three daughters.

What was your experience running for Salt Lake County Auditor? In 2018, I ran for Salt Lake County Auditor on the platform that we needed a CPA running the auditor’s office.

It was during this campaign that I realized the value of the certification, but also realized how few people knew what it meant. Ultimately I lost the election by less than 5% but gained so much as my first child, Grace, was born during the campaign.

What do you like about being a CPA? I believe that it is a very prestigious and strong certification that is applicable in many areas of business and our world.

What would surprise people to know about you? I love spending time in my yard gardening and making my yard look great. I also love a good puzzle.

What is your favorite book? The Little House is my favorite book, as it has a great message and means that I am spending time with my daughters.

What do you like to do outside of work? Spend time with my wife and three daughters. I like watching sports and Oscarnominated films.

What are some of your goals both personally and professionally? I have professional goals to achieve the CFO level. I also hope to make a run for Congress.

What advice do you live by? Surround yourself with the finest people, people who want to see you succeed, people who challenge you, people who bring diverse perspectives.

Don’t be afraid to set boundaries with people who don’t enhance your life. n

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27

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

DATE

CPE

COURSE TITLE

INSTRUCTOR

MEMBER FEE*

NONMEMBER FEE

July 7/10/24

8

Strategies in Charitable Giving: Unveiling Financial and Estate Planning Techniques

Arthur Werner

$280

$330

7/16/24

8

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

Lawrence McClelland

$275

$375

7/17/24

8

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

Lawrence McClelland

$275

$375

7/18/24

4

K2’s Excel Charting and Visualizations*

Lawrence McClelland

$180

$205

7/18/24

4

K2’s Best Word, Outlook, and PowerPoint Features*

Lawrence McClelland

$180

$205

7/18/24

4

Navigating Your Client Through the IRS Appeals Process

Pamela DavisVaughn

$175

$200

7/23/24

8

Estate Planning for 2024 and Beyond

Arthur Werner

$280

$330

7/25/24

8

Social Security and Medicare: Planning for You and Your Clients

Arthur Auerbach

$280

$330

7/30/24

4

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

Steve Yoss

$180

$205

7/30/24

4

K2’s Artificial Intelligence for Accounting and Financial Professionals*

Steve Yoss

$180

$205

7/30/24

8

Tax Planning Based on Form 1040

Arthur Werner

$280

$330

7/31/24

4

K2’s Advanced QuickBooks Tips and Techniques*

Steve Yoss

$180

$205

7/31/24

4

K2’s Case Studies in Fraud and Technology Controls*

Steve Yoss

$180

$205

8/2/24

8

K2’s Next Generation Excel Reporting

8/5/24

8

Estate Planning Strategies: Advanced Techniues and Tools

8/8/24

8

A Practical Guide to Trusts: Maximizing Financial, Estate, and Asset Protection Strategies

8/13/24

2

Retirement Planning Update Everything that you Need to Know

August Lawrence McClelland

$270

$320

Arthur Werner

$325

$375

Arthur Werner

$270

$320

Mary Jane Hourani

$105

$120

8/14/24

8

K2’s Excel Pivot Tables for Accountants

Lawrence McClelland

$270

$320

8/19/24

8

Postmortem Estate Planning: Navigating Decendent’s Estate Issues

Arthur Werner

$270

$320

8/20/24

8

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

Brian Tankersley

$275

$375

8/21/24

8

K2’s Microsoft Access - Tables, Queries, and Beyond*

Brian Tankersley

$275

$375

8/22/24

8

K2’s QuickBooks for Accountants*

Bian Tankersley

$275

$375

8/26/24

8

Estate Planning Issues for the Non-Traditional Client: Navigating Legislative Changes and Maximizing Techniques

Arthur Werner

$270

$320

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

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

ALL IN ONE ETHICS (VIRTUAL) Friday, Oct. 18 | 8 - 11:30 a.m. | CPE: Four (4) hours; 1 hour Utah Laws & Rules and 3 hours Ethics

28

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SUMMER 2024

DATE

CPE

COURSE TITLE

INSTRUCTOR

MEMBER FEE*

NONMEMBER FEE

September 9/6/24

8

Preparing Not-for-Profit Financial Statements

Martha Lindley

$280

$330

9/10/24

2

IRAs: What You Need to Know About Contributions, Conversions and Distributions

Gregory White

$105

$120

9/10/24

8

K2’s Advanced Excel

9/11/24

2

Combating Internal Fraud

Lawrence McClelland

$270

$320

Karl Egnatoff

$105

$120

9/11/24

2

Conflicts of Interest - A New Approach

James Rigos

$105

$120

9/13/24

8

Advanced Topics in a Single Audit

Diane Edelstein

$270

$320

9/13/24

4

Preparation and Compilation Engagements Under the SSARS

Hunter Cook

$175

$200

9/16/24

8

CFO - Advanced Profit Enhancements

Robert Berry

$280

$330

9/17/24

8

Annual Update for Accountants and Auditors

Bruce Shephard

$270

$320

9/18/24

8

Advanced Audits of 401(k) Plans: Best Practices and Current Developments

Robert Bedwell

$280

$330

9/18/24

8

Income Tax Accounting

Dennis Riley

$270

$320

9/19/24

2

Complying with the Corporate Transparency Act: A Guide for Client Protection

Arthur Werner

$105

$120

9/20/24

2

Guide to the Corporate Transparency Act for Accounting and Finance Professionals

Nicola Joseph

$105

$120

9/24/24

8

K2’s Next Generation Excel Reporting*

Lawrence McClelland

$275

$375

9/24/24

4

Finance Business Partnering: Successful Business Models and Strategic Choices

Clare Levison

$175

$199

9/24/24

2

Guide to Partner Capital Account Reporting

William Dowis

$105

$120

9/25/24

4

K2’s Data Analytics For Accountants and Auditors*

Lawrence McClelland

$180

$205

9/25/24

4

K2’s Implementing Internal Controls in QuickBooks Environments*

Lawrence McClelland

$180

$205

9/25/24

8

Audits of ERISA Plans with a Focus on 401(k) Plans

9/25/24

8

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

9/26/24

4

9/26/24

4

9/26/24

2

Joann Cross

$270

$320

Arthur Auerbach

$280

$330

K2’s Improving Productivity With Microsoft 365/Office 365 Cloud Applications*

Lawrence McClelland

$180

$205

K2’s Introduction To Excel Macros*

Lawrence McClelland

$180

$205

Bankruptcy Basics: Understanding the Reorganization and Liquidation Process in These Uncertain Economic Times

Lydia Stutesman

$105

$120

9/27/24

8

The Complete Guide to Estate Administrations: Navigating the Role in Estate Planning

Arthur Werner

$270

$320

9/27/24

4

Employer’s Handbook: Health Care, Retirement, and Fringe Benefit Tax Issues

Michael Reilly

$175

$200

9/30/24

2

IRS Audit and Appeals Process: Protecting Your clients

Gregory White

$105

$120

9/30/24

8

K2’s budgeting and Forecasting Tools and Techniques

Brian Tankersley

$270

$320

10/8/24

8

Surgent’s Handbook for Mastering Basis, Distributions, and Loss Limitation Issues for S Corporations, LLCs, and Partnerships

Michael Reilly

$280

$330

10/8/24

8

Forensic Accounting: Fraud Investigations

Anne Marchetti

$270

$320

October

10/9/24

4

Annual FASB Update and Review

Philip Marciano

$175

$200

10/10/24

8

CFO - Chief Reviewer

Steve Boussom

$280

$330

10/10/24

8

How to Settle a Client’s Estate

Inibehe Adesanya

$280

$330

10/15/24

4

Critical Issues That CPAs in Industry Will Need to Face This Year

Carl Schultz

$175

$200

10/15/24

8

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

Brian Tankersley

$270

$320

10/16/24

8

Governmental Accounting and Auditing Update

Roger Cusworth

$270

$320

10/16/24

2

Professional Fiduciary Duty

James Rigos

$105

$120

10/17/24

8

CFO - Employees Today and Tomorrow

Brian Maturi

$280

$330

10/21/24

8

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

Arthur Pulis

$280

$330

10/22/24

2

Defining Where and Why Internal Controls are Needed

Karl Egnatoff

$105

$120

10/23/24

4

Guide and Update to Compilations, Reviews, and Preparations

Robert Wells

$175

$200

THE JOURNAL ENTRY |

SUMMER 2024

29

DATE

CPE

COURSE TITLE

MEMBER FEE*

NONMEMBER FEE

Arthur Werner

$270

$320

INSTRUCTOR

October Continued 10/25/24

8

A Comprehensive Guide to Optimizing Retirement Planning: Maximizing Your Clients’ Financial Future

10/25/24

4

Guide to Payroll Taxes and 1099 Issues

Arthur Auerbach

$175

$200

10/28/24

8

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

Inibehe Adesanya

$280

$330

10/29/24

4

K2’s Microsoft Teams*

Steve Yoss

$180

$205

10/29/24

4

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

Steve Yoss

$180

$205

10/29/24

8

Preparing Individual Tax Returns for New Staff and Paraprofessionals

Michael Reilly

$280

$330

10/30/24

4

K2’s Small Business Accounting Shootout*

Steve Yoss

$180

$205

10/30/24

4

K2’s Technology Update*

Steve Yoss

$180

$205

10/31/24

4

K2’s Testing and Auditing Excel Workbooks*

Steve Yoss

$180

$205

10/31/24

4

K2’s Top PDF Features You Should Know*

Steve Yoss

$180

$205

10/31/24

8

Hot IRS Tax Examination Issues for Individuals and Businesses

Joel DiCicco

$280

$330

10/31/24

8

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

Lawrence McClelland

$270

$320

4

Individual Income and Tax Compliance Annual Update

Richard Lahijani

$174

$199

November 11/1/24

30

11/4/24

8

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

Inibehe Adesanya

$280

$330

11/5/24

4

The Bottom Line on the New Lease Accounting Requirements

Roger Cusworth

$174

$199

11/5/24

8

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

James Gardner

$280

$330

11/6/24

4

Pass-through and Corporate Annual Tax Update

Richard Lahijani

$174

$199

11/6/24

8

K2’s Case Studies in Fraud and Technology Controls

Steve Yoss

$270

$320

11/6/24

8

Multistate Taxation

Bruce Nelson

$270

$320

11/7/24

2

Cybersecurity Issues for the Professional

Arthur Werner

$105

$120

11/8/24

2

Internal Control Fundamentals

Melissa Galasso

$105

$120

11/11/24

8

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

Arthur Werner

$270

$320

11/11/24

4

Gaining a Competitive Advantage: Critical Skills for CFOs and Controllers

William Allen

$175

$200

11/12/24

4

Introduction to Forensic Accounting

Joel DiCicco

$175

$200

11/13/24

8

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

Frank Gorrell

$280

$330

11/13/24

4

Tax, Estate and Financial Aspects of Cryptocurrency

Arthur Werner

$185

$210

11/15/24

8

CFO - The Effective CFO

Anita Layton

$280

$330

11/15/24

8

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

J. Patrick Garverick

$325

$375

11/18/24

8

K2’s Excel Essentials for Staff Accountants

Lawrence McClelland

$270

$320

11/19/24

2

Form 1120S - Preparation and Analysis

Mary Jane Hourani

$105

$120

11/19/24

8

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

Michael Reilly

$280

$330

11/19/24

4

K2’s Working Remotely - The New Normal*

Brian Tankersley

$180

$205

11/19/24

4

K2’s Advanced QuickBooks Tips and Techniques*

Brian Tankersley

$180

$205

11/20/24

1

How ESG Reports Can Help with Recruitment & Retention

Donny Shimamoto

$50

$60

11/20/24

4

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

Brian Tankersley

$180

$205

11/21/24

4

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

Martha Lindley

$175

$200

11/21/24

4

K2’s Advanced Excel*

Brian Tankersley

$180

$205

11/21/24

4

Reviewing Individual Tax Returns: What Are You Missing?

Gregory Carnes

$174

$199

11/22/24

2

Becoming a Tax Ninja: Lightning-Fast Depreciation

Gregory White

$185

$210

11/22/24

8

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

Michael Reilly

$280

$330

11/25/24

4

Federal Tax Update for Business with Greg and George

Gregory White

$185

$210

11/25/24

4

Federal Tax Update for Individuals with Greg and George

Gregory White

$185

$210

THE JOURNAL ENTRY |

SUMMER 2024

DATE

CPE

COURSE TITLE

INSTRUCTOR

MEMBER FEE*

NONMEMBER FEE

DECEMBER 12/4/24

2

Winning Tax Season with Better Workflow & Capacity Management

Frank Stitely

$105

$120

12/4/24

8

K2’s QuickBooks for Accountants*

Brian Tankersley

$275

$375

12/5/24

8

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

Brian Tankersley

$275

$375

12/5/24

8

The Complete Guide to Preparing Forms 706 and 709

Arthur Werner

$280

$330

12/5/24

4

The Bottom Line on the New Lease Accounting Requirements

Daryl Krause

$174

$199

12/6/24

8

Applying the Uniform Guidance in Your Single Audits

Eric Formberg

$270

$320

12/5-6/24

16

UACPA’s Annual Conference - Virtual & In Person

12/9/24

4

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

Various

$390

$500

Kenneth Levine

$175

$200

12/9/24

8

K2’s Excel Essentials for Staff Accountants*

Lawrence McClelland

$275

$375

12/10/24

8

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

Lawrence McClelland

$275

$375

12/10/24

4

CFO - Management Superpowers

12/10/24

4

Reviewing Partnership Tax Returns: What Are You Missing?

Bob Mims

$280

$330

Richard Lahijani

$174

$199

12/11/24

8

K2’s Excel Pivot Tables for Accountants*

Steve Yoss

$275

$375

12/12/24

8

K2’s Excel Best Practices*

Steve Yoss

$275

$375

12/12/24

8

Construction Contractors: Accounting and Auditing

Thomas Sheets

$270

$320

12/12/24

4

Federal Tax Update for Business with Greg and George

Gregory White

$185

$210

12/12/24

4

Federal Tax Update for Individuals with Greg and George

Gregory White

$185

$210

12/13/24

2

Cryptocurrency Taxation: Nuts, Bolts and Tax Law Updates

Shehan Chandrasekera

$105

$120

12/13/24

4

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

Steve Yoss

$180

$205

12/13/24

4

K2’s Ethics and Technology*

Steve Yoss

$180

$205

12/13/24

8

Surgent’s Top 10 Tax Topics This year

Michael Reilly

$280

$330

12/16/24

8

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

J Patrick Garverick

$325

$375

12/16/24

4

K2’s Excel Charting and Visualizations*

Lawrence McClelland

$180

$205

12/16/24

4

K2’s Mastering Advanced Excel Functions*

Lawrence McClelland

$180

$205

12/17/24

8

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

Lawrence McClelland

$275

$375

12/17/24

8

CFO - Corporate Performance Management

Gary Cokins

$280

$330

12/17/24

8

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

J Patrick Garverick

$325

$375

12/18/24

1

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

Donny Shimamoto

$50

$60

12/18/24

1

How Automation and AI are Enhancing Management Accountants

Donny Shimamoto

$50

$60

12/18/24

8

K2’s Next Generation Excel Reporting*

Lawrence McClelland

$275

$375

12/18/24

8

The Complete Guide to the Preparation of Form 1041

Arthur Werner

$280

$330

12/19-20/24

16

Rocky Mountain Technology Conference*

Variou2

$440

$520

12/30/24

4

K2’s Case Studies in Fraud and Technology Controls*

Brian Tankersley

$180

$205

12/30/24

4

K2’s Artificial Intelligence for Accounting and Financial Professionals*

Brian Tankersley

$280

$205

12/31/24

8

K2’s Accountant’s Guide to QuickBooks Online*

Brian Tankersley

$275

$375

THE JOURNAL ENTRY |

SUMMER 2024

31

Leadership Academy NOV. 6 – 8 , 2024 | ZERMATT RESORT

Leadership Academy

The Emerging Professionals Leadership Academy helps new CPAs develop leadership skills with an exclusive group of professionals.

at this intensive and rewarding retreat. You will learn how to make your ideas clear and how to inspire others throughout your network.

The academy will help you keep pace in the profession and excel as a leader. CPAs will gain the tools and training to propel them into the future

Attendees receive 24+ hours of CPE while building leadership foundations and relationships with their colleagues.

uacpa.org/leadershipacademy 32

THE JOURNAL ENTRY |

SUMMER 2024

THE JOURNAL ENTRY |

SUMMER 2024

33

UACPA MISSION MISSION

CONGRATULATIONS

100% FIRMS Congratulations to the firms and businesses currently participating

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

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

competitive and changing world.

• Adams & Petersen, CPAs

VISION

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

• CBIZ MHM, LLC

association essential to our members.

• CLA (CliftonLarsonAllen LLP)

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

• CMP

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

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

VALUES

• Eide Bailly

Advocacy

• FORVIS

The UACPA represents the profession at the Legislature and other

• Haynie & Company

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

• HBME

Leadership & Service

• HintonBurdick

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

Professional Development The UACPA supports and encourages continuing education and

• Jones Simkins LLC • Savage Esplin & Radmall, PC • Squire

leadership development.

• Tanner LLC

Professional Community

• WSRP

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

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

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

second career, and other professions.

34

THE JOURNAL ENTRY |

SUMMER 2024

D

Congratulations newly licensed CPAs List from DOPL

IN MEMORIAM Charles E. Johnson June 15, 1936 – Jan. 7, 2024 Member since 1962 Joseph S. Call Aug. 31, 1951 – May 18, 2024 Member since 1980 John Michaeli Dec. 10, 1963 – April 24, 2024 Member since 2004

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

Find it wherever you listen to podcasts.

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

CCHCPELink.com/UACPA Members Save 25%

THE JOURNAL ENTRY |

SUMMER 2024

35

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