The Journal Entry - Winter 2025

VOL 1 · WINTER 2025

THE

JOURNAL ENTRY THE UTAH ASSOCIATION OF CERTIFIED PUBLIC ACCOUNTANTS

A NEW ERA BEGINS: OUR STRATEGIC PLAN IS HERE

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

WINTER 2025 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

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

Cover + Articles Feature: The UACPA’s Map for the Next Five Years...................................... 6 Feature: Strategic Plan 3.0................................................................................. 9 By the Numbers: U.S. and Utah Accountants and CPAs............................10 Meet Utah’s New State Auditor, Tina Cannon..............................................11 Legislative Update.............................................................................................14 Ethics: Get the Balance Right..........................................................................16 Why Are Young Professionals Avoiding Partnerships................................20

Membership In Memoriam......................................................................................................22 Members in the News......................................................................................22 New Members....................................................................................................23 New Student Members....................................................................................24 Board Question..................................................................................................26 Board Brief..........................................................................................................27

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 © 2025 Utah Association of Certified Public Accountants

UACPA Staff Chat..............................................................................................27 Photos: Leadership Academy 2024, Annual Conference..........................28 Meet a Member: Michelle Rankin, CPA.........................................................29 Comic: Generally Excepted..............................................................................30 100% Membership Organizations..................................................................31

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PRESIDENT’S MESSAGE JASON TOMLINSON, CPA

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appy New Year!

As the beginning of a new year is a time for goals and resolutions, it is appropriate that we present the updated strategic plan. As you will find in the following articles, we are not making major changes. However, as we attempt to look into the future of the profession, and predict what issues we may face, there are a lot of interesting ideas and distractions that we could pursue as an association. The strategic plan creates a framework to keep us focused on our core purpose of supporting our members and helping them succeed. Working with many of you in focus groups, councils and committees has helped guide our efforts and confirm that we are properly directing the UACPA into the future. Thank you to everyone who offered your thoughts and insights; “Many hands make light work.”

A few years ago, I heard the concept that who we think we are today will remain consistent for the rest of our lives.

However, if you look back five years, and then look back 10

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years and see what has changed, we can recognize how much can change in the next five and 10 years. No one stays the same person. Yes, our core personality may not change in five years, but habits, hobbies and life situations can change a lot. The same can be said for our profession; we think the profession is not going to change and we should stick with what we have now, but new technology or events in society can cause large, unexpected changes to the profession, sometimes drastically. Having a strategic plan can help ensure we are focused on our core values as we meet those changes.

As I wrap up the final couple months of my time as president, I encourage you to get involved with the association. Whether you want to head a committee or only have time to attend the occasional chapter luncheon, your involvement benefits all of us. I love meeting other CPAs at conferences and the chapter luncheons. We may benefit from the CPE, but we are also creating a community of CPAs directing the future of the profession.

Thank you again; I have enjoyed my time as president and appreciate your support, encouragement and friendly groans at the terrible jokes I shared in meetings. I am optimistic about the future of our profession and look forward to this next year of overcoming challenges together, grounded in our values and principles as CPAs. n

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CEO’S MESSAGE SUSAN SPEIRS, CPA

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s we enter 2025, we are excited to share our renewed vision for advancing the CPA profession and creating meaningful opportunities for our members. Strategic Plan 3.0 continues to build upon our core values of advocacy, membership development, member engagement and CPA pipeline, while responding to ongoing challenges and opportunities ahead. We continue to position ourselves so that we are ahead of the curve and can continue to bring meaningful impact to you and the profession.

segment-specific networking events, reimagined chapter meetings, and outreach efforts throughout the state. Our partnerships with organizations of all sizes will amplify the impact of our Leadership Council and inspire greater collaboration across our membership as well as Leadership Council.

This year, we will continue to focus on our four strategic imperatives to elevate our profession: 1. Advocacy: As the trusted voice for Utah’s accounting professionals, we will strengthen our efforts to represent your interests on critical policy and regulatory matters.

This year, we will be running a bill that will create alternative pathways to licensure as well as bring licensure issues to the state level. We aim to continue to ensure legislative wins and meaningful policy outcomes that enhance the profession’s reputation and influence.

2. Membership Development: Growing our membership remains at the heart of our mission. Through enhanced partnerships with organizations and expanded continuing professional education (CPE) offerings, we are committed to creating diverse learning and networking opportunities that enrich professional growth. Our innovation forums and government-sector focus will enable us to provide unique value to members at all career stages.

3. Member Engagement: Fostering a sense of belonging is essential. We will drive deeper connections through

4. CPA Pipeline: Addressing the talent gap is critical.

By partnering with educational institutions and employers, we will attract bright, high-integrity students to accounting and encourage them to pursue CPA licensure. Continued relationships with our campus ambassadors, high school outreach programs, and education around the future of the CPA profession will build a stronger pipeline of future CPAs. Our progress will be measured through tangible outcomes, including increased member retention, new partnerships, legislative achievements, and a measurable rise in CPA Exam participation.

2025 marks a pivotal year in our journey. Together, let’s embrace innovation, strengthen our community, and build a future that continues to elevate the CPA profession. Thanks to you all for your ongoing support and for your unwavering dedication to our shared mission.

Here’s to a successful year ahead! n

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FEATURE

A NEW ROADMAP TO SUCCESS

FEEDBACK FROM UACPA MEMBERS SHAPES OUR DIRECTION FOR THE NEXT FIVE YEARS

BY MACKEY SMITH AND HERBEIN CPAS AND ADVISORS

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he UACPA engaged Mackey Smith and Herbein CPAs and Advisors to assist in the strategic planning process.

To ensure that the eventual plan reflected the needs of accounting professionals throughout Utah, Herbein, in coordination with a volunteer committee of UACPA members, conducted expansive outreach with various segments of the accounting profession. Outreach took the form of six focus groups with specific segments, and a survey distributed to all UACPA members. Focus groups targeted a variety of segments including CPAs in public firms, sole practitioners, CPAs in Industry and nonprofits, the governmental sector, and educators. This feedback was used to identify opportunities and to inform strategic priorities. Participants in the process were open in sharing challenges they see, as well as opportunities to address emerging trends in the profession.

After digesting feedback from facilitated discussions, a strategic planning document was developed and further refined through additional meetings with Leadership Council and organizational leadership.

The document that follows was presented to the board for final approval and adoption in January 2025. This plan is intended to provide focus and allow each member of the organization to see how they can impact its most important priorities. The UACPA fully expects that this will become a living document with periodic revisions as the environment changes. Detailed implementation plans have been developed that align with the priorities articulated in this plan and are not included here.

THEMES THAT EMERGED

During the analysis, certain themes emerged that impacted the content and prioritization of the strategic plan. This section outlines key external trends that the UACPA must prepare, challenges currently faced, and strengths that can be leveraged.

STRENGTHS OF THE UACPA

Policy Advocacy: Leadership of the UACPA is focused on emerging political and policy trends in Utah and beyond, including tax reform, professional licensure, and general financial regulations and standards. Members recognize that the organization is effective in educating legislators about issues where CPAs have a unique perspective and helping guide sound policy decisions for our elected representatives.

Advocacy and Legislative Support: A major strength across all sections was strong legislative connections and advocacy efforts, which are crucial in influencing policy and providing a voice for the profession in government settings.

Networking Opportunities: The UACPA excels in creating networking opportunities, whether through conferences, chapter meetings, or connecting students and professionals.

This includes specific efforts to link students with firms and support new professionals entering the field.

Continuing Professional Education (CPE): High-quality and relevant CPE offerings, including ethics courses and industry-

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Continued from pg. 7 specific topics, were frequently noted as key strengths. The association’s focus on timely updates and skill set training supports members in staying current.

Communication and Timely Updates: Effective communication on profession-related updates, legislative issues, and evolving industry topics is a significant strength.

The UACPA ensures its members are well-informed on critical changes and developments.

Support for the CPA Pipeline: The UACPA’s efforts in supporting the CPA pipeline, from educational outreach to high schools and universities to connecting firms with students, are widely recognized. It actively works to address the challenges in attracting new talent to the profession.

MEMBER PRIORITIES

CPA Pipeline and Talent Development: A key area that continues to need attention is the CPA pipeline, including attracting new students to become accounting majors, addressing cultural issues within firms, and supporting education at all levels. There is a need to be more active in high schools, better engage students, and ensure the profession remains appealing to young talent compared to other career trajectories that continue to appear to be more lucrative in comparison to accounting.

Engagement and Participation: Increasing active participation from professionals in chapter meetings and networking events is critical. There is also a need for the larger public accounting firms to be more involved in educational and networking efforts to better connect with students and early career professionals as well as the UACPA in general.

Technology and Industry Changes: Emphasizing the impact of technology on the profession, including AI and new tools, is essential. There is a need for enhanced education on the specifics of how technology is transforming accounting and how CPAs can leverage these advancements effectively.

Public Awareness and Value of the Profession: Improving how the value of the CPA profession is defined and marketed remains important. Several comments in focus groups stated to better showcase the contributions of CPAs and advocate for the importance of having CPAs in various roles, especially in the government sector.

Compensation and Practice Culture: Discussions around salaries, compensation practices, and overall work culture are

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UACPA MISSION 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.

Professional Community The UACPA reinforces peer accountability to encourage members to maintain integrity and high ethical standards. ​​It provides member-to-member 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. Diverse Population Outreach 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.

highlighted as areas needing improvement to retain talent.

There is a need for dialogue on these topics, particularly in the context of the broader changes in the workforce and educational requirements that are occurring for competing professions such as finance or wealth management. n

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Member response rate to legislative calls to action Policy wins PAC contributions

Continue to leverage PAC Alternative Pathways & Professional Licensing Key Issues Committees Advocacy Day and Trainings

Increase Member Engagement by creating segment specific networking opportunities and enlisting firms of various sizes.

Grow the Membership Base through increased partnership with other organizations to provide expanded CPE and networking opportunities.

Recognized as the most trusted voice for Utah accounting professionals through Quality Advocacy efforts

Redesign chapter meetings to drive increased attendance Continue diverse outreach and beyond Wasatch Front Large firm partnership initiative Continued focus on Leadership Council

Number of CPE hours delivered Participant surveys Conference ratings New partnerships

Leadership Council participation rates Membership and member retention by segment % of Utah CPAs that are members

HOW WILL WE MEASURE SUCCESS?

Conferences and webinars Continue to expand and offer a breadth of CPE topics Joint networking events Innovation Forums Government Sector Focus

ALIGNED STRATEGIC INITIATIVES

MEMBER ENGAGEMENT

MEMBERSHIP DEVELOPMENT

ADVOCACY

4 STRATEGIC IMPERATIVES

Increase in % of student members Increase in rate of universities participating in student activities geared towards the CPA profession

Partner with universities in promoting CPA exam and alternative pathways Leverage and grow Campus Ambassadorships Educate on compensation trends Grow high school and college outreach initiative

Partner with educational institutions and employers to Attract Bright, Capable, High Integrity Students to Accounting and encourage them to become CPAs.

CPA PIPELINE

Advance the CPA profession in Utah by fostering talent development, embracing innovation, enhancing member engagement, and advocacy efforts.

INTENTION STATEMENT

STRATEGIC PLAN 3.0

These numbers reflect the Utah Board of Accountancy licensing statistics from April 2024 and NASBA’s report from August 2024.

BY THE

NUMBERS ACCOUNTANTS AND CPAS

6,293

TOTAL NUMBER OF ACTIVE CPA LICENSES IN UTAH

762 131,815

NUMBER OF CPA FIRMS IN UTAH

NUMBER OF CFOS EMPLOYED IN THE UNITED STATES

1.4 MILLION NUMBER OF ACCOUNTANTS AND AUDITORS WORKING IN THE

671,855 10

NUMBER OF ACTIVELY LICENSED CPAS IN THE UNITED STATES

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MEET UTAH’S NEW STATE AUDITOR TINA CANNON AIMS FOR PUBLIC TRUST AND GOVERNMENT TRANSPARENCY

BY AMY SPENCER, UACPA STAFF

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n Monday, January 6, Tina Cannon was sworn in as the first female Utah State Auditor. She also made history as the first Republican woman independently elected to a statewide office.

Cannon’s predecessor, John “Frugal” Dougall, held the position for three terms, beginning in 2013. She was his deputy auditor since 2022.

The Utah native grew up in Box Elder County as one of nine children. Today she lives in Mountain Green with her husband, a rocket scientist. Cannon is proud of her children and was honored to be named Utah Mother of the Year by the Utah Mothers Association in 2018.

Cannon’s journey to the State Auditor’s Office started at an early age, as she learned about accounting. “I was always

really good at math, but didn’t love it,” she says. “I took my first accounting class my senior year of high school and knew then that I wanted to be an accountant.”

After earning a bachelor’s degree, with an emphasis in management accounting, from Utah State University, she went to work for Marker Industries. “After the birth of my second daughter, I decided to change my professional emphasis to tax accounting,” she says. She then joined Lunsford & Peck in Provo.

Eight years later, she left the firm where she enjoyed working with her college friend Shaylin Lunsford. “After my 4th child was diagnosed with Autism, I opened Allred & Cannon in order to be more in control of my schedule.”

Cannon was elected to the Morgan County Council in 2013, prompting her graduate study of governmental accounting and oversight.

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Dougall invited Cannon to join the Office of the State Auditor office in 2022 and in his endorsement of her as a candidate to be his successor, he said, “she has proven herself to have the ethics, perseverance, initiative, and the intellectual creativity necessary to serve the people of Utah.”

In an endorsement from former UACPA president, Hollie Andrus, says that Cannon “hit the ground running in the Auditor’s Office and spearheaded a project focused on property tax valuation and transparency.”

Cannon took a moment to share the details of her elected position and what we can anticipate from the Office of the Utah State Auditor in the future.

How has your previous experience prepared you for the State Auditor position? I have represented taxpayers for more than 25 years. In all that work, I have never forgotten whose money the Office of the State Auditor has oversight over, and what it could be doing if it had been left to the people who earned it.

Having seen the impact of government embezzlement on a

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small community — which I saw first hand while a member of the Morgan County Council — I have never forgotten the cost of non-compliance with accounting standards.

What have been some of your proudest moments working in the State Auditor’s Office? Working on the property tax system audit as my first project after joining the office. That work highlighted how much of an impact these taxes have and how important it is to get them right. It is critical that we have a fair and equitable distribution of the property tax burden. The structural process that provides equity to tax payers matters.

What do you see as the top challenges facing Utah and how does your role as State Auditor resolve those challenges?

While campaigning, it became apparent that trust in government is lacking. The more open and transparent government entities can be, the more we can build trust in the institution of government for everyone.

What specific areas of state government or spending do you believe need the most attention? All of them — which is what the State Auditor has oversight over. But if I must choose, it is the special project organizations and restricted use funds

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Get to Know Tina Cannon, Utah State Auditor What led you to working in the Utah State Auditor’s Office? As an elected Morgan County Council member, I worked directly with the Office of the State Auditor to correct the problems we were having within our county government. I know and understand the importance of having the State Auditor’s Office as a resource for other government officials and for the public to know and trust the financial information coming out of government.

What would surprise people to know about you?

While I was in my junior year of college I taught English in Taiwan for two quarters.

What do you like to do outside of work? Travel, read, sit on a beach, spend time with my family.

What is your favorite book? As a child, ‘Jane Eyre’ by Charlotte Bronte; as an adult ‘The Forgotten Man’ by Amity Shleas.

that the legislature creates. These projects and funds are usually unique in purpose and structure, and often lack the proper controls and oversight that are built into a traditional government organization. Without elected officials who answer directly to the public when a tax is imposed upon a subset of the population, these special purpose organizations have appointed boards and therefore taxing authority without public input and oversight.

How will you communicate audit findings to the public?

We publish all of our work on our website (auditor.utah.gov).

We are looking at a multitude of new ways to share this information with the public going forward, such as social media.

What are some of your goals, both personal and professional? I love to keep learning and I look forward to my continuing education every year. I am looking forward to learning more about the latest data analytic techniques for fraud detection, so I will complete my CFE (Certified Fraud Examiner) credential. Next up, I have always wanted to get the CIA certification (Certified Internal Auditor), it looks cool and non-accountants will think I am part of the Central Intelligence Agency.

What advice do you live by? Theodore Roosevelt said, ‘Always get shot in the front.’ Face the problem. My kids would say I told them, ‘In the Cannon family, we do hard things!’

What legacy do you hope to leave as the State Auditor?

Increased accountability, transparency and understanding of our basic human right to privacy. n

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LEGISLATIVE UPDATE

CPA LICENSING REQUIREMENTS WILL BE ADDRESSED IN 2025 SESSION

BY CRAIG PETERSON AND RYAN PETERSON

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he Utah legislative session is set to commence on January 21, 2025. This year, the legislative body will look quite a bit different, with a number of new freshman legislators joining the ranks and significant changes in Senate leadership. Sen. Kirk Cullimore from Salt Lake County has replaced Sen. Evan Vickers as Majority Leader, while Chris Wilson of Cache County has taken over the role of Majority Whip previously held by Sen. Ann Millner. Additionally, Sen. Mike McKell of Utah County has filled the open position of Assistant Majority Whip left by Sen. Cullimore. Another interesting change in the Senate is that Brady Brammer and Kevin Stratton, both previously in the House of Representatives, will now be serving in the Senate, replacing retiring Sen. Curt Bramble and Sen. Mike Kennedy, who was elected to the U.S. Congress.

on engaging with legislators, staff, and department heads, including the Utah Division of Professional Licensing (DOPL), to propose meaningful changes to the CPA professional licensing requirements.

We have worked with the UACPA leadership over the past three years to strategize over what licensure requirements could look like with the issuance of Executive Order No.1 issued by Governor Cox when he took office in 2021. During 2024, we worked closely with the Business and Labor Interim Committees and have drafted a bill that will create alternative pathways to licensure as instructed by the UACPA’s Leadership Council as well as additional changes requested

by DOPL. Certified Licensing Amendments will address the following:

The Utah State Legislature will be tackling a lot of difficult issues in the upcoming session. Those issues deal with energy, water, transportation, education, and a host of other very interesting topics that are important for Utah’s future.

Additionally, the Legislature will be looking at any necessary legislation that will prepare the state of Utah to host the Winter Olympics in 2034. According to legislative leadership, they are anticipating less money to be available for new programs, and legislative leaders have jokingly referred to a “socks and underwear session” in reference to a light Christmas.

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Creating alternative pathways to licensure for CPAs taking into consideration current and foreseeable economic, demographic, and educational challenges.

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Removing the hours required for a CPA to become licensed. Currently, a CPA candidate must have 150 hours to license as a CPA. The Education Commissioner in Utah has indicated that we need to get back to three-year bachelor’s degrees (90 hours) and four-year graduate degrees (120 hours). This would create a barrier to licensure.

In preparation for the annual legislative session, the Peterson Group has diligently collaborated with the leadership of UACPA over the interim period. Our efforts have focused

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Applicants for CPA licensure will be required to have a bachelor’s degree or its equivalent with a concentration in accounting and business concepts.

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Allowing individuals who are licensed in other states or countries to easily obtain their Utah license by pulling third-party organizations out of the licensure process. If a licensee is in good standing in another state, they will be able to license via endorsement in the state of Utah.

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Allowing individuals to sit for the CPA Exam after they receive their bachelor’s degree.

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Authorizing DOPL to assess fines and citations for those engaging in unlawful business practices relating to CPAs.

We are grateful for all of the efforts and input that have come from members of the UACPA as we seek to develop the best policy for the CPAs of the state of Utah moving forward into the future. These changes aim to enhance the efficiency and effectiveness of the licensing process, ensuring that it meets the evolving needs of the profession and the public.

STAY UP ON THE 2025 SESSION

We are looking forward to an exciting and successful 2025 legislative session and are grateful for all of the efforts of CPAs and their leadership and membership. It is an honor for us as the Peterson Group to represent the CPAs in the state of Utah. n Craig Peterson, senior partner of Peterson Consulting Group, has been involved in legislative processes for almost 40 years as a State Representative, State Senator, and Republican Senate Majority Leader.

During the past 20 years, he has been a lobbyist, successfully representing a broad spectrum of clients.

Ryan Peterson is the managing partner of Peterson Consulting Group.

He has been a contract lobbyist in the state of Utah for 12 years. He received a degree in economics from the University of Utah with a focus on statistics and econometrics. He is an avid golfer and resides in Salt Lake City.

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We’re committed to keeping you informed and actively involving you in key decisions. Join the conversation! We’ll be posting updates on CONNECT throughout the session.

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WEIGHING WHAT IS RIGHT

THE DELICATE BALANCE OF ETHICAL DECISIONS

BY BARBARA SMITH, CPA, CIRA, CFF, CDBV

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t times, a book or article is only understood if the reader gains a perspective of the author’s background. An understanding of the writer’s history allows the reader to look at ideas, values, etc. through the lens of another. Such is the case for this article.

I was born before 1960. My elementary school days were filled with learning respect for teachers, even if I did not like the person. We said the Pledge of Allegiance every morning, with each child’s hand placed over their heart. The American flag flew in front of the school, and it was an honor if you were selected to raise or lower the flag. All games on the playground came to a temporary halt during the raising and lowering of the flag.

As a result of these childhood experiences, I believed in

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America. The ability for all people to increase their station in life by hard work seemed a constant and given fact. I was convinced there was liberty and justice for all.

That was many years ago. I wish I were still convinced that hard work and doing what is right would allow all citizens to progress up the rungs of life’s ladder. It should — but modern society seems to have put roadblocks in the way.

Let me explain my new perspective through a few stories.

These stories are based on real-life experiences during the past 35 years of my career.

During my career as a forensic accountant, sadly, I have watched the ethical pendulum swing far to the left. The legal profession often uses a scale as a non-verbal representation

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of their profession. A scale is meant to be in balance, not favoring one side or the other. The scale is balanced because it sits equally upon the foundation of laws society determines appropriate to govern themselves. The scale can create harmony and peace when it is properly weighed on both sides, applying justice and mercy based on laws for a common good.

But what happens if one side of the scale is out of balance?

What happens to justice, societal norms and the harmony that existed by the balance? And will society notice there is a problem if the scale is tipped ever so slightly? Finally, will society notice before it becomes too late if the scale is constantly tipped? I ask the reader to ponder these questions as they read the scenarios below.

JUDICIAL OVERSIGHT

As a forensic accountant, many of my judicial encounters were in the United States Bankruptcy Court. A committee appoints bankruptcy judges; they are not elected by the public. The only way to remove a judge is filing a complaint.

But in a small community where your employment in a case must be approved by the bankruptcy judge, it does not take a rocket scientist to determine one should never complain about the commander in chief who determines whether you will be approved for employment in future cases. And so, the problem begins. A system to root out bad judges has been created, but the system has a roadblock that no one can get around. No sane professional dares file a complaint against the judicial commander who determines whether he or she will be employed in the future.

Perhaps you think judges have far more self-discipline and self-respect. After all, it takes a person with a fine feathered resume to be selected for such a lofty position. Unfortunately, such is not the case.

A few years ago, I was hired as the accountant to a bankruptcy trustee. During my review of the books and records of the debtor, I discovered the debtor held an interest in an LLC.1 This LLC owned an intangible asset of considerable value, which gave value to the debtor in all his business operations. The LLC was not listed as an asset on the Statements and Schedules the debtor was required to file, under penalty of perjury, with the courts. The Statements and 1 See Case 11-24431 Steve R. Hart, Amy S. Hart

Schedules were critical to the bankruptcy trustee determining what the estate assets and liabilities were and in determining how to administer the estate.

To understand the magnitude of the error, a little basic bankruptcy law will be helpful: When an individual, or a company, files a Chapter 7 bankruptcy petition, all assets owned as of the date of the filing of the petition are required to be listed on the Statements and Schedules. These assets become property of the “bankruptcy estate.” The courtappointed trustee administers the assets to pay creditors of the estate. Depending on the value of the assets, and the ability of a trustee to obtain other funds into the estate, the creditors are paid pro-rata, with any unpaid portion of debt being permanently discharged.

Upon my notifying the trustee of the exclusion of the LLC interest, a legal motion was filed to recover the assets into the estate and then sell the assets to interested buyers. The debtor objected to the motion for recovery and sale. It should be noted that the judge’s law clerk was a good friend of the filing debtor.

To simplify the discussion, the judge ruled in favor of the debtor, which was incongruent with bankruptcy law regarding the duty of a debtor to list all assets and testify regarding them in a 341 exam. The trustee appealed the judge’s decision to a higher court, who overturned the lower court’s ruling. The case was sent back to the bankruptcy court for redetermination.

An error was made, and the scale was improperly tipped out of balance. To rebalance the scale, the higher court sent the case back to the lower court to correct the error. The system, as established, was not broken.

Unfortunately, when the case was remanded back to the original bankruptcy judge, an egregious error occurred. The upper court indicated the asset had value and was to be turned over to the bankruptcy trustee to be sold. But the bankruptcy judge intervened on the debtor’s behalf, forcing a settlement between the trustee and the debtor for an amount that was far less than the asset’s fair market value.

This low-ball settlement prevented the trustee from paying any creditors and from paying his professionals. How could the judge force such a low-ball settlement? He simply told the trustee’s legal counsel that if the settlement terms as he outlined them were not accepted, the judge would rule against

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the trustee’s legal counsel in all his future appearances before the judge. Of course, the full details of this settlement were in a closed-door conference room and were never put on record.

JUDICIAL FAILURE

When a judge is appointed, he or she is a gatekeeper. Their role is to ensure the scale of justice remains balanced on the law, allowing society to feel secure that chaos does not reign. This theory of justice being a scale requiring balance is dependent on all players following the written law. There is no room for personal opinion or divergence. When a judge puts on the “robes of justice,” it is critical the armor of personal opinion be laid on the floor.

Judges are sworn in under oath to honor and uphold the law — as it is written. Unfortunately, some bankruptcy judges seem to have missed the bar. For example, a debtor was requested to turnover part of her income tax refund to the bankruptcy trustee pursuant the United States Bankruptcy Code. As accountant to the trustee, I calculated the amount of the refund to be returned to the debtor and the amount of the refund to be turned over to the trustee. My calculation was based on rules and guidelines established by the Internal Revenue Service and the Bankruptcy Code.

The debtor did not like the idea of turning over her tax refund.

She filed a pro-se petition with the court to keep the refund.

The day of the hearing, the regular judge was not present, and an alternative judge heard the case. Based on the facts and law, the debtor was ordered to turn over the refund according to the calculation made by me as the accountant to the trustee.

That should have been the end of the matter. However, the pro-se debtor filed another motion with the court, complaining to the judge that she had been treated unfairly while he was away. Although the judge agreed with the calculation made by me, he had pity on the pro-se debtor and requested that I go back and re-calculate the allocation under a method that was not based on IRS rulings or regulations to see if I could possibly find a way to give more funds to the debtor.

All this calculating and recalculating and re-appearing in court was costly in the form of professional time. And after all was recalculated, and then calculated again, the amount the debtor had to pay did not change. But now the administrative costs had exceeded the assets of the estate, making the case administratively insolvent. At the fee application hearing, the

18

same judge derided the trustee about the case administration costs. Unfortunately, the judge lost perspective of the administrative nightmare he had created by overturning a correct ruling and then asking for a recalculation with an inappropriate method. Who loses in this situation? The judge, the debtor, or the trustee? I contend the American public is the real loser. The debtor took advantage of the system but gained nothing. The professionals had to waste their valuable time and do extra work without being compensated. The cost of administering the estate became excessive, and there was no return to the creditors. The only person who gained was a judge who got his ego charged from knowing he was in control. The judge placed himself above the position he sought, that of a gatekeeper of justice. With ego driving decisions, there is no longer justice for all.

“I CONTEND THE AMERICAN PUBLIC IS THE REAL LOSER. THE DEBTOR TOOK ADVANTAGE OF THE SYSTEM, BUT GAINED NOTHING. THE PROFESSIONALS HAD TO WASTE THEIR VALUABLE TIME AND DO EXTRA WORK. ...WITH EGO DRIVING DECISIONS, THERE IS NO LONGER JUSTICE FOR ALL.”

LACK OF U.S. TRUSTEE OFFICE OVERSIGHT

Another example of failure of the justice system to properly function involves the lack of oversight of the U.S. Trustee’s Office and the courts to ensure lack of conflicts between trustees, their counsel, and the people they represent.

At the beginning of all legal work, law firms prepare “conflict checks.” This is a process taken to ensure a law firm is not representing individuals with conflicting goals or interests.

A law firm would not want to be on both sides of a legal battle. They would not want to represent both the trustee and the individual they may sue to recover an asset. They also would not represent both the trustee and the person they are seeking to recover assets from. Representing two sides of a transaction prevents the law firm from showing unbiased duty of care and professionalism. The same rules would apply to all professionals who work in the turn-around and consulting professions.

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Due to the nature of turn-around work, receiverships, and litigation consulting, bankruptcy courts are not the only courts that hear cases. So, does the lack of justice for all only exist in the bankruptcy courts? My experience tells me it is not so. Let me share with you an intriguing case.

Several years ago, a company was concerned about a potential investigation by the SEC. In anticipation of the investigation, they hired a “well-known, local, forensic accountant” to review their books and records. As expected, the SEC later began an investigation into the company.

The SEC determined a court-appointed receiver should be appointed by the state courts to do further investigation. A receiver was appointed, and based on his prior professional associations, he asked the court to approve hiring the same “well-known, local, forensic accountant” to assist in the investigation. Despite a one-line disclosure by the local forensic accountant about his prior work, the courts approved his appointment as accountant to the receiver.

Together, the receiver and his accountant began to delve into the company’s background and finances. A broad sweeping theory of a Ponzi-scheme was developed, and multiple lawsuits were filed. Then a problem arose. The receiver would be unavailable to continue working on the case for personal reasons. A new receiver would need to be put in place. But since the forensic accountant knew the case so well, he was highly recommended and subsequently appointed as receiver. In the myriad court hearings, no one mentioned the accountant’s prior work for the company before the SEC filed the receivership motion.

One of the lawsuits filed by the receiver was against Management Masters, a firm held by the brother of the company owner.2 I was hired to be the accountant in this proceeding. My assignment was to review the findings of a Ponzi scheme made by the forensic accountant and defend against various other claims. As part of my review of the books and records, I read various legal pleadings and filings made in the original case, and specifically in the Management Masters case.

proceedings and discovered a former co-worker’s name, my interest was piqued. I followed his participation in the case to the point of being appointed receiver. I questioned how someone could work on one case in so many roles without creating a conflict of interest. Was I missing something? I asked the attorney I was working with what the potential impact this apparent conflict may have on the case we were handling. My concerns were validated. Later, when the issue hit the newspapers, the judge finally woke up, making the comment, “This receiver has worn every hat there is to wear in this case. I do not see how he can give an unbiased opinion.”

What was the damage of this apparent “small conflict?”

Due to a biased opinion, the position of Ponzi scheme was incorrectly taken. Legal actions were inappropriately pursued, costing people hundreds of thousands of dollars in legal fees.

Reputations were destroyed and people went to jail when perhaps a better resolution could have been made. Liberty was literally lost, and there was no justice. The egos of a few professionals were enhanced, and the financial coffers of law firms and other professional firms were lined.

Is this how America’s legal system was designed to operate?

I hope not. Are we happier as a nation than we were 50 years ago? We are more liberal and theoretically more open minded.

We no longer discipline children or teach respect. We are in love with ourselves. We do not respect our country or its laws.

That is a recipe for disaster.

I call on all people everywhere to reconsider the need for respect — respect for self and others. As we gain this respect, we will again establish integrity within our ranks. We will learn to love one another and to love God. And these actions will again re-establish liberty and justice for all! n

Barbara Mortensen Smith, CPA, CIRA, CFF, CDBV, practices as a sole practitioner in Salt Lake City.

She earned a degree in business management from BYU in 1981 and a master’s in accountancy from the University of Utah in 1990. She serves bankruptcy trustees and attorneys with her skills in bankruptcy taxation and forensic accounting. She has testified in various court matters such as insolvency, bankruptcy taxation, and corporate fraud.

Many years ago, in the area where I practice, most forensic accountants all worked together in one firm. As a result, we knew each other well, knew the methodology others used, and the style of others’ work. So, when I read the legal 2 See Management Solutions, Inc., Wendell A. Jacobsen and Allen R. Jacobson, Case No. 2:11-cv-01165 and Case 2:11-cv-01165-BSJ

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WHY DO YOUNG PROS SKIP PARTNERSHIP?

HELPING THE NEXT GENERATION SEE BEYOND THE NEGATIVES OF PARTNERSHIP

BY ART KUESEL Reprinted courtesy of Insight, the magazine of the Illinois CPA Society

I

’ve noticed a trend brewing in the accounting profession: Too few young accountants aspire to become CPA firm partners. While this may seem far from a crisis to some, it’s an issue that should sound off many alarms for those of us in public accounting. A diminishing desire to pursue partnership means that a considerable number of CPA firms (both large and small) won’t be able to survive the next generation of retirements and will need to merge upstream, pursue another succession solution, or simply dissolve. The dearth of aspiring partners, plus the other talent challenges reshaping the profession’s landscape, could fundamentally change the experience of working in public accounting.

But is it really any surprise that young professionals aren’t interested in stepping onto the path to partner like they used to be? It’s been my observation that the negatives of being a partner are often on display in a bright spotlight, while the 20

positives and privileges that come with such a prominent position are hidden backstage or seldom touted. It’s worth emphasizing that many parallel professions enjoy the spotlight in pop culture (think attorneys, doctors, software engineers, and Wall Street types), while accountants rarely make an appearance on the big screen or, when they do, typically play the part of the stereotypes we wish to escape. We desperately need to change the perception of accountants and what it means to be a partner in a firm.

What if we told a different narrative? That the path to partner offers opportunities to make a positive difference for the individuals, businesses, nonprofits, and more that we serve; partners earn notable compensation; they’re entrepreneurial and work competitive hours compared to peers in other professions; they enjoy the flexibility of not being tied to a single, physical location; they work in a profession that values lifelong learning; and the profession affords a stable income in any economy. Unfortunately, these perks aren’t what most

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students and young professionals are being told or shown about the accounting profession!

It’s up to us, those that know the partner role well, to counter the stereotypical negatives and shine a brighter spotlight on the positives being a partner in a successful firm provides.

accounting today, there’s more freedom than ever to build your schedule around your life — especially for partners.

As long as you take care of your clients, and train and mentor your staff, your geography and schedule can flex.

2.

Partners can set their own schedules to accommodate personal commitments. A point of pride for so many partners today is their ability to make it to every one of their child’s softball games (or insert other family activity here). Having the freedom to set your own schedule is a priceless benefit that isn’t available to many of our peers in parallel professions.

3.

Partners are business owners in one of the most profitable, yet low-risk sectors of our economy. A typical local CPA firm produces margins of 30% or more! How many of your clients can brag about that kind of margin?

What’s more, public accounting is one of the most resilient professions when economic headwinds strike. That’s because whether the economy is good or bad, you need to have accurate financial statements, file your taxes, and get an audit.

Here are three negatives, and three positives, we can craft better stories around.

THE VISIBLE NEGATIVES 1.

2.

3.

Partners work too many hours, especially during busy season. Make no mistake, busy season is a considerable obstacle to us positively promoting the profession and the partner role. However, when you compare total work hours versus other parallel professions, like legal and finance, CPA firm partners generally work fewer total hours than most and often have more flexibility.

Partners don’t enjoy a lavish lifestyle. Accountants are generally modest in their projection of wealth. But with equity partners earning an average of $650,000 per year (based upon recent survey data), rest assured their bank accounts are full. For many CPA firm partners, college is funded for the kids, there’s a vacation home in their portfolio, and their international travel plans are confirmed.

Interestingly, $650,000 is more than most physicians earn!

With starting compensation such a contentious topic in the profession right now, it’s important to help prospective accountants and aspiring partners understand their real earning potential.

Partners are beholden to their clients. It can seem that when clients yell “Jump,” the partner asks, “How high?”

In some cases, this is true. But in most cases, the partner-client relationship is balanced. Even more so, the immeasurable value brought to the client and their show of appreciation is the real star of the show. And of course, let’s not forget the personal satisfaction derived from solving complex financial and business challenges. We need to do a better job of spotlighting how meaningful client relationships make a career in public accounting so rewarding.

THE HIDDEN POSITIVES 1.

Partners enjoy the flexibility to work anytime, anywhere.

Many of our peers in the professional world have several guardrails dictating when and where they work. In public

While I hope these few positives about being a CPA firm partner are compelling to the next generation of accounting professionals, this illustration is far from complete. It’s up to all current and up-and-coming partners to fill in the blanks and help the profession tell a better partner story. We all look at the partner role through a different lens, which means we all have unique stories to tell that can help attract the next generation of CPA firm partners to the table.

If you’re someone who’s long discounted the partner position, I hope you begin to look beyond the negatives about being a partner that have become so visible — take some time to learn about and explore the positives that aren’t talked about enough. In fact, I’d encourage any young accounting professional to ask a CPA firm partner a series of questions: What’s it like to be a partner, how did you make partner, what are the best and worst things about being a partner, and what would it take for me to become a partner? With a little research and curiosity, I suspect a brighter narrative about what it means to be a CPA firm partner would emerge.

Given the current talent landscape and pipeline challenges the profession faces ahead, it’s imperative that we finally flip the script about becoming a partner and tell a better story to every aspiring accounting professional. n Art Kuesel is president of Kuesel Consulting in Milwaukee

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D IN MEMORIAM Sherman H. Smith Oct. 23, 1944 – Jan. 20, 2025 Member since 1976 Chet S. Goodwin Nov. 20, 1962 – Nov. 11, 2024 Member since 1992 Leonard “Bert” Waite May 15, 1955 – Dec. 15, 2024 Member since 1982 Todd Rupp March 17, 1957 – Aug. 19, 2024 Member since 1987

MEMBERSHIP

MEMBERS IN THE NEWS

Tanner LLC has announced two new tax partners with Charley Shumway (above) and Steve DeWidt. Charley earned his bachelor’s and master’s in accounting from Southern Utah University. He has experience from a Big 4 accounting firm as well as smaller local and regional firms. Steve DeWidt has nearly 13 years of public accounting experience and has served clients in technology, manufacturing and life sciences. Before joining Tanner, Steve spent eight years working in the biotech and healthcare industries. He has a Bachelor of Science in Molecular Biology from Brigham Young University and a Master of Accounting with an emphasis in tax from the University of Utah.

Albert Holbrook Brown Feb. 11, 1943 – Dec. 13, 2024 Member since 2015 Warren James Christensen April 21, 1942 – Aug. 31, 2024 Member since 1970

D

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Share Your News!

Tell us about your new job, recent firm developments, and key highlights. We love to celebrate your success!

Send news to Amy Spencer, as@uacpa.org

WINTER 2025

MEMBERSHIP

NEW MEMBERS

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

John T. Juntunen Abdo LLP

Parker D. Jackson KPMG LLP

Kevin Rasmussen Rasmussen Solutions

Christopher Kent Accounting Execs

Katherine M. Niederehe Larson & Company

Corban Lunt Adams & Petersen, CPAs, LLC

Jinhong Zhang Leap Advisors

Jeffrey S. Bennett Whitten Burt Annika Haynie Jenna Lindsey Tanner LLC

James Woolley AgReserves, Inc.

Mary Calvin Chase J. Jensen Management & Training Corp The Boyer Company

Tucker L. Jensen CLA (CliftonLarsonAllen LLP)

Bryan P. Wallace Maverick Fitness Holdings

Garrick Foy Exit Factor St George

Richard Reese Murray City School District

Jeffrey W. Seitz FORVIS

Chase C. Call MX Technologies Inc

Megan Christensen Sara Young Grant Thornton LLP

Katie Sellers Ogden-Weber Technical College

Rebecca Hawker Hawker CPA Solutions

Mitchell Sheanshang Palisade Tax Services

Spencer Barnett Kamila Van Horn Haynie & Company

Steven M. Glover Pelion Venture Partners

Court R. Barker Integra Investments

Devyn Dayley Provo High School

Spencer Brown Stacy Carroll Olivia L. Christensen Zachary J. Eskelson Amanda Frech Janica Gines

Kylie Roos University of Utah Genetics Dep.

Matthew Hannay

Joanna Soh Utah Office of the State Auditor

Nicole Huston

Sophie Hinckley

Jose M. Jimenez

Eric Koehle Layne Caldwell Valentine & Caldwell CPAs, PC Amber Nielsen Dara Guido Scott Olson WebBank Lisa Alban

Matthew R. Pace

Mark T. Beseau

Diane Schmidt

Samuel W. Boyle

Jordan Stenquist

Devin J. Brady

Todd Stewart Chantel Wixon

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MEMBERSHIP

NEW STUDENT MEMBERS

Congratulations to the following student members who have joined the UACPA as of Dec. 31, 2024.

Brigham Young University Nathanael G. Awerkamp Luis E. Gonzalez Ortiz Talmage Morgan Emily Russell Mallory K. Binns Alex Garrett Melanie Stroup Nicholas C. Broderick Omar Ortiz Nicholas Bishop Ifeanyi Nnaji Christian Peterson Jared Davis Ensign College Yoshio S. Cotache Salt Lake Community College Kimberly Hernandez Castillo Southern Utah University Mingyu Kim Noah Katz Adam Benner Sisonke Zondeki Rylee Haight Zach Kimball Acacia Williams Zachary M. Reimann Donald S. Angot University of Phoenix Ryan R. Dana University of Utah Jason Fong Jesse Davis

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Morgan Erwin Kendell Vuyk LIly Nguyen Saw Jelly Maegan Smith Octavio Morales-Olvera Olivia England Cambrea Scott Abril Oguey Alyssa Gunnell Trinity L. Beardall Emma Brown Kyle G. Fehrenbach Sydney N. Smith Andrew J. Kingsley Damon Z. Thompson Andria G. Gilmour Samuel R. Cuello Thomas Kingston Kiyomi C. Bailey Theodore J. Smith Brendon Dang Lena M. Hood Joseph Dean Taylor Miller Yadira Parra Utah State University Jonathan M. Bagley Hallie Meier Anabelle Chadwick Jentrie Gilliland Hannah Hillam Alyssa King Britton J. Roblyer Hunter Day Cameron Winn Scott Buker Brynlee Costanza

Heidi Sundberg Madilynn McNair Ethan Sumsion Matthew A. Beh Emeline Howell Megan Murdock Tracy Owens Brooks R. Heaps Jaron Bateman Hannah K. Nielson Laynie Morrissey Nathan Beutler Zach Schwager Sabrina Swasey Carson J. Boehme Sheri Talakai Tyler Coats Riley J. White Ashley Ward Creedance K. Peterson Hayden B. Stokes Utah Tech University Areli Hernandez Islas Ryan Hafen Austin Bracken Serah Sukut Kimberly Bird Kaden Simkins Hank Dodson Kohl Bowler Ethan Gulbranson Blakely Fairchild Damon Rivers Hailee Paul Josh Weiland Addison Biasi Tyson Tracy Hailey M. Pilkerton

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Walker Heaton Bryan Allgaier Edison A. Johnson Spencer J. Corliss Jaxon Berry Logan T. Gonzales Bradlee S. Wharton Joseph Sanders Amanda K. Holyoak Carson J. Holyoak Jaden M. Robinson Sarah M. Lanter Vincent Palfreyman Trevor A. Moser Vincent Palfreyman Duncan Blackmon Merry Vaa Spencer Simmons Taylor Orellano Trevor A. Moser Marcos Molina Zachary E. Billings Kyson B. Carroll Brayden B. Bunnell Alivia B. Cluff Tristan Johnson Bridger Heaton Austin Hepworth Kylie A. Biasi Jaiden C. Nelson Lacee Durrant Alexa J. Laws Alastrina D. Belt Isaac J. Olivas Jeffrey C. Houston Elena C. Esquivel Ethan Park Levi Randall Jeffrey Houston

Kade Brown Elijah Barnum Bradley Barben Treyson Harris Kinley Peterson Josh Bryson Leonardo Mendez Iporre Utah Valley University Stephanie Leinweber Vicki Goodrich Abigail Benton Anna Le Ethan Carter Rio Newman Isaac Pfunder Katherine Doman Kelli Archibald Jessenia Guerrero Gavyn Hale Devan Baughan Cathy Dayton Brooklyn Rowley Alejandra Flores Dan Grow Everett Irving Brighton Montierth Gabriela Soto Brody Ross Nicholas Wheeler Montserrat Keyes John Fassbinder Dayne McDonald Jaedan Calder Christina Malone Susanna Kester

Makaila Peacock Jaxon Antonino Karson Ciriako John Fassbinder Hazel Fugal James Levie Kamryn Chandler Andrew Mortenson Samuel Shelley Blake Woellhaf Callie Jenkins Elizabeth Collins Elli Adams Hayli Hawkins Max Staples Rodney Minette Spencer Gruwell Hunter Broadbent Olivia White Beverly Abdon mason sides Joshua McNeill Grace E. Clements Rebekah Glod Cole Chatterton Madalyn Larsen Mitchell Grover Joshua R. Richardson II Caleb A. Randall Emma M. Steele Thomas Griffiths Gunnar Scow Beau S. Whatcott Yicheng Yang Yuwen Xu

Sarvesha Tamrakar Jane Leriz Holman Rachel A. Ramirez Zachary Jarvis Matthew VanAllen Kaitlynn Denison Caleb D. Freston Allysan Smith Pasang K. Sherpa April Bailey Annalee N. Morgan Karina Monsalbe Randy Seager Oi Ning Styles Marlane Stevenson Ian M. Nilsson Matthew Clarke Kyle J. Freeman Matt McCarty Rachel Adams Emily Torgersen Abby S. Loveridge Darian Johnson Colby Reynolds Susan Preciado Chase R. Comer Brian Shewell Jesus Suarez Harrison Millett Shaydon J. Andreason Cameron Brimhall

Michael T. Coates Lauren J. Remy Gerani Palacios Courtney Braunberger Nicholas Sine Trevor L. Brown Kristine Smith Jennifer Garn Shaelee G. Chanthapannha Megan Fluckiger Canon J. Higgins Alisa C. Clements Quin T. Larsen Kylee L. Walker Shelby Goudy Jasmine Johnson Ashlynn Miller Tanner Sims Sofia L. Hernandez Kaden J. Sparks Orion Barger Jason-Paul I. Saau Yuxin Huang Joe Corbridge Ali H. Alali John W. Zulch Jr. Zahava Wilstein Annika Conrey Preston E. West Celeste Eversole Skylar Dean

Weber State University Jonathan Hansen Mason S. Meyer Tyler Sparks

Westminster University Jennifer Patel

Students and candidates can test their CPA Exam readiness with the free

Virtual Mock CPA Exam Feb. 7 | March 27

Learn more and sign up at uacpa.org/mockexam

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BOARD QUESTION

WHAT IS SOMETHING YOU LEARNED IN 2024?

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Jason Tomlinson, CPA

Dan Frei, CPA

“In 2024, I learned A LOT of bad jokes and had some good laughs sharing them. A lesson to take into 2025: Everyone enjoys a good laugh — even if it’s laughing at how the joke was not funny.”

“Something I learned in 2024 is that we all have to deal with change. It reminds me of the book ‘Who Moved My Cheese.’ There will always be changes in our life — some beneficial and some perceived detrimental.

The best thing is we are able to make the journey.”

David Peaden, CPA

Shalaun Howell, CPA

“In 2024, I learned about grief. My mother passed away and I felt a new kind of grief.

I learned how important it is for us to support each other in that grief and how much we should cherish those things that are important to us and prioritize time spent with those we love.”

“In 2024, I learned that being quick to admit my mistakes helps strengthen my relationships with family, friends, and clients.”

Ariane Gibson, CPA

Clinton Armstrong, CPA

“My experiences reinforced the value of staying present and appreciating the small moments, even amidst a busy schedule. As I move into 2025, I’m focusing on balancing professional and personal life — making time for what truly matters and ensuring the rush of work doesn’t overshadow the simple joys and meaningful connections.”

“Something I am taking into 2025, keep focused on goals and intentionally work toward them.”

Marci Butterfield, CPA

Dustin Wood, CPA

“For me, I have learned, to a greater extent, that change is the only constant in our lives.

That has helped me realize how important certain relationships are and the need to try and foster those relationships and let go of others that are not healthy or do not bring joy. Life is short so we need to make the most of it!”

“One thing that has recently impacted me is YOLO [You Only Live Once]. Life is too short to not identify what you want out of it, and what is important to you, and prioritize and go after those things. Live life with as few regrets as possible to not be left wondering what might have been.”

Stacy Weight, CPA

Amy Anholt, CPA

“In 2024, I learned how important it is to find balance — working hard but also making time to recharge. For 2025, I’m keeping the lesson that it’s OK to take a break, figure things out, and enjoy the process along the way.”

“I’m focusing on a mindset of strength and growth to stay grounded while navigating our ever-changing environment. Reflecting on 2024, I’m grateful for the lessons learned and the opportunities that have allowed me to further develop my talents and abilities. Here’s to a new year of continued challenges, growth, and wins!”

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BOARD BRIEF THE LATEST ACTIVITIES WITH THE BOARD •

The strategic plan was reviewed so that adjustments could be made before it was presented to Leadership Council in January 2025.

•

The UACPA will be running a bill in the 2025 legislative session that will create alternative pathways to licensure.

•

Discussion was held regarding the NASBA CPE reporting system. We have had many complaints that it is cumbersome, NASBA doesn’t return correspondence in a timely manner and the software application is very old. The UACPA staff has provided substantial support to members as well as non-members to help them navigate the reporting process. This will be addressed with DOPL in 2025.

•

STAFF CHAT

WHAT IS SOMETHING YOU LEARNED IN 2024?

The AICPA Fall Meeting of Council had several updates. It was announced that Mark Koziel will succeed Barry Melancon as he retired at the end of 2024. Many of the bills AICPA is monitoring will not make it far as we are in a lame duck congress. The AICPA is monitoring a bill that would legalize the recreational use of marijuana.

With the results of the November 2024 election, AICPA is expecting decreases in corporate income taxes, increases in tariffs, extension of TCJA provisions and tax reform in the non-profit sector.

•

The UACPA commented on the two exposure drafts released in September 2024. Those letters can be found on our website at uacpa.org/news and on CONNECT at connect.uacpa.org.

•

Leadership Council was held on Jan. 17, 2025.

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Amy Spencer “I experienced the value in sharing my goals and reviewing them frequently. Along with friends, I scheduled classes, travel and activities we all wanted to check off our lists. Having accountability partners and friends with similar interests was a good push to get some things done.”

April Deneault “I have learned the importance of prioritizing self care and setting boundaries and that it is OK to say ‘no’.”

Susan Speirs, CPA “With a hip replacement you learn a lot.

One of the things I am learning, and will continue to learn, is that I need to take care of myself. As I continue to recover from having hip replacement, I’ve contemplated, often, that the decisions I make right now, in recovery, could impact the next 30 years of my life.”

Listen to Conversations with UACPA Members on the Money Making Sense Podcast Find the archive at uacpa.org/podcast

WINTER 2025

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PHOTOS

LEADERSHIP ACADEMY 2024

The 2024 class kicked off their half-day training with an exclusive behind-the-scenes tour of Nightmare on 13th on Oct. 31. The threeday retreat was held Nov. 6 – 8 at Zermatt in Midway.

ANNUAL CONFERENCE

More than 110 CPAs attended the Annual Conference at the Sheraton Hotel in Salt Lake City on Dec. 12 - 13. Guests heard from AICPA Vice Chair Lexy Kessler, CPA. Thanks to the conference sponsors: Zoho, Workstream, Cost Segregation Authority, Anchor Financial, Genwise, Keeper and Exit Factor.

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MEET A MEMBER MICHELLE RANKIN, CPA accounting leaders and they shared that it helped them be able to picture how they could fit into a career as an accountant.

I truly believe that everyone benefits when both men and women have a seat at the table. I have also started to share my CPA journey with my students. My journey has been unique compared to a lot of my colleagues, and I want to show that there is no one right route to being a CPA, career breaks aren’t a death sentence, and you can create the career you want.

M

ichelle Rankin grew up in Watauga, Texas, and Fruit Heights, Utah. She graduated from Brigham Young University with a bachelors and MAcc in taxation. Upon graduation, she moved to Austin where she worked at EY and earned her CPA designation. A few years later, she left to focus on her family. Michelle lived in England for four years before re-entering the workforce in 2014. After a year working at Tanner LLC’s tax department, she joined the tax department at Woodbury Corporation, a real estate development company.

Six years later, she pursued a career in academia at Utah Valley University where she has taught numerous tax courses and her students voted her as the Outstanding MAcc Faculty Member for the past two years. She and her husband, Dave, live in North Salt Lake with their three teenagers.

Tell us about what you have been doing at UVU. As one of the few women in the accounting department at UVU, I noticed female students gravitating to me. Based on the experiences these students shared along with my own experiences, I decided to speak up. I knew I was in a position that I could do something to help my colleagues understand the issues these students were facing. I spoke up in a faculty meeting in November 2023, which led to ongoing discussions about understanding our students’ experiences. I’ve worked hard to build my own network and connect with women in the Utah accounting community. These connections have led to more opportunities for women to teach as adjuncts and visit campus as guest speakers. This past fall, I spearheaded an event to bring a panel of executive-level women accountants to campus. The event was incredibly well received and feedback from both men and women was very positive. It was the first time that some of our students had heard from female

What led you to become a CPA? I loved accounting in high school. BYU had an integrated master’s program and it just made sense to continue into the MAcc program. The Big Four recruit heavily at BYU, which led to me starting my career with EY. At EY, you can’t be promoted to manager without becoming a CPA. So as I neared the manager milestone, I sat for and passed the CPA Exam.

What do you like about being a CPA? Getting my CPA license has opened countless doors that I wouldn’t have had access to otherwise. Earning a CPA requires hard work and dedication and people recognize that. I love the various roles I have experienced and being a CPA has been pivotal in giving me those opportunities.

What would surprise people to know about you? I have always loved drawing and painting. I took art classes growing up and in college. I don’t often show my artistic side, but it’s a fun hobby. I have even helped with set detailing on my children’s play productions over the past five years.

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

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

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

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

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CONGRATULATIONS

NETWORK WITH UACPA MEMBERS

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

• Adams & Petersen, CPAs • CBIZ MHM, LLC • CLA (CliftonLarsonAllen LLP) • CMP • Davis & Bott, Certified Public Accountants, L.C. • Eide Bailly • FORVIS • Haynie & Company • HBME

• Send messages to other 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 go directly to connect.uacpa.org.

• HintonBurdick • Jones Simkins LLC • Moss Adams • Savage Esplin & Radmall, PC • Squire • Tanner LLC • Teuscher Walpole, LLC • WSRP

Firms with 10 or more full-time CPAs are eligible to be a part of the 100% membership program. Call our membership team to sign up, 801.466.8022.

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Salt Lake City, UT Permit No. 1996 UTAH ASSOCIATION OF CPAS 15 W. SOUTH TEMPLE, STE 1625 SALT LAKE CITY, UT 84101

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Member Benefit Provider

CPACharge has made it easy and inexpensive to accept payments via credit card. I’m getting paid faster, and clients are able to pay their bills with no hassles.

– Cantor Forensic Accounting, PLLC

Trusted by accounting and tax professionals nationwide, CPACharge is a simple, web-based solution that allows you to securely accept client credit and eCheck payments from anywhere.

22% increase in cash flow with online payments 65% of consumers prefer to pay electronically 62% of bills sent online are paid in 24 hours

Client Invoice #0123-A Your Client **** **** **** 9995

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TOTAL: $3,000.00

PAY CPA Get started with CPACharge today

cpacharge.com/uacpa 866-327-0321

CPACharge is a registered agent of Synovous Bank, Columbus, GA., Fifth Third Bank, N.A., Cincinnati, OH, and Wells Fargo Bank, N.A., Canadian Branch, Toronto, ON, Canada.

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